----- Forwarded by Stanley K Horton/HOU/Dynegy on 06/05/02 07:49 AM -----

                      James Mullins
                      <JMullins3@ECM.RJ        To:
                      F.com>                   cc:
                                               Subject:  Raymond James Energy Daily Update - Wednesday 6/5/02
                      06/05/02 07:48 AM

   Wednesday 6/5/02
   Raymond James Energy Daily Update

   FOR INTERNAL USE ONLY

   Energy Price Summary (Close Tuesday 6/4/02):
   Oil (WTI) - $25.33, up $0.25
   12-Month Oil Futures Strip - $24.70, up $0.21
   Natural Gas (HHUB) -$3.33, up $0.09
   12-Month Natural Gas Futures Strip - $3.65, up $0.06
   1% Residual Oil (on a MMBtu basis) - $3.91, up $0.04
   London Crude Oil - $24.24, down $0.21 (so far this morning)

   1) Energy Stocks Could See Weakness Over Next Month; Present Buying
   Opportunity.
      From a technical analysis standpoint, the oilservice group looks like
      it will trade sideways to down over the next month.  On the
      fundamental analysis side, there are no visible positive catalysts
      expected until July, when we should see: 1) a rollover in API
      inventories, 2) lower natural gas injections with warmer weather, and
      3) further evidence of natural gas supply declines in second quarter
      natural gas production data.
      While the oil markets have typically seen builds in total petroleum
      inventories into July, it has experienced larger-than-expected builds
      over the past few weeks.  The energy market is likely to view this as
      a very bearish sign.
      We should note that a possible contributor to these abnormal builds
      is that Iraq was exporting as much oil as possible 45 days ago before
      it cut off April/May exports in protest to the U.S. and Israel.
      Bottom line: The charts and fundamentals suggest we could continue to
      see some weakness in both oil prices and energy stocks over the next
      4 weeks.  Based upon strong longer-term (6 to 9 month) fundamentals,
      however, we believe investors should take advantage of any potential
      weakness over the next month and buy the stocks in anticipation of
      meaningful year-end upside.

   2) The API reported that total petroleum inventories increased 8.3
   MMBbls, to 669.0 MMBbls for the week ended May 31, 2002.
      The average consensus range called for a 0.5 MMBbl draw to a 0.8
      MMBbl build in total inventories.  This build in total inventories is
      very bearish for the oil market.
      Total inventories built largely as a result of much higher crude
      supplies, as well as greater distillate supplies.
      Total petroleum inventories are currently 27.2 MMBbls (~4%) above
      levels one year ago, and continues to climb above the five-year
      average.
      Motor gasoline inventories decreased by 0.8 MMBbls to 217.7 MMBbls
      last week, and are now 8.3 MMBbls above last year at this time.
      Distillate fuel inventories rose by 2.8 MMBbls to 127.2 MMBbls last
      week.  Distillate inventories are now 20.0 MMBbls above last year at
      this time.
      U.S. refinery operations were at a 93.4% utilization rate, which was
      1.1% higher than last week's 92.3% rate, and much higher than
      expectations of an ~0.25% increase.  Total petroleum imports
      decreased slightly to 11.8 MMBbls/day.

   OILSERVICE
   3) Nabors' Re-incorporation Receives Independent Shareholder Group
   Endorsement
      Nabors Industries (AMEX:NBR/$40.00/Strong Buy) announced that
      Institutional Shareholder Services (ISS) has recommended that Nabors
      shareholder vote in favor of the re-incorporation in Bermuda.  ISS is
      the leading independent provider of proxy analysis and voting
      advisory services.
      Yesterday, Nabors' Chairman and CEO Gene Isenberg repeated his belief
      that the proposed re-incorporation will result in significant tax
      savings and other long-term benefits for the Company that will
      outweigh the one-time capital gains taxes that investors will have to
      pay if the move is approved.
      A lawsuit that has been filed to try to block the vote appears to be
      innocuous, as it is not even on the court docket for a scheduling
      hearing until September and no motions for injunction have been filed
      yet.
      A special stockholders meeting to vote on the re-incorporation has
      been scheduled for June 14(superscript: th).  We currently expect
      that the proposal will pass the shareholder vote.

      E&P

   4) Spring Fire Stops Short of Evergreen Resources'
   (NYSE:EVG/$43.90/Strong Buy) Coal Bed Methane Operations in Southern
   Colorado.

   ?       Evergreen reported that the Spring fire in southern Colorado's
   Las Animas County did not reach the company's coal bed methane
   operations in the Raton Basin.

   ?      The fire crossed into Evergreen's acreage but stopped one and a
   half miles short of the company's nearest well location.

   ?      As a precaution, Evergreen shut-in 69 gas wells in the Lorencito
   Canyon area.  These wells were producing at a combined rate of 6.2
   million cubic feet (MMcf) of gas per day prior to being shut-in at
   approximately 5:00 p.m. (MDT), Sunday, June 2.

   ?      This daily production rate represents approximately 5% of
   Evergreen's current total gross sales of 124 MMcf of gas per day.

   ?      Production from the Lorencito Canyon area was brought back on
   line yesterday at about 1:00 p.m. (MDT) and is expected to reach its
   prior average rate within the next several days.

   ?      According to latest reports, the Spring fire is mostly contained.
   Evergreen has made its produced water available to assist fire-fighting
   efforts in the area, and  does not expect future curtailments of its
   production unless weather and fire conditions change significantly.

   5) ONEOK (NYSE:OKE/$20.78/NR) Sells Equity Interest in Magnum Hunter
   Resources (Amex:MHR/$7.31/Buy).
   ?       ONEOK announced it has sold its remaining equity interest in
   MHR, representing 4.9 million shares (~7%) of Magnum Hunter's 70 million
   shares outstanding.

   ?      The $35.8 million proceeds from this sale will be used to reduce
   ONEOK's outstanding commercial paper.
   ?      ONEOK, Inc. is a diversified energy company involved primarily in
   oil and gas production, natural gas processing, gathering, storage and
   transmission in the mid-continent areas of the United States.

   6) Vintage Petroleum (NYSE:VPI/$11.65/Buy) Reiterates Commitment to
   Business Plan and Reduction Of Indebtedness; Rejects Restructuring
   Proposal.

   ?       VPI believes that its current depressed stock price is
   attributable primarily to its position in Argentina, which has
   experienced a series of economic and political shocks, and Vintage's
   relatively high leverage, which the company is committed to reducing.

   ?      Vintage recently announced several initiatives to reduce
   leverage, including the intention to reduce the Company's aggregate
   indebtedness by $200 million by year-end 2002 through a combination of
   the sale of non-core assets and cash flow in excess of planned capital
   expenditures

   ?      In response to the BP Capital Energy Restructuring Plan submitted
   on May 15, Vintage said that it has reviewed the plan, and concluded
   that it is not appropriate for the Company to pursue.  BP Capital
   currently owns ~8.9% of the outstanding Vintage common stock.

   ?      The restructuring proposal calls for the liquidation of Vintage's
   North American assets, creating a pure-play Latin American exploration
   and production company.

   7) Anadarko Petroleum Corporation (NYSE:APC/$49.88/Market Perform)
   Apparent Winner On 34 Tracts in National Petroleum Reserve-Alaska Lease.

   ?       Anadarko announced that it was the apparent high bidder on a
   total of 34 tracts in Monday's National Petroleum Reserve-Alaska Oil and
   Gas Lease Sale 2002.

   ?      Anadarko and its partner, Phillips Alaska Inc., submitted winning
   bids representing a combined total investment of $9.6 million ($2.7
   million net to Anadarko).

   ?      The 34 tracts cover more than 282,000 gross acres and are located
   primarily west of the companies' Moose's Tooth discovery.

   ?      With this sale -- the second since the federal government resumed
   leasing in the reserve in 1999 -- Anadarko's leasehold in NPR-A will
   total 277,500 net acres.

                          Raymond James Energy Group

This was prepared for informational purposes only and intended for internal
use only.  Information contained in this report was received from sources
believed to be reliable.  Raymond James & Associates assumes no liability
for inaccurate or erroneous information.  Additional information can be
obtained by calling the Houston Energy office at (800) 945-6275.


I am glad that everything worked out.  Good luck in your new job!


Matt,

Attached is the file Phillip asked me to send you.

Andy


Some friends of my wife and I are throwing a little bash on the evening of
September 9th for my upcoming baby BOY.   I would like to invite you all to
attend.  I believe there will be a margarita machine....

If you want to come,, please reply by sending me your address.  You will then
recieve an invitation by mail.

Hope to see you there,,

Mike


I have not taken any time off.

Thanks,
Robin


I have 8 tickets and paddock passes for the Grand Prix on Saturday. Please let me know if you would like them. Thanks.


From http://OpinionJournal.com

Best of the Web Today - December 28, 2001
By JAMES TARANTO
CAIR Package  http://dailynews.yahoo.com/h/nm/20011228/ts/attack_bush_guard_dc_4.html

The Council on American Islamic Relations is stirring up a tempest in a teapot over a Christmas Day incident in which an American Airlines pilot refused to allow an armed Arab-American Secret Service agent on his flight. "American Airlines said it prevented the agent from flying because of discrepancies in the standard forms he filled out identifying himself as an armed law enforcement officer and it denied that the decision was related to his ethnicity," Reuters reports. When his papers checked out, he took another flight.

Although the pilot's fears proved to be unwarranted in this instance, his cautious approach strikes us as eminently sensible. As the  San Francisco Chronicle  http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2001/12/28/MN60124.DTL  reports:

*** QUOTE ***

A federal probe conducted last year shows that concern about bogus law enforcement credentials is justified. Undercover inspectors using fake law enforcement credentials and badges "readily available" on the Internet were able to declare themselves "armed law enforcement officers" and skirt security checkpoints at 19 federal agencies--including the CIA, FBI and Pentagon--and two airports, according to the General Accounting Office, the investigative arm of Congress which conducted the operation.

"At no time time during the undercover visits were our agents' bogus credentials or badges challenged by anyone," Robert Hast, the GAO's special investigations chief, told Congress last year. Working in teams of two or three, the agents were able to get minivans and satchels that could have been packed with explosives and biological agents past checkpoints.

The agents were waved around metal detectors at Washington's Reagan National Airport and Orlando (Florida) Airport after presenting tickets issued in their undercover aliases and fake credentials.

"Our agents could thus have carried weapons, explosives, chemical/biological agents, or other dangerous objects onto aircraft," GAO manager Gerald Dillingham warned a Senate committee on Sept. 20, nine days after the terrorist attacks in New York and on the Pentagon.

