Enron Troubles Only the Tip of the Iceberg?
TheStreet.com, 10/26/2001

Under the Radar: Enron's Flickering Bulb
TheStreet.com, 10/26/2001

DJ Enron Unit,New England Market Downplay Report Of Default
Dow Jones, 10/26/2001

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
Bloomberg, 10/26/01

Enron Executives Sent Requests for Details of Affiliate Profits
Bloomberg, 10/26/01

Enron Still Target in California Amid Other Problems (Update1)
Bloomberg, 10/26/01

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
Bloomberg, 10/26/01

Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees
Business Wire, 10/26/01

Enron Troubles Only the Tip of the Iceberg?
By Peter Eavis <mailto:peavis@thestreet.com>
Senior Columnist
TheStreet.com
10/26/2001 05:23 PM EDT
URL: <http://www.thestreet.com/markets/detox/10003083.html>

Dealings with a related party have tarnished Enron's (ENE:NYSE - news - commentary) reputation and crushed its stock, but it looks like that case is far from unique.
The battered energy trader has done business with at least 15 other related entities, according to documents supplied by lawyers for people suing Enron. Moreover, Enron's new CFO, who has been portrayed by bulls as opposing the related-party dealings of his predecessor, serves on 12 of these entities. And Enron board members are listed as having directorships and other roles at a Houston-based related entity called ES Power 3.
The extent of Enron's dealings with these companies, or the value of its holdings in them, couldn't be immediately determined. But the existence of these partnerships could feed investors' fears that Enron has billions of dollars of liabilities that don't show up on its balance sheet. If that's so, the company's financial strength and growth prospects could be much less than has generally been assumed on Wall Street, where the company was long treated with kid gloves.
Enron didn't immediately respond to questions seeking details about ES Power or about the role of the chief financial officer, Jeff McMahon, in the various entities. Enron's board members couldn't immediately be reached for comment.
Ten Long Days
Enron's previous CFO, Andrew Fastow, was replaced by McMahon Wednesday after investors criticized Fastow's role in a partnership called LJM, which had done complex hedging transactions with Enron. As details of this deal and two others emerged, Enron stock cratered.
The turmoil that resulted in Fastow's departure began two weeks ago, when Enron reported third-quarter earnings that met estimates. However, the company failed to disclose in its earnings press release a $1.2 billion charge to equity related to unwinding the LJM transactions. Since then, investors and analysts have been calling with increasing vehemence for the company to divulge full details of its business dealings with other related entities. Enron stock sank 6% Friday, meaning it has lost 56% of its value in just two weeks.
Enron's End Run?
New financial chief's involvement in Enron business partners
Enron-Related Entity	Creation DateMcMahon Involved?

ECT Strategic Value Corp.4/18/1985	Yes
JILP-LP Inc.	9/27/1995	Yes
ECT Investments Inc.	3/1/1996	Yes
Kenobe Inc.	11/8/1996	Yes
Enserco LLC	1/7/1997	Yes
Obi-1 Holdings LLC	1/7/1997	Yes
Oilfield Business Investments1/7/1997	Yes
HGK Enterprises LP Inc.	7/29/1997	Yes
ECT Eocene Enterprises III Inc.2/20/1998Yes
Jedi Capital II LLC	9/4/1998	Yes
E.C.T. Coal Company No. 12/31/1998	Yes
ES Power 3 LLC	1/7/1999	Yes
Enserco Inc.	3/25/1999	No
LJM Management LLC	7/2/1999	No
Blue Heron I LLC	9/17/1999	No
Whitewing Management LLC2/28/2000	No
Jedi Capital II LLC	4/16/2001	No
Source: Detox
However, Enron has yet to break out a full list of related entities. The company has said nothing publicly about McMahon's participation in related entities, nor has it mentioned that its board members were directors or senior officers in ES Power 3. (Nor has it explained the extensive use of Star Wars-related names by the related-party companies.) It's not immediately clear what ES Power 3 is or does. So far, subpoenas issued by lawyers suing Enron have determined the names of senior officers of ES Power 3 and its formation date, January 1999.
Among ES Power 3's senior executives are Enron CEO Ken Lay, listed as a director, and McMahon and Fastow, listed as executive vice presidents. A raft of external directors are named as ES Power 3 directors, including Comdisco CEO Norman Blake and Ronnie Chan, chairman of the Hong Kong-based Hang Lung Group. A Comdisco spokeswoman says Blake isn't commenting on matters concerning Enron and a call to the Hang Lung group wasn't immediately returned.
Demands, Demands
Rating agencies Moody's, Fitch and S&P recently put Enron's credit rating on review for a possible downgrade after an LJM deal that led to the $1.2 billion hit to equity. Enron still has a rating three notches above investment grade. But its bonds trade with a yield generally seen on subinvestment grade, or junk, bonds, suggesting the market believes downgrades are likely.
If Enron's rating drops below investment grade, it must find cash or issue stock to pay off at least $3.4 billion in off-balance sheet obligations. In addition, many of its swap agreements contain provisions that demand immediate cash settlement if its rating goes below investment grade.
Friday, the company drew down $3 billion from credit lines to pay off commercial paper obligations. Raising cash in the CP market could be tough when investors are jittery about Enron's condition.
This week, a number of energy market players reduced exposure to Enron. However, in a Friday press release, CEO Lay said that Enron was the "market-maker of choice in wholesale gas and power markets." He added: "It is evident that our customers view Enron as the major liquidity source of the global energy markets."
McMahon reportedly objected to Fastow's role in LJM, allegedly believing it posed Fastow with a conflict of interests. But he will need to convince investors that the 12 entities he's connected to don't do the same. Enron has said that its board fully approved of the LJM deals that Fastow was involved in. Now, board members will have to comment on their own roles in a related entity.

Under The Radar: Enron's Flickering Bulb
By Christopher Edmonds <mailto:cedmonds@thestreet.com>
Special to TheStreet.com
10/26/2001 05:08 PM EDT
URL: <http://www.thestreet.com/comment/chrisedmonds/10003075.html>

While the bulb at Enron (ENE:NYSE - news - commentary) may not have burnt out, it's clearly flickering. To date, investors aren't sure whether Chairman and CEO Ken Lay is up to the task of re-energizing the company he once built to greatness.
What's happened at the Houston energy giant-turned-dwarf could've been imagined with any number of ne'er-do-well companies during the well-chronicled bubble. But this is Enron. As one longtime Enron bull and shareholder said, "I never had to worry about Enron's ability to survive until this week. I still find it hard to believe."
Peter Eavis has done an exceptional job of chronicling Enron's adventures for some time. If you'd listened to him earlier this year, you'd have profited from his knowledge. His reporting on Enron's partnership shenanigans to the departure of Chief Financial Officer Andrew Fastow has been outstanding.
The rumors -- from a pending bankruptcy to a Justice Department investigation -- are, for now, just that. And, Enron did not single-handedly cause the California power crisis, nor is Royal Dutch/Shell (RD:NYSE - news - commentary) about to make a bid to buy the company. Sources do tell me that head-count reductions are likely through employee buyout offers and the company is set to refocus on its core energy business. And, while former CEO Jeff Skilling shares culpability for the current mess, his departure appears only indirectly related to Enron's current woes.
Now, Enron faces the daunting challenge of rebuilding both its business and, more importantly, its reputation.
The Company's Challenge
But what does Enron do now? It's very simple. Come clean, clean up the mess and refocus on its core business: wholesale energy markets, risk management and retail energy services. They support each other and create a platform that can be plenty profitable without a lot of gimmicks.
"Our gut feel is that Enron can pull it off, and long-term investors should hold firm, as eventually the stock gets valued on earnings, with upside potential to $25 per share over the next 12-18 months," says Jeff Dietert, power analyst at Simmons & Co. and a member of the TSC Energy Roundtable. "We believe new money with high risk tolerance should wait until Enron announces its intentions for communicating a clear path to recovery."
Dietert outlines four challenges for Enron. One, management must regain the Street's confidence and persuade investors that it can resolve balance-sheet strength and generate the expected earnings and cash flow. Two, Enron must maintain its investment-grade credit rating. Three, Enron must successfully execute its divestiture plans. Four, Enron must control the timing of the recognition of the write-down in the value of any assets where market value is less than book.
Straightforward? Yes. Easy to accomplish? No.
Although Enron says additional write-downs are unlikely -- except a $200 million charge early next year as the result of an accounting change -- analysts aren't so sure. They're focused on the company's Global Assets portfolio, sporting $6 billion in book value but generating an EBIT (earnings before interest and taxes) loss of $18 million over the past 12 months.
The divestitures include $390 million in exploration and production assets in India, $250 million in a Puerto Rico power plant and $250 million in a Brazilian power plant in the fourth quarter as well as the pending sale of Portland General, which is set to close in 2002. There will likely be others. However, Enron has to execute here, and given the current state of its affairs, the seller will feel the pressure.
The credit-rating issue is a fine line. The current ratings, BBB+ from Standard & Poor's and Baa1 from Moody's, are three levels above non-investment grade. However, both rating agencies now have Enron on their radar screens for possible downgrades. Dietert estimates that Enron's debt-to-market cap will be about 48% by year-end, and the company has interest coverage (EBITDA/ interest expense) of about 3.5 times. By comparison, the average S&P BBB-rated company has a debt-to-cap of 47.4% and interest coverage of about 6.1 times. The average BB company has debt-to-cap of 61.3% and interest expense of 3.8 times.
Frankly, everything falls on Enron's management team and its ability to reassure investors. "If Enron's management does not step up to calm investor fears, these fears could become a self-fulfilling prophecy," Dietert says. "In the potentially vicious cycle, investor fears could drive stocks down; the lower stock prices force the rating agencies to consider downgrades; potentially lower credit ratings force counter-parties to reduce exposure to Enron, limiting Enron's ability to generate earnings and cash flow."
It's time for Enron to grow up. Despite a lot of uncertainties and risk, I think it will. Investors with risk capital should do their homework on the stock and think about strategy. It's a tough call that requires strict, individual discipline.
There's an irony to this whole story, especially in Enron's lack of candor in reporting its financial results. In a much-lauded advertising campaign, Enron, looking to challenge conventional wisdom, asks the simple question, "Why? Ask why."
Investors are now asking. It's time for Ken Lay to answer.
First Things First
Many readers have asked about my relative quietness this week. Thank you for your concern. My father has fallen ill after fighting the effects of a brain tumor for more than a decade.
The choice was easy. I'm with him and my family.
Enjoy your weekend with family and friends.

DJ Enron Unit,New England Market Downplay Report Of Default
2001-10-26 17:14 (New York)

   By Kristen McNamara
   Of DOW JONES NEWSWIRES

  NEW YORK (Dow Jones)--Enron Corp.'s (ENE) retail sales unit defaulted on its
credit requirement in New England's wholesale power market this month, but the
event was neither unique nor newsworthy, the energy company and the
organization that developed the market's rules said Friday.

  The operator of the region's wholesale power market informed Enron Energy
Services last week that, for the third time in 12 months, it had traded a
greater volume of electricity than allowed by the bond it had posted and was at
risk for expulsion from New England's market.

  But it was administrative mixups, rather than financial problems, that
triggered the warning, which a few other companies have also received in the
past, the market's rulemaker said.

