This morning the FERC had its meeting to discuss events in California and
the FERC,s response to them. The following is a summary of the remarks of
the  four Commissioners and the major points of what has been ordered:
?
Major features
?
1.? Proposes to replace ISO and PX boards with independent,  non-stakeholder
boards.

2.? Continued significant role for the presidents of PX/ISO, who  should be
made voting members.

3.? Elimination of mandated buy-sell requirement for the IOUs  (although no
explanation as to whether this requires CPUC action). Over-reliance  on spot
markets has been problematical.

4.? As an independent exchange, the PX will be free to design the  products
desired by the market.

5.? The proposed price modification measure will be a temporary  measure.
Single price for all offers below $150. However, no bid above $150 will  set
the price for all generators. A seller can bid anything it wants. Allowing
generators to receive their as-bid price will allow high-cost generators to
participate in the market. However, the generator will be required to
provide  confidential reports to FERC explaining the necessity for bids over
$150 through  12/31/02.

6.? The order requires forward scheduling of 95% of an scheduling
coordinator,s schedule, with a penalty applied for deviations which exceed 5%
As  an incentive, the proceeds of the penalties go to the schedulers who
comply with  the tolerance band.

7.? Rejects the purchase price caps proposed by the ISO. The order  would
eliminate the ISO,s price cap authority.

8.? Beginning 1/1/01, the prospect of refunds will be available.
?
Commissioner Hebert
?
Due to a technical problem when I called in, I heard only part of his
remarks. He announced that he will have a separate concurrence in the order,
but  is troubled by some of its features. The $150 cap is questionable,
whether  described as a "Soft cap" or as a "hard cap."
His concern is that it will  clearly discourage new investment in generation.
He therefore recommended that  the $150 cap should be escalated on a regular
basis (perhaps every six months)  until it reaches at least $250.
?
He points out that the ISO and PX are required to make RTO filings to FERC
on 1/16/01. These filings should address the major aspects of the Order
issued  today.
?
Hebert also questioned the issue of refunds, alleging that it was
"disingenuous" to suggests that refunds were a possible remedy.
?
Commissioner Breathitt
?
Breathitt announced almost all of the foregoing major points of the  orderThe
order is based on a market approach. "In choosing our market-based  approach,
it is our goal to guide the markets to self-correct and not  re-institute
command and control regulation.? "We have all worked too hard,  too long, to
have this result."
?
Commissioner Massey
?
Sixty-five years ago, the Congress decreed that prices had to be just and
reasonable.? There is no exception for market-based approaches. He will
concur, as the order does find that prices have been unjust and
unreasonable.  The order does insure that prices should return to being just
and reasonable.  Cited Frank Wolak as proposing there ought to be an 18-24
month forward product  designed which the CPUC will years ago federal law
dictated that prices had to  be just and reasonable.

The $150 is a "soft cap" and allows a generator to bid above it, but if  it
does, it will not set the price which other generators receive. He invites
comments on this issue.

With regard to retroactive refunds, the Office of the General Counsel  has
prepared a legal memorandum which concludes that the FERC probably does not
have authority to order refunds retroactively for any date before October 2,
2000. Invites comments on this issue.
California needs new generation and  transmission and the siting authority
belongs to the state. California must do  its part to ensure that customers
do, in fact, benefit from competitive markets  that ensure just and
reasonable prices.
He is not yet confident that the  Commission has taken all necessary steps.
?
Chairman Hoecker
?
He strongly supports the order.

Comments are due in three weeks. This is no time to pull punches. He  cited
the San Diego hearings as indicating that California markets were,?  "out of
synch with the needs of the digital economy."? For FERC regulators  who are
used to corporate struggles among utilities and other large companies,  "this
was a real eye-opener."

Average citizens had no warning this was going to happen and they had  no
competitive alternatives. It was unfair to them and, "there is plenty of
responsibility for this meltdown to go around."

"If I was a senior citizen in San Diego living on a fixed income, or a  small
business owner living on a small profit margin, or a school administrator
dealing with a tight budget, the doubling of my bill would make me want my
money  back, or to at least ensure that this won,t happen again in the
future."
Many  who expected this order, expected "a lynching and the transfer of large
amounts  of money. They want us to round up the bad guys who manipulated the
market and  order the disgorgement of their ill-gotten gains. As our legal
opinion  indicates, that,s not going to happen."? Today,s order offers a
thoughtful  way back to a rational basis for buying and selling power in the
West.

We are not ignoring actual or undue discrimination or actual abuses of
market power. The order makes better market monitoring going forward a
fundamental part of FERC,s proposal.? If evidence of such behavior is
brought forward, FERC will act on that information. "However, we can,t delay
work on a market fix while searching for the culpable parties."

Hoecker believes that, "strong federal action is both warranted and
important at this moment."? "The bulk power grid must be made to work
efficiently across the entire West."

"Competition is at risk, make no mistake about that. In view of the
California experience, several states are reconsidering or shelving plans to
implement competition."? Legislators will want to retain the possibility of
returning to the old days of vertically-integrated utilities.? "The
California experience has been instructive, but not helpful(to the
meandering  implementation of competition throughout the nation."

The state,s markets have not been "mistakenly federalized" as alleged  by
some. The markets are regional. California,s access to interstate power
supplies is critical, as was made evident by recent events. If we do things
right, California will not be a federal enclave designed to satisfy our
market  predilections, it will be a workable and competitive market that
benefits  consumers.

"This is a strong order. It needs to be a strong order. We expect to  have a
strong order in December, and the public needs it."

A copy of these notes are attached if you need to distribute them to  anyone
in your organizations.
 - November 1 2000 Meeting Notes.doc


Please send the documents to me at EB3802.  Thanks!

	Cheryl Johnson@ENRON
	01/16/2001 01:44 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Merger Documentation-First Energy

If you were responding to this note earlier, Marilyn was asking if you wanted
to receive copies of all the documentation.  If so, please provide your
location.
---------------------- Forwarded by Cheryl Johnson/Corp/Enron on 01/16/2001
12:39 PM ---------------------------

Marilyn Colbert@ECT
01/16/2001 11:59 AM
To: Tana Jones/HOU/ECT@ECT
cc: Cheryl Johnson/Corp/Enron@Enron

Subject: Re: Merger Documentation-First Energy

Hi Tana -
Cheryl Johnson has the document copies and will send you one. She is going to
start distributing copies as she updates the system instead of waiting for
the report sendout. If you want to be on the list, send her an email to be
added.  Marilyn

From: Tana Jones on 01/16/2001 11:40 AM
To: Marilyn Colbert/HOU/ECT@ECT
cc:
Subject: Merger Documentation-First Energy

I am being told that FirstEnergy Services Corp. is the successor by merger to
First Energy Trading Services Inc.  I do not have any documentation
reflecting this merger.  Do you?


Thanks for the referral.  We definitely want to get our story out to these
guys.  Just for future reference, Meredith Phillipp is handling "New Media"
for us.  Thanks

Janel Guerrero@ENRON
07/19/2000 05:52 PM
To: Steven J Kean/HOU/EES@EES, Mark Palmer/Corp/Enron@ENRON
cc:
Subject: Interview Request

Hi guys.  My friend, Polly Traylor, is an editor at the Industry Standard in
San Francisco.  One of her colleagues -- Michelle Rafter --  sent me the
email below requesting an interview for an Enron story she is working on.  I
have not spoken with this writer and am forwarding it to you for follow up.

Hope all is well.  Call me if you have any questions.

