Attention POWER REPORT Readers: Go to
http://www.powermarketers.com/prdaily.htm to view today's edition with direct
headline links to each story.]

======================================================================
The Industry's Preferred Source For Breaking Energy News And Information
http://www.powermarketers.com
----------------------------------------------------------------------
T H E P O W E R M A R K E T E R S .C O M P O W E R R E P O R T

Today's Headlines From POWERMARKETERS.COM

Subscriptions to The PowerMarketers.com Power Report are free - you will
never be charged.

You may redistribute this e-mail without change. You may not redistribute
stories.

To register for a free subscription, point your browser to:
http://www.retailenergy.com/pma/dprreg.htm

************************************************************************

Attend
                   PROJECT FINANCE: THE TUTORIAL
                              April 23-25 2001 NY NY
and

PROJECT STRUCTURING IN THE REAL WORLD:
                          ADVANCED  SEMINAR
                              April 26-27 NY NY

Download the conference brochure at

          http://www.pmaconference.com/pfweek.pdf

************************************************************************

NEW!!!

                     EUROPEAN POWER TRADING 2001

European trading volumes soared in 2000. Traders now set the pace in key
markets, no matter what politicians want. And the torpor of ministries is
nowhere to be found in this business.

This major study will help you understand European power markets,
transmission networks, products and policies.

Download brochure at

http://www.pmaconference.com/europe.pdf

************************************************************************

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

Top Stories (March 22)

CALIFORNIA GOVERNOR PRESENTS PLAN TO BOOST ALTERNATIVE ENERGY GENERATORS
Gov. Gray Davis on Tuesday unveiled a last-ditch proposal to prop up hundreds
of alternative energy plants that provide a crucial third of the state's
electricity but have been shutting down at an alarming rate, causing two days
of rolling blackouts.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/22/krtbn/0000-0522-SJ-POWER-CRISIS

CALIFORNIA ENDURES MORE BLACKOUTS; PLAN SOUGHT TO RESTART SMALL POWER PLANTS
Blackouts rolled across California for a second straight day Tuesday,
snarling traffic, darkening businesses and sending state officials scrambling
to craft a payment plan to revive the wind farms and other critically needed
small energy producers that have shut down because of financial woes.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/22/krtbn/0000-0482-SA-BLACKOUTS

GAS-FIRED QF'S DEVELOP PLAN TO PROVIDE POWER THROUGH THIRD PARTY SALES
A group of gas-fired QFs (small, independent power suppliers --
"cogenerators") has developed a plan that will enable them to stay in
business and continue to supply power to the California market, and save the
state as much as $10 million per day in its electricity purchases.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/03/22/pr/0000-2412-ca-sce-gas-fired-qf

ALLEGHENY ENERGY/POWER PACT -2: TO SUPPLY UP TO 1,000 MW
Allegheny Energy Inc.'s Allegheny Energy Supply Co. LLC unit obtained a
10-year, $4.5 billion electricity supply contract from the California
Department of Water Resources, which buys electricity for the state of
California.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/22/eng-djn/eng-djn_140046_18_6770642898045

OKLAHOMA GROUPS WANT TO DELAY ELECTRIC DEREGULATION
More time and study is needed to knock the kinks out of Oklahoma's electric
deregulation proposal, consumer groups said Wednesday.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/22/krtbn/0000-0588-TU-POWER

MINNESOTA HOUSE'S ENERGY BILL MOVES ON WITH DEREGULATION PROVISION
The patchwork quilt that is the Minnesota House's energy reliability bill
passed its first committee hurdle Tuesday, but not before its author
threatened to kill the whole thing if one of its most controversial
provisions was deleted.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/22/krtbn/0000-0535-SP-ENERGY-BILL

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

IPE Seeks E-Trade Improvements As Volumes Grow

Southern Co. Sets Final Stk Distrib Ratio For Mirant

SoCal Edison Sees Owing Additional $428.6M By April 3

SoCal Edison: Owes $722M More Than It Has In Reserves

SoCal Edison Had $1.91B In Cash Reserves At March 20>EIX

SoCal Edison Has $493.3M In Unpaid Matured Comml Paper

SoCal Edison Also Owes $839.5M To Qualifying Facilities

SoCal Edison Owes $580M To CalPX, ISO As Of March 20

Suez Unit Elyo Gets EUR200M Intl Paper Cogeneration Deal

ABB/Shell -2: Part of Shell's $1.4B Bonga Development >Z.ABB

ABB/Shell -3: Equipment Delivery Until Mid-2009 >SC

Enron Reaffirms 2001 Recurring Net $1.70 To $1.75/Shr

Allegheny Energy Gets $4.5B Power Sales Pact In Calif.

Allegheny Energy Gets 10-Yr, $4.5B Power Sales Pact >AYE

Norway's Oil Min Awards 11 Cos North Sea E&P Licenses

WSJ: Japan's IIJ Gets Bids From Cable & Wireless, Others

US Weather: Rain In Northeast, Cold In Northern Plains

EU OKs BNP, UGI Acquisition Of Elf Antargaz

ABB Cancels U.S. Share Placement, Listing To Proceed

Tepco's Wireless Internet JV To Begin Service In May

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

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

Statement by American Chemistry Council President on National Energy Policy

Exide Technologies' Gnb Industrial Power Announces Supply Agreement with NTT
Facilities, Inc.

Top Energy Summaries - Thursday, March 22, 2001 - 5:27 PM

The Energy Crunch: City Turns Off Effort to Save with Street Lights

Groups Want Electric Deregulation Delayed

Power Crisis May Raise Colo. River

Ocean Energy Completes Acquisition of Texoil

Allegheny Energy Supply Agrees to Provide Power to California

Council Ponders Energy Buyout-- City Would Purchase Cilco Natural Gas And
Electric Lines

TransAlta Urges Mexican Utility To Scale Back Borrowing Role

Consumers Energy Announces April 10 Groundbreaking for New Headquarters

Department of Energy Application for Presidential Permit Sempra Energy
Resources

Department of Energy Application for Presidential Permit; Baja California
Power, Inc.

Nuclear Regulatory Commission CE Nuclear Power Llc; Hematite Fuel Operations;
Notice of Consideration of Request for Consent to Transfer of Facility
License And Conforming Amendment And Opportunity for Hearing

Daimler Sells First Fuel Cell Buses

Calif. Overcharged $6.2b for Power

Repeats: Energy Volume And Open Interest Totals-Mar 22

Dynegy to Provide Support for California Power Prices

Allegheny Energy Supply Agrees to Provide Long-Term Power to California
Energy Market

Top Energy Summaries - Thursday, March 22, 2001 - 2:03 PM

Top Energy Summaries - Thursday, March 22, 2001 - 1:53 PM

Alliant Energy Signals Interest in Developing 1200 Megawatts of New
Generation in Iowa

Top Energy Summaries - Thursday, March 22, 2001 - 1:42 PM

Gas-Fired Qfs Develop Plan to Provide Power Through Third Party Sales

Peco Energy Helps to Introduce Philadelphia to A Different Type of March
Madness

Tethys Energy Inc - Considering Value Maximization Opportunities

Vector Energy Corp - Nine Month Revenues of Over $1.6 Million

Legislators Learn Some Details of Power Contracts

Davis Council OKs Power Pact: Dutch Firm Given Lease to Run Small Solar Plant

Touchscape Helps Utility CO-Ops Improve Online Service And Communicate Better
with Customers

California ISO Files with Ferc Regarding Market Power; Media Teleconference
Scheduled for 10:30 A.M. PST

Pair of Forums Will Shed Light on Energy Crisis

Michcon's Existing Customer Choice Program And Fixed Rate for Natural Gas
Continues Through 2001

Great River Energy Announces Region's Largest Voluntary Wind Project

Rate Payers Lose in Dismissal of Citizen Power Appeal

Illinois Power, Cities to Negotiate on Tree-Trimming

Ohio Consumers' Counsel Launches Price-to-Compare Calculator, Continues
Electric Choice Education
Efforts

Cbi's Applications, Advantages, Limitations And Structures of Synthetic &
Leveraged Lease Financing for U.S. Power Projects

