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SIVY ON STOCKS from money.com
November 24, 2000

Frequently asked questions

Is it bullish if my stock is added to the S&P? Can stock splits and
buybacks increase total returns? What should I do with a spinoff?

By Michael Sivy

Q: Does being included in an index like the Dow or the S&P 500 increase a
stock's returns?

A: Just being in an index doesn't have much long-term effect. But stocks
typically receive a quick boost when they're added to a major index and go
down a little when they're kicked out. That's because many mutual fund
managers tie their performance to the Dow or the S&P 500, leading them to
hold many of the same stocks. As a result, money managers frequently load
up on new additions and dump stocks that are removed.

Q: Are stock splits good for shareholders?

A: Studies confirm that splits are good for share prices. According to one
study, stocks that split two-for-one outperform the market over the
following year by an average of four percentage points. That may not seem
logical, since a split has no fundamental impact on value: You simply get
more shares that are worth proportionately less.

But there are explanations for the outperformance. By reducing the share
price, splits make it easier for small investors to buy 100-share round
lots, boosting demand for the stock. In addition, no company wants to split
its stock and then watch it crash. So a company's top managers aren't
likely to authorize a split unless they are optimistic about the future. Of
course, management confidence means more for blue chips than for start-ups,
which may well disappoint even their own insiders.

Q: How beneficial are stock buybacks?

A: Companies that regularly buy back their own shares can outpace
comparable stocks by as much as three or four percentage points a year, on
average. In simplest terms, buybacks ensure that earnings -- and earning
increases -- are divided among a smaller number of shares. As long as the
cost of the buyback is less than the benefit of shrinking the number of
shares outstanding, earnings per share will rise.

As a result, buybacks are most effective when a company has at least 12
percent annual growth and a P/E below 20. Of course, those are the same
characteristics that conservative growth investors look for (see "Investing
for growth" [
http://www.money.com/money/depts/investing/sivy/archive/001009.html ]). So
you should first choose stocks based on fundamentals, and only count
buybacks as a bonus. Two cautions: Buybacks of high-priced stocks may not
help much. And not all companies that announce buybacks actually follow
through and repurchase shares.

Q: Should you hang on to a spinoff?

A: When a large corporation spins off some of its operations as an
independent firm, the new stock may fall in the first month or so. Reason:
Many existing shareholders who receive a spinoff dump it. Index funds, for
example, won't hold it if it's not in their index. And individual investors
may sell because the company doesn't fit their investing style. Following
the initial dip, however, spinoffs often go on to be stellar performers. In
fact, one study found that spinoffs outperform comparable stocks by as much
as 20 percentage points over the first 18 months.

If you own a stock in a company that is going to grant you shares in a
spinoff, it may be smart to wait at least a year before selling the new
shares. On the other hand, if you aren't a shareholder and the spinoff is a
stock you'd like to own, consider waiting until after the initial dip.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

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http://www.money.com/email/

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We may, from time to time, contact you with offers for Time Inc.
products and services which we think may be of interest to you.
If you would prefer us not to contact you in this manner, AND
YOU DID NOT INDICATE THIS PREFERENCE AT THE TIME YOU SIGNED UP
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Additionally, from time to time we may provide your e-mail
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THIS PREFERENCE AT THE TIME YOU SIGNED UP for the Sivy on Stocks online
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us know by e-mailing us at <no_transfer@money.com>.


Jeff - I'll be there, 10:00 right? Are the directions at the bottom of this
email to your office? I'm getting giddy just thinking about the fun times
we'll have.

Blake

-----Original Message-----
From: Jacqueline Kelly [mailto:JKelly@FairIsaac.com]
Sent: Thursday, March 02, 2000 3:31 PM
To: Aaron Mednelson (E-mail); Alyson Huey (E-mail); Blake Wise (E-mail);
Chris Sklarin (E-mail); Chris_Neale (E-mail); Chrystine Lee (E-mail);
CLangridge (E-mail); Deepika Shah (E-mail); Jacqueline Kelly; NHTurner
(E-mail); Paul Brodie (E-mail); Peter Devroede (E-mail); Ted Chin
(E-mail); Thomas McVey (E-mail)
Cc: Courtney Abernath (E-mail); Aiaz Kazi (E-mail); Jeff Dasovich
(E-mail); Jonathan Hudacko (E-mail); 'keffer@haas.berkeley.edu'
Subject: FW: Ted & My Spreadsheet

If you are planning on attending Saturday's session, here is the scoop:

1) Please e-mail Jeff to RSVP
2) If you were not at our Tuesday's meeting, attached are two spreadsheets
of the work we covered - you may want to read before Saturday.  I have put
names next to some questions based on what Christine put together.  If you
don't see your name and plan on coming, either pick a question or address
another area.
2.5) Chris Sklarin will be sending the third
3) Directions are below on how to get to Jeff's office
4) It's almost over!! :)  See you on Saturday!!

-Jackie

(I think that we will need to celebrate after the March 8th class!!
Jonathan?)

Jackie, The spreadsheet is attached, pls. distribute to our study group (I
don't have all the e-mail addresses).

The additional questions for any newcomers that can be answered are:
1) Compare the five options given in 'The Decision'.  (Jonathan, Alyson)
2) What would happen if all manufacturers (including GM) all retained their
original warranty plans.  (Jeff, aiaz)
3) When should the change be implemented?  (nick, Courtney)
4) Should the change be implemented for all cars, non-luxury? luxury?
(Cathy, Chris)
Answers should be backed by data (numbers, tables, etc) rather than just
qualitatitve answers.

Crystine

Directions:

Enron Corp
101 California Street (one block from the cable car turnaround)
Suite 1950
>
Enter at the California Street entrance.
Buzz at the door; guard will let you in.
Guard will know to enable elevator to get you to the 19th floor.
I'll keep the door to the office ajar so that folks can enter easily once
on 19th floor.
______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


Boyd confirmed his availability.  We expect his call at 10:30 a.m. this
morning.

Thanks!  DT

>>> <Kay.Mann@enron.com> 06/13/00 09:06AM >>>
FYI.  Is there a conference call scheduled for today, and is Boyd available
tomorrow?

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/13/2000 09:05
AM ---------------------------

(Embedded
image moved
to file:      From:  Gregg Penman
pic18735.pcx) 06/13/2000 07:50 AM

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

Subject:  Re: Revised RM Policy

Per my voice mail, will you please take a quick look at my edits to Vlady's
draft risk management policy attached below.  I don't think any of them are
problematic, but Vlady has some concerns mainly because the base Enron
Corp. risk management policy was used as the template and therefore I am
effectively making edits to it.

I will be leaving the office today around 11:00 so I want to turn this to
Peoples before then if possible.  On any other business, I will be
unavailable from 1:30 to probably 3:00 today, but can be reached via pager
800-980-1771 or cell phone 312-925-8888 at any other time.

As always - thanks for your help.

Gregg
---------------------- Forwarded by Gregg Penman/Corp/Enron on 06/13/2000
07:45 AM ---------------------------

To:   Vladimir Gorny/HOU/ECT@ECT
cc:
Subject:  Re: Revised RM Policy  (Document link: Gregg Penman)

Some comments on your comments:

Section II:    I don't like the title "Commercial Development Manager" but
rather "Risk Manager"
Response:         The title Commercial Development Manager comes from the
MEH Operating Agreement.  We can amend the LLC Agreement  if necessary, but
it seems burdensome since the title is only a formality.  However, as
currently written, the Commercial Development Manager is the person
responsible for managing the daily business, i.e. similar to a desk
director.  In order to maintain control of this position, it can only be
filled by an Enron nominee and will report directly to the MEH General
Manager, Laura Luce of Enron.

Section VII:   Majority of the wording came initially from attorneys, I
would recommend confirming that.
Response:          I will run this by the attorneys.  However, from a
technical perspective, Section VII refers to employees of MEH.  No one in
the Chicago office is an employee of MEH, but rather we all remained
employees of our respective organizations.  I will ask the attorneys if we
need to limit all Chicago based employees, both of Enron North America and
Peoples Energy Resources.

Section VIII:  Who is the General Manager of MEH?
Response:          As mentioned above, Laura Luce, Vice President of Enron
North America
Is Enron North America Corp. a legal entity?
Response:          Yes, Enron North America Corp. replaced Enron Capital
Trade and Resources as the Wholesale business of Enron Corp.  Unless you
know something different, I believe that to be a true statement.

Let me know if any of my responses don't make sense or you still have any
questions.  I am still going to try to get this out by 10:00 or so.

Gregg

To:   Gregg Penman/Corp/Enron@ENRON
cc:
Subject:  Re: Revised RM Policy  (Document link: Gregg Penman)

Policy Comments:

Section II:    I don't like the title "Commercial Development Manager" but
rather "Risk Manager"
Section VII:   Majority of the wording came initially from attorneys, I
would recommend confirming that.
Section VIII:  Who is the General Manager of MEH?
Is Enron North America Corp. a legal entity?

Vlady.

(Embedded
image moved
to file:      From:  Gregg Penman @ ENRON
pic24074.pcx) 06/12/2000 02:03 PM

To:   Vladimir Gorny/HOU/ECT@ECT
cc:
Subject:  Revised RM Policy

Vlady - As we discussed, I am attaching my revisions to your initial draft.
They are mainly cosmetic attempts to make the RM Policy terms consistent
with the MEH Operating Agreement and separate MEH from any behind the
scenes reporting or controls that ENA chooses to place on Richard/MEH.  Let
me know if you have any concerns about my edits.  I would like to send this
to Peoples end of day today.  I will follow up with Structuring to find a
body to model the underlying asset position.

