---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 04/30/2001
07:45 AM ---------------------------

	From:  Larry Joe Hunter                           04/27/2001 05:10 PM

To: Jeffrey C Gossett/HOU/ECT@ECT
cc: Julie Brewer/NA/Enron@Enron
Subject: Termination of EnronOnline Trades

Jeff,

Can you pass on the message below to all of risk.  For EnronOnline, no trades
should be "reversed" in TAGG.  Simply kill the deal and we'll take care of
the documentation.

thanks,
Joe Hunter

---------------------- Forwarded by Larry Joe Hunter/HOU/ECT on 04/27/2001
05:08 PM ---------------------------
From: Tana Jones on 04/27/2001 04:38 PM
To: Kim S Theriot/HOU/ECT@ECT
cc: Mark Greenberg/NA/Enron@ENRON, Mark Taylor/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Elizabeth Sager/HOU/ECT@ECT, Alan
Aronowitz/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT
Subject: Termination of EnronOnline Trades

Per my discussion with Mark Taylor and our conversation today, attached is
the form of Termination Agreement that should be used when terminating
EnronOnline mistake or "oops" trades.  The trades should continue to be
initially run past the Legal Department to determine whether there are any
unusual circumstances surrounding the trades, but absent unusual
circumstances, Legal will then pass the trades on to the Confirmation Desk
for preparation of the Termination Letter and further handling.  These same
procedure should apply to physical as well as financial transactions.

Since this is a contract, the agreement will require the initials of a lawyer
and signature of a VP or above for the relevant company.  The Termination
Letter should be brought to the appropriate Legal Group for signature.

The current policy with respect to mistake trades is that the trade should be
terminated.  Reverse trades should not be entered into.

If you have any questions, please call.


How well do you know our Code of Ethics?

"It is a condition of employment that each employee accept the responsibility of complying with the foregoing policies.  The Company will require each employee of the Company to complete and submit a statement in a form designated by the Company pertaining to such employee's compliance with the policies set forth in this booklet.  The Company reserves the right to request any employee to complete and submit such statement at any time or as frequently as the Company may deem advisable."
(Enron Code of Ethics, July 2000, page 62)

What does that mean?

In layman's terms, everyone employed by Enron agrees to all the policies and standards listed in the current Code of Ethics (July 2000).

Who does it apply to?

The Code of Ethics applies to all employees, third party contractors, guests and licensees of Enron.  Additionally, employees are responsible for their family members and/or personal household who use, own, or have access to Enron's communication services and equipment -- including telephones, fax machines, computers, computer modems, long distance telephone services, cell phones, voice mail, pagers, e-mail, mail and delivery services.

What about my privacy?

Don't expect privacy when using Enron's equipment or services -- whether the activity is business or non-business related.  For example, don't use Enron's equipment to send or receive personal messages that you don't want monitored or accessed by the government, third parties or Enron.  In a nutshell, if you want privacy, don't use Enron's equipment.

Are there repercussions for non-compliance?

Yes.  An employee who violates any of the policies in the Code of Ethics is subject to disciplinary action, including suspension or termination of employment, and can include legal action if Enron believes it to be appropriate under the circumstances.

If you have any questions or comments about IT security or a related issue, please feel free to put them into eMeet (http://nahou-lnapp01.corp.enron.com/eThink/eMeet.nsf) under the "IT Security" category.  We'll monitor the site and respond to you there.


Price caps will not solve the problem

	By Adrian Moore and Lynn Kiesling
	April 19, 2001
	The drumbeat is again sounding for a return to wholesale price caps in
California's electricity market. While well intentioned, such a move would be
a grave mistake.
	Price controls have a history of distorting markets where competitive prices
are possible, leading to shortages of supply, inadequate investment,
over-consumption, and a myriad of other problems. In the case of California's
electricity crunch, a return to price caps would only increase the threat of
blackouts, as the supply of electricity would not keep pace with California's
appetite for power. Unfortunately, state leaders pushing for price caps
ignore history's lessons and seem destined to repeat past mistakes.
	California already experimented with price caps and it was a dismal failure.
As California's wholesale power prices rose rapidly in the spring of 2000,
the state Independent System Operator (ISO) quickly imposed a price cap. As a
result, the amount of power supplied to the state decreased as suppliers
pursued more lucrative opportunities elsewhere, selling their power in states
without price caps. In fact, imported electricity declined 33 percent in 2000
from the previous year.
	Consumer prices in two-thirds of the state were not affected and consumers
did not reduce demand. Scarcity turned into outright shortages. ISO staffers
spent much of their time rounding up power to keep the lights on hour by hour
rather than tending to the needs of the grid. As supplies continued to fall,
the ISO eventually lifted the caps to avert blackouts.
	When a similar situation occurred across the Midwest in 1998, policy-makers
pursued a dramatically different course which resulted in a dramatically
different outcome. Policy-makers let market prices rise to attract both power
and investment to the region, and now new power plants are being built.
	So, if price caps are not the solution, what is?
	California must choose between two directions for its electricity market to
move out of its current dysfunctional state: a state takeover of the market,
which is the direction Gov. Gray Davis' policies are leading, or a transition
to a deregulated market with real choices for customers. Given the success of
deregulating electricity generation in states like Pennsylvania and Texas,
California should pursue the latter course. But the transition will not be
easy.
	First and foremost, California must articulate a vision of moving toward
competition that will encourage new suppliers to enter the market. Too many
state leaders are offering isolated policy ideas and conflicting proposals
that do not inform the market in what direction policy is moving and what end
state is sought. In other cases, the state is hanging a "business not
welcome" sign on the door by scaring off would-be suppliers with high-pitched
rhetoric and threats of state takeovers.
	Once a clear vision is laid out, California will need to move toward a system
where consumers pay market prices for electricity, as this is the only way to
ensure that demand does not outpace supply. But this move will inevitably
cause some transition pains. Laying out a clear plan for this transition will
make it easier for the public to deal with.
	The state also can encourage utilities to implement real-time pricing and
metering so consumers can adjust their use of electricity as prices change.
Again, by providing more information, customers are better able to manage
this transition.
	But the state should ensure that utilities do not simply pass all of their
previous losses onto consumers through increased prices. The utilities helped
contribute to the problem and must shoulder some of the costs.
	Finally, if the state is going to move to a truly competitive market,
utilities must be free to purchase power competitively. Rather than trying to
oversee every transaction through a central pool, the state should encourage
a voluntary, independent competitive exchange and develop bidding rules that
attract both buyers and sellers, and enable utilities to purchase long-term
contracts at lower prices.
	Granted, the electricity crisis is no simple problem that the state can solve
with the stroke of a pen or public speech about the need for conservation.
Without a doubt, it is going to cause some pain.
	But beyond the short-term difficulties,? California can still emerge? with a
robust,? reliable power supply? that encourages new investment,? empowers
consumers to choose? providers of their choice,? and lowers the cost of the
fuel? our state's high-tech economy runs on.? A return to price caps? would
all but eliminate? that prospect and shatter California's track record? as a
forward-looking source of new ideas.
	Moore is executive director of the Reason Public Policy Institute. He can be
reached via e-mail at adrianm@rppi.org. Kiesling is director of economic
policy at the Reason Public Policy Institute and visiting associate professor
of economics at Northwestern University. Her e-mail address is
lynnek@rppi.org.

	Copyright 2001 Union-Tribune Publishing Co.


Hi Don,

the investment climate out there is very harsh, as you probably know. For me to raise VC money I need to show client business.
If you could confirm to me on a non-binding basis that Enron Americas is looking to continue to use DealBench datarooms and that a platform lease of a substantial value could be reached, that would help me a great deal in the process. Please feel free to amend in any way you feel fit and be as specific or unspecific as you see appropriate.

Please reply to my Enron e-mail as well as my private e-mail

tobiasmunk@yahoo.com

Thanks very much and I will be in touch (after the quarter and your successful divestitures :-)

Tobias Munk


Bill (premierpumpcompany@home.com) has sent you a news article

Personal message:

Yahoo - Rabin & Peckel LLP Commences Class Action Against Enron Corporation and Certain of Its Officers and Directors, Alleging Violations of Federal Securities Laws
<http://biz.yahoo.com/bw/011107/72410_1.html>
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Wednesday November 7, 12:41 pm Eastern Time

Press Release

SOURCE: Rabin & Peckel LLP

Rabin & Peckel LLP Commences Class Action Against Enron Corporation and Certain of Its Officers and Directors, Alleging Violations of Federal Securities Laws

NEW YORK--(BUSINESS WIRE)--Nov. 7, 2001--A class action complaint has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities who purchased Enron Corporation (``Enron'' or the ``Company'') (NYSE: ENE <http://finance.yahoo.com/q?s=ene&d=t> - news <http://biz.yahoo.com/n/e/ene.html>) common stock between January 18, 2000 and October 17, 2001, inclusive (the ``Class Period''). The complaint was brought against defendants Enron, Kenneth Lay, Jeffrey K. Skilling and Andrew Fastow. The case is numbered H-01-3736. The Honorable Melinda Harmon is the Judge presiding over the case.

The Complaint alleges that defendants violated Section 10(b) and 20(a) of the Securities and Exchange Act of 1934 by issuing a series of material misrepresentations to the market between January 18, 2000 and October 17, 2001, thereby artificially inflating the price of Enron common stock. Specifically, the Complaint alleges that Enron issued a series of statements concerning its business, financial results and operations which failed to disclose (i) that the Company's Broadband Services Division was experiencing declining demand for bandwidth and the Company's efforts to create a trading market for bandwidth were not meeting with success as many of the market participants were not creditworthy; (ii) that the Company's operating results were materially overstated as a result of the Company failing to timely write-down the value of its investments with certain limited partnerships which were managed by the Company's chief financial officer; and (iii) that Enron was failing to write-down impaired assets on a timely basis in accordance with Generally Accepted Accounting Principles (``GAAP''). During the Class Period, Enron insiders disposed of over $73 million of their personally-held Enron common stock to unsuspecting investors.

On October 16, 2001, Enron surprised the market by announcing that the Company was taking non-recurring charges of $1.01 billion after-tax, or ($1.11) loss per diluted share, in the third quarter of 2001, the period ending September 30, 2001. Subsequently, Enron revealed that a material portion of the charge was related to the unwinding of investments with certain limited partnerships which were controlled by Enron's chief financial officer and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. When this news hit the market, the price of Enron common stock dropped significantly.

Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com <http://www.rabinlaw.com>.

If you purchased Enron common stock during the Class Period described above, you may, no later than December 21, 2001, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Maurice Pesso and Eric Belfi, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com <mailto:email@rabinlaw.com>.
  _____

Contact:

     Rabin & Peckel LLP
     Maurice Pesso/Eric Belfi, 800/497-8076 or 212/682-1818
     Fax: 212/682-1892
     email@rabinlaw.com <mailto:email@rabinlaw.com>
     www.rabinlaw.com <http://www.rabinlaw.com>

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Our thanks to those of you who have already responded regarding the Junior
Achievement Job Shadowing program.  If you have already replied, it is not
necessary to do so again, however, there are still a number of you who have
not responded and we look forward to hearing from you.  Please review the
memo below and respond to Nicki Daw or Susan Skarness ASAP.

Your participation is greatly appreciated.  Thank you.

Mark Frevert & Cliff Baxter

________________________________________________________

	Cliff Baxter
	08/22/2000 11:07 AM

Subject: We Need You

Some of you were contacted earlier this year by Cliff Baxter, Enron's
representative on the Junior Achievement Board of Directors, regarding
participation in Enron's Junior Achievement program.  Since so many changes
have occurred within ENA since that time, we are renewing our request and
broadening it to reach more departments.

One of the programs that we wish to support through Junior Achievement is Job
Shadowing.  This program's objectives are to demonstrate why a sound
education, interpersonal skills, and a strong work ethic are needed to
succeed in the work place.  A successful Job Shadowing program requires your
department's commitment and participation.

The Job Shadowing program consists of the following:

 9:00 - 10:30 AM  Welcome, Company Overview, Video, and Tour
 10:30 - 12:00 N  Job Shadow Experience with Enron Employees and/or
Departments
 12:00 - 1:00 PM  Lunch for Students with Mentors and Closing Comments

Enron has agreed to accept 16 high school juniors and seniors on the second
Wednesday of each month from October 2000 through April 2001.  We need your
assistance in hosting students within your department during the 10:30 AM -
12:00 Noon period.   Students may be either paired up one-on-one with
employees or may remain in groups of 2-4.  Employees participating in Job
Shadowing will also be invited to join their students for a quick lunch and
closing comments.  If enough departments participate, it is possible that
each department may only be needed on a quarterly basis.

Although we have identified two individuals to provide the company overview
and tour, we are also accepting additional volunteers in this area.  Please
advise if anyone in your department is interested in assisting.

Please provide the following information to Nicki Daw or Susan Skarness by
August 30, 2000.

 Department Name:

 Job Shadowing Contact Name:

 Number of Students:

 Individual to Assist With Tours:

We appreciate your consideration and participation in promoting Junior
Achievement and Enron.

Cliff Baxter and Mark Frevert


Dear Sherri, or Rocky, or Jeff, or Elzie, or whomever,
    Tell his Enroness, Lord Rocky that his confirmation of his appearance at
Elvis' party Friday nite is "gate", that his regrets towards attending the
football game on Saturday is "beek", and that we really don't care if he
shows up or not really, as long as he sends his "gate, bar, goddess"
girlfriend he had with him at Miller's wedding and we'll all be just happy
as a piece of dog liver in our mouths.
     Make SURE he sees this message on his very large desk or we will invoke
the Eye of Wooglin upon him.

Yours in -kai-,
Drow
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.


Note: forwarded message attached.

__________________________________________________
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X-Apparently-To: lizard_ar@yahoo.com via web1303.mail.yahoo.com
X-Track: -20
Received: from mail.travelpark.com  (EHLO exchange.travelpark.com)
(209.127.37.2)  by mta136.mail.yahoo.com with SMTP; 09 Oct 2000 12:33:57
-0700 (PDT)
Received: by mail.travelpark.com with Internet Mail Service (5.0.1460.8) id
<T6YJ6QKS>; Mon, 9 Oct 2000 14:33:52 -0500
Message-ID: <222B2AC44919D311AC1700203589943FE50668@mail.travelpark.com>
From: Tam Kinn <tam.kinn@travelpark.com>
To: 'Elizabeth Lay' <lizard_ar@yahoo.com>
Subject: RE: Travel changes
Date: Mon, 9 Oct 2000 14:33:51 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.0.1460.8)
Content-Type: text/plain; charset="iso-8859-1"
Content-Length: 6740

Hello Liz ,

All set - I will Federal Express tickets out tonight and you will receive it
tomorrow .  Have a good trip -

Tam

SALES AGT: TK/Y32FPR

                                          LAY/ELIZABETH
                                          144 N PROSPECT DR
                                          CORAL GABLE FL 33133
  ENRON CORP                              305 456-0876
                                          TCP2LAY AND VITTOR
                                          FEDERAL EXPRESS

  DATE:  OCT 09 2000

SERVICE               DATE  FROM           TO             DEPART  ARRIVE

CONTINENTAL AIRLINES  12OCT MIAMI FL       HOUSTON TX     740P    918P
CO 1519    B          THU   INTERNATIONAL  G.BUSH INTERCO
                                           TERMINAL C
                                                          NON STOP
                            RESERVATION CONFIRMED         2:38 DURATION
                  AIRCRAFT: BOEING 737-500
                            SEAT 06A NO SMOKING CONFIRMED LAY/ELIZABETH(I

CAR                   12OCT HOUSTON           TX
                      12OCT LUXURY
                            BEAL TOWN CAR 713 731-9233/PICKUP:BAGGAGE
                            CLAIM ARRIVAL ON CO 1519 AT 918P
                            DROPOFF:2121 KIRBY
                            RATES $55 PLUS TAX DIRECT BILLING
                            CONFIRMATION: LAY956

CAR                   15OCT HOUSTON           TX
                      15OCT LUXURY
                            BEAL TOWN CAR 713 731-9233/PICKUP:215P AT
                            2121 KIRBY
                            DROPOFF: HOUSTON BUSH AIRPORT
                            RATES $55 PLUS TAX DIRECT BILLING
                            CONFIRMATION: LAY957

CONTINENTAL AIRLINES  15OCT HOUSTON TX     MIAMI FL       330P    702P
CO 6       B          SUN   G.BUSH INTERCO INTERNATIONAL
                            TERMINAL C
                            SNACK                         NON STOP
                            RESERVATION CONFIRMED         2:27 DURATION
                  AIRCRAFT: BOEING 737-500
                            SEAT 07A NO SMOKING CONFIRMED LAY/ELIZABETH(I
           **************************************************
         YOUR TICKET REFLECTS A NEGOTIATED DISCOUNT FROM THE TAP
             THE PUBLISHED FARE FOR THIS TICKET IS $1198.00
           **************************************************

RESERVATION NUMBER(S)  CO/OZDLV5

LAY/ELIZABETH  S9C040YR0070

CO  FREQUENT FLYER COTP672300
INTL TVLRS: CARRY SOS WALLET CARD W/ENRONASSISTANCE INFO
CALL SOS: IN U.S 800 523-6586/INTL 215 245-4707 (COLLECT)
*******************************************
ELIZABETH AND JOSE LUIS VITTOR 305-456-0876
***********************************************
TICKET IS NON-REFUNDABLE. CHANGES ARE RESTRICTED
AND WILL RESULT IN AN ADDITIONAL COLLECTION.
***********************************************
*********************************************
***** BEAL TOWN CAR ARRIVAL INFO *****
PON YOUR ARRIVAL, DRIVER WILL BE JUST INSIDE THE
EXIT MARKED **TAXI LIMO AND GROUND TRANSPORTATION**
LOCATED DOWNSTAIRS BY BAGGAGE CLAIM. LOOK FOR A
SIGN WITH YOUR NAME ON IT.
BEAL LOCAL PHONE NUMBER IS 713 731-9233.
*********************************************
***********************************************
TRANSPORTATION WITH BEALS ARE DIRECT BILL TO THE LAYS ACCOUNT

                                                   SALES AGT: TK/Y32FPR

                                          VITTOR/JOSE LUIS
                                          144 N PROSPECT DR
                                          CORAL GABLE FL 33133
                                          305 456-0876
                                          TCP2LAY AND VITTOR
                                          FEDERAL EXPRESS

  DATE:  OCT 09 2000

SERVICE               DATE  FROM           TO             DEPART  ARRIVE

CONTINENTAL AIRLINES  12OCT MIAMI FL       HOUSTON TX     740P    918P
CO 1519    B          THU   INTERNATIONAL  G.BUSH INTERCO
                                           TERMINAL C
                                                          NON STOP
                            RESERVATION CONFIRMED         2:38 DURATION
                  AIRCRAFT: BOEING 737-500
                            SEAT 06B NO SMOKING CONFIRMED VITTOR/JOSE LUI

CONTINENTAL AIRLINES  15OCT HOUSTON TX     MIAMI FL       330P    702P
CO 6       B          SUN   G.BUSH INTERCO INTERNATIONAL
                            TERMINAL C
                            SNACK                         NON STOP
                            RESERVATION CONFIRMED         2:27 DURATION
                  AIRCRAFT: BOEING 737-500
                            SEAT 07B NO SMOKING CONFIRMED VITTOR/JOSE LUI
           **************************************************
         YOUR TICKET REFLECTS A NEGOTIATED DISCOUNT FROM THE TAP
             THE PUBLISHED FARE FOR THIS TICKET IS $1198.00
           **************************************************

RESERVATION NUMBER(S)  CO/OZDLV5

VITTOR/JOSE LUIS  S9C040YR0070

ELIZABETH AND JOSE LUIS VITTOR 305-456-0876
***********************************************
TICKET IS NON-REFUNDABLE. CHANGES ARE RESTRICTED
AND WILL RESULT IN AN ADDITIONAL COLLECTION.
***********************************************

