======================================================
        VENTUREWIRE --- Monday, August 28, 2000
======================================================
           Private Company Business News
------ Published Daily by Technologic Partners -------
           http://technologicpartners.com
======================================================

Top Stories:

o OneLiberty Raises New $200 Million Fund, Makes Investment
o Asera Gets $115 Million in Series C Funding
o Campsix to Incubate Firm Generated by Idea From Dow Chemical
o eVoice Hires Former Net2Phone President Fram As New CEO
o MobileQ Appoints Prodigy COO and WAP Chair to Board
o Wireless Tech Firm Isochron Data Gets $12 Million Round One

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Also in This Issue:

     New Money:
o Telecom App Firm Synamics Closes $12 Million First Round
o $6.7 Million Round One for B2B Application Provider Ardesic
o Globalization Firm Welocalize Gets $6 Million First Round
o Instructional Site ShowMeTV Gets $2.8 Million in Seed Round
o ASP AristaSoft Raises $68 Million Third Round
o Education Site LearnSomething.com Secures First Round Funds
o AppStream Raises $26 Million in Second Round of Funding
o eBook-Keeper.com Raises $100,000 in Seed Funds, Appoints CEO
o SANcastle Technologies Completes $20 Million Round Two
o Consulting Service Nexgenix Raises $15 Million Second Round
o Promotions Firm ccRewards.com Raises $5.5 Million Series B
o Automated Power Exchange Raises $33.6 Million in Series C
o BevAccess.com Secures Funding From Kensington Value Fund

     New Products:
o AnswerFriend Lauches Natural Language Search Engine
o Fundraising Portal EFundDrive.com Announces Launch

     M&A:
o Wireless MD to Buy Assets of RxSheets.com for $6.5 Million

     New Directors:
o VARStreet.com Names Sun Microsystems VP to Board
o Former IBM Exec Joins Castlebridge Technology's Board
o Realtech Systems Elects New Chairman of the Board

     New People:
o Wireless Firm Outercurve Technologies Names New CEO
o B2B E-Marketplace ForestExpress Appoints New CEO
o Comm Service Firm CentreCom Names PSINet Exec. as President
o Entertainment Site DiscJockey.com Names New President, COO
o Technology Commercialization Firm East3 Appoints President

     VW Corrections:
o Ivus

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======= Top Stories =======

o OneLiberty Raises New $200 Million Fund, Makes Investment

CAMBRIDGE, Mass. -- OneLiberty Ventures said it
raised a new $200 million fund, OneLiberty Ventures
2000, and that it made a first-round investment
in Infiniswitch, a "stealth mode" company that will
serve the storage and server market. OneLiberty
was joined by NewcoGen Group in the round.  Other
details of the investment were not released. OneLiberty
Ventures 2000 will focus three quarters of its assets
on early-state IT companies and the rest on medical
technology firms. Investments will range from $1
million to $8 million.
http://www.oneliberty.com/
_____________________________________________

o Asera Gets $115 Million in Series C Funding

BELMONT, Calif. -- Asera, a company providing services
that enable businesses to automate the marketing,
sale, and distribution of products,  said it secured
$115 million in Series C financing. The investors
include Amerindo Investment Advisors, Bowman Capital,
BP Amoco, Capital Research and Management, AC Ventures,
Cisco Systems, Eastman Chemical, Kleiner Perkins
Caufield & Byers, KTB Network, Laurinvest, Morgan
Stanley Dean Witter, Nortel Networks, SAP Ventures,
Siemens AG, and TIBCO Software. Bowman Capital led
the round. Bowman, which also led the firm's B round,
and Kleiner Perkins are return investors in the
firm. The company has also received backing in the
past from Crescendo Venture Management, GE Capital
Equity Investments, Hambrecht & Quist, Intel, Itochu,
Presidio/Sumitomo, and Integral Capital Partners.
Among other things, the company will use the funds
for international expansion and for product development.
Asera's product, delivered as a managed service
or on a pay-as-you-use basis, aims to help improve
channel effectiveness, sales volume, and customer
loyalty.
http://www.asera.com/
_____________________________________________

o Campsix to Incubate Firm Generated by Idea From Dow Chemical

SAN FRANCISCO -- Campsix, an Internet incubator,
said it will incubate a new Internet business company
based on an idea internally generated at Dow Chemical
 More details about the company, including its name
and purpose, will be revealed when it launches this
fall. Andersen Consulting will provide the new company
with technology and e-commerce services. Campsix
and Dow Chemical have provided the new venture with
an undisclosed amount of funding.
http://www.campsix.com/
_____________________________________________

o eVoice Hires Former Net2Phone President Fram As New CEO

MENLO PARK, Calif. -- eVoice, which provides a free
voicemail service, said it appointed Jonathan Fram
as its first CEO. Mr. Fram, who is relocating from
New Jersey to Silicon Valley, is former president
of Net2Phone. In January, eVoice received a $38
million round of funding from idealab!, Worldview
Technology Partners, Nokia Ventures, and Oak Investment
Partners.
http://www.evoice.com/
_____________________________________________

o MobileQ Appoints Prodigy COO and WAP Chair to Board

NEW YORK -- MobileQ, a developer of server software
for mobilizing business applications, said it appointed
Gregory G. Williams, executive vice president and
chief operating officer of Prodigy Communications,
to its board of directors. Mr. Williams is chairman
of the Wireless Application Protocol Forum board
of directors. Previous investors for MobileQ include
Samsung Venture, Pequot Capital Management, Clarity
Capital, and Bell Mobility.
http://www.mobileq.com/
_____________________________________________

o Wireless Tech Firm Isochron Data Gets $12 Million Round One

AUSTIN, Texas -- Isochron Data, a provider of application
services using wireless technology, said it closed
its first round of funding at $12 million. The investment
was led by TL Ventures, and included WR Hambrecht
+ Co, SAP Ventures, Arkoma Venture Partners, Sanchez
Capital Partners, Convergent Investors, and previous
investor Sagebrook Technology Partners.  The company
said it will use the funds to expand sales, marketing,
and product development. In addition to the investment,
Stan Tims of TL Ventures and Alan Katz of WR Hambrecht
+ Co will join Isochron's board of directors.
http://www.isochron.com/

======= New Money =======

o Telecom App Firm Synamics Closes $12 Million First Round

RICHMOND HILL, Ontario -- Synamics, a provider of
telecommunications services software, said it completed
its first round of financing, with $12 million from
VenGrowth and Arch Venture Partners. The funding
will be used for new products and opening a new
U.S. office.
http://www.synamics.com/
_____________________________________________

o $6.7 Million Round One for B2B Application Provider Ardesic

WATERLOO, Ontario -- Ardesic, a provider of  suite
of applications for business-to-business exchanges,
said it secured $6.7 million in a first round of
financing led by Celtic House International and
TL Ventures. Working Ventures Canadian Fund and
Waterloo Ventures also contributed to the funding.
Andrew Waitman, president and chief executive of
Celtic House International, and Mark DeNino, managing
director of TL Ventures, joined the company's board
of directors.
http://www.ardesic.com/
_____________________________________________

o Globalization Firm Welocalize Gets $6 Million FirstRound

FREDERICK, Mass. -- Welocalize.com, an e-commerce
and software globalization services firm, said it
has secured $6 million in its first round of funding
from LLR Equity Partners. The investment will go
to hire personnel, continue development, and expand
its worldwide operational infrastructure. As a result
of the round, Seth J. Lehr of LLR Equity Partners,
will join Welocalize.com's board of directors.
http://www.welocalize.com/
_____________________________________________

o Instructional Site ShowMeTV Gets $2.8 Million in Seed Round

SAN FRANCISCO -- ShowMeTV, an Internet startup focused
on instructional programming, said it has completed
a $2.8 million seed financing round from a group
of investors led by Itochu of Japan. Other investors
include Singapore-based Transpac Capital, Opuss88,
a Silicon Valley-based fund, and individual investors.
This initial funding will be used for staffing,
product development, and content acquisition. Swan
Chen, the senior vice president of Transpac, and
Philip Hu, one of the founding members of Opuss88,
will have seats on the company's board of directors.
ShowMeTV.com recently launched its alpha Web site
and plans to launch an enhanced beta version of
the site in October.
http://www.showmetv.com/
_____________________________________________

o ASP AristaSoft Raises $68 Million Third Round

MOUNTAIN VIEW, Calif. -- Aristasoft, a company that
offers ASP services to emerging companies that focus
on networking and computer devices, said it raised
$68 million in its third round of funding. Azure
Capital led the round, which included funding from
Crosspoint Ventures, Warbug Pincus, CE Unterberg
Towbin, Palomar Ventures, Castle Rock, and other
undisclosed venture capital firms. The company will
use this round to expand its technology and marketing
efforts and to hire more employees. Aristasoft has
raised $103 million in funding to date.
http://www.aristasoft.com/
_____________________________________________

o Education Site LearnSomething.com Secures First Round Funds

TALLAHASSEE, Fla. -- LearnSomething.com, an interactive
online education site, said it has secured an undisclosed
amount of first round funding led by Noro-Moseley
Partners. The round also included individual investors.
The company said the funds will be used to expand
its sales and marketing capabilities and to accelerate
product development. LearningSomething.com is a
distance learning service provider specializing
in helping associations develop multimedia, Internet-based
education for their members.
http://www.learningsomething.com/
_____________________________________________

o AppStream Raises $26 Million in Second Round of Funding

PALO ALTO, Calif. -- AppStream, which provides ASPs
with software streaming technology, said it secured
$26 million in second round financing from JK&B
Capital, Goldman Sachs, and Evergreen Management.
The round also included strategic investments from
Computer Associates and Mitsubishi. Previous investor
Draper Fisher Jurvetson also participated in the
round. Marc Sokol, executive member of JK&B Capital,
will join AppStream's Board of Directors.
http://www.appstream.com/
_____________________________________________

o eBook-Keeper.com Raises $100,000 in Seed Funds, Appoints CEO

AUSTIN, Texas -- eBook-Keeper.com, a provider of
low-cost bookkeeping and records storage services
for independent contractors and small businesses
nationwide, said it raised $100,000 in seed capital
funding from an undisclosed private investor. Along
with the funding, the company appointed Patrick
Roney, co-founder of eBook-Keeper.com, as CEO of
the company. The company also said it has partnered
with Journyx to provide timesheets to clients and
has formed an alliance with Business Success Center,
a networking organization and business development
center, for its bookkeeping services. EBook-Keeper.com
said it will launch its Web site on September 1.
http://www.ebookkeeper.com/
_____________________________________________

