EFET To Set Up Belgian Electricity Task Force
Dow Jones Energy Service, 04/10/01

GERMANY: DB Energie says German power trade in too few hands.
Reuters English News Service, 04/10/01

INDIA: INTERVIEW-India says Enron issue won't affect investment.
Reuters English News Service, 04/10/01

Saudi Gas Committee Submits Proj Leader Proposal-Sources
Dow Jones Energy Service, 04/10/01

Online Energy Trading Will Exceed $3.6 Trillion By 2005, According To
Forrester Research
Business Wire, 04/10/01

Indian Govt, Enron Set Up Committee to Resolve Tariff Dispute
Bloomberg, 04/10/01

Qatar Says Foreign Oil Companies May Invest $15 Billion by 2005
Bloomberg, 04/10/01

EFET To Set Up Belgian Electricity Task Force

04/10/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BRUSSELS -(Dow Jones)- The European Federation of Energy Traders said Tuesday
that it is forming a task force to look into the Belgian electricity market.
"A number of our members have raised concerns about the trading environment
in Belgium. This will be examined by the new task force," an EFET spokesman
said.
The Belgian Task Force Electricity will include, among others,
representatives from TXU Corp. (TXU), RWE Trading, Enron Europe (U.ENE),
Eneco and Morgan Stanley Dean Witter (MWD) as well as and an energy
specialist from the academic sphere. One or two Spanish players may also join
the group.
The task force is scheduled to hold its first meeting on May 19, a
politically sensitive time for Belgium, as it is due to take over the E.U.'s
rotating presidency from Sweden in June.
The European Electricity Directive requires member states to have opened up
at least 26.5% of their electricity markets by 1999. However, according to
industry groups only 5% of the Belgian market is presently open to
competition.
EFET, which has 47 European energy trading companies among its members, has
already set up a task force to look into the French power market - French
Task Force Electricity - and a similar group to look at the German gas market
- German Task Force Gas.
-By Victoria Knight, Dow Jones Newswires; 322-285-132;
victoria.knight@dowjones.com

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

GERMANY: DB Energie says German power trade in too few hands.
By Vera Eckert

04/10/2001
Reuters English News Service
(C) Reuters Limited 2001.

FRANKFURT, April 10 (Reuters) - DB Energie GmbH, the power supply division of
German railways, said on Tuesday it was worried by a concentration of power
trading in too few hands.
Consolidation at the generation level had resulted in a trade oligopoly which
only speedier market liberalisation across Europe could help overcome, said
DB Energie, the leading power consumer accounting for three percent of the
German total.
"Four big power companies are too few to guarantee competition," DB Energie
spokesman Andreas P. Meyer said.
"A few players can tighten supplies artificially, thus boosting prices, while
there are high entry barriers for newcomers," he told Reuters.
"As large consumers we want the harmonisation process in the EU to gather
speed so that we can choose from a host of suppliers who are competing with
each other."
Since liberalisation two years ago, when German utilities rediscovered their
customers and wooed them with price cuts, there has been a strong
consolidation process, leaving most of the power generation market to three
large companies.
These are RWE , E.ON , EnBW .
A fourth company is emerging in the country's east under the leadership of
Hamburg utility HEW , backed by its Swedish majority owner Vattenfall .
The formerly separate trading arms of the newly merged companies such as
VEW/RWE are now operating under one roof.
The entry of new players such as U.S. firm Enron and brokerage start-ups has
not dented the position of the big four.
CONSUMERS LACK CHOICE OF INDEPENDENT SELLERS
"The distribution divisions of the big players have become the mouthpieces of
their trading divisions with little room for manoeuvre - it's definitely not
a buyers' market," Meyer said.
He also said that railway operator Deutsche Bahn AG which paid 2.8 billion
marks for its energy needs last year was burdened by high energy-related
taxes.
The tax bill on energy supplied by the DB Energie subsidiary to the parent
company last year amounted to 620 million marks, but was seen rising to 900
million by the year 2005.
This was attributed to four taxes - the eco-tax on fuel use, the KWK law
subsidising combined heat and power, the EEG law supporting renewable
energies and the mineral oil tax.
DB Energie's turnover last year of 2.2 billion marks did not exclusively
represent energy purchases on behalf of Deutsche Bahn, but also reflected the
growing third party business including portfolio management services, Meyer
said.
At the same time, Deutsche Bahn also bought some electricity, diesel oil,
water, gas and heat from sources other than its own multi-utility subsidiary.
Meyer said DB Energie had set itself ambitious growth and profit targets for
the coming years.
Of the 15 terawatt hours (TWh) purchases handled last year, which are
projected to rise to 17.3 TWh in 2001, some 2 TWh were on behalf of external
energy consumers.
Meyer said he expected that the 2 TWh could increase fivefold by 2004, due to
the expansion of traffic volumes and the rise of private freight forwarding
companies.
His firm also aimed to help Deutsche Bahn save 100 million marks a year
through efficient usage of the entire supply chain.
But it wanted to be a buying and portfolio specialist - it would not become a
classical power trader in its own right.

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

INDIA: INTERVIEW-India says Enron issue won't affect investment.
By Unni Krishnan

04/10/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, April 10 (Reuters) - Indian Power Minister Suresh Prabhu said on
Tuesday a row over U.S. energy giant Enron's controversy-ridden project in
western India would not affect foreign investment in the power sector.
The long-running quarrel between Enron's Indian unit, Dabhol Power Co (DPC),
and the Maharashtra state government heated up on Monday when DPC sent a
political force majeure notice to state utility Maharashtra State Electricity
Board (MSEB).
Political force majeure is any event beyond the reasonable control of an
affected party that could not have been prevented by good practice. It forms
a part of major financial contracts.
"Enron is not the symbol of the power sector in India. I want to assure the
international investor that we are for FDI (foreign direct investment). But a
commercial dispute should not be viewed as a reflection on FDI inflows,"
Prabhu told Reuters.
India, which is gripped by a severe power crisis with close to 80,000
villages without electricity, began power reforms in the early 1990s to
attract private and foreign investment in the sector to meet the hunger for
electricity.
But many foreign power firms including Cogentrix of the United States,
Electricite De France and Daewoo of South Korea have pulled out of different
projects following disputes over pricing and the slow pace of reforms in the
sector.
SPARRING MATCH
Enron and the Indian government have been sparring for the past few months
over MSEB's repeated default on payments owed to Dabhol Power Co which is 65
percent owned by Houston-based Enron.
Last week, DPC sent an arbitration notice to the federal government to try to
recover 1.02 billion rupees due from the state utility.
Prabhu said the dispute was purely commercial and that many countries were
interested in getting involved in India's power sector.
"So many companies are coming. We are signing MoUs (memorandums of
understanding) with Norway, Sweden and Canada for development of power
projects," he told Reuters. "So where is the question of FDI (foreign direct
investment) getting affected?"
He said the government would seek conciliation with Enron and planned to
start negotiations soon. "We will mutually agree and decide."
He said the focus of India's power reforms was on revamping distribution and
drawing foreign direct investment in this area.
He said the government was keen on increasing capacity by 100,000 megawatts
by 2012 by revamping distribution, modernisation of existing plants and
greenfield projects.
India had an installed capacity of 96,950 megawatts as of March 31, 2000. It
needs another 100,000 megawatts in the next 10 years.
But potential investors have been deterred by the poor finances of state
electricity boards which are expected to run up combined losses of 285.45
billion rupees in 2001/02 due to mismanagement and theft in power
distribution.
On the generation side, Prabhu said the government was planning to set up
joint ventures with the domestic private sector for nuclear power.
"We are looking at this. The (state-run) Power Finance Corporation is looking
at the possibility of creating joint ventures," he added.

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

Saudi Gas Committee Submits Proj Leader Proposal-Sources
By Dyala Sabbagh
Of DOW JONES NEWSWIRES

04/10/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

DUBAI --(Dow Jones)- The Saudi Arabian committee negotiating with
international oil companies on gas projects on offer in the kingdom has
submitted its proposals for consortium leaders for the three core ventures to
the Supreme Petroleum Council for approval, sources familiar with the process
told Dow Jones Newswires Tuesday.
Once approved, other consortium members will be selected followed by
memoranda of understanding, expected sometime in May, the sources said.
Final approval will also be required from the kingdom's Supreme Economic
Council, headed by Crown Prince Abdullah, the sources added.
Consortium leaders will be responsible for directing further detailed
negotiations on the core projects such as pricing and finance, on behalf of
those companies selected for each project. The current shortlist of 10
companies hoping to get a piece of the pie may be trimmed once leaders are
officially approved. ExxonMobil Seen As Fronrunner For $15B South Ghawar
Project

Royal Dutch/Shell Group (RD), BP Amoco PLC (BP), ExxonMobil (XOM), Chevron
(CHV), TotalFinaElf (TOT) and ENI SpA (E) have been shortlisted for core
venture number one, the $15-billion South Ghawar Area Development. Although
Exxon, Shell and BP have all been dubbed as frontrunners, ExxonMobil is
thought to have the strongest chance of selection, the sources said.
ExxonMobil has been present in Saudi Arabia since the 1960s and is one of the
largest foreign direct investors in the kingdom, with three existing refining
joint ventures. The company is also Saudi national oil company Saudi Aramco's
largest crude oil customer.
For core venture two, the Red Sea Development, Enron Corp. (ENE) and
Occidental Petroleum Corp. (OXY) are bidding jointly and ExxonMobil,
TotalfinaElf, Marathon Oil Canada Inc. (T.M), Shell and Conoco Inc. (COCA)
have also been listed. Among these, Total and Shell have been dubbed as
strong possibilities, the sources said.
For core venture three, the Shaybah area, TotalFinaElf, Conoco, Phillips
Petroleum (P), Enron & Occidental, ExxonMobil, Shell and Marathon Oil have
been listed. Conoco and TotalfinaElf are seen as the frontrunners on this.
Each core project has on average six to ten individual components and the
three have a combined investment value of about $25 billion.
As well as getting operatorship of the projects, consortium leaders are
likely to get the largest stake in any project.
Saudi Arabia invited international oil companies to invest in its downstream
gas sector and upstream gas enhancement over two years ago in an attempt to
meet an estimated demand of 14 billion cubic feet a day of gas by 2025.
Currently, there is about 2.5 bcf/day in the kingdom's gas system.
-By Dyala Sabbagh, Dow Jones Newswires; 9714 3314260;
dyala.sabbagh@dowjones.com

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

Online Energy Trading Will Exceed $3.6 Trillion By 2005, According To
Forrester Research

04/10/2001
Business Wire
(Copyright (c) 2001, Business Wire)

