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<| <http://www.theonion.com/onion3731/index.html> 	The Onion <http://www.theonion.com/onion3731/index.html> 	5 September 2001

 God Finally Gives Shout-Out Back To All His Niggaz <http://graphics.theonion.com/pics_3731/head_god_gives_shout-out.gif>

      SOUTH BRONX, NY-The Lord Almighty finally responded to nearly two decades of praise in hip-hop album liner notes Monday, when He gave a shout-out back to all His loyal niggaz.

 	   <http://graphics.theonion.com/pics_3731/god_gives_shout_out.jpg>
Above: Rappers Method Man and Redman give big ups to God (inset).

      "Right about now, I want to send a shout-out to each and every nigga who's shown Me love through the years," said the Lord, His booming voice descending from Heaven. "I got mad love for each and every one of you niggaz. Y'all real niggaz out there, you know who you are. Y'all was there for me, and it's about time I'm-a give some love back to God's true crew."

      "All y'all niggaz, y'all be My niggaz," the Lord added.

      As of press time, God has thanked nearly 7,000 of His niggaz, including those in New York's Bad Boy and Ruff Ryders posses, the No Limit soldiers and Cash Money Millionaires holdin' it down in New Orleans, Nelly and the whole St. Lunatics crew, Busta and the rest of the Flipmode Squad, His peeps from back in the day, and all the real ruffneck niggaz in lockdown. He also sent shout-outs to everybody in the Old School, as well as to Lil' Bow Wow and all the other new niggaz just coming up.

      "Mad props to P. Diddy, Jay-Z, DMX, Lil' Kim, Mystikal, Eve, Ja Rule, Jadakiss, Trick Daddy, and Xzibit. And one love to Meth, RZA, GZA, Ghostface, and the rest of My real niggaz in the Wu-Tang Clan," the deity said. "These My beloved niggaz, with whom I be well-pleased."

      Now nearing the 48-hour mark, the Lord's first-ever reciprocal shout-out shows little sign of slowing down. Based on estimates of the number of rappers who have thanked Him in liner notes over the past 20 years, hip-hop experts say the historic shout-out is likely to continue through early next week.

      In addition to rap's current stars, God offered shout-outs to the original hip-hop heads, including such pioneers of the art form as Grandmaster Flash, Busy Bee, Melle Mel, Jazzy Jay, Kool Moe Dee, Afrika Bambaataa, DJ Red Alert, the Cold Crush Brothers, Fab 5 Freddy, Kurtis Blow, Kool Herc, and the Funky 4+1.

      God also offered shout-outs to the many DJs, record labels, magazines, TV shows, and radio stations that have tirelessly supported hip-hop over the years. Among them are Def Jam, Tommy Boy, Jive, Roc-A-Fella, Rap Pages, The Source, Right On!, The Box, Funkmaster Flex, Ed Lover and Dr. Dre, WBLS 107.5, KISS-FM, and Hot 97.

      "For supporting the many artists who have supported Me so faithfully, I say thank you," God said. "All praise to Devante Harrell, Wanda Simmons, LaShell Thomas, and everybody else at Uptown/MCA for making this possible."

  <http://graphics.theonion.com/pics_3731/god_gives_shout_out_jump.jpg>
Above: A pair of shout-out tablets handed down by the Lord.

      As a further sign of His love for the hip-hop community, God assured the nation's rappers that He is taking good care of all their peers currently with Him in heaven.

      "Tupac, Notorious B.I.G., Eazy-E, Scott LaRock-some of y'all niggaz are already up in this bitch," the Lord said. "For those of you who were left behind, know that the Lord has got your dead homies' backs. Faith [Evans], I promise I'm taking real good care of your Biggie. He resting in crazy peace, no doubt."

      Thus far, God has not played favorites, thanking such fallen-off acts as Hammer and Vanilla Ice in the same breath as vital artists whose careers are still going strong. The Lord has also seen fit to thank the little-known likes of Baby Tragic, DJ Phreek Malik, and Da Ill Collector-MCs so obscure that virtually no one within the hip-hop community has heard of them. All rappers, God explained, are equal in His sight, and none are too small to escape His notice.

      "God sees even the smallest sparrow fall," said Dr. Cornell West, Harvard University professor of African-American studies and philosophy of religion. "The same is true of MCs: Whether a major superstar or a complete unknown, all rappers are His children, and He loves them all."

      The sheer volume of names notwithstanding, the nation's rappers are deeply touched by God's gesture of tribute and appreciation, with many stating that they "feelin' Him."

      "God is the Original," Brooklyn-based rapper Mos Def said. "The world is ruled by the wealthy and the wicked, but all respect due to the Creator who made this world and who will one day bring justice to the wicked and righteous alike."

      Despite the overwhelmingly positive response among rappers, the Lord is drawing fire in certain circles for His use of the word "nigga." On Monday's Larry King Live, conservative activist Rev. Calvin Butts, a longtime ally of the Lord, blasted Him for His "shocking, unexpected use of the racially loaded N-word." Some concerned parties, including decency crusader C. Delores Tucker, Sen. Orrin Hatch (R-UT), and members of the San Francisco-based What About The Children? Foundation, are calling for a boycott of church services until God issues an apology.

      Reacting to the controversy, many in the hip-hop community are rushing to the Lord's defense.

