Here is your October confirm.

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


The result does give the Government a mandate for reform and the pace of reform should increase. The issue is whether the Government will focus on areas that will make a difference.

Koizumi's policies include: reducing public debt, reforming the budget allocation process and implementing deregulation with "no sacred cows". In the near term Koizumi's cabinet will focus on areas of public popularity - IT, urban renewal, the environment, ageing society, education, science and technology and regional revitalisation. While energy is not currently on the LDP priority list, the pro-reformers within the Regulatory Reform Committee (a committee established within the Cabinet Office) are likely to push harder with their reform initiatives, including energy sector reforms.

Significant hurdles remain for Koizumi notwithstanding the mandate: the reformers still remain in the minority within the LDP ( the status quo faction - former Prime Minister Hashimoto's faction - was the biggest winner from the election) and the Government policies for reform are strongly deflationary, with a danger that Koizumi will quickly burn political capital.

In terms of where we are at in the energy reform process - with the release of the Brattle paper last Spring and the confirmation by the METI Minister in July that the electricity review process would commence two years earlier than expected, the utilities realised that they had lost the initiative in the deregulation debate. They are now seeking to regain the initiative and using their political influence to do so.

It is no surprise that the utilities remain a very a powerful lobby group. TEPCO alone spends an estimated US$ 50 - 100 million pa on its public relations activities here. That does not include the direct political donations to the LDP and the soft donations through their construction programs.

In order to get the utilities to agree to the acceleration of the electricity review by two years and to get them back to the table, METI agreed that the review would initially focus on competition reform to encourage new entry into small and medium sized plant development. METI is confident that they can broaden the review once the process commences.

The provisional schedule is as follows:
Sep - Dec 2001: confirmation of positions of stakeholders and discussion of basic policy direction
Jan - June 2002: discussion of basic framework
Jul - Dec 2002: detailed design of system
2004: likely implementation

Our focus has shifted from accelerating the process to ensuring that the review covers the right issues.

I have tentative plans to be in Houston Thursday/ Friday next week with Joe Hirl in connection with the discussions on the possible alliance with Nissho Iwai. Would you be available on Thursday pm or Friday for a more complete briefing?

 -----Original Message-----
From: 	Kean, Steven J.
Sent:	Wednesday, August 08, 2001 9:59 PM
To:	O'Day, Nicholas
Subject:	FW: Japanese Upper House Election Result Report

What do we think it means for the pace of reform?  Is it a mandate?

 -----Original Message-----
From: 	Hughes, Llewelyn
Sent:	Monday, July 30, 2001 5:00 AM
To:	Kean, Steven J.
Cc:	O'Day, Nicholas; Grimes, Michael
Subject:	Japanese Upper House Election Result Report

Dear Steve,

Please find enclosed a note on the results of the Upper House election held here in Japan on July 29.

In a nutshell, there were no real surprises. The ruling coalition achieved a comfortable majority of 12 seats, for a total of 136 seats, in the 247 seat chamber.

I'd be happy to put together a more detailed analysis if needed.

Yours,

Llewelyn Hughes
Public and Regulatory Affairs
Enron Japan

Ph. 81.3.5219.4500

 << File: Upper House Election Result Report 01 07 30.doc >>


You will have several opportunities in the next few days to see a taped interview with Jeff Skilling on The Players segment of "Business Unusual," a program that captures the insights of the world's prominent corporate leaders.  "Business Unusual" will appear on CNN networks in select regions around the globe.  Jeff will discuss why Enron is destined to be the world's leading company, developing a culture that rewards change, the principles of a "loose/tight" organization and more.

Broadcast Schedule:

CNN
Saturday, May 19
11:30 a.m. Pacific Standard Time

Sunday, May 20
5:30 Central Standard Time (a.m. and p.m.)

CNNfn
Monday through Friday, May 21-25
7 p.m. and 10:30 p.m. Central Standard Time

CNN International
Europe:
Saturday, May 19,  1130 CET
Sunday, May 20,  1930 CET

Asia:
Saturday, May 19,  1030 HK

Latin America:
Saturday, May 19,  930 BA
Sunday, May 20,  1030 BA


Grant,
 Now they want us to consider it.
----- Forwarded by Dan J Hyvl/HOU/ECT on 02/02/2001 11:55 AM -----

	"Kleiner, Michael" <Michael.Kleiner@Crestar-Energy.com>
	02/02/2001 11:22 AM

		 To: "'Dan.J.Hyvl@enron.com'" <Dan.J.Hyvl@enron.com>
		 cc: "Kohrs, Bruce" <Bruce_Kohrs@gulf.ca>
		 Subject: RE:Enron/Crestar AOS purchase and sale agreement

Attn: Mr. Dan J. Hvyl

We are wondering if you received our fax of January 30, 2001 and if so
whether you have had an opportunity to consider it.

Gulf Canada Resources Limited

Per: Michael Kleiner,  Law Department
(403) 233-3330


For spot delivered or transported deals, as tickets keep getting bigger with
more and more meters and more and more days on them, they take  longer and
longer to save (release).  For now, Chris keep doing what you 're doing.  As
Chris creates deals (buy /sells/ or spot sales), he'll send  e-mails with
quick descriptions for CES Retail notification and enter them into Sitara as
buy/sells.  THanks Chris and thanks TCO team

Chris Germany
02/07/2000 08:43 AM
To: Victor Lamadrid/HOU/ECT@ECT, Joann Collins/Corp/Enron@ENRON, Robert
Allwein/HOU/ECT@ECT, Joan Veselack/Corp/Enron@ENRON
cc:
Subject: Deal Tickets

I wonder if we could chat about deal tickets this afternoon.  Hopefully this
meeting will only last 5-10 minites.


Frank,

Thank you for the congratulations but unfortunately, I really am on maternity leave and therefore not at all up to speed on what is going on back at work.  However, Andy is available and also Philippe Bibi who is the CEO of Net Works and Greg Piper (COO) are in the office.  I am sure one of them can deal adequately with whatever issues have arisen.

I will be returning at the end of June and look forward to speaking to you then.

Regards

Louise Kitchen
COO
Enron Americas

	Enron Capital & Trade Resources Corp.  From:  "Frank Getman, HSE" <fgetman@houstonstreet.com>                           05/30/2001 01:54 PM

To:	"Louise Kitchen (E-mail)" <lkitchen@enron.com>
cc:

Subject:	HoustonStreet

Louise,

Congrats on the new baby!  Babies are truly a miracle.  Best of luck with
it.  I hope you saw all the movies that you wanted prior to delivery,
because it will be years before you see the inside of a movie theatre.

I know you are on maternity leave, but if you happen to get this email,
please give me a call.  Unfortunately, we are headed down a path right now
that could get very messy between HoustonStreet and Enron.  I want to avoid
that if at all possible.  There has been a level of frustration in the
communication and cooperation between our teams.  If we could both sides to
cooperate and focus for a couple of days, I am confident we can iron out any
issues and be prepared to go live within a week.

We have a number of big players that are eagerly awaiting the launch of our
link because they want to trade with Enron in a neutral, third party
environment.  I also know for a fact that there are back office integration
opportunities that we can pursue together that would be difficult for Enron
to pursue alone.

Congratulations again on your new child.

Best regards,
Frank


Please note date, time and location change for this meeting - (Originally set
up for Fri., Jan. 21st @ 3:00 PM):

New date, time and location:
 Topic: Review Logistics Activities for Transaction Cost Model
 Date:  Thursday, Jan. 20th
 Time:  2:00 PM - 3:00 PM
 Loc.:  EB3014

If you have any questions regarding this meeting call Lisa Cousino @ x3-6343.

Thanks,
Cheri


calendar ... also please RSVP for melissa and I to the Lay's party.
----- Forwarded by Steven J Kean/NA/Enron on 12/17/2000 08:42 PM -----

	Julie Clyatt
	12/15/2000 04:55 PM

		 To: Caroline Schaeffer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Blaylock/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott
Gilchrist/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Angela
Ernest/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kim Cadena/HOU/EES@EES, Samantha
Amosson/HOU/EES@EES, Judy Gray/HOU/EES@EES, Alisa Petteway/HOU/EES@EES, April
Self/HOU/EES@EES, Ashley Lord/HOU/EES@EES, Karen E Campos/NA/Enron@Enron,
Bernie Robinson/Corp/Enron@Enron, Cheryl
White/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Belinda McGaughy/EWC/Enron@ENRON,
Ann Vaughn/HR/Corp/Enron@ENRON, Leesa Hutcherson/OTS/Enron@ENRON, Roger
Sumlin/HR/Corp/Enron@ENRON, Gary Buck/HOU/ECT@ECT, Cecilia
Hankamer/Corp/Enron@Enron, Irma Alvarez/HOU/ECT@ECT, Anne
Labbe/NA/Enron@Enron, Ramona Perkins/Corp/Enron@Enron, Sheila
Walton/HOU/ECT@ECT, Cindy Skinner/HOU/ECT@ECT, Dave Hill/Corp/Enron@Enron,
Shanna Funkhouser/Corp/Enron@ENRON, Fran L Mayes/HOU/ECT@ECT, Norma
Villarreal/HOU/ECT@ECT, Hector McLoughlin/Corp/Enron@Enron, Francisco
deJesus/NA/Enron@ENRON, Janet De La Paz/HR/Corp/Enron@ENRON, Kim
Melodick/HOU/ECT@ECT, Dawn Doucet/CAL/ECT@ECT, Amy FitzPatrick/PDX/ECT@ECT,
Gerry Chatham/Corp/Enron@ENRON, Margo Terrell/HOU/ECT@ECT, Carolyn
Perry/Corp/Enron@ENRON, Willie Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Carmen Pokluda/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wanda
Chalk/ENRON_DEVELOPMENT@Enron_Development, johnpa@nepco.com,
robinj@nepco.com, Trang Dinh/HOU/ECT@ECT, Michelle Hargrave/HOU/ECT@ECT, Todd
Migliore/Corp/Enron@ENRON, Jennifer Jordan/Corp/Enron@ENRON, Nigel
Sellens/LON/ECT@ECT, Kate Whyte/LON/ECT@ECT, Robin L
Treadwell/NA/Enron@Enron, Michelle Hargrave/HOU/ECT@ECT, Trang
Dinh/HOU/ECT@ECT, Todd Migliore/Corp/Enron@ENRON, Cindy
Olson/Corp/Enron@ENRON, Ray Bennett/HOU/EES@EES, Dave
Schafer/OTS/Enron@ENRON, David Oxley/HOU/ECT@ECT, Steven J
Kean/NA/Enron@Enron, Gary P Smith/OTS/Enron@ENRON, Drew C Lynch/HOU/ECT@ECT,
Janie Bonnard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert
Jones/Corp/Enron@ENRON, Miguel Padron/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Scott Gilchrist/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ranendra
Sengupta/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gerry Chatham/Corp/Enron@ENRON,
Marla Barnard/Enron Communications@Enron Communications, Willie
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea Yowman/Corp/Enron@ENRON,
Elizabeth Tilney/HOU/EES@EES, Gina Corteselli/Corp/Enron@Enron, Chris
Cockrell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Teresa
Bosien/HR/Corp/Enron@ENRON, Gwendolyn Gray/HR/Corp/Enron@ENRON, Kathy
Neal/NA/Enron@ENRON
		 cc: Jonathan Lane/NA/Enron@ENRON, Roy Montgomery/NA/Enron@ENRON, Emil
Campos/NA/Enron@Enron, Erin Kanouff/HOU/ECT@ECT, Derek Anderson/HOU/ECT@ECT,
Teri Ashley/HOU/ECT@ECT, Roy Jacob/Corp/Enron@ENRON, Amy
Bundscho/Corp/Enron@Enron, Lionese York/NA/Enron@Enron, Susan
Wimberley/HOU/ECT@ECT, Elspeth Inglis/Corp/Enron@Enron, Lon
Allchin/HR/Corp/Enron@ENRON, Rocio Barela/HOU/ECT@ECT
		 Subject: PEP Happy Hour