*** END QUOTE ***

In a typically hysterical  press release  http://cair-net.org/asp/article.asp?articleid=559&articletype=3 , CAIR "demanded an apology from American Airlines for removing a Muslim Secret Service agent from a flight apparently based on religious and ethnic profiling":

*** QUOTE ***

In a letter faxed today to American Chairman Donald J. Carty, CAIR wrote: "We are concerned that American Airlines would arbitrarily deny boarding to a Muslim passenger, particularly someone who has one of our nation's highest security clearances, merely because of his religion or ethnicity. The passengers on Flight 363 would actually have been more secure had Agent ------ been allowed to board."

*** END QUOTE ***

The decision to keep the agent off the plane may have been erroneous, but it was hardly "arbitrary." After all, he was carrying a gun!

This incident may point to a need for the Secret Service and other law-enforcement agencies to work with airlines on improving ID procedures to avoid future such incidents. But why in the world is this issue being raised publicly by a group like CAIR, which has an agenda other than the enforcement of laws and protection of American security?

CAIR claims to know the identity of the agent in question, which has not been reported in the press; "for security reasons, CAIR is not releasing his name," the press release says. Did the agent take his grievance to CAIR instead of his superiors at the Secret Service? If so, this strikes us as conduct ill befitting a law-enforcement agent. A Secret Service man is supposed to be prepared to take a bullet for the president. Is it too much to ask that he take a later flight?

Jet-Setting Dishwasher
ABC  http://abcnews.go.com/sections/us/DailyNews/airplane_explosives011228.html ,  CNN  http://www.cnn.com/2001/US/12/27/inv.reid/index.html  and the  Times of London  http://www.thetimes.co.uk/article/0,,2001570018-2001601809,00.html  all have accounts of alleged shoe bomber Richard Reid's activities over the past year. For a loser who worked as a dishwasher in Amsterdam, he sure seems to have been loaded. "French intelligence officials have tracked Reid's movements over the last year, saying he traveled to Israel, Egypt, the Netherlands and Belgium, spending money freely, though he did not seem to have the income to fund the trips," ABC reports. CNN has more on the Israel junket:

*** QUOTE ***

Israeli Security Services, in conjunction with the FBI, are looking into what Reid did during a 10-day trip to the country in July, Israeli government sources told CNN.

Reid roused suspicion when he traveled from an unidentified country to Israel on its national airline, El Al, according to airline spokesman Nahman Klaiman.

"Our security people were aroused and [Reid] went through a security check, which included a personal check as well as removal of his shoes, which were checked separately," Klaiman said.

*** END QUOTE ***

Reid was in Amsterdam from August through November, then went to Brussels Dec. 5 and Paris Dec. 16. "A day later, he paid 13,000 French francs (about $1,750) in cash at a Myream Voyage, a travel agency on the rue des Poisoniers in the 18th arrondissement, or section, in Paris for a two-way plane ticket from Paris to Miami to Antigua." On Dec. 22 he tried to fly from Paris to Miami--and ended up instead in a federal prison in Boston.

The Times adds Turkey, Pakistan "and possibly Afghanistan" to Reid's itinerary. The paper cites Israeli intelligence officials who are concerned "that the Islamic fanatic may have tried to make contact with Hamas terrorists who are now known to have developed recent links with Osama bin Laden's al-Qaeda network." The Times also adds this intriguing detail:

*** QUOTE ***

On December 7 [Reid] travelled to Brussels and stayed a week, during which time he obtained a new British passport from the UK consulate there. His previous passport, which had pages torn out of it, was affixed to the new one, which police believe was Mr Reid's clumsy way of trying to disguise where he had been.

The Israeli visa stamp was still in the old document, as was the Pakistani visa.

*** END QUOTE ***

According to the ABC report, "Government officials told The Associated Press the nonmetal fuses for the explosives allegedly in Reid's shoes may have become wet, and been too moist to light, preventing him from detonating the charges." All this suggests the Reid may not be the brightest candle on the birthday cake.

His Dad Is Bad, but His Mom Is Mum  http://www.thetimes.co.uk/article/0,,2001570018-2001602513,00.html

The Times of London also has some details about Reid's upbringing, and in several important respects it resembles that of Marin mujahid John Walker. Like Walker, Reid is a child of divorce, his parents having split when he was four. Also like Walker, Reid had paternal support for his "spiritual journey"; as the Times put it: "Mr Reid said that he had encouraged his son to join the faith because he felt it rejected violence." And like Walker, Reid has a father who is eager to make excuses for him now: "My son is a determined boy and I can imagine him being determined enough to blow himself to bits," the elder Reid tells the Times. "But I just can't believe that he would want to hurt anyone else in doing it unless, that is, he has been brainwashed."

Two differences: Whereas Walker's father is a lawyer, Reid's is a common criminal. "He was absent for much of Richard's childhood after spending time in prison for a series of car thefts and burglaries." And unlike Walker's mother, Reid's mom, Lesley Hughes, has comported herself with dignity since her son's arrest.  Reuters  http://sg.news.yahoo.com/reuters/asia-80865.html  quotes a statement released through Hughes's lawyers: "As any mother would be, she is deeply shocked and concerned about the allegations made against her son, but has no further comment to make."

The Meaning of Multiculturalism  http://www.portal.telegraph.co.uk/news/main.jhtml?xml=/news/2001/12/28/wreid128.xml&sSheet=/portal/2001/12/28/ixport.html

The London Telegraph, in an article on Reid, has a telling quote from Abdul Haqq Baker, the moderate chairman of the Brixton mosque, where Reid and "20th hijacker" Zacarias Moussaoui worshipped before taking a more militant route:

*** QUOTE ***

Mr Baker said: "We have a lot of converts and ex-convicts. Many just turn up with their bags straight from prison. They come because we are tolerant and we teach in English. But because they are new to Islam they can be easily led. Extremists tell them that we are wrong and they are right. They brainwash them and take them to study groups away from the mosque where they learn to hate.

"Their teachings are extremely severe. To appreciate this, you should know that they say things like, 'Those who have AIDS and want to embrace Islam, the best thing they can do is go to Palestine, strap a bomb to themselves, and blow themselves up.' "

*** END QUOTE ***

Sins of Commission?  http://www.washingtonpost.com/wp-dyn/articles/A32508-2001Dec27.html

The Defense Department has issued draft procedures for the military commissions that will try noncitizens suspected of terrorism, and it appears civil libertarians were crying wolf. Under the draft procedures, the Washington Post reports, suspects "would be presumed innocent until proven guilty beyond a reasonable doubt, could be sentenced to death only by a unanimous vote of the commissions' members and would have the right to an appeal."

Take a Cold Peshawar  http://uk.news.yahoo.com/011228/80/cmppz.html

Two more Afghan officials claim Osama bin Laden is in Pakistan. Reuters quotes Gen. Mohammad Fahim, the defense minister, who backs up his spokesman's  comment yesterday  http://opinionjournal.com/best/?id=95001649#where : "After fleeing from Tora Bora there is a strong probability that Osama is in Peshawar," Fahim tells the wire service. "Osama is out of our control. To a large extent it depends on Pakistan. America can pursue him with the help of the Pakistani government."

CNN  http://www.cnn.com/2001/WORLD/asiapcf/east/12/28/inv.bin.laden.location/index.html  quotes Abdullah Tawheedi, "a deputy head of intelligence in Afghanistan," as saying that "he has received 'reliable information' that the terrorist leader paid a 'large amount' of money to buy his way out of Afghanistan." Larger than  $25 million  http://www.fbi.gov/mostwant/topten/fugitives/laden.htm ?

Our Friends the Chinese--II  http://english.peopledaily.com.cn/200112/24/eng20011224_87389.shtml

The Chinese Foreign Ministry is disputing a report by the Washington Times'  Bill Gertz  http://www.washingtontimes.com/national/20011221-95780908.htm  that Beijing sold arms to al Qaeda after Sept. 11. A report in the People's Daily quotes Foreign Ministry spokeswoman Zhang Qiyue as calling the Gertz report "groundless" and "with ulterior motives."  Matt Drudge  http://www.drudgereport.com/flash.htm  reports that Gertz stands by his story.

Eat Your Heart Out, Christo  http://www.rediff.com/news/2001/dec/28taj.htm

The Press Trust of India reports that "the Taj Mahal, the 16th century monument of love, would be covered by a battle green cloth to protect it from possible air strikes if an Indo-Pak war breaks out." There's a precedent for the Taj camouflage: "During the previous Indo-Pak war in 1971, the monument was covered with green clothes [sic]."

Stupidity Watch
Michael Scott-Joynt  http://www.guardian.co.uk/comment/story/0,3604,625233,00.html , bishop of Winchester, is the British left's answer to  Jerry Falwell  http://opinionjournal.com/best/?id=95001143#falwell . In his Christmas Day sermon, excerpted in the London Observer, Scott-Joynt blames the West for Sept. 11:

*** QUOTE ***

Would we be in this situation, if western--north American and European--electorates, all with deep Christian pedigrees, had not encouraged, supported or at least allowed our governments, over so many decades, to develop our standard of living at the expense of millions in the southern hemisphere? And if we had not sold their rulers armaments on such favourable terms, and with so little forethought? Cruelly evil though they were, I find that I have to understand the events of September 11 as a judgment upon us; and so, to understand these weeks, this Christmas, as a critical moment, an opportunity for a fresh beginning, its character caught in those words we have read: "Let the same mind be in you that was in Christ Jesus."

*** END QUOTE ***

Meanwhile, the Times of London's  Anatole Kaletsky  http://www.thetimes.co.uk/article/0,,248-2001600195,00.html  manages to label just about everyone on the right as a "fundamentalist"--over matters that have nothing to do with religion (emphasis ours):

*** QUOTE ***

The right-wing zealots among the Republican leadership, on the other hand, see the present war fever and terrorist paranoia as a golden opportunity to impose market fundamentalism and anti-tax economics. . . . President Bush seems to lack the intelligence or the leadership ability to overcome this political fanaticism and economic sabotage. He cannot force the Democrats to support the right-wing fundamentalist agenda of the Republican leadership. And he seems unable or unwilling to force Republican fundamentalists to compromise with mainstream Democrats.

*** END QUOTE ***

We suppose calling people "fundamentalists" isn't as bad as calling them "Taliban," but this is all just a substitute for thought, much like throwing around words like "fascist" or "Nazi" to describe people who are nothing of the sort.

