PG&E Corp.'s profit jumps 243 percent / PG&E Corp. reports $771 million in profit / Lower power costs, rate increases boost earnings
Dow Jones Interactive
November 6, 2001

Energy price probes widen to include state officials / Chief of power grid to be questioned
Dow Jones Interactive
November 6, 2001

PG&E Re-Evaluating New Construction of Pwr Plants - Execs
Dow Jones Interactive
November 6, 2001

San Francisco to vote on public power
Dow Jones Interactive
November 6, 2001

PG&E Corp.'s profit jumps 243 percent / PG&E Corp. reports $771 million in profit / Lower power costs, rate increases boost earnings

PG&E Corp. enjoyed a 243 percent jump in profit during the third quarter as its utility operations reaped an extra $687 million from a drop in power costs and record rate increases passed last spring.

Despite millions in costs related to Pacific Gas and Electric Co.'s bankruptcy case and other losses, the utility's San Francisco parent company yesterday reported $771 million in net income for the three months that ended Sept. 30., up from $225 million during the year-ago period.

However, the third-quarter profit could just be a blip. The utility could see profits fall if demand wanes during the winter months when usage declines, said PG&E Corp. spokesman Brian Hertzog. Profit could also decline in future quarters if the state of California boosts its demand for a share of ratepayer revenue, he said. The state has been buying power on behalf of utility customers since January, when PG&E buckled under soaring wholesale electricity rates.

For the past quarter the company reported net income from operations of $256 million, (70 cents per share), a slight gain from last year when it posted $248 million in net income from operations (68 cents).

The $687 million in profit flowing into PG&E Corp.'s coffers in just three months spurred consumer advocates to push for rate refunds.

"It just shows we're paying too much for energy now," said Nettie Hoge, executive director of The Utility Reform Network. Hoge said the company financial report, which shows a $4.3 billion cash balance, strengthens the group's claim that Pacific Gas & Electric Co.'s bankruptcy filing in April was unnecessary to pay off the utility's debts.

Hertzog said the third-quarter generation profit pales in comparison to the losses PG&E sustained last winter when power prices skyrocketed and the utility was prevented by a rate freeze from passing on the costs to consumers. The company wrote off $9 billion in unpaid costs, though it is suing to force the PUC to allow the utility to recover the money from ratepayers.

Terrie Prosper, a spokeswoman for the PUC, said PG&E Corp. may not get to keep the $687 million. "The quarterly statement reflects money that PG&E Corp. is collecting that the PUC hasn't decided how to allocate."

Energy price probes widen to include state officials / Chief of power grid to be questioned

In June, as Californians braced for a summer of rolling blackouts, television cameras captured allegations from former Duke Energy employees that seemed to pin the state's energy mess on power providers.

The self-described whistleblowers told a legislative committee that Duke withheld power during the peak of California 's electricity shortage to boost prices, charges the company denied.

But more than four months later and at a cost that could top $10 million, state-sponsored investigations into the energy crisis have yielded no civil or criminal penalties against power providers. In fact, some probes started to scrutinize energy companies are now targeting other big players in the California energy market: state officials.

Investigators are looking into a range of accusations, from why the head of the state power grid helped open the flood gates to massive electricity price hikes to new complaints that the state department buying power is manipulating the market. Under subpoena, Terry Winter, who runs the California Independent System Operator, will be deposed today in the state Capitol.

The new questions have broadened the scope of the investigations into who the real culprit is in the state's electricity crisis.

"Who's the bad guy? The better question is who is wearing the white hat?" said Gary Ackerman, spokesman for the Western Power Trading Forum, a trade group representing generators.

When California blackouts became a punchline for late-night comedians, several state agencies began investigations:

-- Attorney General Bill Lockyer announced he was investigating price-gouging by generators. He convened a grand jury in June to discover whether generators had purposely withheld power to the market to drive up prices.

-- The Senate Select Committee to Investigate Price Manipulation was created by the Legislature. Run by Sen. Joe Dunn, D-Santa Ana, the committee hosted the Duke whistle-blowers and issued a flurry of subpoenas for records kept by energy providers.

-- The Public Utilities Commission also began looking into the market and into allegations that generators had idled plants at key times.

All three investigations are continuing. The PUC has spent more than $800,000 on its review, Lockyer has $9 million to spend on his work and Dunn's committee is spending about $14,000 per month.

Lockyer has said he is looking into complaints that energy consultants hired by Gov. Gray Davis had conflicts of interest. One consultant allegedly helped negotiate a long-term energy contract with an electricity provider he had recently worked for.

The state's Fair Political Practices Commission and the U.S. Securities and Exchange Commission are also exploring conflict-of- interest charges that led Davis to fire five consultants.

Dunn's committee is still looking into market manipulation by generators. But he has spent more time recently investigating the actions of state officials.

Dunn wants to know why the head of the ISO, Winter, asked federal regulators on Dec. 8 to drop caps on the price companies could charge for power. Winter made his pitch to the Federal Energy Regulatory Committee without telling Davis or his bosses, the 26-person ISO board that had regularly voted for strict price caps.

The committee quickly approved Winter's request, and energy prices began soaring. While ISO officials contend Winter had to kill price caps to keep generators interested in selling power to the state, Dunn is looking into whether Winter and the generators somehow colluded to drive up prices. ISO officials deny that Winter worked with generators to drop price caps.

"It seems ludicrous that Terry Winter wouldn't tell his bosses that he was about to take the boldest step in ISO history," Dunn said.

Dunn's committee also is probing recent complaints from generators that the state is manipulating the energy market.

The state Department of Water Resources, which began buying power in January after cash-strapped utilities no longer could, is demanding exclusive information about the power market from the ISO, generators allege. The department also has refused to pay generators for electricity it's buying unless it's told what generators' costs are.

That information could lead to one of the biggest buyers in the market -- the state -- with more data than other competitors, creating an unfair playing field, generators argue.

While a DWR spokesman said the department is working with generators to address their concerns, the generators have asked federal regulators to step in. But Dunn said he'll investigate whatever group is wreaking havoc in the energy market.

"If those allegations are true, we now have a market participant exercising an undue influence on the market," he said. "They're doing the same things the generators were accused of."

PG&E Re-Evaluating New Construction of Pwr Plants - Execs

LOS ANGELES -(Dow Jones)- PG&E Corp (PCG) is re-evaluating how much new generation it will build in future years due to declining market demand and the impact of utility Pacific Gas and Electric Co's bankrutpcy, company executives said on an earnings call with analysts Monday.

"Previously we have said we will have 22,000 megawatts in 2004," said Tom Boren, President and CEO of PG&E Corp's National Energy Group unit. "That's still being evaluated so we can't give new projections, but it's likely to be less than 22,000 MW."

The company will proceed with the construction of current projects worth 5,400 MW, and tolling arrangements worth 2,200, Boren added.

"We are not cancelling development projects at this time, and we are also moving forward with construction of the North Baja (natural gas) pipeline," Boren said.

The company's re-evaluation of how much generation it will build has more to do with the outlook of future market conditions than the condition of the company itself, Boren said. He declined to say if the company was reconsidering projects in a certain area of the country in particular.

Boren made his statements during a conference call on the company's third-quarter earnings. As reported, the company's quarterly net income more than tripled, but earnings excluding items increased just 3.2% and missed Wall Street forecasts. Though the company expects to see an 8-10% growth in earnings per share from operations, several executives said that 2002 will be a "challenging transition year". Several controversial regulatory and legal steps needed to implement the utility's plan of reorganization under its Chapter 11 bankruptcy proceedings will be put to the test in 2002, said PG&E Corp Chair, CEO and President Bob Glynn.

"It will be a transition year from our current organization to our post-plan-of-reorganization structure...There's not a member among us who thinks it will all be smooth sailing. The utility is already facing adverse regulatory decisions and the energy group is facing reduced forward prices for power ," Glynn said.

The utility filed a reorganization plan in September that would transfer all the utility's transmission and generating assets to unregulated subsidiaries, then spin off Pacific Gas and Electric as a publicly-traded retail distributor of electricity and natural gas.

One immediate challenge facing Pacific Gas and Electric is Tuesday's ballot measures in San Francisco to create a municipal power district. If the measures succeed, the utility would lose 8% of its customers.

"The utility is strongly opposed to the ballot initiatives. If they pass, there will be years and years of litigation," said Chris Warner, regulatory counsel for PG&E. "The initiatives wouldn't affect the bankruptcy court's jurisdiction or schedule, however."

The utility is scheduled to explain its disclosure statement on the reorganization plan before a federal bankruptcy judge Dec. 19. If the judge approves the statement, it will be mailed to creditors for a vote. If it passes muster, another court hearing will be held to confirm the plan.

Creditors seem to favor the plan, and, therefore, the company isn't seeking any alternative, such as a settlement reached between state regulators and California 's other financially troubled utility, Edison International (EIX) unit Southern California Edison, a PG&E executive said. SoCal Edison's settlement of a federal lawsuit with the California Public Utilities Commission will allow it to bill its customers for $3.3 billion in debt and repay creditors using cash on hand.

PG&E has filed a similar federal lawsuit against the commission claiming it has the right to raise retail rates to recover power costs. That lawsuit is on hold while the court determines how it interacts with a related decision made in bankruptcy court, said utility CEO and President Gordon Smith.

Another pending matter for the utility is a determination by the Department of Water Resources of how much revenue it will need from the utility through 2002 to pay for power purchases. The DWR has been buying power on behalf of the state's credit-strapped utilities since January. Pacific Gas and Electric has been paying an interim price of 10 cents a kilowatt hour since March for that DWR power.

"We're expecting a revised revenue requirement from the DWR as early as today," Warner said. "The last announcement on Oct. 19 was that the overall requirement had shrunk by $2.5 billion, so we expect the requirement will go down accordingly for each utility."

No one at the DWR was immediately available to comment on the status of the revenue requirement.

San Francisco to vote on public power

SAN FRANCISCO, Nov 5 (Reuters) - After a year which saw California's energy system thrown into unprecedented turmoil, San Francisco votes on Tuesday on two proposals to establish a public power agency to take over the functions of struggling utility giant Pacific Gas & Electric (PG&E).

The two ballot initiatives, Measure F and Measure I, aim to make San Francisco the latest city in the country to set up a municipal utility district (MUD) - a potential blow to PG&E, which still serves some 4.7 million customers in northern and central California despite having declared bankruptcy in April at the height of the state's power crisis.

Backed by businesses ranging from garbage companies to telecommunications firms that fear they could also be targeted by voters eager to take charge of their own city services, Pacific Gas & Electric has spent more than $1 million in an aggressive advertising campaign which describes the MUD idea as unrealistic and inefficient.

But supporters of the MUD proposals ranging from environmental activists to consumer groups say the time has come for San Francisco to fashion a utility district that is a nonprofit public entity rather than a dividend-paying division of a major energy firm.

"The profit that is generated by the sale, transmission and management of electricity, is realized back into the rate structure," said Ross Mirkarimi, campaign manager for the group supporting the MUD proposals.

"Our utility ratepayers in San Francisco will see lower rates in a very quick period of time while we move from being an abused renter of a neglecting landlord like PG&E to owning our own infrastructure."

The battle over San Francisco's MUD proposals - which local pollsters say are running neck-and-neck - takes place after months of chaos as California's energy deregulation effort unexpectedly resulted in skyrocketing wholesale power prices, periodic blackouts, sharply higher consumer rates and financial crisis for the state's major utilities.

