This story reflects fairly well the debate underway regarding the DA suspension date.
The Treasurer, Angelides, is taking a hard line.  We are working with others to get the date pushed back.
California PUC staff has started calling around trying to estimate how many customers have very recently switched or are trying to.  They have made inquiries to our customers, including UC/CSU.
Best,
Jeff
State fights 6,000 firms' energy deals
Discount power contracts deemed unfair to consumers
Bernadette Tansey, Chronicle Staff Writer <mailto:btansey@sfchronicle.com>
Sunday, September 2, 2001
?2001 San Francisco Chronicle </chronicle/info/copyright>
URL: <http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/09/02/MN155174.DTL>
Thousands of California businesses may reap cost breaks on electricity while other utility customers live with record rate hikes if the state lets stand a spurt of last-minute contracts with private power suppliers.
More than 6,000 firms, including big retail chains and industrial plants, signed discounted power contracts in July and August as market prices dropped.
State officials are incensed, saying the private "direct access" contracts with electricity providers could shift the burden for millions of dollars in state power purchases onto households and small businesses.
State Treasurer Phil Angelides said the same companies that benefited as the state depleted its budget surplus to keep the lights on now want to escape paying their share of the billions spent to ensure power supplies for California.
"I think it's wrong and it's immoral," Angelides said.
State officials argue that the summer contracts can still be canceled retroactively because California businesses were on notice that their option to shop around for better deals on electricity was about to be suspended by the state Public Utilities Commission. The PUC is set to consider the retroactive ban Thursday. But energy firms say the summer deals were perfectly legal because the PUC had not yet taken action and made a series of draft decisions that put off the effective date of the direct access ban until as late as yesterday.
"The drafts were not consistent," said Tracy Fairchild, a spokeswoman for Alliance for Retail Energy Markets, a consortium of generators and energy suppliers. "Which one were we supposed to take seriously?"
The energy trade group is threatening to sue to protect the summer contracts. Angelides fears that a prolonged court fight could block a $12.5 billion state bond sale to reimburse the treasury for California's emergency power purchases.
The burgeoning conflict is part of a continuing fight by energy firms and some of their business customers to preserve direct access -- a core provision of the state's 1996 deregulation law.
Deregulation supporters predicted energy consumers would enjoy lower prices if private generators were allowed to compete with the utilities as power suppliers. But the direct access program was thrown into disarray last year when wholesale electricity prices skyrocketed and the state stepped in to buy power.
To make sure the state's outlay would be paid back by all ratepayers, the Legislature in January directed the PUC to suspend direct access. By that time,
most direct access customers were fleeing back to the utilities to benefit from a rate cap that protected them from the soaring market power prices.
The PUC postponed action on the direct access ban while some legislators were sponsoring bills that would have allowed the program to continue under certain conditions.
But by July, market prices had come down, and energy providers like Enron Energy Services, AES New Energy and Strategic Energy were again offering direct access contracts.
Businesses were looking for relief from the record rate hikes imposed on utility customers in June, said Phoenix energy consultant Gina Coleman. Coleman said she helped five retail chains with "a significant number" of stores in California negotiate contracts with Strategic Energy this summer.
"Business is business, and if you can get a better price for something, you should," said Coleman, who declined to name her clients. She said the lower costs will help the stores keep doing business in California and hold their prices down.
Daniel Douglass, an attorney for the Alliance for Retail Energy Markets, said any attempt by the state to cancel contracts retroactively would violate the constitutional law. He said energy firms have purchased power to serve their customers under the contracts and would suffer losses if they were canceled.
Angelides said the same firms that ran to the state for protection when their market contracts became too expensive now want to take advantage of lower power prices he attributes to the stabilizing effect of the state's long- term power contracts.
"You can't take advantage of the state's stabilizing the rates, then say, 'Thank you very much,' and stick everyone else with the bill," Angelides said.
State officials have not tallied the total number of customers who signed up in July and August, nor have they estimated the revenue loss that would have to be covered by remaining utility ratepayers.
Figures compiled by the PUC show that commercial and industrial firms signed more than 6,000 new direct access contracts in July alone. A rough calculation suggests that, as a result, the firms might contribute as much as $64 million less annually to the repayment of state costs.
The loss might not be significant enough to risk a court fight that would delay the bond sale, state officials said.
Bu Angelides said the same power firms that helped create the energy crisis by charging exorbitant rates are now threatening a bond issue desperately needed to restore funds needed for education, health care and children's services.
"What they're talking about doing," he said, "is holding us hostage until they get what they want."
E-mail Bernadette Tansey at btansey@sfchronicle.com <mailto:btansey@sfchronicle.com>.
?2001 San Francisco Chronicle </chronicle/info/copyright> Page A - 21


Please verify fax number for Enron Corp., VP Finance and Treasury (for the
purpose of receiving notices of default)

713-646-4016


Your application for online QuickLink
Bill Payment has been approved. Within
1-3 business days you will receive a
confirmation e-mail notifying you that
your QuickLink Bill Payment service has
been activated. When you receive this
information, simply logon to QuickLink
Internet Banking and click on the
QuickLink Bill Payment icon. If you
have any questions or fail to receive
the activation notice, please call
Enron Federal Credit Union.
Thank you for using our online
QuickLink Bill Payment service.


I would assume so.


Congratulations Benjamin C  Rogers !

 You are a 2000 New York City Marathon Lottery winner. Cheers!

 YOU KNOW WHAT THIS MEANS, DON'T YOU??

 You have earned the right to run 26.2 brilliant miles through the streets of
New York City on Sunday, November 5, 2000! (Only 115 days to go.)

 AND YOU KNOW WHAT THAT MEANS, DON'T YOU??

 It's time to start training!

 Start RIGHT NOW by outfitting yourself with the official "Training for 2000"
t-shirt! Why train in silence?! Let the world know your goal and wear a
t-shirt that keeps your training on track.

 AND . . . because today is your lucky day, we have a great deal for you:
order your "Training For 2000" t-shirt before 11:59pm* on Sunday, July16th,
and the shirt is your's for the special price of $15 (regularly $18), or the
Training for 2000 tee shirt and cap for $29.95! (Just note code #332 in the
shipping instructions, and we will adjust your price!). To check it out,
please visit the NYC Marathon website at www.nyrrc.org/merchandise.*

 Sincerely,
 Your friends at the New York City Marathon.

 *Hey, wait a minute! 11:59pm! What are you doing AWAKE? Get in bed and get
some rest! You're a Marathoner in Training!

 **Also, now that your geared up, why not register for an NYRRC race and get
acclimatized to the racing experience. Run with others, consume water on the
go (not necessarily as easy as it looks), and start dress rehearsing for the
big day. For information on our June favorites, visit www.nyrrc.org.

