Val and I have finished auto-scheduling these deals. Please let me know if
you see them coming through approval, or if there is anything else I can do
to assist.

Thanks,
Kate
---------------------- Forwarded by Kate Symes/PDX/ECT on 12/19/2000 05:08 PM
---------------------------

Lester Rawson
12/19/2000 04:26 PM
To: Valarie Sabo/PDX/ECT@ECT, Kate Symes/PDX/ECT@ECT
cc: Joy Werner/Corp/Enron@ENRON

Subject: Nevada Power Oct

Val,

Please approve and autoschedule the following deals I've had to change to
support the changes needed for Nevada Power transmission for October. Please
forward to Joy when done.

Les

New Deal 477935, 477995

Changed Prices
425803,427001,430148,430175,430193,430860,458520,458498,458456,435403,435508,4
58604,436523,458762,440595,458772,458783,455667,443353,444346,444369,458813,44
6512,446512.


We have a team room.  It is 2948.  Please call me at 713/256-8499 if anything changes.

kpmg LLP  Information Risk Management
Joshua P. Galv?n
Senior Associate
700 Louisiana, Ste. 3200
Houston, Texas  77002
713/319-2082 (wrk)
713/256-8499 (mob)
jgalvan@kpmg.com

-----Original Message-----
From: Hart, Vivian [mailto:Vivian.Hart@enron.com]
Sent: Friday, 05 October, 2001 10:18 AM
To: Galvan, Joshua P
Cc: Leung, Annie; Miller, Brett (US/Houston); Fisher, Steven; Stokley, Chris
Subject: RE: RPS Data fields

Today at 3pm would work.  Where?

-----Original Message-----
From: Galvan, Joshua P
Sent: Fri 10/5/2001 7:59 AM
To: Hart, Vivian
Cc: Leung, Annie; Miller, Brett (US/Houston); Fisher, Steven; Stokley, Chris
Subject: RE: RPS Data fields

Vivian -

What do you think about today at 3PM?  We are compiling the results right
now.

> kpmg LLP  Information Risk Management
Joshua P. Galv?n
Senior Associate
700 Louisiana, Ste. 3200
Houston, Texas  77002
713/319-2082 (wrk)
713/256-8499 (mob)
jgalvan@kpmg.com

-----Original Message-----
From: Hart, Vivian [<mailto:Vivian.Hart@enron.com>]
Sent: Thursday, 04 October, 2001 06:09 PM
To: Miller, Brett (US/Houston); Leung, Annie; vhart@enron.com
Cc: Galvan, Joshua P
Subject: RE: RPS Data fields

Can we meet tomorrow or next week so you guys can show me what
you've done to look at Ranger against RPS.

-----Original Message-----
From: Miller, Brett (US/Houston) [<mailto:bamiller@kpmg.com>]
Sent: Thursday, October 04, 2001 5:57 PM
To: Leung, Annie; 'vhart@enron.com'
Cc: Galvan, Joshua P
Subject: RE: RPS Data fields

Vivian,
To clarify.  The following fields are not in the current RPS extract but
rather are proposed to be included in future extracts.

PortfolioName (BatchName)
Physical/Financial
UtilityAccout#
EnronAcctID
PriceRegion(aka-name of curve used
SiteID

The fields included in the current extract are:
year_id
Deal_No
Deal_Date
CP
CP_ID
GCP_ID
BuySell_ID
Utility
SiteName
WaPrice
start_date
end_date
volume

If you have any questions please call me at 832 465 5443.

Regards

Brett Miller

>  -----Original Message-----
> From:         Leung, Annie
> Sent: Thursday, October 04, 2001 4:03 PM
> To:   'vhart@enron.com'
> Cc:   Galvan, Joshua P; Miller, Brett (US/Houston)
> Subject:      RPS Data fields
>
> Vivan,
>
> Per your request, attached is a spreadsheet of all our RPS fields.
>
> Thanks,
>
> Annie
>  << File: RPSData.xls >>
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This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
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If you are not the intended recipient, any disclosure, copying, distribution
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*****************************************************************************


fyi...

 -----Original Message-----
From: 	Calcagno, Suzanne
Sent:	Wednesday, October 10, 2001 4:17 PM
To:	Goodell, Scott; Taylor, Craig; Lamadrid, Victor; Wood, Tracy
Cc:	Superty, Robert
Subject:	SOUTHERN NATURAL FILES $245 MILLION PROPOSAL TO BOOST CAPACITY

From Inside FERC (Oct. 8th)--pls let me know if you want more detail or would like to see the FERC filing.  Will keep you posted as the project progresses through FERC.

Suzanne
============================================================================================================
SOUTHERN NATURAL FILES $245 MILLION PROPOSAL TO BOOST CAPACITY
To serve local distributors, industrial users and power generators, Southern Natural Gas Co. filed with FERC last week to build $245 million worth of compression, pipeline looping and other facilities to transport a total of 359,891 Mcf/day. The project would be constructed in two phases.

The expansion would start moving 320,714 Mcf/day by June 1, 2003, said the Oct. 1 application (CP02-1 et. al.). In the project's second phase, Southern Natural would install additional facilities to move 39,177 Mcf/day by May 1, 2004. Phase one includes 114.5 miles of looping in Mississippi, Alabama and Georgia, which would be built in 11 segments that range in length from 3.41 miles to 16.74 miles. Pipe diameters would range from 24 inches to 36 inches. Phase two includes 8.8 miles of 30-inch-diameter looping in Georgia that would be
constructed in two segments of 4.8 miles and 4.0 miles.

Southern Natural proposed installing a total of 76,930 horsepower of compression, of which 11,280 hp would replace existing compression facilities that have deteriorated or otherwise become obsolete. Phase one includes ten compression units ranging in size from 3,550 hp to 15,000 hp. Under phase two, one 4,730 hp unit would be installed. Furthermore, Southern Natural proposed abandoning six compressors that generate a total of 9,930 hp.

All 359,891 Mcf/day of the capacity has been subscribed, the application said. During an open season held between Dec. 15 and Jan. 26, firm service agreements were reached with Southern Co. Services Inc., 97,950 Mcf/day, Calpine Energy Services LP, 95,000 Mcf/day, SCANA Resources Inc., 93,046 Mcf/day, Effingham County Power LLC, 58,766 Mcf/day, the City of Austell, Ga., 6,366 Mcf/day, Morgan Stanley, 5,400 Mcf/day, Proctor & Gamble, 1,763, and Kimberly-Clark, 1,600 Mcf/day.

Southern Natural asked FERC to allow it to roll in the cost of the expansion in its next rate proceeding "based on the considerable benefit to the overall rates of existing customers." Revenues generated from the new contracts are expected to exceed project costs by approximately $154 million, thus the expansion would result in "a significant benefit" to current shippers, Southern Natural said. In addition to the financial benefits, existing shippers will enjoy operational benefits as well, said the pipeline. "The combination of additional compression and new loop pipeline represents a significant enhancement to system reliability for all shippers delivering gas" in Southern Natural's market area, the
application said. Furthermore, Southern Natural promised that service to existing shippers would not be degraded as a result of the project.


If we did sign it prior to getting bank approval, we would likely have to
make the WIC portion of the release, subject to the bank approval.  Otherwise
Huber could be put into the position of having the obligations but being
unable to complete it obligation due to a WIC process out of Huber's
control.  But assuming that was done, I don't see why we couldn't sign the
agreement now.

	Mark Whitt@ENRON
	Sent by: Mark Whitt@ENRON
	11/02/2000 05:42 PM

		 To: Gerald Nemec/HOU/ECT@ECT, Chris Meyer/HOU/ECT@ECT, Paul T
Lucci/NA/Enron@Enron
		 cc:
		 Subject: Huber WIC capacity assignment

I spoke with Steve Saye at WIC today and he said that they interpret the
tarrif to read that a release done at the full negotiated contract rate is
the same as the maximum rate. Therefore we can release at the $.12 rate.  He
also stated that he would begin the approval process with the banks for the
release but thought that there would be no problem with Huber's credit.  He
did state that the bank approval timing was out of his control but he would
try to expedite it. In addition, he felt that the best way to do the release
was to do it  with the first bidder meeting minimum terms and have Huber
ready to take it.  He said that it would not have to be noticed ahead of time
so noone would know that it was going  to hit the board.

My question is, can we get the contract with Huber signed prior to receiving
the bank approval for the WIC peice?

Mark


-----Original Message-----
From: 	Meyers, Bert
Sent:	Tuesday, August 21, 2001 12:39 AM
To:	Williams III, Bill
Subject:	BOOK TO BOOK TRANSFER DEAL NUMBERS

BILL:

HERE ARE THE BOOK TO BOOK TRANSFER NUMBERS FOR BOM AND STSW

STSW:	740456

WBOM: 740455, 740457


purple passage (PUR-puhl PAS-ij) noun, also purple patch, purple prose

   1. A brilliant passage in an otherwise dull and uninspiring work.

   2. A piece of writing marked by ornate, florid style.

[From Latin pannus purpureus (purple patch), a phrase used by poet Horace in
his Ars Poetica (The Art of Poetry) to suggest a patch of royal fabric on an
ordinary cloth.]

   "Page after page is filled with drunken quarrels with his wife; with lies,
   infidelities, religious doubts, homosexual yearnings and, above all, with
   his daily, desperate search for a bottle. Interspersed among these dreary
   horrors are purple passages about his love for his children, his dog and
   his fine house."
   A Gin at Mid-Morning -- John Cheever: The Journals by John Cheever,
   The Economist (London), Jan 11, 1992.

This week's theme: words with color as metaphors.

