New Mix Needed to Fuel Energy Future
Los Angeles Times, 05/20/01

Developing Energy Bill Ignites Power Scramble
The Washington Post, 05/20/01

Few flip the switch on electricity trial / Pilot program previews deregulation
Houston Chronicle, 05/20/01

Electric deregulation fails to excite residential customers
Associated Press Newswires, 05/20/01

Qatar Oil Min: Talks Progressing On Gas Exports To Kuwait
Dow Jones Energy Service, 05/20/01

IRAN: OPEC unlikely to alter output at June meet-Qatar.
Reuters English News Service, 05/20/01

India: Enron serves termination notice
The Hindu, 05/20/01

India: Centre to wash its hands off DPC?
The Hindu, 05/20/01

India: Notice improper, says Deshmukh
The Hindu, 05/20/01

Business; Financial Desk
JAMES FLANIGAN
New Mix Needed to Fuel Energy Future
JAMES FLANIGAN

05/20/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company

For all the debates about President Bush's national energy policy, the issues
are more simple than complicated.
The most basic fact pushing the new policy is an Energy Department projection
that U.S. use of electricity will grow seven times faster in the next two
decades than it has in the last 10 years. And, of necessity, that growth will
have to be satisfied with a different mix of fuels.
Today 52% of the nation's electric power is generated by burning coal and 16%
comes from burning natural gas.
But natural gas is the growth element, projected to supply 33% of U.S.
electricity 20 years from now. Coal will continue to be the largest factor in
electricity generation, the Bush plan states, but its role will decline
because of environmental considerations.
Techniques already in use--such as turning coal to gas before burning--can
eliminate most of the polluting sulfur and nitrogen oxides. But coal's
inefficient combustion generates high levels of carbon dioxide and
accompanying concerns about global warming, so its use will be in relative
decline.
That's why the energy policy talks of increasing the use of nuclear power,
which supplies 20% of U.S. electricity. And that's also why the heart of the
program supports exploration for natural gas and the building of pipelines to
increase the availability of that efficient, relatively clean fuel.
Why is energy use projected to rise faster than it has in the recent past?
Because the use of computer networks that today control the functioning of
most institutions in society--companies, schools, government--is already
increasing. Such networks demand electric power that is far more reliable
than ever before. And those demands have pushed the infrastructure of
transmission lines and other facilities to the breaking point.
So a major thrust of the new policy is to support the modernizing of
transmission systems and other infrastructure.
The plan's very existence is positive, business people say. It's an antidote
to local bickering.
"We now have a plan about energy expansion, so a national dialogue can
begin," says Mark Stevens, head of strategic planning for Fluor Corp., a
major engineering and construction company based in Aliso Viejo in Orange
County.
The new policy offers a stark contrast to the past. During the last major
energy crisis, which began with the 1973 oil embargo, government policy aimed
to allocate scarce resources. Utilities were restricted from burning natural
gas to produce electricity, for example. Now the aim is to increase
production of fuels and energy.
A sure consequence will be lower prices for oil and natural gas within a few
years, energy experts say. From current levels of $4 to $5 per thousand cubic
feet, natural gas "will be selling for $3 to $4 by 2003," says Thomas
Robinson of Cambridge Energy Research Associates.
Such price levels, however, still will be more than double those of most
years in the last decade. So the businesses of exploration, production and
delivery of natural gas will remain brisk. Current U.S. consumption of
natural gas is nearly 23 trillion cubic feet a year, up 21% from a decade
ago.
Pushed by such demand, industry is investing in major projects--such as the
natural gas pipeline from Prudhoe Bay in northern Alaska down through Canada,
on which design and engineering are underway.
Oil field and gas service companies such as Halliburton Co. and BJ Services
Co. have been working flat out for more than a year. Companies that survived
lean years when oil and natural gas prices were low, such as Global Marine
Inc., now are thriving.
Under the Bush proposals, exploration for natural gas in the Rocky Mountains
and other land areas would increase. That would mean even more work for
drilling and production companies such as Helmerich & Payne Inc., Noble
Affiliates Inc. and Noble Drilling Corp., which have been reaping higher
sales and earnings after half a decade of lean times.
Imports of natural gas will grow. Mexico's natural gas, now being flared as
it comes up with oil in the Bay of Campeche, surely will find its way north
to markets in the U.S. and northern Mexico, either as liquefied natural gas
or through pipelines that will be constructed.
A main thrust of the Bush proposals will be to modernize and expand electric
transmission lines. And here again the new policy is focused on programs
already underway.
The Federal Energy Regulatory Commission is working to set up new kinds of
private companies, called regional transmission organizations, that would buy
transmission lines from investor-owned and municipal utilities and ultimately
meld them into a national grid.
Such RTOs, financed by institutional investors, would increase the flow of
electricity across the country and, in theory, eliminate bottlenecks. That
would enhance the growing practice of many utilities and companies such as
Enron Corp. of trading electricity in financial futures markets. PG&E Corp.
and Sempra Energy, the holding companies for two of California's three big
investor-owned utilities, operate large power trading businesses.
But legislation would be required to establish RTOs and to acquire local
transmission lines, and that issue should lead to pitched battles in
Congress.
With its devotion to infrastructure, the White House energy plan is certain
to give increased work to engineering and construction companies--Fluor,
Bechtel Group Inc., Jacobs Engineering Group Inc., URS Corp. and Washington
Group International Inc.--that already have heavy backlogs.
"We'll be hiring engineers," says Fluor's Stevens--if he can find them.
The numbers of engineering graduates from U.S. universities have been
declining, but as a result of opportunities presented by the Bush energy
program, enrollments in engineering schools could increase. Or U.S. companies
could draw on engineering expertise at their subsidiaries in Asia and Europe,
where engineering graduates still are in abundance.
Bush's energy plan, if most of its proposals win approval in Congress, would
serve as a catalyst for investment in electric power generation and oil and
natural gas production, as well as research on coal, nuclear and, to a lesser
extent, wind and solar power and other forms of renewable energy.
Such investment always has a ripple effect on other industries. Even in the
1970s, this brought surpluses and lower prices for energy, which benefited
companies in sectors as diverse as chemicals, food processing and tourism.
That is this plan's aim also, as we look ahead to "interesting times," in the
Chinese proverb's ambivalent phrase, for U.S. energy prospects and the
economy.
*
James Flanigan can be reached at jim.flanigan@latimes.com.
(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)
Energy Disparity
Fuel sources for electricity in California and other states contrast sharply.
California burns less coal but uses more renewable energy--chiefly wind,
solar and geothermal power.
Sources: California Energy Commission, U.S. Department of Energy

GRAPHIC: Energy Disparity, Los Angeles Times;

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

A Section
Developing Energy Bill Ignites Power Scramble
Dan Morgan and Peter Behr
Washington Post Staff Writers

05/20/2001
The Washington Post
FINAL
A01
Copyright 2001, The Washington Post Co. All Rights Reserved

