California Adopts Variable Pricing, Raising Ire of Generators, Traders
The Wall Street Journal, 10/30/00

Enron Offers Cash To Help Azurix Take Itself Private
The Wall Street Journal, 10/30/00

Companies: U.S. Companies
The Wall Street Journal Europe, 10/30/00

Wessex switch likely
The Times of London, 10/28/00

Enron water unit could go private under loan plan
Houston Chronicle, 10/28/00

Quietly, Bush's team talks about transition; Plenty of folks in Austin would
love to follow Bush to D.C.
Austin American-Statesman, 10/28/00

Dynegy: Calif Price Caps Will Compromise Elec Reliability
Dow Jones Energy Service, 10/28/00

SEC Filing Shows 3rd Parties Contacted Enron About Azurix
Dow Jones News Service, 10/27/00

Enron offers to buy out Azurix
Financial Times, October 27 2000

California Adopts Variable Pricing, Raising Ire of Generators, Traders
By Rebecca Smith
Staff Reporter of The Wall Street Journal

10/30/2000
The Wall Street Journal
A4
(Copyright (c) 2000, Dow Jones & Company, Inc.)

LOS ANGELES -- In the latest attempt to fix California's troubled deregulated
energy market, officials adopted a unique variable-pricing plan that already
is being criticized by power generators and traders as unworkable and praised
by utilities and consumers as much needed protection against gouging.
Under the plan, adopted late last week by the governing board of the
California Independent System Operator, or ISO, a quasipublic agency
responsible for maintaining electricity reliability in the state, the cap on
wholesale power will be reset hourly from about $65 per megawatt hour at
low-demand times to no more than $250 an hour at periods of high demand. It
was the third time this year that officials effectively lowered the price cap
on wholesale electricity in a bid to contain -- so far unsuccessfully --
soaring total power costs.
The move underscores the chaotic atmosphere prevailing in California's power
market after a two-year-old experiment in deregulation has come undone. In
other deregulated markets such as New York and New England, prices are capped
at $1000 per megawatt hour, which are intended to be low enough to prevent
market abuse but high enough to give generators incentive to build new
plants. California's system was supposed to work the same way. But because
utilities in California divested themselves of the bulk of their plants but
weren't allowed to lock in fixed-price supply contracts, unlike in the other
markets, merchant generators have had much greater sway over prices here on
the spot market, where most power trades.
During the first nine months of the year, the average price of wholesale
electricity was $90 per megawatt hour in California, triple the price of a
year earlier. Even on cool days in October, the price generally has remained
above $100 per megawatt hour. California utilities have lost money on those
power purchases because their customers' rates are frozen at $54 to $65 per
megawatt hour, far lower than the average price utilities have had to pay for
that power. The deficits exceeded $5 billion in the June-to-September period.
California utilities buy the power used by their customers from the
state-sanctioned auctions administered by the ISO and a sister organization,
the California Power Exchange. In New York and New England, by comparison,
less than 20% of power is purchased from the spot markets because utilities
there were able to sign the fixed-price contracts, which California utilities
weren't allowed to do. The price-cap decision passed last week by a vote of
13 to 10, primarily with support from utilities and board members
representing consumer interests. It was pushed aggressively by Pacific Gas &
Electric Co. and Southern California Edison, the state's two big
investor-owned utilities that have gotten caught in the price-spike vise this
year.
Some ISO members say they had no choice but to support the measure to ratchet
down price caps. "We're going after the windfall profits," said S. David
Freeman, general manager of the Los Angeles Department of Water and Power,
who voted for the measure. "What we've got now is a market accustomed to
ripping off the consumer. This can't be allowed to go on."
But other experts said the hasty measure may make California's problems even
worse. "The short-term regulatory fix is always to fix prices," said Pam
Prairie, director of the Institute of Public Utilities at Michigan State
University in East Lansing. "But there's a real danger you'll set prices too
low and make your supply problems even worse."
Other economists agreed. "At best, this is poorly administered cost-based
regulation," said Frank Wolak, an economics professor at Stanford University
who sits on an independent market-monitoring committee at the ISO. "At worst,
it creates all sorts of perverse market incentives."
For example, it may increase the problem of "megawatt laundering" on hot days
in which in-state generators sell power to out-of-state customers who then
sell it back into the state, effectively bypassing the cap. Likewise, it
could encourage generators to build new plants outside of California, rather
than where they are needed near its major cities, also to avoid the cap. In
the end, it could increase stresses to the state's already overburdened
transmission system.
In fact, the decision already has brought to a halt the state's forward
electricity market, which allows wholesale customers to sign contracts for
power they will use in the future. The market had been trading as much as
1,000 contracts a week. On Friday, there was practically no activity.
"This decision shows the height of lunacy," said Rick Shapiro, a managing
director at Enron Corp., the giant Houston-based energy trader. Mr. Shapiro
said Enron and other generators will file appeals at the Federal Energy
Regulatory Commission asking that the new pricing formula be rescinded.
It is possible the FERC may throw out the pricing formula anyway. It is
expected to issue a major order on Nov. 1 directing changes in California's
market structure. That order will include its determination of the
effectiveness of price caps. It also is expected to judge the merits of the
governance structure at the ISO, which has lately been marked by infighting.
Recently, consumer groups have charged that the ISO board has put the
business interests of its members ahead of members' fiduciary duty to
California residents.
The most recent price-cap measure was approved over the objections of
executives at the ISO whose job it will be to implement the formula. ISO
Chief Executive Terry Winter said the measure is flawed because it doesn't
take into account the amount of power available to the California market. Mr.
Winter fears the caps will place the state at a disadvantage relative to
neighboring states with no price caps. About 11 states are electrically
interconnected in the West, meaning power can be moved between them and chase
the highest prices.
"We keep getting accused of making our market too complicated," Mr. Winter
said. "Then along comes this proposal" with caps that would adjust repeatedly
throughout the day, depending on demand.

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

Enron Offers Cash To Help Azurix Take Itself Private
By Rebecca Smith
Staff Reporter of The Wall Street Journal

10/30/2000
The Wall Street Journal
A12
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Enron Corp. offered to lend Azurix Corp., an Enron spinoff, $275 million so
that it could take itself private.
Enron, which has been frustrated with the global water company's performance,
suggested Friday that public shareholders receive a cash offer of $7 a share
for their Azurix stock. While nearly double the stock's value prior to the
offer, the suggested price nevertheless was far below the $19 at which Azurix
made its debut in 1999.
An Azurix spokeswoman said the board, on which Enron has seats, had not yet
decided how to treat the Enron offer. An Enron spokesman said that taking the
company private would "give us more opportunity to directly affect our
investment." In 4 p.m. New York Stock Exchange composite trading Friday,
Azurix soared $3 to $6.56 in heavy trading.
Azurix had hoped to create a splash by doing to the water business what Enron
had done to the energy business -- increase competition and provide trading
skills capable of creating new financial products out of old commodities. But
Azurix stumbled, nearly from the outset. Deregulation of the water business
and government privatizations of water systems, on which it was counting,
were slow to come, crimping growth opportunities and profit. And Enron,
accustomed to higher, faster returns, grew impatient with the
capital-intensive water business.
The company's first chief executive, Rebecca Mark, a onetime head of Enron's
international division, resigned in the summer with the agreement of Enron
executives, who said it was time for new leadership. The incoming chief
executive, John Garrison, said he would look for buyers for some of the
company's businesses; he was unavailable to comment Friday. Ms. Mark was
believed to be considering making an offer for some of those businesses,
herself. She declined a request for an interview.
In its letter to Azurix officers, Enron said the water company received four
offers from prospective suitors after Ms. Mark's departure, the best of which
came from an unidentified bidder who offered $7 a share and went through a
lengthy due-diligence process before backing down, apparently spooked by
Azurix's cash flow, capital structure, tax considerations and some securities
litigation.
In its proposal letter, made public Friday, Enron said it concluded "that
there is no other buyer willing to pay the $7" and so proceeded with its own
offer. But Enron said it won't try to limit Azurix's ability to negotiate a
better deal with others, should they come forward. Finally, Enron noted that
Azurix had considered various partial or full-liquidation alternatives but
said they didn't seem likely to produce more than $7 a share.

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

Companies: U.S. Companies

10/30/2000
The Wall Street Journal Europe
5
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Enron Offers Loan to Azurix
Enron Corp. offered to lend Azurix Corp., an Enron spinoff, $275 million
(327.6 million euros) so that it could take itself private. Enron, which has
been frustrated with the global water company's performance, suggested Friday
that public shareholders receive a cash offer of $7 a share for their Azurix
stock. While nearly double the stock's value prior to the offer, the
suggested price nevertheless was far below the $19 at which Azurix made its
debut in 1999. (Staff)

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

Business
Wessex switch likely
Adam Jones in New York

10/28/2000
The Times of London
News International
2W
64
(Copyright Times Newspapers Ltd, 2000)

Wessex Water's American parent company is likely to be taken private after a
disastrous 14-month spell as a quoted company.
Wessex, which provides water services to the South of England, was bought by
Azurix in 1998 for Pounds 1.6 billion. Azurix wanted to use Wessex's
expertise in privatised water supply to build a global business. However,
since listing at $19 a share in June last year, Azurix stock has gone into
freefall, closing at less than $4 earlier this week. Azurix slumped because
it drastically misjudged the number of privatisation opportunities.
It emerged last night that Enron, the Texan energy and trading company that
is Azurix's biggest shareholder, has taken the unusual step of offering to
lend Azurix $275 million (Pounds 190 million) to buy its publicly held
shares, thereby taking it private.
The Enron proposal would value Azurix at about $800 million or $7 per share -
63 per cent less than the IPO price. Enron would control Azurix and Wessex
Water if it went private.

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

BUSINESS
Enron water unit could go private under loan plan
NELSON ANTOSH
Staff

10/28/2000
Houston Chronicle
3 STAR
1
(Copyright 2000)

Enron offered Friday to lend Azurix, its struggling water affiliate, about
$275 million so Azurix can go private by purchasing 38.6 million shares that
are publicly traded.
The deal would have Azurix buying back its stock at $7 per share, about
double what the shares were trading for Thursday. That's a big comedown for
Azurix shares, which sold for $19 each when the Houston company went public
in June 1999.
The maneuver technically can be called a "take-under," said analyst Carol
Coale of Prudential Securities in Houston. She also described it as Enron's
least painful solution for what to do with the venture that never lived up
its ambitious plans.
"Nothing about Azurix has been positive for Enron, in my view," said Coale.
"This is a solution to a problem."
Azurix spokeswoman Diane Bazelides said its board is studying Enron's
proposal. She added that it was too early to comment on the offer because the
proposal's structure had not been outlined.
Enron imposed no deadline for a decision by Azurix, but reserved the right to
withdraw the offer if Azurix's position with prospective customers and
employees deteriorated.
One of Enron's conditions is that Azurix not sell any major assets before the
buyout.
The deal would not change Enron's large stake in Azurix, said Palmer. It owns
a third, while the other third is owned by the Atlantic Water Trust, in which
Enron owns a 50 percent voting interest.
The proposal's advantages include giving public shareholders a premium to the
market price, said Enron spokesman Mark Palmer.
The common stock of Azurix zoomed Friday on the news, gaining $3 to close at
$6.56 on the New York Stock Exchange.
Becoming a private company would give Azurix management greater flexibility
in restructuring. Coale said it would reduce Azurix's general and
administrative costs, helping it to bid against lower- cost foreign
competition, particularly two big French companies. Azurix's high cost
structure has been its primary problem, she said.
Azurix has been looking at cost and strategies ever since it got a new
president and chief executive on Aug. 25, said Bazelides. That was the date
that Rebecca Mark resigned as Azurix's high-profile chairman and chief
executive.
Enron and Azurix have been looking at "strategic alternatives" for nine
months, J. Mark Meets, Enron's executive vice president for corporate
development, said in a letter filed with the Securities and Exchange
Commission.
One alternative was selling the company, he said.
That didn't work out because the offers from three companies didn't exceed $4
per share.
The fourth potential buyer said it would consider offering $7 per share, said
Meets. But that suitor backed out, citing reasons like cash flow, complexity
of the capital structure, tax considerations and pending securities
litigation.
"We are obviously quite disappointed by this most recent turn of events,"
Meets said in the letter. "However, we strongly believe that there is no
other buyer willing to pay the $7 per share initially proposed (but later
withdrawn) by the fourth bidder."

