How well do you know our Code of Ethics?

"It is a condition of employment that each employee accept the responsibility of complying with the foregoing policies.  The Company will require each employee of the Company to complete and submit a statement in a form designated by the Company pertaining to such employee's compliance with the policies set forth in this booklet.  The Company reserves the right to request any employee to complete and submit such statement at any time or as frequently as the Company may deem advisable."
(Enron Code of Ethics, July 2000, page 62)

What does that mean?

In layman's terms, everyone employed by Enron agrees to all the policies and standards listed in the current Code of Ethics (July 2000).

Who does it apply to?

The Code of Ethics applies to all employees, third party contractors, guests and licensees of Enron.  Additionally, employees are responsible for their family members and/or personal household who use, own, or have access to Enron's communication services and equipment -- including telephones, fax machines, computers, computer modems, long distance telephone services, cell phones, voice mail, pagers, e-mail, mail and delivery services.

What about my privacy?

Don't expect privacy when using Enron's equipment or services -- whether the activity is business or non-business related.  For example, don't use Enron's equipment to send or receive personal messages that you don't want monitored or accessed by the government, third parties or Enron.  In a nutshell, if you want privacy, don't use Enron's equipment.

Are there repercussions for non-compliance?

Yes.  An employee who violates any of the policies in the Code of Ethics is subject to disciplinary action, including suspension or termination of employment, and can include legal action if Enron believes it to be appropriate under the circumstances.

If you have any questions or comments about IT security or a related issue, please feel free to put them into eMeet (http://nahou-lnapp01.corp.enron.com/eThink/eMeet.nsf) under the "IT Security" category.  We'll monitor the site and respond to you there.


The following are the Calgary book adminstrators:

 Kathy Reeves
 Brian Gillis
 Brian Kristjansen
 Jeff Sears
 Nicole LaPorte
 Carlos Torres

Let me know if you need additional information.  Also, can you please send me
a copy of the memo that is sent to them?
Thanks
Peggy


Attached please find the revised Amendments (both clean copy and marked copy
showing changes to 5/23 draft to reflect updated numbers provided today by
John Scarborough).  As noted in my earlier e-mail today, I need:

(1) Amended and Restated LLC Agreement, Section 1.01, definition of Offer
Price (need revised Class C member interest offer price),

(2) Exhibit A to Amended and Restated LLC Agreement (amount of ECS' capital
contribution in respect of Gallup, presumably value of contributed assets),

(2) Flow of Funds Memo (need new number for Section 3(a)(ii) (amount ECHO
wires to ECS), and

(3) Flow of Funds memo (need new number for Section 3(b) (amount ECS wires to
ECHO).

The Amended and Restated LLC Agreement and Flow of Funds memo are included in
the closing volume previously delivered to you.

Thanks, NJD


Good.

 -----Original Message-----
From:  Shackleton, Sara
Sent: Tuesday, June 05, 2001 2:31 PM
To: Yoder, Christian
Subject: RE: Schedule meeting with Mark Taylor for Thursday, June 7

Christian:  How is 3 pm Houston/1 pm  Portland on Friday?

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

	Christian Yoder/ENRON@enronXgate 06/05/2001 11:07 AM 	   To: Sara
Shackleton/HOU/ECT@ECT  cc:   Subject: RE: Schedule meeting with Mark Taylor
for Thursday, June 7

3:30 Thursday, Central Time happens to fall exactly to the minute on a time
when I have to be on the phone with Mark Haedicke and Elizabeth Sager.  I
cannot move that time.  Can we go earlier or move it to Friday?  I am trying
to get the cases to you as soon as I can. ----cgy

 -----Original Message-----
From:  Shackleton, Sara
Sent: Tuesday, June 05, 2001 7:07 AM
To: Yoder, Christian
Subject: Re: Schedule meeting with Mark Taylor for Thursday, June 7

Christian:  Please mark this time on your calendar to speak with Mark T.:
3:30 Houston/1:30 Portland.  We'll call you.

Will Pat Boylston send over 1 or 2 cases for us to review prior to the call?

Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 06/05/2001 09:00 AM -----

	Holly Keiser@ENRON_DEVELOPMENT 06/05/2001 08:36 AM 	  To: Sara
Shackleton/HOU/ECT@ECT  cc:   Subject: Re: Schedule meeting with Mark Taylor
for Thursday, June 7 << OLE Object: StdOleLink >>

Sorry... you mentioned that in the subject line.

3:30 pm on Thursday.

Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
Holly.Keiser@enron.com

	Sara Shackleton@ECT 06/05/2001 08:19 AM 	  To: Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT  cc:   Subject: Re: Schedule
meeting with Mark Taylor for Thursday, June 7 << OLE Object: StdOleLink >>

I'd like to meet Thursday, June 7

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

	Holly Keiser@ENRON_DEVELOPMENT 06/05/2001 07:34 AM 	  To: Sara
Shackleton/HOU/ECT@ECT  cc:   Subject: Re: Schedule meeting with Mark Taylor
for Thursday, June 7 << OLE Object: StdOleLink >>

Sara -- I've scheduled 3:00 PM following today's Legal/Credit meeting.  If
you prefer later, please let me know.

Thanks!
Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
Holly.Keiser@enron.com

	Sara Shackleton@ECT 06/04/2001 06:12 PM 	   To: Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT  cc:   Subject: Schedule meeting
with Mark Taylor for Thursday, June 7

Does Mark have time in the afternoon to meet with me and Christian Yoder
(Portland - 2 hours earlier than CST)?  The topic is "Washington State
PUD's".  I'd schedule about an hour.  Thanks.

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


sounds great. Let's meet on Monday

Monika

 -----Original Message-----
From: 	Allan, David
Sent:	Friday, September 28, 2001 3:54 PM
To:	Causholli, Monika
Cc:	Carter, Karen E.
Subject:	fiber morphology study

Monika, I found the Jacobs-Sirrine proposal on the fiber study; you can get a copy from me.

They included a matrix on which they would display various fiber characteristics, which I'm attaching. << File: Fiber Morphology.xls >>  Cecil and I went over it and he suggested some changed, which are incorporated here. The only one he wants to add that isn't reflected here---but which we need to tell them---is that we want to know why each quality parameter (the column headings) is important to each major end-use (paper grade) application.

Let's go over this Monday morning.

Dave


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

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

Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks34.pdf

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


Start Date: 3/2/01; HourAhead hour: 23;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030223.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 23 / Preferred:  20.00 / Final:  19.91)
  TRANS_TYPE: FINAL
  SC_ID: TOSCO
  MKT_TYPE: 2
  TRANS_DATE: 3/2/01
  UNIT_ID: UNCHEM_1_UNIT
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 23 / Preferred:   0.00 / Final:   1.18)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 3/2/01
  UNIT_ID: BADLND_7_PL1X2
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 23 / Preferred:  29.00 / Final:  27.88)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 3/2/01
  UNIT_ID: CARBGN_6_UNIT 1


Please review the attached memo to verify that I have identified all of the
products that you are interested in trading in Brazil.  I will be in Sao
Paulo on Monday, September 20, 1999.

Thank you,
Sara


---------------------- Forwarded by Kimberly Brown/HOU/ECT on 11/28/2000
08:35 AM ---------------------------

	From:  Amanda Huble @ ENRON                           11/28/2000 08:46 AM

To: Becky Young/NA/Enron@Enron, Laura Harder/Corp/Enron@Enron, Jessica
Presas/Corp/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT,
Kimberly Brown/HOU/ECT@ECT
cc:
Subject: Gas Fundamentals Website Update

Please forward to your groups!

Thank you,
Amanda Huble
---------------------- Forwarded by Amanda Huble/NA/Enron on 11/28/2000 08:42
AM ---------------------------

David Dronet
11/28/2000 08:41 AM
To: Amanda Huble/NA/Enron@Enron
cc:

Subject: Gas Fundamentals Website Update

Morning,

 As some of you may have noticed we have added security to the Gas
Fundamentals Website.
If you encounter this screen when accessing http://gasfundy.corp.enron.com

simply login with your Windows Domain name and password.  This is the same
account you would use to logon to
your PC.  If you do not wish to be prompted with this information again,
check the "Save this password in your password list" option and
you will not encounter this pop up when accessing the website.

Thank you,

David Dronet
xt 53482


------------------------------------------------------------------------------
------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

November 10, 2000 5:00pm through November 13, 2000 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: POSTPONED
Impact:  EDI
Time:  Sat 11/11/2000 at  11:00:00 PM CT thru Sun 11/12/2000 at  1:00:00 AM CT
 Sat 11/11/2000 at    9:00:00 PM PT thru Sat 11/11/2000 at 11:00:00 PM PT
 Sun 11/12/2000 at   5:00:00AM London thru Sun 11/12/2000 at 7:00:00 AM London
Outage:  EDI HUB DISK VOLUME INCREASE
Environments Impacted:  Corporate
Purpose: Continued EDI volume increases require the addition of more disk
space for EDI operations.
Backout: Utilize current configuration w/o new HACMP configuration
Contact(s):  Jack Metkus
  Jim Nelson  3-7799  713-327-2007
  Karen O'Grady  5-7149  713-327-4805
  Jack Metkus  3-0362  713-288-0743

EI: SEE ORIGINAL REPORT

ENRON NORTH AMERICAN LANS:  No Scheduled Outages.

FIELD SERVICES:  No Scheduled Outages.