o SANcastle Technologies Completes $20 Million Round Two

SAN JOSE, Calif. -- SANcastle Technologies, a Silicon
Valley-based manufacturer of network switching equipment,
said it completed a $20 million second round of
funding. The round was led by CIBC Oppenheimer's
Genesis Partners and the Concord Venture Partner
Group, with participation from JP Morgan Investments.
The financing will go towards product development,
sales, and marketing.
http://www.sancastle.com/
_____________________________________________

o Consulting Service Nexgenix Raises $15 Million Second Round

IRVINE, Calif. -- Nexgenix, which provides consulting
services for online businesses, said it raised $15
million in its second round of funding. Meritech
Capital Partners and Gemini Investors led the round
of funding. The company said the funds will be used
to  sustain and propel its growth in building upon
its existing customer relationships and for marketing
purposes. Previous investors in the Nexgenix include
Redpoint Ventures and Gemini Investors. The company
has raised a total of approximately $35 million
in funds.
http://www.nexgenix.com/
_____________________________________________

o Promotions Firm ccRewards.com Raises $5.5 Million Series B

LOS ALTOS, Calif. -- ccRewards.com, which provides
targeted promotional services to online merchants,
said it has raised $5.5 million in its Series B
round of funding led by Deep River Ventures. The
round also included individual Silicon Valley investors.
ccRewards.com, which takes a transaction fee from
sales made through its promotions, raised its first
round from TransCosmos and individual investors.
Six anonymous investors will join the company's
board of directors as a result of this investment.
http://www.ccrewards.com/
_____________________________________________

o Automated Power ExchangeRaises $33.6 Million in Series C

Woodside, Calif. -- Automated Power Exchange, which
provides support services for power system transactions,
said it received $33.6 million in its Series C round
of funding. Investors participating in the round
include Woodside Fund, Tokyo Electric Power, Itochu,
Ontario Hydro, Bechtel, Kinetic Ventures, Onset
Ventures, and Technology Partners. The financing
will be used for expansion.
http://www.apx.com/
_____________________________________________

o BevAccess.com Secures Funding From Kensington Value Fund

NEW YORK -- BevAccess.com, a business-to-business
online exchange for the global alcoholic beverage
industry, said it received an investment for an
undisclosed amount from Kensington Value Fund. The
company will use the funds for expansion and company
growth. Investors for BevAccess.com include Vantage
Point Venture Partners and CardServiceInternational.
http://www.bevaccess.com/

======= New Products =======

o AnswerFriend Lauches Natural Language Search Engine

LOS ANGELES -- AnswerFriend.com, a search engine
that uses plain language, said it has launched following
an investment from AC Ventures. The amount of the
investment was not disclosed, however the company
said it is in its first round of funding and has
raised $7.6 million to date. AnswerFriend.com's
natural language software is designed to enable
computers to understand the exact meaning of questions
posed in everyday language and answer them through
a information retreival system containing text,
numbers, or a mixture of both.
http://www.answerfriend.com/
_____________________________________________

o Fundraising Portal EFundDrive.com Announces Launch

PHILADELPHIA -- EFundDrive.com, an ASP/vertical
portal for organizations doing fundraising, said
it launched. The company offers information, short-term
and year-round fundraising systems, custom fundraising
Web sites, and a real-time Internet product fund
drive system. The company was founded in February
2000 and is in the process of raising its first
round of funding. Seed round funding was raised
from individual investors.
http://www.efunddrive.com/

======= M&A =======

o Wireless MD to Buy Assets of RxSheets.com for $6.5 Million

OAK BROOK, Ill. -- MedCare Technologies, a software
developer of medical data retrieval applications,
said WirelessMD, an online pharmaceutical marketing
service provider, signed a letter of intent to acquire
certain assets of its subsidiary RxSheets.com, a
business-to-business Web site for physicians and
pharmaceutical companies, for $6.5 million. The
company will acquire contracts, relationships, the
interactive Web site and proprietary technology.
Several RxSheets executives will be joining Wireless
MD. Further financial terms were not disclosed.
WirelessMD is backed by Dauphin Capital.
http://www.medcareonline.com/

======= New Directors =======

o VARStreet.com Names Sun Microsystems VP to Board

SAN FRANCISO -- VARStreet.com, a Web-hosted ASP
that provides a four-way market place for the entire
IT sales channel, said it added Joseph Roebuck,
vice president of strategic sales at Sun Microsystems,
to its board of directors. There are now five board
members. Investors for VARStreet.com include Onset
ventures and Gabriel Venture Partners.
http://www.varstreet.com /
_____________________________________________

o Former IBM Exec Joins Castlebridge Technology's Board

BIRMINGHAM, Ala. -- Castlebridge Technologies, a
provider of administration and classroom management
software services for the K-12 grade education market,
said that Lorraine Fenton, former vice president
of information technology for IBM North America,
will join its board of directors. Castlebridge's
investors include Jemison Investment Company and
Southeastern Technology.
http://www.castlebridge.com/
_____________________________________________

o Realtech Systems Elects New Chairman of the Board

NEW YORK -- Realtech Systems, an Internet infrastrucutre
and professional services firm, said it has appointed
Kathleen Perone as chairman of its board of directors.
Ms. Perone is founding partner and managing director
of Acappella Ventures, a venture capital firm focusing
on early-stage telecom and technology infrastructure
companies. Realtech is backed by Weiss, Peck & Grier
Venture Partners, First Analysis, North Atlantic
Partners, Acappella Ventures, and 35 undisclosed
individual investors.
http://www.realtech.com/

======= New People =======

o Wireless Firm Outercurve Technologies Names New CEO

NEW YORK -- Wireless data services provider Outercurve
Technologies has named Arnold Reichman as chief
executive officer. Mr. Reichman was previously the
COO and senior managing partner of Warburg Pincus
Asset Management. Backers for Outercurve technologies
include Research In Motion, MSD Capital, Time Warner
Digital Media, and First Union Bank.
http://www.outercurve.com/
_____________________________________________

o B2B E-Marketplace ForestExpress Appoints New CEO

ATLANTA -- ForestExpress, a global business-to-business
electronic marketplace for the forest product industry,
said it has named Keith Russell as CEO. Mr. Russell
served as interim CEO of ForestExpress for several
months, working also as a vice president and officer
of the Boston Consulting Group. ForestExpress.com,
which will debut in the fourth quarter of the year,
will focus on building materials, printing and writing
papers, recovered fiber and timber. Georgia-Pacific,
International Paper, and Weyerhaeuser Company provided
the startup funds to create the company.
http://www.forrestexpress.com/
_____________________________________________

o Comm Service Firm CentreCom Names PSINet Exec. as President

COSTA MESA, Calif. -- CentreCom, a virtual local
and long distance unified communications telephony
service provider, said it has named Tom Leach, the
president of PSINet, Western Region, as the company's
new president. Mr. Leach will also become a member
of the company's board of directors. Previously,
Mr. Leach was vice president and general manager
of the Southewest Region of Geotek Communications
in Dallas. CentreCom has received venture capital
from Intellect Capital, Cisco Systems, and individual
investors.
http://www.centrecom.com/
_____________________________________________

o Entertainment Site DiscJockey.com Names New President, COO

SALEM, Mass. -- DiscJockey.com, an Internet entertainment
site, said it has appointed Gregory W. Hunt, as
president and COO. Mr. Hunt was involved with Global
Medical Technologies. Mr. Hunt will replace founder
Richard W. Chadwick, who is now executive vice president
of research and development. DiscJockey.com also
announced it has appointed Jeffrey Averick to the
company's board of directors. Mr. Averick, who is
also an investor in the company, was most recently
vice president of data quality products for Prism
Solutions, which was acquired by Ardent Software,
and subsequently acquired by Informix. The company's
CEO, John Martino, has resigned his position to
pursue other business opportunities, the company
said. DiscJockey.com is backed by individual investors.
http://www.discjockey.com/
_____________________________________________

o Technology Commercialization Firm East3 Appoints President

RICHMOND, Va. -- East3, a Richmond-based technology
commercialization and development firm, said it
is appointing John G. Berger as the company's president.
Prior to joining East3, Mr. Berger served as vice
president and client executive practice leader for
March USA's Virginia's operation, a subsidiary of
Marsh McLennan. In his new role, Mr. Berger will
succeed former CEO Ron Cornelison, who recently
resigned. Monument Capital Limited Partners has
invested roughly $1 million in East3, which has
to date raised $3.5 million from the venture capital
firm and other individual investors.
http://www.east3.com/

======= VW Corrections =======

o Ivus

NEW YORK -- A story in yesterday's VentureWire incorrectly
stated that Larry Schear has been named Ivus's president
and CEO. Mr. Schear is Ivus's president and COO.
Suvi Sharma remains the CEO of the company.

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looks good to me
---------------------- Forwarded by Hunter S Shively/HOU/ECT on 07/17/2000
02:23 PM ---------------------------

Jeffrey T Hodge
07/14/2000 03:37 PM
To: Hunter S Shively/HOU/ECT@ECT
cc:
Subject: Re: Force Majeure Consideration

Hunter:

It is ENA's standard language which includes language relating to being able
to overcome commercially, etc.  What my approach would do is override any
different language in any master including GISB.

Jeff

	Hunter S Shively
	07/14/2000 02:43 PM

		 To: Jeffrey T Hodge/HOU/ECT@ECT
		 cc:
		 Subject: Re: Force Majeure Consideration

what are the force majeure terms in the ECT GTC?

Hunter


The Enron Center garage will be opening very soon.

Employees who work for business units that are scheduled to move to the new
building and currently park in the Allen Center or Met garages are being
offered a parking space in the new Enron Center garage.

This is the only offer you will receive during the initial migration to the
new garage. Spaces will be filled on a first come first served basis. The
cost for the new garage will be the same as Allen Center garage which is
currently $165.00 per month, less the company subsidy, leaving a monthly
employee cost of $94.00.

If you choose not to accept this offer at this time, you may add your name to
the Enron Center garage waiting list at a later day and offers will be made
as spaces become available.