............................................................................
People who are willing to give up freedom for the sake of short term
security, deserve neither freedom nor security. -Benjamin Franklin,
statesman, author, and inventor (1706-1790)

Subscribe:    http://wordsmith.org/awad/subscribe.html
Unsubscribe:    http://wordsmith.org/awad/unsubscribe.html
Change address:   http://wordsmith.org/awad/address-change.html
Gift subscription:  http://wordsmith.org/awad/gift.html

Pronunciation:
http://wordsmith.org/words/purple_passage.wav
http://wordsmith.org/words/purple_passage.ram


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/19/2000
03:07 PM ---------------------------

"The Alliance of Energy Suppliers" <alliance@eei.org>@ls.eei.org on
12/18/2000 12:19:56 PM
Please respond to "The Alliance of Energy Suppliers" <alliance@eei.org>
Sent by: bounce-app-ippexecs-33275@ls.eei.org
To: "Generation and Power Marketing Executives" <app-ippexecs@ls.eei.org>
cc:
Subject: Alliance Info Alert: Richardson and FERC Orders

Dear Generation/Power Marketing Executive:

The following are summaries of two significant activities that occurred
Friday, December 15
  1.  Energy Secretary Richardson issuance of an emergency order.
      (Richardson's statement and FPA Section 202(c) order is posted on DOE's
Web site at:
       http://www.energy.gov/HQPress/releases00/decpr/pr00309.html )

  2.  FERC's 12/15/00 final order to fix California wholesale markets
       (FERC's Order can be viewed at
http://www.eei.org/issues/news/cal1215order.pdf)

                                  California Supplies Ordered by Richardson

o Richardson orders listed entities to supply excess power to California ISO
o Order is effective as soon as ISO certifies shortage, but ends 12/21/00,
unless extended
o Prices to be agreed to by supplier and ISO, or FERC will set rate later
o FPA emergency power authority transferred to DOE in 1977

As he said he would on December 13, U.S. Department of Energy Secretary Bill
Richardson found "an emergency exists in California by reason of the shortage
of electric energy" and issued an emergency order under section 202 (c) of
the Federal Power Act (FPA) requiring listed generators and marketers to
provide any power in excess of the needs of their firm customers to the
California ISO.  In a statement, Richardson said the threat to the
reliability of the California grid requires a long-term solution, but that in
the short-term power must keep flowing to the state to avert blackouts.

The 76 listed suppliers have 12 hours after the ISO certifies to DOE that it
has been unable to acquire adequate supplies in the market to begin providing
requested service to the ISO.  The ISO must inform each supplier subject to
the order of the amount and type of energy or services required by 9:00 PM,
Eastern Standard Time, the day before the services are needed.  The order
directs the ISO to allocate, to the extent feasible, requested services among
subject entities in proportion to each supplier's available excess power.
The order is effective immediately and will terminate at 3:00 AM, Eastern
Time, December 21, 2000, unless extended.  To continue to obtain supplies
under this emergency authority, the ISO must re-certify the shortage to DOE
headquarters every 24 hours.

The terms of the provision of electric energy and other services by suppliers
to the ISO "are to be agreed to by the parties."  If no agreement is reached,
then under the FPA's emergency authority Secretary Richardson "will
immediately prescribe the conditions of service and refer the rate issue to
the Federal Energy Regulatory Commission for a determination at a later date
by that agency in accordance with its standards and procedures, and will
prescribe by supplemental order such rates as it finds to be just and
reasonable."  The authority of FERC to set rates for power supplied under
emergency order at just and reasonable levels where the parties themselves do
not agree to a rate is explicitly included in FPA Section 202(c).  The DOE
Organization Act of 1997 transferred the emergency powers of this section
from FERC to DOE.

The 76 entities identified in the order's attachment are all the entities
that have provided power to the ISO over the last 30 days.  Those entities
are ordered "to make arrangements to generate, deliver, interchange, and
transmit electric energy when, as, and in such amounts as may be requested by
the" ISO, "acting as agent for and on behalf of Scheduling Coordinators."

[Source: DOE Secretary Richardson's December 14, 2000 statement and order;
Electric Power Daily, December 15, 2000]

             FERC De-Federalizes California Markets, Adopts Other Structural
Reforms
                  A summary of the December 15 Order and Commission Discussion

At its special meeting today, FERC unanimously approved its eagerly awaited
final order reforming the California wholesale markets, adopting the major
outlines of its November 1 proposed order and sending back to California the
responsibility for addressing state-related matters, as discussed below.  At
the same time, FERC deferred consideration of retroactive refund issues as
well as the imposition of region-wide price caps.

FERC reiterated the November 1 conclusions that under certain circumstances,
California ratepayers were subjected to unjust and unreasonable power rates
due to California's "seriously flawed" market structure and rules in
conjunction with tight demand and supply conditions throughout the West.

While all four commissioners supported the order as a consensus-based outcome
that appropriately balanced all competing interests, each commissioner
expressed reservations with particular aspects of the order.  Chairman
Hoecker and Comm. Breathitt expressed the strongest endorsement, while Comms.
Hebert and Massey laid out their positions where they believed the Commission
had either "over-reached" or not gone far enough, just as they did on
November 1, as discussed below.

Highlights of key actions:

(1) FERC adopted the November 1 proposal to eliminate, effective immediately,
the state's mandatory requirement that the state's investor-owned utilities
buy and sell electricity through the PX, and allow these utilities to
purchase electricity through forward contracts and other alternative
mechanisms to manage supply risks.  FERC terminated the PX's rate schedules
effective at the close of business on April 30, 2001.  In effect, as Chairman
Hoecker stated, the order de-federalizes 60 percent of the California
wholesale market established under the state's restructuring law, returning
ratemaking authority over company-owned generation to the California Public
Utilities Commission (CPUC).

(2) FERC modified the effective period of the November 1 $150/MWh "soft cap"
proposal, limiting its application through April 2001, whereupon a
"comprehensive and systematic monitoring and mitigation program which
incorporates appropriate thresholds, screen and mitigation measures" must be
in place.  In a related move, FERC ordered a technical conference early next
year to develop such a program by March 1, 2001, so that these measures can
be place by the May 1, deadline.

In a major modification, FERC revised the refund conditions to clarify that
while certain refund conditions will continue to apply, unless FERC issues
written notification to the seller that its transaction is still under
review, refund potential on a transaction will close after 60 days.

As proposed, however, supply bids in excess of $150 will be prohibited from
setting the market-clearing price for all bidders and sellers bidding above
$150/MWh will be required to report their bids to FERC on a confidential,
weekly basis and provide certain cost support.

(3) FERC adopted the November 1 proposal to require the establishment of
independent, non-stakeholder governing board for the ISO.  The ISO Governing
Board must relinquish their decision-making power and operating control to
the ISO management on January 29, 2001.  A future order will set procedures
for discussion with state representatives on the board selection process.

(4) In a major modification, FERC adopted a $74/MWh "price benchmark" for
assessing prices of five-year energy supply contracts.  This benchmark will
be used in assessing any complaints regarding justness and reasonableness of
pricing long-term contracts.

To facilitate prompt negotiation of longer term power contracts at reasonable
rates, FERC announced that it will hold a settlement conference with market
participants.

(5) FERC adopted the November 1 proposal to require market participants to
schedule 95 percent of their transactions in the day-ahead market and
instituting a penalty charge for under-scheduling (in excess of five percent
of hourly load requirements), in order to discourage over-reliance on the
real-time spot market.

(6) FERC directed the ISO and the three investor-owned utilities to file
generation interconnection standards.

(7) FERC affirmed the longer-term measures proposed in the November 1 order,
including submission of a congestion management design proposal by April 2,
2001.

(8) FERC deferred resolving key issues, including establishing new ISO board
selection procedures, developing appropriate market monitoring measures and
negotiating protective orders associated with data collection.

(9) FERC reiterated its November 1 call to California policy makers there to
resolve state issues, such as: (1) immediately implementing the availability
of day ahead markets for power purchases; (2) development of demand
responses; (3) siting of generation and transmission; and (4) assurance of
sufficient reserve requirements.

Commissioner Responses

Comm. Hebert reluctantly concurred, calling the final order a "missed
opportunity" to, among other things, send appropriate signals for new
generation siting and conservation.  Reiterating his November 1 concerns,
Hebert recounted the remedial remedies that he maintained the Commission
should and should not have adopted.  While expressing pleasure at the tone of
the order ("balanced and considerate"), the bid certainly reversal, and the
role reserved for the state in the selection of the new ISO board, Hebert
nonetheless objected to the benchmark prices established in the order, which
he maintained appeared to be unreasonably low.  Hebert faulted the Commission
for not attempting to reconcile the instant order with the November 8 order
approving the CA ISO's emergency $250/MWh "soft cap" proposal.  Hebert ended
by challenging the CPUC to do what it can to encourage utilities there to
forward contract, including easing the existing prudence review requirements.

Comm. Breathitt endorsed the Order, reiterating her support for progress
towards open and competitive markets.  She noted that the Order properly
"walked the line" by taking all of the competing interests into account,
calling it less than ideal, but a step in the right direction.  She also
concentrated her remarks on the importance of creating stability which will
be accomplished by encouraging long term contracts and the implementation of
the $150/MWh breakpoint.  Additionally she mentioned that any price below the
$74/MWh benchmark will be presumed just and reasonable.

Comm. Massey concurred, but prefaced his remarks by expressing sympathy for
California ratepayers, stating that he felt that market power had been
exercised, that prices were not just and reasonable and that the marketers
had profited too much at the expense of others in the market.  He warned
that, as he understood the legal precedents, the Federal Courts were poised
to grant cost recovery relief to the retailers which would then be passed on
to consumers.  On the positive side, he approved of the de-federalization of
60% of the market and the creation of long term contracts.  However, he
emphasized that California regulators must now take the responsibility of
creating more generation and transmission.  In the long term, Comm. Massey
hoped that solutions could be reached starting with a technical conference
and that the market would have rules more like PJM.

Finally, Comm. Massey articulated what he would have liked to have done
differently.  He stated that he disagreed with the fact that there is not
enough evidence to show that market power existed and he pointed to the
on-going investigation.  He also disagreed with the $150/MWh breakpoint,
preferring instead a hard price per generator.  The Commissioner said he
would have set the long term benchmark for only two years instead of five and
that he would have opened a section 206 investigation in the West.  Finally,
he stated that he would have liked to address the issue of refunds.

Chairman Hoecker began his comments by saying that the Commission was forced
to act  and act quickly because the stakes are so high.  He feels that it is
now time for the state regulators and markets to act.  He noted that by
shrinking the Cal PX, the responsibility is now with the CPUC to fashion the
long term contracts and that hopefully we will exit this situation with the
least amount of damage to the utilities.  In regards to suggestions for a
regional price cap, the Chairman stated that this would not work due to the
fact that the Commission has no jurisdiction over Bonneville, WAPA and the
public power producers and that there is no spot market in the Northwest.
However, he did urge Secretary Richardson to convene a conference in order to
address regional issues.  Finally, in conceptually addressing the California
situation, the Chairman stated that competition or "deregulation" did not
fail in California, but that there never was competition in California.


