Lisa,

I haven't seen a copy of the Sept 28th letter yet, but I've been at an
offsite, so I might have missed something.  I'll get you a copy of CO #1.  CO
#2 has been transmitted to GE for comment.  I'll have to confirm the status
of the MOU and CO#3/#4.  These have bounced around a bit, so I need to nail
it down so I don't give you bad information.

Kay

	Enron North America Corp.

	From:  Lisa Bills                           10/06/2000 10:33 AM

To: Kay Mann/Corp/Enron@Enron
cc: Sarah Wesner/Corp/Enron@Enron, Catherine Clark/HOU/ECT@ECT

Subject: LM6000 Change Orders

Kay, I was hoping you could provide me with executed copies of Change Orders
1 and 2 and the September 28th letter agreement regarding Enron's title
acceptance of units 1-6 and 9-14.  I need to provide them to WestLB as the
ADA requires prompt delivery to them of executed contracts.

Also, where do we stand on Change Orders 3 and 4 and the ENA/ESA "MOU"?  I
know that the last I heard Sheila was working the MOU, but I thought you
mights know as I am writing to you.

Thanks, Lisa


Good point.  Let's assign a D to it.

Mat

 -----Original Message-----
From: 	Hyde, Chris
Sent:	Tuesday, April 24, 2001 9:50 AM
To:	Smith, Matt
Subject:	RE: another PGE point

No sweat, I have just one question....is there a definable flow type for that (R, D, etc...)?

Thanks,
Chris

 -----Original Message-----
From: 	Smith, Matt
Sent:	Tuesday, April 24, 2001 9:40 AM
To:	Hyde, Chris
Subject:	another PGE point

Chris,

I assumed we were scaping the "Inventory Chagne" point for PGE, but it doesn't look like any data is in the database.  Can you check on this.  It's the last row of the larger tables on the webpage.  The location name I believe is Inventory Chang.  If it's not being scaped, let's get it started.

Mat


Shirley,

Please, put it on my schedule.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/02/2001
10:23 AM ---------------------------
From: Jennifer Fraser/ENRON@enronXgate on 04/20/2001 09:10 AM
To: Cathy Phillips/HOU/ECT@ECT, Mark Frevert/ENRON@enronXgate, Mike
McConnell/HOU/ECT@ECT, Jeffrey A Shankman/ENRON@enronXgate, Doug
Arnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Alan Aronowitz/HOU/ECT@ECT,
Pierre Aury/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT, Rick
Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen H
Douglas/ENRON@enronXgate, Shanna Funkhouser/ENRON@enronXgate, Eric
Gonzales/LON/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Vince J
Kaminski/HOU/ECT@ECT, Larry Lawyer/ENRON@enronXgate, Chris
Mahoney/LON/ECT@ECT, George Mcclellan/ENRON@enronXgate, Thomas
Myers/ENRON@enronXgate, John L Nowlan/HOU/ECT@ECT, Beth
Perlman/ENRON@enronXgate, Brent A Price/ENRON@enronXgate, Daniel
Reck/ENRON@enronXgate, Cindy Skinner/ENRON@enronXgate, Stuart
Staley/LON/ECT@ECT, Mark Tawney/ENRON@enronXgate, Scott
Tholan/ENRON@enronXgate, Lisa Yoho/NA/Enron@Enron, Neil
Davies/ENRON@enronXgate, Per Sekse/NY/ECT@ECT, Stephen H
Douglas/ENRON@enronXgate, Scott Vonderheide/Corp/Enron@ENRON, Jonathan
Whitehead/AP/Enron@Enron, Michael K Patrick/ENRON@enronXgate, Chris
Gaskill/ENRON@enronXgate, John Arnold/HOU/ECT@ECT
cc: Nicki Daw/ENRON@enronXgate, Jennifer Burns/ENRON@enronXgate, DeMonica
Lipscomb/ENRON@enronXgate, Yvonne Francois/ENRON@enronXgate, Angie
Collins/ENRON@enronXgate, Donna Baker/ENRON@enronXgate, Helen Marie
Taylor/HOU/ECT@ECT, Chantelle Villanueva/ENRON@enronXgate, Betty J
Coneway/ENRON@enronXgate, Patti Thompson/HOU/ECT@ECT, Cherylene
Westbrook/ENRON@enronXgate, Candace Parker/LON/ECT@ECT, Sharon
Purswell/ENRON@enronXgate, Gloria Solis/ENRON@enronXgate, Brenda J
Johnston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan McCarthy/LON/ECT@ECT,
Paula Forsyth/ENRON@enronXgate, Shirley Crenshaw/HOU/ECT@ECT, Kathleen D
Hardeman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stuart
Cichosz/ENRON@enronXgate, Judy Zoch/NA/Enron@ENRON, Sunita
Katyal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cherry Mont/NY/ECT@ECT, Lydia
Reeves/HOU/ECT@ECT, Kristy Armstrong/ENRON@enronXgate, Nita
Garcia/NA/Enron@Enron, Christina Brandli/ENRON@enronXgate, Yolanda
Martinez/Corp/Enron@ENRON, Michele Beffer/ENRON@enronXgate, Shimira
Jackson/ENRON@enronXgate
Subject: PIRA Global Oil and Natural Outlooks- Save these dates.

PIRA is coming in May to do their semi-annual energy outlook.

Greg Shuttlesworth- North American Natural Gas --- May 14th 3-5 pm (30 C1)
? New Production Outlook
? Price Direction
? Demand Fundamentals

Dr. Gary Ross - World Oil Outlook --- May 16th 7-8:30 am --32C2
? OIl/ Demand/ supply Outlook
? Regional balances
? OPEC Rhetoric

Jen Fraser
34759


Greetings Senator:

I'm informed that Mr. Lay is currently out of the country and that your
message has been forwarded to him.

In the meantime, I am attaching a document that Ken Lay distributed to
business leaders at meetings in Silicon Valley and Los Angeles about 2 weeks
ago.  It is the document referenced in the Dow Jones wire story and does
include the Company's view that a core/noncore market structure is the right
answer for California (though the document has not been shared with Speaker
Hertzberg).

Mr. Lay discussed the core/noncore proposal extensively during his trip to
Sacramento several weeks ago when, as you recall, he visited Sacramento and
met with a variety of legislators from both sides of the aisle to discuss
solutions to California's electricity crisis.

But unlike the Speaker's core/noncore proposal that I read about in today's
San Francisco Chronicle, Enron's the proposal does not shift all of Edison's
past due amounts from small consumers to California businesses. The Company
believes that all customers should be responsible for the costs that have
been incurred on their behalf.

I will be in Sacramento on Monday, June 4th and would like to discuss our
proposal with you further if you would find it useful and if your schedule
permits.  I'm also available to discuss the proposal further by phone if you
would like to talk before Monday.

If there's anything else I can do, or if you have any questions, don't
hesitate to contact me at 415.782.7822.

Best,
Jeff Dasovich


Are you coming back tonight?

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:  Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Thursday, October 26, 2000 3:39 PM
To: cameron@perfect.com
Subject:

if you want to talk, page me at 888.916.7184.  i'll call you back.  i'm in
houston.  kisses,jeff


Thanks for registering a MiniPlan with Palo Alto Software.

Please use the following username to logon to The MiniPlan:

User name   		james.d.steffes@enron.com

http://www.miniplan.com/index.cfm?affiliate=quicken

The MiniPlan is in many ways a mini-web version of Business Plan Pro -- to give you a glimpse
of what writing a full business plan will be like. The MiniPlan is an
excellent place to condense an idea.

If you are very serious about your business plan, you should look at Business Plan Pro:
http://www.miniplan.com/index.cfm?fuseaction=businessplanpro&affiliate=quicken

Thanks. Best of luck with the business.

Pat McCarthy
Palo Alto Site Network


Steve,

Following is the transcript from what I believe is the exact show that James
Hughes asked about.  Wanted you to review it before I send it out and also to
confirm what constitutes Paul Kaufman's group and any others you might want
to add.  Paul Kaufman, Sue Mara, Alan Comnes, Jeff Dasovich, Sandra McCubbin
and Marcie Milner. Also, I will send it to Mark Palmer, Karen Denne, Jim
Steffes, Rick Shapiro.  Let me know of any others.  Thanks, Ann

    Date      November 30, 2000
    Time      07:00 PM - 08:00 PM
    Station   PBS
    Location  Network
    Program   The Newshour With Jim Lehrer

              Ray Suarez, co-anchor:

              Finally, it's the latest hot idea for reducing energy
              costs.  Twenty-three states have enacted legislation to
              deregulate electricity rates and sixteen others are
              thinking about it, but California's pioneering efforts have
              already provoked an angry consumer backlash.  Spencer
              Michaels reports.

              Spencer Michaels reporting:

              In a San Diego strip mall, the owner of the tiny Youngling
              Oriental Vegetarian Market is having a hard time.  Yuman
              (?) Young owes two thousand dollars to San Diego Gas &
              Electric--SDG&E--an amount he can't come up with.  Like
              many San Diegans, his electricity bill has skyrocketed this
              year.

              So this is your bill in March, right?

              Yuman Young (Youngling Oriental Vegetarian Market):  Right.

              Michaels:  And the bill is--

              Young:  And see, in March, the bill comes to about four
              seventy-eight.

              Michaels:  Then we have May.

              Young:  In May, it...

              Michaels:  Then we're up--

              Young:  ...goes to six seventy something.

              Michaels:  Six seventy-four.

              Young:  Yeah.

              Michaels:  And then--

              Young:  And then...

              Michaels:  And then we skip...

              Young:  ...we skip a month.

              Michaels:  ...June, but in July--

              Young:  And the--then in July, it goes to about thirteen
              hundred dollars.

              Michaels:  Thirteen hundred dollars?

              Young:  Yeah.

              Michaels:  And the same in August?

              Young:  And the same in August.

              Michaels:  Over thirteen hundred dollars.

              Young:  Yeah, right.

              Michaels:  Young's main electricity expense is his frozen
              food freezer that he keeps at minus seventeen degrees.  But
              people without such appliances have seen residential and
              commercial bills double and triple as well.  San Diego is
              the first California city to suffer the effects of the
              deregulation of electricity, which was enacted by the state
              legislature in 1996.  The theory was that by taking away
              the monopolies enjoyed by state-regulated utility
              companies, like SDG&E, new competition among electricity
              producers would result in a drop in rates.  But since such
              simple market economics would take awhile, the legislature
              imposed a temporary rate freeze to protect most parts of
              the state from higher prices.  In San Diego, the freeze
              came off this year letting the market set the price, a
              very high price.  SDG&E is owned by Sempra Energy, where
              Stephen Baum is CEO.

              Stephen Baum (Chief Executive Officer, Sempra Energy):
              It's been a terrible shock to our customers, seeing
              real-time prices for the first time.  And those prices are
              way out of sight because the wholesale market is broken and
              needs to be fixed.

              Michaels:  The vast wholesale market is something new.
              California utilities used to own most of the power plants,
              the high-voltage transmission lines and the system to
              deliver power to homes and businesses.  Under deregulation
              the utilities still deliver the power, but had to turn
              operations of the transmission lines over to a state
              agency.  In addition, they had to sell their power plants.
              So now almost all power is sold to the utilities on a
              wholesale basis by producers or generators.  And according
              to Baum, they charge what they can get.

