Accurate and sobering.  I've made two small comments just as an fyi.

	<Suzanne_Nimocks@mckinsey.com>
	01/12/2001 09:18 AM

		 To: skean@enron.com
		 cc:
		 Subject: Urgent;  California Article

Here is a draft of the article we discussed.  It is rather benign - but I
would appreciate it if you would take a look.  Let me know if you have any
reaction.
----- Forwarded by Suzanne Nimocks/HOU/NorthAmerica/MCKINSEY on 01/12/2001
09:17 AM -----

                    Bob Edwards
                    01/11/2001           To:     Les
                    04:28 PM
Silverman/DCO/NorthAmerica/MCKINSEY@MCKINSEY,
                                         John
Bookout/HOU/NorthAmerica/MCKINSEY@MCKINSEY,
                                         Tim
Bleakley/HOU/NorthAmerica/MCKINSEY@MCKINSEY,
                                         Rob
Latoff/CLE/NorthAmerica/MCKINSEY@MCKINSEY,
                                         Matt
Rogers/SFO/NorthAmerica/MCKINSEY@MCKINSEY,
                                         Jim
Robb/SFO/NorthAmerica/MCKINSEY@MCKINSEY, Andy

Steinhubl/LAN/NorthAmerica/MCKINSEY@MCKINSEY,
                                         Suzanne

Nimocks/HOU/NorthAmerica/MCKINSEY@MCKINSEY
                                         cc:     Gerrit van

Geyn/TOR/NorthAmerica/MCKINSEY@Mckinsey, Thomas
                                         Seitz, Jud

Morrison/HOU/NorthAmerica/MCKINSEY@MCKINSEY,
                                         Scott Nyquist, Susan

Lund/DCO/NorthAmerica/MCKINSEY@MCKINSEY
                                         Subject:     Urgent;  California
Article

Attached is an article that we have drafted with the help of a McK
Quarterly editor.   We have set up a call for tomorrow at 10:00  (CST) in
order to talk through the article and the implications to our clients.  We
have received very good and constructive comments from many of you which we
have tried to incorporate (as much as a 750 word limit would allow).  We
believe we have a shot at a Monday op-ed piece in the WSJ if we send this
out Friday.  The events of today highlight the timeliness of this issue.
Looking forward to talking to you tomorrow.

Bob

 (See attached file: CalMarket-op-ed.doc)

+-------------------------------------------------------------+
| This message may contain confidential and/or privileged     |
| information.  If you are not the addressee or authorized to |
| receive this for the addressee, you must not use, copy,     |
| disclose or take any action based on this message or any    |
| information herein.  If you have received this message in   |
| error, please advise the sender immediately by reply e-mail |
| and delete this message.  Thank you for your cooperation.   |
+-------------------------------------------------------------+
 - CalMarket-op-ed.doc


---------------------- Forwarded by Kayne Coulter/HOU/ECT on 04/30/2001 02:15
PM ---------------------------

Michael Jacobson@ENRON
04/30/2001 01:40 PM
To: Kayne Coulter/HOU/ECT@ECT
cc:
Subject: Counterparties

Kayne,

I've noticed some confusion lately on which CP name to use in EnPower for
Ameren transmission - Ameren Services Company (ASC) is the right one.  If you
could pass this along I would appreciate it.

Thanks,
Michael
x35098


Ian -

Attached for Natsource's signing are the final versions of the BETA and Fee
Agreement.  One you have confirmed these are acceptable, please have an
authorized rep. sign two originals of each document, have a copy of  each
agreement faxed to my attention or to Tana Jones (for countersignature by
Enron) and have both sets of originals forwarded to me or Tana Jones for
countersignature by Enron.

I will ensure that one set of originals are returned to your attention.

Also, please be sure to forward the revised letter of credit reflecting that
it stands for both Natsource and Natsource Tullett Europe as we cannot issue
a password or allow access until this agreement is received.  Further, please
ensure that payment of the fee is made.  If wiring instructions are needed, I
will be happy to obtain them for you and forward for your use.

Thanks.  Please let me know if there is anything further that you should need.

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


That's no problem.  With 2 kids we like to catch up on our sleep during the
weekend.  Nicolas was one of our finalist  for Alex.


Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com


Theresa & Karen:

Attached is my latest funding request for a wire to TXU Trading. This amount should last us until next Monday/Tuesday and needs to wired this Tuesday, March 12, 2002.

Call me with any questions.

Michael


What do I need to do to open this doc?  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/10/99 01:20
PM ---------------------------

"LOPEZ AUFRANC, Patricia" <PLA@marval.com.ar> on 09/10/99 01:07:00 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: RV: memo on derivatives

>   See attached.
>
>
---------------------------------------------------------------------
Este mensaje es confidencial. Puede contener informacion amparada
por el secreto profesional. Si usted ha recibido este e-mail por error,
por favor comuniquenoslo inmediatamente via e-mail y tenga la
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ni divulgar su contenido a ninguna persona. Muchas gracias.

This message is confidential. It may also contain information that is
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delete it from your system; should also not copy the message nor
disclose its contents to anyone. Many thanks.
 ---------------------------------------------------------------------

 - att1.unk


Start Date: 3/16/01; HourAhead hour: 18;  HourAhead schedule download failed.
Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
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The basis curves corresponding to deals listed are saved in O:\ Dropbox
\Errol\natsourcebasiscurves.  I.T. is still working on a fix for the Gas
Daily curves.  I will let you know when we have something from them.  I let
them know this was a time sensitive issue.

Thanks,

Errol


fri was fun.  i went to a broker deal and the wine was unlimited.  we were
crushing $180 bottles for about 4 hours.  i will take it easy this weekend.
i have a date with cassie fri, but that is all i will do.


Please mark your calendars to meet on Wednesday, March 6, 2:00 - 3:00p in ECN - 1336 to discuss the above mentioned topic.

Thanks in advance,

adr

Audrey D. Robertson
Transwestern Pipeline Company
email address:  audrey.robertson@enron.com
(713) 853-5849
(713) 646-2551 Fax


---------------------- Forwarded by Sara Shackleton/HOU/ECT on 02/24/2000
03:44 PM ---------------------------

"LOPEZ AUFRANC, Patricia" <PLA@marval.com.ar> on 02/24/2000 03:30:24 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Trip to Argentina

Sara:

I confirm a meeting with Andres Hall,  director of the Securities Commission
on March 1 at 5,00 pm.

Anyone else you can think of?

Regards

Patricia

---------------------------------------------------------------------
Este mensaje es confidencial. Puede contener informacion amparada
por el secreto profesional. Si usted ha recibido este e-mail por error,
por favor comuniquenoslo inmediatamente via e-mail y tenga la
amabilidad de eliminarlo de su sistema; no debera copiar el mensaje
ni divulgar su contenido a ninguna persona. Muchas gracias.

This message is confidential. It may also contain information that is
privileged or otherwise legally exempt from disclosure. If you have
received it by mistake please let us know by e-mail immediately and
delete it from your system; should also not copy the message nor
disclose its contents to anyone. Many thanks.
 ---------------------------------------------------------------------

 - att1.unk


As you are aware, the Trading Floor adopted three families for the holiday
season.  Thanks to your support all three families will have a better holiday
than they would have without your help.  You have been more than generous!

We have one family (single mom with four children) who has a boy who's
birthday is tomorrow.  We would like to make sure this 12 year old boy gets a
birthday gift.  If you would like to help us with this, we are asking
everyone to pitch-in a dollar or two.  Please forward your money to Theresa
Villeggiante or Grace Rodriguez.

Thanks!

Mollie


I am forwarding some Wall Street comments from Kathryn Corbally related to
the Transmission buyout.

Looks like they view it as very favorable - not a major hit against EPS tied
to full recovery of remaining undercollection.

Not sure yet if they incorporate the going forward - maybe SCE doesn't want
any merchant obligations?

Jim

----- Forwarded by James D Steffes/NA/Enron on 02/27/2001 08:18 AM -----

	Kathryn Corbally
	02/26/2001 04:47 PM

		 To: James D Steffes/NA/Enron@Enron
		 cc:
		 Subject: CaliforniA

Jim, Have sent you three notes that show some level of support to activity in
California
- its probably a little bias since there are a few reports out there that say
quote the 'devil is in the details' and quote
'the odds of bankruptcty remain in the 50% range.'

