Are you working on Bruin?  Davis Thames told me Kristina Mordaunt is leading, but if involves ENA ISDA makes sense for you to be working with them on that portion.

Thanks,
Tanya

 -----Original Message-----
From: 	Boyd, Samantha
Sent:	Tuesday, October 02, 2001 2:36 PM
To:	Dawson, Matthew; Cooper, Edmund
Cc:	Jones, Tanya; Rohauer, Tanya
Subject:	Bear Stearns International Ltd.

I received a phone call from Nancy Bauer with Bear Stearns International Ltd. ("Bear Stearns").  Nancy has  informed me that Bear Stearns will be doing a large trade with Enron North America Corp. ("ENA") very soon.  Their goal is to get an ISDA Master Agreement in place quickly.  Bear Stearns would like for the ISDA Master Agreement with ENA to mirror the ISDA Master Agreement dated July 3, 2000 between Enron Credit Limited and Bear Stearns.

My review of our Lotus Notes database did not reveal that Enron Credit Limited has a Master Agreement with Bear Stearns.  If this Master Agreement has been executed, please make an entry for it in Lotus Notes.  Also, please e-mail me a copy of the execution version of the Enron Credit Limited and Bear Stearns Master Agreement for legal and credit in Houston to review.  Since time is of the essence, your attention to this matter is greatly appreciated.

Samantha M. Boyd
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803
Houston, Texas 77002
Ph:  (713) 853-9188
Fax:  (713) 646-3490


Here are possible Q's.  Dan W. will prepare first cut at answers.

Questions for January 31 Hearing

Price Gouging
?   On January 22, your company reported fourth-quarter results for
2000, in which you showed that profits from your energy trading unit rose
256 percent and your overall earnings rose 34 percent.  How much of this was
attributable to increased sales in California?  How much did you make from
sales in California?
?   What is the highest per kilowatt-hour price Enron charged on the
spot market?  What is the cost of production for that power?
?   In a recent Houston Chronicle article (January 23, 2001), Mr.
Skilling, your CEO was quoted as saying that not only had the California
situation not had an impact on earnings, but that "it may even turn out to
be a benefit in the long run."  Can you please explain the long-term
benefits you expect?
?   In a recent New York Times column by Paul Krugman, Ken Lay was
quoted as saying that California consumers "need to see the price signals
that is, pay much more and start modifying behavior to reduce demand until
we get more supplies."  What did Mr. Lay mean by this?  With the tremendous
profits that Enron is making in this situation, isn't it pretty brazen for
him to be suggesting that California consumers should pay more for their
power?

Market Manipulation
?   A number of generators and wholesalers, including Enron, have been
accused of withholding energy to drive up energy prices in the Western
states.  I understand that you are being sued in state court in San
Francisco for such activities and an independent monitor has supported these
allegations.  Does Enron currently have any generation assets off-line for
maintenance?  Did Enron make all of its generated power in the Western
states available for purchase by California utilities?  If not, why did it
withhold power?  How much did you withhold or sell in other states despite
knowing of the crisis in California?
?   At the time that the spot market collapsed and two of California's
largest utilities were teetering on the verge of bankruptcy, what price was
Enron asking for its power on the spot market?  What was Enron's cost of
producing that power?  How much profit did you make in December from sales
in California?
?   Did Enron ever refuse to sell power to a California utility because
of concerns about their credit worthiness?  Did your company ever tell
California utilities that it would not sell power to them because of credit
concerns?
?   Do you believe that Enron has any responsibility as a corporation in
a crisis such as occurred in California?  How do you justify making such
large profits, driving the utilities into bankruptcy and then refusing to
sell power to those same utilities because of their credit worthiness?

Utility Forbearance & Auction
?   California clearly has a significant problem with the potential
bankruptcy of two of its largest utilities.  How much money do those
utilities owe your company?  Has your company offered any payment
forbearance or forgiveness in light of the excessive prices that you were
charging them on the spot market for power?
?   California held an Internet auction last week for long-term
contracts for sale of power to the state.  Did Enron participate in the
auction?  What price did you offer for power in non-peak times?  What price
did you bid for power during peaking periods?
?   Your company has successfully gouged the utilities in California for
power on the spot market because long-term contracts were discouraged.  Now,
you are looking to enter into long-term contracts, which many experts
believe will be at rates far above the market in the future.  You really are
going to profit coming and going.  How can you claim that you are not price
gouging in this case?
?   In the past, you have offered power to California utilities in
long-term contracts at rates less than $.06 per kilowatt-hour.  How do you
justify previously offering power at much lower rates and now saying that
you are unable to provide it for less than a much higher price?

Role in California Deregulation
?   Your company was supportive of the California deregulation efforts
and has been a leading supporter of deregulation nationwide.  In light of
the "colossal failure" of the effort in California, do you still support
deregulation in other states or at the federal level?  What safeguards would
you support to protect against increased rates for consumers?

The Future
?   California is likely to enact a legislative fix to address this
problem.  What do you think will happen this summer during peak demand
periods?  Is there another crisis in the making in California or in other
states such as New York?

Political Contributions & Activities
?   Your company has been very active politically and according to press
reports, Mr. Lay is very close to President Bush.  Wasn't your company one
of the biggest donors to the Bush Campaign and the Inaugural Committee?  How
much money did your company contribute in soft money to the Bush Campaign
and the RNC?  How much money did your executives give in personal money to
the Bush Campaign and the RNC?  How much to the inaugural?
?   Has anyone from Enron participated in the Bush transition teams or
the so-called "advisory committees?"
?   What information and suggestions has your company or its officials
provided to the transition team or the new Administration regarding energy
deregulation or the California situation?
?   What discussions have officials from your company had with
Administration or Transition officials about the California situation?

Softball Questions

?   In the short term and then in the long term, what can California do
to fix its power supply system?
?   What do you believe are the flaws in the current California system?
The Power Exchange?  The Independent System Operator?
?   Why did deregulation fail in California?
?   Some people, including Governor Davis, have suggested that
out-of-state power suppliers, such as Enron, are to blame for this crisis,
is that true?
?   Some people in California have suggested that the State should take
over the power system.  Please comment on this proposal.  Is this a good
idea?
?   In which states has deregulation worked?  How do you explain the
success in those states in contrast with the failures in California?
?   This Committee will likely consider deregulation legislation at some
point in the future.  Should we undertake this effort?


You ever have one of those days, where you feel like Hal (in the movie 2001)--while Dave was pulling out Hal's memory boards?

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, October 02, 2001 11:18 AM
To:	Kaufman, Paul
Subject:	RE: Budget Spreadsheet

For you, anything.  My kingdom for a Kaufman...

 -----Original Message-----
From: 	Kaufman, Paul
Sent:	Tuesday, October 02, 2001 1:13 PM
To:	Dasovich, Jeff
Subject:	RE: Budget Spreadsheet

Thanks.  Your attention is appreciated.  I know your swamped and focused on other things.  But these administrative details are important.  It's what keeps the trains running on time ... the electricity flowing through the wires ... it's why you can go into a McDonald's from Poughkeepsie to Pitsburgh and the Big Macs taste the same ... .

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, October 02, 2001 11:10 AM
To:	Kaufman, Paul; Comnes, Alan; Mara, Susan
Subject:	RE: Budget Spreadsheet

Here are my additions.  Tried to turn around quickly, so I apologize in advance for errors. My adds are in yellow.  If anyone has questions, don't hesitate to let me know.

Best,
Jeff
 << File: 100101 Shapiro OS Template with JOD comments1002.xls >>

 -----Original Message-----
From: 	Kaufman, Paul
Sent:	Tuesday, October 02, 2001 12:20 PM
To:	Dasovich, Jeff; Comnes, Alan; Mara, Susan
Subject:	RE: Budget Spreadsheet

 << File: 100101 Shapiro OS Template.xls >>

Once again, I've had my inadequacies pointed out and highlighted for all.

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, October 02, 2001 8:31 AM
To:	Kaufman, Paul; Comnes, Alan; Mara, Susan
Subject:	RE: Budget Spreadsheet

Did anyone else get the attachment?  If not, Paul, could you resend?  Thanks.

 -----Original Message-----
From: 	Kaufman, Paul
Sent:	Monday, October 01, 2001 7:44 PM
To:	Dasovich, Jeff; Comnes, Alan; Mara, Susan
Subject:	Budget Spreadsheet

Attached is the strawman.  Note that the Sheet 2--drops participation to bare essentials.  Sheet 3 assumes a 40% budget cut from Sheet 1.   The deleted actions are different in Sheet 2 and Sheet 3.

Jeff:  Please review ASAP, add the gas matters to Sheet 1, delete gas matters that are not essential in Sheet 2, and take a 40% haircut in Sheet 3.  Also add back any other matters that I have deleted that you disagree with, but make sure that Sheet 3 continues to meet the 40% haircut target.  Then send to Sue Mara for review.

Sue:  Please review ASAP after Jeff.  I need to get this into Rick by Wednesday.

Alan:  Please take a look and pass any comments along to me.


we bought 15000 contracts and our VAR didn't fall.  Something is wrong with the model

 -----Original Message-----
From: 	Port, David
Sent:	Tuesday, November 27, 2001 11:56 AM
To:	Beck, Sally
Cc:	Lavorato, John
Subject:	FW:

FYI - this is out there as a possible reason why Americas VaR did not come down to within limits as we expected.
In the absence of a fix it looks as though we have another VaR violation.

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, November 27, 2001 11:36 AM
To:	Port, David
Subject:	FW:

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, November 27, 2001 8:12 AM
To:	Reeves, Kathy
Cc:	Gossett, Jeffrey C.; Davenport, Lacrecia; Khanna, Bharat; Victorio, Tom
Subject:

Kathy,
It looks like the Canadian positions didn't hit VAR last night.  Can you re-check?
Also, I understand Zufferli bot a ton of NG and I thought he was short? (Why is system showing he is long?)

