no, that's wrong.  you just kept saying one rude thing after another which
bothered me.  it doesn't matter.  the point is that it should not be so
difficult for you to not be rude.

-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
Sent: Friday, October 26, 2001 2:48 PM
To: erichardson@sarofim.com
Subject: RE:

 only one thing i said was rude, which i apologized for, and you wouldn't
let it die.  most of the stuff was started by you.  you were just venting
frustration you weren't able to communicate when you're sober.

    -----Original Message-----
   From:   Erin Richardson <erichardson@sarofim.com>@ENRON
   Sent:   Friday, October 26, 2001 2:41 PM
   To:     Lenhart, Matthew
   Subject:  RE:

   i only rolled back over once.  i said i was sorry for saying i wished
   you
   were dead, i was just kidding, and i wouldn't have to vent for so long
   if
   you wouldn't give me reasons to.  some of the things you said last night
   were pretty rude.

   -----Original Message-----
   From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
   Sent: Friday, October 26, 2001 2:37 PM
   To: erichardson@sarofim.com
   Subject: RE:

   you kept rolling back over and laying into me.  you are the one who said
   you wished i was dead.  you went crazy.  you were pissed all night.  you
   were venting on a soap box for about 2 hours.

       -----Original Message-----
      From:   Erin Richardson <erichardson@sarofim.com>@ENRON
      Sent:   Friday, October 26, 2001 2:33 PM
      To:     Lenhart, Matthew
      Subject:  RE:

      i was not going nuts.  i was trying to go to sleep and you kept
   bringing
      it
      up.  you're nice, but you have an attitude.  very cocky.

      -----Original Message-----
      From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
      Sent: Friday, October 26, 2001 1:42 PM
      To: erichardson@sarofim.com
      Subject: RE:

      i was being nice.  you kept starting it and then blaming it on me.
   you
      were going nuts.

          -----Original Message-----
         From:   Erin Richardson <erichardson@sarofim.com>@ENRON
         Sent:   Friday, October 26, 2001 1:03 PM
         To:     Lenhart, Matthew
         Subject:  RE:

         you deserved it b/c you are a jerk.  you really need to start
   being
         nicer.

         -----Original Message-----
         From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
         Sent: Friday, October 26, 2001 12:37 PM
         To: erichardson@sarofim.com
         Subject: RE:

         you were letting me have it.  i deserved some of it b/c i made
   some
      bad
         jokes, but overall you were pretty brutal.  i think i am heading
   to
         baton
         rouge for the game this weekend instead of partying for halloween.

             -----Original Message-----
            From:   Erin Richardson <erichardson@sarofim.com>@ENRON
            Sent:   Friday, October 26, 2001 12:28 PM
            To:     Lenhart, Matthew
            Subject:  RE:

            no.   why was i mad?

            -----Original Message-----
            From: Matthew.Lenhart@enron.com
   [mailto:Matthew.Lenhart@enron.com]
            Sent: Friday, October 26, 2001 12:29 PM
            To: erichardson@sarofim.com
            Subject: RE:

            you still mad at me?  you were pissed last night.

                -----Original Message-----
               From:   Erin Richardson <erichardson@sarofim.com>@ENRON
               Sent:   Thursday, October 25, 2001 1:50 PM
               To:     Lenhart, Matthew
               Subject:

               you better be getting excited about dinner.  i'm not taking
   you
      if
            you
               aren't.

   **********************************************************************
            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.

   **********************************************************************


Dear Mr. Richey,

Thank you for choosing E*Trade Canada.

We have received your application to open an account with us, however we
require the following in order to process your account:

1.  W-9 Form

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delete and destroy any copies of this e-mail.


One more change to class time.  Today's class only (Midcon) will be held @ 1:45 in room 3270 (same room as our 2:30 daily meeting) .
Thanks
 -----Original Message-----
From: 	Mahmassani, Souad
Sent:	Friday, October 12, 2001 3:18 PM
To:	Plachy, Denver; Cuilla, Martin; Storey, Geoff; Yawapongsiri, Virawan; Kinsey, Lisa; Donohoe, Tom; Ruscitti, Kevin; Lewis, Andrew H.; Williams, Jason (Trading); Frihart, Bryant; Tucker, Patrick; Giron, Darron C.; Pollan, Sylvia S.; Murrell, Russell E; Culotta, Lindsay; O'Malley, Justin; Love, Phillip M.
Cc:	Luce, Laura; Shively, Hunter S.
Subject:	FW: Classes

Just a reminder.  Classes begin Monday the 15th.  They will be in room 3321 from 3 to 4.
Thanks,

 -----Original Message-----
From: 	Mahmassani, Souad
Sent:	Tuesday, October 09, 2001 3:05 PM
To:	Plachy, Denver; Cuilla, Martin; Storey, Geoff; Yawapongsiri, Virawan; Kinsey, Lisa; Donohoe, Tom; Ruscitti, Kevin; Lewis, Andrew H.; Williams, Jason (Trading); Frihart, Bryant; Tucker, Patrick; Giron, Darron C.; Pollan, Sylvia S.; Murrell, Russell E; Culotta, Lindsay; O'Malley, Justin; Love, Phillip M.
Cc:	Luce, Laura; Hogan, Irena D.; Shively, Hunter S.
Subject:	RE: Classes

Classes have been moved.  We will begin classes on 15th and end on the 26th.
Thanks
 -----Original Message-----
From: 	Mahmassani, Souad
Sent:	Wednesday, October 03, 2001 3:47 PM
To:	Plachy, Denver; Cuilla, Martin; Storey, Geoff; Yawapongsiri, Virawan; Kinsey, Lisa; Donohoe, Tom; Ruscitti, Kevin; Lewis, Andrew H.; Williams, Jason (Trading); Frihart, Bryant; Tucker, Patrick; Giron, Darron C.; Pollan, Sylvia S.; Murrell, Russell E; Culotta, Lindsay; O'Malley, Justin; Love, Phillip M.
Cc:	Shively, Hunter S.; Luce, Laura
Subject:	Classes

I spoke to the professors and we decided that the Midcontinent class will be held Monday's and Wednesday's from 3:00 to 4:00, Ontario class will be held Tuesday's and Thursday's at the same time.

Classes will commence Monday 8, 2001, and will continue until Thursday 19, 2001.  Midcontinent test will be held on Monday the 22nd and Ontario test will be held on Tuesday the 23rd.

Please e-mail any suggestions, conflict, registry.

Thanks


Executive Summary
? California Treasurer Angelides Sets Dates for Bridge Loans & Bonds
? California's Supreme Court May See Challenge to "Plan B"

Angelides on Bridge Loans and Bonds
CA Treasurer Angelides has said that beginning 15 August, the state will set
up a bridge loan.  The revenue bonds will not be issued until September or
October.  Angelides is not concerned about a cash crisis in July or August.
However, he is quite worried about problems with cash flow in October and
November.  This is based on calculations he has done with numbers from the
DWR and from other parts of the government, not on payment terms for power.
He fears there will be a cash management problem.