Note1
09:42am EST 26-Feb-01 ABN AMRO Inc. (Ford,Daniel F. 212/258-1548) CPN DYN EIX
One Down Two to Go

One Down Two to Go
ABN AMRO -- Research Notes
Subject: Power
Companies Mentioned: CPN, DYN#, EIX, PCG, SRE

Analyst:  Daniel F. Ford, CFA  212/258-1548
          Po Cheng, CFA  212/258-1709
==============================================================================
=
Date:     February 26, 2001
------------------------------------------------------------------------------
-
Highlights:
-  On Friday (2/23), Governor Davis triumphantly announced that the State of
   California and Edison International had reached an agreement in principle
   for the sale of its electric transmission system as part of a financial
   recovery package. He also commented that "good progress" was made with
   Sempra Energy and "some progress" with PG&E Corp.
-  The preliminary terms of the agreement call for the State to buy Edison's
   transmission system for approximately $2.76 billion (2.3x estimated book
   value) and allow for the securitization of "a substantial portion of its
   undercollection".
-  In exchange, Edison would: 1) make payments of approximately $420 million
   to its utility subsidiary, Southern California Edison; 2) commit the
entire
   output of an Edison Mission project at cost-based rates for 10 years; 3)
   provide cost-based rates from native generation for another 10 years; 4)
   give conservation easements on 20,000 acreas of watershed lands for 99
   years; and 5) drop a pending lawsuit against the California Public
   Utilities Commission.
-  We view this agreement as a positive development. Based on the 2.3x
   purchase price, the EPS hit from the loss of the transmission lines would
   be approximately $0.10 lower than our worst case estimate (at 1.5x) of
   $1.90 . The agreement, however, is not final and additional details need
to
   be worked out before being submitted to the legislature.
-  Events to watch over the next couple of weeks include: 1) a definitive
   agreement with Edison; 2) deals with PG&E Corp. and Sempra Energy; 3) a
   package that the legislature can accept (which could include concessions
   from generators); and 4) terms that are acceptable by the FERC.
-  In our opinion, the proposed deal is reasonable for EIX shareholders and
   renews the hope for a resolution to the crisis. While our optimism is
   tempered by the shortening timeframe, we are encouraged by the governor's
   recent statements, which have been more positive than negative. As such,
we
   maintain our Buy ratings on Edison International and PG&E Corp as well as
   on the generation companies: Calpine and Dynegy.

Other News:
In other related news, on Friday (2/23) Edison announced that all of its banks
have agreed to extend their forbearance until March 14.

Note 2

05:16pm EST 26-Feb-01 Goldman Sachs (NEWYORK) EIX PCG ACTION
EIX agrees to deal in principle with Gov Davis.PCG still negotiating.Buy
EIX...

                 Goldman, Sachs & Co. Investment Research

EIX agrees to deal in principle with Gov Davis.PCG still negotiating.Buy EI

*  On February 23, EIX and Governor Davis reached an agreement in principal
   in which the state would agree to buy the transmission grid and allow
   for recovery of a 'substantial portion' of unrecovered cost in return
   for EIX refunding money from its parent to the utility and dropping
   pending litigation.  This settlement appears to be a  reasonable 'shared
   pain' scenario and is consistent with the 'buyout vs. bailout'
   structure we have been anticipating. To be enacted the deal needs to be
   finalized and approved by the EIX board and the California Legislature.
   FERC also must approve the asset sale.
*  EIX agreed to sell a portion of its electric transmission system to the
   state of California for $2.76 billion and transfer $420 million cash to
   its utility subsidiary from the parent.  In return, the state would
   allow EIX to recover a substantial portion of its under-collected power
   costs and drop pending litigation in which the company is pursuing rate
   hikes.  If approved by the EIX board and California legislature this
   agreement, in concert with passage of ABX1-1, would eliminate the
   overhang that has depressed EIX shares.
*  Although dependent on several factors, we believe the net impact on
   earnings from the settlement will not be as high as the current EIX
   stock price implies.  We believe post-settlement EPS in 2002 will likely
   total at least $2.00/share, which supports a conservative valuation of
   $20 share (10X '02 EPS, a 20% valuation discount to the peer group).
*  Also late last week, PCG issued a press release indicating they had met
   with the Governor, had submitted proposals, and discussions were
   ongoing.  With the framework already established for EIX, we expect a
   PCG settlement could be announced in the near future. PCG's negotiating
   flexibility is limited relative to EIX because their generation rates
   are lower, their under-recovered balance is higher, and the potential
   cash 'refund' from parent to subsidiary being requested by the
   government is probably larger.
*  PCG's transmission system has a book value of roughly $1.5 billion.  At
   2.3X book value, these assets could potentially be worth $3.5 billion.
   Assuming a parent company to utility cash transfer proportional to the
   one proposed for EIX, we estimate PCG would refund $780 million. PCG's
   stock price also reflects an earnings impact more punitive than implied
   by a settlement of this nature. We believe a deal like this would
   support post-settlement EPS of at least $2.50/share which supports a
   conservative valuation of $25/share (10X '02 eps, a 20% valuation
   discount to the peer group).
*  Because EIX has a 'deal in principle' the stock is trading at a premium
   to PCG despite having lower potential 2002 earnings power. Those
   investors who believe PCG will strike a deal that is similar in
   structure and proportional to EIX's settlement should purchase PCG over
   EIX at this juncture.

NOTE 3

09:17am EST 26-Feb-01 Merrill Lynch (S.Fleishman (1) 212 449-0926) EIX PCG
UTILITIES-ELECTRIC:California: One Goes Forward, But Need All Three

    ML++ML++ML     Merrill Lynch Global Securities Research     ML++ML++ML
                             UTILITIES - ELECTRIC
                California: One Goes Forward, But Need All Three
                      Steven I. Fleishman (1) 212 449-0926
Reason for Report:  Governor reaches preliminary agreement with Edison; PG&E
up
in the air; Need all 3 utilities to move forward

Investment Highlights:
o    On Friday, Governor Davis announced a preliminary agreement with Edison
International (EIX; D-2-2-9; $14.69) on a financial resuscitation plan.  The
plan follows the basic framework previously outlined by the Governor.

o    The state will purchase Edison's transmission assets for $2.76B, or 2.3x
book value.  This would help pay off some of Edison's net $4.1B of
undercollections (a number agreed upon with the Gov.)  The remainder will be
recovered through a bond financing tied to a dedicated rate component to be
carved-out of Edison's rates.

o    In exchange, Edison will agree to: 1) Drop the lawsuit against the PUC,
2)
Invest $420M back into the utility from the parent, representing tax
overcollections , and 3) Sell power from its hydro and nuclear assets at cost-
based rates for the next 10 years.  Edison also agreed to sell power from its
unregulated Sunrise plant, currently under construction, at cost-based rates
for 10 years.

o    A number of uncertainties remain in Edison's deal, and it is still
preliminary.  The exact terms and language will be very important,
particularly
given the need to issue securitization bonds.  It is impossible to provide
exact earnings guidance based on this deal, but the only loss of earnings
power
would appear to come from lost transmission earnings (-$0.20-$0.25/share) and
potentially lower generation earnings depending on the terms of cost-based
rates.

o    This is a significant step forward for Edison and the resolution of the
CA
power credit crisis.  However, it could be for naught if the other utilities
cannot work out deals.  We believe Sempra Energy (SRE; B-2-1-7; $22.10) is
relatively close, but PG&E's (PCG; D-2-2-9, $13.70) talks were flailing last
week.  We continue to see little chance that this plan can move forward and
pass through the legislature unless all the utilities are on board.

o    We believe PG&E is willing to work a deal within this framework.
However,
the simple problem is that PCG's undercollection numbers are much bigger.  At
YE 2000, PCG's net undercollection was more than $5B and we believe this may
have reached $7B by the end of January.  Selling the transmission for 2.3x
book
would provide only $3.5B, leaving the other half to be recovered though the
dedicated rate component/securitization.  It may be that the only way the
numbers can work is with a rate increase.

Despite the significant hurdles that remain, we believe the momentum toward a
constructive outcome is improving.  To that end, we maintain our Accumulate
ratings on EIX and PCG for high rate accounts.


UTILICON E-Newsletter
Issue 10

Welcome to this week,s edition of the UTILICON e-newsletter, delivering the
week,s breaking news to customers, suppliers and professionals in the utility
industry.

Soon, the UTILICON Portal will be introducing a Career Page, where you will
be able to search and post jobs in the utility sector online! If you think
your company would like to advertise its jobs to over 35,000 utility industry
professionals, please contact us now for a free trial.
mailto:utilicon@terrapinn.com

Zoe Ayliffe, Editor On-line Communications

========================================================
WANT TO SPONSOR THE E-NEWSLETTER?
Contact mailto:tina.hall@terrapinn.com
=======================================================
BREAKING NEWS:

* TORRID TIME FORECAST FOR ENERGY
* CONSULTATION LAUNCHED ON NEW RETAIL LICENCES
* GROWING ROLE FOR COAL SEAM METHANE

THE WEEK,S INDUSTRY NEWS HEADLINES:

* SWIFT COULD DOUBLE RESERVE SIZE
*  VICTORIA NOT TO INTERVENE IN AGL CLAIM
* TELCO DATA CENTRE OPENED IN MELBOURNE
* A ROUND UP OF WATER NEWS
* ActewAGL OFFICIALLY LAUNCHED IN CANBERRA
* BASSGAS STILL KEEN
* FLETCHER CHALLENGE CLEARED TO DIVEST ENERGY

FEATURES:

* UTILITY RETAILING IN THE US

UPCOMING EVENTS:

* Asia Power 2001    12 Feb  Singapore
* Victoria Power     20 Feb   Melbourne
* Sub-Saharan Power 2001   20 Feb      Johannesburg
* UTILICON New Zealand 2001   12 Mar  Auckland
* UTILICON Australia 2001   24 July  Melbourne
* Cabling World 2001     4 Jun   Sydney