As Congress begins turning President Bush's energy plan into legislation in
coming weeks, some of the biggest battles will be between regions, industries
and companies maneuvering to protect old advantages -- or carve out new ones
-- with the help of powerful mentors on Capitol Hill, according to
congressional and industry officials.
The wide mix of players includes big coal-burning utilities in the South and
Midwest; companies that broker or sell power over the Internet to the highest
bidder; huge public power providers such as Tennessee Valley Authority; rural
and municipal cooperatives that enjoy grass-roots political support dating to
the New Deal; and others.
At the same time, the debate between cleaner-burning gas and dirtier coal,
the Northeast vs. the Midwest, and Enron Corp. vs. Southern Co., could be as
pivotal as the better publicized battle pitting environmentalists against
advocates of more robust energy development.
"That's what the Congress is all about, melding this all into a consensus
package," said Rep. Joe Barton (R-Tex.), chairman of the House Energy and
Commerce Committee panel that will draw up legislation to restructure the
industry.
That will be no easy task, according to members of Congress, aides and
officials of the electric utility industry.
Although the electrical power industry agrees broadly on the need for more
oil and gas exploration and new investments in transmission lines and
pipelines, crafting legislation is certain to bring out festering
disagreements, according to congressional officials.
There are divisions over environmental policy, the pace of mergers and
consolidation, and the speed at which the country should move toward a
national electricity grid in which the flow and price of power are determined
by the laws of supply and demand. The administration's proposal to give the
federal government broader authority to dictate the location of transmission
lines could set up clashes with governors and advocates of states' rights.
None of that takes away from the indisputable influence of the nation's power
industry. Electrical utilities and their employees gave $18.9 million to
political parties and candidates in the last election, double the amount in
1996. Bush received $447,089 of this amount, and Barton and other members of
the House and Senate energy committees in both parties also collected hefty
sums.
But whether the strong political connections will enhance chances for a
broad-based energy bill this year, or increase the likelihood of a stalemate
between powerful but divergent interests, is still unclear, according to
sources.
"It's a political hornet's nest," said a senior Republican with close ties to
the utility industry.
The Bush plan, for example, holds out the possibility of regulatory relief
for midwestern and southern coal-burning utilities that have been sued by the
Environmental Protection Agency for allegedly violating air quality rules for
old power plants.
The notion infuriates environmental groups and has been sharply attacked by
Democratic politicians. Rep. Edward Markey (D-Mass.) called the plan a
"Trojan horse to take health and environmental laws passed in the last
generation off the books."
"The plan seems to favor the older and dirtier base-load coal plants in the
southern and midwestern states," said Rebecca Stanfield, a lawyer with the
U.S. Public Interest Research Group.
But some of the strongest opposition to relaxing enforcement procedures comes
from eastern utility companies that burn clean natural gas, or have complied
with stringent state environmental codes.
Rep. Frank Pallone Jr. (D-N.J.), who serves on the environmental subcommittee
of the Energy and Commerce Committee, charged that the Bush plan would add to
pollutants from Midwest power plants being carried to the Atlantic Coast by
easterly winds. At the same time, he said, "it's wrong because you required
utilities to meet more stringent standards and that's what they did. . . .
It's not fair regionally."
"It doesn't have to be bloody, but there's certainly going to be a fight," he
added.
"The regional tensions are in play with the Bush approach because it doesn't
create a level business playing field," said Joseph Miakisz of the Clean
Energy Group, which represents eight eastern utilities. Without clear
emission targets for key pollutants, he said, the Bush reform will not solve
the problem.
The Bush administration plan sets out as a long-term objective a national
grid for electricity in which prices would be determined by free-market
forces. But coming on the heels of the California electricity crisis, some
politically-powerful groups view such a deregulated system with renewed
skepticism.
Glenn English, a former Democratic congressman from Oklahoma who is chief
executive of the National Rural Electric Cooperatives Association, said he
could support a national grid, but only if cooperatives and other consumers
have a say in "how it it is built and who is going to control it."
At the prodding of the Federal Energy Regulatory Commission, utilities and
states have begun setting up Regional Transmission Organizations (RTOs) to
make decisions on the building of transmission lines and arbitrate between
old-line utilities and new "merchant" companies that are vying to sell power
over utility-owned lines.
The concern of English and others is that big conglomerates will end up
controlling the RTOs, diluting the voice of smaller local groups. Without
extensive consumer protections, he said, his organization also opposes a
provision of the Bush plan that would repeal a 1935 law that makes it
difficult for utility companies to acquire other utilities outside their home
districts.
The issue pits cooperatives against many of the nation's largest
investor-owned utilities, which favor repeal of the Public Utility Holding
Company Act (PUHCA). Among those who have lobbied for repeal is famed
investor Warren Buffett, whose Berkshire Hathaway Co. has a stake in
MidAmerican Energy Holdings Co.
But with member-owned rural cooperatives in 46 states and more than half the
435 congressional districts, English's organization can count on a hearing
for its views. "The public power people have to be factored in and will be
before this is over," said former Democratic congressman Vic Fazio (Calif.),
now a lobbyist.
For Northwest senators from states with plentiful hydroelectric power, the
goal will be to preserve power systems that, until the California crisis,
delivered a kilowatt hour of electricity for less than half what it costs in
New England. Protecting northwestern electricity customers from price spikes
resulting from power diversions to California could conflict with the drive
for further deregulation and a more seamless electricity grid.
To ensure a hearing for their views, major corporate interests have lined up
an array of former members of Congress to lobby on their behalf.
Former representative Susan Molinari (R-N.Y.) is working for Exelon, a newly
consolidated utility that serves Illinois and Pennsylvania. Alison McSlarrow,
former deputy chief of staff to Senate Majority Leader Trent Lott (R-Miss.),
has signed on to work for repeal of PUHCA. British Energy Co. has hired
lobbyist Thomas Boggs and former representative Gregory H. Laughlin (R-Tex.).
Former senator J. Bennett Johnston (D-La.), who once chaired the Senate's
Energy and Natural Resources Committee, has been rallying support for nuclear
power.
Enron Corp. Chairman Kenneth L. Lay, a major GOP contributor and fundraiser
for Bush, has emerged as a leading advocate for deregulation and an open
energy market, a strategy that fits with Enron's business as a major
electricity trader and operator of interstate natural gas pipelines.
Lay contended in an interview that FERC has authority "to impose
non-discriminatory, open access rules on the grid. . . . We think FERC needs
to step in and impose rules across the country."
But any energy reform will have to take into account the political power of
Atlanta-based Southern Co., which has been far more cautious about embracing
the movement toward deregulation. Southern Co. operates its own unregulated
electricity trading company, Mirant, which has participated in California and
other states outside the South. But Southern Co. has been slow to open its
regulated home markets in the Southeast to penetration by Enron and other
marketers, industry sources said.
Southern is represented in Washington by former Republican National Committee
chairman Haley Barbour. Through Barbour, a Mississippi native, and
Mississippi Power, a Southern Co. subsidiary, the utility has long enjoyed a
close relationship with Lott, sources said. Southern Co. contributed $100,000
to the Bush-Cheney inaugural fund. It has given more than $565,000 to GOP
organizations since 1997.
In key aspects, the Bush energy proposal represents a victory for the utility
in its campaign for "flexibility" in the enforcement of environmental rules.
It calls for a review of EPA's pending lawsuit against Southern and other
companies, charging they illegally modified coal-burning power plants to
avoid a review procedure that could have required costly investments in
pollution-control systems.
Administration officials argue that rigid enforcement of environmental rules
is thwarting a needed growth of coal-fired power generation. But whether the
administration will ultimately prevail is uncertain. Several utilities have
settled the EPA lawsuit. Natural gas utilities, which account for most of the
new generating capacity added in the last decade, have no interest in seeing
environmental requirements relaxed for coal-burning utilities that,
increasingly, are their competitors for customers.
The environmental split is even more graphically illustrated in an internal
industry dispute over the administration's opposition to including carbon
dioxide, a main culprit in global warming, as part of a "multi-pollutant"
solution to emissions by coal-burning power plants.
Southern supports the administration position, though it says it favors
"useful, fair measures to address greenhouse gas emissions." But Ohio-based
American Electric Power Co., one of the nation's largest coal-burning
utilities, has joined the Business Environmental Leadership Council, which
favors taking action to address global warming.
AEP's chairman and president, E. Linn Draper Jr., has championed steps to
reduce carbon emissions within the company's own operations. AEP, Cinergy and
other big utilities have also discussed a "multipollutant" approach with
environmental groups, in hopes of gaining greater certainty about their
requirements for anti-pollution investments over the next decade.
"We're not green, but we are realistic," an AEP spokesman said.

http://www.washingtonpost.com

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

A
Few flip the switch on electricity trial / Pilot program previews deregulation
LAURA GOLDBERG
Staff

05/20/2001
Houston Chronicle
2 STAR
1
(Copyright 2001)

Consumers aren't exactly fired up over an important test of the state's shift
to electricity deregulation.
A pilot program scheduled to start next month is drawing far fewer
residential electricity customers than the state hoped.
The participation rate across Texas for individual consumers was just 21
percent of its goal as of last week. Houston's rate was higher, at 45
percent, but still short by thousands.
Stakeholders in the deregulation process say no one should panic yet,
offering a variety of reasons for consumers' slow embrace.
Among them:
It takes time to persuade people to try something new.
People don't know about the pilot or are confused by the choices.
The sticker shock of air-conditioning-driven summer bills has yet to arrive.
California's power woes.
"The public is confused by the situation in California, even though we have
been trying to get the word out that their deregulation system is much
different than the Texas plan," said Texas Sen. David Sibley, R-Waco,
co-author of the state's deregulation law. "The second reason is inertia. You
are asking people to take the time to shop around for a new provider and
understand the program."
The pilot program marks a significant milestone in what is soon to be a huge
change in the way Texans think of electricity.
In 1999, state lawmakers voted to open the market to competition, with
supporters saying deregulation would result in lower rates and improved
service.
Under deregulation, Houstonians will no longer be forced to buy power from
Reliant Energy HL&P.
Instead, other companies will compete for their business. So far, six new
electric providers are offering service here, with a variety of rates. Others
are expected to enter the market.
No one will be forced to switch, and those who don't will keep getting power
from Reliant.
Before throwing the market open Jan. 1, the state has decided to let a
limited number of residential and business customers buy from new companies.
All the players - regulators, the operator of the state's power grid,
electric providers, utilities - can test computer systems and operating plans
during the pilot.
Originally, those who signed up with new electric providers were to start
getting service in early June. Last week, the state's power- grid operator
delayed the date to July 6 to give itself more time to change computer
systems.
State officials had hoped 5 percent of residential customers of
investor-owned utilities would try new electric providers for the test.
Customers can still sign up during the pilot program, which ends when full
deregulation starts.
Of the residential slots, the vast majority are for individuals and the rest
for those who join power-buying groups or pools.
Statistics tallied last week by the Public Utility Commission showed:
Statewide, 43,356 of the 205,025 spots for individuals, or 21 percent, had
been taken.
In the Reliant HL&P service area, 27,017 of 60,106 spots for individuals, or
45 percent, had been taken.
In Dallas-based TXU Electric's service area, 15,962 of the 90,636 spots for
individuals, or 18 percent, had been taken.
The PUC hasn't tabulated the numbers for buying pools but said participation
has been low so far.
Still, several retail providers said they were happy with their customer
numbers for the pilot.
"Our sign-up rate has far exceeded our wildest expectations," said Jim
Niewald, director of marketing with First Choice Power, a unit of the
Texas-New Mexico Power Co.
In many cases, providers haven't yet launched full marketing blitzes. For the
moment, several are going after customers only in limited areas such as
Houston and Dallas. Once January nears, advertising and target areas are
expected to expand.
Electricity provider Entergy Solutions, the retail arm of New Orleans-based
Entergy Corp., is doing a small amount of advertising for now.
"We are using the pilot much like it was intended, to test systems and
processes," said Jim DeLong, Entergy's vice president of retail markets.
"We've had some modest goals on customer counts."
Marketing campaigns under way include mailers, billboards and newspaper ads.
NewPower Co., a partnership of Houston-based Enron Corp., America Online and
IBM, is mailing various offers to homes, including one for free Continental
Airlines frequent-flier miles, while Green Mountain Energy Co., which sells
only wind-produced power in the state, has set up information booths at local
events such as the Texas Crawfish Festival.
The state is also doing an educational campaign, including putting
information on its Web site at powertochoose.org.
Consumers who want to switch must sort through various rate offers, which can
be confusing. State officials recommend that they ask each provider for its
"electricity facts label," which should provide apples-to-apples price
comparisons.
Texas is also battling against consumer identification with California, the
site of power blackouts and skyrocketing rates.
"People hear the phrase `electric deregulation' and equate our plan with the
California situation, even though they are very different," Sibley said.
In addition to different deregulation systems, Texas has more than enough
power-generating capacity, while California has a shortfall. A number of new
plants have been built in Texas in recent years, others are under
construction, and more are planned.
Houstonians have been signing up for the deregulation pilot program at the
highest rate in the state. Residents here probably know more about the
subject.
"Houston tends to be a more energy-aware city just because so many people
work in the industry," said Brett Perlman, a PUC commissioner from Houston.
The Reliant Astrodome is also influencing some people. Last year, Reliant
Energy agreed to a $300 million naming-rights deal for every building at the
Astrodome complex, including the new football stadium.
When the deal was announced, some Reliant HL&P customers were angry about the
price tag as their rates increased. The parent company defended the deal,
explaining that the money comes from a separate, unregulated part of its
business.
Niewald, at First Choice Power, said a "significant number" of people have
said the stadium deal motivated them to switch from Reliant to his company.
Separate slots were also reserved for commercial and industrial customers to
participate in the pilot. In many areas statewide, a lottery was held because
more than enough nonresidential customers signed up.
"Businesses make these kinds of decisions all the time, whether it be coffee
or copiers. They will switch if there is economic value," said Tim Vail,
NewPower's vice president of energy technology solutions. "Consumers have a
different view, much more of an emotional sale."
Once full deregulation occurs, the worst-case scenario would be that
consumers refuse to sign up for new providers, companies leave the
residential marketplace and rates rise or don't fall because there is no
competition.
But those involved with deregulation say the pilot participation rate is no
reason for worry.
"We really need a dozen people to make sure the system works," said PUC
Chairman Pat Wood.
Once summer electricity bills start arriving in mailboxes, he predicted,
consumers will be clamoring for a change. "Ask me in August," he said.
Wood said he probably would be concerned if the goals of the residential
pilot program haven't been met in Houston and Dallas by the end of the year.
To Janee Briesemeister, a senior policy analyst in the southwest region of
Consumers Union, the pilot participation rate does signal something.
"It foretells that the market will be slow to develop for residential
customers and residential customers will be slow to embrace it," she said.
. . .
New power flow
Beginning this summer, residential electricity users who have signed up with
the state's deregulation pilot program will be able to buy their electricity
from several providers. How electricity will get from generator to customer:
1. Household
The customer buys electricity from a Retail Electric Provider in Houston,
residential customers may choose from competing companies entering the market
or stay with their current provider (Reliant Energy/HL&P).
2. Retail Electric Provider
The Retail electric Provider buys power from deregulated generating plants.
3. Generation companies
Generators produce electricity and feed it into the state's power grid.
Nearly all of the electricity used in Texas is production in this state.
4. Transmission lines
Electricity flows over the same, regulated power lines and distribution poles
that are used today. The Electric Reliability Council of Texas - or RECOT -
will continue to schedule the flow of electricity for the region after
competition is introduced in the market.
. . .
Power choices
Here are alternatives to Reliant HL&P in the Houston area:
Entergy Solutions
1-866-368-3749
www.entergy-solutions.com
First Choice Power
1-866-4-MyChoice (1-866-469-2464)
www.FirstChoicePower.com; www.EnergyWithASmile.com
Green Mountain Energy Co.
1-866-GREEN-TX (1-866-473-3689)
www.greenmountain.com
The New Power Co.
800-NEW-POWER (800-639-7693)
www.newpower.com
Shell Energy
1-800-24-SHELL (1-800-247-4355)
www.shellenergy.com
TXU Energy Services
1-877-460-7066
www.txu.com
For more information Public Utility Commission www.powertochoose.org.
1-866-PWR-4-TEX (1-866-797-4839) Hearing impaired: 1-877-864-4725