INTERNET: ALSO SEE ORIGINAL REPORT
Impact:  eol
Time:  Fri 11/10/2000 at  6:00:00 PM CT  thru Fri 11/10/2000 at  7:00:00 PM
CT
 Fri 11/10/2000 at  4:00:00 PM PT thru Fri 11/10/2000 at   5:00:00 PM PT
 Sat 11/11/2000 at 12:00:00 AM London thru Sat 11/11/2000 at  1:00:00 AM
London
Outage:  eol net change
Environments Impacted:  EOl
Purpose:
We have found that IP multicast storms on the EOL internal subnet 172.16.21.0
briefly incapacitate the EOL firewall eolfw1.  To solve the problem, we will
insert a new VLAN/subnet 172.16.23.0 between 172.16.21.0 and the firewall so
that no IP multicast traffic will reach the firewall interface.  Physical
work includes running two copper cables from trd-cx[12]-3405 port 6/7 to
eolfw1 and logical work entails defining the new VLAN on the
switches/routers, enabling interface vlan23 and changing

ip route 192.216.56.0 255.255.255.0 172.16.21.4
ip route 192.216.57.0 255.255.255.0 172.16.21.4
to
ip route 192.216.56.0 255.255.255.0 172.16.23.4
ip route 192.216.57.0 255.255.255.0 172.16.23.4
on the routers, and replacing
route inside 10.0.0.0 255.0.0.0 172.16.21.1 1
route inside 172.16.0.0 255.242.0.0 172.16.21.1 1
route inside 192.168.0.0 255.255.0.0 172.16.21.1 1
with
route inside 10.0.0.0 255.0.0.0 172.16.23.1 1
route inside 172.16.0.0 255.242.0.0 172.16.23.1 1
route inside 192.168.0.0 255.255.0.0 172.16.23.1 1
on eolfw1.
Backout:
Contact(s):  Anchi Zhang  713-853-5464

LOTUS NOTES: No Scheduled Outages.

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: ALSO SEE ORIGINAL REPORT
Impact:  CORP
Time:  Sat 11/11/2000 at  8:30:00 AM Buenos Aires thru Sat 11/11/2000 at
5:00:00 PM Buenos Aires
 Sat 11/11/2000 at  5:30:00 AM CT thru Sat 11/11/2000 at  2:00:00 PM CT
 Sat 11/11/2000 at  3:30:00 AM PT thru Sat 11/11/2000 at  12:00:00 PM PT
 Sat 11/11/2000 at  11:30:00 AM London thru Sat 11/11/2000 at  8:00:00 PM
London
Outage:  Maintenance electricity
Environments Impacted:  ESA - Buenos Aires
Purpose: Electrical security
Backout: Back to the original project.
Contact(s):  Ariel Bruch
  Nilson Busto  55-11-5503-1347 office
55-11-9233-7481 cel

Impact:  ESA
Time:  Sun 11/12/2000 at  2:30:00 PM Brazil thru Sun 11/12/2000 at  6:00:00
PM Brazil
 Sun 11/12/2000 at  10:30:00 AM CT thru Sun 11/12/2000 at  2:00:00 PM CT
 Sun 11/12/2000 at   8:30:00 AM PT thru Sun 11/12/2000 at  12:00:00 PM PT
 Sun 11/12/2000 at  4:30:00 PM London thru Sun 11/12/2000 at  8:00:00 PM
London
Outage:  Maintenance to the electrical systems
Environments Impacted:  Sao Paulo Office
Purpose: Security maintenance
Backout: Back to the original project.
Contact(s):  Nilson Busto  55-11-5503-1347 office
55-11-9233-7481 cel

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: SEE ORIGINAL REPORT

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:
Impact:  CORP
Time:  Fri 11/10/2000 at  6:00:00 PM CT thru Sat 11/11/2000 at  8:15:00 AM CT
 Fri 11/10/2000 at  4:00:00 PM PT thru Sat 11/11/2000 at  6:15:00 AM PT
 Sat 11/11/2000 at  12:00:00 AM London thru Sat 11/11/2000 at  2:15:00 PM
London
Outage:  Unify
Environments Impacted:  Unify Users
Purpose: For better I/O performance
Backout: Restore the database with the backup
Contact(s):  Jaikishore Bharathi   713-853-0347
------------------------------------------------------------------------------
-------------------------------------------------------
FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center
(713) 853-5536   Information Risk Management

Specific Applications Help:
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
All Other Systems    (713) 563-5797  [Pager]
      or (713) 563-5987  [Pager]


How many 1 way tickets do you have?  I am interested in buying in bulk!

Thanks,

Eric Bass


Nice job.


The guy who ran our trading operation in Calgary really wanted to move back to Houston because his girlfriend lives hear so that left a hole in our Calgary trading operation so they asked me to come back. See you in a couple of weeks.

Chris

 -----Original Message-----
From: 	"Ryan Fleming" <flemingryan99@hotmail.com>@ENRON
Sent:	Wednesday, August 01, 2001 1:39 PM
To:	Dorland, Chris
Subject:	Re:

Chris,

No, I hadn't heard, but from my end, selfishly, that's great news!  What
happened, because last I heard from your mom, you had signed on for 2 or 3
(poor memory on my part) years in Houston.  We should arrange some golf
while you're back if there's time.  I'll give you a call next week to touch
base...I'm going to Panorama for a few days with Cari tonight, but will be
back next Tuesday.

Talk to you later,
Rye

>From: "Dorland, Chris" <Chris.Dorland@ENRON.com>
>To: <flemingryan99@hotmail.com>
>Date: Wed, 1 Aug 2001 10:24:29 -0500
>
>Ryan,
>
>What's up? I don't know if you heard yet but it looks like I am moving
>back to Calgary in mid September. I will see you August 17. I'm coming
>home for Matt and Jen's wedding. Take it easy.
>
>Chris
>
>
>**********************************************************************
>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.
>**********************************************************************

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


were these the bedtime stories your parents read to you?  a couple sounded
kind of familiar to me, but i've forgotten a lot of that stuff.
later,
christa

 -----Original Message-----
From:  Lenhart, Matthew
Sent: Tuesday, May 08, 2001 4:05 PM
To: Landry, Chad; Blanchard, Timothy; Bass, Eric; Mena, Luis; Hull, Bryan;
Gillette, Lisa; Scott, Susan M.; Winfrey, Christa; mmmarcantel@equiva.com;
kevin.a.boone@accenture.com; val.generes@accenture.com; asorelle@h-s.com;
jarx@pge.com; tlenhart@corealty.com; hfl@fp.edu
Subject: Children Books

 >"You Were an Accident!"
> > >
> > >"Strangers Have the Best Candy"
> > >
> > >"The Little Sissy Who Snitched"
> > >
> > >"Some Kittens Can Fly!"
> > >
> > >"Getting More Chocolate on Your Face"
> > >
> > >"Where Would You Like to Be Buried?"
> > >
> > >"Kathy Was So Bad Her Mom Stopped Loving Her"
> > >
> > >"The Attention Deficit Disorder Association's Book of Wild Animals of
> > >North Amer... Hey!  Let's Go Ride Our Bikes!"
> > >
> > >"All Dogs Go to Hell!"
> > >
> > >"The Kids' Guide to Hitchhiking"
> > >
> > >"When Mommy and Daddy Don't Know the Answer They Say 'God Did It'"
> > >
> > >"Garfield Gets Feline Leukemia"
> > >
> > >"What Is That Dog Doing to That Other Dog?"
> > >
> > >"Why Can't Mr. Fork and Ms. Electrical Outlet Be Friends?"
> > >
> > >"Bi-Curious George"
> > >
> > >"Daddy Drinks Because You Cry"
> > >
> > >"Mister Policeman Eats His Service Revolver"
> > >
> > >"You Are Different and That's Bad"
> > >
> > >"Dad's New Wife... Timothy"
> > >
> > >"Pop!  Goes The Hamster (and Other Great Microwave Games)"
> > >
> > >"Testing Homemade Parachutes With Nothing At All But Your Household
> > Pets"
> > >
> > >"The Hardy Boys, the Barbie Twins and the Vice Squad"
> > >
> > >"The Tickling Babysitter"
> > >
> > >"Babar Meets the Taxidermist"
> > >
> > >"Curious George and the High-Voltage Fence"
> > >
> > >"The Boy Who Died from Eating All His Vegetables"
> > >
> > >"Start a Real-Estate Empire With the Change From Your Mom's Purse"
> > >
> > >"The Pop-up Book of Human Anatomy"
> > >
> > >"Things Rich Kids Have, But You Never Will!"
> > >
> > >"The Care Bears Maul Some Campers and are Shot Dead"
> > >
> > >"How to Become The Dominant Military Power In Your Elementary School"
> > >
> > >"Controlling the playground: Respect through Fear"
> >
>


I like to leave for London at least a day earlier than absolutely necessary
so I have a day to get adjusted to the time change - otherwise you get off
the plane and go straight to the office (with a shower on the way if you're
lucky) and I'm exhausted at that point.  I don't ever sleep well on the
plane.  This time I'm leaving on Friday afternoon to stop in NY for a party
Friday night and then leaving for London from there on Sat. night.  Since the
company pays for business class, there's no savings for going over the
weekend.  I could get a free companion ticket for T but he's never been able
to get off work at the same time I have to go.

The rest of our August is a bit hectic, too.  Next weekend T has a swim meet
in San Francisco and I leave that Mon. night to spend the rest of the week in
S. America. The following weekend we had tentatively set a trip to Laguna
Beach but I think it's been canceled for lack of funds if not just so I can
catch my breath.  We leave on our big trip to Europe (Germany, Belgium & the
Netherlands) on the 26th and don't get home til 9/12.

I have to pack tonight so I think we'll pass on the film.  I hope we get a
chance to get together some time in the next few weeks - maybe a weeknight
dinner some time since the weekends look pretty full?


Intel
 Home Computing Newsletter <http://a676.g.akamaitech.net/f/676/773/60m/images.m0.net/catcontent/intelHC/us/102501/header.gif>
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Hello Dana,	   <http://a676.g.akamaitech.net/f/676/773/60m/images.m0.net/catcontent/intelHC/us/102501/spacer.gif>
October 2001

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done.