  "I can state with considerable confidence that there have been other
participants" that have defaulted on their credit agreements, "and it's never
been in the news," said David Doot, secretary and general counsel for the New
England Power Pool, which developed the policies governing the region's
electricity market. "My instinct is that this is blown way the hell out of
proportion."

  News of the Enron unit's default appeared in a trade publication and a major
metropolitan newspaper this week, as Enron's dealings with partnerships headed
by its former chief financial officer contributed to a plunge in the company's
stock and bond prices.

  Enron Energy Services never received word that it had defaulted on its
bonding requirement twice before, because both times it corrected the problem
within a day, spokeswoman Peggy Mahoney said.

  The letter sent by ISO New England, which operates the region's power market,
to notify the Enron unit of its third violation was addressed to the wrong
person, delaying the company's response, Mahoney said.

  "Clearly, it was an administrative error that we immediately took care of to
ensure that we would never exceed the volume limit," Mahoney said.

  The company resolved the problem by Oct. 19, Mahoney said. ISO New England
spokeswoman Ellen Foley confirmed Friday that the company had cured its
default.

  It's rare for a company to default three times, but it has happened on
occasion, Foley and Doot said.

  "I won't say it's commonplace, but I won't say it's unusual for a participant
to find itself out of compliance," Doot said. "Those things have in fact
happened from time to time."

  -By Kristen McNamara, Dow Jones Newswires; 201-938-2061;

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
2001-10-26 16:47 (New York)

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN

     Houston, Oct. 26 (Bloomberg) -- Enron Corp.'s lawsuit
alleging Microsoft breached a contract for broadband services
could temporarily block the largest software company's high-speed
Internet service in some U.S. regions.

     Microsoft said the dispute temporarily blocks the company
from providing the high-speed service in areas where Enron
provides broadband access, leaving MSN fully operational only in
the 14 states where Qwest Communications International Inc.
operates, said Bob Visse, director of marketing for MSN.

     Enron's lawsuit was filed yesterday. Microsoft had planned to
offer fast Internet access in 45 cities beginning yesterday to
give the largest software company access to potential customers in
29 million homes. Microsoft, the No. 2 U.S. Internet provider, is
making a push to win customers from AOL Time Warner Inc.

     ``We are trying to resolve the issues with Enron as quickly
as possible and at the same time we are evaluating other
providers,'' Visse said.

     Officials at Houston-based Enron, the largest energy trader,
did not immediately return calls for comment.

                         The Agreement

     Enron in June signed an agreement with Microsoft to provide
bandwidth for MSN Internet service. Under the agreement, Enron
isn't required to deliver operational broadband services if
Microsoft hasn't first provided a billing and ordering system, Dow
Jones newswire reported.

     Enron claims in its lawsuit that Microsoft failed to deliver
the ordering and billing system required in the initial phase of
the deal, Dow reported.

     Enron's lawsuit comes after Microsoft said in an Oct. 23
letter that Enron will have breached the contract if it hasn't
provided an operational bandwidth system by Oct. 25, allowing
Microsoft to recover damages.

     Shares of Redmond, Washington-based Microsoft fell 36 cents
to $62.20, while Enron shares fell 95 cents to $15.40.

--Joyzelle Davis in Los Angeles (213) 617-0582, or

Enron Executives Sent Requests for Details of Affiliate Profits
2001-10-26 15:36 (New York)

Enron Executives Sent Requests for Details of Affiliate Profits

     Houston, Oct. 26 (Bloomberg) -- Lawyers for a shareholder
suing Enron Corp. are asking executives of the largest energy
trader to disclose any income they made from their involvement
with affiliated companies that bought and sold Enron assets.

     Lawyers have made the requests to President Greg Whalley,
Vice Chairman Mark Frevert and Chief Financial Officer Jeff
McMahon and 83 other employees arrived at Enron's Houston offices
this week, said Paul Paradis, a partner in the New York law firm
Abbey Gardy. Requests also were sent to 17 Enron partnerships such
as Whitewing Management and Marlin Water.

     Paradis represents Fred Greenberg, an Enron shareholder who
is suing the company's board for allowing former Chief Financial
Officer Andrew Fastow to run partnerships that cost the company at
least $35 million in cash and $1.2 billion in lost shareholder
equity.

     The requests are aimed at determining if Enron executives
benefited financially from roles as officers and directors of
partnerships that bought and sold company assets. Enron formed at
least 18 such affiliated companies, listing executives and
employees as officers and directors of the partnerships, according
to Texas secretary of state records.

     Under Texas law, failure to respond to the document requests
will result in subpoenas being issued. Subpoenas could go out next
week if responses don't arrive by then, Paradis said. Enron
spokeswoman Karen Denne didn't respond to requests for comment
about the document requests.

     The executives earned no income from the partnerships, Enron
spokesman Mark Palmer has said. ``There are no financial interests
in the structures themselves for any Enron employee,'' Palmer
said. He said it's common for a company to name its executives to
the boards of affiliates.

                       Affiliates Have Debts

     Texas records show Chief Executive Officer Kenneth Lay,
Frevert, Whalley, McMahon and dozens of other people who list
their address as Enron's corporate headquarters serving as
officers and directors of limited liability companies and foreign
business corporations.

     The document requests ask Enron executives for information on
any form of compensation or benefit received from any of the
affiliates, including stock grants and options. They also ask the
executives to disclose any equity or partnership interests in the
affiliates.

     Enron formed many of the affiliates to buy company assets
such as power plants and natural-gas pipelines. That allowed Enron
to move debt associated with those projects off its books.

     The affiliates bought the assets with borrowed money. They
plan to repay the debt by eventually selling the assets. Enron
might be liable for any shortfall between the sales proceeds and
the debt. That could amount to at least $3.3 billion if the assets
don't generate any money, a remote possibility, the company has
said.

                            Few Answers

     Investors and analysts pressed Enron Chief Executive Officer
Kenneth Lay for details on the finances of the partnerships in a
conference call Tuesday.

     Today, Enron spokeswoman Karen Denne didn't respond to
questions about one of them, ES Power 3 LLC.

     Texas records list 78 Enron executives and employees as
officers, directors and managers of ES Power 3 LLC. The entire
Enron board is also listed.

     Shares of Enron $1.15 to $15.20 in late trading.

--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at

Enron Still Target in California Amid Other Problems (Update1)
2001-10-26 16:15 (New York)

Enron Still Target in California Amid Other Problems (Update1)

     (Updates with closing share price in last paragraph.)

     Sacramento, California, Oct. 26 (Bloomberg) -- Enron Corp.,
facing an inquiry by federal securities regulators into
partnerships run by the former chief financial officer, remains a
target of investigations and lawsuits in California.

     California lawmakers and regulators have accused power
providers of manipulating the state's energy market to raise
prices. Enron, the biggest energy trader, and other power sellers
have denied the charges repeatedly.

     Next month, a California Senate committee investigating the
power market plans to hold a hearing to determine if Enron and
other generators are complying with subpoenas for trading
documents. Enron has been filing documents in Sacramento,
California.

     ``They are still putting documents in their depository, and I
don't think they've completed that process,'' said Alexandra
Montgomery, a consultant to the committee. It ``remains to be
seen'' whether Enron is complying with its subpoena, she said.

     The suits and inquiries came after wholesale power prices in
California soared, leaving the state's two largest utilities
insolvent. Under California's plan to open its electricity market
to competition, the utilities of PG&E Corp. and Edison
International weren't allowed to pass rising costs to customers.

     ``I know that we're doing our best to comply with what the
committee is asking for,'' Enron spokesman Mark Palmer. ``We are
putting documents in the depository, and we're looking forward to
a speedy resolution.''

     Shares of Houston-based Enron have fallen by more than half
since Oct. 16. The company ousted Andrew Fastow as the chief
financial officer Wednesday amid a U.S. Securities and Exchange
Commission inquiry into a partnership he ran that cost Enron $35
million.

                            Grand Jury

     Enron also is one of the companies being investigated for
civil and criminal violations by California Attorney General Bill
Lockyer, who convened a grand jury in June.

     Lockyer has been criticized by Enron officials for telling
the Wall Street Journal in May that he would like to put Enron
Chairman Kenneth Lay in ``an 8 x 10 cell that he could share with
a tattooed dude who says `Hi my name is Spike, honey.' '' Lockyer
later apologized for the remark.

     The attorney general's investigation is proceeding, Lockyer
spokeswoman Sandra Michioku said. Michioku said she didn't know
when civil or criminal charges against Enron or other power
providers might be filed.

     ``Our investigation is still being pursued,'' she said. ``We
had to go to court to get Enron to turn over documents, so that
slowed things down a bit.''

     Enron's Palmer said he didn't know the status of the attorney
general's investigation.

     ``I think the attorney general demonstrated his willingness
to take a fair and impartial look a long time ago when he made his
vulgar and unfounded remarks about our chairman,'' Palmer said.

                           More Lawsuits

     Enron, along with other major power providers such as Duke
Energy Corp. and Dynegy Inc., face at least five lawsuits alleging
they manipulated California energy prices in violation of
antitrust laws.

     The cases, which include separate complaints filed by the
City of San Francisco, California Lieutenant Governor Cruz
Bustamante and various consumers, currently are in state courts
awaiting a coordination proceeding, said Michael Aguirre, a lawyer
representing Bustamante. The lawsuits should be assigned to a
judge by the end of next month, he said.

     If the complaints succeed, the companies might be ordered to
repay profits from any illegal activities and pay fines, including
triple damages.

     Enron's stock fell 95 cents, or 5.8 percent, to $15.40,
declining for the eighth day in a row. The shares have fallen 80
percent in the past 12 months.

--Daniel Taub in Los Angeles, (323) 801-1261 or

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
2001-10-26 16:18 (New York)

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)

     (Adds investor comment in fourth paragraph.)

     Houston, Oct. 26 (Bloomberg) -- Enron Corp. bonds and shares
fell after the largest energy trader tapped a $3 billion credit
line because it has been shut out of the leading market for low-
interest, short-term loans.

     The company's stock has fallen 54 percent in the past 14 days
after investors questioned its transactions with affiliates run by
Enron's former chief financial officer. The shares fell 95 cents,
or 5.8 percent, to $15.40 today.

     Chief Executive Officer Kenneth Lay has failed to reassure
investors that the company's credit rating won't be cut, investors
said. Enron can no longer borrow in commercial paper markets,
where short-term loans carry lower rates than banks offer.

     ``Do they have the financial flexibility they once had? No,''
said John Cassady, who helps manage $3 billion in bonds at Fifth
Third Bancorp. ``People are questioning the credibility of
management.''

      The company will use its credit line to pay off $2.2 billion
in commercial paper it has outstanding, Enron spokesman Mark
Palmer said.

                            Bonds Drop

     Enron's 6 3/4 percent bonds, which mature in 2009, declined 1
1/2 points to a bid of 84 cents on the dollar and an offer of 86
cents. At that price, the bonds, which carry a rating of ``BBB+,''
yield 9.53 percent.

     Investors have grown concerned that the company's credit
rating will be cut after $1.01 billion in third-quarter losses
from failed investments. Enron needs good credit to raise cash
daily to keep trading partners from demanding collateral and to
settle transactions.

     Enron's decision to tap its credit line was ``a smart
financial move,'' said Stephen Moore, a vice president at Moody's
Investors Service who follows the company. ``It took away the
hassle and time-consuming nature of rolling commercial paper and
insured access to capital.''