Photo: 1. Greg Guenther, left, and Jerry Douglas work at the Taylor
operations center of the Electric Reliability Council of Texas. The role of
ERCOT, which operates the state's power grid, in the delivery of electricity
will expand once deregulation begins (color); Graphs: 2. New power flow
(color, text); 3. Power choices (b/w, p. 21, text); Photos: 4. Modern wind
turbines employed to generate power stand next to a distant technological
ancestor near Big Spring. In deregulating Texas' electric utilities, the
state is hoping it will encourage the development of more sources of
renewable energy like these (b/w, p. 21); 5. Green Mountain Energy
representative Julainne Gustafson-Lira talks with Lynda McKay, left, and
Richard Hooper about the advantages of wind-powered energy at the company's
booth at the Texas Crawfish Festival in Old Town Spring last week (b/w, p.
21)

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

Electric deregulation fails to excite residential customers
By DAVID KOENIG
AP Business Writer

05/20/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

DALLAS (AP) - Despite three months of advertising, bonus offers and news
coverage, Texas' grand experiment in electric deregulation is being met with
a gigantic yawn from residents.
The Legislature said up to 5 percent of the state's 5.3 million residential
customers could take part in a trial - dumping their electric company and
picking a competitor with lower rates.
So far, less than 1 percent have signed up for early deregulation, expected
to begin in July.
The tepid response from consumers isn't surprising to industry officials.
After all, by state law most Texans will get a 6 percent rate cut when
full-scale deregulation arrives in January.
"It's a slam dunk for residential users. They get that 6 percent rate cut,
and they're just waiting it out," said Tom Noel, chief executive of the
Electric Reliability Council of Texas, known as ERCOT, a coalition of
companies that operate the state's electricity grid. "It's hard to get them
excited because it doesn't make that much difference to them (in dollars),
compared to a big industrial user."
Some officials predicted that interest in deregulation will rise when
consumers start seeing their summer electric bills. Others said consumers are
wary of deregulation because they've heard it linked to rolling blackouts and
huge rate increases in California - a comparison Texas energy officials
heatedly deny.
"Consumers have never had to shop for electric service before. It's
confusing," said Janee Briesemeister, a senior policy analyst for Consumer's
Union in Austin. She said many Texas consumers don't realize deregulation is
coming.
Under a 1999 law, most Texas residential and commercial power customers will
be able to drop their longtime monopoly electric utility Jan. 1 and pick
another power supplier - 19 have been certified by the state. The change will
affect just about everyone except customers served by a municipal utility or
electric co-op.
This year's pilot program was created to help the power retailers test their
billing and customer-switching systems. The first customers were scheduled to
switch their service in June, but this week ERCOT, the electric-grid
operator, pushed the start of the experiment back to early July.
ERCOT also disputed a warning from a national group that monitors electric
grids that the state's power system should be "closely watched" this summer
because of the shift to deregulation. ERCOT said it was planning carefully
for the Jan. 1 switch.
On the eve of competition, the old monopoly utilities have reinvented
themselves as free-market energy sellers. Dallas-based TXU is trying to hold
on to its North Texas customers while expanding into Houston. Conversely,
Reliant Energy is defending its Houston base while raiding TXU's turf in
Dallas.
Both are facing competition from another investor-owned utility, Texas-New
Mexico Power, and from new players, including Enron spinoff The New Power
Co.; a Shell Oil subsidiary; and Green Mountain Energy Co., which is a
venture of BP Amoco and Nuon NV of the Netherlands.
Supporters of deregulation say competition will reduce prices. This is
especially likely for the big industrial power customers, who will be able to
negotiate discounts.
Deregulation supporters say residential customers - the smallest users of
power - also will benefit because of the so-called "price-to-beat" provision.
The clause will require utilities such as TXU, Reliant and Central Power &
Light to give residential and small-business customers a 6 percent rate cut
in January and not raise rates for three years or until they lose 40 percent
of their customers. They will, however, be allowed to pass through increases
in the cost of fuel burned to create power.
Each area in the state also has a designated "provider of last resort,"
usually the former monopoly company, which is obligated to keep the lights on
if the state's electric grid is overloaded or another provider fails.
"Switching electric providers is a pretty low-risk proposition," said Waters
Davis, president of Reliant's deregulated services. "If consumers have a bad
experience, they can always switch back to the utility. It won't result in
the lights going out."
The chance to switch electric companies this summer has proved more popular
with commercial power users - the 5 percent sign-up limit was reached quickly
in many parts of the state.
Plano-based Cinemark USA Inc., which operates movie theaters around the
state, has already installed computerized energy-management programs and
drilled the importance of conservation into theater managers. It picked TXU
to serve 22 of its theaters outside TXU's home market of North Texas.
"There were several factors, and obviously price was one of them," said Art
Justice, Cinemark's energy manager, who declined to say exactly how much the
company expects to save. "Everybody is a little more focused on energy,
whether it's your home or office."
There are about 2,000 large electric users in Texas - businesses or
industrial plants that consume more than one megawatt of power at peak usage
- and the electric retailers have fought hardest for those accounts.
Despite the slow start to the pilot program, industry and state officials
predict deregulation will be a hit. A spokesman for the Public Utility
Commission predicted that the big dollars at stake would attract even more
electricity providers, but there might not be room for all of them.
"Within 12 to 18 months, you'll see a couple shakeouts," said Shawn Walker,
vice president of TXU's consumer markets. "On the consumer side, you'll
probably have no more than six to 10 providers."
End advance
---
On the Net:
www.puc.state.tx.us
www.txu.com
www.reliant.com
www.newpower.com
www.FirstChoicePower.com

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

Qatar Oil Min: Talks Progressing On Gas Exports To Kuwait

05/20/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

TEHRAN -(Dow Jones)- Qatar is progressing in its plans to sell gas to Kuwait
and Bahrain, Qatar's oil minister, Abdullah bin Hamad Al Attiyah, said
Sunday.
Al-Attiyah, speaking to reporters on the sidelines of the Gas Exporting
Countries Forum, said the volume being considered for Kuwait was 1 billion
cubic feet a day. He didn't specify volumes for Bahrain.
Commenting on recent reports that Enron Corp. might withdraw from the Dolphin
gas project, a plan to export 2 billion cubic feet a day of Qatari gas to the
United Arab Emirates starting in 2004, Al-Attiyah said that he had heard
these reports but had seen no official notification from Enron Corp.
Dolphin Energy Ltd, or DEL, is 51% owned by the UAE's Offset Group. The
remaining 49% is equally split between Enron (ENE) and TotalFinalElf (TOT).
Al-Attiyah said Qatar hopes to sign a production-sharing agreement with DEL
before the September deadline.

By Sally Jones, Dow Jones Newswires; 44 20 7842 9347, sally.jones@dowjones.com

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

IRAN: OPEC unlikely to alter output at June meet-Qatar.

05/20/2001
Reuters English News Service
(C) Reuters Limited 2001.

TEHRAN, May 20 (Reuters) - Qatari Energy Minister Abdullah bin Hamad
al-Attiyah said on Sunday he believed OPEC would not adjust output at its
June meeting, saying the global oil cartel was determined to keep the market
stable.
"As things stand today, I don't think OPEC will take a decision to cut or
increase production, but we will wait until June," Attiyah told reporters at
the two-day Gas Exporting Countries' Forum which ends in Tehran on Sunday.
"We want to avoid shocks, its important that OPEC does not limit supply. We
will never create a shortage. If we see there is demand, we will meet this
demand," he said.
OPEC, which has cut production by a total 2.5 million barrels per day (bpd)
this year, is due to meet on June 5-6 in Vienna.
Attiyah repeated that an OPEC basket price of $25 a barrel was best for
producers and consumers. "We're against high prices," he said.
Qatar, which sits on the world's third largest natural gas reserves after
Russia and Iran, is seeking to boost its gas exports to the Gulf after
investing billions of dollars to tap its vast resources.
Attiyah said Qatar was making progress on gas projects in Kuwait and Bahrain.
He said the volumes involved in the potential Kuwait deal were around one
billion cubic feet per day (cfd) but volumes for Bahrain had yet to be
decided.
Qatar is also seeking to sell gas to the United Arab Emirates and in March
signed a "commercial term sheet agreement" with Dolphin Energy Ltd (DEL),
which is majority owned by the UAE's Offset Group.
The deal would allow DEL to develop a tract of Qatar's giant North Field and
produce up to two billion cfd of gas. The gas is targeted to reach the UAE
capital Abu Dhabi as early as 2004.
France's TotalFinalElf and Enron hold the remaining 49 percent of DEL.
Attiyah said Qatar hoped to sign a production-sharing agreement with the UAE
firm before a September deadline.
He also said that he had received no confirmation from DEL or the Offset
Group that Enron, which is undergoing a global restructuring, was pulling out
of the project.
Market sources had earlier said that the U.S. firm looked set to bow out of
the project.