---------------------- Forwarded by Janel Guerrero/Corp/Enron on 07/19/2000
05:48 PM ---------------------------

"Michelle V. Rafter" <mvrafter@delta.net> on 07/19/2000 02:34:06 PM
To: <Janel.Guerrero@enron.com>
cc:

Subject: Friend of Polly Traylors asking for a favor

Hi Janel:

My name is Michelle Rafter and I'm a writer for the Industry Standard. I work
with Polly Traylor who
suggested that I contact you for help. I'd like to talk to someone at Enron
for a story I'm doing
for the Standard on Internet CEOs, including CEOs or presidents who've led
traditional companies
into successful Internet ventures. I first need to identify who at Enron that
person would be, i.e.,
who's most responsible for the success of the company's Internet ventures:
Jeffrey Skilling (he got
the most ink in BusinessWeek's story in this issue), Kenneth Lay, or the head
of EnronOnline. Then I
need to talk to someone who could help coordinate a phone interview with me
(I'm in Los Angeles so
this would be a phone interview). Can you give me some suggestions? Ideally,
I'd love to do an
interview this week, but have some flexibility.

Thanks so much in advance for any help you can give.

Michelle Rafter

?Michelle V. Rafter?Contributing Writer, The Industry Standard?LIVEWIRE columnist, Reuters?714.870.6722 /phone?707.248.5013 /efax?mvrafter@delta.net /email?????


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This request has been pending your approval for  3 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000070996&Page=Approval to review and act upon this request.

Request ID          : 000000000070996
Request Create Date : 10/25/01 10:38:34 AM
Requested For       : maria.van.houten@enron.com
Resource Name       : \\nahoutrd\houston\pwr\common\common\Power - [Read]
Resource Type       : Directory


[IMAGE]
NCI Marketing Web Alert

 Click here for Free Burts Bees!!!  A honey of a holiday deal -- get a  free Burt's Bees Head to Toe Starter Kit  ($9.99 value) with your first nonprescription purchase.    Burt's Bees      [IMAGE]  Sooth-Eze  [IMAGE] SALE Sooth-Eze Microwavable Toasty Bear  1 ea Was $34.95 Now $29.95   Buy    Winnie the Pooh  [IMAGE]  Save 20% Winnie the Pooh Toothbrush Holderwith Toothbrush& Timer  Was $4.99 Now $3.99   Buy           Conair  [IMAGE]  SALE Conair  Deluxe Nose & EarHair Trimmer  1 ea Was $12.99 Now $9.99   Buy    Essentiel Elements  [IMAGE]  Sale Essentiel Elements Spa on theGo Travel Bag Gift Set  Was $48.00 Now $34.99   Buy          Above offers valid while supplies last  footer  Free Burt's Bees offer expires 12/21/01. Offer is good once per household. Free gifts may not be returned for credit or exchanged. The free Burt's Bees Head to Toe Starter Kit will be added to your shopping bag when you make your first nonprescription purchase. Non-transferable. Cannot be redeemed for cash. Offer not available on back order items or bulk orders. Not applicable toward gift certificates or prescription purchases. Cannot be combined with other offers. APO/FPO and U.S. shipping destinations only.

 You are receiving this special offer because you have provided permission to receive third party email communications regarding special online promotions or offers. If you do not wish to receive any further messages from Network Commerce, please click here  to unsubscribe. Any third-party offers contained in this email are the sole responsibility of the offer originator. Copyright ? 2001 Network Commerce Inc.


Panic-Hit City Hunts 'Ape-Like' Attacker    NEW DELHI (Reuters) - Fear gripped some suburbs of the Indian capital on Tuesday after dozens of residents reported attacks by an ape-like creature able to leap from roof to roof.  Police had received about 65 reports of a mysterious attacker with a monkey's face and human body scratching and biting victims in and around Delhi since Saturday, a senior police official told Reuters on Tuesday.  Police said they had no clues about the identity of the alleged attacker.  "Last night (Monday) alone we received 24 calls reporting such attacks," Manoj Lal, Deputy Commissioner of Police of Delhi's eastern district, told Reuters. "Of these, 19 were found to have no basis. The five others had some wounds and we are trying to confirm with doctors how they may have been caused," he said.  Television network Star News said people in neighboring Ghaziabad town -- which reported the first attack two weeks ago -- spent the night on the streets armed with sticks waiting for the attacker.  Lal said the entire eastern district police force of about 3,000 personnel had been on patrol since Monday to hunt down the creature.  The Times of India said an industrial worker died on Sunday night in nearby Noida town when he jumped off a first-floor building after being awoken by cries the "monkey man" was attacking.  There are a number of monkeys running wild in New Delhi and on the outskirts of the city which sometimes pounce on unsuspecting pedestrians or enter houses.  Copyright 2001 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Mark,

Please let me know when you want this language included (i.e. when you and
others are happy with it)

Thanks,

Dave
---------------------- Forwarded by David Forster/LON/ECT on 05/10/99 18:47
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Tana Jones                           04/10/99 16:55

To: David Forster/LON/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT
cc: Mark E Taylor/HOU/ECT@ECT
Subject: Revised Online Collateral Arrangement Language

At Mark's request, I am transmitting proposed changes to the collateral
arrangement language in the Online GTC's.  Please let me know if it meets
with your approval.

8.  Collateral Arrangements.  Counterparty shall (at Enron,s request) from
time to time and at Enron,s option either:  (i) within one Business Day of
such request by Enron, provide to Enron a letter of credit in respect of
Counterparty's obligations under any Transaction, in such form and for such
amount and from such issuer, as is acceptable to Enron in its absolute
discretion; or (ii) within such period as is specified by Enron, provide for
the benefit of Enron a guaranty from a party, in such form and for such
amount as is acceptable to Enron in its absolute discretion.  Failure so to
provide such letter of credit or guaranty or any default under such letter of
credit or guaranty shall constitute a default hereunder giving rise to the
immediate right of termination by Enron under this Transaction.


547298, broker is not showing


Check out the photos page:
http://www.mullethead.com/


I don't know if this was the final one...
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/01/2001 01:03
PM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 01/10/2001 05:10:41 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "'ben.f.jacoby@enron.com'" <ben.f.jacoby@enron.com>,
"'f_mitro@hotmail.com'" <f_mitro@hotmail.com>, "'fred.mitro@enron.com'"
<fred.mitro@enron.com>, "'kathleen.carnahan@enron.com'"
<kathleen.carnahan@enron.com>, "Keffer, John" <JKeffer@KSLAW.com>

Subject: Closing Checklist

 <<2RR404!.DOC>>

Kay:

An updated closing checklist for the ENA / SEL transaction is attached.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

Enclosure: 129280v4

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - 2RR404!.DOC


He just rescheduled to Wednesday.   How about dinner on Wednesday after that ?

From: John J Lavorato/ENRON@enronXgate on 02/26/2001 07:31 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

Your buddy Beau invited me.  How about prior to that or after that on Tuesday.

 -----Original Message-----
From:  Arnold, John
Sent: Sunday, February 25, 2001 7:10 PM
To: Lavorato, John
Subject: RE:

not really...

already have plans on thursday .

are you going to the NYMEX candidate cocktail hour Tuesday?

From: John J Lavorato/ENRON@enronXgate on 02/25/2001 07:02 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

oh god is there an agenda.

Would dinner Thursday work instead.

-----Original Message-----
From: Arnold, John
Sent: Sun 2/25/2001 6:42 PM
To: Lavorato, John
Cc:
Subject:


Seems reasonable to me that we tell NERC they can't "make a land grab".  How about EPSA and ELCON signing a letter together to the Chairman of NERC Board?

Jim

-----Original Message-----
From: Rodriquez, Andy
Sent: Wednesday, October 17, 2001 11:33 PM
To: Steffes, James D.
Cc: Steffes, Darla
Subject: FW: BOT Support for the ESC and Sector Voting

Oops - sorry Darla.  I hit enter when I should have hit down arrow.

Jim, my apologies.