We invite you to have a drink with us to celebrate the end!

       When : Wednesday, December 20th
       Where: Hyatt Regency - The Park Bar
       Time :   5:00 - 8:00pm

Please RSVP by Tuesday, December 19th
Please forward this on to anyone I might have missed!


it's been changed

Kerri Thompson@ENRON
02/07/2001 02:56 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: natsource

516628

broker has Q3 02

thanks


Good Morning Ana,

Hope all is well!  I will be on vacation beginning next week and am trying to
go through all the FXs.  There are just a few that I need:

Amendment:
N29174 / M340252
Deal Date 10-11-00
Period W2-01
Rate: 8,1837 NOK\EUR (All EUR amounts are correct, but because the rate is a
bit off, the NOK amounts will need to be adjusted)

Confirmations for:
N26379
Deal Date 19-9-00
Period YR-03
Rate 8,4990 NOK\EUR

N27121
Deal Date 3-10-00
Per: SO--01
Rate 1,0920 NOK\DKK

Thank you
Yumi
+47 23 10 25 57


-----Original Message-----
From:  "JOHN G KLAUBERG" <JKLAUBER@LLGM.COM>@ENRON
[mailto:IMCEANOTES-+22JOHN+20G+20KLAUBERG+22+20+3CJKLAUBER+40LLGM+2ECOM+3E+40E
NRON@ENRON.com]
Sent: Thursday, March 08, 2001 11:18 AM
To: Williams, Robert C.
Cc: Steffes, James; Tribolet, Michael; Shapiro, Richard; vsharp@enron.com;
kcsmith@gateway.net; mday@gmssr.com
Subject: Negative CTC

Bob:

Pursuant to our discussions, attached is a brief listing of some of the pros
and cons we talked about regarding the Negative CTC.  This is not all
inclusive, but I thought it would assist our discussions.

The arguments here focus solely on legal ones.  It does not address the
policy issues/considerations that the Negative CTCs obviously raise.

I have copied those shown as "CCs".  Could you forward to anyone else who
should receive this.

John

"This e-mail, including attachments, contains information that is
confidential and it may be protected by the attorney/client or other
privileges.  This e-mail, including attachments, constitutes non-public
information intended to be conveyed only to the designated recipient(s).  If
you are not an intended recipient, please delete this e-mail, including
attachments and notify me by return mail, e-mail or by phone at 212
424-8125.  The unauthorized use, dissemination, distribution or reproduction
of the e-mail, including attachments, is prohibited and may be unlawful.

John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
jklauber@llgm.com

 - negctc.doc


Lisa,

Thanks.  I forwarded Roger the docs separately, but thanks for the reminder.
I am capable of forgetting!

Kay

Lisa Bills
01/04/2001 12:19 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: CA Development agreements

Kay,
1.  Finance will have comments to you this afternoon.
2.  I noticed just now that Roger Ondreko, as accounting signoff, was not
copied.  Please insure he receives a set of agreements and comments timely so
we can get the package out to the bank on the time line you require.

Thanks, Lisa


Kate & Monica, do you know when these will be changed in Enpower to reflect
the Dow Jones Index?

Thanks,

Kimberly Indelicato
---------------------- Forwarded by Kimberly Allen/HOU/ECT on 02/14/2001
01:41 PM ---------------------------

	Enron North America Corp.

	From:  Kimberly Allen                           02/08/2001 09:29 AM

To: Kate Symes/PDX/ECT@ECT
cc: Monica Lande/PDX/ECT@ECT
Subject: Re: Index forwards/swaps

Hey Ladies! Just wondering when these trades might be changed within Enpower?

Thanks,

Kimberly

   Kate Symes                02/06/2001 01:09 PM

To: Kimberly Allen/HOU/ECT@ECT
cc:
Subject: Re: Index forwards/swaps

Monica Lande also came up with a list of our outstanding deals with the PX.
It contains most of the same deals that are found in your spreadsheet, and a
few that aren't. Also, Bob Badeer has become the leader-by-default of this
"project." Let me know if you'd like me to talk with him about our progress
or have him call you. I'm not sure how involved you are, or how involved
you'd like me to be, but I thought I'd keep you up to date on the happenings
over here. Again, please let me know how I can help.

Thanks,
Kate
---------------------- Forwarded by Kate Symes/PDX/ECT on 02/06/2001 11:05 AM
---------------------------

Monica Lande
02/06/2001 09:59 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: Index forwards/swaps

Monica Lande
02/02/2001 10:34 AM
To: Robert Badeer/HOU/ECT@ECT
cc:
Subject: Index forwards/swaps


Tom, the memo is fine, but before sending it we need to get confirmation from
John Beckworth or Mike Perrin that Senator Bentsen will be able to attend the
dinner at which the award will be given.  I left messages for John and Mike
last Friday.  Jim

Tom Henninger <thenninger@mail.law.utexas.edu> on 12/04/2000 10:32:31 AM
To: James.Derrick@enron.com
cc: nbrazzil@mrzip.cc.utexas.edu

Subject: Lifetime Achievement Award memo attached

Hello, Mr. Derrick--Nancy asked that I send you this draft memo for your
review/approval.  Please let me know if you have difficulty opening it
and/or what changes need to be made to it.  Thanks.

Best regards,

Tom

 - Lifetime Achievement memo.doc


Your message

  To:      Angie Conner (E-mail); Brad Fagan (E-mail); Cathy Pocock
(E-mail); Chris Todd (E-mail); Cindy Tarsi (E-mail); Elizabeth Jordan
(E-mail); Eric Strickland (E-mail); Gayleen Barrett (E-mail); Ginger&
Michael Brown (E-mail); Harriet Turk (E-mail); Slone, Jeanie; Jerry Ward
(E-mail); John Schilke (E-mail); Lisa Barnwell (E-mail); Linda Ward Elam
(E-mail); Lisa Rosenberg (E-mail); Lyndon Clark (E-mail); Mary Beer (Ellen)
(E-mail); Melissa Reese (E-mail); Natalie Boehmer (E-mail); Tina lovett
(E-mail); Tricia Tlapek (E-mail); Wes Kersey (E-mail); Yonnie Waller
(E-mail); Cross, Edith; Vann, Suzanne
  Subject: FW: Fw: An Irish Wish...
  Sent:    Mon, 29 Oct 2001 08:31:46 -0600

did not reach the following recipient(s):

Yonnie Waller (E-mail) on Mon, 29 Oct 2001 08:40:01 -0600
    The recipient name is not recognized
	The MTS-ID of the original message is:
c=us;a=kna;p=enterprise;l=KFNAX400010110291440VZSAKRAA
    MSEXCH:IMS:Enterprise:KNA US Infrastructure:KFNAX40001 0 (000C05A6)
Unknown Recipient

Message-ID: <8B8F71DE55D07C4B94CEA9EC69A25728A24366@NAHOU-MSMBX03V.corp.enron.com>
From: "Ward, Kim S (Houston)" <Kim.Ward@ENRON.com>
To: "Angie Conner (E-mail)" <pugezmum@aol.com>, "Brad Fagan (E-mail)"	 <bfagan@paradigmbank.com>, "Cathy Pocock (E-mail)"	 <cathy_pocock@apsc.com>, "Chris Todd (E-mail)"	 <ctodd@tigersportsproperties.com>, "Cindy Tarsi (E-mail)"	 <cindytarsi@aol.com>, "Elizabeth Jordan (E-mail)"	 <Elizabeth_Jordan@aimfunds.com>, "Eric Strickland (E-mail)"	 <estrickland@mieco.com>, "Gayleen Barrett (E-mail)"	 <gayleen.barrett@xemkt.com>, "Ginger& Michael Brown (E-mail)"	 <Gbrown@prosrm.com>, "Harriet Turk (E-mail)" <turktalk@aol.com>, 	"Slone, Jeanie" <Jeanie.Slone@ENRON.com>, "Jerry Ward (E-mail)"	 <msueward@worldnet.att.net>, "John Schilke (E-mail)"	 <jschilke@ix.netcom.com>, "Lisa Barnwell (E-mail)"	 <lisabarnwell1@yahoo.com>, "Linda Ward Elam (E-mail)" <linda@elam.cc>, 	"Lisa Rosenberg (E-mail)" <lisar@atoga.com>, "Lyndon Clark (E-mail)"	 <orcasouth@yahoo.com>, "Mary Beer (Ellen) (E-mail)" <mjb94123@yahoo.com>, 	"Melissa Reese (E-mail)" <mreese@cmshq.com>, "Natalie Boehmer (E-mail)"	 <natalie.boehmer@eds.com>, "Tina lovett (E-mail)"	 <tlovett@midsouth.rr.com>, "Tricia Tlapek (E-mail)" <tti@rcnchicago.com>, 	"Wes Kersey (E-mail)" <wk@transcarriers.com>, "Yonnie Waller (E-mail)"	 <kfybw23@knausrmt.kna.kraft.com>, "Cross, Edith" <Edith.Cross@ENRON.com>, 	"Vann, Suzanne" <Suzanne.Vann@ENRON.com>
Subject: =?iso-8859-1?Q?FW=3A_Fw=3A_An_Irish_Wish=2E=2E=2E_=A0?=
Date: Mon, 29 Oct 2001 08:31:46 -0600
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
X-MS-Embedded-Report:
Content-Type: text/plain;	charset="iso-8859-1"

