------- Failure Reasons  --------

User  not listed in public Name & Address Book
kmuch@statoilenergy.com

------- Returned Message --------
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From: "Tana Jones" <Tana.Jones@enron.com>
To: kmuch@statoilenergy.com, aherrera@statoilenergy.com
cc: "Bob Bowen" <Bob.Bowen@enron.com>
Message-ID: <862568D9.0074730D.00@notes.ect.enron.com>
Date: Mon, 8 May 2000 16:11:54 -0500
Subject: Statoil Reconciliation
Mime-Version: 1.0
Content-type: multipart/mixed;
 Boundary="0__=1mamsphLcYBYgomj8bt8hBTmt9aFkkdOwLMfdhj3dloLC9OO2BlijkNb"
Content-Disposition: inline

--0__=1mamsphLcYBYgomj8bt8hBTmt9aFkkdOwLMfdhj3dloLC9OO2BlijkNb
Content-type: text/plain; charset=us-ascii
Content-Disposition: inline

At the request of Anita Herrera, I am enclosing a copy of a list that shows
the
discrepancies that our records show from the list we were sent of trades to be
assigned to J. Aron.  Please resolve the trades issues directly with Bob
Bowen.
His # is 713/853-7859.
----- Forwarded by Tana Jones/HOU/ECT on 05/08/2000 04:05 PM -----
|--------+----------------------->
|        |          Bob Bowen    |
|        |                       |
|        |          05/08/2000   |
|        |          02:28 PM     |
|        |                       |
|--------+----------------------->

>----------------------------------------------------------------------------|

|                                                                            |
  |       To:     Tana
Jones/HOU/ECT@ECT                                       |
  |
cc:                                                                  |
  |       Subject:     Statoil
Reconciliation                                  |

>----------------------------------------------------------------------------|

Attached is the latest data on the above:

(See attached file: JAronStatoilReconciliation.xls)

--0__=1mamsphLcYBYgomj8bt8hBTmt9aFkkdOwLMfdhj3dloLC9OO2BlijkNb
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Content-Disposition: attachment; filename="JAronStatoilReconciliation.xls"
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Content-Description: Microsoft Excel 97

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--0__=1mamsphLcYBYgomj8bt8hBTmt9aFkkdOwLMfdhj3dloLC9OO2BlijkNb--


Bob Shults is scheduled to be in Atlanta, GA on the 17th of March and would
like to reschedule the "customer profiling meeting", to Tuesday, March 21st
at t 1:30 p.m., location to be announced.  If you are unable to attend please
let me know.

Lydia
3-9975


Iris,

Can you forward me the attachments to this message.
I cannot open them.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/23/2001
11:10 AM ---------------------------
From: Iris Mack/ENRON@enronXgate on 04/20/2001 02:09 PM
To: Ben Parsons/LON/ECT@ECT, Markus Fiala/LON/ECT@ECT, Simon
Brooks/LON/ECT@ECT, Nicholas J Stephan/LON/ECT@ECT, Reza
Rezaeian/EU/Enron@ENRON, Seung-Taek Oh/NA/Enron@ENRON, Ilan
Hershkovitz/LON/ECT@ECT, Robert Diprose/LON/ECT@ECT, Nigel Price/LON/ECT@ECT,
Sally Golden/LON/ECT@ECT, Jean-Sebastien Fontaine/Corp/Enron@Enron, Mike
Gordon/AP/Enron@Enron, Derek Lee/EU/Enron@Enron, Vasant
Shanbhogue/ENRON@enronXgate, Amitava Dhar/Corp/Enron@ENRON, Scott
Salmon/EU/Enron@Enron, George Albanis/LON/ECT@ECT, Tomas Valnek/LON/ECT@ECT,
Darren Vorster/LON/ECT@ECT, Petter Larsson/EU/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: RE: Asset Swap and LIBOR Model Docs

Thanks, will look at these along with the other models.

Regards,
Iris

 -----Original Message-----
From:  Parsons, Ben
Sent: Friday, April 20, 2001 12:50 PM
To: Fiala, Markus; Brooks, Simon; Stephan, Nicholas; Rezaeian, Reza;
Seung-Taek Oh/NA/Enron@ENRON; Hershkovitz, Ilan; Diprose, Robert; Price,
Nigel; Golden, Sally; Fontaine, Jean-Sebastien; Gordon, Mike; Lee, Derek;
Shanbhogue, Vasant; Dhar, Amitava; Mack, Iris; Salmon, Scott; Albanis,
George; Valnek, Tomas; Vorster, Darren; Larsson, Petter
Subject: Asset Swap and LIBOR Model Docs

The LIBOR and asset swap models are now live on the traders' desktops, so in
order to aid your understanding and validation of them, here are the
technical documents:

 << File: LiveLIBOR.pdf >>  << File: AssetSwap.pdf >>

Please read, and report back with any questions, criticisms or ideas.
Feedback is the only way we'll ever progress forward......

thanks

Ben


I am troubled by your report.  Perhaps we need to threaten to revoke the
anmesty and impose sanctions for noncompliance?  Or deputize someone mean to
search file cabinets?  In all seriousness, would all of you please remind
your troops of the importance of this effort, as I will with my folks.  Rick,
thanks for the hard work  and perseverance on this.  DF

Rick Dietz
05/05/2000 01:49 PM
To: Julia White/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON, Michel Nelson/ET&S/Enron@ENRON
cc:

Subject: Please Read - Document Control Project

Honestly,  Drew Fossum told me "If you build it, they will come".

Well, the ET&S Contract Administration Group has successfully reconfigured
the contract file room in Houston to house any and all ET&S agreements in a
secured environment.  But frankly, we are disappointed in the response that
we have received to date.  We have only received a few documents from the
Minneapolis Area Office and from Market Services in Houston.  Hopefully, the
memo that I sent to you on April 7th was forwarded to your direct reports
with instructions on providing any originals or copies of agreements created
outside the CMS/CBS systems to the Contract Administration Group in Houston.
If you would like me to forward this memo to you again, please let me know.

We have established contacts for all locations across ET&S to receive and log
any originals or copies of agreements/documents given to them by department
employees before forwarding them to the Contract Administration Group in
Houston.  The contacts, who have already been notified of their role in this
process, are:

  Department   Contact

  Marketing (Omaha)  Laura Lantefield
  Marketing (Omaha)  Joni Bollinger
  Marketing (Omaha)  Janet Bowers
  Marketing (Mpls.)  Lisa Valley
  Marketing (Field)  Craig Buehler
  Legal    Martha Benner
  Regulatory   Barb Bischoff
  Operations   Judy Kudym/Mike Nelson
  Market Services (Houston) Patricia Steele

If you have not already done so, please forward the April 7th memo (or this
memo) to your staff showing your support for this project.  If you have any
questions, please contact me at extension 35691 or Pat Steele at extension
37712 .