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

India: Enron serves termination notice
Arunkumar Bhatt

05/20/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, MAY 19. The Dabhol Power Company, an Enron-sponsored firm, today
served what it called a preliminary termination notice (PTN) on the
Maharashtra State Electricity Board for scrapping the power purchase
agreement between the two.
The move comes a couple of days before the lenders of the $2.9- billion power
project decide on the question of allowing the DPC to begin the termination
proceedings.
Enron had maintained a studied silence on the prospects of further talks with
the renegotiating committee after the first meeting on May 11 last. The
second meeting is scheduled for May 23 and Enron is yet to decide on
attending it.
In a statement, the DPC blamed the "unwillingness of the MSEB and the
Maharashtra Government to honour their offtake commitments and that of the
Centre to assist the State" but kept its options of renegotiations open.
"As a final note, even though it was necessary to issue the PTN, we are still
open to constructive discussion on solutions," the statement said. It
suggested that a solution could be either the MSEB buying the power according
to the contract or finding another "creditworthy" buyer.
With this, the company which was supposed to come out with its own proposal
in the wake of the Godbole Committee finding errors of omissions and
commissions in the PPA, is now putting the onus on the MSEB, the Maharashtra
and the Central Governments and that too within the framework of the existing
PPA.
While blaming the Indian side for the PTN, the DPCsaid this would continue
and expected the buyers to meet their obligations.
This means the company rejects the penalty notices for Rs. 402 crores slapped
by the MSEB for not supplying power according to the contract.
Four groups of trans-national financial institutions and the Indian lenders,
IDBI and ICICI, are to decide the matter by voting through fax or e-mail on
Monday.

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

India: Centre to wash its hands off DPC?
Alok Mukherjee

05/20/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

NEW DELHI, MAY 19. Though there was no official comment on the Enron-
promoted Dabhol Power Company issuing the pre-termination notice to the
Maharashtra State Electricity Board (MSEB), the Central Government seems to
be in a mood to wash its hands off the controversial project.
Highly-placed sources in the Power Ministry had indicated to The Hindu
recently that the Centre would not be unduly perturbed in case Enron walked
out of the project. This thinking was backed by some action also. After
agreeing on April 23 to constitute a re- negotiating committee in which it
would also have a nominee and, more importantly, agreeing to consider
wheeling the excess power from the DPC out of the State, the Centre quietly
went back on its word.
First, it did not send its representative to the first meeting of the
re-negotiating committee on May 11, even though the meeting date was
announced in advance. Secondly, it reportedly indicated to Maharashtra that
bailing out the project by taking the high cost excess power out of the State
would not be feasible. In the absence of this facility, there was little the
re-negotiating committee could do to salvage the project.
In fact, while announcing the formation of the re- negotiating committee on
April 23, the Finance Minister, Mr. Yashwant Sinha, clearly indicated that
the re-negotiation would focus on two issues - the cost of power and use of
power. Elaborating on the second point, he had said use of power would mean
an assessment of how much power would be absorbed by the State and how much
would have to be taken out.
For the Centre, the financial liability in case of termination is not likely
to be a big burden. As per the agreement, the liability of the Centre is
limited to payment of one year's electricity bill with an overall ceiling of
Rs. 1,500 crores (subject to suitable adjustments on account of inflation)
and a termination fee which would be $300 million at the maximum.
But even here, in case the Centre pays the money on account of its
counter-guarantee to the project, a tripartite agreement is in place among
the Centre, the State Government and the Reserve Bank under which the Centre
can recover from the State any amount paid to the DPC under the
counter-guarantee. Hence, the final liability would be on the State and not
the Centre, which would basically be extending a deferred loan to Maharashtra
to be recovered in stages.
Sources in the power industry here say a thinking has probably crystallised
among the top officials at the Centre as well as in the State that the entire
power purchase agreement with the DPC is faulty and the project cannot
continue on the basis of the existing agreement.
In these circumstances, the DPC's pre-termination notice is seen as being
advantageous for the country since it would amount to one of the partners
walking out of a project, thereby weakening Enron's case for higher
compensation. The Indian position would be that it had offered a
re-negotiating committee in an attempt to make the project viable, but it was
Enron which was withdrawing. The claims of Enron could then be pitched
against the penalty notices issued by the MSEB to the DPC for non-supply of
power on demand.

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

India: Notice improper, says Deshmukh
Our Special Correspondent

05/20/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, MAY 19. The Maharashtra Chief Minister, Mr. Vilasrao Deshmukh, had a
lengthy meeting here today with his predecessor and president of the
Nationalist Congress Party (NCP), Mr. Sharad Pawar, in the wake of initiation
of the process of terminating the power purchase agreement (PPA) by the Enron
-sponsored Dabhol Power Company.
The PPA, initiated by Mr. Pawar, was signed by the DPC and the Maharashtra
State Electricity Board when he was the Chief Minister.
Sources close to the two leaders said they discussed strategic options of the
State and the MSEB in view of the preliminary termination notice served by
the DPC. They also took into account the possible stand the lenders of the
project could take.
The meeting is significant since the DPC has made it clear that the basis of
renegotiations should not be the Godbole Committee report but the willingness
of the Indian side to purchased the power from the both phases of the power
project: total capacity of 2184 MW.
The DPC also wants the Central Government's guarantee even for other buyers
if proposed so.

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


Steve

Happy New Year! Its my understanding that you lead the effort last year with
focus groups to develop Enron's new vision statement. I would like to be a
part of that effort this year. Here is my suggestion:

  "Leading, Creating, Exceeding
   ENRON
       A Visionary Company"

We lead markets ...... Gas, Electric
We Create markets ....... Weather trading, Peaker Plants, EBS
Our Culture is to Exceed the mark
We have to be visionary to create the "Wall Street" of the south

I hope this is helpful and that I can be a part of any effort to develop
Enron's vision. Thanks

Cheers
Kirk


Go Longhorns!

 - only in TEXAS.jpg


I just spoke to Sara Shackleton and she approved opening FPL for all
financial trading.  She has also been discussing the utilities with outside
counsel and we may be able to open more up for trading.  She is going to
bring a copy of my list to the Legal Conference and review it, so hopefully
we'll have some more changes for you next week.


I found out that this was written in the 70's  during the Vietnam War.  Could certainly apply today.
A question.  I have tried sending you emails  but they always come back.  The address that I have for you is the same so  what's up?  :o)
Blessings on your day!  Karyn <><  karyn@dewittec.net
----- Original Message -----
From:  White, Stacey W.
To: Reeves, Leslie  ; Stevens,  Martha  ; Brad McDonald (E-mail)  ; Bridget  Hennessey (E-mail)  ; Charla & Bobby Jones (E-mail)  ; Chris C Albrecht (E-mail)  ; Chelsea N  Walker (E-mail)  ; Christopher J.  Herbold (E-mail)  ; Deanna Harris (E-mail)  ; Jane E Champion (E-mail)  ;  Jeff C  Harris (E-mail)  ; Jeffrey J. Schroeder  (E-mail)  ; Jennie & Jake Aubert (E-mail)  ; Jennifer Melton  (E-mail)  ; Jennifer Staton (E-mail)  ;  Jill Vogelfang  (E-mail)  ; Jon Butler (E-mail)  ; Julie Storey  (E-mail)  ; Karyn Elder (E-mail)  ; Karyn White  (E-mail)  ; Kathy Stegall (E-mail)  ; Kelly & Kevin Kampe  (E-mail)  ; Kimberly Elder Roberts (E-mail)  ; Kim  Duren Sachtleben (Business Fax)  ; Kristi & Jeff Stegall (E-mail)  ; Kristi L. Bishop (E-mail)   ; Mandy McCourt Hurt (E-mail)  ; Marty Angermiller (E-mail)   ; Michelle Procell  (E-mail)  ; Russell T White (E-mail)  ;  Stayton & Mildred Weldon  (E-mail)  ; Susanne Stiles Wheat (E-mail)  ; Travis C Droupy (E-mail)  ; Tuija Walsh  (E-mail)  ; Chang, Fran  ; Dunton,  Heather  ; Law, Samantha  ; Postlethwaite, John  ; Warner, Nicholas
Sent: Thursday, September 13, 2001 11:24  AM
Subject: FW: Combined Infol - please pass  on
I  typically do not send chain e-mails, but the editorial below from a Canadian  gave me goose bumps numerous times and made me extremely proud to be an  American.

