----- Forwarded by Jeff Dasovich/NA/Enron on 09/28/2000 06:14 PM -----

	Mary Hain@ECT
	09/28/2000 05:38 PM

		 To: Susan J Mara/SFO/EES@EES, Mona Petrochko, jdasovic@ees.enron.com
		 cc: Christopher F Calger/PDX/ECT@ECT
		 Subject: Re: California Strategy RE: PG&E

FYI
---------------------- Forwarded by Mary Hain/HOU/ECT on 09/28/2000 03:45 PM
---------------------------

Christopher F Calger
09/25/2000 08:00 AM
To: James D Steffes/HOU/EES@EES
cc: Tim Belden/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, Chris H
Foster/HOU/ECT@ECT, David Parquet/SF/ECT@ECT, Michael McDonald/SF/ECT@ECT,
Laird Dyer/SF/ECT@ECT
Subject: Re: California Strategy RE: PG&E

Thanks Jim.  ENA is very interested in this topic.  I was talking with Mona
last week about my view that a strategy with PG&E should be supportive, not
adversarial.    ENA is extremely interested in a gas management position with
PG&E and they have made it clear to us that our public positions against them
are a significant commercial issue.  I will spend some time with Portland and
SF to get an ENA consensus on these points.

Chris

James D Steffes@EES
09/21/2000 09:28 PM
To: Tim Belden/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, Chris H
Foster/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT
cc:
Subject: California Strategy RE:  PG&E

FYI.

If you are not aware, PG&E is pushing for immediate end of their retail rate
cap (so they can collect wholesale energy costs).

EES is considering its positions in that matter to prepare for CPUC and
legislative proceedings.

I want to make sure that you are aware of these internal discussions.  Key
from EPMI include (1) endorse Cal ISO report conclusions, (2) competititve
default supplier, (3) increasing rate freeze for all customers, and (4)
transfer of PG&E Hydro to affiliate at $2.8B (to offset current
undercollection).

Please let me know if these positions make sense to you.  While I think that
our general position is retail volatility, given the current situation in
SDG&E that is simply impossible politically.

Please feel free to call.

Jim

---------------------- Forwarded by James D Steffes/HOU/EES on 09/21/2000
10:39 PM ---------------------------
From: Harry Kingerski@ENRON on 09/21/2000 03:54 PM
To: James D Steffes/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, Jeff
Dasovich/SFO/EES@EES, Mona L Petrochko/SFO/EES@EES, Susan J Mara/SFO/EES@EES
cc: Richard Shapiro/HOU/EES@EES, Roger Yang/SFO/EES@EES
Subject:

I met with Dennis Benevides, Jim Wood and Scott Gahn about the PG&E strategy
we discussed and the EES perspective.  Suggestions:

Endorse the recent CAL ISO report on causes of the problem (no utility
forward buying, no demand responsiveness, etc) and say, with a few tweaks,
their proposals were on target.

Get CTC roll-off no earlier than Spring '01.  Retroactive roll-off would be
devastating.

Use PG&E $15 billion exposure as leverage to get competitive default supplier
in place (get them out of merchant supply).

Impose a stair-step shape on the rate increase, to prompt customer migration.

Keep PG&E somewhat at risk for wholesale cost recovery, delay recovery of
under-recoveries until out years.

Keep rate freeze (which is preferable to rate cap) to as short a period as
possible, post '01.

Here is a rework of Jim's bullet points to incorporate these thoughts:
  Keep in mind the numbers are all just placeholders and are not meant to be
definitive.  Once we start to hone in on the concept, we can develop the
right numbers.

From a retail perspective, this blends protection of the book with
advancement of new market opportunity.  I may still get more feedback from
the EES guys, but wanted to give you what I got so far.


below is an article on California for your review - Eric

++++++++++++++++++++++

----- Forwarded by Eric Benson/NA/Enron on 01/26/2001 04:58 PM -----

	webmaster@cera.com
	01/26/2001 02:48 PM

		 To: insights@cera.com
		 cc:
		 Subject: Western Energy Markets Stuggle Along - CERA Monthly Briefing

Title: Western Energy Markets Stuggle Along
URL: http://www20.cera.com/eprofile?u=35&m=2220

Western Market Overview

As the California power crisis remains unresolved and blackouts in California
have gone from threat to reality, the western gas and power markets grow
increasingly distorted by the perceived risk of selling energy to California,s
two largest utilities. Normal power plant operations and power pricing
dynamics
have been supplanted with federal mandates to deliver power to California, and
power basis differentials are being influenced by credit risk. Regional
hydroelectric supplies have been drawn down at abnormally rapid rates to meet
current demand such that, in the absence of increased precipitation throughout
the West, suppliers will be unable to depend heavily on hydroelectric output
in
February and later in the year. Gas suppliers are growing increasingly wary
about shouldering the increased risk.

Natural gas and power prices have declined from December,s record levels,
driven in part by January-to-date weather that has been warmer than normal.
Although Topock gas prices remain above the $10 per million British thermal
units (MMBtu) level, basis differentials to the Henry Hub have declined
dramatically from a premium over Henry Hub prices of $15 per MMBtu in December
to an average of $5.00 per MMBtu in January. Demand levels will likely hold
near January levels during February, as the already intense pull of gas for
power generation continues. Because storage levels in California remain low,
the California citygates will be exposed to temporary price spikes during
spells of cold weather. Differentials for February are expected to average
$0.65 to $0.75 per MMBtu, in the Rocky Mountains and San Juan producing basins
during February, $0.65 per MMBtu at AECO, and $3.00 per MMBtu at Topock.

Power prices in January have followed both the decline in gas prices and the
shift to warmer weather. However, there is growing unease in the power markets
with the dry precipitation season to date. A significantly lower-than-average
hydroelectric season would permeate through the power markets for all of 2001,
placing gas-fired generation on the margin virtually the entire year. CERA has
incorporated a lower-that-average view of hydroelectric generation into its
gas
and power analyses. February on-peak power prices are expected to average
$140)
$166 per megawatt-hour (MWh) in February, depending on location, but temporary
price spikes are likely as California reserves reach critically low levels and
the independent system operator (ISO) struggles to secure enough power to keep
the lights on. Off-peak power prices are also expected to remaining strong,
averaging $94)$135 per MWh in February, depending on location.

Regional Power Market Drivers: Low Precipitation Threatens Already Difficult
2001

Disappointing levels of precipitation have raised the specter that the 2001
power markets will be plagued by a below-average hydroelectric year.
Season-to-
date precipitation is currently 55 percent of normal in the upper Columbia
River Basin in British Columbia, 50 to 75 percent of normal in the US Columbia
River Basin, and 50 percent of normal for California. January hydroelectric
output westwide has been higher than normal, as operators have run facilities
hard to supply energy during December and January energy shortages. In coming
months, however, output will be down roughly 2,275 average megawatts (aMW)
compared with the first quarter of 2000, owing in part to this early drawdown.
CERA has incorporated an outlook for hydroelectric production in 2001 that is
approximately 88 percent of CERA,s estimate for an average western hydro year
(see Table 1).

Concerns over low precipitation levels and the high drawdown rate of Pacific
Northwest hydroelectric facilities leave the Pacific Northwest particularly
vulnerable to higher prices in February, as winter weather)driven demand
spikes
challenge regional supplies and California demand prevents a significant level
of exports from California to the Pacific Northwest.

Even under normal hydroelectric conditions, demand growth in early 2001 was
expected to push the utilization rates of US Western Systems Coordinating
Council (WSCC) gas-fired generation facilities to 50 percent, well above the
39
percent average level of the first quarter  2000. (see Table 2) The combined
effects of the early drawdown of hydroelectric facilities, a disappointing
precipitation season, and demand growth will push these utilization rates to
nearly 60 percent in the first quarter  2001. This will cause markets to clear
at or above the production cost of gas-fired generation even more often than
in
2000.

Pacific Northwest

Hydroelectric generators in the Pacific Northwest have drawn down the region,s
hydroelectric reservoirs to well below average historical levels. Grand
Coulee,
the largest hydroelectric facility in the West, with over 6,000 megawatts (MW)
of capacity, was near 75 percent of the historical average as of early January
and reflects the general condition of the major reservoirs in the region. In
the event that precipitation remains low, the drawdown of these facilities in
early winter to meet load spikes in the Pacific Northwest and California has
hurt the region,s ability to supply power throughout 2001 and will maintain
upward pressure on power prices.

Above-average temperatures in early January have helped to mask some of the
underlying strong fundamentals in the Pacific Northwest. Strong demand growth
for the first quarter near 5 percent is expected, however, owing to economic
growth and a return to normal weather from last year,s mild winter (see Table
3). Low hydroelectric availability and persistent gas prices in the $6 to $8
per MMBtu range at Sumas have the potential during the remainder of the winter
to cause price spikes well above the $226 per MWh on-peak levels so far in
January, although average prices should be much lower. December,s average of
$570 per MWh demonstrated this potential clearly (see Table 4). Along with
demand growth near 5.5 percent year-over-year in February, cold snaps will
again bring price run-ups, particularly in the event that persistent low
precipitation in the region reduces the ability of hydroelectric operators to
draw down facilities past already-low levels.

CERA expects Mid-Columbia prices to stay near January levels in February for a
monthly average of $141 per MWh on peak and $135 per MWh off peak. Continued
drops in hydroelectric reservoirs and weather-related events would push prices
periodically to December,s high levels.

California

Although California has had a December and early January that were nearly 10
percent warmer than usual, January prices have reflected 5 percent demand
growth over 2000 owing to economic and other growth factors that have pushed
gas-fired generators onto the margin more often, with higher gas prices at
Topock by $7 MMBtu, low hydroelectric availability westwide, and the degraded
condition of the California power market. Northern California snowpacks have
been higher than in other parts of the state but hover near 55 percent of
normal in spite of recent storms. Reservoir levels for the state are between
50
and 100 percent of average, depending on location, but are in the 70 to 80
percent-of-average range for reservoirs affecting the state,s largest
hydroelectric facilities.

As California,s largest investor-owned utilities (IOUs) continue to struggle
to
obtain gas and power supplies in the face of financial insolvency, California
power prices have reflected a premium associated with the higher risk of
supplying the state. January differentials with western prices have grown as
high as $40 per MWh, owing in part to temporary supply shortages as nuclear
and
other thermal plant outages at times have totaled over 15,000 MW. Northern
California,s import constraints make it particularly susceptible to these
temporary shortages, suggesting that continued low hydroelectric supplies will
increase the risk of repeated localized blackouts in the event of extensive
future outages.

The agreements reached through negotiations between suppliers, the IOUs, and
state and federal officials in recent weeks will calm some of the price-
inflating uncertainty in the market, but California will be the premium market
through the first quarter of 2001 and most of the coming year owing to
persistent supply tightness. For February in California CERA expects sustained
price strength of $152 per MWh on peak and $126 per MWh off peak.