      "The word 'nigga' means different things depending on how it's used and who's saying it," rap legend and Public Enemy frontman Chuck D said. "Judging from context, God obviously wasn't being derogatory. He was using 'nigga' as a blanket term of affection for all His true supporters on the rap scene. At one point, He said, 'I wanna give a shout-out to Ad-Rock, MC Serch, and my man Dan The Automator-all y'all is real niggaz in My all-benevolent sight.' Considering the fact that Ad-Rock and Serch are Jewish, and the Automator is Asian-American, it's clear God isn't talking about race here. He's just paying respect to all those who have paid respect to Him."

      "God's the ultimate playa, so naturally He's going to have some haters," rapper Ice Cube said. "But these haters need to realize that if you mess with the man upstairs, you will get your ass smote. True dat."

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---------------------- Forwarded by Mike McConnell/HOU/ECT on 12/28/2000
11:29 AM ---------------------------

	From:  Mike McConnell                           12/28/2000 11:29 AM

To: Eric Gonzales/LON/ECT@ECT, Rick
Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gary Hickerson/HOU/ECT@ECT,
Larry Lawyer/Enron Communications@Enron Communications, George
McClellan/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Jere C
Overdyke/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Daniel Reck/HOU/ECT@ECT,
Mark Tawney/HOU/ECT@ECT
cc: Jeffrey A Shankman/HOU/ECT@ECT
Subject: Upcoming analyst meeting

All,

I am developing the presentation for the upcoming January analyst meeting.
EGM will be featured.  The presentation is being compiled, and everyone has
provided input on the overall EGM presentation, but i am also developing my
speaking and emphasis points.  With that in mind, please send me a return
email with a few dot points that you want me to be sure an emphasize
regarding your business.  I have given a few specific areas below but if you
have any other general items please don't hesitate to add them.

Key customer benefits
Enron competitive advantages
Key growth areas
Deal example(s)

Thanks,
Mike


Geir,

Avista put in the 100 mw sale at $70 for HE 1.  BPA and CAISO accepted the schedule.
I have changed enpower deal #727620 (SCL) to a zero for HE 1, and enpower deal #727622 (Avista) to 250 mws from 150 mws for HE 1.

Good work on getting this schedule taken care of.
Bill


I did look and couldn't find it.


deal 464181
Diana Scholtes
Prebon shows Cob......we show Mid-C

deal 464182
Dianna Scholtes
Prebon shows Cob.....we show Mid-C


an interesting debate re NPAs and how to manage and control operational risk

Would be good to chat around this
---------------------- Forwarded by Mike Jordan/LON/ECT on 09/05/2001 10:35 ---------------------------

James New
09/05/2001 10:12
To:	Lloyd Fleming/LON/ECT@ECT
cc:	David Port/Enron@EnronXGate, Cassandra Schultz/Enron@EnronXGate, Ted Murphy/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT

Subject:	Re: New product approvals

RAC control the corporate risk policy (please correct me if I am wrong here) so by definition RAC need to be concerned by the operational issues around new products as they relate to ensuring that the end goal of aggregation in the overall Corporate VAR. That is the issue which will continue to face us as the markets expand and deregulate and more and more basis locations get added (the problem we have right now).

All the investment banks have a new product / new business policy to stop just those issues we are facing and I strongly feel that we should more to adopt the same here. This would help to reduce the noise we are having around the process and close one more door.

Cassandra - your thoughts ?

James

  From:  Lloyd Fleming                                                             09/05/2001 09:40

To:	James New/LON/ECT@ECT
cc:	David Port, Cassandra Schultz/Enron@EnronXGate, Ted Murphy, Mike Jordan/LON/ECT@ECT

Subject:	New product approvals

James,

Further to your comments yesterday on the absence of a policy for New Product approvals, as far as I am aware there is no explicit policy by RAC for approval of new products, other than the extent to which a new product is covered under this paragraph in the Risk Policy manual:-

VI / A.	Subject to the authorization of the Board of Directors, the Enron Corp. Chairman, the President of Enron Corp. and the Enron Corp. Chief Risk Officer, additional Portfolios may be created and additional Commodity Groups may be added within existing Portfolios, and the related limits will be created or revised accordingly. The President of Enron Corp. and the Enron Corp. Chief Risk Officer can authorize additional Positions within the existing Commodity Groups, provided that such Positions can be aggregated within the limits of a currently authorized Commodity Group.

RAC's concern is not with the operational issues around new products, but about whether or not those products are aggregated in the overall Corporate Risk reporting.  I suggest we approach this from our respective ends:  I will raise this with Ted Murphy and Cassandra Schulz to see what level of policy they deem appropriate from a corporate perspective.   From your side, are you able to put together some operational guidelines, if none already exist?

regards

Lloyd

<Embedded StdOleLink>


Hey Drew,

I'm working on this!!!


The following two new PNR points have been established for Transwestern per marketing's request.

DRN numbers have been requested.

Dennis, please add these to the PNR templates.