RESERVATION NUMBER(S)  CO/OZDLV5

VITTOR/JOSE LUIS  S9C040YR0070

ELIZABETH AND JOSE LUIS VITTOR 305-456-0876
***********************************************
TICKET IS NON-REFUNDABLE. CHANGES ARE RESTRICTED
AND WILL RESULT IN AN ADDITIONAL COLLECTION.
***********************************************
*********************************************
***** BEAL TOWN CAR ARRIVAL INFO *****
UPON YOUR ARRIVAL, DRIVER WILL BE JUST INSIDE THE
EXIT MARKED **TAXI LIMO AND GROUND TRANSPORTATION**
LOCATED DOWNSTAIRS BY BAGGAGE CLAIM. LOOK FOR A
SIGN WITH YOUR NAME ON IT.
BEAL LOCAL PHONE NUMBER IS 713 731-9233.
*********************************************
***********************************************
TRANSPORTATION WITH BEALS ARE DIRECT BILL TO THE LAYS ACCOUNT

Tam Kinn
The Travel Agency in the Park
12212 Lamar Suite 718
Houston , TX. 77010
713-860-1154
713-650-7022-fax
Tam@travelpark.com

 -----Original Message-----
 From: Elizabeth Lay [SMTP:lizard_ar@yahoo.com]
 Sent: Monday, October 09, 2000 3:03 PM
 To: Tam Kinn
 Cc: jlvittor_ar@yahoo.com
 Subject: Travel changes

 Tam,
 We are not going to go to Washington D.C., change of
 plans. We are going to return from Houston to Miami on
 Sunday afternoon.
 Thanks,
 Liz

 __________________________________________________
 Do You Yahoo!?
 Yahoo! Photos - 35mm Quality Prints, Now Get 15 Free!
 http://photos.yahoo.com/


---------------------- Forwarded by Greg Whalley/HOU/ECT on 09/13/2000 09:28
AM ---------------------------

Andy Zipper@ENRON
09/13/2000 09:24 AM
To: Greg Whalley/HOU/ECT@ECT
cc:
Subject: From today's NGI

I think we should discuss our response to this.
---------------------- Forwarded by Andy Zipper/Corp/Enron on 09/13/2000
09:16 AM ---------------------------
From: Bob Shults@ECT on 09/13/2000 09:03 AM
To: Andy Zipper/Corp/Enron@Enron, Louise Kitchen
cc:

Subject: From today's NGI

FYI
---------------------- Forwarded by Bob Shults/HOU/ECT on 09/13/2000 08:57 AM
---------------------------

From:  Rahil Jafry
 09/13/2000 08:57 AM

To: Bob Shults/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT
cc:
Subject: From today's NGI

EnronOnline Market Power Under Fire

The simmering pot of market concerns regarding the market power of
EnronOnline finally boiled over in public yesterday at Chicago's LDC Forum. A
representative from EnronOnline had to fend off verbal attacks from
competitors and from the audience, who criticized the system as giving Enron
the ability to manipulate prices and provide it with an unfair advantage over
competitors.

Scott Coleman, an official at Altra Energy Technologies, said proprietary
systems like EnronOnline, and systems being developed by a consortium of
large market players, represent a danger to the health of the energy industry
because of their current or potential market power. Altrade operates its own
independent online exchange that is one of Enron's biggest electronic
competitors. It differs from EnonOnline in that various buyers and sellers
trade with each other with Altrade serving to clear the transactions. On
EnronOnline, Enron posts bid and asked prices and is a party in every
transaction.

The proprietary EnronOnline trading system has been accused of market
manipulation mainly because of its tremendous growth since going live last
November and because of the market strength of its operator, Enron Corp.

Enron is the energy industry's largest marketer/trader/risk manager and one
of the largest natural gas pipeline operators. About 60% of its marketing and
trading business today is done over the EnronOnline system. Critics charged
that EnronOnline provides a tremendous advantage to its parent because all of
the transaction data is thrown into a historical database that is available
only to Enron.

EnronOnline has handled more than 280,000 transactions worth $140 billion
since going live. The proprietary system handles about 2,000 transactions
every day with a value estimated at $1 billion, and most of its online
business is natural gas and power sales and purchases.

Why has the system been so successful? It's free, easy to use, low risk and
there is a tight bid-ask spread, both EnronOnline and its competitors note.
There's no special hardware required; everything is on the web and a
transaction is as simple as a couple clicks of the mouse. It also provides a
broad variety of information, including prices on 1,000 products, and is
supported by the largest energy marketing firm. Although there are many other
systems out there, few if any have the content, ease of use and price
discovery of EnronOnline.

Critics claimed that power enables EnronOnline to "soak up liquidity" in the
marketplace, and in doing so give itself a tremendous advantage over its
competitors. With each trade, Enron gains a little bit more information about
its competitors' positions in the market.

"Over the long term I think the market will always correct itself," said
Altra's Coleman. "But in the short term, I think if any one player has enough
of a presence in any one market they can cause prices to move in one
direction or another."

EnronOnline Director Bob Shults said the company is simply "providing a
service for our customers, particularly a bid and ask. But I don't think
Enron has the ability to move markets. We are just putting a bid and ask out
there, and if people want to buy at our prices, then fine. If people want to
sell at our prices, fine then sell it. I don't think we have the market
manipulation capability people suspect... We are not bigger than the
marketplace."

When asked specifically about historical data collected on those who use the
system, Shults denied the company studies the buying and selling patterns of
its competitors with an eye toward manipulation --- sort of the "Big Brother"
of the energy marketplace.

"The historical information is not available," EnronOnline's Shults admitted.
"We just started calculating the indices and price reports... We are now
providing that information to the market so everyone else has that
information as well." He said Enron does not retain information about those
who use its system.

Shults did, however, warn that the system will make the U.S. energy market
much more closely connected to the global marketplace in the future. With
increasing demand for LNG imports and rapid price discovery of worldwide
commodities on EnronOnline, for example, market activity in Africa and the
Far East could have a more immediate impact on domestic markets.

Quoting analysis conducted by Forester Research Inc., Shults also predicted
electronic exchange revenues could grow from $500 billion this year to more
than $3 trillion in 2004-2005.

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

,Copyright 2000 Intelligence Press Inc. All rights reserved. The preceding
news report may not be republished or redistributed, in whole or in part, in
any form, without prior written consent of Intelligence Press, Inc.

Copyright ,2000 Intelligence Press Inc. All rights reserved.


'98 San Diego system averages:
9.4 cents     Total rate
6.1 cents      Power Supply portion, of which 1/4 was purchased power @ 3.0
cents and 3/4 was generation @9.1 cents.

Steven J Kean@ENRON
09/01/2000 08:27 AM
Sent by: Steven J Kean@ENRON
To: Susan J Mara/SFO/EES@EES, Jeff Dasovich/SFO/EES@EES, Sandra
McCubbin/SFO/EES@EES, Mona L Petrochko/SFO/EES@EES
cc: Gavin Dillingham/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Harry
Kingerski/HOU/EES@EES, Richard Shapiro/HOU/EES@EES, James D
Steffes/HOU/EES@EES
Subject: California Lawmakers Vote to Limit Power Costs - WSJ

Look at this.  Baum finally speaks up  -- way too late.
Can somebody tell me what SDG&E's energy rate was pre-dereg?
---------------------- Forwarded by Steven J Kean/NA/Enron on 09/01/2000
08:24 AM ---------------------------

	From:  Ann M Schmidt                           09/01/2000 07:57 AM

To: Karen Denne/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Meredith Philipp/Corp/Enron@ENRON
cc:

Subject: California Lawmakers Vote to Limit Power Costs - WSJ

F.Y.I.

  California Lawmakers Vote to Limit Power Costs
  By Rebecca Smith

  09/01/2000
  The Wall Street Journal
  Page A4
  (Copyright (c) 2000, Dow Jones & Company, Inc.)

  California lawmakers voted to extend modest relief to San Diego residents
burdened with
  high electricity bills and set the groundwork for faster construction of
badly needed power
  plants. They stopped short, however, of passing legislation that would roll
back retail power
  rates to levels seen prior to deregulation .

  Late Wednesday, lawmakers sent a bill to Gov. Gray Davis that limits to 6.5
cents per
  kilowatt hour the amount that small customers of San Diego Gas & Electric
Co. can be
  charged. The utility is allowed to add power-delivery and other reasonable
costs to that
  commodity price.

  The price, equivalent to a bulk power cost of $65 per megawatt hour, is far
higher than the
  average price of power for 27 of the 31 months in which California's market
has been
  deregulated. But in June and July, the average price of power obtained by
the utility from a
  state-sanctioned energy auction rose to 12 cents and 10.5 cents,
respectively, compared
  with the 2.3 cents and 2.8 cents charged in those months a year earlier.

  Passed directly through to customers,the resulting bills sparked a near
mutiny. The
  rate-cap measure applies to residential and small commercial customers, as
well as to
  schools and hospitals.

  In addition to the rate cap, which can be adjusted upward or downward by
the California
  Public Utilities Commission until December 2002, the legislature earmarked
$150 million of
  general-fund revenue, which can be used to subsidize San Diego power costs
if they greatly
  exceed the 6.5-cents-per-kilowatt-hour rate. For now, the utility would be
expected to make
  up any difference between revenue collected and the actual cost.

  Steve Baum, chairman of Sempra Energy, parent of San Diego Gas & Electric
Co., said the
  rate-cap measure is "deeply flawed" because it limits the amount prices can
rise but sets
  no floor. That means any shortfall could grow -- without a mechanism for
customers to pay
  it down -- until the end of the rate-cap period, which could last until
December 2002 or
  December 2003.

  Mr. Baum said Sempra stands to suffer an undercollection of perhaps $664
million, provided
  future prices approximate the New York Mercantile Exchange forward prices
through
  December 2002. "It's irreparably damaging to Sempra," he said because it
"creates
  tremendous uncertainty" that makes it hard for the San Diego energy company
to finance
  new projects such as a new transmission line.

  The legislature also appeared likely to approve a bill speeding up the
permit process for the
  construction of new power plants, in part by beefing up staffs of
regulatory agencies that
  review the plans.

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


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From: "Charita Lott" <clott@matrixservice.com>
To: <WMONTG6626@AOL.COM>
Subject: FW: Very Funny......
Date: Wed, 6 Dec 2000 08:40:38 -0600
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-----Original Message-----
From: DGAGA@aol.com [mailto:DGAGA@aol.com]
Sent: Monday, December 04, 2000 8:49 PM
To: DGAGA@aol.com
Subject: Very Funny......

Take care,

doug

 - danceoff.exe


In case you hadn't heard, the RTO West and TransConnect filings are on
the FERC agenda for Wednesday, April 25.