              Baum:  There's been a very large wealth transfer from the
              customers in the state of California to the generators.  We
              don't think the market's workably competitive.  There
              aren't enough players and there's not enough generation.
              Until that occurs, you're going to have dislocations at
              very high prices.

              Michaels:  The situation keeps getting worse as
              California's population keeps increasing, especially in the
              hot central valley.  Air conditioners and other appliances
              put a strain on a system already stressed by increased
              demand in other states where some of California's power
              comes from.  According to University of California
              economist Severin Borenstein, deregulation has aggravated
              the already tight situation.

              Severin Borenstein (University of California, Berkeley):
              Production in the state has really been stretched and that
              does two things:  One, is it naturally just creates a tight
              supply/demand situation that's going to drive prices up.
              The other thing it does, though, is it also puts the
              producers in a very strong position to push prices up even
              higher.  And, I think, there's no question the generators
              are trying to make as much money as they can.

              Michaels:  Duke Energy, headquartered in North Carolina, is
              one of the new generators in the California market.  Duke
              spokesman Tom Williams says much of its power was sold
              before prices rose and that profits are plowed back into
              new plants.

              The utilities and the consumer groups seem to think that
              the generators are making a lot of money on this crisis.
              Is that true?

              Tom Williams (Duke Energy Corporation):  Duke Energy sells
              the bulk of its power in the--in the forward market.  It
              was sold a year ago for the plants we have in the state
              now.  So the power's already been sold, and the price of
              natural gas has gone up two and a half times since last
              summer.  So there is a very tight supply situation, but
              we're reinvesting our profits back into the market to fix
              the problem.
              Michaels:  In fact, Duke is investing 1.1 billion dollars
              to modernize two inefficient power plants it bought from
              the utilities.  As part of the deal it also had to buy
              this old PG&E plant in Oakland, which has been running
              overtime because of the power shortage.  Over the last two
              decades only a few companies have actually begun
              construction of new power plants because of what they saw
              as the uncertainties of the regulatory climate.  This plant
              near San Francisco, being built by Calpine, will supply
              enough electricity for half a million homes.  It will be
              ready by next summer.  Calpine vice president, James
              Macias, says his company predicted the shortage of power
              and took a risk.

              James Macias (Vice President, Calpine):  You could see the
              fundamentals forming of the need for more--more power.
              There hasn't been a big power plant like this built in the
              state for--for decades.

              Michaels:  Macias says the utilities should have contracted
              for power at lower rates before it was actually needed.  He
              expects that the profits power companies are making now
              will decline as more power comes on line.

              Macias:  We're doing pretty good.  We're being rewarded for
              having the vision and the foresight to come in here and
              build this--this--this needed supply.  But they're not
              going to last.  As soon as this--more of the supply comes
              in, the prices will come down and they'll be--they'll be
              depressed again.  They have to come down.  This economy,
              again, can't support these high prices.

              Michaels:  Although twenty new plants are in the planning
              stages, it takes five years to design and build just one.
              With very little additional supply in the immediate
              pipeline, the director of San Diego's utility watchdog
              group, Utility Consumers Action Network, says regulators
              must get involved to return rates to reasonable levels.

              Michael Shames (Consumer Advocate):  They could have
              immediately put--reinstated a price cap.  They could have
              immediately said, hold on a second folks.  We're not going
              to tolerate this.  We're not going to see a region like San
              Diego thrust into a depression.

              Michaels:  But Michael Shames says some legislators and
              regulators were ruled by their uncompromising belief in a
              free-market ideology.

              Shames:  There were a number of people, well-placed people,
              who were so ideologically driven to force competition to
              work in a market such as energy that they didn't want to
              look at the signs when they saw that the experiment wasn't
              working.  They didn't want to acknowledge it wasn't
              working, and they were prepared to sacrifice a city, San
              Diego, a state, California, and possibly a country, in
              order to see their ideologically driven vision--vision
              work.  (Clip from a TV commercial)

              Michaels:  Shames' consumer group was so outraged at the
              price increases they bought TV ads and urged civil
              disobedience.

              Dianne Jacob (Chair, San Diego County Supervisor):  Join me
              and other San Diegans and let's send a message.  Pay only
              what is fair.  When your SDG&E bill comes, pay what you
              paid last summer.  That's fair.

              Michaels:  At the California Public Utilities Commission,
              President Loretta Lynch agrees that regulators could remedy
              the situation, but she says it's not up to the state.
              Only the Federal Energy Regulatory Commission has the power
              to cut back prices.

              Loretta Lynch (California Public Utilities Commission):  If
              the federal government allowed power plant owners to make a
              reasonable profit instead of an excessive profit, then that
              would drop the price of wholesale power.  And if that price
              dropped we would not be in the pickle we're in today.

              Michaels:  Federal Energy Regulatory Commission president,
              James Hoecker, replies that simply using price controls
              discourages investment in an industry that needs it.

              James Hoecker (Federal Energy Regulatory Commission):  What
              my friend, President Lynch, has said reflects a kind of
              thinking that markets can never be made to work and that
              ultimately we have to resort to cost-based, profit kinds of
              regulation of utilities.  And I think that this market has
              marched past that as an option.

              Michaels:  In November, the Federal Energy Regulatory
              Commission proposed a major change.  Utilities would not be
              required to buy power from the power exchange--a kind of
              stock market for electricity where prices have soared.
              Instead, the utilities will be able to buy directly from
              producers.  The federal agency has launched an
              investigation into California's troubles, hoping for a
              long-term solution.

              Unidentified Woman:  This legislation, today, has the
              ability to provide immediate and real relief to San
              Diegans.

              Michaels:  The California legislature struggled this year
              with what to do, short term, for the people of San Diego.
              The debate centered around a proposal to cap electricity
              bills at sixty-five dollars a month, retroactive to June 1.

              Charlene Zettel (Assembly Member, Republican, San Diego):
              What is San Diego's problem today will be California's
              problem tomorrow.

              Rico Oller (Assembly Member, Republican, San Diego):  You
              know who we can thank for this problem?  You want to get
              right down to brass tacks?  You can thank all of the
              knuckle-headed people in this legislature and in
              government, in general--in general, who have stood in the
              way of doing the smart and sensible thing that anyone would
              have the sense to do in the real world, and that is to
              provide for their future needs by increasing production.
              We need to build some facilities to produce power.

              Unidentified Man:  All debate having ceased, the clerk will
              open the roll.  All members vote who desire to vote.

              Michaels:  The San Diego rate cap passed, but the state is
              still far from a solution.  Higher electric rates are
              forecasted for the rest of the state as the caps come off
              in other cities.  And even more troubling is the fact that
              the price rollback is being bankrolled by the utilities,
              since they still have to pay the generators for the power
              but can't pass those prices on to their customers.

              Economist Borenstein says other states better examine
              California's experience before proceeding with
              deregulation.

              Borenstein:  I think most states that are deregulating
              right now, if they have a tight supply situation, are very
              likely to see spikes just like ours.  The best advice I
              think for most of these states is to take a break, not move
              forward on their deregulation, watch the experiments that
              are going on in California and New York and Pennsylvania
              and Texas and a number of other states and learn from them,
              because we're learning a lot from them as we do this.

              Michaels:  The success or failure of deregulation across
              the country will depend partly on easy access to power
              transmission lines so that electricity can be transferred
              more readily to where it's needed.  The federal government
              is working on that problem.

                        # # #


Hello Jeff,

 I think this may be the article you are looking for.  I found it in this
weeks Inside Ferc.  The article is titled, "Western Power Crisis Gives Rise
to Partisan Politics on Capitol Hill".  It is located on page 1 and continues
on page 13.  The article describes, inter alia, that the combined states of
Oregon, Washington, and California have urged President Bush to use a
wholesale price cap.  This effort was led by Rep. Jay Inslee, D-Wash.  Let me
know if this helps.

Thanks,

Mike V.


Thank you for the invitation.  Unfortunately Debbie and I will not be able to
attend due to previous committments.

Mike_McConnell%ECT%ENRON@EOTT.COM@EOTT.COM on 05/02/2001 10:57:28 AM
Sent by: Cathy_Phillips%ECT%ENRON@EOTT.COM
To: Stan_Horton@eott.com
cc:

Subject: JDF Gala

I would like to invite you and a guest to join me for the annual Juvenile
Diabetes Foundation Gala to be held on May 12, 2001 at the Westin Galleria.
The guest speaker this year will be General Norman Schwarzkof.

Please contact Cathy Phillips (X-36898) and let her know if you are
interested in attending.  Thank you.

Mike


Pacific Gas and Electric Company Receives Court Approval of Second-Day Motions

SAN FRANCISCO--(BUSINESS WIRE)--April 9, 2001 via NewsEdge Corporation  -

Utility Granted Authority to Continue Efforts to Secure Natural Gas

Supplies, Use Cash Collateral for Normal Business Operations

Pacific Gas and Electric Company today received approval from the
U.S. Bankruptcy Court for the Northern District of California, of
various second-day motions.

These orders will enable Pacific Gas and Electric Company to
continue to fulfill post-petition obligations to suppliers and other
creditors without disruption, and so that all parties' interests are
considered, and treated fairly. The goal of these early proceedings is
to assure stability of the company, in accordance with bankruptcy law.

The court granted the utility the authority to continue to use its
natural gas revenues to secure future supplies, hopefully ensuring
that there will be no disruption of service for millions of natural
gas customers.

The court also authorized interim use of cash collateral in which
mortgage bondholders have a beneficial interest, and scheduled and
established deadlines relating to a final hearing on the continued use
of cash collateral.

Also today, Pacific Gas and Electric Company asked the Court to
allow at least a 60 day suspension of a requirement approved by the
CPUC on March 27, that would force PG&E to restate all its regulatory
books and accounts back to Jan. 1, 1998 in order to prolong the
current electric rate freeze and make it appear that PG&E has never
incurred any operating losses on its wholesale power costs since the
energy crisis began.

Under the CPUC order, PG&E is required to file tariffs and reports
by Wednesday, April 11, making the accounting changes and restating
its books. PG&E believes the CPUC accounting and ratemaking change is
intended to interfere with the rights of creditors and shareholders to
recover over $8.9 billion in undercollected power costs that the
company has accrued since last summer. Under federal bankruptcy law,
PG&E, as a "debtor in possession," generally has an additional 60 days
to comply with various deadlines issued by other agencies, and actions
by those agencies which would interfere with creditors rights and the
value of PG&E's assets cannot be implemented without approval of the
bankruptcy judge.

At the Court's request, Pacific Gas and Electric Company and the
CPUC are currently negotiating on an extension of this filing
requirement, and is hopeful that an agreed upon solution can be
reached in a timely manner.

CONTACT: Pacific Gas and Electric Company |              News Department,
415/973-5930


I will interviewing on campus for the Analyst Program on Monday and Tuesday,
October 30 and 31.  My assistant, Patti Thompson (x39106), will have
telephone numbers where I can be reached.  I will have my cell phone with me
(713-417-1591) and I will check messages as we have breaks in the interview
schedule during the day.   I will be back in the office on Wednesday,
November 1.

In my absence, please contact the following persons regarding trading
operations issues:

Gas Operations  Jeff Gossett  x37306
    Bob Hall  x36956
    Leslie Reeves x37962

Power Operations Stacey White x31870
    Leslie Reeves x37962

DPR    Shona Wilson x39123

MPR    David Maxwell x36983


Thursday and Friday are filling up fast for me but the early part of the week
looks pretty good.  Let me know what works for your schedule.

