FYI

October 25, 2001

Enron Ousts Finance Chief as S.E.C. Looks at Dealings

By FLOYD NORRIS

The Enron Corporation (news/quote), its stock battered by a sudden loss of investor confidence, yesterday ousted its chief financial officer, Andrew S. Fastow, whose involvement in complicated transactions with Enron has drawn the scrutiny of the Securities and Exchange Commission.

"In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as C.F.O.," Kenneth L. Lay, Enron's chairman and chief executive, said in a statement announcing the change. Only one day before, Mr. Lay had told investors in a conference call that he and the Enron board "continue to have the highest faith and confidence in Andy."

The company said that Mr. Fastow had taken a leave of absence, but it also named his successor, Jeffrey McMahon, the head of Enron's industrial markets group and a former corporate treasurer.

Enron said none of the officials were available for interviews last night.

The move came after the close of trading on the New York Stock Exchange, where Enron's shares fell $3.38, to $16.41. The price has been cut in half since Oct. 16, when Enron reported its third-quarter earnings. A $1.2 billion reduction in shareholder equity brought on by ending some relationships with partnerships that Mr. Fastow had headed was not disclosed in the earnings news release. Mr. Lay briefly mentioned it in the conference call that followed, but some analysts thought he was referring to a separate $1 billion write-off that was disclosed in the earnings document, and were angered when they later learned about it.

On Tuesday, when both Mr. Fastow and Mr. Lay discussed the company with analysts on the conference call, neither was willing to discuss details of the transactions between Enron and the partnerships formerly controlled by Mr. Fastow. Mr. Lay cited the S.E.C. inquiry in declining to discuss the details of the transactions.

The fact the transactions took place has been known for a year, but Enron's disclosures have been widely criticized for being impossible to understand.

By structuring the deals as involving forward commitments to deliver Enron stock, it appears that Enron was able to assure that losses on them would not lead to reported losses, but instead to reductions of shareholder equity that had no effect on the income statement. That is one of the issues the S.E.C., whose inquiries were disclosed Monday by the company, is expected to address.

Concerns have also grown this week over whether Enron will face losses from complicated financing strategies that kept billions of dollars of debts off its balance sheet but left the company responsible for paying - either in cash or with stock - if things went wrong. On Tuesday, Mr. Fastow assured investors that the company "expects to continue to have sufficient liquidity to meet normal obligations," and said it had bank credit lines that were more than adequate.

Mr. Fastow was viewed as one of the architects, with Jeffrey K. Skilling, the former Enron chief executive who resigned in August, of the change in business strategy that turned Enron from a gas-pipeline company into a an energy trading powerhouse that developed a large Wall Street following. Its stock price peaked in the summer of 2000 at $90.75.

According to a person close to the company, while Mr. McMahon, Mr. Fastow's successor, was Enron's treasurer, he told Mr. Skilling, who at the time was the chief operating officer, that he thought the partnerships involving Mr. Fastow presented a conflict of interest. After that discussion, Mr. McMahon moved to a different job at the company, this person said.

Shares of Enron traded as low as $15.51 yesterday afternoon, the lowest price for the stock since early 1995, before recovering. In after- hours trading, they fell to $16.14.

One of the factors that hurt the stock yesterday was a decision by M. Carol Coale, an analyst at Prudential Securities, to drop her rating to "sell" from "hold." She had lowered the rating to "hold" from "buy" on Monday.

"After the S.E.C. inquiry was announced," she said in an interview yesterday evening, "Enron should have addressed it by delivering a scapegoat, as a gesture to the Street. Now they are replacing him today. The timing is a little late, but I think it will be received positively by the Street."

But she said that investor sentiment might work the other way. "People could fear that if you remove Fastow from the management team, you'll never get any answers."

Copyright 2001 The New York Times Company


Thank you for your request. You will be notified by email when your request
has been processed. You can check the progress of your request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000030395&Page=
MyReq.


I think I know what this E-mail is about.


PRESENTATIONS THAT WORK
   August 29 & 30 in EB560

     Does your job include preparing and delivering presentations? . . . . .
. .  Then this course is for you!

This course focuses on instruction and practice in organization, delivery
skills, design tips and use of visuals effectively (powerpoint and overhead),
and question-and-answer models.  Participants will receive personalized,
confidential feedback from the instructor and will develop a self-improvement
action plan.  Customized exercises give participants first-hand experience in
one-on-one, small groups, impromptu, and sit-down settings.

For registration, please click here () to go directly into the Development
Center "Ernie", or call 3-0357.


Rose,

Have you seen the signature pages?  We need the agreements and the override
letter.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/04/2001 09:00
AM ---------------------------

Brett R Wiggs
01/04/2001 07:52 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: GE Turbine Contracts

Kay:

Were you able to find my faxed signatures?  Do you need originals?  Are you
going to send out a complete set of the final documents?

Thanks,
Brett


Please take a moment to answer the following seven questions on the EWS Client Satisfaction Survey.  Your response will help us understand your level of satisfaction with EWS HR services. In turn, we can better serve you through improvements in our human resources actions.

This information is for internal use only and will remain confidential.

Thank you for taking the time to complete this survey.

Please click on the link below.

Experiencing technical problems?  If this link does not automatically launch the questionnaire:
1.  Launch by copying the link below into your browser, or
2.  If you continue to have technical difficulties, please send an email message to EWS human resources (MS Outlook)
3.  Please do not forward this link to anyone else, as it is unique for each respondent.

http://etcsurvey.corp.enron.com/wi/p0630528/i.asp?r=674&s=UTFBLPHD&l=9


Mary:  This is a paper and pulp master with some "different" provisions.  I
asked Susan to let you handle.  The business person is Chris Croom (X31899).
There is no "formal" credit worksheet but Tanya verified that the CP is an
ESP.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 08/28/2000 06:43 PM -----

	Jane Wilhite@ENRON
	08/28/2000 06:26 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
		 cc: Tanya Rohauer/HOU/ECT@ECT
		 Subject: empire paper

Sara and Susan,

Could you please add the following additional events of default to the Empire
ISDA:

EBITDA/Interest >5x
No additional debt greater than $5MM

If you have any questions or would like to discuss please feel free to call.

Thank you,

Jane Wilhite
ext. 35063


Greg --

Thanks again for really lighting them up last night.  Being the best guy in
11 years ain't bad.  It was fun for me to get to know you and look forward to
working together.

Vance

p.s.  Your restaurant list has my wife looking to expedite the finding of a
Houston babysitter!


NGI Summaries on several projects attached, please let me know if you have any questions or need additional information--SMC
NGI's Daily Gas Price Index
published : December 20, 2001
Williams: MarketLink Phase 1 Is Open for Business
Williams said Wednesday that it has completed the first phase of the Transco pipeline system's MarketLink expansion project, which will provide much needed incremental natural gas transportation capacity into the northeastern United States. The company added that this project represents the first interstate pipeline expansion completed to serve the New York metropolitan area since 1992.
"Williams Gas Pipeline-Transco has provided reliable, economic gas transportation services to the Northeast for over 50 years and is committed to meeting the growing energy requirements in the region," said Gary Lauderdale, senior vice president and general manager, Williams' Transco pipeline. "This area, which includes Pennsylvania, New Jersey and New York, continues to experience a need for additional natural gas to serve residential, commercial and power generation facilities. MarketLink will help meet this need."
The MarketLink project, which received the go-ahead from the Federal Energy Regulatory Commission on April 26, 2000, is being constructed in two phases. The first phase was completed and entered into service on Wednesday. It will deliver an incremental 166,000 Dth/d of natural gas. The second phase of the project, which will be placed in service in November 2002, will deliver an additional 130,000 Dth/d to the region.
"Phase 1 of MarketLink will provide much needed capacity to the region in time for the winter heating season," said Mario DiCocco, Williams' Transco pipeline director of operations for the Princeton division, which covers New Jersey, New York and Pennsylvania. "We will begin construction of Phase II next spring."
Williams pointed out that there are more than a dozen new gas-fueled power plants currently in the permitting process in New Jersey alone. Gas transported by MarketLink is expected to fuel new efficient power plants that are needed to meet the region's growing electricity needs and help meet Clean Air Act standards
NGI's Daily Gas Price Index
published : December 20, 2001
Islander East Receives FERC's Preliminary Determination
The Federal Energy Regulatory Commission (FERC) issued a preliminary determination on non-environmental issues to the Islander East Pipeline Co. LLC to build a 40-mile pipeline that will bring natural gas from Connecticut to Long Island, NY.
Duke Energy Gas Transmission (DEGT) and KeySpan Energy Delivery Long Island (KEDLI) first announced its plans for the proposed line in January.  The proposed pipeline project will be equally owned by the two companies under Islander East Pipeline LLC.
Originating from DEGT's Algonquin Gas Transmission's system, the pipeline --- made from 24-inch and 30-inch diameter pipe --- would extend from Connecticut across Long Island Sound to Wading River, NY, and other points on Long Island, where it would connect with KEDLI. The companies believe the time is right for Islander East because it would have access to almost every major supply basin in North America, including the recently developed Sable Island off the coast of Nova Scotia in Atlantic Canada. Its backers said it would be possible through Algonquin's proposed interconnection with Maritimes & Northeast Pipeline.
The companies said that they expect to have the pipeline operating in 2003, initially providing 250,000 Dth/d of natural gas to the Long Island and New York City energy markets, enough to heat 600,000 homes.
However, the Islander East project is not the only game in town. Following the Islander announcement, El Paso Corp.'s Tennessee Gas Pipeline Co. revealed a project that would provide up to 450,000 Dth/d of new transportation capacity from the company's interconnection with joint facilities of Maritimes & Northeast Pipeline LLC. and Portland Natural Gas Transmission System Co. in Dracut, MA, and terminate in Suffolk County on eastern Long Island.
Tennessee said its project will deliver to various local distribution companies and their facilities, including Yankee Gas Services, Connecticut Natural Gas, Southern Connecticut Gas and KeySpan Energy Delivery Long Island, as well as directly to proposed power generating plants along the way.
Also throwing its hat into the ring back in April, Iroquois Gas Transmission System LP announced an open season yesterday for Zone 2 firm transportation capacity for delivery on its proposed Eastern Long Island Expansion.
Iroquois proposes to construct 20 miles of 24-inch diameter marine pipeline from Milford, CT, to Shoreham, Long Island, and points farther inland as the market demands.
NGI's Daily Gas Price Index
published : December 20, 2001
Maritimes Phase III, HubLine, Iroquois' Eastchester Receive Final FERC Nods
FERC issued final certificates Wednesday morning to the Maritimes & Northeast Pipeline Phase III expansion project and related HubLine expansion by Algonquin Gas Transmission. The integrated expansions will increase transportation of Atlantic Canadian gas to the Boston area. In addition, Iroquois' Eastchester project received a final green light from FERC. The $174 million Eastchester project will add 230,000 Dth/d of capacity to the Iroquois system to increase deliveries mainly to New York City power generators.
The Federal Energy Regulatory Commission denied rolled-in rate treatment for Eastchester, stating that, contrary to Iroquois' claims, the project's cost actually would exceed its revenues, requiring existing firm shippers to subsidize a portion of the project. Iroquois had said the project would provide $2.8 million in annual net financial benefits, but FERC found that it actually would cost existing shippers $2.9 million. As a result, the Commission left the rates to be settled in a future proceeding.
The 33-mile pipeline extension will connect Iroquois' existing system in Suffolk County with Consolidated Edison's system in the Bronx. Iroquois hopes to complete the extension by November 2002. It signed 10-year precedent agreements for the capacity with five shippers: Virginia Power Energy Marketing (20,000 Dth/d), Mirant New York Management (60,000), KeySpan Ravenswood (60,000), Consolidated Edison Energy (30,000) and Orion Power Holdings (60,000). ConEd, KeySpan and Orion will use their capacity to serve power generation load. FERC also said the pipeline must finalize its agreements with shippers prior to moving forward with construction.
Iroquois Gas Transmission System is a partnership of 10 U.S. and Canadian energy firms and is owner of a 375-mile interstate pipeline extending from the U.S.-Canadian border at Waddington, NY, through western Connecticut to Long Island, NY.
The companion expansion projects of Maritimes & Northeast and Algonquin call for Maritimes to construct an extension in a southeasterly direction through several Massachusetts counties to the East Coast where a new Algonquin line would connect and extend offshore down the coast through Boston Bay to a connection with Algonquin's existing system at Weymouth on the south side of Boston Harbor. The two pipeline projects are designed to supply up to 230,500 Dth/d to the gas-starved New England region and are targeted for service by November 2002.
The so-called Phase III extension of the 600-mile Maritimes pipeline, which imports Atlantic Canadian gas to the Northeast from the Sable Offshore Energy Project offshore Nova Scotia, will include 24 miles of 30-inch diameter pipeline and one mile of 24-inch diameter pipeline, extending from Methuen, MA, through a number of counties to a connection with Algonquin's proposed extension in Beverly, MA. The project, which has an estimated price tag of $133.9 million, would provide firm transportation service to serve growing markets on the east end of Algonquin's system.
Algonquin's HubLine project, which has a projected cost of $127 million, will include about 29 miles of 24-inch diameter pipeline, extending offshore from an interconnection near Beverly with Maritimes' proposed Phase III project to an interconnection with Algonquin's existing I-9 lateral in Weymouth. Algonquin also plans to build a 5.4-mile, 16-inch diameter lateral from the proposed pipeline to a wastewater treatment plant owned by Massachusetts Water Resources Authority on Deer Island.