------------------------------------------------------------------------------
------------------------------
If you would like to be removed from this mailing list, please reply to
unsubscribe@nyrrc.org with the following subject line: remove (First Name
Last Name)  ex. remove John Doe


I recall that we set up a warning flag approach with market services last
year to make sure that Sempra never "goes physical" without us manning the
battle stations and deciding what to do.  Do you guys know who the noms would
come in to in Market Services if Sempra ever decided to try to take their gas
out of Cunningham and move it off system?  Care to venture a guess as to what
that person would do if a 100,000 nom by Sempra into an IT contract for a
haul from the Cunningham storage point to Demarc hit their desk?  Sempra
couldn't nom the gas into a transport contract without first giving
Kent/Sue/Morgan a physical delivery nom under the SF agreement, correct?  At
which point we would immediately nom the SBA, correct?

These issues may be important to our closing this year's deal if TCEM can't
come up with the corp. guarantee.  I.e., if we can retain absolute control of
the noms, do we really have any "go physical" risk???  We need to think this
through.  DF


The structure is as follows:  Enron Market Claims Trading Corp. ("EMCT"), a Texas corporation and 100 percent subsidiary of Enron Global Markets LLC ("EGM"), organized Enron (Bermuda) Limited ("EBL"), a Bermuda corporation and 100 percent subsidiary of EMCT, to serve as the Enron partner in Global Risk Strategies (Bermuda), Ltd. ("GRSBL"), a Bermuda organized entity that is treated as a partnership for U.S. tax purposes and in which EBL possesses a 75 percent interest.  Essentially, EGM through two entities (a U.S. entity and a Bermuda entity) has organized a Bermuda based partnership (that is, GRSBL) to engage in the claims trading activity.  In turn, the consequence of Enron holding its interest in the Bermuda based claims trading business in this manner is that income derived from such claims trading business will not be currently taxed by the U.S. and, in fact, will never be taxed so long as the earnings from the activity are not repatriated from EBL to EMCT (i.e., from the Bermuda entity to the U.S. entity) - this will reduce EGM's effective tax rate because Bermuda does not tax this activity (we applied for and obtained a tax exemption).  Conversely, however, should GRSBL not earn income and instead generate a loss, such loss would not provide a U.S. tax deduction and this would operate to increase the EGM effective tax rate (this is similar to the point discussed at the Monday meeting several weeks back related to EGM's Singapore business).  Finally, in order to obtain the tax benefit mentioned above, it is important that transactions undertaken by GRSBL be executed outside of the U.S. (essentially, we will lose the tax benefit if GRSBL conducts business in the U.S.).  However, transactions that need (for nontax reasons) to be conducted in the U.S. can be undertaken by EMCT and (handled in this fashion) not taint GRSBL (since GRSBL is insulated from EMCT by EBL).

Accordingly, by organizing the claims trading business in the tiered subsidiary form described above, we have structured the business in a fashion that minimizes the tax consequences to EGM and this will, in turn, work to reduce the effective tax rate of EGM.  I would be delighted to speak in detail regarding this should you have additional questions and can be reached at x30938 or on my cell phone at 713.817.5052.  Best regards.  SHD.

 -----Original Message-----
From: 	Aronowitz, Alan
Sent:	Thursday, September 06, 2001 12:32 PM
To:	Shankman, Jeffrey A.
Cc:	Douglas, Stephen H.
Subject:	RE:

Jeff:

I will have Steve send you a note on this. Steve, please call me about this when you get back to the office later today.

Alan

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Thursday, September 06, 2001 11:12 AM
To:	Aronowitz, Alan
Cc:	Douglas, Stephen H.
Subject:	RE:

What tax reasons?  What is the structure?

 -----Original Message-----
From: 	Aronowitz, Alan
Sent:	Thursday, September 06, 2001 10:18 AM
To:	Shankman, Jeffrey A.
Subject:	RE:

Jeff:

I just tried to call you on this matter. I left you a voice mail.

This company was set up for tax reasons to indirectly hold 100% of the shares of  the new Bermudan company formed last week to trade insurance claims.

Let me know if you have any other questions.

Regards, Alan

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Thursday, September 06, 2001 9:32 AM
To:	Aronowitz, Alan
Subject:

Alan, I didn't know we were setting up a sub of EGM for GRM.  I've gotten a question from Whalley about it.  Can you fill me in?

Jeff


We got another big name recruit - that will probably amount to nothing with
our conservative, shitty Offensive Coordinator.

http://maxemfinger.rivals.com/default.asp?sid=1356&p=2&stid=8031594


thats it

Shanna Husser@ENRON
03/06/2000 04:26 PM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Hey- I'll just call you when I get ready to leave Toni and Guy- so you will
know I am on my way.

713-526-8304

Right??

Sh


Kay,

Marvin is out of pocket right now.  If we do not hear from David Hunt this
morning, is there someone running backup for you?

 -----Original Message-----
From:  Mann, Kay
Sent: Monday, March 19, 2001 8:12 AM
To: Rorschach, Reagan
Subject: RE: Clarksdale

Federal jurisdiction and limit of liability verbage.  That's what comes to
mind at this point.

Could you email me the most current version (I think it was March 3)?

Thanks,

Kay

From: Reagan Rorschach/ENRON@enronXgate on 03/19/2001 08:00 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: Clarksdale

You were reading my mind.  What is the list of things he owes us?  David F.
and I will call Marvin to report on the status.

Thank you,

Reagan
713.345.3363
 -----Original Message-----
From:  Mann, Kay
Sent: Monday, March 19, 2001 7:55 AM
To: Rorschach, Reagan
Cc: Pagan, Ozzie; Fairley, David
Subject: Clarksdale

Reagan,

I haven't received an email from David Hunt yet.  I will make the changes you
and I discussed last week, and perhaps we will get David's changes sometime
today.

Kay


Attached are drafts of the Master Firm Purchase/Sale Agreement for gas.  Upon completion of a guaranty I will incorporate a section for same.

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


The deal has been fixed. I'm so sorry about that - when I changed the dates
at the top, the computer asked if I'd like it to copy the changes into the
strips. I should have checked to make sure it did this correctly!

And I will definitely add notes in the comments section of deals I change
from now on. Thanks for the tip.

Kate

	From:  Sharen Cason                           12/19/2000 03:44 PM

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

Subject: #482593

Whatever you changed on this deal, it now reads that it flows 32 hours a
day!  You have five strips in, each flowing for 16 hours.

Also, when you change a deal, if you could make small note about what you
changed in the comment section of deal entry, if really makes things go
faster.  We know what change to look for when we make the revision.

Let me know when it is fixed.

Thanks!


Transwestern's average deliveries to California were 972 MMBtu/d (89%), with San Juan lateral throughput at 851 MMBtu/d.  Total East deliveries averaged 403 MMBtu/d.