Rockies and the Southwest

The Southwest and Rockies regions had warm weather in December and the first
half of January but have not been completely insulated from the price run-ups
in other parts of the West. Demand growth in the region is expected to be near
3 percent for the first quarter, with February experiencing moderate 2 percent
growth, suggesting that most of the price strength will be attributed to
interconnections with the hydro-deprived California and Pacific Northwest
markets. Capacity margins in the Southwest are at their highest levels during
the winter and*as an isolated subregion*would exceed 15 percent at this time.

Compared with California prices, prices in the Southwest and Rockies regions
will reflect the relatively low cost of gas supply and the prevalence of coal-
fired generation (16,000 MW, or 48 percent of the installed base in the
region). CERA,s outlook for on-peak average price for February is $150 per
MWh.
Off-peak prices in the Rockies will drop nearly $25 per MWh below the
Southwest, reflecting the ability of California markets to exert more
influence
on the Southwest than on the Rockies.

Western Gas Markets

Although gas prices at Topock have come down from lofty December levels,
winter
is far from over in the West; indeed, the pressure is intensifying. The credit
crisis precipitated by the power market crisis is spilling over into gas
markets; storage levels within California are again at critically low levels.
The mild weather during December and early January allowed some improvement in
the positions, but when PG&E,s suppliers began refusing to serve because of
the
utility,s credit problems, the utility responded by drawing heavily on storage
inventories, and a spell of wintry weather compounded increased demand in the
face of limited supplies. As a result, overall inventory levels are again
falling quickly.

CERA estimates that inventory levels in California are approximately 50
billion
cubic feet (Bcf). A continued heavy draw on gas for power generation will keep
demand levels high (see Table 5), and the inability to manage demand spikes by
drawing on storage inventories leaves the market exposed to price spikes.
Normal weather during February would probably allow prices at both Topock and
Malin to settle back into the $0.50 to $3.00 premium to the Henry Hub, but
extreme weather could push basis differentials as high as $6.00 per MMBtu.

In the Rockies and San Juan Basins, differentials will depend critically on
the
weather. Because supply levels and storage inventories in the Rockies are
healthy, the impact of swings in regional demand can cause wide swings in
differentials. CERA expects the swings to continue through February, with
differentials generally maintaining wider discounts to the Henry Hub by the
end
of the month.

As high absolute gas prices continue, more and more effects of these prices
will emerge. CERA estimates that 200 MMcf per day of base industrial demand in
the West*particularly in California*has switched off of gas. Some end users
have turned to diesel fuel for industrial boilers; some plants have simply
curtailed operations in response to the higher prices.

On the power side, plants within California are extremely limited in their
ability to burn alternative fuels because of emissions credits. However,
plants
outside of California do have some backup capability. Arizona Public Service
has purchased 400,000 barrels of 1% sulfur residual fuel oil to burn as an
alternative to gas. Given the intense pressure on gas, oil will absorb some of
growth in power loads.

California

In November an early strong draw on storage in California raised questions
about winter deliverability within the state. A combination of low storage
inventories, high gas demand for power generation, and continued high
utilization rates on import pipelines into the state will keep pressure on
California prices through February (see Table 6). Despite efforts by end users
to limit gas burns in the state in the face of extremely high gas prices, CERA
expects demand during January in the state is up by 650 MMcf per day on a
year-
over-year basis. In February, loads should start to decline as residential and
commercial demand declines through the month. However, power loads will remain
strong and actually climb from January into February as hydroelectric
generation falls.

This demand support, continued strong capacity utilization rates in import
pipelines into California, and critically low storage inventories will keep
intense pressure on gas prices within the state through February. During
periods of high demand, prices will likely reach back up into the $15.00 to
$20.00 per MMBtu range. Eventually, as heating loads settle and storage draws
slow toward the end of February, differentials should ease back into the $1.00
to $3.00 per MMBtu range. On balance, CERA expects a Topock differential for
February of $3.00 per MMBtu (see Table 7).

Pacific Northwest

Three factors have combined to strengthen Malin prices over the past week, and
these forces should extend price strength at Malin into February. First, the
return of colder winter weather after moderate temperatures during late
December and early January is increasing heating loads and power loads.
Second,
lower-than-normal hydroelectric generation is increasing the draw on gas for
power generation during a season when the pull is normally low. Third, the
California power shortage is drawing on all regional supplies and supporting
the demand for gas for power generation.

Pacific Northwest demand is expected to hold flat relative to January levels
during February with slight increases in gas demand for power generation
offsetting declines in residential and commercial demand. The sustained high
demand levels*despite relatively healthy Northwest storage inventory levels*
will keep Malin prices well above Henry Hub prices. CERA expects a Malin to
Henry Hub differential of $1.00 per MMBtu during February.

A drop-off in demand of 200 MMcf per day is expected in March, as steep
declines in heating loads offset continued increases in gas demand for power
generation. However, prices at Malin will likely remain unusually strong this
spring. Part of the shortfall in hydroelectric generation continues to be
made
up by draining reservoirs. That early drawdown will limit the availability of
hydroelectric generation through the spring and early summer months. Both low
hydroelectric generation and a challenging storage refill season in Northern
California should sustain the Malin premium to the Henry Hub even into the
spring.

Rocky Mountains

The volatility in Rocky Mountain differentials continues. Differentials
continue to depend primarily on local heating loads; cooler weather supports
loads and prices within the region, but periods of warm weather drive steep
declines in Rocky Mountain prices relative to prices at the Henry Hub. During
February, demand should drop off in the region. Although declines in heating
loads in neighboring western regions will be offset by increases in gas demand
for power generation, the Rockies remain primarily coal based. As a result,
the
lower expected hydroelectric output will do little to support loads within the
region. Increases in supply*CERA expects supply increases of 300 MMcf per day
during 2001 relative to 2000*will overwhelm available pipeline capacity out of
the region.

Demand during February in the Rockies is expected to remain flat at 2.9 Bcf
per
day; however, within the month demand loads will drop substantially. This will
put pressure on differentials toward the end of the month, and CERA expects
average basis differentials to the Henry Hub during February of $0.75 per
MMBtu. That widening trend should continue during March, with differentials to
the Henry Hub eventually reaching $2.00 per MMBtu this summer.

Southwest

Prices in the San Juan Basin have been following Rocky Mountain prices up and
down with regional demand loads. That dynamic will likely continue through
February. CERA expects relatively flat demand during February within the
Southwest. As in the West as a whole, a significant drop-off is expected
during
March as residential and commercial heating demand wanes. For February,
continued strong demand loads within the Rockies and Southwest will support
prices in the San Juan, barring unusually warm weather. CERA expects a
differential to the Henry Hub of $0.65 per MMBtu.

As residential and commercial loads decline sharply during late February and
March, prices in the San Juan will reflect ample supply. CERA expects declines
in San Juan production during 2001, but declines will be limited by the
strongest drilling activity for conventional supplies in the basin in a
decade.
However, pressure on Rocky Mountain supplies will mean increased exports from
the north into the San Juan, and those increased exports will more than offset
the declines in local production. Pipeline capacity constraints out of the San
Juan will again mean wide San Juan-to-Henry Hub differentials, with pressure
on
prices developing during the spring and intensifying through the summer
months.

Western Canada: Increasing Supply

AECO differentials to the Henry Hub have ranged between $0.60 per MMBtu and
over $1.00 per MMBtu. Given strong demand in the United States, export
pipelines have been running near capacity all winter. Even the 1.3 Bcf per day
Alliance pipeline has been running full; through the end of the winter,
continued strong US demand should keep export pipeline flows near capacity.
Given these flow levels, CERA expects differentials to remain near the $0.60
to
$1.00 per MMBtu level, reflecting the cost of transport on TransCanada, the
only available export capacity out of Alberta. For February, CERA expects a
differential between AECO and the Henry Hub of $0.65 per MMBtu.

Storage inventories in western Canada are running below historical average
levels, but the refill season should be manageable; inventories are nowhere
near as low as US inventory levels. Inventories in the West are expected to
fall slightly below historical average levels by the end of withdrawal season,
and exports should decline relative to first quarter levels as injection
season
begins in the spring. CERA expects differentials to Henry Hub prices to narrow
sometime in the late spring as the focus in Alberta turns from filling US
winter demand to refilling Canadian storage.

On the supply side, production has turned the corner in western Canada, and
year-over-year increases in supply of nearly 300 MMcf per day are now evident.
After flat production levels for 2000 relative to 1999, increases for the year
2001 should reach 350 MMcf per day. Given strong expected demand from
California and the West Coast, CERA expects no declines in year-over-year
flows
into the West on PGE GT NW. Overall flows should reach 2.4 Bcf per day for
2001, an increase of 85 MMcf per day from 2000 levels.

**end**

Follow above URL for full report.

*********************************************************
Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids:
Strategies and Risks for the Energy Future" in Houston, February 12-16, 2001!
For more information and to register, please visit
http://www20.cera.com/ceraweek/
*********************************************************

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CERA Knowledge Area(s): Western Energy,

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Copyright 2000. Cambridge Energy Research Associates


Per John Valdes,

A meeting to discuss Dominion is scheduled for Thursday, September 20, 2001 from 3:00pm - 3:30pm in EB2869.

Please let me know of any conflicts.

Thank you,
AC
3-0402


John Sherriff's asst has moved the meeting.  I hope this is still possible
for you.

Steve
---------------------- Forwarded by Steven Leppard/LON/ECT on 09/11/2000
08:05 ---------------------------

Lauren Urquhart
07/11/2000 09:16
To: Steven Leppard/LON/ECT@ECT
cc:

Subject: Thursday instead Friday

Hi Steve

Steve, the research meeting has been moved to Thursday at 3.00pm.

Can you please let Vince know.

Thanks.

Lauren


This path just looks like it will be cut........... please take a moment to
look at it.

Also,

It is very important that you document when you cannot Reach Morgan Stanley's
real time.  An e-mail will do, send it to me.


Liz/Carol

Attached is the email I received from Kevin Meredith, which details the
current physical product option status on EOL, with examples.

Marcus
----- Forwarded by Marcus Nettelton/NA/Enron on 05/03/2001 11:40 AM -----

	Kevin Meredith/ENRON@enronXgate
	05/01/2001 12:45 PM

		 To: Marcus Nettelton/NA/Enron@ENRON
		 cc:
		 Subject: Physical options

Marcus,

I know this is quite an assortment of data, but I wanted to supply you with
enough to be useful.  We have no US physical option products built.  We have
plenty of US financial option products.  If this information is confusing,
please do not hesitate to contact me.