RELIABLE, AFFORDABLE ENERGY

Pacific Gas & Electric, a division of PG&E Corp. , declared bankruptcy in April after running up billions of dollars in unpaid wholesale energy bills. The utility continues to function, however, and has repeatedly said it intends to use the bankruptcy process to put its finances in order.

The MUD proposal could threaten that plan. Under Proposition F, San Francisco would create a power agency run by a governing board, while Proposition I calls for San Francisco and the neighboring town of Brisbane to establish a municipal utility district with an elected board of directors.

That board would then consider whether or not San Francisco should take over PG&E's power transmission and distribution system in the city, as well as the city's small generating facilities owned by PG&E and Mirant Corp .

Supporters say a MUD would deliver reliable, affordable energy, pointing to existing municipal utility districts in Sacramento, Los Angeles and other California cities as examples of how public power can shield consumers from the increasingly wild swings of deregulated energy markets.

Opponents of the measure say it would thrust San Francisco into a role it is ill-equipped to play - developing a new city bureaucracy and then sending it out to compete with big league energy players in the the fast-paced and often cutthroat world of the power markets.

Unlike established MUDs, San Francisco would not only have to buy the city's existing power infrastructure - at a cost of anywhere up to $1 billion - but might also find itself jockeying for power without the benefit of long-term contracts which have kept consumer rates low in places like Sacramento.

Despite the jitters in the business community, the MUD proposal is backed by a number of major state and local political leaders as well as organized labor.

Passage of one or both of the MUD proposals Tuesday does not guarantee that San Francisco would see a public power system established any time soon. PG&E has promised a court fight against any attempts by the city to seize its power infrastructure by eminent domain, meaning the measures could end up tangled in lengthy legal argument.


Patti,

Here is the information you requested for the Conference in October.  I
listed the information I will need to make final booking arrangements on the
first spreadsheet.  There is a spreadsheet for dates-locations, directions,
and conference package info..  If you have any questions, please do not
hesitate to contact me.  Call me after you review, so we can get together to
finalize details.

Thank you,

Julissa Marron, x58336


You're the greatest.

I think Little Woodrow's is on for tonight although I'm still waiting to see
if my brother and his wife want to go out tonight (he leaves for South Korea
Sunday), if they're a no go I will be on the deck with a bucket of beer.

P.S. You are in peak physical condition.

Wilson Kriegel@ENRON
04/26/2000 02:33 PM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Re: Whaaatttzzz Up?

i believe that in the spychology of things and oneself, a person never has to
lose, and can always win somehow and in someway...
I have made very big sacrifices and have done some rather "not Nice"
things...to win
True i have not often lost...losing is a frame of mind and a way of thinking,
the question is, have i always been the best i could be and on that end,
well....Yeah i rarely lose...i don't see why one would want to.
But i have been beaten by people even when i gave my best in sports mainly
and then their are always smarter people..so
it's relative...
Ture i am the most looked at guy at memorial park, and i can't figure out if
i actually enjoy it or not, because i know my true self, and the reality..i
have no friends, and i go to bed by myself everynight...i'm a very lonely
person at heart and in my head, and well beside Shannon
most girls i have dated, though pretty, are not hotties, but rather have a
lot of charme and personality..and
oh more more honest coment, i don't actually have an opinion on my looks...i
don't really care....(but i do know about my body! and yeah few come close)
there


Greeting gentlemen,

Last time I wrote the Beavers were 6-1 and looking great. Now we  are 8-1 for
the first time ever and?Rose bowl contenders! GO Beavers!!! I was also
looking for you to support the Teke house and trying to revive a little
Alumni  presence at the house. I got a good deal of response and at
Homecoming there  were many of us who stopped by the house. The current
members were very  impressed and I was told by lots of the guys that really
enjoyed hearing our  stories and memories. We can have animpact on the men
currently in the house and  help give a positive direction for them to
follow. One aspect that is on top of  my list to promote in the house is
brotherhood. Through brotherhood they can  support one another in the real
reason they are there: Education. With a strong  brotherhood they will use
each other more for help and guidance, instead of  roommates. I have begun to
raise money for a new TV in the basement, which they  can gather around,
bond, and just spend more time with one another. The amount  of money that I
have raised is still a bit short of the goal to present it  before the Civil
War game. We need your support! It is not necessary to give a  large amount
if you are unable, any amount helps toward the goal. We are greatly  thankful
for  any help you can give. I also would like suggestions for Alumni
functions. I feel that many of us would like to renew the brotherhood and
start  to be a presence again as Alumni of Tau chapter. Thanks you guys and
cheer for  for the Beavers this weekend.

YITB,

Dustin Sievers T 773

(503) 644-6979 hm

(503) 708-6732 cell

4690 sw?Mueller dr.  B202

Beaverton, Or 97007


Hi Cooper,
How's it going up in Calgary?  How's the atmosphere in the office?  Sorry for the delayed reply, I was out on vacation time, gearing up for Thanksgiving :)  The login for Earthsat is still enron, but the password has been changed to vortmax.  I've attached an excel file with the hydro data that you requested.  Let me know if it's what you're looking for.
Hope all is well with you,
- Maria

 -----Original Message-----
From: 	Richey, Cooper
Sent:	Tuesday, November 20, 2001 2:33 PM
To:	Van houten, Maria
Subject:	earthsat weather forecast

hey maria,

i'm grabbing the earthsat weather forecast up here that portland uses.  it seems that the password has changed, though.  i have "enron" adn "enron".
has this been changed?

thx,
cooper


Dr. Berman 713/523-4478 (in case you need me)


----- Forwarded by Tana Jones/HOU/ECT on 10/26/2000 04:22 PM -----

	Bradley Diebner
	10/26/2000 04:12 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global CounterParty, Stephanie
Sever/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT, Stacey
Richardson/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON,
Claudia Clark/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT
		 cc:
		 Subject: EOL Credit Responses 10/26/00

The EOL approvals for 10/26/00 are attached below.

Regards,
bd


I would like to know where and how this is going to affect us and all the parameters.  Kim I know Mansoor is working on the project and I
will get with him.  I would like to be included in the discussions from the beginning on new I/C ideas and locations.

DS

 -----Original Message-----
From: 	Watson, Kimberly
Sent:	Thursday, January 17, 2002 5:08 PM
To:	Matthews, Ron; Abdmoulaie, Mansoor; Lokey, Teb; Kilmer III, Robert; Roensch, David; Schoolcraft, Darrell; Rapp, Bill; Guthrie, Robert
Subject:	Interconnect Agreement - Questar Southern Trails

All,

Please review the attached interconnect agreement between Transwestern and Questar.  It is fully reimbursable by Questar.  This interconnect will be a delivery point to Questar in the Blanco Hub.  FYI, the section of pipe that we are connecting the interconnect to is owned by Transwestern and is not part of the jointly owned facilities of the Blanco Hub.  If you have any questions, please feel free to call me to discuss.

Please reply back to me with any comments you may have.  I would like to send a draft to Questar on Tuesday morning, January 22, when we return from our holiday.

Bill and Robert - please see the red-lined language addressing the tax reimbursement.

Thanks for your time,

Kim.   X33098

 << File: Questar So Trails Hub Interconnect 01-15-02.doc >>


--------- Inline attachment follows ---------

From: Swerzbin, Mike </O=ENRON/OU=NA/CN=RECIPIENTS/CN=MSWERZB>
To: enron_update@concureworkplace.com
Date: Monday, February 4, 2002 5:02:53 PM
Subject: RE: Expense Report Receipts Not Received

I don't think there are any receipts outstanding .. Could you please tell me which ones you're missing???  This last report had a receipt for everything.

-----Original Message-----
From: enron_update@concureworkplace.com
[mailto:enron_update@concureworkplace.com]
Sent: Thursday, January 31, 2002 9:36 PM
To: Swerzbin, Mike
Subject: Expense Report Receipts Not Received

Employee Name: Michael Swerzbin
Report Name:   Swerzbin, Mike  1/17/02
Report Date:   1/17/2002
Purpose:       Trip to Houston, TX, Meeting w/ UBS Warburg Management
Report ID:     2B266B6655BD4CEFA874
Submitted On:  1/17/2002
Report Total:  2112.45

You are only allowed 2 reports with receipts outstanding.  Your expense reports will not be paid until you meet this requirement.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


I offered you my 1 and 3 for your 1 and 4.  I can throw in my 5 for your 6.

Let me know.

Eric


I don't think this will work.  We have offices on 50M but two are set aside
for board members and one (the one Rob Walls recently left) is going to be
tied up with a video crew working on the analyst meeting.

	Maureen McVicker
	01/05/2001 05:30 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Question

Steve - is this ok with you?

----- Forwarded by Maureen McVicker/NA/Enron on 01/05/2001 05:29 PM -----

	Sharron Westbrook
	01/05/2001 03:57 PM

		 To: Maureen McVicker/NA/Enron@Enron
		 cc:
		 Subject: Question

I left you a voice mail message earlier today, but let me tell you what we
need to know.  Rick Causey is moving Melissa Becker to a new role within his
organization and needs to have her close for at least the short term.  We
know that there is an office empty on 50M and we were wondering if we might
use it for Melissa until we work out some other spaces issues.

Thanks, Sharron


everything, lets go a week from friday

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 26, 2001 1:45 PM
To:	Maggi, Mike
Subject:	RE:

i want to go home!  so when are we going?  you said that you had all the answers.  and what are you not getting your way to besides ny?  quit ignoring me!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 26, 2001 1:38 PM
To:	Nelson, Michelle
Subject:	RE:

because i cant get my way

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 26, 2001 1:30 PM
To:	Maggi, Mike
Subject:	RE:

why?  i can't keep up with you.  i am so annoyed with one of my friends!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 26, 2001 1:27 PM
To:	Nelson, Michelle
Subject:

sorry that conversation was depressing me


Hi Lisa,
The counterparty is showing this deal but I am not and their deal numbers are different from ours. They supplied a tag number but it was not enough information so I have asked the counterparty for addition information and I will get back with you on this. Thanks.

 -----Original Message-----
From: 	Gang, Lisa
Sent:	Thursday, June 13, 2002 3:00 PM
To:	Minnis, Sabrina
Subject:	Nevada Power

I'm working on settlement issues for NVP, DMS 12398.  Can you provide me with a deal#?

Lisa


The Assembly filed a request for rehearing of the FERC market mitigation
order. Strangely, the law firm representing them is Haynes and Boone, which
appears to be a Texas firm.  Know anything about the firm or why they were
selected?

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854


come on now.  YOU NEED THAT COMMISSION!!!!!!!!!!!

 -----Original Message-----
From: 	Jerry W Germany <germanj@basf-corp.com>@ENRON
Sent:	Monday, November 12, 2001 3:09 PM
To:	Germany, Chris
Subject:	RE: JOB?

Did not sell the truck.  They are putting flowers all over it so you and the
little woman can live in it like flower childs.

Chris.Germany@enron.com on 11/12/2001 02:21:09 PM
To:   Jerry W Germany
cc:
Subject:  RE: JOB?

We had a meeting this morning at 7:00 am but we didn't find out anything
new.  Right now it sounds like its business as usuall for the next 5-7
months.  I had a jury duty summons this morning.  I didn't get picked and
we got out at 1:00 PM.  Sell my truck yet?

    -----Original Message-----
   From:   Jerry W Germany <germanj@basf-corp.com>@ENRON
   Sent:   Monday, November 12, 2001 9:45 AM
   To:     Germany, Chris
   Subject:  JOB?

