UK: UPDATE 1-Scot Power in talks to buy Portland-sources
Reuters, 04/30/01

India State Panel Set Up To Rework Dahbol Power Pact
Dow Jones, 04/30/01

SURVEY - ENERGY & UTILITY REVIEW: US edges closer to new energy policy
Financial Times, 04/30/01
SURVEY - ENERGY & UTILITY REVIEW: Move to build a stronger base on
alternative cleaner power Financial Times, 4/30/01

BRAZIL: UPDATE 1-Petrobras to buy Enron stakes in Brazil gas firms
Reuters, 04/30/01

Petrobras to Buy Enron's Stake in CEG, CEG-Rio Gas Distributors
Bloomberg, 04/30/01

Brazil/Petrobras/CEG -2: Price Tag Seen About $200 Mln
Bloomberg, 04/30/01

Brazil Petrobras Seen Paying $240M For CEG Stake
Dow Jones, 04/30/01

Brazil's Petrobras Agrees to Buy Enron's Stake in Natural Gas Distributor CEG
Dow Jones, 04/30/01

Brazil Petrobras To Buy Enron's Stake In Gas Co CEG
Dow Jones, 04/30/01

Foreign bids for Saudi gas projects passed on to Fahd's petroleum council
Agence France-Presse, 04/30/01

UK: FACTBOX-LME membership changes over last 15 years
Reuters, 04/30/01

GOLDEN TRIANGLE RESOURCES NL: Progress Report - Other (Part B : Section 02 Of
02)
Australian Stock Exchange Company Announcements, 04/30/01

eZoka adds up for SMEs
M2 Presswire, 04/30/01

Atlantic Quay Watch
Bloomberg, 04/30/01

UK: UPDATE 1-Scot Power in talks to buy Portland-sources
By Andrew Callus
04/30/2001
Reuters English News Service
(C) Reuters Limited 2001.
LONDON, April 30 (Reuters) - Scottish Power Plc has held talks with Enron
Corp about buying its Portland, Oregon-based power utility Portland General,
a good geographic fit for the British group's existing U.S. arm PacifiCorp,
industry sources said on Monday.
"It's an obvious one and, yes, there have been discussions," said one source
speaking after the official breakdown last week of energy trader Enron's
talks to sell Portland to Nevada-based utility Sierra Pacific Resources Corp .
PacifiCorp operates in six U.S. states including Oregon, and has its
headquarters in Portland, the state capital.
Utility holding company Sierra had been preparing to pay about $2 billion for
Portland and assume $1 billion in debt.
But the deal ran into trouble as the U.S. West Coast power crisis unfolded
earlier this year, and talks were officially called off last Thursday.
Reports that Britain's biggest utility may step in for Portland's 700,000
customer base and 2,000 megawatts of generating capacity surfaced at the
weekend in Britain's Observer newspaper.
PacifiCorp faces its own power crisis fallout, including $1 million a day
buying-in costs resulting from the failure of one of its generators. The
problems have helped depress Scottish Power's share price to a point where it
now registers five percent UK sector underperformance over the past two
years.
And analysts said Portland has a significant exposure to current high U.S.
power prices, with only about 2,000 megawatts of its own generating capacity
but 3,700 megawatts of peak demand to satisfy.
U.S. utility acquisitions are always fraught with regulatory difficulties and
in this case an additional regulatory complication is that Portland owns a
decommissioning nuclear power station.
COST SAVING OPPORTUNITIES
Nevertheless, Scottish Power has said it intends to expand further in the
U.S. to exploit opportunities for merger cost savings in a highly fragmented
market - The group's English rival National Grid Group was able to take out
40 percent of New England utility EUA's cost base by merging it with
neighbouring power group NEES last year. Its current weak share price and
lack of cash after the PacifiCorp buy has hindered development, but in March
it made clear it might sell its UK water business, Southern Water.
The proceeds are earmarked for acquisition purposes, and industry sources
have put the price sought at 1.7-1.8 billion pounds ($2.4-2.6 billion). Enel
of Italy has confirmed an interest.
On Monday, Scottish Power was tightlipped. "We do not comment on market
speculation," said a spokesman.
But analysts said Portland was an obvious choice, given that it serves mainly
the city of Portland and its surrounding area, in the middle of one of
PacifiCorp's key markets.
"It's hard to see them finding a better company to buy in terms of geographic
fit and potential cost savings," said Peter Atherton of Schroder Salomon
Smith Barney, who released a note last week pointing out the opportunity.
But he is wary of the move.
"On the surface selling Southern Water and acquiring PGE (Portland)... would
appear attractive for SPW," said the research note. "However the loss of
Southern Water's predictable earnings profile would, at least short term, put
pressure on earnings and dividend cover."
Scottish Power will face questions about Portland and Southern Water at its
annual results presentations on Thursday this week.
Analysts predict pretax profit before goodwill amortisation and exceptional
items of 612-643 million pounds for the year to March 2001 down from 736
million a year earlier.
Lower wholesale prices and regulatory price cuts on retail and distribution
in the UK will more than offset the effect of a complete full year
contribution from PacifiCorp, which only fed into Scottish Power's profits
for four months in the previous year.
A change to accounting practices which alters the way deferred taxation is
treated will also account for about 40 million pounds of the profit fall,
analysts said, with higher telecoms losses also a factor.

India State Panel Set Up To Rework Dahbol Power Pact

04/30/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- India's Maharashtra state government Monday appointed
a nine-member committee to
renegotiate the controversial power purchase agreement with the U.S. energy
major Enron Corp.'s (ENE) Indian unit
Dabhol Power Co., the Press Trust of India reported Monday.
The government has asked the committee, headed by former federal Home
Secretary Madhav Godbole, to attempt to negotiate a revised agreement within
a month, the PTI said.
The committee's goals are to bring down the power tariff and allow the sale
of excess power to the federal government or its utilities, the PTI said. A
restructure of Dabhol's stakeholding may also be on the agenda.
The $3 billion, 2,184-megawatt Dabhol project has been mired in financial
disputes after the Maharashtra State Electricity Board, its main customer,
failed to pay several bills. The project has the largest single foreign
investment in India.
Texas-based Enron has a 65% stake in Dabhol Power, and is the project's
largest shareholder. Other shareholders include the MSEB with 15% and General
Electric Co. (GE) and Bechtel Enterprises (X.BTL) with 10% each.
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9427;
himendra.kumar@dowjones.com

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

	SURVEY - ENERGY & UTILITY REVIEW: US edges closer to new energy policy:
	The recent power crisis in California has raised American awareness of the
situation and the Bush administration seems to be more committed to the
problem, writes David Buchan
	Financial Times, Apr 30, 2001
By DAVID BUCHAN
	The US is striving towards some kind of energy policy. When it eventually
gets one, the impact on the rest of the world will be considerable.
	The long-term health of the world's biggest economy, depends on resolution of
its domestic energy problems. It also has an impact on the market and climate
generally as the world's biggest importer of oil and emitter of greenhouse
gases.
	The US is also home to the world's largest private energy sector, but also
has a government prone to use energy as a weapon of foreign policy. Through
sanctions, Washington has kept its own companies out of certain oil-producing
countries and tried to keep others out too.
	The only absolutely clear thing about the Bush administration's national
energy policy is that it wants one. That itself is a change. Like governments
in other industrialised countries, Washington has steadily retreated from the
energy sector.
	It has moved from tight administration (fixing natural gas prices, for
example) to loose regulation (shared, in electricity, with states and local
governments).
	The US has a Strategic Petroleum Reserve, created after the 1970s oil shocks,
and actually used it last year. In extremis, the US is also willing to go to
war for oil, as it showed in the Gulf conflict 10 years ago.
	But the general sentiment was that the marketplace would provide a solution,
and that energy problems, like bad weather and economic cycles to which they
are related, could be relied on to fade away.
	This complacency has been blown away by the California power crisis, last
year's run-up in world oil prices (partly due to US gasoline and heating oil
shortages) and the arrival in the White House of a president and
vice-president with a background in Texan oil.
	The Texas-based oil and gas industry tends to see the crisis as primarily one
of supply. In the past 20 years, according to the American Petroleum
Institute, US oil output has fallen from 8.57m barrels a day to 5.84m b/d.
	This is despite the fact that companies now drill deeper (to an average of
6,105 feet, compared to 4,512 feet in 1981), cheaper (average well cost of
Dollars 769,000, compared with Dollars 855,000 in real terms in 1981) and
better (a 80.3 per cent success ratio, compared with 69.6 per cent in 1981).
	During the same period, imports, both crude and refined product, have risen
from 6m b/d to just over 11m b/d.
	Natural gas output has not fallen off to the same degree. But nor, in a
sense, can it. Environmental factors have driven up demand for gas faster
than for oil. Unlike oil, it cannot be imported by sea, except in the
liquefied form that still accounts for only 1 per cent of US gas consumption.
	After the 1998-99 trough in activity, companies, spurred on by higher gas
prices, are now pressing every available rig into service for drilling in the
US and Canada. But they are having to run hard just to stay in place.
	Mark Pappa, Houston-based chief executive of EOG, formerly Enron Oil and Gas
and now one of the most active drillers in North America, explains why. "We
are now getting gas out of the ground faster than we can find it, because
technology in accelerated extraction is advancing faster than in seismology,"
he says.
	As a result, the rate at which production declines as a share of the base is
rising - from an average annual decline rate of 16 per cent in 1990 to 23 per
cent in 1999. "In the Gulf of Mexico, decline rates can go up to 40 per cent
a year," says Mr Pappa.
	So the industry is eyeing federal land. The federal government owns one-third
of US land, but where, 20 years ago, 75 per cent of this was available for
drilling leases, now only 17 per cent is.
	The industry hopes, with reason, that the Bush administration will reverse
this trend. However, this will not be easy.
	The administration's plan to open up part of the Arctic National Wildlife
Refuge (ANWR) to drilling has stirred strong opposition. There are obstacles
elsewhere, too.
	While the federal government owns and could, in theory, lease the entire
outer continental shelf for drilling, in practice California blocks
exploitation of the Pacific, while Florida, even under Governor Jeb Bush, the
president's brother, insists on keeping the drillers away from both its
coasts.
	Companies would also like to make fuller use of what leases they have, says
John Seitz, president of Anadarko. His company, currently North America's
most active driller on 21m acres, is doubling operations in the Rockies, but
often has to dismantle rigs temporarily during the wildlife breeding and
tourist seasons.
	If access to resources is a problem, so is the infrastructure to get it to
market.
	A new report, produced jointly by the Baker Institute in Houston and the
Council on Foreign Relations in New York, points out how deregulation was
initially smoothed by "surplus capacities along the entire energy chain,
accumulated in the days of government-subsidised industry and falling
demand".
	The excess capacity existed in refineries, tankers, pipelines, rigs, and, of
course, in power generation. It allowed "expansion of energy use without
significantly affecting underlying costs," says the report.
	The surplus capacity has largely vanished under the impact of deregulation,
the accompanying price volatility that has made new investment risky and
quite separate pressures from environmental regulation.
	Take oil refineries. Twenty years ago, the US had 315 of them with a combined
capacity of 18.6m b/d and overall utilisation of 68.6 per cent. Last year,
the country had 155 refineries with a 16.5m
	b/d capacity that was 92.6 per cent used.
	It is the same story with the nuclear reactors that provide 20 per cent of US
electricity. Not a single new nuclear plant permit has been issued since
1979, the year of the Three Mile Island accident.
	But re-regulation is to blame for another handicap: the proliferation of
regional gasoline standards, complicating refining and logistic problems and
frequently causing local shortages and prices spikes.
	A single standard was never going to suffice in so large a country with, for
instance, mile-high Denver requiring a less volatile fuel than low-lying
Houston.
	But states and cities have increasingly used the 1990 Clean Air Act and the
replacement of lead in fuel to demand that the oil companies provide them
with differing cocktails of gasoline and diesel to suit their environmental
needs. The upshot is that the oil companies are now asked to provide more
than 100 different fuels.
	California, the north-east and the upper mid-west require gasoline
reformulated to be more oxygenated and less smelly; Atlanta demands a lower
sulphur and less evaporative fuel than the rest of Georgia; and garages in
the two halves of the city of St Louis (because they are in two different
states) have to sell different types of gasoline.
	The standards are unenforceable in the sense that drivers cannot be confined
to a certain zone simply by virtue of what they carry in their tank. But this
has not lessened local authorities' enthusiasm for them.
	In this area, as in that of electricity infrastructure, it is hard to see
what the Bush administration can do to prevent such balkanisation without
riding rough-shod over states' rights.
	Equally difficult, but even more pressing is to forge a single electricity
transmission network to carry the huge amounts of power that are being traded
across the country by commodity energy brokers, such as Enron and Dynegy. The
federal authorities have slender means at their disposal.
	While it has sole authority over the natural gas trade and network, the
Federal Energy Regulatory Commission (Ferc) has to share supervision of
electricity trade with states which themselves have sole power to rule on the
siting of power plants and lines.
	Deregulation has made the latter task harder. In the days of local
monopolies, people knew that at least a power plant - however ugly - in their
backyard would be serving their needs. But in today's world of competitive
long-distance power trading, the plant could be lighting, cooling or heating
the other end of the country.
	Nonetheless, Ferc realises it has to be more of a bully to preach the right
model for US power, even if that means treading on state sensibilities. "We
were overly deferential to California's rules and market design," says one
Ferc official.
	US companies hope President Bush will give them a freer run at foreign as
well as domestic oil. The US has trade and investment bans on eight countries
- of which Iraq, Iran and Libya are Opec members, and a fourth, Sudan, a
growing oil producer. The upshot, according to Cambridge Energy Research
Associates, may be to reduce the production capacity of the three sanctioned
Opec producers by 1.5-2m b/d.
	That, in turn, makes the world market tighter than it would otherwise have
been, to the obvious detriment of such a big oil importer as the US.
	US companies clearly fret more at the unilateral sanctions on Iran and Libya
than the multilateral United Nations embargo on Iraq, which also restricts
their competitors.
	It may also be time for the US to recognise not only how outdated the notion
of energy independence at home is, but also the wisdom of cloaking its
foreign energy policy in a more multilateral guise.
	The Baker Institute-Council on Foreign Relations report suggests ways this
might be done.
	The US could take a less confrontational line towards Opec on prices, set
Russia an example by signing the European energy charter treaty that governs
energy trade and transit, and adopt a hemispheric approach to energy
relations with Canada and Mexico. Copyright: The Financial Times Limited