German Pwr Phy Put - No products built
A Transaction with Enron Capital & Trade Resources Limited, under which the
Option Buyer determines, on the Exercise Date, whether, in case of a Put
Option, it shall deliver and the Option Seller shall take and pay for the
Contract Capacity at the Strike Price in respect of each hour during the term
of the Transaction. The Contract Capacity shall be the volume submitted by
Counterparty via EnronOnline. In case of a Call Option, the Option Buyer
determines, on the Exercise Date, whether it shall take and pay for, and the
Option Seller shall deliver, the Contract Capacity at the Strike Price in
respect of each hour during the term of the Transaction. The Premium is
payable by the Option Buyer and shall be the price submitted by Counterparty
via EnronOnline multiplied by the total number of hours during the term of
the Transaction multiplied by the specified quantity of electric power.

German Pwr Phy Call - Product included
A Transaction with Enron Capital & Trade Resources Limited, under which the
Option Buyer determines, on the Exercise Date, whether, in case of a Put
Option, it shall deliver and the Option Seller shall take and pay for the
Contract Capacity at the Strike Price in respect of each hour during the term
of the Transaction. The Contract Capacity shall be the volume submitted by
Counterparty via EnronOnline. In case of a Call Option, the Option Buyer
determines, on the Exercise Date, whether it shall take and pay for, and the
Option Seller shall deliver, the Contract Capacity at the Strike Price in
respect of each hour during the term of the Transaction. The Premium is
payable by the Option Buyer and shall be the price submitted by Counterparty
via EnronOnline multiplied by the total number of hours during the term of
the Transaction multiplied by the specified quantity of electric power.
The term of the Transaction shall be from 00:00 hours (prevailing Central
European Time) on the Effective Date (or start date) to 00:00 hours
(prevailing Central European Time) on the day following the Termination Date
(or end date). The Effective Date (or start date) is 01 Jan 2002. The
Termination Date (or end date) is 31 Dec 2002.
The Delivery Point shall be on the RWE Netz High Voltage Grid.
The price is quoted in Euro per unit of volume, which will be the Contractual
Currency.
The unit of measure against which the price is quoted shall be megawatt-hours
(MWh) and the quantity shown shall be in MW's delivered in each applicable
hour for the duration of the Transaction (the "Hourly Quantity').
The Transaction shall be for a Baseload profile, being the delivery of
electric power at a steady rate between 00:00 hours (prevailing Central
European Time) and 24:00 hours (prevailing Central European Time) (totalling
24 hours per day) on a calendar day.
Electric power shall be delivered at a point, or points on the 380/220 kV
level.
The Option style and type shall be a European Call, ("EC").
The Exercise Date or Exercise Period shall be 13 Dec 2001.
The Strike Price shall be 21.5 Euros/ MWh

US SO2 EA Phy Opt - No Products built
A Transaction with Enron North America Corp., under which the Option Buyer
purchases a Call Option granting it the right, in return for payment of the
Premium to the Option Seller, to buy from the Option Seller a quantity of SO2
Emission Allowances equal to the Designated Quantity at the Contract Price.
The Option Buyer shall pay the Premium to the Option Seller within three
Business Days of the Transaction.  The Option Buyer may only exercise the
Option on the Exercise Date, otherwise the Option will lapse.

US Gas Financial Call Option
A financial Option Transaction with Enron North America Corp., under which
the Seller receives the Premium and the Buyer receives the Cash Settlement
Amount. Each calendar month during the Term of the Transaction will be a
Determination Period, provided that if the Term of the Transaction is less
than one calendar month the Determination Period shall be the Term of the
Transaction.  The Notional Quantity per Determination Period shall be
calculated from the volume submitted by Counterparty on the Website in
accordance with the unit of measure.  The Premium shall equal the product of
(i) the price submitted by Counterparty via the Website, multiplied by (ii)
the Notional Quantity per Determination Period, multiplied by (iii) the
number of Determination Periods during the Term of the Transaction. The
Payment Date for the Premium shall be 2 business days after the Trade Date of
the Transaction. The Payment Date(s) for the Cash Settlement Amount shall be
5 business days after the Cash Settlement Amount is determinable. The Cash
Settlement Amount shall be the greater of (i) zero, or (ii) the product of
(a) the Notional Quantity per Determination Period, multiplied by (b) the
Index minus the Strike Price.  The Option style and type shall be a European
Call ("EC").  Automatic Exercise is Applicable.  The Strike Price for the
Transaction shall be as set forth on the Website.  The term of the
Transaction shall be from the Effective Date of 01 Aug 2001 to the
Termination Date of 31 Aug 2001.  The Exercise Period(s) shall be the
penultimate Trading Day of the NYMEX Henry Hub Natural Gas Futures Contract
for the applicable Determination Period. The Index for each Exercise Period
shall be the settlement price for the penultimate Trading Day of the NYMEX
Henry Hub Natural Gas Futures Contract for the applicable Determination
Period. The price is quoted in US Dollars per unit of volume, which will be
the Contractual Currency. The unit of measure against which the volume is
shown shall be 10,000 MMBtu's per month.

Kevin
(713) 853-9555


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/19/2000 07:56
AM ---------------------------

Jody Pierce@ECT
12/18/2000 12:31 PM
To: Eric Boyt/Corp/Enron@ENRON
cc: Jeffrey Keenan/HOU/ECT@ECT, Eric
Booth/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ENRON, Theresa
Vos/Corp/Enron@ENRON, Kay Mann/Corp/Enron@Enron

Subject: Re: City of Austin Agreement and Exhibits

Section 6.7.2
Invoices should be addressed to:

Enron North America
1400 Smith St
Houston, TX 77002
ATTN: Theresa Vos (713-345-8173)

Eric Boyt@ENRON
12/18/2000 11:20 AM
To: Jeffrey Keenan/HOU/ECT@ECT, Eric
Booth/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jody Pierce/HOU/ECT@ECT, Theresa
Vos/Corp/Enron@ENRON
cc: Kay Mann/Corp/Enron@Enron
Subject: City of Austin Agreement and Exhibits

Attached in the latest draft of the GE-ENA breakout contract.  The lawyers
need a few more items to complete before execution.  Please send to Kay Mann
and copy me on responses.

Jeff/Eric - Please take a look at the e-mail below and help out on the
following...
accurate description of facitliy-pg 1
questions regarding the exhibits
Address for Section 25.1 and 25.3

Jody/Theresa - Please provide the appropriate address for Section 6.7.2
(payments)

Let me know if you have any questions and thanks for your assistance!

Regards,

Eric

---------------------- Forwarded by Eric Boyt/Corp/Enron on 12/18/2000 11:16
AM ---------------------------

Kay Mann
12/15/2000 07:55 AM
To: Eric Boyt/Corp/Enron@Enron, stuart.zisman@enron.com, Billy
Lemmons/Corp/Enron@ENRON
cc:

Subject: City of Austin Agreement and Exhibits

---------------------- Forwarded by Kay Mann/Corp/Enron on 12/15/2000 07:55
AM ---------------------------

"Thompson, Peter J." <peterthompson@akllp.com> on 12/14/2000 06:35:27 PM
To: "Kay Mann (E-mail)" <kay.mann@enron.com>
cc: "Lee. Johnson (E-mail)" <lee.johnson@ss.ps.ge.com>, "Kent. Shoemaker
(E-mail)" <kent.shoemaker@ae.ge.com>, "Roseann Engeldorf (E-mail)"
<roseann.engeldorf@enron.com>, "Cheryl. Lipshutz (E-mail)"
<Cheryl.Lipshutz@enron.com>, "Brett. R. Wiggs (E-mail)"
<Brett.R.Wiggs@enron.com>, "Ben. Jacoby (E-mail)" <Ben.Jacoby@enron.com>,
"Pipitone, Paul" <paulpipitone@akllp.com>, "Cobb, Chris"
<chriscobb@akllp.com>

Subject: City of Austin Agreement and Exhibits

     Attached please find clean copies of the most recent versions of
the City of Austin Agreement and Exhibits, as well as blacklines showing
changes from the last version circulated.

To complete the agreement, we need to include the following:

1. The description of the facility on page 1.

2. The addresses and contacts for sections 7.7.2, 25.1 and 25.3.

To complete the exhibits, we need to include the following:

1. Exhibits H-2 and R need to be added.

2. Do we need to add language to section B of Exhibit A-1?
 <<Comparison of Exhibits to City of Austin Agt. Form to V. 1.DOC>>
<<Comparison of City of Austin Agreement - Versions 2 to 3.DOC>>  <<City
of Austin Exhibits.DOC>>  <<Gas Turbine Agreement Draft of
12/13/00.DOC>>
 - Comparison of Exhibits to City of Austin Agt. Form to V. 1.DOC
 - Comparison of City of Austin Agreement - Versions 2 to 3.DOC
 - City of Austin Exhibits.DOC
 - 00.DOC


fyi--clearly, this was the "right thing to do."  But keep in mind that
Transredes does not have a great credit rating.
----- Forwarded by Rob Walls/NA/Enron on 12/13/2000 12:16 PM -----

	Randy Young
	12/12/2000 06:33 PM

		 To: Miguel Mendoza/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ECT
		 cc: Louis Soldano@ENRON, Michael Moran@ENRON, Eileen Kisluk@ENRON, Gail
Brownfeld/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark E Haedicke/HOU/ECT@ECT,
Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rob Walls/NA/Enron@Enron
		 Subject: Re: Garner litigation

Excellent.  Thanks.

Miguel Mendoza@ENRON_DEVELOPMENT
12/12/2000 05:19 PM
To: Randy Young@ECT, Louis Soldano@ENRON, Michael Moran@ENRON, Eileen
Kisluk@ENRON, Gail Brownfeld/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Fernando Gonzalez@Transredes

Subject: Garner litigation

Guys:

Just wanted to let you know that the Transredes board approved today to
indemnify Enron for any legal expenses incurred in connection with the suit
filed in Texas by Garner in exchange for a taking an active role in managing
the litigation. The vote was 6 against one.

Fernando will be working together with Eileen and the gas pipeline guys in
drafting the final agreement.

I guess this is good news for all the parties involved in this case.

Regards,

Miguel


Coulda sworn I mentioned DB when we had dinner with your guy at Bizou.

Let's talk more to discuss the latest developments.  Glad to hear that it's
still moving along. I'm in town tonite.

You MUST keep this strictly confidential----I've know Colleen for years.
She's a sweet dear friend of mine.  But she's driving me fucking crazy.  I am
very happy that you two are buddies and having fun together and that she's
being such a big help with your wedding.  But it's going to be best for you
and me and Colleen and Scott and Tony Blair and Oprah Winfrey and Sammy Soza,
and everyone else, if my contact with the wonderful Ms Silva is minimized in
the immediate future.  Don't worry about it.  No big deal. Just want and need
you to know.  And please keep it very confidential.  Thanks.

Best,
Jeff

	Cameron Sellers <cameron@perfect.com>
	06/19/2001 06:48 PM

		 To: "'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: FW: DealBench

OK, it looks like DealBench has hit our radar screen hard here.  Can you
help me get a meeting set up with the right people??

Look like the strat sourcing group in Houston is requesting a "sand box" to
play in to test out our product.  Did you ever get a chance to put in a good
word there?