The Saturn Ring  that connects the garage and both buildings will not be
opened until summer 2001. All initial parkers will have to use the street
level entrance to Enron Center North until Saturn Ring access is available.
Garage stairways next to the elevator lobbies at each floor may be used as an
exit in the event of elevator trouble.

If you are interested in accepting this offer, please reply via email to
Parking and Transportation as soon as you reach a decision. Following your
email, arrangements will be made for you to turn in your old parking card and
receive a parking transponder along with a new information packet for the new
garage.

The Parking and Transportation desk may be reached via email at Parking and
Transportation/Corp/Enron or 713-853-7060  with any questions.

(You must enter & exit on Clay St. the first two weeks, also pedestrians,
will have to use the garage stairwell located on the corner of Bell & Smith.)


USA: Cinergy to buy two power plants from Enron.
Reuters English News Service, 12/12/00

Cinergy Agrees to Acquire Two Merchant Generating Plants From Enron
Business Wire, 12/12/00

Cinergy Corp. Affiliate Buys Two Enron Generating Plants
Dow Jones News Service, 12/12/00

Media1st.com Launches Media-Driven Interactive Distance Learning Initiative
To Manage Explosive Demand
Business Wire, 12/12/00

USA: Cinergy to buy two power plants from Enron.

12/12/2000
Reuters English News Service
(C) Reuters Limited 2000.

NEW YORK, Dec 12 (Reuters) - Cinergy Corp. said Tuesday its non-regulated
unit, Cinergy Capital & Trading Inc., would purchase two natural gas-fired
power plants from Enron Corp. .
Financial terms of the deal were not disclosed.
The two Enron units, the 494-megawatt (MW) Brownsville generating facility in
Tennessee and the 504-MW Caledonia plant in Mississippi, would increase
Cinergy's generation portfolio owned, operated, or under construction, to
about 21,000 MW, Cinergy said in a statement Tuesday.
The Brownsville facility has four natural gas-fired combustion turbines,
while the Caledonia facility has six.
Both stations began operation in June 1999. They are located in the
Southeastern Electric Reliability Council (SERC) and are interconnected to
the Tennessee Valley Authority's transmission system, the statement said.
The acquisition is subject to approval from the Federal Energy Regulatory
Commission (FERC), as well as other regulators, and is expected to be
completed by the spring of 2001, Cinergy said.
Cinergy Capital & Trading is an energy marketing and project development
affiliate of Cincinnati, Ohio-based Cinergy Corp. Cinergy's largest operating
companies, Cincinnati Gas and Electric Co. and PSI Energy Inc. provide
electricity to more than 1.4 million customers in Indiana, Ohio and Kentucky.

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

Cinergy Agrees to Acquire Two Merchant Generating Plants From Enron

12/12/2000
Business Wire
(Copyright (c) 2000, Business Wire)

CINCINNATI--(BUSINESS WIRE)--Dec. 12, 2000--Cinergy Corp. (NYSE:CIN) today
announced that Cinergy Capital & Trading, Inc. (CCT), a non-regulated
affiliate of Cinergy Corp, and Enron North America have signed a definitive
agreement under which CCT will purchase two natural gas-fired merchant
electric generating facilities located in the southeastern United States.
The transaction is anticipated to be accretive to Cinergy's earnings in 2001.
Financial terms were not disclosed. Also, the transaction will increase
Cinergy's generation portfolio to about 21,000 megawatts (net owned, operated
or under development) with the non-regulated portion being approximately
15,000 megawatts.
"This acquisition in combination with our recently deregulated Ohio
generation and the peaking capacity added early this year creates for Cinergy
a significant and balanced generation portfolio of baseload and peaking
capacity," said James E. Rogers, president and CEO of Cinergy Corp.
"Importantly, these facilities can serve our large long-term customers in the
Southeast, which is among the fastest growing areas in the country, as well
as our Midwest customers."
The acquisition consists of Enron's 494-megawatt Brownsville generation
facility located in Haywood County, Tennessee and the 504-megawatt Caledonia
generation facility located in Lowndes County, Mississippi. Brownsville has
four natural gas-fired combustion turbines and Caledonia has six. Both
stations entered into service in June 1999. Both facilities are located in
the Southeastern Electric Reliability Council (SERC) region and are
interconnected to the Tennessee Valley Authority's transmission system.
"Cinergy has created a regional leadership position in the Midwest power
market and is focused on strategic opportunities to expand our footprint,"
said Michael J. Cyrus, president of Cinergy Capital & Trading. "With this
transaction we will have added approximately 1,700 megawatts in the eastern
interconnect and increased our non-regulated generating capacity in excess of
30 percent in just over a year. It is indicative of our continued commitment
to the growth and value of a balanced energy merchant business."
The completion of the acquisition is subject to, among other things, receipt
of approval of the Federal Energy Regulatory Commission and expiration of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976. Cinergy currently expects that regulatory approvals would be obtained
and the transaction will close in Spring 2001.
Cinergy Capital & Trading, Inc. is a non-regulated energy marketing and
project development affiliate of Cinergy Corp., one of the nation's leading
diversified energy companies, with a total enterprise value of $8.5 billion
and assets of $10 billion. In addition to its generation portfolio, it also
has 55,000 miles of electric and gas transmission lines in the United States
and abroad and approximately 9,000 employees in nine countries. Its largest
operating companies, The Cincinnati Gas & Electric Company and PSI Energy,
Inc., serve more than 1.4 million electric customers and 478,000 gas
customers in Indiana, Ohio and Kentucky.
Cinergy is active in U.S. power and natural gas markets and maintains a
24-hour-a-day, seven-day-a-week trading operation. The interconnections of
Cinergy's Midwestern transmission assets give it access to 37 percent of the
total U.S. energy consumption. In 1998 the New York Mercantile Exchange
selected Cinergy to be its transmission hub for Midwest electricity futures
trading, which has become the most active hub in the United States.
In addition to its U.S. operations, Cinergy owns and operates power
generation, transmission and distribution assets in the Czech Republic,
Spain, the United Kingdom, Zambia, Kenya, South Africa and Estonia. Cinergy
is also active in European gas and electricity markets.

Statements made in this release that convey the company's or management's
intentions, expectations or predictions of the future are forward-looking
statements. The company's actual results could differ materially from those
projected in the forward-looking statements, and there can be no assurance
that estimates of future results will be achieved. Please refer to the
company's SEC filings for additional information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statements.

CONTACT: Cinergy Corp. News contact: Steve Brash, 513/287-2226 (w)
513/231-6895 (h) Angeline Protogere, 317/838-1338 (w) 317/298-3090 (h)
Investor contact: Steve Schrader, 513/287-1083 Website: www.cinergy.com
11:13 EST DECEMBER 12, 2000

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

Cinergy Corp. Affiliate Buys Two Enron Generating Plants

12/12/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

CINCINNATI -(Dow Jones)- Cinergy Corp.'s (CIN) Capital & Trading Inc.
affiliate signed a definitive agreement to purchase two natural gas-fired
merchant electric generating facilities from Enron North America, a unit of
Enron Corp. (ENE).
Financial terms were not disclosed.
In a press release Tuesday, Cinergy said it anticipates that the transaction
will add to earning in 2001.
A First Call/Thomson Financial survey of 14 analysts produced a mean earnings
estimate for 2001 of $2.64 a share.
In 1999, Cinergy earned $2.53 a diluted share on a gain.
The acquisition consists of Enron's 494-megawatt Brownsville generation
facility in Haywood County, Tennessee, with four natural gas-fired combustion
turnbines, and the 504-megawatt Caledonia generation facility in Lowndes
County, Mississippi, with six turbines.
Both stations, which entered into service in June 1999, are in the
Southeastern Electric Reliability Council region and are interconnected to
the Tennessee Valley Authority's transmission system.
The acquisition is subject to approval by the Federal Energy Regulatory
Commission and expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act, among other things.
Cinergy expects to close the transaction in the spring of 2001.
Cinergy's New York Stock Exchange-listed shares recently traded at $32.63, up
44 cents or 1.4%, on composite volume of 159,700 shares. Average daily volume
is 509,838 shares.
-Dorothea Degen; Dow Jones Newswires; 201-938-5400
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Media1st.com Launches Media-Driven Interactive Distance Learning Initiative
To Manage Explosive Demand

12/12/2000
Business Wire
(Copyright (c) 2000, Business Wire)

SAN JOSE, Calif. --(BUSINESS WIRE)--Dec. 12, 2000--Media1st.com(R), a leading
Internet broadcasting and interactive streaming media application service
provider today announced at the Streaming Media West Conference and
Exposition it is expanding its end-to-end interactive distance learning
services suite.
As a result of the burgeoning demand from its existing customer base and
inquiries from the marketplace, Media1st.com has dedicated a substantial
level of its engineering and programming resources to support its interactive
Education Service Provider (iESP[SM]) unit.
"Media1st.com's iESP initiative leverages our existing patent-pending
technologies developed for our current corporate and media customers and
takes it one step further," said Tom Doty, president and CEO of Media1st.com.
"The eLearning marketplace is hungry for the feature-rich interactive
applications we've already developed and accelerates our entry into this
market."
CEeasy.com, a distance learning company that provides online classes to
professionals in insurance, real estate, accounting and law, hired
Media1st.com to bring its solution to market. CEeasy customers access the
company's portal to participate in streaming video course lectures and exams.
The content can be accessed by both broadband and dial-up web learners and
are synchronized with high-resolution visuals, real-time testing modules,
polling and chat features.
"Our focus was to incorporate streaming video with online learning to create
a richer, more fulfilling experience for the professional who is required to
continue his or her education or to provide corporate training," said Bill
Gillespie, president and CEO of CEeasy. "Media1st.com made every phase and
feature of our design possible incorporating pay-per-view and interactive
streaming tools to create an enjoyable web-based learning experience."
According to International Data Corporation the market for educational
services reached $US 625 billion in 2000 or 7% of total GDP. This number
excludes the $US 62.5 billion expenditures by US companies to provide
continuing education to employees.
Media1st.com, through its partnerships with Enron Broadband Services (NYSE:
ENE) and epicRealm, has created a global distribution network with edge
technologies to reach more viewers effectively than ever before possible. In
addition, the company has developed industry-specific interactive distance
learning applications necessary to assist companies and educational
organizations to make an accelerated entry into online training and
education.