California Supreme Court to Challenge "Plan B"
California Attorney Michael Sturmwasser is expected to challenge "Plan B"
before the California Supreme Court on the basis that it results in a
retroactive rate increase and that it removes the PUC's authority to review
power purchases.  This is because "Plan B" enables SoCal to collect a
dedicated rate component to pay both its undercollect and its expenses going
forward.  SoCal (and PG&E) would have to be guaranteed this dedicated rate
component to be able to operate going forward and remain credit-worthy.  This
takes the burden of financing the energy crisis away from the state and off
the state's balance sheet, a key goal of lawmakers.  However, at the same
time, it also abrogates the PUC from its responsibility to review power
purchases.  The state cannot give the utilities a blank check (in the form of
a dedicated rate component) to operate without taking authority away from the
PUC.  According to the California constitution, the legislature can add to
the responsibilities of the PUC, but it cannot take away powers from the
PUC.  At the same time, ratepayers will be paying an additional surcharge for
power that they have already used.  Sources describe Sturmwasser's case as
"arguable"; in other words, it has a fair chance of succeeding.  However,
regardless of whether the challenge succeeds or fails, it is very likely to
cloud the issue of the bail-out and significantly deflate the prospects of
the Plan B.

If FERC were to impose cost-based controls on power prices, sources believe
it might "go a long way toward avoiding these problems."  Were this to
happen, the PUC could declare FERC's rates "just and reasonable," which would
likely greatly lessen the crisis and keep SoCal liquid.  However, such
measures by FERC require significant lead time.  Sources state that "the
state needs to tease the feds into doing this."  This can be done by
conducting studies to obtain current cost data and update the data FERC would
use for determining the cost controls.  Sources report that this process of
"teasing" FERC has not yet started.  This is chiefly because California
politicians are focused on flat price caps, which FERC is very unlikely to
impose.  It appears the state is asking FERC for the wrong measures, which is
delaying the process.  The only way for the state to avoid these
constitutional issues would be for the state to purchase the utilities, as
municipal entities would not be subject to PUC regulation.  However, there
remains very significant opposition to this idea, especially on the
Republican side.  A state purchase of the utilities would likely only gain
momentum once Plan B began to fail for the reasons cited above.
Additionally, a state purchase of the utilities would be less expensive were
both utilities in bankruptcy.

Sturmwasser is a partner at Sturmwasser & Woocher, a Santa Monica law firm.
(His offices are on the top floor of the tallest building in Santa Monica,
overlooking the beach.)  He has been a utilities lawyer for over 30 years.
His clients include the consumer advocacy group TURN (Toward Utilities Rate
Normalcy), among others.  Sturmwasser will reportedly look for funding to
support the legal challenge, but if he cannot find money elsewhere, he will
likely be able to support it out of his own pocket.


Kay Young will be out of the office on Monday and Tuesday, March 6 and 7.  If
you need conflicts checks done please contact one of the following people:

Ed Hearn
Mary Heinitz
Deb Korkmas
Dina Snow

Thank you.


Lee Choo


Thank you for calling our customer service representative today
to inform us that you are consenting to the delay notification
we sent you.  We will continue to process your order.

Macys.WeddingChannel.com Order# W1021382-014043335

You will receive a shipment confirmation notification when your
order is shipped.  You have the continuing right to cancel this
order at any time before it is shipped by contacting us at the
toll-free number listed below, and your account will not be
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Sincerely,

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CustomerService@MacysWeddingChannel.com
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FYI
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
12/16/98 11:08 AM ---------------------------

	Enron Capital Management

	From:  Scott Pudenz                           12/16/98 10:15 AM

To: William S Bradford/HOU/ECT@ECT
cc: Cynthia L Schneider/HOU/ECT@ECT, Soma Ghosh/LON/ECT@ECT, Mark
Evans/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT, Bobby Bajaj/LON/ECT@ECT, Julie Adams/LON/ECT@ECT, Robina
Barker-Bennett/LON/ECT@ECT
Subject: Re: Signing on Customer Swaps

We have left a message with Jeff McMahon to see if he will take commercial
responsibility for either signing the docs, or if he is not authorized to
sign for these companies, to give the OK to someone else in Houston to sign
who is authorized.  In the past we have had Dana Gibbs help us out - which is
another option.

We have been thru these issues before on other transactions, and ECT Europe
takes responsibility as far as P&L goes.  I'm not sure it works from a tax
standpoint though to have all these side letters floating around - because
then it could get us in a tough spot with the tax man.  Our preferred
approach is to get someone in Houston to stand up for London for signatory
purposes.

Please advise if you have any comments.

Scott

William S Bradford
16/12/98 15:52
To: Scott Pudenz/LON/ECT@ECT
cc: Cynthia L Schneider/HOU/ECT@ECT, Soma Ghosh/LON/ECT@ECT, Mark
Evans/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT
Subject: Re: Signing on Customer Swaps

Scott,

Mark Taylor wants to make sure ECT management is comfortable with assuming
the risk of all these transactions.  Has anybody on your deal team obtained
the proper ECT-NA support for these transactions.  If tax reasons are driving
these deals to ECT-NA, perhaps we will need a side letter where ECT-Europe
guarantees to ECT-NA performance on these transactions.

Let us know how you want us to proceed to get the necessary signatures by the
end of the day.

Bill

	Enron Capital Management

	From:  Scott Pudenz                           12/16/98 09:45 AM

To: William S Bradford/HOU/ECT@ECT, Cynthia L Schneider/HOU/ECT@ECT
cc: Soma Ghosh/LON/ECT@ECT, Mark Evans/LON/ECT@ECT
Subject: Signing on Customer Swaps

Mark Evans will be coordinating with Sara's replacement today the signing of
the Customer Swaps (1&2).


I would be glad to send him the link if you can send me the link.

	Michael Neves
	06/28/2000 02:32 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Legal Online Trading Database

Tana,

If George only needs read access, you can just send him the database link and
he should be ready to go (remember -  we opened the system up to everyone).
Let me know if you need antyhing else.

Mike

From: Tana Jones on 06/28/2000 09:12 AM
To: Michael Neves/HOU/ECT@ECT
cc: George Hope/HOU/ECT@ECT
Subject: Legal Online Trading Database

Mike,

Can you grant George Hope with the Online Team, view access only to the Legal
Online Trading Database.  Can you let us know when his approval comes in.
Thanks!


Linda,

I can't make 10 tomorrow, so go ahead and meet without me.

Lunch this week would be difficult, as I'm out Thursday and Friday attending the SW Legal Foundation Labor seminar in Dallas.  Would you like to try something next week with me and Lizzette Palmer, my new attorney?  If so, have your assistant get with Twanda at 853-9402 to schedule, as Twanda works for both me and Lizzette.

Thanks.

Michelle

 -----Original Message-----
From: 	"Linda Broocks" <lbroocks@ogwb.com>@ENRON
Sent:	Monday, October 22, 2001 11:12 AM
To:	Cash, Michelle
Subject:	ENA v. Miller

Dear  Michelle:
     We have set a meeting with Cristina Solomon and Liz Miller that I am assured is  set in stone.  It will take place tomorrow at 10am at Cristina's  office.  Can you attend?  I have given Cristina the agenda items so  that she and Liz can be prepared to answer all of our questions.
Best  regards,
Linda  Broocks

P.S.  Can you  have lunch this week with Laura Gibson and me?


Sorry I can't make it; I have a conflict.  I suggest you meet without me and
I can catch up later.

