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2000 Year-End  Transcript

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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
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Who can they turn to now that they face a new economy as well?  For
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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.

?


---------------------- Forwarded by Jane M Tholt/HOU/ECT on 08/23/2000 12:32
PM ---------------------------

	Enron North America Corp.

	From:  Colleen Sullivan                           08/23/2000 09:54 AM

To: Jane M Tholt/HOU/ECT@ECT
cc:
Subject: Re: Appreciation Gift for Patti

She likes white wines like white burgundy--I don't know any of the exact
ones, but I can find out if you want me to.

Another idea she would really like is a gift certificate to the Taste of
Texas.  She went there recently for the first time and really enjoyed it.

Jane M Tholt
08/23/2000 08:05 AM
To: Colleen Sullivan/HOU/ECT@ECT
cc:
Subject: Appreciation Gift for Patti

We are trying to think of something nice to send to Patti to show her our
appreciation for her hard work.  I was thinking of a gift basket from SPECS
with some nice wine.  Can you tell me what kind of wine she likes or suggest
another alternative for a gift that she may enjoy.  Thanks.


Liz/Carol

Attached is the email I received from Kevin Meredith, which details the
current physical product option status on EOL, with examples.

Marcus
----- Forwarded by Marcus Nettelton/NA/Enron on 05/03/2001 11:40 AM -----

	Kevin Meredith/ENRON@enronXgate
	05/01/2001 12:45 PM

		 To: Marcus Nettelton/NA/Enron@ENRON
		 cc:
		 Subject: Physical options

Marcus,

I know this is quite an assortment of data, but I wanted to supply you with
enough to be useful.  We have no US physical option products built.  We have
plenty of US financial option products.  If this information is confusing,
please do not hesitate to contact me.

German Pwr Phy Put - No products built
A Transaction with Enron Capital & Trade Resources Limited, under which the
Option Buyer determines, on the Exercise Date, whether, in case of a Put
Option, it shall deliver and the Option Seller shall take and pay for the
Contract Capacity at the Strike Price in respect of each hour during the term
of the Transaction. The Contract Capacity shall be the volume submitted by
Counterparty via EnronOnline. In case of a Call Option, the Option Buyer
determines, on the Exercise Date, whether it shall take and pay for, and the
Option Seller shall deliver, the Contract Capacity at the Strike Price in
respect of each hour during the term of the Transaction. The Premium is
payable by the Option Buyer and shall be the price submitted by Counterparty
via EnronOnline multiplied by the total number of hours during the term of
the Transaction multiplied by the specified quantity of electric power.

German Pwr Phy Call - Product included
A Transaction with Enron Capital & Trade Resources Limited, under which the
Option Buyer determines, on the Exercise Date, whether, in case of a Put
Option, it shall deliver and the Option Seller shall take and pay for the
Contract Capacity at the Strike Price in respect of each hour during the term
of the Transaction. The Contract Capacity shall be the volume submitted by
Counterparty via EnronOnline. In case of a Call Option, the Option Buyer
determines, on the Exercise Date, whether it shall take and pay for, and the
Option Seller shall deliver, the Contract Capacity at the Strike Price in
respect of each hour during the term of the Transaction. The Premium is
payable by the Option Buyer and shall be the price submitted by Counterparty
via EnronOnline multiplied by the total number of hours during the term of
the Transaction multiplied by the specified quantity of electric power.
The term of the Transaction shall be from 00:00 hours (prevailing Central
European Time) on the Effective Date (or start date) to 00:00 hours
(prevailing Central European Time) on the day following the Termination Date
(or end date). The Effective Date (or start date) is 01 Jan 2002. The
Termination Date (or end date) is 31 Dec 2002.
The Delivery Point shall be on the RWE Netz High Voltage Grid.
The price is quoted in Euro per unit of volume, which will be the Contractual
Currency.
The unit of measure against which the price is quoted shall be megawatt-hours
(MWh) and the quantity shown shall be in MW's delivered in each applicable
hour for the duration of the Transaction (the "Hourly Quantity').
The Transaction shall be for a Baseload profile, being the delivery of
electric power at a steady rate between 00:00 hours (prevailing Central
European Time) and 24:00 hours (prevailing Central European Time) (totalling
24 hours per day) on a calendar day.
Electric power shall be delivered at a point, or points on the 380/220 kV
level.
The Option style and type shall be a European Call, ("EC").
The Exercise Date or Exercise Period shall be 13 Dec 2001.
The Strike Price shall be 21.5 Euros/ MWh

US SO2 EA Phy Opt - No Products built
A Transaction with Enron North America Corp., under which the Option Buyer
purchases a Call Option granting it the right, in return for payment of the
Premium to the Option Seller, to buy from the Option Seller a quantity of SO2
Emission Allowances equal to the Designated Quantity at the Contract Price.
The Option Buyer shall pay the Premium to the Option Seller within three
Business Days of the Transaction.  The Option Buyer may only exercise the
Option on the Exercise Date, otherwise the Option will lapse.

US Gas Financial Call Option
A financial Option Transaction with Enron North America Corp., under which
the Seller receives the Premium and the Buyer receives the Cash Settlement
Amount. Each calendar month during the Term of the Transaction will be a
Determination Period, provided that if the Term of the Transaction is less
than one calendar month the Determination Period shall be the Term of the
Transaction.  The Notional Quantity per Determination Period shall be
calculated from the volume submitted by Counterparty on the Website in
accordance with the unit of measure.  The Premium shall equal the product of
(i) the price submitted by Counterparty via the Website, multiplied by (ii)
the Notional Quantity per Determination Period, multiplied by (iii) the
number of Determination Periods during the Term of the Transaction. The
Payment Date for the Premium shall be 2 business days after the Trade Date of
the Transaction. The Payment Date(s) for the Cash Settlement Amount shall be
5 business days after the Cash Settlement Amount is determinable. The Cash
Settlement Amount shall be the greater of (i) zero, or (ii) the product of
(a) the Notional Quantity per Determination Period, multiplied by (b) the
Index minus the Strike Price.  The Option style and type shall be a European
Call ("EC").  Automatic Exercise is Applicable.  The Strike Price for the
Transaction shall be as set forth on the Website.  The term of the
Transaction shall be from the Effective Date of 01 Aug 2001 to the
Termination Date of 31 Aug 2001.  The Exercise Period(s) shall be the
penultimate Trading Day of the NYMEX Henry Hub Natural Gas Futures Contract
for the applicable Determination Period. The Index for each Exercise Period
shall be the settlement price for the penultimate Trading Day of the NYMEX
Henry Hub Natural Gas Futures Contract for the applicable Determination
Period. The price is quoted in US Dollars per unit of volume, which will be
the Contractual Currency. The unit of measure against which the volume is
shown shall be 10,000 MMBtu's per month.

Kevin
(713) 853-9555


(See attached file: hpl0614.xls)

 - hpl0614.xls


Tana/Karen:

The product long description described below will fall under the new product
type US MTBE Fin Swap.  Tom Moran has approved copying the profiles for the
new product type from the following:

US Jet Kero Financial Swap

Please respond no later than 10 a.m. on Wednesday, December 13.

Thank you.
---------------------- Forwarded by Lisa Lees/HOU/ECT on 12/12/2000 01:36 PM
---------------------------

	Enron North America Corp.

	From:  Kevin Meredith @ ENRON                           12/11/2000 01:34 PM

To: Mark Taylor/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Rudi Zipter/HOU/ECT@ECT, Bjorn
Hagelmann/HOU/ECT@ECT, John Swinney/HOU/ECT@ECT
cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Melba
Lozano/HOU/ECT@ECT, Jason Althaus/Corp/Enron@Enron, Robert B
Cass/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT
Subject: NEW ENRONONLINE PRODUCT - PLEASE APPROVE

Your review and approval of the following two product type in the EOL
Datamanager is needed (for directions on approval , please see steps for
approval at the bottom of this e-mail).