Hi Gregg,

I'm home with my sick son this am.  (It was one of those 102 plus fevers at
430 this morning.)  I've asked the temp assistant to have my enovate stuff
sent out so we can get some work done.

Talk to you later,

Kay


Dave,

Please call if you have any questions.

Regards, Jean


I am sorry - things aren't much fun right now are they??  Except beating you
at spades.

-----Original Message-----
From: Dasovich, Jeff [mailto:Jeff.Dasovich@ENRON.com]
Sent: Thursday, October 25, 2001 9:23 AM
To: Nancy Sellers
Subject: RE: Enron Dumps CFO Amid Conflict Questions

bumpy times.  gonna take alot of work to come back.  i'll fill you in
some time.

-----Original Message-----
From: Nancy Sellers [mailto:Nancy.Sellers@RobertMondavi.com]
Sent: Thursday, October 25, 2001 11:13 AM
To: 'Jeff Dasovich'; 'Eldon Sellers'; Prentice @ Berkeley; Prentice
Sellers
Subject: FW: Enron Dumps CFO Amid Conflict Questions

You guys sure are in the news a lot!!  I think you should take over -
it's
the only way out

-----Original Message-----
From: CFO.com_Newsletters@cfo.com [mailto:CFO.com_Newsletters@cfo.com]
Sent: Thursday, October 25, 2001 9:09 AM
To: nancy.sellers@robertmondavi.com
Subject: Enron Dumps CFO Amid Conflict Questions

http://www.cfo.com

CFO.com's
Today in Finance

________________________________Sponsor ________________________________
Infrastructure: it starts with you.  See the difference when your
infrastructure works around YOUR needs rather than the other way around.
Servers are flexible enough to handle multiple operating systems.
Software
puts your entire infrastructure in reach of your keyboard.  Storage
squeezes
more efficiency out of resources you've already invested in.  It's the
HP
difference at:
http://ad.2clk.net/eclk;3252766;1729382256984211925;6543288;47648;;10041
.

________________________________________________________________________
_

Thursday, October 25, 2001
Circuit Breaker: Enron Dumps CFO Amid Conflict Questions

By Stephen Taub

Enron Corp. is set to replace CFO Andrew Fastow. As CFO.com reported in
a
story earlier this week, Fastow's role in a limited partnership has
raised
concerns about a conflict of interest.

Fastow is succeeded by Jeff McMahon, who had been serving as chairman
and
CEO of Enron's Industrial Markets group. From 1998 to 2000, McMahon was
Enron's treasurer. He resigned that post in part because he disapproved
of
Fastow's role in running two partnerships, according to The Wall Street
Journal.

"In my continued discussions with the financial community, it became
clear
to me that restoring investor confidence would require us to replace
Andy as
CFO," said Kenneth L. Lay, Enron chairman and CEO, in a statement.

McMahon, 40, joined Enron in 1994 and spent three years in the London
office
as CFO for the company's European operations. Upon returning to the
United
States, McMahon assumed the post of EVP of finance and treasurer for
Enron
Corp. In 2000, he was named president and COO of Enron Net Works, where
he
focused on E-commerce activities.

As reported on Friday, The Wall Street Journal said a limited
partnership
organized by Fastow, who has been Enron's CFO since 1997, racked up
millions
of dollars in profits from transactions conducted with the energy
company.

On Monday, Enron said the Securities and Exchange Commission requested
information regarding certain related party transactions.

On October 16, Enron stunned Wall Street when it announced that it would
take a $1.01 billion after-tax charge for the September 30 quarter.

Since the announcement, Enron's share price has more than halved.

Fastow's dismissal seems to be an about-face for Enron. In a conference
call
Tuesday, Lay said the partnerships were fully disclosed and took steps
to
assure that there was no conflict as Fastow played both roles. Enron has
since dissolved the partnerships.

"Obviously, the board and even the lawyers and auditors realized that
there
would be an apparent conflict of interest there and the board prescribed
certain methods for it to be dealt with ... so Enron would never be
compromised," Lay said in published accounts. "We are very concerned
[at]
the way Andy's character has been loosely thrown about in certain
articles,
as well as the company's reputation."

Predictably, on Wednesday at least two law firms - Stull, Stull & Brody
and
Bernstein Liebhard & Lifshitz, L.L.P - filed class-action suits against
Enron, Lay, Fastow, and Jeffrey K. Skilling, the former Enron chief
executive who resigned in August.

The suits allege that the defendants issued false and misleading
information
that materially misstated the company's condition and prospects to the
investing public. Moreover, the suits argue that the company failed to
disclose material information necessary to make its prior statements not
misleading.

The complaints charge that Enron issued a series of statements
concerning
its business, financial results, and operations which failed to
disclose,
among other things:

* The company's Broadband Services Division was experiencing declining
demand for bandwidth, and the company's efforts to create a trading
market
for bandwidth were not meeting with success, as many of the market
participants were not creditworthy.

* The company's operating results were materially overstated, since
Enron
failed to write down in a timely fashion the value of its investments
with
certain limited partnerships - the partnerships that were managed by
Fastow.

* Enron was failing to write down impaired assets on a timely basis in
accordance with GAAP.

Read On! For More of Today in Finance
http://m.s.maildart.net/link_30322_6543288_1_120086373_73941461_0_7a

**********************FROM OUR FEATURED ADVERTISER
**********************

Save on e-billing.  With $25,000 off the top.
From now until Nov. 2, 2001, you can sign up for the industry-leading
OpenBill
 Express e-billing system and receive implementation free - a
$25,000 savings. The secure e-billing system can be implemented in 48
hours
and you can customize branding, marketing messages and bill design
yourself.
Call (972) 797-4800, or visit
http://ad.2clk.net/eclk;3484927;1729382256984211925;6543288;125818;;5331
1.

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

Take CFO's Budgeting and Planning Software survey!

The results of CFO's  survey will be used in a December Technology
Report
that will examine the change management issues that surround
implementations
of this type of software in organizations. All responses will only be
used
in the aggregate. Your input is important, please take a moment and
participate. Thank you!
http://charts.cfo.com/cfomag/bpsurvey1.html
________________________________________________________________________
__

Also on CFO.com:

BANKING: Banking Without Borders.
http://m.s.maildart.net/link_30323_6543288_1_120086373_73941461_0_7b

CFOs ON THE MOVE: Parts is Parts? CFO at Lear Corp. Steps Down.
http://m.s.maildart.net/link_30326_6543288_1_120086373_73941461_0_7e

CFO EXCELLENCE: Lessons from the Top Cop of Risk.
http://m.s.maildart.net/link_30325_6543288_1_120086373_73941461_0_7d

SOFTWARE: Financial Portals -- Behind the Green Door.
http://m.s.maildart.net/link_30324_6543288_1_120086373_73941461_0_7c

________________________________________________________________________
For information about advertising in this newsletter, contact Mimi
Capalaces, VP of Sales. Call (212) 698-9738 or write to
mimicapalaces@cfo.com
________________________________________________________________________

Get the Magazine - FREE Subscription - CFO Magazine is free to qualified
readers. To subscribe go to:
http://as400.halldata.com/cgi-bin/subscribe/cf?SS=SHRTFRM&pk=HP7

Become a registered user and receive FREE, unlimited access to CFO.com.
Go
to: http://www.cfo.com/User_Registration
________________________________________________________________________

Copyright (c) 2001 CFO Publishing Corporation

To access the Unsubscribe page, click this link:
http://www.cfo.com/unsubscribe_nl/1,5013,807612|34978|7,00.html

This email was sent to:nancy.sellers@robertmondavi.com

**********************************************************************
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.
**********************************************************************


FYI
---------------------- Forwarded by Chris Germany/HOU/ECT on 12/23/99 10:09
AM ---------------------------

jwhodge@columbiaenergygroup.com on 12/23/99 08:45:51 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Storage Questions

Here are the answers to your questions:

1.  Cove Point LNG is a peaking facility.  There are three 10-day peaking
contracts for 50,000 Dthd each or a total of 150,000 Dthd of peaking
capability
by delivery from the Cove Point pipeline into the east side of TCO's system.
The gas can also go directly into Washington Gas Light or into PEPCO's Chalk
Point electric generation facility.  The variable transport cost on Cove Point
LNG is less than $0.005/Dth.  This gas was hedged by CES as baseload
withdrawal
during the January 1999, but can be withdrawn any time before the end of the
contracts which is 2/29/2000.