>
> In a message dated 10/20/01 9:35:02 AM Pacific Standard Time, Hbskuro
> writes:
> > > An Irish Wish, , , , , , , ,
> > > >
> > > > You had better send this back! ! ! ! Good Luck! ! I hope it
> works. . .
> > > > May there always be work for your hands to do;
> > > > May your purse always hold a coin or two;
> > > > May the sun always shine on your windowpane;
> > > > May a rainbow be certain to follow each rain;
> > > > May the hand of a friend always be near you;
> > > > May God fill your heart with gladness to cheer you.
> > > >
> > > > Ok, this is what you have to do. . . . Send this to ALL of your
>
> >friends!
> > > >
> > > > But - you HAVE to send this within 1 hour from when you open it!
>
> > > >
> > > > Now. . . . . . . . . . . . . . . . . Make A wish! ! ! ! ! !
> > > >
> > > > I hope you made your wish!
> > > > Now then, if you send to:
> > > > * 1 person --- your wish will be granted in 1 year
> > > > * 3 people --- 6 months
> > > > * 5 people --- 3 months
> > > > * 6 people --- 1 month
> > > > * 7 people --- 2 weeks
> > > > * 8 people --- 1 week
> > > > * 9 people --- 5 days
> > > > *10 people --- 3 days
> > > > *12 people --- 2 days
> > > > *15 people --- 1 day
> > > > *20 people --- 3 hours
> > > >
> > > >> >  if you send it 2 of your friends . . . . you will
> >automatically
> > > > have
> > > > 3 years of good luck! ! ! : -)
> > > >
> > > > *** Believe in yourself, know what you want, and make it happen!
>
>
> > > >
> > >
> > >
> >
>
>
> _________________________________________________________________
> Get your FREE download of MSN Explorer at
> http://explorer.msn.com/intl.asp
>
>

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


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=000000000014989&Page=
MyReq.


Version 2.0 of the ClickAtHome Portal is now available!
 Log into www.clickathome.net now, from work or home!

Access the PEP System through the portal!
 Choose your reviewers and fill out your evaluations in the comfort and
privacy of your home!

Outlook Web Access and eHRonline will be available SOON!

The ClickAtHome portal is fully customizable for you!
 YOU choose the content on each page, as well as the look and feel!

Note: the ClickAtHome portal must be launched through an Internet Explorer
browser, 5.0 or higher.


As a registered reader of PMA Online?s Daily Power Report, we are happy to
provide you with a free trial subscription to Restructuring Today until May
4. Please see yesterday?s issue attached. As a paid subscriber you receive
timely news the date of issue.

Restructuring Today has distinctive industry news and analysis which PMA
can?t deliver from the wire services, and at only $487 for over 250 issues
each year, we consider it a bargain.

Act before May 9 to receive $50 off!

Check it out, and if you'd like to subscribe, just give us your name, email
and telephone number, hit "reply" and a subscription agent will contact you.
You can also find a subscription order form on the back page of the
newsletter.

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( ) YES, I WANT TO SUBSCRIBE TO RESTRUCTURING TODAY IN PDF FORMAT FOR ONLY
$437/year ($50 of the regular price for subscriptions orders placed before
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Thanks for reading!

 - rt010420pma.pdf


The October Law Conference was approved for CLE credit by the State Bar of
Texas.  We should be receiving the attendance forms soon for distribution to
everyone.  If someone really needs their hours by the end of November, the
law conference was approved as Course No. 000012424 for 5.50 participatory
hours and 0 ethics hours.

Mary J. Heinitz
(713) 853-3245


fyi...

 -----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com]
Sent:	Wednesday, January 09, 2002 9:26 AM
Subject:	Transit on the Web Up Grade

January 9, 2002

To:  All Transcontinental Gas Pipe Line Customers, Shippers,
Producer-Suppliers and Other Interested Parties

Transit on the Web is upgrading its mainframe operating system.
Customers, who have not done so already, will need to upgrade
their version of QWS3270 from 16-bit to 32-bit.  QWS3270 is the
tool used for Confirmation Ranking, ONE Contracting and Capacity
Release.

We are asking that all of our Transit customers upgrade to
the 32-bit version by February 7, 2002.  The Transit Home Page
contains a link with directions to determine your version (16-bit
or 32-bit). It also contains necessary information to upgrade if
needed.

If the upgrade is not completed by February 7, 2002, customers may
not be able to access Confirmation Ranking, ONE Contracting and
Capacity Release.

If you have any questions or if you are a customer using Windows
NT, please call the Transit Help line.

Margaret E. Kleiner
Manager
Transportation Scheduling


-----Original Message-----
From: Giron, Darron C.
Sent: Thursday, October 25, 2001 3:44 PM
To: Love, Phillip M.
Subject: FW: Texas Monthly November 2001: How Enron Blew It

-----Original Message-----
From: Loibl, Kori
Sent: Thursday, October 25, 2001 1:38 PM
To: Giron, Darron C.
Subject: FW: Texas Monthly November 2001: How Enron Blew It

-----Original Message-----
From: Bailey, Derek
Sent: Thursday, October 25, 2001 8:20 AM
To: McLaughlin Jr., Errol; Loibl, Kori; Olney, Matthew; Jones, Brad; Cavazos, Amy; Vargas, Laura; Taylor, Joey; Thibaut, Dan; Couch, Greg
Subject: FW: Texas Monthly November 2001: How Enron Blew It

Brutal
-----Original Message-----
From: Anderson, Diane
Sent: Wednesday, October 24, 2001 5:06 PM
To: Mulvany, Patrick; Hunter, Larry Joe; Bailey, Derek; Meredith, Kevin
Subject: FW: Texas Monthly November 2001: How Enron Blew It

Yikes.

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---------------------- Forwarded by Sara Shackleton/HOU/ECT on 07/28/99 11:10
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Patricia Cini                           07/28/99 07:32 AM

To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sara Shackleton/HOU/ECT@ECT
Subject: Re: Eden - Siderca

Brent-

The deal has changed (see bottom) and according to Rolo it is still in the
development stage.

Regards,

Pat

---------------------- Forwarded by Patricia Cini/HOU/ECT on 07/28/99 07:31
AM ---------------------------
From: Rodolfo Freyre AT ENRON_DEVELOPMENT@CCMAIL on 07/23/99 08:34 AM
To: Patricia Cini/HOU/ECT@ECT
cc: Federico Cerisoli AT ENRON_DEVELOPMENT@CCMAIL
Subject: Re: Eden - Siderca

Pat,

That's a good question. Actually we are still defining prices with Eden to
see what we are going to offer Siderca.

Following steps:
Eden and Enron to agree on structure and pricing;
Eden will present the structure to Siderca;
Siderca has to agree to the proposed structure and prices and will start
negotiating documents.

I suggest that we hold on until we agree with Eden on point 1, and once that
is decided, we can start working on it.

Regards,

Rolo

From: "Patricia Cini/HOU/ECT" AT ECT@ccMail on 07/22/99 02:44 PM CDT

To:   Rodolfo Freyre/ENRON_DEVELOPMENT
cc:

Subject:  Re: Eden - Siderca

Rolo-

Where are you with this deal?  We will need to have underwriting become
involved if you are looking at paying 12MM up front.

Please let me know when you are ready to have a conference call with
underwriting and myself to discuss this deal in detail.

Regards,

Pat

From: Rodolfo Freyre AT ENRON_DEVELOPMENT@CCMAIL on 07/07/99 04:02 PM

To:   Patricia Cini@ECT
cc:   Federico Cerisoli AT ENRON_DEVELOPMENT@CCMAIL, "Don
Black/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL
Subject:  Eden - Siderca

Importance:  High
---------------------------------

Pat,

Fede and I met this morning with Eden. For the time being, we are going to
work with them on another deal (which I will explain below) and we will
suspend the Swap deal that we were currently working on..

Eden - Siderca - Enron Deal

Eden has a full-requirement PPA (140MW) with a TOP of around 50 MWs with
Siderca that ends on May 31st, 2006. The contract price is approximately $30
/Mwh (adjusted with a formula) clearly out of the money.   The contract also
states that Siderca will have to pay $12MM penalty to Eden in the event
Siderca wants to early terminate the contract. We have proposed to Eden the
following structure:

Enron will pay Eden an upfront payment of $12MM so that Eden terminates the
contract with Siderca, and then Enron can transact with Siderca. Enron will
sign a MSA with Siderca selling (financially) for around 70 MW flat during
the term of the agreement.
Enron will sign a MSA with a Generator (possibly CTSN - an AES Co. - or
Central Puerto) to buy (financially) 70 MW flat during the term of the
agreement.
Siderca will sign a physical power contract with a generator for 70 MW @ spot
prices.
Term of the agreement: Nov '99 - March '06.

One important point is to determine what will the concept for the Upfront
Payment that Enron will make to Eden. Fede and I
thought about two options:
Dummy Option or,
Direct Payment to the Main Shareholders of Eden on an off-shore basis

I am attaching a slide were the transaction is described. If you have any
questions about the deal structure, do not hesitate to call either Fede or
myself.

Rolo

(See attached file: Siderca-Eden.ppt)
 - Siderca-Eden.ppt


I attach a brief overview of the May 15 conference.

Landmark Conference. The conference, to be held on May 15 and 16, will be the
most significant conference on energy sector deregulation in Japan this year.
We expect the Japanese press to provide extensive coverage of the conference.

Enron Orchestrating. The conference is being organized by Marcus Evans
(formerly ICM), a reputable international conference organizer, and is being
orchestrated by Enron. We are driving the timing, the seminar content and the
speakers behind the scenes.