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

Quietly, Bush's team talks about transition; Plenty of folks in Austin would
love to follow Bush to D.C.
Ken Herman American-Statesman Capitol Bureau Chief

10/28/2000
Austin American-Statesman
A1
(Copyright 2000)

Not long ago, at a glossy wooden table in a Texas Capitol office, two of Gov.
George W. Bush's high-level appointees discussed one of the key issues in
state government these days. It involved the relative merits of White House
posts that could be available to the two appointees if Bush becomes
president.
Asked this week whether it's a common topic around the Capitol, one of the
appointees gestured to the anteroom of his office and made a motion
indicating that even the midlevel folks have Washington on their minds.
Near the banks of the Colorado, Potomac Fever is a near-epidemic.
And though it is political faux pas to be too open about doing White House
transition planning before Election Day, be assured it is going on at Bush
headquarters, where top officials are cognizant of the fine line between
looking too confident now and looking too unprepared later.
The candidate himself -- as well as his top aides -- steers clear of
transition talk. When asked who might wind up in his Cabinet, Bush looks
backward instead of forward, saying that his selection of Dick Cheney as his
running mate should offer a glimpse of the kind of people who would wind up
in his administration.
The transition work, such that it is, is under the aegis of longtime Bush
friend and aide Clay Johnson, who began as head of the gubernatorial
appointments office and now serves as chief of staff. Johnson said nobody has
been interviewed for any Washington post, but he has compiled a file of folks
who are interested in serving in a Bush administration.
Johnson also has been reading up on previous transitions -- ones that went
well and ones that didn't. His preliminary conclusion is that the outgoing
administrations are generally helpful and supportive, even if they were
ousted by the incoming administration. It's the incoming administrations that
can make the mistakes, he said.
There is no shortage of think tanks that have think-tanked the topic. Back in
August, the Heritage Foundation, based in Washington, issued a transition
handbook titled "The Keys to a Successful Presidency."
"Though we really don't expect either campaign to talk about it (and would
discourage them from doing so), the message here is it's time to start
planning for a possible presidential transition, quietly, well behind the
scenes, but with the understanding that the preparation done during the next
70 or so days, and the work done in the 70 or so days that follow (between
the election and the inauguration) will very well determine the initial
success or failure of the next administration," Herbert Berkowitz, a
foundation vice president, said in releasing the study.
All indications are that the Bush team has been following the advice, with
Johnson at the helm.
Johnson cautions against expectations that a Bush administration would be
overloaded with Texans.
"It's the United States of America, not the United States of Texas," he said.
Despite that caveat, there is no shortage of Texans who are considered
shoo-ins to fill some of the thousands of slots Bush could offer if he wins.
Johnson confirms that he is very interested in a Washington job. Early
speculation among Bush aides makes Johnson a potential leading contender for
head of personnel at the White House.
Karen Hughes, Bush's communications director since his 1994 gubernatorial
campaign, is expected to become Bush's press secretary if he wins the White
House. Karl Rove, Bush's longtime political guru, also will be on board,
though he could wind up with an out-of- the-White-House post, perhaps at the
Republican National Committee.
Not as certain is the potential future for Joe Allbaugh, who is part of the
"iron triangle" of top advisers -- along with Rove and Hughes -- who have
been on board with Bush since the 1994 campaign. Allbaugh serves as manager
of the presidential campaign and previously served as chief of staff in the
governor's office.
Capitol speculation indicates Allbaugh could decide to skip a White House
post, possibly in favor of a lobbying job, if he is not tapped as chief of
staff. That post could go to Don Evans, a longtime Bush friend who headed the
megasuccessful fund-raising effort for the presidential campaign.
However, not everyone has Potomac Fever. For example, Terral Smith, Bush's
legislative director, said he will stay in Austin to lobby.
In addition to the speculation about appointees, the approaching election has
sparked talk about when Bush might leave office if he wins. Under the U.S.
Constitution, he could remain governor until he has to become president on
Jan. 20.
Much more likely, however, is that Bush would leave office sooner than that,
perhaps as soon as two or three weeks after the Nov. 7 election, if he wins.
That could cause a housing problem for Bush, whose main residence is the
Governor's Mansion, which comes as a free perk of the job. The Bushes have a
home under construction at their ranch in Crawford, near Waco. The ranch also
has a smaller house in which the Bushes now spend weekends.
Not out of the question is that Bush could work out an arrangement with Lt.
Gov. Rick Perry, who would become governor if Bush resigns, to remain in the
Governor's Mansion for several weeks after he leaves office.
If the race among Texas senators to replace Perry as lieutenant governor
complicates the timing of the resignation, Bush could stay in the governor's
office a little longer, but no later than the first week of January. After
all, he will want to give Perry time to bask in his gubernatorial
inauguration before the Legislature convenes Jan. 9.
No matter when Bush resigns, confidantes believe he might use his Crawford
ranch for interviews with potential top-level appointees, including Cabinet
members.
You may contact Ken Herman at kherman@statesman.com or 445-1718.
Washington buzz A look at Bush allies expected to get appointments in a Bush
administration: * Texas Secretary of State Elton Bomer * State Rep. Tom
Craddick, R-Midland * Public Safety Commission Chairman Jim Francis of Dallas
* Texas Railroad Commissioner Tony Garza* Texas Supreme Court Justice Al
Gonzales * Former Dallas ISD board President Sandy Kress * Kenneth Lay of
Houston, chief executive officer of Enron * Ralph Marquez of Texas City,
member of the Texas Natural Resource Conservation Commission * Vance McMahan
of Austin, a policy adviser in the governor's office * Harriet Miers of
Dallas, Bush's personal lawyer and former appointee to the Texas Lottery
Commission * Pat Oxford, Houston lawyer and member of the University of Texas
System Board of Regents * Pat Wood of Austin, chairman of the Texas Public
Utility Commission * Margaret La Montagne, the governor's education adviser

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

Dynegy: Calif Price Caps Will Compromise Elec Reliability

10/27/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- A Dynegy executive said Friday that the California
Independent System Operator's plan to impose hourly price caps on the
wholesale power market will compromise reliability by forcing generators to
sell electricity out of state.
"If the ISO says it will not buy above a certain price and generators cannot
operate below that price, then we have no choice but to find other markets to
participate in," said Dynegy senior vice president of marketing and trading
asset management Lynn Lednicky. "That may lead to the ISO not finding the
power it needs at a price it wants to pay."
The ISO plans to construct hourly price caps each month based on forecast
load, natural gas prices and generation unit efficiency. The caps will take
effect Nov. 3 or soon therafter.
Dynegy Inc. (DYN) sent a letter to the Federal Energy Regulatory Commission
asking it to address reliability consequences of the price caps before Nov.
3. Dynegy specifically requested that FERC discuss the issue at its Nov. 1
meeting, when it will release a report on California's electricity problems.
Enron Corp. (ENE) and Southern Company (SO) share Dynegy's concerns about
reliability and plan to petition FERC about the issue, said a trader
listening in to a conference call between the three companies.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872;
jessica.berthold@dowjones.com

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

SEC Filing Shows 3rd Parties Contacted Enron About Azurix
By Christopher C. Williams

10/27/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES

New York -(Dow Jones)- Shares of Azurix Corp. (AZX) jumped 84% in heavy
trading Friday after parent Enron Corp. (ENE) proposed to take the company
private in a $7-a-share buyout.
Filings with the Securities and Exchange Commission showed that Enron made
the proposal after not being satisfied with offers it had received from four
third parties for its stake in Azurix.
In a letter to two members of Azurix's board, Enron said three potential
buyers "were unlikely to be willing to pay more than the then-current market
price of approximately $4 a share."
Enron said a fourth potential buyer indicated it would consider a $7-a-share
offer, but it said that proposal was recently withdrawn. "The reasons given
by the bidder included pro forma cash flows, the complexity of the capital
structure, tax considerations and the currently pending securities
litigation," the letter said.
Mark Palmer, a spokesman for Houston-based Enron, declined to say whether
Enron was entertaining current third-party interests or was in any talks with
other parties regarding its Azurix stake.
In New York Stock Exchange composite trading, Azurix ended Friday up $3 to
$6.56 on 2.8 million shares, compared with average daily volume of 239,000
shares. Enron was up $1.38, or 1.8%, to $78.88 on 1.6 million shares,
compared with its daily average turnover of 2.4 million.
In the SEC filing, Enron, saying it's familiar with Azurix's various partial
and full liquidation alternatives, said its buyout proposal is conditioned
upon Azurix not selling any significant assets prior to the buyout.
"Although we agree that such plans may result in greater value to Azurix's
shareholders than the maintenance of the status quo, we believe that these
options almost certainly will not result on a present value in a greater
return to Azurix's shareholders than $7 a share," the letter said.
Enron also said its buyout proposal doesn't include any breakup fees or other
"deal protection devices." This frees Azurix's board to pursue an acquisition
that "might provide greater value" to shareholders.
Daine Bazelides, a spokeswoman for Azurix, declined to say whether Azurix is
now entertaining offers for the company. She did, however, confirm the
information contained in Enron's filing. "The historical information in the
filing is factually correct," she told Dow Jones Newswires.
She said she doesn't know when Azurix board will respond to Enron's proposal.
In the filing, Enron didn't set a deadline, but warned that Azurix's position
with customers and employees may deteriorate further. "We must therefore
reserve the right to withdraw our proposal at any time," Enron's letter said.
In the letter, Enron pointed out that Azurix had retained two
"internationally recognized investment bankers" early this year to evaluate
strategic alternatives, which included the potential sale of the company to
unrelated third parties.
Enron said it strongly believes there isn't another buyer willing to pay $7 a
share for Enron's indirect interest in Azurix. "We believe it is in Azurix's
best interest, as well as the best interest of its shareholders and
employees, if Azurix were no longer a publicly traded company," Enron said.

