Mid-Year is upon us!  To assist you in preparation for the Mid-Year 2001
Performance Management (PRC)  process, we have scheduled several one-hour
information sessions that will provide you with an overview of the PRC
process as well as the changes.

Please join us for one of the following information sessions.

Note:  All sessions will be held in Room EB42C1.

Tuesday, May 8th
9:00 a.m. ) 10::00 a.m.
10:30 a.m. ) 11:30 a.m.
1:30 p.m. ) 2:30 p.m.
3:00 p.m. ) 4:00 p.m.

Wednesday May 9th
9:00 a.m. ) 10::00 a.m.
10:30 a.m. ) 11:30 a.m.
1:30 p.m. ) 2:30 p.m.
3:00 p.m. ) 4:00 p.m.

Friday, May 11th
9:00 a.m. ) 10::00 a.m.
10:30 a.m. ) 11:30 a.m.
1:30 p.m. ) 2:30 p.m.
3:00 p.m. ) 4:00 p.m.


Sheila Glover has requested that David Vitrella be designated as a second
"Authorized Trader" for the Enron Communications Investments Corp. account
which was recently opened with Morgan (having as its purpose the sale of
Rhythms stock).  The rationale for a second trader is not new to us:  in John
Greene's absence, no one is authorized to trade in that account.  It is my
understanding that the only activity to occur in this account is the sale of
this particular stock which will be "dribbled in" periodically.  Please let
me know if you have any questions.  Both Donna and Sheila are very familiar
with this transaction.  Sara


Friday am is the only time this week that works for me.

Herman Manis
08/02/2000 11:38 AM
To: Karen E Carter/NA/Enron@Enron
cc: Lisa Bills/Corp/Enron@ENRON, Roseann Engeldorf/Corp/Enron@ENRON, Kay
Mann/Corp/Enron@Enron

Subject: Re: Austin Energy LM 6000 transaction

Lisa Bills and Roseann Engeldorf and Kay Mann need to be involved.  Thursday
afternoon or Friday is good for me.

Karen E Carter
08/01/2000 01:46 PM
To: Roger Ondreko/HOU/ECT@ECT, Herman Manis/Corp/Enron@ENRON
cc:
Subject: Austin Energy LM 6000 transaction

Roger/Herman,

I've recently joined Ben Jacoby's Project Development team and have been
asked to look into how we can remove the four LM 6000 turbines from the West
LB structure for transfer to the Austin project.  As I realize that this
transfer must be managed carefully in order to avoid placing these turbines
and the remaining assets in the West LB structure on our balance sheet, I was
wondering if you could offer some guidance regarding this issue.
Specifically, if we could set up a meeting for Thursday or Friday of this
week to discuss how this might be accomplished, I'd appreciate it.

Thanks.


FYI
---------------------- Forwarded by Eric Bass/HOU/ECT on 03/27/2000 10:55 AM
---------------------------
From: Lee L Papayoti on 03/27/2000 10:51 AM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: FYI - BASF - sitara # 120266

Eric:

Due to plant maintenance, their volumes in April will vary from what's booked

I've changed sitara ticket - risk assignment will be affected

Lee


To: Enron Employees Worldwide
From: Stephen Cooper
Date: Wednesday, May 1, 2002

It is with mixed emotion that I confirm that Dan Leff will be leaving Enron in mid-May.  Dan was approached by and has accepted an excellent position with another company.  Dan recently stepped up to manage the wholesale and retail businesses.  In a short time, he has developed a solid team and a clear plan that can move forward under the direction of Bob Semple from Zolfo Cooper and our funtional leaders including Jeremy Blachman, Anthony Dayao, Eric Holzer, Kyle Kitagawa, Don Miller, Vicki Sharp, Ed Smida, and Wade Stubblefield.  I am sorry to lose Dan, but I want to congratulate him and wish him well in his new career.


As we integrate the EBS IT organization into EWS, Sue Klinke, senior director of IT development, will take over as acting head of the EBS IT organization effective immediately.  She will report to Mark Pickering in the Office of the Chair for Enron Net Works.

We look forward to additional synergies between the groups when this transition comes to completion.  As information becomes available, we will communicate it to you at the earliest convenience.

Greg and Mark


I think Paul is interested.  His email address is paul.nemec@williams.com.

	"Mark Miller" <mmiller3@austin.rr.com>
	09/20/2000 11:06 AM

		 To: "Gerald Nemec" <Gerald.Nemec@enron.com>
		 cc:
		 Subject: Hey!

Well 35 of 40 spots are confirmed for the party!

I was up all night on it and now working.....yikes!

Does your brother want to come? Or someone else you know?

Sat Oct 21 7-11 pm

It would be great if he did, I have the perfect role!

I'll need his mailing address and e-mail......

Thanks, Later buddy

Mark


---------------------- Forwarded by Chris Germany/HOU/ECT on 04/30/2001 03:11
PM ---------------------------

"CustomerNotices, WGPHOU" <WGPHOU.CustomerNotices@Williams.com> on 04/30/2001
02:57:55 PM
To: "Alatorre, Hector" <Hector.X.Alatorre@Williams.com>, "Alvarado, Orlando"
<Orlando.Alvarado@Williams.com>, "Ambler, Margie"
<Margie.A.Ambler@Williams.com>, "Anderson, Toi"
<Toi.L.Anderson@Williams.com>, "Avioli, James"
<James.P.Avioli@Williams.com>, "Beaty, Beverly"
<Beverly.B.Beaty@Williams.com>, "Blodgett, Kerry"
<Kerry.D.Blodgett@Williams.com>, "Bowman, Terri"
<Terri.K.Bowman@Williams.com>, "Buhrke, Cathy"
<Cathy.L.Buhrke@Williams.com>, "Catlett, Laurie"
<Laurie.E.Catlett@Williams.com>, "Conley, Allan"
<Allan.A.Conley@Williams.com>, "Cortez, Diama"
<Diama.M.Cortez@Williams.com>, "Cox, Ann" <Ann.M.Cox@Williams.com>,
"Cunningham, Larry" <Larry.G.Cunningham@Williams.com>, "Dees, Debra"
<Debra.J.Dees@Williams.com>, "Doyle, Ronald"  <Ronald.C.Doyle@Williams.com>,
"Eaton, John" <John.W.Eaton@Williams.com>, "Egner, Paul"
<Paul.F.Egner@Williams.com>, "Fitch, Terry"  <Terry.C.Fitch@Williams.com>,
"Flores, Gloria"  <Gloria.A.Flores@Williams.com>, "Gallerano, John"
<John.Gallerano@Williams.com>, "Gensler, Quentin"
<Quentin.G.Gensler@Williams.com>, "Hargrove, Nancy"
<Nancy.J.Hargrove@Williams.com>, "Heiser, Suzanne"
<Suzanne.J.Heiser@Williams.com>, "Helburg, Charles"
<Charles.J.Helburg@Williams.com>, "Higginbotham, Keith"
<Keith.A.Higginbotham@Williams.com>, "Hungate, Cynthia"
<Cynthia.L.Hungate@Williams.com>, "Immer, Ingrid"
<Ingrid.Immer@Williams.com>, "Kelley, James"  <James.A.Kelley@Williams.com>,
"Kelley, Nancy"  <Nancy.D.Kelley@Williams.com>, "King, Mable"
<Mable.D.King@Williams.com>, "Kleiner, Margaret"
<Margaret.E.Kleiner@Williams.com>, "Laird, Mary"
<Mary.A.Laird@Williams.com>, "Laughlin, Helen"
<Helen.M.Laughlin@Williams.com>, "Laurel, Liz"  <Liz.X.Laurel@Williams.com>,
"Lindloff, Monty"  <Monty.R.Lindloff@Williams.com>, "Loggins, Kenneth"
<Kenneth.E.Loggins@Williams.com>, "Lowrey, Roseanne"
<Roseanne.A.Lowrey@Williams.com>, "McCauley, Laurie"
<Laurie.L.McCauley@Williams.com>, "Monley, John"
<John.M.Monley@Williams.com>, "Mott, Louella"  <Loella.G.Mott@Williams.com>,
"Muenster, Kay"  <Kay.Muenster@Williams.com>, "Nguyen, Michelle"
<Michelle.M.Nguyen@Williams.com>, "Payne, Leon"  <Leon.M.Payne@Williams.com>,
"Prevott, Rose"  <Rose.M.Prevott@Williams.com>, "Prodoehl, Paul"
<Paul.J.Prodoehl@Williams.com>, "Ramos, J Linda"
<J.Linda.Ramos@Williams.com>, "Ramos, Mary" <Mary.E.Ramos@Williams.com>,
"Roberts, Jan" <Jan.Roberts@Williams.com>, "Robertson, Constance"
<Constance.A.Robertson@Williams.com>, "Rush, Russell"
<Russell.H.Rush@Williams.com>, "Scott, Mark" <Mark.A.Scott@Williams.com>,
"Shaull, Barbara" <Barbara.G.Shaull@Williams.com>, "Silvas, Elizabeth"
<Elizabeth.V.Silvas@Williams.com>, "Sirois, Jeannette"
<Jeannette.Sirois@Williams.com>, "Smith, Elsie"
<Elsie.F.Smith@Williams.com>, "Swanson, Debbe"
<Debbe.T.Swanson@Williams.com>, "Symmank, Robert"
<Robert.P.Symmank@Williams.com>, "Taylor, Charles"
<Charles.A.Taylor@Williams.com>, "Wahlstrom, Scottie"
<Scottie.J.Wahlstrom@Williams.com>, "Walleck, Lynn"
<Lynn.A.Walleck@Williams.com>, "Watson-Combre, Cassandra"
<Cassandra.X.Watson-Combre@Williams.com>
cc:
Subject: Cash Out Indices - April 2001

April 30, 2001

To:  Transcontinental Gas Pipe Line Corporation Customers
     and Shippers

Re:  Cash Out Indices - April 2001

    FT                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                5.1050        4.8400     5.2750
  Zone 2                5.1520        4.8900     5.3075
  Zone 3                5.1990        4.9400     5.3450
  Zone 4                5.2251        4.9649     5.3717
  Zone 5                5.3396        5.0744     5.4891
  Zone 6                5.4323        5.1631     5.5841

    IT                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                5.1050        4.8400     5.2750
  Zone 2                5.1520        4.8900     5.3075
  Zone 3                5.1990        4.9400     5.3450
  Zone 4                5.2553        4.9951     5.4019
  Zone 5                5.4794        5.2142     5.6289
  Zone 6                5.6532        5.3840     5.8050

   FTG                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                5.1050        4.8400     5.2750
  Zone 2                5.1520        4.8900     5.3075
  Zone 3                5.1990        4.9400     5.3450
  Zone 4                5.2754        5.0152     5.4220
  Zone 5                5.5726        5.3074     5.7221

                         AVG.          BUY        SELL
                        ------        ------     ------
  FTNT                  5.2120        4.9500     5.3800

For information concerning cash out transactions, please contact
Casilda Vasquez at (713)215-4504.

