LME Base Metals:Aluminum Ends Officials Dn On Fresh Sales
Dow Jones Commodities Service, 07/06/01

ENTERPRISE INTERVIEW: India's salesman to the investing world
AsiaWeek, 07/06/01

India: Dabhol delay: RCF turns to BG
Business Line (The Hindu), 7/06/01
`Reduce government debt by Rs 2000 crore
The Economic Times, 07/06/01
RCF plans to ink supply pact with British Gas
Business Standard, 07/06/01
Economics fuels power solution in California Price relief gains political
support
Chicago Tribune, 07/06/01
COMPANY NEWS
ENERGY PROVIDER IS PLANNING TWO ACQUISITIONS
The New York Times, 07/06/01
Business Brief -- NewPower Holdings Inc.: Division to Acquire Assets Of AES's
Power Direct Unit
The Wall Street Journal, 07/06/01

Regional: Enron in talks with Gulf LNG producers
Middle East Economic Digest, 07/06/2001

News Highlights: Chang Hwa Bk 1H Pretax Pft NT$1.46B
Dow Jones International News, 07/06/01

Dabhol Project Vexes Foreign Firms --- If Enron's Dispute in India Isn't
Resolved, Other Investments Could Suffer --- Regulators and Courts Throw in a
New Twist
The Asian Wall Street Journal, 07/06/01

Enron May Spin Off Enron Wind Unit This Year, Reuters Reports
Bloomberg, 07/06/01

Davis Appeals Order to Release Calif. Power Contracts (Update2)
Bloomberg, 07/06/01

NewPower to Acquire Customers From AES and DTE Energy (Update2)
Bloomberg, 07/06/01

LME Base Metals:Aluminum Ends Officials Dn On Fresh Sales

07/06/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- London Metal Exchange three-month aluminum ended
officials lower Friday from Thursday's late kerb, on heavy fresh speculator
selling in Asian trade and an unexpected stock build, dealers said.
(LME three-month prices in dollars a metric ton at officials, with the
previous late kerb close in brackets. Comex copper at 1324 GMT in cents a
pound, with the previous close in brackets.)
Copper 1,562.50 (1,560.00) Tin 4,537.50 (4,535.00)
Aluminum 1,449.50 (1,451.50) Zinc 886.25 (884.50)
Nickel 5,975.00 (5,962.50) Lead 459.50 (450.50)
Comex Sep Copper 70.25 (70.85)
The Asian selloff forced aluminum down to a one-year low at $1,434/ton, and
after some early forward buying interest in the pre-market in London, the
market took a further blow as LME stock movements were released.
Aluminum stocks rose 1,450 tons Friday, bringing total stocks to 626,550
tons.
"It (the stock increase) was fairly unexpected, but it exposes the slackening
demand that has characterized this market for the last six months," said one
LME dealer.
The move kept aluminum prices depressed for much of the morning, before more
forward and bank buying emerged in the first two rings to pull prices off the
lows for officials.
Aluminum's early falls pulled the already nervous copper market to a two-year
low at $1,552/ton, and although the latter's stock rise was much more
considerable, it had been expected, dealers said.
Copper stocks in LME warehouses have risen by over 50,000 tons in the last
two weeks, and a number of dealers are still insistent that another
30,000-40,000 tons will be seen in the coming two weeks.
Unconfirmed reports have said major trade house Enron is behind the stock
build, in an effort to reduce the market's nearby supply tightness and
alleviate the large short positions they are thought to have built up on the
July-for-a-week spread.
However, the stock builds are only having a limited effect in easing the
tightness.
"Everyone knows what they (Enron) are up to, and won't lend until they're
really hurting," one LME floor dealer said.
Spreads were also a focus of the tin market, where prices slumped to an
eight-year low at $4,490/ton, after the cash-to-three-month spread reverted
to a $25/ton contango Friday morning from a $60/ton backwardation at the
beginning of the week.
The move was caused by heavy lending of the nearby spreads and rolling
forward to September, a tin dealer said.
"I think we've seen the last of the tightness for a couple of months," he
added.
-By David Elliott, Dow Jones Newswires; 44 207 842 9353;
david.elliott@dowjones.com

ENTERPRISE INTERVIEW: India's salesman to the investing world

07/06/2001
AsiaWeek
Copyright (C) 2001; Source: World Reporter (TM) - Asia Intelligence Wire

Convincing foreign investors that his country is a good place to do business
is a tough sell. But Delhi's finance minister insists that despite a few
high-profile setbacks his country offers the world's best returns
Indian finance minister Yashwant Sinha has had a roller-coaster year. In
February, he delighted foreign investors with a reformist, pro-business
budget. But days later, confidence was rocked by a stock market crash and
insider trading scandal.
Then New Delhi's first major privatization, of the BALCO aluminum plant,
sparked a crippling two-month strike by workers. Worse, India's biggest and
once most trumpeted foreign investment, Enron Corp's $3-billion Dabhol power
project, remains at a standstill following claims the Maharashtra state
government defaulted on payments. A U.S.-led $1.6-billion power project near
Madras is stalled over financing.
Recently, during a road show to Hong Kong and Singapore, Sinha spoke with
Executive Editor Richard Hornik, Managing Editor Zoher F. Abdoolcarim and
Senior Editor Cesar Bacani. Extracts from their conversation:
Can India really compete for investment?
We have completely opened up the Indian market. I know that China and other
countries have been receiving large foreign direct investments, but let's not
forget that they started much earlier on the reform path. The problem is one
of perception. We have the challenging task of explaining the new India to
the world.
Don't you also have the task of explaining it to the Indian people? Isn't
there a resentment of foreign companies left over from the colonial era?
Every government has pursued the same reform path, including welcoming
foreign direct investment. There has [also] been a very marked change from
what you referred to as the colonial past. The increasing realization is that
it is not Western multinationals that are causing problems. It is competition
from other developing countries.
There seems to be disquiet among investors, though, about high-profile cases
such as Enron and BALC0.
BALCO had nothing to do with foreign investment. It was a 100% government
company, and we decided to sell 51% along with management control. There was
some resistance, but fortunately that has been resolved. In the case of Enron
, I have clearly sent out a message to both the Maharashtra government and
[Enron] that they had to sit down in the spirit of constructive cooperation
and find a solution. Let's not [interpret] a commercial dispute involving one
company as being a major disincentive for foreign investment.
What are you doing to increase governance in the financial world?
I have told Parliament three things: That we shall adopt international best
practices so that the scope of mischief is reduced further; that we must
strengthen the market regulator; and that we want to corporatize the stock
exchanges, which are run by the brokers, so there can be no conflict of
interest.
In India, can what is manufactured by foreign-owned firms be sold locally?
Absolutely. And because of its sheer size, India's middle class of 250-300
million consumers is almost like a middle-sized [developed] country. In terms
of purchasing power parity, India is considered to be the world's third
largest economy. Another advantage for investors] is that we have a judicial
system that does justice to Indians and foreigners alike.
But it's slow - very slow.
When you say slow, there are courts of appeal from primary courts to the High
Court to the Supreme Court. You can't do away with this. You can't compare it
with autocratic regimes, where justice can be swift but at times misguided.
How is the privatization program faring?
In the case of Air India, we decided we'd retain 40%, 10% would go to
employees, another 10% would go to the market and 40% would be made available
to strategic buyers. Only 26% would go to foreign partners. Similarly we have
taken a decision to disinvest [telco] VSNL. We will privatize the domestic
airline, Indian Airlines, the largest automobile manufacturer, Maruti, and
hotels owned by the Tourism Development Corp.
What are your main frustrations?
Foreign investors have all kinds of perceptions that India is not worth doing
business with, [but] studies by independent consultants A.T. Kearney and the
Indian Chamber of Commerce and Industry show foreign direct investors have
made more profits in India than anywhere else in the world and most are
bullish about the future. Now this is something that is not known.

India: Dabhol delay: RCF turns to BG

07/06/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

BANGALORE, July 5. FACED with delays in gas availability from Enron's Dabhol
regassification plant, the public sector Rashtriya Chemicals and Fertilisers
Ltd (RCF), has turned to British Gas (BG) for supply of liquefied natural gas
(LNG) to meet its feed stock requirements. Speaking to reporters here today,
the RCF Chairman and Managing Director, Mr D.K. Verma, said that RCF's
requirement of LNG was about 1.5 million tonnes per annum.
As per the agreement with Enron, the LNG supply was expected to have begun
from Dabhol to its Thal plant in Maharashtra. Enron's requirement for power
generation was only about 2.5 million tonnes and the remaining was expected
to be sold to third parties which included RCF.
However, he said, these supplies were faced with uncertainty in view of the
stand-off between the Maharashtra State Electricity Board and Enron.
Asked if this would lead to a termination of the agreement with Enron, he
said: "We still need LNG. When supply from Dabhol is available we will pick
it up."
In addition to this supply, BG was also expected to supply another 1.7
million from Gujarat to the Trombay plant of RCF. This requirement was in
view of the capacity expansion that has been proposed for the urea plant. The
capacity of the urea plant is to be raised to 2.3 million tonnes from the
current level of 1.5 million tonnes. This expansion is expected to cost at
least Rs 1,400 crore, of which Rs 800 crore would be funded from RCF's cash
reserves.
The debt component is expected to be raised from ICICI. "We are a zero-debt
company now and can afford to have a little debt on our balance sheet," he
said. The company, he said, was also preparing to expand its DAP (di-ammonium
phosphate) capacity in Rajasthan at a cost of Rs 300 crore. This four-lakh
tonne per annum plant was being set up with 25 per cent equity support each
from Hindustan Zinc Ltd and Rajasthan Mines and Minerals Corporation Ltd. The
remaining 50 per cent would be entirely held by RCF itself, he added.
Mr Verma indicated that a final decision on the expansion of the urea plant
would be taken by the company's board only after the interim fertiliser
policy was announced by the Centre. This policy is expected to provide for a
pricing policy and prepare the industry for complete dismantling of the
retention pricing mechanism.
He said that the industry was also looking forward to supplies of LNG from
Iran. Supply of gas through the pipeline route via Pakistan would be more
cost-effective than the submarine pipeline proposed.
- Our Bureau