Frank

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	J_ZUFFERLI	NG	8241559.1328
11/26/2001	J_ZUFFERLI	NG	8568832.813

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	CANADA-PWR-BU	NG	8298324.949
11/26/2001	CANADA-PWR-BU	NG	8691997.5495

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	CANADA_PWR_GAS	NG	8298324.949
11/26/2001	CANADA_PWR_GAS	NG	8691997.5495


Here is the coal presentation.
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 12/11/2000
02:18 PM ---------------------------

	Enron North America Corp.

	From:  Rebecca Walker @ ENRON                           12/04/2000 09:57 AM

To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject: Coal Presentation

Ben

Here is the most recent version of the coal presentation.

Let me know if you have any questions.

Rebecca
x57968


Kevin,

Please let me know when your move date has been "firmed up".  Can you let me
know the location that you want to install the new copier at {I will need to
check for the necessary power outlet}? Listed below are some of the latest
generation "Heavy Duty" copiers that Enron has been installing as replacement
for older equipment such as the Xerox 5388 etc. Feel free to try them out for
the specific task that you have on a daily basis and let me know what you
think {We can discuss relevant speeds & associated $ costs after you have
tested these copiers}:

FYI: There are 2 other models from Lanier: The 5355 and the 5365. Both of
these are the "Toshiba 70 series" digital copier rebranded as "Lanier". If
the one of the Toshiba 70 series listed above meets your criteria, the 5300
series from Lanier is a better cost option between the two different brands.

If possible, would you be available to meet next week to discuss further? I
would like to invite a member of the ENA Finance group to go over cost
allocations for the new copier, regardless of which copier selected.

Thanks,                Iain....................

Kevin G Moore
03/08/2000 11:22 AM
To: Iain Russell/EPSC/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT, Mike A
Roberts/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Liz M Taylor/HOU/ECT@ECT
cc:
Subject: Copier on 32nd floor

Hello Iain ,
Well time is drawing near for another move
for us.
The problem is we do not have a heavy duty
copier for the floor.
We do need a copier.

Please inform me as how we can work through
this , maybe we can split the cost with others on the floor.

The move is schedule sometime at the end of the month.

I will keep you informed........

                                                           Thanks
                                                        Kevin Moore


did they buy you guys new "used" computers?  when i got my car it was new to
me even though it was used.  we are just a much more advanced company.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 04/06/2001
11:08 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 04/06/2001 08:59 AM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Patricia Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Julie
Brewer/NA/Enron@Enron, Lesli Campbell/ENRON@enronXgate, Celeste
Cisneros/NA/Enron@Enron, Sharon Crawford/CAL/ECT@ECT, Richard
Deming/NA/Enron@Enron, Russell Diamond/ENRON@enronXgate, Cindy
Feldman/CAL/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Veronica
Gonzalez/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report--4/6/01


Good morning Amyn:

The Enron Corp. Research Group would like to conduct a telephone
interview with you at your convenience.   This will be as a "summer
Intern" with the Research Group.

Please let me know your availability on Monday, May 1st or Thursday;
May 4th.

The persons who will be interviewing you are:

Vince Kaminski  Managing Director
Stinson Gibner  Vice President
Krishna Krishnarao Director
Osman Sezgen  Manager

I look forward to hearing from you.

Thank you and have a great day

Shirley Crenshaw
Administrative Coordinator
713-852-5290


I know the feeling


Still like CDWR - PG&E bankruptcy was not expected today, but not a big surprise overall.

Fountain Valley looks like $16.6MM - half in QII , half in QIII

Cheers

Louise Kitchen
04/06/2001 03:43 PM
To:	Christopher F Calger/PDX/ECT@ECT
cc:
Subject:	Re: Update

Thanks for this - how do you feel about the cdwr today?

Superb news on Fountain Valley - are you still thinking $17m.

Let's talk on Monday anyway have a good week-end.

Christopher F Calger
04/05/2001 05:45 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:

Subject:	Update

Louise,

Turbine Swap:
The Hancock letters were acceptable to Chip and me.  Legal got comfort from GE that the consent language will be consistent with what we have done before.  Based on that, we got done with Delta and GE.  We are preparing the definitive agreements for Delta in order to keep the pressure on them to close and fund mid-month - ultimate drop-dead is May 3.

Pastoria:
Pre-closed yesterday; funds will flow April 11

Fountain Valley:
Pre-closed this morning; funds will flow April 11 (need 5 business day notice for turbopark)

DWR:
Discussions continue (calm after the storm) - I am trying to push them towards a deal that has less up-front credit exposure.  It might look like a June start with volumes increasing later in 2001

Roseville:
Approval requests will come in two phases - a $1MM "I-DASH" early next week for an option on ERC's and some environmental consulting work.  A Big DASH ($45MM) in a couple of weeks for the full project development budget.

Goldendale:
Giving them a non-binding proposal tomorrow to buy the project - I will get on your calender to update

Las Vegas:
Putting together toll, EPC, final development - will get on your calender next week to review

INGA:
Decision over the next couple of days to launch a binding bid to Ahlstrom to try to get their attention - or just kill the file

Regards,

Chris

<Embedded StdOleLink>


----- Forwarded by Stacy E Dickson/HOU/ECT on 06/04/2001 09:26 AM -----

	Dan J Hyvl
	06/04/2001 09:14 AM

		 To: Stacy E Dickson/HOU/ECT@ECT
		 cc:
		 Subject: Re: ENA deals moved from Ks assigned to AEP (deals belong to ENA)

Stacy,
 Please let them know that they are using the wrong assignment list.  Remind
them that the list was changing as late as noon Friday.  They need to check
the final list.  They can get that from George Weismann.

	Stacy E Dickson
	06/04/2001 09:04 AM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: ENA deals moved from Ks assigned to AEP (deals belong to ENA)

Does this make sense to you?
----- Forwarded by Stacy E Dickson/HOU/ECT on 06/04/2001 09:03 AM -----

	Cyndie Balfour-Flanagan@ENRON
	06/01/2001 09:51 AM

		 To: Ellen Wallumrod/NA/Enron@ENRON
		 cc: Linda S Bryan/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT, Stacey
Richardson/HOU/ECT@ECT
		 Subject: ENA deals moved from Ks assigned to AEP (deals belong to ENA)

Please reconfirm as necessary. These were all riding on contracts that have
been "assigned" to AEP/HPL/Lodisco effective 6/1/01. ENA is no longer party
to the original agreements. Please note that several of these are EOL
transactions.

Thank you!
Cyndie

PS, Accounting was not copied on this message as there is no accounting
impact on the contract # changes (all deals moved have production beginning
6/1/01 (no additional production was finalized or cleared on these
transactions under the prior agreement).


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/19/2001
05:51 PM ---------------------------

"Chen, Vincent" <chenvinc@wharton.upenn.edu> on 02/19/2001 10:39:30 AM
To: "'Larry.Gagliardi@enron.com'" <Larry.Gagliardi@enron.com>
cc: "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>,
"'Kenneth.Parkhill@enron.com'" <Kenneth.Parkhill@enron.com>, "Thorne,
Heather" <hethorne@wharton.upenn.edu>, "'Thomas'"
<Thomas@wharton.upenn.edu>, "Bhalla, Tulika" <bhallat@wharton.upenn.edu>,
"Levitt, Nicholas" <nslevitt@wharton.upenn.edu>, "Mallik, Deepa"
<mallikd@wharton.upenn.edu>, "Rejtman, Jack"  <rejtmanj@wharton.upenn.edu>,
"Whitsel, Kimberly"  <whitselk@wharton.upenn.edu>, "Chen, Vincent"
<chenvinc@wharton.upenn.edu>
Subject: FW: EnronOnline Competitive Assessment by Wharton Project Team

Larry, Ken Parkhill passed your contact info along to our project team. We
plan to call you at 3:15pm EST today (Monday) i.e. 2:15pm Houston time.
Attached is a presentation describing the scope of our project. We are
interested in discussing your experiences with competitor trading exchanges
like ICE, DynegyDirect, HoustonStreet.com, etc. relative to EnronOnline. Look
forward to talking with you today.

Thanks,
Vincent

-----Original Message-----
From: Kenneth.Parkhill@enron.com [mailto:Kenneth.Parkhill@enron.com]
Sent: Friday, February 16, 2001 10:59 AM
To: Bhalla, Tulika; Chen, Vincent; Rejtman, Jack; Mallik, Deepa;
Whitsel, Kimberly; Thorne, Heather; 'Thomas'
Cc: Vince.J.Kaminski@enron.com; Larry.Gagliardi@enron.com
Subject: RE: research leads

Hello Team 1,

I spoke with Larry Gagliardi on the Crude/Refinery Products desk this
morning and he agreed to talk with you after 12:30 today or after 2:30 any
other weekday.  He is very familiar with the other platforms and should be
a great resource.  Larry suggested that you surf EOL to find names of power
and/or natural gas traders, and call them up.  Please let me know if you
have difficulty finding/contacting folks this way and I will see if I can
help.

Larry's office number is 713-853-0543, and his email is
Larry.Gagliardi@enron.com.

good luck
ken

 - 150201 Enron Conference Call.ppt


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Dear Mr. Henderson:

Attached pursuant to Dave Foti's request is the Substation Maintenance
Agreement in Word format with Transwestern's proposed changes shown in
redlining.  After you've had a chance to review the agreement, please feel
free to contact me with any questions or comments.

Sincerely,

Susan Scott
Counsel for Transwestern Pipeline Company
(713) 853-0596
sscott3@enron.com


Dan,

Mike is out of the office so I would kindly request your help. Attached is a
draft letter provided by Vitol that they want to give a new potential
customer of theirs in the Far East. Can be we be a party to this type of
document?

Doug
---------------------- Forwarded by Doug Leach/HOU/ECT on 12/10/99 07:04 AM
---------------------------

Tony Maarraoui <AMK@Vitol.com> on 12/09/99 03:31:53 PM
To: Doug Leach/HOU/ECT@ECT
cc:
Subject: draft letter

December 10, 1999

Vitol S.A, Inc
Atn: Antonio Marraoui - Director of Latin American and Caribbean Trading
1100 Louisiana Suite 5500
Houston, Texas 77002

Doug, this is more or less the draft for the letter that i need. I would
like to get an original by tuesday of next week so i can send it. I
appreciate your help.