Stacey
-----Original Message-----
From: Vinson, Donald Wayne
Sent: Thursday, September 13, 2001 10:53 AM
To: Carter,  Tim; Chapman, Tom; Chen, Hai; Dahlke, Andrea; Estrada, Israel; Evans, Casey;  Franklin, Warrick; Lewis, Jon Paul; Mattox, Michael; White, Stacey  W.
Subject: FW: Combined Infol - please pass on

-----Original Message-----
From: Schlesinger, Judith
Sent: Thursday, September 13, 2001 10:19 AM
To: Vinson,  Donald Wayne
Subject: FW: Combined Infol - please pass  on

-----Original Message-----
From: Jennifer Marshall  [mailto:jennifer@ceimail.com]
Sent: Thursday, September 13, 2001  10:10 AM
To: Will Maack; VICTORIAR; Veronica; Traci Rasmussen; Tom  Dunn; toad hoover; TheTravelTree@aol.com ; Tammy McLain;  Stephanie Snell Beville; Stef !!; Walker, Stacy; soilfarm@mail.ev1.net ; Smashtray;  Scotty Trahan; Schlesinger, Judith; sarthur@indigopool.com ; Sandy; RandalPrice@aol.com ; Peggy Martin;P  atricia Biedka; Pamel & Bubba Schmidt; Nancy Carey; Michelle Sharp;  Michelle & Brian Dunwell; Melissa Ashburn; Marty; martha_lallie; mariella  Borza; Marguerite Ryder; lsmith2@sial.com ; Loretta Runyan (E-mail);  Looooassssss; Linda 2; Lee Obrien; Laurie Bolderick; Kim Stewart; Katie  Fitzpatrick; KARYN; kari kelly; juliarose@hotmail . com (E-mail); Jpressman@att . net (E-mail); joel.shaw@weatherford.com ; Joan  Laughlin; Jerry Baiamonte; Jenny Wenzrel; Janet Moos; Jackie Vitulli; Holly  Guillaume; Handy Ann Provine; Greg Marshall; Glenn Gelder; Elizabeth Tucker;  Dr. Stan Zyblot; Douglas T. Lowry; Dick Hanson; Debbie Van Winkle; Dave  Tillman; Dave "Badboy" Mooney; DarrylM artin Vallot; Cynthia Foteh (E-mail);  Cutie Pie Angel Bunny; Courtney West; Christy Oelsen; Christine Garcia;  Charles Melton; Chad Stewart; Cathy @SPCA; Buddy Fojt; Bob Dad Fife; Beverly  Mc Conn; Bennie; Barry Wade; Amy Vanny-Fanny Hodges; Amy Dunn; Amy "Mother"  Bonnette; Alexandra Sanders; Adam Elvis Kliebert
Subject: Combined  Infol - please pass on
AT  6P.M. FRIDAY, THERE WILL BE A MOMENT OF SILENCE.  IT IS  ASKED THAT YOU PLEASE STOP WHAT YOUR DOING AND LIGHT A CANDLE IN MEMORY OF ALL  THAT HAVE PASSED.

Please pass  on!

TRIBUTE TO THE UNITED STATES
> >
> >  This, from a Canadian newspaper, it's worth sharing.
> > Widespread  but only partial news coverage was given
> > recently to a  remarkablee ditorial broadcast from
> > Toronto by Gordon Sinclair, a  Canadian television
> > Commentator. What follows is the full text of  his
> > trenchant remarks as printed in the Congressional
>  > Record:
> > America: The Good Neighbor.
> >
>  > "This Canadian thinks it is time to speak up for the
> >  Americans as the most generous and possibly the
> > least appreciated  people on all the earth. Germany,
> > Japan and, to a lesser extent,  Britain and Italy
> > were lifted out of the debris of war by  the
> >A mericans who poured in billions of dollars and
> >  forgave otherb illions in debts.
> >
> > None of these  countries is today paying even the
> > interest on its remaining  debts to the United
> > States. When France was in danger of  collapsing in
> > 1956, it was the Americans who propped it up,  and
> > their reward was to be insulted and swindled on the
>  > streets of Paris. I wast here. I saw it.
> >
> > When  earthquakes hit distant cities, it is the
> > United States that  hurries in to help. This spring,
> > 59 American communities were  flattened by tornadoes.
> > Nobody helped. The Marshall Plan and the  Truman
> > Policy pumped billions of dollars into discouraged
>  > countries. Now newspapers in those countries are
> > writing  about the decadent, war mongering Americans.
> >
> > I'd  like to see just one of those countries that is
> > gloating over the  erosion of the United States
> > dollar build its own airplane. Does  any other
> > country in the world have a plane to equal the
>  > Boeing Jumbo Jet, the Lockheed Tri-Star, or the
> > Douglas  DC10?
> >
> > If so, why don't they fly them? Why do all  the
> > International lines except Russia fly American
> >  Planes? Why does no other land on earth even
> > consider putting a  man or woman on the moon? You
> > talk about Japanese technocracy,  and you get radios.
> > You talk about German technocracy, and you  get
> > automobiles. You talk about American technocracy,
>  > and you find men on the moon - not once, but several
> > times -  and safely home again.
> >
> > You talk about scandals, and  the Americans put
> > theirs right in the store window for everybody  to
> > look at. Even their draft-dodgers are not pursued
> >  and hounded. They are here on our streets, and most
> > of them,  unless they are breaking Canadian laws, are
> > getting American  dollars from ma and pa at home to
> > spendh ere.
>  >
> > When the railways of France, Germany and India were
>  > breaking down through age, it was the Americans who
> > rebuilt  them. When the Pennsylvania Railroad and the
> > New York Central  went broke, nobody loaned them an
> > old caboose. Both are still  broke.
> >
> > I can name you 5000 times when theA mericans  raced
> > to the help of other people in trouble. Can you  name
> > me even one time when someone else raced to the
> >  Americans in trouble? I don't think there was
> > outside help even  during the San Francisco
> > earthquake.
> >
> >  Our neighbors have faced it alone, and I'm one
> > Canadian who is  damned tired of hearing them get
> > kicked around. They will come  out of this thing
> > with their flag high. And when they do, they  are
> > entitled to thumb their nose at the lands that are
>  > gloating over their present troubles. I hope Canada
> > is not  one of those."
> >
> > Stand proud, America! Wear it  proudly!!
> >
> > This is one of the best editorials that I  have ever
> > readr egarding the United States. It is nice  that
> > one man realizes it. I only wish that the rest of
>  > the world would realize it. We area lways blamed for
> >  everything, and never even get a thank you for the
> > things we  do.
> To show the terrorists that  we Americans  stick together, FRIDAY
> SEPTEMBER  14, is "Flags Across  America."
> > All Americans  are asked to display the American  flag  either in
> their homes or cars.
> > Let's keep the  meaning  of UNITED in "United States".
> > Pass it  on.

LET'S STAND BEHIND OUR COUNTRY AND DRESS IN OUR COLORS  TOMORROW.
in memory of all those who perished this morning; thep  assengers and the
pilots on the United Air and AA flights, the workers in  the World Trade
Center and the Pentagon, and all the innocent bystanders.  Our prayers go
out to the friends and families of the deceased. Send this  to at least 10
people to show your support. DON'T BREAK IT!!!!!!   God's speed to all those who
have lost their lives...GOD BLESS  AMERICA and the freedom it represents
tomorrow is US pride day, everyone  wear US colors (jeans areb lue,
everyone owns a white t-shirt, etc).   try to be wearing as much red white and
blue as you can.  send  this message to as many otherp eople you know.  Lets get
the whole  country into it.  At least send it to 10 other people.
Please forward this  message on to whomever I may have inadvertently missed.
**********************************************************************
This  e-mail is the property of Enron Corp. and/or its relevant affiliate and may  contain confidential and privileged material for the sole use of the intended  recipient (s). Any review, use, distribution or disclosure by others is  strictly prohibited. If you are not the intended recipient (or authorized to  receive for the recipient), please contact the sender or reply to Enron Corp.  at enron.messaging.administration@enron.com and delete all copies of the  message. This e-mail (and any attachments hereto) are not intended to be an  offer (or an acceptance) and do not create or evidence a binding and  enforceable contract between Enron Corp. (or any of its affiliates) and the  intended recipient or any other party, and may not be relied on by anyone as  the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


Rousseau,

Thank you for double checking on the letter.  Now that it has been reviewed
for translation and has Joe's agreement, we need to get legal approval and
ensure that it is still all right with EOL.  By copy of this note, I am
requesting their review and comments.

I understand that this may delay the process, resulting in additional
administrative difficulties due to the holidays next week.  However, since
were are targeting a mail-out date of May 8 or even 9, I trust we can find a
way around any difficulties.  Perhaps we can use Shandwick for back-up or
assistance.

 I know that you were working late.  When you get up, please give me a call
at 1-713-646-6423.

Thanks,

John

Rousseau Anai
04/26/2000 04:27 AM
To: Joseph P Hirl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: EOL cover letter - English

The only change that was made is that the guest user ID and password will be
attached rather than inserted into the letter. If this is fine, I'll start
printing copies tomorrow.

Regards
R


Read about Enron's entry into the data storage market.

Also in this issue:
Sizing up EnronOnline's competition
Brazil's new merchant plant
EBS sponsors Sundance

It's all in the latest eBiz.  Go to home.enron.com, click Publications, then
click eBiz, and "eBiz February 2, 2001."


The London office is forwarding recent legal advice from our lawyers in South
Africa regarding FX clearances.  It seems that prior to transacting with a
South African party, we need copies of the party's "certification" from the
National Bank allowing the party to make payments out of the country (thereby
converting local currency to USD).  Such approvals are severely restricted.
I will forward the memos to Susan Bailey for inclusion in our "database" of
global advice.  Sara


[IMAGE]

Register now -- before it sells out!
Your customers are already signed up.
Click here to register and/or see the attendee list!

The Atlanta LDC Forum promises to be the largest gathering of energy buyers
in the Southeast. Network with your customers and hear from industry experts
about the growing gas and power crunch in the Southeast Region. The last 4
LDC Forums were sold out, so don't be too late!

Special Focus at this year's Atlanta Forum:

Risk management
Supply constraints and availability
New projects
Will California problems spread to the Southeast?

Click here to go directly to the Atlanta LDC Forum Registration Form
For an agenda, a pre-listing of attendees or more information, visit our
website at
www.interchange-energy.com (then click on the Atlanta Forum)
or call Jerry Ribnick at 763-545-1515 or 800-427-3976

* * * * * * * * * * * * * * * * * * * * * *
		? ?The LDC Forum Series
?Atlanta
June 4-5. 2001	?Chicago ?
	Sept. 10-12, 2001?	?Boston
		April 18-19, 2002
Interchange Energy Group, 620 Mendelssohn Avenue North, Suite 161,
Minneapolis, MN 55427
* * * * * * * * * * * * * * * * * * * * * *
If you prefer to not receive future e-mails regarding The LDC Forums, please
REPLY to this message and indicate REMOVE in the subject field.
 - 9915star.gif


Kay:

The escrow agreements and fee schedule appear fine to me.  If you have any
comments, please advise.  Thanks.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

-----Original Message-----
From: Paradee, Lari [mailto:Lparade@INTERGEN.com]
Sent: Tuesday, January 02, 2001 6:13 PM
To: 'kay.mann@enron.com'; 'ben.f.jacoby@enron.com'; 'fred.mitro@enron.com';
Keffer, John; Campbell, Carolyn
Subject: FW: Escrow Agreements

Attached are what I hope are the final and execution copies of the three
escrow agreements as well as the schedule of fees. Changes are highlighted
in red.  Please forward your comments to me.

Thanks,
  Lari

<<Escrow.1.DOC>> <<Escrow.2.DOC>> <<Escrow.3.DOC>> <<Citibank Schedule of
Fees.doc>>

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

 - Escrow.1.DOC
 - Escrow.2.DOC
 - Escrow.3.DOC
 - Citibank Schedule of Fees.doc


Shirley,

Please, put it on my schedule.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/10/2000
02:34 PM ---------------------------

	Enron North America Corp.