	From:  Drew Fossum                           11/03/2000 02:48 PM

To: Susan Scott/ET&S/Enron@ENRON
cc: Mary Kay Miller/ET&S/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON, Glen
Hass/ET&S/Enron@ENRON

Subject: Re: final draft

Great--please make one change for me--change  "influence it" to "comment on
it"  at the end of the first par. of B.  thanks DF

Susan Scott
11/03/2000 02:32 PM
To: Mary Kay Miller/ET&S/Enron@ENRON, Drew Fossum@ENRON, Shelley Corman, Glen
Hass/ET&S/Enron@ENRON
cc:

Subject: final draft

Here is what I think is a final draft...I'm going to give it one last read
thru...if you have further comments let me know immediately.  Thanks.


To all:

As of today, Bridgeline has $14MM of cash and expects to get $15MM from the payment of Oct receivables by the end of the month.  They have fully drawn down the $35MM revolver that we put in place earlier this year.  Trevor Mihalik (Bridgeline CFO) is preparing a cashflow forecast for Bridgeline from now to the end of the year and next year.

Bridgeline's major cash needs are to fund working capital (payables and margin calls) and to purchase gas that must be used to dewater the storage cavern (Enron #1) that we contributed to the partnership.  The dewatering process is now underway and will be completed mid-March 2002.  At a gas price of $2.50 and, working gas volume of 6 bcf, the total cash need for working gas will be approx. $15MM.

We are working with Bridgeline to find other sources of financing for the working gas that would enable them to make (and accelerate) the 2001 cash distribution to the partners.  Alternatives we are considering to fund the working gas: (i) increase the revolver from $35MM to $70MM,  (ii) find third parties (Enron ?) to enter into park-and-lend arrangements that would give Bridgeline the physical gas they need to dewater the facility without having to pay cash for it.   Most options will require Chevron/Texaco approval, which may come at a price.

I will distribute the cash flow statement when I receive it and Jean and I will meet with Randy and Trevor next week to discuss alternative financing/park-and-lend arrangements.   I have been cloaking my questions on the need for cash under the guise of putting together the 2002 plan (budget, headcount, capital needs, insurance requirements, etc.).  We should adhere to this commercial context so that we don't provide leverage to Bridgeline and Chevron/Texaco in any commercial discussions.  I will admit, however, given the headlines, it does not take a genius to figure out we need cash.

Regards,
Brian

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Friday, October 26, 2001 8:46 AM
To:	Hodges, Georganne
Cc:	Colwell, Wes; Redmond, Brian
Subject:	RE: Bridgeline Cash and AR

Brian Redmond is working this

 -----Original Message-----
From: 	Hodges, Georganne
Sent:	Thursday, October 25, 2001 5:06 PM
To:	Kitchen, Louise
Cc:	Colwell, Wes
Subject:	FW: Bridgeline Cash and AR
Importance:	High

I am not sure when we received our last cash distribution from Bridgeline but will check.  Should we pursue?

 -----Original Message-----
From: 	Gruesen, Karen
Sent:	Thursday, October 25, 2001 5:03 PM
To:	Hodges, Georganne
Subject:	FW: Bridgeline Cash and AR

 -----Original Message-----
From: 	Schwarzbach, Emily
Sent:	Thursday, October 25, 2001 4:41 PM
To:	Gruesen, Karen
Subject:	Bridgeline Cash and AR

Karen,

The following are the Bridgeline account balances as of 9/30/01 that you requested:

Cash - $34,374,000

AR - $88,224,562

If you have any further questions or need additional information please let me know.

Thank you.

Emily


Hi Steph.  Are you busy?  Look - work!!
---------------------- Forwarded by Chris Germany/HOU/ECT on 03/29/2000 09:57
AM ---------------------------

Sylvia A Campos
03/29/2000 08:17 AM
To: Chris Germany/HOU/ECT@ECT
cc: Brenda H Fletcher/HOU/ECT@ECT, Megan Parker/Corp/Enron@ENRON
Subject: Re: Hunt Petroleum

Chris,
Global Contracts does reflect Hunt Petroleum (without CES).  Stephanie Sever
in Deal Validation needs to have the name changed in Deal Manager.

Sylvia

Chris Germany
03/28/2000 09:07 PM
To: Sylvia A Campos/HOU/ECT@ECT
cc:
Subject: Hunt Petroleum

I don't remeber, who was taking care of changing the CES counterparties?  Was
that someone in Global?
---------------------- Forwarded by Chris Germany/HOU/ECT on 03/28/2000 09:06
PM ---------------------------

Brenda H Fletcher
03/28/2000 10:09 AM
To: Megan Parker/Corp/Enron@ENRON
cc: Chris Germany/HOU/ECT@ECT
Subject: Hunt Petroleum

Chris is the CES expert .
---------------------- Forwarded by Brenda H Fletcher/HOU/ECT on 03/28/2000
10:08 AM ---------------------------

	Enron North America Corp.

	From:  Megan Parker @ ENRON                           03/28/2000 09:07 AM

To: Brenda H Fletcher/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT
cc:
Subject: Hunt Petroleum

The contract for Hunt Petroleum has been assigned from CES to Enron.  I need
someone to change the names on deals 136863, 135898 and 136845 from CES-Hunt
Petroleum to Hunt Petroleum (without CES).  All of the deals are on the East
desk.  Let me know if this request is to go to one of you or if I need to
forward this to someone else.

Thanks,
Megan


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 04/30/2001
10:36 AM ---------------------------

Alan Comnes
04/27/2001 01:38 PM
To: Phillip K Allen/HOU/ECT@ECT
cc: Joe Hartsoe/Corp/Enron@ENRON
Subject: Request from Steve Kean

Phillip,

I got this request.  On the gas side, I think Kean/Lay need an update to a
table you prepared for me a few months ago, which I've attached..  Can you
oblige?  Thanks,

Alan Comnes

---------------------- Forwarded by Alan Comnes/PDX/ECT on 04/27/2001 01:42
PM ---------------------------

Janel Guerrero@ENRON
04/27/2001 12:44 PM
To: Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron
cc: Paul Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron

Subject: Request from Steve Kean

Alan,

Steve has asked that you update the power point below so that it reflects all
of the "stupid regulatory/legislative decisions" since the beginning of the
year.  Ken wants to have this updated chart in his briefing book for next
week's "Ken Lay Tour" to CA.

He also wants a forward price curve for both gas and power in CA.  Can we get
these three documents by Monday afternoon?


Attached is an update for Item #5 for 2000 concerning the TW Gallop
Expansion. My understanding is that Tracy is coordinating a draft for Rod to
forward to Stan on Wednesday November 29. Call with questions.

Thanks. Julia


Jeff hasn't left the group, has he?

	Larry Joe Hunter
	09/29/2000 08:47 AM

		 To: Susan Bailey/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Stephanie
Panus/NA/Enron@Enron, Samantha Boyd/NA/Enron@Enron
		 cc: Jefferson D Sorenson/HOU/ECT@ECT
		 Subject: New Contact - Confirmations

To all,

Please remove Jeff Sorenson from your distribution lists for the
Confirmations group.  Please send all Master Agreements, Amendments, and all
else directly to me @ EB3094A.

Thanks,
Joe Hunter


Tony, the lawyer's name is Gary Herrmanns at Orrick.  His number is
415-773-5451.  Thanks for the message about Trey!  Michelle

Tony Jarrett@ENRON
03/20/2000 01:17 PM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Re: Enron Investment Partners Company Incentive Plan -- Second Draft
of Plan Document and Form Award Agreement

Michelle:

Will you please forward me the name and number of the attorney who suggested
we try to structure payments under this plan in a manner that would result in
capital gains treatment to participants?  Thanks.

Tony


see--I am dumb!  thanks dan.  df

From: Dan Bunch/ENRON@enronXgate on 02/09/2001 04:40 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: RE: Click At Home and

Drew

You should be all set, you have a 2000 system that already has Internet
Explorer 5 loaded

Danny

 -----Original Message-----
From:  Fossum, Drew
Sent: Friday, February 09, 2001 4:38 PM
To: Bunch, Dan
Subject: Re: Click At Home and

dan--pls hookl this up for me, I'm too dumb.  df

From: Dan Bunch/ENRON@enronXgate on 02/09/2001 02:41 PM
To: Robert Bryan/NPNG/Enron@ENRON, Robert Hill/NPNG/Enron@ENRON, Norma
Hasenjager/ET&S/Enron@ENRON, Steve Gilbert/ET&S/Enron@ENRON, Richard
Fruge/ENRON@enronXgate, John Freeman/NPNG/Enron@ENRON, Bill
Frasier/NPNG/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Floyd
Thompson/ECF/Enron@ENRON, Sharon Flanery/NPNG/Enron@ENRON, Cheryl
Bryl/ET&S/Enron@ENRON, Christopher Burns/NPNG/Enron@ENRON, Tim
Kissner/ET&S/Enron@ENRON, Janet Bowers/ET&S/Enron@ENRON, Scott
Bade/ET&S/Enron@ENRON, Neta Zitnik/ET&S/Enron@ENRON, Laurie
Willemyns/NPNG/Enron@ENRON, Greg Schlender/NPNG/Enron@ENRON, Janet
Place/NPNG/Enron@ENRON, Paul Miller/NPNG/Enron@ENRON, David
Griffiths/ET&S/Enron@ENRON, Gary Choquette/ET&S/Enron@ENRON, Sharon
Taylor/Stockton/TS/ECT@ECT, Mary Darveaux/ET&S/Enron@ENRON, Bryan
Reinecke/ET&S/Enron@ENRON, Kerry Zuegner/ET&S/Enron@ENRON, Mike
Zabawa/ENRON@enronXgate, Michele Winckowski/ENRON@enronXgate, Chuck
Wilkinson/ET&S/Enron@ENRON, Chuck Wagner/ENRON@enronXgate, David
Thompson/NPNG/Enron@ENRON, Jay Taylor/ENRON@enronXgate, Jim
Talcott/ENRON@enronXgate, Linda Strader/NPNG/Enron@ENRON, Darla
Steffes/NPNG/Enron@ENRON, John Jesse/NPNG/Enron@ENRON, Kathy
Ringblom/ENRON@enronXgate, Robert Johnson/NPNG/Enron@ENRON, Jim
Rasmussen/NPNG/Enron@ENRON, Ken Powers/ET&S/Enron@ENRON, Jerry
Peters/NPNG/Enron@ENRON, Maria Pavlou/ENRON@enronXgate, Ranelle
Paladino/ET&S/Enron@Enron, Eva Neufeld/NPNG/Enron@ENRON, Dave
Neubauer/ET&S/Enron@ENRON, Mitch Meyer/NPNG/Enron@ENRON, Dan Maschka, Martin
Gleason/HOU/EES@EES, Leon Schneider/NPNG/Enron@ENRON
cc: Jean Mcfarland/ENRON@enronxgate, Joe Palik/NPNG/Enron@ENRON

