Profiting From the Darkness; California's problems have created a lucrative
opportunity for energy companies. Unfair? Maybe. But don't expect mercy from
markets.
Newsweek, 05/14/01

Big Energy at the Table; Winning support for your agenda is easy when your
allies fill out the administration's top chairs
Newsweek, 05/14/01

UK: EMETRA plans weekly website metal auctions.
Reuters English News Service, 05/09/01

Talking Stocks
CNNfn: The Money Gang, 05/09/01

Business Leader Joins Elite List; Peter Holt to be Honored at Dinner of
Champions
Business Wire, 05/09/01

INDIA: CMS evaluating options on India LNG project.
Reuters English News Service, 05/09/01

The Latest California Power Craze: A Windfall Profits Tax Bill
TheStreet.com, 05/09/01

National Affairs
Profiting From the Darkness; California's problems have created a lucrative
opportunity for energy companies. Unfair? Maybe. But don't expect mercy from
markets.
By Allan Sloan With Kevin Peraino. SLOAN is NEWSWEEK's Wall Street editor.
His e-mail address is sloan@panix.com.

05/14/2001
Newsweek
23
Copyright (C) 2001 Newsweek Inc. All Rights Reserved.

When it comes to football, "piling on" a player who's already been tackled is
a major penalty that can set your team back a long way. But when it comes to
markets, piling on by taking advantage of the weak is called "opportunism,"
and it can get you a big bonus.
Which brings us to California, where piling on enfeebled utilities and
customers by power generators and power traders has become a way of life.
Thanks to the idiotic way that California deregulated its electricity
markets, the generators and traders of power in California have been making a
fortune because electricity costs have gone through the roof. Meanwhile,
consumers are getting pounded rather than protected, economic instability is
spreading throughout the Western United States and some of the utilities that
distribute power to customers are getting clobbered. One big utility, Pacific
Gas & Electric, has already gone broke and others may soon follow.
But while the market has produced a horde of losers--California's wholesale
power bill is running at 10 times the level of two years ago--there is a
handful of big winners: companies that generate or trade power in the
California market. Among the winners: Calpine, whose first-quarter profit
quintupled, compared with last year's; Reliant Energy and Williams Cos.,
whose profits more than doubled; Mirant, up 84 percent, and Dynegy and Duke
Energy, whose wholesale power profits doubled and quadrupled, respectively.
Enron, the nation's biggest energy trader, had a 75 percent increase in
wholesale-services profits, but says little of that was from California. Some
of these companies' profits would have risen far more--Mirant's would have
quadrupled--had they not taken big earnings hits to cover the risk of not
being paid for some of their California sales. If they finally get paid,
their profits will be outtasight. You can see why some of these companies'
stocks have heated up as California melted down.
To be fair, you can't attribute these entire increases to California--but you
can be sure California accounts for a good portion of them. There are other,
less obvious winners, too. Among them: the unregulated subsidiaries of some
companies that own California utilities; aluminum producers that are making
more money by closing their plants and selling their power allotments than
they would have made by producing aluminum; farms that find it more
profitable to resell electricity than to grow crops; and, in general, anyone
in the Western United States or Canada with an electron to spare and some way
of getting it into California.
I'm not saying that these companies are immoral for making a fortune by
taking advantage of California's problems. Breaking the law by creating an
artificial shortage--which has been alleged, but not remotely proven--would
be immoral. Taking advantage of a situation? That's what's known as
amoral--having no moral values, either good or bad. It's not nice, but it's
perfectly legal, and it's the way market players are expected to act.
So when California Gov. Gray Davis said last week that he was planning to
have a "heart to heart" talk with California power generators, you just had
to laugh. Because when it comes to business, those people have no hearts.
They're not supposed to.
What created the problem in California is not only deregulation, but a stupid
deregulation plan carried out ineptly: the Kilowatt Keystone Cops, as it
were. California put a cap on the rates that utilities could charge
customers, but until recently, it forced utilities to buy all of their power
in the short-term market. The utilities foolishly agreed to this deal. The
problem: short-term markets are notoriously volatile. And notoriously
ruthless. If there's a small surplus of power, you have desperate sellers
trying to sell power, which can't be stored. But if there's a shortage,
everyone piles on. Had California utilities been allowed to do the rational
thing and buy most of their power in long-term markets, they would have paid
more initially, but they and their customers would be in far better shape
now. Compounding the problem is that while the state deregulated the
wholesale rates the utilities paid for power, they capped the retail rates
utilities could charge. Combine that with total reliance on the short-term
market and--voila! --you're totally at the market's mercy. And markets have
no mercy.
In the old days, when utilities were regulated, there was often waste and
inefficiency, but power was reliable and utilities cared desperately about
keeping the lights on. Now, we have markets that don't care about anything.
Someday, markets may give us total reliability at a cheaper price than
regulation would. But in the meantime, get used to the piling-on concept.
Just hope you end up on top of the pile.
Photo: Electrifying returns: What the market will bear

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

National Affairs
Big Energy at the Table; Winning support for your agenda is easy when your
allies fill out the administration's top chairs
By Howard Fineman and Michael Isikoff With Mark Hosenball, T. Trent Gegax and
Rich Thomas in Washington

05/14/2001
Newsweek
18
Copyright (C) 2001 Newsweek Inc. All Rights Reserved.

If you were in the oil and gas business, it was a meeting that dreams were
made of. Nine days before George W. Bush was inaugurated, energy lobbyists
gathered at the American Petroleum Institute's offices in downtown
Washington. Their agenda: to write a wish list. One participant remembers it
fondly. "The tone was, 'OK, what do you guys want? You are going to have the
ear of this White House'." In came an easel and a whiteboard, and ideas
flowed: looser rules for drilling on federal lands; more drilling for oil and
gas in Alaska and the Gulf of Mexico; lower royalty payments for tapping
offshore wells. After a while, the mood in the room grew giddy. The man from
the wildcatters' association suggested going All the Way. It was time, he
said, to rethink the Endangered Species Act.
That was a wish too far. But many items on that board--and other lists
scribbled by other energy lobbyists in other offices around town--found their
way into the recommendations that the president will unveil to the nation
next week. The API list, in fact, was forwarded to George Bush's transition
team, which sent it to the Interior Department. On March 20, Interior sent
many of the same ideas to the Energy Task Force that Vice President Dick
Cheney had convened on Jan. 29. To close the loop, key leaders from that API
meeting have since been appointed to pivotal positions in Bush's
administration--among them J. Steven Griles, an energy lobbyist and the new
second in command at Interior, and Thomas Sansonetti, an energy lawyer
recently named the top environmental cop at the Justice Department. The two,
in effect, will help administer policies they helped to write.
If the Bush administration is homecoming weekend for the energy industry,
Dick Cheney's task-force report is the pregame tailgate party. Not since the
rise of the railroads more than a century ago has a single industry placed so
many foot soldiers at the top of a new administration. While the report will
recommend an array of what one White House aide advertises as "high-tech,
21st-century conservation ideas," its core will be a call to find and use new
sources of fossil fuels, as well as a renewed commitment to nuclear power.
What voters need to hear "loud and clear," the president declared last week,
"is that we are running out of energy in America."
Is there a national "crisis"? California faces rolling summer-electricity
blackouts. In New York City, officials are scrambling to add small gas-fired
generators to handle peak demand. Natural-gas prices have doubled in the past
year. The numbers on signs at filling stations are skyrocketing, and could
hit $3 a gallon this summer in the Midwest. In a West Wing interview with
NEWSWEEK, Cheney shied away from the C word. "I think the potential is there
for it to adversely affect the economy," he said.
But voters are using the word. In a NEWSWEEK Poll, 71 percent of those
surveyed say there is an "energy crisis" in California; 53 percent agree
there now is one in the country as a whole. Given an either-or choice between
"protecting the environment" and "developing new sources of energy," those
polled selected energy by 52 to 41 percent, compared with a 49-44 ratio just
one month ago.
There's something to be said for turning to energy-industry alums in this
situation--and Cheney, who like Bush is a son of the oilfields, is not shy
about saying it. "The fact of the matter is [you get] a lot of expertise with
people who have been dealing with these issues for a long time," he told
NEWSWEEK. In his own case, he said, his time at Halliburton, the
globe-girdling oil-services company, taught him "a hell of a lot about the
technology of the business," such as benign new ways to drill in Alaska's
Arctic National Wildlife Refuge.
But Americans are skeptical of industry motives--and, by extension, of Bush's
ties. When asked to name who had contributed "a lot" to the current energy
situation, those polled named two sets of villains: the U.S. energy companies
(66 percent) and overseas energy suppliers, such as OPEC. Bush himself gets
his lowest approval marks for his handling of energy and environmental
issues. Democrats, naturally, are pouncing on what they see as a populist
hole in Bush's armor. Late last week House Minority Leader Dick Gephardt was
stumping in Chula Vista, Calif.; with transmission lines as a backdrop, he
vowed to impose new federal caps on electricity rates--an idea Cheney flatly
opposes.
The administration may well have raised the political risk via the process it
used to draft its plan. The Bushies used a secretive, believers-only process
reminiscent of another such enterprise: Hillary Rodham Clinton's effort to
write a national health-care plan in 1994. Since the group comprises only
government officials, White House aides say, it is entitled to keep its
deliberations private. Still, industry leaders--who dumped $22.5 million into
GOP coffers in the last election--enjoyed constant contact with the task
force. Cheney met with a group of utility executives at the Edison Electric
Institute, whose president, Tom Kuhn, was a leading Bush fund-raiser. No one
has enjoyed better access than Enron CEO Ken Lay, who recently had dinner
with his good friend the president.
The environmental community, meanwhile, got one mass meeting with the staff a
month ago (and the promise of another this week with EPA Administrator
Christine Todd Whitman). Efforts to meet with Cheney were rebuffed. Cheney
himself confirmed he had not met with a single spokesman for the greens. That
dynamic has only fueled suspicions among enviros about what's going on behind
closed doors. "They're drumming up a fake energy crisis that doesn't exist,"
says Phil Clapp of the National Environmental Trust.
To be sure, the Cheney report will make many nods in the direction of
conservation and renewable resources. Cheney confirmed that it will call for
tax credits for both. The plan will herald and encourage the advent of less
intrusive, high-tech means for finding and extracting oil and gas and for
burning more coal. White House spinners have decided to divide the report
into five parts--only two of which will deal with the extraction and the
transmission of new sources of traditional types of fuel. The conservation
measures will be high tech and optimistically can-do about using Yankee
ingenuity to give Americans all the cars and appliances they want while using
less electricity from state-of-the-art power plants. But there will be no
paeans to the kind of pantywaist, tree-hugging self-abnegation the Bushies
think President Carter sermon- ized about a generation ago. "This isn't about
not bathing or turning off your lights," said a top Cheney aide. "This is
about finding environmentally safe ways to make sure we have the energy we
need."
That's not enough, environmentalists say, given the rising threat of global
warming the green community is convinced comes from burning fossil fuels.
"The test of any energy plan will be what it does to limit greenhouse gases,"
says Fred Krupp of Environmental Defense. The Union of Concerned Scientists,
concerned about global warming, says that renewables and conservation could
displace 20 percent of traditional electricity demand by the year 2020--and
greatly lessen the need for new power plants. Cheney thinks otherwise. In
that span, he said, reliance on renewables could indeed triple--a "fairly
optimistic" scenario but one that would still meet only 6 percent of total
electricity needs. But that estimate does not include imposing tough new
mileage standards on SUVs or mandating more efficient appliances. "Part of
our task," he said, "is to focus on reality, and reality is not 'Well, gee,
we'll conserve our way out, we don't have to produce any more,' or 'Wind and
solar will take care of it, so we don't need fossilfuels anymore'."
Now comes the hard part: selling the plan to the public and to Congress. Some
GOP strategists are sanguine about overcoming environmental concerns.
"Nothing like $3-a-gallon gasoline to help make the case," said one. But it's
probably not that simple. White House strategists are looking for clues on
how best to hawk the package in polls done for them by the Republican
National Committee. The surveys show that voters know very little about where
energy supplies come from or how they now are distributed in what has become
a relatively deregulated marketplace. "Voters out there think that the
government guarantees cheap, abundant energy," said one worried Republican
polltaker, "and that's not the way it works anymore." Other insiders worry
less about the Democrats than the news media, which they regard as addicted
to showing videotape of belching smokestacks. "Bush will have the bully
pulpit," says GOP consultant Alex Castellanos, "but it's not an easy sell."
But sell Bush must. He'll take his show on the road next week, joined by a
fleet of cabinet secretaries. They will declare that action is needed after
years of Clinton-administration neglect. They will say that there are no
quick fixes, and tout their market-based, supply-side, long-term answers.
They may use real-world vignettes about energy shortages. (On request, the
Natural Gas Supply Association provided the White House some.) But politics
is lived in the short term, and Bush late last week suddenly found himself in
the role of conservation advocate. He ordered federal facilities in
California to turn up thermostats, and pledged that they would reduce
electricity use by 10 percent. Cheney, the interview over, hurried to the
Cabinet Room for the announcement. It turns out that conservation matters a
great deal, at least in California, at least for now.
Photo: Inner circle: Cheney presiding over a meeting of the Energy Task Force
last week in the vice president's ceremonial office

