[IMAGE]

   [IMAGE] [IMAGE]  [IMAGE]  [IMAGE]  [IMAGE] [IMAGE]  [IMAGE]  [IMAGE]  [IMAGE]       [IMAGE]   [IMAGE]   [IMAGE]   [IMAGE]   [IMAGE]     	 [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE]          Updated: Nov. 7, 2001     [IMAGE]      [IMAGE]   [IMAGE]    [IMAGE] [IMAGE] [IMAGE]           Wind power tax credit up for renewal  Prior to Sept. 11, the wind energy production tax credit, a 10-year, inflation-adjusted credit for wind projects, was considered a no brainer. The wind industry was looking forward to a five-year extension of what now equals 1.7 cents/kWh. [IMAGE] [IMAGE]         [IMAGE]     [IMAGE] [IMAGE]       [IMAGE]      [IMAGE] [IMAGE]   [IMAGE]           [IMAGE]   [IMAGE]            [IMAGE]   [IMAGE]            [IMAGE]   [IMAGE]            [IMAGE]   [IMAGE]            [IMAGE]   [IMAGE]            [IMAGE]   [IMAGE]            [IMAGE]   [IMAGE]            [IMAGE]             [IMAGE] [IMAGE]   [IMAGE]            [IMAGE]   [IMAGE]           [IMAGE] [IMAGE]             [IMAGE] [IMAGE]   [IMAGE]          [IMAGE] [IMAGE]     [IMAGE]       AES still committed to Latin America Company diversifying operations  Terrorism hampers Latin American investment   [IMAGE] [IMAGE]        [IMAGE]   [IMAGE]   [IMAGE] [IMAGE]             [IMAGE] [IMAGE]             [IMAGE] [IMAGE]     [IMAGE]       Cogeneration's time has come President's mention of CHP furthers the cause  Possible doubling of cogen capacity   [IMAGE] [IMAGE]        [IMAGE]  [IMAGE]    [IMAGE] [IMAGE]             [IMAGE] [IMAGE]             [IMAGE] [IMAGE]     [IMAGE]       The oil patch: boom to bust in one year Declining oil and gas prices shake E&P earnings  Drillers still riding the wave, for now [IMAGE] [IMAGE]        [IMAGE]   [IMAGE]   [IMAGE] [IMAGE]             [IMAGE] [IMAGE]             [IMAGE] [IMAGE]   U.S. natural gas prices jump 79% in Nov., but remain 32% below Nov. 2000 full story...   FERC backing off push for single Western RTO full story...   Environmental groups sue BPA, accuse harm to salmon full story...   Madison Gas to form holding company full story...   AES may back away from CANTV takeover full story...   EIA: Expect strong natural gas inventory through winter full story...   Calpine buys Bechtel stake in San Francisco-area plants full story...   Tractebel invests in 245-MW cogeneration in Mexico full story...   PanCanadian and Quicksilver to expand geographic scope of Alberta coalbed methane venture full story...   California peak electric use down 8% in Oct. full story...   To view all of today's Executive News headlines,  click here               [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE]         [IMAGE] [IMAGE]  Copyright ? 2001 - Platts, All Rights Reserved   [IMAGE]   Market Brief  Tuesday, November 6  Stocks Close Change % Change DJIA 9,591.12 150.1  1.59% DJ 15 Util. 297.59 0.2  0.06% NASDAQ 1,835.08 41.43  2.31% S&P 500 1,118.77 16.0  1.45%     Market Vols Close Change % Change AMEX (000) 176,667 63,047.0  55.49% NASDAQ (000) 1,945,188 215,734.0  12.47% NYSE (000) 1,345,961 152,901.0  12.82%     Commodities Close Change % Change Crude Oil (Dec) 19.75 (0.29) -1.45% Heating Oil (Dec) 0.567 (0.011) -1.85% Nat. Gas (Henry) 2.92 0.055  1.92% Propane (Dec) 35.50 (0.80) -2.20% Palo Verde (Dec) 30.25 (0.75) -2.42% COB (Dec) 34.75 (0.50) -1.42% PJM (Dec) 28.20 (0.10) -0.35%     Dollar US $ Close Change % Change Australia $  1.944 (0.024) -1.22% Canada $   1.59 (0.003) -0.19% Germany Dmark  2.18 (0.001) -0.05% Euro   0.8943 (0.004) -0.41% Japan ?en  121.1 (0.700) -0.57% Mexico NP 9.22 0.010  0.11% UK Pound   0.6849 (0.0003) -0.04%     Foreign Indices Close Change % Change Arg MerVal 230.70 0.00  0.00% Austr All Ord. 3,216.40 52.20  1.65% Braz Bovespa 12415.57 250.91  2.06% Can TSE 300  7145.46 66.16  0.93% Germany DAX 4707.65 (47.46) -1.00% HK HangSeng 10356.05 (74.67) -0.72% Japan Nikkei 225  10633.72 186.18  1.78% Mexico IPC  5677.79 (3.28) -0.06% UK FTSE 100 5,214.10 5.00  0.10%      Source:  Yahoo! & TradingDay.com    	     [IMAGE]  [IMAGE]  [IMAGE]  [IMAGE]  [IMAGE]   [IMAGE]   [IMAGE]  [IMAGE]   [IMAGE]          [IMAGE]  [IMAGE]   [IMAGE]   [IMAGE]   [IMAGE]

 - bug_black.gif
 - Market briefs.xls


Please open the attached file to read the complete text of the following
items:

07:21AM EDT 11-OCT-00 UBS WARBURG (US) (CHARLIE WOLF) AAPL CPQ EMC GTW
2000/3 PREVIEW

08:21AM EDT 11-OCT-00 SALOMON SMITH BARNEY (JOHN C. DEAN) SEG HDD
SEG: UPSIDES QUARTER ON STRONG DEMAND FROM ENTERPRISE CUSTOMERS

09:14AM EDT 11-OCT-00 BOFA MONTGOMERY (WHITTINGTON, RICHARD L) INTC
MICROPROCESSOR FORUM

05:49AM EDT 11-OCT-00 MERRILL LYNCH (J.OSHA) AMD
ADVANCED MICRO:AMD CALL

12:18PM EDT 10-OCT-00 BUCKINGHAM RESEARCH GROUP  (STEVENS, JAY P.)
HWP-STRONGBUY-STRUCTURE OF PWC DEAL COULD CHANGE;4Q APPEARS ON TRACK

 <<10.11.00 Analyst Reports.doc>>

The analyst reports provided are reports prepared by independent analysts
who monitor and track Compaq's performance.  These reports are not prepared
by or at the direction of Compaq and as a result, Compaq is not endorsing or
verifying the information contained in these reports or endorsing any of
these analysts.   These reports are being provided solely for business
reasons and as a result, do not distribute these reports to other
individuals outside of Compaq.  If other individuals are interested in
receiving the reports provided herein, please contact Elizabeth Davis in
Compaq's Investor Relations Department at elizabeth.davis@compaq.com.

Elizabeth Davis
Compaq - Investor Relations
Research Analyst
281-518-4289

 - 10.11.00 Analyst Reports.doc


Excellent

 -----Original Message-----
From: 	paul.kitchen@txu-europe.com@ENRON   On Behalf Of paul.kitchen@txu-europe.com
Sent:	Friday, January 11, 2002 8:57 AM
To:	louise@enron.com
Subject:	IT Consultants

---------------------- Forwarded by Paul Kitchen/EPETL/EASTERN on 11/01/2002
14:56 ---------------------------

From: Sean Dodd on 11/01/2002 09:45

To:   Andrew Peyman/EPETL/EASTERN@Eastern, Rupert
      Holbrook/EPETL/EASTERN@Eastern, Luke Edwards/EPETL/EASTERN@Eastern, Paul
      Kitchen/EPETL/EASTERN@Eastern, Daniel Godfrey/EPETL/EASTERN@Eastern,
      Roshan Weerasinghe/EPETL/EASTERN@Eastern
cc:
Subject:  IT Consultants

 For all you guys who had dealings with Structure ...

---------------------- Forwarded by Sean Dodd/EPETL/EASTERN on 11/01/2002 09:39
---------------------------

Once upon a time there was a shepherd looking after his sheep on the edge of a
deserted road. Suddenly a brand new Porsche screeches to a halt. The driver, a
man dressed in an Armani suit, Cerutti shoes, Ray-Ban sunglasses, TAG-Heuer
wrist-watch, and a Pierre Cardin tie gets out and asks the shepherd, "If I can
tell you how many sheep you have, will you give me one of them?"

The shepherd looks at the young man, then looks at the large flock of grazing
sheep and replies, "Okay."

The young man parks the car, connects his laptop to the mobile-fax, enters a
NASA Webster, scans the ground using his GPS, opens a database and 60 Excel
tables filled with logarithms and pivot tables, then prints out a 150-page
report on his high-tech mini-printer. He turns to the shepherd and says,

"You have exactly 1,586 sheep here."

The shepherd answers,

"That's correct, you can have your sheep."

The young man takes an animal and puts it in the back of his Porsche. The
shepherd looks at him and asks,

"If I guess your profession, will you return my animal to me?" The young man
answers, "Yes, why not?"

The shepherd says, "You are an IT consultant."

"How did you know?" asks the young man.

"Very simple," answers the shepherd.

"First, you came here without being called. Second, you charged me a fee to tell
me something I already knew, and third, you don't understand anything about my
friggin' business. Now can I have my dog back?"