To whom it may concern,

This letter is to confirm that Vitol S.A, Inc has been a reliable supplier
of No. 2 Fuel Oil and No. 6 Fuel Oil under contract to Enron into Puerto
Plata, Dominican Republic since April, 1995. Currently, they supply
approximately 3600 Barrels/day of No. 2 fuel Oil, and 3500 Barrels/day of
No. 6 Fuel Oil.

Vitol S.A, Inc has performed well and has fulfilled all their contractual
obligations to date.

Please do not hesitate to call me if you need any additional information.

Best Regards,

Doug Leach
Project Director
713-853 5007


Yes Chris, you may share the below information with Don Kirkendall.

Chris.Germany@enron.com on 04/06/2000 10:26:20 AM
Please respond to Chris.Germany@enron.com

To: Melissa Flewellyn/CES/ColumbiaGas@COLUMBIAGAS
cc: Colleen.Sullivan@enron.com, Doug Kinney/CES/ColumbiaGas@COLUMBIAGAS,
Charles
Dalphon/CES/ColumbiaGas@COLUMBIAGAS, Brian Perrone/CES/ColumbiaGas@COLUMBIAGAS

Subject: Don Kirkendall

Melissa, am I at liberty to discuss pricing information and to provide my
price
calculation worksheets (transport capacity and pricing worksheet) with Don
Kirkendall?


Mark -

Last week Dale Neuner was requested to add four new commodities to on-line
trading and Mike Robison and Steve Elliott have reviewed and approved the
long descriptions for benzene, mixed xylene, toluene and methanol.   We have
also finalized the form of GTC's for EPC (who trades benzene, xylene and
toluene) and are forwarding them to you for further distribution.

Note:  GTC's for Enron Clean Fuels Company (who trades methanol) will follow
on Wednesday.

Thanks.
Nony Flores
Ext. 3-7541


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/24/2000
08:42 AM ---------------------------

"FT.com" <ft.com.special@newsbyemail.ft.com> on 07/20/2000 10:57:16 AM
To: "FT.com User":;
cc:  (bcc: Vince J Kaminski/HOU/ECT)
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Dear Market Participants:

Attached is a letter from William Museler acknowledging that on April 2, 2001
the New York Power Authority (NYPA) has placed Phase I of its FACTS CSC
Project
into commercial operation.

(See attached file: Ltr to Ken Haase.pdf)

Customer Relations
(518) 356-6060

 - Ltr to Ken Haase.pdf


As per Rob Bradley request, I am sending you the draft slides and talking
points for Ken Lay's speech at the Forum on Power & Energy in the West.  We
are expecting Ken's comments tomorrow or Monday morning.  We will  keep you
posted.

Regards,

Ursula Brenner
ENRON CORP.
+1(713)345-3787

This message (including any attachments) contains confidential information
intended for a specific individual and purpose, and is protected by law. If
you are not the intended recipient, you should delete this message and are
hereby notified that any disclosure, copying, or distribution of this
message, or the taking of any action based on it, is strictly prohibited.


All:

Due to scheduling conflicts, please note the new date for the Functional
Legal PRC Meeting.

Subject:  Functional Legal Mid Year PRC Meeting

Date:  Tuesday, June 5th, 2001

Time:  8:30 a.m. -  5:00 p.m.

Place:  EB791

Facilitator:  Sheila Walton

If you have any questions, please contact Sheila Walton at 3-0649.

Thank you,
Christa


Steve,

FYI

Vince


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

The NYISO is reserving hours beginning 1:00, 2:00, and 17:00 - 19:00 in the
October 28, 2001 Real-Time Market as well as the following hours per ECA
20010908B to verify prices:

HQ:   01:00* and 22:00
NE:   01:00*, 09:00, and 22:00 - 23:00
OH:   01:00*, 05:00, 07:00, 09:00, and 22:00 - 23:00
PJM:  00:00 - 01:00*, 04:00 - 05:00, 07:00, 09:00, 13:00, and 22:00 - 23:00

*For the external locations, hour beginning 01:00 denotes the first hour
01:00 only.

Prices in the October 29, 2001 Day-Ahead Market are correct.

This e-mail information is a copy of the official posting which can be
found at the following address of our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm


Dear Colleagues,

We know you have many questions about your new benefits plan, payroll issues and other changes that will occur over the next few weeks. Human Resources and Communications are preparing a thorough Q&A, which we will send to you tomorrow and will regularly update as more information is available.

Meanwhile, please read the announcement below from Security about how you can obtain a new UBS Warburg access card that will allow you to enter our new office space after Friday.

I am confident that you share my enthusiasm about our new opportunity.  We look forward to working along side each of you in the coming days.

David Oxley
Head, Human Resources
____________________________________________________________________

Access Cards

There will be a two-day transition for the new UBS Warburg access cards. Beginning Monday, February 11, access to the 5th and 6th floors of Enron Center South will require these new cards. UBS Warburg access cards can be picked up from 7 a.m. to 7 p.m. at the reception area on the 5th floor of Enron Center South on Thursday, February 7th ; Friday, February 8th ; and Monday, February 11. Enron Security will produce new access cards with existing photographs, then simultaneously issue the new and collect the old cards. Employees without UBS Warburg cards will be allowed into the Enron Center South building on Monday but will have to collect their new cards as soon as possible to gain access to the 5th and 6th floors.

Employees who fail to collect their new cards by 7 p.m. Monday will be required to contact Enron Security's general information number at 713-853-5360 to arrange to pick them up.

There will be security staff available at the pick up point on ECS 5 to help with any problems you might have.

It is suggested employees wear their access cards at all times while on the premise.

Accessible Areas - The new cards will allow UBS-W employees to enter:
5th & 6th floors and Plaza area of Enron Center South ,
The Sky Ring
Body Shop, Enron Center North Plaza and therefore access the Credit Union and Cafeteria from either building.

Restricted Areas - Employees must submit to Enron Security a Restricted Access Request form (available by calling 713 8535360 ) and signed by Bob McAuliffe (713-853-7468) to enter:
Enron Center South, 8th and 9th floors
Enron Center North, 22nd and 34th floor
Ardmore Data Center.

Employees staying with the Enron estate while visa and other issues are completed - Employees in this group who are on assignment arrangements to UBS-W will be issued a regular access card - available in the same way as other new UBS-W employees.

Estate employees who are working with UBS-W on transition issues  - If they will be based in UBS-W office space they should talk to their UBS-W counterpart for approval and then UBSW HR for the issue of a UBS-W contractor card (in addition to their regular Enron badge).


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 11/15/2000
12:01 PM ---------------------------
To: Matthew Lenhart/HOU/ECT@ECT
cc:

Subject: Fwd: Election concession & retraction parody. Has good audio also.

---------------------- Forwarded by Ross Prevatt/HOU/ECT on 11/13/2000 01:08
PM ---------------------------

Charles H Otto
11/13/2000 01:03 PM
To: Ross Prevatt/HOU/ECT@ECT
cc:
Subject: Fwd: Election concession & retraction parody. Has good audio also.

---------------------- Forwarded by Charles H Otto/HOU/ECT on 11/13/2000
02:01 PM ---------------------------

Chris Gaskill@ENRON
11/13/2000 12:35 PM
To: Charles H Otto/HOU/ECT@ECT, Tara Piazze/NA/Enron@ENRON
cc:
Subject: Fwd: Election concession & retraction parody. Has good audio also.

---------------------- Forwarded by Chris Gaskill/Corp/Enron on 11/13/2000
12:35 PM ---------------------------

Marc Bir <marc@delphihome.com> on 11/13/2000 12:29:45 PM
To: Chris.Gaskill@enron.com
cc:

Subject: Fwd: Election concession & retraction parody. Has good audio also.

><http://www.mediatrip.com/shows/phone_flash.html
>http://www.mediatrip.com/shows/phone_flash.html


great pictures. have a great weekend. Ben

-----Original Message-----
From: Greg.Whalley@enron.com [SMTP:Greg.Whalley@enron.com]
Sent: Friday, December 08, 2000 4:47 PM
To: ben.bergfelt@painewebber.com
Subject: Stammtisch Fichtenhof

---------------------- Forwarded by Greg Whalley/HOU/ECT on 12/08/2000
03:46 PM ---------------------------

"Robert Weiss" <rweiss@grammer.de> on 12/08/2000 01:21:14 PM

Please respond to rweiss@grammer.de

To:   greg.whalley@enron.com, webmaster@stadtbau-amberg.de
cc:
Subject:  Stammtisch Fichtenhof

Greg,
how are you?
Enclosed find some pictures from our regular sunday-night-Stammtisch.
Can you do me a favour and send me the email-adresses of James, Ben,
Glen, Mark and Ulrich. I want to invide them for the celebration of the
25th aniversary of the Stammtisch FKK. As you know this will happen from
20th of july until 22th of july 2001. I hope we see you there.
The email-adress on the top belongs to Hermann.
Servus
Ferdl

(Embedded image moved to file: pic03487.pcx)
(Embedded image moved to file: pic29577.pcx)
(Embedded image moved to file: pic14474.pcx)
(Embedded image moved to file: pic02625.pcx)

 << File: pic03487.pcx >>  << File: pic29577.pcx >>  << File: pic14474.pcx
>>  << File: pic02625.pcx >>


Hello all:

The time has come again for Bowl for Kid's Sake!  Entergy-Koch is sponsoring
the event this year which will raise money for the children of Big
Brothers-Big Sisters of Greater Houston.  BBBS offers youth mentoring
programs to at-risk children, and their goal is to match children from
single-parent families with responsible, adult role models.

Last year, our team raised over $1500, and this year our team goal is $3000.
The company goal is to raise $350,000 in total.  The minimum pledge per pin
is $.10 (100 score minimum), or a flat pledge of $10.  Either method works,
but be careful on the pledge per pin donation (I have been studying the
moves of Roy Munson and Ernie McCracken from the movie Kingpin).

If you are interested, please reply with your phone number, address, and
pledge amount (you will be billed directly in the mail by BBBS).

