Please handle.  I think you should send an email to the OGC and ask if they
are aware of any such contracts.  Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 04/11/2001 02:53 PM -----

	Sharon Butcher/ENRON@enronXgate
	04/10/2001 12:18 PM

		 To: AL ALEXANDERSON/ENRON@enronxgate, William E Brown/ENRON@enronXgate, Mark
A Evans/HOU/EES@EES, Mark E Haedicke/HOU/ECT@ECT, Elizabeth
Labanowski/ENRON@enronXgate, Bruce
Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jordan Mintz/ENRON@enronXgate,
Michael P Moran/ENRON@enronXgate, Kristina Mordaunt/Enron
Communications@Enron Communications, Eric Newell/EWC/Enron@ENRON, Janet
Place/NPNG/Enron@ENRON, Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Rex Rogers/ENRON@enronXgate, Molly Sample/Houston/Eott@Eott, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Vicki Sharp/HOU/EES@EES,
Stephen Wallace/ENRON@enronXgate, Rob Walls/ENRON@enronXgate, Randy
Young/NA/Enron@Enron
		 cc: James Derrick/ENRON@enronXgate
		 Subject: U.S. Small Business Admin. Evaluation of Enron's Subcontracting
Program

Dear General Counsels:

The U.S. Small Business Administration, Office of Government Contracting has
advised that on May 25, 2001, they will evaluate Enron's subcontracting
program and compliance on any subcontracting plans in effect on current
contracts.

This review will cover the last five (5) years.  All Forms 294 and 295 filed
with the Small Business Adminstration along with the names of each
Administrative Contracting Officer (U.S. Government employee responsible for
monitoring the contract) for each contract will be subject to the review.

In addition, total subcontract placement with small businesses, small
disadvantaged businesses, women-owned small businesses, and HubZone small
businesses shall be reviewed.  Further, the amount of indirect or overhead
costs, if any, apportioned to contract goals is subject to review.

We will also need information on the number of active suppliers Enron is
currently using in the following categories:  large business, small business,
small disadvantaged business, women-owned small business and HubZone
business.  The review will cover these figures for one year ago if available.

Please contact me by Wednesday, April 11, 2001 and advise me of the number of
contracts between the United States Government and the Enron entities you
represent.  In the event any of the Enron entities which you represent have
government contracts, we will need a member of your respective law
department(s) to pull the government contracts, and all supporting
documentation, from the Enron companies which you represent and be available
to work with other members of the team.

If you have any questions, please contact me at 713-853-7224.

Thank you.

Sharon


Congratulations Sally on your promotion. I hope it bodes well for a wonderful
2001

Regards

Heidi


Please review and comment on the final drafts.

Reagan C. Rorschach
Enron North America
1400 Smith Street
Houston, Texas 77002
713.345.3363


Hunter,

Per our conversation, in  addition to weather and basis, some classes that I feel would be of interest are the following

Option Pricing
Technical Analysis
Power Trading (Introduction)
Structuring

If I can think of some additional topics I will let you know.

Bryant.


Here are the other producers for some of John Singer's "city gate"  gas.
Please let me know if I can provide additional information to help finish
setting up these for payment.   Thanks  WRP

Producer   Pipe  Status

Power Gas Marketing  PNG  fixed 3/9, will be paid 3/10
    East Ohio fixed 3/9, will be paid 3/10

Phillips Production   PNG  fixed 3/9, will be paid 3/10

Phoenix Dominion  CPA/Cipco Deal 142669  Producer invoice available for
information

Questa Petroleum  CPA   Deal  213088 set up with meter number per 9911 pay
statement.  Production statement for volumes
      received from John Singer 3/8/00

T & F Operating   PennFuel Invoice in. Deal not set up. Not able to identify
which Penn Fuel (56 or 56W) on CGAS

Burkland, Richard  CPA  No invoice. Deal not set up. No info to go on
Burkland, WIlliam S  CPA  No invoice. Deal not set up. No info to go on


Milly it looks like your head of parking and you may need to lease our office
space too.
---------------------- Forwarded by John J Lavorato/CAL/ECT on 03/28/2000
03:42 PM ---------------------------

	Enron Capital & Trade Resources
	Canada Corp.

	From:  Cliff Lawrick                           03/27/2000 09:48 AM

To: John J Lavorato/CAL/ECT@ECT
cc:
Subject: Re:

No luck yet.  Barnicke is offering the space at less than market but still no
takers.  Part of the issue is the term and part is the market.


----- Forwarded by Tana Jones/HOU/ECT on 06/30/2000 03:07 PM -----

	Darin Talley@ENRON
	06/30/2000 02:49 PM

		 To: Tana Jones/HOU/ECT@ECT, Mark Jones/LON/ECT@ECT, Julie S
Gartner/HOU/ECT@ECT, Mark Ng/Corp/Enron@ENRON, Faith Killen/HOU/ECT@ECT,
Johnson Leo/GPGFIN/Enron@ENRON, Gilda Bartz/GPGFIN/Enron@ENRON
		 cc: Georgeanne Hodges/HOU/ECT@ECT, Mark Frank/HOU/ECT@ECT, Wes
Colwell/HOU/ECT@ECT, Trey Hardy/HOU/ECT@ect, Patricia Anderson/HOU/ECT@ECT
		 Subject: NYMEX F/S

ENA BA&R is currently in the process of preparing the 12/31/99 financial
statements to be filed with the NYMEX by July 21st in order to keep our
trading seat.  These financial statements reflect all of the North America
trading operations.  ECTEG1 is ENA's legal rollup within Hyperion and should
reflect all of the North American trading (i.e., price risk management)
activity.  Therefore, Consolidated Reporting, with the assistance of Trading
Accounting and Tax, prepared the financial statements with ECTEG1 activity.
These financial statements are complete and ready for BA&R management review
and reflect $722MM in earnings.

However, as of 6/29, we were notified by the Tax department that three
companies were included in ECTEG1 as of 12/31/99 that were no longer legal
owned by ENA.  In addition, there was one company that became ENA owned
during 1999.  The companies are as follows:

Improperly Included:
ECM Treasury Consolidated  (Company 969)
ECT Retail Services    (Company 1Q6)
ECT Power Marketing, Inc. - Retail  (Company 890)

Improperly Excluded:
Enron Gas Liquids, Inc.    (Company 104)

I have corresponded with Tana Jones from the Legal department, Johnson Leo in
Corporate Reporting, and Julie Gartner from the Tax department to determine if
the financial statements that we prepared reflected accurate and complete
North America trading activity.  These discussions confirmed that the
Hyperion legal
structure was not accurately reflecting ENA's actual legal ownership.  In
addition, the three companies have $192MM in trading activity income that
would be
removed from the bottom line.  This activity should probably be reported to
the NYMEX (regardless of legal structure) as it represents price risk
management
activity.

The primary issue is accuracy of the financial statements.  We are prepared
to have to restate the compiled financials as soon as we are notified where
we can retrieve accurate ledger information.  The other main issue is
timing.  We need to file these financial statements no later than July 21st.
Before that can
happen they need to be reviewed by several levels of management in several
departments.

The Legal department is currently reviewing the NYMEX requirements in order
to determine the proper activity to report.  As soon as that is determined,
we can
proceed with data retrieval.

Please contact me if have any questions, concerns or comments.

DT


Hello Paul Thomas,

 This is an automated email delivery.  The following info is for
 tracking purposes only:

 Transaction: 0000202893
 Fulfillment: 00203618*00002
 Location   : 00007

 Industrial Information Resources, Inc.
 Customer Service Department
 (713) 783-5147

 - OUTAGE.dbf


You got it.  Jeff

   Merritt Thomas                11/10/2000 03:39 PM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: leaving date

I spoke to my AWOL pal, Joe, today and sort of finalised a leaving date -
I'll probably fly directly to London after Thanksgiving in Boston, so pencil
me in for drinks or something before then...

Have a good weekend.

Merritt


Enjoy!
 - 20011206ERCOT_LOAD.XLS
 - 20011206ERCOT_FLOW.XLS


Beverly -  once again thanks so much for your help on this.


The GE facility agreements are nearing completion.  There will be facility
agreements for Fountain Valley (aka PSCO) and for LV Co Gen.  The form is
attached for your review.

In addition to the facility agreements, the parties will execute the override
letters, in the form we developed last month.   Here is the override letter:

Please advise if there are any issues which need to be addressed.

Thanks,

Kay

---------------------- Forwarded by Kay Mann/Corp/Enron on 01/04/2001 12:29
PM ---------------------------

"Thompson, Peter J." <peterthompson@akllp.com> on 01/04/2001 08:13:18 AM
To: "Kay Mann (E-mail)" <kay.mann@enron.com>
cc: "Pipitone, Paul" <paulpipitone@akllp.com>, "Cobb, Chris"
<chriscobb@akllp.com>

Subject: Fountain Valley/GE Facility Agreement and Exhibits

Attached please find the Fountain Valley/GE Facility Agreement and
Exhibits, as well as blacklines (the first two documents) showing
changes from the form documents.

To complete each, we will need:

1. The contact information for Sections 6.7.2, 25.1 and 25.3 of the
Agreement.

2. Please have the business team confirm the Purchase Amount and
the Guaranteed Delivery Dates.  The information that I pulled off of the
spreadsheet that you provided (which is the information incorporated in
the Agreement) is inconsistent with the information that Alan Larsen
provided.

3. Do we want to use the Exhibit B-1 (Specification) from the
original West LB Agreement for this deal?

4. Do we need Exhibit R (Schedule of Witness Test Points)?

5.  Exhibit H will be attached prior to execution.
 <<E-Next Generation Agt - Comparison of Form to Current.DOC>>
<<Fountain Valley Exhibits - Comparison of Form to Current.DOC>>
<<Fountain Valley Turbine Agreement.DOC>>  <<Fountain Valley/E Next
Generation Exhibits.DOC>>
 - E-Next Generation Agt - Comparison of Form to Current.DOC
 - Fountain Valley Exhibits - Comparison of Form to Current.DOC
 - Fountain Valley Turbine Agreement.DOC
 - E Next Generation Exhibits.DOC


Per my conversation with Chris this morning, she wanted me to pass this information on regarding some of the things that we have found that have to do with our TBS/End User problem.  We have some end user daily volumes that are more than the physical daily volume at their related TBS (which also may have to do with the problem that we have with 16 and 31 day charts not being read) - when that happens we end up overbilling the LDC.  The ones that we are having a problem with are Wisconsin Power and Light and Wisconsin Gas.  If you need any other details on this, please let me know or you can bring them up at our meeting on Monday.