Barb,
Dave and I will be at the family dinner. Pate too.
Thanks C
----- Original Message -----
From: Barbara VanDerVliet <barblpl@yahoo.com>
To: Mary Bourne-Marth <mary.bourne@showtime.net>; Courtenay Herrold
<herrold@swbell.net>; David Herrold <tdh@y2kenergy.net>; Heather Herrold
<heather@layfam.com>; Robert Herrold <beau@layfam.com>; Kenneth Lay
<klay@enron.com>; Linda Lay <mrslinda@lplpi.com>; Mark Kenneth Lay
<mark@layfamily.com>; Natalie Lay <natalie@layfamily.com>; Elizabeth Lay
Vittor <ealvittor@yahoo.com>; Christophe Vermeil <vermeil@ev1.net>; Robyn
Vermeil <robyn@layfam.com>; Jose Luis Vittor <jvittor@bracepatt.com>
Sent: Tuesday, June 05, 2001 7:05 PM
Subject: Family dinner

> Hello Everyone,
> Just a friendly reminder that the Family dinner is
> planned for the 12th at the Grotto restaurant in their
> private room at 5:30.  Good food and good fun!
> Please RSVP by Friday.  David and Courtney I know that
> you are not coming but I wanted to include you in the
> reminder incase your plans changed.
>
> For those recieving osmars food.  To make thing run
> smoothly in his department it is very important that
> you return the circle menu by the friday before the
> menu starts.  Osmars mondays have been very rushed
> while he waits to find out who is eating.  If you know
> you are going to be out of town then please email me
> or indicate this on the menu and return it to Osmar.
>
> I have completed the holiday house schedule for 2002
> and Sally is madly typing as we speak.  I would expect
> to see it early next week.
>
> Please note that I will be in Aspen all next week, and
> in Canada until the 21st.  If you need to reach me do
> not hesitate to call my mobile or email me.
>
> Take Care, Barb
>
> __________________________________________________
> Do You Yahoo!?
> Get personalized email addresses from Yahoo! Mail - only $35
> a year!  http://personal.mail.yahoo.com/


broncos will roll the aints.


There were two overlays done in GCP this afternoon.  The summary is on top,
for details, see the bottom tab, Mar. 2001.

Shortname changes will be made Fri, 04/06/01.

Records will be inactivated on Mon, 04/02/01, in the afternoon.

Have a great weekend!

Cheryl x33103


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/30/2001 06:16
PM ---------------------------

"Reuter, Marisa" <MReuter@KSLAW.com> on 05/30/2001 06:09:46 PM
To: "'margueritekahn@paulhastings.com'" <margueritekahn@paulhastings.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>, "'kay.mann@enron.com'"
<kay.mann@enron.com>

Subject: ENA/NorthWestern: Written Consents

Marguerite:

In an effort to finalize the documents that will need to be executed at
closing, I have taken the liberty of drafting two written consents: one of
the Members of Montana Megawatts I, LLC electing NorthWestern Generation I,
LLC as the sole Manager, and the other of the sole Manager of the LLC
replacing the officers and approving the loans from ENA and NorthWestern
Generation I, LLC.  Let me know if you have any comments to the drafts.
Apart from these consents, we will need to coordinate to draft a joint
instruction letter to Citibank.

Regards,

Marisa

 <<2XRN03!.DOC>>

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

 - 2XRN03!.DOC


Look at the last article .... any idea what the "rude awakening" might be?
----- Forwarded by Steven J Kean/NA/Enron on 10/22/2000 07:30 PM -----

	Ann M Schmidt
	10/20/2000 07:58 AM

		 To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Meredith
Philipp/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Mary
Clark/Corp/Enron@ENRON, Laura Schwartz/Corp/Enron@Enron, Eric
Thode/Corp/Enron@ENRON, Elizabeth Linnell/NA/Enron@Enron
		 cc:
		 Subject: Enron Mentions

Business/Financial Desk; Section C
Study Finds That Many Large Companies Pay No Taxes
By DAVID CAY JOHNSTON
?
10/20/2000
The New York Times
Page 2, Column 1
c. 2000 New York Times Company
Goodyear, Texaco, Colgate-Palmolive, MCI WorldCom and eight other large
corporations earned more than $12.2 billion in profits in 1996 through 1998,
but none of them ended up owing corporate income taxes over that period,
according to a study released yesterday. Indeed, as a group, the companies
received $535 million in credits or refunds, the report found.
The study of 250 large publicly traded companies showed that 24 owed no tax
or received credits against past or future tax obligations in 1998, up from
13 in 1997 and 16 in 1996. The study also found that 71 of the 250 companies
paid taxes at less than half the official 35 percent corporate rate during
the three-year period.
The study was conducted by the Institute on Taxation and Economic Policy, a
Washington research organization associated with Citizens for Tax Justice, a
nonprofit group supported in part by labor unions. The group argues that the
tax system favors the rich and politically connected.
Corporate profits overall soared 23.5 percent during the three-year period,
but corporate tax revenues grew just 7.7 percent, a disjunction that has
drawn intense interest from the Treasury Department and some members of
Congress who are concerned about the growing market for tax shelters and
their abuse.
In recent years, Congress has watered down the 1986 overhaul of the tax laws,
which lowered rates and eliminated most tax shelters, and was supposed to
simplify reporting. The recent changes have opened fresh opportunities for
corporations to cut their taxes, the study found.
''Corporate taxes are not rising along with profits because companies have
found all sorts of ways to get around the reforms in the 1986 tax act,'' said
Robert S. McIntyre, the director of Citizens for Tax Justice. ''Companies
also have gotten a lot of help from Congress, especially in gutting the
minimum tax rules.''
Mr. McIntyre said that he and T. D. Coo Nguyen, the co-author, spent more
than two years examining financial statements the companies sent to
shareholders.
All but 18 of the companies studied are on the Fortune 500 list, and the
others are in the Fortune 1000. He said companies were excluded if they lost
money or their tax disclosures ''were crafted so that you could not figure
them out.''
At least two companies objected to the study's methodology.
Keith Price, a spokesman for Goodyear, said the study did not appear to
consider an accounting rule affecting its sale of a pipeline subsidiary in
1998. It made no objection to the 1996 and 1997 figures.
Michael N. Ambler, Texaco's chief tax counsel, said that his company had tax
disputes with the Internal Revenue Service that were unresolved after more
than a decade. If those disputes are settled with a refund, he said, that can
easily distort the figures for any one year. He said that even the three-year
study period was too short to give an accurate picture.
Timothy McCormally of the Tax Executives Institute, which represents
officials at large companies, told Bloomberg News that the companies named in
the report did nothing wrong. ''There is nothing in the report that suggests
that any of this results from any illegal or improper activity,'' he said.
The study by the Washington institute showed that the corporate tax burden
was falling in many cases because of the growing use of stock options, which
are an expense for tax purposes but do not count against profits reported to
shareholders.
Recent annual reports filed by Microsoft and Cisco Systems indicate that they
paid no federal income taxes in 1999 because stock options exercised by
employees wiped out profits for tax purposes.
The study found that General Electric, I.B.M., Pfizer, Intel and
Bristol-Myers Squibb also sharply reduced their tax rates because of stock
options without having to show reduced earnings to shareholders.
The most significant factor in the easing corporate tax burden, Mr. McIntyre
said, can be traced to actions in Congress, which relaxed the corporate
minimum tax in 1993 when the Democrats were in control of both the House and
Senate, and again in 1997, after the Republicans had taken over. Congress
made it easier for corporations to spread tax breaks and profits over many
years, including reaching back to past years to get tax breaks that could not
be used at the time.
In at least one of the three years studied, 41 of the 250 large companies
studied paid no federal income tax. Those 41 companies reported $25.8 billion
in profits to shareholders in the years they paid no taxes. If they had been
obligated to pay the full 35 percent corporate rate, the tax bill would have
been $9 billion, but the companies received $3.2 billion in refunds.
In total dollars, General Electric was the biggest beneficiary of tax breaks,
the study said, saving $6.9 billion in three years. The company paid $2.1
billion in income taxes on $25.8 billion in profits, for a tax rate of 8.1
percent.
The highest tax rate for the three years was paid by Winn-Dixie Stores, which
paid an average of 35.7 percent of its 1996 through 1998 profits in federal
income taxes. It was one of two companies that paid more than the 35 percent
statutory rate because of multiyear tax rules. The other was Paccar.