Barclays Capital Builds Energy Business

Quantum Awarded Contract to Develop Hydrogen Storage System for Fuel Cell Bus

Aep Tests Sodium Sulfur Battery's Electrical Energy Storage Capabilities

Advisory/Dominion Resources CEO Thos. E. Capps to Address Energy Issues at
Nabe's 2001 Washington Economic Policy Conference

DTE Energy/Mcn Energy to Receive FTC Clearance for Pending Merger

GOP Pushes for Special Legislative Session on Natural Gas

Cheney Warns of Power Crisis

International Power Mulls US Expansion

Bill to Regulate Merchant Power Plants Advances

Energy Agency Halts Site Project Department Stops Design Work on Plutonium
Disposal Plant, Cuts Funds from 2002 Budget Plan

Bush Gives Power Plan Arguments

U.S. Energy Infrastructure Pushed

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

IBM Japan, 4 Others to Launch Energy-Saving Research

Ues of Russia, Shell Gas & Power Sign Cooperation Memorandum

Chubais Wins Ebrd Credit to Build Geothermal Station

Korea Electric Power Corp Names Presidents for Six Spin-Offs

Schneider Electric wins 8 mln eur contract for AHP's Irish unit

Brazil: Energy Rationing to Generate Losses of R$3bil for Power Distributors

Brazil: Comgas Boost Sales with Electric Power Generating

Russian Energy Grid, Shell Sign Memorandum

Eurogas Joint Venture Partner Nafta to Conduct New Reservoir Evaluation of
Trebisov Natural Gas Field

Coal Expected To Remain China's Major Energy Source in Next Five Years

Ukrnafta Seeks Investment in Fuel, Energy Complex

Ontario Power Generation Creates "Evergreen Energy"

Top Energy Summaries - Thursday, March 22, 2001 - 9:21 Am

IBM Japan to Develop Ways to Let PCS Use Stored Power

Aep Tests Sodium Sulfur Battery's Electrical Energy Storage Capabilities

Jim Snow Joins Charles River Associates As a Vice President; Energy Utility
Specialist Strengthens Expertise in Asia Pacific Region

ExxonMobil not ready yet to resume Aceh ops: Indonesia Energy Minister

EU Wants Lithuania to Close Down Its Nuclear Power Plant by 2009

Egypt: Partial Privatisation of Power Distribution Firms

Extended Systems Provides Bluetooth Software to Mitsubishi-Trium for
Next-Generation Cell Phone Products

STOCKWATCH: Centennial higher on rumoured steaming coal price hike

Westaim: Westaim`S Ifire Technology Hires Matsushita Electric Industrial CO

UK Government: Hain Grants Freedom for Green Energy

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

Oklahoma Groups Want to Delay Electric Deregulation

Federal Way, Wash.-Area Utility's Labor Talks Reach Standstill

Electric Company Plans to Transfer Utah Positions to Oregon

Special-Interest Groups Pick Apart Energy Bill in Minnesota House

Minnesota House's Energy Bill Moves on with Deregulation Provision

Scientists' May Have Answer to California's Power Problems

California Governor Presents Plan to Boost Alternative Energy Generators

San Francisco Bay Area Learns to Roll with Power Blackouts

California Manufacturers Prepare for Summer Power Blackouts

Summer Blackouts May Not Hit Northwest U.S., Power Group Says

California Hospitals Seek Power Guarantee

California Endures More Blackouts; Plan Sought to Restart Small Power Plants

Colorado, Kansas Water Brawl Goes to U.S. Supreme Court

Paducah, KY., Uranium Enrichment Plant Upgrades Nuclear Fuel Production

Orlando, Fla.-Area Water District to Launch $200,000 Public-Relations Campaign

Orange County, Calif., Residents Cope with Power Blackouts

Nation's Energy Crisis Has No Quick Fixes, Bush Administration Says

Orange County, Calif., Area Scrambles in Dark As Rolling Blackouts Hit Region

Alternative Power Producers Cut Back As Payments from California Utilities Lag

New Jersey Utilities Official to Take Professorship at Tech Institute

Experts Say Georgia's Power System Meets Customer Demand

Baldwin, Kan., Approves Filing Court Appeal Against Utility

Scottish, Pump, Valve Company Expects to Benefit from American Power Crunch

Escondido, Calif., Site Is Not Zoned for Proposed Power Plant

Dayton, Ohio-Area Utility Executives See Compensation Soar During 2000

California Utility's Program Leaves Once)Exempt Customers in Danger of Outages

California Experiences Most Widespread Outages Since Start of Power Crisis

New Mexico Utility Hires Consultants in Anti-Union Campaign

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at:
http://news.powermarketers.com/news/articles/ElectricPower.html

Power crisis has states luring California firms

INTERVIEW: FERC ``Lone Ranger'' blasts California policy

SoCalEdison obligations top reserves by $722 mln

UPDATE 1-Russia's UES optimistic on restructuring

UPDATE 1-Calif. grid manager claims huge power overcharges

TEXT-Moody's affirms Avista Corp ratings

Kinder Morgan Energy says to meet estimates

Southern sets final Mirant spin-off ratio

Italgas 2000 group net profit rises to 335 mln euros

UPDATE 1-California sees power meltdown without price cap

Vermont Gov. wants new coal-fired power plant-WCAX

US Corp Bonds-Spreads widen as blue chips battered

UPDATE 2:California sees power meltdown without price cap

France to return German nuclear waste on Monday

UPDATE 2-Beirut appoints BNP-Paribas for power firm sale

New Issue - Virginia Electric sells $600 mln 5-yr notes

UPDATE 1-Russian Duma puts off vote on nuclear fuel imports

UPM backs nuclear plant, defies green activists

Phelps copper output cut would meet muted response

Lithuania could close nuclear plant in 2009

TEXT-S&P may cut Camuzzi Gazometri SpA rating

S.Africa awards contract for nuclear power plant

Northeast Utilities cuts net to reflect FERC order

DTE acquisition of MCN said cleared by FTC

Allegheny Energy in pact to sell electricity to Calif.

UK opens the door to 100 more green energy projects

NY lawyers say Northeast needs one power grid operator

Enron comfortable with its 2001 earnings target

UPDATE 2-Powergen shares surge on bid hopes

Brazil Cesp says 2000 loss was 414 mln reais

French EdF wants 15 pct of Polish power generation

Philippines okays natural gas-fired power plant

E.ON near to buying Powergen at 30% premium-paper

Powergen still in talks on offer for firm

Constellationprices 12 mln shrs at $39.90/shr

*********************************************************
NEW on the POWERMARKETERS.COM TRAINING PAGE
*********************************************************
Access all online presentations at: http://www.pmaconference.com

Coming soon! PMA Power Markets 2001 presentations, taped at the Aladdin
Hotel, Las Vegas, March 15-16, 2001.

Don't forget you can choose to stream the presentation immediately over the
web, or download it to your computer for later viewing-- Free!

RealVideo-based powerpoint-based presentations, with the accompanying audio.
Running about 30 minutes each, selections include:

ELECTRONIC TRADING. Power is following natural gas to become an
electronically-traded commodity. The products, the technology and the future
of electricity transactions. Kevin Sluder, Vice President, HoustonStreet
Exchange.

NUTS AND BOLTS OF RETAILING. What it takes to put an energy retailing
operation together-- the cash and credit requirements, back office,
information technology, staffing, marketing, sales and organizational
considerations. Andrew Serri, Vice President, AmerenEnergy Marketing.

RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
far been an underwhelming success, but a great deal has been learned, and it
is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and
commodities in the deregulating energy industry cannot be met with current
CIS and CRM technology. Energy Retailers must embrace the next evolution of
energy customer management (ECM) solutions. Paul Grey, Chief Technology
Officer, Peace Software.

THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster
execution, reduced transaction costs, increased number and frequency of
transactions and increased specialization are just some of the changes to
energy markets wrought by the web, and it's just beginning. Implecations of
the internet for energy markets. E. Russell "Rusty" Braziel, Chairman and
Director, Altra Energy Technologies.