Thanks - Gregg

(See attached file: MEH Risk Policy 061200.doc)


----- Forwarded by Richard B Sanders/HOU/ECT on 12/01/2000 07:51 AM -----

	"Meringolo, Peter" <PMeringolo@brobeck.com>
	11/16/2000 01:58 PM

		 To: "'Richard.B.Sanders@enron.com'" <Richard.B.Sanders@enron.com>
		 cc: "'msmith1@enron.com'" <msmith1@enron.com>, "'David_Aamodt@pgn.com'"
<David_Aamodt@pgn.com>, "'Mary.Hain@enron.com'" <Mary.Hain@enron.com>,
"'jkeller@enron.com'" <jkeller@enron.com>, "'mday@gmssr.com'"
<mday@gmssr.com>, "Fergus, Gary S." <GFergus@brobeck.com>
		 Subject: Draft Response to CPUC subpoena on behalf of EPMI

Richard,

Attached for your review is a draft of EPMI's objections and responses to
the CPUC subpoena.  Please let me know if you have any questions or
comments.

 <<38#5_02!.DOC>>
Peter P. Meringolo
Brobeck, Phleger & Harrison LLP
Spear Tower
One Market
San Francisco, CA 94105
Main:  (415) 442-0900
Direct:  (415) 442-1285
Fax:  (415) 442-1010

=======================================================
This email message is for the sole use of the intended recipient(s) and may
contain confidential and privileged information. Any unauthorized review,
use, disclosure or distribution is prohibited. If you are not the intended
recipient, please contact the sender by reply email and destroy all copies of
the original message.

To reply to our email administrator directly, send an email to
postmaster@brobeck.com
BROBECK PHLEGER & HARRISON LLP
http://www.brobeck.com

 - 38#5_02!.DOC


Bill Howard from FERC just called me.  The Chairman of FERC is asking for the
following information by the end of the day today:

How much gas did we buy today by basin either: as of the beginning of the day
or as of midnight?
How much of the gas went into California?
What was the average price or the high and low price?

I asked him to if FERC wa asking other market participants.  He said more and
more every day and they would continue this until prices started going down.
I asked him if the Commission intended to keep this information
confidential.  He said he didn't know.  Christi - could you work with Phillip
on this?  Bill's number is (202) 208-1268.


Yes Thank You -  The Home Study arrived yesterday in the mail and I'm shipping it off to the INS today.

I just go back in town last night from a business trip and am anxious to Liz today.

-----Original Message-----
From: tina whiteman [mailto:twhiteman@austin.rr.com]
Sent: Thursday, October 04, 2001 2:03 PM
To: Corman, Shelley
Subject: Checking In

Shelley,

Did you get the home study yet?  It should have arrived by now.

Also were you able to email Liz?  I am still looking for her phone number.  I will email it if I find it.

Suzanne


fyi.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 10/07/2000
18:41 ---------------------------

Sanjay Bhatnagar@ENRON_DEVELOPMENT
10/07/2000 18:09
To: Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Jane Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Schroeder@ECT

Subject: Re: Appreciate your help

Jane: Ditto on the views Wade expressed. On the MSEB front, I would like to
ensure that you are personally making sure that the MSEB review petition
final form goes in with ur full consent. Enlist Kohli or Gurunath's help in
this.

	enron india

	From:  Wade Cline                           07/08/2000 04:58 AM

To: Jane Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sanjay Bhatnagar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Schroeder@ECT
Subject: Appreciate your help

Jane,

I know your schedule is very busy, as is mine. This means we don't get to
talk much and catch up. I just want you to know that we really appreciate
your help on the many fronts you are fighting, including MSEB/MERC, Metgas,
LNG shipping policy, Electricity Act 2000, Derivatives trading, etc. It is a
great comfort to know that we have someone dedicated to this function who
brings so much personal history and knowledge as well as access to the larger
Enron regulatory family.

I get very positive feedback from all who interact with you, both internally
and externally. Keep up the good work.

Wade


Tanya and Rod:
J Aron has withdrawn its request to make repos Specified Transactions so we
are done with the ISDA and CSA.  I am awaiting their Guaranty as well as any
comments they might have to our Guranty but we should finalize this soon.
Carol


Tana,

Can you please confirm for me what the financial master agreement dates are
for Utilicorp United Inc (GCP shows 6-21-00) and Dynegy Canada Inc (GCP shows
6-16-95)?

Canada currently has several confirmations that are being held until we can
resolve what the dates are.

Bernice


This is the memo that Sam sent back to Enron with a few revisions to my draft
procedures.  We are currently
 reviewing these changes and will discuss them during our conference call.

Ruth
---------------------- Forwarded by Ruth Concannon/HOU/ECT on 11/28/2000
06:37 AM ---------------------------

"Lee, Sam" <slee@Sithe.com> on 09/28/2000 01:12:19 PM
To: "'Ruth.Concannon@enron.com'" <Ruth.Concannon@enron.com>,
"'mroserberg@sithe.com'" <mroserberg@sithe.com>, "Oliver, Jason"
<joliver@Sithe.com>, "Hughes, Bill" <bhughes@Sithe.com>, "Fernandez, Bill"
<bfernandez@Sithe.com>, "Messina, Larry" <lmessina@Sithe.com>, "Lee, Sam"
<slee@Sithe.com>, "Maher, Janine" <jmaher@Sithe.com>, "Scherfling, Bob"
<bscherfling@Sithe.com>, "Grady, Mike" <mgrady@Sithe.com>
cc: "'Jeff.Donahue@enron.com'" <Jeff.Donahue@enron.com>,
Todd.Busby@enron.com, "Lee, Sam" <slee@Sithe.com>
Subject: Revised Procedures

Please see the revised procedures below:

 <<Sithe Empire Deal Procedures2.doc>>

 - Sithe Empire Deal Procedures2.doc


----- Forwarded by John J Lavorato/Corp/Enron on 01/21/2001 09:16 PM -----

	Mark Powell@ECT 01/19/2001 09:23 AM 	   To: John J Lavorato/Corp/Enron@Enron  cc:   Subject: Enron Canada Corp. Resignation

Please find attached a form of resignation relating to your office of Managing Director of Enron Canada Corp.  Please sign the document and have Kim forward it to me at your earliest convenience.  If you have any concerns, my number is (403) 974-6708.

Thanks,

Mark Powell.


Wade called Eric about someone wanting us to cancel a contract then Wade said there are still lots of producers putting gas on our contracts.  I was working on something else and I just asked Wade to send me a worksheet of what he was talking about.  Wade actually called Eric.

 -----Original Message-----
From: 	Kelly, Katherine L.
Sent:	Wednesday, February 06, 2002 4:08 PM
To:	Germany, Chris
Subject:	RE: metered production on CGAS

I've actually done a lot of things for him and Sherry concerning that very subject.  Why are you asking?  Did you get a call or something?

 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, February 06, 2002 4:05 PM
To:	Kelly, Katherine L.
Subject:	metered production on CGAS

Do you want to work with Wade Price on the Appalachian suppliers on CGAS?  I think we are still getting gas because contracts have not been terminated or something like that.  It will probably be tedious but it doesn't matter to me.  Just let me know.


Please note that your employees have suggested the following people to
complete a feedback form on their behalf.  You will need to access the
Performance Management System (PEP) to either approve or decline these
suggested reviewers.  Once you have approved the suggested reviewers they
will be notified and can begin completing the feedback form.

Your list of employees that have suggested reviewers are listed below:

Date suggested: May 25, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: JACKSON, CHARLENE R


-----Original Message-----
From: 	"hollyw" <hollyw@email.msn.com>@ENRON
Sent:	Monday, November 26, 2001 8:20 AM
To:	Stacy Warren; Thomas, Sheri; Rochelle Smith; Rogers, Michael \(M.H.\); mottaviano@servicepro.net; MHeadberg; KRISTI GIRON; Jim Miller; Ron Jones; John Schmitz; Jim Henness \(E-mail\); Debbie Hall; Diego Gotthelf; Giron, Darron C.; Ben & Phyllis Tobias
Subject:	Fw: Women...

Ouch.

----- Original Message -----
From: <raymond.paterson@dfait-maeci.gc.ca>
To: <advantage@infovia.com.ar>; <grioja@yahoo.com>; <GregorLC@bp.com>;
<hollyw@email.msn.com>; <blash@home.com>; <nicolg@bp.com>;
<Paul.Steed@glencore-us.com>; <ROBYCOZZITENIS@CIUDAD.COM.AR>;
<TRatchford@webtonetech.com>
Sent: Monday, November 26, 2001 5:34 AM
Subject: FW: Women...

>
>
> -----Original Message-----
> From: Stewart, Derrick -ABDBI -AG
> Sent: Domingo 25 de Noviembre de 2001 08:02
> To: Paterson, Raymond -BAIRS -AG; Barbaglia, Beatriz -BAIRS -CS
> Subject: FW: Women...
>
>
>
>
> -----Original Message-----
> From: Almsaddi, Nesrine -ABDBI -IM
> Sent: November 25, 2001 2:34 PM
> To: Ackad, Dalia -ABDBI -AG; Awad, Dana -ABDBI -IM; Ghanem, Mona -ABDBI
> -AG; Hogan, Margaret -ABDBI -TD; Nimir, Ranya -ABDBI -IM; Sheikha, Sahar
> -ABDBI -IM; Stewart, Derrick -ABDBI -AG; 'Alia'; 'ammar'; 'Eddie';
> 'Fafa'; 'Hosni'; 'Iyad'; 'jina'; 'Marroush'; 'nesreen'; 'Rouba';
> 'rouny'; 'sam'; 'Sana'; 'Souha'
> Subject: Women...
>
>
>
>
>

 - Never_trust_a_woman.mpe


Following up on Elizabeth Sager's conversation with you Corry as to terminated wholesale power contracts and related matters, and based also on EPMI's obligation to preserve assets for the bankruptcy estate, EAST Wholesale Power's scheduling of energy receipts and deliveries in Cinergy, ComEd, PJM, Entergy and NEPOOL and any other eastern markets should be halted following the close of business today, excepting those scheduling activities in NEPOOL required in order to perform the contracts in effect between EPMI and UI, NSTAR, Central Maine, and Vermont, respectively.