For those of you who are also interested in supporting our efforts in
person, the fundraiser will take place on Thursday, March 7th  from
2:00-4:30 at Palace Lanes, 4191 Bellaire Blvd (713-667-6554).

Thanks again to those who could contribute last year.  We hope to have just
as much success this time!

Patrick D. Howard
Gulf South Pipeline Company, LP
Transportation & Storage Services
phone:	(713) 544-5402
fax:	(713) 544-6257
e-mail:	patrick.howard@gulfsouthpl.com


By popular vote, we will not redraw.  Our draft will take place, this Sunday
at 11:45 am at BW-3 in Rice Village.


OUTLOOK EMAIL NOTIFICATION

Your Date of Migration is: January 24thth at 4:45 pm

YOU WILL BE UNABLE TO SEND E-MAIL unless you take the following action:
Please go through your Notes email and clean out as many old/un-needed email
items as possible BEFORE your date of migration.? After you are migrated to
Outlook you will only be allocated 100MB of total Mailbox space.?? If more
than this amount of data is migrated to Outlook YOU WILL NOT BE ABLE TO SEND
E-MAIL until it is below the 100MB limit.? Cleaning up your Notes email now
will prevent this from happening to YOU.

Enron,s messaging platform is migrating from Lotus Notes to Microsoft Outlook
2000 worldwide.  You will be accessing Outlook for all of your email
functions.

WHY IS ENRON MIGRATING TO OUTLOOK 2000?

Many factors contributed to the decision to migrate from Lotus Notes to
Microsoft Exchange/Outlook.  The most prominent factors were:

? Significant advantages to moving to a product that is more integrated with
current Enron apps (Windows 2000, Office and Internet Explorer)
? More efficient Shared PC and Roaming User features
? Improved support and integration for Palm/CE devices
? Instant Messaging capabilities

WHAT IS BEING MIGRATED TO OUTLOOK 2000?

? Email Messages.  From the date of your scheduled migration, the last (30)
thirty days of your Email will be converted for use in Outlook.
? All your folders in Notes you use to store email messages in.
? To Do Items
? Journal Items
? Calendar Entries dating from (1) one year in the past to (10) ten years in
the future will be converted.
? Address Books, but NOT your Distribution Lists that you created.  You will
need to re-create these in Outlook.

Thank you,

Outlook 2000 Migration Team


Steve,

We have a contract extension for Sempra, 30,000/d from La Plata to I/B Link extending it from 12/31/01 to 12/31/02.  Max rate.  Standard language.  I would like to approve this contract in your absence.  Legal and Regulatory have already approved.  Thanks, Kim.


Privileged and Confidential Attorney-Client Communication;  Attorney Work
Product

We may need to file a suit this week or next to enjoin the signing of a gas
supply agreement between Petrobras and Compagas.  As you know, Enron
(Dutapar), Copel, and Petrobras are the three shareholders of Compagas.
Copel has as interest (along with El Paso) in the power plant which would use
the gas.  A contract has already been signed between Compagas and the plant.
The Compagas Board votes on the agreement tomorrow.  The gas supply contract
would have a 20-year term and would be worth $1.2 billion.  The ground for
the suit would be that, under Brazilian law, Compagas is required to solicit
bids for the gas supply arrangement.   Compagas has sought to justify not
soliciting bids on the basis that Petrobras is the only supplier capable of
supplying the gas.  This is incorrect:  Enron, among others, is also capable
of supplying the gas.  We have a legal opinion supporting our position. and
have called for a special shareholders' meeting to discuss the issue.  We
anticipate that Petrobras and Copel, despite their obvious conflict of
interest, will force the issue and will vote in favor of the agreement
nonetheless.

Tozzini Freire has been advising us, and is doing an excellent job.  If you
approve, we would like to continue to use them if litigation is necessary.

Please call me or Randy with any comments or questions.

Thank you.


Western Government Affairs
WEEKLY SCHEDULES
December 4 - 8, 2000

Paul Kaufman

Mon 12/4 Portland
Tue 12/5 San Francisco for Legislative Meeting
Wed 12/6 Portland
Thur 12/7 Travel to Houston
Fri 12/8 Houston for GA Meeting

Sue Mara

Mon 12/4 IEP Meeting - Sacramento
Tue 12/5 San Francisco
Wed 12/6 Working at home
Thur 12/7 Travel to Houston
Fri 12/8 Houston for GA Meeting

Sandi McCubbin

Mon 12/4 San Francisco
Tue 12/5 San Francisco
Wed 12/6 San Francisco
Thur 12/7 Travel to Houston
Fri 12/8 Houston for GA Meeting

Jeff Dasovich

Mon 12/4 San Francisco
Tue 12/5 San Francisco
Wed 12/6 San Francisco
Thur 12/7 San Francisco/TBD
Fri 12/8 San Francisco/TBD

Mona Petrochko

Mon 12/4 Working at home
Tue 12/5 San Francisco
Wed 12/6 San Francisco & to Houston
Thur 12/7 Travel to Houston
Fri 12/8 Houston for GA Meeting

Marcie Milner

Mon 12/4 Phoenix -- WMIC Seams Task Force Meeting
Tue 12/5 San Francisco for Legislative Meeting
Wed 12/6 Phoenix
Thur 12/7 Phoenix & Travel to Houston
Fri 12/8 Houston for GA Meeting


I've been in with kaminski and bowen all morning so I have limited feedback today. I heard we had prelim good feedback from cadwalader on pledging contracts. Issue on post bankruptcy price risk issue remains.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Ina:  my login is rgay.  Thanks


NOTE:  YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

You have been selected to participate in the Year End 2000 Performance
Management process by providing meaningful feedback on specific employee(s).
Your feedback plays an important role in the process, and your participation
is critical to the success of Enron's Performance Management goals.

To complete requests for feedback, access PEP at http://pep.corp.enron.com
and select Perform Review under Performance Review Services.  You may begin
providing feedback immediately and are requested to have all feedback forms
completed by Friday, November 17, 2000.

If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:

Houston: 1.713.853.4777, Option 4
London:  44.207.783.4040, Option 4
Email: perfmgmt@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."   Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.

Review Group: ENRON
Feedback Due Date: Nov 17, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
ANDREWS, NAVEEN C               RUDI C ZIPTER                   Oct 31, 2000
BAXTER, ASHLEY                  DAVID DAVIES                    Nov 02, 2000
CAMPOS, HECTOR O                PEYTON S GIBNER                 Nov 06, 2000
CARSON, RICHARD L               RICHARD B BUY                   Oct 30, 2000
CRENSHAW, SHIRLEY J             WINCENTY J KAMINSKI             Oct 26, 2000
KINDALL, KEVIN                  VASANT SHANBHOGUE               Oct 30, 2000
LAMAS VIEIRA PINTO, RODRIGO     DAVID PORT                      Oct 31, 2000
RAYMOND, MAUREEN J              WINCENTY J KAMINSKI             Nov 02, 2000
SUPATGIAT, CHONAWEE             PEYTON S GIBNER                 Oct 27, 2000
TAMARCHENKO, TANYA V            VASANT SHANBHOGUE               Oct 26, 2000
VILLARREAL, NORMA E             SHEILA H WALTON                 Oct 26, 2000
WALTON, SHEILA H                DAVID OXLEY                     Oct 27, 2000
YAMAN, SEVIL                    VASANT SHANBHOGUE               Oct 27, 2000
YUAN, DING                      RICHARD L CARSON                Oct 31, 2000


We have decided to postpone the All-Employee Meeting, which was scheduled at
10 a.m. Wednesday, August 9, and concentrate our efforts on a successful kick
off of our 2000 Houston United Way campaign.  This year's United Way gameshow
event, "Who Wants to Help Millions?", will run, as previously announced, from
11:15 a.m. to noon in the Hyatt Regency's Imperial Ballroom, followed by
lunch in Antioch Park from noon to 1:30 p.m.  We encourage all employees in
Houston to attend this fun event and cheer your business unit representatives
on to victory and to helping others in the community.

We will communicate the new date of the All-Employee Meeting as soon as it
has been determined.


-----Original Message-----
From: Dana.Davis@enron.com [mailto:Dana.Davis@enron.com]
Sent: Wednesday, August 23, 2000 10:03 AM
To: BJACKSON@SSWPC.COM
Subject: RE:

Well you know if could help a brother out with any spiritual repercussions,
you would be that brother.

Bobby Jackson <BJACKSON@SSWPC.COM> on 08/23/2000 09:23:48 AM

To:   "'Dana Davis'" <Dana.Davis@enron.com>
cc:
Subject:  RE:

The usual. CYA, being tired, figuring out when the next deadline is.  Last
but not least, being romantically deprived. OOOPs. There goes about a
dozens
eggs. Its omelette time............

-----Original Message-----
From: Dana Davis [mailto:Dana.Davis@enron.com]
Sent: Wednesday, August 23, 2000 9:21 AM
To: Bjackson@sswpc.com
Subject:

Good Morning BJ

What cha' doing over there?


Are we sure we want to do a Board presentation on my group.  Everyone is so busy doing a presentation is not on anyone's priority list?  If so do we want to just do the pipes or all of Global Services?