CAMBRIDGE, Mass.--(BUSINESS WIRE)--April 10, 2001--Despite a tumultuous
environment created by rising energy prices and new laws and regulations,
online energy trading in wholesale markets surged 750% from 1999 to 2000.
According to a new Report by Forrester Research, Inc. (Nasdaq: FORR), online
energy trading will continue this rapid growth -- leaping from $400 billion
in 2000 to $3.6 trillion in 2005. Three-quarters of this volume will come
from the rollout of new over-the-counter financial derivatives like swaps and
spreads.
"Despite last year's turbulence, energy companies jumped on the Net
bandwagon, investing in dot-com trading sites, building private eCommerce
platforms, and forming industry consortia," said Jim Walker, senior analyst
at Forrester. "While Enron dominated online trade in 2000, new industry
consortia like TradeSpark and IntercontinentalExchange are ramping up volume
-- increasing liquidity for the entire market."
As energy companies adopt the Net, their trading style will change from art
to science. In this environment, companies will supplement person-to-person
negotiated deals with quantitative analysis and program trading. The speed
and efficiency of online trade will also push traders to develop
straight-through processing from order capture to contract settlement --
enabling companies to post real-time P&Ls in this highly volatile market.
Rather than giving rise to a plethora of new venues, the majority of online
trading will occur at only a few sites. By 2005, three distinct venues will
form to serve different markets: one liquidity hub, three merchant platforms,
and thirty solution sites. The liquidity hub will attract companies seeking
to exchange price risk in pure commodities. Merchant platforms will offer
industry marketmakers a venue for trading products to maximize margins from
their own long-term assets and customer contracts. Finally, energy companies
will offer branded solution sites to structure special deals and provide
customized services for their wholesale customers.
"We expect enymex to win out as the liquidity hub, leveraging the strength of
its offline trading infrastructure and institutional trading community,"
added Walker. "The leaders of the merchant hubs will be Enron, ICE, and
TradeSpark -- supported by traders willing to make markets and act as
specialists for specific products."
For the Report "Net Energy Hits Hypergrowth," Forrester spoke with executives
from online energy marketplaces, energy producers, industrial customers,
traders, and software suppliers.

Forrester Research is a leading emerging-technology research firm, analyzing
technology change and its impact on business, consumers, and society.
Forrester's "Whole View" of the Internet economy enables clients to weave
together Internet commerce initiatives with eBusiness technology to satisfy
customers' changing needs. Clients receive continuous research and analysis
through Forrester eResearch(TM) Reports, an array of Advisory Services,
Assessment Tools, and topical events. Established in 1983, Forrester is
headquartered in Cambridge, Mass., with North American Research Centers in
San Francisco, Calif., and Toronto, Canada. Forrester's European Research
Center is located in Amsterdam, Netherlands, its UK Research Centre is
located in London, and its Research Center Deutschland is located in
Frankfurt, Germany. Additional information about Forrester Research can be
found at www.forrester.com.

(c)2001, Forrester Research, Inc. Forrester and Forrester eResearch are
trademarks of Forrester Research, Inc.

CONTACT: Jean Kong Forrester Research, Inc. +1 617/613-6025
press@forrester.com or Jenny Cherrytree Golin/Harris International for
Forrester +1 213/623-4200 ext. 707 jcherrytree@golinharris.com
09:01 EDT APRIL 10, 2001

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

Indian Govt, Enron Set Up Committee to Resolve Tariff Dispute
2001-04-10 09:32 (New York)

     Mumbai, April 10 (Bloomberg) -- India and the local unit of
Enron Corp., the world's largest energy trader, will set up a
committee to try and settle a dispute over unpaid electricity
bills, company spokesman Jimmy Mogal said.
     Dabhol Power Co., 65 percent owned by Enron, yesterday
invoked `political force majeure' which allows it to stop selling
power to Maharashtra state without being penalized.
     The three-member panel will include one person each nominated
by Dabhol Power and the Indian government, said Mogal. The third
member will be chosen by these two, he said.
     The case will go to international arbitration if the panel
fails to arrive at a solution, Mogal said.
     The Maharashtra State Electricity Board, or MSEB, Dabhol
Power's only customer, hasn't paid the December 2000 bill of 1.02
billion rupees ($22 million) and the January bill of 1.27 billion
rupees, saying they were too high.
     The defaults have forced Dabhol Power to invoke payment
guarantees by India's federal and Maharashtra state government,
where its plant is located.
     That forced the government today to agree to conciliation,
Agence France Presse reported today, citing India's Finance
Minister Yashwant Sinha.
     Enron's $3 billion power, 740 megawatt-a-year project, is the
biggest foreign investment in India. The project faced numerous
delays and at one point was canceled after a change of government
at the state. Enron revived it after agreeing to cut power prices
by 22 percent and sell a 30 percent stake to the state government.

--Ravil Shirodkar in the Mumbai newsroom (91-22) 233-9029 or at
rshirodkar@bloomberg.net/nmn

Qatar Says Foreign Oil Companies May Invest $15 Billion by 2005
2001-04-10 09:57 (New York)

     Doha, Qatar, April 10 (Bloomberg) -- Qatar, which holds the
world's third-largest reserves of natural gas, said foreign
companies may invest as much as $15 billion into the Gulf state's
energy industry over the next five years.
     ``A major chunk of this is expected to come from the U.S.,''
said Qatar's finance minister, Youssef Hussein Kamal, who spoke at
an investment conference in Doha attended by a delegation from the
U.S. Congress. ``Qatar offers foreign investors security and
political stability.''
     Dolphin Energy Ltd., a venture of the Abu Dhabi government,
Total Fina Elf SA and Enron Corp., signed an accord with Qatar
last month to buy more than $2 billion in natural gas a year.
Dolphin would develop Qatar's North Dome field, the world's
largest natural gas field, and build a pipeline under the Gulf to
the United Arab Emirates and Oman.
     The gas may be used to power industrial development. A
collapse in oil prices in 1998 reinforced the need for Gulf states
to cut their dependence on crude oil sales and create jobs for the
more than 50 percent of the population that is under the age of
25.
     Qatar is the smallest oil producer in the Organization of
Petroleum Exporting Countries.


Attached is a Canadian Credit Watch listing.  If there are any personnel in
your group that were not included in this distribution, please insure that
they receive a copy of this report.

To add additional people to this distribution, or if this report has been
sent to you in error, please contact Russell Diamond at x5-7095.

For other questions, please contact Bill Bradford at x3-3831, John Suttle
x3-0906 , Russell Diamond x5-7095 or the Global Hotline at x3-1803.


John Paul Shelley
Product Management / Document Control
Office 925-398-1057

I think I was copied on this by mistake, Paul Shelley EBSS.


The settlement with TBG has been completed.  We will be making a payment to TBG of $1.8 million on December 7.

New Agreement

Same term - Sept 30, 2004
Terminate oud documents and replace with Master EnFolio
Sell 12,500 MMbtu per day baseload - No swing quantites, and purchase is no longer tied to power production at TBG plant.
Enron has multiple delivery points and price protection for specific delivery location
$1.8 million payment is less then possible amount due to TBG at end of year under current contract terms under "true up" provision.

Frank


A few updates, clarifications and suggestions:
To be clear, the Group of Ministers has not approved any specific draft.
They deliberated on various concepts, which approved concepts have been
incorporated into the NCAER Draft VII.
It is our understanding that, just prior to his hospitalization, the late
Minister instructed his Ministry to support the NCAER draft.
The Prime Minister has assumed the role of Minister of Power until a
successor to Mr. Kumaramangalam has been appointed.  I'm sure you are aware
of the dynamic role the Prime Minister's Office (PMO) has played in the
telecommunications reform in India.  The same kind of dynamic role should be
played by the PMO in power reforms.
Mr. N.K. Singh is the Secretary to the Minister and was the person who
actively worked on the telecommunication reforms.  If the Secretary of Energy
has an opportunity to indicate to Mr. Singh (and certainly the Prime Minister
if possible) the need for the Prime Minister's Office to become active in
promoting power reforms and the advisability and need to support Draft VII of
the Electricity Bill, it would be most helpful.

---------------------- Forwarded by Jane Wilson/ENRON_DEVELOPMENT on
09/11/2000 09:52 AM ---------------------------

Jane Wilson
09/10/2000 12:01 PM
To: David.Pumphrey@hq.doe.gov
cc: Thomas.Cutler@hq.doe.gov, Sanjay
Bhatnagar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wade
Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ashok
Mehta/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen D Burns/Corp/Enron@ENRON,
Joe Hillings@ENRON, Steven J Kean/NA/Enron@Enron, Mark Schroeder@ECT, Neil
McGregor/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Electricity Bill Developments

Dear David,

I'm so glad you asked for an update!

We have indeed had an interesting development regarding the Electricity Bill
since your visit.  You will recall that in AMCHAM's briefing, it was
positively noted that the drafting process of the Electricity Bill had been
transparent and that a draft that would provide a blueprint for the
restructuring of the electricity sector to move toward competitive markets
was attained.  Noone was 100 percent satisfied (probably the mark of a good,
passable bill) but many  agreed to the draft and felt, while not perfect, it
would achieve the desired reform.

We have learned that there are actually two drafts of the Electricity Bill
sponsored by the Ministry of Power.  The first has been developed by NCAER
(NCAER draft) in a very transparent process with seven iterations and
comments from 190 parties.  NCAER was hired as a consultant for this purpose
by the Ministry of Power.  At the time of Draft III, a second draft (MoP
draft) was developed in the Ministry which subsequently incorporated some but
not all of the NCAER draft provisions negotiated in the transparent process.
It was the MoP draft that was sent to the Group of Ministers and has been
worked on by the Ministry of Law.

The draft, however, was never introduced in Parliament.  The industry
discovered the existence of the second MoP draft immediately prior to
Minister Kumaramangalam's hospitalization and lobbied him and Secretary Basu
heavily to introduce the NCAER draft in Parliament or, at a minimum, allow a
transparent commenting process on the MoP draft.

Several parties in the industry have now been given the MoP draft, and
Secretary Basu has said he would entertain comments.  (How widely it has been
distributed is unknown.)  In addition, the death of the Minister, who was a
staunch advocate of reform, and the lack of a named successor, has now left
things somewhat uncertain.

The issues as they now stand are:

The existence of two separate Ministry-sponsored drafts, only one of which
was subjected to a wide sector review process.
The need to use the product of a transparent, commenting process once it has
been formulated.
The fact that the fine-tuned balance of interests and clear blueprint for a
transition to competitive markets achieved by the NCAER draft has been lost
in the MoP draft.  For example, the clear deregulation of price provisions in
the tariff section have been removed so that there is, in the MoP draft, full
regulation of price by the state commissions; however, in the state
commission section, there is a provision that allows the State Commission to
permit access to a consumer class and only determine the wheeling charge
(rather than the wheeling and supply price) for that class when it has so
determined.   Thus, there is  an apparent conflict within the statute
regarding the regulation of commodity priceand uncertainty regarding access
to end users.  (There are many such examples.)

Action Item:  Either support the NCAER draft and send it to the Ministry of
Law for legal fine tuning (Basu mentioned that the "form" of the NCAER draft
was not right), or repeat the iterative, transparent commenting process with
regard to the MoP draft.  hWe recommend supporting the NCAER draft because it
reflects a balance of the multiple sector interests.  It is the first such
document produced through an open process in India and was a process
sponsored by the Ministry -- for that reason alone, the Ministry should
promote and support the NCAER version.

