USA: Enron says recent woes to hurt profitability.
Reuters English News Service, 11/14/01
USA: Enron traders seen riding out storm, cuts likely.
Reuters English News Service, 11/14/01
USA: Arbs tread lightly on Enron-Dynegy deal.
Reuters English News Service, 11/14/01
USA: UPDATE 1-Enron CEO Lay admits to errors with mea culpa.
Reuters English News Service, 11/14/01
Enron Receives Dynegy $1.5B Cash Infusion Tues. >DYN ENE
Dow Jones News Service, 11/14/01
USA: Enron queried by EPA on oil pipeline spills.
Reuters English News Service, 11/14/01
Enron to Sell Off Money-Losing Assets In Bid to Restore Its Financial Health
Dow Jones Business News, 11/14/01
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces that Class Action Suits Against Enron Corporation Have Expanded their Class Periods
Business Wire, 11/14/01
Enron Says 4th-Qtr Earnings Cut by Lost Business (Update6)
Bloomberg, 11/14/01

Cauley Geller Bowman & Coates, LLP Expands Class Period in Class Action Lawsuit Against Enron Corp.
Business Wire, 11/14/01

Fitch: Cinergy's Rating Outlook Negative
Business Wire, 11/14/01

USA: Enron says recent woes to hurt profitability.

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 14 (Reuters) - Troubled energy trading giant Enron Corp. , which agreed last week to a buyout by smaller rival Dynegy Inc. , said on Wednesday it expects its recent woes to have a "temporary but negative impact" on fourth-quarter profitability.
Enron executives said in a conference call with analysts and investors that fourth-quarter results would also be adversely affected by severance costs and other restructuring costs. It did not provide further details, but said it expects to issue fourth-quarter earnings guidance in two to three weeks.
Enron also said it is seeking an additional $500 million to $1 billion in private equity to help rebuild confidence in the company and keep its core trading operations afloat in the nine months before the acquisition by Dynegy is expected to close.
Enron, the nation's biggest buyer and seller of natural gas and electricity, agreed on Friday to be bought by Dynegy for about $9 billion in stock after investor unease over the company's business deals sapped its finances to the point of near-collapse.
Enron has been under the gun from Wall Street since mid-October when it said shareholder equity had been cut by $1.2 billion because of off-balance sheet deals with partnerships run by former Chief Financial Officer Andrew Fastow, who was later replaced. The deals are under investigation by U.S. regulators.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron traders seen riding out storm, cuts likely.
By Scott DiSavino

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 14 (Reuters) - Traders at Enron Corp., atop the energy trading world, are avidly being pursued by rivals but are holding out to see if there is a good deal awaiting them in the proposed buyout by Dynegy Inc.
While a number of jobs are expected to go after the near collapse of North America's biggest energy trader, the new owners are expected to pull out all the stops to keep Enron's top traders - seen as the company's key assets.
"I know (traders) are getting a ton of calls, but I don't think there is going to be a mass exodus from the trading floor," said Joe Baker, president of Houston-based Search Consultants International, a recruitment company that serves the energy and power marketing industry.
Enron, known for turning out some of the industry's most aggressive traders, also has a reputation as a tough training ground for newcomers, handsomely rewarding those who "make their numbers" and quickly showing non-performers the door.
Traders at other energy firms said experienced traders can earn six-figures salaries before annual bonuses, paid sometime between the beginning of January and the middle of March.
A company recruiting traders before the bonus is paid would have to pay a larger sign on bonus.
"The majority of the key traders are going to wait and see what kind of situation develops ... everyone's got their eyes open," Baker said. "Most people want to stick around to see what kind of bonus they are going to get."
WAIT AND SEE
Energy traders are clearly worried about the $9 billion takeover announced last week, an opportunity for Dynegy to chop head count.
"There's a lot of overlap at both firms. I don't think there will be enough room for everyone," a trader at another Texas-based energy firm said.
Enron is the nation's biggest buyer and seller of natural gas and electricity. Dynegy is about a fifth as big as Enron measured in terms of revenue.
Despite the job uncertainty hanging over their heads, traders said they could not name a single Enron or Dynegy trader actively scouting out a new employer.
"Everyone seems to be waiting to see what happens. There are only a few trader jobs open in the country right now. Those positions will likely be filled pretty quickly if this merger goes through," another trader said.
"Some (traders) are going to be looking for work no matter whether they're laid off or leave on their own," the trader added.
So far, it is mostly Enron support staff who are polishing off their resumes.
Enron said Wednesday in an analyst meeting the company expects to take a charge for severance in the fourth quarter. However, no job cut numbers were discussed.
Baker said the support staff feels their jobs are the ones most threatened by the proposed Dynegy merger.
Dynegy is buying Enron for its trading operation and has said it is confident the best will stick around.
Upon completion of the merger, the combined company, to be called Dynegy Inc., is expected to have revenues exceeding $200 billion and $90 billion in assets.
Dynegy agreed to buy its larger cross-town rival after Enron investors lost faith in the company whose stock plummeted following its disclosure of off-balance sheet deals with partnerships run by its former chief financial officer.
The stock was off 8 cents, or 0.8 percent, at $9.92 a share at the close on New York Stock Exchange trade Wednesday, well below its 52-week high of $84.88.
Meanwhile, Dynegy stock fell $1.58, or 0.7 percent, to $46.20 a share.
- Scott DiSavino, New York Power Desk, +646-223-6072, fax +646-223-6079, e-mail scott.disavino@reuters.com and Nigel Hunt, Los Angeles bureau +213-955-6752.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Arbs tread lightly on Enron-Dynegy deal.
By Dane Hamilton

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 14 (Reuters) - Merger arbitragers say they're treading lightly in betting over prospects for the $9 billion stock-swap takeover of Houston energy trader Enron Corp. by rival Dynegy Inc. .
These market pros, who bet on the likelihood a merger will be completed, say big questions about Enron's financial condition raise doubts about the deal and make them shy about risking heavy bets. Wednesday's conference call between Enron officials and investors did little to assuage that, they say.
"People are very nervous about Enron," said one arb at a major New York brokerage. "They aren't sure if Enron is actually earning anything."
Arbs who think a deal will eventually be completed may "short" the acquirer and buy target stock, reasoning that the acquirer's stock will fall and the target will rise on completion. But in recent days, Enron's stock has languished, while Dynegy's stock has gained more than 40 percent, although it was close to the same level a month ago.
Some arbs said Dynegy's stock may have risen because it could gain valuable pipeline assets whether or not a deal is completed. Enron said it granted Dynegy an option to buy its Northern Natural Gas pipeline system for less than $975 million if the deal falls apart after the months-long due diligence review.
"Now Dynegy has up to a year to look at the company and at worst, Dynegy comes away with a very good deal," said one arb. "Even if it's a disaster, they come away with a very valuable pipeline."
Once a Wall Street high-flyer boasting a $90 share price just 15 months ago, Enron fell from grace after off-balance sheet transactions and financial reporting lapses prompted a regulatory investigation and senior official resignations.
Looming debt and a collapsing share price led Enron to agree to a takeover by smaller Houston rival Dynegy last week then valued at $10.41 a share, a fraction of its former value.
Enron officials on Wednesday said they were confident that the company was close to gaining a clear picture of its financial condition following restatement of earnings over several years. But it said the Securities and Exchange Commission investigation "could affect us on a go-forward basis."
Even with commitments for billions of dollars in cash that Enron said it's obtained in recent days, some arbs worried that customers who buy and sell energy contracts through Enron may be abandoning the company, particularly for longer-term contracts.
While Enron officials said customers and others are getting "comfortable in the short-dated market" energy market, arbs said longer-term customers may worry that further damaging disclosures may threaten its financial viability.
"It may be that no one wants long-term agreements anymore with Enron," said one arb, who like others, asked not to be named. "I don't think they were completely open about that issue."

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron CEO Lay admits to errors with mea culpa.