Photo: Inner circle: Cheney presiding over a meeting of the Energy Task Force
last week in the vice president's ceremonial office Photo: The outsider:
Clapp claims the Bushies may be ginning up ``a fake energy crisis'' Graphic:
(Chart) Energy Advocates in the Bush Pipeline (Graphic omitted)

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

UK: EMETRA plans weekly website metal auctions.

05/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, May 9 (Reuters) - Metals Internet trading group EMETRA is to host
weekly auctions of physical metal on its trading platform, content manager
James van Bregt said on Wednesday.
As part of the development of its physical platform, EMETRA was due to hold
four copper auctions on May 10, but in light of its users' interest, the
company has not only increased the number of auctions but has decided to make
them a regular feature.
"When you see how successful the auctions are and given the amount of
interest we've had, this will be a weekly event," said van Bregt.
"Our idea was to have four auctions taking place and in fact it was slightly
swamped and we're now holding seven. In fact, we've even asked several
participants to keep their powder dry until next week," he said. The seven
auctions will be for 4,150 tonnes of copper, and one will be a warrant
auction.
Of the metal to go under the hammer, 500 tonnes will be available in
Rotterdam, and another 1,150 in Rotterdam "or parity," van Bregt said.
Another 1,500 tonnes will be available in parcels of 500 tonnes in Livorno,
Shanghai and Carrollton, Georgia, while 1,000 tonnes will be available in
Antofagasta in Chile.
The "auction hour" will last from 1300 GMT to 1430 GMT, van Bregt said.
"Provided we get a good level of bookings, say if four out of the seven
auctions get done, then clearly that tells us that this is the way to do
things," he said.
EMETRA began trading on its physical platform last October on its website
www.emetra.com, with over a million tonnes of liquidity.
EMETRA was founded in February 2000 as a joint venture between London Metal
Exchange ring dealer MG plc - subsequently bough by U.S. energy and power
giant Enron Corp - Internet Capital Group and Safeguard International Fund.
Last week, Peter Sellars, company chief executive, said that the company had
secured additional funding to develop its physical platform, while putting
its derivatives platform on a backburner.
EMETRA is currently rolling out warrant trading, copper and aluminium rod
trading and the first stage of its documentation centre.

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

Business
Talking Stocks
David Haffenreffer, Christine Romans

05/09/2001
CNNfn: The Money Gang
(c) Copyright eMediaMillWorks, Inc. (f/k/a Federal Document Clearing House,
Inc.). All Rights Reserved.

CHRISTINE ROMANS, CNNfn ANCHOR, THE MONEY GANG: You`re watching THE MONEY
GANG and we`re Talking Stocks.
DAVID HAFFENREFFER, CNNfn ANCHOR, THE MONEY GANG: And joining us once again
is David Katz from Matrix Asset Advisors.
ROMANS: Let`s hit the phones right away. California and Rich, hi there.
CALLER: Hi. During the nice run up of the last month, I`d lost a painful
amount of money in Enron (URL: http://.www.enron.com/) . I could never figure
out what was wrong with this stock. I`d like to know that if you know. And
also should I keep it and hope for a recovery or should I terminate and try
to get well somewhere else?
HAFFENREFFER: This is a familiar story.
DAVID KATZ, MATRIX ASSET ADVISORS: Yes. In terms of looking at a stock that
has performed poorly and hoping for a recovery, we generally would not do
that. We would reassess why you bought the stock in the first place, are the
fundamentals of the business strong enough. And if they are, we would stick
with this stock as a losing investment.
In terms of Enron, it`s been a great performer up until the last month. And,
as technology has started to come back and as the market has come back, some
of the stock that were leaders there`d been a lot of profit taking. We think
that`s the case there.
Basically we don`t have a strong opinion on this stock. We think it should
trade up over the next year or two because they do have good fundamentals. So
we`d stay with it but if the stock were to recover some, we`d take your money
off the table.
HAFFENREFFER: Another phone call now from Victor in Illinois. Hi Victor.
CALLER: Hi. Good afternoon. My question and thoughts - your thoughts on Amgen
(URL: http://www.amgen.com/) .
KATZ: OK. Amgen is a - one of the most successful biotech companies. They`ve
been so successful they`re no longer considered biotech. They`re considered a
big drug company.
We think that their prospects and their product line are good over the next
year but the stock is selling north of 40 times earnings. We`re comfortable
holding it. But, since you have a limited basket of money that you can put to
work, we think there are better drug companies out there we prefer.
We mentioned the Schering-Plough (URL: http://www.schering-plough.com/)
earlier or Pharmacia (URL; http://www.pnu.com/) , Upjohn (URL:
http://www.pnu.com/) or an Abbott Labs (URL: http://www.abbott.com/) we
think, are not as much an upside, but they`ve got a lot less downside. And we
think they`ll do real well over time.
ROMANS: Let`s go to Missouri now where Roy has a question.
Hi, Roy.
CALLER: Hello.
ROMANS: What would you like to know?
CALLER: Hi, I`d like to know the year end of what Procter & Gamble (URL:
http://www.pg.com/) looks like for the year and over the next year-and-a-half
to two years if it`s a good buy now? or if I even need to mess with it?
KATZ: We think it is a good buy now. The stock has been in the Wall Street
penalty box for the last year. It`s down from $100 a share or more. They
disappointed the Street so much that expectations were so low that they just
made the numbers this quarter and all of the sudden the stock`s up $4 or $5.
We think they`re slowly getting their act together. We think the stock will
do better. Fundamentals are going to improve over the next year and we think
the stock can trade back into the high 70s, low 80s.
HAFFENREFFER: Last question of the afternoon goes to Charlie right here in
New York.
Hi, Charlie.
CALLER: Hi, David. Thank you for taking my call.
I have a question on Ariba (URL: http://www.ariba.com/) and ADC Telecom (URL:
http://www.adc.com/) . Would this be a good time as an entry point in these
stocks? I have about a one to two-year outlook, in other words, I intend to
keep it for at least one or two years. So would this be a good buy at this
time?
KATZ: OK, in terms of Ariba, it`s a risky Internet stock. We would not get
involved with that right now. In terms of ADC Telecom, they`ve also come down
about 70 percent. We do think they have good prospects, short-term
fundamentals are crummy. We don`t think the stock goes down a whole lot more.
And we think the stock could double over the next two years.
ROMANS: All right, let`s talk about just your market perception overall and,
you know, we`ve taken questions from people about what they want to hear
about, but what kind of stocks do you like? what are your big picks?
KATZ: One, in terms of market outlook, we think stocks are be higher over the
next 12 to 18 months. When earnings are crummy and the Fed is lowering rates,
it`s generally a very good time to be buying stocks. We like select
technology. Within technology, companies like Compaq (URL:
http://www.compaq.com/) , which has been miserable, Hewlett-Packard (URL:
http//www.hp.com) , we think is going to do very well over the next year. A
smaller company, Adaptec (URL: http://www.adaptec.com/) selling at $11. We
think it could be at $20. We like the financials. They generally do quite
well when the Fed is easing. Companies like Comerica (URL:
http://www.comerica.com/) , FleetBoston (URL:
http://www.fleetbankbostonmerger.com/) , Bank of America (URL:
http://www.bankamerica.com/) , all very good investments. We like some old
economy stocks like a Leggett & Platt (URL: http://www.leggett.com/) or a
Sherwin-Williams (URL: http://www.sherwin.com/) and select pharmaceuticals.
We mentioned the Schering-Plough, Boston Scientific (URL:
http://www.bsci.com/) . So you really want to diversify. Don`t make bets in
any individual industries. Don`t make that to any individual stocks.
ROMANS: OK. David Katz, good advice, Matrix Asset Advisors, thank you very
much.
KATZ: Thank you.