About Media1st.com

Media1st.com is an Internet broadcasting company that enables companies to
distribute interactive streaming video to their audiences regardless of
geography. Media1st.com provides the complete infrastructure for production
and delivery of digital media services including live or on-demand
webcasting, online marketing, interactive distance learning, video enabled
email, encoding, hosting and distribution of video content. For more
information, visit www.media1st.com or call 888.652.4417. Visit
www.mail1st.com to sign up for your own free video email account.

About CEeasy

CEeasy provides training and continuing education classes for professionals
in insurance, real estate, accounting and law. Unlike other on-line learning
solutions, CEeasy courses are provided in the form of video. Students can
take the classes they require when they want from anywhere in the world.
CEeasy was created by professionals in law, insurance and real estate. Their
goal is to provide the nation's most convenient and valuable training
solution.

Media1st.com and the Media1st logo are registered trademarks of Media1st.com.
All other company names, products and services are the property of their
respective companies.

CONTACT: Media1st.com Jeff Gardiner, 404/881-9331 jgardiner@media1st.com
13:21 EST DECEMBER 12, 2000

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


Question? I assume "open" means able to trade without collateral.

From: Tana Jones@ECT on 06/07/2000 06:35 PM CDT
To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT,
David Portz/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications
cc:

Subject: EOL / Credit / GCP Responses 6/7/00

----- Forwarded by Tana Jones/HOU/ECT on 06/07/2000 06:35 PM -----

	Tom Moran
	06/07/2000 05:52 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT,
Linda S Bryan/HOU/ECT@ECT, Connie Sutton/HOU/ECT@ECT, Sylvia A
Campos/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON,
Mary G Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts and Facilities,
Enron Europe Global CounterParty, Stephanie Sever/HOU/ECT@ECT
		 cc:
		 Subject: EOL / Credit / GCP Responses 6/7/00

Please find attached Credit's EOL responses for 6/7/00.

Regards
tm


We will be there.  Isn't today your actual birthday?  I think it is.  If so,
HAPPY BIRTHDAY!!!!!

-----Original Message-----
From: Baughman Jr., Don [mailto:Don.Baughman@ENRON.com]
Sent: Monday, November 12, 2001 1:09 PM
To: Bat Oggero (E-mail); Bob Poston (E-mail); David Nobles (E-mail);
Gerald Snapka (E-mail); Jay Purdom (E-mail); Joe Kuehler (E-mail);
Lalena Stavinoha (E-mail); Marc Stewart (E-mail); Mark Doggett (E-mail);
Matt Doggett (E-mail); Mike Newman (E-mail); Patty Polensky (E-mail);
Randy Doggett (E-mail); Reid Stavinoha (E-mail); Richard Hrabal
(E-mail); Robert Pearson (E-mail); Scott Smith (E-mail); Scott Tichavsky
(E-mail); Wayne Herndon (E-mail); Kenneth Schall (E-mail); Laurent,
Dean; Garcia, Miguel L.; Acevedo, Rudy; Stepenovitch, Joe; Lorenz, Matt;
Campbell, Larry F.
Subject: FW: Happy Birthday Don Jr.

> Dear Friends and Family
>
> Come Join the Fun!
>
> Don Baughman Jr. Will be 31!
>
> Sunday November 18, 2001 3:00 P.M.
>
> Baughman Home- Iowa Colony
>
> Bar -B-Q by Travis
>
> Given by: Mom, Dad,Travis,Andrea, Troy, and Shelby
>
> RSVP: 281-431-2987
>
> See Ya'll Soon!
>
>

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


The only paper we have with Superior Water is a Master Sale Spot contract.  I
can negotiate a GISB if you want.  What kind of deal are you doing as far as
term?

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Correct Numbers:

Teco Tap       31.876 / HPL Gas Daily ;  44.374 / HPL IFERC

LS HPL LSK IC            20.000 / Enron

Previous Numbers:

Teco Tap       76.250 / HPL IFERC ; 20.000 / Enron

LS HPL LSK IC       20.000 / Enron


Stinson,

He is looking for blanket approach to our disk, both read and write.
Is it legitimate?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/20/2000
03:35 PM ---------------------------

ARSystem@mailman.enron.com on 11/20/2000 02:37:25 PM
To: vince.j.kaminski@enron.com
cc:
Subject: Request Submitted: Access Request for stewart.range@enron.com

You have received this email because you are listed as an alternate data
approver. Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000007876&Page=
Approval to review and act upon this request.

Request ID          : 000000000007876
Approver            : stinson.gibner@enron.com
Request Create Date : 11/20/00 2:36:29 PM
Requested For       : stewart.range@enron.com
Resource Name       : \\enehou\houston\common\Research - [Read/Write]
Resource Type       : Directory


Should I go in and fill this out or is it to late for our group?

 -----Original Message-----
From: 	Enron General Announcements
Sent:	Friday, May 17, 2002 3:51 PM
To:	DL-GA-PAS
Subject:	Reminder:  Access PAS to Complete Self-Assessment

Just a reminder to access the Performance Assessment System and complete your self-assessment by Monday, May 20, 2002.  Supervisors should complete their employee assessments by May 24, 2002.  After May 24, PAS will be closed for the administration and distribution of quarterly retention payments.

To access PAS, go to the HR Global Applications website by clicking on the link below and login using your GIS identification.  If you don't have your GIS ID and/or password, you can have it automatically looked up on the front page of the site or contact the HRGIM helpdesk at (713) 853-5666.  The helpdesk is open Monday through Friday from 7:00 a.m. to 6:00 p.m.

<https://hrglobal.enron.com>


The information contained in the Weekly Public Report can be communicated to audiences outside the company and should be used to ensure that we present a consistent message to the public. Please ensure that this email is distributed to anyone in your group who needs to discuss EnronOnline with individuals outside the company.

This report is not intended to be used as a stand-alone presentation, nor that all the information be used in a single presentation or customer communication.

Total Life to Date Transactions >1,450,000
Average Daily Transactions > 5,300

Life to Date Notional Value of Transactions > $800 billion
Daily Notional Value Approximately $2.3 billion

Number of Products Offered: Approximately 1,900
Number of Currencies Traded in = 15

EnronOnline Version 1.0 Launch Date: November 29, 1999
EnronOnline Version 2.0 Launch Date: September 18, 2000

Due to size constraints on the Outlook System, the Public Report will no longer be distributed.
A complete copy of the report can now be accessed directly through the EnronOnline Intranet Site at http://eolinfo.enron.com.

In order to access this report,  click on the link above. Once there, follow the link entitled "Reports" and then select the "Public Reports" tab. A dropdown menu will appear with a list of the various public reports available for viewing. .

We look forward to your feedback and comments. If you have any questions or experience any difficulties accessing your reports through the Intranet Site, please feel free to contact either Bryan Deluca at x36161 or Fraisy George at x35424.


With the filing of the Hart-Scott-Rodino application last week, it looks like our updated launch timeline is as follows. Note that it is still possible that this timeline could shift:

Week of Jan 28:

We will distribute a packet to each of the Originators/Traders who have volounteered to call customers and assist in getting signed Password Applications. The packets will contain:

Key Messages
Frequently Asked Questions (FAQs)
Top Counterparty Checklist
External Customer Cover Letter
Password Application (PA)
Registration Form
Fax Cover Sheet for PA/Registration
Electronic Trading Agreement (ETA)
Internal online Marketing Contact List

Each person receiving a pack will contact the Master Users at the companies they have volounteered for and send them copies of the Password Application (PA) and Electronic Trading Agreement (ETA). During this week, we will be working hard to get as many of the PA's returned as possible. Once we have a signed PA, we can send the customer their new User ID, which will allow them to start trading on the day we launch the new site.

A Splash page will be available at www.UBSWenergy.com or via an automatic redirect from www.enrononline.com. This page will tell customers about the pending launch of www.UBSWenergy.com and provide links to the PA and Registration screens and also to the User Admin screens, which will allow customer Master Users to start setting up their Sub Users.

The Splash page will look something like the following:

Week of Feb. 4:

We will send out a mass mailing to approx. 3,000 individuals at 450 companies inviting them to sign up for the site. Included in the package will be a simple brochure, copies of the PA and ETA, key messages and a list of Frequently Asked Questions.

Week of Feb. 11:

The site will launch, with at least financial products (timing for gas physical and power physical to be determined according to regulatory issues).

General Terms and Conditions (GTC's) will be available online and must be accepted online before a company can start to trade a particular commodity.

Trading/Origination Coordination

The Top 50 customers will have at least an initial contact within the first two days of starting the marketing effort and that all customers who previously traded either gas or power will receive a mailing within the first 10 days. An online marketer has been assigned as coordinator for each company and will assist each Trader/Originator in following up with Master Users as necessary to make sure PA's are signed and returned.

UBSWenergy Marketing Contacts:

For Marketing-specific questions, please use the following contacts. For other questions, please contact Bob Shults (30397) or Dave Forster (31861).

Teresa Mandola (39807) - Power
Jennifer McQuade (53614) - Power
Dan Diamond (39673) - Gas

<Embedded Picture (Metafile)>


Attached is a copy of a sample letter which we are sending to selected vendors of Enron Corp. and its subsidiaries as an additional step toward implementing our commitment to conduct our business affairs in accordance with the highest ethical standards.

We are sending you a copy of this letter so that you will be aware that your vendors will be receiving this letter and so that you will be reminded that Enron does enlist the cooperation of its vendors in adhering to its Business Ethics Policy.

We appreciate your efforts in contributing to an Enron work environment of which we can all be proud.

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

SAMPLE
November ____, 2001
OFFICE OF THE CHAIRMAN
<<Headquarter_Name>>
<<Street>>
<<City>><<State>><<Zip>>
<<Country>>
Dear Sir or Madam :
	Enron Corp. ("Enron") believes in conducting its business affairs in accordance with the highest ethical standards. As outlined in Enron's Code of Ethics, employees of Enron and its subsidiaries are required to comply with Enron's Business Ethics Policy which requires an employee to conduct himself/herself in a manner which is not detrimental to the best interests of Enron and which does not bring to the employee financial gain separately derived as a direct consequence of his/her employment with Enron. Further, Enron's Business Ethics Policy states that no lavish entertainment or gifts are to be given or received by Enron employees for special position, price, or privilege.
 	Not only is it incumbent upon our employees to follow this policy, but your cooperation in respecting these standards is also critical. Enron expects each of its vendors and contractors to maintain adequate records that document its work relationship with Enron. Enron's auditing department will routinely conduct business ethics compliance audits of certain vendors and contractors with whom Enron does business. Your recognition of our ethical standards allows Enron employees to work with you via arm's length transactions and avoids potentially embarrassing and unethical situations. If you ever become aware of variances from our policy, please advise:

	Your business relationship is important to us, and we look forward to maintaining that relationship with you.
Very truly yours,

<Embedded Picture (Metafile)>


Tana:  I don't know who Brad Diebner is.  However, Greg called me.  What Greg
really needs is the ENA "form" of ISDA Schedule (with the utility election).
He will also need a "generic" Paragraph 13.  The boilerplate can be mailed.
Before you send, I need to chat with Mark and I'll let you know more later
today.  Thanks.  Sara

	Tana Jones
	08/21/2000 09:14 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: ENA ISDA with PEC

I left a message for both Molly and Brad Diebner and neither has returned my
calls.