======================================================
To keep up-to-date with the latest breaking news, visit the
UTILICON Portal daily
http://www.utilicon.com.au
======================================================

BREAKING NEWS:

TORRID TIME FORECAST FOR ENERGY
The Energy Users Group  has sounded a warning to regulators and governments
over the prospects of what it calls "a torrid time" for Victorian power
consumers this Summer.
For the full story visit:http://www.utilicon.com.au/start.asp?NID=2522

CONSULTATION LAUNCHED ON NEW RETAIL LICENCES
Victoria's Regulator General has unveiled proposed changes to the state's
electricity retail licences
For the full story visit:http://www.utilicon.com.au/start.asp?NID=2523

GROWING ROLE FOR COAL SEAM METHANE
The growing take up of coal seam methane as an alternative to natural gas in
Queensland has been highlighted at the annual general meeting of Oil Company
of Australia Limited.
For the full story visit:http://www.utilicon.com.au/start.asp?NID=2524

=====================================================
INDUSTRY NEWS :

SWIFT COULD DOUBLE RESERVE SIZE
US oil company Swift Energy announced on Tuesday, the discovery of oil
and gas in their third well in the onshore Rimu prospect.  It is still
premature to
determine the commercial value of this latest well.  For further insight into
the
implications for the New Zealand oil and gas industry, Donald L. Morgan, the
President of Swift Energy New Zealand will give a presentation at UTILICON
New Zealand.  This high-calibre pan-utility conference and exhibition will
take
place at Sky City, Auckland on 12 - 14 March 2001. For more information
contact:
mailto: michael.Turnley@terrapinn.com or visit us at:
http://www.utilicon.com.au/utilicon_nz_2001/

VICTORIA NOT TO INTERVENE IN AGL CLAIM
The Victorian Government has decided not to intervene directly in AGL
Electricity,s
bid for customer compensation for the &force majeure8 price hikes of eary
this year.
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2492

TELCO DATA CENTRE OPENED IN MELBOURNE
Cable & Wireless Optus has launched the company,s first dedicated data centre
in Melbourne to cater to demand for fully managed IP hosting and co-location
services in Victoria.
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2495

A ROUND UP OF WATER NEWS
Water use in Western Australia has doubled; SA Government has released the
McLaren Vale Prescribed Wells allocations; The Queensland & Federal
Government have granted $760,000 grant to manage dryland salinity.
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2494

ActewAGL OFFICIALLY LAUNCHED IN CANBERRA
The new ACT energy, gas and water joint venture ActewAGL has been officially
launched with new look corporate livery and signage, and the promise of real
benefit to customers
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2471

BASSGAS STILL KEEN
Proponents of the BassGas project have made it clear they are pressing ahead
with
their plans to sell gas in Tasmania, despite rival Duke Energy,s announcement
that it had Board approval to proceed with a pipeline from Bass Strait.
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2472

FLETCHER CHALLENGE CLEARED TO DIVEST ENERGY
New Zealand major Fletcher Challenge Limited has welcomed the Commerce
Commission
decision Friday, clearing a major hurdle for Shell and Apache Corporation to
complete their A$3.3 billion purchase of Fletcher Challenge Energy.
For the full story visit:http://www.utilicon.com.au/start.asp?NID=2447
======================================================

FEATURES:

UTILITY RETAILING IN THE US:
Michelle M. Lavallee from NorthWestern Corporation discusses the utility
business in the United States.
http://www.utilicon.com.au/start.asp?NID=2468

======================================================
UPCOMING EVENTS

CONFERENCES

VICTORIA POWER
The programme is finalised for Victoria Power - the annual summit on emerging
opportunities and major challenges facing energy market players.
If you wish to sponsor this event contact Tina Hall before time runs out.
mailto:tina.hall@terrapinn.com
http://www.utilicon.com.au/vicpower2001aus/

SUB-SAHARAN POWER 2001
Gain global insight into the International energy market reform by attending
the
3rd Annual Sub-Saharan Power Conference. From the 20-22 February 2001 at the
VW Conference Centre, Johannesburg South Africa.  For more information contact
mailto:sean.kelly@terrapinn.com or visit:
http://www.terrapinn.co.za/conference/E777/

ASIA POWER 2001
Amidst the economic and social impact of the aftermath of the Asian crisis,
Asia
Power 2001 is a timely event that demands the attention of all players and
suppliers
in Asia,s booming Power sector.  Asia Power 2001 will bring you the most up
to date
regional developments in the key power markets in Asia, Korea, India,
Malaysia,
Indonesia, Philippines, China, Taiwan and Thailand.
For more information contact: mailto:lydia.sing@terrapinn.com
http://www.aicworldwide.com/brands/asiapower2001/index.htm

======================================================
CONFERENCE AND EXHIBITIONS

UTILICON New Zealand 2001
With a high level plenary and three tightly focused industry streams,
the key decision-makers from the electricity, water, oil and gas
industries will be at UTILICON NZ, 12-14 March 2001, Auckland.
For more information contact mailto:michael.turnley@terrapinn.com
http://www.utilicon.com.au/utilicon_nz_2001/

UTILICON Australia 2001
Featuring a plenary focussing on issues common to electricity, gas
and water industries, this key utilities event encompasses the 12th
Annual National Power, 6th Annual National Water, 5th Annual
National Gas conferences plus a tradeshow of over 60 exhibitors.
UTILICON 2001 is the largest convention of its kind in the region.
24-26 July 2001 at the Melbourne Convention Centre.
For more information contact: mailto:michael.turnley@terrapinn.com
http://www.utilicon.com.au/utilicon_au_2001/

CABLING WORLD Australia 2001
Sydney Convention and Exhibition Centre, 4 - 6 June 2001 - the inaugural
conference and exhibition dedicated to Australia's booming network
communications and cabling infrastructure market. A highly focused three-day
programme covering all the major issues for cabling industry professionals
For more information contact - mailto:megan.mcgill@terrapinn.com
http://www.cabling-world.com/cabling_AUS2001

========================================================
OTHER FUTURE EVENTS

Watch this space for further details on:

* Tasmania Power
* Queensland Power
* Cabling World 2001

For more information contact mailto:tina.hall@terrapinn.com

========================================================
Please forward any comments, queries or submissions to
mailto:zoe.ayliff@terrapinn.com

We adhere to a &no spam8 policy; if you wish to be deleted from this
mailing list, click here:   http://www.utilicon.com.au/start.asp?ETYPE=US

, 2000 Terrapinn Pty Ltd
The Portal and UTILICON E-News are both owned by Terrapinn,
the integrated new media company.
Terrapinn was formerly known as AiC Worldwide.

Visit us at http://www.terrapinn.com

UTILICON E-Newsletter
Issue 10

Welcome to this week,s edition of the UTILICON e-newsletter, delivering the
week,s breaking news to customers, suppliers and professionals in the utility
industry.

Soon, the UTILICON Portal will be introducing a Career Page, where you will
be able to search and post jobs in the utility sector online! If you think
your company would like to advertise its jobs to over 35,000 utility industry
professionals, please contact us now for a free trial.
mailto:utilicon@terrapinn.com

Zoe Ayliffe, Editor On-line Communications

========================================================
WANT TO SPONSOR THE E-NEWSLETTER?
Contact mailto:tina.hall@terrapinn.com
=======================================================
BREAKING NEWS:

* OPTUS DEFINITELY ON THE MARKET
* ActewAGL ELECTRICITY SEEKS IRFM COMPENSATION
* MAJOR WATER MANAGEMENT RESTRUCTURE

THE WEEK,S INDUSTRY NEWS HEADLINES:

* SWIFT COULD DOUBLE RESERVE SIZE
*  VICTORIA NOT TO INTERVENE IN AGL CLAIM
* TELCO DATA CENTRE OPENED IN MELBOURNE
* A ROUND UP OF WATER NEWS
* ActewAGL OFFICIALLY LAUNCHED IN CANBERRA
* BASSGAS STILL KEEN
* FLETCHER CHALLENGE CLEARED TO DIVEST ENERGY

FEATURES:

* UTILITY RETAILING IN THE US

UPCOMING EVENTS:

* Asia Power 2001    12 Feb  Singapore
* Victoria Power     20 Feb   Melbourne
* Sub-Saharan Power 2001   20 Feb      Johannesburg
* UTILICON New Zealand 2001   12 Mar  Auckland
* UTILICON Australia 2001   24 July  Melbourne
* Cabling World 2001     4 Jun   Sydney

======================================================
To keep up-to-date with the latest breaking news, visit the
UTILICON Portal daily
http://www.utilicon.com.au
======================================================

BREAKING NEWS:

Torrid Time Forecast For Energy

The Energy Users Group has sounded a warning to regulators and governments
MELBOURNE, Nov 22 - The Energy Users Group - the body representing large
corporate energy users - has sounded a warning to regulators and governments
over the prospects of what it calls "a torrid time" for Victorian power
consumers this Summer.
For the full story visit:http://www.utilicon.com.au/start.asp?NID=2402

AGL ELECTRICITY SEEKS IRFM COMPENSATION
AGL Electricity is seeking to pass on part of the cost of January/February's
industrial disruption to its 250,000 customers at a cost per customer of $3.29
For the full story visit:http://www.utilicon.com.au/start.asp?NID=2404