     Though Enron's bonds have investment-grade ratings, their
yield at current prices is higher than those of industrial bonds
that carry junk ratings. According to Bloomberg data, companies
with ``BB'' ratings pay on average 9.16 percent to borrow for
seven years.

     A lower credit rating may also force Enron to buy back
holdings in other partnerships with its stock, diluting the value
of Enron investors' stock.

     Partnerships called Whitewing, Marlin and Yosemite own Enron
assets they bought with borrowed money. Enron sold the assets to
the partnerships to keep related debt off its books. The
partnerships plan to repay the borrowed money by selling the
assets.

                         Other Liabilities

     If Enron loses investment-grade rating, the borrowed money
comes due earlier, leaving less time for the partnerships to find
the best price for the power plants and other assets. Enron would
have to make up any shortfall between what the assets would sell
for and the amount of the debt.

     One way would be issuing common shares to exchange for Enron
preferred convertible shares held by the partnerships. That would
thin out the holdings of every other investor.

     Of the two main bond-rating companies, Moody's and Fitch have
Enron on watch for possible downgrade, and Standard & Poor's
lowered Enron's long-term credit outlook to negative. Egan-Jones
Rating Co. today lowered its rating on Enron's debt to ``BB+,''
one notch below investment grade, from ``BBB-.''

     Enron's liabilities associated with the partnerships amount
to at least $3.3 billion, the company has said.

     Enron ousted Chief Financial Officer Andrew Fastow on
Wednesday amid a Securities and Exchange Commission inquiry into a
partnership he ran that cost the company $35 million in direct
losses. Enron also bought back 62 million shares from the
partnership, reducing shareholder equity by $1.2 billion.

     ``It looks like the guy who was supposed to do everything for
the benefit of shareholders was running partnerships for the
benefit of himself,'' Fifth Third's Cassady said.

     Jeff McMahon, head of Enron's industrial markets group, was
named CFO in a bid to restore investor confidence, Lay said in a
statement.

--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at

Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees

10/26/2001
Business Wire
(Copyright (c) 2001, Business Wire)

SEATTLE--(BUSINESS WIRE)--Oct. 26, 2001--Seattle's Keller Rohrback L.L.P. is currently investigating potential ERISA claims on behalf of participants and beneficiaries of Enron's retirement and 401(k) plans.
The investigation period covers January 2000 through October 2001. The investigation focuses on concerns that, under the law interpreting ERISA, Enron and its plan administrators may have breached their fiduciary duties of loyalty and prudence by failing to disclose and inform the Plan participants and beneficiaries with respect to the use of employer stock as a Plan investment. Rather than providing complete and accurate information to the Plans' participants, it may be alleged that Enron and the plan administrators may have withheld and concealed material information, thereby encouraging participants and beneficiaries to continue to make and to maintain substantial investments in company stock and the Plans. This investigation is being conducted in light of recent events.
On Oct. 16, 2001, Enron surprised the market when it announced that the Company was taking "non-recurring charges totaling $1.01 billion after-tax, or ($1.11) loss per diluted share," in the third quarter of 2001. Enron later revealed that a material portion of the charge related to the unwinding of investments with certain limited partnerships, controlled by Enron's CFO, and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. As this news began to be assimilated by the market, the price of Enron common stock dropped significantly. In addition, several recently filed securities suits allege that Enron executives engaged in extensive insider trading, gaining millions of dollars in personal proceeds. Enron retirees have lost a substantial portion of their retirement earnings due to the drop in value of their retirement assets.
If you are a member of an Enron retirement plan, wish to discuss this announcement, or have information relevant to the investigation, you may contact paralegal Liza Catabay, or any member of our team (Britt Tinglum, Liza Catabay, or Lynn Sarko) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Seattle's Keller Rohrback L.L.P. has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.

CONTACT: Keller Rohrback L.L.P. Liza Catabay, 800/776-6044 investor@kellerrohrback.com www.SeattleClassAction.com
15:16 EDT OCTOBER 26, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


Attached is a file I prepared to sketch out the potential Armstrong transaction.  The tabs labeled "Pre", "Post" and "Trans" are relevant to our discussion at 10:00 this morning.


CALENDAR ENTRY:	APPOINTMENT

Description:
	 Staff Mtg. Conference room EB4102

Date:		10/29/2001
Time:		10:30 AM - 1:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


I think Lisa's suggestion is a very positive way to get others involved in
the process as well as working through issues that credit managers may raise
when they read through the proposed credit annex.

MJR

> -----Original Message-----
> From: lrgroff@aep.com [SMTP:lrgroff@aep.com]
> Sent: Tuesday, December 05, 2000 12:54 PM
> To: Akatz@eei.org
> Cc: fmdutton@aep.com; Lrgroff@aep.com; rsbaker@duke-energy.com; Harlan
> Murphy; Elizabeth Sager; Marty Rogers; Fritz Henze; David Perlman; Randall
> Osteen; Patti Dondanville; Babak Pooya; William.McCoy@msdw.com
> Subject: Meeting on December 14
>
> Just a suggestion, it may be a better use of everyone's time if the Credit
> Managers met to discuss the draft of the Credit Support Annex prepared by
> Bill before we get the drafting committee involved.  I don't know about
> the
> other Credit Managers but I am in the process of going through and making
> comments to Bill's draft.  I was thinking  we could gain consensus amongst
> the Credit Managers and then get the drafting committee involved.  Maybe
> even have a conference call or two before we actually meet.  Any thoughts?
> ---------------------- Forwarded by Lisa R Groff/OR4/AEPIN on 12/05/2000
> 01:44 PM ---------------------------
>
>
> F Mitchell Dutton
> 12/05/2000 01:38 PM
>
> To:   Franklin Hilton/OR3/AEPIN@AEPIN, Lisa R Groff/OR4/AEPIN@AEPIN
> cc:
>
> Subject:  Meeting on December 14
>
>
> ---------------------- Forwarded by F Mitchell Dutton/OR2/AEPIN on
> 12/05/2000 01:39 PM ---------------------------
>
>
> "Andy Katz" <AKatz@eei.org> on 12/05/2000 01:30:29 PM
>
> Date: 12/05/2000 01:30:29 PM
> From: "Andy Katz"
>
> To:   <fmdutton@aep.com>, <Lgroff@aep.com>, <rsbaker@duke-energy.com>,
>       "Harlan Murphy" <hemu@dynegy.com>, "Elizabeth Sager"
>       <elizabeth.sager@enron.com>, "Marty Rogers" <mroger3@entergy.com>,
>       "Fritz Henze" <wfhenze@jonesday.com>, "David Perlman"
>       <dperlman@powersrc.com>, "Randall Osteen" <rosteen@powersrc.com>,
>       "Patti Dondanville" <pdondanville@schiffhardin.com>, "Babak Pooya"
>       <babak.pooya@southernenergy.com>
> cc:   <William.McCoy@msdw.com>
>
> Subject:  Meeting on December 14
>
>
> Would the drafting commitee and representative credit managers be
> interested in meeting in New York City on December 14 to discuss credit
> annex draft.  Bill McCoy is giving a brown bag discussion on trading
> documentation at a law firm in NYC and perhaps we could meet with him
> afterwards?  Let me know asap and I'll ask Marving Goldstein, a partner at
> the firm, if we can meet after the brown bag.  Of course, that depends on
> Bill's availability too.
>
> Andrew S. Katz, Director Industry Legal Affairs
> Edison Electric Institute
> 701 Pennsylvania Avenue, N.W.
> Washington, D.C.  20004
> Voice:  202-508-5616
> Fax:     202-508-5673
> e-mail:  akatz@eei.org
>
> (See attached file: Andy Katz.vcf)
>
>
>  << File: Andy Katz.vcf >>


Mike:

I have attached a slightly revised version - I apologize for the delay - but
have been very active with the market and interviews - The only number I have
a question with is the 65% in the last paragraph - Where did this originate?
All changes that I made - I have typed in bold. Please call with questions -

Thanks

John Massey
Ext. 3-9835


-----Original Message-----
From: 	Williams, Jason (Trading)
Sent:	Monday, November 26, 2001 2:54 PM
To:	Webb, Elizabeth
Subject:	RE: HR Headcount Report

I got your message, and I'll take care of it.  Thanks for your help.

 -----Original Message-----
From: 	Webb, Elizabeth
Sent:	Monday, November 26, 2001 2:43 PM
To:	Williams, Jason (Trading)
Cc:	Superty, Robert; Heinrich, Brian
Subject:	FW: HR Headcount Report

Jason,

Effective November 1, 2001 your salary should be transferred to Hunter Shively's cost center: 107317.   I need you to enter this new cost center into your timesheet.  The way that you do this is to enter the new cost center number into the space that says Rec. CCtr for November 1 - 15th.  Also, you will need to manually enter 8 hours worked for each day so that SAP will pick up your time and expenses and put them in the new cost center.  You will also need to do the same thing for November 16 - 30th.

Please write me back and let me know that you have received this message.  Also, please call me with any additional questions.

Thanks for your time and assistance in this matter.

Elizabeth Webb
x51694

 -----Original Message-----
From: 	Heinrich, Brian
Sent:	Monday, November 26, 2001 2:17 PM
To:	Webb, Elizabeth
Cc:	Superty, Robert; Snow, Karen
Subject:	RE: HR Headcount Report

Elizabeth,
The best way to get Jason's salary transferred to the correct cost center (since it is only one pay period back), is to have him go into his SAP timesheet and have him code his time to the new cost center.  This way the system (SAP) will correct all his payroll costs automatically.
If you need help explaining to him how to do this, let me know.
Thanks,
Brian

 -----Original Message-----
From: 	Webb, Elizabeth
Sent:	Monday, November 26, 2001 2:13 PM
To:	Heinrich, Brian
Cc:	Superty, Robert; Snow, Karen
Subject:	FW: HR Headcount Report

Brian,

Please note that Jason Williams should be transferred out of CC: 103872 effective November 1, 2001 and put in Hunter Shively's Co: 0413/CC: 107317.

Thanks,
Elizabeth

 -----Original Message-----
From: 	Choate, Heather
Sent:	Monday, November 26, 2001 1:19 PM
To:	Webb, Elizabeth
Subject:	HR Headcount Report

Elizabeth,

Yes, per the email below, I am asking Karen to to transfer Jason Williams out of this Cost Center and into Hunter Shively's Co: 0413/CC: 107317.
I have not heard back from her since this email, but plan on calling her at 3pm if I have still not heard any comment on my request.

: ) Heather

 -----Original Message-----
From: 	Choate, Heather
Sent:	Wednesday, November 21, 2001 1:42 PM
To:	Campos, Karen E.
Cc:	Heinrich, Brian; Webb, Elizabeth; De Jesus, Frank; Hennessy, Sonia; Saldana, Alex; Romero, Araceli; Jackson, Brandee; Dade, Dorothy; Pena, Yolanda
Subject:	HR Headcount Report

Karen,

Forgot the attachment!  (see below)
 ______________________________________________________________________________
I have reviewed the HR Report you sent me and am attaching the following corrections.
I was however missing the following Company and Cost Centers and need to receive
these reports as well.  If you could send these ASAP for review, I would greatly
appreciate it.