Thanks,

Raetta


See attached...Sorry I didn't have time to get it into a graph format that looked nice.

Kim


Tom,

We are currently space constrained but we shall always take a qualified
candidate. Please, ask George to send me a resume and we shall get in touch
with him
to arrange a phone/on-location interview.

Vince

Tom Arnold <tmarnol@lsu.edu> on 04/25/2001 09:15:09 AM
To: Vince.J.Kaminski@enron.com
cc:
Subject: Potential Prospect

Hey Vince,

Given that the Eastern Finance Conference is already taking place, I think
it is safe to assume that they did not desire an energy derivative round
table discussion.  However, I appreciate you volunteering to potentially
having been on such a round table discussion.

I've been teaching a "real options" course that has the students performing
monte carlo analysis, Black-Scholes pricing, and binomial pricing along
with a heavy dosage of understanding risk neutral pricing.  A few of your
new hires from the undergraduate program will be coming from this course.
However, I have a student who will be finishing his MBA next spring that is
particularly good.  He is genuinely interested and curious about option
pricing, trading, and hedging with Excel/VBA skills.  In fact, he usually
figures out when I make even very small mistakes in my calculations.

This is not to say that some of my other students aren't very talented
themselves, but that this person really stands out.  Do you think you
and/or Enron would be interested in such a person?  If so, what do you
recommend that he do to get his foot in the door?

His intention is to finish the MBA, but I do not know if this would
preclude you from hiring or at least taking a look at him now.  His name is
George Moss and I ordinarily would not bother you directly about a
potential employee.  I am making an exception in this case because he is a
particularly good talent without being the slightest bit arrogant.

Otherwise, I hope this e-mail finds you doing well and not travelling too
much.

Tom
Professor Tom Arnold
E.J. Ourso College of Business Administration
Department of Finance
2155 CEBA
Louisiana State University
Baton Rouge, LA 70803
O: 225-388-6369
F: 225-388-6366


---------------------- Forwarded by Ted Murphy/HOU/ECT on 02/22/2000 04:26 PM
---------------------------

Steve W Young
02/21/2000 10:45 AM
To: David Port/Corp/Enron@ENRON
cc: David Weekes/LON/ECT@ECT, Tim Poullain-Patterson/LON/ECT@ECT, Robert
Quick/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT (bcc: Ted Murphy/HOU/ECT)
Subject: Re: Barcelona

D Weekes is working with Tim P-P to address the resulting questions and
should have a briefing memo together for distribution tomorrow.  We will
follow up to answer Rick's questions at that time.  The major
issues/questions are still a bit fluid since this just surfaced but
presently include the following:

Issues/Questions
Exposure - Spread sheets in Liquids and CAS show dramatically different
exposures of roughly US$ 68 MM (peak, now closer to $ 47 MM) for spreadsheets
and US$ 13 MM for CAS.  I asked Tim to detail the anticipated exposure in
coming weeks (ie. timing of cargoes in transit net of anticipated payments to
be received).
Controls - Delayed mailing of Invoices by up to 30 days in some cases.
Various other controls issues need to be addressed including where were the
triggers in the system that should have flagged the issues earlier.
Legal Documentation - Why contract volumes were significantly exceeded and no
documentation prepared to support trades once the 330k mtpy annual limit was
breached?  The effect apparently was trades being done without contractual
support.

Deliverables
Accelerate Feb month end payments (approx. 30 MM).
Disallow deferred payments from Muentes (up to 75 days in some instances) if
customers are paying more quickly.  Current contract, now effectively
expired, allows deferral of payments (1/3 each month starting with end of
month of discharge).
Assign future A/R's directly from third parties on the other side of Muentes.
Create a lock box for future payments to avoid receiving $'s via Muentes.
Execute JV documentation that has now been outstanding for some time.

Goals - in sequential order:  reduce exposure to Muentes, paper
non-documented transactions already done (ie. beyond volume limits of current
contract, review mid/back office systems to avoid future problems, improve
structure via JV or other interim steps if JV execution is still some time
off.

D Weekes - Get with Ross Koller to make sure no new business is done with
Muentes (beyond fulfilling new commitments).  Likewise, you or Hardy need to
get with Tim P-P and R Quick in order to assure all are on the same page and
agree the best way forward for this relationship.  Based on info. in hand,
there does not appear to be an issue with Muentes' ability to perform (please
confirm).  Therefore, care should be taken to maintain the relationship;
however, I don't see the benefit in doing new deals with Muentes (beyond
fulfilling current commitments) until the exposure is brought down.  Muentes
does not appear to justify additional exposure based on my conversation with
Hardy last week.  So, before the credit limit is reconsidered, the structure
needs to be improved where payments bypass Muentes (via lockbox or another
alternative) and A/R's assigned directly to ENE.  The new JV documents may
take steps to improve the structure; however, this needs to be confirmed as
it has been some time since the JV docs. have been circulated.

SY

	From:  David Port @ ENRON                           18/02/2000 19:10

To: Steve W Young/LON/ECT@ECT
cc: Ted Murphy/HOU/ECT@ECT

Subject: Barcelona

Steve I had a brief conversation with Rick today and Barcelona came up.
My sense is that he is expecting an autopsy that answers how it happened
(including) how the exposure ran up but didn't get flagged in the right
places. Is somebody taking care of this ?

D


We have made the  following modifications to the EnronOnline applications.

Stack Manager Changes

Fill Order Enhancements - (Effective Tuesday September 25)
?	To fill a Top of Stack order in Stack Manager, Right click on the pink shaded order in the depth window of Stack Manager and select fill.
?	The trader now has the ability to fill limit orders that appear at the top of the trader's stack on both sides.
?	The order will now be filled at the full order volume regardless of the trader's stack volume.
?	Filling an order will not move the trader's price or cause a hedge to occur.

Resize floated stack windows- (Effective Tuesday September 25)

You will now have the ability to resize the stack window to the desired extent.

Website Changes ( Effective Monday September 24)

Limit Order Restrictions on Physical Transactions -
?	Customers will not be allowed to transact with themselves on physical transactions. If a top of stack limit order has been placed on a physical product the counterparty or desk that placed the order will not be allowed to transact on it.
?	If a customer or desk has top of stack limit orders at different prices on both the bid and offer and subsequently moves the price of one so that they are at the same price, both orders will be cancelled. The customer would have effectively transacted with himself.

Please call me if you have any questions. Thanks.

Savita ( X 31787)


I am pleased to announce the following additions to the Enron Global
Strategic Sourcing Operations Group:

Effective June 1, Tracy Ramsey has joined the group as a sourcing portfolio
leader and Cheryl Slone has joined the group as a travel coordinator.  In her
new position, Tracy will be responsible for overseeing all travel,
entertainment and conference-related sourcing activities.  She has held
various positions within the travel industry and most recently served as
manager of corporate travel for Enron Property and Services Corp.  Tracy will
report directly to me.

Cheryl joined Enron in 1998 as a travel coordinator.  She brings more than
seven years of travel industry experience to her new position.  Prior to
joining Enron, she most recently worked in travel management services for
M.D. Anderson Cancer Center.

Additionally, Amanda Becher has joined the group as a supply analyst.  Prior
to joining Enron, she held various positions in inventory planning and
analysis.  Most recently, she served as a senior customer inventory analyst
with W. W. Grainger, Inc.  Cheryl holds a B.B.A. in Operations Management
from the University of Houston.

Please join me in welcoming Tracy, Cheryl and Amanda to the group.


Here's a term I ran across that was new to me in relation to outsourcing.

BPO - Business Process Outsourcing

Maybe we could call ourselves 'EnergyBPO' or 'CommodityBPO' or 'BPOLogic'

We could call the project EnBPO?


---------------------- Forwarded by Darron C Giron/HOU/ECT on 03/19/2001
12:54 PM ---------------------------
From: Russell Diamond/ENRON@enronXgate on 03/06/2001 04:46 PM
To: Barry Tycholiz/NA/Enron@ENRON, Tracey Irvin/HOU/ECT@ECT
cc: Darron C Giron/HOU/ECT@ECT, William S Bradford/ENRON@enronXgate, Tanya
Rohauer/ENRON@enronXgate
Subject: AEC Marketing -Credit Reserve

Tracey,

Please take a credit reserve for the transaction detailed below.

Counterparty: AEC Marketing (USA) Inc.
TAGG #: QT5176.1
Enron Entity: ENA
Transaction: 5-year Physical Nat Gas Purchase , 55,000 mmbtu/day (avg.),
Fixed Basis Price $-.305
Originator: Barry Tycholiz
Credit Reserve Amount: $75,000.00


-----Original Message-----
From: McHugh, Mike - Energy
Sent: Wednesday, June 06, 2001 9:02 AM
To: Vianna, Matthew
Subject: 2nd Monthly Happy Hour Invite

 <<2nd Monthly Happy Hour Invite.doc>>

CONFIDENTIAL: This e-mail, including its contents and attachments, if any,
are confidential. If you are not the named recipient please notify the sender
and immediately delete it. You may not disseminate, distribute, or forward
this e-mail message or disclose its contents to anybody else. Copyright and
any other intellectual property rights in its contents are the sole property
of Tradespark, Inc.
     E-mail transmission cannot be guaranteed to be secure or error-free. The
sender therefore does not accept liability for any errors or omissions in the
contents of this message which arise as a result of e-mail transmission.  If
verification is required please request a hard-copy version.
     Although we routinely screen for viruses, addressees should check this
e-mail and any attachments for viruses. We make no representation or warranty
as to the absence of viruses in this e-mail or any attachments. Please note
that to ensure regulatory compliance and for the protection of our customers
and business, we may monitor and read e-mails sent to and from our server(s).