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

Business Leader Joins Elite List; Peter Holt to be Honored at Dinner of
Champions

05/09/2001
Business Wire
(Copyright (c) 2001, Business Wire)

SAN ANTONIO--(BUSINESS WIRE)--May 9, 2001--The National Multiple Sclerosis
Society (NMSS) has announced that it will honor San Antonio Spurs Chairman
and Owner Peter Holt at its First Annual Dinner of Champions on Thursday,
Sept. 12, 2001. Holt will be presented the Hope Award in recognition of his
unwavering support of the NMSS. Serving as dinner chairs of the event will be
Tammy and Russ Bookbinder, executive vice president of the San Antonio Spurs.
The black tie event will be held at 7 p.m. at The Westin -- La Cantera
Resort. A "who's who" list of San Antonio business, political and social
leaders are expected to attend. Funds raised will benefit the National
Multiple Sclerosis Society -- Lone Star Chapter.
Since its inception on a national level 27 years ago, the Dinner of Champions
has raised more than $100 million for client programs, MS-related research
and individuals living with MS. The honor represents the highest bestowed on
an individual by the NMMS Society. Today, 70 major cities, from New York to
Los Angeles and Chicago to Houston, honor prominent leaders and top
executives on an annual basis. Past honorees include John Chambers, CEO of
Cisco Systems Inc.; Peter Coors, CEO of Coors Brewing Company; Arthur
Martinez, CEO of Sears and Roebuck; D. Mark Prestige, president of Tom Thumb;
Jeffrey K. Skilling, president and CEO of Enron; Ron W. Haddock, president
and CEO of FINA; and Tom Sherak, CEO of Twentieth Century Fox. Cumulatively,
these honorees represent the most influential cast of corporate, political
and entertainment leaders in the world.
Peter Holt is a shining example of this award and is no stranger to the fast
track of global business. He is a strong proponent of leading by example
through his value-based management philosophy. Since becoming the chairman of
the board of the San Antonio Spurs in 1996, he has led the team in
fund-raising and community outreach programs that range from the United Way
to efforts with the Fannie Mae Foundation and the Spurs Drug Free League,
which provides a safe place for grade school children to play basketball
after school.
Holt serves as chairman of the San Antonio Spurs and president and CEO of the
San Antonio-based Holt Companies. The Holt Companies got its start in 1933
when Holt's great uncle moved to San Antonio and opened a Caterpillar
dealership. When the dealership's territory expanded and other dealerships
opened, family members got involved in the business.
Today, Holt Companies includes Holt Machinery Company, which includes the
original Caterpillar dealership, and the San Antonio Spurs. "Working with
volunteers on a community project, with the Spurs players and staff or with
the Holt Companies, it's always the same," Holt said. "Treat people fairly
and honestly, and the amount you can accomplish with others is far greater
than anything you can do by yourself."
Holt's sentiments are illustrated not only in his involvement with the MS
Society, but also in his long-standing commitment to community service. He is
a member of the World Presidents' Organization, sits on the board of the San
Antonio Council on Drug and Alcohol Abuse, the United Way of San Antonio and
Bexar County and is a trustee of the Palmer Drug Abuse Program. A decorated
Vietnam War veteran, Holt ended his two years of service as a Sergeant E5
with a Silver Star, three Bronze Stars and a Purple Heart.
The black tie, seated dinner, to be held at The Westin -- La Cantera Resort,
is expected to raise several hundred thousand dollars for the National
Multiple Sclerosis Society-Lone Star Chapter. Multiple Sclerosis, a disease
of the central nervous system, affects an estimated one third of a million
Americans.
The NMSS, established in 1946, is the world's largest source of MS-related
funds, with the exception of the U.S. Government. The Dinner of Champions
enables the NMSS to continue its work in providing support services for
people with MS and their families, as well as funding research into the cause
and cure of this disease. The NMSS spends a larger percentage of revenue on
direct services than any other voluntary health organization primarily
serving adults. Close to home, the Lone Star Chapter serves more than 1,200
people in San Antonio area.

CONTACT: Stevens Group, Houston Melissa Stevens, 800/279-9249 or 713/840-0555
12:20 EDT MAY 9, 2001

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

INDIA: CMS evaluating options on India LNG project.
By Suresh Seshadri

05/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

MADRAS, India, May 9 (Reuters) - U.S. firm CMS Energy Corp said on Wednesday
it was disappointed with delays in getting a bankable guarantee for its
Indian LNG-based power project and was now evaluating its options.
The statement came close on the heels of U.S. energy giant Enron Corp's
problems over its Indian unit's $2.9-billion, 2,184-MW project following the
state power utility's refusal to honour a commitment to buy all its plant's
power.
CMS, along with India's Grasim Industries , leads a consortium to build a
$1.6-billion LNG-terminal-cum-power plant at Ennore port, north of Madras.
"CMS is disappointed in the lack of progress by the Indian government," CMS
Energy's director of communications, Kelly M. Farr, told Reuters by e-mail.
"We are evaluating our options and will choose a course of action which
optimises the value for all of our Indian investments," Farr added.
India's Financial Express daily said last month that CMS had written to Prime
Minister Atal Behari Vajpayee seeking his intervention for providing a
payment security mechanism guaranteed by the federal government, to arrange
project funding.
In January, India's finance ministry indicated it may scrap a plan to extend
sovereign guarantees to three mega power projects, including the Ennore LNG
project.
The paper said CMS had indicated its impatience with continued delays in
providing a guarantee and hinted it may have to pull out of the project in
case of any further delay.
The 1,850-MW Ennore project has been promoted by the Dakshin Bharat Energy
consortium which also includes Germany's Siemens , Australia's Woodside and
Unocal Corp .
ENRON SHADOW
Enron's troubled Indian unit, Dabhol Power Company, finds its nearly complete
$2.9-billion, 2,184-MW project embroiled in a controversy over the state
power utility's refusal to honour a commitment to buy all the plant's power.
The Maharashtra State Electricity Board, which says the power is too costly,
has defaulted on monthly payments to DPC for the electricity it has taken,
forcing DPC's board to authorise its management to terminate the contract.
The CMS-led consortium won the LNG project from the Tamil Nadu state
government in 1998 and plans to build a 2.5-million tonnes a year LNG import,
storage and regasification terminal.
The LNG is to be imported from Qatar's RasGas and the electricity from the
power plant will be sold to the federal government-owned Power Trading Corp
of India.
India opened up its generation sector almost 10 years ago but investment has
been scarce as most of the country's power distribution is done by
cash-strapped, state-owned utilities.

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

The Latest California Power Craze: A Windfall Profits Tax Bill
By Christopher Edmonds
Special to TheStreet.com
5/9/01 3:17 PM ET

"Enough already."
That's the message Raymond James' power analyst Fred Schultz has for
California and its politicians.
As the Golden State faces another day of rolling blackouts, Edison
International (EIX:NYSE - news) begs its lenders not to push its utility --
Southern California Edison -- into bankruptcy; Gov. Gray Davis meets with the
generators he loves to hate; and the generators face the possibility of a
windfall profits tax.
Schultz, meanwhile, hopes common sense will soon prevail over the current
punitive, political nonsene. He is referring to the recent rash of political
action aimed at the profits of generators that sell power into the California
market, specifically, the California Assembly's and Senate's moves to impose
a windfall profits tax on generators.
On Monday, the Senate passed a bill that would require generators to fork
over every dollar they charge for power above an $80 per megawatt hour (MWh)
threshold to the state in the form of a tax.
Unfortunately, it's the California consumer who is left in the dark by the
politics of power.
The bill would effectively set price caps -- something that is really the
purview of the Federal Energy Regulatory Commission, or FERC. The bill now
moves to the Assembly, where it appears to have support. In fact, the
Assembly is considering its own version of the windfall profits legislation,
lowering the threshold to $60 per MWh.
Schultz says this action simply highlights the counterproductive nature of
California's punitive, political approach to solving the state's energy
crisis. "This round of legislative action is defeating, time-wasting and
value-destroying," he says. "The initiatives under way, if passed, will
ultimately destroy the California power markets as we know them today."
He has a point. The problem in California is a lack of electricity supply, a
result of a decade of regulatory posturing that discouraged the development
of new power plants to meet the surging demand for power from the burgeoning
high-tech economy.
At the very time California pols should be focused on encouraging new
generation, they are proposing policies that actually discourage new
development. "California legislators should ask themselves this: Does taxing
the sale price for electricity create more electricity supply or less?"
Schultz asks rhetorically, invoking a lesson from the Boston Tea Party in his
answer. "Less! Samuel Adams must be spinning in his grave right now. How in
The Almighty's name is this sort of ass-backward legislation going to create
more energy in the state?"
And, now some members of the state Legislature say they don't even need the
assistance of generating companies to solve the problem -- they'll build the
plants themselves. A power company with Davis as the CEO and engineered by
members of the legislature, the same group that managed to create the
policies that led to the current crisis, isn't terribly comforting.
The state needs the help of the generating companies. Companies such as AES
(AES:NYSE - news) Calpine (CPN:NYSE - news), Duke (DUK:NYSE - news) Dynegy
(DYN:NYSE - news), Mirant (MIR:NYSE - news), NRG (NRG:NYSE - news) and
Reliant (REI:NYSE - news) can and will help California solve their supply
problems if they are given a chance.
Fortunately, few observers believe the windfall tax bill will be enacted and
even fewer think such a law would withstand a constitutional challenge.
"We do not expect the proposed legislation to be enacted into law," Deutsche
Bank Alex. Brown power analyst Jay Dobson told clients on Tuesday. "The law
as currently written would provide a major disincentive to both the
development of new generating assets as well as the operation of high cost
existing assets. This would further exacerbate the shortage of generating
capacity in the state at a time when the shortage is likely to seem most
acute."
Schultz is more direct. "This is warped."
Windfall Tax: Dimming for Generators?
As rolling blackouts get more frequent, the political hyperbole in Sacramento
only will increase. And, with other punitive measures similar to the windfall
tax likely to surface, investors are concerned about the impact of such
proposals on generating companies doing business in the, er, tarnished state.
Alex. Brown's Dobson expects some giddiness in the stocks of generators as
temperatures -- both atmospheric and political -- rise. "Although we don't
expect the proposed legislation to pass, we do expect the level of 'headline'
risk to remain high," he notes. "This will likely lead to more volatility for
the generation stocks in the near term."
Still, Dobson predicts the "generation sector will outperform" as profits
surpass expectations this summer. His favorite names are Calpine, Reliant and
AES. He rates all strong buy. His firm has recently provided banking services
for Calpine and Reliant.
Schultz says Calpine and Mirant stand out in the group, a result of their
approach to the California markets. "Calpine and Mirant are reinvesting
heavily in California and are in the game for the long haul," he notes.
"Unlike the Texas trio [Enron (ENE:NYSE - news), Dynegy and Reliant] that
receives a lot of criticism from the governor, both Calpine and Mirant are
dealt with favorably and receive the benefit of the doubt in Sacramento. They
have dedicated millions of dollars to the development of meaningful power
supplies in the state." He rates both strong buy and his firm has not
provided recent banking services to either.
He also notes that Calpine has long-term power supply contracts that would
avoid the punitive measures of a windfall profits tax, and Mirant is "more
than adequately" reserved for possible write-offs associated with outstanding
receivables for selling power in the state.
Davis Meets the Generators
The governor has summoned top executives from the generating companies to
Sacramento on Wednesday to discuss the current crisis and possible solutions.
However, many important players -- including Calpine, Dynegy and Enron -- may
not even show up.
Many of the generating companies are soured by Davis' refusal to "call off
the dogs" in his investigations of possible collusion, price gouging and
intentional withholding of generation during periods of high demand. At the
same time, Davis is hoping to convince the generators to forgive a large
portion of past receivables, to cut prices on long-term power contracts, and
to build new low-cost generation.
The irony isn't lost on Schultz. "Davis now has a Senate-backed initiative to
castrate the earnings stream of wholesale generators should he choose to back
such an initiative," he notes. "Who in their right mind would walk into a
poker game knowing the deck was rigged against them? Is extortion still a
crime?"
Maybe this time around, Davis will put his cards on the table. If not, the
generators have every right to walk away from the table.