	SURVEY - ENERGY & UTILITY REVIEW: Move to build a stronger base on
alternative cleaner power: ECONOMICS OF ENERGY SUPPLY: RENEWABLE POWER by
Matthew Jones: Recent figures indicate that, up to 1999, there was more than
13,000MW of installed windpower capacity around the world, the majority of
which was in Europe and mainly in Germany, Denmark and Spain
	Financial Times, Apr 30, 2001
By MATTHEW JONES
	Earlier this year, Shea Homes, the tenth largest house builder in the US,
struck a deal with solar cell manufacturer AstroPower to make solar power a
standard feature in 100 new homes in San Diego, California.
	With a shortage of electricity in California and rolling blackouts sweeping
the state, Shea had spotted a market for environmentally friendly homes in
which the owners could take control of their own power generation.
	This relatively modest move, which Shea hopes to extend to a further 100
homes in the next 18 months, is one indication of the way in which new energy
technologies are becoming more mainstream.
	In the US, Europe and, to a lesser extent, Asia, manufacturers of solar
cells, wind turbines, fuel cells and microturbines are reporting booming
sales. AstroPower has already sold all of the cells it can make for this
year.
	Robin Batchelor, manager of Merrill Lynch Investment Managers' new energy
technology fund, says the growth is being driven by environmental pressure to
reduce greenhouse gas emissions and concerns about power quality and
reliability from centralised generation systems in some parts of the world.
	"The California power crisis has raised awareness of some of these
technologies and, at the same time, has allowed manufacturers to demonstrate
that they work. On top of this, many countries around the world are offering
fiscal incentives to build green power plants and improvements in the
technology are bringing the costs more into line with conventional power
generation."
	Windpower is leading the way so far. The most up-to-date industry figures
show more than 13,000MW of installed capacity around the world at the end of
1999. Of this, 70 per cent was installed in Europe - mainly in Germany,
Denmark and Spain, 20 per cent in North America and the remaining 10 per cent
largely in the Asia-Pacific region.
	Photovoltaic, or solar, cells are further behind because of relatively higher
equipment costs. About 520MW of capacity had been installed at the end of
1999 in countries belonging to the Organisation of Economic Co-operation and
Development.
	A recent report by Dresdner Kleinwort Wasserstein, the German banking group,
forecasts that both wind and solar power generating capacity will grow by 25
per cent a year in the next five years to 67,000MW and 4,600MW respectively.
Longer term figures produced by Royal Dutch/Shell, the Anglo-Dutch oil group,
show solar power overtaking wind in 2040 and becoming the world's overall
largest source of electricity by 2050.
	Fuel cells, which convert hydrogen to electricity, heat and water vapour
through an electro-chemical reaction, are still at a relatively embryonic
stage but are developing rapidly. Manufacturers, such as Ballard Power
Systems of Canada and Fuel Cell Energy (FCE) of the US, have, in recent
months, begun to make the transition from pilot projects to first commercial
sales.
	Ballard, which specialises in fuel cells for the transportation market, has
signed an agreement to supply cells for 30 public buses in 10 European
cities. FCE produces larger fuel cells for the stationary power market. It is
expected this summer to win a contract to supply 12 fuel cells to Connecticut
under an agreement with Enron, the US energy group.
	The pace of deployment of fuel cells into the transport market is currently
uncertain and will depend on the motor and oil industries agreeing what fuel
to use as a source of hydrogen. The ideal solution is to use pure hydrogen
gas, but oil companies argue that this requires a lot of storage capacity and
would mean building a new fuel infrastructure around the world at vast
expense.
	Other solutions are being developed, including the use of methanol or
ordinary petrol, from which hydrogen can be produced onboard the vehicle via
a reformer.
	Industry observers are more confident about the market for stationary fuel
cells. According to a study published in March by Allied Business
Intelligence, an independent US researcher, global electricity generating
capacity from fuel cells will grow from just 75MW in 2001 to 15,000MW by
2010. The countries expected to take the lead are the US, Germany and Japan.
	Microturbines are seen as an intermediary step towards fuel cells, allowing
efficient small-scale generation of electricity from a variety of more
traditional fuels, including natural gas, propane, diesel, kerosene and
methane-based gases sourced from landfill or wastewater sites.
	Growth in sales has accelerated in the last year, driven, in large part, by
the California energy crisis. Capstone, one of the leading manufacturers, saw
its microturbine sales more than triple last year and has a backlog of orders
for 2001.
	Some in the energy industry believe the surge in the use of new energy
technologies may now be under threat following the refusal by the US to
ratify the Kyoto agreement on reducing greenhouse gas emissions.
	Recent policy statements by the new Bush administration indicate it is more
focused on developing fossil fuels and solving the immediate energy shortages
than increasing the use of alternative energy forms.
	However, the European Union appears to be gathering enough support to push
ahead with the agreement without the US. In spite of his stand against Kyoto,
president Bush has also agreed to extend fiscal incentives for electricity
generated from wind power and biomass for another three years, a move that
has been greeted favourably by the markets.
	Copyright: The Financial Times Limited

BRAZIL: UPDATE 1-Petrobras to buy Enron stakes in Brazil gas firms

04/30/2001
Reuters English News Service
(C) Reuters Limited 2001.
	RIO DE JANEIRO, April 30 (Reuters) - Brazilian state oil company Petrobras
said on Monday it had signed a deal with U.S. energy giant Enron Corp to
acquire Enron's stakes in two Rio de Janeiro natural gas distributors.
	Petrobras said in a statement the agreement signed on Sunday in Houston
called for Petrobras "along with other investors" to buy Enron's 25.38
percent stake in Cia Distribuidora de Gas do Rio de Janeiro (CEG) that
distributes gas in the city of Rio, and 33.75 percent in CEG-Rio that
services the state.
	The deal is expected to close within 90 days, Petrobras said.
	It did not provide the value of the deal, saying only that completion of the
deal still depended on "certain conditions" and had to be approved by the
authorities.
	The market had expected Petrobras, jointly with its Petros pension fund, to
pay up to $200 million for CEG stakes. Officials with none of the companies
involved were available for comment.
	Market sources have said that Petrobras was likely to split the acquired
stakes evenly with Petros, to avoid technical nationalization of both CEG and
CEG-Rio, privatized in 1997.
	The government's BNDES development bank already has a 34.5 percent stake in
CEG, while Petrobras' distribution arm BR Distribuidora owns 25 percent of
CEG-Rio.
	Spain's Gas Natural which has 18.89 in CEG and 25.12 percent in CEG-Rio
operates both distributors.
	Despite the sale of the two stakes, Enron, which is the world's largest
marketer of electricity and natural gas, still has major gas holdings in
Brazil via its subsidiary Gaspart, which controls gas distributors in seven
Brazilian states, including rich southern states of Santa Catarina and
Parana.
	Local media has speculated the company is preparing to sell Gaspart, too.
	Enron's recent global strategy of redirecting resources to its growing energy
trading and bandwidth trading businesses, has been leading it away from some
of the power generation and power and gas distribution businesses that
constitute its Brazilian portfolio worth around $2 billion.
	The deal between Petrobras and Enron may signal an improvement in relations
between the two companies who in the past year have clashed over Enron's
access to Petrobras-administrated Bolivia-Brazil natural gas pipeline.