Chart: ''Profits Without Pain'' In a study of 250 large and profitable
companies, these 17 paid the least in corporate taxes -- or got the biggest
refunds -- as a percentage of profits from 1996 to 1998. Goodyear 1996-98
PROFITS, IN MILLIONS: $657 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS:
-$ 65 EFFECTIVE TAX RATE: -9.9 Texaco 1996-98 PROFITS, IN MILLIONS: 3,447
TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: - 304 EFFECTIVE TAX RATE:
-8.8 Ryder 1996-98 PROFITS, IN MILLIONS: 489 TOTAL TAX REFUNDED OR PAID,
1996-98, IN MILLIONS: - 30 EFFECTIVE TAX RATE: -6.2 El Paso Energy 1996-98
PROFITS, IN MILLIONS: 818 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: -
36 EFFECTIVE TAX RATE: -4.4 MedPartners 1996-98 PROFITS, IN MILLIONS: 184
TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: - 4 EFFECTIVE TAX RATE:
-2.1 Tenneco 1996-98 PROFITS, IN MILLIONS: 731 TOTAL TAX REFUNDED OR PAID,
1996-98, IN MILLIONS: - 14 EFFECTIVE TAX RATE: -1.9 Colgate-Palmolive 1996-98
PROFITS, IN MILLIONS: 777 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: -
14 EFFECTIVE TAX RATE: -1.7 MCI WorldCom 1996-98 PROFITS, IN MILLIONS: 3,578
TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: - 61 EFFECTIVE TAX RATE:
-1.7 Corporate Express* 1996-98 PROFITS, IN MILLIONS: 214 TOTAL TAX REFUNDED
OR PAID, 1996-98, IN MILLIONS: - 4 EFFECTIVE TAX RATE: -1.6 WestPoint Stevens
1996-98 PROFITS, IN MILLIONS: 339 TOTAL TAX REFUNDED OR PAID, 1996-98, IN
MILLIONS: - 3 EFFECTIVE TAX RATE: -0.7 Kmart 1996-98 PROFITS, IN MILLIONS:
978 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: - 2 EFFECTIVE TAX RATE:
-0.2 Enron 1996-98 PROFITS, IN MILLIONS: 816 TOTAL TAX REFUNDED OR PAID,
1996-98, IN MILLIONS: + 2 EFFECTIVE TAX RATE: +0.2 Transamerica 1996-98
PROFITS, IN MILLIONS: 2,199 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS:
+ 5 EFFECTIVE TAX RATE: +0.2 Suiza Foods 1996-98 PROFITS, IN MILLIONS: 295
TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: + 2 EFFECTIVE TAX RATE:
+0.8 Navistar 1996-98 PROFITS, IN MILLIONS: 742 TOTAL TAX REFUNDED OR PAID,
1996-98, IN MILLIONS: + 13 EFFECTIVE TAX RATE: +1.8 McKesson 1996-98 PROFITS,
IN MILLIONS: 473 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: + 10
EFFECTIVE TAX RATE: +2.1 Pfizer 1996-98 PROFITS, IN MILLIONS: 3,367 TOTAL TAX
REFUNDED OR PAID, 1996-98, IN MILLIONS: + 104 EFFECTIVE TAX RATE: +3.1
*Purchased by Buhrmann in October 1999. (Source: Institute on Taxation and
Economic Policy)

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

Business; Financial Desk
Legal Breaks Lower Some Corporate Tax Rates
?
10/20/2000
Los Angeles Times
Home Edition
Page C-3
Copyright 2000 / The Times Mirror Company
WASHINGTON -- Dozens of America's most profitable companies enjoyed tax-free
years during the 1990s largely because of legal tax breaks, an independent
study released Thursday found.
The report by the nonprofit Institute on Taxation and Economic Policy found
that 250 companies paid an effective tax rate of 20.1% in 1998, down from
22.9% just two years before. The federal income tax rate for corporations is
supposed to be 35%.
Of the 250 companies studied, 41 enjoyed at least one year of no income taxes
or an actual rebate from the federal government, despite pretax profits of
$25.8 billion from 1996 to 1998.
If all 250 companies had paid the full 35% on $735 billion in pretax profits,
the study estimated the total income tax would have come to $257 billion. But
tax breaks put into law by Congress lowered those companies' tax bills by $98
billion over the three-year period.
Companies getting tax rebates in 1998 alone included Texaco Inc., Chevron
Corp., PepsiCo Inc., J.P. Morgan & Co., Enron Corp. and General Motors Corp.,
the report found.
The study's chief author, Robert S. McIntyre, said companies lower their
taxes through such breaks as depreciation write-offs, tax credits for
research and development and deductions they take when employees exercise
stock options.
The report also found that the petroleum industry paid the lowest tax rate
from 1996 to 1998, at 12.3%, followed by electronics at 13.1%, forest and
paper products at 13.9% and transportation at 14%. At the other end of the
spectrum, publishing and printing companies paid 31.6%, gas and electric
utilities paid 28.1% and retail and wholesale trade companies paid 27.6%.

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

Oct. 19, 2000, 10:23PM
Houston Chronicle
Arena boosters tout 3 benefits
Some question property/sales tax numbers, new development
By ERIC BERGER
Copyright 2000 Houston Chronicle
Enron Field sparked the redevelopment of downtown's east side, boosters say,
and an arena would crown the revitalization of the long-neglected area.
A strongly pro-arena business organization, Central Houston Inc., released a
flurry of positive economic numbers to back its contention that Enron Field
is a boon to downtown as well as to city, county and school tax coffers, and
that the arena would be as well.
"There's no better way to measure the impact of sports facilities on downtown
than to look at the one we already have," said the organization's president,
Bob Eury, as he crooked a finger toward the ballpark.
Eury and other boosters outlined three economic benefits to Houston they say
are related to sports facilities: increased property tax revenues, a wealth
of new development in the area and a boost in sales tax collected.
But economic analysts questioned some of their conclusions.
When Enron Field was built, nine blocks were taken off the tax rolls at a
cost of about $284,000 in lost property taxes.
Eury said, though, that it was not a bad trade.
He noted that properties around the ballpark have leaped in value since the
Enron Field project began in the mid-1990s. In turn, the annual property tax
collected on land and buildings within four blocks of the ballpark is $2.4
million greater now than in 1995.
But Harris County Tax Assessor-Collector Paul Bettencourt said those figures
are due in part to the boom in land values across downtown, including the
central business district, since 1995.
Bettencourt said he hoped to have an analysis finished today to determine
whether land values around Enron Field had increased at a greater rate than
land in the rest of downtown.
The boosters also highlighted more than $700 million worth of private
developments planned -- but not yet completed -- near the ballpark, including
the $90 million, 37-story Ballpark Place Tower across Crawford Street from
Enron Field.
"Without a doubt, if Enron Field was not there, Ballpark Place would not be
there," said John Holland, an executive vice president for the Trammel Crow
Co., which expects to break ground on the project in early 2001.
Because the arena would be built in an urban core, even academics who are
skeptical about the economic benefits of sports stadiums agreed that spin-off
development is likely nearby.
But independent economists who have studied such issues, including Brad
Humphreys, an assistant professor at the University of Maryland-Baltimore
County, say development near a stadium usually has a negative impact on
development and businesses in other parts of a city.
The focus must be on the entire market, Humphreys said, not just in the
vicinity of a sports facility.
"Public subsidization of stadiums and arenas isn't necessarily a bad thing,"
he said. "But when they sell them as economic engines, it's just absolutely
wrong. The research doesn't show that."
A recent study Humphreys co-authored, which appeared in the fall 1999 issue
of the Journal of Policy Analysis and Management, found that the presence of
professional sports teams in a market, on average, actually reduced the
per-capita income in those markets, compared with similar markets without
such teams.
Given Houston's strong economy, Eury said he does not believe downtown
development will detract from other areas of the city, as Humphreys' studies
have shown in other markets.
A third major economic benefit offered Thursday was that a new arena, with
the Houston Rockets and Houston Comets as tenants, would generate $13 million
a year in sales tax revenues.
About $2.7 million of that would go into local coffers, with the remainder
going to the state, according to the study performed for Eury's group by CSL
International, a consulting firm.
Yet even in the absence of a new arena and both teams, many economists say a
large portion of those expenditures would be spent in the area anyway. That
is known as a "substitution effect."
Instead of a family going to a game, it might go to the movies or local zoo.
And corporations are likely to sponsor other local events out of their
advertising budgets, the economists say.
The CSL study did not account for this substitution effect in calculating the
sales tax impact, said Bill Rhoda, the firm's director.

Study: Dozens of corporations pay little or no income tax
By CURT ANDERSON
AP Tax Writer

10/19/2000
Associated Press Newswires
Copyright 2000. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - Dozens of America's most profitable companies enjoyed
tax-free years during the 1990s largely because of legal tax breaks, an
independent study released Thursday found.
The report by the nonprofit Institute on Taxation and Economic Policy found
that 250 companies paid an effective tax rate of 20.1 percent in 1998, down
from 22.9 percent just two years before. The federal income tax rate for
corporations is supposed to be 35 percent.
Of the 250 companies studied, 41 enjoyed at least one year of no income taxes
or an actual rebate from the federal government, despite pretax profits of
$25.8 billion from 1996-98.
If all 250 companies had paid the full 35 percent on $735 billion in pretax
profits, the study estimated the total income tax would have come to $257
billion. But tax breaks put into law by Congress lowered those companies' tax
bills by $98 billion over the three-year period.
Companies getting tax rebates in 1998 alone included Texaco, Chevron,
Pepsico, J.P. Morgan, Enron and General Motors, the report found.
The study's chief author, Robert S. McIntyre, said companies lower their
taxes through such breaks as depreciation write-offs, tax credits for
research and development and deductions they take when employees exercise
stock options.
"We hope our findings will encourage lawmakers to re-examine this important
area of taxation," McIntyre said.
The report also found that the petroleum industry paid the lowest tax rate
from 1996-98, at 12.3 percent, followed by electronics at 13.1 percent,
forest and paper products at 13.9 percent and transportation at 14 percent.
At the other end of the spectrum, publishing and printing companies paid 31.6
percent, gas and electric utilities paid 28.1 percent and retail and
wholesale trade companies paid 27.6 percent.
"Anyone who worries about our economy's long-term growth has to wonder why
the tax code is being used to favor some industries and some kinds of
investments over others, rather than letting market forces decide," McIntyre
said.
----
On the Net:
Institute on Taxation and Economic Policy site: http://www.itepnet.org