Suzanne:
Please set up a meeting next week with Rod Nelson to talk about issues
relating to the Reliant Energy Services draft ISDA and CSA Schedules.  We
probably need about 1 hour.  Thanks.
Carol


I extended 95551.

D

   Aimee Lannou                02/17/2000 10:01 AM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Meter 1520

Daren - Could you please create a new deal or extend the existing one for
meter 1520 for Jan. 00?  The deal number is 95551 for Engage Energy.  The
deal ended 12/31/99.  I am helping volume management creat an accounting
arrangement.

Thanks.  Aimee


the hard copy i have (it's from the "media binder" developed for our offsite
at the Woodlands on 9.19.00) has the number JN-2080039.  it's from gil's
presentation to the AGA on 9.19.00.

Thank,
Jeff

	Simon Shih
	11/09/2000 02:21 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: RB-NGC and JN-2080039

Do you have a job number? I don't have anything from Gil Muhl.


I got it yesterday, tried to call last night but I fell asleep at 8.pm
.....I'll try again tonite.......

  Joe


Yes, thanks - these are mine.


Here's the name of our contact for Lotus Notes.  SS
----- Forwarded by Sara Shackleton/HOU/ECT on 07/24/2000 02:46 PM -----

	Madhur Dayal
	07/21/2000 03:57 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Our Documentation Contact

---------------------- Forwarded by Madhur Dayal/HOU/ECT on 07/21/2000 04:43
PM ---------------------------

"Lisa O'Connor" <lisa@imarkets.com> on 07/10/2000 12:58:25 PM
To: "Madhur Dayal" <madhur.dayal@enron.com>
cc:
Subject: Our Documentation Contact

Dear Madhur,

I just want to forward to you the name and number of our documentation
contact.   Mike Minnich is our director of operations and he can be reached
at 415-369-5016.  He is handling all questions/negotiations on the user
agreements.   Please feel free to forward this on to your legal department.
Thanks again and please let me know if anyone else would be interested in
seeing the demo and I'll set them up with a username and password.

Regards,

Lisa O'Connor

Lisa Mears O'Connor, CFA
BuySide Direct LLC
a subsidiary of Intelligent Markets, Inc.
415-369-5020 Phone
415-369-5021 Fax


This is taking more research than we thought. I am getting some post ID's unarchived and pulling max exposure detail out of archives. So, we may not have a resolution until next close. I will let you know.

 -----Original Message-----
From: 	McLaughlin Jr., Errol
Sent:	Tuesday, October 30, 2001 10:37 AM
To:	McPearson, Shannon
Subject:	RE: PG Book

This looks like the macro problem we talked about.  Let me know what I need to do to fix.

Thanks,

Errol, X5-8274

 -----Original Message-----
From: 	McPearson, Shannon
Sent:	Tuesday, October 16, 2001 4:38 PM
To:	McLaughlin Jr., Errol
Subject:	PG Book

Errol,

Is a Macro problem your final answer on this??

I need an answer on this. If the beginning balances were changed in error, please let me know this so I can determine what I need to do to fix this variance. Again, this change did not affect your P&L.

In the January 2001 PG book DPR, for the EOL Gas Daily Roll, you reduced your beginning Gross Balance for January by $9,066,220 and you increased your beginning Liquidated Balance for January by $9,066,220. So, the EOL Gas Daily Roll stayed flat in total and did not cause a problem P&L wise. However, this amount is falling out on my reconciliation for January. Could you please tell me what deal or deals were liquidated for $9,066,220, which in turn caused a reduction in your MTM?? We are concerned that these may be third party deals that Financial Settlements are not aware of.

Thanks!!

Shannon McPearson
Enron North America
713-853-5944
Shannon.McPearson@enron.com


I apologize for the delay. I hope to be able to get to the reviews early next
week.
Thanks,
Brent

	John Viverito
	08/20/2000 08:24 PM

		 To: Mark Taylor/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron
		 cc: Jonathan Whitehead/AP/Enron@Enron
		 Subject: Japanese ISDA Documentation and Japanese Weather GTC Documentation

Mark and Brent-

Please inform me when you anticipate your respective reviews of the ISDA
documentation and Japanese Weather GTC documentation will be completed.

In the interim, if you have any questions, please contact me.

Thanks,

John


Attached is a picture of baby Davies.  What a cutie!
----- Forwarded by Tana Jones/HOU/ECT on 08/23/2000 09:23 AM -----

	Derek Davies
	08/23/2000 09:16 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Pictures of Evan

---------------------- Forwarded by Derek Davies/CAL/ECT on 08/23/2000 08:15
AM ---------------------------

"Derek J Davies" <djdavies@cadvision.com> on 05/18/2000 09:27:00 AM
To: Derek Davies/CAL/ECT@ECT
cc:
Subject: Pictures of Evan

 - att1.htm
 - 05cc3104.jpg
 - 05cc3106.jpg
 - 05cc3108.jpg


I have always worked right up until my due date.  There is a lot of waiting
and somehow I thought that the time passed more quickly if I was in the
office in my normal routine.  Meagan was due on Wednesday, May16.  I set my
last date of work for Friday, May 11.  Mom came in that weekend for Mothers'
Day ( you were with her, right?) and then we did stuff the next couple of
days until Meagan was born.  With Amanda, I owned the shop at the time and I
was probably in the shop the morning of the day she was born.  She was a week
late, so we just didn't know what to expect.  Tyler's due date was December
18, and I set my last day of work for the Friday before that date.  Of
course, then he was late, but we were in the throws of remodeling, so I was
out picking out carpet and paint in those final days.  A lot of this probably
depends on how tired you are and whether or not you feel like you have
everything at the house ready.  I still had a lot of energy at the end of my
pregnancies and I had also managed to get rooms ready early, so I enjoyed
working as long as I could.

Definitely make a point of you and Chris going to some movies at the theater
before the baby comes.  You won't be able to do that for quite a while
afterwards!!

"White, Cara" <CWhite@texas.usta.com> on 12/28/2000 12:51:02 PM
To: "'sally.beck@enron.com'" <sally.beck@enron.com>
cc:
Subject: welcome back

Hi, Sal.  It's kind of a drag coming back to work after Christmas, huh?   I
am wearing my new denim maternity shirt today!   Thanks to my sister, Sally,
I have a decent maternity wardrobe to carry me through several more months!
On that note, I have a question for you:  I am trying to schedule the next
few months and wondered what your advice is on working up until the due
date.  Would you advise working up till the date?   Or taking a couple weeks
off before?    -Cara

Cara White
Community Development Coordinator
USTA Texas Section
1-888-883-6388
cWhite@texas.usta.com


Let's chat about attached...!
----- Forwarded by Tana Jones/HOU/ECT on 05/03/2000 10:12 AM -----

	Lee Jackson
	05/03/2000 09:22 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject:

Tana, refer to the curve description column for the description of the
specific commodity.  Our commodities are from Monomers down.  If you need
further explanation of this table. Just stop by 2148a.

Lee


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/31/2000
04:08 PM ---------------------------

Tanuja Tulsiani <ttulsi@IIRLTD.CO.UK> on 03/30/2000 04:39:22 AM
To: Ttulsi@IIRLTD.CO.UK
cc:
Subject: Energy in Europe Congress 2000

 Dear Energy in Europe Congress Delegate

ENERGY IN EUROPE CONGRESS 2000
19th June * 22th June 2000 * Kempinski Hotel , Berlin

I am delighted that you will be joining us to speak at our Energy in
Europe2000 conference (formally known as Electricity in Europe Congress) and
enclose copies of the printed brochure for you and your colleagues. I hope
that you will agree that the programme looks excellent and the response so
far indicates that the event will be extremely well attended.

I would be grateful if you could just take a moment to look through the items
we would like from you prior to the conference to help ensure everything runs
smoothly on the day.

Your Administration/Preparation Details
12 weeks to go!

You will find attached:
  ? PINK FORM : please tick and fill in and fax back immediately
? HOTEL FORM: please tick and fill in and fax direct to the hotel
? MARKETING.DOC: Information for out marketing department, please fill in and
send back as soon as possible

Friday 26th May 2000 : A Hard Copy Of Your Documentation
3 weeks to go!

  ? We would like a hard black & white copy of  your presentation / bullet
points/copy of slides whichever is best for you, to insert into the delegate
documentation. We can receive this by post or email if the documents are not
too complex but we try not to insert fax copies as copy quality is poor.
(e-mail address - ttulsi@icbi.co.uk).

N.B. Even if you plan to speak off the cuff, we would urge that you submit at
least an outline of your speech to us for insertion into the delegate pack by
the above date. The most consistent complaint that we have from delegates is
that not all speakers offer hard copies of their presentation.

  ? If you are unable to make this deadline, please could you inform us as
soon as possible so that we can make alternative arrangements and avoid
printing delay.

Under separate cover we have arranged for five brochures to be sent to you
outlining the full programme.  These should arrive very shortly.

Should you have any queries regarding your participation at the conference
please contact Tanuja Tulsiani, our Logistics  Manager who will be looking
after the 'domestic' side of the event. You can call her direct on (44) 171
915 5173 or do contact myself. Thank you once again for joining us and I look
forward to seeing you in the Berlin.

