A significant number of our merchant investments are owned in whole or in
part through various structured finance vehicles.  Amendments,
restructurings, dispositions, follow-on investments and other significant
transactions related to those assets may be prohibited or may require
internal or external consents.  As the commercial teams may not always be
familiar with these vehicles or the special considerations that may apply to
these vehicles, you may want to confirm with the attorney/legal assistant
that is most familiar with the particular vehicle that (i) the appropriate
people are "in the loop" with what you are doing with the asset, and (ii)
that there won't be any unpleasant surprises (like a required consent that
has not been obtained) five minutes before you are supposed to close whatever
transaction you are working on.

The contacts for the most active vehicles are:

JEDI - Jordan Mintz
JEDI II -- Joel Ephross, Shirley Hudler
Raptor and Trutta -- Joel Ephross, Lisa Mellencamp, Mary Cook
Merlin -- Anne Koehler
Rawhide -- Mary Heinitz, Brenda Funk
Hawaii -- Gareth Bahlmann

In addition, please make sure that Shirley Hudler is aware of any significant
pending transaction involving a JEDI II asset.  With respect to new deals, I
understand that the JEDI II commitment period has been extended to June 30,
2001, and that as a result ENA will still have an obligation to place
"qualified investments" in JEDI II.  While EGF will have a good handle on the
funding source for your deal, in the early stages the commercial team is not
always aware that JEDI II is still out there.  Again, if you have any
questions, please contact Shirley Hudler.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3893
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490


Go for it.  That is shaping up to be the kind of day we may cancel the group
meeting any way - my first day back after vacation and everybody trying to
get lots done so we can get away to the Woodlands.  Be sure to let Taffy know
so she can put it on the calendar.

	Robert Bruce@ENRON
	Sent by: Robert Bruce@ENRON
	09/11/2000 09:31 AM

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

Mark, I would like to attend an ENA orientation put on by the Development
Center on the morning of Oct. 4 (that's the Wednesday before the Woodlands
conference -- it doesn't conflict with the conference, but it would conflict
with our bi-weekly swaps group meeting that week).

The orientation is simply an introduction to the various ENA departments
(trading, origination, structured finance, etc.) and how they interact.  It
sounds very basic but I think it would be very helpful to me -- especially in
the Chinese wall context.

I don't know whether there will be a charge to the department for this, but I
can find out if you want.  Please let me know your thoughts -- thanks, Bob

Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com


Start Date: 1/21/02; HourAhead hour: 23;  HourAhead schedule download failed. Manual intervention required.

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John,

We have  been working for the last few days on VaR related issues.
The focus is on Jim Schwieger's  storage book as of 5/25 and 5/26
where we had some counterintuitive results. This book is a good
candidate for a systematic review of the VaR process.

It seems that the problem arises from forward - forward vols used by the VaR
system. You can see in the attached spreadsheet that the VaR, on a cumulative
basis,
jumps on Jan 04, when an abnormal FF vol hits a relatively large position.
This FF vol is also much different from the previous day number producing a
big
jump in VaR.
This row (Jan 04) is in magenta font in the attached spreadsheet. Please, look
at column D.

The abnormal FF vol may result from one of the two factors:

 a. a bug in the code. We are working with the person in IT who wrote the
                     code to review it.

 b. a poorly conditioned forward vol curve ( a kink or discontinuity in
                    the fwd vol curve will do it). One solution I can
propose, is to develop for
                    the traders a fwd-fwd vol generator  allowing them to
review the fwd vol curve
                    before it is posted. If it produces a weird fwd-fwd vol,
it can be smoothed.

Can you meet at 4 p.m. to review our findings?

Vince


AGENT VA/VA BOOKING REF
YZEY2A

MANN/C KAY

ENRON
1400 SMITH
HOUSTON TX 77002
ATTN KAY MANN X 57566

DATE:  JUN 01 2001

SERVICE               DATE  FROM           TO             DEPART
ARRIVE

CONTINENTAL AIRLINES  04JUN HOUSTON TX     MEMPHIS TN     745A    930A
CO 4096    Y          MON   G.BUSH INTERCO MEMPHIS INTL
TERMINAL B
SNACK                         NON STOP
RESERVATION CONFIRMED         1:45 DURATION
FLIGHT OPERATED BY CONTINENTAL EXPRESS
AIRCRAFT: EMBRAER EMB 145
SEAT 11C NO SMOKING CONFIRMED MANN/C KAY

CONTINENTAL AIRLINES  04JUN MEMPHIS TN     HOUSTON TX     555P    740P
CO 3841    Y          MON   MEMPHIS INTL   G.BUSH INTERCO
TERMINAL B
NON STOP
RESERVATION CONFIRMED         1:45 DURATION
FLIGHT OPERATED BY CONTINENTAL EXPRESS
AIRCRAFT: EMBRAER EMB 145
SEAT 12C NO SMOKING CONFIRMED MANN/C KAY

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Hi Jeff,

I forwarded this to my friend who's an expert in the subject (but also a
difficult person to locate sometimes.)