2.  The TCO storage is the CES retail storage.  Enron's contract with CES
retail contains the withdrawal schedule for this storage.  I would work with
Ed
McMichael's group who should be getting this schedule from CES Retail.

cgerman@ect.enron.com on 12/23/99 08:22:40 AM
Please respond to cgerman@ect.enron.com

To: Scott Goodell [NOTES.sgoodel]@LMSOV
cc: John Hodge/CES/ColumbiaGas@COLUMBIAGAS, djunek@ect.enron.com
Subject: Storage Questions

I have 2 storage questions for now.

1.  Cove Point LNG - it's my understanding that this is a LNG peaking
facility.
The current balance is 1,500,000 dth.  Did you have a withdrawal schedule or
were you going to use this as peaking gas?

2.  TCO contract 63304 - has capacity of 7 BCF, and I think your current
storage
balance is about 5 BCF.  What is your withdrawal schedule for Jan??

thanks


I changed the 2nd paragraph so that ABB is receiving money, not paying it.


Billy,

I received a request to make a presentation to the Energy Finance class at UT this
fall. It makes sensed to coordinate my trip with your unit presentation to
the MBA students at the UT. Please, let me know who is the person to coordinate this request with?

Vince

 -----Original Message-----
From: 	"Ehud I. Ronn" <eronn@mail.utexas.edu>@ENRON [mailto:IMCEANOTES-+22Ehud+20I+2E+20Ronn+22+20+3Ceronn+40mail+2Eutexas+2Eedu+3E+40ENRON@ENRON.com]
Sent:	Tuesday, July 31, 2001 5:15 PM
To:	Kaminski, Vince J
Cc:	Rosen, Michael B.
Subject:	Your Presentation at the UT Foundations of Energy Finance  Class and Subsequent Enron Reception

Vince:

Greetings.

Let me once again acknowledge with thanks Enron's generosity in hosting us
to a baseball game 7/16.  It was only upon reviewing the ticket price at
home that I recognized just how generous Enron's hosting was.

As we agreed July 16 - 17, I write at this time regarding the first of
three e-mails.  In this one, I seek your annual participation in the
Foundations of Energy Finance class at UT.  Subsequent to your
presentation, your Public Affairs colleagues may choose to schedule a
reception at which Enron-specific recruting, internship and other
information may be disseminated.  For this reason, I cc Director of Public
Affairs Mike Rosen.

You sought a proposal of several alternate dates for your presentation.  I
am pleased to offer the following as alternative dates:  Sep. 24, Sep. 26,
Oct. 1, Oct. 8, Oct. 10, Oct. 15 and Oct. 17.  Let me know if your schedule
requires a wider set of alternatives.  Also, please advise if you would
like the entire 2 1/2 hr. (2 to 5 p.m., including breaks) time slot, or
whether you would prefer a subset thereof.

Once we have determined a date, and if a same-day 5 p.m. Enron reception is
deemed desirable, I ask Mike or his designee to contact my Assist. Energy
Finance Director Angela Dorsey at Angela.Dorsey@bus.utexas.edu (Tel.:
512-232-7386) to coordinate matters.

Best,
Ehud

==============================================
     Ehud I. Ronn
     Jack S. Josey Professor in Energy Studies
     Department of Finance
     McCombs School of Business
     University of Texas at Austin
     Austin, TX. 78712-1179
     Voice:  (512) 471-5853
      FAX:   (512) 471-5073
      Internet:  eronn@mail.utexas.edu
=================================================


This is an email to let you know that the November 2001 release is available
for download on www.rdionline.com.  If you do want to receive this email,
please reply with unsubscribe in the subject line.

Thank you,

The NEWGen Staff


Julie,

No answer  yet.

Vince

"Julie" <julie@lacimagroup.com> on 02/22/2001 06:46:16 AM
Please respond to "Julie" <julie@lacimagroup.com>
To: "VinceJKaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject: Weather course

Vince,
Have you heard back from the weather people?
?
Do we need to order in PCs for people who are attending, or do most have
laptops??
?
Thanks,
Julie


Steve:

Attached is a memo that reponds to your question:  "Can the solution to the
utilities' undecollection problem take place at the PUC, or is a legislative
fix required?"  As we discussed, I'm also attaching a memo from Mike Day on
the issue.

Bottom line:  It's within the PUC's jurisdiction to solve the problem, but
the likelihood is high that it will be a key focus of the Legislature in the
next session.  If you, or anyone on the distribution, have any questions, let
me know.

Best,
Jeff


- 1_28_02LO.xls


---------------------- Forwarded by David W Delainey/HOU/ECT on 11/09/2000
05:27 PM ---------------------------

rob.milnthorp@enron.com on 11/09/2000 03:51:22 PM
To: ddelain2@enron.com
cc:
Subject: Approval for reviewer

MILNTHORP,PHILLIP R  has suggested reviewers and submitted them for your
approval.  You may review/modify this list of reviewers by logging on to PEP
at http://pep.corp.enron.com  and going to Supervisor Services.  Please
remember, no feedback can be completed on MILNTHORP,PHILLIP R  until you have
approved the list.


****************************************************************
GET THE WALL STREET JOURNAL, COMPLIMENTS OF CHARLES SCHWAB

Consolidate your assets at Schwab by September 30 and
receive The Wall Street Journal for up to 12 months.
To get started, go to:

http://schwab.ed10.net/ud/3MOW/IE1M/3CK1/GX/QF3OEC?sa=983228445
****************************************************************

Today, more than ever, it's important to have a complete
investment strategy that includes all your goals.

At Schwab, we're here to help. Our Investment Specialists are on
hand to assist you in developing and following a comprehensive
investment strategy that meets your short and long-term goals.
We can also provide objective advice, recommendations and
answers to your specific investing questions.

Enjoy Convenience and Control

For greater convenience and even more control over your
finances, we encourage you to consider consolidating your assets
at Schwab. By consolidating your investments, you can receive
easy access to your portfolio, streamlined statements to keep
you updated on all your holdings, online quarterly performance
profiles and more.

Receive The Wall Street Journal

And, as a valued Schwab Signature Services(TM) client, for a
limited time, you'll receive a special offer: a complimentary
six-month subscription to The Wall Street Journal when you
deposit or transfer $50,000 to Schwab, and a 12-month
subscription when you deposit or transfer $100,000.

Our Investment Specialists would be glad to discuss the benefits
of consolidation further and answer any questions you might have
about your portfolio, the market or the specialized resources
that are available to you as a Signature Services client.  Call
us today at 1-866-246-8371 to schedule a free consultation by
phone or in a branch near you.

To send for our free consolidation offer package, go to:

http://schwab.ed10.net/ud/3MOW/EKNA/3CK1/MQ/QF3OEC?sa=983228445

This offer expires September 30, 2001.

----------------------------------------------------------------
By accepting the consolidation offer, customers are providing
their information to Dow Jones & Co., Inc. The Wall Street
Journal is a registered trademark of Dow Jones & Co., Inc.
Charles Schwab & Co., Inc., is not affiliated with Dow Jones
& Co., Inc., or any of its affiliates or subsidiaries.  Any
use of this information by Dow Jones & Co., Inc., is not
governed by Schwab's privacy policy. Please allow four to six
weeks from the time Schwab receives your transfer/deposit forms
to receive your first Wall Street Journal paper. Offer does not
include IRA and Schwab Institutional(R) accounts. Offer not
transferable and not valid in conjunction with any other offer.
Domestic customers only. Schwab reserves the right to
discontinue this offer.  If you work at Schwab, Dow Jones & Co.,
Inc., another financial institution, broker-dealer or exchange
or news or financial information media company, you are not
eligible for this offer.  Deposits must be new to Schwab, and
must remain in account for at least 180 days. Other
restrictions may apply.  All transfer/deposit forms must be
postmarked by September 30, 2001, to receive this offer.

Access to electronic services may be limited or unavailable
during periods of peak demand, market volatility, systems
upgrade, maintenance, or for other reasons.
----------------------------------------------------------------
We respect your privacy. To minimize your receipt of duplicate
information and for internal recordkeeping purposes, Schwab may
track your responses, if any, to this offer. You can read more
about the Schwab privacy policy at:

http://schwab.ed10.net/ud/3MOW/A5SC/3CK1/AZ/QF3OEC

If you would prefer to receive only account service emails,
please reply to this email indicating your preference. Please
note: doing so will not remove you from any SchwabAlerts(R) or
email newsletters or information to which you have actively
subscribed.

Notice: All email sent to or from the Charles Schwab
corporate email system may be retained, monitored and/or
reviewed by Schwab personnel.

(C)2001 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC/NYSE. CRS 13091 (0701-11893)
[IMAGE]


I really liked the commercials about specifics (i.e.  weather, EOL,
bandwidth).  The metal man was definitely at a different philosophical level
than where my brain operates.  Still not quite sure what was going on there.
Ode was a bit too idealistic.   The campaign in general was very different
than previous.   But I guess you know that and that's the point.   Again, I
think the commercials that showed why we are the most innovative were very
impressive.  Just telling people we are innovative made less of an impact.

Sorry I ruined your run.  At least you weren't molested by the River Oaks car
thief.