	Craig Young
	09/08/2000 01:06 PM

		 To: Jeffrey McMahon/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT, Jefferson D
Sorenson/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT,
Alan Aronowitz/HOU/ECT@ECT, Marco Provenzano/Chemetall
S.p.A./Chemetall@CHEMETALL, Sally Beck/HOU/ECT@ECT, Mary Perkins/HOU/ECT@ECT,
Ben F Glisan/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT, David P
Dupre/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT,
Stephen H Douglas/HOU/ECT@ECT, Sue Kelly/LON/ECT@ECT, Lara
Fields/LON/ECT@ECT, Lorna Jones/LON/ECT@ECT, Marcus Pullicino/HOU/ECT@ECT,
Paul Garcia/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Leslie
Speck/EPSC/HOU/ECT@ECT, John Sherriff/LON/ECT@ECT, Paul Chivers/LON/ECT@ECT,
Michael Kopper/HOU/ECT@ECT, Anne Edgley/LON/ECT@ECT, Jay
Fitzgerald/NY/ECT@ECT, Michael R Brown/LON/ECT@ECT, Eric Gadd/LON/ECT@ECT,
Richard Lewis/LON/ECT@ECT, Stuart Staley/LON/ECT@ECT, Joe Gold/LON/ECT@ECT,
Alfred Pennisi/NYC/MGUSA@MGUSA, TJ Pimpinelli/NYC/MGUSA@MGUSA
		 cc: Craig Young/LON/ECT@ECT
		 Subject: Houston Visit

Alfred Pennisi and myself will arrive Houston Wed 9/13 and leave Friday. Al
Pennisi is in charge of operations for NY futures/swaps and I head up the
group. Our objective is to meet with each of you or anyone else that can help
us provide/expand internal and external client services for regulated and
nonregulated futures and forwards. We are a U.S. regulated commission house
purchased by Enron Europe through MG London/Enron Trading Services Inc.

Clearing futures exchanges
Combined margin and cash management efficiencies
Broker service across all commodities/financial
Our current client base--- commercial and funds
Meeting desk heads who trade futures
Integrating Enron Net Works/Enron On Line into services and clients
Enron documentation/access for web based non metal
Enron documentation for swaps/OTC non metal
Credit issues --- outside of Metals
Regulation and Govt relations
Fund or Alternative Investment opportunities ---  CTA/CPO
Cross origination opportunities with our clients

Regards
Craig Young
800-932-2343
212-715-2342
917-860-1786
520 Madison Ave
28th Floor
New York, NY 10022


you don't even have a 3rd receiver, johnson is out with a bum hamstring

Phillip M Love
08/29/2000 08:31 AM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: QB

I am sorry, you are right...you always try and help me out.  I feel better
about my receivers than yours.
PL


Frank and Francisco:

Haven't seen you two in awhile!

ENA is considering a financial deal with an offshore entity located in
Panama.  We have no research for this jurisdiction.  I will need to hire
local counsel and send a deriviatives questionnaire for response.  Have you
used Panamanian counsel before?  Please send info.

Sara

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


Christi,
	As I have been thinking about this problem, my opposition to a standard model is declining, partly out of frustration with the slow progress being made.  I think, however, that we ought to think about the potential consequences of recommending a standard model.  If we simply endorse PJM, then we may inadvertently get its warts as well -- no secondary transmission market, ICAP market, etc.  I think we are considering the same thing approach as was reported by Charles Yeung's in his note on Tuesday's Inter-RTO Coordination (Seams) Conference:

"Harvey Reed, Constellation Power, suggested that FERC impose a standard tariff for all RTOs to work from that did not restrict RTOs from filing different proposals, but would limit their ability to diverge from a single market model."

	In addition to the standard model, there needs to be a deadline for either filing the tariff or for filing the standard tariff.  Without a "feet to the fire" feature, nothing the grand stall will continue.  In arguing for a standard model, the PJM system could be the core of a proposal but we should specific modifications to address our concerns.  On the transmission rights issue, for instance, a simple "don't allocate" solution won't work.  The lack of the secondary market for NY TCCs or PJM FTRs goes both to the lack of information and to the way the rights are defined.  If as Harvey Reed suggests, RTOs can submit alternative approaches, at least there will be pressure to get moving.  I have not discussed this idea with West Power.

	It then occurred to me that FERC  is unlikely to impose a standard tariff without a rulemaking proceeding.  Whether they could act by fiat or not is a moot point, since  I doubt that they would do so without creating a record.  There are two possible down sides to a rule making.  (1)  The outcome of a rulemaking is something of a crap shoot.  The incumbents have a pretty good record in the past, of coming out of rulemakings with plenty of goodies such as the native load exemption in Order No. 888.  There is a also a distinct risk that PJM's ICAP or transmission right allocation process is given blessed status, which will make revision of them later to be a huge uphill battle.  (2)  The other consequence of a rulemaking its effect on current  RTO discussions.  The best outcome is that the uncertainty of the rulemaking creates an urgency  to get a proposal filed before a new FERC rule cuts off options from a new the standard for review.  The uncertainty prior to the issuance of Order No. 888 in fact had that effect in the West.  On the other hand it can mean that nothing happens until the new rule is issued.  This also happened prior to Order No. 888, with a number of companies sitting on their hands, using the time delay to protect existing positions, while whipping up State regulators' fears of jurisdictional shift as necessary to boost their own position.

	These are only own views.  I have not had a chance to speak with West Power this week, but I will approach Tim when I am in Portland again next week.

Steve

	Christi L Nicolay 06/19/2001 04:21 PM 	  To: Steve Walton/HOU/ECT@ECT  cc: James D Steffes/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron  Subject: Re: INTERIM MODEL TALKING POINTS

Can we focus the PJM language as an interim fix toward the East (while maybe the threat of PJM in the West will make the West RTOs act quickly and adopt everything that Steve W. has been advocating).  Also, I agree with the ISO being required to provide much greater information on where the congestion occurs.  While the allocation of FTRs is a problem and the idiosyncratic nature is also a problem, it is because the traders do not have access to all the information.  They have told me that if they had access to all the information about congestion from the past several years, they could essentially build a model for anticipated congestion that could trade "above" the underlying FTRs as financial instruments.

Steve Walton
06/18/2001 03:30 PM
To:	James D Steffes/NA/Enron@ENRON
cc:	Christi L Nicolay/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron

Subject:	Re: INTERIM MODEL TALKING POINTS

Jim,

	I have added my comments to your draft.  My concern with the "Adopt PJM" approach is that it will become a fiat accompli with regard to congestion management. and the nature of future transmission rights.  Once adopted as the standard, nothing else will be accepted and any move to a decentralized approach is highly unlikely.  Unlike the British, we have a hard time changing horses because of our multi-jurisdictional Federal system of government.

	The PJM's lack of a secondary FTR market is more that just an allocation problem.  If that were true, they New York would have a secondary market -- none exists there either.  The unpredictability of prices is probably the biggest problem since no one knows how to value FTRs or TCCs.  I think the nature of instrument is also not particularly helpful.

	During our discussion of Seabron Adamson's last draft, I maintained that a centralized unit commitment process didn't fit the Pacific Northwest (PNW) with its pattern of trading to achieve coordination between hydroelectric and thermoelectric generation.  You asked me to provide more detail hydro-thermal operation.  I am including a paper that covers the nature of PNW operations and contracting with observations about the nature of unit commitment.  Given other work and travel, it has taken some time to complete the paper and its examples.  I hope this will help to explain why I am hesitant to endorse a centralize unit commitment implementation.

Steve

	James D Steffes@ENRON 06/18/2001 01:48 PM 	   To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Sarah Novosel/Corp/Enron@ENRON, Steve Walton/HOU/ECT  cc:   Subject: INTERIM MODEL TALKING POINTS

Here is the draft of an Interim step for Enron to give to Lay.  Please give me your comments.  This is CONFIDENTIAL and should not be shared outside the company.

Jim

<Embedded StdOleLink>
<Embedded StdOleLink>


Thanks for your comments below.

We consulted our AA folks in drafting the disclosures.  It wasn't a big deal
for Enron's 10Q because the positions between NNG and TW are eliminated in
the consolidated statements.  As for the Form 2 and the Brown Covers, there
are specific GAAP disclosure requirements that we have to include on a
stand-alone basis.  Since most of these positions will be gone by year end,
it won't look nearly as massive as it was at the end of the third quarter.
In fact, if Roger Willard had given us his final word about the transactions
in time, we would have booked the ultimate net transactions in September and
we wouldn't have had all these gross positions.  I don't feel quite as bad
about not getting it right in the unaudited third quarter financials as I
otherwise would, since we did review the transactions and the noteholders
disclosures with AA before the 3rd quarter was released and before the
noteholders reports were distributed.

As always, Legal and Regulatory will have ample opportunity to comment on
Brown Cover and Form 2 disclosures before they are finalized.

	From:  Drew Fossum                           12/11/2000 10:59 AM

To: Bob Chandler/ET&S/Enron@ENRON
cc: Rod Hayslett/FGT/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@Enron, Mary Kay Miller/ET&S/Enron@ENRON

Subject: Quarterly Noteholder Reports

I've reviewed the draft NN and TW quarterly reports to noteholders.  I
haven't had a chance to compare these to prior quarterly filings, but I have
three questions/concerns.  First, the discussions of "Price Risk Management
Activities" seem overly detailed and cumbersome given the true commercial
impact of the deals involved.  For example, we disclose the total notional
amount of gas involved in the Transcanada deal, the "fair value" of the
trades, and a variety of  other details, even the total economic impact of
the deal to us is pretty small (about a million dollars if I remember
right).  The base gas deal, by comparison, was discussed in one sentence.
Can we avoid making the thing look bigger than it really is by disclosing
something more meaningful like VAR (which I assume would be a much smaller
number)?  Second, disclosing TW and NN trading activity separately makes the
Transcanada deal look like a bigger thing than it really was, since the TW
and NN portions offset one another.  I know we need to disclose deals
separately for each operating company, but is there a way things like
notional value and "fair value" (or VAR) can be aggregated to more accurately
reflect the total impact of the deal--currently it looks like both TW and NN
were out doing huge commodity deals.  Third, I have never been that concerned
about overly broad disclosures in the noteholder reports because of the
limited distribution.   However, if these disclosures will be Arthur
Anderson's template for the Enron Corp. 10Q or the FERC Form 2s, I have a
real problem.

Please let me know if I can be of help in talking through these issues.  DF


I will be taking the afternoon off today.  I will also be taking Tuesday
November 7th and Friday November 17 off as well. Please let me know if there
are any conflicts.

Thanks,
Brent


Eric, thanks however I will not be watching the SuperBowl because I have hell week coming up in the form of class next week.