POI		78293
POI Name	PNR NNG/TW Gray
Loc		I&GN Survey, Blk 33, sec 148, Gray Co, TX

POI		78294
POI Name	PNR NNG/TW Halley
Loc		G&MMB&A Survey, Blk F, RR SEc 31, Winkler Co, TX

Karen


Message sent from the pjm-customer-info mailing list at pjm-customer-info@majordomo.pjm.com:

> In the late afternoon on Thursday, December 20th, PJM experienced problems
> with its email system.  This caused us to take the email system out of service
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> number of older emails were inadvertently re-sent to their recipients along
> with new emails.
>
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with a computer virus.  We are not.  PJM maintains a very high level of
vigilance against external threats to our computing environment and works
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None for me.

 -----Original Message-----
From: 	Moore, Jan
Sent:	Thursday, February 21, 2002 9:09 AM
To:	Harris, Steven; Watson, Kimberly; Donoho, Lindy; Lindberg, Lorraine; Lohman, TK; Lokay, Michelle; McConnell, Mark; Y'barbo, Paul; Robertson, Audrey
Subject:	Club Memberships
Importance:	High

I would like to ask for your help in providing me with the following details for each membership you may have.

1)	Corporate Membership or Individual Membership
2)	Reimbursement of Initiation Fees
3)	Timing of reimbursement of initiation fees
4)	Type of membership reimbursement method (one of the three listed below)
5)	Is there a business reason to continue payment of fees?

	Reimbursement methods:
1)   Flex Perks
2)   Payroll Reimbursement
      3)	Reimbursement via direct payment to employee or to the country club

Should you not have any memberships, please respond to that effect.  I need this information by Tuesday, February 26.

Thank you for your assistance.

Jan


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Leading Telecom OEMs Join OpenVoB Voice Over Broadband Interoperability
Group=Atlantic-Telecom, Convergent Networks, Efficient Networks, Polycom,
Rapid5
Networks, Sedona Networks, Sphere Communications and Texas Instruments Support
Move to Standards-based Deployment Models

RICHARDSON, Texas, Dec 13, 2000 (BUSINESS WIRE) -- OpenVoB(tm) today announced
that prominent telecommunications technology leaders have signed on as members
of OpenVoB, effectively doubling membership of the open industry engineering
organization formed to accelerate the deployment of interoperable voice over
broadband technologies, products and services.

The new members of OpenVoB join the ongoing efforts of a broad-based group of
leading telecom, cable and wireless broadband network developers to eliminate
obstacles standing in the way of validated VoB solutions. The organization is
working to ensure uninhibited growth in the deployment of voice over broadband
networks through the cooperative development of proven, multi-vendor
architectural options and interoperable platforms for implementing industry
standard VoB technologies.

The first of these implementations and test plan models -- the "D1" GR303/AAL2
BLES model for VoDSL systems based on the ATM Forum AAL2 Loop Emulation
Service
-- was tested at the group's inaugural OpenVoB CallFest(tm) held the week of
Nov. 27-Dec. 30, 2000 at the University of New Hampshire InterOperability
Laboratory in Durham, N.H. This first CallFest was a controlled, "working
engineer-only" event structured to create a secure, cooperative test
environment
in which senior product development and test engineers are free to address
critical interoperability issues between products and platforms being readied
for deployment.

About OpenVoB

OpenVoB was formed to meet the expressed needs of service providers planning
to
deploy voice over broadband services. OpenVoB is committed to developing
deployment models for voice over broadband utilizing established and emerging
guidelines supported by the world's leading industry standards bodies. The
special interest group is not seeking to develop new standards or modify
existing standards, nor does it promote the specific technologies, products or
services of any individual company or vendor-specific alliance. All vendors,
customers industry associations and others -- partners and competitors alike
--
seeking to contribute to the acceleration of voice over broadband are
encouraged
to join OpenVoB and participate fully in all activities.

Members of OpenVoB have drafted a white paper that outlines the pressing need
for this organization and presents a road map detailing the steps the group
intends to take to reach its primary objectives. The white paper can be found
on
the OpenVoB Web site http://www.openvob.org/ which also hosts a wealth of
information about the OpenVoB organization, FAQs, online technical discussion
groups, and other resources. For more information about becoming a member of
OpenVoB, please contact michael.ares@openvob.org.

New Members of OpenVoB

Atlantic-Telecom
http://www.atlantic-e.com/

Atlantic Telecom is a pan-European competitive local exchange carrier (CLEC)
which provides voice and data services to small to medium sized enterprises
and
high end residential customers. Atlantic's wide portfolio of services results
from its growing broadband infrastructure which includes an existing ATM-based
backbone network in the UK and the deployment of a pan-European fibre optic
network with points-of-presence in 16 European cities.

Convergent Networks
http://www.convergentnet.com/

Convergent Networks is a leading provider of broadband voice infrastructure
solutions that enable emerging and incumbent carriers to economically deliver
innovative voice and data services to their business and residential
customers.
The company's Cohesion product family is comprised of three primary elements:
the ICS2000 broadband switch, the ICServiceWorks(tm) service creation
softswitch
and the ICView(tm) management system.

Efficient Networks
http://www.efficient.com

Efficient Networks Inc. (Nasdaq:EFNT) is a leading global provider of
broadband
Internet access products that employ digital subscriber line (DSL) technology.
The company's voice and data access solutions enable high-performance network
services for both small to mid-sized businesses and consumers. As part of its
complete broadband solution, Efficient also provides network management
systems
that extend from the core of carriers' networks to the subscribers' desktops.

