Attached is a letter from Reps. Franks (R-NJ) and Meehan
(D-MA) to the GAO, asking it to investigate BPA's sales into the California
market.  As you know, Franks and Meehan are leaders of the Northeast-Midwest
coalition and are frequent BPA
critics.

 - bpa power sales profiteering GAO 2.doc


I have a new toy!


Steve -

Simply FYI - Just wanted to send you the cover summary of the confidential
Resource Management Update Report sent to Cindy and Drew each week.  Thanks
for all your support!

-Sarah A. Davis
Ext. 3-5328


Mike,
? You will probably receive a call from the  top JDRF Legislative Volunteer,
Leah Mullin. Her husband, Leo Mullin, is CEO of  Delta Airlines and they have
a diabetic son. They are also very friendly with  the Brennemans.
? Leah would like to enlist the help of  yourself and any Enron
powers-that-be for support from Dick Cheney for stem cell  funding.
? As you know, from our many mailouts, this is  a hot topic! We are very
afraid that Pres Bush and VP Cheney might ban stem cell  research, thus
negating all chances of our cure for diabetes.
? I hope that you can help Leah when she  calls. I have sung your praises to
her (and just about everyone from Washington  to Timbucktu). Thanks, Mike.
Kathy


Darrell,

Grant just alerted me that I sent you only  part of the text.

Here is the full chapter with an aged version of Gran't part.
What I sent you represents an update of his contribution.

Sorry for that.

Vince


Matt advised me today that John Nowlan and John Chismar have decided that
they want to try to settle this case before the joint survey takes place and
that they will likely appoint Paul Henking, their new head chartering person
in Singapore (formerly of Enron's Houston office) to contact Mitsubishi about
this.

A.  A number of new developments may have influenced this decision (although
I would rely on Matt's knowledge about this, as he actually spoke with Nowlan
and Chismar):

1.  SGS's Singapore lab  continues to struggle with trying to implement the
joint survey test program that Steve Jones, our chemist, wants to use.  In
order to determine if SGS is up to it, Jones feels that it will be necessary
to send Alan Goddard (another one of our experts) to SGS's Singapore lab and
assist in the trials, at an additional cost of about $7,250.  Goodard can't
leave for another ten days or so, causing further delay.  Goodard may or may
not conclude at the end of his stay that SGS is up to it.  ECT's other
options are clearly second choices in terms of cost and strategy.

2.  ECT's damages now appear to be harder to prove.  As to the Elang Crude
cargo at issue, ECT was recently able to calculate that it actually
reportedly made over $500,000 more than if ECT had sold the cargo to FGH.
ECT's big loss was having to substitute a naptha cargo for the Elang Crude
that FGH had rejected.  That loss is reportedly in the range of about
$1,300,000.  However, this seems to raise a number of issues:

(a)  Is this a recoverable consequential damage?  I haven't yet looked at the
charter to see if there is any contractual limitation on damages.

(b)  can we prove that we in fact had to substitute naptha for condensate
(our contract with FGH reportedly requires us to sell the naptha at a big
discount)?  Our traders would reportedly have a tough time stating under oath
that there was no condensate available; our key problem was lack of
confidence what the D3605 test would show even with condensate that we
thought was on spec.

3.  ECT has determined that it may need to recharter vessels from Mitsubishi
in the future for strategic routes.

There may be other reasons for Nowland and Chismar's decision, and I invite
Matt to report on anything else of which he is aware.

B.  Settlement Strategy

     Matt advises that Nowlan and Chismar want to offer to settle for a net
payment of $250,000 by Mitsubishi to us (Matt, I would appreciate your
helping me out with the numbers on how that figure was calculated).  I have
told Matt in the past that I believe a drop hands agreement between ECT and
Mitsubishi would be a very good result, and I think he and I agree.  David
Best also agreed with a drop hands agreement when I mentioned it to him in
the past (although he will not be aware until receipt of this e-mail of the
recent revelation regarding the damages figures).

I will keep you advised.

Britt


---------------------- Forwarded by Scott Neal/HOU/ECT on 04/12/2001 03:11 PM
---------------------------

Kristen_Salivonchik@Dell.com on 04/12/2001 12:01:51 PM
To: sneal@enron.com
cc:
Subject: Please Show Dana

> Hi Steve!
>
> Please show this article to Dana.  It mentions stem cells for nerve
> tissue, maybe it can help her Mom.
>
> http://dsc.discovery.com/news/reu/20010409/stemcell.html
>
> Researchers say stem cells, which were first isolated just over two years
> ago, have the potential to grow new heart muscles for people with cardiac
> disease, new insulin-producing cells for those with diabetes and even new
> nerve tissue for those suffering from spinal injuries or Parkinson's or
> Alzheimer's diseases.
>
>
> So how are you doing?
>
> Take care!
>
> Kristen
>


The attached memo gives an overview of a recent FCC decision and its impact
on special access and transport pricing for EBS in SBC and Verizon regions.
Please forward to anyone else who may be interested.  I can be reached at
x-60360 if you have any questions or follow up.  Thanks, Scott


whichever one is active-scana energy-too many choices to pick
from-counterparty list needs to be cleaned up.  Go ahead and change it.


I also want to clarify that this delivery to Reliant via Midcon is new for
TGLO.  They did not start serving this market until September of this year,
but the points have been on their contract for a number of years.
---------------------- Forwarded by Lauri A Allen/HOU/ECT on 12/05/2000 03:21
PM ---------------------------
From: Gerald Nemec on 12/05/2000 04:12 PM
To: Dan J Hyvl/HOU/ECT@ECT
cc: Lauri A Allen/HOU/ECT@ECT
Subject: Texas General Land Office IT Transport

Dan,  Any input you have on this contract would be appreciated.

----- Forwarded by Gerald Nemec/HOU/ECT on 12/05/2000 04:11 PM -----

	Lauri A Allen
	12/05/2000 02:53 PM

		 To: Gerald Nemec/HOU/ECT@ECT, Eric Gillaspie/HOU/ECT@ECT
		 cc: Daren J Farmer/HOU/ECT@ECT, Edward.D.Gottlob@enron.com
		 Subject: Texas General Land Office IT Transport

Gerald/Eric-

I have a couple of questions regarding TGLO transport contract
012-88494-202.  We are currently delivering a volume of 28.000mm into various
Midcon interconnects on this contract that are designated to go to
Reliant/Entex for the purpose of heating HISD schools.  The transport
contract stipulates different rates for this delivery depending on whether
the gas is intended for state facilities or not.  My first question, then,
is:  are HISD schools considered state facilities?  And, if HISD schools are
considered state facilities, does the fact that this gas is being delivered
to them via Reliant/Entex utilizing Midcon's pipe make any difference?

I am asking these questions not only to assure that we are recouping the
correct transport rate, but also to determine what the consequences might be
if I interrupt this delivery.  We are having difficulty getting enough gas
into Midcon to cover our Entex noms and I am just exploring my options.  I
would also expect that this volume should decrease when HISD closes for the
Christmas holidays- does the fact that this is an IT agreement give me enough
leverage to cut this nom if TGLO does not do so voluntarily?

Thanks for your help.


Congrats on the future addition.  We are all doing good.  Jackson is 20
months and walking and talking up a storm.  Definitely keeping us on our
toes.  The program for people with Graduate degrees is the associate
program.  The person to contact that is responsible for that program is
Kristin Gandy, her number is  713-345-3214.  I have no idea what all the
requirements are and when they recruit.  What type of position is he
interested in - Treasury?  I have some friends down in Treasury that I may be
able to pass the resume on if you guys would like.  Oil and Gas experience is
not a necessity, just a plus.  Enron really encourages diversity in every
form, even experience.  By far the best company I have ever worked for.
PL

"Amanda DeVries" <A.DeVries@worldnet.att.net> on 10/04/2000 04:04:21 PM
To: "Phillip Love" <Phillip.M.Love@enron.com>
cc:
Subject: Catching up and asking a favor

Hey. How is everything going with you all?  Things are pretty good here.
Expecting a second baby in March.  Pretty excited. How are Ashly and
Jackson? Good I hope.  What is Jackson now, almost 2?  I bet he's alot of
fun.  I was also writing to ask you if you know anything about the program
Enron has for people with graduate degrees. Chris is furiously looking for
a new job and was just curious about that program that he saw on the Enron
web site.  I was also going to ask you if you knew of any positions there
that might suit Chris' qualifications.  Alot of what he sees on the web is
looking for alot of engineering or Oil & Gas experience.  I told him you
might have an inside track on some things there and that I would check with
you.  I am attaching his resume for you to look at.  If you know of
anything, please give me a call or e-mail me. I would certainly appreciate
it.  Take care and keep in touch.

Amanda
 - Chris DeVries Resume.doc


I just want you to know that I appreciate all you have done for our company.  I hope that you are able to feel blessed by our Lord and sleep well at night, because you should.  Thanks, Ginger


We Agree

"Eileen Ponton" <kponton@duke-energy.com> on 04/11/2001 10:35:23 AM

To:   David Avila/LSP/ENSERCH/US@TU, Charlie Stone/Texas Utilities@TU, Melissa
      Jones/Texas Utilities@TU, HPL.SCHEDULING@ENRON.COM, LIZ.BELLAMY@ENRON.COM
cc:
Subject:  noms/ actual flow for april 10th

nom       mcf       mmbtu
40,000         41,447         42,566

btu = 1.027


Mark Lay:  I shared confidentially with Vince Kaminski my developing
concept of a highly inefficient not-for-profit enterprise with
dramatically increasing costs.  I believe that a for-profit economic
model is possible that should reverse these skyrocketing costs and
ultimately lower the commodity thereby having a national, if not, global
impact of health care costs.   Vince seems to also believe in the
concepts potential.  The CEO of one of the biggest U.S. blood banks has
already asked to become involved.   I would like involve more people
with vision, means and desire to help make this a reality.  I would look
forward to meeting with you to talk further.  Al Arfsten 713 965 2158


I think I owe you a call?


The attached gas books have been set up.  Please contact me if you have any questions/comments.

Thank you,
Susan Trevino
x3-1462


Great.  I'm sure in the new organization you'll do extremely well.  Mike and
I have a lot of faith in your abilities.

Jeff

	From:  Doug Leach                           12/05/2000 10:20 AM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc: Mike McConnell/HOU/ECT@ECT
Subject:

Jeff,

I met with Shanna this morning and accepted the terms of my new contract.
Thank you for your role in this matter and your trust in me.

Regards,
Doug


Feast your eyes on Enron Business' cool and colorful new look.  You'll find
it in your mailbox at home and online at home.enron.com under Publications,
Enron Business, and "Volume 2, 2001".  (And if you're in Houston, you might
find a few extra copies at the Plaza Java in the lobby of the Enron Building.)