Stella Yu
Manager - Rate Systems
(713)215-3381

 - C.DTF


I am pleased to announce the following organizational changes within EGM Operations & Accounting effective immediately:

Todd Hall will be relocating to London and will assume responsibility for all EGM operational activities in London including Risk Management, Confirmations, Coordination & Settlements and Trade Accounting.  Todd will be working closely with the EGM business unit heads in London to ensure their businesses are being supported in an effective and efficient manner.

Cindy Horn will assume the role of EGM IT & Remote Office Controller.  She will be responsible for the oversight and coordination of all IT projects affecting the Operations group.  Her duties will include monitoring and reporting project timelines and expenses and ensuring IT is being utilized in the most cost-effective manner within Operations.  Cindy will also manage the operational activities of the Singapore and Tokyo offices and coordinate with the Sydney office in regards to EGM operations.

Michelle Bruce will assume responsibility for Risk Management in the Houston office for Crude & Products, Coal and Weather.  She will also continue to manage the Confirmation, Coordination & Settlements and Trade Accounting functions in Houston.

Please join me in congratulating these individuals on their new assignments.


OUTLOOK EMAIL NOTIFICATION

                    Your Date of Migration is: May 23rd

  YOU WILL BE UNABLE TO SEND E-MAIL unless you take the following action:

Please go through your Notes email and clean out as many old/un-needed
email items as possible BEFORE your date of migration.? After you are
migrated to Outlook you will only be allocated 100MB of total Mailbox
space.?? If more than this amount of data is migrated to Outlook YOU WILL
NOT BE ABLE TO SEND E-MAIL until it is below the 100MB limit.? Cleaning up
your Notes email now will prevent this from happening to YOU.

Enron's messaging platform is migrating from Lotus Notes to Microsoft
Outlook 2000 worldwide.  You will be accessing Outlook for all of your
email functions.

WHY IS ENRON MIGRATING TO OUTLOOK 2000?

Many factors contributed to the decision to migrate from Lotus Notes to
Microsoft Exchange/Outlook.  The most prominent factors were:

?    Significant advantages to moving to a product that is more integrated
with current Enron apps (Windows 2000, Office and Internet Explorer)
?    More efficient Shared PC and Roaming User features
?    Improved support and integration for Palm/CE devices
?    Instant Messaging capabilities

WHAT IS BEING MIGRATED TO OUTLOOK 2000?

?    Email Messages.  From the date of your scheduled migration, the last
(30) thirty days of your Email will be converted for use in Outlook.
?    All your folders in Notes you use to store email messages in.
?    To Do Items
?    Journal Items
?    Calendar Entries dating from (1) one year in the past to (10) ten
years in the future will be converted.
?    Address Books, but NOT your Distribution Lists that you created.  You
will need to re-create these in Outlook.

Thank you,

Outlook 2000 Migration Team


Bob,  Please review the attached scope of work from Jeff Gilliam.  He wants
to prepare a Work Offer under the Moutain West MSA with the attached.  Please
review and lets discuss if you have questions.

---------------------- Forwarded by Gerald Nemec/HOU/ECT on 03/06/2000 02:34
PM ---------------------------

Jeff Gilliam@ENRON
03/06/2000 01:02 PM
To: Gerald Nemec/HOU/ECT@ECT
cc: Ken Choyce, kdurant@vcn.com, Ralph Herbert/DEN/ECT@Enron
Subject: Work Order

Gerald,

I forgot to add some information.  Please see new attachment!

Jeff Gilliam


Thanks very much - perfect.

 -----Original Message-----
From: 	Foster, Chris H.
Sent:	Monday, October 01, 2001 12:40 PM
To:	Kitchen, Louise
Subject:	EPMI West Middle Market Group - Key Transactions
Importance:	High

 << File: Louise K.doc >>

Chris Foster
chris.h.foster@enron.com
(W) 503/464-3822
(Cell) 503/702-8568


Bush Adviser Rove Owns Stock in Major U.S. Firms
The Wall Street Journal, 06/04/01

Saudi Arabia Sets Pacts With 9 Oil Firms
The Wall Street Journal, 06/04/01

Saudi Arabia in Pacts With Nine Global Oil Firms Energy: Deals to develop
natural gas fields and other projects, worth at least $25 billion, are first
major foreign funding in sector since 1975.
Los Angeles Times, 06/04/01

Enron is my spiritual teacher
The San Francisco Chronicle, 06/04/01

Gloom today, glut tomorrow
The San Francisco Chronicle, 06/04/01

INDIA: Rating firms may be judging India harshly-analysts.
Reuters English News Service, 06/04/01

INDIA: India rupee ends off lows, fwds close higher.
Reuters English News Service. 06/04/01

UK: Spectron trades UK's first post-NETA spark spread.
Reuters English News Service, 06/04/01

INDIA: Enron India lenders meet in Singapore on Tuesday.
Reuters English News Service, 06/04/01

INDIA: UPDATE 1-India's Prabhu says power reforms enter new phase.
Reuters English News Service, 06/04/01

Nigerian president slams US energy firm Enron for "poor performance"
BBC Monitoring, 06/04/01

India: India and Bush Administration: Beyond assumptions
Business Line (The Hindu), 06/04/01

Enron's Indian Creditors Seek to Salvage Dabhol Project
Bloomberg, 06/04/01

Enron Japan's Hirl on Power Deregulation: Commodity Comment
Bloomberg, 06/04/01

Bush Adviser Rove Owns Stock in Major U.S. Firms
By Jim VandeHei
Staff Reporter of The Wall Street Journal

06/04/2001
The Wall Street Journal
A4
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -- President Bush's chief political strategist owns hundreds of
thousands of dollars worth of stock in companies potentially affected by the
president's top legislative priorities, newly released federal records show.
Karl Rove, one of the president's most trusted advisers on almost every major
legislative initiative, owns between $100,000 and $250,000 of stock in Enron
Corp., Pfizer Inc., General Electric Co., Boeing Co. and Johnson & Johnson,
among other holdings. (Federal law requires public officials to report their
assets, income and debts in broad ranges only). All of these companies could
be affected by one or more of the policies or legislative initiatives on
which the president consults Mr. Rove: tax cuts, increased defense spending,
an industry-oriented energy policy and health-care reform.
Mr. Rove said yesterday that he has been waiting for several months for
approval from the Office of Government Ethics to sell all of his stock
holdings and roll the proceeds into a diversified account without having to
pay capital-gains taxes, as permitted by federal law. In the meantime, "I
have had to avoid being involved in matters that specifically and materially
affect my specific holdings," Mr. Rove said.
Mr. Rove said he filed his financial disclosure reports Dec. 30 and was later
informed by the Office of Government Ethics that he should sell all of his
stock holdings to avoid even the appearance of a conflict of interest.
But the government ethics office, which couldn't be reached for comment
yesterday, has yet to officially grant Mr. Rove a certificate of divestiture,
which would allow him to roll his proceeds into diversified accounts,
according to White House spokeswoman Anne Womack. It appears that Mr. Rove
has lost tens of thousands of dollars as a result of the delay because most
of his stocks have lost value since the beginning of the year.
Mr. Rove insisted that he has been careful to avoid any discussions that
directly affect companies he is invested in, as federal conflict-of-interest
laws require. But that can't be easy for Mr. Rove, widely regarded as one of
the most powerful and influential figures in the White House. Mr. Rove serves
as the president's top political adviser and runs the administration's
long-term strategy team. He is also the president's top liaison to outside
groups, including corporations.
"He's involved in virtually every decision that is made here," says a White
House aide. It is unclear how many times, if ever, Mr. Rove recused himself
from discussion inside the White House.
President Bush, already under fire from Democrats for his administration's
close ties to industry, is likely to draw more scrutiny as a result of the
new disclosures of financial links between top White House officials and
major U.S. corporations, especially energy firms.
The White House disclosed the personal finances of Mr. Rove and several other
top administration officials at the behest of the media. It appears that as a
result of an administrative backlog, Mr. Rove is the only member of the
senior staff who hasn't been given the green light to sell his stock,
according to a White House aide.
The reports show that Mr. Rove was one of several White House officials with
a financial connection, past or present, with Enron and other energy
companies. Larry Lindsey, the president's top economic adviser who helped
draft the energy plan, received $50,000 from Enron in 2000 for consulting
work he did for the company, the documents show.
Lewis Libby, chief of staff to Vice President Dick Cheney, who was chairman
of the White House task force that wrote the energy plan, recently sold tens
of thousands of dollars of stock in Enron and other energy companies,
including Texaco Inc., Exxon Mobil Corp. and Chesapeake Energy Corp. It is
unclear when the transaction went through.
Clay Johnson, director of presidential personnel, reported holding between
$100,000 and $250,000 in El Paso Energy Partners LP. And National Security
Adviser Condoleezza Rice had $250,000 to $500,000 worth of Chevron Corp.
stock and was paid $60,000 last year for her work as a director at the
company. Mr. Rove disclosed smaller holdings in BP PLC and Royal Dutch/Shell
Group.

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

International
Saudi Arabia Sets Pacts With 9 Oil Firms

06/04/2001
The Wall Street Journal
A17
(Copyright (c) 2001, Dow Jones & Company, Inc.)