For further important information, please see
http://www.tradespark.com/full-disclaimer.html

 - 2nd Monthly Happy Hour Invite.doc


So when are we going to have the sale of the B-Ball Goal.  It is still here
and I am beginning to lose money as I play more, so I need to get it out of
here before I lose anymore money.
Ben


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 08/01/2000
08:42 AM ---------------------------

Regina Blackshear@ENRON
07/31/2000 04:14 PM
To: vblack4538@aol.com, l_carter61@hotmail.com,
sonia_l_castorena@reliantenergy.com, Yolanda Clay<yoclay@flash.net>,
Amber.Ebow@enron.com, Loneta Edison<Loneta.Edison@wcom.com>,
NAGILL443@aol.com, Tammy Green <tcgreen@flash.net>, locacherri@aol.com, "R
Jordan"<rhondamjordan@hotmail.com>, "BENEDICT
PETERS"<bouncing98@hotmail.com>, rosemary.a.reynolds@usa.xerox.com, "White BL
(Barbara)" <BLWhite@equiva.com>, Warren Perry/Corp/Enron@Enron, Derick
Jones/Corp/Enron@Enron, Angela Barnett/HOU/ECT@ECT, Judy
Hernandez/HOU/ECT@ECT, Leslie Smith/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Tharsilla Broussard/HR/Corp/Enron@ENRON, Diane
Salcido/Corp/Enron@Enron
cc:
Subject: Fwd: [DougC's_Loop] 50 Promises For Marriage

>50 PROMISES FOR MARRIAGE by STEVE STEPHENS
>
>1. Start each day with a kiss.
>2. Wear your wedding ring at all times.
>3. Date once a week.
>4. Accept differences.
>5. Be polite.
>6. Be gentle.
>7. Give gifts.
>8. Smile often.
>9. Touch.
>10. Talk about dreams.
>11. Select a song that can be "our song".
>12. Give back rubs.
>13. Laugh together.
>14. Send a card for no reason.
>15. do what the other person wants before he or she asks.
>16. Listen.
>17. Encourage.
>18. Do it his or her way.
>19. Know his or her needs.
>20. Fix the other person's breakfast.
>21. Compliment twice a day.
>22. Call during the day.
>23. Slow down.
>24. Hold hands.
>25. Cuddle.
>26. Ask for each other's opinion.
>27. Show respect.
>28. Welcome the other person home.
>29. Look your best.
>30. Wink at each other.
>31. Celebrate birthdays in a big way.
>32. Apologize.
>33. Forgive.
>34. Set up a romantic getaway.
>35. Ask, "What can I do to make you happier?".
>36. Be positive.
>37. Be kind.
>38. Be vulnerable.
>39. Respond quickly to the other person's request.
>40. Talk about your love.
>41. Reminisce about your favorite times together.
>42. Treat each other's friends and relatives with courtesy.
>43. Send flowers every Valentine's day and anniversary.
>44. Admit when wrong.
>45. Be sensitive to each other's sexual desires.
>46. Pray for each other daily.
>47. Watch sunsets together.
>48. Say "I love you" frequently.
>49. End the day with a hug.
>50. Seek outside help when needed.
>
>PASS THIS ON TO YOUR MARRIED AND UNMARRIED FRIENDS & FAMILY TO HAVE &
>SHARE LOVE.
>
>~~~ Today I will not strike back, I will ask God to bless my enemy, I
>will be careful of what I say, I will go the extra mile, I will
>forgive, I will do something nice to someone but I will do it
>secretly, I will treat others as I wish to be treated, I will raise
>the spirit of someone who is discouraged! , I will nurture my body, I
>will grow spiritually....

------------------------------------------------------------------------
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trying @Backup
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The A&A program plans to give one month's salary to the prospective program hires for November - students who turned down other offers to accept ours. (There are only a couple - we have not made any decision about the January/February hires yet).

Terry

-----Original Message-----
From: Palmer, Lizzette
Sent: Tue 11/13/2001 6:08 PM
To: Butcher, Sharon; Sullivan, Kriste; McLoughlin, Hector; Bosien, Teresa; Mayes, Fran
Cc: Cash, Michelle
Subject: RE: Letter to Rescind Offer

My understanding of our current position on this is to give one month's pay to applicants who: 1. quit a job; 2. sold a home or relocated; or 3. have visa issues.  I suggest we confer on any request regarding paying anyone who doesn't fit the above.  If we do so, we should be able to maintain some consistency.

--Lizzette

 -----Original Message-----
From:   Butcher, Sharon
Sent:   Tuesday, November 13, 2001 5:54 PM
To:     Palmer, Lizzette; Sullivan, Kriste; McLoughlin, Hector; Bosien, Teresa; Mayes, Fran
Cc:     Cash, Michelle
Subject:        RE: Letter to Rescind Offer

Dear Lizzette:

That's great news.

I trust that we will treat each person uniformly and consistently so as to minimize allegations of discriminatory treatment.

Thanks.

Sharon

 -----Original Message-----
From:   Palmer, Lizzette
Sent:   Tuesday, November 13, 2001 4:39 PM
To:     Butcher, Sharon; Sullivan, Kriste; McLoughlin, Hector; Bosien, Teresa; Mayes, Fran
Cc:     Cash, Michelle
Subject:        RE: Letter to Rescind Offer

I am generating a form waiver and release for use in cases in which we decide to pay an individual whose offer has been revoked.  I'll forward a draft to you shortly.  If you have other forms or suggestions, please forward them to me.  Hopefully, we'll all be able to be consistent and use just one form.

--Lizzette


I think there is merit in pursuing this.  A couple of comments:
It may be unduly complicated to get customers to provide the funding.
Perhaps we should focus on the banks instead.  The deal might be further
funding in exchange for legislative and regulatory concessions on rates,
transmission and generation siting and the rest of the items you outline.
Rubin would be great to have, but having watched Summers in action I'm not
sure we need another ex-treas.  Summers is superb, up-to-speed, and
apparently willing to work on this.  Linda -- how would Larry feel if we
brought in his ex-boss (I know they're buddies but does Summers really need
the help?).
Need to keep an eye on the ball for large customers-- many of whom are ours.
they will continue to need some access to better rates.  Perhaps the proposal
could be converted to cash in exchange for demand reductions.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	01/20/2001 10:54 PM

		 To: skean@enron.com, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Paul Kaufman/PDX/ECT@ECT, Linda Robertson/NA/Enron@ENRON
		 cc:
		 Subject: Summary of Proposed Short-term Solution for California's Energy
Crisis

----- Forwarded by Jeff Dasovich/NA/Enron on 01/20/2001 10:52 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	01/20/2001 10:51 PM

		 To: tyson@haas.berkeley.edu, pverleger@compuserve.com
		 cc:
		 Subject: Summary of Proposed Short-term Solution for California's Energy
Crisis

Dean Tyson:

It was a pleasure to see you again today. Phil, it was a pleasure to meet you
and I look forward to working together.  Since time is of the essence, I
wanted to summarize where we left off at today,s meeting regarding California,
s energy crisis.  That summary is attached.  I've also attached three
articles from the business section of today's Chronicle that arguably bolster
our arguments for adopting the approach that we discussed at today's meeting.

 Given the fact that the legislative process is moving rapidly, bankruptcy is
a daily threat, and Dean Tyson will be attending the meetings in Davos, it
appears that our window of opportunity is very small.  It seems that success
requires a meeting of the principals by the end of the week, if not sooner.
The chances of success are obviously limited, but I think that we agreed that
all concerned have nothing to lose and everything to gain by taking a shot.
Your offer to help in the effort obviously increases the likelihood of
success and is greatly appreciated.

My apologies in advance if I have mischaracterized any of the points made at
the meeting.  It represents a &first cut,8 it will undoubtedly change as the
details get worked out, and I,m sure I,ve missed something.  So please don,t
hesitate to edit the draft.

Please keep in mind that I have not had a chance to discuss this proposal
internally.  As such, I can,t yet commit Enron to the specifics of the
proposal.  But I,m confident that the company can support something akin to
this structure and can let you and Phil know first thing Monday.

In addition, given the political environment in California, Enron has played
a constructive role by providing low-key, behind the scenes advice and
analysis to policy makers.  That approach seems preferable in this effort as
well.

Finally, Dean Tyson, I mentioned that Linda Robertson heads-up our Washington
D.C. office.  If she can help in any way, please don,t hesitate to let me
know.  Both of you should feel free to call me at home over the weekend to
discuss things further.  My home phone is 415.621.8317.

Best,
Jeff


I am trying to activate this HSC-Hehub product but keep getting an error that
says "product is not tradeable".  Is it ready to go yet?  If not, when?

Thanks,

Eric


We are short 100 mw's in the Ercot Asset book for hours ending 7-22.    We want to remain that way,  unless the balancing energy market goes haywire.
We would need to delete our SC counterparty EL Paso and input a replacement QSE in the portal if this is filled.
Enpower shows 100 mw's coming from Ercot imbalance.

This deal would need to be cut and replaced with the power that was purchased for bal-day,  etc.

Thanks,
JMF


---------------------- Forwarded by Juan Hernandez/Corp/Enron on 05/04/2001
06:41 AM ---------------------------

Doug Miller
05/04/2001 01:03 AM
To: Juan Hernandez/Corp/Enron@ENRON, Don Baughman/HOU/ECT@ECT
cc:

Subject: checkout for 5/3 hourly deals

Guys,

I know this is getting to the point of nagging, but the day guys are doing a
BAD job of getting there stuff in the P&L and Enpower.  We are having to
spend too much time going back and researching tags and comparing enpower to
P&L and vice versa before we can even begin to checkout.  I spent two hours
having to go through many deals (in both books) to figure out what happened
before we could begin checkouts.  I understand some human errors occur -
that's why we do checkout's but much of this I feel is just laziness and guys
not paying attention.  Can you guys address this and try to implement some
steps to help correct this.  With the lack of bodies on the night shift, this
is causing problems.