      ~~~~~~~~~~~~~~~~~~~~~    DISCLAIMER    ~~~~~~~~~~~~~~~~~~~~~

      This E-mail is private and confidential and may be covered by
      legal professional privilege. It is therefore only intended for
      the addressee(s). If you are not one of those persons you must
      not read, copy, store, disclose, use or distribute its contents.
      Please also contact the sender immediately and delete the original.

      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


"If everybody is thinking alike, then somebody isn,t thinking.8  - George S.
Patton, Jr.

Keeping with our Mind,s Eye Madness week, be sure to check out the Enron Mind,
s Eye Motorcade
on Friday, April 27th from 11:30am to 1:00pm at the Big E Cafe.  This art car
convoy will spend the day visiting
Enron-designated stops in the community to promote innovation and
creativity.  Mirroring Enron,s innovation,
these artists think about the way things could be and are not limited by the
way things are.

Featuring:
Lunch by Escalantes Mexican Grille - choice of beef, chicken or veggie
fajitas with trimmings, dessert and a drink for $5.
Live salsa music will be provided by Tropicrew, featuring Enron,s own Ms.
Alex Villarreal as the lead singer.
Non-profit organizations represented will include the March of Dimes, SEARCH
and the Lupus Foundation of America.
Get lunch free if you're dressed "freaky"!

Word of the Day
Zeitgeist \TSYT-guyst; ZYT-guyst\, noun:  The spirit of the time; the general
intellectual & moral state or temper characteristic of any period of time.


-----Original Message-----
From: 	Nemec, Gerald
Sent:	Tuesday, August 14, 2001 2:01 PM
To:	'randy.curry@bhlp.com'
Cc:	Redmond, Brian
Subject:	Agreement Analysis

Randy, For your information, I am forwarding you a summary of my review of the Bridgeline documents concerning the Texaco Sorrento cavern issues This summary was prepared on behalf of Enron.


I did not know she had resigned.

BT

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Friday, September 28, 2001 1:13 PM
To:	Allen, Phillip K.; Bass, Eric; Bike, Anne; Ermis, Frank; Gay, Randall L.; Heu, Mog; Holst, Keith; Huang, Jason; Kuykendall, Tori; Lenhart, Matthew; Lisk, Daniel; Reitmeyer, Jay; Sanchez, Monique; Scott, Susan M.; Smith, Matt; South, Steven P.; Sullivan, Patti; Tholt, Jane M.; Tycholiz, Barry; Wolfe, Jason
Subject:	Monique Sanchez

As most of you know, Monique Sanchez has resigned and will be leaving Enron October 12.  Monique is moving to Salt Lake City with her fianc? and will be living in Deer Valley.  We congratulate Monique on her move and thank her for all of her contributions to the west desk.

We will plan a going away dinner for Monique before she leaves.

Mike


I thought of you two when I read this!!!  You are some of the only people who
would understand!!

Robin
---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 09/13/2000
06:19 PM ---------------------------

	From:  Jennifer Bagwell @ ENRON                           09/13/2000 02:54 PM

To: Anne Bike/Corp/Enron@Enron, Robin Rodrigue/HOU/ECT@ECT, Dawn C
Kenne/HOU/ECT@ECT, Chris Walker/HOU/ECT@ECT
cc:
Subject: FW: New Workplace Poster

---------------------- Forwarded by Jennifer Bagwell/NA/Enron on 09/13/2000
02:51 PM ---------------------------

lawrenck@urbanretail.com on 09/13/2000 02:26:57 PM
To: toddl@synnex.com, jennifer.bagwell@enron.com, kayneg@juno.com,
kgantt@co.arlington.va.us, ktaylor@expeng.com, Sarah@penpointe.com
cc:

Subject: FW: New Workplace Poster

I love it!

(See attached file: ~ME00001 (1).doc)

(See attached file: ~ME00001 (1).doc)

 - ~ME00001 (1).doc


This Sunday, starting at 5:00 AM, Emergency Power Systems for the WTC Complex will shut down to test the emergency backups.

This will not affect critical systems (computer room, phones, or the Real Time Group), as they are on both UPS and Generator.

It will affect many of the non - critical computers and office machines on the 3rd and 4th floors of Enron.
Please make every effort to power down all of your PC's and monitors when you leave for the day. Also, if you could help with a machine or 2 in your immediate area we would appreciate it.

The IT group will be coming through around 4-4:30 today to power down equipment not in use and I will be in before the outage on Sunday to complete this.

If you have any questions or concerns, please contact the IT dept. at any time.
Regards
Dave Steiner


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 03/31/2000
03:20 PM ---------------------------

Regina Blackshear@ENRON
03/30/2000 04:59 PM
To: vblack4538@aol.com, sonia_l_castorena@reliantenergy.com,
Amber.Ebow@enron.com, Tammy Green <tcgreen@flash.net>, GRHRDH@aol.com,
jacelyne hill <YELLOWGIRLHILL@netscape.net>, rhondamjordan@hotmail.com,
"BENEDICT PETERS"<bouncing98@hotmail.com>, rosemary.a.reynolds@usa.xerox.com,
"WhiteBL(Barbara)"<BLWhite@equiva.com>, Yvonne Acosta/Corp/Enron@ENRON,
Michelle Neville/HOU/ECT@ECT, Eve Puckett/Corp/Enron@ENRON, Judy
Hernandez/HOU/ECT@ECT, Shirlet Williams/HOU/ECT@ECT, Tharsilla
Broussard/HR/Corp/Enron@ENRON, John Whiting/HOU/ECT@ECT
cc:
Subject: Fwd: FW: A POEM FOR THE F-A-M-I-L-Y

this is nice
---------------------- Forwarded by Regina Blackshear/Corp/Enron on
03/30/2000 03:55 PM ---------------------------

"LaTonya Carter" <l_carter61@hotmail.com> on 03/30/2000 03:49:07 PM
To: anthonya@risecom.net, dana62_@hotmail.com, regina.blackshear@enron.com,
music@axs4u.net, DBUAKA1998@aol.com, v_ashford@hotmail.com
cc:

Subject: Fwd: FW: A POEM FOR THE F-A-M-I-L-Y

>From: "Alvita McKinney" <vitamae47@hotmail.com>
>To: queen33@hotmail.com, fdeary@hotmail.com, derexw@hotmail.com,
>l_carter61@hotmail.com, asmith@pwe.ci.houston.tx.us,
>fbrown@pwe.ci.houston.tx.us, ckizzee@pwe.ci.houston.tx.us, deiedre@usa.com,
>sweetmama_nicey@hotmail.com, dishonest19@hotmail.com, c-traylor@ti.com,
>asiaabdullah@ProdigyBiz.net, Karibbean@excite.com, valliar2000@yahoo.com,
>lewisf@TIRR.TMC.EDU, Juan_Johnson@hotmail.com, Onlysexylady@aol.com,
>KalimahAbdullah@PZLQS.com, dmukes@pwe.ci.houston.tx.us,
>suebeehoney25@hotmail.com
>Subject: Fwd: FW: A POEM FOR THE F-A-M-I-L-Y
>Date: Thu, 30 Mar 2000 09:43:54 CST
>
>
>
>>>ENJOY THIS READING.
>>
>>>A POEM FOR THE F-A-M-I-L-Y
>>>
>>> > I ran into a stranger as he passed by.
>>> > "Oh, excuse me please" was my reply.
>>> >
>>> > He said, "Please excuse me too;
>>> > wasn't even watching for you."
>>> >
>>> > We were very polite, this stranger and I.
>>> > We went on our way and we said good-bye.
>>> >
>>> > But at home a different story is told,
>>> > How we treat our loved ones, young and old.
>>> >
>>> > Later that day, cooking the evening meal,
>>> > My daughter stood beside me very still.
>>> >
>>> > When I turned, I nearly knocked her down.
>>> > "Move out of the way," I said with a frown.
>>> >
>>> > She walked away, her little heart broken.
>>> > I didn't realize how harshly I'd spoken.
>>> >
>>> > While I lay awake in bed,
>>> > God's still small voice came to me and said,
>>> >
>>> > "While dealing with a stranger, common courtesy you use,
>>> > But the children you love, you seem to abuse.
>>> >
>>> > Look on the kitchen floor,
>>> > You'll find some flowers there by the door.
>>> >
>>> > Those are the flowers she brought for you.
>>> > She picked them herself, pink, yellow and blue.
>>> >
>>> > She stood quietly not to spoil the surprise,
>>> > and you never saw the tears in her eyes."
>>> >
>>> > By this time, I felt very small
>>> > and now my tears began to fall.
>>> >
>>> > I quietly went and knelt by her bed;
>>> > "Wake up, little girl, wake up," I said.
>>> >
>>> > "Are these the flowers you picked for me?"
>>> > She smiled, "I found 'em, out by the tree.
>>> >
>>> > I picked 'em because they're pretty like you.
>>> > I knew you'd like 'em, especially the blue."
>>> >
>>> > I said, "Daughter, I'm sorry for the way I acted today;
>>> > I shouldn't have yelled at you that way."
>>> >
>>> > She said, "Oh, Mom, that's okay. I love you anyway."
>>> > I said, "Daughter, I love you too,
>>> >
>>> > and I do like the flowers, especially the blue."
>>> >
>>> >
>>> > ====================================================
>>> >
>>> > Are you aware that:
>>> >
>>> >
>>> > If we die tomorrow, the company that we are working for could easily
>>> > replace us in a matter of days. But the family we left behind will
>>>feel
>>> > the loss for the rest of their lives. And come to think of it, we pour
>>> > ourselves more into work than to our family - an unwise investment
>>> > indeed. So what is behind the story?
>>> >
>>> > You know what is the full word of family?
>>> > FAMILY = (F)ATHER (A)ND (M)OTHER, (I) (L)OVE (Y)OU ?
>>> >
>>> > It is worthwhile to share more time with them as they are getting
>>>older.
>>> > Make balance among all things.
>>> >
>>> > Fill life with love and bravery and we shall live a life uncommon.
>>
>

______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


Mark:

Attached please find the other e-mail summarizing the pending jurisdictional
matters. Please note that Justin and I have determined that because Enron
could be exposed to criminal liability in the Netherlands, we will exclude
residents notwithstanding low risk of prosecution.  We are awaiting advise re
rather the same state of affairs exists in Italy - low probability of
prosecution but some risk of criminal liability.