Polycom
http://www.polycom.com

Located in Milpitas, Calif., in the heart of Silicon Valley, Polycom Inc.
develops, manufactures and markets a full range of premium-quality, media-rich
communication tools and network access solutions. Polycom's integrated
communication solutions enable business users to immediately realize the
benefits of video, voice and data over rapidly growing converged networks. For
additional information, call 800/POLYCOM (765-9266) or 408/526-9000, or visit
the Polycom Web site. www.polycom.com

Rapid5 Networks
http://www.rapid5.com

Headquartered in San Jose, Calif., Rapid5 Networks is a dynamic, high-energy
telecommunications equipment company tackling a critical growth segment of the
telecom/Internet infrastructure market. Rapid5 is creating highly scalable,
carrier-grade convergence platform products to offload, augment, and
ultimately
replace PSTN/TDM voice equipment. Rapid5 Networks' design centers in Silicon
Valley and Richardson's Telecom Corridor(R) reflect its commitment to blending
the best of the Internet and telephony worlds.

Sedona Networks
http://www.sedonanetworks.com

Sedona Networks designs and builds an infrastructure-neutral access network
architecture, which enables service providers to deliver integrated voice and
data services to their customers-on demand. The Sedona Networks Services-aware
Access Architecture (SAA) integrates hardware and software elements that
together resolve the challenges of the access network.

Sphere Communications
http://www.spherecom.com/

Sphere Communications provides multimedia softswitch software and media
gateways
enabling customers to build converged voice, video and data communications
solutions on broadband networks. The company was the first to install
network-based IP PBX systems, and today has implemented its standards-based
solutions at hundreds of customer sites providing over 60,000 users with
improved productivity, advanced functionality and reduced telephony costs.

Texas Instruments
http://www.ti.com

Texas Instruments Incorporated is the world leader in digital signal
processing
and analog technologies, the semiconductor engines of the Internet age. TI and
its subsidiary, Telogy Networks, A Texas Instruments Company, provide complete
voice over broadband solutions for VoDSL, VoCable and gateway applications.
Product information is available at: http://www.ti.com/sc/broadband or at
http://www.telogy.com/broadband.

Founding Members of OpenVoB

Accelerated Networks
www.acceleratednetworks.com

Avail Networks
www.availnetworks.com

Broadband Gateways
www.broadbandgateways.com

Cayman Systems
www.cayman.com

General Bandwidth
www.genband.com

Intel Corporation
http://www.intel.com/.

IPCell Technologies
www.ipcell.com

ipVerse
www.ipverse.com

ishoni networks
www.ishoni.com

MetaSwitch
www.metaswitch.com

Santera Systems
www.santara.com

Woodwind Communications
www.woodwindcom.com

CONTACT:          OpenVoB
Michael Ares, 972/250-1535 or 214/704-0372
michael.ares@openvob.org

URL:              http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.

Copyright (C) 2000 Business Wire.  All rights reserved.

-0-

KEYWORD:          TEXAS NEW HAMPSHIRE CALIFORNIA UNITED KINGDOM
INDUSTRY KEYWORD: CABLE
HARDWARE
INTERNET
SOFTWARE
TELECOMMUNICATIONS
PRODUCT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     (Adds Enron boosts 2001 forecast in second paragraph.)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

USA: Enron Corp. beats first-quarter targets.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Business on the Web

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

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

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

Centre appoints conciliator for DPC arbitration
Santosh Tiwary NEW DELHI

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

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

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

Dabhol slaps one more notice on Maharashtra
Our Corporate Bureau Mumbai

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

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

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


Tana:  I'm sending Rex's request to you in accordance with the plan we
discussed  at our meeting with Mark, Stephanie and Irma.

I have done a conflicts check and find nothing with or pertaining to BEA
Systems to the best of my knowledge.

Let me know if you need anything further.   Thanks for your help and your
ever prompt return of executed agreements to me for the database.

Kay C. Young
Legal Specialist
Enron North America Corp.
713-853-6794 Phone
713-646-3393 Fax
kay.young@enron.com

----- Forwarded by Kay Young/HOU/ECT on 04/27/2001 03:28 PM -----

	Rex Shelby/ENRON@enronXgate
	04/27/2001 03:17 PM

		 To: Travis McCullough/HOU/ECT@ECT, Kay Young/HOU/ECT@ECT
		 cc: Kevin Montagne/ENRON@enronXgate, Mark S Palmer/ENRON@enronXgate
		 Subject: NDA for BEA

Travis, Kay --

Can you get a copy of our Offline NDA to Kevin Montagne so that he can
forward it to BEA Systems, Inc.  We are trying to see if we can arrange a
meeting with BEA next week.  Thanks.

-- Rex


The report named: East P/L Totals <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=1&report_name=East+P/L+Totals&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=10/30/2001>, published as of 10/30/2001 is now available for viewing on the website.

(Revision: 2)

Publisher's Notes:

Correction: FT-New York and VNG


These two deals have the energy type as unit contingent.  Could you check and
make sure this is correct?
#471884 and #471891

Thanks!


I'll respond whey ya'll finally get it together.

BUT.... Once again, since this occurs during Lent, I guess I'll be the
designated......

I'm there, as long as I ain't going to loose something before I get
home.