Homelessness Rediscovery Watch

*** QUOTE ***

"If George W. Bush becomes president, the armies of the homeless, hundreds of thousands strong, will once again be used to illustrate the opposition's arguments about welfare, the economy, and taxation."-- Mark Helprin  http://opinionjournal.com/columnists/mhelprin/?id=65000507 , Oct. 31, 2000

"Hooters Girls Give a Hoot About the Hungry; Hooters employees served meals on Monday at the Salvation Army Soup Kitchen in downtown Mount Clemens."--headline and subheadline,  Macomb (Mich.) Daily  http://www.zwire.com/site/news.cfm?newsid=2841542&BRD=988&PAG=461&dept_id=141265&rfi=6 , Dec. 25, 2001

*** END QUOTE ***

Flue Season?  http://www.latimes.com/news/local/la-122301fire.story

Overlawyered.com  http://overlawyered.com/ , among others, spotted this one: The wackos on the Berkeley, Calif., City Council have "banned log-burning fireplaces in new homes and other buildings, believing the warmth of wood fires comes at the cost of clean air," the Los Angeles Times reports. Jami Caseber, the "environmental activist" who led the drive, also wants to ban the use of existing fireplaces.

The ordinance is drawing some opposition from bobo Berkeleyites, because it also applies to wood-burning cooking equipment. It "has incensed Alice Waters, owner of Berkeley's Chez Panisse restaurant and a world-famous advocate for organic foods. Waters said she burns half a cord of oak and fig weekly in her grill and oven, which have no pollution-control equipment." Although her appliances are grandfathered under the just-passed law, she tells the Times she's "totally opposed" to the law. "We've had a fundamental connection between fire and food since the beginning of time. Until we stop driving cars, I'd rather live in a world with wood-burning ovens."

(Elizabeth Crowley helps compile Best of the Web Today. Thanks to Robert McCarthy, S.E. Brenner, David Arredondo, C.E. Dobkin, Damian Bennett, Raghu Desikan, Rosslyn Smith, George Miller, Richard Wood and Robert Owen. If you have a tip, write us at  Amir Taheri  mailto:opinionjournal@wsj.com : Westerners who praise al Jazeera have bought a bill of goods (link requires registration).
- Peggy Noonan  http://opinionjournal.com/columnists/pnoonan/?id=95001651 : Postcard from Mexico.
- Tom Bray  http://opinionjournal.com/columnists/tbray/?id=95001650 : Christie Whitman embraces Al Gore's agenda.

And on the Taste page:
- Review & Outlook  http://opinionjournal.com/taste/?id=95001652 : The salvation of Flight 63 is the legacy of Flight 93.
- Tony & Tacky  http://opinionjournal.com/taste/?id=95001653 : John Ashcroft, the other man of the year.
- Tunku Varadarajan  http://opinionjournal.com/taste/?id=95001654 : A school concert turns into a course in the coarse.
- Cynthia Crossen  http://opinionjournal.com/taste/?id=95001655 : We've come a long way from "The Spoon: Its Use and Abuse."
- Tom Bethell  http://opinionjournal.com/taste/?id=95001656 : Will Silicon Valley liberals force out a remarkable priest?

Plus: James Taranto in the  Australian  http://www.theaustralian.news.com.au/common/story_page/0,5744,3501139%255E7583,00.html  on Time's "person" of the year (you read it  here  http://opinionjournal.com/best/?id=95001640  first!).
_____
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Tana,

I was wondering if it would be possible for you to pull the information prior
to us coming to the 38th floor as we are under time constraints to finish
this audit.

Thanks,

Carrie

From: Tana Jones@ECT on 12/13/2000 10:34 AM
To: Carrie Richardson/AA/Corp/Enron@ENRON
cc:

Subject: Re: IR/FX Testing

You can come up to our area here on 38 and reveiw any contracts you would
like.  We are located directly in front on the glass doors on 38.

	Carrie Richardson@ENRON
	12/13/2000 10:32 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Sharon Smith/AA/Corp/Enron@ENRON, John Vickers/AA/Corp/Enron@ENRON
		 Subject: IR/FX Testing

Tana,

Laurel Adams provided me your name to help us with the information regarding
the legal contracts we are needing.  I am forwarding you the request that was
originally sent to Laurel.  At this time, we would like to review the
contracts that are listed below as part of our deal test.  As we need to
complete our testing by Friday the 15th, we would like to review these
contracts sometime today or tomorrow.  I apologize for the short notice;
however, we received your name as the contact person yesterday.   Please let
me know if can help us with this request.  If you have any questions or need
additional information, please contact me at 3-1951.

Thank you,

Carrie Richardson

Laurel,

We have been unsuccessful in getting the contract numbers in order to pull
the contracts for the deals in our deal test.  We have talked with Bridgette
Anderson and Anthony Campos in Global Contracts to obtain these numbers;
however, we have had some difficulty.  What we are needing is the ISDA Master
Agreement, not the system printout, for the dates listed for the following
deals.

Deal #   Counterparty Name    Date

260828   Merrill Lynch International   6/14/00
291515   Royal Bank of Canada    2/15/95
295931   Merrill Lynch International   6/14/00
300998   Citibank, N.A., New York    11/17/92
251012   Goldman Sachs Capital Markets, L.P.  10/21/96
271926   BMO Nesbitt Burns    For this deal, the system printout of the ISDA
Master that we received lists the status as          draft with no effective
date.  Please provide us with an executed agreement for this deal.
310612   National Westminster Bank PLC   1/1/94

In order to wrap up our testing, please provide us with the above information
by noon on Thursday.

If you have any questions, please feel free to call me at x31951.

Thank you,

Carrie Richardson


I'm throwing out my thoughts on question 1 for the current case.

1.  Evaluate Patten's business strategy.

    My first thought centered around the fact that Patten's real expertise is
in real estate development.  They have a well thought out strategy of who the
customer is and how to sell effectively to these customers.  They have
developed a good business relationship with the large property owners.  With
little risk they analyze their ability to subdivide the properties.  Once
this is completed and the land purchased, they unleash their marketing
strategy.
    The marketing strategy seems to effectively gain sales without
extravegant costs.  The sales staff is custom designed to relate personally
to the average customer.  Their gross margin for land sales is 54.8%.  Even
if you include the selling, general and admin expense their margin is 24%.
    The part of their business strategy I struggle with is the finance
business.  What do a bunch of land developers know about finance.  In my
opinion land financing should be left to the experts.  If they established a
preferred financing company, they could negotiate a standard finders fee for
the loans.  More importantly they would eliminate the risk in their revenue
streams.  When they make a sale the revenue could be immediately booked since
they would not hold the debt, the finance company would.  Their current
portfolio of notes receivable is $18.6M.  It looks like ignoring expenses
their financing margin is 3%.  This only gives $0.56M in revenues.  This
number seems pretty small compared to the accounting heartburn it creates.
Obviously this number would be much smaller if they were properly estimating
unrecoverables.
    I guess the bottom line is "what is their core competency"?  I believe
its land development not land finance.

Anyway give me your thoughts and I'll clean it up in a word document.

Jimmy


Texas' first football game is this weekend and I have tickets for each of
you.  I would like to leave around 3:00 on Friday to go to Austin. We will
come back on Saturday after the game.

Let me know today if you still want to go.

-Eric


During the budgeting process for 2001 I gave Dave Delainey an estimated cost
savings for Energy Operations assuming the sale of HPL. Since this is clearly
on the horizon, we need to take a close look at opportunities for cost
savings and our estimated timing on those savings.  I will ask James by copy
of this memo to set up a meeting late this week to cover this.  I want to be
able to get back with Dave with more detailed estimates of cost savings.


(See attached file: hpl0817.xls)

 - hpl0817.xls


FYI

 -----Original Message-----
From: 	Trevelise, Jon
Sent:	Tuesday, October 23, 2001 5:20 PM
To:	Jones, Robert W.- HR Exec; Geaccone, Tracy; Border, Robin; Richards, Joe; Sanford, Robert
Subject:	Re: Enron Article in Oct. 23 WSJ

----- Forwarded by Jon Trevelise/Houston/Eott on 10/23/2001 05:19 PM -----

	Molly Sample 10/23/2001 04:33 PM 	   To: Jon Trevelise  cc:   Subject: Re: Enron Article in Oct. 23 WSJ

Molly Sample
VP & General Counsel
EOTT Energy Corp.
713-993-5027
fax 713-402-2806
----- Forwarded by Molly Sample/Houston/Eott on 10/23/01 04:49 PM -----

	Steve Roberts 10/23/01 01:03 PM 	  To: Molly Sample/Houston/Eott@Eott  cc:   Subject: Re: Enron Article in Oct. 23 WSJ

Thanks, Molly.

Herewith, the harrowing tale from the New York Times. (Dig that crazy financial lingo!)

Steve Roberts
EOTT Energy, Real Estate Analyst
P.O. Box 4666, Houston, TX 77210-4666
2000 W. Sam Houston Pkwy. S., Suite 400
Houston, TX 77042-3611
713-993-5004, fax 713-402-2645, steve.roberts@eott.com

<Embedded StdOleLink>


-----Original Message-----
From: 	"Bates, William" <wbates@mdbe.com>@ENRON
Sent:	Friday, September 28, 2001 1:22 PM
To:	'walpertb@mto.com'
Cc:	Jines, Michael L.; Gussett, Sheryl Esq.; 'john.c.herbert@dynegy.com'; Mellencamp, Lisa; 'tlauria@whitecase.com'; 'Philip Warden (E-mail)'; 'ceklund@llgm.com'; 'collt@perkinscoie.com'; 'zack.starbird@mirant.com'
Subject:	SCE
Importance:	High

E-MAIL NOTICE

This e-mail message is for the sole use of the intended recipient(s) and
may contain confidential and/or privileged information. Any review, use,
disclosure or distribution by persons or entities other than the
intended recipient(s) is prohibited. If you are not the intended
recipient, please contact the sender by reply and destroy all copies of
the original message. Thank you.

To reply to our E-mail Administrator directly, send an email to
Postmaster@mdbe.com or call (415) 393-2000 and delete this email.

McCUTCHEN, DOYLE, BROWN & ENERSEN, LLP

http://www.mccutchen.com

 - 52060668_2.DOC


The following points refer to the methodology that we are taking to rebook
the New Albany Plant.  Please send me a note immediately if you disagree.
Assume that NewAlb is a non mark to market entity and Enron is the mark to
market entity.  However, it is fully owned and operated by us for now.