 -----Original Message-----
From:  Fawcett, Jeffery
Sent: Thursday, April 05, 2001 5:55 PM
To: Scott, Susan; Dasovich, Jeff; 'mbaldwin@igservice.com'
Subject: CPUC workshop- conference call

Sorry for the late notice, but is it possible to get together by telephone
tomorrow at around 10:00 a.m. CDT to discuss the upcoming CPUC workshop and
how TW and Enron should be engaged in that process?  Mark, Jeff, we'll
initiate the call here from Houston.


we drove by yesterday - they look nice - maybe if you have time we can go see
it at around 2:30 tomorrow?

let me know
L,
e

"K. Bass" <daphneco64@bigplanet.com> on 01/31/2001 05:40:56 PM
Please respond to "K. Bass" <daphneco64@bigplanet.com>
To: Eric Bass <Eric.Bass@enron.com>
cc:
Subject: Mandell

I like this one a lot.? Maybe we'll go see it  next week.? LU-M


-----Original Message-----
From: 	Stark, Cindy   On Behalf Of Horton, Stanley
Sent:	Monday, November 26, 2001 4:13 PM
To:	Geaccone, Tracy
Subject:	FW: Slides for Stan

Here are Peggy's slides.

 -----Original Message-----
From: 	"PEGGY FOWLER" <Peggy_Fowler@pgn.com>@ENRON
Sent:	Monday, November 26, 2001 3:38 PM
To:	Horton, Stanley
Subject:	Fwd: Slides for Stan

Here are the slides you requested....a few talking points as  mentioned by Jim are on the 4th page....let me know, if you'd like more  information or a different format
Date: Mon, 26 Nov 2001 12:27:50 -0800
From: "Jim Piro" <Jim_Piro@pgn.com>
To: "PEGGY FOWLER" <PEGGY_FOWLER@pgn.com>
Subject: Slides for Stan
Mime-Version: 1.0
Content-Type: multipart/mixed; boundary="=_CB96F82B.7213201F"

the fourth slide in the presentation are the notes stan can  use to talk from.
 - PGE 2001 Results.ppt


When: Tuesday, February 05, 2002 1:30 PM-3:00 PM (GMT-06:00) Central Time (US & Canada).
Where: 06106

*~*~*~*~*~*~*~*~*~*


shirley,

FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/09/2001
01:19 PM ---------------------------

"Susan C. Hansen" <susan.hansen@stanford.edu> on 04/06/2001 06:14:10 PM
To: Vince.J.Kaminski@enron.com
cc: clovell@stanford.edu, donna Lawrence <donna.lawrence@stanford.edu>,
hillh@stanford.edu, bambos@stanford.edu
Subject: Visiting Enron May 4th

Dear Vince,

this is great news!  Donna and I are delighted that you have time to see us
on May 4th.

I'll be out of the office next week.  By copy of this email to my
assistant, Carol Lovell, I will ask her to get in touch with Shirley for
scheduling as well as directions on where to meet you.  We'll be glad to
meet with Christie Patrick as well.

Looking forward to meeting you,

Susan

At 05:36 PM 4/6/01 -0500, you wrote:

>Susan,
>
>Thank you for your message. I shall be glad to meet with you on May the
>4th.
>I shall ask my assistant, Shirley Crenshaw (713) 853 5290, to call you to
>set up the meeting.
>
>Also, for your information, we have recently set up a special unit to
>coordinate Enron's
>relationships with the universities. The person running this unit is
>Christie Patrick.
>Please, feel free to contact her and give my name as a reference. I shall
>coordinate the meeting
>on May  the 4th with her.
>
>Vince
>
>
>Additional information re Christie:
>
>Phone :      (713) 853-6117
>
>Email:         christie_patrick@enron.com
>
>
>
>
>
>"Susan C. Hansen" <susan.hansen@stanford.edu> on 04/03/2001 04:33:54 PM
>
>To:   vkamins@enron.com
>cc:
>Subject:  Visit from Stanford?
>
>
>Dear Dr. Kaminski,
>
>Let me briefly introduce myself, I am the Director of Corporate Relations
>for the School of Engineering at Stanford University.  In this role, I am
>always on the watch for ways to bring our faculty together with companies
>that have an appetite for engagement with top tier research institutions.
>
>I believe you know Hill Huntington, who is a senior researcher with
>Stanford's Energy Modeling Forum.  He suggested I get in touch with you for
>some ideas about contacts at Enron.  I'm in the process of planning a trip
>to Texas in early May along with my colleague Donna Lawrence, the
>university's Director of Corporate Relations.  We were hoping to be able to
>include a stop at Enron on our itinerary. Right now it appears that Friday,
>May 4th would work best for us but we're at the very beginning of our trip
>planning.
>
>The purpose of our visit would be to review the current relationship
>between Enron and Stanford, to give you an overview of current priorities
>in the School of Engineering, and ask for your help in identifying the best
>points of contact.
>
>I look forward to hearing from you about your availability,
>
>Sincerely,
>Susan Hansen
>
>
>
>
>Susan C. Hansen
>Director, Corporate Relations
>School of Engineering
>Stanford University
>Stanford, CA 94305-4027
>(650) 725-4219

Susan C. Hansen
Director, Corporate Relations
School of Engineering
Stanford University
Stanford, CA 94305-4027
(650) 725-4219


Suzanne:
sara may be setting soemthing up with people in the power group and
confirmations group.  We will keep you posted.
Carol

	Suzanne Adams
	06/07/2000 12:13 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: June 16th Meeting

Are you going to do this meeting?  I've got 30C2 reserved.


Due to Ramona being out Friday, I would like to keep this CAS overview scheduled for today, Thursday afternoon, from 1:30 to 3pm.  Ramona will be available for only a short time today.  Perry, if you don't mind, for today, could you show Jerry Skertich and I a CAS overview from your viewpoint.  Darrell, perhaps Jerry and I can get with you either tomorrow or sometime next week to get your viewpoint.

Please let me know if everyone is okay with meeting today for about an hour.  I will see if I can get room 3907 for this afternoon.  Thx, Jim

 -----Original Message-----
From: 	Schoolcraft, Darrell
Sent:	Thursday, January 24, 2002 6:12 AM
To:	Frazier, Perry; Studebaker, James ; Betancourt, Ramona ; Skertich, Gerald
Subject:	RE: Updated: CAS overview with Ramona

I can make that.

ds

 -----Original Message-----
From: 	Frazier, Perry
Sent:	Wednesday, January 23, 2002 9:53 AM
To:	Studebaker, James ; Betancourt, Ramona ; Skertich, Gerald
Cc:	Schoolcraft, Darrell
Subject:	RE: Updated: CAS overview with Ramona

Sure, I can make the Friday time frame.

 -----Original Message-----
From: 	Studebaker, James
Sent:	Wednesday, January 23, 2002 7:29 AM
To:	Betancourt, Ramona ; Skertich, Gerald; Frazier, Perry
Cc:	Schoolcraft, Darrell
Subject:	FW: Updated: CAS overview with Ramona

Ramona, Jerry, and Perry,

Darrell will be out Thursday afternoon.  Are you all available Friday afternoon at the same hours - 1:30 to 3pm?  Thx, Jim

 -----Original Appointment-----
From: 	Schoolcraft, Darrell
Sent:	Wednesday, January 23, 2002 7:01 AM
To:	Studebaker, James
Subject:	Tentative: Updated: CAS overview with Ramona
When:	Thursday, January 24, 2002 1:30 PM-3:00 PM (GMT-06:00) Central Time (US & Canada).
Where:	TBA

I will be out Thursday afternoon.  How about Friday sometime.

ds


stay cool (and stay dry when the hurricanes come a blowin').
talk to you next week.
jdmiller

-----Original Message-----
From: Tycholiz, Barry [mailto:Barry.Tycholiz@ENRON.com]
Sent: Thursday, July 12, 2001 4:16 PM
To: Miller, John D.
Subject: RE: Scary Stuff

I am not at all surprised by your appointment. I think it is a great
fit.  You are not even close to being over your head. You will do really
well.