----Original Message Follows----
From: "Bass, Eric"
To: "Baumbach, David" , "Jeganathan, Lenine" , "Olsen, Michael" , "Lenhart, Matthew" , "Blanchard, Timothy" , "Winfree, O'Neal D." , "Ryder, Patrick" , "Love, Phillip M." , , "Kevin Boone (E-mail)" , "Val Generes (E-mail)"
CC: "Husser, Shanna"
Subject: Super Bowl Party - 2/3/02
Date: Mon, 28 Jan 2002 09:44:49 -0600
I was thinking of having a get together at my place but I wanted to gauge interest first. Let me know if you are interested. I will send out another e-mail if I get enough responses.
-Eric
**********************************************************************
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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sounds good to me

 -----Original Message-----
From: 	Quick, Joan
Sent:	Friday, April 19, 2002 3:45 PM
To:	Kelly, Katherine L.; Germany, Chris; Rollins, Don
Subject:	juniper meeting

how about getting together monday at 2 pm to discuss the juniper transition?  let me know.


The post closing adjustment would actually be increased by $680k (Northern
Border would owe ENA more)!

Karen Gruesen
03/08/2001 06:16 PM
To: Cris Sherman/Enron@EnronXGate, Gerald Nemec/HOU/ECT@ECT
cc: Jim Coffey/HOU/ECT@ECT
Subject: 20/20 Update

I spoke with Karry regarding the outstanding issues related to 20/20.   He
said that the items that were on item B on my issues schedule for Natural Gas
Revenues for $989k were ENA paying Northern Border.  The $309k in item F were
Northern Border paying ENA.  This would change the post closing adjustment by
a net of about $680k.  I will work through the new calculation with the items
identified.

Also, he said that he thought ENA's Gas accounting group, Scott Sitter and
someone from Denver should meet to go through the adjustments and payments
that have gone through since the closing.  This could affect the post closing
calculation with fairly significant dollars and would be information that I
would not have.

Cris - I am attaching a schedule that I believe Karry used to get to the
basis for the initial gain calculation.  It is on the tab "P&S Combined".

Please let me know if you have any questions.

Thanks,
Karen


Paul,
I am in the early stages of planning my next run to Singapore and Sydney.  I
was thinking about bringing my wife and staying over a couple of days (or a
week).  What is the weather like in July and are you going to be there?
Thanks,
Mike


We will have our conference call this coming Monday at the usual time
11:00am-12:00pm (CST), in room 4793.

Dial-in number:  888/311-9051

Pass code:  60396

Sue Nord, Sr. Director
Government Affairs
713 345-4196


I recieved the same document.  If you would distribute it to the committee
that would be appreciated.  I would think we might want to discuss it at the
Board meeting prior to setting up another meeting with EEI.  What do you
think?  I can see pros and cons of meeting with EEI prior to the next Board
meeting.

Depending on the strawman I feel we are beginning to lose key support from
the Board to work this matter.  Bill we need to get the Board to continue to
follow him if we are to make progress.


(just so you know where we ended up last Fri.)
---------------------- Forwarded by Susan Scott/ET&S/Enron on 06/20/2000
12:25 PM ---------------------------

	From:  Susan Scott                           06/16/2000 11:28 AM

To: BCherry@sempra.com
cc: Jeffery Fawcett/ET&S/Enron@ENRON

Subject: Re: Final Late Exhibit Draft

Brian, just so you know Transwestern's reaction, Pedersen's exhibit contains
factual inaccuracies we cannot live with (e.g., footnote 4).  If he wants to
file his own exhibit he is certainly free to do so.  We don't plan to offer
any comments to Norm regarding his exhibit at this time.

With regard to the exhibit you sent us yesterday, while Transwestern feels
there are many different ways to characterize delivery capacity to the
border, and we probably would have drafted the document differently, we would
support SoCal's filing of the exhibit with the Commission as it is currently
drafted for purposes of this proceeding.

Any questions or comments -- let me know.
---------------------- Forwarded by Susan Scott/ET&S/Enron on 06/16/2000
11:17 AM ---------------------------

"Norman A. Pedersen" <napedersen@JonesDay.com> on 06/16/2000 01:08:18 AM
To: "Cherry, Brian - TPBKC" <BCherry@sempra.com>
cc: "'Pocta, Robert M.'" <rmp@cpuc.ca.gov>, "Cherry, Brian - TPBKC"
<BCherry@sempra.com>, "'AlexanMS@sce.com'" <AlexanMS@sce.com>,
"'paulamirault@aec.ca'" <paulamirault@aec.ca>, "'david.bayless@utility.com'"
<david.bayless@utility.com>, "'Tomb@crossborderenergy.com'"
<Tomb@crossborderenergy.com>, "'Burkee@cts.com'" <Burkee@cts.com>,
"'Craigc@calpine.com'" <Craigc@calpine.com>,
"'Rick.Counihan@greenmountain.com'" <Rick.Counihan@greenmountain.com>,
"'Jdasovic@enron.com'" <Jdasovic@enron.com>, "'Mday@gmssr.com'"
<Mday@gmssr.com>, "'bdingwall@unitedgas.com'" <bdingwall@unitedgas.com>,
"'Douglass@arterhadden.com'" <Douglass@arterhadden.com>, "'eke@aelaw.com'"
<eke@aelaw.com>, "'Jfawcet@enron.com'" <Jfawcet@enron.com>,
"'rfoss@coral-energy.com'" <rfoss@coral-energy.com>, "'Gileau, Patrick L.'"
<plg@cpuc.ca.gov>, "'johnj@bcjlaw.com'" <johnj@bcjlaw.com>,
"'Johnson_Pamela@lacoe.edu'" <Johnson_Pamela@lacoe.edu>,
"'karpjos@sf.whitecase.com'" <karpjos@sf.whitecase.com>, "'jleslie@luce.com'"
<jleslie@luce.com>, "'kmccrea@sablaw.com'" <kmccrea@sablaw.com>,
"'jmpa@dynegy.com'" <jmpa@dynegy.com>, "'porterdk@sce.com'"
<porterdk@sce.com>, "'RochmanM@cubjpa.org'" <RochmanM@cubjpa.org>,
"'RochmanM@spurr.org'" <RochmanM@spurr.org>, "'susan.scott@enron.com'"
<susan.scott@enron.com>, "Betonte, Robert - TP2RSB" <RBetonte@socalgas.com>,
"Brill, Thomas R." <TBrill@sempra.com>, "Follett, B. David - TPDBF"
<DFollett@sempra.com>, "Harrigan, James P. - TP1JPH"
<JHarrigan@socalgas.com>, "Hay, James E." <JHay@sempra.com>, "Lorenz, Lad -
TPLPL" <LLorenz@socalgas.com>, "McVay, Nancy W - TPNWM"
<NMcVay@socalgas.com>, "Morrow, Rick - TP3RMM" <RMorrow@socalgas.com>,
"Purves, Ralph A." <RPurves@SDGE.com>, "Sakarias, Wayne P."
<WSakarias@SDGE.com>, "Schavrien, Lee" <LSchavrien@sempra.com>, "Sullivan,
Glen J." <GSullivan@sempra.com>, "Surak, Thomas M. - TP1TMS"
<TSurak@socalgas.com>, "Teeter, James S." <JTeeter@SDGE.com>, "Van Lierop,
Jan - TP2JXV" <tp2jxv@socalgas.com>, "Watson, Steven - TP2SAW"
<SWatson@socalgas.com>, "Wright, Gillian - TP1GXW" <GWright@sempra.com>,
"Barker, David - TPDTB" <DBarker@socalgas.com>, "'How-Downing, Lindsey'"
<lindseyhowdowning@dwt.com>, "'Jun, Christine'" <chj@aelaw.com>, "'Khoury,
Dexter'" <bsl@cpuc.ca.gov>, "'ack@aelaw.com'" <ack@aelaw.com>, "Nelson, Eric
B. - TPEBN" <ENelson@socalgas.com>, "Suwara, J.- TPJUS" <JSuwara@sempra.com>,
"Reed, William" <WReed@sempra.com>, "'Pedersen, Norman'"
<napedersen@jonesday.com>, "'Paul, Joe'" <jmpa@dynegy.com>, "'Hawiger,
Marcel'" <marcel@turn.org>, "'Fawcett, Jeff'" <jfawcet@enron.com>, "'O'Neill,
Ed'" <ewo@jmbm.com>, "'Power, Pat'" <pjpowerlaw@aol.com>, "'Ramirez, Jaime'"
<jaime.ramirez@swgas.com>, "'Black, Larry'" <larry.black@swgas.com>, "Fair,
Pam" <PFair@SDGE.com>, "'Hall, Rich'" <rch8@pge.com>, "'Eisenman, Eric'"
<EXE3@pge.com>, "'Stoner, Ron'" <rrs5@pge.com>, "'McConn, Kathy'"
<mcconnk@epenergy.com>

Subject: Re: Final Late Exhibit Draft

_______________________________________________________________

This message and any attachments are intended for the individual or entity
named above.  If you are not the intended recipient, please do not read,
copy, use or disclose this communication to others; also please notify the
sender by replying to this message, and then delete it from your system.
Thank you.
_______________________________________________________________

     Your proposed draft exhibit goes substantially beyond the ALJ's order.
ALJ Biren specifically stated that the the late-filed exhibit "should be
narrowly focused on the mismatch of capacity." Tr. 1021.Thus, you need to
eliminate the column entitled "Total Take-away Capacity."  Furthermore, the
column is both suspect (e.g., the representation that EOR is 770 MMcfd) and
misleading (e.g., the inclusion of SWG or PG&E in "S. Calif Take-away
Capacity").  Also, you need to eliminate the "Avg. Daily Market" box.  The
following is what should be submitted to ALJ Biren:
(See attached file: #1070989 v1 - FIRM PIPELINE CAPACITY DELIVERY (EX. TO
I.99-07-003).doc)
 - #1070989 v1 - FIRM PIPELINE CAPACITY DELIVERY (EX. TO I.99-07-003).doc


---------------------- Forwarded by Kay Mann/Corp/Enron on 02/07/2001 05:52
PM ---------------------------

Kay Mann
02/07/2001 05:47 PM
To: lhenneberry@ssd.com, mahon@pbworld.com, losi@pbworld.com
cc: Mark Bernstein/HOU/ECT@ECT

Subject: Co Op City

Hi there,

I'm forwarding a draft EPC contract for your review.  This form of contract
assumes that the equipment will be procurred by the Owner, with the
understanding that we have not resolved the issue of the timing of the
procurement of the equipment, and  how it will be procurred.

This is intended to be a discussion draft, and is subject to further Enron
review and comment.

Thanks,

Kay


Please note change in red on Key Contact List for week of December 27, 1999.
Attached please find a Key Contact list for Energy Operations for the weeks
of December 20 and December 27, 1999.  Note the following schedule for risk
book reporting to accommodate the holidays.

Trade Date  Enron Status NYMEX  Equity Market  Consolidated Risk Reporting

Thursday, 12/23 Holiday  Open Open DPR published ) normal schedule **

Friday, 12/24 Holiday Closed Closed DPR not published  **

Monday, 12/27 Open * Open Open DPR includes 12/24 & 12/27 P&L

Tuesday, 12/28 Open * Open Open DPR published ) normal schedule

Wednesday, 12/29 Open  Open Open DPR published ) normal schedule
Thursday, 12/30 Open Open Open DPR published ) normal month-end
    schedule

Friday, 12/31 Holiday Closed Open DPR not published  **
   (closed 1PM EST)

Monday, 1/3 Holiday Closed Open DPR not published  **

Tuesday, 1/4 Open Open Open  DPR includes 12/31, 1/3 & 1/4

Notes:    *  Canadian holiday
  **  Trader P&L and Position reports will be produces for traded products

Distribution:
ENA Office of the Chairman Commercial Pulp & Paper  Energy Operations
Cliff Baxter  Greg Whalley Edward Ondarza  Kristin Albrecht
Kevin Hannon    Sheila Glover
 Natural Gas Financial Products  Todd Hall
ENA - Other Jeff Shankman Gary Hickerson  Peggy Hedstrom
Philippe Bibi John Arnold   Brenda Herod
Wanda Curry  Tom Martin Merchant Portfolio  Mike Moscoso
Jordan Mintz Scott Neal Andrea Reed   Scott Pleus
 Bob Shiring   Brent Price
Enron Canada Hunter Shively  Weather  Leslie Reeves
John Lavorato  Linda Clemmons  Stephen Schwarz
 Power   Bob Shults
Enron Corp. Jim Fallon Bandwidth  Mary Solmonson
Rick Causey Tim Belden Tom Gros  Bob Superty
Ted Murphy


Please use the attached for the guarantees. Please prepare one for all eight
participants.