   Hey Bub,

   Did you get a raise going to the new company?

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may
contain confidential and privileged material for the sole use of the intended
recipient (s). Any review, use, distribution or disclosure by others is strictly
prohibited. If you are not the intended recipient (or authorized to receive for
the recipient), please contact the sender or reply to Enron Corp. at
enron.messaging.administration@enron.com and delete all copies of the message.
This e-mail (and any attachments hereto) are not intended to be an offer (or an
acceptance) and do not create or evidence a binding and enforceable contract
between Enron Corp. (or any of its affiliates) and the intended recipient or any
other party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
**********************************************************************


Mark,
Do you have copies of your March, April, and June 2000 expense reports?  You have an outstanding recievable balance with Enron totaling $10,962.03.  If you have copies of these reports your balance can be cleared.  There are also an oustanding items totaling $143.39 from 1998 &1999.  It looks like you may have only partially expensed a $500 dollar advance that was recieved in 1998.  If you can provide me with information to resolve these items it would be greatly appreciated.

Thanks,
Brea
X-56888
3AC2058


will do.

The purpose of nymex on weekends is to make everybody in the industry bring up EOL every day.  There were a few days when I would get in at 7 and power traders in the industry were already trading gas either throught the broker market or on ice.  I'm trying to ensure EOL is the primary system used to trade gas.  However, it is a money loser.  If we gap down 10 cents over a weekend, I lose an average of 5 cents on 600 lots, $300,000, minus bid/offer on maybe 50 buy/sells of 30 lots times .005 is $75,000.  I don't really want to put more automatic products on the system that do little good as far as promoting EOL but are money losers. The one exception is Hub cash which I think should be a 24 hour 5 day a week product.

Are the FedEx's getting to everybody Monday or are you sending them Monday?

-----Original Message-----
From: Lavorato, John
Sent: Sun 11/18/2001 10:49 AM
To: Arnold, John
Cc:
Subject:

I need to give you a task.  Figure out what I lost last week.

Also, why don't we have the rest of month henry hub swap up on weekends.

this week

150 each

indi +5.5
jets +5.5
phili -7
seattle -3.5
tenn +2
sd +9
jack +5.5 -----> 250
st louis -8
st louis/ne england over 46.5


Reminder for today's conference  call...

The Alliance of Energy Suppliers will conduct a conference  call to apprize the generator community of the recent progress of the  Interconnection Agreement and Interconnection Procedures drafting groups  and their work-product, solicit input on content of comments to the ANOPR,  and begin discussion of Phase II- Cost Responsibility and Cost Allocation of  Interconnection Upgrades.

The Alliance's outside counsel, Jonathan Gottlieb,  will  be the co-conductor of this call to provide first-hand knowledge of the  drafting process, since he is actively participating on the drafting committee,  and assist in identifying outstanding interconnection issues.

We encourage all to participate on the call and prepare to  express any questions, comments or concerns.

Attached is the agenda for the conference call.   Please reply back to this e-mail if you plan to participate on the  call. If you have questions or need additional information, please do  not hesitate to contact Chuck Linderman (x5652) or myself (x5098).

Call in number: (800) 860-2442.
Call Name: Alliance Interconnection  Call
Date: Monday, Jan. 7 at 1PM  (EST)

Thanks,
Tonja Wicks
Manager, Energy Supply Policy
Alliance of  Energy Suppliers
Edison Electric Institute
Phone: (202) 508-5098
Fax:  (202) 508-5600
Fax: (202) 508-5445
 - 02Jan 7 IC Conf Call Agenda.doc
 - Tonja Wicks.vcf


In case you all have not seen this, here is a press release on an agreement
between New England and PJM to develop a standardize market design based on
PJM's market design.

Please let me know if you have any questions.

Sarah


yes, please

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

	Angela Davis@ENRON
	01/17/2001 06:48 AM

		 To: sara.shackleton@enron.com
		 cc:
		 Subject: Enron/Rabo Equity Swap

Shall I respond to this?

Angela D. Davis
Enron North America Corp.
1400 Smith, Suite 3842
Houston, Texas 77002
Tele. (713) 345-8347
Fax:  (713) 646-3393
e-mail:  angela.davis@enron.com
----- Forwarded by Angela Davis/NA/Enron on 01/17/2001 06:52 AM -----

	"Thomas, JA (Jane)" <thomasja@RABO-BANK.COM>
	01/17/2001 03:47 AM

		 To: "'angela.davis@enron.com'" <angela.davis@enron.com>
		 cc: "Lauber, M (Mark)" <LauberM@RABO-BANK.COM>, "Hogg, C (Christine)"
<HoggC@rabo-bank.com>
		 Subject: Enron/Rabo Equity Swap

Angela

Thank you very much for your message.  I am happy for you to prepare the
equity swap confirmation for Rabo's review.  I will review the document but
could you also copy in Mark Lauber and Christine Hogg.  I have copied them
on this mail, so you'll have their email addresses.

Will you also be negotiating the ISDA?  If it is not you, could you let me
know who it will be.

Kind regards

Jane Anne Thomas
Assistant General Counsel
Rabobank International
Tel: +44 20 7809 3240
Fax: +44 20 7809 3507

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Yeah!!!!

 -----Original Message-----
From: 	Staab, Theresa
Sent:	Wednesday, October 24, 2001 2:21 PM
To:	Vela, Valerie
Subject:	RE: Greeley Gas - September 2001

I'm glad.  I'm very sorry about that mix up.  Thank goodness we only have one more month of this deal and it expires.  We did not re-new it.

Talk to you later,
Theresa

 -----Original Message-----
From: 	Vela, Valerie
Sent:	Wednesday, October 24, 2001 1:20 PM
To:	Staab, Theresa
Subject:	RE: Greeley Gas - September 2001

Theresa,

Don't worry about it....looks good now.
Thanks!

 -----Original Message-----
From: 	Staab, Theresa
Sent:	Wednesday, October 24, 2001 1:35 PM
To:	Vela, Valerie; 'robert.poole@atmosenergy.com'
Subject:	Greeley Gas - September 2001

Okay Guys -  Call me CRAZY!

I don't know what I did, but I had the wrong Gas Daily pricing in the spreadsheet for September.

Please accept my apology... One would have thought I'd have this down pat by now.

Sorry about this.  I hope this is the last revision for September.

Call me if you have any questions.

Thanks,
Theresa

 << File: Greeley Gas September 01.xls >>


How long you going for?  I'm jealous.

Cameron Sellers <cameron@perfect.com> on 09/14/2000 12:20:39 PM
To: "'Nancy Sellers'" <Nancy.Sellers@RobertMondavi.com>, Jeff Dasovich
<Jeff_Dasovich@enron.com>, "Prentice @ Berkeley"
<PSellers@haas.berkeley.edu>, Prentice Sellers <PSellers@pacbell.net>, Scott
Laughlin <scottwl@hotmail.com>
cc: "'Eldon Sellers'" <Eldon@interx.net>
Subject: RE: October 7

I thought you already knew that we will already be in Italy.? Scott leaves on
the 26th and I leave on October 5th.? Oh well(

?

Cameron Sellers

Vice President, Business Development

PERFECT.COM

1860 Embarcadero Road - Suite 210

Palo Alto, CA 94303

cameron@perfect.com

650.798.3366 (direct dial)

650.269.3366 (cell)

650.858.1095 (fax)

?

-----Original Message-----
From: Nancy Sellers [mailto:Nancy.Sellers@RobertMondavi.com]
Sent: Thursday, September 14, 2000 9:37 AM
To: Cameron; Jeff Dasovich; Prentice @ Berkeley; Prentice Sellers; Scott
Laughlin
Cc: 'Eldon Sellers'
Subject: October 7

?

John and Kittina Powers (among others) are coming to dinner Oct 7.? Please
let me know by the time we get back (9/23) from Mexico if any or all of you
care to join us.? It is not a command performance, but you are most welcome.?
I need to know to order the foie gras - there is a shortage of it right now -
probably due to our anniversary approaching

?

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"

?
 - image001.jpg


This week's Lite Bytz lunchtime presentation will feature the following TOOLZ
speaker:

Ryan Orsak
Livelink-A Knowledge Management System
Thursday, December 14, 2000

If you have not already signed up, please RSVP via email to
litebytz@enron.com by the end of the day Tuesday, December 12, 2000.

Click below for more details.

http://home.enron.com:84/messaging/1214liteb.ppt


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

Dear Market Participants,

The following software updates will become active on October 30, 2001.

The NYISO web infrastructure will be enhanced through the
implementation of BEA's WebLogic product. The new application
server will be the platform utilized by the MIS to provide
bidding and scheduling capability to Internet customers. The
new software replaces the NetDynamics product, will provide
the same functionality, and will be a more robust and reliable
development platform for future enhancements.

Enhancements will be made to the software that generates the
Pre-MGF (Master Generator File) file used by transmission owners
in the event of a Backup Dispatch System (BDS) activation. The
enhancements will ensure more accurate operation of the BDS system.

The NYISO web page will be modified to add a ticker function
that displays the real-time load information.

Multiple preliminary software changes will be made to the MIS,
SPIDER, and BAS systems in preparation for the activation of
Virtual Bidding in the NYISO energy markets on November 1, 2001.
Activation of Virtual Bidding is pending approval by the FERC.

If you have any questions, please call your Customer Relations
representatve or the Help Desk at 518-356-6060.

Regards,

Customer  Relations


The security desk downstairs may know who he checked in to see.


I take it you are no longer going to Portland? I need to cancel your tickets
then. Would you let me know?
Thanks,
Joseph
---------------------- Forwarded by Joseph Alamo/NA/Enron on 07/31/2001 01:27
PM ---------------------------
From: Lysa Tracy/ENRON@enronXgate on 07/31/2001 03:22 PM CDT
To: Joseph Alamo/NA/Enron@Enron
cc:

Subject: FW: RE-SCHEDULE NOTICE - Western Government Affairs Meeting

 -----Original Message-----
From:  Perrino, Dave
Sent: Monday, July 30, 2001 3:09 PM
To: Perrino, Dave
Cc: Walton, Steve; Alan Comnes/PDX/ECT@Enron; Nicolay, Christi; Davidson,
Debra; Steffes, James D.; Kaufman, Paul; Alvarez, Ray; Novosel, Sarah; Hall,
Steve C.; Denne, Karen; Tracy, Lysa; Davidson, Debra; Landwehr, Susan M.;
Dasovich, Jeff
Subject: RE-SCHEDULE NOTICE - Western Government Affairs Meeting
Importance: High

Dear All,

As a result of the recent volume of activity in Washington DC, with mediation
proceedings, refund discussions and the need for key members of our team that
need to attend these meetings, it has been decided to re-schedule the meeting
of the Western Government Affairs group to Wednesday, September 12, in
Portland, 10AM-5PM.

For those of you who had planned on attending, I am sorry to cause you this
inconvenience.  Hopefully for those of you who wanted to attend, but
couldn't, this will offer you the opportunity to participate on September 12.

Due to the volatility of policy related issues in our region, I would expect
there may be some modifications to our current agenda below.  As these
changes occur I will communicate this information to you.

Any questions or concerns, please contact me.