JEDDAH, Saudi Arabia (AP) -- Saudi Arabia signed agreements with nine oil
companies yesterday, a move that marks the first major foreign investment in
its energy sector since the industry was nationalized in the 1970s.
The expected deal, valued at $25 billion at least, involves the development
of three natural-gas fields in the kingdom, as well as a number of related
power plants, transmission pipelines and water-desalinization projects.
Exxon Mobil Corp., the world's largest publicly traded oil company, is the
lead manager on two of the projects, including the $15 billion Ghawar Core
Venture 1 project. It also will lead the Red Sea Coast Core Venture 2
project. Royal Dutch/Shell Group was chosen to lead the Shaybah Core Venture
3 project.
The Western companies will help Saudi Arabia convert its utilities from oil
burning to natural gas, which would free up more of the kingdom's crude oil
for export.
The other companies selected were BP PLC, TotalFinaElf SA, Conoco Inc.,
Phillips Petroleum Co., Occidental Petroleum Corp., Enron Corp. and Marathon
Oil Canada Inc.
Saudi Arabia's state-owned energy company, Saudi Aramco, will be an equity
owner in the projects.
Saudi Arabia nationalized its oil fields in 1975 after tension caused by the
Arab oil embargo against the West that began two years earlier, and it closed
its energy exploration and production sectors to foreign investment.
Although locked out of the production of energy, Exxon Mobil has $5 billion
in refining and petrochemical joint ventures in the country, and it said it
is also the largest foreign purchaser of crude oil and other hydrocarbons
from Saudi Aramco.

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

Business; Financial Desk
Saudi Arabia in Pacts With Nine Global Oil Firms Energy: Deals to develop
natural gas fields and other projects, worth at least $25 billion, are first
major foreign funding in sector since 1975.
From Associated Press

06/04/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company

JIDDAH, Saudi Arabia -- Saudi Arabia signed agreements with nine
international oil companies Sunday, a move that marks the first major foreign
investment in its energy sector since nationalizing the industry in 1975.
The deals, worth a total of $25 billion or more, involve the development of
three natural gas fields in the kingdom and a number of related power plants,
transmission pipelines and water desalinization projects.
The Western companies will help Saudi Arabia convert its utilities from
oil-burning to natural gas, which would free up more of the kingdom's crude
oil for export.
Exxon Mobil Corp., the world's largest publicly traded oil company, is the
lead manager on two of the projects, including the $12-billion-to-$16-billion
Ghawar Core Venture 1 project. It also will lead a second core project. Royal
Dutch/Shell was chosen to lead a third project. The last two projects have a
value of $7 billion to $10 billion each, Prince Saud al Faisal told
reporters.
The other companies selected were BP of Britain, TotalFinaElf of France,
Conoco Inc. of Houston, Phillips Petroleum Co. of Bartlesville, Okla.,
Occidental Petroleum Corp. of Los Angeles, Enron Corp. of Houston and
Marathon Oil Co. of Houston.
Harry Longwell, director and senior vice president at Exxon Mobil, said the
financial terms of the deal are still being discussed. But he said his
company is ready to begin the work when the final contracts are signed.
"The Saudis' expectations are extremely aggressive," Longwell said. "It's a
very tight schedule and in recognition of that, the ability to get this done
is one of the key reasons we were chosen to lead two of these ventures. We
already have a senior management team in place and are ready to go to work
immediately."
Saudi Oil Minister Ali Ibrahim Naimi said the companies are expected to
profit on returns from the exploration and development of gas fields with
more than 15% of the investment cost.
Saudi Arabia's state-owned energy company, Saudi Aramco, will be an equity
owner in the projects.
Saud said if the companies discover oil, they will be compensated and the
fields will be repossessed by Saudi Arabia.
Saudi Arabia nationalized its oil fields in 1975 and closed its energy
exploration and production sectors to foreign investment.
Although locked out of the production of energy, Irving, Texas-based Exxon
Mobil has $5 billion in refining and petrochemical joint ventures in the
country and is the largest foreign purchaser of crude oil and other
hydrocarbons from Saudi Aramco.

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

DAILY DATEBOOK
JON CARROLL
Enron is my spiritual teacher
Jon Carroll

06/04/2001
The San Francisco Chronicle
FINAL
E.10
(Copyright 2001)

THE BUDDHA SAYS that we take wisdom where we find it. Perhaps the Buddha does
not say that, but it's not a bad idea anyway. The Buddha would have said it,
maybe, had he not been saying the other things.
Our enemies can teach us lessons. Our adversaries can make us stronger. They
can be consumed with greed and contempt, their very breath can be toxic, and
yet their actions can open upward-flowing paths.
Take Enron, the energy company, or Chevron, another energy company, or El
Paso Natural Gas, yet another energy company. These organizations are the
minions of Satan. They pillage and they profit. They are in the ascendant.
Their enemies fall before them like cordwood. Ordinary citizens cower and
meekly hand over tribute.
And yet we thank them. We send our investigators after them and we pray that
their executives land in jail, but we thank them. They have shown us the
nature of our enslavement. They have defined the nature of our sloth.
We have believed the Big Lie. We have believed in the free lunch. We have
trusted those who would pander to us. We have eaten energy in great dripping
gobs. Did we know it was not infinitely renewable? Oh yes. Did we understand
that energy companies could create "shortages" whenever they wanted merely by
closing plants for "maintenance"? You bet we did. And did we confuse the
energy companies with charitable organizations and/or alchemists able to
repeal the laws of nature? We did not.
But it was more convenient to forget those things, and so we did. We have
busy lives. We must do the things we must do. The infrastructure is
everywhere crumbling, and we are patching it up ourselves. We are paying
bureaucrats with taxes, but the bureaucrats are inadequate, so now the spirit
of volunteerism is much praised.
Volunteers are people who do jobs that other people are being paid to do but
don't.
AND SOMEHOW, EVEN in a society as relentlessly materialistic as this one, we
forgot about our own checking accounts. Already seduced by the idea that
credit card debt is good clean fun, we decided to waste a lot of money using
energy we didn't need.
I'm not talking about using a washing machine instead of going down to the
river and beating your clothes with small stones -- I'm talking about washing
machines with quarter-full loads and settings far too powerful for the task
at hand. Right? Lights burning in unoccupied rooms. Appliances plugged in but
never used.
We pay for it. We send our wonderful money straight to the largest villains
in American commerce because we are too stupid to do anything else. You
wonder why they have contempt for us. You wonder why Dick Cheney believes he
can fool all of the people all of the time. Because he has.
Look: Last week the secretary of commerce suggested means-testing Social
Security -- that is, means-testing a pension plan. You gave us the money, we
kept it for 40 years, now -- prove that you need it!
Why did he suggest that? Because he can! Why did PG&E demand additional
compensation for its executives, who are moral dimbulbs and social criminals
under any fair definition? Because they can get away with it! They will get
away with it! You watch!
I AM NOT saying that we have no one to blame but ourselves. There are active
villains, and there are people who allow villainy to occur. Everyone in a
corrupt system is corrupt. The fools are the ones who don't end up with any
extra money.
We are the fools. If we understand our foolishness, we begin to be wise. We
send lovely bread-and-butter notes to Enron -- once we were blind, but now we
see. And we await developments, or create them.
--------------------------------------------------------
It would be foolish to mention SUVs. When the brain is ready, the ear will
hear.

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

EDITORIAL
WASHINGTON INSIGHT
Gloom today, glut tomorrow
Carolyn Lochhead

06/04/2001
The San Francisco Chronicle
FINAL
A.19
(Copyright 2001)

WHAT GOES UP usually comes down. And few industries are more prone to boom
and bust than energy.
Imagine the news stories a few years from now: "Crisis hangover -- energy
stocks sink as prices plunge; But California consumers still stuck with high
bills."
"The energy industry is suffering its worst downturn since the supply glut of
the 1990s, as dozens of big new power plants come on line, and the
just-completed Alaskan gas pipeline sends natural gas prices to their lowest
levels in six years.
"The one bright spot for Texas generators is California, where consumers are
locked into long-term contracts for wholesale electricity that the state
signed at the peak of its blackouts in the summer of 2001.
"Sacramento lawmakers have appealed to President Daschle to help get the
state off the hook, arguing that California will never claw its way out of
its economic slump if businesses continue to flee to states where energy is
cheap.
"But top Enron lobbyist Gray Davis, a former governor of California, warned
Daschle that suppliers would have little choice but to go to court to enforce
the contracts the state signed."
Washington and Sacramento are agog with the energy crisis and bursting at the
seams with plans to fix it. But the one thing no one - - even
environmentalists -- suggests is letting high energy prices discourage energy
consumption or encourage new supplies.
"To economists, letting the price rise is the solution," said Paul Portney,
president of Resources for the Future, a Washington think tank. "To elected
representatives, having the price go up is the problem."
Political memories tend to be selective and short. But it was the energy glut
of the 1990s that contributed to California's blackouts, $3 gasoline and
$400-a-month heating bills. Likewise, high prices are now laying the seeds of
their own destruction.
As a story in the New York Times noted, an energy investment boom "promises a
cyclical increase in supplies that is expected to stabilize or reduce prices
in coming months, many industry executives and private analysts say."
Through much of the 1990s, there was a glut of energy. Fuel of all kinds was
really cheap.
How cheap? Adjusted for inflation, as cheap as in 1949, economists calculate.
Energy is the oxygen of the economy, and rock-bottom prices contributed to
the long economic boom. But low prices also caused energy production to slump
and consumption to soar.
People ditched their economy cars for SUVs. Houses got bigger, ceilings got
higher and kitchens sprouted industrial stoves with enough BTUs to melt
aluminum. Stores, offices and homes turned into summertime refrigerators.
Low prices discouraged energy development.
"Oil was so cheap for so long, that people were selling their refineries,"
Portney said. "You had virtually no exploration for new natural gas when
prices were at $2 a BTU."
As demand soared and supply fell, prices rose. Profits have grown so robust
that green fuels, such as biomass and wind, are becoming economically viable.
The oil industry is booming. Refineries are expanding. The long-delayed
construction of a natural gas pipeline from Alaska now looks likely. So many
power plants are under construction that the market may be flooded with as
much as 200,000 new megawatts by 2004.
Investments in energy efficiency -- from new-age superconducting transmission
wires to better light bulbs -- are suddenly looking attractive for the first
time in decades.
"High prices will dampen demand, high prices will encourage supply, and will
encourage people to make better use of what they've got," said Robert Ebel,
director of energy for the Center for Strategic and International Studies.
"So we're starting on the down slope. We're not very far down. When prices
start to decline, I can't say how far they will go. But they will decline,
because that's just the law of supply and demand. Prices decline, demand
starts to creep up again, there's less incentive to add to supply, and here
we go again."

