Dabhol lenders to vote today on PPA PPPPA termination
Business Standard, 05/16/01

Enron to suspend investments of 600 mln usd in Brazil energy sector
AFX News, 05/15/01

USA: Sempra unit to boost natgas delivery to California.
Reuters English News Service, 05/15/01

Enron Urges Reforms In Japan Electricity Market-Nikkei
Dow Jones International News, 05/15/01

Enron Agrees to Provide Market Data to NGX
PR Newswire, 05/15/01

UAE To Seek New Partners If Enron Exits Dolphin Gas Proj
Dow Jones International News, 05/15/01

Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
Bloomberg, 05/15/01

Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
Bloomberg, 05/15/01

Dabhol lenders to vote today on PPA PPPPA termination
Our Banking Bureau Mumbai

05/16/2001
Business Standard
1
Copyright (c) Business Standard

The 25-odd lenders to the Dabhol power project will vote today on whether the
Enron-promoted Dabhol Power Company (DPC) should be allowed to to serve a
preliminary PPA termination notice to the Maharashtra State Electricity Board
(MSEB). The voting will take place through conference calls criss-crossing
the globe at 6.30 pm, Indian Standard Time. Even though the three Indian
lenders_ the Industrial Development Bank of India (IDBI), the State Bank of
India (SBI) and ICICI_ have decided to vote against the proposition, they
will not be able to block the move.
Technically, the proposal can be passed if four per cent of lenders are in
favour of the termination notice. In effect, it will be passed if one of the
25 lenders casts its vote in favour of it. So, it's almost a foregone
conclusion that DPC will be asked to issue its termination notice.
Multilateral agency J-Exim, which has provided guarantees, will not
participate in the exercise. Barring J-Exim, other financial intermediaries
including global arrangers ABN Amro, Citi, ANZIB, CSFB and other banks and
OPIC will cast their votes tomorrow. "In the first round, Indian lenders put
their foot down and refused to give clearance to the termination notice.
Thistime around they will not be able to block the move any more. The Indian
lenders alone cannot save the controversial $3 billion as some of the foreign
lenders are in favour of issuing the termination notice," said a source. The
Indian lenders are in favour of completing the project without any time and
cost over-run. They have disbursed about 80 per cent of their Rs 1,500 crore
worth of loan commitments to phase II of the project, 93 per cent of which is
complete. The trial run is expected to commence in June. The board of the
Dabhol Power Company has already authorised Enron India managing director, K
Wade Cline, to serve a termination notice as and when he deems fit. At a
meeting of the lenders last month in London, the foreign lenders were keen
that the termination notice be served in the face of defaults by the
Maharashtra State Electricity Board (MSEB) and the Union government's refusal
to honour the counter-guarantee of Rs 102 crore for the December bill. The
domestic lenders are not covered by the counter-guarantee if the contract is
terminated. The foreign lenders are covered by the counter-guarantee.

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

Enron to suspend investments of 600 mln usd in Brazil energy sector

05/15/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

SAO PAULO (AFX) - Enron Corp will suspend investments of 600 mln usd in the
Brazilian energy sector, news agency JB Online quoted Enron vice-president
and Eletricidade e Servicos SA Elektro chairman Orlando Gonzales as saying.
Of the total investment, 500 mln usd was to be assigned to the expansion of
the thermoelectric plant Cuiaba II in the state of Mato Grosso, and in the
construction of Rogen in the state of Rio de Janeiro, with the remainder to
be invested in unit Elektro, it said.
"There are no clear regulations for the sector. Regulatory issues are holding
back investments," JB Online quoted Gonzales as saying.
Gonzales said the decision to suspend the investments may be reconsidered if
the energy sector regulator Aneel establishes clearer regulations.
mg/as
For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

USA: Sempra unit to boost natgas delivery to California.

05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.

SAN FRANCISCO, May 15 (Reuters) - Southern California Gas Co. (SCG) said in a
statement on Tuesday it will add around 200 million cubic feet a day, or
about six percent, to its pipeline system by the end of the year in order to
meet the surge in demand for gas-fired power generation.
Today's announcement comes two months after SCG, a unit of Sempra Energy ,
proposed to increase capacity on its system by 175 mmcfd, or five percent.
Both projects will add around 11 percent of new gas capacity to its
transmission system this year, the company said in a statement.
In its latest proposal, called the Kramer Junction Interconnect, SCG said it
would build a 32-mile pipeline link to the Kern-Mojave pipeline system that
will allow it to deliver around 200 mmcfd into its system.
The new capacity would be enough to drive three 500-megawatt power plants or
enough gas to serve 1.4 million residential customers a day, the statement
said.
SCG, the nation's largest gas utility with more 18 million consumers in
central and Southern California, said utilization of its intrastate
transmission system in the past nine months had jumped from 75 percent to
over 95 percent, due largely to the rise in gas-fired power generation.
The company's announcement is the latest in several proposals to expand gas
pipeline capacity to California, where demand for gas is expected to jump
because of the number of gas-fired power plants being built or scheduled for
construction.
Gas is already used to generate about a third of California's electricity.
And since April 1999, the state has approved 13 major gas-fired power plant
projects with a combined generation capacity of more than 8,900 megawatts.
Nine gas-fired power plants, with a total generation capacity of more than
6,000 megawatts, are under construction.
Over the past two months plans to build or expand gas lines serving
California have been announced by Enron unit Transwestern, Williams Cos' Kern
River Transmission, El Paso Corp. units El Paso Natural Gas Co. and Mohave
Pipeline Co., Pacific Gas & Electric Corp. unit National Energy Group,
Questar Corp. , Calpine Corp. , and Kinder Morgan .

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

Enron Urges Reforms In Japan Electricity Market-Nikkei

05/15/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

TOKYO (Nikkei)--Asserting that cuts in electricity prices will help Japanese
companies save as much as Y4 trillion, major U.S. energy firm Enron Corp.
(ENE) on Tuesday urged Japanese power firms to revamp the electricity market
by separating operations such as power generation, transmission and
distribution, The Nihon Keizai Shimbun reported.
Enron's 10-point proposal also calls for the construction of more power
plants and full-scale deregulation of retail electricity, including sales to
households. If such measures are carried out and electricity prices fall to
match the levels of other industrialized nations, Japan's industrial sector
could trim its costs by Y4 trillion, Enron said.
At a seminar on power industry deregulation hosted by Enron, the company
asserted that Japan's deregulation in such areas as wholesale electricity
auctions in 1996 and bulk retail sales last year has not brought significant
benefits to end-users.
New suppliers entering the market only account for a combined 0.4% of the
entire electricity sector, Enron said, criticizing the fact that power plant
facilities are mainly concentrated among electric power companies.
Regarding prices, an official representing operators of power generation
facilities asserted that "industrial-use electricity prices in Japan are
stuck at a high level at around Y13 per kilowatt, compared with Y5 in the
U.S., Y3 in Canada, Y9 in Germany and Y4-Y8 in Southeast Asia."
In fact, department store operator Takashimaya Co. (8233 or J.TKA), which
last November switched to new market entrants for part of its electricity
supply, was able to cut costs by Y450 million in the first year, said a
company official.
Enron hopes to generate competition by urging Japanese electric utilities to
spin off different operations, analysts say. If the number of power
generation facility operators increases, this will help bolster Japan's
electricity trading market, an area in which Enron has a strong business
interest.
Splitting electricity operations into generation, transmission and
distribution is expected to open the electric utility network to new
entrants. This will boost transparency in the fees that electric power
companies charge for transmitting power on behalf of the operators of power
generation facilities, Enron says.
Citing the power shortage in California, however, Japan's electricity sector
has strongly opposed such spin-offs, stating that generation and distribution
must be part of a single continuum to ensure a stable supply.

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

Enron Agrees to Provide Market Data to NGX

05/15/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

CALGARY, May 15 /PRNewswire/ - NGX Canada Inc. (NGX), a wholly owned
subsidiary of OM AB (OM), today announced that an arrangement has been made
with Enron Canada Corp., a wholly owned subsidiary of Enron Corp. (Enron),
whereby trading data from certain contracts listed on Enron's online trading
system, EnronOnline will be included in the computation of three Alberta Gas
Price Indices.
NGX acquired the AECO "C" & NIT Daily Spot, One-Month Spot, and Bid-Week Spot
gas price indices (Alberta Gas Price Indices) from Canadian Enerdata Ltd.
last September. Subsequent to the acquisition of the Alberta Gas Price
Indices, NGX has provided real-time information to its customers on the
establishment of the weighted average price indices based on transactions
conducted through NGX's trading system. Canadian Enerdata Limited continues
to publish the Alberta Gas Price Indices in the Canadian Gas Price Reporter.
Peter Krenkel, President of NGX, stated, "We believe that inclusion of data
from EnronOnline will serve to make our price indices among the best in North
America. The industry has been very supportive of the visibility and
integrity we are able to bring to the Alberta Gas Price Indices, which
removes the guesswork around gas price index methodology. However, after
reviewing the matter with Enron and other industry participants, we
recognized that Enron had legitimate concerns and the industry felt that
"more is better". The inclusion of data from the highly liquid EnronOnline
system should improve the quality of our price indices even further."
Rob Milnthorp, President and CEO of Enron Canada commented, "We are very
pleased to have EnronOnline transactions included in the Alberta Gas Price
Indices. This will provide industry participants with a more comprehensive
source of data and a better opportunity to manage risk around these price
indices as they are now assured that all their transactions on EnronOnline
will be included in the computation of the Alberta Price Indices."
The inclusion of EnronOnline data satisfies the principal claims made by
Enron in their legal action against NGX, Canadian Enerdata Ltd., OM and
Richard Zarzeczny and Enron has agreed to discontinue the legal action
against those parties with the conclusion of this arrangement.
NGX and Enron are planning to implement the necessary system changes by
August 1, 2001 but in any event will provide at least thirty days notice to
the industry. Once in operation, data from transactions in the relevant
contracts listed on EnronOnline will be fed to NGX in real-time. The
methodology for computing the Alberta Gas Price Indices will continue to be
on a weighted-average basis.
NGX will engage independent auditors to insure full compliance with the Index
Methodology Guide. This guide is available on NGX's website at www.ngx.com.
NGX located in Calgary, Canada provides electronic trading and clearing
services to natural gas buyers and sellers at seven markets in Canada. Over
the past six years, NGX has grown to serve over 120 customers with trading
activity averaging 225,000 TJ's per month. NGX is owned 100% by OM
(www.om.com).
OM is a leader in providing products and services in the field of transaction
technology. The company, with assets exceeding CDN $700 million, operates
exchanges in Calgary, London and Stockholm and develops technology that
increases the efficiency of financial and energy markets throughout the
world. OM is listed on Stockholmsborsen (ticker symbol "OM").
Enron Corp. is one of the world's leading electricity, natural gas and
communications companies. The company, with revenues of U.S. $101 billion in
2000, markets electricity and natural gas, delivers physical commodities and
financial risk management services to customers around the world, and has
developed an intelligent network platform to facilitate online business.
Fortune magazine has named Enron "America's Most Innovative Company" for six
consecutive years. Enron's Internet address is www.enron.com. The stock is
traded under the ticker symbol "ENE".
Canadian Enerdata Ltd. (www.enerdata.com) located in Markham Ontario has been
providing information services to the North American energy industry for over
17 years. Enerdata publishes the Canadian Gas Price Reporter, PriceLine
Daily, Natural Gas Market Report and Canadian Energy Trends. Enerdata also
sponsors GasFair & Power, Canada's largest natural gas and electricity market
conference and trade show, now in its 11th year. SOURCE NGX Canada Inc.