Thanks


Jeff,

I got 20 cents for the swith option per Dth. My assumptions are as follows:

price curve assumption:
Waha   --- IF-WAHA
La Plata Pool  and TW(Ignacio)   -- IF-EPSO/SJ
California Border -- NGI-SOCAL

Correlation assumption:

Waha- SJ  95%
Socal-  SJ  90%

See the attached spreadsheet for more info.  Call me for questions.

Zimin

Jeffery Fawcett@ENRON
10/11/2000 02:56 PM
To: Zimin Lu/HOU/ECT@ECT
cc:
Subject: Options model

Zimin,
We're trying to price out a "live" options deal.  Here are the parameters:

Volume: 32,000 Dth/d
Term:  Jan. 1, 2002 through Oct. 31, 2006 (58 mos.)
Price:  One part rate, $0.2175/Dth, plus applicable fuel
Primary Receipt/Delivery Points: (East - to -East Transport)
 Receipt: La Plata Pool (use San Juan, Blanco price equivalent)
 Delivery: Waha area

Option:
 Alternate Delivery Pnt.:  California Border (East - to- West Transport)
 Price:
 Floor-  $0.2175/Dth, plus 4.75% pipeline fuel, plus 50% of the difference
between the California Border index
  price and the San Juan Basin index price.  Specifically, we'll use:
      (SoCalGas large pkgs. minus TW (Ignacio, pts. south))

An important things to consider:
This option is only for Alternate Firm deliveries.  Alternate firm is really
just a glorified version of interruptible.

Can you run the option model and tell me what is the dollar value of this
rather "unpure" option?

I appreciate it.  Give me a call at 3-1521 if you have any questions.  Also,
can you get us an answer by Friday, 10/13/00?  We're looking to get the
proposal out to the customer by the end of the week if possible.  Thanks.


Guys:
Here is where I understand Bill came out on the 6.1(a) issue that we were
discussing.  ACE agreed to insert language that would carve out "publicly
available" information, but with respect to all other information that would
be covered by 6.1(a) and the Right of Recovery section, they would not agree
to limit the Enron group.

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


888 285 4585  host code 121970


pena - 1:30; Spurling @11:15 and D'Amato @12:00

11:15 D'Amato
12:00 Sperling
1:30 Pena meeting  - Tentative
3:30 Janel Guerrero

Flying up on company plane.


---------------------- Forwarded by Mike Carson/Corp/Enron on 08/17/2000
12:37 PM ---------------------------

Terri Clynes@ECT
06/07/2000 04:50 PM
To: Matt Lorenz/HOU/ECT@ECT, Mike Carson/Corp/Enron@Enron
cc:

Subject: MidWest Picnic

Matt and Mike,

Here is the annual Comed picnic that you have heard so much about.  You both
should try to go.

Terri
---------------------- Forwarded by Terri Clynes/HOU/ECT on 06/07/2000 04:48
PM ---------------------------

SFletcher@edisonmission.com on 06/07/2000 03:31:30 PM
To: pabbadini@cilco.com, Tim.Alford@gen.pge.com, aliceaa@pjm.com,
jallen@sgi.net, samiot@utilicorp.com, MCABengals@aol.com,
John.A.Baldwin@ucm.com, Ann.W.Bartosz@ucm.com, bergaminic@merchantenergy.com,
Kevin.R.Berglund@ucm.com, terrie_tucker_besnier@vapower.com,
tom.bixby@nypa.gov, timb@acespower.com, Richard.Bordeleau@gen.pge.com,
Ben.Borgen@gen.pge.com, jboring@powersrc.com, ktbrady@aep.com,
Thomas.R.Brumm@nspco.com, rick.byrne@worldnet.com, ghc@maininc.org,
Tamara.Carter@gen.pge.com, stevecastleberg@alliant-energy.com,
Richard.Chausse@gen.pge.com, wchin@coral-energy.com, Terri
Clynes/HOU/ECT@ECT, K.Coghlan@Rainbowenergy.com, connj@epenergy.com,
jcox@powersrc.com, jldaniels@midamerican.com,
Richard_Davidson@FirstEnergyCorp.com, Larry_Dent@FirstEnergyCorp.com,
mderouch@pwrteam.com, EdwinD@CitizensPower.com, tdreher@coral-energy.com,
wc.dunn@lgeenergy.com, rcedwards@midamerican.com, mellis@sempratrading.com,
David.Ellsworth@gen.pge.com, rfahey@edisonmission.com, sfoote@iso-ne.com,
fortier.regent@hydro.qc.ca, cgholson@surfnetinc.com, goodmand@kochind.com,
hallmark_harvey@wes.twc.com, khelmic@gsbalum.uchicago.com,
skinutt@worldnet.att.net, JHopf@AmerenEnergy.com,
Yvette_M_Houlihan@reliantenergy.com, gary.huskey@cplc.com,
William.R.Imrie@ucm.com, rjabo@excite.com, pollack@nconnect.net,
tony.jankowski@wepco.com, RJenkins@AmerenEnergy.com, Kerry.W.Koch@ucm.com,
lkoester@midamerican.com, limonej@merchantenergy.com, rlindro@entergy.com,
William.Locasto@ucm.com, klogan@mge.com, casper@pwrteam.com,
mmmamula@nipsco.com, Matt.Manley@gen.pge.com, rmarko@cinergy.com,
smcminn@alleghenypower.com, Chris_M_Mcnally@reliantenergy.com,
dkmedsker@nipsco.com, George.E.Meyer@ucm.com, murray@ms.com,
robert_nelson@illinova.com, lnendza@pwrteam.com, newcomerd@detroitedison.com,
doakland@duke-energy.com, jorlando@coral-energy.com, Ellen.L.Oswald@ucm.com,
Julie.Palin@ucm.com, David.Pierce@gen.pge.com, keithp@acespower.com,
riggc@detroitedison.com, mritchey@coral-energy.com, Joel.Rubano@gen.pge.com,
MaryJane.Ryan@ucm.com, ksadler@statoilenergy.com, besamblanet@aep.com,
Jacqueline.I.Sarlo@ucm.com, Robert.Scorrano@gen.pge.com,
ASerri@AmerenEnergy.com, dshartze@cinergy.com, Mark.Sheppard@gen.pge.com,
wsimpson@tnsk.com, jmsmith@southernco.com, jsmith@TEAINC.org,
Peter.J.Snarskis@ucm.com, Frank.P.Squires@aep.com, Robert.A.Staton@nspco.com,
Mark.Sudbey@orionpower.com, adam.r.swanson@fpc.com, jthomas@powersrc.com,
jtignor@amp-ohio.org, skinutt@att.net, vtriska@cinergy.com,
Benoit.Vallieres@gen.pge.com, KWidas@Wisvest.com, Lisa.Wildes@gen.pge.com,
jwillman@amp-ohio.org
cc: "Scheduling" <Scheduling@edisonmission.com>, CTran@edisonmission.com
Subject: MidWest Picnic

(See attached file: Picnic1.ppt)   (See attached file: picnic opening.doc)
(See
attached file: picnic directions1.doc)

Edison Mission Marketing and Trading
Office Phone: (949) 798-7455
Cell Phone: (714) 337-9474

 - Picnic1.ppt
 - picnic opening.doc
 - picnic directions1.doc


FYI,  Forgot to cc you.

---------------------- Forwarded by Gerald Nemec/HOU/ECT on 04/28/2000 09:28
AM ---------------------------

Gerald Nemec
04/28/2000 08:59 AM
To: Michael J Legler/HOU/ECT@Enron, Mark Whitt/DEN/ECT@Enron
cc: Dan J Bump/DEN/ECT@Enron
Subject: Purchase Agreement Summary

Attached is the summary of ENA's take obligations under all the purchase
agreements to date in the Powder River Basin.  Please call to discuss.  Sorry
for the delay.


El Paso declared an Unauthorized Overpull Penalty situation Thursday that
will remain in effect until further notice. The pipeline said it will limit
scheduled volumes at underperforming interconnects to insure system
integrity.

Likely in response to the A/BC border constraint that began Thursday due to
maintenance on the TransCanada-British Columbia Line, NOVA changed its
imbalance tolerance range to +2%/-18% Wednesday. Reflecting the resultant
shift in supply accessibility, neighboring Westcoast has a +20%/0% tolerance
in effect.


austin is a cool place to live even if you are not in school.  i wouldn't
live in baton rouge and i loved going to school there.  you should do what
you think is best for you.


----- Forwarded by Steven J Kean/NA/Enron on 02/28/2001 02:52 PM -----

	Susan J Mara
	02/21/2001 05:26 PM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, James D Steffes/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron,
Mark Palmer/Corp/Enron@ENRON
		 cc:
		 Subject: Memo Re State Processes for Takeover of Transmission

Here is an initial draft from our attorneys in California on the state
processes that could be required.  In my experience, the single biggest issue
the utilities have is the transfer of the rights of way -- there are
thousands of these -- each like an individual contract.  If the state tried
eminent domain, it seems like it could face a long-time in the courts to
finish that process.

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


TCPL filed an application with the NEB yesterday seeking an increase in rate of return.  They are asking for a new methodology called "After-Tax Weighted Average Cost of Capital" which would be 7.5%.  Using the existing methodology this would translate to a return of 12.52% on 40% deemed equity in the capital structure (equity thickness).  This would equate to a return of 16.69% if the equity thickness was 30%.  Currently TCPL has a regulated return of 9.61% and 30%.

If TCPL gets what they are seeking it would result in an annualized Eastern Zone toll of CDN$1.25 (Chippawa $1.261).   The invoiced toll would be higher to recover the difference from the interim toll, currently set at $1.132.

I have a copy of the three binder application if anyone wants to see it.

Kevin


Just wanted to keep you posted on this deal. You called me earlier and said
that the counterparty, Deseret, had recorded this deal with Enron buying. We
entered the deal with Enron selling. I have Matt Motley, Kim Ward, and Tim
Belden reviewing the tapes of Kim Ward's conversation with Desret last week,
in which it is clear that she was selling to Deseret. She's spoken with her
contact there, who still disputes the deal and says we were buying. They're
all talking it over right now, and I'll let you know as soon as we make a
decisiion on whether or not to change this deal.

Thanks for your patience,
Kate


Please review and let me know your thoughts on their comments.  The MAC
section will come out, so disregard those comments.