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

INDIA: Rating firms may be judging India harshly-analysts.
By Vidya Ranganathan

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 4 (Reuters) - Analysts have reacted with surprise to last week's
decision of ratings agency Fitch to cut India's sovereign ratings outlook to
negative from stable, and say there are no grounds to downgrade the country.
Fitch, which rates India's foreign currency obligations at BB-plus, a notch
above Moody's Investors Service and Standard & Poor's, cited concerns about
fiscal policy, privatisation and deterioration in foreign investment climate.
However, economists speculated it could either be on account of Fitch
adjusting its ratings in line with other global agencies, or a fallout of
U.S. energy giant Enron Corp's threat to exit an Indian power venture over
payments problems.
Moody's and S&P said on Friday they have not revised ratings or outlook but
are disappointed with fiscal reform efforts.
Local currency and stock markets reacted nervously to the announcement, but
economists said most concerns were exaggerated.
"When the direction of reforms is positive and government flows are
improving, the outlook should not change," said Mohan Nagarajan, chief
economist at local rating agency CARE Ltd.
Even if the provocation for the rating review was the Enron episode, analysts
said the problems were specific to the power sector and will not affect the
robust foreign investment the country has been receiving.
"Enron was a bad deal, made on unreasonable terms in the first place and does
not reflect the ability of the government to pay its dues," said an economist
with a U.S.-based fund.
Some of the confusion arises from the various ratings assigned to India.
Moody's has retained a positive outlook on its Ba2 rating since late 1999,
while S&P has a stable outlook and a BB rating.
CONCERNS OVERSTATED
Analysts said none of the factors Fitch cited had deteriorated in the past
year, since it first rated India.
Fitch said India's fiscal-monetary mix was unfavorable, real interest rates
were high and there was the risk of a debt trap.
India marginally overshot its budgeted fiscal deficit in 2000/01
(April-March) to 5.2 percent of GDP, down from the previous year's 5.6
percent.
But laws to control government spending are awaiting parliament's approval,
there are incentives for disciplined state governments and a determined
effort at privatising state-run firms has begun.
Burgeoning fiscal deficits have persisted for a decade and public debt at 60
percent of GDP is high, but at six percent annual growth, India is one of the
fastest expanding economies in Asia.
"In terms of external liquidity, India is much stronger than its BB+ rating
while even its public debt to GDP ratio is lower than that of some Asian
nations," said P.K. Basu, chief economist for South East Asia at Credit
Suisse First Boston, Singapore.
Foreign investment has been pouring in - portfolio flows at $2.2 billion so
far in 2001 are at record levels and compare with $1.56 billion for the whole
of 2000 - and foreign exchange reserves are strong at $42.8 billion.
Interest rates and yields have also dropped, with the Reserve Bank of India
(RBI) adopting an aggressive easing stance this year to prop the slowing
economy, and inflation is benign.
"The hardest initial steps are being taken and there is still a lot of
inertia, but soon there will be a willing audience and reforms can progress
faster," CARE's Nagarajan said.
But critics said the changes were still very superficial and structural
reforms that would spur long-term growth and demand were lacking.
"What the rating agencies have emphasised is fiscal consolidation, which
means better revenue streams, efficient expenses, user charges for public
utilities...we promised these three years back and haven't moved very far on
those," said Saumitra Chaudhari, economist with local rating agency ICRA Ltd.
"We still do not have a securities bill, mature debt market and our banks
have not cleaned up,".

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

INDIA: India rupee ends off lows, fwds close higher.

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 4 (Reuters) - The rupee ended unchanged on Monday, recovering
from the day's low after a large European bank sold dollars, dealers said.
It had slipped to a low of 47.04 per dollar in early deals on dollar
purchases by a jewellery importer.
The rupee ended at steady at d47.01/02 per dollar.
Dealers said there was no impact of Friday's comments from international
rating agencies which had raised concerns over continuity of foreign
investment and dragged shares lower.
The currency recovered from lows around 47.085 on Friday, reacting to
international rating agency Fitch's revision in the outlook for India's
ratings on sovereign debt to negative from stable, citing worries about
fiscal policy, privatisation and deterioration in the country's foreign
investment climate.
Later, rating firms Moody's and Standard & Poor's (S&P) said they were
disappointed over the government's reform effort.
Moody's also raised a concern about India's Maharashtra state utility's
ongoing tussle with Houston-based Enron Corp and said: "the dispute indicates
that India's government may not be willing to live up to its contractual
obligations".
It added this would further deter foreign direct investment from coming into
the country.
The comments weighed on bond prices, which extended losses on Monday, and in
turn led to paying in dollar forwards.
"After a long gap, there was corporate paying interest in forwards today," a
dealer with a state-run bank said.
The six-month forward ended at an annualised 5.10 percent compared with
Friday's 4.95.
For a speed guide to Reuters treasury coverage, ((Bombay Treasury Desk, +91
22 265-9000 fax +91 22 264-1699, vidya.ranganathan@reuters.com)).

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

UK: Spectron trades UK's first post-NETA spark spread.

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, June 4 (Reuters) - Energy brokerage Spectron said late on Friday it
had traded the first brokered gas-electricity arbitrage, or "spark spread",
deal in the UK since the launch in March this year of new electricity trading
arrangements (NETA).
"Now that liquidity has returned to the electricity market post NETA, such
transactions are expected to become more common...", said Spectron in a
statement.
The deal was concluded between UK utility Powergen and U.S. energy group
Enron .
Spectron said the trade, covering winter 2002, was for 60 megawatts of
electricity at 21.42 pounds a megawatt hour and for 100,000 therms of gas at
24.85 pence a therm.
The winter period specified in the deal ran from October 1 to March 31.
For the electricity, one day was defined as 2300 hours to 2300 hours.
For the gas, one day was 0600 hours to 0600 hours.
The deal comes as the industry moves to create standard terms and conditions
for spark spreads.
Powergen is due to meet in mid-June with other traders, including Aquila
Energy , for talks aimed at agreeing standard terms.
"It is hoped that the market will soon establish standardised documentation
leading to a standardised product that will help promote liquidity in one or
more levels of efficiency," said Spectron.

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

INDIA: Enron India lenders meet in Singapore on Tuesday.
By Sriram Ramakrishnan

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 4 (Reuters) - Lenders to Enron Corp's troubled Dabhol Power
Company begin a two-day meeting in Singapore on Tuesday to try and settle
differences over continued support to a controversial $2.9 billion power
project in India.
Representatives of some of the world's largest banks like Citibank , ABN AMRO
, and Bank of America, will be at the meeting. Indian lenders like the
Industrial Development Bank of India , State Bank of India and ICICI will
also participate.
Market analysts speculate that the meeting will attempt to forge a joint
stand on supporting the project which now produces 740 MW of power and is
slated to increase it to 2,184 MW shortly in its second phase.
But it comes against a backdrop of rising tension between Dabhol and the
Indian state utility, the Maharashtra State Electricity Board (MSEB), which
is the sole buyer of Dabhol's electricity.
Indian lenders, who have lent the bulk of the funds to the plant, want to
continue supporting the project.
But they are being opposed by offshore lenders who want to withdraw their
loans. Loans of around $638 million of the offshore lenders are covered by
guarantees provided by Indian institutions.
The Indian lenders, fearing for their profitability if the foreign banks pull
the plug, plan to oppose any such move.
But they have been forced on the backfoot by MSEB's decision last week to
stop buying power from Dabhol and terminate its 1995 contract with the
company under which it agreed to lift the entire output.
The MSEB has complained that Dabhol produces costly power while Dabhol has
blamed MSEB for defaulting on payments worth $48 million.
Last month, Dabhol issued a preliminary notice to terminate its contract to
sell power. It has also filed for arbitration in London. This provoked MSEB
to haul Dabhol before a local regulatory body, the Maharashtra State
Electricity Regulatory Commission (MERC), which issued a temporary order
staying the arbitration proceedings.
The dispute has already affected India's image among foreign investors.
Last week, global rating agency Moody's expressed concern over slippage in
the Indian government's reform programme and cited the Enron's dispute as an
example that the country may be losing credibility with foreign investors.
"The dispute indicates that India's government may not be willing to live up
to its contractual obligations. As a consequence, this would further deter
foreign direct investment from coming into the country," Moody's said.
India's federal Power Minister Suresh Prabhu tried to dispel those fears in
an interview with Reuters on Sunday.
"India is always in favour of making sure that international contracts are
respected," he said. "There is no need for concern." ($1 = 47 Indian rupees).