Subject: Click At Home and

The Clickathome pilot 3 requires Internet Explorer 5.x be loaded on your work
PC ) if you are experiencing problems ordering your Clickathome PC and do not
have Internet Explorer 5.x loaded on your work PC, please follow the
instructions to upgrade your software.

If you are uncomfortable doing the install yourself please call the helpdesk
at 7454

 << File: Instructions to install Internet Explorer 5.doc >>

Daniel Bunch
Helpdesk


HI Kay

Your new password is "houston"


Attached is a draft of the Enron in-house legal opinion in connection with
the put option with Project Merlin.
> Alicia L. Curry
> Vinson & Elkins L.L.P.
> 2300 First City Tower
> 1001 Fannin Street
> Houston, Texas 77002-6760
> Phone:  713-758-4428
> Fax:  713-615-5688
> (Licensed in New York only)
>
>
>
>
> +++++++++++++++++++++++
> CONFIDENTIALITY NOTICE
> +++++++++++++++++++++++
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PRIVILEGED AND CONFIDENTIAL:
Contains attorney-client communications and/or attorney work product.

 <<Enron Opinion for Merlin Put Option.DOC>>

 - Enron Opinion for Merlin Put Option.DOC


----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 08:06 AM -----

	Scott Govenar <sgovenar@govadv.com>
	02/14/2001 03:37 PM

		 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, Bev
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara
<smara@enron.com>, Joseph Alamo <JAlamo@enron.com>, Paul Kaufman
<paul.kaufman@enron.com>, Michael McDonald <Michael.McDonald@enron.com>,
David Parquet <David.Parquet@enron.com>, Rick Johnson
<rick.johnson@enron.com>, Marcie Milner <mmilner@enron.com>, Sandra McCubbin
<Sandra.McCubbin@enron.com>, Tim Belden <Tim.Belden@enron.com>, Rick Shapiro
<rshapiro@enron.com>, Jim Steffes <james.d.steffes@enron.com>, Alan Comnes
<acomnes@enron.com>, Chris Calger <ccalger@enron.com>, Mary Hain
<mary.hain@enron.com>, Joe Hartsoe <Joe.Hartsoe@enron.com>, Donna Fulton
<Donna.Fulton@enron.com>, Steven Kean <Steven.J.Kean@enron.com>, Karen Denne
<kdenne@enron.com>, Beverly Aden <beverly.aden@enron.com>, Bill Votaw
<bill.votaw@enron.com>, Carol Moffett <carol.moffett@enron.com>, Debora
Whitehead <debora.whitehead@enron.com>, Dennis Benevides
<dennis.benevides@enron.com>, Don Black <don.black@enron.com>, Dorothy
Youngblood <dorothy.youngblood@enron.com>, "dblack@enron.com"
<dblack@enron.com>, "emelvin@enron.com" <emelvin@enron.com>,
"ehughes2@enron.com" <ehughes2@enron.com>, "gweiss@enron.com"
<gweiss@enron.com>, "gsavage@enron.com" <gsavage@enron.com>,
"Harry.Kingerski@enron.com" <Harry.Kingerski@enron.com>, "kgustafs@enron.com"
<kgustafs@enron.com>, Mike D Smith <msmith1@enron.com>, "ryang@enron.com"
<ryang@enron.com>, "sgahn@enron.com" <sgahn@enron.com>, "vsharp@enron.com"
<vsharp@enron.com>, "wcurry@enron.com" <wcurry@enron.com>,
"William.S.Bradford@enron.com" <William.S.Bradford@enron.com>
		 cc:
		 Subject: DA Coalition

Attached, please find message points from the direct access coalition.

 - dacoalition.summary.doc


You must be busy today.


Edison Electric Institute present:
Summer of 2001: Lessons Learned For A Brighter Future

New Presentations and Speakers Added !

December 5-6, 2001
EEI's Office, Washington, DC

EEI's Marketing/Services Resource Workshop is the place for you to learn about the latest energy happenings affecting commodity sales, non-commodity sales, new products and services, e-commerce, load management/demand response, energy efficiency, customer relationships, marketing strategy and market communication and advertising.

This workshop will focus on the challenges of marketing and communicating to customers about energy efficiency, demand responsiveness, peak loads, rising prices and power emergencies.  Also, unique to this workshop will be "hot off the press" information about federal decisions and activities that could affect how you do business.

Registration Form and Agenda available online at:
http://www.eei.org/resources/meetings/011205.htm

Questions?  Please contact Gail Croom at: 202-508-5548

Gail A. Croom
Energy Services
Edison Electric Institute
701 Pennsylvania Ave., NW
Washington, D.C.  20004-2696
Phone: 202/508-5548
Fax: 202/508-5038
E-mail: gcroom@eei.org


Kate, same thing on this trade. I think it should be FPL Energy Power
Marketing b/c I received a confirm on it. Secondly on the confirm it states
that hour 0100-0600 is priced at $95.00 and then again at hours 2300-2400.
7-22 is priced at $140. However I do not show in the system 1-6 and 23-24 at
$95. Did he forget to put in the off peak or is FPL incorrect.

Thanks,


Howdy,

West is best, I guess, (and apparently now more ethnically mixed?)

Trip to Washington sounds great.  Once when I was there, maybe 5 or 6 years
ago, I had the opportunity to visit a congresswomen's office, as I knew an
intern there.  Was, among other things, escorted to the Capital
building(through tunnels that lead under the Mall from the various office
buildings to the Capital building) where I saw a few hours of a
Congressional debate on one of the many campaign reform bills that have
passed through those (not so hallowed?) halls.  The debate very interesting,
not the least reason being that it was made before only a couple dozen of
the 500 or so congresspeople (the rest, I was told, were monitoring the
debate on TVs in their offices).  At the few times that a quorum of the
members actually have to be present (for, say, an impeachment vote), a bell
rings and congresspeople hustle through the above mentioned tunnels to
register their vote, after which they hustle back.  It's something to see.
Good luck with the application.

YOU MUST, while in DC, see the Holocaust Museum.  I Mean MUST.  Should make
reservation (probably can use the Internet), as I understand it's booked up
far in advance.  The museum's right off the Mall so is conveniently located.
  The most powerful museum I've ever been too.

Turkish course finishes in two weeks.  Then to Israel during first week of
April, to Italy during second week.

Bursa was very impressive.  Not nearly as dilapidated as (most of) Istanbul.
  Was the first capital of the Ottoman Empire, so there are important
historical buildings from, among other centuries, the 13th.  Now, a bit of a
sprawl, and industrial. The city center sits at the bottom of the slope of a
huge mountain (its ragged, snowcapped peak breaking out of the clouds
periodically), and thus there are fine views in both directions.

More later,

Love,

Mark

>From: TOMSKILLJR@aol.com
>To: markskilling@hotmail.com
>CC: ermak@gte.net, tskilling@tribune.com
>Subject: March Madness
>Date: Sun, 12 Mar 2000 14:39:14 EST
>
>       Hi Mark;   The basketball tournaments are really starting.  The high
>school Class A ended last night with a down state school winning.  I never
>heard of the school (Pleasant Plains 34-2)  Aurora West made the Sweet
>Sixteen and is in the Supersectional against Glenbard South (27-2).   West
>was 28-1.  I overheard some old-timers in the pool at LeBeau's say this is
>the best team ever at West.  They were ranked 4th in the Trib pole of
>Chicago
>teams but as you know anything can happen now.
>      Illinois plays Michigan State this afternoon for the championship in
>the
>Big Ten Tournament.  MS is favored but IS has been strong at the end of the
>season.  The NCAA Tournament Line up will be announced this evening.
>       The temperatures have gone back to below freezing at night but no
>ice
>on the lake and I doubt there will be for the rest of the spring.  The
>grass
>and willow trees on the golf are green but that is a false sign for this
>early.  They did announce this was the warmest winter ever.
>       I read about a seminar in Washington that is 5 days long at the end
>of
>May which is for senior citizens and covers the operation of the Federal
>Government.   The problem is the cost and you need a recommendation from
>your
>congressman.  I can handle the costs and I wrote a letter to Denny Hastert
>requesting his support.  I put in my background and how I would expect to
>use
>what I learned.  These seminars are run by a private foundation covering
>various groups of citizens on many government programs.  This one is for us
>older ones and I am sure heavy on senior citizen interests.  I hand
>delivered
>my letter to Hastert's office in Batavia to see if they needed more from
>me.
>The woman who handles the requests for this seminar will not be in until
>tomorrow.  There isn't a definite limit to this program except the
>participants act as interns and would spend a day in the congressman's
>office
>and they don't usually have more than 2 or 3.  Also paying all your own
>expenses limits the applications.  I probably won't know about acceptance
>until early April.   Since I would be considered an intern do you think I
>might meet Bill's intern Monica?
>       Your E-mail came while I was writing this one.  That will save me
>giving you a little push as it had been a while especially after knowing
>you
>had sick spell.  I gave your note a quick look and it will be interesting
>so
>I will answer after the Illinois game.
>       LOTS of LOVE and KISSES from MOTHER and I         DAD