Andy Rodriquez
Regulatory Affairs - Enron Corp.
andy.rodriquez@enron.com
713-345-3771

-----Original Message-----
From: Rodriquez, Andy
Sent: Wednesday, October 17, 2001 11:31 PM
To: Yeung, Charles; Bestard, Jose; Steffes, Darla; Shapiro, Richard
Subject: RE: BOT Support for the ESC and Sector Voting

Charles, Jose, Jim, and Rick,

I would like to send the letter below out to the ESC.  Before I do so, do you have any objections?  I would like to put some fire under this issue, as the "new sector weighted voting model" seems to be yet another way to preserve the power of the traditional utility.  However, I don't know if we will compromise any of our other positions by stirring this particular pot.  Thoughts?

Andy

Gordon,

When did the ESC vote to adopt the  "new sector weighted voting model?"  Has the ESC been absorbed into NERC, and is the NERC Board ordering them to use this new model?  If so, is the ESC a new standing committee?  Do they report directly to the board? Just where would the ESC fit in NERC?

Unless the ESC votes to change their charter to say they are a group under NERCs control, I don't see how this can move forward as written.  The ESC has never been a NERC group, but instead a industry collaborative which NERC has assisted with administrative matters (facilitation, meeting schedules, etc...).  If I recall correctly, there was a significant number of people that specifically did not _want_ the ESC to be a NERC group, (APPA, ELCON, EPSA, and a few others, if I remember correctly).  This was why the NERC ESTF became the non-NERC ESC.  I expect several entities will have comments to make before just handing the keys to NERC.

Of course, those comments may have already been made at the Board, and may have been addressed there.  But I seriously don't think NERC can just "annex" the ESC without the ESC voting to be annexed.

Other members of the ESC - do you share this concern?

Andy Rodriquez
Regulatory Affairs - Enron Corp.
andy.rodriquez@enron.com
713-345-3771

-----Original Message-----
From: Gordon Scott [mailto:Gordon.Scott@nerc.net]
Sent: Wednesday, October 17, 2001 9:55 AM
To: Electronic Scheduling Task Force
Subject: BOT Support for the ESC and Sector Voting
Importance: High

Dear ESC,

Attached are two documents from the recent NERC BOT meeting: 1.  Board
Resolutions; 2. Initial Voting Sectors and Criteria Model.

In the Board Resolution document please note items 7, 8, and 9 as they
deal directly with the ESC.

Thanks, Gordon.

		 <<Board Resolutions on Items 20 21 22.doc>> 	 <<FINAL
SCRTF Initial Sectors and Criteria 092701.doc>>


Please set up the following people with "trader" status under Transwestern
Pipeline Company.  We will be using Enron On Line to trade pipeline
capacity.  Kevin Hyatt (administrator), Michelle Lokay, Lorraine Lindberg,
Jeff Fawcett, and TK Lohman will all need this access.  My network user ID is
"mlokay" and each trader will respond with their own user ID.  Thanks.


I am glad that your Mom is happy!  It means alot to me.  Sorry you are not
feeling well.  I'm not either.  I have not felt well since I gave blood on
Friday.  Talk with you later.

Dad


Didn't go through the first time.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/26/2001 07:19
AM ---------------------------

Kay Mann
04/26/2001 07:17 AM
To: "Staikos, John P." <johnstaikos@paulhastings.com>
cc: CCampbell@KSLAW.com/, gregorylang@paulhastings.com/,
johnstaikos@paulhastings.com/, "'VAN DUSEN, Nicholas'"
<nicholas.vandusen@freshfields.com/, "'O'BRIEN, Lisa'" <lisa.obri>

Subject: Re: GE Guarantee

Will you  be providing an execution version with questions removed/blanks
filled in?  Please send it directly to kent.shoemaker@ae.ge.com, copy to me.

Thanks,

Thanks,

Kay

"Staikos, John P." <johnstaikos@paulhastings.com> on 04/25/2001 11:42:49 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>, "'Campbell, Carolyn'"
<CCampbell@KSLAW.com>
cc: "Lang, Gregory F." <gregorylang@paulhastings.com>, "Staikos, John P."
<johnstaikos@paulhastings.com>, "'VAN DUSEN, Nicholas'"
<nicholas.vandusen@freshfields.com>, "'O'BRIEN, Lisa'"
<lisa.obrien@freshfields.com>, "'PARKER, Isabel'"
<isabel.parker@freshfields.com>

Subject: GE Guarantee

"paulhastings.com" made the following annotations on 04/25/01 12:42:55
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address.  Our new domain name is
paulhastings.com.  In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com.  Here are
two examples: janesmith@paulhastings.com and danjones@paulhastings.com.
If you have any questions, please contact us at noc@paulhastings.com.

==============================================================================
"The information transmitted is intended only for the person or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received this in error, please contact the sender and delete the
material from all computers."

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

Attached please find the GE Guarantee in  Word format.? Also, we have
attached a pdf black-line of the Guarantee vs  the form of guarantee in the
Turbine Contract.
?
Do not hesitate to call us with any  questions.
?
Best regards.
?
______________________
John  Staikos
Direct Dial:?  203.961.7523
Direct Fax:?  203.674.7723
E-mail:?  johnstaikos@paulhastings.com
?
 - 47K202!.DOC
 - GE Guarantee black-line against form of guarantee - distrbuted 4-25-01.pdf


---------------------- Forwarded by David W Delainey/HOU/ECT on 11/15/2000
03:46 PM ---------------------------

bredmon@enron.com on 11/15/2000 06:37:21 AM
To: ddelain2@enron.com
cc:
Subject: Approval for reviewer

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


Start Date: 4/24/01; HourAhead hour: 5;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042405.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 5 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  UNIT_ID: BADLND_7_PL1X2

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 5 / Preferred:  43.07 / Final:  42.52)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  SC_ID: EPMI


Steve,

I can pick up the cost of your trip from the Research Group budget.

The more I think about  it, the more I am convinced it would be difficult
to justify 2 trips per person. I think that we should go for one contiguous
stay per person and make a good
effort to make these trips productive.

Vince

Steven Leppard
05/11/2000 03:41 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Dale Surbey/LON/ECT@ECT
Subject: Summer visits

Vince

Thanks for offering to look my presentation over.  The deadline for
submission has been extended until tomorrow (Friday), so there's less of a
hurry.

As regard our summer visits, we'll need to speak to Dale over the budget.
Personal commitments mean it's difficult for me to take two whole months to
visit, so if the cost is prohibitive I may need to make just one shorter
visit.  I'd obviously like to spend longer, and two visits seems to be the
only way I can do it.  I believe the situation is similar for Kirstee.

I've persuaded Richard to pay for Matt's visit in its entirety, and I've no
doubt that RAC/Credit Trading will pick up the bills for Ben and Kirstee.
It's difficult to think who'd be the natural group to pay for me.  I honestly
think I'll have difficulty persuading, e.g. Richard, that it's worth his
while to pay for my visit.  I get the impression he thinks I'm doing OK
without the need to go to Houston for further training.

I'm interviewing a candidate for Bjorn's model review role during today's
videoconference, so we'll need to speak beforehand or perhaps Friday.

All the best,
Steve

Vince J Kaminski
05/10/2000 01:54 PM
To: Steven Leppard/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Grant
Masson/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT

Subject: Conference

Steve,

I am tied up at the Power2000 conference.
I shall get back to you with my comments on Thursday morning.

I also want to talk to you tomorrow about finalizing the dates of the summer
rotations. We are talking to HR here about apartments, car rentals,
and other arrangements  for the London team for the summer. I promised
to give them the names and dates by the end of the week.

Sorry for the delay in sending you my comments.

Vince


In order to continually develop and make improvements to the functionality of EnronOnline we are rolling out several changes tonight, which will be in effect on Monday August 20, 2001. Some of these changes will affect Stack Manager while others affect the Website. A summary of these changes is listed below.