El Paso's average deliveries to California were 2075 MMBtu/d (71%):
- PG&ETop, capacity of 1140 MMBtu/d, deliveries of 573 MMBtu/d (50%)
- SoCalEhr, capacity 1250 MMBtu/d, deliveries of 1010 MMBtu/d (81%)
- SoCalTop, capacity 540 MMBtu/d, deliveries of 492 MMBtu/d (91%)

Thursday's posted Gas Daily prices:
	SoCal gas, large pkgs	  2.345 (+.185)
	PG&E, large pkgs	  2.335 (+.185)
	TW San Juan		  2.20 (+.19)
	TW Permian		  2.215 (+.185)


All,

Following is a list of the top 10 priorities for the EBS Government Affairs
organization.  Please note, the priorities are not in order of importance.
Please review the list and feel free to recommend changes, i.e., additions or
deletions.

Further, we have been asked to come up with a "Top 5 Wish List" for the
Government Affairs organization at large. Any suggestions for the wish list
would be greatly appreciated. Thanks in advance for your help.

Best regards,

Donald and Scott

Top 10 Priorities
? Support the BlockBuster Transaction, DSL Deployment, Copyright and
Distribution
? Continuation of the State Licensing Initiative
? Continue to Assist Deal Structuring
? Public Lands Right-of Way
? CFTC-FTC Regulation of Bandwidth and Online Trading
? Support International Licensing Activities
? Support Market Liberalization in South America and Mexico
? De-regulation of Private Line and BroadBand in the US
? Support New Markets and Technologies
? Regulatory Compliance


Group,

Our discussion forum notes as a group are significantly improved in the past
3 weeks in many areas.  I believe communication in the group at shift changes
is improving and is quite good in general.  However, there is always room for
more improvement.  Specifically, other traders in the group and on the floor
would benefit from more detailed information regarding outages.  Please try
to include the reason for a plant derate as well as the ETR when a unit is
lost.  I would also highly recommend notifying the cash desk in the region
affected by the outage, either by email or verbally.  An important outage was
recently missed by both the real-time group and another cash desk on the
floor.  Real-time had ready access to the information concerning the outage
but did not pass that information on to others in the group at the shift
change or others on the floor.  In this case, such poor communication simply
made us look foolish.  We work hard for (and justly deserve) the solid
reputation we have on the floor.  Let's make sure we do the little things to
maintain it.

Again, keep up the good work.
Bill


I am tied up this morning.  SS

	Kathryn Thomas
	11/28/2000 03:14 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: New US Entities

Sara - hope this is OK with you.   The meeting will start at 10am Houston
time and I was wondering if there is any chance that you can conference call
in to Denis O'Connels office (+44 (0)20 7783 4828)?

Please confirm as soon as possible.

Many thanks

Kath
---------------------- Forwarded by Kathryn Thomas/LON/ECT on 28/11/2000
09:12 ---------------------------
Alarm enabled: an alarm will occur 12 minutes before the start time of this
entry.
	Calendar Entry

New US Entities (Denis's office)
Brief description:
Date:
Time:

28/11/2000
16:00 - 17:00

Detailed description:
Discuss implications of implementing entities of the attached.

 Invitations

		Phone/Ext	Include
Chairperson:	Richard Sage/LON/ECT	37546	  Yes
Organised by:	Kathryn Thomas/LON/ECT		  No

Invitations sent to:	David A Wall
Denis O'Connell
Rod Nelson
Ian Sloman
Kellie Naven
Sara Shackleton
Ann Hicks

Optional invitees:	Erica Gut

Other invitees:

 Room Booking


The meeting referenced above is schedule for Tuesday, May 22, from 3:30 p.m.
- 5:00 p.m. in EB872.

Attendees:
Vicki Sharp
Mark Haedicke
Jeff Hodge
Elizabeth Sager
Carol St. Clair
Jim Keller
Mike Smith
Deborah Culver
Michelle Maynard


Its post earnings so no feeling on a day.

 -----Original Message-----
From: 	Romano, Marcello
Sent:	Tuesday, October 16, 2001 11:03 AM
To:	Kitchen, Louise
Subject:	RE:

Spoke to him before his holiday - does not seem terribly happy?

Am glad you think the move is good as I want to get back into the core business. If you ever come back to run Europe at least I should know what is going on.

Am working on signing a contract again. Base aiint exciting but equity looks good. When would you set the strike?

M

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	16 October 2001 15:22
To:	Romano, Marcello
Subject:	RE:

I think its a good idea.

I thought a lot about it.

Spoken to Jonathan recently.

 -----Original Message-----
From: 	Romano, Marcello
Sent:	Friday, October 12, 2001 11:20 AM
To:	Kitchen, Louise
Subject:

L,

Do you think I am making a mistake or do you just need time to think of the implications.
Do you think I would be better positioned in oil to succeed?

M


OK w/me.

	Lisa Lees
	11/07/2000 03:12 PM

		 To: Tana Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT
		 cc: Stacey Richardson/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT
		 Subject: New EOL Product - Crude Oil Financial

Tana/Karen:

The product long description below will fall under the new product type US
Crude Basis Swap.  Credit (Tom Moran) has approved copying the profiles for
the new product type from the following:

US WTI Fin Swap

Please respond by 10 a.m. on Wednesday, November 8.

Thank you.
---------------------- Forwarded by Lisa Lees/HOU/ECT on 11/07/2000 02:04 PM
---------------------------

Robert B Cass
10/31/2000 05:13 PM
To: Matthew Adams/Corp/Enron@ENRON
cc: Richard Schneider/Enron Communications@Enron Communications, Tom
Moran/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT,
Stephen H Douglas/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT@ECT, Rudi
Zipter/HOU/ECT@ECT, Lisa Lees/HOU/ECT@ECT, Jennifer deBoisblanc
Denny/HOU/ECT@ECT, Torrey Moorer/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT, Dawn
C Kenne/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Mark Friedman/HOU/ECT@ECT,
Melba Lozano/HOU/ECT@ECT
Subject: New EOL Product - Crude Oil Financial

Hi Matt-

SIGMA FACTOR REQUEST:
Commercial has requested the following new Crude Oil Financial product type
on EOL.  The product type is similar to a gas basis link product type except
that the commodity is Crude.   (Platt's Indices will apply for the fixed and
float pricing) :

New Product TypeCommodity:
Product Type:   US Crude Fin Basis Swap
Commodity: Crude Oil
Currency:     USD
Default UOM:   Barrels
Country:   USA

Financial Description (e.g):
A US Crude financial Swap Transaction with Enron North America Corp., under
which either (A) for the case in which Counterparty submits an offer to buy
from Enron, Counterparty shall pay the Fixed Price and shall receive the
Floating Price, each in respect of the Notional Quantity per Determination
Period; or (B) for the case in which Counterparty submits an offer to sell to
Enron, Counterparty shall receive the Fixed Price and shall pay the Floating
Price, each in respect of the Notional Quantity per Determination Period.
Each calendar month during the term of the Transaction will be a
Determination Period. The Notional Quantity per Determination Period is the
volume submitted by the Counterparty via the website.  The Payment Date(s)
will be 5 business days after both the Fixed Price and the Floating Price are
determinable. The Floating Price shall be the average of the Index for each
day in the relevant Determination Period.

