----- Forwarded by Sara Shackleton/HOU/ECT on 12/15/2000 08:58 AM -----

	Susan Musch@ENRON_DEVELOPMENT
	12/14/2000 08:18 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: FX Product

Sara,

Given my discussion with Sheila Glover and Darren Delage last night, I think
this is the structure we're going to use.  We just need to set up the service
agreement.

Best regards,
Susan

From: Sara Shackleton@ECT on 12/14/2000 04:40 PM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: FX Product

Susan:

Thanks for the update.  Gary Hickerson wants this product available on EOL
now (which explains why I am called daily by the trading desk).  Do you know
when a decision on the Japanese FX principal will be forthcoming?

Sara

	Susan Musch@ENRON_DEVELOPMENT
	12/14/2000 03:56 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Janine Juggins/LON/ECT@ECT, Melba Lozano/HOU/ECT@ECT, William
Stuart/HOU/ECT@ECT, Steve Jacobellis/NA/Enron@Enron@ECT, Jeff
Blumenthal/HOU/ECT@ECT, Rhett Jackson/HOU/ECT@ECT
		 Subject: Re: FX Product

Sara,

Attached are two e-mails that I sent yesterday and today on the Japanese FX
trader.  In short, we are pursuing the dependent agency approach.  The
specifics are set forth in the e-mails.

Please let me know if you have any questions or need any additional
information.

Best regards,
Susan

Susan Musch
12/14/2000 09:46 AM
To: Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Jan-Erland Bekeng/AP/Enron@Enron, Sheila Glover@ECT, Darren Delage@Enron,
Scott Gilchrist/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janine Juggins@ECT, Rod
Sayers@ECT (bcc: Susan Musch/ENRON_DEVELOPMENT)

Subject: FX Trader in Tokyo

Heidi,

In response to your attached e-mail, I am attaching the e-mail message that I
sent out yesterday regarding the structure for the FX trader in Tokyo and the
EM-Japan traders.  (You were already copied on this but I want to make sure
that you got it.)

In this e-mail, I explain that PWC-Tokyo has recommended following a
dependent agent approach for these traders (which is what you reference in
your attached e-mail).  I recommend this approach saying that it is a
pragmatic approach and should be easily implemented.  I talked with Sheila
Glover and Darren Delage about this approach yesterday evening and they like
it as well.  (In fact, they were also copied on the e-mail regarding the FX
trader and the EM-Japan traders.)

The following points should be kept in mind in following the dependent agent
approach, which I have already discussed with Sheila and Darren:

(1) Agency approach:  Enron Japan would be considered to be an agent of ENA.
In this role, it would facilitate trades that would be entered into between
ENA and the third party counterparties.  The trades would be entered into in
the name of ENA.  Under this approach, Darren is limited in what he is
authorized to do, and his trading parameters will need to be reduced to
writing.  These parameters must restrict his activities so that they
constitute activities that have a preparatory or auxiliary character.  The
advice that we received for the FX trader's activities in Australia should
equally apply to our facts here.  The following is an excerpt from a memo
that I wrote last year summarizing this advice:

Guidelines and boundaries must be established on what the financial trader
can do (e.g. price parameters, product parameters, etc.). Activities cannot
include the negotiation of terms of master contracts, forwards and other
derivatives with counterparties. If a master contract must be executed in
Australia, then it should be executed by an independent agent (such as a
lawyer) having a power of attorney from the hedging party. Confirmations
should be issued by the hedging party, rather than by EA Finance in Sydney.
The Australian tax advisor recommended that the financial trader say:  &My
principal will deal with you within these parameters (.8

(2) Darren's employment:  Darren must be considered an employee of Enron
Japan so as to avoid ENA being treated as having a permanent establishment in
Japan.
(3) Darren's agency role:  Darren should not identify himself as an employee
of ENA Houston.  He should make it clear that the third parties are entering
into the transactions with ENA as principal.
(4) Service agreement:  A service agreement must be put in place between
Enron Japan and ENA (similar to what we did for the FX trader in Sydney).
Enron Japan should at least initially  be compensated at a cost plus 5%
mark-up.  Yesterday evening I also forwarded to Sheila and Darren by e-mail
the old service agreement that we put in place for the FX trader in Sydney so
that they could review what terms have been previously used.  (Incidentally,
the service agreement we put in place between Enron Australia and ENA was
very similar (almost identical) to the one that was put in place between
Enron Europe and ENA for the FX trader in London.)
(5) Potential issues upon Japanese tax audit:  Notwithstanding that this
approach is easier to implement, more workable and more pragmatic in
approach, we need to be aware that there could be questions upon a Japanese
tax audit.  In that event, transfer pricing issues could be raised.  That is,
the auditors could question whether a cost plus 5% mark-up is commensurate
with what an unrelated third party would charge for similar services.  We
would then need to justify that service fee, or if unsuccessful, try to work
out a commission fee that would be acceptable to the Japanese tax auditors.
Management needs to be aware of this potential.

I guess I wasn't clear in my attached e-mail.  I am sorry for any
inconvenience this may have caused you.  I hope this e-mail better explains
the recommended structure.  Please let me know if you would like to set up a
conference call to discuss this further (and let me know who you would like
on the call).

Best regards,
Susan

Susan Musch
12/13/2000 06:07 PM
To: Jan-Erland Bekeng/AP/Enron@ENRON
cc: Jane McBride@Enron, Tina Ward@ECT, Paul Simons@ECT, Alan Aronowitz@ECT,
Rod Sayers@ECT, Janine Juggins@ECT, Heidi
Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joseph P Hirl/AP/ENRON@ENRON,
Sheila Glover@ECT, Darren Delage@Enron (bcc: Susan Musch/ENRON_DEVELOPMENT)

Subject: Enron Metals & FX Traders in Japan

Jan-Erland,

I have not yet received the 2001 projections/budget for the Enron Metals
trading in Japan.  If you have already sent it, could you please re-send it?

Also, I talked with PWC-Tokyo late last night about structuring for the FX
trader and Japanese Metals traders to confirm Baker & McKenzie's advice on
not using a dependent agent structure in Japan.  PWC has advised that
although Baker & McKenzie's approach is more technically correct, foreign
traders usually set up their Japanese trading operations through the use of a
dependent agent in Japan.  The Japanese dependent agent is usually reimbursed
using cost plus 5%, at least initially.  Then, if the Japanese tax
authorities raise questions upon audit, a commission arrangement is generally
used, with the question being what should the profit split be between the
agent and the foreign company.  Whether the Japanese tax authorities raise
questions upon audit is dependent upon the volume of trades and the magnitude
of the trades.  The PWC Japanese tax partner suggested that we use this
arrangement for both the FX trader and the EM Japan trades.  I have asked PWC
to send this advice in writing by tomorrow.

This seems to be a much more pragmatic approach than the one suggested by
Baker & McKenzie.  And it should be easy to implement by year-end.  However,
management must be aware of the fact that PWC's approach could raise
questions upon a Japanese tax audit.  Note that if we follow this approach,
we would need to set up a services agreement between Enron Japan (whichever
the appropriate entity is) and ENA.

Please let me know if you have any questions or need any additional
information.

Best regards,
Susan

HEIDI MASON
12/13/2000 08:38 PM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Jan-Erland Bekeng/AP/Enron@Enron

Subject: Re: Japanese Financial Subsidiary

Thanks for the note Susan. Like you, I would love to get the funding resolved
before year-end as we have finalised the amounting owing to Houston etc
(subject to some invoices etc being received) so it would be a good time to
get this done.

Re the FX trader, I have been harassing Sheila a bit this week, so I was
hoping to hear from you or her on the progress here. At this stage I
understand that the deals are still being done in the name of ENA, but there
have not been alot, so again if we can get this addressed before the volume
grows it would be best for all. I was reviewing this matter with JEB
yesterday and he indicated that his preference is for an agency style
agreement which avoids the need for the back to back deals.

With thanks

Heidi Mason
Chief Financial Officer
Enron Australia

From: Sara Shackleton@ECT on 12/14/2000 01:22 PM
To: Janine Juggins/LON/ECT@ECT, Susan
Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Melba Lozano/HOU/ECT@ECT, William Stuart/HOU/ECT@ECT, Steve
Jacobellis/NA/Enron@Enron, Jeff Blumenthal/HOU/ECT@ECT, Rhett
Jackson/HOU/ECT@ECT

Subject: Re: FX Product

Janine:

Thanks for the update.  Any word on the Japanese FX desk principal?  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 12/14/2000 01:23 PM -----

	Janine Juggins
	12/13/2000 04:04 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Jeff Blumenthal/HOU/ECT@ECT, Rhett Jackson/HOU/ECT@ECT, Melba
Lozano/HOU/ECT@ECT, Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Re: FX Product

Your summary is correct based on information to date (in this regard the
agreement between ENA and EEFT still requires amendment in respect of RMT and
I undertake to get this done).

However, please note that there have been some last minute changes in the
Japanese tax advice, received I understand only as of last night. Susan Musch
will be following up on these changes at a meeting today with Sheila Glover
and Darren Delage, and has undertaken to keep you appraised of the position.
The effect of the change would be to permit RMT to be the principal for the
Japanese FX desk, with a Japanese entity acting as agent to arrange the
transactions.

Best regards
Janine

From: Sara Shackleton on 13/12/2000 13:52 CST
To: Janine Juggins/LON/ECT@ECT
cc: Jeff Blumenthal/HOU/ECT@ECT, Rhett Jackson/HOU/ECT@ECT, Melba
Lozano/HOU/ECT@ECT

Subject: FX Product

Janine:

With respect to the attached (internal) FX product for EOL, I just wanted to
verify with you that internal counterparties should transact on EOL with:

(1)  RMT  (as principal for Houston FX desk)

(2)  EEFT as agent for RMT (as principal for London FX desk).  In this
regard, was the services agreement between ENA and EEFT ever extended to
include RMT for internal trades?

