Utilities Biweekly Report
 A news service for energy professionals   	 November 20,  2001

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Electricity Restructuring Gets Push  From Republicans
Republican members of the Energy and Air  Quality Subcommittee of the House Energy and Commerce Committee have agreed with  Subcommittee Chairman Joe Barton, R-Texas, that restructuring legislation should  move forward now that Congress has a few more weeks in session. In an 8-2 vote  last week, Republican Committee members decided to continue drafting electricity  restructuring legislation. Electricity restructuring provisions were excluded  from the energy bill approved by the House earlier this year. The issue was to  be readdressed in the fall but was delayed due to the events on September 11th.  No action has been taken to date in the Senate.
Green Mountain Energy Expands Into  Ohio's Restructured Market
Green Mountain Energy Company has  entered into an agreement with the Northeast Ohio Public Energy Council (NOPEC)  to service northeastern Ohio with solar and wind-generated electricity. NOPEC  was formed last year under Ohio's utility deregulation statute Senate Bill 3,  which allows local governments to serve as aggregators for electricity  customers. NOPEC consists of 100 local communities with approximately 500,000  energy customers. Under the agreement, Green Mountain Energy will construct a  25-kilowatt solar array at Lake Farmpark in Kirtland, Ohio, and will conduct a  study to determine the feasibility of siting a wind generating facility in Ohio.  The Green Mountain Energy solar array will be the largest in the state and the  first commercial solar array in Ohio built for the competitive market. The  proposed wind study will be the first commercial wind analysis executed solely  for the competitive market.
Debate Over Deregulation Impacts in  Oklahoma
Oak Ridge National Laboratory (ORNL) has reported, in a  first-of-its kind study, that restructuring Oklahoma's electric industry can  benefit consumers, but problems and potential pitfalls do exist. The report has  been met with some opposition however. Pete Churchwell, president of Oklahoma's  second largest electric utility AEP/PSO, stated on November 16th that he does  not support the study's findings, one of which indicates that Oklahoma's energy  costs could rise between 5 and 25 percent if the retail electricity market is  opened to competition. The study results indicate that lower electric prices may  be available in the short term, but restructuring will ultimately bring higher  prices. Under the state's restructuring plan, existing generating plants will  have a competitive advantage over new plants. This advantage will result in  higher prices in the long term because newer, higher-cost plants may be forced  out of the marketplace. Churchwell contests that it is too early to know for  certain how consumer rates will react in a deregulated market. While admitting  that the nation's grid was not designed for retail competition, Churchwell said  that improvements in state transmission systems would allow a successful retail  competitive market.
Utility still looks to be freed of  generators
Clark Public Utilities has been trying in vain for  two months to unload some of the 50 portable generators that have become a  multimillion-dollar white elephant.  The units, wired in rows near the  River Road Generating Plant, were leased for a year for $19.5 million. The deal  was signed with General Electric early this year, at a time when there were dire  predictions about this summer's power supply.  In addition to the equipment  lease, there is a $15 million natural gas contract to power the generators and a  roughly $12 million expense to transport the gas. While Clark has been able to  resell some of the gas at a loss, the transportation costs can't be  recouped.  For weeks, electricity on the open market has been much cheaper  than that produced by the generators.  In place since July, the generators,  each producing 1 megawatt of power, have run for just 39 days.  Electricity  prices have plunged, from a high of $325 per megawatt-hour this summer to less  than $30 today. The price has to be about $95 to make operating the generators  feasible. So utility officials have had no choice but to let them sit  idle.  In September, the net expense for the generator farm gas, generator  lease and so on was $3.5 million. For no electricity.  Utility officials  have tried to get GE to find customers for at least some of the  generators.  Tuesday morning, Andy Huck, Clark's operations director, said  he had heard from GE about a "pretty serious inquiry" for two generators for two  months. And that, he said, "is the best inquiry they've had so far."  Now,  utility officials are trying to decide whether to keep spending $62,000 a month  for three GE employees and other expenses associated with maintaining the  generators.  The theory is that the equipment should be tested, a few at a  time, to ensure they will be ready if needed.  "They told me the generators  need to be 'exercised,'" said Huck. "I told them they spent two months on a ship  without being started." The units were built in Austria.  GE, with a signed  one-year lease in hand, has little incentive to find customers for the  equipment, particularly when the company could presumably lease other generators  from its inventory.  "They say it's because we're such good client" that an  effort has been made to find other users for the generators, said Huck. Clark's  $120 million River Road generating plant features a giant GE turbine.   Clark officials don't hold out much hope of getting out from under the generator  lease expense, which runs about $1.3 million per month. "Where would they go?"  asked Jim Sanders, Clark's director of energy resources.  Meanwhile, the  natural gas supply for the equipment is being resold at about half what it cost  the utility. Gas prices also have fallen since the supply deal was inked.   At their regular Tuesday meeting, utility commissioners decided to proceed with  a $100 million bond sale that includes money to pay for the generator  lease.  In March, Rick Dyer, Clark's finance director, recommended that the  utility cut a deal for a one-year, $100 million "bond anticipation note." The  arrangement was made on the assumption that interest rates would fall in a few  months, which they have to 1961 levels.  The move Tuesday gave Dyer and  utility General Manager Wayne Nelson the OK to approve a bond sale of up to 15  years at 6 percent interest although 5 percent or less is more likely, and the  goal is a 10-year term, officials said.  The bond sale likely will occur in  the first week of December. The bulk of the $100 million borrowing is to cover a  $63 million power purchase from Kaiser Aluminum. The deal, like the generator  lease, was for power to cover an August-September gap in Clark's power supply,  before the start of a Bonneville Power Administration contract.  That  Kaiser purchase was at $325 a megawatt-hour. The utility lost a bid to have a  federal judge declare the price exorbitant and order a partial refund.
AEP, Reliant Named as Last Resort  Providers in Texas
The Texas Public Utility Commission (PUC) has  named American Electric Power (AEP) and Reliant Resources affiliates "providers  of last resort" (POLR) for residential and small-commercial customers in all or  part of 96 counties within TXU Electric's service area. The POLR becomes the  electricity provider for customers who have been dropped by their past provider  due to payment problems or if their provider has discontinued service in their s  area. AEP and Reliant will offer a retail price that is expected to be 30-34  percent higher than base rates in the area taking effect January 1, 2002. By  becoming the POLR, AEP and Reliant will acquire an additional 2 million  Dallas-area customers and an expected 1-20 percent load increase. Due to the  higher costs associated with such an increased load the PUC was agreeable to the  higher rate. Consumer groups are opposing the higher rates, saying that  low-income consumers will be unfairly hurt. Although many low-income consumers  will qualify for a 10 percent discount advocates are arguing that POLR rates  should equal the regular rates.
Studies Show Changing Consumer Views  Towards Deregulation
A recent study by Deloitte and Touche  Energy Resources Group finds that consumers are less aware of deregulation in  the electric industry and more wary of its potential benefits. The survey  considered the opinions of 657 consumers nationwide and found that the number of  consumers who are aware of changes in retail electric markets has dropped to  39.7 percent, compared with 50.5 percent in 2000. This is a reversal in a  five-year trend of increasing consumer awareness on deregulation. Analysts cited  the terrorist attacks and the lack of federal legislation or debate on  deregulation as reasons for the change. The survey also found that more  consumers expect electric rates to increase with deregulation. Deloitte and  Touche's Brank Terzi reports that a third of consumers expect no benefit from  competition, while 26 percent expect prices to go down, 9 percent expect  improved service, and 15 percent simply "don't know." Another study completed by  RKS Research and Consulting similarly found that many consumers feel that  "deregulation has been a colossal failure." Their study found that many  consumers who have switched to new service providers have been disappointed  because their service expectations were not met. RKS Senior Vice President  Carmine Grastataro said, "customers of public power are more satisfied with the  job their utility is doing than are customers of the IOUs. Although this finding  has historically remained true, the difference in performance scores between  public power and IOUs is exacerbated in states where competition is under way."  The study also found that consumers are more interested in purchasing power  through buying groups, voluntary energy curtailment programs, and on-site  generation.
FERC Postpones December 15 RTO  Deadline
The Federal Energy Regulatory Commission (FERC) has  officially decided to postpone the December 15, 2001, deadline for utilities to  create four regional transmission organizations (RTO). FERC Chairman Pat Wood  said of the decision, "RTO development is in very different stages in various  parts of the country, and it is not possible for all RTOs to be in operation by  the December 15, 2001, deadline established in Order 2000." The commission has  approved a rulemaking order, RM01-12, that addresses the development of RTOs in  several steps. First, the Commission will develop a broader definition of the  expected functions of an RTO and how they can be achieved. Second, FERC will  seek improved input and communication from both state and federal agencies on  RTO development. Third, FERC will conduct a formal cost benefit analysis of RTO  systems. This comes in response to two conflicting studies: NY ISO reports that  a large Northeast RTO could cause power rates to increase by $90 million, while  Mirant contends that a Northeast RTO could save consumers $440 million. The  rulemaking also calls for FERC to determine areas in which standardization can  be improved. Lastly, a new "progressive" timeline will be developed that  addresses RTO development in a region-by-region approach. While Chairman Wood  said that the commission is holding to its original concept of four RTOs, he  also noted that the new order suggests that three smaller RTOs may be developed  within the Western region. These transmission groups would include RTO West,  Desert Star RTO, and one based on the California ISO. The rulemaking also makes  a call for comments in what Commissioner Nora Brownell noted as possibly the  last opportunity for market participants and state regulators to make  suggestions and raise concerns before final orders are issued.
Ontario deregulation in  doubt
The planned  deregulation of the $35-billion Ontario electricity sector has been thrown in  doubt by a radical proposal that would shackle the province's electricity  transmission company, preventing it from becoming a significant player in an  open North American power market. The plan, known only to Ontario Premier Mike  Harris and a few government and Bay Street insiders, would turn Hydro One into a  not-for-profit entity instead of a fully commercial, privatized company. If this  happens, Hydro One would lack the flexibility to raise equity capital, make  acquisitions and form partnerships in an effort to become one of continent's  premier transmission companies -- a goal plainly set out by chief executive  officer Eleanor Clitheroe. David Lindsay, the president and chief executive  officer of Ontario SuperBuild Corp., the government's privatization adviser,  confirmed that turning Hydro One into a not-for-profit organization, similar to  Nav Canada, the civil air navigation service, is under serious consideration.  "We've been asked to evaluate all options for Hydro One's future, including this  one," he said yesterday. He would not provide details, though it is thought that  the government wants to make a decision on Hydro One's future ownership  structure by the conclusion of the year. A senior official in the Ontario  government, who did not want to be identified, said the proposal "is a step  backward to the old days of Ontario Hydro." He was referring to the debt-laden  utility that was split into Ontario Power Generation, the electricity generating  arm, and Hydro One, whose network of high-voltage transmission lines spans  30,000 kilometres. The Premier's office would not comment. A spokeswoman for  Energy Minister Jim Wilson would say only that "there are a number of options on  the table." Sources on Bay Street and at Queen's Park said the idea of turning  Hydro One into a not-for-profit entity is being propelled by Anthony Fell, the  chairman of Royal Bank-owned RBC Dominion Securities, Bay Street's largest  dealer. If the new Hydro One took this shape, it would raise about $10-billion  through the sale of bonds to investors. The dealers' commission on the sale of  the bonds, which would rank among the biggest debt issues in history, would  range from $25-million to $40-million, one Bay Street executive said. Mr. Harris  is said to be keen on the concept partly because all the money would go back to  the government to help pay down the $21-billion in "stranded debt" racked up by  the old Ontario Hydro. The generating and transmission giant's decades-long  spending spree on nuclear plants and other assets tore a huge hole in the  province's balance sheet. Hydro One's cash flow, derived from sales to  electricity users, would be used to pay the interest on the $10-billion of  bonds. Presumably, consumers would face higher electricity charges if Hydro One  lacked sufficient cash to pay the interest. If Hydro One were a private company  instead, its financial risk would be borne by shareholders, not ratepayers. The  United States has embraced deregulation partly because it shifts the financial  risk of the electricity market from taxpayers to shareholders. Executives at RBC  Dominion declined to comment on the plan, citing client confidentiality  concerns. Mr. Fell first proposed it to the government in the spring. The  government wants to open up the Ontario electricity market, in which buyers and  sellers can negotiate prices, by next spring. The market overhaul contemplated  turning Ontario Power Generation and Hydro One, both of which are 100 per cent  owned by the government, into commercial companies. In Hydro One's case, the  leading options were thought to be an outright sale, in which the utility would  be bought by another company (presumably a rival utility), or an initial public  offering, where the shares would be owned by private investors and traded on the  stock exchange. The third option -- converting Hydro One into a not-for-profit  organization -- has come as a surprise. There has been no debate on this option,  though rumours of its existence have jolted Bay Street and Hydro One, both of  which were working on the assumption that the transmission business would  eventually become a commercial enterprise. Sources said that Hydro One  management opposes the not-for-profit structure because it would deny Hydro One  the flexibility and discipline of a typical commercial business. The  not-for-profit structure would mean it would not have to pay taxes, which raises  potential trade issues with the United States. American transmission companies  might argue that Hydro One's non-taxable status gives it an unfair competitive  advantage. It would also deny Hydro One management the benefit of potentially  lucrative share options.  