With kind regards,

Alexandra Howells
Director
Energy in Europe Congress 2000

 - hotel form.doc
 - Pink form.doc
 - marketing.doc


Introducing expertfinder.   The expertfinder enables you to identify critical
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----- Forwarded by Jeff Dasovich/NA/Enron on 02/05/2001 10:19 AM -----

	"Daniel Douglass" <Douglass@ArterHadden.com>
	02/04/2001 06:18 PM

		 To: <Barbara_Klemstine@apsc.com>, <Bob_Anderson@apses.com>,
<Vicki_Sandler@apses.com>, <berry@apx.com>, <dcazalet@apx.com>,
<billr@calpine.com>, <jackp@calpine.com>, <glwaas@calpx.com>,
<Ken_Czarnecki@calpx.com>, <gavaughn@duke-energy.com>,
<rjhickok@duke-energy.com>, <gtbl@dynegy.com>, <jmpa@dynegy.com>,
<jdasovic@enron.com>, <susan_j_mara@enron.com>, <Tamara_Johnson@enron.com>,
<curt.Hatton@gen.pge.com>, <foothill@lmi.net>, <camiessn@newwestenergy.com>,
<jcgardin@newwestenergy.com>, <jsmollon@newwestenergy.com>,
<rsnichol@newwestenergy.com>, <Curtis_L_Kebler@reliantenergy.com>,
<rllamkin@seiworldwide.com>
		 cc:
		 Subject: CPUC Prudency Standards

Commissioner Lynch and ALJ Cooke have each issued proposed decisions which
adopt differing guidelines for bilateral power purchase contracts entered
into  by the utilities.?
?
If the utilities follow these guidelines, the Commission will forego
reasonableness reviews of the contracts.? Attached is a  memorandum?which
summarizes the filings made by interested parties  and?highlights the major
elements of the two draft decisions.
?
This matter will be voted on at the February 8 Commission meeting.
?
Dan
 - 2-4-01 Memo re Draft Decisions.doc


You have received this email because you are listed as an alternate data
approver. Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000012677&Page=
Approval to review and act upon this request.

Request ID          : 000000000012677
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Resource Type       : Directory


Ellen,
 The attached document at the end of this is the final except for the minor
change which we discussed.
----- Forwarded by Dan J Hyvl/HOU/ECT on 04/25/2001 04:26 PM -----

	Phil DeMoes@ENRON
	04/19/2001 09:53 AM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: FW: ENRON CONFIRMATION LETTER - SNG Pool Gas

Lets discuss.  This is the shorter term 5 year deal.
---------------------- Forwarded by Phil DeMoes/Corp/Enron on 04/19/2001
09:52 AM ---------------------------

"Kilpatrick, Alan M." <AMKilpat@southernco.com> on 04/19/2001 09:51:09 AM
To: "Phil DeMoes (E-mail)" <phil.demoes@enron.com>
cc:

Subject: FW: ENRON CONFIRMATION LETTER - SNG Pool Gas

Please see the confirmation letter with slight changes to the delivery point
and the 30 day termination sentence.  Give me a call to discuss.

Alan Kilpatrick --- * - 205/257-6143 --- * - 250/257-7795 ---  * -
amkilpat@southernco.com <mailto:amkilpat@southernco.com>

-----Original Message-----
From: Bailey, Donna [SMTP:dbailey@balch.com]
<mailto:[SMTP:dbailey@balch.com]>
Sent: Thursday, April 19, 2001 9:44 AM
To: Alan M. Kilpatrick
Subject: ENRON CONFIRMATION LETTER

 <<F6NK02_.doc>>

Alan, attached is the revised  confirmation letter with Enron reflecting the
slight modifications to Enron's last  draft that we discussed.

Donna J. Bailey
Balch & Bingham llp
1710 Sixth Avenue North
Birmingham, Alabama 35203-2015
(205) 226-3451 -- direct dial
(205) 226-8798 -- facsimile
dbailey@balch.com <mailto:dbailey@balch.com>
website address: www.balch.com <http://www.balch.com>
This transmission is intended for the sole use of the addressee, and may
contain information that by its privileged and confidential nature is exempt
from disclosure under applicable law. You are hereby notified that any
dissemination, distribution or duplication of this transmission by someone
other than the intended recipient or its designated agent is strictly
prohibited. If you have received this transmission in error, please notify
the sender immediately by replying to this transmission, or by collect call
to the above phone number.

 - F6NK02_.doc


I guess they have signed quite a few deals.

 -----Original Message-----
From:  Calger, Christopher F.
Sent: Thursday, June 07, 2001 7:42 PM
To: Lavorato, John
Subject:  DWR Report Released today

John,

The news story relates to this report that DWR released today.  They held a
press release.  They said that the state would honor all of the executed
agreements, but any non-binding "agreements in principle" would be subject to
renegotiation.  In general, they say they have executed about 6,000MW of long
term agreements and about 5,000MW under "agreements in principle".

DWR signed our Master Agreement.  We are holding off signing it because of
litigation risk, per Tim and Legal.

Chris


Dentist on  Jan 25, 7:45.

Send ED-mail to Ed.


----- Forwarded by Richard B Sanders/HOU/ECT on 11/29/2000 11:25 AM -----

	Ann M Schmidt@ENRON
	11/29/2000 10:59 AM

		 To: Richard B Sanders/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Cedric
Burgher/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON, Vance Meyer/NA/Enron@ENRON, Steven J
Kean/NA/Enron@Enron
		 cc:
		 Subject: Lawsuit Filed In San Diego Vs Enron For Power Mkt Abuses

Lawsuit Filed In San Diego Vs Enron For Power Mkt Abuses

11/29/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- A second lawsuit is being filed in San Diego
Superior Court Wednesday against Enron alleging the company, and others,
overcharged California consumers more than $4 billion for electricity
service.
On Monday, a similar suit was filed against Dynegy Inc. (DYN), Reliant Energy
Inc. (REI), Duke Energy North America (DUK), Southern Energy Company (SO),
AES Corp., Williams Energy and NRG Energy. Both lawsuits are seeking class
action status and may be consolidated into one complaint.
The complaints allege unfair trade practices and illegal trust activity. A
news conference announcing the details of the lawsuit will be held Wednesday
morning in San Diego.
Enron does not own or operate major generating units in the state, but is
active in trading electricity here and securing long-term fixed rate
contracts for large industrial customers. At times, Enron sells power back
into the California Power Exchange, the market where power is bought and sold
in the state.
An Enron representative said he has not yet seen the lawsuit and was unable
to comment.
The lawsuits claim Enron and the other energy companies withheld power supply
last summer, created shortages by selling power out of state and used
real-time confidential data about power plant activity to drive up prices.
The lawsuits are an attempt to force generators to refund about $4 billion
for electricity, the amount consumers were allegedly overcharged. -By Jason
Leopold; Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

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


missing deals for jeff

buy reliant
15th
sp15
25 mw
185.00
on peak

buy williams
april
25 mw
107.00
sp15
off peak

550271  broker has SP15 (jeff r)

550370
550371  broker has april on both of these trades (mike s)

here are jeffs deals w/apb that i know are wrong and there could be more w/
other brokers

550261
550266
550270
550271
550276


If you didn't get the e-mail I just sent you with a link in it check out the latest www.theonion.com

cd


My phone number is 713 853 3848.

Vince Kaminski


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/11/2001 01:30
PM ---------------------------

Kay Mann
04/11/2001 01:14 PM
To: wmontjoy@brunini.com
cc:

Subject: Draft Contract and Exhibits

Hi Wilson,

I haven't forgotten you, I just got tied up.

This is a very preliminary draft, but thought you should take a look at it.
I don't need a detailed analysis, I just want you to have it so that we can
discuss the impact of Mississippi law.

I am specifically interested in discussing the following:

waivers of consequential damages, limitations of liability

legal status of MDEA (I'll send you the info of what I have)

dispute resolution and jurisdiction

restrictions on confidentiality restrictions

any other aspects of the agreement impacted by Mississippi law

I don't need any memos, just a discussion.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/11/2001 01:02
PM ---------------------------
From: Reagan Rorschach/ENRON@enronXgate on 04/10/2001 05:18 PM
To: Tom May/Corp/Enron@Enron, Brad Morse/HOU/ECT@ECT, Corry
Bentley/HOU/ECT@ECT, Keith Comeaux/Corp/Enron@Enron, Kayne
Coulter/HOU/ECT@ECT, Edith Cross/HOU/ECT@ECT, David Fairley/ENRON@enronXgate,
Rogers Herndon/HOU/ECT@ect, Jim Homco/HOU/ECT@ECT, Madhup
Kumar/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron, Christi L
Nicolay/HOU/ECT@ECT, Ozzie Pagan/ENRON@enronXgate, Laura
Podurgiel/HOU/ECT@ECT, Leslie Reeves/HOU/ECT@ECT, Edward
Sacks/ENRON@enronXgate, Stacey W White/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT
cc:

Subject: Draft Contract and Exhibits

Please review and comment.  These were sent to MDEA wqith the understanding
that Enron is still working on them.

Thanks,

Reagan


Hey Dover,

You are the only one who figured out what the hell I was saying.  So many
people sent back dumbass responses such as your not that fat.  I thought I
was being very creative but obviously not.  I was in Rio for new years and
it was a sick time.  I have some digital pictures I will send you next time
I download to a floppy disk.  The people in Rio were so cool and showing as
much skin as possible is the custom.  I am trying to finish up my
applications while out here and I think I will be submitted by the end of
January.  I hear OB actually has to go back to work!  I hope he can handle
it.  I visited him before Christmas and he was partying like senior year of
college.

I still have not forgotten your wedding gift and am getting it when I am in
the Far East.  Something you guys will always remember-how many slaves do
you think you need, they are real cheap.

Chobs

> -----Original Message-----
> From: Benjamin Rogers [SMTP:brogers2@ect.enron.com]
> Sent: Sunday, January 09, 2000 2:26 PM
> To: CHOBY, C.
> Subject: Re: New Address
>
>
>
> Hey there;
> "Do you know who your "big toe" is yet?  Do you swallow alot of aggression
> along
> with alot of pizzas?  Well if you do, then you are going to be a lean,
> mean
> fighting machine.  I finally finished all of my applications and have had
> several interviews with Columbia and Rice.  Duke is in a couple of weeks.
> I'll
> probably here from NYU in the next couple of weeks.  We were in St. Barts
> for
> New Years and it was awesome.  We need to have a huge party when you get
> back in
> the summer.  I talk to Gioffre quite a bit now and we are trying to get a
> lot of
> people together this summer.  Hope your trip is going well and Keep in
> touch.
> I'll let you know how the B-School results come in.  Talk to you soon.
> Ben
>
>


I guess I meant Enron South America generally--Enron Brazil Power Holdings
XII Ltd. is one of its companies.  I think you answered my question on a
general basis--thanks very much.  Sorry if I confused you.

Also, I need to know if anyone from ENA needs to be appointed in addition to
ESA people.

Robert:  Who at Enron South America should be appointed?