David Hoffman wrote me and said he really enjoyed spending time with you and
said you were such a smart and thoughtful guy.  Thought you might like the
compliment.  I am going to check out his house as a wedding site on Thursday
with Colleen and then go have dinner with Lisanne.  Any chance you guys want
to come along?

Write back soon...

-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:    David Young
Sent:   Tuesday, June 19, 2001 4:44 PM
To:   Cameron Sellers
Cc:   Ian Sullivan
Subject:   FW: DealBench

Cameron (cc: Ian),

See my response below to the email from David Hurwitz today regarding
DealBench.
My contact at DealBench is:
Suresh Raghavan, Principal (also Director of Enron Net Works)
713-853-4217
suresh.raghavan@dealbench.com
I'll leave DealBench in your hands, but please keep me advised as it relates
to Enron.  Let me know if I can be of any help.
Thanks,
David

-----Original Message-----
From:   David Hurwitz
To:   A - Execs; David Young; Jim Fleming
Sent:   6/19/01 9:55 AM
Subject:   DealBench

FYI: Just got a direct mail piece from DealBench, LLC, a wholly owned
Enron company.  They are selling themselves as a complete RFP and
auction system.

dh
https://www.dealbench.com/
<<DealBench.url>>

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

David H,
Here's a wrapup of my meeting with DealBench two weeks ago.  I left a
voicemail for Cameron yesterday asking her how to proceed with them, as this
would become a BizDev deal with a perceived competitor.
On another note, the 2 EES Proc Mgrs that Jim F and I met with a couple of
weeks ago, mentioned that they have an initiative on the table to run a
reverse auction by July 15, and that they are considering BayBuilder.  They
said they don't care about the DealBench platform, it doesn't meet their
needs and DealBench isn't giving any better deal to Enron's business units
than they would to anyone else off the street.
Ian and I are trying to schedule a meeting next Tuesday with Proc Mgrs from
several business units along with John Gillespie from GSS in order to demo
Perfect Insight and discuss our Early Adopter Program.
David Young
-----Original Message-----
From:   David Young
Sent:   Friday, June 08, 2001 12:35 PM
To:   Jim Fleming; James Brackenrig
Subject:   EnronOnline / DealBench

Met for 45 min w Suresh Raghavan to discuss DealBench (Enron's proprietary
auction platform) and the potential for Perfect to provide complementary
solutions to their customers through EnronOnline and beyond.  We agreed that
the purpose of our discussions would not be to have him sponsor us to the
Global Strategic Sourcing unit, but only to consider Perfect as a bus dev
deal.  We would need to price ourselves as an ASP for them, but with the
liquidity they have (supposedly like $1B per day traded through
EnronOnline), this should be a no-brainer.
Suresh is the Principal of DealBench, as well as a Director of Enron Net
Works.  DealBench is one of many business units under the Enron Wholesale
Services / Enron Net Works group, including EnronOnline, ClickPaper,
MetalMarkets, and other wholesale marketplace services.  DealBench has 3
primary offerings:
* Auctioning/RFQ management
* Deal Rooms with complex negotiations tools
* Data Rooms  for sharing of secure documents such as CADs, blue prints, etc
for M&A due diligence.

We discussed the basic functionality and sophisticated math behind Perfect,
and he felt that it was worth considering further as a complementary service
offering for the DealBench platform.  He would like to arrange a demo for
him and some of his managers for the end of June or early July.


Sara:
I asked Sean to contact either you or Mark if anything needs to be done on
the financial GTC's for this counterparty.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 05/30/2001 09:57 AM -----

	Harry M Collins
	Sent by: Vanessa Griffin
	05/29/2001 03:24 PM

		 To: Sean Keenan/Enron@EnronXGate
		 cc: Ken Curry/Enron@EnronXGate, Julia Murray/HOU/ECT@ECT, Cheryl
Lindeman/ENRON@enronXgate, Deb Korkmas/HOU/ECT@ECT, Dan Lyons/HOU/ECT@ECT,
Mark Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT
		 Subject: ENA - - Mitsui & Co. (USA) Inc. GTC's

Pursuant to our discussion, please find enclosed separate ENA-Mitsui Steel
GTC's for physical steel.

I have made the requested changes in the following provisions:

Clause 1.3
Clause 3.1
Clause 3.2
Clause 4.1
Clause 8

I am also enclosing a redlined version for ease of comparison.  Mark Taylor
or Carol St. Clair should be consulted to make any changes to the financial
GTC's.


This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify us
immediately by reply e-mail and then delete this message from your system.
Please do not copy it or use it for any purposes, or disclose its contents to
any other person:  to do so could be a breach of confidence.  Thank you for
your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

Carolyn

We attach the following:

(a) a clean and blacklined copy of the ENA Consent, reflecting changes to
the credit documentation;
(b) a mark-up of the "no objection to forms" letter to be executed by ENA;
(c) a draft letter from the purchasers under the Note Purchase Agreement
setting out the actions to be taken by ENA post funding and agreeing not to
issue entitlement orders in respect of their security interest in the Escrow
Account if these actions are completed.

We would be grateful if you could confirm whether Citibank had any comments
on the Escrow Agreement, and whether the account will be set up for
Wednesday's funding.

Kind regards
Isabel

 - NY003701393.DOC
 - ENA LTR TO DELTA LENDER RE FORM OF AGMT1DOC.DOC
 - NY003699617.DOC
 - COMPARE001.DOC


Start Date: 2/3/02; HourAhead hour: 14;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020314.txt


Please note that the name change from FirstWorld Communications, Inc. to
Verado Holdings, Inc. was just completed today 04/12/01.

Please find attached the Preliminary Name Change/Merger Notification Report
for April.  To launch the report, double click on the attachment and select
Enable Macros and Read Only.

Please note that:
 ERMS short names will be changed in GCP and ERMS each Friday at 10am Central
Time, and
 Inactivations will be made on May 1

We have made a few changes to our Name Change/Merger Notification Report - it
now has a new look and a couple of features we hope will assist you.  For
more information, please click below:

Each month now has two sheets, a summary sheet (eg Jan 01 Changes) and a
detailed sheet (eg Jan 01).
Click below for more information:

The summary sheet can be used to view all changes after a certain date.  If
you're aware of all changes up to, say, January 15th enter 01/16/2001 in cell
C6 of the Summary Sheet and click the Sort button in cell H6.  All changes
made to the report on or after January 16th will be listed automatically.
The Summary sheet may also be sorted for certain criteria - use the drop down
arrows alongside the column headers to make your selection.

This sheet contains all the information you are used to seeing, but slightly
reformatted.  Key points are:
In the case of an Inactivation, the cause of the Inactivation (eg Merger) is
listed in the Comments section
As with the previous format,
all months' reports will be sent cumulatively throughout the year
the report will be sent out twice each month, on the 15th and at the end of
the month.

It is our aim to publish the report in Livelink and to send out only the
summary sheet and a URL for the detailed report each month.  This will save a
lot of space in Lotus Notes and we hope it will streamline your monitoring
process.

We'd be very happy to receive any comments you may have.


----- Forwarded by Jeff Dasovich/NA/Enron on 04/27/2001 04:06 PM -----

	"Julee Malinowski-Ball" <jmball@ns.net>
	04/27/2001 03:42 PM
	Please respond to "Julee Malinowski-Ball"

		 To: "Jan Smutny Jones" <smutny@iepa.com>, "Steven Kelley" <steven@iepa.com>,
"Katie Kaplan" <kaplan@iepa.com>
		 cc: "William Hall" <wfhall2@duke-energy.com>, "Tony Wetzel"
<twetzel@thermoecotek.com>, "Tandy McMannes" <mcmannes@aol.com>, "Sue Mara"
<smara@enron.com>, "Steve Ponder" <steve_ponder@fpl.com>, "Steve Iliff"
<siliff@riobravo-gm.com>, "Stephanie Newell"
<stephanie-newell@reliantenergy.com>, "Scott Sadler"
<sadlersa@earthlink.net>, "Roger Pelote" <roger.pelote@williams.com>,
"Richard Hyde" <rwhyde@duke-energy.com>, "Randy Hickok"
<rjhickok@duke-energy.com>, "Rachel King" <rachel.king@elpaso.com>, "Paula
Soos" <paula_soos@ogden-energy.com>, "Nam Nguyen" <nam.nguyen@powersrc.com>,
"Marty McFadden" <marty_mcfadden@ogden-energy.com>, "Lynn Lednicky"
<lale@dynegy.com>, "Larrea, John" <John.g.Larrea@williams.com>, "kent
Palmerton" <kent.palmerton@williams.com>, "Ken Hoffman"
<khoffman@caithnessenergy.com>, "Kate Castillo" <ccastillo@riobravo-gm.com>,
"Kassandra Gough" <kgough@calpine.com>, "Jonathan Weisgall"
<jweisgall@aol.com>, "John Stout" <john_h_stout@reliantenergy.com>, "Joe
Ronan" <joer@calpine.com>, "Joe Greco" <jgreco@caithnessenergy.com>, "Jim
Willey" <elliottsa@earthlink.net>, "Jeff Dasovich" <Jeff.Dasovich@enron.com>,
"Jack Pigott" <jackp@calpine.com>, "Jack Hawks" <jack.hawks@gen.pge.com>,
"Hap Boyd" <rboyd@enron.com>, "Greg Blue" <gtbl@dynegy.com>, "Frazier
Blaylock" <frayblay@aol.com>, "Frank DeRosa"
<fderosa@sanfrancisco.usgen.com>, "Eric Eisenman"
<eric.eisenman@gen.pge.com>, "Eileen Koch" <eileenk@calpine.com>, "Ed Tomeo"
<ed.tomeo@uaecorp.com>, "Duane Nelson" <dnelsen@msn.com>, "Doug Fernley"
<fernley.doug@epenergy.com>, "Dean Gosselin" <dean_gosselin@fpl.com>, "David
Parquet" <dparque@ect.enron.com>, "Curtis Kebler"
<curtis_l_kebler@reliantenergy.com>, "Curt Hatton" <Curt.Hatton@gen.pge.com>,
"Craig Chancellor" <craigc@calpine.com>, "Cody Carter"
<cody.carter@williams.com>, "Carolyn Baker" <cabaker@duke-energy.com>, "Bob
Gates" <bob.gates@enron.com>, "Bob Escalante" <rescalante@riobravo-gm.com>,
"Bob Ellery" <bellery@spi-ind.com>, "Bill Woods" <billw@calpine.com>, "Bill
Carlson" <william_carlson@wastemanagement.com>, "Alex Sugaoka"
<alex.sugaoka@UAECORP.COM>, "Bob Szymanski" <rjszymanski@powerworksinc.com>,
"Chris Ellison" <CTE@eslawfirm.com>, "Doug Kerner" <dkk@eslawfirm.com>, "Andy
Brown" <ABB@eslawfirm.com>, "Sandi McCubbin" <smccubbi@enron.com>, "Susan
McCabe" <smccabe@mccabeandcompany.net>, "Scott Govenar"
<sgovenar@govadv.com>, "Ron Tom" <thackbarth@govadv.com>, "Robert Ross"
<robbiz@cwo.com>, "Rina Venturini" <rventurini@teamgsi.net>, "Phil Isenberg"
<Isenberg@HMOT.com>, "Mike Monagan" <mrmonagan@aol.com>, "Maureen OHaren"
<Oharen@HMOT.com>, "Marie Moretti" <mmoretti@mccabeandcompany.net>, "Jamie
Parker" <jparker@hmot.com>, "Hedy Govenar" <hgovenar@govadv.com>, "Fred
Pownall" <fred_pownall@ka-pow.com>, "Delany Hunter" <dhunter@s-k-w.com>,
"Chuck Cole" <ccole@advocation-inc.com>, "Bev Hansen" <bhansen@lhom.com>,
"Anne Kelly" <kelly@hnks.com>, "Mark Nobili" <mnobili@cal-lobby.com>
		 Subject: Legislative Status Report Week Ending 4/27