`Reduce government debt by Rs 2000 crore
ET Interview / Shalini Singh

07/06/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

FOR an organisation that has done its best to boost sentiment by repeatedly
announcing that it expects the economy to grow by 6.5 to 7 per cent this
year, the Confederation of Indian Industries, finds the current official
projections of 5.2 per cent way down at the lower end of their own forecast.
I believe our projections were realistic considering that on the economic
front all the macro-fundamentals are in place. The policies are in place.
It is just that the implementation of these policies is not happening. And
that is the only reason for a lower growth rate than was envisaged by
industry.
No. There is no way that can happen. On the other hand, with some hard
decisions, we could still move closer to a growth of 6.5 per cent.
The most radical would be a dramatic reduction in government debt by Rs
20,000 crore right away. We need to examine what we need to do to achieve
this level of reduction and the whole country needs to cooperate in the
effort.
The whole nation needs to rally around the FM if he makes these moves. We
need to move ahead on disinvestment, on reduction in expenditure.
What we are additionally prescribing is that issues and policies which have
been committed should be implemented. Implementation is going to be the key
to success.
The CII is preparing to submit, over the next fortnight, a list of 20
projects in housing, power, roads, railways and civil aviation to the
government to be monitored on a weekly basis to stimulate growth.
Growth can also be stimulated by increased government spending on creating
world class capitals for the three new states Uttaranchal, Jharkhand and
Chhatisgarh.
With an expenditure of just Rs 10-15,000 crore, the government can stimulate
demand in cement, power, roads and infrastructure. The funds are there. It is
just that there is no thought or planning in this direction yet.
The third thing that we are prescribing is that interest rates must come
down. I disagree with the RBIs stand on interest rates. Like in the US, we
too must respond quickly and proactively to the slowdown.
Fourthly, we have an overvalued exchange rate and we believe it is time we
moved to a realistic exchange rate. We are just about to see the first
effects of an overvalued rupee on the growth rate of exports and we need to
arrest this declining rate of export growth.
On the contrary, there is recognition and respect for the government that
despite a global slowdown, India is still the second fastest growing economy
after China.
Any disappointment that is voiced is actually in the spirit of moving to
better performance rather than a critique of the establishment.
I truly believe we are today at the threshold of a unique opportunity.
Different countries the US, EU, Malaysia and so on want to engage in trade
with India in a manner that nobody has looked at before.
President Bush and the Bush administration want to engage in a substantial
trade relationship with India which is based on mutually beneficial long-term
relationships. It offers India a unique window.
There is huge respect for Mr Vajpayee, Mr Jaswant Singh and Mr Yashwant
Sinha. The world is recognising Indias potential.
Enron is an issue in the minds of the Americans that is stalling investment
commitment, despite this respect, and this must be addressed quickly if we
are to maximise on our overseas business dialogue.

RCF plans to ink supply pact with British Gas
Our Bureau Bangalore

07/06/2001
Business Standard
4
Copyright (c) Business Standard

Rashtriya Chemicals & Fertilisers Ltd (RCF) is planning to sign an agreement
with British Gas for supply of gas to meet its fleet stock needs.
RCF chairman and managing director D K Verma told newspersons that the
company's requirement of LNG was about 1.5 million tonne per annum. As per
its existing agreement with Enron, LNG supply should have already began from
Dabhol to its Thal plant in Maharashtra.
Enron's requirement for power generation was only about 2./5 million tonne
and the remaining was to be sold to third parties including RCF. The RCF, CMD
said that these supplies now faced an uncertain future, because of the
stand-off between MSEB and Enron.
Asked if it would lead to a termination of the agreement with Enron, he said
"We still need LNG. If supply is available from Dabhol we will pick it up,"
he said in reaction to a question on whether it would lead to a termination
of RCF's agreement with Enron.
In addition to this supply, British Gas is also expected to supply another
1.7 million tonne to the Trombay plant of RCF. This requirement was in view
of the capacity expansion that has been proposed for the urea plant of RCF.
"The capacity of the urea plant is to be raised from 2.3 million tonne from
the production level of 1.5 million tonne." This expansion is expected to
cost at least Rs 1,400 crore, of which Rs 800 crore would be funded from
RCF's cash reserves, he said.
The debt component is expected to be raised from ICICI. The company he said
was also preparing to expand DAP in Rajasthan for Rs 300 crore.
This 4 lakh tonne per annum plant was being set up with 25 per cent equity
support each from Hindustan Zinc and the Rajasthan Mines and Minerals
Corporation. The remaining 50 per cent would be held by RCF itself.
Verma also said that the final decision of the expansion of the urea plant
would be taken by the board of the company only after the interim fertiliser
policy announcement to be announced by the Centre.
The policy is expected to provide an interim measure of fertiliser pricing
and prepare the industry for complete dismantling of the retention pricing
mechanism.

Business
Economics fuels power solution in California Price relief gains political
support
Robert Gibbons, BridgeNews

07/06/2001
Chicago Tribune
North Sports Final ; N
3
(Copyright 2001 by the Chicago Tribune)

Political pressure coming from the U.S. Congress and politicians from Western
states seems to have influenced the approach to the power crisis, despite
opposition to price caps in the Bush administration.
The Federal Energy Regulatory Commission in June expanded price mitigation
measures on wholesale electricity sales in California during periods when
blackouts are possible.
The measures encourage generators to sell power into the state to prevent
emergency alerts from being declared, which trigger price caps. The move came
with support growing in Congress, especially among representatives of Western
states on both sides of the aisle, for legislation that would have capped
wholesale prices in the region.
The macroeconomic force may have been the difference between the $7 billion
cost of power for California in 1999 and its rise to approximately $27
billion in 2000. The cost is estimated to reach between $50 billion and $70
billion in 2001.
With that kind of money at stake, suddenly the concern becomes less a
question of who is responsible for the problem, but rather, how it can be
solved quickly to prevent harsh political consequences.
California Atty. Gen. Bill Lockyer has conducted an investigation into the
actions of power generators and offered multimillion dollar rewards to
whistleblowers to provide evidence of price manipulation by independent power
generators. The state is seeking refunds of $8.9 billion, the amount it
estimates independent power generators overcharged California's troubled
utilities.
The U.S. General Accounting Office has released a report criticizing the FERC
for not finding evidence of power generators using plant outages to drive up
prices in California.
"FERC's [February] study was not thorough enough to support its overall
conclusion that audited companies were not physically withholding electricity
supply to influence prices," the GAO found.
Of the major independent power generators and marketers, like Reliant Energy,
Dynegy, Duke Energy and Enron, only Williams and its CEO Keith Bailey came
out in April in favor of some sort of short- term price relief for
California.
"The political dynamic out there is much more Draconian than what we're
proposing," Bailey told analysts in April, defending Williams' position
supporting some limited, short-term price mitigation.
What he was worried about was California Gov. Gray Davis using eminent domain
powers to take over power plants and the state setting up a public power
authority to build state-owned plants.

Business/Financial Desk; Section C
COMPANY NEWS
ENERGY PROVIDER IS PLANNING TWO ACQUISITIONS
Reuters

07/06/2001
The New York Times
Page 4, Column 1
c. 2001 New York Times Company

The New Power Company, a national energy provider partly owned by Enron, said
yesterday that it planned to make two acquisitions that would increase its
customer base by about 20 percent and increase its presence in Pennsylvania
and Ohio. Terms of the agreements, with AES Direct, the retail marketing
subsidiary of the AES Corporation, and with CoEnergy, a unit of MDTE Energy,
were not disclosed. New Power, of Purchase, N.Y., a unit of NewPower
Holdings, said the deals would add more than 82,000 natural gas and electric
customers in Ohio, and about 38,000 natural gas customers in Pennsylvania.

Business Brief -- NewPower Holdings Inc.: Division to Acquire Assets Of AES's
Power Direct Unit

07/06/2001
The Wall Street Journal
A4
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NewPower Holdings Inc.'s New Power Co. unit agreed to acquire assets from AES
Corp.'s AES Power Direct retail-marketing unit. Terms weren't disclosed.
Under the agreement, New Power, Purchase, N.Y., will acquire natural-gas
inventory, supply and transportation contracts and infrastructure in Peoria,
Ill., and Toronto. AES Power is based in McLean, Va. New Power, which
provides electricity and natural gas to households and small businesses in
the deregulated energy marketplace, also agreed to acquire, for a sum that
wasn't disclosed, the natural-gas inventory related to the Columbia Gas of
Ohio and Dominion East Ohio gas customer choice programs of Coenergy Trading
Co. Coenergy is a unit of DTE Energy Co., of Detroit. The deals will expand
NewPower's presence in Ohio and Pennsylvania, adding more than 82,000
natural-gas and electricity customers in Ohio and 38,000 natural-gas
customers in Pennsylvania. In 4 p.m. New York Stock Exchange composite
trading NewPower shares rose eight cents to $8.83, and AES stock fell 93
cents to $42.07.

Regional: Enron in talks with Gulf LNG producers

07/06/2001
Middle East Economic Digest
Copyright (C) 2001 Middle East Economic Digest; Source: World Reporter (TM)

The US' Enron Corporation is in talks with Abu Dhabi Gas Liquefaction Company
(Adgas), Qatar's Ras Laffan Liquefied Natural Gas Company (RasGas) and Oman
LNG Company to finalise short-term spot agreements for liquefied natural gas
(LNG).
"The target markets are the East Coast of the US and Europe," says an
industry official. "Deliveries are presently being made to the US under an
agreement with Oman LNG."
Enron signed a master agreement with Oman LNG in mid-2000 for the export of
six 87,000-cubic-metre cargoes. The US energy firm has already taken two
cargoes under the deal (MEED 22:6:01). "Enron is looking to increase the
off-take from Oman," the official says. The US energy firm has been in talks
with RasGas since 1997 for a short-term spot sales and purchase agreement.
Enron will use an 87,000-cubic-metre LNG carrier, Hoegh Galleon, that its
owns and operates, for shipments of LNG after it finalises the deals with the
three Gulf LNG producers.
Two new LNG carriers, each of 138,000 cubic metres in capacity, will enter
into service by the summer of 2002 and will trade from the Gulf to the US and
Europe. By the end of 2001, Enron will take delivery of Laxmi, at present
under construction in South Korea. The vessel is owned jointly by Japan's
Mitsui OSK Line, Shipping Corporation of India and Enron. In July 2002, the
second new carrier, Excalibur, will join Enron's LNG fleet.
Gulf LNG producers are also monitoring a plan by the US' CMS Energy to double
the capacity of its LNG terminal at Lake Charles in Louisiana. "The demand
for LNG in the southern American market is projected to increase, as CMS
plans to build two new LNG terminals on the east and west coasts of Mexico,"
says the industry official.
CMS has signed agreements for 10 cargoes of Qatari LNG. Three cargoes were
scheduled for delivery from Qatar Liquefied Gas Company and the remaining
seven from RasGas. CMS has been a regular purchaser of spot LNG cargoes from
Qatar over the past three years (MEED 19:5:00).