	Sara Shackleton
	08/21/2000 08:24 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: ENA ISDA with PEC

Tana:  Have you responded to either Greg or Molly?  Please call.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 08/21/2000 08:23 AM -----

	Molly Harris
	08/18/2000 02:12 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: Re: ENA ISDA with PEC

I understand Greg Penman has inquired for the same.  I would be happy to
coordinate amongst us and informed Greg accordingly.

Thank you
Molly

Molly Harris
08/18/2000 01:58 PM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: ENA ISDA with PEC

Tana

Is it possible to get electronic file for the Enron North America and Peoples
Energy Corporation ISDA?  Is it in Word?  I am trying to get our new JV,
Midwest Energy Hub, to utilize our format for the template for MEH.

Thanks
Molly

a.huprikar@pecorp.com on 08/17/2000 03:48:36 PM
To: molly.harris@enron.com
cc:
Subject: ENA ISDA with PEC

Molly,

Could you send me an electronic version of the ISDA that was signed between
ENA and PEC. I understand from our attorney that we did not work with an
electronic version, only a hard copy. In order to create an ISDA template
for MEH, I need the electronic version.

Thanks

Aparna

----------------------------------------------------------------
The information transmitted is intended only for the person
or entity to which it is addressed and may contain confidential
and/or privileged material.  Any review, retransmission,
dissemination or other use of, or taking of any action in
reliance upon, this information by persons or entities other than the
intended recipient is prohibited.   If you received this in error, please
contact the sender and delete the material from any computer.


-----Original Message-----
From: 	Michael Kirby [mailto:mlk@pkns.com]
Sent:	Wednesday, September 12, 2001 3:43 PM
To:	Dasovich, Jeff; Sanders, Richard B.
Subject:	Fwd: Sept. 13 Sen. Rules Cmte hearing

--------- Inline attachment follows ---------

From:  <Alexandra.Montgomery@sen.ca.gov>
To: 'mlk@pkns.com'
CC: Paschal, Ronda <Ronda.Paschal@sen.ca.gov>, Drivon, Laurence <Laurence.Drivon@sen.ca.gov>
Date: Wednesday, September 12, 2001 8:26:34 GMT
Subject:

Michael,

The Senate Rules Committee hearing re Enron's contempt is set for tomorrow
morning at 9:00 a.m., Thurs., Sept 13.

Alex


This weekend marks the first employee move into our new office building, Enron Center South.

Approximately 400 Enron Global Markets employees will occupy the building's 3rd floor next Monday.  In the ensuing six weeks another 1,500 employees from Enron Industrial Markets, Enron Net Works, and our Power and Gas Marketers will follow, occupying levels 4, 5, and 6.

We know all employees are curious to experience this exciting new space.  HOWEVER, since Enron only has an occupancy permit for these specific floors, including limited access corridors from the skywalk, we ask that:

ONLY EMPLOYEES WHO ARE ASSIGNED OFFICE SPACE IN THE NEW BUILDING AND EMPLOYEES WITH STRICT BUSINESS NEEDS TO ACCESS OCCUPIED SPACE ARE PERMITTED TO BE IN THE NEW BUILDING.

Your compliance is appreciated and will assist in our ability to effectively conduct business by not over crowding newly occupied areas with visitors.  In addition, the balance of the building remains under construction and employees are strictly prohibited from entering these areas.

We are planning an open house in late Nov. or early Dec. so that every employee has the opportunity to see for themselves what is truly a world class commercial trading environment.  Thank you for your cooperation.

Office of the Chairman


I have put in the request with the band and I will let you know what I hear
back.  I also told them their would be room to stay there.  Mike & Lisa and
Sean & Molly can come.  I told them there would be room also.  What is our
total limit on people??

Cameron Sellers
Vice President, Business Development
PERFECT.COM
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
cameron@perfect.com
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)

-----Original Message-----
From:  Mike Herring [mailto:mikeh@ThirdAge.com]
Sent: Tuesday, October 31, 2000 2:58 PM
To: Cameron Sellers
Subject: RE: ThirdAge is acquired

We will definitely come!  We will get a baby sitter and come for the
weekend, let us know if we should rent a house or condo or something.
I am happy the merger is announced, it has been hurting my
football-picking-ability.
Mike
At 10:40 AM 10/31/00 -0800, you wrote:
>I saw that this morning.  Congratulations!!!  I assume you are crazily busy
>right now...
>
>Can you guys come for Prentice's 30th birthday party in December?  Jeff is
>renting a place in Stinson beach for the weekend of the 15th and 16th.  It
>would be great if you guys could come (even for part of it).  Let me
know...
>
>Love to you all!!
>
>Cameron
>
>


Couple other things Theresa...Do we have Sinclair numbers for July? And, are the Thermo numbers in Sitara good?

Thanks

 -----Original Message-----
From: 	Staab, Theresa
Sent:	Monday, June 25, 2001 12:04 PM
To:	Scott, Susan M.
Subject:	RE: CIG Storage in August

Susan
Paul's deal with Petrogulf is for 265.  The June deal was 360.  Every month will have a 10% swing on it.  I haven't looked at the numbers yet for July to see what volume we'll actually be purchasing.
I think he always rolls the EJW and I haven't seen a fax from them yet.  I'll let you know.

Theresa
(303) 575-6485

	Susan M Scott/ENRON@enronXgate 06/25/2001 10:09 AM 	   To: Theresa Staab/Corp/Enron@ENRON  cc:   Subject: RE: CIG Storage in August

Thanks Theresa.

Do you know if Paul did a deal with EJW for July?  Also, do you know why the PSCO deal with Petrogulf is in the system as 265 on the supply side?  I thought the deal was for 360 w/ a 10% swing capability.

Susan


Per my previous e-mail, the new receipt point allocation and lower commodity
rate structure is effective 8/1/00.

chris
x31666

---------------------- Forwarded by Chris Meyer/HOU/ECT on 07/31/2000 10:45
AM ---------------------------

	From:  Chris Meyer                           07/26/2000 11:37 AM

To: Joe Parks/Corp/Enron@ENRON, Sylvia S Pollan/HOU/ECT@ECT
cc: Julie A Gomez/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT
Subject:

I've renegotiated the 400,000 MMBtu/day supply area deal on NGPL.  The
primary delivery points have not changed. The new (receipt) paths, volumes
and rates are below.  I'll forward the actual receipt points along with the
amended contract once complete.  Essentially, this new structure
significantly reduces our commodity costs to points west of 346 and slightly
reduces (50%) commodity costs east of 346.  Please remember that secondary
deliveries to points east of 346 (with the exception of Sonat Erath) still
include a volumetric (demand) adder $0.02 Dth for STX receipts and $0.025 for
all other receipts.   Deliveries to Sonat Erath will be an additional $0.02
MMbtu.  Let me know if you have any issues ASAP.  I want to make this
effective August 1.

East of 346

chris
x31666


In a strategic move to provide relative probability to moving enovate (JV with Peoples Energy) to UBS, I believe it is critical to show Peoples our support of the office in Chicago.  The potential of this outcome increases two fold, by ensuring Gregg Penman and Richard Tomaski are employees of UBS.  Neither received an offer due to decisions made outside my control.  We have now given odds that enovate will move into Newco or be sold to a third party.  I believe this outcome is disheartening to all of us involved.  It was my goal to salvage as much of the PEC relationship as possible and meetings held in Chicago this week were essential as a first step.  I have continued to believe in this business model whether with Peoples or elsewhere and I belive strongly that Gregg and Richard are essential staff.  They "know" how to run it and none of our competitors have suceeded in this business..

My team believed in a business model and followed through in relocating their families, setting up a business with a "real" customer (that Enron all to often discounted) and created something that a significant list of third parties want to buy (BP Amoco, Oxy, Sempra, PanCanadian, El Paso, Sempra, CMS, Duke, and Dynegy).  This relationship has created over $130MM dollars of MTM for Enron without consideration of the information trading obtained.  This was not a transaction, but a business.

My recommendation for Gregg and Richard is to immediately provide an offer that requires a non-compete of 1 year with consideration of $60,000 at 6 months and $60,000 at one year, with the promise of stock in year 2.

We do not want these guys at a competitor or with Newco.  No one else in the industry has the ability to run as quickly as we will if we have this team together.  You can hold me to that.

I can be reached at home at 713/528-9854.

Laura


Keegan,  Please print out two executables of the attached on bond paper.  Thanks.

-----Original Message-----
From: Johnson, Rudwell
Sent: Friday, November 02, 2001 10:41 AM
To: Nemec, Gerald
Cc: Schockling, Gregory
Subject: FW: FW: Guaranty Form.Bridgeline Holdings

Gerard!

Would you kindly prepare this for execution.

Thanks
Rudwell
35396.

-----Original Message-----
From: Billyoung3@aol.com [mailto:Billyoung3@aol.com]
Sent: Friday, November 2, 2001 9:16 AM
To: Johnson, Rudwell
Cc: jervin@spinexp.com; rsnell@spinexp.com
Subject: Re: FW: Guaranty Form.Bridgeline Holdings

Rudwell -
       Please have attached executed today and messengered to Spinnaker at address contained therein.

Attention : Jason Ervin

Thanks,
                  Bill

William N. Young, III
Gathering and Energy Marketing CO Energy, Inc.
4355 Sylvanfield Drive, Suite 110
Houston, Texas 77014
281-586-7155 phone
281-586-7701 fax
281-804-8812 cell


I have corrected the shortname on CP# 166985, from EPMIWESPER TO EPMI-WEST-PERF.