Trader: Larry Gagliardi

Note: The actual Sigma Factor for this product is $1.62.  Once the product
has been approved, the existing Sigma Factor will be corrected.

Example:

US MTBE Swap   Platts GC WB  Mo/Yr  USD/Gl-b

New Product TypeCommodity:
Product Type:   US MTBE Fin Swap
Commodity: MTBE
Currency:     USD
Default UOM:   Barrels
Country:   USA

Financial Description :
A US Methyl Tertiary Butyl Ether (M.T.B.E.) financial Swap Transaction with
Enron North America Corp. under which the Seller pays a Floating Price and
the Buyer pays the price submitted by Counterparty on the website (the Fixed
Price) in each case in respect of the Notional Quantity per Determination
Period. The Notional Quantity per Determination Period shall be the volume
submitted by Counterparty on the website. Each calendar month during the term
of the Transaction will be a Determination Period; provided, that in the
event the term of the Transaction is less than one month, the term of the
Transaction shall be the Determination Period. The Payment Date(s) will be 5
business days after the Floating Price is determinable. The Floating Price
shall be the Index for the relevant Determination Period.

The term of the Transaction shall be from the Effective Date of 01 Dec 2000
to the Termination Date of 31 Dec 2000.

The Index for a Determination Period shall be the arithmetic average of the
mean of the daily high and low quotations for M.T.B.E. located in the talbe
entitled "Product Price Assessments:  U.S. Gulf Coast:  Waterborne:  c/Gal:
MTBE" for those issues of Platt's Oilgram Price Report published for the
applicable Determination Period.

The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.

The unit of measure against which the price is quoted shall be gallons and
the volume shown shall be in total number of Barrels (42 US Gallons) per
month.

==============================================================================
=====
STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"

Thanks - Rob Cass  -  Melba Lozano - Kevin Meredith
                   x35491           x58986                  x39555


I have included provision for providing rank correlation between "jump
occurrence in daily average power price" and "outage occurrence".  The model
will provide the same claim distribution as before when PriceVsOutage
Correlation = 0 is used.  Claim goes up as the correlation is increased.  I
have performed some sensitivity analysis and the results seem to make sense.

The new model workbook is "OutagePricingModel040901.xls" and corresponding
dll is "OutagePricing040901.dll", both located in
O:\GRM\RESEARCH\OUTAGERISK\  subdirectory.  The price vs. outage rank
correlation input will need to be provided in "MAIN" spreadsheet.  Please
call me if you have any questions.

-Amitava


The Enron Oral History Project Continues...

"Using History to Help Enron Become the World's Leading Company"

How can an understanding of strategic choices, regulatory change and
corporate culture help Enron achieve its vision?

Speaker:
Joseph Pratt, Cullen Professor of History and Business, University of Houston
and
 Co-Director, Enron Oral History Project

Thursday, June 7
11:30 a.m. to 12:30 p.m.
EB 5C2

To Make a Reservation, Call 3-1941 and Select Option 1

Lunch will not be provided, but you are welcome to bring your own.

Please inform us ahead of time if you need special accommodations to
participate in this meeting.  Call 3-9390.


Brian Stone
J.M. Huber

At the request of Gerald Nemec, I am forwarding to you the attached Master
Firm Purchase/Sale Agreement--Sample Contract for review.

Please do not hesitate to contact me with any questions and or comments
regarding this matter.

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


Here is a link to the Guru

http://www.fantasyguru.com/football/subscribers/week6/monday/index.html


Thanks.   Mark

	Cynthia Sandherr@ENRON
	10/20/2000 05:14 PM

		 To: Mark Palmer/Corp/Enron@ENRON
		 cc: Mark E Haedicke/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Steven J
Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Joe
Hillings/Corp/Enron@ENRON, Tom Briggs/NA/Enron@Enron, Chris
Long/Corp/Enron@ENRON
		 Subject: Commodities Legislation

Mark:  just a "heads up" that we may be called to react to this attached
NYMERX press release since Enron added the provisions they oppose in the
release.  H.R. 4541 passed the House 377-4 last evening and Enron strongly
supports the legislation (I will e-mail Ken Lay's letter to Chairman Combest
which expresses our support plus some talking points for your information.)
There is a real opportunity to enact this legislation this Congress.  The
last deal which needs to be cut is with Senator Gramm (he is the only
obstacle to enactment in the Senate.)  The "Energy Provisions" discussed in
this press release are NOT IN PLAY and will not be changed in the Senate.  It
is other provisions which do not directly affect Enron which are being
negotiated.

Contrary to this release's statement, no House member (other than one member
who didn't make it for the vote,Congressman Baker) is asking for changes in
the Senate.  The overwhelming numbers speak for themselves.  All and all,
this press release is outlandish.

This will be our highest priority next week and changes occur by the hour.
Please call if you do indeed get press calls and need our assistance.  Many
thanks.

EXCHANGE EXPRESSES OUTRAGE AT HOUSE PASSAGE OF H.R. 4541

NEW YORK, NY, October 20, 2000 -- In response to passage by the House of
Representatives last night of H.R. 4541, the Commodity Futures
Modernization Act of 2000, New York Mercantile Exchange Chairman Daniel
Rappaport issued the following statement:

      The New York Mercantile Exchange finds it particularly egregious
that, by approving subsection (g) (3) of Section 106, the House would
not only remove the energy and metals marketplaces from public scrutiny
and regulatory oversight, but also do this in a fashion that
discriminates between established markets versus start-up electronic
forums.

It is particularly outrageous, at a time when every U.S. consumer is
feeling the impact of high energy prices, to allow lobbying by a small
group of vested interests to influence Congress to take these markets
out of the public eye and create an advantage for people to trade on
private, proprietary systems lacking the protections of a neutral
self-regulatory organization. Policy makers, regulators, and the
American public will be deprived of currently available information on
market participation, concentration, and financial performance.

This is not only a matter of ill-conceived public policy but is also
anti-competitive and directly contrary to the recommendations made by
the President'sWorking Group on financial markets.

Even House members who voted in favor of the bill have been publicly
quoted as saying that it must be changed in the Senate.

The New York Mercantile Exchange plans to fight adamantly at the Senate
level to demand that this subsection either be eliminated or be amended
to create a consistent regulatory policy for electronic and open outcry
markets.

# # #

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

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.


Jeff,

I am not willing to guarantee to refinance the 1st lien on the stage in 4
years and drop the rate on both notes at that point to 8%.  There are several
reasons that I won't commit to this.  Exposure to interest fluctuations, the
large cash reserves needed, and the limited financial resources of the buyer
are the three biggest concerns.

What I am willing to do is lower the second note to 8% amortized over the
buyers choice of terms up to 30 years.  The existing note does not come due
until September 2009.  That is a long time.  The buyer may have sold the
property.  Interest rates may be lower.  I am bending over backwards to make
the deal work with such an attractive second note.  Guaranteeing to refinance
is pushing too far.

Can you clarify the dates in the contract.  Is the effective date the day the
earnest money is receipted or is it once the feasibility study is complete?

Hopefully the buyer can live with these terms.  I got your fax from the New
Braunfels buyer.  If we can't come to terms with the first buyer I will get
started on the list.

Email or call  me later today.

Phillip


We can go ahead and prepare the termination letter, but it looks like Cheryl
has some issues to flush out before we officialy terminate that tower lease.