Date: April 27, 2001
To:  Jan Smutny-Jones, Steven Kelly, Katie Kaplan
Cc:  IEP Board Members
From:  Julee Malinowski-Ball
Re:  Legislative Status Report Week Ending 4/27

RECENT EVENTS

-- Rule #1: Never assume an issue is done until the ink is dry from the
Governor's signature (and even then you never know).  The Senate Republicans
agreed late this week to oppose SB 28x (Sher), which makes several
IEP-sponsored proposals to the siting process, due to a controversial
provision added in the Assembly Appropriations Committee regarding
unemployment compensation.  Assembly Republicans let it slide on process
because CMTA and the Chamber's objections to the egregious language was so
last minute.  Senate Republicans had more time to look at the issue and
agreed not to let it go forward.  Since they control of the final vote in a
bill requiring two-thirds, their united opposition stopped the bill, one
vote shy.  The author was granted reconsideration and discussions will be
on-going over the next week on how to proceed.  The best-case scenario at
this point is getting one Republican to drop from the ranks.  Worst-case
scenario is the bill dies, and our language gets picked up in another
vehicle starting the whole process all over again.  The more likely
scenario, however, lies somewhere in between.  Parties will agree to some
compromise language, send the bill back to the Assembly to make the
appropriate changes, then bring it back to the Senate for a clean vote.

-- Long-term contracting was moved to the front burner this week by Asm.
Wright (AB 57) and Senator Morrow (SB 997), both with different results.
Both measures, which are almost identical, set forth a criteria which, if
followed by an IOU when signing a long-term contract with an energy
supplier, would eliminate the need for a reasonableness review by the CPUC.
AB 57 passed out of the Assembly Utilities and Commerce committee with
little discussion and a few technical amendments.  SB 997 faced a longer,
more difficult hearing in front of Senator Bowen's Energy Committee.  IEP,
along with the three IOUs testified in support of the measure, while TURN
expressed great concerns with the concept of leaving the CPUC out of the
picture.  In the end, the Senate committee agreed to put the bill off for
further discussions, passed a motion in support of getting the appropriate
rule waver so the bill can be heard again after Friday's policy committee
deadline, and scheduled a stakeholder meeting for Thursday morning.  Senator
Burton announced on the Senate Floor Thursday morning, however, that all
requests for rule wavers would be denied.  AB 57 appears to be the only
active vehicle on this issue, and IEP will be at the negotiating table
providing input on the language as it moves forward.

-- AB 60x is scheduled for hearing next week in the Senate Energy Committee.
IEP met with committee staff this week, which revealed some possible
latitude in amending the bill.  IEP and other member company lobbyists will
be pushing hard for an opposed position from the rest of the committee
before the hearing Tuesday afternoon.  At this time, however, we do not have
any alternative language for the bill.  After further review by some IEP
member companies, the previously drafted amendments appear unworkable and
were withdrawn from consideration.  We anticipate on waiting to see where
the committee on Tuesday takes the issue before another attempt at drafting
alternative language.

-- SB 1x (Soto/Scott) was amended this week before its hearing in the Senate
Appropriations committee next week.  The new language finds a backdoor to
the price cap issue by imposing a 100 percent tax on the sale of electric
power that exceeds a base price of $80 per MW/hr.  CMTA, the Chamber and
CalTax will be coordinating strategy for the hearing with IEP and the
generators, but despite the bill's multiple constitutional and legal
problems, most admit the measure will move forward with little trouble.  A
new player on the scene will probably provide the most noteworthy testimony.
InterGen North America, which is developing a 900 MW power plant in Palm
Springs, plans on testifying that if this measure is signed by the Governor,
they will absolutely pull the project and go to Oklahoma.

-- Newly amended this week is AB 67x (Cardoza), which now makes it a felony
for a corporation that sells electricity or natural gas at unjust or
unreasonable rates. Sponsored by Lt. Governor Bustamante, the measure
establishes stiff fines and possible jail time, that could be subject to the
state's "three strikes" law.  AB 67x has already generated opposition from
Republicans and constitutional questions from legal experts.   Although
Cardoza noted that several aspects of the bill are unresolved and could
change, the intent will remain the same, and he insists that energy
companies that take advantage of Californians will still face significant
penalties.

-- SB 6x, (Burton), which establishes a State Power Authority, passed the
Assembly this week by a 48 to 28 vote.  The measure needs the Senate to
concur on the Assembly amendments before it heads to the Governor's desk.

-- Attached are the most recent legislative tracking reports for both the
special and regular sessions.  Please call if you need copies of any of the
bills.

UPCOMING EVENTS

MONDAY, April 30th
Senate Appropriations Committee
SB 1x (Soto) - excess profits tax
SB 30x (Brulte) - local government incentives

Assembly Energy Costs and Availability Subcommittee on Natural Gas Costs and
Availability
Informational Hearing

TUESDAY, May 1st
Senate Energy Committee
AB 60x (Hertzberg) - California First

MONDAY, May 7th
Senate Appropriations Committee
SB 64x (Costa) - biomass incentive

ON THE SENATE FLOOR
SB 28x (Sher) - siting proposals
SB 6x (Burton)  - State Power Authority

--end--

Julee Malinowski-Ball
Senior Associate
Edson + Modisette
916-552-7070
FAX-552-7075
jmball@ns.net

 - 2001 Tracking Report.doc
 - 2001 Tracking Report.special session.doc


Shirley,

Please, remind me about making arrangements for this trip later this week.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/11/2000
09:40 AM ---------------------------

"Piazze, Thomas" <piazzet@wharton.upenn.edu> on 04/05/2000 02:47:10 PM
To: "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>
cc:
Subject: RE: Test

Vince:  My schedule indicates that should be a good day to be on campus, so
let's plan for it.

Please forward to me those brief topic write-ups you promised so that I can
schedule appropriate faculty to meet with you.

Thanks.

TOM

> -----Original Message-----
> From: Vince.J.Kaminski@enron.com [SMTP:Vince.J.Kaminski@enron.com]
> Sent: Wednesday, April 05, 2000 11:08 AM
> To: piazzet@wharton.upenn.edu
> Cc: Vince.J.Kaminski@enron.com; Shirley.Crenshaw@enron.com
> Subject: RE: Test
>
>
> Tom,
>
> The conference in New York is held on  May 18 and May 19. I can visit
> Wharton
> the day before.
>
> Vince Kaminski
>
>
>
>
> "Piazze, Thomas" <piazzet@wharton.upenn.edu> on 04/05/2000 08:40:55 AM
>
> To:   "'Vince J Kaminski'" <Vince.J.Kaminski@enron.com>
> cc:
> Subject:  RE: Test
>
>
> Vince:  I enjoyed talking with you yesterday and look forward to receiving
> information relative to your visit to campus.
>
> TOM PIAZZE
>
> > -----Original Message-----
> > From:   Vince J Kaminski [SMTP:Vince.J.Kaminski@enron.com]
> > Sent:   Tuesday, April 04, 2000 4:52 PM
> > To:     piazzet@wharton.upenn.edu
> > Subject:     Test
> >
> >
> >
> > Test
> >
>
>
>


This looks good.  Don't worry I will definately call if I want something.


[IMAGE]	 	[IMAGE]	[IMAGE]

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QUALCOMM Appoints Luigi Gasparollo as Vice President of European Operations   SAN DIEGO, Oct 25, 2001 (BUSINESS WIRE) -- QUALCOMM Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, today announced the appointment of Luigi Gasparollo as vice president and managing director of European operations. In this role, Gasparollo will oversee business development for the European CDMA market.   "Luigi brings to QUALCOMM vital industry knowledge and strategic relationships within the European wireless arena," said Jeff Jacobs, president of global development for QUALCOMM. "We will leverage his valuable experience to continue to drive and support the adoption and deployment of third-generation CDMA wireless technologies."   Prior to joining QUALCOMM, Gasparollo was managing director of international telecommunication operator, Elsacom in Holland, overseeing the service provisioning of Globalstar(TM) and other telecom services in 25 different countries throughout Europe. Gasparollo worked with many European GSM operators on the complexities of roaming between the GSM and Globalstar CDMA networks. He holds a degree in Electrical Engineering from the E. Fermi in Rome.   QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. The Company's business areas include CDMA chipsets and system software; technology licensing; the Binary Runtime Environment for Wireless(TM) (BREW(TM)) applications platform; Eudora(R) e-mail software; digital cinema systems; and satellite-based systems including portions of the Globalstar system and wireless fleet management systems, OmniTRACS(R) and OmniExpress(R). QUALCOMM owns patents that are essential to all of the CDMA wireless telecommunications standards that have been adopted or proposed for adoption by standards-setting bodies worldwide. QUALCOMM has licensed its essential CDMA patent portfolio to more than 100 telecommunications equipment manufacturers worldwide. Headquartered in San Diego, Calif., QUALCOMM is included in the S?500 Index and is a 2001 FORTUNE 500(R) company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM.   QUALCOMM, OmniTRACS, OmniExpress and Eudora are registered trademarks of QUALCOMM Incorporated. BREW is a trademark of QUALCOMM Incorporated. Globalstar is a trademark of Loral QUALCOMM Satellite Services, Incorporated. All other trademarks are the property of their respective owners.   CONTACT:          QUALCOMM Incorporated                   Patty Goodwin, Corporate Public Relations                   858/651-4127, Fax: 858/651-5873                     pgoodwin@qualcomm.com                   or                   Julie Cunningham, Investor Relations                   858/658-4224, Fax: 858/651-9303                     jcunningham@qualcomm.com URL:              http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.  Copyright (C) 2001 Business Wire.  All rights reserved.  -0-   KEYWORD:          CALIFORNIA INTERNATIONAL EUROPE TRACK INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS                   HARDWARE                   INTERNET                   SOFTWARE                   TELECOMMUNICATIONS                   MANAGEMENT                   CHANGES                   SOURCE:                   QUALCOMM                   Incorporated    [IMAGE]    ***IMPORTANT NOTICE AND DISCLAIMER REGARDING THIS COURTESY EMAIL***   At your request, as a subscriber to our service, this email alert is being sent to you as a courtesy and is for information purposes only. We are a financial news re-distributor. We are not an investment advisory and do not purport to tell or suggest which companies you should monitor or which securities you should purchase or sell.   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FYI

I just terminated ISDA K#96007359 for Prior Energy Corporation, CP #2630 and
I updated EOL Profile Manager with a new ISDA K#96060326 for Prior Energy
Corporation.