Rod Taylor, Hydro One's executive vice-president,  would not comment on the not-for-profitoption being contemplated by the  government. He said, however, that the company's strategy hinges on its ability  to become a major player in the deregulated North American electricity market.  "Our vision of the company is to become a fully commercial entity, and become in  the transmission sector what Canadian National is to the rail sector," he said  in a phone interview. Stanley Hartt, the chairman of the Canadian office of Wall  Street's Salomon Smith Barney, is among the Bay Street executives who opposes a  not-for-profit structure for Hydro One (Salomon has a small role as an adviser  to Hydro One's strategic business plan). In a three-page letter sent this week  to the top executives of several large power-using Ontario companies, he said  that "this idea is short-sighted and bad for Ontario." He argued that "the  absence of an equity component in the capital structure of the not-for-profit  corporation essentially transfers the equity risk to the ratepayers." He also  said that, without financial flexibility, Hydro One would lack the resources to  invest in "new bottleneck-eliminating connections" that would allow the company  to become a significant electricity exporter. "Ontario would lose the prospect  of becoming a true hub for North American Energy transmission," he said. In a  recent report on the power industry, TD Newcrest analyst David McCracken wrote,  "With its operating expertise and strong balance sheet, Hydro One is well  positioned to act as a consolidator of transmission grids in the northern United  States, where ownership tends to be fragmented." He noted that Hydro One is  expected to be privatized in the next few years, and he said the utility has  "the opportunity to lever strengths from traditional wires businesses into  competitive high-growth initiatives." According to sources familiar with the  not-for-profit proposal, Hydro One would be governed in the best interests of  all electricity users by stocking the board of directors with appointees from  corporations that are heavy power users, such as auto and steel makers and paper  companies. Such a structure exists at Nav Canada, with airline executives on the  board, and the company has been able to cut the fees it charges customers.  Restructuring Hydro One with debt, rather than equity, is also presented as the  most efficient way to capitalize the company. "The problem with a Canadian  National Rail-style IPO is that equity is much more expensive than debt," said  one financier familiar with the proposal. "With a debt-based structure, every  dollar earned is available to pay interest, while an equity-based structure  means you pay federal taxes, provide a return to shareholders and make debt  payments." Dofasco Inc., the big Ontario steel producer that consumes about  $100-million of electricity a year, supports the not-for-profit proposal. Gord  Forstner, head of communications, said a bond sale would reduce Ontario Hydro's  stranded debt by $10-billion immediately, paving the way for lower electricity  charges. Currently, a special levy on all electricity bills is being used to  whittle down the debt. The charge costs Dofasco alone about $15-million a year.  "We want to see the stranded debt paid down first," Mr. Forstner said. "Until  that happens, we don't favour Hydro One going to the expense of expanding  outside of Ontario's boundaries."
Retail Access Requested in  California
The Alliance for Retail Energy Markets (AReM) has  asked the California Supreme Court to overturn the state Public Utilities  Commission's September 20th decision that suspended direct retail access across  the state. The consumer group, comprised of American Utility Network, the  Alliance for Retail Energy Markets, California League of Food Processors,  Western Power Trading Forum, Strategic Energy, AB&I Foundry, Tricon Global  Restaurants and School Project for Utility Rate Reduction, has argued that the  ruling was made without due process and that the Court had no right to abrogate  contracts retroactively. "It is our hope that the Supreme Court recognizes the  PUC has acted in complete disregard of our constitutional rights and has rushed  to judgment on this issue, without hearings and without creating a proper  evidentiary record," said AReM Attorney Dan Douglass. PUC Commissioner Carl Wood  has maintained that the PUC issued the order because it believed that consumers  have hastily signed contracts with competitive suppliers, leaving fewer  customers to pay for the state's wholesale power costs. AReM is disputing the  claim, saying that only a limited number of customers switched suppliers during  the summer of 2001.
Plant Construction Influences  Florida's Wholesale Market
California based Calpine Corporation  announced that it has begun construction of a 530 megawatt power plant in  Auburndale, Florida. The construction brings Florida closer to deregulation, as  Calpine is one of the few out-of-state generating companies to successfully  penetrate Florida's wholesale electricity market. Other companies, such as  Enron, have attempted to construct new power plants in the state, but have been  unsuccessful due to community and regulatory resistance. Florida's stringent  Power Plant Siting Act makes it very difficult for out-of-state companies to  enter the market. Calpine has succeeded by agreeing to sell the output from the  Auburndale plant under a long-term contract to one of Florida's existing  utilities, Seminole Electric Cooperative. In addition, Calpine has been working  with the Florida Partnership for Affordable Competitive Electricity to persuade  lawmakers and Governor Bush to deregulate Florida's wholesale market. Florida's  Energy 2020 Study Commission, which is responsible for the state's competition  plan, has endorsed a proposal to allow out-of-state companies to enter Florida's  wholesale market by building new plants and selling power to the state's  incumbent utilities. The Commission has also suggested eliminating the power of  state government to approve power plant development and limiting the ability of  local governments to block projects. The Commission is expected to issue a final  report on December 1, 2001.
Florida PSC Approves Independent  Power Line Operations
The Florida Public Service Commission  (PSC) has approved the transfer of the state's power lines from utility  jurisdiction to an independent company. The PSC has asked Florida's three main  utilities, Florida Power and Light (FPL), Florida and Power Corporation, and  Tampa Electric, to devise a proposal within 90 days that will turn over  operation of the power lines to an independent system operator. Commissioner  Michael A. Palecki said that the decision was made in the best interest for  ratepayers, utility companies and independent power companies seeking a  competitive market. Under an earlier proposal submitted to the PSC, the  utilities proposed a statewide regional transmission organization, GridFlorida,  that would have owned and managed the power lines. The PSC did not approve the  plan, as it would have moved jurisdiction of retail rates to the Federal Energy  Regulatory Commission.
New England Congressmen Seek Equal  Representation on RTO Board
Twenty-three U.S. congressmen from  New England requested that their states be given adequate representation on the  governance of the Northeast Regional Transmission Organization (RTO.) In an  effort organized by Representative Edward Markey (D-Mass), the bipartisan  delegation of congressmen wrote a letter to the Federal Energy Regulatory  Commission (FERC) asking the regulators to create a governing board comprised of  equal numbers of representatives from New England, New York, and the  Mid-Atlantic. "We view an equally balanced governance structure as the only way  in which a single market design can be implemented which would truly benefit the  consumers of all the regions," Markey said. FERC has been considering several  options for structuring the board that will oversee the unified Northeast  wholesale power market. One proposal gives five seats for representatives from  the Mid-Atlantic, three seats to New York, and two to New England. ISO New  England and New York Independent System Operator joined the congressman in  opposing that plan and requesting equal representation.
California Wants Consumers to See  Real Power Costs
In a move that may prevent a repeat meltdown of  the wholesale electricity market in California, the California Consumer Power  and Financing Authority wants to install electricity meters that charge  consumers the real cost of power. Currently consumers pay the same price for  electricity throughout the day even though the wholesale price varies every  hour. Therefore, consumers have no incentive to conserve during peak times. The  meters will charge residential consumers more for power used during peak hours,  when demand is highest and less during off peak times. The authority issued  requests for proposals, due by November 15, for a minimum of 10,000 real-time  meters, the cost of which varies between $200 and $1,000. The power authority  plans to finance the purchase of the meters and will market them to customers of  Pacific Gas & Electric, Southern California Edison, San Diego Gas &  Electric and dozens of municipal utilities. As consumers have shown to be  responsive to price signals in a pilot program in Washington, Californians too  can expect to reduce their energy consumption. Project manger, Kevin Wood of  Southern California Edison hopes his company will install meters for 11,000  customers by next summer. He said that if these customers, who represent 20 to  30 percent of the load, respond to price signals during peak hours, this may in  turn drive down wholesale prices for all users. While consumers may benefit, the  decrease in consumption may cost power generators millions of dollars in  revenue.
Environmentalists and Union Coalition  Oppose Deregulation in Indiana
A coalition of union members from  several groups showed their opposition to electric utility deregulation in  Indiana during a peaceful demonstration on November 7. The coalition, know as  People's Energy Campaign, includes members from UNITE Local 399, formerly the  Ladies Garment Workers Union, the Central Labor Council, Valley Watch  environmental group, and the Citizens Action Coalition. Denny Owen, an executive  board member of UNITE Local 399, expressed the general concern of the coalition  that deregulation should be discouraged. "We don't think it'll make prices  lower, it'll make them go higher," Owen said. Indiana is considered to have low  utility rates compared to other states. Indiana lawmakers are considering  deregulation as newly introduced legislation proposes to create an Energy Policy  Commission that would craft a comprehensive energy plan for the state. Senator  Gard and other General Assembly members created the bill to address the state's  need for a true energy policy and as a means to address future electric load  growth. "Merchant power plants have been a divisive issue in the past year and a  half," Gard said. "There are many people who feel if the state has a  comprehensive energy policy, it might be better able to deal with this issue.  And we also have to pay attention to what's happened in California." The bill  would set up a temporary commission with appointed members representing various  stakeholder groups including state government, industry, labor, and  environmental groups. The commission is scheduled to present a final report to  the governor in December 2002. While electric deregulation would not be a prime  focus of the commission, the "specter of deregulation" would have to be examined  in some fashion, Senator Gard said. SB 233 has been sent to the Senate Rules and  Legislative Procedures Committee. Senator Gard predicts it will pass the Senate,  although chances in the House of Representatives are less favorable.
Debate Over Oklahoma Transmission  System's Readiness to Serve Future Load
The Electric  Restructuring Advisory Committee met with industry officials on November 7 to  discuss the future capabilities of Oklahoma's transmission system. The committee  is responsible for researching the capabilities of the system, determining  whether upgrades are necessary, and delegating the responsibility for paying for  such upgrades. With new power plants being developed and proposals to open the  state to a competitive electric market in progress, concern has risen as to  whether the transmission system can handle the increased load. Stanton Hadley of  Oak Ridge National Laboratory reported that electricity demand in Oklahoma is  expected to grow 26 percent, to 14,350 megawatts by 2010. The transmission  system currently is able to handle only 13,300 megawatts. Nevertheless, power  companies are planning 13,500 megawatts of new power generation. Calpine  Corporation is spending about $20 million on transmission improvements between  its power plant near Coweta, Oklahoma, and the outlying region. Also, Public  Service Company of Oklahoma plans to spend $40 million on transmission upgrades  over the next few years. With the new power plants and a supply surplus  expected, Hadley also said that consumers could expect lower costs. John Wright,  one of the committee members questioning this assumption, said that in a  deregulated market, the utilities are likely to sell their power out of state.  If this were to occur, lower power prices would be unlikely. The Electric  Restructuring Advisory Committee will deliver a report to the Legislature at the  end of the year.
Thirty New Power Plants Proposed for  Virginia
The latest news out of the deregulation of Virginia's  electric power industry centers around thirty proposals for new power plants in  the state. While the surge in supply is expected to prevent a California-like  energy crisis, health and environmentalists argue that the air pollution and  smog from the plants could damage the state's parks and forests. Since 1998,  when the state announced its plans to open its energy markets to competition, 30  companies and utilities have asked for state approval to build new plants.  Activists complain that the new power would not even benefit Virginia's  customers, as the energy is intended for delivery in northeastern states. By  building plants in Virginia, utilities avoid the Northeast's stringent  environmental regulations. An advisory group composed of utility and industry  representatives argues that new plants pose no significant risk. They stated  that 28 of the new plants would run on cleaner-burning natural gas and that  other federal regulations would require older plants to reduce harmful emissions  by 65 percent by 2004. The representatives also expect that only a few of the  plants will actually be built due to market conditions and cooling-water  shortages.