Rick


http://www.consultrci.com

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************************************************************************
SourceBook Weekly December 4, 2000 Issue:
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
MISO: WHAT IS THE FUTURE OF THE MIDWESTERN TRANSMISSION GRID?
The Midwest Independent Transmission System Operator (MISO) has been in
a state of flux as of late, as its expansion efforts have taken some dramatic
turns with major players announcing to withdraw from membership.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
FERC UNDER FIRE: CALIFORNIA IOUS RESPOND TO PROPOSED ORDER WITH SHARP
CRITICISM
The Federal Energy Regulatory Commission's (FERC's) concession that the
market rules and structure for wholesale of electricity in California are
"flawed" resulted in a 77-page proposal early in November to repair the
situation. The reaction from California's three investor-owned utilities
(IOUs) was immediate and overwhelmingly critical.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
ESSENTIAL.COM PARTNERS WITH SHELL: ALLIANCE MAY PROVIDE EDGE OVER UTILITY.COM

In a small step forward for its Internet energy services, Essential.com
has partnered up with Shell Energy to offer a lower-cost natural-gas choice
to customers of Atlanta Gas Light. It appears that both companies will
benefit immensely from the partnership, but in very different ways.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
ALLEGHENY ENERGY: FORGING AHEAD IN GENERATION DEAL WITH ENRON
Allegheny Energy's recently announced purchase of three gas-fired merchant
plants from Enron North America reaffirms its strategy of expanding its
geographic footprint and strengthening its unregulated generation capability.
From Enron's point of view, the sale confirms its stated policy of pursuing
"contractual" rather than "physical" assets.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
ENERGY PRIVATIZATION IN MEXICO: THE FUTURE RESTS IN THE HANDS OF A NEW
ADMINISTRATION
Energy privatization and the future of electric supply and demand are issues
to be dealt with by Mexico's new president, Vicente Fox, as took over the
helm of the country on Dec. 1.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
WILLIAMS COMMUNICATIONS CONTINUES SPIN-OFF TREND
Williams is planning a spin-off of its Williams Communications (NYSE: WCG)
subsidiary, which should take effect the first part of next year.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************

===============================================================
SCIENTECH IssueAlert, December 6, 2000
LADWP Continues to Shine Despite California's Dark Period
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

Reduced electricity supplies across the state forced the California
Independent
System Operator (Cal-ISO) on Tuesday to declare a Stage One Power Emergency
for the second consecutive day. The Cal-ISO is calling on all California
electricity customers to increase their energy-conservation efforts, and
urging them to delay turning on holiday lights until after 8 p.m. Responsible
for the reliability of California's electricity grid, the Cal-ISO declares
a Stage One emergency when the state's power reserves drop to 7 percent.
In contrast, the Los Angeles Department of Water and Power (LADWP), the
municipal utility that primarily serves the greater Los Angeles metro area,
announced that its more than 3.7 million businesses and residences are
enjoying stable electricity prices and a plentiful supply heading into
the holiday season.

ANALYSIS: What a sweet irony this must be for David Freeman, LADWP's general
manager. Just two years ago the municipal utility*the largest city-owned
utility in the United States*was ridden with massive debts and faced an
uncertain future. Now, LADWP in many ways can be seen as the only success
story on a landscape that is marked by one IOU maelstrom after another.

Let's take a step back and assess how LADWP was able to insulate itself
from the California crisis. Back in 1997, Freeman was brought on board
at LADWP (from the Cal-ISO, no less) to essentially save what was thought
to be a sinking ship. Straddled with $7.9 billion in debt, the need to
cut about 1,500 jobs and a likelihood of increasing rates for both residential
and industrial customers, Freeman's decision to take on the role of managing
LADWP seemed like many to be a herculean task. Yet Freeman arrived at LADWP
with an aggressive reorganization in mind, including the primary goal of
lowering rates and becoming debt-free by 2003.

Early on, Freeman made a critical decision*one that in hindsight appears
to be flawless*for LADWP to opt out of deregulation while the state's three
IOUs (PG&E, SCE and SDG&E) continued down the treacherous path of
restructuring.
While the IOUs began divesting themselves of generating facilities as means
of averting market power issues (due to agreements established with the
CPUC) LADWP was a prime example of public power throughout the United States
electing to keep the integrated utility model. In addition, Freeman blocked
ongoing attempts by a consortium led by Duke Energy to buy LADWP's trading
unit, and thus maintained control over the muni's generation assets.

Enter the summer of California's discontent. With demand on an unexpected
increase and supplies in questionable availability, LADWP found itself
having the upper hand. The wholesale market over the last year or so clearly
has favored generators, and LADWP was one of an elite group of companies
that capitalized on the disparity between supply and demand. Critics accused
LADWP of "profiteering," but Freeman contended that the utility was just
taking advantage of California's flawed market. The truth is that LADWP
was in the right place at the right time, and maximized its ability to
generate cash via power trading, which it used to drive down its debt.
A shrewd move by any estimation.

The utility ran its plants flat out for most of the hot season, illustrated
by the fact that it got fined for violating emission standards. Some reports
indicate that LADWP earned about $45 million just from surplus power over
the course of the summer. These profits only added to what LADWP had made
in the previous year. Fiscal year 1999 wholesale energy marketing and
transmission
services generated $98 million, which, along with other sources of wholesale
revenue, marked a growth of 118-percent over 1998.

The problems that were so well documented last summer have not stopped
with the onset of cooler temperatures. Ongoing structural problems within
the state of California continue to result in concerns about supply and
warnings of sudden increases in prices. As noted, the state continues to
face new challenges as generation that had been expected to be online has
been forced off, including a substantial amount from plants that had expired
air emissions credits. A squeeze on imports from the Pacific Northwest*another
carry over problem from the summer*also has complicated the situation in
California.

And, while the state IOUs evaluate long-terms contracts with energy providers
(based on today's high prices), LADWP is free to continue with an aggressive
generation plan. Among its objectives are to add 2,900 MW of power generation
within its service territory in the Los Angeles basin. The end result of
this would be less dependence on external sources for power and instant
supply available at times of peak demand. Also high on the list of Freeman's
priorities is the development of generation from renewable or alternative
energy sources. Already demonstrating a good record for green power, LADWP
wants to cut its NOx  emissions at its in-basin plants by 65 percent by
2010. Toward that end, just this week LADWP announced that it has contracted
for two additional fuel cell power plants that it will install in the Los
Angeles area. The first 250 kW Direct FuelCell power plant is to be delivered
in the fourth quarter of 2001, and the second in the first quarter of 2002.
A previously ordered 250 kW fuel cell power plant, announced last year,
is to be installed at the LADWP headquarters in the second quarter of 2001.

Along with having no worries about supply, LADWP customers also can look
forward to a 5-percent rate reduction that should take effect by 2002,
followed by a 10-percent rate reduction that has been proposed for 2003.
As criticism continues to mount against California's competitive wholesale
market, it certainly appears that LADWP took a prudent route by opting
out of competition and retaining its integrated model three years ago.
===============================================================
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Bob is out with the flu and may be out through tomorrow.  I will coordinate with him on org charts.  Where do you want to have Gas Logistics - under Bob in operations or under trading?  Given your answer, we just need to be consistent with commercial on this for the org charts.