----- Forwarded by Gerald Nemec/HOU/ECT on 03/29/2001 05:48 PM -----

	jdgriffith@aep.com
	03/29/2001 05:18 PM

		 To: Cheryl.Marshall@enron.com
		 cc: blinnehan@hanovermeasurement.com, Gerald.Nemec@enron.com,
jdgriffith@aep.com, Kevin.Dumas@enron.com, pjzawada@aep.com,
Randy.Hotz@enron.com, rterry@gw2w.com, Steve.HPL.Schneider@enron.com,
swilliams@aep.com, mdkyle@aep.com, sdketz@aep.com, pjzawada@aep.com
		 Subject: Re: AEP Communication Issue

Hello, Cheryl

I would like to better understand the issues before we make any decisions.
Can you please provide us with the details of this issue.  What is the call
sign of the HPL Licenses that we are talking about?  What type of equipment
are we talking about? (i.e. MW,  MAS, and/or Conventional Radio)  What
personnel or group is the equipment supporting?  What are the full list of
compliance issues on this?

Ryan Terry is with an external firm providing services to AEP and Enron in
assisting in filing of the necessary "Transfer of Control" Documents with
the FCC.   Depending on what the issues are Ryan and his firm may provide
counsel concerning this matter, but the decision to remedy these issues
and/or to cancel the license and remove the equipment will need to be made
by AEP, Enron and HPL personnel.

Bests Regards,
Jason D. Griffith
Manager, Wireless Engineering
614-223-1909 Tel

                    Cheryl.Marshall
                    @enron.com             To:     rterry@gw2w.com
                                           cc:     Kevin.Dumas@enron.com,
Steve.HPL.Schneider@enron.com,
                    03/29/01 04:21         Gerald.Nemec@enron.com,
Randy.Hotz@enron.com,
                    PM                     blinnehan@hanovermeasurement.com,
jdgriffith@aep.com, pjzawada@aep.com
                                           Subject:     AEP Communication
Issue

Hello, Ryan.  I got your e-mail address from Kevin Dumas.  I want to
discuss with you an issue we have at a tower lease site.  HPL is currently
leasing tower space from REB Communications in Gilmer, Texas.  Our
operator, HMS, discovered this week that the tower was not in compliance
with FCC regulations.  The most critical issue is that the tower lights do
not appear to be functional.  HMS has recommended that HPL remove it's
equipment from the tower and  cancel our FCC license immediately.

I would like to protect the interests of both HPL and AEP, and I would
appreciate your suggestion on what to do with the equipment licence.  I do
not want to do anything to jeopardize the closing of the HPL sale.  Please
call me at 713.853.6250, or e-mail me at cheryl.marshall@enron.com, so we
can discuss this issue.


Taffy:
I am planning on attending an offsite seminar on June 2nd from 8-12.

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

	Taffy Milligan
	05/15/2000 11:35 AM

		 To: Susan Bailey/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT,
Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: SWAP Group calendars May thru July Calendars

Please let me know if you have revisions to the attachment.


Please take a look at this history of the regulatory issues on Hubbard.  Note
that I am still trying to confirm some potentially helpful facts.  I'll walk
you through what I think this means on Monday or whenever you have time.
Thanks.   DF


Peter W. Arbour
C. Burton Branstetter
Theodore M. Frois
Kerry Galvin
David B. Garten
Rick A. Harrington
Hugh Rice Kelly
Robert D. Kilpatrick
Catherine Lamboley
William C. Lemmer
John E. Lynch
Michael McQueeney
Frederick J. Plaeager
Kenneth E. Randolph
Robert E. Reeves
William Schwind, Jr.
W. Dalton Tomlin
Jennifer L. Vogel
Robert H. Whilden, Jr.
Britton White, Jr.


Thanks Kim,  here are the revised agreements.

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


RTO Week

Day 3 -- October 17, 2001

Standardizing RTO Tariffs

The morning panel focused on which transmission services should be standardized in RTO tariffs across an interconnection or the entire country.  There were many diverse views on the panel, and the Staff and commissioners were somewhat more engaged in this session.

The panelists were:  Ricky Bittle, Arkansas Electric Coop; Jim Caldwell, American Wind; Peter Esposito, Dynegy; Rory McMinn, New Mexico PSC; Glenn Ross, Dominion Resources; Audrey Zibelman, XCEL Energy.

General Observations

This panel had a lot less agreement than the previous panels.  Dynegy opposes standardization of a transmission tariff and urges FERC to give strong guidance to stakeholders and then let the stakeholders work out the details of a new tariff.  Dominion advocates a more prescriptive approach by FERC, noting that stakeholders have been unable to reach agreement over the last five years.  EXCEL has it's own focus - they want to be an ITC and want to provide many of the RTO services without being an RTO.  The Wind group is mostly concerned about the ability to provide generation on an "as available" basis.   The commissioner from New Mexico does not want standardization, does not want FERC stepping on the state's jurisdictional toes, and does not want New Mexico ratepayers' rates to go up.  Arkansas Electric Coop insists that SPP transmission capacity is full, so if competitors want to move power through SPP, new transmission must first be built.

I am somewhat concerned that some of the Commissioners may believe that tariff standardization is not necessary.  While the Dynegy concept had merit at one time, it may be too late to rely on the stakeholder process to resolve issues, and it could take many months to go through the process, only to have FERC, in the end, decide the details anyway.  We may want to submit comments on this issue to FERC at the conclusion of RTO Week.

What Services Should be Standardized?

Overall, Dynegy opposes standardizing tariffs but believes certain aspects of reservations should be standardized -- timing, confirmation processing, maintenance issues, bus names, ramping protocols, assumptions for ATC calculations, posting times, bumping rules, and settlement time.  With regard to congestion management, it should not be standardized between RTOs.

XCEL does not support a standardized tariff but urges FERC to standardize some issues such as CBM calculations, reserve obligations and load balancing and penalties.  American Wind says FERC must focus on having liquid spot markets in RTOs and not worry about tariff standardization.  Dominion cautions FERC about Dynegy's proposal to let the industry work out the details.  He says this is what happened with Order No. 2000 and the industry was unable to work it out.

Should FERC Retain CBM?

Ricky (Arkansas Coop) believes that the bigger the RTO, the less important CBM is because the RTO will have enough resources internally to effectuate reserve sharing.  Dynegy thinks CBM should be eliminated.  Dominion thinks CBM should be retained but the rules need to be changed.  CBM should not be set for a year - it changes on a daily basis and this should be reflected.  Nor should CBM be standardized because needs vary region to region.  However, because CBM is used for load, the cost of CBM should be allocated to load.  All panelists agreed with the concept that if CBM is retained, load should be required to purchase it as a service provided under the tariff.

Network Versus Point to Point Service

Peter (Dynegy) discussed the need to develop a new type of transmission service that combines the best features from network and point to point, similar to transportation service offered in gas -- firm and interruptible.  Peter suggests starting with the CRT tariff proposed several years ago.  Glenn (Dominion) thinks the CRT is outdated and thinks we need a new type of service but agrees that it should combine the best elements of network and point to point.

Should all Transmission Service Be Under the RTO's Tariff?

Most of the panelists said yes, all service should be under the tariff, but Ricky Bittle said there needs to be a transition period - minimum of 5 years, no more than 10 years.  Commissioner McMinn said no - he sees this as an infringement on the states' jurisdiction.

What Services Need to Be Changed Under a New RTO Tariff?

Jim (Wind) believes that the imbalance provisions must be revised so as not to penalize "as available" resources.  Ricky thinks transmission expansion is the most important issue to address in a new tariff.  XCEL urges FERC to recognize the distinction between RTOs and ITCs and allow ITCs to design and offer their own transmission tariffs.

Ray Alvarez will circulate a summary of the afternoon panel on Cost Allocation.

Please let me know if you have any questions.

Sarah


Here are the powerpoint slides for our presentation tomorrow.  Kevin should
be sending you some additional pages that are not part of the slides but that
we would like to hand out.  See you tomorrow!

Mark


Hi Mark,

We had our call with Dow today.  Needless to say Carlo Gaurino was very dissapointed in our moving forward.  Privately he mentioned to Nowlan that they are about to announce layoffs, and another crappy quarter.

We will be putting a banner headline on EOL announcing these products in the next week.