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

INDIA: UPDATE 1-India's Prabhu says power reforms enter new phase.
By Clarence Fernandez

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 4 (Reuters) - India's reforms of its sputtering power sector
have entered a new phase, with plans afoot to free up private supply,
overhaul debt-ridden state utilities and recraft tariffs, Power Minister
Suresh Prabhu told Reuters.
With investors' fears fanned by a squabble between U.S. energy giant Enron
Corp and a local utility, Prabhu said in an interview late on Sunday that
India is standing behind international contracts.
"Sanctity of contracts has to be kept," Prabhu said.
The row began late last year when the utility in western Maharashtra state
defaulted on payments of $48 million to Dabhol Power Company, 65 percent
owned by Enron. The 2,184 MW power project is India's largest foreign
investment, at $2.9 billion.
Prabhu has vowed to take Indian reforms in a new direction.
"Absolutely," he said in reply to a question whether India's reforms have
entered a different phase. The Power Ministry will now also focus on power
distribution, he added, besides its early preoccupation with generation
needs.
"In India unfortunately for the last 10 years...reforms policy was skewed in
favour of generation," he said. "We never really realised that distribution
is the more important part of the process."
Prabhu added, "We have now decided we will make enough structural changes in
distribution so that at the end of distribution enough investment is made."
CHARTERED ACCOUNTANT
A chartered accountant, Prabhu hails from the verdant regions of India's
western coastal strand, and chaired a co-operative bank that was one of the
country's largest, in terms of deposits, before his foray into politics.
An errant lock of hair straying across his forehead, Prabhu eschews the
Indian politician's traditional uniform of starched white handspun cotton for
the shirtsleeves and trousers preferred by the professionals who have entered
government, and whom local media call "technocrats".
Prabhu said India has decided to allow private producers to sell power direct
to consumers, lifting curbs that have hobbled the country's decade-old reform
effort.
He said the question of power affordability had spurred him to ask India's
states to permit third-party sales of power, which analysts have called a
stumbling-block for foreign investment.
"They cannot force a generator to sell power only to the SEBs, and that's a
major change we are trying to make," Prabhu said, referring to the states.
SEBs or state electricity boards are owned by the state governments, and
supply power to most of India.
India estimates that 100,000 MW of fresh capacity will have to be installed
over the next 12 years to meet its power needs. Most of the $200 billion in
funds that will be required will have to come from foreign private
investment.
But India's spotty reform record over the last decade has made investors
wary. Bureaucratic procedures, legal delays and political wrangling have held
up reform moves.
RATING REVISED TO NEGATIVE
Last week global rating agency Fitch revised India's sovereign rating outlook
to negative from stable, citing fiscal concerns, the slow pace of
privatisation and deterioration in the country's foreign investment climate.
Competing agency Moody's sees signs of slippage in the reforms, and Standard
& Poor's has expressed worries over India's budget deficit.
Prabhu said he wants to overhaul state power utilities by introducing
standard accounting policies, cutting transmission and distribution losses to
15 percent, and tackling crushing debt, thus helping to lure foreign
investment into the sector.
The poor financial health of the utilities, expected to run up combined
losses of about $6 billion in the 2001/02 fiscal year, has proved a hurdle in
efforts to draw private investment.
Prabhu said an expert panel examining ways to restructure SEB finances -
looking at technical, commercial and tariff issues - is expected to report
within a few weeks.
"For the first time we will be preparing commercial data which is
internationally accepted. We will be preparing technical data which is
internationally appreciable. And thirdly, we'll be creating an information
base which will be created by experts and then made available to the states,"
he said.
The utilities' transmission and distribution losses run to up to 25 percent
of the electricity they generate, compared to a figure of about eight percent
internationally, he said.
Prabhu wants to trim this to about 15 percent within two or three years.
"In the case of India, I am willing to accept a figure of 14 percent to 15
percent, because to bring it below that will be technically feasible but
commercially unviable," he added.
Other steps to tone up power generation include attempts to link the eastern
region with the rest of India, efforts to boost plant load factors through
modernisation of equipment, and to persuade people to use energy more
efficiently.
Prabhu said he is building political will to support these moves through a
programme to tell consumers why they can no longer get power cheap, or even
free, as many did in the past. ($1=47 Indian rupees).

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

Nigerian president slams US energy firm Enron for "poor performance"

06/04/2001
BBC Monitoring
Source: The Guardian web site, Lagos, in English 4 Jun 01/BBC Monitoring/(c)
BBC

Text of article by Francis Obinor entitled: "Obasanjo chides Enron on Lagos
power project"; published by Nigerian newspaper The Guardian web site on 4
June
For failing to live up to expectation of the Nigerian government and the
people as regard its role in the Independent Power Project (IPP) initiated by
the Lagos State government two years ago, Enron, the American firm got a hard
knock from President Olusegun Obasanjo at the weekend [2-3 June].
In his conclusion, Obasanjo accused Enron, a major player in the electricity
project, of poor performance and bad faith. Ostensibly angry at the delay in
the project's full take-off and the 30 MW recently connected to the national
grid from the scheme, the president on the American Cable News Network (CNN)
declared: "Enron has played a dirty game on us. Dirty game in two ways."
Beside putting up an exorbitant price, the company according to the
president, also failed to comply with the terms of the contract. Continuing,
Obasanjo said: "The price at which they (Enron) have tried to sell power to
us has been very exorbitant. Two, what they told us they would do, they have
not done."
While refusing to disclose the firm's charges, Enron Vice-President of
Marketing John Ambler said the primary objective of the company was to get
the project on stream. "We have a project that is very close to coming on
line," he said, stressing that the company's desire is to see the project
work effectively in Nigeria, especially in Lagos. He added that Enron is
committed to the IPP and assured Lagosians that they would soon begin to feel
the impact.
The state government brought forward the June 2001 deadline it set for the
commencement of the first phase of the project when it fired the first 30 MW
of electricity to the national grid two weeks ago.
At the Government House on 23 May, Governor Bola Tinubu said his
administration and the contracting firm felt that there was no harm in
bringing the date forward and assured that another 30 MW would be added soon.
He noted that, contrary to expectations that the project would cover the
entire state at a go, it would be in phases and the focus for now would be
industrial consumption. "The concentration for now is not as private homes,
we would soon get there," Tinubu assured.
The controversial IPP programme, which the federal government had at one time
been accused of frustrating, has suffered several setbacks, including Enron's
initial plan to sell its shares to AES, another American company. Last April
was originally fixed for the project's take-off but the failure of Trevi, a
construction company in charge of transmitters, caused a shift in the date.

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

India: India and Bush Administration: Beyond assumptions

06/04/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

SOON after Mr George W. Bush Jr. won the US elections, Indian observers
proclaimed quickly that a Republican administration bodes good for India. A
Republican administration was expected to not pester India about human rights
violations in Kashmir, not force it to sign the CTBT, and get tougher with
China.
Mr George Bush's decision to "drop by" the External Affairs Minister, Mr
Jaswant Singh's meeting with the American National Security Advisor, Ms
Condoleezza Rice, seemed to somehow confirm this false sense of euphoria.
This narrow thinking fails to understand the drivers of Republican ideology.
The reality is the Republicans care about a range of issues that will force
the BJP Government to make some difficult decisions.
Take the first issue of human rights violations in Kashmir. It is true there
are many isolationists in the Republican Party who, probably, do not care
about human rights violation in Kashmir so long as it does not affect them,
and is not happening in their backyard. But there is another powerful force
in Republican politics - the religious wing. This includes powerful members
of the US Cabinet such as The Attorney-General, Mr John Ashcroft, who are
Christian fundamentalists.
Mr Bush himself claims to be a 'born again Christian'.
The religious right is rarely interested in foreign policy; it mostly
concerns itself with moral and social issues such as abortion and teenage
pregnancy. But the few times it does intervene, it is when it feels a country
is "persecuting Christians". And when it does intervene, no Republican
administration dares cross it.
For instance, China is periodically identified as a country that persecutes
Christians. Christian missionaries and ministers are routinely harassed and
imprisoned because they are trying to spread their religion. Because of this
issue, Republican members of the Christian right in Congress have all but
declared a religious war on China, routinely opposing any attempt to improve
relations - including trade relations - with that country.
India, as an emerging power, is more carefully watched, and frequently
mentioned in the American press. Stories of Christian missionaries being
burnt alive and nuns raped are attributed to "elements associated with the
Hindu fundamentalist ruling party". In its latest human rights report, the US
State Department noted these acts with concern.
The Pope's mention of these issues to the Prime Minister, Mr Atal Bihari
Vajpayee, was also noted in the American press. India is, perhaps, half a
step away from being branded as a country that "persecutes Christians".
A self-professed born-again Christian like Mr George Bush would quickly take
up the Christian right's cause, trumping all other bilateral issues. Human
rights may not matter to the isolationists, but Christian, and to a lesser
extent Jewish, religious freedom matters tremendously to a Republican
administration.
The second fallacy was that since the Republicans in Congress did not pass
the Comprehensive Test Ban Treaty, they would not force other countries to
pass the CTBT either. But why are the Republicans are opposed to the CTBT.
The opponents of the CTBT feel that it fails to safeguard American security.
They frankly care little about Indian security. They would love to be able to
restrict India's ability to test and use its weapons. To them, nuclear
weapons not in American hands translates into an unsafe world. Unless India
manages to convince the Republicans otherwise, the Republican administration
is likely to tighten the anti-proliferation screws on India.
The third fallacy relates to a tough, long-term strategic re-alignment the
Bush Administration will demand of India. Mr Bush's foreign policy-makers are
unreconstructed 'Cold Warriors'. In the post-Cold War era, they are
desperately "searching for an enemy". They appear to have settled on China as
"the next enemy". Their next step is to search for "allies"
who rarely challenge their views. Thinkers in Washington and New Delhi
believe that India and the US are "natural allies". But such a decision has
an enormous range of long-term consequences for India.
To discuss just a few: Most of the Indian military's equipment comes from
Russia and the former Soviet Union. Allying with the US will be seen by the
Russians as abandoning them, and this could have an enormous impact on the
legacy military equipment. Recent noises from the Foreign Ministry suggest
India is also eager about Mr George Bush's proposed missile defence
programme. But this technology is far from proven, and during the decade over
which it may be developed (if it gets past Congress), China will most
certainly develop many nuclear weapons. These may, primarily, be a deterrent
against the US, but it will force India into an arms buildup it can barely
afford.
The Americans are reserving their missile defence system for their "closest
allies". India today is neither fish nor fowl - not quite a threat, but not
quite an ally either. It is unlikely that India will be able to convince the
Americans to give it the defence system.
Even if the Americans agree to sell it to India, it could never afford the
sticker price. So, before it rejoices at the notion of anti-China hawks in
the White House, let India ponder over the unexamined consequences.
The final issue is one that may precipitate in the very near term.
Enron and Maharashtra find themselves in a dispute that neither wants to
lose, and that appears to be rapidly getting shriller. Mr George Bush's
background is as a Texas oilman - and he is widely accused in the US of being
beholden to the interests of the energy industry.
In fact, they were among the biggest "contributors to his campaign".
The Enron Chairman, Mr Kenneth Lay, is a friend of Mr Bush's, and was
seriously considered for a job in his Cabinet. He is so well connected that
he was recently accused of influencing who is appointed by the White House to
regulate the energy industry. In the near term, Mr Bush could quite possibly
lean heavily on New Delhi to "make sure that Enron's interests are not
neglected". If New Delhi does not respond to his satisfaction, his opinion of
India, and consequently, his administration's dealings with the country, are
likely to be coloured far more than we think.
Giridhar Srinivasan