	?

Petrobras to Buy Enron's Stake in CEG, CEG-Rio Gas Distributors
2001-04-30 10:00 (New York)

Petrobras to Buy Enron's Stake in CEG, CEG-Rio Gas Distributors

     Rio de Janeiro, April 30 (Bloomberg) -- Petroleo Brasileiro
SA said it agreed to buy Enron Corp.'s stakes in Rio de Janeiro's
largest natural gas distributor, as Brazil's state-controlled oil
company seeks outlets to sell more gas where demand may surge.
     Petrobras said it, and other unnamed investors, reached an
agreement over the weekend to buy a 25.4 percent stake in CEG and
a 33.8 percent stake in its sister company CEG-Rio. Terms of the
transaction weren't given. Government officials earlier said the
acquisition was likely to be worth more than $200 million.
     The oil company plans to boost its stakes in gas distribution
as demand surges, led by increased use of gas in Rio's
metalworking industry and new thermo-electric generating plants
coming on line in the next half-decade. Enron seeks to concentrate
on power generation in Brazil. Petrobras estimated it will take 90
days for the transaction to be completed.
     Petrobras said earlier it wants to boost its stake in 13
different Brazilian gas distributors. It seeks outlets to sell
about 30 million cubic meters of gas that it plans to transport
daily through its $2 billion Bolivia-Brazil pipeline by 2005.
     CEG accounts for almost 17 percent of Brazil's natural gas
distribution market, analysts said. The distributor is operated by
Spain's No. 1 natural gas company, Gas Natural SDG SA, which owns
about 19 percent of CEG.

--Joshua Schneyer in Rio de Janeiro (5521) 516-1552 or
jschneyer@bloomberg.net through Sao Paulo/bh

Story illustration: For CEG shares, click on
{CEGR3 BS <Equity> GP <GO>}

Brazil/Petrobras/CEG -2: Price Tag Seen About $200 Mln
2001-04-30 10:09 (New York)

  RIO DE JANEIRO (Dow Jones)--Brazil's Petroleo Brasileiro SA (PBR) said
Monday
it has singed an agreement with Enron Corp. (ENE) to acquire the stake Enron
has in local gas distributor Companhia Distribuidora de Gas do Rio de Janeiro
(E.CDR), or CEG.
  Petrobras said it will buy the 25.38% stake Enron owns in CEG as well as the
33.75% stake the U.S. energy company has in local unit CEG-Rio.
  The company didn't disclose the value of the deal.
  Market observers have said Enron's interest in CEG carries a price tag of
about $200 million.

  (MORE) DOW JONES NEWS  04-30-01
  10:09 AM- - 10 09 AM EDT 04-30-01

Brazil Petrobras Seen Paying $240M For CEG Stake

04/30/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
1901GMT
RIO DE JANEIRO (Dow Jones)--Brazil's Petroleo Brasileiro SA (PBR) will likely
pay $240 million for the stake Enron Corp (ENE) owns in local gas distributor
Companhia Distribuidora de Gas do Rio de Janeiro (E.CDR), or CEG, a Petrobras
official close to the negotiation said Monday.
Petrobras, as the federally-owned oil group is locally known, said early
Monday it had singed an agreement with Enron to buy the 25.38% stake the U.S.
energy group owns in CEG as well as the 33.75% stake Enron has in local unit
CEG-Rio.
"We still have 90 days to seal this acquisition, but the total amount will
probably be $240 million if no more adjustments are made," the official said.
Market observers had said Enron's interest in CEG carried a price tag of
about $200 million.
The acquisition is part of Petrobras' strategy to participate in gas
distribution companies serving Brazil's most-industrialized states of Sao
Paulo, Rio de Janeiro and Minas Gerais, thus finding buyers for its
natural-gas output.
CEG serves the metropolitan Rio de Janeiro area, and CEG-Rio supplies
industrial towns in the greater Rio de Janeiro region and the interior of the
state.
Formerly a state-run company, CEG was privatized in 1997. Its shareholders
are Spain's Gas Natural SDG SA (E.GSN) and Iberdrola SA (E.IBR), Argentina's
Pluspetrol and Brazil's BNDESPar, the investment arm of the national
development bank, BNDES.
At 03:20 p.m. EDT (190 GMT), Petrobras preferred shares had slipped 0.8% to
53.00 reals ($1=BRR2.2) in thin trade, while CEG's fell 3.1% to BRR9.50 after
only two trades.
-By Adriana Brasileiro, Dow Jones Newswires; 5521-580-9394,
adriana.brasileiro@dowjones.com

?
?
Brazil's Petrobras Agrees to Buy Enron's Stake in Natural Gas Distributor CEG

04/30/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
RIO DE JANEIRO --- State-owned oil concern Petroleo Brasileiro SA has agreed
to acquire Enron Corp.'s stakes in Rio de Janeiro's largest natural gas
distributor, Companhia Distribuidora de Gas do Rio de Janeiro, or CEG.
Petrobras (PBR) said Monday that it will buy the 25.38% stake Enron (ENE)
owns in CEG and the U.S. company's 33.75% stake in CEG's sister firm, CEG-Rio.
Petrobas, Brazil's largest company, didn't disclose the value of the deal.
Market observers have said Enron's interest in CEG carries a price tag of
about $200 million.
CEG, formerly a state-run company, was privatized in 1997. Its shareholders
are Spain's Gas Natural SDG SA and Iberdrola SA, Argentina's Pluspetrol and
Brazil's BNDESPar, the investment arm of the national development bank,
BNDES.
Petrobras officials had already shown interest in a stake in CEG, which
serves the metropolitan Rio de Janeiro area, and CEG-Rio, which supplies
industrial towns in the greater Rio de Janeiro region and the interior of the
state.
Delcidio do Amaral Gomez, energy and gas director at Petrobas, said earlier
this year that the interest in CEG was part of the group's strategy to
participate in gas distribution companies serving Brazil's
most-industrialized states of Sao Paulo, Rio de Janeiro and Minas Gerais.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

?
Brazil Petrobras To Buy Enron's Stake In Gas Co CEG

04/30/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

RIO DE JANEIRO -(Dow Jones)- Brazil's Petroleo Brasileiro SA (PBR) said
Monday it has singed an agreement with Enron Corp. (ENE) to acquire the stake
Enron has in local gas distributor Companhia Distribuidora de Gas do Rio de
Janeiro (E.CDR), or CEG.
Petrobras said it will buy the 25.38% stake Enron owns in CEG as well as the
33.75% stake the U.S. energy company has in local unit CEG-Rio.
The company didn't disclose the value of the deal.
Market observers have said Enron's interest in CEG carries a price tag of
about $200 million.
The deal will likely be sealed in 90 days, Petrobras said.
Petrobras officials had already voiced interest in a stake in CEG, which
serves the metropolitan Rio de Janeiro area, and CEG-Rio, which supplies
industrial towns in the greater Rio de Janeiro region and the interior of the
state.
Delcidio do Amaral Gomez, Petrobras' energy and gas director, said earlier
this year the interest in CEG is part of the group's strategy to participate
in gas distribution companies serving Brazil's most-industrialized states of
Sao Paulo, Rio de Janeiro and Minas Gerais, thus finding buyers for its
natural-gas output.
CEG, formerly a state-run company, was privatized in 1997. Its shareholders
are Spain's Gas Natural SDG SA (E.GSN) and Iberdrola SA (E.IBR), Argentina's
Pluspetrol and Brazil's BNDESPar, the investment arm of the national
development bank, BNDES.
At 10:30 a.m. EDT (1430 GMT), Petrobras preferred shares had climbed 0.39% to
53.62 reals ($1=BRR2.2), while CEG's shares were unchanged at BRR9.80 - both
in very thin trade.
-By Adriana Brasileiro, Dow Jones Newswires; (5521) 580-9394,
adriana.brasileiro@dowjones.com

Foreign bids for Saudi gas projects passed on to Fahd's petroleum council

04/30/2001
Agence France-Presse
(Copyright 2001)
RIYADH, April 30 (AFP) - Bids by 12 foreign oil majors for three Saudi gas
projects worth tens of billions of dollars have been referred to the Supreme
Petroleum Council (SPC) headed by King Fahd, a newspaper reported Monday.
A committee that has been negotiating the offers with the companies passed on
the bids along with detailed recommendations for the council to make a final
decision, Al-Iqtissadiya business daily said.
The committee, comprising ministers who are also SPC members, is headed by
Foreign Minister Prince Saud al-Faisal.
The three gas projects are located in the South Ghawar field near Al-Hufuf in
the kingdom's Eastern Province, Shaybah in the Empty Quarter of southeast
Saudi Arabia, and the northern Red Sea.
They cover an area of 440,000 square kilometers (176,000 square miles),
making it the world's largest area for hydrocarbon investment.
Oil Minister Ali al-Nuaimi said in mid-April that the study of the bids was
still in its preliminary stages, but foreign oil executives expected a
decision with a few weeks.
US majors Enron and Occidental in a joint bid, as well as Chevron, Conoco,
ExxonMobil, Marathon, Phillips and Texaco have been shortlisted for the Saudi
projects. Rounding out the list are European firms BP Amoco, Eni, Royal Dutch
Shell and TotalFinaElf.
ExxonMobil, Shell and TotalFinaElf are in the bidding for all three ventures.
The projects involve gas exploration and production, setting up petrochemical
industries and power and water desalination plants.
Al-Iqtissadiya said a number of bids had been excluded by the negotiating
committee, but at least half of the companies would be picked.
The projects are to be carried out simultaneously by consortia of two to
three firms in cooperation with Aramco, the Saudi national oil company, the
newspaper said.
Aramco has been working to double the Saudi gas network's capacity from the
current 3.5 billion cubic feet (105 million cubic metres) per day to seven
billion cubic feet (210 million metres) daily in 2004.
This will boost supplies for industrial use to Riyadh, eastern and western
regions.
Saudi Arabia, which sits on top of the world's biggest oil reserves, has
proven natural gas reserves of 220 trillion cubic feet (6.6 trillion cubic
metres).