The term of the Transaction shall be from the Effective Date to the
Termination Date. The Effective Date is 01 Jan 2001. The Termination Date is
31 Dec 2001.

(Note:  The following 3 indices will be applicable)
(Light Louisiana Sweet)
The Fixed Price for a Determination Period shall be the mean of the daily
first line quotations for WTI/(MONTH) under the heading "U.S. $/Bbl" in the
Crude Price Assessments section of Platt,s Oilgram Price Report for those
issues published for the applicable Calculation Period, modified by the price
submitted by the Counterparty on the website.  The Index for a day shall be
the mean of the daily quotations for LLS under the heading "U.S. $/Bbl" in
the Crude Price assessments section of Platt,s Oilgram Price Report for those
issues published for the applicable Calculation Period.

(West Texas Sour)
The Fixed Price for a Determination Period shall be the mean of the daily
first line quotations for WTI/(MONTH) under the heading "U.S. $/Bbl" in the
Crude Price Assessments section of Platt,s Oilgram Price Report for those
issues published for the applicable Calculation Period, modified by the price
submitted by the Counterparty on the website.  The Index for a day shall be
the mean of the daily quotations for WTS under the heading "U.S. $/Bbl" in
the Crude Price assessments section of Platt,s Oilgram Price Report for those
issues published for the applicable Calculation Period.

(Midland Sweet.)
The Fixed Price for a Determination Period shall be the mean of the daily
first line quotations for WTI/(MONTH) under the heading "U.S. $/Bbl" in the
Crude Price Assessments section of Platt,s Oilgram Price Report for those
issues published for the applicable Calculation Period, modified by the price
submitted by the Counterparty on the website.  The Index for a day shall be
the mean of the daily quotations for WTI Midland under the heading "U.S.
$/Bbl" in the Crude Price assessments section of Platt,s Oilgram Price Report
for those issues published for the applicable Calculation Period.

The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
The unit of measure against which the price is quoted shall be Barrels per
month and the quantity shown shall be in Barrels per month.


FYI.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/17/2000
05:16 PM ---------------------------

Robert Johnston
11/17/2000 09:15 AM
To: Gary Hickerson/HOU/ECT@ECT, Max Yzaguirre/NA/Enron@ENRON, Jeffrey A
Shankman/HOU/ECT@ECT
cc: William Stuart/HOU/ECT@ECT, Shane Dallmann/LON/ECT@ECT, Pushkar
Shahi/HOU/ECT@ECT, Ellen Su/Corp/Enron@Enron, Michelle D
Cisneros/HOU/ECT@ECT, Trena McFarland/NA/Enron@Enron, Eric Scott/HOU/ECT@ECT,
Paul Pizzolato/HOU/ECT@ECT, Aaron Armstrong/LON/ECT@ECT, Jurgen
Hess/LON/ECT@ECT, Martina Angelova/LON/ECT@ECT, John Greene/LON/ECT@ECT,
Scott Tholan/Corp/Enron@Enron
Subject: Argentina and Emerging Markets

The crisis in Argentina has a lot of people talking about another emerging
market crisis.  This source believes that such talk is overblown, at least
for now.

RJ

ARGENTINA:THE UNPALATABLE CHOICE AMONG DEFLATING, DEFAULTING OR DEVALUING

Executive Summary
The recession in Argentina is deepening and the government faces painful
choices in addressing it
While the current strategy of deflation is unpopular, default or devaluation
could be even more painful
Deflation will remain the strategy of choice so long as De la Rua survives;
if his government falls, both default
      and devaluation become likely
Mexico and Brazil are in a stronger position to face the fallout from a
devaluation than they were in 1998

November 16, 2000

1. Argentina Recession

The question haunting observers of Argentina is whether the De la R?a
administration will succeed
in stabilizing the country,s economy and pulling it out of its second
recession in five years. Indeed,
the 11-month old administration has not lived up to expectations and is
quickly losing market
confidence. Although the country has so far maintained the support of the IMF
and Washington,
the outcome of the unfolding crisis is by no means certain. Argentina is
trapped in a fixed
exchange regime that succeeded in taming inflation but is now impairing its
competitiveness and
long-term prospects.

2. Deflate, Default, or Devalue?

The administration faces a number of unenviable choices as it tries to reduce
the difference
between internal and external prices. It can continue with its present course
of action, attempting
to cut its fiscal deficit amid a deepening recession and a growing debt
crisis. The adjustment of
relative prices would thus be accomplished through continued deflation. A
variant of this scenario
would be to renegotiate part of its external debt, in order to reduce the
increasingly onerous interest
payments, or default on its sovereign bonds. This, however, would destroy the
last shred of
confidence, jeopardize Argentina,s future access to international capital
markets, and ruin the
country,s relations with major industrialized countries. Finally, the country
could opt to devalue.
Arguably, the financial and social cost of this action would be high, but the
country could recover
relatively quickly, as the cases of Mexico and Brazil suggest.

3. Recession Threatens De la Rua Survival

The outcome will depend on whether the De la R?a administration remains in
power. The
government is committed to pursuing a deflationary adjustment, hoping that it
will pay off by next
year, provided that the US dollar weakens and that its access to
international markets is
maintained. However, if the deflation is more prolonged and the economic
recession becomes
socially and politically untenable, the ruling coalition could disintegrate
and the president could be
forced to resign. In that case, the new government would probably decide to
devalue immediately
after taking power.

4. Brazil and Mexico Less Vulnerable to Contagion than in 1998

The Argentine crisis has raised the specter of emerging market financial
instability, notably in
Brazil and Mexico. However, these fears may be unfounded given the progress
made by the latter
countries in improving their fundamentals. Indeed, both Brazil and Mexico now
feature a floating
exchange rate regime and have gone a long way in terms of balancing their
fiscal accounts. Thus,
in the event of an escalation of Argentina,s difficulties, both countries are
well equipped to
overcome temporary financial turmoil.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/08/2001
03:31 PM ---------------------------

Kathy Spradling <spradlin@rice.edu> on 01/08/2001 10:47:27 AM
To: (Recipient list suppressed)
cc:
Subject: Spring 2001 Module and Calendar Schedule Attached

Spring 2001 Faculty,

Attached is the Spring 2001 Module and Calendar Schedules for your
review.  Please note the Jones Graduate School is not following the
traditional University Calendar for Spring Break this year.  If you have
any questions please contact me.

Kathy

Kathy M. Spradling
MBA Program Coordinator
Jesse H. Jones Graduate School of Management
Rice University
6100 Main Street, MS 531
Houston, Texas  77005-1892
Phone:  (713) 348-3313
Fax:  (713) 348-5251
Email:  spradlin@rice.edu
http://www.rice.edu/jgs
E-mail:  spradlin@rice.edu
http://www.ruf.rice.edu/~jgs/
 - Spring Module 2001 Sch.doc
 - Spring Module 2001 Cal.doc


As we do with all Tradenames, Divisions, DBAs etc., we create Type 3 records
"child records"
 which we then link to a Type 1 record "legal entity".