(3)  Enron Japan Corp. (as principal for Tokyo FX desk)

There appears to be some confusion since our meeting of November 3.  Thanks.
Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 12/13/2000 11:22 AM -----

	Melba Lozano
	12/11/2000 05:59 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 cc: Robert B Cass/HOU/ECT@ECT, Steve Jacobellis/NA/Enron@Enron, Kevin
Meredith/Corp/Enron@ENRON, Steve Jacobellis/NA/Enron@Enron
		 Subject: FX Product

Sara / Mark,

I need an approval as soon as possible from you for the FX Description
attached.  Steve Jacobellis is requesting that this gets out on the web as
soon as possible.

Thank you,

Melba
58986
---------------------- Forwarded by Melba Lozano/HOU/ECT on 12/11/2000 05:53
PM ---------------------------

From:  Melba Lozano
  11/30/2000 06:41 PM

To: Sara Shackleton/HOU/ECT@ECT, William Stuart/HOU/ECT@ECT
cc: Robert B Cass/HOU/ECT@ECT
Subject: FX Product

Sara:  Please approve on the attached language for the FX Product.

William:  There is a gap between hour ending 3:00 and 4:00 .  Do you want to
go ahead and set up Central time to trade until Hour Ending 4:00?  Please let
me know.

Thank you,

Melba


Could I get a copy of the revised LOI which was sent to TECO?  I want to
update my electronic file.

Thanks,

Kay


Start Date: 4/30/01; HourAhead hour: 9;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001043009.txt
Error: Invalid variant type conversion

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/30/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_5001
  ENGY_TYPE: FIRM


Tana,

Do you have a copy of this stuff? Carol St. Clair worked on the issue.

Thanks,

Dave
---------------------- Forwarded by David Forster/Corp/Enron on 07/26/2000
05:02 PM ---------------------------

Edmund Cooper@ECT
07/26/2000 03:20 PM
To: David Forster/Corp/Enron@ENRON
cc: Justin Boyd/LON/ECT@ECT, Amita Gosalia/LON/ECT@ECT

Subject: Re: Dow Benelux-Enron Online

I don't suppose you could send me what we have used in the US?  Edmund

David Forster@ENRON
07/26/2000 08:53 PM
To: Edmund Cooper/LON/ECT@ECT
cc: Justin Boyd/LON/ECT@ECT, Amita Gosalia/LON/ECT@ECT

Subject: Re: Dow Benelux-Enron Online

OK with me in this instance. They should be supplied with our termination
phone number and termination language used as previously constructed (I think
we have done this before in the UK? If not, we have in the U.S.)

Dave

Edmund Cooper@ECT
07/26/2000 09:39 AM
To: David Forster/Corp/Enron@Enron
cc: Justin Boyd/LON/ECT@ECT, Britta Dinnendahl/LON/ECT@ECT, Amita
Gosalia/LON/ECT@ECT

Subject: Dow Benelux-Enron Online

Dear Dave,

I hope all is well with you!

I have spoken with Dick Stoppe of Dow Benelux regarding issues they have with
the ETA.  He told me that their lawyer has pointed out a variety of issues
relating to the one-sidedness of the ETA.  However, Dow are prepared to
accept the terms of the ETA if the termination clause 6(a) is made mutual.  I
explained that they could stop trading if they were unhappy for whatever
reason, but in such an eventuality their preference is not to have the ETA
continuing in force.  I have no problems with this but obviously this needs
your blessing to proceed.

Thanks, Edmund

---------------------- Forwarded by Edmund Cooper/LON/ECT on 07/26/2000 03:37
PM ---------------------------

Justin Boyd
07/26/2000 02:45 PM
To: Edmund Cooper/LON/ECT@ECT
cc:

Subject: Dow Benelux-Enron Online

ed - could you drop hin a call, ta

j

---------------------- Forwarded by Justin Boyd/LON/ECT on 26/07/2000 14:47
---------------------------

Britta Dinnendahl
26/07/2000 14:43
To: Justin Boyd/LON/ECT@ECT
cc:

Subject: Dow Benelux-Enron Online

Justin,

I have spoken to you a couple of weeks ago about Dow having inquiries about
Enron Online and the termination clause. I have told them what you have told
me, but they nevertheless would like to talk to you.

Dick Stoppe told me that he tried to give you a call but apparently he hasn't
heard anything back.

Can you pls give them a call: 004117282144

Dow is one of the most important and biggest customer so I really would like
to get them on board


Daren and Brian,

Would you like for me to confirm the conference call that Duke has requested
for Friday?
I am available at anytime for this discussion.

Pls let me know.

Katherine
---------------------- Forwarded by Katherine Herrera/Corp/Enron on
04/19/2000 05:21 PM ---------------------------

"Robert Heilman" <rheilman@duke-energy.com> on 04/19/2000 04:38:16 PM
To: "Angela Tonelli" <atonelli@duke-energy.com>, "Janette B. Knieser"
<jbknieser@duke-energy.com>, "Donald S. Perry" <dsperry1@duke-energy.com>,
"Bruce McMills" <bmcmills@duke-energy.com>, "Chad W. Cass"
<CWCASS@duke-energy.com>, "William E. Speckels" <WESPECKELS@duke-energy.com>,
"Donna C. Spencer" <dcspencer@duke-energy.com>
cc: "Sharon Beemer" <sbeemer@duke-energy.com>, katherine_herrera@enron.com

Subject:

We are trying for a conference call on Friday, April 21 at 10:30 CENTRAL time.
We are going to be discussing the HPL buy/sell agreement.  We are very close
to
agreeing on procedures except for one issue:  the allocation of volumes at the
Fuels Cotton Valley delivery point and the Valero delivery point.  If you can
not make it please let me know ASAP.  If anyone has any questions please feel
free to call me at 303.605.1804.  Otherwise I will talk to all of you on
Friday
at 10:30 CENTRAL.

Robert


Rick, its that time of year again, do your magic and approve the attached
expense report

And thanx again for the Topock consideration, I do appreciate it.....


Walt:

Attached is a copy of the TX label that has been prepared for small customers.  For suppliers purchasing off of spot, the actual numbers to calculate the label and emissions will not be out until January.  However if a company is making an "environmental claim" (I'll deliver you 100% wind), the company projects the fuel/emission mix they will deliver to the customer over a year period.  See attached Green Mountain label as an example. <https://www.greenmountain.com/gmec/tx/tx_efl.jsp>

As we discussed if TI is looking to differentiate their fuel mix, I know that Elliot and Richard will be able to help you from the REC commodity end.  They will not be able to offset their NOx limits under the SIP by purchasing renewables.  They will have to purchase ERCs or allowances from other companies that have overcontrolled or install control technology.  I took a look at their Environmental statement, and they have an internal pledge to reduce energy consumption by 15% for their facilities.  They highlight the emissions reductions from the conservation and detail their fuel mix (page 15).  <http://www.ti.com/corp/docs/company/citizen/esh/english.pdf>
I'd let TI know that we can provide their fuel mix and emissions as well as offsetting their system purchase with RECs.

The TX labeling rules are as follows:

1. Disclosure labels with fuel mix, emissions data and average price are required to be submitted to residential and small commercial customers.  Labels are submitted to customers 2 times per year and an annual report substantiating the purchases and sales is required to be submitted to the PUC.
2. To calculate the label or label(s), the supplier weights the percentage of power coming from system contracts/bilaterals/spot and renewable energy credits.  The PUC has provided the fuel and emissions data from each generating company in TX along with the emissions on their website.  <http://www.puc.state.tx.us/rules/rulemake/22816/050301lableworkbook.xls> They will provide the default system mix for spot purchases by year's end.
3. Each supplier will have a percentage obligation to purchase renewable energy credits (representing the "attributes" of 1 MWh of renewable energy dispatched onto the grid) and will note this on the label.  EES cannot "market" their obligation as a renewable product so you can't sell a product for a premium representing your entire renewable mandate to customers.

I'm glad to answer any further questions.

Regards,
Stacey Bolton
Environmental Strategies
Enron Corp
713-853-9916 direct
713-303-2632 cell
sbolton@enron.com <mailto:sbolton@enron.com>


Matt,

Each month, prior to bidweek, I pull up a monthly range in Path Manager to
get a feel of how many of our swing customers operated in a prior month (or a
month in a prior year).  I have never had problem with this before, and I
have done this task every month since Unify was put into production.  When
the problem occurred this month, I was attempting to view Apr 1-30, 2000 on
Houston Pipe Line, with HPL as the shipper.  This information is very
important for my bidweek preparation.  So, I need to continue perfomorming
this operation each month.  If needed, I can wait until 5 pm top view the
range.

D

From: Matt Pena/ENRON@enronXgate on 03/23/2001 02:30 PM
To: Daren J Farmer/HOU/ECT@ECT
cc: Chris Schomer/ENRON@enronXgate, Jaikishore Bharathi/ENRON@enronXgate, Bob
Ward/ENRON@enronXgate, William Mallary/ENRON@enronXgate, Brian
Ripley/ENRON@enronXgate
Subject: RE: What happened: tempdb xact log

Darren,
Do you know if you were running pulling up the Path Manager for a date range
around 10:51?; How do you normally pull up the Path Manager?; Please let me
know as we're attempting to find out what caused this problem and if we
should restrict access on the date range functionality.; If you were only
pulling it for a day, that would be okay.
;
Thanks

-----Original Message-----
From: Mallary, William
Sent: Friday, March 23, 2001 2:24 PM
To: Ripley, Brian
Cc: Schomer, Chris; Pena, Matt; Bharathi, Jaikishore; Ward, Bob
Subject: What happened: tempdb xact log

Brian,
;
At 11:20am this morning, a stored procedure (source_dest_list_range_sp, Line
#172) being run by Daren Farmer caused the tempdb transaction log on
unifygasp to fill up.; This procedure is run routinely by many other users on
a daily basis without incident.; At the time of the failure, this stored
procedure had been running since 10:51am, or roughly 30 minutes.; I was
notified via automatic page at 11:24am; the page indicating that there was
200MB free.; I immediately checked tempdb, which was by full by this time.;
Three attempts to clear the transaction log prior to 11:30am finally resulted
in;a cleared transaction log.
;
Kishore noiced shortly thereafter that there was a problem in the way that
Sybase was accounting for its free space, a condition which may have been
crucial to the failure since nearly 5GB of space was apparently unavailable
to the transaction log.; A reboot of unifyprod2 at 1:40pm cleared this
condition.