Copyright ? 2001 Egnatia Research &  Management. All rights  reserved


Here is what I know.  We started pulling 430 MCF (443 dth) from pool N424PB
effective 7-1-00 which was changed to 430 dth effective 7-18-00.  I'm
assuming pool N424PB is the CES/ENA non-priority pool.  Let me know if we
need to do anything different on our side.

Paul

Chris Germany@ECT
07/18/2000 05:23 PM
To: kdestep@columbiaenergygroup.com @ ENRON, dkinney@columbiaenergygroup.com
cc: Angie Zeman/Corp/Enron@ENRON, Paul J Leanza/DUB/EES@EES, John M
Singer/Corp/Enron@ENRON
Subject: Re: PNG Local Production July 00

Actually, we should be nominating only 4,000 month from Power Gas and 300 day
from Phillips Production.  That works out to about 429 day.

I just spoke to Samson and he agrees the volume for July should only be 4,000
for the month.

AND Angie (my super fantastic, can't say enough good things about her, will
probably be my boss someday and sometimes acts like it,  CNG scheduler) has
agreed to help out any way she can.  She knows escript pretty well.  Chat
with Doug, if you guys agree, Angie can use your ID and password and figure
out how to run all the reports we need back to January.  Also, we will not
know the actuals for July production until September sometime.

Effective August 1st, the Phillip's wells should be transferred to Clinton's
brand new pool and Clinton will also nominate the Power Gas pool gas.

Doug, John Singer said he does not have any production reports from Heidi.
With Angie's help, we could probably clear up the CNG LDC activity fairly
easy.

Let me know what you guys think.

kdestep@columbiaenergygroup.com on 07/18/2000 02:02:39 PM
To: " - *Chris_Germany@enron.com" <Chris_Germany@enron.com>, " -
*pleanza@enron.com" <pleanza@enron.com>
cc: " - *Kinney, Doug" <dkinney@columbiaenergygroup.com>
Subject: PNG Local Production July 00

Hi Paul and Chris,
 Our friend Sampson at Power Gas still maintains that their local
production behind PNG has not been nominated for July yet, which was 7500
dth/month.  Did you guys do a deal for this gas too?  He usually nominates it
all on one day, so Clinton/CES needs to coordinate with him what day to do it
on (right now the gas is out there on his side on the 17th).  I know Heidi
nominated the Phillips gas baseloaded thru the month at 443/day, but I was not
sure about the Power, until I checked and sure enough the nom isn't out there
yet.
 I can get help nominating it from PNG to get it through CES' pool but I
want to make sure that's what we need to do.  Just give me the word and I will
call Sampson to get it done, but I will make it clear to him that this is the
last month he'll need to talk to me about it.  Thank you very much for the
clarifications!