	From:  Airam Arteaga                           08/08/2000 02:21 PM

To: Sally Beck/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT, Grant
Masson/HOU/ECT@ECT, Michael E Moscoso/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT,
Beth Perlman/HOU/ECT@ECT, Stephen Stock/HOU/ECT@ECT, Vince J
Kaminski/HOU/ECT@ECT
cc: Patti Thompson/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT, Maria
Sandoval/HOU/ECT@ECT, Rita Hennessy/NA/Enron@Enron, Cherylene R
Westbrook/HOU/ECT@ECT
Subject: Var, Reporting and Resources Meeting

The below meeting is going to take place today in EB32C2.

Thanks,
Rain
---------------------- Forwarded by Rita Hennessy/NA/Enron on 08/08/2000
09:15 AM ---------------------------

Barbara Lewis@ECT
06/19/2000 10:25 AM
To: Sally Beck/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT, Grant
Masson/HOU/ECT@ECT, Michael E Moscoso/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT,
Beth Perlman/HOU/ECT@ECT, Stephen Stock/HOU/ECT@ECT
cc: Patti Thompson/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT, Maria
Sandoval/HOU/ECT@ECT, Rita Hennessy/NA/Enron@Enron, Cherylene R
Westbrook/HOU/ECT@ECT, Giselle James/Corp/Enron@ENRON

Subject: Reoccurring Meeting

The meeting to discuss "Var, Reporting and Resources II" will take place
every Tuesday at 3:00p.m. beginning June 27, 2000.
 Please adjust your schedule to reflect this weekly reoccurring meeting.

Many thanks,
Barbara Lewis


Laura


Hope, Hope, Hope,

The dress is gorgeous!!!!!!  But, hold up, you know you're forcing me to go to the Quick Weight Loss Center about 6 months before the wedding!!!!  Is that a shawl (I hope) and not a bow on the butt is it?  How much is the dress, my co-workers and I have a bet going.  (p.s. I'm not worried about the cost, I just want to look good!)

What a terrific compliment from little miss Taylor, I'm certain Jordan will be thrilled.  That'll be so cute!  I'll ask him tonight and explain everything to him.  I'm sure when I mention Taylor, he'll go to grinning as well.  That boy is a mess!

Talk to you soon!

P.S. Please send a picture of the bridemaids dress as well, and what color!

 -----Original Message-----
From: 	hope-frelix@reliantenergy.com@ENRON [mailto:IMCEANOTES-hope-frelix+40reliantenergy+2Ecom+40ENRON@ENRON.com]
Sent:	Tuesday, September 25, 2001 11:50 AM
To:	Mims, Patrice L.
Subject:	Your dress :o)

Hey Tricey!!!!!!!!!

You are just the sweetest person ever. Here is a picture of your dress but
the color of it will be champagne. I will have details later for you
tonight at rehearsal. I hope that you like it :o)

Also, Taylor has decided to be the miniature bride opposed to being a girl
and she wants Jordan to walk with her. So, now I have another question :o)
Do you think that Jordan would mind being the miniature groom? When we
talked about it this morning Taylor was saying how she wanted him to walk
with her and then she said, 'watch he's going to be so shy momma' with the
biggest smile on her face.

Love ya!

(See attached file: hostessdress.jpg)
 - hostessdress.jpg << File: hostessdress.jpg >>


They are gone.

 -----Original Message-----
From: 	Hare, Bill D.
Sent:	Monday, January 28, 2002 1:01 PM
To:	Khyrullah, Lamya
Cc:	Theriot, Kim S.; Valdes, John
Subject:	FW: Chicago Books

Thank You,

Bill

 -----Original Message-----
From: 	Khyrullah, Lamya
Sent:	Monday, January 28, 2002 12:53 PM
To:	Chitradurga, Sundar; Hare, Bill D.
Subject:	RE: Chicago Books

These portfolios have been deleted from the Netco database.

Thanks
Lamya
x54188

 -----Original Message-----
From: 	Chitradurga, Sundar
Sent:	Monday, January 28, 2002 12:40 PM
To:	Khyrullah, Lamya
Subject:	FW: Chicago Books

Can you please write a script to delete these records.

Thanks
Sundar

 -----Original Message-----
From: 	Hare, Bill D.
Sent:	Monday, January 28, 2002 12:23 PM
To:	Chitradurga, Sundar
Cc:	Theriot, Kim S.; Valdes, John; Keiser, Kam
Subject:	FW: Chicago Books

Would you please remove these books

Bill

 -----Original Message-----
From: 	Valdes, John
Sent:	Monday, January 28, 2002 12:18 PM
To:	Hare, Bill D.
Cc:	Keiser, Kam
Subject:	Chicago Books

Bill,

Can we delete the Chicago books from Global Counterparties.  We will not be using these books at all.  Let me know if this would be possible.  The GCP id's are 166896, 167105, and 166898.  Thanks.

John


whasssup?


Well......Did you find out anything?


I understand that Sara and I will visit with you Monday about this project.
Attached are two updated forms of the equity swaps we have created thus far
for warrants and shares with public/private options, and language to cover
conversions of preferred, or rights to exercise warrants, that are not 1 to
1.  Additionally, I learned late Friday that the materials I sent to you by
fax last week are not the most current amendments to the Oconto Falls
transaction.  You will be receiving another fax Monday morning.

Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


Are you tired of feeling a little over weight?
Do you feel fat and sluggish?
Breakthrough technology helps you **Lose INCHES NOW**,
Tighten Your Skin, Cleanses and Detoxifies Your System.
Shave off 8-10 INCHES OF BODY FAT IN ONE HOUR *Guaranteed*!
(A perfect holiday gift for the loved ones)

European Style body wrap has helped thousands get thinner and feel better!
Start saving time and money NOW!
CLICK HERE for the facts or to re-order <http://3583248002/cust01/br/index.html>
International orders are welcome
 Click here to be deleted from further communication <mailto:navy2@uole.com?subject=Remove>


Margaret,

Can I see you today in your office?
Let me know when is a good time for me to come

Thanks,
Monika Causholli


Clean Energy Solutions L.L.C.

This limited liability company was formed in Delaware on April 5, 2000.
Particulars are:

 Parent Company: Enron North America Corp. - 100%

 Business: To engage in the development and installation of clean energy
solutions for the power generation industry.

 Directors and Officers: See Attachment

 Employees: No

 Foreign Qualifications: None

 Company No.: 1569-CASL

Please circulate this information to all interested parties in your group.

For more information, see attached Corporate Data Sheet.

PLEASE NOTE:
 Matt Maxwell - copy of evidence being sent by interoffice mail
 Monica Butler - please apply for FEIN
 Sylvia Hu - Minute Book and two seals have been ordered

Lillian R. Bailey
Administrator
Corporate Services
EB4804A
Phone 713/853-3577
Fax 713/646-8007
lillian.bailey@enron.com


Thanks for the information Heather.  This looks good and useful.
Would you have any information on what tools we used to settle?  Or was it all a manual process?

B

 -----Original Message-----
From: 	Dunton, Heather
Sent:	Thursday, June 14, 2001 10:57 AM
To:	Williams III, Bill; Foster, Chris H.
Subject:	Dec Bidding Strategy

Bill and Chris - this is what I remember as to settlements with the DEC bidding strategy.
Let me know if I can be of further assistance.

-Heather

Delano will schedule into the Day Ahead market and make a sale at the PX index price.  Real Time submits dec bids in the Suplemental Energy Market for any hours when they believe there is a good chance of being dec'd at a 0 price (the pprice you bid may be different than 0 to establish ouselves in the ISO Merit order - ).  Real Time makes 50% of the difference between the day ahead PX and the dec price (in this case 0).


I want to have a group mtg from 4:00-5:00 today to discuss some of the enron issues and then vol if we have a chance.


Dear David,

I'm so glad you asked for an update!

We have indeed had an interesting development regarding the Electricity Bill
since your visit.  You will recall that in AMCHAM's briefing, it was
positively noted that the drafting process of the Electricity Bill had been
transparent and that a draft that would provide a blueprint for the
restructuring of the electricity sector to move toward competitive markets
was attained.  Noone was 100 percent satisfied (probably the mark of a good,
passable bill) but many  agreed to the draft and felt, while not perfect, it
would achieve the desired reform.

We have learned that there are actually two drafts of the Electricity Bill
sponsored by the Ministry of Power.  The first has been developed by NCAER
(NCAER draft) in a very transparent process with seven iterations and
comments from 190 parties.  NCAER was hired as a consultant for this purpose
by the Ministry of Power.  At the time of Draft III, a second draft (MoP
draft) was developed in the Ministry which subsequently incorporated some but
not all of the NCAER draft provisions negotiated in the transparent process.
It was the MoP draft that was sent to the Group of Ministers and has been
worked on by the Ministry of Law.

The draft, however, was never introduced in Parliament.  The industry
discovered the existence of the second MoP draft immediately prior to
Minister Kumaramangalam's hospitalization and lobbied him and Secretary Basu
heavily to introduce the NCAER draft in Parliament or, at a minimum, allow a
transparent commenting process on the MoP draft.

Several parties in the industry have now been given the MoP draft, and
Secretary Basu has said he would entertain comments.  (How widely it has been
distributed is unknown.)  In addition, the death of the Minister, who was a
staunch advocate of reform, and the lack of a named successor, has now left
things somewhat uncertain.

The issues as they now stand are:

The existence of two separate Ministry-sponsored drafts, only one of which
was subjected to a wide sector review process.
The need to use the product of a transparent, commenting process once it has
been formulated.
The fact that the fine-tuned balance of interests and clear blueprint for a
transition to competitive markets achieved by the NCAER draft has been lost
in the MoP draft.  For example, the clear deregulation of price provisions in
the tariff section have been removed so that there is, in the MoP draft, full
regulation of price by the state commissions; however, in the state
commission section, there is a provision that allows the State Commission to
permit access to a consumer class and only determine the wheeling charge
(rather than the wheeling and supply price) for that class when it has so
determined.   Thus, there is  an apparent conflict within the statute
regarding the regulation of commodity priceand uncertainty regarding access
to end users.  (There are many such examples.)