In this issue:
? Enron Direct plays hard to win small customers
? Extreme Enron debuts with exciting stories about employees who ride the edge
? Meteorologists brew science with good business
? Enron's new Vision ) how will we do it?
? Enron fights to keep the California energy crisis from spreading
? Driving business profits where you'd least expect them
? The Insider: Sprechen Zie security?
? Assisting earthquake victims in India
? Find out who won the Word Search ) and enter our Cartoon Craziness Contest
for a chance to win a $200 American Express gift certificate!  Don't dally )
the deadline for entries is Friday, May 11


As a followup to our discussion last week, attached is cash flow activity within Enron Americas for the month of June on a daily basis through June 25th.

Highlights:
	BROKER DEPOSITS
	NYMEX Deposits Net:		($13.0mm)
	OTC Broker Deposits Net:	($693mm)
		Total Deposits Net:		($829.6mm)

	SETTLEMENTS
	Gas Net:			($1,156.4mm)
	Power Net:			($    52.1mm)
		Total Settlements:		($1,208.5mm)

	INVESTING ACTIVITIES
	Net Cash In:			$704.5mm	($726.6mm provided from sale of HPL)

	Net Cash Used for Month to Date:	$1,378.9mm

	Robert B Cothran/ENRON@enronXgate 06/25/2001 01:28 PM 	   To: Gregory Adams/ENRON@enronXgate, Frank Cernosek/ENRON@enronXgate, Joseph Deffner/ENRON@enronXgate, Mike Deville/ENRON@enronXgate, Darryl S Free/ENRON@enronXgate, Paul Garcia/ENRON@enronXgate, Ben Glisan/HOU/ECT@ECT, Georgeanne Hodges/ENRON@enronXgate, Thach C Phan/ENRON@enronXgate, Jody Pierce/ENRON@enronXgate, Alan Quaintance Jr/ENRON@enronXgate, Nadia A Rodriguez/ENRON@enronXgate, Elaine Schield/ENRON@enronXgate, Hope Vargas/ENRON@enronXgate, Theresa Vos/ENRON@enronXgate, Nancy H Vu/ENRON@enronXgate, Todd Warwick/ENRON@enronXgate, Greg Whiting/ENRON@enronXgate  cc:   Subject: Daily Direct Cash Flows

Please find the attached direct cash flow statement for the period June 1st through June 25th.  Please feel free to call with any questions, comments, or if you are aware of items that have been inadvertently omitted from the schedule.  The direct cash flow statement is adjusted as needed in conjunction with updated reports provided by Treasury and ENA Trading Accounting & Reporting for any prior reported activity.  We appreciate notice of any/all transactions which will affect the cash flows for Enron Americas.

Robert B Cothran
Enron Americas
713-853-3478


---------------------- Forwarded by Eric Bass/HOU/ECT on 02/13/2001 11:27 AM
---------------------------

	Enron North America Corp.

	From:  Shanna Husser @ EES                           02/12/2001 07:26 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Fwd: Fw: UT Fans - So True!

Look what this mean person made up about your school!
---------------------- Forwarded by Shanna Husser/HOU/EES on 02/12/2001 07:26
AM ---------------------------

Christina Barthel@ENRON
02/12/2001 07:23 AM
To: Rafael Avila/NA/Enron, "Becky Bliss" <blbliss@hewitt.com>, Leon
Branom/Enron Communications@Enron Communications, Kim Chick/HOU/EES, Robert B
Cothran/Corp/Enron@ENRON, "Anne Denley" <ADenley@vailresorts.com>, "jason
eggenburger" <jasonegg@hotmail.com>, Emily Ferguson/ENRON@enronXgate,
"Meredith" <meredith@friersoncpa.com>, Ryan Hinze/Corp/Enron, Shanna
Husser/HOU/EES@EES@ENRON, "Toby Gouw" <tgouw@teamworks.ws>, Ben
Huxen/NA/Enron, "Juranek, Andrew A" <JuranAA@texaco.com>, Lynna
Kacal/Corp/Enron@ENRON, "Erin Landers" <elaggie99@hotmail.com>, "Jared
McDaniel" <jaredmcdaniel@hotmail.com>, "Anthony Moawad" <amoawad@kpmg.com>,
Chris Ochoa/NA/Enron, "Jaimie"<Jaimie_Parker@hotmail.com>, "Tracie Reed"
<traciereed99@hotmail.com>, "Brandon" <brandon.shimer@imgfinancialgroup.com>,
"Jose" <jose.a.suarez@us.pwcglobal.com>, Raul Yzquierdo/Enron
Communications@Enron Communications
cc:
Subject: Fwd: Fw: UT Fans - So True!

From: "Kelly Kohrman" <pyrowoman@hotmail.com>
To: albert_ferrel@yahoo.com, ashbaylor@hotmail.com,
Ashley.Victorick@coastalcorp.com, aggie_guy21@yahoo.com,
CharlesPotterMail@yahoo.com, christina_ag99@hotmail.com, jadajot@yahoo.com,
jaf4678@neo.tamu.edu, j_a_garner@yahoo.com, laftamu@excite.com,
long@astrosfan.net, SLogan@TXLMortgage.com, AggieTia98@worldnet.att.net
Subject: Fwd: Fw: UT Fans - So True!
Date: Fri, 09 Feb 2001 22:55:29

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

 - ut1.gif


Per your request.


Attached is the TW Weekly report for February 22, 2002.

Jan Moore
X53858


-----Original Message-----
From: 	"Edward Krapels" <ekrapels@esaibos.com>@ENRON
Sent:	Wednesday, November 28, 2001 2:42 PM
To:	vkamins@ect.enron.com
Subject:	systemic risk

Dear Vince,

I tried to call but your phone was busy. I'm an unofficial advisor to the
White House energy team and they've asked me if Enron's bankruptcy presents
a potential systemic risk. I told them I did not think so.

This is FYI only... as I am unencumbered by the facts, it was only a
judgment call on my part.

Feel free to call me at 781 245 2036.

Best of luck... we're thinking of you and wish for the very best.

Ed

 - winmail.dat


Lynn:

Per our phone conversation Saturday, November 17, 2001, this is to advise
that one of the North Team's customer. Reliant Energy Retail, Inc. (Nancy Callans
the Rep) was very, very,dissatisfied as well as questioning the integrity of TMS'
Allocations for Gas Day 11/16/01.

Since John had discussed the details with me on Friday, November 16, 2001
(7:00 PM)  I will not reiterate them at this time unless we deem it necessary
to review the data at a later date.

Best regards,
Jean L. Blair
North Team


Teco Tap       30.000 / Enron ; 68.542 / HPL Gas Daily


See my initial email to Sam Schott and Stephanie, about 3rd email from the
bottom, there's two samples of how we could set divisions (the same could be
said for dba's).
----- Forwarded by Tana Jones/HOU/ECT on 04/16/2001 04:36 PM -----

	Mark Taylor
	04/16/2001 03:30 PM

		 To: Bill D Hare/HOU/ECT@ect
		 cc: Samuel Schott/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT
		 Subject: Urgent - Counterparty Divisions: Cargill Ferrous International

Bill -

If Sam's description below of the GCP procedure is correct, it looks to me
like something needs to be changed.  The difficulty lies in the fact that the
confirmation system reads the counterparty's name from Global Counterparty.
Since divisions of companies are not legal entities they do not have the
power to contract in their own names.  If the correct legal name is not in
Global Counterparty, the confirmation goes out with the wrong legal name on
it seriously compromising the contract itself.  That is the source of Tana's
concern regarding the correct entering of divisions in the system.

My suggestion is that Global Counterparty use the same name that the customer
has signed on the EnronOnline Password Application -- my understanding is
that the EnronOnline team returns inappropriate Applications to the customer
until they are correctly completed.

In this particular case since the counterparty is still not allowed to
transact on EnronOnline almost a month after sending in their application
they are understandably upset and are now complaining.  I would appreciate it
if you could get this one fixed today and, if you have any problem with
changing the GCP procedure, please let me know.

Mark

----- Forwarded by Mark Taylor/HOU/ECT on 04/16/2001 03:15 PM -----

	Tana Jones
	04/16/2001 03:11 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response -
CP/ID 94330, Cargill Ferrous International

----- Forwarded by Tana Jones/HOU/ECT on 04/16/2001 03:11 PM -----

	Samuel Schott
	03/28/2001 01:09 PM

		 To: Tana Jones/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
		 cc: Walter Guidroz/Enron@EnronXGate, Tom Moran/Enron@EnronXGate, Lisa
Lees/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT, Cheryl Johnson/Corp/Enron@Enron
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response -
CP/ID 94330, Cargill Ferrous International

FYI...

Cargill Ferrous International is setup correctly in the Global Counterparty
System as a Division of Cargill, Inc.
Cargill Ferrous International is the full name of this division and setup as
such in GCP with a Sub-to-Legal Link
to Cargill, Inc. per GCP procedure.

Also, the Global SAP team (Cheryl Johnson) would need Legal Name Change
documentation from the Counterparty
in order to change this name.

Best Rgds.

Samuel x3-9890 (GCP)
Enron Net Works _ Global Data Management

From: Tana Jones on 03/28/2001 09:47 AM
To: Samuel Schott/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
cc:
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Any updates on adding the correct legal name to this counterparty name?

---------------------- Forwarded by Samuel Schott/HOU/ECT on 03/28/2001 12:53
PM ---------------------------

	From:  Samuel Schott                           03/23/2001 11:25 AM

To: Stephanie Sever/HOU/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT, Walter Guidroz/NA/Enron, Tom
Moran/Enron@EnronXGate, Lisa Lees/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Hello,

Yes, GCP provides the links to establish the correlation between the parent
and child for our downstream systems.
GCP procedure is to create Counterparty names that reflect either the
Tradename / Division name or Parent Name  - - not both simultaneously.
(Although, we have broken that rule for Legal in the past.) This defeats the
purpose of using a Tradename.

Best Rgds.

Samuel

From:  Stephanie Sever
     03/23/2001 10:21 AM

To: Tana Jones/HOU/ECT@ECT
cc: Samuel Schott/HOU/ECT@ECT, Walter Guidroz/NA/Enron, Tom
Moran/Enron@EnronXGate, Lisa Lees/HOU/ECT@ECT
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Tana,

Please review the process below:

With divisions,  EOL does request a new Password Application for the
applicant reflecting the name as you noted below.  When the company is set up
in the EOL database we link the company to the Parent and reference the CP
ID.  Sam, please confirm, Global Counterparty also provides the links to
establish correlation between the parent and child for our downstream systems.

Let me know if this is the appropriate steps that you would like to see.

Thanks,
Stephanie

From: Tana Jones on 03/22/2001 06:03 PM
To: Samuel Schott/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
cc: Walter Guidroz/Enron@EnronXGate, Tom Moran/Enron@EnronXGate
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Sam & Stephanie,

Re:  Cargill Ferrous International

It was my understanding with the EOL Team that all divisions would have the
legal incorporated entity as part of the name.  Stephanie, I my preference is
to kick their Password Application back and get them to change it to read
something like "Cargill Ferrous International, a division of Cargill, Inc."
or "Cargill, Inc. acting through its Cargill Ferrous International Division".