----- Forwarded by Gerald Nemec/HOU/ECT on 12/28/2000 05:27 PM -----

	Janet Dixon <jdixon@calpine.com>
	12/28/2000 05:16 PM

		 To: "'Gerald.Nemec@enron.com'" <Gerald.Nemec@enron.com>, Brad Barnds
<BradB@calpine.com>, Joe Gorberg <joego@calpine.com>, Janet Dixon
<jdixon@calpine.com>
		 cc: Stephanie.Miller@enron.com
		 Subject: RE: Doc's for conference call

Here are the changes to the Enfolio that Michael and I came up with.  Please
review and let me know if you have any comments.
I spoke with Michael and the document that Reed of PGT mentioned was with
Michael is actually the surety bond that Michael has sent to the insurance
company for final execution.  If you have any credit questions, please call
Michael at 650-303-0274 (cell).

-----Original Message-----
From: Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent: Thursday, December 28, 2000 3:28 PM
To: bradb@calpine.com; joego@calpine.com; jdixon@calpine.com
Cc: Stephanie.Miller@enron.com
Subject: Doc's for conference call

Attached is latest version - due to quick turnaround, there may be a few
typo's.

Julie, Gerald and I will be present. Talk to you then....

(See attached file: CALPINE CONFIRM5RED.DOC)(See attached file:
CalpineAssignRelease6(red).doc)(See attached file: CALPINE CORPORATION.doc)

 - Enron CALPINE CORPORATION redline Enfolio 12-29-00.doc
 - Enron CALPINE CORPORATION CLEAN Enfolio 12-29-00.doc


Attached is a revised draft of the above-referenced document marked to show
changes.

Please call Rob Taylor with any questions.

Sincerely,

Gina G. Zimmerman
Legal Secretary
Andrews & Kurth L.L.P.
600 Travis, Suite 4200
Houston, Texas  77002
Direct:  713-220-4460
Fax:  713-238-7273
ginazimmerman@andrews-kurth.com

The information contained in this e-mail is legally privileged and
confidential information intended only for the use of the recipient(s) named
above.  If the reader of this e-mail is not an intended recipient, you have
received this e-mail in error and any review, dissemination, distribution or
copying is strictly prohibited.  If you have received this e-mail in error,
please notify the sender immediately by return e-mail and permanently delete
the copy you received.  Thank you.

 - Blacklin.DOC


Ok--being the one that probably doesn't really have the dollars to do this I
would still say "yes"----will try to make room on a credit card for
this--have until June so I think it is ok.....

Will call the picture lady tomorrow and see what the price would be for
that--will email you the results.

Sista Cindy

-----Original Message-----
From: White, Cara [mailto:CWhite@texas.usta.com]
Sent: Wednesday, February 14, 2001 3:35 PM
To: 'cwhite@viviance.com'; 'sally.beck@enron.com'
Subject: anniversary

Hi, sistas-

Here's the scoop on the Josephine House:

We can reserve with just a credit card; no deposit required.

Parties under 20:  $200 room fee.  $50 valet parking fee.

I confirmed "17" with mom.

Heidi sent some sample menus.   A 3-course menu (appetizer or salad, entree,
dessert) is $45.
A 4-course (same as 3-course plus hors d'oeuvres) sample menu is $52.
Each menu could include a choice of three or four options per course.  The
food sounds really good.

So, here's a guess at cost:
17 people at $45 =  $765
Beverages =        $200
Gratuity =   $193
Valet =    $  50
Room rental =   $200
TOTAL   $1408, or $469 per family if we divide it into
thirds

What do you guys think?   Should we explore other options - or just go with
this?   I think Chris and I would be fine with this sort of cost - but
probably couldn't go crazy with gift and decorations too.  So, if we really
want to do the photo(s) - do we have a cost for these yet?, we may want to
consider other options.    Thoughts?   -cara

Cara White
Community Development Coordinator
USTA Texas Section
1-888-883-6388
cWhite@texas.usta.com


I will attend in person. Jim

 -----Original Message-----
From: 	Williamson, Joannie
Sent:	Friday, December 14, 2001 4:24 PM
To:	'john_1_sherriff@hotmail.com'; Bowen Jr., Raymond; Buy, Rick; Causey, Richard; Delainey, David W.; Derrick Jr., James; Dietrich, Janet; Fallon, Jim; Frevert, Mark; Haedicke, Mark E.; Horton, Stanley; Hughes, James A.; Kean, Steven J.; Koenig, Mark; Lay, Kenneth; McMahon, Jeffrey; Sherriff, John; Whalley, Greg
Cc:	Hickerson, Gary; Rieker, Paula; Valencia, Laura; Zoch, Judy; Blackwood, Connie; Chapman, Kay; Daw, Nicki; Elbertson, Janette; Ferrari, Kerry; Fleming, Rosalee; Ford, Sue; Harris, Stephanie J ; Heathman, Karen K.; Marshall, Lucy; McVicker, Maureen; Mendez, Yorleni; Schiller, Marsha; Stark, Cindy; Taylor, Liz; Tori Wells; Westbrook, Sharron; Williamson, Joannie
Subject:	Management Committee Meeting - Monday, December 17

Please reply and let me know if you will participate in person or via conference call.  The dial-in number is 801-983-4013, please reference Ken Lay.

Thanks,
Joannie
3-1769


---------------------- Forwarded by Patrice L Mims/HOU/ECT on 11/20/2000
12:58 PM ---------------------------

"eToys News for You" <newsforyou@etoys.rsvp0.net> on 11/20/2000 06:44:17 AM
Please respond to "eToys News for You" <newsforyou@etoysnews.etoys.com>
To: PMIMS@ENRON.COM
cc:
Subject: Exclusive Thanksgiving Sale Sneak Peek--and More!

Dear Patrice Thurston,

We know you,re busy this time of year--that's why eToys makes it easy to
shop for your holiday. Get an exclusive sneak peek at our Thanksgiving Sale
before it,s open to the public. Plus, find everything you need, from the
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Make any purchase at eToys through December 11, and get $10 off
any $50 purchase at gapkids.com or babygap.com.

We look forward to making your holiday shopping easier!

Happy Holidays,

Jenny H.
eToys
Where great ideas come to you.

If you'd prefer not to receive these e-mail updates, please let us know, or
cut and paste the following link into your browser:
http://www.etoys.com/exec/subscribe?home=unsub&email_address=PMIMS@ENRON.COM


Dear Ian and Gerry,

Gerry is handling the legal aspects of EBS' operations from Houston at this
stage so he is probably the appropriate person to move forward on this with
outside counsel as appropriate.

Jane McBride
Senior Legal Counsel
Enron Japan Corp.

Otemachi 1st Square Bldg.
West 11th Floor
1-5-1 Otemachi, Chiyoda-ku
Tokyo 100-0004
Japan

URL:        www.enron.co.jp

Tel.:       81-3-5219-4500 (Main)
            81-3-5219-4553 (Direct)
Fax:        81-3-5219-4510

Assistant (Maggy Yamanishi)
Tel.:       81-3-5219-4554
Email:      Yo.Yamanishi@enron.com

	Ian Brungs
	2001/01/19 01:32

		 To: Mark Taylor/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Matthias Lee/SIN/ECT@ECT, Jane
McBride/AP/Enron@Enron, Angeline Poon/SIN/ECT@ECT
		 cc: Justin Boyd/LON/ECT@ECT
		 Subject: Broadband Online Products

Hello Mark, David, Matt, Jane and Angeline,

I have provided the additional questionnaire which we sent to our European
counsel with respect to trading in Bandwidth capacity. You may wish to
provide this to your counsel as a basis for the questionnaire regarding the
physical trading of Bandwidth capacity. Please note that one of the key
issues may be the location of the respective geographical points for each
Bandwidth transaction. We would anticipate that there would be fewer issues
or none at all where a particular counterparty wishes to trade in Bandwidth
capacity where the two respective geographical points are not located in
their jurisdiction. (ie. A German counterparty trading Bandwidth from
Brussels to Paris)

If you have any questions or concerns please do not hesitate to contact me at
0207 783 4084.

Kind Regards,

Ian Brungs


This request has been pending your approval for  2 days.  Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000010092&Page=
Approval to review and act upon this request.

Request ID          : 000000000010092
Request Create Date : 12/12/00 3:00:54 PM
Requested For       : diane.goode@enron.com
Resource Name       : Lexis Nexis Research - Legal
Resource Type       : Applications


Dad is at Howard Johnson at 9604 S Main, room 403, phone 713-666-1411


---------------------- Forwarded by Robert Badeer/HOU/ECT on 06/26/2000 06:23
AM ---------------------------

Susan J Mara@EES
06/23/2000 01:08 PM
To: Tim Belden/HOU/ECT@ECT, Chris H Foster/HOU/ECT@ECT, John M
Forney/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Stewart Rosman/HOU/ECT@ECT,
Mary Hain/HOU/ECT@ECT, Jeff Dasovich/SFO/EES@EES, Paul Kaufman/PDX/ECT@ECT,
Mona L Petrochko/SFO/EES@EES, Sandra McCubbin/SFO/EES@EES, Bruno
Gaillard/SFO/EES@EES, Roger Yang/SFO/EES@EES, Dennis Benevides/HOU/EES@EES
cc: rcarroll@bracepatt.com, Elsa Piekielniak/Corp/Enron@Enron
Subject: Restructuring Today, Friday June 23, 2000

Article on California "gaming", high prices, possible litigation, and Avista
problems
---------------------- Forwarded by Susan J Mara/SFO/EES on 06/23/2000 02:55
PM ---------------------------

Restructuring Today <season@restructuringtoday.com> on 06/23/2000 12:56:25 PM
Please respond to season@restructuringtoday.com
To: 031601Mara <smara@enron.com>
cc:
Subject: Restructuring Today, Friday June 23, 2000

(see attached file:  rt000623.pdf)

Thank you,

Season Hawksley
Marketing Manager
Restructuring Today
U.S. Publishing Company
season@restructuringtoday.com
www.restructuringtoday.com
1-800-486-8201

 - rt000623.pdf


Vince says this is very interesting.  Shirley Crenshaw x35290


i have that work trip on oct. 21st.  is there another weekend that you could
come to n.o.?


I sent this along to Molly, because, while I hate to admit it, I think she
might be better suited to such a daunting task.

K

Anna Symes <annasymes@yahoo.com> on 04/11/2001 09:54:14 AM
To: "Kate.Symes@enron.com" <Kate.Symes@enron.com>
cc:

Subject: I thought you might be interested...

  To: Kate.Symes@enron.com
From: Anna Symes

I thought you might be interested in this job.  It's just one of the
more than 250,000 great jobs on Headhunter.net:

  http://www.headhunter.net/share/det.asp?d=J26K66D0YJBB4DWPWJ

Comments:


Dear Vince:

How are you? Thanks for coordinating an offer for me.

As I told Stinson early this week, I understand that
it is a little bit tricky for Enron in term of my
starting date. To be honest, I am very flexible
myself, it really depends on Enron. If you want me to
start right now, then I would expect Enron to
compensate for my this year's bonus. In this case, it
is not quite fair for Enron, since now we are already
at the end of October.

Another option is that we can work out an offer right
now, and I can start my new job right after I get my
bonus from Williams, which should be in the very
beginning of February. This choice is perfectly fine
with me. Actually it might be even a little better for
me since Williams has had very good year this year.