MAJOR WATER MANAGEMENT RESTRUCTURE
The NSW Parliament is this week debating the state,s new water management
bill described this week as arguably the most significant resource management
legislation to pass through the state,s Parliament.
For the full story visit:http://www.utilicon.com.au/start.asp?NID=2406

=====================================================
INDUSTRY NEWS :

SWIFT COULD DOUBLE RESERVE SIZE
US oil company Swift Energy announced on Tuesday, the discovery of oil
and gas in their third well in the onshore Rimu prospect.  It is still
premature to
determine the commercial value of this latest well.  For further insight into
the
implications for the New Zealand oil and gas industry, Donald L. Morgan, the
President of Swift Energy New Zealand will give a presentation at UTILICON
New Zealand.  This high-calibre pan-utility conference and exhibition will
take
place at Sky City, Auckland on 12 - 14 March 2001. For more information
contact:
mailto: michael.Turnley@terrapinn.com or visit us at:
http://www.utilicon.com.au/utilicon_nz_2001/

VICTORIA NOT TO INTERVENE IN AGL CLAIM
The Victorian Government has decided not to intervene directly in AGL
Electricity,s
bid for customer compensation for the &force majeure8 price hikes of eary
this year.
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2492

TELCO DATA CENTRE OPENED IN MELBOURNE
Cable & Wireless Optus has launched the company,s first dedicated data centre
in Melbourne to cater to demand for fully managed IP hosting and co-location
services in Victoria.
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2495

A ROUND UP OF WATER NEWS
Water use in Western Australia has doubled; SA Government has released the
McLaren Vale Prescribed Wells allocations; The Queensland & Federal
Government have granted $760,000 grant to manage dryland salinity.
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2494

ActewAGL OFFICIALLY LAUNCHED IN CANBERRA
The new ACT energy, gas and water joint venture ActewAGL has been officially
launched with new look corporate livery and signage, and the promise of real
benefit to customers
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2471

BASSGAS STILL KEEN
Proponents of the BassGas project have made it clear they are pressing ahead
with
their plans to sell gas in Tasmania, despite rival Duke Energy,s announcement
that it had Board approval to proceed with a pipeline from Bass Strait.
For the full story visit: http://www.utilicon.com.au/start.asp?NID=2472

FLETCHER CHALLENGE CLEARED TO DIVEST ENERGY
New Zealand major Fletcher Challenge Limited has welcomed the Commerce
Commission
decision Friday, clearing a major hurdle for Shell and Apache Corporation to
complete their A$3.3 billion purchase of Fletcher Challenge Energy.
For the full story visit:http://www.utilicon.com.au/start.asp?NID=2447
======================================================

FEATURES:

UTILITY RETAILING IN THE US:
Michelle M. Lavallee from NorthWestern Corporation discusses the utility
business in the United States.
http://www.utilicon.com.au/start.asp?NID=2468

======================================================
UPCOMING EVENTS

CONFERENCES

VICTORIA POWER
The programme is finalised for Victoria Power - the annual summit on emerging
opportunities and major challenges facing energy market players.
If you wish to sponsor this event contact Tina Hall before time runs out.
mailto:tina.hall@terrapinn.com
http://www.utilicon.com.au/vicpower2001aus/

SUB-SAHARAN POWER 2001
Gain global insight into the International energy market reform by attending
the
3rd Annual Sub-Saharan Power Conference. From the 20-22 February 2001 at the
VW Conference Centre, Johannesburg South Africa.  For more information contact
mailto:sean.kelly@terrapinn.com or visit:
http://www.terrapinn.co.za/conference/E777/

ASIA POWER 2001
Amidst the economic and social impact of the aftermath of the Asian crisis,
Asia
Power 2001 is a timely event that demands the attention of all players and
suppliers
in Asia,s booming Power sector.  Asia Power 2001 will bring you the most up
to date
regional developments in the key power markets in Asia, Korea, India,
Malaysia,
Indonesia, Philippines, China, Taiwan and Thailand.
For more information contact: mailto:lydia.sing@terrapinn.com
http://www.aicworldwide.com/brands/asiapower2001/index.htm

======================================================
CONFERENCE AND EXHIBITIONS

UTILICON New Zealand 2001
With a high level plenary and three tightly focused industry streams,
the key decision-makers from the electricity, water, oil and gas
industries will be at UTILICON NZ, 12-14 March 2001, Auckland.
For more information contact mailto:michael.turnley@terrapinn.com
http://www.utilicon.com.au/utilicon_nz_2001/

UTILICON Australia 2001
Featuring a plenary focussing on issues common to electricity, gas
and water industries, this key utilities event encompasses the 12th
Annual National Power, 6th Annual National Water, 5th Annual
National Gas conferences plus a tradeshow of over 60 exhibitors.
UTILICON 2001 is the largest convention of its kind in the region.
24-26 July 2001 at the Melbourne Convention Centre.
For more information contact: mailto:michael.turnley@terrapinn.com
http://www.utilicon.com.au/utilicon_au_2001/

CABLING WORLD Australia 2001
Sydney Convention and Exhibition Centre, 4 - 6 June 2001 - the inaugural
conference and exhibition dedicated to Australia's booming network
communications and cabling infrastructure market. A highly focused three-day
programme covering all the major issues for cabling industry professionals
For more information contact - mailto:megan.mcgill@terrapinn.com
http://www.cabling-world.com/cabling_AUS2001

========================================================
OTHER FUTURE EVENTS

Watch this space for further details on:

* Tasmania Power
* Queensland Power
* Cabling World 2001

For more information contact mailto:tina.hall@terrapinn.com

========================================================
Please forward any comments, queries or submissions to
mailto:zoe.ayliff@terrapinn.com

We adhere to a &no spam8 policy; if you wish to be deleted from this
mailing list, click here:   http://www.utilicon.com.au/start.asp?ETYPE=US

, 2000 Terrapinn Pty Ltd
The Portal and UTILICON E-News are both owned by Terrapinn,
the integrated new media company.
Terrapinn was formerly known as AiC Worldwide.

Visit us at http://www.terrapinn.com


Bob, I'm in D.C.  I'm happy you could use the tickets, but I regret that you didn't get the Astros into the Win column.  That may affect your ability to return.  All the best.
 Jim Derrick


Please move the names_jlavora.nsf and jorunal_jlavora.nsf files to the
appropriate locations on his mail server (nahou-lnmai16).  You can either hit
me on the Nextel (56517)  or page me (713-327-9348) when this is ready, so I
can complete his iPAQ installation.

Thanks
-Mike Hernandez


RE your inquiry about the General Terms and Conditions of Confirmation (
Annex A to the Confirmation ) and Credit and Other Special Provisions (Annex
B to the Confirmation) that were attached to the 9/1/99 "Summary of Proposed
Agreement Between Enron and Catalytica Combustion Systems, Inc. ("CCSI")" (
which I understand was sent to Catalytica) , I went through all the E-Mails I
had sent or received that attached the Confirmation or the Summary of
Proposed Agreement as an exhibit, but I can't seem to find one that included
these Annexes A and B. I've asked a clerk in the department to deliver to
both you and Sara the copy of Annexes A and B that were attached to the paper
version of the 9/1 Summary of Proposed Agreement in my files. Perhaps one of
you will recollect from whom the Annexes were obtained, so we can retrieve
them in electronic format and append them to the most current draft
Confirmation.

Regarding your question about credit terms, they are embodied in Annex B.
Regarding our exposure to Catalytica credit between execution and payment,
remember that we will not execute the Option Repurchase Agreement until we
receive CCSI's cash via wire transfer ( this was the deal Brad agreed to when
he suggested we delete the receipt of CCSI's payment as an express condition
to effectiveness of the Xonon Implementation Agreement with GE, the
effectiveness of which agreement is in turn an express condition to
effectiveness of the Option Repurchase Agreement). In short, my understanding
is that we would not deliver the Option Repurchase or execute and deliver the
Xonon Implementation Agreement until we had a good wire transfer from CCSI of
the full payment amount. Perhaps we should add that stipulation expressly to
the Option Repurchase Agreement and consider whether it would then be
appropriate to delete Annex B. Note in this regard, however, that if CCSI
were to default under other provisions of the derivative, I believe we would
be seeking payment from CCSI for termination expenses and the like, but I
don't know if this justifies the credit provision.


MARK YOUR LUNCH CALENDARS NOW !

You are invited to attend the EWS Brown Bag Lunch Series

Featuring:  MICHAEL L. MILLER

Topic:  Principal Investments

Thursday, May 17, 2001
11:30 a.m. - 12:30 p.m.
EB 5 C2

You bring your lunch,										Limited Seating
We provide drinks and dessert.								RSVP  e-mail Kathie Grabstald
													      or call x 3-9610


(See attached file: hpl0727.xls)

 - hpl0727.xls


49 Days Left till Election Day!

With just 49 days left until Election Day, we need
your help to elect a pro-business Congress. Each
day there is news from highly contested targeted
Congressional races. Each week we will keep you
informed about how you can help make sure
business is victorious on November 7.