Also, I talked with Bob Hall today and would expect to hear definitively from him tomorrow regarding his commitment to Netco.  I had an interesting conversation with Barry Pearce this morning, and sounds as if you already have an alternative plan under way.  --Sally

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, January 02, 2002 6:44 PM
To:	Kitchen, Louise; Colwell, Wes; Hodges, Georgeanne; Milnthorp, Rob; Zufferli, John; Hedstrom, Peggy; Myers, Thomas; Bradford, William S.; Will, Lloyd; Beck, Sally; Hall, Bob M; Presto, Kevin M.; Forster, David; Reeves, Leslie; Gaskill, Chris; Superty, Robert; Lagrasta, Fred; Luce, Laura; Tycholiz, Barry; Redmond, Brian; Vickers, Frank; Gossett, Jeffrey C.; Arnold, John; Grigsby, Mike; Allen, Phillip K.; Neal, Scott; Martin, Thomas A.; Shively, Hunter S.; Rub, Jenny; Webb, Jay; Haedicke, Mark E.; Buy, Rick; Calger, Christopher F.; Duran, W. David; Robinson, Mitch; Curry, Mike; Heizenrader, Tim; Belden, Tim; Steffes, James D.; Aucoin, Berney C. ; Roberts, Mike A.; Oxley, David
Cc:	Lavorato, John; Schoppe, Tammie
Subject:	RE: NETCO

Organisational Charts have been requested by one of the potential Buyers.  Please send to Tammie by close of play tomorrow.

Thanks

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Monday, December 31, 2001 12:54 PM
To:	Colwell, Wes; Hodges, Georgeanne; Milnthorp, Rob; Zufferli, John; Hedstrom, Peggy; Myers, Thomas; Bradford, William S.; Will, Lloyd; Beck, Sally; Hall, Bob M; Presto, Kevin M.; Forster, David; Reeves, Leslie; Gaskill, Chris; Superty, Robert; Lagrasta, Fred; Luce, Laura; Tycholiz, Barry; Redmond, Brian; Vickers, Frank; Gossett, Jeffrey C.; Arnold, John; Grigsby, Mike; Allen, Phillip K.; Neal, Scott; Martin, Thomas A.; Shively, Hunter S.; Wynne, Rita; Rub, Jenny; Webb, Jay; Haedicke, Mark E.; Buy, Rick; Calger, Christopher F.; Duran, W. David; Robinson, Mitch; Curry, Mike; Heizenrader, Tim; Belden, Tim; White, Stacey W.; Steffes, James D.; Aucoin, Berney C. ; Roberts, Mike A.; Oxley, David
Cc:	Lavorato, John
Subject:	NETCO

The New Year has arrived and we really to finalize a lot of the work with regards to moving into NETCO.  Obviously we still do not have a deal but the deadline is approaching and preparations need to be finalized.

The main areas to focus on over the next week are:-

(i) 	Re-start/Integration Plans (due on Jan 7)				To be forwarded to Louise
	These plans need to be detailed and show clear detailed timelines and detailed responsibilities for getting us up and running as soon as possible.
	The current restart date is January 21, 2001 but may be pushed forward to January 14, 2002.
(ii)	Budget (due Jan 3, 2002)						To be forwarded to Faith Killen
	First year budget to include all start up costs (some of which can be amortized)
(iii)	Seating Plans								Tammy Shepperd to co-ordinate
	We need to start the planning process for seating as we will be living on floors 5 & 6 of the Enron South building.
	I have asked Tammy Shepperd to commence the seating plan and we would look to start the moves as soon as possible but with a large number occuring around January 11,2002.
(iv)	Due Diligence
	We continue the process with two new companies this week (Wednesday and Thursday). Andy Zipper is taking the lead for the company arriving on Wednesday, please help him with his requirements.

I would ask that both John and I are notified of any changes to the Netco personnel list on a timely fashion and that the list is maintained on a continual basis.  Please forward all alterations to Jeanie Slone who has responsibility for the master list.

Communication - I believe that the New Year combined with a internal communication issues may be a good time to review what we want to say on Netco and what our policies are.  I am asking David Oxley to co-ordinate with all of you on this.  I know a lot of you believe that we need to only communicate once we have retention programme in place for the estate which may be a good idea but we we need to make sure that we lose as few people as possible.

If you are unavailable this week, please ensure you delegate this work out.

Happy New Year

Louise


Sally,

Attached is the resume for Tana Cashion.  Thank you for your help.

James Scribner

405/841-8607
jscribn@email.fleming.com

 - Tana Cashion_1.doc


Sorry, I forgot to include the room. We'll meet in EB791.
---------------------- Forwarded by Jeff Johnson/Corp/Enron on 05/18/2000
08:36 AM ---------------------------

Jeff Johnson
05/18/2000 08:37 AM
To: Jeff Johnson/Corp/Enron@Enron, Kenneth M Harmon/HOU/ECT@ECT, Chris
Schomer/Corp/Enron@ENRON, Philip R Glass/HOU/ECT@ECT, Melissa
White/HOU/ECT@ECT, Glenn Kobes/Corp/Enron@Enron, Wayne
Andrews/Corp/Enron@ENRON, Pamela Lebrane/Corp/Enron@ENRON, Susan S
Marshall/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect, Bob Klein/HOU/ECT@ECT, Rebecca
Ford/HOU/ECT@ECT, Scott Williamson/HOU/ECT@ECT, Scott F Lytle/HOU/ECT@ECT,
Mark Schmidt/Corp/Enron@ENRON, Jefferson D Sorenson/HOU/ECT@ECT, Sheila
Glover/HOU/ECT@ECT, Laurel Adams/HOU/ECT@ECT
cc: Beth Perlman/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT

Subject: SAP / Financials / Unify Interface Coordination Mtg

As scheduled, we are planning a quick status check meeting on the SAP / Unify
/ Financials project  at 4:00 today.

Key points that will be discussed include:
Current status of any open requirement points (and resolutions to close them)
Current status of Financials development and testing (hopefully some good
news here)
Current status of SAP interface test (and we believe some good news here as
well)
Current status of contingency automated interface to Sift (Net-net: It's too
difficult to develop this in the required time but with the good news above
we may not need it)
Status and action items for FIT4 test planning in June.

Thanks.


Left message for Bob - I don't see these deals in his trade log, so I can't
be sure whether or not they're good. Again, we'll have to wait for the trader
and broker to verify this.

Evelyn Metoyer@ENRON
01/05/2001 01:53 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 1/5/00 Checkout

AMEREX

I am missing the following deals for Bob Badeer:

Enron buys from EES April'01  NP-15 off-peak  at $94.95
Enron sell to Duke APril'01 NP-15 off-peak at $95.00


Hi, Robbi!