-By Christopher C. Williams, Dow Jones Newswires, 201-938-5219;
christopher.williams@dowjones.com

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

Enron offers to buy out Azurix
Financial Times
By Hillary Durgin in Houston
Published: October 27 2000 23:31GMT | Last Updated: October 27 2000 23:36GMT

Enron, the Houston-based energy and trading group, said on Friday it had
offered up to $275m in funding to take Azurix private at a buy-out price of
$7 per share.
The specific structure of Enron's proposal has yet to be determined, Enron
said. Azurix said its board would now consider the proposal. The timing of
any decision was unclear.
Enron owns directly and indirectly about 66 per cent of Azurix, the troubled
Houston water company, whose main asset is UK-based Wessex Water.
The buyout offer is the latest development in a history of problems at
Azurix, which was spun off from Enron and taken public at an offering price
of $19 per share.
But a combination of poor market timing, competitive industry conditions and
empty promises by the company on Wall Street took their toll on the company,
whose shares have since plummeted and have been trading most recently around
the $3-per-share range. In August, Rebecca Mark, Azurix chief executive
officer, resigned both from Azurix and from the board at Enron.
Enron's offer came after four unnamed parties approached Enron about buying
its stake in Azurix.
While three of the four were unwilling to pay more than the then market price
of about $4 per share, a fourth party who was considering offering $7 per
share (before accounting for any dilution for stock options) later declined
to pursue the transaction, Enron said in Friday's letter to Azurix, outlining
the buyout proposal.
"We strongly believe that our proposal is fair to Azurix's public
stockholders," the letter stated. "Our proposed transaction would permit
Azurix's stockholders to receive, on a timely basis, a cash payment for their
shares that is significantly above the price at which those shares have
traded in several months."
Analysts that follow Azurix and had valued the shares at between $6 and $8
per shares said the offer was fair. Analysts that follow Enron said that
Azurix's business strategy had proved to be a failure and was characteristic
of the hard asset approach that Enron has gradually distanced itself from.
Enron's shares closed at $78.88 up $1.38 on Friday. Azurix's shares rose $3
to close at $6.56.


Jeff, I've attached a copy of the letter describing
the loan of the Madeline O'Connor piece to the McNay
Museum in San Antonio this summer. Please let me or
Betty Moody at Moody Gallery know if you have any
questions. Also, have you had a chance to make a
decision about a piece for the niche between the boys'
rooms? Thanks. Leigh Edwards
--- Joannie.Williamson@enron.com wrote:
> Could you call me regarding a Madeline O'Connor
> piece.
>
> Thanks,
> Joannie
> 713-345-7774
>
>

__________________________________________________
Do You Yahoo!?
Yahoo! Auctions - buy the things you want at great prices
http://auctions.yahoo.com/
 - SKIdecisions.doc


Dan sent this information as a follow up to our meeting this week.  If there
is any additional information you would like to see, please let me know.

In the absense of any objections, I would like to begin having our analysts
use the Financial Stress score to underwrite small exposures where financial
statements are not received.  In addtion to saving some expense, this will
allow greater consistentency.  And moving forward, I believe we can map
expected defaults from FStress score ranges to those implied in credit
spreads, and in doing so map to E-ratings for use in credit reserve
analytics.  I've had prelimiary discussions with Rabi and Amititava regarding
this.

Any additional insights would be helpful, and thanks for your help.

 -----Original Message-----
From:  "Barry, Dan" <BarryD@dnb.com>@ENRON
[mailto:IMCEANOTES-+22Barry+2C+20Dan+22+20+3CBarryD+40dnb+2Ecom+3E+40ENRON@ENR
ON.com]
Sent: Thursday, March 15, 2001 10:26 AM
To: mark_wilson@enron.com
Cc: Marcom, Karen; Johnson, Judy
Subject: meeting follow-up

Mark,

Attached are a presentation on the Financial Stress Score and the countries
that have risk scores available today. Please let me know if you have any
questions.

In response Vince's question regarding false positives from the model, that
is a little difficult to answer.  The model is predicting the likelihood of
a company experiencing financial distress.  We are not saying that all
companies with a high risk score will experience financial distress.  In
other words, it is not really a yes or no proposition.  It' not like a drug
test where the test either comes back positive or negative and ocassionally,
you get a false positive test result.  We are identifying companies that are
at high risk for failure.  Some of those high risk companies will fail and
some will not fail.  How many in each classification that will ultimately
fail is addressed in the performance charts attached below.

Please let me know if you have any other questions or need any additional
information.

Dan Barry
Dun & Bradstreet
Analytical Services
barryd@dnb.com
Phone (713) 953-5458
Fax     (713) 953-5454
 <<enron fss.ppt>>  <<Globalfailure.ppt>>  <<Fin Stress Understanding.doc>>
 <<FSS performance.doc>>

 - enron fss.ppt
 - Globalfailure.ppt
 - Fin Stress Understanding.doc
 - FSS performance.doc


i don';t know where to go tubing.  we will figure something else out.  maybe
you should just throw a pool party.


[IMAGE]	[IMAGE]	[IMAGE]
[IMAGE]	    [IMAGE]    Quote & 3-Point ViewProfile & FundamentalsKey RatiosAnalyst InfoEarnings EstimatesInsider TradingInteractive Graph ToolGraphs In BulkDiscussionRecommendationsNews Articles   [IMAGE]   [IMAGE] [IMAGE] 	[IMAGE]
	[IMAGE]	[IMAGE]

[IMAGE]	[IMAGE]

[IMAGE]	[IMAGE]

[IMAGE]	[IMAGE]	[IMAGE]	 Recommend  	 	[IMAGE]

	[IMAGE]	[IMAGE]	[IMAGE]
[IMAGE]	   kensey's RecommendList  	   Reply  	   Unsubscribe  	[IMAGE]

[IMAGE]	DO NOT reply  to this email. Replies should be made via the underlined "Reply" link above.	[IMAGE]

	'kensey' has recommended ATVI (Short) at Oct 23 2001  8:05AM
	Activision Inc (NASDAQ:ATVI)   Symbol  Last  Time  Change  High  Low  Volume  ATVI   38.72  11:54AM  2.06  38.75  36.75  994,700  Community Take   30 Long / 9 Short

	[IMAGE]
	 'kensey' said:
	 Tue Oct 23 08:04:00 2001   near resistance and overbought.  cover north of 38.   kensey
	 Click here  to  see the full recommendation with annotated graph

	[IMAGE]
	  [IMAGE] [IMAGE] [IMAGE]     kensey's RecommendList       Reply      Unsubscribe   [IMAGE]
[IMAGE]	 ClearStation is not an investment advisory service,  nor a registered investment advisor or broker-dealer and  does not purport to tell or suggest which securities  members should buy or sell for themselves. Members should  always check with their licensed financial advisor  and their tax advisor to determine the suitability of  any investment.  ClearStation, Inc. is a wholly-owned subsidiary of  E*TRADE Group, Inc. and an affiliate of E*TRADE  Securities, Inc. and E*TRADE Bank. E*TRADE Securities,  Inc. and E*TRADE Bank are wholly-owned subsidiaries of  E*TRADE Group, Inc. E*TRADE Bank deposits are insured up  to $100,000 by the FDIC. E*TRADE Bank and E*TRADE  Securities, Inc. are separate but affiliated companies.  E*TRADE brokerage accounts are maintained by E*TRADE  Securities, Inc. Products offered by E*TRADE Securities,  Inc. are not insured by the FDIC, are not deposits or  obligations of E*TRADE Bank, are subject to investment  risk, including possible loss of principal invested. ClearStation is a registered trademark of ClearStation, Inc.  E*TRADE is a registered trademark of E*TRADE Securities,  Inc. Member NASD/SIPC.  Copyright (c) 2000.  ClearStation , Inc. All rights reserved.

																	 Question?  Get it answered!   Comments? Talk to us!  Copyright  ? 1998-2000 ClearStation, Inc. All rights reserved. Trademark  Notice  Quotes delayed at least 15 minutes for Nasdaq, 20 minutes otherwise.  ClearStation, Inc. is a wholly-owned subsidiary of E*TRADE Group, Inc.
[IMAGE]	  About Us     	I	 Help     	I	 Feedback     	I	 Member  Agreement     	I	 Privacy  Statement    	I	 Advertise     	I	 Jobs     	I	Join      	I	FAQ


Carol,

I am about to be on nanny #9 since July, 1999 - I haven't had great luck and
always have a live-in.  I am presently going through Au Pair in America and I
would be happy to have them send you info - but they do live in and there is
a pretty substantial agency fee.  My assistant, Erica Braden, also found an
interesting website www.nanniesplus.com which seems to have a whole range of
different types of nannies who work in different circumstances (i.e. live-in,
live-out, housework, no housework, etc.) - this also involves an agency and a
smaller (but not insignificant) fee than au pair in America.  From time to
time Ali's school will have a posting for a nanny - I'll forward it to you if
I see such a listing.  Good luck - may you fare better than I have!

Cynthia

	Carol St Clair@ECT
	11/16/00 11:33 AM

		 To: Julia Murray/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Elizabeth
Sager/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, tchandler@velaw.com, Janet H
Moore/HOU/ECT@ECT, Christi L Nicolay/HOU/ECT@ECT, Cynthia Harkness/Enron
Communications@Enron Communications, Kristina Mordaunt/Enron
Communications@Enron Communications, Ann Ballard/Corp/Enron@ENRON, Shonnie
Daniel/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT
		 cc:
		 Subject: Looking For A Nanny

I need to start thinking about hiring a nanny to take care of Charles, our 4
month old and Arthur, our 9 year old.  We are looking for someone that can
come to our house during the week as we do not have room for a live-in.  We
live off of 290 West, about 25 miles from downtown.  We would prefer someone
that is legal and speaks English, but won't rule out anyone else.  If you
know of someone that might be interested, please call or e-mail me.  While I
would prefer not to use an agency, if you know of a good one, please let me
know. Please pass this message on to anyone else at Enron that you think
might be able to help.  Thanks.

Carol St. Clair
218-890-7122
carol.st.clair@enron.com


Hi Mark,
I'm really sorry to have heard about your Dad. I know I'm just one on a long
list of people that always enjoyed his company, hospitality and high
spirits...he always treated me like a bro and I know how much he meant to you.
I'm heading north to Humboldt with Stacey this afternoon (been in Sac all
week) and will probably be there for a little while.  Be sure to let me know
where you're gonna be, 'cause I plan on heading further north sometime.
Hope to see you soon, and I'll be in touch until then...
-Marc

Get FREE Email/Voicemail with 15MB at Lycos Communications at
http://comm.lycos.com


I think we should get either you or Sara involved in this.  Gary has
requested a Houston lawyer help in establishing the business in London.  Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 06/30/2000 09:37 AM -----

	Paul Simons
	06/27/2000 07:23 AM

		 To: Gary Hickerson/HOU/ECT@ECT
		 cc: Andrew Cornfield/LON/ECT@ECT, John Sherriff/LON/ECT@ECT, (bcc: Mark E
Haedicke/HOU/ECT)
		 Subject: Bond and Equity Trading in Europe

Gary

There follows a summary of the key information required in order to be able
to estimate, under SFA capital rules, the likely regulatory capital
requirements of the proposed bond and equity trading businesses in London.
The summary has been prepared by Andy Cornfield who is our resident expert on
the SFA's capital rules.