Thanks,
Doug


Sara: The second FPL entity is "FPL Energy Power Marketing Inc."  It is
the FPL entity that handles all trades for the non-regulated business
units of FPL.    We completed the ISDA agreements between Florida Power
& Light Co. (the regulated utility) and ENA in early January and I then
sent you on January 9th a red-line of the FPL Energy Power Marketing
Inc./ENA drafts vs. the final executed Florida Power & Light Co./ENA
agreements for ease of review, since the agreements were near twins
though you may also recall that we had added a guaranty of FPL Group
Capital Inc  (FPL Energy Power Marketing Inc. debt is unrated, FPL Group
Capital Inc debt is single A).  I appreciate you assistance in helping
to move this along.  Regards, -Serge

Serge G. Martin
smartin@steelhector.com
Steel Hector & Davis LLP
200 South Biscayne Blvd.
Miami, Florida 33131-2398
(305) 577-7097 phone
(305) 577-7001 fax

>>> <Sara.Shackleton@enron.com> 03/26/01 12:46PM >>>
Serge:

Sorry to take so long to respond.  A few things:

(1)  What is the correct legal name of the entity you are inquiring
about?
Is it the unregulated marketing arm of the regulated utility?

(2)  There has not been a commercial push from the ENA perspective to
set
up a new agreement with FPL which explains why I cannot get our credit
goup to react.  I'll broach the topic again when  I hear from you.

Please let me know if you have any other questions.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


Attachment shows where we ended up.  I really don't think it helps if we have customers read only on EOL. How does that hurt us?  It certainly helps them - I think you have a publicity nightmare too .
We should probably talk but I am more of the opinion we'll take anyone's credit now and risk reducing helps them to keep trading potentially.

AEP sent us a very threatening letter.  Way outside of their contractual rights.

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Monday, October 29, 2001 7:05 PM
To:	Whalley, Greg; Lavorato, John
Cc:	McMahon, Jeffrey; Bowen Jr., Raymond
Subject:	trade credit updates and cash
Importance:	High

UNITED STATES


I agree with Eds comments....also, we are getting closer to when changes
which may be included with V1.5 need to be locked down and these change
controls are associated with requirements approved by the market
participants.

Dave
Entergy
504 576 2571

-----Original Message-----
From: Skiba, Edward
Sent: Tuesday, February 05, 2002 6:44 PM
To: careed@aep.com
Cc: Odle, David; 1 Standard Electronic Transactions
Subject: Re: Change Control Conference Call 2/8/02

Carey,

We have 7 change controls to review this week and 10 questions to address.
If we wait until next week, I'd be concerned we will not have enough time
to get through two weeks worth of changes and questions in a one hour
meeting.

Regards,

Ed

edskiba@us.ibm.com
770-513-7935 (Atlanta)
504-576-5246 (New Orleans)
678-471-8305 (cel)
Fax:       770-277-9130

careed@aep.com on 02/05/2002 07:30:46 PM

To:    "Odle, David" <DOdle@ercot.com>
cc:    "1 Standard Electronic Transactions" <set@ercot.com>
Subject:    Re: Change Control Conference Call 2/8/02

Susan, I have not had a chance  to look at what we have for this week, but
unless we have something that is pressing, I recommend that we postpone the
call until next week.

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

      "Odle, David"
      <DOdle@ercot.com>                   To:        "1 Standard
                                  dElectronic Transactions"
      02/05/02 05:59 PM           <set@ercot.com>
                                          cc:
                                          Subject:        Change Control
                                  Conference Call 2/8/02

Due to a family emergency, I will not be able to facilitate the Change
Control Conference Call this Friday, 2/8/02.

We have two options:
1. Cancel the call until next week.
2. Someone else facilitate...  if you choose this option, I will rely on
Kyle Patricks excellent notes to get the logs and everything
updated.

The log will be a week delayed in getting updated, however, I will make
this a priority when I return next week.
I will be available by Cell Phone.

Thank You,
Dave Odle

Dave Odle
Retail Transaction Lead
ERCOT The Texas Connection
(512) 248-3948
(512) 567-2329 Mobile
dodle@ercot.com


I will be in New York on business on March 30th.  Sorry that I will not be
able to attend.  The other person that I would send in my place is Beth
Apollo.  However, she will be on vacation next week.  Can you give me any
info that may be made available?  Thanks.

Gwynn Gorsuch@ENRON
03/22/2001 03:31 PM
To: Wilson Barbee/HR/Corp/Enron@ENRON, Daniel Brown/Enron@EnronXGate, Meliza
Evanson/HOU/EES@EES, Khymberly Booth/Enron@EnronXGate, Gerry
Gibson/Corp/Enron@Enron, Donald Miller/HOU/EES@EES, Thomas
Bowden/ENRON@enronXgate, Kim Cadena/HOU/EES@EES, Ted C
Bland/Enron@EnronXGate, David Oxley/Enron@EnronXGate, Toni
Graham/Enron@EnronXGate, Sally Beck/HOU/ECT@ECT, Marla Barnard/Enron
Communications@Enron Communications, Elisabeth Mends/Enron
Communications@Enron Communications, Paul Trieschman/Enron
Communications@Enron Communications, Kalen Pieper/HOU/EES@EES, Gary P
Smith/OTS/Enron@ENRON, Brian Schaffer/Corp/Enron@ENRON, Dave
Schafer/NA/Enron@ENRON, Cindy Olson/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Karen Marshall/HOU/ECT@ECT, Karen
Moore/Enron@EnronXGate, Billy Lemmons/Corp/Enron@ENRON, Teresa
Bosien/HR/Corp/Enron@ENRON, Tim ORourke/Enron@EnronXGate, Rafael
Pina/HOU/EES@EES, Judy Gray/HOU/EES@EES, Calvin Eakins/Enron@EnronXGate,
Cathy Riley/Enron@EnronXGate, Lauren Iannarone/NY/ECT@ECT, David
Dupre/Enron@EnronXGate, Misha Siegel/Corp/Enron@ENRON, Laura
Schwartz/Corp/Enron@Enron, Dennis Vegas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Christa Aguilar/HR/Corp/Enron@ENRON, Andrea Yowman/Corp/Enron@ENRON,
Felecia Acevedo/Corp/Enron@ENRON, Sandra Lighthill/HR/Corp/Enron@ENRON,
Valeria A Hope/HOU/ECT@ECT
Subject: Mark Your Calendars: March 30 is Diversity/OLER Open House

You are invited to an Open House on
Friday, March 30, 2001

When:  9:00 a.m. to 3:00 p.m.

Where:   Conference Room EB 42c1

Why: Learn about:

? diversity recruiting sources, including upcoming conferences
? diversity training
? harrassment training (free!)
? EEO training for managers (free!)
? training/development conferences
? affirmative action:  what is it, what is it not, what it means for you
? diversity publications

Tell us:

? What will help your organization
? What will help you do diversity better
? How we can help you do your jobs better

Who: Your friends in Corp. Diversity and the Office of Labor and Employment
Relations

Bonus: Snacks and Munchies galore

See you there,

Gwynn Gorsuch
Enron Corp.
Workforce Diversity
713.853.7407 direct line
713.646.2144 fax


Things are ok.   Have a Happy Thansgiving
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


CALENDAR ENTRY:	APPOINTMENT

Description:
	arun & shiva re: pos. mgr update

Date:		11/7/2000
Time:		10:00 AM - 11:00 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


This deal terminates effective 3/31/2000.  FYI - all BUG terminate effective
3/31/200.

Brenda H Fletcher
03/20/2000 03:05 PM
To: Chris Germany/HOU/ECT@ECT
cc: Gloria G Barkowsky/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT
Subject: CNG

Chris do you know when this deal # should terminate?
Thanks,
BF
---------------------- Forwarded by Brenda H Fletcher/HOU/ECT on 03/20/2000
03:02 PM ---------------------------

Gloria G Barkowsky
03/20/2000 02:55 PM
To: Molly LaFuze/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Mary Theresa
Franklin/HOU/ECT@ECT
cc:
Subject: CNG

CNG deal #81247 has a demand fee until 03/31/00, and it should not.
Can you please correct this.  Please let me know.  Thanks, Gloria 3-7118


Mike is checking with broker.

Evelyn Metoyer@ENRON
04/11/2001 08:36 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: deal 577823

What's the status?

   Kate Symes @ ECT                04/10/2001 06:29 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: deal 577823

This is the price Prebon quoted to Mike tonight - he'll be checking in the
morning to see what the spread should have been.

Thanks,
Kate

Evelyn Metoyer@ENRON
04/10/2001 03:23 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: deal 577823

Mike Driscoll
deal 577823
Prebon shows price as $97.95 ....enpower has $79.95


PC: emclaug - errol5enter Sun:  emclaug - secure4u


----- Forwarded by Richard B Sanders/HOU/ECT on 12/01/2000 08:01 AM -----

	"Fergus, Gary S." <GFergus@brobeck.com>
	11/29/2000 06:02 PM

		 To: "Richard B. Sanders Esq. (E-mail)" <richard.b.sanders@enron.com>
		 cc:
		 Subject: Judge Meyer

Here it is:

I have some dope on the judge as well.  He was a very small time lawyer out
in La Mesa (the sticks) with a general practice that  included litigation.
He was a family law judge until he was made an overflow general civil judge
in 1998.  None of the lawyers whom I have listed would be likely to have a
relationship with him from their days in practice.  Also, he may not keep
the case, given its high profile, and the fact that it is related to the
case filed against the generators, which has a lower number.  People who
know Judge Meyer say he is pompous and not very bright.

He practiced with three lawyers. One of them went on the bench and is now
retired.  Another has also retired.  The remaining one is LeRoy Knutson, who
is of counsel in a small firm in El Cajon, also the sticks.

Thanks
Gary

=======================================================
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Hi Jeff-
Has my Spec Markets professor been in touch with you yet?  I gave him your
card last week and he said he would contact you.  In case you want to
reach him directly, his contact info is:

Leonid Kogan
Assistant Professor of Finance
The Wharton School,
University of Pennsylvania
Phone: 215-898-7617
e-mail: lkogan@wharton.upenn.edu

On another note, all of campus was delighted that Billybob's reopened
today.  It is now run by his widow, since Billybob himself was shot last
Summer (as you remember, they found him in the walk-in freezer).  The
decor is back to the traditional "ghetto style," which means no more pink
walls or bad chinese food.  Forties of malt liquor will return in two
weeks once the liquor license is approved.

Looking forward to seeing you later in the semester...
Matt


FYI....

I believe Dave N. and Sue had a conversation regarding help in the risk mgmt area.  I saw Dave in the hallway earlier and he indicated that he wanted to rally with you and me to discuss.
I've got two calls into Tom Armstrong with SW Gas.  I hope to get him to send in a request this week.  Also, James has been running numbers today, so I should have a term sheet for you tomorrow.
The Agave Christmas Party is on Tuesday, December 11.  Is it possible to take a company plane out with reps from mgmt, mktg, gas logistics and operations?
We are also running a few more scenarios for TransPecos.