Stack Manager Changes

Top of Stack limit orders - This feature will allow the price submitted via limit orders to be displayed on the website if their bid or offer is better than the trader's stack price. Stack Manger will list the price and the names of counterparties submitting such orders on the  floated stack window.  Orders will be queued by price and time stamp. When a counterparty trades on a " Top of Stack Entry" it will create back to back transactions; one between Enron and the counterparty submitting the order, and the other between Enron and the counterparty clicking on the website.

In order to turn on this functionality select the " Allowed Top of Stack" option, in the Orders section of the product properties page.  If regular limit order functionality is desired the "Allowed"  option should be selected.

Please note that this feature will be released in a disabled mode and will be turned on sometime next week after determining which business units want to roll this out.

Restricted Top of Stack limit orders - This feature will allow the price submitted only by internal traders via limit orders to be displayed on the website if their bid or offer is better than the trader's stack price. Stack Manger will list price and the names of counterparties submitting such orders on the  floated stack window.  Orders will be queued by price and time stamp. When a counterparty trades on a " Top of Stack Entry" it will create back to back transactions one between Enron and the counterparty submitting the order, and the other between Enron and the counterparty clicking on the website.

In order to turn on this functionality select the " allowed as Restricted Top of Stack" option, in the Orders section of the product properties page.  If regular limit order functionality is desired the "Allowed"  option should be selected. If a product has active orders against it you will not be able to select the "Restricted Top of Stack" feature.

Advanced Filtering Ability on All Products Tab -  Drop down filtering capability is now available for each field in the All Products tab in stack manager. In order to filter click on the arrow next to the field title. A drop down box with a list of attributes will appear. Highlight the attribute by which you wish to filter. To turn off the filter click on the arrow and select the " All" option from the drop down box.

Website Changes

New Submission Screen for Restricted Top of Stack Limit Orders -  The submission screen for  products that allow  Top of Stack or Restricted Top of Stack limit orders is as follows.

The submit button on the left makes a submission for a normal transaction, while the button on the right will submit as a limit order.  In case of the Restricted Top of Stack limit orders only internal traders will see the new submission box.

Price of Limit Orders

Modify Limit Orders
 Customers now have the ability to modify the price of any active order. In order to do so highlight the order to be modified and use the plus or minus sign next to the price field on  at the top of the "Today's Orders" section. The price will move up or down in the same increments as the tick size for that product. Once the price is at the desired level click the "Set" button and the price will be modified. Another way to modify the price on a limit order is to click on the price field on a particular limit order.  You will see a box with plus, minus and set buttons that allow you to modify that order.

Expiration time for Limit Orders
Customers can now place limit orders with expiration times of up to 30 days. Currently they may place orders for only up to 12 hours.

Float the Today's Orders Section
You can now float the " Limit Order " section. In order to do so, right click in the "Today's Orders " section and select the float window option. In order to make the window " Stay On Top " right click on the floated window and select the stay on top option.

Mid Market Client - Mid market originators will now have the ability to transact on behalf of their customers, while including their desired margin on the trade, on EnronOnline products. In order to do so Click on the bid or offer price, a customised submission window will appear.  Select the counterparty for whom you wish to transact from a drop down list , enter the desired customer price and margin and click submit. For example if a customer wants to buy Nymex Sep 01 at 3.36 and you wish to have a 1 cent margin, please enter 3.36 as the desired price and 0.01 as the margin. The system will trade the order when the EnronOnline offer for Nymex Sep 01 is at 3.35, book the trade at 3.36 and record the 0.01 origination amount.

In order to be set up to use this functionality. Please call the EnronOnline Product Control Group.

Changes to Website Passwords - As an added security measure, which has been requested by many customers, some new password rules have been instituted. First, the password cannot be equal to the login ID. Second, each user will be prompted to change his password every 90 days. These rules apply to all website passwords for both internal and external users.

Please note  Stack Manager changes will be available all traders as of Monday August 20, 2001. The changes to the website will be rolled out to a few internal users on Monday with the rest of the internal users being upgraded Monday night, and external users by the end of the week.  Over the next couple of weeks all users will be prompted to change their website passwords.

If you have any questions regarding these changes please contact me at 713-853-1787.

Savita Puthigai

<Embedded Paintbrush Picture>


T O D A Y    G O D    I S    F I R S T
Marketplace Meditations
by Os Hillman

The Door of Full Surrender

But He knows the way that I take; when He has tested me, I will
come forth as gold.
- (Job 23:10)

I was recently sitting with the leader of a marketplace
organization as he described a question he poses to
businesspeople. "What if there were two doors to choose from;
behind one door was the complete will of God for your life and
behind the other door was how life could be according to your own
preference. Which door would you choose?" The struggle for most
lies in the desire to follow God completely and the fear of what
might be behind the door of full surrender. Most of us desire to
follow God, but few of us will do it at any cost. We do not
really believe that God loves us to the degree that we are
willing to give Him complete permission to do as He wills in us.

If we desire to fully walk with Christ, there is a cost. We may
give intellectual assent and go along with His principles and do
fine; however, if we are fully given over to Him and His will for
our life, it will be a life that will have adversity. The Bible
is clear that humans do not achieve greatness without having
their sinful will broken. This process is designed to create a
nature change in each of us, not just a habit change. The Bible
calls it circumcision. Circumcision is painful, bloody, and
personal.

If God has plans to greatly use you in the lives of others, you
can expect your trials to be even greater than those of others.
Why? Because, like Joseph who went through greater trials than
most patriarchs, your calling may have such responsibility that
God cannot afford to entrust it to you without ensuring your
complete faithfulness to the call. He has much invested in you on
behalf of others. He may want to speak through your life to a
greater degree than through another. The events of your life
would become the frame for the message He wants to speak through
you.

Do not fear the path that God may lead you on. Embrace it. For
God may bring you down a path in your life to ensure the reward
of your inheritance. "For our light and momentary troubles are
achieving for us an eternal glory that far outweighs them all" (2
Cor. 4:17).

-----------
This daily devotional is published and distributed by
Crosswalk.com.  It is written by Os Hillman, president of
Marketplace Leaders, located in Atlanta, GA.  His email address
is <os@marketplaceleaders.org>.  For more articles and books
by Os Hillman you may visit his web site at
http://www.marketplaceleaders.org.

Additional devotionals are available from Crosswalk.com:
<http://devotionals.crosswalk.com>
-----------
To read the Current Feature Story from ReligionToday,
go to http://religiontoday.crosswalk.com/CurrentFeatureStory/

For today's complete News Summary from ReligionToday,
go to http://religiontoday.crosswalk.com/CurrentNewsSummary/

-----------
For Copyright Terms go to http://www.crosswalk.com/info/copyright

____________________SUBSCRIPTION INFO_______________________

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< jeff.king@enron.com >
* To unsubscribe from this newsletter immediately, click here:
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and then subscribe your new address.
* To subscribe, send an email to:
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our newsletters.
* Copyright , 2001 Crosswalk.com, Inc. and its Content
Providers. All rights reserved.

____________________________________________________________


Sara.   It has been formed.  Enron Investment Services Ltd was set up on
3/10/00

Regards
Mahesh

Janine Juggins
04/10/2000 15:10
To: Sara Shackleton/HOU/ECT@ECT, Mahesh Lakhani/LON/ECT@ECT
cc: Paul Simons/LON/ECT@ECT, John Greene/LON/ECT@ECT

Subject: Re: U.K. arranger for ENA and ECT Investments, Inc.

