FYI.  I had started an informal discussion group to work on
political/regulatory risk..  I included Jane, Jim Bouillian, and Scott Gahn.
Jane sent me the atached as an example of how her group approaches issues in
the acquisition context.
---------------------- Forwarded by Steven J Kean/HOU/EES on 03/10/99 06:03
PM ---------------------------
From: "Jane Wilson/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL on 01/14/99
12:41 PM
To: Steven J Kean, James L Bouillion, Scott Gahn, Richard Shapiro
cc:
Subject: Risk Matrix

Subject:
Risk Matrix

---------------------------------

Attached is a sample draft risk matrix that my group does on a regular basis
in the process of regulatory due diligence.

(See attached file: Guatemalariskmetrix.doc)
 - Guatemalariskmetrix.doc


Part 2

Scouting Baylor

Texas hosts Baylor at 11:30 a.m. Saturday in a game that will be televised by
the Fox Network.
The Bears (25) have really struggled this season. Their only victories are
over North Texas State, 20-7, and South Florida, 28-13.
They have been shut out in their last three games, falling to Texas Tech,
28-0; A&M, 24-0, and Nebraska, 59-0. Their other losses were to Minnesota,
34-9, and Iowa State, 31-17.
The Bears had counted on former UT QB Greg Cicero to give them a good passing
attack, but he went down with a season-ending injury and they have had one of
the least productive offenses in the country.
There are 114 teams playing Division I football and Baylor ranks 104th in
rushing, 94th in passing, 111th in total offense and 110th in scoring.
The Baylor defense is a little better, but not much.
The Longhorns should be able to name their score in this one, even if they do
show up a little flat.
Here's how the teams compare statistically (national rank in parenthesis):
Texas                                       Baylor
Offense
(88)   110.3         Rushing Avg.        (104)   85.3
(12)   290.9         Passing Avg.          (94) 159.1
(35)   401.2        Total Off. Avg.      (111) 244.4    (10)
36.3                Scoring Avg      (110)   10.6

Defense
(26)   107.7         Rushing Avg.        (107) 223.9
(19)   181.0         Passing Avg.          (48) 202.3
(14)   288.7        Total Def. Avg.      (102) 426.2
(29)     19.0    Opp. Scoring Avg          (78)   28.0

UT's Bowl Outlook

The Longhorns have to win their four remaining regular season games to have a
chance to defend their Big 12 Southern Division title, and, unless Oklahoma
loses twice, starting Saturday against Nebraska, that wouldn't get them into
the league title game.
But a 9-2 regular would guarantee them a good bowl game.
The Big 12 champion is guaranteed a spot in one of the big four BCS bowls,
and the runnerup could wind up in one of the BCS bowls, too.
The Cotton Bowl gets the second pick, the Holiday Bowl in San Diego gets
third choice and the Alamo Bowl gets the fourth pick.
By winning out, Texas would be likely to wind up in either the Holiday Bowl
or the Alamo Bowl.
If the Big 12 lands two teams in the BCS bowls, a 9-2 Texas probably would
wind up in San Diego.
If only one Big 12 lands in the BCS bowls, San Antonio is a more likely
stopping spot for the bowl season.
If the Horns don't go 9-2, they still will qualify for a bowl by beating
Baylor Saturday and they will will go bowling somewhere.

Big 12 Roundup
The big game this week is in Norman where top-ranked and unbeaten Nebraska
takes on undefeated and third-ranked Oklahoma.
Kansas State travels to Texas A&M in another big game that will trim the list
of contenders for the two division titles to four.
The Wildcats and Aggies already have one loss in conference plays and a
second would be fatal to their title hopes.

BIG 12 STANDINGS

SOUTHERN DIVISION
Conference              Season
W   L   PF    PA        Pct.      W   L    PF     PA     Pct.
Oklahoma        3    0  138     61   1.000     6    0   280     96    1.000
Texas           3    1  130     96     .750     5    2   254   133      .714
Texas A&M       3    1  106     48     .750     5    2   212     92      .714
Texas Tech  1    3    69   117     .250     5    3   170   143      .625
Okla State      0    3    43     99     .000     2    4  108    153     .333
Baylor          0    4    17   142     .000     2    5     74    196     .286

NORTHERN DIVISION
Conference        Season
W   L   PF     PA      Pct.         W    L      PF    PA
Pct.
Nebraska        4    0  206     54     1.000    7    0   324 104   1.000
Kansas State    3    1  155     98       .750    7    1   367 125     .875
Iowa State      2    2    98    122      .500    5    2   184   173      .714
Kansas          2    2    90   118       .500    4     3  172   169     .571
Missouri        1    3    77   136       .250    2     5  146    231     .286
Colorado        1    3    76   114       .250    1     6  126   176     .143

Last Week's Results
Texas 46, Missouri 12
Texas A&M 30, Iowa State 7
Kansas State 28, Texas Tech 23
Nebraska 59, Baylor 0
Kansas 23, Colorado 15

This Week's Games
Baylor at Texas, 11:30 a.m. (Fox)
Nebraska at Oklahoma, 11 a.m. (ABC)
Texas Tech at Kansas, 1 p.m.
Oklahoma State at Colorado, 1:30 p.m.
Kansas State at Texas A&M, 2:30 p.m. (ABC)
Missouri at Iowa State, 6 p.m. (Fox)

2000 Longhorn Schedule, Record (5-2)
Texas  Opp.
Sept. 9     Louisiana-Lafayette     52      10
Sept 16    at Stanford              24      27
Sept 23    Houston                  48      0
Sept 30    Oklahoma State           42      7
Oct. 7       Oklahoma (Dallas)      14      63
Oct. 14    at Colorado              28      14
Oct. 21    Missouri                 46      12
Oct. 28    Baylor
Nov. 4      at Texas Tech
Nov. 11    at Kansas
Nov. 24    Texas A&M

Scoring by Quarters
Texas         19    85    63         87 -  254
Opponents     33      51      35     14 -  133

Recruiting Roundup

The Longhorns actually went through an entire week without getting a
commitment, so they are still at 19, with a few slots left to fill.
One player who would fit one of those remaining spots very nicely ) safety
Dewayne Brandon of Temple ) was one of the recruits who came to the
Texas-Missouri game Saturday.
The only other top recruits at the game were three who already are committed
to Texas ) CB Aaron Ross of Tyler John Tyler, WR/DB Brian Carter of the The
Woodlands and DB/LB Braden Johnson of Euless Trinity.
Ross and his Tyler Lions are having a fine season. They are 5-1 overall and
2-0 in their district. Ross is playing running back and wide receiver, in
addition to the defensive backfield.
He has scored one touchdown as a receiver and three as a running back.
He said only five passes have been thrown his way all year. "I intercepted
one of them, one was completed and I knocked the other three down," he said.
The Longhorns will give five to seven more scholarships, and most of them
will be filled from a group of nine players.
They are Brandon, LB Derrick Johnson of Waco, DL Kaelen Jakes of Valencia,
Cal., and DE Jonathan Jackson and TE James Moses, both of Galena Park North
Shore; DT Tommie Harris of Killeen Ellison, Athlete Joseph Addai of Houston
Sharpstown and OLs William Winston of Houston Madison and Jami Hightower of
Jacksonville.
Super DT Paul Broussard of Blinn JC is another possibility, but he has some
academic hurdles to clear.
The Longhorns are in good shape with Brandon, Johnson, Jakes, Jackson and
Moses.
They have as good a chance as anyone with Harris, but the trouble there is
that the Killeen Ellison star has a lengthy list of schools he is
considering, and he recently added Oklahoma to the mix and says he is wide
open.
FB James Buchanon of Cardinal Mooney HS in Sarasota, Fla., is still
considering Texas, but he is a long shot.
* * * *
RECRUITING NOTES: Galena Park North Shore is 7-0 and Jackson and Moses are
having great years. Moses doesn't get a lot of passes thrown his way, but he
has very good hands, good speed and he is a tremendous blocker. Jackson, who
switched from linebacker to defensive end this year, is an outstanding pass ru
sher, due to his 4.56 40 speed and big frame. Jackson's early college
favorites give a strong indication he'll be playing in Texas or Florida. His
top five are Texas, A&M, FSU, Miami and Florida, but I'll be surprised if
both these blue-chippers don't join former teammate Cory Redding at Texas . .
. Midland Lee star Cedric Benson isn't getting as many carries as he did last
season and he's running behind an all new and undersized line, but he's still
lethal when he gets a chance. He hit Abilene Cooper for 335 yards and five
touchdowns on 36 carries Friday night in Midland in a key District 4-5A game.
He's a Longhorn commitment and he's on everybody's national top 100 list. He
won't have the great statistics he had on last year's 15-0 state title team,
but he looks even bigger and faster this year.

Top Girls Basketball Stars Visit

Coach Jody Conradt has already corraled a great recruiting class for her
Longhorn women's basketball team, but things could get even better because
she got visits last weekend from the nation's top junior and one of the
state's top three seniors.
The top junior is 6-2 guard/forward Ann Strother of Highlands Ranch,
Colorado, and the top three Texas star is Niki Newton, a 6-1 forward from
Crowley.
Strother is visiting several schools unofficially this year to decide which
schools she wants to seriously consider next year.
Contadt already has commitments from two national top 50 players )  6-2
Heather Schreiber of Windthorst and 6-2 Kala Bowers of Woodward, Okla. They
are the top prospects in their respective states.
Schreiber is rated as the nation's No. 26 prospect and Bowers is ranked No.
41 by the All Star Girls Report, a national rating service.

Horns Back in AP Rankings

The Longhorns regained the top 25 in the Associated Press rankings this week,
coming in at No. 22. They are No. 20 in the coaches' poll.
That hasn't always been good news in recent years. It seems like every time
the Horns get a good ranking, they get beat.
Is it complacency or overconfidence or just the fact they lose to a better
team? I'm not sure, but I do know that's why they haven't finished in the top
10 since 1983. They've been in the top 10 several times, but they haven't
been able to stay there.

Kick Returns Picking Up

Coach Mack Brown's announced goal of improving the kick return teams this
season is paying big dividends.
Victor Ike is No. 2 in the country in kickoff returns, averaging 30.5 yards
on 11 returns, and Hodges Mitchell is No. 25 nationally in punt returns,
averaging 12.3 yards on 25 tries.

Unbeaten List Shrinking

Only five Division 1 teams still have perfect records and the list will
shrink by at least one this weekend when No. 1 Nebraska (7-0) and No. 3
Oklahoma (6-0) meet.
The other teams with perfect records are No. 2 Virginia Tech (7-0), No. 5
Clemson (8-0) and No. 11 Texas Christian (6-0).