From: Margaret Allen@ENRON on 09/27/2000 08:24 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Commercials

So, what did you think?!  Don't lie or stretch the truth either -- you won't
hurt my feelings, I promise.

By the way, by the time I arrived home it was completely dark so I went for a
three mile run this morning.  Not fun, but I'm definitely awake right now!
BUT, it's all your fault I couldn't go last night....he!he!

Trade well, MSA


Read about Enron's entry into the data storage market.

Also in this issue:
Sizing up EnronOnline's competition
Brazil's new merchant plant
EBS sponsors Sundance

It's all in the latest eBiz.  Go to home.enron.com, click Publications, then
click eBiz, and "eBiz February 2, 2001."


Dear Energy Bar Association-Houston Chapter Member:

Attached is a notice of our next EBA Houston Chapter luncheon of 2001,
scheduled for Wednesday,?June 13th. We are pleased to have?Peter Mims,
of?Vinson & ElkinsL.L.P., joining us  to?provide an overview for energy
practictioners of?electronic commerce  developments, including the federal
Electronic Signature Act.? I hope you can join us for?this timely
presentation.

Please print out and return the attached notice to confirm your seat for the
luncheon at the Hyatt Regency-Downtown. The notice will be distributed by
mail  as well.

See you there!

?

Charles F. Caldwell
Vinson & Elkins L.L.P.
2300 First  City Tower
Houston, Texas 77002
Phone:? 713-758-4518
Fax:???? 713-615-5087
Email:? ccaldwell@velaw.com

 - 01.DOC


As a follow up to our meeting last week with Colleen on the Ardmore facility, I had a conversation this morningwith Richard Sanders concerning the status of the settlement negotiations with Dynegy concerning Northern Natural Gas. I understand from Richard that part of the settlement will be an agreement that will allow Enron Corp to continue to lease the Ardmore facility as a data center.

I just wanted to remind everyone that the lease also needs to allow Enron to provide space to NETCO for its hardware during a transition period until NETCO can relocate its hardware to a new data center. 	The lease also needs to make it clear that access to the Ardmore facility needs to be under Enron's control.

Similarily the software license that Enron will retain covering all the Enron developed software will also need to provide that Enron can use the covered software to provide services to third parties such as AEP, Bridgeline and Northern Natural Gas.	If anyone has any questions, please give me a call.

Anne C. Koehler
Sr. Counsel
Enron Wholesale Services
1400 Smith Street, EB3839
Houston, Texas  77002
Phone:  713/853-3448    Fax:  713/646-3393
anne.c.koehler@enron.com


---------------------- Forwarded by Tom Acton/Corp/Enron on 04/24/2000 12:41
PM ---------------------------

Vance L Taylor@ECT
04/20/2000 03:34 PM
To: Tom Acton/Corp/Enron@ENRON
cc: Susan Smith/HOU/ECT@ECT, Donald P Reinhardt/HOU/ECT@ECT, Melissa
Graves/HOU/ECT@ECT

Subject:

Tom,

Please see the attached file estimating wellhead production for the month of
May.  Please be advised that this is a preliminary estimate as to this date
we have only received a few paper noms for May.  I will update you with any
revisions as they occur.

Thanks,

vlt
x3-6353


RRRIIIIGGGGHHHHTTT....

-----Original Message-----
From: Erik Wollam [mailto:erwollam@hotmail.com]
Sent: Friday, June 01, 2001 9:55 AM
To: Brian Constantine; cmccomb@austin-mccomb.com; Joe.Parks@enron.com;
kmccomb@austin-mccomb.com; jmccomb@austin-mccomb.com; knipe3@aol.com
Subject: New Lease Update

Talked to Mertz last night. Take this for whatever it is worth...
Bottom line is that he says the lease I sent him, 16,000 per year for
2002
to 2005 looks good, it is the money he wants, we take good care of his
place, shoot mature bucks and we will get the lease, BUT he won't sign
the
lease until next fall, "because I don't have to". Whatever.
I said we just wanted to know for certain that we had a place to hunt
for
the next four years and wanted to make sure we did not need to start
looking
for another lease. He said we had the place and not to worry about it,
he
just wanted to see how the new protien program panned out before signing

off. Once again, whatever. He also says he's pouring the stuff out heavy

right now.
He gave me his word and seemed upbeat about everything. I'm going to
leave
it at that until next fall. I'm not going to worry about it anymore. His

great deal on the Zander's old lease fell apart on him (he was suppossed
to
have out of state hunters show up for two weeks and they were going to
pay
him 30k a year). Maybe the concept of some good lessees who pay on time
and
take care of his land will look more realistic and attractive.
He, as usual, stressed his never ending desire to grow a big deer. He's
counting on this new super food to do it this year. I guess the best we
can
do to assure a lease renewal is to hunt hard and kill him some big deer.

Site in your guns and bring plenty of ammo next fall.
Erik.

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


This is a draft of talking points for APS.  Let me know if you see anything that's wrong or have any suggested changes.

kh


-----Original Message-----
From: David Gensch [mailto:dag@cact.com]
Sent: Monday, April 15, 2002 3:05 PM
To: undisclosed-recipients
Subject: ng0416

CACT NG sheets for Tuesday


----- Original Message -----
From: Suzanne  Tonini
To: kward1@houston.rr.com
Sent: Monday, December 10, 2001 4:30 PM
Subject: We would like to contact you regarding your  qualifications
  Good afternoon!  I accessed your name on the 1400smith.com list. We are an executive  search firm specializing in placements within the power and energy  industry nationwide, and your title comes up as a good fit for several of  our current searches.  Would you be so kind as to send a Word copy of your resume along with  your contact information so that one of our search consultants can speak  to you about a career opportunity?   Looking forward to hearing from you, and have a great  day!  Sincerely,   Suzanne Tonini Internet Research Pangaea Technology Resources 563 SW 13th St #100 Bend, OR. 97701 (541) 382-9779 stonini@pangaeatek.com

____________________________________________________[IMAGE]   IncrediMail  - Email has finally evolved - Click  Here


Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
Bloomberg, 10/19/01

USA: UPDATE 1-Enron stock sustains further heavy losses.
Reuters English News Service, 10/19/01
Enron Corp. Cut to `Hold' at A.G. Edwards
Bloomberg, 10/19/01

BANDWIDTH BEAT: Enron Broadband Unit Takes A Beating
Dow Jones Energy Service, 10/19/01
Dynegy Chief: Bandwidth Growth Won't Wait For Trading
Dow Jones Energy Service, 10/19/01
UK: Jobs in base metals down but definitely not out.
Reuters English News Service, 10/19/01
New Power Hldg Sees Meeting 3Q Loss Estimate
Dow Jones News Service, 10/19/01

Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
2001-10-19 16:24 (New York)

Enron Shares Fall on Concern Over CFO's Partnerships (Update4)

     (Updates with Chief Financial Officer Fastow didn't
immediately return a call for comment in fifth paragraph.)

     Houston, Oct. 19 (Bloomberg) -- Enron Corp.'s shares have
fallen 26 percent in the past three days on concern the biggest
energy trader's dealings with partnerships run by its chief
financial officer contributed to investment losses.

     Enron's stock dropped 10 percent today. Enron's board cost
the company at least $35 million by allowing Chief Financial
Officer Andrew Fastow to manage LJM Cayman and LJM2 Co-Investment,
partnerships that bought Enron assets, a shareholder alleged
Wednesday in a lawsuit.

     The lawsuit came the day after Enron reported $1.01 billion
in third-quarter losses from failed investments. The Wall Street
Journal reported $35 million of the losses were connected with the
two limited partnerships. Enron also reduced shareholders' equity
by $1.2 billion when it bought back 55 million shares from the
partnerships, the paper reported yesterday.

     ``It looks sleazy,'' said Roger Hamilton, a manager at John
Hancock's Value funds, which own 600,000 shares. ``If you are
someone who invests in a company's management, it's almost time to
punt with Enron.''

     Enron spokeswoman Karen Denne didn't return calls or written
requests seeking comment. Fastow didn't immediately return a
telephone call for comment.

     Fastow and a handful of associates made more than $7 million
last year in management fees and about $4 million in capital
increases on an investment of about $3 million in one of the
partnerships, the Journal reported today.

                        Buying Enron Assets

     Fastow is involved in 17 other similar companies and
partnerships that appear to have ties to Houston-based Enron,
based on filings with the Texas secretary of state.

     The foreign business corporations and limited liability
companies have directors, officers or managers whose address is
listed as 1400 Smith Street in Houston, Enron's corporate address,
according to Texas records.

     Fastow is listed as a director, officer or managing member in
each one. At least one of the companies bought and sold Enron
assets, including foreign power plants.

     Whitewing Management, which lists Fastow as its managing
member, received $807 million from the sale of Enron debt last
year.

    Under the terms of the debt sale, Whitewing is allowed to use
the proceeds to buy power plants from Enron or make other
``permitted investments.'' Whitewing has bought 14 Enron plants or
companies since 1999 and sold four.

     Enron's Denne has not responded to written requests about
Fastow's role at Whitewing or whether he used his knowledge of the
value of Enron assets to benefit outside investors or company
executives at Enron's expense.

     Shares of Enron fell $2.95 to $26.05. They have fallen
69 percent this year.

--Russell Hubbard in the Princeton newsroom, 609-750-4651 or
rhubbard2@bloomberg.net, and Jim Kennett in Houston,
(713) 353-4871 or jkennett@bloomberg.net/pjm/alp/pjm

USA: UPDATE 1-Enron stock sustains further heavy losses.