As previously discussed, EEFT - our SFA regulated agent through which we
currently propose to run this business - is subject only to very modest
regulatory capital rules since it does not take any principal positions.  Our
view, however, is that a bond and equity trading desk of the type discussed
will (sooner or later) become subject to SFA capital requirements and so it
makes sense now to estimate the likely extent of that capital.

It would be very helpful at this stage if you (or someone in your group)
could provide a guestimate (based on the US model, but modified where you
think the European positions might be different) of the likely volumes and
constituent parts of these businesses:

after 12 months of trading
after 24 months of trading
after 36 months of trading

Please contact Andy or myself if you would like to discuss this. I look
forward to hearing from you.

Best regards

Paul

---------------------- Forwarded by Paul Simons/LON/ECT on 27/06/2000 11:22
---------------------------

Andrew Cornfield
23/06/2000 14:20

To: Paul Simons/LON/ECT@ECT
cc:

Subject: Info for Gary Hickerson

Paul

As requested. Please call to discuss.

Regards
Andy


Mark, open up felix the cat.  He is adorable!
---------------------- Forwarded by Tana Jones/HOU/ECT on 10/13/99 03:54 PM
---------------------------

Marie Heard on 10/13/99 03:32:26 PM
To: Tana Jones/HOU/ECT@ECT, anne_heard@ryderscott.com
cc:
Subject: FW: FOR YOU CAT LOVERS

---------------------- Forwarded by Marie Heard/HOU/ECT on 10/13/99 03:31 PM
---------------------------

	From:  Genia FitzGerald                           10/13/99 02:54 PM

To: Marie Heard/HOU/ECT@ECT
cc:
Subject: FW: FOR YOU CAT LOVERS

---------------------- Forwarded by Genia FitzGerald/HOU/ECT on 10/13/99
02:53 PM ---------------------------

Rhonda L Denton
10/13/99 02:44 PM
To: Genia FitzGerald/HOU/ECT@ECT, Anthony Campos/HOU/ECT@ECT, Laura
Dewett/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT, Veronica
Gonzalez/HOU/ECT@ECT, Amy Degeyter/HOU/ECT@ECT, Dean Laurent/HOU/ECT@ECT, Kim
S Theriot/HOU/ECT@ECT, Stephanie Piwetz/HOU/ECT@ECT, Marilyn
Colbert/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT,
Susan Bulgawicz/EPSC/HOU/ECT@ECT, Thresa A Allen/HOU/ECT@ECT
cc:
Subject: FW: FOR YOU CAT LOVERS

This is great.....  After it opens you can stop the cat by clicking on the
cat then exit.  We did not know and the cat just kept on appearing in our
screen.  Mine is saved to my desk top so I have a cat wandering around on my
banner screen.

 - Felix21.exe


Dear Vince

Thank you for your recent enquiry concerning a complimentary pass to the
two-day GARP Convention. Unfortunately, it is not GARP's policy to allow
this for a number of reasons: GARP is a not-for-profit organisation, will
much lower delegate fees (and still the same overheads) than other
conference organizers. GARP's mission is to allow an educational forum for
furtherance of financial risk management and an opportunity to allow
networking and contact time between financial risk professionals. However,
in an attempt to remain at ease with my speakers, I would like to offer a
50% discount off the delegate fee for one of you colleagues in Enron. This
will be for the two-day Convention and will include the Gala Awards Evening
on 13th February, which had over three financial and risk professionals at
GARP 2000.

I trust that this is satisfactory. If you would like to take advantage of
this, please fax a completed registration form, along with a brief covering
note referring to this e-mail, and I will ensure that our administration
depart handle the relevant paper work. If you have any questions please do
not hesitate to contact me.

I look forward to your response and to meeting you in New York in February
(and receiving a copy of your presentation in a few days).

Kind regards

Andreas

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <andreas.simou@garp.com>
Cc: <Vince.J.Kaminski@enron.com>
Sent: Tuesday, December 12, 2000 8:50 PM
Subject: Re: GARP 2001 Convention

Andreas,

Am I entitled to bringing one delegate as a guest, free of charge?
Some conferences offer such privileges.

Vince

"Andreas Simou" <andreas.simou@garp.com> on 12/04/2000 06:31:37 AM

To:   <Undisclosed-Recipient:@mailman.enron.com;>
cc:
Subject:  GARP 2001 Convention

Dear GARP 2001 Speaker

This is just a quick note to keep you up-to-date  with developments at the
GARP 2001 Convention, which will be  held in New York between 12th and 15th
February, 2001.

Thus far, GARP 2001 looks set to far exceed our  expectations and GARP
2000. There has been a great deal of interest in the 2001  Convention.
Delegate bookings have been much higher than this time last year. As  a
result, we are set to far exceed the number of delegates that attention
earlier this year. The three workshops and the one-day Asset Management
Forum  are also very well received and will probably reach full capacity. I
will of  course provide you with much fuller details closer to the time of
the  event.

Regarding the event itself, I would like a few  outstanding issues:

1. Presentations: can you please  e-mail your presentation to me by 15th
December, so that I have  enough time to reproduce them and place them in a
delegate pack for the  Convention. (Given the break of the Christmas and
New York period, and that the  event is being held in New York, I am sure
you can appreciate that there are  certain logistical factors that need to
be taken into account, hence the reason  why the presentations are required
as soon as possible). This is purely for  reproduction, we also request you
bring your presentation to the Convention  on the day in either a floppy
disc or a laptop.

2. Audio-Visual Requirements: can  you please inform me of what
audio-visual requirements you may have (35mm  slides; OHP; LCD projection -
notably PowerPoint).

3. Check list: I have attached a  check list for your information. If you
have not returned this already, can you  please read and fax it to my
colleague, Claire as soon as possible.

If you have any questions or queries, please do not  hesitate to contact
me, otherwise I eagerly await your response in due  course.

I look forward to seeing you in New York in  February.

Kind regards

Andreas

_____________________________
Andreas  Simou
GARP 2001 - Conference Producer
Tel +44 (0) 20 7626  9301
Fax +44 (0) 20 7626 9900

Don't miss the GARP 2001 Convention,
program  details via our web site
www.garp.com
(See attached file: speaker checklist.doc)


I'm in Buenos Aires today and talked to Andrea about her computer.  While
they are having big problems with her laptop (it likes to eat hard drives)
she will be able to bring it along (it's a Compaq Armada 1500C - will that
fit in the docking station?).  In case it isn't working, can we get her set
up with one of the Windows 2000 machines that are being installed Tuesday
morning?

Mark

Joya Davis
04/28/2000 09:46 AM
To: Taffy Milligan/HOU/ECT@ECT
cc: Chaundra Woods/HOU/ECT, Mark Taylor/HOU/ECT@ECT, Becky Tlucek/HOU/ECT
Subject: Re: Andrea Calo - Visitation

She can use EB3891 and the extension for that office is 5-7780.   For the
next 2 weeks.  Please advise her to bring her own laptop.  There is an
"empty" docking station available in EB3891 for her use.

Joya'

Taffy Milligan
04/28/2000 09:32 AM
To: Joya Davis/HOU/ECT@ECT, Chaundra Woods/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Becky Tlucek/HOU/ECT@ECT
Subject: Andrea Calo - Visitation

Good morning, girls.

Did you know that Andrea Calo, attorney from the Argentina office, is coming
to the Houston office on Monday morning , May 1, for a two week stay?

At Mark Taylor's request, please arrange an office, computer, and phones for
her.  I will reserve an temporary ID for her through security.  Regarding her
computer, she will let me know later this a.m. if she will be traveling with
her lap top.

Please let me know if you need any additional information.  Sorry for the
short notice, I just found out.

Thank you,
Taffy


Crescendo only acquisition.

Gerald Nemec@ECT
01/23/2001 04:11 PM
To: Steve Pruett/Corp/Enron@Enron, Mark Castiglione/Corp/Enron@ENRON
cc:

Subject: Gathering System PSA

Is this being looked at as an ENA acquistion also, or solely a Crescendo
acquisition?

----- Forwarded by Gerald Nemec/HOU/ECT on 01/23/2001 04:10 PM -----

	"Ken" <kckrisa@apex2000.net>
	01/23/2001 03:52 PM
	Please respond to kckrisa

		 To: "Audrey O'Neil \(E-mail\)" <Audrey.ONeil@enron.com>, "Gerald R. Nemec
\(E-mail\)" <Gerald.Nemec@enron.com>, "Mark Castiglione \(E-mail\)"
<Mark.Castiglione@enron.com>
		 cc:
		 Subject: Gathering System PSA

I received the proposed PSA for the Wildhorse acquisition from Petrie
Parkman today.  I have attached for everyone's review.  We are required to
send back to TBI with proposed changes with our proposal.

Mark, would you please forward to those who need to see it besides Audrey
and Gerald.
Thx

Ken Krisa

 - PSA.DOC


Any seats left for the sushi demo?  If so, I'd like to attend.


Gary/Susan,

The INTRA-CNT-TRANS problem was on my end.  It wasn't defined properly in the
bench.

Thanks,
Robin


I see so, in another words the "credit book" consists of -- or is considered
--- "obligations" etc. but there are no other agreements.  Thanx for
reiterating.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693

	Sara Shackleton@ECT
	03/28/2001 10:20 AM

		 To: Cheryl Nelson/NA/ENRON@ENRON
		 cc:
		 Subject: Re: BEAR Guarantee letter

(1)  The only agreement that ENA is assigning is the Securities Loan
Agreement.

(2)  Remember, ENA is also assigning the "credit book" (identified in
Sheila's earlier email and more clearly identified in Tom Doukas' email of
yesterday which I forwarded to ;you yesterday).

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

	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	03/28/2001 10:11 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: BEAR Guarantee letter

Sara, I am on hold on a conference call but wanted to talk with you about
some questions/issues re: the assignment agreement.  (My questions are not
holding us up since Anna is proceeding to try to get a final draft as we know
it executed).  But for my own understanding:

1. Is ENA assigning to Enron Credit Inc. any agreements other than the
Securities Loan Agreement?  If so, let me know.  If not, then would we need
an assignment agreement as opposed to just having Enron Credit Inc. sign a
Securities Loan Agreement?

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693


Dear Sirs;
Misprints in former report now corrected.
HOEGH GALLEON, DATE:	05-06-01	12:00	15:00	(UTC)
A) Position at noon:	N	23 24	W	069 20
B) Dist. From last noon:	438	nm
C) Dist. To go to next port:	1476	nm
D) ETA next port:	LAKE CHARLES	09-Jun 04:00	LT
E) 1: Av. wind/sea	Wind:	E 3	Sea:	3
    2: Average speed	18.25	kn	RPM:	88.38
    3: BOG 	194.6	m3
    5: F.O Consumed	34	MT
    6: G.O. Consumed	0	MT
    7: Average vapor press		Average liq. Temp:
Tk1:	0.122	bar	-158.17	?C
Tk2:	0.120	bar	-158.19	?C
Tk3:	0.120	bar	-158.23	?C
Tk4:	0.120	bar	-158.28	?C
Tk5:	0.124	bar	-158.21	?C

Brgds Knut Bentzr?d
Master LNG/C "Hoegh Galleon"

E-mail: master.gall@hoegh.no
Teleph: Inmarsat tel.no. 330853910
Fax   : Inmarsat fax no. 330853913
Telex : Inmarsat B telex no. 330853915
Telex : Inmarsat C telex no. 430853910 (24hrs.watch)


You can run but you can't hide!