Kara D. aka the lone ranger at CES


Tana,

I am approaching Ernst & Young in regards to a potential relationship.  To
summarize the relationship, E&Y would act in a system integrator role between
EnronOnline and EnronOnline customers.  Do we have an NDA (or similar doc) in
place that would allow this discussion to take place without an additional
NDA?

Please let me know.

Thank you.

Mike Bridges


please add this to my calender.  thank you.
---------------------- Forwarded by Scott Neal/HOU/ECT on 06/30/2000 12:48 PM
---------------------------

	From:  Becky Young @ ENRON                           06/30/2000 12:41 PM

To: Steve Venturatos/HOU/ECT@ECT, Janet H Wallis/HOU/ECT@ECT, Brenda F
Herod/HOU/ECT@ECT, Gary W Lamphier/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT, Edward
D Gottlob/HOU/ECT@ECT, Lauri A Allen/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT,
Elsa Villarreal/HOU/ECT@ECT, Carey M Metz/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, Greg McClendon/HOU/ECT@ECT, Stacey Neuweiler/HOU/ECT@ECT,
Mike Grigsby/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Keith
Holst/HOU/ECT@ect, Jane M Tholt/HOU/ECT@ECT, Jane M Tholt/HOU/ECT@ECT, Steven
P South/HOU/ECT@ECT, Frank Ermis/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT, Tori
Kuykendall/HOU/ECT@ECT, Paul T Lucci/DEN/ECT@Enron, Matthew
Lenhart/HOU/ECT@ECT, Kimberly S Olinger/HOU/ECT@ECT, Kenneth
Shulklapper/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Beverly
Beaty/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Edward Terry/HOU/ECT@ECT,
Tricia Bowen/HOU/ECT@ECT, Joe A Casas/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT,
Judy Townsend/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Jared Kaiser/HOU/ECT@ECT,
Maureen Smith/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT,
Scott Neal/HOU/ECT@ECT, Susan W Pereira/HOU/ECT@ECT, Scott
Hendrickson/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT, Brad
McKay/HOU/ECT@ECT, Kate Fraser/HOU/ECT@ECT, Jennifer Fraser/HOU/ECT@ECT,
Sandra F Brawner/HOU/ECT@ECT, Brian Hoskins/HOU/ECT@ECT, Peter F
Keavey/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT,
Craig Breslau/HOU/ECT@ECT, Jennifer Shipos/HOU/ECT@ECT, Susan
Wood/HOU/ECT@ECT, Josephine Lin/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT,
George N Gilbert/HOU/ECT@ECT, Ross Prevatt/HOU/ECT@ECT, Sabra L
Dinari/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Farzad
Farhangnia/HOU/ECT@ECT, Sylvia S Pollan/HOU/ECT@ECT, Charles T
Muzzy/HOU/ECT@ECT, Theresa Branney/HOU/ECT@ECT, Eva Pao/HOU/ECT@ECT, Fletcher
J Sturm/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Geoff Storey/HOU/ECT@ECT,
Andrew H Lewis/HOU/ECT@ECT, Maria Garza/HOU/ECT@ECT, Kevin
Ruscitti/HOU/ECT@ECT, Jason Williams/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT,
Kelli Stevens/HOU/ECT@ECT, Ed Smith/HOU/ECT@ECT, Tom Donohoe/HOU/ECT@ECT,
George Smith/HOU/ECT@ECT, Lisa Kinsey/HOU/ECT@ECT, Margie
Straight/HOU/ECT@ECT, Reyna Cabrera/HOU/ECT@ECT, Lucy Ortiz/HOU/ECT@ECT,
Barry Steinhart/Corp/Enron@Enron, Danny Conner/NA/Enron@Enron, Jim
Schwieger/HOU/ECT@ECT, Barbara Lewis/HOU/ECT@ECT, Todd
Richardson/Corp/Enron@Enron, Steve Gillespie/Corp/Enron@ENRON, Scott
Goodell/Corp/Enron@ENRON, Larry May/Corp/Enron@Enron, Mike
Maggi/Corp/Enron@Enron, Mark Smith/Corp/Enron@Enron, Bill
Berkeland/Corp/Enron@Enron, Caroline Abramo/Corp/Enron@Enron, Chris
Gaskill/Corp/Enron@Enron, Troy Black/Corp/Enron@ENRON, Nelson
Ferries/Corp/Enron@ENRON, Scott Loving/NA/Enron@ENRON, Joe
Parks/Corp/Enron@ENRON, Russell Dyk/Corp/Enron@ENRON, John
Grass/Corp/Enron@ENRON, Darren Espey/Corp/Enron@ENRON, Elizabeth
Shim/Corp/Enron@ENRON, Wes Dempsey/NA/Enron@Enron, Cora
Pendergrass/Corp/Enron@ENRON, Barry Steinhart/Corp/Enron@Enron
cc: Ina Rangel/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT, Kimberly
Brown/HOU/ECT@ECT, Barbara Lewis/HOU/ECT@ECT
Subject: PIRA Natural Gas Briefing

PIRA representative, Greg Shuttlesworth will be at Enron on Thursday, July 27
from 3:00pm - 4:30 pm in EB30C1 to give a natural gas briefing.  This
briefing is included in the current consultant relationship between PIRA and
ENA.  Please respond to me if you plan to be in attendance for this
briefing.

Thanks,
Becky Young
x30622


Please see attached GISB form.

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


I will be out of the office 12/4-12/8.  If you have any urgent EOL questions,
call Tom Moran 33017

Thanks,
Brad


I need to see the GTY,  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


Attached is the revised amendment quickly redrafted in  an attempt to assist
PQPC.  The amendment has nothing to do with the 1996 letter which was totally
superseded by the new fuel supply arrangements.  It is strictly an
accommodation to PQPC without the benefit of any consideration to EPOS.

	Doug Leach
	12/05/2000 08:17 AM

		 To: Francisco Pinto Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Dan J Hyvl/HOU/ECT@ECT, Ermes
Melinchon/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael A Robison/HOU/ECT@ECT
		 Subject: Re: Amendment to Fuel Supply

Why is this necessary when we just executed a reduced price fuel supply
contract with PQP LLC and we are in the process of trying to sell the asset
and transfer the fuel contract to the new buyer and Glencore?

To: Doug Leach@ECT
cc: Dan J Hyvl@ECT, Ermes Melinchon/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Amendment to Fuel Supply

Doug:

Following our conversation of last week, attached is the draft of the
amendment to the fuel supply for your review and approval.  As you may
recall, this document became necessary after we became aware of the letter
agreement dated August 12, 1996.  If you have any questions, please give me a
call, otherwise please let me know you are okay with it so that I can send it
to the lenders for their review and approval.

many thanks

FPL


Attached are draft Q&A on Enron's response to the Greenpeace letter on
climate change.   This document should be for close distribution to those of
us in Enron Corp and Enron Europe who could potentially get questions on our
response.  More general taking points for use by employees will be developed
for distribution to a wider internal audience.

I would suggest that any detailed questions be referred to me so that we are
able to closely control the messages consistent with our Corporate
statement/strategy on climate.  If questions specific to Enron Europe come
up, they should be referred to PR (Jackie/Kate) in London or Peter Styles in
Brussels, who will coordinate closely with me.

Please review this document and make suggested changes and additions as soon
as possible, as the letter has already been sent to Greenpeace (signed by
Kelly and Mike on 4/30).

Thanks!

Jeffrey Keeler
Director, Environmental Strategies
Enron
Washington DC office - (202) 466-9157
Cell Phone (203) 464-1541


I'm glad to know I'm not the only one that's this sore.  We should be sore
though.  We played 5 games.  And I played every second of every game.  Now
don't you feel sorry for me?!


Here is the most recent version of the spreadsheet and the accompanying
assumptions.


The draft of the email you sent Mark looks OK in terms of its content.  Is
there any way I will be able to get some form of a confirmation reflecting
that it was sent to all the offices in my prior emails?


The 2002 Gas Sales out of the West TX pool have been nominated and confirmed (60666), the deals are:

5000 to Reliant's contract 22637
5000 to Sempra's contract 24136

If you have any questions, just ask me.

Thanks,
Amy


Do you know about this? Sounds like maybe we want to duplicate the ENA ISDA
to Corp.

-----Original Message-----
From: Radous, Paul
Sent: Friday, June 01, 2001 10:09 AM
To: Rohauer, Tanya
Subject: FW: Enron Corp. ISDA.

As we discussed this morning....

-----Original Message-----
From: Nelson, Roderick
Sent: Friday, June 01, 2001 4:41 AM
To: Radous, Paul
Subject: FW: Enron Corp. ISDA.