Regards,

Jeff


Please read.  Thanks.

DG
---------------------- Forwarded by Darron C Giron/HOU/ECT on 12/11/2000
10:59 AM ---------------------------

Jeffrey C Gossett
12/11/2000 10:35 AM
To: Kam Keiser/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, William
Kelly/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON
cc:
Subject: How do officialized books make it to credit?

Please forward this to your groups. Thanks.
---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 12/11/2000
10:38 AM ---------------------------

From: Shona Wilson@ENRON on 12/11/2000 10:35 AM
To: Bob M Hall/NA/Enron@Enron, Leslie Reeves/HOU/ECT@ECT, Jeffrey C
Gossett/HOU/ECT@ECT, Peggy Hedstrom/CAL/ECT@ECT, Kathy Reeves/CAL/ECT@ECT,
Stacey W White/HOU/ECT@ECT, Monica Lande/PDX/ECT@ECT, David
Maxwell/HOU/ECT@ECT, Martha Stevens/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT,
Scott Earnest/HOU/ECT@ECT, Michelle Bruce/HOU/ECT@ECT, Sheila
Glover/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT,
Michael E Moscoso/HOU/ECT@ECT, Kristin Albrecht/Enron Communications@Enron
Communications, Gary Stadler/Enron Communications@Enron Communications,
Meredith M Eggleston/HOU/EES@EES, James New/LON/ECT@ECT, Heidi
Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan-Erland Bekeng/AP/Enron@Enron,
Jay Knoblauh/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Mike
Jordan/LON/ECT@ECT, Chris Abel/HOU/ECT@ECT, Kenneth
Thibodeaux/NA/Enron@ENRON, Michael Benien/Corp/Enron@ENRON, Burton
McIntyre/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT, Nancy
Hernandez/NA/Enron@ENRON, Debbie R Brackett/HOU/ECT@ECT, John D
Powell/HOU/ECT@ECT, Ganapathy Ramesh/HOU/ECT@ECT, Joel
Henenberg/NA/Enron@Enron, Matt A Brown/HOU/ECT@ECT
Subject: How do officialized books make it to credit?

In the past few months much focus has been put on understanding VAR and how
it is calculated (through RisktRAC).  However, everyone should note that the
credit department also receives our information.  Market risk and credit risk
are inherently different, with different requirements.  This memo serves as a
reminder of what some of the key differences are, how the credit system uses
RisktRAC differently from market risk, how this affects us, what some key
problems are in the credit system caused by our data, and changes to be made
by risk management groups.

differences are between credit and market risk - you all know this, but many
of your ba's don't.
when a book is flat it still has an effect on credit.  Flat books must be
officialized
market risk is keyed off positions and curves.  When we make money, market
risk is reduced.  Credit risk is keyed off positions with customers.  When we
make money, credit risk is increased, as people owe us more money.

how the credit system uses RisktRAC differently from market risk
Market risk picks up all officialized books.  If a book is not officialized
it does not pick the book up.
Credit picks up all officalized books.  If a book is not officialized, it
picks up the previous day's position.  Therefore, if positions in book A are
moved to book B, and A is no longer officialized, credit picks up the
previous day's position for book A.  As a result, if a book is no longer
used, please officialize it the first day it is no longer used, so credit
will pick up 0 on a go forward basis.
Market risk is not concerned with counterparty codes and names.
Credit needs correct counterparty codes and names.  In recent months, the
counterparty information has deteriorated.  Enron official counterparty names
need to be used so they flow properly to credit.

what are some key problems in the credit system caused by our data
As referenced above: correct counterparty names and books with 0 positions
not being officialized so credit picks up previous day info.
As a takeaway from this message please ensure only correct counterparty names
are used and that if a book has 0 positions that it is officialized the first
day it has 0 positions.

If you have specific questions about credit, please call Debbie Brackett, at
X35856.


The PEP system is no longer available to accept feedback from reviewers.  If
necessary, you can still call the employee's reviewers who have not submitted
feedback via the PEP system.  Verbal feedback can be included as part of the
consolidated review .

The following is a list of action items for next steps for Supervisors:

ACTION ITEM	DEADLINE

Print Consolidated Feedback 	Wednesday,  Nov 22
Thanksgiving Holidays	Thursday- Friday November  23-24
Review/Approve Employees Peer Group and Supervisor  (HR will provide report
by 11/21)	Tuesday, November 28
Pre-Rank Employees based on Consolidated Feedback	Tuesday, November 28
Send Pre-Rankings to Norma via encrypted e:mail	Wednesday, November 29
Vince will review Pre-rankings	Monday, December 4, 2000
ENA Research PRC Meeting	Friday, December 8
Written/Verbal review provided to employee	December 20-January 20
Signed Review Form due to HR 	January 27, 2000

Forward to appropriate parties, with sensitivity of the confidentiality of
this information.  If you have questions regarding the PRC process please
feel free to call me.

Norma Villarreal
X31545


Mark,

Heard anything yet on what I need to do?

Terrie

Mark Fisher
04/25/2002 04:10 PM
To: John Lapham/EWC/Enron@ENRON
cc: Terrie Smith/EWC/Enron@Enron, Hollis Kimbrough/EWC/Enron@ENRON

Subject: Moving data files from Desert Sky (Clear Sky/Indian Mesa)

John,

Terrie Smith is trying to move data from the site to the transfer directory.
This is taking an enormous amount of time (Almost 24 hours to move the files
for 107 folders of data). Is there a better method to make the transfer? How
can we get the data transfered quickly from that site to here?

Mark Fisher


Louise,

I do not think it is possible to begin selling the ATS Warrants at this time.

Per the ATS Warrant Certificate, the ATS Common Shares issuable on exercise of the Warrants may not be sold, transferred or otherwise traded until March 20,2002.  The Warrants are also non-transferable except to an affiliate.

In addition, the ATS Warrants are valued daily using a Black-Scholes model.  The spreadsheet with the result of the evaluation is attached.  The current value of the Warrants is $762,600 USD using the evaluation model.  However, the current ATS stock price on the Canadian Venture Exchange is $0.97C with an Warrant exercise price of $0.85C for the first 2,000,000 share tranche. The second 1,000,000 share tranche has an exercise price of $1.10C.  Thus, the current value is considerably less than the Black-Scholes evaluation model is calculating.

If you have any questions please give me a call at extension 33541.

Kevin Miller


Good Morning Jeff!
Contrary to popular belief, there are conversions that can be used, that will
reasonably convert the various units of measure.  I took a moment to compile
them into the attached spreadsheet.  Enjoy!

Jeff Dasovich on 05/11/2000 07:23:49 PM
To: James D Foster/DUB/EES@EES
cc:
Subject: Re: SoCal CAD Accounts

Quick question:  Most folks think in terms of MMcf.  I know there isn't a
straighforward crossward from therms to MMcf, but do you folks have any rules
of thumb about BTU content I could use to translate the therm numbers you
sent into MMcf?  Thanks a lot.