Mahesh, please can you update Sara on the status (I think it has been formed,
but Mahesh will confirm)
Regards
Janine

From: Sara Shackleton on 04/10/2000 08:19 CDT
To: Janine Juggins/LON/ECT@ECT, Paul Simons/LON/ECT@ECT
cc: John Greene/LON/ECT@ECT

Subject: U.K.  arranger for ENA and ECT Investments, Inc.

Any word yet on creation of the new entity?  Sara


Attached is a newly revised Credit Watch listing.  If there are any
personnel in your group that were not included in this distribution, please
insure that they receive a copy of this report.

To add additional people to this distribution, or if this report has been
sent to you in error, please contact Veronica Espinoza at x6-6002.

For other questions, please contact Bill Bradford at x3-3831, Russell Diamond
at 5-7095, Brant Reves at x3-9897, or the Global Credit Hotline at x3-1803.


Please do not try and compare Louisiana to Alabama.  There is only one
university in Louisiana.  You can not hold it against Auburn that
Napoleonville has only been able to support one university.  Tulane is
strictly academics and we are talking sports.
PL


My understanding is that PG&E is in active talks to cut a deal with
legislators and the Governor, but I have no details.  Mona, does it make
sense to have S. Govenor poke around is Sacramento to see what he can find
out?

Roger Yang
09/18/2000 11:04 AM
To: Mona L Petrochko/SFO/EES@EES, Jeff Dasovich/SFO/EES@EES, Susan J
Mara/SFO/EES@EES
cc:
Subject: PG&E article in WSJ

Has anybody seen this article?  Do you have any intelligence about this?

Roger

---------------------- Forwarded by Roger Yang/SFO/EES on 09/18/2000 11:00 AM
---------------------------

	Enron Energy Services

	From:  Sanjay Agarwal                           09/15/2000 08:37 AM
	Phone No: 713 345-7964

To: Roger Yang/SFO/EES@EES
cc:
Subject: PG&E article in WSJ

Roger:

There is an article in WSJ today on "PG&E pushing to lift the retail rate
freeze". I thought you ought to know.

FYI,

Sanjay K. Agarwal


FYI
---------------------- Forwarded by Gerald Nemec/HOU/ECT on 04/26/2000 02:26
PM ---------------------------
From: Eric Gillaspie on 04/26/2000 02:20 PM
To: James R Haden/HOU/ECT@ECT
cc: Gerald Nemec/HOU/ECT@ECT
Subject: CPS and LRCA

Jim,

As discussed, attached are the two interconnect agreements with the requested
changes for your further handling.

Eric Gillaspie
x5-7667


Insert at p. 42 as ARTICLE XII.

ARTICLE XII.
ADJUSTMENTS REGARDING UNITS WITH
SERIAL NUMBERS LISTED IN EXHIBIT P

12.1 Adjustments in Performance Guarantees to Reflect Site Conditions.
Seller recognizes that the Sites for the Units identified and listed by
serial number in Exhibit P have not been identified by Purchaser.  When the
Site for each such Unit has been identified and the corresponding Site
conditions for each such Unit has been provided by Purchaser to Seller,
Seller and Purchaser agree to amend the Guaranteed Levels and the Specific
Performance Levels for each such Unit to reflect changes in the Basis
Conditions made to reflect the Site conditions for each such Unit.  The
Guaranteed Levels and Specific Performance Levels as so amended will be
consistent with those customarily provided by Seller for other LM 6000
Enhanced  Sprint combustion turbine generator units in the United States with
comparable Site conditions.
12.2 Storage of Unit(s).  Seller and Purchaser recognize and agree that the
period or periods during which any of the Units identified and listed by
serial number in Exhibit P is placed in storage (a) by Seller pursuant to
Section 10.2.7 or (b) by Purchaser, as agreed between Seller and Purchaser,
shall not be considered, directly or indirectly, in determining the
commencement of the Primary Warranty Period or the Extended Warranty Period,
or both.
12.3 Maximum Period of Seller Liability.  To the extent any Unit identified
and listed by serial number in Exhibit P is placed in storage as contemplated
in Section 12.2, the duration of such storage period shall be added, in the
case of each such Unit, to the six (6)-year period identified in the last
sentence of Section 27.1 for purposes of calculating the maximum duration of
Seller's liability with respect to any such Unit and with respect to this
Agreement.
12.4 No Effect on Cost, Schedule or Scope of Work.  Seller and Purchaser
agree that implementation of the provisions and agreements of this Article
XII shall be at no additional cost or result in any other change or impact to
or upon the Scope of Work, Purchase Amount or Guaranteed Unit Delivery Dates,
or all of them.


i'm certainly not opposed to training, but how does a weakly written review
lead to an age discrimination claim?


Michael,
 I am forwarding an email from Wade Hicks concerning an e\p mix contract
dispute.  Is this in your area and if so can you assist Wade? I do not have
any contract documents relating to this in my possession.

	W Wade Hicks
	12/01/2000 01:51 PM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: WESTLAKE CONTRACT

DAN,

    THE LONG TERM CONTRACT IN WHICH WE DELIVER 10,000 BBLS\DAY OF E\P MIX

     TO WESTLAKE PETROCHEMICAL  WAS CANCELLED EFFECTIVE 12/31/2000 PER

     MUTUAL AGREEMENT BETWEEN WESTLAKE AND ENRON.

     FOR THE LAST 4 - 5 MONTHS WESTLAKE HAS BEEN SHORT PAYING THE INVOICES

     IN THE AMOUNT OF $0.0025, WHICH IS THE PREMIUM ON THE CONTRACT. THEY SAY

     THEY DON'T THINK THEY SHOULD HAVE TO PAY IT ANYMORE SO THEY DON'T.

     DO WE HAVE ANY RECOURSE TO COLLECT THIS SHORTFALL?

     OUR RELATIONSHIP WITH WESTLAKE HAS ALWAYS BEEN STRAINED AT BEST.

     WOULD THERE BE LEGAL RAMIFICATIONS IF I JUST WITHHELD PRODUCT FOR

     DECEMBER, WHICH IS THE LAST DELIVERY MONTH ANYWAY.

    THANKS,

      WADE


FYI
---------------------- Forwarded by Mitchell Taylor/Corp/Enron on 01/29/2001
06:58 PM ---------------------------

"Erickson, Vicki" <VErickson@sppc.com> on 01/29/2001 05:06:32 PM
To: "'mitchell.taylor@enron.com'" <mitchell.taylor@enron.com>
cc:

Subject: FW: PUCN Filing - Monday, January 29, 2001

> -----Original Message-----
> From: Erickson, Vicki
> Sent: Monday, January 29, 2001 3:04 PM
> To: 'mitchell.taylor@enron.colm'; 'Mark.metts@enron.com';
> 'Paul.Kaufman@enron.com'
> Cc: Oldham, Steve; Atkinson, Rich
> Subject: PUCN Filing - Monday, January 29, 2001
>
> Earlier today, Sierra Pacific and Nevada Power filed a plan with the
> Public Utilities Commission of Nevada (PUCN) that is designed to stabilize
> the energy markets in the state. Below is the text of a news release
> announcing the emergency Comprehensive Energy Plan.  Also attached is the
> filing with exhibits.
>
> Let me know if you need anything else.
>
> Thanks,  Vicki Erickson
>
>  <<010129_application.pdf.pdf>>    <<010129_plan.pdf.pdf>>
> <<010129_appendix_a.pdf.pdf>>    <<010129_appendix_b.pdf.pdf>>
> <<010129_appendix_c.pdf.pdf>>    <<010129_appendix_d.pdf.pdf>>
> <<010129_appendix_e.pdf.pdf>>
>
> Sierra Pacific, Nevada Power Offer Emergency Plan to Assure
> Reliable, Reasonably Priced Electricity for Nevadans
>
>  Warning that Nevada must take rapid and dramatic action to avoid
> being "engulfed by the financial and operational chaos" of the California
> energy market, Sierra Pacific and Nevada Power CEO Walt Higgins today
> outlined an emergency package of proposed long-term contracts, tiered
> price increases, low income assistance and conservation programs to
> stabilize the energy markets in the state.
> In the plan filed today with the Public Utilities Commission of Nevada
> (PUCN), the companies are proposing short-term emergency price increases
> ranging from zero for certain low-usage customers to as much as 29 percent
> for the state's largest energy users to correct serious imbalances between
> the cost of wholesale power and retail prices. The average increase is 17
> percent.
> The same imbalance bringing the near collapse of the California power
> system is sweeping the Western U.S. and prompting nearly every other
> utility to take similar measures to assure reliable utility service.
>  "Nevada, despite a good energy policy, is not immune from what is
> happening in California," said Higgins at a news conference today in Las
> Vegas.  "This situation is unprecedented, unanticipated and potentially
> disastrous for Nevadans if we do not exercise the leadership it takes now
> to correct these imbalances in supply and demand and between cost and
> price. No business can continue selling a product for less than it costs
> them to buy it on the wholesale market.
> "We know any rate increase is painful, but there is no escaping the fact
> that the consequences of inaction are much more severe to the residents
> and businesses of this state, as California clearly shows. Nevadans simply
> cannot let the lights go out with the kind of irresponsible inaction we've
> witnessed over the hill. Even with this increase, our rates will still be
> lower than in California.
> "Moreover, as part of the plan we propose programs to help low-income
> customers and to help residents and businesses manage their total energy
> bills."
>   In the plan filed today, the companies map out an emergency,
> comprehensive plan to meet the state's short- and long-term energy needs,
> focusing on new mechanisms to recover the skyrocketing cost of wholesale
> power and including automatic price reductions as wholesale prices
> eventually fall. The plan also calls for accelerated approval of new
> long-term power contracts and encourages new power plant development.
> Higgins said the plan also voices agreement with Nevada's go-slow approach
> to electricity deregulation.
> "The Nevada legislature and commission have shown a lot of foresight in
> how to
> handle energy deregulation in the state, and there is no reason to go
> backward," said
> Higgins.  "What we need is to continue forward but in a way that clearly
> anticipates the impact of market forces in the state."
> Higgins noted that the pending sale of generation assets required as part
> of the merger of Sierra Pacific Resources and Nevada Power will allow the
> companies to buy power from the new plant owners at discounted prices for
> two years.  However, he said the California turmoil has slowed the sales
> and put at risk these protective contracts.
>  Sierra Pacific and Nevada Power are proposing that the new mechanism
> take effect on March 1, 2001.  They propose that it be adjusted on March
> 1, 2002, or sooner as wholesale prices fall and if divestiture of the
> utilities' Nevada power plants is completed and contracts are in place
> that guarantee the company can purchase power from those plants for two
> years at 1998 prices.
> Nevada Power customers who use 400 kilowatt hours (kWh) of electricity or
> less per month and Sierra Pacific customers who use 300 kWh of electricity
> or less per month would not see this increase in their power bills due to
> the tiered rate. The proposal represents an overall increase in rates of
> approximately 17 percent.
>  Higgins said that even with the July 2000 Global Settlement, which
> requires Nevada Power and Sierra Pacific to file monthly rate adjustments
> for fuel and purchased power (the F&PP Rider), the utilities have lost
> over $125 million on fuel and purchased
> power transactions.
> "We are losing millions and millions of dollars now and it will get much
> worse if this plan is not adopted," Higgins said. "We stand to lose
> hundreds of millions more because the caps on price increases are keeping
> rates artificially low. When the settlement was negotiated, no one
> expected prices for fuel and purchased power would continue to skyrocket
> to unheard of levels," Higgins said. "We've saved over $30 million in
> operating efficiencies since the Sierra Pacific - Nevada Power merger, but
> we simply do not have the same ability to control $1.5 billion annually of
> fuel and purchased power expenses in an energy marketplace that's gone
> haywire."
>  In today's filing, the utilities state they will continue to make
> the monthly fuel and purchased power (F&PP) filings, which are scheduled
> to expire on March 1, 2003. Both the F&PP Rider and the new emergency
> Comprehensive Energy Plan (CEP) Rider proposed in the plan represent
> dollar-for-dollar pass through of wholesale costs.
> If approved, the CEP Rider will result in a monthly power bill increase of
> approximately $6.37 for a typical Sierra Pacific residential customer
> using 650 kilowatt hours (kWh) of electricity per month, and approximately
> $12.63 for a typical Nevada Power residential customer using 1,100 kWh of
> electricity.
> Up to $5 million in revenue generated by the CEP Rider would be provided
> to the State of Nevada to be used at the state's discretion to fund
> conservation and low-income protection programs.
> The proposed tiered rate offers protection for residents with low
> electricity usage and
> encourages consumers to be energy efficient. Residential CEP Rider rates
> are based on electricity usage as follows:
>
>     Nevada Power
>  ? First 400 kWh per month   No charge
>  ? Next 275 kWh per month  $0.01500 per kWh
>  ? Above 675 kWh per month  $0.02000 per kWh
>
>    Sierra Pacific Power
>  ? First 300 kWh per month   No charge
>  ? Next  250 kWh per month  $0.01500 per kWh
>  ? Above 550 kWh per month  $0.02617 per kWh
>
 - 010129_application.pdf.pdf
 - 010129_plan.pdf.pdf
 - 010129_appendix_a.pdf.pdf
 - 010129_appendix_b.pdf.pdf
 - 010129_appendix_c.pdf.pdf
 - 010129_appendix_d.pdf.pdf
 - 010129_appendix_e.pdf.pdf


Please see attached draft of Master Firm Purchase/Sale Agreement for
Wisconsin.  Please let me know if you have any questions.

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


Paul, I had a look at the pitch and I thought it was an intriguing idea.  I
think it works welll in allocating resources between competing "going
concerns" but may be more difficult to allocate people to new  businesses
that may not have the income to fund the best talent.  I also wonder if the
cost of creating, managing and maintaining a market like this is greater than
the overall benefit achieved over the existing system.  In its own often
clumbsy looking way Enron's culture does allocate capital and people fairly
effectively.

Obviously, these are very cursory remarks - I have not spent a great deal of
time on this.

Regards
Delainey


It is with sadness and regret that we announce that Cliff Baxter is resigning
as an employee of Enron.  We are happy, though, that Cliff,s primary reason
for resigning is to spend more time with his family.

Cliff is a unique talent.  His creativity, intelligence, sense of humor, and
straightforward manner have been assets to the company throughout his
career.  He will be missed.

Cliff joined Enron in 1991 and was a key member of the team that built Enron,
s wholesale business.  Before becoming Vice Chairman of Enron, Cliff served
in a variety of positions in Enron,s wholesale businesses, culminating in his
appointment as Chairman and Chief Executive Officer of Enron North America in
1999.

We have asked Cliff, and he has agreed, to continue in a consulting role for
the company while concluding negotiations on a number of key asset
dispositions.

Please join us in thanking Cliff for his service to the company and in
wishing him the very best.


Haven't received anything.  Sounds like we all agree that it would be a good
idea to do it.  I'll write the prof an email and ask him to email us the
file.  My preference (in order to actually learn something--i'm sort of
thick) is to work on these jointly rather than have one person do it each
week, but i'm willing to discuss.  others have views on how we ought to write
'em up?

Best,
Jeff

	"Mark Guinney" <Mark_Guinney@watsonwyatt.com>
	01/24/2001 09:06 AM

		 To: "Dylan Windham" <dwindham@uclink4.berkeley.edu>, "JCJA@chevron.com"
<JCJA@chevron.com>, "dasovich@haas.berkeley.edu"
<dasovich@haas.berkeley.edu>, "jjackson@haas.berkeley.edu"
<jjackson@haas.berkeley.edu>
		 cc:
		 Subject: Re:RE: e234

I, too, read the case and was prepared to write a memo except for the crucial
fact that I have no idea what the prof. is looking for.  I haven't seen the
suggested questions which I assume will point us in the right direction.