John

>>> "Brian Constantine" <brianc@saltgrass.com> 02/26/02 11:30AM >>>
Where is Chad?? Chet??? Does Chambers ever respond to anything...who is
he, for that matter? For the love of God...

-----Original Message-----
From: Erik Wollam [mailto:erwollam@hotmail.com]
Sent: Tuesday, February 26, 2002 11:27 AM
To: knipe3@msn.com; chet_fenner@bmc.com; c.r.zander@att.net;
Joe.Parks@enron.com; john.chambers@bisys.com; Brian Constantine
Subject: RE: MAN NIGHT FINAL PLANS

NO< NO< NO... this is now going to get way to confusing. WHo is going
anyway, just me and you Brian?

You need to make your pick and send out a REVISED FINAL PLAN after
hearing
from everyone.

>From: "Brian Constantine" <brianc@saltgrass.com>
>To: "Parks, Joe" <Joe.Parks@ENRON.com>, "Erik Wollam"
><erwollam@hotmail.com>, "Fenner, Chet" <Chet_Fenner@bmc.com>,
><knipe3@msn.com>
>Subject: RE: MAN NIGHT FINAL PLANS
>Date: Tue, 26 Feb 2002 11:22:34 -0600
>
>According to E, that is indeed the case. I will roll the dice and go
to
>Tampico (leave any valuables locked securely in your glove box). Set
alarm.
>
>-----Original Message-----
>From: Parks, Joe [mailto:Joe.Parks@ENRON.com]
>Sent: Tuesday, February 26, 2002 11:15 AM
>To: Brian Constantine; Erik Wollam; Fenner, Chet; knipe3@msn.com
>Subject: RE: MAN NIGHT FINAL PLANS
>
>yes, according to chet's co-worker
>	-----Original Message-----
>	From: Brian Constantine [mailto:brianc@saltgrass.com]
>	Sent: Tuesday, February 26, 2002 11:14 AM
>	To: Parks, Joe; Erik Wollam; Fenner, Chet; knipe3@msn.com
>	Subject: RE: MAN NIGHT FINAL PLANS
>	Is Thursday night, "Man Night" for "those kinds of men" too???
>
>	-----Original Message-----
>	From: Parks, Joe [mailto:Joe.Parks@ENRON.com]
>	Sent: Tuesday, February 26, 2002 11:09 AM
>	To: Brian Constantine; Erik Wollam; Fenner, Chet; knipe3@msn.com

>	Subject: RE: MAN NIGHT FINAL PLANS
>
>	so your proposing we are going to the stabbing cabin. go to
tampico
>		-----Original Message-----
>		From: Brian Constantine [mailto:brianc@saltgrass.com]
>		Sent: Tuesday, February 26, 2002 11:08 AM
>		To: Erik Wollam; Fenner, Chet; knipe3@msn.com; Parks,
Joe
>		Subject: MAN NIGHT FINAL PLANS
>
>		Men,
>
>		            The final descision on the night of men will
be as follows...
>
>		Where: Tony's Mexican (bring your own clown and
accessories, please)
>
>		When: Thursday 2/28 at 7:15 pm.
>
>		We will wait until Zander is able to attend, to try the
Tampico place.
>Would rather go w/ someone who knows the drill.
>
>		I am very much looking forward to seeing all of you
men.
>
>

>                Pig-N-a-Stinky-blanket
>
>
>	**********************************************************************
>	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.
>	**********************************************************************

_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx


We should check with gas control as to why gas is flowing at all and/or
whether this is a valid reading ....

Gary/James - let us know

Thanks

Lee

Aimee Lannou   12/05/2000 11:09 AM

To: Daren J Farmer/HOU/ECT@ECT
cc: Lee L Papayoti/HOU/ECT@ECT
Subject: Meter 1428

Daren - Meter 1428, Beaumont Methanol is shut-in for December.  There has
been flow of 69 and 65 on days 2 and 3.  Should a swing ticket be put at the
meter?  The last swing deal was 451907 for 11/00.  Thanks.

Aimee


Here is Michelle Trimm's information:

Work-713-560-8065
Cell-713-498-2423

Call me on my cell phone tonight when you get home after the gym-832-524-9857.

See you tonight!


no poblem - i enjoyed it as well.  let's do it again sometime

	Enron Capital Management

	From:  David Baumbach                           11/27/2000 10:27 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Thanks again for the golf on Wednesday.  It was a lot of fun.

Dave


Please click on the link below

SAVE THE DATE


Jeff,

Everything should be done for closing on the Leander deal on the 29th.  I
have fed ex'd the closing statements and set up a wire transfer to go out
tomorrow.    When will more money be required?  Escrow for roads?  Utility
connections?  Other rezoning costs?

What about property taxes?  The burnet land lost its ag exemption while I
owned it.  Are there steps we can take to hold on to the exemption on this
property?  Can you explain the risks and likelihood of any rollback taxes
once the property is rezoned?  Do we need to find a farmer and give him
grazing rights?

What are the important dates coming up and general status of rezoning and
annexing?  I am worried about the whole country slipping into a recession and
American Multifamily walking on this deal.  So I just want to make sure we
are pushing the process as fast as we can.