	Samuel Schott
	03/21/2001 01:58 PM

		 To: Walter Guidroz/ENRON@enronXgate @ ENRON, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant
Reves/ENRON@enronXgate@ENRON, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/ENRON@enronXgate@ENRON, Cynthia
Clark/ENRON@enronXgate@ENRON, Enron Europe Global Contracts and
Facilities@ENRON, Enron Europe Global CounterParty/LON/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT, Tom Moran/ENRON@enronXgate@ENRON, Claudia
Clark/HOU/ECT@ECT, William S Bradford/ENRON@enronXgate@ENRON, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim
Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron, Tanya
Rohauer/ENRON@enronXgate@ENRON, Kelly Lombardi/NA/Enron@Enron, Brian
Lindsay/Enron Communications@Enron Communications@ENRON, EOL Call
Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect, Amy
Heffernan/Enron Communications@Enron Communications@ENRON, Molly LaFuze/Enron
Communications@Enron Communications@ENRON, Danny Clark/Enron
Communications@Enron Communications@ENRON
		 cc:
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Any GCP adjustments will be highlighted in red.

Attn. GCP_London:
There's a new EOL Counterparty listed in the UK. Please respond.

Best Rgds.

Samuel x3-9890
ENW_GCP

From: Walter Guidroz/ENRON@enronXgate on 03/20/2001 05:30 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global Contracts and Facilities@ENRON, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications
cc:
Subject: EOL approvals, 3-20-01

Please see attached.


Subject: Too much calcium?

********************************************************

 - teef.jpg


will do.

	Jeremy Blachman@EES
	12/28/2000 08:09 AM

		 To: Scott Gahn/HOU/EES@EES, Michael Mann/HOU/EES@EES, Angela
Schwarz/HOU/EES@EES, Craig H Sutter/HOU/EES@EES, Richard L
Zdunkewicz/HOU/EES@EES, Bill Votaw/HOU/EES@EES
		 cc: Jeff Dasovich/NA/Enron@Enron, Roger Yang/SFO/EES@EES, Gayle W
Muench/HOU/EES@EES, Wanda Curry/HOU/EES@EES
		 Subject: Update--Day 1 of California PUC Hearings

FYI.

jeff/ roger, can you make sure the above folks, who head up our market facing
activities across EES are on any and all distribution lists for this
stuff..they need to be in the loop on what is happening in the market.

---------------------- Forwarded by Jeremy Blachman/HOU/EES on 12/28/2000
08:07 AM ---------------------------
From: Jeff Dasovich@ENRON on 12/27/2000 08:57 PM
Sent by: Jeff Dasovich@ENRON
To: Roger Yang/SFO/EES@EES, skean@enron.com, Richard Shapiro/NA/Enron@Enron,
James D Steffes/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Sandra
McCubbin/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, mpalmer@enron.com,
Karen Denne/Corp/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Alan Comnes/PDX/ECT@ECT, Harry
Kingerski/NA/Enron@Enron, Tim Belden/HOU/ECT@ECT, Frank W
Vickers/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Chris H Foster/HOU/ECT@ECT
cc: Beverly Aden/HOU/EES@EES, Brenda Barreda/HOU/EES@EES, Carol
Moffett/HOU/EES@EES, Cathy Corbin/HOU/EES@EES, Christina Liscano/HOU/EES@EES,
Dan Leff/HOU/EES@EES, Debora Whitehead/HOU/EES@EES, Dennis
Benevides/HOU/EES@EES, Don Black/HOU/EES@EES, Dorothy Youngblood/HOU/ECT@ECT,
Edward Sacks/Corp/Enron@ENRON, Eric Melvin/HOU/EES@EES, Erika
Dupre/HOU/EES@EES, Evan Hughes/HOU/EES@EES, Fran Deltoro/HOU/EES@EES, Gayle W
Muench/HOU/EES@EES, Ginger Dernehl/NA/Enron@ENRON, Gordon Savage/HOU/EES@EES,
Harold G Buchanan/HOU/EES@EES, Harry Kingerski/NA/Enron@ENRON, Iris
Waser/HOU/EES@EES, James W Lewis/HOU/EES@EES, Jeremy Blachman/HOU/EES@EES,
Jess Hewitt/HOU/EES@EES, Kathy Bass/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES,
Ken Gustafson/HOU/EES@EES, Kevin Hughes/HOU/EES@EES, Leasa Lopez/HOU/EES@EES,
Leticia Botello/HOU/EES@EES, Mark S Muller/HOU/EES@EES, Marsha
Suggs/HOU/EES@EES, Marty Sunde/HOU/EES@EES, Meredith M Eggleston/HOU/EES@EES,
Mike M Smith/HOU/EES@EES, Neil Bresnan/HOU/EES@EES, Neil Hong/HOU/EES@EES,
Paula Warren/HOU/EES@EES, Richard Shapiro/NA/Enron@ENRON, Rita
Hennessy/NA/Enron@ENRON, Rosalinda Tijerina/HOU/EES@EES, Scott
Gahn/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Sharon Dick/HOU/EES@EES, Tanya
Leslie/HOU/EES@EES, Tasha Lair/HOU/EES@EES, Ted Murphy/HOU/ECT@ECT, Terri
Greenlee/NA/Enron@ENRON, Tony Spruiell/HOU/EES@EES, Vicki Sharp/HOU/EES@EES,
Vladimir Gorny/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES, William S
Bradford/HOU/ECT@ECT
Subject: Update--Day 1 of California PUC Hearings

Thanks Roger.  Here are the highlights of today's hearings:

 Common themes--many tracked ours pretty closely
Not a question of whether rates need to rise, but by how much.
Though some oppose any and all rate increases, the lion's share acknowledged
that the utilities have a cash flow problem and the a rate increase is
necessary.
Due process matters.
If the Commission is thinking about going as far as ending rate freezes and
increasing rates, it better provide for ample due process, or countless law
suits will ensue.
Don't jump the gun.
A rate increase is likely, but only the utilities benefit from adoption of
the utilities' proposals. The Commission needs to carefully scrutinize the
utilities' claims and take a careful look at the level of increase required
to maintain access to capital markets.  However, as expected, the utilities
implored the Commission to jump the gun immediately.  The utilities want the
Commission to declare an end to the rate freeze and raise rates on Jan.4.
No more divestiture.
The utility should keep the generating assets it retained, but the Commission
should ensure that the assets' benefits are allocated equally among all
customers.  One legislator recommended that the State buy the utilities'
hydro assets, which would give the utilities the cash they need and give the
state control over some generation.
Treat all customers equally and fairly.
The Commission should not create two classes of customers (e.g., large v.
small; direct access v. bundled).  No customer group should be sacrificied to
save another.
Be as narrow as possible/do as little harm as possible
The immediate problem is the utility's cash/credit crunch.  As such, the
Commission should do only enough to solve this very specific, immediate
problem.  A modest rate increase is all that's required and the Commission
should do no more.

At the beginning and the end of the hearing, the President of the Commission
asked parties to be prepared (at tomorrow's hearing) to discuss whether the
Commission could legally use its other, broad powers to raise rates without
declaring an end to the rate freeze.  It seems that she seems some benefit in
raising rates, but leaving AB 1890 otherwise intact untill the Commission can

Marketers and generators are to blame for the problem
Though not universally embraced, the theme came up repeatedly.

A few parties (e.g., the Unions, low income consumer groups, one PUC
commissioner) called for complete re-regulation of the industry, returning
the utilities to vertically integrated monopolies.  But they were the
exception rather than the rule at today's hearing.

2. Next steps
There hearings were scheduled to end on Thursay, but now will continue
through Friday.
Tomorrow, lawyers will provide "oral" arguments on whether the Commission
must end the rate freeze in order to increase rates.  We will argue that it
does not have to, and should not, go through the complex and controversial
exercise of determing whether the rate freeze is over between now and
01.04.01.  We will argue that the Commission has the authority to raise rates
without ending the rate freeze, and if it decides to raise rates, it should
do so while keeping AB 1890's basic structure in place until a full and fair
hearing of the issues is completed.   We are talking to other stakeholders to
persuade them to take the same approach.  In terms of legal arguments, this
is clearly a long shot, but one that seems worth taking.
After the oral argument, the utilities will present their rate proposals and
"all interested persons" will have the opportunity to cross-examine the
utilities (in short, tomorrow will also be a zoo).
When asked what the process will be for issuing a proposed decision and
providing comments, the President of the Commission responded "we don't know,
it's evolving."  In other words, the Commission is doing a poor job of
ensuring that their Jan 4 decision is "appeal-proof."
Keep in mind that the situation remains extremely fluid and the trend is
still toward ending the rate freeze on Jan. 4th.  We continue to aggressively
offer alternatives to that possibility and continue to try to bring other
stakeholders to our side.
We're doing everything necessary to preserve our appeal rights.

We can discuss further on the 10 AM (CST) call tomorrow.

Best,
Jeff

	Roger Yang@EES
	12/27/2000 05:43 PM

		 To: Leticia Botello/HOU/EES@EES
		 cc: Ted Murphy/HOU/ECT@ECT, Dennis Benevides/HOU/EES@EES, James W
Lewis/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Don Black/HOU/EES@EES, Tony
Spruiell/HOU/EES@EES, Mike M Smith/HOU/EES@EES, Meredith M
Eggleston/HOU/EES@EES, Neil Hong/HOU/EES@EES, Evan Hughes/HOU/EES@EES, Neil
Bresnan/HOU/EES@EES, Jess Hewitt/HOU/EES@EES, Vladimir Gorny/HOU/ECT@ECT,
William S Bradford/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Eric
Melvin/HOU/EES@EES, Scott Gahn/HOU/EES@EES, Gayle W Muench/HOU/EES@EES,
Gordon Savage/HOU/EES@EES, Harry Kingerski/NA/Enron@Enron, Ken
Gustafson/HOU/EES@EES, Edward Sacks/Corp/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Marty Sunde/HOU/EES@EES, Dan Leff/HOU/EES@EES, Vicki
Sharp/HOU/EES@EES, Kevin Hughes/HOU/EES@EES, Jeremy Blachman/HOU/EES@EES,
Harold G Buchanan/HOU/EES@EES, Mark S Muller/HOU/EES@EES, Kathy
Bass/HOU/EES@EES, Rosalinda Tijerina/HOU/EES@EES, Debora
Whitehead/HOU/EES@EES, Leasa Lopez/HOU/EES@EES, Christina
Liscano/HOU/EES@EES, Tasha Lair/HOU/EES@EES, Erika Dupre/HOU/EES@EES, Rita
Hennessy/NA/Enron@Enron, Brenda Barreda/HOU/EES@EES, Marsha
Suggs/HOU/EES@EES, Carol Moffett/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Cathy
Corbin/HOU/EES@EES, Sharon Dick/HOU/EES@EES, Beverly Aden/HOU/EES@EES, Tanya
Leslie/HOU/EES@EES, Paula Warren/HOU/EES@EES, Wanda Curry/HOU/EES@EES, Ginger
Dernehl/NA/Enron@Enron, Dorothy Youngblood/HOU/ECT@ECT, Terri
Greenlee/NA/Enron@ENRON, Fran Deltoro/HOU/EES@EES, Iris Waser/HOU/EES@EES
		 Subject: Re: Reminder - Level Setting Mtg-California Markets Focus Group
EB2868

Got an update from Jeff Dasovich.  No earth shattering news.  Comments have
been all over the place.  The impression is being made by differing parties
that the issues are very complex and would inevitably result in endless
lawsuits.  Possible conclusion by the CPUC may be to invoke emergency powers
to implement an emergency surcharge and avoid addressing the issue of when
the rate freeze ends in these hearings.  However, this is just speculation.
Jeff will return to the office by 5:00 pm PST and will send out a summary of
today's hearings.