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax

____________________Reply Separator____________________
Subject:    RE: e234
Author: dwindham@uclink4.berkeley.edu (Dylan Windham)
Date:       01/24/2001 12:28 PM

I took a look at the case last night.  It is very short and appears to be
somewhat straight forward.  We may want to work on this one as insurance.

Has anyone received the files with the suggested questions and spreadsheets
yet?

Dylan

At 09:15 AM 1/24/2001 -0800, Jackson, James (JCJA) wrote:
>It sounded like if we do this one it will be best 5 out of 6.  It could take
>the pressure off of us if we do this one.  I would vote we go for it.  We
>can talk about it tonight.
>Jimmy
>
> > -----Original Message-----
> > From: Dylan Windham [SMTP:dwindham@uclink4.berkeley.edu]
> > Sent: January 23, 2001 2:58 PM
> > To:   dasovich@haas.berkeley.edu; jjackson@haas.berkeley.edu;
> > guinney@haas.berkeley.edu
> > Subject:      e234
> >
> >
> > Okay gang,
> >
> > Given what was just sent out by Diane from the Professor, do we want to do
> >
> > this first case (it is now optional)?  It appears that he will then break
> > the groups up and assign the remaining 5 cases to us.
> >
> > What do you guys think?
> >
> > Dylan
> >


Ditto Credit.

	Tana Jones@ECT
	04/11/2001 06:43 PM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 04-11-01

----- Forwarded by Tana Jones/HOU/ECT on 04/11/2001 06:43 PM -----

	Walter Guidroz/ENRON@enronXgate
	04/11/2001 05:27 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications, Stephanie Panus/NA/Enron@Enron,
Mandola@/O=ENRON/OU=NA/CN=RECIPIENTS/CN=NOTESADDR/CN=BCBC586C-1D5A658C-862568C
D-532EF3@EX@enronXgate,
Kyle@/O=ENRON/OU=NA/CN=RECIPIENTS/CN=NOTESADDR/CN=97746094-1B0A69C0-86256945-5
803A9@EX@enronXgate
		 cc:
		 Subject: EOL approvals, 04-11-01

Please see attached.


Dale,

Ed Gottlob would like to set up a meeting with all of the necessary
counterparties in order to discuss this product.  Can you find out when a
good time would be?

Thanks,

Eric

Dale Neuner   03/28/2000 10:56 AM

To: Eric Bass/HOU/ECT@ECT
cc: David Forster/HOU/ECT@ECT
Subject: Re: 5 X 24

Eric -

Logistics is telling us that this product is not presently traded OTC. The
Sitara group is telling us that we don't presently have the ability to
support this product, which is probaby a result of the fact that is is
unprecedented.
To my knowledge EOL doesn't have the ability to eliminate specific dates
between the Start Date and End Date.

David, essentially this product would be a calendar month long US Phys Gas
contract where we DO NOT move gas on the weekends.

Can we chat about this please.

Dale

	Enron Capital & Trade Resources Corp.

	From:  Eric Bass                           03/28/2000 10:31 AM

To: Dale Neuner/HOU/ECT@ECT
cc:
Subject: 5 X 24

Dale,

Have you heard anything more on the 5 X 24s?  We would like to get this
product out ASAP.

Thanks,

Eric


Note: forwarded message attached.

__________________________________________________
Do You Yahoo!?
Yahoo! Auctions - buy the things you want at great prices
http://auctions.yahoo.com/
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From: Crayton Davidson <tcd74@yahoo.com>
Subject: Re: given a dog a bath
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I save this for times when my bretheren need it.  It's
a classic that should never be deleted.  Enjoy.

CD

> The Teabagging
> The all time classic maneuver of tapping your cock
on her forehead
whilst
> she is sucking on your balls, and uttering the
timeless phrase
''Who's
> Your daddy''
>
> The Houdini
> Going at it doggy-style until you are just about to
come,
> then pull out and spit on her back so she thinks
that you
> have. When she turns around a blast is unleashed
into her face and
she is
> left shocked
> and amazed, wondering how you managed it.
>
> The Angry Dragon
> Immediately after you blow your load in a girl's
mouth,
> smack the back of her head and make it come out her
nose.
> When she gets up she'll look like an angry dragon.
>
> Cum Guzzling Sperm Burping Bitch
> The once in a lifetime act of blowing a hot steamy
load down
> the back of a girl's throat and then proceeding to
give her a large
cold
> bottle of your favorite carbonated drink, making her
guzzle
> it down. Then, shake her head vigorously back and
forth to
> create the Cum Guzzling, Sperm Burping effect. A
great way to impress
> your friends.
>
> Dirty Sanchez
> A time honored event in which while laying the bone
doggy-style, you
> insert your finger into her asshole. You then pull
it out and wipe it
> across her upper lip, leaving a thin shit moustache.
This makes her
look
> like someone whose name is Dirty Sanchez.
>
>
> The Donkey Punch
> Banging a girl doggy style and then moments before
you cum, you stick
> your dick in her ass and then punch her in the back
of the neck. The
blow
> to the neck will stun the muscles in the female's
ass, which will
> constrict the penis and give you a tremendous
orgasmic experience
when
> you ejaculate.
>
> The Flaming Amazon
> This one's for all you pyromaniacs out there.
> When you're screwing some chick, right when your
about to cum, pull
out
> and quickly grab the nearest lighter and set her
pubes on fire,
> then...extinguish the flames with your jizz!
>
>
> The Flying Camel
> A personal favorite. As she is lying on her back and
you are
hammering
> her on your knees, you very carefully move forward
and prop yourself
> (without using your arms) on your dick while it is
still inserted in
her
> vertical seafood taco. You then proceed to flap your
arms and let out
a
> long shrieking howl, much like a flying camel.
> Strictly a classy move.
>
>
> The Screwnicorn
> When you get a dyke to put her strap-on dildo on her
forehead and
proceed
> to go at her partner like a crazed unicorn.
>
>
> The Zombie Mask
> While getting head from your
favorite,unsuspecting,trash-barrel
whore,
> tell her you want her to look right up at you with
those "pretty
little
> eyes" when you blow your load. Then, just when
you're ready to spew a
> good week's worth of goo, blast that hefty load in
both eyes. This
> temporary state of blindness will produce the zombie
effect as she
> stumbles around the room with arms outstretched, and
moaning like the
> walking dead.
>

--- Mark Reagan <markreagan@yahoo.com> wrote:
> I just left a message for a guy named freddie
> sanchez.
> This made me laugh. Has anyone seen the list with
> dirty sanchez bitch,donkey punch bitch,or chili dog
> bitch in awhile??That is some funny stuff
>
> __________________________________________________
> Do You Yahoo!?
> Yahoo! Auctions - buy the things you want at great
> prices
> http://auctions.yahoo.com/

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

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I would be happy to help.  What do I need to fill out or provide?

Maggie Li @ EES   01/03/2001 04:22 PM

To: Rob G Gay/NA/Enron@Enron
cc:

Subject: Ask for a favor

Rob,

Happy New Year!

How have you been doing? Last time when I talked to Blanca after the latest
reorg, she said that it hadn't been announced how Southern Cone was going to
be. How's it going now?