Any assistance you can render on this issue will be greatly appreciated by
many parties in the sector.  Let us know how it goes.

Sincerely,
Jane Wilson

---------------------- Forwarded by Jane Wilson/ENRON_DEVELOPMENT on
09/09/2000 07:51 PM ---------------------------

"Pumphrey, David" <David.Pumphrey@hq.doe.gov> on 09/09/2000 03:36:09 AM
To: "'sanjay.bhatnagar@enron.com'" <sanjay.bhatnagar@enron.com>,
"'jane.wilson@enron.com'" <jane.wilson@enron.com>
cc: "Cutler, Thomas" <Thomas.Cutler@hq.doe.gov>

Subject: Electricity Bill Developments

Dear Sanjay and Jane,

I wanted to again thank you for the briefings you provided during my recent
visit to India.  Your analysis of developments in the electricity sector were
very helpful.

As you know we are getting ready for the visit of the Prime Minister next
week.  We have several energy events related to the visit and hope to be able
to complete some of the "homework" that you assigned.  It would be
particularly helpful if you could provide any updates on the status of the
Electricity bill.  I understand that the Council of Ministers had approved it
but I don't know if progress has been made in the Parliament.  Also there was
a report that some aspects of the bill had been changed in the approval
process.  Any updates would be useful for us in preparing for our meetings
with Secretary Basu and the Prime Minister.

Thanks for any help you can provide.

David Pumphrey
Department of Energy


Start Date: 3/4/01; HourAhead hour: 15;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030415.txt

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

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/4/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: WHEEL
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/4/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 15 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/4/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_MAR4
  ENGY_TYPE: FIRM


I think this is the most recent version of the ETA.  Obviously, this is the
UK version and Sullivan & Cromwell are turning it into a US document.  The US
version will be governed by NY law and contain an arbitration clause.  We're
also trying to figure out how much to say about the confirmation process
since it may vary from product to product and will almost certainly be
different from the UK version.  Speaking of which, I was surprised to find
that they have the telephone conversation (and in this case the web site
records) control over a confirmation which has been signed by both parties.
What's the practice in your part of the world?  One alternative is to insert
the language (or something like it) that we use in financial trading which
says that we will send a written confirm, gives the counterparty a short time
(2 or 3 days) to respond and indicates that silence will be deemed
acceptance.  Would that work for your deals?

Anyway, I'm in NY today and tomorrow, back in the office on Wed.  Louise is
insistent that the GTC's be available to be uploaded this weekend.  I'll be
calling in periodically tomorrow and will try to get you since I'm sure you
will have issues to discuss - and now is the right time to get changes made
to the ETA if necessary.
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
07/26/99 05:04 PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Tracey.Hayward@cliffordchance.com                           07/20/99
11:21 AM

To: Mark - ECT Legal Taylor/HOU/ECT
cc:
Subject: Revised documentation

FROM:  Andrew Wilkinson

Dear Mark

Further to my various emails on Friday 16 July 1999, please find attached a
copy of the UK ETA which shows the amendments from the drafts I sent to you
on Friday.  All of these changes have been inserted into all Electronic
Trading Agreements for each of the primary jurisdictions.  These changes
have been made following my conference call with Scott Sefton, Justin Boyd,
Louise Kitchen and others yesterday afternoon.

I also attach a revised draft of the UK Gas Physical Beach GTC and the
Zeebrugge Gas Physical GTC marked up to show the changes to the versions
sent to you last Friday.

I would be grateful for any comments on these documents as well as those
sent to you on Friday.

Kind regards.

Andrew Wilkinson
 <<UKETA.rtf>>  <<UKNPB.rtf>>
 <<7tgzRED.DOC>>

 - UKETA.rtf
 - UKNPB.rtf
 - 7tgzRED.DOC


This deal was a sleeve done for EES, and we've had problems with the trade
dates on these before. EES reported this trade to us on 12/6/00, and it was
Matt Motley's understanding that the trade was executed the previous day. He
doesn't care either way, but he suggested you talk to someone at EES - maybe
Jubran Whalan or Neil Bresnan - about what their intent was with the date.

In the meantime, I can change the date to 12/4 if you'd like. What would be
best? E-mail or call and let me know.

Thanks a lot!
Kate @ 503-464-7486

Stephanie Piwetz   12/19/2000 08:15 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Deal 474440.01

Kate-
Please verify trade date for trade 474440.01, we received our executed Enron
Confirmation Letter back from Powerex Corp and they struck thru our trade
date of 12/4/00 and placed 12/5/00.  Matt Motley was trader, Jan 2001,
$375.00,
Cob N/S.  Please check and I will make note and send to Powerex.   Thank you.


_________________________________________________________________

WEEKEND SYSTEMS AVAILABILITY

FOR

1/25/2002 5:00:00 PM through 1/28/2002 12:00:00 AM
_________________________________________________________________

Impact:   San Palo
Time:   Thur 1/24/2002 12:00:00 PM CT thru Sun 1/27/2002 12:00:00 PM CT
	Thur 1/24/2002 10:00:00 AM PT thru Sun 1/27/2002 10:00:00 AM PT
	Thur 1/24/2002 6:00:00 PM London thru Sun 1/27/2002 6:00:00 PM London
Outage:   New server room
Environments Impacted:   File Server, Notes servers, Print Server, Internet access.
Purpose:   Put 02 servers room in just 01 room. Rebuild all cabling (data and voice). This is set on CST.
Backout:   Back to original room.
Contact(s):   Nilson Busto  55-11-5503-1347

Impact:   Corp
Time:   Fri 1/25/2002 1:45:00 PM CT thru Fri 1/25/2002 2:45:00 PM CT
	Fri 1/25/2002 11:45:00 AM PT thru Fri 1/25/2002 12:45:00 PM PT
	Fri 1/25/2002 7:45:00 PM London thru Fri 1/25/2002 8:45:00 PM London
Outage:   Change Management Emergency Outage
Environments Impacted:   Change Management System Outage.
Purpose:   Change Management Application needs emergency maintenance.
Backout:   NA
Contact(s):   Brennan, Ryan  713-853-4545
	Ray, Edward  7138536744
	Brooks, Sean L  713-345-8077


fyi

NO CHANGES MADE TO THE EVAL FORMS FROM MY01.

We intend to use the same ones and therefor have not sent to legal for clearing.

thanks
Elspeth Inglis
Global Performance Management Team
work:    (713) 853 7636
mobile:  (713) 301 3781


use -.01

 -----Original Message-----
From: 	Diamond, Russell
Sent:	Wednesday, October 10, 2001 2:11 PM
To:	Parks, Joe
Subject:	HSC Basis Bids

Joe,

Per my request, can I please get Basis Bids on the attached volumes.

Russell

 << File: HSC basis quote 10.10.01.xls >>


Tana,

Thanks for the NDA's.  Pls send the NDA's to Monterey Design and to
GreenAsh.  I still need to hear back from softknot.

pf

 -----Original Message-----
From:  Jones, Tana
Sent: Thursday, February 22, 2001 11:24 AM
To: Finken, Paul
Subject: RE: NDA's

Paul,

Attached are the 3 NDAs you requested.  Please let me know if they meet with
your approval, and I will email them to your customers.

 << File: monterey designs.doc >>
 << File: softknot.doc >>

 << File: greenash.doc >>

	Paul Finken/ENRON@enronXgate 02/21/2001 01:10 PM 	   To: Tana
Jones/HOU/ECT@ECT  cc:   Subject: RE: NDA's

We are going to be discussing a potential joint business venture around a
technology company.  I suspect the standard language that is being used by
the originators in Rex Shelby's group would suffice.  Also, the bilateral
form is best as they will be sharing information about the industry and their
companies experience in the industry.

pf

 -----Original Message-----
From:  Jones, Tana
Sent: Wednesday, February 21, 2001 11:26 AM
To: Finken, Paul
Subject: Re: NDA's

What is the nature of the confidential information being discussed?  Will our
standard language "...furnished in connection with a possible transaction or
other business relationship..." suffice, or do you want to be more specific?
Also, do you want the bilateral form?

	Paul Finken/ENRON@enronXgate 02/21/2001 11:18 AM 	   To: Tana
Jones/HOU/ECT@ECT  cc:   Subject: NDA's

Tana,

I need three NDA's drafted and I would like to see at least one of them
before being sent.

Monterey Designs Systems, Inc.
894 Ross Drive, Suite 100
Sunnyvale, CA 94089-1443
Phone: 408 548 4681
Fax: 408 747 7377
Signer: Bill Alexander
VP Marketing
email:bill@mondes.com

Softknot Corporation
46500 Fremont Blvd, Ste 716
Fremont, California 94538
Signer: Mo Mohaved, CEO & Founder
Phone:510 226 3750
Fax:510 226 2776
email:mmovahed@softknot.com

GreenAsh Corporation
38 Watermill
Sugarland, TX 77479
Signer: Vinh Nguyen, CEO & Founder
Phone 281 989 9823
Fax: 419 831 0787
email:vnguyen@greenash.com

thanks

pf


Please bookout the following deals;  Deal 643754 with deal 759487 for May and June.


Maybe the next step is to dig into the allocation methodology that Daniel uses to see if it assumes the correct number of people.  Then convert the monthly allocation amount to a cost per person and do the same for your other analysis so we can compare apples to apples.  When you combine origination and trading we are likely to exceed 15 people.  My guess is that we are being allocated costs based on too many people (Pre HPL Sale).

Tom

 -----Original Message-----
From: 	Vuittonet, Laura
Sent:	Tuesday, October 09, 2001 5:13 PM
To:	Martin, Thomas A.
Subject:	Lunch Budget

 << File: Lunch Estimate.xls >>
Tom, I probably should have explained what my problems are, and why it took me so long to get this to you.  Daniel is the person in charge of the lunches, and he has not had an opportunity to prepare the monthly spreadsheets for August and September, which show the total amounts per day, and how much each cost center is charged.  He's come up with a percentage, according to how many total people he orders for, then according to how many people are in each group, and he charges each cost center accordingly.  I've attached the 2 worksheets that he's provided me, which are for June and July, however there were fewer people in our group because since then he has added Brian Redmond and his group to our budget.  Daniel is working on preparing the spreadsheets for August and September.  I've told Ina that I'm needing them for a project for you, so I'm sure that they will be ready soon.

I thought that I could just look at what's been charged to our cost center each month, but it was too difficult to figure out which invoices were from which lunch because they don't always hit the cost center the month during or after they were invoiced.  They are also sometimes charged on a credit card and then billed in a huge lump sum.

I've simply made a spreadsheet showing selected restaurants and the average price of what we've been charged for June and July, and then I've shown what it will cost for 15 people to eat if we order it separately.  I've included tips and delivery charges, since we're billed for those as well.

Let's talk about it tomorrow.
Laura


Have been talking to credit.  First set of 24 or so counterparties should be
coming any moment now.  Second set is being worked on.