UK: FACTBOX-LME membership changes over last 15 years

04/30/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, April 30 (Reuters) - French bank BNP Paribas said on Monday it had
become a member of the London Metal Exchange (LME), the world's largest
non-ferrous metals market.
Paribas said that its subsidiary BNP Paribas Commodity Futures Ltd had had
been accepted as an LME Associate Broker Clearing Member (ABCM). It bought
250,000 shares in LME Holdings, the company created when the LME demutualised
in 2000.
BNP's membership takes the number of ABCMs up to 25. These firms are the
second tier of LME membership - ABCMs have all the rights and privileges of
LME membership, but cannot trade during the open-outcry trading sessions.
There are 12 ring-dealing members (RDMs), who alone are entitled to trade on
the open-outcry floor.
The following chronology details the notable changes on the LME since the
high water-mark of the mid-1980s, when there were around 30 firms trading on
the exchange floor.
APRIL 2001 - ING Baring Futures & Options (UK) Ltd relinquishes its ABCM
membership.
JANUARY 2001 - Brandeis (Brokers) Limited relinquishishes ABCM status,
selling its 2.5 percent equity stake to fellow RDM Metdist.
OCTOBER 2000 - Natexis Banques Populaires buys 80 percent of Sogemin Metals
Ltd from Belgian metals producer Union Miniere.
JULY 2000 - Ring dealer Enron Metals Ltd (formerly known as MG Plc) buys
fellow ring dealer Rudolf Wolff Group, a wholly-owned subsidiary of Canadian
metals producer Noranda Inc , for six million pounds. Wolff was one of the
founding members of the 123-year old LME.
JUNE 2000 - Ring dealer Sogemin Metals Ltd announces it is in talks over a
link-up with France's Natexis Banques Populaires.
MAY 2000 - MG agrees to a 300 pence per share cash offer from U.S. energy and
communications group Enron. EnronOnline trades around 840 products in some 13
countries in 11 currencies.
APRIL 2000 - Brandeis (Brokers) Ltd leaves the floor to become an associate
member.
JANUARY 2000 - Standard Bank London, part of Standard Bank of South Africa
buys most of the trading accounts and customer positions of ring-trader
Brandeis from Pechiney .
OCTOBER 1998 - Metallgesellschaft purchases ring dealer Billiton Metals Ltd,
trading arm of producer Billiton . Billiton ceases to be a ring trader.
APRIL 1998 - ED & F Man purchases the brokerage accounts and assets of Gerald
Metals, and assumes its ring-dealing status.
SEPTEMBER 1997 - Bank of Nova Scotia purchases ring dealer Mocatta. Company
changes name to ScotiaMocatta.
JUNE 1997 - Deutsche Morgan Grenfell, part of Deutsche Bank AG , withdraws
from the floor. It is hit by worsening trade conditions in the wake of the
copper crisis.
NOVEMBER 1996 - Lehman Brothers Commodities, the trading arm of Lehman Bros
Holdings Inc , withdraws from the floor. Trading conditions hurt after the
July copper crisis, when Japanese brokerage Sumitomo Corp announces losses of
$2.6 billion run up in 10 years of unauthorised trading by head trader Yasuo
Hamanaka.
SEPTEMBER 1996 - Fimat Metals, a subsidiary of Fimat International Banque,
buys ring dealer Brody White.
NOVEMBER 1994 - Ring trader Metdist buys fellow ring trader Metchim, which
withdraws from the floor.
MAY 1994 - Sucden UK, a subsidiary of French commodity trader Sucres et
Denrees, wins ring dealer status.
NOVEMBER 1992 - Credit Lyonnais Rouse, a subsidiary of French bank Credit
Lyonnais , is elected as a ring-dealer.
OCTOBER 1992 - Metallgesellschaft buys ring dealer Charles Davis from Glynwed
International. Charles Davis leaves the ring.
JANUARY 1991 - Metchim Ltd, part of European copper refiner Hofibel, is
elected as a ring dealer.
OCTOBER 1990 - Barclays Bank buys LME ring dealer Deak International from New
Zealand-based Jarden Morgan. It will trade on ring as Barclays Metals. Deak
itself had bought the ring operation from Johnson Matthey Bankers in the
mid-1980s.
SEPTEMBER 1990 - Entores, part of the Minemet Group, withdraws from the ring.
Cost pressures cited.
FEBRUARY 1990 - Drexel Burnham Lambert ceases to be a ring trader when parent
company goes bankrupt after junk bond crisis.
LATE 1980s - Metallgesellschaft purchases ring dealer and warehouser Henry
Bath and Co.
OCTOBER 1985 onwards - During this period Lazmet, Anglo Chemical, Philip and
Lion, Cominco, J.H. Raynor, Lonconex and Continental Ore relinquish ring
dealer status in wake of 1985 tin crisis, when International Tin Council
defaulted on LME to the tune of some 800 million pounds.

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

GOLDEN TRIANGLE RESOURCES NL: Progress Report - Other (Part B : Section 02 Of
02)

04/30/2001
Australian Stock Exchange Company Announcements
Copyright of Australian Stock Exchange Ltd

Report code 11002: Progress Report - Other Report code 05003: Third Quarter
Cashflow Report Report code 03011: ASC Annual Audited A/Cs Report code 03012:
ASC Annual Audit Review Report code 03013: ASC Annual Directors' Statement
Report code 10002: Dividend Pay Date Report code 10003: Dividend Rate Issuer
Code GTL: GOLDEN TRIANGLE RESOURCES NL Industry code 012: Gold Explorer
Lodged 30 April 2001 Entered 30 April 2001 12:20:17 Melbourne [Ref: 176065]
Follow-up announcement Media release: Billion dollar magnesium industry dawns
GOLDEN TRIANGLE RESOURCES NL 2001-04-30 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++ MEDIA RELEASE CONTINUED
3. WOODSREEF REFINERY PROJECT AND ASSOCIATED THIRD PARTY POWER STATION
The Board is well aware that a major factor limiting the growth of the
magnesium market has been attitudes of users, competing products such as
plastics and other metals and the lack of a large sustainable quality supply.
Environmental imperatives and the need to reduce fuel usage globally is
deemed to be the strongest imperative as evidenced by Ford's extension of the
contract for take out with AMC.
If we are to aspire to become a major supplier of value added products, then
we must have our own independent source of supply and be able to guarantee
its quality and continuity.
Underpinning our offer of strategic reliability, cost and quality regimes, is
the Company's parallel strategy to offer additional long-term security of
supply for companies that choose to work with us.
GTL's wholly owned subsidiary, Pacific Magnesium Pty Ltd, plans to build a
magnesium refinery in northern New South Wales, Australia and is now engaged
in initial elements of the definitive and bankable stages of feasibility. The
cost of this activity is estimated at $25M.
It has been the practice of the Board to seek to raise funds as needed to
meet set goals.
We have sufficient funds available, to continue with our R&D program and
refinery evaluation work (having just completed a site evaluation study) and
we are in the process of creating a feedstock protocol.
It is apparent to us that the development of the alloying technology has more
immediate prospects for revenue generation and alliance participation when
compared to the longer lead time, and costs, for the apparatus pilot and the
refinery bankable feasibility, design and construction.
A key driver in our strategic positioning is our environmental advantage and
we are informing governments, industry and commerce across of the globe of
this, now.
Using serpentinite as the feedstock, this production facility would be
designed to capture the "green environmental label" since, unlike magnesite,
there is "no carbon dioxide" in our feedstock.
Additionally the Company will undertake no mining to gain access to it's
feedstock unlike the magnesite mines in Queensland, Northern Territory, South
Australia and Tasmania.
GTL also proposes to remove and neutralise environmentally harmful tailings
that are currently the responsibility of the NSW government. This will
potentially save the taxpayers millions of dollars.
This refinery, once completed, has the potential to provide, from its planned
completion date in 2006 and beyond, security of supply of high quality metal
and alloys. If the apparatus is ready we propose to use it.
AN OFFER TO GOVERNMENT TO CO-JOINTLY DEVELOP THE VALUE ADDING TECHNOLOGIES IN
AUSTRALIA
GTL has made an offer to the Federal, Victorian and NSW governments seeking
their interest in establishing an R&D laboratory here in Australia to focus
on the alloying and the electrolyser research and development and
commercialisation.
The necessary prototypes could be built here in association with industry,
government and academia from a major university working with our research
venture at Bell Gurion University in Israel. The proposed activities could
include design, construction and testing of:
* multifunctional technological plants for the production of magnesium and
its alloys;
* electrical furnaces for the production of magnesium alloys, with components
of highly different densities including alloys with special characteristics;
* facilities for the continuous casting of thin sheets or bands of magnesium
alloys.
A THIRD PARTY POWER STATION
We have all seen the debate on the critical state of energy supply here in
Australia and recently in the USA. The price and availability of reliable
energy is critical to our proposal.
There is no power station near Woodsreef. There is a low-level availability
to Barraba. We have held extensive discussions with suppliers, governments
(State and Federal) and with industry experts.
The refinery requires an electricity supply of between 140MW and 200MW base
load and the Board has determined that experienced energy corporations will
be invited to propose a "build, own and operate" scenario with GTR as the
base contract. Any surplus would be offered in the growing Australian
national electricity market. Local businesses and local government shires in
the region have been canvassed with a view to creating a supply regime.
GTR has received a written offer from Enron Australia, one of the world's
largest energy traders and producers, to act as the trader of both
electricity and a magnesium metal hedge. We have had positive discussions on
this and will move towards a more defined outcome as a part of our planned
bankable feasibility study.
TARGETED REVENUE STREAMS
At this early stage of assessment and given the immaturity of the current
global market, unknown growth cycle and competitive response from plastics
and other substitutes, it is very difficult to assess the revenue streams and
associated costs. We are, therefore, refraining from making definitive
claims. Our assembled investigation and discussions with industry
participants indicates a potential revenue stream in the hundreds of millions
of dollars per annum.
In support of this we have focused on the history of the aluminium industry
as a major pointer of the possible future values. Magnesium metal and its
alloying properties indicate a high potential for application in the industry
sectors described in the opening paragraphs of this document. This coupled
with the impetus of environmental regulatory frameworks across the globe
demanding reductions in weight and greenhouse emissions, underlies our
confidence in GTL's vision outlined above.
Published material including that of the Light Metals Action Agenda
(background paper on aluminium, magnesium and titanium issues) published by
the Department of Industry, Science and Resources of the Australian
Government, values the revenue generation for the Australian aluminium
industry at over AUD $9 billion annually. Among other things this publication
says:
"the (magnesium) industry is at a stage of development where key players are
represented by a number of magnesium metal projects ... as with aluminium end
users are likely to become key players as increased demand for light metals
drives growth." (Nov, 2000:3).
Further the publication says,
"according to one analyst rising demand for light weight automotive
components could see world magnesium production increase from its current
level of 450 thousand tonnes to 1 million tonnes by 2010." (Nov, 2000:6).
Statements to the Australian Stock Exchange, by an existing Australian
magnesium proponent:
For further information please call
Kevin Beck Emmanuel Althaus CHIEF NEGOTIATOR & STRATEGIST 03 9510 2544 0412
451 029