 -----Original Message-----
From: 	Johnson, Kelly   On Behalf Of Rieker, Paula
Sent:	Tuesday, November 13, 2001 3:59 PM
To:	Beck, Sally; Blachman, Jeremy; Bowen Jr., Raymond; Brown, Michael - COO London; Buchanan, Harold; Buy, Rick; Causey, Richard; Cheek, Charles; Cline, Wade; Cox, David; Derrick Jr., James; Dietrich, Janet; Donahue, Jeff; Elliott, Steve; Fallon, Jim; Frevert, Mark; Glisan, Ben; Hannon, Kevin; Hayslett, Rod; Horton, Stanley; Hughes, James A.; Kean, Steven J.; Kimberly, Kelly; Kitchen, Louise; Koenig, Mark; Lavorato, John; Lay, Kenneth; Leff, Dan; McCarty, Danny; Mcconnell, Mike; McMahon, Jeffrey; Metts, Mark; Muller, Mark S.; Olson, Cindy; Pickering, Mark; Piper, Greg; Scrimshaw, Matthew; Shankman, Jeffrey A.; Sherrick, Jeffrey; Sherriff, John; Whalley, Greg
Cc:	Adams, Jennifer; Aden, Beverly; Armstrong, Julie; Blackwood, Connie; Bolen, Vivianna; Bourgeois-Galloway, Hilda; Burns, Jennifer; Butler, Alan; Campos, Kathy; Chapman, Kay; Davidson, Binky; Daw, Nicki; Dick, Sharon; Dodgen, Kathy; Dorsey, Joyce; Ferrari, Kerry; Fisher, Dolores; Fleming, Rosalee; Ford, Sue; Gadade, Mrudula; Harris, Stephanie J ; Hawkins, Linda; Hillis, Kimberly; Hinojosa, Esmeralda; Iannarone, Lauren; Joyce, Mary; Lawless, Michelle; Marshall, Lucy; Mcginnis, Stephanie; McMahon, Kathy; McVicker, Maureen; Paxton, Jana L.; Phillips, Cathy; Rapacioli, Marisa; Rijo, Leah; Schiller, Marsha; Schoppe, Tammie; Slade, Nikki; Spiller, Tina; Stark, Cindy; Sullo, Sharon E; Taylor, Liz; Urquhart, Lauren; Valdez, Christina; Valdez, Veronica; Valencia, Laura; Walker, Stacy; West, Terry; Westbrook, Sharron; Wright, Teresa
Subject:	Board of Directors Meeting - December 11, 2001
Importance:	High

 << File: AgndaReq.doc >>

Kelly M. Johnson
Executive Assistant
Enron Corp.
Tel: 713-853-6485
Fax: 713-853-2534
E-Mail: kelly.johnson@enron.com


---------------------- Forwarded by Sandra F Brawner/HOU/ECT on 03/29/2001
03:11 PM ---------------------------

Ray Russin <rrussin@natsource.com> on 03/29/2001 01:36:56 PM
To: "'Sandra.F.Brawner@enron.com'" <Sandra.F.Brawner@enron.com>
cc:
Subject: RE: FW: drinks or dinner?

i have no idea what you are talking about so i'll take this as a no.  like i
said, it was more or less to see each other.......not business.

-----Original Message-----
From: Sandra.F.Brawner@enron.com [mailto:Sandra.F.Brawner@enron.com]
Sent: Thursday, March 29, 2001 2:38 PM
To: rrussin@natsource.com
Subject: Re: FW: drinks or dinner?

Well Ray as you might as well have guessed your timing does suck.  All this
time has gone by and the day Enron does a "deal" with Natsource, you decide
we should have a drink and share a meal.  You guys will never cease to
amaze me.


Debra and Dan -

Attached is a new worksheet for another Master Firm Purchase/Sale.  The
counterparty is City of Glendale, California.

Please prepare a draft and send to:

Mr. Manny Robledo
City of Glendale
613 E. Broadway
Glendale, CA 91206-4391

Please also email a draft to Kim Ward and to me.

Thanks,

Jay


Tennessee Gas Pipeline Transportation Services is moving to 9 Greenway Plaza
(Houston, TX 77046) this week.  My new phone number effective Thursday,
March 22nd will be 832/676-2609.  Wednesday, March 21st I will be in the
office until 10am, after I can be reached via pager 713/508-0525.

Thanks!

Susan A. Hadix, Tennessee Gas Pipeline Co.
713/420-4895
713/508-0525 pager
713/420-7042 fax
Susan.Hadix@elpaso.com

******************************************************************
This email and any files transmitted with it from the
ElPaso Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************


Reservation status has changed to RECEIVED. See attachment.

ASSIGNMENT_REF = 30666
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/AZPS-AZPS/FOURCORNE345 - PNPKAPS230//
POINT_OF_RECEIPT = FOURCORNE345
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = FOURCORNERS
SINK = PNPK
CAPACITY = 25
CAPACITY_REQUESTED = 25
SERVICE_INCREMENT = HOURLY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = OFF_PEAK
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 06/02/2002
STOP_TIME = 06/02/2002
CEILING_PRICE = 1.95
OFFER_PRICE = 3.13
BID_PRICE = 3.13
PRICE_UNITS = $/mW
PRECONFIRMED = YES
ANC_SVC_LINK = N/A
ANC_SVC_REQ = N/A
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = CONFIRMED
STATUS_NOTIFICATION = lisa.gang@enron.com
STATUS_COMMENTS =
TIME_QUEUED = 05/31/2002
RESPONSE_TIME_LIMIT =
TIME_OF_LAST_UPDATE = 05/31/2002
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS = FOR INFO CALL (503)464-5070
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Power Marketing, Inc.
CUSTOMER_PHONE = (713)853-3801
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = bill.rust@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0
REASSIGNED_START_TIME =
REASSIGNED_STOP_TIME =


John,

Regarding the employment agreement, Mike declined without a counter.  Keith
said he would sign for $75K cash/$250 equity.  I still believe Frank should
receive the same signing incentives as Keith.

Phillip


Gentlemen,

My name is Will Smith and I work with Duong Luu in EnPower IT as acting
manager.  Duong asked that I send you a list of EnPower contact information...

EnPower On Call
Pager: 713-327-4523
Mobile: 713-553-3758

Myself:
Pager: 713-284-9050
Mobile: 713-417-4679

Duong Luu:
Pager: 713-284-3615
Mobile: 713-857-7965

Regards,
Will


James:
Can you roll each of the expansions that we discussed into Rod's project model? Michael Ratner will then link those into the TW financial model.
Kevin

-----Original Message-----
From: Hayslett, Rod
Sent: Thursday, February 07, 2002 9:24 AM
To: Howard, Kevin A.; Thames, Davis; Geaccone, Tracy; Ratner, Michael; Donoho, Lindy; Centilli, James
Subject: RE: tw subscription rolloff template

Project model

-----Original Message-----
From: Howard, Kevin A.
Sent: Thursday, February 07, 2002 8:28 AM
To: Thames, Davis; Geaccone, Tracy; Ratner, Michael; Donoho, Lindy; Centilli, James
Cc: Hayslett, Rod
Subject: RE: tw subscription rolloff template

Attached is the actual contract roll off info by segment prepared by Shelley Corman for our bank due diligence.  We need to use this and assume we re-subscribe the roll off capacity at an "average rate" - Lindy, we will need your assistance in developing this avg. rate by segment.  For the expansions we discussed, Rod will circulate an expansion model that we can layer into the financial model.
Tracy: call me when you get in and we can discuss.
Kevin

-----Original Message-----
From: Thames, Davis
Sent: Wednesday, February 06, 2002 9:49 PM
To: Howard, Kevin A.; Geaccone, Tracy; Ratner, Michael; Donoho, Lindy; Centilli, James
Subject: tw subscription rolloff template

I have attached a template to use to summarize the capacity rolloff issue discussed today.  I just filled in a bunch of numbers as an example - if they don't make any sense, you can guess why!

Lindy, if you could use this to fill in the required data, then either Michael or I will incorporate it into the TW model.

Thanks-
Davis


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DISCLAIMER - CFTC RULE 4.41 - HYPOTHETICAL OR
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----- Forwarded by Richard B Sanders/HOU/ECT on 10/15/2000 11:14 AM -----

	Sheila Tweed
	10/09/2000 09:31 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Fwd: FRIDAY'S VISIT (9/29/00)  FYI

----- Forwarded by Sheila Tweed/HOU/ECT on 10/09/2000 09:31 AM -----

	EdParks3@aol.com
	10/09/2000 09:04 AM

		 To: sheila.tweed@enron.com
		 cc:
		 Subject: Fwd: FRIDAY'S VISIT (9/29/00)

Hi Sheila. I just wanted to drop you a quick note inquiring on the status of
my application. I'd appreciate your advice and hopefully we can move things
along quickly for everyone's advantage.

Thanks very kindly, Ed Parks.

Content-Transfer-Encoding: 7bit
Return-path: <EdParks3@aol.com>
From: EdParks3@aol.com
Full-name: EdParks3
Message-ID: <b4.b79aa47.2709f486@aol.com>
Date: Mon, 2 Oct 2000 10:24:06 EDT
Subject: FRIDAY'S VISIT (9/29/00)
To: sheila.tweed@enron.com
MIME-Version: 1.0
Content-Type: text/plain; charset="US-ASCII"
X-Mailer: AOL 5.0 for Windows sub 119

Thank you Sheila for taking a very generous slice of your Friday morning to
talk with me about joining Enron. I would like nothing better than to come on
board and would appreciate your guidance and assistance.

I'd be happy to meet with whomever you suggest at their earliest convenience.

Thanks again for your time and consideration.

Best regards, Ed Parks. (504) 861-3972.


Tanya - I just got back from vacation to find this waiting.  Do we need to do
anything?

Mark
----- Forwarded by Mark Taylor/HOU/ECT on 10/04/2000 01:35 PM -----

	Shari Stack
	09/19/2000 01:17 PM

		 To: Mark Taylor/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
		 cc: Mark Tawney/HOU/ECT@ECT
		 Subject: Re: Palladium Insurance Letter of Credit

Mark/Tanya:

Just got this today out of the blue......  Could one of you please respond to
him? (I have not)

	Andy McComb <andym@powerscourt.bm>
	09/19/2000 12:41 PM

		 To: "'sstack@enron.com'" <sstack@enron.com>
		 cc: "James Horning (E-mail)" <james.horning@bankamerica.com>
		 Subject: Palladium Insurance Letter of Credit

Dear Shari,

Please be advised that Enron is still holding a letter of credit No. 7403213
in the amount of $7,000,000.

This letter of credit was provided by Palladium Insurance as credit support
for transactions which Enron terminated.

We request that Enron immediately return the letter of credit by overnight
to Bank of America at the following address:

 Bank of America
Insurance Division
231 South LaSalle Street
Chicago, Illinois  60697

Attn: Mr. James Horning

We would appreciate your confirmation of this action by return email or fax.