From: Karen Lambert on 10/25/2000 04:46 PM
To: Lisa Lees/HOU/ECT@ECT
cc: Adnan Patel/Corp/Enron@ENRON, Samuel Schott/HOU/ECT@ECT, Mary G
Gosnell/HOU/ECT@ECT
Subject: EOL Steel Launch

Do we have any input from credit on approvals for steel counterparties ?

---------------------- Forwarded by Karen Lambert/HOU/ECT on 10/25/2000 04:44
PM ---------------------------

From:  Lisa Lees
10/23/2000 01:18 PM

To: Bradley Diebner/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT
cc:
Subject: EOL Steel Launch

EOL is launching steel on Monday, October 30.

Product types are:

US Steel Hot Rolled Fin Swap
US Steel Cold Rolled Fin Swap
US Steel Hot-Dipped Galvanized Fin Swap

Enron Entity:  Enron North America Corp.

Deadline:  Need approvals from Credit by Thursday morning, October 26 and
Contracts and Legal by Friday afternoon, October 27.

The attached excel spreadsheet contains the targeted customer list.  Please
note that there are 4 worksheet tabs.

I know this is short notice, but as you can see below, we just received the
list today.

Thank you.

Lisa
---------------------- Forwarded by Lisa Lees/HOU/ECT on 10/23/2000 01:06 PM
---------------------------

Rahul Seksaria @ ENRON

10/23/2000 12:58 PM
To: Lisa Lees/HOU/ECT@ECT
cc:
Subject: EOL shortened list for credit

---------------------- Forwarded by Rahul Seksaria/Corp/Enron on 10/23/2000
12:57 PM ---------------------------

Rahul Seksaria

10/23/2000 09:33 AM
To: Naveed Ahmed/NA/Enron@Enron, Carl Carter/NA/Enron@Enron
cc: Kevin O'Donnell/NA/Enron@Enron, Greg Hermans/Corp/Enron@Enron, Sean
Keenan/HOU/ECT@ECT, Kim Stanley/NA/Enron@Enron

Subject: EOL shortened list for credit

Attached is a list of 123 counterparties we want preapproved by credit.
Please call me if you have any questions.

Regards
Rahul


Little correction going forward

The higher of
St 65 Offer plus $.27
TCO Offer plus $.19

---------------------- Forwarded by Chris Germany/HOU/ECT on 05/02/2001 12:56
PM ---------------------------

	From:  Chris Germany                           05/02/2001 10:53 AM

To: Scott Goodell/Corp/Enron@ENRON, Judy Townsend/HOU/ECT@ECT, Steve
Gillespie/Corp/Enron@ENRON, John Hodge/Corp/Enron@ENRON
cc: Jim Homco/HOU/ECT@ECT
Subject: OGY using VNG capacity

Currently, we are unable to use IT to serve Ogy at Doyle on Transco.  I have
devised a super scientific method for pricing VNG space for Ogy.  Poke all
the holes in it you want.

Use the following formulas to determine the price to Ogy

The higher of
St 65 Offer plus $.35
TCO Offer plus $.14

Good Luck


Twanda, could you please start Consulting Services AGreements for these
entities?  I have asked Norma to get the rest of the information.

Thanks.  MHC

----- Forwarded by Michelle Cash/HOU/ECT on 05/12/2000 09:21 AM -----

	Bryce Baxter
	05/12/2000 07:49 AM

		 To: Michelle Cash/HOU/ECT@ECT
		 cc: Susan Harrison/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT, Lisa
Csikos/HOU/ECT@ECT, Rita Wynne/HOU/ECT@ECT
		 Subject: New Vendors for Contract Accounting Services

Michelle, as I mentioned in my voice mail to you, I would like to use
contractors from the two firms listed below.  Both of these firms have
contractors available now, so as soon as we get these agreements in place we
can bring them in and put them to work.  If possible, I'd like any agreement
we put in place to be flexible enough to allow us to use other contractors in
the future besides those we currently have identified.  If you need me to do
anything else or if you are not the right person to talk to, please let me
know.  Thanks.

AccountSource International
Contact:   Pam White, Partner
Phone:   713-629-9200
Address:   770 S. Post Oak Lane
  Suite 325
  Houston, TX  77056
Email Address: plw@account-source.com
Fax:  713-629-0101

Enterprise Services Company
Contact:   Rebecca Soots, Manager
Phone:  713-219-4234
Address: 6671 Southwest Frwy
  Houston, TX  77074
Email Address: Rpsoots@esc-hdq.com
Fax:  713.270.7195


don't deny it.


----- Forwarded by Jeff Dasovich/NA/Enron on 01/25/2001 12:13 PM -----

	"CHUDSON" <carol@iepa.com>
	01/25/2001 11:48 AM

		 To: "Joe Greco \(E-mail\)" <jgreco@caithnessenergy.com>,
<rjtormey@duke-energy.com>, "'Bill Carlson \(E-mail\)'"
<william_carlson@wastemanagement.com>, "Bill Woods \(E-mail\)"
<billw@calpine.com>, "Bob Ellery \(E-mail\)" <bellery@spi-ind.com>, "Bob
Escalante \(E-mail\)" <rescalante@riobravo-gm.com>, "Bob Gates \(E-mail\)"
<bob.gates@enron.com>, "Carolyn A Baker \(E-mail\)"
<cabaker@duke-energy.com>, "Cody Carter \(E-mail\)"
<cody.carter@williams.com>, "Curt Hatton \(E-mail\)"
<Curt.Hatton@gen.pge.com>, "Curtis Kebler \(E-mail\)"
<curtis_l_kebler@reliantenergy.com>, "'David Parquet'"
<david.parquet@enron.com>, "Dean Gosselin \(E-mail\)"
<dean_gosselin@fpl.com>, "Doug Fernley \(E-mail\)"
<fernley.doug@epenergy.com>, "Douglas Kerner \(E-mail\)" <dkk@eslawfirm.com>,
"Duane Nelsen \(E-mail\)" <dnelsen@gwfpower.com>, "Ed Tomeo \(E-mail\)"
<ed.tomeo@uaecorp.com>, "Eileen Koch \(E-mail\)" <eileenk@calpine.com>, "Eric
Eisenman \(E-mail\)" <eric.eisenman@gen.pge.com>, "Frank DeRosa \(E-mail\)"
<frank.derosa@gen.pge.com>, "Greg Blue \(E-mail\)" <gtbl@dynegy.com>, "Hap
Boyd \(E-mail\)" <rboyd@enron.com>, "Hawks Jack \(E-mail\)"
<jack.hawks@gen.pge.com>, "Jack Pigott \(E-mail\)" <jackp@calpine.com>, "Jim
Willey \(E-mail\)" <elliottsa@earthlink.net>, "Joe Ronan \(E-mail\)"
<joer@calpine.com>, "John Stout \(E-mail\)" <john_h_stout@reliantenergy.com>,
"Jonathan Weisgall \(E-mail\)" <jweisgall@aol.com>, "Kate Castillo
\(E-mail\)" <CCastillo@riobravo-gm.com>, "Ken Hoffman \(E-mail\)"
<khoffman@caithnessenergy.com>, "Kent Fickett \(E-mail\)"
<kfickett@usgen.com>, "Kent Palmerton \(E-mail\)"
<kent.palmerton@williams.com>, "Lynn Lednicky \(E-mail\)" <lale@dynegy.com>,
"Marty McFadden \(E-mail\)" <marty_mcfadden@ogden-energy.com>, "Paula Soos
\(E-mail\)" <Paula_Soos@ogden-energy.com>, "Randy Hickok \(E-mail\)"
<rjhickok@duke-energy.com>, "Rob Lamkin \(E-mail\)"
<rllamkin@seiworldwide.com>, "Roger Pelote \(E-mail\)"
<roger.pelote@williams.com>, "Ross Ain \(E-mail\)" <ain@worldnet.att.net>,
"Stephanie Newell \(E-mail\)" <stephanie-newell@reliantenergy.com>, "'Steve
Iliff'" <siliff@riobravo-gm.com>, "Steve Ponder \(E-mail\)"
<steve_ponder@fpl.com>, "Susan J Mara \(E-mail\)" <smara@enron.com>, "Tony
Wetzel \(E-mail\)" <twetzel@thermoecotek.com>, "William Hall \(E-mail\)"
<wfhall2@duke-energy.com>, "Alex Sugaoka \(E-mail\)"
<alex.sugaoka@uaecorp.com>, "Allen Jensen \(E-mail\)"
<al.jensen@nrgenergy.com>, "Andy Gilford \(E-mail\)"
<agilford@wbcounsel.com>, "Armen Arslanian \(E-mail\)"
<Armen.Arslanian@gecapital.com>, "Bill Adams \(E-mail\)" <sangorgon@aol.com>,
"Bill Barnes \(E-mail\)" <bill.barnes@lgeenergy.com>, "Bo Buchynsky
\(E-mail\)" <BBuchynsky@aol.com>, "Charles Johnson \(E-mail\)"
<c.johnson@ejgd.com>, "Charles Linthicum \(E-mail\)"
<charles.linthicum@powersrc.com>, "Diane Fellman \(E-mail\)"
<difellman@energy-law-group.com>, "Don Scholl \(E-mail\)"
<dscholl@purenergyllc.com>, "Ed Maddox \(E-mail\)"
<emaddox@seawestwindpower.com>, "Edward Lozowicki \(E-mail\)"
<elozowicki@sjo.coudert.com>, "Edwin Feo \(E-mail\)" <efeo@milbank.com>,
"Eric Edstrom \(E-mail\)" <edstrome@epenergy.com>, "Floyd Gent \(E-mail\)"
<fgent@thermoecotek.com>, "Frank Misseldine \(E-mail\)"
<fmisseldine@caithnessenergy.com>, "Hal Dittmer \(E-mail\)" <hedsf@aol.com>,
"'John O'Rourke'" <orourke.john@epenergy.com>, "Ken Salvagno \(E-mail\)"
<kbssac@aol.com>, "Larry Kellerman \(E-mail\)"
<kellerman.larry@epenergy.com>, "'Levitt, Doug'" <sdl@calwind.com>, "Lucian
Fox \(E-mail\)" <lucian_fox@ogden-energy.com>, "Mark J. Smith \(E-mail\)"
<mark_J_smith@fpl.com>, "Milton Schultz \(E-mail\)" <bfpjv@c-zone.net>, "Nam
Nguyen \(E-mail\)" <nam.nguyen@powersrc.com>, "Paul Wood \(E-mail\)"
<paul_wood@ogden-energy.com>, "Pete Levitt \(E-mail\)" <Pete@calwind.com>,
"Phil Reese \(E-mail\)" <rcsc@west.net>, "Robert Frees \(E-mail\)"
<freesrj@apci.com>, "Scott Harlan \(E-mail\)" <harlans@epenergy.com>, "Tandy
McMannes \(E-mail\)" <mcmannes@aol.com>, "Ted Cortopassi \(E-mail\)"
<ted_cortopassi@ogden-energy.com>, "Thomas Heller \(E-mail\)"
<hellertj@apci.com>, "Thomas Swank \(E-mail\)" <swank.thomas@epenergy.com>,
"Tom Hartman \(E-mail\)" <tom_hartman@fpl.com>, "Ward Scobee \(E-mail\)"
<wscobee@caithnessenergy.com>, "Wayne Kawamoto \(E-mail\)"
<wkawamoto@wm.com>, "Dan Frank \(E-mail\)" <dfrank@seawestwindpower.com>,
"Jeff Dasovich \(E-mail\)" <Jeff.Dasovich@enron.com>, "Julie Simon
\(E-mail\)" <jsimon@epsa.org>, "'Kelly Lloyd'" <kellyl@enxco.com>, "Rich Dyer
\(E-mail\)" <rich_dyer@ogden-energy.com>, "Brian T. Craggq \(E-mail\)"
<bcragg@gmssr.com>, "'J. Feldman'" <jfeldman@mofo.com>, "Kassandra Gough
\(E-mail\)" <kgough@calpine.com>, "Kristy Rumbaugh \(E-mail\)"
<kristy_rumbaugh@ogden-energy.com>
		 cc: "Jan Smutny-Jones \(E-mail\)" <smutny@iepa.com>, "Steven Kelly
\(E-mail\)" <steven@iepa.com>, "Katie Kaplan \(E-mail\)" <kaplan@iepa.com>,
"Andy Brown \(E-mail\)" <abb@eslawfirm.com>, "Douglas Kerner \(E-mail\)"
<dkk@eslawfirm.com>
		 Subject: QF Discussions Draft