If a Trader wants to trade under "Scooby Doo", we can do it and have all
exposure roll-up to his legal entity record.

Samuel

From: Tana Jones on 05/14/2001 03:13 PM
To: Samuel Schott/HOU/ECT@ECT
cc:
Subject: Re: CP/ID 93871 _ Ripon Community Printers

How has the GCP been set up?

	Samuel Schott
	05/14/2001 03:08 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: CP/ID 93871 _ Ripon Community Printers

Hello Tana,

In answer to your question - - both. Ripon Community Printers is a Tradename
for Lyke Corporation.

Best Rgds.

Samuel x3-9890 (GCP Team)
Enron Net Works _ Global Data Management

From: Tana Jones on 05/14/2001 02:55 PM
To: Samuel Schott/HOU/ECT@ECT
cc:
Subject: Cpy ID93871

Is the counterparty known by the above ID Lyke Corporation or Ripon Community
Printers, I'm confused?


Good morning!

I'm soliciting commitments for those wanting to go to the Nutcracker this
year.  I was thinking of trying to get tickets to a daytime performance.  Any
interest?

The Sugar Plum Fairy


Rick,

Beautiful.

I would like to add that we got the benefit of this method of calculating prejudgment interest because the arbitrators specifically adopted Northern's prejudgment interest methodology, which was based on the fine work Harry, Tangi and you did on our post-hearing briefs.

Of even more significance,  the panel specifically noted KN's course of performance of using our meter numbers for its monthly plant settlements when the panel rejected ONEOK's argument that ONEOK had never "accepted" the meters.  Harry and Tangi brought this evidence to our attention at the outset of this litigation, and it became a centerpiece argument for us. With their and your fine work (and the unbelievable hours all of you put in, late at night, early in the morning, on the weekends, and frequently on an emergency basis, with little or no notice), you made ONEOK's attorneys very unhappy with your testimony at the hearing.  I loved it.

This was a team effort, and congratulations are due all the way around.  It was my great pleasure to have partnered with you on this.

Britt

 -----Original Message-----
From: 	Dietz, Rick
Sent:	Wednesday, July 11, 2001 4:04 PM
To:	Davis, Britt
Cc:	Dykes, Tangie; Fossum, Drew; Ringblom, Kathy; Porter, Gregory J.; Zikes, Becky; Carrier, Lee; Woodson, Harry; Corman, Shelley; Lowry, Phil; Miller, Mary Kay
Subject:	RE: Northern v. ONEOK

Britt,

We have done a thorough analysis of ONEOK's calculation of pre-judgment interest and are in agreement with their amount due Northern of ($56,097.69).

The reason why the interest is due Northern (in apparent contradiction to Northern being instructed to pay ONEOK approximately $1.2 million dollars for the retroactive correction of the meter factor error) is tied to the calculation of the accumulated interest.  Since this is a dollar-valued OBA, each month's imbalance was valued at the appropriate monthly index price and a 6% simple interest calculation was applied from that month until the current period.  We had a significant amount of monthly imbalances due Northern early in the review period that carried forward very large credit interest balances due us.  For example, July 1998 had a credit imbalance due NNG valued at ($753,541.27).  This amount calculated at a 6% interest rate for 997 days (September 1998 through June 2001) resulted in a credit interest amount due NNG of ($123,498.19).  For comparison purposes, contrasting with this month is a large debit imbalance due ONEOK of $769,407.44 for the month of December 2000.  This amount calculated at a 6% interest rate for only 113 days (February 2001 through June 2001) resulted in a debit interest amount due ONEOK of $14,292.01.  By summarizing these two months, we have an imbalance value that is due ONEOK of $15,866.17 with a corresponding net interest valuation due Northern of ($109,206.18).  This scenario plays out for the entire review period netting to a cumulative credit amount due Northern of ($56,097.69).

If you would like to review the calculations in detail, please let me know and I will forward the spreadsheet to you.

Rick, Harry & Tangie
 -----Original Message-----
From: 	Davis, Britt
Sent:	Monday, July 09, 2001 4:51 PM
To:	Woodson, Harry
Cc:	Dykes, Tangie; Dietz, Rick; Fossum, Drew; Ringblom, Kathy; Porter, Gregory J.; Zikes, Becky; Carrier, Lee
Subject:	Northern v. ONEOK
Importance:	High

	Harry,

	We need your help yet one more time.  Tomorrow morning I will have hand-delivered to you a letter from Ben Singletary, ONEOK's attorney, stating that they calculate pre-judgment interest (using Northern's methodology, which the arbitrators specifically approved--thanks again to you, Tangi and Rick!) such that ONEOK actually owes Northern about $50,000.  We certainly don't mind them owing us $50,000; however, we want to see if ONEOK owes us even more than that.

	If you need additional information (such as the actual panel award), please call Becky Zikes and she will make sure a copy gets to you.  I will be out from about 9:30 to 3:00 tomorrow, but will be in later in the day.

	Many thanks.

	Britt


David,

Please review and let me know what you think.  I would run this by Harry also.

Stacy


Start Date: 2/27/01; HourAhead hour: 17;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001022717.txt


Per Legal's recommendation, please order another phone for Eric Gadd.  He is the officer representing Mavrix and needs a phone number that is not associated with Enron (no 853 or 345 prefix).  Thanks.


Bob:

Bill Bradford and I have a phone call with PG&E at noon tomorrow.   We will advise everyone of what we learn.

Michael

 -----Original Message-----
From: 	Williams, Robert C.
Sent:	Wednesday, May 23, 2001 5:33 PM
To:	Tribolet, Michael; Buy, Rick; Gorte, David; Bradford, William S.; Kean, Steven; Shapiro, Richard; Steffes, James; Kingerski, Harry; Koenig, Mark; Palmer, Mark; Denne, Karen; Haedicke, Mark; Mellencamp, Lisa; Sager, Elizabeth; McCullough, Travis; Sharp, Vicki; Smith, Mike; Curry, Wanda; Dasovich, Jeff; Mara, Susan; 'byoung@llgm.com'; 'jklauber@llgm.com'; Whalley, Greg; Lavorato, John; Delainey, David; Dietrich, Janet; Sunde, Marty; Leff, Dan
Subject:	RE: PX credits & Schedule F in the PG&E bankruptcy

Michael, how can we get with PG&E to determine where the discrepancy lies?