I've been meaning to call you, but as you can imagine, it's been extremely busy here.  Hope you're okay and I'll try to talk with you soon.  No, we still haven't received anything from Robert Allen to return our fabric.  I was hoping they would send something last week, because we shipped our gifts to Washington and we could have sent it at the same time.  Let me know what you hear from them.

Let's try to get together after the 1st.  I know it's going to be too busy this week and next, so why don't we shoot for after the new year.

If I don't talk to you soon have a Merry Christmas and Happy New Year!

Marie

 -----Original Message-----
From: 	"robbi rossi" <hooksdivision@sbcglobal.net>@ENRON
Sent:	Friday, December 14, 2001 6:44 PM
To:	Heard, Marie
Subject:	Robert Allen

Marie,

  Did they ever pick up your material?   If not, let me know and I will call them again.

  Hope all is well with you.  Let's get  together soon!


CALENDAR ENTRY:	APPOINTMENT

Description:
	Budget Mtg - 4102 (Caroline)

Date:		5/11/2001
Time:		2:00 PM - 3:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Great--the front running ideas now are (1) an operational sale in the San
Juan of the 20,000 we recieve there and an offsetting operational purchase
(less basis differential) at some other location (i.e., the permian) thus
freeing up 20,000/d of physical space on the lateral; or (2) an exchange
agreement under which a party takes our 20,000 in the SJ and gives us back
the same amount, less basis differential, in the permian.  The SJ 20,000
would still physically flow down the lateral, but it would have to move under
someone's transport agreement--in other words it wouldn't be incremental to
our 850,000/d of firm transport obligations.  I don't know if this will work
yet, but it was a creative idea by Keith and Donna.  I'm eager to talk to
Steve Harris and Susan about this because it sounds similar to a scenario
that Susan researched  a while ago and that Lindy explained to me--maybe
there are problems or solutions yet to be considered.  DF

Keith Petersen
12/14/2000 04:07 PM
To: Mary Kay Miller/ET&S/Enron@ENRON
cc: Donna Martens/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON

Subject: Gallup Expansion

Today we had meeting to discuss the filing for the 10 MMcf/d expansion.
Donna covered her needs so that a filing draft can be sent out on 12/15/00.
There was discussion on the possibility of having an Open Season.  Drew
covered his thoughts of not having an Open Season and building the project At
Risk.  Once we are ready to put the changes into service we would post the
capacity.  At this time Donna has received all of her information is putting
into a draft.

After our meeting this morning, we discussed the possibility of moving only
the 850 MMcf/d on the San Juan lateral and not include the 20 MMcf/d of
fuel.  If we are to only move the 850 MMcf/d, the changing of horsepower may
not be needed (I have a call into Ron Matthews for the answer).  The reason
we are asking this question is save capital dollars and speed up the in
service date.  Planning has said that any change we make at the Gallup
station will not work for the main expansion.  Drew and Maria are looking for
a way to bring the fuel or a portion of the 850 MMcf/d in at another point
(Drew to explain in more detail).  The reason we are asking these questions
is that engineering says the project will not be ready for service until the
third quarter of 2001.  We may miss an opportunity.

I will be in early tomorrow or you can reach me at home tonight after 9:00 PM
(896-1025), if have any questions.

Keith


Vicki:
I'll assume that for the meeting tomorrow, you folks will call me at my
office number--415.782.7822.

Best,
Jeff


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 01/07/2000
12:34 PM ---------------------------

	Enron North America Corp.

	From:  Maria Sandoval                           01/07/2000 09:45 AM

To: Andrea R Guillen/HOU/ECT@ECT, Chantelle Villanueva/HOU/ECT@ECT, Margo
Reyna/HOU/EES@EES, Cecilia Olvera/HOU/ECT@ECT, Irena D Hogan/HOU/ECT@ECT,
Elizabeth Soto/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT, Melissa
Rodriguez/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT, Sheetal Patel/HOU/ECT@ECT,
Bob Bowen/HOU/ECT@ECT, Lorraine Becker/HOU/ECT@ECT, Angela Henn/HOU/ECT@ECT,
Kristie Youngblood/HOU/ECT@ECT, Hannah Ortiz/HOU/ECT@ECT
cc:
Subject: FW: WOW! Another New Years

ENJOY!!!
---------------------- Forwarded by Maria Sandoval/HOU/ECT on 01/07/2000
09:43 AM ---------------------------

Yolanda Sandoval <Yolanda.Sandoval@Halliburton.com> on 01/07/2000 09:39:51 AM
To: "'Castillo, Margaret'" <MCastillo@metromkt.com>, "'Beverly Taylor'"
<bevctaylor@aol.com>, "'Gilbert Hernandez'" <ghernandez@sbec.com>, Maria
Sandoval/HOU/ECT@ECT, Tammy Brzozowski <Tammy.Brzozowski@Halliburton.com>,
"'Tony Nunez'" <anthony.nunez@chase.com>, Ursula Tovar
<Ursula.Tovar@Halliburton.com>, Sylvia Balderas
<Sylvia.Balderas@Halliburton.com>
cc:
Subject: FW: WOW! Another New Years

Yolanda Sandoval
KBR Legal Dept.
713-753-5986
yolanda.sandoval@halliburton.com

 <<One World~Many Parties.pps>>

 - One World~Many Parties.pps


The Federal Energy Regulatory Commissionn (FERC) has changed the start time
of the Technical Conference scheduled for Tuesday, June 19, 2001.  The
meeting will now begin at 11:00 a.m. E.T.

The Capitol Connection is offering this meeting via the internet and phone
bridge only.

If you have any questions, please contact our office at capcon@gmu.edu or
at 703-993-3100.

Thank You,

The Capitol Connection


I wanted to let you know that the deadlines for dropping the curves and risk book calculations are no longer in effect. Thanks for your help on this, it was greatly appreciated.

John

 -----Original Message-----
From: 	Postlethwaite, John
Sent:	Wednesday, October 31, 2001 2:46 PM
To:	Driscoll, Michael M.; Swerzbin, Mike; Badeer, Robert; Motley, Matt; Crandall, Sean; Scholtes, Diana; Richter, Jeff; Alonso, Tom; Coffing, Timothy; Williams, Bill; Mallory, Chris; Salisbury, Holden; Alport, Kysa; Symes, Kate; Bishop, Serena; Fischer, Mark; Foster, Chris H.
Cc:	Belden, Tim; Chang, Fran; Dunton, Heather; Law, Samantha; Warner, Nicholas
Subject:	Risk book calculations

Due to current circumstances, until further notice all curves need to be marked by 12:30 pm and the Risk Management group will begin all calculations by 1:15 pm Pacific time. We will try to work with all of you the best we can, but please understand that it will be on a case by case basis. We have been asked to ensure that we meet these deadlines as often as possible. If you have any questions or concerns regarding these times please let me know.

John

John Postlethwaite
EPMI-West Power Risk Management
503-464-7756


Start Date: 10/17/01; HourAhead hour: 21;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101721.txt

Error retrieving HourAhead price data - process continuing...