Carol Hudson, Executive Assistance
Independent Energy Producers Assn.
1112 I Street, Suite 380
Sacramento, CA 95814
PH: 916-448-9499
FX: 916-448-0182
chudson@iepa.com

 - #1034697 v10 - Draft Forbearance Agreement.htm
 - COMPARERITEREPORT-SA-1034697.doc


---------------------- Forwarded by David Forster/LON/ECT on 15/09/99 10:20
---------------------------

David Forster
14/09/99 18:36
To: Elena Kapralova/LON/ECT@ECT, Bob Shults/HOU/ECT@ECT
cc: Mark Dilworth/LON/ECT@ECT
Subject: Change to Refperiod

Bob: Could you get one of your folks to change the Refperiod descriptions for
Canadian and U.S. natural gas from:

(Canadian, then U.S. shown)
The term of the Transaction shall be from 08:00 hours on The Effective Date
to 08:00 hours on the day following The Termination Date. The Effective Date
is "<<STARTDATE>>". The Termination Date is "<<ENDDATE>>".
The term of the Transaction shall be from the Effective Date to the
Termination Date. The Effective Date is "<<STARTDATE>>". The Termination Date
is "<<ENDDATE>>".

to:

Can: The Period of Delivery shall be from <<STARTDATE>> through <<ENDDATE>>
US: The Period of Delivery shall be from <<STARTDATE>> through <<ENDDATE>>

Elena: Could you please change the above in the BlackMaster spreadsheet (in
red).

Dave


Per our conversation, attached is the form of ISDA Agreement, with Enron
guaranty attached to it.  As we discussed, Cadwalader will issue an
enforceability opinion with respect to the Enron Corp. guaranty, so we need
to provide them with an opinion with respect to Enron Corp. general corporate
matters.

Thanks for your help!


You forwarded to me a letter from Enron Corp. to the above vendor
authorizing the use of a subcontractor by the name of Jason Yang.

The letter is non-specific as to name and title but since the work is for the
Online Project, I would imagine that Philippe Bibi would be the appropriate
person.

I have not submitted the letter to Philippe for signature for two reasons:

(1) We do not have the original Agreement for Project Services.  I don't know
who executed it but it is not in our files.
(2) There are actually a couple of standard subcontractor agreements that we
ask the Contractor and Sub-Contractor to execute.  I am attaching electronic
copies to this e-mail and printed copies to the hard copy which I am
returning to you along with the original letter.

If we find the person (Corporate Officer) who signed the original Agreement
for Project Services, we should have that person sign all of these documents
and then formally transmit them to the vendor.  We need the original
agreement before we can proceed.

Please call me if I can be of help.

The subcontractor agreements are attached below.  gene


FYI
---------------------- Forwarded by Martha Benner/ET&S/Enron on 12/12/2000
01:21 PM ---------------------------

	From:  Sharon Solon                           12/12/2000 12:53 PM

To: Mary Kay Miller/ET&S/Enron@ENRON, Martha Benner/ET&S/Enron@ENRON, Julie
McCoy/ET&S/Enron@ENRON, Judy Kudym/ET&S/Enron@ENRON, Deb
Cappiello/ET&S/Enron@ENRON
cc:

Subject: Re: ETS MONDAY MORNING STAFF MEETINGS

FYI...Here is Julie's answer when I asked about weekly reports.
---------------------- Forwarded by Sharon Solon/ET&S/Enron on 12/12/2000
12:47 PM ---------------------------

Julie Armstrong
12/12/2000 11:53 AM
To: Sharon Solon/ET&S/Enron@ENRON
cc:

Subject: Re: ETS MONDAY MORNING STAFF MEETINGS

Sharon:
Since the meetings are canceled till January 2nd, reports are not required.
However, if those individuals are in the office and want to update their
respective areas during the holidays, that would be great.  Thanks.

	From:  Sharon Solon                           12/12/2000 11:48 AM

To: Julie Armstrong/Corp/Enron@ENRON
cc:

Subject: ETS MONDAY MORNING STAFF MEETINGS

Due to the schedule below, what will be the weekly report schedule?  No
reports on December 22 but have reports on the December 29th for January 2
meeting?
Thanks.
---------------------- Forwarded by Sharon Solon/ET&S/Enron on 12/12/2000
11:44 AM ---------------------------

Stanley Horton
12/11/2000 01:03 PM
Sent by: Cindy Stark
To: Bill Cordes/NPNG/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Phil
Lowry/OTS/Enron@ENRON, Danny McCarty/ET&S/Enron@Enron, Rockford
Meyer/FGT/Enron@ENRON, Michael Moran/ET&S/Enron@ENRON, Julia
White/ET&S/Enron@ENRON, James Prentice/GPGFIN/Enron@ENRON, Scott
Vonderheide/Corp/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Dave
Neubauer/ET&S/Enron@ENRON, Robert Hayes/FGT/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Dorothy McCoppin/FGT/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, Robert Kilmer/FGT/Enron@ENRON, Dan
Pribble/OTS/Enron@ENRON, Michel Nelson/ET&S/Enron@ENRON,
jerry.d.martin@enron.com, Randy Rice/OTS/Enron@ENRON, John
Shafer/OTS/Enron@Enron, James Saunders/FGT/Enron@ENRON, Jerry
Peters/NPNG/Enron@ENRON, Mike McGowan/ET&S/Enron@ENRON
cc: Virginia O'Neill/NPNG/Enron@Enron, Ruth Mann/ET&S/Enron@ENRON, Rita
Houser/GPGFIN/Enron@ENRON, Kathy Campos/GPGFIN/Enron@ENRON, Amelia
Alder/OTS/Enron@ENRON, Julie Armstrong/Corp/Enron@ENRON, Anne
Jolibois/FGT/Enron@ENRON, Emily Sellers/ET&S/Enron@ENRON, Ricki
Winters/ET&S/Enron@Enron, Janice Hogan/GPGFIN/Enron@ENRON, Linda
Wehring/ET&S/Enron@ENRON, Deb Cappiello/ET&S/Enron@ENRON, Tammy
Kovalcik/FGT/Enron@ENRON, Martha Benner/ET&S/Enron@ENRON, Sharon
Solon/ET&S/Enron@ENRON, Zelda Paschal/FGT/Enron@ENRON, Melinda
Gallishaw/OTS/Enron@ENRON, Kim Ladish/OTS/Enron@Enron, Judy
Kudym/ET&S/Enron@ENRON, alexander.betty@enron.com, Amelia
Williams/FGT/Enron@ENRON

Subject: ETS MONDAY MORNING STAFF MEETINGS

This is to advise you that we will NOT have ETS Monday morning staff meetings
on December 18 or December 25.

Please make note that the next ETS Staff Meeting will be held on Tuesday,
January 2, 2001 at 9:30AM in 49C2.   And then on January 8, we'll resume our
regular schedule of having our staff meetings on Monday mornings at 9:15AM.

Regards and Happy Holidays,
Cindy
X36197


What's a dealerboard.


OPEN IN PRIVATE

 - GREATJ~1.JPG


This deal should be with APB, not Prebon. Trader error. I'll change this when
the calc is over - in about 45 minutes.

Evelyn Metoyer@ENRON
11/17/2000 02:30 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 11-17-00 discrepancies

Mark Fischer
deal 461972
error:  Prebon does not recognize this deal.


Group,

This morning we had a meeting with BPA regarding Grays Harbor Paper in an
attempt to clarify exactly what we need to do in order to make the deal run
smoothly.  BPA informed us that a phone call is REQUIRED at the end of each
hour to inform their numbers desk (306-418-2277 and reference account #
16211) of the actual generation output of the unit.  BPA has the expected
output in their system based on preschedules or RT sales and then enters the
actual output in order to determine if BPA has met their reserve requirements
by comparing the two (for the entire control area).  If we do not call the
actuals in, they assume that the unit's output is zero and we get billed for
being short those MWh's.

When you call the BPA Number's Desk, you need to give them the total output
of the plant.  They are required to give the first MW to load and the next
four to us for marketing.  However, BPA wants to know the TOTAL OUTPUT of the
unit, which would be 5.   They would like the numbers within the first 5 to
10 minutes of every hour.

This is very important and cannot be overlooked.  Let me know if you have any
ideas about how to remind everyone to make the call.  Do we need an alarm at
5 minutes after every hour?

We also discussed procedure when the unit trips.  We have to call the BPA
Generation Desk within 5 minutes of the unit tripping.  We are going to
emphasise the importance of Grays Harbor calling us immediately so that we
may notify BPA within the required 5 minutes.  Once again, if we fail to do
this we will be fined according to their tariff.

DO NOT FORGET TO MAKE THESE CALLS!!!!!!!

If you have any questions, don't hesitate to ask.  Les can also be a helpful
resource on this.

Cheers,
Jesse


I do not know my password or user id.

---------------------- Forwarded by Hunter S Shively/HOU/ECT on 10/27/2000
02:43 PM ---------------------------

ARSystem@mailman.enron.com on 10/26/2000 07:02:06 PM
To: approval.eol.gas.traders@enron.com
cc:
Subject: Your Approval is Overdue: Access Request for robyn.menear@enron.com

This request has been pending your approval for  2 days.  Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000005721&Page=
Approval to review and act upon this request.