/CONTACT: Enron Corp. - Mr. Eric Thode, Director of Public Relations,
713-853-9053; NGX Canada Inc.- Mr. Peter Krenkel, President, 403-974-1705; OM
- Ms. Anna Eriksson - Vice President Corporate Communications, +46 (8) 405 66
12; Canadian Enerdata Ltd. - Mr. Richard Zarzeczny, President, 905-479-9697/
11:17 EDT

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

UAE To Seek New Partners If Enron Exits Dolphin Gas Proj

05/15/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

DUBAI -(Dow Jones)- If U.S.-based Enron Corp. (ENE) pulls out of the $3.5
billion Dolphin gas project, in which the company holds a 24.5% stake, the
U.A.E. Offsets Group, or UOG, will consider other companies to replace it, a
United Arab Emirates industry source close to the project said Tuesday.
Industry sources Monday said Enron is considering withdrawing from the
project because it doesn't believe it will be profitable.
Dolphin, an agreement signed two years ago by UOG and Qatar Petroleum, plans
to bring 2 billion cubic feet a day of natural gas from Qatar's offshore
North Field to Abu Dhabi and onward to Dubai.
Enron and TotalFinaElf (TOT) each hold a 24.5% stake in the project, while
UOG owns the remaining 51%.
Enron is set to focus on the midstream part of the project - gas
transportation - which requires building a 350-kilometer pipeline from a
processing plant in Ras Laffan, Qatar, to the Taweelah terminal in Abu Dhabi
and the Jebel Ali terminal in Dubai.
The U.A.E. source said originally, it was thought that the U.A.E. government
would fund the pipeline, which is estimated to cost around $1 billion.
However, more recently, the source said the U.A.E. suggested that Enron put
up the money itself.
Other industry sources said Enron and TotalFinaElf also had to pay
significant fees to join the project. TotalFinaElf will
operate the upstream part of the project, which includes developing
natural gas reserves in two blocks of the North Field. First wells are
scheduled to be drilled in the second half of 2001 and come onstream in
2005.

Last week, the Middle East Economic Survey reported that the foreign partners
haven't yet agreed on the precise details of their working relationship or on
the price of the pipeline.
Qatar Petroleum and Dolphin Energy Ltd., a subsidiary of UOG, signed an
initial agreement in March for the upstream section of the project. A full
agreement is expected to be concluded in September, the source said.
-By Dyala Sabbagh, Dow Jones Newswires; 9714 331 4260;
dyala.sabbagh@dowjones.com

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

Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
2001-05-15 16:35 (New York)

Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)

     (Updates with closing share prices.)

     Washington, May 15 (Bloomberg) -- Enron Corp. should sell
Portland General Electric Co. to Oregon so state consumers can be
insulated from soaring electricity prices, a congressman said.
     ``Purchasing PGE would give Oregon ratepayers more control by
keeping its assets in Oregon, accountable solely to Oregonians,''
U.S. Representative Peter DeFazio, a Democrat from Springfield,
Oregon, said in a letter to Governor John Kitzhaber.
     The governor is considering DeFazio's proposal, said
Kitzhaber spokesman Kevin Smith.
     Last month, Houston-based Enron, the biggest energy trader,
agreed to cancel the $3.1 billion sale of Portland General, a
utility with more than 700,000 Oregon customers, to Sierra Pacific
Resources of Reno, Nevada.
     Enron and Sierra Pacific blamed laws spawned by high power
prices and electricity shortages in the West for the sale's
collapse.
     ``We are pleased to keep Portland General in our asset
portfolio because it's a solid earnings performer,'' Enron
spokeswoman Karen Denne said. ``If approached by a buyer who
recognizes its value, we'd consider selling it.'' She declined to
comment on a potential bid by Oregon.
     The state should act swiftly, DeFazio said, citing press
reports that the U.K.'s Scottish Power Plc, owner of PacifiCorp,
the largest utility in the U.S Northwest, may bid for Portland
General.
     Scottish Power, based in Glasgow, Scotland, would have more
than 70 percent of Oregon electricity customers if it added
Portland General, raising ``serious regulatory concerns about
market power,'' he said.

                            Bond Issue

     Oregon could issue bonds to purchase Portland General, using
the utility's profits to pay the debt, DeFazio said. The state
might run it as a public utility or a cooperative, he said.
     Enron and Sierra Pacific called off the Portland General sale
because of laws passed by Nevada and California legislators that
slow the deregulation of their wholesale power markets.
     California and Nevada have blocked sales of power plants by
utilities. Sierra Pacific had to sell a stake in a Nevada power
plant that sells power to California to win regulatory approval of
the Portland General purchase.
     Average power prices on the California-Oregon border this
year have soared ninefold to $296.34 a megawatt hour over the year-
earlier period. A megawatt hour can light 750 average California
homes for an hour.
     Shares of Enron fell $1.76 to $$56.99. They've fallen 31
percent this year.
     Sierra Pacific rose 9 cents to $16.09. Scottish Power rose 9
pence to 492 ($7) in London.

Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
2001-05-15 16:26 (New York)

Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)

     (Adds closing share price.)

     Houston, May 15 (Bloomberg) -- Enron Corp., the world's
biggest energy trader, agreed to provide natural-gas pricing
information to NGX Canada Inc. and drop a C$100 million
($64.7 million) suit against the Canadian gas exchange.
     Enron sued NGX in November after the Internet exchange, a
unit of the company that owns the Stockholm Stock Exchange,
changed providers of its gas-pricing data and didn't include
trades on EnronOnline, Enron's Internet exchange, when calculating
gas-price indexes.
     Calgary-based NGX agreed to include EnronOnline trades in
calculating its Alberta Gas Price Indices by August, Enron
spokesman Eric Thode said.
     NGX, owned by Stockholm's OM Gruppen AB, is used by about 90
percent of Canadian gas traders, and many traders use EnronOnline
to sell gas from western Canada, the biggest supplier of the
cleaner-burning fuel to the U.S.
     Houston-based Enron fell $1.76 to $56.99.


Over the next few weeks, Project Apollo and Beyond will conduct its final SAP
implementation ) this implementation will impact approximately 12,000 new
users plus all existing system users.  SAP brings a new dynamic to Enron,
enhancing the timely flow and sharing of specific project, human resources,
procurement, and financial information across Business Units and across
continents.

This final implementation will retire multiple, disparate systems and replace
them with a common, integrated system encompassing many processes including
payroll, timekeeping, benefits, project management, and numerous financial
processes.

Employees will be empowered to update and/or view their personal information
via the intranet-based eHRonline -- a single front-end to SAP's Self Service
functionality and Enron's Global Information System (GIS).  Among other
things, individuals will be able to update personal information (including
W-4, addresses and personal banking information), manage their individual
time using a new time entry tool, view their benefit elections, and view
their personal payroll information on-line.

All Enron employees paid out of Corporate Payroll in Houston, excluding
Azurix employees
the financial communities of Enron Energy Services, Enron Investment
Partners, Enron North America, Enron Renewable Energy Corporation, Gas
Pipeline Group, Global Finance, Global IT, Enron NetWorks, and Global
Products.
the project management communities of Enron North America, Gas Pipeline
Group, Global Finance, Global IT, Enron NetWorks, and Global Products.
the human resources communities of Corporate, Global E&P, Enron Energy
Services, Enron Engineering and Construction Company, Enron Investment
Partners, Enron North America, Enron Renewable Energy Corporation (Houston
only), the international regions, Gas Pipeline Group, Global Finance, Global
IT, Enron NetWorks, and Global Products.
Existing SAP users currently supported by the Center of Expertise (COE) )
including the London COE.

People will be impacted gradually over the next few weeks:

June 12 - Current SAP users may notice (and may use) new features in some of
the SAP modules -- this new functionality was developed to meet requirements
of Business Units implementing SAP as part of this final implementation.
June 22 - Timekeeping functionality will be available for all employees paid
out of Corporate Payroll in Houston (excluding Azurix employees).
 - New SAP coding must be used on timesheets.
 - System IDs will be available for all new users.
June 30 - DEADLINE!  All time for the period beginning June 16th and ending
June 30th must be entered into SAP by 3:00 CST.
 - New SAP coding must be used for all expenses and invoices.
July 5 - All remaining functionality (project management, financials, and
human resources) are available to new end-users.

For more information . . .

Visit us at an information booth in the Enron Building lobby on Wednesday,
June 7th and Thursday, June 8th (10 a.m. till 2 p.m. each day.)
Visit our intranet site at http:\\sap.enron.com for job aids and other useful
information.
Contact the Site Manager coordinating the implementation within your business
unit or global function -- specific Site Manager contact information can be
found on the intranet at http:\\sap.enron.com.
Contact the Center of Expertise (COE) for SAP implementation and production
support questions via telephone at (713)345-4SAP or via e-mail at
SAP.COE@enron.com.


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude30.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas30.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil30.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded30.pdf

Nov WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clx-qox.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG30.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG30.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL30.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


I spent some time with Lance Shuler this afternoon.  We should be able to sell our entire block under Rule 144K which would be another option to "dribble-out".

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Friday, June 22, 2001 12:01 PM
To:	Lydecker Jr., Richard
Subject:	RE: FW: Hanover

Good point - I must have lost my optimism!

From:	Richard Lydecker/ENRON@enronXgate on 06/21/2001 05:57 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:	Dan Boyle/ENRON@enronXgate, Joseph Deffner/ENRON@enronXgate

Subject:	RE: FW: Hanover

GKH's drag-alone rights only extend to stock actually owned by JEDI (or a subsequent purchaser in a "non exempt" transaction).  To the extent we have disposed of a part of our interest in a public sale (an exempt transaction) the rights do not attach to the shares themselves.

If JEDI sells to a third party in a non-public transaction (a "non exempt" transaction) this stock would be subject to the drag along, tag along conditions and the other provisions of the Stockholders Agreement.  There are other restrictions that restrict partial sales in a non exempt transaction to less that 50% of the original share ownership.

Enron has valued the Hanover investment at the screen price for mark to market accounting based upon the free disposition in a public transaction.  There is no question that any restriction on private sales theoretically impacts value negatively.  On the other hand, the "tag along" rights theoretically have a positive impact on value.

In your example, if GKH sells to XYZ subsequent to completion of Enron's sale to ABC, in that case GKH could require ABC to sell to XYZ at $20.  On the other hand if GKH cuts a deal to sell to XYZ at $60, ABC would have tag along rights of inclusion at $60.

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Thursday, June 21, 2001 2:03 PM
To:	Lydecker Jr., Richard
Subject:	Re: FW: Hanover

Are we saying or not then that if:

Scenario

Ene sells to ABC Inc at $40
GKH sells to XYZ Inc at $20
XYZ has the right buy ABC's shares at $20.