4 True Freshmen Will Start

Tight end Brock Edwards will start against Baylor Saturday, giving the
Longhorns four true freshmen in the starting lineup.
Edwards joins defensive end Kalen Thornton, who has started the last four
games and wide receivers Roy Williams and B. J. Johnson, who have started the
last two games.
Edwards was pressed into the starting lineup when Mike Jones, the team's
starting tight end, suffered a lick on his knee early in the Missouri game.
Coach Mack Brown said Edwards "did a good job" against Missouri.
Two other redshirt freshmen have been starting. Marcus Tubbs has been working
as the starter at defensive tackle while Shaun Rogers works his way back from
an ankle sprain, and Dakarai Pearson has won the starting free safety
position.
Rogers is getting better each week and might reclaim his starting job this
week.
Barring any late changes, the Longhorns will start two seniors (TB Hodges
Mitchell and OT Leonard Davis), four juniors (QB Major Applewhite, LT Mike
Williams, RG Antwan Kirk-Hughes and C Matt Anderson), two sophomores (LG
Derrick Dockery and FB Matt Trissel) and the three true freshmen (Williams,
Johnson and Edwards) on offense Saturday.
Defensively, they will start three seniors (tackles Rogers and Casey Hampton
and SS Greg Brown), four juniors (LBs Everick Rawls, D. D. Lewis and Everick
Rawls and CB Quentin Jammer), two sophomores (DE Cory Redding and CB Roderick
Babers), one redshirt freshman (Pearson) and one true freshman (Thornton).
Baseball Stars Commit to UT

The Longhorn baseball team got commitments from two more top recruits last
week, including a right-handed pitcher who has been clocked as high as 96 mph
with his fast ball.
The pitcher is Kole Strayhorn, 6-1, 185, of Shawnee, Oklahoma, who had offers
from many schools, but who picked Texas over Oklahoma, Oklahoma State, Cal
State-Fullerton and Baylor.
He was 8-1 last year with a 0.97 ERA. He struck out  99 in 60 innings and
said he gave up about 15 walks and about 25 hits.
He has been clocked as high as 96 mph, and he is consistent around 90. He
plays shortstop when he isn't pitching.
The only problem with Strayhorn is that pitchers who can hit 96 mph and who
have good control frequently wind up getting drafted so high that they get a
lot of money to go pro immediately.
The other recruit is shortstop Seth Johnston, 6-3, 190, of Boerne. He also is
the quarterback for Boerne's football team.
Johnson hit .507 last season and picked the Longhorns over Texas A&M and
Houston.

Simpler Is Better

Coach Mack Brown says he thinks the Horns will fare better now that the
coaches have simplified the offense.
Brown said he also thinks the two-back offense is better for Texas for
several reasons. He said having two backs behind the quarterback improves the
pass protection.
When teams rush eight defenders, he  said the five linemen, the tight end and
one running back are outnumbered. When two backs are there, he said there are
enough people to block everyone, even in a maximum blitz.
It also is a better power-running formation because of the extra blocker, he
said, adding that success in the running game causes the other team's
safeties to creep up to help stop the run, which helps the passing game.
"When you can run and pass, it creates some problems for the defense," he
said. "We plan to keep working on being able to do both."
True freshman WR B. J. Johnson went along with the simplification idea, while
having some fun with the rerporters on hand. Johnson said when he first got
to Texas and "heard the coaches talking about cover 6 . . . I didn't even
know they had six coverages.
When someone asked him if he knew all the defensive coverages now, he said,
"I don't even know all the plays, to tell you to truth. You should see our
playbook."

A True Orange Subscription Is
The Gift You Can Get Every
Year for Your Longhorn Friends
A subscription to True Orange is the perfect gift for any occasion for a
Longhorn who has everything else. It's only $45  ($35 by e-mail) and I'll
send  an attractive card announcing your thoughtful gift.
The only thing better is  a gift of  True Orange and the True Orange Fax  )
and you can give both for just $130 a year ($99 if they take both by e-mail).

o  I am enclosing $45 for a gift subscription ($35 e-mail)
o  I am enclosing $130 for a gift subscription to the newsletter and the fax
($99 e-mail)

Name of Recipient

Address (& fax no., if applicable)

City, State, Zip

Your Name

Any Message You Want on Card

Next Issue October 30

The next issue will be e-mailed on October 30 and will report on Baylor game,
preview the big road  game the following week against Texas Tech and take a
look at the Big 12 championship races.
As always, I'll have a lot of recruiting news, reports on men's and women's
basketball and lots of other stories on the Longhorns' teams in the various
sports.

Tell Your Friends About True Orange

If you like True Orange, be sure and tell your Longhorn friends about it. I
can always use more subscribers. The more subscribers I have, the more
resources I have to call recruits and coaches and do all the other things
that give you an inside view of Longhorn sports.

SUBSCRIPTION FORMS
I want to subscribe. I am enclosing $45 for the next year, which will include
26 issues.  A two-year subscription is $85. For a one-year subscription via
E-Mail, send $35.

Name

Street Address or Box Number or E-Mail Address

City, State and Zip Code
Remit to True Orange, P O Box 26530, Austin, TX 78755
Foreign Rates Available on Request.    Phone  512-795-8536
E-Mail Address: truorange@aol.com

I want to give a gift subscription to  True Orange. I am enclosing $45.
Please send an appropriate gift card. For a gift subscription via E-Mail,
send $35.

Name of Person Receiving Gift

Street Address or Box Number or E-Mail Address

City, State and Zip Code

Your Name


As discussed on today's conference call, in an effort to satisfy the Presiding Judge's request to remove the protected status of materials, Mirant proposes the following action concerning exhibits it filed Nov. 6 pursuant to the protective order in the EL00-95 proceeding (namely, MIR-3 and MIR-4) :
Mirant proposes to formally withdraw its submission of the protected versions of Exhibits MIR-3 and MIR-4, leaving the redacted versions of these exhibits as the only versions of MIR-3 and MIR-4 in the record.  As noted on the conference call today, Mirant believes that the limited amount of material redacted from these exhibits (certain PPAs pursuant to which Mirant incurred emissions costs) is not relevant to the issues in this proceeding.
If any party objects to or has concerns about Mirant undertaking such action, please let me know no later than November 28, 2001 at noon, EST.
Thanks much,
Jeffrey Jakubiak
202-274-2892
Attorney for Mirant


As a further to my previous email, the EOL Group will code the weather
transactions to fall under the financial master, and the Confirmation Desk
should confirm the weather trades under the current form of confirmation.
---------------------- Forwarded by Tana Jones/HOU/ECT on 01/07/2000 03:45 PM
---------------------------

	Enron North America Corp.

	From:  Tana Jones                           01/07/2000 01:53 PM

To: Bob Shults/HOU/ECT@ECT, Frank L Davis/HOU/ECT@ECT, Karen
Lambert/HOU/ECT@ECT, Anthony Campos/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Tom
Moran/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Jefferson D Sorenson/HOU/ECT@ECT,
Laurel Adams/HOU/ECT@ECT, Andrea R Guillen/HOU/ECT@ECT, Willie
Harrell/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT,
Chris Walker/HOU/ECT@ECT, David P Dupre/HOU/ECT@ECT, Pamela
Sonnier/HOU/ECT@ECT
cc:
Subject: EOL-Aquila Risk Management Corporation

Per my conversations with Bob Shults, Bob Bowen, Mark Taylor and Brant Reves,
we are going to open Aquila Risk Management Corporation to trade weather
under the EOL GTC's.


Environment & Energy Daily -- Thursday, February 7, 2002

Go to today's full edition on line and get the latest news from the Hill!
http://www.eedaily.com

NEED PASSCODES? Email request to pubs@eenews.net or call 202-628-6500.

LEADING TODAY'S ISSUE:

SENATE REJECTS LIMITING PAYMENTS TO ANIMAL FEEDING OPERATIONS
The Senate commenced the first farm bill floor debate of 2002 Wednesday
afternoon by promptly rejecting an amendment from Sen. Paul Wellstone
(D-Minn.) supported by environmental groups to reform the Environmental
Quality Incentives Program and limit payments under that program to
concentrated animal feeding operations.

Get all the details in today's full edition online at:
http://www.eedaily.com

TOP HEADLINES IN TODAY'S EDITION INCLUDE:

* AGRICULTURE: Senate rejects limiting payments to animal feeding operations
* ENERGY POLICY/UTILITIES: Tauzin suspends power restructuring process to
concentrate on Enron
* APPROPRIATIONS/NUCLEAR ENERGY: Nuke power research gets budget boost;
critics want renewable funding
* APPROPRIATIONS/TRANSPORTATION: House, Senate authorizers seek to secure
more highway funds
* ... AND MUCH MORE!

======================
The E&E Daily is written and produced by the staff of E&E Publishing,
LLC, 122 C St., Ste. 722, NW, Wash., D.C. 20001.
Phone: 202/628-6500. Fax: 202/737-5299.
Email: Pubs@eenews.net. Website: http://www.eenews.net/

The Daily is published every day Congress is in session
to provide timely, objective and comprehensive coverage
of Congressional action on environmental, energy and natural
resource issues.  Environment & Energy Daily is published in
printed and electronic format on Monday and website format
the rest of the week.

All content is copyrighted and may not be reproduced or retransmitted
without the express consent of E&E Publishing, LLC.

Editor in chief: Kevin Braun.
Editor: Larisa Epatko
General Asst. Editor: Colleen Luccioli
Reporting staff: Tim Breen, Natalie M. Henry, Eryn Gable, J.L. Laws,
Colin Sullivan, Suzanne Struglinski, David Leavitt, Molly Villamana
Dan Berman, Damon Franz, April Reese, Darren Samuelsohn, Brian Stempeck
Publisher: Michael Witt.
Marketing Director: Drew Gagliano
Account Executives: David Horna, Kristen Barlow
Marketing Associate: Louis R. Reeder
Technical Director: Michael Abate


Rick and Sally

I told the scholarship winners that within the next few weeks, we would like to meet with them for lunch or dinner  before the semester is over.  So since we are on the subject, do you have plans to be in Austin any time soon?  I will coordinate the students around your schedule.  Also, if you think there are others that should join the smaller luncheon/dinner, let me know.  I thought about asking Traci Warner and Billy Lemmons since they are new to the AA program.

Karen

	Sally Beck 03/29/2001 01:34 PM 	  To: Karen Marshall/HOU/ECT@ECT  cc:   Subject: Re: UT/Enron MBA Excellence 2001 Scholarship Winners Announced!