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Adds analyst comment and details of Lay compensation paragraphs 5 to 7)
By Andrew Kelly
HOUSTON, Nov 14 (Reuters) - Enron Corp. Chairman and Chief Executive Ken Lay on Wednesday acknowledged misjudgments and errors that pushed the nation's biggest energy trader to the brink of collapse and forced it to accept a humbling buyout by smaller rival Dynegy Inc.
In a stunning mea culpa to analysts and investors, Lay admitted that Enron had made bad investments, overburdened itself with debt and conducted deals that led to conflicts of interest now under U.S. regulatory investigation.
"We fully understand and regret that the combination of these events has resulted in the complete loss of investor confidence. We are fully committed to fixing the problems," he said.
Lay's act of atonement came after Enron said he had decided to waive his right to a $60 million golden parachute as part of Dynegy's planned buyout, following a tense exchange with employees about his severance package on Tuesday.
Lay received a base salary of $1.3 million from Enron for 2000 plus bonuses totaling $10.6 million.
He has also made several million dollars this year by exercising options and selling Enron stock at prices which mostly ranged from $40 to $60, according to Enron filings.
UBS Warburg analyst Ron Barone said Lay's candor could not undo damage already done but was welcome nevertheless. "The fact that he 'fessed up' is a step toward reestablishing credibility in himself and in the company," Barone said.
Enron agreed on Friday to be taken over by Dynegy for about $9 billion in stock, after investor unease over Enron's off-balance sheet deals drove its stock price down to $7 last week from a high of $90.56 in August 2000.
"In hindsight, we made some very bad investments in non-core businesses," Lay said in a 90-minute conference call.
Many of those investments, such as an ill-fated venture into the water services business and a power plant project in India that became mired in a payments dispute, performed below Enron's worst expectations, Lay said.
"The negative impact of these investments have been exacerbated through the extensive use of debt capital both on and off the balance sheet," Lay said.
Deals between Enron and partnerships run by its former chief financial officer, Andrew Fastow, produced "various conflicts of interest, both real and perceived," he added.
Fastow was recently replaced and the deals with the partnerships are now under investigation by the U.S. Securities and Exchange Commission.
Lay, who built Enron into the dominant energy trading company in North America and Europe after it was formed by the merger of two natural gas pipeline companies in 1986, said the core wholesale energy businesses were fundamentally sound.
In the short term, he said, Enron will focus on preventing further deterioration of its credit ratings and maintaining sufficient liquidity to keep the energy businesses running.
Enron's president and chief operating officer, Greg Whalley, said the company expects its recent woes to have a "temporary but negative impact" on profitability.
Whalley told analysts and investors that fourth-quarter results would also be adversely affected by severance costs and other restructuring costs. He did not provide details but said Enron will issue earnings guidance in two to three weeks.
The reference to severance costs was the first allusion to job cuts that are widely viewed as inevitable.
Enron also said it is seeking an additional $500 million to $1 billion in private equity to help rebuild confidence in the company and keep its core trading operations afloat in the nine months before the acquisition by Dynegy is expected to close.
It has already received $1.5 billion in cash from oil company ChevronTexaco Corp. , which owns 26.5 percent of Dynegy.
Enron has been under heavy fire from Wall Street since mid-October when it said shareholder equity had been cut by $1.2 billion because of deals with the Fastow partnerships.
Dynegy has said that its agreement with Enron would allow it to back out of the acquisition if the company's problems, which include a stack of lawsuits from angry investors, turn out to be far worse than has already been disclosed.
However, Dynegy Chairman and Chief Executive Chuck Watson has said he is confident this will not happen.
Watson will head the combined company, which will retain the Dynegy name, and Dynegy will dominate the combined company's senior management and board of directors.
Lay has said he has not yet made up his mind whether to accept Watson's offer of a seat on the board of the new company.
The California Public Employees Retirement System (Calpers), the largest U.S. pension fund, said there should be no place for Lay or any other Enron directors on the new Dynegy board.
"The interests of shareholders are best served by retiring all of the current directors from involvement in Enron's successor entities," said Michael Flaherman, chairman of the Calpers Investment Committee.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Receives Dynegy $1.5B Cash Infusion Tues. >DYN ENE
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/14/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Dynegy Inc. (DYN) provided Enron Corp. (ENE) Tuesday with the $1.5 billion cash infusion envisioned in the companies' merger agreement, a Dynegy spokeswoman said.
Dynegy received preferred stock and other rights in an Enron unit that owns the Northern Natural Gas pipeline in return for its investment.
The cash infusion, which was made with the assistance of Dynegy's largest shareholder, ChevronTexaco Corp. (CVX), is aimed at providing Enron with additional cash liquidity to support its core energy marketing and trading operations.
The rights provide Dynegy with the option to acquire the pipeline unit should the two companies fail to complete their merger. The deal, which still needs shareholder and regulatory approval, is expected to close within the next six to nine months.
Dynegy is acquiring Enron for 0.2685 of a Dynegy share, or about $10 billion based on the recent price of Dynegy shares.
The acquisition of Enron by its smaller rival follows a series of disclosures about Enron's financial dealings with partnerships run by some of its corporate officers. The dealings are under investigation by the Securities and Exchange Commission and at the center of more than a dozen of shareholder lawsuits.
During the last month, Enron watched as its share price sunk to a small fraction of its earlier levels as shareholder confidence in the trading company evaporated. As credit-rating agencies began to cut Enron's debt ratings threatening the company's investment-grade status, the company scrambled to raise additional cash to shore up its balance sheet and protect confidence in its business.
Industry experts viewed Dynegy's cash infusion as one way the companies sought to bolster confidence in the energy trader's liquidity, and protect its most valuable business.
In a conference call earlier Wednesday, Enron said its core energy trading business has been temporarily hurt by the uncertainty created by recent events.
According to Dynegy spokeswoman Jennifer Rosser, the preferred stock Dynegy has received for its investment in Enron is convertible into the common stock of the Enron pipeline unit.
Dynegy also has the right to convert the preferred stock into Enron shares if it desires, the spokeswoman said.
For example, if Enron were to cancel its merger with Dynegy in order to accept a higher bid from another suitor, Dynegy might decide to convert its preferred shares into Enron stock in order to reap the profits created by an increase in Enron's stock price, Rosser said.
In either case, Dynegy wouldn't be required to pay any additional consideration.
Dynegy was able to make the cash infusion after ChevronTexaco, of San Francisco, made an investment in Dynegy.
If the acquisition closes as anticipated, ChevronTexaco, which owns about one-fourth of Dynegy, plans to make an additional $1 billion investment in the combined company. ChevronTexaco also has the right to purchase an additional $1.5 billion in Dynegy stock in the first three years following the close of the acquisition.
Enron officials said they are monitoring the energy market's reaction to the cash infusion, and hopes it will restore the confidence of its counterparties.
Enron remains on a credit watch at the credit-rating agencies. Moody's Investors Service and Standard & Poor's each have Enron rated one notch above speculative grade.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron queried by EPA on oil pipeline spills.

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
WASHINGTON, Nov 14 (Reuters) - The nation's biggest energy trader, Enron Corp. , already reeling from bad investments, too much debt and possible conflicts of interest, said on Wednesday that the government is seeking information on spills from pipelines operated by Enron and its subsidiaries.
In a filing with the Securities and Exchange Commission, the Houston-based company said it received a request for information from the Environmental Protection Agency regarding certain spills and discharges since 1998 on oil pipelines operated by Enron and its subsidiaries.
EOTT Energy Partners LLP is the only subsidiary of Enron that has extensive domestic oil pipeline operations, according to the filing.
Enron's response was originally supposed to be filed with the EPA no later than Nov. 7, but it received an extension until Jan. 31.
"EOTT cannot predict the outcome of the EPA inquiry," the company said in the filing.
Enron agreed on Friday to be taken over by Dynegy Inc. for about $9 billion in stock after investor unease over off-balance sheet deals drove its stock price down to $7 last week from a high of $90.56 in August 2000.
Many of those investments, such as an ill-fated venture into the water services business and a power plant project in India that became mired in a payments dispute, performed below Enron's worst expectations, Kenneth Lay, Enron's chairman and chief executive officer, said on Wednesday.
In addition, deals between Enron and partnerships run by its former chief financial officer, Andrew Fastow, produced "various conflicts of interest, both real and perceived," he added.
Fastow was recently replaced, and the deals with the partnerships are now under investigation by the SEC.
Enron shares were down 3 cents to $9.96 while Dynegy lost 48 cents to $46.46, both in afternoon trading on the New York Stock Exchange.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron to Sell Off Money-Losing Assets In Bid to Restore Its Financial Health

11/14/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Wall Street Journal Online News Roundup
HOUSTON -- Enron Corp., the once-mighty energy trader, is shedding money-losing assets and focusing on its core power-marketing business as it moves toward a merger with rival Dynegy Inc.
The effort is aimed at improving Enron's financial health, following disclosures that the company inflated profit figures and didn't reveal large amounts of debt to shareholders, Enron President and Chief Executive Kenneth Lay told investors Wednesday.
Businesses Enron (ENE) wants to sell include a high-speed Internet unit and power operations in India and Brazil, which Mr. Lay said "have performed far worse than we ever could have imagined when we made these investments."
"In hindsight, we made some very bad investments in noncore businesses," Mr. Lay said during the conference call for investors and analysts.
Last Friday Dynegy (DYN) said it agreed to buy Enron in a deal now worth $10.5 billion, and Mr. Lay said the company is focusing on conserving cash and getting the most out of the core businesses that Enron will keep.
Enron Issues Warning About 4th Quarter Results
Enron executives also said they expect the company's fourth-quarter earnings to be hurt by the ongoing financial problems. They didn't provide details, but said they would issue an outlook for fourth-quarter earnings in two weeks.
In addition, the company said it wouldn't file its quarterly report for the third quarter with the Securities and Exchange Commission on Wednesday as it had expected. Jeff McMahon, Enron's newly appointed chief financial officer, said the company expects to make the filing "five days late."
Under regulatory guidelines, publicly traded companies have 45 days from the end of a fiscal quarter to file their financial results with the SEC. Enron reported its third-quarter earnings in mid-October, but has yet to make a filing with the SEC. The filing would include Enron's balance sheet.
In the past, Enron has received criticism for not providing a balance sheet with its quarterly earnings release. Enron officials on the call declined to provide specific details about the company's current cash position. That information is included on the balance sheet.
Dynegy agreed to buy Enron after the energy-trading giant's stock price plunged about 80% in the weeks following Enron's posting of a $618 million third-quarter loss. Dynegy also will assume $13 billion of Enron's debt.
The slide in Enron's share price primarily was a result of large-scale transactions it did with partnerships headed by Enron officers. Those transactions have produced hundreds of millions of dollars of write-offs and restatements in the past month. They are being investigated by the SEC and have helped spawn more than a dozen shareholder lawsuits.
Enron ousted its chief financial officer, Andrew Fastow, who ran some of the partnerships, and restated its earnings back to 1997. But those actions failed to restore investor confidence.
"I could not have ever contemplated the events we as a company and you as a stakeholder have faced over the last several weeks," Mr. Lay said Wednesday. "This has resulted in a complete loss of investor confidence. We are fully committed to fixing the problems."
Enron executives didn't say how many of the company's 20,000 employees world-wide would lose jobs as businesses are sold, a process they said could take months.
"Our debt balances too high and we need to raise cash," Mr. McMahon said.
Mr. Lay said cash gained from asset sales also would support its core businesses.
Enron is the country's top buyer and seller of natural gas, and the No. 1 wholesale power marketer. The company operates a 25,000-mile gas pipeline system and also markets and trades metals, paper, coal, chemicals, and fiber-optic bandwidth.
Dynegy's purchase of Enron triggered a clause in Mr. Lay's contract giving him $20.2 million for each full calendar year remaining in his contract if there is a change in control of Enron. But Mr. Lay told Enron employees that he wouldn't accept the money -- a total of up to $60.6 million -- upon completion of the merger. He said nothing about that decision during Wednesday's conference call.
Enron spokesman Vance Meyer said the compensation package, in Mr. Lay's contract since 1989, is the only merger-related payment Mr. Lay is eligible for from Enron. A Dynegy spokesman, John Sousa, said the company is unsure whether Mr. Lay can receive a retirement package from them.
Dynegy executives have said that they hope to complete their acquisition of Enron by next summer. The Enron name will vanish when the deal is completed.
Chuck Watson, Dynegy's chairman and chief executive, will retain those roles for the combined company. Mr. Lay will have no role in day-to-day management. He has been offered a seat on the combined company's board.
Under the merger agreement, Enron retains the right to designate three directors of the combined company. So far, Enron President and Chief Operating Officer Greg Whalley has been designated to be the new company's executive vice president. Enron spokeswoman Karen Denne said Enron has yet to designate two other appointees.
On Tuesday the California Public Employees' Retirement System Board of Administration announced that it would oppose appointment of any Enron board member to the combined company, charging that Enron's board may have failed to adequately monitor its corporate officers. Calpers owns about three million shares of Enron and also owns shares of Dynegy.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces that Class Action Suits Against Enron Corporation Have Expanded their Class Periods