I want to remind each of you to attend the Enron Employee Meeting tomorrow at 10 a.m. in the Hyatt Regency Imperial Ballroom.  I hope to introduce many of you at the meeting, so please plan to sit up front.  Seats will be held for you.

This will be a very important meeting.  I look forward to seeing you there.

Regards,
Ken

P.S. Remember to bring your badges -- security will be checking to ensure only employees are allowed in.


Dear Mr. Dasovich,

Here are the email addresses for Dean Tyson and Marybeth Schubert:
tyson@haas.berkeley.edu
schub@socrates.berkeley.edu

They look forward to receiving email from you this afternoon. Marybeth will
get back to you by 6pm today.

Regards,
Meredith


This message was not  sent unsolicited. Your email has been submitted and verified for opt in promotions. It is our goal to bring you the best in online promotions. 	  [IMAGE]

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You will need to contact the credit department,  Veronica Espinoza or Russell
Diamond, request a creditsheet and I will darft an agreement.

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


call me

-----Original Message-----
From: Thames, Davis
Sent: Wednesday, October 31, 2001 8:33 PM
To: Mckay, Brad
Subject: Lunch

Brad, if you have a few minutes to get away for lunch, let me know.
--------------------------
Davis Thames


HI - I"ll be at our annual meeting at the Hilton DFW Lakes in Dallas  (817)
481-8444
Driving with a co-worker this afternoon; return Sunday afternoon.  Have a
good weekend -and do feel sorry for me.    -c.

Cara White
Community Development Coordinator
USTA Texas Section
1-888-883-6388
cWhite@texas.usta.com


sounds good.

	Cameron Sellers <cameron@perfect.com>
	06/06/2001 12:43 PM

		 To: "'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: RE: FW: Enron Demo Recap

How about we do dinner together - pesto??

Cameron Sellers
Vice President, Business Development
PERFECT
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:    Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent:   Wednesday, June 06, 2001 10:34 AM
To:   Cameron Sellers
Subject:   RE: FW: Enron Demo Recap

sounds good. let's catch up tomorrow nite.

Best,
Jeff

                    Cameron

                    Sellers              To:     "'Jeff.Dasovich@enron.com'"

                    <cameron@perf        <Jeff.Dasovich@enron.com>

                    ect.com>             cc:

                                         Subject:     RE: FW: Enron Demo
Recap
                    06/06/2001

                    12:14 PM

I totally understand.  It sounds exciting though.  I can't wait to hear the
details.

I am with Renee tonight, but I will be home tomorrow night.  Why don't we
talk then??

Good luck with everything!!

-C

Cameron Sellers
Vice President, Business Development
PERFECT
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:           Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent:           Wednesday, June 06, 2001 7:48 AM
To:        Cameron Sellers
Subject:        Re: FW: Enron Demo Recap

 << File: image001.jpg >>

Hi.  I am completely buried.  This is is blown.  I'll be in town tonite and
tomorrow nite and we can discuss more then if you like.  Just let me know.

Best,
Jeff

                    Cameron

                    Sellers              To:
"'Jeff.Dasovich@enron.com'"

                    <cameron@perf        <Jeff.Dasovich@enron.com>

                    ect.com>             cc:

                                         Subject:     FW: Enron Demo Recap

                    06/04/2001

                    02:56 PM

Hope you guys had a wonderful weekend at the dome.  Is the deck completely
finished now??  Vegas was awesome, of course.  I ended up a couple hundred
or so.  Craps was king.

On the business side?WE MUST CLOSE THIS DEAL WITH ENRON.  This is SO
important for us.  It looks like things really went well and they have our
pilot proposal.  Is there ANYTHING you can do??  Anything to get to someone
who is a part of this group and just say random great things about us or
help move it forward.  We have to close two deals before the next board
meeting (4 weeks out) or we have to downsize again.  It won't be pretty.
Is there anyone you know or who might know someone to help this out?  Maybe
you get Lay to put a little pressure on.  Ha!

Back to the personal?PP wanted to have a steak dinner to try out the knives
early this week.  How about tomorrow night?  I'll make a nice mushroom
sauce??

Cameron Sellers

Vice President, Business Development

PERFECT

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: Ian Sullivan
Sent: Friday, June 01, 2001 8:48 AM
To: Cameron Sellers
Subject: FW: Enron Demo Recap

FYI on the Enron mtg...  I'll catch up with Jeff early next week, talk to
him about the mtg, and strategize on next steps.  I think we have a
legitimate chance to do something with this group at Enron, and need to
assess where Jeff can help without complicating the decision-making process
in the near-term.

-----Original Message-----
From: David Young
Subject: Enron Demo Recap

Here's a recap of our demo meeting with Enron's Global Strategic Sourcing
group on Tuesday...

Demo went well.  In attendance for Perfect were Ian, James M and David Y.
Enron's attendees were:

- John Gillespie - Sr Director GSS - Platforms & Processes (decision maker)
- Pam Tragesser - GSS Operations Mgr (asst to Derryl C - Sr Dir GSS -
Operations)
- John Will - Director Sourcing - Pipe Valves & Fittings
- Craig Brown - Director Sourcing - Chemicals, Oils & Lubricants
- Shirley Jo Dickens-Wilson - Enron Transportation Services Procurement Mgr
- Eugene Ribaudo - Enron Energy Services Procurement Mgr - ibuyit.com team
lead
- Ken Sommers - Enron Energy Services Procurement Mgr

Despite only having 1 hour to present, Ian competently ran through a
company and feature overview, then blasted through a demo of PS2 and PPD.
We did not get to show PI.  They all bought in that this was a
sophisticated sourcing tool, that it followed their processes and would
help streamline their operation.  Only negatives we heard was that the $1M
price tag was a show stopper, and that they were trying to minimize RFQs
and focus on release against agreements.  With 2000 revs at over $100B, and
a spend to match that, their ROI would be tremendous.

Shirley Jo said that her primary use of this system would be for any
purchase over $50k, which requires 3 bids.  She does not feel that she has
enough of these events to justify implementation in her ETS group.

Their current processes are basically pen, paper, phone and fax.  They do
use RFQ templates and Excel spreadsheets.  They also model Total Cost of
Ownership - evaluating the total lifecycle of materials.

They are using their homegrown auction platform, DealBench, and were trying
to compare this against our system.  Their transaction fees for using the
DealBench system are minor, so our pricing looks high, but that would be
comparing apples against oranges.  I will address this in the cover letter
on the pilot proposal we will send.

Questions that came up included:

- What is the difference between maverick spend in Procurement vs Sourcing?
Ian responded Perfect reduces maverick spend during the sourcing cycle by
standardizing company best practices and providing
visibility/accountability of vendor selection criteria.

- How does the optimization calculation work?  Ian gave basic explanation
of input variables and ranking/scoring.  Don't feel we need to elaborate on
this at this point, possibly in future.