Are we going to do anything for the students before fall semester?  The dinner with Dean May and others from the University is great in the fall.  But last year, we had thought about just a small lunch with the students and a few from Enron.  This can be simple and we don't have to coordinate around the schedule of any UT faculty or staff.  But it does allow Enron to have a more immediate follow up with the scholarship recepients to celebrate their being chosen.  --Sally

From:	Karen Marshall on 03/28/2001 08:12 PM
To:	Sally Beck/HOU/ECT@ECT, Richard Causey/Corp/Enron@ENRON, Gene Humphrey/Enron@EnronXGate, Wanda Curry/HOU/EES@EES, Brent A Price/Enron@EnronXGate, Charlene Jackson/Corp/Enron@ENRON, Christie Patrick/HOU/ECT@ECT, Loftus Fitzwater/NA/Enron@Enron, Roger Ondreko/Enron@EnronXGate, Andrea V Reed/Enron@EnronXGate
cc:	Kristin Gandy/NA/Enron@Enron, Gwynn Gorsuch/NA/Enron@ENRON, Elyse Kalmans/Corp/Enron@ENRON, Laura Schwartz/Corp/Enron@Enron, Bert Frazier/Enron@EnronXGate, Billy Lemmons/Corp/Enron@ENRON, eloy.garcia@bus.utexas.edu
Subject:	UT/Enron MBA Excellence 2001 Scholarship Winners Announced!

I am pleased to announce the recipients of the 2001 University of Texas Enron MBA Excellence Scholarships:

Christopher Cashman
SooPang Tang
Holland Brown

Each student will receive $10,000 in scholarship money based on their essays, interviews and on how they exemplified the vision, values and beliefs of Enron.
I have already notified  the winners, so  please join me in congratulating each one on a job well done.

Special thanks to everyone who participated in the selection of the winners.   Stay tuned for details on the date and time for the Scholarship Awards dinner slated for early next semester!

 E-mail: christopher.cashman@mba02.bus.utexas.edu Phone:  512-836-6489
 E-mail: soopang.tang@mba02.bus.utexas.edu Phone:  512-708-0161
 E-mail: holland.brown@mba02.bus.utexas.edu Phone:  512-440-1142

FYI... All of the candidates that interviewed were outstanding according to the scholarship interview team (Sally Beck, Andrea Reed, Roger Ondreko and Loftus Fitzwater).  I will be sending each of them a letter to thank them for their participation and encourage them to consider Enron when interviewing for full time opportunities next semester.

Thank you,

Karen Marshall

<Embedded StdOleLink>


I have pencilled the meeting in.  Could you let me know where you are meeting
(or pick me up)?

Thanks,

Mark.

From: Tana Jones on 03/20/2001 11:04 AM
To: Mark Powell/CAL/ECT@ECT
cc:
Subject: Group Meeting

If you have time to attend, please join us...
----- Forwarded by Tana Jones/HOU/ECT on 03/20/2001 11:09 AM -----

	Carol St Clair
	03/20/2001 10:53 AM

		 To: Mark Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Tana Jones/HOU/ECT@ECT, Robert
Bruce/NA/Enron@Enron, Anne C Koehler/HOU/ECT@ECT, Cheryl
Nelson/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan Bailey/HOU/ECT@ECT, Samantha
Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Mark
Greenberg/NA/Enron@ENRON
		 cc:
		 Subject: Group Meeting

We are still having our group meeting tomorrow at 10.  Please make every
effort to attend.  Thanks.

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


The Hearings
The hearings have transitioned to the more traditional, courtroom-like
environment, with lawyers engaged in detailed cross-examination of utility
witnesses.
The hearing focused solely on the utility claims of financial hardship.
The hearings went from 9AM-5PM and only managed to make it through two PG&E
witnesses--extensive, detailed questions on PG&E's cash management practices
since restructuring started in 1998.
Questions to witnesses focused in particular on PG&E's use of cash for
investment and financing activities over the past 2-3 years (e.g.,
dividend/stock repurchase activities, transfer of cash from IOU to parent and
parent's use of that cash for investment activities).
Questions also focused on options other than rate increases available to the
utility (e.g., liquidate certain assets of unregulated biz units, loans from
parent, bankruptcy).
The commissioners and the ALJ have reacted in extremely hostile manner toward
PG&E's repeated attempts to amend and add to their proposal as the hearings
progress.
Questioning of PG&E witnesses will continue at 10 AM on Tuesday, followed by
Edison witness.
Unclear when the hearings will end, though the Commission is scheduled to
issue its decision on Thursday.
At this point, it seems very unlikely that the Commission will have developed
the record necessary to do anything other than raise rates under its general
ratemaking authority.

Outside the Hearing
Intense negotiations between Governor's office and utility management
continue.
Seems that the Commission/Administration is beating up on the utilities
inside the hearing room in an attempt to soften the utilities up and gain
some leverage in the negotiations taking place outside the hearing room.
Governor continues to try to bring consumer groups into the negotiations with
utilities, but consumer groups continue to resist and continue to oppose any
rate increases.
Governor seems to be attempting to set up a situation where the Commission
absorbs the political heat for raising rates on the 4th, and the Governor
follows-up with a more comprehensive set of proposals as part of his state of
the state speech on the 8th.


Checking with Jeff Richter on these - give me one minute to get a call back.

Kerri Thompson@ENRON
02/14/2001 01:29 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb

523212
523213

broker has 50 mws on both


SK - I went ahead and approved this request.  This is to make your computer
faster. mm

You have received a new IS&S request for Steve Kean.  Please review the
request and make any necessary changes.  If you approve the access, please
click the Approve button at the top of the request form and EES Security will
receive notification.  You may click the link at the end of this message to
view the request document.


J.P. Morgan - per Jay is on hold.

Dominion - I need to hear credit terms from credit.  All necessary amendments have been drafted and the agreement completed with the information currently available.

Angela D. Davis
Enron North America Corp.
1400 Smith Street, EB3817
Houston, Texas 77019
Tel: (713) 345-8347
Fax: (713) 646-3393
e-mail: angela.davis@enron.com


Ryan,

There is some confusion regarding the premstar deal from yesterday. Could you
come see me when you get a minute.

Chris


Louise & John:
We have just recently completed a three year storage transaction with Centana Stg.  The demand charge is around $108,00 each month.  We are currently filling the storage with plans to inject 500,000 MMbtu in September and October.  This would mean cash payments for gas of around $1,250,000 in October and the same in November.

	Jim

 -----Original Message-----
From: 	Martin, Thomas A.
Sent:	Wednesday, September 12, 2001 12:54 PM
To:	Schwieger, Jim
Subject:	FW: End of quarter Funds Flow Targets

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, September 12, 2001 12:06 PM
To:	Allen, Phillip K.; Arnold, John; Arora, Harry; Baughman, Edward D.; Belden, Tim; Black, Don; Breslau, Craig; Calger, Christopher F.; Collonges, Remi; Colwell, Wes; Davies, Derek; Davis, Mark Dana; Dayao, Anthony; Deffner, Joseph; Devries, Paul; Duran, W. David; Dutt, Ranabir; Forster, David; Foster, Chris H.; Gonzalez, Orlando; Grigsby, Mike; Haedicke, Mark E.; Herndon, Rogers; Josey, Scott; Keel, Allan; Kishkill, Joe; Kitagawa, Kyle; Kitchen, Louise; Lagrasta, Fred; Luce, Laura; Martin, Thomas A.; Mcdonald, Michael; McMichael Jr., Ed; Miller, Don (Asset Mktg); Milnthorp, Rob; Mrha, Jean; Neal, Scott; Parquet, David; Presto, Kevin M.; Redmond, Brian; Shively, Hunter S.; Sturm, Fletcher J.; Swerzbin, Mike; Thomas, Jake; Thompson, John; Tricoli, Carl; Tycholiz, Barry; Vickers, Frank W.; Whitt, Mark; Wiggs, Brett; Wolfe, Greg; Zipper, Andy; Zufferli, John
Cc:	Deffner, Joseph; Lavorato, John
Subject:	End of quarter Funds Flow Targets

As we approach the end of the quarter we are closely monitoring our funds flow targets for Enron Americas.  We would like you to let us know if you are planning to enter into any transactions within your groups which will impact those targets, either positively or negatively.  We would like information on all deals which impact significantly our funds flow targets prior to you entering into them.  Please note that this is not just structured transactions but even a storage transaction where we would be injecting would involve cash going out of Enron.

Enron's cash liquidity position is very strong and there is not an issue of whether or not we enter into a transaction but we must ensure we correctly price any transactions and indeed send clear signals to the orginators and traders with regards to our funds flow targets.

Please let John or Louise know if you have any transactions which may occur with funds flow implications.  Should you need any indications of pricing, please contact Joe Deffner.

Louise & John


Hi Judith!

I  have a special parking ticket for Malcolm and Gil to use in Dr. Gillis's
car.  Then, I'll have a car pick up Gil when he's ready to leave the
game--we'll take care of everything (thanks for offering)--we're really
looking forward to the event!

Best regards for a great weekend!

--Christie.
---------------------- Forwarded by Christie Patrick/HOU/ECT on 05/04/2001
04:10 PM ---------------------------

Judith Duvall <jduvall@rice.edu> on 05/04/2001 02:09:26 PM
To: Christie.Patrick@enron.com
cc:

Subject: Re: Rice ALP Final Presentation and Post presentation  Celebration
at Enron Box at Enron Field

Christie:

Could you please fill me in on the logistics?  Dr. Gillis and Gil Whitaker
will
be at the APL project presentation at Enron at 4 p.m..  Further, they both
plan
to attend the dinner at Enron Field.  However, Dr. Gillis must skip the
game due
to an early morning breakfast the next day.  Will you provide special parking
at the dinner/game?  I think Dr. G and Gil will go together, then I will have
Dr. Gillis picked up by limo, at approximately 8:00 p.m.  Does this sound
feasible?

Judith DuVall

At 10:00 AM 5/4/01 -0500, you wrote:
>Hi Friends!
>
>The big Rice-ALP final presentation day is almost here:  MONDAY, May 7th,
>4pm,    at Enron, 1400 Smith.  Please come to the Enron Lobby and ask for
>me or my assistant, Melinda McCarty.
>
>After the presentation, you are cordially invited to dinner and an Astro's
>game (vs Phillies)  at the Enron Box at Enron Field.  As participation in
>the Enron Box at Enron Field is limited to this special invitation list
>only, please confirm your attendance via return eMail, or via voice mail to
>me at 713-853-6117 ASAP.
>
>We're very excited about the work the Rice ALP team has done and we're all
>greatly looking forward to the presentation.
>
>Hope to see everyone Monday!!
>
>Best regards!
>
>--Christie.
>
>
>

****************************************************************************
Judith DuVall
Secretary to the President
Rice University
6100 Main Street--MS1
Houston, TX  77005

713/348-4601
713/348-5271 (fax)


I don't have it.

From: Suzanne Adams@ECT on 11/07/2000 09:50 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: FCEL consent to disclosure letter

Do you have a copy of an itinerary for me or have you already sent it?  I'll
print this as soon as Dan's job is finished.  I'll take care of the rest.

	Kay Mann@ENRON
	11/07/2000 09:48 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: FCEL consent to disclosure letter

Please print the attached on letterhead.