Timing. The conference is timed to coincide with the commencement of
government deliberations on further competition reforms to Japan's
electricity market. In addition, Enron Japan will have just released a
comprehensive white paper on recommended reforms to the Japanese electricity
market.

Speakers. Mr Skilling would have the first key note speech on the first day.
He would be followed by the head of the Ministry of Economy, Trade and
Industry - the Ministry responsible for the energy sector.

Other scheduled speakers include: The president of NTT; the President of
Tokyo Electric Power Corporation; a FERC Commissioner; a senior European
regulator; former Prime Minister Hashimoto, as chairman of the Natural Energy
Promotion Association; the Dean of the Tokyo University Graduate School of
Financial Engineering; and senior management from Toyota Motor Corporation
and Asahi Chemical Corporation.

Other Meetings. We would propose meetings with: the press -  one on ones
and/or, if appropriate, a press conference; senior Government officials
(Ministerial level); senior commercial relationships (Chairman/ CEO level) eg
Orix Corp., Tokyo Electric Power Corp., Itochu Corp., Hitachi Group, Kawasaki
Group.

I look forward to hearing from you.

Kind regards

Maureen McVicker
02/22/2001 01:13 AM
To: Nicholas O'Day/AP/Enron@Enron
cc:

Subject: CONFERENCE INFORMATION

Nick:

Steve would like you to send to him and Sherri Sera the information about the
May 15th conference.

Sherri said that Jeff Skilling might be able to make the conference.  He
needs to be back in the states on May 17th - so she will need to check on the
flights.

I'll let you know as soon as they have decided for sure.

Thanks.


On Wednesday, Sept. 13, we will be using the new version of EnronOnline
(website and Stack Manager) for all North American internal users.

Please log into the temporary website: http://Prod.EnronOnline.com (no www.)
This is a LIVE website and all trades are REAL.

Content of this Email
1. Introduction
2. Version 2.0 Launch Date
3. New Website Features
4. New Stack Manager Features
5. Your Participation
6. Contacts

1. Introduction

We are planning to launch version 2.0 of EnronOnline to customers within the
next few days.  In preparation for this launch, the new web site will be
released to internal users in North America on Wednesday, September 13th.
European internal users will be launched shortly after North America.
External customers will follow a few days later.

One of the purposes of the internal launch is to simulate the system load
which will be caused by the full customer launch.  Accordingly, we appreciate
your cooperation in helping us to simulate this load by logging into
http://prod.enrononline.com (no www.)  This is a live web site and all trades
are real.

New features (as per recent presentations and training sessions) include:

? Price limit orders
? Enhanced customization
? Floating windows
? Market news and quotes
? Weather maps and tables
? Industry-specific publications
? Market-specific homepages

2. Version 2.0 Launch Date
EnronOnline Version 2.0 will be launched to the public a few days after our
internal launch. We  will be using the new version internally from Wednesday,
Sept. 13. This will provide an opportunity for you to become familiar with
using the new application in the production environment before our customers
start to use it.

3. New Website Feature Details

Price limit orders: Customers have the ability to set up orders that
automatically execute as soon as the price and volume requested become
available. The limit orders remain open in the system until they are
executed, cancelled by the user, or when they expire. All pending orders will
expire no later than 12 hours after being placed.

Pending Price Limit Orders will appear in a new window below the Quotes
screen in the website.

Product tabs: EnronOnline users can use enhanced filtering capabilities to
create separate page tabs for the products that interest them.  Users can
instantly access each page tab with a click of their mouse. Sort Ordering can
be changed by clicking on a column heading, with multiple sorts possible by
holding down the shift key while clicking.

Floating windows: Users have the ability to create multiple windows with
different products by right-clicking on the products in the main quotes
screen.

Market news: Website users can now access the latest headlines, sports and
industry news from Reuters. Furthermore, the information categories can be
customized according to personal interests. To customize a particular
category, users need to click the Edit button in the category heading.

All information categories can be collapsed to save space. To expand or
collapse a category, users need to click the arrow to the left of the
category heading.

Stock quotes: EnronOnline now offers stock quotes (20 min. delay) from major
exchanges around the world.

Weather insights: Customers can now access weather maps and temperature data
for specific cities and regions.  Weather forecasts, up to six days ahead,
and temperature differentials from periodic averages are now available.

Industry publications: Website users can read a wide range of
industry-specific publications including Argus European Natural Gas, Argus
European Electricity, the news from NGI,s Daily Gas Price Index, Bandwidth
Desk, Coal Daily and more.

4. New Stack Manager Features

The Stack Manager has been updated to facilitate Price Limit Orders. You will
notice that there is a new button at the top of the Stack Manager, which will
open a window showing a summary of the best Price Limit Order bids and offers
against your managed products. You can click the "+" sign to the left of a
summary to show a list of all the Price Limit Orders which have been placed
against that product.

Under normal circumstances, the price shown on the website will be the same
as the price on your Stack Manager. However, the system will not allow you to
show a price which is better than an existing Price Limit Order. Instead, the
system will show a price on the website equivalent to the prevailing Price
Limit Order while it is being filled. Once the appropriate Price Limit Orders
are filled, then the website will again show your Stack Manager prices.

It is important that you complete the &Maximum Volume8 field in the Product
Properties window and that you select "Allow Price Limit Orders". Also, make
sure that the price tick window in the Stack Manager,s &Product Properties8
field is appropriate for the product. If you do not do this, your customers
will not be able to use Price Limit Orders for your products.

5. Your Participation
Please log in to http://prod.enrononline.com (no www.) on Wednesday. To
ensure EnronOnline Version 2.0 is a success, it is important that you have a
full understanding of the new features and help promote the system to your
customers.

6. Contacts
If you have any further questions that are not answered above please feel
free to contact us at:

The Americas:
+1 (713) 853-4357 (HELP)

Asia and Australia
+61 2 9229 2300

All other Regions
+44 (0)20 7783 7783


FYI, attached is a copy of the agreement provided to Deerfield's city
attorney.

 -----Original Message-----
From:  MedleyB@gtlaw.com@ENRON
[mailto:IMCEANOTES-MedleyB+40gtlaw+2Ecom+40ENRON@ENRON.com]
Sent: Wednesday, June 06, 2001 1:31 PM
To: Jacoby, Ben
Subject: Deerfield Agreement

 <<73PB05!.DOC>>

_______________________________________________________________
The information contained in this transmission may contain
privileged and confidential information.  It is intended only
for the use of the person(s) named above. If you are not the
intended recipient,  you are hereby notified that any review,
dissemination, distribution or duplication of this
communication is strictly prohibited. If you are not the
intended recipient, please contact the sender by reply email
and destroy all copies of the original message.

To reply to our email administrator directly, please send an
email to postmaster@gtlaw.com.

 - 73PB05!.DOC


Below is a summary of available future capacity to the California border:

effective 11/01/2001-10/31/2003, 13,500 Needles and 14,000 Topock
effective 11/01/2002-10/31/2003, 21,500 Needles
effective 04/01/2002-10/31/2002, 14,000 Topock
effective 04/01/2003-10/31/2003, 14,000 Topock

The spreads are still pretty wide even through 2002 at 0.75; and here's an
opportunity to capture it before it tightens.


Always interested in chatting.

-----Original Message-----
From: Kitchen, Louise
Sent: Monday, February 04, 2002 3:32 PM
To: Seeligson, Stewart
Subject: RE: Hello

Any interest in chatting about a job at UBS?
--------------------------
Sent from my BlackBerry Wireless Handheld


Looks good to me.  Mark


FYI.  Mirant announced a 750MW deal with DWR, but story only said "for March"
so unclear what term is.


One of our customers...

Cameron Sellers
Vice President, Business Development
PERFECT.COM
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
cameron@perfect.com
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)

-----Original Message-----
From:  Kevin Surace
Sent: Thursday, October 12, 2000 7:41 PM
To: A - Execs
Subject: FW: Great Bandwidth & Perfect Article

http://www.destinationcrm.com/ec/dcrm_ec_article.asp?id=64


Kate,
Please find the following spreadsheet detailing EES's positions for the
14th.  I appreciate you putting these schedules together for the real-time
group.
Thanks
B
---------------------- Forwarded by Bill Williams III/PDX/ECT on 03/13/2001
04:22 PM ---------------------------
To: Bill Williams III/PDX/ECT@ECT
cc:

Subject: REAL-TIME LONG POSITIONS FOR DELIVERY 3/14/01

Bill please do your best to sell off these additional positions.  IE. these
numbers plus what you get from Platter.

call me if there is a question 713 249 3952


Dear Anderson Alumni:

The Anderson Alumni Office has seen a tremendous outpouring
of concern for our alumni in New York and Washington, D.C.,
demonstrating the strength and compassion of our alumni
network.

To keep everyone informed, we have created a Web site to
locate our alumni. The site is at our alumni home page:

         http://www.anderson.ucla.edu/alumni

To update our Web site, please e-mail Steve Lyon, our
assistant director for online services, at
slyon@anderson.ucla.edu.

We are very saddened to report that alumnus Christopher
Newton (EMBA '98) was a passenger on American Airlines
flight 77 out of Dulles.  Our thoughts and prayers go out
to his family and friends.

Sincerely,
Bridget

NOTE: We are sending this e-mail to every alum for whom
we have an address in order to reach as many people as
possible; thank you for your understanding.

-------------------
Bridget Razo
Director of Alumni Relations
The Anderson School
(310) 825-9448
bridget.razo@anderson.ucla.edu

-----------------------------------------------------------alumni.news-+
To subscribe/unsubscribe to Anderson Alumni e-mail lists
via the Web, visit
http://www.anderson.ucla.edu/alumni

To unsubscribe via e-mail, address your message to:
listserver@anderson.ucla.edu.  Include only the following
message: unsubscribe alumni.news

For questions or assistance, please contact the Anderson
Alumni Office at alumni.office@anderson.ucla.edu.
-----------------------------------------------------------alumni.news--


some additional information beyond duh would be useful.

	Nancy Sellers <Nancy.Sellers@RobertMondavi.com>
	05/10/2001 11:47 AM

		 To: "'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: RE: A little change in plans

DUH

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Thursday, May 10, 2001 9:45 AM
To: Nancy Sellers
Subject: RE: A little change in plans

how did that happen?