After nearly 3 years with Enron, I plan to go back to B school. I want to
apply for Rice Executive MBA because this will be the most efficient way for
me. Besides, I plan to apply two other full-time MBA programs. You have been
my supervisor for one year. Although that was my first year with Enron, that
assignment was quite important to me. I've learned a lot through that year
and later I realize more and more the creativeness and greatness of the Debt
Fund. The year with Debt Fund was an important phase of my professional
history. May I ask you to be one of my evaluators? As you know, the
competition for B school is always hard. A strong recommendation from you, a
person in senior management will be crucial for my application. The deadline
for Rice is Jan. 15. I'm sorry to give you such a short time. With the other
two, I plan to finish them by the end of January or early Feburary. I
appreciate it very much if you could spare me some time.

Thank you in advance for your generous help.

Regards,

Maggie


The travel profile. If you want to complete it, I can fax it in for you.
Did you receive your flight itinerary?
---------------------- Forwarded by Julie Armstrong/Corp/Enron on 07/05/2001 02:04 PM ---------------------------

Kellie Roenker <kellie.roenker@travelpark.com> on 07/05/2001 11:21:21 AM
To:	"'julie.armstrong@enron.com'" <julie.armstrong@enron.com>
cc:

Subject:	FW: Blank Traveler's Profile Form

> ----------
> From: 	Martin Kovacs
> Sent: 	Thursday, January 25, 2001 2:25 PM
> To: 	Kellie Roenker
> Subject: 	Blank Traveler's Profile Form
>
>  <<fax1.tif>>
>
>

 - fax1.tif


Bob,

Good job.

Zimin

Bob Lee@ENRON
01/11/2001 08:10 AM
To: Zimin Lu/HOU/ECT@ECT
cc:
Subject: Costless Collar for Hanover

FYI  - looks like we've converged.

Bob
---------------------- Forwarded by Bob Lee/NA/Enron on 01/11/2001 07:04 AM
---------------------------
From: Chris Loehr@ECT on 01/10/2001 04:50 PM
To: Ron Baker/Corp/Enron@ENRON
cc: Anne Yaeger/HOU/ECT@ECT, Ryan Siurek/Corp/Enron@ENRON, Wes
Colwell/HOU/ECT@ECT, Bob Lee/NA/Enron@Enron

Subject: Costless Collar for Hanover

Ryan and I have looked at the research model and made some adjustments.
The treasury rate at 12/28/00 was 5.127% (research uses 4.6% which probably
takes into account the recent Fed 50 bp cut)
The maturity is 6/30/03 or 2.5 years (research uses 3 years)

Using these assumptions and a 47.2% volatility in the Bloomberg collar
function results in a ceiling of 92 103/256 and a floor of 34 7/8.  After
adjusting the research model for the changes above, Ryan and I got a similar
range from the research model so we are comfortable with these numbers.

Let me know if there are any questions.

Chris
x33092

	Ron Baker@ENRON
	01/10/2001 10:52 AM

		 To: Wes Colwell/HOU/ECT@ECT, Ryan Siurek/Corp/Enron@ENRON, Chris
Loehr/HOU/ECT@ECT, Anne Yaeger/HOU/ECT@ECT
		 cc:
		 Subject: Costless Collar

Attached is the updated valuation from Bob Lee in Research using the actual
3-year historical vol. of 47.2 which results in a call strike of 97.978.
Also, he has confirmed that the presence of the swap has no impact on the
value of the collar.  Let me know if you have questions.  Thanks,
Ron

----- Forwarded by Ron Baker/Corp/Enron on 01/10/2001 10:28 AM -----

	Bob Lee
	01/10/2001 08:44 AM

		 To: Andrea V Reed/HOU/ECT@ECT, Ron Baker/Corp/Enron@ENRON
		 cc: Zimin Lu/HOU/ECT@ECT
		 Subject: Costless Collar

Here's the calculation using the historical volatility.  The strike drops
slightly.  The volatility in the calculation is the expected future
vol;atility - looking at traded options for HC and an expected fall off in
vol for long dated options, one could justify a vol estimate in the range 40
- 50% for the collar.

The presence of the swap makes no difference on the collar valuation.

Bob


Shirley,

Please, can you coordinate this?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/25/2000
02:40 PM ---------------------------

"Oliver Bennett" <oliver@risk.co.uk> on 05/25/2000 08:25:12 AM
Please respond to "Oliver Bennett" <oliver@risk.co.uk>
To: <jefferid@kochind.com>, <vkamins@enron.com>, <sbramlet@utilicorp.com>
cc:
Subject: Risk 2000 panel discussion

Dear All,
?
Would like to set a conference call to discuss  content for the panel
discussion at Risk 2000 in Boston on 14 June. Perhaps I  can suggest
wednesday 31 may at noon EST. I'm on London time and am quite  flexible if
you would like to do earlier or indeed on another day.
?
The panellists are -
?
Vince Kaminski, Enron Corp
Richard Jefferis, Koch Energy Trading
Steven Bramlet, Aquila
?
The discussion topic is 'effectively applying  weather derivatives'
?
I think we need to establish a series of  questions around which to
facilitate discussion. We currently don't have a  moderator and perhaps one
of you could take this role on.
?
I look forward to hearing from you.
?
Thanks, Oliver
?
?
?
Direct: +44 (0)20 7484 9880
?
Risk Publications, 28-29 Haymarket, London SW1Y  4RX
Fax: +44 (0)20 7484 9800? Email: oliver@risk.co.uk
www.riskpublications.com


Dear Chuck,  Growing developments in Washington regarding Enron - second hearing has been added for this Thursday.  A complete list of who will testify remains up in the air.  We'll have all the details on hearings in the nation's capital from our Washington bureau on Tuesday.   A key Democrat in the U.S. Senate is taking the offensive Tuesday in the debate over national energy policy.  Days after the President renews his call for the Senate to act on his energy plan, Senator John Kerry (D-MA) is scheduled to deliver a speech on energy to the Center for National Policy.  Kerry will outline his ideas on how to reduce U.S. dependence on foreign oil and voice his criticism of the Bush administration's push to open a portion of Alaska's Arctic National Wildlife Refuge to exploration and production.    A federal court judge will hear arguments Tuesday regarding the destruction of Enron-related documents.  The hearing is in response to Amalgamated Bank's request to discover how and why Andersen destroyed Enron-related documents.  We'll have details on the hearing from the Houston bureau tomorrow.   Also from Houston on Tuesday, AES NewEnergy President Clem Palevich discusses deregulation and overcoming problems in the Texas market.  Join us for these reports from Houston.   Tuesday, West Coast Correspondent Kym McNicholas will discuss the California ISO's new Market Design Project 2002 with Harvard Economist William Hogan.  Hogan says the new plan is a step forward for the California electricity market.  Kym speaks with Hogan during the 3:00 p.m. ET newscast tomorrow.   Deutsche Banc Alex Brown Major Oil Analyst David Wheeler is also dropping by on Tuesday.  Wheeler will discuss fourth-quarter estimates for the major oil companies live from New York during the 9:00 a.m. ET newscast tomorrow.   Wrap Note: The NYSE was closed Monday due to the Martin Luther King, Jr. holiday.  We'll continue with commodity settles on Tuesday when the markets resume trading.   Keep in mind things are subject to change at a moment's notice. Occasionally guests have to reschedule or change time slots.  We'll continue to do our best to keep you updated on future interviews and events.     Be sure to watch our newscasts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour.

	 	Jay Rickerts, EnergyNewsLive.com Anchor  View today's Energy Wrap Video Windows Media Player: 56K  |  100K  |  300K  Real Player: 56K  |  100K  |  300K  (Requires Windows Media Player or Real Player )   Experience all that Williams Energy News Live has to offer!   If you are receiving this letter for the first time and wish to continue, subscribe now    To stop receiving this letter, unsubscribe now    If you are having trouble receiving this e-mail, please let us know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Comments? Suggestions? Let us  know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Copyright 2001 Williams Energy News Live, LLC. All  Rights Reserved.