I'll let you know when I get a response.

Rory Sellers

----- Original Message -----
From: "Dasovich, Jeff" <Jeff.Dasovich@enron.com>
To: "Avram Siegel" <avramnallison@home.com>; <rory@carmelnet.com>;
<eldon@direcpc.com>
Sent: Tuesday, November 13, 2001 10:25 PM
Subject: RE: On-line Computer Component Info

> Suffice to say, Avram, you've explained it a helluvalot better than I
> did.  I think I got as far as, "he wants to build a computer-based,
> digital recording extravaganza."  Anyway, I'm responding because you
> replied only to me instead of "reply to all."  Rory, Eldon, here's the
> dope.  I can hardly wait to hear the response.
>
> Best to all,
> Jeff
>
> -----Original Message-----
> From: Avram Siegel
> Sent: Tue 11/13/2001 7:30 PM
> To: Dasovich, Jeff
> Cc:
> Subject: Re: On-line Computer Component Info
>
>
> Hey Jeff -
> Thanks for getting the word out there, and hi to everyone
> checking in. So here's the deal, I want to build a DAW (digital audio
> workstation) - a computer for multi-track audio recording and mixing
> etc... I've been researching this for a while but have just gotten more
> serious about it in the last couple of weeks, partly because I lucked
> into a nice piece of hardware (indefinate loan from a friend). An 8 to
> 10 channel interface called a Delta 1010 which gives me a nice head
> start.
>     From what I have read so far, it seems that  there are some
> specific requirements for a machine to be solid and reliable. It needs
> to be fast (not so hard these days, but the faster the better within my
> budget). It needs to be paired down - anything running in the background
> like power-management schemes can cause pops and clicks while you're
> recording and extraneous hareware uses system resources. And it should
> have a seperate, fast and large hard drive just for the audio data
> (typically a SCSI drive). I'm finding  a lot of recomendations against
> buying something off the shelf like a Dell or whatever. Mostly, I think,
> to have more control over the specific components and also to cut down
> on a lot of the unnecessary (to audio recording) integrated accessories
> that those computers tend to have. Also, I'm kind of looking forward to
> building it myself. I like that kind of thing and it would mean I know
> how the thing works.
>     Here's the plan I'm formulating at this point. I'm thinking
> of putting together a dual processor system with the fastest pentium
> IIIs I can afford. There doesn't seem to be all that big a price range
> between the different speeds just now - probably because they're
> yesterday's news with the P4s out there. (By the way the Pentium 4s have
> not been getting the best reviews in the audio world - from what I can
> tell - and I don't think there's a dual processor motherboard for them
> yet. Also, I think they are more expensive.) For this I need to come up
> with a motherboard. The one that I've come up with so far is an Asus Tek
> CUV4X-D but I'm new to all this and I don't even know what I don't know
> as far as what's out there so any suggestions are welcome. Also I know I
> need a fast SCSI (ideally, 10,000rpm or better, data trasnsfer rate of
> 80MB per second, sustained transfer rate of at least 24MB per second or
> better, and a seek time of 6ms or less - as quoted in one of my
> sources). Of course I need a pile of memory but I understand that it's
> pretty cheap right now. There also seems to be a debate going on about
> AMD's CPUs these days.
>     Hopefully I can save some money going low end on stuff like
> the monitor, the keyboard, and anything else that doesn't directly
> pertain to audio recording because I actually am on a budget . Maybe
> there are some elements that I can even save for an upgrade. I am
> willing to spend what I need to, though, because if this works well it
> could make for a more affordable way to record True Blue's upcoming cd
> than going into a regular studio.
>     So there you have it in a rambling kind of way. I appreciate
> any info you all can offer. For instance I really don't know what the
> cheapest source for all this stuff is and there are probably plenty of
> issues that I'm totally ignorant of. Clearly, all this points to the old
> saying about a little knowledge being a dangerous thing.
> - Avram
>
>
> ----- Original Message -----
>
> From: Dasovich, Jeff <mailto:Jeff.Dasovich@enron.com>
> To: Dasovich, Jeff <mailto:Jeff.Dasovich@enron.com>  ;
> Avram Siegel <mailto:avramnallison@home.com>  ; rory@carmelnet.com ;
> eldon sellers (E-mail) <mailto:eldon@direcpc.com>
> Sent: Tuesday, November 13, 2001 8:43 AM
> Subject: RE: On-line Computer Component Info
>
> Thought I'd add Eldon, too, since he likely has some
> ideas and information, too.
>
> -----Original Message-----
> From: Dasovich, Jeff
> Sent: Tuesday, November 13, 2001 10:43 AM
> To: 'Avram Siegel'; 'rory@carmelnet.com'
> Subject: On-line Computer Component Info
>
>
> Hi Avram.  Meet Rory, Prentice's brother and
> computer guru-type.  Rory and I talked a little bit about what you're
> looking for, so I thought I'd just go ahead and facilitate a little chat
> room here.  Avram, could you explain one more time to Rory exactly what
> it is that you're looking for, just to make sure that I've accurately
> and adequately described the situation?  Rory has some ideas.
>
> Best,
> Jeff
>
>
>
>
> **********************************************************************
> This e-mail is the property of Enron Corp. and/or its
> relevant affiliate and may contain confidential and privileged material
> for the sole use of the intended recipient (s). Any review, use,
> distribution or disclosure by others is strictly prohibited. If you are
> not the intended recipient (or authorized to receive for the recipient),
> please contact the sender or reply to Enron Corp. at
> enron.messaging.administration@enron.com and delete all copies of the
> message. This e-mail (and any attachments hereto) are not intended to be
> an offer (or an acceptance) and do not create or evidence a binding and
> enforceable contract between Enron Corp. (or any of its affiliates) and
> the intended recipient or any other party, and may not be relied on by
> anyone as the basis of a contract by estoppel or otherwise. Thank you.
>
> **********************************************************************
>
>