                    Nancy Sellers

                    <Nancy.Sellers@RobertMo        To:
"'Jeff.Dasovich@enron.com'"
                    ndavi.com>                     <Jeff.Dasovich@enron.com>

                                                   cc:

                    05/10/2001 11:35 AM            Subject:     RE: A little
change in plans

DUH

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Thursday, May 10, 2001 9:33 AM
To: Nancy Sellers
Subject: Re: A little change in plans

what do you mean, house guests from la jolla?

                    Nancy Sellers

                    <Nancy.Sellers@RobertMo        To:     "'Jeff
Dasovich'"

                    ndavi.com>
<Jeff_Dasovich@enron.com>, "Prentice @ Berkeley"

<PSellers@haas.berkeley.edu>, Prentice Sellers
                    05/10/2001 10:25 AM            <PSellers@pacbell.net>

                                                   cc:

                                                   Subject:     A little
change in plans

we are going to have house guests from La Jolla on Sunday, so I don't think
that golf would be appropriate - but you guys can still play without us.
Let me know before I cancel the tee time.

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"


<http://secure.scientech.com/images/spacer.gif>	  <http://secure.scientech.com/images/spacer.gif>
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November 12, 2001

Dynegy and Enron
Announce Merger

By Will McNamara
Director, Electric Industry Analysis

[News item from Reuters] Dynegy Inc. (NYSE: DYN) agreed on Nov. 9 to acquire rival Enron Corp. (NYSE: ENE) for some $9 billion in stock, underlining the dramatic reversal of fortunes for the Houston-based energy trading giant that was valued last year at nearly $80 billion. Enron's stock fell sharply in the past month due to investors' concerns about murky transactions that sparked an investigation by U.S. regulators and damaging downgrades by credit rating agencies. The merged company will retain the Dynegy name. It will have annual revenues of more than $200 billion and assets worth $90 billion, including more than 22,000 megawatts of electricity generating capacity and 25,000 miles of natural-gas pipelines. It will be North America's biggest marketer and trader of natural gas and electricity, positions previously held by Enron.

Analysis: Well, it's now official. The announcement of what presumably will be the final chapter in the Enron saga came with much fanfare at the end of last week. It is indeed a dramatic end. Enron, the maverick and innovative company that has often been credited for literally creating deregulated markets in the energy industry, will no longer exist after what has been a very quick and unbelievable fall from grace over the last several months. Dynegy, the slow and methodical company that took a more traditional approach toward success, is making a stunning acquisition of its formal rival and locking in much of the industry market share of Enron. Can there be any doubt that this is the energy industry's manifestation of the tortoise and the hare parable? Enron has clearly lost the race to Dynegy, but is making a smart choice to be bought, considering its desperate circumstances and the unlikelihood of its regaining financial strength on its own. For Dynegy, this acquisition is a major win, as the combination will create the biggest and strongest energy merchant in the world.

There are so many interesting dimensions to this mammoth deal. Before addressing some issues related to the approval of the deal, let's establish some of the key points of the merger agreement. There have been some mixed reports, but it is generally believed that Dynegy is buying Enron for about $10 a share, quite a steal considering that just over a year ago Enron was trading at close to $90 a share and had a market value of nearly $70 billion. Under terms of the agreement, Enron shareholders will receive 0.2685 Dynegy shares per share of Enron common stock. Dynegy's current stockholders (including ChevronTexaco Corp., which currently owns 27 percent of Dynegy) will own approximately 64 percent of the combined company, while Enron's stockholders will own approximately 36 percent of the combined company's stock at closing.

In addition, Dynegy will provide an immediate $1.5-billion asset-backed equity infusion into Enron to help the company with its current financial woes, followed by an additional infusion of $2.5 billion into the combined company by ChevronTexaco. Chuck Watson, chairman and CEO of Dynegy, will retain his position at the new company. Steve Bergstrom, president of Dynegy, and Rob Doty, chief financial officer, will retain their positions at the new company. It is not presently known what role, if any, Ken Lay, current CEO of Enron, will hold at the new company.

Of course, this acquisition could not have taken place if Enron had not fallen into a very vulnerable spot this year. Quite literally, Enron was pushed into this deal because it was running out of cash, its stock had tanked and its credit ratings were slashed to near junk levels, all within the last several weeks. Enron's decline over the course of 2001 has been the result of losses in its telecom sector, losses from its involvement in India, the departure of its former CEO Jeffrey Skilling, a Securities and Exchange Commission (SEC) investigation into some of its business practices, and lack of investor confidence about Enron's honesty in its financial reporting. This last point gained validity last week when Enron announced that it had overstated earnings by 20 percent over the last four years and investors should disregard the company's financial statements from 1997 through the first half of 2001. The restating of its earnings for the last five years sliced $591 million from Enron's reported profits. In addition, Enron revised its debt upward in each year from 1997 to 2000. At the end of 2000, Enron's debt was $10.86 billion, $628 million more than it had previously reported. By not reporting this debt earlier, Enron presumably was able to maintain a stronger credit rating than it would have had the accurate records been disclosed.

The key value for Dynegy in this acquisition is Enron's successful energy trading business. In addition, Dynegy could also find synergies in Enron's retail unit, Enron Energy Services and EnronOnline, the company's electronic trading unit. Dynegy has a similar trading site known as Dynegydirect, which was launched after Enron gained the first-strike advantage in this market space. Details are still emerging, but it would make sense if Dynegy opted to not purchase other units under Enron's business structure, such as the company's water and telecom businesses, which are losing money. Dynegy has its own telecom unit, which has also lost money this year, so it may not want to expand in this slow-growing sector at this time. Vivendi Environnement, a French company that has expanded into various lines of business, has reportedly expressed interest in the remaining subsidiaries of Azurix, Enron's struggling water subsidiary. Note that Enron sold Azurix North America to American Water Works.

The deal is subject to regulatory reviews and shareholder approval from Dynegy and Enron shareholders. Dynegy shareholder approval may be contingent upon any possible downgrades on its long-term debt that Dynegy could encounter with the purchase of Enron. At this juncture, it does not appear that Dynegy will be downgraded, but this is a fast-changing story and conditions could change abruptly. Financing the deal may also be an issue, even with the infusion of capital from ChevronTexaco. Dynegy reportedly has $3 billion worth of debt and has a market capitalization of $11.7 billion. Thus, Enron's own more substantial debt may be too significant for Dynegy to absorb, a concern that may cause Dynegy shareholders to veto the deal. This issue could be helped if Dynegy only elects to purchase some of Enron's assets and if there is some repair work done on Enron's balance sheets.

The issue of regulatory approval could be difficult, as the combination of the two huge companies may cause regulators to be concerned about market power and antitrust issues. The review of this merger will be unprecedented, considering that the wholesale natural-gas and electricity trading market is still fairly young. Certainly, a deal of this magnitude has not previously occurred in the deregulating energy industry. It is not presently clear which regulatory agency will be involved in the review, although the Federal Energy Regulatory Commission (FERC), the Federal Trade Commission and the Justice Department could all be involved. FERC would most likely become involved only if the acquisition includes the transfer of a physical asset, such as a pipeline. FERC may not become involved if the deal is structured solely as an exchange of stock. Not involving FERC would be more advantageous for Dynegy and Enron as the timeline for approval would be significantly shorter.

An issue that most likely will be at the top of the list of review items for regulators would be the extent to which the combination of Enron and Dynegy would hold market power in the natural-gas trading space, which could pre-empt market entry by other competitors. The combined company would be considerably larger than its nearest competitors. Scope and scale are considered the top competitive assets in the trading sector, and the combination of Dynegy and Enron will certainly have those assets in abundance. It will fall on regulators to determine if the combined company is so large that it precludes other competitors from emerging into the same space.

To say that this deal is a sweet victory for Chuck Watson is an understatement. The two rival companies followed very different paths to success. Enron, under the leadership of Jeffrey Skilling in particular, espoused an unorthodox belief that the company did not need to own physical assets in order to achieve success in the energy-trading space. Dynegy, on the other hand, approached the market from the opposite perspective, and diligently acquired diverse generation assets across the United States and internationally to support its trading operation. Up until the start of 2001, it appeared that Enron's strategy was the more successful of the two. Enron, with $100 billion in revenues and $1 billion in profits in 2000, ranked fifth on Fortune 500's list of largest U.S. companies. In contrast, Dynegy ranked 54 on the same list and had $29 billion in revenues and $500 million in earnings. However, 2000 turned out to be Dynegy's year and the success continued into 2001, the very year that would bring Enron's downfall. Enron's problems culminated in $638 million in losses in the third quarter, after taking $1.01 billion in charges associated with several of its non-core businesses. Taken with the other factors plaguing the company, Enron became exceptionally vulnerable and prone to a takeover, which has now provided Dynegy with a strong gain.

The purchase of Enron will literally quadruple Dynegy's size and should immediately provide an accretive earnings contribution. Further, Dynegy claims that it expects a 15- to 20-percent annual earnings growth over the next three years following its planned acquisition of Enron. If it gains all of the necessary regulatory approvals, Dynegy will become the undisputed market leader in the energy industry, with annual revenues of $200 billion and $90 billion in assets. The company will have 22,000 MW of generating capacity, which moves its closer to the previously established goal of accumulating 70,000 MW by 2005. In other words, the combined company will dwarf any other competition in the trading sector and be considerably ahead of its nearest competitors such as Mirant or Duke Energy in terms of size, resources and assets.

Word of the acquisition caused Enron's shares to increase some, one of the few upward bumps that the company had experienced in the last few months. Shares of Enron rose 44 cents, or 5.2 percent, to $8.85 in mid-day trade on the New York Stock Exchange on Nov. 9. As of early morning trade on Nov. 12, Enron shares were priced at $9.40. Shares of Dynegy gained $2.24, or 5.8 percent, to $41 in early trade on the New York Stock Exchange.

An archive list of previous IssueAlert articles is available at
www.scientech.com <http://secure.scientech.com/issuealert/>

  _____

We encourage our readers to contact us with their comments. We look forward to hearing from you. Nancy Spring  <mailto:nspring@scientech.com>

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Copyright 2001. SCIENTECH, Inc. All rights reserved.
  <http://infostore.consultrci.com/spacerdot.gif?IssueAlert=11/12/2001>


THINGS I'VE LEARNED FROM MY CHILDREN...(HONEST AND NO KIDDING)

 1. A king size waterbed holds enough water to fill a 2000 sq. foot house
 4inches deep.

 2. If you spray hairspray on dust bunnies and run over them with
 rollerblades, they can ignite.

 3. A 3-year-old's voice is louder than 200 adults in a crowded restaurant.

 4. If you hook a dog leash over a ceiling fan, the motor is not strong
 enough to raise a 42 pound boy wearing Batman underwear and a Superman
cape. It is enough, however, if tied to a paint can, to
 spread paint on all four walls of a 20 by 20 foot room.