Phillip


Give me a call.  I'm thinking that from your note, the CA meetings are
getting in your way.  I was hoping that KL could meet with Bryson on the 4th,
but looks like they already scheduled.  I just want to make sure that Rosie
doesn't get all crossed up with many of us sending her stuff.  Let's talk and
maybe I can get the Bryson meeting rearranged.

Your pal,
Jeff


If you want to purchase Lion King tickets, our  company is offering a presale for them.  The prices are 131, 76,66,56,26  depending on the location.  131 is within the first 14 rows and 76 are  located anywhere in rows 15-25.  I need to have payments by next Wed. for  the tickets.  I am limited on the amount of tix I can get, although I can  probably get at least 4 per person.  Let me know if you want any...and get  me some cash.

Later,

Kevin


Jeff - Given all the things Enron is going through, if there is anything I
can do,  just let me know.


changed to caiso

	From:  Sharen Cason                           04/02/2001 02:13 PM

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

Subject: #567553

This deal has an NP delivery point with firm energy.

thanks!


Judy Davis and Jack Kysar
17617 Arbor Lane
Lake Oswego, OR 97035
jdavis50@earthlink.net

To Mr. Ken Lay,

We are writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,
Judy Davis and Jack Kysar


pls print for me--I can't access a printer.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 03/30/2001 10:23 AM ---------------------------

Mary Kay Miller
03/29/2001 02:16 PM
To:	Dari Dornan/ET&S/Enron@ENRON, Michael Moran/ET&S/Enron, Drew Fossum/ET&S/Enron@ENRON, Mary Darveaux/ET&S/Enron@ENRON
cc:

Subject:	RE: Strangers' Gas Counterproposal

Please review the attached-- none of our changes were accepted and I would say it includes alot more than edits!!!!
We need to discuss our response back asap.  MK
---------------------- Forwarded by Mary Kay Miller/ET&S/Enron on 03/29/2001 02:03 PM ---------------------------

swinston@oneok.com on 03/29/2001 01:48:31 PM
To:	mkmiller@enron.com
cc:	jsommer@oneok.com

Subject:	RE: Strangers' Gas Counterproposal

Mary Kay

As we discussed yesterday, please find attached three (3) documents - A redlined
Strangers' Gas contract, a Release Agreement, and a calculation of the amount of
$$ netting changed OFS' Strangers Gas payments.  Please review all of these and
give us a call when you are ready to discuss.

Sincerely

Steve Winston

(See attached file: NNG Strangers Gas Final Proposal1.DOC)(See attached file:
NNG Strangers Gas Release.DOC)(See attached file: StrangersNet.xls)

 - NNG Strangers Gas Final Proposal1.DOC
 - NNG Strangers Gas Release.DOC
 - StrangersNet.xls


the chart below graphs the major plans that represent the unexercised vested
options retained by employees and show whether the average grant prices.

Laurie Miller@ENRON
12/13/2000 04:22 PM
To: Suzanne Brown/HOU/ECT@ECT
cc:
Subject: Re: Requested Information

	From:  Suzanne Brown @ ECT                           12/13/2000 01:34 PM

To: Laurie Miller/Corp/Enron@Enron
cc:

Subject: Requested Information

can you help me graph this for steve and cindy. thanks.
---------------------- Forwarded by Suzanne Brown/HOU/ECT on 12/13/2000 01:37
PM ---------------------------

Susan Garcia@ENRON
12/12/2000 09:13 AM
To: Suzanne Brown/HOU/ECT@ECT
cc:
Subject: Requested Information

Here is the requested information revised.  I am only providing you detail
for the larger plans.

Susan


Mike,

How can Brent get access to our Master Swap Agreement database from EI in
Argentina?  Thanks for your help.
---------------------- Forwarded by Tana Jones/HOU/ECT on 08/10/99 07:53 AM
---------------------------

Brent Hendry@ENRON_DEVELOPMENT
08/10/99 05:51 AM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: Lotus Notes

No.  My understanding is that the EI server does not have a link to the ECT
server or something else like that which prevents access from my computor
down here.

To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Lotus Notes

The question of the day is, do you have access to our Lotus Notes Database?


Randy:
I am putting some information together for you guys and wanted to know if you
could send me FPL Energy's logo by e-mail.  Thanks
Ben Rogers
3-7998


We have received the executed Letter Agreement dated August 4, 2000 amending
the Electronic Trading Agreement with the referenced counterparty.  Copies
will be distributed.


Bryan,

We shall be glad to  take a look at the system. To sign - off on the vendor
provided system we
have to look under the hood and review the algorithms. I hope the vendor will
have no objections to it.

Another critical issue we have to solve on a short notice is to integrate the
system you want to buy
with the rest of VaR/credit systems. We shall stand by to help in this
endeavor.

An alternative approach is to evaluate to what extent your positions can be
rolled into the existing risk systems.

Vince

Bryan Seyfried
11/10/2000 03:20 AM
To: Vince J Kaminski/HOU/ECT@ECT, Steven Leppard/LON/ECT@ECT
cc: Ted Murphy/HOU/ECT@ECT
Subject: VaR for EnronCredit.com

Vince/Steve -- we are going to the Board in December to ask for formal
limits.  As you know one of the key limits at the Board level is Value at
Risk. To that end, it is imperative that you are comfortable with our
approach for calculating VaR.  We have implemented a third party risk system
which holds all of our positions and are in the process of putting the debt
positions in.  The system has a VaR engine which is being demo'd by the
vendor today.  Ben and Kirstee are attending the demo and if they find the
technology acceptable, I propose moving forward with implemantion of the
module.  Pls. let me know if this sounds reasonable and how you would
envision implementing.

thanks


Worry not.  Hope all is well.  Went to the tapas place ("Cesar") next to Chez
Panisse.  Have you been there?  Very nice and pretty fun, too.