Don


burns & roe - greetings.

our understanding is that our current PSA with you has lapsed.
however, ms. renee alfaro has sent an extension letter to extend that PSA.
at this time, enron's position is that we are unable to use the
lapsed/extended PSA for work on the coal initiative - i.e., accounting rule
requirements.

however, we'll be sending you soon a cc of a PSA that is compliant with our
off-balance sheet accounting requirements.  plz stay tuned.

but, in the interim, let's get started on the "short fuse" request for info
from enron using just a tasking letter with a not-to-exceed without prior
approval price of $10,000 and a commitment from enron to pay said related
invoice(s).

attached is a copy of the tasking letter that we discussed on the phone.  plz
sign, date and return fax this tasking letter back to me.  upon receipt, i'll
sign, date and fax you back a record copy.

plz call with any questions.

regards.  scott.


Aslo where all my traders that I assigned.


I agree with you on points 2,5,8.  just delete them in the confirm.

With regards to point 2. As long as the language reflects that best efforts
are taken to buy/sell gas at Daily Index when required and then it goes to a
fixed price I am fine with it.

Barry


Following please find the Daily EnronOnline Executive Summary.

EnronOnline Executive Summary for 12/06/00
Transaction Summary
External Transactions Today	4,539
Average Daily External Transactions (30 day Trailing Avg)	4,247
Total Life to Date Transactions	503,940

EnronOnline Daily % of Entity's Total Transactions for 12/06/00	Trans	Percent
Enron North America	3,763	76%
Enron Europe Limited	167	34%
Global Products	230	32%
Enron Metals	379	17%

EnronOnline Percentage of Total Corporate Transactions
(30 day Trailing Avg)	54%

Gross Notional Value of EnronOnline Transactions	Total
Today	4,953 566,275
MTD	21,828,978,752
LTD	300,999,395,797
Average Daily Notional Value (30 Day Trailing Avg)	3,307,117,284

Notional Revenue from Physical Flows to Date	19,634,492,010

Counterparties, Users, and Products Offered
Counterparties having transacted to date	596
New Counterparties transacting for the first time today	1
Number of Products Offered Today	1,046
Total Number of External Users Logged on Today	3,300
Average # of External Users logged on (30 day Trailing Avg)	2,929


Notification was received today that the launch of the ISO's Inter-SC Trade
with
Adjustment Bids software upgrade would be postponed.  They will NOT launch the
week of October 1st.  The new launch date had not been determined at the time
of
our notification.

In response to this notification the PX will do the following:

Market simulation will continue next week for all of you that wish to
participate

Data freeze will be postponed (new dates will be given when official launch
date has been determined)

Continue daily conference calls to get your feedback on our trade application
enhancement

We will keep you informed of all new developments surrounding the launch of
the
ISO's software.

Have a great weekend!

Thank you.


Mike,
 We are working on revising the draft email to the CPUC and need some
additional information from you.  First, would it be accurate to say that
Enron Energy Marketing Corporation and Enron Energy Services Operations Inc.
do not have responsive documents to the subpoenas and that any information
would reside at ESS?  In other words, we do not have documents to produce
from those two entities.  If that is not correct, how would we describe what
documents these entities have/what will we produce?
 To the extent that ESS is evaluating whether it will provide
electronic data (less the customer specific information), we also need to
know how that process is going, whether the data will be similar to what
EMPI is working on, and whether an October 27, 2000 production date is
realistic.

Thanks
Gary

=======================================================
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THanks!!

   Kate Symes @ ECT                12/04/2000 12:11 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: Deal 471553

This has been changed - I guess old habits die hard, huh!

Thanks,
Kate

Evelyn Metoyer@ENRON
12/04/2000 10:07 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Deal 471553

 deal  471553 should be under Pinnacle West Capital Corporation  not APS.

Thanks!!


Attached are summaries of two recent PG&E advice letters.? No  protest
material here.
?
Dan
 - 10-4-00 PG&E AL Summary Chart.doc


Louise,

I am on your calendar for 10:00. Attached is the risks document I plan to bring.

Dave


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/29/2000
11:13 AM ---------------------------

Vince J Kaminski
12/29/2000 11:10 AM
To: Sheila Walton/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: f/up

Sheila,

I am forwarding you a message I received a few days ago. I want to ask you
for advice how to handle this case.

My first  reaction was to ignore it. The longer I think about it, the more
convinced I become that some action
is required.

Let's try to reverse the situation and assume for the sake of argument that a
female employee
was harassed by a male colleague. An employee informs her boss a few months
later about
the alleged incident and the boss chooses to ignore it. In many similar
cases, courts  subsequently
found against the companies that decided to turn a blind eye to such
complaints.

The fact that we are dealing with the case of reverse harassment is
immaterial.
If I ignore this complaint I may expose the company to charges of double
standard in
handling sexual harassment cases.

My recommendation would be to ask Maureen to attend sensitivity training and
sexual harassment prevention class.

Please, let me know what you think. Sorry to burden you with this case.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/29/2000
11:01 AM ---------------------------

	Clayton Vernon @ ENRON
	12/21/2000 03:51 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: f/up

Vince-

I got your message (I was up on the roof of the building helping to fix the
weather satellite dish- what a gorgeous view of Houston!).

I appreciate your words. Everything remains fine, Vince. You are my "father"
here at Enron, and I admire and respect you greatly. I think I know the kind
of person you are, in terms of your integrity, and I admire the high
standards you set for all of us in your extended "Group."

I want to let you know I am not the only one in the group who doesn't
appreciate the way Maureen disrespects you. You remain the key external
factor in their success- it is not simply their own abilities that matter to
their futures but your own- Vince's- success with upper management that
matters.

We respect you, and we don't like it when you are disrespected. Maureen
didn't disrespect me today, Vince, she disrespected you.

It's time I told you something. Last April, Maureen, highly intoxicated
following a work-related function at Ninfa's, made an unsolicited predatory
sexual advance on me at my desk on the 19th floor. I was shocked and
disgusted, but I didn't say one word about this, Vince, because I played it
out and didn't want to put you into the position of having a raving Maureen
in your midst as you perhaps had to fire her and then endure a litany of
gender-bias crap lawsuits.

I "took one for the team," Vince. I can'rt say I would do it again- Maureen
is brazen to berate me after what she did, in public no less.

I appreciate your bringing me into Enron. I've found a respectful and,
indeed, a loving work environment. I remain willing to do whatever I can to
help the Group.

Clayton


---------------------- Forwarded by Carla Hoffman/PDX/ECT on 10/30/2000 11:17
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>
     10/30/2000 06:09 AM

To: undisclosed-recipients:;
cc:
Subject: DJ Cal-ISO Price Caps Prompt Concern Among Mkt Watchers

13:15 GMT 30 October 2000 =DJ Cal-ISO Price Caps Prompt Concern Among Mkt
Watchers
(This article was originally published Friday)
By Jessica Berthold
OF DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--Market watchers and some California Independent
System Operator board members voiced concerns about Thursday's ISO vote to
impose hourly wholesale power price caps.
The vote's opponents say the caps may inhibit forward trading and could
affect the construction of new generation in the state. They also say the
vote should have waited until after the Federal Energy Regulatory Commission
releases its report on California's electricity woes Wednesday.
The price caps, effective Nov. 3 or as soon thereafter as possible, will be
set monthly and will vary based on ISO forecasted load, monthly gas prices
and unit efficiency.
The ISO will multiply the average closing price for natural gas over the
last three days of NYMEX Henry Hub futures contracts by a fixed measure of
generation efficiency at various load levels. For example, if the ISO's
forecasted load is 25,001-30,000, the fixed efficiency rate of 14,175 will
be multiplied by the natural gas price - say $6/mmBTU - to yield a rounded
price cap of $90/MWH.
Market sources, who asked not to be named, said that although the ISO filed
a proposal with FERC Oct. 20 requiring utilities to boost forward market
purchases, the forward market was reacting negatively Friday to the price
caps. The ISO appeared to be encouraging forward contracts with its FERC
filing but its latest vote is an about face, traders said.
"Traders are telling us they are pulling away from forward positions because
they don't know what's going on," said California Power Exchange spokesman
Jesus Arredondo. "On Monday to Thursday we traded 850 contracts and
yesterday we traded 175. Today's there's nothing. There's been one offer at
$59 per megawatt hour for five years and no one is touching it."
CalPX, which operates the state's day-ahead and block forward market, plans
to file a formal response to the ISO proposal with FERC. Market sources said
CalPX wasn't in support of the proposal.
Market watchers also said that if California ever needs to buy power out of
market, those prices will be higher than the cap. Over the summer, the ISO
spent a record $101 million on last-minute out-of-state power purchases last
summer.
"Those inflated out-of-market purchases are what drove the market's high
prices this summer," said one source close to the issue.
California wholesale electricity prices hit unprecedented levels last
summer, and customers in San Diego's fully deregulated market saw their
bills triple as a result.
ISO board member Mike Florio, who wrote the price cap proposal, stressed
that it was a temporary measure that would be terminated as soon as broader
market reforms were in place.
"This is a three-to-four month proposal and not something we are going to
deal with going into the peak period," Florio said.
Generators suggested that capping the market might be a disincentive for
those looking to build new generation in the state, and that the ISO
proposal was untimely given FERC's Nov. 1 release of a report on
California's electricity market problems.
"The ISO said in its (Oct. 20) filing that FERC needs to be that venue that
the wholesale market deals with and we agree with that," said Duke Energy
(DUK) spokesman Tom Williams.
Several ISO members who voted against the proposal also cited FERC's Nov. 1
report as presenting a possible conflict.
"What do I do if FERC comes out with an order contrary (to the caps) on Nov.
1?" said ISO President Terry Winter, who voted against the proposal.
Many board members didn't expect to vote on price caps at Thursday's
meeting, since a vote on broader market redesign proposals was postponed
until November.
"This is the wrong time to vote on this if we are not doing comprehensive
market redesign today," said board member Barbara Barkovich.
Consumer group The Utility Reform Network supported the proposal, saying
that action was needed to control the market immediately. Proposal sponsor
Florio is a member of TURN.
"The ISO has the responsibility to deal with what it can without waiting for
FERC. FERC needs a signal that the ISO is serious," said TURN president
Nettie Hoge.
Hoge also said that she was wary of arguments that the building of
generation will be stifled due to the caps, because the caps "are well
within a reasonable level."
"It's clear the market isn't functioning," Hoge said. "There's going to be
lots of debate about going outside the market versus command and control. I
don't think the discussion is even in that arena. We have a crisis. Those
who say it will get better on its own are living in a fantasy."
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872;
jessica.berthold@dowjones.com
(END) Dow Jones Newswires 10-30-00
0815EST Copyright (c) 1998, Dow Jones & Company Inc

G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel.  609.520.7067
Fax. 609.452.3531

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

 <<Gunther Pergher (E-mail).vcf>>
 - Gunther Pergher (E-mail).vcf


Attached is a draft of the Declaration of Jeffery Fawcett.  If you have
comments, please let me know.