I will try to call you next week... am tied up in this and that over the
next day but would love to hear all the details and plans... congrats
and glad to hear from you !!

BT

Barry Tycholiz
Vice President
Enron North America

-----Original Message-----
From: Miller, John D. [mailto:JDMILLER@petro-canada.ca]
Sent: Thursday, July 12, 2001 1:19 PM
To: Tycholiz, Barry
Subject: Scary Stuff

Barry,

Heeeeee's back,
Pretty scary stuff.
How y'all doing - thought we would see you hee at Stampede.
I'm way over my head here.
talk to you later.
cheers
jdmiller

John D. Miller
Manager, Infrastructure
OilSands
403-296-4824 Phone
403-296-5374 Fax
jdmiller@petro-canada.ca


http://www.eyeforenergy.com/newsletter/newsletter_191001.html

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     Friday, October 19, 2001 Issue 39   EDITORIAL  Weathering Risk   This week's Briefing is concerned with risk, chiefly that presented by weather in the face of newly deregulated (re-regulated?) energy markets.  Our main feature explains how susceptible the industry has become to increasingly volatile weather, and how the plethora of risks which become presented (include those directly related to earnings) can be alleviated by trading a portfolio of weather derivatives.  We also outline some of the companies who are already emerging as major players in what is already becoming an essential tool for managing financial risk.   On a broader note, our second feature outlines approaches to managing risk in general, and how energy companies can identify and consolidate new opportunities, and reap real financial benefit from minimal risk.   Also, this week saw Eyeforenergy's conference in Singapore, which has been a resounding success.  In a future issue of the Briefing, we will bring you details of events as they unfolded at this three-day meeting of some of the most influential and forward-thinking companies and organizations in the Asian energy market.  For now, you can apply for unlimited access to the speakers' presentations at this conference - more details are available here .   -- Bruno Russell, Acting Editor      FOCUS   Weather is Risky Business for Energy Providers   The pathway to economic oblivion is paved with the bleached bones of those that failed to manage risk. It has been said that economic history is the history of people learning to manage risk. As deregulation takes root, power providers are spreading their reach to the far corners of the globe, in an effort to minimize their risk in any given market.  You don't need a quick trip to Las Vegas to realize that the laws of probability are alive and well in the energy sector. Even the most basic of economic indicators; things that once seemed unpredictable, crop harvest, storms, war, famine, the flow of capital can all be forecast with some degree... Click here for Full Story      INSIGHT   Managing Risk, "That Old Black Magic"   Headlines coming out of the energy sector are hard to escape. One company reports record profits, another record losses, another goes belly up, yet even more merge, acquire, form alliances, expand, contract and jockey for position as deregulation and increasing competition in energy markets thrust them from a historically stable, low risk environment into a brave new world, full of ever changing risk and opportunities.  Add to the mix shareholders screaming for more profits, consumers demanding lower prices, regulators hell bent on proving deregulation is a myth; there is only re-regulation in a new world order. With this dislocation, the first issue for shareholders and managers of the affected companies to come... Click here for Full Story      ADVERTISEMENT  [IMAGE] Eyeforenergy Green Convention 2001  Hotel Le Plaza, Brussels 5-6 November 2001  In light of new EU Directives which aim to double green power's share of the electricity requirement in Europe to 22.1% by 2010, we are very pleased that Johannes Maters of the Commission will deliver this event's opening address, discussing the Commission's role in promoting the use of renewable energy.   He heads a formidable programme of speakers from Europe's energy majors who will be presenting their strategies for commercial green success, including representatives of BP, Enron, Nuon, Erga, RWE Power, JP Morgan and many more.   For full programme and speaker details, click here   [IMAGE]  Landmark Graphics and Petroleum Place -- Accelerating Business Efficiency   Landmark Graphics and Petroleum Place Delivers Enormous Efficiencies within Acquisition and Divestiture. How? Through online delivery of data and evaluation tools within an APS environment to afford dramatic efficiencies for both sellers and buyers.   Visit www.petroleumplace.com   [IMAGE]  The Business of Fuel Cells for Stationary Applications Le Plaza Hotel, Brussels, November 27-28th   Business models, strategic alliances, distribution channels, early market opportunities and financing will be discussed in Brussels from November 27th to 28th.  Companies delivery presentations include: End users and distributors (RWE, Gaz de France, UK local government), Manufacturers (Alstom Ballard, Siemens Westinghouse, Global Thermoelectric, Cermaic Fuel Cells Ltd., Zetek Power), Component and catalyst providers (DuPont, Johnson Matthey Fuel Cells, Vandenborre, Idatech), Investors and independent financial analysts (Metasource, Phil Doran), and Industry Associations (World Fuel Cell Council, COGEN Europe).  As this event has been produced by our sister organization, EyeforFuelCells, we are pleased to announce that subscribers to the Eyeforenergy Briefing automatically qualify for a 20% discount on registration.  Just quote "brief" on any registration material.  For the full programme and registration, please click here: http://www.eyeforfuelcells.com/events/europe2001/programme.shtml   [IMAGE]  NEWS ROUND UP - WEEK IN REVIEW   Green Mountain Stakes Claim to Texas Sun, Plans Two Solar Projects   October 16, 2001---Two solar arrays capable of producing a combined 100kW are on the drawing boards of Green Mountain Energy Company. At the same time the company announced the launch of the Big Texas sun Club, billed as an easy way for Green Mountain customers to support the company's solar energy efforts.  "The launch of this new product and the development of these new solar facilities is a result of the tremendous customer demand we have experienced in the Texas market," said Gillan Taddune, vice president and general manager of the Texas region for Green Mountain Energy Company. "We have large... Click here for Full Story     Scientists Urge U.S. to Develop More Renewable Energy Resources   October 15, 2001---In a report released today the Union of Concerned Scientists urges the United States to take a pro-active stance on renewable energy. The report says the country should establish a goal of producing at least 20 percent of its electricity from wind, solar, geothermal and other renewable energy sources by 2020.  The Cambridge, Massachusetts-based group said currently more than half of the electricity produced in the United States comes for power plants that burn coal, with less than 2 percent of the country's electricity coming from renewable sources.   "Adopting a renewable energy standard would diversify... Click here for Full Story     Enron's European Electricity Trading Takes Off   October 12, 2001---Houston based energy giant Enron reports that it has traded five times as much wholesale electricity in continental Europe during the first half of this year than it did in a similar period last year.  Continental power trading director Gregor Baeumerich told Reuters the company traded 523 terawatt hours in the first half - roughly equivalent to annual German power demand - up from 93 terawatt hours in the first half of 2000.   ``On average we are now doing around 200 deals a day with about... Click here for Full Story     Calpine to Float $2.56 Billion Bond Offering     October 11, 2001---Calpine announced Thursday that it plans to raise about $2.56 billion from a four-currency bond offering and a sale of pass-through certificates.   According to a source familiar with the scheme the San Jose, California based independent power company, has enjoyed strong demand... Click here for Full Story     Shell Marches Back to Profitability     October 10, 2001---After losing some R$100 million between 1999 and 2000 Shell is back in the black and experiencing considerable growth in 2002. Shell also promised to conquer the leadership of the market over the next years. The company will invest R$180mil in assets in 2002, a growth of 33% if... Click here for Full Story     Puget Energy's Stock Dips as Regulators Reject Rate Increase     October 9, 2001---As regulators rejected an emergence rate increase Puget Energy's management slashed the Washington utility's earnings report, sending the stock to its lowest price in eighteen months.   The company's utility arm, Puget Sound Energy had asked Washington State's Utilities and... Click here for Full Story      Latest News Now!       [IMAGE]     EDITORIAL [IMAGE] Weathering Risk    ARTICLES [IMAGE] Weather is Risky Business for Energy Providers [IMAGE] Managing Risk, "That Old Black Magic"    NEWS ROUND UP [IMAGE] Green Mountain Stakes Claim to Texas Sun, Plans Two Solar Projects  [IMAGE] Scientists Urge U.S. to Develop More Renewable Energy Resources  [IMAGE] Enron's European Electricity Trading Takes Off  [IMAGE] Calpine to Float $2.56 Billion Bond Offering  [IMAGE] Shell Marches Back to Profitability  [IMAGE] Puget Energy's Stock Dips as Regulators Reject Rate Increase     EVENTS [IMAGE]  Green Convention 2001   [IMAGE]  EEO Europe - Energy Trading in the New Economy   [IMAGE]  Emissions Trading 2002   [IMAGE]  Weather Trading 2002      SUBSCRIBE   Please enter your email address below to subscribe to the EyeForEnergy newsletter. Thank you        UNSUBSCRIBE  To unsubscribe from the EyeForEnergy newsletter please enter your email below. Thank you       If you have any comments about this newsletter or you would like to suggest future topics or industry related news, please email  bruno@eyeforenergy.com     [IMAGE]


