Ben, please find attached revision one to the UAE - Lowell, Massachusetts
LM6000 simple cycle peaking facility, which is to be located at an existing,
staffed cogen facility.

The revisions are due to the following changes in assumptions:
1. Increased annual maintenance costs due to going from 4 to 5 LM6000PC
Enhanced Sprints units being installed. This increases the CO + SCR units,
compression capacity and the chiller capacity. Some consumables increase as
well (test gases for CEMS, oils, greases, etc)
2. Chemical costs increased due to NOx emissions limit from 5 ppm to 2.5 ppm.
Amount of aqueous ammonia changed from 46 lbs/hr to 76 lbs/hr (per Peerless,
Inc. quote - they package the CO + SCR system using 19% solution, which keeps
operator below EPA RMP threshold of 20%)
3. Reduced the staffing costs due to no allocation of labor being assumed
from existing plant to peaking plant (per your discussion with UAE). Two O&M
tech staff adds are shown to cover the peaking operation only.
4. Chemical costs increased due to more throughput required. Assuming a RO +
mixed beds installation per Bruce Golden.
5. Increase in O&M Fee from $80M/yr to $100M/yr due to scope increase.
6. Major Maintenance dollar value increased in absolute terms due to adding
one more GTG (fyi, $/fired hr stays the same).

Please call if you have questions or want to discuss further.

regards, Scot


ISDA PRESS REPORT - NOVEMBER 19, 2001

ACCOUNTING
	*	Japanese Accounting Changes - The Nikkei Weekly

CREDIT DERIVATIVES
	*	ISDA addresses successor/convertible issues - IFR
	*	New York dealers go it alone on default swap clause - IFR

ENERGY
	*	What Enron Did Right - The Wall Street Journal

OPERATIONS
	*	FpML group joins ISDA - IFR

Japanese Accounting Changes
November 18, 2001 - Derivatives Week (Learning Curves)

There have been major changes to accounting standards in Japan which, by the
time they have all been implemented will have brought Japanese accounting
standards broadly into line with international norms. These changes are
comprehensive and include the introduction of fair value --or
mark-to-market--accounting. This last change, although seemingly innocuous
will be particularly powerful in its impact.

But What Has All This To Do With Derivatives?

The introduction of mark-to-market accounting requires listed Japanese
companies to record their holding of marketable property assets and
securities at current market value rather than at book value. This means
that balance sheets will no longer be buttressed by assets valued at
inflated bubble economy levels. But most crucially profit streams will
become exposed to movements in equity markets, as the definition of
securities includes the cross shareholdings which bind members of Japan's
Keiretsu and other business groupings. These are substantial in Japan,
accounting for perhaps 40% of all shareholdings.

The unwinding of cross shareholdings is undoubtedly one of the factors
behind the recent weakness of Tokyo stock prices, not least as foreign
buyers who had been soaking up much of the unwound cross held shares coming
onto to the market have been notably absent over the past few months.

Hence there has been much talk about how best to unwind these cross
shareholdings without further depressing the market. Where possible firms
with mutual shareholdings have been seeking arrangements that are
effectively straight swaps. But derivatives can also play their part.

Many corporates with large shareholding disposal programmes have been
actively seeking to hedge their equity exposure as they embark on their
share sale process. Often they have effected this through the use of call
options. Thus if the market falls they have at least benefited from the
premium earned at the time of the sale of the call option and if the market
rises and the option is called by the purchaser then the shares have been
successfully disposed of, but without further dampening an already weak
market.

Financial institutions have also been combining a similar strategy with
stock lending, thereby gaining both the option premium and a lending fee.
Certainly many market observers have been reporting an increase in such call
option trades over the past year or so. Moreover even for firms that do not
wish to sell down their equity portfolios, the increased profit volatility
which will result from having to revalue portfolios and book these changes
though the profit and loss account will significantly increase the
attractions of hedging. Allied to this and flowing from the realisation of
the full extent of the weakness of many Japanese financial institutions,
there has also been an increase in the use of credit derivatives which has
allowed investors to sell the risk of entering into a transaction with a
Japanese bank. This market has been cyclical, rising and falling with the
changes in perceptions of the true financial state of the country's banking
sector. However the underlying demand is there.

The Flip Side

In the same way that Japanese banks and corporates must book the true value
of their equity portfolios they must also report the true market value of
their derivatives positions. And there is concern that this will only serve
further to expose the weakness of the banks in particular. So it has been
reported that the Japanese Bankers' Association (zenginkyo) has been
lobbying the accounting standards making body, the Japan Institute of
Certified Public Accountants, for a further delay in the introduction of the
mark to market requirement for derivatives. This is in addition to the
one-year delay already secured. The original delay was portrayed as in
response to difficulties arising out of the consolidation of the Japanese
banks around three or four major groupings, but most market observers
suspect that this was only a smokescreen to cover up for the ineffective
hedging strategies of the major banks, most notably macro hedging. Now the
bankers' representative body is suggesting the deadline be extended further,
perhaps indefinitely.

This may get the banks at least part way out of the short-term crunch they
are under from greater disclosure requirements, but with the Japanese
economy continuing to deteriorate, with serious consequences for the size of
the non-performing loans problem, the Japanese financial system will have to
face the music sometime.

ISDA addresses successor/convertible issues
IFR - November 17, 2001

Standard documentation aimed at clarifying which company should serve as
reference entity for credit default swaps in the event of a demerger or
other structural change, such as a consolidation, will be put forward by the
International Swaps and Derivatives Association this week.

While the successor issue has been debated since the break-up of National
Power of the UK, the imminent break-ups of AT&T and BT into smaller entities
has underscored the need for improved documentation.

Ambiguity arose out of the 1999 ISDA credit derivative definitions because
they defined the successor as the entity that assumes "all or substantially
all" of the original company's relevant obligations. AT&T's demerger plans,
for example, create no clear successor under ISDA's 1999 definitions.

To eliminate the uncertainty for those that bought or sold protection on
companies that do not produce a clear successor, ISDA's supplement on
successor issues uses a tiered set of numerical standards, said Kimberley
Summe, general counsel of ISDA.

Chip Goodrich, managing director in the legal department at Deutsche Bank
and chairman of ISDA's documentation committee, said that he did not expect
extensive comments on the new documentation, as possible resolutions to the
issue had been thoroughly debated by market participants.

Under the standard, a new entity that receives 75~/~ of the original
company's bonds and loans after a demerger would be deemed the reference
obligation for a credit default swap. If the 75% test is not applicable,
then a 25% test applies. If more than 25% of the underlying's obligations
are held by a new reference entity then the credit derivative transaction
must be broken up into several separate transactions of equal weight, said
Goodrich, who also sits on ISDA's credit derivatives market practice group.

In the event that no successor company assumes 250/o of the original
company's obligations, another set of rules come into play. The entity that
receives the highest percentage of the original company's loans and bonds
becomes the sole successor.

Should the debt be evenly split between two entities in this category, -the
one that assumes the highest percentage of obligations (loans, debt and
other borrowed money) is deemed the successor. No successor will be
appointed if the original reference entity continues to exist.

In a separate development, ISDA published a supplement to the ISDA 1999
credit definitions that specifies "not contingent" as one of the delivery
obligation characteristics. This clarifies that convertible exchangeable or
accreting bonds qualify to be delivered, said Goodrich. "It's a
clarification of what was implicit in the definition in the past," he added.

This has become an issue because of the surge of activity in hedging of
convertible bonds this year and the debate last month over whether
Railtrack's convertible bond was deliverable under existing swap contracts.
Most of the major dealers made an immediate move to use of the new ISDA
language by adopting it as standard in default swap contracts last week.

New York dealers go it alone on default swap clause
IFR - November 17, 2001
By John Macaskill

Abandonment of the obligation acceleration clause is unlikely to cause a
rift within the credit derivatives trading community as serious as the one
that developed over the restructuring clause earlier this year. All the
same, last week's unilateral move by the main New York dealers took European
traders and default swap end users by surprise.

It came almost exactly a year after a similar decision by the most active
New York dealers to drop restructuring as a standard credit event for US
corporate default swaps. That move threatened a schism within the credit
derivatives market, and a reduction in overall liquidity because of
different trade practices being followed in different regimes.

Damage to liquidity
The threat was headed off by traders and users of credit derivatives from
both Europe and the US, who worked on committees co-ordinated by the
International Swaps and Derivatives Association (ISDA) to agree a modified
definition of the restructuring clause as a credit event. The new definition
was agreed at the end of April and released in May, but liquidity in the
default swap market was hit in the early months of the year by the
uncertainty caused by the debate.

The issue of obligation acceleration had not been a great concern for
dealers until Moody's indicated that it was uncomfortable with the inclusion
of what it viewed as a "soft" credit event in the default swaps that back
credit-linked notes and collateralised debt obligations.

Obligation acceleration and obligation default are two clauses that can
trigger default swap exercises under the standard 1999 ISDA credit
derivatives definitions. Dealers have been aware that the payment of an
obligation might be accelerated owing to the breach of a covenant on a bond
or loan. This might trigger exercise on a default swap, when there was still
a chance that the covenant could be made whole
before the fundamental default event - failure to make a debt payment - had
taken place.

Most dealers decided that this was not a major issue, however, mainly
because there do not appear to have been any examples of obligation
acceleration triggering a default swap, and because covenant breaching will
almost certainly come at the same time as failure to pay on a liability.

However, Moody's turned the debate into an economic issue for dealers by
objecting to incorporation of the clause in the swaps used to back synthetic
collateralised debt obligations.