*  The power mark to market book will pay NewAlb a capacity payment of $4.87
for 5 years.  We shaped this payment as follows:

2001 - $5.06
2002 - $4.96
2003 - $4.86
2004 - $4.75
2005 - $4.65

*  This payments allows Enron to supply gas to NewAlb and receive power.

*  Enron will pay NewAlb $1000 per unit start.

*  Enron will also pay NewAlb $2.00/MW hour for varialbe o&m.

*  This will create an entity "NewAlb" that will return 9% assuming a book
value of $336/kw on 12/31/2005 vs. 409 currently.

*  If NewAlb pays the 9% out that entity should be relatively flat each year
for the next five.


Internet Service is now available for ordering! ?As a Pilot 3 Invitee of the
ClickAtHome program, you can now order your PC and Broadband Internet Service
through the ClickAtHome Pilot website, which may be accessed at
http://clickathomepilot.enron.com (launch through Internet Explorer only). ?
All Pilot participants are encouraged to place their PC order by January
25th.

Many of our Internet Service vendors are ready to begin providing service to
you today, while all vendors will be ready by late February. ? The
ClickAtHome Internet Service Providers whom are currently available for
internet service are:
?

Time-Warner in Houston, (cable modem)
Kingwood Cable, (cable modem)
AT&T - Portland. ?(cable modem)

MSN, providing both dial-up and DSL service nationwide, and Cox Cable -
Omaha, providing cable modem service, ?will be available in late February.
?We will provide further communication as soon as MSN and Cox Cable - Omaha
orders can be placed. We appreciate your patience in advance.

To pre-qualify and sign up for service in your area today with Time Warner
Houston, Kingwood Cable or AT&T- Portland, refer to
http://clickathomepilot.enron.com for specific provider information and
instructions on how to place your order. ?If you have problems launching the
site, please copy and paste http://clickathomepilot.enron.com directly into
Internet Explorer.

The ClickAtHome Team is excited to bring you these options.

ClickAtHome Team


IF ANR/OK


This is the form which needs to be cleaned up.  I may have a cleaned up
version.  I'll check.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/05/2001 04:46
PM ---------------------------

Karen E Jones@ECT
04/02/2001 11:52 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: GE consent

Here you go.  It's pretty specific to the Pastoria contract, but has been
blessed by Mike Barnas (subject, of course, to GE getting what they want on a
guaranty!!!  grrrr).

Kay Mann@ENRON
04/02/2001 08:20 AM
To: Karen E Jones/HOU/ECT@ECT
cc:
Subject: GE consent

Hi Karen,

Could I get a copy of whatever the latest version is of the GE consent for
Pastoria?  We have a potential deal coming up to move some frames out of
TurboPark, so I would like to see the current state-of-the-are version.

Thanks,

Kay


Thank you for the message!  Let's schedule the following:
(1)  Phone call on Thursday, Sept. 16 to discuss parameters for financial
trading discussion.  I can call you at 1 pm (Houston time) which is 3 pm (Sao
Paulo time).

(2)  Meeting in Enron's Sao Paulo office on Tuesday, Sept. 21 in the
morning.  Anytime is convenient for me.  Do you have a preference?  How about
9 am?

I will not need to call you today if we can schedule our conference call and
meeting in Sao Paulo via e-mail.  Thank you for responding promptly.
Regards.  Sara

"AF - Antonio Felix de Araujo" <Af@tfts.tozzini.com.br> on 09/13/99 12:28:01
PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: trip to Sao Paulo

Dear Sara:

We can meet either on the 21 or 22.  As to our prior telephone call, please
be advised that I will be out of the office on Tuesday and Wednesday.
Probably the best alternative is for you to call me on Thursday afternoon.

Best regards,

Antonio Felix

>>> "Sara Shackleton" <sshackl@ect.enron.com> 09/13 1:27 pm >>>

Greetings!  I hope that we can make certain plans to meet when I am in Sao
Paulo
and to have a telephone conversation this week.

I will arrive in Sao Paulo on Sunday, Sept. 19.  Andrea Bertone and I will be
meeting with Jose Emilio on Monday, Sept. 20. regarding physical trading
matters.  Would you be able to meet with me at Enron's office on either
Tuesday
or Wednesday, Sept. 21 (preferably) or Sept. 22 to discuss certain aspects of
financial trading?  I will be able to clarify the specific issues this week.
I
would also like to schedule a telephone call this week, say Wednesday or
Thursday to discuss.  Please e-mail me as to whether we can meet in Sao Paulo.
I will try to call you today.  Let me know if you have a convenient time.

Sara


S,rgio:

As we agreed, I prepared this list of key regulatory points to be agreed
among ourselves. The idea is that this list should serve as a basis for
Enron's advocacy plan. As you pointed out, life has been so hectic and we
have been in some many battle fields,  that we did not have too much time to
discuss and agree on our update, own view. Therefore, some of us, including
myself, may have lost sight on what is ultimately good to Enron given the
complexity of issues and their state of flux. Given the potentially
conflicting coalitions we are part of, this should also serve as a basis for
defining our position and role in each of those institutions. Finally, this
could also serve as a basis for our internal and external communication
plans.

Overall Guiding Principles

1) As an overrarching objective for Enron all over the world, we defend,
inter alia, markets, competition both at retail and wholesale levels,
contract sanctity, free prices and customer choice.

2) We will balance our short term and long term interests to maximize company
shareholder's value;

3) We will focus our advocacy efforts on issues which have more impact on
shareholder's value;  we will constantly talk to our multiple internal users
to understand their needs and how those can be translated in terms of
regulatory support;

4) We will use several coalition groups to defend our interests; We  will
select the coalition groups more aligned with our own interests;

5) In case Enron's interests conflict with the interests of the coalitions we
are part of, we will defend and express our interests individually; we will
let our coalition groups know when our interest conflict with the general
view on a particular subject and that we will express our views separately.

6) As a consequence of the above, the first step is to have our own view. If
we do not know what the right way is, any alternative may look equally good
or bad.

10 Commandment list  - Issues Related to the Current Situation of the Energy
Sector in Brazil

1) We want the Wholesale Energy Market (MAE) to operate effectively asap. We
acknowledge that COEX, the stakeholder board has not worked properly over the
last 2 years. The consensus building process and the nature of the zero sum
game issues have prevented COEX to be effective. We advocate professional,
independent boards instead, as we do in most markets we participate
worldwide. Informativo Regulat?rio # 3 represent our best view on the subject
for Brazil;

2) Therefore, we applaud ANEEL in its recent initiatives to fix, inter alia:
(i) the ineffectiveness of COEX, by replacing it by COMAE, a professional
board; (ii) introducing penalties and guarantees for financial settlement
(COEX was not able to introduce any in the last two years, which has resulted
in a US$ 300 million default); (iii) we acknowledge that the Ordinances
published by ANEEL to fix the market are legally weak and may be challenged;
(iv) therefore, we should help ANEEL in drafting a new Market Agreement to
enhance the governance of the new board, make MAE the organizational
structure more effective and introduce penalties and guarantees which do not
overpenalize our long positions (loss sharing) ; (v) we will do  our best to
convince our peers about the proposed changes: however, if the agreed level
is too superficial to be useful in drafting the new MAE agreement, we will
present our view to ANEEL separately; (vi) we will advocate that companies
trading in the free market should have a non-discriminatory treatment within
MAE and COMAE. (vii) we will  strive to have e seat at COMAE appointed by the
free trading association.

3) We will advocate free market prices and no caps on the wholesale spot
price, even during rationing. (in fact, already capped at about R$ 300/MWh,
which represents the embedded cost of deficit). This conceptual view is
perfectly consistent with our expected Elektro, Eletrobolt, and wholesale
position - all of them long. We will strongly oppose any government
temptation to set additional caps on spot prices. On the contrary, we will
support any initiative to review the current cost of deficit, which we
believe to be underestimated. We have recently supported, as strongly
suggested by our trading group, ANEEL's proposal to significantly raise the
cost of deficit, particularly during rationing. We advocate that any caps on
spot prices create disencentives to capacity expansion and therefore will
aggravate the rationing crisis.

4) We defend Contract sanctity. In this regard, we will fight with Aneel to
have the pass-through of non-controllable costs for Elektro, such as power
purchases costs. Aneel has given its own interpretation to the concession
contract, whereby any cost increase occurring between two successive tariff
reviews should not be recovered. We defend the idea of a tracking account or
a similar mechanism. We will take the necessary measures against ANEEL,
either individually or as part of the distribution coalition group to defend
our interests.

4) Along the same lines of Contract Sanctity, we will defend Annex V, which
is a contractual provision to scale down Initial Contract volumes upon
rationing. According to several Elektro's analysis developed thus far,
preserving Annex VI will represent a substantial benefit to Elektro, even
able to offset the negative impact our foregone revenues during rationing. If
Annex V is revoked and the reduction of Initial Contracts is calculated on
the basis of actual load redution, as proposed in the rumor mill, we will
forego US$ 60 million in terms of EBITDA. We will refuse to negotiate with
our suppliers (e.g. Duke, AES) any changes in the Initial Contracts which
entail any transfer of risk/costs between generators and distributors. We
will also express our protest to any Brazilian Government authorities tempted
to change the Annex V, under the assumption that contract sanctity is being
violated and that this creates additional regulatory uncertainty. We will
also claim that revoking Annex V will jeopardize the success of the rationing
plan because of the "free ride" effect. We will not advocate any bail-out of
companies negatively affected by Annex V because they poorly evaluated the
impact of Annex V when companies were privatized. We will argue that Annex V
was designed specifically to deal with rationing situations and therefore
there is not any excuse to  change the rules now. We will not agree to set
additional caps on spot, not even the proposal to maintaing it as it is
(which will represent about US$ 10 million to Elektro). (Caps are actually a
disguised way of partially revoking Annex V)

5) We will support Aneel's Resolution 145, recently published, whereby any
new generation (back-up, self generator), no matter its size, is allowed to
sell to any market player, at freely negotiated prices (before they could
sell to the host utility only). Similarly, we support any other initiative to
give a non-discriminatory treatment to  new generation, which should be free
to trade energy at freely negotiated basis.