eZoka adds up for SMEs

04/30/2001
M2 Presswire
Copyright 2001 M2 Communications, Ltd. All Rights Reserved.
UK SMEs can now take advantage of online access to financial services
following partnership deals secured by leading eprocurement web site eZoka.
Norwich Union HealthCare, Woolwich Independent Financial Services Ltd,
Sedgewick Independent Financial Consultants and Millfield are all now
offering online financial advice services as part of the eZoka offering to
small businesses.
Sonia Lo, CEO of eZoka said: "We are firmly on the side of the SME and
understand that financial services can often take time to sort out. This new
online access to leading financial services organisations will provide our
members with fast sound financial advice to enable them to choose the most
suitable plans based on their individual needs, priorities and cost."
Early on, eZoka was aware of the growing need for accessible financial
services through a study conducted with NOP. More than a third of the small
businesses cited that they needed advice on financial matters.
eZoka members can now arrange group pensions, company insurance, life
assurance, access an IFA and online financial planning services and access
leading credit evaluation services. eZoka members will be offered the option
of paying for the financial services on a fee or commission basis to suit
their own budgeting.
There is an additional incentive for members taking out either a healthcare
scheme (through Norwich Union) or a pension plan (through Millfield,
Sedgewick or Woolwich Independent Financial Services Ltd). eZoka will rebate
up to five per cent of the annual premiums back to the company or
policyholder on the anniversary of the policy.
Lo continued: "We already bring our members excellent negotiated rates on
business supplies - by including direct access to financial services we are
providing them with tailored advice on their daily business requirements."
Through the eZoka site, businesses have access to a huge range of products
and services including: Courier services provided by Parcelforce, IT
equipment from the UK's largest supplier Action, telecommunications from
Primus Telecom, gas from Amerada and electricity from Enron. All the above
services are available at significantly discounted rates - for example, a
small business could save 60% off their telecommunications costs.
eZoka is a technology company that operates through a network of established
commercial and professional organisations to provide big company prices,
quality and service to smaller businesses. eZoka provides these companies
with substantial savings on all their goods and services by pooling
individual business' purchasing requirements and then negotiating price
agreements with major suppliers. Members are guaranteed a level of discount
and immediate shipment. eZoka does not charge its members a fee to register
with the site.
((M2 Communications Ltd disclaims all liability for information provided
within M2 PressWIRE. Data prepared by named party/parties. Further
information on M2 PressWIRE can be obtained at http://www.presswire.net on
the world wide web. Inquiries to info@m2.com)).

Atlantic Quay Watch
2001-04-30 10:52 (New York)

                      M E R R I L L  L Y N C H        Research Comment
  Utilities - Water                                   Reference Number
30212010
  Europe                                              Apr/30/2001 10:51
  Robert Miller-Bakewell                              (44 20) 7772-2453

Reason for Report: What's Happening This Week In Utilities

Issue To Watch: Puhca Repeal
o    Tuesday's decision by the US Senate's Banking Committee to repeal.

o    PUHCA is the first stage in a lengthy process, which could take well into
the autumn or longer to complete.

o    The political commitment to change is much stronger than previously - the
Committee voted 19-1, underlining the bi-partisan support. The risks lie in
the
repeal legislation getting bogged down, especially with measures designed to
resolve the California supply crisis.

o    The Public Utilities Holding Companies Act dates back to 1935, and has
been the utility industry's equivalent of Glass-Stegall in imposing rigorous
restrictions on corporate activity involving US utilities.

o    PUHCA's narrow definition of a utility has acted as a deterrent. Even
water utility assets are classified as non-utility in its criteria of fit and
proper ownership of US electric and gas utilities. Thus Scottish Power's entry
into the USA was via the non-PUHCA registered PacifiCorp. Now it's being
linked
with Enron's Portland General.

o    Indeed, E.on has clearly stated that PUHCA has increasingly shaped its
attitude towards investing in European water assets. In particular, it's
waiting with interest to see how Scottish Power's petition fares.

 Table 1: Last Weeks Winners and Losers
                Last Week Since Jan 1st                Last Week Since Jan 1st
 Inter Power        +5.5%        +28.5% Viridian           -4.0%         +0.7%
 British Energy     +4.9%        +23.5% Iberdrola          -3.3%        +30.7%
 Gas Natural        +2.5%         +4.5% Evn                -3.3%         +9.5%
 Kelda              +1.9%         -3.8% EDP                -3.2%         -9.0%
 Lattice            +1.6%         -4.0% Red Electrica      -3.0%         +6.9%
 Rwe                +1.5%         -1.9% Aem                -2.5%         -6.1%
 Vivendi Env.       +0.8%        +10.7% SSE                -2.5%         +2.1%
 National Grid      +0.6%         -6.7% Electrabel         -2.5%         +7.9%
 Edison             +0.5%         -4.7% Verbund            -2.4%        +21.9%
 Italgas            +0.5%         +4.8% Severn Trent       -2.3%         -2.8%
Source: Merrill Lynch Estimates

The Week Past:

Scottish Power - PacifiCorp Incentives

PacifiCorp has asked regulators for permission to reward residential customers
who reduce their use of electricity by 20% over last summer's levels.
Customers
supplied by Pacific Power and Utah Power in Utah, Oregon, Washington, Wyoming
and Idaho would receive a 20% credit on their next four quarterly bills for
each month they reduce electricity use by 20% or more. PacifiCorp is seeking
to
minimise the extent to which it has to satisfy peak requirements by purchasing
in the wholesale market.

Suez - Raising Cash At Vinci

On Tuesday, Suez sold 16% of Vinci at an average price of e63 per share. A
total of 9.5m shares were sold through a private placement and 3m more shares
via an exchangeable bond. Thus Suez raised ce780m. It now holds just 1% of
Vinci and thus abandons its position as core shareholder. This move was
expected (Suez had already stated that it did not regard the stake as
strategic), although it has come sooner than we anticipated.

Verbund - Better Trading But Strategy Deficit

With a 5% increase to e77.6m Verbund reported Q1 EBIT above ML expectations
(e76m); cost savings were the key - particularly in personnel (-13%) and other
operating expense (-28%). However, the sharp improvement in the finance costs
(e21m vs e52m) appears to be in large part due to an accounting restatement of
foreign currency-denominated liabilities.

Whilst it's no longer possible to follow the underlying end customer pricing
developments based on the data Verbund provides, it's clear that, so far, the
ever-increasing proportion of trading is having little beneficial impact on
EBIT. Electricity sales revenues rose e62m, whereas electricity market
purchases rose e88m year-on-year.

The Week In Prospect:

Dwr Cymru - The Final Hurdle

Financing of the Glas Cymru bid closes on Wednesday 2(**nd). All the
indications are that the multi-tranche exercise has gone well, notwithstanding
the recent move upwards in bond yields. Once the full terms are known we
believe it will be clear that East Surrey's early March L100m index linked
long
dated bond was very opportunely timed - its terms are likely unrepeatable.

Completion of both the outsourcing in late March (principally to United
Utilities) and now the financing should enable quick closure of the L1.8bn
purchase of Dwr Cymru from WPD.

London Underground - A Green Light?

Having been pulled this way and that by the politicians, the consortia bidding
to maintain the London Underground are hopeful that this week's promised
decision will materialise. awg is a member of LINC and RWE has inherited
Thames
Water's position in Metronet. Final bids were submitted before Christmas. Each
contract will be worth cL100m pa.

The political wrangling led to the DETR conceding in February more fundamental
changes, including London Underground's greater involvement. Now with the
formal General Election campaign expected within 10 days, the DETR is very
keen
to deliver its London Underground promises. However, with the Mayor's legal
challenge still to be resolved, the target 1(**st) July start date looks
increasingly improbable.

Powergen - Discount Appropriate

First quarter figures, due on Thursday 3(**rd), have been made less important
by the agreed bid from E.on. There are no comparable figures for 2000, but we
anticipate recently acquired LG&E to contribute L85m out of forecast pre-
goodwill pre-tax profits of L123m. A first quarterly dividend of 9.05p (25% of
the 2000 total) is looked for; this would be covered by 17.5p of earnings
(again pre-goodwill). Given that the E.on deal could take a year or more to
complete (even if PUHCA is repealed) we think the current 7%/50p discount to
the 763p NPV of the bid and Powergen's 2000 dividends is appropriate.

Scottish Power - Annus Horribilis

On Thursday 3(**rd), we expect pretax profits before goodwill and exceptionals
to be 16% lower at L620m. On the same basis, EPS are expected to have fallen
by
32% to 28.1p - although this will have been exaggerated by early adoption of
FRS19 on deferred accounting. An unchanged quarterly dividend of 6.51p would
give full year DPS of 26.04p.

Rising electricity prices in the Western US states, exacerbated by a failure
at
a power plant in Utah made a sizeable dent in Scottish Power's profits. The
problems at 51% owned telecom subsidiary Thus (both profitability and share
price performance) have not helped, and the abandonment of the JV with Royal
Bank of Scotland has hit sentiment.

Thursday's announcement will also focus attention on Scottish Power's future
corporate profile. What conclusions have been reached in the strategic review
of Southern Water? Is its sale - quite possibly to Enel for close to L2bn - a
precursor to a $3bn move for Oregon-based Portland General?

Last week long term sale negotiations between Enron, owner of this PacifiCorp
neighbour, and Sierra Pacific broke down, but we believe Portland General's
short power position would increase rather than decrease the company's risk
profile.

With these uncertainties, and the Californian situation set to remain a drag
on
profits for some time, the shares are likely to be held back.

Vivendi Environnement - 1Q Data

Even though 63% shareholder Vivendi Universal has already released 1Q data,
Vivendi Environnement's 1Q isn't due until the end of the week or even Monday
next. For the three months to end March we look for sales of e6.45bn and
EBITDA
of e0.85bn.

There will have been further benefit on consolidation from e weakness; 1Q e/$
was 8% more favourable than a year earlier. So far, the US operations do not
appear to be affected overall by the economic slowdown: the water business has
benefited from a surge in demand from the oil & power industries, which has
offset slack demand from steel and forest products.