Paul,

I don't mean to dump this on you, but it was part of my old life.  Do you
know who would cover an ISDA contract with Enron Corp?  I was working on
these corporate type contracts for a bit before I left.  If you did not
assume this responsibility, could you forward to the guilty party.  (I would
ask Bill, but he's out - as you know).

Hope things are going well otherwise.

Later,
Rod

-----Original Message-----
From:  Glen_Smith@westlb.com [mailto:Glen_Smith@westlb.com]
Sent: 31 May 2001 15:16
To: Nelson, Roderick
Cc: Richard_Newman@westlb.com
Subject: Enron Corp. ISDA.

Dear Rod:

It was a pleasure speaking with you yesterday.  As discussed, I found the
draft from last July and I have attached it below.  Please let me know whom I
should contact to follow up and I will do.  I greatly appreciate your help in
moving this negotiation along.  As per notes from my colleague, Joyce Lim,
this draft was constructed based on our executed ISDA Master with Enron North
America Corp.
Regards,
Glen  (212) 852-6274

(See attached file: Schedule Feb 10.doc)


bringing coffee and stove top expresso maker.

	Nancy Sellers <Nancy.Sellers@RobertMondavi.com>
	03/23/2001 10:11 AM

		 To: "'Jeff Dasovich'" <Jeff_Dasovich@enron.com>, "Prentice @ Berkeley"
<PSellers@haas.berkeley.edu>, Prentice Sellers <PSellers@pacbell.net>
		 cc:
		 Subject: Are you bringing coffee?  I have filters

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"


Doug -

I received your voice mail message about BlueSox.  I have attached a letter
for your use.  I realize the name of the financial institution is not
necessarily accurate, however, it is consistent with the confidentiality
agreement.

Please review the attached and let me know if you should need anything
further.  If you send the attached, please be sure to copy me or Tana Jones
so that we have a copy of the letter for our files.

Thanks.

Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com


I will be out of the office (on vacation) the week of the 25th.  Jennifer
Denny will be my primary backup x35824.

Sheri

ps - if Sally wants to include the EnronOnline management report in her memo,
we will be producing the weekly executive report for the week of December
18th on Wednesday the 27th, and on January 2nd for the week of the 25th.


In Energy Insight for Tuesday, December 12, 2000

In Energy Insight Today (Blue Banner, all subscribers)
Industrial customers have been hurt so much by escalating natural gas prices
that they may be wishing for coal in their Christmas stockings. Find out
more about it at http://www.einsight.com.

In Energy Insight 2000 (Red Banner, premium-pay access only)

Read the latest news headlines from Energy Services, Fuels and Utility
Telecom and Diversification at http://www.einsight.com.

////////////
Market Brief    Monday, December 11
Stocks  Close   Change  % Change
DJIA    10,725.80       12.9    0.1
DJ 15 Util.     386.41  0.6     0.2
NASDAQ  3,015.10        97.7    3.3
S&P 500 1,380.20        10.3    0.8

Market Vols     Close   Change  % Change
AMEX (000)      99,269  (27,518.0)      (21.7)
NASDAQ (000)    2,450,876       1,103,776.0     81.9
NYSE (000)      1,214,530       (115,500.0)     (8.7)

Dollar US $     Close   Change  % Change
Australia $     1.85    0.02    0.93
Canada $        1.523   0.00    0.13
Germany Dmark   2.23    0.02    0.72
Euro    0.877   (0.01)  (1.18)
Japan _en     110.7   (0.60)  (0.54)
Mexico NP       9.45    0.01    0.11
UK Pound        0.6866  (0.01)  (0.79)

Foreign Indices Close   Change  % Change
Arg MerVal      417.100 5.83    1.42
Austr All Ord.  3252.200        19.70   0.61
Braz Bovespa    15187.9500      204.96  1.37
Can TSE 300     9581.92 33.19   0.35
Germany DAX     6782.52 91.27   1.36
HK HangSeng     15408.54        219.21  1.44
Japan Nikkei 225        15015.7 319.19  2.17
Mexico IPC      5828.12 33.03   0.57
UK FTSE 100     6,370.30        82.00   1.30

Source: Yahoo!
na = not available
/////////////////////////////////////
Sempra Energy sells stake in Energy America to Centrica Plc
Sempra Energy, an energy services company, and Centrica plc, a British
energy and home services company, signed an agreement by which Centrica will
acquire Sempra Energy's stake in Energy America, a U.S.-based energy
marketing firm, for about $56 million. Sempra Energy expects the sale to
increase the company's 2001 earnings by about 10 cents per share. Under the
transaction, a wholly owned subsidiary of Centrica will acquire Sempra
Energy's 72.5 percent ownership of Energy America, which has nearly 400,000
residential and small business customers in New Jersey, Michigan, Ohio,
Georgia, Pennsylvania and Maryland.
Sempra Energy, based in San Diego, is an energy services holding company
with 12,000 employees and revenue of nearly $5.5 billion. Through its eight
principal subsidiaries -- Southern California Gas Company, San Diego Gas &
Electric, Sempra Energy Solutions, Sempra Energy Trading, Sempra Energy
International, Sempra Energy Resources, Sempra Communications and Sempra
Energy Financial -- Sempra Energy serves more than 9 million customers in
the United States, Europe, Canada, Mexico, South America and Asia.


ETS is developing a web-based Emergency Response Information (ERI) system to provide access to employee contact information including work phone, home phone, cell phone, fax number and pager numbers. To facilitate and manage the collection of personal contact data, a new field has been added to eHRonline. Beginning Monday, October 1, all ETS employees will be prompted to either ACCEPT or DECLINE publication of personal data (i.e., home phone number) when first entering the eHRonline system. All ETS employees should access the eHRonline system at their first opportunity to respond to this new request.

While certain positions within ETS mandate disclosure of personal contact data (i.e., home phone number) for emergency response purposes, in other cases disclosure of this information is at the discretion of the employees. If you are an ETS Operations employee and do not want your home phone number published, please contact your Director prior to electing not to publish your personal contact information.

To access eHRonline, go to the ETS HRWeb link: https://ehronline.enron.com/ and select eHRonline. Employees must enter their SAP Personnel Number and Password to enter the system.  If you do not know your SAP Personnel Number or Password, please contact the Integrated Solutions Center at (713)-345-4727.


Start Date: 4/22/01; HourAhead hour: 20;  HourAhead schedule download failed.
Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042220.txt
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!Insufficient memory for this operation.
Alias: dbCaps97Data
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!!!Insufficient memory for this operation.
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!!!Insufficient memory for this operation.
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Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!Insufficient memory for this operation.
Alias: dbCaps97Data


OUTSTANDING!  I may use it word for word!  Thanks--I'll call him shortly and
let you know how it goes.  DF

Jim Talcott
05/02/2000 02:27 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: DUKE

Hey, the day's slippping away and I remember how yesterday went.  (Remember
Kimball?)  I have a meeting with MKM and FX from 3-5 on the May 9 meeting in
KC, so here are my thoughts on the call to Foglar:

 "Hey Murray, this is Drew.  We received the Chisos complaint and I thought
I'd get ahold of you and see if there is any appetite at Duke to sit down and
discuss resolving these issues in lieu of spending a lot of money on motions
in Pecos County"   Grunt.  "I am curious whether the pleading is evidence
that Duke/Chisos are not interested in resolving this outside the courts, or
is it just a natural reaction to our letter;  a move to bring Northern to the
table?"  Grunt.  "Is Chisos serious about litigating this?"  Grunt. "If
Northern and Duke were to get together in the next 3 weeks, do you think it
would make sense for Chisos to also attend?  Who do you think Duke would
send?"  Grunt.  "Do you think Chisos would hold off on serving the petition
pending discussions?"

I can't think of much else to say/ask.   jrt


eSource presents Dow Jones Interactive training
Attend one of our Dow Jones Interactive Personalizing/Customizing DJI and
Custom Clips Clinics:

April 27   1:00 - 2:00 PM  EB564
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The Cost is $25.00 Per Person
No Shows will be charged $50.00

* Please bring your Dow Jones Interactive login ID and password. If you don't
have one, a guest ID will be provided.

Check the eSource training page at http://esource.enron.com/training.doc for
additional training sessions and vendor presentations

http://esource.enron.com


I am working in the target date of June 20th.  Today I added schedules from Palo Verde and the entire MidC sheet to the testing group. Once COB is added, we will have pretty much an average daily volume.

Here is my attached worksheet for Mid C

In Preschedule Workspace:

I added Palo Verde to the group of deals imported, and ran a total of 37 lines into the Path confirmation. The rest of the sheet was all bookouts, and so I marked them for routing only.  I do like the feature of being able to exlude the majority of deals from the path confirmation. This will make the app much faster and less cumbersome for Real Time and Settlements.

I would like the option of printing the error sheet when it comes up, as the lists can be long, and I have to make notes on what is wrong. Also being able to check for errors before running the sheet would save us lots of time.  We currently have a function that checks that all names are recognized before the sheet is imported to paths. This would give us the opportunity of correction before running the sheet, instead of cleaning up afterwards.