Bill Mallary
*; william.mallary@enron.com <mailto:william.mallary@enron.com>
( ;713.345.3485 (office)
( ;281.960.7181 (cell)

;


----- Forwarded by Tana Jones/HOU/ECT on 11/07/2000 02:54 PM -----

	Lola Willis@ENRON
	11/07/2000 02:48 PM

		 To: Lisa Lees/HOU/ECT@ECT, Frank L Davis/HOU/ECT@ECT, Jennifer deBoisblanc
Denny/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT,
Bradley Diebner/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Karen
Lambert/HOU/ECT@ECT, Thomas Engel/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT,
Sheri Thomas/HOU/ECT@ECT
		 cc:
		 Subject: Profiles Mgr - Testing & Demo

 Your presence is requested at a  training session of Profiles Mgr. Testing &
Demo.

Date                                        10/11/00

Time                                         3:30-5:30

Location                                  EB 564

Thanks
Lola


Got some great news today! I'll call you tonight.


Andy:
I just briefed Lavorato on the credit issues.  His comment was that Bradford
is going through defcom 3 over California right now and to give him a week
when things start to get sorted out there.
John


I suspect everyone has seen today's front page WSJ, but in case you have not
. . .

Hurt by Deregulation of Utilities,
California Gives Itself Lead Role
By REBECCA SMITH and JOHN R. EMSHWILLER
Staff Reporters of THE WALL STREET JOURNAL

SACRAMENTO, Calif. -- In a video made for a political roast, Gov. Gray
Davis, mimicking the Mafia boss in "The Sopranos," complains to his
therapist about Texas bad guys pushing electricity prices sky high. He vows
to get tough. Soon, a Davis confederate ushers four men in 10-gallon hats
into an office, shots ring out, and the aide, emerging blood-spattered,
delivers the punch-line: "Tell the governor his Reliant problem is solved."

While Gov. Davis hasn't gone that far in his fight with suppliers such as
Houston-based Reliant Energy Inc., he is in other ways trying to blast his
way out of the crisis. His moves are coming in rapid succession after months
of criticism of the governor for inaction, and they are fast reshaping the
state's electricity system.

With the acquiescence of other state leaders, Gov. Davis has put California
on the road to creating what amounts to a mammoth state-owned electric
utility, answerable largely to the governor. Moreover, though designed to
solve a short-term emergency, the governor's policies are loading consumers
with obligations that could affect the economy of the most-populous state
for 15 to 20 years.

His actions in some ways hark back to the system of central control that
preceded the disastrous 1996 foray into utility deregulation. But they
aren't simply a return to the days of monopoly utilities strictly regulated
by the state's Public Utilities Commission. What is emerging now is a
California power colossus that operates in important ways beyond the reach
of regulators or the public.

Mr. Davis says his actions will ensure that Californians have a secure
supply of reasonably priced electricity. "This is not a power grab," the
Democratic governor says in an interview. "I had no desire to intervene. I
would get out tomorrow if you would let me out. This is my least-favorite
thing to do."

'Colossal Failure'

Yet in the past six months, pushed by what he calls the "colossal failure"
of a deregulation plan hatched under his Republican predecessor, the
governor has put the state deep into the power business. In January, Mr.
Davis ordered the state Department of Water Resources to begin buying power
in place of California's cash-strapped utilities. Since then, the state has
purchased or committed to purchase $45 billion to $50 billion of
electricity, with some contracts as long as 20 years.

The governor has in effect seized control of the state's electricity-grid
operator, the California Independent System Operator, installing his
hand-picked team as board members. As its name implies, the ISO was supposed
to manage the grid without favoring any one participant.

Mr. Davis also is pushing to have the state buy huge chunks of the
transmission system that are owned by the financially beleaguered utilities.
He recently signed into law a bill that creates a state power authority,
whose director will be appointed by the governor. This agency, which so far
exists just on paper, could be used to build power plants and help run a
state-owned transmission system. Mr. Davis says that the authority is part
of what he sees as a "hybrid" system where public power plays an important
role augmenting private enterprise in the electricity business.

Reviving the Utilities

Having healthy utilities is extremely important, says the governor. He adds
that he has been working hard to revive the state's two biggest utilities,
the Pacific Gas & Electric Co. unit of PG&E Corp. and the Southern
California Edison Co. subsidiary of Edison International. But as the state's
role in the electricity business has grown, the utilities don't seem as
essential as they once did.

This is one reason the governor has had difficulty getting a rescue package
for Edison through the state legislature. The plan, among other things,
calls for the state to buy Edison's transmission system for $2.76 billion
and envisions the utility eventually resuming some power-buying chores.
Talks over a similar rescue package for Pacific Gas failed and that utility
filed for bankruptcy-law protection.

With the state locking up so much of California's future power needs,
legislators openly wonder whether utility-rescue efforts are worth the
billions of dollars they would require. In 2003, for instance, long-term
contracts will cover 90% of the state's projected buying needs. "What does
it mean for Edison to take over the role [of buying power] if the state
already has signed all these contracts?" asks State Sen. Debra Bowen, a
Democrat who heads the senate's energy committee.

Nonetheless, the governor says he is "cautiously optimistic" the legislature
soon will approve an Edison rescue package.

Mr. Davis has been deeply enmeshed in almost every aspect of the electricity
mess this year, after having once been relatively aloof from the burgeoning
crisis. The state's utility-deregulation law, which was enacted in 1996,
worked fairly well until May of last year. Under the deregulation plan, the
state's investor-owned utilities sold off many of their power plants to
other companies and repurchased that electricity through a state-sponsored
auction. Consumer rates were frozen and customers were given the option to
buy electricity from nonutility retail suppliers.

But tight electricity supplies and a flawed auction system led to a sharp
rise in wholesale power costs. With retail rates frozen, Pacific Gas and
Edison racked up multibillion-dollar deficits. In January, Mr. Davis
declared an emergency and put the state into the power-buying business.

Since then, he hasn't been bashful about exercising his emergency powers.
When Mr. Davis couldn't get legislative permission to borrow money
short-term for power purchases, he signed an executive order authorizing the
state to borrow up to $5 billion from commercial lenders. That borrowing is
supposed to be repaid from a roughly $13 billion municipal-bond issue, the
biggest in U.S. history, scheduled for later this year.

In another executive order, the governor suspended emission standards for
power plants to let them run more hours during the peak-demand periods. And
the state has hired a small army of energy consultants and traders.

Despite such actions, some think Mr. Davis isn't being forceful enough. For
example, the state senate last week passed a resolution supporting the
governor's power to "commandeer power plants" if he deems such a step to be
necessary. Mr. Davis has said he doesn't have any plans currently to take
such an action.

'Crisis of Governance'

The electricity mess has produced "the most extraordinary crisis of
governance we've had in California in the postwar period," says Bruce Cain,
director of the Institute of Governmental Studies at the University of
California at Berkeley. Mr. Cain says more power has been placed in the
governor's hands and, as a result, the state has "gotten away from the
separation of powers and the checks and balances that we expect in American
government."

Mr. Davis says his actions have been essential and are working. He credits
the long-term power contracts with helping to cool the spot market for
electricity, where prices in recent weeks have dropped sharply. In June, the
state paid an average price of $167 a megawatt hour for electricity. That
was down from $243 in May, though still far above the $25-to-$27 range of
two years ago.

But some worry about how this rush to address a short-term problem will
affect the longer-term future. An economic forecast issued late last month
warned that continued heavy state involvement and spending in the
electricity business could produce enough of a drag on the California
economy to reduce state output by a total of $90 billion by 2005 and lead to
higher unemployment. "California is at a crossroads" between what amounts to
a "state takeover of the electricity industry" and a more market-oriented
approach to fixing the problem, says the joint study by the Anderson
business school at the University of California, Los Angeles, and Cambridge
Energy Research Associates.

Under a law enacted in February, none of the tens of billions of dollars of
state electricity purchases or related costs can be challenged as imprudent
by the Public Utilities Commission. That's an immunity that regulated
utilities in the old regime could only dream of. Then, if they spent too
much, the PUC could make their shareholders take a hit. Under the new
system, any purchasing missteps the state makes will be borne by consumers.

"It scares the hell out of me," says Henry Duque, a Republican PUC member
appointed by former Gov. Pete Wilson. "The state is so busy looking after
its own interests. ... Who's looking out for the ratepayer?"

PUC President Loretta Lynch, a Davis appointee, acknowledges that the
commission's authority has been seriously eroded. Under the new law, the
commission is supposed to charge consumers for whatever sum the Water
Resources Department spends on energy. She hopes to hold hearings to review
the spending "even if we can't do much about the result."

Gov. Davis says concern about less oversight of power purchases is a "bogus"
issue. "It is not as if a private company or utility was making the
decisions. The PUC doesn't need to second-guess the decisions of a public
body," he says.

But other state moves suggest there's a role for oversight. The state is
only now doing a conflict-of-interest inquiry after several of its new
energy hires filled out disclosure forms that showed they held stock in big
power suppliers to the state. The governor's press secretary, Steve
Maviglio, says he doesn't know whether they were asked about their holdings
before being hired. He says the state will take "appropriate action" where
conflicts of interest are found.