Missing Cost Centers:

083E/103872 - Bob Superty (Owner) - Project Aruba  (Jason Williams should be transferred out to 0413, 107317, effective Nov. 1, 2001)

0011/102757 - Martha Stevens (Owner) - South America Risk

0444/106294 - Peggy Hedstrom (Owner) - Calgary Operations

0444/150158 - Peggy Hedstrom (Owner) - Canada IT Development

0444/150195 - Peggy Hedstrom (Owner) - Canada IT Development Support

Bob Hall wants me to make sure our headcount is true and accurate.

If you would then please advise when you could send me a 'clean' report with all of our
corrections made, I would appreciate it.

  << File: Report11.14.01.xls >>
Thank you!
Heather Choate, x33278


I put the files under o\dropbox\west.  They are the files titled CEMS, CEMS
CA Gen, CEMS CA Heat Rate, & Cali Gen (CEMS).


I've added the contact name of Alicia Izarraraz.

Thanks,
Kate

	From:  Sharen Cason                           02/27/2001 07:09 AM

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

Subject: #531910

We need a contact for this deal in order to prepare the confirmation.

Thanks!


RICHARD and CAROLYN, attached please find the Working Group List that Carol St. Clair requested for this weekend.

Call me if you have any questions or we need to make changes to the document.

Thanks,

Sandy Haldeman
Senior Administrative Assistant
to Carol St. Clair
Enron North America Corp.
1400 Smith Street, EB 4547A
Houston, TX  77002-7361
Telephone:  (713) 345-3879
Fax Number:  (713) 646-8537
email address:  sandy.haldeman@enron.com

Attachment


----- Forwarded by Steven J Kean/NA/Enron on 03/02/2001 12:28 PM -----

	Suzanne_Nimocks@mckinsey.com
	Sent by: Carol_Benter@mckinsey.com
	03/02/2001 12:04 PM

		 To: skean@enron.com
		 cc:
		 Subject: California Power Markets

Sorry that we haven't talked in some time.  I thought that you would want
to take a look at some analysis we have recently completed with regard to
the California Power Crisis.  You may find some of the analysis to be
helpful.  Let me know if you have any questions.

(See attached file: 10209 zxd414.ppt)

+-------------------------------------------------------------+
| This message may contain confidential and/or privileged     |
| information.  If you are not the addressee or authorized to |
| receive this for the addressee, you must not use, copy,     |
| disclose or take any action based on this message or any    |
| information herein.  If you have received this message in   |
| error, please advise the sender immediately by reply e-mail |
| and delete this message.  Thank you for your cooperation.   |
+-------------------------------------------------------------+
 - 10209 zxd414.ppt


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->>-------------------------------------------------------------<<-


Kelly Kennedy has asked me to provide additional information.  The
following groups have ordered and received Dynasty vehicles:

*	1 vehicle purchased - San Jose        - off shore buyer
*	1 vehicle purchased - Sacramento    - Robert Campman

The list below are parties with a significant interest in our products:

*	U.C. Davis

*	Architectural Dept.  (2)
*	Environmental Division  (2+)

*	Berkley Co-Op Housing  (2+)
*	United Airlines  (1 Demo Program)
*	Davis Food Co-Op  (6-10)
*	Perris Lake State Park  (1 Demo Program)
*	North Natomas Transportation Plan  (10-15)
*	Presidio, San Francisco  (10)
*	Lincoln (Sun City Development)
*	Vacaville

As well we have had discussions with many individuals, companies and
universities that are waiting for Dynasty to appoint dealers prior to
acquiring vehicles.

Please call for any additional information.

Regards,
Howard Wilson
250-765-4528


Please see attached spreadsheet.

Some additional info about the spreadsheet:
was pulled from the system as of 8/15/01 and formated today.
should reflect all promotions but will not show the EWS-EES groups or Enron South America.
is seperated by job groups and sorted by total agreement value
employees who recieved agreements in our recent agreement efforts are highlighted in green
employees who are currently under executed agreement and also have drafts outstanding will show agreement values associated with the draft agreement only (not the current executed agreement)
employees who are currently under agreement with no draft outstanding will show agreement values still to be paid under the current contract (not the full value of the old contract)
the password is the same

 Please let me know if you would like formatting/content changes or have additional questions.


GEMINI (May 21-June 21). You blow your romantic competition
out of the water. If you slow your pace at work for the sake of being
accurate, you'll accomplish twice as much. You are invited to taste
 the good life tonight. Accept the invitation, and live it up!


Let me know if this is OK and if you need anything else.

Thanks,

Kim


Kay:

Attached is Change Order #2 which has the changes Chris Booth made and a few
minor type type changes I made.  I don't know Chris Calger or his title, so
if you would like me to obtain his signature, please advise.

Kathy
x56400


To: Ken Lay, Jeffrey Skilling and the Enron Advisory Council
From : Gavyn Davies, Goldman Sachs

Re - The Global Oil Price Shock

Since our meeting in Houston, the spike in world oil prices has gripped the
attention of financial markets. I attach a paper which analyses the genesis
of the present oil price increase, the likelihood of it proving permanent,
and the probable impact on the world economy.

The bottom line is the following:

1. The recent increase in the oil price has been due fundamentally to
an increase in global demand, and not to the activities of OPEC, operating
as an oil cartel. In fact, OPEC does not seem to have enough immediate
supply headroom to make much difference to the situation for many months.
The danger of shortages will therefore be very acute this winter, even with
normal weather conditions. This could lead to temporary spikes in the price
to well over $40/barrel. We see a similar situation, or worse, developing in
natural gas.

2. However, we do not see this situation as permanent. In terms of deep
fundamentals, the equilibrium price for oil in the long term is still only
about $18/barrel. Within about 12 months, a large increase in the supply of
oil should push prices back down again, possibly quite sharply. Our present
forecast for the average oil price in 2001 is $27/barrel, somewhat below
today's spot price levels. But we do not expect to see this oil price
downturn before next summer.

3. If oil prices do indeed average $27/bl in 2001, this will prove to
be an oil shock for the developed economies which is the same in magnitude
as the Gulf War shock a decade ago. It will reduce net disposable income for
the OECD economies by about 0.7%, and add about 0.9% to headline inflation
numbers. All of these effects will already be in the data by about 2000 Q4,
so on our main forecast there should be little or no further adverse effects
through 2001.

4. On this oil price scenario, GDP growth in the developed economies
will slow from about 3.9% in 2000 to about 3.4% in 2001 - not a bad
out-turn.

5. What if the oil price sustains $40/bl next year? This would give us
another round of effects about the same as those mentioned in para (3)
above. Even then, however, these effects should not be enough to push the
world into recession. Growth should still be adequate at about 2.5-3.0%.

6. The main risks to this conclusion are that a spike in oil prices,
and possible oil shortages, this winter cause a drop in equity prices, and a
large dip in business and consumer confidence. This could then lead to a
more pronounced downturn in GDP next year, especially if it triggers the
kind of correction in the US that Larry and I have been worrying about for a
long time. But this should prove just about avoidable, assuming sensible
policy responses..

7. This may therefore all work out a bit like the winter of 1998/99.
Going into the winter, events occur which make people worry about recession.
Business and consumer confidence, and equity markets, take a dip. But then
things improve, and it all turns out to be a buying opportunity.

8. I hope so, anyway!

Best wishes,

Gavyn

 ,2000 Goldman, Sachs & Co. All rights reserved.
 This report is not to be construed as an offer to sell or the
solicitation of an offer to buy any security in any jurisdiction where such
an offer or solicitation would be illegal. We are not soliciting any action
based upon this material. This material is for the general information of
clients of Goldman Sachs. It does not take into account the particular
investment objectives, financial situation or needs of individual clients.
Before acting on any advice or recommendation in this material, a client
should consider whether it is suitable for their particular circumstances
and, if necessary, seek professional advice.  Certain transactions,
including those involving futures, options, and high yield securities, give
rise to substantial risk and are not suitable for all investors. The
material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon
as such. Opinions expressed are our current opinions as of the date
appearing on this material only. While we endeavor to update on a reasonable
basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so. We and our
affiliates, officers, directors, and employees, including persons involved
in the preparation or issuance of this material may, from time to time, have
long or short positions in, and buy or sell, the securities, or derivatives
(including options) thereof, of companies mentioned herein. No part of this
material may be (i) copied, photocopied or duplicated in any form by any
means or (ii) redistributed without Goldman, Sachs & Co.'s prior written
consent.
 This material has been issued by Goldman, Sachs & Co. and/or one of
its affiliates and has been approved by Goldman Sachs International, which
is regulated by The Securities and Futures Authority, in connection with its
distribution in the United Kingdom and by Goldman Sachs Canada in connection
with its distribution in Canada. This material is distributed in Hong Kong
by Goldman Sachs (Asia) L.L.C., in Korea by Goldman Sachs (Asia) L.L.C.,
Seoul Branch, in Japan by Goldman Sachs (Japan) Ltd., in Australia by
Goldman Sachs Australia Pty Limited (ACN 092 589 770), and in Singapore
through Goldman Sachs (Singapore) Pte.  This material is not for
distribution in the United Kingdom to private customers, as that term is
defined under the rules of The Securities and Futures Authority; and any
investments, including any convertible bonds or derivatives, mentioned in
this material will not be made available by us to any such private customer.
Goldman Sachs International and its non-U.S. affiliates may, to the extent
permitted under applicable law, have acted upon or used this research, to
the extent it relates to non-U.S. issuers, prior to or immediately following
its publication. Foreign-currency-denominated securities are subject to
fluctuations in exchange rates that could have an adverse effect on the
value or price of, or income derived from, the investment. In addition,
investors in securities such as ADRs, the values of which are influenced by
foreign currencies, effectively assume currency risk.
 Further information on any of the securities mentioned in this
material may be obtained upon request, and for this purpose persons in Italy
should contact Goldman Sachs S.I.M. S.p.A. in Milan, or at its London branch
office at 133 Fleet Street, persons in Hong Kong should contact Goldman
Sachs (Asia) L.L.C. at 2 Queen's Road Central, and persons in Australia
should contact Goldman Sachs Australia Pty Limited. Unless governing law
permits otherwise, you must contact a Goldman Sachs entity in your home
jurisdiction if you want to use our services in effecting a transaction in
the securities mentioned in this material.