I'm leaving for Connecticut shortly, and will be back in the office on
Thursday (or so I exepct).  Please handle the following

Call David Runnels at A & K and tell him thanks, but I can't use the opera
tickets this weekend.

Cancel my RSVP for Carrin Patman's lunch tomorrow.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/07/2000 09:46
AM ---------------------------

Kay Mann
11/03/2000 04:52 PM
To: jeff.ader@enron.com, heather.kroll@enron.com
cc:

Subject: FCEL consent to disclosure letter

As requested, I went the abbreviated route.

Kay


Clickpaper Executive Summary for 4/10/01
Transaction Summary	New in Prior
	24 Hours	LTD
External Transactions 	5	288
Notional Value of Deals Completed 	$1,252,890	$691,169,665
Notional Tonnage of Deals Completed	2,000 tons	1,178,760 tons
Notional Board Feet	110,000 BF	24,192,000 BF
Notional Square Feet	0 SF	2,910,000 SF

Registration Activity	New in Prior
	24 Hours	LTD
Registered Clickpaper Users	1	458
Guest ID's Issued	0	2,429
Credit/Legal Review in Process	3	17
Credit Declined with Process Complete	0	12
Number of Password Applications Received	9	573

Products Offered	New in Prior
	24 Hours	LTD
Number of Financial Products Offered	0	60
Number of Physical Products Offered	0	63

Counterparty Activity
Number of Counterparties Having Transacted to Date	44
New Counterparties Transacting for the First Time Today	1


Please see attached file and call me with any questions.

Thanks!


Mike,

We discussed United Way last Thursday when you were on the 32nd floor
monitoring the hurricane.

Vince

 -----Original Message-----
From: 	Roberts, Mike A.
Sent:	Wednesday, August 08, 2001 9:39 AM
To:	Marquez, Jose; Moore, Kevin G.; Stevens, Adam; Bennett, Steve; Smith, William; Wooddy, Sarah; Pernoud, Christopher
Cc:	Kaminski, Vince J
Subject:	FW: United Way

Y'all,

I think we didn't get the word on this somehow!

In a lot of ways, percent participation is just as or even more important than magnitude.

Please check out the hyperlink below in Vince's email to me so we can show research solidarity!.

Thanks.

- Mike

 -----Original Message-----
From: 	Kaminski, Vince J
Sent:	Tuesday, August 07, 2001 5:33 PM
To:	Krishnarao, Pinnamaneni; Tamarchenko, Tanya; Roberts, Mike A.; Shanbhogue, Vasant; Lu, Zimin; Kohli, Sandeep
Subject:	FW: United Way

Please, try to mobilize the members of the group
who have not made a contribution yet. Research is shown
as a separate group in all the reports and we may stand out as unit
at the end of this week.

Vince

 -----Original Message-----
From: 	Thode, Eric
Sent:	Tuesday, August 07, 2001 11:33 AM
To:	Neale, Nelson
Cc:	Kaminski, Vince J
Subject:	United Way

As of this morning, EWS Research has $19,355 in pledges from 13 out of 47 employees.  The final 34, who have not accessed the system, are:

	Stephen Bennett		Rakesh Bharati
	Shirley Crenshaw		Lance Cunningham
	Chuanli Deng			Amitava Dhar
	Anita Dupont			Youyi Feng
	Shane Green			Anguel Grigorov
	Thomas Halliburton		Paulo Issler
	Seksan Kiatsupaibul		Sandeep Kohli
	Jaesoo Lew			Martin Lin
	Zimin Lu			Jose Marquez
	Praveen Mellacheruvu		Kevin Moore
	Mitra Mujica			Wichai Narongwanich
	Christopher Pernoud		Maureen Raymond
	Michael Roberts			Osman Sezgen
	Wiliam Smith			Adam Stevens
	Sofya Tamarchenko		Leann Walton
	Sarah Wooddy			Sevil Yaman
	Roman Zadorozhny		Oren Zimmerman

In order to access the system, all they need to do is click on https://hrglobal.enron.com/.  They will need their GIS ID and password.  If they don't know what their ID and password are, have them go to https://ehronline.enron.com, click the "Accept" button, and then click on "Forgot your User ID or Password?"

Keep in mind that they are counted as having participated whether they contribute or not, as long as they access the system and indicate their preference.  However, I would encourage them to contribute something.

Thanks.

Eric


If you are reading this message in plaintext or if you have an AOL address you must click on this link: http://www.smallcapnetwork.net/archive/listserv/20011026-2.html  and wait for a web page to automatically open up to properly read this newsletter.
   [IMAGE]     VOLUME 01: ISSUE 08 [IMAGE]  [IMAGE] [IMAGE]   [IMAGE]  [IMAGE]   [IMAGE] Dow Jones 9,545.17 + 82.27 7:40 pm EST, Fri., October 26, 2001 [IMAGE] NASDAQ 1,768.96 -  6.51 For info, visit www.smallcapnetwork.net  [IMAGE] S & P 500 1,104.61 + 4.52 To be removed, please click here . [IMAGE] Russell 2000   438.65  + 2.69      [IMAGE] Dear SmallCap Network Members:  Wall Street pros continue a rather heated debate over market valuations, with battle results unfolding with each and every twist and turn of the popular averages. Are price-to-earnings (P/E) multiples on the broad market still too high? We continue to do considerable research on this subject, and have some good news and bad news to report.  Let's get the bad news out of the way first. By historical measures, current broad market value remains relatively high. The P/E ratio on the S&P 500 has averaged 15 times earnings over the past 40 years. Today, the earnings multiple on the S&P 500 stands at just over 29 times and is projected at 21 times next year's consensus earnings forecast.  At the recent September 21 low-water mark of 965.80, the P/E multiple on the S&P 500 got down to 25.6 times, still well above the 40-year average. What most Wall Street firms are reluctant to tell is the fact that the average P/E multiple at bear-market bottoms over the past 50 years has been 11 times earnings.  This is hardly reassuring if you consider yourself more bull than bear.  That's as far as we're going with the bad news. Suffice it to say we are reluctantly bullish, so let's get to some good news. First, the five-year high P/E multiple on the S&P 500 was 50.16. (We were unable to confirm this, but believe this could represent an historic all-time high.) Fortunately, this P/E multiple was achieved at about the same time many fledgling (and now-defunct) Internet start-ups were trading at 50-100 times SALES not earnings.   [IMAGE]  The low P/E multiple on the S&P 500 was 17.48 times earnings a full five years ago. The broad market was in an advance that saw it double from October of 1996 to March of 2000 before crashing 40% from its peak. The P/E on the S&P was cut in half by the time it hit its September 21 low. While there continues to be downside risk, this has to be considered pretty good news going forward.  The good news for individual investors doesn't end there. Over the past 40 years inflation has run at an average of 4.4% but is holding steady at 2% today. The average yield on 10-year Treasury notes during the same period is 7.3% but today the yield is down to just 4.6%. Combine this with the fact that money market funds hold around $2 trillion in cash (versus an $11 trillion total market capitalization) and the outlook for stocks begins to brighten just a bit.  Whether P/E's continue to contract, hold steady, or expand is really a function of earnings performance going forward. Estimates for 2002 earnings on the S&P 500 have continued to contract as the economic slowdown drags on. The challenge for the 500 companies that make up the S&P average will be to beat those reduced estimates next year. With the threat of inflation under control and interest rates at a 40-year low, large-cap corporate America has an excellent foundation to produce some positive surprises next year.  The challenge for the individual investor is to find opportunities for growth in a marketplace littered with growth-stock casualties. This is also why many Wall Street professionals have singled out micro and small cap value stocks to out-perform the broad market over the next 12-18 months. Why? Because they are under-followed and many of them are considerably undervalued!  AN UNDER-VALUED MICRO CAP STOCK IN REVIEW  One company we've uncovered that represents a solid speculative micro cap value is M-Wave, Inc. (NASDAQ: MWAV .) MWAV manufactures microwave frequency components and high-frequency circuit boards using Teflon-based laminates. These products are widely used in variety of applications for wireless telecommunications and Internet service products.  For the six-month period ending 6/30/01, MWAV's revenues totaled $38 million up from $17.3 million while net income rose to $2.8 million from $926 thousand. With no known analyst coverage, MWAV is trading at a market capitalization of about $19 million-just 1/3 of last year's $57 million in revenues.  Even more intriguing from a valuation standpoint, MWAV currently trades at 3.28 times trailing 12-month earnings and just a shade over 1x book value. The Company announced revenues were on track to exceed last year's levels, and they project $100 million in revenues in the next two to three years.  Some investors may shy away from companies in this group because they have been pummeled over the past year and a half. Regardless of its past performance of its stock price, MWAV's revenue growth is projected to grow by over 75% in the next two to three years. MWAV shareholders have excellent upside potential from current levels. In fact, according to the NASDAQ, three new institutional shareholders have reported adding new positions in MWAV over the past six months.  The fundamentals look pretty solid going forward. Let's take a look at the technical outlook. The chart below highlights MWAV shares trading at a $15 high as late as February. When the market peaked in 2000, MWAV shares hit an all-time high of $16.94. MWAV hit a closing yearly low of $3.70 on September 20, 2000.   [IMAGE]  Shares of MWAV represent a very good value for speculative investors at current levels. Downside risk of about 15% appears to be buffeted by the $3.80 book value of the Company. The $19 million market cap represents just 20% of anticipated forward revenues of $100 million whether it takes two to three years get there.  We believe MWAV has an excellent opportunity to hit their revenue goal and see their market cap expand to 1x revenues at some point in the next two to three years. In fact, if the Company were to reach a revenue valuation of 1x on a trailing basis, a 300% return from today's closing price would be realized. On a worst-case scenario, MWAV shares appear to hold 15-20% downside risk.  The SmallCap Network believes MWAV has an excellent chance to retest its all-time high IF they achieve the revenue results they have publicly stated they are targeting. With 4.57 million shares outstanding, achieving a $100 million market cap would produce a $21.88 share price at some point in the next two to three years.  In our view, 400% upside potential versus 20% downside represents a risk/reward scenario (20-1) we are perfectly willing to live with regardless of whether the broad market is over, under, or fairly valued. We'll look forward to presenting more of these types of situations in the weeks and months ahead.  SmallCap Network Members are advised this is neither an offer to sell nor a solicitation to buy securities. Members are advised to perform their own due diligence and use caution when buying andselling micro and small cap stocks.  If you'd like to update, change, or add a new email address please click here .    [IMAGE]    D I S C L A I M E R :  The SmallCap Digest is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. SmallCap Digest is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features for the publication and circulation of the SmallCap Digest or representation on SmallCapNetwork.net.  Likewise, this newsletter is owned by TGR, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication.   Click Here  to view our compensation on every company we have ever covered, or visit the following web address:  http://www.smallcapdigest.net/compensation_disclosure.html  for our full compensation disclosure and http://www.smallcapdigest.net/short_term_alerts.html  for Trading Alerts compensation and disclosure.   All statements and expressions are the sole  opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities  mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.   The editor, members of the editor's family, and/or entities with  which the editor is affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication. The profiles, critiques, and other editorial content of the SmallCap Digest and SmallCapNetwork.net may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein.   THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN  SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN  CONSENT OF THE EDITORS OF SMALLCAPNETWORK.NET.   We encourage our readers to invest carefully and read the investor information available at the web sites of  the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com . We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at  http://www.sec.gov/consumer/cyberfr.htm . Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.