Best,
Jeff


Hi Rob,

We are considering assigning a couple of the LM's to an Enron LLC, then
selling the equity.  I've taken a stab at the assignment & assumption
agreement.  Is this ok?  Has WestLB signed of on this form yet?

This is the same transaction I called you about this am.  Any thoughts on the
notice question?

Thanks,

Kay


Am I supposed to do anything here?
----- Forwarded by Tana Jones/HOU/ECT on 06/23/2000 04:53 PM -----

	Stephen H Douglas
	05/31/2000 12:23 PM

		 To: pwright@llgm.com, Lou Stoler/HOU/ECT@ECT, Cris Sherman/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Morris Richard Clark/HOU/ECT@ECT
		 cc: Jordan Mintz/HOU/ECT@ECT
		 Subject: Language for the Confirmation

Below is slightly revised language to be included in the ISDA agreement being
entered into in connection with the EEX transaction.  Not having the
transaction documentation to review in connection with this clause, I have
bracketed several portions of the clause to be filled in as dictated by such
documentation.  Please call with any follow up.  Steve.
---------------------- Forwarded by Stephen H Douglas/HOU/ECT on 05/31/2000
01:12 PM ---------------------------

Morris Richard Clark
05/30/2000 07:24 PM
To: Tana Jones/HOU/ECT@ECT
cc: Stephen H Douglas/HOU/ECT@ECT
Subject: Language for the Confirmation

Tana,

The language in the Schedule should reflect what is in our Form#3, whereby
"Enron Re:" is the U.S. entity and "Swiss RE - EFR" is a Barbados entity.
Also, the tax form requested should be a W-8.

In addition, the following language should be added to the confirmation:

United States Federal Income Tax Characterization and Reporting.  The parties
recognize and intend that, for United States federal income tax purposes, any
payment by [Enron Re] of the [Floating - this assumes that Enron Re is paying
such amount] Amount will be treated as a payment pursuant to a guaranty by
[Enron Re][of the obligations of Bob West Treasure, LLC to make payments
pursuant to Section ___ of the [underlying Financing Agreement between Bob
West Treasure and Royal Bank of Canada - this needs to be clarifed - is the
payment related to the RBC loan or the insurance payment by EFR?  If it is
the RBC loan then this clause is appropriate but if, alternatively, it is the
EFR insurance payment, then the reference needs to be changed accordingly.]]
The parties agree that to the extent either of the parties is required to
report any item of income, gain, loss, deduction or credit relating to the
Transaction for United States federal income tax purposes, such party shall
report such item consistent with the characterization set forth above and
shall not take any position on any tax return or report relating to United
States federal income taxes which is inconsistent with such
characterization.  The parties recognize that the manner in which they have
agreed to characterize the Transaction for United States federal income tax
purposes may be different from the manner in which the Transaction is
characterized for non-United States federal income tax purposes and for
accounting, regulatory or other purposes.  The provisions of this Section are
not intended to affect the manner in which the parties report the Transaction
for such other purposes, or the interpretation of the provisions of the
Confirmation and the rights and obligations of the Parties arising hereunder,
for any purposes.


fyi
----- Forwarded by Steven J Kean/NA/Enron on 02/07/2001 07:33 AM -----

	Kalen Pieper@EES
	02/06/2001 03:45 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Elizabeth Tilney/HOU/EES@EES
		 Subject: TJ Glauthier

---------------------- Forwarded by Kalen Pieper/HOU/EES on 02/06/2001 03:44
PM ---------------------------

Mickey Townsell
02/06/2001 01:43 PM
To: Kalen Pieper/HOU/EES@EES
cc:
Subject: TJ Glauthier

Kalen,

I spoke with TJ today and he indicated that he is interested in talking with
Enron ; however , he and his spouse were taking off for a five week break
between jobs ( he said he had told Ken of his plans ). That he would like to
set something up in late March upon his return. I will call him and set  up a
date with him. We have a good lead time to get on the G9 calendars.

I will keep you updated.

MT
---------------------- Forwarded by Mickey Townsell/HOU/EES on 02/06/2001
01:37 PM ---------------------------

Kalen Pieper
01/31/2001 01:38 PM
To: Steven J Kean/NA/Enron@Enron
cc: Elizabeth Tilney/HOU/EES@EES, Mickey Townsell/HOU/EES@EES
Subject: TJ Glauthier

Steve,

Mickey Townsell has contacted TJ Glauthier, the former Deputy Secretary, and
is beginning exploratory interviews.  We will keep you posted on progess.
Please let us know if you need any further information.