- Can we utilize a hands-on demo to play with the system?  We suggested a
pilot, but also said that it might be possible to work something out over
Webex just to test drive a little more before moving into a pilot.

We agreed that the next step is for us to send a pilot proposal and they
will get together either Friday or sometime next week to review the
proposal, discuss their opinions and determine the next step.

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

I sent the Pilot Proposal and cover letter out today by email after final
approval by Ian.  I will followup on Monday to find out what their
evaluation gameplan is and to suggest meetings so that we can get ROI
inputs to allow James to workup an ROI proposal.

David M. Young
Manager- Enterprise Sales
Perfect Commerce, Inc.
1860 Embarcadero Rd., Suite 210
Palo Alto CA  94303
Tel:  650-798-3356
Email:  dyoung@perfect.com

"Sourcing - the identification, evaluation, negotiation, and configuration
of supply partners - is the single largest opportunity for an organization
to impact the cost, structure, and overall efficiency of its supply chain."
-- Aberdeen Group, Inc.

(See attached file: image001.jpg)


this is a funny video.  hopefully you can open it up.  i have some other good
stuff also.  are you going to go out tonight?  i think i am heading to
silantes.  send me some funny stuff and i will give you a call later.

 - FingerPig.avi


eze-

glad to hear you are finally putting in an honest day's work!  let me know if you're planning on going to yoga tomorrow (wed).  i did like tuesdays with morrie, do you want me to pass it on to jai or give it back to you?  are you still planning your wine event on saturday?  i want to come, but i think jai is going to a hockey game for work that night.  hopefully i see you tomorrow night at yoga.

- c -


Hydro Quebec has forwarded to us their form of ISDA Schedule for the
referenced counterparty for review.  There is no indication of what Enron
business person is interested in this counterparty.  I will forward a copy of
the ISDA to Mr. "Canada" Suttle, and open a Lotus Notes entry with the
contact information.  We won't do anything until we receive a credit
worksheet from Credit.


Howdy Ags!!

The two-year remembrance of the Aggie Bonfire collapse is upon us.  We still unfortunately have no Bonfire, but there is something we, as Aggies, can get together and do to remember our Bonfire 12.

Off Campus Aggies and The Association of Former Students are sponsoring the second annual Everyone Bleeds Maroon Bonfire Memorial Blood Drive. Now, through this weekend, with the help of The Reveille Club of Houston and many A&M clubs throughout the state and nation, we will remember and honor our 12 fallen Aggies.

As you know, many around the state and country rallied around us at our darkest hour, and this is one little way, even when Bonfire returns, to show our appreciation for the support they gave us at our greatest time of need.  It's also a tremendous way to show we will not forget what happened on November 18, 1999.  Several of the families have expressed their support for this endeavor, and I think we need to do all we can to show them how much a part of the Aggie family they are, and how strong the Aggie Spirit is, was, and always will be.

The need for blood is a constant battle for blood banks around the country.  The holidays are especially critical as donation levels typically fall while the need for donations actually rises.  In the wake of the Sept. 11 terrorist attacks, record numbers of Americans turned out to give blood.  What many may not know is that the blood collections are only good for a limited amount of time.  This week begins the period when many units of blood collected will need to be replaced.

Last year, with very little notice, Aggies rallied to support our cause. We raised more 5,300 units of blood in 200.  Our goal for this year is to see 12,000 units of blood donated, and details on all the drives can be found at http://bleedmaroon.tamu.edu.   Also, most donation sites have a limited supply of Everyone Bleeds Maroon Bonfire Memorial Blood Drive T-shirts that you will receive in thanks for donating.

Drives will be held on Saturday, November 17 in Angelino County (Lufkin), Dallas, Ft. Worth, Denver (CO), Ft. Hood/Killeen, Houston and surrounding areas, Karnes City, Kingwood, Longview, Marshall, McAllen, and New Braunfels.  Drives are going on throughout the week in Austin, Beaumont, TAMU-Galveston, Phoenix (AZ), and into next week in San Antonio and Nacogdoches County.  Phoenix has challenged alumni in their area from all Big 12 schools to donate as a sort of friendly competition.

Here on the Texas A&M University campus, you can donate at the Commons, Rudder, the Rec Center, Bush Academic Building, Duncan, Zachary, Vet School, Bio-Bio, Sbisa, and Wehner.

Even if you can't make it out on the specific day to the specific place you can still get in touch with the blood bank in your area and ask to donate in the name of Everyone Bleeds Maroon.

If you gave in the wake of the Sept. 11 attacks you can still safely be a part of this event. Please pass this on and help spread the word.  We hope everyone will take the time to get out and give this week, and do their part in remembering the fallen of Nov. 18, 1999 as well as those no longer with us as of Sept. 11, 2001.

This is for Miranda, Jerry, Bryan, Tim, Jamie, Michael, Jeremy, Christopher B., Chris H., Lucas, Chad, Nathan, and all of the injured.  We'll never forget.

Thanks, Gig 'Em, and God Bless America.

Scott Blackwell '00
Chair, Everyone Bleeds Maroon
Off Campus Aggies
blackwell@tamu.edu


Given the evolution of a number of our businesses, we have decided to make an
organizational change.  The change is in response to a number of factors.
First, as a part of our new initiative in Enron Net Works, it is becoming
clear that we have the opportunity to quickly expand Enron,s underlying
business model to other commodity markets.  Such an expansion requires a
coordinated focus on strategy as we select and develop these opportunities.
Second, the success of EnronOnline and the continued expansion of our
wholesale activities in North America and Europe have increased the
coordination requirements across our North American and European operations.
As a result of these two factors, we are making the following organizational
changes effective immediately:

Cliff Baxter will move from Enron North America to Enron Corp. as Executive
Vice President and Chief Strategy Officer.
Mark Frevert will become Chairman and CEO of North America, replacing Cliff.
In addition, Mark will remain Chairman of Enron Europe.
John Sherriff will become President and CEO of Enron Europe.

We are confident that these changes will increase the effectiveness of our
organization.  Please join us in congratulating Cliff, Mark and John on their
new responsibilities.


Judy ran the overrun report for us. Attached in this section is the TCO run
with my comments on fixes. Joann please look at the other days and contracts.
We will need to figure out how to balance Hopewell without causing overruns
on the retro's. Any ideas???

---------------------- Forwarded by Joan Veselack/Corp/Enron on 04/17/2000
06:49 PM ---------------------------

jhickman@columbiaenergygroup.com on 04/17/2000 10:41:41 AM
To: " - *Stonestreet, Steven" <sstonestreet@columbiaenergygroup.com>, " -
*Joan.Veselack@enron.com" <Joan.Veselack@enron.com>
cc:

Subject: Overrun

Attached is your April to date overrun report.

 - BillingOverrun1.xls


there's a movie that Grisman's daughter did about Grisman and Jerry and bluegrass that opens at the embarcadero on wednesday.  might be worth checking out.