  --- You are currently subscribed to smallcapdigest as: alewis@ect.enron.com To unsubscribe send a blank email to leave-smallcapdigest-95352D@lyris.smallcapnetwork.net


Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update2)
Bloomberg, 04/17/01

USA: UPDATE 1-Dynegy earnings soar in first quarter.
Reuters English News Service, 04/17/01

Electricity Facilities Sprout Near Tiny Tennessee Town --- Merchant Plants
Are Raising Question of Who Controls Nation's Power Grid
The Wall Street Journal, 04/17/01

Energy Concerns Get Creative in Pursuit Of Names That Are Clever, Yet
Practical
The Wall Street Journal, 04/17/01

California Reliant Sees Profit Double in 1st Quarter
Los Angeles Times, 04/17/01

USA: Enron Corp. beats first-quarter targets.
Reuters English News Service, 04/17/01

Enron Q1 EPS up 18 pct, raises FY recurring EPS forecast to 1.75-1.80 usd
AFX News, 04/17/01

It's last call for Harris before the lights go out
National Post, 04/17/01

India: BMS hits out at Govt. policies
The Hindu, 04/17/01

BALCO sale a fraud, Sinha a criminal: RSS veteran
The Times of India, 04/17/01

Business on the Web
The Hindu, 04/17/01

Centre appoints conciliator for DPC arbitration
Business Standard, 04/17/01

Dabhol slaps one more notice on Maharashtra
Business Standard, 04/17/01

Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update2)
2001-04-17 08:01 (New York)

Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update2)

     (Adds Enron boosts 2001 forecast in second paragraph.)

     Houston, April 17 (Bloomberg) -- Enron Corp., the largest
energy trader, said first-quarter profit rose 20 percent as sales
almost quadrupled.
     Profit from operations rose to $406 million, or 47 cents,
from $338 million, or 40 cents, in the year-earlier period, Enron
spokesman Mark Palmer said. Enron raised its 2001 profit forecast
to $1.75 to $1.80 a share, from its January projection of $1.70 to
$1.75.
     First-quarter revenue surged to $50.1 billion from
$13.1 billion as Enron boosted the volume of power sold in North
America by 90 percent. About one-fifth of the increase came from
the western U.S., where a California electricity shortage caused
power prices to surge.
     Enron had a first-quarter gain of $19 million, or 2 cents a
share, for an accounting change, making net income $425 million,
or 49 cents a share. There were no charges or gains in the year-
earlier period.
     The Houston-based company was expected to make 45 cents a
share, the average estimate of analysts polled by First
Call/Thomson Financial. Estimates ranged from 43 cents to 47
cents.
     Earnings were released before the market opened. Shares of
Enron rose $2.14 to $59.44 yesterday. They have fallen 11 percent
in the past year.

USA: UPDATE 1-Dynegy earnings soar in first quarter.

04/17/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, April 17 (Reuters) - Wholesale natural gas and electricity supplier
Dynegy Inc., which has been defending itself against allegations of
overcharging for power sales in California, said on Tuesday its first-quarter
earnings rose 73 percent, driven by a strong performance from its core energy
marketing and trading business.
Recurring net income jumped to $137.5 million or 41 cents per diluted share
from $79.4 million or 26 cents in the first quarter of 2000. The company had
already said on April 2 that it expected to report earnings per share of
about 40 cents for the quarter.
First-quarter revenues rose to $14.2 billion from $5.3 billion, due in part
to last year's acquisition of Illinova Corp., parent company of Illinois
Power, a regulated power and gas distribution company serving 650,000
customers.
Dynegy produced and sold 26.1 million megawatt hours of electricity in the
first quarter of 2001, a rise of 19 percent over the same period of 2000.
But the volume of natural gas it marketed fell 1.7 percent to 11.4 billion
cubic feet a day as lower European volumes outweighed gains in the United
States.
Houston-based Dynegy said it benefited during the quarter from supply and
demand imbalances and energy market volatility which led customers to seek
Dynegy's services to protect themselves against sharp swings in natural gas
and power prices.
Dynegy's stock more than tripled in value in 2000. So far this year its
shares have fallen some 5 percent, reflecting broader stock market weakness
and concerns about possible fallout from the California power crisis which
has already led to rolling blackouts and a filing for Chapter 11 bankruptcy
protection by utility Pacific Gas & Electric, a unit of PG&E Corp..
CALIFORNIA POWER INTERESTS
Dynegy has ownership stakes in 13,000 megawatts of U.S. electricity
generating capacity, including a 50 percent stake in a joint venture that
owns some 2,800 megawatts of capacity in California where wholesale prices
have soared in recent months.
In March the Federal Energy Regulatory Commission ordered Dynegy and five
other companies to refund California utilities for overpriced power sales
unless they can justify their high prices. Dynegy has said its prices were
just and reasonable.
Dynegy has previously said that at the end of February 2001, it was owed some
$265 million for power sales to California's troubled utilities and that it
had set aside unspecified reserves to cover the risk of default on those
payments.
The company's Dynegydirect Internet-based trading platform, which was
launched late last year, recorded nearly $9 billion in notional transaction
value during the first quarter of 2001.
Dynegy's fledgling broadband telecommunications business, which began
operations in the second half of 2000, posted a first quarter loss of $11.6
million.
Dynegy has previously indicated it expects this business to become profitable
in the second half of 2002. It is developing a 20,000 mile fiber optic cable
network in the United States that is linked to a network of over 8,000 miles
in Europe.
Dynegy believes rapid growth in demand for broadband network capacity, which
is capable of delivering far larger volumes of data than conventional copper
cable, will ultimately lead to the trading of network capacity, or bandwidth,
as a commodity.
Like its hometown rival Enron Corp., Dynegy believes the marketing, trading
and risk management skills it has honed in the deregulated U.S. wholesale
natural gas and electricity markets will make it a leader in broadband
marketing and trading.
Recurring net income reported by Dynegy excluded certain one-time items in
the first quarter and the same period of 2000. Net income including those
items rose to $139.5 million or 41 cents per diluted share from $69 million
or 23 cents per share.

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

Electricity Facilities Sprout Near Tiny Tennessee Town --- Merchant Plants
Are Raising Question of Who Controls Nation's Power Grid
By John J. Fialka
Staff Reporter of The Wall Street Journal

04/17/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NUTBUSH, Tenn. -- This town of about 100 people hasn't seen anything quite
this electrifying since the 1950s when a local teenager, Annie Mae Bullock,
left town and became Tina Turner, the queen of rock 'n' roll.
Power plants are sprouting in the flat, rich cotton fields nearby. One is
under construction; another is about to start. Bulldozers are grooming a site
for a third. "We think it's great," says Alvin Williams, owner of the Nutbush
Grocery and Deli, as he prepares for the surge of construction workers who
come in for lunch.
While this may seem promising at a time of growing energy shortages, the new
plants are part of a power clash that presents the Bush administration and
federal and state regulators with one of their knottiest problems: Who
controls the nation's power grid?
On one side is a new breed of freewheeling energy dealers called merchant
traders, spurred by deregulation to generate and trade electricity. Led here
by Enron Corp., they build small gas-fired generating plants, but most don't
construct their own power lines. Instead, they hook up the plants to existing
lines and sell electricity wholesale over long distances when prices peak
during the summer. Thus, many of their plants are called "peakers."
On the other side are old-line utilities, represented here by the federally
owned Tennessee Valley Authority. They operate the power lines and warn that
the system could become overloaded, leading to blackouts from the imbalance.
Near Nutbush here in Tennessee's southwest corner, natural-gas pipelines run
from the Gulf Coast and intersect with some of the TVA's 17,000 miles of
transmission lines, which are spread over seven Southern states. That is what
is making Nutbush boom: It is an attractive place to connect to the grid.
By 2003, at least 13 new merchant plants altogether will be hooked up across
the TVA's system. There will be dozens more on neighboring systems that will
also use TVA lines, says W. Terry Boston, a TVA executive vice president.
This year, TVA expects 300,000 requests for wholesale power deals on its
system, up from 250,000 last year and just 25,000 in 1996. Mr. Boston
foresees a congestion problem that will make it more difficult for the
utility to maintain its record of 99% reliability. "This summer is going to
be interesting," he says.
Combat started here in the spring of 1999, when an Enron plant at nearby
Brownsville began bombarding TVA with about 800 requests for summer
transmission service, up from 33 the TVA had received from merchant plants
the year before. Some were huge, elaborate trades involving brokered
electricity from other sources that Enron wanted to ship across the TVA
system. Kevin Presto, an Enron vice president, recalled: The TVA "pretty much
fought us the whole way, even though they needed the megawatts."
That June, TVA pulled the plug, telling Enron that from then on, its wheeling
and dealing would be confined to the amount of electricity produced in Enron
plants. Enron claimed foul and appealed to the North American Electric
Reliability Council, or NERC,, a voluntary organization of utilities and
electricity consumers. Along with the Federal Energy Regulatory Commission
and state regulators, NERC functions as the traffic cop for North America's
power grid.
Enron also sued the TVA and the dispute "raised a number of issues that we
are trying to put our fingers on," says Don Benjamin, NERC's director of
operations. One upshot is that it is busy rewriting the rules for how the
national grid is controlled. The Bush administration's energy task force and
Congress are also looking at the control issue and ways to expand the grid's
capacity. So far, they have found no easy or inexpensive answers.
The grid, with its dense webs surrounding major cities and few links in
between, resembles a U.S. highway map from the 1930s before the Interstate
system was built. And it is governed by rules that were negotiated by
utilities at about that time, as they began to interconnect their systems
with their neighbors'. Big utilities became "control areas" that perform the
moment-to-moment adjustments that keep lines from overloading and equipment
from melting down. With electricity, supply must always match demand. But
lately, operators of merchant plants, such as Enron, have also qualified to
become control areas. Regulators have ordered utilities to give merchant
power plants open access to the grid, though the utilities sometimes curtail
access for "reliability" reasons.
"This was a very good system," sighs Thomas Overbye, an engineering professor
at the University of Illinois. But while merchant plants have more access to
the grid, he notes, they have little incentive to build more power lines.
"When you restructure that way," asserts Mr. Overbye. "You're going to
overload the system, and that's exactly what's happening."
NERC's Mr. Benjamin worries that control will get harder this summer. "We've
got to be able to look at this and see what effects these deals are having on
the whole system," he says. Some ad hoc curtailment of wholesale deals and
service to customers may be necessary to protect the grid, but the result
will be expensive, he notes. "It means that merchants won't make money on
that deal, and that the customer they sold power to will have to buy it from
somebody else." In the summer of 1999 there were such 70 curtailments; last
summer there were 180.
Lynn Church, president of the Electric Power Supply Association, which
represents 40 merchant power companies and electricity traders, suspects that
decisions taken by big utilities for "reliability" reasons are sometimes used
to block legitimate competition from her members. To prevent this, her group
wants more federal control over the grid. "We're seeing lots of
discrimination." The TVA's Mr. Boston counters that his system can't take
more "surprises," such as the one on Aug. 19, 1999, when a series of
wholesale trades brought the TVA's part of the grid to the brink of collapse
from the overload.
This year, Enron settled its fight with the TVA with a secret out-of-court
settlement. Enron says it is also in the process of selling the plant near
here and two others it had hooked to the TVA system to other merchant power
producers. But it is still waging war over who controls the grid.
In a separate case now before the U.S. Supreme Court, Enron argues that FERC
has the power to open more of the grid's capacity to merchant power plants.
Utility commissioners from several states argue it doesn't. While this is
going on, FERC is pondering how to cut back the grid's proliferating number
of control areas. Right now there are about 150. According to one FERC
expert, who asked not to be identified, to avoid "complications" there should
be around 14.
Meanwhile, officials in Tina Turner's home turf still want the power plant
construction to keep on rocking. "There's going to be others," predicts John
Sharpe, the executive of Haywood County, who has been out recruiting more
power plants to keep the local economic boost going. "I'm working my pants
off to try and make that happen."