10/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

(New first paragraph, adds additional analyst comment)
By Andrew Kelly
HOUSTON, Oct 19 (Reuters) - Enron Corp. stock sustained further heavy losses on Friday as investor confidence in the former Wall Street favorite was rocked by reports about the company's relationship with a limited partnership that was run until recently by Enron's chief financial officer.
The energy giant's stock closed down $2.95 or 10.2 percent at $26.05 per share, making a cumulative loss of 27 percent for a week in which Enron reported a third-quarter loss of $638 million, its first quarterly loss in over four years.
Analysts said confidence was shaken by several articles in the Wall Street Journal this week alleging possible conflicts of interest on the part of Chief Financial Officer Andrew Fastow, who until recently ran a limited partnership that bought assets worth hundreds of millions of dollars from Enron.
"I don't think this thing passes the smell test," said one analyst who spoke on condition of anonymity. "I think the CFO should be out of there right now. In the interest of the stockholders, that CFO should be gone," he said.
Enron has rejected the suggestion that there was anything improper about the arrangements, but Fastow severed his ties with the LJM2 partnership earlier this year to allay concerns raised by investors and analysts about his dual responsibilities.
POOR JUDGMENT?
Analysts said that at the very least, the arrangement showed poor judgment by senior managers at Enron, which recently pledged to be more open with investors and analysts following a series of high-profile stumbles that culminated with the shock resignation of new chief executive officer Jeff Skilling in August.
"For a company that had a lot of question marks around it already, these questions about financial dealings are really worrisome for investors," said Commerzbank Securities analyst Andre Meade. "It points to poor decision-making on behalf of the board and top management at Enron," he said.
Enron, North America's biggest buyer and seller of natural gas and electricity, was one of Wall Street's high flyers last year, when its stock posted a gain of 87 percent.
The stock's ascent was driven by enthusiasm for the company's plans to build a broadband telecommunications business and the success of its EnronOnline Internet energy trading platform.
This year Enron's shares have fallen 69 percent as sentiment toward broadband and the Internet soured, Skilling resigned after only six months as CEO, and the company's Dabhol power plant project in India became mired in a payments dispute.
Moody's Investors Service said earlier this week that it had placed all of Enron's long-term debt obligations on review for a possible downgrade after Enron took $1.01 billion in write-downs and charges that substantially reduced valuations for several non-core businesses, including broadband and water services.
Some of Enron's financing arrangements require the company to maintain investment grade credit ratings.
Analysts said Enron's credibility has been severely damaged and the recent reports about the LJM2 partnership had raised concerns that more unpleasant surprises may lie ahead.
"What don't we know that went on at that company? Where's the credibility?" asked one frustrated analyst. "We don't know if it's limited to this," he said.

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

Enron Corp. Cut to `Hold' at A.G. Edwards
2001-10-19 16:27 (New York)

     Princeton, New Jersey, Oct. 19 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``hold'' from ``buy'' by analyst Michael C Heim at A.G.
Edwards & Sons Inc.

BANDWIDTH BEAT: Enron Broadband Unit Takes A Beating
By Michael Rieke

10/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Early last year, Enron Corp.'s (ENE) hype and skyrocketing share price enticed a number of other energy companies into the telecommunications business.
Now investors are wondering whether Enron is leading the charge out of telecom.
The company announced Oct. 16 that its broadband unit lost $80 million before interest and taxes in the third quarter on revenue of $4 million. In the third quarter of last year, the unit lost $20 million on revenue of $162 million.
Enron also recorded a $180 million non-recurring charge for restructuring its broadband unit in the third quarter of this year. That amount included severance costs for cutting 400-500 jobs, loss on sale of inventory and the reduced value of Enron's content services.
At an analysts meeting Oct. 16, Enron Chairman and Chief Executive Ken Lay said the broadband business is "not that robust" right now. Industry revenue is low and there's substantial overcapacity in the bandwidth market, "more than even we anticipated," Lay said.
The company still has a problem finding creditworthy counterparties for bandwidth trading. Consolidation in the telecom sector has also eliminated potential trading partners.
"A year ago it looked like an excellent business to get into," he said. "Others thought so, too."
Looking back, Enron could have gotten into the broadband business with less capital, Lay said. It spent "too much too soon."
An Ominous Comparison

He compared Enron's move into telecom with its move into the water business with its Azurix unit. That comparison probably won't be good news to those who still have broadband jobs at Enron.
Azurix caused Enron to take a bigger writedown - $287 million - than broadband in the third quarter. The water business has been a bigger and longer-lasting headache than broadband.
Maybe Enron's surviving broadband employees will feel better knowing that Lay told analysts the company is exploring alternatives to preserve its play in telecom at a reasonable price so it will be ready when the business recovers.
It's trying to reduce general and administrative costs in broadband to $40 million a quarter and is on track to reach that goal next year, he said. It could cut those costs even more in order to sustain the business.
Meanwhile, the company is trying to determine which parts of the telecom business it wants to be in, he said.
Enron President and Chief Operating Officer Greg Whalley told analysts the company needs to determine how much network and hardware it needs.
At one time, they had thought that they wanted to use physical network assets as a springboard, Whalley said. Now they "wouldn't want to forever be in the network business."
Both executives mentioned the possibility of joint ventures in telecom. Lay said other companies are asking Enron to do them. Whalley said the company has talked about exchanging fiber and other assets.
The one part of the telecom business Enron still seems committed to is broadband intermediation. "Intermediation" is a term the company uses in most of its commodity businesses, said an Enron spokeswoman. It's a combination of trading and deal origination - wholesale and enterprise customers.
More Bad News Expected

Rebecca Followill, a research analyst for Howard, Weil, Labouisse, Friedrichs Inc., she had expected a larger writedown in broadband for the third quarter.
"If you look at how much the stocks of their peers in broadband have fallen, you've got to figure that their assets' values have fallen similarly," Followill told Bandwidth Beat. "I was expecting more like an 80% writedown in broadband."
Another analyst, who didn't want to be identified, said he also expects more broadband writedowns from Enron. "To the extent that they can take more writedowns, I think it would make eminently good sense to do it."
He predicted "a $200 million haircut" in the first quarter of next year because of a goodwill valuation issue.
And that might not be the end of it. Enron had a net of $948 million of broadband property, plant and equipment at the end of last year, he said. They had another $600 million of risk management asset receivables, inventories and working capital items.
Followill doesn't see much future in broadband for Enron.
"I think the business will shrink to the point where it won't be shown as a key sector in their reporting," she said.
Enron might keep a small broadband group in case the market rebounds, she said. Her investor clients don't expect broadband to contribute to Enron's earnings within the next three years.
She thinks Enron is looking for an exit strategy.
The other analyst said Enron is trying to preserve some value in broadband. "It doesn't look like there's any right now, to be honest," he said. "They'll carry the trading operation to some degree."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

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

Dynegy Chief: Bandwidth Growth Won't Wait For Trading
By Erwin Seba
Of DOW JONES NEWSWIRES

10/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- Dynegy Inc. (DYN) Chairman and Chief Executive Chuck Watson understands why some think he is mistaken in believing the bandwidth sector has reached its bottom and is recovering.
But those critics don't understand his bandwidth business, Watson told Dow Jones Newswires in an exclusive interview. They don't understand how the business world has changed since the Sept. 11 terrorist attacks, he said.
In announcing third-quarter results for Dynegy Monday, Watson said the bottom in bandwidth demand was reached on Sept. 11 and that the market would begin recovery in the fourth quarter of this year.
Businesses are reassessing where to store data and how to distribute operations to avoid losing everything in a sudden catastrophic event, be it of natural or human origin. That's what's driving the recovery, he said.
Also, businesses will avoid travel, he said, relying instead on video conferencing.
Enron Corp. (ENE) Chairman Kenneth Lay said Tuesday that he hasn't seen any signs of recovery in telecom. The bandwidth market is suffering, in part, because there are few creditworthy companies to trade with, he said.
"They're trying to find trading partners for broadband," Watson said. "That's going to be tough to do." Dynegy isn't concentrating on bandwidth trading because there isn't "a realistic model" for it yet, he said. "I said two years ago it was at least two years away. I still think it's probably at least two years away, before we actually call it a trading commodity."
The metro-area infrastructure that Dynegy and other companies are building will create connections between networks, which are needed in order to trade bandwidth as a commodity, Watson said.
It's unfortunate that Enron's model for bandwidth as a traded commodity is the dominant image for the entire market, Watson said. Dynegy's model includes telecom contracts, negotiated directly with customers for long-term supply of bandwidth.
Dynegy's bandwidth trading desk is staffed by four people. For the past several months, they have been buying bandwidth for Dynegy's customers. The goal has been to build a customer base. "We're looking at being an intermediary, and really looking at the same customers that we feed energy today."
Since Dynegy lit its 16,000 route-mile network two weeks ago, the trading desk has been trying to fill the company's network instead of buying bandwidth from others. "I'm trying to find enterprises that have communication requirements," Watson said.
He pointed to ChevronTexaco Corp. (CHX) as a target for those services. "They have offices that never talked to each before," he said. "Now they've got to talk to each other. I would say that the credit quality of Chevron and Texaco is pretty reasonable."
ChevronTexaco owns about 26% of Dynegy, said a Dynegy spokesman. Dynegy and ChevronTexaco already have a large energy trading relationship which includes natural gas and gas liquids.
The average burn rate of Dynegy Global Communications, the corporation's telecommunications unit, is $20 million to $25 million a quarter, Watson said. In the third quarter, it lost $15 million, down from $20 million in the second quarter.
Dynegy predicts that Global Communications will break even or record a small loss before interest and taxes in the fourth quarter.
"If we can get to (income of) $10 million per month - that's what we need really," he said. "If we can get there by the end of next year, I'll be very happy. I think by '03, this market will have righted itself."
Watson believes telecommunications has the potential to transform Dynegy.
"Dynegy is an energy company," he said. "Our energy merchant company is doing very well and business is growing like a weed...(Telecommunications) is not our core business by any stretch right now. But I'd love to be able to tell you it's going to be. I'd love to be able to tell you it is someday."
-By Erwin Seba, Dow Jones Newswires; 713-547-9214; erwin.seba@dowjones.com