Leslie
----- Forwarded by Leslie Hansen/HOU/ECT on 08/28/2000 01:43 PM -----

	Leslie Hansen
	08/25/2000 09:03 AM

		 To: "Murton, Rachel" <rachel.murton@linklaters.com>@ENRON
		 cc:
		 Subject: Re: Gaming advice in the various EU jurisdictions

Rachel:

Thank you so much for the feedback.  I will follow up later this morning to
address those questions that have yet to be answered.

With regard to a summary of your Olympic research in other jurisdictions, I
would very much appreciate a summary.

Thanks,

Leslie

	"Murton, Rachel" <rachel.murton@linklaters.com>
	08/25/2000 06:17 AM

		 To: "'leslie.hansen@enron.com'" <leslie.hansen@enron.com>
		 cc: "Didizian, Marly" <marly.didizian@linklaters.com>,
"'justin.boyd@enron.com'" <justin.boyd@enron.com>
		 Subject: Gaming advice in the various EU jurisdictions

Thank you for your e-mails.

I set out below the advice we have received from the various jurisdictions.

1.  Countries that can be added to the approved list:

We have now received the advice from Portugal, and as with the Euro 2000
game, the High Five Flag Game does not violate Portugese law, because
participants do not have to pay to enter and because it is run outside
Portugal - so you can add Portugal to the list of approved jurisdictions.

Finland can now also be added to the approved list. The game would not be
considered a lottery, as the players would not pay to enter.  It should not
be considered a restricted marketing measure providing there is no
obligation to purchase goods (which I understand is the situation).  Tax
issues were also initially a concern i.e. it was thought that Enron might be
liable to pay tax if it awarded a prize to a Finnish citizen.  However,
after discussions with the relevant tax authorities, this tax issue seems to
have fallen away - because Enron, as a foreign organiser would not have any
liabilites towards the Finnish tax office.  [If a Finnish citizen won the
prize, they themselves might have to pay tax on it - but I assume that this
is not a concern of Enron, since they themselves would not have liability
towards the Finnish tax office].

2.  Countries that could possibly be added to the approved list, provided
certain facts are confirmed (with either Enron or the regulatory
authorites),and/or  further information is provided.

As with Euro 2000 Poland is also looking likely - the Polish lawyers require
me to confirm that Enron's customers are permitted to use Enron's website
for online trading even if they have not purchased anything from Enron in
the past and do not intend to do so in the future.  It is my understanding,
that this is the case  - so assuming this is correct, Poland could be added
to the approved list.

Belgium - it is unclear under Belgium law whether the game is a Games of
Chance, a Lottery, or a Contest.  They need to forward a demo to the
regulatory authorities.  I have not yet checked whether the demo sent
yesterday is complete enough (our web access was very slow thsi morning)  -
but, as suggested in your e-mail, I will contact Dave Samuels if I need a
substantially more complete demo.

Italy - Approval is needed in Italy if the game is an advertising contest
addressed to Italian residents. The scheme would be classified as an
advertising contest - the key is whether it is addressed to Italian
residents.  Our Italian lawyers would like to know how many users there will
be in Italy, and would like us to confirm that the site will be in English
and from a server located in the UK. In order to obtain approval, the
Italian lawyers need to know whether Enron has a subsidiary in Italy - if it
does, the application needs to be made on behalf of this company, - if it
doesn't have an Italian subsidiary then they cannot actually apply for
approval of the scheme.  An integral feature of being an advertising contest
is that a prize is awarded, so if Italian participants are excluded from
being awarded a prize, the game won't be an advertising contest addressed to
Italian residents.

Sweden - The game is a lottery under Swedish law and therefore requires
approval (which there is virtually no chance of Enron obtaining because it
is not a charitable organisation) if it is addressed to the Swedish public
(as a general rule more than 250 people).  Our Swedish lawyers therefore
need to know how many participants there are in Sweden - if it is less than
250, then there seems to be a good chance that the game can go ahead - but I
will confirm this with them.

Norway.  There are four issues affecting the game in Norway - these are
whether the game is a lottery, whether the game is a money game, whether the
game promotes a business, and tax issues.  After informal talks with the
relevant ministries, th first two issues have fallen away, and are now no
longer a problem.  The Norwegian lawyers had some concerns as to whether the
purpose of the scheme  was to promote Enron - but I believe that, if I can
confirm to them that customers are permitted to use Enron's website for
online trading even if they have not purchased anything from Enron in the
past and do not intend to so in the future -  i.e. that the game is a
"gimmick" and not a promotional tool (as for Poland) this will drop away.
The tax issues are similar to those initially expressed by the Finnish
lawyers - and may fall away after consultation with the Norwegian
authorites.

3.  Jurisdictions where there is a technical  risk of violating local laws
but a low risk of enforcement

Netherlands - technically the game violates the Dutch Games of Chance Act
(DGCA). However, it  is not clear that the DGCA applies to internet games,
and our Dutch colleagues are not aware of any instances where internet games
have been prosecuted under the Act. They beleive that even if the Dutch
authorites were alerted to the game, games offered for a limited period of
time for moderate prozes would not be high on teh list of the dutch
authorities priorites!  There is also the issue that Dutch courts probably
won't consider themselves to have jurisdiction because, for example, the
prizes are expressed in GBP, the game is run from a UK server, the language
is English, and the game does not violate laws in jurisdiction it is run
from, although no guarantee of this can obviously be given.

4.  Miscellaneous

We await advice from Spain.  I have received, but not yet reviewed, the
advice from France (but from a brief glance, it does not look favouarble
regarding allowing French citizens to participate).

I also have advice from the various jurisdictions relating to whether Enron
employees themselves can participate (this looks favourable - obviously as
long as the game is conducted fairly).  I will review the specifics of this
advice, and forward it to you, along with the advice we have on disclaimers.
I should be able to do this this afternoon/evening  (UK time).

I have advice from most of the jursidictions on Olympic legislation.  Would
you like a summary of this advice for future reference? - it makes
interesting, if largely depressing, reading!

Rachel

____________________________________________________________

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


Is someone from our group working on this?
----- Forwarded by Tana Jones/HOU/ECT on 08/01/2000 01:14 PM -----

	Tracy Ngo
	08/01/2000 07:48 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: assignment of deals from Merchant Energy Group of the Americas to
Morgan Stanley

Tana,

Before Carol St. Clair left for maternity leave, she was working on the
assignment of some financial and gas deals with Christopher Smith (who
previously worked in our group).  Since Christopher is no longer here and
with Carol being out, I'm scrambling to find out who in the financial team is
working on this.

I've left Mark Taylor a message since Carol's voice mail forwards all
questions to Mark.

Could you let me know if you have any info?

Thx,
Tracyh


I don't know yet, I will probably know sometime next week.  I will keep you
posted!

"K. Bass" <daphneco64@bigplanet.com> on 07/20/2000 12:32:39 PM
Please respond to "K. Bass" <daphneco64@bigplanet.com>
To: Eric Bass <Eric.Bass@enron.com>
cc:
Subject: Re: Re:

Hi E,

How did it go and when do you find out?  LU-M
----- Original Message -----
From: "Eric Bass" <Eric.Bass@enron.com>
To: "K. Bass" <daphneco64@bigplanet.com>
Sent: Wednesday, July 19, 2000 3:21 PM
Subject: Re:

>
>
> i forgot to tell you that performance reviews are happening today, and i
am
> hoping for a promotion to associate, so wish me luck.
>
> -e
>
>
>
>
> "K. Bass" <daphneco64@bigplanet.com> on 07/19/2000 12:54:52 PM
>
> Please respond to "K. Bass" <daphneco64@bigplanet.com>
>
> To:   Eric Bass <Eric.Bass@enron.com>
> cc:
> Subject:  Re:
>
>
> Gee, thanks for the info.  I am honored to be on your list. LU-M
> ----- Original Message -----
> From: "Eric Bass" <Eric.Bass@enron.com>
> To: <daphneco64@bigplanet.com>; <lwbthemarine@bigplanet.com>;
> <Jason.Bass2@COMPAQ.com>; "Brian Hoskins" <Brian.Hoskins@enron.com>;
> "Matthew Lenhart" <Matthew.Lenhart@enron.com>; "Timothy Blanchard"
> <Timothy.Blanchard@enron.com>; "Lenine Jeganathan"
> <Lenine.Jeganathan@enron.com>; <mballases@hotmail.com>; "Michelle D.
> Zolkoski" <shelleyzee@mail.utexas.edu>
> Sent: Wednesday, July 19, 2000 12:46 PM
>
>
> >
> >
> > I have a new cell phone number.  It is 713-628-3104.
> >
> > EPB
> >
> >
>
>
>
>
>
>
>


Shirley

FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/17/2000
08:49 AM ---------------------------

Mark Confer
02/16/2000 08:07 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Follow-up

Thanks and I will see you Friday morning at 7:30 your office.