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

Energy Concerns Get Creative in Pursuit Of Names That Are Clever, Yet
Practical
By Jon Kamp
Dow Jones Newswires

04/17/2001
The Wall Street Journal
C17
(Copyright (c) 2001, Dow Jones & Company, Inc.)

CHICAGO -- When Houston Natural Gas Corp. acquired InterNorth Inc. in 1985,
the combined energy company needed a stylish new name that reflected its
national aspirations.
Jim Uehling, then an executive vice president at marketing firm Lippincott &
Margulies Inc., helped conjure up "Enteron." Top executives loved it,
unveiled it and were quickly humiliated when news reports noted that enteron
is also a medical term for the human digestive tract. "That was a snafu,"
said Mr. Uehling, who is now a principal at Kass Uehling Inc., a private
consulting firm in New York that he co-founded in 1988. "It was a very
embarrassing moment."
But the clouds cleared, and the renamed Enron Corp. has evolved into a
massive global energy firm with year 2000 revenue of $100.8 billion. It has
also become an influential and successful brand name, Mr. Uehling said.
Pressured by deregulation and a consolidating industry, other energy
companies are hoping to pull off similar transformations punctuated by just
the right name.
"With a new name you want to convey a new image," said Beth Willis, vice
president of corporate communication at Xcel Energy Inc., a company formed in
August from the merger of Northern States Power Co. and New Centuries Energy
Inc.
The chief challenge facing utilities is that the market for actual English
words has been cornered, said James Dettore, owner and chief executive
officer of Brand Institute Inc., a privately owned marketing firm in Miami.
That leaves utilities and their consultants to drum up new words, an effort
spurred on by companies' desire to secure intuitive Internet domain names.
"Real words are almost impossible to get these days," Mr. Dettore said.
Although utilities are eager to drop the obvious "Power & Light" titles, they
often gravitate toward names that keep the energy theme intact, then try to
spice it up with a dash of dynamism, excellence or synergy. Mr. Uehling
helped turn Mid-South Utilities into Entergy Corp. following a corporate
turnaround in 1988. The name, picked from a list of hundreds, lets the
company come very close to owning the word "energy," Mr. Uehling said.
Following that theme, Cincinnati Gas & Electric Co. and PSI Resources came up
with Cinergy Corp. for their newly formed company in 1994. Dynegy Inc.
emerged in 1998. And Mr. Uehling nearly put the name "Primergy" into
circulation in 1995 as the moniker for the merged Northern States Power Co.
and Wisconsin Electric Power Co. before the deal fell through.
The cleverness could come with a price, said Linda Byus, a utilities analyst
with Dresdner Kleinwort Wasserstein in Chicago. Power companies run the risk
of turning off some customers when they ditch comfortable old names for new
ones that give no indication of what they actually do. A name like Mirant
Corp., the new title for power company Southern Energy Inc. unveiled in
January, may contain a fancy Latin root, but it doesn't contain much that
tells you what the company does.
A name like "Cinergy," at least, includes a pun on the company's hometown.
"Cinergy is maybe one of the better ones," Ms. Byus said. But plenty of other
names, she said, don't work quite as well. Minnesota Power Co. may have
missed the mark last year when it renamed itself Allete, a name meant to
better reflect the company's growing interest in other businesses like car
auctions. The name, a combination of "all" and "elite," has some analysts
scratching their heads. "That one looks like they misspelled it," Ms. Byus
said.
But even when names sound like something familiar, they can still cause
confusion. While Allete neighbor Northern States Power avoided the
sounds-like-nonsense charge and shunned the sounds-like-energy bandwagon when
it chose the name Xcel, it walked right into another problem. Exelon Corp. --
the result of the merger between Commonwealth Edison Co. parent Unicom Corp.
and PECO Energy Co. -- charged Xcel with being a copycat.
That Exelon shares its name with a Novartis Pharmaceuticals medication for
Alzheimer's disease didn't matter to the utility. When it came to
electricity, the Exelon name was used first, and company officials warned
Xcel when it formed that there were confusing similarities. Xcel kept its
name anyway, and it nearly took a trip to federal court in Minnesota last
month to resolve the dispute. Xcel, which agreed in a settlement to use the
full Xcel Energy name, didn't originally think Exelon had a case -- or much
of a name, for that matter.
"Exelon sounds synthetic" and doesn't mean anything, Alan Carlson, Xcel's
trial lawyer from the Minneapolis firm Merchant & Gould, said before the
settlement. "Xcel is a powerful, great name." Asked recently about the
meaning of Exelon, co-CEO Corbin McNeill offered, "It promotes excellence."

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

Business; Financial Desk
California Reliant Sees Profit Double in 1st Quarter
From Bloomberg News

04/17/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company

Reliant Energy Inc., the owner of Houston's utility and a power supplier in
California and other states, said Monday that first-quarter earnings more
than doubled on higher profit from energy-trading and natural-gas businesses.
Profit from operations rose to $273.5 million, or 94 cents a share, from
$133.7 million, or 47 cents, a year earlier, Reliant spokeswoman Sandy
Fruhman said. Revenue more than tripled to $13.3 billion.
Soaring power prices pushed California's largest utility, PG&E Corp.'s
Pacific Gas & Electric unit, into Bankruptcy Court and may cost the state as
much as $70 billion in electricity-buying costs this year, lawmakers
estimate. Most of that money went to power sellers such as Reliant's trading
unit, which had a first-quarter operating profit of $216 million compared
with a $22 million loss a year earlier.
"It's driven principally by the way-over-average pricing environment in
California," Jefferies & Co. analyst Paul Fremont said.
Reliant shares rose $1.46 to close at $47 on the New York Stock Exchange.
Houston-based Reliant said last year that it would sell 20% of its
non-utility businesses, including wholesale power sales and energy trading,
to the public by early this year and spin off the rest to shareholders. The
$1.46-billion initial stock sale will take place early next month, Chief
Executive Steve Letbetter said Monday.
Rival power sellers Enron Corp. and Dynegy Inc. are expected to follow
Reliant later this week in reporting higher earnings.
Power prices along the California-Oregon border averaged more than $288 a
megawatt hour in the quarter, more than nine times the year-earlier average.
The high prices put generators at risk of not collecting payment from
utilities. Reliant set aside $38 million before taxes in the first quarter in
case it can't collect money owed for California power sales.

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

USA: Enron Corp. beats first-quarter targets.

04/17/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, April 17 (Reuters) - Energy marketing and trading giant Enron Corp
on Tuesday surpassed first quarter earnings estimates on across-the-board
increases in revenues, trading volumes and retail energy services contract.
The Houston-based company, North America's largest gas and electricity
marketer, reported first-quarter earnings per share of 47 cents per share,
compared to year-ago EPS of 40 cents. Wall Street analysts polled by Thomson
Financial/First Call had expected Enron, which also has Internet and
telecommunications businesses, to earn 45 cents per share.
Enron also raised its 2001 earnings target range by five cents, to $1.75-1.80
per share. In January, the company said it expected to earn $1.70-1.75 per
share. Enron also said it had a nearly threefold increase in year-over-year
revenues, from $13.1 billion in first quarter 2000 to $50.1 billion this
year.
Enron had suffered some setbacks during the first quarter, including the
dissolution of its marquee video on demand deal with Blockbuster Inc.,the
trimming of 20 percent of its broadband unit's staff and continuing payment
problems with the Dabhol Power Plant in India.
The wave of bad news prompted president and chief executive officer Jeff
Skilling to hold a mid-quarter conference call to soothe investor concerns
after the stock dropped into the $50s, its lowest level since January 2000
and well off its high of $90.56 last August. The stock closed at $59.44 on
Monday.

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

Enron Q1 EPS up 18 pct, raises FY recurring EPS forecast to 1.75-1.80 usd

04/17/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

HOUSTON (AFX) - Enron Corp said it has raised its recurring earnings
expectation for 2001 to a range of 1.75-1.80 usd per diluted share, up from a
forecast of 1.70-1.75 usd made in January.
The company disclosed today first quarter diluted earnings per share,
excluding nonrecurring items, of 47 cents, above the FirstCall/Thomson
consensus estimate of 45 cents.
The EPS figure was up 18 pct from the 40 cents posted during the first
quarter of last year and excludes a nonrecurring after-tax gain of 19 mln
usd, or 2 cents per diluted share, related to the required adoption of new
accounting standards, the company said. Revenues rose 281 pct to 50.1 bln
usd, up from 13.145 bln last
year.
Net income excluding nonrecurring items was 406 mln usd, up from
338 mln.
Jeff Skilling, Enron's president and chief executive officer, said:
"Enron's wholesale business continues to generate outstanding results.
Transaction and volume growth are translating into increased
profitability."