Jeff


---------------------- Forwarded by Jane M Tholt/HOU/ECT on 02/26/2001 09:45
AM ---------------------------

"deborah macdonald" <dmacdonald@houston.rr.com> on 02/23/2001 05:48:05 PM
To: "Jane Tholt" <jtholt@enron.com>
cc:
Subject: Fw: Waste management (oxy-moron)

Told Larry we would get together for dinner when he gets to Houston-
wouldn't it be fun to see him again? More details later. Do you have an
e-mail address at home yet? This is mine.
----- Original Message -----
From: "Lawrence Gilbert" <larrygilbert@earthlink.net>
To: "Deb MacDonald" <dmacdonald@houston.rr.com>
Cc: "Leslie Lawner" <llawner@enron.com>
Sent: Wednesday, February 21, 2001 8:54 AM
Subject: Waste management (oxy-moron)

> Deb/Leslie
> My apologies for not responding to you both for the incredibly touching
> E-mail card.  One of my more emotional moments in the last few months.
> Actually, I had teared up and shorted out my computer while attempting
> to send a gracious response, the result being an electrical shock that
> sent me in a fit of utter gaggle babble whereby I went charging around
> my office yelling "I can solve the California Energy Crisis, I can solve
> the California Energy Crisis!".  Fortunately, I have come to my senses
> and have realized I don't need to solve the California Energy Crisis,
> they deserve everything they get.
>
> How are you doing, hopefully, not blowing crap up like Bob and Me
> (Leslie-have you talked to Bob lately?).  Yes, we did have a small
> "parting of the pipes"  herein after referred to as a "POP" at our
> Shreveport plant.  Luckily, no one hurt, and no resemblance of a 3 Mile
> Island Nuclear disaster.
>
> Deb-It looks like I will be coming down to H-town in the next few
> weeks.  My brother (still with Enron-up in Canada) is coming back for a
> visit.  When I get the actual date(s) I will let you know and hopefully
> we can maybe get together for a bite.
>
> Again, thanks for the card, it was very thoughtful of you both.
>
> Larry
>
>
>
>
>


Please see attached Microsoft Word file for  Kudlow's latest commentary.

 - kudlow091301.doc


Did I miss anything?
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/12/2001 05:40
PM ---------------------------
From: Megan Angelos/ENRON@enronXgate on 02/12/2001 05:33 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: EECC/ENA meeting - Pre-Meeting

Kay,

This meeting was held today at 1:30 pm. You can speak to either Lisa or
Catherine for details.  Please note the meeting on 2/15/01 from 11:30am )1:00
pm.

Thanks!
Megan

 -----Original Message-----
From:  Mann, Kay
Sent: Monday, February 12, 2001 11:24 AM
To: Angelos, Megan
Subject: Re: EECC/ENA meeting - Pre-Meeting

Did anything get set up?  I'm booked at 200, but otherwise available.

Kay

From: Megan Angelos/ENRON@enronXgate on 02/08/2001 12:54 PM
Please respond to CN=Megan Angelos/O=ENRON@enronXgate
To: Ozzie Pagan/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Sheila
Tweed/HOU/ECT@ECT, Roseann Engeldorf/Corp/Enron@ENRON, Mike
Coleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christopher F
Calger/PDX/ECT@ECT, Jake Thomas/HOU/ECT@ECT
cc:

Subject: EECC/ENA meeting - Pre-Meeting

Please let me know your availability for Monday, February 12, 2001 for an
hour to discuss both the attached document and new changes with EEC/NEPCO.

Also, please note on your calendars, a meeting on Thursday, February 15, 2001
from 11:00 a.m. to 1:30 p.m. in 3AC4C1. Lunch will be provided.

Please get back to me with your availability as soon as possible.

Thank you,

Megan Angelos
3-0420

 << File: DevProc2UnMarked.doc >>


-----Original Message-----
From: Benson Goebel <benson03@juno.com>
To: mhbldr@tstar.net <mhbldr@tstar.net>
Cc: e-moody@moodyengineering.com <e-moody@moodyengineering.com>;
robert@generalrestoration.com <robert@generalrestoration.com>;
Chad_Frers@Dell.com <Chad_Frers@Dell.com>; Txhunter32@aol.com
<Txhunter32@aol.com>; bartg@westway.com <bartg@westway.com>;
brad@hsbresortsales.com <brad@hsbresortsales.com>; bkhlaw@tstar.net
<bkhlaw@tstar.net>; hawkins7391@yahoo.com <hawkins7391@yahoo.com>;
bryan@nhplc.com <bryan@nhplc.com>; russellt@cottonrestorationinc.com
<russellt@cottonrestorationinc.com>
Date: Wednesday, February 06, 2002 7:47 AM
Subject: Fw: FW: FW: Deer Found at Yazoo Refuge

>
>--------- Forwarded message ----------
>From: "Hartman, Jeff" <JHartman@BMSManagement.com>
>To: <benson@generalrestoration.com>
>Date: Tue, 5 Feb 2002 17:28:02 -0600
>Subject: FW: FW: Deer Found at Yazoo Refuge
>Message-ID:
><117E245FCCD3AC44B2D3BE8702C2602607A365@svmail.corp.bmsmanagement.com>
>
>
>
>-----Original Message-----
>From: J.B.GRIGGS@att.net [mailto:J.B.GRIGGS@att.net]
>Sent: Tuesday, February 05, 2002 3:42 PM
>To: Brad Wallace; BEN WALLACE; Trey Smith; Mooring, Ben; Lon Loveless;
>clint kruemcke; Hartman, Jeff; Brian Cox
>Subject: Fw: FW: Deer Found at Yazoo Refuge
>
>
>
>----------------------  Forwarded Message:  ---------------------
>From:    "JOHN E GEORGE" <hedberg@flash.net>
>To:      <J.B.GRIGGS@att.net>
>Subject: Fw: FW: Deer Found at Yazoo Refuge
>Date:    Mon, 4 Feb 2002 18:27:40 -0600
>
>
>----- Original Message -----
>From: George Kostohryz <gkostohryz@hotmail.com>
>To: <borisross@aol.com>; <carcyc@mcdonald-tech.com>; <ccw@kenedy.org>;
><erh3@swbell.net>; <gkostohryz@hotmail.com>; <HEDBERG@FLASH.NET>;
><jmcfore@hpnc.com>; <John_Windwehen@cargill.com>;
><MIRELESMIKE@HOTMAIL.COM>;
><PMD603@AOL.COM>; <KBK25@HOTMAIL.COM>; <jshowell@JenaNet.Com>;
><pdill@phildillboats.com>; <rdow@flash.net>; <GKOSTOHRYZ3@HOTMAIL.COM>;
><triggerhappie@hotmail.com>; <WWWBECKMAN@aol.com>; <PURPLE@JUNO.COM>;
><MJONES@ESC11.NET>; <abooth@acosta.com>
>Sent: Monday, February 04, 2002 11:55 AM
>Subject: Fwd: FW: Deer Found at Yazoo Refuge
>
>
>>
>>
>>
>> >From: "Carcy Clinton" <carcyc@mcdonald-tech.com>
>> >Reply-To: <carcyc@mcdonald-tech.com>
>> >To: "Kostohryz, George" <gkostohryz@hotmail.com>,        "Clinton,
>Tres"
>> ><threehr@go.com>
>> >Subject: FW: Deer Found at Yazoo Refuge
>> >Date: Mon, 4 Feb 2002 07:37:29 -0600
>> >
>> >
>> >
>> >-----Original Message-----
>> >From: E. Randall Hudson III [mailto:erh3@swbell.net]
>> >Sent: Friday, February 01, 2002 8:29 AM
>> >To: Sherman Young; Chris Ryan
>> >Subject: Fw: Deer Found at Yazoo Refuge
>> >
>> >
>> > > This deer was found rotting in Yazoo Refuge near Vicksburg, Ms.
>> >Probably
>> > > most big old wise bucks are
>> > > rarely seen by mankind.
>> >
>>
>>
>>
>>
>> _________________________________________________________________
>> Chat with friends online, try MSN Messenger: http://messenger.msn.com
>>

 - Mvc-012s.jpg
 - Mvc-001s.jpg
 - Mvc-006s.jpg


Mr. Cheek will be out of the office from the afternoon of Tuesday, November
21, through Sunday, December 10.

 From Tuesday afternoon, November 21, through Sunday, December 3, he will not
be available to receive or reply to either voice mails or emails.  In the
event of an emergency or urgent matter, please call me [713-853-6298 (office)
or 713-202-0305 (cellular)] or Kathy Siess [713-853-3486 (office) or 713
647-8939 (home)] and we will get in touch with him.