______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


Attached please find a revised First Amendment Agreement marked to show
changes to the June 9 draft based upon comments received today from Henry
Binder.  Changes have been made to (i) the definition of Offer Price to
include a cross reference to the only section of the LLC Agreement where the
defined term "Offer Price" occurs, and (ii) Section 3(a) of the Flow of Funds
memo to reflect the original wire transfer amounts plus payment of the
additional amounts paid pursuant to the Amendments.  Although the original
request was to delete the proposed changes to Section 3(a) entirely leaving
only the original wire transfer amounts, we need to consistently reflect
appropriate funds movements as of March 30, 2000.  The change is intended to
accommodate both Henry's request and complete reflection of funds movement.

Regards, NJD


i forgot to tell you that performance reviews are happening today, and i am
hoping for a promotion to associate, so wish me luck.

-e

"K. Bass" <daphneco64@bigplanet.com> on 07/19/2000 12:54:52 PM
Please respond to "K. Bass" <daphneco64@bigplanet.com>
To: Eric Bass <Eric.Bass@enron.com>
cc:
Subject: Re:

Gee, thanks for the info.  I am honored to be on your list. LU-M
----- Original Message -----
From: "Eric Bass" <Eric.Bass@enron.com>
To: <daphneco64@bigplanet.com>; <lwbthemarine@bigplanet.com>;
<Jason.Bass2@COMPAQ.com>; "Brian Hoskins" <Brian.Hoskins@enron.com>;
"Matthew Lenhart" <Matthew.Lenhart@enron.com>; "Timothy Blanchard"
<Timothy.Blanchard@enron.com>; "Lenine Jeganathan"
<Lenine.Jeganathan@enron.com>; <mballases@hotmail.com>; "Michelle D.
Zolkoski" <shelleyzee@mail.utexas.edu>
Sent: Wednesday, July 19, 2000 12:46 PM

>
>
> I have a new cell phone number.  It is 713-628-3104.
>
> EPB
>
>


I think it looks good.  df

From: Gina Taylor/ENRON@enronXgate on 03/09/2001 11:25 AM
To: Drew Fossum/ET&S/Enron@ENRON, Danny McCarty/ET&S/Enron@Enron, Steven
Harris/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Shelley
Corman/ENRON@enronXgate
cc:

Subject: Draft of TW Press Release

Please review the attached draft 2 of the TW press release.  This draft
includes changes from Mary Kay as well as a recommended quote from Mary Kay.

Can I hear from you by noon on Monday, March 15 with changes?

Thanks, Gina


I would like to welcome Tim Coffing, Gordon Savage, amd David Frost to the EWS - Portland team.

Tim Coffing is a second year analyst in Enron's analyst/associate program.  He spent his first rotation within the EES division of Enron.  Tim is in the process of moving to Portland where his responsibilities will include managing the intra-month EWS positions and integrating them into the wholesale cash desks.

Gordon Savage comes to us from EES where he was a director in the Utility Risk Management (URM) group in Houston.  Gordon is in the process of moving to Portland where he will be working with Steve Swain on the EWS - West URM portfolio.

David Frost is an associate in Enron's analyst/associate program.  He spent his last rotation within Enron Broadband Services here in Portland and will be working with Steve Swain and Gordon Savage on the  EWS - West URM portfolio.

Feel free to introduce yourself to Tim, Gordon, and David so they can become more familiar with the different groups on the floor.

Jeff Richter                            503.464.3917 (w-pdx)
Enron North America                            503.701.6488 (c)
West Power Services                          503.464.3740 (fax)
121 SW Salmon Street 3WTC0306       jeff.richter@enron.com
Portland, Oregon  97204


Dear Trader:

Dynegydirect will be unavailable at 5:30 pm Friday, February 16th, 2001.

Dynegydirect will be closed in observance of President's Day, Monday,
February 19th, 2001.

DYNEGYdirect eCare
Customer Support
Dynegy, Inc.
Ph: (877) 396.3493   Fx: (877) 396.3492
Email: ecare@dynegydirect.com


We agree with the nomination.

"Eileen Ponton" <kponton@duke-energy.com> on 03/23/2001 09:56:45 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 3/22/01

NOM       MCF       MMBTU
38,334         36,871         37,867

BTU = 1.027


All,
FYI per George's reference this morning during our meeting. Kyle

November 19, 2001

What Enron Did Right

By Samuel Bodily and Robert Bruner. Messrs. Bodily and Bruner are professors at the University of Virginia's Graduate School of Business Administration.
This is a rough era for American business icons. Subject to the vagaries of age (Jack Welch), product failure (Ford/Firestone tires), competition (Lucent, AT&T), technology (Hewlett-Packard and Compaq), and dot-bomb bubbles (CMGI), managers and their firms remind us that being an icon is risky business. The latest example is Enron, whose fall from grace has resulted in a proposed fire sale to Dynegy.
Once considered one of the country's most innovative companies, Enron became a pariah due to lack of transparency about its deals and the odor of conflicts of interest. The journalistic accounts of Enron's struggles drip with schadenfreude, hinting that its innovations and achievements were all a mirage.
We hold no brief regarding the legal or ethical issues under investigation. We agree that more transparency about potential conflicts of interest is needed. High profitability does not justify breaking the law or ethical norms. But no matter how the current issues resolve themselves or what fresh revelations emerge, Enron has created an enormous legacy of good ideas that have enduring value.
?	Deregulation and market competition. Enron envisioned gas and electric power industries in the U.S. where prices are set in an open market of bidding by customers, and where suppliers can freely choose to enter or exit. Enron was the leader in pioneering this business.
Market competition in energy is now the dominant model in the U.S., and is spreading to Europe, Latin America, and Asia. The winners have been consumers, who have paid lower prices, and investors, who have seen competition force the power suppliers to become much more efficient. The contrary experience of California, the poster child of those who would re-regulate the power industry, is an example of not enough deregulation.
?	Innovation and the "deintegration" of power contracts. Under the old regulated model of delivering gas and electricity, customers were offered a one-size-fits-all contract. For many customers, this system was inflexible and inefficient, like telling a small gardener that you can only buy manure by the truckload. Enron pioneered contracts that could be tailored to the exact needs of the customer.
To do this, Enron unbundled the classic power contract into its constituent parts, starting with price and volume, location, time, etc., and offered customers choices on each one. Again, consumers won. Enron's investors did too, because Enron earned the surplus typically reaped by inventors. Arguably, Enron is the embodiment of what economist Joseph Schumpeter called the "process of Creative Destruction." But creative destroyers are not necessarily likable, pleasant folks, which may be part of Enron's problem today.
?	Minimization of transaction costs and frictions. Enron extended the logic of deintegration to other industries. An integrated paper company, for instance, owns forests, mills, pulp factories, and paper plants in what amounts to a very big bet that the paper company can run all those disparate activities better than smaller, specialized firms. Enron argued that integrated firms and industries are riddled with inefficiencies stemming from bureaucracy and the captive nature of "customers" and "suppliers." Enron envisioned creating free markets for components within the integrated chain on the bet that the free-market terms would be better than those of the internal operations. The development of free-market benchmarks for the terms by which divisions of integrated firms do business with each other is very healthy for the economy.
?	Exploiting the optionality in networks. In the old regulated environment, natural gas would be supplied to a customer through a single dedicated pipeline. Enron envisioned a network by which gas could be supplied from a number of possible sources, opening the customer to the benefits of competition, and the supplier to the flexibility of alternative sourcing strategies. Enron benefited from controlling switches on the network, so that they could nimbly route the molecules or electrons from the best source at any moment in time to the best use, and choose when and where to convert molecules to electrons. This policy, picked up by others in the industry, created tremendous value for both customers and suppliers.
?	Rigorous risk assessment. The strategy of tailored contracts could easily have broken the firm in the absence of a clear understanding of the trading risks that the firm assumed, and of very strong internal controls. Enron pioneered risk assessment and control systems that we judge to be among the best anywhere. Particularly with the advent of Enron Online, where Enron made new positions valued at over $4 billion each day, it became essential to have up-to-the-second information on company-wide positions, prices and ability to deliver.
The unexpected bad news from Enron has little to do with trading losses by the firm, but with fears among trading partners about Enron's ability to finance its trading activity. In a world where contracts and trading portfolios are too complex to explain in a sound bite, counterparties look to a thick equity base for assurance. It was the erosion in equity, rather than trading risk, that destroyed the firm.
?	A culture of urgency, innovation and high expectations. Enron's corporate culture was the biggest surprise of all. The Hollywood stereotype of a utility company is bureaucratic, hierarchical, formal, slow, and full of excuses. And the stodgy images of a gas pipeline company -- Enron only 15 years ago -- is even duller and slower. Enron became bumptious, impatient, lean, fast, innovative, and demanding. It bred speed and innovation by giving its professionals unusual freedom to start new businesses, create markets, and transfer within the firm.
Success was rewarded with ample compensation and fast promotion, and an open-office design fostered brainstorming. The firm's organization and culture was by all accounts not a safe haven for those who believe the role of a large corporation is to fulfill entitlements for jobs. This was a lightning rod for the firm's detractors. And yet, it could serve as a model for more hide-bound enterprises to emulate.
Enron was a prolific source of compelling new ideas about the transformation of American business. It created a ruckus in once-quiet corners of the business economy. It rewrote the rules of competition in almost every area in which it did business. It thrived on volatility.
The proposed sale of Enron to Dynegy risks the loss of a major R&D establishment, especially given Dynegy's track record as a second mover following Enron's lead. Beyond what is likely to be a difficult and time-consuming antitrust review, Dynegy's greater challenge will be to find a way to make Enron's spirit of innovation its own. Or so we all should hope, because prosperity depends on the ability of firms to reinvent themselves and remake their industries.