If explanation is requested by our upstream counterparties, please respond that we are unable to receive due to the actions of our downstream parties (e.g., they're not taking, so we are unable to take).  If explanation is requested by downstream counterparties, please respond that we are unable to supply due to the actions of our upstream parties (e.g., they're not delivering, so we're not able to deliver).  Please contact me or Elizabeth Sager if there are questions relating to this change in our scheduling activities.

Please continue to take notes/ preserve a record of your scheduling communications.


Columbia River Basin and Lower Snake.....Updated:   Dec  11, 2001 at 8:49


Gilian,

No, we don't  additional need more data. I understand Stinson Gibner has
already sent you a reply with
his findings.

Vince

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Arthur Andersen model validation request

Vince,

Was the data we provided sufficient to determine whether the Global Markets
book administrator correctly utilized the spread option model?  Please let me
know if there are any additional data requirements.

Thank you again for your assistance.

Gillian Boyer
x30968

---------------------- Forwarded by Gillian Boyer/AA/Corp/Enron on 12/18/2000
01:39 PM ---------------------------

Gillian Boyer
11/27/2000 10:25 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Arthur Andersen model validation request

Vince,

                  Our goal is to validate that the Enron Global Market book
administrators are accurately using the "spread option model" as developed by
the Research Group.    To determine this, we would like to provide you with
the inputs for a particular deal (as provided by a Global Markets book
administrator) and have you recalculate the deal value.   We will then
compare your results to the values calculated by Global Markets.

 Two Koch deals have been chosen due to their substantial P/L effect.  I have
attached the deal data in two forms: (1) the spread option model that Kara
Boudreau, Book Administrator EGM, provided and (2) an excel spreadsheet that
isolates the 2 deals.

 If there is anything more that we could provide, please don't hesitate to
call me at  x30968.

 Thank you so much for all of your help.

 Gillian

1.

2.


Greg, Fitch is reducing credit ratings on the CA utilities, EIX and PCG,
Moody's is considering it. The news wire said PG&E(PCG) is going to be at 6
Billion by the end of December in the whole. More should be available in the
AM. Ben


really?  maybe it was based on time.

 -----Original Message-----
From: 	Bass, Eric
Sent:	Tuesday, February 05, 2002 2:38 PM
To:	Lenhart, Matthew
Subject:	RE:

well i know that charlie was promoted and he hasn't done jack

 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Tuesday, February 05, 2002 2:37 PM
To:	Bass, Eric
Subject:	RE:

i don't think jay was promoted.  actually i heard very few people were promoted.  i am not sure about him though.

 -----Original Message-----
From: 	Bass, Eric
Sent:	Tuesday, February 05, 2002 2:36 PM
To:	Lenhart, Matthew
Subject:	RE:

no i am just hearing that most everyone got promoted

 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Tuesday, February 05, 2002 2:35 PM
To:	Bass, Eric
Subject:	RE:

i have no idea.  did you hear he was?

 -----Original Message-----
From: 	Bass, Eric
Sent:	Tuesday, February 05, 2002 2:32 PM
To:	Lenhart, Matthew
Subject:	RE:

just wondering - mainly i was wondering if matt smith is a manager now?

 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Tuesday, February 05, 2002 2:30 PM
To:	Bass, Eric
Subject:	RE:

i don't know.  why?

 -----Original Message-----
From: 	Bass, Eric
Sent:	Tuesday, February 05, 2002 2:22 PM
To:	Lenhart, Matthew
Subject:	RE:

who all got promoted on your desk?
 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Monday, February 04, 2002 10:27 AM
To:	Blanchard, Timothy; Bass, Eric; O'Malley, Justin; 'val.generes@accenture.com'; 'kevin.a.boone@accenture.com'
Subject:	FW:

 -----Original Message-----
From: 	Bhatia, Randy
Sent:	Monday, February 04, 2002 10:00 AM
To:	Wolfe, Jason; Lenhart, Matthew
Subject:

http://www.bol.ucla.edu/~rahjr79/ninja.htm


We bought back some of New Powers first of the month volumes on deal 431846.
Please match this deal with 431849.

I did this deal on the 5th and its effective the 7th - 31st.


Attached is our updated Dealflow summaries for Q4 pending and closed
transactions.

Please call me with any questions/comments you may have.

Jordan


This is a reminder !!!!!  There will be a Friday Meeting June 23, 2000.

    Date:  Friday June 23, 2000

    Time:  2:30 pm - 4:30 pm

    Location: 30C1

    Topic:   Combined Staff and Budget Meeting

If you have any questions or conflicts, please feel free to call me (3-0643)
or Bev (3-7857).

Thanks,

Kay 3-0643


Hi Stuart,

I'm assuming (very dangerous) that you are handling this, as this project
does not ring a bell with me.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/12/2000 01:42
PM ---------------------------

Fred Mitro@ECT
10/12/2000 01:37 PM
To: Stuart Zisman/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: letter to Manhattan Village re: Roadway improvements

Kay:
FYI.
Fred

---------------------- Forwarded by Fred Mitro/HOU/ECT on 10/12/2000 01:36 PM
---------------------------

Fred Mitro
10/12/2000 01:36 PM
To: Stuart Zisman/HOU/ECT@ECT
cc:
Subject: letter to Village re: Roadway improvements

Stuart:

Here is the letter I mentioned.  Take a look and let me know if you have any
issues with it.  Our goal is to fax it to the Village later this afternoon,
if possible.

Thanks,
Fred
---------------------- Forwarded by Fred Mitro/HOU/ECT on 10/12/2000 01:33 PM
---------------------------

"Farrell, Eileen - CHI" <eileen.farrell@piperrudnick.com> on 10/12/2000
01:01:53 PM
To: "'fred.mitro@enron.com'" <fred.mitro@enron.com>
cc: "Gershon, Mark A. - CHI" <Mark.Gershon@piperrudnick.com>
Subject: Enron Letter to James M. Doyle.WPD

Please call Mark Gershon to discuss the attached.  Thank you.

 <<Enron Letter to James M. Doyle.WPD>>

____________________________________________________________________________
The information contained in this communication may be confidential, is
intended only for the use of the recipient named above, and may be legally
privileged.  If the reader of this message is not the intended recipient, you
are hereby notified that any dissemination, distribution, or copying of this
communication, or any of its contents, is strictly prohibited. If you have
received this communication in error, please re-send this communication to
the sender and delete the original message and any copy of it from your
computer system.
Thank you.

For more information about Piper Marbury Rudnick & Wolfe, please visit us at
http://www.piperrudnick.com/
____________________________________________________________________________

 - Enron Letter to James M. Doyle.WPD


Sylvia, Deirdre - look at the reliant and Dynegy transactions on ANR

Jason, Tom, Lisa - new fuel rate on Trunkline

---------------------- Forwarded by Hunter S Shively/HOU/ECT on 10/21/2000
11:36 AM ---------------------------

	Enron North America Corp.

	From:  Colleen Sullivan                           10/18/2000 02:03 PM

To: Phillip K Allen/HOU/ECT@ECT, Sandra F Brawner/HOU/ECT@ECT, Chris
Germany/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Thomas
A Martin/HOU/ECT@ECT, Greg McClendon/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,
Kimberly S Olinger/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Judy
Townsend/HOU/ECT@ECT, Elsa Villarreal/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON, Keith Holst/HOU/ECT@ect, Kate Fraser/HOU/ECT@ECT,
Andrew H Lewis/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, Brad
McKay/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT, Peter
F Keavey/HOU/ECT@ECT
cc:
Subject: Regulatory Filing Summary

Please find attached the latest regulatory filing summary


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/21/2000
04:49 PM ---------------------------

"Chris Strickland" <chris@lacima.co.uk> on 04/20/2000 04:32:32 AM
Please respond to "Chris Strickland" <chris@lacima.co.uk>
To: "VinceJKaminski" <Vince.J.Kaminski@enron.com>
cc: "Julie" <julie@lacima.co.uk>
Subject: Book and EPRM articles

Hi Vince,
?
I was wondering how the chapter of the book is coming along??! Do you want
me to make 'noise' tomorrow or to leave you until after Easter?
?
Until then, I wanted to discuss with you an idea  that Les and I have been
throwing around concerning writing a series of articles  for Risk's 'Energy
and Power Risk Management'. We would like to propose to  them?that we would
write an article a month, covering practical issues  dealing with energy
modelling and energy derivative pricing and risk management.  The articles
would be based upon sections of the book so as to promote the book,  and to
reduce the effort/time involved by using?already produced material.  We would
like to cover some very practical topics, but we?won't be giving  too much
away as the articles are only 1 or 2 pages long.
?
Each article would be of?the  form;
?
- introduce?the concept
- give an example using real data
- discuss the problem with a case study?
- provide a discussion
- sum up
?
I've included a list of potential articles at the  end of this e-mail. For
example, for the first one,  "Estimation of mean reversion in spot energy
prices", we would introduce  the concept of mean reversion,?show a graph of
an equity index and an  energy price?for illustration of our point, estimate
the parameter for a  series of energies over a number of seasons, and
finally, discuss the  results.
?
We?are wondering if you would like to be  involved in this project? Your
involvement needn't take much time (although it  is up to you). The kind of
input we are hoping for (again, this is up to you) is  that you?would?review
the list of articles and  provide?suggestions of additions or deletions,
suggest reasonable data sets  or case studies to work with on each article,
and then to run your eye over  "near finished" articles, which?we would
supply to you for  your?practical experience?input.? Would something like
this  interest you? If it did, we would try to sell Risk on making it a
regular  monthly "feature" of EPRM, authored by all three of us.
?
We are hoping to present our proposal to Risk in  the next few weeks, so
please let us know if you are interested.
?
Best regards.
?
Chris.
?
?
Potental EPRM articles;
?
1- Estimation of mean reversion in spot energy  prices (with parameters
estimated for oil, gas, and electricity data over  different seasons)
?
2- Estimation of jumps in spot energy prices (with  parameters estimated for
oil, gas, and electricity data over different  seasons)
?
3- Simulating a mean reverting spot price process  for pricing energy
derivatives (with case study applied to an Asian option on  oil)
?
4- Simulating a jump / diffusion spot price process  for pricing energy
derivatives (with case study applied to a Swaption on natural  gas)
?
5- Simulating a mean reverting jump / diffusion  spot price process for
pricing energy derivatives (with case study applied to  hourly caps on spot
electricity)
?
6- An analytical pricing formula for pricing caps  in a mean reverting spot
price model (with example applied to a cap on natural  gas fitting the
Forward curve and volatlity structure)
?
7- using a tree consistent with the forward curve  and vols for pricing swing
options
?
8- implying a single?factor vol function from  market Futures option prices
and variation of parameters thru time
?
9- adding jump volatility to the tree
?
10- An analytical pricing formula for pricing caps  in a multi-factor forward
curve model(with example applied to the same cap on  natural gas and a
discussion on the differences between the two  approaches)
?
11- Estimating volatility functions for  multi-factor forward curve models
(with estimates of oil data over different  periods)
?
12- Estimating volatility functions for  multi-factor forward curve model
from market option prices
?
13- pricing swing option in multi factor model  using tree for exercise
strategy
?
14- comparison of VaR methodoligies applied to the  same energy derivativ
portfolio.
?