Thanks, Kim.


Dan,

Please take a look at the new Purchase agreement and let me know what you
think.

Thanks,

Kevin


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ok

From: Jeff Dasovich@ENRON on 03/14/2001 06:14 PM
Sent by: Jeff Dasovich@ENRON
To: Vicki Sharp/HOU/EES@EES
cc:
Subject: Re: Negative CTC Memo for Delainey

Vicki:
I'll assume that for the meeting tomorrow, you folks will call me at my
office number--415.782.7822.

Best,
Jeff


The flight was uneventful, although I didn't sleep very much.  Weather here
is cold but clear, so I am enjoying it.  Very useful trip - they have my
schedule very full, including dinners every night.  I will be in the office
through end of day Thursday, and then dinner with Fernley Thursday night.  I
will be in route to Houston on Friday - catching a 9:00am flight (told the
kids that I would be at the airport at 2:00 am Houston time to start back
home).

We are not going to follow the Kean/Olson memo on communicating ratings.  We
will only communicate Needs Improvement and Issues.  There will be differing
messages for needs improvement which fit the situation - some need to hear
that they are not performing at a high enough level relative to peers to help
us achieve business goals or for them to considered for a bonus (may need to
find another role within or outside Enron which is a better fit).  Message to
someone new to Enron in that category should be different.  Glad they are
here; believe that as they learn the organization and their job that they
will be able to make significant contributions; doing the right thing to
learn the business, but that contributions to date are not significant enough
to warrant payment of a bonus...

Thanks for getting everyone on the same page on this.  --Sally

Bob M Hall@ENRON
01/16/2001 05:37 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Good Morning.

Hope you had a good flight to London and that the trip is going well.

Just a quick question about communication of rankings.  ARE WE????

Hector seems to think not, yet the memo from Steve and Cindy says something
about sat and needs improvement.

Just let me and I'll make sure we are all on the same page.

thanks

bob


Start Date: 4/25/01; HourAhead hour: 8;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042508.txt

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 8 / Preferred: -625.00 / Final: -624.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/25/01
  TRADING_SC: NES1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1


Mark

I have a commodity futures account that I use to hedge my physical cattle
positions.  If you need more information please let me know.

Ken

	Mark Taylor@ENRON
	Sent by: Enron Announcements@ENRON
	06/21/00 06:39 PM

		 To: All Enron Houston, Everyone_in_ECT_Calgary, Everyone_in_ECT_London,
Everyone_in_ECT_Portland, Everyone_in_ECT_New York, Everyone_in_ECT_Denver,
Everyone_in_ECT_Oslo, Everyone_in_ECT_Singapore, EI-Australia, Buenos Aires
Argentina - Office Staff, Buenos Aires Argentina - TGS Office Staff, Enron
Everyone_EOG_Denver, Enron Everyone_EOG_Calgary
		 cc:
		 Subject: Enron North America Corp. NYMEX Hedge Exemption Applications

We are in the process of preparing applications for position limit exemptions
for ENA,s NYMEX energy commodities futures trading.  These applications
require that ENA represent whether its officers, employees, owners, or agents
have a power of attorney, control or have a financial interest in any other
related commodity future(s) account either individually or acting with
another person pursuant to express or implied agreement.

Please direct any responses to my paralegal, Tana Jones, via intercompany
email or call her at (713) 853-3399 by the end of business Friday, June 30,
2000 if you have any power of attorney, control or have a financial interest
in any commodity futures account (other than an ENA or other trading
affiliate account).

IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO RESPOND TO
THIS REQUEST.


Dear Tony,

You have may already left Houston for Oman.
But, please be adviced that we left Bahrain today, 18th, at 1800lt
for Oman.
We have now tested the steering gear and the result comply with the
SOLAS requirements.

As you may know, we also received the LOC from the USCG yesterday,
17th.

We are expecting to arrive off Qalhat on the 20th abt 2400 and we are
ready to berth any time after that.

See you in Qalhat.

Best regards

Capt Kjell Kvammen
onb " Hoegh Galleon "

Brgds Oe. Hansen
Master

E-mail: master.gall@hoegh.no
Teleph: Inmarsat tel.no. 330853910
Fax   : Inmarsat fax no. 330853913
Telex : Inmarsat B telex no.330853915
Telex : Inmarsat C telex no.430853910 (24hrs.watch)


nope.

 -----Original Message-----
From: 	"Allen, Jill (US - Houston)" <jilallen@deloitte.com>@ENRON
Sent:	Tuesday, October 30, 2001 11:53 AM
To:	Lenhart, Matthew
Subject:	RE:

sorry - i don't know her.
have you seen her since then?
-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com << File: mailto:Matthew.Lenhart@enron.com >> ]
Sent: Tuesday, October 30, 2001 11:50 AM
To: Jilallen
Subject: RE:
nothing happened with either.  so what is up with the divorced girl?  do
you know her?
    -----Original Message-----
   From:   "Allen, Jill (US - Houston)" <jilallen@deloitte.com>@ENRON
   Sent:   Tuesday, October 30, 2001 11:39 AM
   To:     Lenhart, Matthew
   Subject:  RE:
   i might try and sneak away to watch the game.  are you going to
   woodrow's?
   so what ever happened with that girl jill or the divorced girl?  did you
   go out with either of them?  i haven't seen you since then.
   -----Original Message-----
   From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com << File: mailto:Matthew.Lenhart@enron.com >>  <<
   File: mailto:Matthew.Lenhart@enron.com << File: mailto:Matthew.Lenhart@enron.com >>  >> ]
   Sent: Tuesday, October 30, 2001 10:44 AM
   To: Jilallen
   Subject: RE:
   i am going to watch lsu sat and then go to that party at garden in the
   heights.  should be fun. let me know what is going on for your party
   celebration when you finish.
   This message (including any attachments) contains confidential
   information intended for a specific individual and purpose, and is
   protected by law.  If you are not the intended recipient, you should
   delete this message.  Any disclosure, copying, or distribution of this
   message, or the taking of any action based on it, is strictly
   prohibited.
**********************************************************************
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.
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- This message (including any attachments) contains confidential information intended for a specific individual and purpose, and is protected by law.  - If you are not the intended recipient, you should delete this message and are hereby notified that any disclosure, copying, or distribution of this message, or the taking of any action based on it, is strictly prohibited.


Darren,
Did you send anything to legal regarding UBS Warburg?  Someone has sent her
something for the Tokyo office for  TP Trader, I-Dealer, and TPOL Website.
What are these for?
ENA has an ISDA with UBS Warburg.
Thanks. Sheila


Total Trades for Day	  	 247

 	 EOL Trades for Day	  	 163

 	 EPMI ICE Trades	  	 11

 	 EOL Deals	 From: 11/01/2001   To: 11/28/2001	  	 EnPower	 From: 11/01/2001   To: 11/28/2001
 	 Desk	 Total Deals	 Total MWH	  	 Desk	 Total Deals	 Total MWH

 	 EPMI Long Term California	 659	 10,787,184	  	 EPMI Long Term California	 68	 3,144,593
 	 EPMI Long Term Northwest	 392	 5,539,400	  	 EPMI Long Term Northwest	 195	 5,560,568
 	 EPMI Long Term Southwest	 443	 10,867,285	  	 EPMI Long Term Southwest	 281	 18,867,898
 	 EPMI Short Term California	 1,771	 2,314,992	  	 EPMI Short Term California	 636	 1,347,358
 	 EPMI Short Term Northwest	 973	 1,071,560	  	 EPMI Short Term Northwest	 425	 688,999
 	 EPMI Short Term Southwest	 1,234	 1,834,624	  	 EPMI Short Term Southwest	 689	 2,567,821
 	 Real Time	 1,418	 36,075	  	 Real Time	 537	 45,688

 	 Grand Total	 6,890	 32,451,120	  	 Grand Total	 2,831	 32,222,925

 	 EOL Deals	 From: 11/28/2001   To: 11/28/2001	  	 EnPower	 From: 11/28/2001   To: 11/28/2001
 	 Desk	 Total Deals	 Total MWH	  	 Desk	 Total Deals	 Total MWH

 	 EPMI Long Term California	 12	 184,400	  	 EPMI Long Term California	 0	 0
 	 EPMI Long Term Northwest	 9	 90,800	  	 EPMI Long Term Northwest	 11	 343,544
 	 EPMI Long Term Southwest	 13	 580,750	  	 EPMI Long Term Southwest	 12	 317,430
 	 EPMI Short Term California	 44	 49,376	  	 EPMI Short Term California	 24	 52,082
 	 EPMI Short Term Northwest	 21	 13,760	  	 EPMI Short Term Northwest	 11	 10,240
 	 EPMI Short Term Southwest	 32	 96,080	  	 EPMI Short Term Southwest	 14	 32,088
 	 Real Time	 32	 800	  	 Real Time	 24	 2,346

 	 Grand Total	 163	 1,015,966	  	 Grand Total	 96	 757,730

 	 EOL Deals	 From: 11/28/2001   To: 11/28/2001	  	 EOL Deals	 From: 11/28/2001   To: 11/28/2001
 	 Long Term West Management	 Total Deals	 Total MWH	  	 Short Term West BOM	 Total Deals	 Total MWH
 	 Daily	 0	 0	  	 Daily	 0	 0
 	 Month-to-Date EOL	 9	 2,200	  	 Month-to-Date EOL	 0	 0
 	 Enpower daily deals	 0	 0	  	 Enpower daily deals	 0	 0
 	 Month-to-Date Enpower	 2	 2,003	  	 Enpower daily deals	 0	 0

 	 EOL Deals	 From: 11/28/2001   To: 11/28/2001
 	 EPMI California Services	 Total Deals	 Total MWH
 	 Daily	 0	 0
 	 Month-to-Date	 0	 0
 	 Enpower daily deals	 0	 0

 	 ICE Volumes	 From: 11/28/2001   To: 11/28/2001
 	 Delivery Point	 Total MWH	 EPMI MWH	  Price