----- Forwarded by Jeff Dasovich/NA/Enron on 05/18/2001 05:35 PM -----

	"Julia Wright" <jwright@s-k-w.com>
	05/17/2001 02:51 PM

		 To: "Marilyn Hawes" <marilyn@ceert.org>, "Kelly Boyd"
<kelly.boyd@asm.ca.gov>, "Karen Edson (E-mail)" <kedson@ns.net>, "Julee
Malinowski-Ball (E-mail)" <jmball@ns.net>, "Joseph Alamo" <jalamo@enron.com>,
"John White (E-mail)" <vjw@cleanpower.org>, "John Rozsa (E-mail)"
<john.rozsa@sen.ca.gov>, "John Redding" <john.redding@gene.ge.com>, "John
Larrea (E-mail)" <john.g.larrea@williams.com>, "John Fistolera"
<johnf@ncpa.com>, "John Fielder (E-mail)" <moravekj@sce.com>, "John Fielder
(E-mail 2)" <fieldejr@sce.com>, "John Bridges (E-mail)"
<bridgesj@epenergy.com>, "Joe Ronan" <joer@calpine.com>, "Joe Lyons (E-mail)"
<joseph.lyons@asm.ca.gov>, "Jim Groninger (E-mail)" <gronijn@texaco.com>,
"Jerry Jordan (E-mail)" <jordan@cmua.org>, "Jeff Dasovich (E-mail)"
<jdasovic@enron.com>, "Jeannie Cain (E-mail)" <jeanne.cain@calchamber.com>,
"Jan Smutny-Jones (E-mail)" <smutny@iepa.com>, "James D. Boyd (E-mail)"
<jim@resources.ca.gov>, "Jack Stewart (E-mail)" <jstewart@cmta.net>, "Jack
Gualco" <jackson_gualco@gualcogroup.com>, "Jack Flanigan (E-mail)"
<jackflanigan@flaniganlaw.com>, "Greg Hardy (E-mail)" <hardygl@texaco.com>,
"Grace Davis" <grace.i.davis@intel.com>, "Gordon McDonald"
<gordon.mcdonald@pacificorp.com>, "Gary Schoonyan" <schoongl@sce.com>, "Gary
Heath (E-mail)" <gheath@eob.ca.gov>, "Evelyn Elsesser (E-mail)"
<eke@aelaw.com>, "Eloy Garcia (E-mail)" <egarcia@ka-pow.com>, "Ed Yates
(E-mail)" <ed@clfp.com>, "Doug Fernley" <fernley.doug@epenergy.com>, "Dorothy
Rothrock (E-mail)" <drothrock@cmta.net>, "Dominic DiMare"
<dominic.dimare@calchamber.com>, "Derek Naten" <derek.naten@roche.com>,
"Denny Samuel (E-mail)" <dsam@chevron.com>, "Dennis Price (E-mail)"
<priced@epenergy.com>, "Denice Cazalet" <dcazalet@apx.com>, "Delbert Fore
(E-mail)" <fore.delbert@epenergy.com>, "Delaney Hunter (E-mail)"
<dhunter@smithandkempton.com>, "Dan Carroll (E-mail)" <dcarroll@dbsr.com>,
"Craig Brown (E-mail)" <brownc2@epenergy.com>, "Cindy Howell"
<chowell@sempra.com>, "Charles Bacchi" <charles.bacchi@asm.ca.gov>,
"Catherine Hackney (E-mail)" <hacknece@sce.com>, "Carolyn McIntyre (E-mail)"
<cmcintyre@sempra.com>, "Brian Kelly (E-mail)" <brian.kelly@sen.ca.gov>, "Bob
Houston (E-mail)" <houstgrp@pacbell.net>, "Bob Foster (E-mail)"
<fosterrg@sce.com>, "Bill Keese (E-mail)" <wkeese@energy.state.ca.us>, "Bill
Dombrowski (E-mail)" <cra@calretailers.com>, "Bill Booth (E-mail)"
<wbooth@booth-law.com>, "Becky Kilbourne (E-mail)" <bakilbourne@calpx.com>,
"Barbara Barkovich (E-mail)" <brbarkovich@earthlink.net>, "Audra Hartmann
(E-mail)" <ath@cpuc.ca.gov>, "Art Carter (E-mail)" <debinorton@aol.com>,
"Anna Ferrera (E-mail)" <anna.ferrera@sen.ca.gov>, "Ann Cohn (E-mail)"
<cohnap@sce.com>, "Allan Lippincott (E-mail)" <alippin@mail.arco.com>, "Aaron
Thomas (E-mail)" <athomas@newenergy.com>
		 cc: "Karen Jarrell (E-mail)" <kjarrell@smurfit.com>, "Karen Koyano"
<kykoyano@calpx.com>, "Karen Lindh" <karen@klindh.com>, "Karen Mills
(E-mail)" <kmills@cfbf.com>, "Kari Harteloo" <klc@aelaw.com>, "Kassandra
Gough (E-mail)" <kgough@calpine.com>, "Kathy Brandenburg"
<katherinebrandenburg@flaniganlaw.com>, "Katie Kaplan" <kaplan@iepa.com>,
"Kay Grosulak" <kgrosulak@sppc.com>, "Keith McCrea (E-mail)"
<kmccrea@sablaw.com>, "Kent G. Smith (E-mail)" <ksmith@energy.state.ca.us>,
"Kent Palmerton" <kent.palmerton@williams.com>, "Kevin Lynch (E-mail 2)"
<diane.glenn@pacificorp.com>, "Kevin Lynch (E-mail)"
<kevin.lynch@pacificorp.com>, "Kevin Smith (E-mail)" <kevins@ncpa.com>, "Kip
Lipper (E-mail)" <kip.lipper@sen.ca.gov>, "Lawrence Lingbloom (E-mail)"
<lawrence.lingbloom@sen.ca.gov>, "Lenny Goldberg (E-mail)" <lga@mother.com>,
"Louis Szablya (E-mail)" <szablyal@epenergy.com>, "Marc Joseph (E-mail)"
<mdjoseph@adamsbroadwell.com>, "Mark Smith" <mark_j_smith@fpl.com>, "Marwan
Masri (E-mail)" <mmasri@energy.state.ca.us>, "Michael Alcantar (E-mail)"
<mpa@aelaw.com>, "Michael Florio (E-mail)" <mflorio@turn.org>, "Mike Kahl
(E-mail)" <mikahl@ka-pow.com>, "Mona Petrochko" <mpetroch@enron.com>, "Pete
Conaty (E-mail)" <pcaceo@pacbell.net>, "Peter Bray (E-mail)"
<pbray@newpower.com>, "Phil Nails (E-mail)" <phil.nails@asm.ca.gov>, "Phil
Stohr (E-mail)" <pstohr@dbsr.com>, "Ralph Cavanagh (E-mail)"
<rcavanagh@nrdc.org>, "Randy Chinn" <randy.chinn@sen.ca.gov>, "Ray Thompson
(E-mail)" <ray.thompson@sen.ca.gov>, "Richard Costigan III ESQ. (E-mail)"
<richard.costigan@asm.ca.gov>, "Richard Counihan (E-mail)"
<counihan@greenmountain.com>, "Richard Mesereau (E-mail)"
<Richard.mesereau@imc.asm.ca.gov>, "Robert Berry" <berry@apx.com>, "Robin
Larson (E-mail)" <rlarson@calso.com>, "Scott Tomashefsky (E-mail)"
<stomashe@energy.state.ca.us>, "Sheryl Carter (E-mail)" <scarter@nrdc.org>,
"Steve Ponder (E-mail)" <steve_ponder@fpl.com>, "Steven M. Pike (E-mail)"
<pikes@epenergy.com>, "Stu Wilson (E-mail)" <swilson@cmua.org>, "Sue Mara
(E-mail)" <smara@enron.com>, "Susan Reeder" <sreeder@sppc.com>, "Terry Winter
(E-mail)" <twinter@calso.com>, "Tim Schmelzer" <tschmelz@energy.state.ca.us>,
"Tommy Ross (E-mail)" <rosst@sce.com>, "Tony Braun" <braun@cmua.org>,
"Victoria Schaefer" <schaefvl@sce.com>
		 Subject: FW: Chairman Keese's presentation

The attached presentation is for today's CESG meeting.

Julia B. Wright
Executive Assistant
Smith, Kempton & Watts
980 Ninth Street, Suite 1560
Sacramento, CA 95814
(916)446-5508
(916)446-1499 Fax
jwright@s-k-w.com

 - CEC Presentation without NOTES.ppt


Bill Gates' speech, love him or hate him, comes pretty close to hitting the
nail on the head with this--especially for parents of teenagers!  To anyone
with kids of any age, or anyone who has ever been a kid, here's some advice
Bill Gates recently dished out at a high school speech about 11 things they
did not learn in school.  He talks about how feel-good politically correct
teachings created a full generation of kids with no concept of reality and
how this concept set them up for failure in the real world.  Here's what he
said:

Rule 1: Life is not fair--get used to it.

Rule 2: The world won't care about your self-esteem.  The world will expect
you to accomplish something BEFORE you feel good about yourself.

Rule 3: You will NOT make 40 thousand dollars a year right out of high
school.  You won't be a vice-president with a car phone, until you earn
both.

Rule 4: If you think your teacher is tough, wait till you get a boss.  He
doesn't have tenure.

Rule 5: Flipping burgers is not beneath your dignity.  Your grandparents had
a different word for burger flipping--they called it opportunity.

Rule 6: If you mess up, it's not your parents' fault, so don't whine about
your mistakes, learn from them.

Rule 7: Before you were born, your parents weren't as boring as they are
now.  They got that way from paying your bills; cleaning your clothes and
listening to you talk about how cool you are.  So before you save the rain
forest from the parasites of your parents' generation, try delousing the
closet in your own room.

Rule 8: Your school may have done away with winners and losers but life has
not.  In some schools they have abolished failing grades and they'll give
you as many times, as you want to get the right answer. This doesn't bear
the slightest resemblance to ANYTHING in real life.

Rule 9: Life is not divided into semesters.  You don't get summers off and
very few employers are interested in helping you find yourself.  You have to
do that on your own time.

Rule 10: Television is NOT real life.  In real life people actually have to
leave the coffee shop and go to jobs.

Rule 11: Be nice to nerds.  Chances are you'll end up working for one.


Good afternoon!

Please plan to join the Women's Energy Network of Houston (WENH) for
lunch at Brennan's on Wednesday, March 13, 2002, featuring guest
speaker, Deborah Fiorito, Executive Vice President and Chief
Communications Officer for Dynegy.

Reservation information is attached.  You may also visit
www.wenhouston.org  for more information about WENH and upcoming
activities!  Please know that major site upgrades are in progress.

To streamline communications and to better serve you, WENH will soon
distribute correspondence such as this via the WENH website, complete
with a unique WENH e-mail address.

Thank you very much for your support and involvement.

Best regards,

Tammy Dowe
Vice President
Women's Energy Network of Houston
WENH contact phone:  713.504.1778

 <<WENH March 2002 lunch notice.doc>>


I give all void requests to Claudette Danials.  She enters all voids and stop
payments for the AP department now.  We cannot void MSA checks in SAP.  What
we do is a journal entry to reverse the original expense (converted to SAP
coding) and outstanding checks.  Lupe and the Wire Team do enter their own
voids when it is a wire, but since this one was a check, Claudette should
have it.  I do remember seeing the Goldman Sachs void request and I discussed
it with Lien Nguyen on our wire team before she gave it to Claudette.

Ben

Stephen Wolfe @ ECT

09/06/2000 06:30 PM
To: Ben Gwaltney/GPGFIN/Enron@ENRON
cc: Michael S Galvan/HOU/ECT@ECT, Kortney Brown/HOU/ECT@ECT, Dana
Davis/HOU/ECT@ECT, Lupe Spencer/GPGFIN/Enron@ENRON

Subject: Check to be Reversed

Ben,

As per a voicemail I left you today, one of the Enron Global Markets Teams
(Global Risk Markets) is awaiting the reversal of a check (to Goldman Sachs)
that was wired out instead.  Kortney Brown and Dana Davis had worked with you
and Lupy Spencer on this before.  Last anyone heard, it had made it to your
desk.

I was checking to see if that was the case and if there would be any
difficulty in voiding a legacy MSA check on the new SAP system.  Please let
me know what you find or if you need any further information.

Stephen


Vince - Thanks so much for the job description.  I forwarded it to our legal
counsel for their review, and they were very pleased with it.
They said it really helped them to understand what Vincent is actually doing,
which will enable them to better prepare his case.