Dealers have been making enormous profits from synthetic securitisation this
year. Three of the top credit derivatives trading houses have each sold over
US$10bn of swap-backed issuance this year, and a string of dealers have sold
between US$2bn and US$10bn. This is high margin business, with fees of over
100bp for a deal often seen.

Profit drag
Moody's applies a 25% increase to the default probability used for the COO's
it rates if they are backed by swaps featuring the obligation acceleration
clause. Banks can cut this charge by incorporating language that specifies a
timeframe for covenant breaches to be cured. None the less, the clause can
still be a significant drag on their CDO income.

It is also an economic issue for Moody's, because swaps without the
obligation acceleration clause match more closely the criteria of its
historical default database - one of its major assets. "It was never clear
to us how obligation acceleration as a credit event had any meaning in these
transactions," said Noel Kirnon, managing director responsible for
collateralised debt obligations and derivatives at Moody's. He welcomed last
week's move to drop the clause as a standard feature of default swaps traded
in the US.

Derivatives dealing heads in New York echo this sentiment and point out that
buyers of credit protection will still be able to request that obligation
acceleration is included as a feature in a swap. In the first few days of
trading without standard inclusion of the clause last week, there was no
evidence of a price basis opening up between contracts with the clause and
those without, indicating that it is not yet being viewed as an economic
factor by buyers of protection.

"It is basically a redundant credit event," said the US head of credit
derivatives at one bank. "For protection buyers it does not particularly
weaken the power of the contract," he added.

European objections
There were some objectors to the move among dealers active in the US market,
as UBS and Commerzbank declined to drop the clause for standard contracts.
The other big dealers moved in step, however. These include Citigroup, CSFB,
Deutsche Bank, Goldman, JP Morgan Chase, Lehman and Merrill.

Some dealers would also like to change use of the repudiation/moratorium
clause in default swaps to make it clear that it cannot be used to apply to
a corporate credit, but no change in market practice is expected.  The
essential credit derivative settlement debates in recent months - over
successor entity and convertible deliverability - have been resolved on a
global basis.

There is no indication that European traders and end users of default swaps
will fall into line with the contract shift made in the US last week,
however.  "The New York dealers' decision was surprising, but it wasn't the
first time they have moved unilaterally," said one European trader. "Europe
will stick with obligation acceleration and the repudiation/moratorium," he
predicted.

What Enron Did Right
The Wall Street Journal - November 19, 2001
By Samuel Bodily and Robert Bruner

This is a rough era for American business icons. Subject to the vagaries of
age (Jack Welch), product failure (Ford/Firestone tires), competition
(Lucent, AT&T), technology (Hewlett-Packard and Compaq), and dot-bomb
bubbles (CMGI), managers and their firms remind us that being an icon is
risky business. The latest example is Enron, whose fall from grace has
resulted in a proposed fire sale to Dynegy.

Once considered one of the country's most innovative companies, Enron became
a pariah due to lack of transparency about its deals and the odor of
conflicts of interest. The journalistic accounts of Enron's struggles drip
with schadenfreude, hinting that its innovations and achievements were all a
mirage.

We hold no brief regarding the legal or ethical issues under investigation.
We agree that more transparency about potential conflicts of interest is
needed. High profitability does not justify breaking the law or ethical
norms. But no matter how the current issues resolve themselves or what fresh
revelations emerge, Enron has created an enormous legacy of good ideas that
have enduring value.

Deregulation and market competition. Enron envisioned gas and electric power
industries in the U.S. where prices are set in an open market of bidding by
customers, and where suppliers can freely choose to enter or exit. Enron was
the leader in pioneering this business.

Market competition in energy is now the dominant model in the U.S., and is
spreading to Europe, Latin America, and Asia. The winners have been
consumers, who have paid lower prices, and investors, who have seen
competition force the power suppliers to become much more efficient. The
contrary experience of California, the poster child of those who would
re-regulate the power industry, is an example of not enough deregulation.

Innovation and the "deintegration" of power contracts. Under the old
regulated model of delivering gas and electricity, customers were offered a
one-size-fits-all contract. For many customers, this system was inflexible
and inefficient, like telling a small gardener that you can only buy manure
by the truckload. Enron pioneered contracts that could be tailored to the
exact needs of the customer.

To do this, Enron unbundled the classic power contract into its constituent
parts, starting with price and volume, location, time, etc., and offered
customers choices on each one. Again, consumers won. Enron's investors did
too, because Enron earned the surplus typically reaped by inventors.
Arguably, Enron is the embodiment of what economist Joseph Schumpeter called
the "process of Creative Destruction." But creative destroyers are not
necessarily likable, pleasant folks, which may be part of Enron's problem
today.

Minimization of transaction costs and frictions. Enron extended the logic of
deintegration to other industries. An integrated paper company, for
instance, owns forests, mills, pulp factories, and paper plants in what
amounts to a very big bet that the paper company can run all those disparate
activities better than smaller, specialized firms. Enron argued that
integrated firms and industries are riddled with inefficiencies stemming
from bureaucracy and the captive nature of "customers" and "suppliers."
Enron envisioned creating free markets for components within the integrated
chain on the bet that the free-market terms would be better than those of
the internal operations. The development of free-market benchmarks for the
terms by which divisions of integrated firms do business with each other is
very healthy for the economy.

Exploiting the optionality in networks. In the old regulated environment,
natural gas would be supplied to a customer through a single dedicated
pipeline. Enron envisioned a network by which gas could be supplied from a
number of possible sources, opening the customer to the benefits of
competition, and the supplier to the flexibility of alternative sourcing
strategies. Enron benefited from controlling switches on the network, so
that they could nimbly route the molecules or electrons from the best source
at any moment in time to the best use, and choose when and where to convert
molecules to electrons. This policy, picked up by others in the industry,
created tremendous value for both customers and suppliers.

Rigorous risk assessment. The strategy of tailored contracts could easily
have broken the firm in the absence of a clear understanding of the trading
risks that the firm assumed, and of very strong internal controls. Enron
pioneered risk assessment and control systems that we judge to be among the
best anywhere. Particularly with the advent of Enron Online, where Enron
made new positions valued at over $4 billion each day, it became essential
to have up-to-the-second information on company-wide positions, prices and
ability to deliver.

The unexpected bad news from Enron has little to do with trading losses by
the firm, but with fears among trading partners about Enron's ability to
finance its trading activity. In a world where contracts and trading
portfolios are too complex to explain in a sound bite, counterparties look
to a thick equity base for assurance. It was the erosion in equity, rather
than trading risk, that destroyed the firm.

A culture of urgency, innovation and high expectations. Enron's corporate
culture was the biggest surprise of all. The Hollywood stereotype of a
utility company is bureaucratic, hierarchical, formal, slow, and full of
excuses. And the stodgy images of a gas pipeline company -- Enron only 15
years ago -- is even duller and slower. Enron became bumptious, impatient,
lean, fast, innovative, and demanding. It bred speed and innovation by
giving its professionals unusual freedom to start new businesses, create
markets, and transfer within the firm.

Success was rewarded with ample compensation and fast promotion, and an
open-office design fostered brainstorming. The firm's organization and
culture was by all accounts not a safe haven for those who believe the role
of a large corporation is to fulfill entitlements for jobs. This was a
lightning rod for the firm's detractors. And yet, it could serve as a model
for more hide-bound enterprises to emulate.

Enron was a prolific source of compelling new ideas about the transformation
of American business. It created a ruckus in once-quiet corners of the
business economy. It rewrote the rules of competition in almost every area
in which it did business. It thrived on volatility.

The proposed sale of Enron to Dynegy risks the loss of a major R&D
establishment, especially given Dynegy's track record as a second mover
following Enron's lead. Beyond what is likely to be a difficult and
time-consuming antitrust review, Dynegy's greater challenge will be to find
a way to make Enron's spirit of innovation its own. Or so we all should
hope, because prosperity depends on the ability of firms to reinvent
themselves and remake their industries.

FpML group joins ISDA
IFR - November 17, 2001

The International Swaps and Derivatives Association last week announced
plans to incorporate FpML.org, a non-profit industry body dedicated to
developing a business information exchange standard for electronic dealing
and processing of financial derivative transactions.

"FpML.org's funding is stable. But the founding members recognise that [the
standard] is broadly beneficial to the industry and that working with ISDA
is the best way to continue developing it," said Brian Lynn, vice-president
of etrading at JP Morgan Chase in New York.

"This is an exciting and important step toward derivatives technology
development that is consistent with other ISDA efforts to provide an
effective structure for derivatives documentation and trading," said Robert
Pickel, executive director and chief executive of ISDA. "We have common
membership and have been talking to each other for a while," he added,
noting that FpML.org's language uses ISDA documentation and terms as its
foundation.

Financial product Mark-up Language's (FpML) chief virtue is that it
addresses straight-through processing. It offers a basis for achieving
straight-through processing of trades, back office systems and settlement
systems. Greater automation reduces the time it takes to close a deal and
the rate of error.  In 1999, the industry spent roughly US$1bn processing
OTC derivatives transactions, and at some firms about 20%-30% of that figure
represented documentation errors, said JP Morgan's Lynn.

The manual confirmation matching processes required today is not included in
the 20%-30% figure, he added. In theory, liquidity should also receive a
boost from a move to greater automation. "For smaller end users it means
that there is less work involved in entering into a transaction," said Lynn.