Access all online presentations at: http://www.pmaconference.com

****************************************
THE PowerMarketers.com ENERGYYELLOWPAGES
****************************************
http://www.energyyellowpages.net

Where to go when you're looking for:
Billing Systems, Brokers, Call Centers, Coal Marketers, Computers &
Networks, Conference Houses, Energy Management, Engineering Services,
Environmental Services, Exchanges & Clearing Houses, Executive Search
Services, Financial Services, Gas Marketers, Information Services, Internet
Services, Legal Services, Management Consulting , Marketing, Meters, Power
Marketers, Powerplant Development, Powerplant Equipment, Risk Management,
Sales, Software, Trade Associations, Training, Weather Services and more!
Check it out today! http://www.energyyellowpages.net/

----------------------------------------------------------------------
OTHER NEWS & INFORMATION FEATURES ON POWERMARKETERS.COM
----------------------------------------------------------------------

PRICEWATERHOUSECOOPERS NEXT-DAY POWERTRAX ELECTRIC PRICE INDEX:
Access online at: http://www.powermarketers.com/p-trax.htm

ELECTRICITY SPOT PRICES:
Access online at: http://www.dtnergy.com/pma/spot.cfm

ELECTRICITY FUTURES PRICES:
Access online at: http://www.dtnergy.com/pma/electric.cfm

NATURAL GAS FUTURES PRICES:
Access online at: http://www.dtnergy.com/pma/gas.cfm

THE PowerMarketers.com JobSite:
Access online at: http://www.powermarketers.com/pmajobs.htm
A daily visit to "The PMA Jobs Site" at
http://www.powermarketers.com/pmajobs.htm connects you to a wealth of power
industry opportunities that could supercharge your career!
PMA ONLINE MAGAZINE: Access online at: http://www.retailenergy.com/pmamag.htm

News releases may be submitted to The PowerMarketers.com Power Report via
e-mail to news@powermarketers.com

Copyright 2000 by PowerMarketers.com: http://www.powermarketers.com/

The PowerMarketers.com Power Report is a complimentary service of The Power
Marketing Association. Headlines are copyrighted by their respective
services: Reuters, Knight-Ridder, and others.

Subscriptions to the PowerMarketers.com Power Report are free - you will
never be charged. You may redistribute this e-mail without change. You may
not redistribute stories. To register for a free subscription, point your
browser to: http://www.retailenergy.com/pma/dprreg.htm

TO UNSUBSCRIBE OR CHANGE your subscription, (1) point your browser to "The
PMA OnLine Power Report" subscription services form at
http://www.retailenergy.com/pma/dprreg.htm

OR

(2) , send a message to pma@powermarketers.com. Include "unsubscribe" in the
subject and include your name and email address for confirmation.


Sorry I never called yesterday...I had turned my phone off and didn't realize
you'd called until last night.  I'm still at work right now and therefore am
extremely tired.  Hope you got everything you needed to accomplished this
weekend.  I had a good time at the game and, thanks to Travis's pledge class
reunion, have come to the conclusion that 27-28 is a better age range for
me.  There young enough to excuse being single due to career focus and still
old enough to know who they are and what they want.  Some critical things
happen in those 3-5 years from a man's late twenties to early thirties that
can expose so many "issues" (examples of which I got to see several of on
Saturday).

Talk to you soon,
Susan

Are you and Doug going to OU?


Louise,

Thank you for your suggestion. I agree that it is critical for us to get feedbacks from Geof as early as possible. For instance, Geof suggested some changes to the design last Friday. The suggestion requires some re-work on the user interface and some changes in the daily risk management process.

I love to have the team meet Geof daily. I will check with Geof for his availability.

Thanks

Zhiyong

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Monday, April 09, 2001 8:18 AM
To:	Wei, Zhiyong
Subject:	Re: Inception Document for GTV II phase II

I think we need to get a lot closer together - I expect Geoff (and the analyst working for Geoff on this) to be spending a lot more time down on the IT floors.  If we integrate at a much earlier stage we might not see any divergence from how Geoff sees the end result to what actually appears.

Could you consider how to get your team spending much more time with Geoff - I would suggest you have a daily time when you all (developers included) sit down around a desk to look at progress.

Let me know what you think?

Louise

From:	Zhiyong Wei/ENRON@enronXgate on 04/06/2001 06:55 PM
To:	Louise Kitchen/HOU/ECT@ECT, Geoff Storey/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Philippe A Bibi/ENRON@enronXgate, Beth Perlman/ENRON@enronXgate, Stephen Stock/ENRON@enronXgate
cc:

Subject:	Inception Document for GTV II phase II

Attached please find the Inception Document for Gas Trading Vision II Phase II. I would appreciate your comments. I will be circulating the document for signatures on Wednesday. Please provide your inputs by then.

Thanks

Zhiyong

 << File: inception_GTV II phase 2.doc >>


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 08/18/2000
11:35 AM ---------------------------

Judy Hernandez
08/18/2000 08:33 AM
To: jh306@netzero.net, jcutaia@tupac.com, suhernan@llgm.net, Diane
Salcido/Corp/Enron@Enron, Leslie Smith/HOU/ECT@ECT, Maria
Sandoval/HOU/ECT@ECT, Melissa Rodriguez/HOU/ECT@ECT
cc:
Subject: FW: Dying...

---------------------- Forwarded by Judy Hernandez/HOU/ECT on 08/18/2000
08:29 AM ---------------------------

Regina Blackshear@ENRON
08/17/2000 06:53 PM
To: vblack4538@aol.com, l_carter61@hotmail.com,
sonia_l_castorena@reliantenergy.com, Yolanda Clay<yoclay@flash.net>,
Amber.Ebow@enron.com, Loneta Edison<Loneta.Edison@wcom.com>,
NAGILL443@aol.com, Tammy Green <tcgreen@flash.net>, GRHRDH@aol.com,
locacherri@aol.com, "R Jordan"<rhondamjordan@hotmail.com>, "BENEDICT
PETERS"<bouncing98@hotmail.com>, rosemary.a.reynolds@usa.xerox.com, Angela
Barnett/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT, Sandra R
McNichols/HOU/ECT@ECT, Diane Salcido/Corp/Enron@Enron, Shirlet
Williams/HOU/ECT@ECT
cc:
Subject: FW: Dying...

enjoy!!!!!

 - Dying_1.pps


Mark, please advise Susan who should undertake the work on these files.

 -----Original Message-----
From: 	Bailey, Susan
Sent:	Wednesday, July 18, 2001 8:53 AM
To:	Cook, Mary
Cc:	Sacks, Edward
Subject:	FW: Con Ed Subs

Mary,

Please let me know who in the SWAP Group should get these ISDAs now that Bob Bruce will not be handling.
 -----Original Message-----
From: 	Bruce, Robert
Sent:	Wednesday, July 18, 2001 8:36 AM
To:	Bailey, Susan
Subject:	RE: Con Ed Subs

Yes, I'd prefer that someone in the swaps group move forward on these files.  All I did on either of them was review the original draft.  -- thanks, Bob

 -----Original Message-----
From: 	Bailey, Susan
Sent:	Wednesday, July 18, 2001 8:22 AM
To:	Bruce, Robert
Cc:	Sacks, Edward; Cook, Mary
Subject:	Con Ed Subs

Bob,

Ed Sacks asked that the following Con Ed Subs be added to the SWAP Group Legal/Credit list:

				Consolidated Edison Energy, Inc.
				Consolidated Edison Solutions, Inc.

Please advise if you will still handle the ISDA negotiations or if you would prefer that a lawyer in the SWAP Group pick-up these counterparties.

Just let me know.