6) We will support the use of correct economic signals to foster demand
reduction during rationing. To avoid California's mistakes, we will advocate
that the correct signals should link the wholesale and retail prices. We will
advocate the government to establish a quota system and establish an overlay
of correct economic signals (MAE spot prices)  for those exceding their
quotas. We will oppose rolling blackouts on the grounds that it does not
provide the best economic allocation of a scarce resource; nor it is
effective for a long-term energy rationing (as opposed to California, where
the issue was peak shaving). Furthermore, as recently pointed out by CERA,
rolling black outs as initially proposed in Brazil are a significant
departure from markets and will open new avenues for market  intervention and
contract breaches. We will rebuff those who argue that there is no demand
elasticity in electricity prices. By linking the success of the rationing
program to free movements to the MAE price we are protecting our long
positions both at Eletrobolt and at Elektro. We acknowledge that the increase
in electricity prices may create a taste for energy rationing measures in the
medium term. While the financial  impact  of energy rationing  has not been
quantified for Elektro, we also assume the appetite for markets and energy
services may create new business opportunities for Enron .

7) We will support ANEEL in its attempts to open the market to retail
competition in 2003 (proposed threshold level of 50 kW). We  do not accept a
commonly accepted argument that minimum contracting requirements for
distribution companies are inconsistent with the opening of the retail
market. Instead, regulatory safeguards should be put in place to prevent
distribution companies to become stranded, by sharing this burden among the
captive and free market segments. California CTC is an example, but
government should look at best practices.

8) We will advocate for competition at the natural gas as a key ingredient to
competition in the electricity market  (Informativo Regulat?rio # 1). We will
also advocate for open access in the pipelines. We will express our contrary
views against any discriminatory measure trying to protect Petrobr?s role as
the sole gas supplier, in order to avoid effective competition in the natural
gas.

9) We will leverage our best expertise to propose a solid capacity plan to
the government, able to alleviate the energy crisis in the medium term. We
will talk about the necessary actions to be taken to eliminate regulatory
risks faced by generators and distributors. We will express our views on how
to create a healthy contracting environment,  to foster competition and
expand capacity. We will oppose any measures which create a non-level playing
field, both at the production or consumption side. If emergency actions are
needed, they should be used on a temporary basis only (e.g. Petrobr?s' being
the sole provider of gas molecules and FX hedge).

9) Finally, we should take advantage of the current window of opportunities
and all the power granted to the Ministry of Rationing to (or at least try
to) get  the energy sector fixed toward a more competitive industry.  We
acknowledge that the crisis will be used as a scapegoat why privatization and
that  the competitive model has not worked. We will express our opposite
views and we will propose pragmatic measures instead.  We acknowlege that it
will be very difficult to reach consensus among so diverse parties/interests.
COEX is a typical example on how the endless search for consensus was
tantamount to lack of efficiency of the overall process. Given that, we
should express our coherent, market based views to the Government. We will
use our coalition groups on a selective basis whenever this attitude
strengthens our points of view. In case conflicts emerge, we will preserve
the coherence of our ideas as a whole.

LM


m/power2/region/*1130*

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Friday, January 11, 2002 4:19 PM
To:	Dahlke, Andrea; White, Stacey W.
Subject:

I need the prices for east and west power curves as of Nov. 30.
Do you have directory location on M drive?


done.
PL


Notice No. 01-102
March 23, 2001

TO:
ALL NYMEX DIVISION MEMBERS AND MEMBER FIRMS
ALL NYMEX DIVISION CLEARING FIRMS
ALL NYMEX DIVISION OPERATIONS MANAGERS

FROM:
Neal Wolkoff, Executive Vice President

SUBJECT:
MARGIN RATE CHANGE FOR PROPANE GAS FUTURES CONTRACTS

Effective Date:  Friday, March 23, 2001 (close of business)
Futures Contract: Propane Gas Futures
Contract Months: All Months
Rate Change:

NYMEX Division Margins for Propane Gas Futures Contracts
Clearing Member (Maintenance Margin): Old:  $2,500 New:  $1,500
Member Customer (Initial Margin): Old:  $2,750 New:  $1,650
Non-Member Customer (Initial Margin): Old:  $3,375 New:  $2,025

Should you have any questions regarding these changes, please contact Arthur
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice
supersedes all previous notices regarding outright margins for the NYMEX
Propane Gas Futures Contracts.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-102)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Thanks.  See you tomorrow.


See attached and provide me with your comments.


Via fax, I am sending to you the new and old Annex A forms and a variety of
new and old option (cap,floor, call,put,collar) formats.  Per our earlier
conversation, I would truly appreciate your input.  The fax is about 40
pages.  Sara


It's that time of year and Enron has again agreed to generously cover half of
our costs for membership up-front.

For the museum membership form and membership information, please click on
the link below.

http://home.enron.com:84/messaging/membership.doc

Or if you use Netscape Navigator, copy and paste the URL into the address
line.


We have received the Q&A for current Enron employees.  The Q&A is posted on the Intranet at http://home.enron.com/updates/qa.html
The posted information may not address all of your questions as quickly as you deserve, but a team is working to provide accurate responses to your most important questions about employee benefits, expense payments and so on.  Be sure to continue checking this web site for updated information.
If the posted info does not address your concerns, you may send your questions to questions@enron.com
Again, thanks for your patience!

Julie Kearney, ENA HR
503) 464-7404


In case you haven't already seen this:

El Paso Addresses the California Energy Situation  ( February 26, 2001 )
 HOUSTON, Feb. 26 /PRNewswire/ -- El Paso Corporation (NYSE: EPG)
reaffirmed today its continuing commitment to work with all parties
involved to help improve California's energy situation. "We are surprised
to see continuing misinformation in the media concerning El Paso's
involvement in California," said Norma Dunn, senior vice president of
Corporate Communications and External Affairs at El Paso Corporation. "We
would like to take this opportunity to clarify the record."  The
significant increase in electricity demand at a time when available power
supplies are short has caused a sharp climb in the price of power, which
has in turn increased the price of natural gas used to generate
electricity. High natural gas prices are, therefore, an effect rather than
a cause of the power shortage.  Allegations that natural gas prices were
deliberately manipulated by withholding capacity on the El Paso Natural Gas
pipeline overlook critical facts and are demonstrably untrue. It is not
possible for any holder of capacity on the El Paso Natural Gas pipeline to
cause a significant increase in California gas prices by refusing to use
that capacity. The El Paso Natural Gas pipeline is required by law to post
the availability of any unused capacity on its public bulletin board and is
obligated to sell that capacity for no more than the published tariff rate
found to be just and reasonable by the Federal Energy Regulatory
Commission. All capacity held by El Paso Merchant Energy on the El Paso
Natural Gas Pipeline has been used or made available for use by others to
serve California and other Western markets.  Allegations that there was a
"conspiracy" in 1996 to limit new interstate pipeline capacity into
California are absolutely refuted by facts that no one can challenge. The
facts show that all new pipelines considered during the 1990s were either
built or were not viable projects because they lacked sufficient customer
support to justify their construction. For example, despite years of
marketing efforts by Tenneco, not a single potential customer could be
induced to make the sort of binding commitment required for the proposed
Altamont project to proceed. For that reason alone, it was ultimately
dropped. In 1996, according to estimates, there were between one and two
billion cubic feet per day (Bcf/d) of excess natural gas transportation
capacity on existing interstate pipelines serving California. Indeed, it
was misplaced reliance on the continuing availability of such excess
capacity that prompted the California Public Utilities Commission to
encourage PG&E, SoCal Edison, and SoCal Gas, beginning in 1996 and
continuing into 1998, to relinquish over 1.5 Bcf/d of firm transportation
capacity on the El Paso Natural Gas pipeline. Processes are now under way
to assess present demand and support for new interstate pipeline capacity
into California, and El Paso intends to do its part to help satisfy
whatever needs may be established today.  As recently as last year, there
were periods when significant quantities of unused capacity were available
on the El Paso Natural Gas pipeline that were not necessary to meet demands
at that time. Notwithstanding its availability, this capacity was not used
by shippers to California to fill in- state natural gas storage facilities
for future use. If California had taken advantage of the opportunity in
2000 to store the same volumes of natural gas that had been stored in 1999,
reliance on the spot market would have been reduced and the steep rise in
prices at the California border could have been substantially mitigated or
avoided.  It is now widely recognized that the California "energy crisis"
was caused by the inability of the supply of power available in California
to keep pace with the state's economy and increased demand. A combination
of factors caused a sharp increase in power prices. First, the construction
of new power plants in California is a slow, difficult, and heavily
regulated process. As a result, the growing demand has far outstripped
in-state generating capabilities. Second, unfavorable precipitation and
increased out-of-state demand caused some of the hydroelectric power
normally relied on by California to become unavailable. Third, increased
demand for power in the western United States drove up prices that
California had to pay to out-of-state generators. Fourth, state policies
deregulated wholesale power prices but capped the rates paid by consumers,
leaving demand unrestrained and preventing utilities from recovering their
costs. Fifth, because rate caps prevented utilities from passing increased
costs to consumers, the utilities' creditworthiness was impaired, causing
supplemental power needed during peak periods to become more difficult and
expensive to purchase. Sixth, the early and greater-than-normal use of
peaking units-plants that are designed to only operate under peak demand
conditions-necessitated unscheduled maintenance, rendering them unavailable
at critical times. Seventh, during the final months of 2000, some power
plants were forced to shut down because increased usage exhausted their air
emissions credits. Eighth, a warm summer followed by an early onset of cold
weather further drove up demand for power. Finally, the increased power
costs in California could have been substantially mitigated through
long-term power contracts and less reliance on the volatile short-term
power market.  "California is currently in a difficult position, but now
has the opportunity to refine its regulatory model and craft a long-term
energy policy," said Dunn. "El Paso has been one of the largest suppliers
of energy to California for more than 50 years, and we are actively
participating with all parties in California to be a part of a long-term,
stable solution to California's energy needs."  El Paso Corporation, the
largest and most broadly based natural gas company in the world, spans the
energy value chain from wellhead to electron. With an enterprise value in
excess of $50 billion, El Paso is a leader in every phase of the natural
gas industry. The company owns and operates a significant portion of the
North American natural gas delivery grid, operates the fastest growing,
most sophisticated energy merchant group, and is the nation's third largest
natural gas producer. El Paso, a leader in risk management techniques, is
focused on maximizing shareholder value, transforming existing markets, and
speeding the development of new markets. Visit El Paso at www.epenergy.com.
 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS  This release
includes forward-looking statements and projections, made in reliance on
the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. The company has made every reasonable effort to ensure that the
information and assumptions on which these statements and projections are
based are current, reasonable, and complete. However, a variety of factors
could cause actual results to differ materially from the projections,
anticipated results or other expectations expressed in this release. While
the company makes these statements and projections in good faith, neither
the company nor its management can guarantee that the anticipated future
results will be achieved. Reference should be made to the company's (and
its affiliates') Securities and Exchange Commission filings for additional
important factors that may affect actual results.