Routing functionality question:  If we change a delivery point in scheduling (BPA NW delivered gets moved and changed every day), do these changes not route because the deal entry strip has the original delivery point?  These types of deals route now, I would like to duplicate that existing functionality. I did get an error message on those lines, "Capability not supported: deal has multiple delivery points" Please see the attached sheet, there is a batch of them line 76 thru 86, but it is all deals that are our BPA Northwest Delivered.

The routing speed is EXCELLENT. One second per line or less all the way in Portland on Local Enpower! The megawatts also appear to split properly between mis-matched deal amounts! this is very encouraging. My Palo data was corrupted, so my primary focus for checking routing will be the other delivery points.

My plan is to attack the Alias stuff from a different angle. We are going to work with the team that sets the Enpower "short name" to something that is workable.  I would like to make a new path of approval where the schedulers help set that Enpower short name.

In Path Confirmation

The early sorting looks good, things look very versatile and useable.

Yesterday I identified several problems:

1. The entire path needs to be shown in Both counterparty paths. Currently only the upstream or downstream shows depending on if you are looking at the supply cp or the market cp.

2. The Alias list is not functioning properly.  The Enpower Long name needs to be shown in the Collapsed counterparty view, along with the phone number and a check box to indicate if we check out with the cp.

3. Confirming the deals needs to be done as a batch, not pulling up each deal line by line.

Today, I am finding the following:

1.  When a path is pulled up from the line view to the expanded view,  the system blows away the schedule term and the Delivery point.  These fields have to be re-populated before saving can occur.

2.I am not allowed to sort by Global ID,  even though global IDs are populated there. My idea is that if there is a global present it goes in one section, no globals go in another section, and then expaning on the global section gets the individual numbers. (just like the phys vs. non phys).

3. Pulling up an individual path from line view to expanded view takes over 2 minutes.  This is to long to be practical in production for real time. I would like to see this time go to 5 seconds or less.

4.  All paths are showing up as being cut (cut checkbox checked), even though none have been cut yet.

5. The grey on grey color scheme is not going to work, but that is a little thing. Lighter colors for the back ground are going to be preferable. Variations of the beige color are easier to read.

6. The path cut button and dialog boxes I think are going to need alot of work.  It looks like I will have to do all the Enpower work first, and then populate the cut. This is a bit different than we discussed.  My plan is to take this as far as I can, and then hand it over to Bill Williams III and his group for final 'tweaking'.

7. I also cannot sort by tag number.  We need that.

Thank you all for your work on this, it is really looking good.
I have to schedule on Monday, but will jump right back in when I am finished with daily tasks.

Cara


Mark:

I agree that you should use an appropriate discount rate to discount a set
of cash flows.  The cash flows in the case of a tax shield are not risky
and therefore they need to be discounted by the riskless rate.  The only
risk of not obtaining the monies generated by the shield are that the
government would repeal the interest rate deduction or that AHP will not
have income to shield.  Given the financial state of the company neither
are likely.  That is why I used the riskless rate to discount.

If you guys disagree with my analysis feel free to change it.  You would
need to multiply the number I provided by .357 to come up with the new number.

Dylan

At 08:55 AM 26-02-01 -0500, Mark Guinney wrote:
>Dylan,
>
>You shouldn't use a riskless rate not because of risk of the tax shield but
by
>leveraging up the risk of the firm increases, i.e. default risk/bankruptcy
>risk.
>  A more appropriate rate should be the rate on the debt as determined by the
>market.
>
>**********************************************
>Mark D. Guinney, CFA
>Consultant
>Watson Wyatt Investment Consulting
>345 California Street, Ste. 1400
>San Francisco, CA  94104
>(415) 733-4487 ph.
>(415) 733-4190 fax


Yeah that very interesting.  What exactly is the origination team doing now
that they've already signed the deal with blockbuster?  Are they trying to
sign up customers or providers or what?

RR


Rick Shapiro will be hosting a conference call today regarding the above
subject.  Please see details below:

Date:  Monday, July 9, 2001

Time:  5:00 PM (CDT)
  3:00 PM (PDT)

Number: 1-800-998-2462
  passcode 5380600

Please confirm via e:mail your participation on this call.

Thanks and please don't hesitate to call me if you have any questions.

gngr
713-853-7751


Hi Mike,

Since we haven't had any luck hooking up on the telephone, I wanted to
transmit to you an initial draft of a facility agreement, as contemplated by
the contract for the transformer packages for the LM's.  I would have sent
this to Dave, but I don't seem to have his email address.

Since the WestLB financing facility is scheduled to expire soon, we need to
get the transformers transferred into our new facility, as well as get them
contractually allocated to various projects.  Please give me a call or have
Dave call me so that we can handle this as expeditiously as possible.

Thanks,

Kay

713 345 7566


What's the basis--do you currently use a laptop?

DENISE LAGESSE
11/07/2000 03:46 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Susan Scott/ET&S/Enron@ENRON

Subject: Request for approval to purchase laptop, etc. for Susan Scott

Please approve the following purchase for Susan Scott: (and please don't take
it out of my huge raise come Feb!)

Compaq laptop (1 ea)  $2,745.00 2,745.00 total
Memory upgrade (1 ea)        575.00    575.00 total
Docking stations (2 ea)        587.00 ea 1,174.00 total

      4,494.00 grand total


Mark further our discussion today on Deemed ISDAs in Australia. 6 Deemed ISDA
Agreements were signed over the period late 1998 through to mid 1999. This
was due to I believe an unwillingness on the part of Enron to enter into a
ISDA Master Agreement that did not meet the then corporate requirements. I
have commenced a program of replacing these Deemed ISDAs with full ISDAs.
Apart from the obvious documentary issues, the status of a Deemed ISDA re EOL
is somewhat uncertain.

To date we have 22 settled ISDAs including 5 Deemed ISDAs.(see attached
list). The Deemed ISDA with RMB was replaced last month.


Group,
Virginia is exactly correct on this point.  MAKE IT A HABIT!  The majority of
inadvertancy that we have contributed to (and there hasn't been that much)
has been a result of confusion on times and duration of trades.
Thanks,
Bill

---------------------- Forwarded by Bill Williams III/PDX/ECT on 04/09/2001
05:42 PM ---------------------------

Virginia Thompson
04/09/2001 05:32 PM
To: Portland Shift
cc:

Subject: Purchases and Sales

Dear Real Timers,

As I have been having to pull tapes lately, I cannot stress enough the
importance of stating the hour for which you are trading when you make
deals.  It is imperative that you state (as often as possible) the hours that
you are trading for, and it is extremely helpful when you re-cap the sale at
the end of your trade!! :) please...

There may be deals that we are going to loose the dispute for because neither
trader (on either side) stated clearly what hour we were trading for. I'm
relying on you guys to help me collect 100% on all our trades.

Please see or e-mail me with any questions.

Thanks.

Virginia


Anne, per our discussion, could you get with Rosalie Fleming about this?
 <<AutoRecovery save of President Bush Invite Letter.wbk>>

 - AutoRecovery save of President Bush Invite Letter.wbk


----- Forwarded by Barbara N Gray/HOU/ECT on 01/22/2001 03:48 PM -----

	Barbara N Gray
	Sent by: Legal Temp 1
	10/04/2000 03:56 PM

		 To: Brant Reves/HOU/ECT@ECT
		 cc:
		 Subject: Form - Incoming Guaranty

Please find the attached incoming Guaranty form.  Regards, bng


Barry,
 The attached document appears to be in final form.  It is ready to be put on
ENA stationary and sent to Crestar.  If you are going to do this please send
me a hard copy of what is sent out.  As written, the document does not need
to be signed by either party.  If you want the ENA confirm desk to send it
out, please let me know and I will forward it to them to send, however, in
each case, the document will not need to be signed by either party.  Please
advise.


The attached press release was released in India at 6:30 p.m. today India
time (7:00 a.m. CST) following the signing of the GSA with Ispat.

Joe Sutton signed the GSA for us in the presence of senior Indian and US
government officials including Commerce Secretary William Daley. The
Shareholders agreement was signed earlier in the day by Bobby Farris.
Negotiations re the PPA will resume next week.

The press release has been included in its entirety as an attachment by
Bloomberg while Reuters and Dow Jones have both carried brief reports on the
Ispat deal.

Thanks,

Johan


If you are a Notary Public, please let me know.  I am creating a list of
Notaries in ENA Legal.  Thank you.

Janette Elbertson
Enron North America Corp.
Legal Department - EB3326
Telephone:  (713) 853-7906
Fax:  (713) 646-2600
janette.elbertson@enron.com


Ms. Kitchen

My name is Matthew Bray and I would be interested in speaking to you about
any potential commercial development opportunities that might be available in
your group at Enron. I have been consulting for several energy companies over
the last nine months but am now seeking a full time commercial development
position with a leading energy company. I believe my gas and power
development experience, knowledge of all sectors in the energy value chain
and ability to secure customers would allow me to contribute to the bottom
line success of your group.

Enclosed below is a copy of my resume. Please let me know if you would like
to discuss in more detail. I can be reached at this email address or by phone
at (512) 346-4974. I look forward to talking to you soon.