Vince J Kaminski
02/15/2000 05:32 PM
To: Mark Confer/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT
Subject: Re: Follow-up

Mark,

Thanks for the message. As a matter of fact I would like to discuss the
allocations with you.
Is Friday morning OK with you? I  need 2 more days to finish my homework.

Vince

Mark Confer
02/15/2000 02:42 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Paula Harris/HOU/ECT@ECT
Subject: Follow-up

Vince as a follow-up to our meeting on January 24th regarding allocations of
Research cost to ENA, were you able to give any more thought to how I should
allocate the cost to the ENA commercial teams?  I have a meeting with Weather
coming up and one of the questions they have deals with your group.

I know you are extremely busy and if I can be of any help please let me know.

Thanks


If you are looking to feed and challenge your faith, visit
Crosswalk.com's Spiritual Life Channel at:
http://spiritual.crosswalk.com
-----------
N E I L   A N D E R S O N   D A I L Y   D E V O T I O N A L
             from Freedom in Christ Ministries

January 27

CHANGING DIRECTIONS

Guide me in Your truth and teach me, for You are God my Savior,
and my hope is in You all day long (Psalm 25:5 NIV).

The next five questions to ask yourself regarding God's will are
to help you when facing a change in direction.

  1 Is it reasonable? God expects us to think. His guidance may
    transcend human reasoning, but it never excludes it. God
    doesn't bypass our mind; He operates through it: "Brethren,
    do not be children in your thinking; yet in evil be babes,
    but in your thinking be mature" (1 Corinthians 14:20). We are
    warned in Scripture not to put our mind in neutral. We are to
    think and practice what we know to be true (Philippians 4:8,
    9).

  2 Does a realistic opportunity exist? Closed doors are not
    meant to be knocked down. If you have a hopeless scheme, let
    it go. If it isn't God's timing, wait. If a realistic
    opportunity exists, and all the other factors are in
    agreement, then take the plunge. God may open a window of
    opportunity, but it will close if not taken advantage of. The
    faithless man asks, "What do I stand to lose if I do?" The
    faithful man asks, "What do I risk losing if I don't?"

  3 Are unbiased, spiritually sensitive associates in agreement?
    Be careful not to consult only those who will agree with you.
    Give your advisors permission to ask hard questions. Don't be
    afraid of "no" answers. If it isn't God's will, don't you
    want to know before you make the mistake of acting
    impulsively?

  4 Do I have a sanctified desire? Don't think that being in the
    will of God must always be an unpleasant task. The joy of the
    Lord should be our strength. I find my greatest joy in
    serving God and being in His will. But don't get the idea
    that if everything is wonderful, you must be in the will of
    God. Is this a desire to satisfy a lust of the flesh or a
    Spirit-filled desire to see God's kingdom established and
    people helped?

  5 Do I have a peace about it? This is an inner peace. Is the
    peace of God guarding your heart and mind?

If you have been able to answer yes to all 10 of these deciding
factors, what are you waiting for?

Thank You, Lord, that I can trust You with the details and
direction of my life today.

-----------
This daily devotional is published and distributed by
Crosswalk.com.  It is written by Neil Anderson at
< http://www.ficm.org >.

You can purchase "Daily in Christ" and other titles by Neil Anderson at
christianbook.com (Christian Book Distributors - CBD).
< http://shopping.crosswalk.com/bye/devo_na >

Additional devotionals are available from Crosswalk.com:
< http://devotionals.crosswalk.com >.
-----------
To read the Current Feature Story from ReligionToday,
go to http://religiontoday.crosswalk.com/CurrentFeatureStory/

For today's complete News Summary from ReligionToday,
go to http://religiontoday.crosswalk.com/CurrentNewsSummary/

-----------
For Copyright Terms go to http://www.crosswalk.com/info/copyright

____________________SUBSCRIPTION INFO_______________________

* You subscribed to Neil Anderson as:
         < jeff.king@enron.com >
* To unsubscribe from this newsletter immediately, click here:
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* Copyright ? 2001 Crosswalk.com, Inc. and its Content
  Providers. All rights reserved.

____________________________________________________________


* IMMEDIATE ACTION REQUIRED - Do Not Delete *
Executive Impact & Influence Program

As part of the Executive Impact and Influence Program,
each participant is asked to gather input on the
participant's own management styles and practices as
experienced by their immediate manager, each direct
report, and up to eight colleagues/peers.

You have been requested to provide feedback for a
participant attending the next program.  Your input
(i.e., a Self assessment, if you are a participant in
this program, Manager assessment, Direct Report
assessment, or Colleague/Peer assessment) will be
combined with the input of others and used by the
program participant to develop an action plan to
improve his/her management styles and practices.  If
you are providing feedback as a Manager of the
participant, please note that your feedback will be
identified in the summary report.

It is important that you complete this assessment NO
LATER THAN CLOSE OF BUSINESS on Friday, October 6.

To begin the online administration process, you will
need the following Internet address and Password(s).
NOTE:  If you are providing feedback for more than one
person, each password and participant name is
individually listed below.

Open your Internet browser e.g., Internet Explorer or
Netscape Navigator, and please type or copy the URL
address below into your Internet browser (please DO NOT
go through Lotus Notes):

www.fsddatasvc.com/enron

ARRCUP    (James V. Derrick jr.)

If you experience technical problems, please call
Dennis Ward at FSD Data Services, 713-942-8436.  If you
have any questions about this process, you may contact
Debbie Nowak at Enron, 713-853-3304, or Christi Smith
at Keilty, Goldsmith & Company, 858-450-2554.

Thank you for your participation.


----- Forwarded by Jeff Dasovich/NA/Enron on 02/14/2001 02:03 PM -----

	"Julee Malinowski-Ball" <jmball@ns.net>
	02/14/2001 11:26 AM
	Please respond to "Julee Malinowski-Ball"

		 To: "William Hall" <wfhall2@duke-energy.com>, "Tony Wetzel"
<twetzel@thermoecotek.com>, "Sue Mara" <smara@enron.com>, "Steven Kelley"
<steven@iepa.com>, "Steve Ponder" <steve_ponder@fpl.com>, "Steve Iliff"
<siliff@riobravo-gm.com>, "Stephanie Newell"
<stephanie-newell@reliantenergy.com>, "Ross Ain" <rain@caithnessenergy.com>,
"Roger Pelote" <roger.pelote@williams.com>, "Robert Lamkin"
<rllamkin@seiworldwide.com>, "Richard Hyde" <rwhyde@duke-energy.com>, "Randy
Hickok" <rjhickok@duke-energy.com>, "Paula Soos"
<paula_soos@ogden-energy.com>, "Nam Nguyen" <nam.nguyen@powersrc.com>, "Marty
McFadden" <marty_mcfadden@ogden-energy.com>, "Lynn Lednicky"
<lale@dynegy.com>, "kent Palmerton" <kent.palmerton@williams.com>, "Ken
Hoffman" <khoffman@caithnessenergy.com>, "Kate Castillo"
<ccastillo@riobravo-gm.com>, "Kassandra Gough" <kgough@calpine.com>,
"Jonathan Weisgall" <jweisgall@aol.com>, "John Stout"
<john_h_stout@reliantenergy.com>, "Joe Ronan" <joer@calpine.com>, "Joe Greco"
<joe.greco@uaecorp.com>, "Jim Willey" <elliottsa@earthlink.net>, "Jeff
Dasovich" <Jeff.Dasovich@enron.com>, "Jack Pigott" <jackp@calpine.com>, "Jack
Hawks" <jack.hawks@gen.pge.com>, "Hap Boyd" <rboyd@enron.com>, "Greg Blue"
<gtbl@dynegy.com>, "Frank DeRosa" <fderosa@sanfrancisco.usgen.com>, "Eric
Eisenman" <eric.eisenman@gen.pge.com>, "Eileen Koch" <eileenk@calpine.com>,
"Ed Tomeo" <ed.tomeo@uaecorp.com>, "Duane Nelson" <dnelsen@msn.com>, "Doug
Fernley" <fernley.doug@epenergy.com>, "Dean Gosselin"
<dean_gosselin@fpl.com>, "David Parquet" <dparque@ect.enron.com>, "Curtis
Kebler" <curtis_l_kebler@reliantenergy.com>, "Curt Hatton"
<Curt.Hatton@gen.pge.com>, "Craig Chancellor" <craigc@calpine.com>, "Cody
Carter" <cody.carter@williams.com>, "Carolyn Baker"
<cabaker@duke-energy.com>, "Bob Gates" <bob.gates@enron.com>, "Bob Escalante"
<rescalante@riobravo-gm.com>, "Bob Ellery" <bellery@spi-ind.com>, "Bill
Woods" <billw@calpine.com>, "Bill Carlson"
<william_carlson@wastemanagement.com>, "Larrea, John"
<John.g.Larrea@williams.com>, "Jan Smutny Jones" <smutny@iepa.com>, "Katie
Kaplan" <kaplan@iepa.com>
		 cc: "Dave Modisette" <dmodis@ns.net>
		 Subject: Yesterday's Sen Hearing

The Senate Energy Committee met yesterday afternoon and passed two very
important bills.