Bob Brooks
GPCM Natural Gas Market Forecasting System
http://gpcm.rbac.com


Below please find some additional minor information I recently received from
the people at Elektro.

Regards,
Luiz

Carlos E. Bianchini

We did not identify any company contained in the list as Elektro's client.
Howerver, the following similarities in company names were identified:

Basf  AKTIENGESELLSCHAFT  -   We found Basf S A - S?tio S?o Jo?o - Santo
Ant"nio de Posse

BG Group plc - We found BG Brasil  Ind Alim Ltda - Estrada de Angatuba  -
Angatuba

Eaton Corporation  -  We found Eaton Ltda Divis?o de Trasmiss?o  -  Rod SP
340 Canteiro de Obras - Mogi Mirim

Litton Industries, Inc.  -  We found Litton do Brasil Ltda - Rodovia D Pedro
I - Jarinu

Texaco Limited  -  We found Texaco Brasil - Av. Carlos A. C. Pinto, 486  -
Atibaia

Jose Hilario Farina Portes

We did not have any directly dealing with most of the listed companies.
We would like, however, to mention Cooper, Industrues Inc. (former
McGraw-Edison Company), who supplied a significant number of restarters
("religadores") type KF, and Oracle who we will most likely use as foundation
for our technical systems.

Osvaldo Esteban Clari Redes

Please see attachment.

	Rob Walls

	03/28/2000 03:07:16 PM

To: Sami Arap/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Luiz Watanabe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Taylor@ECT

Subject: Re: EnronOnline Credit Derivatives Propsoed Reference Entities

Sami -

Let's discuss.  There may be an issue here.  If you are unable to reach me,
please try and get in touch with Mark Taylor directly.  Thanks.

Sami Arap
03/24/2000 10:21 AM
To: Rob Walls/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Luiz Watanabe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: EnronOnline Credit Derivatives Propsoed Reference Entities

Rob;

Due to Randy's 2-week trip to London, I am not sure if you have received any
of this.

As per Federico Cerisoli's information, with respect to fuel transactions
concerns, we are having discussions in Brazil and Bolivia with subsidiaries
of some of the names I've seen in the file such as: BP Amoco; BG; Exxon
Mobil; Shell; Total.  These discussions are only about physical transactions
and never about credit derivatives.

With respect to Argentina, please see Mike Guerriero's comments below.

Regards,

Sami

---------------------- Forwarded by Sami Arap/ENRON_DEVELOPMENT on 03/24/2000
01:24 PM ---------------------------

	Enron International

	From:  Michael Guerriero                           03/02/2000 06:59 AM

To: Sami Arap/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: EnronOnline Credit Derivatives Propsoed Reference Entities

No Argentine Companies are on this list. If you would like a list of
Argentine ISDAs let me know.

MFG

Sami Arap
02/29/2000 11:44 AM
To: Don Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott
Porter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael
Guerriero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Claudia
Brun/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marcelo
Parodi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, D'Arcy
Carroll/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ricardo
Lisboa/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Idel
Metzger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Luiz
Baccaro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Fernando
Bacellar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mateus
Andrade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marc
Grossmann/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Erwin
Landivar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maria Ines
Granado/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Remi
Collonges/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Corbin
Barnes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: EnronOnline Credit Derivatives Propsoed Reference Entities

Direct Sales Team;

Please review the attached files and let me know, by the end of this week, if
any of these entities have relationships with your deals.

Thanks,

Sami

---------------------- Forwarded by Sami Arap/ENRON_DEVELOPMENT on 02/29/2000
11:47 AM ---------------------------

Randy Young
02/29/2000 10:18 AM
To: Luiz Watanabe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sami
Arap/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Novak/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert H
George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Rob Walls/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, vcferraz@elektro.com.br

Subject: EnronOnline Credit Derivatives Propsoed Reference Entities

Plz review and respond to me this week.

Thanks,
RY
---------------------- Forwarded by Randy Young/ENRON_DEVELOPMENT on
02/29/2000 10:16 AM ---------------------------

	Rob Walls

	02/28/2000 07:58:27 PM

To: Legal - Mgmt
cc: Mark Taylor@ECT

Subject: EnronOnline Credit Derivatives Propsoed Reference Entities

Please review the attached and let me know asap if any of these entities have
relationships with your business units.  Thanks.
---------------------- Forwarded by Rob Walls/ENRON_DEVELOPMENT on 02/28/2000
04:58 PM ---------------------------
From: Mark Taylor@ECT on 02/28/2000 04:53 PM
To: Michael Moran@ENRON, Kristina Mordaunt/Enron Communications@Enron
Communications, Vicki Sharp/HOU/EES@EES, Rob
Walls/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Mark E Haedicke/HOU/ECT@ECT

Subject: EnronOnline Credit Derivatives Propsoed Reference Entities

As we discussed, attached is the new list of proposed reference entities.  I
have also attached my previous memo outlining the propsosed business and our
concerns.


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[IMAGE][IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	Business this week
				Apr 26th 2001
				From The Economist print edition

				Bigger but slower

				[IMAGE]

				The IMF,s World Economic Outlook forecast that world economic growth would
slow this year to 3.2%, down from 4.8% in 2000. All the big economies were
predicted to slow, but Europe less than America. The world economy is then
expected to recover a little in 2002, when output could grow by 3.9%.

				See article: The world economic outlookE+

				The World Competitiveness Yearbook, published by the International Institute
for Management Development, once again showed America as the best place for
business competitiveness. Still second was Singapore, despite its poor rating
for democratic accountability. Finland, Luxembourg and the Netherlands
occupied the next three places.

				Small scotch

				Bank of Scotland, having failed in previous attempts to merge with two larger
British rivals, NatWest and Abbey National, began talks with Halifax, Britain,
s biggest mortgage lender. Bank of Scotland,s latest attempt to woo a partner
could encourage other bidders to enter the fray.

				See article: Bank mergersE+

				Morgan Stanley, an American investment bank, plans to show the door to 1,500
staff. Merrill Lynch also plans to get rid of up to 10% of its
investment-banking division, some 200 employees. More announcements of
bankers looking for alternative employment are expected soon.

				See article: Lay-offs on Wall Street

				UR sacked, : (

				Ericsson, a Swedish mobile-phone maker, responded to a drastic slide in
handset sales*41% down in the first quarter compared with a year ago*and big
losses. It said that it would shed 12,000 workers and also announced a joint
venture with Sony,s handset division to make and market new phones.

				See article: Mobile phone woes continueE+

				Motorola, America,s biggest handset maker, also reacted to falling sales, by
closing a Scottish factory employing 3,100 people. The British government is
trying to recoup o17m ($25m) paid in regional aid to the company since 1995.

				The prospects for third-generation mobile telephones suffered a setback.
After criticism of the high prices paid for licences to run 3G services came
news that technical problems would delay 3G,s launch in Japan until October.
NTT DoCoMo,s announcement means that 3G,s first roll-out may now be achieved
by British Telecom in that hot-bed of technological advance, the Isle of Man.

				After months of pressure from disgruntled shareholders, Sir Iain Vallance,
chairman of British Telecom, is to step down, to be replaced by Sir
Christopher Bland, chairman of the BBC.

				A consortium led by Sir Anthony O,Reilly, an Irish media tycoon, and
including George Soros, a financier, was reported to be ready to bid euro2.6
billion ($2.3 billion) for Eircom, Ireland,s formerly state-owned telecoms
operator. This would exceed a rival offer from a consortium headed by another
Irish entrepreneur, Denis O,Brien.

				JDS Uniphase, a leading optical-equipment maker, said that it would lay off
5,000 staff, 20% of its workforce, in order to cut costs in response to
falling spending by telecoms firms.

				[IMAGE]

				Lucent, the world,s biggest telecoms-equipment company, reported losses for
the quarter to the end of March of over $5 billion. Yet improving revenues
and a planned restructuring cheered investors; the company,s shares rose by
more than 10%.

				Compaq Computer revealed profits for the first quarter of $200m, above the
forecasts of pessimistic analysts but still a third down on a year earlier.
But 3M, an American technology conglomerate, issued a profits warning for the
next quarter and said that 5,000 jobs would go, around 7% of the total.

				Rupert Murdoch, the head of News Corporation, met top General Motors bosses
to present a bid for DirecTV, America,s leading satellite broadcaster, and
part of the car maker,s Hughes Electronics. Mr Murdoch has long coveted
DirecTV as a way of adding an American arm to his Sky Global Networks.

				An American government committee failed to clear a bid by ASM Lithography, a
Dutch semiconductor firm, for Silicon Valley Group, a maker of electronics
components that can be used in spy satellites. America,s Defence Department
expressed concerns over the transfer of sensitive technology to &hostile8
countries. President George Bush will now have to rule on the deal.

				Shell game

				A takeover bid of A$10 billion ($5.1 billion) for Woodside Petroleum, an
Australia-based oil and gas company, by Royal Dutch/Shell, was surprisingly
blocked by the Australian government for being &contrary to the national
interest8.

				See article: Shell rebuffed in AustraliaE+

				The dispute between Enron and the Indian state of Maharashtra over the
American energy company,s power plant worsened when Enron authorised its
local managers to terminate the contract.

				General Dynamics said it had agreed to buy Newport News Shipbuilding for $2.6
billion. If the bid is approved by the government, General Dynamics would
become the sole producer of aircraft carriers, destroyers and submarines for
the American navy.

				Britain,s Hilton Group gained another 154 hotels through the acquisition of
Scandic, a Swedish hotel company, for o612m ($881m). SAirGroup, owner of
Swissair, is selling its hotel company, Swiss"tel, to Raffles Holdings, a
Singapore-based hotel group, for SFr520m ($305m). SAirGroup is also planning
to change its name back to Swissair Group, and is considering selling two
loss-making French subsidiaries.

				SURVEY: SOFTWARE

				 Find thought-provoking articles about the future of software in the
Economist's survey. This essential reading provides a history of open source
software, details the growing trend towards software leased via the Internet,
and explains the battle of operating system platforms. Click here to read
about the future of software.