Kind Regards,

Dave

	  From:  Dave Perrino                           07/20/2001 09:36 AM

To: Steve Walton/ENRON@enronXgate, Alan Comnes/PDX/ECT@Enron, Christi L
Nicolay/HOU/ECT@ECT, Debra Davidson/ENRON@enronXgate, James D
Steffes/NA/Enron@Enron, Paul Kaufman/ENRON@enronXgate, Ray
Alvarez/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Steve C
Hall/ENRON@enronXgate, Steve Walton/HOU/ECT@Enron, Karen
Denne/ENRON@enronXgate
cc: Lysa Tracy/ENRON@enronXgate, Debra Davidson/Enron@EnronXGate

Subject: Draft Agenda for - Western Government Affairs Meeting

Below is a draft agenda for our planned meeting on Wednesday August 1 in
Portland Oregon from 10-5.  Tim Belden will be joining us from11:30-1PM
(thanks Debra) and the agenda is taking Tim's time into account.  We will be
meeting in the Mt. Hood Room, a working lunch will be provided (thanks
Lysa).

If you would like to modify the agenda, please send your edits to me.

10:00   Meeting called to order - Brief Introductions - All
10:10   Overview of Western Government Affairs Priorities (Jim or designee?)
11:00   What are the short-term needs of our Western Commerical Staff? (Alan?
)
11:30   Brief Overview of July 12 Rulings and discussion of the potential
impacts on the West (Ray/Christi/Sarah? and Group)
12:30   RTO/ISO Status Update (in alphabetical order)
  CAISO   (Sue)
  DSTAR   (Dave)
  RTO West  (Steve)
2:00 RTO Strategy discussion "How we move forward and how we should leverage
the recent FERC July 12 rulings"     (Group/Jim?)
3:30 Meetings, RTO's and WSCC - Ranking and Coverage coordination (Group)
4:30 Northwest OASIS "Enhancements" - Solicitation of Trader Comments (Dave)
(Note, Alan, can you please ask Diana,   Sean and Bill Williams III to see if
they can schedule time to attend?)

While developing this agenda from everyone's input I was thinking that NERC
is beginning to assert more and more influence (good or bad) on the entire
industry.  I would like to know if our group feels it would be useful to
invite either Charles Yeung or Andy Rodriquez to our meeting to overview NERC
activities and or Electronic Scheduling?

Also, if Steve Hall has any legal or contract issues he'd like to discuss
during our meeting I'll be happy to add time for that.

Again, as noted above this is a draft and as you can see I have
un-democratically nominated (suggested) folks for leading various
discussions.  Any comments or confirmations of commitment to lead an agenda
item would be greatly appreciated.  Thanks for everyone's input.

Kind Regards,

Dave


Hi!

I was off work yesterday, so I just got your email.  You gotta love
President's Day.  We went to the rodeo last night, and I'm really tired
today.  I'm too old to go out on a school night!

Mom said that the dr wants to do a sonogram on Dad's neck to check out the
blockage.  When I talked to her they didn't know when it would be scheduled.
Evidently there is some unclogging procedure they can do.  Sounds dangerous
to me, but I don't really know anything about it.

Too bad about Katie's asthma.  I was worried that Paige has it, but she went
through a bunch of tests and they said she doesn't have it.  Just really bad
allergies that make her wheeze.  I'm not sure of the difference, but I
believe this dr.

Michael still isn't interested in playing team sports.  We asked this spring
and he said not yet.  I don't know why he doesn't want to play, but I don't
want to push him either.  Maybe I should take him to watch some little kids
play.  Maybe we can come watch Annie play.

Neil's rodeo stuff will be over next week. Everything else is business as
usual around here.

Say "hey" to everyone.

Love,

Kay


Any GCP adjustments will be highlighted in red.

Expect a GCP Response on Clickpaper approvals, CP 03-12a-01, tomorrow,
3/15/01 by 5pm.

Rgds.

Samuel x3-9890
(GCP_Enron Networks)

From: Aparna Rajaram/ENRON@enronXgate on 03/12/2001 05:01 PM
To: Samuel Schott/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Steve
Venturatos/HOU/ECT@ECT, Camille Gerard/Corp/Enron@ENRON, Mary G
Gosnell/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Frank
L Davis/HOU/ECT@ECT, Ken Curry/ENRON@enronXgate, Nicole Hunter/NA/Enron@Enron
cc:
Subject: Click Paper Approvals, 03-12-01 Ammendment

Please see attached.

Regards,

Aparna Rajaram
ext. 5-4563


Start Date: 4/12/01; HourAhead hour: 2;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041202.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 2 / Preferred:  47.00 / Final:  46.99)
  TRANS_TYPE: FINAL
  SC_ID: ECTstSW
  MKT_TYPE: 2
  TRANS_DATE: 4/12/01
  TIE_POINT: MEAD_2_WALC
  INTERCHG_ID: EPMI_CISO_8000
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 2 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/12/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_DODGERS
  ENGY_TYPE: WHEEL

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 2 / Preferred:  42.88 / Final:  42.85)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/12/01
  SC_ID: EPMI


Linda, great job!!!!  I am happy with that result.  It makes things much
easier.  Have a great weekend.  Michelle

	"Linda Broocks" <lbroocks@ogwb.com>
	05/12/2000 10:17 AM
	Please respond to lbroocks

		 To: "Fine, Thomas F." <tffine@tva.gov>
		 cc:
		 Subject: RE: Enron v. Haile

Dear Tom:
 The fully executed copy is on its way to you.  Thanks for all of your
cooperation in bringing this matter to a close.  I will file the dismissal
papers and will copy you on them.
Best regards,
Linda

-----Original Message-----
From: Fine, Thomas F. [mailto:tffine@tva.gov]
Sent: Friday, May 12, 2000 9:03 AM
To: 'lbroocks@ogwb.com'
Subject: RE: Enron v. Haile

I have no problem with a non-notarized signature if it meets with your
approval.

Thomas F. Fine
Assistant General Counsel
ET 10A-K
865-632-2061; 865-632-6718 (fax)
tffine@tva.gov

> ----------
> From:  Linda Broocks[SMTP:lbroocks@ogwb.com]
> Reply To:  lbroocks@ogwb.com
> Sent:  Thursday, May 11, 2000 7:03 PM
> To:  Fine, Thomas F.
> Subject:  RE: Enron v. Haile
>
> Tom:
>  Today I received the agreement, which had been executed by Jim
> Fallon but
> not notarized.  He has now moved to another company.  If you need the
> signature notarized, it will take another couple of weeks to get it
> re-executed.  Would you prefer to have it non-notarized?  If so, I will
> send
> you your executed copy tomorrow.
>  Thanks for your continuing assistance.
> Linda Broocks
>
> -----Original Message-----
> From: Fine, Thomas F. [mailto:tffine@tva.gov]
> Sent: Monday, May 08, 2000 1:13 PM
> To: 'lbroocks@ogwb.com'
> Subject: Enron v. Haile
>
>
> Linda -
>
> Please let me know when we can expect to see the fully executed settlement
> agreement and the papers showing that the suit has been dismissed.
>
> Thank you for your continued cooperation.
>
> Thomas F. Fine
> Assistant General Counsel
> ET 10A-K
> 865-632-2061; 865-632-6718 (fax)
> tffine@tva.gov
>


FYI.

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

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - NYMEX comment.PDF


Mark Elliott tells me that you drafted some trader guidelines (physical and
financial) for the London traders.  I am trying to develop similar guidelines
for the Southern Cone regions (first Argentina) and thought your expertise
would be very helpful.  Could you send me a set?  I'm leaving for Sao Paulo
on Saturday but I will be in the office tomorrow.  Thank you for your help.
Regards.  Sara


[IMAGE]
2000 Year-End  Transcript

[IMAGE]

ANNOUNCER: Every week for more than thirty  years, America's most widely
watched and trusted source of economic and  financial advice, Wall $treet
Week With Louis Rukeyser is made possible by:  Deloitte & Touche, who is
equally at home with steel and silicon, with  wheat fields and cyberspace.
For professional services, the answer is the  people of Deloitte & Touche; by
A.G. Edwards, committed professionals  providing a full range of financial
services and investment advice, A.G.  Edwards, trusted advice, exceptional
service; by OppenheimerFunds, where a  long-term approach to investing has
helped put financial security in the hands  of millions of Americans,
OppenheimerFunds, the right way to invest; by The  Kaufmann Fund, a small
company aggressive growth fund; and by contributions to  your PBS station
from viewers like you. Thank you.

Produced  Friday, December 29, 2000.
Our panelists are Elizabeth Dater, Louis  Holland, Barbara Marcin and Brian
Rogers.

LOUIS  RUKEYSER: Good evening. I'm Louis Rukeyser. This is Wall Street Week.
Welcome back.

Well, folks,  now you know why they call it black tie.

Much of the  world of investors regards 2000 as a year of mourning -- for
profits past, for  bubbles burst, for bulls de-horned and for certainties
crumbled.

And let's face  it: It wasn't always fun.

As Winston  Churchill put it, "I'm always ready to learn, although I do not
always like to  be taught."

Virtually  nobody except the non-stop pessimists -- who are still stone
losers over the  past decade -- foresaw the viciousness of this year's
declines -- although the  year was contradictory, even there.

For example, is  this a bear market?

Well, yes and  no.

Even from their  highest heights in early 2000, the Dow Jones Industrial
Average and the  S&P 500 have declined far less than the twenty percent that
traditionally  has defined a bear market.

But for the  formerly high-flying technology stocks personified by the
Nasdaq, this has not  only been a bear -- but the growly of all time.

Nasdaq, which  never does things moderately, fell nearly 40 percent this year
-- and is off  more than 51 percent from its March 10th high.

That makes this  not only the worst year ever for the 29-year-old Nasdaq, but
the biggest  decline for any of the three major indexes since the S&P 500
lost 47  percent in 1931, during the Great Depression.

So devastating  was this latest, and most severe, tech wreck that any attempt
to put it in  perspective -- by pointing out, say, that Nasdaq has been the
bullish  phenomenon of the past decade -- and that it gained more than 85
percent in  1999 alone -- is likely to seem like irrelevant ancient history
to today's  bleeding tech investors.

Are they right?  Is this just a temporary reversal of a fantastically
promising up-trend, or is  it truly the end of a booming era?

Were the  downward catalysts of 2000 -- a fierce Federal Reserve, a steeply
weakening  economy and a nation driven to embarrassing self-doubt by the
Election That  Would Not Die -- passing phenomena or auguries of enduring
change?

We'll try to  get you some meaningful answers tonight -- in the company of
four  sharp-shooting panelists whose recommendations actually made our
viewers  significant money in 2000 while the markets -- and most of their
competitors  -- faltered.

We'll review  what really did happen in 2000 -- to the economy and to
investors -- and we'll  see if those four can be at least as helpful to us in
the year ahead -- in  which, not to put too fine a point on it, Wall Street
owes us all a lot!

But, first,  let's see how the best-performing got better -- and the
worst-hit got  hysterical -- in a characteristically mixed ending to a
thoroughly mixed-up  year.

The Dow Jones  Industrial Average ended on a stronger note, despite a
final-day sell-off,  gaining more than 150 points to close the year at
10,787.99 -- making this the  Dow's first losing year since 1990.

Most indexes  followed the Dow's upward lead -- with the conspicuous
exception of, you  guessed it, Nasdaq, which ended the year at less than half
its March  peak.

But the elves,  filled with the holiday spirit -- or something -- continue to
insist that  better times lie ahead both for the Dow -- where our haloes go,
as usual, to  those who voted neutral three months ago, since when the Dow is
up by just a  bit more than one percent -- and for Nasdaq, which we now
insist they also  predict -- to see if that can improve their worst overall
yearly record since  they were created.