No decision on linking FpML's transaction standards with ISDA master and
netting agreements has been made yet, but such a move is likely in the
future. ISDA initiatives aimed at providing members with extensible mark-up
language (XML) resources for netting and negotiating, storing and archiving
ISDA master agreements seem to point in this direction, as FpML is an XML
solution. ISDA's interactive web and CD-ROM based documentation library is
in an XML format currently.

"The integration of FpML into ISDA will mean speeding up the development of
the standard and expansion of its coverage consistent with our original
mission. The goals of FpML.org and ISDA are similar as both have worked
towards technological advancement in standard setting," said Philippe
Khuong-Huu, a managing director at Goldman Sachs, and chairman of FpML.org's
board of directors.

Joining forces with ISDA will also help raise the profile of FpML, but
awareness of its potential is not a problem said Lynn. "The issue is
deploying systems that use the standard."

Two multi-dealer trading systems for interest rate derivatives that are
being tested now, Reuters' Dealing for Swaps and SwapsWire, plan to go live
using FpML. FpML use at individual banks is done on a proprietary basis for
now. No banks yet operate on XML on a company-wide basis.

FpML.org's architectural working group, and its working groups covering
interest rate, foreign exchange and equity derivatives, will continue to
exist as sub-groups of ISDA's new FpML committee. ISDA's FpML committee will
retain responsibility for approving new versions of the standard.

"Vendors will continue to be represented on the standards committee and on
working groups," said Lynn.
FpML standards currently exist for interest rate derivative products and
forward rate agreements. Foreign exchange and equity derivatives standards
arc nearing completion.

**End of ISDA Press Report for November 19, 2001**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA ONLY.  THIS PRESS
REPORT IS NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION),
AND ISDA IS NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.


I think I sold it.

Sorry


Mike Driscoll is entering this ICE trade right now.

Kate

Stephanie Piwetz   03/27/2001 02:08 PM

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

Subject: ICE deal not in

Kate,
So far, know you all are still inputting deals:

ICE broker   3/27/01
Enron Buys Reliant Energy Ser
Jul-Sept
355.00
Sp15

thanks


The volume was down to 1238 because of prev adjustments.

Carlos
---------------------- Forwarded by Carlos J Rodriguez/HOU/ECT on 12/13/2000
02:09 PM ---------------------------

Beverly Beaty
12/13/2000 10:06 AM
To: Carlos J Rodriguez/HOU/ECT@ECT
cc:
Subject: FORCE MAJEURE SITUATION - JENNINGS PLANT

fyi from Devon

Bev
---------------------- Forwarded by Beverly Beaty/HOU/ECT on 12/13/2000 09:04
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Gary Daniel <danielclan@yahoo.com>
12/13/2000 10:02 AM

To: beverly.beaty@enron.com
cc: cynthia.cantrell@dvn.com
Subject: FORCE MAJEURE SITUATION - JENNINGS PLANT

Beverly:

Could you please forward this to Carlos?  I am at home
today and do not have his e-mail.

Thanks.

Carlos Rodriguez
Enron
Via E-Mail

Dear Carlos:

Due to an electrical shortage at the Jennings Plant,
which shut the plant down, we are in a force majeure
situation effective immediately.  The plant expects to
be back up tomorrow, December 14.  We will advise you
tomorrow of the situation.

We are reducing our nomination to 0 effective today,
December 13.  The nomination was 1769.

Please call me if you have any questions.

Thanks.

Evelyn Daniel
Devon Energy
(405) 552-4585 (work)
(405) 391-9398


There will be a revised document on TCR deratings, so please disregard the previous version.

Thanks,
Martin


Assigned to: CN=Greg Whalley/OU=HOU/O=ECT
Updated by: CN=XchgAdmin/O=Enron


See below from Tricia Spence.
---------------------- Forwarded by Victor Lamadrid/HOU/ECT on 12/05/2000
03:36 PM ---------------------------

Russ Severson
12/05/2000 04:08 PM
To: Tricia Spence/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Victor
Lamadrid/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT, Edward
Terry/HOU/ECT@ECT, Jayant Krishnaswamy/HOU/ECT@ECT, Jeff Lewis/HOU/ECT@ECT,
George Grant/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Jeffrey C
Gossett/HOU/ECT@ECT
cc:
Subject: SPECIAL FILTERS FOR EAST DESK

PLEASE FIND ATTACHED - NEW PIPE FILTERS

For the full East desk intramonth position - you can apply the portfolio for
EAST INTRAMONTH POSITION - (no filters).
If you want to view the positions by NE and SE pipes - save the following
views on your machine.

To use the special filter portfolios - after you launch position manager,
open the following views.
The system will activate the portfolio for the respective pipes and display
only the requested pipes for the deals with NE and SE pipes.

MAKE SURE YOU DO NOT HAVE A POSITION MANAGER ACTIVE WHEN YOU DETACH THE NEW
FILTERS ON YOUR PC.

DOUBLE CLICK ON THE FILE BELOW - SELECT LAUNCH  -  AND OK.

THEN LAUNCH POSITION MANAGER AND THE FILTERS WILL BE IN YOUR SAVED VIEWS


I have GREAT tickets (behind the Rockets bench) to tonight's game against
the Lakers.  It starts at 7:30.  Let me know if you are interested.

**********NOTE**********
The information contained in this email message is intended only
for use of the individual or entity named above.  If the reader
of this message is not the intended recipient, or the employee or
agent responsible to deliver it to the intended recipient, you
are hereby notified that any dissemination, distribution or
copying of this communication is strictly prohibited.  If you
have received this communication in error, please immediately
notify us by telephone (713-546-5000), and destroy the original
message. Thank you.


You need to decide.  It is your free dinner!

"Larry W. Bass" <lwbthemarine@bigplanet.com> on 08/31/2000 12:46:14 PM
To: eric preston bass <Eric.Bass@enron.com>
cc: Shanna Husser <Shanna.Husser@ENRON.com>
Subject: saturday

Hi guys. We have 7 p.m. reservations @ C&H and  at Sweetwater Country Club.
Any preferences? The dress is the same @ both,  causal. See you @ our home,
say 5:30 or 6? Let me know.  Love-Dad


President Lynch has today released the attached ACR concerning market valuation of the utilities retained assets.  As you may know, AB 1890 originally required that for those generation-related assets that the Commission determines to be transition costs and that are subject to valuation, "the valuation used for the calculation of the uneconomic portion of the net book value shall be determined not later than December 31, 2001, and shall be based on appraisal, sale, or other divestiture."

Lynch states that this requirement was changed by AB 6X and that, "I intend to recommend to my colleagues that the requirement to value generation-assets subject to valuation by December 31, 2001 has been superseded by AB 6X.  Parties shall file and serve comments addressing this issue by January 15, 2002.  Reply comments shall be filed and served by January 25, 2002."

Dan

Law Offices of Daniel W. Douglass
5959 Topanga Canyon Blvd.  Suite 244
Woodland Hills, CA 91367
Tel:   (818) 596-2201
Fax:  (818) 346-6502
douglass@energyattorney.com


FYI, this is the copy of the "business process patent presentation" given
today by Larry Chaney of V&E.
----- Forwarded by Barbara N Gray/HOU/ECT on 09/11/2000 02:37 PM -----

	"Chaney, Larry" <lchaney@velaw.com>
	09/11/2000 11:21 AM

		 To: "'Gray, Barabara'" <BGray@Enron.com>
		 cc:
		 Subject: Here is the ppt presentation to make the hard copies.

Please call if there are problems downloading.  Thanks!

>  <<MSTR_CLE3p.PPT>>
> +++++++++++++++++++++++
> 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
> representative of the intended recipient, you are hereby notified that any
> review, dissemination or copying of this email and its attachments, if
> any, or the information contained herein is prohibited. If you have
> received this email in error, please immediately notify the sender by
> return email and delete this email from your system. Thank You
>
>

 - MSTR_CLE3p.PPT


what is our flight schedule for monday?


Barbara --

What's up with TN?  Did we ever solve the issue with Stokes Bartholomew funding with the commercial team?

Jim

 -----Original Message-----
From: 	Hueter, Barbara A.
Sent:	Wednesday, September 26, 2001 10:21 AM
To:	Robertson, Linda; Shelk, John; Jacoby, Ben; Booth, Chris; Steffes, James D.; Migden, Janine; Nord, Sue
Subject:	FW: Mtg. in Nashville on October 18

The Governor's Energy Working Groups' subcommittee on merchant plants will take comments from independent suppliers on October 18th.  TVA made a presentation at the last meeting of the subcommittee.  I will forward to you an outline of their comments.

Please take a look at them and provide me with comments on how you think the industry should respond and who you think should do it (i.e. should we have EPSA testify, a panel of industry experts, etc...).  I will be on the EPSA call Friday afternoon.

For those of you who are not aware, Enron has site near Memphis that it is developing.  The air permit application was submitted prior to the Chief of Staff's letter advising local air boards to not accept new permits.  We tentatively believe that our permit can go forward w/o holdup.   While our site might be spared, we need to take into consideration the fact that the state could take action to severely limit independent power projects in TN.  This action could result in a domino effect in the south.  Also, this meeting provides us with an opportunity to bring our message regarding TVA into Tennessee.

I will also obtain a copy of the subcommittee's members and forward it to you.

Also, Robert Gowan of Stokes Bartholomew, one of our law firms in TN, is talking with the head of the EWG about getting EPSA appointed to the Advisory Board of the Working Group.