Susan Scott
Transwestern Pipeline Company
susan.scott@enron.com
(713) 853-0596


Susan

Here is the manual enrollment form, please send to Kim Bolton.

Thanks
Estalee


have we ever agreed to this (charge interest for different Payment Dates)
for early payments (i.e., earlier than our usual 5 days after the Floating
Price is determinable)?  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 07/27/99 03:32
PM ---------------------------

Melba Lozano
07/27/99 03:02 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Dale Neuner/HOU/ECT@ECT
Subject: Michael Petroleum - Payment Date(s)

Sara,

Attached is a draft of the language that needs to be placed in all Michael
Petroleum deals.  Janelle agreed with the counterparty that they will settle
on the last day of the calendar month instead of our usual 5th Business Day.
She is charging 6.5 % annual interest on payments they make to us for the
days beyond the 5th Business Day.

I__________________________________________________________________I
(5th B.D.)       6.5% interest
..............................................................................
....    (last B.D.)

Please let me know as soon as you can if this is ok. to put in the
confirmations.  Call me if you need me to go up there.

THANK YOU SOOO MUCH!

Melba


Karen, Jeff is traveling today.  Is this the type of release that I should
try to get to him before it goes out?  Please advise.  RS

Karen Denne
06/19/2000 07:03 PM
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Joseph W
Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/HOU/EES@EES
cc: Mark Palmer/Corp/Enron@ENRON, Shelly Mansfield/Enron Communications@Enron
Communications

Subject: SAVVIS Release - Latest Draft

FYI, the attached press is scheduled to be issued by SAVVIS tomorrow, June
20.  The release announces a distribution partnership -- SAVVIS will provide
the last mile, and we will provide long-haul access.
---------------------- Forwarded by Karen Denne/Corp/Enron on 06/19/2000
07:00 PM ---------------------------

Shelly Mansfield@ENRON COMMUNICATIONS
06/19/2000 06:51 PM
To: Karen Denne/Corp/Enron@Enron, Paula Rieker/Enron Communications@Enron
cc:

Subject: SAVVIS Release - Latest Draft


Friday, January 12, 2001

By the end of the day, the Treasury had decided to move forward and hold
another meeting with the CEOs, Governor Davis and various other Government
officials.  Governor Davis refused to come to California, so a video
conference was set up with two locations:  one at DOE in Washington and one
in Los Angeles for the Governor and his entourage.  It was tentatively set up
for 2:30 pm CST.  I have had no reports on the meeting yet. Ken Lay, Steve
Kean and Rick Shapiro attended for Enron.

Long-Term Forward Contracts

Good progress was made and the report was completed by 4 pm.  It includes a
draft RFO, draft standard contract, a table of utilties' needs, products
required and a timetable that would have power flowing by February 1.
Participants were fairly pessimistic about the eventual outcome, however,
given the absence of any buy-in or participation by the State of California.

Debt and Forebearance

Group also worked to have draft documents completed by COB Friday.

QF Contract Reformation

Parties continued discussion
No information was available by COB Friday.

Major Issues

State interest in resolving
State willingness to raise retail rates
Utilties' desire to offload all risk to the State as its portfolio manager
Willingness to "call off the dogs" for the suppliers and to release them from
legal action
State willingness to offer up sites for power plant development
Ability to reach deal on QF contract reformation

Next Steps

If definitive agreement is not reached by the principals at Saturday meeting,
this work ends immediately and utilities will likely file for bankruptcy the
week of Jan 15.

If agreement is reached, a massive amount of work is required immediately,
such as:
FERC filing of settlement and ISO Tariff change by Tuesday Jan 16.
RFO completion and release by Jan 18
Introduction and passage of necessary legislation to be executed by February
2.
Preparation of contract between utilities and state (probably DWR)
Preparation of formal agreements among the parties on the terms on this
settlement

And more...


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i hear you are coming up this week..
we are taking tudor to the black crowes monday night..let me know if you'll be up and would like to go.. we have an extra ticket.

ca


I just sent you the promotion justifications.   After further thought, Maria Valdez should be promoted to CS Manager, not Commercial manager.

Kevin Presto
Vice President, East Power Trading
Phone:  713-853-5035
Cell:  713-854-3923
Fax:  713-646-8272


Mary,  Those will be fine for the other LRC entities.

 -----Original Message-----
From: 	Ogden, Mary
Sent:	Tuesday, November 27, 2001 1:46 PM
To:	Nemec, Gerald
Subject:	FW: LRCI, Inc. - Directors election

Gerald:  I meant to ask you if the slate we designated for LRCI, Inc. would alos work for the other LRC related entities.  Do you think they will?  Please advise and I'll tell Mary Heintiz.  Or naturally, you can discuss this matter with her directly as well.  -Mary O.

 -----Original Message-----
From: 	Heinitz, Mary J.
Sent:	Tuesday, November 27, 2001 1:16 PM
To:	Ogden, Mary
Subject:	RE: LRCI, Inc. - Directors election

Thanks, and I listened to your voice mail about circulating my document as well.  Have you had a chance to ask Gerald about whether this slate of directors will work for the other LRC related entities?

 -----Original Message-----
From: 	Ogden, Mary
Sent:	Tuesday, November 27, 2001 11:43 AM
To:	Heinitz, Mary J.
Subject:	FW: LRCI, Inc. - Directors election
Importance:	High

Mary: As promised, here's the document that is being circulated regarding the new directors of LRCI, Inc.

Best wishes,
Mary O.
 -----Original Message-----
From: 	Callahan, Teresa
Sent:	Monday, November 26, 2001 5:51 PM
To:	Ogden, Mary
Cc:	Pinder, Lori
Subject:	LRCI, Inc. - Directors election
Importance:	High

 << File: Election of Directors-LRCI, Inc..doc >>   Mary:  Please let me know if you want any changes made to the attached.  If not, please have an attorney initial and have Mr. Redmond sign and I will sign.  I will be here for a while - so I am available to sign.  Teresa
Teresa A. Callahan
Supervisor-Corporate Services
and Assistant Secretary
Enron Corp. - EB4801
Phone:  713-345-8444
Fax:  713-646-8007


These documents do not go to a third party purchaser.  For instance, they do
not get the change orders or correspondence relating ot all of  the
turbines.  What needs to be pulled together are the technical documents, and
any project type correspondence relating to the units being sold.

Kay

	From:  Rebecca Walker                           12/13/2000 03:48 PM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Documents for Coral Units 17 and 18

Matt Tezyk in EE&CC would like the following information from us in order to
help him prepare the documentation on Units 17 and 18 for a third party sale:

The free storage letter from GE
Any correspondence between GE and Ben or you relating to all 24 turbines
Any change orders in addition to #1-4
Documentation on any other deals we have made with GE in regards to the LM
6000 turbines

Ben asked me to follow up on this with you since he does not have copies of
the documents.

Thanks,
Rebecca
x57968


Thank you!!!

-----Original Message-----
From: McLaughlin Jr., Errol
Sent: Wednesday, September 05, 2001 2:53 PM
To: Greene, Tracy
Subject: RE: Max Exposure Report

Tracy,

The report is printing to ACTS as we speak.

Thanks,

Errol

-----Original Message-----
From: Greene, Tracy
Sent: Wednesday, September 05, 2001 2:39 PM
To: McLaughlin Jr., Errol
Subject: Max Exposure Report
Importance: High

Errol

Please send the max exposure report for NG-X-OPT-PWR to the ACTS printer today.

Thanks

Tracy Greene
Enron North America
713-853-0583


Here is the name for the CA.  If you could just email me the draft I will send it back to Dee today.

Thanks!

-----Original Message-----
From: Davis, Dee [mailto:DavisD@teai.com]
Sent: Friday, November 16, 2001 8:32 AM
To: Morris, Brandi
Subject: CA

Brandi,

Just use Torch Energy Advisors Incorporated in the C.A. with the address
noted below.

Thanks

Dee

B. Dee Davis, Jr.
Director - International Business Development
Torch Energy Advisors Incorporated
1221 Lamar Street, Suite 1600
Houston, Texas 77010 USA

T: 1-713-753-1416
F: 1-713-650-1112
E-mail: davisd@teai.com


I told Paul Radous, the Credit guy that you had already said that these guys
could not trade physical power because they do not have a power marketing
license.  It perhaps might be possible for them to purchase US power only.
If they want to enter into power transactions he is going to need to get you
a name and phone number of someone at Engage that you can talk to to get
evidence of their power marketing license.
----- Forwarded by Tana Jones/HOU/ECT on 05/30/2001 10:31 AM -----

	Tom Moran/ENRON@enronXgate
	05/30/2001 10:24 AM

		 To: Stephanie Sever/ENRON@enronXgate, Tana Jones/HOU/ECT@ECT
		 cc: Wendi Lebrocq/ENRON@enronXgate, Paul Radous/ENRON@enronXgate
		 Subject: Engage (2 Entities) Open for All US Phys Power

Stephanie/Tana,

Could you please expedite the following amendment the profiles of Engage
Energy America LLC and Engage Energy Canada L.P. as soon as possible this
morning.  Paul Radous is opening both of these entities up to trade all US
East and West Phys Power products and I have made the changes in Profile
Manager.

Thanks for your help !
tm

30-May	Paul Radous		94109	Engage Energy America LLC	US	Y	Amended	Amend profile to allow US
East and West Power Phys for 12 months
30-May	Paul Radous		53341	Engage Energy Canada L.P.	Canada	Y	Amended	Amend profile to allow US
East and West Power Phys for 12 months


I will be out of the office oct 9.