Will you please set up the 100% flow SJ product?  I would like the title to
be just like the current EP product -  no mention of 100% flow on the title.
I would like to avoid making this a separate index posting.  Let's make this
available to the entire market.

Thanks,
Mike


L O V E   H O R O S C O P E
+

Sagittarius  Sagittarius

  +

Since every Saj is equal parts idealist and gambler, your relationship should
be very interesting.
You're great pals, marvelous traveling companions, a pair of high-flying,
high-rolling
activist/adventurers. Just come down to earth once in awhile -- or find
someone else to
do it for you. This union requires periodic reality checks. You share each
others ideals, interests
and adventures like no one else can. Both of you like to read, study,
observe, learn and teach.
When you're doing all those things together, life may get exhausting but
never boring.
Travel is part of the glue that holds you together. So here's a warning:
Separate vacations
are a no-no. Each of you is such a wanderer, somebody might not come back --
or remain at home.

by   S T A R   D I V A


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October 24, 2001

Dynegy vs. Enron:
A "Tale of Two Companies"

By Will McNamara
Director, Electric Industry Analysis

  <http://secure.scientech.com/rci/wsimages/will100border_copy.jpg>

Facts: Dynegy Inc. (NYSE: DYN) beat expectations in the third quarter, reporting that its earnings rose to $286 million, or 85 cents per diluted share, from $177 million, or 55 cents per diluted share, for the same period in 2000. This represented a 22-percent increase from 3Q 2000 and boosted the company's 2001 earnings estimate. Dynegy has a market capitalization of $14.5 billion. Its stock is currently trading at about $43 down from a 52-week high of $59, although it is important to note that for year-end 2000 the company's stock was one of the top performers among Standard & Poor's 500 companies with a total shareholder return of 218 percent. Dynegy employs 5,778 people.

Enron Corp. (NYSE: ENE) reported $638 million in losses for the third quarter, after taking $1.01 billion in charges associated with several of its non-core businesses. The company's 3Q recurring net income (before the write-offs) increased 35 percent to $393 million, or 43 cents a diluted share, and revenue in the quarter rose to $47.6 billion from $30 billion in 3Q 2000. Enron has a market capitalization of $14.8 billion. Its stock is currently trading at about $16.0, which represents a six-year low for the company and is considerably lower than the peak of $82 hit in August 2000. Enron employs 20,600 people.

Analysis: Dynegy closed out a banner year in 2000 and appears to still be on a roll in terms of its financial performance. In contrast, Enron faced an unprecedented year of turmoil, and is presently languishing in a low ebb, characterized by a strategic crossroads and heightened scrutiny of the company's financial reporting. While the two companies operate in the same market space of power trading and are fierce competitors, Dynegy-ironically the younger and smaller of the two companies-is an industry success story while Enron's status remains rather uncertain. The questions to be addressed in this article are: What is Dynegy doing "right"? What is Enron doing "wrong"? What lessons can other power and natural-gas marketers learn from this "tale of two companies"?

Although they are often referred to as "cross-town rivals," Dynegy and Enron are worlds apart in terms of their competitive positions. Their divergent approaches to the global marketplace illustrate what could be the single-most important element related to their disparate positions at the end of 2001. Put more simply, the two companies have vastly different strategies, and-hindsight being 20/20-a strong argument can be made that Dynegy's strategy is the winner at this juncture. Throughout this article, I will focus on two key areas in which Dynegy and Enron differ dramatically. Those two key areas are the ownership of physical generation assets and the extent to which the companies have expanded (and invested) into non-core sectors.

Both companies started out as natural-gas companies and converged into the power market in the 1990s. However, that is essentially where their similarities end, and over the last few years Enron and Dynegy have followed decidedly different paths. In an attempt to make the complex rather rudimentary, let me summarize the two paths this way: Enron does not believe it needs to own physical assets to be a success in the power and natural-gas trading sector; Dynegy, on the other hand, not only believes in the ownership of physical assets, but has set a goal that could ultimately establish the company as owning one of the largest generation arsenals in the industry.

Let's look at the companies separately. We'll discuss Enron first since it is the older of the two. Enron readily admits that its strategy is difficult to define, but a close approximation is that Enron literally creates commodity markets so that it can deliver physical commodities to customers. The participation and success in commodity markets, according to Enron, does not necessitate ownership of physical assets. In fact, the company has routinely sold physical assets that are not considered to be strategic to its wholesale business. Rather, Enron has concentrated on developing a new philosophy of risk management excellence, in which it will merely buy and sell the commodities it needs to participate in trading venues.

As an example, Enron bought Portland General (which owns 2,000 MW of generation and 41,600 kilometers of electric T&D lines) in 1996 as a way to launch its penetration of the West Coast power markets. When competition fizzled in that region, Enron put Portland General back on the sales block (a sale of Portland General to Northwest Natural is pending at this writing). Likewise in Europe, where it is one of the most prominent trading companies, Enron has disposed of generation assets such as Sutton Bridge in England and, unlike other U.S. competitors, has refrained from buying additional generating units in opening countries such as Germany and Italy. According to its most recent 10K report filed with the Securities and Exchange Commission, Enron owns or controls 2,015 MW of generating capacity (including joint ownerships), which is drastically lower than the average among other companies operating in the power trading sector.

Dynegy's approach to the market is crystal clear and radically different from Enron's. In the words of CEO Chuck Watson, "Dynegy's long-term strategy is to focus on marketing and trading around physical assets, which supports earnings sustainability." Ever since going public in 1995, Dynegy has been on an acquisition binge, with each purchase significantly increasing its generation capability. Dynegy presently owns or controls about 27,000 MW of generating capacity in the United States, 26 gas-processing plants and 14,000 miles of pipelines, which are located in geographically competitive areas. The company's goal is to own or control 70,000 MW, or 10 percent of the U.S. market, within the next five years. Sometimes, Dynegy has acquired assets through partnerships with other companies such as NRG Energy, but just as often it has purchased assets independently. Most notably, when Dynegy acquired Illinova in early 2000, the purchase doubled Dynegy's generating capacity. Dynegy is now attempting to replicate this approach in Europe, where it is presently planning to purchase natural-gas storage facilities in England. Dynegy executives have argued that natural-gas storage is the best way to back up a natural-gas trading operation. There's no question that the approach is working. Out of the $286 million that Dynegy reported in the third quarter, $263 million of it came from the company's main wholesale business.

The issue of asset ownership is probably the central defining difference between Enron and Dynegy, and its significance should not be overlooked. It is not difficult to make a case that supports Dynegy's approach. Owning physical assets often enables a trading company to gain information in the course of operating power plants that can help the company to gauge markets and anticipate small changes in price. In other words, by controlling the actual output of generation instead of just being involved in buys and sells, a trader such as Dynegy will theoretically know what the load is going to be in a particular region, how much power can be produced to meet that load and when shortages might occur. In addition, in markets that are short on infrastructure, it may be difficult for a trader to participate in the market unless they actually have ownership of physical assets in the region. By the same token, those companies that do control physical assets often have greater communication with grid operators, and possible insight to spreads (the difference between various energy prices). In fact, Dynegy's CEO Watson fully acknowledges that his company excels at being able to trade around the volatility of price, and being capable of resolving balances when shortages exist. This may be more difficult for a company such as Enron to accomplish when it has no physical generation of its own to meet discrepancies in power bids. Dynegy's strategy of acquiring both natural-gas pipelines and power plants also gives it the flexibility to trade on both commodities.

On the other side of this argument, a case could be made that Enron's approach provides more flexibility in reacting to trading volatility. Certainly, by investing less in power generation facilities, Enron has less capital on the line when compared to a company like Dynegy. Under a scenario when market prices suddenly drop, a company such as Enron that does not have heavy capital invested in power generation could actually fare better than an asset-laden company because Enron does not face the pressure to meet the fixed payments of a generation facility. Asset-heavy companies also may find that their earnings could be impacted by the investment in generation facilities in times of extreme price volatility. As the industry becomes increasingly focused on bottom-line results, this could be seen as a potential concern for investors. Further, some would argue that Enron's approach of establishing purchasing contracts with various parties to meet its buy and sell requirements is the rough equivalent of owning a generation facility. What Enron gains by this approach is the presumed flexibility it has by not being tied down to a specific generation unit and being able to build its own portfolio.