 -----Original Message-----
From: 	"Samantha Slater" <sslater@epsa.org>@ENRON [mailto:IMCEANOTES-+22Samantha+20Slater+22+20+3Csslater+40epsa+2Eorg+3E+40ENRON@ENRON.com]
Sent:	Wednesday, September 26, 2001 9:23 AM
To:	dlimbac@alleghenyenergy.com; tadlhoc@alleghenyenergy.com; zaiontj@bp.com; jconnelly@calpine.com; jflumerfelt@calpine.com; pmoeller@calpine.com; Dennis.Flaherty@Cinergy.COM; Jason.Barker@Cinergy.COM; jeffreeman@cogentrix.com; Paula_Soos@CovantaEnergy.com; carolyn_moss@dom.com; mshaywood@duke-energy.com; David.Cruthirds@dynegy.com; Jenni.Barr@ElPaso.com; Jacoby, Ben; bhueter@enron.com; Shelk, John; Beth.Bradley@mirant.com; scott.omalia@mirant.com; jane.cahill@neg.pge.com; leah.gibbons@neg.pge.com; melissa.lavinson@neg.pge.com; bryan.riley@nrgenergy.com; james.hebson@pseg.com; Kristen.Ludecke@pseg.com; ben.boyd@reliant.com; bud_albright@reliant.energy.com; chris_m_giblin@reliantenergy.com; jlsena@tecoenergy.com; jmartin@TENASKA.com; bcox@tnsk.com; achau@tractebelpowerinc.com; Dwight.Rychel@Williams.com; Gretchen.Emling@Williams.com
Cc:	Andrea Spring; Jodi Empol
Subject:	Mtg. in Nashville on October 18

The meeting with the Committee will be held in Nashville on October 18th.  Instead of 30 minutes, we will have 60 minutes.  Following our presentation, the Tennessee distributors
will have 30 minutes.  We are welcome to stay for the distributors' presentation.  The continental breakfast/registration will begin at 9:30 a.m.
 Our presentation will begin at 10:00 a.m.  The distributors will begin their
presentation at 11:00 a.m.

I hope you'll be able to join the conference call on Friday, September 28th at 11:00 a.m. EDT to discuss how to use our 60 minutes.  To access the call, please dial 1-800-937-6563 and ask for the EPSA/Samantha Slater call.  Please make sure to ask for the Samantha Slater call, since we will have two EPSA calls going on at the same time.

Thanks!


Vince:  Congratulations on your promotion.  I know it is well deserved!  I
have not seen you in a while since I am not riding the Woodlands bus much
these days.  I am expecting a baby for the end of February 2000 and it is
much easier to drive than to ride the bus!

Take care and Congratulations again,

Darlene Norris


We had a very good work session with GE today to iron out the details of the
break out contract.  We expect to have a draft on Monday, which should be
close to final as far as the form goes.  I have also asked A & K to prepare a
memo outlining what will need to be done on a project basis to complete the
document.

Please let me know if you have any questions.

Kay


Here is the draft of an Interim step for Enron to give to Lay.  Please give
me your comments.  This is CONFIDENTIAL and should not be shared outside the
company.

Jim


Looks good to me.

	Sara Shackleton
	05/30/2000 08:13 AM

		 To: Mark Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Susan
Bailey/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: vacation

All:   I would like to take the following dates if no conflicts:

(1)  Friday, June 30

(2)  week of July 24 - 28

Please let me know if there is a problem.  Sara


Greetings.  Thanks for the help yesterday.  I may have missed it, but could
you forward me the memo describing the 203 stuff?  Greatly appreciated.

Best,
Jeff


---------------------- Forwarded by Kay Mann/Corp/Enron on 05/25/2001 11:13
AM ---------------------------

Keegan Farrell
05/25/2001 11:12 AM
To: Rae Meadows/ENRON@enronXgate
cc:  (bcc: Kay Mann/Corp/Enron)

Subject: Legal precedence

This is just too funny not to pass along!  Have a great weekend!

Subject: Three Kick Rule

A big city lawyer went duck hunting in South Louisiana. He shot and
dropped a bird, but it fell into a farmer's field on the other
side of a fence.

As the lawyer climbed over the fence, an elderly farmer drove up on? his
tractor and asked him what he was doing. The litigator responded, "I shot a
duck and it fell in this field, and now I'm going in to retrieve it."

The old farmer replied. "This is my property, and you are not
coming over here."

The indignant lawyer said, "I am one of the best trial attorneys in the U.S.
and, if you don't let me get that duck, I'll sue you and
take everything you own."

The old farmer smiled and said, "Apparently, you don't know how we do things
in Louisiana. We settle small disagreements like this with the Louisiana
Three Kick Rule."

The lawyer asked, "What is the Louisiana Three Kick Rule?"

The Farmer replied. "Well, first I kick you three times and then you kick me
three times, and so on, back and forth, until someone gives up."

The attorney quickly thought about the proposed contest and decided that he
could easily take the old codger. He agreed to abide by the local custom. The
old farmer slowly climbed down from the tractor and
walked up to the city feller. His first kick planted the toe of his heavy
work boot into the lawyer's groin and dropped him to his knees. His second
kick nearly ripped the man's nose off his face. The barrister was flat on his
belly when the farmer's third kick to a kidney nearly caused him to give up.

The lawyer summoned every bit of his will and managed to get
to his feet and said, "Okay, you old coot now it's my turn."

(I love this part......)

The old farmer smiled and said, "Naw, I give up. You can have
the duck."


CGoering@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

The NYISO is reserving hours beginning 01:00 and 03:00 in the May 29, 2001
Real-Time Market as well as the following hours per ECA20001006B to verify
prices:

PJM: 06:00, 09:00, 12:00 - 13:00, 22:00 - 23:00
OH:  06:00, 09:00, 12:00 - 13:00, 22:00 - 23;00
HQ:  00:00, 02:00 - 04:00, 6:00, 9:00, 12:00 - 13:00, 22:00 - 23:00
NE:  00:00, 06:00, 09:00, 12:00 - 13:00, 22:00 - 23:00

Prices in the May 30, 2001 Day-Ahead Market are correct.

This e-mail information is a copy of the official posting which can be
found at the following address on our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm


Attached is my project report.

Stephanie Panus
Enron Wholesale Services
1400 Smith Street, EB3803C
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490
email:  stephanie.panus@enron.com


----- Forwarded by Jeff Dasovich/NA/Enron on 02/16/2001 09:16 PM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	02/16/2001 04:56 PM

		 To: IEP <jmunoz@mcnallytemple.com>
		 cc:
		 Subject: Governor Davis Announces Recovery Plan for State's Utilities

Below is a copy of Governor's press release.  Jan will be responding during
the IEP media tele-conference today at 4pm PST.  Call in number
1-800-374-2393, pass code: Independent Energy Producers.

Thanks,
Jean

--
Jean Munoz
McNally Temple Associates, Inc.
916-447-8186
916-447-6326 (fx)

___________
PR01: 057
FOR IMMEDIATE RELEASE
02/16/2001 2:20 pm

GOVERNOR DAVIS ANNOUNCES
RECOVERY PLAN FOR STATE'S UTILITIES

SACRAMENTO

Governor Gray Davis today unveiled the framework of a recovery plan for the
California's investor-owned utilities that includes the purchase of their
power lines and targeted revenue from the existing rate structure to help
pay their back debt.

"Today we have begun serious negotiations with the utilities on a balanced
recovery plan," said Governor Davis. "This is a balanced business
transaction. It provides real benefits of real value to consumers and allows
the utilities to get back on their feet."

Elements of the plan include:

*    State purchase of the transmission grid owned by the state's three
investor-owned utilities;
*    Benefits to ratepayers and taxpayers including:

1.    A significant contribution by the parent companies to their utility
subsidiaries to satisfy their creditors and return to financial viability;
2.    The extension of cost-based rates from the utilities generating
facilities from five to 10 years and a ban on their sale;
3.    Conservation easements on utility-owned land in prime watershed areas;
and
4.    Dismissal of all pending litigation.

The Governor's plan directs the Public Utilities Commission to establish a
"dedicated rate component" from the existing rate structure (not a new
charge on consumer bills). This would allow the utilities to make payments
to their creditors, including banks, generators, and renewable energy
producers. Utilities would be allowed to sell revenue bonds secured by the
dedicated rate component.

Governor Davis said he is working closely with the legislative leadership on
legislative components necessary to carry out negotiations.

Governor Davis also noted that he sent a letter to President George W. Bush
thanking him for his order today to expedite the review and licensing of new
power generation facilities in California.

"I am extremely gratified that President Bush has acted to put the federal
government on the same path as I have in California to cut red tape and get
new power plants on line," said the Governor.

###


see you there at 4:00 unless I call you


Hopefully this will cheer you ( just a little)!
---------------------- Forwarded by Andrea Ring/HOU/ECT on 10/18/2000 03:28
PM ---------------------------

	From:  Jared Kaiser                           10/17/2000 03:10 PM

To: John Craig Taylor/HOU/ECT@ECT, Andrea Ring/HOU/ECT@ECT, Susan W
Pereira/HOU/ECT@ECT
cc:
Subject: Fw: cat clip............

---------------------- Forwarded by Jared Kaiser/HOU/ECT on 10/17/2000 03:10
PM ---------------------------

"David Kaiser" <davidk@spawglass.com> on 10/17/2000 08:21:23 AM
To: "Jared @ Enron" <jkaiser@enron.com>
cc:
Subject: Fw: cat clip............

----- Original Message -----
From: Heidi Jo Warnick <hwarnick@spawglass.com>
To: David Kaiser <Davidk@spawglass.com>
Sent: Friday, October 13, 2000 2:28 PM
Subject: cat clip............