There were  minimal changes in the bond and oil markets, and the dollar had a
mixed week  -- as the long-suffering euro continued its recent rebound.

And if your  investments this year are giving you palpitations, try munching
some of those  holiday sweets you've been trying to put out of your mind.

A new report in  the American Journal of Clinical Nutrition says that
chocolate may  protect against heart disease.

The theory is  that procyanidin found in the candy helps prevent build-up of
blood  platelets.

Brian Rogers,  what's it going to take to build up investor psychology in
Wall  Street?

ROGERS:  Well, Lou, I think what we've seen is a very natural transition this
year away  from some of the higher-flying sectors of 1999. And I think
investors as we  enter the new year will be focused on earnings progression,
what the Fed does  with rates, and I think an awful lot will be determined,
at least in the first  part of the year, on what happens to mutual fund cash
flows.

RUKEYSER:  When will we know that? A week or two from now, or will it take
longer?

ROGERS:  I think we'll see a lot of indications in January. I think the Fed
will meet  several weeks into the new year. I think we'll see trends in
mutual fund cash  flow data evident by the end of January. And then we also
have the January  effect I suppose we can look forward to, to see how the
first month of the  year shakes out.

RUKEYSER: So basically, if things don't look a heck of a lot  better by
mid-January, that's going to be a bad sign.

ROGERS:  You can take the rest of the year off at that point.

RUKEYSER: Thanks for your encouragement. Barbara Marcin, what do  you think?
What's it going to take to pep up the investors?

MARCIN:  Well, I think that we have much more reasonable expectations of
profit and  growth priced into the market here. And I really think that what
happened this  year was it was really a narrow group of stocks that really
led the market  down. It was the same technology and telecommunication stocks
which boomed so  much last year. And last year you could have a reasonable
return which would  look very mediocre if you weren't invested in those
stocks, and this year if  you have a reasonable return, it looks very good,
because the telecom and  technology stocks declined so much. So I think it's
really just been a matter  of resetting expectations, and I think we can
still have a good market here  with a broad number of stocks attractively
priced.

RUKEYSER: So it was a good thing that those jazzed-up fly boys  came down to
earth, huh?

MARCIN:  Well, I think it sets us up for a better year in the stock market
certainly,  yes.

RUKEYSER: Lou Holland, Brian mentioned the Fed. How important is  the Fed in
all this?

HOLLAND:  Well, I think the Fed made a big mistake. I mean they raised
interest rates,  you know, 6 times in 15 months. You know, basically the
economy, inflation was  not an issue at the time that they were raising it.
And now of course they  took money out of the system because they put a lot
in at the end of '99 for  Y2K issues, and now they've taken it out. So really
I think they've dropped  the ball here, and I think that they're going to
have to cut rates here over  the next month or so.

RUKEYSER:  How much impact will that have? Wall Street expects them to do
that  doesn't it?

HOLLAND:  Well, I think it does, Wall Street expects that. But I think,
again, to  see it is to believe it, and I think to the extent that Greenspan
has sort of  been a follower, he has not been a leader. So I suspect that any
positive  action here will be received relatively positively.

RUKEYSER: You mean the markets have led him.

HOLLAND:  That's exactly right.

RUKEYSER: And they're now leading him to a rate cut.

HOLLAND:  Exactly.

RUKEYSER: I  see. Well, I hope Mr. Greenspan understands that. Beth Dater,
what do you  think?

DATER:  Well, that's an interesting point, because I think typically the
stock market  is driven by the economy. What's sort of interesting about the
last  year-and-a-half is that to some extent the economy has been driven by
the  stock market and the wealth effect. And so I think what's going to be
really  important to watch here is the consumer and whether the consumer can
adjust to  a year in the stock market where you may have gains that are more
like eight  percent than 25 or 30 or high double-digit gains.

RUKEYSER: The consumer didn't seem to be too sanguine this  Christmas.

DATER:  No, the consumer seems to be retrenching definitely somewhat here.
And I think  the question will be, back to Brian's point, what will happen
when the  consumers see their fourth quarter results in some of the mutual
fund  business. It's something to watch very closely I think.

RUKEYSER: There was a fall off in the rate of net input into  mutual funds
last month, which is not surprising. What do you think? Why  should people
turn around and put a lot of money into mutual funds  now?

DATER:  Well, I think there's, I think that consumers also have to adjust to
the  fact that, you know, the same 25 stocks aren't going to carry
everything, that  there are areas of diversification, such as fixed income
and value and other  styles of investing, where one can still receive good
returns over time.

RUKEYSER: All right. Now, before we look ahead with our winners  of the year,
let's review where we've been in a year most investors would love  to forget.

The Dow Jones  Industrial Average was the year's first victim, falling nearly
2,000 points  after peaking in mid-January at a record 11,723 -- but then
gained most of it  back, ending with a loss of just over six percent.

The S&P 500  peaked later -- in March -- but recovered less, losing a bit
more than ten  percent for the year.

But the true  carnage was restricted to the Nasdaq, which was butchered by
more than 39  percent.

In contrast,  both the New York and American Stock Exchange composite indexes
-- which track  all the common stocks traded there -- eked out small gains
for the year --  while the small-stock Russell 2000 was down by just 4.2
percent.

Even a bad year  for stocks and a hint of inflation couldn't revive the
fortunes of the  investment world's longest sufferers -- the gold bugs --
whose favorite metal  continued to tarnish. And silver did even worse.

The strong man  of the year was the U.S. dollar, which easily outperformed
all other major  currencies, with a particularly dazzling gain of 12 percent
against the  yen.

Meanwhile, the  U.S. economy continued -- as it has now for nearly ten years
-- what has  become a record expansion -- but new doubts about its durability
arose as  growth slowed in the third quarter to just 2.2 percent and the
fourth quarter  seemed even weaker.

There was a  slight whiff of inflation midway through the year, helped along
by a stunning  rise in oil prices and a period of excess money creation by
Fed officials, who  last year took the Y2K threat too seriously. By November,
there was some  relief -- consumer prices for the past 12 months had
increased 3.4 percent,  ahead of the pace a year ago, but off the summer
highs.

Continuing to  defy old-fashioned economic textbooks, unemployment remained
low, even as  inflation blipped -- and the economy chugged forward. U.S.
unemployment  reached a three-decade low at 3.9 percent, and as of the last
monthly report,  in November, was still holding at just four percent.

Even the  ever-edgy bond market stopped trembling about inflation -- and with
the  prospect of a softer economy, the ghouls rejoiced. The yield on the
30-year  Treasury bond was driven down to 5.46 percent -- more than a full
point lower  than where it was a year ago.

But short-term  rates -- which are more-easily controlled by the Federal
Reserve -- climbed  nearly as much as long rates fell. The average yield on
taxable money-market  funds is now up to six percent.

The year's big  international economic story was oil. From below $11.00 a
barrel just two  years ago, oil climbed over $37.00 this past September
before retreating to  today's $26.80 -- a little more than a dollar higher
than a year  ago.

For the fourth  year in a row, the U.S. trade deficit is setting a record in
2000 -- and next  April will mark a full quarter-century since the U.S. last
saw even a monthly  trade surplus.

And where do we  go from here? The Conference Board's index of so-called
leading economic  indicators has been anemic throughout 2000 with outright
negative readings in  four of the past five months.

Brian Rogers,  which of these numbers, if any, is the one to watch in the
2001  markets?

ROGERS:  Lou, I think the most important thing will be what happens to
corporate  earnings in the first half. Things have been sluggish in the
second half of  this year, and I think as we enter the new year corporate
profitability will  be the most important thing affecting how investors view
markets.

RUKEYSER: And what's your guess on how that will turn out?

ROGERS:  I think we'll have a decent profit year, but when I say decent, Lou,
my best  guess is in the five to seven percent range, and not much more than
that, from  a corporate profitability standpoint.

RUKEYSER: Do you think the markets are expecting that?

ROGERS:  I think the markets are expecting a little bit more than that, which
makes me  think we might continue to have some, again some choppiness in the
first part  of 2001.

RUKEYSER:  Barbara Marcin, what are you going to keep your eye on?

MARCIN:  I'm going to keep my eye on the consumer confidence levels. You
know, we  had three forces which slowed the economy this year: the Federal
Reserve  raising interest rates, high oil and gas prices, and really a sharp
drop off  in consumer confidence as the stock market fell, and that slowed
spending a  lot. And I think that if that were to get much worse or consumers
really  stopped spending, that could spiral a little bit more into companies
incorporating that and having layoffs, and really then we could get a
recession. So that's what I'm keeping my eye on.

RUKEYSER: Consumers have been the heroes and heroines of this  whole
expansion.

MARCIN:  Yes.

RUKEYSER:  There are some signs they're flagging a little, but you want to
see how  much.

MARCIN:  Yes.

RUKEYSER: What's your guess?

MARCIN:  I think that, right now I'm not predicting a recession, so I'm not
predicting  that they're going to flag that much more. We just had, this week
the third  straight month of a fall off in consumer confidence. And I think
that perhaps,  come the new year, we can regain it, but that is what I'm
concerned about.

RUKEYSER: Lou Holland, how about you?

HOLLAND:  I agree with Barbara. I think the consumer sentiment has
deteriorated, and I  think that there's probably a greater than 50-50 chance
that we're probably  going to have a recession. It's sort of the old notion
of the Federal Reserve  pushing on the string in order to get the economy
going by reducing rates or  injecting money into the system. And I'm not so
sure that the system will  swallow it quick enough to stop us from falling
into recession.

RUKEYSER: So you think the Fed has waited far too long.

HOLLAND:  I think so.

RUKEYSER:  Do you think there's a chance that they'll cut more than a quarter
percent  next month?

HOLLAND:  I think it's possible that they could have an interim meeting to
cut, and I  think it's very possible they could cut a half a point.

RUKEYSER:  Beth, can you cheer me up any more?

DATER:  Well, I think it gets down to interest rates, because I think that is
what  will ultimately influence the consumer confidence. I'm a little bit
concerned  about the dollar in here. I mean I think that we have had a huge
amount of  foreign investment also into our capital markets here, and if the
dollar were  to weaken substantially, that might be at risk, and we might see
some  repatriation of some of those foreign investments.

RUKEYSER: All right. Now comes the moment of truth when we turn  the
spotlight on what these folks said twelve months ago.

In what has  been for decades the toughest competition in investing -- the
lists cannot be  changed for any reason during the ensuing twelve months --
it was a tough year  even for our certified geniuses -- though the average of
all our panelists  continued to beat the performance of the S&P 500, let
alone the sagging  Nasdaq.

You can check  all their records on our web site. It will be up after
midnight tonight. As  you'll see, the five who actually defied the odds, and
made you money in 2000,  included the four stalwarts here tonight.

Brian Rogers,  to show what a weird year it was, you were the second-closest
of all our  panelists, behind Marty Zweig, in predicting the Dow's 2000 high
and close --  though even you were too optimistic by nearly 800 and 1,000
points,  respectively. That was good this year.

But in the  far-more-important, actual money-making part of the competition,
you excelled  -- with a portfolio of specific recommendations that, according
to  calculations by our friends at Bloomberg Financial Markets, was up a
whopping  42.5 percent, aided by three timely short sales and a near-double
in Bergen  Brunswig. Congratulations!

ROGERS:  Thank you.