RSVP

Please note that IBM dial-up is going away.  If you are still using IBM and have NOT been converted to iPass please state why in response to this e:mail.

Thank you in advance for your IMMEDIATE  REPLY.


The closest plant to our site is in Crisfield, which is to the West about 10
to 15 miles.  DPL is the owner of the plant.  Capacity is 2,500 kw's in the
Summer and Winter and burns Fuel Oil #2.  Let me know what other information
you need.  Thanks
Ben


The last one wasn't readible apparently.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 03/01/2001 10:10 AM -----

	"susan mara" <smara@enron.com>
	Sent by: <nobody@sfgate.com>
	03/01/2001 10:08 AM

		 To: "susan mara" <smara@enron.com>
		 cc:
		 Subject: SF Gate: Energy Experts Belie Davis' Rosy Prediction/Summer
expected to be crunch time

----------------------------------------------------------------------
This article was sent to you by someone who found it on SF Gate.
The original article can be found on SFGate.com here:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/02/28/M
N195654.DTL
----------------------------------------------------------------------
Wednesday, February 28, 2001 (SF Chronicle)
Energy Experts Belie Davis' Rosy Prediction/Summer expected to be crunch time
Greg Lucas, Sacramento Bureau
Chief

   Sacramento -- Gov. Gray Davis' optimistic assessment that California may
be on the "back side" of its energy crisis flies in the face of what many
energy companies and other experts predict.
   California's real test will come this summer when electricity usage
sharply increases, and unless everything breaks the way Davis hopes,
predictions are that large chunks of the state will be in the dark.
   "We're not on the back side of this crisis. This problem is far, far
bigger than the governor is suggesting," said Gary Ackerman, executive
director for the Western Power Trading Forum in Menlo Park.
   "To characterize the problem that way shows a recklessness that feeds on
the popular notion we don't have an energy crisis. We do. We have a very
serious one that's going to hit us as temperatures and loads go up,"
Ackerman said.
   The Democratic governor's comments were made Monday in Washington, D.C.,
during an East Coast visit aimed at getting Washington and Wall Street
support for his energy plan.
   He admitted more hard work is needed, but said the state is on the "back
side of the crisis" because lawmakers have passed bills needed to help
lower electricity prices.
   "Does that mean we're home free?" Davis asked yesterday. "No."
   But he again repeated that the state is on the back side of the crisis.
   That is contrary to predictions by the Independent System Operator, which
oversees the state's power market.
   On any given day in June, the ISO estimates, the state will fall 6,815
megawatts short of demand. That would put nearly 7 million homes in the
dark, if it happens.
   In July, the expected shortage is 4,685 megawatts. In August, it's 5,297
megawatts. That's if California has a normal summer. If it's hotter than
normal, the shortage grows.
   The ISO's estimates tend to be conservative and do not include Davis'
conservation goal.
   But even if a 10 percent reduction were achieved in June that would save
roughly 5,000 megawatts, the state would still be short 1,800 megawatts.
   And there are other variables.
   Depending on the snowpack and reservoir levels, hydroelectric plants may
not be able to run at full bore, which would also worsen the situation.
   "That is something the governor cannot spin his way out of," said Sen. Tom
McClintock, R-Northridge.
   Davis said a combination of new power plants and energy conservation will
help the state get through this summer.
   The clock is running. The ISO predicts shortages of 3,030 megawatts in May
- - just two months away.
   "The real electricity crisis is going to be this summer, and I don't think
we've made enough progress there," said Severin Borenstein, director of
the University of California Energy Institute.
   California won't be able to build its way out of the energy crisis by
quickly approving and building new power plants, Borenstein said.
   The ISO's demand estimates already factor in the new power plants set to
come online this summer.
   "Unless we have a very mild summer and have lots of rainfall between then
and now," Borenstein said, "we are going to face some serious shortages."
   Like Davis, Borenstein says California needs to do more to conserve
energy. Unlike Davis, he favors raising prices on big power consumers to
give them an incentive to cut back.
   But the Democratic governor may be sending Californians a mixed message.
   By telling them the worst is over, he could undercut his plan by making
people believe more conservation is unnecessary.
   Excluding what lies ahead, there are also plenty of energy issues left
unresolved right now.
   Although Davis has reached a tentative deal with Southern California
Edison on purchasing its share of the state's transmission system for $2.7
billion -- no such deal exists with either Pacific Gas & Electric or San
Diego Gas & Electric.
   Some alternative energy producers, like co-generation plants, are shutting
down because the cash-poor utilities haven't paid them for several months.
No cash means no fuel to run the turbines that make the juice.
   Generators like Duke Energy and Reliant Energy aren't convinced the crisis
has passed.
   For starters, both companies are owed in excess of $700 million for
electricity bought by PG&E and Edison but never paid for.
   "There are a lot of issues still out there such as how much power your
state will require this summer, whether there is enough generation on the
ground or available commercially to handle the load if there is a
significant spike in demand," said Richard Wheatley, a Reliant spokesman.
   Harvey Rosenfield, head of the Foundation for Taxpayer and Consumer
Rights, has a slightly different take on whether the worst is over.
   "We've said all along it's a crisis inspired by the greed of the utilities
and the energy companies," Rosenfield said.
   "Now that taxpayers are paying $1 billion every three weeks to buy
electricity and the ratepayers are going to pay between $13 billion and
$20 billion, the companies are happy and the crisis is over. What more
could they want?"
   E-mail Greg Lucas at glucas@sfchronicle.com.
----------------------------------------------------------------------
Copyright 2001 SF Chronicle


-----Original Message-----
From: 	Williams, Jason (Trading)
Sent:	Wednesday, November 14, 2001 2:34 PM
To:	Mills, Bruce
Subject:	FW: Highlights from ENE Analyst Conference Call 11/14

 -----Original Message-----
From: 	Tucker, Patrick
Sent:	Wednesday, November 14, 2001 11:44 AM
To:	Pollan, Sylvia S.; Culotta, Lindsay; Murrell, Russell E; Plachy, Denver; Cuilla, Martin; Storey, Geoff; Yawapongsiri, Virawan; Mahmassani, Souad; Donohoe, Tom; Ruscitti, Kevin; Shively, Hunter S.; Lewis, Andrew H.; Giron, Darron C.; Frihart, Bryant; Roberts, Linda; Luce, Laura; Hogan, Irena D.; Vickers, Frank; Williams, Jason (Trading); Mims, Patrice L.; Simpson, James; Hodge, John; Keavey, Peter F.; Mckay, Brad; Mckay, Jonathan; Pereira, Susan W.; Pimenov, Vladi; Ring, Andrea; Savvas, Leonidas; Townsend, Judy; Versen, Victoria; Barbe, Robin; Concannon, Ruth; Goodell, Scott; Jones, David; Kaiser, Jared; Loving, Scott; Bates, Kimberly; Muhl, Gil; Smith, Maureen; Smith, Shauywn; Taylor, Craig; Willis, Jim; Tucker, Patrick; McCaffrey, Deirdre; Penman, Gregg; Kinsey, Lisa; Brady, Kevin; Pendergrass, Cora
Subject:	Highlights from ENE Analyst Conference Call 11/14

Here are my notes from today's call.  As with Monday, I've focused on getting them out as quickly as possible rather than taking extra time to re-organize them by subject.