Jeff

Kristin Gandy@ENRON
10/04/2000 03:56 PM
To: Jeffrey A Shankman/HOU/ECT@ECT, Michael J Popkin/NA/Enron@Enron, Peggy
Determeyer/Corp/Enron@Enron, Laura Howenstine/Enron Communications@Enron
Communications, Bryan Kite/Enron Communications@Enron Communications, Michele
Nezi Marvin/Enron Communications@Enron Communications, Neville Ravji/Enron
Communications@Enron Communications, Suzanne Farrow/HOU/EES@EES, Sarah
Wesner/Corp/Enron@Enron, Patrick Conner/HOU/ECT@ECT, Jayshree
Desai/HOU/ECT@ECT, Tom Dutta/HOU/ECT@ECT, Matthew Goering/HOU/ECT@ECT,
Kenneth Horton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kathleen
Wagner/NA/Enron@Enron, Betsy Bassis/CA/Enron@Enron, Lisa
Connolly/NA/Enron@Enron, Ben Creighton/Corp/Enron@ENRON, Brad
Hitch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Colin Jackson/Enron
Communications@Enron Communications, Gillian Johnson/NA/Enron@Enron, William
Keeney/HOU/ECT@ECT, Jebong Lee/Enron Communications@Enron Communications,
Stephen Pirozzi/LON/ECT@ECT, cwang2@enron.com, Tiffany Wright/Enron
Communications@Enron Communications, Rodney Malcolm/HOU/ECT@ECT, Jennifer
Fraser/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Kyle Kitagawa/CAL/ECT@ECT,
Natalie Halich/Enron Communications@Enron Communications, Sean A
Holmes/HOU/EES@EES, Jordan Mintz/HOU/ECT@ECT, Li Sun/NA/Enron@Enron, Teresa
Dyar/NA/Enron@Enron, Kyu-Bong Lee/NA/Enron@Enron
cc:
Subject: Wharton Interviews

Hello Wharton/Penn Team!

Can you believe interviews are just around the corner.

So that we are fully prepared for the November 9th and 10th interviews dates
a team meeting will be held on:

Monday October 9th at 2:00pm in room 11C2

In the meeting we will review resumes that have been received for our
pre-select list and coordinate any further campus events. Also, in the
meeting we will select the people who will conduct first and second round
interviews.  So if you would like to interview please plan on attending this
meeting.   I look forward to seeing you all there.

Thank You,

Kristin Gandy
Associate Recruiter
Associate/Analyst Program
713-345-3214


Redskins to stick with Johnson at quarterback
 Sept. 19, 2000
By Len Pasquarelli
SportsLine.com Senior Writer

Despite the continuing struggles of the offense and costly fourth-quarter
interceptions by Brad Johnson, the Washington Redskins will stick with their
starting quarterback for Sunday night's game against the New York Giants,
SportsLine.com has confirmed.

"If it was just (a problem) with Brad, then we'd look at it, but that's not
the case," coach Norv Turner said. "But it goes beyond just the quarterback
position. It's more than that. We're not playing well on offense in general."

Redskins quarterback Brad Johnson will remain the team's starter against the
unbeaten Giants.(AP)

In the wake of the Redskins' 27-21 loss to the Dallas Cowboys on Monday
night, there were rumblings Washington might switch to backup Jeff George for
the key matchup against the undefeated Giants. The Washington offense, one of
the league's most diverse in 1999 when it ranked No. 2 overall and second in
scoring, has been sporadic at best in three games.

A seventh-year veteran who is in the final season of his contract, Johnson
has five interceptions the last two games, including four in the fourth
quarters of those losses. He has not been sharp in either his play-calling or
his execution, and even some teammates suggested privately Monday night that
it might be time for a change.

One glaring shortcoming has been the inability of the Washington offense to
throw the deep ball and stretch opposition secondaries. The Redskins have
only three completions this year of more than 20 yards, and the longest is 26
yards. In Monday's defeat, the team's longest play was a 17-yard dumpoff to
tailback Stephen Davis.

The Redskins, who averaged 12.7 yards per completion in 1999 with both
starting wide receivers averaging 18-plus yards, are averaging an anemic 9.2
yards per catch this season.

But Turner, who sources said was reluctant to make a quarterback change at
this point and retains confidence in Johnson, acknowledged the team needs new
focus more than a new starter.

"There hasn't been any thought to switching (quarterbacks)," he said. "Right
now, we need to get better at every position, quarterback and everywhere
else."

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 09/20/2000 08:29:53 AM
To: "'Eric Bass'" <Eric.Bass@enron.com>
cc:
Subject: RE: TV

Jeff George , QB WAS - The Snake Pit Updated 09/19/00
Sepculation is increasing that George may get a chance to start after Brad
Johnson struggled against Dallas. The rifle-armed QB may put a jolt into the
Washington offense if he indeed gets a chance to start.

:)

Please forward to the owner of Brad Johnson.
Jason Bass
TSE
Compaq Computer Corporation

 -----Original Message-----
From:  Eric Bass [mailto:Eric.Bass@enron.com]
Sent: Thursday, September 07, 2000 12:47 PM
To: Bass, Jason
Subject: TV

I need for you to find out how much the balance on your tv is - and let me
know


?
?
Tuesday, June 19, 2001

California Stiffs Gore's Hatchet Men

California's state controller, Democrat Kathleen Connell,  says she won't
sign any checks for those $30,000-a-month Gore hatchet men hired  by bumbling
Gov. Gray Davis to try to blame others for the state's energy  fiasco.

"I would like assurance that their work is directly related to solving
California's energy crisis and not the political strategy that [Mark]
Fabiani  and [Chris] Lehane have built a reputation for through their work at
the White  House," Connell said, Fox News reported today.

Connell says she supports a lawsuit filed Monday in Sacramento by Lewis
Uhler, president of National Tax Limitation Committee, to block "consultant"
fees to the two former advisers to failed presidential candidate Al Gore.

"They have a conflict of interest that may be terminal to their employment,"
Uhler said. "These are clearly not electricity experts. Their background
suggests they have been hired to be damage control folks for a beleaguered
governor."


It only shows a draft sent, no executed contract.

 -----Original Message-----
From: 	Greenberg, Mark
Sent:	Thursday, November 29, 2001 3:33 PM
To:	Jones, Tana
Subject:	Salt River Project

Tana -

Does your data base reflect any agreements with Salt River Project??

Let me know.

Thanks.

Mark


Attached for review are a draft of the GTC and Product Description for the
transport capacity transactions on EOL.  Please review and provide comments.

Carl, If you want to meet to discuss, just let me know when.


Dollar amount: $7,500.
Project:  Retain MRW & Associates to assist in developing a rate structure
for California that solves the utilities' financial solvency issues without
applying "rate shock" to the state's economy, businesses or consumers.  Use
the rate plan to develop an alternative to Governor Davis' proposal to
nationalize the state's electric industry.
Subject: California Electricity Crisis


---------------------- Forwarded by Darron C Giron/HOU/ECT on 03/19/2001
09:13 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 03/16/2001 08:51 AM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Patricia Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Julie
Brewer/NA/Enron@Enron, Lesli Campbell/ENRON@enronXgate, Celeste
Cisneros/NA/Enron@Enron, Sharon Crawford/CAL/ECT@ECT, Richard
Deming/NA/Enron@Enron, Russell Diamond/ENRON@enronXgate, Cindy
Feldman/CAL/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Veronica
Gonzalez/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report--3/16/01


I need the company listed below set up in SAP.  The parent is 1N9.  The name of the company is Mavrix Transportation Trading Corp.  It will need one profit center and one cost center at this time.  Please let me know when the set up is complete.

Thanks
---------------------- Forwarded by Tracy Geaccone/GPGFIN/Enron on 01/30/2001 09:20 AM ---------------------------

Susan Scott
01/29/2001 12:32 PM
To:	Tracy Geaccone/GPGFIN/Enron@ENRON
cc:

Subject:	Re: Mavrix

Tracy, is this what you need?
Let me know if you need more info.
---------------------- Forwarded by Susan Scott/ET&S/Enron on 01/29/2001 12:32 PM ---------------------------

Lillian Bailey
01/29/2001 11:47 AM
To:	Susan Scott/ET&S/Enron@ENRON
cc:

Subject:	Re: Mavrix

Yes, it is 1439-MTTC.

Lillian R. Bailey
Administrator
Corporate Services
EB4804A
Phone 713/853-3577
Fax 713/646-8007

	Susan Scott 01/29/2001 11:41 AM 	   To: Lillian Bailey/Corp/Enron@Enron  cc:   Subject: Mavrix

Lillian, was a company number assigned to Mavrix?  Let me know  -- Thanks.

<Embedded StdOleLink>


Here's my suggestion:

27.3   Consequential Losses.  The Parties have agreed to liquidate certain
direct damages and have provided for these damages as Liquidated Damages and
Cancellation Fees.  For purposes of this Section, Liquidated Damages and
Cancellation Fees shall not be deemed consequential losses.  In no event,
whether as a result of breach of contract, breach of warranty, indemnity,
tort liability (including negligence or strict liability without regard to
fault) or otherwise, and whether arising before or after completion of the
Scope of Work, shall either Party be liable to the other Party for special,
indirect, exemplary or consequential losses of any nature whatsoever,
including losses or damages caused by reason of unavailability of the
Equipment, shutdowns or service interruptions, loss of use, loss of profits
or revenue, inventory or use charges, cost of purchased or replacement power,
interest charges or cost of capital or claims of a Party,s customers.  For
the avoidance of doubt, the foregoing limitation of liability in this Section
shall in no case not limit Seller,s obligation to indemnify, defend and hold
harmless Purchaser Indemnified Parties in accordance with Article XX for any
claims Third Party Claim, including Claims involving the Third Party's
consequential losses, losses or damages occasioned by third parties. in
accordance with Article XX,

Scott Dieball@ENRON_DEVELOPMENT
09/20/2000 08:27 AM
To: Kay Mann@ENRON
cc: Sheila Tweed@ECT, Roseann Engeldorf/Corp/Enron@ENRON, Martin W
Penkwitz/NA/Enron@Enron

Subject: GE - Indemnity and LOL Language

Per our discussion yesterday, attached is a copy of the Indemnity and LOL
contract language redlined to reflect those GE comments which we could
probably accept.  Kay please review and see if I missed anything or whether
we need to discuss further.  Otherwise, please forward this markup to Rob
Taylor for inclusion in the next draft of the Purchase Agreement.