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-----Original Message-----
From: 	"Shine, David" <david.shine@ubspainewebber.com>@ENRON
Sent:	Friday, October  19, 2001 12:11 PM
To:	Scott Neal (ENE) (E-mail)
Subject:	Order Executions

Bot 50 Puts ENE Jan 37.5 @ $10.50 closing order
Bot 50 Puts ENE Jan 50.0 @ $22.30 closing order

Sold 25 Calls ENE April 35.0 @ $1.45 opening order

Have a great weekend.

David L. Shine
Vice President-Investments
UBS PaineWebber
1111 Bagby, Suite 5100
Houston, Texas 77002

(713) 654-0396  Direct
(800) 553-3119  Toll Free
(713) 654-4723  Fax

 <<...OLE_Obj...>>

******************************************************
Notice Regarding Entry of Orders and Instructions:
Please do not transmit orders and/or instructions
regarding your UBSPaineWebber account(s) by e-mail.
Orders and/or instructions transmitted by e-mail will
not be accepted by UBSPaineWebber and UBSPaineWebber
will not be responsible for carrying out such orders
and/or instructions.

Notice Regarding Privacy and Confidentiality:
UBSPaineWebber reserves the right to monitor and
review the content of all e-mail communications sent
and/or received by its employees.


-----Original Message-----
From: Arnold, Matthew
Sent: Friday, July 20, 2001 2:00 PM
To: Arnold, John
Subject: FW: vacation

-----Original Message-----
From: Arnold, John
Sent: Friday, July 20, 2001 12:08 PM
To: Arnold, Matthew
Subject: FW: vacation

-----Original Message-----
From: Arnold, Matthew
Sent: Monday, July 16, 2001 8:46 AM
To: Arnold, John
Subject: FW: vacation

-----Original Message-----
From: Karen Arnold [mailto:klarnold@flash.net]
Sent: Sunday, July 15, 2001 3:19 PM
To: Arnold, John; Arnold, Matthew
Subject: vacation

If we are going on a family vacation this year, we need to start planning.
Now it may be that we all have over expended this year, me on the kitchen,
MBA on the house, JDA on the furniture is has bought, is buying or will
but, and we may only be able to go to the Woodlands, Fredericksburg, or
someplace.  Anyway, we need to do some planning or we will be out of luck.
August is looking bad for me.  September?  Love, Your Mom


Please delivery anything to my attention to the in-box for me on the ledge at
Brenda's cubicle -- I check this regularly throughout the day -- thanks, Bob


Southwest Airlines e-mail update for
February 27, 2001

****************************************************************
Your Freedom to Travel This Week Includes

I. 30 Markets For $30 Each Way
II. southwest.com Click 'n Save(R) Specials
III. Friends Fly Free between Providence, RI and
 Long Island/Islip, NY Extended
IV Las Vegas Specials Extended
V. Discount Fare Special Offer Extended
VI. Click 'n Save Subscriber Information

*************30 Markets For $30 Each Way****************

I. This week's 30th Anniversary Specials
(for the following markets, only) are:

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  Service to Columbus begins April 1, 2001
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Birmingham, AL
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Boise, ID
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Cleveland, OH
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Columbus, OH
 $30 each way to/from Baltimore Washington Int'l, MD
 Service to Baltimore begins April 1, 2001

Dallas, TX Love Field
 $30 each way to/from Austin, TX
 $30 each way to/from Houston, TX Bush Intercontinental
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 $30 each way to/from Tulsa, OK

Detroit, MI
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Ft. Lauderdale/Hollywood, FL
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Houston, TX Bush Intercontinental
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Houston, TX Hobby
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Jacksonville, FL
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Kansas City, MO
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Las Vegas, NV
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 $30 each way to/from Tucson, AZ

Little Rock, AR
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Los Angeles, CA
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Louisville, KY
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Midland/Odessa, TX
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Nashville, TN
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 $30 each way to/from Kansas City, MO

Omaha, NE
 $30 each way to/from St. Louis, MO

Ontario, CA
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Orlando, FL
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Phoenix, AZ
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 $30 each way to/from San Diego, CA

Reno/Tahoe, NV
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Sacramento, CA
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San Diego, CA
 $30 each way to/from Phoenix, AZ
 $30 each way to/from Tucson, AZ

San Jose, CA
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Seattle, WA
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Spokane, WA
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St. Louis, MO
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 $30 each way to/from Little Rock, AR
 $30 each way to/from Omaha, NE

Tampa Bay, FL
 $30 each way to/from West Palm Beach, FL

Tucson, AZ
 $30 each way to/from Las Vegas, NV
 $30 each way to/from San Diego, CA

Tulsa, OK
 $30 each way to/from Dallas, TX Love Field
 $30 each way to/from Kansas City, MO

West Palm Beach, FL
 $30 each way to/from Jacksonville, FL
 $30 each way to/from Orlando, FL
 $30 each way to/from Tampa Bay, FL

For a limited time, we have extended the
number of markets from 5 to 30.
The 30 markets will change each week,
so, please keep checking back.

The following restrictions will apply:

*21-day advance purchase
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Fares do not include a federal excise tax of $2.75
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Please visit our Reservations section to reserve the
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******* southwest.com Click 'n Save Specials********
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southwest.com Click 'n Save Specials.

The following restrictions will apply:

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Albany, NY
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 $99 each way to/from Jackson, MS

Albuquerque, NM
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 $99 each way to/from Los Angeles, CA

Amarillo, TX
 $61 each way to/from Houston, TX Bush Intercontinental
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 $99 each way to/from Las Vegas, NV

Austin, TX
 $39 each way to/from Harlingen/Rio Grande Valley, TX
 $99 each way to/from San Diego, CA

Baltimore Washington Int'l, MD
 $34 each way to/from Albany, NY
 $53 each way to/from Birmingham, AL

Birmingham, AL
 $53 each way to/from Baltimore Washington Int'l, MD
 $99 each way to/from Harlingen/Rio Grande Valley, TX

Boise, ID
 $99 each way to/from Los Angeles, CA
 $94 each way to/from Oakland, CA

Buffalo, NY
 $99 each way to/from Jacksonville, FL
 $99 each way to/from Louisville, KY

Burbank, CA
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 $49 each way to/from Salt Lake City, UT

Chicago, IL Midway
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 $99 each way to/from Manchester, NH
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 $51 each way to/from Raleigh-Durham, NC

Cleveland, OH
 $99 each way to/from Oklahoma City, OK

Columbus, OH
 $99 each way to/from Little Rock, AR
 $62 each way to/from Omaha, NE

Corpus Christi, TX
 $99 each way to/from El Paso, TX
 $99 each way to/from Tampa Bay, FL

Dallas, TX Love Field
 $56 each way to/from Albuquerque, NM
 $36 each way to/from Oklahoma City, OK

Detroit, MI
 $60 each way to/from Kansas City, MO
 $99 each way to/from New Orleans, LA

El Paso, TX
 $99 each way to/from Corpus Christi, TX
 $99 each way to/from Jackson, MS

Ft. Lauderdale/Hollywood, FL
 $99 each way to/from New Orleans, LA
 $34 each way to/from Tampa Bay, FL

Harlingen/Rio Grande Valley, TX
 $39 each way to/from Austin, TX
 $99 each way to/from Birmingham, AL

Hartford, CT/Springfield, MA
 $99 each way to/from Louisville, KY
 $99 each way to/from St. Louis, MO

Houston, TX Bush Intercontinental
 $61 each way to/from Amarillo, TX

Houston, TX Hobby
 $61 each way to/from Amarillo, TX
 $99 each way to/from Jacksonville, FL
 $99 each way to/from Kansas City, MO

Indianapolis, IN
 $99 each way to/from Long Island/Islip, NY

Jackson, MS
 $99 each way to/from Albany, NY
 $99 each way to/from El Paso, TX

Jacksonville, FL
 $99 each way to/from Buffalo, NY
 $99 each way to/from Houston, TX Hobby

Kansas City, MO
 $60 each way to/from Detroit, MI
 $99 each way to/from Houston, TX Hobby

Las Vegas, NV
 $99 each way to/from Amarillo, TX
 $99 each way to/from Midland/Odessa, TX
 $47 each way to/from Sacramento, CA

Little Rock, AR
 $99 each way to/from Columbus, OH

Long Island/Islip, NY
 $99 each way to/from Indianapolis, IN
 $99 each way to/from West Palm Beach, FL

Los Angeles, CA
 $99 each way to/from Albuquerque, NM
 $99 each way to/from Boise, ID
 $45 each way to/from Reno/Tahoe, NV

Louisville, KY
 $99 each way to/from Buffalo, NY
 $99 each way to/from Hartford, CT/Springfield, MA

Lubbock, TX
 $61 each way to/from Tulsa, OK

Manchester, NH
 $99 each way to/from Chicago, IL Midway
 $99 each way to/from Omaha, NE

Midland/Odessa, TX
 $99 each way to/from Las Vegas, NV
 $57 each way to/from San Antonio, TX

Nashville, TN
 $99 each way to/from San Antonio, TX
 $67 each way to/from Tulsa, OK

New Orleans, LA
 $99 each way to/from Detroit, MI
 $99 each way to/from Ft. Lauderdale/Hollywood, FL

Oakland, CA
 $94 each way to/from Boise, ID
 $54 each way to/from Spokane, WA

Oklahoma City, OK
 $99 each way to/from Cleveland, OH
 $36 each way to/from Dallas, TX Love Field

Omaha, NE
 $62 each way to/from Columbus, OH
 $99 each way to/from Manchester, NH

Ontario, CA
 $99 each way to/from Portland, OR

Orlando, FL
 $99 each way to/from St. Louis, MO

Portland, OR
 $99 each way to/from Ontario, CA

Providence, RI
 $99 each way to/from Chicago, IL Midway

Raleigh-Durham, NC
 $51 each way to/from Chicago, IL Midway

Reno/Tahoe, NV
 $45 each way to/from Los Angeles, CA
 $34 each way to/from San Jose, CA

Sacramento, CA
 $47 each way to/from Las Vegas, NV

Salt Lake City, UT
 $49 each way to/from Burbank, CA
 $49 each way to/from Spokane, WA
 $99 each way to/from Tucson, AZ

San Antonio, TX
 $57 each way to/from Midland/Odessa, TX
 $99 each way to/from Nashville, TN

San Diego, CA
 $99 each way to/from Austin, TX
 $99 each way to/from Seattle, WA

San Jose, CA
 $34 each way to/from Reno/Tahoe, NV
 $47 each way to/from Seattle, WA
 $99 each way to/from Tucson, AZ

Seattle, WA
 $99 each way to/from San Diego, CA
 $47 each way to/from San Jose, CA

Spokane, WA
 $54 each way to/from Oakland, CA
 $49 each way to/from Salt Lake City, UT

St. Louis, MO
 $99 each way to/from Hartford, CT/Springfield, MA
 $99 each way to/from Orlando, FL

Tampa Bay, FL
 $99 each way to/from Corpus Christi, TX
 $34 each way to/from Ft. Lauderdale/Hollywood, FL

Tucson, AZ
 $99 each way to/from Salt Lake City, UT
 $99 each way to/from San Jose, CA

Tulsa, OK
 $61 each way to/from Lubbock, TX
 $67 each way to/from Nashville, TN

West Palm Beach, FL
 $99 each way to/from Long Island/Islip, NY

Fares do not include a federal excise tax of $2.75
that will be imposed on each flight segment of your
itinerary. A flight segment is defined as a takeoff and
a landing. The fares listed do not include airport-assessed
passenger facility charges (PFCs) of up to $18 roundtrip.