News Highlights: Chang Hwa Bk 1H Pretax Pft NT$1.46B

07/06/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Top Of The Hour
Taiwan's Chang Hwa Bk 1H Pretax Pft NT$1.46B Vs NT$1.99B>Q.CHW
S Korea Kyongnam Bank 1H Net KRW42.2B; Preliminary Data>Q.KYO
Indonesia BCA Shr Offer Already Oversubscribed - Sources> P>PCA
S Korea's Kumho Denies Report On Plan To Sell Tire Unit>Q.KHO

Top Of The Day
WorldCom Ups Year Revenue Growth View; Cuts Year Group Cash EPS View
>WCOM
Alcatel Cuts Bid For Lucent's Optics To $3 Billion - Report >ALA
Advanced Micro Devices 2Q Sales Fell 17%; Sees 2Q Net 3c-5c/Shr >AMD
NZ Fletcher Forests: In Talks With Cos On Forestry JV Sale>FFS
Taiwan's Hua Nan Bk 1H Pretax Pft Dn 22.9% At NT$2.34B>Q.HNC
Auckland Airport Surprised By Report, To Make Strong Case>A.AIA
Toyota Motor Consolidates Distribution In Europe - Nikkei>TM
Coca-Cola Amatil: Reaches Pact With South Korea Unions>A.KOA
Japan PM Koizumi: Should Abolish State-Run Oil Corp>R/JA
Indonesia Indofood's Golden Agri Deal Stalled - Report>P.ISM
Tropical Storm Hits China; HK Mkts Unable To Open On Time>R/HK

Market Reports
WSJ.COM: Asian Stocks Down Early, Pft Warnings, Nasdaq>R/ASI
Nikkei Stock Average At Midday 12355.96, -251.34>R/JA
Malaysia Shrs Up 3.0% Early On Foreign Buying>R/MY
World Forex: Dollar Gains Across The Board>M/USD
NY Stocks Fall Back, As Marconi Warning Reverberates>N/NYS

Special Reports
Asian Stock Focus: Weak Exports, Politics Hurt China Air>Q.CAI
ASIA DEBT: PCCW-HKT Jumps On The Road Ahead Of The Crowd>PCW
Hitachi Halts Cellphone Chip Plant As IT Demand Withers>J.FUT
Heard In Hong Kong: Correlation Between Markets In Asia>R/ASI
APP Worrying Creditors; Significantly Fewer Asset Sales>PAP
Enron's India Problems Threaten Other Foreign Investment>ENE

(Category codes may vary, depending on your vendor. Numbers in brackets refer
to page numbers of stories for Bridge/Telerate subscribers using the pages
application.)

Asian-Pacific News
Dabhol Project Vexes Foreign Firms --- If Enron's Dispute in India Isn't
Resolved, Other Investments Could Suffer --- Regulators and Courts Throw in a
New Twist
By Daniel Pearl
Staff Reporter

07/06/2001
The Asian Wall Street Journal
3
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY -- Once touted as a beacon for attracting foreign investment to India,
Enron Corp.'s $3 billion Dabhol Power Co. project has turned into a nuisance
for some foreign companies doing business in the country.
Behind the scenes, some of them are now maneuvering to help resolve a dispute
between Dabhol and the Indian state of Maharashtra that is at the core of the
project's problems.
The largest-ever foreign investment in India, Dabhol is mired in conflict.
Maharashtra, Dabhol's only customer, has stopped purchasing power from the
740-megawatt project, saying its rates are too high. Work has stopped on a
nearly completed second phase of the project slated to generate 1,444
megawatts. Enron, which controls 65% of the project, has tried unsuccessfully
to scale back its stake and may be looking to exit entirely.
In an effort to get the electricity project back on track, some of the
project's foreign lenders -- including ABN Amro, Bank of America Corp. and
Credit Suisse First Boston -- sent representatives to a recent meeting here
with Maharashtra's electricity board. Dabhol's difficulties are making
lenders wary about funding other power projects in the country, and could
make states bolder about seeking new contract terms.
That has left other power companies increasingly nervous about Dabhol. Some
have signaled they could be interested in taking over the project if its
contract problems can be settled. Dabhol participants still aren't sure if
the interest is sincere or is an attempt by the other companies to prevent
collateral damage to their own projects. India's Reliance Industries Ltd.,
which, in partnership with Southern Co. of Atlanta, is hoping to build a big
plant in eastern India, doesn't deny media speculation that it is interested
in Dabhol. Nor does Arlington, Virginia-based AES Corp., whose generating
company has had disputes with India's Orissa state.
Prakash Daryani, managing director for Houston-based El Paso Corp.'s Indian
power unit, says that if the Dabhol contract isn't resolved in a way that
makes both the utility and Maharashtra happy, "it will have an adverse
impact" on other investments, and "El Paso will not be an exception." He
denies reports that El Paso, which helped build a 340-megawatt plant in
Southern India, has expressed interest in buying Dabhol, but adds: "We are
keeping our eyes and ears open."
Some companies may be doing more than that. Patrick Sonti, a New Delhi-based
energy consultant, said he had helped draft a plan outlining a way out of the
Dabhol impasse, with price concessions on both sides and financial separation
of Enron's liquefied-natural gas terminal from the power plant. Mr. Sonti
says he studied Dabhol for a client whose name he can't disclose. Mr. Sonti
also chairs an American Chamber of Commerce committee on energy, and he
acknowledges discussing his Dabhol plan with some of the panel's members. He
says the Chamber wouldn't intervene unless asked by Enron.
Last time the project ran into trouble with the state, Enron executives saved
it through an intensive lobbying campaign, aided by American officials. Next
week, the company's chairman, Kenneth Lay, is expected to fly to India,
though Enron won't comment on whom he intends to visit.
Even though Enron and Maharashtra officials have met regularly, their dispute
has fallen into a slow-motion stalemate, with Enron saying it hasn't agreed
to renegotiate the contract and the state insisting it has already rescinded
the contract. Despite warnings that construction delays will increase the
project's cost by up to $400 million, Vinay Bansal, chairman of the
electricity board, said Monday that getting the project's second phase
running is "not a priority for us," since the state can't afford the power.
The Dabhol contract requires the state to pay for most of the plant's
generating capacity regardless of how much power it consumes. Maharashtra's
consumption has been far below projections.
Mr. Bansal wants India's central government to help buy excess power from
Dabhol, but "they keep saying no." Other states would be willing to buy power
if the rates could be lowered to 2.50 rupees (5.3 cents) a unit, but that's
still well below Dabhol officials' most optimistic projection.
Meanwhile, India's regulators and courts are throwing in new twists. The
Maharashtra Electricity Regulatory Commission, set up as an independent body
to regulate electricity rates, is seeking jurisdiction over the Dabhol
dispute, even though the commission was created after the Dabhol contract was
signed. Enron wants an arbitration panel to decide instead. A Bombay judge
issued a ruling last week that is likely to send the jurisdiction battle to
India's Supreme Court.
If Enron loses that battle, it is likely to lose more time. "We'll make the
process totally transparent," the chairman of the Maharashtra Electricity
Regulatory Commission, P. Subramanyam, promised in an interview earlier this
year.
But if Dabhol construction doesn't resume by summer's end, Enron's suppliers
of liquefied natural gas are likely to get nervous. Dabhol has 20-year
contracts requiring it to buy liquefied natural gas from Abu Dhabi and Oman
starting next year. As for the lenders, Indian banks have more to lose than
foreign banks if Dabhol, starved of revenue, continues to miss payments. That
is because much of the foreign debt is guaranteed by the Indian banks, led by
state-controlled Industrial Development Bank of India. For the project's
second phase, foreign debt totals nearly $1.1 billion, and domestic debt
about $330 million. Lenders haven't yet agreed to inject more funds to allow
construction to resume.
"I don't think there is any division among lenders at the moment as to what
should be done," says an international lender involved in the talks. "But
this is not an easy workout, having so many parties involved in so many parts
of the world."

Enron May Spin Off Enron Wind Unit This Year, Reuters Reports
2001-07-06 07:18 (New York)

     Copenhagen, July 6 (Bloomberg) -- Enron Corp. may spin off
its wind-power unit Enron Wind as early as this year, Reuters
reported, citing comments made by Enron Wind managing director
Andreas Reuter on Wednesday.
     The unit most likely would be taken over by an investor and
then shares sold in an initial public stock offering, Reuters
reported, citing comments Reuter made on the sidelines of a
European Wind Energy Conference and exhibition in Copenhagen.
     Enron Wind is concentrating its expansion plans on France,
Ireland and the Netherlands, Reuter said.
     Enron Wind currently produces power in Germany and Spain and
would consider moving to the U.K. as well if that market ``starts
moving,'' Reuters reported, citing Reuter.

(Reuters 7-6 Interactive)

For the Web site of Reuters, see {RNEW <GO>}.

--Geoffrey Smith in the Princeton newsroom (609) 279-4028, or
gsmith15@bloomberg.net/bk

Story illustration: To chart Enron's share price, see
{ENE US <Equity> GP <GO>}.

Davis Appeals Order to Release Calif. Power Contracts (Update2)
2001-07-05 17:31 (New York)

Davis Appeals Order to Release Calif. Power Contracts (Update2)

     (Adds details on filing of governor's appeal.)

     San Diego, July 5 (Bloomberg) -- California Governor Gray
Davis has appealed a state judge's order to release records of how
much the state spent purchasing power on the spot market.
     San Diego Superior Court Judge Linda Quinn ruled last week
that the governor had to produce spot market invoices, purchase
orders and confirmation sheets for power supply contracts signed
from January 1 through June 27.
     Quinn directed Davis to produce the documents by July 16, but
she temporarily suspended her order today to allow a state appeals
court to consider the governor's appeal, which was filed Tuesday.
     Several media organizations and Republican state legislators
sued in March under California's public records law to obtain the
contracts, arguing that the state used billions in taxpayer money
to buy power.
     ``There's an obvious and manifest public interest in
disclosure of these contracts,'' said Alonzo Wickers, a lawyer
representing the media companies, at a hearing last week.
     Davis countered that disclosure would hurt the state's
bargaining position with generators and force it to pay higher
prices.
     Media companies had also sought disclosure of 38 uncensored
long-term contracts to buy $43 billion in electricity. State
Controller Kathleen Connell released those contracts on Monday.
     Connell, a fellow Democrat, has criticized the governor for
keeping the contracts secret. She also released terms of
consulting contracts the state made with investment advisers and
energy traders.

                          Power Purchases

     The state has spent about $7.4 billion buying electricity for
three investor-owned utilities. The state's Department of Water
Resources now buys about one-third of the power used by the
state's two largest utilities, PG&E Corp.'s Pacific Gas & Electric
and Edison International's Southern California Edison. Pacific Gas
declared bankruptcy in April.
     Legislators and consumer groups have criticized Davis, saying
the state is locking itself into expensive long-term contracts
that would force it to pay higher rates for electricity in future
years.
     Those seeking access to the long-term and spot-market
contract information include Copley Press Inc., Tribune Co.'s Los
Angeles Times and Bloomberg LP's Bloomberg News. State Assemblyman
Tony Strickland, joined by 10 fellow Republican Assembly members,
filed a similar suit in March.

--Joyzelle Davis in Los Angeles (213) 617-0582, or
joydavis@Bloomberg.net, with reporting by David Ward in San
Francisco (415) 912-2995, through the Washington newsroom /ta

Story illustration: To see a graph of the Bloomberg PowerMatch
Trading Index of Northern California power prices:
{PMATNPSP <Index> GP D <GO>}.

NewPower to Acquire Customers From AES and DTE Energy (Update2)
2001-07-05 16:10 (New York)

NewPower to Acquire Customers From AES and DTE Energy (Update2)

     (Adds closing share prices in last paragraph.)