Kalen


I have other images to send you.  If you are interested, let me know......Jeff
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/25/2000
03:31 PM ---------------------------

"newgallery@sprynet.com" <newgallery on 09/22/2000 10:46:19 AM
Please respond to newgallery@sprynet.com
To: Jeff Shankman <jshankm@enron.com>
cc:
Subject: Bisttram 1

 Bisttram "Shifting Planes"  16X18  ca. 1940  encaustic

mailbox:/Macintosh%20HD/System%20Folder/Preferences/Netscape%20Users/Thomas%20
Andriola/Mail/Inbox?id=l03110701b5e7ff64e474%40%5B206.183.203.114%5D&number=64
5874&part=1.2


Frank,

We shall have about 30 people, highly technical (Ph.D.,  M.S. level).
A presentation of 45 minutes would be optimal, assuming you may arrive
around 11:45 - 12:00.

We shall get the projector for you.

Please, keep all the receipts for refund.

Vince

"Francis X. Diebold" <fdiebold@sas.upenn.edu> on 12/18/2000 09:47:16 AM
To: Vince.J.Kaminski@enron.com
cc: Shirley.Crenshaw@enron.com
Subject: Re: Thursday visit

Excellent, Vince!  Yes, I will be happy to make a presentation.  Do you have a
projector to which I could simply hook up my laptop?  Could we also have an
overhead projector as a backup?  Many thanks, Frank
P.S.  How long is optimal?  How large an audience and what are the
participants' backgrounds?

Vince.J.Kaminski@enron.com wrote:

> Frank,
>
> We are located at 1400 Smith. Any cab driver can identify the Enron
> building. When you arrive,
> please, call me at 3-3848  from the reception to be admitted into the
> building.
>
> Alternative phone numbers: 3-5290 (my assistant Shirley Crenshaw). You can
> also try to call me on
> my cell phone: 713 898 9960.
>
> The Research Group meeting starts at 11:30 and lasts till 1:00. Can you
> make a presentation
> about your research projects? What audio/video equipment do you need? What
> sandwich would
> you like to have for lunch?
>
> We shall make a hotel reservation for you Thursday night.
>
> Vince
>
> "Francis X. Diebold" <fdiebold@sas.upenn.edu> on 12/18/2000 07:02:46 AM
>
> To:   Vince Kaminski <vkamins@enron.com>
> cc:   bmierts@enron.com
> Subject:  Thursday visit
>
> Hi Vince, Looking forward to seeing you Thursday.  I arrive at Houston-Bush
> on USAir 1769 at 10:55 AM.  Please let me know where to go.  I also want to
> verify that you have booked me a hotel  for Thurs night.  Many thanks, and
> see you soon, Frank
>
> --
> Francis X. Diebold
> WP Carey Professor
>
> Department of Economics
> University of Pennsylvania
> 3718 Locust Walk
> Philadelphia, PA 19104-6297
>
> fdiebold@sas.upenn.edu
> http://www.ssc.upenn.edu/~diebold
>
> (215) 898-1507  telephone
> (215) 573-4217  fax

--
Francis X. Diebold
WP Carey Professor

Department of Economics
University of Pennsylvania
3718 Locust Walk
Philadelphia, PA 19104-6297

fdiebold@sas.upenn.edu
http://www.ssc.upenn.edu/~diebold

(215) 898-1507  telephone
(215) 573-4217  fax


Is it lunch or dinner on May 10?

From: Karen Marshall on 04/06/2001 09:51 AM
To: Richard Causey/Corp/Enron@ENRON, Sally Beck/HOU/ECT@ECT
cc:
Subject: Working on May 10th Dinner for Scholarship recipients

Rick & Sally,

I have phoned all of the scholarship recipients and left messages for them
regarding dinner on May 10th.  I should have an answer by Monday.

Thanks,

Karen
----- Forwarded by Karen Marshall/HOU/ECT on 04/06/2001 09:48 AM -----

	Karen Marshall
	03/28/2001 08:12 PM

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

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

Christopher Cashman
SooPang Tang
Holland Brown

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

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

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

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

Thank you,

Karen Marshall


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what is this approval for?

ARSystem@mailman.enron.com on 11/07/2000 04:33:06 PM
To: approval.eol.gas.traders@enron.com
cc:
Subject: Request Submitted: Access Request for mike.maggi@enron.com

You have received this email because you are listed as a security approver.
Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000006834&Page=
Approval to review and act upon this request.

Request ID          : 000000000006834
Request Create Date : 11/7/00 4:33:47 PM
Requested For       : mike.maggi@enron.com
Resource Name       : ICE - External Intercontinental Exchange US Natural Gas
Resource Type       : Applications


Mark Haedicke postponed his minor out patient surgery which was scheduled for January 14 and 15.  He is now scheduled for surgery January 30 and 31.  He plans to be out of the office January 30, 31 and February 1.  He will return to the office on Monday, February 4.

Janette Elbertson
on behalf of Mark E. Haedicke
Legal Department
Telephone:  (713) 853-7906
Fax:  (713) 646-2600
e-mail:  janette.elbertson@enron.com


Yes, the producer receives a fixed price, however, these deals are probably
in TAGG as Nymex plus basis deals.  Phillips deal was transferred to ENA,
Power Gas was triggered on ENA books.
Or does it matter???

Chris Germany@ECT
06/21/2000 08:42 AM
To: John M Singer/Corp/Enron@ENRON
cc:

Subject: Re: Peoples

So both of these suppliers are now fixed price because  they locked in the
NYMX?