> Just  a thought to cheer you up after hauling around all those plans.
>
> Heidi Jo Warnick
> Estimating Secretary
> SpawGlass Contractors, Inc.
>

 - SCCat.MPG


Ben,

I hope I passed the test........The retreat went very well.  I've been
thinking about your role at Cinergy and have concluded that involvement in
the DG area is the best place for you to grow and develop as an executive.
The assignment will be tough because you will be front running the market.
But, the opportunity to develop an expertise in marketing in this area will
be invaluable if the industry develops as I believe it will.  Let's talk.

Dad

-----Original Message-----
From: Benjamin.Rogers@enron.com [mailto:Benjamin.Rogers@enron.com]
Sent: Monday, October 02, 2000 1:17 PM
To: jrogers@cinergy.com
Subject:

This is a test to see if you are checking your e-mail these days.  I have a
feeling that you have not been, due to your board presentation last week.
Mike M. tells me he will be up there today - hope that goes well for you
guys.  I really think there could be something there.  Please give me a
call sometime soon.  Things are going well here and we have been quite
busy.  Give me a call sometime.  The number is (713) 853-7998. See ya!
Ben


---------------------- Forwarded by David W Delainey/HOU/ECT on 11/15/2000
03:30 PM ---------------------------

myzagui@enron.com on 11/15/2000 02:43:44 PM
To: ddelain2@enron.com
cc:
Subject: Approval for reviewer

YZAGUIRRE,MARIO M  has suggested reviewers and submitted them for your
approval.  You may review/modify this list of reviewers by logging on to PEP
at http://pep.corp.enron.com  and going to Supervisor Services.  Please
remember, no feedback can be completed on YZAGUIRRE,MARIO M  until you have
approved the list.


Andrew Gentile
833 Scott
San Francisco, CA 94117
gentile@bolt.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Andrew Gentile


Charles Schwab & Co., Inc.

Midday Market View(TM) for Friday, May 18, 2001
as of 1:00PM EDT
Information provided by Standard & Poor's

================================================================

U.S. INDICES
(1:00p.m. EDT)

----------------------------------
Market            Value     Change

DJIA          11,201.40    - 47.10
Nasdaq Comp.   2,183.85     - 9.83
S&P 500        1,283.22     - 5.27
----------------------------------
NYSE Advancing Issues        1,455
NYSE Declining Issues        1,461
NYSE Trading Volume        633 mln
NASDAQ Advancing Issues      1,638
NASDAQ Declining Issues      1,896
NASDAQ Trading Volume      995 mln

==================================

U.S. TREASURIES
----------------------------------
Value            Yield      Change

1-year bill       3.71%        n/a
5-year note       4.98%     - 1/32
10-year note      5.40%     + 2/32
30-year bond      5.75%     + 6/32

The tables above look best when viewed in a fixed-width font,
such as "Courier."

================================================================

U.S. TRADING SUMMARY

The major U.S. equity markets continue to hover around unchanged
levels as profit takers and bargain hunters battle for supremacy.
Initially, the markets headed south on negative outlooks from two
tech giants, Dell and Palm. Yet, buyers were waiting for the
sellers as the NASDAQ found support and clawed back into positive
territory. But given the strong gains earlier this week in
equities, and the upcoming weekend, buyers were less willing to
trade aggressively and pay higher prices for shares. Instead,
those looking to buy let the sellers bring the market back to
them. The lack of a commitment from buyers and sellers has
resulted in volatile trade around unchanged levels.

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

U.S. TREASURY SUMMARY

Treasuries are mixed at midday with the longer-dated issues
stronger in price as the other maturities remain underwater.
Shorter-dated securities are under pressure from lowered
expectations of Federal Reserve interest-rate easing as some
analysts have concluded that the Fed may not continue to cut
interest rates, or at least not cut as aggressively as they have
been this year. Competing debt supply is also weighing on 2-, 5-
and 10-year maturities as the stampede to issue new debt
continues. Meanwhile, the bond is higher in price on oversold
conditions and continued downward revisions to inflation
expectations after Wednesday's tame Consumer Price Index.

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

CURRENCY SUMMARY

The U.S. dollar has maintained its early gains against the yen
and the euro, trading at around 0.877 dollars per euro and 123.6
dollars per yen. The dollar gained ground against both currencies
overnight and early this morning on a combination of factors.
Renewed concerns over the European Central Bank's implementation
of monetary policy, along with discouraging economic data,
weighed on the euro. The yen came under pressure after the Bank
of Japan indicated that it may buy back additional Japanese
government debt.

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

MAJOR COMPANY / INDUSTRY NEWS
(All prices as of 1:05 p.m. EDT)

** French telecommunications giant Alcatel (ALA: 29.40, - 2.64)
is reportedly in talks to buy Lucent Technologies (LU: 10.03, +
0.22) for about $40 billion. According to the New York Times,
discussions are in a crucial advanced stage, with a decision on
the next step coming within a week. Alcatel shares were pummeled
in Europe on the news as investors questioned the value of the
deal for the French giant as well as the ability of Alcatel to
integrate Lucent's business and corporate culture. The deal would
involve Lucent getting a 20% premium for its shares in an
all-stock transaction.

** Instinet Group (INET: 17.92, + 3.42), the leading
institutional third market stock exchange, went public today. The
company raised $464 million in the first IPO of an alternative
trading network. The IPO of Instinet, which is the largest
electronic communication network, is seen as a major test for
other ECNs hoping to go public. Reuters will retain a majority
stake, 87%, in the company. Instinet's value of $3.5 billion
eclipses the expected market value of the NASDAQ stock market,
which is $2 billion. NASDAQ is expected to go public sometime in
2002. The Instinet IPO is the first higher profile offering to
hit the Street in some time, and investors are closely watching
how well it is received.

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

RESEARCH SPOTLIGHTS

** Lehman Brothers upgraded shares of Johnson & Johnson (JNJ:
100.19, - 0.13) from a market performer to a buy rating.

** Lehman Brothers upgraded Broadcom (BRCM: 42.58, + 1.54) from a
market performer to a buy rating.

** Bear Stearns upgraded shares of Ann Taylor Stores (ANN: 37.64,
- 0.35) from a neutral to an attractive rating.

################################################################

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Notice: All email sent to or from the Charles Schwab corporate
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by Schwab personnel. (1000-8752)

Copyright 2001 Standard & Poor's MMS Inc.  All rights reserved.
Standard & Poor's MMS services are for personal use only.
Commercial use or redistribution in any form, print or
electronic, is prohibited.
Distribution by Quris, Inc.


Seve,

Vicky worked for Risk Conferences in the past.
Who is the best person in London HR to fwd the resume to?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/06/2000
02:07 PM ---------------------------

"Vicky Windsor" <vjwindsor@hotmail.com> on 10/13/2000 03:16:52 AM
To: Vince.J.Kaminski@enron.com
cc:
Subject: Re: From Vicky Windsor

Dear Vince,

I've attached my resume. Thank you so much for your help. I really
appreciate it.

Best regards,

Vicky

>From: Vince.J.Kaminski@enron.com
>To: vjwindsor@hotmail.com
>CC: Vince.J.Kaminski@enron.com
>Subject: Re: From Vicky Windsor
>Date: Thu, 12 Oct 2000 15:55:57 -0500
>
>
>Vicky,
>
>Please, send me your resume.
>
>I shall forward it to a number of employees of  Enron in London
>with my strongest recommendation. I shall send you  the list
>of names. The resume will make it easier for me to
>identify good targets.
>
>Please, make sure you will contact me if there is no reaction.
>People here are very busy and, as you know, things fall through the cracks.
>
>Vince
>
>
>
>Vince
>
>
>
>
>"Vicky Windsor" <vjwindsor@hotmail.com> on 10/11/2000 04:49:56 AM
>
>To:   vkamins@enron.com
>cc:
>Subject:  From Vicky Windsor
>
>
>Dear Vince,
>
>How are you? Well I hope.
>
>I hope you don't mind me writing to you. You may remember that 5 months ago
>I left Risk Publications and moved to a charity. Having been here for only
>a
>few months, I have decided that this job is not for me (I miss the buzz of
>a
>corporate office) and I have decided to move back into the corporate
>sector.
>
>Because of my previous experience and knowledge of the energy sector, I am
>very interested in moving into this area. I have always thought that it
>would be great to work for Enron because it is such a dynamic company and I
>am planning to approach the London office to discuss any opportunities,
>which might be available. I am particularly interested in product marketing
>and research, although I am very open-minded at the moment. I wondered
>whether you could recommend the right person to speak to in London.
>
>I know that you are incredibly busy, but any help you can give me would be
>fantastic Vince.
>
>Thanks and best regards,
>
>
>Vicky Windsor
>
>_________________________________________________________________________
>Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.
>
>Share information about yourself, create your own public profile at
>http://profiles.msn.com.
>
>
>
>
>

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.

 - CV to Vince Kaminski 13 Oct.doc


Check out the section under the heading Welcome.

---------------------- Forwarded by Kate Symes/PDX/ECT on 10/27/2000 08:11 AM
---------------------------

	From:  ENA Public Relations @ ENRON                           10/26/2000
09:00 PM

Sent by: Enron Announcements@ENRON
To: All_ENA_EGM_EIM
cc:

Subject: AmeriFlash

NOTE FROM THE EDITORS
The AmeriFlash Newsletter would like to keep you informed on global wholesale
news as well, so we have added business highlights from Enron's original
electronic newsletter, GlobalFlash, which was created by Enron Europe.