Action Item:  Either support the NCAER draft and send it to the Ministry of
Law for legal fine tuning (Basu mentioned that the "form" of the NCAER draft
was not right), or repeat the iterative, transparent commenting process with
regard to the MoP draft.  hWe recommend supporting the NCAER draft because it
reflects a balance of the multiple sector interests.  It is the first such
document produced through an open process in India and was a process
sponsored by the Ministry -- for that reason alone, the Ministry should
promote and support the NCAER version.

Any assistance you can render on this issue will be greatly appreciated by
many parties in the sector.  Let us know how it goes.

Sincerely,
Jane Wilson

---------------------- Forwarded by Jane Wilson/ENRON_DEVELOPMENT on
09/09/2000 07:51 PM ---------------------------

"Pumphrey, David" <David.Pumphrey@hq.doe.gov> on 09/09/2000 03:36:09 AM
To: "'sanjay.bhatnagar@enron.com'" <sanjay.bhatnagar@enron.com>,
"'jane.wilson@enron.com'" <jane.wilson@enron.com>
cc: "Cutler, Thomas" <Thomas.Cutler@hq.doe.gov>

Subject: Electricity Bill Developments

Dear Sanjay and Jane,

I wanted to again thank you for the briefings you provided during my recent
visit to India.  Your analysis of developments in the electricity sector were
very helpful.

As you know we are getting ready for the visit of the Prime Minister next
week.  We have several energy events related to the visit and hope to be able
to complete some of the "homework" that you assigned.  It would be
particularly helpful if you could provide any updates on the status of the
Electricity bill.  I understand that the Council of Ministers had approved it
but I don't know if progress has been made in the Parliament.  Also there was
a report that some aspects of the bill had been changed in the approval
process.  Any updates would be useful for us in preparing for our meetings
with Secretary Basu and the Prime Minister.

Thanks for any help you can provide.

David Pumphrey
Department of Energy


As you may have heard, Dell is voluntarily recalling certain batteries from some of the Dell Inspiron laptops.  The recalled batteries were sold with the Inspiron 5000 series notebook computers, comprising both the Inspiron 5000 and the Inspiron 5000e models (please see the bottom of your computer for model ID).  The systems and/or batteries were shipped to customers between January 7, 2000 and March 21, 2001.

As a result, you will have the opportunity to return your battery in exchange for a new one.  We appreciate your patience through this process.  Dell is committed to your continued service and is sincerely apologetic for the situation.

Please visit  http://support.dell.com/i5000battery/, or call Dell at 866-220-3355 for further information.


On January 13, 2000, FERC issued a Section 7(c) certificate for
Transwestern's Gallup Expansion.  The Commission's order contained two
conditions:  1) that Transwestern file its discounted rates within 15 days of
the order, and 2) that Transwestern restructure its relationship with Enron
Compression Services so that Transwestern will have sufficient operation
control over the motor at the Gallup compressor station to assume regulatory
responsibility for the motor's operation, and that Transwestern file a report
with the Commission stating how it complied with this condition.
Transwestern accepted the  certificate January 14, 2000 but reserved the
right to seek rehearing or clarification of the order.  On January 18, 2000,
Transwestern filed a motion for extension of time to comply with the
condition that Transwestern file its discounted rates.  Transwestern has
already filed with the Commission the discounted rates it will charge its
expansion shippers, subject to a request for confidentiality.   Transwestern
intends to file a request for rehearing of the January 13 order explaining
why the Commission erred in ordering Transwestern to publicly disclose its
discounted rates in advance of the normal time for making such disclosure
through a discount report.


Chris,

the pipeline maps I found are worth looking at. They don't cost much ($950 for paper version and $795 for CD rom version) for both US and Canada. I think that CD-ROM version is a better bet: you can zoom in and out and you can print the parts you need. The real value is that they show every interconnect with every facility (power plants, industrials, even prisons:).

I think that it is something that would help us look into details when we approach different regions, and I think basis traders would appreciate it too.

Sample map of Montana is attached.

Vladi


In the Southwest, EPE lending continues. STWBOM and STSW are each 25 mw short on peak at PV. Day-ahead price is $46. Enter deals to fill these shorts in the appropriate book. Reduce purchase prices in the following deals to $4. Sell back to EPE at $0.
Deals are:

	740196 - STWBOM buys EPE
	740230 - STSW buys EPE

In the Northwest, we've got a lending agreement going with PGE. STWBOM and STNW are each 25 mw short off peak at Mid-C. Day-ahead price is $27.25. We have not entered a placeholder purchase in the day-ahead market, so Real Time position manager will be 50 mw short off peak at Mid-C. Make purchases to fill this short. Under the appropriate desk, of course.

Please let me know if you have any questions regarding these agreements.

Thanks,
Kate


Andrew Lewis' Portfolio No. 1 at StockSelector.com
For Wednesday, April 18, 2001

To view your portfolio online, please go to
http://www.stockselector.com/portfolio.asp?portnumber=1

***********
FREE BROKER RESEARCH REPORT
Is Coke it? Coca-Cola Co. (KO) Analysts at Prudential Securities give
Coca-Cola Co. (KO) a STRONG BUY rating. Comparing the current industry slump
to a similar situation in 1994, they say that the soft-drink company is
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***********
Previous  Today's  Dollar  Percent
Name   Close   Close   Change  Change
------------------------------------------------------------------------------
------------
AMES DEPARTMENT $1.62   $1.80   $0.18   11.11%
http://www.stockselector.com/quote.asp?symbol=AMES

SYNAGRO TECH IN $2.04   $2.05   $0.01   0.49%
http://www.stockselector.com/quote.asp?symbol=SYGR

FREEREALTIME.CO $0.14   $0.14   $0.00   0.00%
http://www.stockselector.com/quote.asp?symbol=FRTI

MPHASE TECH INC $1.05   $1.33   $0.28   26.67%
http://www.stockselector.com/quote.asp?symbol=XDSL

STARNET COMM IN $0.66   $0.70   $0.04   6.06%
http://www.stockselector.com/quote.asp?symbol=SNMM

TOTAL ENTERTAIN $0.06   $0.06   $0.00   6.90%
http://www.stockselector.com/quote.asp?symbol=TTLN

SYNAGRO TECH IN $2.04   $2.05   $0.01   0.49%
http://www.stockselector.com/quote.asp?symbol=SYGR

FCCN not found N/A    N/A    N/A   N/A
http://www.stockselector.com/quote.asp?symbol=FCCN

BEST BUY CO INC $47.50  $54.70  $7.20   15.16%
http://www.stockselector.com/quote.asp?symbol=BBY

AMERITRADE HOLD $5.71   $6.00   $0.29   5.08%
http://www.stockselector.com/quote.asp?symbol=AMTD

GIC GLOBAL INTE $0.01   $0.01   $0.00   0.00%
http://www.stockselector.com/quote.asp?symbol=GGNC

------------------------------------------------------------------------------
-------------
Portfolio Total    $9,753.60  $834.00  9.35%

Dow Jones Indusrial Average 9,999.00  0.00   0.00%
S & P 500    1,236.79  45.26   3.80%
NASDAQ Composite   2,079.44  156.22   8.12%
Russell 2000   463.44  7.86   1.73%
Wilshire Index   706.19  21.29   3.11%

To unsubscribe or modify any other options, please go to
http://www.stockselector.com/modifyportfolio.asp?symbol=1

, Copyright 1999, StockSelector.com


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Let me know what you think.....

Thanks!

Eric


Cary,

I have reviewed Mary's comments on the Nipsco contract.  She makes some good
points and it would be nice for Nipsco to make those changes.  If Nipsco will
not make the changes, I still think it is acceptable for enovate to sign the
agreement.

Stacy


fax  for car loan 713 345 3555

My contact is Ms. Sammy Marroquin.   Borrower is cynthia kay mann.


I just spoke with Karen at Bloomberg and she says it's off-peak....I am
having her broker to call Diana.

Thanks!!

   Kate Symes @ ECT                02/12/2001 04:28 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: 2/10/01 Checkout

Diana says it's definitely on peak hours. Let me know....

Evelyn Metoyer@ENRON
02/12/2001 02:28 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 2/10/01 Checkout

Dianna Scholtes
deal 519755
Bloomberg shows hours as offpeak...


Hi Vince

I tried dialling you around 3pm UK time, and again at 3:30, but with no
luck.  I met with John, Michael Brown, Tani, Joe Gold and Richard Lewis.

The meeting was productive, and all were positive about expanding the
Research team provided:
1. The people are working directly on commercial problems.
2. An outflow is eventually set up to match the inflow, so that Research acts
as a training ground for commercial-quality quantitative PhDs.

Since they acknowledge that some lag will be necessary before we can bear any
kind of outflow, this gives us an effective increase in headcount.  Michael
Brown has agreed to a target (ambitious, but worth trying) of hiring two
commercial quality PhDs per quarter, on the agreement that in time we have an
outflow equal to this.

Given the current attempts to curtail hiring of "support" staff, I feel this
is as good a result as could be expected, and I'm certainly happy with it.

I've no doubt Tani will update you further when she sees you.

Steve


All,
I haven't heard back.  Please respond to the email. Let me know if you didn't
receive it.
Thanks,
mike

	From:  Mike McConnell                           10/20/2000 04:03 PM

To: Daniel Reck/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Jere C
Overdyke/HOU/ECT@ECT
cc:
Subject: presentation

Guys,

Attached below is a presentation that I put together for M Frevert for the
latest analyst presentation.  We kept it to only a few businesses -  they
didn't end up using any of it.  I do however want to have an EGM presentation
that everyone can use.  Please prepare a section on each of your businesses
and return via email or hard copy.  Don't worry about power point, simply the
dot points that you want on the page.

Thanks,
mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 10/20/2000
03:58 PM ---------------------------

Jason Rios@ENRON
10/09/2000 03:36 PM
To: Mike McConnell/HOU/ECT@ECT
cc: Cathy Phillips/HOU/ECT@ECT
Subject: presentation


Hi, John,
Here are the new runs:
calls 1086677 and 1086678(with skew)
puts 1086680 and 1086682(with skew)
NGPRopt book 1086684 and 1086685(with skew)
We'll post the excutible ASAP so that you can do these tests on your own.
Thanks.

 -----Original Message-----
From:  Wei, Dave
Sent: Wednesday, March 28, 2001 1:04 PM
To: Quigley, Dutch; 'Jeremy Wong/HOU/ECT@ENRON'
Cc: Griffith, John; McLaughlin, Errol; May, Larry
Subject: RE: Skew Project

Dutch,
As of this morning, Jeremy has noticed that the daily change and Vega is kind
of a bit too much with the vol skew
and identified that there was an error in my code for passing the prior day
MidPr, which caused errors in
the Prior day value and daily change numbers. Now the code is fixed.
I run a few new post_id, and the changes look much smooth.
For March 27 run:
NGPROpt book 1084746 copied into 1086213(with skew)
calls 1085788 and 1086211(with skew)
puts 1085015 and 1086212(with skew)
done with Jeremy's excutible of port_calc on stage.