Today, we need you to fill out an FEC required form to
allow us to solicit contributions from you and your
organization. Please click here
http://www.uschamber.com/Elections/_uschamberpac.htm
to fill out the form that will help elect a pro-business Congress!

*****************************************
Make a Difference for Business.

Tuesday, November 7th is your day.... your day to
vote, your day to make your voice heard on the
issues important to you, your family, your community
and your country. Please click on the following to
find out how you can help get out the vote for
business -
http://www.uschamber.com/Elections/Get-Out-The-Vote/.

*************************************
Election FACT

DOES YOUR VOTE COUNT? ---- YES, and will
make the difference in helping to elect pro-business
candidates!

In 1996, Jon Fox won his congressional race in
Pennsylvania by just a 84-vote margin out of more
than a quarter million cast.

In 1994, Sam Gejdenson won his congressional race
in Connecticut by a margin of just 21 votes.
In the 1960 presidential race, John F. Kennedy
defeated Richard Nixon by two-tenths of one
percent of the vote. That averages out to less
than one vote per precinct nationwide. Furthermore,
Kennedy would have been defeated if one more
person in each of ten Cook County (Illinois) precincts
had voted for Nixon.

To unsubscribe, please reply to this email and type
unsubscribe in the subject line.


John, In an effort to make sure we were covering all the bases, I assigned one of our associates the responsibility of monitoring Energy Gateway for potential RFP's to industrials listed on that portal. We have subsequently done a few transactions on the portal.The trade with Procter&Gamble is one of those trades. I didn't realize that EES was also viewing the portal and submitting proposals. Now that I/we realize that fact, I will handle accordingly. I spoke to Jess Hewitt @ EES and we will co-ordinate our offers going forward. If you have any further questions, please let me know.


---------------------- Forwarded by Mary Fischer/HOU/EES on 08/09/2001 02:54 PM ---------------------------

	Enron Energy Services  From:  Mary Fischer                           07/31/2001 11:02 AM

To:	Shanna Husser/HOU/EES@EES, Angie Ramirez/HOU/EES@EES, Melanie Gaar/HOU/EES@EES, Dara M Flinn/HOU/EES@EES, Chad Gardner/HOU/EES@EES, Jennifer Myers/HOU/EES@EES
cc:	Sally Seelig/HOU/EES@EES, Richard Laird/HOU/EES@EES
Subject:	Add'l 2Q E-schedules

---------------------- Forwarded by Mary Fischer/HOU/EES on 07/31/2001 11:01 AM ---------------------------

Sonya City
07/30/2001 05:17 PM
To:	Mary Fischer/HOU/EES@EES
cc:	Felecia Fitzgerald/EFS/EES@EES
Subject:	Add'l 2Q E-schedules


Greetings Mary Beth:

I'm touching base to see how progress is coming on the document that's being
prepared for the Governor's office.

Best,
Jeff


Mary -
Do you pay Spinnaker, for gas purchases? (See Daren's question below, re: 03/01 purchase price from Spinnaker (#144271 & 144264), Need to know if  price is at IF or Gas Daily?
Thanks,
Tess

 -----Original Message-----
From: 	Ray, Tess
Sent:	Thursday, April 26, 2001 3:26 PM
To:	Richmond, Charlene; Hakemack, Cynthia; Howard, Charles
Cc:	Farmer, Daren J.
Subject:	FW: FW: March 2001 Invoice
Importance:	High

Charlene/Cindy/Charles:
Can either of you answer Darren's question to me below? My sales deal is under ENA.
Thanks,
Tess

 -----Original Message-----
From: 	Farmer, Daren J.
Sent:	Thursday, April 26, 2001 3:20 PM
To:	Ray, Tess
Subject:	RE: FW: March 2001 Invoice

Tess,

We probably should be invoicing selling to Dow at IF.  However, we should also have purchased the supply from Spinnaker (#144271 & 144264) at IF.  Did Spinnaker bill us at Index or Gas Daily?  What did we pay?  Let me know this and we can proceed from there.  Nelson Ferris did these deals.  I will talk to him after I hear from you.

D

 -----Original Message-----
From: 	Ray, Tess
Sent:	Thursday, April 26, 2001 9:43 AM
To:	Farmer, Daren J.
Cc:	Meyers, Julie
Subject:	FW: FW: March 2001 Invoice
Importance:	High

Daren -
Dow Hydrocarbons and Resources, Inc.,  stated  on 4/24/01, re: ENA deal # SA 639615, that their 03/01 price for ENA  sales on CSGT @ B368-Brazos # 368 (i.e. cowtrap), is IF - $.06.  We are invoicing them at HSC GDP DA.  Need to know which price is correct and copy of confirmation.

Thanks,
Tess

 -----Original Message-----
From: 	Meyers, Julie
Sent:	Tuesday, April 24, 2001 10:53 AM
To:	Ray, Tess
Cc:	Daren J Farmer/HOU/ECT@ENRON; Bellamy, Liz
Subject:	Re: FW: March 2001 Invoice

Tess there is a deal out there for the blue dolphin S#745589.  And there are three deal out there for CSGT #639612, #639615, #745589.  The problem is that none of these deals have actuals.  It looks as though they have not been nom'd.

Daren are these deals real or what?  Why have they not been nom'd?  Could they be under another Dow company?

Tess, I'm leaving the office for a little bit today.  But I'll be back this afternoon.

Julie

From:	Tess Ray/ENRON@enronXgate on 04/24/2001 08:11 AM
To:	Julie Meyers/HOU/ECT@ECT
cc:
Subject:	FW: March 2001 Invoice

Julie -
Please help!  Per Dow Hydrocarbon's Accountant, Marilu Trochta's e-mail below, (with attachment), there are volume and price discrepancies with what  ENA billed them and what she reflects in her system. ENA Invoice # 24636SA invoiced Dow Hydrocarbons and Resources, Inc, on CSGT @ B368-Brazos, per deal number SA639615, @ 685 per day (3/1/01 - 3/31/01) @ HSC GDP D.A. - $0.07/mmbtu. Vs. the 18,457 mmbtu @ $4.960 that Dow has and ENA did not invoice them for sales on Bluedolphin 250 and 249 vs. the 5,459 mmbtu @ $4.960 & 18,218 mmbtu @ $4.960 that Dow reflects.  I realize that the volumes ENA billed on the Brazos are estimates or noms. Problem: I need to confirm the March 2001, sale @ Brazos (volume & price) in addition to the sale @ Blue Dolphin 250 & 249 (volume & price).  Can you print the confirmations for me? Also, Sitara does not show me who the trader is for this deal, and by chance do you know who the scheduler(s) are?
Thanks,
Tess

 -----Original Message-----
From: 	"Trochta, Mary (ML)" <MLTrochta@dow.com <<mailto:MLTrochta@dow.com>>>@ENRON [mailto:IMCEANOTES-+22Trochta+2C+20Mary+20+28ML+29+22+20+3CMLTrochta+40dow+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, April 23, 2001 5:52 PM
To:	Ray, Tess
Subject:	March 2001 Invoice

 - Book2.xls << File: Book2.xls >>


fy1

-----Original Message-----
From: Trevino, Susan
Sent: Wednesday, May 01, 2002 9:14 AM
To: faulkjb@texaco.com; Green, Michael; Hagelmann, Bjorn;
hugh.connett@bhlp.com; maedajr@texaco.com; Mihalik, Trevor; Miller, Don
(Asset Mktg); Parks, Joe; randall.curry@bhlp.com; Zisman, Stuart
Cc: Abel, Chris; Leuschen, Sam
Subject: Bridgeline DPR for April 30

Attached is the Bridgeline DPR for April 30.  Please contact me if you have any questions.

Thank you,
Susan Trevino
x3-1462

 <<BridgeDPR0430.xls>>

**********************************************************************
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 others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


Great presentation, as always.  I think you should add a brief set of talking
points:  what are the key messages we want to convey? what, if anything, can
we ask Martens to do that would allow some progress in the short run?

Maureen: please get this to Ricardo (he's at the EBS offsite this am).


FYI.  Please call me if you would like any additional information.  Thanks.
 -----Original Message-----
From:  Katwala, Sandeep
Sent: Monday, March 12, 2001 12:53 AM
To: Brownfeld, Gail; cwalker@linklaters.com; kelly.quinn@linklaters.com
Subject: Developments

Thought you ought to be aware of the following.

1. Maharashtra Pollution Control Board
DPC received a letter from MPCB asking it to cease generation until a Consent
to Operate is obtained. Kraske and his team are dealing with this. We have
heard that MPCB is likely to make a further visit to the site today to "dig
up the drains" and clearly the water pollution issue could arise as part f
that visit. The visit is rumoured and may not be fact as yet. Suhas has asked
Atul R to start working on a petition re the ceasing of generation issue. My
read of this is that the original approval given by MPCB clearly contemplates
that DPC is allowed to generate electricity while it is testing without a
Consent to Operate; it can do so under its Consent to Establish which was
given prior to financial close. MPCB disagreed at the time of the testing of
Phase I but seemed to have conceded the point eventually and DPC did test
before obtaining the Consent to Operate. This time DPC wrote to MPCB and told
them that it was going to test. MPCB wrote back and said that it should not
do so until a Consent to Operate had been obtained. DPC seems to have ignored
that instruction from MPCB and proceeded to test and export power to MSEB.
MPCB then visited the site and discovered that testing was going on and that
evening sent a letter to DPC asking it to stop generating. DPC may have to
file a writ petition on the generation issue - a meeting has been requested
with MPCB but has been declined.
On the rumoured site visit it seems that MPCB will turn up in force and no
doubt will find a number of things however minor.
My instinct is that this will end up in litigation in some form or other but
that it is going ot get very nasty. The Chief Minister is reported to have
gone on the offensive as far as the pollution issues are concerned.