"What's on your Mind?"
If you have ideas or suggestions please forward them to Michelle Vitrella or
Kathie Grabstald.

FINAL DAY FOR THE PULSE

Today is the final day to provide feedback through the annual employee survey
-- The Pulse.  As of Thursday morning, 56.5% of the ENA/EGM/EIM employees
have taken part in the survey, which is an improvement from last year's
participation rate of 49%.  However, we are behind the company average and
most of the other business units.  Please take a few minutes today to provide
much needed and confidential comments regarding Enron and your work
environment.  The Pulse survey is located on the Enron intranet at
survey.enron.com.

If you like competition, here is how the ENA/EGM/EIM participation rate
stacks up against the other business units:

Enron Energy Services 96.88%
Enron Wind  89.96%
Enron India  89.47%
Net Works  77.78%
EE&CC   73.88%
NEPCO   64.37%
Enron South America 63.74%
Corporate Staff  63.52%
Company Average 61.10%
ENA/EGM/EIM  56.50%
Enron Broadband 55.89%
ETS (formerly GPG) 55.52%
Enron Europe  44.36%
APACHI  29.66%

Log on to survey.enron.com and make your opinions known.

BUSINESS HIGHLIGHTS

OIL PRODUCTS
Congratulations to the US Oil Products Trading Team!  On October 4, 2000 they
successfully completed a deal with a volume of 2,400,000 barrels with a
Notional Value of $80,640,000.  This is the highest Notional Value associated
with an EOL trade.

Kudos again for another great deal. They have done another large
crack-spread, this time for 100,000 barrels per month for calendar 2001. This
trade notionally values out at over $40 million and is the second largest
transaction conducted to date on EOL.

STEEL
Steel Trading and Origination teams, headed by Greg Hermans and Tim
Battaglia, respectively, have already defined a Hot-Rolled coil financial
product.  The contract has been drafted and is currently being discussed with
customers.

Financial Hot Rolled Steel will be posted on EnronOnline, allowing the steel
industry to hedge their price exposure for the first time in history. The
access to hedging products will help the steel industry manage technicalities
and smooth cash flow.  Over time, forward price curves with transparent
pricing should allow the steel industry to also benefit from improved access
to capital.

The next challenge will be to educate the steel industry about financial
swaps and derivatives as risk management tools.  The $300 billion steel
market should provide an excellent growth opportunity for Enron.

PRINCIPAL INVESTMENTS
FuelCell Energy, Inc. recently announced that it has entered into an alliance
with ENA.  FuelCell Energy and Enron will work together to develop and market
FuelCell Energy's Direct FuelCellc (DFCc) products.  In connection with the
alliance, Enron has invested $5 million in the common stock of FuelCell
Energy.  Additionally, FuelCell Energy will issue warrants enabling Enron to
purchase up to 1.3 million shares of FuelCell Energy common stock.

Fuel cell developer Dais-Analytic Corp. also announced an alliance with ENA.
As part of this alliance, Enron has made an equity investment in
Dais-Analytic and will support market development, distribution and other
field services for Dais-Analytic's fuel cell, humidity control and related
products.

ENA RESEARCH GROUP
What does the FX and Sovereign Risk Group within ENA,s Research Department
do?  We provide forecasts of foreign exchange rates as well as revenue and
cost escalators corporate wide for project valuation.  We advise the FX and
interest rate desks on Central Bank policies of the G3.  In addition, we
provide sovereign risk analysis on countries important to Enron's various
business units upon request, as well as provide services related to the
global macroeconomic outlook.  Our sovereign risk analysis is used in the
development of the E-ratings in cooperation with the Risk Assessment and
Control Group.  We have recently developed a presentation on &Fundamentals of
Non-ferrous Metals8 as well as one on "Sovereign Risk8.  We also advise the
fundamental analysis group within Enron Global Markets.

What,s new from the Country Risk and Foreign Exchange Team? On October 13th,
2000, we launched a new product called the Enron &International Monitor,8 an
international economic review that will be published each Friday by the FX
and Sovereign Risk Group.  The purpose of this product is to inform the
foreign exchange traders as well as management about important international
economic events and their impact on currency and financial markets.  Special
emphasis is placed on potential central bank policy changes and the impact
these changes have on interest rates and currencies.  We also monitor other
key markets, with a special focus on oil, and its impact on consumer,
producer and equity prices. The International Monitor can be found on the ENA,
s web site, by accessing
http//ecthou-webcl1.nt.ect.enron.com/research/ForeignExchange/FXMain.htm.

Please email Leann Walton if you would like to receive the International
Monitor weekly by email, or if you would like us to email you the first two
issues.  Visit our web site at http://home.ect.enron.com/ - Select
Departments / Research.  You will find also many useful links to other web
sites here relevant to Enron,s businesses.

NEWS FROM GLOBALFLASH

Enron Launches Financial Plastics & Petrochemicals Derivatives on EnronOnline
Enron is to start trading a new range of financial swap contracts for the
plastics and petrochemicals industry on www.enrononline.com, the company,s
free, real-time Internet-based trading platform. This is the first time that
these derivative products, designed to help clients better manage the price
volatility which characterises the multi-billion dollar industry, have been
made available on the Internet in Europe.

Gas Deliveries in Germany
Since 1 October 2000, Enron has been the first and only non-incumbent player
to be able to serve customers within Germany by delivering gas to three local
utilities, those of Heidelberg, T_bingen, and Bensheim.  Carsten Haack who
closed the first deal with Heidelberg and was in charge of negotiation of the
transport did mention that the procedures are still complicated and lengthy
and that the terms and conditions for future agreements will need to be
easier, more transparent and standardised. Helge-J_rgen Beil from the
Frankfurt office who closed the gas deals with the municipalities of T_bingen
and Bensheim said that these deliveries are encouraging but do not guarantee
the future yet.   Another positive aspect is that Enron's continental gas
trading team was able to do the first gas trade within Germany with some of
the gas Heidelberg contracted for but could not take on.

Liquid Fuels Group Launches Tanker Freight Forwards
Scott Moncrieff, a director in the group, has with his team introduced tanker
freight forward contracts on to EnronOnline, to offer a standardised hedging
contract in today's highly volatile tanker market, currently worth in excess
of US$ 10 billion per annum.

And on the Dry-Side......
Pierre Aury, Chris Connelly and their team introduced a similar on-line
forward freight swap in June and to date, have traded contracts with a
notional value of US$ 8 million, equivalent to 20 million metric tonnes of
combined physical and financial contracts.  The routes are  from Colombia and
South Africa to Rotterdam, which are key routes for coal transport.

WELCOME

Transferred Into ENA/EIM/EGM
ENA ) Johnny R. Palmer/Staffing Resources, Anna Briggs/Principal Investing,
Carol Coats/Human Resources
EGM ) Andrea Hauser/US-GP Products Trading

New Hires ENA/EIM/EGM
ENA ) David Jones/East Origination, Marnie Lamb/Merchant Finance, Mathew-Joy
Noveena/Tax, Reynaldo Romero/Gas Assets Oper Mgmt, Mary Symes/West
Origination-Portland
EGM ) Brad Lawson/Financial Operations, Sandeep Ramachandran/Weather Trading

IN THE NEWS

&Enron delivered very strong earnings growth again this quarter, further
demonstrating the leading market positions in each of our major businesses,8
said Kenneth L. Lay, chairman and CEO of Enron. &Our wholesale and retail
energy businesses have achieved record-setting levels of physical deliveries,
contract originations and profitability. We operate in some of the largest
and fastest growing markets in the world, and we are very optimistic about
the continued strong outlook for our company.8  --- from Enron's 3rd Quarter
Earnings Press Release

NUGGETS & NOTES

&I,m looking for some high velocity capital.8  -  Brian Redmond,
President/HPL, Managing Director/Assets/Upstream Origination-ENA

&Can I get this NOW?8 - Gary Hickerson, Managing Director/Equity Trading-EGM

"I like the innovative ways that Enron does things. They take a refreshing
approach to the stagnant steel industry." - Kevin O'Donnell, Director/Steel
Trading

CONTEST

The cut off date for The Name This Newsletter Contest is Friday, November 3.
Keep the ideas coming!

TEASER

In your cellar there are three light switches in the OFF position. Each
switch controls 1 of 3 light bulbs on the floor above.  You may move any of
the switches but you may only go upstairs to inspect the bulbs one time.  How
can you determine the switch for each bulb with one inspection? Please send
answers to michelle.vitrella@enron.com, the winner will receive AMC Movie
passes.


Hi Stan,

Not to rush you, but do you have an estimate of when you will have completed
your review/memo?

Thanks,

Kay


Jim, Rick,

	Please be advised of the new deals that were presented at last weeks underwriter's meeting:

1. Deal Name: Ashton

Region: EWS/EGM

Originator: Mike Beyer

Description: Start-up coal mine in Australia

GA Action Item: Notify Lisa Yoho

2. Deal Name: Allegheny/La Paz

Region: EGS/NEPCO

Originator: Paul Catrona

Description: 1,080 MW Combined Cycle

GA Action Item: Notify Steve Montovano

Please let me know if you would like to see a more detailed description of these deals.

Thanks,
Bryan
(713)-345-2430


fine with me


Chaps,

Louise and EWS contingent have reconvened on our commercial VP's and have agreed to moving the following back up to the 1st category as a starting point for Monday:

Parquet
Zufferli
Lawyer
Tycholiz

Please make that change.