Please visit our Reservations section to reserve this
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*Scroll down to the Additional Information section for
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******** This is the Additional Information section********
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**********Friends Fly Free between Providence, RI and
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combinable with other fares and ticketed passenger
and companion must fly together. For more information,
please visit us at:
http://www.southwest.com/hotfares/feb2001_FFF.html

*********** Las Vegas Specials Extended **************
IV. Purchase longer haul markets, until March 15, 2001,
to/from Las Vegas and travel through May 23, 2001
Travel on Tuesday, Wednesday, or Saturday for only
$99 each way. Travel on Monday, Thursday, Friday,
or Sunday for only $119 each way.

We've also put Phoenix and the Los Angeles Basin
on sale to/from Las Vegas. Travel on Tuesday, Wednesday,
or Saturday for only $30 each way.
Travel on Monday, Thursday, Friday, or Sunday
for only $39 each way.

For details and additional information, visit us at:
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******** Discount Fare Special Offer Extended ***********
V. $99/$119 Coast to Coast each way has been
Extended for Phoenix, AZ.  Purchase now through
March 15, 2001 for travel through May 23, 2001.
For more information and details, please visit:
http://www.southwest.com/hotfares/feb2001_PHX.html

****************** Subscriber Information *******************
VI. Please pass this great news on to your friends!
To subscribe to Southwest Airlines
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I can't tell by Lotus Notes, is anyone aware of a "credit sleeve" with TMG?
----- Forwarded by Tana Jones/HOU/ECT on 03/27/2001 03:55 PM -----

	Linda Sietzema
	03/26/2001 11:11 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: TMG Financial Products Inc.

Tana,

I have a favour - Jon McKay of our office is wondering if you have any record
of a deal with TMG Financial Products Inc. that is a one-off transaction
dealing with "credit sleeving"?

All we have here is a copy of an ISDA with them - not what he's looking for.

Thanks
Linda
403-974-6908


---------------------- Forwarded by Tana Jones/HOU/ECT on 01/14/2000 04:46 PM
---------------------------

Molly Harris
01/14/2000 04:42 PM
To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT
cc: Bob Shults/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Brian
Hunter-Lindsay/LON/ECT@ECT, Coenraad Basson/LON/ECT@ECT, Bhautik
Patel/LON/ECT@ECT, David Hardy/LON/ECT@ECT, David Weekes/LON/ECT@ECT, Sylvia
A Campos/HOU/ECT@ECT, Carrie Southard/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT
Subject: EOL Credit Responses 1/14

Please find attached Credit's EOL responses for 1/14/00.

Regards
Molly


Stinson,

Original version.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/26/2000
09:03 AM ---------------------------

	Enron North America Corp.

	From:  William Smith @ ENRON                           06/21/2000 06:22 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Tech corner

Vince,

Would you mind looking this over and suggesting or making any changes you
feel necessary?  Now that we are past Stinson and Samer's series, I'd like to
use it next week.

Thank You!

Sam

---------------------- Forwarded by William Smith/Corp/Enron on 06/21/2000
06:19 AM ---------------------------

Alex Huang
06/20/2000 03:38 PM
To: William Smith/Corp/Enron@ENRON
cc:

Subject: Tech cornor

Sam,
My 2 cents.
Alex


Accounting Magic.  Am I good or what?


interesting

 -----Original Message-----
From: 	Enron Announcements/Corp/Enron@ENRON   On Behalf Of Office of the Chairman-@ENRON
Sent:	Monday, October 15, 2001 8:24 PM
To:	All Enron Worldwide@ENRON
Subject:	Organizational Announcement

As we continue to address a number of issues facing Enron, it is critical that the company remain focused on attracting, motivating and retaining a diverse and talented workforce.  We strongly believe that our workforce is world-class -- the best in any industry, so we will continue to develop and reward this tremendous talent base.

Because the lasting strength of our company is determined by the strength of our workforce, we are elevating the role employee-focused functions play within Enron.  We are pleased to announce that effective immediately Human Resources, Employee Responsibility, and Executive and Corporate Compensation will report directly to the Office of the Chairman.

David Oxley, Vice President, will continue to oversee Enron's Global HR function.  The lead HR representatives for the individual business units will report to David in addition to their respective Office of the Chairman.  Besides managing Recruiting, Staffing, Training, Compensation and the Performance Evaluation Process, David will also add Payroll and Labor Relations to his list of responsibilities.

Cindy Olson, Executive Vice President, will have responsibility for Employee Relations and Corporate Responsibility, which includes Social Responsibility, Community Relations, Diversity, Employee Relations, Redeployment, Alumni Relations, Employee Events and Programs, Benefits, Wellness, and Worklife.

Mary Joyce, Vice President, will continue to have responsibility for Executive and Corporate Compensation in addition to Global Employee Information Management and Reporting and Analysis.

David, Cindy and Mary will each report to the Office of the Chairman.  A detailed organizational chart is attached.  Please join me in congratulating David, Cindy and Mary on their new responsibilities.

http://home.enron.com:84/messaging/hrorgchart18.ppt


shawn is in town tonight and wants to get a bite to eat if you are up for it.


The following deals are being disputed by Reliant Energy Services. TAGG is
showing these deals as Gas Daily, but the counterparty states that they
should be changed to Nymex trades. They also stated that they were told by
Mike Maggi that the deals would be changed to Nymex deals:


Given our conversation this morning about exchanges, I thought you might find
the lead article of interest, insofar as it lists all the nascent European
exchanges dedicated to trading power/energy.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 19/10/2000
13:27 ---------------------------

Katy Lomax
18/10/2000 17:56
To: Jackie Gentle/LON/ECT@ECT, Louise Kitchen/HOU/ECT@ECT, Mark
Schroeder/LON/ECT@ECT, Amita Gosalia/LON/ECT@ECT, Marcello Romano/Enron
Communications@Enron Communications, Rahil Jafry/HOU/ECT@ECT, Nick
Mooney/LON/ECT@ECT, David Forster/Corp/Enron@Enron, Alexander
Woolfall/LON/ECT@ECT, Angela Connelly/LON/ECT@ECT, Kathryn
Corbally/Corp/Enron@ENRON
cc:

Subject: Press Clipping - EnronOnline

Please find attached the following article/s:

"Paris Borse announcement threatens platform congestion" - Powertrade

Kind Regards,
Katy Lomax


Dear Vincent,  Let the Enron hearings begin - both the Senate and House begin hearings on the fallen energy giant Thursday.  The Senate Governmental Affairs Committee hearing will focus on whether federal agencies should have foreseen the company's demise.  A second Enron hearing on Thursday in the House Energy and Commerce Committee's Oversight and Investigations subcommittee will look into the destruction of Enron-related documents by Andersen.  The Washington bureau will have live reports and highlights from the hearings on Capitol Hill throughout the day.   Also from Washington on Thursday, another Senate subcommittee will look at whether it's time to raise the Corporate Average Fuel Economy Standards.  Senate Democrats are expected to add CAFE increases in their comprehensive energy bill and this hearing is the next step in the process.     Vinson & Elkins attorney Bill Weiland talks with the Houston bureau about bringing oil and gas from Russia to the United States through the Caspian region. Weiland says there are rules over which countries' ships are allowed into ports in the Caspian Sea.  On Thursday, Weiland will talk about the complications and added expenses these rules place on U.S. imports from the Caspian region.       Also from Houston, we'll have a report on a class-action lawsuit filed against Andersen.  The plaintiffs are accusing the auditing firm of racketeering.  This is the first lawsuit against Andersen charging the firm with violations under the RICO act.   From the West Coast on Thursday, Portland General Electric Spokesperson Scott Simms joins us to discuss electricity restructuring in Oregon.  ENL's Kym McNicholas will speak with Simms about some new options for electricity customers starting March 1, 2002.  Simms joins us during the 1:00 p.m. ET newscast.   We'll have earnings updates from New York on Thursday - Merrill Lynch Analyst Daniel Rolling will join us during the 2:00 p.m. ET newscast to discuss Arch Coal and Consol Energy earnings.  We'll also be joined by UBS Warburg's Matthew Warburton Thursday.  He's going to bring us Conoco earnings and fourth-quarter expectations for the oil sector.  Don't miss Warburton during the noon ET newscast.     Closing Prices for Wednesday, Jan. 23, 2002    Crude: $19.50/bbl +$0.52   Unleaded: $0.5635/gallon +$0.156   Heating Oil: $0.5253/gallon +$0.112   Gas: $2.076/mmBtu -$0.030   Fwd uE(Feb.): $3.43/mmBtu -$0.16   Video Library: ENL's interview with Secretary of Interior Gale Norton is now logged in the Video Library.  If you happened to miss the excerpts aired during our newscasts, take some time and check out the interview in its entirety.   Keep in mind things are subject to change at a moment's notice. Occasionally guests have to reschedule or change time slots.  We'll continue to do our best to keep you updated on future interviews and events.     Be sure to watch our newscasts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour.

	 	Jay Rickerts, EnergyNewsLive.com Anchor  View today's Energy Wrap Video Windows Media Player: 56K  | 100K  | 300K  Real Player: 56K  | 100K  | 300K  (Requires Windows Media Player or Real Player )   Experience all that Williams Energy News Live has to offer!   If you are receiving this letter for the first time and wish to continue, subscribe now    To stop receiving this letter, unsubscribe now    If you are having trouble receiving this e-mail, please let us know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Comments? Suggestions? Let us  know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Copyright 2001 Williams Energy News Live, LLC. All  Rights Reserved.