2. Nagpur Petition
You will have read in the clippings that a GC Singh has filed a public
interest petition in the Nagpur High Court. I am trying to get hold of the
petition. DPC was apparently not a corespondent but the Court seems to have
issued a notice to DPC (which has not been received by DPC as yet) requesting
it to show cause as to why the petition should not be admitted. Atul R has
said that there may be a possiblity of knocking this out of the Nagpur Court
on the basis that that Court does not have jurisdiction over a matter which
has at its root a project in the Ratnagiri district which district does not
fall within the list fo areas that can be covered by the Nagpur Court. Atul R
is confirming this with Atul S. The Court seems to have given a time limit of
6 weeks in which DPC is required to send in an affidavit although some
reports in the press say that (i) the petition has been admitted and (ii)
that there is a hearing in 7 days time. Atul R's sense is that the petition
has not been admitted and that we have a 6 week period. More will be revealed
when we get a copy of the petition which hopefully is today. Press reports
indicate that the petition alleges the usual bag of things.

3. Invoices
Can Chris/Kelly please let me know if they have copies of the January and
February invoices. On the declaration issue you ought to know that DPC has
agreed a deal with MSEB whereby DPC waives the requirement of MSEB to
dispatch a minimum of 180MW and instead DPC will supply Block B testing power
instead of Block A power. Testing power is, under the PPA, to be paid for by
way of a Commissioning Fee (basically fuel costs) which is payable once the
Block has entered into ECS. The deal (recorded in letter agreements) is that
in return for MSEB taking the testing power and not beong obliged to take the
minimum of 180MW it will pay the Commissioning Fee monthly instead of at the
end of the testing period. [I think that this has a negative impact on the
MPCB generation issue as DPC is receiving income from the sale of power
(albeit small) before it has a Consent to Operate - but I am not aware of the
full facts and this may be wrong]

Sandeep


Ben -

 Here are my comments to the CA.  The only substantive comment has to
do with the procedure to follow in the event of a legal proceeding that
requires disclosure.  The procedure you proposed is a pretty tough standard
for us to follow, and I would prefer a procedure more along the lines I have
proposed.  Please let me know.  Thanks.

-----Original Message-----
From: Benjamin.Rogers@enron.com [mailto:Benjamin.Rogers@enron.com]
Sent: Tuesday, August 22, 2000 3:34 PM
To: SchwerdtfegerM@kindermorgan.com
Subject: Re: Test

Mike:
Here is a DRAFT version of the CA between Enron and KM Power Co.  Please
comment, mark-up, etc. and send back so that we can get to a final version.
Thanks for your time and I look forward to hearing from you soon.
Ben
(713) 853-7998

(See attached file: Kinder Morgan Pwr Co CA Draft 01.DOC)

 - Kinder Morgan Pwr Co CA Draft 01.doc


Attached is the final version of the Bammel Compression Turnkey Construction
Agreement used in Project Looper.  This agreement will require some
modification for use in Project Coca-Cola, but is a good starting point.  In
the interest of efficiency I am circulating this for your review and
comments.  We can then discuss how this needs to be tailored for the CO2
project.  Please note the following with respect to this agreement:

 1.  A detailed engineering scope of work will be required for the treaters.
 2.  Given the financing objectives for this project, this agreement should
be as lump sum price as possible with liquidated damages for in-service
date        risk.
 3.    A performance criteria guarantee section will need to be added which
references specific plant peformance criteria in the scope of work.

 FYI, I will be in Albuquerque tommorrow for a Compression Services project.
After your review let's discuss.


Start Date: 1/7/02; HourAhead hour: 6;  No ancillary schedules awarded.  Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010706.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 6 / Preferred: 373.79 / Final: 373.76)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 1/7/02
  SC_ID: ENRJ


7ish

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Beer???

What time ?

Chris Germany
12/07/2000 02:38 PM
To: Jim Homco/HOU/ECT@ECT
cc:
Subject: Re: Beer???

Need you ask?  BW3

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Beer???

Where are we going ?

Chris Germany
12/07/2000 01:18 PM
To: Jim Homco/HOU/ECT@ECT, Jay Knoblauh/HOU/ECT@ECT
cc:
Subject: Re: Beer???

I got the first round, 1 beer, 6 straws.

To: Jay Knoblauh/HOU/ECT@ECT
cc: Chris Germany/HOU/ECT@ECT
Subject: Re: Beer???

How many are you going to order in the first round ???

To: Jim Homco/HOU/ECT@ECT
cc: Chris Germany/HOU/ECT@ECT
Subject: Re: Beer???

if somebody picks up the first round then I'll pick up the next ten.


The stricter consents policy (moratorium) on gas-fired generation has been
lifted, per this announcement.  It also six stations have been approved (they
are not listed in this announcement), we will try to get the list of six, but
I am quite sure that our project (Kent Power/Isle of Grain) will be
included.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 15/11/2000
12:37 ---------------------------

Ross Laird <Ross.Laird@citigatepa.co.uk> on 15/11/2000 12:19:39
To: "'Enron - Chris Day'" <chris.day@enron.com>, "'Enron - Mark Schroeder'"
<mark.schroeder@enron.com>, "'Enron - Beverley Ashcroft'"
<beverley.ashcroft@enron.com>, "'Enron - Paul Dawson'" <paul.dawson@enron.com>
cc: Charles Miller <Charles.Miller@westminster.com>, Arthur Pryor
<Arthur.Pryor@citigatepa.co.uk>

Subject: DTI - Energy Announcement

?
?

_____________________________________________________________
VirusChecked  for Citigate Wesminster by the Incepta Group  plc
_____________________________________________________________

 - DTI - Energy.doc


Hi Christie and Alhamd,

I spoke with Mark and Steve (as Steve is the Rice contact and must be
comfortable with our donation) and we have decided that Enron's
contribution/donation will be $5K - as the ONLY difference between the $10K
and $5K donation is in the amount of complimentary passes Enron receives for
the event.  For a $10K donation we receive 10 passes and for a $5K donation
we receive.....take a guess.......you're right..... 5 complimentary passes.

If we need additional passes we should be able to leverage Rice for some as
we've given them tons of money.

Regards,

Cindy


--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Please respond to ice so that they can nix the deal and the commissions.

Thanks

John G.


paperloop.com
SINGAPORE, July 30, 2001 (paperloop.com ) - Market pulp trading is growing in China in line with the country's healthy economic growth, but it is slumping in Korea as a result of the country's weakening coated woodfree paper exports to China. Sources said that although buying activity is picking up, Chinese traders are keen to destock their full inventories, putting a stop to any upward moves for NBSK and radiata pine pulp prices. Spot prices for these two grades have stayed flat at $390-410/tonne and $370-390/tonne, respectively, since early July.
Mill downtime and reduced woodchip supplies have impeded trading of Indonesian mixed tropical hardwood in Asia. But a flurry of Brazilian eucalyptus to the region has filled the gap. Indonesian mixed tropical hardwood prices have edged up at the lower end to $360-370/tonne, up from $340-370/tonne in mid-July. Brazilian eucalyptus prices also shifted up $10/tonne at the lower end of the range, taking prices to US$360-370/tonne. Sources reported that large volumes of pulp from Latin America were being shipped to China in July following orders placed earlier. These include Brazilian eucalyptus and radiata pine from Chile. Chinese buyers placed large orders for these grades when prices plunged in April.


Yeah, waht are you offering?
PL


I have a few Qs for you on company reports when you have time today
Monika


Johan

My apologies for getting back to you with a delay.

We shall be interested in talking to James. Please,
let me know if:

1. You have an umbrella agreement with Enron
2. Can we contact James directly, or should we work
through you.

Vince

Johan Dahl <jdahl@mrportland.com> on 01/09/2001 12:33:08 PM
To: vkamins@enron.com
cc:
Subject: ENRON-Resume Interview of James Valverde


Yes, I will be there.

 -----Original Message-----
From: 	Stark, Cindy
Sent:	Monday, October 29, 2001 2:21 PM
To:	Geaccone, Tracy
Cc:	Hayslett, Rod
Subject:	FW:
Importance:	High

Tracy:    Since I believe that Rod will also be out at EOTT tomorrow with Stan...and unable to attend the below meeting....would you please attend on EGS' behalf?  Please confirm with me.