 -----Original Message-----
From: 	Tribolet, Michael
Sent:	Wednesday, May 23, 2001 3:02 PM
To:	Buy, Rick; Gorte, David; Bradford, William S.; Kean, Steven; Shapiro, Richard; Steffes, James; Kingerski, Harry; Koenig, Mark; Palmer, Mark; Denne, Karen; Haedicke, Mark; Mellencamp, Lisa; Sager, Elizabeth; McCullough, Travis; Sharp, Vicki; Smith, Mike; Williams, Robert C.; Curry, Wanda; Dasovich, Jeff; Mara, Susan; 'byoung@llgm.com'; 'jklauber@llgm.com'; Whalley, Greg; Lavorato, John; Delainey, David; Dietrich, Janet; Sunde, Marty; Leff, Dan
Subject:	PX credits & Schedule F in the PG&E bankruptcy

PG&E filed their Schedule F which displays its nonpriority unsecured claims.  Many of the claims were listed as unknown in amount.  The PX credit amounts were listed as disputed.   Two PX credit amounts were specified in the Schedule F:

Enron Energy Marketing      $201,964,905.64
Enron Energy Services       $ 19,737,979.97
Total disclosed PX credit   $221,702,885.61

Note that in the claims that were listed as unknown in amount, none were described as PX Credit in nature.

Two points to be made: 1) this information is now public (but on page 5,066 of 17,096 on a CD), along with $53,985,167 in other Enron related claims, and 2) our calculation of the PX credit was $392,416,534 at the beginning of May.

Regards,

Michael


Today we announced the appointment of Jeff McMahon as Enron's chief financial officer.  In my continued discussions with the financial community yesterday and today, it became clear that this move was required to restore investor confidence.  Jeff has unparalleled qualifications and a deep and thorough understanding of Enron.  He is already on the job and hard at work on the issues before us.  Andy Fastow will be on a leave of absence from the company.

Jeff had been serving as chairman and CEO of Enron Industrial Markets. He joined Enron in 1994 and spent three years in the London office as chief financial officer for Enron's European operations.  Upon returning to the U.S., Jeff was executive vice president of finance and treasurer for Enron Corp.  In 2000, he was named president and chief operating officer of Enron Net Works.

I know all of you are concerned about the continuing decline in our share price.  I am too, and we are working very hard to turn it around.  Appointing Jeff as CFO is one important step in that process.  But most of the solution involves just continuing to do our jobs with excellence.  The fundamentals of our business are strong, and I think the market will begin to see that as we continue to perform.

Please join me in giving Jeff your full support, and thank you for all of your continued hard work.


I would like us to meet as a group weekly to review project status and business requirements.  I will provide a detailed agenda on Wednesday's.

This week only, we will meet today at 4:00.

Thanks.

Debra


ARTICLES INCLUDED IN THE BINDER

FYI ARTICLES - NOT INCLUDED IN BINDER    ARTICLES EMAILED TO REBECCA SMITH -
WSJ


As you both may recall, we left unresolved whether our intention was to have
the credit derivatives tied to the applicable ISDA Master Agreement, if there
was any.  Mark's first thought was that they would always go under a GTC, but
after reflection, perhaps we might want them to go under the master.  We need
to get this resolved because there is no global contract assigned to any of
the credit derivatives online, which is causing much trouble between Global
Contract and the online crew.

Can you direct me as to what our approach will be.  Thanks.


Kate, I am working with Brooklyn Couch with EES on the March power activity
and she has a deal referring to the schedule received from you.  Deal  #
547478.1 we have peak @ $164.15, off peak @ $99.90.   EES shows per the
schedule $174.15 & $109.90.

I spoke with Virginia and we agreed that variances which are listed as part
of the schedule I will forward to you.  All others will go in to DMS.

Please let me know what you find out.

Thanks,

Mark


Richard- I am talking with Larry at Kinko's today at 4 pm to address the comments he has outlined in the file below
I need your help in addressing his change of language request (see 2.8 Last few sentences under Contractual comments)
He does not want us to keep the potential credits from green power-see his comment on page 2 of document below
Can you help me address this with him?
Please give me a call - I don't think it is necessary for you to have to sit thru the call with us this afternoon on all other comments
thanks
Kay
---------------------- Forwarded by Kay Quigley/HOU/EES on 09/17/2001 11:05 AM ---------------------------

"Larry Rogero" <LarryR@kinkos.com> on 09/07/2001 10:27:28 PM
To:	<kquigley@enron.com>
cc:	<LizaM@kinkos.com>, <TeresaR@kinkos.com>
Subject:	Re: 1 year pricing

Kay,
Thanks for the one year proposal. It will be beneficial in moving our decision process forward.

I have attached Kinko's comments to the Enron Sales Agreeement for power in TX. I have divided the comments into three separate sections: Administrative, Contractual and Clarification Questions/Comments. At first glance it might seem like a lot, but once you get a chance to review it, you will see there are really only a handful of issues we need to iron out. I will give you a couple days to review it, then I would like to try and set-up a conference call some time later this week with both of our Legal Departments involved.

Thanks for your help to date, and I'm looking forward to making this agreement beneficial for both our firms.

Take Care,
lr

>>> "Kay Quigley" <kquigley@enron.com> 09/07 3:06 PM >>>

Larry, I have revised pricing behind all 4 utilities to reflect a one year term.
Please keep in mind that the shopping credits or PTB are estimates- these
numbers
will not be finalized for these utilities until early October. Since we are now
talking an October
close date, we cannot start services until Dec. which will only give you a one
month discount.
I would recommend we just price the deal assuming no discount (might be lower
fixed gen rate)
and just start services 1/1/02.
I would rather not refresh the 3 year pricing unless you really need it because
it makes more
sense for us to do it when we are ready to execute. You can just assume the
pricing I sent to
you 8/20 is about a $1.00 Mwh lower than what is shown for fixed gen.
Thanks
Kay
(See attached file: kinko's proposal-revised 1 year term.xls)

 - Kinko's Comments to Docs of 8-23.doc


Darrell,

Thanks a lot. I really appreciate it. The text is below our usual
standards but we are completely swamped with work here.

Vince

Darrell Duffie <duffie@Stanford.EDU> on 08/15/2000 04:54:23 PM
Please respond to Darrell Duffie <duffie@Stanford.EDU>
To: Vince.J.Kaminski@enron.com
cc:
Subject: Re: Full version

I'll have a look!

I haven't much time, but can certainly
get you a quick reaction, at least!

Best, Darrell

> X-Lotus-FromDomain: ECT
> From: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> To: duffie@Stanford.EDU
> Date: Thu, 10 Aug 2000 14:04:47 -0500
> Subject: Full version
> Mime-Version: 1.0
> Content-Disposition: inline
> X-UIDL: 9fef7462afa5d4ee6c04c9c02df71b25
> X-Keywords:
>
>
>
> Darrell,
>
> Grant just alerted me that I sent you only  part of the text.
>
> Here is the full chapter with an aged version of Gran't part.
> What I sent you represents an update of his contribution.
>
> Sorry for that.
>
> Vince
>
>  (See attached file: vol0720.DOC)

_____________________________________________
Darrell Duffie
mail  GSB Stanford CA 94305-5015 USA
phone 650 723 1976
fax   650 725 7979
email duffie@stanford.edu
web   http://www.stanford.edu/~duffie/
_____________________________________________


Rogelio, the new corporate purpose looks very good to me...However, as you
know, Enron has recently acquired the largest metals trader in the world
(MG), and as of next september we will be able to trade metals on the London
exchange...I want the new corporate purpose to include "metals" in its
definitiion....