Kay,

 Here is the most recent scope of work document b/w FCE and ENA.  Thanks.

Stephen
x 33890


PROS Revenue Management Announces Record Quarter
Q1 shows moves and advances

May 3, 2001--Houston-- PROS Revenue Management, the world,s leader in revenue
management science and software products, and the pioneer and dominant
provider of revenue management to the airline and energy industries, today
announced yet another record quarter.

PROS, record revenue for the first quarter of 2001 was $8.7 million, a 56%
increase over revenue for the same quarter last year.  Additionally, this
quarter continues to show strong profitability and positive cash flow,
enhancing PROS, strong, debt-free balance sheet.  This follows record annual
revenues, positive cash flow, and profits in 2000.

PROS (Pricing Revenue Optimization Solutions) has grown in more than just its
revenues and profits.  Employment has increased 11% in the quarter and is
projected to increase 25% by the midpoint of this year, continuing PROS,
rapid employee growth rate of 28% in 2000.

"We are very pleased with the first quarter results, as they represent
continuing client confidence in our high value solutions," says Bert
Winemiller, Chairman and CEO of PROS Revenue Management.  "During the first
quarter, we also announced the successful implementation of the PROS
Enterprise Revenue Management Platform.  PROS Platform uses world leading
science, forecasting and optimization to generate revenue and profits for
PROS, clients worldwide.  The PROS Platform is high performance, distributed
computing, using parallelized, highly scalable technology.  This architecture
will support the high performance, high availability, real time, mission
critical applications of our clients.  PROS, advanced architecture supports
data intensive and calculation intensive, science based enterprise solutions."

Highlights of the first quarter of 2001 also include PROS, move of its
corporate headquarters to the ComTech Center in midtown Houston.  On April
30, PROS began occupying 73,000 sq ft of newly refurbished office space.
This state-of-the art facility will assist in the support of PROS, expansion
both internally and into other industries.

PROS Revenue Management is the world,s leader in pricing and revenue
optimization solutions and the pioneer and dominant provider of revenue
management to the airline industry. PROS provides system solutions to the
airline, cargo, rail, energy, healthcare and broadcast industries, and has
delivered over 200 systems to more than 80 clients in 37 countries. PROS,
clients include 17 of the top 25 carriers in the airline industry.

The PROS mission is to maximize the revenue of each client using PROS,
world-leading revenue management science, systems solutions, and best
practices business consulting. PROS, clients report annual incremental
revenue increases of 6-8% as a result of revenue management. PROS, solutions
forecast demand, optimize inventory, and provide dynamic pricing to maximize
revenue.

Founded in 1985 in Houston, PROS Revenue Management has a six-year compounded
revenue growth of 40%, in large part due to the intellectual capital of its
staff. Nearly half of PROS, professional staff has advanced degrees and the
staff speaks a cumulative total of 26 languages. The company is profitable
with Year 2000 revenue of $29 million. For more information on PROS Revenue
Management, please visit www.prosRM.com or call 713-335-5253.

Contact:
Candy Haase - VP Marketing
713-335-5253
chaase@prosRM.com

If you no longer wish to receive information about PROS Revenue Management,
please click on "Reply" and type "Unsubscribe" in the subject line.


Did it show my phone number and what services I offer?

 -----Original Message-----
From: 	"Immer, Ingrid" <Ingrid.Immer@Williams.com>@ENRON
Sent:	Tuesday, January 15, 2002 9:30 AM
To:	Germany, Chris
Subject:	FW:

I think you were on the Today show this morning.		ii

> -----Original Message-----
> From:	Payne, Leon M
> Sent:	Tuesday, January 15, 2002 8:00 AM
> To:	Immer, Ingrid
> Subject:
>
> I saw Chris on TV this morning!


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Here are my edits and most recent model

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax

 - Quaker presentation.PPT
 - oatvalua.xls


EITF - Emerging Issues Task Force
1996\Issue 96-13: Accounting for Derivative Financial Instruments Indexed to,
and Potentially Settled in, a Company's Own Stock
Abstract

                                                   EITF ABSTRACTS

                            Issue No. 96-13

 Title:
                        Accounting for Derivative Financial Instruments
Indexed to, and Potentially Settled in, a Company's Own Stock

 Dates Discussed

                        November 12-13, 1987; January 19, 1995; March 23,
1995; May 18-19, 1995; July 20-21, 1995; September 20-21, 1995;
                        January 18, 1996; July 18, 1996; September 18-19,
1996; November 14, 1996; January 23, 1997

 References

                        FASB Statement No. 80, Accounting for Futures
Contracts
                        FASB Statement No. 123, Accounting for Stock-Based
Compensation
                        FASB Statement No. 128, Earnings per Share
                        FASB Discussion Memorandum, Recognition and
Measurement of Financial Instruments, November 18, 1991
                        APB Opinion No. 9, Reporting the Results of
Operations
                        APB Opinion No. 14, Accounting for Convertible Debt
and Debt Issued with Stock Purchase Warrants
                        APB Opinion No. 15, Earnings per Share
                        APB Opinion No. 21, Interest on Receivables and
Payables
                        SEC Accounting Series Release No. 268, Presentation
in Financial Statements of "Redeemable Preferred Stocks"

ISSUE

For a number of business reasons, a company may enter into contracts that are
indexed to, and sometimes settled in, its own stock. Examples of these
contracts include written put options, written call options (and warrants),
purchased put options, purchased call options, forward sale contracts, and
forward
purchase contracts. These contracts may be settled using a variety of
settlement methods, or the issuing company or counterparty may have a choice
of
settlement methods. The settlement methods are:

     Physical settlement - the party designated in the contract as the buyer
delivers the full stated amount of cash to the seller, and the seller
delivers the full
     stated number of shares to the buyer.