If this is right are we selling our shares with this drag along right, therefore heavily discounted.

From:	Richard Lydecker/ENRON@enronXgate on 06/21/2001 01:10 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:

Subject:	FW: Hanover

Sales under a 33 Act registration and rule 144 are "exempt transactions" per the JEDI/GKH/Hanover Stockholders Agreement.  Several months ago I confirmed with Ray Bowen that there are no other agreements that would restrict our dispositions via a public sale.

Prior to actually starting a 144 process I would advise both GKH and Hanover of our plans.

-----Original Message-----
From: Richard Lydecker/Corp/Enron
Sent: Thursday, March 08, 2001 2:31 PM
To: Dan Boyle/Corp/Enron
Subject: Hanover

Dan, although it seems that the secondary offering lockup requirements rule out
the type of transaction discussed this morning, the issue of other restrictions
on JEDI right to sell was introduced.

GKH has drag-along and JEDI has tag-along rights.

There is an agreement among the Company, GKH and JEDI that restricts but does
not preclude disposition:

 Transfers to Affiliates are OK

 A registered offering or Rule 144 disposition are OK

 Other sales involve a ROFR:

  Written notice to Company 30 days prior to proposed disposition to bona fide
purchaser

  Company has 20 days to respond to buy all or a portion of proposed
disposition on same terms and conditions

  If Company does not take all shares, any remaining offered to other
shareholder within 2 days

  The other shareholder has 7 days to respond

These are the primary provisions.  We would need a more detailed assessment of
the issue once a specific structure proposed/accepted.

Let me know if I can help.

Dick.


Laurel:  I have the repo agreement and it will be delivered to you in the a.m.

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


Dear Silicon Valley Leader:

Once again, we are inviting you to Silicon Valley's second Regional Energy
Summit, co-hosted by the Silicon Valley Manufacturing Group, the City of San
Jose and the County Board of Supervisors, to develop quantifiable, near-term
solutions to avoid rolling black-outs, by emphasizing

  --conservation
  --shifting load during peak periods
  --immediate generation
  --sound public policies

Details are as follows:

Date:    Friday, May 4, 2001
Time:  8 a.m. (sharp) until 12:00  Noon
Location: Synopsys
  455 North Mary Avenue, Building 2
  Sunnyvale, California

The summit is free and open to the public.  But, due to limited space,
RESERVATIONS ARE MANDATORY.  Please confirm your attendance no later than
Wednesday, May 2 by 5:00 p.m., by phoning the Manufacturing Group Office at
408/501-7864 or by simply responding to this email.

If you have already made a reservation, there is no need to do so again.  We
look forward to having you join us for this community-wide, public and
private sector summit to develop short-term solutions to our Valley and
State's energy crisis.  Please come prepared to participate.

Sincerely,

Carl Guardino

 - winmail.dat


Tamara Jae Black@ECT
04/02/2001 09:31 AM
To:	Rudy Acevedo/HOU/ECT@ECT, Diana Allen/Enron@EnronXGate, Russell Ballato/NA/Enron@Enron, Ted Ballinger/Enron@EnronXGate, Don Baughman/HOU/ECT@ECT, Edward D Baughman/Enron@EnronXGate, Corry Bentley/HOU/ECT@ECT, Robert Benson/Corp/Enron@ENRON, Tamara Jae Black/HOU/ECT@ECT, Lisa Burnett/Corp/Enron@Enron, Paul J Broderick/HOU/ECT@ECT, Richard Broussard/Corp/Enron@Enron, Larry F Campbell/NA/Enron@Enron, Mike Carson/Corp/Enron@Enron, Jason Choate/Corp/Enron@ENRON, Kevin Cline/Corp/Enron@Enron, Terri Clynes/HOU/ECT@ECT, Keith Comeaux/Corp/Enron@Enron, Karla Compean/Enron@EnronXGate, Kayne Coulter/HOU/ECT@ECT, Oscar Dalton/Enron@EnronXGate, Mark Dana Davis/HOU/ECT@ECT, Clint Dean/Corp/Enron@Enron, Todd DeCook/Corp/Enron@Enron, George Diaz/Corp/Enron@ENRON, Chris Dorland/HOU/ECT@ECT, Tom Dutta/HOU/ECT@ECT, Joe Errigo/Corp/Enron@Enron, Miguel L Garcia/NA/Enron@ENRON, Gerald Gilbert/HOU/ECT@ECT, Doug Gilbert-Smith/Corp/Enron@ENRON, Gautam Gupta/HOU/ECT@ECT, Patrick Hanse/HOU/ECT@ECT, Juan Hernandez/Corp/Enron@ENRON, Rogers Herndon/HOU/ECT@ect, Jim Homco/HOU/ECT@ECT, Richard Hrabal/HOU/ECT@ect, Rika Imai/NA/Enron@Enron, Larry Jester/Corp/Enron@ENRON, Gary Justice/Enron@EnronXGate, Mike E Kelly/Enron@EnronXGate, Grace Kim/NA/Enron@Enron, Jeff King/Corp/Enron@Enron, John Kinser/HOU/ECT@ECT, Madhup Kumar/Enron@EnronXGate, Dean Laurent/HOU/ECT@ECT, Justin Laverell/Corp/Enron@ENRON, Chris Lenartowicz/Corp/Enron@ENRON, Matt Lorenz/HOU/ECT@ECT, Gretchen Lotz/HOU/ECT@ECT, Peter Makkai/NA/Enron@Enron, Tom May/Corp/Enron@Enron, Keller Mayeaux/Corp/Enron@Enron, Doug Miller/Corp/Enron@Enron, Jeffrey Miller/NA/Enron@Enron, Narsimha Misra/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Steve Olinde/Corp/Enron@Enron, Andy Pace/NA/Enron@Enron, Juan Padron/NA/Enron@Enron, Laura Podurgiel/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Joe Quenet/NA/Enron@Enron, Bill Rust/HOU/ECT@ECT, David Ryan/Corp/Enron@ENRON, Eric Saibi/Corp/Enron@ENRON, Anna Santucci/NA/Enron@Enron, Erik Serio/Corp/Enron@Enron, Doug Sewell/Enron@EnronXGate, Robert Stalford/NA/Enron@Enron, Chad Starnes/Corp/Enron@Enron, Joe Stepenovitch/Corp/Enron@Enron, Mark Symms/Enron@EnronXGate, Ramanarao Tamma/Enron@EnronXGate, Garrett Tripp/TOR/ECT@ECT, Greg Trefz/Corp/Enron@ENRON, Larry Valderrama/Enron@EnronXGate, Maria Valdes/Corp/Enron@Enron, Joseph Wagner/NA/Enron@Enron, Christopher Watts/NA/Enron@Enron, Lloyd Will/HOU/ECT@ECT, Smith L Day/HOU/ECT@ECT, John M Forney/NA/Enron@Enron, Andy Rodriquez/Enron@EnronXGate, Claudia Guerra/NA/Enron@ENRON, Benjamin Rogers/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, Fletcher J Sturm/HOU/ECT@ECT, Alex Wong/Corp/Enron@Enron, Steve H Wang/NA/Enron@Enron, Ozzie Pagan/Enron@EnronXGate, Bruce Sukaly/Enron@EnronXGate
cc:

Subject:	Electricity & Fuels Briefing

		Please attend the Electricity & Fuels Briefing by Allen M. Stewart, Pira Energy Group

		Where:	30C1
		When:	Monday, April 30, 2001 from 3:30 pm to 5:30 pm.

If there are any topics that you would like to see expanded upon or added, please contact Rika Imai - 37236.

AGENDA

Agenda:  This Agenda sets out a broad set of topics which will be covered in handout charts and tables accompanying this briefing. Active participation is encouraged to help efficiently utilize the time of discussion in line with areas of greatest interest.  In addition any questions forwarded in advance will be addressed.

Briefing Objective:  Review and analyze key drivers of electricity & fuel prices at various regional markets throughout North America, with a special emphasis on those subregions of the Eastern and/or Western Grids which are of greatest interest. Discuss the key factors/risks to PIRA's reference case outlook and explore important alternative scenarios. Principal timeframes will be now through 4Q2001 (short-term), and years 2001/2 (medium-term). There will be a brief discussion of strategic issues and those relating to longer-term timeframes.

?	Short-Term Electricity & Fuels Outlook (Next 12 Months)
-	Electricity Price Outlook (vs.. Current Consensus)
-	Overall Load, Resource & Price Assessments
-	Capacity Modeling & Results
-	Hydro, Fuels, & Environmental Developments
-	Implications for Natural Gas Demand/Prices

?	Medium-Term Electricity & Fuels Outlook (1 -3 Years)
-	Capacity Outlook
-	Survey Results & Implications For Prices & Asset Values
-	Strategic Implications For Traders/Asset Managers
-	Implications for Natural Gas Demand/Prices

?	Longer-Term & Strategic Issues for Future Electricity & Fuels Markets
	-	Outlook For Capacity Additions, Retirements, Environmental Factors & Prices
-	Potential Strategy Options For Consideration
-	California Developments
-	Can Deregulated Markets Work For Consumers?

?	Fuels & Emissions Markets
-	Natural Gas & Oil (if relevant) Price Outlook & Risks
	Coal & Emission Markets Developments


There were changes on made on 4/24 to both Settle15 and SettleSupplemental related to the rate calc.  The old versions have been copied off into the Backup directory with today's date, and the new versions have been saved as Settle15_TenMinute.xls and SettleSupplemental.xls.

Caroline


Start Date: 4/23/01; HourAhead hour: 14;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042314.txt


Interesting.  I'll work with MKM and Maria on getting answers to AA's
questions and comments.  I think we can eliminate the specific cross
references between the two agreements, but is that the real problem or is AA
going to choke on our execution of both agreements with the same party?
(that's a tough one to wire around, if it is their real concern).  Thanks.  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 12/17/99 01:03
PM ---------------------------

Heather Mueck
12/17/99 09:32 AM
To: George Fastuca/ET&S/Enron@ENRON
cc: Stanley Farmer/AA/Corp/Enron@Enron, Bob Chandler/ET&S/Enron@ENRON, Rod
Hayslett/FGT/Enron@ENRON, Roger Willard/AA/Corp/Enron@Enron, Drew
Fossum/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON

Subject: TW Compression Services Agreement

George -

Stan asked that I forward our comments on to you regarding the TW Compression
Services Agreement and the Purchase and Sale Agreement.  If you would like to
discuss, we will be available early next week.  Thanks.

---------------------- Forwarded by Heather Mueck/AA/Corp/Enron on 12/17/99
09:24 AM ---------------------------

Stanley Farmer
11/29/99 12:44 PM
To: Heather Mueck/AA/Corp/Enron@Enron
cc:
Subject: TW Compression Services Agreement

---------------------- Forwarded by Stanley Farmer/AA/Corp/Enron on 11/29/99
12:43 PM ---------------------------

George Fastuca
11/24/99 09:06 AM
To: Stanley Farmer/AA/Corp/Enron@Enron
cc: Bob Chandler/ET&S/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Roger
Willard/AA/Corp/Enron@Enron, Drew Fossum/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON
Subject: TW Compression Services Agreement

Stan, attached is the latest draft of the compression services agreement
related to the TW compression monetization effort. Since you've reviewed it
last, nothing material has changed as you can see from the red-lined version.
We would like to file for regulatory approval soon. Pls let me know if you
have any questions - thanks.