My apologies !

Bernice

 -----Original Message-----
From: 	Kroumov, Kroum
Sent:	Friday, January 11, 2002 11:38 AM
To:	Rodriguez, Bernice; Hare, Bill D.
Cc:	Luu, Duong; Smith, Will; Nommensen, Dave; Crooks, William; White, Stacey W.; Postlethwaite, John; Evans, Casey
Subject:	RE: URGENT....EPMI Performance books - GCP Completed Response

    I can see them. Thanks.

It is just that the short names are EPMI-EAST-PERF  and EPMIWESPER ( not  EPMI-WEST-PERF )
That could bring later confusion

 -----Original Message-----
From: 	Rodriguez, Bernice
Sent:	Friday, January 11, 2002 11:17 AM
To:	Hare, Bill D.
Cc:	Luu, Duong; Smith, Will; Nommensen, Dave; Crooks, William; Kroumov, Kroum; White, Stacey W.; Postlethwaite, John; Evans, Casey
Subject:	URGENT....EPMI Performance books - GCP Completed Response

All,

The following have been setup in GCP:

CP# 166981 EPMI East Performance
CP# 166985 EPMI West Performance

PLEASE NOTE:
I have confirmed with Casey that  ALL traders (active or inactive in GCP) must be attached to these books.  I am currently working with GCP IT to attach about 350 traders from the back end and will advise when this step is completed.

Bernice
x37972

 -----Original Message-----
From: 	Hare, Bill D.
Sent:	Friday, January 11, 2002 11:08 AM
To:	Rodriguez, Bernice
Cc:	Luu, Duong; Smith, Will; Hare, Bill D.; Nommensen, Dave; Crooks, William; Kroumov, Kroum; White, Stacey W.; Postlethwaite, John
Subject:	FW: URGENT....EPMI Performance books

Please inform Casey when complete

Bill

 -----Original Message-----
From: 	Evans, Casey
Sent:	Friday, January 11, 2002 11:06 AM
To:	Luu, Duong; Smith, Will; Hare, Bill D.; Nommensen, Dave; Crooks, William; Kroumov, Kroum
Cc:	White, Stacey W.; Postlethwaite, John
Subject:	URGENT....EPMI Performance books

The request to have all currently performing deals moved to the East Performance and West Performance books has just been expressed as URGENT.

As soon as the East Performance and West Performance books are set up in Global, we will need Enpower refreshed ASAP.

Bill H. is coordinating the setup in global, Dave/Crooks are coordinating the script to be run to change the primary desk name.

If anyone has any questions at all, PLEASE let me know.  Thanks to all and sorry for the fire drill!

Casey
3-4361


Shona,

Here is our updated form A without intercompany deals.  Included on the last two tabs are the details they asked for from gas.

We are still working on the contracts and confirms.

Thanks

KK


Hey Everyone ,

I know you may not be aware that Boss's Day OCT.16,2000
We will celebrate as a group in the staff meeting on Oct.19th,
with the Big Boss Vince Kaminski and all the others , however ,
if you would like to do something special for our Boss, please
inform me whereby I can make arrangements.

                                       Thanks
                                 Kevin Moore


Enron Faces Calls for Big Changes in Indian Power Project --- Maharashtra
State Panel Wants Debt Moratorium And Other Concessions
The Wall Street Journal, 04/13/01

Utility owes Enron $570 million
Houston Chronicle, 04/13/01

Texas energy company owed hundreds of millions in California
Associated Press Newswires, 04/13/01

Up & down and all around, its a merry dance alright
The Economic Times, 04/13/01

Power sale: Godbole wants DPC freed
Business Standard, 04/13/01

Brief: India to renegotiate Enron power prices
Houston Chronicle, 04/13/01

Enron Owed $570 Million by Pacific Gas & Electric, Paper Says
Bloomberg, 04/12/01

International
Enron Faces Calls for Big Changes in Indian Power Project --- Maharashtra
State Panel Wants Debt Moratorium And Other Concessions
By Daniel Pearl
Staff Reporter of The Wall Street Journal

04/13/2001
The Wall Street Journal
A8
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY, India -- A government panel called for sweeping changes in a contract
to supply power from Enron Corp.'s landmark Indian energy project to the
industrial state of Maharashtra, warning that the changes would require
"significant financial sacrifices" for the project's financial backers.
Maharashtra, which faces a cash crunch and hasn't been able to pay its bills
for electricity generation, created the panel. The recommendations, released
yesterday, are likely to serve as the state's initial bargaining position as
it seeks to reopen a power-supply contract that one Maharashtra government
reached with Enron-led Dabhol Power Co. in 1993 and another renegotiated in
1996. Enron has indicated it is willing to reopen the contract yet again.
The $3 billion project has been watched closely by U.S. officials, since
Dabhol is India's largest foreign investment to date, and the U.S.
Export-Import Bank is a major lender. Yesterday's report slams the Dabhol
contracts as based on "extremely questionable assumptions" about oil prices,
foreign-exchange rates and the state's demand for power. With a second phase
expected to bring the project to 2,184 megawatts of capacity shortly, the
report concludes, the state couldn't afford to sell power from Dabhol at the
levels needed to make the project economical, even if the state's electricity
board made years' worth of distribution reforms overnight.
The 200-page report recommends converting the project's dollar-based equity
and debt to Indian rupees, reducing Dabhol's return on equity to 16% from as
much as 39% and putting a moratorium on debt payments until the state can
afford to buy more of the plant's power. The five-member panel, which
included a top Indian banker and several energy specialists, also suggested
the project's liquefied-natural-gas facility sell gas to others. Dabhol is
the sole user of the gas, which is shipped from the Arabian Gulf, and
Maharashtra is responsible for paying for most of it no matter how much is
used.
A Dabhol spokesman said the company hasn't seen a copy of the report and
declined to comment. Dabhol has disputed the 39% figure, and denied that its
power rates are unusually high.
The power project's lenders, meanwhile, are expected to meet next week to
convey their views to Enron. One official of a lending bank said lenders are
more concerned with the power company's immediate difficulties getting paid
than with the prospects of having to renegotiate terms, though any new
contract would need to be approved unanimously.
Dabhol's lenders include the Japanese government, the Industrial Development
Bank of India, ICICI Ltd. and scores of other Indian and international banks.
Enron holds 65% of Dabhol's equity, with Bechtel Group Inc., General Electric
Co. and the state electricity board splitting the rest.

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

April 13, 2001
Houston Chronicle
Utility owes Enron $570 million
California's PG&E in bankruptcy
By MICHAEL DAVIS
Copyright 2001 Houston Chronicle
Enron Corp. is owed $570 million by bankrupt utility Pacific Gas & Electric
Co., the Houston company has disclosed in a letter to the utility's
bankruptcy trustee.
Other Houston companies have said they are owed large amounts, but Enron's
disclosure was the first indication to Wall Street that the bankrupt utility
owes the Houston company such a substantial amount, said M. Carol Coale,
energy analyst with Prudential Securities in Houston.
"They told the investment community that their California receivables were
not material and that they were fully reserved against them," Coale said.
Even so, "This is not going to be received favorably."
This disclosure came as Enron became one of the companies named late
Wednesday to the creditors' committee for San Francisco-based Pacific Gas &
Electric's Chapter 11 bankruptcy. The committee represents the parties with
the largest claims in a bankruptcy case.
A letter to the trustee overseeing the case disclosing how much Enron is owed
was part of Enron's effort to secure a seat on the committee appointed by
U.S. Trustee Linda Stanley, a Justice Department official.
Mark Palmer, an Enron spokesman in Houston, declined to comment Thursday on
what Enron is owed. He said Enron has taken adequate reserves to protect its
balance sheet against any outstanding debts owed it by Pacific Gas &
Electric.
Enron's shares closed Thursday at $57.30, down $1.21 per share. The stock
markets are closed today in observance of Good Friday.
Pacific Gas & Electric filed for bankruptcy protection one week ago, listing
assets of more than $24 billion and debts of $18 billion, including more than
$9 billion in uncollected costs for power purchases. The utility's creditor
list is so long and varied that creditors are expected to form numerous
subgroups based on the types of claims they hold against the company.
The case is expected to take months, if not years, to settle. It is the
largest utility bankruptcy ever filed and the third largest business
bankruptcy in U.S. history, based on assets, behind Texaco in 1987 and
Financial Corporation of America in 1998.
Pacific Gas & Electric sells electricity and natural gas to the San Francisco
and Northern California areas. The company said it filed Chapter 11 because
negotiations with California over how to resolve the state's power crisis
were going nowhere.
Enron is scheduled to make its first-quarter earnings report on Tuesday.
Enron is expected to report 45 cents per share for the quarter, up from 40
cents per share in the first quarter of last year, according to earnings
estimates compiled by First Call/Thomson Financial in Boston.
"We are still confident that we will earn $1.70 to $1.75 per share for the
year," Palmer said.
He would not specify how much Enron has reserved to cover Pacific Gas &
Electric's debt.
The prevailing wisdom had been that Enron's exposure in California was
minimal because it does not own power plants there. Companies such as Reliant
Energy and Dynegy, which own power plants in California, have been forced to
sell power with no guarantee of payment.
Although Enron is one of the larger creditors of Pacific Gas & Electric,
others are owed substantially more.
The largest unsecured creditor is Bank of New York, with a $2.2 billion
claim.
The California Power Exchange, which once served as the marketplace for power
sales in the state's deregulated power markets, holds a claim against Pacific
Gas & Electric of $1.9 billion. The Power Exchange filed for bankruptcy prior
to Pacific Gas & Electric's filing.
Enron was dealt another setback in California earlier this week when a
federal judge ordered the company to keep supplying low-cost power to
California's state university systems after Enron tried to shift
responsibility for buying the school's power to the state's troubled
utilities.
The school systems argued that if Enron were allowed to dump them as "direct
access" customers who receive power bought and resold directly by the
company, they would lose the ability to manage their power most efficiently,
which could cost the taxpayers of California millions.
Enron said it would file an emergency appeal to the 9th U.S. Circuit Court of
Appeals in San Francisco to overturn U.S. District Judge Phyllis Hamilton's
ruling in the lawsuit brought by the California State University and
University of California systems.
Enron said it is honoring all terms of the contracts, but the company added
that it believes it has the legal right to shift the school systems back into
the hands of the utilities, a spokeswoman said.