11/14/2001
Business Wire
(Copyright (c) 2001, Business Wire)
WASHINGTON--(BUSINESS WIRE)--Nov. 14, 2001--The following notice is issued by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., on behalf of its client, who, along with other firms, previously filed a lawsuit in the United States District Court for the Southern District of Texas (Houston Division), on behalf of purchasers of the common stock of Enron Corporation ("Enron" or the "Company") (NYSE:ENE).
The complaint alleges that the defendants violated section 10(b) of the Securities Exchange Act of 1934 ("The Exchange Act"), and Rule 10b-5 promulgated thereunder, and that defendants' wrongful conduct artificially inflated the price of Enron common stock during the Class Period. The prior complaints charged that during 2000 and 2001 the defendants misrepresented and concealed material facts concerning the Company's financial transactions with two partnerships established by Enron's then Chief Financial Officer, which resulted in substantial losses to Enron and a reduction in shareholders' equity of over $1 billion.
As the result of the Company's November 8, 2001 announcements, however, the class period has been extended to encompass all purchasers of Enron common stock from October 19, 1998 through November 7, 2001. On November 8, 2001, prior to the markets opening, Enron announced it was restating its financial results for 1997, 1998, 1999 and 2000, and the first two quarters of 2001 to correct for errors which had inflated Enron's net income by hundreds of millions of dollars in those years and that audit reports for those years should not be relied upon. Upon these disclosures, Enron's stock dropped to $8.41 per share on November 8, 2001, down from a Class Period high of $90.
Plaintiff's counsel -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C., Seattle, Washington and New York, New York and is active in major litigation pending in federal and state courts throughout the nation.
The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total hundreds of millions of dollars or more.
If you purchased shares of Enron stock during the Class Period, you may move the Court no later than December 21, 2001 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal standards.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Andrew N. Friedman, Esq.
or
Mary Ann Fink
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, NW
West Tower, Suite 500
Washington, DC 20005
Telephone: 888/347-4600 or 202/408-4600
E-mail: afriedman@cmht.com or mfink@cmht.com

CONTACT: Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Andrew N. Friedman, Esq. or Mary Ann Fink afriedman@cmht.com or mfink@cmht.com 888/347-4600 or 202/408-4600
12:50 EST NOVEMBER 14, 2001

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Says 4th-Qtr Earnings Cut by Lost Business (Update6)
2001-11-14 16:13 (New York)

Enron Says 4th-Qtr Earnings Cut by Lost Business (Update6)

     (Updates with closing share prices in 12th paragraph.)

     Houston, Nov. 14 (Bloomberg) -- Enron Corp., which averted
bankruptcy last week by agreeing to a buyout by Dynegy Inc., said
fourth-quarter earnings will be lowered by severance payments,
reorganization costs and a drop in its energy-trading business.

     Enron didn't say how many jobs it plans to cut or what its
expenses will be. Trading volumes declined last week and it's too
soon to tell if the company will recover lost business, Chief
Operating Officer Greg Whalley said during a conference call with
investors.

     Traders including Mirant Corp. and Aquila Inc. have said they
shifted transactions away from Enron after its plunging stock
price prompted concerns about creditworthiness.

     ``Business has been affected in the last month,'' Enron Chief
Executive Officer Kenneth Lay said. ``We're going to go back to
basics and focus on our core energy business.''

     The company will provide a more detailed fourth-quarter
earnings projection in two to three weeks, Lay said.

     Dynegy CEO Charles Watson, who agreed on Friday to acquire
bigger rival Enron in a transaction now valued at more than $24
billion, had said he is confident that Enron's trading business is
sound.

                       `Greater Acceptance'

     Enron has been criticized by investors and has seen its
market value plunge in recent weeks because of concerns it was
using affiliated partnerships to mask losses and hide debt. Dynegy
is buying Enron for $9.27 billion in stock and about $15 billion
in assumed debt. Both companies are based in Houston.

     Since the buyout was announced, Enron is ``seeing greater
acceptance in the U.S. and Europe to our financial situation in
short-term markets,'' Whalley said. ``It may be a couple of weeks
before we can give comfort to our longer-dated customers.
Hopefully, we'll move up to normal levels in the near future.''

     Enron said it will be five days late in filing its third-
quarter earnings statement with the Securities and Exchange
Commission. The filing was supposed to be out by today. The
company also will provide more details about earnings in the
fourth quarter than it has in previous periods, Chief Financial
Officer Jeffrey McMahon said.

     Enron spokesman Mark Palmer declined to provide further
details about job cuts. ``Anything we say about layoffs, we're
going to say to our employees first,'' he said.

     Dynegy spokesman John Sousa said he didn't know the number of
job cuts or the cost of severance that Enron will have in the
fourth quarter.

     Shares of Enron rose 2 cents to $10. Dynegy fell 74 cents to
$46.20. ChevronTexaco Corp., which owns 26 percent of Dynegy,
declined $3.55 to $86.62.

                       Providing More Detail

     Enron been criticized by investors for not providing enough
information about how it makes its money. The company was expected
to earn 45 cents a share in the fourth quarter, the average
estimate of analysts polled by Thomson Financial/First Call.

     In the third quarter, Enron had a $618 million loss because
of failed investments in water, telecommunications and retail-
energy sales that cost the company $1.01 billion.

     Investors expected Enron's fourth-quarter earnings to be cut
by recent events, said Kathleen Vuchetich, who helps manage the
$1.4 billion Strong American Utilities Fund, which owns 284,000
Dynegy shares.

     ``They'd have hurt their credibility if they'd said
otherwise,'' Vuchetich said.

                           $1.5 Billion

     Enron said it received $1.5 billion in cash yesterday from
ChevronTexaco as part of the Dynegy buyout agreement. In return,
Dynegy will acquire preferred stock and other rights in an Enron
unit that owns the Northern Natural Gas pipeline.

    If the merger isn't completed, Dynegy will have the right to
acquire Northern Natural Gas, Enron said today in a filing with
the Securities and Exchange Commission. ChevronTexaco, the second-
largest based U.S. oil company, will provide Dynegy with another
$1 billion after the merger closes.

     McMahon also said the company is in talks with several
private investors. The company expects to receive $500 million to
$1 billion from these sources, McMahon said.

     ``Our debt balance is too high, and we need to raise equity
capital,'' McMahon said. ``In this environment we can't raise
public equity capital very efficiently so we need to go to other
sources.''

     The company said it is accelerating attempts to sell ``non-
core assets'' such as its investment in an Indian power plant and
its broadband telecommunications network. Enron has about $8
billion invested in these businesses, and it may take as long as a
year to get rid of the broadband business, Whalley said.

     ``In hindsight, we made some very bad investments,'' Lay
said. ``These have turned out far worse than we ever imagined.''

     Lay, Enron's chairman since February 1986, was entitled to
receive a severance package of more than $60 million after Dynegy
took over Enron. Lay decided yesterday to waive the payment.

Cauley Geller Bowman & Coates, LLP Expands Class Period in Class Action Lawsuit Against Enron Corp.