     Purchase, New York, July 5 (Bloomberg) -- NewPower Holdings
Inc., a venture formed last year by Enron Corp., agreed to acquire
customers and assets from subsidiaries of AES Corp. and DTE Energy
Co. to expand in Ohio and Pennsylvania.
     NewPower, which sells electricity and natural gas to homes
and small businesses, will buy customers and assets such as
natural-gas inventory and supply contracts from AES Power Direct
and DTE's CoEnergy unit. Financial terms won't be disclosed,
NewPower spokeswoman Terri Cohen said.
     The acquisitions will add 82,000 customers in Ohio and more
than 38,000 customers in Pennsylvania for NewPower. The company,
which had an initial stock sale in October, competes for energy
sales in Pennsylvania, Texas and other states.
     NewPower, based in Purchase, New York, has more than 630,000
customers in 10 states and expects to have 1.2 million customers
by the end of the year. Houston-based Enron, the largest energy
trader, owns about 23 percent of NewPower.
     Shares of NewPower rose 8 cents to $8.83. They have fallen
58 percent since the initial offering. AES, based in Arlington,
Virginia, fell 93 cents to $42.07. Detroit-based DTE rose 18 cents
to $46.68.

--Mark Johnson in the Princeton newsroom, (609) 279-4017 or
mjohnson7@bloomberg.net/slb/cmm/kak

Story Illustration: For NewPower's stock performance for the past
year with its comparable indexes, see
{NPW US <Equity> COMP D <GO>}. For more energy news, see
{TOP NRG <GO>}.


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Attached is a short memo and summary outlining changes to the Business School Loan Program for the Western Hemisphere. As many of you know, over the past couple of months we have taken a hard look at our approach to business school loans. The updated guidelines better serve Enron's business interests, eliminate credit exposure for the company, and potentially broaden the reach of the Loan Program. If you have any questions, please contact Ted Bland (x35275) who leads Career Development for the Program.
Billy


---------------------- Forwarded by Sandra F Brawner/HOU/ECT on 05/11/2001
11:03 AM ---------------------------

"Jon Schnitzer" <jons@amerexenergy.com> on 05/11/2001 10:41:22 AM
To: "Sandra F Brawner" <Sandra.F.Brawner@enron.com>
cc:
Subject: Fw: Catholic Fishing Story

>
> > > >  A priest took a sebatacle to a fishing lodge. On the last day of
his
> > > >  trip he hooked a monster fish and proceeded to reel it in. The
guide,
> > > >  holding a net, yelled "Look at the size of that Son of a Bitch!"
> > > >
> > > >  Son, I'm a priest. Your language is uncalled for!
> > > >
> > > >  No, Father, that's what kind of fish it is. A Son of a Bitch fish!
> > > >
> > > >  Really? Well help me land this Son of a Bitch!
> > > >
> > > >  Once in the boat, they marveled at the monster.
> > > >
> > > >  Father, that is the biggest Son of a Bitch I've ever seen.
> > > >
> > > >  Yes, my Son,  it is a big Son of a Bitch. What should I do with it?
> > > >
> > > >  Why eat it of course. You've never tasted anything as good as that
> >Son
> > > >  of a Bitch!
> > > >
> > > >  Elated, the priest headed home to the church. While unloading his
> >gear,
> > > >  and his prize catch, Sister Mary inquired about his trip.
> > > >
> > > >  Take a look at this big Son of a Bitch I caught!
> > > >
> > > >  Sister Mary gasped and clutchted her rosary, "Father!"
> > > >
> > > >  It's ok Sister. That's what kind of fish it is. A Son of a Bitch
> >fish!
> > > >
> > > >  Oh, well then what are you going to do with that big Son of a
Bitch?
> > > >
> > > >  Why, eat it of course. The guide said nothing compares to the taste
> >of
> > > a
> > > >  Son of a Bitch.
> > > >
> > > >  The Sister informed the priest that the Pope was scheduled to visit
> >in
> > > a
> > > >  few days and that they should fix the Son of a Bitch for dinner.
> >"I'll
> > > >  even clean the Son of a Bitch", she said.
> > > >
> > > >   As she was cleaning the huge fish, the Friar walked in. What are
you
> > > >  doing Sister?
> > > >
> > > >  Father wants me to clean this big Son of a Bitch for the Pope's
> >dinner.
> > > >
> > > >  Sister! I'll clean it if you're so upset! Please watch your
language!
> > > >
> > > >  No, no, no. It's called a Son of a Bitch fish. Really.
> > > >
> > > >  Oh, well in that case I'll fix up a great meal and that Son of a
> >Bitch
> > > >  can be the main course! Let me know when you've finished cleaning
> >that
> > > >  Son of a Bitch.
> > > >
> > > >  On the night of the Pope's visit, everything was perfect. The Friar
> >had
> > > >  prepared an excellent meal, there was wine, and the fish was
> >excellent.
> > > >
> > > >  The Pope said, "This is great fish, where did you get it?"
> > > >
> > > >  "I caught the Son of a Bitch!" proclaimed the proud priest.
> > > >
> > > >  The Pope's eyes opened wide, but he said nothing.
> > > >
> > > >  "And I cleaned the Son of a Bitch!" exclaimed the sister.
> > > >
> > > >  The Pope sat silent in disbelief.
> > > >
> > > >  And the friar added, "And I prepared the Son of a Bitch, using a
> > > special
> > > >  recipe!"
> > > >
> > > >  The Pope looked at each of them. Slowly a big smile creeped across
> >his
> > > >  face.
> > > >
> > > >You fuckers are alright!!"
> > >
> >
> >
> >******************************************************************
> >This email and any files transmitted with it from the ElPaso
> >Corporation are confidential and intended solely for the
> >use of the individual or entity to whom they are addressed.
> >If you have received this email in error please notify the
> >sender.
> >******************************************************************
>
> _________________________________________________________________
> Get your FREE download of MSN Explorer at http://explorer.msn.com


18:23:00 Synchronizing Mailbox 'Nemec, Gerald'
18:23:00 Synchronizing Hierarchy
18:23:00 Synchronizing Favorites
18:23:00 Synchronizing Folder 'Inbox'
18:23:09 	   19 item(s) added to offline folder
18:23:09 Synchronizing Folder 'Outbox'
18:23:09 Synchronizing Folder 'Sent Items'
18:23:10 	   4 item(s) added to offline folder
18:23:10 Synchronizing Folder 'Calendar'
18:23:11 	   4 item(s) added to offline folder
18:23:11 	   1 view(s)/form(s) updated in offline folder
18:23:11 Synchronizing Folder 'Contacts'
18:23:11 Synchronizing Folder 'Drafts'
18:23:11 Synchronizing Folder 'Earnings'
18:23:11 Synchronizing Folder 'Enron Financials'
18:23:12 Synchronizing Folder 'Expense Report'
18:23:12 Synchronizing Folder 'Journal'
18:23:12 Synchronizing Folder 'Lotus Notes'
18:23:12 Synchronizing Folder 'Notes'
18:23:12 Synchronizing Folder 'Personal'
18:23:12 Synchronizing Folder 'Phone List'
18:23:12 Synchronizing Folder 'Tasks'
18:23:12 Synchronizing Folder 'To Do'
18:23:12 Synchronizing Folder 'Travel Info.'
18:23:12 Synchronizing Folder 'Vacation'
18:23:12 Synchronizing Folder 'WestLaw & Lexis'
18:23:12 Synchronizing Views
18:23:12 Synchronizing Forms
18:23:13 Done


---------------------- Forwarded by Juan Hernandez/Corp/Enron on 09/25/2000
11:32 AM ---------------------------

juan hernandez <purogallo@yahoo.com> on 09/22/2000 11:23:31 PM
To: juan.hernandez@enron.com, christina.sanchez@enron.com
cc:

Subject: Alex Hernandez at 2-day

The Hernandez Clan keeps getting larger.

__________________________________________________
Do You Yahoo!?
Send instant messages & get email alerts with Yahoo! Messenger.
http://im.yahoo.com/
 - Alexdrew.jpg
 - Myhomey.jpg
 - Family.jpg


---------------------- Forwarded by Daren J Farmer/HOU/ECT on 11/15/2000
03:24 PM ---------------------------

	Enron North America Corp.

	From:  Corporate Benefits @ ENRON                           11/14/2000 06:40
PM

Sent by: Enron Announcements@ENRON
To: All Enron Worldwide employees
cc:
Subject: Open Enrollment 2001 Deadline


(See attached file: HPLN0313.xls)

 - HPLN0313.xls


missing deals for bob:

broker checked out deals with ees and has not checked them with bob, but he
gave me the deals as follows:

sell constellation
Q3
cob
25 mw
137.00
peak

buy ees
Q3
cob
25 mw
136.95
peak

sell tractebel
Q3
cob
25 mw
138.00
peak

buy ees
Q3
cob
25 mw
137.95
peak


No plans for Thursday yet.   Might get tied up at work a little late but
could meet you guys there later. Around 8:00.  Let me know.

	Kevin Jurica <KJurica@syntexsolutions.com>
	01/23/2001 04:59 PM

		 To: "'Gerald.Nemec@enron.com'" <Gerald.Nemec@enron.com>
		 cc:
		 Subject: RE: Hello!

Yeah, they are in our spare closet.  That has been the extent of their use
for the past few years.  Just holding up boxes of crap.  I have actually be
looking for some good musicians to jam with, but i guess you will do :)
Anyway, we need to hook up again.  Maybe at Keneally's?  What are you doing
this Thursday?
-Kevin

-----Original Message-----
From: Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent: Friday, January 19, 2001 1:39 PM
To: KJurica@syntexsolutions.com
Subject: RE: Hello!

I do play guitar, but I am really still just learning.  I can play bit and
pieces of various songs.  Might be fun to attempt to jam together anyway.
Are your drums here in Houston?

                    Kevin Jurica

                    <KJurica@syntexsolu        To:
"'Gerald.Nemec@enron.com'" <Gerald.Nemec@enron.com>
                    tions.com>                 cc:

                                               Subject:     RE: Hello!

                    01/17/2001 07:46 AM

It's going great!
I told my folks as well and they were pretty surprised.  Houston has been
good to us so far.  Although I have been working my butt off, so I haven't
seen much of it.  I heard you play the guitar.  We could have a little
partridge family band because I play the drums.  Anyway I have been itching
to play for about 3 years (I have been in apartments for that long), so we
should get together and jam if you are interested.
I'll talk to you later,
-Kevin

 -----Original Message-----
From:     Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent:     Tuesday, January 16, 2001 5:26 PM
To:  kjurica@syntexsolutions.com
Subject:  Hello!

Hey Kevin,  How is it going cousin?  Found the napkin that you left your
email address on at Kenneally's.  Man, I really was loaded by the time I
left that place.  I went down to CC the next day and told my parents we had
met.  They said they had just been at your wedding not to long before
Christmas.  Small world!

How's Houston treating you?  Been back to Kenneally's since?  Drop me a
line when you get a chance.

Gerald,


Alberta law is OK.

---------------------- Forwarded by Dan Carr/CIBG/TDBANK on 09/28/2000 02:08
PM
---------------------------

Dan Carr
09/28/2000 01:48 PM

To:   Tana.Jones@enron.com, Sara.Shackleton@enron.com
cc:
Subject:  Prepay

Attached please find the revised draft Schedule.

(See attached file: Enroncan.doc)

Regards,
Dan Carr

 - Enroncan.doc


I have been told this counterparty has scheduled some maintenance for March
22nd through March 23rd or 24th.