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3803A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
Email: Susan.Bailey@enron.com


---------------------- Forwarded by Richard Shapiro/NA/Enron on 01/12/2001
04:56 PM ---------------------------

David.Wilcox@do.treas.gov on 01/12/2001 04:51:26 PM
To: David.Wilcox@do.treas.gov, Lee.Sachs@do.treas.gov,
Chris.Soares@do.treas.gov, martha.altamar@ferc.fed.us, alexm@calpine.com,
jmacias@calpine.com, jason_s._seligman@cea.eop.gov, shg@cpuc.ca.gov,
Michelle.Greene@do.treas.gov, Ray.Squitieri@do.treas.gov,
Veronica.Stokes@do.treas.gov, eisenstatl@DSMO.com, sbvanleer@duke-energy.com,
joel.newton@dynegy.com, lynn.lednicky@dynegy.com, smara@enron.com,
linda.lee@ferc.fed.us, dan.poffenberger@ferc.ged.gov.treas.gov,
pmohler@hewm.com, richard.glick@hq.doe.gov, smutany@iepa.com,
karen.tomcala@pge-corp.com, cxg2@pge.com, DxH4@pge.com, RMK4@pge.com,
joebob-perkins@reliantenergy.com, marvin_k_ballard@reliantenergy.com,
KMcCrea@sablaw.com, fieldejr@sce.com, harold.ray@sce.com, dreed@sdge.com,
wsakaria@sdge.com, rahayes@seiworldwide.com, sjcapoma@seiworldwide.com,
mtierney@sempra.com, sonnet.edmonds@southernenergy.com, cread@steptoe.com,
temoreland@swidlaw.com, julie.greenisen@troutmansanders.com,
alex.goldberg@williams.com, ain@worldnet.att.net, ADMIN@do.treas.gov,
ronald_minsk@opd.eop.gov, jmdonnell@duke-energy.com,
hjpodewer@duke-energy.com, bbailey@duke-energy.com,
njdeschane@duke-energy.com, wfhall@duke-energy.com,
sbvanleer@duke-energy.com, rmk4@pge.com, ddr0@pge.com, rjp2@pge.com,
starckle@sce.com, john.gammie@williams.com, reharris@seiworldwide.com,
smfuller@seiworldwide.com, dlmiller@seiworldwide.com,
jwholden@seiworldwide.com, richard.shapiro@enron.com, robert.badeer@enron.com
cc: Gaylen.Barbour@do.treas.gov, curtis.wagner@ferc.fed.us

Subject: RE: California Energy Group e-mail  TEST MESSAGE

?
?

?
 - Final pt1.doc
 - Final pt2.doc


"Schwab, Theodore A [PVTC]" <theodore.a.schwab@rssmb.com> on 03/23/2001
01:47:49 PM
To:
cc:
Subject: Tax Free New Issues

 Over the next few weeks, Salomon Smith Barney will be underwriting several
municipal bond issues that will be free of federal, state and local tax.  If
you'd like additional information about these issues, please feel free to
contact me.  Otherwise, take care.

All the best

Ted

Theodore A. Schwab
Senior Vice President - Investments
Senior Portfolio Manager
Salomon Smith Barney Inc.
Member SIPC
1850 K. St. NW, Suite 900
Washington D.C. 20006
202-862-2896 (Phone)
800-424-3209 (Toll Free)
202-857-5460 (Fax)
theodore.a.schwab@rssmb.com
www.smithbarney.com(HomePage)
www.ssbfcs.com/schwab(Bio)

If you no longer wish to receive communications from me, please let me know
via email, fax or phone.

-------------------------------------------------------------
Reminder:  E-mail sent through the Internet is not secure.
Do not use e-mail to send us confidential information
such as credit card numbers, changes of address, PIN
numbers, passwords, or other important information.
Do not e-mail orders to buy or sell securities, transfer
funds, or send time sensitive instructions. We will not
accept such orders or instructions.  This e-mail is not
an official trade confirmation for transactions executed
for your account.  Your e-mail message is not private in
that it is subject to review by the Firm, its officers,
agents and employees.
--------------------------------------------------------------


All you would need to say in natural gas termsheet is, "This Transaction, if
entered into, will be conditioned upon the parties agreeing to a mutually
acceptable U.S. Hot Rolled Steel financial swap transaction".

And for the steel termsheet, "This Transaction, if entered into, will be
conditioned upon the parties agreeing to a mutually acceptable Natural Gas
financial swap transaction".

(You can place the language at the end of the transaction description
paragraph.)

	Tim McKone
	11/01/2000 06:59 PM

		 To: Mark Taylor/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron
		 cc: Jaime Williams/NA/Enron@ENRON, Tammy L Mulrooney/HOU/ECT@ECT, Andrew
Wilson/Corp/Enron@ENRON
		 Subject: Hylsamex swaps for steel and gas

Hello Mark and Brent,

Attached is the steel swap Term Sheet and the natural gas swap term sheet.
We are offering Hylsamex a discounted fixed price natural gas financial swap
and in return for this discount, we will be buying fixed price steel
(financial) from Hylsamex.  The discounted natural gas swap is contingent
upon our receiving discounted steel from Hylsamex.  Would you put language to
these swaps so as to make the gas swap contingent upon the steel swap.

Please send the results as soon as possible to all of the above, and
especially communicate to Jamie Williams in our Monterrey office (011 528
152-2403, as he will be sending the final term sheet to Hylsamex tomorrow
(11/2).  Jaime will be expecting your communication tomorrow.

Thank you,

Tim McKone


As per my voice mail . . .

---------------------- Forwarded by David Forster/Corp/Enron on 05/23/2000
04:14 PM ---------------------------

Leslie Hansen@ECT
05/23/2000 02:35 PM
To: David Forster/Corp/Enron@Enron
cc:

Subject: GPU Services -- Letter Agreement re ETA

Dave:

Attached please find my proposed additions to the letter drafted by Carol St.
Clair in response to comments from GPU Energy.  Please note that this
counterparty does not enter into transactions on its own behalf but rather as
an agent on behalf of several utiltities.  Please review the attached
documents and call me so that we can discuss your comments and/or concerns.

Leslie


How ashamed I am to read this.
PL

---------------------- Forwarded by Phillip M Love/HOU/ECT on 10/23/2000
03:38 PM ---------------------------

Phillip M Love
10/23/2000 03:44 PM
To: alove770@cs.com, bwax@ghg.net, Jimmy Simien/Corp/Enron@ENRON,
cntrybr279@cs.com, "James Love" <James.Love@msl.redstone.army.mil>, "Jason
Dobbs" <jmjaked@mindspring.com> @ ENRON, "Scott Wachsler" <wax@ghg.net> @
ENRON
cc:
Subject: FW: Auburn Alumni Board Disaster

---------------------- Forwarded by Phillip M Love/HOU/ECT on 10/23/2000
03:32 PM ---------------------------

"Love, Dianne" <love@cl.uh.edu> on 10/23/2000 01:19:30 PM
To: "'plove@enron.com'" <plove@enron.com>
cc:
Subject: FW: Auburn Alumni Board Disaster

> -----Original Message-----
> From: Perdue, Grady
> Sent: Monday, October 23, 2000 12:56 PM
> To: Love, Dianne
> Subject: FW: Auburn Alumni Board Disaster
>
> Do you know anything about all of this stuff?
>
> -----Original Message-----
> From: Flores-Olson, Linda
> Sent: Monday, October 23, 2000 12:15 PM
> To: Perdue, Grady
> Subject: FW: Auburn Alumni Board Disaster
>
> UHCL is not the only one...
>
> -----Original Message-----
> From: Ott, Resa
> Sent: Monday, October 23, 2000 11:08 AM
> To: Flores-Olson, Linda
> Subject: Auburn Alumni Board Disaster
>
>
> This is from the Chronicle of Higher Ed
>
> Resa
>
> As Accusations Fly, Judge Orders Auburn Alumni Association to Hold New
> Election
> By COURTNEY LEATHERMAN <mailto:courtney.leatherman@chronicle.com>
> An election for new members of the Auburn Alumni Association's board
> turned so ugly Saturday that first the voting was postponed and then,
> after a state judge was called in, the whole thing was scrapped. The judge
> ordered the association to hold a new election in two weeks.
> Voting for a new slate of alumni leaders is traditionally a low-key
> affair, but it turned into high drama when an alternative slate of
> candidates was put forward at the last minute and at least 150 people
> showed up to vote. Beneath all the accusations -- that proxies were
> improperly collected and that fax machines were jammed to prevent opposing
> votes -- is the real issue: Next month, voters in Alabama will decide
> whether to amend the state constitution to change the way that Auburn's
> trustees are elected. If the referendum passes, as it is expected to,
> leaders of the alumni association will have a say in the selection of
> trustees.
> The amendment calls for the creation of a nominating committee consisting
> of the governor, two trustees, and two directors of the alumni
> association's board. Currently, trustees are appointed by the governor.
> On Saturday, seven nominees -- a new president, vice president, and five
> other members -- were to have been elected to the association's board. The
> slate, which was put forward in July by the association's nominating
> committee, included some people who have pushed for changes in the way
> that Auburn's trustees are elected. The proposed changes on this year's
> ballot include a measure that would establish term limits for Auburn's
> trustees and that would allow alumni who live outside of Alabama to serve
> as trustees, as well as involve alumni leaders in the selection of
> trustees. That's the legislation that will go before voters.
> Less than a week before the alumni association vote was to take place, an
> alternative slate for all the posts but president was put forward by the
> nominee for president, Golda McDaniels. Ms. McDaniels could not be reached
> for comment, but critics of the new slate believe that Ms. McDaniel was
> nervous about whether she would really be elected and sought proxy votes
> in her behalf from many alumni, including a controversial and long-time
> Auburn trustee, Robert E. Lowder.
> Mr. Lowder has opposed efforts to change the way trustees are selected,
> and his critics speculate that he saw an opening when Ms. McDaniels asked
> for his support: He planned to get her to put forward a whole new slate
> for all the other posts to be elected by proxy votes. The suggestion is
> that Mr. Lowder wanted to "take over" the alumni association so he and his
> allies could maintain control over the Board of Trustees.
> "We failed to realize the steps that Mr. Lowder will go to to not allow
> any alumni involvement in the election of trustees," said Andy Hornsby, a
> nominee to the alumni association's board and an outspoken advocate of
> changing the trustee-selection process.
> Mr. Lowder called the charges "ridiculous." He said his only involvement
> was that Ms. McDaniel had asked for his proxy vote and he had agreed to
> give it. "I was just trying to help the lady," he said, noting that she
> would be the first woman elected president of the alumni association. "I
> get blamed for everything over there," he said. Mr. Lowder accused the
> supporters of the original slate of improperly adjourning the meeting
> because they didn't have enough proxy votes to win.
> While Auburn's homecoming game against Louisiana Tech was going on, alumni
> leaders were meeting in Lee County Circuit Court, where Judge Jake Walker
> denied Ms. McDaniel's request to reconvene the election meeting and her
> request to end the period for proxy votes. Instead, the judge told the
> alumni association to hold a new election.
>
> Resa M. Ott
> Community Relations Coordinator
> University of Houston-Clear Lake
> Phone 281-283-2016, FAX 281-283-2017
> --------------------------------------------------------------------------
> --------
>
>