Roger

Leticia Botello
12/27/2000 06:57 AM
To: Ted Murphy/HOU/ECT@ECT, Dennis Benevides/HOU/EES@EES, James W
Lewis/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Don Black/HOU/EES@EES, Tony
Spruiell/HOU/EES@EES, Mike M Smith/HOU/EES@EES, Meredith M
Eggleston/HOU/EES@EES, Neil Hong/HOU/EES@EES, Evan Hughes/HOU/EES@EES, Neil
Bresnan/HOU/EES@EES, Jess Hewitt/HOU/EES@EES, Vladimir Gorny/HOU/ECT@ECT,
William S Bradford/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Eric
Melvin/HOU/EES@EES, Scott Gahn/HOU/EES@EES, Gayle W Muench/HOU/EES@EES,
Gordon Savage/HOU/EES@EES, Harry Kingerski/NA/Enron@Enron, Ken
Gustafson/HOU/EES@EES, Edward Sacks/Corp/Enron@Enron, Roger Yang/SFO/EES@EES,
Richard Shapiro/NA/Enron@Enron
cc: Marty Sunde/HOU/EES@EES, Dan Leff/HOU/EES@EES, Vicki Sharp/HOU/EES@EES,
Kevin Hughes/HOU/EES@EES, Jeremy Blachman/HOU/EES@EES, Harold G
Buchanan/HOU/EES@EES, Mark S Muller/HOU/EES@EES, Kathy Bass/HOU/EES@EES,
Rosalinda Tijerina/HOU/EES@EES, Debora Whitehead/HOU/EES@EES, Leasa
Lopez/HOU/EES@EES, Christina Liscano/HOU/EES@EES, Tasha Lair/HOU/EES@EES,
Erika Dupre/HOU/EES@EES, Rita Hennessy/NA/Enron@Enron, Brenda
Barreda/HOU/EES@EES, Marsha Suggs/HOU/EES@EES, Carol Moffett/HOU/EES@EES,
Kathy Dodgen/HOU/EES@EES, Cathy Corbin/HOU/EES@EES, Sharon Dick/HOU/EES@EES,
Beverly Aden/HOU/EES@EES, Tanya Leslie/HOU/EES@EES, Paula Warren/HOU/EES@EES,
Wanda Curry/HOU/EES@EES, Ginger Dernehl/NA/Enron@Enron, Dorothy
Youngblood/HOU/ECT@ECT, Terri Greenlee/NA/Enron@ENRON, Fran
Deltoro/HOU/EES@EES, Iris Waser/HOU/EES@EES
Subject: Reminder - Level Setting Mtg-California Markets Focus Group EB2868

12/27/00

Time    Location Call In #  Pass Code

10:00 Central Standard Time  EB 2868  1-800-713-8600  80435

This is a recurring daily meeting until further notice  (this invitation will
schedule your calendar through 1/31/01).

Time, Call In #, and Pass Code are the same for all meetings.  Conference
room location will be changed as soon as possible to better accommodate the
participants.

Note:  Optional Invitees FYI Only

Please call me if you have any questions

Leticia

x-58752


Beaver Football Lovin' Fraters,

Spring is upon us and that means spring football!  Saturday, April 28th, 1pm
at Reser Stadium is the annual inter-squad scrimmage.  We will be going,
flasks in hand, to the game.  So, we would like to extend an invitation to
any fraters that would like to join us.  If enough interest is gained we will
put together a BBQ.

Check out this link for more info on the team:
http://osubeavers.fansonly.com/sports/m-footbl/spec-rel/040201aaa.html

There is also a Fun Run that morning:
http://osubeavers.fansonly.com/genrel/fun-run-01.html

Please reply by April 21st, if you have any interest, and we will see what we
can put together.

YITB,

Ryan Hildebrand
Histor
T851

Stay in touch with Tau Kappa Epsilon.  Click http://www.TauKappaEpsilon.org
and get your free TKE  StartPage.  Customize your own collection of the
latest news, sports, stock quotes, and more.   Check it out today!


IF + .0075 + transport + .17% fuel + $.0153


[IMAGE]
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I suggest setting up a meeting with all of my desk heads after your meeting with REFCO.   At that point in time, you can provide an overview of the deal structure and we can talk about East Power requirements.

 -----Original Message-----
From: 	Cummings, John
Sent:	Tuesday, September 25, 2001 1:49 PM
To:	Presto, Kevin M.
Cc:	Eichmann, Marc
Subject:	RE: REFCO Project Update

Kevin

Thanks for your response.  During their visit here, we are going to go through the various products that we already make markets for and try to come up with a short list of products to start with that would appeal to their customer base.  In regards to the fixed monthly premium, did you have a number in mind and if not what are the variables that would factor into that decision.  You had also said during our initial presentation of the concept to you that you wanted to have a meeting with your various desk heads to make sure all the angles are thought through.  After this visit, we should have a much clearer idea of what the deal would look like and we can schedule this meeting.  I would be happy to come up and talk to you about this if you desire.

JC

 -----Original Message-----
From: 	Presto, Kevin M.
Sent:	Friday, September 21, 2001 10:13 AM
To:	Cummings, John
Subject:	RE: REFCO Project Update

With respect to East Power markets, I would like a fixed monthly premium in addition to the wider bid/offer in return for Refco's access to our markets.

 -----Original Message-----
From: 	Cummings, John
Sent:	Thursday, September 20, 2001 3:59 PM
To:	Nowlan Jr., John L.; Arnold, John; Presto, Kevin M.; Goughary, Jim; Wilson, John L.; Belden, Tim
Cc:	Eichmann, Marc; Richter, Brad; Shults, Bob
Subject:	REFCO Project Update

Gentlemen

I wanted to provide you an update on the status of the Refco private label platform deal.  We have had several meetings since I first presented the idea to you all.  Unfortunately, Refco's headquarters was in One World Financial Center which was severely damaged by debris from the World Trade Center collapse.  They suffered no human losses from the disaster, but their offices are off limits and all their computers and paper files are inaccessible for the time being.  They are up and running out of a Jersey City location with some back up capability.

To briefly summarize the discussion so far, ENW would build a Refco branded platform similar to EOL that would be accessed by Refco's customers.  Enron would provide transactable prices to the site with wider spreads and potentially smaller minimum volumes.  Refco customers would transact on the site with Refco as their counterparty and Refco would sleeve the transactions to Enron allowing us to consolidate our credit risk to a singular credit, Refco.   The products contemplated include various Nymex look-a-like products and other liquid swaps in oil, natural gas, and electricity.  Revenue would come to Enron in the form of license fees for the platform, transaction fees, and origination from the additional volume create by the wider margin products.  Revenue would come to Refco in the form of transaction fees.  Refco has a similar arrangement in place for FX with Dresner bank and have announced a similar platform for bonds and securities with Cantor Fitzgerald/E-speed.

All that being said, they are anxious to move the discussion forward and we have planned a visit for them to come to Houston in 2 weeks.  Attending will be Gary Weiss, SVP Refco Group Ltd. LLC and President & CEO of Refco F/X Ltd LLC, and Joe Murphy, CEO Refco Futures Ltd. LLC.  The purpose of this visit is for them to give us a presentation on the Refco Group of companies, discuss the products and estimations of revenue streams based on their current futures business, and discuss the possible structure of the deal.  The meeting is scheduled to begin at 2:30pm Thursday Oct 4 and expected to last the balance of the day and possibly into the next morning.  I will approach you all individually to get your feedback on how you would like to interact with them and when.  I realize there are significant issues to be addressed.

Refco currently has some 175,000 collateralized customer accounts ranging from Institutional Investors & locals down to individuals.  We have put these into 2 buckets which have different profiles.  Phase 1 would include the Top 2000 accounts which are largely substantial institutional investors, locals, and high net worth individuals.  If this proves successful, phase 2 would be rolled out with products designed to attract activity from the smaller investors.  The idea would be to automate the products as much as is practical.

Mark Tayor in Legal has already spoken with their counsel and is comfortable that they have reviewed all the legal angles thoroughly.  Refco advises that if the have accounts back up by collateral guaranteed by them, they become Eligible Contract Participants (ECPs) able to execute derivatives.  So, they believe that the majority of the 175,000 accounts they have could be ECPs for the purposes of this deal.  Credit is reviewing the Refco financials and we plan to discuss this thoroughly during their visit.

Please do not hesitate to contact me at x36413 if you have any questions or comments and I will be getting in touch with you early next week to get your feedback.

Regards

John Cummings


Attached is the revised amendment.


Okay "Superman" how many tickets can you really use?

"Buffy - The Vampire Slayer"

To: Greg Whalley/HOU/ECT@ECT
cc:
Subject: Re: Opening Game @ Enron Field - 4/7

"Superman" needs 74 tickets for he and his superhero buddies. Don't ask me
all their names.  Thanks in advance
Jim

Greg Whalley
04/05/2000 05:13 PM
Sent by: Liz M Taylor
To: Gary Hickerson/HOU/ECT@ECT, George McClellan/HOU/ECT@ECT, Daniel
Reck/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Jim Fallon/HOU/ECT@ECT,
Jeff Donahue/HOU/ECT@ECT, Raymond Bowen/HOU/ECT@ECT, Jay
Fitzgerald/Corp/Enron@ENRON, Mark E Haedicke/HOU/ECT@ECT, Jeffrey
McMahon/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT, Greg Piper/Corp/Enron@Enron,
Vince J Kaminski/HOU/ECT@ECT, Jere C Overdyke/HOU/ECT@ECT, Brian
Redmond/HOU/ECT@ECT
cc: Stella L Ely/HOU/ECT@ECT, Angie Collins/HOU/ECT@ECT, Lucy
Marshall/HOU/ECT@ECT, Marsha Schiller/HOU/ECT@ECT, Kimberly
Hillis/HOU/ECT@ect, Janette Elbertson/HOU/ECT@ECT, Sue Ford/HOU/ECT@ECT,
Lydia Cannon/HOU/ECT@ECT, Tina Spiller/Corp/Enron@Enron, Shirley
Crenshaw/HOU/ECT@ECT, Donna Baker/HOU/ECT@ECT, Katherine Benedict/HOU/ECT@ECT
Subject: Opening Game @ Enron Field - 4/7

Greg Whalley has rented out the Rooftop Deck & Clubhouse at Union Station for
Opening Game on Friday, April 7.  You are cordially invited to party with
Greg "the Green Hornet" Whalley, with game time beginning @ 7:05p.m. - Astros
vs. PHI.