David


Please mark your calendars for lunch with Mary Cook at Dong Ting on Thursday,
May 31, 2001 at 12:00 p.m.

Thanks.

Esmeralda Gonzalez
Enron North America Corp.
Legal Department
1400 Smith Street, EB3815
Houston, Texas 77002
e-mail: esmeralda.gonzalez@enron.com
Phone: 713-345-7621
Fax: 713-646-3393


Kathie,

Thank you for your email.  I've been out and all over the world.  I
appreciate your help on this article.  Attached is a copy of a presentation
that will fill you in on some of the businesses that we are working on.  This
should give you some ideas and clarifications on the first draft.

Here are a few other points of emphasis.

EGM was created to provide sharpened focus on very large global markets and
commodities to enable them to grow quickly
These markets are huge and we will become a big player rather than being
active in them
EGM provideds true network for market making opportunities related to
commodities that are highly liquid in physical and financial terms and are
enormous in market size
EGM leverages the value of Enron's existing network and international asset
positions
EGM's operation will coordinate with leveraging all of our wholesale
businesses
EGM has very aggressive growth targets in transactions and earnings
EGM has contributed almost $200 million in gross margin in its first  2
quarters in existence
Go big or go home philosophy
EGM will represent a clear transfer of  Enron wholesale market making model
into other commodities this year
GROWTH is the key!!!

Thanks for your help.

Mike

From: Kathie Grabstald/ENRON@enronXgate on 05/23/2001 09:10 AM
To: Mike McConnell/HOU/ECT@ECT
cc: Cathy Phillips/HOU/ECT@ECT
Subject: ENSIDE Newsletter

Good Morning Mike!

The next issue of our newsletter is in the works, with a planned distribution
set for late June. Mark Frevert has requested that the Executive Letter be
rotated among the presidents of EWS. This is the inside cover message and
should be 300+ words. I hope that you will be able to squeeze this into your
busy schedule.

Here is a suggested outline.  If you want to fill in the outline with
information, I will be happy to turn it into a letter for you.

 I.  An overview of EWS/EGM as we move forward.

 II. A short-term retrospective about EGM activities and successes

           III. Future plans/initiatives for EGM
     (strategic vision of the group, opportunities, expectations, etc.)

Please feel free to modify as you see fit.  I have attached Greg Whalley's
letter from our last issue to give you an idea of the format. Let me know if
there is anything I can do to help you.  I need your letter by June 15, if
possible.

Hope to hear from you soon.

Kathie Grabstald
ENA Public Relations
x 3-9610


-----Original Message-----
From: 	Schoolcraft, Darrell
Sent:	Monday, March 18, 2002 6:58 AM
To:	January, Steve; Watson, Kimberly; Harris, Steven; Lokay, Michelle; Graves, Jerry
Subject:	TW Weekend scheduled volumes

March 2002		Scheduled
                                  Scheduled
Friday 15
West			   (973)
San Juan	                842
East			   (415)
Total deliveries                (1807)

Saturday 16
West			   (947)
San Juan		    780
East			   (326)
Total deliveries                (1678)

Sunday 17
West			   (953)
San Juan		    778
East			   (361)
Total deliveries                (1745)

Monday 18
West			   (958)
San Juan		    783
East			   (372)
Total deliveries                (1777)

Notes:  Bisti electric unit has been down since Thursday evening March 14.  TW posted a Force Majeure notice and began allocating
           San Juan Lateral on Friday, March 15, down from 880,000 to 780,000 mmbtu/d.  There will be a conference call today to discuss
           repairs and length of down time.  Preliminary estimate on down time is 4 to 6 weeks.


I'm in a meeting but will check when I get back to my office.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


WHAT IS THIS ALL ABOUT?
----- Forwarded by Sara Shackleton/HOU/ECT on 05/30/2000 07:04 PM -----

	Shari Stack
	05/30/2000 06:42 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Financial Trading Co.

fyi
----- Forwarded by Shari Stack/HOU/ECT on 05/30/2000 06:41 PM -----

	Rogelio L?pez Velarde <rlopezv@lvha.com.mx>
	05/30/2000 07:20 PM
	Please respond to Rogelio L?pez Velarde

		 To: Peggy Banczak/HOU/ECT@ECT
		 cc: "Sean McCoy" <Sean.McCoy@lvha.com.mx>, Shari Stack/HOU/ECT@ECT, "Jaime
Williams" <Jaime.Williams@enron.com>
		 Subject: Financial Trading Co.

See attachment.

The information contained herein may be confidential and/or privileged. This
information is intended to be reviewed only by the individual or the entity
to which is addressed. If the reader of this e-mail message is not the
intended recipient or a representative of the intended recipient you are
hereby notified that any review, dissemination or copying of this e-mail
message or the information contained herein is prohibited. If you have
received this e-mail message in error, please immediately notify the sender
and return this communication to the sender.
 - att1.htm
 - Memo new language.doc


On the 12/11 MPR to be issued on 12/12, we will be taking a $56 million loss
on Catalytica Energy Systems.  This asset will begin trading on the open
market either Friday, 12/15 or Monday, 12/18 under the ticker CESIV.  The
potential trading range of $10 - $20 per share is disclosed in the company's
S-1.  This asset is in Raptor I and therefore this write-down will exhaust
$56 M of the remaining Raptor I capacity.

 Please call me at x3-6983 with questions.


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

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

Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks22.pdf


Mary Hain has resigned her position with Enron.  Please remove her from all
mailing lists.

	Enron Capital & Trade Resources Corp.

	From:  "pmiller@osbar.org" <pmiller                           04/03/2001
11:33 AM

To: "Mary C Hain" <mary.hain@enron.com>
cc:
Subject: Trial Strategies, Practices and Techniques CLE

REMINDER
Litigators and judges will discuss and share TRIAL STRATEGIES, PRACTICES AND
TECHNIQUES on April 17, from 8:30 a.m. - 4:30 p.m. in the Ceremonial
Courtroom of the U.S. Courthouse. This CLE has pending MCLE credits of 4.75
general and 1.5 ethics. Lunch is provided in the registration fee of $45 with
a reception co-sponsored by the Oregon New Lawyers Division and MBA Young
Lawyers Section following. To register contact the Order Desk at
1-800-452-8260, ext. 413 or 503-620-0222, ext. 413.


To: PAUL LUCCI                                      Account 8570262256

We are sorry to hear that you have experienced difficulties signing
into our website.

Please follow the steps below for a successful log in.

1) Go to our website at http://www.bmgmusicservice.com.

2) If you are a member visiting our site for the first time, click on
the "Members visiting for the first time" link.  If you have visited
the site previously, click on the "I forgot my Password" link.

3) Submit the requested information exactly as shown:

              Account Number: 8570262256           Zip Code: 80020

Please note that your account number contains only ten digits.  Your
account number may have additional numbers or letters following it when
it is printed on Club correspondence.  Any extra characters should be
disregarded, as they are for use in our office only.  Also, if you have
moved recently, you should try to log in with your previous Zip Code
first.

4) If you are a first time member and wish to use a Member Name and
Password, fill in the required information and click on "Enter."
(Please remember that the Member Name and Password are case-sensitive.)

New website users cannot sign on to the site as a member for the first
time when the Real Time Link (which verifies account information) is
down around 1:00 AM Monday - Saturday and from 4:30 PM - 8:30 PM
Sunday.  Therefore, if you are not yet a registered website user, it
will be necessary to enter as a guest during these hours.

If you continue to experience problems, please let us know.  When
corresponding with us, it is important to include your account number
or full name and complete mailing address.  Also, be sure to include a
detailed description of the problem you are experiencing.

We hope this information has been helpful.

Your Friends at
BMG Music Service

B106401381 WSGN1 8570262256


Please find attached Kerry Brooks' notes from the July 18th Houston Angel Network breakfast meeting held at the Houstonian.  If you have any questions or concerns, you may contact Kerry Brooks at 281.831.2976 or by email at kbrooks@eyesoftexaspartners.com .

Thank you for your interest in the Houston Technology Center

Kathy B. Nethercutt
Houston Technology Center
1200 Smith, Suite 2940
Houston, TX 77002
Ph: 713.658.1750
Fx: 713.658.1744
www.houstontech.org
knethercutt@houstontech.org

 - HANJuly18recap-kerrybrooks.doc


I WOULD LIKE TO DISCUSS.  PLEASE CALL TOMORROW IF POSSIBLE.  I THINK WE SHOULD PUT A NUMBER ON THE TABLE.

STAN
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Rick:  Do you feel that the revised budgets that your team has received are "baked enough" so that it makes sense for us to relook at the ENW budget in light of revised plans for the various business units?  My understanding is that the business plans that Jim Fallon had asked the various wholesale business units to complete by December 21 have not yet been submitted to Jim.  Which would lead me to ask whether or not the revised 2002 budgets that you have are far enough along in the process for us to use in re-evaluating the ENW budget.

Let me know your thoughts on your degree of comfort with the revised budgets and who on your staff we could work with to get the necessary information to rework the ENW budget, if necessary.  Thanks.  --Sally

 -----Original Message-----
From: McMahon, Jeffrey
Sent: Tuesday, January 01, 2002 5:55 PM
To: Beck, Sally
Subject: RE: 2002 Budget for Enron Net Works

Yes...they have all been completed.  Pls get with someone in Causey's world to get the details.