Request ID          : 000000000005721
Request Create Date : 10/25/00 2:55:06 PM
Requested For       : robyn.menear@enron.com
Resource Name       : EOL US NatGas NatGas Book to Book (Website)
Resource Type       : Applications


Here is the list:

Shannon Groenewold - El Paso, Transwestern
Justin Fernandez - El Paso, Transwestern
Daniel Lisk - Socal
John O'Connor - Socal
Suzanne Christiansen - PG&E, PGT
Corey Wilkes - PGT and training on PG&E
Ben Schoene - PG&E and training on PGT
Stacey Brewer - Northwest Pipeline, Kern, Questar, Williams Opal
Walt Spiegelhauer - Northwest Pipeline, Kern, Questar, Williams Opal
Shelly Mendel - CIG, WIC, Trailblazer, Public Service Co.
Jackie Adams - CIG, WIC, Trailblazer, Public Service Co.

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Wednesday, November 14, 2001 5:14 PM
To:	Sullivan, Patti
Subject:	Employees

Will you please send me a complete list of all of our west schedulers and their pipe responsibilities?  I want to set up a mentor program with the traders.  Talk about it later.

Thanks,
Mike


When do you want to go?  The weather should be getting nice later this week,
and I need to gush about the IAOC.

Kay

Heather Kroll@ECT
01/03/2001 01:37 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Paige's resume

Kay,

Since we can't seem to connect on the phone (a bit busy, are we?) I wanted
you to know I forwarded Paige's resume to the recruiting people.  They will
not start summer internship recruiting until late January/early Feb., so I'll
check back with them in a few weeks.

Take care.  When are we going out for drinks?

Heather


Daren,
Did things work out here. Do you still need to talk with me about it.
Ami

---------------------- Forwarded by Ami Chokshi/Corp/Enron on 06/06/2000
08:04 AM ---------------------------

"Steve Holmes" <Steve.Holmes@dvn.com> on 06/01/2000 04:15:11 PM
To: <Ami.Chokshi@enron.com>
cc:

Subject: Carthage (American Central) Nomination

Chad called and said you guys are requestiing approximately 74,000 MMBtu
effective June 1.  I show the number should be 72,240 MMBtu/d.  Could you
please check into this and let me know what's going on?

Thanks,
Steve


Under section four it shows where we cashed Account 6&7 to pay Mary.  It
shows
entire balance but we only paid out $40,000.

Next question, we moved the money out of Dad's IRA's prior to death,  so we do
not have to show this right.


FYI. Aquilla's plan is described below.

I talked with Martin Chavez at Kiodex and he confirmed as well.

I think the bigger issue is that other enterprises are starting to try to build businesses around their systems and operations.  I think we have a good head start with CommodityLogic and Kiodex but we have to run even faster now.

GP

 -----Original Message-----
From: 	Richter, Brad
Sent:	Wednesday, August 29, 2001 10:25 AM
To:	Piper, Greg
Subject:	FW: Commercialization of back office competitor

FYI
 -----Original Message-----
From: 	Pacheco, Leonardo
Sent:	Wednesday, August 29, 2001 9:21 AM
To:	Richter, Brad
Subject:	RE: Commercialization of back office competitor

Brad,

You are right, Aquila's Risk180 is similar to Kiodex's offering. It is a web-based Reporting and Valuation Tool (no software downloads are needed). The difference is that Risk180 focuses on reporting and valuation. In other words, Risk180 does not offer Pricing Calculators as does Kiodex's. It seems to me that Kiodex's Risk Workbench is a more robust solution because it provides decision tools to price opportunities before transacting while Risk180 is "after the fact" reporting and transacting. It looks to me that when Commodity Logic launches its Risk Valuation modules  it will become more of a direct competitor to Risk180.

In its initial phase, Risk180 is offering services to the Gas market only. Soon, they will offer the tools for the power markets.

Risk180's products:
OTC Trade Preview - details of transactions as entered into system
Daily/Monthly Futures and Forwards Reports - position exposures and daily Pal's based on mark-to-market accounting
Options Valuation Report - measures exposures due to options plus volatility calculations (i.e. Greeks)
Daily / Monthly Total Position Summary - total picture of risk exposure in the portfolio

Risk180's target market:
Similar to Commodity Logic's market. They will target medium to small shops that do not have the technology, staff, or resources to run sophisticated reporting and valuation in-house.

Let me know if you have any questions.

Leonardo

 -----Original Message-----
From: 	Richter, Brad
Sent:	Tuesday, August 28, 2001 3:45 PM
To:	Pacheco, Leonardo
Subject:	FW: Commercialization of back office competitor

See below.  Could you take 10 minutes and go to the Risk180 site and give me a brief download on what they're offering?  It seems like a "Kiodex-lite" product (talk to Brandon is you don't know Kiodex) but I want to make sure we're not in the same space.

Thanks,
Brad

 -----Original Message-----
From: 	Piper, Greg
Sent:	Tuesday, August 28, 2001 3:10 PM
To:	Richter, Brad; Webb, Jay; Gros, Thomas D.; Beck, Sally; Pickering, Mark
Subject:	FW: Commercialization of back office competitor

Your opinions on this?

GP
 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Tuesday, August 28, 2001 3:09 PM
To:	Piper, Greg; Whalley, Greg; Beck, Sally
Subject:	Commercialization of back office competitor

Monday August 27, 10:58 am Eastern Time
Press Release
SOURCE: Aquila, Inc.
Aquila Launches Cost-Effective Energy Risk Management Service
KANSAS CITY, Mo.--(BUSINESS WIRE)--Aug. 27, 2001--Aquila, Inc. (NYSE: ILA <http://finance.yahoo.com/q?s=ila&d=t> - news </n/i/ila.html>), one of the largest North American wholesalers of natural gas and electricity and risk management organizations, today launched Risk180(SM), a product that provides clients with full-service management of their commodity transactions, delivered to them daily, weekly or monthly via the Web.
Risk180 will be marketed to utilities, municipalities, energy aggregators and small energy marketers, as well as large industrial firms. These clients typically are low-volume traders that use spreadsheets to manage their energy transactions. The product was designed to meet the deal capture and portfolio valuation needs of clients who do not wish to purchase or build an expensive, enterprise-wide risk management software system.
Using a password-protected Web-interface, clients send Aquila their transactions or trades, which are then processed through the company's proprietary system. The client then receives daily, weekly or monthly risk analysis and deal pricing reports.
``What we are doing is making it possible for these clients to have access to a highly sophisticated trading organization, its skills and most important, its collective knowledge,'' said Jennifer Fisher, Aquila vice president and head of the Radius Group.
Aquila's Radius Group jointly developed Risk180 with SunGard Trading and Risk Systems, a leading energy risk management software firm. A key component of the Risk180 package is its use of SunGard's Epsilon software for risk analysis and client reporting.
Risk180 will initially handle only natural gas transactions. Power transaction capabilities will be added in the near future. Data available to clients includes detailed portfolio valuation, evening over-the-counter trade previews, mark-to-market income reports, total position reports as well as forward curves, deal capture and value-at-risk calculations. Additional information is available at www.aquila.com <http://www.aquila.com>, or www.risk180.com <http://www.risk180.com>
Based in Kansas City, Aquila is one of the top wholesalers of electricity and natural gas in North America and is an innovative provider of risk management products and services. The company also owns and controls a diverse portfolio of merchant assets, including power plants, gas storage, pipeline, and processing facilities, and other complementary merchant infrastructure facilities. Outside North America, Aquila provides wholesale energy services in the United Kingdom, Scandinavia and Germany. Aquila is 80 percent owned by UtiliCorp United (NYSE: UCU <http://finance.yahoo.com/q?s=ucu&d=t> - news </n/u/ucu.html>), a multinational energy company based in Kansas City with more than 4 million customers. It operates in the United States, Canada, New Zealand and Australia.

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308


?

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Power Markets 2001

March 14-16 | Aladdin Hotel | Las Vegas

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[IMAGE]

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Wall Street is hungry for the latest hot sector, now? that deals from
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They are predicting low Sierra Nevada snowpack levels throughout the summer
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The $1.6 billion pipeline will bring natural gas for 10,000 megawatts of new
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 WASHINGTON-OREGON CORRIDOR SEES 10,000 MW PLANNED?
Over 10,000 MW of new powerplants are being planned in the corridor between
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I would like to help on the Nov 18 analyst super saturday also.  Jeff

Charlene Jackson@ENRON
10/17/2000 08:32 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc: Shelly Jones/HOU/ECT@ECT, Cheryl Kuehl/Corp/Enron@ENRON
Subject: Re: Super Saturday Participation

Jeff thanks alot.  I really appreciate it.  Here are the schedule of schools:

November4th (Analysts)
Rice, UT, Baylor, Texas A&M, OU, Florida, LSU and Univ. of Houston

November 11th (Associates)
Columbia, NYU Stern, UCLA, UVA (Darden), Cornell and Vanderbilt

December 9th
Wellesley, overflow and re-schedules from previous Super Saturdays

If you don't have a preference. I would prefer that you do either November
4th or 11th.  I think that would be most beneficial.  You are certainly
welcome to do both but I didn't want to push my luck (smile). Please let me
know as soon as possible so that I can get someone else for the ones you
can't attend.

Again, thanks alot.
Charlene

Jeffrey A Shankman@ECT
10/17/2000 08:02 AM
To: Charlene Jackson/Corp/Enron@ENRON
cc:

Subject: Re: Super Saturday Participation

Glad to help.  Can you get me the schedule as to which schools will be here
on those dates.

Jeff

Charlene Jackson@ENRON
10/16/2000 02:46 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc: Jeff Skilling/Corp/Enron@ENRON, Jennifer Burns/HOU/ECT@ECT, Cheryl
Kuehl/Corp/Enron@ENRON, Shelly Jones/HOU/ECT@ECT
Subject: Super Saturday Participation

Jeff,
To ensure that the business units are involved in the recruiting of top
quality candidates I am requesting your assistance in the Super Saturday that
is scheduled for either Saturday, November 4th, November 11th or December
9th.  We would like for you to participate as follows:

Be the speaker at breakfast
Interview candidates
Facilitate the decision making meeting

The breakfast is from 7:30 AM until 8:30 AM.  The speech would begin at
approximately 8:00 AM and need not be more than 15 to 20 minutes.  You would
interview approximately 4-6 candidates.  A vital part of the process is
determining which candidates will receive offers to join the Program.  We
would like for you to facilitate the decision making meeting.  The meeting
will be held in 5C2 beginning at 1:30 PM. and conclude by 3:30 PM.  We will
provide the administrative assistance.
Your assistance and input would be greatly appreciated.  Please let me know
as soon as possible of your availability.
Thanks in advance.

By the way thanks for the help you have provided with Penn at both the
graduate and undergraduate level.  It is very much appreciated.

Charlene


Tom's in a meeting, but in his trade log he has APS crossed out and over it
he's written Pinnacle. So I'm going to wait to find out what happened. I'll
let you know.

Kate

Evelyn Metoyer@ENRON
03/20/2001 12:46 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: deal 555159

Tom Alonso
deal 555159
Bloomberg shows cp as Arizona Public Service....we have Pinnacle West.

From my understanding from Rhonda trades can still be done under APS or
Pinncale West.  Please tell him to clarify which cp with the broker as the
trade is being done.

Thanks!!