SB 6x (Burton/Bowen), as amended, would establish a state power and
financing authority. The measure passed on a party-line vote with no
Republican votes.  What makes SB 6x interesting to IEP members is that is
provides financing through the Authority for environmental improvements to
existing powerplants 30 years or older.  IEP testified in support of the
bill if it was amended to bind Authority,s eminent domain powers.  Senator
Burton agreed and IEP is currently drafting language on this issue.
Similarly, Burton agreed to work with Senator Morrow on language that would
limit the Authority to only supplementing private power generation and not
building power plants where they are not needed.   The amended version is
attached.

SB 33x, as amended, would authorize the Governor to enter into negotiations
with the IOUs to purchase their transmission system.  The Governor,s plan
would have to be approved by the Legislature by only a majority vote.  If
approved the Treasurer would have the authority to issue revenue bonds to
pay for the transmission system.  This measure also passed on a party-line
vote.  IEP submitted written opposition to the bill as introduced, but will
continue to voice its concern with the state being both a market participant
and owning the transmission system as the bill moves through the legislative
process.  The amended version is not in print yet.

Please contact me if you have any questions.

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

 - sbx1_6_bill_20010213_amended_sen.pdf


I received a telephone call from Brian Coad with Frost Securities.  He is
aware of our problems and will be working to help resolve our issues with DB
Alex Brown.  Since Jason Peters has been over the negotiations with DB Alex
Brown, Brian will contact him.  I have also left a message for Jason to
follow-up with Brian.

Samantha M. Boyd
Sr. Legal Specialist
Enron North America, Corp.
1400 Smith, EB3802A
Houston, TX  77002
Phone:  (713) 853-9188
Fax:  (713) 646-3490
email:  samantha.boyd@enron.com

	Sheila Glover@ECT
	09/19/2000 11:41 AM

		 To: larry.hollingsworth@frostsecurities.com
		 cc: Sara Shackleton/HOU/ECT@ECT, Michael W Bradley/HOU/ECT@ECT, Samantha
Boyd/NA/Enron@Enron
		 Subject: Executing Broker Agreement with Frost Securities

Larry,
I just left you a voice mail message.....

ECT Investments, Inc. has been trying to get an executing broker agreement in
place with Frost Securities.  Our legal department has not been getting much
cooperation.  I would appreciate your assistance in resolving this situation
on your end.

Our SR. counsel, Sara Shackleton, 713-853-5620, has been the person who
fowarded our comments to Frost Securities and has now been told that all our
comments have been rejected absolutely.

Please advise.
Sheila


When PG&E does a re-alignment on the weekend, please contact the TW logistics person and let them know so it can get scheduled.

On a second note:
When PG&E requests to swap volumes to Socal the actual flow has to take place at the Topock points only.  They cannot take it to
Needles.

If you have any questions please call.

DS


From all of us at Kidventure Camp, we want to wish you and your family a Happy Thanksgiving!  May your turkey be cooked to perfection and the last piece of pie left for you.  Enjoy your time with your family.  Here at Kidventure, we want you to know we are thankful for you.  Take care.

In the spirit of America,
The Kidventure Team

*** This email provided by CampRegister.com ***
 - Mountain Bike Ramble.doc


We have a match-up - and it's Powerex. The deal has been changed.

Kate

	From:  Sharen Cason                           04/26/2001 07:45 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: new deal

There is a deal titled NEW COUNTERPARTY.  Do you know what the name is
supposed to be?

Thanks!

592751


I have attached the answers for the final exam given on Monday.
Your grades will be posted outside my office this Friday.
Your exams will be returned to your mail-boxes this Friday.

 For those interested in applying economics to business strategy, I
recommend E210, an Evening program elective often taught by Professor
Michael Katz.

 It was a pleasure teaching all of you. You are an impressive bunch.   -
Final Exam 1999d11 with answers.doc

Jonathan Leonard
Professor

tel: 510-642-7048  545 Student Services Building, #1900
fax: 510-642-4700  Haas School of Business
    University of California
    Berkeley, CA.  94720-1900


Wow! That's so exciting to see the words "clean checkout" associated with OUR
beloved brokers and traders. Thanks for your persistence with all of this - I
know it gets frustrating. Please let me know whenever I can help - I'm trying
to respond quickly to the e-mails coming from Houston confirms, but in the
interest of accuracy I'm also trying to be thorough. So feel free to give me
a nudge every once in awhile.

Thanks,
Kate

Evelyn Metoyer@ENRON
02/20/2001 02:41 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 2/20 Checkout

Kate,

to cover my you know what.....this will be the new daily checkout for all of
my brokers.  I am sending this to ensure a quality checkout to minimize any
risks associated with our transactions.  Even if I don't have any errors I
will still send a summary everyday of my checkouts for the west deals.  We
have had several deals pop up from the brokers that we didn't know about and
did not verbal the day of the trade and this will serve as proof of the
previous days checkout.

Amerex West Checkout
No errors- Clean Checkout

Prebon West Checkout
No errors-Clean Checkout

Bloomberg Checkout
No errors-Clean Checkout

Thanks!!


fyi

Business; Financial Desk
Enron's Wind Unit Reported in Talks Energy: Turbine division may fetch $723 million. More bidders could come forward.

08/20/2001
Los Angeles Times
Home Edition
Page C-2
Copyright 2001 / The Times Mirror Company
HOUSTON -- Enron Corp., the world's biggest energy trader, is in talks to sell its wind turbine unit for more than $723 million, the Sunday Business newspaper in London reported, without citing sources.
The negotiations may falter, inviting other bids, the newspaper said. Enron spokesman Mark Palmer wouldn't comment on the report.
Enron has said manufacturing might not be part of its future strategy, Palmer said. Enron Wind makes and operates wind-power turbines. Houston-based Enron bought the business, based in Tehachapi, Calif., in January 1997.
"There is a tremendous potential for a wind or renewable energy market to develop," Palmer said. "We don't know that we need to be in the manufacturing business to participate in that."
Credit Suisse First Boston is handling the sale, Sunday Business said. Private equity firms that may bid include Doughty Hanson & Co. and Candover Investments, both of Britain; Westdeutsche Landesbank Girozentrale of Germany; and Nomura Securities Co. of Japan, the paper said.
Possible industry buyers include Vestas Wind Systems and NEG Micon, both of Denmark; Gamesa of Spain; and Nordex and Enercon, both of Germany, the paper said.
Last week, Enron Chief Executive and President Jeffrey K. Skilling abruptly resigned. Chairman Kenneth L. Lay has taken over his duties.

Stacey Bolton
Environmental Strategies
Enron Corp
713-853-9916 direct
713-303-2632 cell
sbolton@enron.com <mailto:sbolton@enron.com>

 -----Original Message-----
From: 	djcustomclips@djinteractive.com@ENRON [mailto:IMCEANOTES-djcustomclips+40djinteractive+2Ecom+40ENRON@ENRON.com]
Sent:	Monday, August 20, 2001 5:51 AM
To:	130039@mailman.enron.com
Subject:	RPS: Enron's Wind Unit Reported in Talks    Energy: Turbine division may fetch $723 million ...

Enron's Wind Unit Reported in Talks
Energy: Turbine division may fetch $723 million. More bidders ...

   HOUSTON -- Enron Corp., the world's biggest energy trader, is in talks
to sell its wind turbine unit for more than $723 million, the Sunday
Business newspaper in London reported, without citing sources.

   The negotiations may falter, inviting other ...

Published by: Los Angeles Times
Date: 08/20/2001
Word Count: 206
Relevance Score on Scale of 100: 85
Folder Name: RPS

Full-text article available at
http://nrstg1p.djnr.com/cgi-bin/NewsRetrieval?cgi=WEB_ST_WC_STORY&DBNAME=LAT&HDAN=LATM0123200821&Search=RPS&QID=130039&QT=R&HDSC=LATM

Articles are included at no charge for flat-fee corporate customers. (Under standard pricing, charges apply.  For details, click the $ icon on the Dow Jones Interactive home page, located at http://www.djinteractive.com.)
______________________________________________________________________

To review or revise your folder, visit http://www.djinteractive.com or contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511 or contact your local sales representative.)
______________________________________________________________________
Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved


Attached is a redlined version of the schedules with changes for the
sales/use taxes on EMS materials.  All other supplements to the schedules
remain unchanged.


Call me if you have any questions.  I hope this is better late than never!
Michelle

Christa Winfrey
04/13/2000 01:20 PM
To: Michelle Cash/HOU/ECT@ECT
cc: Kristin Walsh/HOU/ECT@ECT
Subject: E-mail disclaimer/Termination Procedure

Michelle,

Thank you very much for reviewing and returning the Termination Procedure
that my group, ENA Competitive Analysis & Business Controls, has been working
on.  Marissa Womble forwarded the edited procedure to me, and I will make the
necessary changes to the document.  I truly appreciate your knowledge and
legal expertise, especially in this matter.  Please note that Marissa Womble
has rotated into a new group; therefore, please contact either Kristin Walsh
(ext. 3-9510) or myself (ext. 3-9307) regarding any future policies and
procedures.

Thank you,

Christa Winfrey


Attached is a draft of the memo regarding traders tapes.


https://securecards.chase.com/servlet/at?target=shellapp&creative=a507

As a reader of TheStreet.com, you've been invited to receive this
special offer from Chase Manhattan Bank. Chase is bringing you
another great deal - this time for the Shell Platinum MasterCardc from
Chase. You'll earn unlimited free FormulaShellc gasoline:

A 5% rebate on Shell gasoline purchases made in the U.S.
A 1% rebate on all other purchases made with your Shell Platinum
MasterCard
A low 5.99% APR* on purchases and balance transfers

And all with no annual fee*. That's a super value from a card with two
great names.  Apply today and start saving with every gallon you pump.

https://securecards.chase.com/servlet/at?target=shellapp&creative=a507

Sincerely,

Michael J. Barrett
President
Chase Manhattan Bank USA, NA

*See Important Notices for details.