-----Original Message-----
From: Beck, Sally
Sent: Mon 12/31/2001 3:37 PM
To: McMahon, Jeffrey
Cc: Piper, Greg
Subject: 2002 Budget for Enron Net Works

ENW submitted our preliminary revised budget two weeks ago.  In our meeting in the Board Room, we did acknowledge that the ENW budget is very dependent upon the business plans of the business units that we support.  Since our budget meeting was the first that you conducted, we agreed that the ENW revised 2002 budget would need to be reviewed again once the business plans and associated budgets for other Enron business units were completed.  Has that process been completed such that we can now re-evaluate the 2002 budget for ENW?

I will follow up with you or someone on your staff on January 2 so that we can complete this budget process.

I hope that you and your family enjoyed the holidays.  --Sally


-----Original Message-----
From: 	McMichael Jr., Ed
Sent:	Tuesday, May 28, 2002 8:15 AM
To:	Lagrasta, Fred; Kelly, Katherine L.; Versen, Victoria
Subject:	FW: Master Termination Log

Please look into the CNG LDC (Hope Gas) termination 12/1 and the $66 MM settlement offer that is listed on the Letter Log below.  Let me know what that is after you figure it out.  If you have any questions, please ask.
Ed

 -----Original Message-----
From: 	Panus, Stephanie
Sent:	Friday, May 24, 2002 3:49 PM
To:	Adams, Laurel; Alon, Heather; Apollo, Beth; Arnold, Matthew; Aronowitz, Alan; Bailey, Susan; Balfour-Flanagan, Cyndie; Barbe, Robin; Baughman, Edward; Berryman, Kyle; Bolt, Laurel; Botello, Rose; Boudreau, Kara; Brennig, Tammy; Bridges, Michael; Bruck, Sarah; Camarillo, Juan; Coleman, David; Comeaux, Clinton; Concannon, Ruth; Cordova, Karen A.; Couch, Greg; Danaher, Patrick; Darmitzel, Paul; Del vecchio, Peter; Despres, Dan; Dicarlo, Louis; Edison, Susan; Elafandi, Mo; Fay, Ashley; Flores, Nony; Fowler, Kulvinder; Garza, Maria; Germany, Chris; Gonzalez, Victor; Gorte, David; Grace, Rebecca M.; Guillen, Andrea R.; Hagelmann, Bjorn; Haralson, Nancy L; Harkness, Cynthia; Herrera, Olga; Heuertz, Kelly; Hoang, Charlie; Johnson, Luchas; Keller, James E.; Lagrasta, Fred; Leuschen, Sam; Lindeman, Cheryl; Lowry, Donna; Mann, Kay; Matheson, A.k.; Mausser, Gregory A.; McClure, Zakiyyah; McMichael Jr., Ed; Miller, Don (Asset Mktg); Moore, Janet H.; Moscoso, Michael E.; Muench, Gayle W.; Murphy, Harlan; Murray, Julia; Nelson, Michelle; Polsky, Phil; Prejean, Frank; Puchot, Paul; Richard, Robert; Richardson, Stacey; Roberson, Weezie ; Robison, Michael A.; Sacchi, Martin; Sayre, Frank; Sevitz, Robert; Shackleton, Sara; Sharma, Shifali; Shivers, Lynn; Shoup, Cynthia; Smida, Ed; Stai, Aaron ; Sweeney, Kevin; Thapar, Raj; Thibaut, Dan; Tricoli, Carl; Versen, Victoria; Ward, Charles; Wilson, Shona; Wolgel, Fred
Subject:	Master Termination Log

Attached is the Daily List for May 24, 2002 as well as the Master Termination Log, which incorporates all terminations received through May 24.

Stephanie Panus
Enron Wholesale Services
ph:  713.345.3249
fax:  713.646.3490


I want to get a bye-week replacement for the Tampa Bay D and Hanson my
kicker.  My bids are the following:

D:
Steelers:$10
Bills:$5
Falcons:$1

Kicker:
Christie:$11
Blanchard:$5
Anderson, Gary:1

Thanks,
Greg


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James:
Here is the latest version of the contact list.  Let's use this one as the
working list.  Thanks
Ben


Please be certain that I am copied on all negotiations with any master netting agreement of any kind.  Thanks.

 -----Original Message-----
From: 	Cook, Mary
Sent:	Monday, November 12, 2001 11:04 AM
To:	Brackett, Debbie R.; Bradford, William S.; Alexander, Athena; Antonoff, Rick; Aronowitz, Alan; Clark, Morris; Cook, Mary; Davis, Angela; Del vecchio, Peter; Douglas, Stephen H.; Evans, Mark (London Legal); Gaffney, Chris; Gray, Barbara N.; Hansen, Leslie; Heard, Marie; Hendry, Brent; Hodge, Jeffrey T.; Johnston, Greg; Jones, Tana; Kalembka, Lech; Keohane, Peter; Koehler, Anne C.; Leite, Francisco Pinto; McCullough, Travis; Mellencamp, Lisa; Mitchell, David; Morelle, Marissa; Murphy, Harlan; Murray, Julia; Nemec, Gerald; Portz, David; Rohauer, Tanya; Sager, Elizabeth; Saxena, Rahul; Sayre, Frank; Schuh, Michael; Shackleton, Sara; Simons, Paul; St. Clair, Carol; Van Hooser, Steve; Viverito, John; Von Bock Und Polach, Marcus; Williams, Jason R (Credit)
Subject:	Master Netting:  A few items to READ
Importance:	High

1.  Should any of your counterparties possibly be a transmitting utility as defined in UCC 9 102, please add a representation in the MNA to determine the issue.  It matters only in respect of where the UCC filing should be made.  The rep will help Cadwalader in its filing processes.   X [is] [is not] a "transmitting
utility" within the meaning of Section 9-102(a) of the Uniform Commercial Code.

2.  If you are involved in any master netting agreement wherein the parties include both US and English counterparties, advise Tanya Rohauer, as well as Jay Williams, so that Tanya can coordinate (Paul Simons in London should also be advised).

3.  London:  Please advise Tanya of all master netting agreements that have been executed and that are currently under negotiation.  In the future, at the commencement of consideration of any new master netting arrangements, please advise Tanya.

Thank you.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com


Following please find the Daily EnronOnline Executive Summary.


----- Forwarded by Steven J Kean/NA/Enron on 03/02/2001 01:23 PM -----

	Pete Van De Gohm@EES
	02/26/2001 03:15 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Michael Hicks/EPSC/HOU/ECT@ECT
		 Subject: Re: Draft NPC Report

Steve:

Need to met with you before May 8th, but would like to do it in the next 2
weeks,  to discuss Enron's position on this NPC report.  I am currently
coordinating with Andrew Parsons, Mark Holsworth etc.  Rob sent me a copy of
the 2 Feb 2001 NPC update letter and draft executive summary received by Ken
Lay.  I sent Rob a note outlining the questions I saw the report raising form
an Enron perspective.  Comments below.

Pete

---------------------- Forwarded by Pete Van De Gohm/HOU/EES on 02/26/2001
03:06 PM ---------------------------

Rob Bradley@ENRON
02/26/2001 09:57 AM
To: Pete Van De Gohm/HOU/EES@EES
cc: Michael Hicks/EPSC/HOU/ECT@ECT
Subject: Re: Draft NPC Report

This is important enough to get Steve Kean's direction just to make sure all
the right people are in the loop.  I am not the right person, although Lay
sent me a note on it.

- Rob

	Pete Van De Gohm@EES
	02/26/2001 09:36 AM

		 To: Rob Bradley/Corp/Enron@ENRON
		 cc: Michael Hicks/EPSC/HOU/ECT@ECT
		 Subject: Draft NPC Report

Rob:

Thought I'd send you the latest draft of the report, it's 85-90%  final (the
recommendations are 100%).

Questions the report raises for Enron:

Is Enron part of the oil & natural gas sector or the banking and finance
sector?  Both are looking at information sharing mechanism to mitigate risks
to IT systems.  The Banking & Finance sector has been operating an
information sharing and analysis center (ISAC) for over a year.  Discussions
with members of the banking and finance sector indicate it has value.

If Enron is a part of the oil & natural gas sector, are we willing to take a
leadership role and enter into a potential LLC with other Council member
companies to form an ISAC for this sector? Cost to Enron would be based on
number of individuals receiving alerts etc., however, it could be as low as
$13K per year.  An additional cost would be to appoint an employee to the
LLC's governance body to ensure Enron's needs were addressed.  Archie Dunham,
CONOCO's Chairman, has agreed to champion this initiative if the Council
recommends it at the 6 June  meeting.

Current coordination:

The legal issues have been worked by a sub-group lead by Tom Carmel, CONOCO.
Mark Holsworth, Corp. Legal has been our representative.  Recent DOJ action
regarding information sharing to mitigate IT risks seems to indicate that
anti-trust will not be an issue.  Steptoe & Johnson, LLP have undertaken a
review of the liability issues and suggested ways to mitigate them.

Mike Hicks and I have been working with Mark Thibodeaux, Corp. IT Compliance,
and will be meeting with Steve Kean and others in the security and IT
protection efforts in next two weeks.

Recommendation:

Enron participate fully in the oil and natural gas sector's efforts - As
Enron becomes more and more dependant on IT, having a mechanism that provides
tailored vulnerability information and solutions in a "one-stop-shop" format
is valuable and can lead to reduced insurance premiums.

Pete
---------------------- Forwarded by Pete Van De Gohm/HOU/EES on 02/26/2001
08:02 AM ---------------------------

Marshall Nichols <mnichols@npc.org>@listmail.npc.org> on 02/25/2001 06:59:43
PM

 -  CIP CSC Draft 2-25-01.pdf