Please contact me about the numbers of tickets you will need.  We may be able
to accommodate some members of your team.    The rooftop can hold up to 75
people.

Many Thanks,

Liz Taylor x31935


thanks

 -----Original Message-----
From: 	Williams, Jason R (Credit)
Sent:	Monday, October 22, 2001 1:58 PM
To:	Perlingiere, Debra
Subject:	RE: e prime

Debra -

We will provide a $30 MM gty. from Enron Corp. for Enron North America's trading with e prime Energy Marketing, Inc.  ENA gets a $25 MM collateral threshold.

Please let me know if you have any other questions.

Thanks,

JRW

 -----Original Message-----
From: 	Perlingiere, Debra
Sent:	Monday, October 22, 2001 1:47 PM
To:	Williams, Jason R (Credit)
Subject:	e prime

 Regarding the guaranties, I am confused on the amount you want me to write for Corp. $30 or 20? Please let me know. Thanks!

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


FYI--I forgot to mention another global finance deal that I am working on-it is a restructuring of the margining requirements for the Bammel Gas Monetization.


I don't recall making this request.  Who did you hear this from?  Maybe that person could shed light on this for both of us.

There was some confusion among the HR groups a couple of weeks ago with the name that was assigned to your cost center for accounting purposes - didn't match the organizational name that is used for your group.  I wonder if that is where this is coming from?  Norma (whose last name I don't know) who works for Robert Jones in HR was in the midst of the confusion.  The RC name that was used had "IBS" in it and was rather long, but didn't obviously seem to relate to your team.  Question was whether or not this RC reported in through Operations.  When I asked Norma to read me the names of employees in that RC, it included Kathy Reeves and her team.  I told her that we had not used the term "IBS" in a while.  Norma asked if the RC name should be consistent with the organizational name of the group.  I said that makes sense and she said she would follow up on that.  But that should have been a name change, not the opening of a new cost center.  See if any of this info gets us back on the right track.  --Sally

 -----Original Message-----
From: 	Hedstrom, Peggy
Sent:	Friday, April  27, 2001 8:57 AM
To:	Beck, Sally
Subject:	New RC for Calgary Risk

I understand that you requested that a separate Cost Center be set up for the Calgary Risk group.  Any special reason?  Do I need to set up separate Cost Centers for the rest of my departments?
Peg


Craig,  Attached is a short outline concerning the approach we discussed
earlier.  Please review and let me know if you agree.


As requested by KCS Resources, the volume on deal # 125822 has been revised
from 10,494 to 8,600/d effective 11/1/00.

Bob


Attached is the summary of the phase 1 testimonies to consider for the
purposes of tomorrow's discussion.

	Joseph Alamo
	05/08/2000 03:22 PM

To: Bruno Gaillard/SFO/EES@EES, Susan J Mara/SFO/EES@EES, Jeff
Dasovich/SFO/EES@EES, bcragg@gmssr.com, Robert Frank/HOU/EES@EES
cc:
Subject: DG Cross Conference Call

On behalf of Bruno Gaillard, please consider this *confirmation* of a a
conference call now scheduled
regarding the above-referenced topic, as noted below:

 Date: Tuesday, May 9, 2000
 Time: 9:00 AM PDT/11:00 AM CDT
 Call-in: (888) 808-8525
 Code: 637137

If you have any questions concerning the above, please do not hesitate to
call
me at (415) 782-7841 or Bruno directly at -7810.

Thanks in advance for your participation.

Joseph Alamo
Sr. Administrative Asst.
San Francisco CA Government Affairs


Enron Mexico Holdings 3 Ltd., a Cayman Islands corporation, changed its name
to Enron BW Holdings Ltd. on December 11, 2000.  At the same time its stock
was transferred from Enron North America Corp. to Enron Corp.  Evidence of
the name change is on file in the 48th floor corporate vault.

Please notify appropriate people in your group.

NOTE: Sylvia Hu - evidence to follow by hand.

Kate B. Cole
Director, Corporate Services
Enron Corp.
Tel: (713) 853-1624
FAX: (713) 646-8007
Email: kate.cole@enron.com


FYI, ENA has (or had) about 50,930 of primary receipts at Venice.

 -----Original Message-----
From: 	navigator@nisource.com@ENRON
Sent:	Monday, March 25, 2002 8:56 AM
To:	navigator@nisource.com
Subject:	FTS-2 Capacity Auction

                       COLUMBIA GULF TRANSMISSION COMPANY
                        NOTICE TO ALL INTERESTED PARTIES
                                 MARCH 25, 2002

Notice ID: 3582
5 - NO RESPONSE REQUIRED

Columbia Gulf Transmission is auctioning 47,395 dth/d of onshore firm capacity
from Venice to Rayne, Louisiana at CGT's maximum onshore FTS-2 transportation
rate.

This capacity will be available April 1, 2002, with bids due by 2:00 p.m.
(Central Time) on March 25, 2002.

Details of this capacity auction may be found in the Columbia NAVIGATOR system
under the capacity release folder, offer number 35598.

For additional information please contact Brian Lamb at (713) 267-4251.


STAGE 1 EMERGENCY NOTICE [200000206]

Effective 08/25/2000 at 14:01 the California Independent System Operator
has implemented Stage 1 of the Electrical Emergency Plan. The Plan has
been implemented for the following reasons:

reserve deficiency

Stage 1 is expected to be in effect from HE 15
through HE 19.

Participating transmission owners are to notify the Utility Distribution
Companies within their operational areas.

Stage 1:    Operating reserves are less than minimum. Advise the Utility
            Distribution Company of potential power shortages and request
            the UDC to advise end-use customers to reduce demand to minimum
            requirements without disruption of employment or curtailment of
            industrial production or commerce. Advise the UDC to prepare for
            imminent implementation of the interruptible load programs and/or
            electrical emergency plan.

This message is from Market Operations  at the California ISO.

Notice issued at: 08/25/2000 14:05


"ATTENTION ANALYSTS SEARCHING FOR 2nd or 3rd ROTATIONS"
Joe Richards, the Executive VP at EOTT Energy Corp., is looking for an
analyst that will be rotating within the November/December, 2000 timeframe.
EOTT is located at 2000 W. Sam Houston Parkway South; therefore, if there is
anyone living out near the beltway and I-10 (West Sam Houston Tollway at
Briar Forest) and meet the requirements, this would be a great rotation for
you.  The information about the rotation is as follows:

Description of the Group:
EOTT Energy is engaged in the purchasing, gathering, transporting, trading,
storing and reselling of crude oil and natural gas liquids (NGL's) and
related activities.
EOTT Energy has been serving the oil industry's needs since 1946
Is one of the largest lease crude purchasers in North America and a major
marketer of crude oil and NGL's in the US and Canada.
Is an indirect, wholly-owned subsidiary of Enron Corp with approximately 770
employees
Operates in most major producing areas of the US, serving customers in 18
states; maintains district offices in over 25 different communities.

Description of Function:
Will conduct analysis to support the development of business opportunities
related to assets that enhance cash flow.
This includes:
Acquisition of strategic assets and optimization of existing assets;
Working closely with the Director of Business Development in co-ordinating
the input of business units to identify under-utilized assets and implement
plans for alternative disposition;
Assisting in formalizing and standardizing post audit procedures;
Analyzing and developing financial and tracking models for capital projects;
Screening proposals for completeness, consistency and accuracy and providing
required research data as applicable.

Anyone interested in this rotation should contact Lynette LeBlanc at
713-993-5014 or Steven Jungman at 713-993-5096 or fax or e-mail your more
recent resume to them at 713-993-5898 expressing your desire for this
rotation.

I may also be contacted at 713-853-6499 if you have questions.

Thank you.

Andrea Richards
Career Development
Associate and Analyst Program
x36499


Please find attached the code for the HJM simulation model for option pricing and other necessities.
The model takes as inputs prices and volatilities and generates a daily spot price grid and respective transition probabilities - a framework for pricing options of multiple kinds.
As it is, the model seems quite flexible and detailed. It takes care of fwd-fwd volatilities and uses different factor loadings for each month - this means that the model takes different PCAs as as the curve shrinks in time. Also, the user may define as many factors as the size of # of points in the fwd curve.
One interesting aspect is the way I evolved the spot price to provide convergence to the prompt month price as the month approaches its end. Before shocking prices (spot and fwds) I get the expected spot for the next day by linear interpolation with the prompt fwd. By ensuring convergence, however, the model creates a spot price vol that converges to the prompt month vol. The phenomena is illustrated in the spreadsheet example where I call the model for each day of the first month to calculate the respective daily expected prices and vols.
As usual, I put the whole project on o:\research\common\project\options\HJM. It is self-contained - no need for other files and the whole source code is there. To see the the spreadsheet you need to install the fwd-fwd vol function and the loading factor function. You will find these things on o:\research\custom. Note that this is not necessary to run the model itself. It just makes the spreadsheet more illustrative and the code more understandable.
Regarding the last, I tried as much as possible to make the code clear and lean hoping that you feel confortable with its pieces and usability.

These are the files:
	HJMsim.c - Main file
	HJM.c - Where the simulation is actully run
	Support.c - set of support functions for the simulation (fwd-fwd, PCA, etc...)
	NRC.c - set of NRC functions I used (changed variables from float to double)
	NRUTIL.c - modified to accomodate memory management of double tensors

Please let me know your opinion and the bugs.
Thanks.


Shirley,

FYI

Vince
 -----Original Message-----
From: 	Delgado, Deborah
Sent:	Friday, June 08, 2001 11:31 AM
To:	Weiss, Gary; Kaminski, Vince J; Sezgen, Osman
Cc:	Hoelscher, Sandy; Dupont, Anita; Jones, Richard
Subject:	Cohesive New Trading Model for DSM

The above referenced meeting has been scheduled for Monday, June 18 from 1:30 - 2:30 in EB7C1.

Thank you,
Debbie


Suggest asking Mike Smith also.  To me looks like the capex inflation and O&M inflation are backasswards.

-----Original Message-----
From: Hayslett, Rod
Sent: Sat 11/17/2001 9:32 AM
To: Lee, Jebong
Cc: Tu, Denis; Rosenberg, David E.
Subject: RE: Toll Model Review Meeting Updates

You should get these 2 experts in pipeline modelling and estimating involved into the discussion.   They have years of experience in inflation and impacts on pipeline economics.

-----Original Message-----
From: Lee, Jebong
Sent: Fri 11/16/2001 6:24 PM
To: Hill, Robert; Gadd, Eric
Cc: Ratner, Michael; Kissner, Tim; Reinecke, Bryan; Miller, Mary Kay; Hayslett, Rod
Subject: Toll Model Review Meeting Updates

The model review meeting on Thursday went well, and the consensus was that there are many changes to be made to the current Foothills economic model. Many assumptions in the current model were challenged by the participant companies. Foothills agreed to reflect the suggested changes to the model (Andy is supposed to send out a summary of the discussion) and provided an electronic copy of the model for withdrawn partners' review. Withdrawn partners agreed to give their comments/feedback on the model to Foothills until 11/27/01 and another meeting to reach an agreement on economic model/toll was scheduled for 12/03/01 or 12/04/01. The data from economic/toll model will be used in commercial proposal/presentation to the ANS producers which ANNGTC intends to have by 12/20/01. Tim and I will review Foothills' cash flow and COS model and prepare comments.