The rush to beef up an outgunned state energy team may have contributed to
the hiring problem. Early on, "we had two or three people sitting around and
dealing with" big and savvy electricity suppliers, says Mr. Davis, almost
like a "tee-ball team playing the New York Yankees."

The state has since hastily assembled a group of about 20 energy traders,
headed by a 30-year-old manager with one year of experience in the energy
business. The manager, Susan Lee, has held four jobs in the past four years
and is getting paid up to $480,000 over two years for her services. Ms. Lee
declines to comment.

Good Enough

Even so, Mr. Davis argues, state negotiators did well enough. They managed
to help lower current power costs, he notes, although that required signing
deals that could force the state to "pay a little more" than it otherwise
would have in the years ahead. "I think Californians are willing to accept
that bargain," he says.

Still, he and some other state leaders are urging the PUC to revoke a
fundamental tenet of deregulation: the right of consumers to shop around for
low-cost electricity. Removing this option is essential to prevent a "jail
break" of customers seeking prices lower than what the state must charge,
says Carl Wood, one of Mr. Davis's three Democratic appointees to the
five-member PUC. A flight of customers could leave too few to pay for
state-purchased power and repay the planned bonds. The PUC is scheduled to
vote in August on the request to revoke consumer choice.

Some users are concerned about being stuck with what amounts to a state
monopoly. "We don't want to lose our options" to shop for lower-cost
electricity, says Shawn Covell, a senior manager at Qualcomm Inc., the
telephone-equipment maker. Earlier this year, Qualcomm signed an agreement
to buy power from an alternative supplier, the kind of move state officials
seek to ban.

While consumer choice is in doubt, public disclosure has already been
lessened in some ways. For months, the state refused to divulge terms of
power deals it was signing, saying that doing so would harm negotiations on
additional contracts. It finally made public the long-term contracts this
month after a lawsuit by a group of newspapers, including The Wall Street
Journal. Details of short-term power purchases were disclosed for the first
time on July 9. They showed the state spent nearly $8 billion on spot-market
purchases in the first five months of 2001, exceeding its projections.

Some Davis allies are troubled. "Decisions are being made, with almost no
public discussion, that foreclose other options," says Ms. Bowen, the state
senator, who is close enough to the governor that she played his therapist
in the "Sopranos" skit. While Sen. Bowen says the governor needed to act
forcefully, she is troubled that so much power has been bought at what she
fears will prove to be extremely high prices in the years ahead. Still, she
voted for the bill that gave the executive branch carte blanche to make
those huge commitments.

The right to go to court also has been limited. Under a law soon to take
effect, challenges to certain aspects of the planned $13 billion bond issue
can be taken only to the state Supreme Court. That panel has accepted only
two utility-related cases over the past decade. Backers of the measure say
it gives adequate opportunity for review without unduly slowing the bond
offering.

'One Voice'

The state's enlarged role in the utility business was on display when
negotiators convened recently at the Federal Energy Regulatory Commission in
Washington to discuss alleged supplier overcharges. California's major
utilities played only a secondary role, even though they paid much of the
purported overcharges and ran up giant deficits in doing so. The governor
had named one of his advisers, Michael Kahn, as head of the 20-person state
delegation, and Mr. Kahn says the delegation "spoke with one voice -- mine."

Mr. Kahn told FERC that California was owed $8.9 billion in refunds. Others,
including the FERC administrative-law judge overseeing the talks, said the
number was probably much lower. The state wouldn't budge, and the talks
ended without an agreement. Last week the judge recommended that a
"trial-like" proceeding be held to sort out who owes what to whom.

Mr. Davis says the state will go to an actual court if it doesn't get all
the money it is seeking through the FERC proceedings. And he vows to do
whatever else is necessary to get California through the electricity crisis.
"I have no desire to subsume the legitimate role of the private sector," he
says. But, he adds, Californians got such a "raw deal" from the deregulation
mess that "I have had to had take a very militant, hard-line view."

Write to Rebecca Smith at rebecca.smith@wsj.com and John R. Emshwiller at
john.emshwiller@wsj.com


I will as soon as I determine vacation plans.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Kaye Ellis
	04/16/2001 09:40 AM

		 To: Peggy Banczak/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Debra Perlingiere/HOU/ECT@ECT
		 cc:
		 Subject: Does Anyone Need Airline Reservations for the Law Conference?


Looks like I need to run this passed Colette Dow to make sure they are ok. Can you help me with who you would consider the subs for the names below who are now out from the c list:

	  Alonso, Thomas
	  Arora, Harry   (replacement Greg Woulfe)
>       Aucoin, Berney  (potential replacement Jim Brysch)
>       Badeer, Robert
>       Choi, Paul
>       Conch, Charles
>       Coulter, Edwin
	  Fischer, Mark
>       Gupta, Gautam
>       Herndon, Rogers
>       Keavey, Peter
>       Luce, Laura
>       McKay, Brad
>       Motley, Matt
>       O'Neil, Murray  (replacement Scotty Gilbert)
>       Patrick, Micheal (on list in error should be Sherman)
>       Roberts, Mike   (replacement Dave Ryan)
>       Robinson, Mitch
>       Rosman, Stewart
>       Ruscitti, Kevin
>       Schweiger, James
>       Suarez, John
>       Whitt, Mark

If Lagrasta and Llodra sign a doc of some nature we will be at 81 against a target of 84.

If we have agreement to switch out about 5 names from above list we are over condition precedent. I talked with Greg who believes this is not an issue, but I just as soon have that in writing.

David

-----Original Message-----
From: Audrey.Martin@ubsw.com [mailto:Audrey.Martin@ubsw.com]
Sent: Tuesday, January 29, 2002 3:30 PM
Cc: Oxley, David; tom.connelly@ubsw.com; Cash, Michelle; Schuler, Lance
(Legal)
Subject: Re: FW: UPDATE - NETCo HR contingency progress report

     My understanding is "c"s can only be swaped with UBS approval.  I
     would send a note to Colette requesting approval for any names change
     in the front office.

     Thanks

     Audrey

______________________________ Reply Separator _________________________________
Subject: FW: UPDATE - NETCo HR contingency progress report
Author:  David\.Oxley (David.Oxley@ENRON.com) at unix/o2=mime
Date:    1/29/02 3:24 PM

Please let me know your understanding of the deal conditions surrounding the
"c"list. My current estimate is we may just get the required 84 names from the
 original list, however, it seems many people from my side have the
understanding tha t:

*       Where someone on the c list said no, we could substitute names. If this
is the case we have passed the threshold easily.
*       That while my piece of paper says 80% the intent was 70%. Again we
wouldbe done today.
*       Some of the names are "mistakes" which were never intended to be on
list(this probably accounts for 4 names at least).

Obviously, I am keen to report to all that we have achieved the appropriate
signup percentages and that this deal condition is done.

David


The policy spelled out in Order No. 637 (and affirmed on rehearing in Order No. 637-A) for pricing under ROFR at the expiration of a lower-rate service agreement (where rates are "vintaged").  In both Order No 637 and Order No. 637-A the Commission notes that this policy is consistent with the Certificate Policy Statement issued in 1999.  Order No. 637 states as follows:

	[A] shipper exercising its ROFR could be required to match a bid up to a maximum rate higher 	than the historic maximum rate applicable to its capacity in certain limited circumstances:  when a 	pipeline expansion has been completed and an incremental rate exists on the system; the pipeline 	is fully subscribed; and there is a competing bid above the maximum pre-expansion rate applicable 	to existing shippers.

		*				*				*

	As the Commission explains in the Certificate Policy Statement, to adjust the maximum rate 	applicable to shippers exercising their ROFR in these circumstances, the pipeline would have to 	establish a mechanism for reallocating costs between the historic and incremental rates so all 	rates remain within the pipeline's cost-of-service.  The mechanism can be established either 	through a general section 4 rate case or through the filing of pro forma tariff sheets which would 	provide the Commission and the parties with an opportunity to review the proposal prior to 	implementation.

Order No. 637 references one instance where a pipeline had filed such a mechanism as follows:

	Cf. Viking Gas Transmission Company, 89 FERC Para. 61,204 (1999) (rejecting tariff filing to raise 	matching rates under a ROFR where, among other things, the filing did not readjust existing and 	expansion rates.

Jan and I are doing a search right now to determine where there have been any other filings.  I'll let you know what we find.

Let me know if you have any follow-up questions.


I have put the KH/D Thames meeting from 2-2:30pm.  I will call Jeff McMahon's office to confirm the other and will let you know.  Thanks.

Terri Bachand

Enron Global Finance
(713)853-6528


CALENDAR ENTRY:	REMINDER

Description:
	Monica - Vacation

Date:		10/22/2000
Time:		8:00 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


September 8, 2000

     Teco Tap       50.000 / HPL IFERC ; 25.000 / Enron

     LS HPL LSK IC       15.000 / Enron

September 9, 2000

     Teco Tap       15.417 / HPL IFERC ; 69.583 / HPL Gas Daily ; 40.000 /
Enron

September 10, 2000

     Teco Tap       112.500 / HPL Gas Daily ; 25.000 / Enron

     LS HPL LSK C        15.000 / Enron

---------------------- Forwarded by Melissa Jones/Texas Utilities on
09/11/2000
03:58 PM ---------------------------

Melissa Jones
09/11/2000 01:31 PM

To:   Charlie Stone/Texas Utilities@TU, Gary Green/Texas Utilities@TU,
      daren.j.farmer@enron.com, gary.a.hanks@enron.com,
      carlos.j.rodriguez@enron.com, earl.tisdale@enron.com,
      ami.chokshi@enron.com
cc:
Subject:  Enron / HPL Actuals for Sept. 8-10, 2000

September 8, 2000

     Teco Tap       50.000 / HPL IFERC ; 25.000 / Enron

     LS HPL LSK IC       15.000 / Enron

September 9, 2000

     Teco Tap       85.000 / HPL IFERC ; 40.000 / Enron

September 10, 2000

     Teco Tap       112.500 / HPL IFERC ; 25.000 / Enron

     LS HPL LSK IC       15.000 / Enron


All deals with NP-15 or SP-15 delivery points should use CAISO energy.