     Net share settlement - the party with a loss delivers to the party with
a gain shares with a current fair value equal to the gain.

     Net cash settlement - the party with a loss delivers to the party with a
gain a cash payment equal to the gain, and no shares are exchanged.

The contracts described above may be either freestanding or embedded in
another financial instrument. A freestanding contract is entered into
separate and
apart from any of the company's other financial instruments or equity
transactions, or it is entered into in conjunction with some other
transaction and is legally
detachable and separately exercisable.

This Issue applies only to freestanding derivative financial instruments (for
example, forward contracts, options, and warrants). This Issue does not apply
to
security price guarantees or other financial instruments indexed to, or
otherwise based on, the price of the issuer's stock that are issued in
connection with a
purchase business combination [Note See STATUS section.], nor does it address
the accounting for either the derivative component or the financial instrument
when the derivative component is embedded in and not detachable from the
financial instrument. This Issue does not address the accounting for
contracts that
are issued to compensation employees or to acquire goods or services from
nonemployees.

The issue is how freestanding contracts that are indexed to, and potentially
settled in, a company's own stock should be classified and measured.

EITF DISCUSSION

A. Framework for Accounting

The Task Force discussed the accounting for freestanding contracts that are
indexed to, and potentially settled in, a company's own stock and reached
several
consensuses, as described below. The consensuses in this Issue are to be
applied to all freestanding derivative financial instruments that are indexed
to, and
potentially settled in, a company's own stock; however, nonpublic companies
may continue to apply the consensus in Issue No. 88-9, "Put Warrants ," to the
instruments covered by that Issue. Hereinafter, the framework for accounting
that is established in this Issue is referred to as the "Model."

(1) Initial balance sheet classification

The initial balance sheet classification generally is based on the concept
that contracts that require net cash settlement are assets or liabilities and
contracts that
require settlement in shares are equity instruments. If the contract provides
the company with a choice of net cash settlement or settlement in shares, the
Model
assumes settlement in shares; if the contract provides the counterparty with
a choice of net cash settlement or settlement in shares, the Model assumes
net cash
settlement. However, this Model is not applicable when settlement
alternatives do not have the same economic value attached to them or when one
of the
settlement alternatives is fixed or contains caps or floors. In those
situations, the accounting for the instrument (or combination of instruments)
should be based
on the economic substance of the transaction.1

          1 For example, if a freestanding contract, issued together with
another instrument, requires that the issuer provide to the holder a fixed or
          guaranteed return such that the instruments are, insubstance, debt,
the issuer should account for both instruments as liabilities, regardless of
the
          settlement terms of the freestanding contract.

Accordingly, unless the economic substance indicates otherwise, contracts
would be initially classified as equity, or as assets or liabilities, in the
following
situations:

Equity instruments

     Contracts that require physical settlement or net share settlement

     Contracts that give the company a choice of net cash settlement or
settlement in its own shares (physical settlement or net share settlement).

Assets or liabilities

     Contracts that require net cash settlement

     Contracts that give the counterparty a choice of net cash settlement or
settlement in shares (physical settlement or net share settlement).

(2) Initial measurement, and subsequent balance sheet classification and
measurement

The Model requires that all instruments be initially measured at fair value
and subsequently accounted for based on the initial classification and the
assumed or
required settlement method in (1) above.2 Contracts that are initially
classified as equity are accounted for in permanent equity. If physical
settlement was
assumed or required and the company is obligated to deliver cash as part of
the physical settlement,3 then public companies should refer to ASR 268, which
provides guidance by analogy for those transactions, and account for the
transactions as provided below under "Equity instruments - temporary equity."

          2 For contracts that are classified as equity instruments that
provide the company with a choice between either net share settlement or
physical
          settlement that may require that the company deliver cash, net
share settlement should be assumed. For contracts that are classified as
equity
          instruments that provide the counterparty with a choice of either
net share settlement or physical settlement that may require that the company
          deliver cash, physical settlement should be assumed.

          3 For example, if the company sells put options indexed to its own
stock that enable the holder to sell shares back to the company at the strike
          price.

Equity instruments - permanent equity

     Contracts that require that the company deliver shares as part of a
physical settlement or a net share settlement should be initially measured at
fair value
     and reported in permanent equity. Subsequent changes in fair value
should not be recognized.

     Contracts that give the company a choice of (a) net cash settlement or
settlement in shares (including net share settlement, or physical settlement
that
     requires that the company deliver shares) or (b) either net share
settlement or physical settlement that requires that the company deliver cash
should be
     initially measured at fair value and reported in permanent equity.
Subsequent changes in fair value should not be recognized. If such contracts
are
     ultimately settled in a manner that requires that the company deliver
cash, the amount of cash paid or received should be reported as a reduction
of, or
     an addition to, contributed capital.

Equity instruments - temporary equity4

          4 Classification and measurement in temporary equity is required
for public companies. ASR 268 provides guidance by analogy for transactions
          classified as temporary equity.

     Contracts that (a) require that the company deliver cash as part of a
physical settlement, (b) give the company a choice of either net cash
settlement or
     physical settlement that requires that the company deliver cash, or (c)
give the counterparty a choice of either net share settlement or physical
settlement
     that requires that the company deliver cash should be initially measured
at fair value and reported in permanent equity, and an amount equal to the
cash
     redemption amount under the physical settlement should be transferred to
temporary equity.

Assets or liabilities

     Contracts that are initially classified as assets or liabilities should
be measured at fair value, with changes in fair value reported in earnings
and disclosed
     in the financial statements. If contracts initially classified as assets
or liabilities are ultimately settled in shares, any gains or losses on those
contracts
     should continue to be included in earnings.

B. Hedging

The SEC Observer stated that the SEC staff has consistently held the position
that hedge accounting is not permitted for transactions involving the
contracts
within the scope of this Issue because those transactions have not met all
the criteria of Statement 80. The SEC staff also believes that hedge
accounting for
transactions involving those contracts is inconsistent with paragraph 28 of
Opinion 9.

Because of the SEC staff's position, the Task Force decided to end its
discussion of whether the contracts described above can qualify for hedge
accounting.

C. Application of the Model to Specific Instruments

The following reflects several Task Force consensuses with respect to the
application of the Model, described in Section A of this Issue, to certain
freestanding
derivative financial instruments that are indexed to, and potentially settled
in, a company's own stock.

(1) Written put options5 and forward purchase contracts

          5 Includes shareholder rights (SHARP rights) issued by the company
to shareholders that give the shareholders the right to put a specified number
          of common shares to the company for cash.