Overall, the participants though that the current Foothills model ($0.43/MMBtu toll for Alaska section) has very aggressive assumptions in many ways, and it is very likely that the toll will be increased significantly after all the appropriate revisions are made. The following are the main discussion points of the meeting. Item 1 and 2 are expected to have a very large impact on the toll.

1) Capex and Opex need to have annual/monthly escalation (current model has 0% escalation). For example, Foothills sensitivity analysis shows that 2.5% Capex escalation would increase the toll by $0.20. Numbers such as 1.5% for Capex and 2.5% for Opex were thrown during the meeting, but more reviews need to be done regarding appropriate escalation rates. Do you have any opinion on this, Bryan?

2) Foothills is using Flowthrough method (using cash taxes in COS calculation) to calculate income taxes that go into the Cost of Service and might be underestimating Cost of Service. Tim thought that the Flowthrough method will not fly because of previous cases in which that method was not allowed by IRS and FERC. Foothills said that they can still have same toll under Normalized tax method by changing the depreciation number, but Tim was concerned that it might force the partnership to record negative depreciation. Foothills declined our request to share their Cost of Service model and insisted that we calculate the toll ourselves based on the information in the cash flow model. They agreed to provide a hard copy of their Cost of Service model in the end, but Tim and I were under impression that Foothills was trying to lower the toll as much as they can. Tim was also concerned about levelized toll approach because of FERC might lower allowed return in the later rate cases and more analysis needs to done regradign this. Please correct me if I am wrong here, Tim.

3) OM & A is currently estimated to be 1% of Capex but this might be too low (OM&A in more latest cost estimate by Foothills is approx. 1.5% of total Capex).

4) The Withdrawn Partners' historical contributions ($228 million) will be added to the Rate Base, but this might be dropped if necessary. Success fee of $40 million should be included in the project budget.

5) Working Capital will be added to the project cost. The Line Pack cost (14.5 Bcf for the whole section) was assumed to be borne by ANS producers but some participants highly doubted that that would be the case. The Line Pack gas might have to be bought by the Partnership or the Producers will at least demand certain return on their gas sitting in the pipeline for 25 years.

6) For Return on Capital and AFUDC, 14% ROE and 8% Interest on Debt assuming 30/70 capital structure is likely to be kept. However, the current drawdown schedule assumes construction financing available from the very beginning, which will not be true. Certain assumptions should be made on the financial close date and commercial agreement/preliminary determination date to calculate AFUDC more accurately.

7) Current financing assumption in the model is a 25 year bank loan with balloon amortization and DSCR of 1.6. In reality, the initial bank loans will be of shorter maturity (5-15 years) and certain roll-over financing will be unavoidable. It is also likely that the loans will have multiple tranches with different terms, interest rate, seniority etc.

8) There is significant currency risk associated with Canadian section of the ANGTS considering that some sources of capital, revenues and part of operating expenses will be in Canadian dollars. A mechanis to mitigate currency risk should be in place and there might be some costs associated with it.

9) Property taxes of 2% in Alaska seems high, but Property taxes during construction period should be added.

Lastly, there is about $300 million difference ($4,336-$4035) between ETS current cost estimates and the cost estimate in the Foothills model, excluding IDC and AFUDC. Another engineering estimate might have to be dome for larger pipe size (46 or 48 inch) as noted in Bryan's email.

Thanks,

JB

Jebong Lee
713-853-9722 office
713-306-8658 cell


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/18/2000
12:39 PM ---------------------------

Charlene Jackson@ENRON
10/17/2000 08:32 PM
To: Cantekin@mail.utexas.edu
cc: Vince J Kaminski/HOU/ECT@ECT, Becky Bruce/NA/Enron@ENRON, Teresa
Bosien/HR/Corp/Enron@ENRON
Subject: Full-time offer terms

Cantekin,
Dolores Muzzy forwarded your e-mail.  I apologize for not answering sooner
but I have been travelling.

Unfortunately, the  terms of the Associate Program compensation package are
not negotiable.  We have reviewed our terms and believe we are competitive
with our peers.  I have spoken with Vince Kaminski who will be calling you to
discuss.

Given that it has taken 6 days to respond to you, if you are still
considering Enron's offer of employment I will extend your deadline until
October 24th.

Please call if you have any other questions.

Sincerely,
Charlene Jackson


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Do I need to bring a pen and paper?  Is that considered "professional"?  I
think it would be more impressive if you were taking my notes.  Let me know
what you think.

D

	From:  Yvette G Connevey @ ENRON                           03/01/2000 11:54 AM

To: Lisa Csikos/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Mary M
Smith/HOU/ECT@ECT, Rita Wynne/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT, Pat
Clynes/Corp/Enron@ENRON, Michael Walters/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT,
O'Neal D Winfree/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT
cc: Brenda F Herod/HOU/ECT@ECT
Subject:

REMINDER:

Tuesday, March 7th there will be an ENA Gas Assets Meeting with Cliff Baxter
and Greg Whalley from 2:00 - 3:00 pm in Conference Room EB5C2.

Everyone who supports the ENA Gas Assets business is encouraged to attend,
this includes each Manager and your groups.  Understanably, you may need some
people covering desks and phones who won't get to attend.  For those who will
be able to make it, keep in mind we would like to leave everyone with a
professional image of our groups.  Please encourage your groups to be there
on time if not slightly early and modeling the Enron dress code.

If you have any questions please call.

Thank You!
Yvette
x3.5953


mauney,waskom, brickell


Group,
A quick reminder. The night shift will average the sales price and make one strip for the on-peak piece.(so ST-WBOM will sell to ST-Whourly at x$ for HE7-22 then ST-Whourly does whatever it needs to do).
If you have questions just let me know.
Thanks,
Bill

 -----Original Message-----
From: 	Symes, Kate
Sent:	Thursday, September 13, 2001 10:56 AM
To:	DL-Portland Real Time Shift
Subject:	Length for Fri.-Sat.

For Friday and Saturday -

We will be long 50 mw on peak @ SP15 - 25 mw under STWBOM, 25 mw under STCA. The day-ahead SP15 price is $27.61. Please sell off this length under the STWHOURLY book and enter appropriate inter-desk swaps.

Let me know if you have any questions.

Thanks,
Kate


To contribute our personal best at ENRON, our conduct must promote respectful
and co-operative work relationships. Workplace harassment conflicts with
ENRON's vision and values and violates Company policy.  Harassment also can
violate federal and state laws.  By understanding what harassment is and its
potential harm, we can prevent it in our workplace.

We are pleased to announce that all employees of EWS and EES will receive
harassment prevention training soon.  This training is mandatory for all
ENRON employees.

During this training you will:

 Be able to recognize harassment
 Learn to take precautions against being harassed
 Learn to avoid being considered a harasser
 Know how to address a situation involving harassment
 Learn how harassment prevention is consistent with ENRON values

Please click here (  )  to sign up for the session of your choice.    If you
have problems registering or have any questions, please call 713 853-0357.

The dates and times available for the sessions are:

 Tuesday, Feb 20; 1:00 - 2:30; 2:45 - 4:15; 4:30 - 6:00
 Friday, Feb 23; 1:00 - 2:30; 2:45 - 4:15
  Monday Mar 5; 1:00 - 2:30; 2:45 - 4:15; 4:30 - 6:00

All training sessions will be held in the LaSalle Room at the DoubleTree
Hotel.


As you are aware TD were concerned about the basis risk embedded in the
prepaid swap structure . They plan to hedge their Enron exposure by buying
credit default swaps in the market. However under credit default swaps, only
a default on debt as defined by GAAP is  included as a credit event, and
swaps are excluded from this definition .  This basis risk  therefore occurs
where  Enron defaults on the oil swap but has not defaulted on any debt. This
does not trigger a payout to TD under their credit protection, their recourse
will then be through  the Corp guarantee with time delays.

To mitigate that risk it was proposed that  in the event of an Enron default
under the prepaid swap, the MTM termination value of the swap would be
converted into a loan and Enron would automatically default on that loan.
TD's counsel came back late on Friday to say that they could not give a clean
legal opinion on this  structure.

We therefore proposed an alternative structure which involves TD and Enron
entering into a loan of $10.1m at the same time as the swap is executed. This
loan will  be in the name of Enron Corp. In the event of an Enron default on
the prepaid swap, this will cross default into the $10.1m   loan and that
forms the required trigger for TD's  credit default swaps.   The lawyers
signed off on this last night and Norton Rose are now preparing the loan
documentation.
They are basing it on the May 2000, 364 day Enron Corp facility and we are
expecting first draft tomorrow. I will forward this to you when I receive it.

The deal itself is still undefined as TD have  credit approval subject to
presyndicating the loan to two other banks and putting a certain level of
credit protection in place prior to executing the trade.
The confirm/term sheet has not changed from two weeks ago and I have
forwarded Sara's  comments to TD but their focus has been on getting credit
approval rather than docs until today.  We have not sent a confirm to Morgan
Stanley yet as we plan to replicate  whatever  confirm we agree with TD.

I will keep you informed as to TD's progress.

Regards


At the request of Daniel Diamond, I am attaching our proposed form of Letter
of Interest   If the enclosed meets with your approval, please execute the
agreement and return it to me via fax no. (713) 646-3490.  I will then have
it executed by Enron.  If you have any comments or questions please call Mark
Greenberg, Senior Counsel, at (713) 345-8897 or me at (713) 853-3399.  We
look forward to hearing from you.


Does anyone know why in our form of LC we have language that seems to qualify
Section 13(b) of the UCP which sets forth the amount of time that the issuing
bank has to honor drafts?  I don't see anywhere in our form where we modify
this Section.  Here ios the current version that we are using.
Carol


----- Forwarded by Mark Taylor/HOU/ECT on 08/23/2000 09:40 AM -----

	RCosentino@milbank.com
	08/23/2000 02:33 AM
	Please respond to RRichards

		 To: doug.mcdowell@enron.com, craig.clark@enron.com, ryan.siurek@enron.com,
gareth.bahlmann@enron.com, clint.walden@enron.com, kevin.d.jordan@enron.com,
mark.taylor@enron.com, carol.stclair@enron.com, brent.vasconcellos@enron.com,
annmarie.tiller@enron.com, Fcochran@velaw.com, acurry@velaw.com
		 cc:
		 Subject: Delta III

Attached below please find the following blacklined documents:

(1)? Enron/Delta Swap (marked against the prior draft distributed);
(2)? Enron/Citibank Swap (marked against the prior draft distributed);
(3)? Enron/Delta Guaranty (marked against the prior draft distributed);

Enron/Citibank Guaranty (marked against the prior draft distributed);
Enron/Delta Fiscal Agency Agreement (marked against Delta II);
Enron/Citibank Fiscal Agency Agreement (marked against Delta II); and
Indemnification Agreement (marked against the prior draft distributed).