Chase, The Right Relationship Is Everything.

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

This special promotion was a result of a partnership between
TheStreet.com and Chase Manhattan Bank.  The email you have
received was sent to you by TheStreet.com. Please be assured
that we respect the privacy of our readers. To view our
privacy policy, click here:
http://www.thestreet.com/tsc/about/privacy.html

If you would like to be excluded from receiving these types of
offers in the future, please send an email to members@thestreet.com
with the subject line "No Exclusive Offers."


Please find attached the programs for the two back-two-back conferences on real options at UCLA (you may also download them from www.realoptions.org and www.rogroup.com ). The two conferences are separate but complementary events. The first conference, co-sponsored with Accenture and Morgan Stanley Dean Witter, on July 11-12, is a professional conference on Real Options Valuation in the Connected Economy: High Tech, Pharma, Energy, Corporate Valuation & Strategic/Portfolio Management. For information and online registration see www.rogroup.com .
The second is the 5th Annual International Conference on Real Options: Theory Meets Practice (the annual industry event where academics and practitioners get together to share the latest developments on theory and applications), co-organized with The Anderson School at UCLA on July 13-14. For information and online registration see www.realoptions.org
Between the two complementary events, we are pleased to present an extensive array of practitioner and cutting-edge academic presentations, sharing of experiences by corporate executives, and panel discussions by experts from leading organizations and universities. Our keynote speaker this year will be Eduardo S. Schwartz of UCLA.
Interested participants must register for the conference online www.realoptions. org ) and indicate hotel preferences by May 31 or ASAP.
We look forward to seeing you at this exciting event, and would appreciate if you share this with interested colleagues.
Lenos Trigeorgis

 - 5thmanagerialconferenceJuly2001.doc
 - 5thacademicconferenceJuly2001.doc


Start Date: 4/24/01; HourAhead hour: 6;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042406.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 6 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  UNIT_ID: BADLND_7_PL1X2

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 6 / Preferred: 103.69 / Final: 103.14)
  TRANS_TYPE: FINAL
  LOAD_ID: SDG1
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  SC_ID: EPMI


Please see revised....

 -----Original Message-----
From: 	Denne, Karen
Sent:	Thursday, October 25, 2001 12:32 PM
To:	Lay, Kenneth; Frevert, Mark; Whalley, Greg; McMahon, Jeffrey; Koenig, Mark; Derrick Jr., James; Rogers, Rex; Causey, Richard; Glisan, Ben; Despain, Tim; Kitchen, Louise; Lavorato, John
Cc:	Fleming, Rosalee; Daw, Nicki; Taylor, Liz; Ford, Sue; Westbrook, Sharron; Kean, Steven J.; Palmer, Mark A. (PR); Denne, Karen; Meyer, Vance; Philipp, Meredith; Hiltabrand, Leslie
Subject:	NEW PRESS RELEASE DRAFT -- NEED APPROVAL
Importance:	High
Sensitivity:	Confidential

Please review the revised attached press release, which we would like to send out as soon as possible.  Please call Steve Kean, Mark Palmer or me with your comments.

Thank you.
Karen
x39757

 -   JMstrong21.doc


Once again this year, I am leading the BEAR (BE A Resource for CPS Kids) Holiday Fundraiser.  BEAR offers help and hope for abused and neglected children.  This program is more commonly known during the holidays as the "BEARing Gifts" Program, and it assists an average of 800 children a month.  Last year was the first year we called on Enron's Community Relations and our fellow employees to raise money for new bikes, in-line skates and scooters (each child also gets a helmet) for thousands of children under the care of Children's Protective Services.  BEARing Gifts provides holiday gifts to CPS kids who otherwise would have no holiday at all.

Please visit the Enron Lobby on November 5, 6, 7 or 8 between 11:00 a.m. and 1:00 p.m., make a donation, and participate in our raffle to win free airline tickets and many other fabulous prizes.  For more information, contact Margaret Doucette at (713) 345-7892 or Janette Elbertson at (713) 853-7906.

Thank you very much for your support.

Mark Haedicke


Carol,

I have attached the items you requested.  If you need any further information
please let me know.  I work in the evenings so if you need anything before
2:00 please call my cell phone.  The number is 281-300-9145.

Thank you for your help,

Robin
x57478


---------------------- Forwarded by Scott Neal/HOU/ECT on 11/14/2000 04:31 PM
---------------------------

<butch@watsonmoving.com> on 11/13/2000 08:29:17 PM
To: <DBennyDad@aol.com>, <DBennyDad@aol.com>, <BBURGE@FLASH.NET>,
<KbutchW@aol.com>, <jdaghorn@aol.com>, <Catho928@aol.com>,
<Mrreemus@aol.com>, <murphyg@mercersales.com>, <EGwydir@aol.com>,
<robin99tim@yahoo.com>, <kingb@nuevoenergy.com>, <peggy01@ev1.net>,
<kay_mitchell@hotmail.com>, <sneal@enron.com>, <tdpatton00@yahoo.com>
cc:
Subject: Banner Painting

Dear Wildcat Moms:

We will be painting banners for each of the boys at my house
beginning at 9:00am Wednesday, Nov. 15 - come if you can....

Karen Butcher


No, but I'm happy to ride with almost anyone.

Jim

 -----Original Message-----
From: 	Noske, Linda J.
Sent:	Monday, October 22, 2001 11:19 AM
To:	Steffes, James D.
Subject:	FW: New 228 Riders List

FYI Only...........know anyone?  I'm keeping a file.

 -----Original Message-----
From: 	Young, Kay
Sent:	Friday, October 19, 2001 2:39 PM
To:	Noske, Linda J.
Subject:	FW: New 228 Riders List

A new 228 list.

Kay Young
Legal Specialist
Enron North America Corp.
Ph:   713-853-6794
Fax: 713-646-3393

 -----Original Message-----
From: 	Garcia, Susan
Sent:	Monday, October 15, 2001 8:41 AM
To:	Adams, Laurel; Barnard, Marla; Bartz, Gilda; Brownlow, Renee; Bryant, Marian; Callahan, Timothy; Callans, Nancy; Calvin, Juantongia; Chappell, Angie; Concklin, Elaine; Cramer, James; Cunningham, Michael; Davis, Tamara; Gil, Mercy; Gilbert, Maurice; Griffin, Vanessa; Heinitz, Mary J.; Hutcherson, Leesa; James, Giselle; Johnson, Clyde; Krishnaswamy, Jayant; Laidlaw, Scott; Lannom, Linda; Leo, Johnson; Lerro, Kimberly; Mata, Jessie; McCurley, Peggy; Moring, Zach; Myers, Donnie; Nanny, Michael D.; Olsen, Mireya; Perkins, Susan; Ratnala, Melissa K.; Raybon, Betsy; Scott, Larry W.; Spencer, Becky; Sturr, Kathy; Sypert, Scott; Townsend, Judy; Weekley, Alice; Womack, Candace; Young, Kay
Subject:	New 228 Riders List

Gerri Irvine is out on medical leave.  I now will be updating and distributing the 228 Riders list.  Attached is the most current list.  Please send any changes to me by email or call me at 713-345-8978.

Susan

 << File: 228rider.doc >>


My Dearest Barbara,

I long for the time when I can gaze into your lovely golden brown eyes and
lose myself in your innate beauty.  The sheer black leather rockies revealing
your strong athletic form tonight will be a wonderful memory upon which I can
call upon to see me through any of life's most challenging obstacles.
Sigh!!!!!!!

I plan on leaving for the magical journey tonight as soon as humanly
possible.  For who can think of work when one so lovely as Barbara awaits.  I
can take journey upon my green Camry steed to pluck the lovely young Ms.
Waldrop from those two known as Steve and Gina, and we will abound on towards
fate.  Perchance it might be best for Barbara to come seek me out, as I am
adrift without direction to the place where Steve and Gina reside.

Yours truly,
Gerald

	bswaldrop@aol.com
	02/27/2001 02:03 PM

		 To: Gerald.Nemec@enron.com
		 cc:
		 Subject: Hello/Tonight

Where is my "heartfelt and meaningful" e-mail?  I have been waiting all day!

So, what time are you planning on leaving work?  I am leaving here at 5:30
and heading over to Steve and Gina's to change and walk their dog.  I have
already taken Sophie over there.  That way I don't have to go home and then
come back all the way over here.  Do you want to come over to Steve and
Gina's or do you want me to come by and pick you up?

Hope you are having a good day.  Talk with you soon!


FYI.  The following language mirrors that which was used in the Sierra/PGE transaction.  Recall that FERC approved the transaction in an order issued last January/February.

In short, we don't have an RTO/loss of market-based ratemaking authority issue.

(1)	PGE/NNG will make an RTO commitment; and
(2) 	In any event, FERC counsel informs us that FERC is unlikely to declare that we are an affiliate.

-----Original Message-----
From: Ackerman, Susan [mailto:ska@nwnatural.com]
Sent: Thursday, October 04, 2001 4:16 PM
To: Kaufman, Paul
Subject: new RTO language

Paul, per my voicemail, OK to use RTO language like this:

NW Natural affirms PGE's comittment to a regional transmission organization
(RTO) as soon as it is formed with BPA as a member.  NW Natural and PGE's
preference is for the RTO to be a "for profit" entity.