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

US Rep Drafts Bill To Impose Windfall Tax On Pwr Companies.
By JASON LEOPOLD

10/19/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

OF DOW JONES NEWSWIRES
LOS ANGELES -(Dow Jones)- California's summer of soaring wholesale
electricity prices helped boost the stock price of many energy companies in
the third quarter.
But if U.S. Rep. Bob Filner, D-Calif., gets his way, those companies will be
forced to pay back hundreds of millions of dollars in profit to utilities,
customers and the government.
Filner introduced a bill in the House of Representatives last week that would
impose a windfall profit tax on wholesale power sold throughout the western
U.S.
The bill, which was referred to the House Committee on Ways and Means, may be
discussed in December or January, according to Filner, and if he gets enough
support by the mostly Republican caucus, companies like Enron Corp. (ENE),
Duke Energy North America (DUK), Southern Co. (SO). Reliant Energy (REI) and
Dynegy (DYN), would only be allowed to show a certain amount of profit and
anything over that amount would be taxed 100%.
Filner said the amount of profit hasn't been determined but his bill calls
for a baseline that would be a "just and reasonable" amount of profit.
The congressman's San Diego constituents were paying market-based electricity
rates in the summer which resulted in triple-digit utility bills. He said
generators are gouging California customers and need to be held responsible.
"This is not just a problem of supply and demand," Filner told Dow Jones
Newswires. "This is stealing. And we want our money back."
State and federal regulators are conducting separate investigations into
California's wholesale power crisis. The findings, expected to be complete in
about two weeks, are aimed at determining if generators or other key players
manipulated the state's wholesale energy market.
At least two major energy companies are being investigated by California
Attorney General Bill Lockyer. A high level source working on the probe with
the Attorney General said third-quarter earnings statements will play a major
role in finding out if generators manipulated the market.
Their investigation isn't turning up much evidence but earnings statements
are showing that profits are up significantly largely due to wholesale prices
in California, the source said.
At least one Federal Energy Regulatory Commissioner, who spoke on the
condition of anonymity, said the wholesale electricity market in California
will be in for a "rude awakening" when the agency completes its
investigation.
"There will be some serious structural changes to the market," the
commissioner said.
Representatives from energy companies told Dow Jones Newswires that higher
profits weren't the result of illegal activity or manipulating the market.
Energy Cos. Say Summer Crisis Boosted 3Q Earnings
On Wednesday, Duke Energy, which owns and operates power plants in
California, said in an earnings statement that third-quarter profit rose 74%,
due in part, to high wholesale prices in California in the summer. Enron and
several other companies reported similar third-quarter increases based on
California's summer of skyrocketing power prices.
The congressman doesn't want to limit the proposed windfall tax to
California, but where generators sell power in the western U.S.
But even Filner admits that forcing generators to refund part of their
profits isn't getting the early support it needs to become law.
"If the democrats were in charge I'd have this bill voted on already," Filner
said.
Filner said if the bill is passed some of the money would be refunded to
consumers and utilities, the victims, as he refers to them.
Meanwhile, he's also working on getting the House to pass a separate bill to
roll back electricity rates in the western U.S. to pre-deregulation levels
and he's trying to gather support for a wind power initiative.
Regardless of the outcome, the congressman is dead set on making noise.
"If nothing happens, I'm thinking about holding a press conference with the
San Diego District Attorney," he said. "We'll press criminal charges against
the energy companies." -By Jason Leopold; Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

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


Jim/Jeff:

Here is our response to SDG&E. I will keep you posted on the process.  We are
going to try to get a deal done without leaving our price open.

C
---------------------- Forwarded by Chris H Foster/HOU/ECT on 09/02/2000
08:31 AM ---------------------------
From: Kim Ward on 09/01/2000 12:38 PM
To: David Parquet/SF/ECT@ECT, Tim Belden/HOU/ECT@ECT, Christopher F
Calger/PDX/ECT@ECT
cc: Chris H Foster/HOU/ECT@ECT
Subject: Revised packet sent to San Diego


Hi everyone,

There are oodles of Kids who are not being adopted.  Please reach as deep into your pockets as you can so that we can perhaps adopt a second Kid.  What we will be providing them has been reduced to get more people interested in assisting.   Now, the Kids will not get a new pair of shoes or coat.

Some of you have already generously contributed.  Thank you!!

Some of you have adopted a Kid all by yourself.   Fabulous!!

Please give your contribution to Ruth or me.  The shopping will be handled for you.

Thanks,

Ruth and Iris


---------------------- Forwarded by Sarah Wesner/Corp/Enron on 06/28/2000
09:45 AM ---------------------------

James_Naughton@em.fcnbd.com on 06/28/2000 10:20:35 AM
To: sarah.wesner@enron.com
cc:

Subject: New Schedule I

Hello Sarah,

Attached is an MSWord document with a new schedule 1, please let me know
if you have any comments.

I look forward to speaking with you later about the give-up agreements.

Regards,
Jim Naughton
312-732-9243

(See attached file: Schedule I.doc)

 - Schedule I.doc


Mark, The word on the street is that the NewPower folks are getting further in trouble (ie) strange trading activity, etc. Looks and smells a little like the old EES.

Couple of opps:
	- get another shareholder on-side and demand an Enron led audit to confirm financial and operating health;
	- followed up by hostile exit of mgt team if significant issues arise.

Issues:
	- obviously pushes us into another level of complicity/fiduciary in a blow up or bankruptcy not unlike the issues we faced with Kafus et al; however, given our continued interest a significant control issue could result in a significant acceleration of a write-off of our existing position plus any outstanding credit.

I would recommend we force the management team to submit to a detailed audit as a part of a united shareholder iniative - Lets discuss.

Rick Buy, what is our current credit position?

Greg/John, do you have a view on this one?

Rick Causey, we  probably need a more "permanent solution" ot the NewPower issue.

Regards
Delainey


-----Original Message-----
From: Lankford, Glenn [mailto:Glenn.Lankford@natoil.com]
Sent: Tuesday, October 16, 2001 3:19 PM
To: Larry Barnhill (E-mail); Jack Boone; Buxton, Dana; Cheatwood,
Brenda; Larry Childs (E-mail); Earsom, Roger; Mike Griffith; Jefferson,
Joy; Jackie Larson (E-mail); Anna Rowland (E-mail); Kevin Strabala
(E-mail); Dan Taylor (E-mail)
Subject: FW: shopping...

Glenn Lankford

-----Original Message-----
From: 	Vlad Railian [mailto:vlad.railian@elstore.com]
Sent:	Tuesday, October 16, 2001 2:59 PM
To:	Railian, Angel; Lankford, Glenn; Mama Mia
Subject:	shopping...

 <<ShopinMEM.mpeg>>

 - ShopinMEM.mpeg


FYI.  You should call him.  Geez, I'd like a job at NEG......and I don't
hate you, but there are some Neanderthals around here who hated Enron...

>  -----Original Message-----
> From: 	Richard, Daniel D Jr.
> Sent:	Friday, November 30, 2001 12:39 PM
> To:	Cherry, Brian
> Subject:	RE: Employment Option
>
> Thanks.  I like Jeff.  Actually, I think our NEG should hire him.
>
>  -----Original Message-----
> From: 	Cherry, Brian
> Sent:	Thursday, November 29, 2001 3:15 PM
> To:	Richard, Daniel D Jr.
> Subject:	Employment Option
>
> Dan - Don't know where you are with the DC job and the like, but Jeff
> Dasovich is considering other options given the debacle at Enron.   I know
> some people hate him, but that also means he's effective.   Just an FYI.


Could you give me some time on your calendar today, say about 1 or 1:30 for 101 training and some insights on setting up this excell sheet?


Sitara deal ticket # 314349 has been created and entered for July, 2000 as
follows:

14,213/d IFHSC minus $0.11

Bob


I should be talking to Barry in about 10 minutes, and we will probably have a
few more changes.

----- Forwarded by Gerald Nemec/HOU/ECT on 03/15/2001 08:43 AM -----

	Gerald Nemec
	03/14/2001 10:40 PM

		 To: Tyrell Harrison/NA/Enron@Enron, Mark Whitt/NA/Enron@Enron, Barry
Tycholiz/NA/Enron@ENRON, Julie A Gomez/HOU/ECT@ECT
		 cc:
		 Subject: Kern River Bid Letter

Attached is the latest draft for review.  We plan on convening and 8 am
central time to review and finalize.


As a precautionary measure because of yesterday's power outage, the hardware
that Sitara runs on has been rebooted.  Sitara should be available around
7:30 AM Thursday (06/29).  Once the reboot is complete, all Sitara
applications should be available.

If you are getting this message and no longer use the Sitara applications,
please contact the Sitara Hotline (x37049) to have your name removed.

Scott Mills


In addition, make sure we understand the steam obligation and it's effect on dispatch flexibity and heat rate.  It appears the 8000 Heat Rate is assuming above market steam sales are buying down the heat rate.   Solar turbines in combined cycle (without a steam sale credit) would usually have a heat rate around 10,000 Btu/kwh.

The lower heat rate is probably predicated on providing 24 hour steam, which means less dispatch flexibility and producing off-peak energy at a loss.

Make sure we are modeling these dynamics properly.

 -----Original Message-----
From: 	Herndon, Rogers
Sent:	Friday, June 15, 2001 8:40 AM
To:	Morse, Brad
Cc:	Bernstein, Mark; Virgo, Robert; Presto, Kevin M.; Ader, Jeff; Misra, Narsimha; Dietrich, Janet
Subject:	York Generation Valuation

Brad -

Some items we need to make sure we are addressing in this valuation analysis:

Fixd Costs and O&M:
Property Taxes
Gross Receipts Tax
Franchise Tax
Firm Transport Costs - Demand Charges (Full Basis in outer years)
Operations
Service Fees associated with any wholesale dispatch (Lloyd's group)

Heat Rates & Other Variable Issues
What is the Heat Rate Assumption during CT and CC mode and has Bob Virgo confirmed this?
Degradation factors
Recent Historical Run Times and awhen we would provide on-site live verification tests
Emmissions limitations
NG Intra-Day Premiums

Bob - I would like to get any information that you have that will be necessary to complete this evaluation.
Brad - I would like to discuss where you are in this process sometime befor the day is over.

Thanks,
Rogers


Sara,

here is online (web based) convertible trading site hat I could use - kindof
like an online broker where they match up buyers and sellers.  I take it that
before we enter to any agreement with them you need to approve it all.

 I have not looked at this document yet, so please feel free to make any
comments you may have.

Madhur

---------------------- Forwarded by Madhur Dayal/HOU/ECT on 07/17/2000 01:13
PM ---------------------------

"Lisa O'Connor" <lisa@imarkets.com> on 06/29/2000 01:49:50 PM
To: "Madhur Dayal" <madhur.dayal@enron.com>
cc:
Subject: BuySideDirect Subscriber Agreement

Dear Madhur,

It was a pleasure to speak to you this afternoon.  Enclosed are the
subscriber agreements that I mentioned.  Please let me know if you have any
questions about our system or our documentation.   Thanks and I look forward
to hearing from you.