Please note that the attached have not been reviewed by Citibank and
therefore remain subject to their comments as well as the continuing internal
review by Milbank, Tweed.?

Please do not hesitate to contact the undersigned with any questions or
comments.

??????? Eric Moser
??????? (212) 530-5388
Ray Richards
(212) 530-5575

 <<EnronDeltaSwap.doc>>  <<EnronCitibankSwap.doc>>
<<EnronDeltaGuaranty.doc>>   <<EnronCitibankGuaranty.doc>> ?
<<EnronDeltaFiscalAgencyAgmt.doc>>  <<EnronCitibankFiscalAgencyAgmt.doc>>
<<IndemnificationAgmt.doc>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - EnronDeltaSwap.doc
 - EnronCitibankSwap.doc
 - EnronDeltaGuaranty.doc
 - EnronCitibankGuaranty.doc
 - EnronDeltaFiscalAgencyAgmt.doc
 - EnronCitibankFiscalAgencyAgmt.doc
 - IndemnificationAgmt.doc


Kim, the Astro's only play June, 1,2,3.. and then not again until the 15th... I have the tickets for 1,2,3.... if that influences your dad at all.

He should come down that weekend.

BT


Southwest Gas currently views Enron Online but is afraid to transact physical
volumes on it because they are afraid the payment terms on Enron Online are
different than non-EOL trades.  They stated that they reveiwed the EOL
contract and that it does not address payment.  I told them that the payment
terms do not differ but they are asking for something in writing.  Can you
send them something.


Mark -

Let's discuss this so there is no misunderstanding about where EFI is likely to come out on their claim.

Thanks.

Rob

-----Original Message-----
From: Dhruv, Tushar
Sent: Monday, September 24, 2001 9:48 AM
To: Lundstrom, Bruce
Cc: Walls Jr., Rob; Edison, Andrew; Leach, Doug; Price, Brent A.
Subject: FW: Fuel Management Agreement

Bruce:

After a couple of go arounds, below is the Indian counsel's (Mr. Talwar) opinion with respect to Enron Fuels International's (EFI) claim as to the Fixed Fee as provided in the Fuel Management Agreement (FMA).  I am sure Doug Leach has mentioned to you the mark-to-market and accrual income exposure of $14 million should the FMA also were rescinded or parlayed in the final resolution.  EFI is continuing to invoice for the Fixed Fee every month although the plant is not operating as is DPC to MSEB.

Mr. Talwar's view is that as long as the PPA is valid, EFI has the right to collect the fee.  If, however, the PPA is declared to be invalid as per MSEB's claim, then EFI would not be entitled to the fee.

I just want to point out that as DPC (and Enron) is working for a resolution, EFI's role should also be considered.  And along those lines, EFI should take an active role in pursuing that its interest is protected.

Please call me at 35336 to discuss.

        -- Tushar

-----Original Message-----
From: Edison, Andrew
Sent: Saturday, September 22, 2001 4:40 PM
To: Viverito, John; Leach, Doug; Dhruv, Tushar
Cc: Aronowitz, Alan
Subject: FW: Fuel Management Agreement

Gentlemen:

I think this e-mail I received early Saturday morning directly and succinctly answers the questions we posed to Indian counsel.  Let's talk at your convenience.

Andy

-----Original Message-----
From: suresh talwar <suresh.talwar@crawfordbayley.com>@ENRON
Sent: Sat 9/22/2001 3:28 AM
To: Edison, Andrew
Cc:
Subject: RE: Fuel Management Agreement

Dear Andy,

The answers to each of your questions is as follows :

1.      There is no theory under Indian law that Enron could use, to make an enforceable claim against MSEB in the context of the facts placed before us.

2.      The concept of agency relationships does exist under Indian Contract Law.  The concept of third party beneficiary claims does not exist under Indian Contract Law.  However, Enron cannot make use of the agency relationship theory as the Agreement has not, apart from stating that DPC will be Enron's agent, stated that DPC will be acting under the Agreement as agent for Enron for all purposes.

3.      Yes, our view is that Enron has no enforceable claim against MSEB on the basis of the facts placed before us and the provisions of the Agreement.  However, if DPC makes a claim against MSEB and a judgment is awarded to DPC for recovery of the Fixed Fee, either as such or by way of damage, then Enron would have a right to attach the amount that may be payable by MSEB to DPC.

Kind regards,

Suresh

-----Original Message-----

From:   Andrew.Edison@enron.com [SMTP:Andrew.Edison@enron.com]

Sent:   Friday, September 21, 2001 6:41 PM

To:     suresh.talwar@crawfordbayley.com

Cc:     kiran.khanna@crawfordbayley.com

Subject:        RE: Fuel Management Agreement

I am a little bit confused.  Is there any theory under Indian law we could

use to make a claim against MSEB?  In America, we might have a claim under

an agency relationship or a third party beneficiary claim.  Is there any

such creature under Indian law?  Is your advice that we have no claim

whatsoever?

    -----Original Message-----

   From:   suresh talwar <suresh.talwar@crawfordbayley.com>@ENRON

             [ <mailto:IMCEANOTES-suresh+20talwar+20+3Csuresh+2Etalwar+40crawfordbayley+2Ecom+3E+40ENRON@ENRON.com>]

   Sent:   Friday, September 21, 2001 7:05 AM

   To:     Edison, Andrew

   Cc:     kiran.khanna@crawfordbayley.com

   Subject:  Fuel Management Agreement

   Hello Andy,

   I refer to your email of 20th September, 2001 seeking clarification in

   respect of the advice we gave you on the 19th of September, 2001 on the

   Fuel Management Agreement (Agreement).

   You wish to know whether Enron Fuels International Inc (Enron/Fuel

   Manager) could make a claim under Indian law against MSEB on any

   potential theories such as agency relationship, third party beneficiary

   claims etc.

   MSEB has to discharge certain functions under the Agreement.  These

   include amongst others, approving of the Fuel Management Plan proposed

   by the Fuel Manager, providing copies to the Fuel Manager of notices

   issued by MSEB to DPC pursuant to certain clauses in the PPA, etc.

   There is no provision in the Agreement to suggest that Enron has entered

   into the Agreement relying on the continued subsistence of the PPA and

   no commitment has been made by MSEB under the Agreement in that behalf.

   Enron's right to the Fixed Fee from DPC under the Agreement, is

   contingent upon DPC being paid the corresponding PPA Fuel Management Fee

   by MSEB.  I assume that the only parties to the PPA are DPC and MSEB.

   The payment of the PPA Fuel Management Fee by MSEB to DPC is governed by

   the provisions of the PPA, to which Enron is not a party.  Therefore

   there is no privity of contract between Enron and MSEB/DPC as regards

   the PPA.  As a result, Enron has no claim against MSEB for non-payment

   of the PPA Fuel Management Fee to DPC and therefore has no claim against

   MSEB under the Agreement as there is no breach by MSEB of its functions

   under the Agreement.

   I trust I have answered your query adequately.  Please feel free to call

   for any questions that you may have.

   Kind regards,

   Suresh

**********************************************************************

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.

**********************************************************************


Your approval of the following product type in Datamanager is needed:

US East Power Fin Swap Unplan B ENA (INTERNAL ONLY)

Please do not approve between the hours of 6 am and 11 am.

US Pwr Swap ENA  ERCOT Peak              Jun01           USD/MWh

A US Power financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website,
multiplied by the number of applicable hours in such Determination Period.
Each calendar month during the term of the Transaction will be a
Determination Period; provided that, if the term of the Transaction is less
than one calendar month the Determination Period shall be the term of the
Transaction. The Payment Date(s) for Transactions which are less than one
month will be the fifth (5th) Business Day following the last day of the
month that includes the Determination Period. The Payment Date(s) for
Transactions which are one month or longer will be the fifth (5th) Business
Day following the date on which the Floating Price is determinable.
The transaction is for the applicable hours as set forth herein on each
Delivery Day for the Effective Date 01 Jun 2001 to the Termination Date 30
Jun 2001.
The Floating Price during a Determination Period shall be the average of the
daily prices listed in the Index for power delivered during Peak hours on
each Delivery Day during the applicable Determination Period.  The Floating
Price for each Determination Period shall be calculated utilizing the daily
prices published in Megawatt Daily's Market Report under the headings "Trades
for Standard 16-Hour Daily Products;Weighted Average Index; ERCOT-B"  (the
"Index").
The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
The unit of measure against which the price is quoted shall be megawatt-hours
(MWh) and the quantity shown shall be in MW's delivered in each applicable
hour for the duration of the Transaction (the "Hourly Quantity').
The transaction is for on-peak ("Peak") hours on each Delivery Day beginning
with the hour ending 0700 (6:00 am) and concluding with the hour ending 2200
(10:00 pm) Central Prevailing Time. "Delivery Day" means a day during the
term of the transaction that is a Monday, Tuesday, Wednesday, Thursday, or
Friday, excluding any day that is a NERC holiday.

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


thanks.  i heard boone was in rare form though.  i am dead tired right now.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Doug Sewall, Terry Clines

Date:		10/2/2000
Time:		8:30 AM - 9:30 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Vince,
I am writing in regards to an energy derivatives training course I am
developing.  I would like to invite you to be an instructor for the course.
A preliminary agenda is attached.  Brett Humphreys from Risk Capital
Management is teaching on Day One, and I was wondering if you would be
interested in covering all or part of Day Two.  The topics outlined here can
be modified based on your feedback.

Our training courses are structured for an interactive, classroom-type
setting.  We limit the audience to 25 people and bring in 2-3 instructors to
cover the material over the course of two days.

I will follow up but please let me know what you think.
 <<Agenda.doc>>
Thank you,
Clare Fitzgerald
Director, Training Courses
marcus evans
312-540-3000x6785

 - Agenda.doc


As Enron finalizes plans for our child care center scheduled to open during
the 3rd quarter of next year, we would like your input on 3-5 alternatives
for names for our center. We will be holding open forum type focus groups on:

December 11th and 12th in room EB49C3 from 11 am to 1 pm.

If your schedule allows, we would love to have you stop by and provide your
feedback.

Thanks for your assistance in naming our center! We look forward to seeing
you next week!

Regards,

Charla


---------------------- Forwarded by Jefferson D Sorenson/HOU/ECT on
07/05/2000 04:58 PM ---------------------------

Bob Klein
07/05/2000 04:57 PM
To: Jefferson D Sorenson/HOU/ECT@ECT
cc: Rebecca Ford/HOU/ECT@ECT
Subject: UNIFY TO SAP INTERFACES

We interfaced UNIFY to SAP three times today. Interface number one (8:40 AM)
was error free. The second interface (Noon) created duplicate invoices for
those sent in our first interface. The problem that caused the duplication
was that the flag in UNIFY that prevents invoices from being sent to SAP
after they have already been interfaced did not work. The problem was
corrected before out third interface at 3:15 PM. In the 3:15 interface, one
error occurred --- a counterparty was set up in Global as intercompany that
should be third party. This error will be corrected before our next interface
on 7/6 AM.