              Table 2: Companies Mentioned in this Report
              NAME                     SYMBOL Ccy   Price
              awg                      ALWBF  GBP  544.00 B-2-3-7
              E.on AG                  E.ONAF EUR   56.25 B-3-3-7
              East Surrey Holdings     ESRYF  GBP  193.50 B-2-2-7
              Enel SpA                 EN     USD   33.70 A-1-1-7
              Enron Corp              ENE    USD   63.50 B-1-1-7
              Gas Natural              GASNF  EUR   19.17 B-3-2-7
              Powergen                 PWG    USD   41.25 B-3-3-7
              Royal Bk Scotland        RBSPF  GBP 1653.00 B-1-1-7
              Sierra Pacific Resources SRP    USD   15.98 C-3-1-9
              Suez-Lyonnaise des Eaux  SLEDF  EUR  166.70 B-2-1-7
              Thus                     THUS   GBP   47.50     N/a
              United Utilities         UU     USD   17.65 B-3-3-7
              Verbund                  VBUOF  EUR  124.55 C-4-3-7
              Vinci-GTM                VNCJF  EUR   66.75 B-1-1-7
              Vivendi Environnement    VIVEF  EUR   48.69 B-3-2-7
              Vivendi Universal        VVDUF  EUR   77.30   Rstr*
Source: Merrill Lynch Estimates

*Solicitation of commission orders is prohibited

(GASNF, VIVEF)  MLPF&S or one of its affiliates was a manager of the most
recent offering of securities of this company within the last three years.
(ESRYF, RBSPF)  The company is a corporate broking client of Merrill Lynch
International in the United Kingdom.
(EN, RBSPF, SRP)  MLPF&S was a manager of the most recent public offering of
securities of this company within the last three years.
(ALWBF, EONAF, ESRYF, GASNF, RBSPF, SLEDF, VBUOF, VNCJF, VIVEF, VVDUF)  The
securities of the company are not listed but trade over-the-counter in the
United States.  In the US, retail sales and/or distribution of this report may
be made only in states where these securities are exempt from registration or
have been qualified for sale.  MLPF&S or its affiliates usually make a market
in the securities of this company.

Copyright 2001 Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S).
All rights reserved. Any unauthorized use or disclosure is prohibited. This
report has been prepared and issued by MLPF&S and/or one of its affiliates and
has been approved for publication in the United Kingdom by Merrill Lynch,
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006 276 795), a licensed securities dealer under the Australian Corporations
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information herein was obtained from various sources; we do not guarantee its
accuracy or completeness. Additional information available.
Neither the information nor any opinion expressed constitutes an offer, or an
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futures or other derivatives related to such securities ("related
investments").  MLPF&S and its affiliates may trade for their own accounts as
odd-lot dealer, market maker, block positioner, specialist and/or arbitrageur
in any securities of this issuer(s) or in related investments, and may be on
the opposite side of public orders.  MLPF&S, its affiliates, directors,
officers, employees and employee benefit programs may have a long or short
position in any securities of this issuer(s) or in related investments. MLPF&S
or its affiliates may from time to time perform investment banking or other
services for, or solicit investment banking or other business from, any entity
mentioned in this report.
This research report is prepared for general circulation and is circulated for
general information only.  It does not have regard to the specific investment
objectives, financial situation and the particular needs of any specific
person
who may receive this report.  Investors should seek financial advice regarding
the appropriateness of investing in any securities or investment strategies
discussed or recommended in this report and should understand that statements
regarding future prospects may not be realized.  Investors should note that
income from such securities, if any, may fluctuate and that each security's
price or value may rise or fall. Accordingly, investors may receive back less
than originally invested.  Past performance is not necessarily a guide to
future performance.

 Provider ID: 30212010
-0- Apr/30/2001 14:52 GMT


joan.steinberg@msdw.com


These are utility figures as of the end of July 2001.  Only 3% load is DA

-----Original Message-----
From: Rebecca Schlanert [mailto:RSchlanert@electric.com]
Sent: Tuesday, August 28, 2001 9:43 AM
To: 'arem'; 'Norm Plotkin'; 'Dan Douglass'; 'Fairchild, Tracy'
Subject: FYI...July DASR numbers
Importance: High

 <<July DASR counts.xls>>

Here is the CPUC Report on DASRs submitted in July.  It appears this is what
we are fighting.

Rebecca


-----Original Message-----
From: 	Friedman, Richard
Sent:	Thursday, August 23, 2001 7:40 AM
To:	Moran, Tom
Cc:	Taylor, Mark E (Legal)
Subject:	American Airlines

Do we need to do a review of American Airlines credit? They sent their ISDA schedule to us and I sent it to legal - Mark Taylor is asking where we stand. I'm attaching the schedule - please let Mark and I know about credit status. Thanks,

Rich Friedman
Enron Global Markets LLC
richard.friedman@enron.com
713-853-5137

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

From:  <Tim.Skipworth@aa.com>
To: Geraldine Lim <Geraldine_Lim@aa.com>
Date: Friday, August 17, 2001 8:44:11 GMT
Subject:

Geraldine,

Attached is a preliminary draft of Schedule to ISDA Master for Enron.  I have assumed that we would be trading only fuels with them and have drafted the ISDA accordingly.

Tim Skipworth


CALENDAR ENTRY:	APPOINTMENT

Description:
	Reserved for Jerry Wilkens

Date:		5/16/2001
Time:		11:00 AM - 11:30 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Jean is still pushing to run wellhead desk, she may come and see you.  I have pushed back stating that we are much better placed to evaluate her outsourcing business as it is and that we will review this when we have seen sime dealflow.

 -----Original Message-----
From: 	Mrha, Jean
Sent:	Friday, October 12, 2001 5:14 PM
To:	Kitchen, Louise
Subject:	FW: Producer One Update
Importance:	High

Louise,

I think what I really wanted to convey is the following:

1. John Grass originally headed up the Wellhead desk and Outsourcing efforts for the producer segment.  I wanted him to do that because of the logistics overlap between purchasing wellhead gas and offering outsourcing services.

2. When the volume of the Wellhead desk started to increase and based on my frustation with the lack of "contract focus" with Ocean Energy, Andex, and other producer outsourcing deals being pursued, I asked Kevin Miller to manage Producer Outsourcing and John Grass to manage only the Wellhead desk.

3. Based on Kevin Miller's memo (attached below), the Wellhead desk reporting into Hunter, I have been questioning the value of a separate outsourcing effort independent of the Wellhead desk.

Regards, Mrha
 -----Original Message-----
From: 	Miller, Kevin
Sent:	Friday, October 12, 2001 4:46 PM
To:	Mrha, Jean
Subject:	Producer One Update

Jean,

Per your request, attached herewith is the rather lengthy Producer One Update/

Thanks ... Kevin


Space is still available for the upcoming Harvard Forum.  If you would like to attend, please make your reservations today.  In case you did not receive the invitation, please see the information below.

"Pathways to Success:  What it Takes to Move from Dorm Room to Board Room in Two Easy Decades" - Dinner and Discussion  Club
Following upon the rousing success of the Club's first Harvard Forum "Raising Children of Character in A World of Affluence," the Harvard Club of Houston is conducting another Harvard Forum.  We plan to have three during the current academic year.
For those of you unfortunate enough to have missed the first Forum, the format works like this:  we'll have dinner, and then a panel of Harvard grads will give brief introductions to the evening's topic from their perspective, and then we will all engage the topic for ourselves in a moderated discussion.  The panel members will be knowledgeable, but not so expert that anyone will be intimidated.  They will, however, be provocative to assure that the subsequent conversation is lively.  You will come away knowing your fellow Club members better than ever - maybe better than you ever wanted.
We hope that the topic we've picked for the second Forum will be captivating to recent and older alumni alike.  Our panelists will cover the spectrum of vocational experience, not all business people; and you might argue whether some even have a vocation.  Some will identify the critical factors in achieving success, while others will argue that all personal planning is an exercise in self-delusion.  We are confident that the discussion will be informative and lively.
Because of the format, only the first 40 people can be accepted.  We had to turn away people last time, so please respond promptly, as indicated below.
When:    Saturday, September 22, 7:30 p.m.
Where:   Briar Club, 2603 Timmons (East Briar Room)
Cost:      $35.00 per person
Reservations:  Email dottie@kerr-solutions.com or call 281/424-3084  (Payment must be made at time of reservation by credit card or mailing check to 3413 Cobblestone Lane, Baytown, TX 77521-1956.)
For further information, contact David Grizzle (david_grizzle@yahoo.com or 713-324-2966) or Danguole Spakevicius (danguole@fempartners.com or 713-665-4218).
===================
Dottie Kerr (harvardclub@kerr-solutions.com)
Administrator for Harvard Club of Houstonwww.harvardclubofhouston.org


---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/01/2000
10:38 AM ---------------------------

Jeffrey C Gossett
11/01/2000 10:33 AM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Canadian deals in US books.

---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 11/01/2000
10:33 AM ---------------------------

Stacey Vallejo
11/01/2000 09:22 AM
To: Jeffrey C Gossett/HOU/ECT@ECT, Dutch Quigley/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT,
Luchas Johnson/NA/Enron@Enron, Laura Vargas/Corp/Enron@ENRON, Sherry
Dawson/NA/Enron@Enron
cc: Carrie Coldiron/Corp/Enron@Enron
Subject: Canadian deals in US books.

Just a quick request for you to go into all your books to make sure that
there are no ECC deals booked there.  If there are any that are with
counterparties other than RISKMANTRA, they need to be flipped to the
FT-US/CAND-ERMS book as soon as possible.  Invoicing for November should
start today, and both ECC and ENA are held back from invoicing until these
deals are fixed, as the deals will be invoiced by the wrong Enron
counterparty if they aren't.  If you could please let me know when the deals
have been fixed, I can let the accounting department in Houston know when
they can start invoicing as well.

Please let me know if you have any questions or concerns about this matter.

Thank you
Stacey


I have these 2 contracts highlighted in yellow and coded as Agency/Release.  They probably should just be release but I'll let you decide.

 -----Original Message-----
From: 	Smith, Rhonda
Sent:	Thursday, January 17, 2002 2:48 PM
To:	Germany, Chris
Subject:	RE: PG&E Energy Services

we bought PG&E, so those are actually our contracts.  In order for us to just use 1 logon, they had to make us agent

 -----Original Message-----
From: 	Germany, Chris
Sent:	Thursday, January 17, 2002 10:51 AM
To:	Smith, Rhonda
Subject:	PG&E Energy Services

How does the agency with PG&E Energy Services work?

I show that EES is agent for two PG&E contracts.  Contract 67309 on CGAS and 67310 of Col Gulf.