 5. You should not throw baseballs up when the ceiling fan is on.  When
using the ceiling fan as a bat, you have to throw the ball up a few times before
 you get a hit.  A ceiling fan can hit a baseball a long way.

 6. The glass in windows (even double pane) does not stop a baseball hit by
a ceiling fan.

 7. When you hear the toilet flush and the words "Uh-oh," it's already too
 late.

 8. Brake fluid mixed with Clorox makes smoke, and lots of it.

 9. A six-year-old can start a fire with a flint rock even though a
 36-year-old man says they can only do it in the movies.>

 10. Certain Legos will pass through the digestive tract of a
four-year-old.

 11. Play Dough and Microwave should never be used in the same sentence.

 12. Super glue is forever.

 13. No matter how much Jell-O you put in a swimming pool you still can't
 walk on water.

 14. Pool filters do not like Jell-O.

 15. VCR's do not eject PB&J sandwiches even though TV commercials show
they do.

 16. Garbage bags do not make good parachutes.

 17. Marbles in gas tanks make lots of noise when driving.

 18. You probably do not want to know what that odor is

 19. Always look in the oven before you turn it on.  Plastic toys do not
like ovens.

 20. The fire department in Austin, TX has a 5-minute response time.

 21. The spin cycle on the washing machine does not make earthworms dizzy

 22. It will, however, make cats dizzy.

 23. Cats throw up twice their body weight when dizzy.

 24. The mind of a six-year-old is wonderful...True story.  One day the
first grade teacher was reading the story of the Three Little Pigs to her class.
 She came to the part of the story where the first pig was trying to
 accumulate the building materials for his home.  She read, "...And so the
 pig went up to the man with the wheelbarrow full of straw and said,
"Pardon me sir, but may I have some of that straw to
 build my house?"  The teacher paused then asked the class, "And what do
you think that man said?"  One little boy raised his hand and said, "I think
he said 'Holy Shit! A talking pig!"  The teacher was unable to teach for the
 next 10 minutes.


Keegan,  Please print out two originals of the attached CA for execution on ENA letterhead.  I will need to initial.  Thanks


Another print job.  Please make me a Wheeling Pitt file folder for these docs
as well.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/29/2000 10:48
AM ---------------------------

"Keenan, Kevin" <KKeenan@KSLAW.com> on 08/25/2000 09:28:16 AM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: ENA - Wheeling Pittsburgh Consignment

Ms. Mann:

Please find attached, in response to your email yesterday to John Keffer,
(i) a memo to you discussing the status of the above-mentioned transaction,
(ii) a draft (and redline against our prior draft) of the Consignment Sales
Agreement, and (iii) a form of Consent to Priority Status to be signed by
creditors of Wheeling Pittsburgh in connection with the consignment.

Please feel free to call either John or me if you have any questions or
would like to discuss the points raised in the memo.

Best regards,

Kevin D. Keenan
King & Spalding (Houston)
713-276-7368

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - Consent to Priority Status.DOC
 - Redline ENA - Wheeling Pittsburgh Consignment Agreement.DOC
 - ENA - Wheeling Consignment Agreement.DOC
 - Wheeling Pittsburgh Memo.DOC


Any GCP adjustments will be highlighted in red.

Attn. GCP_London:
There's a new EOL Counterparty listed in the UK. Please respond.

Best Rgds.

Samuel x3-9890
ENW_GCP

From: Walter Guidroz/ENRON@enronXgate on 03/20/2001 05:30 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global Contracts and Facilities@ENRON, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, 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, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications
cc:
Subject: EOL approvals, 3-20-01

Please see attached.


Tuesday at 2:00 ?

Frank

John Hodge
05/11/2001 12:13 PM
To:	Frank W Vickers/NA/Enron@Enron
cc:

Subject:	Re: Review

I still need to get with you.  I will be out Monday afternoon, but could meet any other afternoon next week.  The job change has been invigorating and very enjoyable.  I really appreciate this opportunity.  Let me know when you are available.

Frank W Vickers
04/13/2001 11:06 AM
To:	John Hodge/Corp/Enron@ENRON
cc:

Subject:	Review

John, thanks for your review.  I have completed the form and at you convenience we can get together and put it to bed.  Let me know when.

Thanks

Frank

<Embedded StdOleLink>


Kristin,  I spoke with Rick Joseph today.  The September 10 Lyceum is to the 3rd Year PPA students.  This is the overall Enron presentation.  He said that most of the "firms" presenting at the Lyceums are bringing more than one person to present the different aspects of the company.  He said that in his original correspondence he sent an evaluation form that gives the points of interest to the students.  He also said that many of the "firms" presenting use a video about the company.  He said that the students would be interested in knowing where Enron is going and what the long range goals are for the company.  They would also benefit from knowing the skills that are important to those seeking employment with Enron.

I hope this helps.  The September 12 Lyceum is to the 4th year PPA students and Rick Causey has committed to that presentation.

 -----Original Message-----
From: 	Gandy, Kristin
Sent:	Wednesday, June 06, 2001 4:02 PM
To:	Westbrook, Sharron
Subject:	FW: U.T. 2001 Fall Lyceum Series

 -----Original Message-----
From: 	Elliott, Lexi
Sent:	Wednesday, June 06, 2001 3:11 PM
To:	Gandy, Kristin
Subject:	FW: U.T. 2001 Fall Lyceum Series

kg:

I didn't know anything about September 10.  Is that something you set up????  I completely skipped over that sentence when I read this the 1st time....

We need to figure this out ASAP.

 -----Original Message-----
From: 	Causey, Richard
Sent:	Wednesday, June 06, 2001 3:08 PM
To:	Beck, Sally; Price, Brent A.; Elliott, Lexi
Subject:	FW: U.T. 2001 Fall Lyceum Series

Please note this on your calendar for next year.  Also, does anyone have the Monday , September 10th date down?
 -----Original Message-----
From: 	Richard Joseph <rjoseph@mail.utexas.edu>@ENRON [mailto:IMCEANOTES-Richard+20Joseph+20+3Crjoseph+40mail+2Eutexas+2Eedu+3E+40ENRON@ENRON.com]
Sent:	Wednesday, June 06, 2001 1:34 PM
To:	rcausey@enron.com
Subject:	U.T. 2001 Fall Lyceum Series

Hi Rick,
I'm in the process of planning the U.T. 2001 Fourth Year PPA Fall Lyceum series scheduled for every Wednesday in the fall.  As you know, this series brings to campus distinguished practitioners who address our 4th Year PPAs (the equivalent of college seniors) on current issues in accounting and current trends in business.  Last year, you delivered a presentation in this Lyceum on "Global Equity Markets."
I'd like to invite you back this year to make a presentation on Wednesday, September 12, from 4:00 to 5:15 p.m. (new time) in UTC 2.102A.   This presentation would be in addition to the Enron company presentation scheduled for Monday, September 10 at the same time and place.  Please let me know (1) if the Wednesday date is convenient for you, and (2) the topic you would like to discuss.  Also let me know if I can facilitate your presentation in any way.
Best wishes,
Rick
Richard J. Joseph, Senior Lecturer and Director
Master of Professional Accounting Degree Programs
The University of Texas at Austin
Graduate School of Business
CBA 4M.202
Austin, Texas 78712
(512) 471-6559 (Office)
(512) 471-3365 (Fax)


George,

Is the dress casual at the conference?

Vince

George_Wayne@fpl.com on 04/03/2000 05:03:37 PM
To: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: Presentation

Thanks !

You are probably familar with the format ... 15-20 minutes for the
presentation
followed by 20-30 minutes for Q&A.

See you at 7:30am Thursday in the lobby of the  Sonesta for breakfast!

ghw

"Vince J Kaminski" <Vince.J.Kaminski@enron.com> on 03/31/2000 12:48:58 PM

To:   George Wayne@FPL
cc:   "Vince J Kaminski" <Vince.J.Kaminski@enron.com>, vkaminski@aol.com
Subject:  Presentation

George,

This is the presentation I promised.

Vince
(See attached file: fpl0400.ppt)

 - fpl0400.ppt


Attached is our nomination form for the Griffith Power Plant for gas day
Thursday, February 21, 2002.

Please let me know if you have any questions.

Thanks!
MaryAnne Schneider
office #  801-537-3985
cell #    801-580-1466
(See attached file: NOMS_02_21_02.xls)
 - NOMS_02_21_02.xls


Laura, I would like to congratulate you and your group on a very successful
quarter. Hats off to the team!!  Let me know how I can help.