 	 Cob (P, Next Day)
 	 Mid C (P, Next Day)
 	 Mid C (OP, Next Day)
 	 Mid C (P, Bal Month)
 	 Mid C (P, Dec-01)
 	 Mid C (P, Jan-02)
 	 Mid C (P, Feb-02)
 	 Mid C (P, Q3 02)
 	 NP-15 (HE 1800)
 	 NP-15 (HE 1900)
 	 NP-15 (HE 2000)
 	 NP-15 (P, Next Day)
 	 NP-15 (OP, Next Day)
 	 NP-15 (P, Bal Month)
 	 NP-15 (P, Dec-01)
 	 Palo (HE 1000)
 	 Palo (HE 1100)
 	 Palo (HE 1200)
 	 Palo (HE 1300)
 	 Palo (HE 1400)
 	 Palo (HE 1500)
 	 Palo (P, Next Day)
 	 Palo (OP, Next Day)
 	 Palo (OP, Bal Month)
 	 Palo (P, Dec-01)
 	 Palo (P, Jan-02)
 	 Palo (P, Mar-02)
 	 Palo (P, Q3 02)
 	 Palo (P, Q4 02)
 	 Palo (P, Q1 03)
 	 SP-15 (HE 0900)
 	 SP-15 (HE 1700)
 	 SP-15 (HE 2100)
 	 SP-15 (HE 2200)
 	 SP-15 (P, Next Day)
 	 SP-15 (OP, Next Day)
 	 SP-15 (P, Dec-01)
 	 SP-15 (P, Feb-02)
 	 SP-15 (P, Mar-02)
 	 SP-15 (Q1 02)

 	 Grand Total


As noted on the email I sent to you on November 16 on the subject of PRC
Deadlines and Meetings, I wanted to remind you that your Goals for 2001
document is due to your manager by Monday, December 11.

The goals should be a mixture of short-term and long-term goals.  For
example, a short-term goal could be to learn more about the functionality of
Enpower, while a long-term goal could be to move to the European office to
manage logistics.  It is important for management to know employee goals so
that management can help the employee get to where they want to go.

If you have any questions, ask your manager or me.


funny, she didn't ask me!  $25 never hurts.


Please forward a copy of the executed swap confirmation.  Thanks. Sara

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/24/2000
04:01 PM ---------------------------

Cambridge Web Services <www@cup.cam.ac.uk> on 08/24/2000 03:19:47 PM
To: <vkamins@enron.com>
cc:
Subject: Confirmation of your online order

Wincenty J Kaminski (vkamins@enron.com)

This email is to confirm your online order which was received on 24-Aug-2000.
Please note that this does not constitute a receipt.
If you have any queries or problems please e-mail
directcustserve@cup.cam.ac.uk (Customer Services) quoting order reference
number Web5908 /DS51002180.

Totals: 1 lines, 1 items, weight 0.630kg, value GBP 30.00
Delivery charge, Air: GBP 5.00

Total cost: GBP 35.00

Shopping Basket

Theory of Financial Risks,   From Statistical Physics to Risk Management,
Jean-Philippe Bouchaud (Hardback),  ISBN 0521782325
 Quantity: 1 Reference:Kaminski Cost: GBP 30.00 In Stock


Wow....that is a real issue, I can only tell you that Martin or Risk should be able to resolve this for you unfortunately, I wasn't doing TCPL and Union that long ago and I know that Darren Espey, who was doing it before me did usually put in the tickets without pricing and then gave the deal tickets to Risk to make sure they put pricing as well as off set ( Withdraw or Inject ) tickets in too.
Please do keep me posted.
Thanks,
Mark

 -----Original Message-----
From: 	Parker, Megan
Sent:	Wednesday, October  17, 2001 7:55 AM
To:	Schrab, Mark L.
Subject:	RE: Consumers 9/01

September is done.  We are within a couple of dollars.  I am trying to arrange a meeting with Phillip to start working on the old issues.  In total, it looks like we have short paid over $200k since March 1999.

Megan


Hi Richard,

Per my voicemail, are you available for at least an hour to meet w/Greg
Whalley while he is in London?  He is wide open on Thursday.  Please advise.

Many Thanks,

Liz Taylor - E.A. to Greg Whalley


---------------------- Forwarded by John Arnold/HOU/ECT on 02/12/2001 05:22
PM ---------------------------

Rory McCauley <Rory.Mcauley@GFInet.com> on 02/12/2001 01:47:46 PM
To: "'jarnold@enron.com'" <jarnold@enron.com>
cc:
Subject: Enjoy Bud

 - Jerky Boys - Prank Call to Chinese Restaurant.mp3


---------------------- Forwarded by Gary Stevens-GL-1/PGI on 05/11/2001 08:25
AM
---------------------------

 Internet Mail Message
 Received from host:
 omahpop3.omah.uswest.net [204.26.64.3]

From: mkswanson <mkswanson@qwest.net> on 05/11/2001 01:44 AM GMT

             mkswanson           To:
 <mkswanson@qwest.net>           Cc:    (bcc: Gary Stevens-GL-1/PGI)
                         Subject:      Fw: Fw: FW: HR Survey

   05/10/2001 08:44 PM

----- Original Message -----

Subject: Fw: Fw: FW: HR Survey

>
>
> Subject: Fwd: Fw: FW: HR Survey
>
>
> >
> >
> >
> > >From: "Brian and Jo Dion" <banjo@osprey.net>
> > >To: "Keith Dreiling" <kdrling@valu-line.net>
> > >CC: "Ed Vohs" <evohs@hotmail.com>,        "The Niece and Linda"
> > ><GLittleLinda@aol.com>,        "Lesli Garver Tatman"
> <lesligt@swbell.net>,
> > >       "Stacey Poe" <stacey@valu-line.net>,        "Jeannine Neill"
> > ><jeannine@sktc.net>,        "Marie Miller" <jayandmarie45@hotmail.com>,
> > >    "Brenna and Tim Mercer" <bcrazy7@swbell.net>,        "Gary and
Cathy
> > >McCurdy" <hitchman@carrollsweb.com>,        "Janie and Bill Henderson"
> > ><janiesews@kscable.com>,        "Vicki Hay" <HAYVIC@aw437.k12.ks.us>,
> > >  "Dan and Kathy Hamman" <daffykathy@hotmail.com>,        "Sarah Haag"
> > ><staci1976@yahoo.com>
> > >Subject: Fw: FW: HR Survey
> > >Date: Sat, 5 May 2001 18:45:37 -0500
> > >
> > >
> >
> > _________________________________________________________________
> > Get your FREE download of MSN Explorer at http://explorer.msn.com
> >
>
 - SURVEY.BAT


California Regulators Back Rate Increase For Utilities

* California regulators indicated yesterday that they are willing to
raise rates for electric utilities EIX and PCG,  following a review of their
finances
* Hearings to review utilities' financial status in hearings on Dec.
27 and 28
* KEY DATE:  January 4, when we expect they will vote to raise rates
* We see this action as positive for the utilities, because it reduces
the likelihood of insolvency or bankruptcy, although further action is
required, in our view
* We also see it as positive for our Growth Energy companies.  Any
reduction in financial pressure on the utilities equates to reduced pressure
to re-regulate the wholesale power industry, in our view
* The results of the action were in line with our expectation; we
recommend investors buy the Growth Energy names on weakness.  In particular,
we highlight DYN, CPN, NRG, SOE and DUK.

 <<CA Power Market II 12-22-00.pdf>>

Raymond C. Niles
Power/Natural Gas Research
Salomon Smith Barney
(212) 816-2807
ray.niles@ssmb.com

s

 - CA Power Market II 12-22-00.pdf


Ashley.

FYI. What about Oct 16?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/23/2000
05:35 PM ---------------------------

"Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/23/2000 11:46:19 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Hello from Vince Kaminski at Enron

Dear Vince.
I sent you a reply earlier this month but I haven't heard from you about the
date of your visit. Our department has a Seminar every Monday. If you can
schedule your visit on a Monday I would like to invite you to give a seminar
which will be attended by many of our graduate students and faculty and will
give you an opportunity to tell them about your program. With sufficient
lead-time I can advertise the seminar in the Hass school to their financial
engineering students.
Shmuel.
/////////////////////////////////////////////////////////
Shmuel S. Oren, Professor
Dept. of Industrial Engineering
        and Operations Research
4117 Etcheverry Hall
University of California
Berkeley, CA 94720-1777
e-mail: oren@ieor.berkeley.edu
phone: (510) 642-1836 or 5484
Fax:      (510) 642-1403
///////////////////////////////////////////////////////////

----- Original Message -----
From: <vkamins@ect.enron.com>
To: <OREN@queue.IEOR.Berkeley.EDU>; <vkamins@enron.com>;
<ashley.baxter@enron.com>
Sent: Tuesday, August 08, 2000 10:59 AM
Subject: Hello from Vince Kaminski at Enron

> Shmuel,
>
> I hope you remember me. I visited you together with Aram Sogomonian, a
> good friend of mine, a few years ago. I am currently responsible, among
> other things, for recruiting graduates with finance and/or technical
> backgrounds at the University of Berkeley. I would be glad to give you a
> call and talk more about the details of our program. My colleague,
> AshleyBaxter, from the Analyst/Associate Program at Enron would join me
> as well.
>
> I am sending you a copy of the brochure about the Analyst / Associate
> Program.
>
> Vince Kaminski
>
>
> Vincent Kaminski
> Managing Director - Research
> Enron Corp.
> 1400 Smith Street
> Room EB1962
> Houston, TX 77002-7361
>
> Phone: (713) 853 3848
> Fax  :  (713) 646 2503
> E-mail: vkamins@enron.com
>


Mike,
 Jeff has forwarded your request to me.  A search of our data base has failed
to identify the named wells or any contracts with the named individuals.  Can
you provide any other information?
---------------------- Forwarded by Dan J Hyvl/HOU/ECT on 05/11/99 04:33 PM
---------------------------
From: Jeffrey T Hodge on 05/11/99 04:02 PM
To: Dan J Hyvl/HOU/ECT@ECT
cc: Mike D Smith/DUB/EES@EES
Subject: Washington County, OH purchases

Dan, could you look into this and coordinate with Mike?
---------------------- Forwarded by Jeffrey T Hodge/HOU/ECT on 05/11/99 04:01
PM ---------------------------
From: Mike D Smith@EES on 05/11/99 04:57 PM EDT
To: Jeffrey T Hodge/HOU/ECT@ECT
cc:
Subject: Washington County, OH purchases

I understand you may be able to shed some light on this.  I have received a
complaint naming ECT as a defendant, filed by Jeff Brown, dba M&J Energy.
The allegation is that his partner, Mr Buckey is diverting payments for gas
purchased from  wells owned by Brown, Buckey and others.  The wells are
described in the complaint as Rea #1 and #2 and Cullen #1 and $2 in
Washington County, OH (Marietta).  ECT is named b/c ECT is buying the gas
from the well and allegedly paying the wrong person for the gas (I can't see
how that gives rise to any claim, but that's beside the point).