Thanks,
Kate
---------------------- Forwarded by Kate Symes/PDX/ECT on 03/05/2001 02:37 PM
---------------------------

Kimberly Hundl@ENRON
03/05/2001 01:58 PM
To: Kate Symes/PDX/ECT@ECT
cc: Sharen Cason/HOU/ECT@ECT, Amy Smith/ENRON@enronXgate

Subject: Delano #536366, & #536370, and EESI #525625.2

Please let me know whether these deals have the wrong energy type.  They all
have np-15 or sp-15 delivery points.
Thank you!
Kim


There are still certain jurisdictions where we are not offering the product:
Germany and Canada come to mind.

David Forster
02/25/2000 04:10 PM
To: Mark Taylor/HOU/ECT@ECT
cc:
Subject: Credit Derivatives

Mark,

I recall at one time, we were concerned that Credit Derivatives could be
considered to be insurance, and therefore we would come under certain
regulations. I assume this was resolved to our satisfaction?

Dave


<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">

<META http-equiv=Content-Type content="text/html; charset=iso-8859-1">
<META content="MSHTML 5.50.4522.1800" name=GENERATOR>

If this message was sent in error, or a friend suggested you receive this special you may delete your name, please follow directions on bottom or forward to deleteme@excite.com

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energyreleases as: lindy.donoho@enron.com

To remove future emails of energy specials send a blank email to leave-energyreleases-1549730G@zip.netatlantic.com


pls talk to Norma and find out what we need to do.  I''ll let the group
know.  df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 02/06/2001
05:44 PM ---------------------------

	From:  Norma Hasenjager                           02/05/2001 06:00 PM

To: Dave Neubauer/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Mike
McGowan/ET&S/Enron, Drew Fossum/ET&S/Enron@ENRON, Michel
Nelson/ET&S/Enron@ENRON
cc: Deb Cappiello/ET&S/Enron@ENRON, Sharon Solon/ET&S/Enron@ENRON, Julie
McCoy/ET&S/Enron, Martha Benner/ET&S/Enron, Judy Kudym/ET&S/Enron@ENRON

Subject: Vacation Carry Over

I will need to have any exception requests for vacation carry over (beyond 40
hours) no later than February 15.  Any request you submit should have
appropriate justification (i.e., what were the extenuating circumstances that
prevented the employee from being able to take his/her vacation during the
year).  Since carry-over reports can no longer be run by Payroll, timekeepers
should be able to access year-end  vacation balances.  If you have any
questions, please let me know.


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IssueAlert for  March 15, 2001

President Bush Reverses Position on CO2 Emissions

by Will McNamara
Director, Electric Industry Analysis

[News Item from The Washington Post, March 14] President Bush has decided not
to seek reductions in the carbon dioxide (CO2) emissions of the nation's
power plants, reversing himself on a campaign pledge after encountering
strong resistance from the coal and oil industries and from Republican allies
on Capitol Hill. In a letter to four Republican senators, Bush cited a recent
Energy Department study showing that restrictions on CO2 emissions would
result in a shift from coal to natural gas and lead to higher energy costs.
"I do not believe(that the government should impose on power plants mandatory
emissions for carbon dioxide," Bush said.

Analysis: The sudden change in President Bush's position on CO2 emissions
naturally has elicited strong reactions from both sides of the debate. The
extent to which CO2 contributes to the nation's pollution, and whether or not
the government should take an active role in restricting CO2 emissions, has
become an intensely politicized issue. Democrats and environmental groups
responded with outrage to what they perceive as a betrayal by the president,
while coal and oil industry officials believe that Bush's decision will
ensure a more balanced energy and environmental policy.

I won't attempt to debate the political aspects of the president's decision.
Rather, I will analyze Bush's current position impacts the energy industry,
and whether or not the lifting of CO2restrictions does indeed contribute to a
sound energy policy.

It is true that during his campaign, the president made promises to limit CO2
emissions. In a speech in late September, Bush said, "With the help of
Congress, environmental groups and industry, we will require all power plants
to meet clean air standards in order to reduce emissions of sulfur dioxide,
nitrogen oxide, mercury and carbon dioxide within a reasonable period of
time." Yet, while many critics have claimed that Bush's refusal to place
limits on CO2 is a philosophical turnabout, White House spokesman Scott
McClellan said that carbon dioxide "should not have been included as a
pollutant" in Bush's campaign position because it is not classified as one in
the Clean Air Act. Further, the White House has said that Bush's original
promise was a "mistake" inconsistent with the president's broader goal of
increasing domestic energy production.

In fact, although many scientists believe that CO2 is a key contributor to
global warming, it has not been proven to have any direct effect on human
health. Consequently, CO2 has never been classified as a pollutant under the
Clean Air Act because, in the eyes of those determining Clean Air
classifications, it has no detrimental human health or environmental impact,
except as it applies to concerns about global warming. In his decision to
abstain from placing any restrictions on CO2 emissions, Bush noted "the
incomplete state of scientific knowledge of the causes of, and solutions to,
global climate change and the lack of commercially available technologies for
removing and storing carbon dioxide." The president maintains that he is
committed to an energy policy that would seek to improve air quality
emissions of NOx, SO2 and mercury, which are already regulated as pollutants,
but not CO2. Bush also said that he would work with Congress to reduce
emissions from power plants specifically, but that any such strategy would
include phased-in reductions and market-based incentives to help the industry
meet the targets.

Moreover, the president apparently cannot reconcile any possible restrictions
on CO2 emissions with ramifications that the restrictions might have on
domestic power supply. Clearly, any limits on CO2 emissions would have
tremendous impact on coal-burning power plants. By some estimates, coal, a
relatively cheap and plentiful fuel which accounts for more than 50 percent
of the electricity generated in the United States, produces about 40 percent
of the nation's CO2 output (more than any other fuel). Yet, industry
officials have warned the president that any effort to restrict CO2 emissions
would compromise efforts to increase domestic energy production. Since Bush
took office as president in January, it has become increasingly clear that a
major component of the president's imminent energy plan will be efforts to
increase domestic power supply through a diverse fuel mix that includes coal,
natural gas and nuclear. The president has maintained that he sees a
supplemental role for renewable energies such as wind and solar. However,
according to reports out earlier this week, Bush is proposing to cut the
DOE's renewable fuels and energy efficiency budget by 30 to 40 percent. In
any case, establishing this diverse fuel mix will take time, and the
president realizes that the country faces an immediate energy crisis
resulting from a growing supply / demand imbalance.

Aside from power supply concerns, the president also acknowledged the current
high prices for natural gas, and how a reduction in coal-fired generation
would most likely keep prices at their high levels. In fact, the president
said that conclusions made in a recent DOE report led to his decision to back
away from CO2 restrictions, more than any pressure he might have received
from oil and coal lobbying groups, as has been reported in many recent news
articles. Bush noted that the DOE study had concluded that regulating CO2
emissions would have led to "significantly higher electricity prices." The
translation of this is that, if restrictions were to be placed on
coal-burning plants, many power suppliers would turn to natural-gas
production as an alternative. Natural-gas supplies are already compromised in
this country due to increasing demand, which has driven prices up to
unprecedented levels. Bush's decision reflects the concern that, if power
suppliers begin turning from coal to natural gas in larger numbers, this will
continue to exacerbate the supply shortage and keep prices alarmingly high.
"This is important new information that warrants a re-evaluation, especially
at a time of rising energy prices and a serious energy shortage," President
Bush said.

The DOE report also indicated that because coal-fired power plants are the
major power sector emitters of CO2, compliance with the emission caps would
be expected to have a major impact on coal consumption and production, both
nationally and regionally. If CO2caps were to be put into place, substantial
reductions in coal consumption would result, according to the DOE, with
corresponding drops in the projections for coal production. Further, because
coal has a carbon content more than 70 percent higher per Btu than that of
natural gas, the DOE report said that the carbon allowance fees related to
CO2 caps would make the continued operation of many existing coal plants
uneconomical.

In addition to the DOE report, Bush continues to be counseled by an energy
advisory team, including Vice President Cheney and Energy Secretary Spencer
Abraham, as well as having the ear of other members of the Republican Party.
Many Republican senators, including Jesse Helms (North Carolina) and Chuck
Hagel (Nebraska) expressed alarm over Bush's campaign promises to reduce CO2
emissions out of concern that the promises were a step closer to ratifying an
international treaty regarding pollution control. The Kyoto Protocol,
negotiated and signed by the Clinton administration but still not ratified,
would commit 38 industrialized countries to ongoing cuts in CO2 (along with
SO2 and NOx) emissions. Negotiations over the Protocol broke down last
November, but are expected to resume this July. If ratified, the Protocol
would limit CO2 emissions below 1990 levels. Currently, CO2 emissions in the
United States are about 12 percent over 1990 levels. Reportedly, Sens. Helms
and Hagel oppose ratification of the Kyoto Protocol because they believe it
could adversely impact the economy and allow American energy policy to be
directed by an international treaty.

It is important to note how the president's new stand on CO2 emissions
relates to the Environmental Protection Agency (EPA). Just two weeks ago, the
U.S. Supreme Court ruled that the EPA has the power to issue new standards
designed to reduce the levels of smog and soot in the air. However, the EPA
does not currently regulate CO2 emissions. EPA Administrator Christine
Whitman, in a series of public statements, had vehemently defended and
supported President Bush's previously espoused commitment to controlling CO2
emissions.