Nancy

Marie Heard@ECT on 10/08/99 11:35:17 AM
To: Nancy Muchmore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sara Shackleton/HOU/ECT@ECT, Robert H
George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: brokerage account

Nancy,

I am confused by your e-mail.  I thought the brokerage account was going to
be opened for Enron Brazil Power Holdings XII Ltd., not Enron South America.
We typically require any one of the President, any Managing Director or the
Vice President, Finance and Treasurer, together with any one of the Managing
Director, Legal, Rick Buy or Ted Murphy.  Of course, the level of officers
may vary from entity to entity.

Marie

Nancy Muchmore@ENRON_DEVELOPMENT
10/07/99 03:35 PM
To: Marie Heard@ECT
cc: Sara Shackleton@ECT, Robert H George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: brokerage account

Marie:  Who are the people you normally appoint to sign, etc., on brokerage
accounts?  Should Enron South America consider using the same people in order
set up this account?  We could then appoint Enron South America people
later.  Thanks.  Nancy
---------------------- Forwarded by Nancy Muchmore/ENRON_DEVELOPMENT on
10/07/99 03:35 PM ---------------------------

Robert H George
10/07/99 03:16 PM
To: Nancy Muchmore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: brokerage account

---------------------- Forwarded by Robert H George/ENRON_DEVELOPMENT on
10/07/99 06:17 PM ---------------------------

Patrick H Hickey@ECT
10/07/99 11:32 AM
To: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Robert H George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: brokerage account

I spoke with Ted Murphy regarding setting up the brokerage account for the
Copel shares.  He indicated that the easiest thing to do is coordiante with
Sara Shackelton (ECT finance lawyer).  Typically, she sets up the paperwork
and Ted (or Rick) signs off on setting up the account (she has done this many
times).  Robert may have already done this or it may not be necessary in this
case - I will leave that up to him.  Regardless, Ted (or Rick) does need to
be one of the people who sign the documents.  Sorry for the delay.

Patrick


For the short Thanksgiving week of  November 20th-November 22th:

Transwestern weekly average deliveries to California were 941 MMcf/d (86% -
due to pipeline maintenance) while east deliveries averaged 310 MMcf/d.  San
Juan lateral throughput averaged 789 MMcf/d while receipts from Rio Puerco
averaged 27 MMcf/d.

El Paso average deliveries to California were 2,491 MMcf/d (85%) :
- PG&ETop (capacity 1,140 MMcf/d) deliveries averaged 495 MMcf/d (70%)
- SoCalEhr (capacity 1,250 MMcf/d) deliveries averaged 1,102 MMcf/d (88%)
- SoCalTop (capacity 549 MMcf/d) deliveries averaged 521 MMcf/d (97%)

Other pipeline throughput to California:
- PGT ( capacity 1,901 MMcf/d) throughput to California averaged 1,627 MMc/d
(86%).
-  Kern River (total pipeline capacity 700) throughput to California averaged
225 MMcf/d (32%). The remaining 475 MMcf/d  (68%) is assumed delivered to the
Las Vegas market.

The cash PG&E/Topock - SoCal/Needles spread went from  $.80 Monday spread to
to a $1.23 Wednesday level.

Daily Cash prices were absolutely wild this week at the southern California
border.  Monday's cash price of $13.42 went to $17.35 by Wednesday.  San Juan
and Permian cash prices each had some increase and by Wednesday were  $6.32
and $6.40, respectively.  This price spike occurred despite the fact that
total California sendout (sum of interstate gas, intrastate production &
storage withdrawals) decreased from last week's 7.6 BCF/day level to this
week's level of 7.2 BCF/day.

 Wednesday Enron Online Basis financial spread numbers:

  Dec  Dec 00-March '01 April-Oct '01
Perm-CA   5.42       2.83      1.2
SJ - CA    5.55   2.96      1.52
SJ-Waha   .11    .12      .32
Perm-Waha   .02    .005      .07


FYI

 -----Original Message-----
From: 	dharris1@txu.com@ENRON
Sent:	Friday, December 07, 2001 10:49 AM
To:	Wagner, Joseph
Subject:	Enron Accounts

Joseph,
I have checked our system on these accounts.

TXU did a manual cancel on 3538593, however on account 6171483 it switched
on 11/6.  We will do a manual drop to polr, however, I just want to give
you a heads up that you will be receiving an invoice on this account as it
was switched prior to the cancel request date.

Thanks
Di


SK - I printed this email (w/ attachment) and put it on the stack next to
your phone messages.  mm

Rick, Jim and Steve:

Please find attached a revise doutline for the policy paper on RTO
development.

A few things to note (to make sure you are truly OK with it):

- the "base model" described will basically be a "PJM Light" with
energy-only bids. This will involve a centralized unit commitment process
(based on a constrained optimization) and financial transmission rights. All
other items on the "wish list" will be treated as future potential
developments.

- there will a substantial section on market power issues and RTO
development.

- there will a section on the relationship between wholesale and retail
market development. The main idea is that a "wholesale only" market without
price signals sent to customers is not going to be viable.

- the main conclusion section will center on a "100 days" (not literally 100
days) set of policy proposals for getting workable markets established
across the country ASAP.

Comments welcome.

Seabron

This e-mail, and any attachments thereto, is intended only for use by the
addressee(s) named herein and may contain legally privileged and/or
confidential information.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution or
copying of this e-mail, and any attachments thereto, is strictly prohibited.
If you have received this e-mail in error, please immediately notify me at
(617) 354-0060 and permanently delete the original and any copy of any
e-mail and any printout thereof.

Seabron Adamson
Frontier Economics Inc
Two Brattle Square
Cambridge, MA 02138 USA
Ph:  (617) 354-0060
Fax: (617) 354-0640
seabron.adamson@frontier-economics.com

www.frontier-economics.com

-----Original Message-----
From: James.D.Steffes@enron.com [mailto:James.D.Steffes@enron.com]
Sent: Monday, March 19, 2001 10:22 PM
To: Steven.J.Kean@enron.com; Seabron Adamson; Richard.Shapiro@enron.com
Subject: new draft

Seabron --

Here is a paper Brattle is putting together for Enron in Japan. ?See
Section 5 - A Japanese Pool. ?They make several good arguments as to why a
mandatory pool with financial settlements around the pool is key for
Japanese liberalization. ? Maybe steal some of their ideas for our US
policy arguments.

Jim

----- Forwarded by James D Steffes/NA/Enron on 03/19/2001 01:04 PM -----
|------------------------+------------------------+------------------------|
|                        |   Mark Schroeder@ECT   |                        |
|                        |                        |   ? ? ? ? To:          |
|                        |   03/19/2001 05:25 AM  |   James D              |
|                        |                        |   Steffes/NA/Enron@Enro|
|                        |                        |   n                    |
|                        |                        |   ? ? ? ? cc:          |
|                        |                        |   Mark                 |
|                        |                        |   Crowther/AP/Enron@Enr|
|                        |                        |   on, Steven J         |
|                        |                        |   Kean/NA/Enron@Enron, |
|                        |                        |   Nicholas             |
|                        |                        |   O'Day/AP/Enron@Enron |
|                        |                        |   ? ? ? ? Subject:     |
|                        |                        |   new draft            |
|------------------------+------------------------+------------------------|

Jim - this is what we discussed in Houston last week, i.e., a proposal for
a market in Japan. ?Any thoughts would be appreciated, I am sure, by Mark
Crowther and Nick O'Day. ? thanks ?mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 19/03/2001
11:28 ---------------------------

To: ? ? ? ?"Mark Crowther" <Mark.Crowther@enron.com>
cc: ? ? ? ?"Mark Schroeder" <Mark.Schroeder@enron.com>, "Peter Styles"
<Peter.Styles@enron.com>, "Paul Dawson" <Paul.Dawson@enron.com>,
<Nicholas.O'Day@enron.com>

Subject: ? ? ? ?new draft

Mark: please find attached the new draft. As we ?discussed this morning, we
still need to add some details (cites etc) that you ?will send us, and also
add additional local examples which you will ?identify.

I would like to spend a few more hours going over ?the appendices, so will
send them to you on Monday. Look forward to getting your ?thoughts, and
hopefully to seeing you over here in April.
Regards,
Boaz

 - 01-03-30 SA Revised outline for policy paper.doc


Okay. If you decide to use driver/van, I will pay for it. I guess the real
problem is the driver/van would merely sit at @ the dock for 7 hours. But,
hate to have 6-7 overserved guys driving themselves home in the early a.m.
Life is complicated. Love-Dad

----- Original Message -----
From: "Bass, Eric" <Eric.Bass@ENRON.com>
To: "Larry Bass" <lwbthemarine@alltel.net>
Sent: Saturday, January 05, 2002 10:44 AM
Subject: RE: Jason' Bachelor Party

> i haven't really thought of that yet.  i guess i will wait on the response
that i get.
>
> L,
> e
>
> -----Original Message-----
> From: Larry Bass [mailto:lwbthemarine@alltel.net]
> Sent: Fri 1/4/2002 5:10 PM
> To: Bass, Eric
> Cc:
> Subject: Re: Jason' Bachelor Party
>
>
>
> Sounds good to me. Count me in. I will do the "gourmet" dinner if that is
> what the rest want to do. What do you have in mind about transportation to
> and from the ship? A designated driver, rent a limo/van, mules? Love-Dad
>
>
>
>
>
>
> ----- Original Message -----
> From: "Bass, Eric" <Eric.Bass@ENRON.com>
> To: <smacfarland@gpch.org>; <jayandem@earthlink.net>; <lqcolombo@aol.com>;
> "Dad (E-mail)" <lwbthemarine@alltel.net>; <tommybomb88@hotmail.com>;
> <billy.brown2@compaq.com>; <mballases@hotmail.com>
> Cc: "Jason Bass (E-mail)" <jbass@stdauto.com>
> Sent: Friday, January 04, 2002 12:36 PM
> Subject: Jason' Bachelor Party
>
>
> The time has finally come for us to mourn the loss of another one of our
> fallen brethren.  Yes Jason Bass, my brother, will be getting married Feb.
> 2.  So, with that in mind it is time to set up the festivities for the
> bachelor party.
>
> The party will be Saturday, Jan. 19.  I was thinking about taking the
> gambling/drinking cruise out of Freeport (about 30 mins south of Houston)
> called The Texas Treasure (www.txtreasure.com).  The cost should run about
> $50 a person for the cruise - drinks and "gourmet" dinner included or
> $35/person for drinks and buffet dinner.  Let me know which one you would
> prefer.  I personally prefer the better dinner.  Gambling expenses are not
> included in the above calculations.
>
> The cruise sails from 7PM - 1AM.
>
> Let me know if you can make it and, if so, what choice of dinner you would
> like ASAP so I can make arrangements.
>
> -Eric
>
>
>
>
> **********************************************************************
> 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.
> **********************************************************************
>
>
>
>
>
>


Attached for your information is ENW/EBS-IT staff and their skill set inventories along with relative ranking.  Many members are already spoken for by Anthony Dayao and those people are excluded from the list.  Also 16 others will be needed for supporting EBS systems and their information is provided for your future reference.  HR will be working with us to make a smooth transition.  If you should like to get to know them to fill your needs, please work with our HR to set up schedules to get to meet them.  If you need further information, please call me.  Thank you.