Texas energy company owed hundreds of millions in California

04/13/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

HOUSTON (AP) - Texas-based-Enron Corp.'s executives say financially troubled
utility Pacific Gas & Electric Co. owes them $570 million, according to a
letter to the utility's bankruptcy trustee.
Enron's disclosure was the first indication to Wall Street that the West
coast utility owes the Houston company such a substantial amount, an energy
analyst said.
"They told the investment community that their California receivables were
not material and that they were fully reserved against them," M. Carol Coale,
energy analyst with Prudential Securities in Houston, told the Houston
Chronicle in Friday's editions. "This is not going to be received favorably."
Enron late Wednesday became one of the companies named to the creditors'
committee for San Francisco-based Pacific Gas & Electric's Chapter 11
bankruptcy. The committee represents the parties with the largest claims in a
bankruptcy case.
Mark Palmer, an Enron spokesman in Houston, said the company has taken
adequate reserves to protect its balance sheet against any outstanding debts
owed it by Pacific Gas & Electric.
Enron officials used the letter to the trustee overseeing the case disclosing
how much Enron is owed as part of Enron's effort to secure a seat on the
committee appointed by U.S. Trustee Linda Stanley, a Justice Department
official.
A week ago, Pacific Gas & Electric filed for bankruptcy protection. The
company listed assets of more than $24 billion and debts of $18 billion,
including more than $9 billion in uncollected costs for power purchases.
Officials of Pacific Gas & Electric, who sell electricity and natural gas to
the San Francisco and Northern California areas, say they sought Chapter 11
bankruptcy protection because negotiations with California over how to
resolve the state's power crisis were going nowhere.
The case is the largest utility bankruptcy ever filed and the third largest
business bankruptcy in U.S. history, based on assets, behind Texaco in 1987
and Financial Corporation of America in 1998, officials said.
Enron, scheduled to make its first-quarter earnings report on Tuesday, was
expected to report 45 cents per share for the quarter, up from 40 cents per
share in the first quarter of last year, according to earnings estimates
compiled by First Call/Thomson Financial in Boston.
Earlier this week, Enron was dealt another setback in California when a
federal judge ordered the company to keep supplying low-cost power to
California's state university systems after Enron tried to shift
responsibility for buying the school's power to the state's troubled
utilities.

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

Up & down and all around, its a merry dance alright
Girish Kuber

04/13/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MUMBAI
IT COULD be a classic case for management students to study. In a span of
just eight years the Enron controversy has repeated itself with a reversal of
roles.
First it was the Sharad Pawar-led Congress government that went all out to
persuade the US energy major to set up shop in Maharashtra. The general
election that followed changed Pawars fortunes.
A Sena-BJP government came to power but not before painting Enron black
thanks to its Rs 64 crore expenditure on `education that had become an
election issue back then.
So the first thing that the Sena-BJP government did after assuming power was
to scrap the Enron project. Subsequently the `review committee headed by
Kirit Parikh, Professor Emeritus, IGIDR, once a bitter critic of Enron, came
up with a new look power purchase agreement. The new PPA cobbled together
phase I and II of the Dabhol Power Company.
The next election was in 1999. By this time Pawar had deserted the Congress.
The Sena-BJP alliance bit the dust at the hustings and a paralysed Congress
was forced to join hands with Sharad Pawar. All for the sake of a
power-sharing arrangement in the state.
By this time Enrons partner, the Maharashtra State Electricty Board, had
weakened further and it wanted the state government to help it pay Enrons
bills. The equally bankrupt state government was obviously unable to spare
the funds.
The situation was perfectly ripe to rake up the Enron controversy. Once
again. Whats more, it seemed politically correct too. The Vilasrao Deshmukh
government did exactly this. It installed Vinay Bansal, a no-nonsense
bureaucrat known for taking on ministers, as MSEB chairman to give the Enron
dispute some much needed credibility.
Bansal caught Enron napping when it failed to supply electricity as per the
MSEBs demand. MSEB invoked the PPA clause and slapped Rs 402 crore penalty on
the American utility. This provided the trigger for the fight which was
waiting to happen.
Meanwhile, the state governments review committee led by Madhav Godbole
submitted its report and recommended a renegotiation of the project.
Interestingly, this committee too had Parikh as a member. His inclusion had
raised many eyebrows and N D Patil, convenor of the ruling coalition in the
state criticised Parikh for his flip-flop on the project.
In the end, Parikh kept himself away from the committee. The committee has
observed that the then political leadership had shown ``great haste for
signing the current PPA.
It noted that even the cost of constructing a jetty at Dabhol has been
included in the cost of power by the DPC. The committee wants to delink
dollar-rupee equation for tariff to lower the bill.
A large chunk of the loans taken by Enron have a bigger foreign currency
component and the committee wants the Indian currency component in these
loans to be increased.
Interestingly, Enron has preferred to remain silent on the Godbole committee
report. It has already invoked the political force majeure clause, has
invoked the state and Centre guarantee and even announced its decision to go
in for arbitration.
The next twist in this longdrawn-out tale depends on Enrons reaction to the
report. However, experts feel that the Dabhol case clearly highlights some of
the major failures in past decision-making in the power sector. Firstly,
before inviting IPPs, necessary reforms like setting up of independent
regulatory bodies should have been in place.
The problem of realisation of dues from defaulting customers and poor
maintenance of transmission and distribution systems require that reform
should begin at the distribution end, so that any supplier of power has the
assurance that dues will be collected and payments effected for power sold.
There is also need to correct the imbalance in terms of base-load versus
peak-load power capacity.
The SEBs supply power to farmers and domestic users at ridiculously
subsidised prices. Moreover, many customers do not pay their bills and like
other SEBs, MSEB too is unable to initiate action to collect these dues.
The T&D losses too, which include pilferage of power, have gone up
substantially in recent years. In this situation, the more MSEB purchases
from Dabhol the more it loses through subsidies and T&D.

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

Power sale: Godbole wants DPC freed
Renni Abraham MUMBAI

04/13/2001
Business Standard
1
Copyright (c) Business Standard

The Madhav Godbole committee has recommended to the Maharashtra government
that the Enron-promoted Dabhol Power Company should be allowed to sell power
to entities other than the Maharashtra State Electricity Board (MSEB). It has
also recommended that the tariff should be benchmarked to the lowest cost of
supply of power from gas-based projects elsewhere, and restructured into a
two-part tariff.
"The committee recommends that the DPC tariff be re-defined using principles
contained in the government of India guidelines and the availability-based
tariff order of the Central Electricity Regulatory Commission, to convert it
into a two-part tariff but limit equity return substantially," the report
says.
Further, the committee has recommended that the equity returns for the
redefined DPC tariff be defined in rupee terms, rather than in dollar terms.
It has also suggested that the escrow agreement with DPC should be scrapped,
as the current agreement "would soon give rise to a situation where virtually
all of MSEB's revenues would be escrowed to meet DPC's payments, leaving
little for wages and fuel, let alone additional power purchase."
The report, "Energy review, Maharashtra and the DPC issue," was submitted to
the state legislature on Thursday by minister for energy Padmasinh Patil.
Business Standard obtained a copy of the 198-page report. Godbole panel
suggestions
The second part of the report will focus on the future course of action for
reforms in the state energy sector. It is to be submitted to the state
government on May 10.
The first report recommends that DPC be allowed to sell power if it
designates a certain capacity for sale outside the MSEB system and "the fixed
charges on account of MSEB are reduced in proportion to this designated
capacity." Alternatively, if DPC felt it has prospects of earning better
return if it had the contractual freedom to sell power to other parties
directly, it could do so only if it agreed to relieve MSEB of all its
contractual obligations relating to the power plant, the committee said.
The committee said that only benchmarking of the tariff against lowest gas
based power projects elsewhere would make third party sale to other states
and the power trading corporation possible. Otherwise negotiations with DPC
will prove futile, the report states.
Significantly, the committee has argued that in view of the un-sustainability
of the DPC project, the power major should forego a portion of the return on
its equity to make the project viable.In other words it wants the current
rate of return of equity of 16 per cent to be lowered.
"The maturity of the debt of DPC should be increased preferably to 15 years,
with an initial moratorium of five years. An indicative interest rate for
such debt could be 12 per cent (in rupee terms which would be around six per
cent in dollar terms). In case such maturity is not possible for foreign
loans, the foreign debt should be converted to rupee debt and restructured
accordingly. Concomitantly, the equity may be restructured into deferred
preference capital so that the impact on tariff is felt only in later years,"
the report said.
It also makes a case for separating Enron's LNG project from DPC. As a
separate facility, the gas could be marketed to other buyers of gas distinct
from power projects. "That such buyers exist is demonstrated by Enron's own
MetGas initiative and by Petronet's larger project plans. It is critical that
costs of this facility be distributed over its entire capacity and not just
over the amount sold to the power plant, as is currently the case. The
facility's capital costs should also be reflected in the fuel charge, not as
take or pay, but only in proportion to the extent of fuel re-gasified for
power generation, compared to the total re-gasificatio capacity," it noted.

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

April 13, 2001, 12:53AM
Briefs: City and state

India to renegotiate Enron power prices
BOMBAY, India -- A government-appointed committee recommended renegotiating a
power supply agreement with U.S. energy giant Enron Corp. to lower prices
being charged to a western Indian state.
The panel also called for reform of a state power utility that defaulted on
payments to Enron, which is based in Houston.
State government ministers have been critical of Dabhol Power Co., Enron's
Indian subsidiary, saying the power supplied by the 2-year old plant is
"unaffordable."

Enron Owed $570 Million by Pacific Gas & Electric, Paper Says
2001-04-12 23:01 (New York)

     Houston, April 12 (Bloomberg) -- Pacific Gas & Electric Co.,
the bankrupt subsidiary of Pacific Gas & Electric Corp., owes
Enron Corp. $570 million, the Houston Chronicle reported on its
web site, citing a letter from Enron to a bankruptcy trustee.
     Enron, a Houston-based electricity and natural gas marketer,
disclosed the amount to secure a seat on the creditors' committee
for the San Francisco-based utility, the report said. The $570
million was more than Enron previously indicated it was owed, the
paper said, citing Carol Coale, a Prudential Securities analyst.
     Pacific Gas & Electric filed for bankruptcy protection last
Friday after incurring more than $9 billion in debt buying
electricity at soaring prices and selling it at capped rates.
     The Bank of New York is the utility's largest unsecured
creditor, owed $2.2 billion, the Houston Chronicle said.
     Four power generation companies asked a bankruptcy judge
yesterday to excuse them from supply contracts with the utility,
saying the agreements could push them to financial ruin.