I agree it is Matt, and  I believe he has reviewed this tax stuff (or at
least other turbine K's) before.  His concern will be us getting some amount
of advance notice before title transfer (ie, delivery).  Obviously, he might
have some other comments as well.  I'm happy to send him the latest, or maybe
he can access the site?

Kay

From: John G Rigby@ENRON_DEVELOPMENT on 03/28/2001 02:49 PM
To: Kay Mann/Corp/Enron@Enron
cc: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: world hunger-Tax coordination

Given that the present form of GE world hunger seems to be more domestic than
international it would appear that Matt Gockerman would be a good choice for
the Enron- GE tax discussion.  Do you want to contact him or do you want me
to.   I would be interested in listening in on the conversation for
continuity.


Aida,
	Please review the attached documents and let me know if this answers your gas questions.

Thank You,
Lynnette

713-853-9287
888-703-0309


I know this is very late notice, but up until yesterday I didn't think I was
going to be free on Saturday.  My brother-in-law is hosting a tournament on
Saturday at Cypress Lakes, which is just off of Hwy 290 at Cypress Rosehill.
In other words, BFE.  $70 will get you a round of golf, lunch, and beer.  He
will have a keg.  There will be prizes for the winners.  It is a four man
best ball scramble.  Tee time is early:  7:30am.  I sent this to guys I
either know play or think play.  If you have someone else in mind, feel free
to forward the message.  I don't have a team at all and wanted to see if
anyone was interested.  Let me know.

DG    3-9573


The attached details a recent transaction made to L-P.  Let me know if anyone has questions.   Mike Driscoll has already entered the transaction.  Thanks, John


It is our responsibility to pay the fees, which I hope will need to be paid
today.

Thanks,

Kay

From: Theresa Vos/ENRON@enronXgate on 04/25/2001 08:24 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: Citibank's billing wire instructions

Is Enron responsible for paying these fees?  If so, when do they need to be
paid?

thanks,
theresa

 -----Original Message-----
From:  Mann, Kay
Sent: Tuesday, April 24, 2001 2:17 PM
To: Vos, Theresa
Cc: Thome, Stephen
Subject: Citibank's billing wire instructions

Hi Theresa,

I'm not sure if Steve Thome mentioned this to you, but Enron is opening an
escrow account in connection with a transaction with Delta Power.  He
suggested that I forward the wiring instructions for the payment of the
escrow fee of $10,500.  Please let me know what other info you need to tee
this up.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/24/2001 02:13
PM ---------------------------

"Lawrence, Estelle A" <estelle.a.lawrence@citi.com> on 04/24/2001 02:08:44 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc:

Subject: Citibank's billing wire instructions

Kay,

As per Steve's request, please find below our wire instructions for the
fees.  Feel free to give me a call should you have any further questions.
Thanks.

Citibank, NA
ABA 021000089
A/C 3611-3293
F/B/O 795184, Enron/Pegasus Escrow

Estelle Lawrence
Citibank Agency & Trust
111 Wall Street, 14/3
New York, NY 10005
T: 212.657.2076
F: 212.657.3862


Oh, wait a minute--I was thinking current prices, not April-Oct. prices.  Is
the basis  for that 7 month period below max rates?

Christine Stokes
08/03/2000 01:51 PM
To: Steven Harris/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Mary
Darveaux/ET&S/Enron@ENRON, Bill Cordes/ET&S/Enron@ENRON
cc: Kevin Hyatt/ET&S/Enron@Enron, Susan Scott/ET&S/Enron@ENRON, Ted
Chavez/GPGFIN/Enron@ENRON, Richard Abramowicz/ET&S/Enron@ENRON, Toby
Kuehl/ET&S/Enron@ENRON

Subject: Transwestern IOS Approval

TRANSWESTERN PIPELINE
INTERACTIVE OPEN SEASON APPROVAL

Please review the attached announcement of Transwestern's Interactive Open
Season to be held Thursday, August 10, 2000.  Transwestern will be offering
14,000 Dth/d of East of Thoreau to PG&E/Topock capacity for a term of April
1, 2001 - October 31, 2001.  Alternate capacity rights associated with the
primary capacity shall include alternate receipts in Transwestern's East of
Thoreau Area, excluding Rio Puerco, and alternate deliveries at
SoCal/Needles, Mojave/Topock and the Citizens Griffith delivery point .

Please approval via REPLY WITH HISTORY.  Your immediate attention is
appreciated as our goal is to post the announcement as quickly as possible in
the morning of Friday, August 4th.


Katherine:

Mr. Lay is planning on attending in person.

Tori

Katherine Brown
07/05/2000 01:15 PM

To: James M Bannantine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cliff
Baxter/HOU/ECT@ECT, Sanjay Bhatnagar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Rick Buy/HOU/ECT@ECT, Richard Causey/Corp/Enron@ENRON, Diomedes
Christodoulou/SA/Enron@Enron, David W Delainey/HOU/ECT@ECT, James
Derrick/Corp/Enron@ENRON, Andrew S Fastow/HOU/ECT@ECT, Peggy_Fowler@pgn.com,
Mark Frevert/NA/Enron@Enron, Ben F Glisan/HOU/ECT@ECT, Kevin Hannon/Enron
Communications@Enron Communications, David
Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe Hirko/Enron
Communications@Enron Communications, Stanley Horton/Corp/Enron@Enron, Larry L
Izzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/HOU/EES@EES, Mark
Koenig/Corp/Enron@ENRON, Kenneth Lay/Corp/Enron@ENRON, Rebecca P
Mark/HOU/AZURIX@AZURIX, Mike McConnell/HOU/ECT@ECT, Rebecca
McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey McMahon/HOU/ECT@ECT, J
Mark Metts/NA/Enron@Enron, Cindy Olson/Corp/Enron@ENRON, Lou L
Pai/HOU/EES@EES, Ken Rice/Enron Communications@Enron Communications, Jeffrey
Sherrick/Corp/Enron@ENRON, John Sherriff/LON/ECT@ECT, Jeff
Skilling/Corp/Enron@ENRON, Joseph W
Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Greg Whalley/HOU/ECT@ECT, Thomas
E White/HOU/EES@EES, Brenda Garza-Castillo/NA/Enron@Enron, Marcia
Manarin/SA/Enron@Enron, Susan Skarness/HOU/ECT@ECT, Stacy
Guidroz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Beena
Pradhan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Karen K Heathman/HOU/ECT@ECT,
Sharron Westbrook/Corp/Enron@ENRON, Kay Chapman/HOU/ECT@ECT, Molly
Bobrow/NA/Enron@Enron, Rosane Fabozzi/SA/Enron@Enron, Stephanie
Harris/Corp/Enron@ENRON, Bridget Maronge/HOU/ECT@ECT, Mary_trosper@pgn.com,
Nicki Daw/NA/Enron@Enron, Inez Dauterive/HOU/ECT@ECT, Carol Ann Brown/Enron
Communications@Enron Communications, Elaine
Rodriguez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nancy Young/Enron
Communications@Enron Communications, Ann Joyner/Corp/Enron@ENRON, Cindy
Stark/Corp/Enron@ENRON, Mary E Garza/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Maureen McVicker/HOU/EES@EES, Joannie Williamson/Corp/Enron@ENRON, Rosalee
Fleming/Corp/Enron@ENRON, Vanessa Groscrand/Corp/Enron@ENRON, Marsha
Lindsey/HOU/AZURIX@AZURIX, Cathy Phillips/HOU/ECT@ECT, Loretta
Brelsford/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sue Ford/HOU/ECT@ECT, Dolores
Fisher/NA/Enron@Enron, Karen Owens/HOU/EES@EES, Dorothy Dalton/Enron
Communications@Enron Communications, Jewel Meeks/Enron Communications@Enron
Communications, Christina Grow/Corp/Enron@ENRON, Lauren Urquhart/LON/ECT@ECT,
Sherri Sera/Corp/Enron@ENRON, Katherine Brown/Corp/Enron@ENRON, Pam
Benson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jana Mills/HOU/ECT@ECT, Liz M
Taylor/HOU/ECT@ECT, Judy G Smith/HOU/EES@EES, Bobbie Power/Corp/Enron@ENRON
cc: Suzanne Danz/Corp/Enron@ENRON, Videoconference@enron, Vanessa
Groscrand/Corp/Enron@ENRON
Subject: EXECUTIVE COMMITTEE MEETING - MONDAY, JULY 10

Executive Committee Weekly Meeting
Date:  Monday, July 10
Time:  11:00 a.m. (CDT)
Location: 50th Floor Boardroom
Video:  Connections will be established with remote locations upon request.
Conf call: AT&T lines have been reserved.  Please contact Sherri Sera
(713/853-5984)
  or Katherine Brown (713/345-7774) for the weekly dial-in number and
passcode.

Please indicate below whether or not you plan to attend this meeting and
through what medium.

 Yes, I will attend in person _______

 By video conference from _______

 By conference call  _______

 No, I will not attend  _______

*  *  *

Please return this e-mail to me with your response by 12:00 p.m., Friday,
July 7.

Thank you,
Katherine


***************************************************************
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You are cordially invited to attend an overview session provided by the ENA
Human Resource department regarding the Performance Evaluation Process
(PEP).  Employees who have not attended any previous PEP training or new
managers are strongly encouraged to attend this session.  However, all are
invited to attend.

What:   Overview of the Performance Evaluation Process
When:  Monday, October 30, 2000
   12:00-1:30 p.m. or 3:00 - 4:30 p.m.
   OR
   Tuesday, October 31, 2000
   10:00-11:30 a.m. or 12:00-1:30 p.m.
Where:  Doubletree (next to 2 Allen Center),  De Zavala Conference Room
Available seating: 50  per session
Bring your lunch. Drinks  and cookies will be provided.
If you are unable to attend, there will be a Technical and a Process guide
available through the web base site http://pep.corp.enron.com.  Also, there
is a PEP Help Desk hotline of (713)853-4777 option 4 should you have any
questions during the evaluation process.


Your  participation  is  requested to help in tracking the progress made  in
informing  various  target  audiences on the issues discussed  at the Sept.
26th government affairs meeting and set out  in the  attached document.   It
lists the   target audiences and  deliverables/action items proposed.

 Kindly  e mail   to me  or  to  Alhamd  by  Weds, Dec. 19th, updates of
your progress on these items, together  with  electronic  copies, if
possible, of  key documents, news articles, speeches,  briefing booklets,
letters, op  eds,  reports on meetings, etc.  that address  the subject
areas , particularly  those  for which you are the lead individual. These
documents  will then be used to help keep a  consistent  message going  and
to extend  our messages to other audiences, if necessary.  Thanks  for your
help on this important  matter.   Margaret


Treat as Proprietary.
Expires After: 12/11/2001 00:00

did your boy williams get crippled by that stuff.  I know Whitt was
rendered useless.