 HPL  is selling them 2.0/day ; Sitara #: 92794.  The 2.0/d is the only
activity at the meter.

 Please advise.


FYI

Vince


here is the attachment.
----- Original Message -----
From:  Dave  Walden
To: Glenn  Smith ; George Postolos ; Dale  Laine ; Bill Miller ;
mikeb@baselice.com ; Margie  Becker
Cc: Ken Lay ; Don Jordan
Sent: Wednesday, October 25, 2000 1:22  PM
Subject: opponents TV script

Here is the text of their spot. Attn: PSI, dub  will arrive tomorrow.
 - Arena opponents script TV.doc


Rick
Tks for your time. I felt more confident.

As I promised, please find enclosed abidged versions of larger documents.
They may give you a good idea on what is going on. I should be preparing
weekly updates to our Executive Committee. I'll forward them to you as well.

LM
---------------------- Forwarded by Luiz Maurer/SA/Enron on 05/25/2001 06:45
PM ---------------------------

Orlando Gonzalez
05/14/2001 08:54 AM
To: Luiz Maurer/SA/Enron@Enron
cc: Sergio Assad/SA/Enron@Enron, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe Kishkill/SA/Enron@Enron,
Brett R Wiggs/SA/Enron@Enron, britaldo.soares@enron.com, Remi
Collonges/SA/Enron@Enron, Joao.Carlos.Albuquerque@enron.com

Subject: Re: Versao Resumida

  Luis  Good summary  Thanks  Please review and comment  Thanks

Luiz Maurer
11/05/2001 18:58
To: Sergio Assad/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron
cc: Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Versao Resumida

Cf. solicitado hoje, seguem versao resumida e texto longo (com apendices)

LM


Will you two please get this info to Dutch.  Thanks.

DG
---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/02/2000
10:01 AM ---------------------------

	Enron North America Corp.

	From:  Dutch Quigley                           11/02/2000 01:40 AM

To: William Kelly/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT
cc:
Subject: Regional Origination

Can each person supply me with the originators for their  region.

Thank you

Dutch


Nothing with or pertaining to 2Advanced Studios to the best of my knowledge.
K

Kay Young
Legal Specialist
Enron North America Corp.
Ph:   713-853-6794
Fax: 713-646-3393

 -----Original Message-----
From: 	Jones, Tana
Sent:	Thursday, October 18, 2001 9:29 AM
To:	Young, Kay
Subject:	FW: Design Agency for EnronOnline
Importance:	High

Any conflicts?
 -----Original Message-----
From: 	Bess, Erica
Sent:	Wednesday, October 17, 2001 10:09 AM
To:	Greenberg, Mark
Cc:	Jones, Tana; Alon, Heather
Subject:	RE: Design Agency for EnronOnline
Importance:	High

Tony Novak

2Advanced Studios
34145 Pacific Coast Highway, #327
Dana Point, CA 92629-2808

Tel: 	949.443.2112
Fax:	949.443.2122

 -----Original Message-----
From: 	Greenberg, Mark
Sent:	Wednesday, October 17, 2001 10:04 AM
To:	Bess, Erica
Cc:	Jones, Tana
Subject:	RE: Design Agency for EnronOnline

Erica -

Please provide me with the necessary information on the company (e.g., contact name, address, etc.).  I'll make sure that we get the confidentiality agreement moving forward.

Thanks.

Mark

 -----Original Message-----
From: 	Bess, Erica
Sent:	Wednesday, October 17, 2001 9:10 AM
To:	Greenberg, Mark
Cc:	Alon, Heather
Subject:	Design Agency for EnronOnline
Importance:	High

Mark -

We have selected 2Advanced Studios as the agency to do EnronOnline's redesign.  Please prepare a Non-Disclosure Agreement for them and let me know what other documents we need and how to proceed.

Their mailing address is 34145 Pacific Coast Highway, #327, Dana Point, CA 92629-2808.  Our point of contact is Tony Novak.

Thanks,
Erica
x3-5159


I think it's a good idea, but we will need a different summary ... either
limit the summary to a couple of key points or provide an explanation, in
layman's terms, of the practical effect of each of the changes.

Cindy Olson
04/26/2001 01:46 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: Pension Reform Bill

Steve, what do you think?????
---------------------- Forwarded by Cindy Olson/Corp/Enron on 04/26/2001
01:42 PM ---------------------------

Mikie Rath
04/26/2001 01:12 PM
To: Cynthia Barrow/HR/Corp/Enron@ENRON, Cindy Olson/Corp/Enron@ENRON
cc:

Subject: Pension Reform Bill

What do you think of us sending out a U.S. Domestic employee mass e-mail
asking our participants to lobby
for passage of this very important bill.  I tried to make it more interesting
than dry toast.

Let me know since this is heating up as you can see from the bulletin just
received below.

p.s.  Obviously, I didn't get in enough protesting during my hippie years!

"In related news, the House Ways and Means Committee voted
35 to 6 to expand tax breaks for retirement savings plans.
The bill, which will go to the full House next week, would
increase the contribution level for IRAs from $2,000 to
$5,000, increase the annual dollar limits for 401(k) plans,
and allow employees over age 50 to "catch up" on pension
contributions they may have skipped when they were younger.
(The New York Times, 04/27/2001, National ed., p. A16; The
Wall Street Journal, 04/27/2001, Midwest ed., p. A22 ; The
Washington Post, 04/27/2001, p. A1)"


Do we have anything that could help them?
---------------------- Forwarded by Shona Wilson/NA/Enron on 12/04/2000 03:23
PM ---------------------------
To: Debbie R Brackett/HOU/ECT@ECT, Stephen Stock/HOU/ECT@ECT
cc: Jitendra Patel/Market Risk Management/LON/ECT@ECT, James New/LON/ECT@ECT,
Shona Wilson/NA/Enron@Enron, Ted Murphy/HOU/ECT@ECT

Subject: Status update on the issues surrounding Continental Power
volatilities and correlations

FYI

This relates to the quality of the upstream risk systems and Continental
Power's ability to get its risk system in order. To summarise:

option products valued incorrectly in Enpower and not using a volatility curve
no ability to produce vega and gamma sensitivities for a portfolio
incorporating options

Steve - what is the valuation routine used in Houston for power options - I
would like to see it if possible ?

Shona - we ought to examine these valuation methods to ensure we are happy.

DP
---------------------- Forwarded by David Port/Market Risk/Corp/Enron on
12/04/2000 01:54 PM ---------------------------

James New@ECT
11/28/2000 07:42 AM
To: Ted Murphy/HOU/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON
cc: Mike Jordan/LON/ECT@ECT, Coralie Evans/LON/ECT@ECT, Fernley
Dyson/LON/ECT@ECT

Subject: Status update on the issues surrounding Continental Power
volatilities and correlations

As you know for some time we have been trying to get the Continental Power
traders to increase the volatilities they use for valuing their option
portfolio and for use in calculating their VAR as it has been obvious that
the market  has become more volatile but this was not being reflected in
their mark.

In looking at the impacts of this, various other issues came to light.
Firstly it raised issues over the correlation matrix used in the VAR model as
this was way out of date. We have worked with Jitendra and have now put in a
matrix that both the traders, risk and RAC are happy with. Secondly, as you
may be aware, in Portcalc swaptions currently use the volatility input on the
deal ticket and not off any volatility curve.

The current portfolio is 90% swaptions and so this represents a serious issue
for us in that it is not practical to manually change all the volatilities at
the deal ticket level every time the implied voaltilities change. We cannot
use the option functionality as this only values hourly or daily exercise
options and not fixed expiry swaptions or options. We also have not found any
way in Portcalc of valuing Asian options so we are having to 'force' in the
few we have. We have had the Houston based Portcalc IT team work on a 'new'
piece of swaption valuation code but currently it contains a number of
worrying bugs. These are primarily that the proposed code does not take the
correct underlying forward price and uses the volatility of (approximating)
the last day of the underlying rather than the implied volatility of the
underlying.

They are currently being hampered in that they do not have any IT personnel
who have sufficient option knowledge (I understand that the two most
experienced coders resigned to go to another Houston based energy company).
This is extremely worrying and I find it hard to believe that the whole of
Enron's power business is having to use the methodology of inputting the
volatility at the deal ticket level. This will almost certainly mean that
different volatilities are being used in the VAR as are being used to value
the swaption portfolio globally. As well as these issues we have concerns
over the use and accuracy of the smile adjustment in Portcalc (worryingly it
does not seem that you can 'switch' this off). Briefly it seems that Portcalc
calculates the delta used to adjust the volatility by comparing the strike
price to the forward price of the last day of the underlying rather than the
forward price of the underlying itself.

We have engaged London based  IT and are looking at the code we have used in
Power 99 to se if there is a way we can get something done quickly to start
to value all option products off a curve and to be able to book Asian options.

Once we get the above resolved we still have no way or extracting the vega or
gamma risk from Portcalc in it's current state as the information is just no
there (so we are told by IT). The system 'seems' (we cannot be 100% sure
given all the other errors) to produce a vega and gamma P&L number but what
the risk is remains a mystery. Again this is very worrying in that we have
Power option traders all over the world who can't get their underlying vega
or gamma risk position from the global valuation system. We are trying to
work on something manual to draw a line in the sand but I would really like
to know how the American based traders cope as they have this problem
(knowingly or not)  for years. What sign offs were gained for the
implementation of Enpower because it seems to us that using the current
system it is not possible to comply with the Global Risk policy. How do we
validate the inputs to the valuation if we do not know the risk ?

Despite the above we have now persuaded the traders to save out newer higher
volatilities a week ago and you should have seen a large move up in their
VAR. However, as it stands at the moment they are notable to save out a daily
remark as Jitendra is saying that he is not happy with their 'model' / vol
curve generator (I have today asked for a full explanation, details of any
testing etc etc and time lines so we can move to getting over this hurdle).
The swaptions have also not yet had the ticket volatility changed but the
impacts are expected to be positive as we are long volatility.

I would appreciate your comments on the above as it seems that we are pushing
the boundaries here on areas which we really expect to have already been
covered in Houston some time ago and could do with some help. We are having
to use a system which seems to us to have numerous bugs and short comings and
are having to spend an enormous amount of IT time overcoming the inadequacies
of Enpower wich I do not think most people are aware of. Consequently we have
not been able to deliver all the improvements we were required to do in
gaining the increased limits so 3 months ago but I would hope you agree that
it is not for a lack of trying.

Sorry it's so long but if there are any questions or any perceived
inaccuracies in any of the above then please let me know.

James


Thank you.  This is very helpful.