Georgi


Richard, You may find the attached information about Farallon
interesting.? ??? ??????? ??????? ??????? Steve

 <<8313DA00.PDF>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - 8313DA00.PDF


In celebration of EnronOnline's one millionth transaction this week, we
would like to invite you to a celebration party on  Thursday, June 7th from
5- 8 p.m. at The Grasshopper (506 Main Street @ Prairie in downtown).  Please
RSVP as soon as  possible by clicking on the link below.

 http://207.21.193.94/invitation/

 I hope to see you there.

 Andy Zipper


We are part of a retail coaltion called ARM.  ARM has hired a PR Firm,
Edelman.  At the first meeting today, one of Edelman's VPs mentioned that
Nancy Vogle is preparing a BIG report on the current deregulation situation.
She is excited about talking to some retailers.  We are in the process of
putting our collective message points together, which I will pass along.  A
few ARM members will then meet with Nancy in the next two weeks.  Will keep
you apprised.

Sue


I'll have to ask Neil for Michael's SS#.  I don't have it on me.

I know Neil's boss and his boss' boss will have parties.  I think one in on
the 16th and the other on the 30th (stupid day for a party).  Are those good
days for you? I just can't get interested in going to the Enron parties - too
many people.  We could really stand some shopping time (bah humbug), also.

Kay

"Brashear, Charlotte" <cbrashear@velaw.com> on 11/29/2000 09:50:45 AM
To: "Mann Kay (E-mail)" <kmann@enron.com>
cc:

Subject:

   When you have a chance, please send me Michael's Social Security
number.

   I'll be glad when you and Neil start going to some Christmas
parties.

   Thanks.
          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You


Loverboy.  Power Band of the 80's!


I spoke with Steve Saye at WIC today and he said that they interpret the
tarrif to read that a release done at the full negotiated contract rate is
the same as the maximum rate. Therefore we can release at the $.12 rate.  He
also stated that he would begin the approval process with the banks for the
release but thought that there would be no problem with Huber's credit.  He
did state that the bank approval timing was out of his control but he would
try to expedite it. In addition, he felt that the best way to do the release
was to do it  with the first bidder meeting minimum terms and have Huber
ready to take it.  He said that it would not have to be noticed ahead of time
so noone would know that it was going  to hit the board.

My question is, can we get the contract with Huber signed prior to receiving
the bank approval for the WIC peice?

Mark


Thome, Sole - hey, that rhymes...
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/07/2001 04:20
PM ---------------------------

Dale Rasmussen@ECT
03/06/2001 12:05 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: FW: ENRON - Meeting - Training Scope

---------------------- Forwarded by Dale Rasmussen/HOU/ECT on 03/06/2001
10:02 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Thompson, Peter J." <pthompson@akllp.com>
02/28/2001 09:15 AM

To: "Dale Rasmussen (E-mail)" <Dale.Rasmussen@enron.com>
cc: "Kay Mann (E-mail)" <kay.mann@enron.com>, "Pipitone, Paul"
<paulpipitone@akllp.com>, "Cobb, Chris" <chriscobb@akllp.com>
Subject: FW: ENRON - Meeting - Training Scope

 Attached is Exhibit H-2.

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Thursday, December 21, 2000 7:07 PM
To: Thompson, Peter J.
Subject: FW: ENRON - Meeting - Training Scope

---------------------- Forwarded by Kay Mann/Corp/Enron on 12/21/2000
06:06
PM ---------------------------

lee.johnson@ss.ps.ge.com on 12/21/2000 04:25:08 PM

To:   kay.mann@enron.com
cc:   john.r.ayres@enron.com

Subject:  FW: ENRON - Meeting - Training Scope

I'm forwarding this per my conversion with John Ayres as the Training
insert
H-2

> -----Original Message-----
> From:         Johnson, Lee L (PS, SSEP)
> Sent:         Friday, March 17, 2000 3:50 PM
> To:           'kathleen.clark@enron.com'; 'michael.d.nanny@enron.com'
> Cc:           Davis, David F (PS, SSEP); Kuo, Kathy (PS, SSEP);
> 'chris.booth@enron.com'
> Subject:           FW: ENRON - Meeting - Training Scope
>
>
> Kathy/Mike-
>
> Attached is our latest Training Course agenda.  Since our Engine and
> Packaging businesses are now organized as one, we've combined the
Engine
> Familiarization and Generator Set Operator Training Courses into a
single
> Training Course.  We would envision providing this training at each
> Facility Site.
>
> This outline should be used to replace the language in Exhibit H-2 to
> accurately describe the current course agenda.  We'll discuss the
content
> in detail on Tuesday with Mike, to be sure that nothing is dropped
from
> the Training content.
>
> Thanks,
>
> Lee
>
>
> -----Original Message-----
> From:         Kuo, Kathy (PS, SSEP)
> Sent:         Thursday, March 16, 2000 11:12 AM
> To:           Roy Allice (E-mail)
> Cc:           Johnson, Lee L (PS, SSEP)
> Subject:           ENRON - Meeting - Training Scope
>
> Roy,
>
> 1.  MEETING INFORMATION:
> Who:          Enron, Lee Johnson, Kathy Kuo, Roy Allice
> Where:        Downtown Houston. 3 Allen Center, 333 Clay St., Suite
400
> (sign in).
> When:         1:30 PM - ?  (Lee Johnson to confirm)
>
>
> 2.  Attached is the file David Davis sent to Lee for Enron Training
Scope.
> Note that it is the 5-day Basic Op.
>
>  <<Training LM6000.pdf>>
>
> 3.  Please confirm (per our discussion this morning) that you will be
able
> to attend this meeting.  If not, please let me know if there is
someone
> that can attend in your place.
>
>
> Thanks!
> Kathy
(See attached file: Training LM6000.pdf)

 - Training LM6000.pdf


Dan, thanks for your submission of all the contracts, I've not been able to
devote all of my time to them, but they are in varying stages of
completion.  This will be a short week with the holiday, so I wanted to
touch base with you and let you know that we probably will not be able to
address these contract issues until the week of Nov. 27th.

I hope you have a safe and happy Thanksgiving.

Ellen Dailey


What is this??
---------------------- Forwarded by Richard Shapiro/HOU/EES on 02/11/2000
02:24 PM ---------------------------

Joe Hillings@ENRON
02/11/2000 11:11 AM
To: Carolyn Cooney/Corp/Enron@ENRON, Chris Long/Corp/Enron@ENRON, Stephen D
Burns/Corp/Enron@ENRON
cc: Lora Sullivan/Corp/Enron@ENRON, John
Fugh/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Richard Shapiro/HOU/EES@EES
Subject: Department of State Personnel Joining Enron's Washington Office In
June

American Foreign Service Association President Marshall Adair called to
advise that of the 10 foreign service officers now in economic training at
the Foreign Service Institute, 7 of the 10 had indicated an interest in join
ing Enron's Federal Affairs office for the newly instituted Business
Practicum. Marshall asked that I call Tom Martin, deputy director of the
Office of the Business Coordinator which I did.

I agreed that we would take two of the foreign service officers.   Tom
Pierce's last post was in Amman, Jordan where he headed the commercial
section at the embassy as senior economic officer. Following the Business
Practicum, he will be joining the Office of the Business Coordinator which is
an excellent fit for us. He had prior assignments in Melbourne and Ecuador
where he did counsellor work. He worked at Case-Harvester in sales and
marketing and has an MBA.

Rob Winchester will be going to one of the "stans" after the Business
Practicum. His earlier foreign service assignments include regional economic
office in Washington with the East Asia Bureau, DOS Operations Center,
Malayasia and Romania counsellor assignments.

I've agreed to accepting both and will be assigning one to each of you.
Carolyn will need to get them an office in the expansion space at Rome.

Joe

P.S. I think we should organize some briefing materials and take them to
lunch so they can be oriented before arrival.


The GSR reporting service reported today that a new complaint (California
Electricity Oversight Board v. All Sellers of Energy and Ancillary
Services/California Independepent System Operator/California Power Exchange
Corporation, EL00-104-000 (08/29/00)) was filed yesterday that requests the
Commission to direct the CAISO too maintain bid caps of $250/MWh for energy
and ancillary services, and $100 for replacement reserves until the
Commission has completed its investigation of California markets.  The
complaint also requests consolidation with the existing investigation in
Docket Nos. EL00-95-000 and EL00-98-000.

Although I have not seen the complaint as yet (we'll get a copy to you as
soon as it is available), this strikes me as largely a frivolous complaint
that adds nothing to what is already going on.  In addition to the existing
investigation, the ISO has indicated that it will file (sometime in
mid-September) for authority to impose a price cap on ancillary services
beyond 11/15/00, when the existing authority terminates.   The Oversight
Board's complaint thus strikes me as a politically motivated public relations
filing that is designed to maintain pressure on the ISO and to shift blame
away from California and onto FERC if things really go bad in the state.

Moreover, the Commission has held that the price cap is a "purchaser's cap"
that simply establishes the price that the ISO, as a purchaser of ancillary
services, is willing to pay.  Thus, the Commission has held that it is not
establishing a maximum rate by approving the ISO's ability to impose a price
cap.  By requesting the Commission to direct the ISO to maintain a price cap,
rather than allow the ISO to do so on its own, however, the Oversight Board's
complaint seems inconsistent with the Commission's theory on this matter.

I'll send you FERC's notice as soon as I get it.  I assume that I should
prepare a plain vanilla intervention for EPMI/EES at the minimum.  Please
advise if you would like me to include any comments, such as those indicated
above.

Ron


Sorry about the delay I have been waiting for info from New York and Germany.
---------------------- Forwarded by Fiona McNaught/LON/ECT on 06/04/2001
17:52 ---------------------------

Mike Jordan
04/04/2001 16:36
To: Fiona McNaught/LON/ECT@ECT
cc: Patti Thompson/HOU/ECT@ECT

Subject: actual numbers of staff

Fiona

Sally Beck would like some details on our Middle Office Headcount - can you
complete the following table of details and send to Patti please

Power Gas and Credit Risk ( including Head of RM ) 36
Power Gas and Credit Documentation ( including GCP ) 37
Power Gas and Credit Settlements   19
Power Gas and Credit Trade Accounting   24
Nordic Power      8
Metals London      80 ( ish )
Metals NY      21
Metals Recycling Germany    154

cheers

Mike


Dear Mr Lay,

I don't know if this will get to you personally or if someone filters your email, but I sincerely hope you get a chance to read this.