CJC


Brandon,

I need the full legal name & address of this company.  Thanks...

-----Original Message-----
From: Wax, Brandon
Sent: Wednesday, October 03, 2001 2:19 PM
To: Jones, Tana
Subject: FW: Technology

Tana-

Could you please forward a draft NDA to Rick Gomes at HSBC.  They are looking at a potential Object Code license or the potential to post their F/X products on EOL.

				Thanks,  WAX

-----Original Message-----
From: Rick.Gomes@us.hsbc.COM [mailto:Rick.Gomes@us.hsbc.COM]
Sent: Tuesday, October 02, 2001 8:33 PM
To: Wax, Brandon
Subject: Re: Technology

Hi Brandon

I received your message and have been attending an off-site this week
so apologies for the day delay in responding.

We have reviewed a couple of different possibilities which I will describe and
then
based on your needs, we can follow up with the more specific questions.

The simplest and fastest path to take would have us streaming FX quotes to
your site, preferably via RV messsaging. These would be indicative quotes and
could be streamed 24 hours/day. For trading,we could place on the site a button
that would launch
a new HTML window that would in effect be our app that could credit check,
quote,
and autotrade the transaction.

The second path involves integration into your platform. The main issue I see is
the construction
of the price-we would typically tier based on the transaction size and currency.
Our platform
ordinarily requires the user to state the currency pair and amount before we
transmit the quote.
We also have 'brakes' on the system; sanity checks, staleness checks etc that
temporarily
disable autotrading and alert the traders. If the second path is preferred, I
believe we would need
to see if your market manager could handle our requirements or if we need to use
a different
approach. I believe the credit checking portion would not be a difficult hurdle.

The third path is a white labelling type approach where we simply provide Enron
with liquidity,
and Enron uses our price as a wholesale source, adds whatever spreads it would
like, and be
in the middle of the transaction. I understand this would be a business decision
away from
you, but if it is a possibility that would change the technical requirements.

I will give you a call tomorrow afternoon to follow up .

Thanks

Rick Gomes

********************************************************************
 This  message and any attachments are confidential to the ordinary
 user  of the e-mail address to which it was addressed and may also
 be  privileged.   If  you  are not the addressee you may not copy,
 forward,   disclose  or  use  any  part  of  the  message  or  its
 attachments and if you have received this message in error, please
 notify  the sender immediately by return e-mail and delete it from
 your system.

 Internet  communications  cannot  be  guaranteed  to  be secure or
 error-free  as  information could be intercepted, corrupted, lost,
 arrive  late or contain viruses.  The sender therefore does not
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 Any opinions contained in this message are those of the author and
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 through which this message is sent unless otherwise clearly
 indicated in this message and the authority of the author to so
 bind the HSBC entity referred to is duly verified.

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


Dear All,

   This is Youyi from Hong Kong who misses all of you.
I am sorry for not contacting you earlier because of loss
of your contacts. Everything is fine to me in Hong Kong now
except for a big shock for the terror attack on WTC and Pentagon.
If you find out a chance of visiting Hong Kong, please give me
a call at (852)2609-8242 (O) or (852)2994-3485 (H). I will be
very happy to have a gathering with you.

Cheers,

Youyi


Start Date: 4/25/01; HourAhead hour: 20;  HourAhead schedule download failed.
Manual intervention required.


ESTIMATED ACTUALS

March 30, 2001

     No Flow

March 31, 2001

     No Flow

April 1, 2001

     Teco Tap       35.000

When I receive the actuals from Duke I will forward them to you.


Start Date: 4/13/01; HourAhead hour: 20;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041320.txt

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 20 / Preferred: -175.00 / Final: -174.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/13/01
  TRADING_SC: ECH1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1


Can you change my e-mail address to richard.ring@enron.com as in the very near future Enron will stop supporting the current e-mail address.

Thank you,

Richard Ring

-----Original Message-----
From: ICAP_Buyers/NYISO@nyiso.com [mailto:ICAP_Buyers/NYISO@nyiso.com]
Sent: Thursday, October 18, 2001 4:13 PM
To: Padron, Juan; rring@enron.com
Subject: Validated Bid-Winter 2001-2002 November Monthly Auction

Your bid to purchase UCAP in the Winter 2001-2002 November Monthly Auction
has been validated.


Dis we get a rental also??


Please print and start a file for me for year-end PRC 2000. Yikes!! Thanks.
---------------------- Forwarded by Sally Beck/HOU/ECT on 09/12/2000 03:14 PM
---------------------------

	Enron North America Corp.

	From:  Hector McLoughlin @ ENRON                           09/12/2000 03:00 PM

To: Sally Beck/HOU/ECT@ECT
cc: Shanna Funkhouser/Corp/Enron@ENRON
Subject: PRC Process and Timeline

Sally,
I was just informed of the PRC timeline and thought you would be interested
in knowing about it unless the information has already been conveyed to
you.

July 31-Oct 13th  Development & Testing
Oct. 2 -13th           Training-HR Community
Oct 9-27th             Training-All Employees
Oct 16th               System Opens to HR Community
Oct. 23rd         System Opens for Feedback
Nov. 17th        System Closes for Feedback
Nov. 20th        PRC Meetings begin
Dec. 15th        PRC Meetings Conclude
Jan 4-5th         Executive Committee Meeting

Let me know if you would like for me to pass this on to the Directors &
Managers in EOPS.


In case you are interested, the results of the Bike Commute Challenge were given last night at the Bike Commute Hubbub. Enron placed Second behind REI of Jantzen Beach. The stats were not given, but when Heather gets back, I am sure that she can get this information and pass it on.

Thanks for everyone's participation! Lets take first NEXT YEAR!

Michael S. Tully
Trade Floor Support, Portland
(503)464-7790 Desk
(503)807-7862 Cell
michael.tully@enron.com

He who runs behind car, often get exhausted.


Neither ENA/RAC/EGF employees nor family members or others living in their
household or financially dependent on the ENA/RAC/EGF employee may purchase
or sell securities of any entity (or derivatives thereof) listed on the
Restricted List for your or their personal or related accounts or recommend
the purchase or sale of such securities to any person, except with the prior
approval of the Compliance Department in consultation with the ENA Legal
Department.

In addition to the trading restrictions above, should you at any time possess
non-public material information about any public company, you, your family
members and anybody that is financially dependent on you, are restricted from
trading in that issue, and you may not disclose the non-public material
information to anyone that does not have a business need to know.

Company Name Stock Symbol

3 TEC Energy Corp.       TTEN
Adrian Resources ADRRF
Beau Canada Exploration Ltd BAU CN
Belco Oil & Gas Corporation BOG
Bonus Resource Services Corp BOU
Brigham Exploration BEXP
CanFibre Group Ltd. CFGL
Carrizo Oil & Gas Inc. CRZO
Costilla Energy COSE
Crown Energy CROE
CyNet, Inc. CYNE
Cypress Energy CYZ
Esenjay Exploration ESNJ
FirstWorld Communications Inc. FWIS
Hanover Compressor Co. HC
ICE Drilling Enterprises Inc. IDF
Industrial Holdings, Inc. IHII
Inland Resources, Inc. INLN
Kafus Environmental Industries, Inc. KS
Nakornthai Strip Mill Public Co Ltd NSM SET
Paladin Resources PLC PLR LD
Paradigm Geophysical PGEOF
Place Resources, Inc. PLG CN
Quanta Services Inc. PWR
Queen Sand Resources, Inc. QSRI
Quicksilver Resources Inc. KWK
Saxon Petroleum, Inc. SXN CN
Startech SEH CN
Syntroleum Corp. SYNM
Tejon Ranch Corp. TRC
Titan Exploration TEXP
TransCoastal Marine Services, Inc. TCMS

The Restricted List is solely for the internal use of ENA/RAC/EGF.  No one
may engage in discussions regarding whether a security is or is not on the
Restricted List with persons outside ENA/RAC/EGF without specific clearance
from the Compliance Department in consultation with the ENA Legal Department.

In addition to the above, you are reminded that pursuant to Enron Corp.'s
Risk Management Policy ("Policy"), no ENA/RAC/EGF employee may engage in the
trading of any "Position"  ("Position" means any  commodity, financial
instrument, security, equity, financial asset or liability that are
authorized for trading in the Policy for the benefit of any party other than
ENA/RAC/EGF, whether for his/her own account or the account of any third
party, where such Position relates to (i) any commodity,  financial
instrument, security, equity, financial asset or liability which falls within
such employee's responsibility at ENA/RAC/EGF or (ii) any energy commodity.

The prohibitions listed above do not replace or modify the policies set forth
in ENA's Policies and Procedures Regarding Confidential Information and
Securities Trading, Enron Corp.'s Risk Management Policy, or Enron Corp.'s
Conduct of Business Affairs.  Should you have any questions regarding the
above, please contact me at ext. 31939.


---------------------- Forwarded by Eric Bass/HOU/ECT on 10/19/2000 09:04 AM
---------------------------
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Fwd: Thought for the Day

---------------------- Forwarded by Timothy Blanchard/HOU/EES on 10/19/2000
08:55 AM ---------------------------

Micah Hatten
10/19/2000 07:35 AM
To: Brent Edwards/HOU/EES@EES, Timothy Blanchard/HOU/EES@EES, David
Fontana/HOU/EES@EES
cc:
Subject: Fwd: Thought for the Day

---------------------- Forwarded by Micah Hatten/HOU/EES on 10/19/2000 07:34
AM ---------------------------

John Weakly@ENRON
10/19/2000 07:23 AM
To: Micah Hatten/HOU/EES@EES, Ryan Hinze/Corp/Enron@ENRON
cc:
Subject: Fwd: Thought for the Day

 MESSAGE OF THE DAY:

 Too often, we lose sight of life's simple pleasures.
 Remember, when someone annoys you it takes 42 muscles in your face to frown
BUT, it only takes 4 muscles to extend your arm and bitch-slap the
motherfucker upside the head.


---------------------- Forwarded by Mike Grigsby/HOU/ECT on 02/09/2001 08:57
AM ---------------------------

	From:  Jay Reitmeyer                           02/07/2001 01:20 PM

To: Daniel.p.lopez@fritolay.com
cc: Mike Grigsby/HOU/ECT@ECT
Subject: Southern California Storage and Receipts/Demand vs Price Historical
Charts

If you are unable to open this file, please call and we can resend it to you.

Jay Reitmeyer
713-853-3536