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

Enron's Indian Creditors Seek to Salvage Dabhol Project
2001-06-04 08:41 (New York)

Enron's Indian Creditors Seek to Salvage Dabhol Project

     Mumbai, June 4 (Bloomberg) -- Indian banks that loaned money
to Dabhol Power Corp., the local unit of Enron Corp., will try and
persuade their international counterparts to keep alive the $3
billion project at a meeting of lenders in Singapore tomorrow.
    The two-day meeting will be the first between the two groups
of bankers since they met in London on April 24-25 to discuss an
escalating dispute on power prices that has pitted Enron against
the Maharashtra State Electricity Board, Dabhol's only customer.
     ``We will discuss how we can go about resolving the
problem,'' R.S. Agarwal, executive director at Industrial
Development Bank of India, or IDBI, said. IDBI is the biggest
lender to the Dabhol project.
     The outcome of the Singapore meeting, to be held in the
offices of ABN Amro Holding NV, one of the biggest international
lenders to the project, will be crucial to the banks, which have
loaned as much as $2 billion to Dabhol.
     Indian banks fear the Maharashtra State Electricity Board's
decision to stop buying power from Dabhol may strengthen
international lenders' resolve to terminate the project and invoke
government guarantees to recover their loans.
     ``Foreign lenders want to close the (Dabhol) chapter,'' said
Pradyumna Kaul, an activist with Enron Virodhi Andolan, a non-
government organization opposed to the project. ``They are eager
to call in their loans, even if it means taking a 10 to 15 percent
cut, rather than spend more on supervision and legal expenses
while watching the saga linger.''
     Local banks such as IDBI are most at risk as the Maharashtra
and federal governments have guaranteed only foreign banks' loans
of about $600 million to the venture.
     IDBI alone has exposure totaling 21.58 billion rupees ($460
million) to the project, including 15.28 billion rupees in
guarantees.
     Foreign lenders such as ABN Amro, Citibank N.A., a unit of
Citigroup Inc., Bank of America and Credit Suisse First Boston in
April approved Dabhol's decision to begin termination of its power
supply contract with the board. They are in favor of canceling the
project.
     India's government risks having to pay 170 billion rupees in
fines, resulting from guarantees it has offered on payments and
loans, if Enron pulls out of the project.

                             The Fight

     Maharashtra State Electricity Board Wednesday stopped buying
power from Dabhol as the dispute escalated. The board on May 24
told Dabhol Power Co. it was canceling its power purchase
contract, six days after Dabhol gave the board notice it was set
to pull out of the project because of the six-month dispute over
bills owed by the board.
     ``The MSEB's move has complicated the matter. We did not
expect MSEB to do this,'' Agarwal at IDBI said last week.
     Dabhol, 65 percent owned by Enron, and the board are in
dispute over 3 billion rupees in unpaid bills for December and
January. Others bills through March have been paid.
     The board has refused to pay the December and January bills,
saying they should be lowered to reflect a 4 billion rupee penalty
the board imposed on Dabhol for not supplying power at full
capacity on Jan. 28.
     The dispute Thursday prompted debt-rating company Fitch to
change its outlook on India to ``negative'' from ``stable.'' Fitch
said the climate for foreign investors has deteriorated.
     ``The dispute indicates that India's government may not be
willing to live up to its contractual obligation,'' the Economic
Times quoted Kristin Lindow, India analyst at Moody's Investors
Service, as saying. ``As a consequence, this would further deter
foreign director investment from coming into the country.''
     Moody's and Standard & Poor's have stable outlooks on the
country's sovereign rating. S&P has an investment grade rating of
``BBB'' on the country's sovereign debt. Moody's, like Fitch,
rates India's debt as junk at ``BB2.''

Enron Japan's Hirl on Power Deregulation: Commodity Comment
2001-06-04 06:29 (New York)

     Sydney, June 4 (Bloomberg) -- Joseph Hirl, chief executive of
Enron Corp.'s Japanese unit, Enron Japan Corp., comments on the
outlook for deregulation of Japan's electricity industry. He spoke
at the Coaltrans Asia conference in Sydney.

On Japanese government policy:
     ``The government does have a strong commitment to
deregulation, but there are some significant policy concerns''
including a ``greater than 80 percent reliance on imports'' of
energy.
     ``The market has been open a bit over a year, however not
much has happened. No genuine competition exists under the current
system. The companies there recognize that it will happen. It's
inevitable.
     ``The level of competition in Japan now is similar to the
U.S. in 1994-95, or Europe in 1996-97. Prices are about 400
percent higher than the U.S.
     ``To put it in perspective, I won't give the name of this
large chemical company, but it consumes about 600 megawatts. If
you compare that business with a company that's just like it in
Houston, Texas, the difference would be about $250 million a year
in the cost of electricity.
     ``For such an export-led economy, that's a difficult
situation to be in, and it's contributing to the overall malaise
in the economy.''

On the likelihood of a California-style electricity crisis in
Japan:
     ``Despite exploitation of California by the utilities, METI
(Ministry of Economy, Trade and Industry) and others recognize it
was a problem of design, not competition'' in California.


Gilian,

No, we don't  additional need more data. I understand Stinson Gibner has
already sent you a reply with
his findings.

Vince

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Arthur Andersen model validation request

Vince,

Was the data we provided sufficient to determine whether the Global Markets
book administrator correctly utilized the spread option model?  Please let me
know if there are any additional data requirements.

Thank you again for your assistance.

Gillian Boyer
x30968

---------------------- Forwarded by Gillian Boyer/AA/Corp/Enron on 12/18/2000
01:39 PM ---------------------------

Gillian Boyer
11/27/2000 10:25 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Arthur Andersen model validation request

Vince,

                  Our goal is to validate that the Enron Global Market book
administrators are accurately using the "spread option model" as developed by
the Research Group.    To determine this, we would like to provide you with
the inputs for a particular deal (as provided by a Global Markets book
administrator) and have you recalculate the deal value.   We will then
compare your results to the values calculated by Global Markets.

 Two Koch deals have been chosen due to their substantial P/L effect.  I have
attached the deal data in two forms: (1) the spread option model that Kara
Boudreau, Book Administrator EGM, provided and (2) an excel spreadsheet that
isolates the 2 deals.

 If there is anything more that we could provide, please don't hesitate to
call me at  x30968.

 Thank you so much for all of your help.

 Gillian

1.

2.


Start Date: 4/29/01; HourAhead hour: 10;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042910.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 10 / Preferred:  10.00 / Final:   9.92)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 4/29/01
  UNIT_ID: CARBGN_6_UNIT 1


Brent:  sorry for my poor "attaching abilities."  Hopefully we will have a
lot to discuss tomorrow.  Lynn has a suggested the use of a separate "action
list" to present to Mike.  SS


Welcome back.  I know you are probably really busy.

Paige will be coming home on Thursday.  I told her we might not be leave for
PH until Saturday.  I want Michael to be able to go to the Easter egg hunt
here if he wants to.  I don't know Paige's plans beyond Thursday.

Since you've been out of town so much, would it help if I took off Friday so
that you can catch up?  That still leaves Monday.

Glad you are back!

Kay


Ditto Credit.

	Tana Jones@ECT
	05/07/2001 11:20 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 05-04-01

----- Forwarded by Tana Jones/HOU/ECT on 05/07/2001 11:20 AM -----

	Walter Guidroz/ENRON@enronXgate
	05/04/2001 02:52 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/ENRON@enronXgate, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global CounterParty/LON/ECT@ECT, Stephanie Sever/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Claudia Clark/ENRON@enronXgate, William S
Bradford/ENRON@enronXgate, Lisa Lees/ENRON@enronXgate, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/ENRON@enronXgate, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bill D Hare/HOU/ECT@ect, Amy
Heffernan/Enron Communications@Enron Communications, Molly LaFuze/Enron
Communications@Enron Communications, Danny Clark/Enron Communications@Enron
Communications, Stephanie Panus/NA/Enron@Enron, Teresa
Mandola/ENRON@enronXgate, Bill Kyle/ENRON@enronXgate, Amber Ebow/HOU/ECT@ECT,
Wendi Lebrocq/ENRON@enronXgate
		 cc:
		 Subject: EOL approvals, 05-04-01

Attached are EOL approvals for both today and yesterday.

Also, for future reference, please contact Wendi LeBrocq who will be assuming
my duties as the EOL administrator within the Credit Risk Group.  Thanks!


Steve from El Paso called.  When you email the actuals for El Paso he would
like to recieve them as well.  any questions give him a call.


I have read the agreement, believe we need to hold the recall rights as per El Paso's direction, however let's discuss.

Call me when you are ready to meet.

Note:  Bill, I would like to discuss with you the possibility of reducing the " Capacity" in consideration of PGE selling us outright the citygate gas...

BT


what is grandma's email address?


Thank you!

	Sara Shackleton
	10/26/2000 10:35 AM

		 To: Mark Taylor/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Brent
Hendry/NA/Enron@Enron, Carol St Clair/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT,
Tana Jones/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Stephanie
Panus/NA/Enron@Enron, Kaye Ellis/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT
		 cc:
		 Subject: Financial Confirmations Issues

All:  I spoke with Kim this morning and although she is anxious to meet
everyone, we decided that it would be more productive to try to schedule a
luncheon meeting to discuss current issues related to the confirmation desk.
I understand that Joe Hunter, Melissa Murphy and David Dupre will be
providing Kim with a list of "issues" and we have been invited to add to that
list.

Please send me your list of any confirmation issues that you would like
raised with Kim which I will cumulate and forward.

You may ignore the message below.  Thanks.  Sara

----- Forwarded by Sara Shackleton/HOU/ECT on 10/26/2000 10:17 AM -----

	Yolanda Ford
	10/25/2000 05:01 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Susan
Bailey/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron,
Stephanie Panus/NA/Enron@Enron, Melissa Ann Murphy/HOU/ECT@ECT, Robert
Bruce/NA/Enron@Enron, Mark Taylor/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT,
Brent Hendry/NA/Enron@Enron
		 cc: Kim S Theriot/HOU/ECT@ECT, Yolanda Pena/Corp/Enron@Enron, Becky
Spencer/HOU/ECT@ECT
		 Subject: Financial Confirmations Issues

Please plan to attend a meeting regarding Financial Issues on Monday the 30th
from 10:00am to 11:00am in EB3125B.  If you are unable to attend please call
me directly at X3-9030. The meeting will be hosted by Kim Theriot Manager of
Power and Gas Documentation.