Please forward to your organization as appropriate.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/11/2000
11:42 PM ---------------------------

	From:  Laura Luce @ ENRON                           07/11/2000 08:06 PM

To: Tim Hermann/Corp/Enron@ENRON, Roy Rodriguez/Corp/Enron@ENRON, Steve
Richman/Corp/Enron@ENRON, Paul Burgener/Corp/Enron@ENRON, compt@pecorp.com,
Richard Tomaski/Corp/Enron@Enron, Gregg Penman/Corp/Enron@Enron, Barbara G
Dillard/Corp/Enron@Enron, Cary M Carrabine/Corp/Enron@Enron, Russell E
Murrell/Corp/Enron@Enron, Lee Fascetti/Corp/Enron@Enron, Kevin P
Radous/Corp/Enron@Enron, Lynn Pikofsky/Corp/Enron@ENRON, Steven
Curlee/Corp/Enron@Enron, Sheila Tweed/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Deirdre McCaffrey/HOU/ECT@ECT, Ed McMichael/HOU/ECT@ECT
cc: Janet R Dietrich/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT,
wmorrow@pecorp.com, Hunter S Shively/HOU/ECT@ECT, Fletcher J
Sturm/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT
Subject: MEH Quarter Success

Hat's off to the group for a very successful quarter for MEH.  I graciously
commend everyone for the teamwork and perseverance displayed in tackling the
array of transactions and tasks to ensure the successful start of our new
joint business.  We continue to have many challenges ahead, but I wanted to
take pause and in particular commend the following:

Trunkline Transaction Team - Roy Rodriguez, Russell Murrell, and Steve Curlee
brought to closure a significant transaction with leveraged off many groups
in the PEC and Enron organizations.  Net transaction mark to market on behalf
of MEH was $2,286,634  with accrual and option values to be realized over the
3 year term of the arrangement.  Team work permeated this transaction and
thanks are due to 1) legal teams for PEC led by Mary Klyasheff and for ENA
led by Sheila Tweed and Jeff Hodge 2) structuring group support from Steve
Curlee,  Deirdre McCaffrey and Ed McMichael 3) Tony Compton for the
successful closure of gas supply transactions with third parties 4) to all
else who covered the many transaction closing issues and bookings.
NSS and NGPL Capacity Transaction Team - Steve Richman, Roy Rodriguez,
Richard Tomaski, Barbara Dillard and Lee Fascetti successfully proposed,
negotiated and are now managing a 3 year storage and capacity management of
approximately 18 BCF/year of NGPL no-notice storage and accompanying
transportation with realized value year to date for MEH of $1,510,459  with
an additional $1,541,835  of value to PGL ratepayers.  This transaction will
continue to be a significant asset to leverage into the intra-day market  and
our initial platform for on-line business (EOL).
Daily Optimization - Richard Tomaski, Barbara Dillard, Steve Richman, Tim
Hermann, Cary Carrabine and Lee Fascetti , diligently pursued and completed
other significant transactions for MEH totalling $1,252,584 for this
quarter.  Richard Tomaski and Kevin Radous have spent endless amounts of time
(and evenings/weekends) to ensure that MEH had a P&L to represent for the
groups hard work and my many thanks extend to both.
Business Set-up - Tim Hermann, Roy Rodriguez, Paul Burgener, Gregg Penman,
Kevin Radous, Richard Tomaksi, and Barbara Dillard have toiled diligently and
continue to proceed in contracts/policy and procedures between PEC/ENA/PGL
and third parties. Additional thanks are due to all groups within accounting,
economics, and trading within PEC and ENA in support of this new business and
we ask for your continued engagement.

Over the next month, we must get closure on the remaining requirements of
running a tightly managed and successful business venture.  We must continue
to take our ideas and strategies to financially successful commercial
operation .  Momentum is now on our side...

Thanx,

Laura


She seemed very nice, like she would make a good employee.  I spoke to Liz
Sager who, although she didn't directly work with her, got report from her
old law firm of people that did, and Liz said to was extremely well liked,
and very energetic.


What are your thoughts on this?

Thanks
Sheri
---------------------- Forwarded by Sheri Thomas/HOU/ECT on 11/08/2000 09:59
AM ---------------------------

Elisa Donovan@EES
11/07/2000 10:34 AM
To: Mark Taylor/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT
cc: Neil Bresnan/HOU/EES@EES, Karen A Cordova/HOU/EES@EES
Subject: Altra, ICE access

As per my voice mail yesterday, EES is interested in having access to the
IntercontinentalExchange (ICE) and Altrade Electronic Brokering System for
power.  EES would really need only read-only access, as all trades would
continue to be conducted through ENA (or EPMI).  I believe the ICE agreement
with ENA allows this type of access by affiliates, although we likely need to
obtain additional user licenses.  I do not know whether the Altra agreement
with ENA would allow for EES to access the Altrade system.

I think it would be preferable for EES to be able to access the systems under
the current ENA agreements rather than entering into their own agreements,
given that ENA will continue to be the trading party.  Thoughts?  Could you
please advise as to how EES can get the access it needs?

Thanks,
Elisa Donovan
EES Legal
Ph: 713-345-4142


ClickAtHome Pilot Three Members!

We hope your experience with the Clickathome ordering website and vendors has
been exciting and fun for you!  We need your feedback to determine next steps
of the program.  Please take 5 minutes to fill out the first of three
surveys. Your feedback is critical to the successful launch of this program
in the next few months.  Please complete the survey by clicking on the link
below by Thursday, February 8th.

http://etcsurvey.corp.enron.com/wi/p0304201/i.asp?r=736&s=OFBOGAKC&l=9

Thanks.

Clickathome Project Team


Mr. Taylor,

I'm responding to your email. Anything I can help you with?

John Turrettini
Reporter
Forbes Magazine
Phone: (212) 367-2696
Fax:  (212) 620-1873


Native load "The wholesale and retail power customers of MDEA on whose behalf
MDEA, by statute, franchise, regulatory requirement, or contract, has
undertaken an obligation to construct and operate MDEA's system to meet the
reliable electric needs of such customers."  paraphrased from FERC OATT.

From: Reagan Rorschach/ENRON@enronXgate on 04/09/2001 02:31 PM
To: David Fairley/ENRON@enronXgate, Lloyd Will/HOU/ECT@ECT, Christi L
Nicolay/HOU/ECT@ECT
cc:

Subject: FW: 200 version

Here is the latest.

 -----Original Message-----
From:  Mann, Kay
Sent: Monday, April 09, 2001 2:03 PM
To: Rorschach, Reagan
Subject: 200 version

Let's see if I can attach it this time.


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* To remove yourself from this mailing list, point your browser to:
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* Enter your email address (alewis@ect.enron.com) in the field
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---------------------- Forwarded by Jeff King/Corp/Enron on 05/16/2001 09:30
AM ---------------------------

Craig Carmichael <cgcarmic@uswest.net> on 05/15/2001 04:38:41 PM
To: robert.benson@enron.com, jeff.king@enron.com, kyle.schultz@enron.com,
doug.gilbert-smith@enron.com, matt.lorenz@enron.com,
paul.j.broderick@enron.com, tom.may@enron.com, mike.carson@enron.com
cc:

Subject: Load Forecasting Technology

To whom it may concern:

My name is Craig Carmichael.  I am a PhD student at Iowa State
University, working under Dr. Bartlett in the Adaptive Computing Lab.
Please lend me your attention for a brief moment.  Enron's team of power
traders is the first contact I have made in this nature.

I strongly believe that I have developed technology that can make Enron
millions in the very near-term future.  If you are a power trader whose
success is proportional to the accuracy of your load forecasts, then I
believe I can deliver an enormous opportunity to Enron and you.  If I am
way off base on my assessment, please let me know and I will go
somewhere else.  I CHALLENGE EACH OF YOU TO DISCREDIT MY BELIEFS.

Here are some of my credentials, so that you can verify that it might be
promising to read the remainder of this email.

   1.  Finishing up ISU PhD work this summer.
   2.  Invented multiple neural network methods and inductive learning
techniques.
   2.  Recently DEVELOPED THE MOST ACCURATE electric load models in the
Chicago area for ComEd.
   3.  Saved ComEd millions of $ over the last couple years because of
this.
   4.  Can verify the above claims and that I did this single-handedly.
   5.  Wrote the new inductive learning algorithm for New Energy
Associates in Atlanta.
   6.  My software will be the new learning engine of NEA's NOSTRADAMUS
future v5.0
   7.  Can verify that I single-handedly wrote NOSTRADAMUS's new training
engine (not yet released)
   8.  Am the world's best electric load forecaster using advanced
inductive learning methods.

This is the situation:

   I am giving my Final Defense on July 16th in areas of advanced
forecasting methods.  In 1999, I developed highly advanced neural
network models for Commonwealth Edison, under Robert Abboud (working at
ComEd) through the Adaptive Computing Lab at Iowa State University.  The
models were the most accurate available.  At the time, ComEd was using
the EPRI models, NEA's Nostradamus, Tesla, and the ISU models (those
that I developed).  Still, I knew of many ways for improvement and have
been waiting for my graduation to release this technology.  Preliminary
studies show that my most recent work is more accurate than anything
that is available at any price.

   Since I have felt oppressed by the system (being a student), I have
awaited graduation (am finished mid-July) to unleash the technology that
I have developed outside of the university (my funding comes from the
Meteorology department and has nothing to do with load forecasting).
This is unpublished, provocative, state-of-the-art stuff that can smoke
even the multi-million dollar EPRI models, and only I know how they
work.  The technology could also put Tesla out of business.  The errors
appear to be LESS THAN HALF OF THOSE OF NOSTRADAMUS.

John Snead from Tesla knows me and feared my models so much that he
tried to merge his company with RGA Labs.  Robert Abboud from ComEd,
Excelon (and now RGA Labs) knows who I am.  Rick Hunt, the project
manager from New Energy Associates does also, since I wrote the software
for their yet-to-be-released inductive learning engine.

Ok.  Here are the possibilities.

   1.  I am making all of this up and did't really invent leading
forecasting technology
   2.  I am a nut who doesn't even know what he's talking about
   3.  This guy couldn't possibly do this sort of thing on his own clock
all by himself
   4.  Maybe there's something to what this guy is saying.  We might as
well send him a data set to test his claims.

I feel that someone will continue to try to take advantage of me if I
don't act now.  Within the next 6 months, someone will probably own my
technology besides myself.  I want to prove that I can be an immense
asset to Enron.  I would like to sell my technology to Enron as part of
your in-house modeling efforts.

Someone else might come along and try to make the same claims that I am
making.  They might razzle-dazzle you with their marketing sense and
ability to sell you their gem.

What I am saying is that if you give me a chance to show you what I can
do, if you care about accuracy and not razzle-dazzle, then I will not
disappoint you.  Give a data set to me and a thousand other people and
companies.  Let me show you that I'm not making all of this up.  I will
show you flaws in other "gems".

I hope this email wasn't too long.  My family & I, as of now, have a
fairly uncertain financial future (until I enter the workforce and have
a fairly cushy job).  Because of this, I am obligated to see what
opportunities exist with my intellectual property.  If I fail in
convincing Enron that I have a gold mine in my possession, then I will
go to the #2 spot on my list, and will offer to provide them with the
leading forecasting package available today.  In some way, shape or
form, in this scenario my software will then compete with Enron.

Thank you for lending me your ear.  I hope you don't think I'm a lunatic
for sending you this lengthy email.