FYI - Gary P. Nunn is going to be playing New Year's Eve at Gruene Hall.

On the Ted front...It's Tuesday afternoon and I haven't contacted him yet.
I'm planning on calling him at home early this evening and telling him that
"a beer and a chat sound like a good idea, how about tomorrow night?".  I
will be requesting that he either call me at home tonight if he gets in early
enough or tomorrow at work.  This should all prove very interesting.

Susan


---------------------- Forwarded by George Robinson/OTS/Enron on 04/11/2001
04:55 PM ---------------------------

	From:  George Robinson                           03/07/2001 03:21 PM

To: Larry Campbell/ET&S/Enron@ENRON
cc:

Subject: Laguna PCB Issue

I received a call this morning from Jaroslav "Jarda" Solc (701-777-5217).
Jarda is a Senior Research Manager for the Groundwater Resource & Remediation
Group at the Energy & Environmental Research Center (EERC). Jarda reports to
Edward "Ed" Steadman, Associate Director for Research at the EERC. Norm
Moreno with the POEP had contacted Ed, provided him with my name and number,
and asked if Ed's organization would contact us in regard to the EERC
providing some assistance to TW with remediation of PCB contamination at the
Laguna site.

I provided a brief description of site conditions and we then discussed
alternative remediation methods. Based on the information I provided, Jarda
agreed that continued monitoring seemed to be appropriate. Jarda also
indicated that his group did not have any off-the-shelf type remediation
technologies that would be applicable. I suggested to Jarda that his
organization might still be of service to TW in our discussions with the
Pueblo and the POEP as a third party opinion. Jarda said that he would
discuss this with Ed and get back to me.


On behalf of Arizona Electric Power Cooperative, Inc. (AEPCO), we are
attempting to distribute our 11/06/01 testimony filing electronically as
well as by mail.

This is part 5 of 5, and it includes some of the spreadsheets, which have
not been compressed.  The specific exhibits are AEP-6, AEP-7, and AEP-9.

The filing consists almost entirely of protected materials and materials
that are not available to competitive duty personnel.  If you are an
unauthorized person who receives these materials, please destroy them and so
notify us.

Robert D. Rosenberg
Slover & Loftus
1224 Seventeenth Street, N.W.
Washington, D.C.  20036
(202) 347-7170
(202) 347-3619 (fax)
rdr@sloverandloftus.com

 - AEP-6.XLS
 - AEP-7.XLS
 - AEP-9.XLS


Erica,

Forwarding the language to appear on the postcard to take with me to
Calgary... I will need approx 70 postcards made.

Thanks,

W.Stuart


PLEASE DO NOT RESPOND TO THIS E-MAIL--THIS ACCOUNT IS NOT MONITORED

AP User:

Attached is/are the payment proposal(s) for your business unit.  Please review and forward to your approver(s)/CAO.

Thank you.
SAP AP Team
 - 20020109-ENWW.XLS


I suggest we talk first. Call me on the following cell phone 713-962-1490. The difficulty I suspect is that people are understandably uncertain of the unknown, but in 10 days we will have everything nailed down. Additionally, people, it would appear, seem to be making certain assumptions about the estate which I believe are false. I can't see the estate continuing to sponsor green cards, or in maintaining the cash balance plan, at least in the form of the past, etc., etc., Bankruptcy isn't pleasant.

I would however, like to avoid selling NETCO at the estate's expense, as difficult as this may be.

The main points we need to communicate and build around would be;

Salary - Everyone we talked to has indicated a willingness to keep them at least at current levels
Job responsibility - This is entirely Jay and Jenny's call. If they see a person as necessary to do a different job, they need to explain that. Typically, people should be transferring in exactly the same position as the current have, that would be the whole point of why NETCO needs them. Clearly NETCO will be a subsidiary of a large bank and as such will not have quite the same prominence it enjoyed with Enron pre-bankruptcy. Unfortunately, that is lost forever.
Bonus - Plan two main counter parties have agreed is more generous than Enron's current arrangement, if we perform.
Retention - Two main counter parties have agreed in principle to a pool of cash to be paid to the 700 people in NETCO who didn't get anything in Nov. This would be paid as soon as practical after signing in exchange for a commitment for them to stay for 3 months or so otherwise they will have to repay it.
Benefits - These will differ depending on who buys us. However, it each case they have comparable benefits but they are obviously different. On the specific point of pension plan, they have plans that require some vesting period but again the 2 main counter parties have agreed that they will take Enron service into account (i.e. if they have 5 years with Enron and their plan requires 5 years service to vest they will vest immediately, but obviously will get just their first years contribution). Now is someone is 4 years in with Enron, I recognise this is not a great answer, but has to be contrasted with how long there is a position in the estate for them (i.e. is there a job for another 12 months). The last point concentrates too much on negative aspects of what may happen to estate, so I would prefer to avoid too much innuendo here.
VISA's - we have a plan to switch all H1b visa's within 24 hours. This is apparently straight forward and Neil and Tim Callahan and I have discussed logistics with one of the counter-parties in some detail. On L1's, these will take up to 3 weeks to switch to H1's. Of the 70 people identified who have VISA's only about 7 or 8 have L1's. Tindall and Foster tell us this will not pose a problem and again we have discussed this with the one of the counter-parties who have agreed our approach. These people should avoid traveling outside US in this 3 weeks, but according to Tindall and Foster will be legit.
Green Cards - No easy solution. Essentially these will have to start from scratch. The counter parties have not at this stage told us whether they will support new applications. However, bear in mind I do not believe the Enron estate will continue with green cards, although this has not been officially proclaimed.
Expat Terms - These will probably be honored by the new company, although each counter-party has indicated a desire to "normalise" the terms with those of their own company, over time.
Employment Agreements - We have identified 179 across NETCO. The estate plans to transfer these to the buyer, but it is clear that each prospective buyer does not readily accept this as a term of the deal. As such my working assumption is that the offer letters each NETCO ee receives circa Jan 12, will supercede all previous terms including employment agreements, that individuals may have had. Specifically, I expect that the new employer will not honor future equity, cash retention, target bonus or severance provisions that may be in people contracts. Clearly, there may be some negotiation here.