 I'll send the updated PSA agreement in a separate Email.

---------------------- Forwarded by George Fastuca/ET&S/Enron on 11/24/99
08:58 AM ---------------------------

Maria Pavlou
11/19/99 10:57 AM
To: George Fastuca/ET&S/Enron@ENRON
cc:

Subject: TW Compression Services Agreement

In case you didn't have this old message.  Below is the latest draft of the
Services Agreement.  I will also reforward to you the latest drafts/exhibits
of the Purchase and Sale Agreement.  Thanks, Maria
---------------------- Forwarded by Maria Pavlou/ET&S/Enron on 11/19/99 10:56
AM ---------------------------

Maria Pavlou
11/05/99 04:33 PM
To: Mary Kay Miller/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, George
Fastuca/ET&S/Enron@ENRON, Michel Nelson/ET&S/Enron@ENRON, Charlie
Graham/ET&S/Enron@ENRON
cc: Kim Wilkie/ET&S/Enron@ENRON, Donald Vignaroli/ET&S/Enron@ENRON

Subject: TW Compression Services Agreement

Attached is a revised redlined draft of the above-referenced  Agreement which
incorporates comments from regulatory and Mike Bryant with V&E.  We have
added a new Appendix 1 to cover the Assets subject to this Agreement rather
than refer to the Exhibit in the Purchase and Sale, as well as an exclusivity
provision regarding use of the Assets.  We've also added a reference to the
arbitration section in the event the oversight committee cannot agree to
changes necessary or desirable to the assets.


Greg,

Michael asked me to get back to you regarding ICE's all-share Offer for IPE.

Summary of Offer

The key aspects of the Offer are as follows:

? It comprises a share-for-share exchange of 1 ICE Class A1 Share and 1 ICE
Class B (Redeemable) Share for each IPE Share (note that ICE Shares are not
listed on any exchange).

? The following values (given by Goldman Sachs and KPMG) have been ascribed
to each such ICE Share:

 - each ICE Class A1 Share has an estimated value ranging from $1.75 to $6.11
 - assuming redemption, each ICE Class B Share has an estimated value ranging
from $4.80 to $5.33
 - assuming no redemption, each ICE Class B Share has an estimated value in
the same range as each A1 Share

? Class B Shares allow for certain rights of redemption by ICE for cash,
namely $5.895 per share.  Redemption rights arise for a period of one month
from the first anniversary of the date on which the IPE Brent Futures and the
Gasoil Futures Contracts have traded exclusively for 10 consecutive trading
days through the electronic trading platform.  Redemption rights also arise
in other circumstances, e.g. if ICE is the subject of an insolvency event.
After the first redemption event to occur, non-redeemed Class B Shares
(redemption is at the option of the shareholder) automatically convert to
Class A1 Shares.

? Although ICE Shares will not be listed, it is expected that there will be a
limited dealing facility through which Class B shareholders will be able to
trade.

? The electronic trading platform referred to above will be developed by ICE
through a technical services agreement.

? Class A Shares are transferable to any transferee, subject to ICE board
consent, not to be unreasonably withheld.  Other than in relation to the
redemption rights described above, Class B Shares have identical rights to
Class A Shares.

? Assuming all of the IPE Holdings shares are acquired by ICE, then the IPE
Holdings' shareholders will hold 10% of the issued share capital of ICE.

? The Offer is subject to valid acceptances being received by 29 May in
respect of at least 90% of the value of IPE Holdings shares (or any lower %
determined by ICE, but being at least 50%).

Other Points to Note

? Enron's current shareholding in IPE Holdings is 136,720 shares (this is
equivalent to 1.19% of the total share capital of IPE Holdings).

? Those members of ICE (or companies associated with members of ICE) having
shareholdings in IPE Holdings account for 9.83% of the total share capital of
IPE Holdings. You should therefore assume that acceptances will be received
at least as to 9.83%.

? If ICE receives acceptances as to 90% or more of the IPE Holdings shares,
then our shares in IPE Holdings can be mandatorily acquired.

? If we are to make a competing offer, we will needed to have appointed a
financial advisor, carried out necessary due diligence and preferably
discussed details with IPE's management. Bearing in mind the closing date of
29 May, we would have to move quickly if we are to make an offer. (This is
assuming that acceptances in excess of 50% have not been received by that
time - however, institutional investors tend to deliver acceptances only at
the last minute).  We could make an announcement prior to the closing date of
29 May that we were considering making an offer, although the prior approval
of the Takeover Panel would be needed  - and a short timetable would be set
by the Panel for announcing full details of the offer, if we were to
proceed.

? Given the particular components of ICE's offer (e.g. retained equity in
ICE; the complementary nature of the ICE and IPE businesses; and the critical
participation of ICE in developing IPE's electronic trading platform), we
should consider carefully the terms of any competing offer we may decide to
make.

Please would you let me know what further steps you would like to take
(including whether you would accept the ICE Offer), and if there is any
further information you need. (I will send you separately by fax a copy of
the Offer Document).

Thanks
Justin


I'm good on this.  DF

Christine Stokes
02/01/2000 08:41 AM
To: Steven Harris/ET&S/Enron@ENRON, Christine Stokes/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Mary
Darveaux/ET&S/Enron@ENRON, Bill Cordes/ET&S/Enron@ENRON
cc:

Subject: Revised Contract Approval Request - Phillips Petroleum Company

TRANSWESTERN PIPELINE CONTRACT APPROVAL REQUEST

Phillips Petroleum Company's discount letter was recently approved by
Transwestern's Officer group.   However, Phillips has now requested that
Transwestern include language in the discount letter which guarantees the
applicable discount rate in the event that Transwestern's minimum Tariff rate
were to be higher than the discount rate.  I have underlined the additional
language  in the attached revised discount letter (language will not be
underlined when provided to Phillips).  The inclusion of this language would
require Transwestern to file the discount as a negotiated rate prior to gas
flow under the term of the amendment.  Transwestern would file this discount
on January 31, 2001.

Please review the attached document and indicate approval via REPLY WITH
HISTORY.
All Officer approvals will be sent to Bill Cordes for final President Level
approval.


Mark:  We need to discuss.  Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 05/21/2001 03:19 PM -----

	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	05/21/2001 12:20 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment
(increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et
al

Hi Sara,

(1) For clarification, my voicemail was not full on Friday - I checked it,
got several messages including one fromTom Doukas and called him and others
immediately as I arrived.  My voicemail was full on Monday - when I checked
in with Keegan on Monday late morningshe advised me of such and I deleted the
calls periodically.  I do realize that I do get a lot of calls and emails due
to the 50 or so  brokerage related agreements & the numerous deals I am
working on so I do try to clear the box daily.

(2) I can be of more assistance in the future if, instead of telling Keegan
you need a file, that you contact me directly. That way, I can make sure that
you get what you need.   I took a lot of Enron calls and faxes while on
vacation so I would not have objected had you contacted me directly.  That
way we do not have to put the burden on Keegan to locate my files -- although
I am sure she is more than willing to help, I do not think she knows much
about where I keep particular files or documents.

(3) Also with respect to Keegan, I wanted to relay to you that she felt
uncomfortable being quizzed by you or  passing judgment as to why I have
chosen to receive orthodontal treatment in New York rather than in Houston.
(The answer to the question is irrelevant.  If I were getting treatment
across the street from the office, I still could be here to do any work.  My
getting the treatment in New York, while I am on vacation, does not affect my
presence in the office or undermine in any way my ability to do my job).

Equally important,  apparently these were not fair questions of Keegan, as
she has informed me that they made her feel uncomfortable and she only
answered because she sensed or thought she was obligated to do so.  Nor do I
think they are fair of me.  I do not wish to justify my medical decisions
with my colleagues, especially provided that I am taking vacation time or
sick time I rightfully  can take.  It was previously represented to me that
our department policy is that when out for medical reasons, we should provide
in an email or otherwise convey a general statement - the details are not
required.  If that is not the policy then please advise.  In any case, if for
some justifiable reason you have to know such information and you need to
rely on it, it is best to ask me directly so that you can be sure that the
information you are getting is accurate.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693
http://gss.enron.com/

	Sara Shackleton@ECT
	05/21/2001 10:55 AM

		 To: Cheryl Nelson/NA/ENRON@ENRON
		 cc:
		 Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment
(increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et
al

Cheryl:

Thanks.

Also, please note that while you were away:

(1)  Your voice mailbox was full.
(2)  Keegan was immediately advised if we needed a file that could not be
located.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	05/21/2001 10:36 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Stephanie Panus/NA/Enron@Enron, Tom Doukas/Enron@EnronXGate
		 Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment
(increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et
al

Sara:

I will forward the documents to you.

For future reference, if anyone is looking for a file for an urgent matter
while I am out, she should convey that fact to me by either (1) leaving a
voice mail - as I checked my voicemails on Friday (that is how I was able to
speak with Tom from New York on Friday) or (2) advise Keegan and she will
contact me immediately by cell phone as she did regarding other matters on
Friday.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693
http://gss.enron.com/

	Sara Shackleton@ECT
	05/15/2001 03:45 PM

		 To: Cheryl Nelson/NA/Enron@Enron
		 cc: Tom Doukas/Enron@EnronXGate, Stephanie Panus/NA/Enron@Enron
		 Subject: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase
from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al

Cheryl:

I spoke with Clem and he is preparing the amendment for immediate execution
as the signers will be at an offsite tomorrow.  I'll let Tom know as soon as
the amendment has been executed.  Anna Meytina is on vacation so I left a
message with Sharon Chernick.

In order to complete our files with respect to the Enron North America Inc.
("ENA") Securities Loan Agreement, please provide me with copies of the
following documents:

(1)  assignment of the Securities Loan Agreement from ENA to ECI (or was a
separate agreement with ECI executed?)

(2) termination of the prior Enron Corp. guaranty on behalf of ENA in the
amount of  USD25 Million

I spoke with Stephanie and she could not locate your Bear/ECI files on Friday
of last week.

Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


Total Trades for Day	  	 419

 	 EOL Deals	 From: 11/01/2001   To: 11/09/2001	  	 EnPower	 From: 11/01/2001   To: 11/09/2001
 	 Desk	 Total Deals	 Total MWH	  	 Desk	 Total Deals	 Total MWH

 	 EPMI Long Term California	 299	 4,568,656	  	 EPMI Long Term California	 32	 1,183,354
 	 EPMI Long Term Northwest	 148	 1,931,200	  	 EPMI Long Term Northwest	 68	 2,105,562
 	 EPMI Long Term Southwest	 164	 3,781,845	  	 EPMI Long Term Southwest	 188	 7,199,574
 	 EPMI Short Term California	 932	 1,149,712	  	 EPMI Short Term California	 339	 885,297
 	 EPMI Short Term Northwest	 521	 676,240	  	 EPMI Short Term Northwest	 220	 449,461
 	 EPMI Short Term Southwest	 696	 1,025,952	  	 EPMI Short Term Southwest	 354	 1,490,794
 	 Real Time	 651	 16,575	  	 Real Time	 211	 18,787

 	 Grand Total	 3,411	 13,150,180	  	 Grand Total	 1,412	 13,332,830

 	 EOL Deals	 From: 11/09/2001   To: 11/09/2001	  	 EnPower	 From: 11/09/2001   To: 11/09/2001
 	 Desk	 Total Deals	 Total MWH	  	 Desk	 Total Deals	 Total MWH

 	 EPMI Long Term California	 67	 1,068,800	  	 EPMI Long Term California	 5	 222,000
 	 EPMI Long Term Northwest	 11	 110,400	  	 EPMI Long Term Northwest	 7	 121,200
 	 EPMI Long Term Southwest	 13	 204,200	  	 EPMI Long Term Southwest	 4	 140,620
 	 EPMI Short Term California	 72	 41,536	  	 EPMI Short Term California	 21	 20,464
 	 EPMI Short Term Northwest	 24	 27,600	  	 EPMI Short Term Northwest	 20	 19,856
 	 EPMI Short Term Southwest	 52	 39,520	  	 EPMI Short Term Southwest	 19	 23,216
 	 Real Time	 64	 1,600	  	 Real Time	 40	 2,670

 	 Grand Total	 303	 1,493,656	  	 Grand Total	 116	 550,026

 	 EOL Deals	 From: 11/09/2001   To: 11/09/2001	  	 EOL Deals	 From: 11/09/2001   To: 11/09/2001
 	 Long Term West Management	 Total Deals	 Total MWH	  	 Short Term West BOM	 Total Deals	 Total MWH
 	 Daily	 0	 0	  	 Daily	 0	 0
 	 Month-to-Date EOL	 9	 2,200	  	 Month-to-Date EOL	 0	 0
 	 Enpower daily deals	 0	 0	  	 Enpower daily deals	 0	 0
 	 Month-to-Date Enpower	 2	 2,003	  	 Enpower daily deals	 0	 0

 	 EOL Deals	 From: 11/09/2001   To: 11/09/2001
 	 EPMI California Services	 Total Deals	 Total MWH
 	 Daily	 0	 0
 	 Month-to-Date	 0	 0
 	 Enpower daily deals	 0	 0

 	 ICE Volumes	 From: 11/09/2001   To: 11/09/2001
 	 Delivery Point	 Total MWH	 EPMI MWH	  Price

 	 Cob (P, Next Day)	 1,600	 0	  $     31.38
 	 Mid C (P, Next Day)	 15,200	 800	  $     29.43
 	 Mid C (OP, Next Day)	 2,800	 0	  $     25.71
 	 Mid C (P, Bal Month)	 22,400	 5,600	  $     27.81
 	 Mid C (P, Dec-01)	 180,000	 0	  $     37.13
 	 Mid C (P, Mar-02)	 10,400	 0	  $     33.00
 	 Mid C (P, Apr-02)	 20,800	 0	  $     29.88
 	 Mid C (P, Jun-02)	 10,000	 0	  $     29.00
 	 Mid C (P, Jul-02)	 10,400	 0	  $     45.25
 	 NP-15 (HE 1200)	 25	 0	  $     33.75
 	 NP-15 (HE 1700)	 25	 0	  $     34.00
 	 NP-15 (P, Next Day)	 10,400	 800	  $     33.74
 	 NP-15 (OP, Next Day)	 9,200	 0	  $     25.43
 	 NP-15 (P, Bal Month)	 5,600	 0	  $     31.05
 	 NP-15 (P, Dec-01)	 40,000	 0	  $     36.71
 	 NP-15 (P, Feb-02)	 9,600	 0	  $     36.00
 	 NP-15 (P, Q3 02)	 30,800	 0	  $     52.25
 	 Palo (P, Next Day)	 12,800	 800	  $     29.12
 	 Palo (OP, Next Day)	 4,000	 0	  $     17.96
 	 Palo (OP, Bal Month)	 4,600	 0	  $     18.25
 	 Palo (P, Bal Month)	 22,400	 5,600	  $      27.11
 	 Palo (P, Dec-01)	 20,000	 0	  $     31.00
 	 Palo (P, Jan-02)	 10,400	 0	  $     32.50
 	 Palo (P, Feb-02)	 28,800	 0	  $     32.33
 	 Palo (P, Mar-02)	 10,400	 0	  $     32.25
 	 Palo (P, May-02)	 10,400	 0	  $     36.00
 	 Palo (P, Jul-02)	 10,400	 0	  $     57.00
 	 Palo (P, Aug-02)	 21,600	 0	  $     64.00
 	 Palo (P, Q3 02)	 30,800	 0	  $     57.50
 	 Palo (P, Q4 02)	 30,800	 0	  $     38.75
 	 Palo (P, Q2 03)	 30,800	 0	  $     41.50
 	 Palo (P, Q3 03)	 30,800	 0	  $     59.00
 	 SP-15 (HE 1200)	 50	 0	  $     34.63
 	 SP-15 (HE 1300)	 50	 0	  $     34.38
 	 SP-15 (HE 1700)	 75	 0	  $     34.25
 	 SP-15 (HE 1900)	 25	 0	  $     35.00
 	 SP-15 (HE 2000)	 25	 0	  $     33.50
 	 SP-15 (OP, Next Day)	 4,400	 1,200	  $     23.00
 	 SP-15 (P, Next Day)	 16,800	 0	  $     31.86
 	 SP-15 (P, Bal Month)	 5,600	 0	  $     30.25
 	 SP-15 (P, Dec-01)	 10,000	 0	  $     34.25
 	 SP-15 (P, Q4 02)	 30,800	 0	  $     41.35

 	 Grand Total	 726,075	 14,800	  $ 1,478.26


We have received an executed Master Agreement:

Type of Contract:  ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:   May 31, 2000

Enron Entity:   Enron North America Corp.

Counterparty:   The Ospraie Portfolio Ltd

Transactions Covered:  Approved for all products with the exception of:  Pulp
and Paper


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2000
01:16 PM ---------------------------

Amy Aldous <aaldous@watarts.uwaterloo.ca> on 04/24/2000 12:11:18 PM
To: Vince.J.Kaminski@enron.com, David.Emanuel@Williams.com,
deng@isye.gatech.edu, cj@caminus.com, caom@qed.econ.queensu.ca,
wei@mgmt.utoronto.ca
cc:
Subject: Energy Derivatives Conference - Toronto, May 29

Details of the upcoming Energy Derivatives Conference are now posted at

http://www.arts.uwaterloo.ca/finance/edconf.htm

I look forward to receiving your papers by May 5.

Thank you,

Amy (for P.P. Boyle)

**************************************
Amy Aldous, Conference Co-ordinator
Centre for Advanced Studies in Finance
University of Waterloo
Waterloo, ON   N2L 3G1
Tel: (519) 888-4567 ext. 5728
Fax: (519) 888-7562
Email: aaldous@uwaterloo.ca
**************************************


Vicki, per our accounts receivable, listed below are the outstanding amounts for the invoices for December, 2000 and also the Late Pay Charge invoice that was related to the late payment of November, 2000.  If you have any other questions, please let me know, otherwise, I think the letter looks fine.

Late Pay Charge invoice		$4,519.89

December, 2000 invoices	$131,804.53

Thanks,

Raetta

 -----Original Message-----
From: 	Winckowski, Michele
Sent:	Friday, October 05, 2001 3:32 PM
To:	Berg, Vicki; Fowler, Bill; Dornan, Dari; Darveaux, Mary; Zadow, Raetta; Porter, Diana
Cc:	Stevens, Bob; Valley, Lisa; Johanson, Tim
Subject:	RE: RER DDVC/SMS Issue

	My comments - MW
	 << File: RER_ResponseLetter_1001.doc >>

 -----Original Message-----
From: 	Berg, Vicki
Sent:	Friday, October 05, 2001 3:04 PM
To:	Fowler, Bill; Dornan, Dari; Darveaux, Mary; Winckowski, Michele; Zadow, Raetta; Porter, Diana
Cc:	Stevens, Bob; Valley, Lisa; Johanson, Tim
Subject:	RER DDVC/SMS Issue

Per my e-mail below, I am forwarding a draft of the letter to RER regarding the DDVC/SMS issue.  Please review the letter and provide any comments or concerns.  Bill is going to be in Minneapolis (at this point anyway) Tuesday through Friday of next week so I'd like to have it completed by the end of next week in order to be prepared to discuss the issue when RER.

 << File: RER_ResponseLetter_1001.doc >>

Thanks,
Vicki

 -----Original Message-----
From: 	Berg, Vicki
Sent:	Thursday, September 20, 2001 8:49 AM
To:	Winckowski, Michele; Darveaux, Mary
Cc:	Dornan, Dari; Zadow, Raetta; Paladino, Ranelle; Fowler, Bill
Subject:	RE: RER Billing Issues

Hey guys,

Bill talked with RER regarding this issue last week and committed to get a letter to them articulating our position with supporting provisions of the tariff.  Based on that conversation, the scheduled meeting was cancelled.  Moreover, he is reviewing RER's original dispute letter from March and we can determine course of action thereafter.

Dari - Did you receive my e-mail of late which had a few questions regarding Section 8 of the tariff?

Thanks for your help and patience,
Vicki

 -----Original Message-----
From: 	Winckowski, Michele
Sent:	Wednesday, September 19, 2001 9:07 AM
To:	Darveaux, Mary
Cc:	Dornan, Dari; Berg, Vicki; Zadow, Raetta; Paladino, Ranelle
Subject:	RE: RER Billing Issues

	It was my understanding that Bill Fowler was going to meet with RER last week to discuss this matter.  Northern continues to stand firm on our interpretation of the tariff requirements regarding payment but marketing is to determine when and whether we will send a demand letter to RER.  We are waiting for marketing regarding how we will proceed.  Thanks MW

 -----Original Message-----
From: 	Darveaux, Mary
Sent:	Tuesday, September 18, 2001 6:08 PM
To:	Winckowski, Michele
Cc:	Dornan, Dari; Berg, Vicki; Zadow, Raetta; Paladino, Ranelle
Subject:	RER Billing Issues

	Raetta called to find out if there was any update on the RER issues. Ranelle informed me that you, Dari, Vicki and Ranelle have met on this subject.  Please update Raetta and let me know if the issues are resolved so that I may remove this from my issues list.  Thanks.

Mary Darveaux
Rates & Tariff ETS
Enron
mary.darveaux@enron.com


Here is the version that you sent me.  I wanted to see if you had a updated
version.  Thanks
Ben


Please amend the existing Master Agreement per terms of this credit worksheet.

Thanks
Brant


This place is more difficult than it needs to be.

From: Suzanne Adams@ECT on 05/29/2001 11:04 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Matching gift

Really!  I hate not having information.

	Kay Mann@ENRON
	05/29/2001 10:57 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc: nmann@erac.com
		 Subject: Re: Matching gift

Well, that's something I hadn't heard before.  They should let that be known,
don't you think?  At least now WE know it!