11/14/2001
Business Wire
(Copyright (c) 2001, Business Wire)
LITTLE ROCK, Ark.--(BUSINESS WIRE)--Nov. 14, 2001--The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Eastern District of Texas, Texarkana Division on behalf of purchasers of Enron Corp. ("Enron" or the "Company") (NYSE:ENE) common stock during the period between January 18, 1999 and November 8, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.classlawyer.com/pr/enron.pdf.
The complaint charges Enron and certain of its officers and directors with violations of the federal securities laws. On November 8, 2001, Enron announced that it would restate its 1997, 1998, 1999, 2000 and 1Q and 2Q 2001 results because of various income statement and balance sheet adjustments required as the result of Enron's determination that three unconsolidated entities should have been consolidated in the financial statements pursuant to Generally Accepted Accounting Principles ("GAAP"), which caused Enron's 1997 through 2Q 2001 income and assets to be materially overstated. Throughout 1999 and 2000, the price of Enron common stock substantially increased -- rising from $32.50 per share on January 18, 1999 to $83.125 per share on December 29, 2000. The complaint alleges that a substantial basis for this huge gain was the Company's allegedly false and misleading reports of ever increasing revenues and profits.
The effect of the restatement was dramatic. Rather than earning $698 million and $1.01 per share in 1998, Enron's restated earnings fell to $585 million and $0.86 per share. Net income was lowered $186 million in 1999 with EPS dropped from $1.10 to $0.79. Net income was lowered $132 million in 2000 and EPS correspondingly fell from $1.12 to $0.97. The restatement increased Enron's debt by $561 million in 1998, $685 million in 1999 and $629 million in 2000. Shareholder's equity was reduced by $448 million for 1998, $834 million for 1999, $1.16 billion for 2000, $1.226 billion for first quarter 2001 and $929 million for second quarter 2001. During the Class Period, Enron insiders disposed of over $73 million of their personally-held Enron common stock to unsuspecting investors.
If you bought Enron common stock between January 18, 1999 and November 8, 2001, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than December 21, 2001. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman & Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.

CAULEY GELLER BOWMAN & COATES, LLP
Investor Relations Department:
Jackie Addison, Sue Null or Shelly Nicholson
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com

CONTACT: Cauley Geller Bowman & Coates, LLP Charlie Gastineau or Sue Null, 888/551-9944
16:46 EST NOVEMBER 14, 2001

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

Fitch: Cinergy's Rating Outlook Negative

11/14/2001
Business Wire
(Copyright (c) 2001, Business Wire)
NEW YORK--(BUSINESS WIRE)--Nov. 14, 2001--Fitch Inc. has changed the Outlook of Cinergy's (CIN) 'BBB+' senior unsecured debt to Negative from Stable due to increased leverage and planned environmental compliance expenditures.
Cinergy is the parent holding company of The Cincinnati Gas & Electric Company (CGE) and PSI Energy, Inc. (PSI). Fitch rates the senior secured debt of both 'A-.'
The negative outlook reflects the rise in debt leverage due mainly to the acquisition of two natural gas fired generating units from Enron Corp in March 2001. As of Sept. 30, 2001, debt was 63% of total capitalization, up from 59% and 56% at the end of fiscal years 2000 and 1999, respectively. The acquisition consists of Enron's 494- megawatt Brownsville generation facility located in Haywood County, Tennessee and the 504-megawatt Caledonia generation facility located in Lowndes County, Mississippi. To reduce leverage, CIN plans to use proceeds from non-core asset sales to reduce debt and to reinstitute the issuance of new shares to meet obligations under its dividend reinvestment plan and various employee stock plans. If the debt reduction is successful, the outlook could return to stable.
Capital requirements related to CIN's compliance with environmental regulations are also a concern. In September 2000, CIN announced a plan for its subsidiaries to spend about $800 million system wide over the following five years to install pollution control equipment to reduce NOx emissions. A majority of these expenditures will be incurred by PSI, the regulated integrated utility, and should be recovered through rates. The company also reached a tentative agreement with the Environmental Protection Agency and other parties to reduce SO2 emissions by shutting down or re-powering with natural gas several coal-fired boilers and installing scrubbers and pollution control systems at several sites. The agreement, if finalized, would require CIN to spend an additional $700 million, mostly during 2008- 2013.
CIN's ratings also take into account the significant earnings and cash flow contribution of its regulated utility businesses, and a revised business strategy for its non- regulated businesses that is less aggressive and more appropriate for this mid-size company. The new strategy emphasizes regional, asset-based energy trading and marketing, customer led origination, and its regulated utility operations. A large amount of CIN's non-regulated revenue will be derived from contractual sales with its subsidiaries, CGE and The Union Light, Heat and Power Company. CGE's electric restructuring plan provides substantial transition cost recovery and allows the company to transfer its generating facilities. CGE plans to transfer its generating assets to CIN's non-regulated affiliate, Cinergy Wholesale Energy, Inc. Another CIN subsidiary, PSI, remains a vertically integrated regulated company and restructuring is not expected in the mid-term. Regulated operations provide about 55% of earnings.
CIN, through its subsidiaries CGE and PSI, provides electric and gas service in Ohio, Kentucky and Indiana to about 1.5 million electric and 500,000 gas customers. The company also has a growing merchant energy business and owns 13,000 megawatts of generation.

CONTACT: Fitch, New York Orli Almog, 212/908-0894 or Robert Hornick, 212/908-0523
14:48 EST NOVEMBER 14, 2001

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


Jordan, in response to your questions concerning the issuance of letters of credit starting today, I think that the response needs to address two situations: the committed lc facilities [Chase and West LB] and the uncommitted facilities.

Since the uncommitted facilities involve minimal representations, they are not typically an issue [although we still need to review each circumstance individually], and unless there is a specific representation to Enron Corp.'s audited financials for the period 97-00 being prepared in accordance with GAAP, we should be able to issue letters of credit from an uncommitted facility.

However, sections 4.1(d) of each of  the West LB Facility and the Chase Facility contain a representation that Enron Corp.'s financial statements were prepared in accordance with GAAP. This representation was false when made, and will always be false. Thus, there is an issue with an officer being able to make the representations and warranties necessary for an issuance of a letter of credit under one of these facilities [or for an extension of an existing letter of credit].

In order to utilize the committed facilities, it will be necessary to obtain an amendment or waiver of this representation, since simply adjusting the representation on an officer's certificate gives the agent a defense to issuance on the face of the certificate. [An amendment is preferable from Enron's perspective.] [Note that as we previously discussed, there is not an event of default under the facilities, since that provision has a materiality qualifier.]


Susan,
I don't know if such a letter exists.  Tom, do you know - also, who might be
able to help
Susan with the information requested below?

	Susan Elledge @ ENRON
	02/06/2001 01:33 PM

To: scott.neal@enron.com
cc:
Subject: Reliant Energy-Entex -- Large Volume Contract Customers Agreements

Hello Scott,

I recently received a request from Entex to provide a list of active
contracts between ENA and Reliant Entex.  I have come across a file
containing more than one contract for them, specifically the Natural Gas
Services Agreement - Large Volume Contract Customers (96001983, dated
9/1/93), and the Natural Gas Sales Agreement - Large Volume Contract
Customers (96001980, dated 9/1/93).  By letters from you dated 2/21/97, both
of these contracts' terms were extended to 3/31/00. Additionally, there is a
letter dated 1/13/00 extending the term of the Services Agreement
to10/31/02.  I would like to know if there was a 1/13/00 letter extending the
term of the Sales Agreement.  If there was, I need to get a copy for the
file, and make the amendment in Global Contracts.

Thanks for your help.  If you have any questions, please give me a call.

Susan Elledge
5-9989


thank you very much for th info.

	Enron North America Corp.

	From:  V Charles Weldon                           08/28/2000 10:54 AM

To: John J Lavorato/Corp/Enron@Enron, Scott Neal/HOU/ECT@ECT, John
Arnold/HOU/ECT@ECT, Robert Shiring/HOU/ECT@ECT, Jim Schwieger/HOU/ECT@ECT,
Chris Gaskill/Corp/Enron@Enron, Hunter S Shively/HOU/ECT@ECT, Rogers
Herndon/HOU/ECT@ect, Fletcher J Sturm/HOU/ECT@ECT, Kevin M
Presto/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT
cc: Mike A Roberts/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
Subject: Floating LNG Terminal

Folks,

As a follow-up to Scott Neal's inquiry this morning concerning
portable/floating LNG opportunities for California, I have learned that no
such capability currently exists.
According to Todd Peterson of Enron Global LNG, exploitation of this
opportunity has been the topic of some industry articles but no one, as far
as we know, has
constructed such a vessel.

I did come across a proposed design for an LNG floating terminal by the
Italian company,Tecnomare.   I contacted them and they indicated that  they
have not
built such a vessel.  It is estimated that construction of such a vessel
would take 2-3 years, and as one might imagine, achieving the required
operational and
environmental performance in such a vessel would be quite substantial.
Attached is a link to a relatively brief description of the proposed vessel,
http://www.tecnomare.it/marine/project/ling.htm

Please let me know if any further research is needed.

Charlie Weldon


Start Date: 4/20/01; HourAhead hour: 20;  No ancillary schedules awarded.  No
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PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042020.txt


I hope some of these help.  They are similar in nature but may have different
pieces inlcuded in them.  I recommend flipping through them quickly and
eliminate extras or ones that you don't need.

Call me if you need anything else.

mike


Cynthia,

I had to adjust the NGI-Socal index price in the spreadsheet which resulted
in a loss of $264,000.  Attached is the corrected spreadsheet.  Sorry for the
inconvenience.

Susan


----- Forwarded by Darren Delage/AP/Enron on 06/08/2001 11:41 AM -----

	"Dennis Gartman" <dennis@thegartmanletter.com>
	06/07/2001 06:35 PM
	Please respond to "Dennis Gartman"

		 To: <dennis@thegartmanletter.com>
		 cc: "PDF AAlberdon Int'l; Berman, Donal" <dlb@alberdon.demon.co.uk>, "PDF
Aalberdon Int'l 2: Berman, Donald" <alberdon@waitrose.com>, "Bahns Stanley"
<bstanley@weather.com>, "Auerbach, Marshall" <mauer1959@aol.com>, "Art G
Raymond" <araymond@raymondnet.com>
		 Subject: THE GARTMAN LETTER; THURSDAY, JUNE 7, 2001

We erred in covering our short position in the euro  yesterday simply because
the President erred in promoting protectionist steel  legislation.? The euro
has more bearish fundamentals going for it than even  this bit of "bullish"
news, and we are therefore returning as sellers of the  euro this morning.
?
?