I haven't been with Enron very long.  I was hired in August and left my old job in Austin because I wanted the experience of working for a great company.  I want you to know that I do not regret my decision to come here.  I have never worked for a company that treats people with such dignity.  It amazes me that throughout all of this, I knew that you would do everything you could to make sure that the employees are okay.  I can't say that I would have felt that way at any other job I have had.  I know now that good companies are out there, and have no doubt that I will have a chance to experience that again.

The past few months must have been a nightmare for you.  I cannot imagine what it feels like to build a company to greatness and watch it disintegrate because of the greed of a few.  I'm sure that no words can console you, but I want you to know that most of the employees I have talked to do not blame you.

Whatever happens next week, I want you to know that you are in my prayers.

Debbie Riall


Portland were fire alarmed out so their volume is down 250 trades

 -----Original Message-----
From: 	Webb, Jay
Sent:	Tuesday, November 20, 2001 8:43 AM
To:	Kitchen, Louise
Subject:	8:30 am update

Trade counts through 8:30 am

TRADE DATE	NA GAS	NA POWER	TOTAL TRADE CNT
11/20/2001	992	290	1720
11/19/2001	825	508	1968
11/18/2001	6	4	10
11/17/2001	10	6	16
11/16/2001	880	583	2203
11/15/2001	1006	523	2199
11/14/2001	731	444	2364
11/13/2001	868	527	1951
11/12/2001	878	380	1913
11/11/2001	7	2	9
11/10/2001	5	8	13
11/9/2001	615	444	1679
11/8/2001	975	489	1931
11/7/2001	877	727	2288
11/6/2001	1064	849	2463
11/5/2001	930	839	2308
11/4/2001	4	3	7
11/3/2001	2	16	18
11/2/2001	1211	576	2253
11/1/2001	984	769	2429

Regional breakdown:


Mark Palmer asked me to forward this information to you.  The information may
be released as early as Thursday, November 23.  It references litigation
regarding an explosion in Puerto Rico four years ago.  The press release will
come from the attorneys and the issue will be news in Puerto Rico.  If you
have any questions, please contact John Ambler or Mark Palmer.

Eric

---------------------- Forwarded by Eric Thode/Corp/Enron on 11/22/2000 02:41
PM ---------------------------

Carla Galvan@ENRON_DEVELOPMENT
11/22/2000 02:34 PM
To: Mark Palmer/Corp/Enron@ENRON, Eric Thode/Corp/Enron@ENRON
cc:

Subject: Rio Piedras Explosion Litigation

John Ambler asked me to forward this to you.

Regards,
Carla Galvan
6-6568
---------------------- Forwarded by Carla Galvan/ENRON_DEVELOPMENT on
11/22/2000 02:27 PM ---------------------------

Dennis Vegas
11/20/2000 05:53 PM
To: John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Rio Piedras Explosion Litigation

FYI pls handle with the utmost discretion.
---------------------- Forwarded by Dennis Vegas/ENRON_DEVELOPMENT on
11/20/2000 05:46 PM ---------------------------
From: Charles Cheek@ENRON on 11/20/2000 05:41 PM
To: Dennis Vegas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Rio Piedras Explosion Litigation

Attached are the draft transmittal and the previously agreed press releases.
----- Forwarded by Charles Cheek/Corp/Enron on 11/20/2000 05:40 PM -----

	Michelle Lawless
	11/20/2000 12:47 PM

		 To: Charles Cheek/Corp/Enron@ENRON
		 cc:
		 Subject: Rio Piedras Explosion Litigation

Michelle Lawless
Enron Litigation Unit
Tel:  (713) 853-6298
Fax:  (713) 853-6576


Kelly raised this concern too.  The system is set up so that questions do not
appear unless we let them -- i.e. we can screen questions and answer only
those we choose.  Even with that feature, though, I think we should skip this
one (or just reschedule for a later date).  I'll contact Jim by separate
e-mail.

J Mark Metts@ENRON
03/21/2000 04:29 AM
To: Steven J Kean/HOU/EES@EES
cc:
Subject: FW: Jim Bannantine on eSpeak - March 23

Can we get this killed or redirected?  This seems very dangerous.
---------------------- Forwarded by J Mark Metts/NA/Enron on 03/21/2000 04:28
AM ---------------------------

"Joor, William E., III" <wjoor@velaw.com> on 03/20/2000 05:39:54 PM
To: "Metts, Mark (Enron)" <mmetts@enron.com>
cc:
Subject: FW: Jim Bannantine on eSpeak - March 23

I'm afraid I have to concur with Boyd.

William E. Joor III
Vinson & Elkins L.L.P.
3600 First City Tower
1001 Fannin
Houston, Texas  77002-6760
Tel:  713-758-2582
Fax:  713-615-5201
wjoor@velaw.com

 +++++++++++++++++++++++
 CONFIDENTIALITY NOTICE
 +++++++++++++++++++++++
 The information in this email may be confidential and/or
privileged. This email is intended to be reviewed by only the individual
or organization named above. If you are not the intended recipient or an
authorized representative of the intended recipient, you are hereby
notified that any review, dissemination or copying of this email and its
attachments, if any, or the information contained herein is prohibited.
If you have received this email in error, please immediately notify the
sender by return email and delete this email from your system. Thank You

-----Original Message-----
From: Carano, Boyd (Enron)
Sent: Monday, March 20, 2000 9:07 AM
To: Joor, William E., III
Subject: Jim Bannantine on eSpeak - March 23

FYI.  I gotta tell you that under the circumstances the timing of this event
just amazes me.

Hope all is well.

Boyd
---------------------- Forwarded by Boyd Carano/ENRON_DEVELOPMENT on
03/20/2000
06:10 PM ---------------------------

Julie Ramos
03/20/2000 06:02 PM

To:   Sao Paulo Brazil - Office Staff, Rio de Janeiro Brazil - Office Staff,
      Buenos Aires Argentina - Office Staff, Salvador Brazil - Office Staff,
      Enron South America - Houston Staff, Santa Cruz Bolivia - Office
Staff,
      Cuiaba Brazil - Office Staff
cc:   Sarah Palmer
Subject:  Jim Bannantine on eSpeak - March 23

(Embedded image moved to file: pic13277.pcx)  The eThink Team

Join Jim Bannantine, on eSpeak, Thursday, March 23 at 11:00 am (Houston);
2:00
pm (Buenos Aires and Sao Paulo ), and 1:00 pm (Cuiaba and Santa Cruz)  to
learn
more about Enron's current South America Strategy.

Jim will be holding an "open-mike" forum so you can ask him questions and
share
your ideas and opinions.

If you prefer you can  pre-submit your questions at eSpeak right now at the
following address ethink.enron.com ! Please keep your questions short and
simple! this will increase the opportunity for your question to be answered.

                                              eThink: Invest Your MInd

Venham conversar com Jim Bannantine no eSpeak, Quinta-feira, dia 23 de
mar?o, .s
11:00 horas (Houston); 14:00 horas (Buenos Aires e S?o Paulo) e 13:00 horas
(Bolivia ) para ficar melhor informado sobre a estrat,gias atual da Enron
Am,rica do Sul.

Jim estar? comandando um "bate-papo on line" e voc poder? fazer perguntas e?partilhar suas id,ias e opini?es.??Voc pode, tamb,m, fazer suas perguntas desde j? acessando o seguinte
endere?o
endere?o ethink.enron.com. Por favor, elabore perguntas curtas e diretas.
Isto
aumentar? a possibilidade de sua pergunta ser respondida.

                                         eThink: Invest Your Mind

 - pic13277.pcx


Attached is the PBA Nomination Form. I encourage you to take advantage of
this program. Let me know if you have any questions.

Regards
Frank


Sounds reasonable to me.  I'm afraid the difficult questions are the one you
posed to Peter and whether or not Credit will agree.

Carol St Clair
10/20/99 11:07 AM
To: Mark Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Shari
Stack/HOU/ECT@ECT, Marie Heard/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Susan
Bailey/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT
cc: Peter Keohane/CAL/ECT@ECT
Subject: Cash Collateral in Canada

I have spoken with Daivd Mitchell about the issue that I raised in my e-mail
yesterday regarding which law would govern the "perfection" of our interest
in cash collateral pledged to Enron North America Corp. by a Canadian
counterparty and held by us in an account in the US.  David confirmed that
while a New York/Texas court should apply US law for perfection purposes,
there is a possibility that a court would say that the law where the pledgor
is located would govern perfection.  Because of this uncertainty and because
of the perfection issues under Canadian law regarding cash collateral, do you
all agree that in our masters involving ENA and a Canadian counterparty that
Cash is not an acceptable form of collateral?

Peter,
As I mentioned to you yesterday, with respect to LC's that are issued for our
benefit, there could be a circumstance where we would draw and hold the cash
as collateral.  In that circumstance, I think we need some guidnace from you
and Stikeman as to what we should be doing to perfect our interest in such
cash.  I would be interested in knowing whether in a bankruptcy context
involving a Canadian counterparty, whether the court would hold that such
cash proceeds are property of the estate.

Let me know what you think.  My assistant is trying to set up a call with
you, me and Shari to go through the other Canadian law issues that I raised
in my e-mail to you yesterday.

Carol


Not sure what this has to do w/ Gov't conspiracies.

-----Original Message-----
From: Parks, Joe [mailto:Joe.Parks@enron.com]
Sent: Friday, March 01, 2002 9:33 AM
To: Fenner, Chet
Subject: RE: A PREVIEW OF COMING ATTRACTIONS

the american people will no longer stand for the excessive compention of the few pigs in corporate america, viva la people

-----Original Message-----
From: Fenner, Chet [mailto:Chet_Fenner@bmc.com]
Sent: Friday, March 01, 2002 9:30 AM
To: Parks, Joe
Subject: RE: A PREVIEW OF COMING ATTRACTIONS

I think the economic numbers are rigged -- the gov't trying to bring some confidence back into the mkts.  I'm scaring myself, starting to sound like my dad w/ all of his conspiracy theories.

-----Original Message-----
From: Parks, Joe [mailto:Joe.Parks@enron.com]
Sent: Friday, March 01, 2002 9:26 AM
To: Fenner, Chet
Subject: RE: A PREVIEW OF COMING ATTRACTIONS

thoughts on the stock market?

-----Original Message-----
From: Fenner, Chet [mailto:Chet_Fenner@bmc.com]
Sent: Friday, March 01, 2002 9:20 AM
To: 'Joe Parks'; Parks, Joe
Subject: RE: A PREVIEW OF COMING ATTRACTIONS

Oh, this will be good!