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/07/2001 04:32
PM ---------------------------

	From:  Chris Booth                           03/07/2001 10:58 AM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: LLC Purchase Letter Agreement

For your reading pleasure.  Enjoy!
---------------------- Forwarded by Chris Booth/NA/Enron on 03/07/2001 11:03
AM ---------------------------

	From:  Chris Booth                           03/01/2001 08:37 AM

To: michael.young@northwestern.com
cc: Ben Jacoby/HOU/ECT@ECT, Fred Mitro/HOU/ECT@ECT

Subject: LLC Purchase Letter Agreement

Michael,

Please find attached a draft of the LLC purchase letter agreement for your
review.  Please feel free to call to discuss.

Thanks,

Chris


Here is a revised change order which we hope will adequately address issues
raised by GE and by NorthWestern.

Kay


Your mailbox has exceeded one or more size limits set by your administrator.
Your mailbox size is 113237 KB.
Mailbox size limits:
	You will receive a warning when your mailbox reaches 75000 KB.
	You cannot send mail when your mailbox reaches 100000 KB.You may not be able to send or receive new mail until you reduce your mailbox size.
To make more space available, delete any items that you are no longer using or move them to your personal folder file (.pst).
Items in all of your mailbox folders including the Deleted Items and Sent Items folders count against your size limit.
You must empty the Deleted Items folder after deleting items or the space will not be freed.
See client Help for more information.


got to work dude


Conoco is asking to interconnect with TW to deliver gas to us on the Monument lateral.  Initially, they would like to flow 15-20mm day @ 650#.  The likely I/C point would be downstream of the Monument compressor station at Range 35 E, Town 20 S, Section 26 where the Llano line crosses our Monument line.

Mansoor, I know you're looking at another I/C for Michelle Lokay for a different company.  Based on the above info, what is the max volume Conoco could flow?

thanks
Kevin Hyatt
x35559


All:  Attached are the following docs:
 (1)  Talon I LLC/Harrier I LLC equity swap confirm
 (2)  Harrier I LLC/EBS Investments, L.L.C. equity swap confirm
 (3)  revised ISDA Master Agreement Schedule for Harrier I LLC and EBS
Investments, L.L.C.

Please review and provide me with your comments.  I do not have all necessary
address and account information.
The swaps are subject to the  ISDA 1996 Equity Derivatives Definitions.
Section 7.4 (of those Definitions) contains the payment obligations and
provides that the Equity Amount Payer pays a positive Equity Amount and "the
other party" pays the absolute value of a negative Equity Amount.  Also, I
believe that Accounting Issue 00-19 is inapplicable to this Total Return Swap
or else we may have issues with the "Extraordinary Events" elections.
Sara


Here is today's report:

This information is for the private use of the recipient and may not be disclosed to any other entity (including affiliates) without the prior written consent of Enron North America.  All of the above prices are "indicative" prices  and are subject to change depending upon changing market conditions and liquidity.  The transactions are also subject to negotiation of mutually acceptable definitive agreements, satisfactory credit arrangements and the approval of the respective management's of our two companies. This term sheet is not intended to create a binding or enforceable contract nor is it an offer or a commitment to enter into any transaction.  All terms are subject to change until  agreement as to a specific transaction has been reached.  ENA is not acting as a fiduciary or advisor and you should evaluate and understand the terms, conditions, and risks of all transactions in making your decisions with respect thereto

Mark D. Smith
Manager
Enron North America
713-853-6601
Mark.Smith@enron.com


Rosanna:
Sorry about not getting back with you.  I am actually out in Vail/Beaver Creek, working on my skiing, since now is a pretty good time to work on that.  I am still interested in talking with your contacts.  I will call you tomorrow morning.  I hope all is going well and I'll talk to you soon. Thanks again for your patience and help with this issue.
Regards,
Ben

-----Original Message-----
From:	Rosanna Migliaccio <Rosanna.Migliaccio@robertwalters.com>@ENRON [mailto:Rosanna Migliaccio <Rosanna.Migliaccio@robertwalters.com>@ENRON]
Sent:	Wed 2/6/2002 2:47 PM
To:	Rogers, Benjamin
Cc:
Subject:	Please call me

Ben,
I have been unable to contact you.  Are you still interested in speaking to
a few of my banking clients here in NY?  I wanted to possibly schedule some
conversations for the end of this week/beginning of next.  Please give me a
call.
Rosanna

Rosanna Migliaccio
Vice President
Robert Walters Associates
(212) 704-9900
Fax: (212) 704-4312
mailto:rosanna@robertwalters.com
http://www.robertwalters.com

**********************************************************************
CAUTION: Electronic mail sent through the Internet is not secure and could
be intercepted by a third party.

This email and any files transmitted with it 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 system manager.

This footnote also confirms that this email message has been swept by
MIMEsweeper for the presence of computer viruses.

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


-----Original Message-----
From: Harrison, Tyrell
Sent: Thursday, November 15, 2001 2:19 PM
To: Whitt, Mark; Harrison, Tyrell
Subject: REPEAT:Reining In Enron Traders' Daring May Cost Dynegy

  <http://ste.clickability.com/ste.gif?151|5040|4120|3120|150|150|7584393|N|2|>
  <http://images.clickability.com/eti/spacer.gif>	  <http://images.clickability.com/eti/spacer.gif>
 	 WSJ.com <http://www.wsj.com>	   <http://images.clickability.com/logos/336699/emailthis-logo.gif>

Powered by	    <http://www.clickability.com>

  <http://images.clickability.com/eti/spacer.gif>

 	 You have received the following link from tyrell.harrison@enron.com:

  <http://images.clickability.com/eti/spacer.gif>

 	 Click the following to access the sent link:

 	   <http://images.clickability.com/partners/150/etIcon.gif>REPEAT:Reining In Enron Traders' Daring May Cost Dynegy <http://wsj.emailthis.clickability.com/et/emailThis?clickMap=viewThis&etMailToID=2122568295>

 	 SAVE THIS link <http://wsj.savethis.clickability.com/st/saveThisPopupApp?clickMap=saveFromET&partnerID=150&etMailToID=2122568295>	 FORWARD THIS link <http://wsj.emailthis.clickability.com/et/emailThis?clickMap=forward&etMailToID=2122568295&partnerID=150>

Please note, the sender's email address has not been verified.

Get your EMAIL THIS Browser Button and use it to email information from any Web site.	  <http://wsj.emailthis.clickability.com/et/emailThis?clickMap=browserButtons>

[Advertisement] <http://ad.doubleclick.net/jump/interactive.wsj.com/demo_yes.htm;famil=g roup_emailsave;sz=468x60;ord=969848>
	  <http://images.clickability.com/eti/spacer.gif>


Attention POWER REPORT Readers: Go to
http://www.powermarketers.com/prdaily.htm to view today's edition with direct
headline links to each story.]

======================================================================
The Industry's Preferred Source For Breaking Energy News And Information
http://www.powermarketers.com
----------------------------------------------------------------------
T H E P O W E R M A R K E T E R S .C O M P O W E R R E P O R T

Today's Headlines From POWERMARKETERS.COM

Subscriptions to The PowerMarketers.com Power Report are free - you will
never be charged.

You may redistribute this e-mail without change. You may not redistribute
stories.

To register for a free subscription, point your browser to:
http://www.retailenergy.com/pma/dprreg.htm

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

    CRISIS AND OPPORTUNITY:  POWER MARKETS 2001
     March 15-16, 2001 Aladdin Hotel Las Vegas

                            and

         FUNDAMENTALS OF POWER MARKETING
        Preconference Seminar March 14, 2001

http://www.pmaconference.com/0103Agenda.pdf

Early-bird specials extended till February 27 !!!  The Aladdin Hotel has
agreed to extend its special room rates one more week, till February 27, for
attendees of Power Markets 2001.  PMA is holding its early payment discount
till the same date!

Take this opportunity to meet some of the tens of thousands of your fellow
power report readers in Las Vegas at CRISIS AND OPPORTUNITY:  POWER MARKETS
2001.  March 15-16, 2001.   For brochure, download:

http://www.pmaconference.com/0103Agenda.pdf

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

DISTRIBUTED GENERATION

an Energy Info Source Report

* The Key Technologies being used or planned for DG
* The Uses  of DG from utility, energy service provider, and customer
viewpoints
* The Economics  of DG and its Market Potential
* The Benefits of DG
* The Barriers  that exist to implementing DG
* The Participants  involved in the DG industry
* The state of Current Regulatory Activities and Rulings affecting the
implementation of DG

Only $999.   For additional information, download:
http://www.pmaconference.com/distgen.pdf

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

--------------------T O P S T O R I E S--------------------

Top Stories (February 21)

CALIFORNIA SENATE PANEL PASSES $1.0265 ENERGY PROGRAM BILL
The California Senate Appropriations Committee in a vote Wednesday passed a
bill (Senate Bill 1x 5) that would allow for $1.0265 billion to fund
low-income, distributed generation and energy efficiency programs. The bill
now goes to the Senate floor.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/bridgene
ws/2001/02/21/eng-bridgenews_8883/eng-bridgenews_8883_201200_159_428042066284

CALIFORNIA POWER WOES COULD HELP WISCONSIN ENERGY BUILD PLANTS
California's deregulation-related power troubles are helping smooth a path
for Wisconsin Energy Corp.'s massive $6 billion plan to build and upgrade
power plants in Wisconsin, an analyst said Wednesday.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/21/eng-djn/eng-djn_204025_153_713997979648

DUKE WON'T SIGN POWER DEALS IN CALIFORNIA UNTIL UTILITIES PAY DEBT
One major power supplier said it won't sign long-term power supply contracts
with California until the company is assured it will be paid hundreds of
millions of dollars owed by two of the state's nearly bankrupt utilities.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/21/eng-djn/eng-djn_002031_130_557335063349

SCOTTISHPOWER US UNIT GETS OREGON GRANT TO UP PRICES 3%
U.K electricity firm ScottishPower PLC (SPI) said Wednesday that its U.S.
subsidiary PacifiCorp (X.PCP) has received approval from the Oregon Public
Utility Commission for a 3% overall price increase, equivalent to $22.8
million.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/21/eng-djn/eng-djn_074028_59_1793858073652

DANOIL ENERGY LTD - SIGNS DEFINITIVE MERGER AGREEMENT
Danoil Energy Ltd. announced that it has signed a Definitive Agreement with
Western Facilities Fund (WFF) and Nevis Ltd., providing for the
implementation of the previously announced combination of the parties'
respective assets and operations.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/02/21/mn/0000-1026-KEYWORD.Missing

----------------------------------------------------------------------
DOW JONES NEWSWIRES
----------------------------------------------------------------------
Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

Calif Inches Forward On Elec Demand Relief,Peaker Plants

Rochester Gas&Electric A3 Sr Unsec On Moody's Review-Dn

Energy East Baa1 Sr Unsec On Moody's Review-Down >EAS

PRESS RELEASE:Energy East, Rochester G&E On Moody's Watch

Calif Power Woes Could Help Wisc Energy Build Plants

New Bandwidth Marketer Aims To Be 'Fiberless Carrier'