Yours sincerely,

Andy McComb
For Palladium Insurance Limited


-----Original Message-----
From:  "Surman, Rose" <rose.surman@neg.pge.com>@ENRON
[mailto:IMCEANOTES-+22Surman+2C+20Rose+22+20+3Crose+2Esurman+40neg+2Epge+2Ecom
+3E+40ENRON@ENRON.com]
Sent: Tuesday, May 29, 2001 11:29 AM
To: Williamson, Joannie
Subject: Today's Visit

Joannie,

Per our conversation, I believe the intent of the visit today by Tom Boren
and Lyn Maddox is to brief Mr. Skilling (and others he would like to have
present) about the National Energy Group by telling them about our corporate
structure, financial structure, ratings, ring fencing and answer any
questions they might have regarding our overall crediworthiness.

Thank you,
Rose

PG&E National Energy Group and any other
company referenced herein that uses the PG&E name or
logo are not the same company as Pacific Gas and
Electric Company, the regulated California utility.  Neither
PG&E National Energy Group nor these other
referenced companies are regulated by the California Public
Utilities Commission.  Customers of Pacific Gas and Electric Company
do not have to buy products from these companies in order
to continue to receive quality regulated services from the utility.


adams 30  631


The report named: Daily Position Report <http://erv.netco.enron.com/linkFromExcel.asp?report_cd=1&report_name=Daily+Position+Report&category_cd=1&category_name=UBS%20Reports&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=02/05/2002>, published as of 02/05/2002 is now available for viewing on the website.

Publisher's Notes:

This is a test........


Only one beer, what a wussy.  I thought you liked Beck's?  I hope this is
something that you wanted if so excellent.  I was looking forward to working
on some long term stuff with you.  Keep me posted on the job.

-----Original Message-----
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com]
Sent: Wednesday, December 13, 2000 11:13 AM
To: Paul.Wood@pacificorp.com
Subject: RE: The new democratic seal

Go W.!!!

Hey, I know that Paul Choi called you this morning about Mona - I just
wanted to let you know that there is a probobility that I will be going
back to Houston to market gas in the west.  I am very sad to leave Portland
- if it happens.  I will keep you posted but since things haven't quite
been announced, please keep me off of your gossip vine until further
notice!!

If this takes place, we must have one more beer!!

Kim


Start Date: 4/25/01; HourAhead hour: 5;  No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042505.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 5 / Preferred:   1.96 / Final:   1.93)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 4/25/01
  SC_ID: EPMI


This is for AISI

Alhamd Alkhayat
+1(713)853-0315


No problem.  Let it go.

 -----Original Message-----
From: 	Higgins, Ned
Sent:	Thursday, August 23, 2001 4:04 PM
To:	Nemec, Gerald
Subject:	RE: Illinois Power CA

Gerald this looks fine to me. Do you have any objections to sending  this out as a draft and we can get them to change the legal name if necessary at that time? Everything I have seen just says Illinois Power.

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Wednesday, August 22, 2001 11:09 AM
To:	Higgins, Ned
Subject:	Illinois Power CA

Attached is a draft of the CA.  Please review.  I need the full legal name of Illinois Power.

 << File: IllinoisPowerCA.doc >>


I have an appointment after work today.  I will be leaving the office at 4 pm


Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)
Bloomberg, 10/23/01

Enron Corp. Cut to `Reduce' at Edward Jones
Bloomberg, 10/23/01

Enron CFO: Company Has Sufficient Liquidity
Dow Jones News Service, 10/23/01
Enron says shareholders' 'best interests' were sought in all LJM dealings
AFX News, 10/23/01
US class action suit filed against Enron for misleading statements
AFX News, 10/23/01
Word of SEC probe puts Enron into deep dive: Problems mount
National Post, 10/23/01
City - SEC inquiry sparks Enron share fall.
The Daily Telegraphm 10/23/01
Shares of Enron Plummet 21% Energy: SEC requests information from company on series of unusual financial deals tied to executive.
Los Angeles Times, 10/23/01

Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)
2001-10-23 10:11 (New York)

Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)

     (Adds comment from CFO Fastow in fourth paragraph, Enron's
short-term borrowing rates in seventh paragraph.)

     New York, Oct. 23 (Bloomberg) -- Enron Corp., the biggest
energy trader, has asked Citigroup Inc. to arrange a $750 million
loan, ensuring access to credit if the embattled company is cut
off from money markets, say people familiar with the matter.

     Enron's shares and bonds plunged yesterday after the company
said the Securities and Exchange Commission was probing its
finances. The Houston-based business, whose stock has fallen 75
percent this year amid concerns about failed investments, depends
on a $3 billion commercial paper, or short-term debt, program to
finance day-to-day operations.

     Earlier this month, Moody's Investors Service placed all $13
billion of the company's long-term debt securities on watch for
possible downgrade. As a second-tier commercial paper borrower,
any drop in its rating may cut off Enron from the commercial paper
market and raise the costs of short-term debt.

     ``We understand that our credit rating is critical to both
the capital markets and our counterparties,'' Enron's Chief
Financial Officer Andrew Fastow said on a conference call today.
He said Enron has $3.5 billion available on bank credit lines,
giving it enough cash to operate normally.

     Enron shares rose as much as 12.6 percent during the call to
$23.25. They pared the gain to $21.80, up $1.15.

     Dan Noonan, a spokesman for Citigroup's Citibank NA unit,
declined to comment. Mark Palmer, a spokesman for Enron, declined
to comment.

                      Commercial Paper Rates

     Enron was paying 3.15 percent to issue commercial paper until
Oct. 31, which is as much as 15 basis points more than companies
with the same ``A2/P2'' short-term credit ratings that are not on
credit watch. Enron's short-term debt is not on review for a
possible downgrade.

     Enron has previously turned to Citigroup for finance and
advice. In 1999, Citigroup's Salomon Smith Barney unit advised the
company on its $1.45 billion acquisition of three natural gas-
fired power plants from Cogen Technologies Inc. Citibank, along
with J.P. Morgan Chase & Co., this year arranged a $1.75 billion
loan.

     Earlier this week, an investor sued Enron, saying two
partnerships cost the company $35 million and Fastow's leadership
of them was a conflict of interest.

     The SEC has asked Enron about partnerships and affiliated
companies headed by Fastow. Dismantling some of the partnerships
would cost Enron or its shareholders as much as $3 billion, Ray
Niles, a Salomon Smith Barney analyst, wrote in a report to
investors.

     Enron created partnerships and affiliated companies to buy
and sell assets such as power plants to lower the debt on its
books.

     Investors said they were concerned that Enron may be forced
to dismantle the affiliated companies by paying off the owners in
cash or stock. Chief Executive Ken Lay said last week he may have
to ``unravel'' agreements that created the companies if Enron's
debt ratings fall too far.

--Mark Lake in the New York newsroom (212) 893-5989 or

Enron Corp. Cut to `Reduce' at Edward Jones
2001-10-23 11:42 (New York)

     Princeton, New Jersey, Oct. 23 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``reduce'' from ``accumulate'' by analyst Zach Wagner at
Edward Jones.

--Michael O. Donohue in Princeton, New Jersey, (+1)609-279-3756.

Enron CFO: Company Has Sufficient Liquidity
By Christina Cheddar
Of DOW JONES NEWSWIRES

10/23/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Enron Corp. (ENE) Chairman and Chief Executive Kenneth Lay said the company had procedures in place to avoid conflicts of interest in dealings between Enron and partnerships that were set up and run by its chief financial officer, Andrew Fastow.
Last week, the Securities and Exchange Commission asked the Houston energy trading company to provide additional information about the partnerships, which Enron said were off-balance sheet financing vehicles used to hedge against fluctuations in the market.
In a conference call held Monday to discuss investor concerns about the SEC investigation and related matters, Lay said there was a "Chinese wall" in place to protect the interest of Enron shareholders.
The procedures were "rigorously followed," Lay said.
In previous filings with the SEC, Enron said the terms of the transactions with the partnerships were "reasonable compared to those which could have been negotiated with unrelated third parties."
Fastow resigned from the partnerships, which were known as LJM Cayman LP and LJM2 Co-Investments LP in late July.
The company also is involved in other off-balance sheet financing vehicles, including Marlin Water Trust II and Whitewing.
During the conference call, investors said they were frustrated by the complex nature of the trusts, and asked for more information.
Lay said the company would be providing a list of "Frequently Asked Questions" on its Web site later Tuesday that may provide more details.
After Enron disclosed the SEC investigation Monday, the company's stock sunk to its lowest level in 52 weeks, $19.67. Enron shares were recently trading up 47 cents, or 2.3%, at $21.12, in brisk volume that has already surpassed its average daily turnover of 6.3 million shares.
Lay said he was "extremely disappointed" in the current stock price.
"Our businesses are performing very well and we are continuing to conduct business," he said.

During the conference call, Enron officials declined to specify Fastow's role in the partnership, citing the ongoing SEC investigation and a derivative lawsuit filed against Enron that alleges its board breached its fiduciary duties by allowing Fastow to create and run the partnerships.
Enron officials also addressed concerns that investors had about the potential need to issue additional Enron stock.
Under certain circumstances, for example, if both Enron's stock and credit rating fall to certain levels, the company would need to issue additional shares to the partnerships, diluting the holdings of current shareholders.
Enron officials declined to say how much dilution would occur under a "worst-case scenario."
However, the officials said they doubted there would be a need to issue the additional stock because the company plans to work with the credit-rating agencies to prevent such an event.
Moody's put Enron on watch for a downgrade of its long-term debt last week after the company announced a $1 billion third-quarter write-off that produced a $618 million loss.
According to Lay, Enron's debt rating would need to fall several notches to below investment grade in order to trigger the need to issue more stock.
"We are committed to maintaining our ratings," Lay said. "Moody's said they would work with us," he added.
Furthermore, Fastow said, Enron expects to have "sufficient liquidity" to meet all its capital requirements.