Dale,

I started drafting the letter to John. I shall send you a cc later this week.

Vince

Dale Surbey
07/12/2000 01:11 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Steve Leppard

Vince,

I agree - I'll talk with Sherriff when he gets back to London next week.

- Dale

Vince J Kaminski
11/07/2000 20:49
To: Dale Surbey/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Re: Steve Leppard

Dale,

My recommendation is to make Steve the head of the research unit in London.
We were talking originally about September but I think we should accelerate
this process.
Of course, Anjam will be very unhappy about it, but we cannot manage around
him
any longer.

I think that the promotion should be combined with a salary increase.
I would like to offer him a significant increase that
goes with expanded responsibilities and much higher visibility.
A salary increase will also bring him closer to the market.
 We see the market for  technical people going through the roof in
practically every location
where we operate.

A contract is not a good solution in my view. It creates a sense of false
security for
both an employee and the company.

I shall send a message to John Sherriff with my recommendation. I shall cc
you.
I would appreciate if you could bring it up with John as well.

Vince

Dale Surbey
07/11/2000 10:23 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Steve Leppard

Hi Vince,

HR is working on a mid-year salary review for London people that have a
noticeable gap between their compensation at Enron and what we would have to
pay in the market for a replacement.  They highlighted Steve as someone with
a potential gap - particularly in light of what we're seeing in our quant
recruiting effort for credit trading and research.

I'd like your opinion on the best way to make sure we keep Steve happy and
keep him at Enron.  There are several things I see we can do:

1)  Give him a mid-year pay increase to move him closer to market.  I'm not
sure this is the best way to go, especially if we only offer him a token
salary increase.

2)  Offer him more responsibility:  What are your thoughts on timing for
making Steve the official head of the London research team?  With my move to
EBS, should we accelerate this?  I think this is good way to keep him happy
and motivated, and then follow up with a more meaningful salary review at
year-end (as part of the regular process) that takes into account his greater
responsibility.

3)  We have some people that we're trying to get under long-term (3-yr)
contract with a 12-month notice clause.  Obviously anyone signing one of
these will want significant up-front compensation for being handcuffed.
We've not had a lot of success with these here in London, and I would prefer
to keep Steve happy so he wants to stay with Enron rather than contractually
binding him to the job.

I'd value your thoughts on this.

Thanks,

Dale


Dolores, this is the call to Ken that we talked about.   I appreciate Mark
handling this for him.

{Bob Abboud called. He would like to talk to you about a refinery in
California.  &Pat Robertson bought it.  He has the basic capital.  We have
the financing lined up.  We need a $10 million investment by an industry
participant to validate to the Swiss insurance company that is putting up the
financing.8  847-639-0101 }

Thanks.

Rosie


Jay said they tracked down the issue.  I don't understand it either...

 -----Original Message-----
From: 	Beck, Sally
Sent:	Tuesday, October 30, 2001 12:34 PM
To:	Richter, Brad
Subject:	EOL to Sitara Bridge Trail

FYI

 -----Original Message-----
From: 	Hall, Bob M
Sent:	Monday, October  29, 2001 1:14 PM
To:	Beck, Sally
Subject:	FW: Request for Migration of Sitara EOLBridge into Production

looks like a fix has been put in place.

thanks

bob

 -----Original Message-----
From: 	Lamadrid, Victor
Sent:	Monday, October 29, 2001 11:49 AM
To:	Allwein, Robert; Arteaga, Airam; Boudreaux, Shanna; Carter, Tamara; Collins, Joann; Erwin, Stephanie ; Garcia, Clarissa; Gillespie, Steve; Halstead, Lia; Homco, Meredith; Loocke, Kelly; Loving, Scott; Ordway, Chris; Pritchard, Michael; Prudenti, Dan; Ramirez, Robert; Sanchez, Christina; Wood, Tracy
Cc:	Superty, Robert; Hall, Bob M; Kinsey, Lisa; Sullivan, Patti; Smith, George F.; Pinion, Richard; Jaquet, Tammy; Farmer, Daren J.; Greif, Donna; Ames, Chuck; Brawner, Sandra F.; Germany, Chris; Goodell, Scott; Hodge, John; Keavey, Peter F.; Mckay, Brad; Mckay, Jonathan; Neal, Scott; Pereira, Susan W.; Pimenov, Vladi; Ring, Andrea; Savvas, Leonidas; Smith, Maureen; Taylor, Craig; Townsend, Judy; Versen, Victoria; Vickers, Frank
Subject:	FW: Request for Migration of Sitara EOLBridge into Production

All,  A fix to prevent the occurrence of deals not bridging to Sitara from EOL when deal start and end dates were not entered on EOL has been installed and tested.THANKS

 -----Original Message-----
From: 	Truong, Dat
Sent:	Thursday, October 25, 2001 5:22 PM
To:	Wei, Zhiyong
Cc:	Husain, Karima; Lim, Francis S.; Saluja, Gurdip; Sweitzer, Tara; Truong, Dat; Moorer, Torrey; Lamadrid, Victor; Severson, Russ; Grant, George
Subject:	Request for Migration of Sitara EOLBridge into Production

Hello Zhiyong,
	I have implemented an enhancement to avoid the problem of restarting the Sitara EOLBridge when there are missing startdate and enddate.  This fix will take care of this morning's problem.

EOL will be sent a Failed status similar to the following:
	message={EolTransactionId=2101638 TransactionSysDealId="" BridgeEntityName="EOLBridge" Message="Missing StartDate or EndDate" Status="F" BridgeDate="20011025170945CDT"}

I throughly tested the change by sending over 400 sample deals from this morning.  Due to the "Bid Week" window, please approve this  bridge enhancement for tonight's migration.  Thank you.

-Dat Truong x63015

 -----Original Message-----
From: 	Truong, Dat
Sent:	Thursday, October 25, 2001 11:11 AM
To:	Moorer, Torrey; Lamadrid, Victor; Severson, Russ; Grant, George
Cc:	Husain, Karima; Lim, Francis S.; Saluja, Gurdip; Sweitzer, Tara
Subject:	Sitara EOL Bridge Problem Today

The problem we faced today was due to 2 eol deal packets (2098073, 2099764) not having startdate and enddate.  Missing these 2 tibco message fields caused the bridge to bounce and resulted in the queue to build up while the bridge is starting up. (The bridge takes 2 minute for startup).  Each time these deals are sent/resent, it continuously cause the Sitarar EOLBridge to restart, thus magnifying the buildup of the queue.

The corrective action we are taking at our end is to build a rejection logic when eol packets do not have start and/or enddate.

-Dat Truong


Amy Oberg's brown bag, Coming Full Circle: A Plausible Future for Power
Generation has been cancelled.
We apologize for any inconvenience this may cause.  Please keep watching for
future brown bags.


we will get there early and get a table.  it is on 59 feeder in between kirby
and shepherd (north side of 59)

Jason Bass <JBass@stdauto.com> on 03/30/2001 10:13:54 AM
To: "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject: RE: funnies

Ok, where exactly is Lupe Tortillas and will we make it to the show by 8??
Isn't there usually an hour wait?

-----Original Message-----
From: Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent: Friday, March 30, 2001 9:46 AM
To: JBass@stdauto.com
Subject: RE: funnies

we were thinking lupe tortillas @ 6:30

Jason Bass <JBass@stdauto.com> on 03/30/2001 10:08:04 AM

To:?? "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject:? RE: funnies

How about we meet at that Restaurant right next to the Aerial theatre at
6:45?

-----Original Message-----
From: Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent: Friday, March 30, 2001 8:39 AM
To: JBass@stdauto.com
Subject: Re: funnies

i got your tickets

Jason Bass <JBass@stdauto.com> on 03/30/2001 08:51:12 AM

To:
cc:
Subject:? funnies

(See attached file: fortune.jpg)
(See attached file: bombtech.jpg)
(See attached file: airolane.jpg)
(See attached file: watchp.jpg)


I hear that a binding agreement and/or PPA was signed with MOEMA for a
10-year transaction.  Do you have an English version of the MOU or PPA?
Details?  Thanks.  Sara


TJ and Claudette -- please forward to your groups:

FERC held a discussion today on the status of NE, SE, and Midwest RTO proposals.  The FERC judges and staff gave the Commission reports from the mediations and current MISO, SPP and Alliance filings.  While there was much discussion about the appropriate model (non-profit ISO, Transco, ITC), with questions on whether congestion management models were the same or simply compatible, no decisions were made by FERC.  Chairman Wood did commit to quickly providing "certainty" to all stakeholders, including the investment community.  He asked FERC Staff to prepare reports on each region based on comments received at RTO week and through filed RTO week comments (Enron will file Nov. 2) and report back to FERC at the Nov. 7 meeting.