Consequently, the issue of asset ownership can perhaps be considered the "great debate" among power traders. However, although Dynegy's overall performance in the third quarter was better than Enron's, that does not necessarily provide a clear endorsement of Dynegy's strategy toward acquiring new generation facilities. Keep in mind that Enron's 3Q losses resulted primarily from non-recurring charges related to its non-core businesses (broadband and water in particular). Without these charges, Enron's core wholesale trading business continues to perform well. This is a point that CEO Ken Lay has been quick to reiterate to investors. "Our 26-percent increase in recurring earnings per diluted share shows the very strong results of our core wholesale and retail energy businesses and our natural-gas pipelines," Lay said. "The continued excellent prospects in these businesses and Enron's leading market position make us very confident in our strong earnings outlook."

Moreover, perhaps even more than ownership of physical assets, the key issue that played a role in the current disparity between Dynegy and Enron earnings in the third quarter is the companies' approach to developing new lines of business. Telecom is a perfect example to illustrate the point. Enron, which prides itself as usually gaining a first-strike advantage, plunged into the telecom sector well ahead of other energy companies. Under the leadership of then-CEO Jeffrey Skilling, Enron sunk large sums of capital into purchasing broadband capacity on the expectation that the market would quickly become lucrative. Now Lay admits that the company "could have gotten into the broadband business with less capital" and that Enron "spent too much too soon" in this sector. Nevertheless, Enron recorded an $80-million non-recurring write-down for restructuring its broadband unit in the third quarter and is presently attempting to stop the bleeding in this sector by reducing future costs in this sector to $40 million a quarter.

Dynegy took a much more cautious approach toward expanding into the telecom sector and made a comparatively small amount of investment when compared to Enron. Dynegy has likewise been impacted by the slowdown of the telecom sector, but in the third quarter took a $15-million loss in its broadband business compared to the $80-million loss that Enron reported. However, Dynegy clearly specializes in marketing and trading two commodities (electricity and natural gas) and seems to add other businesses in a very methodical way that merely supplements its core business.

It is also important to note that Enron gained the first-strike advantage when it developed EnronOnline, an electronic trading exchange. In fact, Enron was the first to create such an exchange in the energy space, well ahead of its competitors. Dynegy later followed this trend with creating Dynegydirect. The two exchanges are different in terms of their trading standards, but it is important to acknowledge that in this particular case Enron was successful in launching into the electronic trading space well ahead of its competitors. The latest available information indicates that EnronOnline has recorded transactions that exceed $590 in notional value. Since its inception in November 2000, Dynegydirect has recorded $33 billion in notional transactions.

At this juncture, Dynegy and Enron are very different with regard to their approaches toward financial reporting. Enron, which has often been accused of not providing a balance sheet to investors, is currently struggling from a serious image problem as the Securities and Exchange Commission pursues an investigation of possible mishandling of funds by Enron's CFO. To my recollection, no one has ever accused Dynegy of not providing a balance sheet, and thus the company's status with investors is arguably more solid. As I don't expect either company to radically alter its competitive strategy any time soon, my projection is that (at least in the near term), we will continue to see a wide disparity in Wall Street performance between Dynegy and Enron. That is not to say that anyone should count Enron out of the game. As noted, the company's core business of wholesale business remains strong, but clearly has been tainted by the impact of other non-core businesses. That doesn't mean Enron is down permanently, but it will have to find a way to strike a better balance between the businesses that it does best and those businesses that former CEO Jeffrey Skilling believed were advantageous.

In many ways, the comparison between Dynegy and Enron is rather like the tortoise and the hare parable. I am sure you can guess which company is the tortoise and which is the hare in this analogy. The race between the two is far from over, although Dynegy is taking the lead at this point, based on its more methodical approach. What will be fascinating to observe is how both companies continue to adapt to changes in the marketplace and possibly modify what up to this point have been adamantly espoused philosophies.

  _____

Correction statement to 10/23 IssueAlert on European trading:

According to a news report from Reuters, the U.S.-owned Entergy-Koch Trading was listed as a publicly traded company. I was informed by my contact at Entergy that Entergy-Koch Trading is a limited partnership company and not publicly traded. I apologize for any confusion this error might have caused.

  _____

An archive list of previous IssueAlerts is available at
www.scientech.com <http://secure.scientech.com/issuealert/>

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i have heard the rodeo opens at 6:45 for rodeo activities, but the concert
won't start until about 8:30.  someone up here went to duran duran last night
and it said the same thing on the schedule.  i will call tomorrow and double
check, but i really don't think they would start a concert that late, def
leppard isn't that old.


No qualifying nominations for NESA's Board of Directors have been received
from the general membership.  Therefore, the following five individuals will
to the membership via ballot in early August:

* Timothy J. Janisse, Vice President, Human Resources &
Administration, Engage Energy US, L.P.
* Rodney Pennington, Principal, The Pendulum Group
* Denise Pocius, Manager, Gas Trading, Public Service Electric & Gas
Co.
* Ben Reese, Vice President, Reliant Energy Retail, Inc.

A copy of the NESA 23rd Annual Meeting program is attached for your
information.  It contains a registration form in case you plan to attend.
Simply print the registration form, complete it and return it to NESA.
Since this program was printed, we've had a few changes.  For your
information, they are as follows:

Christopher Law, director of North American Market Development for GE
MicroGen, has been added to the program.  Chris is currently responsible for
the commercial introduction of GE's new PEM Fuel Cell product lines and will
be joining us to give the audience an overview of the fuel cell market;
Richard G. DeWolf, senior vice president, Ziff Energy Group, will replace
Paul Ziff, CEO, Ziff Energy Group; Beth Armstrong, senior vice president,
Strategic Planning & Marketing, Aquila Energy will replace Mark Cook, vice
president, Aquila Energy, and Jan Roberts, senior coordinator, Project
Development-Northern Area, Williams Gas Pipelines-Transco, will replace
Jamie Craddock, manager, Project Development, Williams Gas
Pipelines-Transco, on the true merchant plants panel discussion.

We look forward to seeing you in Hilton Head.

 <<491_NESA 2000Ann Mtg Brochure.pdf>>

 - 491_NESA 2000Ann Mtg Brochure.pdf


My prior e-mail was undeliverable.  Here is the message I had sent earlier
this evening:  I hope to be e-mailing to you shortly a clean copy of the ABB
Transformer Purchase and Sale Agreement, as well as a blackline showing the
changes made from the WestdeutscheLB Agreement dated July 14, 2000.  We have
run into some formatting problems, which we believe are due to problems of
the system being able to read some of the formatting codes in the original
WestdeutscheLB Agreement that we received via e-mail.  I hope to have these
remedied shortly.

Peter J. Thompson
Andrews & Kurth LLP
1701 Pennsylvania Avenue, N.W.
Suite 300
Washington, D.C. 20007
Direct: (202) 662-2780
Fax: (202) 662-2739

______________________________________________________________________________
___
The information contained in this e-mail message is legally privileged and
confidential information intended only for the use of the recipient(s) namerd
above.  If the reader of this e-mail is not an intended recipient, you have
received this e-mail in error and any review, dissemination, distribution or
copying is strictly prohibited.  If you have received this e-mail in error,
plerase notify the sender immediately by return e-mail and permanently delete
the copy you received.  Thank you.

(202) 662-2780
Fax (202) 662-2739
pthompson@andrews-kurth.com


tschmehl@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

Dear Market Participants,

The draft final report of the Regional DAM Feasibility Study has been issued
and posted to the NYISO web site.  Two versions are available for your
perusal -
a red-lined mark up showing changes made from the preliminary report, and a
clean
version of the entire draft final report.  The links to the report are as
follows:

Red-lined mark up:
http://wwwnew.nyiso.com/markets/regional_dam_study/combined_dam_in_northeast_r
edlined.pdf

Clean version:
http://wwwnew.nyiso.com/markets/regional_dam_study/combined_dam_in_northeast_c
lean.pdf

Any final comments on the draft report should be sent to LECG at the following
address not later than May 2:

damstudy@lecg.com

The final report will be issued and posted to the NYISO web site on Friday,
May
4.

At the meeting with MPs on April 26, Scott Harvey of LECG gave a presentation
on
the changes that were
incorporated into the draft final report.   You may view the slides from this
link:

http://wwwnew.nyiso.com/markets/regional_dam_study/reg_dam_feas_study_presenta
tion.pdf

Also at the meeting, Tony Elacqua of the NYISO presented some ideas for
consideration regarding a possible
phase II scope.  The slides presented at the meeting may be found at this
link:

http://wwwnew.nyiso.com/markets/regional_dam_study/reg_dam_study_phase_2.pdf

Market Participants are encouraged to review these slides about the potential
phase II scope and
to forward any comments to the following NYISO, ISO-NE and IMO addresses:

aelacqua@nyiso.com, darren.finkbeiner@theIMO.com, rburke@iso-ne.com

It is intended that future action on the Regional DAM Study will be discussed
at
an upcoming BIC meeting.

Thank you,

Tim Schmehl
Manager, Strategic Initiatives
NYISO


(See attached file: hpl0630.xls)

 - hpl0630.xls


ok.  i checked with a few others that i send the report to and they didn't have any problems.

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Tuesday, October 23, 2001 4:16 PM
To:	Paddack, Donald
Subject:

the new one didn't work either.  please check with IT.


Allegro Development Corporation Disclaimer:  The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above.  If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that you have received this document in error and that any review, dissemination, distribution, or copying of this message is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message.

<<Crude Oil 1.ppt>> <<Glossary of Terms for Liquids Training in Allegro 6.doc>> <<NGL Basics.doc>> <<Oil Basics.doc>> <<Coal Overview - Allegro Challenge.ppt>> <<How a Refinery Works.doc>>

dai mne znat', smog ty raspechata' ili net - po messengeru.