I can't find where EES is buying gas from this well, so that leaves you.  Is
this ECT's gas?  MDS
---------------------- Forwarded by Mike D Smith/DUB/EES on 05/11/99 04:46 PM
---------------------------

	Enron Energy Services

	From:  Mike D Smith                           05/10/99 12:17 PM

To: James T Javins/DUB/EES@EES, Louis P Bonasso/DUB/EES@EES, Christina
Finelli/HOU/EES@EES
cc:
Subject: Washington County, OH purchases

Do any of you know anything about wellhead purchases in Washington County
from Jeff Brown, M&J Energy, CMB Investments, James Buckey, Samuel Buckey?
Thanks


$ * $ * $ * $ * HOTWEBCASH * $ * $ * $ * $

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How does Fear have any money left...he has been bidding the house...I think
we need some bid accounting here.
PL


1. i would guess notional value $2-3 bil per day including financial derivatives.
2. probably doubled market share in gas since eol
3. probably 25% of our trades are intl

 -----Original Message-----
From: 	epao@mba2002.hbs.edu@ENRON [mailto:IMCEANOTES-epao+40mba2002+2Ehbs+2Eedu+40ENRON@ENRON.com]
Sent:	Thursday, August 02, 2001 7:46 PM
To:	jarnold@enron.com
Subject:	enronline

we have the eol case today in Entrepreneurial Manager.
question:
what is the daily value of transactions done on eol?
how has eol increased market share in gas?
how has eol done internationally?

thanks,
ep

---------------------------------------------
This message was sent using Endymion MailMan.
http://www.endymion.com/products/mailman/


how about today (Thurs) 3pm we can find a conference room


Municipal Bond Overview Conference Call:

Due to the recent volatility in the Stock Markets, we believe that it is of
the utmost importance to keep you abreast of  PaineWebber's outlook on the
overall Markets. With this in mind, we have arranged an exclusive opportunity
for you to get this information straight from UBS/PaineWebber's  analysts via
a series of ongoing conference calls set up for your benefit.

On Wednesday, March 14, 2001, you are invited to participate in a conference
call with Michael Ryan, Fixed Income Strategist for UBS PaineWebber, and John
Bagley, Managing Director of the Municipal Securities Group at UBS
PaineWebber. The subject of the call will be Mike Ryan's outlook on the
overall municipal bond market, and the impact of President Bush's tax plan.
Under Presidents Bush's proposal, the top two marginal rates would be
combined into a lower 33% top bracket, while the next two rates would also be
consolidated into a single 25% bracket. The 15% bracket would remain intact,
but a new 10% bracket would be added. Following is the information you will
need to dial into the call:

Telephone#: (800)-450-9667
Confirmation Code: 559005#
Date: 03/14/2001
Time: 10:00am Central Time (11:00am EST, 8:00am PST)
Length: 30 minutes
Title: Mike Ryan Municipal Bond Market Overview

To help ensure the conference begins in a timely manner, please try to dial
in 5-10 minutes prior to the start time

Sincerely,

Hank Emery
Financial Advisor
Private Client Group
Emery Financial Group
UBS/PaineWebber Incorporated
109 N. Post Oak LN, Suite 150
Houston, TX 77024
713-957-7060

Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions.  Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.


What are you still doing here???


Either the location, or the number of locations has changed on revision number 3. The hedge associated with this deal needs to be re-evaluated.


I'll be in the RTO meeting starting at 12:30 pm.  I'll also pass along the
most recent version of the AReM press release on this.

AB XX 82

wrong bill for California
eliminates direct access until at least 1/1/03 -- also prohibits extension of
DA customers' contracts --  requires those DA customers to RETURN to utility
service
takes the energy futures of the citizens of CA hostage for years to come
will deepen and extend the harm to businesses and the economy
another example of policymakers in CA not being willing to stand up and make
the hard choices necessary to solve the problem

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854


Do you want to sit in on this CERA call at 12:00 noon onThursday, January
18th.  If so, let me know and I will enroll us.

Lorna
---------------------- Forwarded by Lorna Brennan/ET&S/Enron on 01/08/2001
04:00 PM ---------------------------

"Webmaster@cera.com" <webmaster on 01/04/2001 10:25:34 PM
To:
cc:

Subject: Western Gas and Power Markets - A CERA Multi-Media Conference Cal l
- January 4, 2001

Western Energy Multi-Media Conference Call and Web Presentation
A Cambridge Energy Research Associates Conference Call & Web Presentation

TOPIC
Western Gas and Power Markets: Life After Regulatory Backlash
* Power Markets: Crawling from the Wreckage
* Natural Gas Markets: Western Crisis Number Two
* Letting the Markets Work: Regulators Lose Patience

FORMAT
At the time listed below, our speakers will address this topic for
approximately 30 minutes, with accompanying graphics presented on the
internet, followed by an open question and answer period.

SPEAKERS
Mike Zenker, CERA Director, Western Energy
Jennifer Snyder, CERA Associate Director, North American Natural Gas
Peter Moritzburke, CERA Associate, Western Energy
Sharon Reishus, CERA Associate Director, North American Electric Power

TIME
1:00 P.M. Eastern, Thursday, January 18, 2001

ELIGIBILITY
Clients eligible to participate in this conference call are those who
subscribe to the Western Energy Retainer Advisory Service.

TO ENROLL
To enroll, please contact Ms. Donna Masulla via fax at (617) 576-8763, or
enroll via e-mail at dmasulla@cera.com before 4:00 P.M., Wednesday, January
17, 2001.

AUDIO & INTERNET
For the AUDIO portion of the call, please call in on one of the following
numbers approximately 10-15 minutes before the call:

Within the United States:? 1-800-946-0712
Outside the United States:? (719) 457-2641
Confirmation Code: 770386
Title of the call:? Western Energy

For the INTERNET portion of the call (audio is by telephone), log on to the
internet approximately 15-30 minutes before the presentation to ensure
technological compatibility.

1. Point your browser to http://vcast.premconf.com. (Do not include WWW in
the URL)

2. At the VisionCast Home Page, click on "Attend a Private Conference."

3. Follow all directions given regarding additional technology required (if
any).

4. You will be prompted for an Event Name, your name, and your company name.
Event Name: vc770386

5. Fill in all fields and click "Continue."

System Requirements and Suggestions:
* Internet connection not reliant on the phone line you will use for the
call.
* A Java-enabled browser, such as Microsoft Internet Explorer 3.02 or higher;
Netscape Navigator 3.02 or higher; or Sun Hot JAVA(tm)

* Close all desktop applications and disable your screen saver

Technical Assistance:
U.S. callers:? If you are experiencing difficulties during the call, you may
signal for technical assistance by pressing *0 (star, zero) on your telephone
keypad after you have connected to the audio portion of the conference.

International callers:? Please re-dial and ask? the operator for assistance
before giving the confirmation code.

For more information, please contact Donna Masulla via e-mail at
dmasulla@cera.com or via telephone at (617) 441-6896.
___________________________________________________________

A recording of this call (audio only) will be available until February 17,
2001.? To access this recording, please call 1-888-203-1112 (within the U.S.)
or (719) 457-0820 (outside the U.S.).? Please use confirmation number 770386
to access the call.

**end**

*********************************************************
Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids:
Strategies and Risks for the Energy Future" in Houston, February 12-16,
2001!? For more information and to register, please visit
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*********************************************************

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ISDA PRESS REPORT - November 29, 2000

* Exchange Mergers To Encourage Derivatives Markets
* Equity Derivatives Growth Lures US Banks To Europe
* German Electricity Market Set For Growth
* Euro-MPs Seek Reform Delay

Exchange Mergers To Encourage Derivatives Markets
Asia Risk - November 2000

Malaysia's derivatives markets are set for big changes after
December.  This is now the mostly likely date for the merger between the
Commodity and Monetary Exchange of Malaysia (Commex).  The amalgamation will
bring together all the country's exchange-listed futures and options
trading.  Completion of the merger also seems likely to lead to the launch
of several new derivatives contracts, which had been put on hold pending the
union.  Kloffe, which is owned by the Kuala Lumpur Stock Exchange, currently
lists just one contract - futures on the KLSE composite share index.

Commex is itself the result of a merger in late 1998,
between the 18 year old Commodity Exchange, offering palm oil contracts, and
the Malaysian Monetary Exchange, which began operating in 1995 to provide
three month klibor futures.

The need to rationalise Malaysia's exchanges and cut costs
are the main reasons for the merger, according to Allan Au Yond, head of
business development at Commex.  This rationalisation is being strongly
pushed by the government as part of its broader plans for consolidation in
the financial sector.  Although volumes have fallen on both the Kloffe and
Commex since controls were imposed in September 1998.  Au Yond says this is
not the key factor in amalgamation.  In any case, activity on the Commex is
rebounding, he says.  A new name for the combined exchange has not been
decided.

After the proposed December merger, the trading of all
futures and options will be located in the stock exchange building.  All
trading will also be electronic.  At present, Kloffe trades on screen, but
Commex still uses the open-outcry system.  According to Commex officials,
they will be seeking approval for a bond futures contract to compliment the
short-term klibor one.  Kolfe, meanwhile, is planning to launch options on
the composite share index before the end of the year.

Exchange officials would also like to launch options on
individual shares.  However, this will have to wait until the authorities
lift the ban on "short" selling and the lending of shares.  Such practices
were banned in August 1997, during the Asian Crisis, although short
positions on composite index futures are allowed.  At that time, excessive
short-selling was blamed for the sharp drop in share prices.  While the ban
exists, options on individual shares would be unlikely to find much investor
interest.