Call if you have questions


Did any of your traders do a deal with Larry May at Sumas selling half-a-day
at +.03?


ok

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


---------------------- Forwarded by Mary Hain/HOU/ECT on 01/08/2001 02:59 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "McClain, Jim" <JMcClain@caiso.com>
01/01/2001 04:19 PM

To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com>
cc: ISO Client Relations <ISOClientRelations@caiso.com>, "Detmers, Jim"
<JDetmers@caiso.com>, "O'Neill, Ean" <EO'Neill@caiso.com>, "Abernathy, Randy"
<rabernathy@caiso.com>, "Bibb, Tracy" <TBibb@caiso.com>, "McIntosh, Jim"
<JMcIntosh@caiso.com>, "Riley, Ed" <ERiley@caiso.com>, "Hubner, Kim"
<KHubner@caiso.com>
Subject: DOE Certification for January 2, 2001

ATTACHED, FOR YOUR INFORMATION ONLY IS THE DOE CERTIFICATION LETTER ISSUED
JANUARY 1ST FOR OPERATING DAY JANUARY 2, 2001.

PLEASE NOTE - THE RESOURCE INFORMATION REQUEST, REFERENCED IN THE
CERTIFICATION, WAS DIRECTED ONLY TO SPECIFIC ISO MARKET PARTICIPANTS
PRIMARILY LOCATED NORTH OF THE ELECTRIC TRANSMISSION PATH 15.

UNLESS YOUR REAL-TIME OPERATIONS DEPARTMENT RECEIVED A SPECIFIC E-MAIL AND
FOLLOW-UP TELEPHONE CONFIRMATION, NO FURTHER ACTION IS REQUIRED AT THIS
TIME.

THE INTENT OF THIS GENERAL MARKET DISTRIBUTION IS FOR INFORMATION AND NOTICE
ONLY.

PLEASE DIRECT ANY QUESTIONS TO YOUR RESPECTIVE ISO CLIENT REPRESENTATIVE.

   <<010101  Certification Ltr__.doc>>  <<010101 Analysis
Load_A.doc>>

Thanks,

Jim McClain
Client Relations
916-608-7072
e-mail   jmcclain@caiso.com
Pager # 916-814-2408

 - 010101  Certification Ltr__.doc
 - 010101 Analysis Load_A.doc


Here is my quick pass through the document (solely FCE's changes).  I will
read it again tonight.


---------------------- Forwarded by Beth Jenkins/HOU/EES on 10/18/2001 11:41 AM ---------------------------

Christy Chapman
10/18/2001 11:19 AM
To:	Beth Jenkins/HOU/EES@EES
cc:
Subject:	FW: Amazing - this will predict your facial expression

---------------------- Forwarded by Christy Chapman/HOU/EES on 10/18/2001 11:19 AM ---------------------------

"Dannelley, Sandra" <SDA@allseas.com> on 10/18/2001 09:06:36 AM
To:	"'Bitsy Merchant (E-mail)'" <BMerchant@txchiro.edu>, "'Bryan Dannelley (E-mail)'" <bdannelley@hotmail.com>, "'Christy Chapman (E-mail)'" <Christy.Chapman@enron.com>, "'Lisa M. Choate (E-mail)'" <lisa.choate@bakerhughes.com>, "'Rosemary Russell (E-mail)'" <rosemary.russell@hugheschris.com>, "'Shawn Kellar (E-mail)'" <skellar@bristolhotels.com>, "'Shelley Green (E-mail)'" <green1703@mail.ev1.net>, "'Wanda Hoffman (E-mail)'" <WHoffman@txchiro.edu>
cc:
Subject:	FW: Amazing - this will predict your facial expression

> -----Original Message-----
>From: 	Martinez, Pete
>Sent:	Thursday, October 18, 2001 8:50 AM
>To:	Dannelley, Sandra
>Subject:	FW: Amazing - this will predict your facial expression
>
>
>
>Regards,
>Pete
>
>

 - ~ME00002.pps


Tana -
This e-mail includes the attachment.  It "fell off" my e-mail from last night.

Thanks -
Rob

 -----Original Message-----
From:  Cass, Robert B.
Sent: Tuesday, April  24, 2001 6:29 PM
To: Jones, Tana
Cc: Moorer, Torrey; Denny, Jennifer; Thomas, Sheri
Subject: Request Termination Agreements for 4 EnronOnline Transactions

Hi Tana -

We need your assistance in preparing termination letters for the transactions
listed on the attached spreadsheet and described as follows:

On Friday, April 20, 2001, four transactions occurred on EnronOnline that
were in error.  One transaction was with Coral Energy Holding L.P. and three
transactions were with Morgan Stanley Capital Group, Inc.  As mutually agreed
to by both the Enron commercial team and the respective counterparties, it
was decided that each of the four transactions would not be confirmed and
should be terminated.

The exact specifics are detailed as follows:

? The transactions occurred due to an inadvertent entry in the actual
production system of EnronOnline by a Product Control Group member, Melba
Lozano.  Melba activated a product assuming that she was in the EnronOnline
test system of EnronOnline.

? The product transacted upon is normally managed by Frank Ermis.  However,
in his absence on Friday, the product was managed by Matt Lenhart.

? Steve South, trader on the West Desk, called and notified both Morgan and
Coral that the product had been posted in error.  All parties agreed that the
transactions were not reflective of the normal pricing.  As a result they
further agreed that transaction confirmations would not be necessary and that
the deals would be "killed" on all sides.  (For reference of any telephone
tapes that may need to be pulled, the conversations with the counterparties
occurred around 2:00 pm.)

? No confirmations were generated as a result of the killing of the
transactions in TAGG.

? I spoke with Mike Grigsby on Monday (April 23, 2001) and advised him that
termination letters may be required by Legal.  He responded that he had no
problem with that.

Tana, please advise if additional information is required to complete the
termination letters or if another course of action is warranted.

Thank you,

Rob Cass
x35491


CP, Please forward her a bio, to save time, and schedule the time with her.
thanks,
'm
---------------------- Forwarded by Mike McConnell/HOU/ECT on 01/08/2001
12:37 PM ---------------------------

Kathie Grabstald
01/08/2001 10:40 AM
To: Mike McConnell/HOU/ECT@ECT
cc: Cathy Phillips/HOU/ECT@ECT
Subject: ENSIDE Newsmagazine

Good Morning, Mike!

Mark Frevert has requested that we continue our efforts to profile the
various officers of EA, EGM and EIM in the newsmagazine.  As the Editor of
the ENSIDE,  I would like to schedule an appointment to interview you.  The
next issue is set for publication in February and I need only 30 minutes of
your time.  I have attached some possible topics for us to discuss.

I look forward to meeting with you.  Please call me if you have any questions.

Kathie Grabstald
Public Relations
x 3-9610


Membership:  Please remember that we have commitments to our  philanthropies even though you may have completed your hours.  We are in  need for people to sign up for:
KEEP PACE TRANSITION NIGHT
Tuesday,  January 29; 6:30 p.m. - 8:30 p.m.
Call Jane Price at 281-587-1990
Atria Retirement Home - Bingo and Painting, Call Diana Denton for dates  (281-370-6765).

-Claire  Loria


ISDA PRESS REPORT - MAY 3, 2001

*  ISDA lobbies FASB on swaps - Financial Times
*  Corporates warm to charms of credit derivatives - Reuters
*  Fed Proposes Rules On Derivatives, Intraday Lending - Dow
Jones
* Banks urged to improve credit, operational risk disclosure - IFR
* Argentina crisis default swap ripples contained - IFR
*  Fed Proposes First-Ever Regulation To Govern Limits on
Affiliate Transactions - BNA

ISDA lobbies FASB on swaps
Financial Times - May 3, 2001
By Vincent Boland

The International Swaps and Derivatives Association has expressed concern
that proposed changes to US accounting standards and tax regulations could
have a negative impact on swaps transactions. In a submission to the US
Federal Accounting Standards Board, ISDA said that definitions of
liabilities and equity as "residual interest" were adequate and that it had
asked the FASB to reconsider proposed changes and to retain the current
accounting model. It also said, in a submission to the Internal Revenue
Service, that it was concerned that proposed changes to hedging regulations
did not properly implement Congressional intent with regard to risk
management standards that qualify for hedging treatment.

Corporates warm to charms of credit derivatives.
Reuters English News Service - May 3, 2001
By Tom Bergin

European corporates are beginning to turn to credit derivatives, among the
more esoteric and complex of financial instruments, to hedge the risk their
debtors won't pay up, market participants said on Thursday.

Credit derivatives are insurance-like tools that allow users to hedge the
risk of default on a debt. They are mainly used by banks, hedge funds and
insurance companies to hedge or gain exposure to the risk of a bond issuer
defaulting.

Dealers said an environment of deteriorating credit quality and a growing
awareness among corporates that credit derivatives offer certain advantages
over established hedging tools was behind the increasing use of the
instruments.

The market remains small, with only around a dozen non-financial European
corporates regularly using credit derivatives to manage their credit
portfolio at present. But market professionals predict they will one day
become as commonplace in the corporate world as other hedging tools such as
interest rate swaps and currency options.

"We see (corporate use) as a big growth area for credit derivatives, maybe
the biggest," says Bryan Seyfried, vice-president of Enron Credit in London.