-----Original Message-----
From: Chris Wich
To: Bianca Ornelas; David Granit; Felipe Ospina; Gohar Butt; Kevin Butler; Leslie Eck; Natalie Bondareva; Tim Waggett
Cc: Claus Fleckenstein
Sent: 1/16/02 5:52 PM
Subject: Pre Requisites Business Information for Liquids Product Training

Greetings!

Attached you'll find some reading materials for an introduction to the
Crude, Coal, NGL and Refined products industry.

Included is a general glossary of terms that we'll be using, PowerPoint
presentations for the Petroleum and Coal business, as well as some
documentations on refining, basics of NGL's and Crude Oil production,
refining, transportation and trading.

In addition, if you look on our intranet site, there is some additional
information to familiarize you with the business. It's located at
<http://inside.allegrodevelopment.com> under Industry Information.

After reviewing this data, you all should have a good knowledge of basic
terms and practices in the business.

Thanks for your attention, as I look forward to working with each of you
next week!

Christopher Wich, Jr.

Christopher Wich, Jr.
Product Analyst; Crude Oil, Coal, Refined Products, NGLs
AllegroDevelopment
1445 Ross Ave.
Suite 2200
Dallas, Texas 75202
(214) 237-8090
Fax: (214) 526-7076
cjw@allegrodevelopment.com

 <<Crude Oil 1.ppt>>  <<Glossary of Terms for Liquids Training in
Allegro 6.doc>>  <<NGL Basics.doc>>  <<Oil Basics.doc>>  <<Coal Overview
- Allegro Challenge.ppt>>  <<How a Refinery Works.doc>>


I'm not quite sure how this exchange began, but it sounds like Kroum is
referring to several different issues here. First of all, our forward
obligation report does not reflect cross-portfolio deals, an application
issue that Will Smith, and it looks like Kroum as well, has been working on
for the past few weeks.

Also, deal 498488 is a forward deal done on EOL between STSW and their own
desk. I haven't seen a trade WITHIN a desk before, but I'm sure anything is
possible. At any rate, this doesn't look like a cross-portfolio deal at all.
Am I missing something?

As for the zeroed out deals, I'm pretty sure everyone here knows how to
properly kill deals in Enpower; however, it takes so long that sometimes we
simply zero out the volume in the interest of time. I've often wondered if
this litters the system and makes it more confusing for other people to do
their jobs - do you know anything about that?

I just thought I'd ask these questions while the subject was being raised.
Please let me know if I can help facilitate these changes or improvements in
any way.

Thanks,
Kate
---------------------- Forwarded by Kate Symes/PDX/ECT on 02/12/2001 03:18 PM
---------------------------
From: Kroum Kroumov/ENRON@enronXgate on 02/12/2001 11:02 AM CST
To: Cara Semperger/PDX/ECT@ECT
cc: Monica Lande/PDX/ECT@ECT, Kate Symes/PDX/ECT@ECT

Subject: RE: FW: FWDOBL

             Cara,

      I think the report should work that way even now.

     I think I found a deal like that 498488 between EPMI Southwest and EPMI
Southeast,
     Region R7, please take a look at that when you test the report.

       I saw lots of deals on the report with volume 0 and price 0, they were
entered that way
       in Portland. There might be another reason, but I think someone wanted
to kill the deals.
       There is an option in Deal Entry to do that, if one opens a deal and
right click with the
       mouse on the status (Done), one can kill a deal.

           Kroum

 -----Original Message-----
From:  Semperger, Cara
Sent: Thursday, February 08, 2001 1:06 PM
To: Kroumov, Kroum
Cc: Lande, Monica; Symes, Kate
Subject: Re: FW: FWDOBL

The "two sides of a cross-portfolio deal" language is a bit vague and
misleading. A cross-portfolio deal is kind of like a desk to desk deal.
Another Enron book has traded with one of ours.

Two important things need to happen with cross-portfolio deals.
 1. They need to only show on the forward obligation report when "Desk to
Desk" is selected.
 2. They are only financial in nature, no physical delivery is ever done
cross portfolio.

I don't think "both sides" is correct. We need to only see our buy or our
sale when we query for our point.  When the other portfolio queries their
stuff, they should see their side.

C

From: Kroum Kroumov/ENRON@enronXgate on 02/08/2001 11:36 AM CST
To: Cara Semperger/PDX/ECT@ECT
cc:
Subject: FW: FWDOBL

        Cara,

     This is all I have so far. I would appreciate your help to make it
clearer.

     If you find a deal No like that, I think it will make my job easier.

     Thanks,
     Kroum

 -----Original Message-----
From:  Project Manager<Unknown.Man@enron.com>@ENRON
[mailto:IMCEANOTES-Project+20Manager+3CUnknown+2EMan+40enron+2Ecom+3E+40ENRON@
ENRON.com]
Sent: Thursday, February 08, 2001 10:31 AM
To: Kroumov, Kroum
Subject: FWDOBL

Forward Obs should show two sides of a Cross-Portfolio deal.  Find out what
needs to be done.  Contact Monica
Lande or Kate Symes in Portland for more details


Just spoke with Kelly Naragon w/ MichCon and we are allowed to nom late
for4/1.
She said their gas control group will work with us.


I've heard some mumbling about problems with EES deals, so this doesn't come
as much of a surprise. Here's what I've done:

On the first deal, #481619, I'd feel more comfortable if Mike Swerzbin, the
trader who did the deal, gave his okay to change the price. I've left a
message with him to verify the price, and at the very latest I'll see him
tomorrow morning.

Deal #480433 cannot be killed because it contains liquidated strips; however,
it looks like Phil Platter, the Short Term California scheduler, has alreday
zeroed out the deal. Will this work? Or is there another method by which I
can go about killing a deal? (Sorry to ask so many questions, but 90% of our
office is already gone for the holidays and quite difficult to get ahold of.)

I've changed #481620. I think the trader just overcompensated for the change
back from Daylight Savings Time. I'll remind these guys to always enter PPT
for the time zone, to be on the safe side.

I hope this solves at least some of the problems for now. I'll let you know
as soon as I talk to Swerzbin tomorrow. Let me know if there's anything else.

Kate

	From:  Sharen Cason                           12/20/2000 12:48 PM

To: Kate Symes/PDX/ECT@ECT, Kimberly Hundl/Corp/Enron@Enron
cc:

Subject: problems!

Happy Holidays!

We have a few problems with deals with EES.  We have tried to get them
straightened out here, but I think it has come to the traders duking it out.
Our contact at EES, Judy Dyer has checked these deals with her traders and
they won't come around to our way of thinking on these deals.

Deal #481619 should be $145.00 even.  The trader says the deal was done
direct and they are not paying the 5 cent charge

Deal # 480433 should be killed.

Deal # 481620 is not input correctly.  This is another one where the hours
have been duplicated.  The first strip and the last strip repeat 10/29 for
the same hours.  This makes the total Mws on the deal doubled by the amount
that flows that day which is 400.

Thanks and you have a Merry Christmas, ya' hear!


Hi Trice,

I need your address again and this time I am going to log it in my address
book. Sorry, I missed you on Tuesday.

Love ya!


Sorry for the slow reaction time - this is the contact information Greg Wolfe
gave me, and he Sean Crandall confirmed that (he was in the midst of putting
a Conoco deal in the system). As for why it was taken out of the GCP system,
I have no idea. If you know of anyone around here who would have called for
that to be de-activated, let me know. Otherwise, our traders still know Jack
Wells as the contact. Hope that helps.

Thanks,
Kate

Kimberly Hundl@ENRON
01/29/2001 11:11 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: conoco deals #506549.01, 506550.01, 506551.01

for some reason that contact was inactivated -if that's definitely the
contact, i'll have gcp re-activate it.  that's strange, i wonder why  it was
inactivated.  just let me know.

   Kate Symes @ ECT                01/29/2001 12:16 PM

To: Kimberly Hundl/Corp/Enron@ENRON
cc:

Subject: Re: conoco deals #506549.01, 506550.01, 506551.01

The contact name is Jack Wells, and his phone number is (281) 293-6030. Would
you like me to enter this info into the deals?

Kate

Kimberly Hundl@ENRON
01/29/2001 08:23 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: conoco deals #506549.01, 506550.01, 506551.01

hi kate,
these sean crandall deals need contacts.  can you please get a good contact
name (and phone #) and i will put in a gcp request to have it added to the
drop down list in deal entry.
i'm too lazy to press the shift key lately, sorry -no caps.
thanks for your help!
kim


Alex,

Can you set up a meeting to review this product. They have an office in
Houston.

Please, invite people on the distribution list.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/30/2000
10:26 AM ---------------------------

Denton Mike <Michael.Denton@caminus.com> on 10/24/2000 10:14:04 AM
To: vkamins@enron.com
cc:
Subject: PoweRisk 2000 followup in re WeatherDelta

Mr.  Kaminski,
?
Nick Perry and I  were recently discussing the conference in Paris, and we
gathered that you had  some interest in exploring possible uses of our new
WeatherDelta tool-kit.?  It is the only application that we know of, that
can?model temperature,  loads, and power prices in several locations
simultaneously: thus allowing the  user to measure the value an risk in a
variety of financial instruments,  physical obligations and assets.? I have
attached the product overview  sheet, and would be happy to discuss its
capabilities with you at your  convenience.??
?
Nick and I send our  regards,
?

Vice President
NA Strategic  Consulting
CAMINUS
747 Third  Avenue, 18th Floor
New York, New York 10017
(212) 515-3667

?

?

 - weatherdelta.pdf


what did you want to tell me

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Wednesday, January 23, 2002 3:09 PM
To:	Maggi, Mike
Subject:

hey, if i don't see you tonight remind me to tell you something tomorrow.


It is ok with me.  Mark


My mistake in raising the issue - Peter Sceats is with the broker in London
who arranged the trade.