Thanks again.

Candace

Vince J Kaminski
01/07/2000 12:20 PM
To: Candace Womack/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Vincent Tang

Candace,.

Sorry for additional delay. Editing took a long time.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/07/2000
12:18 PM ---------------------------

Vince J Kaminski
01/04/2000 12:11 PM
To: Candace Womack/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Vincent Tang

Candace,

Sorry for the delay. I shall edit the job description and forward it to you
later today.

Vince

Candace Womack
01/04/2000 11:24 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Rebecca Shelp <rshelp@tindallfoster.com>, "R. van Ravenswaay"
<rvanraven@ix.netcom.com>, Margaret Daffin/HOU/ECT@ECT, Jane
Allen/HOU/ECT@ECT
Subject: Vincent Tang

Vince - Will you please review the following job description which Tindall &
Foster has prepared, and edit it as needed for Vincent Tang's position?
We need this job description in order to proceed with the other steps
necessary in obtaining Vincent's green card.

Please feel free to call me if you have any questions regarding this.  Thanks.

Candace
x30651

---------------------- Forwarded by Candace Womack/HOU/ECT on 01/04/2000
11:17 AM ---------------------------

Rebecca Shelp <rshelp@tindallfoster.com> on 12/28/99 02:07:34 PM
To: Margaret Daffin/HOU/ECT@ECT, Candace Womack/HOU/ECT@ECT
cc: Jane Allen/HOU/ECT@ECT, Lisa Reed <lreed@tindallfoster.com>
Subject: RE: Vincent Tang

I still do not have a job description for Vincent's position.  Maybe
Enron does not have one?

Candace, here is a sample job description.  Please check with Vincent's
supervisor on modifying this for the job description.  This was my best
guess, but I may be way off... If so, we have many other generic
examples to use instead.  Just let me know.

Generic title:  Operations Research Analyst (Alternate Titles Analyst
Operations Research; Research Analyst)
Overview:  Provides research support for specific projects and programs.
Essential Functions:
Projects may involve collecting and analyses data to formulate
recommendations, policies or solutions.
Marginal Functions:
May involve mathematical or simulation models of problem for solution by
computers or other methods: Analyzes problem in terms of information and
conceptualizes and defines problem.
Studies information and selects plan from competitive proposals that
affords maximum probability of profit or effectiveness in relation to
cost or risk.
Prepares model of problem in form of one or several equations that
relates constants and variables, restrictions, alternatives, conflicting
objectives and their numerical parameters.
Defines data requirements and gathers and validates information applying
judgment and statistical tests.
Specifies manipulative or computational methods to be applied to model.
Performs validation and testing of model to ensure adequacy, or
determines need for reformulation.
Prepares reports to management defining problem, evaluation, and
possible solution.
Evaluates implementation and effectiveness of research.
May design, conduct, and evaluate experimental operational models where
insufficient data exists to formulate model.
May specialize in research and preparation of contract proposals
specifying competence of organization to perform research, development,
or production work.
May develop and apply time and cost networks, such as Program Evaluation
and Review Techniques (PERT), to plan and control large projects.
May work in association with engineers, scientists, and management
personnel in business, government, health, transportation, energy,
manufacturing, environmental sciences or other technologies.

I look forward to your response.

Rebecca Shelp
Legal Assistant
Tindall & Foster, P.C.
600 Travis, Suite 2800
Houston, Texas 77002-3094
Telephone:  (713) 229-0636 ext. 101
Fax:             (713) 228-1303
Email:  rshelp@tindallfoster.com


I still have a need for an Analyst within the group, preferably for a one year rotation.
Thanks,
JMF
 -----Original Message-----
From: 	Coulter, Kayne
Sent:	Tuesday, June 12, 2001 10:54 AM
To:	Baughman Jr., Don; Hernandez, Juan; Forney, John M.
Subject:	FW: Analyst/Associate Need

 -----Original Message-----
From: 	Richards, Andrea
Sent:	Tuesday, June 12, 2001 10:38 AM
To:	Fraser, Jennifer; Gaskill, Chris; Colpean, Amanda; Baumbach, David; Coulter, Kayne; Allen, Phillip K.; Abel, Chris; 'mlmiller@enron.com'; Khanna, Sanjeev; Will, Lloyd; Imai, Rika; Best, John; Saltiel, Robert; McMichael Jr., Ed; Ratner, Michael; Josey, Scott; Hawkins, Don; Varnell, Charles; Ibrahim, Amr; Groves, Eric; Reck, Daniel; Kaminski, Vince J; Kleege, Steven; 'mbrown9@enron.com'; Redmond, Brian; Piekielniak, Elsa; Harris, Bruce; Epstein, Jay; Deadwyler, Erik; Lagrasta, Fred
Cc:	Slone, Jeanie; Melodick, Kim; Dillingham, Geynille; Divelbiss, Sasha; Buckley, Karen; Suttle, Rick; Peikert, Todd
Subject:	Analyst/Associate Need

My records indicate that you currently have a need for a(n) Analyst/Associate.  In order to assist Analysts/Associates that are looking for new rotations in the June - September, 2001 time frame, please verify that this need is still available.  If your position has been filled, please send the name of the Analyst/Associate that has filled the position so that we may make the appropriate changes in SAP.

Thank you in advance for your cooperation!

Andrea Richards
Associate and Analyst Program
Career Development
713-853-6499


Attached please find an execution copy of the Assignment and Assumption
Agreement between ESAT and EBPH.  Both a clean copy and a copy
blacklined to show the changes from the prior version distributed are
attached.