Enron's efforts to unwind the LJM partnerships contributed to a reduction of $1.2 billion in shareholder equity. However, Enron's Lay said the lower number of shares outstanding wouldn't affect the company's earnings outlook.
Enron has said it expects to earn $1.80 a share in 2001 and $2.15 a share in 2002. The numbers are in line with the consensus estimates reported by Thomson Financial/First Call.
"Despite the economy going softer, we think we can meet that," Lay said.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

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

Enron says shareholders' 'best interests' were sought in all LJM dealings

10/23/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Enron Corp said it sought the "best interests" of its shareholders in all its dealings with LJM Cayman LP and LJM2 Co-Investment LP, two partnerships which were set-up and run until recently by Enron chief financial officer Andrew Fastow.
"The board (of Enron) was fully aware and kept a real Chinese wall between Enron and LJM. Enron's shareholders best interests were sought in all LJM dealings," said Enron chief executive officer Kenneth Lay, in a conference call with analysts.
The company scheduled the call after Enron's stock slid 21 pct yesterday, when it revealed the Securities and Exchange Commission asked the company to provide information on certain related-party transactions.
Overnight, two class action lawsuits were launched by shareholders against Enron and its officers, alleging that operating results were also "materially overstated" as a result of the company failing to timely write-down the value.
In its third-quarter results last week, Enron announced a charge of 1.01 bln usd, of 1.11 usd per share, and an incremental 1.2 bln usd reduction in stockholders' equity, related to the unwinding of investments with the LJM partnerships.
According to the Wall Street Journal, Fastow resigned from the partnerships in July, due to growing suspicion over potential conflicts of interests.
During the call, Lay said that he, and Enron's board of directors, have "the highest faith and confidence in (Fastow)."
Lay also said the company remained confident that its current liquidity position allows it to meet all its obligations, and is confident of the outlook for its corporate rating.
Analysts have raised the possibility that, should Enron's credit rating and stock price continue to fall, the company may be obligated to issue millions of new shares to meet obligations with other entities it deals with.
ng/cml For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

US class action suit filed against Enron for misleading statements

10/23/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Milberg Weiss Bershad Hynes & Lerach LLP law firm said it filed a class action lawsuit yesterday against Enron Corp alleging that it issued misleading statements between Jan 18, 2000 and Oct 17, 2001, thereby inflating the company's share price artificially.
The suit was filed on behalf of Enron shareholders between the above period and is pending in the US District Court in Houston against Enron Corp, Enron CEO Kenneth Lay, former Enron CEO Jeffrey Skilling, who resigned recently, and Enron chief financial officer Andrew Fastow.
The suit claims that Enron issued statements which failed to disclose that the company was experiencing a declining demand for bandwidth and that its efforts to create a trading market for bandwidth failed because many market participants were not creditworthy.
The company's operating results were also "materially overstated as result of the company failing to timely write-down the value of its investments with certain limited partnerships" managed by the company's CFO. The suit additionally alleges that Enron was failing to write-down impaired assets on a timely basis in accordance with GAAP.
On Oct 16, Enron announced unexpectedly that it was taking third quarter non-recurring charges of 1.01 bln after-tax, or 1.11 usd per share, which it later revealed was due largely to the unwinding of investments with certain limited partnerships controlled by Enron's chief financial officer. Enron also announced it was cutting shareholder equity by 1.2 bln usd.
Enron's share price consequently fell sharply. During the class period, Enron insiders disposed of 73 mln usd of personally-held Enron common stock.
Holders of Enron stock between the class period in question may request appointment as a lead plaintiff no later than Dec 21, Milberg Weiss said.
Yesterday, Enron announced that the Securities and Exchange Commission has requested that it provide information regarding certain related party transactions.
jkm/shw For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

Financial Post: News
Word of SEC probe puts Enron into deep dive: Problems mount
David Howard Sinkman
Reuters

10/23/2001
National Post
National
FP2
(c) National Post 2001. All Rights Reserved.

NEW YORK - Shares of Enron Corp. slumped more than 20% yesterday after it said U.S. regulators are looking into company transactions, another blow to a company whose chief executive resigned in August.
A spokesman for North America's biggest buyer and seller of natural gas and electricity declined to discuss an inquiry by the U.S. Securities Exchange Commission, but said it was cooperating.
The SEC also declined to outline details of its inquiry.
Investor confidence in the company has been rocked by reports from The Wall Street Journal about its relationship with two limited partnerships that were run until recently by Enron's chief financial officer, Andrew Fastow.
The company also reported last week its first quarterly loss in more than four years, and took US$1.01-billion in charges and writedowns on ill-fated investments.
Problems at Enron surfaced two months ago when CEO Jeff Skilling resigned after six months at the helm.
Enron shares declined US$5.49, or 21%, to US$20.56 in afternoon trade on the New York Stock Exchange yesterday, shaving off almost US$4.2-billion of its market capitalization.
The stock, the biggest decliner by percentage loss on the NYSE, fell as much as 22.8% yesterday, when it opened at its lowest level since September 1998.
Enron declined to comment on whether the SEC's inquiry into "certain related-party transactions" involved the partnerships.
"Related-party transactions" is the heading used by Enron in its 1999 and 2000 annual reports to discuss dealings with its limited partnerships, LJM Cayman LP and the larger LJM2 Co-Investment LP, which engaged in complex hedging transactions involving company assets worth hundreds of millions of dollars.
Mr. Fastow severed his ties with the partnerships in June. LJM was set up in June 1999 for energy-related investments, and LJM2 in December 1999 for energy- and communication-related investments.
The Journal reported US$35-million of its third-quarter loss of US$638-million were connected with the limited partnerships
Curt Launer, an analyst at Credit Suisse First Boston, said investors should question Enron's use of real value accounting when the value of certain assets, "most notably in telecommunications," have declined precipitously.
"Investors have had several opportunities to question Enron's credibility and at each of those turns the share price has declined," Launer said.
Some analysts, though, cautioned against assuming fire when there might only be smoke.
"This is an inquiry, not an investigation, and I cannot imagine Enron's attorneys or accountants would allow it do to something illegal," said Merrill Lynch analyst Donato Eassey.
"It's easy for the market to kick a company when its down, but these challenges do not last for a solid company, and we think Enron is one."
The price of shares in the company is down 75% this year.

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

City - SEC inquiry sparks Enron share fall.
By Simon English.

10/23/2001
The Daily Telegraph
P31
(c) Telegraph Group Limited, London, 2001

in New York
ENRON, the American power giant, saw its shares slump by a fifth yesterday after it revealed that the top financial watchdog is delving into firms managed by chief financial officer Andrew Fastow.
The Securities and Exchange Commission is requesting details of deals between the company and limited partnerships with which Mr Fastow has, or had, links.
Enron chairman Kenneth Lay said in a statement: "We welcome this request. We will co-operate fully and look forward to the opportunity to put any concern about these transactions to rest."
Questions were raised last week on Wall Street after the company announced a write-down of more than $1 billion due to failed investments in telecoms and other businesses.
The disclosure alarmed investors and sent the already battered shares down 23pc. Yesterday they fell another $5.30 ( #3.80) to $20.75 in early trading.
According to the annual report the "related party transactions", as Enron describes them, took place in 1999 and 2000, resulting in losses of $16m and $36m respectively.
Mr Lay said that auditors approved the deals, but would not give further details of what they were.
They are understood to have been hedging transactions against Enron shares and other assets made by partnerships called LJM Cayman LP and LJM2 Co-Investment JP.
"We believe everything that needed to be considered and done in connection with these transactions was considered and done," added Mr Lay.
The relationship between the investment losses and the SEC probe is not clear, though the inquiry seems to focus on the partnerships responsible for the hedging transactions.
Enron owns Teesside Power Station and Wessex Water in Britain and is the largest trader of natural gas in the US. Investors are concerned that the probe and the continued uncertainty about the extent of the problem will harm the company's credit rating.
An Enron spokesman said Mr Fastow continues to work and is not under any suspicion.
The SEC inquiry is "informal", says the company. The watchdog contacted Enron last Wednesday, the day of the results announcement. The SEC declined to comment.
Enron made a loss of $638m in the third quarter, its first in over four years.

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

Business; Financial Desk
Shares of Enron Plummet 21% Energy: SEC requests information from company on series of unusual financial deals tied to executive.
NANCY RIVERA BROOKS
TIMES STAFF WRITER

10/23/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company

Shares of Enron Corp. set a 52-week low Monday on word that the Securities and Exchange Commission had asked for information about a complex series of financial transactions between the Houston-based energy giant and an investment partnership tied to a company executive.
Enron, the world's largest energy trader, said it had voluntarily provided information on "certain related-party transactions" that had been previously disclosed to the SEC.
"We welcome this request," said Kenneth L. Lay, Enron chairman and chief executive.
"We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest," he said.
The SEC request is the latest in a parade of bad news for Enron, which has seen investments sour in telecommunications, retail electricity sales and water.
Investors have battered the company's stock, which once sold for nearly $85 a share in the last year, and many have criticized Enron's stingy meting out of financial information. But several Wall Street analysts remain upbeat on the stock, noting that the bulk of its businesses continue to thrive despite the growing economic downturn.
In August, Enron Chief Executive Jeffrey K. Skilling, one of the main architects of the company's strategy of shedding physical assets in search of trading profit, stunned Wall Street by resigning.
Skilling cited personal, family-related reasons, but later he acknowledged that the precipitous plunge in the company's stock price contributed to his departure.
On Monday, Enron shares plunged $5.40, or nearly 21%, to close at $20.65 on the New York Stock Exchange.
Enron's stock has lost nearly 40% of its value in the last week since it reported a surprise third-quarter loss of $618 million after $1.01 billion in charges reflecting the costs of recent failed investments.
But the charge also included $35 million related to what Enron described only as the "early termination during the third quarter of certain structured finance arrangements with a previously disclosed entity."
In a conference call with securities analysts about the earnings, the company mentioned that it had repurchased 55 million shares as part of the dissolution of its participation in the transactions.
But investors were stunned when stories last week in the Wall Street Journal detailed that the transactions were with a limited partnership organized by Andrew S. Fastow, Enron's chief financial officer, and that Enron had whittled $1.2 billion off its shareholder equity as it repurchased the shares and canceled a $1.2-billion note it had received from the partnership. Shareholder equity now stands at $9.5 billion.
The limited partnership, called LJM2, and Fastow reaped millions of dollars of profit through complex hedging transactions that involved Enron assets and stock, the Journal reported.
Lay said the transactions were reviewed by auditors and lawyers inside and outside the company and that the company board was fully informed.
A shareholder lawsuit charging that Enron's directors violated their fiduciary duty already has been filed in Texas state court.
Many companies set up limited partnerships for tax purposes, but it is unusual to allow company executives to run them, analyst say.
Investors also are upset by the unusually zealous way that Enron has guarded financial information, making it difficult to analyze the company's complex web of businesses.
And many are not confident that all the bad news has been released.
Analyst M. Carol Coale, who follows Enron and other energy companies for Prudential Securities in Houston, downgraded Enron to a "hold" from a "buy" rating Monday out of such frustration.
Coale said she has been getting misinformation or no information out of Enron.
But Bob Christensen, energy analyst with First Albany Corp., said that despite Enron's recent difficulties, the bulk of the business remains strong.
"I continue to tell investors that 70% of this company's business is growing at a 26% rate, and that was in the third quarter when this country had a very sharp economic slowdown going on," he said.
Investors are panicking because of a "bad news story that doesn't reflect reality," said Jon Kyle Cartwright, senior energy analyst with the Raymond James & Associates brokerage firm in St. Petersburg, Fla.
"They are the world's largest energy trader, and they are very good at that," Cartwright said.
"The reality is that everything is fine here," although more charges, perhaps $500 million worth, are expected in the next few quarters, related to businesses that Enron is selling.