Jeff -

Given everything going on, I've decided to not come to SF.  I still think
that you, Sue, Harry and Michael should talk on Monday pm.  Michael has your
address and will come by around 5pm

Jim

From: Jeff Dasovich on 04/13/2001 09:53 AM
Sent by: Jeff Dasovich
To: James D Steffes/NA/Enron@Enron
cc:

Subject: Re: BANKRUPTCY MESSAGING on Negative CTC

Agreed.  That time works for me.
Jeff

	James D Steffes
	04/12/2001 07:46 PM

		 To: Susan J Mara/NA/Enron, Jeff Dasovich/NA/Enron@Enron, Harry
Kingerski/NA/Enron@Enron
		 cc: Michael Tribolet/ENRON@enronXgate, Steven J Kean/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON, Vicki Sharp/HOU/EES@EES
		 Subject: BANKRUPTCY MESSAGING on Negative CTC

Jeff, Sue & Harry --

Michael and I are both in SF on Monday evening.  We were talking about
getting together some time in the evening to put together a framework of our
case around the Negative CTC in "bankruptcy" terms.

Does everyone agree and does the time work?

Jim


Joe, do you have a copy of the proposed RTO bylaws or what ever is
available.  I appreciate the summary but would like to see what could be done
to get a Board that is appointed independently also.

	Joe Connor@ENRON
	10/13/2000 12:56 PM

		 To: James D Steffes/NA/Enron@Enron
		 cc: Christi L Nicolay/HOU/ECT@ECT, Dan Staines/HOU/ECT@ECT, Daniel
Allegretti/HOU/EES@EES, Donna Fulton/Corp/Enron@ENRON, Janine
Migden/DUB/EES@EES, Jeff Brown/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@ENRON,
Joe Hartsoe/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, Mary
Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, Richard Ingersoll/HOU/ECT@ECT,
Richard Shapiro/NA/Enron@ENRON, Robin Kittel/HOU/EES@EES, Ron
McNamara/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Steve
Montovano/DUB/EES@EES, Steve Walton/HOU/ECT@ECT, Steven J
Kean/NA/Enron@ENRON, Susan J Mara/SFO/EES@EES, Thane
Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tom Chapman/HOU/ECT@ECT, Tom
Delaney/Corp/Enron@ENRON, Tom Hoatson/HOU/EES@EES
		 Subject: Re: Enron Response to October 15 RTO Filings/Southeastern RTO

Attached are the FERC talking points for the Southeastern RTO filing.  If you
have any questions, please call me (205-567-5433)


Here are some ideas for this coming  week.
?
Bobby
 - NEON Roaring 4.doc


I am still looking for the right Caledonia project model,  I have a couple of
finance models but I don't think those are what you want.  I will send
something today.  Thanks
Ben
3-7998


The time is rapidly approaching for PGS Energy Training's
early November seminars in downtown Houston.

Please forward this information to any one you know
who might benefit from a better understanding of weather
risk, energy derivatives, electricity trading, real options or
gas-to-electricity arbitrage.  (See seminar list below.)

Our two featured seminars this week are PGS Energy Training's
"Fundamentals of Energy Derivatives" training program and the
"Managing Weather Risk with Weather Derivatives" seminar
which will be presented this November 8th by Dr. Geoffrey
Considine of e-Acumen - a leading authority in this field.
http://www.pgsenergy.com/schedule.html

Dr. Geoffrey Considine, is VP of Weather and Energy
Analytics for e-Acumen. Dr. Considine is a leading expert in
weather forecasting methodologies and the analytical aspects of
energy trading & weather derivatives. Recently the lead quantitative
analyst for Aquila's weather trading desk, Geoff is a well-recognized
figure in weather derivatives trading. He has extensive scientific and
industry credentials in analytical modeling, weather forecasting,
energy trading and weather derivatives.

For specific seminar dates, hotels and other information, call
412-279-9298 or visit  http://www.pgsenergy.com/schedule.html

Available seminars include:
  1) Fundamentals of Energy & Electricity Futures, Options
      & Derivatives
  2) Fundamentals of Electric Power Trading
  3) Gas-to-Electricity Arbitrage & How to Maximize the
      Profitability of Electric Generation Assets
  4) Fundamentals of Statistical Analysis
  5) How to Value Electric Generation Assets as Real Options
  6) Managing Weather Risk with Weather Derivatives

Save money by bringing a group of 4 or more. With a group
rate, your cost for our $1,295 seminars is reduced to $895 per
attendee-- a savings of $1,600 from our regular prices. The
group price for the $695 programs is $495.

John Adamiak
PGS Energy Training


Per our earlier discussions, I am attaching the language we would like added
to the definition of Index in the long descriptions for all US physical and
financial pulp, paper and lumber products.  If you have any questions, please
give Mark or me a call.

Justin, as an FYI, is this something you might want to add to your European
products as well?


---------------------- Forwarded by Donald W Herrick/HOU/ECT on 12/06/2000
10:00 AM ---------------------------

	Enron North America Corp.

	From:  Kyle Roblee @ ENRON                           11/28/2000 06:43 PM

To: Paul Pizzolato/HOU/ECT@ECT, Christopher A Helfrich/HOU/ECT@ECT, Eric
Scott/HOU/ECT@ECT, Brandon Neff/HOU/EES@EES, Donald W Herrick/HOU/ECT@ECT,
Keith Crane/HOU/AZURIX@AZURIX
cc:
Subject: FW: If Santa Answered his mail...

---------------------- Forwarded by Kyle Roblee/NA/Enron on 11/28/2000 06:41
PM ---------------------------

Jeffery McVey <JMcVey@ExhibitWorks.com> on 11/28/2000 06:39:28 PM
To: Kyle Roblee <kroblee@enron.com>
cc:

Subject: FW: If Santa Answered his mail...

it gets better....
-----Original Message-----
From: Jim McDaniel
Sent: Tuesday, November 28, 2000 3:01 PM
To: Dave Aslanian; Dave Galbraith; Jerry Garber; Jeffery McVey; Randy
Boutte; Robert Egger; Stu Smith; Jerry Kern
Subject: If Santa Answered his mail...

> Dear Santa

> I wud like a kool toy space ranjur fer Xmas. Iv ben a gud boy all yeer.

> Yer Frend,ChUCk

>

> Dear Chuck,

> Nice spelling. You're on your way to a career in lawn care. How about I

> send you an elementary reading book so you can learn to read and write?

> I'm giving your older brother the space ranger. At least HE can spell!

> Santa

>

>

> Dear Santa,

> I have been a good girl all year, and the only thing I ask for is peace

> And joy in the world for everybody!

> Love,Sarah

>

> Dear Sarah,

> Your parents smoked pot when they had you, didn't they?

> Santa

>

>

> Dear Santa,

> I don't know if you can do this, but for Christmas, I'd like for my mommy

> and daddy to get back together. Please see what you can do.

> Love,Teddy

>

> Dear Teddy,

> Look, your dad's banging the babysitter like a screen door in a

> hurricane. Do you think he's gonna give that up to come back to your

> frigid mom,

> Who rides his butt constantly? It's time to give up that dream. Let me get

> you some nice Legos instead.

> Santa

>

>

> Dear Santa,

> I want a new bike, a Playstation, a train, some G.I. Joes, a dog, a Drum

> kit, a pony and a tuba.

> Love, Francis

>

> Dear Francis,

> Who names their kid "Francis" nowadays? I bet you're gay.

> Santa

>

>

> Dear Santa,

> I left milk and cookies for you under the tree, and I left carrots for

> your

> reindeer outside the back door.

> Love, Susan

>

> Dear Susan,

> Milk gives me the runs and carrots make the deer fart in my face when

> riding in the sleigh. You want to do me a favor? Leave me a bottle of

> scotch.

> Santa

>

>

> Dear Santa,

> What do you do the other 364 days of the year? Are you busy making toys?

> Your friend, Thomas

>

> Dear Thomas,

> All the toys are made in China. I have a condo in Vegas, where I spend

> most

> of my time making low-budget porno films. I unwind by drinking myself

> silly

> and squeezing the asses of cocktail waitresses while losing money at

> the craps table.

> Hey, you wanted to know.

> Santa

>

> Dear Santa,

> Do you see us when we're sleeping, do you really know when we're

> awake, like in the song?

> Love, Jessica

>

> Dear Jessica,

> Are you really that gullible?

> Good luck in whatever you do. I'm skipping your house.

> Santa

>

> Dear Santa,

> I really really want a puppy this year. Please please please PLEASE

> PLEASE could I have one?

> Timmy

>

> Timmy,

> That whiney begging shit may work with your folks, but that crap

> doesn't work with me. You're getting a sweater again.

> Santa

>

> Dearest Santa,

> We don't have a chimney in our house, how do you get into our home?

> Love, Marky

>

> Mark,

> First, stop calling yourself "Marky", that's why you're getting your

> Ass whipped at school. Second, you don't live in a house, you live in a

> low-rent apartment complex. Third, I get inside your pad just like all

> the burglars do, through your bedroom window.

> Sweet Dreams,

> Santa


===============ALLFREENEWS===============

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http://www.allfreenews.com

->>-------------------------------------------------------------<<-
TO UNSUBSCRIBE click here:

http://www.postlite.com/u/?l=allfreenews&e=alewis@ect.enron.com

AOL users click here to unsubscribe

or...

Reply to this email with the word "remove" as the subject.

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->>-------------------------------------------------------------<<-


Greg and Louise,

Thanks for taking time out of  your schedule to spend some time with Alph
Bingham and me this week.  You and your team are breaking new ground in
your business with impressive speed.  We hope to match that type of
performance within e.Lilly.

I had several key takeaways that were notewothy:

1. Build your e.commerce strategy from the customer's perspective.  Louise,
you demonstrated this by the intense focus on the traders' requirements for
EnronOnline.
2. As Peter Drucker points out in his 1994 article on the "Theory of
Business", you must have clear assumptions about your environment, mission
and core competencies.  The establishment of Enron Networks seems to be
built upon your strong ability to assess a potential market for
commoditization and then leverage your strong trading capabilities and
control processes in order to create or redefine the market(eg. pulp/paper,
steel,bandwidth).
3. You provide people a chance to understand the business and be
accountable early in their career.  The example of one of your top traders
illustrated the performance-based culture that you are developing while
other examples showed the business breadth that is provided to key talent.
4. In the new economy (probably in the old one, too), there is no defense,
only offense.  Again, that mantra seems to grow out of a strong bias for
action within Enron Networks as you recognize that you must re-create
yourself (Online gas market) and move aggressively into new ones.
5. Louise, your EnronOnline initiative epitomized the phrase:  "Ask for
forgiveness, not for permission."  In other words, get it done; get it done
right, and the little things - like the budget - will take care of
themselves.

Let me know if we can ever return the favor.  Greg, we may want to discuss
a few risk management questions with you sometime in the future as we are
building some innovative discovery research ventures that would benefit
from your insight in this area.

Thanks again for your time.  Please thank Liz Taylor for us as well.  She
was very helpful.