Peggy, let us know if this is O.K. with you so we can proceed....

Thanks and regards.

Rogelio L?pez Velarde <rlopezv@lvha.com.mx> on 05/30/2000 07:20:44 PM
Please respond to Rogelio L?pez Velarde <rlopezv@lvha.com.mx>
To: "Peggy Banczak" <pbancza@ect.enron.com>
cc: "Sean McCoy" <Sean.McCoy@lvha.com.mx>, "Shari Stack"
<sstack@ect.enron.com>, "Jaime Williams" <Jaime.Williams@enron.com>

Subject: Financial Trading Co.

See attachment.
?
The information contained herein may be  confidential and/or privileged. This
information is intended to be reviewed only  by the individual or the entity
to which is addressed. If the reader of this  e-mail message is not the
intended recipient or a representative of the intended  recipient you are
hereby notified that any review, dissemination or copying of  this e-mail
message or the information contained herein is prohibited. If you  have
received this e-mail message in error, please immediately notify the sender
and return this communication to the sender.
 - Memo new language.doc


Kit,

Attached is our extraction of the hourly values of "Mitigated Market
Clearing Price" (MMCP) as provided by the ISO on August 15, 2001.  These
values are subject to controversy and challenge, so I do not mean to imply
agreement by sending them to you.  They are simply what the ISO filed along
with their settlement recalculations in August.

Please call me if you have any questions about the files or how to interpret
the FERC order to recalculate settlement amounts.

 <<mmcp_081501.xls>>

Later today, I will be supplying a comparison of these MMCP values with the
market clearing prices (MCP) that apply to transactions in each hour, as
requested by Jim Steffes.  This later exercise is somewhat more
time-consuming, because different values are used for increments and for
decrements.

Jan Paul Acton
Vice President
Charles River Associates
1201 F St., NW, Suite 700
Washington, DC 20004-1204
Voice: (202) 662 3902
Fax: (202) 662 3910

****************************************************************************
*****
This electronic message contains information from the consulting firm of
Charles River Associates Inc., which may be confidential or privileged.  The
information is intended for the use of the individual or entity named above.
If you are not the intended recipient, be aware that any disclosure,
copying, distribution or use of the contents of this information is
prohibited.  If you have received this electronic transmission in error,
please notify us by telephone (617 425-3582) or by e-mail
(postmaster@crai.com) immediately.
****************************************************************************
*****

 - mmcp_081501.xls


was hoping for tuesday morning  - paul mentioned you were having a hedge fund
meeting then... i am flexible...

From: Sara Shackleton@ECT on 04/20/2001 03:36 PM
To: Caroline Abramo/Corp/Enron@ENRON
cc:

Subject: Re: HEDGE FUND NAMES/ meeting next week

Caroline:

Fred wants to meet in the afternoon.  Does Tuesday afternoon work for you
(after 3 pm)?

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

	Caroline Abramo@ENRON
	04/20/2001 03:30 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Paul Radous/Corp/Enron, Russell Dyk/Corp/Enron@ENRON
		 Subject: HEDGE FUND NAMES/ meeting next week

I look forward to meeting with you both on Tuesday.  Here's a list of the
funds we have in the pipeline and the status:

MACRO FUNDS-
1.Harvard (Docs done)- We have been dealing with them in crude, products, and
natural gas- we just need to keep track of their credit line.

2. Tudor- we have docs with Ospraie, Tudor Proprietary, Tudor Offshore
(Bermuda)- dealing regularly..

3. Catequil (Negotiating) docs with Offshore and Onshore- waiting for
response from Brent and Paul on their latest comments to the ISDA.  Confirms
from all the deals we have done have been returned to Carol.  They are set up
in the system; we hold margin.

4. AIG (Negotiating)- Offshore, Onshore- need to get documents out to them-
credit work sheet in legal.. still have not gotten out a confirm to them on
the trades they have done....we have them set up in the system and hold
margin.

5. Union Spring (Negotiating)- Offshore, Onshore- should be done on this one.

6. SAC Capital - possibly only one vehicle in Anguila- need to get the
document to them- credit work sheet in legal.

7. Quark Power (Negotiating)- 2 entities- Quark Power and Amaranth.  Held by
Paloma Partners- waiting for their comments on a few points.

8. Valentis and CD Holdings- Held by Wexford Capital - need to get document
to them- credit work sheet in legal.  They want to proceed with the 8 year
deal Monday.

9. Global Advisors- trade through Cargill.. Frank Sayre working on POA..
waiting for this back.

10. Argonaut- onshore, offshore vehicles- sending documents.. no credit
assessment yet.

11. SOROS- brought through system by credit derivative group.. but need a
credit opinion for ENA (to do energy trades).

PROGRAM FUNDS-
12. Renaissance - credit worksheet in legal- need to get docs to them.
13. Campbell+ Co - will likely want to look at a three way transaction
between Enron, themselves, and a bank
14. Sunrise Capital - getting documentation.


Everyone should be in the draft room now at
basketball.commissioner.com/efba.  follow the draft link and go to draft room
and click on html draft.  I am settin the order right now


Hi Stephanie,

Thanks for the hard copy of the ISDA docs.  Would it be possible to get an
electronic version of what you gave me?

Thanks again,

Kay


These deals should be converted to ENA-IM Texas.  Is there a way that you can
change all of these deals systematically?

D

	From:  Thomas Engel                           08/22/2000 08:54 AM

To: Daren J Farmer/HOU/ECT@ECT, Heidi Withers/HOU/EES@EES, Trisha
Hughes/HOU/ECT@ECT
cc: Rita Wynne/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott
Mills/HOU/ECT@ECT, Regina Perkins/HOU/ECT@ECT
Subject: ECT - IM WAHA ???

Should these not be converted to ENA - IM Texas ???  Some time ago - we were
told this desk was dead and the existing deals would end.  This desk is not
included in any Texas desk portfolios.

The ECT desks are supposed to be inactive - however - these deals keep
rolling - and
someone created some new ones?   If the desk is active - should we change it
to ENA - IM Waha -
as ECT is no more ???


Per our conversation, it appears that the two companies are going to merge in
October?  Looking at Lotus Notes, I don't think we could pick two bigger dogs
of masters to have in place.  I don't think we want either master to be the
survivor master.  With Chase we have an old 1987 Interest Rate and Currency
Exchange Agreement and with Morgan we have a Master Energy Price Swap
Agreement.  Yuk, yuk.  If I had my druthers I say, LET'S START OVER.  I know
it's far reaching, but maybe we could make it our goal to have this master
replaced by October.  Do you think that's do-able?  Do we have a contact at
Chase/Morgan we can start dealing with?  I'm going to add chase to the
Legal/Credit list just as a tickler for us to get this thing rolling.