"Derek Telander" <Derek@ctaonline.com> on 03/23/2001 02:26:14 PM
To: <klay@enron.com>
cc:
Subject: Outsource Your Investor Relations

Outsource Your Investor Relations to
One of the Nation's Leading Investor Relations Agencies

Why are more and more public companies hiring Carl Thompson Associates for
investor relations help? Because we have a proven track record. And our
industry has rated us one of the best.
Founded in 1985, Carl Thompson Associates has grown to become one of the
nation's leading full-service investor relations firms, providing Annual
Report and web design services, EDGAR filings, proxy stock charting,
broker/analyst meetings and media relations services to public companies
across the U.S.
Our full-service agency specializes in working with small cap companies
throughout the U.S. with limited budgets and staff. As one of the oldest and
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Our goal? To enhance the future financing needs of public companies through a
consistent, fair stock valuation. How? By bringing new brokerage firms,
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research coverage and national media exposure.
In conclusion, if you want to affect your stock price and p/e through
additional retail support,
more analyst coverage,
increased institutional ownership,
greater stock volume,
media exposure,
more effective IR "packaging" - i.e. web site, corporate profile, slide show,
annual report, investor kit, etc.
then call me at (800) 959-9677 and let's talk.
Give us a chance to handle your investor relations so you can get back to
running your company. Meanwhile, you can find our client roster, prices, case
studies, references and services on our web site at http://www.ctaonline.com,
or skim our slide show presentation.
We WANT your business!
Sincerely,

Carl Thompson
Chief Executive Officer
carl@ctaonline.com
 - TEXT.htm
 - IMAGE.gif
 - IMAGE.gif


If you are looking to feed and challenge your faith, visit
Crosswalk.com's Spiritual Life Channel at:
http://spiritual.crosswalk.com
-----------
N E I L   A N D E R S O N   D A I L Y   D E V O T I O N A L
             from Freedom in Christ Ministries

October 19

DON'T BELIEVE IT

Do not turn to mediums or spiritists; do not seek them out to be
defiled by them (Leviticus 19:31).

Where do mediums and spiritists get their "amazing" information
and insights? Many of them are demonic channelers, but much of
what is called "spiritism" and "psychic phenomena" is no more
than clever illusion. hese so-called spiritists give what is
referred to as "cold readings." You go to them for advice or
direction, and they ask you a few simple, leading questions.
Based on the information you give, they make general observations
which are probably true of most people in your situation. But
you're so impressed with the accuracy of their "revelations" that
you start tipping them off to all kinds of details which they can
fabricate into their "reading." This is not demonic; it's just
mental and verbal sleight-of-hand.

But the mediums and spiritists that God warned against in
Leviticus and Deuteronomy were not con artists, but people who
possessed and passed on knowledge which didn't come through
natural channels of perception. These people have opened
themselves up to the spirit world and have become channels of
knowledge from Satan. The charlatan with his phony cold readings
is only interested in bilking you of your money. But the false
knowledge and direction which comes from Satan through a medium
is intended to bilk you of your spiritual vitality and freedom.

There's big money in psychic/con artist operations, and a lot of
magicians are raking it in. Many people crave to know something
extra about their lives and their future, and they will pay
handsomely if they think you can give them the inside information
they desire.

When a psychic claims to have contacted the dead, don't believe
it. When a psychologist claims to have regressed a client back to
a former existence through hypnosis, don't believe it. When a New
Age medium purports to channel a person from the past into the
present, realize that it is nothing more than a familiar spirit
or the fraudulent work of a con artist.

Lord Jesus, You are the way, the truth and the life. I renounce
any power or revelation from any other source than You.

-----------
This daily devotional is published and distributed by
Crosswalk.com.  It is written by Neil Anderson at
< http://www.ficm.org >.

You can purchase "Daily in Christ" and other titles by Neil Anderson at
christianbook.com (Christian Book Distributors - CBD).
< http://shopping.crosswalk.com/bye/devo_na >

Additional devotionals are available from Crosswalk.com:
< http://devotionals.crosswalk.com >.
-----------
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go to http://religiontoday.crosswalk.com/CurrentFeatureStory/

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go to http://religiontoday.crosswalk.com/CurrentNewsSummary/

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____________________________________________________________


----- Forwarded by Steven J Kean/NA/Enron on 01/18/2001 01:11 PM -----

	David Merrill@ENRON_DEVELOPMENT
	01/10/2001 11:55 PM

		 To: Mark Schroeder@ECT, Anthony Duenner@ENRON COMMUNICATIONS
		 cc: Craig Clark@Enron Communications, Jane
Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan Haizmann@ECT, Michael
Grimes/AP/Enron@Enron, <donald_lassere@enron.net>, <xi_xi@enron.net>, Justin
Cornett@ENRON, <roger_estrada@enron.net>, Leroy Ho@ENRON COMMUNICATIONS,
Kenneth Wang@ENRON COMMUNICATIONS, Tom Wei@Enron Communications, Wayne
Gardner/Enron Communications@Enron Communications, James Ginty@Enron
Communications, Kristina Mordaunt@Enron Communications, Robbi Rossi@EES,
Marie Heard@Enron Communications, Stephen D Burns/Corp/Enron@ENRON, Sue
Nord@Enron, Richard Shapiro@Enron, Steven J Kean/NA/Enron@Enron, Don
Hawkins/OTS/Enron@Enron, Scott Yeager@Enron Communications, Amr
Ibrahim/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mike
Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carmen
Perez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elizabeth Linnell/NA/Enron@Enron,
Ginger Dernehl@EES, <laura.lannarone@enron.com>, Lindsay
Meade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Miyung
Buster/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Final Status Report of EBS East Asia Regulatory Matters

 As many of you know, I am going to be leaving Enron to pursue new
opportunities.
  I am leaving with regret,  as I have enjoyed working with all of you, and I
believe EBS
  is poised for great success in Asia.   To assist in a smooth transition,  I
have prepared
  this report on  the status of all EBS East Asia regulatory affairs actions
I am working on,
  and my thoughts about next steps.    A list of key contacts is also
provided.    Mark
  Schroeder will reassign pending actions.

   Again, many, many thanks for your support and encouragement and for what I
have
   learned about broadband and EBS from each of you.

1.   Singapore

 (a)  SBO License Application:

        The application was completed in draft in December.   Dan Arzola of
EBS Asia
        has a copy in Houston.   We cannot proceed further on the application
until we
        decide what  legal entity to use.   We have a legal entity (Enron
Broadband
        Services Pte Ltd) set up that encompasses all EBS activities
including bandwidth t
        trading.

        The legal entity that we use in the application will have to pay a 1%
annual gross
        turnover fee unless we get it waived by the regulator on the grounds
that the
        turnover fee was never intended to capture bandwidth trading
revenue.   This
        is a possible option in my opinion as the regulator (IDA) does not
want to be working at cross
        purposes with other parts of the government that wish to provide EBS
with incentives.
        See below.

    (b)  Legal Due Diligence:

        However, before pursuing a waiver from IDA,  we were planning to
complete legal due
        diligence to examine any options for avoiding the fee without a
waiver.
        Donald is of the view (see his Jan 9 e-mail ) that bandwidth trading
has to be
        licensed by the regulator.  ( In Europe, bandwidth trading usually
does not
        require telecom licensing.)   If Donald is correct as he probably is,
there may be
        less need of further legal research  on that point unless perhaps to
confirm absolutely
        that there is no way to shield EBS bandwidth trading from the
turnover fee apart from
        a waiver or reduction of the fee.    For example it is possible  that
Jan Haizmann
        or others may figure out a way to have actual trades escape the fee
(done offshore
        for example).   Jan I believe has some ideas on this that he adanced
in the context
        of Korea.

        I believe it would still be prudent  to proceed as we had planned to
engage
        a law firm here in Singapore (as we have in Hong Kong and Japan) for
the purpose
        of guiding us through these sorts of questions (or at least
confirming our reading)
        and answering the many other questions posed in a matrix developed by
a working
        group headed by Wayne Gardner.   We will likely be needing the firm
anyway at
        some point.

        I have prepared a list of seven law firms engaged in telecoms
practice in Singapore.
        EBS General Counsel is planning to examine its Asia strategy and whom
to send and
        when to engage a firm to complete Wayne's questionnaire and for other
purposes.

         My advice is, after the due diligence is completed or we have at
least confirmed
         that bandwidth trading is required to be in the licensed entity,
probably to go to the IDA and
         discuss the implications of the fee for us.   The contacts I would
suggest discussing this
         with are Andy Haire and Fiona Yeo (see contact list).]      IDA does
not wish to prevent
         EBS's coming to Singapore, and the fee was of course set up without
bandwidth trading
         specifically in mind as a revenue source.   Bandwidth trading was
referenced in the
         Code only later as a result of Enron's comment letters.

  (c)  Arthur D Little consultant proposal to support EBS Pioneer Status
Application

         This 75k proposal is now with us in final form, after undergoing
changes by me
         and two by our Houston tax lawyers.   I was to have gone to ADL
Singapore next
         for a meeting to question them on how much of this they are able to
         do independently without reliance on us.   This was a suggestion
made by
         Jim Ginty of EBS tax to make sure they would not be reprocessing our
info,
         I also intended to get them to pinpoint which of the products would
be quantified,
         rather than a "where appropriate."     Assuming we proceed with this
proposal,
         someone else will need to do this conversation with ADL Singapore.

         I have forwarded the final proposal to Wayne Garder and Mark and
most other
         interested parties earlier this week.

        NB:   Someone needs to be appointed to contact Simon MacCormac at ADL
and explain
        at least our timing and process for getting back to him, as a
courtesy.   I have not
        replied to his final submission as of now.   See contact info at end
of e-mail.

         For background,  the reason I believe EBS needs this work and sought
a consultant
         proposal is that Pioneer Status is typically awarded  to companies
that make major
         dollar, infrastructure, and job-creation expenditures in
Singapore.   Our business
         model does just the opposite.   So, to be awarded Pioneer Status,
which the EDB is
         very willing to consider us for after many months of persuasion,  I
believe we need to
         help EDB demonstrate what the quantitative spin-off benefits are for
Singapore from our
         developing bandwidth trading here (e.g. increased efficiencies of
capacity utilization,
         effect of lower bandwidth prices on attracting investment).   This
is a job for a  development
         economist teamed with someone who knows about bandwidth trading.
To my mind,
         if ADL cannot produce the bandwidth trading specialist we want, it
might be worth it
         to have one of our experts assigned to liaise with  them, and adjust
the contract
         accordingly to reflect what part we are providing.

         One thing the ADL scope of work does not provide for is the actual
completion of
         the Pioneer Status Application - only the supporting economic
analysis.  That is because it is
         proper for us to be the ones outlining our business plan for
Singapore, rather than
         running that information through ADL and charging its overhead.  The
idea is to get
         ADL to perform the quantitative economic development analysis we
cannot do in-house.