Regards,
Inja Chun


---------------------- Forwarded by Mark Breese/HOU/ECT on 12/19/2000 03:00
PM ---------------------------

Phil DeMoes@ENRON
12/19/2000 02:33 PM
To: Mark Breese/HOU/ECT@ECT
cc:
Subject: Re:

Per our discussion.
---------------------- Forwarded by Phil DeMoes/Corp/Enron on 12/19/2000
02:29 PM ---------------------------

Janet R Dietrich@ECT
12/18/2000 11:12 AM
To: Phil DeMoes/Corp/Enron@ENRON
cc: Gil Muhl/Corp/Enron@ENRON, Jeffrey A Shankman/HOU/ECT@ECT

Subject: Re:

It doesn't sound like they are anywhere near making a decision on Elba. I
would suggest putting  this on the back burner for now and focus on other
opportunities in the gas market away from Elba. Have Doug Arnell advise you
when they are closer to formulating a strategy and decision around Elba.
---------------------- Forwarded by Janet R Dietrich/HOU/ECT on 12/18/2000
10:56 AM ---------------------------

	From:  Jeffrey A Shankman                           12/18/2000 10:32 AM

To: Janet R Dietrich/HOU/ECT@ECT
cc:
Subject: Re:

FYI.

Jeff
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 12/18/2000
10:38 AM ---------------------------

Doug Arnell@ENRON_DEVELOPMENT
12/18/2000 10:19 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc: Eric Gonzales@ECT, Les Webber/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Phil
DeMoes/Corp/Enron@ENRON
Subject: Re:

My view on the discussions with Southern Co. is that it is one of several
potential ways to get at some upside out of our rights at Elba Island.  It's
also giving us a good indication of where the market is for gas sourced from
LNG coming in to Elba.  Nothing will be committed to without considering all
the alternatives at Elba and a full review within EGM and asumably ENA.  The
discussions are still, in my view, exploratory.

Thanks

	From:  Jeffrey A Shankman @ ECT                           12/14/2000 08:17 AM

To: Phil DeMoes/Corp/Enron@ENRON, Doug
Arnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eric Gonzales/LON/ECT@ECT, Les
Webber/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Janet R Dietrich/HOU/ECT@ECT

Subject:

Before we sign ANYTHING with Southern about the Elba volumes, I'd like an
update.  Also I want to make sure we aren't trading anything away at Elba
that we could be talking about elsewhere.  Thanks.

Jeff


Ricardo,
There are several thresholds for meeting the regulatory exemptions for
trading derivative transactions, the most common one is that the counterparty
have $10,000,000 in assets.  If the counterparty does not have $10,000,000 in
assets we will have to see if they meet any of the other tests.  We will need
to know what country the counterparty intends to trade from and what type of
legal entity it is.  We need to be sure that the counterparty is in a
jurisdiction, and is the type of entity, that has been approved for financial
trading with ENA.  In order for us to prepare a master agreement for the
counterparty you will also need to coordinate with credit in order for them
to tell us what credit terms we need to include in the master agreement.

Also, because ENA does not trade Brazilian power I believe you will have to
work out an arrangement on the commercial side to have ENA enter into the
deal and back-to-back it out again to another appropriate Enron Entity to
manage the risk.  You will need to get the tax group involved to ensure that
we structure this properly.

Please let me know if you have any further questions.
Regards,
Brent

	Ricardo Szlejf
	12/08/2000 08:20 AM

		 To: Brent Hendry/NA/Enron@Enron
		 cc:
		 Subject: Brazil Financial Swap

Brent,

We are working on a financial swap transaction and need some information.
Remi Collognes suggested me to look for you.

Our customer is a private-equity fund that invests in "green-type" of
projects in Latin America. The largest shareholder is an European bank. One
of the projects is a biomass cogeneration facility in Brazil (sugar cane),
that will reach approximately 70MW after full completion. The SPC that owns
the project has already entered into a 10-year PPA with an LDC (CPFL).

However, the fund manager wants to get exposure to the Brazilian spot price
for the first three years. Therefore, he is looking for entering into an
off-shore financial swap agreement with Enron, having the Brazilian spot
price as the underlying object. In this transaction, he would be "selling" to
Enron a fixed price and buying the floating spot price. He is also working on
a letter of credit to place as collateral for the transaction.

This transaction is totally off-shore, and will not occur under Brazilian
jurisdiction. I understand that the customer and Enron will have to enter
into a Master Swap Agreement. Given that, my questions are as follows:

1. What is the threshold and what are the requirements from a legal
standpoint for a customer to trade with Enron?
2. What are the necessary legal procedures to close this transaction?
3. Is there any chance I can get a draft of a master swap agreement?

Please let me know if you or someone else can help me on the matters above.
Should you have any questions you can reach me by e-mail or call 55 11 5503
1326 in Sao Paulo office.

Thanks,

-Ricardo


Frank:

Please email as soon as possible to the address below.  I have already sent a
short email to Geoffrey Pack explaining the delay.  Thanks.

Samantha:  Please enter latest into, including email, address, etc., into
Lotus Notes.  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 03/14/2001 10:38 AM -----

	Sarah Heineman
	03/14/2001 10:18 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: ANZ ISDA

Sara,

Thanks for your help.  Geoffrey Pack, SVP (Enron's Global Relationship
Manager for ANZ) requested that you send all of the information to him at:

gpack@anz.com

His number is 212.801.9736.  He also requested that you just give the details
on what has occurred up to this point (info sent to M. Midden etc.)

Thank you for your help,

Sarah
57208


Nancy, I attempted earlier to send you the message below, without success.  Hopefully, this one will get through.  Jim
 -----Original Message-----
From: 	Tom Henninger <thenninger@mail.law.utexas.edu>@ENRON [mailto:IMCEANOTES-Tom+20Henninger+20+3Cthenninger+40mail+2Elaw+2Eutexas+2Eedu+3E+40ENRON@ENRON.com]
Sent:	Wednesday, September 26, 2001 4:54 PM
To:	Derrick Jr., James
Subject:	Re: Friday Executive Committee Meeting

Hi, Jim--Stephanie let us know.  I'm sorry we won't get to see you, but
good luck at your board meeting, and we'll look forward to visiting in
November, if not before.

>Nancy and Tom, I received notice today that a company of which I am a
>director has scheduled a special board meeting for this Friday afternoon
>on the east coast.  I will be unable, therefore, to be in Austin for the
>Executive Committee Meeting.  Please convey my regrets and best wishes
>to those who attend.  All the best.  Jim
>
>
>**********************************************************************
>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.
>**********************************************************************


Start Date: 1/9/02; HourAhead hour: 15;  HourAhead schedule download failed. Manual intervention required.


sorry, i thought john Mckay had already talked to you.  He may be doing it himself.  We are having reconstructed the curves from Nov 30 to current.  We had a meeting that John was at and i told him i would email the curves that we need.

thanks,
chance

 -----Original Message-----
From: 	Brawner, Sandra F.
Sent:	Tuesday, February 05, 2002 11:21 AM
To:	Rabon, Chance
Subject:	RE: east basis and index points

Hello Chance,

I have no idea what you are referring to.

 -----Original Message-----
From: 	Rabon, Chance
Sent:	Tuesday, February 05, 2002 10:19 AM
To:	Mckay, Jonathan; Brawner, Sandra F.
Subject:	east basis and index points

 << File: Book2.xls >> these are the only points that we need curve structures to.  i am not sure on the gd points yet, but will get let you know.

thanks,
chance


Good Afternoon:

Reminder - this Thursday the SVMG and NRDC will be conducting it's first
Energy Web-Cast Seminar.  Join our Web Seminar where we will discuss updates
on the California situation, risks California businesses face, ways to
reduce risk, and incentive programs that pay for conservation.

The Web-Cast will air at 11:00am and 2:00pm on Thursday, May 24.  To join
the seminar Register ONLINE! at
http://www.siliconenergy.com/cics/register_svmg.asp, or by phone at
1-877-749-9400.  This will be the first of many collaborative efforts of the
SVMG and the NRDC.

Register Now!


Start Date: 3/31/01; HourAhead hour: 2;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001033102.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 2 / Preferred:   4.00 / Final:   3.99)
  TRANS_TYPE: FINAL
  SC_ID: SierraPowe
  MKT_TYPE: 2
  TRANS_DATE: 3/31/01
  UNIT_ID: VESTAL_6_WDFIRE


Attached is the document with updated exhibits.  Please review carefully.

Thanks,

Reagan
5.3363


-----Original Message-----
From: Russ Boone [mailto:rkboone@duke-energy.com]
Sent: Friday, September 21, 2001 4:27 PM
To: Lindberg, Lorraine
Subject: Available Firm Capacity on Transwestern (ROFR)

With regard to the above subject, please consider the following bid:

Volume: 20,000 Dth/day

Receipt Points: East of Thoreau area.

Delivery Points: 10,000 Dth/day at SoCal Needles (POI 10487), 10,000
Dth/day at PG&E Topock (POI 56698) with Alternate Firm to all other points.

Bid Rate: $.09 one-part rate for SoCal Needles; $.06 one-part rate for PG&E
Topock; with ROFR

Fuel: 5.00%

Term: 2/1/02 - 4/1/03


----- Forwarded by Sara Shackleton/HOU/ECT on 12/20/2000 05:01 PM -----

	"Dranguet, Beth Ann" <badranguet@velaw.com>
	12/19/2000 09:52 PM

		 To: "Shackleton, Sara (Enron)" <sara.shackleton@enron.com>
		 cc: "'Clint.Freeland@enron.com'" <Clint.Freeland@enron.com>, "Jim Armogida
(E-mail)" <jarmogi@enron.com>, "Baird, Bob" <RBaird@velaw.com>
		 Subject: CSFB and UBS Confirmations

Sara,

I am still working on the share repurchase program question but wanted to
get to you what answers I had.

1. On UBS, the language we discussed could be drafted as follows:

"In the event the Trigger Price is increased to equal the Other Trigger
Price, the Determined Amount shall be reduced so that the Effective Share
Price is increased in direct proportion to the increase in the Trigger
Price.  The "Effective Share Price" shall be the result obtained by dividing
X by Y where "X" equals the product of the Price Per Share multiplied by the
Number of Shares, and "Y" equals the Number of Shares plus the Determined
Amount."