Meanwhile, the president's change in policy precedes several bi-partisan
bills that are expected to be introduced in the House and Senate this week.
The measures reportedly will provide incentives and set requirements to
modernize power plants and reduce emissions of CO2, SO2 and NOx. Given the
president's new stance, however, the prospects for these bills gaining much
momentum may diminish.

In summary, President Bush apparently felt the need to give priority to
short-term resolutions to the nation's energy crisis over long-term
environmental concerns. Given the fact that coal presently generates more
than half of the nation's energy needs, the fossil fuel*despite its debated
environmental impacts*is a critical component of the U.S. energy supply.
Realizing that growing demand continues to compromise the country's power
supply, it appears that Bush made the unpopular decision to allow the heavy
reliance on coal to continue, at least for the near term. While some will
continue to say that the president reneged on his original campaign promises
and was unduly influenced by oil and gas lobbyists, an argument can be made
that the nation's supply problems have worsened since last fall when the
president was campaigning. After examining the mix of current factors*
including consistently high natural-gas prices, demand that remains on the
rise and a continued reliance on coal, which remains comparatively
inexpensive*it is understandable that the president would take this position.
However, the general consensus among scientists is that CO2 emissions
contribute to global warming, and that a long-term solution to curb CO2
emissions must be enacted.  As President Bush unveils his energy plan over
the next few weeks, it will be interesting to see how or if he addresses the
issue of CO2 emissions from a long-term perspective.

An archive list of previous IssueAlerts is available at
www.ConsultRCI.com

Reach thousands of utility analysts and decision makers every day. Your
company can schedule a sponsorship of IssueAlert by contacting Nancy Spring
via e-mail or calling (505)244-7613. Advertising opportunities are also
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purpose in publishing its IssueAlerts is to offer  an independent perspective
regarding the key events occurring in the  energy industry, based on its
long-standing reputation as an expert on  energy issues.

Copyright 2001. SCIENTECH, Inc. All rights  reserved.


Not really.  It was a format agreed to for all the LM's because the intent in
most cases is to sell the project (and the equipment), and the terms in the
override letter only apply when the equipment is in the financing structure.

Kay

Lisa Alfaro@ENRON_DEVELOPMENT
12/21/2000 04:31 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Override letter

Kay, was this letter necessary b/c accounting rules did not allow us to have
these items in the Purchase Agreement?


FYI.

We had a conference call this am.  I'll catch you up later.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/11/2000 03:59
PM ---------------------------

Jeff_L._Jones@dom.com on 09/11/2000 02:46:16 PM
To: heather.kroll@enron.com, kay.mann@enron.com, ozzie.pagan@enron.com
cc: Gary_Edwards@dom.com, Dutch_Bumgardner@dom.com

Subject: Markup

Here is the stuff we did not cover on the phone - I did not mark all the stuff
the looked like Word gremlins!

If I missed anything my team will beat me and tell you at the same time.

(See attached file: VPMarkup911.doc)

 - VPMarkup911.doc


---------------------- Forwarded by Virawan Yawapongsiri/NA/Enron on
02/07/2001 12:41 PM ---------------------------

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Oops - here you go - FYI
----- Forwarded by Meredith Philipp/Corp/Enron on 10/09/2000 12:16 PM -----

	Meredith Philipp
	10/09/2000 12:16 PM

		 To: Kenneth Lay/Corp/Enron@ENRON
		 cc: Rosalee Fleming/Corp/Enron@ENRON, Cindy Olson/Corp/Enron@ENRON, Bobbie
Power/Corp/Enron@ENRON
		 Subject: Remarks for 1:30 Press Conference


The CPUC still plans to vote on suspending DA on Thursday but a few new twists:

The State Treasurer announced last week that the State has no cash flow crisis and has adequate cash reserves and short-term borrowing capacity to last until the end of the fascal year in 2002 (we think July ends the fiscal year)
President of Senate says at press conference on Monday that he intends to ask CPUC to study how to provide DA while still protecting small customers (letter not yet written)
Enron's coalitions, AReM and WPTF, filed a motion at the CPUC today saying:

	-- do not suspend DA -- no longer an emergency
	-- begin immediate hearings to establish financial structure for continuing DA

Coalition of water agencies files independently today saying -- do not suspend, no longer an emergency

Stay tuned


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headline links to each story.]

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--------------------T O P S T O R I E S--------------------

Top Stories (February 7)

DUKE ENERGY TO BUILD 6,000 MW OF NEW POWER CAPACITY
Duke Energy Corp.'s North American unit will build more than 6,000 megawatts
of new power generation capacity in time for summer 2002 demand.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/07/eng-djn/eng-djn_114110_174_474750047084

CALPINE CONFIRMS $4.6B, 10-YEAR CALIFORNIA POWER SALES PACT
Calpine Corp. confirmed that it has received a 10-year power sales agreement
valued at $4.6 billion from the state of California.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/07/eng-djn/eng-djn_124054_236_361002186313

US FERC UPHOLDS PROGRESS ENERGY MERGER IN RTO CHALLENGES
The U.S. Federal Energy Regulatory Commission Wednesday rejected challenges
to its approval of the Progress Energy (PGN) merger.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/07/eng-djn/eng-djn_152059_123_842589142732

BUSH FACES POWER STRUGGLE IN DEVISING NATIONAL ENERGY PLAN
Not even a week into office, President Bush was faced with a possible
domestic crisis: power outages, shortages and utility bankruptcies in the
nation's most populous, financially powerful state.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/02/07/krtbn/0000-0439-TB-ENERGY

TULSA, OKLAHOMA-BASED ENERGY COMPANY RAISES $86 MILLION IN IPO
Shares of Williams Energy Partners LP rose 12.5 percent during the stock's
first day of trading on the New York Stock Exchange.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/02/07/krtbn/0000-0460-TU-ENERGY

----------------------------------------------------------------------
DOW JONES NEWSWIRES
----------------------------------------------------------------------
Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

S&P, Moody's: High Financial Hurdles For Calif Util Plan

EU Ecology Head: Implementing Current Laws Takes Priority

EU Concessions On EdF, EnBW Deal Seen Limited -Analysts

US FERC Upholds Progress Energy Merger In RTO Challenges

Kelda Unit Sells Connecticut Land For Between $90M-$98M

EU/EdF/EnbW -5:EnBW Says Link To Boost Competitiveness

Exelon:950-MW Clinton Up To 72% Pwr;Seen At 100% Pwr Thu

Duke Energy/New Power Generation 2:To Meet '02 Demand>DUK

Calpine/Calif. Pact -2: Delivery Starts Oct. 1 >CPN

Calpine Confirms $4.6B, 10-Yr Calif. Power Sales Pact

Duke Energy To Deliver Added 6,000 MW By Summer 2002

Duke Energy To Build 6,000 MW Of New Power Capacity

EU/EdF/EnbW -4: Deal Favors French Competition - EdF

India Min: Govt Likely To Pay Enron's Nov Bill - Report

Spain's Cantabrico Exec Committee Meets Wed Or Thu >E.HIC

Spain's Cantabrico Exec Committee To Meet Wed Or Thu

EU/EdF/EnbW -3: Indep Trustee To Monitor Capacity Sale

Philippine CBK Power Closes $383M Financing Facility

EU/EdF/EnbW -2: Conditional On Commitments By Cos

EU OKs EdF Buy Of Stake In EnbW

Enron Official:Wants India To Settle Guarantee In 30 Days

RWE Outbids EDP For Spain's Cantabrico; Winner Unclear

Cantabrico/Trade -2: Stk Halted Tue; Rose 4.1% In Mo

EDP, Cajastur Commited To EUR24/Shr Bid For Cantabrico

Cantabrico Resumes Trading, Up 6.3% at EUR25.45 >E.HIC

Glencore/Ulan -3: To Cut Mgmt, Staff Numbers >Z.GNC

Glencore/Ulan Coal Mine - 2: Price Not Disclosed >Z.GNC

Exxon Mobile Sells Ulan Stake, Mitusbishi Keeps 10%

Glencore Buys 90% Of Ulan Australian Coal Mine

FREE TRIAL: For a free trial of the Dow Jones Energy Service go to
www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

----------------------------------------------------------------------
N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-nat.htm

Williams Forecasts Energy Financial Results to Grow 15-20 Percent Beyond 2001

Power Output in Utah May Need to Double

West Power Bills Squeeze Poor

Top Energy Summaries - Wednesday, February 07, 2001 - 5:05 PM

W-H Energy Edges Past Estimates

Piedmont Natural Gas Announces Payments by Phone

Energy Dept. Releases Coal Grants

Crisis Generates Move to Fire Up Power Plants Idle Electric Facilities in
Grand Terrace And San Bernardino May Be Restored

Louis Dreyfus Natural Gas Announces Record Financial Results for 2000

Power Crisis Energizes Fuel-Cell Industry

Ontario Power Generation Posts Strong Results for 2000

One Utility No Longer Fits All

Gelcore Becomes First U.S. EPA Energy Star Partner for Energy-Efficient Led
Traffic Signal Products

Caem's Red Index Shows Significant Progress on Electric Competition;
Pennsylvania Leads Nation

CMS Energy's Marketing Unit Is First in Customer Satisfaction

Duke Energy Corp - Field Services Affiliate to Market Propane in Northeast

Demarco Energy Systems of America Inc - Amended OEM Agreement with Fhp, Now
Controls Own Destiny

Pennsylvania Again Ranked No. 1 in Nation for Electric DeregulationPa
Receives The Center for Advancement of Energy Markets'
`Red Carpet Award' for Leading Nation in Electric Competition

Northwest Energy Demand to Mean Less Water for Fish

Energy Update/Los Angeles Department of Water And Power Daily Energy Update
for Wednesday, Feb. 7, 2001

Canada Not Key in Power Crisis

Gaz Metropolitain & Company LP - Exceptional Measure to Offset Impact of
Increase in Price of - Natural Gas: Gaz Metropolitain to Refund $67 Million
to Its - Customers

Duke Energy Corp - Addresses Demand for Electricity - 6,000 Megawatts to Be
Delivered by Summer 2002

Top Energy Summaries - Wednesday, February 07, 2001 - 2:31 PM

Repeats: Energy Volume And Open Interest Totals-Feb 7

Cibc Initiates E&P Firms Brigham, Chesapeake Energy (Bexp)

Letters on Power Price Reflect Split in Opinions

Dan Walters: Secrecy Marks Power Buying

New Scramble for Power Starts: Suppliers May Bail Out as Mandate Ends

State Energy Accords Reached: Long-term Pacts May Drive Costs Down

Next: Utility Solvency -- a Settlement Wiser Than the Roulette of Courts and
Initiatives

Demarco Energy Signs Amended OEM Agreement with Fhp, Now Controls Own Destiny

Wisconsin Energy Declares Quarterly Dividend

Playa Minerals And Energy, Inc. Becomes Vulcan Minerals & Energy, Inc.