Detroit Edison Stranded Cost Debt Begins Marketing Phase

US West Power Forwards Decline As Power Plants Return

US FERC Conditionally OKs FirstEnergy Restructuring Plan

SUBSCRIBERS: Daily A.M. Power Price Headlines To Cease

AES/Conn. License -2: To Supply Electric Generation> AES

AES Corp's AES NewEnergy Gets Conn. Supply License >AES

PRESS RELEASE: California 'AA' GO Still On S&P Watch-Dn

California's 'AA' GO Rtg Remains On S&P Watch-Negative

U.S. May Get New Nuclear Plants, To Surprise Of Some

German Pwr Exchange EEX Publishes Futures Trading Fees

Revised Palo Verde Futures Vol. Feb. 20, 3

Utils Challenge US EPA's Mercury Regulatory Determination

US Crt Defers CalPX Payments, Billing Until FERC Acts

Philippines Napocor/Tax-2: New Players,Refiners In Tender

Philippines Napocor:Greater Deficit If Tax Exemption Lost

ScottishPower/Oregon Price Hike -2: Equivalent To $22.8M

ScottishPower US Unit Gets Oregon Grant To Up Prices 3%

ASIAN POWER: Thai Election Promises Add Hurdle To Reform

Amer Elec/IRS -2: Ruling Won't Have Cash Impact >AEP

Duke Won't Sign Pwr Deals In Calif Until Utils Pay Debt

FREE TRIAL: For a free trial of the Dow Jones Energy Service go to
www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

----------------------------------------------------------------------
N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-nat.htm

Calif. Senate Panel Passes $1.0265 Bln Energy Program Bill

Fed's Parry: Calif. Power Crisis Not Impacting Natl Forecasts

Encal Energy Releases 2000 ResultsSymbol: Enl, Eca Listed: TSE, NYSE

Stone Energy Corporation Announces 2000 Year-End Reserves And 2001 Operations
Outlook

Business Leaders Address Energy Solutions; Sustainable Business Institute
Conference Encourages Balance of Environmental And Economic Needs

Energy Groups Release Wish List

Midamerican Unit Sues California Utility

U.S. Quest for New Energy Supplies Spells Opportunity for Canada: Minister

Wrap: Energy Exports Push Canada Trade Surplus to Record High

Fmc Energy Systems Awarded BP $250 Million Frame Contract

New Power Plant Could Give District Big Financial Boost

Electrical Contractor Sells Firm

Sempra Energy Resources Announces Proposed Power Plant in Baja California

Montana Power Completes Sale of Independent Power Business

Fitch Places Energy East & Subs on RTG Watch Neg; Rg&E Affd

Pa Public Utility Commission Approves Plan for Green Mountain Energy Company
to Provide Cleaner Electricity to 50,000 Peco CustomersSelected Customers to
Get Cleaner Electricity And Savings

The Empire District Electric Company Announces Change of Officers And Board
of Directors

National Water & Power Introduces Iris(TM); New Internet Service
Revolutionizes the Submetering & Utility Billing Industry

United States Energy Association Releases 'Toward a National Energy Strategy'

/C O R R E C T I O N - Xantrex Technology Inc./in Sftu008, "Demand Increases
for Xantrex's Grid Tie Trace(TM) Products in Wake of California Electric
Power Crisis," Moved Tuesday, Feb. 21, All Instances of "Sunnite," Should
Read "Suntie" And All Instances of "Smut" Should Read "Smud," And The First

Petroleum: OPEC Braces for Slump in Energy Demand

Energy Update/Los Angeles Department of Water And Power Daily Energy Update
for Wednesday, Feb. 21, 2001

DeFazio reacts to energy crisis

Sabine Power I, Ltd. & Port of Port Arthur Announce Plans for World's Largest
Pet Coke Facility

EBY TO INVEST $525 MILLION TO DOUBLE GENERATION CAPACITY

Maxim Power Corp. - Closes $6.0 Million Special Warrant Financing

Unigridenergy to Add Demand Exchange to Online Energy MarketplaceNew
Functionality Will Provide Commercial And Industrial Energy Buyers The
Opportunity to Profit As Active Participants in Electricity Markets

CPI Strong on Energy Surge; Inflatation Looms

Repeats: Energy Volume And Open Interest Totals-Feb 21

Idacorp Remains Committed to Fuel Cell Business

Power Crunch: Sierra Suffers Massive Losses

Ok For Staten Island Generation

Alliant Energy Announces New Member of Board of Directors

Department of Energy Application to Export Electric Energy; Oge Energy
Resources, Inc.

Westcoast Energy Inc - Highest Profit on Record (Part 3 of 3)

-Automated Energy's Cody Graves Joins Center for the Advancement of Energy
Markets Board of Directors

State Senate Backs Measure to Create Power Authority

World Wireless Communications' X-Traweb Subsidiary Signs Joint Development
And Marketing Agreement with Texaco Natural Gas

Westcoast Energy Inc - Highest Profit on Record (Part 2 of 3)

Solar Energy Ltd - Plans for Next Few Months

Con Edison Reinforces Environmental Commitment; Energy Provider Endorses
Ceres Principles

-Dynegy Further Expands Into Telecom - IssueAlert for February 21, 2001

Doreal Energy Corp - Colombian Operations Update

Danoil Energy Ltd - Signs Definitive Merger Agreement

Mitchell Energy Directors Declare Dividend

Pa Public Utility Commission Approves Plan for Green Mountain Energy Company
to Provide Cleaner Electricity to 50,000 Peco Customers

Management`S Discussions: 10ksb40, Wolverine Energy 1997-1998 Development
Program 1 of 3

Management`S Discussions: 10ksb40, Wolverine Energy 1997-1998 Development
Program 3 of 3

Management`S Discussions: 10ksb40, Wolverine Energy 1997-1998 Development
Program 2 of 3

-EREN Network News - February 21, 2001

Alameda County Gives the Green Light to Solar Power And Energy
EfficiencyLargest Solar Rooftop Installation in The Country to Use
Powerguard(R)

US Inflation Rises As Natural Gas Price Increases

Powerline Technologies Inc. Completes Successful Field Trial of PLC
TechnologyThe Transmission of Broadband Over The Power Grid Takes A Major
Step Towards Commercial Introduction

Enron And the Quaker Oats Company Announce Long-Term Energy Management
Agreement

Solar Energy Limited Announces Plans

Management`S Discussions: 10-K, Niagara Mohawk Power Corp 1 of 2

Kcs Energy, Inc. Completes Plan of Reorganization And Emerges from Bankruptcy

Management`S Discussions: 10-K, Niagara Mohawk Power Corp 2 of 2

Efi Completes Extensive Guidebook of Distributed Energy Funds And Incentives

Feature/Self-Sufficiency: One Third of Major U.S. Businesses Show Interest in
Generating Their Own Electricity, According to New Market SurveyLatest Rks
Study Finds Increasing Energy Use by Leading Corporations, Plus Need for
Steady, Reliable Power Supply, Driving Business Interest; "Green" Enterpri

Top Energy Summaries - Wednesday, February 21, 2001 - 7:50 Am

County Voices Electric Concern

Davis' Plan for Summer Power / Governor Says Small 'Peaker' Plants Could Be
Online by July

Net Worth ; State Energy Bonds Could Be Hard Sell / Treasurer Says Most Won't
Be Tax-Exempt

Penny Power / Decimal Trading Adds Up for Small Investors, But Narrow Bid-Ask
Spreads Squeeze Institutional Investors

Blast Shuts Power Plant

Advisory/Oil, Natural Gas And Electricity Supplies And Prices: What's Coming
Next for U.S. Economy, Consumers; Experts to Offer Predictions, Assess
Outlook at National Energy Conference

Nonprofit Centers Feel Energy Pinch Edison Discontinues Charitable Donations

Contract Win for Pb Power

Tnb to Increase Power Generation

----------------------------------------------------------------------
I N T E R N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-intr.htm

Official: State to Bolster Energy Infrastructure

Top Energy Summaries - Wednesday, February 21, 2001 - 5:24 PM

Westcoast Energy Announces Highest Profit on Record (Part 3 of 3)

China-energy-petroleum

China-energy-power

Russia-moscow-energy-rates-increase

Brazil : Companies Investing in Power Generation Through Sugarcane

Panafrican Energy Corporation Ltd - Three New Developments in Its Portfolio
of Projects in Gabon

Westcoast Energy Announces Highest Profit on Record

Spire Solar Europe Expands Office; Response to Increasing Demand for Solar
Electricity

Marsulex Inc - Wins Contract to Supply Flue Gas Desulfurization System - to
Chinese Power Utility

Top Energy Summaries - Wednesday, February 21, 2001 - 12:26 PM

Westcoast Energy Announces Highest Profit on Record (Part 2 of 3)

Westcoast Energy Announces Highest Profit on Record (Part 1 of 3)

Alberta Energy Company Ltd - Scores Significant Gas Find in Northeast B.C.

Vaalco Energy, Inc. Announces Gabon Well Results

Uralita's FY net depressed by high energy costs, mixed chemical ops

Ues, Railway Ministry Pledge More Funds for Power Station.

Marsulex Wins Contract to Supply Flue Gas Desulfurization System to Chinese
Power Utility

Top Energy Summaries - Wednesday, February 21, 2001 - 9:27 Am

India's Maharastra to Set Up Power Generation JV

Philippine government expects to pass power privatisation bill in June

Millennium Cell Appoints Briggs Vice President, Business Development -
Portable Power

Romania to invite tenders for 400 mln usd nuclear power plant expansion

France: Air Liquide and Nuvera in Fuel Cell Joint Venture

British Energy Awards Data Systems & Solutions Five-Year Contract for Reactor
Thermocouples

Poland seeks to gain voice in European energy debate with conference

Energy Crisis in Kyrgyzstan

Scottish Power U.S. unit PacifiCorp wins approval for 3 pct price hike

Fuji Electric Signs Agreement to Distribute Ibaan Solutions Throughout Japan

India to Seek Foreign Help in Tapping Hydro Power Potential

Indian Power Authority Asked to Look Into Coastal Power Projects

First Ever Private Power Plant to be Constructed in Iran

----------------------------------------------------------------------
KRT DAILY ENERGY NEWS
----------------------------------------------------------------------
Access stories online at http://www.powermarketers.com/pma-krt.htm

Tulsa, Okla.-Based Energy Company Says Gas Prices Didn't Cause Profit Surge

United Kingdom-Based Waste Company Considers Offer to Buy Water Firm

British Water Industry Set for Restructuring, Analysts Say

Poor Decisions, Lack of Action Precipitate California's Power Crisis

Raleigh, N.C., Residents Try to Lower Heating Costs

Building Begins on Hampton, VA., Power Plant

Madison, Wis., Renewable Power Advocate Supports Strengthening State Law

Florida Senate Panel Takes Up Electricity Industry Deregulation

California Legislature Votes to Create New Agency to Run Power Plants

Anchorage, Alaska-Based Power Company May Raise Rates Significantly

Electricity Deregulation Forgets Certain Communities in Ohio

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at: http://207.32.82.57/news/ElectricPower.html

UPDATE 2-Powergen's Wallis drops CEO hat, profit down

Wisconsin's WPS withdraws customer choice program

Japan makes up lotions from power plant driftwood

Judge extends Calif. emergency power sale order

UPDATE 1-Reliant chief says Calif. utilities owe $370 million

Enron in energy management deal with Quaker Oats

RPT-CEO SAYS RELIANT ENERGY INC. OWED $370 MLN BY

Scot Power secures special Oregon rate rise

Moody's may cut Energy East, Rochester Gas ratings

Calif. faces uncertain fiscal outlook-state report

UPDATE 1-FERC won't reconsider PG&E reorganization plan

FERC oks $1.6 bln Gulfstream natgas pipeline

WRAPUP 1-Calif. energy supplies ease, talks under way

Hydro-Quebec sued for C$300 million over 1998 ice storm

Powergen still in talks with E.ON, others

UPDATE 1-FERC approves $1.6 bln Gulfstream natgas pipeline

New York power plants okayed, NYPA still faces lawsuits

Detroit Ed starts marketing $1.75 bln stranded cost deal-sources

Sempra plans $350 mln 600 MW power plant in Mexico

UPDATE 1-Westcoast gets hot results from cold weather

Reliant chief says Calif. utilities owe $370 million

Canadian natural gas prices steady in quiet trade

*********************************************************
NEW on the POWERMARKETERS.COM TRAINING PAGE
*********************************************************
Access all online presentations at: http://www.pmaconference.com

New! Now you can choose to stream the presentation immediately over the web,
or download it to your computer for later viewing-- Free!