Craig Carmichael
cgcarmic@uswest.net


----- Forwarded by Jeff Dasovich/NA/Enron on 01/31/2001 04:25 PM -----

	Scott Govenar <sgovenar@govadv.com>
	01/31/2001 09:23 AM

		 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, Bev
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara
<smara@enron.com>, Joseph Alamo <JAlamo@enron.com>, Paul Kaufman
<paul.kaufman@enron.com>, David Parquet <David.Parquet@enron.com>, Rick
Johnson <rick.johnson@enron.com>, Marcie Milner <mmilner@enron.com>, Sandra
McCubbin <Sandra.McCubbin@enron.com>, Tim Belden <Tim.Belden@enron.com>, Rick
Shapiro <rshapiro@enron.com>, Jim Steffes <james.d.steffes@enron.com>, Alan
Comnes <acomnes@enron.com>, Chris Calger <ccalger@enron.com>, Mary Hain
<mary.hain@enron.com>, Joe Hartsoe <Joe.Hartsoe@enron.com>, Donna Fulton
<Donna.Fulton@enron.com>, Steven Kean <Steven.J.Kean@enron.com>, Karen Denne
<kdenne@enron.com>, Beverly Aden <beverly.aden@enron.com>, Bill Votaw
<bill.votaw@enron.com>, Carol Moffett <carol.moffett@enron.com>, Debora
Whitehead <debora.whitehead@enron.com>, Dennis Benevides
<dennis.benevides@enron.com>, Don Black <don.black@enron.com>, Dorothy
Youngblood <dorothy.youngblood@enron.com>, "dblack@enron.com"
<dblack@enron.com>, "emelvin@enron.com" <emelvin@enron.com>,
"ehughes2@enron.com" <ehughes2@enron.com>, "gweiss@enron.com"
<gweiss@enron.com>, "gsavage@enron.com" <gsavage@enron.com>,
"Harry.Kingerski@enron.com" <Harry.Kingerski@enron.com>, "kgustafs@enron.com"
<kgustafs@enron.com>, "msmith1@enron.com" <msmith1@enron.com>,
"ryang@enron.com" <ryang@enron.com>, "sgahn@enron.com" <sgahn@enron.com>,
"vsharp@enron.com" <vsharp@enron.com>, "wcurry@enron.com" <wcurry@enron.com>,
"William.S.Bradford@enron.com" <William.S.Bradford@enron.com>
		 cc:
		 Subject: ABX 1

ABX 1 passed out of the Senate Appropriations Committee moments ago on a
vote of 7-2.  The bill received no Republican votes.  I have attached
the amended version of the bill for your review.  The bill will be taken
up on the Senate floor shortly, then will go back to the Assembly for
concurrence this afternoon.

http://info.sen.ca.gov/pub/bill/asm/ab_0001-0050/abx1_1_bill_20010130_amended_
sen.pdf


---------------------- Forwarded by Jackie Young/HOU/ECT on 04/11/2000 09:32
AM ---------------------------

"Allen, John S." <john.allen@lyondell-citgo.com> on 04/11/2000 08:34:41 AM
To: "'Young, Jackie'" <jyoung@enron.com>
cc:
Subject: FYI - Gas flow

You will see a change later today in gas flow, going from 15 + 5 = 20 to 15
total for flow date 12.


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Mike,

As a vision statement this looks like an excellent place to start. You might
want to think about the relationship between business units (EEL, EES and EBS
- a little political, but what the hell) and with global risk management
operations. It might also be worth mentioning the standards that we are
developing and which we will operate by.

Good luck.

Fernley

Mike Jordan
15/06/2000 13:51
To: Sally Beck/HOU/ECT@ECT, Fernley Dyson/LON/ECT@ECT
cc: Brent A Price/HOU/ECT@ECT, Shona Wilson/NA/Enron@Enron

Subject: MO PRESENTATION

Some thoughts I have been working on that you may find interesting - I intend
to present to the groups her in London next week as opportunity to
(re)introduce myself

As always I would welcome your comments

mike
---------------------- Forwarded by Mike Jordan/LON/ECT on 15/06/2000 13:49
---------------------------

Fiona McNaught
15/06/2000 10:04
To: Mike Jordan/LON/ECT@ECT
cc:

Subject: UPDATED PRESENTATION


Rosie Castillo 35414 will bring us a reaume


Paul:

It seems to me these types of transactions (at least new ones) could be
covered by an ISDA with some creative confirm work on our part.  It's
certainly not necessary for us to wait for ISDA to get its act together (it
may be quite a wait) - we can come up wit our own definitions.  The financial
power trades might be something of a stretch but we have never had the
question fully reviewed.  I guess this is another matter to keep in mind as
the power pool is restructured:  to the extent we have any influence over the
resulting structure, it would be nice if it fit easily into a standard
financial trading structure.

Just random thoughts.

Mark

Paul Simons
11/03/98 12:52 PM
To: Paul Waine/LON/ECT@ECT
cc: Shari Stack/HOU/ECT@ECT, Marie Heard/HOU/ECT@ECT, Edmund
Cooper/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Lee
Munden/LON/ECT@ECT, Tomas Valnek/LON/ECT@ECT
Subject: Re: ISDA Master -ECTRIC- Morgan Stanley

Paul

Let's get the ISDA in place and then bring in deal types (b) and (c) if and
when possible.

ISDA have been on the verge of amending the Commodity Definitions since I
arrived at Enron!

I'll leave it to Shari to respond to your points of detail. Thanks.

Paul

Paul Waine
03/11/98 17:34
To: Shari Stack/HOU/ECT@ECT
cc: Paul Simons/LON/ECT@ECT, Marie Heard/HOU/ECT@ECT, Edmund
Cooper/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Lee
Munden/LON/ECT@ECT, Tomas Valnek/LON/ECT@ECT
Subject: Re: ISDA Master -ECTRIC- Morgan Stanley

Shari, a new question arises re this master. ECTRIC trades following
commodity derivatives with MS: (a) oil swaps (priced in USD), (b) UK
electricity - "EFA" elec. forward agreement (priced in GBP) and (c) Nordic
power (priced in norwegian kroner). Are all these commodities covered by the
master - at present the latter 2 are probably not covered by an ISDA
commodity definition, although I understand A&O plan to work on these
definitions with interested parties in UK/Europe. How does the ISDA deal with
FX differences - I guess there is a standard approach - GBP and NOK converted
to USD at spot rate for collateral purposes.

Regards

Paul

Shari Stack
28/10/98 19:11
To: Paul Waine/LON/ECT@ECT
cc: Paul Simons/LON/ECT@ECT, Marie Heard/HOU/ECT@ECT, Edmund
Cooper/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT
Subject: ISDA Master -ECTRIC- Morgan Stanley

I was forwarded a copy of your email to Marie Heard and Paul Simons dated
10/19/98. In response to your queries:

1. Date of the Agreement: Notes in our file state that "Francesca" in London
advised that the earliest outstanding trade between the 2 counterparts is
Nov. 4 '93. From a legal perspective, it does no harm to leave the date as is
since all it means is that the Agreement is effective as of that day.

2. "Transferable Letter of Credit": ECT's standard is to have "transferable"
L/C's in order to be consistent with the "transfer" language included in our
Master Agreements. The rationale is that if ECT wanted to transfer its
rights/obligations under the Agreement to an Affiliate, we would want the L/C
to be transferable as well. Put another way - having a non-transferable L/C
would be at cross purposes with having a transferable Agreement.

Also, we in Houston were not aware that ECTRIC does not normally use
"transferable" L/C's. Perhaps this should be made clear to whomever does
ECTRIC's documentation in the future.

In any case, can you pls let me know whether you are happy for "transferable"
to remain in or whether I should go back to MS and ask for it to be
deleted.

3. Name of Guaranteed Party: Agree to change; Marie will have a new first
page of the Guarantee prepared and forwarded to you.

4. Guarantee from MS: The normal procedure is for them to send us their
signed Guarantee when they return our execution copies. The form, though, has
already been agreed and Marie will send you a copy for your information.

5. Collateral: I have discussed this with Paul Simons. As I understand it,
you have concerns whether in the event of the insolvency of MS, ECTRIC could
redeem cash or US T-Bills in order to fulfil MS's obligations to ECTRIC. Mark
Taylor feels that ECTRIC would have an enforceable security interest in cash
even though it may be held in London. Regarding the T-Bills, Paul  mentioned
that there is to be a meeting on this and other matters in the next few
weeks.

In order for us to go ahead and finalise the Agreement, I would be happy to
go back to MS and ask that US T-Bills be deleted as a form of Eligible
Collateral.

Pls let me know with regard to points 2 & 5 as soon as possible.

Kind regards,

Shari Stack


Yes.

Ben F Jacoby@ECT
10/02/2000 11:55 AM
Sent by: Ben Jacoby@ECT
To: Chris Booth/NA/Enron@ENRON, Kay Mann/Corp/Enron@Enron, Kathleen
Clark/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: LM6000 Change Orders 2 and 3

Folks:

I would like to have Chris Calger execute Change Order #2 since it pertains
to one of his projects. Is he an authorized signatory under the agency
agreement?

Regards,

Ben

	Enron North America Corp.

	From:  Chris Booth @ ENRON                           10/02/2000 10:48 AM

To: Kay Mann/Corp/Enron@Enron
cc: Ben Jacoby/HOU/ECT@ECT, Kathleen
Clark/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: LM6000 Change Orders 2 and 3

Kay,

Please find attached Change Orders 2 and 3 in which I have removed the dual
fuel option as discussed with Lee Johnson and Ben Jacoby in our meeting last
Friday.  Please let me know if you need anything additional.

Chris


---------------------- Forwarded by Mike Carson/Corp/Enron on 11/20/2000
09:26 AM ---------------------------

Artist_Outreach_ <Artist_Outreach_.xqc3jrk.n@my.cdnow.com> on 11/18/2000
01:00:52 PM
To: michael carson <mike.carson@enron.com>
cc:

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Per my discussion with Mark Taylor and our conversation today, attached is
the form of Termination Agreement that should be used when terminating
EnronOnline mistake or "oops" trades.  The trades should continue to be
initially run past the Legal Department to determine whether there are any
unusual circumstances surrounding the trades, but absent unusual
circumstances, Legal will then pass the trades on to the Confirmation Desk
for preparation of the Termination Letter and further handling.  These same
procedure should apply to physical as well as financial transactions.

Since this is a contract, the agreement will require the initials of a lawyer
and signature of a VP or above for the relevant company.  The Termination
Letter should be brought to the appropriate Legal Group for signature.

The current policy with respect to mistake trades is that the trade should be
terminated.  Reverse trades should not be entered into.

If you have any questions, please call.


i left a message with your name and number.  If I get any other call I will
refer them to you.


Working on it !

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