Thanks,
Cindy

 -----Original Message-----
From: 	Taylor, Liz
Sent:	Monday, October 29, 2001 2:14 PM
To:	Stark, Cindy
Subject:	RE:

Yes

Liz Taylor
Exec. Assistant to Greg Whalley
Office of the Chairman
Enron Corporation
Tel.   713.853.1935
Fax   713.853.1838

 -----Original Message-----
From: 	Stark, Cindy
Sent:	Monday, October 29, 2001 2:13 PM
To:	Taylor, Liz
Subject:
Importance:	High

Liz:   Will Mr. Whalley be having a Budget Meeting tomorrow, Tuesday, October 30, at 11:00AM in 32C2?

Cindy Stark
Executive Assistant to Stan Horton
Tel:   713/853-6197
Fax:  713/345-7047
Cindy.Stark@enron.com


I need to get a Broker Client LOI for United Fuels

Price: $250 K
Products: US Crude and Products
Term: 1 year

I need this yesterday as I promised and didn't get it to him  ( I owe you big
time, how about an EnronOnline yo-yo to repay you).  I know you are in Canada
so can you coordinate with Mark Greenberg.  Please CC Dan Diamond on any
correspondence with United. Thanks
---------------------- Forwarded by Bob Shults/HOU/ECT on 03/14/2001 04:50 PM
---------------------------

From:  Bob Shults
01/19/2001 04:58 PM

To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Broker Client NDA

Tana please send a NDA for the broker client to

Ken Zito
United Fuels International Inc.
35 Corporate Dr Suite 150
Burlington, MA 01803

kzito@unitedfuels.com

Thanks Tana


Barring weather issues, it would appear as though we are on for Little
Woodrow's tonight.  I don't believe a definite time has been set as of yet,
but seeing as how they ran out of steaks last week I suggest we get there as
early as possible.

Should we be rained out an alternative location will be chosen.


-----Original Message-----
From: 	"Drew Beckman" <drewbeckman@hotmail.com>@ENRON
Sent:	Monday, November 12, 2001 4:02 PM
To:	dab312@hotmail.com
Subject:	NEW EMAIL ADDRESS

Hello,
I am sending you this note to let you know that my email address has
changed. I have been having trouble receiving emails from different
individuals and have been unable to correct it, so I created a new address.
If you could please now address all emails to me at

dab312@hotmail.com

I would greatly appreciate it.

Thanks and I look forward to hearing from you.

Drew Beckman

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


By copy of this e-mail, I have asked Linda Guinn(713-853-6104) to get you a
copy of the McConville consulting agreement asap.

	showard@agsk.com
	05/24/2001 07:33 PM

		 To: Richard.B.Sanders@enron.com
		 cc:
		 Subject: McConville Consulting Agreement

Gary Grote is okay on producing this agreement.  Can you send me a copy?
Thanks

Steve

................................................

ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com

2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077

This transmission is intended only for the use
of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
the intended recipient, or the employee or agent
responsible for delivering the message to the
intended recipient, you are hereby notified that
any dissemination, distribution or copying of
this communication is strictly prohibited.

If you have received this communication
in error, please notify us immediately
via e-mail at postmaster@agsk.com or
by telephone at 310-277-1226. Thank you.

...............................................


Extended forecast for the Tuesday 01/22/02, highs 32 - lows 15.   Gave Phil the go a head for his outage.   Spoke with Jim Merrick on the Owatonna team to inform him of this outage.   He informed me that the unit's breaker is locked-out, and if the unit is needed a call-out will have to be made.
                                                         Thanks
                                                             Bart

 -----Original Message-----
From: 	Monden, Bart
Sent:	Wednesday, January 16, 2002 11:47 AM
To:	DL-ETS Gas Controllers; Graves, Jerry
Subject:	Chatfield Compressor Station

	Received a call from Peoples Co-op Service today and spoke with Phil Swenson (507-288-4004).   He informed me that there will be an outage of electrical power to Chatfield Compressor Station on 01/22/02 @ 0800 to 1600.   Phil would like to receive a call back to proceed with the outage so he can schedule it with the electric suppler.

                                                                        Thanks
                                                                            Bart


I noted your hours..I will look for the t/s
Thanks Lisa!

Icon Information Consultants
2424 W. Loop South
Houston, Tx 77027
713-438-0919
713-438-0930 (fax)
timesheets@iconconsultants.com <mailto:timesheets@iconconsultants.com>
-----Original Message-----
From: Gang, Lisa [mailto:Lisa.Gang@ENRON.com]
Sent: Monday, May 20, 2002 4:38 PM
To: Time Sheets
Subject: RE: Need timesheet for last week (5/13-19)

I just refaxed it.  For your information, my total hours is 49.
-----Original Message-----
From: Time Sheets [mailto:timesheets@iconconsultants.com]
Sent: Monday, May 20, 2002 2:04 PM
To: Gang, Lisa
Subject: RE: Need timesheet for last week (5/13-19)
I haven't received it yet?

Icon Information Consultants
2424 W. Loop South
Houston, Tx 77027
713-438-0919
713-438-0930 (fax)
timesheets@iconconsultants.com <mailto:timesheets@iconconsultants.com>
-----Original Message-----
From: Gang, Lisa [mailto:Lisa.Gang@ENRON.com]
Sent: Monday, May 20, 2002 3:56 PM
To: Time Sheets
Subject: RE: Need timesheet for last week (5/13-19)

just faxed it to you...please let me know if don't receive it.

lisa
-----Original Message-----
From: Time Sheets [mailto:timesheets@iconconsultants.com]
Sent: Monday, May 20, 2002 1:34 PM
To: lgang@enron.com; gang00@msn.com
Subject: Need timesheet for last week (5/13-19)
Importance: High

Icon Information Consultants
2424 W. Loop South
Houston, Tx 77027
713-438-0919
713-438-0930 (fax)
timesheets@iconconsultants.com <mailto:timesheets@iconconsultants.com>

**********************************************************************
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 others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


Here's the latest drafts:

Kay


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Thanks for the update on status.   As Tom and I discussed we've made
revisions to the draft anticipating a deal based on the new price structure
and wanted to circulate this for internal review.  The blackline below shows
the changes to the last draft that we sent to the customer.   If you have any
comments, please let us know.  Assume we will revise the draft as necessary
after your mtg.  Good luck!   M3

---------------------- Forwarded by Michelle Maynard/HOU/EES on 06/06/2001
04:57 PM ---------------------------

	Enron Energy Services

	From:  Tom Prisk                           06/06/2001 03:51 PM
	Phone No: Office 713-853-5990
  Pager 888-526-6207

To: Michelle Maynard/HOU/EES@EES
cc:
Subject: NJFC

Wanted to update you on the timing and status.  We (Greg, Mark and I) will be
meeting with the participants late next week to discuss our deal in person
and answer questions.  Looks like we are still talking a wholesale index plus
basis deal with a collar.

They may forward some comments about the contract in general in advance of
our meeting.  If so, we will forward to you to discuss prior to the meeting.

TP


Which IRA is right for you?

Whether you are saving for a new home, college, or retirement,
Enron Federal Credit Union offers
Traditional, Roth, and Education IRAs to fit your needs.

12 Month Term IRA Certificate	2.75% APY
24 Month Term IRA Certificate	3.25% APY
36 Month Term IRA Certificate	3.75% APY
IRA Savings				1.75% APY

An IRA Savings Account can be opened with only $25,
or open a Term IRA Certificate with $500.

To set up an IRA or for more information,
please visit www.enronfcu.com
or call 713.853.6902.

<Embedded Picture (Metafile)>


Thank you for registering for the eRisks iConference
"Quantifying Mid-Market Default Risk: Estimation & Validation of Internal
Grades for Basle & Securitization"

Featuring Eric Falkenstein, Vice President of Moody's Risk Management
Services

The iConference is scheduled for
Wednesday, October 18, 2000 at 12:00 noon EDT, 5:00 p.m. London.

Following are the details you will need to access the event.
You may wish to save or print this page for future reference.

1. Dial 1-800-275-3210 (U.S.) or 973-628-6885 (International) to listen to
the audio for this program. Audio is available by telephone only.

2. Wait for an operator and give the following code: "eRisks iConference."
Music will play until the webconference begins.

3. Join the web-based portion of the program to see slides, participate in
polls and ask questions.
  - Open Netscape or Internet Explorer 3.0 or higher.
  - Enter the following web address: http://www.communicast.com/login

4. Fill out the form on this page and enter the following confirmation
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5. Click the "Communicast Now" button. In a few moments you will be placed
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If this is your first Communicast event, you may wish to test your computer.
Visit http://www.communicast.com/login at any time and click the "Test"
button at the bottom of the page. For this conference, you may skip the last
three tests relating to streaming audio. You will NOT need RealPlayer to
participate in this conference.

If you require further assistance, contact support@communicast.com.