Errol -

Have you completed this request and also have you talked to that guy in
London yet about the options book?
---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 05/10/2001
02:54 PM ---------------------------

mark.c.austin@us.andersen.com on 05/10/2001 07:42:03 AM
To: Errol.mclaughlin@enron.com
cc: jeffrey.c.gossett@enron.com, sharon.k.smith@us.andersen.com
Subject: March New Deals and Originations Request/1st Qtr Outstanding Info
-2nd REQUEST

Errol,

Per my phone message, please find below the e-mail previously sent on April
14th.  Please review the New Deals and Originations requests as this
information
is currently an extreme priority to us to complete our quarterly gas testing.
Please let me know if there is anything that I can do to assist you or your
team
in gathering this information.

Thank You,

Mark Austin
68680
---------------------- Forwarded by Mark C. Austin on 05/10/2001 07:44 AM
---------------------------

To:   darron.c.giron@enron.com, errol.mclaughlin@enron.com,
      kam.keiser@enron.com, david.baumbach@enron.com,
phillip.m.love@enron.com,
      kathy.reeves@enron.com
cc:   Sharon K. Smith@ANDERSEN WO, jeffrey.c.gossett@enron.com, Kate E.
      Agnew@ANDERSEN WO
Date: 04/14/2001 03:56 PM
From: Mark C. Austin, Houston, 237 / 5262
Subject:  March New Deals and Originations Request/1st Qtr Outstanding Info

Please find below our March request for New Deals and Originations
documentation.  For New Deals, could you please provide the forwards detail?
For Originations, could you please provide the deal ticket, confirmation, and
forwards detail for the deal requested?

Also, please find attached a revised version of our 1st Quarter Testing
Checklist.  Please review this document for outstanding items.  A new tab has
been added which outlines requests for additional 1st quarter New Deals
Detailed
information.  For Curve Shift /Applicable Reports, please provide the top page
for the five largest days within each month.  If the P&L for those days is
attributable to Change in Price or Change in Basis Price, please provide the
curve shift reports for those days.  If the P&L is attibutable to other
reasons,
I would like speak with someone from your region to gain an understanding of
the
drivers and what type of documentation would best reflect these drivers.

This information is a priority to us as it is needed to complete our quarterly
testing for Earnings Release.  Please let me know if you have any questions or
comments.

Best regards,

Mark Austin
ext. 68680

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(See attached file: Qtr Testing Checklist.xls)

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Kim, I need a room from 1:30pm to 2:30pm tomorrow.

Thanks
---------------------- Forwarded by Chris Germany/HOU/ECT on 05/08/2000 12:37
PM ---------------------------
   Alicia Perkins                05/08/2000 12:00 PM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: CES Sales

1:30PM is good for me.

Chris Germany
05/08/2000 09:22 AM
To: Alicia Perkins/HOU/ECT@ECT, David Oliver/HOU/ECT@ECT, Steve
Jackson/HOU/ECT@ECT
cc: Scott Goodell/Corp/Enron@ENRON
Subject: CES Sales

Hi gang.  I want to meet tomorrow regarding the CES storage deal.

Around 1:30PM?  Let me know.

thanks


Here is the latest draft which incorporates the language that you requested.


During the weekend of October 6 and 7, 2001 the Enterprise Storage Team will be migrating all production users off the current hardware (Solar) that houses their home and application directories (no production databases are affected, but client software will be) to new hardware.

	This migration requires a total system outage of approximately 6 hours.  The outage will occur Saturday night - beginning at 7:00 PM and will last until Sunday morning at 1:00 AM.  All users will need to be logged off during this time period.
	In order to validate the migration, production users need to test access to their home directories and applications on Sunday, October 7, 2001.  If you do you experience any difficulties after the migration with access to home directories or applications, please call the resolution center at 713 853-1411.  The resolution center will notify the appropriate resources.

	The following attachment is a list of the mount points affected.

Bob Ambrocik
Enterprise Storage Team
EB 3429F
x5-4577
bob.ambrocik@enron.com


how about 4:00?

Ina Rangel
10/16/2000 11:03 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: John Arnold's PC

John,
When would be a good time for you.  After work maybe?

Ina
---------------------- Forwarded by Ina Rangel/HOU/ECT on 10/16/2000 11:02 AM
---------------------------
DON ADAM @
ENRON
10/16/2000 10:06 AM

To: Ina Rangel/HOU/ECT@ECT
cc:
Subject: John Arnold's PC

Ina,

Could you please have John email you the directions to his house and when
would be a good time to come by and install the equipment? Thanks.

Don


Keith, I've just spoke with Mark, and he agrees with all this.   If you want to give me a call when you have a minute, I'll conference in Mark from Aron, and we'll just confirm all this.

Peter

-------- Original Message --------
Subject: 	 Enron trades
Date: 	 Mon, 29 Oct 2001 14:47:10 -0500
From: 	 Peter Sherk <Peter.Sherk@morganstanley.com>
Reply-To: 	 Peter.Sherk@morganstanley.com
Organization: 	 Morgan Stanley
To: 	 mark.griffith@gs.com

Mark,

I've been speaking with Enron and trying to get one person that we can talk to about all these trades. Keith Holst is set to go, and I'll send him this email once you agree with it.  Then we'll all get on the phone together.

Peter

Transco Zone 6

    X1H2       Morgan Stanley sells, Enron buys 1.5/day @ Nymex Last Day + $1.50
                    Morgan Stanley buys, J Aron sells, .....
                    J Aron buys, Enron sells, ....

    J2V2        Morgan Stanley sells, Enron buys 1/day @ Nymex Last Day + $0.43
                    Morgan Stanley buys, J Aron sells, .....
                    J Aron buys, Enron sells, ....

Malin

  Z1H2       Morgan Stanley sells, Enron buys 1.5/day @ Nymex Last Day - $0.05
                  Morgan Stanley buys, J Aron sells, .....
                  J Aron buys, Enron sells, ....

Permian

X1H2         Morgan Stanley sells, Enron buys 1/day @ Nymex Last Day - $0.20
                  Morgan Stanley buys, J Aron sells, .....
                  J Aron buys, Enron sells, ....

J2V2          Morgan Stanley sells, Enron buys 1/day @ Nymex Last Day - $0.135
                  Morgan Stanley buys, J Aron sells, .....
                  J Aron buys, Enron sells, ....

San Juan

  Cal 2003 Morgan Stanley sells, Enron buys 0.5/day @ Nymex Last Day - $.235
                  Morgan Stanley buys, J Aron sells, .....
                  J Aron buys, Enron sells, .


Trades with TransAlta go through their energy marketing subsidiary, called
TransAlta Energy Marketing (US) Inc. These deals were in under the parent
company, TransAlta Energy Marketing Corp. I know this is petty, but it makes
people like Rhonda cranky. For some reason she feels it is an offense
punishable by reaming. I don't. This is just a  reminder.

Kate

red = correct counterparty name
blue = incorrect counterparty name
---------------------- Forwarded by Kate Symes/PDX/ECT on 02/12/2001 03:44 PM
---------------------------

Rhonda L Denton
02/12/2001 03:16 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Wrong CPs

also 519128 and 519230
---------------------- Forwarded by Rhonda L Denton/HOU/ECT on 02/12/2001
05:16 PM ---------------------------

Rhonda L Denton
02/12/2001 05:03 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: Wrong CPs

Okay, I'm going to be gentle and send my complaints to you and let you ream
the hourly people.  Please check the following deals.  They are all booked as
Transalta Energy and should be Transalta Energy Marketing (US)

513061
513114
516116
518007
518184

Thanks


Based upon the info provided on Tuesday, I would hope that we can
immediately put this issue to bed.

My opinion is that we should stick with the original plan to either (1)
exchange all the 1% GP interests in the second and third-tier OLPs' for a
1% interest in the MLP or (2) eliminate the 1% interest in the third tier
partnerships.  In both cases, the result is that the GP receives a 1.99% or
a 2% interest in the consolidated income of the MLP and s/eliminate any
need for a fairness opinion on the part of the Audit Committee.

I briefly went over the calculation w/Rod on late Tuesday and he was
"tentatively" in agreement but wanted to study this over the holiday.  The
issues raised by an effective 2% interest in the third tier partnerships
would make a fairness opinion very, very impractical.

Give me a call on Thursday to discuss.  We want to go over our "final"
recommendation w/Stan on Tuesday.

                    "Baird, Bob"
                    <RBaird@velaw        To:     "Horton Stan (E-mail)" <stanley.horton@enron.com>,
                    .com>                "'rod.hayslett@enron.com'" <rod.hayslett@enron.com>, "Taylor, Mitchell
                                         (Enron)" <mitchell.taylor@enron.com>, "Jessica Uhl (E-mail)"
                    07/02/01             <jessica.uhl@enron.com>, Dana Gibbs/Houston/Eott@Eott, Molly
                    02:29 PM             Sample/Houston/Eott@Eott, Lori Maddox/Houston/Eott@Eott, "Ballard, Ann
                                         (Enron)" <ann.ballard@enron.com>, "Eickenroht, Robert (Enron)"
                                         <robert.eickenroht@enron.com>, Lawrence Clayton/Houston/Eott@Eott
                                         cc:     "Pena, Carlos" <cpena@velaw.com>
                                         Subject:     PROPOSAL FOR EOTT REORGANIZATION

 <<208629_1.doc>>
To:  Stan Horton
     Rod Hayslett
     Mitch Taylor
     Jessica Uhl
     Dana Gibbs
     Lawrence Clayton
     Molly Sample
     Lori Maddox
     Ann Ballard
     Robert Eickenroht

Re:  Reorganization

     The purpose of this memorandum is to discuss a proposal relating to
the reorganization of EOTT Energy Partners that will enable it to prepare
and file as soon as possible a registration statement covering publicly
offered debt.