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Please see attached  Master Sample

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


sounds good.  Do you have my cell phone number?


Here are the home games when Meagan will be dancing in the half-time routine:

 Friday, September 15  7:00 pm

 Saturday, October 14  7:00 pm

 Friday, October 20  7:00 pm  (homecoming)

There is a chance that she could be added to two other home games if
alternates are needed.  Nothing definitive on that, of course.  She did get
put into a routine last year as an alternate, but you never know.

We would love for you to come for a visit this fall, and it would be fun if
it would work around one of these games.  I have also given this schedule to
Cindy, as she and Brigeda were interested in making it to a game.

I am headed to Dallas early tomorrow morning.  Patti has sent you a copy of
my itinerary.


Yes, have talked to both Stoness and Sunde about it.  Thanks.

	Steven J Kean
	01/02/2001 07:15 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: What we would like Lay to get from Davis

Scott sent this to Marty, but I assume you already have had communications
with him about this.
----- Forwarded by Steven J Kean/NA/Enron on 01/02/2001 07:14 AM -----

	Marty Sunde@EES
	12/28/2000 07:05 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: What we would like Lay to get from Davis

In case you didn't see.
---------------------- Forwarded by Marty Sunde/HOU/EES on 12/28/2000 07:05
PM ---------------------------

Scott Stoness
12/27/2000 01:50 PM
To: Marty Sunde/HOU/EES@EES
cc:
Subject: What we would like Lay to get from Davis

Marty.  This is a summary of our message from this morning for you to send on
or discuss with Keene.  I hope this is helpful.  Scott

What's important
Give solvency to the utilities by guaranteeing no banckruptcy against the
generation assets of the utilities.  Guarantees to be recovered, if needed,
through surcharges over 10 years.  This should give the process time for
thoughtful solutions.  Ending the rate freeze now will give the utilities an
undeserved windfall (3.5b alone related to nuclear assets in year 2001).
There should be thoughtful process to determine: i) how to keep deregulation
going, ii) how existing generation assets should be used, iii) what are the
value of existing assets, iv) when is the appropriate time for customers to
be exposed to the market, and v) what kind of market structure would be
appropriate going forward.
Customers should not be dumped into the market, now or in the next year,
while it is extremely illiquid due to many errors of the utilities.
There should not be retroactive rate making (the negative ctc should be paid
until at least the rate freeze is ended)
All customers should be treated equally with respect to existing generation
assets that they paid for for the past 4-30 years.
There should be a special hearing called to debate demand side prospects (ie.
curtailment etc.)

From: Steven J Kean@ENRON on 12/26/2000 07:01 PM
To: Marty Sunde/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Jeff
Dasovich/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Tim Belden/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT
cc:
Subject:

The Governor cancelled the meeting at the last minute.  Apparently, he was
trying to schedule a meeting with Clinton and our meeting conflicted, so we
were bumped.  We are trying to set a new time.  I will share with the
Governor's energy advisor the information and recommendations all of you
helped put together.  Thanks


just give me a call if you need another one.

: )
Taria

 -----Original Message-----
From: 	Jones, Tana
Sent:	Monday, October 29, 2001 11:17 AM
To:	Reed, Taria
Subject:	RE: Datasheet

Thanks for your help!

 -----Original Message-----
From: 	Reed, Taria
Sent:	Monday, October 29, 2001 11:16 AM
To:	Jones, Tana
Subject:	Datasheet

Attached are datasheets for:
Enron North America Corp.
Enron Canada Corp.
Enron Power Marketing Inc.
ECT Investments, Inc.
Enron Credit Inc.
(all on one document)

Taria Reed
Corporate Secretary Department
ext. 57628

 << File: datasheets.doc >>


19:33:46 Synchronizing Mailbox 'Taylor, Mark E (Legal)'
19:33:46 Synchronizing Hierarchy
19:33:47 Synchronizing Favorites
19:33:47 Synchronizing Folder 'Inbox'
19:33:52 	   6 item(s) added to offline folder
19:33:52 	   2 item(s) changed read-state in offline folder
19:33:52 Synchronizing Folder 'Outbox'
19:33:52 Synchronizing Folder 'Sent Items'
19:33:53 	   2 item(s) added to offline folder
19:33:53 Synchronizing Folder 'Calendar'
19:33:54 	   3 item(s) added to offline folder
19:33:54 	   5 item(s) updated in offline folder
19:33:54 Synchronizing Folder 'Contacts'
19:33:55 Synchronizing Folder 'Drafts'
19:33:55 Synchronizing Folder 'Tasks'
19:33:55 Synchronizing Folder 'Journal'
19:33:55 Synchronizing Folder 'Notes'
19:33:55 Synchronizing Views
19:33:55 Synchronizing Forms
19:33:55 Done


FYI.  Many similar stories in the major papers today.
Best,
Jeff
Figures show state lost big on extra power
Posted at 9:53 p.m. PDT Monday, July 23, 2001
BY JOHN WOOLFOLK
Mercury News
State figures show California may have lost about $14 million this month
selling surplus electricity for less than it cost.
The Mercury News disclosed last week that some power was being sold at a
loss. But the new figures provide the first indication of just how much
excess power the state bought in its desperate effort to avoid blackouts --
and how cheaply some of that power was sold when it turned out not to be
needed.
A Republican lawmaker said Monday the loss also shows Democratic Gov. Gray
Davis' energy policies are needlessly costing consumers.
``This whole thing is a mess,'' said Assemblyman John Campbell, R-Irvine, who
requested details of the state's surplus power sales. ``The government needs
to get out of the power business before it costs Californians even more
money.''
A state spokesman didn't dispute the $14 million figure outright but said it
is an approximation based on average prices and that the actual loss probably
is less.
``It's a number I'm sure he likes very much, but it's definitely an estimated
number, and it could be far lower,'' said Oscar Hidalgo, spokesman for the
state Department of Water Resources.
Campbell responded that the loss also could be higher.
The state has spent $415 million on power so far this month.
State officials last week confirmed that cool weather and consumer
conservation have left California holding more power than it needs. The
revelation was a stunning turnaround for a state that months ago was paying
top dollar for power, expecting shortages this summer.
Price that was paid
The state bought 3.5 million megawatt-hours of electricity for July at an
average price of $118 per megawatt-hour, according to a response Friday by
the Department of Water Resources to Campbell's inquiry. The state has sold
178,000 surplus megawatt-hours in July at an average price of $37, the
department said.
Based on those average prices, the state paid $21 million for the surplus
power, which it sold for $6.5 million -- $14.5 million less than it cost.
A more precise calculation of the state's loss is difficult because purchased
power is acquired at different times and prices and pooled as a
``portfolio.''
Purchases included long-term contracts that averaged $138 per megawatt-hour
as well as cheaper spot-market buys.
State officials last week said they were selling surplus at $15 to $30 a
megawatt-hour, while some traders cited unconfirmed sales as low as $1.
Hidalgo noted that the surplus sales represent just 5 percent of California's
July purchases, which totaled $415 million. The $6.5 million from sales will
help lower the state's power bill, he said, adding that utilities routinely
sell some extra electricity.
``Despite the fact that we're in somewhat of a surplus, any power-buying
operation in the world is going to have to plan for these types of
situations,'' Hidalgo said. ``It's not unique, and in fact it's normal
operating procedure for any utility.''
Other Western utilities, including Portland General Electric in Oregon, have
said they, too, are selling some surplus power at a loss and describe it as a
cost of doing business.
The suppliers buying the state's surplus electricity on the cheap include the
big out-of-state energy companies that the governor has called price-gouging
``snakes.'' Among them are Duke Energy, Dynegy Power and Marketing, El Paso
Power Services, Mirant, Reliant Energy and Williams Energy.
`Best bid' taken
Hidalgo said the state took the best offers it could find.
``It's only reasonable to get the best bid you can,'' he said.
Campbell said the $14 million loss is troubling because ratepayers or
taxpayers will have to cover the cost, whereas a private utility could be
forced to eat the expense if regulators determined it was unreasonable.
State officials say what's more important is that the overall cost of power
is dropping, from an average daily tab of $64 million in May to $25 million
this month, in part because the state has so much power.
Contact John Woolfolk at jwoolfolk@sjmercury.com
<mailto:jwoolfolk@sjmercury.com> or (408) 278-3410.


Please find attached a first draft of the following documents relating to the
Canadian form of EEI master agreement:

1.  Clean copy of Canadianized EEI base contract
2.  Copy of the Candianized EEI base contract, blacklined to show the changes
to the US form
3.  Canadianized schedules to the EEI contract, including only the three
products previously included in the industrial power master
4.  Form of EEI Cover Sheet, including the porposed changes to the Canadian
form of base contract that Enron Canada would include as part thereof

I will develop over the next while a set of situation specific riders that
Enron Canada can use, similar to those riders developed by ENA.

Please provide me with any comments you may have with respect to these
documents.  I understand that Chris has a fair amount of pressure on him to
table our proposed form of the Canadianized EEI documents to the Ontario
drafting group before their next meeting on November 22.

Greg


Apply this volume to deal 101303.  The point is on the ticket, but nothing
was nom'd that day.

D

Mary Poorman@ENRON
11/29/2000 02:49 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Meter 1594 for Nov.

We had flow on the first, prior to the shut in for work.  I need a deal to
pick up the 500 and change that squeaked through the meter, please.  My
exceptions need to be cleared pretty quickly.

Thank you,

Mary


Agustin,

I just faxed a copy of the ticket to you.  Please let me know if it
transmitted properly.  Also, the deal number is Q15463.

Let me know if you need anything else.

Susan


Steve:
Enron's general counsel has accepted the concept that we discussed last week
in the Guaranty re setoff, defenses etc.  I will try to send you a revised
Guaranty shortly.
Carol


Audrey,

Sorry to get this to you today.  I had originally sent this to you from home and it didn't work, so we'll try to do this from here at work.  I have listed some people and referenced their region.  Hope this is what you were looking for.  Have a nice weekend!