Many Thanks,
Yolanda


[IMAGE]
After that big build up about a Drunken Beta  collectors edition, I
understand it came through without the  picture at the top of the page.?
Well, here's the picture (attached, if you  don't see it above).? I'll have
the finished product for you at Elvis'  party.
BEEK
PS:? Below is the current list of confirmed Beta attendees:
?
(recent additions in red)
Dave Fullerton
Clay Coburn
Leland White
John Clarkson
Kenny Walker
Jim Glass
Mitch Baddour
Jim  Wallace????????????????????????????
Carl Hohl
Tom 'Space'  Hosman????????????????
Geoff Anderson??
Bill Jannsson???????
Randy 'Tocks'  Harman
Frank Roby
Elvis Thompson
Bill  Jordan???????????????????????
John  Jones???????????????????????
Chuck  Paul???????????????????????????????
Don 'Bino' Mannino
Harry Singleton
John 'Pest Buster' Miller
Jeff 'Rocky'  Skilling
Jim Dent
Fred 'Beek' Haulenbeek
Woody Berry
Dave 'Wingo'  Wengierski
Art Kretz
Tom 'QB' Hutchison
Craig 'CDi' Diesenroth
Paul  'PP' Porter
Mark Paul
Tom Benson
Mark Hillstrom
John  Grumbles
 - DrunkenBetas.jpg
 - DrunkenBetas.jpg


Today is bad. Tommorrow I will call you.


------------------------------------------------------------------------------
------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

May 18, 2001 5:00pm through May 21, 2001 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:  No Scheduled Outages.

FIELD SERVICES:  No Scheduled Outages.

INTERNET:
Impact:  Internet
Time:  Fri 5/18/2001 at  10:30:00 PM CT thru Fri 5/18/2001 at  11:30:00 PM CT
 Fri 5/18/2001 at    8:30:00 PM PT thru Fri 5/18/2001 at    9:30:00 PM PT
 Sat 5/19/2001 at  4:30:00 AM London thru Sat 5/19/2001 at  5:30:00 AM London
Outage:  Upgrade IOS on ENEFW4
Environments Impacted:  Internet
Purpose: The new code has bug fixes and stateful failover feature.
Backout: Revert back to old IOS.
Contact(s):  John Shupak          713-853-7943
  Bryan Aubuchon    713-345-8446

MESSAGING:
Impact:  Corp Notes
Time:  Fri 5/18/2001 at  9:00:00 PM CT thru Sat 5/19/2001 at  1:00:00 AM CT
 Fri 5/18/2001 at  7:00:00 PM PT thru Fri 5/18/2001 at  11:00:00 PM PT
 Sat 5/19/2001 at  3:00:00 AM London thru Sat 5/19/2001 at  7:00:00 AM London
Outage:  cNotes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s):  Trey Rhodes  (713) 345-7792

Impact:  EI
Time:  Fri 5/18/2001 at  9:00:00 PM CT thru Sat 5/19/2001 at  1:00:00 AM CT
 Fri 5/18/2001 at  7:00:00 PM PT thru Fri 5/18/2001 at  11:00:00 PM PT
 Sat 5/19/2001 at  3:00:00 AM London thru Sat 5/19/2001 at  7:00:00 AM London
Outage:  EI Notes Server Maintenance
Environments Impacted:  EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s):  David Ricafrente    713-646-7741

MARKET DATA:
Impact:  CORP
Time:  Wed 5/16/2001 at  4:45:00 PM CT thru Wed 5/23/2001 at  4:45:00 PM CT
 Wed 5/16/2001 at  2:45:00 PM PT thru Wed 5/23/2001 at  2:45:00 PM PT
 Wed 5/16/2001 at  10:45:00 PM London thru Wed 5/23/2001 at  10:45:00 PM
London
Outage:  Market Data Cable Management EB3460
Environments Impacted:  All Trading Groups
Purpose: Improve computer room environment.  Perform cable management in
order to comply with computer room standards.
Backout: N/A
Contact(s):  John Sieckman    713-345-7862

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:
Impact:  Corp, OTS, ETS
DATE:  MAY 29, 2001/2/2001 at  5:30:00 PM
Outage:  Migrate DSS Server to GTHOU-APPSQ03P
Environments Impacted:  DSS users will not be able to access the old server
(ENEDS01_ADAPT)after this date
Purpose: The existing server is outdated, migrating to SQL 2000 provides
increased
functionality and conforms to database platform requirements.
Backout:
Contact(s):  Mary Vollmer          713-853-3381
  Joe Hellsten           713-853-7346      713-545-4164

Impact:  CORP
Time:  Sat 5/19/2001 at  10:00:00 AM CT thru Sat 5/19/2001 at  4:00:00 PM CT
 Sat 5/19/2001 at    8:00:00 AM PT thru Sat 5/19/2001 at  2:00:00 PM PT
 Sat 5/19/2001 at  4:00:00 PM London thru Sat 5/19/2001 at  10:00:00 PM London
Outage:  Moving Production Database TDSPROD
Environments Impacted:  ENA
Purpose: This database is being moved to give the space it is currently using
to the Enpower database on that server.  The new server Refraction will also
allow TDSPROD to expand as well.
Backout: The old instance will be restarted and the TNSNAMES.ORA entry will
be changed to point at the old instance.
Contact(s):  John Jahnke    713-345-4398

Impact:  CORP
Time:  Sat 5/19/2001 at  9:00:00 PM CT thru Sun 5/20/2001 at  12:00:00 AM CT
 Sat 5/19/2001 at  7:00:00 PM PT thru Sat 5/19/2001 at   10:00:00 PM PT
 Sun 5/20/2001 at  3:00:00 AM London thru Sun 5/20/2001 at  6:00:00 AM London
Outage:  Resource addition for server moe.
Environments Impacted:  Sitara, PEP, Global
Purpose: Server is memory and cpu constrained.
Backout: Shutdown the server and revert to old configuration.
Contact(s):  Malcolm Wells    713-345-3716

SITARA:   Also see above
Impact:  CORP
Time:  Sat 5/19/2001 at   2:00:00 PM CT thru Sun 5/20/2001 at  12:00:00 AM CT
 Sat 5/19/2001 at 12:00:00 PM PT thru Sat 5/19/2001 at   10:00:00 PM PT
 Sat 5/19/2001 at  8:00:00 PM London thru Sun 5/20/2001 at  6:00:00 AM London
Outage:  Resource additionto Sitara server aurora.
Environments Impacted:  Sitara production
Purpose: Add needed cpu and memory.
Backout: Remove the newly added resources and restart under the old config.
Contact(s):  Malcolm Wells    713-345-3716

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:
Impact:  CORP
Time:  Fri 5/18/2001 at  3:00:00 PM thru Sun 5/20/2001 at  11:45:00 PM
Outage:  Unify Power Production Server Maintenance
Environments Impacted:  Unify Users
Purpose: Infrastructure required maintenance
Backout:
Contact(s):  Brian Ripley          713-345-4709
  Charles Ballmer    713-853-0684
  Bob Ward              713-345-4409

SCHEDULED SYSTEM OUTAGES: Australia
Impact:  CORP
Time:  Sat 19-May-2001 at  10:00:00 AM Sydney thru Sat 19-May-2001 at 3:00:00
PM Sydney
 Sat 19-May-2001 at  1:00:00 AM GMT (London) thru Sat 19-May-2001 at  6:00:00
AM GMT (London)
 Fri 5/19/2001 at  7:00:00 PM CT (Houston) thru Sun 5/20/2001 at  12:00:00 AM
CT (Houston)
 Fri 5/19/2001 at 5:00:00 PM PT (Portland)  thru Sat 5/19/2001 at  10:00:00
PM PT (Portland)
Outage: Sydney UPS Test & Service
Environments Impacted:  Corp Sydney - all systems
Purpose: Original UPS needs testing & service. Will require Server Room to be
de-powered to allow maintenance.
Backout: Plug equipment into unconditioned power.
Contact(s):  Colin Wood    +61-416-248-353
  Elliott Katz +61-292-292-309

------------------------------------------------------------------------------
-------------------------------------------------------
        FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management   (713) 853-5536
SAP/ISC
        (713) 345-4727
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
EES Help Desk     (713)853-9797 OR (888)853-9797


Rob, we are planning to file the following protest of HQ's behaviour in the
NE power markets through their market based rates case with the FERC, do you
have any issues with this approach?

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/20/2000
07:33 PM ---------------------------

	From:  Christi L Nicolay                           11/20/2000 01:45 PM

To: David W Delainey/HOU/ECT@ECT
cc: James D Steffes/NA/Enron@Enron
Subject: HQ files to continue market based rates

Dave -- Kevin has asked that we do a full-blown protest of HQ's continuation
of market based rates due to market manipulating behavior that Tom May has
seen.  Due 11/30.  Let us know if we should not proceed with the OASIS
review, etc. and drafting of protest.  Thanks.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 11/20/2000
12:24 PM ---------------------------

"Nancy Pickover" <npickover@bracepatt.com> on 11/20/2000 12:30:27 PM
To: <Christi.L.Nicolay@enron.com>, <donna.fulton@enron.com>,
<marcie.milner@enron.com>, <mary.hain@enron.com>, <snovose@enron.com>
cc:

Subject: Orders/Notices

Please see attached.  H.Q. Energy has filed its market power study.
Interventions/protests are due on Nov. 30.

 - ER97-851.1


---------------------- Forwarded by Kay Mann/Corp/Enron on 11/29/2000 08:52
AM ---------------------------
From: Sheila Tweed@ECT on 11/28/2000 09:36 PM
To: Ed B Hearn III/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT, Barton
Clark/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Matt Maxwell/Corp/Enron@ENRON
cc: Suzanne Adams/HOU/ECT@ECT

Subject: Re: A&K

No staff meeting tomorrow.  We are hostages.