Regards,

Lisa O'Connor

Lisa Mears O'Connor, CFA
BuySide Direct LLC
a subsidiary of Intelligent Markets, Inc.
415-369-5020 Phone
415-369-5021 Fax

 - Agreement Dated April 7 2000.doc
 - Application Dated April 7 2000.doc


---------------------- Forwarded by Kay Mann/Corp/Enron on 01/18/2001 07:38
AM ---------------------------

"Paradee, Lari" <Lparade@INTERGEN.com> on 01/17/2001 08:58:01 PM
To: "'CCampbell@KSLAW.com'" <CCampbell@KSLAW.com>, "'kay.mann@enron.com'"
<kay.mann@enron.com>
cc: "Pedigo, Doug" <DPedigo@INTERGEN.com>, "Jones, John"
<JJones@INTERGEN.com>

Subject: Escrow instruction letters

Carolyn/Kay -
I apologize for the latest of getting these documents to you, but I was
unaware of the timeline until just an hour ago.

Doug/John - I've left 5 originals of each letter for Jeff's signature in his
office.? He will sign when he gets in and I will bring them around to you
around 8am.

?

Lari

 <<ESCROW Wiring 1.DOC>>  <<ESCROW Wiring 2.DOC>>  <<ESCROW Wiring 3.DOC>>

 - ESCROW Wiring 1.DOC
 - ESCROW Wiring 2.DOC
 - ESCROW Wiring 3.DOC


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Starting Monday, January 22, 2001, Open Meetings and Work Sessions of the
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does not respond to TexasAdmin.com, go to http://www.texasadmin.com.

Subscription pricing is $200 - $275 per month for a Passcode depending on the
type of subscription service and the number of Passcodes purchased.?? A
Passcode is assigned to an individual who can use it on any computer.?
Charter subscriber discounts are available through the end of February, 2001.

Click on "Subscription Information" for more details and then e-mail
TonyBreard@TexasAdmin.com, or call us to discuss.
 - breard.vcf


With the implementation of SAP, the employee expense report form has been
modified to reflect the new coding system.  The procedures for its use are
unchanged, but there are some cosmetic differences.  One item to note: the
form no longer requires entry of your Social Security Number; instead use
your new personnel number assigned through Human Resources (see
http://hrweb.enron.com).  For electronically submitted expense reports, enter
the same number on the receipt envelope.

The form is now available at the SAP website.  To access the form:

 From the Enron home page, go to the SAP intranet site http://sap.enron.com
 Choose one of the following paths:
 Click on Quick Reference Tools on the left menu
  Click drop-down arrow for Accounts Payable Forms
  Click SAP Expense Report Form

  Click on Forms and Procedures Library on the left menu
  Click drop-down arrow for Accounts Payable Forms
  Click SAP Expense Report Form
 Wait for it to load
 Click Enable Macros (or Yes, allow macros)

After you enter the data, save as Excel Workbook (.xls file extension) with a
new filename.  Do not save as Excel Template (.xlt extension).

You may print the spreadsheet for submission to Accounts Payable, or attach
it to Notes for electronic submission.  Instructions are available at the
website, on the same drop down box as the form.

If you have any questions, contact the Center of Expertise (COE) at 713
345-7427.


On behalf of the entire Marketing team, I want to thank you for your candor and time in participating in the off-site last Friday.

Your vision and personal observations of where and how Marketing can play a more important role for the organization was timely and very well received by the team.  Today, we have a better idea of the areas you would like to see targeted externally and internally i.e., employees. We appreciate your flexibility in exploring new ways to get our messages out and in entertaining new data and proposals throughout the year.


Hi Suz,

Please print the exhibits and fax to me it home.

I thought you might enjoy this one.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/12/2000 09:26
AM ---------------------------

Lisa Bills
12/11/2000 11:16 PM
To: "Bunk, Sean" <seanbunk@akllp.com>
cc: <lisa.bills@enron.com>, <catherine.clark@enron.com>,
<kay.mann@enron.com>, <sheila.tweed@enron.com>,
<roseann.engeldorf@enron.com>, <mgocker@enron.com>, <sarah.wesner@enron.com>,
<toxley@winston.com>, <mmckay@velaw.com>, "Taylor, Rob"
<robtaylor@akllp.com>, "Popplewell, Tom" <tompopplewell@akllp.com>

Subject: Re: E-Next Generation Assignment Documents and Schedule V

why does LM6000 contract still have brackets around the number of turbines to
be assigned to WestLB?  Why does it still ignore the change orders rose asked
you to include?

why does schedule v to PA still ignore the change orders to the various
documents?

Please correct or advise why requests for changes are NOT being made.

As you know,  these documents are deliverables on Wednesday.  Blue Dog had
comments from the other side today.  Why haven't I seen a revision or been
asked if I agree with their comments?

Please do not operate in a vacuum without consulting me or Roseon
questionable issues.

Regards,  Lisa

"Bunk, Sean" <seanbunk@akllp.com> on 12/11/2000 07:46:53 PM
To: <lisa.bills@enron.com>, <catherine.clark@enron.com>,
<kay.mann@enron.com>, <sheila.tweed@enron.com>,
<roseann.engeldorf@enron.com>, <mgocker@enron.com>, <sarah.wesner@enron.com>,
<toxley@winston.com>, <mmckay@velaw.com>
cc: "Taylor, Rob" <robtaylor@akllp.com>, "Popplewell, Tom"
<tompopplewell@akllp.com>

Subject: E-Next Generation Assignment Documents and Schedule V

Attached please find revised drafts of the following documents:

1.  Purchase Option Assignment and Assumption Agreement (LM6000)
2.  Purchase Option Assignment and Assumption Agreement (Pastoria)
3.  Schedule V to Participation Agreement

Both a clean copy and a copy blacklined to show the changes from the
prior version are included for each of these documents.