Diana Scholtes

Northwest

Dale Hubbard	Avista/Washington Water Power		509-495-4911
Kathy Hara	Avista Energy				509-495-8712
Dan Sparks	Idaho Power Company			208-275-8300
Paul Wood	Pacificorp				503-813-5387

Northern California

Kevin McMahon	NCPA					916-786-0123
John Perry 	Sierra Pacific				775-834-3529
Spence Gerber	CISO					916-351-2284
Pete Garris	CERS					916-574-1299


Start Date: 12/27/01; HourAhead hour: 20;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001122720.txt


And you are moching me for peace out..


Students, Faculty, and Staff,

Don't forget to participate in the Coffee Colloquium this morning (4-25-01)
from 9:45 to 10:45 held outside room 124.  This will be the last Coffee
Colloquium of this academic year.  Hope to see you there.

The Coffee Colloquium is an informal gathering which will allow faculty,
administration, and students an opportunity to talk, exchange ideas and get
to know each other better.  The Jones School Coffee Colloquium will be a
regular gathering every Wednesday (same time, same place) unless there is
another scheduled event (Dean's Lecture, exam day, holiday).  We usually
have coffee, tea, juice, soft drinks, and some light snacks available to
all who participate.

Kathy

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


Dear Power Outage Database Customer,
Attached you will find an excel document. The outages contained within are forced or rescheduled outages. Your daily delivery will still contain these outages.
In addition to the two excel documents, there is a dbf file that is formatted like your daily deliveries you receive nightly. This will enable you to load the data into your regular database. Any questions please let me know. Thanks.
Greg Elliott
IIR, Inc.
713-783-5147 x 3481
outages@industrialinfo.com
THE INFORMATION CONTAINED IN THIS E-MAIL IS LEGALLY PRIVILEGED AND CONFIDENTIAL INFORMATION INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY NAMED ABOVE.  YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION, OR COPY OF THIS E-MAIL TO UNAUTHORIZED ENTITIES IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS E-MAIL IN ERROR, PLEASE DELETE IT.
 - OUTAGE.dbf
 - 011602.xls
 - 011602R.xls


Sorry if you received this twice apparently the first one failled.

regards

 ;-----Original Message-----
From: ; Wood, Stephen;
Sent:;; 15 June 2001 17:51
To:;;;; Fernley Dyson/LON/ECT@ECT; Melissa Allen/LON/ECT@ECT; Pickering,
Mark; Anne Edgley/LON/ECT@ECT; Gentle, Jackie; Murphy, Ted; Overfield, Adam;
Rod Sayers/LON/ECT@ECT; Mark Evans/Legal/LON/ECT@ECT; Doug Wood/LON/ECT@ECT;
Paul Hennemeyer/LON/ECT@ECT; Paul Dawson/Govt. Affairs/LON/ECT@ECT; Styles,
Peter; Lynch, Drew; Lane, Suzanne; McMahon, Greg; Campbell, Damien; Williams,
Ben; Luxford, Nicola

 Cc:;;;; Brown, Michael - COO London; Boa, Peter; Campbell, Damien; Crowson,
James; Durman, Jon; Ekin, Nicky; Evans, David; Hall, Christopher; Hiersche,
Rich; Keogh, Hannah; Lane, Suzanne; Ley, Martin; Luxford, Nicola; Martindale,
Julia; McMahon, Greg; Naven, Kellie; Rice, Thomas; Simon, Nik; Smith, Richard
(London); Vernazza, Elia; Williams, Ben

 Subject:;;;;;;; May Corporate Allocations

 All, please review the Corporate Allocations that relate to your area in the
attached.;; While the charge for May is below plan we still feel that these
cost are to high.; Every effort should still be made to challenge all cost
and have them reversed by corp.;;; If you have any questions or comments
please get to me or your Management Accountant.

 <<May Corp ALLOCATIONS4.ppt>>

 regards,
Stephen x34738;


Kim:
I experienced difficulty opening the web site for hotels and Jean McFarland assisted me with the hotel search in Hong Kong.

-----Original Message-----
From: McFarland, Jean
Sent: Monday, October 08, 2001 4:19 PM
To: Armstrong, Julie
Subject:

Rental Cars <http://gss.corp.enron.com/Travel/middle_rental.html> | Hotels <http://gss.corp.enron.com/Travel/hotelsearch.asp> | Direct Billing <http://gss.corp.enron.com/Travel/directbilling.doc>

Search Again:       Domestic Cities Albuquerque  Amarillo  Atlanta  Austin  Bakersfield  Baltimore  Baton Rouge  Beatrice  Bismarck  Bloomington  Boston  Bothell  Broomfield  Carolina, Puerto Rico  Charlotte  Chicago  Cleveland  Columbus  Corpus Christi  Costa Mesa  Dallas  Denver  Dublin, OH  Flagstaff  Gainesville  Hartford  Hattiesburg  Houston  Indianapolis  Irvine  Kansas City  Lafayette, CA  Lafayette, LA  Leesburg, VA  Liberal, KS  Los Angeles  Miami  Midland  Minneapolis  Mobile  New Orleans  New York  Ocala  Oklahoma City  Omaha  Orlando  Philadelphia  Pittsburgh  Portland  Raleigh  Richmond  Roswell  Sacramento  San Antonio  San Diego  San Francisco  San Juan  Saraland  Tallahassee  Tampa  Toledo  Washington         International Cities Abu Dhabi  Bangkok  Beijing  Berlin  Buenos Aires  Cairo  Calcutta  Calgary  Cali, Colombia  Caracas  Chengdu  Colon  Delhi  Doha  Guatemala City  Helsinki  Hong Kong  Jakarta  Kingston  Lima  London  London/ Gatwick  London/Heathrow Airport  Madrid  Managua  Medellin  Mexico City  Milan  Mumbai (Bombay)  Paris  Rio de Janeiro

Hotels offering Enron Discount Rates in Hong Kong

HOTEL	 ADDRESS	 PHONE	 RATES
Hyatt Regency 	 67 Nathan Road, Kowloon 	 011-852-311-1234 	 1,260HKD 1/1-4/15 Standard

1,530HKD 4/16-4/30 Standard

1,260HKD 5/1-9/30 Standard

1,530HKD 10/1-11/15 Standard

*Rate is based on availability


I second your resonse!

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

	Robert Bruce@ENRON
	Sent by: Robert Bruce@ENRON
	02/05/2001 09:10 AM

		 To: Ed Quinn/HOU/ECT@ECT
		 cc: Sara Shackleton/HOU/ECT@ECT
		 Subject: Re: P&G

I am copying Sara on this b/c I would be interested in her input if she has a
different take than I do.

I understand your message to mean that P&G is offering a representation from
them that they will strictly adhere to their corporate derivatives policy
(with a copy of the policy attached to the contract), and, in exchange for
this, they would like the "No Reliance" representation deleted entirely.

I don't really see how such a representation helps us with the "No Reliance"
problem.   The CFTC has ruled that in a dealer/customer context, if the
customer relies on the dealer's expertise in entering into a trade, then the
trade may be unenforceable against the customer.  The legal principle is one
of fiduciary duty and doesn't really have anything to do with corporate
authorization.  In other words, the fact that the trade is authorized does
not change the fact that the customer is relying on the dealer's superior
knowledge.

In its 1996 lawsuit with Bankers Trust, Procter & Gamble unwound an interest
rate swap position when they ended up about $200 million out of the money.
P&G argued that they were relying on BT due to BT's superior expertise in
interest rate markets, and therefore P&G shouldn't have to pay.  The issue of
whether or not P&G was authorized to enter into the swaps was not an issue at
all in that case, nor would it be an issue, in my opinion, if P&G sought to
unwind a pulp and paper swap with us based on our alleged superior expertise
in pulp and paper markets.

The danger of having positions unwound has made the "No Reliance" clause one
of the most important clauses in the ISDA for us.  I will look at and
consider any particular language they may wish to propose, but conceptually,
we can not trade with counterparties who wish to rely on our market expertise
in deciding whether to enter into a trade. -- Bob

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

	Ed Quinn@ECT
	02/02/2001 04:37 PM

		 To: Robert Bruce/NA/Enron@Enron
		 cc:
		 Subject: P&G

Bob,

P&G business contact mentioned that they have inserted the following into
their ISDA schedules:

1) a clause that states that P&G will strictly adhere to their corporate
derivatives policy (that covers deal terms, hedged risks, etc.) and append
the ISDA with the corporate policy....

Is this something we can consider???  Policy spells out types of deals they
can and can't enter...therefore, they can't sue us (hopefully) if they have
followed their policy guidelines...

Thanks.

Ed Quinn


We are proud to announce that Enron will partner with Knowledge Beginnings,
one of the leaders in the childcare industry, to provide high quality,
conveniently located, customer service-oriented childcare for Enron employees
in Houston.  Knowledge Beginnings is a part of the Knowledge Universe
Company, a family of companies focused on lifelong learning.

Our childcare center will be located on Louisiana Street across from our
corporate headquarters.  The anticipated opening date is the fall of 2001.
Any full-time or part-time Enron employee who will have a child/children
between the ages of six weeks and four years by the opening date of the
center will be eligible to utilize the center.

Please review the attachment to learn more about Enron,s onsite childcare
center.  We are in the process of building a web page dedicated to this
important project and hope that it will provide you with frequent updates and
answers to any future questions you may have.  Watch your email for our
launch date!  We are excited about this new venture and look forward to the
center,s opening.


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Start Date: 1/29/02; HourAhead hour: 20;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012920.txt


-----Original Message-----
From: 	Lessor, James N.
Sent:	Monday, October 01, 2001 3:47 PM
To:	Leach, Doug
Subject:	sep