Empiric Energy Inc - Reports Significant Production from Recent Well
Completion!

Green Mountain Energy Company And Scholastic Inc. 'Power Up!' Local Schools

Biorelease Corp. And Electric Energy Storage Corp. Sign Letter of Intent

Rusty Braziel Steps Down As Chairman of AltraLeading Independent Energy
Market Continues Growth As Online Marketplace Pioneer Pursues New Venture

Peoples Energy Raises Quarterly Dividend

World Bank: New Global Environment Facility Report Highlights Renewable
Energy Markets in Developing Countries

Rti International Metals Announces New Orders for Energy Subsidiary

The Narragansett Electric Company Adds New Website Capabilities

Newfoundland Power Inc: Fortis Inc - Strong Results for 2000: to Apply to Pub
to Rebate Customers

DTE Energy to Issue Securitization Bonds, Implement Rate Cut for Business
Customers

Duke Energy Field Services Affiliate to Market Propane in Northeast

Triumph Energy Corp - Significant Increase in Net Asset Value Per Share - at
December 31, 2000

Bruce Baldwin Named Vice President of CT Operations Department for Florida
Power Corp. And CP&L

Survey Finds Area Businesses Concerned About Rising Energy Prices; Almost
Half of Connecticut And Rhode Island Energy Managers Say Higher Prices Could
Lead to Layoffs

Ubs Warburg Hosts Energy Conference

Report Calls for Construction of More Natural Gas Pipelines John McELHENNY,
The Associated Press

Tired of High Electric And Natural Gas Bills? the New Power Company Offers
Savings to Ohio Residents

Calpine Signs Long-Term Power Sales Agreement with State of California
Department of Water ResourcesIndependent Power Producer Is One of Industry's
First to Contract with Dwr

Kennecott Energy And Kfx Announce Improvements to K-Fuel Technology And
Proceed with Commercialization Plans

State Power Program Brings Millions to Texas Public Schools As Seen in Energy
Houston, Vol. 3 No. 2

The Energy Crunch / Calpine Profit Triples

California Gets One-Day Reprieve to Buy Power

State to Buy Power for Utilities at Below Market Rates

Energy Plan Would Reduce Building Hours / 4-Day Week for County Center

Some Worry About New Power Plants' Environmental Effects

Reid Bill Would Give Permanent Tax Credit for Renewable Energy

Pyr Energy Announces Commencement of Production at Deep California Natural
Gas DiscoverySales of Natural Gas And Liquid Hydrocarbons Underway at East
Lost Hills Field in San Joaquin Basin

Valley Utilities Cutting Back on Own Power Uses

Program Offers Utility Bill Help

County Eyes Own Source of Power

----------------------------------------------------------------------
I N T E R N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-intr.htm

Electric Woes Turn Area Into Third-World Power

Mirant Agrees to Buy 80% of Jamaica Utility - Jamaica

Finland Could Achieve Kyoto Goals without Nuclear Power - Report

Top Energy Summaries - Wednesday, February 07, 2001 - 12:23 PM

Japan: Mazda Executives Take Pay Cut; Company to Market Fuel-Cell Cars

Trade: India to Pay Power Bills in Controversial Power Deal

Future of Philippine economy hangs on stalled power reform bill

South Korean team in North Korea for talks on possible power aid

Europe clears Franco-German energy tie-up

'Instant Power Plant' Could Avert Rate Hike

Singapore Power, Pertamina to sign gas supply deal in Jakarta Feb 12

Indian Electrical Industry Shows No Signs of Recovery

PNOC-Energy Development Corp to seek 60 mln usd loan from JBIC: source

Russia, Belarus, Baltic States to CO-Ordinate Power Supply.

Power Consumption Hits New Highs in Sweden And Norway

General Electric in 10.5 bln baht Thai silicones jv with Shin-Etsu Chemical

Lee seeks fourth-generation Singapore leaders

----------------------------------------------------------------------
KRT DAILY ENERGY NEWS
----------------------------------------------------------------------
Access stories online at http://www.powermarketers.com/pma-krt.htm

The Columbian, Vancouver, Wash., Mike Rogoway Column

Tulsa, Okla.-Based Energy Company Raises $86 Million in IPO

Energy Utilities Ask Florida to Allow Rate Hike

Economy of Washington's Puget Sound Hurt Deeply by Energy Crisis

Bush Faces Power Struggle in Devising National Energy Plan

San Jose, Calif.-Based Power Company's Profit Up 240 Percent Over Last Year

California Legislature Urges Governor to License Power Plant

Texas Energy Company Thrives in California's Deregulated Atmosphere

Seattle-Area Utility Sues Largest Customers, Citing Power-Rate Woes

How Dry We Are: Power to Stay Tight in Washington State

President Bush Opposes Capping Power Rates in West

Environmentalists Expect to Win Fight Against Oregon Power Deregulation Plan

Dallas-Based Energy Company's Quarterly Earnings Rise 22.8 Percent

California Senate Leader Pursues Utility Assets

California May Seal Long-Term Power Purchase Deals Soon

Some New Jersey Residents Are Shocked by Commercial Account Gas Bills

Cold Weather Boosts Wisconsin Energy Company's Bottom Line

Wisconsin's Commitment to Electricity Conservation Still Declining

Kansas City, Mo., Power Company Drops Plans Merge Into Unregulated Unit

Houston-Based El Paso Energy Shortens Name, Changes Logo

Western Governors Agree to Short-Term Actions on Energy Crisis

Texas Legislators, Regulators Cautiously Endorse Electric Deregulation

Court Forces Power Company to Sell Electricity to California

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at: http://207.32.82.57/news/ElectricPower.html

UPDATE 1-Bidding on Spanish power firms may not be over

Atlanta's Mirant to buy Jamaican electricity supplier

UPDATE 1-Calpine to sell power to Calif for $4.6 bln over 10 yrs

Euro confusion shortchanges French power utility

Fitch cuts Edelnor ratings

UPDATE 1-Russia's UES, Baltics to synchronise power grids

Northeast Utilities files $600 mln shelf offering

Cinergy names Duncan to CFO post

Calif. battles to keep lights on without federal order

FEATURE-Examples aplenty for corporate restructuring

UPDATE 2-GE , Shin-Etsu to build Thai silicones plant

MCN shares tumble on concerns about DTE deal

UPDATE 1-DTE to issue bonds of $1.7 bln to recover costs

UPDATE 2-Brazil Furnas sees record 2000 profit

UPDATE 2-Kaiser Aluminum Q4 loss widens

Duke to add 6,000 MW of power generation by summer 2002

India to ask Enron to meet state govt over dues

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Do you know anyone who would like or need detailed maps from the Final
Environmental Impact Statement for Gulfstream?  I typically don't keep
environmental information for projects because it takes up so much room and
nobody ever asks for it.  However, this does have facility location maps of
the project and various alternatives.  The full system is broken down into
121 topographic maps, so it's very detailed.  This may not be the final
routing, but it will be pretty close.

First come, first served.  I only have one volume.


Lia Hernandez, currently of ET&S, has accepted a position at ENA effective
August 2, 2000.  To ensure that ET&S continues to be in compliance with the
marketing affiliate rules, Lia's access to any ET&S or GPG-related LANs or
applications should be removed at the close of business on August 1.  In
addition, Lia's email profile should be changed and any GPG or ET&S mass
distribution  lists should be changed.

Please send a reply email to me after these changes have been completed,
verifying and indicating the date that employee was:
- removed from the LAN
- EBB password was changed/canceled (if applicable)
- removed from ET&S or GPG-related applications
- email post office box was transfered.

If you have questions, or if you believe there is someone else I need to
contact in order to accomplish the above, please let me know.


We will have a conference call next Monday at the usual time 11:00am (CST).
For those of you in Houston, we will be in room 4793.

Dial-in number:  888/311-9051
Pass Code:  60396

Sue Nord, Sr. Director
Government Affairs
713 345-4196


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/24/2000
04:11 PM ---------------------------

	Enron Investment Partners

	From:  Mark Lay                           08/22/2000 10:35 AM

To: Vince J Kaminski/HOU/ECT@ECT, Philippe A Bibi/HOU/ECT@ECT
cc:
Subject: Seeking Intelligent Insight

It looks to me like the market for distributed computing will displace heavy
iron within the next several years.  The structure is still very early in its
development, but I think there will be commercial opportunities for Enron in
bandwidth and electricity.  I would be interested to know what issues you two
would see as the greatest hinderences and possibilities for these markets.
If you would like, please feel free to comment on the attached documents.