GRAPHIC: Losing Its Spark / Los Angeles Times;
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


Hotel in Orlanda: Thursday PM through Monday AM
   Hotel Royal Plaza
   Phone:  407-828-2828

Flight is charter on Miami Air, leaving IAH at about 4:30PM on March 2
(Thursday), and returning about 6:30 PM to IAH on March 6 (Monday).

I do not plan on checking messages, so if something critical comes up, please
leave me a message at the hotel.  We are there with the Klein High School
Bearkadettes, in case you need to know that to get a message to me.


Harry:
Could you forward along to the EES folks we talked to yesterday who're
interested in ISO's demand-side proposal.  Thanks.

Best,
Jeff

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Market Participants,

Attached is the California ISO's revised third RFB for Loads with
emergency back-up generators that wish to participate in the ISO Demand
Relief Program (DRP).  The ISO would especially like to thank the
participants that submitted bids that included back-up generators into the
first DRP RFB and encourages those participants to submit bids for this
revised RFB.

As mentioned in the March 30 Market Notice for the second DRP RFB (for
Loads not using back-up generators), the design of the back-up generator
program has changed somewhat since the issuance of the first DRP RFB.
Loads using back-up generators will still be dispatched after the DRP Load
blocks but will be available for 24 hours per month, similar to the Load
portion.  Successful bidders will start in the program either June 1 or
July 1 depending on how quickly contracts and logistics can be finalized.

Bids are due to the ISO on May 1 in accordance with the attached RFB.

This RFB will also be posted on the ISO Home Page (www.caiso.com) in the
next 24 hours.

<<DRA Third RFB BUG 010403.doc>>

 - DRA Third RFB BUG 010403.doc


Vince and Grant,
?
Can you please send us your excel spreadsheets that were used for generated
the graphs?? We will need to edit them so that they will look like the
graphs in the rest of the book.
?
Vince, when you send us your half, will you please provide us with the
references and footnotes?
?
Grant, thanks for your half.
?
Look forward to hearing from you soon,
Thanks,
Julie


sorry about that,  i forgot that the options are held in that book.  i dont
have any questions.


For January 2000 for a couple of weekends SJersey tried to do intradays.  Due
to the interconnect and other supply we were not able to change their
nominations.  South Jersey have always been told that changing nomination on
the weekend would be on best available.  Julie Punches from Sjersey due to
her changes on the weekend is over at some of her CDC markets is asking to
allocate the excess gas to CES agg pools.
Would this be something Enron would do???


On 10/27/00, FERC issued two orders that clarify procedures for requesting
long term transmission.  (Morgan Stanley v. Ill. Powerand Tenaska Power v.
SPP).  In both cases, the customer requested long term (year or greater)
transmission service and in both cases, the ATC was insufficient to award the
entire request.  Transmission Providers, Ill. Power and SPP treated partial
service differently.  In these orders FERC holds:

A transmission provider (TP) is NOT required to offer short term service in
response to a long term request.  Section 19.7 of the pro forma OATT only
obligates the TP to tell the customer how much partial Long Term service
could be provided.  Examples:
 -- Customer requests 300 MW long term transmission service for one year.  TP
replies that it can offer 200 MW for the entire year.
 -- Customer requests 2 year service for 300 MW.  TP replies that it can
offer 300 MW for one year.
 -- Customer requests 300 MW for one year.  TP can only provide 300 MW for
summer months.  TP is NOT obligated to provide customer the 3 months
service.  Furthermore, an annual request for 300 for some months and 0 MW for
others is NOT a valid long term request.  What Customer is then doing is
really submitting a short term request for 300 for summer only -- a new short
term request must be submitted to obtain the summer transmission.

While the TP is not required to respond with short term availability in
response to a long term request, FERC did footnote to Ill. Power that it
thinks it is a helpful idea for the TP to alert the customer to what ATC is
available so the customer can submit a short term request if it wishes.


this is a league where you pick all 16 games on the spread each week and if
you get the most games correct you win $$.  it is only 50


Gerald,  I hate to do this to you, but Carlos is out of the office until tomorrow and we need to get Ben Jacoby's signature on the attached letters before he leaves today at 1:30.  Please review the attached letters (I do not believe they should refer to ENA who is apparently not a party to the agreement that is being terminated).  Please advise.

Kathleen

 -----Original Message-----
From: 	Grube, Raimund
Sent:	Monday, July 23, 2001 5:08 PM
To:	Sole III, Carlos
Cc:	Jacoby, Ben; Concannon, Ruth
Subject:	TRANSCO Termination Letter - Draft

Carlos,

The TRANSCO Precedent Agreement termination date is coming up (August 3, 2001).  Attached, please find drafts of the letter to terminate.  Please provide any comments.

We need to be ready to send in this letter by the end of the week via FedEx if we can not get the Termination Date pushed out one or two months at a minimum.

I spoke with TRANSCO today and they indicated that we should know tomorrow AM if extending the termination date for a couple of months will be possible.

Thanks.

RDG


Tana:

Neither Clark Oil Trading Co nor Innovative Gas Services, Inc. - restricted
by credit.

Leslie


Tuesday works great for me.

 As we discussed at the last meeting in Houston, I have begun, but not yet
finished, revisions to Product B.  I have several questions and will need
input from others as how best to proceed on some issues.  I spoke w Harlan
briefly but would appreciate further input, particularly on the "one-time,
good faith effort" to find an ADI.  I will call Harlan and Marjie to further
discuss.  A draft will be circulated before the Tuesday call.

Thanks
Elizabeth
713 853 6349


Looks good.  I'm checking to see who will sign. Have you received the
delivery yet?


I think these will be the first days Susan Bailey gets back from being out.
Please make sure this is OK with her and you guys coordinate on what's going
on.

	Susan Flynn
	05/16/2000 11:19 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Vacation

 Mark - I would like to take Tuesday, May 30 and Wednesday, May 31, 2000 as
vacation days.   Please let me know if this is OK.  Thanks!


Paul,
I am working with Ray Kindley on this matter.   I am replying for PGP and
it's members who are parties to the rate case, including Seattle City Light.

We received a hard copy of your three data requests regarding the Joint
Customer Testimony on either Saturday, March 10th or Monday, March 12th.  We
failed to date stamp initially, which is why I am not sure which day we
received it.  Today, I received amended versions of those data requests.
Because of the confusion I intend to respond only to the amended version on
Tuesday, March 20th, which splits the difference between the initial and the
amended version due dates.  Please let me know if there is any problem with
handling the responses in this manner.  Thank you in advance for your
courtsey.

Jay T. Waldron
jwaldron@schwabe.com

Kelly C. Beniga
kbeniga @ schwabe.com
(503) 796-2445

NOTICE:  This communication may contain privileged or other confidential
information. If you are not the intended recipient or believe that you may
have received this communication in error,  please reply to the sender
indicating that fact and delete the copy you received.  In addition, you
should not print, copy,  retransmit, disseminate, or otherwise use the
information.       Thank you.


I think your friend puts you in a funky mood doesn't it?

I feel good as well when you smile at me.  There are alot of duplexes in the montrose area, I know you will find something.

 -----Original Message-----
From: 	Villarreal, Alexandra
Sent:	Wednesday, October 24, 2001 9:34 AM
To:	Griffith, John
Subject:	RE:

good morning.    i know this sounds corny, but as soon as you said good morning and smiled at me - i felt 10 times better!  you always brighten my day.  i mean it.
i am doing ok this morning.
i went to see the apt and i didnot like it.  too small.    but i saw a few others that i  want to take a look at today.
i did not get to speak to shelly last night.   i got home about 8:30 pm.  i just went driving around montrose and i found some duplexes and fourplex apts.
then i had dinner late with my cousin and my friend mike and came home and went to bed.    i have just been in this funky mood - dont know why...

 -----Original Message-----
From: 	Griffith, John
Sent:	Wednesday, October 24, 2001 8:45 AM
To:	Villarreal, Alexandra
Subject:

Good morning, you look very nice today.  How are you doing?  How was the apt?  Any problems at home because of Shelly?

Anyway have a great day.  I really love seeing you each day.  Thanks for the ride yesterday.  I really appreciate it.

Talk to you soon.


Jeff,

I am compiling a compliance memo for Sue Nord and need your help.  Do you
have lists of compliance requirements for EBS from the states that you
cover?  We have asked local counsel in a good majority of our states to
research this for us.

If you have such information, I would appreciate it if you could forward it
to me as soon as possible.

Thanks very much.

Margo Reyna
Regulatory Analyst
Enron Corp., Government Affairs
Phone:  713-853-9191