Now, we have other things like Title's, PRC, Promotion dates, Salary reviews, project bonuses, All employee stock option programs, etc., to figure out, but I think it unlikely that these will be unpleasant surprises, after all the new employer will be probably one of the 5 biggest investments banks in the world and we almost certainly benchmarked our processes on them over the last 10 years. There may even be an ability to transfer (after a while to a different part of their organisation, if they have an internal posting process).

As to process from here, we want to identify those who DON"T want to go and why. I want to avoid ANYONE receiving an "offer" to switch and NOT accepting it. As I mention above, many of the terms of the "offer" are unlikely to be a huge surprise, and if people have genuine concerns I want to switch them out now for someone who does want to go. We should have 100% acceptance, not because of bullying or ultimatum's but because we figure out early who had concerns, solving them or switching them out for someone else.

Jeanie/Amy/Michelle/Neil - looks like we need new updated talking points for all. Lets get them out Weds.

David
-----Original Message-----
From: Curless, Amanda
Sent: Sunday, December 30, 2001 3:12 PM
To: Oxley, David; Davies, Neil; Cashion, Tana; Slone, Jeanie
Subject: RE: I am getting heat from IT.....
Importance: High

David,
I talked with Jay on Friday because I was concerned that Steve Stock and Zhiyong Wei, two senior IT guys, had concerns about Netco and were asking me why it wouldn't be better to stay on the Estate. My whole purpose in discussing this with Jay was to make sure he was aware of their feelings. However, it seems that some of  this miscommunication was and has become an exagerration.

I attended Beth Perlman's floor meeting when she communciated the difference between the Estate and Netco. She said that Jay Webb would be talking with everyone that had been identified to go to Netco and that she would be talking with individuals that would be staying on with the Estate. She did tell the employees that if they were identified to go to Netco and had a problem with this then they should talk with her and HR. She also said upon deal closure if the Netco employees receive offers and they turn them down it would be a voluntary resignation.  She urged them to please talk with us now if there are any concerns. She also said that we have requested to offer same salaries, to bridge service, and to pay retention bonuses at the time of deal closure. In addition, she communicated that we have limited information but we would update the group when more became available.

It was never communicated that if they went to Netco they would lose their visas, etc. I have received a lot of questions and concerns about visas but my response is that we are working on this and we have it covered. I have also heard a lot of concerns on the Cash Balance Plan and my response is that we have asked to bridge employees service but we will not know until deal closure.  I have stressed that Netco wants to keep intellectual capital and will most likely make a fair offer to keep employees whole.

In talking with employees identified to go to Netco their biggest concerns are 1) they are not guranteed same benefits, salary, bonus, etc and they feel like they will be bullied into accepting the Netco offer and 2)they are on visas and in the green card process and don't want to start the process over because they don't have enough time left on their visa. I have talked to Neil Davies about the second concern and we are trying to come up with some options. I have talked with the concerned employees about what we requested but I am not sure how else to alleviate their concerns.

I will call Jay first thing Monday morning and discuss how we want to correct this miscommunication. Please keep me updated if you hear anything else. Thanks!

Mandy

-----Original Message-----
From: Oxley, David
Sent: Fri 12/28/2001 6:55 PM
To: Davies, Neil; Cashion, Tana; Slone, Jeanie; Curless, Amanda
Cc:
Subject: I am getting heat from IT.....

....Essentially I am guessing that what we asked them to communicate re NETCO and what they did may be two rather different things. While the 1078 miles (I counted them - it broke up boredom of drive) between me picking up voicemails here and what is actually transpiring, it sounds like we a mis-communication mess in IT.

People are suggesting that NETCO guys were told, they had no choice but to go and if they didn't they would lose there visa, etc., etc.,

This was not our intention clearly. We (I thought) made it clear that we would initially work on basis that people could choose to stay with estate but we'd like to talk with them about why. If it's VISA's we have that nailed, they shouldn't be concerned. If it's getting "offered a lower paid job" that simply isn't in the plans of the NETCO transaction, unless Beth, Jay and Jenny are wanting to do that before the transaction (can't think why they would). Bottom-line, people will transfer to a SOLVENT, Aplus credit rated company, on the same salary on perform whatever job Jay and Jenny ask them to. The benefits will switch, but we already know that counter parties benefits are fairly generous even by our standards, and they will agree to bridge service for vesting in pension et al. Bonus plan should be very good (current proposals are slightly better than Enron's). Titles, promotions, stock awards and base pay raises we aren't sure about just yet, but my working assumption is they will follow Enron previous practice until agreed otherwise.

On retention, we have requested a pool of retention dollars for all those people who didn't receive anything from the estate in Nov and we plan for this to be paid to employees in the form of a cash "retention/bonus" payment on or as soon after deal closure as we can. As you guys know these dollars approximate the annual bonus numbers they might otherwise have received if Enron was solvent.

Help me manage this please.

David


Mary,
We recently spoke with Joe Fontaine of New Hampshire to find out
what the state is planning for its NOx trading program in 2003.
New Hampshire is in the OTR NOx trading program but is not
included in the SIP call.  New Hampshire had considered opting in
to the SIP call program in 2003 but that seems unlikely now.
There is a possibility that it will opt in in 2006, but that is also
unlikely.  The state plans to keep its individual trading program and
has already amended the state program for 2003-2005. NH units
will be able to buy allowances from SIP states, but cannot sell NH
allowances to be used for SIP compliance elsewhere.

The state is currently arguing with EPA because they believe they
should automatically receive OTR allowances for 2003, since the
SIP call was pushed back by the court.  It is unclear what will
happen to NH in 2003, but it appears that EPA is not planning to
give the state allowances if officials do not opt in to the SIP call.

EPA proposed an unofficial budget to NH should it decide to opt in,
however state officials greatly objected to the growth factor used,
saying they were much too small.  The proposed budget was
around 2,200 allowances and the current OTC budget is 3,700.
Based on our conversation it also sounds like officials are
displeased that they were excluded from the 3 state MOU between
CT, RI and MA as a result of their exclusion from the SIP Call.


Thanks but I will pass for now.  I wouldn't mind looking at some muni's with
shorter maturity dates though.  I am concerned about long-term yields
increasing which would mean bond prices decreasing.  Doesn't it make since to
go with shorter maturity dates ri8ght now?

"Hill, David " <David.Hill@morganstanley.com> on 05/04/2001 10:46:00 AM
To: "Stan Horton (E-mail)" <stanley.horton@enron.com>
cc: "Dingle, Susan " <Susan.Dingle@morganstanley.com>

Subject: Tax Free Opportunity

The Muni desk called to say they are seeing a blip in the market and are
seeing  5 1/4% at par around 2021 to 2025. They think those rates won't
last.

They called about your portfolio because your ladder is is thin in those
years.

You have some cash. If you have an interest give me a call. I can fax your
maturity concentration schedule  to you if you need it. I didn't want to
send your portfolio info by fax  without your permission.

David

**** Important Notice to Recipients ****
It is important that you do not use e-mail to request, authorize or effect
the purchase or sale of any security or commodity, to send fund transfer
instructions, or to effect any other transactions.  Any such request,
orders, or instructions that you send will not be accepted and will not be
processed by Morgan Stanley.
****************************************


Steve,

Here is a summary and copy of the Congressman Barton's Electricity Emergency
Relief bill per your request.

The Republicans on the House Energy and Air Quality Subcommittee, led by
Congressman Barton, have drafted legislation containing short term, emergency
measures to alleviate the crises in the Western States comprising the Western
Systems Coordinating Council.  Such measures include a mandatory connection
policy for distributed generation, mobilizing the Federal Emergency
Management Agency (FEMA) and compelling the formation of a Western region
RTO.

Barton plans introduce the bill at the end of April.  The bill is intended as
a political response to Democrats and the State of California.  Little in the
bill could be implemented by this summer and few of the provisions would have
any beneficial impact on supply or demand.  Thus, there is an open question
within the White House whether pursuit of the Barton bill is the correct
political tactic.  The belief among the industry is that it is going nowhere
and it has already served its limited purpose of responding to Democratic
demands for action.  Although a final decision on its inclusion has not been
made, Enron has been initially successful in including its demand buy down
proposal in the Barton bill.