RUKEYSER:  Barbara Marcin, with both you and Brian here, it's clearly the
value  players' night out. While your prediction that the Dow would get above
14,000  turned out to be ridiculously high, you came within 11 points -- 11
points --  of nailing the precise Dow low of 9796.03. And better still, your
portfolio is  up more than 40 percent in this generally-grim year -- thanks
to the best  single pick of any panelist, Everest Reinsurance Holdings --
which rewarded  you with a 222-percent gain. So thanks, Barbara, for bringing
us so much  value!

MARCIN:  Thank you.

RUKEYSER:  Lou Holland, welcome back to your fourth year-end appearance, the
most of  any panelist here tonight, and you earned it. While your high, low
and close  were way off the mark -- a familiar song this year -- your
portfolio was up  more than 28 percent, powered by the more-than-doubling of
Washington Mutual.  Way to go, Lou.

HOLLAND:  Thank you.

RUKEYSER: Beth Dater, this is your third year-end program. And  your cautious
approach to investing in 2000 -- including putting 20 percent of  the
portfolio in three-year Treasury notes -- paid off with an average gain of
more than 7.5 percent. In 2000, that looked awful good. So congratulations,
Beth.

DATER:  Thank you, Lou.

RUKEYSER:  But enough with the compliments -- however well-earned in a year
like this  past one. There's a new, and we hope different, year ahead -- and
what have  you done for us lately? For starters, in our annual triumph of
hope over  experience, let's hear from each of you the true inside word on
the highest  close, the lowest close, and the final close for both the Dow
Jones Industrial  Average and Nasdaq in 2001. And this time, gang, let's all
get it exactly  right.

Brian?

ROGERS:  Lou, for the Dow, I have a high of 12,500, a low of 10,000, and a
close of  11,900. And for the Nasdaq, a high of 3,000, a low of 2,000, and a
close of  2,250.

RUKEYSER: Barbara?

MARCIN:  For the Dow, I have a high of 13,000, a low of 10,500, and a close
of 12,000.  And for Nasdaq, a high of 3,200, a low of 2,500, and a close of
3,000.

RUKEYSER: Lou?

HOLLAND:  For the Dow, I have a high of 12,936, a low of 10,100, and a close
of  12,504. For the Nasdaq, I have a high of 3,090, a low of 2,101, and a
close of  2,842.

RUKEYSER: Beth?

DATER:  Lou, for the Dow, I have a high of 12,175, a low of 9,781, and a
close of  11,740. And for the Nasdaq, a high of 2,834, a low of 2,404, and a
close of  2,734.

RUKEYSER:  Okay. Well, one thing is for sure -- and this is my only
personal,  unqualified guarantee of the night: At least some of them will be
wrong.

But, if you'd  like to see the full predictions, with specific stock
selections, from all 22  of our panelists, all those lists will be included
in tonight's transcript --  which you can get for $7.50 by writing to
Year-End Transcripts, Wall $treet  Week With Louis Rukeyser, Owings Mills,
Maryland 21117 -- or, you can order  on-line, for $10.00, by visiting our web
site at: pbs.org.

And now, let's  see what these fabulous four think are the very best buys for
2001.

Brian?

ROGERS:  Lou, Aon Corp, Cypress Semiconductor, Disney, Exodus Communications,
Fortune  Brands, Hasbro, Morgan Stanley Emerging Markets Fund, Motorola,
Octel, Ryder  (System), Sprint (FON Group), and Unisource Energy.

RUKEYSER: Barbara?

MARCIN:  I'm keeping the two from this year's list that did not perform, and
that's  Cendant and Mattel, and I'm adding Compaq, WorldCom, Lucent, Loral
(Space  & Communications), AT&T Wireless, and Motorola.

RUKEYSER: A little tech in there, hmm?

MARCIN:  Yes.

RUKEYSER:  Tech's going to have a little comeback you think?

MARCIN:  That's right. Tech and telecom maybe.

RUKEYSER: Some of those bleeding people will be very happy to  hear that from
a cautious person like yourself. Lou?

HOLLAND:  Okay, I have Carnival Corp., CEC Entertainment, Ceridian Corp.,
Clorox  Company, Chase Manhattan Bank, Cognos Inc., Intel -- one of your
favorites,  Louis -- Home Depot, Jabil Circuit, Microsoft, and WorldCom.

RUKEYSER: My favorites are the ones that go up. The ones I hate  are the ones
that go down. You know what Will Rogers said, there's nothing  hard about the
stock market. You buy a stock, and when it goes up, you sell  it. If they
don't go up, you don't buy. Beth Dater, your list?

DATER:  Lou, 25% weighting in 3-year U.S. Treasury notes. The balance equally
weighted  in Amgen, Berkshire Hathaway, Cisco Systems, Intel, MedImmune,
Mellon Bank,  Morgan Stanley Dean Witter, Royal Dutch Petroleum,
Schlumberger, Wal-Mart, and  Westwood One.

RUKEYSER:  Hearing as much financial services as I do, is that an interest
rate  forecast as well?

DATER:  It's an interest rate forecast, and also it's a call on valuations,
which I  think are still very interesting in that area.

RUKEYSER: How about some of those fallen giants that you've  picked? That
suggests to me that you don't think it's the end of the world.

DATER: I  do not think it's the end of the world. And I do think it's a time
of some  uncertainty and it's a time to think of preservation of capital
first and  foremost, and therefore, I'm going with some household names at
this point.

RUKEYSER: Especially some that have been knocked so far down  that...

DATER:  Exactly. The valuations are coming into reasonable levels.

RUKEYSER: Brian Rogers, let's hear from you on interest rates.  What do you
think?

ROGERS:  Lou, I think we'll see a normalization of the yield curve this year,
so I  think we'll see short rates fall. The Fed will cut rates probably a
couple of  times. And I think the big gain this year was in the long bond in
calendar  year 2000. I think that game is probably mostly over would be my
best guess.

RUKEYSER:  And short-term rates you don't think are going to fall that much?

ROGERS:  No, I think short-term rates will fall causing the yield curve to
look...

RUKEYSER:  But how much do you think they'll fall?

ROGERS:  I think they'll fall at least 50 or 75 basis points this year.

RUKEYSER: Okay. If we can get that over the next two weeks, that  might help
some of your inflows into your mutual funds.

ROGERS:  Well, we'll be happy then.

RUKEYSER:  Thank you all very much. There we do have to stop. I hope you'll
join me  next week twice -- first, for our regular program when my guest will
be the  incomparable Abby Joseph Cohen -- and then for a very special,
hour-long  "Louis Rukeyser's 2001 Money Guide" -- when my guests will include
four  world-class industrial titans -- true shapers of our future in the year
-- and  the century -- ahead.

Meanwhile, this  has been "Wall Street Week." I'm Louis Rukeyser, wishing you
a happy -- and  infinitely more prosperous -- New Year.

ANNOUNCER: Wall $treet Week With Louis Rukeyser is produced in  association
with Rukeyser Television, Inc., by Maryland Public Television;  made possible
by: Deloitte & Touche. Businesses have always had to face  new challenges.
Who can they turn to now that they face a new economy as well?  For
e-business services, the answer is the people of Deloitte & Touche; by  A.G.
Edwards, providing a full range of personalized financial, retirement and
estate planning. A.G. Edwards, trusted advice, exceptional service; by
OppenheimerFunds. Every year millions of Americans place their financial
futures in the hands of one mutual fund company, OppenheimerFunds. The right
way to invest; by The Kaufmann Fund, a small-company aggressive growth fund;
and by contributions to your PBS station from viewers like you. Thank  you.

[IMAGE]

2001 PANEL  PREDICTIONS

Ralph Acampora

?
DJIA
NASDAQ
High:?
12,700
3,500
Low:
?9,700
1,800
Close
11,400
3,200

?

?

Cablevision  Systems Corp.
Graco
Mercury Computer Systems
Minnesota  Mining & Manufacturing
QUALCOMM
Unisys Corp.
United  Technologies Corp.
Waste Management
Wells Fargo &  Co.

	Laszlo Birinyi

	?
	DJIA
	NASDAQ
	High:?
	13,250
	3,550
	Low:
	10,400
	2,100
	Close:
	13,050
	3,450

	?

	?

	Applera Corp. -  Celera Genomics
	AT&T Wireless Group
	BEA Systems
	Bear  Stearns Companies
	Berkshire Hathaway - Cl "A"
	EMC Corp.
	Goodyear Tire & Rubber Co.
	Lucent Technologies
	Martha  Stewart Living Omnimedia
	NCR Corp.
	Sara Lee Corp.
	UST Inc.

	?
		Ed  Brown

		?
		DJIA
		NASDAQ
		High:
		11,950

		2,900

		Low:
		10,320
		2,260
		Close:
		11,735
		2,810

		?

		Carnival Corp.
		Cisco Systems
		Dollar General Corp.
		Home Depot
		Microsoft  Corp.
		Pfizer
		Safeway
		Staples
		Wal-Mart Stores

		?

Frank Cappiello

?
DJIA
NASDAQ
High:?
Low:
Close:

12,500
10,800
12,100

3,850
2,500
3,800

?

?

Arrow Electronics
AT&T Corp.
Biotech Holders Trust
Christopher & Banks  Corp.
Federated Department Stores FleetBoston Financial  Corp.
Intel Corp.
KV Pharmaceutical Co.
Microsoft Corp.
Oracle Corp.
Regional Bank Holders Trust
United Technologies  Corp.
	Elizabeth Dater

	?
	DJIA
	NASDAQ
	High:?
	12,175
	2,834
	Low:
	???9,781
	2,404
	Close:
	11,740
	2,734

	25%  Weighting:
	3-Year U.S. Treasury  Notes

	75% Equal  Weighting:
	Amgen
	Berkshire Hathaway
	Cisco Systems
	Intel  Corp.
	MedImmune
	Mellon Financial Corp.
	Morgan Stanley Dean  Witter
	Royal Dutch Petroleum Co.
	Schlumberger Ltd.
	Wal-Mart  Stores
	Westwood One

	?
		Alison Deans

		?
		DJIA
		NASDAQ
		High:?
		11,750
		3,650
		Low:
		?10,200
		2,625
		Close:
		11,400
		3,450

		Altera  Corp.
		America Online
		Applied Materials
		Enron Corp.
		Lucent  Technologies
		Morgan Stanley Dean Witter
		Viacom

Harvey Eisen

?
DJIA
NASDAQ
High:?
Low:
Close:

13,500
??8,900
12,300

4,100
1,900
3,100

?

?

Acceptance Insurance  Companies
Bank One Corp.
Cendant Corp.
Citigroup
CNA  Financial Corp.
Leggett & Platt
Mueller Industries
Plains  Resources
Riddell Sports
WebMD Corp.
Whitman Education  Group
	Mary Farrell

	?
	DJIA
	NASDAQ
	High:?
	12,700
	5,500
	Low:
	10,100
	2,330
	Close:
	12,500
	4,600

	?

	America Online
	Amgen
	Bank of New York Co.
	Bed Bath & Beyond
	Cisco  Systems
	Home Depot
	JDS Uniphase Corp.
	Johnson & Johnson
	Merrill Lynch & Co.
	Nortel Networks Corp.
	Texas  Instruments
	Verizon Communications

	?
		Tom Gallagher

		?
		DJIA
		NASDAQ
		High:?
		12,000
		2,700
		Low:
		?9,800
		2,200
		Close:
		12,000
		2,700

		?

		?