Enron's business has been grouped into three buckets:  Core, Non-core, and Under Review.
Core:  Wholesale energy business in North America and Europe, retail energy, pipelines
Non-core:  Broadband, water, and international assets (i.e. EGAS).  Enron has approx. $8Bn in investments in these assets, and they have produced 'dismal' returns.  Enron will be exiting these businesses and will attempt to wind them up in an orderly fashion.  An aggressive divestiture program has been set in motion for these assets.
Under Review:  EGM, EIM.  These businesses are being closely examined to determine whether they have a reasonable chance of long-term viability.  Required resource levels are being carefully studied.  Following review, Enron will move the different portions of these businesses to core or non-core as the analysis dictates.
Approximately $800MM of asset sales are under contract and expected to close in the fourth quarter.  These include a gas LDC in Brazil, EcoElectrica, and our Indian E&P assets.
Enron is in active pursuit of an additional private equity infusion of $500MM-1Bn.  Given the current environment, raising equity in the public markets would be 'inefficient', McMahon says.
Short-term liquidity is provided by the $3Bn of credit drawn upon a few weeks ago, the $1Bn of new debt, and the $1.5Bn equity infusion from Dynegy.  Longer-term, the proceeds from the sale of PGE will provide liquidity.  Asset sales over the next year will be used to pay down debt.
McMahon described the major off-balance-sheet vehicles:
Marlin was set up to hold Azurix assets.  It was initially capitalized with $950MM of 144a debt and $125MM of equity (raised from Enron and institutional investors).  The debt is supported by the equity and by Azurix' assets.  Enron is obligated to cover any deficit at the time the debt becomes due on 3/17/03 (the 'Enron topup' obligation).  The 3/17/03 date is accelerated in the event that Enron is rated below-investment-grade by any one of the three major agencies.  The primary asset of Marlin is Wessex Water.  As long as Wessex is worth at least $2.6Bn, there will be no Enron topup required.  If we take a 25% haircut to present book value, Enron will have to provide $650MM in consideration upon retirement of the debt.  This $650MM would hit Enron cash, income, and equity balances.
Osprey contains energy-related assets and 'other assets'.  It was initially capitalized with $2.4Bn of 144a debt and $220MM in equity (ENE and institutionals).  As with Marlin, the entity is an asset-backed structure with an Enron topup guarantee. The debt is supported by a) the assets; b) $1Bn of convertible preferred ENE (convertible into 50MM shares of ENE common); and c) additional ENE common as needed for topup.  Assuming the same 25% hypothetical haircut to current book value, Enron would have to deliver approx. $600MM of topup funds--which would hit ENE cash, income, and equity.  The debt must be retired by 9/17/02, with the same cut-to-junk early trigger provision as Marlin.
Yosemite and the Credit-Linked Notes are predominantly commodity transactions entered into with 'large financial institutions'.  The underlying transactions are already on Enron's balance sheet.  McMahon says that there is no Enron share obligation related to these instruments.
Dynegy has reviewed all of these vehicles, McMahon says.
Our 10Q will be filed five days late.  The 10Q will include all of this detail regarding the off-balance-sheet vehicles.
The special committee investigation is still ongoing.  The committee meets 2-3 times/week, sometimes more often.  The outside auditors (D&T) and external counsel hired by the committee are working 'virtually 7 days a week'.  Lay estimates that it will take the committee several more weeks to complete its investigation.
McMahon says it's 'way too early to tell' if any asset writedowns are called for.  That analysis is underway, but it will not be complete for some time.
Osprey contains the European power projects (Trakya and Saarlux), some North American merchant investments, and some Brazilian assets.
Under the merger agreement, Enron cannot dispose of assets representing more than 15% of the balance sheet without Dynegy approval.  However, an appendix to the agreement holds a list of assets that are specifically permitted to be sold without Dynegy approval.
Broadband is expected to be fully wound up 'sometime over the course of the next year'.  (Did not catch this part clearly).
The ENE topup obligation for Marlin (represented by ENE common that would have to be delivered) will be converted into an obligation for an equivalent amount of DYN shares upon closing.
$1.9Bn of debt is carried at the Azurix level.
Current book value of the Osprey assets is $2.1Bn.
No Dynegy outs other than the previously discussed general MAC clause and the $3.5Bn legal liability clause.
Yosemite and the Credit-Linked notes are functionally equivalent to ENE senior unsecured debt (this section somewhat unclear).  The underlying transactions represented volumes of 'crude oil and gas'.  The transactions relate to the 'physical movement' of these commodities.  The swaps related to Yosemite and the CLNs would be financially settled.
Whalley was asked about the return of trading business to normal volumes.  He said that he cannot yet give an update on the progress of customers returning to our longer-term products.  Acknowledges that a few anxious customers put long-term deals on hold last week.  Says that our first focus is on getting our short-term business back up to normal levels.  It will be 'a couple of weeks' before we're able to give an update on the comfort levels of our customers regarding long-term deals with us.
McMahon:  There hasn't been a major relaxation of credit requirements by our customers--credit requirements continue to follow strict contractual provisions as called for in our individual agreements with our various customers.  But 'we have seen a return of some of the transactions, some of the flows.'
Whalley says that we're hoping to see a return to more normal trading levels late this week or early next week.
Lay says that cost cuts will be made across of all of our businesses.  The situation gives us an opportunity to review our entire cost structure, he says.  The cuts will certainly be deeper in our non-core businesses.  Whalley then quickly interjects (some might say interrrupts) with a clarification that there are no plans to reduce the size of our North American energy trading business.  We will be looking at, perhaps, streamlining some of our processes and making prudent adjustments, but there are no plans to reduce the size of the business.
McMahon:  "The company is overlevered; that's a fact."--hence our pursuit of additional equity.
McMahon mentions that business was better at the start of this week than at the end of last week.
ENE had approx. $1Bn in cash as of 9/30, which McMahon points out would be unusual for us.

As before, give me a call at 3-3055 if you'd like more color.

Patrick Tucker


Debra & Dan -

Attached is a worksheet for a new Master Physical, with Hanover Compressor
Company.  Kim Ward (ext 30685) can provide you with the name/email address of
the contact at Hanover.  Please prepare a draft and send out at your earliest
convenience.

Please copy Kim and me on your email.

Thanks,

Jay


---------------------- Forwarded by John Arnold/HOU/ECT on 04/04/2001 08:30
AM ---------------------------

SOblander@carrfut.com on 04/04/2001 07:21:04 AM
To: soblander@carrfut.com
cc:
Subject: daily charts and matrices as hot links 4/4

The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2000 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude38.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas38.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil38.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded38.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG38.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG38.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL38.pdf

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com