Description

The company (the buyer) agrees to buy from the seller shares at a specified
price at some future date. The contract may be settled by physical
settlement, net
share settlement, or net cash settlement, or the issuing company or the
counterparty may have a choice of settlement methods.6

          6 Application of the Model to purchased call options is discussed
in C(3).

Consensus

The Model would be applied as follows:
                                                One Settlement Method

                                                                 Physical (a)

        Net Share

                            Net Cash

 (1) Initial Classification:

 Equity

                                                                      x

            x

 Asset Liability

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

            x

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                      x

 Fair value, asset/liability - adjusted for changes in fair value (c)

                               x

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

                                                   Company Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification:

 Equity

                                                                      x

            x

                               x

 Asset Liability

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                     x(e)

           x(e)

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                      x

                               x(f)

 Fair value, asset/liability - adjusted for changes in fair value (c)

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

                                                  Counterparty Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification:

 Equity

                                                                      x

 Asset Liability

            x

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

            x

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                     x(f)

 Fair value, asset/liability - adjusted for changes in fair value (c)

           x(d)

                              x(d)

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

(2) Forward sale contracts, written call options or warrants, and purchased
put options

Description

The issuing company (the seller) agrees to sell shares of its stock to the
buyer of the contract at a specified price at some future date. The contract
may be
settled by physical settlement, net share settlement, or net cash settlement,
or the issuing company or counterparty may have a choice of settlement
methods.

Consensus

The Model would be applied as follows:
                                                One Settlement Method

                                                                 Physical (a)

        Net Share

                            Net Cash

 (1) Initial Classification

 Equity

                                                                      x

            x

 Asset/Liability

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

            x

 Fair value, asset/liability - adjusted changes in fair value (b)

                               x

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.
                                                   Company Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

 (1) Initial Classification

 Equity

                                                                      x

            x

                               x

 Asset/Liability

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

           x(c)

                              x(c)

 Fair value, asset/liability - adjusted changes in fair value (b)

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.
                                                  Counterparty Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification

 Equity

                                                                      x

 Asset/Liability

            x

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

 Fair value, asset/liability - adjusted changes in fair value (b)

           x(d)

                              x(d)

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(3) Purchased call options

Description

The company (the buyer) purchases call options that provide it with the
right, but not the obligation, to buy from the seller, shares of the
company's stock at a
specified price. If the options are exercised, the contract may be settled by
physical settlement, net share settlement, or net cash settlement, or the
issuing
company or the counterparty may have a choice of settlement methods.

Consensus

The company should follow the table included in (2) above in accounting for
the call options.

(4) Detachable stock purchase warrants

Description

An enterprise issues senior subordinated notes with a detachable warrant that
gives the holder both the right to purchase 6,250 shares of the enterprise's
stock
for $75 per share and the right (that is, a put) to require that the
enterprise repurchase all or any portion of the warrant for at least $2,010
per share at a date
several months after the maturity of the notes in about 7 years.

Consensus

The proceeds should be allocated between the debt liability and the warrant
and the resulting discount should be amortized in accordance with Opinion 21.
The warrants should be considered, in substance, debt and accounted for as a
liability because the settlement alternatives for the warrants do not have the
same economic value attached to them and they provide the holder with a
guaranteed return in cash that is significantly in excess of the value of the
share
settlement alternative on the issuance date.

(5) Put warrants

Description

Put warrants are instruments with characteristics of both warrants and put
options. The holder of the instrument is entitled to exercise (a) the warrant
feature to
acquire the common stock of the issuer at a specified price, (b) the put
option feature to put the instrument back to the issuer for a cash payment,
or in some
cases, (c) both the warrant feature to acquire the common stock and the put
option feature to put that stock back to the issuer for a cash payment. Put
warrants are frequently issued concurrently with debt securities of the
issuer, are detachable from the debt, and may be exercisable only under
specified
conditions. The put feature of the instrument may expire under varying
circumstances, for example, with the passage of time or if the issuer has a
public stock
offering. Under Opinion 14, a portion of the proceeds from the issuance of
debt with detachable warrants must be allocated to those warrants.

Consensus

Because the contract gives the counterparty the choice of cash settlement or
settlement in shares, public companies should report the proceeds from the
issuance of put warrants as liabilities and subsequently measure the put
warrants at fair value with changes in fair value reported in earnings.
Nonpublic
companies may continue to classify and measure the put warrants in accordance
with the consensus in Issue 88-9.

D. Earnings per Share

The Task Force reached the following consensus on how written put options
affect the earnings-per-share calculation:

If the written put options are "in the money" during the period being
reported on, the potential dilutive effect on earnings per share should be
computed using
the reverse treasury stock method. Under that method, the incremental number
of shares is computed as (a) the number of shares that would need to be issued
for cash at the then current market price to obtain cash to satisfy the put
obligation less (b) the number of shares received from satisfying the puts.

The Task Force discussed whether it should comprehensively address issues
relating to earnings per share in this Issue. The Task Force agreed that the
FASB
should address the issues relating to earnings per share as part of its
project on earnings per share. [Note: See STATUS section.]

STATUS

In February 1997, the FASB issued Statement 128, which supersedes Opinion 15.
Statement 128 is effective for financial statements for both interim and
annual periods ending after December 15, 1997, and earlier application is not
permitted.

Statement 128 affirms the consensus reached by the Task Force on how written
put options affect the earnings per share calculation. That is, in computing
diluted EPS, Statement 128 requires use of the reverse treasury stock method
to account for the dilutive effect of written put options and similar
contracts that
are "in the money" during the reporting period. Statement 128 states that
purchased options should not be reflected in the computation of diluted EPS
because
to do so would be antidilutive. At the July 23 and November 18-19, 1998
meetings, an FASB staff representative made an announcement (Topic No. D-72,
"Effects of Contracts That May Be Settled in Stock or Cash on the Computation
of Diluted Earnings per Share ") that for those contracts that provide the
company with a choice of settlement methods, the company shall assume that
the contract will be settled in shares. That presumption may be overcome if
past
experience or a stated policy provides a reasonable basis to believe that it
is probable that the contract will be paid partially or wholly in cash. For
contracts in
which the counterparty controls the means of settlement, past experience or a
stated policy is not determinative. Accordingly, in those situations, the more
dilutive of cash or share settlement should be used.

At the July 23-24, 1997 meeting, the Task Force addressed the accounting for
contingent consideration issued to effect a purchase business combination in
Issue No. 97-8. "Accounting for Contingent Consideration Issued in a Purchase
Business Combination ." The Task force observed that Issue 96-13 should
be applied to freestanding contracts that are indexed to, and potentially
settled in, a company's own stock if those instruments meet the criteria in
Issue 97-8
for recording as part of the cost of the business acquired in a purchase
business combination.

A related issue has been discussed in Issue No. 98-12, "The Application of
Issue No. 96-13 to Forward Equity Sales Transactions ." That Issue deals with
the accounting and earnings per share treatment of situations in which a
freestanding derivative instrument (a forward contract) that is indexed to,
and
potentially settled in, a company's own stock is issued concurrent with the
issuance of shares of the company's stock. This Issue is limited to
situations in which
the party to whom the common stock was sold is also the counterparty to the
forward contract.

Another related issue has been discussed in Issue No. 99-1, "Accounting for
Debt Convertible into the Stock of a Consolidated Subsidiary ." That Issue
deals with the accounting in the consolidated financial statements for debt
issued by a consolidated subsidiary or a parent company that is convertible
into the
stock of a consolidated subsidiary. As part of the discussion of Issue 99-1,
Task Force members agreed to consider further whether to clarify this Issue by
indicating that equity shares of any entity under the control of the
consolidated entity are considered "a company's own stock."

A related issue was discussed at the May 19-20, 1999 meeting in Issue No.
99-3, "Application of Issue No. 96-13 to Derivative Instruments with Multiple
Settlement Alternatives ." That Issue deals with how certain derivative
contracts indexed to, and potentially settled in, a company's own stock that
contain
multiple settlement alternatives should be accounted for.