Hi Emmye,  Sorry I haven't gotten back with you sooner.  It has been
extremely busy here at work and I am leaving for Denver today at 5:30 so I am
really having to hustle to get things done before I leave.  How was the
wedding?  I know you really were just looking for any excuse to go to Tomball.

I too had fun on Thursday.  I will give you a call when I get back from
Denver. I will be back on Sunday.  Take care and talk to you soon.

Gerald


Tracy is currently out of the office, if you need immediate assistance, please call -713-690-8175 and ask the operator to direct your call.
Thank you.


September 5, 2001
Business World
Crisis? What Crisis?
By HOLMAN W. JENKINS, JR.

The big news this summer is that Californians haven't been reduced to stone-age lifestyles, running naked in the streets and eating each other.

The state barely had enough electricity to get through this past winter, when demand was not yet pumped up with air-conditioning. Yet here they are surviving the summer with nary a blackout. Gov. Gray Davis must be some kind of a wizard, pulling 15,000 megawatts from his pointy hat. He gave every indication of being a hapless cluck, but obviously we underestimated him.

Naah. California's summer of surplus demonstrates just how flukey last winter's rolling blackouts were. Power there was aplenty (or at least enough to get by). What there wasn't was anybody to pay for it, thanks to the political system's paralysis as the state's private utilities ran out of cash and used up their credit trying to keep the lights on.

We won't rehearse the central pinion of this catastrophe, a "deregulation" plan that created scarcity pricing in the absence of true scarcity. A tweak here and there as late as last fall could have saved the state's taxpayers and ratepayers literally billions of dollars at no real cost to anybody. Instead, the utilities were allowed simply to run out of money, accumulating $14 billion in unpayable IOUs to generators.

Now, most of us tend to think of power plants as giant coal or nuclear operations that run 24 hours a day, supplying "baseload" power. But the majority of plants are part-timers, firing up to meet intermediate and peak demand. Revving up their turbines means incurring fuel, labor and maintenance costs, which means operators like to get paid. The crisis months saw three distinct waves of blackouts, each related to plants dropping off line simply because they feared not getting paid.

In January, it was British Columbia Hydro, the big, government-owned operator of Canadian dams, which had kept California afloat on credit for months.

In March it was dozens of small California generators, known as "qualifying facilities," which no longer could meet their own fuel and labor bills because they weren't getting paid by their utility customers.

In July, it was the federal government imposing impenetrably complex price controls across the West, making it impossible for generators to know what price they were allowed to charge. Some shut down rather than take a chance, and since the federal intervention meant the entire region was on the griddle for California's mismanagement, the blackouts just happened to land in Nevada.

There was no shortage, in other words, no "energy crisis." There was only the unaddressed credit problems of the utilities.

We opined in January that Californians would be surprised at how quickly power prices return to normal. Yup. The state threw open the treasury to pay for the power the utilities could no longer afford and suddenly sellers were everywhere and prices fell. In the teeth of peak air-conditioning season, electricity prices are now back to normal.

In retrospect, what's amazing is that so many plants not only kept operating month after month despite being stiffed by the state, but produced 62% more power than they had the year before to keep California lit. Yet they've gotten nothing but abuse from the governor, who is still turning over every legal stone to try to avoid paying the IOUs.

There is no question that Western supplies were tighter than usual thanks to low water levels in Northwest river systems. But the evidence shows that Western markets were flexible enough to accommodate the glitches. All they needed was a creditworthy customer to deal with.

Unfortunately, Californians won't be benefiting from the return of normal pricing. In the throes of an "energy crisis," Gov. Davis signed $43 billion in long-term power contracts at ridiculously high prices.

Hardly was the ink dry on these deals before he was forced to begin selling this unneeded power back into the market at losses of 80 cents on the dollar. It gets worse. Last week came the most humiliating revelation of all. Officials have ordered one of the state's most efficient suppliers, a coal-fired plant that delivers power at a cost of two cents per kilowatt-hour, to dump its power into the ground so consumers can use Mr. Davis's high-cost power instead.

The truth being too gruesome to acknowledge, politicians have devoted themselves to peddling false lessons from all this. The state's new energy czar, David Freeman, insists the mess points up the advantages of socialism to protect the public from shortages. Less insanely, others blame California's rampant not-in-my-backyardism, but even this wasn't really the cause of the meltdown.

It's true California didn't build a major power plant during the 1990s, thanks to lingering surpluses and a raucous debate over the future of deregulation. But a regional wholesale market was already in full swing, allowing the West's existing complement of plants to be used more efficiently. And California actually did manage to add about 6,000 megawatts of output in the 1990s from small plants, thanks to joint federal-state rules that guaranteed a market for every erg they could churn out.

Never mind. The one thing politicians of every stripe can't let voters understand is that there was never any "energy crisis," only a grotesque act of fiscal mismanagement.

Some $25 billion in annual power consumption was transformed into a bill for $50 billion for no good economic reason that anybody could possibly defend. By refusing to look this fact in the eye, Californians have set themselves up to keep paying inflated prices for decades to come.

--------------------------------------------------------------------------------
URL for this Article:
http://interactive.wsj.com/archive/retrieve.cgi?id=SB999643408139155270.djm

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Copyright ? 2001 Dow Jones & Company, Inc. All Rights Reserved.
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Yes, lets terminate the older agreement provided there are no deal s still in
effect.  Do you have a form of termination letter? Does contract adm  take
care of these?

Debra Perlingiere
Enron North America Corp.
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Sorry it took so long to get back to you.  Today has been beyond frenetic.

I agree with your comment #1.  I expect they will ask us for a rep like the
one in #2, but they still want to hear it from GE.

Kay

Ben F Jacoby@ECT
12/04/2000 11:45 AM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: FW: Form of GE acknowledgement letter

Kay:

My comments as follows:

1. In item 1, we should reference Coral's purchase of 80% of the member
interests, and potential purchase of the remaining 20% after the COD.

2. Shouldn't we be able to handle item 2 with an ENA rep?

I think the acknowledgement letter needs to be very narrow with respect to
the sale of the 80% member interest to Coral, and potential purchase of the
remaining 20%.. An acknowledgement from GE that the sale of the 80% and
subsequent sale of the remining 20% comply with the assignment provisions
should be sufficient.

Regards,

Ben
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 12/04/2000 09:43 AM
---------------------------

"Whaley, Don" <DWhaley@coral-energy.com> on 12/04/2000 11:15:38 AM
To: "'Ben.Jacoby@enron.com'" <Ben.Jacoby@enron.com>
cc:
Subject: FW: Form of GE acknowledgement letter

-----Original Message-----
From: George Kutzschbach [mailto:gkutzschbach@fulbright.com]
Sent: Monday, December 04, 2000 11:03 AM
To: Kay.Mann@enron.com
Cc: Reynaud, Ann; Whaley, Don; Shepherd, James L.
Subject: Form of GE acknowledgement letter

Subject to review of the final form of Facility Agreement, attached is a
proposed form of acknowledgement letter which would be required to be
obtained from GE with respect to each LLC, with the name of each LLC
changed accordingly.

 - 5wk8801_.DOC


Dave:

Just for preparation - I'm on your schedule at 9:30 tomorrow morning.
Attached are the quick points I want to cover.

Jeff


FYI, John Bryson is on the board of the LA Times.

Gavin Dillingham@ENRON_DEVELOPMENT
08/10/2000 02:55 PM
To: Joe Hartsoe@ENRON, Sandra McCubbin@EES, Susan Mara@EES, Paul Kaufman@ECT,
Karen Denne@ENRON, Jeff Dasovich@EES, Mark Palmer@ENRON, James D Steffes@EES,
Steven J Kean@EES, Richard Shapiro@EES, Elizabeth Linnell@EES, Jeannie
Mandelker@ECT, filuntz@aol.com
cc:

Subject: California Power Issue

Following is an excerpt from a LA Times article illustrating a different,
more negative point of view concerning deregulation compared to earlier
articles I had sent.
The whole article is attached at the bottom.

Overconfident lawmakers even inserted as Section 330A of the Public Utilities
Code: "It is the intent of the Legislature that a cumulative
rate reduction of at least 20% be achieved not later than April 1, 2002, for
residential and small commercial customers from the rates
 in effect on June 10, 1996."

Fat chance! And under deregulation, with production of electricity in
independent hands, separated from the major utilities,
 there is a division of responsibility: When things go wrong, it is nearly
impossible to assess whom to blame.

So where do we go from here?

Already, while ostensibly resisting re-regulation, utility officials are
suggesting they need help. This is not surprising. Deregulation
 is one of the most oversold concepts in American life. Without a continued
government hand, things frequently run off the tracks.

When John E. Bryson, chief of Edison, came last week to The Times to meet
with reporters and editorial writers, he expressed
mystification that market prices have been so high, even at times when demand
is relatively low.

He called for a federal investigation of the price levels.

In the meantime, he and aides suggested, some price ceilings might be
temporarily
in order.

I suspect they might not be all that temporary.

If after joining in a $40-million utilities campaign to defeat a quixotic
ballot initiative that would have stifled
 deregulation, Edison leaders are now proposing so much regulation, it shows
not only a commendable candor but also
how grim they realize the immediate prospects are.


Greg,

I am forwarding you the notes from a regular weekly meeting with one of our
summer interns.
He works on review of the literature regarding drivers behind bid - offer
spreads.
Please, let me know if you would like additional info.

Vince

 -----Original Message-----
From:  Lee, Bob
Sent: Friday, June 08, 2001 9:59 AM
To: Kaminski, Vince J; Lu, Zimin; Bharati, Rakesh; De, Rabi; Huang, Alex;
Shanbhogue, Vasant; Supatgiat, Chonawee; Barkley, Tom
Cc: Kim, Jinbaek
Subject: Market Maker Discussion

The next session to discuss papers on models for setting the bid-ask spread
will be

Friday, June 15 2:00-3:00PM in 19C2

If you want copies of the papers Jinbaek will present ahead of time, let me
know and I will provide a copy.  A summary of yesterday's session is attached.

Bob Lee


approved