 - Electricity Emergency Relief Act.PDF
 - section by section introduced.doc

Carin Nersesian
Legislative Coordinator
Enron Corp.
1775 Eye St. NW, Suite 800
Washington, DC   20006
202-466-9144 (ph.)
202-828-3372 (fax)


[IMAGE]
Yahoo! Delivers
 Bringing you updates on special offers, promotions and Yahoo! features	unsubscribe

[IMAGE]

   You received this email because your account information indicates that you wish to be contacted about special offers, promotions and Yahoo! features.  If you do not want to receive further mailings from Yahoo! Delivers, unsubscribe by clicking here  or by replying to this email.  You may also modify  your delivery options at any time.   To learn more about Yahoo!'s use of personal information, including the use of web beacons  in HTML-based email, please read our Privacy Policy .  Yahoo! is not responsible for the advertisers' content and makes no warranties or guarantees about the products or services advertised.


Start Date: 3/31/01; HourAhead hour: 23;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001033123.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 23 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 3/31/01
  UNIT_ID: CARBGN_6_UNIT 1

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

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/31/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: EPMI_CISO_DFISH
  ENGY_TYPE: NFRM


(1) Our entry into ag trading, as it will entail restrictions we are not
accustomed to having to deal with.  In addition to black-letter restrictions,
the general political/regulatory climate and attitude is much less permissive
than it is with respect to the other types of trading we've done to date.  I
think the risk should be thought of in three categories: (a) regulatory --
risk of an enforcement action; (b) political -- risk of alienation of
legislators/regulators/powerful constituencies, which could affect all of our
businesses, and (c) publicity -- particularly if we end up trading with
farmers, and farmers suffer significant losses as a result of trading with
us.  I personally think all of these risks are manageable, but they must be
carefully addressed, which will require appropriate training of all traders
involved.

(2) Trading of credit derivatives -- risk of defamation of credit liability

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

	Mark Taylor@ECT
	10/25/2000 11:54 AM

		 To: Robert Bruce/NA/Enron@Enron, Mary Cook/HOU/ECT@ECT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject:

Mark Haedicke has asked me to submit a list of our "top ten legal risks" -
please let me know of anything you think should be included in the list.


>  ATTENTION All ISO USERS
>
> The work on the Siemens Phone Switch has been completed by MCI.  Please
> call the ISO Support Center @ ext. 2309 if you have any questions.
>
> Thank you for your cooperation.
>
> ISO Support Center
> 916-351-2309 or 888-889-0450
>  ISO Support Center Mission:  The ISO Support Center is dedicated to
> providing World Class Customer Service to the California ISO.
>
>
>
>


If you are looking to feed and challenge your faith, visit
Crosswalk.com's Spiritual Life Channel at:
http://spiritual.crosswalk.com
-----------

N E I L   A N D E R S O N   D A I L Y   D E V O T I O N A L
             from Freedom in Christ Ministries

January 29

RECKLESS ABANDON

I do not want you to become sharers in demons (1 Corinthians
10:20).

While Christians have been questioning the reality of demonic
influence in the church, the world has charged into the spiritual
realm with reckless abandon. The Western world is experiencing a
massive paradigm shift in its worldview, as best seen in the rise
of the New Age Movement, the acceptance of parapsychology as a
science, the growing popularity of the supernatural, and the
increasing visibility of Satanism in our culture. New Age
mysticism, which gathered its greatest strength with the influx
of Eastern religions in the 1960s, has been popularized by a host
of celebrities in the 1980s. It's commonplace to hear channelers
(mediums) on radio and TV talk shows boasting about their spirit
guides (demons).

But the New Age Movement is not just a celebrity issue. New Age
philosophy is making significant inroads into business, education
and even religion across our nation. Recently I challenged two my
students to attend, for the sake of research, a New Age
conference being held two blocks from our school. When they
arrived at the door and discovered the cost to be $65 each, they
started to walk away. But two strangers approached them saying,
"We were told to give you these tickets." My wide-eyed students
took the tickets and walked in.

They reported to me that one of the speakers led conference
participants in a meditation exercise. He challenged everyone to
imagine a spirit guide coming alongside. The speaker concluded
the exercise by saying, "Now invite your spirit guide to come
in." I could hardly believe it. The devil is giving altar calls
just two blocks from Biola University!

Does the spread of New Age and the occult worry you or frighten
you? It need not. In Christ you have every resource to defuse and
dispel any threat of darkness in your life or family. Stand on
the truth of His Word and walk in the light of your identity in
Christ.

Keep me alert today, Lord, to inroads the devil is attempting in
my world that I may tear down his strongholds with the weapons of
the Spirit.

-----------
This daily devotional is published and distributed by
Crosswalk.com.  It is written by Neil Anderson at
< http://www.ficm.org >.

You can purchase "Daily in Christ" and other titles by Neil Anderson at
christianbook.com (Christian Book Distributors - CBD).
< http://shopping.crosswalk.com/bye/devo_na >

Additional devotionals are available from Crosswalk.com:
< http://devotionals.crosswalk.com >.
-----------
To read the Current Feature Story from ReligionToday,
go to http://religiontoday.crosswalk.com/CurrentFeatureStory/

For today's complete News Summary from ReligionToday,
go to http://religiontoday.crosswalk.com/CurrentNewsSummary/

-----------
For Copyright Terms go to http://www.crosswalk.com/info/copyright

____________________SUBSCRIPTION INFO_______________________

* You subscribed to Neil Anderson as:
         < jeff.king@enron.com >
* To unsubscribe from this newsletter immediately, click here:
         < http://link.crosswalk.com/UM/U.ASP?A3.14.261895 >
  If that link is not clickable, simply copy and paste it into
  your browser window.
* To change the email address at which all of your
Crosswalk subscriptions are received, click here:
http://lists.crosswalk.com/chaddr/1,,,.htm?3~261895~V9udWFWFS8ES
.
* To subscribe, send an email to:
  < SUBSCRIBE-neilanderson@lists.crosswalk.com > or go to
  < http://www.crosswalk.com/lists > for a complete list of
  our newsletters.
* Copyright ? 2001 Crosswalk.com, Inc. and its Content
  Providers. All rights reserved.

____________________________________________________________


Parties to the Gas OII PG&E Settlement:

Last week, on June 13th, PG&E held a workshop to discuss proposed tariffs to
implement the Comprehensive PG&E Settlement Agreement resolving all issues
concerning PG&E in the Gas Strategy Investigation at the CPUC.  At that
meeting, parties raised various issues concerning the draft tariffs we had
previously distributed, and we promised we would write up and provide the
parties with a list of these issues.  That list is attached.

Also attached is a schedule of next steps, including dates for PG&E to
provide responses to the issues raised at the tariff workshop, and for the
parties to provide further comments.  We have also decided to hold two
additional meetings to discuss tariff issues.  These are:

June 30, Friday, 10:00 a.m., Room 301b, 77 Beale St., SF
PG&E Hosts Half-Day Workshop on Metering Issues

July 6, Thursday,  1:30 p.m., Room 301b, 77 Beale St., SF
PG&E Hosts Half-Day Tariff Workshop on any Unresolved Issues

Thanks for all your help in finalizing these tariffs.

> Ron Stoner     Randy Litteneker
> (415) 973-3606    (415) 973-2179
>
>
>
 <<June 13th issues.doc>>  <<OII Tariff Schedule for Parties.doc>>

 - June 13th issues.doc
 - OII Tariff Schedule for Parties.doc


Thanks Justy!!!

	Justin Boyd
	01/18/2001 03:17 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: RUSH-EnronOnline Agreements

tana

i'm not aware of any other docs

j

From: Tana Jones on 17/01/2001 19:05 CST
To: Dave Samuels/HOU/ECT@ECT, Justin Boyd/LON/ECT@ECT, Paul
Goddard/EU/Enron@Enron, John Pavetto/Corp/Enron@Enron, Jay Webb/HOU/ECT@ECT
cc: Mary Weatherstone/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT

Subject: RUSH-EnronOnline Agreements

Attached is a list of the EnronOnline documents I am aware of.  Please let me
know if there are any additional agreements that have not been included.  I
have bolded those documents I am still trying to obtain copies of (and the
person who might be aware of them).  If you have copies can you please
provide them to me ASAP.

Thanks for your help.