Vince, I just want to tell you that I am very
interested in your group, and very excited about this
opportunity. If you have any questions, please feel
free to call me at 918-409-4308.

sincerely,
Charles

__________________________________________________
Do You Yahoo!?
Yahoo! Messenger - Talk while you surf!  It's FREE.
http://im.yahoo.com/


---------------------- Forwarded by Robert Benson/Corp/Enron on 05/11/2001
12:32 PM ---------------------------

Chris Dorland@ECT
05/11/2001 12:14 PM
To: Robert Benson/Corp/Enron@ENRON
cc:

Subject: Why One Firm Thinks Enron Is Running Out of Gas

---------------------- Forwarded by Chris Dorland/HOU/ECT on 05/11/2001 12:14
PM ---------------------------

	Dan Dorland
	05/11/2001 07:50 AM

To: Paul Devries/TOR/ECT@ECT, Jan Wilson/TOR/ECT@ECT, Jeff Borg/TOR/ECT@ECT,
Dave Ellis/TOR/ECT@ECT, Garrett Tripp/TOR/ECT@ECT, Stephane
Brodeur/CAL/ECT@ECT, Chris Dorland/HOU/ECT@ECT, kdorland@flint-energy.com
cc:
Subject: Why One Firm Thinks Enron Is Running Out of Gas

http://www.thestreet.com/_yahoo/comment/detox/1422781.html

Why One Firm Thinks Enron Is Running Out of Gas
By Peter Eavis
Senior Columnist
Originally posted at 5:23 PM ET 5/9/01 on RealMoney.com

A small research boutique with a reputation for rigorous analysis is telling
clients to quickly dump Enron (ENE:NYSE - news), believing that the energy
trading giant's 2001 earnings will fall well short of Wall Street's
forecasts.
Cambridge, Mass.-based Off Wall Street, led by analyst Mark Roberts, thinks
Enron's 2001 earnings will fall 6 cents short of the consensus estimate of
$1.79. The firm also believes Enron stock should trade around $30, nearly 50%
below Wednesday's $59.20.
The firm's 26-page report, published May 6, highlights Enron's declining
profitability and increasing leverage and suggests that the company should
trade on the same sort of multiple as a trading firm like Goldman Sachs (GS
:NYSE - news), which has a 2001 price-to-earnings ratio about half of Enron's
33 times. OWS also alleges that Enron's earnings quality is poor and that key
parts of its financial statements are confusing and opaque.
Houston-based Enron didn't comment by publication time on elements of the
report that Detox sent the company. An energy analyst who is bullish on
Enron's outlook says the OWS report contains fundamental misunderstandings
about the energy market and Enron's business model, but he says the report
does include some ground-breaking and valid insights. (The analyst's firm
doesn't give stock recommendations.)
Economies of Scale
Why care what Off Wall Street writes, compared with, say, analysts at Merrill
Lynch (MER:NYSE - news)? For one, OWS has an excellent track record.
Particularly sweet was 2000, when the tech stocks it had bashed came crashing
down. It has also shown itself to be well ahead of the curve, recommending
that clients sell e-tailer priceline.com (PCLN:Nasdaq - news) in June 1999,
when faith in Internet stocks was at its blindest and their prices at their
most insane.

Pulling Back
Enron retreats after long rally

Enron, with its domination of a burgeoning energy market, annual revenue of
over $100 billion and impressive earnings growth, can hardly be ranked
alongside the likes of priceline. But OWS thinks Enron is set for a
precipitous drop nonetheless. Why?
OWS's main beef is that key profitability measures are in decline. Margins on
Enron's pretax operating earnings (which the company's earnings releases call
IBIT, or income before interest, taxes and other items) are falling. Total
IBIT of $795 million in the first quarter amounted to only 1.59% of the $50
billion in revenue for the period, compared with a 2.08% margin in the fourth
quarter and 4.75% in the year-earlier period. Revenue in the first quarter
was nearly quadrupled from the year-earlier period, yet IBIT rose only 27%.
This shrinkage is due to lower-margin trading income making up an
increasingly large share of Enron's revenue base.
OWS thus calculates that for the remainder of 2001 Enron needs to generate an
extra $2.1 billion in revenue for each additional penny it makes over its
2000 EPS of $1.47 to reach analysts' expectation of $1.79.
The energy analyst counters that OWS apparently hasn't grasped how Enron can
continue to increase earnings even when margins shrink. It does so simply by
increasing volumes as the energy market balloons in size. In other words,
margins may decline, but since revenues are so much higher, earnings still go
up. Illustrating this, first-quarter 2001 EPS of 49 cents was 23% ahead of
the year-ago figure, even though the IBIT margin shrank by 3.2 percentage
points. The analyst thinks Enron will make $1.82 per share in 2001.
Growing On You
In addition, the huge growth in the energy market that has so helped Enron is
likely to continue for several years, according to the analyst. He notes that
roughly 75% of the electricity available in the U.S. still isn't traded in a
market. "Eventually it will be part of a competitive environment, but it'll
take five to 10 years," says the analyst. And he believes the extreme
volatility in energy-related commodities that has also benefited Enron will
exist for longer than OWS projects.
Still, OWS's point on profitability is bolstered by other profit measures.
Return on capital (net income as a percentage of equity plus debt) was 6.6%
in 2000, down on 1999's 6.9% and well below the 2000 returns on capital at
Duke (DUK:NYSE - news) (11.8%), Dynegy (DYN:NYSE - news) (12.1%) and even
Goldman (8.9%).
Even Enron bulls will admit that its financials are hard to follow. For
example, it doesn't give a gross margin number for its wholesale services, or
trading, business, which accounts for 96% of revenue. But one area of the
company's financial statements registered with the Securities and Exchange
Commission that consistently bugs analysts is the part that describes Enron's
related party transactions, which are the deals it does with entities that
have some sort of link to the firm. In fact, one of the related entities that
Enron has traded with is headed by Enron's CFO, Andrew Fastow. The energy
analyst comments: "Why are they doing this? It's just inappropriate."
The reason for maintaining these hard-to-follow related party deals has been
a source of speculation. But OWS analysis shows how a sales of optical fiber
to a related party may have been used to goose earnings in the second quarter
of 2000. Estimated profits from the so-called dark fiber (optical cable
without the gear to send data over it) transaction allowed Enron to beat
analysts' second-earnings earnings estimate by 2 cents a share, rather than
missing by 2 cents.
How soon before Wall Street follows Off Wall Street on Enron?


WHY ARE YOU WRITING IN ALL CAPS!?
Heather Kroll


Jo, I wanted to follow up with you on the O&M charges and transportation capacity from Halley to Gray.  Do you have some telephone time available soon?

I'm available late today after 4:00 or tomorrow before 10:30 or from 1:30-3:00 or Wed anytime pm.

Thanks, Kim.


I am free at 3:30 on Thursday at my desk.


Bob,

I am happy for you to handle the Richter matter.  Lizzette Palmer on my team has been taking the lead on NEPCO matters, so get with her on details.

I'll confirm with David Lund that he has no objection.

Michelle

 -----Original Message-----
From: 	Robichaux, Lisa
Sent:	Wednesday, December 19, 2001 1:38 PM
To:	Sanders, Richard B.; Edison, Andrew; Cash, Michelle
Subject:	John Richter, Jr. v. NEPCO

	Please see attached memorandum.

	 << File: mm-sanders17.doc >>


FYI.

 We have been requested by Donna Lowry to assist in opening up an account for
Enserco LLC at Morgan Stanley.  This account will be set up to transfer
existing securities held by Enserco so they can be sold to the market.  All
documentation required has been forwarded to legal.

Thanks,
Theresa.


Margaret Carson has put together a great piece (including slides) that needs
to be finalized so that we can get it put together to explain California.

I have checked the material.  It looks fine.  My next thought is to ask
someone from PR to work it up from a graphics/layout perspective.

Also, the California team should have final sign-off.

I will ask Marcia Linton to fax (or send by e-mail) it out to everyone on
this list and get our next steps.

Jim

P.S.  If people are not aware, Margaret Carson is retiring from Enron.  Her
last full day to help with all of this is Friday, April 12.


Deal NN6788.1 with Citibank has been killed.  This was an EOL deal that
Citibank and John Arnold agreed to cut in half.  Deal QF9221.1 was booked in
Dec. for half the volume of the original deal.  Unfortunately, deal NN6788.1
was not killed when we booked the new deal.  Please call me with any
questions.

Thanks,

Errol, X5-8274


-----Original Message-----
From: 	"Healey, Chris" <chealey@LUCE.com>@ENRON [mailto:IMCEANOTES-+22Healey+2C+20Chris+22+20+3Cchealey+40LUCE+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, July 31, 2001 8:49 PM
To:	Alexander, Jeff; Allen, Gretchen; Bailey, Brent; Beh, James; Benzian, Peter; Bestor, Geoffrey; Bliss, Erik; Brooks, John T.; Brown, Heather; Burns, David; Butswinkas, Dane; Chapin, Edward; Coleman, Ran; Copeland, Greg; Costa, Jennifer; Cottle, Lisa; Davenport, Hugh; Davidson, Jeffrey; Dick, Charles; Edwards, Robert Jr.; Eisenstat, Larry; Ezickson, Doron; Fallon, Robert; Fergus, G.; Forrest, Kirk; Frizzell, Jean; Gammie, John; Gibbs, Robin; Goldberg, Alex; Guzman, Jose; Halling, Gary; Hamer, Mark; Harris, Scott; Hartman, Sanford; Healey, Christopher; Hein, Jennifer; Herbert, John; Herman, Stephen; Hernandez, Lynne; Hixson, Thomas; Holcomb, Bruce; Houlihan, Terry; Jines, Milke; Kadzik, Peter; Karp, Joseph; Kass, Michael; Katz, Bruno; Kennedy, Thomas; Kinnear, Todd; Kirby, Michael; Kleinman, Joel; Kohnke, Ernie; Lane, Linda; Leslie, John; Mattis, Martin; Maxwell, Melissa; McManus, Randy; Merryman, Bryan; Michel, Sydne; Miller, Lisa; Mittelstaedt, Robert; Molland, Michael; Muller, Tim; Murphy, Tanya; Newton, Joel; Nissen, Neha; Noonan, David; Packard, Connie; Pallenik, Christine; Paul, Joe; Pedersen, Norman; Perlis, Mark; Peters, Mary Lou; Pickens, A.; Pickett, Donn; Raber, Stephen; Ransom, James; Reasoner, Barrett; Rice Kelly, Hugh; Richardson, Tony; Roppe, Laura; Russell, JoAnn; Ryland, Ron; Sanders, Richard B.; Sauntry, June Ann; Scafe, Jennifer; Schenkkan, Pete; Seltzer Caplan Team; Shohet, Jeffrey; Smith, Martin; Sottosanti, Martha; Spanos, Theodore; Springer, James; Starbird, Zackary; Steiner, Robert; Stewart, Craig; Sturgeon, John; Taylor, Timothy; Tiffany, Joseph II; Tribble, Douglas; Varner, Carlton; Wall, Dan; Weaver, Michael; Wiegmann, Hack; Williams, Robert C.; Zdebski, Charles
Subject:	Remand Decision

Judge Whaley's decision granting the plaintiffs' remand motions is attached.
Judge Whaley held that, while the filed rate doctrine may well constitute an
"absolute defense,"  it does not support complete preemption sufficient to
provide federal jurisdiction.  While not the result we wanted, that aspect
of the decision was not unexpected.  Also, at several points, Judge Whaley
confirmed the "central and controlling role" the federal government plays in
the regulation of wholesale energy issues.