-----Original Message-----
From: Joe Parks [mailto:jparks1@houston.rr.com]
Sent: Thursday, February 28, 2002 11:42 PM
To: chet_fenner@bmc.com
Subject: A PREVIEW OF COMING ATTRACTIONS

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the thing that i will also tell you is that both flight options and travelair
will allow you to arrange a demo flight and will only charge you the hourly
rate as if you were an owner.  since you are not paying monthly fees or
capital, this is a really good deal.  i would suggest doing this with both of
them before you decide to buy anything  --  ideally on a long flight with a
big plane.


Please review the attached outage report that pertains to your region. If you have any questions, please give me a call.

Jerry Graves
713-345-8923 (Office)
713-646-2584 (Fax)


Hi Mark and Mark,

Over the past few weeks we have generated a list of which status counters are
incremented during which fault/status conditions. Kim Nguyen tested all the
fault/status conditions that she could using the EW1.5 software simulator
(about 50% of them). Her list also includes the "theoretical" counter that is
supposed to increment according to the specifications that we have received
from the Scada department in Rheine.

I took that list and indexed it by counter so it show all the faults that
actually (according to our simulation) increment a given counter. I also
included the faults that we could not test and the counters they
theoretically increment.

If you have time could you please check to see that the given faults are
incrementing the correct counters using the proper definitions of
availability. Specifically, there are several highlighted items in the second
document that may not be correct. We are trying to get a list back to the
Scada group in Rheine to correct any problems with our counters and you input
would be extremely valuable.

Thanks,

Garth


Joannie Williamson


Thank you so much for your time on the 11th. Your  perspectives on corporate
philanthropy are very helpful and certainly align with  the corporate values
of Enron.
?
We are very pleased that you will host a luncheon to  introduce our Committee
to the Houston corporate community. As you know, I've  already provided some
draft ideas for an invitation; we encourage you to include  CEOs of companies
not on our original target list. Both the initial issue of our  newsletter
and a revised brochure will be ready for distribution in early  October, and
can be made available for inclusion with an invitation, as  appropriate.
?
We understand that this event may not take place until  December or January,
and we'll count on you to let us? know the preferred  date(s) as soon as
convenient so we can line up Newman and/or Derr to  participate as well. Best
regards.


Steffes' call is FERC related.  This one's CA PUC related.

	Joseph Alamo
	12/21/2000 01:53 PM

		 To: Jeff Dasovich/NA/Enron
		 cc:
		 Subject: Re: CONFERENCE CALL ADVISORY & INFO re: Calif. PUC Action

Jeff -- would you care to field this?? I'm not aware of the 12:20 call.
Thanks, Joseph
---------------------- Forwarded by Joseph Alamo/NA/Enron on 12/21/2000 11:52
AM ---------------------------

Alan Comnes@ECT
12/21/2000 11:23 AM
To: Joseph Alamo/NA/Enron@ENRON
cc:

Subject: Re: CONFERENCE CALL ADVISORY & INFO re: Calif. PUC Action

??
Joseph, is this a substitute for the 12:20 call scheduled by Steffes?


We write further to our telephone discussion with Deb Korkmas this evening
(our time) in relation to the above matter.

As discussed during the course of our telephone discussion, there are a
number of outstanding issues that, bearing in mind the 12 hour time
difference between Bangkok and you and the deadline of the claim submission
which is on Monday 7 August, we would require them to be settled by Friday.

1. Claim amounts
We note from the documentation so far received by us and your e-mail
yesterday that the following entities will claim under the following
agreements:

1.1 Enron North America Corp. wishes to claim for the principal amount
outstanding and the interest outstanding for the Notes under the Security
Purchase Agreement, Indenture and Guarantee.  We would appreciate it if this
could be confirmed and also the definite amount of principal and interest
that is to be claimed.

1.2 Enron North America Corp. wishes to claim for the shares (equity),
as listed in the Shareholders Agreement, held by it in NSM.  However, having
reviewed the documentation so far received by us we are unsure as to the
legal grounds under which Enron North America Corp is entitled to claim this
sum.  Could you please clarify the nature of this claim.

1.3 ECT Thailand Investment Inc. wishes to claim for the shares
(equity), as listed in the Securities Purchase Agreement, held by it in NSM.
However, as in 1.2 above, having reviewed the documentation received by us
we are unsure as to the legal grounds under which ECT Thailand Investment
Inc is entitled to claim this sum.  Could you please clarify the nature of
this claim.

1.4 ECT Securities Limited Partnership wishes to claim for any
contingent liability that they may be subject to as a result of the
litigation undertaken by Farallon Capital, et al. and Legg Mason Income
Trust, Inc., et al.  As discussed, the sums which are allowed to be claimed
have to be fixed sums as of the date on which the court granted an order to
reorganise NSM's business, i.e. 8 May 2000.  It would appear to us that,
asides from the legal fee sums, an exact sum for the contingent liabilities
cannot be ascertained at this time. I would, therefore, appreciate
clarification of how this is to be determined, otherwise the claim amount
may have to be the full potential liabilities as claimed in the two
litigation cases.

2. Documentation
As discussed, we also require the following documentation which we
understand will be faxed to us during the course of today.

2.1 Corporate documents of the 3 entities making claims
2.2 Evidence of the change in the entities name if different from the
name in the relevant agreements
2.2 Debenture Certificate (either global or definitive)
2.3 Evidence of the payment purchase price
2.4 A copy of the Notice of the Event of Default or demand letters as
sent by the Trustee (if any)
2.5 The "Definition and Rules of Usage" as defined in the Shareholders
Agreement (in addition, we do not know whether your claims in relation to
the Shareholders Agreement are related to certain documents as described
therein, e.g. Management Agreement, Enron Purchase Agreement, if they are
related, we would require copies of such agreements as well)
2.6 Tables setting out all amounts (i.e. principal, interest, expenses,
etc.) being claimed by the 3 claiming entities

As mentioned in our discussion, in order to complete the application on time
we would really need to have everything in place by Friday, given the
deadline of the claim submission is on Monday, 7 August.  We would,
therefore, appreciate it if you could reply to all of the above outstanding
issues by today (your time) so that if there are any further outstanding
issues we can try and clarify these during the course of tomorrow (our time)
and perhaps during the weekend.  You may either respond to this email or
alternatively call my mobile phone (661) 619 1262 or Richard Smith's mobile
phone (661) 611 1184.

Best regards

Pichitphon Eammongkolchai / Richard Smith

____________________________________________________________

This message is confidential. It may also be privileged or
otherwise protected by work product immunity or other legal
rules. If you have received it by mistake please let us know
by reply and then delete it from your system; you should not
copy the message or disclose its contents to anyone.
____________________________________________________________


Lucy,

 Did you get set up on the checking account?  Try and email me every day with
a note about what happened that day.
 Just info about new vacancies or tenants and which apartments you and wade
worked on each day.

Phillip


We just received this in electronic form, and are reviewing.
---------------------- Forwarded by Ray Alvarez/NA/Enron on 07/12/2001 05:38 PM ---------------------------

"Ronald Carroll" <rcarroll@bracepatt.com> on 07/12/2001 05:36:02 PM
To:	<mmilner@coral-energy.com>, <rreilley@coral-energy.com>, <ray.alvarez@ei.enron.com>, <acomnes@enron.com>, <Christi.L.Nicolay@enron.com>, <dfulton@enron.com>, <jsteffe@enron.com>, <linda.robertson@enron.com>, <richard.sanders@enron.com>, <robert.frank@enron.com>, <smara@enron.com>, <snovose@enron.com>
cc:

Subject:	Fwd: Wagner's Recommendation

Date: Thu, 12 Jul 2001 16:20:56 -0500
From: "Tracey Bradley" <tbradley@bracepatt.com>
To: "Andrea Settanni" <asettanni@bracepatt.com>,	"Dan Watkiss" <dwatkiss@bracepatt.com>,	"Ronald Carroll" <rcarroll@bracepatt.com>
Subject: Wagner's Recommendation
Mime-Version: 1.0
Content-Type: multipart/mixed; boundary="=_4D173548.B5D4A936"

** High Priority **

It's attached.  Please take care of getting it to the appropriate people at Coral and Enron.

 - wagner recommendation.txt


Kay & Jeff:  I assume that you saw this, but just in case you did not.

News that a Connecticut agency plans to install twelve fuel
cell units around the state sent the stock of FuelCell Energy up
nearly 20 percent Friday, reports Reuters. Lehman analysts
described it as the "largest fuel cell commercialization effort
anywhere in the U.S. to date" (Reuters, Mar. 23).

"This e-mail, including attachments, contains information that is
confidential and it may be protected by the attorney/client or other
privileges.  This e-mail, including attachments, constitutes non-public
information intended to be conveyed only to the designated recipient(s).  If
you are not an intended recipient, please delete this e-mail, including
attachments and notify me by return mail, e-mail or by phone at 212
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of the e-mail, including attachments, is prohibited and may be unlawful.

John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
jklauber@llgm.com


Mark

Just a quick question while I remember, as you know I am giving an overview of the DASH process and the Legal Risk Memo that must accompany any DASH.
My understanding is that the Legal Risk Memo must be attached to the DASH when the DASH is circulated and that on the face of the DASH form prepared by RAC, we should not be and there should not appear any Legal Risk assessment, which must only be contained in the Legal Risk Memo. The DASH should simply refer to "See attached Legal Risk Memo".

I am hoping that this is also how you like to see the process work in practice.

In addition I am going to say that if possible you need to be briefed and receive a draft of the Legal Risk Memo before it is circulated with the DASH.

See you shortly.

Marcus


I would like to take the following as vacation days:

Friday, April 21
Friday, May 26th

Please advise if there is a problem with taking these days.

Carol


Attached is Mike Cadwalader's suggested mark up of my motion showing his
friendly amendment to point 4. I accept this amendment.

-----Original Message-----
From: mcadwalader@lecg.com [mailto:mcadwalader@lecg.com]
Sent: Friday, April 27, 2001 10:34 AM
To: mdy@slater-consulting.com
Subject: Re: Motion for Special BIC Meeting on ELR-CLR

Mark,

My proposed friendly amendment is attached.

--Mike

(See attached file: UOL Mark-up.doc)

"Mark Younger" <mdy@slater-consulting.com>@lists.thebiz.net on 04/26/2001
05:08:41 PM

Please respond to market_relations@nyiso.com

Sent by:  owner-nyiso_tech_exchange@lists.thebiz.net

To:   "Tech Team EMail List," <nyiso_tech_exchange@global2000.net>
cc:

Subject:  Motion for Special BIC Meeting on ELR-CLR

Mark Younger
Vice President
Slater Consulting
69 Werking Road
East Greenbush, NY  12061
518-286-1937 ph
518-286-1941 fax

 - UOL Mark-up.doc


FYI.  CDWR bond and purchase info.

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 06/22/2001
07:44 PM ---------------------------
From: Michael Tribolet/ENRON@enronXgate on 06/22/2001 09:04 AM
To: Richard Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Harry
Kingerski/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron, Lisa Mellencamp/ENRON@enronXgate
cc:

Subject: DWR presentation (see page 11)