		Banco  Latinoamericano
		????????de  Exportaciones, S.A.
		Bear Stearns Companies
		Campbell Soup Co.
		Diebold
		Gentex Corp.
		Germany Fund
		Intel Corp.
		Microsoft Corp.
		Northrop Grumman Corp.
		Phillips Petroleum  Co.
		PIMCO European Bond Fund
		Transocean Sedco Forex

		?

Francis Gannon

?
DJIA
NASDAQ
High:?
Low:
Close:

12,700
10,400
12,250

4,000
2,200
3,400

?

?

Amdocs Ltd.
BEA Systems
Bristol-Myers Squibb Co.
Chase Manhattan Corp.
El Paso Energy Corp.
Enron Corp.
Gap, Inc.
Immunex Corp.
Juniper Networks
Lehman Brothers Holdings QUALCOMM
Target  Corp.

?
	Kim Goodwin

	?
	DJIA
	NASDAQ
	High:?
	12,812
	3,250
	Low:
	?10,315
	2,350
	Close:
	12,400
	3,000

	?

	?

	Amgen
	Comerica
	Conseco
	Genentech
	Juniper Networks
	ONI  Systems Corp.
	PepsiCo
	Stilwell Financial
	Texas Instruments
	VERITAS Software Corp.
	Wal-Mart Stores
		Louis Holland

		?
		DJIA
		NASDAQ
		High:?
		12,936
		3,090
		Low:
		?10,100
		2,101
		Close:
		12,504
		2,842

		?

		?

		Carnival Corp.
		CEC Entertainment
		Ceridian Corp.
		Clorox Co.
		Chase  Manhattan Corp.
		Cognos
		Intel Corp.
		Home Depot
		Jabil  Circuit
		Microsoft Corp.
		WorldCom

Michael Holland

?
DJIA
NASDAQ
High:?
Low:
Close:

12,500
10,200
12,375

3,025
2,400
3,010

?

?

FORTUNE e-50  Index Fund
FORTUNE 500 Index Fund
Intel Corp.
Microsoft Corp.
Varian Semiconductor Equipment
	John Kim

	?
	DJIA
	NASDAQ
	High:?
	12,400
	3,100
	Low:
	?9,200
	2,300
	Close:
	12,100
	3,000

	?

	?

	Aetna
	Allmerica Financial Corp.
	America Online
	JDS Uniphase Corp.
	Lehman Brothers Holdings
	Lincoln National Corp.
	Nortel  Networks Corp.
	Xilinx
	Yahoo!

		Gretchen Lash

		?
		DJIA
		NASDAQ
		High:?
		11,825
		3,000
		Low:
		10,000
		2,200
		Close:
		11,800
		2,500

		?

		Bed Bath &  Beyond
		Capital One Financial Corp.
		Carnival Corp.
		Cox  Communications
		Household International
		Lilly (Eli) & Co.
		Medtronic
		Schering-Plough Corp.
		Strong High-Yield Bond Fund
		Vanguard High-Yield
		????????Corporate Bond Portfolio

		?

Barbara Marcin

?
DJIA
NASDAQ
High:?
Low:
Close:

13,000
10,500
12,000

3,200
2,500
3,000

?

?

AT&T  Wireless Group
Cendant Corp.
Compaq Computer Corp.
Loral  Space & Communications
Lucent Technologies
Mattel
Motorola
WorldCom
	Roger McNamee

	?
	DJIA
	NASDAQ
	High:?
	12,000
	3,200
	Low:
	10,500
	2,300
	Close:
	12,000
	3,200

	?

	?

	Agile Software  Corp.
	BEA Systems
	Cabletron Systems
	E.piphany
	Ericsson  (LM)
	Extreme Networks
	Flextronics International Ltd.
	Informatica Corp.
	i2 Technologies
	Juniper Networks
	Peregrine Systems
		Brian Rogers

		?
		DJIA
		NASDAQ
		High:?
		12,500
		3,000
		Low:
		10,000
		2,000
		Close:
		11,900
		2,250

		?

		?

		Aon Corp.
		Cypress Semiconductor Corp.
		Disney (Walt) Co.
		Exodus  Communications
		Fortune Brands
		Hasbro
		MSDW Emerging Markets  Fund
		Motorola
		Octel Corp.
		Ryder System
		Sprint Corp. (FON  Group)
		Unisource Energy Corp.

		?

Nick Sargen

?
DJIA
NASDAQ
High:?
Low:
Close:

11,600
?9,600
11,400

3,150
1,950
2,900

?

Alcatel  SA
Allstate Corp.
McDonald's Corp.
Nestle SA
Southern Co.
Sun Microsystems
TOPIX (Japanese Stock Market)
Vitesse  Semiconductor Corp.
WorldCom

Currencies:
Long Euro versus Yen

Bonds:
Merrill Lynch High-Yield Index

?
	Liz Ann Sonders

	?
	DJIA
	NASDAQ
	High:?
	13,500
	3,800
	Low:
	10,200
	2,400
	Close:
	13,000
	3,500

	?

	?

	Applera Corp. -  Applied Biosystems
	BEA Systems
	Brocade Communications Systems
	CIENA Corp.
	Citigroup
	Enron Corp.
	Home  Depot
	Interwoven
	Nokia
	Nuance Communications
	Texas  Instruments
	VERITAS Software Corp.
		Robert Stovall

		?
		DJIA
		NASDAQ
		High:?
		12,735.73
		4,075.73
		Low:
		9,295.75
		2,015.75
		Close:
		12,675.29
		3,675.43

		?

		?

		Archer-Daniels-Midland Co.
		Chase Manhattan Corp.
		DIMON
		Developers Diversified Realty
		FedEx Corp.
		Lowe's  Companies
		Motorola
		Norfolk Southern Corp.
		Palm
		Petroleum  Geo-Services ASA
		Seitel
		Williams Companies

Martin Zweig

?
DJIA
NASDAQ
High:?

13,375

3,350

Low:
10,610
2,270
Close:
13,170
2,570

?

?

ACE Ltd.
Amgen
BEA Systems
Bristol-Myers Squibb Co.
Brocade Communications  Systems
Dime Bancorp
Freddie Mac
Home Depot
Ingersoll-Rand  Co.
St. Paul Companies
Tyco International Ltd.
Washington  Mutual

		?

Copyright  , 2001. Maryland Public Television. All rights reserved.

?


Rob,

Per our discussion.  Call me after you have reviewed this.

Thanks,
Chris
----- Forwarded by Chris Hilgert/HOU/ECT on 12/14/2000 08:34 AM -----

	Gerald Nemec
	12/14/2000 01:32 AM

		 To: Teb Lokey/FGT/Enron@ENRON, Staci Holtzman/FGT/Enron@ENRON
		 cc: Mark Knippa/HOU/ECT@ECT, Chris Hilgert/HOU/ECT@ect
		 Subject: Station 13 Utility Power Agreement

Teb,  Per Mark's voice mail, attached is the letter agreement he referenced.


Tom:  please find results on a Florida study paid for by ENA.  I look forward
to getting your comments on this in relation to the ICF studies for
Louisiana, Missouri and maybe Chicago (plus the West coast).
---------------------- Forwarded by Thomas M Suffield/Corp/Enron on
05/17/2000 07:54 AM ---------------------------

	Enron North America Corp.

	From:  Greg Krause                           05/16/2000 10:47 AM

To: Thomas M Suffield/Corp/Enron@ENRON
cc:

Subject: frcc study

Please see attached the electronic version of RW Beck's Florida Study

Youssef Hegazy
R. W. Beck, Inc.
yhegazy@rwbeck.com
206/ 695-4789 (direct)
206/ 695-4700 (operator)
206/ 695-4764 (fax)

 - Enron_FRCC_Rpt3.pdf


Dear Amazon.com Customer,

The holidays are almost here... but our free shipping offer is
almost gone. So don't delay--order through December 4 to get free
shipping on your holiday purchases. (Restrictions apply. See site
for details.)

http://www.amazon.com

If you haven't yet explored Amazon.com this holiday season, come and
discover all the ways you can save on great gifts for everyone on
your list:

- Lower Prices: Save 30% or more on books over $20.
- Electronics Bargains: Find DVD players from just $99.99.
- Gifts Store: Shop by price, by interest, and more.

So make the holidays extra special for your loved ones this year
with those perfect, personal gifts. But be sure to shop soon to
collect some additional savings for yourself, because free shipping
ends December 4.

http://www.amazon.com

Sincerely,

Amazon.com Holiday Team

We hope you enjoyed receiving this message. However, if you'd rather
not receive future e-mails of this sort from Amazon.com, please
visit the Help page named Updating Subscriptions and Communication
Preferences through the link below, then click the Customer
Communication Preferences link.

http://www.amazon.com/unsubscribe

Please note that this message was sent to the following e-mail
address:

ebass@enron.com


Hi!

                  Yes,  we were discussing your lending habits and everyone
was calling me a fricken mouch!  Your like a legend around here.
We still need to get together and share some of your previous comments with
Craig.  How are you?  I miss you and get regular updates about how you are
doing from you know who.  Been to any exciting ports lately.   Any baby
news?  Not much new around here - John Craig keeps us laughing.  Take care!

                                 Andy


Vince,

I've looked over the presentation again and would like to speak with you
about it.  There may be some promising areas.

Lance

Vince J Kaminski@ECT
04/05/2001 08:37 AM
To: Lance Cunningham/NA/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: FW: modified version

Lance,

Any comment?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/05/2001
08:37 AM ---------------------------
From: Beth Perlman/ENRON@enronXgate on 04/04/2001 04:50 PM
To: Louise Kitchen/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Kevin M
Presto/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: FW: modified version

This may be of interest to you.  I was contacted by Steve Lake from Argonne
National Laboratory who  is interested in selling us some of their models and
mapping software.  Let me know if there is any interest.

Thanks,
Beth

 -----Original Message-----
From:  "Lake, Stephan" <slake@anl.gov>@ENRON
[mailto:IMCEANOTES-+22Lake+2C+20Stephan+22+20+3Cslake+40anl+2Egov+3E+40ENRON@E
NRON.com]
Sent: Wednesday, April 04, 2001 3:52 PM
To: Perlman, Beth
Cc: Conzelmann, Guenter
Subject: FW: modified version

Beth,

I  enjoyed talking with you this afternoon regarding possible Enron/Argonne
National Laboratory collaboration. As I mentioned, one of our  divisions,
Decision Information Sciences has built state of the art tools  for modeling
and simulating energy use. They have trained many country  energy ministries
on the use of their tools as well as solved complex energy  technology issues.

I've  attached a presentation which describes some of their capabilities in
this area.  Decision Information Sciences also has done much work in studying
critical  infrastructure issues in both gas and electric systems which also
may be of  interest. Finally, they have been pioneers in the development of
agent  based complex adaptive systems for modeling very complex systems that
are impossible to view with over approaches.

I will also include a copy of my  correspondences with one of your e-business
groups under separate  transmission.

Regards,

Stephan Lake
Manager, Business Development and  Marketing
Argonne National Laboratory
630-252-5685 telephone
630-252-5230 fax

-----Original Message-----
From: Conzelmann, Guenter
Sent: Monday, April 02, 2001 4:50 PM
To: Lake,  Stephan
Subject: modified version

Guenter  Conzelmann
Manager, National and International Studies  Section
Energy and  Environmental Systems Analysis Group
Argonne National  Laboratory
9700 South Cass  Avenue
Building 900
Argonne, IL 60439-4832
Telephone:   ++1-630-252-7173
Fax:  ++1-630-252-6073
email:   guenter@anl.gov
Web:   http://enpep.dis.anl.gov/enpep/

FedEx/DHL Address:
1200 International Parkway
Woodridge, IL 60517

 - enpep overview industrial partnership 02 lake.ppt


This has been changed to CAISO energy - thanks for catching that.