Another launch proposal under consideration is a futures
contract on an Islamic index, covering shares acceptable under Shari law.

Kloffe was hit quite badly by the imposition of foreign
exchange controls in September 1998.  Until, trading volumes had been
rising.  The early days of East Asia's crisis inevitably created heaving
trading, with monthly contract volumes peaking at 94,850 in June 1998.  The
average monthly volume in the first half of this year has not been much more
than a third of that level.

This is hardly surprising.  Foreigners accounted for about
50% of the Kloffe turnover in 1998.  This year, the proportion is down to
20%, as foreign equity investors deserted the country once the repatriation
controls were relaxed.  New equity portfolio investment from overseas
remains low.

Along with other Asian markets, the Kuala Lumpur stock
exchange has seen a sharp fall in share prices in 2000.  In the year to
early October, the Malaysia dollar returns index, compiled by Standard &
Poor's IFC, was showing a fall of almost 16%.  But this was only half the
drop seen across much of the region, which posted an average slide of 30%.
Share price performances this year partially reverse the strong advances
made in 1999, when the Malaysian market climbed 47% and gains in Asia
averaged 73%.

Equity Derivatives Growth Lures US Banks To Europe
IFR - November 25, 2000
By Elisabeth Bertalanffy

US investment banks including Morgan Stanley Dean Witter and Merrill Lynch
are stepping up their bid to win equity derivatives business in Continental
Europe after a boom year. One area in which they are aiming to win market
share from European banks is the sale of derivatives
Alastair Cooper, managing director in the equity group at MSDW in London,
said that the bank has increased the headcount in its European equity
derivatives operations by 45% this year,
and is planning to add roughly the same number next year. The vast majority
of these hires have been, and will be, on the marketing side. The client
functionality side, such as research, has also been boosted.

The bank is also preparing to roll out an improved technology platform early
next year, which will provide sophisticated online facilities for its
clients. According to Cooper, the bank has invested a lot in the platform -
which offers, for example, state-of-the-art risk management and execution
management systems - and also in improving its infrastructure.

Over the last few years, MSDW has been rapidly building up headcount and
resources across virtually all product lines in Europe. Equity derivatives,
however, had been lagging behind in this
expansion drive, Cooper explained, owing in part to prioritization and risk
appetite considerations. Last year, the bank's management made the decision
significantly to expand MSDW's European equity derivatives business, with a
special commitment to carving out a market position in the
mushrooming local retail markets.

The decision was driven by several factors, according to Cooper. First, MSDW
wanted to leverage its strength in related areas, such as its equity cash,
high-net-worth individuals and mergers and acquisitions businesses, he said.
Also, the bank is extremely optimistic on economic prospects in Europe,
which it believes point to further growth in equity derivatives volumes in
the near future.

Additionally, Cooper noted that the range and sophistication of equity
products has been steadily
increasing - especially in the retail sector with strong growth in
single-name and sectoral products.

One of the most important elements in MSDW's foray into the European equity
derivatives and retail arena - where so far the bank has not left much of a
mark is its efforts on the technology side.  This is especially important
for retail clients, whom the bank can now reach directly.

MSDW's interest in the retail market has been sparked by the considerable
increase in the
volume of equity and equity-linked products in this area. Cooper pointed to
the advanced warrant
and certificate markets across Europe, as well as to the breadth of
alternative assets, like funds of hedge funds. "The retail market is
becoming more and more sophisticated, and the product
offering wider and more complex," he said. "Internet trading is furthering
this trend, because it makes it so easy to deal."

Merrill Lynch has been targeting the European retail market for some time
now, and is one of the largest US players on the Continent. The bank is
managing to leverage off its strong position in the US equity markets to
compete with European banks, and has also been willing to commit large
numbers of staff and significant investment in technology to make a name for
itself.

Merrill strongly emphasises the ecommerce side of the business, currently
offering a dozen product sites in eight languages around the world - in
Europe it provides sites for Italian,
German and UK clients - and a fully integrated global product menu. From
this month, its online site allows for the trading of warrants and
certificates.

On the retail side in Europe, the bank already offers a range of
equity-linked products, including certificates and LDRs - tracker shares,
jointly developed with European stock exchanges and
STOXX. On its certificate platform, the bank more than doubled issuance in
Europe this year. It has also rolled its successful US HOLDRS product out in
Europe. It is among the market leaders in warrants and listed options.

Aside from the well-developed Swiss and German markets, Spain and Italy are
also promising retail arenas for the future: MSDW's acquisition of Spanish
firm AB Asesores last year will provide
a valuable launching pad for the bank's foray into this market, as it
provides it with an extensive retail brokerage presence, Cooper said. At the
same time, it is expanding its credit card business in Europe, and stepping
up direct braking and marketing, he added.

Cooper acknowledged that it would be difficult to compete against
established retail market players like Deutsche Bank and UBS Warburg on
their home turf.

MSDW will thus focus on niche sectors, and will also take advantage of its
strengths, like its leading role in the technology sector. The bank will
also be able to add value in non-European indices and sectors.

Banks that want to be successful in the European retail markets have to
recognise that it is a staff-intensive, low margin, high-volume business.

Merrill, for example, has 210 equity derivatives salespeople worldwide, and
a staggering 18,000 retail financial consultants. Another crucial element is
a strong technology platform, which is
costly, and takes time to set up.

It remains to be seen if other US houses which have traditionally been
strong in equity derivatives are willing to take the plunge into the retail
market. Goldman Sachs, for example, has so far focused primarily on the
high-margin business of large institutional clients, using fewer staff to
cover large areas of the market.

However, the European equity derivatives retail market has been going strong
for some time now, and shows no signs of slowing down. It would come as no
surprise if more US players were to
push into the sector soon.

German Electricity Market Set For Growth
IFR - November 25, 2000

The German electricity derivatives market is expected to grow tenfold over
the next four years, a development that will be helped by the start-up of
several electricity spot and futures exchanges. Last month, the European
Energy Exchange (EEX) started simulating energy futures trades with 20
market participants, including banks and regional and international
electricity providers, according to an EEX spokesman in Frankfurt.

The Amsterdam Stock Exchange is also targeting the German, as well as the
Dutch, electricity futures market, in cooperation with the Hanover commodity
exchange. And the Leipzig Power
Exchange (LPX) is planning to roll out   futures trading in the first half
of next year.

An official at a leading German energy company said that volume in the
electricity forwards market in Germany is currently only about E25m per
year. By 2005, however, the company forecasts volumes of up to E250m - 10
times as much. The vast majority of these trades
are done over-the-counter. His company currently trades forwards, futures,
swaps and options, as well as hybrid   products linked to the prices of
commodities, whose production is very energy consuming, such as aluminum.
Tenors are usually a year.

Liquidity is still lagging behind, even in the spot markets. EEX, which
launched electricity spot trading in August, has average weekly trading
volumes of roughly 100,000 megawatt hours. Rival
LPX trades roughly half that amount. In the derivatives arena, the major
players are investment banks, like Morgan Stanley Dean Witter, and
international power companies, like Enron or Hess, as well as local
electricity company RWE.

But all the signs are there that the electricity derivatives market is
poised to take off. The official pointed to the fact that the market for
qualified energy derivatives personnel, such as traders as well as legal and
compliance experts, is completely exhausted. "It shows how everybody is
looking to build up, or strengthen, their capabilities in this business," he
said, adding that his company also is looking for International Swaps and
Derivatives Association documentation experts.

A two-pronged approach is necessary to foster the energy derivatives market,
the official stressed. First, it is important to conduct education and
information campaigns to draw smaller players into the market, and lobby for
the standardisation of contracts to increase trading
volumes and liquidity.  Another important application for energy derivatives
is as an access provider to lesser deregulated markets in Europe, according
to the official. He explained
that Germany and the UK are the most deregulated energy markets in Europe,
while other markets, like the Benelux countries and Italy, still lag behind.
The easiest way to enter and open up these countries is via derivatives,
which are unregulated.

Euro-MPs Seek Reform Delay
Financial Times - November 29, 2000
By Doug Cameron

The European parliament is seeking a moratorium on sweeping reform of the
global banking industry because of concern that US banks will gain a
competitive advantage.  The Bank of International Settlements (BIS), the
industry's de   facto regulator, is due to publish a consultation paper in
January on updating the 1988 Basle Accord, which governs how banks manage
risks on their balance sheets.

The BIS plans to allow banks to use their internal systems for managing and
monitoring risks, replacing the current framework where central banks set
minimum capital requirements to cover
potential losses.  However, while US banks may be able to implement the
changes by the start of 2002, European rivals will have to wait as long as
three years as legislation passes through the European Commission, Council
of Ministers and parliament.

Sarah Villers, the European parliament member for London who leads its
working group on the Basle reforms, said that while the US introduced the
1988 rules in a matter of months, the EU
took two-and-a-half years.  "European banks undoubtedly suffered last time,"
said Ms Villers.

A report passed last week by the parliament said the "EU  should also press
for a moratorium on the implementation of the revised accord for an agreed
period of time to allow Basle Committee members to adopt implementing
legislation and enable the accord to enter into force on the same day in all
countries."

However, the industry appears to be resigned to implementation at different
times, and many view it as the price worth paying for the greater management
flexibility that the internal                   ratings system will provide.

"We have to live with the fact that the EU cannot go any faster," said Jan
Kalff, the former chairman of ABN Amro who now heads work on Basle for the
Institute of International
Finance, a trade body for the global banking industry.

"There will be a competitive disadvantage for the EU-based banks unless we
can force the US to [slow down]," he said, adding that this was unlikely.
The large US banks, which are expected to benefit most from the revised
accord, are keen to push for its early implementation. Officials involved in
the Basle talks suggested that the BIS was unwilling as well as powerless to
become involved in any possible confrontation with the US over the
timetable.

However, officials conceded that a twin-track timetable would contradict its
intention of creating a level playing field in the way banks manage risk and
are monitored by local regulatory authorities.
Ms Villiers agreed that the US was unlikely to accede to any request for
delay and was pressing for fast-track European legislation which would, at
best, allow directives implementing the new accord to be passed in a minimum
of around 18 months.

End of ISDA Press Report for Wednesday,  November 29, 2000.

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