B A C H E L I E R   F I N A N C E   S O C I E T Y

                   2 N D   W O R L D   C O N G R E S S

                     CRETE, GREECE : JUNE 12-15, 2002
                      -----------------------------

                      C A L L   F O R   P A P E R S

     The Bachelier Finance Society was founded in 1996 by a group of
  researchers in Mathematical Finance to serve as a platform where
  academics and practitioners can meet and exchange ideas spanning across
  Mathematics, Finance, Economics, Econometrics and Insurance. To achieve
  this goal, the BFS organizes every two years an International Congress.
     The scientific program of the 2002 BFS Congress consists of plenary
  talks and contributed papers. The invited plenary talks will give an
  overview of the latest important developments in the field. They will
  also present new ideas, directions and methodologies from Finance,
  Economics, Econometrics and Mathematics and, discuss pressing problems
  in the Finance and Insurance industries. The contributed papers will
  complement the plenary talks with recent results and advances.
      The overall scope is to create a unique interdisciplinary forum for
  discussion of new concepts, incite stronger interaction across the
  fields, and, at the same time, define new directions for the future
  development of Mathematical Finance.

                    P L E N A R Y     S P E A K E R S

     Y. Ait-Sahalia (Princeton), K.J. Arrow* (Stanford), N. El Karoui
   (Ecole Polytechnique), V. Kaminski (Enron), I. Karatzas (Columbia),
   P.-L. Lions (Paris IX), M. Musiela (BNP Paribas), M. O'Hara (Cornell),
   K. Singleton (Stanford), W. Zame (UCLA) (* not yet confirmed)

                 S C I E N T I F I C     C O M M I T T E E

     G. Constantinides (Chicago), M.H.A. Davis (Imperial College),
   F. Delbaen (ETH), D. Duffie (Stanford), H. Foellmer (Humboldt),
   M. Jeanblanc (Evry), E. Platen (UTS), T. Zariphopoulou (UT-Austin)

 SUBMISSIONS: Participants are encouraged to submit a research paper.
 Submissions can be either a completed paper or an extended summary
 (two to four pages long).
   The deadline for submissions is November 30, 2001. Instructions
 regarding submissions are posted on the web site of the Congress.

 LOCATION: Crete, the largest greek island, offers a unique combination
 of natural beauty, historical sites and vibrant life. A land with a
 distinct character, Crete is one of the most magnificent places in
 Greece. The Congress will take place at the Capsis Beach Hotel and
 Sofitel Capsis Palace Conference Center (www.capsis.gr) on the peninsula
 of Agia Pelagia, a picturesque site on the northern shore of Crete near
 Heraklion. A block of rooms at special rates will be available for
 the conference participants. Information regarding registration, hotel
 reservations, transfers as well as the planned cultural and social events
 will be posted in the upcoming months.

 FINANCIAL SUPPORT: Depending on the availability of funds, limited
 financial support will be provided to students and young researchers.
 The application material will be posted on the web site of the Congress.

 WEB SITE:  www.ma.utexas.edu/Bachelier2002

 CORRESPONDENCE: Thaleia Zariphopoulou, Chair of the Scientific Committee
                 zariphop@math.utexas.edu


---------------------- Forwarded by Tana Jones/HOU/ECT on 03/21/2000 11:47 AM
---------------------------

	Enron North America Corp.

	From:  Dana Davis                           03/21/2000 11:45 AM

To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: NYMEX Access

FYI:

This should be forwarded to Mark Dana Davis.  There are two of us.

Thanks.

	Enron North America Corp.

	From:  Tana Jones                           03/21/2000 11:28 AM

To: John Zufferli/HOU/ECT@ECT, Dana Davis/HOU/ECT@ECT, Rogers
Herndon/HOU/ECT@ect, Kevin McGowan/HOU/ECT@ECT, Mike Swerzbin/HOU/ECT@ECT
cc:
Subject: NYMEX Access

The NYMEX has approved all of your applications and you should all have
access to the system and be able to trade (everyone except Dana Davis, who
still needs to complete his training).  Please let me know if you cannot log
in.  I spoke to the NYMEX a minute ago and there is no reason from their
perspective why you should not be able to log in.


Rod:  FYI, Paul's doing bond swap with UBS.  Does credit have any issues?  I
am verifying the Enron party (since I am not familiar with the ECT Investment
Trust).  Please advise.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 07/31/2000 05:13 PM -----

	Laurel Adams
	07/31/2000 05:03 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: TR Bond Swap Confirmation

Sara,

Paul wants to know if we have any objections to the attached form of
confirmation.  Please let me know if you have any concerns.  Thank you!
---------------------- Forwarded by Laurel Adams/HOU/ECT on 07/31/2000 05:00
PM ---------------------------

	From:  Paul Pizzolato                           07/31/2000 09:32 AM

To: Tom Doukas/NA/Enron@ENRON, Laurel Adams/HOU/ECT@ECT, Jeff
Kinneman/HOU/ECT@ECT
cc:
Subject: TR Bond Swap Confirmation

---------------------- Forwarded by Paul Pizzolato/HOU/ECT on 07/31/2000
09:22 AM ---------------------------

Greg.Mackay@ubsw.com on 07/27/2000 01:48:39 PM
To: paul.pizzolato@enron.com
cc:
Subject: TR Bond Swap Confirmation

     Paul,
     Please find attached a blank template Bond Total Return Swap Master
     Confirm and the adjoining Supplemental Confirm.  It has been updated
     to take three hours for you to accept or reject the Market Value set
     by the Calculation Agent.
     Please call with any questions or concerns.  Hope to get a trade on
     ASAP.

     Thanks and Regards,

     Greg MacKay

 - ect_supp.doc
 - ect_ma~1.doc

This message contains confidential information and is intended only
for the individual named.  If you are not the named addressee you
should not disseminate, distribute or copy this e-mail.  Please
notify the sender immediately by e-mail if you have received this
e-mail by mistake and delete this e-mail from your system.

E-mail transmission cannot be guaranteed to be secure or error-free
as information could be intercepted, corrupted, lost, destroyed,
arrive late or incomplete, or contain viruses.  The sender therefore
does not accept liability for any errors or omissions in the contents
of this message which arise as a result of e-mail transmission.  If
verification is required please request a hard-copy version.  This
message is provided for informational purposes and should not be
construed as a solicitation or offer to buy or sell any securities or
related financial instruments.


-----Original Message-----
From: 	Schmidt, Ann M.
Sent:	Tuesday, October 23, 2001 12:22 PM
Subject:	Enron Mentions

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

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

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

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

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

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

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

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

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

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

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

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

                      Commercial Paper Rates

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

US class action suit filed against Enron for misleading statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


go to www.dandydan.com  or dandydon.  it is the most comprehensive lsu
football recruiting site there is.


Added comments to gas questions in RED.

---------------------- Forwarded by Jim Homco/HOU/ECT on 10/24/2000 05:24 PM
---------------------------

	From:  Mitch Robinson @ ENRON                           10/24/2000 03:12 PM

To: Benjamin Rogers/HOU/ECT@ECT
cc: Don Miller/HOU/ECT@ECT, Ross Newlin/HOU/EES@EES@ECT, Chris
Norris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ECT, Jeffrey Keenan/HOU/ECT@ECT,
Jim Homco/HOU/ECT@ECT, Pete McCormick/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Questions

Took a stab at the ones that I thought I could answer.  Jim, please verify
and update my gas related answers (in Blue).

Ross/Pete, any correspondence on the F machines?

Mitch

Benjamin Rogers@ECT
10/24/2000 02:49 PM
To: Don Miller/HOU/ECT@ECT, Mitch Robinson/Corp/Enron@Enron, Ross
Newlin/HOU/EES@EES, Chris Norris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey
Keenan/HOU/ECT@ECT
cc:

Subject: Questions

More questions.  These are from LG&E on the Wheatland and Gleason plants.
Thanks again for your help.
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 10/24/2000
02:42 PM ---------------------------

"Lipp, Fabian" <fabian.lipp@lgeenergy.com> on 10/24/2000 01:54:00 PM
To: "'Benjamin.Rogers@enron.com'" <Benjamin.Rogers@enron.com>
cc: "Cook, Dave" <Dave.Cook@lgeenergy.com>
Subject: Questions

?Please provide responses to the questions on the attached document.

 <<Enron Questions.doc>>
 - Enron Questions.doc