Please feel free to call me with any questions.

~~~~~~~~~~~~~~~~~~~
Sean Bunk
Andrews & Kurth L.L.P.
600 Travis St., Suite 4200
Houston, Texas  77002
Tel.:  713.220.4427
Fax.: 713.238.7252
e-mail: seanbunk@andrews-kurth.com

This e-mail is privileged and confidential and is intended only for the
recipient(s) named above.  If you are not the intended recipient, please
(i) do not read, copy, use or disclose the contents hereof to others
(any of the foregoing being strictly prohibited), (ii) notify the sender
immediately of your receipt hereof, and (iii) delete this e-mail and all
copies of it.

<<Blackline 593877v3 to v2.DOC>>  <<ESAT-EBPH Assignment-v3.DOC>>
 - Blackline 593877v3 to v2.DOC
 - ESAT-EBPH Assignment-v3.DOC


FYI
----- Forwarded by Sara Shackleton/HOU/ECT on 07/20/2000 05:42 PM -----

	Jay Epstein
	07/11/2000 01:12 PM

		 To: Paul Radous/Corp/Enron@ENRON, Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Request of grade(s)

Sara and Paul,

I have received a request for a quote from Inforsa CI, and Chilean company.
They appear to have an excellent balance sheet, but I don't know if we are
set up to trade with Chilean companies.  Paul, the company's information is
available on Bloomberg if you type in INFORSA CI and hit the equity key.  We
are just starting discussions with them, but I wanted to make sure to give
you both advance notice.  Please let me know if there is any additional
information that you need from me.

It looks like it will be at least a month before Singapore Press Holdings
will be ready to do business.  I'll keep you informed as our talks progress.

Thanks,

Jay
---------------------- Forwarded by Jay Epstein/HOU/ECT on 07/11/2000 01:06
PM ---------------------------

Bob Crane
07/11/2000 12:33 PM
To: Jay Epstein/HOU/ECT@ECT
cc:
Subject: Request of grade(s)

---------------------- Forwarded by Bob Crane/HOU/ECT on 07/11/2000 12:32 PM
---------------------------

	From:  Kal Shah                           07/11/2000 09:52 AM

To: Bob Crane/HOU/ECT@ECT
cc:
Subject: Request of grade(s)

---------------------- Forwarded by Kal Shah/HOU/ECT on 07/11/2000 09:51 AM
---------------------------

jfigueroa@inforsa.cmpc.cl2 on 07/11/2000 09:43:53 AM
To: Kal Shah/HOU/ECT@ECT
cc:
Subject: Request of grade(s)

PERSONAL INFORMATION

Name:    Jorge Figueroa R.
Company:   Inforsa
City:  Santiago
nCountry:  Chile
Phone:   56-2-6718972

GRADE:  VOLUME:
------  -------
______________________________________

We have one newsprint mill, with a capacity of 200.000 annual tons.
We are interesting to know about the future market.
In your weekly newsletter you have published newsprint prices(bid/Offer) for
3 and 5 years.
What index are you considering to close this kind of deal (RISI, Miller or
other)?.
It's possible to obtain quote prices for 18 or 24 months.


The enclosed file contains the Month-To-Date Schedule C items for your
viewing.


Our department will be migrated to Outlook in two groups.  The first group
will be migrated on Monday, June 11,  and the second group will be migrated
on Tuesday, June 12.   You will receive four e-mails from the Outlook
migration team.  Please do not delete them.  You will need to open the four
e-mails and follow the instructions to migrate to Outlook.

Assistants, you will be responsible for scheduling training for yourself and
your assignments.  It is recommended everyone attend a one hour training
class.  Training can be scheduled by contacting Maggie Cruz at extension
3-1816.  (Assistants, please coordinate training with your backup so both of
you are not in training at the same time.)  Outlook migration specialists
will be on the 38th floor to answer questions Tuesday and Wednesday, June 12
and 13.

Listed below is useful information provided to us by the Outlook Migration
team.

E-mail Policies

Users will be restricted to a Mailbox size of 100 MB.

Further mailbox size restrictions are detailed as follows:

Issue Warning at 75 MB - users are automatically sent a warning from the
System Administrator explaining they are near their Mailbox limit.

Prohibit Send at 100 MB - users are prevented from sending e-mail, yet they
can still receive internal and external messages.  Users must reduce the size
of their mailbox by deleting old mail, saving attachments to a local drive,
etc. before they can send e-mail again.

Inbound/Outbound Mail Size Limits - inbound and outbound e-mail messages will
be limited to a size of 10MB.

Deleted Item Retention - users will be able to recover deleted items from
their mailbox as old as 8 days.  Deleted items include e-mail messages,
folders, contacts, calendar entries, tasks, notes, journal entries and
meeting notices.

Archiving - archiving will not be a supported feature of Outlook 2000.

Migration Preparation

Clean Your Mailbox - due to new space limitations on your mailbox, you are
advised to clean your Notes mailbox of old, unneeded messages BEFORE
migration.  If you are at the 100MB limit on the day of migration, you will
not be able to send messages once you are in Outlook.

Limits on Items Migrated  - from the day of your migration, only 30 days of
old mail will be migrated from your mailbox.  This includes mail in your
inbox and other folders.  Calendar items dating back one year from the day of
migration will be migrated (with the exception of repeating appointments).

The following people will be migrated Monday evening, June 11.

Adams, Suzanne
Bushman, Teresa
Cash, Michelle
Clark, Bart
Corbet, Nancy
Daniels, Eddy
Davis, Angela
Dickson, Stacy
Edison, Andy
Elbertson, Janette
FitzGerald, Genia
Flores, Nony
George, Robert H.
Goode, Diane
Guinn, Linda
Haedicke, Mark
Hansen, Leslie
Hearn, Ed
Heinitz, Mary
Hodge, Jeff
Legal Temp 1
Legal Temp 2
Legal Temp 3
Legal Temp 4
Mann, Kay
Maxwell, Matt
McCullough, Travis
Meraz, Claudia
Mellencamp, Lisa
Milligan, Taffy
Moore, Janet H.
Nemec, Gerald
Nettelton, Marcus
Ogden, Mary
Perlingiere, Debra
Portz, David
Sager, Elizabeth
Sanders, Richard
Simmons, Linda
Sol,, Carlos
St. Clair, Carol
Sweet, Twanda
Tweed, Sheila
Van Hooser, Steve
White, Ann Elizabeth
Zucha, Theresa

The following people will be migrated Tuesday evening, June 12.

Aronowitz, Alan
Bailey, Susan
Boyd, Samantha
Braddy, Martha
Bruce, Robert
Bruck, Sarah
Carolan, Dominic
Castillo, Connie
Collins, Harry
Cook, Mary
Crady, Ned
del Vecchio, Peter
Doucette, Margaret
Farrell, Keegan
Ferguson, Samantha
Garcia, Nita
George, Carolyn
Gray, Barbara
Greenberg, Mark
Gresham, Wayne
Haas, Merrill
Heard, Marie
Hendry, Brent
Jones, Tana
Keiser, Holly
Koehler, Anne
Korkmas, Deb
Lauterbach, Elizabeth
Legal Temp 5
Legal Temp 6
Legal Temp 7
Lindeman, Cheryl
Lovelady, Steven
Lyons, Dan
Martinez, Mary Helen
Mayer, Laurie
Murray, Julia Heintz
Nachawati, Majed
Nelson,  Cheryl
Panus, Stephanie
Pinto Leite, Francisco
Rivera, Coralina
Robison, Michael
Rogers, Daniel
Sayre, Frank
Shackleton, Sara
Shanks, Reginald
Spencer, Becky
Stoler, Lou
Taylor, Mark
Viverito, John
Young, Randy

Many thanks for your help in making this a smooth migration to Outlook.

Nony Flores and Janette Elbertson


Joe

We have had several conference calls since last Saturday. Perhaps you should
talk to Orlando and join us from now on. This subject is in state of flux.

As you know, those measures triggered a hostile reaction from D/Cs and from
Gs.

Aneel (Jose Mario and Jose Alves) called me on Saturday asking for help. We
discussed this subject internally over the weekend.

On Monday, Joao defended ANEEL in the COEX meeting. However, we were the only
ones. Other players were very angry. They perceived the action as pure
intervention (despite necessary and timely for most). ANEEL was informed
about the COEX reaction and thanked us for our position.

We examined the Resolutions in great detail. Unfortunately, it seems that
ANEEL went far beyond its institutional responsibilities. The substance is
OK. The format is legally weak.

Our strategy (we will try to sell to Abradee, CBIIE, COEX and ABRACEEL) is to
remove the spotlight from the legal arguments and propose to our industry
peers to focus on the design of a new Market agreement (to create a sense of
buy-in). We know that the changes will be only cosmetic. The basic principles
of the resolution should be maintained.

As per Enron's suggestion, I spoke to ANEEL again (Jose Mario and Jose Alves)
showing them how difficult the situation is. In our view, thard he only way
to validate the measures is to write a new agreement (Fred and Debora are
working on that). I was open in saying that the Resolution are weak from a
legal standpoint. They agreed with us. Publicly they say otherwise. They said
they are willing to negotiate. We also expressed our view to ANEEL that part
of the reaction is parochial: some COEX members will lose their jobs. ANEEL
agrees. That is why they are inviting all CEOs and Chairmen of the Board to a
meeting tomorrow, where ANEEL will explain what is happening and ask for
support from top management.

Why has ANEEL approached us? Perhaps two reasons: 1) They know we defend
markets 2) We wrote Informativo Regulat?rio # 3, attached (which basically
purports the replacement of COEX by a professional Board - I discussed those
issues with Rick Shapiro before the IR was issued to understand Enron's view
on power pool governance)

Your comments/involvement would be very important. It is a pretty delicate
and messy situation.

My personal view.

1) This was a necessary evil. MAE would not function otherwise. Our merchant
plants would be in jeopardy.
2) I would dare to say that this is a "window of opportunity" to get MAE
working (and therefore our long term strategy)
3) However, the way ANEEL did was disastrous. They should have acted long
before. (imposing gradual penalties). Now they suddenly "fired" 26 CEOs of
the largest utilities in Brazil
4) We should support ANEEL. However, it has to be in a very diplomatic way.
Orlando will take care of Abradee. Joao - COEX. S,rgio CBIEE. We have to walk
over a fine line. If we push to hard, they will reject Enron (together with
ANEEL's Resolution)
5) We should be the champions in drafting a new Market Agreement

LM

Joe Kishkill
04/25/2001 01:07 PM
To: Luiz Maurer/SA/Enron@Enron
cc: Joao Carlos Albuquerque/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron,
Sergio Assad/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brett R Wiggs/SA/Enron@Enron

Subject: Re: MAE/COEX - ANEEL Resolutions

when are we talking?

Luiz Maurer
04/24/2001 09:42 AM
To: Joao Carlos Albuquerque/SA/Enron@Enron
cc: Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Sergio
Assad/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brett R Wiggs/SA/Enron@Enron

Subject: Re: MAE/COEX - ANEEL Resolutions

Perfect

LM

Joao Carlos Albuquerque
04/24/2001 09:30 AM
To: Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Sergio
Assad/SA/Enron@Enron, Luiz Maurer/SA/Enron@Enron, Fred
Sampaio/SA/Enron@Enron, Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Brett R Wiggs/SA/Enron@Enron

Subject: MAE/COEX - ANEEL Resolutions

At the COEX meeting yesterday, it was clear from the lawyers presentation
that there are grounds to legally challenge ANEEL's resolutions. Some
romantic guys were kind of going in that direction.
My position  was to take the subject to a Market Assembly for the
shareholders to deliberate.
Also everybody knows, and some acknowledged,  that MAE governance was not
working. Our line of action at the Assembly would be to support the general
direction of the measures, and at the same time, preserve MAE autonomy,
opening a negotiable line with ANEEL.
The main point of discussion will be if we should discuss without going to
court or after challenging ANEEL in court.
The Assembly was called for next Thursday, April 26th.
Fred is going to talk to Luiz Maurer for us to have a deep exam of the
resolutions and see what points we can propose to ANEEL to improve. Also, in
that negotiable line, we should discuss/propose some names to the new COEX.
We need to discuss this subject tomorrow.

Jo?o Carlos


This has not been booked.   I was told Q4.   What is this?

 -----Original Message-----
From: 	Curry, Mike
Sent:	Wednesday, October 03, 2001 5:12 PM
To:	Presto, Kevin M.
Subject:	FW: Wind $7MM

FYI

 -----Original Message-----
From: 	Sherman, Cris
Sent:	Wednesday, October 03, 2001 4:59 PM
To:	Kitchen, Louise; Curry, Mike
Subject:	Wind $7MM

 Booked in 3Q, 3.5 to origination, 3.5 to trading


i will try to get those names for you today.  if i don't do it today just
remind me and i will get it done asap.


Saturday was really fun. Golf was great. Mike and Andrew's group was by far
the drunkest foursome. Dinner was good and then we went to the Sutter club to
play pool. That is when things got out of hand. We got Ryan a bright yellow
T-shirt with "NOBODY KNOWS I'M A LESBIAN" written in big block letters. Call
me tonight and I'll give you all the gory details. My head still hurts.


We are long in Enpower for tomorrow due to a parking arrangement with EPE at
PV.     We added this deal late,  so make sure that the EPE dispatcher knows
of this late preschedule of energy to EPE.
We are long the following hours/mws:

He 7-10    3mw's
He 11-22     10mw's

The length is reflected on deal #476644 and this energy should be marketed
hourly.    We need to communicate early with EPE and make sure that this goes
as smoothly  as possible.     Once sold,  of course enter the sale( under ST
SW book)  and route to the length.
This deal is completely ST SW in Enpower and we will share any profits with
ST SW.

Thanks,
JMF


Please find the final draft of the GTC:


Please  evaluate Andy Edison. I value your input.


Robert,

Please put me on the distribution list for the competitive analysis summary sheet that Kevin Presto is receiving from you on a daily basis.  Thanks,

Fletcher Sturm
V.P. East Power
x 3-9684


A written summary is fine.


Please grant me access to the rac website.  I am the manager for the central
region - natural gas.  I need access to activate and inactivate and view all