Overall, I was pleased at how well the interfaces worked today and how fast
the SAP and UNIFY teams responded to our issues.

Bob


please print all of this.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/19/2001
08:50 AM ---------------------------

	From:  Amanda Huble @ ENRON                           01/19/2001 07:57 AM

To: Fletcher J Sturm/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, Richard
Tomaski/Corp/Enron@Enron, Laura Luce/Corp/Enron@Enron, Julie A
Gomez/HOU/ECT@ECT, Frank W Vickers/NA/Enron@Enron, Jonathan
McKay/CAL/ECT@ECT, Tim Heizenrader/PDX/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT
cc:
Subject: Fundamental Newsletters


I'm interested!

Kate

Mollie Gustafson
05/01/2001 12:14 PM
To: Portland West Desk
cc:

Subject: TONIGHT - BEAVERS BASEBALL

I have 3 tickets available for the Beavers game tonight, these are in the
Enron Pavilion Suite, game starts at 6:30 PM.
I also have a parking pass available.

First person to express interest is the winner!

Thanks.

Mollie


TASK ASSIGNMENT

Status:		completed

Task Priority:		1
Task Due On:		1/5/2001
Task Start Date:


Attached please find the revised draft Schedule.

(See attached file: Enroncan.doc)

Regards,
Dan Carr

 - Enroncan.doc


Please find attached Credit's EOL responses for 2/14/00.

Regards,
Molly


---------------------- Forwarded by David M Gagliardi/TTG/HouInd on
11/07/2000 08:28 AM ---------------------------

mggagliardi@duke-energy.com on 11/07/2000 07:22:27 AM

To:   DGagliardi@reliantenergy.com, David_Ricks@GSDM.com,
Tony.A.Rogers@fritolay.com
cc:

Subject:  True Orange Fax/E-Mail #104

---------------------- Forwarded by Michael
Gagliardi/Hou-ComOps/EnergyTrading/PEC on 11/07/2000 07:21 AM
---------------------------

TruOrange@aol.com on 11/06/2000 07:21:16 PM

To:   TruOrange@aol.com
cc:
Subject:  True Orange Fax/E-Mail #104

True Orange Fax/E-Mail Service
Volume 8, Fax/E-Mail #104, Monday, November 6, 2000
Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 -
Phone
512-795-8536

Applewhite Has Knee Sprain, Won't Play at Kansas & He's Iffy for Aggies

Coach Mack Brown said Monday the MRI on QB Major Applewhite's knee showed a
strained PCL (posterior cruciate ligament) in his right knee that will
sideline him for the Kansas game and possibly for the Texas A&M game, too.
"It's a sprained ligament," Brown said. "It won't require surgery, but he
is
out for this week and he's questionable for A&M."
Brown said he is slightly optimistic because "I've had five kinee
operations
and I never was moving around  as good as Major was Saturday night after
the
game."
But he said sophomore Chris Simms is the starting QB and will be backed up
by
Beau Trahan, with WR Courtnee Garcia, a former high school QB, also getting
some snaps at QB just in case any additional injuries occur at the
position.
Brown said he has no plans to play freshman Chance Mock, who is
redshirting,
because he said Mock runs the opposing teams' offenses for the scout team
against the Longhorn defense and hasn't worked with the first or second
team
offenses all year.
"We think he is going to be a very good player, but we still plan to
redshirt
him this year," Brown said.
I talked to a couple of friends who are outstanding knee surgeons and both
said Applewhite will have a hard time returning in time for the A&M game.
They said he would have a very difficult time backing up with a sprained
PCL.
Brown said it will be important for the offense to be two-dimensional
against
Kansas  so all the pressure for moving the offense does not fall on Simms.
Freshman DT Stevie Lee (broken bone in foot) won't be able to play Saturday
at Kansas, Brown said, adding that it looks like Lee, who was injured in
the
third game, will not be able to play again this year and will be eligible
for
a medical redshirt that will give him four more years of eligibility. If a
player is injured prior to the fourth game, he is eligible for a medical
redshirt if he is unable to return later in the season.
Brown said backup CB Ervis Hill has a separated shoulder and is out for the
rest of the season. He also said backup WR Artie Ellis is still having
problems with a sore shin and won't play Saturday.
Redshirt freshman DT Ryan Haywood underwent shoulder surgery last week and
Brown said the doctors said it went well.
* * * *
The Longhorns are starting true freshmen at their three primary recever
positions, and Brown said all three of them are playing well. WRs Roy
Williams and B. J. Johnson have been starting for several weeks and they
already rank first (Williams) and second (Johnson) on the list of Longhorn
freshmen receivers in yardage for a season. TE Brock Edwards moved up when
Mike Jones hurt his knee, and Brown said Edwards, who got his second start
Saturday at Texas Tech, "played really, really well. His blocking is much
better and he made two outstanding catches." Williams has 544 yards in
receptions this season and Johnson has 496. The previous freshman high was
set by Lovell Pinkney, who had 458 receiving yards as a freshman in 1992.
* * * *
Brown said the Longhorns have been playing much better during their
four-game
winning streak, and he cited three primary reasons. "The Oklahoma game got
our attention, we simplified our offense and Major got well," he said. He
said Applewhite had started looking like his old self in recent weeks.
"Seven
months out of a knee operation is not a long time," he said, citing the
time
between the surgery on Applewhite's left knee and the start of two-a-days.
* * * *
RECRUITING NOTES: Super DT Tommie Harris of Killeen Ellison plans to come
to
the A&M game the day after Thanksgiving. . . I'm not sure how soon it will
happen, but I will be very surprised if super LB Derrick Johnson of Waco or
super safety Dewayne Brandon of Temple wind up anywhere else but in Austin.
* * * *
My next e-mail/fax will be whenever events warrant.
* * * *
The True Orange Fax Service includes  at  least  99 faxes  a year and costs
$99 ($79 by E-Mail). The True Orange Newsletter includes  26 newsletters
and
is published weekly during football season and twice monthly during most of
the other months. It costs $45. Save by subscribing to both for $130 (or
$110
if you take the faxes via E-Mail  or $99 if you take the faxes and
newsletter
via E-Mail). Send check  to address at the top of page. I also  update my
900 number ? 1-900-288-8839 ? daily with recruiting news. My E-Mail address
is: truorange@aol.com


IMPORTANT NOTICE - Modification to ISO Billing Procedure

Attention:  Scheduling Coordinator (SC) Settlements Contacts and/or Accounts
Payable;

	The current process for issuing the FERC Fee invoices has changed.
There may be additional changes in the future which would require tariff
revisions.

	For now, the process changes are as follows:

*	Instead of sending one preliminary invoice per month for FERC Fees,
ISO will issue one preliminary and one final invoice for every trade month.
*	The monthly FERC Fee invoices will be issued one business day after
the Market and GMC invoices are generated.
*	FERC Fee invoices will be somewhat similar to the GMC invoice and
they will be EDI'd (instead of being faxed) to the Market Participants.
*	A charge type has been created for the FERC fee (CT 550).  The
settlement statements for the last trade day of the month will include the
FERC Fee charges as manual line item entries.

	If you have any questions about FERC Fees, please contact Mike
McGuffin, 916-608-5753 or Masoud Shafa, 916-351-2216, of ISO Settlements.

	Thank you.

	FERC Fee - Market Notice

	Introduction

	FERC has authorized the ISO to collect FERC's annual charges from
the Scheduling Coordinators (SCs) that use the ISO grid starting January 1,
2001.  The annual fee is based on the product of the FERC fee and SCs'
metered demand (load and export MWhs).  The fee is currently estimated at
$0.021/MWh and is subject to change. Load associated with transactions that
do not use the ISO Controlled Grid will not be assessed the FERC fee.

	In accordance with FERC's March 14, 2001 Order on Amendment No. 35
to the ISO Tariff, 94 FERC ? 61,266, the California ISO has developed a
procedure for invoicing and collecting the FERC Fee from Market
Participants.

	Process

	The FERC Fee invoices will be issued to each market participant one
business day after the market and GMC invoices are distributed. The last
statement of the trade month will include the FERC Fee charges under CT 550.
A daily GMC Details file is already issued to SCs and can be used to verify
metered load and export quantities.

	To claim an exemption from the FERC Fee, an entity must provide data
showing that applicable load and export data was not associated with
transmission transactions over the ISO controlled grid. SCs requesting
exemption from the FERC Fee need to provide their ISO Client Representative
with the BAID, location, interchange ID, and quantities of load and export
that are to be exempted. Any disputes concerning requested exemptions should
be raised in the ISO's settlement dispute process. The ISO will inform the
FERC of the total quantity of transmission transactions over the ISO
Controlled Grid and the MWh exemptions requested by each Market Participants
for the FERC Fees.

	DUE DATES
	Payment of the FERC Fee is not required on a monthly basis for
	a) entities with a current Approved Credit Rating or;
	b) who maintain at the ISO a financial security posting at a level
sufficient to cover the outstanding obligation and
	c) who are current on all obligations to ISO:
	For those entities that elect to pay the FERC Fee on an annual basis
and meet the requirements to make annual payments, the payment due date is
in accordance with tariff section 7.5.1.2.

	For entities who do not meet the criteria set forth above, payment
is due 5 business days from the date of issuance of the monthly FERC Fee
invoice.

	Any SC payments received by the ISO will be held in an interest
bearing account.  Interest earnings will not be separately identified to the
benefit of individual Scheduling Coordinators.

	If you have any comments please contact your Account Manager.

Client Relations Communication
CRCommunications@caiso.com


We are in the process of preparing applications for position limit exemptions
for ENA,s NYMEX energy commodities futures trading.  These applications
require that ENA represent whether its officers, employees, owners, or agents
have a power of attorney, control or have a financial interest in any other
related commodity future(s) account either individually or acting with
another person pursuant to express or implied agreement.

Please direct any responses to my paralegal, Tana Jones, via intercompany
email or call her at (713) 853-3399 by the end of business Friday, June 30,
2000 if you have any power of attorney, control or have a financial interest
in any commodity futures account (other than an ENA or other trading
affiliate account).

IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO RESPOND TO
THIS REQUEST.


Karen,

Attached is the Asian mill by capacity from three different sources. RISI, Jacobs-Sirrine, PPI.

Monika


Yes

IS 300 Silver/Black - dark tint on the windows, killer 17's

I am very happy with it. I like it better than the 3 series.

cd


---------------------- Forwarded by Shanna Husser/HOU/EES on 11/14/2000 10:47
AM ---------------------------

Michelle Thompson@ENRON
11/14/2000 10:43 AM
To: jthompson@interbio.com, Bcannizaro@shellus.com,
Ross_E_Cannizaro@reliantenergy.com, Shanna Husser/HOU/EES@EES, Michelle
LeBlanc/Corp/Enron@ENRON, Anne Beliveaux/Corp/Enron@ENRON
cc:
Subject: Gore Priceless

 - Gore_priceless.jpg