Unfortunately, the decision also includes Judge Whaley's view that
plaintiffs can state claims under the Cartwright Act and UCL statute
"without alleging or establishing that the electric rates charged were not
'just and reasonable'". Decision at 14-16.   While not binding on the state
court, plaintiffs will no doubt seek to make use of these and other portions
of Judge Whaley's decision to oppose our state court pleading challenge.

I'll set up a conference call in the next day or so to discuss status and
approach in light of the remand decision.

Regards.

> Part 1 of 2 (pages 1-16); Part 2 of 2 (pages 17-19)
>
>  <<7-31 Remand Order 1 of 2.pdf>>  <<7-31 Remand Order 2 of 2.pdf>>
>
> **************
>
> CONFIDENTIAL
>
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 - 7-31 Remand Order 1 of 2.pdf
 - 7-31 Remand Order 2 of 2.pdf


we have already done the aug 03, how many may 02 do you want us to do?

 -----Original Message-----
From: 	kdavis@manfinancial.com@ENRON
Sent:	Friday, November 02, 2001 10:54 AM
To:	Arnold, John
Subject:	RE: Positions

John

The simplest thing would be to disregard the 926 Aug'03 instructions and to
do the 1660 May 02 only....

Your call

Kevin

-----Original Message-----
From: Davis, Kevin (LDN Int)
Sent: Friday, November 02, 2001 4:48 PM
To: 'John.Arnold@enron.com'
Subject: RE: Positions

The answer would be yes if it were the only ex-pit instructions we received
today.

Given that you have instructed us already to ex-pit the 926 August 03
position, we would only want you to transfer 734 of the May 02 futures.

If you only do the 1660 May 02 or, if you do the 926 august 03 and 734 May
02 then YES, we will wire the money immediately after one or other of those
expits are achieved.

Kevin

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Friday, November 02, 2001 4:43 PM
To: kdavis@manfinancial.com
Subject: RE: Positions

Will you wire the money immediately when this is done?

    -----Original Message-----
   From:   kdavis@manfinancial.com@ENRON
   Sent:   Friday, November 02, 2001 10:10 AM
   To:     jarnold@enron.com
   Cc:     Wesner-Soong, Sarah; Deffner, Joseph
   Subject:  Positions

   Dear John

   In place of the original transfer of options that we sent you yesterday,
   I
   propose the following transfer instead. You will note that it includes
   no
   options at all.

   short 1660 May 2002 futures

   Please understand that this entire affair is making me as uncomfortable
   as
   it is clearly making you.

   Kind regards
   Kevin R Davis

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Start Date: 4/29/01; HourAhead hour: 13;  HourAhead schedule download failed.
Manual intervention required.


PLEASE READ THIS IMPORTANT INFORMATION CONCERNING THE ENRON STOCK FUND IN THE ENRON CORP. SAVINGS AND ESOP PLANS

On Friday, January 11, trading of Enron stock was suspended on the New York Stock Exchange (NYSE).  All Savings and ESOP Plan transactions, including 401(k) payroll contributions,  involving this fund were placed in a pending status until trading resumed.

As announced by Enron's Office of the Chair on Wednesday, January 16, Enron stock would now be traded Over The Counter (OTC).  Upon receiving this information, work began immediately to develop a process that allows for OTC trades in the plans.

On Thursday, January 17, Enron initiated a process to facilitate OTC trades of Enron stock inside the 401(k) and ESOP and all pending transactions were processed using Thursday's closing price.

Now that trading has resumed, we urge you to review your investment elections to ensure that they are consistent with your investment goals.

As things change, we will continue to update you.

Enron Benefits Department


Sherry, I had to change from Chris to Debra on your reviewers.  I will still visit with
	Chris since you did put her name down.

	Thanks. Lynn


New Yorker reviews Henry Moss in this week's issue.  Haven't read it yet.
Did you guys like it?

Cameron, what's the name of the bandwidth exchange firm that you guys did
your deal with?  Bandwidth Exchange?  (I"m brain dead.)


Gregg, please send a hard copy - the pdf file can not be opened on ENA
systems in Houston.

Thanks
Delainey


If you want me to write up the complete definition for each of these, let me
know

If you have questions, let me know

Receipt Point definition(s)

FOR POWER

The receipt point and delivery point definitions are identical as they apply
to MDEA proper at the Entergy - MDEA interfaces.

The receipt point and delivery point definitions for EPMI and third-party
transactions should be as defined in each individual deal/transaction
Confirmation.

(IE, you have four power definitions)

FOR GAS

The receipt point for gas is defined in each individual deal Confirm where
gas may be purchased, and then transported to MDEA.

There are 3 delivery points for gas:

for Clarksdale it is the interconnect between Texas Gas and Clarksdale

for Yazoo City you have (a) the interconnect between Southern Natural Gas
(Sonat) and Mississippi Valley Gas for the Yazoo City Power Plant (Sonat
Delivery Point)
                                   (b)  the interconnect between Mississippi
Valley Gas (MVG) and the Yazoo City Power Plant (MVG Delivery Point)

Off Peak Definition

This is the same definition as the ON PEAK definition, except the off peak
hours beginning and ending are the opposite of the on peak hours.

Transmission Services

Transmission Services means the analysis and/or procurement of transmission
capacity as part of the Scheduling Services by EPMI as MDEA's Scheduling
Entity.

Scheduling Equipment

Suggest either don't refer to a list at all, or you can say such equipment is
included in the list of equipment on the Exhibit ?, but try to name the
specific equipment.

Term

It is simply my preference to let the one year term evergreen automatically
each year unless prior notice is given by either party.  I don't think anyone
else has a particular preference, unless you do.  Don't know if MDEA has a
preference on this.

Contracted Resources

Thought we had an Exhibit for this already called Off-System Contracted
Resources, so I will get it to you separately in a few minutes.  We also have
a blank Existing Transaction Exhibit.  I thought that we might blend the
Contract resources and the Gas Transportation Agreements into the Existing
Transaction Exhibit.

 -----Original Message-----
From:  Mann, Kay
Sent: Thursday, April 19, 2001 8:02 AM
To: Rorschach, Reagan; Fairley, David
Subject: List of questions

Hi guys,

Here's a list of questions as I'm working through MDEA.  Actually, some are
questions, some are reminders of things you were going to send me:

Receipt Point - need def'n  RR
Load info - I was going to plug in something, or we were going to have an
exhibit to describe.  RR
Off peak defn - RR
transmission - we've added transmission services, but it isn't defnd.  Any
suggestions?
scheduling equipment - do we want to refer to the list?
term - previously I was instructed to take out the evergreen renewal, now is
it back in?  If so, is the mechanism in the first draft ok?
contracted resources - I've added in a def'n - we need a schedule. Name,
date, subject matter of contract.

More questions to come, but I wanted to get this to you asap.  Reagan, you
might want to look through the comments you gave me for more open items.

Thanks!

Kay


Jeff&Susan,

I just got off the phone with Rich Hall, Mr. PG&E, . It was all good news.
First, PG&E does not plan to file any rebuttal testimony. Secondly, Rich
indicated that their prep for the witness stand is to AVOID bringing Hector
Rd. into their position. Wheeler Ridge will be characterized as a unique
situation that requires further consideration. He acknowledged and
appreciated the work the Transwestern team has been putting forth trying to
at least give PG&E's requested settlement modification a fair and thoughtful
chance. Specifically, he understood and appreciated the "educational" effort
we have been expending with the Indicated Shippers. As to whom might file
rebuttal testimony to PG&E, like we assessed earlier, it is probably going
to be Kern. There is still an element in the PG&E camp that is advocating a
tougher position, but Rich is still successfully pulling them to our
preferred approach.

We will of course reassess the landscape after all the rebuttal testimony
has been filed, but so far the " seas are calm". I look forward to your
visit next week. You guys have a great weekend.

Mark, IGS


Daddy,

I hope I'm not overstepping my boundaries, if I am, so sorry, but....I wanted to find out from you if everything is okay financially with you and Mom.

I need to know now, rather than later, if we need to set up a game plan for you guys.  Also, you don 't have to be emotional about borrowing money from me, nobody else is (smile).  After all, I owe you one!!

Love Bernie!


Finally, the electronic approval system is close at hand. The original
intention was to manage it within Livelink. However, this platform does not
seem to provide a workflow that is smooth and user friendly enough, and
consequently we may go for a Word document only instead. (Under this latter
arrangement, we would place a template on a shared drive that all concerned
parties could access.)

Whether we go for Livelink or a Word document only, we will need to create a
template with information about the reference entity. My initial thought is
that we would have three main fields: One information field about the entity,
one field for Credit an one field for Legal. The suggested information to
input would be the following:

Information field about the entity: Name; Name of ultimate parent; Country of
incorporation and operation; Name of originator making the request; Date of
request; Comments field.

Credit: Approval/Rejection tick box, Comments field; Credit ratings (public
and Enron); Tenor and mark-to-market limits; Name of person handling the
request.

Legal: Approval/Rejection tick box, Comments field; Name of person handling
the request.

Could you please let me know you need if you feel that the provided
information is sufficient and let me have your comments.

Also, I understand that Debbie, Bill and Rod handle the Credit approval.
(Please confirm!) However, Mark you are the only one from Legal. Could you
please be kind and forward me the names of some of your colleagues that could
handle the approvals should you be absent. (Do European reference credits get
approved by London or Houston credit?)

Many thanks

Tomas


Attached is a matrix of credit ratings for Enron and our competitors

Tyrell


Lorraine, Ill give you a call this afternoon.  By the way, did they test the
liquids for PCBs?  I havent heard from the Gallup team on whether they have
gone and checked for collected liquids at their I/C's.  Rick, can youcheck on
this for me?

From: Lorraine Lindberg/Enron@enronXgate on 05/11/2001 03:00 PM CDT
To: Larry Campbell/ET&S/Enron@ENRON
cc: Team Laguna/ET&S/Enron@ENRON, Rick Smith/ET&S/Enron@ENRON

Subject: RE: PCB sampling at Rio Puerco

Larry - Today I met with representatives from PNM and we discussed the
information set forth below.  PNM recently tested for liquids at Rio Puerco
and found liquids, specifically C5+ and think this is coming from TW.  Please
call me to discuss.  Thanks.

Lorraine

 -----Original Message-----
From:  Campbell, Larry
Sent: Monday, May 07, 2001 10:14 AM
To: Lindberg, Lorraine
Cc: Laguna, Team; Smith, Rick
Subject: PCB sampling at Rio Puerco

Lorraine, the first of three...........
---------------------- Forwarded by Larry Campbell/ET&S/Enron on 05/07/2001
09:05 AM ---------------------------

Team Laguna
05/07/2001 08:25 AM

To: Larry Campbell/ET&S/Enron@ENRON, Rich Jolly/ET&S/Enron@ENRON, Rick
Smith/ET&S/Enron@ENRON
cc:

Subject: PCB sampling at Rio Puerco

We went out to our Rio Puerco interconnect and tried collecting a liquid
sample for PCB sampling, but
had no liquid to collect.  So, Larry if you can let Lorraine know that we
were unsuccessful in collecting this sample
I'd highly appreciate it. Thank you !

Laguna Team   /  Norm