Dennis Gartman
Editor/Publisher
The  Gartman Letter,  L.C.
______________________________________________________________________________
____________
The  information contained in this electronic message is privileged,
confidential,  protected from
disclosure, and is intended only for use by the recipient  named above.? Any
further disclosure
or use, distribution,  dissemination or copying of this message or any
attachment is strictly
prohibited; such information is not warranted in any manner  whatsoever.? It
is not necessarily
complete and its accuracy is not  guaranteed by The Gartman Letter, L.C., its
operating entity
or the  principals therein.? If you have received this communication in
error,  please notify us
immediately by electronic mail or telephone.? Thank  you.
 - 060701.pdf


Hello, I left a message for David Dupre and he has not called me back.  If
you want to have Matt call Tim Cannon at Sempra that would be fine.  His
phone number is (203) 355-5190.  I don't know why this has been so
difficult.  If I hear from David I will let you know.  I want to know how he
handled these deals in the past.

Thanks,
Melissa
(713) 853-1886

   Kate Symes                12/04/2000 06:31 PM

To: Melissa Ann Murphy/HOU/ECT@ECT
cc:
Subject: Futures Deal w/ Sempra

Just curious - did you ever catch up with Larry Joe Hunter regarding the Long
Term Southwest desk's futures deal with Sempra? I'm wondering if I should
grab Matt Motley before he goes home today to let him know he needs to get a
hold of Tim Cannon about the ADT. Let me know when and if you talk to him.

Thanks,
Kate


Attached please find the Natural Gas market  analysis for today.

Thanks,

Bob McKinney
 - 6-4-01 Nat Gas.doc


Here is the most recent Teco presentation.  Thanks

Ben


Let's shoot for early next week for lunch.  Talk to you soon.
Ben


Please see attached new user notes.  See last sentence of item 3 applicable to contracts for certain physical trading product types.

Also see revised form change, 14(a) where we have added a safety net provision covering contracts that may allow any type of cherrypicking.

No change to Form of Collateral Annex.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com


Start Date: 4/30/01; HourAhead hour: 8;  No ancillary schedules awarded.  No
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Error: Invalid variant type conversion

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/30/01
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  ENGY_TYPE: FIRM
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  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: FIRM
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/30/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_GUZMAN
  ENGY_TYPE: FIRM


Given the negativity toward Enron at the CPUC, should we not file comments if
these express our position?

 -----Original Message-----
From:  Mara, Susan
Sent: Friday, June 22, 2001 9:47 AM
To: Williams, Robert C.
Cc: Kean, Steven; Dasovich, Jeff; Steffes, James; Kingerski, Harry; Sharp,
Vicki; Curry, Wanda; Kaufman, Paul
Subject: AReM/WPTF Comments on Draft Decisions Regarding PX Credit and Direct
Access

Dan Douglass has drafted joint comments for two coalitions in which Enron is
a member -- Alliance for Retail Energy Markets and Western Power Trading
Forum.  Robert, feel free to contact Dan directly with your comments.  Let me
know your thoughts as well.  I am out of the office at a WPTF meeting. Dan is
here as well. If you need to contact me, you can leave me a message on my
office phone or try my cell (415 -- 902-4108), but I'm not sure the cell is
working all the time.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 06/22/2001 07:35 AM -----

	"Dan Douglass" <douglass@energyattorney.com> 06/20/2001 10:59 PM 	   To: "ARM"
<arem@electric.com>  cc:   Subject: Comments on Draft Decisions Regarding PX
Credit and Direct Access

Attached for your review and comment is my first draft of comments to be
filed on Monday with regard to the draft decisions of ALJ Barnett and
Commissioner Bilas.  Please review it carefully, as I have thrown in
everything I can think of on a rush basis, and it may require some
significant  editing.  Pay particular attention to Section V dealing with
Bilas' request  for parties to discuss alternatives to DA suspension.  The
draft offers a  compromise to the DWR's concerns, as expressed in the
Angelides memo.   Also, notice that Section VI urges the Commission to
bifurcate the DA and PX  credit issues, acting quickly on the first, if it
must, but more leisurely on  the PX credit subject.

Finally, I have a suggestion in the form of a question.  How  would AReM
members feel about making this a joint filing with WPTF?  There  is
cross-membership between the two groups and the same issues would be raised
in the separate filings which I am otherwise prepared to draft.  This draft
would requires some modifications so as to refer to the "Joint Parties" as
opposed to solely mentioning AReM, and I might  add a section dealing more
explicitly with WPTF's contribution to getting the zero minimum bill
stipulation  signed in the first place.  Otherwise, the document would stay
much as it  is (subject to your input over the next few days, of course).
Please let  me know what you think asap, as I am already working on a WPTF
draft.   Incidentally, I will also be filing comments on behalf of ABAG which
will  support the positions taken in the attached document, but I am not
proposing  that ABAG also be a party to this filing.  Thanks for your help!
Comments as soon as possible would be very much appreciated!

Dan

Law Offices of Daniel W. Douglass
5959 Topanga Canyon Blvd.  Suite  244
Woodland Hills, CA 91367
Tel:   (818) 596-2201
Fax:   (818) 346-6502
douglass@energyattorney.com << File: file://C:\Program Files\Common
Files\Microsoft Shared\Stationery">
<STYLE>BODY {
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 - Blank Bkgrd.gif << File: Blank Bkgrd.gif >>
 - 6-25-01 AReM Comments - Draft 1.doc << File: 6-25-01 AReM Comments - Draft
1.doc >>


Celeste,

We shall be happy to take him as an intern (summer asociate).

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/12/2001
11:07 AM ---------------------------

Kevin Kindall@ENRON
03/12/2001 09:27 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Vasant Shanbhogue/HOU/ECT@ECT
Subject: Summer internship at Enron

---------------------- Forwarded by Kevin Kindall/Corp/Enron on 03/12/2001
09:26 AM ---------------------------

kf2@andrew.cmu.edu on 03/12/2001 09:15:09 AM
Please respond to <kf2@andrew.cmu.edu>
To: <Kevin.Kindall@enron.com>
cc:

Subject: Summer internship at Enron

Dear Kevin,

Following my interviews at GSIA on February 15/16, I will join Enron as a
summer associate this May. I would be very excited to join the Research
Team, if possible.

Thank you in advance,

Kyriakos Frantzeskakis


Please respond to eren_network_news=================================================
EREN NETWORK NEWS -- July 25, 2001
A weekly newsletter from the U.S. Department of Energy's (DOE)
Energy Efficiency and Renewable Energy Network (EREN).
<http://www.eren.doe.gov/>
=================================================

Featuring:
*News and Events
          U.S. Investment in Energy Efficiency Research Pays Off
          Company Builds First 5,000-Horsepower HTS Motor
          Honda, BMW Start Up Hydrogen Fueling Stations
          Texas Wind Plant Expands; Shell Buys Wyoming Plant
          Tyson Foods to Convert Chicken Manure to Energy
          University of Michigan Leads American Solar Challenge

*Site News
          Green Energy Ohio

*Energy Facts and Tips
          Study: Earth Likely to Warm 4 to 7 Degrees by 2100

*About this Newsletter

----------------------------------------------------------------------
NEWS AND EVENTS
----------------------------------------------------------------------
U.S. Investment in Energy Efficiency Research Pays Off

The United States has reaped huge economic benefits
from its investments in energy efficiency research and
development, says a report released last week by the
National Research Council (NRC). An NRC panel examined
17 energy efficiency projects that represented $1.6 billion in
federal investment, or roughly 20 percent of the $7.3 billion
that DOE has spent over the past 22 years. The panel
estimates that the $1.6 billion investment yielded net
economic benefits of $30 billion.

Incredibly, three DOE projects that cost only $11 million
resulted in most of the economic benefit: compressors for
refrigerators and freezers, energy-efficient fluorescent-
lighting components called electronic ballasts, and low-
emission (low-e) window glass that resists the transmission
of heat through windows. The NRC also credits federal
standards and regulations that incorporated the efficiencies
attainable by these new technologies, ensuring that the
technologies would be adopted nationwide.

As part of the report, the panel also examined federal
investments in fossil energy research and development. For
22 projects costing $11 billion -- about 73 percent of the
$15 billion spent over 22 years -- the NRC estimates net
economic benefits of $10.8 billion. See the July 17th press
release on the National Academies Web site at:
<http://nationalacademies.org/topnews/>.

See also the full report -- especially the executive
Summary -- on the National Academy Press Web site at:
<http://www.nap.edu/books/0309074487/html/>.

Company Builds First 5,000-Horsepower HTS Motor

American Superconductor Corporation has built the first
5,000-horsepower motor that uses high-temperature
superconducting (HTS) wires in its rotor, the company
announced last week. Because HTS wires carry large
amounts of electrical current with low energy losses, the
HTS motor is roughly half the size and weight of a
conventional motor, and also reduces the energy losses by
up to 50 percent. According to the company, motors greater
than 1,000 horsepower in size use one-quarter of the
electricity generated in the United States, so the potential
energy savings from large HTS motors could be significant.
See the American Superconductor Web site at:
http://www.amsuper.com/5000htsmotor.htm>.