New! Five additional RealVideo-based powerpoint-based presentations, with the
accompanying audio. Running about 30 minutes each, the new selections include:

ELECTRONIC TRADING. Power is following natural gas to become an
electronically-traded commodity. The products, the technology and the future
of electricity transactions. Kevin Sluder, Vice President, HoustonStreet
Exchange.

NUTS AND BOLTS OF RETAILING. What it takes to put an energy retailing
operation together-- the cash and credit requirements, back office,
information technology, staffing, marketing, sales and organizational
considerations. Andrew Serri, Vice President, AmerenEnergy Marketing.

RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
far been an underwhelming success, but a great deal has been learned, and it
is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and
commodities in the deregulating energy industry cannot be met with current
CIS and CRM technology. Energy Retailers must embrace the next evolution of
energy customer management (ECM) solutions. Paul Grey, Chief Technology
Officer, Peace Software.

THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster
execution, reduced transaction costs, increased number and frequency of
transactions and increased specialization are just some of the changes to
energy markets wrought by the web, and it's just beginning. Implecations of
the internet for energy markets. E. Russell "Rusty" Braziel, Chairman and
Director, Altra Energy Technologies.

Access all online presentations at: http://www.pmaconference.com

****************************************
THE PowerMarketers.com ENERGYYELLOWPAGES
****************************************
http://www.energyyellowpages.net

Where to go when you're looking for:
Billing Systems, Brokers, Call Centers, Coal Marketers, Computers &
Networks, Conference Houses, Energy Management, Engineering Services,
Environmental Services, Exchanges & Clearing Houses, Executive Search
Services, Financial Services, Gas Marketers, Information Services, Internet
Services, Legal Services, Management Consulting , Marketing, Meters, Power
Marketers, Powerplant Development, Powerplant Equipment, Risk Management,
Sales, Software, Trade Associations, Training, Weather Services and more!
Check it out today! http://www.energyyellowpages.net/

----------------------------------------------------------------------
OTHER NEWS & INFORMATION FEATURES ON POWERMARKETERS.COM
----------------------------------------------------------------------

PRICEWATERHOUSECOOPERS NEXT-DAY POWERTRAX ELECTRIC PRICE INDEX:
Access online at: http://www.powermarketers.com/p-trax.htm

ELECTRICITY SPOT PRICES:
Access online at: http://www2.dtnergy.com/pma/btu.plx

ELECTRICITY FUTURES PRICES:
Access online at: http://www.dtn.com/dtnonline/dtnergy/pma/pma.quotes.cfm

NATURAL GAS FUTURES PRICES:
Access online at: http://www.dtn.com/dtnonline/dtnergy/pma/pma.gas.quotes.cfm

THE PowerMarketers.com JobSite:
Access online at: http://www.powermarketers.com/pmajobs.htm
A daily visit to "The PMA Jobs Site" at
http://www.powermarketers.com/pmajobs.htm connects you to a wealth of power
industry opportunities that could supercharge your career!
PMA ONLINE MAGAZINE: Access online at: http://www.retailenergy.com/pmamag.htm

News releases may be submitted to The PowerMarketers.com Power Report via
e-mail to news@powermarketers.com

Copyright 2000 by PowerMarketers.com: http://www.powermarketers.com/

The PowerMarketers.com Power Report is a complimentary service of The Power
Marketing Association. Headlines are copyrighted by their respective
services: Reuters, Knight-Ridder, and others.

Subscriptions to the PowerMarketers.com Power Report are free - you will
never be charged. You may redistribute this e-mail without change. You may
not redistribute stories. To register for a free subscription, point your
browser to: http://www.retailenergy.com/pma/dprreg.htm

TO UNSUBSCRIBE OR CHANGE your subscription, (1) point your browser to "The
PMA OnLine Power Report" subscription services form at
http://www.retailenergy.com/pma/dprreg.htm

OR

(2) , send a message to pma@powermarketers.com. Include "unsubscribe" in the
subject and include your name and email address for confirmation.


The additional income for Northwestern will be booked by the end of this week. - This isn't supposed to be split with Calger is it?

Kay - all legal invoices for Delta should be split 30% Ben Jacoby cc#107319   70% Chris Calger  cc#150273.

 -----Original Message-----
From: 	Jacoby, Ben
Sent:	Tuesday, November 27, 2001 2:15 PM
To:	Vos, Theresa
Subject:	Misc

Theresa:

I wanted to follow up on a couple minor items.

Have you booked the $102,010 discount associated with the Northwestern deal as income?

On the Delta Power LM 6000 deal, I believe the legal invoices should be split according to the income allocation. I think the split was $4 million to Calger, and $2 million to me.

Thanks,

Ben


---------------------- Forwarded by Richard B Sanders/HOU/ECT on 04/28/2000
10:55 AM ---------------------------

Mary Hain
04/27/2000 08:16 PM
To: Maureen McVicker/HOU/EES@EES
cc: Richard B Sanders/HOU/ECT@ECT, Susan J Mara/SFO/EES@EES, Jeff
Dasovich/SFO/EES@EES, Richard Shapiro/HOU/EES@EES, Tim Belden/HOU/ECT@ECT,
Mark Palmer/Corp/Enron@ENRON@EES, Karen Denne/Corp/Enron@ENRON@EES
Subject: Re: Cal PX

Here's a draft.  Tim and I changed the "not a big deal bullets" to be more
precise but to keep the airline concept.  Tim hasn't proofed this, but I
wanted to send you the draft for your interim consideration and understanding.

Maureen McVicker@EES
04/27/2000 04:17 PM
To: Richard B Sanders/HOU/ECT@ECT, Susan J Mara/SFO/EES@EES, Jeff
Dasovich/SFO/EES@EES, Richard Shapiro/HOU/EES@EES, Tim Belden/HOU/ECT@ECT,
Mary Hain/HOU/ECT@ECT, Mark Palmer/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON
cc:
Subject: Cal PX

Please review the attached document and call Steve Kean or Mark Palmer with
any questions or comments

you may have as soon as possible.

Thanks.


Here ya go....

 <<Vieth_Agenda_Dec__5-24-01 agenda.doc>>

Judy Peck
CPUC Administrator
415-202-9986

jpeck@sempra.com

 - Vieth_Agenda_Dec__5-24-01 agenda.doc


Dear Melissa,

   I was wondering if you had a chance to go over the Tools worksheet that I had sent last month (and again 2 weeks ago) that was created in response to Settlement Coordinators' request expressed in the meeting we had in March while I was in Houston?

   I spoke with Thresa Allen and she made a good suggestion that you should introduce it to the group.
   I understand that of concern is how to introduce the worksheet as an aide and not as something that we are dictating to Settlements that must be used.

   If you remember, during our meeting the Settlements Coordinators had some great questions for us pertaining to research tools and the objective of each tool.   Someone          even asked "I'm expected to do a certain amount of research, but how do I know where to find these things and how do I know what to look for?"  I think this is a pretty comprehensive attempt to answer that question and to provide documentation as to what each tool in the system provides.

   It seems that Houston Volume Management is on board with this, so possibly we could introduce this as a tool designed by VM to help the Settlements Coordinators in the checkout and DMS processes.

   Please let me know your thoughts on it.

  Thanks,

  Virginia


The impacts of IRAQ suspending oil shipments could affect markets as early as
mid-December.
---------------------- Forwarded by Lorna Brennan/ET&S/Enron on 11/29/2000
04:59 PM ---------------------------

webmaster@cera.com on 11/29/2000 04:29:14 PM
To: Lorna.Brennan@enron.com
cc:

Subject: Iraq's Antisanctions Campaign: Prospects and Implications - CERA
Decision Brief

**********************************************************************
CERA Decision Brief: Sent Wed, November 29, 2000
**********************************************************************

Title: Iraq's Antisanctions Campaign: Prospects and Implications
Author: Placke
E-Mail Category: Decision Brief
Product Line: World Oil ,
URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5526&m=1429 ,

Alternative URL:
http://www.cera.com/client/wo/db/112900_16/wo_db_112900_16_ab.html
*********************************************************

The Iraqi regime,s campaign to neutralize and eliminate the UN sanctions that
have
constrained it for ten years is gathering momentum. Of immediate significance
is the
growing likelihood that the antisanctions campaign will again pit Iraq
against the UN
Security Council--this time in a struggle over the financial controls at the
heart of
the "oil for food" program, whose current phase expires December 5. Such a
struggle
could lead to suspension of Iraqi oil exports, perhaps for a few weeks, as has
previously occurred, but possibly for considerably longer. Should such a
scenario
unfold, the effect on a still tight and nervous oil market would be dramatic.

**end**

Follow URL for complete report.

*********************************************************
Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids:
Strategies and Risks for the Energy Future" in Houston, February 12-16,
2001!  For more information and to register, please visit
http://www.cera.com/ceraweek/
*********************************************************

**********************************************************************
Account Changes
To edit your personal account information, including your e-mail
address, etc. go to: http://eprofile.cera.com/cfm/edit/account.cfm

This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.

Terms of Use: http://www.cera.com/tos.html
Questions/Comments: webmaster@cera.com
Copyright 2000. Cambridge Energy Research Associates


Looks good to me.

 -----Original Message-----
From: 	Anderson, Marlow
Sent:	Tuesday, July 10, 2001 11:27 AM
To:	Cash, Michelle
Cc:	Goode, Diane
Subject:	Shift Premium Contract

Michelle,

Thanks for the quick response on this contract.  I made your suggested changes and deleted the paragraph about the confidentiality.   I spoke to the other Networks generalist who has night shift clients.  He stated that all night shift individuals receive the same premium and there's no reason to keep the matter confidential.  In fact, it is a selling point to attract night shift talent.  Thanks for commenting on the language.

Please let me know if I may proceed with signatures.