Retail energy services and broadband intermediation activities are "rapidly
accelerating", he added.
Energy volumes rose 65 pct to 69 trln British thermal unit equivalents per
day. New retail energy services contracts were up 59 pct to 5.9 bln usd.
Broadband network services delivered increased seven-fold.
jmp/jlw For more information and to contact AFX: www.afxnews.com and
www.afxpress.com

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

Financial Post: Editorial
Editorial
It's last call for Harris before the lights go out
Terence Corcoran
National Post

04/17/2001
National Post
National
C19
(c) National Post 2001. All Rights Reserved.

Premiers say the darndest things. Take Ontario's Mike Harris. "Throughout my
years at Queen's Park," Mr. Harris said in February, "I've always believed in
open, competitive markets because they help keep costs low for consumers and
encourage innovation." That was news to me. He may well believe in open
markets, but after 6 years in office Ontario's Tories have done nothing to
put those beliefs into practice. A dozen trees were privatized a few years
ago in Northern Ontario, but otherwise the Harris Tories have been absolute
slaves to the statist quo.
Name a sector: water, urban transit, education, health care, liquor, beer,
intercity bus service, public housing -- we haven't had one innovative idea
that might help open markets to competition. For most of the past six years,
the ideological lights have been on a dimmer in Tory Ontario. And time is
running out; if the Harris government doesn't soon make at least one move
toward competitive markets, there will be no reason for anyone to pretend any
longer that this Conservative government is anything more than another hack
Tory regime clinging to power.
The Harris government delivers a Speech from the Throne on Thursday, to be
followed that night by the Premier's Dinner, now the most successful annual
political fundraiser in the country. It will all look slick and controlled,
but unless the government makes a significant move to unravel at least one
government monopoly, it will all signify nothing. It would be a good time, in
other words, for the Harris government to make a clear statement on the one
agenda item they have actually prepared for, electricity deregulation. If
they don't do electricity, they might as well just turn the lights out at
Queen's Park and go home.
It wouldn't take much, just a sentence or two. Here's a draft: "This
government has always believed in open, competitive markets because they help
keep costs low for consumers and encourage innovation. That's why we're
determined to go ahead with our plan to open Ontario's electricity market to
competition by November of this year." That's it. End of statement. It might
be short, but it would galvanize activity in the power industry.
There are short-term practical reasons for the government to make such an
announcement. Most of the major players in the power sector are ready for a
market opening in November. Hydro One, the new provincial transmission
company, is anxious to move forward. Ontario Power Generation, which controls
most of the generating capacity in the province, is ready. The Independent
Market Operator, which will run the electricity exchange, has started the
clock ticking on a critical-path timetable aiming at a November start-up.
Many local power distribution companies, including Toronto Hydro, are already
promoting competitive retail electricity markets to a population that seems
willing.
By declaring November the official target date, the government would also
send a signal to some of the more reluctant corners of the province. Some
local municipal utilities, for example, may need direct prodding from the
province and the Ontario Energy Board.
But the more important reasons for making a commitment to November are longer
term. The main reason for opening up the market is to create a competitive
environment that will attract private power generating capacity. If
California has any lesson for Ontario, it is that new power generating
capacity is essential to meet rising demand. Delays in opening the market and
uncertainty have already stalled new investment. Kenneth Lay, the chairman of
Enron Corp. of Houston, said his company had planned to have a new generating
plant up and running this June, but stopped the project due to uncertainty
over deregulation. Ontario needs private-sector investment in electricity,
and without deregulation no investment will be made.
One alleged obstacle to November deregulation is the continued existence of
Ontario Power Generation, which controls about 90% of capacity. The
fashionable economic theory is that OPG should be broken up to create a
viable competitive market. Even if a breakup is desirable, that's no reason
to wait. Competition is competition. If the market is free and barriers to
entry are relatively low, the so-called threat of OPG's market power would be
quickly neutralized by aggressive competitors such as Enron.
At this point in its history, the Harris government cannot be expected to do
anything too radical. Do not buy shares in a company that plans to run school
boards or take over the Toronto Transit Commission. But most of the hard work
has already been done in electricity. With the flick of a switch, the Harris
government could turn its ideological lights back on. If it doesn't do
electricity, it will never do anything.

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

India: BMS hits out at Govt. policies
Our Special Correspondent

04/17/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

NEW DELHI, APRIL 16. Raising a war cry against the World Trade Organisation,
the International Monetary Friend, the World Bank and the Union Government
for anti-labour, anti-farmer and anti- poor policies, the Bharatiya Mazdoor
Sangh, trade union wing of the Sangh Parivar, today warned the BJP-led
National Democratic Alliance Government to either correct these policies to
protect the sovereignty of the nation and interests of its people, or face
the wrath of the masses.
The BMS demanded the scrapping of the Enron agreement and reversal of the
policy of privatisation of PSUs. It demanded a probe into the Enron deal and
probes into the privatisation of the Modern Food Industries and BALCO.
Addressing a rally at the Ramlila Ground here to mark the beginning of a
"mass movement" against the WTO and the "anti-
labour policies" of the Central Government, the BMS chief and founder of the
Bharatiya Kisan Sangh and Swadeshi Jagran Manch, Mr. Dattopant Thengadi,
bitterly criticisied the NDA Government for its "anti-national and
anti-people policies". He accused it of betrayal for giving in to the threats
of economically powerful nations and in the process sacrificing national
interests.
Opposed to MNCs
The fact that those leading the Government happened to be friends would not
deter the BMS from opposing the Government, Mr. Thengadi said; the BMS only
preached and practiced the objective policies of responsive cooperation. "We
will oppose the Government which opposes the interests of the nation, people
and its workers. We oppose multinationals. We will oppose the Government
which supports multinationals."
Referring to the concern expressed in certain quarters about the impact of
the movement on the future of the Government, Mr. Thengadi said, "Our rally
will not push out the Government. The Government is pushing itself out. If it
goes, it will go because of its wrong policies. Governments have come and
gone in the past too."
Mr. Thengadi said they were hoping that the Government would resist the
threat of sanctions from powerful nations controlling the WTO. This had not
happened. Instead of succumbing to such pressures and diktats, the
Government, he said, should challenge these nations to enforce sanctions. "We
might suffer initially, for about a year and a half at the maximum, and then
the economy would prosper again." His logic was "America needs India more
than India needs America"; if Vietnam could bring such a powerful country to
its knees, India could do it too.
'Form parallel WTO'
Asking the Government to quit the WTO, Mr. Thengadi said India should take
the lead in forming a powerful block of developing countries within the WTO
in order to secure favourable and equitable terms for continuing its
membership. He even suggested that the Government "take a bold initiative to
form a second WTO along with other developing countries to guard against
exploitation of the poor and the developing countries. Let it be a rival
WTO." And if the Government failed, "we will try to do it".
He said the trade union movement had gained in strength because of the
Government's wrong policies; the movement was emerging as a rallying point
for not only workers but also poor farmers, traders and common people. He
attacked the privatisation of even profit-making PSUs including BALCO. Like
Modern Food Industries, BALCO was sought to be privatised. He saw no
justification for such action.
He blamed politicians, bureaucrats and private vested interests for
manipulating the privatisation of PSUs which have been deliberately rendered
sick for extraneous considerations. He demanded a probe into the
privatisation of both these industries saying the deals smacked of
corruption. Similarly, the Enron deal should not only be scrapped but also be
probed and the guilty punished. While terming the Union Disinvestment
Minister, Mr. Arun Shourie, an honest man, Mr. Thengadi said the
privatisation of Modern Food Industries was "a fraud by bureaucrats".
Sinha, a 'criminal'
Attacking the latest budget initiatives, particularly the announcement that
contract labour as well as hire-and-fire policy would be permitted, Mr.
Thengadi called the Finance Minister, Mr. Yashwant Sinha, a "criminal". He
was guilty of a grave constitutional impropriety in that he made
announcements to change the Industrial Disputes Act and the Contract Labour
Act even as these issues were pending before the National Labour Commission.
Mr. Thengadi said Mr. Sinha had "committed a crime of encroaching upon the
legitimate jurisdiction of the Labour Ministry".
Like other Finance Ministers, he too was gripped by "amnesia" ever since he
assumed charge. Prior to him, Dr. Manmohan Singh, who had authored the report
on 'Challenges to the South' on economic colonisation, on becoming Finance
Minister started acting against what he had professed.
The national BMS president, Mr. R.B. Shah, criticised the policy of
privatisation saying the BJP before coming to power had swadeshi on its
agenda but unfortunately was pursuing the new economic policies more
vigorously. "For the implementation of these policies eight committees were
formed and no one from workers or farmers, who are the direct victims, were
taken on the committees. The BMS from time to time apprised the Government of
the real situation, but in vain." Workers from all over the country
participated in the rally and dispersed after burning an effigy of the WTO.

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

BALCO sale a fraud, Sinha a criminal: RSS veteran
The Times of India News Service

04/17/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

NEW DELHI: Dattopant Thengadi, veteran RSS leader and Prime Minister Atal
Bihari Vajpayee's contemporary in the Sangh Parivar, has challenged the
government to mend its economic policies or risk losing power.
In a vitriolic attack on the government's economic policies at a rally here
on Monday, Thengadi, who helped raise the Bharatiya Mazdoor Sangh, one of the
country's biggest labour organisations, called Finance Minister Yaswhant
Sinha a ``criminal'' for usurping the labour ministry's constitutional rights.
In a speech dripping with sarcasm, Thengadi's attack on Vajpayee's charisma
and image was thinly veiled. He opened his speech with a reference to media's
capacity to do ``image building.'' Quoting from management guru Peter
Drucker's book Beware of Charisma, Thengadi said: ``A country cannot progress
merely by building one or two persons' image. Stalin, Hitler and Mussolini
are examples of image-building destroying personalities and their
organisations.''
The 81-year-old Sangh leader sought a committee to enquire into the
profitability of public sector companies. ``I want to testify before an
enquiry that bureaucrats are deliberately turning the public sector companies
into loss-making.'' He accused bureaucrats of making their own deals with the
new promoters and ensuring the PSUs' sale to these private promoters.
``Modern Food was sold for a throwaway price, now it is sick. The same fate
awaits BALCO. Arun Shourie is an honest minister, but there was pressure from
above and bureaucrats too misled him. It (BALCO sale) is a fraud,'' he said.
Though not named, External Affairs Minister Jaswant Singh, who was finance
minister in Vajpayee's 13-day government, too was not spared. Referring to
that BJP government, Thengadi asked, ``Who gave Enron the counter-guarantee?
Enron deal should be scrapped, those who agreed for it should be identified
and punished.'' As finance minister, Jaswant Singh had agreed to the
counter-guarantee.
Thengadi was blunt in his warning to the government: If the government wants
to protect multinational companies, drive the farmers and small-scale
industrialists to suicide by flooding the market with cheap imports, and sell
off profit-making public sector companies, the people will pull down the
government.
The choicest rebuke was reserved for Finance Minister Sinha. Reminding Sinha
of his Swadeshi Jagran Manch (Thengadi founded SJM too) days, Thengadi said
whoever occupies the finance minister's seat suffered from amnesia after
assuming office.
SJM had met in Nagpur shortly before the BJP came to power. Sinha as part of
the central leadership vociferously opposed to India joining the WTO and, in
fact, wanted the country to quit WTO. ``I am in search of a medicine to treat
him for amnesia. They suddenly forget what they are, where they have come
from, and what they are wearing. Sinha has encroached upon the jurisdiction
of the labour ministry while making 85 lakh people vulnerable to the hire and
fire policy. It is a crime against the Constitution. He is a criminal
minister,'' Thengadi said.
Even Thengadi's call for a rival World Trade Organisation was well argued. He
said he has information about an attempt to form a developing countries'
caucus within the WTO. He argued that India as the largest developing nation
should lead this caucus, fight ``the club of fraudulent countries, who have
put the WTO together for their interests.'' The rival WTO, Thengadi said,
``is a reality which will happen despite the government's wishes.''