The Task Force discussed another related issue in Issue No. 99-7, "Accounting
for an Accelerated Share Repurchase Program ." That Issue addressed the
accounting for, and pooling-of-interests implications of, purchasing treasury
stock and simultaneously entering into a forward contract indexed to the
company's own shares.

At the March 16, 2000 meeting, the Task Force discussed a related issue in
Issue No. 00-6, "Accounting for Freestanding Derivative Financial Instruments
Indexed to, and Potentially Settled in, the Stock of a Consolidated
Subsidiary ." That Issue addresses how freestanding derivative instruments
entered into
by a parent company that are indexed to, and potentially settled in, the
stock of a consolidated subsidiary should be classified and measured in the
consolidated financial statements.

Another related issue was discussed at the March 16, 2000 meeting in Issue
No. 00-7, "Application of Issue No. 96-13 to Equity Derivative Instruments
That
Contain Certain Provisions That Require Net Cash Settlement If Certain Events
outside the Control of the Issuer Occur ." That Issue deals with how certain
derivative contracts indexed to, and potentially settled in, a company's own
stock that require a cash payment by the issuer upon the occurrence of future
events outside the control of the issuer should be accounted for.

No further EITF discussion is planned.


you are right.  you are one of a kind.  i am lucky to have you.  you are
buying some time past 50.  you just added another year or two (depends if i
have all my hair or not).


Still Looking for an
E-Commerce Solution?

[IMAGE]


Hi Stan,
I really enjoyed talking with you and Debbie at Cliff's party.  I didn't get
a chance to tell her goodbye - will you please give her my best?
Thanks.
Beth Stier


---------------------- Forwarded by Kay Mann/Corp/Enron on 10/20/2000 12:42
PM ---------------------------

	Enron North America Corp.

	From:  Kay Mann                           10/19/2000 03:47 PM

To: ppipitone@andrews-kurth.com
cc:

Subject: LM 6000 Transformer Assignments

Hi Paul,

Any luck with the draft of the ABB facility agreement form?  Looks like we
might have some business.

I have forwarded your draft of the turbine document to GE, but have not had
any comments.  I would like to set up a conference call with GE to discuss
it.  How is your schedule tomorrow or Monday?

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/19/2000 03:45
PM ---------------------------

	From:  Chris Booth                           10/19/2000 03:22 PM

To: michael.o.sandridge@us.abb.com
cc: Ed Dannhaus/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kathleen
Clark/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kay Mann/Corp/Enron@Enron, Harry
Okabayashi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce
Golden/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: LM 6000 Transformer Assignments

Mike,

Per our conversation today, please note the assignment of transformers to the
PSCO / Fountain Valley Station project in El Paso county Colorado.

Unit / ABB Item # Guaranteed Delivery Date Site Designation

LNL 9517-1   11/17/00  El Paso County, Colorado

LNL 9517-2   11/17/00  El Paso County, Colorado

LNL 9517-3   12/01/00  El Paso County, Colorado

Please feel free to call if you have any questions or concerns.

Chris


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---
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To unsubscribe send a blank email to leave-riddles-8238I@riddlesandmore.net


$4.09 by $4.105


Durch,

It looks like the unwind was booked incorrectly. Instead of deal QF9221.1
netting out the original deal, it was adding to it.  I have killed deal
NN6788.1 for 5000/day, so that all that is left is the deal for 2500/day.

Errol

	From:  Dutch Quigley @ ECT                           03/27/2001 07:50 AM

To: Errol McLaughlin/Corp/Enron@ENRON
cc:

Subject: Still Getting Involiced for Your Deal #258505

Errol,

Check this in the system and see if he is being billed for the original deal
and an unwind deal to net him to the correct position.
Let me know or contact Perry please.

Dutch

---------------------- Forwarded by Dutch Quigley/HOU/ECT on 03/27/2001 07:55
AM ---------------------------

John Arnold
03/26/2001 02:57 PM
To: Dutch Quigley/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON
cc:
Subject: Still Getting Involiced for Your Deal #258505

---------------------- Forwarded by John Arnold/HOU/ECT on 03/26/2001 02:56
PM ---------------------------

"Piazza, Perry A [CORP]" <perry.a.piazza@citi.com> on 03/26/2001 02:46:53 PM
To: "'john.arnold@enron.com'" <john.arnold@enron.com>
cc:
Subject: Still Getting Involiced for Your Deal #258505

John - Could you please alert your back office that they are still invoicing
us on a Nov-Mar strip that was traded on June 20, 2000 at $4.105.  That deal
was cancelled per our discussion and rebooked for half the volume in
November (I beleive it was November).  Your deal number on the rebook is
QF9221.1 I beleive.  I beleive Dutch Quigley on your end was involved when
we originally discussed the deal.

Thanks and call if you have any questions.

Perry A. Piazza
Citibank/Salomon Smith Barney
Global Commodities
390 Greenwich Street, 5th Floor
New York,  NY  10013-2375
Phone: (212) 723-6912 / (212) 723-6979
Fax: (212) 723-8556
E-Mail:  perry.a.piazza@ssmb.com <mailto:perry.a.piazza@ssmb.com>


Please bookout the following CES deals for March

CGLF  - deal 202939 with 204744

CGAS - deal 204749 with 204752

Thanks


FYI*

---------------------- Forwarded by Kevin Hyatt/ET&S/Enron on 07/19/2000
12:50 PM ---------------------------

Steven Harris
07/18/2000 03:49 PM
To: Bill Cordes/ET&S/Enron@ENRON, Stanley Horton/Corp/Enron@Enron, Julia
White/ET&S/Enron@ENRON, Michel Nelson/ET&S/Enron@ENRON, John R
Keller/OTS/Enron@Enron, Kevin Hyatt/ET&S/Enron@Enron
cc:
Subject: Transwestern Record Throughput

 Today we reached another milestone on Transwestern for total volumes flowing
West and down the San Juan Lateral. Our volumes on the lateral were a record
878,000 dth/d and flowing West were a record !,065,000 dth/d.

 This tremendous accomplishment is due to several factors including the
success of the TW Commercial Team in fully subscribing all capacity including
Daily Firm and LFT (there is no more space!).  In addition, the significant
effort put forth by Market Services, Gas Control, Facility Planning and
Operations to identify all capacity and make it flow should be recognized.
Thanks for a job well done and supporting the team effort!

  Steve


Attached is a three page legislative summary of the Commodity Futures
Modernization Act compiled by Chairman Ewing's office.

 <<CEA Summary 12-14.doc>>

Stacy Carey
Director North American Regulatory Policy
International Swaps and Derivatives Association
(202) 457-6545 ph
(703) 256-1833 fax
(917) 543-9622 cell
scarey@isda.org

 - CEA Summary 12-14.doc


A W4 calculates how much federal tax is withheld from your paycheck each pay
period.  There are two basic drivers:  number of dependents and filing
status.  The higher the number of dependents, the less is withheld.  Married
and jointly will also have less withheld than married and seperately.  There
is really no right or wrong answer, only opinion.  If you want more withheld
each pay period so that there is less of a chance of actually owing $ on
April 15th, then claim fewer dependents and married and seperately.  If you
don't want the government to get your $ interest free, but are aware that you
may owe $ later on (April 15th), then claim a higher number of dependents and
married and jointly.  I hope that made sense.

DG