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 05/30/2000
01:00 PM ---------------------------

Angela Barnett
05/30/2000 05:48 AM
To: lsharis@msn.com, Regina Blackshear/Corp/Enron@ENRON, Sandra R
McNichols/HOU/ECT@ECT, Pamela Mitchell/HOU/ECT@ECT, Deborah
Darnell/Corp/Enron@ENRON, Judy Hernandez/HOU/ECT@ECT, Kcurley@tmh.tmc.edu
cc:
Subject: Fwd: Life...

---------------------- Forwarded by Angela Barnett/HOU/ECT on 05/30/2000
05:48 AM ---------------------------

Topey0661@aol.com on 05/27/2000 12:39:35 PM
To: Angela.Barnett@enron.com, Thundhor@aol.com, ObiWon86@aol.com,
Positive777@hotmail.com, JHodge4610@aol.com, TBOY0909@aol.com,
vmeredith@ev1.net, Olirae@aol.com, Ahrobertsxxx@email.msn.com,
joedonna@flash.net, mgr280cr@hal-pc.org, knvjmvgnv@yahoo.com
cc:
Subject: Fwd: Life...

Hi guys: I thought you may enjoy this beautiful letter!
Love,
Olga

Return-Path: <kittenkid_65@yahoo.com>
Received: from  rly-zd02.mx.aol.com (rly-zd02.mail.aol.com [172.31.33.226])
by air-zd03.mail.aol.com (v73.12) with ESMTP; Sat, 27 May 2000 00:59:09 -0400
Received: from  web704.mail.yahoo.com (web704.mail.yahoo.com [128.11.23.24])
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Received: from [216.88.91.29] by web704.mail.yahoo.com; Fri, 26 May 2000
21:58:24 PDT
Date: Fri, 26 May 2000 21:58:24 -0700 (PDT)
From: Mary Westbrook <kittenkid_65@yahoo.com>
Subject: Life...
To: mary@proclaimamerica.com
MIME-Version: 1.0
Content-Type: text/plain; charset=us-ascii
X-Mailer: Unknown

Something to think about....

> >>Maybe God wants us to meet a few wrong people
before meeting the right one so that when we finally
meet the right person, we will know how to be grateful
for that gift.
> >>
> >>When the door of happiness closes, another opens,
but often times we look so long at the closed door
that we don't see the one which has been opened for
us.
> >>
> >>The best kind of friend is the kind you can sit on
a porch and swing with,never say a word, and then walk
away feeling like it was the best conversation you've
ever had.
> >>
> >>It's true that we don't know what we've got until
we lose it, but it's also true that we don't know what
we've been missing until it arrives.
> >>
> >>Giving someone all your love is never an assurance
that they'll love you back!  Don't expect love in
return; just wait for it to grow in their heart but if
it doesn't, be content it grew in yours.
> >>
> >>It takes only a minute to get a crush on someone,
an hour to like someone,and a day to love someone, but
it takes a lifetime to forget someone.
> >>
> >>Don't go for looks; they can deceive.  Don't go
for wealth; even that fades away.Go for someone who
makes you smile because it takes only a smile to make
a dark day seem bright.  Find the one that makes your
heart smile.
> >>
> >>There are moments in life when you miss someone so
much that you just want to pick them from your dreams
and hug them for real!
> >>
> >>Dream what you want to dream; go where you want to
go; be what you want to be,because you have only one
life and one chance to do all the things you want to
do.
> >>
> >>May you have enough happiness to make you sweet,
enough trials to make you strong, enough sorrow to
keep you human, enough hope to make you  happy.
> >>
> >>Always put yourself in others' shoes.  If you feel
that it hurts you, it probably hurts the other person,
too.
> >>
> >>The happiest of people don't necessarily have the
best of everything; they just make the most of
everything that comes along their way.
> >>
> >>Happiness lies for those who cry, those who hurt,
those who have searched,and those who have tried, for
only they can appreciate the importance of people who
have touched their lives.
> >>
> >>Love begins with a smile, grows with a kiss and
ends with a tear.

The brightest future will always be based on a
forgotten past, you can't go on well in life until you
let go of your past failures and heartaches.
> >>
> >>When you were born, you were crying and everyone
around you was smiling. Live your life so that when
you die, you're the one who is smiling and everyone
around you is crying.
> >>
> >>
> >>
> >>Please send this message to those people who mean
something to you, to those who have touched your life
in one way or another, to those who make you smile
when you really need it, to those that make you see
the
brighter side of things when you are really down, to
those who you want to let them know that you
appreciate their friendship.  And if you don't, don't
worry, nothing bad will happen to you, you will just
miss out on the opportunity to  brighten someone's day
with this message........

__________________________________________________
Do You Yahoo!?
Kick off your party with Yahoo! Invites.
http://invites.yahoo.com/


Andy, if we have time later on Friday, maybe drop by to say Happy Bday to
Paoning?  Amy  : )

>From: "Paoning Huang" <paoning@hotmail.com>
>To: Ron_He@Dell.com, ayueh@hotmail.com, Angelia_Guinara@hchd.tmc.edu,
>thx_135@hotmail.com
>Subject: Party!!!
>Date: Thu, 18 Oct 2001 03:14:54 +0000
>
>hey boys and girls,
>
>Judy and I are going to celebrate our b-days by getting our asses
>wasted Friday nite.  Please come join!!!
>
>pao
>
>
>

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


---------------------- Forwarded by Mark V Walker/EWC/Enron on 04/22/2002
05:16 PM ---------------------------

Garth Ripton
04/22/2002 07:09 AM
To: Paul Landers/EWC/Enron@Enron
cc: Mark V Walker/EWC/Enron@ENRON, Kevin Cousineau/EWC/Enron@ENRON

Subject: Repair/Maintenance counter behavior

Hi Paul,

Sorry I didn,t get back to you after you called on Friday. I went over the
Bachmann code over the weekend (and, today, confirmed the timer behavior with
Gert). If the turbine is in "maintenance" for any reason such as the physical
maintenance switch is on or any manual mode is active due to:

1. Hydraulic service switch on (status 47)
2. Rotor lock engaged (status 108)
3. Generator fan service switch on (status 148)
4. Axle box maintenance switch on- battery power disconnected from pitch
motors (status 164)
5. Hub control box switch is in manual position (status 165)
6. Release brake button in the top-box is activated (status 171)
7. Manual pitch setting is active (status 185)
8. Manual generator speed setting is commanded (status 186)
9. Manual torque setting is commanded (status 187)
10. Manual disconnection from the power grid (status 188)
11. Manual yaw operation is commanded (status 189)
12. Manual generator fan operation is commanded (status 191)

then the maintenance timer will increment. If the manual repair switch is set
while the maintenance mode is active then the repair timer will increment
(and the maintenance timer will stop incrementing). This should answer Mark
Walkers concern that the maintenance/repair switch will always take
precedence over any manual mode command.

Also note that there should be a correction to the list that Erik was
publishing for which timers are incremented during various fault conditions.
Fault 165 increments "maintenance time" not "system OK" time.


Attached for your review is a draft of the Acknowledgment Agreement.

 - MACLEOD-.doc


No need to apologize for keeping me out Wednesday night, it was probably more
a case of me keeping myself out (I have been known to do that on occasion).
I'm sorry I didn't return your call yesterday, but I had a pretty crazy day
here and that mixed with me only running on about two cylinders effectively
cut me off from the outside world.  As for being upset about anything, don't
worry I'm not.  You know me well enough to know that my actions are my own.
I'm not sure if I'm going to stay in Austin Saturday night or not, but in
case I do my cell # is 281-844-0866.

Susan

I'll see you at Purvi's happy hour if you end up going.


Commencing with an NHK (Japanese public TV) report and quickly spreading to
media inquiries and wire reports, earlier today a story spread through Japan
that the Enron affiliate E Power has immediate plans to build at least one
large (1000 MW) power plant.   In fact,  appears that E Power has been
pursuing this prospect, but nothing has progressed to high level management
or board approval

We are in the process of providing interviews and responding to inquiries
from major Japanese media and others.  These inquiries have been in
anticipation of the March 21 partial liberalization of the Japanese power
sector.  These discussions also are being utilized to confirm that Enron will
be opening a merchant office in Japan.  This is in addition to the EnCom/E
Power affiliate, which is focused on industrial power generation.  Attached
are the Q&As we are using in response to media inquiries.


fyi
----- Forwarded by Shari Stack/HOU/ECT on 05/30/2000 06:41 PM -----

	Rogelio L?pez Velarde <rlopezv@lvha.com.mx>
	05/30/2000 07:20 PM
	Please respond to Rogelio L?pez Velarde

		 To: Peggy Banczak/HOU/ECT@ECT
		 cc: "Sean McCoy" <Sean.McCoy@lvha.com.mx>, Shari Stack/HOU/ECT@ECT, "Jaime
Williams" <Jaime.Williams@enron.com>
		 Subject: Financial Trading Co.

See attachment.

The information contained herein may be confidential and/or privileged. This
information is intended to be reviewed only by the individual or the entity
to which is addressed. If the reader of this e-mail message is not the
intended recipient or a representative of the intended recipient you are
hereby notified that any review, dissemination or copying of this e-mail
message or the information contained herein is prohibited. If you have
received this e-mail message in error, please immediately notify the sender
and return this communication to the sender.
 - att1.htm
 - Memo new language.doc


Attached is my cut at a closing checklist with timetables for distributing
documents.  Please review and edit it appropriately.  In particular, please
ensure that everything is addressed, including any additional items required
under the Letter Agreement.  In general, there are two deadlines -- Friday
for the form of Escrow Agreement (base it on the prior version, form of
Guaranty (although the Buyer may want their own unique terms, we can at least
present them with a form to expedite this process and ensure that our issues
are properly addressed), and forms of promissory note (although the Buyer
will want their own unique terms, we can at least present them with a form to
expedite this process) so that once one Buyer is indentified then we can
distribute those documents to them on Monday morning.  Then the other
documents necessary for the transaction such as the transmittal letters and
forms of membership certificates so that we can distribute those on Tuesday.
The targeted execution dates that I have are Friday for the Letter Agreement
and next Monday for the Closing.  Thanks and please call me with any
questions.