Kay

From: Suzanne Adams@ECT on 05/29/2001 10:56 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Matching gift

I talked to Vanessa Bob at x36781 regarding this matter.  She said she's
forwarded this on to the JK Group which will pay the amount shortly.  The
matching gifts are paid quarterly.

	Kay Mann@ENRON
	05/22/2001 01:55 PM

		 To: community-relations@enron.com
		 cc: (bcc: Suzanne Adams/HOU/ECT)
		 Subject: Matching gift

Hello.

I gave the Matagorda County Fair & Livestock Association $2050, and filled
out the form for the match.  Please advise if this has been paid, as they are
sending me a bill for the $2050, plus a finance charge.

Thank you,

Kay Mann
x57566


Deregulation: `Conspiracy of Incompetence'
Even if energy prices are being manipulated, it may not be illegal

David Lazarus, Chronicle Staff Writer
STATE -- Profit-hungry power companies may be manipulating California's
electricity prices, industry insiders say, but the attorney general will have
a tough time finding a smoking gun in his price-fixing probe. Even if he does
prove that electricity generators are ``gaming'' the market with a variety of
price-influencing techniques, it's a whole other matter as to whether their
actions violate the law.
State legislators will attempt to shed some light on this murky matter during
hearings today in Sacramento.
What they will quickly discover is that power companies are having a field
day as California muddles through deregulation of its electricity market.
Among other things, power generators are said to be rigging electricity
auctions and holding back juice until higher demand drives up wholesale
prices, representing perhaps the single most glaring example of gaming, or
price-fixing, the market.
However, the generators aren't the only ones to blame for the current mess.
``This has literally been a conspiracy of incompetence,'' said Michael
Shames, executive director of the Utility Consumers' Action Network, a San
Diego grass- roots organization. ``Almost every player has made major
mistakes or a series of mistakes.''
Utilities, he said, are also to blame for whopping price increases by
mishandling power purchases. Meanwhile, state and federal regulators have
demonstrated a virtually unwavering reluctance to weigh in and help stabilize
electricity rates.
At the same time, legislators themselves share some of the blame for
California's energy woes by drafting rules for the deregulated market that
are too easily bent, if not broken.
``All the market participants are taking advantage of very lax rules,'' said
Loretta Lynch, president of the California Public Utilities Commission. ``The
market is not competitive.''
As a stopgap, Gov. Gray Davis yesterday called on the PUC to cut San Diego
electricity prices in half over the next two years, although he was vague on
how this can be accomplished.
1996 DEREGULATION
When electricity deregulation was approved in 1996, the goal was to lower
prices by boosting competition.
In practice, however, only about a half-dozen power generators are now
responsible for as much as three-quarters of the state's energy supply, and
they can set prices pretty much as they see fit.
Officials at the California Power Exchange, the wholesale market where power
companies sell their juice and utilities go shopping, insist that they
closely monitor all transactions.
But they admit that it is impossible to know what may transpire among
generators off the trading floor.
``There are hundreds of ways that somebody could do it,'' exchange spokesman
Jesus Arredondo said of whether price-fixing is possible. ``You could argue
that it happens every day.
``But I don't see how you could call this gaming,'' he said. ``You call it
business.''
There's the rub. Although residents of San Diego, the first California city
to feel the full effects of deregulation, have seen average power bills more
than double over the past three months, power generators say this is simply a
result of supply and demand.
SUPPLY LIMITED, DEMAND RISING
With supply severely limited -- no major power plants have been built in the
state in a decade -- and demand rapidly rising, it is only natural, they say,
that electricity prices would go through the roof.
``It's a feast-or-famine business,'' said Gary Ackerman, executive director
of Menlo Park's Western Power Trading Forum, an energy industry group. ``You
make a lot of money when times are good, and lose a lot of money when times
are bad.''
At the moment, times are very good for power generators. An unusually hot
summer has combined with a booming, tech-fueled economy to push California's
power grid nearly to the breaking point on an almost daily basis.
The question is: Are power companies benefiting from what are, for them,
lucky circumstances, or are they making a bad situation even worse with
practices that may not be illegal but still could be viewed as highly
irresponsible?
FOUR WHOLESALE MARKETS
There are four major wholesale markets for electricity in California. The
biggest is called the daily forward market, where generators and utilities
meet each morning to buy and sell power on an hour-by-hour basis covering the
next 24 hours.
Electricity at times of expected low demand, such as 1 a.m., might go for as
little as $25 per megawatt, while electricity during peak demand -- 3 p.m. to
7 p.m. -- often sells for the maximum allowable amount, or $250 per megawatt.
Longer-term contracts are negotiated on what is called the block forward
market, where prices are more stable.
But, industry sources say, power companies are increasingly focusing more on
the hourly and real-time markets, where the potential for profit is greater
than on the daily forward market because buyers have less room to maneuver --
they have to meet immediate demand.
``Of course people are gaming the market,'' said Dan Richard, senior vice
president of Pacific Gas and Electric Co. ``They know when to make bids and
how to get what they want. Is that illegal? I honestly don't know.''
Brian Rahman, who oversees the real-time wholesale market on behalf of the
California Independent System Operator, agreed that the legality of such
moves has yet to be determined.
``The power marketers know our rules,'' he said, ``and they use them to their
benefit.''
Even so, Power Exchange officials said they will tell legislators today that
their own study of wholesale electricity prices shows that California rates
in June and July were in fact lower than in other states.
``This makes it harder to make a case that market power is being exerted by
power generators,'' said the exchange's Arredondo. ``It's exceedingly
difficult to prove that there's market power.''
NO HEDGING IN SAN DIEGO
Meanwhile, San Diego Gas & Electric has been accused of adding to electricity
price volatility in the Southern California city by not securing long-term
contracts for energy at a steady rate -- a process known as ``hedging.''
Instead, the utility exposed its customers to daily price spikes, which
resulted in power bills surging skyward.
``San Diego is bearing the brunt (of deregulation) for a couple of reasons:
poor hedging and poor hedging,'' Arredondo said.
For its part, PG&E has said it learned its lesson from San Diego and will
make active use of hedging when its customers face the impact of
deregulation, perhaps as soon as next summer.
Davis called last week for Attorney General Bill Lockyer to investigate
``possible manipulation'' in the wholesale electricity market. He also has
asked federal regulators to rule that California's energy market is not
competitive and to mandate ``just and reasonable'' rates.
But regulators at both the federal and state levels so far have been
reluctant to act, preferring instead to allow deregulation to run its course.
For all these reasons, California's energy market has been especially
vulnerable to exploitation by those who may not have consumers' best
interests at heart.
``The system of responsibility is fragmented,'' the PUC's Lynch said, ``and
because it is fragmented, it allows various players to game the market.''
WHAT CAN BE DONE
The solution? It depends who you ask. Most of those on the energy playing
field believe that some degree of regulation is necessary to stabilize
electricity prices, but no one yet knows how far legislators should go in
drafting revised rules.
Increased generating capacity will go a long way toward solving California's
problems, but it will be years before enough new plants come online to bring
supply and demand into balance.
Today's hearings in Sacramento will presumably lay the groundwork for future
initiatives. Although few if anyone knows how to fix things, everyone at
least agrees that something -- anything -- needs to be done.
``Government messes things up a lot of times, and the private sector messes
things up a lot of times,'' said PG&E's Richard. ``But in the end, solutions
emerge because it's just too important. That's the case now.''
E-mail David Lazarus at davidlaz@sfgate.com.
******************************************************************************
******************************************************************************
*****
Gov. Davis Calls for Cut in Electricity Bills
PUC under no obligation to heed unclear request
David Lazarus, Lynda Gledhill, Greg Lucas, Chronicle Staff Writers
Thursday, August 10, 2000
,2000 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2000/08/10/B
U99453.DTL&type=business
Gov. Gray Davis yesterday called on the California Public Utilities
Commission to cut soaring San Diego electricity bills in half during the next
two years.
However, it was not clear how he expects the PUC to accomplish this goal or
whether the commission will even heed the governor's request. Davis does not
have the authority to order the PUC to act.
``This is not a rate freeze,'' Davis told reporters in Sacramento. ``It is a
rate-stabilization plan.''
It appears that what he has in mind is having San Diego Gas & Electric, the
local utility, level out power bills by spreading its wholesale costs over
longer periods. This would reduce customers' bills in the summer but raise
bills at other times of the year.
``This is an oraclelike document,'' Michael Shames, executive director of San
Diego's Utility Consumers' Action Network, said after reading a press release
outlining the governor's position. ``You can read almost anything into it.''
Calling electricity prices in San Diego exorbitant, Davis said he wants the
PUC to reduce average residential power bills from the current level of about
$120 a month to approximately $65.
``Electricity is the pulse of our economy,'' he said. ``Without it, consumers
and businesses are put at risk. California simply cannot afford any more
price spikes or blackouts.''
Carl Wood, a Davis appointee on the PUC, said he believes the governor is
seeking a so-called level pricing program for SDG&E customers. The PUC is
empowered to order the utility to implement such a program.
The utility itself already is urging ratepayers to adopt a similar pricing
plan, thereby paying consistent electricity fees throughout the year.
``We can't make the prices go away, but we can set up a system where the
prices are level and deferred,'' Wood said.
PUC President Loretta Lynch said she will call a special meeting of the
commission for August 21 to discuss the governor's proposal.
Davis' comments came ahead of a joint hearing today at 10 a.m. on
California's energy woes by the Senate and Assembly utilities committees in
the Capitol Building.
Also today, state Sen. Dede Alpert, D-Coronado (San Diego County), and
Assemblywoman Susan Davis, D-Kensington, are expected to introduce identical
bills seeking to roll back electricity rates in San Diego to prederegulation
levels.
``We appreciate what the governor has done, but we feel there needs to be a
parallel track in the Legislature where we find a solution for San Diego
ratepayers,'' Alpert said.
The governor said he will contact President Clinton and James Hoecker,
chairman of the Federal Energy Regulatory Commission, to urge them to
expedite an investigation of California's wholesale electricity market.
He also has called on Attorney General Bill Lockyer to probe suspected price
fixing by power generators.
``I believe in making a profit,'' Davis said. ``I believe in success. But
charging seven, eight, nine times the price you pay for electricity is simply
unconscionable. It's not fair to California. It will bring down our economy,
and it augers very poorly for America.''
Meanwhile, the U.S. Navy said it may sail to the rescue in San Diego by
bringing in its own electricity- generating equipment to keep its extensive
bases in the area humming.
The Navy is SDG&E's single biggest customer, drawing about 3 percent of the
utility's total output.
The Navy said in a statement that it is looking into transporting 10
750-kilowatt generators from its facility in Port Heuneme to San Diego.
For its part, the California Grocers Association said its members will reduce
electricity usage by 10 percent during periods of unusually heavy demand.
This could include lowering store lighting and cutting air conditioning at
some supermarkets.
``Although consumers may notice some differences while in their local
supermarket, the energy-saving measures will not affect normal store
operations,'' said Peter Larkin, president of the association. ``Also, none
of these measures will have a negative impact on food safety or quality.''