Regards,

Newt Crenshaw


As discussed during today's Power Marketers conference call.
Received: from hountnmail3.ngccorp.com (mail.dynegy.com [12.5.202.15]) by
mail.epsa.org; Wed, 28 Mar 2001 14:44:22 -0500
Subject: Texas PUC Petition
To: sslater@epsa.org
From: John.J.Stauffacher@dynegy.com
Date: Wed, 28 Mar 2001 12:42:49 -0600
Message-ID: <OF6B1CBAAE.5F3898DC-ON86256A1D.006BF261@ngccorp.com>
X-MIMETrack: Serialize by Router on HOUNTNMAIL3/HOUSRV/Dynegy(Release 5.0.5
|September 22, 2000) at 03/28/2001 01:39:22 PM
MIME-Version: 1.0
Content-type: multipart/mixed ;
Boundary="0__=86256A1D006BF2618f9e8a93df938690918c86256A1D006BF261"
Content-Disposition: inline

---------------------- Forwarded by John J Stauffacher/HOU/Dynegy on
03/28/2001 01:42 PM ---------------------------

John J Stauffacher
03/28/2001 01:18 PM

To:   sslater@epsa.com
cc:

Subject:  Texas PUC Petition

I would expect that this will be consolidated with EL01-49-000
---------------------- Forwarded by John J Stauffacher/HOU/Dynegy on
03/28/2001 01:16 PM ---------------------------

Christopher T Russo
03/28/2001 12:28 PM

Sent by:  Chris Russo

To:   John J Stauffacher/HOU/Dynegy@Dynegy
cc:

Subject:  Texas PUC Petition

 - vfi8BD4.TIF


Tana
I trade wti contracts on the nymex exchange. I don't understand what this
message is about. Can u help me?

regards
chris glaas

	Enron Capital & Trade Resources Corp.

	From:  Mark Taylor @ ENRON                           06/22/2000 01:39 AM

Sent by: Enron Announcements@ENRON
To: Everyone_in_ECT_Calgary, Everyone_in_ECT_London, Everyone_in_ECT_Denver,
Everyone_in_ECT_Singapore
cc:

Subject: Enron North America Corp. NYMEX Hedge Exemption Applications

We are in the process of preparing applications for position limit exemptions
for ENA,s NYMEX energy commodities futures trading.  These applications
require that ENA represent whether its officers, employees, owners, or agents
have a power of attorney, control or have a financial interest in any other
related commodity future(s) account either individually or acting with
another person pursuant to express or implied agreement.

Please direct any responses to my paralegal, Tana Jones, via intercompany
email or call her at (713) 853-3399 by the end of business Friday, June 30,
2000 if you have any power of attorney, control or have a financial interest
in any commodity futures account (other than an ENA or other trading
affiliate account).

IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO RESPOND TO
THIS REQUEST.


This past Wednesday, FERC approved the NYISO's virtual bidding program, subject to a modification that reduces the required collateral for program participants by 50%. (Enron, among others, had expressed concern about the high level of required collateral in its comments.) As noted in the ISO's attached announcement, Virtual Bidding will commence on November 1.

-----Original Message-----
From: market_relations@nyiso.com [mailto:market_relations@nyiso.com]
Sent: Friday, October 26, 2001 2:46 PM
To: market_relations@nyiso.com
Subject: FERC Approval of the NYISO Virtual Bidding Proposal

Dear NYISO Market Participants:

Please review the attached message regarding FERC approval of the NYISO
Virtual Bidding Proposal.

For addtional information, please contact your NYISO Customer Relations
Representative or Customer Relations HelpDesk.

(See attached file: FERC APPROVES VIRTUAL BIDDING.doc)

Regards,

NYISO Customer Relations
518-356-6060


Thank you! Just let me know if there is anything else I can do to help. Have
a great evening!

Rick Dietz
04/17/2000 02:08 PM
To: Pamela Daily/FGT/Enron@ENRON
cc:

Subject: Re: Friday, April 21st

Thanks for taking the lead on this.  You are a wonderful organizer!

Rick

Pamela Daily
04/14/2000 04:32 PM
To: Alma Green/FGT/Enron@ENRON, Victoria Martinez/ET&S/Enron@ENRON
cc: Richard Wendt/FGT/Enron@Enron, Karon O'Gorman/OTS/Enron@ENRON, Rick
Dietz/ET&S/Enron@ENRON, Charles Upshaw/EPSC/HOU/ECT@ECT

Subject: Re: Friday, April 21st

Received confirmation today that your moves are on the churn list for Friday
evening, April 21st. Please let me know if anything changes on the
construction timing of EB4159.

Have a great weekend!

---------------------- Forwarded by Pamela Daily/FGT/Enron on 04/14/2000
04:29 PM ---------------------------

	Move-Team @ ECT

	04/14/2000 02:32:56 PM

Sent by: Jose Nieto@ECT
To: Pamela Daily/FGT/Enron@ENRON
cc:

Subject: Re: Friday, April 21st

Your request will be added to the 4/21 churn.

Thanks,
Jose

Pamela Daily@ENRON
04/13/2000 05:28 PM
To: Move-Team/EPSC/HOU/ECT@ECT
cc: Rick Dietz/ET&S/Enron@ENRON, Alma Green/FGT/Enron@ENRON
Subject: Friday, April 21st

Do you have room on the Friday evening (4/21) churn for these moves? Please
advise. Thanks!


Just for your info.
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/08/2000 01:55
PM ---------------------------

Jeff Blumenthal@ECT
06/06/2000 06:44 PM
To: Kay Mann/Corp/Enron@ENRON, Brian D
Barto/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Peggy Banczak/HOU/ECT@ECT, Steve Irvin/HOU/ECT@ECT, Marc
Sabine/NA/Enron@ENRON

Subject: RE: language for Withholding (Section 5.2.2)

Kay and Brian,

In reply to Tim Lederach's e-mail below to Jeff Smith on June 6th, I have the
following comments:

1.  Regarding Tim's addition of the second and third sentences to my original
suggested language, it appears that there may be a misunderstanding.  Under
Mexican tax law, EEIM would be obligated to withhold tax on any payments it
makes to GE that are subject to Mexican withholding tax.  EEIM would submit
such amounts directly to the Mexican tax authorities and, in exchange, would
receive an official receipt (Official Form 37-A) that it could then forward
to GE.  It appears that Tim wants to ensure that GE obtains a copy of the
official receipt so that GE can claim a foreign tax credit on its U.S. income
tax return for any withholding tax to which payments it receives are subject
under Mexican tax law.  Tim's suggested additional language therefore needs
to modified to reflect that EEIM would pay the tax and could then provide GE
with the receipt.  I'd be glad to visit with Tim to discuss this matter.

2.  The language that I have proposed should be inserted in both the onshore
agreement and the offshore agreement.  Tim is proposing that it be inserted
(with his additional suggestions) only in the onshore agreement.

Please contact me at ext. 35777 if you have any questions.

Best regards,

Jeff

	From:  Kay Mann @ ENRON                           06/06/2000 06:09 PM

To: Jeff Blumenthal/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT
cc:
Subject: RE: language for Withholding (Section 5.2.2)

---------------------- Forwarded by Kay Mann/Corp/Enron on 06/06/2000 06:08
PM ---------------------------

jeffreye.smith@ps.ge.com on 06/06/2000 06:08:59 PM
To: Kay.Mann@enron.com
cc: Brian.D.Barto@enron.com, tim.lederach@ps.ge.com,
john.schroeder@ps.ge.com, karl.siverling@ps.ge.com

Subject: RE: language for Withholding (Section 5.2.2)

Kay,
See the proposed wording, below.  This is the only contract text issue I am
aware of.
Other than the items mentioned in my e-mail of June 1st/2nd (on the
consolidation agreement) and finalization of the "letter agreement" (you got
my fax), we are there.
Implied in the above, is that at this point I think the split agreement
approach would get us to closure faster.
Regards,
Jeff Smith

-----Original Message-----
From:   Lederach, Timothy P (PS, Finance)
Sent:   Tuesday, June 06, 2000 4:12 PM
To:   Smith, Jeffrey E (PS, CommOps)
Subject:   RE: language for Withholding (Section 5.2.2)

I have no problem with their proposed addition as it applies to the onshore
contract.  However, I would recommend modifying it as follows:

      If Purchaser is obligated to make any payment to Seller that
is subject to any withholding tax, then Purchaser shall remit the
appropriate withholding tax to the proper governmental authorities, and
Purchaser shall then remit the net amount of the payment (i.e., the gross
payment minus the applicable withholding tax) to Seller.  Seller agrees to
provide Purchaser with an original tax receipt, in Seller's name, indicating
remittance by the Purchaser of the amounts withheld.  Failure to provide
this receipt within a reasonable period of time will result in the amount
withheld becoming payable to the Seller.
Regards

Tim Lederach
GEPS Taxes

      -----Original Message-----
      From:   Smith, Jeffrey E (PS, CommOps)
      Sent:   Tuesday, June 06, 2000 2:43 PM
      To:   Lederach, Timothy P (PS, Finance)
      Subject:   FW: language for Withholding (Section 5.2.2)
      Importance:   High

      Tim,
      Enron wants to add this to the end of Clause 5.2.2.
Attached is the latest version of the On-Shore Contract for reference.
      Please let me know your opinion.
      We can talk to Enron about this if appropriate.
      Thanks,
      Jeff Smith
          << File: VITRO5-on-r1b.wpd >>

      -----Original Message-----
      From:   Brian D Barto [mailto:Brian.D.Barto@enron.com]
<mailto:[mailto:Brian.D.Barto@enron.com]>
      Sent:   Tuesday, June 06, 2000 2:23 PM
      To:   jeffreye.smith@ps.ge.com
      Subject:   language for Withholding (Section 5.2.2)

      If Purchaser is obligated to make any payment to Seller that
is subject to any withholding tax, then Purchaser shall remit the
appropriate withholding tax to the proper governmental authorities, and
Purchaser shall then remit the net amount of the payment (i.e., the gross
payment minus the applicable withholding tax) to Seller.


-----Original Message-----
From: Engler, Adrianne
Sent: Thursday, August 23, 2001 12:58 PM
To: Cash, Michelle
Cc: Buckley, Karen
Subject: Non compete agreement
Importance: High

Hi Michelle -

I hope you vacation was wonderful!

Could you please draw up a non-compete agreement for Richard F. Ecklord who has an offer going out today for the EGM Trading Track.

Please call with any questions - x57302.

Many thanks,

Adrianne Engler
HR Analyst
713-345-7302


Terry - Dominion is still showing activity for 8G0A61 and 8T1064 this month.
But the
imbalance is transferred to ENA contracts.

MARY THERESA FRANKLIN
12/13/2000 08:50 AM
To: Gloria G Barkowsky/HOU/ECT@ECT
cc: Chris Germany/HOU/ECT@ECT
Subject: Dominion Contracts

Please respond...
---------------------- Forwarded by Mary Theresa Franklin/HOU/ECT on
12/13/2000 07:37 AM ---------------------------

Chris Germany
12/12/2000 11:33 AM
To: Mary Theresa Franklin/HOU/ECT@ECT
cc:
Subject: Dominion Contracts

Do we still have any activity or imbalances on the following Columbia Energy
Services contracts

k#
8G0a61
8g0a62
8g0a63
8g1064
8t0a61
8t0a62
8t1063
8t1064


Mary,

HPLC meter number 0984229 was physically remove from service in December,
1999.   Typically, before HPL physically pulls a meter, production has ceased
at minimum for 6 months or the production has been released.  In the case of
the Roos common point, the producing wells were released and attached to
meter 0989740 in 11/98 and the remaining wells are non-producing.
Resultingly, the only viable option for resolution is option 2.  We should
take the deal to zero by "unwinding" it.

vlt
x3-6353

Mary Poorman@ENRON
10/24/2000 12:40 PM
To: Vance L Taylor/HOU/ECT@ECT
cc: Katherine Benedict/HOU/ECT@ECT, Julie Meyers/HOU/ECT@ECT, Daren J
Farmer/HOU/ECT@ECT, Pat Clynes/Corp/Enron@ENRON, Robert Cotten/HOU/ECT@ECT
Subject: Re: Meter 984229 - Roos Common Point - Trade Zone 18

Vance:

Per our conversation, we have two possible options to resolve this deal,
depending on whether the wellheads are producing or not.