 On Monday, December 4, through Sunday, December 10, he will be periodically
checking both voice mail and email.  Also, he can be reached in Puerto Rico
on December 4 through December 8 at 787-397-0567 (cellular) or 787-763-7655
(office).

Michelle Lawless
Enron Litigation Unit
Tel:  (713) 853-6298
Fax:  (713) 853-6576


Attached are the contract summaries for Elba Island Term Sheet, the Heogh
Galleon and EXMAR charter parties and the Option Contract on the 3rd and 4th
vessel.

I hope to finish summaries on Eco-Electrica and Jose soon.


Your brain is working correctly.  I think that we should seek out and
destroy  every old Seagull contract.  If we are doing business under any of
them, we need to get new cotnracts in place.

Stacy


Gerald -

Here is the updated contract from Gregg.  The changes that they made were in
section 3.02 (I believe) dealing with misc. travel costs and such.  I am
allowing them to run up to a total of $4000 worth of travel and hotel bills
without requiring approval from me, as I believe that that is a fair amount
considering the physical location of their workforce and the need to
communicate with me and with each other.  Should the misc. expenses exceed
$4000, Gregg Engineering must confirm any such overruns with me, or they are
not reimbursable.  In addition, I corrected a few references to sections that
were renumbered and some grammar and spelling stuff.  Please let me know what
you think.

Regards,
Chris Sonneborn
ENA Upstream Services
Facility Planning


Boys:
I'm sorry you were not able to attend last night.  I do appreciate your
efforts to make this book as successful as it has been.  It's not quite the
same as being in my company, but take your respective wives, or swap, I don't
care, out this weekend on me.  Try to keep it under $300 per couple.  Keep up
the good work,
John


Susan:  Please assign someone to Nova Scotia Power and let me know (and
change in Lotus Notes).  Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 05/29/2001 01:47 PM -----

	Tana Jones
	05/29/2001 12:59 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re:  Nova Scotia Power

Sara, there is no paralegal yet working this deal.  It is an old Susan Flynn
deal and no credit has been received.  Unless you appoint a paralegal to
handle this I expect I will still be the paralegal that gets the snotty
emails and phone calls from Jen and from Rich Lassander.

	Sara Shackleton
	05/29/2001 10:32 AM

		 To: Susan Bailey/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samantha
Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Marie
Heard/NA/Enron@Enron
		 cc:
		 Subject: Re:  Nova Scotia Power

I'm not sure who is handling.  Tanya is supposed to prepare credit.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 05/29/2001 10:30 AM -----

	Jennifer Fraser/ENRON@enronXgate
	05/28/2001 09:51 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Richard Lassander/ENRON@enronXgate
		 Subject: FW: NSPI - ISDA _Update

Below you will find the full contact information.Please have a copy sent to
Richard Lassander as well.
-----

;

Don Keith

Treasurer

Nova Scotia Power Inc.

1894 Barrington St 9th Floor

Scotia Square

Halifax NS

Canada

B3J 3 A8

Phone 902- 428-6848

fax; 902-428-6181

The website for the CP is http://www.nspower.ca/

Their finacials can be found at http://www.emera.com/

Please note that NSPI (Emera) is a publicly traed utility -- they are not
gov't owned.

;
;
-----Original Message-----
From: Lassander, Richard
Sent: Mon 21/05/2001 18:33
To: Fraser, Jennifer
Cc:
Subject: NSPI - ISDA

Jen,
An update with regards to the Nova Scotia Power ISDA. After several days of
trying to hunt down Brant Reves he referred me to Rudwell Johnson in Credit.
He in turn sent me back to Tana Jones because there is an ISDA issued and you
don't have to renew it if it is already in place. I go back to Tana Jones to
see if the ISDA sent to Nova Scotia in July 1999 included Weather
Derivatives. Tana Jones referred me back to Sara Shackleton. I left a voice
mail with Sara this afternoon. Through this process I found out that the ISDA
sent to NSPI in July 1999 was never executed and we need to execute it before
we can do any deals with them. I was under the impression that we already
have been doing deals with them.

;

Richard Lassander
Enron Global Markets
Phone: 713-345-7600
Fax: 713-758-8400


The other memo will follow shortly from Maureen.
---------------------- Forwarded by Steven J Kean/NA/Enron on 06/12/2001
09:07 AM ---------------------------
From: Sherri Sera/ENRON@enronXgate on 06/11/2001 04:51 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: FW: Draft of Organizational Announcement

Steve, Kevin Garland sent this to me hoping to get Jeff's approval to send it
out from the office of the chairman.  Would it make sense to incorporate it
into the memo you're working on?  Please advise.  Thanks, SRS

 -----Original Message-----
From:  Garland, Kevin
Sent: Monday, June 11, 2001 3:28 PM
To: Sera, Sherri
Subject: FW: Draft of Organizational Announcement

Announcing the Formation of One Corporate Equity Investing Unit

To better develop and manage equity investment opportunities related to our
core businesses, Enron has formed one corporate equity investment unit.  This
new unit, Enron Principal Investments, will combine the existing investment
units of ENA, EBS and Enron Investment Partners.  Additionally, the Enron
Special Asset Group will also become part of Enron Principal Investments.
The strategy of Enron Principal Investments will be to work with all the
business units of Enron to identify, execute, and manage equity investments,
which leverage Enron's unique and proprietary knowledge.   These investments
may be in the form of venture capital, LBO's, traditional private equity and
distressed debt positions.

Kevin Garland will serve as Managing Director, overseeing all activities of
Enron Principal Investments.  Gene Humphrey, Michael Miller, Dick Lydecker,
and their groups, will join Kevin and his group to form Enron Principal
Investments.  This new business unit will report to an investment committee,
consisting of Greg Whalley, Ken Rice and Dave Delainey.

 Please join me in congratulating and supporting Kevin, Gene, Michael, Dick
and the other members of this group in this effort.

Jeff Skilling


Amy, you are a treasure!!!  I know you'll be a treasure of a Mom, too!!  But
I'll miss you!!

rosie

Amy Lee
08/23/2000 09:00 AM
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Rosalee
Fleming/Corp/Enron@ENRON, Vanessa Groscrand/Corp/Enron@ENRON, Tori L
Wells/HOU/ECT@ECT, Sherri Sera/Corp/Enron@ENRON, Katherine
Brown/Corp/Enron@ENRON, Stephanie Harris/Corp/Enron@ENRON, Karen K
Heathman/HOU/ECT@ECT, Bobbie Power/Corp/Enron@ENRON, Sue Ford/HOU/ECT@ECT,
Cindy Stark/Corp/Enron@ENRON, Susan Skarness/HOU/ECT@ECT, Pam
Benson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kelly Johnson/Corp/Enron@ENRON,
Joannie Williamson/Corp/Enron@ENRON, Liz M Taylor/HOU/ECT@ECT, Dorothy
Dalton/Enron Communications@Enron Communications, Carol Ann Brown/Enron
Communications@Enron Communications, Bert Frazier/HOU/ECT@ECT, Judy G
Smith/HOU/EES@EES, Ann Joyner/Corp/Enron@ENRON, Cindy Olson/Corp/Enron@ENRON,
Maureen McVicker/NA/Enron@Enron, Ken Rice/Enron Communications@Enron
Communications, Kevin Hannon/Enron Communications@Enron Communications, Mark
Frevert/NA/Enron@Enron, Andrew S Fastow/HOU/ECT@ECT, Mark
Koenig/Corp/Enron@ENRON, Thomas E White/HOU/EES@EES, Cliff
Baxter/HOU/ECT@ECT, Stan Horton/Houston/Eott@Eott, Richard
Causey/Corp/Enron@ENRON, Lou L Pai/HOU/EES@EES, Gene Humphrey/HOU/ECT@ECT,
Mark Lay/HOU/ECT@ECT, Billy Lemmons/Corp/Enron@ENRON, Philippe A
Bibi/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jere C Overdyke/HOU/ECT@ECT,
Elizabeth Tilney/HOU/EES@EES, Dan Leff/HOU/EES@EES, Bruce N
Stram/HOU/EES@EES, lisa.trapani@abc.com, sandy.l.colwell@abc.com,
jhavard@bgclubs-houston.org, bbryan@hern.org, Stephanie
Olszewski/HR/Corp/Enron@ENRON, priddle@houstonzoo.org,
scooley@ped1.med.uth.tmc.edu, ssarkis@ped1.med.uth.tmc.edu,
aneeson@uwtgc.org, ssmith@uwtgc.org, Carriehou@aol.com, rblanton@ghac.org,
paige@hypercon.com, Teresar@bcm.tmc.edu, lpowers@techforall.org,
Sheri.Sarkis@uth.tmc.edu, paige.m.atkinson@uth.tmc.edu,
will.reed@techforall.org, Cynthia Barrow/HR/Corp/Enron@ENRON, Kelly
Kimberly/Enron Communications@Enron Communications, Mark
Palmer/Corp/Enron@ENRON, Bill Donovan/EPSC/HOU/ECT@ECT, harper@astros.com,
Celeste Roberts/HOU/ECT@ECT, Ceci Twachtman/Enron Communications@Enron
Communications, Paul Trieschman/Enron Communications@Enron Communications,
Steven J Kean/NA/Enron@Enron, Rebecca Carter/Corp/Enron@ENRON
cc: Elyse Kalmans/Corp/Enron@ENRON
Subject: Good-bye