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

UK: Jobs in base metals down but definitely not out.
By Amanda Cooper

10/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 18 (Reuters) - Dismal industrial demand and the fickleness of hedge funds seduced by more volatile markets have slashed London Metal Exchange members' profits over the past year and set off a gathering wave of job cuts.
The decline and fall of base metal prices in the past year and a half has prompted a series of high-profile companies to withdraw from the market, casting a pall over next week's yearly LME Week industry gathering in London.
Jobs have gone from front office to back in trading houses and banks, raising questions about the prospects for those now seeking work.
"Good people can always be placed. As long as there is a job to fill and the company has a budget to hire," Sarah Gilley of London-based recruitment group Exchange Consulting said.
"Where the situation starts to get difficult is where everyone is cutting budgets, people are not being replaced when they leave and there have been an awful lot of redundancies."
Last week, ScotiaMocatta, a subsidiary of the Bank of Nova Scotia and a key ring dealing member, unveiled its decision to give up open outcry trading on the LME floor, prompting around 25 job losses among traders, phone jockeys and clerks.
Then blue-blooded banker N.M. Rothschild & Sons closed its London and New York base metals units. It left its core precious metals business intact, but 20 base metals staff were laid off in the process.
In the same week, the LME's largest floor trader, Enron Metals, said it planned to cut 10 to 20 percent of its metals staff as part of an exercise to cut 250 to 500 jobs in the Enron Group .
SECURITY
With three big market players and several major banks with commodities divisions slashing jobs at the same time, competition in the labour market will intensify and those in work are becoming wary about job security.
"What we're finding at the moment is that there is still demand for traders with a track record, which is possibly increasing because people are nervous about their jobs and so they're keen to stay put," Gilley said.
"So whereas someone who might be a big money-spinner with a track record would have previously stayed in their job for two to three years, they are now staying for three to five years.
"They probably feel that they're reasonably safe where they are, they're well recognised and not going to stick their necks out," she said.
BONUS FEARS
October has never traditionally been a strong month for the the jobs market in base metals as players are often distracted by LME week functions and conferences
Also, traders tend to be looking towards their annual performance-linked bonuses, which are usually announced at the end of the year.
"Those who are in work at the moment are sticking. Often at this time of year, people are hanging on for their bonuses. But I don't think any of them are anticipating good bonuses. They're probably just happy to have a job," Sian Griffiths of Exchange Consulting said.
LME volumes traded have been fallen over the past 18 months as the powerful hedge funds that once took a shine to the metals swarmed into areas such as hi-tech and telecomms stocks.
Metals traders who handled the large volume of fund activity have begun to focus again on moree traditional clients, and this may yet prove a boon for the jobs market.
Companies are seeking to fill a shortage of staff schooled in the traditional practices of trading physical metal.
"A lot of companies who had sidelined the traditional physical business are now re-aligning their focus and need poeple who understand the physical market and know how to set up a hedge and manage it, " Gilley said.
"The other area where demand has markedly increased in comparison to a few years ago is marketing," she added.
As for morale in the industry, individuals' confidence in their future is seemingly undimmed.
"Just because I've lost my job doesn't mean I'm going to sell my Porsche," one trader said.

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

New Power Hldg Sees Meeting 3Q Loss Estimate

10/19/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

PURCHASE, N.Y. -(Dow Jones)- New Power Holding Inc. (NPW) expects to meet its prior third quarter loss estimates; and said it has revised an agreement with Enron Corp. (ENE), lowering the collateral New Power must post under a master netting agreement.
In a press release Friday, New Power said the amendment to the Enron pact and cost-cutting efforts will allow the company to continue to conduct business until it secures ongoing asset-backed financing.
The company reiterated its earlier expectations of a third quarter loss of $65 million to $70 million, or $1.12 to $1.20 a share.
Analysts put the company's third quarter loss at $1.16 a share, according to Thomson Financial/First Call.
Third quarter revenue will be "slightly lower" than the $60 million to $65 million forecast in August, New Power said.

In the year-ago third quarter New Power lost $1.23 a share on revenue of $18.19 million.
The amendment to the master netting agreement with Enron North America Corp., Enron Energy Services Inc. and Enron Power Marketing Inc. affects the master cross-product netting, setoff, and security agreement, and expands through Jan. 4 the types of collateral that New Power is permitted to post to the Enron units.
Under the amended pact, the first $70 million of posted collateral must be in the form of cash, while amounts in excess of $70 million may consist of not more than $40 million of eligible receivables and inventory of New Power, valued at discounts specified in the amendment, and subject to a $25 million limit for October 2001.
Shares of New Power traded recently on the New York Stock Exchange at $1.67, up 1 cent, or 0.6%, on early composite volume of 7,900 shares. Average daily volume is 223,800 shares.
-Bill Platt; Dow Jones Newswires; 201-938-5400

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


Attached is the list of counterparties we need moved today.  The list has 140 counterparties on it.  Please let me know if you are not going to be able to move these today by 3:30.  Below is what we need done:
1.  Only financial deals with these counterparties
2.  Change the ENA book name from NG-Price to ENA-FT-WC-SJ
3. commodity code should be NG
4. cutoff date 1/1/02

Please shout if you have any questions.  Thanks.
PL


I told  Tom last week that I have a standing systems meeting on Thursdays at
9:00, so this change doesn't work for me.  Can we try 10:00 am on Thursday
this week?  Thanks. --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 11/06/2000 01:24 PM
---------------------------

	Enron North America Corp.

	From:  Patti Thompson                           11/02/2000 04:23 PM

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: RE: CommodityLogic Weekly Update Mtg.

FYI
---------------------- Forwarded by Patti Thompson/HOU/ECT on 11/02/2000
04:22 PM ---------------------------

	Enron North America Corp.

	From:  Patti Thompson                           11/02/2000 04:08 PM

To: Brenda Flores-Cuellar/NA/Enron@ENRON
cc:
Subject: RE: CommodityLogic Weekly Update Mtg.

Brenda,

Sally has a on-going meeting Thursdays from 9:00 - 10:00 AM (Risk Systems mtg
w/ Rick Buy, Philippe Bibi, Beth Perlman and others - I think it is to deal
with all the systems problems we have been having lately).

Patti

11/02/2000 03:53 PM
Brenda Flores-Cuellar@ENRON
Brenda Flores-Cuellar@ENRON
Brenda Flores-Cuellar@ENRON
11/02/2000 03:53 PM
11/02/2000 03:53 PM
To: Sally Beck/HOU/ECT@ECT
cc: Patti Thompson/HOU/ECT@ECT
Subject: RE: CommodityLogic Weekly Update Mtg.

Meeting Change Notice for 11/8

Next week's weekly update meeting will be held on Thursday morning, Nov. 9th
in EB 21C1 from 9:00am - 10:00am instead of Wednesday.  Please plan to
attend.  If you have any questions, please feel free to contact Maria x35586
or Brenda x31914.

Thanks,
Brenda


could you please follow up with stephanie and let her know that i'd like to
review?  thanks very much.

	Stephanie E Taylor@ECT
	11/21/2000 03:00 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Follow Up

I am following up to see if you would like to renew the subscription listed
below.  Please let me know at your earliest convenience.

Thank You,
Stephanie Taylor

From: Stephanie E Taylor on 11/17/2000 10:21 AM
To: Jeff Dasovich/NA/Enron@Enron
cc:
Subject: Subscription Renewal

Dear Jeff,
Our records indicate that your subscription to California Energy Markets is
due for renewal.
Please let me know if you would like to renew or if you have questions
regarding the renewal.
Sincerely,
Stephanie E. Taylor


I need to get from you a detailed list of contracts on TCO that have been
assigned to ENA from either CES or NPC. Specifically I am looking for RPs,
DPs and the associated primary volumes. The monthly contract list tracks
demand charges OK, but is not good enough for pathing gas in Winter. Give me
a call when you get back to discuss.


Please do not extend offers of employment to anyone without checking with me
first. This does not mean a freeze but rather I want to be sure there isn't a
person in RAC that may be better suited, or could be with a little training,
for a particular position. Thanks, Rick


Tuesday's Contents:
1.15.02 Daily News Update and Stock Performance

As stated in our November 16 issue of The Prometheus File, Reed Wasden Research will be sending our daily publication and morning notes for a 45-day trial period.  Included is our daily update and notes on companies that RWR follows.  For those who do not wish to receive the daily updates, please reply with WEEKLY ONLY as the subject.  Please allow at least one day for your request to be processed.

Best regards,
Cary, Peter and the Team


John Griffith will be contacting you to follow up.  He is still managing some
things until he is full time in Trading.  As such, he will be the structuring
lead on the deal until further notice.  I will let you know who will take
John's place when his transition is complete.  If you have any questions,
please ask.
Ed

Ying Liu@ENRON
01/31/2001 03:14 PM
To: Ed McMichael/HOU/ECT@ECT
cc: Garrick Hill/HOU/ECT@ECT
Subject: Indeck Corinth Deal

Hi, Ed,

How are you?  I am an Associate with ENA Generation Investments Group.  A
couple of months ago, John Griffith helped us on the Indeck Corinth deal
originated by Douglas Clifford.  Now, Doug is requesting updated NYMEX gas
curves as well as the basis differential ANR and CNG North CG.   As John has
transited out of your group, could you please tell me who I should contact?

Thanks a lot for your help!

Ying

57350


I cannot make it the 6th. The 5th is fine

	Jan M King
	03/08/2001 04:55 PM

		 To: Elizabeth Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Mark E
Haedicke/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Steve C Hall/PDX/ECT@ECT
		 cc: Brenda Whitehead/HOU/ECT@ECT, Twanda Sweet/HOU/ECT@ECT, Janette
Elbertson/HOU/ECT@ECT, Debra Davidson/PDX/ECT@ECT, Christian Yoder/HOU/ECT@ECT
		 Subject: 1/2 Day Meeting in Portland

Christian is trying to schedule a half day meeting in Portland to discuss
summer legal strategy.  The meeting would run from 1:00 pm to approximately 5
or 6 pm.  Please advise whether Thursday, April 5, or Friday, April 6, would
be best for you.  Please respond by email to me.  Thank you.


---------------------- Forwarded by Tana Jones/HOU/ECT on 05/25/99 05:06 PM
---------------------------

Robin Pressler
05/25/99 04:46 PM
To: Tana Jones/HOU/ECT@ECT
cc: Dolores Sustaita/EPSC/HOU/ECT@ECT, Frank Ortiz/EPSC/HOU/ECT@ECT, Pat
Scarborough/EPSC/HOU/ECT@ECT
Subject: Lateral Files for EB 38, IP99 413 0005 0446

Tana,

I have received the quote for the new files for your area.  The 5-drawer
files are $682 each and the 2-drawers are $362 each for a total of $5,948
(includes tax).  If you want me to proceed with the order, please send me an
authorizing email.  Also, I still need to know how you would like the
cabinets to be keyed: all alike, split by banks (by groups) or individually,
or a combination of the last two options.  I can submit this purchase order
now without this information, but will need that shortly.

I will be out of May 26-28, so if you have any questions, please contact Pat
Scarborough (x35368).