Regards
Matt Bray

MATTHEW L. BRAY
6000 Shepherd Mountain Cove #212
Austin, TX 78730
Phone: (512) 346-4974
Email: MLBray@aol.com

PROFILE
Energy professional with established track record in natural gas/power
trading, pipeline/storage project development, long-term supply marketing and
business development.  Demonstrated success in capital raising, strategic
partnering and M&A.  Ability to initiate and complete projects, acquire new
customers, negotiate strategic alliances and produce bottom line results in a
fast paced, evolving environment.

EXPERIENCE
Have spent the last seven months consulting for various energy and technology
companies.  Consulting projects have included:
? Cost/benefit, competitive and economic analysis of the deregulated ERCOT
power market for electricity marketer
? Market research and writing business plan for Americas Development Group
(ADG), a partnership between US/Mexico Chamber of Commerce and Organization
of American States. ADG is pursuing and building energy infrastructure
development projects throughout Latin America
? Assisting energy company with financing and development of natural gas
storage facility

Founder, President and CEO                                  1999 to 2000
EnergyStorehouse.com., Houston, Texas

Initiated and pursued business opportunity to develop and launch online
auction site for surplus equipment in the energy and chemical industries.
Company acquired by EnergyPrism.com in June 2000
? Recruited management team members and Board of Directors
? Secured customer commitments to post equipment upon launch of the
marketplace
? Worked closely with auction service provider to develop and implement
online marketplace
? Developed detailed understanding of energy e-commerce market fundamentals
and business models of potential competitors
? Responsibilities also included devising operations and technology plans and
negotiating revenue sharing agreements with sales channel partners

Manager, Storage and Asset Management                           1998 to 1999
Columbia Energy Group, Houston, Texas
Reporting to Senior Vice President - Trading, hired to manage group with $7
million/year in earnings responsible for optimizing natural gas storage and
pipeline capacity leased throughout North America.
? Coordinated with physical, financial, retail trading groups and asset
management customers to fully maximize storage and pipeline assets
? Developed and implemented financial and marketing strategies for joint
venture with $12 million/year in revenues with Louisiana local distribution
company
? Managed gas supply and storage operations for 8 municipalities located in
Tennessee Valley region
? Identified and negotiated major pipeline and storage asset acquisitions
? Utilized financial instruments including futures, options and swaps to
mitigate commodity price risk

Power Trader                                                1997
Koch Energy Trading, Inc., Houston, Texas
? Performed hourly and next day power trading activities in WSCC, ERCOT, SPP,
ECAR, MAIN and SERC regions
? Reserved and confirmed transmission capacity to capitalize on arbitrage
opportunities
? Analyze domestic power generation requirements to develop short and
long-term trading strategy
? Developed and maintained key business relationships with utilities and
power marketers
Matthew L. Bray - Page 2

Texaco Natural Gas  Inc.
                                            1994 to 1998
Possessed various management positions in Texaco's natural gas trading,
business development and natural gas pipeline subsidiaries.

Manager, Gulf Coast Marketing, Houston, Texas                July 1997 to
June 1998
Managed group with $4 million/year in earnings providing natural gas trading
and marketing services in the Gulf Coast region.  Accomplishments included
assisting with successful joint venture negotiation with electronic trading
company, drafting business plan to develop marketing, financial and risk
strategy for three year period and managed successful development and
implementation of new natural gas scheduling system.  Responsibilities also
included negotiating long-term storage contracts with natural gas storage
facilities in the Gulf Coast region.

 Marketing Representative, Calgary, Alberta, Canada                      May
1996 to March 1997
International relocation to open satellite marketing office for new $40
million natural gas storage facility in Canada.  Responsible for employee
staffing, system implementation, marketing storage services and initiating
customer relationships.  Negotiated long and short-term storage agreements
with producers, marketers and utilities and pursued joint venture/strategic
alliance opportunities in Western Canada.

 Business Development Representative, Houston, Texas               Jan 1994
to May 1996    Position responsibilities included increasing physical
capacity and utilization of company owned natural gas pipeline assets.
Negotiated completion of three pipeline interconnects, development of natural
gas compressor facility and successful acquisition of natural gas gathering
system.  Served as primary customer contact on natural gas pipeline
transportation rates and operational issues.  Negotiated long-term firm
natural gas pipeline transportation agreements with estimated revenue of $12
million.

PERSONAL PROFILE

EDUCATION:      UNIVERSITY OF HOUSTON, Master of Business Administration -1999
            UNIVERSITY OF TEXAS AT AUSTIN, Bachelor of Business Administration
                 Management - 1993

ACTIVITIES:     Founding Member - Americas Development Group
Fall 1996 Texaco Outstanding Contributor Award
Downtown Houston Association - Emerging Leaders Committee
National Energy Services Association
Houston Energy Association
Delta Tau Delta Fraternity
Gulf Coast United Way Volunteer
Central Texas Alzheimer's Association
Certified Scuba Diver
Golf, Racquetball, Tennis


-----Original Message-----
From: Santucci, Anna
Sent: Tuesday, October 30, 2001 5:52 PM
To: Herndon, Rogers; Misra, Narsimha; Wagner, Joseph; Imai, Rika; Moore,
Castlen; Sudduth, Julia; Dickerson, Lloyd; Padron, Juan
Subject: natty and crude


Due to the overwhelming response from Enron employees and contractors, today's blood drive appointments are completely full, and there are a large number of you who still wish to donate blood.  We are working diligently with the M. D. Anderson Blood Bank to schedule another day for blood donations, and you will be notified as soon as that date is secured.  For those of you who are interested in giving, please continue to either call the Enron Health Center, ext. 3-6100, to get your name on the waiting list or go to the donation line in front of the building.  We recognize and are grateful to the many of you who are wanting to give blood today, but ask that you be patient and understand our inability to accept walk-in donations at this time.

Thanks again for the tremendous outpouring of concern.


Attached is a draft press release we'd like to issue before the opening of the market Thursday.  Please review and let me know if you have any comments or changes.

Thank you.
Karen
x39757


I'll get with Brenda on February and Brian will be getting me March.  Ken
Seaman should have be correct because I personally made him inactive on Feb
15th (the final day of his last pay period . .. we couldn't do it his real
last day because we had to allow that pay period to finish out so it would
kick out a timesheet for him.)  The Specialist may actually be Ami because
her title was incorrect for awhile (but we'll look at it to make sure).

I'll keep you posted.

Y
---------------------- Forwarded by Yvette G Connevey/Corp/Enron on
03/21/2000 01:58 PM ---------------------------

Brian Heinrich@ECT
03/21/2000 01:55 PM
To: Yvette G Connevey/Corp/Enron@ENRON
cc:

Subject: Re: Help!

Yvette,
Starting with March, all Labor Distribution reports will come through me, and
I will distribute them.  Brenda should have received all of the Labor Reports
for the RC's that report to her for February.  I say "should have" because
they were supposed to be sent out by someone  else.  I will try get you a
copy of the February reports and send them to you.
Hopefully in the future with me controlling the distribution, we will not
have this problem.
Thanks,
Brian

To: Brian Heinrich/HOU/ECT@ect
cc: Daren J Farmer/HOU/ECT@ECT
Subject: Help!

Brian,

Who do I talk to about getting Daren Farmer a Labor Distribution report. He
needs to see what employees are hitting his RC.  I know that we have
discussed this prior and soem Managers are receiving a monthly report but he
is not.  Who can help us???

Thank you!
Yvette
x3.5953


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Set up by Rubena/31516


Gerald --

I have provided a few coments (redlined) to your draft letter attached below.

However, I wanted to offer the following ideas for discussion with you and
the others listed above as to potential inclusion in the Wildhorse letter:

 A.  Should we request written notification from Wildhorse related to the
shut-in status of Entrada production?  Should we request written notification
related to the recent curtailment of Dakota production?  [As we've discussed,
Enogex never requested anything in writing from Wildhorse, so we do not have
any historic documentation of Wildhorse's claims].

 B.  Should we identify (potential) contractual issues due to the curtailment
of Dakota production; e.g.  Sec. 6 detailing the (wellhead) delivery pressure
requirements under this contract, et al?  [As we've discussed, the system
pressures have increased due to (initially) gas being re-routed by Wildhorse
over the past two years which has loaded the San Arroyo system, and now the
NWPL quality issues and subsequent Wildhorse curtailments has increased
pressures system-wide.  If Wildhorse based their ability to allow these
problems to persist by referring to Sec. 7 "Gas Quality" of the agreement,
what remedies can we request....partial release of Dakota gas?].

Here's the frustration, based on conversations with producers in the area and
the documents we've received from Enogex, Wildhorse has continued to attach
non-pipeline quality spec gas to their system over the past couple years to
increase gathering revenues, yet has not invested any $$$ for processing of
this gas to meet or exceed the specs of downstream pipelines.  Then, they use
the downstream pipes as the reason for shutting in all their captive
producers, and have thus far offered no solutions to the system pressure and
quality issues discussed above.  Therefore, its critical that this letter
gets to the "right" people within Wildhorse and, if possible, make reference
to some element of timing (e.g., reasonable dispatch, commercially reasonable
manner, etc.).

Thanks.