Hi!

Just a quick note to say good-bye and thank you after five and a half years!
My last day at Enron will be Thursday, August 31st.  I will be heading off to
two new jobs -- to be a full-time mom once Baby Lee arrives and to start my
own stationary/invitations company.

I have thoroughly enjoyed working with all of you.  Thank you for all the
opportunities you have given me over the years.   For your Community
Relations needs, Elyse Kalmans is heading up the department.  She can be
reached at 713.853.0565.

Thanks!
amy


Mark,

As mentioned in our call on Tuesday, we have discussed with the US Embassy
(State Dept) what we would like to see covered in the next round of the US
Japan bilateral talks on deregulation in the energy sector. I attach a brief
note which confirms in broad terms our preliminary discussions on the topic.

We are encouraging a significantly more cooperative approach by the US to
Japan, particularly in the wake of the telecom talks earlier this year. As
mentioned in the attached note, we believe that the Japanese Government
genuinely wants to implement further reform, but is having difficulty in
balancing competing policy interests. We are not advocating that the USG tell
Japan what its environmental policy or energy policy should be. We are
suggesting more of an advisory role. The concrete outcome would be further
significant reforms to the electricity and gas sectors, together with a
timetable for complete deregulation.

We have consciously stopped short of recommending a preferred structure for
the electricity and gas sectors for a couple of reasons. Not only would it be
inappropriate for the USG to dictate to the Japanese Government on what to do
rather than how to do it, but determining the Enron preferred structure for
Japan is a significant undertaking and something that we are currently
working through. In this regard, as mentioned on Tuesday we will be looking
for significant support from your group and clearly will need sign off from
Europe and Houston.

The approach we are recommending that the US Government adopts reflects the
approach we propose adopting in Japan. To assist us in getting our message to
the right people, we have been taking steps to further develop our
relationships with cabinet ministers, the MITI Director General and others,
including members of the following committees who are or will be reviewing
various aspects of energy policy in Japan:
- the LDP Comprehensive Energy Policy Study Committee (Chair - Mr Amari)
- the supra partisan New Energy Policy Committee ( Chair - former PM Mr
Hashimoto)
- the business lead Deregulation Committee (Chair - Orix chairman Miyauchi)
- the MITI sponsored Liberalization of Power Industry and Public Interest
Committee ( Comprising academics)

I would welcome your comments on the attached note.


Hey everyone, just a friendly reminder there is a game  Saturday at 11:30.?
All picks need to be made by 10:30.?
?
late
?
Brook


The summary sent earlier today has had one more advice letter added to  it.?
Please toss the earlier summary and use this instead.?
?
Thanks,
?
Dan
 - 12-7-00 PG&E AL Summary Chart.doc


Dan, Grant Oh suggested I e-mail you directly to notify you of a change
that BP needs included. BP states they need to have the volumes/contract
number information back from Enron via e-mail by 9:45am MST in order to
place nominations by 10:30am MST for the Timely Cycle. If for whatever
reason Enron cannot provide the volume/contract number information by
9:45am or Enron fails to take the scheduled volume agreed to at 9:00am; and
BP incurs any penalty costs including the price difference between the
Enron price and the replacement price, then Enron should be liable for
these costs NOT Gulf. I suggest the following options:

1) Put back in the default contract number in the Enron/Crestar agreement
as we had last week, this way if Enron fails to notify by 9:45am, then
Crestar/BP can nominate to the default contract number and Enron can change
the contract numbers internally.
2) Add a clause to either the Enron agreement or the Gulf assignment
agreement to state if Enron fails to inform and/or take, then any penalty
costs/price difference incurred by Crestar/BP shall be passed onto Enron.

Please advise what Enron's position is and how we should proceed.
------

Bruce Kohrs
Phone: (403)205-7684
Fax: (403)266-1947
e-mail:bruce_kohrs@keyspancanada.com


Susan,
 That is correct.  If ENA wants to trade with Coral, It will need to use its
Firm GTC and document accordingly until a new contract is negotiated with
Coral.

	Susan Elledge@ENRON
	03/13/2001 01:48 PM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: ENA contract assigned to HPL (96004780)

Hi Dan,

I have a copy of a letter dated 8/2/99 from ECT to Coral Energy Resources,
L.P. assigning the referenced contract to Houston Pipe Line Company.  The
assignment was never made in Global Contracts.

If you agree that it should have been assigned, as the letter says, I will
assign it today.  If I do assign it, Coral will no longer have a firm master
contract for trading.  I will also have to remove it from EOL.

Please advise at your earliest convenience.

Thanks!
Susan
5-9989


Can you send me excel file?

-----Original Message-----
From: Sturm, Fletcher J.
Sent: Thursday, January 31, 2002 2:08 PM
To: Hayden, Frank
Subject: PowerLiquidity.xls

VaR Portfolio
Commodity
Trader
Book
Instrument
Location
Tenor
Liquidity (volume/day)
Best Risk Mitigator

Power
Ballato
ST - ECAR
Forward Phys
Cinergy
< 30 Days
5,000 MW
Power - PJM

Power
Ballato
ST - ECAR
Forward Phys
Cinergy
30 - 60 Days
2,500 MW
Power - PJM

Power
Sturm
LT - MW
Forward Phys
Cinergy
60 - 365 Days
1,000 MW
NG

Power
Sturm
LT - MW
Forward Phys
Cinergy
1 - 2 Years
750 MW
NG

Power
Kaniss
ST - MAIN
Forward Phys
ComEd
< 30 Days
1,500 MW
Power - Cinergy

Power
Kaniss
ST - MAIN
Forward Phys
ComEd
30 - 60 Days
750 MW
Power - Cinergy

Power
Sturm
LT - MW
Forward Phys
ComEd
60 - 365 Days
250 MW
Power - Cinergy

Power
Sturm
LT - MW
Forward Phys
ComEd
1 - 2 Years
150 MW
Power - Cinergy

Power
Saibi
ST - SERC
Forward Phys
Entergy
< 30 Days
2,000 MW
Power - Cinergy

Power
Saibi
ST - SERC
Forward Phys
Entergy
30 - 60 Days
1,000 MW
Power - Cinergy

Power
Carson
LT - SE
Forward Phys
Entergy
60 - 365 Days
750 MW
Power - Cinergy

Power
Carson
LT - SE
Forward Phys
Entergy
1 - 2 Years
250 MW
Power - Cinergy

Power
Saibi
ST - SERC
Forward Phys
SOCO
< 30 Days
2,000 MW
Power - Cinergy

Power
Saibi
ST - SERC
Forward Phys
SOCO
30 - 60 Days
1,000 MW
Power - Cinergy

Power
Carson
LT - SE
Forward Phys
SOCO
60 - 365 Days
750 MW
NG

Power
Carson
LT - SE
Forward Phys
SOCO
1 - 2 Years
250 MW
NG


Here is Drew Tingleaf's new contact information.