Robin


----- Forwarded by Tana Jones/HOU/ECT on 01/05/2001 02:50 PM -----

	Walter Guidroz@ENRON
	01/05/2001 12:53 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global
CounterParty/LON/ECT@ECT, 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, Paul Maley/LON/ECT@ECT,
Sonya Clarke/LON/ECT@ECT, Lee Munden/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/HOU/ECT@ECT, Walter
Guidroz/NA/Enron@Enron, Kelly Lombardi/NA/Enron@Enron
		 cc:
		 Subject: EOL Approvals, 1/5/01


We will need to discuss how to adjust physical risk to match the flow
constraints on EPNG.  The currrent capacity cuts in the SJ and Socal topock
delivery points are 50%.  I would like my P&L to show this risk.  Please find
a way to adjust the positions according to a daily flow curve that can be set
in newcurrentday by either myself or Monique.

Also, We will need to set up a new physical curve for Mojave Topock.  Our
transport is currently being reallocated by EPNG for deliveries to Mojave
instead of Socal topock.  I would like to show the transport on EPNG value as
SJ plus cost to Mojave and have the value roll out each month, if any.  The
risk is showing the value of SJ to Socal topock (currently wide spreads for
2001) on the transport when it actually has less value delivering to Mojave
topock.

Sincerely,
Mike


Jim/Don,

Do you know anything about this for Ecogas?

Michelle Cash

----- Forwarded by Michelle Cash/HOU/ECT on 06/09/2000 09:13 AM -----

	Randal Maffett
	06/08/2000 06:44 PM

		 To: Michelle Cash/HOU/ECT@ECT, Dan Lyons/HOU/ECT@ECT, rstephens@bracepatt.com
		 cc:
		 Subject: RE: D&O Insurance

FYI - see Jerrel's response to my query below.  This is the first I've ever
seen or heard that this was a "condition to closing."
Dan/Rob - is this true?

To me the cost is irrelevant since Jerrel is the only Director affected and
because of his actions (and/or lack thereof) the company can't afford to
cover him.
---------------------- Forwarded by Randal Maffett/HOU/ECT on 06/08/2000
06:38 PM ---------------------------

Jerrel Branson <jerrel@ecogas.com> on 06/08/2000 05:16:24 PM
To: "'Randal.Maffett@enron.com '" <Randal.Maffett@enron.com>
cc:
Subject: RE: D&O Insurance

Answering backwards - D&O insurance is exceedingly expensive for small firms
to secure, thus most do without it.  Second, it was a condition when we
closed and McConville/Lambert, et al researched it through Enron Risk
Management, Don Marshall, and stated that it was in place automatically for
any majority owned merchant investment.  A confirmation letter was promised
on 14 July and when pressed in September Lambert finally got around to
issuing the letter to Carl and me that I mentioned earlier.

Jerrel
-----Original Message-----
From: Randal.Maffett@enron.com
To: jerrel@ecogas.com
Sent: 6/8/00 4:42 PM
Subject: Re: D&O Insurance

I'm not very experienced in these matters so I'm checking with the folks
here.  Can you explain why Enron should cover non-Enron directors?  Why
doesn't Ecogas have its own insurance?  Any help you can provide is
appreciated.


Shirley,

Please, register me, Lance and Alex for this event.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
04:42 PM ---------------------------

"Chris Farrell" <cfarrell@hesinet.com> on 12/22/2000 06:13:50 AM
To: <vkamins@ect.enron.com>
cc:
Subject: Henwood's 2001 ERCOT Symposium: January 23, 2001

Mark Your Calendar-Tuesday January 23, 2001 Downtown Houston Hyatt Hotel

Henwood will be hosting a comprehensive ERCOT Symposium on Tuesday,  January
23, 2001. A team of Henwood regional power market specialists will be
presenting the latest analysis and
information to assist you in preparing for the new ERCOT Restructured Power
Market, in addition to an anlysis of the issues now playing out in the WSCC
markets.   Coffee and registration will
begin at 9:30 AM  and the program will run until 3:00 PM.  Lunch and snacks
will be provided.

Agenda topics include:

* What will be the critica-success factors for qualified scheduling entities
operating in ERCOT's new wholesale & retail markets?
* How will market restructuring impact mid to long-term wholesale prices?
* What is the outlook for new generation?
* What are the impacts of upcoming emission regulations on ERCOT's generation
resources?
* What are the new analytical tools available to capture market uncertainty
impacts to your supply contracts and generation assets?
* What are the restructuring lessons learned from the California experience
and the implications to ERCOT?

In conjunction with this Program, Henwood will have a demonstration room
available to present its latest software applications and e-business
solutions. A nominal $75 registration fee is required
to reserve a space in the workshop.

For more information or to reserve your spot, please contact Chris Farrell at
Henwood: cfarrell@hesinet.com or 916/569-0985.

About Henwood: Henwood offers integrated business solutions, strategic
consulting, and innovative e-Business applications to meet the challenges of
the restructured energy markets throughout
North America, Australia, and Europe, serving clients that include eight of
the ten top utilities in North America, in addition to energy services
providers and power marketers.

If you want to be removed from our email list please reply to the sender and
put "REMOVE" in the subject box.


Stacey,

Per my voicemail, in reviewing the documentation provided by Marilyn she
noted that for three deals the trade date was before the deal entry date.
Please provide an explanation as to why the trade date is prior to the deal
entry date for the following deals:

      514141.2
      536771.2
      568025.1

Please provide the following:

   Forwards detail for NSTAR
   Liquidations report for NSTAR
   Query for longest dated deals

In addition, in reviewing the leg count of total deals by type provided  by
Casey, we noted that no transmission deals were included.  Do we have a
complete listing of deal types?

If you have any questions, please call me at X6-6269.

Thank you,

Jennifer
*******************Internet Email Confidentiality Footer*******************

Privileged/Confidential Information may be contained in this message.  If
you are not the addressee indicated in this message (or responsible for
delivery of the message to such person), you may not copy or deliver this
message to anyone. In such case, you should destroy this message and kindly
notify the sender by reply email. Please advise immediately if you or your
employer do not consent to Internet email for messages of this kind.
Opinions, conclusions and other information in this message that do not
relate to the official business of my firm shall be understood as neither
given nor endorsed by it.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 10/17/2000
03:20 PM ---------------------------

	Enron North America Corp.

	From:  Kam Keiser                           10/17/2000 03:06 PM

To: David Baumbach/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, William
Kelly/HOU/ECT@ECT
cc:
Subject: Postid file modification

This is a modification of the old file.  If you had the same book and
portfolio code for more than one book (ex. GG) it will pull in all GG
post-id's.
This one requires a comment in all post-id's to pull in only those.

---------------------- Forwarded by Kam Keiser/HOU/ECT on 10/17/2000 03:02 PM
---------------------------

Greg Couch
10/17/2000 02:41 PM
To: Kam Keiser/HOU/ECT@ECT
cc:
Subject: Postid file modification

Kam,

See if this works like you want.  If so, pass it along if you think others
can benefit.

Let me know if you have questions.

Greg


Please see the attached document from the Associate and Analyst Program.


SIVY ON STOCKS from money.com
April 23, 2001

Winning a loser's game

Companies that make the fewest mistakes will fare best in the current
market. And 3M is trying to not miss a trick.

By Michael Sivy

Some sports, such as football, are winner's games. The team with the most
successful offense wins. Others, such as golf, are loser's games. Players
don't defeat their opponents -- victory goes to the person who makes the
fewest mistakes. What kind of game is the stock market? That depends on
what type of market you're in.

Bull markets are basically winner's games. If you take as much risk as you
can stomach, chances are you'll be rewarded. The broad upward sweep of
share prices will make up for any minor errors in timing or stock
selection. But when you're in the midst of a bear market, realize that
you're playing a loser's game. Anything that goes wrong -- a slight
shortfall in earnings, for example -- will have a disproportionately
negative impact.

Right now, investment success hinges on not losing, and the smartest
strategy is to favor companies with a high degree of consistency and
predictability. Such companies typically have strong finances,
well-diversified product lines, a balance between domestic and
international sales and a long history of dividend increases. One stock
that fits that description is Minnesota Mining & Manufacturing, or 3M
[MMM], which recently raised its dividend for the 43rd consecutive year.

At first glance, the results 3M reported on Monday look pretty good for a
near-recession economy. Earnings were up 3 cents a share on a 2.3 percent
gain in revenues. Analysts were cautionary, however, because the company's
U.S. revenues were down -- all the gains came from international sales,
which account for half the company's business. I don't have a problem with
that. Domestic sales are off because we're in the middle of an economic
slump. I see the fact that foreign business is supporting the company's
growth as a sign that 3M is well-diversified. The bigger issue, though, is
how the company will fare when the U.S. economy rebounds.

I recommended 3M last July at $88.50 a share as a stalled growth stock that
would get a higher valuation once growth picked up again. Since then, the
share price has risen more than 30 percent to $116.50. And I see further
gains ahead, as domestic sales improve over the next few quarters. For more
than a year, the company has been fine-tuning its product mix, which
includes more than 50,000 items ranging from electronics, medical devices,
and automotive parts to Scotch Tape and Post-it Notes.

That restructuring seems to be accelerating under new CEO W. James
McNerney, 51, formerly the CEO of GE's Aircraft Engine subsidiary. Analysts
applaud the speed with which McNerney has developed a comprehensive
cost-cutting plan since taking over on January 1. Along with first-quarter
earnings, 3M announced it would be shedding 5,000 jobs worldwide, or 7
percent of its workforce. In addition, 3M is planning to up its research
and development spending. The goal: deriving at least 20 percent of 2005
sales from products that don't even exist yet.

This year, earnings gains will likely be held to 5 percent or so, which
makes the stock look fully valued with a P/E of 24. But with a leaner cost
structure and an improving product pipeline, revenue and earnings growth
could accelerate starting in 2002. And that's the kind of outlook that
makes for winners, not losers.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

To subscribe or unsubscribe to Sivy on Stocks, go to:
http://www.money.com/email/

-----------------------------------------------------------
MARKETPLACE
-----------------------------------------------------------
CONTACT THE BIGGEST COMPANIES IN THE WORLD!
Over 5,000 contact names in the OFFICIAL FORTUNE Databases.
DOWNLOAD THEM NOW!
http://www.fortune.com/datastore/?mn1

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

Special Internet Offer!!!

Sign up for a RISK-FREE issue of MONEY MAGAZINE at
http://www.money.com/subscribe2

Or if you prefer call our toll-free number 1-800-544-4594

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

We may, from time to time, contact you with offers for Time Inc.
products and services which we think may be of interest to you.
If you would prefer us not to contact you in this manner, AND
YOU DID NOT INDICATE THIS PREFERENCE AT THE TIME YOU SIGNED UP
for the Sivy on Stocks online newsletter or any other Time Inc.
online newsletters, please let us know by sending us an e-mail
at <no_solicit@money.com>.