 << File: Shift Work Contract- TEMPLATE.doc >>

Thanks,
Marlow


Strategic Synopsis
September 21, 2001
10:30 AM

?	The presidential address last night confirmed that a major military mobilization is under way and that a long campaign is ahead, extending well beyond Afghanistan.  Not surprisingly, the speech did not clarify the timing of the attack.
?	The president warned the Taliban that unless it handed over Osama bin Laden and the leaders of his al-Qaeda terrorist network, it would face devastating military action. "They will hand over the terrorists, or they will share in their fate," Bush told the US Congress.  So far, the Taliban are refusing to comply.
?	As such, U.S. military forces will strike in Afghanistan as soon as a target of opportunity presents itself.  As the President himself noted in his speech last night, some of the special forces operations will not be visible to the public, while other steps such as airstrikes will be dramatic and unmistakable.  Trying to figure out the precise timing of specific types of strikes is probably impossible at this point.  However, we safely state the following:
o	The President set the stage for a long conflict last night, and equity markets are anticipating significant economic pessimism.  Consumer confidence is likely to worsen if additional terrorist attacks are made against U.S. targets.
o	Our sources indicate that Bush spoke at length with Saudi Crown Prince Abdullah this week, and Abdullah agreed to lower oil prices.  No specifics were discussed.   Preliminary information suggests that Saudi Arabia is carrying out extra liftings in the second half of September and moving crude cargoes closer to market.
o	When the initial attack comes against Afghanistan, oil markets will likely see confirmation that no threat to crude oil supply is taking place.  But speculation about further strikes against other terrorist-sponsoring states should maintain a degree of uncertainty in the market.
o	The war against terrorism will eventually have to deal with Iran and Iraq; both are major OPEC producers.  Persuading Iran to cooperate is more likely to involve diplomacy than force.   Some Administration officials, led by Deputy Defense Secretary Paul Wolfowitz, are pushing for a move against Baghdad.  So far, this group has been overruled by advocates of a more cautious approach, who realize that attacking Iraq will seriously undermine Arab support for the US.
o	Washington also has to be concerned with stability in Pakistan, where much of the population (including senior military and intelligence figures) supports the Taliban.
o	Terrorist retaliation to the U.S. attacks appears to be likely.  Attempts to strike infrastructure targets, including energy facilities both here and overseas, are expected.
o    On the ground today, heavy fighting is raging in northern Afghanistan as opposition forces attack Taliban troops.  The Northern Alliance forces are taking advantage of US pressure on the Taliban to recapture key areas and avenge the recent death of their leader.


Enron Freight Markets Corp. has withdrawn its authorization in the following
state(s) on the date(s) given:

   Georgia  May 29, 2001
   Virginia  May 18, 2001

Please circulate this information to all interested parties within your group.

PLEASE NOTE:
Sarah Bruck McDonald - copy of evidence being sent by interoffice mail
Amy Jon (tax) - copy of evidence being sent by interoffice mail
Sylvia Hu - original certificates delivered by messenger

Lillian R. Bailey
Administrator
Corporate Services
EB4804A
Phone 713/853-3577
Fax 713/646-8007
lillian.bailey@enron.com


Gary,

That was a great presentation.  Thanks for the update.

	From:  Gary Hickerson                           12/06/2000 12:57 PM

To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Equity Group Presentation

Gentlemen,

 The meeting today with our equity traders should be an informal discussion.
My intention is to encourage you to get to know them, to educate you about
how they run their separate businesses and to discuss future prospects of the
fund.  Although we will be touching on some heavy topics, such as accepting
third party money, the tone of the meeting should be relaxed, informative and
a good debate.  I will be sending you a presentation shortly.

Thanks,

Gary


----- Forwarded by Tana Jones/HOU/ECT on 11/30/2000 02:00 PM -----

	Walter Guidroz@ENRON
	11/30/2000 01:59 PM

		 To: Camille Gerard/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON, Tanya Rohauer/HOU/ECT@ECT,
Paul Radous/Corp/Enron@ENRON, Tom Moran/HOU/ECT@ECT, Bradley
Diebner/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT,
Stacey Richardson/HOU/ECT@ECT, Frank L Davis/HOU/ECT@ECT, Noel
Petterson/Corp/Enron@Enron, Walter Guidroz/NA/Enron@Enron
		 cc:
		 Subject: ClickPaper approvals, 11-30-00

Attached are ClickPaper approvals for November 30, 2000.


||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||

                                     C L I C K Z   T O D A Y

Friday, June 1 2001

The Internet's Leading Resource      http://www.clickz.com/
for Doing Business Online___________________________________

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
     This e-mail is optimized for mono-spaced typefaces.
For maximum legibility, specify Courier as your e-mail font.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
 for subscription options, see the bottom of this mailing.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

-------------------------- T A B L E   O F   C O N T E N T S

<> Climate Control in Affiliate Marketing
             by Shawn Collins
http://clickz.com/article/cz.3982.html

<> An Affiliate Marketing Primer: Chapter II
             by Tig Tillinghast
http://clickz.com/article/cz.3983.html

<> Implementing Wireless Campaigns: The Choice of Device
             by Nancy Whiteman
http://clickz.com/article/cz.3981.html

<> Writing for the Internet: Same Message, New Style
             by Len Stein
http://clickz.com/article/cz.3984.html

------------------------------------------------------ T O C

>>>>>>>>>>>>>>>>>>>>>>>>advertisement<<<<<<<<<<<<<<<<<<<<<<<

Businesses that seize Web opportunities slash support costs,
reduce inbound email, improve customer satisfaction, and
ultimately gain competitive advantage. Learn how today!
Download RightNow Technologies free white paper at:
http://www.rightnow.com/052801click.html

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>><<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

_______________________A F F I L I A T E   M A R K E T I N G
____________________________sponsored by commission junction
___________________________________s h a w n   c o l l i n s

Climate Control in Affiliate Marketing

Many affiliate programs are giving affiliates the shaft,
and many affiliates think they're being treated as a free
branding tool. The time has come for all concerned to clean
up their acts. If affiliates can't get no satisfaction,
merchants won't get more business.

http://clickz.com/article/cz.3982.html

_______________________________M E D I A  B U Y I N G  1 0 1
____________________________sponsored by Winstar Interactive
_______________________________t i g   t i l l i n g h a s t

An Affiliate Marketing Primer: Chapter II

So you've determined the affiliate program's objective and
figured out the offer. What's next? Decide on the right
outsourcing partner, measure the results, and market the
program.

http://clickz.com/article/cz.3983.html

>>>>>>>>>>>>>>>>>>>>>>>>advertisement<<<<<<<<<<<<<<<<<<<<<<<

Target IT Pros at TechRepublic

TechRepublic is fast becoming the premier web site for IT
gurus. We provide engaging technical content, community
interaction, and because we're partners with Gartner, we can
deliver an IT audience like no other site on the Internet.
Reach IT pros where IT pros go to connect. See our media kit
at http://www.techrepublic.com/mediakit/mediakit.jhtml.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>><<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

W I R E L E S S  A D V E R T I S I N G  &  M-C O M M E R C E

_________________________________n a n c y   w h i t e m a n

Implementing Wireless Campaigns: The Choice of Device

Companies must make some complex choices when implementing
their wireless campaigns. One of the initial considerations
they face is determining which device should deliver
their wireless messages.

http://clickz.com/article/cz.3981.html

_______________O N L I N E   P U B L I C   R E L A T I O N S
____________________________________________l e n   s t e i n

Writing for the Internet: Same Message, New Style

The Web is not a book. It has no pages in the traditional
sense. Surfing the Internet is really more like falling
down the rabbit hole and finding oneself, like Alice in
Wonderland, in a strange new world where things are rarely
as they seem.

http://clickz.com/article/cz.3984.html

  _______________________________________________________
 / ____________________________                          \
 \  ____________________________  A b o u t  C l i c k Z  \
  \_______________________________________________________/

Founded in 1997 and headquartered in Andover, MA, The
ClickZ Network (http://www.clickz.com/) is a compendium of
resources and advice for helping online marketers do their
jobs more effectively. The Network culls the experiences of
more than 70 contributors to deliver articles each week full
of practical information about online marketing and
e-commerce. ClickZ reaches more than 80,000 subscribers
each business day through e-mail and the Web.

Sponsorship opportunities at ClickZ?  Contact:
                                     mailto:sales@clickz.com

Editorial comments/questions?  Contact:
                                 mailto:editorial@clickz.com

General comments and questions?  Contact:
                                mailto:leadership@clickz.com

Need help with your subscription?  Contact:
                             mailto:subscriptions@clickz.com

____________________________________________________________

To modify the subscription for alewis@ect.enron.com,
login  to our subscription services site at:
http://clickz.com/sub/entry.html

.                                                          .

clickz.today.txt Is Powered By http://By.SparkLIST.com/
SparkLIST delivers high volume fast and reliable email
newsletter outsourcing which allows you to focus on your
core business. Contact us: mailto:free-quote@sparklist.com


The approval process initiated in 1998 for all meeting and event expenditures
in excess of $5,000 has enabled ENA to better assess the business value of
events, accurately track our activities and save money.  These events include
customer and employee meetings, and trade shows.

ENA has made some modifications to the process, which are described in this
memo.

The $5,000 threshold remains in effect for all customer events.  However, the
threshold for approval for employee meetings and events has been lowered to
$2,000, and some additional requirements must be met prior to approval.

Please be sure to follow the procedures described below for all meetings and
events, so we can continue to successfully manage these events.

1) Prior to making any commitments to customers or vendors, all customer
events with anticipated costs in excess of $5,000, and all employee events
with anticipated costs in excess of $2,000 must be reviewed by the ENA Public
Relations (PR) department and approved by the ENA Office of the Chairman

2) The PR department will handle the site search and hotel contract
negotiations for all such events.  Once this is completed, the PR department
will work with you to plan and produce your event in its entirety; or they
can provide as much or as little assistance as you require. The PR department
will be responsible for helping you achieve the best value for your program
and ENA.

3) A completed expenditure request form (see attached) and supporting
documentation is required for each event.  Employee meetings require a
detailed agenda as part of the event documentation prior to approval.  Please
submit the completed expenditure request form and documentation to the PR
department at EB 3642, or work with PR department employees to complete the
form.

4) After PR review, the expenditure will be submitted to the ENA Office of
the Chairman for final approval.

Additionally, the PR department can assist in the procurement of tickets for
various local sporting events and concerts.

If you have any questions regarding this process, would like assistance
planning an event, or need tickets for a Houston event, please contact Dorie
Hitchcock in the PR department at (713) 853-6978.

Thank you for your cooperation.


The following three products will begin trading today on Dynegydirect.
Please take a few moments to add them to your trading floor.

US  NG  BasisSwp  EP SJuan  Dec01-Mar02  Usd/MMBtu
US  NG  BasisSwp  NWPL Rky  Dec01-Mar02  Usd/MMBtu
US  NG  FP Swap  Nymex  Dec01-Mar02  Usd/MMBtu

Dynegydirect  e-Care
Dynegy Inc.
1000 Louisiana, Suite 5800
Houston, Texas 77002

E-mail:
e-care@dynegydirect.com

Phone:
North America 877.396.3493
United Kingdom 0800.169.6591
International  +1.713.767.5000

Fax:
North America 877.396.3492
United Kingdom 0800.169.6615
International  +1.713.388.6002


i will have to remember those for when i go out next time.