Regards,

Scott


Here is the latest.


Siva,     I will have to check and see if we can accomodate a 5 day 8 to 5
class.    Also, President's day is a holiday for us, so we may have to look
at a later date.

--Stinson

"Siva Thiagarajan" <siva@durasoftcorp.com> on 01/29/2001 08:51:02 AM
To: <Stinson.Gibner@enron.com>
cc:
Subject: Re: DuraSoft -- Java Class

Stinson,

I have attached a file along with this email
that lists the software needed for our
Java class.

We would like to do the class from Monday thru
Friday, 8 AM to 5 PM.  That way we can complete
the class within a  week.  We are unable to offer
classes in the evenings or for few hours a week.
We usually teach week long courses for our
other clients and because of that  we won't
be available.

Currently, we can do the class from Feb. 19th
through Feb. 23 (that is if you are working on
Feb 19th, President's day).

I will call  you sometime this afternoon to talk
further.  Please feel free to reach me if you have
any further questions in the mean time.

Regards,

- Siva

-----Original Message-----
From: Stinson.Gibner@enron.com <Stinson.Gibner@enron.com>
To: siva@durasoftcorp.com <siva@durasoftcorp.com>
Date: Friday, January 26, 2001 5:52 PM
Subject: Re: DuraSoft -- Java Class

>
>Siva,
>
>A few additional questions.   Can you tell me what software would be
>required for the students?   Also,  when would Venkat be available to start
>the class and what type of schedule would you recommend?   Would having two
>hour classes twice a week from, say, 4-6 PM work?  We have a high level of
>interest and just need to iron out the details.   Feel free to call me
>(late afternoon on Monday might be best) at 713 853 4748 or email.
>
>--Stinson
>
>
>

 - JavaSoftwareNeeds.htm


Below are the assumptions agreed for booking the New Albany spread option:

EPMI East Power Book pays New Albany a fixed demand charge for the next 5
years as follows:

2001 $4.72/k/mo
2002 $4.63/kw/mo
2003 $4.54/kw/mo
2004 $4.45/kw/mo
2005 $4.36/kw/mo

As consideration for the demand charge, EPMI has the right to "toll" gas
through the facility and receive power in return at a fixed heat rate
conversion factor of 12.5 MMBtu/Mwh.   In addition EPMI will pay New Albany
$1000 per start (for maintenance reserve fund) and $1.00/Mwh for variable
operating costs.

The New Albany, LLC will receive an 8% return on capital.   Book value will
be depreciated from $409/kW basis on 1/1/2001 to $336/kW on 12/31/2005.

The facility output assumption is 360 MW with a 95% availability in the
summer and 75% availability in the winter.

Jenny - Please revise the booking of New Albany in Rogers book effective
tonight.
---------------------- Forwarded by Kevin M Presto/HOU/ECT on 12/20/2000
08:41 AM ---------------------------

John J Lavorato@ENRON
12/11/2000 07:47 AM
To: Kevin M Presto/HOU/ECT@ECT
cc:
Subject:

The following points refer to the methodology that we are taking to rebook
the New Albany Plant.  Please send me a note immediately if you disagree.
Assume that NewAlb is a non mark to market entity and Enron is the mark to
market entity.  However, it is fully owned and operated by us for now.

*  The power mark to market book will pay NewAlb a capacity payment of $4.87
for 5 years.  We shaped this payment as follows:

2001 - $5.06
2002 - $4.96
2003 - $4.86
2004 - $4.75
2005 - $4.65

*  This payments allows Enron to supply gas to NewAlb and receive power.

*  Enron will pay NewAlb $1000 per unit start.

*  Enron will also pay NewAlb $2.00/MW hour for varialbe o&m.

*  This will create an entity "NewAlb" that will return 9% assuming a book
value of $336/kw on 12/31/2005 vs. 409 currently.

*  If NewAlb pays the 9% out that entity should be relatively flat each year
for the next five.


Here is the latest PJM pricing from the bus point used for Don Black's
information.  Use the PJM web site to find addition information.
Ben


Presume we'll talk tomorrow re: Cal solution?  jeff 415.782.7822.


Hi Baby. :)
I just wanted to drop you a quick one to let you know that I'm thinking about you. I love you and I'm looking forward to a little Yoko action tonight. I'm also looking forward to a little C squared action as well. ;-)

I love you baby. I hope you are having a good day.

See you tonight.

CV.


We have discovered a problem with physical positions in TDS.  Changed deals potentially can double up the deals volume in TDS.
The TDS group worked late Monday to try and resolve the issue, but failed.  Please let your traders know that the physical positions
cannot be completely relied on.

I have also left a message on you phones to get this message to you.

Thanks
Russ


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/08/2000 01:33
PM ---------------------------

	Enron North America Corp.

	From:  Mitch Robinson                           12/08/2000 08:33 AM

To: DeKrey Lynn <Lynn.DeKray@swpc.siemens.com>
cc: Kay Mann/Corp/Enron@Enron

Subject: Westinghouse letter

Lynn -

For discussion purposes.  We'll talk at 11:00 your time.

Mitch
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 12/08/2000
08:36 AM ---------------------------

Kay Mann
12/06/2000 08:13 PM
To: Mitch Robinson/Corp/Enron@Enron
cc:

Subject: Westinghouse letter

Kay


#992523 is the valid deal.  When the second deal was created, the deand charges should have been deleted.

It has been fixed.

Thanks

 -----Original Message-----
From: 	Mendoza, Genaro
Sent:	Monday, January 14, 2002 9:24 AM
To:	Keiser, Kam
Subject:	FW: Nov. 01 Demand Charges billed to Northwest Natural

Kam,

I am not sure if Anne Bike is still with Enron, but this email could not be delivered to her. Can you look at the email below and let me know if it is something you can help me with?

Thanks,
Genaro

 -----Original Message-----
From: 	Mendoza, Genaro
Sent:	Monday, January 07, 2002 1:20 PM
To:	Bike, Anne
Subject:	Nov. 01 Demand Charges billed to Northwest Natural

Anne,

For Nov. 2001, ENA billed Northwest Natural Gas for demand charges on deal # 992523 and deal # 967236. The total amount for each deal was $127,500.00 (300,000 @ $.425). The customer paid for only one of the deals. Do you know if both deals are valid and the customer is responsible for paying both? (Note: the comments on deal # 967236 state - seller's choice, if gas is delivered @ Caly Basin use # 992523.) Please advise.

Thanks,
Genaro


John and Sarah

In the aftermath of the NERC BOT resolutions last week that wraps in business practices under the NERC purview, we are being asked by Nevius and Gent if we are in support of NERC becoming the SSO.

I have drafted a response that outlines what we need from an SSO.  We are not indicating if we support NERC or GISB/EISB - but are seeking the resolution of key fundamentals of an SSO before we sign on.

Per Jim's request, please take a look at the words and let me know if you have any concerns.  I plan to send this to EPSA so they can borrow some of the language for a letter that the EPSA-NAERO working group agreed to send to NERC.  I also will send it to Dave Nevius under Jose and my signature.


Attached is the October 18th South American DPR.

Attached is theDaily P/L Summary of   $     42,000

South America Trading	              $      29,000

Argentina Power Total:	              $      12,000

	Power Trading
		Rho & Drift	             ($     4,000)
		Price Actuals		  $     4,000
		Late Penalty Int:Epec	  $    11,000
					 ------------------
				              $    11,000

	Modesto Maranzana Plant
		Rho & Drift		 ($     9,000)
		Price Actuals		  $    10,000
				             -------------------
				              $      1,000

Brazil Power Total:		 $       8,000

		Rho & Drift		 $       8,000
		New Deal: Celesc	 $     11,000
		          			-------------------
		Total			 $     19,000

Argentina Gas Total:   	             ($      2,000)

		Intramonth Book:
		    Vol Updates               ($      2,000)
					-------------------
		Total			 ($      2,000)

Modesto Maranzana Plant:	  $            0

Modesto Maranzana Plant Mgr:	  $    13,000

		Fixed O&M Aug Variance $    13,000
					  -----------------
		Total			  $    13,000

Regards,

Patricia Rivera

Patricia Rivera
South America Risk Management Division
713-345-7150


---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 04:40
PM ---------------------------

"Piasio, Stephen [FI]" <stephen.piasio@ssmb.com> on 02/23/2001 08:09:13 AM
To:
cc:
Subject: FW: 2001 Natural Gas Production and Price Outlook Conference Call

>  <<...OLE_Obj...>>
>
> 2001 Natural Gas Production and Price Outlook Conference Call
>
>
>  <<...OLE_Obj...>> Salomon Smith Barney <<2001 Natural Gas Conference
> Call.doc>>
> Energy Research Group
> Analyst Access Conference Call
>
> 2001 Natural Gas  Production and Price Outlook
> Hosted by:
> Bob Morris and Michael Schmitz
>  Oil and Gas Exploration & Production Analysts
>
>  Date & Time:
> FRIDAY (February 23rd)
> 11:00 a.m. EST
>
> Dial-in #:
>  US:   800-229-0281 International:  706-645-9237
>
> Replay #: (Reservation: x 819361)
>  US:   800-642-1687 International: 706-645-9291
>
> Accessing Presentation:
> * Go to https://intercallssl.contigo.com
> * Click on Conference Participant
> * Enter Event Number:  x716835
> * Enter the participant's Name, Company Name & E-mail address
> * Click Continue to view the first slide of the presentation
>
> Key Points:
> 1. Natural gas storage levels appear to be on track to exit March at
> roughly 700-800 Bcf, compared with just over 1,000 Bcf last year at the
> end of the traditional withdrawal season.
> 2. Meanwhile, domestic natural gas production should rise 3.0-5.0% this
> year, largely dependent upon the extent of the drop in rig efficiency, or
> production added per rig.
> 3. Nonetheless, under most scenarios, incorporating numerous other
> variables such as the pace of economic expansion, fuel switching and
> industrial plant closures, it appears that storage levels at the beginning
> of winter will be near or below last year's 2,800 Bcf level.
> 4. Thus, it appears likely that the "heat" will remain on natural gas
> prices throughout 2001.
> 5. Consequently, we believe that many E&P shares will post solid gains
> again this year, spurred largely by mounting confidence in the
> sustainability of strong natural gas prices.
>
>

 - 2001 Natural Gas Conference Call.doc


Please find attached the Name Change/Merger Notification Report for January.
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 Feb 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.