Please feel free to call me if you have any questions or comments.

~~~~~~~~~~~~~~~~~~~
Sean Bunk
Andrews & Kurth L.L.P.
600 Travis St., Suite 4200
Houston, Texas  77002
Tel.:  713.220.4427
Fax.: 713.238.7252
e-mail: seanbunk@andrews-kurth.com

This e-mail is privileged and confidential and is intended only for the
recipient(s) named above.  If you are not the intended recipient, please
(i) do not read, copy, use or disclose the contents hereof to others
(any of the foregoing being strictly prohibited), (ii) notify the sender
immediately of your receipt hereof, and (iii) delete this e-mail and all
copies of it.

 <<Blackline 593717v3 to v2 (Pastoria Assignment).DOC>>  <<Purchase
Option Assignment and Assumption Agreement - Pastoria.DOC>>  <<Blackline
593834v4 to v3 (LM6000 Assignment - N.A.).DOC>>  <<Purchase Option
Assignment and Assumption Agreement (Turbopark - LM6000).DOC>>
<<Schedule V to Participation Agreement (TurboPark).DOC>>  <<Blackline
597234v2 to v1 (Sched. V - Turbo Park).DOC>>
 - Blackline 593717v3 to v2 (Pastoria Assignment).DOC
 - Purchase Option Assignment and Assumption Agreement - Pastoria.DOC
 - Blackline 593834v4 to v3 (LM6000 Assignment - N.A.).DOC
 - Purchase Option Assignment and Assumption Agreement (Turbopark -
LM6000).DOC
 - Schedule V to Participation Agreement (TurboPark).DOC
 - Blackline 597234v2 to v1 (Sched. V - Turbo Park).DOC


Conference Call Participants:

A conference call regarding STORAGE SERVICES originally scheduled for
Thursday, December 7th from 10-11AM CST has been rescheduled to Friday, 12/8
from 11AM-12 noon, CST.  Please note the conference call in and passcode
numbers below.

Ravi Thuraisingham, Director, Enron Broadband Services (EBS) will lead
discussions regarding EBS' storage initiatives and Chris Roberson, Hewlett
Packard Storage Solutions Architect, will lead HP storage solutions
discussions.  Matt Harris, Vice President, EBS and Patrick Tucker, Manager,
EBS are leading the origination efforts between HP and Enron.

Conference Call Dial Up Number:  1-800-991-9019
Passcode #:  6835918 #  (Note:  the # sign must be input after the passcode)

Subsequent to the conference call, future meetings and strategy on Enron/HP
storage initiatives will be decided.
Please call if any questions or agenda changes

Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing, Business Development
#(713)-345-6541.


Anita

OK

Vince

Anita DuPont@ENRON
04/18/2001 04:58 PM
To:	Vince J Kaminski/HOU/ECT@ECT
cc:	Shirley Crenshaw/HOU/ECT@ECT
Subject:	Attendees at Energy Power 2001 at the Houstonian Hotel May 14 - May 16, 2001

Vince:

Lance, Martin and Sandeep want to attend both the conference and the seminar days.  Let me know if this is OK.   The cost for each will be $2598 less 10%.


---------------------- Forwarded by David M Gagliardi/TTG/HouInd on
09/12/2000 08:34 AM ---------------------------

"Michael Gagliardi" <mggagliardi@duke-energy.com> on 09/12/2000 07:13:02 AM

To:   DGagliardi@reliantenergy.com, David_Ricks@GSDM.com,
Tony.A.Rogers@fritolay.com
cc:

Subject:  True Orange Fax/E-Mail #86

---------------------- Forwarded by Michael
Gagliardi/Hou-ComOps/EnergyTrading/PEC on 09/12/2000 07:21 AM
---------------------------

TruOrange@aol.com on 09/11/2000 09:16:39 PM

To:   TruOrange@aol.com
cc:    (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC)
Subject:  True Orange Fax/E-Mail #86

True Orange Fax/E-Mail Service
Volume 8, Fax/E-Mail #86, Monday, September 11, 2000
Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 -
Phone
512-795-8536

Horns Favored by 13; UT-Houston Game Set for 6 P.M. on Fox TV

The Longhorns are a 13-point favorite over Stanford for their 9:15 p.m.
(Texas time) game Saturday night in Palo Alto. The game will be televised
by
the Fox Network.
The Texas-Houston game in Austin Sept. 23 has been set for a 6 p.m. kickoff
and also will be televised by the Fox Network.
Coach Mack Brown said he is always happy when the Longhorns are on
television. "Our game last week was televised to 27 million people, and the
game Saturday at Stanford will be televised to areas with 48 million
people.
That's a lot of homes, from a recruiting standpoint," he said.
* * * *
Brown said he was pleased with the season-opening 52-10 victory over
Louisiana-Lafayette Saturday, but he also said the Horns need to work to
improve. "If we don't play better at Stanford than we did Saturday, we'll
get
beat," he said.
"We have a lot of work to do this week," he said. "We still have got to
work
a lot on our running game. Our line was very physical in its pass blocking.
We didn't give up a sack and we had great pass protection. We've just got
to
be more physical in our run blocking and our backs have to fight for the
extra yards."
He also said he was concerned because Louisiana-Lafayette hit some long
passes, "and that's Stanford's game. Stanford will beat us to death if we
don't stop the long ball."
"Stanford is averaging 494 yards offensively in two ball games," he said.
"Their quarterback, Randy Fasani, is No. 1 in into offense in the Pac 10
and
his No. 6 nationally. They throw the ball down field. We will get tested
deep
in a hurry."
Brown said Stanford starts eight seniors on defense, and he said OLB Riall
Johnson, 6-3, 240, "led the Pac 10 in sacks last year with 13."  He also
said
DT Willie Howard, 6-4, 298, "is a pre-season All-Pac-10 selection. Both of
them are really good. They will be about as good as anybody we play."
He also noted that Stanford is a fast-starting team. "They've scored 51
points, and 45 of them were in the first half," he said. "We'd better be
ready to play from the opening kickoff."
Brown said the freshmen wide receivers deserve all the accolades they are
getting, but he also said some other young players had good games Saturday.
He said sophomore Cole Pittman and true freshman Kalen Thornton both
"played
very strong games" at defensive end. He also praised senior  RB Hodges
Mitchell and said he was outstanding in pass blocking for the UT
quarterbacks.
He continued promoting the idea that Texas has two first-team quarterbacks,
but there is little doubt that Major Applewhite's outstanding game in
relief
of Chris Simms will have him taking the first snap at Palo Alto.
Brown said there were no injuries in the Louisiana-Lafayette game.
* * * *
RECRUITING NOTES: DE Eric Hall, 6-3, 232, 4-5, of Clarksville, Tenn., took
his official visit to Texas last weekend and said he really enjoyed it. He
said Texas is his favorite right now, but said he wants to take some other
visits before committing to anyone. . .DE Kaelen Jakes, 6-4, 260, 4.8, of
Valencia HS in Placentia, Cal., says he is trying to set up an official
visit
to Texas for the Sept. 23 weekend. Jakes is playing nose guard this year
and
he said he had two sacks and several other tackles for losses in Valencia's
opening 24-0 victory over Palmdale Highland. He said Highland is supposed
to
have a playoff-caliber team "and we really shut them down." Jakes lived in
Plano when he was in junior high and he said he is strongly considering
coming to UT. "I really like the way football is king in Texas," he said. .
.
OL William Winston of Houston Madison said he also plans to come to Austin
for the Houston game, but that will be an unofficial visit. He said he is
considering so many schools that he probably will use his five official
visits to look at out-of-state schools like UCLA, Tennessee, Miami,
Wisconsin
and LSU, and will take unofficial visits to Texas and Texas A&M.
* * * *
IMPORTANT NOTICE: I won't have any more faxes this week because I am
heading
to California early to scout some of the players Texas is recruiting out
there and I won't be back until after the Stanford game.  My next fax
probably will be next Monday, Sept. 18.
* * * *
The True Orange Fax Service includes  at  least  99 faxes  a year and costs
$99 ($79 by E-Mail). The True Orange Newsletter includes  26 newsletters
and
is published weekly during football season and twice monthly during most of
the other months. It costs $45. Save by subscribing to both for $130 (or
$110
if you take the faxes via E-Mail  or $99 if you take the faxes and
newsletter
via E-Mail). Send check  to address at the top of page. I also  update my
900 number

- 1-900-288-8839
- frequently with recruiting news. My E-Mail
address is: truorange@aol.com


Please send me a credit sheet for Aquila Energy Marketing Corporation

Thanks!

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


I'm going to be on this conference call (the David Tucker call) for a long
time.  Would you mind getting me a Diet Coke?  I have the money in here, but
I can't leave my desk.  I should have thought ahead.

Thanks!!!!!!

Kay


Attached please find the final versions of the above-referenced
documents.  You will note that Exhibit H-2 is not included in the
electronic copies.  It is included, however, in the execution copies
being sent to you via Federal Express.

Should you have any questions or comments, please don't hesitate to
contact me.

Peter Thompson

<<00).DOC>>  <<00).DOC>>
 - 00).DOC
 - 00).DOC


<META HTTP-EQUIV="Content-Type" CONTENT="text/html;charset=iso-8859-1">

<META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=iso-8859-1">

<title>Energy News Live Daily Wrap-Up</title>

Dear Mike,

Members of Congress return from their Thanksgiving break on Tuesday
as debate resumes in Washington.  A bill that would renew the Price
Anderson Act is being brought to the floor of the House of
Representatives.  The bill limits the liability for the nuclear
industry in the event of a major accident.  Significant revisions
were made to the legislation in the wake of the September 11 attacks,
with the addition of amendments that would strengthen the security of
America's nuclear power plants.

The Washington bureau will also have more reaction to the FERC's
new policy for determining whether a company has market power in
the electricity industry.  Join us for these reports from the
Washington bureau on Tuesday.

From Houston on Tuesday, we'll bring you an update on Enron's
continuing financial situation.  UBS PaineWebber's Robert
Young is stopping by the Houston bureau to discuss his perspective
on the negotiations between Enron and Dynegy.  He'll join us during the
10:00 a.m. ET newscast tomorrow.

The Former Energy Advisor to the Prime Minister of Iran is
speaking in Houston on Tuesday.  Dr. Fereidun Fesharaki will be
talking to the Asia Society about the Middle East, oil and economics.
The Houston bureau will bring us a preview.

Climate Solutions Co-Director Rhys Roth will be live from
Olympia, Washington during the 3:00 p.m. ET newscast on Tuesday.  West
Coast Bureau Correspondent Kym McNicholas talks with Roth about the
future of clean energy in the Northwest and how renewables will
play a major role as a future energy source in the region.

We'll also have an update on the California Department of Water
Resources' efforts to pay generators for market transactions between
January and July of this year.  Join us for reports from the West Coast
bureau.

ENL is hitting the road later this week.  Houston Correspondent Kim
Benestante will report live from Anchorage, Alaska.  Kim is
attending a conference titled: Alaska Resources 2002: Can Alaska
Compete?  We'll have live coverage from the conference starting on
Thursday.

ENL's Gale Smith will attend the Arctic Gas Symposium in
Houston on Thursday.  The symposium will address supplying the North
American market and the latest pipeline route update, among
other topics.  We'll have coverage of the symposium on Thursday.

Closing
Prices for Monday, Nov. 26, 2001

			Crude:
			$18.69
			-$0.27

			Unleaded:
			$0.5217
			-$0.0056

			Heating Oil:
			$0.05217
			-$0.0125

			Natural Gas:
			$2.696
			-$0.117

Keep in mind things are subject to change at a moment's notice.
Occasionally guests have to cancel or change time slots.  We'll continue
to do our best to keep you updated on future interviews and events.

Be sure to watch our newscasts every business day - 9 a.m. to 5
p.m. ET, at the top of each hour.

    Jay Rickerts,
EnergyNewsLive.com Anchor

      View today's Energy Wrap Video

      Windows Media Player:
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Player)

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call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.

      Copyright 2001 Williams Energy News Live, LLC. All
Rights Reserved.


zugzwang (TSOOK-tsvahng) noun

   A position where one is forced to make an undesirable move.

[From German Zugzwang, Zug (move) + Zwang (compulsion, obligation).]

   "Now the government finds itself in zugzwang, where every move it makes
   worsens its position against an invisible opponent ...."
   Pusch Commey, Is the Rand Racially Prejudiced?, African Business (London),
   Mar 2001.

In his classic story "Shatranj Ke Khiladi" ("Chess Players," later made into
a movie directed by Satyajit Ray), Hindi writer Munshi Premchand (1880-1936)
narrates the saga of a kingdom engrossed in playing chess, unmindful of the
advancing enemy forces. Such is the charm of this ancient Indian game.

An Italian proberb goes, "After the game, the king and pawn go into the same
box." A world in itself, chess mimics life in more ways than one. While quite
simple on the surface, its complexity is mind-boggling. There are more than
10120 possible moves (that's number 10 followed by 120 zeros). That is a?fairly large number once we realize that there are only about 1075 atoms
in this universe.

It attests to the popularity of the game that many of the chess words have
entered our mainstream vocabulary. This week we explore five of them. -Anu

............................................................................
In the presence of eternity, the mountains are as transient as the clouds.
-Robert Green Ingersoll, lawyer and orator (1833-1899)

Send your comments about words to anu@wordsmith.org. To subscribe or
unsubscribe A.Word.A.Day, send a message to wsmith@wordsmith.org with
"Subject:" line as "subscribe <Your Name>" or "unsubscribe". Archives,