Mary:
I am going to return this file to Stephanie since credit is still deciding
how to proceed given their extensive comments.  Could you please reassign
this to someone in the group once it gets going again? Thanks.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


I was looking this up for ClickPaper and notice Bob was working on this
master.  Wanted to pass on this email from Tanya...
----- Forwarded by Tana Jones/HOU/ECT on 01/19/2001 09:41 AM -----

	Tanya Rohauer
	12/19/2000 09:04 AM

		 To: Walter Guidroz/NA/Enron@ENRON
		 cc: Tom Moran/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
		 Subject: Re: ClickPaper approvals, 12-19-00

We may want to rethink allowing P&G to trade on Clickpaper for financial
business.  We have been trying to negotiate an ISDA with P&G for well over a
year, to no avail.  While they are a great credit, they have issues with our
no reliance clause in our documents which is a HUGE legal issue and they were
involved in a large derivative lawsuit with Bankers Trust several years ago.
This may be one for legal to decide, but my vote is against until there is an
ISDA to confirm trades under.

Thanks,
Tanya

Walter Guidroz@ENRON
12/19/2000 08:46 AM
To: Camille Gerard/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON, Tanya Rohauer/HOU/ECT@ECT,
Paul Radous/Corp/Enron@ENRON, Tom Moran/HOU/ECT@ECT, Bradley
Diebner/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Frank
L Davis/HOU/ECT@ECT, Noel Petterson/Corp/Enron@Enron, Walter
Guidroz/NA/Enron@Enron
cc:
Subject: ClickPaper approvals, 12-19-00

Attached are ClickPaper approvals for December 19, 2000.  Please call if you
have any questions; thanks.

Walter


I talked to John today and discussed the risk associated with entering into transactions using an introductory broker.  John understands the risk and was comfortable with our exposure.  I did make sure that he was aware that it was not credit risk.


As requested, I investigated potential government approvals or potential
political interventions if India assets/investments are sold.  My
understanding from the India CFO (in response to my query about approvals
necessary for any sell-down like we are working on for Dabhol) is that it
depends to whom we sell.  If we sell to an Indian company, then the Reserve
Bank of India (RBI) must approve taking dollars out of India.  If a sale is
made outside India, no Indian approvals are necessary.  There are, however,
many other approvals that would need to be obtained -- specifically from
lenders and counterparties pursuant to project documents.  I have not
analyzed these financial-related approvals.


Ginger, I cannot attend that meeting, as I am in another.  I will be out of
the office the rest of the week, so check with Twanda Sweet, my assistant,
for rescheduling options.  Thanks.  Michelle


Please read the most  recent FERC proposal that is in your inbox .    This
proposal discusses a maximum sales price of $150.    Any sale made in excess
of this price would be subject to review for justification of such cost.
This means that Enron would have to file with the FERC every we sold in
excess of this number.
The proposal is unclear when this requirement would be in effect.   We will
provide more information as it becomes available.

Until that time,  do not submit bids to SELL for greater than $150.   This
includes P/X bids for Service Customers.
I am of the opinion that if we buy from LA for $225 then we should be able to
justify bidding in to California at  > $225.   However,   we would still have
to file and explain this trade.

Once again,  I will let you know when more information becomes available.

Thanks,
JMF


Good Luck!

-----Original Message-----
From: Howard, Kevin A.
Sent: Tuesday, March 05, 2002 2:04 PM
To: Donoho, Lindy
Subject: RE: Power gen mkts slide

Thanks - that's what I was hoping it was. Heading in to see Moodys. Thanks again for your help.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

-----Original Message-----
From: Donoho, Lindy <Lindy.Donoho@ENRON.com>
To: Howard, Kevin A. <Kevin.Howard@ENRON.com>
Sent: Tue Mar 05 14:01:02 2002
Subject: RE: Power gen mkts slide

It is my understanding (from Kevin Hyatt) that its like Arizona's PUC.

-----Original Message-----
From: Howard, Kevin A.
Sent: Tuesday, March 05, 2002 1:47 PM
To: Donoho, Lindy
Subject: Power gen mkts slide

Pie chart slide for AZ,NM, and NEV shows the source of info to be thr "Arizona Corporation Commission". Who is this?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now in the most recent version of Adobe Acrobat 4.0 and they
should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat
Reader 4.0 may be downloaded for FREE from www.adobe.com.

(See attached file: TotalGasolineStocks.pdf)(See attached file: Padd I
Distillate Stocks.pdf)(See attached file: Padd I Gasoline Stocks.pdf)(See
attached file: Padd II Crude Stocks.pdf)(See attached file:
TotalCrudeStocks.pdf)(See attached file: TotalDistillateStocks.pdf)(See
attached file: APIMAIL.pdf)
 - TotalGasolineStocks.pdf
 - Padd I Distillate Stocks.pdf
 - Padd I Gasoline Stocks.pdf
 - Padd II Crude Stocks.pdf
 - TotalCrudeStocks.pdf
 - TotalDistillateStocks.pdf
 - APIMAIL.pdf


---------------------- Forwarded by Bill Williams III/PDX/ECT on 04/30/2001
08:34 AM ---------------------------

CAISO Market Operations - Hour Ahead
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=SYSTEM_CN=MARKETOPSHOURAHEAD@caiso.com> on
04/30/2001 08:30:22 AM
To: "Market Status: Hour-Ahead/Real-Time"
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=MKTSTATHOURAHEAD@cai
so.com>
cc:

Subject: PG&E New SCIDs

NOTICE TO MARKET PARTICIPANTS - PG&E SCIDs CHANGE:  Effective Trade Date
Tuesday, May 1st 2001.  PG&E will begin scheduling energy trades and bids
under new SCIDs. The OLD PG&E SCIDs WILL NO LONGER BE VALID.  ALL PG&E
related scheduling transactions will use these new SCIDs beginning with
submission of Day Ahead schedules on Monday, April 30th for Trade Date,
Tuesday May 1, 2001.  The new SCIDs are as follows:  PCG1=PCGB; PGAE=PGAB;
COTP=COTB.  Any (7 day) advance schedules that may have already been
submitted using the old SCIDs, must be remove (deleted) and rescheduled
using the New SCIDs.  Please see the Market Stoups email for PG&E contact
numbers.  Distributed on behalf of PG&E to facilitate their transition to
the new SCIDs.  Sent by Market Operations (916) 351-4409.


Could you add meter PGE-LS 491-754 to TXU Fuel deal #108672 for May 12, 2000
in Sitara?  TXU received 2,000 mmbtu on that day as part of the Gas Daily
contract, however, the volume is pathed under the Wagner Brown contract due
to the meter.

Please let me know if you have any questions.

Thanks,
Rebecca


Brian,

Attached for your review and comment is the Gas Gathering Agreement between
HPL and Coastal.  I have highlighted certain provisions where I need more
information from you or a business decision to include or delete and section
needs to be made.  If you have any questions or comments, give Gerald a call
at 713-853-3512 or me at the number listed below.

Thanks,

Eric Gillaspie
713-345-7667
Enron Building 3886


---------------------- Forwarded by Mollie Gustafson/PDX/ECT on 01/04/2001
08:22 AM ---------------------------

Christopher F Calger
01/04/2001 08:13 AM
To: Mollie Gustafson/PDX/ECT@ECT
cc:
Subject: Possibility of Bankruptcy Now Looms Very Large

pls forward to my group
---------------------- Forwarded by Christopher F Calger/PDX/ECT on
01/04/2001 08:16 AM ---------------------------

	Enron North America Corp.

	From:  Chip Schneider @ ENRON                           01/04/2001 06:17 AM

To: Rick Buy/HOU/ECT@ECT, David Gorte/HOU/ECT@ECT, William S
Bradford/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT, Terry W
Donovan/HOU/ECT@ECT, George Schaefer/NA/Enron@Enron, W David Duran/HOU/ECT@ECT
cc:
Subject: Possibility of Bankruptcy Now Looms Very Large

---------------------- Forwarded by Chip Schneider/NA/Enron on 01/04/2001
08:07 AM ---------------------------

Credit Suisse First Boston <R-2-62573-249146-2-405-US2-1C6AE17F@xmr3.com> on
01/04/2001 07:29:07 AM
To: chip.schneider@enron.com
cc:

Subject: Possibility of Bankruptcy Now Looms Very Large

Credit Suisse First Boston
Paul Patterson
Good morning,
We have a note out on the proposed decision on PG&E Corp. and Edison
International.

? On January 3, the ALJ issued a proposed decision on the purchased power
undercollection emergency at PG&E Corp. and Edison International. A final
decision will be issued on January 4.

? The proposal contains interim rate increases of 7%-15% for different
customer classes. The surcharges would be subject to refunds and
substantially lower than the 26% and 30% increases requested by PG&E Corp.
and Edison International, respectively.

? The proposed rate increases would be effective for 90 days. During this
time the CPUC would consider a more comprehensive audit of the utilities'
financial condition.

? Significantly, the proposal rejects the utilities' request to end the rate
freeze. The order would also order the utilities to credit TCBA
overcollection to the TRA undercollection balance.

? Clearly, the risk of insolvency is much higher now. If passed, the order
will fall far short of resolving the financial crisis facing PG&E Corp. and
Edison International. Even if the utilities avoid bankruptcy, we now
anticipate, more than ever, a tremendous amount of uncertainty concerning the
economic value of these stocks.

Please call us with any questions you may have.
Regards,
Paul Patterson, 212-325-5876
Andy Levi, 212-325-0893
Neil Stein, 212-325-4217
Wen-Wen Chen, 212-538-0223
Emily LaoChua, 212-325-1982
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