Producing:  If that is the case, the purchase from Calpine, and any contracts
hedged to it will need to be backed up in the system to a wellhead level.
Once that is done, I will need to research in the system how those wellheads
were allocated and paid and reallocate to your Calpine deal.  This will
probably have to go back to HPLC's ownership of HPLR's gathering assets.

Non-producing:  Should we determine that the Common Point and any wells
behind it have been shut-in, or P&A'd, we will need to reallocate this deal
to zero, and unwind any hedges against it (or, move the hedges to another
deal, if possible.  Since the deal is older, we probably sold lower priced
contracts against the production and a buy-back today would possibly result
in a financial loss).

In either case, the deal needs to be cleaned up back to the date of last flow
at meter 4229, which I am currently looking into.  I will email you as soon
as I ascertain that date.

In lieu of the past couple of days, we may need to look at all of the deals
which were impacted by HPLC's aquisition of HPLR's gathering to ensure that
they are being captured properly, both at a book level and at a state filing
level.  Please let me know what your thoughts are as to how to accomplish
this.

Thank you again for all of your hard work in this area,

Mary


Gary,  attached are the Wisconsin Power & Light and Interstate Power meter/charts that need to have PPA's for Oct. 01 production.  These are being included with the IES Utilities PPA request.  j.  floyd

 -----Original Message-----
From: 	Zadow, Raetta
Sent:	Friday, November 30, 2001 1:45 PM
To:	Floyd, Jodie
Cc:	Zadow, Raetta
Subject:	Interstate Power and Wisc P & L 16 day chart lists

Jodie, attached are two worksheets that show the 16 day chart Poi's that need to be read for October, 2001.  Please let me know if you need anything else.

Thanks,

Raetta


---------------------- Forwarded by Steven J Kean/NA/Enron on 05/02/2001
07:24 AM ---------------------------

eserver@enron.com on 05/01/2001 06:06:08 PM
To: "Steven.J.Kean@enron.com" <Steven.J.Kean@enron.com>
cc:

Subject: <<Concur Expense Document>> - April-01 AMEX

The following expense report is ready for approval:

Employee Name: Mark A. Palmer
Status last changed by:  Automated Administrator
Expense Report Name: April-01 AMEX
Report Total: $8,337.18
Amount Due Employee: $8,337.15

To approve this expense report, click on the following link for Concur
Expense.
http://xms.enron.com


---------------------- Forwarded by John Arnold/HOU/ECT on 04/10/2001 07:27
AM ---------------------------

herve.duteil@americas.bnpparibas.com on 04/10/2001 07:20:32 AM
To: john.arnold@enron.com
cc:
Subject: Henry Hub instead of NYMEX...

Hi John !

My mistake again early morning...  I clicked on Gas Daily Henry Hub (EOL
#1107435,    I buy 5,000 MMBtu/day  May @ 5.51)  instead of NYMEX.

Could you change it to NYMEX ?

Thank you and sorry again,

Herve

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I don't have any significant comments, but I picked up a couple of minor
typos.

From a structure standpoint, I think Enron doing the construction (and taking
price risk) may be a structuring challenge, but I understand that's a bridge
to cross later.

Kay

PS  I hope Mark isn't reading this today!  Great wedding.


Cara,

   Thanks a lot for the detail error report.
   Actually to me is enough to see the selection screen and the numbers of
the deals
   which are missing or are extra on the report.

   1) I can see that you are running the older version of the report, because
there is selection
for Approval on the screen. Probably is our mistake. The shortcut does not
update the new
version. You need to run the STAGE Enpower launchpad with all the buttons at
first which
will copy the new version of Forward Obligation from the server to your local
computer
at first and then to run the shortcut.

  2) I run the newer version here, I can see the parts of the deals 503112
and 503107
which you have highlited and the region totals were zero's. You can verify it.

 3) We just released a new version to stage, which should have the same
reasults, but we
did some optimizations, we intend to reduce the speed soon.
The version number is 3.0.0.36, you can see it when you run the report or
click Help-About.
Until you don't see that number there is no use to continue testing, on any
problem
call David Poston

    Thanks,
    Kroum

 -----Original Message-----
From:  Semperger, Cara
Sent: Thursday, March 22, 2001 10:27 AM
To: Kroumov, Kroum
Cc: Duong Luu/HOU/ECT@ENRON; Symes, Kate; Scholtes, Diana
Subject: Test of Forward Obligation

Good Morning,

I ran the new report against production, using the shortcut provided for me.
My results are innacurate because some transmission deals are not showing.
The strange thing is that there is no real pattern as to why some
transmission deals show and some don't.

I compared the forward ob to scheduling.   You might want to do that
comparison for yourself there.  Also, checking the Real-Time position manager
as well will help.

Please see this power point document.

 << File: fwdob_vs_sched_322.ppt >>


We will have a meeting on July 16 at 4:00 in EB16c1 to discuss the attached presentation, which will be presented to Ken Lay and Jeff Skilling on July 31, 3:00-4:00 (location TBD).

Please review your part of the presentation and be prepared to finalize what you will be presenting to Ken and Jeff on July 31.

It is critical that you are in attendance.

Thanks everyone!
Kathy McMahon for Cindy Olson


Sue - Would you please review the following report, and advise me of any updates on projects, or additional projects you may be working on.  I am preparing a November report for Jim Steffes, and would like to have complete and accurate information about the projects you are involved in.  Thank you very much for your help, Bryan

If you have any questions, please call me. 713-345-2430


ted fyi, rick

 -----Original Message-----
From: 	Tajmajulie@aol.com@ENRON [mailto:IMCEANOTES-Tajmajulie+40aol+2Ecom+40ENRON@ENRON.com]
Sent:	Tuesday, February 27, 2001 4:07 PM
To:	Buy, Rick; Ourternrbb@aol.com
Subject:	London Info

Hi daddums.  Call me for great news!  Too good for e-mail.  Here's my info.
I sent it to mom, as I'm sure she'll want it too:

British Airways

To London:
March 2, 2001-Flight 212
Departure Time:  18:00
Arrive:  London Heathrow Airport (LHR) @ 5:25 am

To Boston:
March 10, 2001-Flight 215
Departure Time:  15:40
Arrive:  Boston Logan Airport @ 6:20 pm

My confirmation number is T6 HKH8, and I spoke to Carla (not sure if that's
important).

British Airways telephone is 800 247 9297.

We are staying at:

Kingsway House
from March 2, 2001 to March 10, 2001
Telephone:  (020) 7373 6847
Fax:  (020) 7370 2623
Address:  71 Eardley Crescent
London SW5 9AN

e-mail:  patrick@ocallaghans.co.uk

website:  http://www.ocallaghans.co.uk

Show tickets are for:
March 6, 2001 @ 19:45

Reference number for show tickets (in case I lose them):
19-22090

Also, remind me to give you my tax return info.  Noel forwarded it to me
yesterday, as it got sent back from the Rushing River address.  I got $500 in
traveler's checks and $197 in pounds to start off.  I also plan on getting
about $100 in US dollars before I go.  I'll start packing Wednesday afternoon
to make sure I don't forget anything.  If you think of anything important for
me (besides umbrellas and toothbrush), please let me know asap.  I would also
appreciate a receipt notification from this e-mail, as it contains very
important information.  Haha, do I sound official enough?  Tell Ann Ducharms
and Ted Murphy that I appreciate everything they have done for me.  I think
that's about it.  Talk to you later!

All the very best,
Jules


Hey,
I have been sooooo swamped with school and work this week!  Hope your
week has been lots better than mine.  It looks like you have a great job
doing exactly what you've always wanted to do.
Well, Jana is 11 yrs old now so you should feel pretty old 'cause you
are. :)  And she acts like a little lady too.  I know your cousin Lauren
must been close to college by now.  I don't even want to know how old
her brother is.  Wow, how time passes...
Jina is at UH about to graduate this May.  Don't ask me what she is
going to do with a sociology degree but she likes helping people and
working with them.  My parents are doing fine.  My dad is living in
Baton Rouge now.  How are your parents?  Has your father retired yet?
I also wanted to ask you about your boy, Maurice.  I heard he got
married to Demetris and I was kinda hurt he didn't invite me to the
wedding, but C'est la vie.  Tell him I said hello and give me his e-mail
address if you have it.
Well, I just wanted to see how you were doing.  You know, make sure you
were still alive and well. :)

Johnelle Matthews
Sprint E|Solutions
Senior Business Analyst
Voice: 281-966-2529
Fax: 281-966-2524

-----Original Message-----
From: Errol.McLaughlin [mailto:Errol.McLaughlin@enron.com]
Sent: Friday, January 12, 2001 5:15 PM
To: jsmatthe
Subject: Re: Long Time...

Hey Johnelle,

It's great to here from you again.  Yeah, I'm over at Enron now.  I
manage
the group responsible for all of the natural gas financial trading risk
management.  I've been here for a little over a year now.  It's a great
job
and company, but the hours are unbelievable!!!  The family's good.  How
are
Janna, Gina, (sp) and your mom.  I'm afraid to ask --- how old is Janna
now?  When you tell me, I'm going to feel really old!!  Tell everyone I
said, 'Hi'.  The NYMEX was only open for half the day, so I'm taking
advantage.  Call me when you get a minute!!

Errol L. McLaughlin
Lead - Financial Trading Risk Mgmt
Enron North America
Voice: 713-345-8274
Motorola 2Way Pgr: 1-877-241-1059 (8772411059@pagenetmessage.net)

"Johnelle S. Matthews" <jsmatthe@sprintparanet.com> on 01/10/2001
01:51:37
PM

Please respond to <jsmatthe@sprintparanet.com>

To:   <Errol.McLaughlin@enron.com>
cc:

Subject:  Long Time...

Hey Errol,
Over the holidays I heard that you were working at Enron and I thought
I'd
say hi.  How are things going for you?  How's your family doing?  I am
good...just working at Sprint in Finance and going to school for my MBA.
Well, holler back when you get a moment.

Johnelle Matthews
Sprint e-Solutions
Senior Business Analyst
Voice: 281-966-2529
Fax: 281-966-2524
Email: johnelle.s.matthews@mail.sprint.com


Start Date: 1/15/02; HourAhead hour: 15;  HourAhead schedule download failed. Manual intervention required.


We would like to use 5,000 dth/d  of CES' TCO K#68918 to deliver to COH 5-2
for ROM. Please pull from the pool as TCO said we should be OK. Any problem?