Attached is the draft Purchase and Sale Agreement.  It is highly
confidential, and should not be provided to any other individual, including
EI management.  I would appreciate your review of the Agreement, and in
particular Sections 2.06, 5.06, 5.07, 5.14, 7.03, 9.02, and 9.03.  I would
also appreciate your helping to prepare the related Disclosure Schedules.
Attached below is an annotated version of the reps/warranties along with a
form of Disclosure Schedule that has been prepared by V&E.  We are asking
that drafts of all Schedules be completed by Friday.  Also attached is the
latest Matrix of assets.  The plan is to transfer all 700-plus related
entities.  Please call with any questions or recommendations.  Thanks for all
the help.  Lance.

 - 00.pdf

 - 265022_1.doc
 - Summer Disclosure Letter v.2.WPD
 - 7.09.00ABC Matrix .xls


Kenneth L. Lay
ENRON

Rod Canion, Rob Shaw, John Lee and other movers and shakers in town call on Brookwoods to develop their Talking Points and PowerPoints.  They use these speeches and presentations to deliver critical business messages to investors, analysts, media and  key industry partners.

How does your message sound? How does it look? Does it deliver the results you want?

If you answered NO or I AM NOT SURE to any question, have your administrative assistant call me in for a brief confidential review and assessment.

Charlie Beck

-------------------------------------------------------------------------------------------------------------------------------------------------------------

Charlie Beck
Director
Brookwoods Group
13100 Northwest Freeway
Suite 400
Houston, Texas  77040
(713) 934-0570
(713) 934-0589 fax
charlie.beck@brookwoods.com


No thanks necessary.  My pleasure.  Hope that it helped.  What was the gist
of his comments regarding the gas side?

Best,
Jeff

	Rob Bradley
	04/25/2001 03:43 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: Gas Bullets

Thanks for all your help with this--glad your attention is focused on it.
Ken was prepared and talked a bit about the gas side at this lunch speech.

Thanks again,

- Rob


I would say track it down with volume mgmt.  As far as I can tell, this deal
ended 12/31/00.
PL


plan to leave the office around 1:45.  Just FYI, Eric is in Washington, DC and his return flight departs for Houston at 5:35 p.m.  He will be in the office tomorrow.


Please find the enclosed El Paso Model.  If you have any questions regarding the model please call Steve or Eric.  They will be able to contact me to answer your questions.

Regards,

Bert Meyers


Absolutely.

Kay

	Enron North America Corp.

	From:  Mitch Robinson                           12/04/2000 01:09 PM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Westinghouse Conference Call

Today's call has been rescheduled for 9:00 am tomorrow (Tuesday).  Will you
be available?

Thanks,

Mitch


I'll check the LLC Agreement and get back to you on this in the morning.
Call me on my cell at 713-446-6285 if you need an answer tonight.  Thanks!

-MIR

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Tuesday, April 17, 2001 5:10 PM
To: jkeffer@kslaw.com; ccampbell@kslaw.com; mreuter@kslaw.com
Subject: Replacement of officers and directors/Salmon and Merchant
Energy Ventures

Please confirm that the signing of the amended LLC agreements will
effectively remove the current Enron officers and directors.

Thanks,

Kay

Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.


where is that dudes chevy place?


- CRUISE~1.DOC


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Hi Theresa,

Here is our daily update since we are trying to move quickly on this:

I had a conference call with Sara Stowey in London.  We actually had two
legal issues outstanding as of yesterday.  One she agreed to.  The last one
has to do with arbitration and she says that hopefully she will have an aswer
by Friday.  If not, then on Friday, I could seek approval from our General
Counsel to deviate from our standard legal policy on the issue so that we
could move forward.

We have a borkerage account meeting today and I will forward to you a written
status report at that time.  As I mentioned to Aneela this morning, most of
the agreements on her list have been executed.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693


Mollie,
Could you resend me the original with the attachment?
Thanks,
Bill

 -----Original Message-----
From: 	Gustafson, Mollie
Sent:	Tuesday, January 29, 2002 3:19 PM
To:	Williams, Bill; Williams III, Bill
Subject:	RE: Mtg. to discuss assignment of customers. Transmission list:  P/LEGAL/PROJECTNETCO/NETCOTRANSMISSION.XLS

Sorry!  The first time I did that, well, that I know of.

Thanks!

 -----Original Message-----
From: 	Williams, Bill
Sent:	Tuesday, January 29, 2002 3:19 PM
To:	Williams III, Bill
Cc:	Gustafson, Mollie
Subject:	RE: Mtg. to discuss assignment of customers. Transmission list:  P/LEGAL/PROJECTNETCO/NETCOTRANSMISSION.XLS

Bill (the Younger)
I'm sure this was meant for you rather than me.  Response required.

 -----Original Appointment-----
From: 	Gustafson, Mollie   On Behalf Of Calger, Christopher F.
Sent:	Tuesday, January 29, 2002 3:16 PM
To:	Mcdonald, Michael; Lackey, Chris; Woodland, Andrea; Thome, Stephen; Etringer, Michael; Wente, Laura; Shields, Jeff; Hall, Steve C. (Legal); Yoder, Christian; Belden, Tim; Crandall, Sean; Scholtes, Diana; Richter, Jeff; Semperger, Cara; Mallory, Chris; Williams, Bill; Thomas, Jake
Subject:	Mtg. to discuss assignment of customers. Transmission list:  P/LEGAL/PROJECTNETCO/NETCOTRANSMISSION.XLS
When:	Wednesday, January 30, 2002 10:00 AM-11:00 AM (GMT-08:00) Pacific Time (US & Canada); Tijuana.
Where:	Mt. Hood ( Main )

 << File: NETCOTransmission.XLS >>


Janet,
 Please review the attached to see that it conforms with your deal.  If so,
please send an original to the counterparty.


Here are the revised FERC637 Organization charts and Job Descriptions for
posting.  I have changed all of the charts to show the date updated in
addition to making the revisions identified in  E-mails sent earlier today
and last week.

The revised org charts are attached to the forwarded e-mail from Miranda
Southard (MS) and the revised job descriptions are attached to this e-mail.

John A.

---------------------- Forwarded by Comp Temp/HR/Corp/Enron on 10/02/2000
03:59 PM ---------------------------
Miranda Southard   10/02/2000 03:58 PM

To: Comp Temp/HR/Corp/Enron@ENRON
cc:
Subject: NEW! ORG CHARTS

MS


Congratulations on getting the ROW extension with the Navajo Nation
executed.  It was a long arduous process, but a job well done.

Thank you!

Stan