Thanks,
Mark


---------------------- Forwarded by Tom Acton/Corp/Enron on 12/27/2000 05:45
PM ---------------------------

Royal_B_Edmondson@reliantenergy.com on 12/27/2000 04:00:02 PM
To: tacton@enron.com, lbellamy@enron.com, janet.h.wallis@enron.com
cc:

Subject: Jan 1 noms

(See attached file: HPL-Jan.xls)
 - HPL-Jan.xls


Hello

New phone and fax numbers,  The Iraq Trade Association is happy to announce
a new high-speed fax line dedicated solely to accept your offers. +43 (0)
463 339095 so from USA 001-43-463-339095, however our preferred method is
email to receive offers.

Our new phone number is +43 (0) 463 339094 so from USA 001-43-463-339094

+++++++++++++++++++++++++++++++++++++++++++++++++
UN tenders are now available for download

http://www.iraq.nu/oil/

This information is not available through any other source including the UN
website.
+++++++++++++++++++++++++++++++++++++++++++++++++

These tenders include thousands of oilfield products and services including
drilling contracts and complete Rigs. Most tenders include complete details
needed to quote. As we have stated in our previous newsletters Our relations
in Iraq are very strong and our ability to gain the contracts is extremely
high. All Successful bids will be subject to UN approval and paid by UN
letter of credit.

The Iraq government is looking for many items like Drilling Rigs, Refining
Units, Machine Shop Equipment, Trucks, Heavy Equipment, Electric/turbine
Generators. ect....

If you have items in stock with a value of more than 250,000 USD the
ministry may write a special purchase order if they feel they are in need of
your products so please e-mail what you have available and if it is
significant we will work to get a contract.

Please keep in mind that if a closing date is expired on a tender that many
or the tenders are re-opening several times If you have not already sent
your catalogues of your products and services please do so to the address
below.

---------------------------------------------------------------------------
Special Request: We need 50 Mercedes or Scania 6x2 tractor trucks approx
year model 1996 for immediate cash purchase.
---------------------------------------------------------------------------
Special Notice:
We have placed the program webstripper in the http://www.iraq.nu/oil/
directory. If you wish to download all tenders at once use this program and
it will create a directory called stripped on your hard drive with all files
just install the webstripper program and use the URL http://www.iraq.nu/oil/
when prompted. After use of this program you can search keywords using your
search function on your computer to find files containing items you may want
to quote on.
----------------------------------------------------------------------------

Please email quotes or questions to:

William.Stanley@Iraq.nu

Stanley KEG

Industriering 11
A-9020 Klagenfurt, Austria
Please email quotes or questions to:

Thank You

William L Stanley

To unsubscribe send a mail to:

mailto:iraq-unsubscribe-fermis=ect.enron.com@boss.free4all.com


Thanks for your help with this.

Errol McLaughlin@ENRON
03/07/2001 09:12 PM
To: Jeffrey C Gossett/HOU/ECT@ECT
cc:
Subject: Sapient Minibook

Jeff,  attached is a minibook as of Dec. 29, 2000 for the Sapient deals.

Thanks,

Errol


Vince: Thanks for introducing me as a speaker at the Power2000 conference.

As per our conversation, please find enclosed my resume.

I will come to your office at 1:30 PM, Friday, May 12, 2000. Please let me
know if the dress code is casual or formal.

Thanks again for taking the time to talk to me regarding opportunities at
Enron.

 <<ResumeSanjeevKhanna.doc>>

___________________________________________________

Sanjeev K Khanna, M.Sc., P.Eng.
Director, Quantitative Risk Management
PG&E Energy Trading
1100 Louisina Street, #1000
Houston, TX 77094

Email: Sanjeev.Khanna@et.pge.com
Tel: (713) 371 6647, Pager 800-526-4095, Cell (281) 302-8468
___________________________________________________

PG&E Energy Trading and any other company referenced herein which uses the
PG&E name or logo are not the same company as Pacific Gas and Electric
Company, the California utility.  These companies are not regulated by the
California Public Utilities Commission, and customers do not have to buy
products from these companies in order to continue to receive quality
regulated services from the utility.
 - ResumeSanjeevKhanna.doc


Attached herewith please find Chairman Bliley's letter to his House Commerce
Committee members outlining the process and content for full committee
mark-up upon Congress' return from the July 4th break; the section-by-section
on transmission plus the actual transmission legislative language are also
attached.  H.R. 2944 is the underlying bill to which these changes are made.

We have made substantial progress just this week.  We will need to be
diligent to determine which amendments will be offered in July and to guard
against those we oppose.  Commerce Committee members are continuing their
meetings this evening to further plan the upcoming mark-up.

The Senate Reliability bill will likely not be considered until Congress
reconvenes in July.  Several Democrat Senators have now placed holds.  Under
the Senate Rules, just one Member can block bill consideration under the hold
process.  At this point, the hold is process vs. substance.

July will be the most critical month in order for us to realize bill
enactment this Congress.


Arrangements okay with me.  The others should respond ASAP directly to you.

Thanks!   Ron M.

-----Original Message-----
From: Madeleine Cardoso [mailto:madeleine.cardoso@travelpark.com]
Sent: Tuesday, October 23, 2001 11:44 AM
To: Matthews, Ron
Subject: RE: REVIEW AND APPROVE RONALD MATTHEWS ITINERARY FOR 05 NOV.
TRAVEL

Ronald,

Please review the itinerary and let me know if I should issue the ticket.
Thank you,
Madeleine
                                        AGENT MC/MC BOOKING REF YR274M

                                          MATTHEWS/RONALD
                                          EB 3938A

  ENRON CORP

  DATE:  OCT 23 2001

SERVICE               DATE  FROM           TO             DEPART  ARRIVE

CONTINENTAL AIRLINES  05NOV HOUSTON TX     ALBUQUERQUE NM 935A    1043A
CO 151     Q          MON   G.BUSH INTERCO INTL
                            TERMINAL C
                                                          NON STOP
                            RESERVATION CONFIRMED         2:08 DURATION
                  AIRCRAFT: BOEING 737-300
                            SEAT 20F NO SMOKING CONFIRMED MATTHEWS/RONALD

CAR                   05NOV NATIONAL               ALBUQUERQUE NM
                      06NOV CONFIRMATION: 106725689AISLE
                            TELEPHONE: (505) 842-4222
                            FAX: (505) 842-4055
                            INTERMED CAR AUTOMATIC AIR
                            RATE: USD39.00DY-UNL MI
                            RATE QUOTED
                            BASE RATE: *ZL*USD78.00 BR-2DY
                            PICK-UP: ALBUQUERQUE INTERNATIONAL AIRPORT
                            DROP-OFF: ALBUQUERQUE INTERNATIONAL AIRPORT

CONTINENTAL AIRLINES  06NOV ALBUQUERQUE NM HOUSTON TX     240P    537P
CO 250     Q          TUE   INTL           G.BUSH INTERCO
                                           TERMINAL C
                                                          NON STOP
                            RESERVATION CONFIRMED         1:57 DURATION
                  AIRCRAFT: BOEING 737-300
                            SEAT 08A NO SMOKING CONFIRMED MATTHEWS/RONALD

MISCELLANEOUS         06MAR HOUSTON TX
                      WED   ** THANK YOU FOR USING THE TAP **

RESERVATION NUMBER(S)  CO/UG8S3N

MATTHEWS/RONALD  S0C0179R1110

CO  FREQUENT FLYER COAF332710
RONALD MATTHEWS 713 853-5830
*******************************************
INTL TVLRS: CARRY SOS WALLET CARD W/ENRON ASSISTANCE INFO
CALL SOS MEDICAL EMERGENCY:IN U.S 800 523-6586
CALL SOS MEDICAL EMERGENCY:INTL 215 245-4707 (COLLECT)
*********************************************
ROUND TRIP AIRFARE...$156.25 NON-REFUNDABLE.
ALL FARES ARE SUBJECT TO CHANGE UNTIL TICKETED/PURCHASED


This notification was on the SRP Oasis webstie"

"The owners of Palo Verde East transmission system have completed studies
supporting an increase in the system's rating from 3810 MW to 4750 MW. This
increase in TTC affects the PV-WestWing 500kV #1 and #2 transmission lines
adn the PV-Kyrene 500kV transmission line path rating.  This new TTC will
become effective at 12:01 am on February 1, 2001

The owners of the three transmission lines are Arizona Public Service, El
Paso Electric Company, PNM, and SRP. The increased rating will be allocated
to each company based upon their ownership share of the transmission lines."


ch deal 534053 to ppt


Theresa please take a look at the attached confirm and let me know if it is
OK. I will forward it to the customer.   As I need  to attach an exhibit to
the confirm I will need to fax it.  Do you have a fax #?

 Thanks !!!!!!!!!!!!!!!!!!

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


We have received the following executed EEI agreements

Consolidated Edison Energy, Inc. - 12/4/2000
Lassen Municipal Utility District - 10/30/2000
Clatskanie People's Utility District - 10/25/2000

Copies will be given to legal and credit.


Let's discuss a bit.  When you get a chance, please page me at 888.916.7184.

Best,
Jeff

	John Shelk
	06/26/2001 01:22 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: Follow Up On California Information

Alan and I spoke about point #2 on the comparison benchmark.  At this point,
we may be able to just say it is based on a comparison of the contracts with
today's forward market and gloss over the exact forward curve we used.  Of
course if there is a way to come up with a similar number using publicly
available data (or if we are willing to provide our numbers if pressed) then
all the better.  In the mean time, should I hold off on using the $13.8
billion number until I hear back from you about the conversation with Steve?

Also, do I understand correctly from Alan that the $13.8 billion figure is
NOT comparing the long term contracts California signed with recent spot
market prices, but rather is a comparison of the contracts to our present
forward pricing curves?  From you e-mail, it is the latter, I take it.

As to point #1, on the deal last year, we just need a similar "back of the
envelope" calculation on what California could have saved had California
taken us up on the offers we and others made.  Any guidance on where to get
that would be most helpful.