 -----Original Message-----
From:  Wei, Dave
Sent: Wednesday, March 28, 2001 10:13 AM
To: Quigley, Dutch; Jeremy Wong/HOU/ECT@ENRON
Cc: Griffith, John; McLaughlin, Errol; May, Larry
Subject: RE: Skew Project

For March 27 run:
NGPROpt book 1084746 copied into 1085734(with skew)
calls 1085788 and 1085790(with skew)
puts 1085015 and 1085016(with skew)
done with Jeremy's excutible of port_calc on stage.

 -----Original Message-----
From:  Quigley, Dutch
Sent: Friday, March 23, 2001 12:55 PM
To: Wei, Dave; Jeremy Wong/HOU/ECT@ENRON
Cc: Griffith, John; McLaughlin, Errol; May, Larry
Subject: Skew Project

Dave,

To follow up on our conversation about the Pipe Option Book, Errol will
provide post id's for Friday's COB
to calc the pipe options book with the skew table. As I asked on the phone
please provide two calcs, one calc
for the pipe options deals with and with out skew and another calc with the
NYMEX options deals with and without skew.

In addition to this, please recalc  1078960 & 1078963 for the ngpropt book.
These calcs are for puts and for calls for COB 3-23.

If you have any questions please contact me at 3-9257 with any questions

Dutch


I just wanted to check in with you before changing these deals, since it's
been a few days since your e-mail. Tom Alonso wasn't in the office today and
I tried reaching him by phone to confirm. These are the prices he has in his
trade log, so as far as I can tell they are correct. Are you saying that
these prices need to be switched? Please let me know, and I'll fix it right
up.

Thanks,
Kate

Stephanie Piwetz   12/22/2000 08:36 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Checkout for 12/22

Kate, checked out with Amerex
Tom Alonso:
484585.01   Enron sells Constellation               price: 260.00

484586.01   Enron sells Dynegy                         price: 250.00
price just flipped.

Thanks


Please see the attached DOE report on Horizontal Market Power in Restructured
Electricity Markets.  Thanks.


Tanya,

Another thought.

Should Vincent go as well?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/22/2000
09:52 AM ---------------------------

Vince J Kaminski
05/22/2000 08:10 AM
To: Tanya Tamarchenko/HOU/ECT@ECT
cc:
Subject: Executive Program on Credit Risk Modeling

FYI

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/22/2000
08:12 AM ---------------------------

"Kashiwamura, Shelby" <kashiwamura_shelby@gsb.stanford.edu> on 05/18/2000
02:03:19 PM
To: "Isero, Alicia" <isero_alicia@gsb.stanford.edu>, "Kashiwamura, Shelby"
<kashiwamura_shelby@gsb.stanford.edu>
cc:  (bcc: Vince J Kaminski/HOU/ECT)
Subject: Executive Program on Credit Risk Modeling

Subject: ANNOUNCEMENT: Executive Program on Credit Risk Modeling

Credit Risk Modeling for Financial Institutions
October 15 - 20, 2000
At Stanford University Business School

Risk management specialists, Stanford Business School professors of finance
Darrell Duffie and Kenneth Singleton will be repeating their successful
executive program on Credit Risk Pricing and Risk Management for Financial
Institutions.  The course is created for risk managers, research staff, and
traders with responsibility for credit risk or credit-related products,
including bond and loan portfolios, OTC derivative portfolios, and credit
derivatives.

This program includes:
* valuation models for defaultable bonds, OTC derivatives, and credit
derivatives, with empirical applications to corporate and sovereign markets
* empirical and theoretical assessments of models for measuring credit
risk, with correlation, for portfolios
* the strengths and limitations of current practice in credit risk
measurement
* practical issues in implementing credit modeling and risk systems
* estimation of default and transition probabilities, and the
correlations among the default risks of publicly traded companies, from
historical data

___________________________________________________________

Application Form:
Credit Risk Modeling for Financial Institutions
Stanford, October 15 - 20, 2000

This form may be completed and returned by email, or may be printed and sent
by fax to:

Stanford GSB Executive Education Programs
Fax Number: 650 723 3950

You may also apply and see more detailed information by visiting our web
site at:

www.gsb.stanford.edu/exed/crm

Applications will be acknowledged upon receipt. If you have not received an
acknowledgement within two weeks, please contact us.

Please complete all sections. All information is kept strictly confidential.

Name:
Put an x beside one, please:  Male:               Female:

Citizenship:

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Is it okay to use this letter? Please advise.
Mandy

 -----Original Message-----
From: 	Barnard, Marla
Sent:	Thursday, December 27, 2001 1:34 PM
To:	Hankamer, Cecilia; Curless, Amanda
Subject:	FW: letter per request

letter to send with mail if you can use it

 -----Original Message-----
From: 	Galloway, Sonja
Sent:	Friday, December 14, 2001 3:46 PM
To:	Barnard, Marla; Spiller, Tina
Subject:	letter per request

Hello Marla/Tina,  Attached is the letter Sheila is using for sending mail to terminated employees per Shelly Pierce. Please advise if you have any questions.  Thanks

Sonja Galloway
713-345-8796


HEre are the docs for this deal.
Transfer and assumption agreement
schedules to the transfer agreement
Amendment to Allegheny Power Master
Allegheny ISDA Side letter
Thanks for your help, Tim.
Regards,
Janice

EB3811
Assistant General Counsel, Enron North America Corp.
713-853-1794 (Fax:  713-646-3490)


Per your request.  Call if you need any more info.  SRS


Glad to hear things are going well.  talk to you later,.


Charles Schwab & Co., Inc.

Morning Market View(TM) for Thursday, May 24, 2001
as of 11:00AM EDT
Information provided by Standard & Poor's

================================================================

U.S. INDICES
(11:00a.m. EDT)

----------------------------------
Market            Value     Change

DJIA          11,073.40    - 32.10
Nasdaq Comp.   2,235.92     - 7.56
S&P 500        1,284.25     - 4.80
----------------------------------
NYSE Advancing Issues        1,142
NYSE Declining Issues        1,507
NYSE Trading Volume        266 mln
NASDAQ Advancing Issues      1,516
NASDAQ Declining Issues      1,553
NASDAQ Trading Volume      497 mln

==================================

U.S. TREASURIES
----------------------------------
Value            Yield      Change

1-year bill       3.63%        n/a
5-year note       4.91%     + 3/32
10-year note      5.38%     + 1/32
30-year bond      5.81%    - 14/32

The tables above look best when viewed in a fixed-width font,
such as "Courier."

================================================================

U.S. TRADING SUMMARY

U.S. stocks are seeing a volatile session as bargain-hunters
battle profit-takers for supremacy. The headline indexes have
slipped into negative territory at midmorning, falling from early
session highs. A stronger-than-anticipated increase in jobless
claims, which suggests erosion in the labor market, and a
sharper-than-expected drop in new home sales has put some
pressure on stocks. Furthermore, with stocks enjoying solid gains
in recent weeks, traders are somewhat wary of jumping into the
market. Semiconductors, drugs, healthcare and computer software
have suffered the worst this morning. Meanwhile, financials,
electronic equipment and banks have been the best-performing
sectors this morning.

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

JAPAN / EUROPE SUMMARY

European bourses moved slightly higher amid lackluster trading as
most countries across the pond celebrated the Ascension Day
holiday. Volume and interest remained extremely light as the
German DAX took the midafternoon lead, posting a gain of 1.1%.
Both the London FTSE and French CAC-40 followed closely behind
with gains of 0.7% and 0.4%, respectively. Across the Pacific,
Japanese shares made it three days in a row of losses as the
benchmark Nikkei-225 fell 1.2% when the yen surged against both
the dollar and euro. A stronger yen makes Japanese exports more
expensive and less desirable to foreign buyers, which will impact
the bottom line at Japanese companies. The broader Topix dropped
0.7%.

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

CURRENCY SUMMARY

The U.S. dollar has stabilized, at least for the moment,
following the wild swings seen Wednesday. The greenback is
trading around the 120 yen level and at about 0.858 dollars per
euro. Note that the dollar is at some of the strongest levels
against the euro since last November.

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

MAJOR COMPANY / INDUSTRY NEWS
(All prices as of 11:05 a.m. EDT)

** Defense contractor Northrop Grumman (NOC: 87.47, - 1.80) has
made a matching hostile offer for Newport News Shipbuilding (NNS:
64.27, + 0.50) even though Newport has already planned to merge
with General Dynamics (GD: 79.30, - 0.71). Northrop stated that
it would enter negotiations with Newport News if Newport allowed
Northrop to conduct its due diligence review. Newport makes
nuclear powered aircraft carriers and submarines. A merger with
Northrop would give the hostile bidder a leadership position in
the U.S. Navy surface ship market.

** Pride International (PDE: 27.71, - 4.94), a drilling
contractor, announced on Thursday that it has agreed to merge
with Marine Drilling (MRL: 26.97, - 0.75) in a deal worth about
$2 billion. The merger creates the oil industry's third-largest
offshore drilling contractor. The deal gives Pride shareholders
about an 18% premium for their shares based on the stock's
closing price as of Wednesday. The transaction is expected to be
accretive to earnings within the first year after the deal is
finalized.

** McDonald's (MCD: 30.29, + 0.05) apologized on Thursday for not
acknowledging the fact that it uses beef flavoring in its popular
french fries. The apology comes after a Hindu lawyer accused
McDonald's of not disclosing the fact that they use the flavoring
in their fries. Hindus abstain from eating beef due to religious
reasons and view cows as sacred animals.

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

ECONOMIC NEWS

** Weekly initial jobless claims were 407K, up from the previous
392K and higher than the S&P MMS consensus estimate of 390K.

** New home sales for April were 894K, down from the previous
988K and less than the consensus estimate of 980K.

** FRIDAY - Preliminary first-quarter Gross Domestic Product,
durable goods orders for April, existing home sales for April,
University of Michigan final index of consumer sentiment for
May.

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Hey kiddo, I just got this mail from you  and apparently never recieved the
original.  I assume you are having a party.  When?  How have you been?
Congratulations on the new house by the way!  Anyway, let me know when you
party is and i will try to be there.  Take care!