    (d)   Direct contact with EDB on EBS's plans

         EDB (Chelsia Lim ) has this week asked EBS to update her on its
business
         plans for Singapore.    I have made sure Craig Clark will take the
responsibility
         for seeing this is handled.   While a courtesy call is fine, I would
advise
         not to brief her formally until EBS has really decided what our
plans are,
         with staffing, etc.   They have been asking for our plans for a
while, and
         are waiting for some specifics when we have them.

2.    Hong Kong

        We have  2 licenses:   IVANS (value added services) and ETS (external
        telecoms services (includes bandwidth trading).

        There are several documents in draft and clearance which need to be
filed
        under these licenses before we are able to operate in Hong Kong.
        The principal ones are (a)  the system configuration plan,   (b) the
tariff for
        sale and trading of circuits under the ETS license (c) the tariff for
Mediacast
        services under the IVANS license, and (later) (d) a tariff for
VOD/EOD to
        be filed under the IVANS license.

        (a)  status of system configuration plan:

        The plan is done in draft and is being held pending a decision to be
         communicated by Roger Estrada within the next week or two as to
whether
         the Lucent 10G equipment described in the plan will be changed to
other
         equipment.    The HK lawyers  (Michelle Chan of Clifford Chance)
have said
         that if we plan to provide other equipment at the outset, we ought
to just
         wait and send in the correct description rather than revise.   If we
do stick with
         the Lucent equipment , we will also need to revise our orginal
license
         application as well (says Michelle Chan)  to include description of
related
         Cisco equipment that was not mentioned in our orginal license
application.

         When the system configuration plan is done in final, we also need to
         change the listed destination in the diagram from "San Jose"  to
"West Coast
         USA,  Japan, Singapore, and Australia".

         There are two copies of the present draft submission typed on the
OFTA forms.
          I have given one to Craig Clark of EBS to carry back to Houston.
The other
         copy is with Annie Ng in our Singapore office.

         When we know what equipment we are going to be using, Tom Wei needs
to
         revise the diagram and also make the changes in destination referred
to above.
         Other small edits need to be made in Appendix A (see Dec 28 e-mail
referenced
         below).   My successor should review the whole package once more
with Michelle
         Chan in final.    Then the final package needs to be cleared by
Anthony Duenner
         and our EBS lawyers before going to Ken Rice or another qualified
Director of
         our Hong Kong company for signature.   After that it goes back to
Michelle Chan
         for filing with OFTA.

         NB:   See Michelle Chan's e-mail of Dec 28, being repeated
separately, for
                  further information.

       (b)   Tariffs for BWTrading under ETS License

        In December in Houston I worked with Bill White and his staff on a
tariff plan for
        bandwidth trading in HK.   Based on a meeting I had with the
regulator in Hong
        Kong,   we agreed to file pro forma ceiling prices rather than an
entirely new
        and variable system which the regulator insisted we not do.
Ceiling  prices
        were developed and submitted to Michelle Chan for review.

        Along with the prices we are required to submit our Terms and
Conditions.   For
        that I used EBS General Terms and Conditions (GTC's) for trading
obtained from
        Robbi Rossi and Michelle Heard.  Mike Grimes  has a set as well.

        Present status:  Right now a dialogue is under way between Michelle
Chan and
        Robbi Rossi as to whether it is sufficient to file the GTC's alone or
whether
        certain exhibits, service level agreements, and confirmations
referred to in
        the GTC's must also be filed.   There are other questions being
discussed in
        that channel  such as how to handle variations in the terms based on
        commercial dynamics.     All these e-mails will be  forwarded.   Once
these
        issues related to the GTCs are resolved, the tariff for bandwidth
trading should
        be filed, going through Michelle Chan.

        NB:  See Michelle Chan e-mail of 1/09/01 which being forwarded
separately.

     (c)  Tariff for Media Cast under IVANS license:

       I worked with Leroy Ho and Ken Wang in December and we submitted the
main
       part of the Media Cast tariff to Michelle Chan.   However, we still
need to get the
       Terms and Conditions for Media Cast from Robbi Rossi or Michelle Heard
and
       attach them to the tariff diagrams and submit them to Michelle Chan.

       NB:   See my e-mail to Michelle Chan of Dec 21 which being repeated.
       Someone needs to work with EBS legal to get the T and C's for Media
Cast to Michelle
       or to set up direct channel between EBS legal and Michelle Chan as in
       the case of the exchanges on the T and C's for Bandwidth trading
referred
       to above.

      (d)   Overall change of responsibility for EBS Regulatory HK

        Michael,  or whomever will be taking over these responsibilities,
should
        get from Michelle Chan of Clifford Chance Hong Kong a fresh copy of
        Alison Lindsay's letter to Xi Xi of October 2000 stating that we
received
        our licenses and setting forth in detail all of the requirements.
This is the
        master document ("bible") on compliance under our licenses and will
catch any
        detail not included above.   For example:

            - my successor should also file a new form with OFTA,  the Hong
Kong
              regulator (form is included in the attachments to the letter)
naming
              himself the point of contact, replacing me.    Michelle Chan
can forward
              the letter to the regulator.

           -  we will need to be selecting an independent auditor to certify
certain routine
              reports we may need to file in future.   I have not started on
that.

3.    Korea

       Robbi Rossi needs to call Kim and Chang (law firm we use in Korea)
       to authorize them to research and provide advice to us on how to
handle
       the apparent regulatory impediment to Bandwidth Trading in Korea that
       we identified during my November trip.

       Once Kim and Chang starts work on this, someone from regulatory should
       be made available to help guide Kim and Chang on our regulatory
       questions, in coordination with Robbi Rossi.

       The key e-mails are (a) one from me outlining the overall problem and
        some suggestions for dealing with it ;  (b) one from Jan Haizmann
with
        some additional and in some cases alternative suggestions on how
        to deal with it,  (c)  two from Jae Moo Lee in Korea with additional
        points of view.  These will be forwarded.

  4.   Japan

       Our regulatory consultant is Art Yanagawa.   Contact info below.  Mike
Grimes
       and I have been in meetings with him and  Mike is fully briefed to
carry on the
       on-the-ground  part of contacts with Art.   Art also responds to
Donald and
       Roger Estrada and relies on them for guidance and input.

      At some point it should be thought through who should be the point
person
      to manage  this contract and approve payments, or decide to leave things
      as they are with approvals done in Houston.    The present system works
but
      it is not clear to me who is responsible for what.

      Art has prepared the amendment to our Special Type 2  license to add
      service to other destinations.   The latest status was that he was
holding
      the amendment over the holidays while clarifying some points raised by
      Mike Grimes.    Someone needs to be assigned responsibility for
      getting the amendment through.

      General Concern:

      A more general regulatory concern for us in Japan is that our
consultant
      advises us that we cannot use the term bandwidth trading  in
      communications with the government because it is not something
      contemplated in the Telecom Business Law,  so is prohibited if
      stated as we would state it elsewhere.

      We therefore are having to go through elaborate contortions to make
      what we are planning to do actually look like we are doing something
      else.    I admit that I agree with the approach we are taking for now
and
      can offer nothing better for the immediate term.

      However, I would say that long term we are running some risks.    If we
      are going to make Japan  one of the centerpieces of our  Asia EBS
      strategy,   I think we need to consider devoting more full time EBS
      regulatory resources to Japan exclusively.

       The allocation problem is that whatever regulatory resources we apply
       have to focus on  immediate license amendment  and operational
       questions that drive out time to work effectively on long term
       issues such as how to go about amending the Telecommunications
       Business Law  to allow bandwidth trading explicitly.    This would seem
       important to reduce long term risks to our business strategy.

5.    "Digital Divide"

       I had been giving intermittent support to helping Scott Yeager and
Justin
       Cornett of EBS, and Will Reed of Technology for All, figure out how
       to expand the concept of Technology for All to Asia.    The strategy
       was to utilize some of Japan's $15 billion pledge of funds to support
       digital divide activities in Asia - to support the expansion into Asia
of
       the EBS-supported TFA model.    This work will cease unless it can
       be picked up by Laura Lannarone of corporate social responsbility
       or Steve Burns of the DC office.

6.   KEY CONTACTS for operational items in this memo:

(a)   SBO License:  InfoCom Development Authority of Singapore

        (1)  Ms. Fiona Yeo, Asst Dir Competiton  - 211-1824
        (2)  Mr. Andrew Haire - Senior Director Policy and Regulation -
211-1731
        (3)  Ms Hema Ramnani - Manager- Policy   211-1860
        (4)  Ms Aileen Chia, Deputy Director, Economic Regulation - 211-1883
        (5)  Ms Ng Cher Keng, Director, Policy - 211-1828

(b)  Pioneer Tax Status:  Economic Development Board

       (1)  Chelsia LIM - Senior Officer Infocomms and Media - 832-6676
              <chelsial@edb.gov.sg>
       (2)  Bernard NEE -  Head, Infocomms and Media - 832-6964
       (3)  Sean LOW - Senior Officer Infocomms and Media - 832-6260
              <seanlow@edb.gov.sg>
       (4)   LEE Eng Keat - same as above - 832-6006

(c)  Arthur D Little proposal

        (1)  Simon MacCormac - Associate Director
              297-2300
              <maccormac.simon@adlittle.com>

        (2) Peter J Connell - Vice President
               207-2300
             <connell.peter@adlittle.com>

(d)  Hong Kong License filings:

       (1)  Michelle Chan  852-2825-8888
              <michelle.chan@cliffordchance.com>

       (2)  Alison Lindsay
               <alison.lindsay@cliffordchance.com>

        (3)  OFTA:  M.H. Au
               Senior Asst Director (Regulation)
               852-2961-6688
               <mhau@ofta.gov.hk>

(e)  Japan Telecom regulatory consultant to  EBS:

       Art Yanagawa
       81-3-5418-7056
       <arthur@asianet.co.jp>

David

       for example, the option of whether we can break bandwidth trading
functions
       out of the entity


Notice No. 01-163
May 14, 2001

MEMORANDUM

TO:
ALL COMEX DIVISION MEMBER FIRMS AND MEMBERS
ALL NYMEX DIVISION MEMBER FIRMS AND MEMBERS

FROM:
Neal L. Wolkoff
Executive Vice President

RE:
Aluminum Market Maker

Please be advised that AIG International will cease to be the Aluminum
Specialist Market Maker effective with the close of trading on Monday, May
14, 2001.  Further information will be provided when a new Specialist Market
Maker is selected.

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

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-----Original Message-----
From: 	Oxley, David
Sent:	Wednesday, January 02, 2002 6:06 PM
To:	Kitchen, Louise
Subject:	RE: Chris's letter

Ummm. Don't see an issue with expenses, although I'm sure purchaser will have arrangements with their own shipping company etc., Everyone I've spoken too has a domestic relo program and Citi in particular have agreed to meet any obligations we have previously made so long as we tell them now.

I'll see what else I can find out. Only thing I'd add to Chris's note is an agreement that he will move to Houston if we meet all "reasonable" costs.

David
 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, January 02, 2002 6:02 PM
To:	Oxley, David
Subject:	Chris's letter

Chris will obviously be relocating to Houston in the near future.  We need to make sure we cover all of the expenses.  How do you intend to do this under the proposed contract?

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308