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

Business on the Web

04/17/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

DIGITAL CAPITAL - Harnessing the power of business webs: Don Tapscott, David
Ticoll and Alex Lowy; Nicholas Brealey Publishing, London. Distributed by
Rupa and Co; Post Box No. 12333, 15, Bankim Chatterjee Street, College
Square, Calcutta- 700073. 11.99.
AT THE height of its popularity - and commercial success - as the preferred
chip to put under the hood of your PC, Intel's Pentium processor suffered a
body blow, a few years ago, that the company will not easily forget. A small
glitch in how the chip performed floating point calculations - and Intel's
initial arrogant and hamhanded treatment of customer complaints - resulted in
a barrage of adverse publicity spreading like wild fire across the Internet.
Jokes were posted and gleefully exchanged among Intel users: "What's the
difference between a nine-year-old kid and the Pentium chip? A nine-year-old
can do long division." The company learned the hard way about brand
vulnerability in the digital economy and had to do some costly firefighting
before it regained lost ground.
Making money in the Internet Age is more than a mere matter of "attracting
eyeballs" to one's e-commerce website. Tapscott, Ticoll and Lowy are
respectively, Chairman, CEO and MD of Alliance for Converging Technologies, a
firm of e-biz consultants. Together they have pooled their considerable
experience to write a fast-paced, survival guide for those who have ambitions
of surviving and profiting from the new Internet way of doing business.
The authors define digital economy as the internetworking of three types of
knowledge assets: human capital (what people know), customer capital (who you
know) and structural capital (how what you know can be built into the
business system). To drive home the point they review how the Internet has
become an awesome structure for collaboration, with "apps on taps" -
application tools aplenty. It has created new "mantras" like "Content is
king" and made possible hitherto unworkable business practices like
"coopetition" - companies that cooperate in some areas to compete with each
other, in a larger arena.
The book provides some striking stories of companies that have leveraged
these new models to create success stories - the auction sites like "e-Bay",
online book sellers like "Amazon", air travel bargain ticketing like
"priceline" and direct selling of "made to order" PCs as pioneered by Dell.
It also analyses how a power supplier like Enron has reinvented itself as a
provider of broadband telecom services; how a "rogue" airline operator like
Virgin, encashed its considerable goodwill to set up a Tele-bank.
The errors of the pre-Net years are recalled to underline how essential it
has become for e-commerce players to give up competing on "petty, parochial
and proprietary differentiators". The classic case of corporate shame was how
the software giants in the 1980s lost the opportunity of coming together and
creating a truly customer-friendly operating system with Unix, because of
their predatory and monopolistic pricing tactics. The mindset of that
generation of proprietors was shaken; but like James Bond's martini, not
stirred. The authors suggest that with Linux, the new "open" system created
by a Finnish student, that mistake is not about to be repeated.
The book is prescient in some notable ways; it warns of the dangers of
aggressive patent regimes in a nascent technology, quoting some bizarre
recent cases; companies trying to patent Internet selling models like
e-auctions, or bargain airfares, which they compare to a notorious surgeon in
the U.S. who patented a new technique in cataract surgery and tried to
prevent others from using it.
However, in the few months since the book was written, some of the top stocks
in Nasdaq - like Amazon, Yahoo and e-Bay - have faced hard times and the
gleaming success stories begin to appear a mite tarnished. It only underlines
the central theme of this stimulating, consistently readable book that the
digital economy is central to today's competitive commercial strategy. The
best ones succeed, but many fall by the wayside of the Information
superhighway.
ANAND PARTHASARATHY

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

Centre appoints conciliator for DPC arbitration
Santosh Tiwary NEW DELHI

04/17/2001
Business Standard
2
Copyright (c) Business Standard

The Centre has appointed Justice B P Jeevan Reddy, chairman, Law Commission
as its conciliator to find a solution to the payment problem between Dabhol
Power Company (DPC) and Maharashtra State Electricity Board (MSEB).
DPC had appointed Lawrence Street, former chief justice of New South Wales,
Australia as its conciliator last week. The Enron-promoted company issued a
notice for conciliation or arbitration to the Centre on 4 April for not
honouring its counter-guarantee for MSEB's December bills of Rs 102 crore.
Finance ministry sources said that the government has already informed DPC
about Justice Reddy's appointment as its conciliator. DPC sources confirmed
that the company had received a communique in this regard from the Union
finance ministry.
"Both the parties will soon sit together and appoint an independent
conciliator to complete the job within a time-frame of 60 days," said a DPC
spokesperson.
Issuing the notice, DPC had said, "This step was necessary in order to
preserve our rights in the project, and to ensure that all parties honour
their existing contractual obligations."
The notice to the Centre was issued by DPC after the former conveyed to the
company that until the availability penalty issue was resolved, it did not
intend to pay the December bill under the counter-guarantee.

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

Dabhol slaps one more notice on Maharashtra
Our Corporate Bureau Mumbai

04/17/2001
Business Standard
1
Copyright (c) Business Standard

The game of notices and counter-notices continues. The Enron-promoted Dabhol
Power Company (DPC) has fired a fresh salvo at the Maharashtra government by
slapping another arbitration notice. This time it is for not honouring the
state government guarantee for the January 2001 and December 2000 bills.
DPC stated in a communique, "DPC has issued a notice of arbitration to the
government of Maharashtra for failing to honour its obligations. The state
government repeatedly failed to honour its guarantee including towards there
December 2000 and January 2001 bills and in respect of interest on late
payments."
"This action is one of a number of steps DPC is taking to protect its rights
and the rights of its stakeholders. Other recent actions included declaring
political force majeure under the power purchase agreement and calling upon
the government of India to commence the conciliation process over their
failure to honour the counter-guarantee for December, 2000," the notice said.
"We will give DPC an appropriate reply soon," said a senior state government
official, reacting to the DPC missive. The notice has caught power industry
observers by surprise as the Union government and DPC are trying to resolve
the counter-guarantee tangle on the December bill through the conciliation
process.

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


Jeff,

Here are some bullets for your review and comment.  These are for discussion
purposes only and not for physical distribution.

Scott

 - BONDING BULLETS.doc


Stacey Neuweiler provides trader support to the Texas Gas Trading group.  She
currently occupies EB 3137J.
Her extension is 3-3952.  Please give her access to a recorded line.

Ami Chokshi also provides trader support to the Texas Gas Trading group.  She
currently occupies EB3130H.
Her phone extension is 3-9272.  Please give her access to a recorded phone
line.

Many thanks,
Barbara Lewis


Louise,

Those numbers are impressive without a doubt.  The success has had the
unfortunate consequence of showing the limits of our current internet
technology.  The delays in messages from the stacks to the website have
gotten worse in recent weeks.  This is only anecdotal evidence but as a
trader on the system it has been very frustrating.

Regards,

Pete Keavey


Done.

"PARKER, Isabel" <isabel.parker@freshfields.com> on 05/01/2001 12:40:11 PM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>, gregorylang@paulhastings.com
cc: ccampbell@kslaw.com

Subject: RE: GE Legal Opinion

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify us
immediately by reply e-mail and then delete this message from your system.
Please do not copy it or use it for any purposes, or disclose its contents to
any other person:  to do so could be a breach of confidence.  Thank you for
your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

I am indifferent so long as whoever signs is authorized and we have an
incumbency certificate covering them.
Thanks
Isabel

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Tuesday, May 01, 2001 12:27 PM
To: PARKER, Isabel; gregorylang@paulhastings.com
Cc: ccampbell@kslaw.com
Subject: RE: GE Legal Opinion

Isabel and Greg,

I'm having a logistical problem.  The only managing director of Salmon is
not in the office today.  I can have the membership certificates signed by
(1) a vice president or (1)  the managing member or (3) elect a new
managing director.  What's your preference?

Kay


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 02/05/2001 05:57 PM -----

	"Olana Gallery" <olana@bestweb.net>
	01/10/2001 10:35 PM

		 To: <sara.shackleton@enron.com>
		 cc:
		 Subject: Confirm ABE Book Order: Phillip Pavia Exhibition.

 The Advanced Book Exchange has forwarded the following order.
This is only a confirmation of your order ... the book seller will contact
you shortly to confirm this book's availability.  No response is required.

Author...... Pavia, Phillip.
Title....... Phillip Pavia Exhibition.
Publisher... Washington, DC: Washington Gallery of Modern Art. 1966.
BookId...... 1660
Price....... 27.50

ExCat. Paper.
Terms....... Cash with Order, No credit cards
Reternable within 10 days unless other wise noted

To.......... Olana Gallery
2 Carillon Road
Brewster, NY
U.S.A., 10509
(914) 279-8077
Fax......... (914) 279-8079
Email....... olana@bestweb.net

Your comments were as follows:
Is this catalog in stock? What is the condition?  Have you others including
Pavia?
How about Donald Judd or Linda Benglis?

This mail was created 10/Jan/01 20:13 and postmarked 10/Jan/01 20:35.


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 04/03/2001
07:59 AM ---------------------------

"Matt Lenhart" <mlenhart@houston.rr.com> on 04/03/2001 05:49:07 AM
To: <matthew.lenhart@enron.com>
cc:

Subject:

?
 - Outkast -Sorry Ms 11Jackson .mp3


Please update with other info.

Jim


Donna and Shane,
As I mentioned to you previously, Gerald Nemec will be handling the trading partner agreements upon my departure. His extension is  33512. As has been the practice in the past, Gerald should initial all trading partner agreements and any amendments prior to execution by a VP. I understand that Suzanne Calcagno has initialed some of these agreements without authorization from legal and while I understand she has recently received her law degree and awaits bar results, since she is not part of our legal department we would ask that you continue to abide by the procedures we have set in place to come through our legal department  until such time as Barbara Gray authorizes a different procedure. If you have any questions about that please feel free to contact Barbara Gray at ext. 36832.

Thanks and it has been a pleasure working with you!