Attached is an update for Item #5 for 2000 concerning the TW Gallop
Expansion. My understanding is that Tracy is coordinating a draft for Rod to
forward to Stan on Wednesday November 29. Call with questions.

Thanks. Julia


---------------------- Forwarded by Darron C Giron/HOU/ECT on 10/30/2000
12:46 PM ---------------------------

	Enron North America Corp.

	From:  B Scott Palmer                           10/30/2000 12:22 PM

To: Kam Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Jennifer Bagwell/NA/Enron@ENRON, Jackson
Logan/HOU/ECT@ECT, Victor Guggenheim/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT
cc:
Subject: FW: For you professional drinkers!!

This is sweet.
---------------------- Forwarded by B Scott Palmer/HOU/ECT on 10/30/2000
12:19 PM ---------------------------

	Enron North America Corp.

	From:  B Scott Palmer                           06/13/2000 10:39 AM

To: B Scott Palmer/HOU/ECT@ECT
cc:
Subject: FW: For you professional drinkers!!

---------------------- Forwarded by B Scott Palmer/HOU/ECT on 06/13/2000
10:38 AM ---------------------------

	Enron North America Corp.

	From:  Rebecca S Mize                           07/21/99 04:22 PM

To: Jessica V Moreno/HOU/ECT@ECT, Kathryn Cordes/HOU/ECT@ECT, B Scott
Palmer/HOU/ECT@ECT, Dianne J Swiber/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
cc:
Subject: FW: For you professional drinkers!!

---------------------- Forwarded by Rebecca S Mize/HOU/ECT on 07/21/99 04:21
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Mize, Jeffrey N." <jmize@utmb.edu>                           07/21/99
12:19 PM

To: "'Carla Homer'" <chomer@capstonefinancial.com>, "Bell, Carole"
<cbell@EMAIL.UTMB.EDU>, "Johnson, Jana B." <jbjohnso@EMAIL.UTMB.EDU>, "'Jimbo
Chambers'" <james.chambers@compaq.com>, "Boysen, Karl"
<kboysen@EMAIL.UTMB.EDU>, "Swift, Lauren" <lsswift@EMAIL.UTMB.EDU>, "Kowis,
Lisa R." <lkowis@EMAIL.UTMB.EDU>, "Rhame, Liz" <lrhame@EMAIL.UTMB.EDU>,
"'Michelle Birsinger'" <mrb@bcm.tmc.edu>, "Peikert, Quintin W."
<qpeikert@EMAIL.UTMB.EDU>, Rebecca S Mize/HOU/ECT, "'David Grissom'"
<sq6dave@aol.com>
cc:
Subject: FW: For you professional drinkers!!

Here's something useful.

>  <<100pr.exe>>

 - 100pr.exe


Kim, do you have an estimated completion date for the commodities where the
notation is that information is being compiled?  My guess would be that the
one commodity that is up-to-date (financial power) is the one with the lowest
number of transactions.  That means that the lion's share of the work is
still to be done.  Are we staffed to get this completed in a timely manner?
As I mentioned to you before, I would not hesitate enlisting Jeff Sorenson to
do much of catch up work if we are short on people to get this done
promptly.  Let me know if you need his help, and I will visit with Brent
Price.  I know that Brent would support Jeff's involvement to get his caught
up.

Who specifically will be responsible on an on-going basis to handle for the
RMT Confirmations?   Will we have some sort of report that we can send to
Stephen each month that will indicate the completion of this task so that he
is comfortable on an on-going basis that this is being kept up-to-date?
--Sally

   Kim S Theriot                12/27/2000 05:51 PM

To: Stephen H Douglas/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT, Leslie
Reeves/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Laurel Adams/HOU/ECT@ECT, Sheila
Glover/HOU/ECT@ECT, Rhett Jackson/HOU/ECT@ECT
Subject: ENA RMT Confirmations

Stephen,
As a follow-up to my earlier voicemail message, the status of the RMT
Confirmation Project is as follows:

Financial Gas:           RMT Confirmations complete through December 1999
   Bob Bowen is working on compiling the data for 2000
Financial Power:      RMT Confirmations complete through November 2000
Financial Weather
and Liquids:  Bob Bowen is working on compiling the data for 1999 and 2000
Financial FX:                       Laurel Adams is assessing the work to
compile the data for 1999 and 2000

From this point forward, the RMT Confirmation will be prepared on a monthly
basis for each commodity.

As far as the Year End RMT Project, I spoke with Bob Bowen this morning as to
the status.  What he told me was that he was supposed to receive a file
containing the deal information of the deals involved.  This was per the
meeting that he attended last week.  As of this morning he had not received
anything He stated that he was expecting the file last week but never
received any information.  He was going to follow-up with the appropriate
individual.  I will give you an update in the morning to make sure that he
has the data needed to complete the project.

If you have any further questions, please call me at ext. 31771.

Kim Theriot


Toby,

Please post these ROFR's on the EBB.  Please call if you have any questions.

Thanks,

Kim.


Shona -

To share with the others our telephone discussion, the notification template
was not my request, it was requested directly by Skilling.  I know your group
is working hard to meet mangagement expectations, and in accordance with your
request below, Market Risk is happy to help you transition into this revised
reporting format by reviewing the template prior to your distribution until
you are comfortable with the reporting requirements.   The new P/L
notification limits and limit changes that will be in effect  next Tuesday
should dramatically decrease the number of notifications, so that should
help.  It probably makes sense to re-distribute the policy to your business
unit controllers and the traders so they understand the policy requirements.

Another issue that we discussed yesterday is the source of the violation
explanations.  These should be provided to you by the head trader of that
commodity group.  Under the policy, that commodity group manager is
responsible for compliance with the risk management policy for the
commodities under his responsibility, along with the head of the energy ops
for that commodity group.  If the traders are not providing these
explanations to you or to your counterparts (ops desk head / business unit
controller), I'll be happy to send them an e-mail explaining their compliance
obligation under the policy.  Why don't you talk to each of the business unit
controllers, consider whether a process is already in place for this feedback
(as I understand it is for Global Products, for example), and if you'd like
me to send an e-mail to whoever you're having difficulty with, I will - just
let me know who.  Our Market Risk desk heads will be happy to review their
explanations, but the problem is, they can see whether they're short or long
and how the market moved in comparison, but it's the trader that can and
should explain why they took a position, whether they're adjusting it based
on the market moves, etc..

Let me know what else I can do to help streamline the process.

Regards,
Cassandra.

---------------------- Forwarded by Cassandra Schultz/NA/Enron on 12/07/2000
09:48 AM ---------------------------

	From:  Shona Wilson                           12/07/2000 09:42 AM

To: Cassandra Schultz/NA/Enron@Enron
cc: Michael Benien/Corp/Enron@ENRON, Chris Abel/HOU/ECT@ECT, Daniel
Falcone/Corp/Enron@ENRON, Veronica Valdez/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT

Subject: Re: 12/5 Limit Violations and Notifications - Comments

Dear Cassandra,

In looking at the comments below there are several errors made buy us, one in
the template itself, and some suggestions.  At your request, we have started
to prepare this in addition to the normal word violation/notification memos
and our other work.  As you have certain requests and requirements, it would
be helpful for someone in your group to review it before it went out to
ensure it meets your requirements.

Please let me know if this is workable and who the reviewer should be.

Thanks,

Shona

To: Michael Benien/Corp/Enron@ENRON, Chris Abel/HOU/ECT@ECT, Shona
Wilson/NA/Enron@Enron, Daniel Falcone/Corp/Enron@ENRON
cc: Veronica Valdez/HOU/ECT@ECT

Subject: 12/5 Limit Violations and Notifications - Comments

I realize this has already gone out, but I see a few errors that we should
correct  - and actually, I think we should call Skilling and Lay's (and
Buy's) assistants (Veronica will handle this) and see if we can just hand
deliver to them a corrected version early this morning, e-mail is OK for Ted,
David and I. I have a few other suggestions on format/reporting changes as
well.

The NA Power VaR of $51MM was not 105% over its VaR limit of $50 - that would
have been $52.5 to require a report to Skilling, (but if we had had to report
it, don't use "WSCC", try to spell out or just don't use)
UK Gas's VaR limit is not $4, it's $7.5MM
I can't tie in UK Gas' QTD and YTD P/L - shouldn't it be what's on the DPR,
adjusted for the portion of the structured derivatives that is gas - call
over to that Yeo person and get the info. from them please
The 2nd item for NA Gas shouldn't be listed like that as it looks like
another violation - the comment re: the VaR increase was mean to go at the
bottom under RAC comments
The Finance Committe Chairman notification for Agg. VaR is not 100%, it's
115% (notification requirement box)
EES had a VaR violation - $7.5 vs. 7 - that is a Skilling level violation
Let's have the "Re:" say "Limit Violations and Notifications for December 5,
2000"
Let's number them all sequentially rather than starting over at each level

Veronica will call you to coordinate re-distribution.

Going forward, we need to increase our level of review for these as they're
getting a lot of scrutiny given market dynamics and our increasing risk.

Thank you,
Cassandra.

---------------------- Forwarded by Cassandra Schultz/NA/Enron on 12/07/2000
07:38 AM ---------------------------

Michael Benien
12/06/2000 07:08 PM
To: Kenneth Lay/Corp/Enron@ENRON, Rosalee Fleming/Corp/Enron@ENRON, Jeff
Skilling/Corp/Enron@ENRON, Sherri Sera/Corp/Enron@ENRON, Rick
Buy/HOU/ECT@ECT, Karen K Heathman/HOU/ECT@ECT
cc: Cassandra Schultz/NA/Enron@Enron, Ted Murphy/HOU/ECT@ECT, David
Port/Market Risk/Corp/Enron@ENRON, Chris Abel/HOU/ECT@ECT

Subject: 12/5 Limit Violations and Notifications


Tana:

Attached please find an ETA side letter with Midland Cogen.  Dave has
approved the letter for execution.  Accordingly, please prepare a final
execution copy.

Thanks,

Leslie