     On Thursday I received a voice mail from Paula Dubberly of the SEC
staff indicating that the staff would not go along with our idea of
avoiding
the requirement for separate operating limited partnership financial
statements by having EOTT Energy Partners (the MLP) guarantee the general
partner interests in the operating partnerships.  It is clear that the
staff
has no interest in helping us, although it clearly has the power to do so.
Although I plan to call Paula, I have little hope that it will do any good.

     I previously prepared a powerpoint presentation showing the steps in
the reorganization and a memorandum with a timetable for effecting the
reorganization.  The reorganization steps are straightforward.  The
principal time consideration was the action of the Audit Committee in
approving the reorganization, which will involve a transaction between EOTT
Energy Corp. and the MLP that might be challenged absent a determination of
fairness from the Audit Committee.  That transaction is the exchange of
EOTT
Energy Corp.'s 1% general partner interests in the original three operating
limited partnerships for an additional interest in the MLP itself.  I also
prepared a memorandum setting forth the case for giving EOTT Energy Corp.
an
additional .99%, based on the argument that this would speed up the
reorganization and reduce its costs by avoiding the need for the Audit
Committee to hire an investment banking firm to render a fairness opinion.

     I have done some additional thinking and believe that it makes sense
to consider effecting the reorganization and then engaging the Audit
Committee afterward to determine (with the assistance of an investment
banking firm) a fair exchange ratio.  The terms of the reorganization would
provide that the interest received by EOTT Energy Corp. would be a minimum
of a .99% interest and a maximum of a 1.97% interest but that the actual
percentage interest would be determined by the Audit Committee following
the
reorganization, based appraisals of the interests by an independent
investment banking firm.  The Audit Committee would determine the value of
EOTT Energy Corp.'s interests in the original operating partnerships and,
based on that value, an equivalent additional interest in the MLP.  The MLP
could proceed with the registration statement because the difference
between
the minimum and maximum amount that EOTT Energy Corp. would receive is
immaterial (and irrelevant to potential debt holders because it merely
measures how the equity holders divide the pie).

     The reorganization could be effected without a unitholder vote if
the EOTT Energy Corp. board of directors determines that the reorganization
does not adversely affect the limited partners in any material respect.  I
believe that this is a determination that the board can reasonably make,
without the need for advance Audit Committee action.  The only issue with
the structure of the transaction is that the general partner of the
operating limited partnerships will now be wholly-owned by the MLP, and the
wholly owned subsidiary that is the general partner, rather than EOTT
Energy
Corp., would be liable for the debts and obligations of any operating
limited partnership to the extent its liabilities exceeded its assets.
However, in light of the fact that such a scenario is remote and there are
great advantages in terms of cost savings in effecting the reorganization,
the board could reasonably determine that any adverse effects are
immaterial.

     I believe that if this approach is adopted, the MLP could be in a
position to file a registration statement within three weeks of the
commencement of the process.  I have prepared a revised timetable for such
a
proposal.

                                         RSB

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 December 12th, 2000

Previous Session's Best Performing Alert

One of Monday's Before the Bell Alerts Human Genome Sciences Inc.
(HGSI) gained 9 points after our alert. RealTimeTraders.com offers free
real-time stock alerts throughout the day. Why pay for
chat rooms and stock pickers for old news?

Morning Watch List

This section contains 6 stocks that are expected move in 1 to 5 days.
Click here for this morning's Watch List Stocks:
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Beyond The Numbers

Monday,s action resembles the good old days

Monday morning futures indicated for a very sharp opening. Markets
gapped open higher and traded lower due to the continued uncertainty
in the political front. However, shortly after dipping into the negative
territory, buyers stepped up to drive the markets higher again. Strength
in technology stocks helped Nasdaq outpace the blue-chip index.
Nasdaq finished the session higher by 97 points to close above the
3000 mark. Blue-chip index for its part finished the session higher by
only 12 points, thanks only to the strength in Intel and Microsoft. Monday,
as tech stocks picked up momentum old economy stocks went out of
favor. It is worth noting that we saw the same pattern of trading many
months ago when Nasdaq was in favor.?

Federal Reserve,s actions will take time to produce results

Monday,s &Market Analysis8 explained why a change in interest rates
by the FED may take many quarters to produce any meaningful effects.
This was clearly evident when the Federal Reserve raised rates 6 times
beginning last June 1999 to slowdown the economy. As our readers
may realize the effects of all those rate hikes were not evident up until
recently. Which implies that buying stocks in anticipation of a rate hike
may not translate into a sustainable long-term rally.

Plenty of problems ahead

Monday more companies pre-announced negative earnings for their
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weeks left for pre-announcements. We at Realtimetraders.com expect
this quarter,s pre-announcements to exceed last quarter's. We also
believe the earnings picture for US companies to be mixed with a
negative bias for the next few quarters.

Sector Analysis

Momentum is starting to build in technology stocks

Despite the problems in the economy, the oversold technology stocks
are setting the stage for a Santa Claus rally. In Monday`s market
analysis we wrote of several reasons why we expect the markets to
see an upside move in the next few weeks. Given Monday,s upside
move in tech stocks and the fact the tech index (Nasdaq) managed to
close above the initial resistance level of 3000 is yet another reason
that leads us to believe the markets may be setting the stage for a
rally in the next few weeks.

Semiconductor and biotech Indices are heading higher again

Some of our readers may recall that semiconductor and biotech were
the 2 strongest sectors that powered the Nasdaq index to record levels
in early 2000. Monday,s best performing sectors were the 2 former
high-fliers. Given the momentum that is building in these sectors, it is
a good idea to watch these 2 sectors and the Nasdaq as a whole in
the next few weeks.

Economic Reports & Bond Markets

Bond markets remain quiet

As the equity markets have been rallying in the past few sessions,
bonds have been trading in a range. Monday long bond finished the
session lower by 2 ticks at 103.08. There are no major economic
reports due out on Tuesday.

Market Breadth

Monday's NYSE advance/decline reading was 1669/1181 Vs.
Friday's reading of2076/816
Monday's Nasdaq advance/decline reading was 2308/1673 Vs.
Friday's reading of 2818/1146

New Highs and New Lows

Monday's NYSE new high/lows was 247/58 Vs. Friday's
reading of 245/60
Monday's Nasdaq new high/lows was 92/156 Vs. Friday's
reading of 81/171

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Today's Key Earnings Releases

Company Name????????? 	Expected earnings 	Symbol

Best Buy?????????????????????? 	0.27???? 	BBY
Engage???????????????????????? 	-0.21??? 	ENGA
NaviSite??????????????????????? 	-0.40??? 	NAVI
Net2Phone??????????????????? 	-0.30??? 	NTOP

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<Embedded Outlook Message Attachment>


FYI:  more O&M gymnastics, but so far no impact on law.  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 10/12/2000
12:43 PM ---------------------------

	Elaine Concklin
	10/11/2000 07:13 PM

To: Danny McCarty/ET&S/Enron@Enron, Dave Neubauer/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Kent
Miller/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Steve
Gilbert/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Phil Lowry/OTS/Enron@ENRON, Rod
Hayslett/FGT/Enron@ENRON, Louis Soldano/ET&S/Enron@ENRON, Michel
Nelson/ET&S/Enron@ENRON
cc: Tracy Geaccone/GPGFIN/Enron@ENRON, Vera Apodaca/ET&S/Enron@ENRON, Sophie
Patel/ET&S/Enron@ENRON

Subject: Proposed Revisions to 2001 Plan O&M

In order to reduce net O&M by $7.9MM on NNG and $3.8MM on TW, I propose the
following additions to overhead.  Per Rod, we will leave Gross O&M where it
is and increase the overhead allocations.  These dollars will be added to the
Capital Budget via an increased overhead rate.  Once finalized, I will
calculate the new overhead rate and send it to you so we can add these
dollars to the construction projects.

Please review this proposal and let me know by Friday if we need to make
adjustments.  There is still a hole of $1.2MM on TW that we need to fill in
order to cover the Environmental Remediation/PCB costs without reducing them.

NORTHERN NATURAL GAS:
Direct:
0.5   -   Marketing (brings net flat to 3CE)
2.7   -   Operations (brings net flat to 3CE)
2.0   -   IT (brings captalized portion of total IT back up to 3CE levels)
5.2   -   Total Direct

1.6   -   ETS Operations (brings captalized portion back up to 3CE levels @
35%)
0.3   -   ETS Executive (5%)
0.5   -   ETS IT (brings captalized portion of total IT back up to 3CE levels)
0.3   -   Corporate Direct (4%)
2.7   -   Total ETS/Corporate

7.9   -   Total Decrease in Net O&M / Increase in Overhead

TRANSWESTERN:
Direct:
   ?   -   Marketing (already below 3CE)
1.2   -   Operations (brings net flat to 3CE)
1.2   -   ??? (Operations?? - need to cover increased PG&E PCB of 1.0 & Env.
Rem. of 1.4)
0.8   -   IT (brings captalized portion back up to 3CE levels)
3.2   -   Total Direct

0.3   -   ETS Operations (35%)
0.1   -   ETS Executive (5%)
0.1   -   ETS IT (20%)
0.1   -   Corporate Direct (5%)
0.6   -   Total ETS/Corporate

3.8   -   Total Decrease in Net O&M / Increase in Overhead

Thanks,  Elaine


To Members of the RTO West Stage 2 Provisions and Requirements Content
Group Meeting:

Hello!

Just a quick reminder that the next meeting of the Provisions and
Requirements Content Group Meeting is Wednesday, March 21st, from 10:00
a.m. to 5:00 p.m. at the Portland Airport Hilton Garden Inn.

Attached is an updated version of Gerry Garnett's interconnection
diagram.  Our thanks to Gerry for this material!

Cheers, Kristi

 - GenConConf2.doc