FAQ, gift subscription form, and more at: http://wordsmith.org/awad/

Pronunciation:
http://wordsmith.org/words/zugzwang.wav
http://wordsmith.org/words/zugzwang.ram


After checking and re-checking, I find that, in fact, SPE transferred its
shares in PEP back to Enron Brazil Power Holdings XII Ltd. on June 24, 1999.
The Corp. Sec. Database does not yet reflect that information.

Thus, the current owners of PEP - Plena Energia Participacoes Ltda. are:

 Enron Brazil Power Holdings XII Ltd.  - 99%
 Enron Brazil Power Investments XII Ltd. - 1%

	Enron International

	From:  Robert H George                           01/18/2000 01:00 PM

To: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Lynn Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pedro Henrique
Oliveira/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kent
Castleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara
Shackleton@ENRON_DEVELOPMENT, Bruce
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, tfts!mail@tozzini.attmail.com,
Nancy Muchmore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Millenium ADR(s)

Absent Central Bank and/or tax implications, it probably would not matter
whether we had to copy the capital reduction twice because the paperwork
would be virtually identical.  The Central Bank itself may not be an issue
since under either structure it is approving a distribution of capital
(unchanged in amount) out of the country - presumably its only concern.
Nevertheless, it may be simpler to obtain Central Bank approval with fewer
companies.  Assuming that is the case (which I will check with our local
counsel to see if they have a view), then I will initiate the paperwork
(unless Lynn has a preferred location for SPE) to unwind SPE's insertion into
the PEP ownership chain and return SPE to its prior Enron Cayman owners.

Bruce Harris
01/18/2000 02:19 PM
To: Lynn Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Robert H George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pedro Henrique
Oliveira/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kent
Castleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara
Shackleton@ENRON_DEVELOPMENT, Bruce
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Millenium ADR(s)

What you are suggesting after your discussion with Sara is what I am
suggesting.  The parent has the account; it holds the securities on behalf of
its Brazil sub.  I would very much like to remove SPE from the chain quickly
if possible so that if there is a CPMF assessed on the in-kind capital
reduction, we don't have to pay it twice.  I think that would also simplify
Robert's legal request.  Any objections?

Regards,  Bruce

Lynn Aven
01/18/2000 10:31 AM
To: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Robert H George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pedro Henrique
Oliveira/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kent
Castleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton@ENRON_DEVELOPMENT

Subject: Re: Millenium ADR(s)

The ADR's will be legally owned by PEP until we make a decision to move them
out and go through the process of having a capital reduction to move the
shares out of PEP.  Per discussions with Sara, we need to ascertain whether
MS will hold the ADR's in a security account in the name of the Enron  Brazil
Power Holding XII on behalf of PEP.

I just looked at the legal ownership of PEP and noted that there is another
Brazilian limitada, SPE between Enron Brazil Power Holdings XII and PEP.  I
assume that we will have filings for two capital reductions, one for PEP and
one for SPE unless SPE was removed from the ownership chain and that
transaction has not been reflected in the Corporate Secretary data base.  SPE
was placed in the chain of owenrship for the Comgas bid and I am not sure
whether it got removed when we recycled the entity.

Lynn

Bruce Harris
01/18/2000 05:05 AM
To: Robert H George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Pedro Henrique Oliveira/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kent
Castleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lynn
Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Millenium ADR(s)

If MS can do it thats great.  Is there any problem per MS with the parent
CayCo receiving the ADRs and holding them in its sub-account on behalf of
PEP?  Perhaps Sara could inquire.  These are physical certifciates (if issued
as restricted) so I don't know if the MS account is set up for physical
custody or whether we need to prepare some additional documentation.

Regards,  Bruce

	Enron International

	From:  Robert H George                           01/17/2000 04:43 PM

To: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pedro Henrique
Oliveira/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kent
Castleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lynn
Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Millenium ADR(s)

BONY has asked us to send them a letter instructing them to issue the ADR(s)
and specifying where and to whom to deliver the certificates.  I will prepare
the instruction letter, but I am assuming that we want someone at Morgan
Stanley to take actual possession of the certificates.  In any event, I need
someone to tell me where the certificates should land and give me a physical
address for  the certificates.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/15/2000
04:51 PM ---------------------------

VKaminski@aol.com on 09/12/2000 12:32:40 AM
To: vkamins@enron.com
cc:
Subject: Fwd: The Quantum Bridge Question: How Far Can Optical Mania Go?

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e8C5Wis16864

RealMoney.com's MIDDAY UPDATE

September 11, 2000

http://www.realmoney.com
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______________________________________________________________________
Market Data as of 9/11/00, 11:30 AM ET:

o Dow Jones Industrial Average: 11,258.76 up 38.11, 0.34%
o Nasdaq Composite Index: 3,991.02 up 12.61, 0.32%
o S&P 500: 1,501.97 up 7.47, 0.50%
o TSC Internet: 820.94 up 12.03, 1.49%
o Russell 2000: 537.80 up 2.10, 0.39%
o 30-Year Treasury: 107 15/32 down 11/32, yield 5.715%

______________________________________________________________________
In Today's Bulletin:

o Herb on TheStreet: Taking a Closer Look at the Honey Well

Telecom: The Quantum Bridge Question: How Far Can Optical Mania Go?

The maker of networking gear is preparing for an IPO. Will the market
hold up long enough for this niche play?

http://www.thestreet.com/tech/telecom/1073106.html
____________________________________
Wrong! Dispatches from the Front: Currency Pain Will Be Commencing
Shortly

International tech companies and giant pharma names begin feeling the
sting of a weak euro.

http://www.thestreet.com/p/comment/wrong/1072941.html
____________________________________
Brokerages/Wall Street: MarketXT Making Move Into Institutional Trading

Having picked up top talent from competitor Instinet, the off-Wall
Street underdog is aiming high.

http://www.thestreet.com/stocks/brokerages/1072717.html
____________________________________
Global Portfolio: Readers Find a Way to Play the Old Sod

The mailbag holds a closed-end fund focusing on Ireland, while others
look to the eurozone.

http://www.thestreet.com/int/tradewinds/1072925.html
____________________________________
Mutual Funds: 10 Questions With MFS Utilities Fund Manager Maura
Shaughnessy

The skipper sees more growth despite big price run-ups.

http://www.thestreet.com/funds/funds/1068363.html
____________________________________
Asia/Pacific: Nikkei Indices' Components Will Change

http://www.thestreet.com/int/asia/1072972.html
______________________________________________________________________
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______________________________________________________________________
Herb on TheStreet: Taking a Closer Look at the Honey Well

By Herb Greenberg
Senior Columnist
9/11/00 6:30 AM ET

An item in one of last week's Hotlines questioned whether a key "tell"
toward a possible preannouncement from Honeywell (HON:NYSE) was an
earnings warning from Invensys, a British controls and automation
company. Invensys is a Honeywell competitor, and Honeywell fans had
been looking at the company's controls group for signs of strength this
quarter. Got a bunch of angry email, in response, telling me I must be
a kook (or actually, something much worse ) because just a few weeks
ago Honeywell said it was comfortable with earnings estimates of 76
cents per share, which would be a pleasant 10% gain.

True, but this is, after all, the same Honeywell that in June gave
expectations of one thing for second-quarter revenues, only to amend
that a few weeks later with a lower number. And this is, after all, the
same Honeywell that several quarters ago said it would take no more big
charges, and then turned around and took a whole bunch of new charges.

Will the same thing happen this time round? Hard to say, and as of
Friday all a Honeywell spokesman would say to me was: "We're sticking
with our guidance." On earnings, that is. Interestingly (and subtly)
Honeywell didn't say anything about revenues in its recent update, and
the spokesman said there will be no revenue guidance now, either. Stung
once, too smart to be stung twice, I guess.

But that also highlights that Honeywell has entered the quarter with
negative revenue momentum, which is not what Wall Street wants to see.
Earnings can meet estimates lots of different ways (an item here back
in March showed how half of Honeywell's 20% earnings gain came from
pension income) but revenue represents business in the raw.

So, why worry now? According to one longtime Honeywell watcher, who
prefers to go incognito (so he can protect his relationship with the
company, in which he still holds a small stake), events that could
further effect this quarter's earnings and revenues include the sharp
rise in oil prices -- the same rise in oil prices that last week helped
clobber DuPont (DD:NYSE), which warned of lower earnings (thanks, in
part, to oil). Honeywell also disclosed that problems with brakes it
makes for buses will shave 2 cents per share off earnings. The warning
came after the earnings reassurance a couple of weeks ago, but was
included in the recent forecast. It's unclear, however, how the
problems will affect brake sales (and therefore revenues), going
forward. Oh, and Honeywell is laying off 5% of its workforce. (A
supposed growth company firing people?!) Then there are more charges,
lots of charges -- but the 76 cent per share number excludes them.

What's more, analysts are just starting to take a close look at the
company now that they're back from summer vacation. At least one
analyst who has tried to get some sign of how things are going was told
the company hasn't seen the August numbers yet, which means there still
could be reasons for concern.

All of that said, Honeywell has been doing loads to improve itself, but
our longtime Honeywell watcher, who is looking for the right time to
hop back in, doesn't think there'll be signs of a solid rebound until
next summer. At the earliest.

Short Positions

 o From reader John Lee: "How's this for an inflation indicator? Down
here in our cafeteria today we were confronted by a sign that indicated
the cafeteria was raising prices "to cover rising food and labor
costs..." But inflation is nearly nonexistent, right? Right (he said,
sarcastically). Wouldn't be surprised to see a few fast-food chains
that missed earnings last quarter, because of rising costs, bite the
bullet and raise prices, too. (A dime or a quarter isn't going to drive
customers away; but a dime here at one place and a quarter there at
another would certainly lead to higher prices across the board. Or so
you'd think!)

 o Stupid poll?!: That's what some folks thought of Friday's poll which
asked whether you should pay more attention to a company, friendly
analysts or unfriendly analysts. (Unfriendly won by a landslide.)
Several readers, however, wish I'd had a fourth alternative: All of the
above. Says reader Bridget Magnus: "I think that if a person is going
to make a realistic, informed decision about a company it is a good
idea to listen to all three of those sources (the company, friendly
analysts, and unfriendly analysts). Putting them together will give a
potential investor a much clearer picture of what is (or isn't) going
on." Great point! Which brings us to today's poll:

Feel free to send emails to my sidekick Mark Martinez with any reason
why you think the way you do. Cramer has pretty strong opinions about
this. And speaking of JJC, don't forget that he and I will be going
head-to-head at RealMoney.com's "Cramer Live" conference in San
Francisco later this month. Click here for more info.

 o Bye, George: Marketing columnist George Lazarus of The Chicago
Tribune died Friday while commuting on the train to work. He was 68 and
he still wrote a daily column. He was a former colleague and I'd like
to think, a friend, whom I didn't keep in touch with nearly enough.
George wrote the textbook on how to be a hard-working, daily,
news-oriented columnist. You could see just how hard he worked when he
walked through the office at the end of every day, looking exhausted,
as he handed the finished copy into his editor. His salutation to me,
when he saw me was always, "Hey, scoop." Coming from the scoop, that
was an honor. Hey, George. -30-

Herb Greenberg writes daily for TheStreet.com. In keeping with TSC's
editorial policy, he doesn't own or short individual stocks, though he
owns stock in TheStreet.com. He also doesn't invest in hedge funds or
other private investment partnerships. He welcomes your feedback and
invites you to send any to Herb Greenberg. Greenberg also writes a
monthly column for Fortune.

Mark Martinez assisted with the reporting of this column.
______________________________________________________________________
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