Additionally, from time to time we may provide your e-mail
address to carefully chosen companies whose offers we think may
be of interest to you.  If you would prefer us not use your
e-mail address in this manner, AND YOU DID NOT INDICATE
THIS PREFERENCE AT THE TIME YOU SIGNED UP for the Sivy on Stocks online
newsletter or any other Time Inc. online newsletter, please let
us know by e-mailing us at <no_transfer@money.com>.


Nice photo Fred. ?How convenient of Woody to give directions to his fellow
Betas waiting on the green, inviting their participation in a Beta BooFoo ala
Drow. ?As for the other two guys in the photo, aren't they Officer Caffey of
SMU Security and Willis Tate? ?They never could catch Drow while he was an
undergraduate at SMU.

Craig

eGroups Sponsor

 To unsubscribe from this group, send an email to:
smu-betas-unsubscribe@egroups.com


What is going on?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/02/2001
03:14 PM ---------------------------

Zimin Lu
05/02/2001 02:24 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Your advice is appreciated

Vince,

In the morning we were talking about the El Paso candidate who thinks he is
above something and is not
willing to take certain project or responsibility.   In real life, we also
occasionally have similar stiuation. (an
example is attached).

I would like to have your guidance when such a situation occurs.

Zimin

---------------------- Forwarded by Zimin Lu/HOU/ECT on 05/02/2001 02:07 PM
---------------------------

Zimin Lu
05/02/2001 01:41 PM
To: Paulo Issler/HOU/ECT@ECT
cc:
Subject: Re: Asian Option for Pavel

Our convention is whoever finalizes the model should write the
documentation.  It does not make sense
to write one when changes are anticipated.  You have been working on this
almost a year, it never
strikes you that we need a documentation ?

I created Exotica.xll, does that also give you an excuse not working on
Exotica documentation ?

Zimin

Paulo Issler
05/02/2001 11:52 AM
To: Zimin Lu/HOU/ECT@ECT
cc: Tai Woo/ENRON@enronXgate @ ENRON, Pavel Zadorozhny/Enron@EnronXGate
Subject: Re: Asian Option for Pavel

I am surprised that we do not have the documentation ready.
I can make that for you. It is not there because you did not put that
together by the time it was created and all the changes I have made did not
required changes on the functionality.
Paulo Issler

Zimin Lu
05/02/2001 11:29 AM
To: Tai Woo/ENRON@enronXgate @ ENRON, Paulo Issler/HOU/ECT@ECT
cc: Pavel Zadorozhny/Enron@EnronXGate
Subject: Re: Asian Option for Pavel

Tai Woo,

Here are the c-codes for the CrudeAPO.  'Sig' is the spot
volatility meaning the price volatility within the delivery period.
You should consult  with Pavel for the definition of this "extra"
parameters.   We
would like to see the Position Monitor once you get it running.
We might have some additional suggestions.

Paulo,

Why don't we have a documentation on CrudeAPO you worked on ?
I can not find it in Exotica help file.   Please supply that to Tai, thanks.

--------------------------------------

From: Tai Woo/ENRON@enronXgate on 05/02/2001 09:55 AM
To: Paulo Issler/HOU/ECT@ECT
cc: Kara Maloney/ENRON@enronXgate, Zimin Lu/HOU/ECT@ECT
Subject: Asian Option for Pavel

This morning, Zimin told me that Pavel is using a special model in evaluating
his Asian option portfolio.
He asked me to talk to you in order to access to the code so that I can see
the difference made to the model.

As I cannot find the doc. describing this model, please tell me what that new
input parameter 'Sig' is.

Thanks,


okay this should fix it.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/16/2000
09:47 AM ---------------------------

Ravi Thuraisingham@ENRON COMMUNICATIONS on 03/14/2000 12:07:56 PM
To: Jim Irvine/Enron Communications@Enron Communications, Shawna Meyer/Enron
Communications@Enron Communications, Omar Zaidi/Contractor/Enron
Communications@Enron Communications, Vince Kaminski, John_Griebling@palm.net,
Dorn@palm.net, Samer Takriti, Chonawee Supatgiat/Corp/Enron@Enron, Stinson
Gibner/HOU/ECT@ECT, Melissa Jones/Enron Communications@Enron Communications,
Erik Simpson/Enron Communications@Enron Communications, Jean Mrha/Enron
Communications@Enron Communications, Tom Huntington/Enron
Communications@Enron Communications, Shalesh Ganjoo/HOU/ECT@ECT, Dayne
Relihan/Enron Communications@Enron Communications, brett.leida@sycamorenet.com
cc:
Subject: Ravi Thuraisingham's SkyTel two way pager number

Here is the pager number that has been setup via Jim Irvine.

email:    8776804806@skytel.com
Direct dial:
800 dial: 1-800-759-8352 box# 877-680-4806

I can be reached at this pager if you need to get me ASAP.

Ravi.


Will,

I usually send these directly to the customer unless you prefer otherwise, so
I will also need an email address or telephone and fax number.  I also need
to know whether you want a bilateral form of non-disclosure agreement or a
one way form that protects Enron only.  In circumstances where we are certain
Enron will be the only party providing confidential information we prefer to
use that form.  Also, I need to know the nature of the confidential
information you are discussing so we can protect the information being
discussed.

	Mark Greenberg@ENRON
	03/28/2001 07:26 PM

		 To: Will Zamer/ENRON@enronXgate
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: Re: NDA's

Will -

This is still the case.

Please copy Tana Jones on the information and she will generate the
agreements for our use.

Thanks.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com

	Will Zamer/ENRON@enronXgate
	03/28/2001 06:21 PM

		 To: Mark Greenberg/NA/Enron@ENRON
		 cc:
		 Subject: NDA's

I need two non-disclosure agreements before sharing our DocuLogic functional
requirements document with an external consulting company with expertise in
building document management systems.  Can you make these for me, or should I
approach IT's contracts department?

Last time I had them made, Enron required (1) official name of company, (2)
state of incorporation, (3) principal address of business, (4) name/title of
their authorized signatory.  Is this still the case?


---------------------- Forwarded by Chris H Foster/HOU/ECT on 04/10/2001
10:09 AM ---------------------------
To: Jeffrey Oh/PDX/ECT@ECT, Todd Perry/PDX/ECT@ECT
cc:
Subject: I will call to discuss


Ken

Further to my earlier voice-mail, I attach a copy of a Restricted List
procedure we put together with the assistance of Slaughter and May.  The
procedure has not yet been rolled out (since the then OTC product had not
developed to a stage requiring implementation), but was intended to be sent
to all business heads in Europe (ie desk heads, and staff at VP level and
above, not just in trading).

I hope you are able to assist us in putting together the procedures
(including a form of consent letter) based on our discussion on Thursday and
would be grateful if you could confirm.

Many thanks and best regards

Paul


Start Date: 10/12/01; HourAhead hour: 1;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101201.txt

Error retrieving HourAhead price data - process continuing...


-----Original Message-----
From: Ed Duncan  [mailto:EDuncan2@ArterHadden.com]
Sent: Saturday, September 08, 2001  12:47 PM
To: Mara, Susan
Cc:  douglass@energyattorney.com
Subject: Revised Petition and Points and  Authorities
Attached is the revised Petition and Points and Authorities  (the Sept. 8 Draft").  This draft has not been redlined because the changes  and additions are extensive.  Future revisions will be  redlined.

This draft will be revised to clarify the arguments, to  include page references to the exhibits, to include missing authorities, and to  eliminate typos, etc.

The argument is that the Commission acted contrary to state  and federal constitutional guaranties (a de novo standard of review) and that  the Commission acted in excess of its authority and contrary to law thereby  abusing its discretion (a substantial evidence standard of review).

You will be provided a revised draft by noon on Monday (Sept  10) which I anticipate will be substantially complete.  As soon as it is  available, I will send it to you.  At that time do you want it also sent to  the addressees listed in ypur Friday Email?  EWD
 - Sept 8 Draft.doc


<! >
<! >
<! ATTENTION!>
<! You are reading this message because your mail reader cannot display HTML.>
<! If you would prefer to receive text messages from now on,>
<! click the link below or copy it into a web browser.>
<!
http://208.50.155.100/ClickAction?func=S_TurnOffHtml&partname=talbots&uid=70421326
>
<! >

	<title>Talbots Online</title>

    <map name="map"><area shape="rect" coords="3,3,384,353" href="http://www.you-click.net/GoNow/a10044a49962a70421326a0"><area shape="rect" coords="3,359,384,382" href="http://www.you-click.net/GoNow/a10044a49962a70421326a1"></map>

		Click here to change or remove your subscription.


Tracy,

Attached is a spreadsheet model which contains both Black-Scholes and
American option valuation models.   These are the generally accepted methods
for valuation of options on equity.   The "European" option prices assume
that the option holder can exercise his options only at maturity, while the
"American" style options can be exercised at any time during their life.

I have assumed in the examples that the underlying equity units have a market
value of $13.00 and that the options are struck at this level.   The
volatility input is the other main assumption.   EOTT has been trading
recently with a volatility ranging between 30% to 40% although looking
further back, the range is much wider.

To run the model, you must be linked with the options library.   I am not
sure what lan you are connected with, but you can coordinate with Zimin Lu
(x36388) for help with loading the option library add-in module.   On the ENA
lan it is located under  O:\research\exotica\xll\exotica.xll.    This is
loaded in excel using the Tools/Add-Ins and Browse to reach the add-in
location.

--Stinson
x34748

P.S.   I will mail you a hard-copy of a plot showing recent EOTT volatility
as well.   If you would like us to help you in running specific examples,
please let me, Vince, or Zimin know.


CALENDAR ENTRY:	APPOINTMENT

Description:
	S. Central PRC

Date:		5/15/2001
Time:		1:00 PM - 4:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


BREAKING NEWS from CNN.com

-- Tel Aviv suicide bombing kills at least 12, Israeli radio reports

For complete coverage of this story visit:
http://www.CNN.com

========================================================
To UNSUBSCRIBE or SUBSCRIBE to any CNN E-MAIL service visit:
http://www.CNN.com/EMAIL

(c) 2001 Cable News Network, Inc.
An AOL Time Warner Company

CNN Interactive email id:20703173902131166