Honda, BMW Start Up Hydrogen Fueling Stations

American Honda Motor Co., Inc. announced in early July the
startup of a hydrogen fueling station for its fuel-cell-powered
vehicles. Located at Honda's research and development
center in Torrance, California, the station uses solar power
to extract hydrogen from water. The solar panels on the
station generate enough hydrogen to power one fuel-cell
vehicle, but additional electrical power from the power grid is
used to increase the hydrogen production capacity. The new
station will support Honda's fuel cell vehicle development
program and will be used for hydrogen production, storage
and fueling. See the July 10th press release on the Honda
Web site at:
<http://www.hondacorporate.com/press/index.html?s=american&y=2001>.

BMW also opened a hydrogen fueling station this month.
The company's new liquid hydrogen fuel station is located at
its Engineering and Emissions Control Test Center in
Oxnard, California. BMW is taking a different approach than
most car companies, burning hydrogen directly in advanced
internal-combustion engines. A fleet of its 12-cylinder
hydrogen-fueled cars came to Los Angeles this month as
part of the company's "CleanEnergy WorldTour 2001" --
several of the cars will remain at the Oxnard facility for
extensive testing and demonstrations. See the BMW press
release at:
<http://www.bmwusa.com/news_events/news_l.cfm?item_id=2035600115>.

QUANTUM Technologies WorldWide, Inc. is also doing its
part for hydrogen-powered vehicles: the company has
developed a vehicle storage tank for hydrogen that can hold
the gas at pressures of 10,000 pounds per square inch. See
the press release at:
<http://www.qtww.com/Press/6-27-01.htm>.

Texas Wind Plant Expands; Shell Buys Wyoming Plant

TXU Corporation and American Electric Power (AEP)
announced last week that AEP's wind plant in west Texas
will be expanded by 20 megawatts. The Trent Mesa Project,
now under construction near Abilene, will have a capacity of
150 megawatts when the expansion is complete. Power
generation will begin there this fall. See the press release on
the Trent Mesa Project Web site at:
<http://www.trentmesa.com/nl07172001.htm>.

Shell Renewables announced Monday that it has stepped
into the U.S. wind energy market by buying the 50-megawatt
Rock River I wind facility in Wyoming. The facility, which is
scheduled to begin operation in October, marks the start of
Shell Renewables' U.S. wind power company, which is
called Shell WindEnergy Inc. See the July 23rd press
release on the Royal Dutch/Shell Web site at:
<http://www.shell.com/royal-en/0,6091,,00.html>.

Construction of Rock River I was announced in June by
SeaWest WindPower Inc., which is selling the facility to Shell
WindEnergy. See the June 6th edition of EREN Network
News at:
<http://www.eren.doe.gov/newsletter/archives/2001/june6_01.html>.

Since wind power is an intermittent source of electricity -- it
is only available when the wind blows -- how much wind
power can a utility use without impacting electric system
operations? This issue -- called "wind integration" within the
power industry -- is being tackled through a new study
coordinated by the Utility Wind Interest Group (UWIG).
DOE's National Renewable Energy Laboratory will provide
technical support for the study, which will be performed by
Electrotek Concepts. See the UWIG press release at:
<http://www.uwig.org/newsreleases.html>.

Tyson Foods to Convert Chicken Manure to Energy

Up to 85,000 tons per year of chicken manure in the
Chesapeake Bay region will find a new use within the next
few years, as Tyson Foods, Inc. plans to convert it into
energy. The company announced earlier this month that it is
beginning the permitting process to build a gasification
facility at its processing plant in Temperanceville, Virginia.
The new facility will convert both the chicken manure and
about 30,000 tons per year of sludge from its wastewater
treatment plants into steam for use in the processing plant.
The $12 million plant will be able to produce 120,000 pounds
of steam per hour, and should be completed roughly
18 months after ground is broken for the project. See the
Tyson Foods press release at:
<http://www.tyson.com/corporate/news/viewNews.asp?article=795>.

University of Michigan Leads American Solar Challenge

Today is the last day of the American Solar Challenge -- the
solar car race that runs from Chicago to Los Angeles -- and
the University of Michigan is in the lead. Michigan took the
lead from the University of Missouri-Rolla on Thursday and
has held onto it ever since. To check on the current status of
today's race, click on the American Solar Challenge link on
the Terion Web site at:
<http://207.139.70.21/American/master/console.fvw>.

As of Monday, 28 cars remained in the race, although only
13 had reached Barstow, California. To check the latest
results, see:
<http://formulasun.org/asc/aboutasc/history/asc2001/overall.html>.

See also the press releases for the race, posted at:
<http://formulasun.org/asc/media/pressreleases/releases.html>.

----------------------------------------------------------------------
SITE NEWS
----------------------------------------------------------------------
Green Energy Ohio
<http://www.greenenergyohio.org/>

This site, sponsored by the Ohio chapter of the American
Solar Energy Society, promotes environmentally and
economically sustainable energy policies and practices in
Ohio. It includes a monthly newsletter, a renewable energy
directory for Ohio, and brochures and fact sheets on
renewable energy and electric choices.

For this and other recent additions to the EREN Web site,
see <http://www.eren.doe.gov/new/whats-new.html>.

----------------------------------------------------------------------
ENERGY FACTS AND TIPS
----------------------------------------------------------------------
Study: Earth Likely to Warm 4 to 7 Degrees by 2100

The Earth is most likely to experience a global warming of
4 to 7 degrees Fahrenheit by 2100, according to a new
probability analysis performed by scientists in the United
States and Europe. A 5-degree temperature rise has the
highest probability, and the probability is 90 percent that the
temperature rise will be between 3 and 9 degrees, say the
researchers. The study was published in the July 20th issue
of the journal Science. See the press release from the
National Center for Atmospheric Research at:
<http://www.ucar.edu/communications/newsreleases/2001/temps.html>.

Injecting probability analysis into climate models is a recent
trend in the science of global warming -- a similar analysis
performed by the Massachusetts Institute of Technology in
March reached very similar conclusions. See the April 25th
edition of the EREN Network News at:
<http://www.eren.doe.gov/newsletter/archives/2001/apr25_01.html>.

----------------------------------------------------------------------
ABOUT THIS NEWSLETTER
----------------------------------------------------------------------
You can subscribe to this newsletter using the online form at:
<http://www.eren.doe.gov/newsletter/subscribe/>.
This Web page also allows you to update your email address
or unsubscribe to this newsletter.

The Energy Efficiency and Renewable Energy Network (EREN)
home page is located at <http://www.eren.doe.gov/>.

If you have questions or comments about this
newsletter, please contact the editor, Kevin Eber, at
kevin_eber@nrel.gov.


Hi John,

 I will be in London sometime next week and was hoping to look at the knox cup, or experience the miracle of your finding the little dresser 3 legged conical bowl I want.  In any event, I'd like to have the option of getting the 7800 pounds back if nothing materializes.  As you know, Enron is undergoing very hard times, and I have a lot of loose ends that I'd like to manage.  I'm off for the Thanksgiving holiday for the next few days, and hope you have a great weekend.

Best regards,

Jeff

 -----Original Message-----
From: 	john jesse <jj@johnjesse.com>@ENRON
Sent:	Monday, November 12, 2001 10:44 AM
To:	Shankman, Jeffrey A.
Subject:	Re: Re Venini

> Hi John,
>
> Hope your weekend was good.  I have not heard back from you regarding the
> knox piece, and was curious about it.  Also, you know I'm still interested
> in a dresser coniod bowl with the three bent legs.
>
> Regards.
>
> Jeff
>
>   -----Original Message-----
>  From:   john jesse <jj@johnjesse.com>@ENRON
>  Sent:   Friday, November 02, 2001 10:11 AM
>  To:     Shankman, Jeffrey A.
>  Subject:  Re Venini
>
>  Hi Jeff
>  The world certainly has changed, and everything seems so down at the
>  moment.   I tried returning your call earlier but you were in a meeting.
>  So maybe when you are free, give me a call on 207 229 4790,  I should be
>  there from 6pm English time.
>  Meanwhile have a look at these two attachments.  A silver Knox cup and a
>  Christopher Dresser vase . . . .just recently acquired
>  The Venini vase is a very generous gift. . They are lucky to have you!
>  Speak to you later
>  --
>  Regards
>  John
>  Email: jj@johnjesse.com
>
>   - Knox Cup.JPG << File: Knox Cup.JPG >>
>   - DresserAult.JPG << File: DresserAult.JPG >>
>
>
>
> **********************************************************************
> 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.
> **********************************************************************

     Just after your email someone came to my shop and expressed interest in
the Knox Cup. . .so I didn't reply until interest waned.  This Knox cup is a
variant of the cup that is on the cover of Steve Martin's book.   Steve has
now brought out a new book on Knox and this cup is illustrated in it.   You
might be able to get the book from Amazon.com.   Full title is: Archibald
Knox by  Stephen A Martin.  Artmedia Press.
--

Regards
John
Email: jj@johnjesse.com


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/01/2000
03:35 PM ---------------------------

Zimin Lu
12/01/2000 02:44 PM
To: John J Lavorato/Corp/Enron@Enron
cc: Stinson Gibner/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
Subject: WTI maket maker simulation model

John,

We finished the Version 2 of the simulation model which deals with the
open-close trading versus the continuous trading in the previous version.

I added the cummulative P/L as an output.   There are a few apparent trading
strategies from this model:

1) Higher bid/offer spread, more profit
2) More Daily # of trades, more profit
3) Smaller net open positions allowed, more profit

1) and 2) are obvious, but 3) is more interesting.  It means that we are
better off
if we do not allowed net open positions at end of the day.  In a trending
market,
this makes an intuitive sense, for example, in the case of bull market we are
short as a market maker and we can avoid the loss at the higher openning price
by keeping zero or small net short positions.