We have received an executed Amendment Agreement dated as of September 19, 2001 between The Chase Manhattan Bank and Enron North America Corp.  The amendment (i) amends the definition of "Specified Swap" to include foreign exchange spot or foreign exchange forward transactions or currency option transactions; (ii) to specify that The Chase Manhattan Bank is a Multibranch Party and may act through any Office specified in a confirmation; and (ii) to add a "Scope of the Agreement" provision which states that if the parties enter into a "Specified Swap" (as defined in the master agreement) such "Specified Swap" shall be subject to, governed by and construed in accordance with the terms of the agreement unless the confirmation relating thereto specifically states to the contrary.

In addition, we have received an executed Amendment Agreement dated as of November 8, 2001 between The Chase Manhattan Bank and Enron North America Corp.  The amendment replaces the definitions of "Settlement Amount" and "Loss" as set forth in the master agreement.

Copies will be distributed.


...more than a third of workers plan to leave their current job within the next two years, despite the many layoffs in 2001. That lack of loyalty is almost unchanged from the economic boom days of 1999.(according to an article in the Houston Chronicle on Tuesday, September 4, 2001).

There is a principle that endurance athletes must adhere to if they are ever to finish a long distance event - drink before you are thirsty. I think you will agree this principle applies to many areas of life and business. If we wait until the symptoms are easily observable, whether it is lack of employee retention or thirst, we have waited too late.

We can be reasonably certain that the one-third who are considering a future elsewhere are not advertising their thoughts, which makes it even harder for leaders to recognize the symptoms. You can be sure of this though - the undercurrent of their attitude affects the whole organization!

Developing loyalty among employees is the same as satisfying a body's need for fluid - do it now if you are in it for the long term.  Here are some things to think about if you want to increase loyalty:

?        Given a lack of inspired mission, employees will remain in it for themselves.

?        Relationships deepen loyalty.

?        When leaders relate - employees give extra credit. Visiting them in their workplace, talking about family concerns, acknowledgement of tough times,  and a sense of humor all make employees feel like the leader is relating to them.

?        Take it personally. One act of concern lasts a lifetime.

?        Make employee loyalty a metric you measure yourself by. The higher up a person is in the organization the more this becomes a necessity.

--------------------------------------------------------------------------------

Manny Garza
Encouragement Research and Resources, Inc.
5615 Roserock Lane
Spring, TX 77379
O - (281) 374-6770
F - (281) 251-3822

--------------------------------------------------------------------------------
A new way to look at success, coming soon at
www.encouragementhq.com


Content-Transfer-Encoding: quoted-printable
Date: Fri, 16 Mar 2001 09:01:51 -0600
From: "Tracey Bradley" <tbradley@bracepatt.com>
To: "Paul Fox" <pfox@bracepatt.com>
Cc: "Alfredo Perez" <aperez@bracepatt.com>, "Jeffrey Watkiss"
<dwatkiss@bracepatt.com>, "Mark Evans" <mevans@bracepatt.com>, "Ronald
Carroll" <rcarroll@bracepatt.com>
Subject: AP - Edison Creditor Secures Plant Lien
Mime-Version: 1.0
Content-Type: text/plain; charset=US-ASCII
Content-Disposition: inline

Thursday March 15, 9:14 pm Eastern Time

Edison Creditor Secures Plant Lien

By LESLIE GORNSTEIN
AP Business Writer

LOS ANGELES (AP) -- Breaking away from a pack of creditors owed billions by
Southern California Edison, Caithness Energy got permission Wednesday to
secure a lien against one of the utility's plants.

The judgment lets the New York-based electricity supplier to attach a partial
claim on an Edison facility in Laughlin, Nev. -- a move that could spur
bigger creditors to launch similarly aggressive approaches or even force
Edison into bankruptcy.

Caithness, which has two Nevada plants owed $20 million by Edison, was
allowed to attach the lien by U.S. District Judge Lloyd George of Las Vegas.

Once it becomes final in the next few days, the claim will be the first lien
successfully placed against an Edison asset since California's energy crisis
began last year.

An Edison spokesman said the utility will seek a stay of the order next week.

A lien allows a creditor a better chance of getting paid by laying claim to
all or a portion of any future sale of a property. The judge allowed
Caithness to file for a 56 percent interest in the plant, which employs 309
people and is valued at $530 million.

The energy was used by Edison to feed California's energy grid, Caithness
attorney Philip Korologos said Thursday.

Edison owes Caithness a total of $100 million, and another $20 million bill
will come due at the end of March, Korologos said.

``They took delivery of the power and they are supposed to pay us for the
power,'' Korologos said.

But whether Caithness will go after Edison's California assets is far from
certain. Korologos said he believed that some form of additional mediation is
required for California liens that might make such an option less attractive
in the utility's home state.

Edison's bigger creditors, including Reliant Energy of Houston, declined to
speculate on whether they will employ a similar tactic.

But industry experts said that the Caithness move could cause other, bigger
creditors to feel pressure to act more aggressively on behalf of
shareholders. The law requires only three major creditors to band together to
force Edison into involuntary bankruptcy; the utility has said it does not
intend to file on its own.

So far, most creditors have chosen to simply wait, or ``forbear,'' on the
Edison debts, having fielded repeated pleas by Edison to do so. At least four
creditors or groups of creditors have sued the utility for money owed but
have taken no further action.

A New York-based creditor last month unsuccessfully tried to attach a lien to
an Edison bank account without success, an Edison spokesman said.

Edison's problems began last year when, under California's 1996 deregulation
law, investor-owned utilities were forced to buy power on the soaring spot
market while limiting the rates they could charge consumers.

Edison and fellow utility Pacific Gas & Electric say they owe creditors a
combined $14 billion.


Houston and Omaha ETS Employees,

As you know, Enron reached a settlement with Dynegy, which allows Dynegy to exercise its option to acquire Northern Natural Gas.

To discuss this action, please attend a floor meeting with Stan on Monday, January 7, from 1:30 - 2:30 in the Enron building in the area of 3922.  Omaha employees, please gather in 227.

See you then.


look forward to seeing you.  let me know your schedule.   do you have a real
estate agent to help you - my mother is an agent and
could give you some info.


Dave would like to schedule a meeting the you today to discuss HPL......
Would 4:00 pm be ok with all of you....???  please let me know your
availability as soon as possible.

Thanks,

Kay


Your NYISO certificate application has been approved.

With the same computer and browser you used to make the application,
you can pick-up/install your new NYISO digital certificate at:

http://cert.nyiso.com/displayBySerial?op=displayBySerial&serialNumber=2073

Please contact Market Relations if you experience any problem
either installing or using your new NYISO digital certificate.

518-356-6060


I had a good "clear the air" talk with Art yesterday.  We came up with a
couple things that will improve the process.

1.  Citizens needs to subscribe to EOL so that Art can execute trades without
calling me or anyone else at Enron.  This will improve execution.  Sean,
please make this a priority.  Call the 800 number and make it happen.  Call
me if you need help.

2.      Kim Ward will be the point person for gettting NYMEX and Basis
quotes.  Kim's number is 713/853-0685.  I will be helping Kim, but she is in
a better position to execute trades as she is on the desk.

3.  Citizens should consider getting swap contracts in place with
counterparties other than Enron (and Enron as well) so that you can do fixed
price deals with others in the event that you can obtain more attractive
pricing than what Enron is offering at any point in time.

Please let me know if you want further follow-up re: your e-mail below.
Also, please push forward on the 2 contracts (gas contract amendedment and
power contract master).

Thanks

Chris

	Enron Capital & Trade Resources Corp.

	From:  "Sean Breen" <sbreen@czn.com>                           12/28/2000
03:21 PM

To: "Chris Foster" <cfoster@enron.com>
cc:
Subject: Fw: NYMEX fixed prices obtained from Enron

Chris:
Would you kindly call me next week (Tues/Weds is  best) to discuss.? Thanks
----- Original Message -----
From: Art Gelber
To: Sean  Breen
Sent: Thursday, December 28, 2000 4:10 PM
Subject: NYMEX fixed prices obtained from Enron

Sean,
?
As we discussed on  the telephone today, I have a concern surrounding the
pricing Enron gave  us?while establishing NYMEX fixed pricing for the months
of April 2001, May  2001, June 2001, July 2001 and August 2001.
?
Today, we first  contacted Enron to obtain market quotes at 10:58 am cst.? In
every month we  requested a quote on NYMEX, Enron gave a quote that was no
less than two cents  higher than the offer on the floor of the NYMEX.? Gelber
questioned the  quotes as being outside the market.? Gelber chose to end the
telephone call  after questioning the quotes.? At 11:08 am, Gelber called
Enron  again.? The election was made to proceed with execution of the
necessary  positions.? For the months of April, May, June, and August we
received  prices that were at the offer side of the NYMEX bid/offer spread.?
However,  on the month of July the price received was not only outside of the
then current  NYMEX bid/offer range but was indeed higher than the NYMEX high
for the day on  the July contract.? Specifically, the Citizen's Arizona Gas
price received  for July 2001 from Enron is $5.340, the high for the day on
NYMEX was  $5.290.
?
I do not currently  feel comfortable with Enron's pricing methods.? My
assessment after today's  transactions is only partially favorable.? It is my
understanding that  Citizen's compensates Enron in other parts of your
business relationship and  their should be no need for them to mark prices up
when executing either NYMEX,  basis, or a combination of the two.
?
Citizen's may want  to consider pursuing alternative mechanism's?for securing
fixed pricing via  other accessible markets.
?
Sincerely,
?
Art Gelber
Gelber & Associates
agelber@gelbercorp.com
713/655-7000
?


Forgot to include you pn this distribution
---------------------- Forwarded by Stephanie Miller/Corp/Enron on 03/09/2001
02:50 PM ---------------------------

Stephanie Miller
03/09/2001 02:50 PM
To: Karen E Jones/HOU/ECT@ECT
cc:

Subject: Re: Pastoria - Kern River

You are correct. We need to provide revised Exhibit A's or termination
letters on March 15.

Chris Calger has those documents.

Thanks.

Stephanie

Karen E Jones@ECT
03/09/2001 02:41 PM
To: Stephanie Miller/Corp/Enron@ENRON, Gerald Nemec/HOU/ECT@ECT
cc: Ron Coker/Corp/Enron@Enron

Subject: Pastoria - Kern River

Hi folks. Just want to confirm, for purposes of the schedules to our purchase
agreement with Calpine, that the only written documents ENA has with Kern
river are the Precedent Agreement dated 1/31/01 and the amendment thereto
dated 2/7/01.  There was an additional, unexecuted amendment included in
Stephanie's fax to me, so I thought I should double check.  It would be
helpful if you could get back to me today.  Thanks.

Karen


.......and I will be her supervisor.


Please give me a call re  Oneok.

Thanks!

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


Debra,
 I had a type in the definition of Material Adverse Change.  Please resend if
necessary.


-----Original Message-----
From: 	Nemec, Gerald
Sent:	Thursday, October 25, 2001 1:15 PM
To:	Franklin, Cynthia
Subject:	RE: Mariner Confirm

Cindy,  Attached is the revised confirm with my changes redlined.  Let me know if this covers Nelson's concerns.