Crude 24X7 WTI Marketing Effort

Trade Count:
 254 Trades
 14.85 Millions of Barrels
 11 Counterparties Transacting Today
 31 Counterparties Transacting to Date
 776 Millions of Barrels Traded YTD

Comments:
? New Trading Counterparty:  AIG Energy Trading, Inc.

?
? NOTE: The EnronOnline Volumes on the NYMEX comparison chart are multiplied
by 10 in order to be in scale with the NYMEX volumes. This chart is for trend
analysis only and does not represent absolute figures.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/16/2000
05:49 PM ---------------------------

"Gould, Aaron" <Aaron.Gould@pseg.com> on 06/16/2000 02:54:03 PM
To: "'vkamins@enron.com'" <vkamins@enron.com>
cc:
Subject:

Dr. Kaminski,

On Wednesday, June 14th I attended your presentation entitled "THE CHALLENGE
OF VALUATION OF ENERGY RELATED DERIVATIVES" at the Risk 2000 conference in
Boston.  Can you please e-mail me the slides you presented.

Also, you mentioned that the method you used to calculate volatility for
energy prices was not the "normal" method.  Can you please tell me, or give
me a reference to the method that you did use.

Thank you,

Aaron Gould
Senior Risk Management Analyst
PSEG Services Corporation
Aaron.Gould@pseg.com
1-973-456-3527


We just received the final draft of the Raymond James agreement by email so
we should have it executed this week.  Sara, let's discuss first -- I wanted
to show you the limitation of liability clause as per our discussion; it will
need Mark H.'s approval.

I will be out of the office for the rest of the afternoon recovering from my
flu.

Cheryl Nelson
Senior Counsel
EB3880D
(713) 345-4693


Ramesh,

Here is the reconciliation of the portfolios.  The third sheet shows what
books need to be added to Agg-gas and what needs to be added to Agg-Gasiv.

Thanks,
Robin

Ganapathy Ramesh
11/22/2000 11:29 AM
To: Robin Rodrigue/HOU/ECT@ECT, Nilay Basu/HOU/ECT@ECT
cc:
Subject: Agg-gasiv and agggas


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


The deals have been moved to ENA-FT-WT-SOCAL and retranslated successfully.

Cecilia

 -----Original Message-----
From: 	Giron, Darron C.
Sent:	Monday, January 28, 2002 8:55 AM
To:	Cheung, Cecilia
Cc:	Love, Phillip M.
Subject:	Additional Book to Move

Cecilia,
In addition to moving the deals detailed in my previous email, please move only financial deals with the same counterparties from NG-PR-OPT to ENA-WT-SOCAL.  I realize it's a big list, but how long will the entire process take?  If you have any questions, please let me know.  Thanks.

DG

 -----Original Message-----
From: 	Giron, Darron C.
Sent:	Friday, January 25, 2002 3:56 PM
To:	Cheung, Cecilia
Cc:	Love, Phillip M.
Subject:	More Counterparties

Attached is a long list of counterparty names to move from NG-PRICE into ENA-WT-SOCAL.  Please move only financial deals only.  Please let me know when this is complete.  Thanks.

DG

 << File: PositiveMTMCounterparties.xls >>


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deal is in as off peak - did someone already fix it?

Kerri Thompson@ENRON
04/09/2001 01:58 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb

574712
broker has this deal off peak


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hello everyone,

A little while back Carol St. Clair, myself, and Susan Flynn worked up credit
language that was included within the confirmation of a trade done with this
customer.  In that credit language, a collateral threshold was not included
on purpose.  Instead, we only required that a $25M Letter of Credit be
provided as a condition of the trade.

We eventually came to receive the letter of credit and all was well.  But on
Friday, the customer did another trade, against the advice of credit.  They
have agreed to now take a credit line in all confirmations.  Therefore,
please provide language to the confirm desk that would require the customer,
should exposures any termination payment amount ever exceed $20M, to post
additional or amend existing collateral by the collateral multiple.

Thanks,
brant