2. I was able to find a summary of the November 15-16, 2000 Emerging
Issues Task Force meeting discussing the "best efforts" language in
increasing the authorized shares.  I would propose revising the stricken
language in 3(a) to read as follows:

"In the event that, but for this Section 3, titled "Other Provisions," Party
B would be obligated to deliver a number of Shares equal to the Determined
Amount plus the Excess Shares, Party B shall have an ongoing obligation to
satisfy delivery of the Excess Shares; provided however that the number of
Excess Shares to be delivered hereby shall not exceed [________] shares.
Party B may, at its sole option, satisfy delivery of the Excess Shares by
using its best efforts to increase its Authorized Shares or by delivery of a
cash payment equal to the [product obtained by multiplying the Excess Shares
by the Final Price]."

Please confirm that the formula for the cash payment is appropriate.  Their
language puts a cap on the number of shares to be delivered but that cap is
tied to a value making the number of shares to be delivered indeterminate
and therefor outside your control.  The cap drafted above solves this
problem.  It is important to note that no interest can accrue while Party B
is waiting to get approval to increase its authorized shares, if so the
obligation would be accounted for as debt.

_________________
Beth Ann Dranguet
Vinson & Elkins L.L.P.
One American Center
600 Congress, Suite 2700
Austin, Texas  78701
(512) 495.8595
(512) 236.3226 fax
(888) 203.5056 pager
badranguet@velaw.com

          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
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this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You


I sent a request to reactivate the PowerPool of Alberta's view access to EOL Alberta Gas and Alberta Power.

The request was sent to the help e-mail address 1 week ago.  To date the powerpool has not received access.  Can you inform me
how long it will take?

Thank you.


---------------------- Forwarded by Leann Walton/NA/Enron on 10/26/2000 10:48
AM ---------------------------
From: Darren Delage@ENRON on 10/24/2000 02:30 PM ZE9
To: Maureen Raymond/HOU/ECT@ECT
cc:
Subject: Re: NIKKEI and PKO

This information has been most useful! Thank you Maureen and please keep me
informed of any changes in PKO policy, as we are right at levels were
everyone is watching for intervention.


so glad to hear from you and h glad you weren't galavanting around the country somewhere.  I just don't know what to think about all this stuff.   it's like emotional overload.   so so awful.
 i am really not a happy camper right now.  with life, jeff, job and kids.   don't know what to do about it either.   i really think that if jeff would just give it up and please leave me alone it would really really help.
 i am glad your friend mike wasn't in ny.  my bosses wife was in washington dc  they were staying 3 blocks from the capital.  he came back on monday, she had a meeting until tues.  she still isn't home.  she and 2 doctors she was with finally rented a car and are on their way back.  there are so many stories.  i don;t think ther is one single person who has not been affected by this.
  any way   hugs and kisses   glad you are safe.     ang


John:
I will send you my remaining comments shortly.  Here is a draft of the Enron
Guaranty.  What have the credit people decided on with respect to a cap?

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)

	"Shuttee, John" <ShutteeJ@EPEnergy.com>
	05/17/2000 03:05 PM

		 To: "'Carol St Clair'" <Carol.St.Clair@enron.com>
		 cc:
		 Subject: RE: Credit Response

Dear Carol -

Enclosed are drafts of (i) the ISDA schedule, (ii) Paragraph 13 to the
Credit Support Annex, and (iii) our standard guarantee.   Also included is a
draft what should be in the L/C and Schedule 1 of a Stby L/C.

Please note that I have accepted most of the previous changes so the current
issues would more easily be seen in the draft.

Comments concerning the schedule and para 13 are below:  Note - our legal
council is out this week but I thought I would send this draft to you now,
and we can make further adjustments, if any, based on our legal department
review next week.

1.  Part 1 (e):  After Charles Hofer spoke with your Credit Manager, Brant
Reves, they decided to make the cross default threshold at $100MM for each
credit support provider.
2.  1(h):  Made change per our phone conversation that Market Quotation will
apply for 3 years or less; Loss for over 3 years.
3.  5(g):  I am confused by this change.  I added back in the word
"obligations" in para B, 5th line and added back in the phrase concerning
affiliates.  I'm not sure my predecessor deleted them (it is not deleted on
my 3/20/00 draft) but I can't imagine who else would.  Two comments (i) do
you think this is best way to word this, and (2) my legal council (who is
out most of this week) will have to review your final wording before we can
execute.
4.  5(l):  Changed the telephone recording paragraph by (a) not limiting it
to just trading staff and (b) adding "to the extent permitted by applicable
law".
5.  5(n-q):  All new paragraphs that are not part of our standard agreement.
However, these were not discussed in Susan's last memo to you (except the
adding back in of paragraph q) so I am leaving them as is.
6.  Part 6:  After reviewing your changes vs. our standard paragraphs, I
have no objections to your changes
7.  13(b)(i)(C) Accepted your definition of Credit Support Amount even
though we don't normally use Independent Amounts.
8.  13(b)(iii)(A)  Letters of Credit - changes days to 20 from 10, per your
request.  After re-reading, I don't understand how it improves the position
of the secured party.  If the L/C has an expiration date and the secured
party attempts to execute (i.e.: cash in) this L/C, then if the L/C is
within 20 days of its expiration, the value can drop to zero.  Before, the
L/C maintained 100% of its value until 10 days prior to expiration.  Since
Enron looks at these contracts from the secured party perspective, how does
your position improve based on this change?
8.  13(b)(iii)(B and C) Threshold for both of us has been increased to $50MM
and Minimum Transfer Amount has been reduced to zero ($0).

For questions, please call at 713-420-3548 or email me.

Thanks!

John
.
 <<Enron Schedule -Draft 5-16.doc>>  <<Enron CSA - Draft 5-16.doc>>

> -----Original Message-----
> From: Carol St Clair [SMTP:Carol.St.Clair@enron.com]
> Sent: Friday, May 12, 2000 5:07 PM
> To: Shuttee, John
> Subject: Credit Response
>
>
>
> Carol St. Clair
> EB 3892
> 713-853-3989 (Phone)
> 713-646-3393 (Fax)
> ----- Forwarded by Carol St Clair/HOU/ECT on 05/12/2000 05:07 PM -----
> |--------+----------------------->
> |        |          Carol St     |
> |        |          Clair        |
> |        |                       |
> |        |          05/12/2000   |
> |        |          05:02 PM     |
> |        |                       |
> |--------+----------------------->
>
> >-------------------------------------------------------------------------
> ---|
>   |
> |
>   |       To:     shuttej@epenergy.com
> |
>   |       cc:     Brant Reves/HOU/ECT@ECT
> |
>   |       Subject:     Credit Response
> |
>
> >-------------------------------------------------------------------------
> ---|
>
>
>
> John:
> Our credit person has agreed to the 3% equity test for cross-default.
> With
> respect to setoff, given our relationships with El Paso, this is an
> important
> credit point for us and one that I guess the credit people will need to
> discuss
> since it is important for us to have the Affiliate language.  Our credit
> person
> is Brant Reves (713-853-9897).
> Carol St. Clair
> EB 3892
> 713-853-3989 (Phone)
> 713-646-3393 (Fax)
>

******************************************************************
This email and any files transmitted with it from El Paso
Energy Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************

 - Enron Schedule -Draft 5-16.doc
 - Enron CSA - Draft 5-16.doc


happy birthday.  is everyone there being nice to you today?  get a to go box
of cake so i can eat some.  the website with the funny commercials is
www.adcritic.com.  go to "syncronized slammin".  that is funny.  also check
out the top 100 and look at "spoof- '88 aries" and "blind date".  let me know
what you think.


MEMORANDUM

TO:		The Executive Committee
FROM:	Linda L. Robertson
DATE:		July 23, 2001
RE: 		Washington Redskins

We want to inform you that the Enron Washington office has a suite at FedEx Field, home of the Washington Redskins, for the 2001 football season.

We would like to know if you would be interested in attending any of the following Washington Redskins games.  Also, the suite will be available for the October 6, 2001 Navy vs. Air Force.  Please contact Carolyn Cooney via email or at (202) 466-9146 as soon as possible of your interest.

If you have any questions please feel free to contact me.

Linda Robertson
(202) 466-9159

Washington Redskins 2001 Season

Pre - Season
Game Date, Versus:, Time/Result
8/17/2001, vs. Atlanta, 8:00pm EST
8/24/2001, vs. Cleveland, 8:00pm EST

Regular Season
Game Date, Versus:, Time/Result
9/16/2001, vs. Arizona, 1:00pm EST
9/30/2001, vs. Kansas City, 1:00pm EST
10/21/2001, vs. Carolina, 1:00pm EST
10/28/2001, vs. New York Giants, 8:30pm EST
11/4/2001, vs. Seattle, 4:15pm EST
12/2/2001, vs. Dallas, 4:15pm EST
12/16/2001, vs. Philadelphia, 1:00pm EST
12/23/2001, vs. Chicago, 1:00pm EST


I will verify, but I believe the Firm contracts we have filed with FERC totals 106,700 MMcf/d.

Keith

 -----Original Message-----
From: 	Rapp, Bill
Sent:	Monday, November 19, 2001 4:50 PM
To:	Harris, Steven; Watson, Kimberly; Lindberg, Lorraine; Miller, Mary Kay; Kilmer III, Robert; Lokey, Teb; Veatch, Stephen; Martens, Donna; Petersen, Keith
Cc:	Porter, Gregory J.; Pryor, Tony; Dornan, Dari
Subject:	Transwestern Red Rock Expansion- FERC Extension Letter

Attached is a revised, red-lined version of the extension letter. I believe that I addressed Keith's question to his satisfaction, so I haven't added the additional language that he suggested regarding the timing of the removal of the existing compressor units at Stations 1, 2 and 3. Please let me know if you have any additional comments. Thanks.

 << File: TWFERCExtensionA.doc >>


The California Litigation weekly conference call scheduled for 2:00 p.m.
today has been cancelled.

Also, please note there will not be a call on Thursday, June 15.

Thank you.

Janette Elbertson
Enron Wholesale Services
Legal Department - EB3326
Telephone:  (713) 853-7906
Fax:  (713) 646-2600
janette.elbertson@enron.com


-----Original Message-----
From: Neff, Brandon
Sent: Tuesday, January 29, 2002 2:22 PM
To: Rogers, Benjamin
Subject: Another Man Show Boy

I'll send the beer boy, but I don't have your home email.


_________________________________________________________________

WEEKEND SYSTEMS AVAILABILITY

FOR

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

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

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