Kate

	From:  Sharen Cason                           01/17/2001 02:47 PM

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

Subject: #499147

No, this is not deja vu.  I am now ready to confirm this deal, however, it
has the wrong energy type.  Can you change this and let me know.

Thanks!


Thank you for supporting Frank Sayre in attending Derivatives II - Energy
Derivatives Advanced Structures & Marketing on February 1 - 2, 2001.

$800 has been charged to your Company and RC.  If you have any questions,
please call the Development Center Team at 713-853-0357.


---------------------- Forwarded by Sandra F Brawner/HOU/ECT on 01/08/2001
02:46 PM ---------------------------

"Pamela Anderson" <pama9@flash.net> on 01/07/2001 09:23:07 PM
To: "Lisa Barnwell" <lisab@discusdental.com>, "Terri Bailey" <tlbkk@aol.com>,
"Susan Schnitzer" <S.Schnitzer@worldnet.att.net>, "Sue Caldwell"
<sue@mbainsurance.net>, "Strphanie Friedhoff"
<Stephanie.g.Friedhoff@pfizer.com>, "Stafford, John"
<John.Stafford@commerceone.com>, "Sandra Brawner"
<Sandra.F.Brawner@enron.com>, "Pedersen, Julie" <julie.pedersen@neg.pge.com>,
"Patricia DeMamiel" <princess3456@dellnet.com>, "Pat Whitty"
<dpwhitty@duke-energy.com>, "Nancy Gilbertson" <ngilbertson@earthlink.net>,
"Virginia Taylor" <vtaylor@taylormkting.com>, "Morris, Lamar (SUGARCREEK XGH
317)" <LMorris1@pclient.ML.com>, "Lee McKinzie" <lmckinzie@stlukes-hou.org>,
"Lamar Morris" <lamar_morris@ml.com>, "Kody Newland"
<kodynewland@hotmail.com>, "Kathy Bennett" <kathy.m.bennett@usa.conoco.com>,
"Kathleen Kennedy" <kmk1@compassbnk.com>, "Kandy Daniel" <Kandydan@aol.com>,
"Jerry Anderson" <jeabudman@webtv.net>, "Hough, Lisa"
<lisa.hough@neg.pge.com>, "Hadnott, Wanna H." <Wanna.Hadnott@lyondell.com>,
"Gregg Anderson" <TEJASGREGG@aol.com>, "Dillard, Kari K" <dillarkk@bp.com>,
"Diana Ayers" <ayersdg@swbell.net>, "Denise Mosely" <denisem@houston.rr.com>,
"Dayna Erck" <derck@pdq.net>, "Dayna Erck" <derck@medicalprofiles.com>, "Dawn
Doga" <dawndoga@aol.com>, "David Dutch" <dutchd@kochind.com>, "Chris
Papousek" <cpapousek@aol.com>, "Carol Buckley" <gbuckley@houston.rr.com>,
<Camille.Gerard@enron.com>, "Brian Spack" <ashleynix@prodigy.net>, "angie
schniers" <angie.schniers@williams.com>, "Amanda C. Herzer"
<acherzer@aol.com>, "Ted Erck" <terck@medicalprofiles.com>
cc:
Subject: Fw: Time & Friends

----- Original Message -----
From: Kevin Cokinos <kcokinos@compuserve.com>
To: Pamela Anderson <pama9@flash.net>
Sent: Sunday, January 07, 2001 6:18 PM
Subject: Fw: Time & Friends

>
>
> -------------Forwarded Message-----------------
>
> From: "Rocky Stevens", INTERNET:rstevens@amelangpartners.com
> To:
> Date: 1/6/2001 11:44 AM
>
> RE: Fw: Time & Friends
>
>
>
> ----- Original Message -----
> From: "Rocky Stevens" <rstevens@amelangpartners.com>
> To: "Rocky Stevens" <rstevens@amelangpartners.com>
> Sent: Saturday, January 06, 2001 11:52 AM
> Subject: Fw: Time & Friends
>
>
> >
> >
> >
> >
> > >          TIME AND FRIENDS
> > >  > > > > >
> > >  > > > > >
> > >  > > > > >
> > >  > > > > >Imagine there is a bank that
> > >  > > > > >credits your account each morning
> > >  > > > > >with  $86,400. It carries over no
> > >  > > > > >balance from day to day. Every
> > >  > > > > >evening deletes whatever part of
> > >  > > > > >the balance you failed to use
> > >  > > > > >during the day. What would you
> > >  > > > > >do? Draw out ALL OF IT, of
> > >  > > > > >course!!!!
> > >  > > > > >
> > >  > > > > >Each of us has such a bank. Its
> > >  > > > > >name is TIME. Every morning, it
> > >  > > > > >credits you with 86,400
> > >  > > > > >seconds.
> > >  > > > > >
> > >  > > > > >Every night it writes off, as
> > >  > > > > >lost, whatever of this you have
> > >  > > > > >failed to invest to good purpose.
> > >  > > > > >It carries over no balance. It
> > >  > > > > >allows no overdraft.
> > >  > > > > >
> > >  > > > > >Each day it opens a new account
> > >  > > > > >for you. Each night it burns the
> > >  > > > > >remains of the day. If you fail
> > >  > > > > >to use the day's deposits, the loss is yours.
> > >  > > > > >
> > >  > > > > >There is no going back.
> > >  > > > > >There is no drawing against the "tomorrow."
> > >  > > > > >You must live in the present on today's deposits.
> > >  > > > > >Invest it so as to get from it
> > >  > > > > >the utmost in health, happiness,
> > >  > > > > >and success! The clock is running.
> > >  > > > > >Make the most of today.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE YEAR,
> > >  > > > > >ask a student who failed a grade.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE MONTH,
> > >  > > > > >ask a mother who gave birth to a premature baby.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE WEEK,
> > >  > > > > >ask the editor of a weekly newspaper.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE HOUR,
> > >  > > > > >ask the lovers who are waiting to meet.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE MINUTE,
> > >  > > > > >ask a person who just missed the train.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE-SECOND,
> > >  > > > > >ask a person who just avoided an accident.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE MILLISECOND,
> > >  > > > > >ask the person who won a silver medal in the
> > >  > > > > >Olympics.
> > >  > > > > >
> > >  > > > > >Treasure every moment that you have!
> > >  > > > > >And treasure it more because you shared it with
> > >  > > > > >someone special, special enough to spend your
> > >  > > > > >time.
> > >  > > > > >
> > >  > > > > >And remember that time waits for no one.
> > >  > > > > >Yesterday is history.
> > >  > > > > >Tomorrow is a mystery.
> > >  > > > > >Today is a gift.
> > >  > > > > >That's why it's called the present!!!
> > >  > > > > >
> > >  > > > > >It's National Friendship Week.
> > >  > > > > >Friends are a very rare jewel,
> > >  > > > > >indeed. They make you smile and
> > >  > > > > >encourage you to succeed.
> > >  > > > > >They lend an ear, they share a word of
> > >  > > > > >praise, and they always want to
> > >  > > > > >open their heart to us.
> > >  > > > > >
> > >  > > > > >Send this to everyone you
> > >  > > > > >consider a FRIEND.
> > >  > > > > >If it comes back to you
> > >  > > > > >know you have a circle of friends
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> >
> >
>
>
>
>
>
> ----------------------- Internet Header --------------------------------
> Sender: rstevens@amelangpartners.com
> Received: from mail.engee.net (mail.netsential.com [209.113.126.3])
> by sphmgaaa.compuserve.com (8.9.3/8.9.3/SUN-1.9) with ESMTP id MAA03508;
> Sat, 6 Jan 2001 12:44:49 -0500 (EST)
> Received: from rocky2 ([208.191.150.97]) by mail.engee.net
>           (Post.Office MTA v3.5.3 release 223 ID# 0-62453U1000L100S0V35)
>           with SMTP id net; Sat, 6 Jan 2001 11:44:45 -0600
> Message-ID: <003f01c0780a$3cc7b160$0500a8c0@swbell.net>
> Reply-To: "Rocky Stevens" <rstevens@amelangpartners.com>
> From: rstevens@amelangpartners.com (Rocky Stevens)
> To: <Undisclosed-Recipient:;>
> Subject: Fw: Time & Friends
> Date: Sat, 6 Jan 2001 11:58:10 -0600
> Organization: Amelang Partners, Inc.
> MIME-Version: 1.0
> Content-Type: text/plain;
> charset="iso-8859-1"
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> X-MSMail-Priority: Normal
> X-Mailer: Microsoft Outlook Express 5.50.4133.2400
> X-MimeOLE: Produced By Microsoft MimeOLE V5.50.4133.2400
>
>


Here is the final form of letter to be sent to AEP today.  Jim is going to attach the Exhibit A, get it signed by Brian and then fax to AEP at the following fax numbers:  614-223-1331 and 614-223-1687.

 -----Original Message-----
From: 	Koehler, Anne C.
Sent:	Thursday, October  25, 2001 6:31 PM
To:	Coffey Jr., Jim; Redmond, Brian; Gray, Barbara N.; Martin, Thomas A.; Edison, Andrew; Schwieger, Jim; Baumbach, David
Cc:	Salinas, Michael; Lunz, Lisa
Subject:	RE: HPL Inventory and Working Capital Calculation Statement Reconciliatioin

Here is the draft letter to go to AEP tomorrow.  We should basically attach an Exhibit A that shows us owing them no additional working capital and showing them owing us the items due to us on Jim's schedule.

 << File: AEP-10-26-01.doc >>

 -----Original Message-----
From: 	Coffey Jr., Jim
Sent:	Thursday, October  25, 2001 2:38 PM
To:	Coffey Jr., Jim; Redmond, Brian; Koehler, Anne C.; Gray, Barbara N.; Martin, Thomas A.; Edison, Andrew; Schwieger, Jim; Baumbach, David
Cc:	Salinas, Michael; Lunz, Lisa
Subject:	RE: HPL Inventory and Working Capital Calculation Statement Reconciliatioin

Below is a revised schedule.  There was a formula correction on the first sheet and I also added a column for an adjusted difference based on information provided by David Baumbach.

 << File: Inv_WC_true_up.xls >>

Thanks!

Jim Coffey, Senior Director
Enron America - Texas Gas Origination
Phone: (713)853-5346
Fax: (713)646-3084
e-mail:j.coffey@enron.com


Carol & Jeff -

I received the below email from Priscilla Hamic regarding Southern Company Services.  It appears that they are not going to pay for November delivered gas, as they want to unwind/net across entities.  We don't have any cross-company netting agreements with Southern Company, so they don't have the right to do this.

Do we need to send them a letter advising the same?  What should we do with respect to this?

Thanks,

JRW

 -----Original Message-----
From: 	Hamic, Priscilla
Sent:	Wednesday, December 19, 2001 4:32 PM
To:	Dhont, Margaret
Cc:	Williams, Jason R (Credit)
Subject:	Southern Companies Services

Southern Company Services will not be paying their invoiced amount because they want to unwind forward deals and net across entities.  They sent letters to terminate yesterday and will be faxing me a copy for my files.

Priscilla Hamic
Enron North America Corp.
Tel: 713-345-3736
Fax: 713-646-8420
E-mail: priscilla.hamic@enron.com