I have attached the model with this mail, and I'll  be happy to discuss the
model
in more details with you.

Zimin


Mary Hain has resigned her position with Enron.  Please remove her from all
your mail lists.

Thank you.

Lysa Akin
Gov't Affairs - Sr. Admin. Ass't.

	Enron Capital & Trade Resources Corp.

	From:  CRCommunications <CRCommunications@caiso.com>
 03/22/2001 08:27 AM

To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com>
cc: TSWG <TSWG@caiso.com>, ISO Client Relations
<ISOClientRelations@caiso.com>, SC Settlements Contacts
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=SCSETTLECONTACTS@cai
so.com>
Subject: CAISO Notification:  Action Required - Scheduling Instructions in
Preparation for Daylight Savings Time Transition 4/1/01

 Market Participants:

 Please assure that this information is forwarded to your respective
Pre-Scheduling, Real Time Dispatch and Metering Operations!!!

 The transition to Daylight Savings Time is rapidly approaching.  In
preparation ISO Market Operations has provided the following Scheduling
Procedure to help assure a smooth transition.  The Scheduling Procedure is
the same one used in 2000.

  CAISO Scheduling Procedure for Daylight Savings Time
Transition

  The following is a brief explanation of how SC's should
prepare schedules for submission to the CAISO Scheduling Infrastructure (SI)
system for the upcoming conversion to Daylight Savings Time commencing on
4/1/01.

  When submitting preferred or revised preferred schedules for
Trade Date 4/1/01, which is considered a "Short" day because an hour is
lost, SC's should  schedule all 24 hours of information with the data for
HE03 being zeroed out in the template or blanked out when using the CAISO SI
Web Workspace to submit schedules.

  The ISO's System Applications (SA) do not read or write data
from/to the SI database for the "Short" day's HE03.  Therefore, no data will
be sent to settlements for this hour.  Consequently, settlements will have
only 23 records for this "Short" day, Trade Date 4/1/01.

  If you have additional Scheduling questions for this trade
date, please contact Ginger Seitles, ISO Market Operations, @ (916)351-4420.

  CAISO Metering Procedure for Daylight Savings Time
Transition

  The ISO receives all Settlement Quality Meter Data (SQMD) in
PST, year around.

  Therefore, the transition to DST should require no
modification to meter data submission.

  However, please confirm and assure that all SQMD meter data
continues to be submitted to ISO MDAS in PST.

  If you have additional ISO Metering questions for this trade
date, please contact  ISO MDAS OPERATIONS, @ (916) 351-4431.

 For any other questions please contact your Client Representative.

 CRCommunications
 Client Relations Communications


My guess is this was a holdover from last year's list.

	Brent Hendry@ENRON
	03/07/2001 07:53 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Enron Wholesale Services 2001 Legal Conference

It looks like Randy is invited but the rest of South America is not on this
list.  Should she check with John Novak to see if the South American
Attorneys are invited?
----- Forwarded by Brent Hendry/NA/Enron on 03/07/2001 07:51 AM -----

	Andrea Calo
	03/06/2001 08:51 AM

		 To: Brent Hendry/NA/Enron@Enron
		 cc:
		 Subject: Enron Wholesale Services 2001 Legal Conference

Sorry to bother you with this, but given the new situation, do you think I am
required to attend this meeting or is it a mailing error.  Thanks.

---------------------- Forwarded by Andrea Calo/SA/Enron on 03/06/2001 11:49
AM ---------------------------

Lisa Mellencamp@ECT
03/06/2001 11:21 AM
Sent by: Linda J Simmons@ECT
To: mark.e.haedicke@enron.com, Alan Aronowitz/HOU/ECT@ECT, Peggy
Banczak/HOU/ECT@ECT, Sandi M Braband/HOU/ECT@ECT, Robert
Bruce/NA/Enron@Enron, Teresa G Bushman/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT,
Michelle Cash/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT, Harry M
Collins/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Nancy
Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ned E
Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eddy Daniels/NA/Enron@Enron,
Angela Davis/NA/Enron@Enron, Peter del Vecchio/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Andrew Edison/NA/Enron@Enron, Shawna Flynn/HOU/ECT@ECT,
Chris Gaffney/TOR/ECT@ECT, Robert H George/NA/Enron@Enron, Barbara N
Gray/HOU/ECT@ECT, James Grace/Corp/Enron@ENRON, Mark
Greenberg/NA/Enron@ENRON, Wayne Gresham/HOU/ECT@ECT, Leslie
Hansen/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT,
Karen E Jones/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Dan Lyons/HOU/ECT@ECT,
Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kay
Mann/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron, Travis
McCullough/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Janet H
Moore/HOU/ECT@ECT, Janice R Moore/HOU/ECT@ECT, Julia Murray/HOU/ECT@ECT,
Cheryl Nelson/NA/Enron@Enron, Gerald Nemec/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Limor Nissan/NYC/MGUSA@MGUSA, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Portz/HOU/ECT@ECT, Dale
Rasmussen/HOU/ECT@ECT, Coralina Rivera/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Michael A Robison/HOU/ECT@ECT, Daniel R
Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elizabeth Sager/HOU/ECT@ECT,
Richard B Sanders/HOU/ECT@ECT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lance Schuler-Legal/HOU/ECT@ECT,
Sara Shackleton/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Carol St
Clair/HOU/ECT@ECT, Carlos Sole/NA/Enron@Enron, Lou Stoler/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT, Steve Van Hooser/HOU/ECT@ECT,
John Viverito/Corp/Enron@Enron, Ann Elizabeth White/HOU/ECT@ECT, Randy
Young/NA/Enron@Enron, Stuart Zisman/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT,
Kimberlee A Bennick/HOU/ECT@ECT, Martha
Braddy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sarah
Bruck/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Genia FitzGerald/HOU/ECT@ECT, Nony
Flores/HOU/ECT@ECT, Linda R Guinn/HOU/ECT@ECT, Ed B Hearn III/HOU/ECT@ECT,
Mary J Heinitz/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Kathleen
Carnahan/NA/Enron@Enron, Deb Korkmas/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT,
Matt Maxwell/Corp/Enron@ENRON, Mary Ogden/HOU/ECT@ECT, Debra
Perlingiere/HOU/ECT@ECT, Robert Walker/HOU/ECT@ECT, Kay Young/HOU/ECT@ECT,
Merrill W Haas/HOU/ECT@ECT, Andrea Calo/SA/Enron@Enron, Brent
Hendry/NA/Enron@Enron, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Greg
Johnston/CAL/ECT@ECT, Peter Keohane/CAL/ECT@ECT, Justin Boyd/LON/ECT@ECT,
Edmund Cooper/LON/ECT@ECT, Mark Elliott/LON/ECT@ECT, Mark
Evans/Legal/LON/ECT@ECT, Denis O'Connell/LON/ECT@ECT, Robert
Quick/LON/ECT@ECT, Paul Simons/LON/ECT@ECT, Martin Rosell/OSL/ECT@ECT, Rahul
Saxena/LON/ECT@ECT, Greg Johnston/CAL/ECT@ECT, Christian Yoder/HOU/ECT@ECT,
Matthias Lee/SIN/ECT@ECT, Suzanne Adams/HOU/ECT@ECT, Connie
Castillo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Margaret
Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janette Elbertson/HOU/ECT@ECT,
Kaye Ellis/HOU/ECT@ECT, Carolyn George/Corp/Enron@ENRON, Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan M King/HOU/ECT@ECT, Taffy
Milligan/HOU/ECT@ECT, Pat Radford/HOU/ECT@ECT, Becky Spencer/HOU/ECT@ECT,
Linda J Simmons/HOU/ECT@ECT, Dina Snow/Corp/Enron@Enron, Twanda
Sweet/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT, Yo Yamanishi/AP/Enron@Enron,
Michelle Blaine/Enron@EnronXGate, Gail Brownfeld/ENRON@enronXgate, Stephanie
Truss/Enron@EnronXGate
cc:
Subject: Enron Wholesale Services 2001 Legal Conference

The Enron Wholesale Services 2001 Legal Conference will be held on Thursday
afternoon and Friday, October 11 - 12, 2001 at the Woodlands Resort and
Conference Center north of Houston.
Please save the date!