Work: 713-393-6953
Cell: 713-306-1654 (same #)
Home: 713-785-1028 (same #)

Address:  Cinergy Services, Inc.
	   1100 Louisiana, Suite 4900
	   Houston, TX  77002

Judy Martinez
Enron North America
713-853-4740 (wk)
713-646-8055 (fax)


Travis C. McCullough
Enron North America Corp.
1400 Smith Street EB 824
Houston, Texas 77002
Phone:  (713) 853-1575
Fax:      (713) 646-8860


I will be holding a conference call today at 11:00 AM (Central time) for the
purpose of relating some information I have received from Rod Boshcee of
PG&E.  The conference number is 1-800-991-9019, passcode 6000796.  Rod left a
very friendly detailed message on my voice mail yesterday afternoon related
to the upcoming proposed shutdown and testing of the separators at Topock
(which they previously agreed would be done around September 11 or 12.  He
asked on the voice mail that I give him a call back and let him know what our
decision is as soon as possible.

The following will attempt to summarize his voice mail message and will be
the subject of our call today:
Rod stated that when we were together at Flagstaff in July we had decided to
again take the system down and sample the separators around September 11 and
12.
He said PG&E has continued to monitor their unit and have found nothing new
since the June 29 test.
Rod also said that they have gotten consistent numbers downstream since June
29 and everything seems stabilized.
He said that PG&E is "happy" with the operation of the separators and they
seem to be doing the job that TW had said they would do.
Rod said that PG&E would go along with TW's thoughts on it, but they were
wondering if it was really necessary to take the system down in mid-September
or not since things were looking good?  He said they could go either way on
it.
Rod closed by saying that they still had some concern about the sterility of
the 1800' of pipe that connects TW's Meter Run with PG&E's Topock Compressor
Station.  However, it seemed to be OK for now and they would have no other
thoughts on it as long as the numbers stay consistently low on their side.
He asked that we let him know what we want to do as soon as possible so
scheduling will not be a problem.

I would propose that we discuss this matter and then we can call him back and
furnish our recommendation.  The cooperative tone of his call is something we
want to continue to build upon and I do want us to be promptly responsive in
that regard.  Thanks, John


I have added comments from Doug:


This is the website for the power fundys site.  You will probably have to send your user name to Rika Iama in order to get access to ERCOT stuff.
JD

 -----Original Message-----
From: 	Imai, Rika
Sent:	Monday, February 04, 2002 10:10 AM
To:	Buss, Jd
Subject:	FW: User name for ERCOT website

http://eastpower.test.corp.enron.com/portal/default.aspx?_PageIndex=0

 -----Original Message-----
From: 	Imai, Rika
Sent:	Monday, February 04, 2002 9:04 AM
To:	Buss, Jd
Subject:	RE: User name for ERCOT website

you have to clink on the content button and then press ercot

 -----Original Message-----
From: 	Buss, Jd
Sent:	Monday, February 04, 2002 9:02 AM
To:	Imai, Rika
Subject:	RE: User name for ERCOT website

Where is the website for ERCOT?
JD

 -----Original Message-----
From: 	Imai, Rika
Sent:	Monday, February 04, 2002 9:02 AM
To:	Buss, Jd
Subject:	RE: User name for ERCOT website

done

 -----Original Message-----
From: 	Buss, Jd
Sent:	Monday, February 04, 2002 8:59 AM
To:	Imai, Rika
Subject:	User name for ERCOT website

Rika,
My user name is jbuss.
Thanks,
JD Buss


check this out............

  www.gorelieberman-2000/com


Chip,
Could you send me a list of Turret ID's for the guys in the real-time group. I would like to lead a push to have everyone in the group update their turret and customize it for their own use.
Thanks,
Bill


Hi Cindy

Sorry for the delay in geting back with you but I can play on Wed if you still need someone.  Thanks.  Elizabeth

-----Original Message-----
From: CKMADI@aol.com@ENRON
Sent: Thu 9/27/2001 5:37 PM
To: linmagid@yahoo.com; ABlumrosen@aol.com; Sager, Elizabeth; garrettm@pdq.net
Cc:
Subject: Singles

We are playing Wednesday (10/3) at Oaks of Woodlake (near Westheimer and

Gessner).

2 Lines @ 7:00

2 Lines @ 8:15

Please let me know if you are available to play.

Cindy Madi


Heather's b-day is june 24th


Sorry, I forgot to attach the file on the previous e-mail.


Thanks for all the help.

W. Lance Schuler
Enron North America Corp.
1400 Smith Street, EB 3826
Houston, Texas  77002
Phone:  713/853-5419
Fax:  713/646-3393
Email:  lance.schuler-legal@enron.com


Following please find the Daily EnronOnline Executive Summary.

EnronOnline Executive Summary for 11/02/00
Transaction Summary
External Transactions Today	4,077
Average Daily External Transactions (30 day Trailing Avg)	3,013
Total Life to Date Transactions	403,039

EnronOnline Daily % of Entity's Total Transactions for 11/02/00	Trans	Percent
Enron North America	3,516	75%
Enron Europe Limited	135	33%
Global Products	179	35%
Enron Metals	247	15%

EnronOnline Percentage of Total Corporate Transactions
(30 day Trailing Avg)	46%

Gross Notional Value of EnronOnline Transactions	Total
Today	2,735,478,227
MTD	5,283,038,758
LTD	218,650,288,670
Average Daily Notional Value (30 Day Trailing Avg)	2,096,560,598

Notional Revenue from Physical Flows to Date	15,302,941,580

Counterparties, Users, and Products Offered
Counterparties having transacted to date	544
New Counterparties transacting for the first time today	1
Number of Products Offered Today	1,216
Total Number of External Users Logged on Today	2,921
Average # of External Users logged on (30 day Trailing Avg)	2,670


Jeff, here it is.  Take a look and if you have any questions, I'll be
prepared to address them promptly so you can send this off.


Backup for the graphs.
---------------------- Forwarded by Clement Lau/HOU/ECT on 05/08/2000 09:15
AM ---------------------------

Richard Park@ENRON
04/25/2000 09:00 PM
To: Don Miller/HOU/ECT@ECT
cc: Benjamin Thomason/HOU/ECT@ECT, Clement Lau/HOU/ECT@ECT
Subject: Reliant Stock/Portfolio

Latest versions


Margaret,

Thank you for all you help getting my Visa application prepared. Do you know
what documentation I need to have with me at the border? I was planning on
bringing the following:

Passport
Driver's License
Birth Certificate
University Transcripts

Is there anything else that I need to bring?

Chris Dorland


Harry,

Thanks for your reply to my 20 trip rules

Yes, Brenda and I are already planning our next group trip ( however, we have
only been able to obtain 7 confirmations but not to worry, Macey is included
and I will make videos for you if we are unable to confirm space for you too.)

As to "no other fool would walk with you in the morning," have you considered
a deaf person might enjoy walks with you.

And, Brenda and I go as a "package" so when you think of Brenda you cannot
help but include me....sorry.

Finally, as to the spelling your name in the letter, my secretary made the
mistake when she retyped what Brenda and I wrote and faxed and E-mailed it to
all.  We would never miss the spelling of your name because we have always
thought it was a dichotomy that your last name included "reason."

Have a good trip.    John