Dan


515166 and 515167 have been changed to 50 MW.

Kate

Kerri Thompson@ENRON
02/07/2001 11:46 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: TFS

515167

broker has 50 mws on this one too.

thanks


B.O.
Sorry, I was out of the office all day.  Hope you got there.

	"Scott Laughlin" <scottwl@hotmail.com>
	11/14/2000 02:38 PM

		 To: jdasovic@enron.com
		 cc:
		 Subject:

Sorry, dude. Don't mean to overload you. But could you just tell me the best
way to get from Geary and Larkin to a Bart station that will take me to
Berkeley? Cameron and I are going to see Steve Earle's sister Stacey tonight
at the Frieght. I think she asked P dub-yah if you guys wanted to come, but
becaue there's no banjo and all that... When you get a chance to give me
that info, I'd greatly appreciate it.

Best,

Big Oil
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.


Brian these are the actual rates.

-----Original Message-----
From: Miller, Stephanie
Sent: Thursday, October 04, 2001 4:06 PM
To: Whitt, Mark
Subject: Epngrts.xls


Somehow the "one-part rate" glossary item fell off of TW's list so I've
revised it again.


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Lorraine, here are a few notes from my review of the Val Verde contract, and
my initial impressions.  Let's talk more about how to approach the issue
after we meet with Ron tomorrow about MAOP.

12/31/92 Interconnect Agreement:

Sec. 1.3 specifies pressures and states that unless there is an agreement to
provide firm compression service TW will accept up to 200,000 on an
interruptible basis.

Sec. 2 states that the Blanco Hub MAOP shall not be exceeded.

Sec. 4.2 limits damages (no consequential damages).

The contract also has a fairly standard force majeure clause.

2/18/93 letter amendment:

Sec. 3 obligates TW to provide firm compression service in order to accept
200,000 into TW's system (provided MOGI has pressure of at least 650 and
quantity of at least 140).  Acknowledges that this is an agreement to provide
firm compression in accordance with Sec. 1.3 of 12/92 agreement.

9/25/95 letter amendment:

Increases quantity to be received at the interconnect to 250,000 once the San
Juan expansion is effective.

My initial conclusions:  It is pretty clear we have an obligation to accept
250,000 on a firm basis, provided that Burlington complies with the pressure
requirements.  Probably the only way we can avoid this obligation is if
accepting 250,000 would cause us to exceed the hub MAOP.  In that case we can
argue impossibility of performance.  Also, we could avoid the obligation
because the summer heat above certain temperatures constitutes force
majeure.  This argument is strengthened by the fact that temperatures seem to
have gotten hotter over the years.

The fact that we entered into our most recent agreement with Burlington in
January of this year weakens the credibility of our arguments (they will say
we should have known by now).  Burlington might try to argue that we have an
absolute obligation to comply with the agreement, even if it means expensive
system modifications.  That argument is not a very strong one because the
agreement contains no such affirmative obligation and in fact quite clearly
describes the facilities that are the subject of the agreement.


Hi Allyson,

What is your impression of why the NC attorney general's office has
intervened in the CPCN proceeding?  Is this typical?  Does the AG's office
(or any other intervenor) have any special rights to discover any of the
confidential information we file?

Thanks,

Kay


FYI, an update from the CEC on the infrastructure issues.

Kim.

-----Original Message-----
From: Gold, Amy [mailto:AGold@coral-energy.com]
Sent: Thursday, August 09, 2001 1:11 PM
To: Watson, Kimberly
Subject: CEC updated report

Kim,

Hope all is well at the big "E" these days. I just got this updated
California Energy Commission report on natural gas infrastructure issues. I
thought you might find this useful.

Amy

 http://www.energy.ca.gov/reports/2001-08-08_200-01-001.PDF


PL
John    -14,865
Mike   + 2,446
Larry    -      4

VAR
John    30,313,908
Mike     6,792,300
Larry     1,100,882
Total    22,890,733

Market is off  3.33 bid in Q   , cal 2 3.785 bid
Power is selling & Calpine is selling cal 2 strong this am

let me know if you need anything


Hello, Everyone -

This Notice confirms our meeting for this coming Friday, March 23, 2001,
from 8:30 a.m. to 11:00 a.m. at the Sheraton Portland Airport Hotel.
Because there are fewer items on the agenda, this RRG meeting should be
shorter than usual, and we hope to wrap up by 11:00 a.m.

The purpose of the meeting is primarily to discuss with the RRG a phased
approach to implementing congestion management.  The filing utilities are
very aware of the concerns many parties have expressed about process
overload, and the burden this imposes on you. Consequently, the filing
utilities are considering a more focused process that will call for
prioritizing the work streams over the next few weeks.  Part of this more
focused process is a proposal for a potential phasing of congestion
management implementation. A background paper for your review before the
meeting is attached.

The working agenda is:

1. Market Monitoring:  Recommendation Regarding Stage 1 Decision

2. Clarification of RTO West Treatment of Losses

3. Clarification of Stage 1 Decision on Interconnection Standards

4.. Potential Phasing of Congestion Management Implementation

5. Report on TransConnect

6. Benefit-Cost Study

A word about the new benefit-cost study.  It is my view that before we can
profitably engage in a new study that will be useful to regional parties a
number of issues need to be resolved first.  For example, it will be
important to know and not just assume what the scope and regional
configuration of RTO West is likely to be.  We are all waiting for FERC's
response to the October 23 filing and its declaratory order regarding the
RTO West scope and regional configuration as proposed in the October 23
application.  The reason for my uncertainty and the need for clarification
on scope and regional configuration is FERC's press release of March 14 in
which it "encouraged the formation of a regional transmission organization
(RTO) for the western markets."  What does this mean for RTO West? In
addition to understanding the scope of RTO West, it will also be important
to know and not just assume what the congestion and pricing models will be
for RTO West.  Determining these models will probably take a few more weeks.
As we discussed in earlier RRG meetings, a benefit-cost analysis may become
important parts of filings with the various state commissions.
Understanding what the state commissions are looking for is also important.
Because of  the need for this information, and the more focused process we
are considering, I have recommended to the filing utilities that the
benefit-cost work be deferred until these issues are resolved.  I would
appreciate your views on this subject at the RRG meeting as well.

I look forward to seeing you this Friday, March 23.

- Bud

 - Congestion Model Disc 3-20-01.doc


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Two people will be setting curves for basis.  Keith Holst for CA curves and Frank Ermis for Rockies and Southwest curves. I will be setting curves for balance of the month.

Thanks,
Mike

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Thursday, January 03, 2002 9:03 AM
To:	Grigsby, Mike
Subject:	new books

Mike,

We will be setting up both physical and financial books for everyone.  I know not everyone will have physical but to keep it consistent everyone will have both just in case.  I have the 10 names you sent Jeff earlier, please let me know if that changes.  Do you know what the structure going to look like? ie.  will each trader be assigned specific curves/locations, cash vs. term, how many different people will be setting curves.

We will be starting over with our curve files also.  We want to only start with the true published curves.  We have many derived/internal curves that aren't necessary and if we need to create more curves we will look into it later.  Since the number of curves will be greatly reduced, we will probably start with one file.

Thanks
Kam

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Wednesday, January 02, 2002 2:40 PM
To:	Keiser, Kam
Subject:	Zach McCarroll

Can you get together with Zach on Thursday or Friday and walk him through a simple book.  Take Jane Tholt's book and discuss Risk 101.

Send him an email with a time and place.

Thanks,
Mike


Still avoiding me?  I think I know whets going on...................how much do you know about the IT business?
                                                                                Be good,
                                                                                Bob


Paul:
Please see the enclosed and call me if you have any questions.  You will note
that I have assumed that the waiver period would expire either on a date
certain or if certain events happened before such date.  Please let me know
if there are other things that may cause the waiver period to expire early.
Carol


Thanks.  I suspect I'll be in the loop on this one way or the other.  Do you
want me to send you emails so you know what's up?

Kay

Ben F Jacoby@ECT
09/11/2000 12:48 PM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Change Order #3

Kay:

This needs to be handeled by Chris Calger's group. I think Bill Williams is
his point person (Chris will sign it, though).

Regards,

Ben

	From:  Kay Mann @ ENRON                           09/11/2000 12:27 PM

To: Ben Jacoby/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT
cc:
Subject: Change Order #3

---------------------- Forwarded by Kay Mann/Corp/Enron on 09/11/2000 12:27
PM ---------------------------

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 09/08/2000 04:25:33 PM
To: "Johnson, Lee L (PS, SSEP)" <lee.johnson@ss.ps.ge.com>,
"'chris.booth@enron.com'" <chris.booth@enron.com>, "'kay.mann@enron.com'"
<kay.mann@enron.com>
cc:

Subject: Change Order #3

Lee, Chris and Kay:

Attached is a draft of the Change Order #3 for the Las Vegas Cogen project.
Kay, I will be in Houston on Monday through Wednesday afternoon, but will be
busy most of Tuesday.  Lee had hoped that we could get together, or at least
talk, about this and the facility agreement and payment for Change Order #2.
How is your late Monday afternoon looking?

Kent

 <<Amendment Number 3.doc>>