From OpinionJournal.com (http://opinionjournal.com)

TODAY ON OPINIONJOURNAL

On the Editorial Page BY LLOYD CUTLER
http://www.opinionjournal.com/editorial/?id=95001664

In 1942, I helped try the German saboteurs. Here's what we learned.
12:01 a.m. EST

Thinking Things Over BY VERMONT ROYSTER
http://www.opinionjournal.com/columnists/rbartley/?id=95001648

Until terrorists pay a price, we will see no end to terrorism.
12:01 a.m. EST

America the Beautiful BY CLAUDIA ROSETT
http://www.opinionjournal.com/columnists/cRosett/?id=95001666

Why Don Rumsfeld became a rock star.
12:01 a.m. EST

FOR WALL STREET JOURNAL ONLINE SUBSCRIBERS
Review & Outlook

Happy New Euro
Ringing in a new currency.
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1009747213439415200.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Getting Into College
Schools practice soft bigotry despite the voters' mandate.
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1009747329646779680.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Commentary

The Euro Is Here. Now It Needs To Get Stronger.
Europe's new currency simply cannot fail.
By Arthur B. Laffer
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1009747651965217120.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Will the Excuse Empire Return?
If Bloomberg isn't as tough as Giuliani, the Big Apple will rot again.
By Heather Mac Donald
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1009747488691372640.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Rule of Law

Lessons on Tribunals -- From 1942
I helped try the German saboteurs. Here's what we learned.
By Lloyd Cutler
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1009749984577833280.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Manager's Journal

Dare to Keep Your Stock Price Low
Enron's mistake: It gave in to market pressures for impossible growth.
By Joseph Fuller and Michael C. Jensen
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB100974778021344480.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Review & Outlook Taste

Let's Roll
Review & Outlook: The salvation of Flight 63 is the legacy of Flight 93.
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1009496648261265760.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Taste Feature

Etiquette For Americans Today
We've come a long way from "The Spoon: Its Use and Abuse."
By Cynthia Crossen
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB100950032654623880.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Rude Awakening: The Ill-Mannered Make Me Sick
De Gustibus: A school concert turns into a course in the coarse.
By Tunku Varadarajan
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1009496809968533360.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

Houses of Worship

Tradition 24 Hours a Day
Houses of Worship: Will Silicon Valley liberals force out a remarkable priest?
By Tom Bethell
Dec 31 2001

http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1009500544982042600.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour

~~~~~~~

_____
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Please educate me - what are the current cashout rules?


Dear Subscriber, please note that you are receiving this email because
you have opted into our FREE daily market analysis newsletter. If you
would like to be removed from our list, reply to this email with remove
in the subject line. Thank you!
 June 4th, 2001
 RealTimeTraders.com offers free real-time stock alerts throughout the
day. Why pay for chat rooms and stock pickers for old news?
Morning Watch List
This section contains 6 stocks that are expected move in 1 to 5 days.
Click here for this morning's Watch List Stocks: http://www.realtimetraders.com/marketinfo/watchlist.asp Beyond The Numbers
What is the true status of the economy?
Latest economic reports have been somewhat mixed and confusing.
However, it is very clear the markets have very little tolerance to any
negative news. Friday morning markets declined in the early going after
the markets received news that the manufacturing sector may be heading
towards a recession. But, later in the session good old General Motors
rescued the markets with its latest sales data. GM said sales are ahead
of expectations and the company expects to deliver earnings in line with
previously stated expectations of $4.25 for the full year 2001 and $1.05 for
the second quarter.
While the Dow component's sales data is favorable for the markets,
RealTimeTraders analysts point out the sales for the month May is
misleading because GM' truck sales were up 10%, but car sales were
down 9%. Analysts believe the sharp jump in the truck sales could be
due to problems surrounding Ford Motors. According to Ford Motor
Company, sales for both truck and car sales have declined sharply.
On a positive note, analysts pointed out the fact employment data showed
some improvement is a positive for the overall market. Which suggests the
Federal Reserve's efforts to stimulate the economy may be starting to take
effect. As we stated in last Thursday's market analysis, we expect this
quarter's earnings warnings and job cut announcements to be below last
quarter. One other important fact that is worth noting is that the Federal
Reserve seems to still indicate there will be more rates cuts ahead to
further stimulate the economy.
Stocks to watch
Shares of Cisco have been steadily declining in the past few sessions, and
accelerated to the downside going into theclose Friday after the company's
recent 10Q filing said it does not see any improvement in capital spending in
the foreseeable future due to the continued economic slowdown. Cisco
Systems finished Friday's session lower by 41 cents and closed at $18.85,
which puts the week's net loss at 14.5%.
Sector Analysis
Semiconductor sector may stay rangebound
In the last two sessions we have seem the semiconductor index and
semiconductor related stocks rebound after finding some support. However,
we like to caution our readers that we do not expect this sector to move
higher until we start to see some signs of sequential growth. Despite all the
upgrades and positive comments from some of the leading brokerage firms,
we continue to believe its is more prudent to focus on the company
fundamentals than the so-called analysts ratings. Those who have been
following the semiconductor sector may recall that most of the companies in
this sector have continue to make negative comments about their near-term
earnings outlook. Given that the semiconductor index has some support
around the current level, it can be expected the sector may trade in a range
until we receive further news from some of the bellwether stocks. Note that
Intel is expected to give its mid quarter update during this week. We believe
Intel's update would definitely impact the sector as a whole. We will continue
to monitor the markets and alert our readers to any significant news that may
impact the markets in our breaking news section.
Economic Reports & Bond Markets
Friday the bond market almost gained another full point and closed near the
highs of the day. Given that this week markets will have very little in terms of
economic data and the fact the bonds gained almost 2 points in the past two
session might lead to some range bound trading or a pull back. Monday the
Challenger Layoff figures will be released at 10AM.
Market Breadth
Friday's NYSE advance/decline reading was 1810/1236 Vs.
Thursday's reading of1822/1236
Friday's Nasdaq advance/decline reading was 2166/1598 Vs.
Thursday's reading of 2258/1591
New Highs and New Lows
Friday's NYSE new high/lows was 104/23 Vs. Thursday's
reading of 110/22
Friday's Nasdaq new high/lows was 132/44 Vs. Thursday's
reading of 126/38
Important Market Moving News
Visit our Before The Bell page -Http://www.realtimetraders.com/sp/beforethebell.asp for the most important news that may effect your portfolio. This
page also provide information on stocks that are going to gap open
higher/lower and the reasons if any. We also alert traders to the
actively traded stocks before the bell.
Upgrades / Downgrades / Coverage Initiations
Click on the following link for today's upgrades.http://www.realtimetraders.com/marketinfo/g_minfo.asp?page=upgrades Click on the following link for today's downgrades.http://www.realtimetraders.com/marketinfo/g_minfo.asp?page=dngrades Click on the following link for today's new coverage initiationshttp://www.realtimetraders.com/marketinfo/g_minfo.asp?page=coverage Please remember that we will only be able to continue to offer our
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or two about our services. Thank you.
Some of Today's Key Earnings Releases
Click here for a complete list of today's earnings. http://www.realtimetraders.com/earnings/earnings.asp
Company Name          	Expected earnings 	Symbol

Bob Evans Farms           	0.36    	BOBE
Dycom Industries           	0.26    	DY
NaviSite                          	-0.57   	NAVI
Riverstone Networks      	-0.05   	RSTN
Smithfield Foods            	0.87    	SFD
Standard Microsystems   	-0.09   	SMSC

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Rajesh,

Clay and Wayne and I talked today and agreed that Conditions of Use agreements for Dabhol, Oman, and possibly Abu Dhabi would be a good starting point. Let's talk with Clay tomorrow morning Houston time. Are you in the Enron office in Dubai?

Paul

Rajesh Chandra@ENRON_DEVELOPMENT
04/24/2001 05:09 AM
To:	Paul Y'Barbo/NA/Enron@Enron
cc:

Subject:	update

Paul

I was in Dubai and was wondering how are things going at your end.  Wayne mentioned that i help you in your efforts on Dabhol.   How do you want to start.

Rajesh


MilePoint Newsletter

[IMAGE]	 Refinance with MilePoint Long-term interest rates have hit their lowest level in years.  In fact, the 15-year rate is currently at its lowest level on record!  There is no better time than now to help reduce your monthly expenses and help our country's economy get back on track.   What are the top 5 reasons to purchase or refinance a home?  In today's market, purchasing a home may be less expensive than renting If you currently own a home, refinancing may lower your monthly payment Refinancing with a "cash out" option can help payoff or consolidate higher interest rate debts By refinancing, you can convert an Adjustable Rate Mortgage (ARM) to a low fixed rate Refinancing to a shorter term loan (from a 30-year to a 15-year loan), can save you thousands of dollars in interest  PLUS, you can use miles to save even more on your next mortgage or refinancing with Chase and CitiMortgage!   [IMAGE]   As a MilePoint member, you can choose to redeem your miles and points for automatic savings of up to $500 on mortgage settlement costs when you choose Chase Manhattan for your home financing needs.  So whether you are purchasing your first home or a vacation home, or just considering the refinance of your current mortgage, Chase can help save you time and money.   Of course, you'll receive all the other benefits of being a Chase customer, including a Free Affordability Estimate or Refinance Savings Analysis. We offer a Passport-To-Purchase Preapproval
 Program so you can shop with confidence knowing Chase Manhattan, the nation's leader in mortgage lending, already approves you. This can increase your negotiating power with the seller and help you close the loan more quickly.    Chase also offers expanded qualifying ratios, some of the most flexible in the industry, so that with sufficient equity, you may be able to finance a larger home! You can lock in an interest rate right over the phone so that you are protected, should rates rise. For a nominal fee, you also have the option to float down to a lower rate, should interest rates fall while your loan is being processed.   Tell me more ?     [IMAGE]   Use miles for $500 closing cost savings, or a 1/4% reduction in loan origination point(s).   We specialize in working closely with companies like MilePoint to give you mortgage financing advantages you won't find anywhere else. Our wide array of mortgages gives you many choices, so you can find the one that meets your needs perfectly. You'll also be able to save money when you choose from our superior group of financial solutions. Call us today at 1-800-353-7989.     Benefits  As a MilePoint Member, you will receive...  Either $500 off your closing costs or 1/4% reduction in loan origination point(s), by applying 25,000 miles  Preferred Interest Rates  No PMI (Private Mortgage Insurance) with less than 20% down  National School Report helps you choose the right school for your child  Guaranteed on-time closing or you receive $400 toward closing costs  Access to a wide variety of Citigroup products and services  CitiQuik
 provides a mortgage loan approval in just minutes from start to finish and cuts the paperwork to a bare minimum.  SureStart
 helps you shop with the confidence of a cash buyer. We'll let you know up front how much financing you qualify for, saving you time and legwork.   Tell me more ?   	[IMAGE]
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