central books.  Please give me a call with any questions.  Thanks for your
help.
PL
3-7376

---------------------- Forwarded by Phillip M Love/HOU/ECT on 05/14/2001
12:31 PM ---------------------------
From: Jennifer Velasco/ENRON@enronXgate on 05/14/2001 09:49 AM
To: Chad Ihrig/ENRON@enronXgate, Phillip M Love/HOU/ECT@ECT
cc:
Subject: Web Access

Please send this request to Matthew Adams.  He is the one who will help you
with setting up access to the website.

Thank you.
Jennifer Velasco
X 5-2526


This is the last email I rec'd on Cove Point.
---------------------- Forwarded by Brenda H Fletcher/HOU/ECT on 07/21/2000
12:31 PM ---------------------------

Chris Germany
04/24/2000 10:10 AM
To: David Oliver/HOU/ECT@ECT, Crystal Hyde/HOU/ECT@ECT, Alex
Perkins/LON/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, Joan Veselack/Corp/Enron@ENRON, Joann
Collins/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Angie
Zeman/Corp/Enron@ENRON, Mark Feldman/HOU/ECT@ECT, Brenda H
Fletcher/HOU/ECT@ECT
cc: Scott Goodell/Corp/Enron@ENRON, Dan Junek/HOU/ECT@ECT, Molly
Johnson/HOU/ECT@ECT, Judy Townsend/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT,
Scott Hendrickson/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT, Robin
Barbe/HOU/ECT@ECT, Maureen Smith/HOU/ECT@ECT
Subject: Re: Cove Point Storage

Just making sure everyone reads their emails.  The term is 4/15/2000 -
3/31/2001.

Brenda H Fletcher
04/24/2000 10:02 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Cove Point Storage

Are you sure about the term?

Chris Germany
04/24/2000 09:45 AM
To: David Oliver/HOU/ECT@ECT, Crystal Hyde/HOU/ECT@ECT, Alex
Perkins/LON/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, Joan Veselack/Corp/Enron@ENRON, Joann
Collins/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Angie
Zeman/Corp/Enron@ENRON, Mark Feldman/HOU/ECT@ECT, Brenda H
Fletcher/HOU/ECT@ECT
cc: Scott Goodell/Corp/Enron@ENRON, Dan Junek/HOU/ECT@ECT, Molly
Johnson/HOU/ECT@ECT, Judy Townsend/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT,
Scott Hendrickson/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT, Robin
Barbe/HOU/ECT@ECT, Maureen Smith/HOU/ECT@ECT
Subject: Cove Point Storage

We have a new Cove Point Storage deal, here are the details;
Term: 4/15/2000 - 3/31/2000
MSQ 360,000
MDWQ 36,000
Demand $.65
Demand Charge for April  $117,000.00
Demand Charge for May - March    $234,000.00/month
Contract  FPS1024

The CPR storage injection deal is 246517, the withdrawal ticket is 249409.  I
entered all the withdrawal volumes to come out of storage the last 10 days of
March,.


COLUMBIA GAS TRANSMISSION CORPORATION
                        NOTICE TO ALL INTERESTED PARTIES
                                  JUNE 01, 2001

Notice ID: 2770
5 - NO RESPONSE REQUIRED

SUBJECT: REVISED - CAPACITY UPDATE EFFECTIVE FOR SATURDAY AND SUNDAY,
         JUNE 2-3, 2001

             CHANGES ARE INDICATED WITH AN *

Effective Saturday and Sunday, June 2-3, 2001, capacities will be as follows:

Excess MDWQ              Available +
ISS Withdrawals          Available
SIT Withdrawals          Available
Imbalance Drawdowns      Available
PAL Lends/Unparks        Available

Excess MDIQ              Not Available + *
ISS Injections           Not Available   *
SIT Injections           Not Available   *
Imbalance Paybacks       Not Available   *
PAL Parks/Loan Paybacks  Not Available   *

+ Call Gas Control 24 hours in advance at (304) 357-2606 to request approval.

Receipt capacity will be as follows:

TENNESSEE:

Brinker (B12)            20,000
Broad Run (B9)          450,000
Cambridge (B10)          10,000
Dungannon (B11)          40,000
Highland (B17)           25,000
Milford (B18)            30,000
North Greenwood (B22)    10,000
Unionville (B15)         75,000

TEXAS EASTERN:

Delmont (C16)                 0
Eagle (C22)              30,000
Hooker (C9)              25,000
Pennsburg (C23)          50,000
Windridge (C12)          60,000

NATIONAL FUEL:

Independence (M1)        10,000
Ellwood City (L1)        10,000

TRANSCO:

Downingtown (E3)          5,000
Emporia I (E13)          80,000  *
Rockville (E2)           65,000
Dranesville (E1)         25,000

ALGONQUIN:

Ramapo (R1)              50,000

ANR:

Paulding/Cecil          100,000
(F1, A2)

LEBANON AGGREGATE       225,000
(A4, F2, C4, D3)

TOLEDO AGGREGATE        225,000
(A3, F4, 734462)

COLUMBIA GULF:
(801)

TCO-Leach             2,218,000

Internal point non-firm capacity will be as follows:

Lanham                No Restrictions

Delivery capacity (non-firm) will be as follows:

TRANSCO:

Martins Creek (MA 21)    25,000
Young Woman's Creek       5,000
   (MA 36)

ALGONQUIN:

Hanover (MA 22)         143,000

EQUITRANS:

Fallen Timber (MA 35)    35,000
(MLI K1)

Waynesburg-Rhinehart     30,000
(MA 26) (MLI K2)

OPT-30 will be available in all market areas.
OPT-60 will be available in all market areas.

Market Area delivery capacity (non-firm) will be as follows:

Operating Area 1
     Market Area 33       No Restrictions
     Market Area 34       No Restrictions

Operating Area 2
     Market Area 20       No Restrictions

Operating Area 3
     Market Area 15       No Restrictions
     Market Area 16       No Restrictions
     Market Area 17       No Restrictions
     Market Area 18       No Restrictions
     Market Area 19       No Restrictions

Operating Area 4
     Market Area 21       No Restrictions
     Market Area 22       No Restrictions
     Market Area 23       No Restrictions
     Market Area 24       No Restrictions
     Market Area 25       No Restrictions
     Market Area 29       No Restrictions

Operating Area 5
     Market Area 02       No Restrictions
     Market Area 07       No Restrictions

Operating Area 6
     Market Area 10       No Restrictions
     Market Area 11       No Restrictions
     Market Area 12       No Restrictions
     Market Area 13       No Restrictions
     Market Area 14       No Restrictions

Operating Area 7
     Market Area 01       No Restrictions
     Market Area 03       No Restrictions
     Market Area 04       No Restrictions
     Market Area 05       No Restrictions
     Market Area 06       No Restrictions
     Market Area 08       No Restrictions
     Market Area 09       No Restrictions

Operating Area 8
     Market Area 26       No Restrictions
     Market Area 27       No Restrictions
     Market Area 32       No Restrictions
     Market Area 35       No Restrictions
     Market Area 36       No Restrictions
     Market Area 38       No Restrictions
     Market Area 39       No Restrictions
     Market Area 40       No Restrictions

Operating Area 10
     Market Area 28       No Restrictions
     Market Area 30       No Restrictions
     Market Area 31       No Restrictions

If you have any questions, please contact your Account
Representative.


GEOGRAPHICAL AREA COORDINATION CENTER
INTERAGENCY FIRE FORECAST WARNING UNIT
RIVERSIDE, CALIFORNIA
0930 pdt Thursday February 28, 2002

***CHANGE FIRE WEATHER WATCH TO RED FLAG WARNING FOR SANTA ANA
WINDS FROM 0600 HOURS FRIDAY THROUGH 1400 HOURS SUNDAY OVER THE
MOUNTAINS AND THROUGH AND BELOW CANYONS AND PASSES OF
SOUTHERN CALIFORNIA FROM VENTURA COUNTY SOUTHWARD***

DISCUSSION...
North to east winds will become strong and gusty Friday through Sunday morning, and be
accompanied by very low humidities. Sustained wind speeds will be between 20 to 40 mph with
much higher gusts in wind prone areas. Winds will slowly decrease Sunday afternoon with light
winds expected by Monday.

END/Shameson
[RFWUCR / WWUS86 KLOX 1014916500]

EDIS-02-28-02 0915 PST

(Special thanks to craigslist for helping get this to you quickly!)
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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/12/2000
03:50 PM ---------------------------

Lara Marie Berry@ENRON
10/10/2000 04:58 PM
To: Vince J Kaminski/HOU/ECT@ECT, John Pavetto/Corp/Enron@Enron, Radu
Tutos/Enron Communications@Enron Communications, Denise
Rancour/Corp/Enron@Enron
cc: Ashley Baxter/Corp/Enron@Enron, Simone Lewis/NA/Enron@Enron
Subject: Cal Berkeley General Presentation Confirmation - 10/16/00

Cal Berkeley
General Presentation
Monday, October 16th

This note is to confirm that you are scheduled to attend the Cal Berkeley
General Presentation on Monday October 16th.  This e-mail should contain any
information that you need to know pertaining to your trip.  Please print out
a hard copy and bring with you in case of emergency.  If you have any
questions, there is a list of contacts listed below.

Once again, thank you for offering to help with technology recruiting at Cal
Berkeley.  See you on campus!

Lara

The General Presentation will be held:

Monday, October 16th
The Faculty Club
Seaborg Room - 2nd Floor
7:00 p.m. to 9:00 p.m.
**Please plan on arriving at the General Presentation by 6:00 p.m.

The General Presentation is designed to educate the students on Enron and the
Global Technology Track.  Following the presentation we will invite the
students to ask questions about Enron and the Global Technology Track.
Please plan to arrive at the General Presentation by 6:00 p.m.  It is
business casual attire.

FLIGHT ARRANGEMENTS:

You are responsible for scheduling your own flight arrangements with your
preferred airline provider.  Please schedule your flight to arrive to the San
Francisco airport on Monday, October 16th.   Please remember that there can
be significant traffic over the Bay Bridge and to get into town at least an
hour prior to the event.  Please make all flight arrangements through the
Travel Agency in the Park so that we are able to take advantage of discount
fares.  If you do not have a representative that you currently use at the
Travel Agency in the Park - feel free to contact Liz Mendiola at 713-860-1140.

RENTAL CAR ARRANGEMENTS:

Once again, you are responsible for scheduling your own rental car
arrangements with your preferred provider.  Your Travel Agency in the Park
representative should be able to assist you with rental car reservations.

HOTEL ARRANGEMENTS:

Hotel reservations are currently being made by our representative at the
Travel Agency in the Park.

As soon as we have confirmation numbers, I will let you know.

San Francisco Airport to The Faculty Club

Take 101 Northbound
Exit to San Francisco/Oakland Bay Bridge
Exit to 1-80 East
Exit on University Ave.
East on University Avenue for 1.5 miles to Oxford St.
Right on Oxford St., left on Durant Ave., left on Piedmont
You will see parking on the right side

Once again, thank you so much for helping with the General Presentation.
Below are some last minute tips to keep in mind:

Please remember to dress business casual.
Please remember to bring some business cards for students.
I have attached a pdf version of the Global Technology Track  brochure.
Please forward all expense receipts to Grace Garcia.  She will handle any
expenses incurred for this recruiting trip including: flight costs, hotel,
car, food, valet, etc.  However, you must turn in some sort of receipt - so
be sure and save them!

Ashley Baxter   work:  713-853-3589
    cell:  281-793-0567

Lara Berry   work:  713-345-8320
    cell:  713-857-1034

Grace Garcia   work:  713-853-7252

Simone Lewis   work:  713-853-1645


This is an excerpt from the weekly newsletter of the Western power Trading
Forum:

"California Attorney General Bill Lockyer made the major mud-slinging event
of the
week.He said in Monday's WSJ,
"I would love to personally escort [Enron Corp.Chairman Kenneth ] Lay to an 8
x 10 cell
that he could share with a tattooed dude who says `Hi my name is
Spike,honey,'"
I was depressed for two days after reading that.What is happening in this
crazy place?
Elected officials are whipping up public fervor for a lynch mob?The statement
was
beyond belief....

But here is a surprise that I didn't expect.Two days after the Lockyer quote
was
published,Kathleen Connell called me,and expressed an apology for her
"colleague's
statement regarding Enron.I want to distance myself,"she told me,"from that
kind of
comment."We talked for about 15 minutes.I was stunned,and gratified by her
remarks.
I asked if I could share her call with you folks,and she agreed."

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


FYI. Note that PSEG wants to sign a binding LOI.

Carlos and I will discuss how to move forward.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/12/2001 01:51
PM ---------------------------

Fred Mitro@ECT
02/12/2001 01:48 PM
To: Kay Mann/Corp/Enron@Enron
cc: Rusty Stevens/Corp/Enron@ENRON, Scott Healy/SF/ECT@ECT, Ben
Jacoby/HOU/ECT@ECT

Subject: PSEG Request

Kay:

I talked with PSEG this morning.  PSEG would like to negotiate and sign a
binding LOI regarding the Kendall project site in Illinois prior to
negotiating and executing the Definitive SPA.  The specifics of this LOI are:

 PSEG would pay an up-front $300,000 payment to ENA
 This payment would be non-refundable unless PSEG discovered a "fatal flaw"
in the project (we will have to carefully define this concept)
 The binding LOI would establish a date by which the SPA would be executed or
PSEG would forfeit the up-front payment
 The $2.7 MM balance of the Purchase Price would be due upon closing (signing
the SPA and transferring the member interests).

I believe that PSEG is getting nervous that we may close on the Kendall LLC
with another Buyer before they get their act together.

Call me to discuss the timing of drafting such an LOI.  I would like to
strike on PSEG while they are anxious and motivated.  My goal is to send the
LOI to PSEG by Wednesday of this week.  I can work directly with Carolyn if
that is the most efficient approach.

Fred


Alvin:

It was good to meet you at lunch the other day.  Here are my address details
if you need them.

Mark E. Taylor
Enron North America Corp. (EB3889)
1400 Smith St.
Houston, TX 77002

(713)853-7459

Mark.Taylor@enron.com


Please get me Pat Wood's phone number and post a reminder on my calendar to
call him ASAP


Jane,

I booked you EB3268 from 2:30 to 3:30 on Friday.

-Ina