 -----Original Message-----
From: 	Franklin, Cynthia
Sent:	Thursday, October 25, 2001 9:13 AM
To:	Nemec, Gerald
Subject:	FW: Mariner Confirm

Gerald,
With Judy's departure from our group I have been asked to act as the liaison between the Upstream Desk and Legal. I understand that this is an outstanding issue.

After discussing with Nelson, he would like to include a clause stipulating that the three days is not a result of force majeure.

Cindy Franklin
x37679

 -----Original Message-----
From: 	Thorne, Judy
Sent:	Thursday, October 25, 2001 9:02 AM
To:	Franklin, Cynthia
Subject:	FW: Mariner Confirm

FYI...I have been waiting on Nelson to give me feedback. Rod from Mariner is waiting on a confirm.

Judy

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Friday, October 19, 2001 3:50 PM
To:	Thorne, Judy
Subject:	Mariner Confirm

Judy,  I added the language for release by Mariner that we discussed.  I put a 3 day threshold in the language.  Please review and lets discuss.

 << File: Mariner (Wellhead)1.doc >>


Marie could you please add these parties to the schedule you are preparing.............................thanks  bng
 -----Original Message-----
From: 	Davis, Angela
Sent:	Thursday, November 01, 2001 4:39 PM
To:	Gray, Barbara N.
Subject:	FW: Gas Receivable Financing

Angela D. Davis
Enron North America Corp.
1400 Smith Street, EB3817
Houston, Texas 77019
Tel: (713) 345-8347
Fax: (713) 646-3393
e-mail: angela.davis@enron.com

 -----Original Message-----
From: 	Davis, Angela
Sent:	Thursday, November 01, 2001 4:29 PM
To:	Ephross, Joel
Subject:	Gas Receivable Financing

Contracts with the following parties should be removed from the gas receivable financing:
Dominion Exploration & Production, Inc.
Dominion Field Services, Inc.
Dominion Transmission, Inc.
Domcan Boundary Corp.

Angela D. Davis
Enron North America Corp.
1400 Smith Street, EB3817
Houston, Texas 77019
Tel: (713) 345-8347
Fax: (713) 646-3393
e-mail: angela.davis@enron.com


Per our conversation yesterday,  I will have a job description for the Comp
Finance students sometime today.  I have also gone through the MBA resume
stack yet again.  The person who requested the phone interview is Troy
Mischke.  He works for Pratt & Whitney in Florida.  CMU has a Flexmode
Program, which is another phrase for distance learning.

 It turns out that there are a number of people that work for Pratt & Whitney
in Florida.  My guess is that they all know each other, and decided to take
the Flexmode Program together.  Here are the names

 Tony Garcia
 K. Todd Kuykendall
 Timothy Leonard
 Troy Mischke

 Only Troy requested the phone interview, although Tony Gacia did send a
cover letter.  What is the best path forward?

-Kevin Kindall


Please make plans to attend NESA's Membership Mixer in New York City -
rescheduled from October 10 - 11, 2001.  Details are included in the
attachment below - if you have problems with the attachment please contact
NESA Headquarters and we will be happy to fax or mail the information to
your attention.

We look forward to welcoming you to New York!

>  <<NE Notice 2001.doc>>

 - NE Notice 2001.doc


(See attached file: HPLN0223.xls)

 - HPLN0223.xls


golf lesson saturday.  she said she knew you.  black hair, short.


Folks,

FERC is deliberating today on many agenda items.  Two they have approved
are:

1.  Modifying the June 19 Price Mitigation Order setting the price cap
at $108 until April  30, 2002, and decoupling the cap from California's
reserve deficiency, and instead tying the cap to the price of natural
gas (upwards, only).

2. Denial of Requests for Rehearing (in great part) on all California
Orders since last December 15 (2000), and ordering the California ISO to
submit a revised congestion management plan, and a plan for establishing
a day-ahead market, both plans due May 1, 2002.

Both Orders passed 3 Yea, and 1 No (MAssey, in part on the second
order).

gba


So  true so true so true.

From: Roseann Engeldorf on 12/20/2000 12:48 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: NEED TO RESCHEDULE GE CONFERENCE CALL FOR THIS AFTERNOON

and  i am not kidding.

r.
----- Forwarded by Roseann Engeldorf/Corp/Enron on 12/20/2000 12:48 PM -----

	Roseann Engeldorf
	12/20/2000 12:48 PM

		 To: michael.barnas@ps.ge.com
		 cc:
		 Subject: RE: NEED TO RESCHEDULE GE CONFERENCE CALL FOR THIS AFTERNOON

We work too hard.  Let's have a Christmas party instead.

R.


Here is the price sheet you wanted.  Let me know if I need to add anything to it.  The location of the file is:

M://Electric/24HOUR/JUANH/ERCOT_GRDA TRANS MATRIX/ERCOT GRDA TRANS MATRIX_SUMMER 2001.XLS


How about some new carpet?  I HATE THE CARPET IN THE BEDROOM, although it
does hide dog hair well.  If we want to stick with dark carpet, I like the
green upstairs.

ckm


Not this week.  Maybe next week.

	From:  Ben F Jacoby @ ECT                           10/06/2000 09:57 AM

Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Signature authority

Kay:

My legal name is Ben F. Jacoby. Did I make VP?

Thanks,

Ben

	From:  Kay Mann @ ENRON                           10/05/2000 09:28 AM

To: Ben Jacoby/HOU/ECT@ECT
cc:
Subject: Signature authority

Hi Ben,

Janet has requested that we set you up with signature authority for
development documents.  How do you want you name to read on the corporate
documents?

Thanks,

Kay


my 401k is now worthless.  i have no money.

 -----Original Message-----
From: 	Erin Richardson <erichardson@sarofim.com>@ENRON
Sent:	Thursday, October 18, 2001 2:28 PM
To:	Lenhart, Matthew
Subject:	RE:

how was portland

-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
Sent: Thursday, October 18, 2001 12:49 PM
To: erichardson@sarofim.com
Subject: RE:

great.  good to hear.  i got back last night.

    -----Original Message-----
   From:   Erin Richardson <erichardson@sarofim.com>@ENRON
   Sent:   Thursday, October 18, 2001 12:15 PM
   To:     Lenhart, Matthew
   Subject:  RE:

   yeah, it was horrible, i didn't think i was going to be able to make it.
   when did you get back.

   -----Original Message-----
   From: Lenhart, Matthew [mailto:Matthew.Lenhart@ENRON.com]
   Sent: Thursday, October 18, 2001 11:54 AM
   To: erichardson@sarofim.com
   Subject:

   did you miss me while i was gone?

   **********************************************************************
   This e-mail is the property of Enron Corp. and/or its relevant affiliate
   and
   may contain confidential and privileged material for the sole use of the
   intended recipient (s). Any review, use, distribution or disclosure by
   others is strictly prohibited. If you are not the intended recipient (or
   authorized to receive for the recipient), please contact the sender or
   reply
   to Enron Corp. at enron.messaging.administration@enron.com and delete
   all
   copies of the message. This e-mail (and any attachments hereto) are not
   intended to be an offer (or an acceptance) and do not create or evidence
   a
   binding and enforceable contract between Enron Corp. (or any of its
   affiliates) and the intended recipient or any other party, and may not
   be
   relied on by anyone as the basis of a contract by estoppel or otherwise.
   Thank you.
   **********************************************************************


eThink Stuff For Sale!
That's right; get your very own eThink apparel, accessories and office
gadgets at the Signature Shop online.  Direct your web browser to the
Signature Shop, and then click "eThink Merchandise" to see the complete
line.  Happy shopping!

eSpeak is back!  Tuesday, December 5 at 10:00 am Houston time, please join
Chairman and CEO Ken Lay for an open-mike eSpeak event.  This is your last
chance of the year to ask Ken questions about the issues most important to
you.  Don't miss it!


Mike:
Can you give me an update on where things stand with you and your review of
the docs that we sent to you?  I will be going on maternity leave shortly and
just want to get an idea of how far along can get this before I leave.
Thanks.i

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

	<Mike_Pate@oxy.com>
	06/21/2000 07:28 AM

		 To: Carol.St.Clair@enron.com
		 cc:
		 Subject: RE: MAC Language

Carol:

Why don't you go ahead and send over your CSA form?  I think the idea here
is to have it fully negotiated in advance.  As to the idea of just using
S&P, I will pass that along to our Treasury Dept.

Mike

  -----Original Message-----
  From: Carol St Clair [mailto:Carol.St.Clair@enron.com]
  Sent: Tuesday, June 20, 2000 2:35 PM
  To: Mike_Pate@oxy.com
  Subject: MAC Language

  Mike:
  I have discussed your proposed language with Brant Reves,
our credit person, and
  we are okay with the concept except that we would like for
the ratings trigger
  to be based only on either a drop in the S&P rating or a
failure to have an S&P
  rating.  In addition, Brant has advised me that should we
put in place a CSA,
  that the following would be the credit matrix for collateral
threshold:

  BB to BB+  $2,500,000
  Below BB  Zero

  I look forward to hearing from you.  Should we send you our
form of Credit
  Support Annex?

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


Please see attached.

Aparna Rajaram
Ph: (713) 345-4563
Fax: (713) 853-9476
Aparna.Rajaram@enron.com


>From: "Maggie Beery" <m_beery@hotmail.com>
>To: aeh6375@hbu.edu, allisonspeed@hotmail.com, amy.clemons@enron.com,
>andrea_sorelle@hotmail.com, aria_brown@hotmail.com, battlecj@hotmail.com,
>Callie.Beery@kornferry.com, christina@gulfcoastentertainment.com,
>c_c_krebs@hotmail.com, christylederer@hotmail.com, cwunz@comscore.com,
>Derek_Davis@Dell.com, elizabethfenoglio@hotmail.com,
>emilycbrock@hotmail.com, Jill_Dalovisio@was.bm.com, jwunz@ncta.com,
>Kate.Delaney@lyondell.com, kawise@hotmail.com, kim.davidson@nbc.com,
>lyles65@hotmail.com, marcyrinehart@hotmail.com, mcgeeat@hotmail.com,
>me_levy@hotmail.com, mike.sewell@mail.house.gov, mmalone@loomissayles.com,
>mpincoffs@nada.org, nancy.c.hutcheson@bakerbotts.com,
>PDelaney@USChamber.com, rbeery@argohouston.com, rbeery@houstonisd.org,
>rencarey@aol.com, sarah.bass@gs.com, sneumeister@yahoo.com,
>BWare@rnchq.org, crosenth@central.uh.edu, ellie.bullard@mail.house.gov,
>janderson@rnchq.org, jsimons4@mindspring.com, kmcfall@ssk.com,
>mmcmullen@promarketdc.com, mollyradcliffe@hotmail.com
>Subject: Fwd: RV: Pull!
>Date: Tue, 01 May 2001 14:47:12
>

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com

 - ATT195947.htm
 - squirrell.mpeg


Thanks.

Look at the attached ... it may be too late for this afternoon, but I took a
shot at a revised way of presenting the investment fund and the associated
issues (substitute for slides 15-17?)