Enron Credit grew out of the efforts of energy company Enron Corp. to hedge
its own credit risk portfolio and now specialises in marketing credit risk
management solutions to other non-financial corporates.

Ralf Lierow, director of credit derivatives at Siemens Financial Services in
Munich, said the ability to buy and sell in a liquid market means credit
derivatives offer a flexibility that established tools like credit insurance
and forfaiting guarantees lack. Credit derivatives were are often cheaper
than the alternatives, too, he added.

"This is not a trading book thing. For us, the credit default swap is
another tool for credit risk management," Lierow said.

HELPS OPERATIONAL UNITS DO MORE BUSINESS

Siemens Financial Services acts as the centralised risk portfolio management
operation for companies within the Siemens electronics and industrial group.
It first started using credit derivatives in July 2000.

Large companies like Siemens can have hundreds of millions of dollars in
receivables on their books at any time. The efficiency with which these
companies manage the credit risk on their receivables has an impact on their
day to day business.

"The advantage for the operative area is that they can offload more
receivables and do more business," Lierow said.

Siemens uses credit default swaps , the most liquid type of credit
derivatives, to hedge its portfolio of debtors on a constant basis. As the
balance of cash owed by each name fluctuates over time, the company tries to
match this with default swap positions. Hence, if a customer fails to pay,
Siemens can recoup the debt from the default swap seller.

Other companies use credit derivatives less frequently.

"There are occasional corporate users that have secured one-off requirements
for balance-sheet management aims or to strip out the credit risk of a
commercial transaction," said Walter Gontarek, head of global credit
products at RBC Dominion Securities.

By hedging a country or company risk which a corporate may not be
comfortable in carrying, a credit derivative can facilitate a project that
may otherwise be unfeasible, dealers said.

NOT PUT OFF BY BAD PRESS

Corporates' adoption of credit derivatives is in spite of the negative
publicity the instruments have received in recent years. A number of
disputes over whether protection buyers could force banks to pay up on
contracts have ended up in court. However, traders insist that subsequent
work done on contract documentation minimises the risk of such disputes in
future.

Nonetheless a very practical concern for corporates remains, in that credit
derivatives documentation was designed by bankers with sovereign and
corporate bonds in mind. The International Swaps and Derivatives Association
(ISDA) standard documentation for credit default swaps allows for a pay-out
in relation to defaults on bond payments but not on a private debtor's
failure to pay.

"We use the ISDA framework but we need it redrafted in specific ways to fit
our needs. You cannot take a standard contract and trade on it if you want
to hedge trade receivables," Lierow said. These amendments add to the cost
of the credit derivative.

Another problem that corporates face is the complexity of credit
derivatives. There is little experience of the instruments, which are barely
a decade old, in the corporate world. Siemens had to get its expertise from
the financial markets, hiring Lierow from Bankgesellschaft Berlin.

Clive Banks, UK head of derivatives sales to buy-side clients at Schroder
Salomon Smith Barney, said much of the effort in marketing credit
derivatives to corporates involves educating them about the products and the
risks involved.

"It's about explaining credit risk management and what kind of volatility
and cost having credit risk introduces," he said.

OUTLOOK PROMISING

Yet some corporates are beginning to take full advantage of their new tool.
Lierow said that Siemens, which currently only buys credit protection,
planned to start acting as a default swaps seller in the coming months.

He said selling would facilitate better matching of protection levels to
actual exposures, and would enable diversification of risk away from
industry sectors where the company's activities are concentrated.

"You could improve the portfolio mix by buying protection on automotives and
selling protection on pharmaceuticals," he said.

Fed Proposes Rules On Derivatives, Intraday Lending
Dow Jones - May 3, 2001
By Dawn Kopecki

The Federal Reserve Board Wednesday proposed regulations that would place
restrictions on intraday lending as well as on derivatives contracts between
banks and their affiliates.

The Fed is seeking public comment on the proposal, which would apply rule
23A of the Federal Reserve Act to derivatives contracts as well as to
intraday extensions of credit. The proposal is designed to limit a bank's
exposure to risk from an ailing affiliate.

Section 23A limits the ability of an insured depository institution to
extend credit to or purchase assets from an affiliate. It also establishes
collateral requirements for credit transactions between banks and their
affiliates.

Fed officials also proposed to extend rule 23B, which requires that
transactions between banks and their affiliates be on market terms, to
derivatives and intraday loans.

Under the interim rule, over-the-counter (OTC) derivatives contracts would
have to be collateralized and the terms of the contract would have to
reflect market prices. Banks would also have to have procedures in place to
handle derivatives transactions and intraday lending.

The interim rule, which is not yet final and could change, would go into
effect Jan. 1, 2002.

"Its primary goal will be to establish barriers protecting depository
institutions from the problems of a failing affiliate," said Anthony
Santomero, president of the Federal Reserve Bank of Philadelphia, in a
speech earlier this year. "Even with the best of intentions, this regulation
will prove difficult to codify and will be subject to close scrutiny."

The proposal was precipitated by legislation passed in late 1999 that
overhauled the U.S. financial service sector. The Gramm-Leach-Bliley Act
also required the Fed to issue rules by May 12 on derivatives transactions
done by banks.

The Federal Reserve Board also unanimously adopted a new rule that exempts
certain transactions between banks and their affiliates from those same
collateral standards as well as from other restrictions.

For example, loans made by a bank to an unaffiliated borrower that then uses
the loan to buy securities underwritten or sold by a brokerage affiliated
with the bank would be exempt from rule 23A.

Banks urged to improve credit, operational risk disclosure
IFR - April 28, 2001

International banks will need to increase credit and operational risk
disclosure to regulators, according to a report issued by the Bank for
International Settlements last week. "There is still a long way to go
compared with the current practice," said an official at the regulatory
body. Disclosure related to credit derivatives and banks' use of internal
credit risk rating methods, as well as disclosure of methods for measuring
and assessing operational risk was lacking, the BIS report found.

Fewer than half of the banks that use credit derivatives disclosed their
strategies and objectives for the use of such instruments, it noted.
Furthermore, only 18% of banks disclosed a breakdown of type of credit
derivative instrument used, notional and fair values, and the amount of
credit risk bought or sold, it added.

Similarly, few banks provided summary information on the quality of on and
off-balance sheet credit exposures based on internal ratings or external
ratings, the report said, noting that this is an area where disclosure could
be improved.
According to the report, less than one quarter of the banks described how
internal ratings are used in the bank's capital allocation process. The
adequacy of disclosure related to the use of internal ratings will be an
area of increased importance under the new Basle Capital Accord as banks
will need to qualify to allow their internal based approaches to be
considered, the BIS report said.

Overall, banks did disclose their objectives and strategies in using
derivatives to hedge risks, with 81% of banks disclosing their objectives
for the use of non-trading derivatives. Fifty-seven banks from the 11 Basle
Committee member countries took part in the survey conducted by the BIS
transparency working group.

The report found that while 96% of respondents disclosed their risk-based
capital ratio in accordance with the methods prescribed in the Basle Capital
Accord, only 30% provided all of the information relevant to understanding
how Basle requirements for market risk under internal models have been
calculated. Further, only half of those surveyed disclosed whether they had
an internal process for assessing capital adequacy and for setting
appropriate levels of capital.

The absence of existing guidance at the time of the study is the likely
reason for the poor marks for disclosure on operational risk management.
"They should see how their [operational risk management] practices compare
with guidance released in January," said a BlS official.

A discussion paper elaborating on the tenets of the Basle Committee's
January proposal is slated for release toward the end of the summer. The aim
of the paper will be to assist banks in their implementation of the final
proposal, which is due for release at the end of the year. The Basle
Committee in its most recent draft proposals indicated its intention to levy
an operational risk capital charge.

Although the BIS conducts annual reports on bank disclosure practices, the
1999 survey cannot be compared directly with previous surveys as its focus
shifted away from trading and derivatives to cover other areas such as
operational risk.

Argentina crisis default swap ripples contained
IFR - April 28, 2001

Argentine default swaps drove out last week, as the sovereign teetered on
the brink of a forced restructuring of its debt. The ripple effect on credit
default swaps in other Latin American sovereigns was limited, however, and
even Argentine quotes were well off their highs by the end of the week.
Investment grade corporate default swaps mostly fell on the back of a wave
of CDO portfolio position unwinds.

There was one-year Argentina default swap trade as high as 2,450bp last
Monday, but by the end of the week, the maturity was quoted at
1,225bp/1,725bp. For much of the week, the market was illiquid, with major
dealers saying that they would only come inside bid/offer spreads to do
client trades.

There was mild curve inversion in Argentina by the end of the week, with
two-year quotes at 1,lOObp/1,600bp, the five-year at 1,060bp/1,520bp, and
the 10-year at 1,000bp/1,400bp.

The basis between default swaps and the asset swap value of Argentine FRB
debt was very wide. For much of the week FRBs were trading at levels at
least 300bp tighter than the apparent realistic mid-point for default swaps.

Before the most recent crisis in confidence over Argentina's ability to
raise funds, and to maintain its currency peg to the dollar, its default
swaps were trading at levels tighter than the asset swap value of comparable
FRBs.

Brazilian default swap levels were not hit as hard as those in Argentina,
and Mexican credit protection swaps did not suffer contamination from
Argentina's troubles. There was one-year trading in Brazil default swaps
seen at least as high as 475bp, but quotes in the maturity at the end of the
week were at 360bp/430bp.

Brazil's default curve also remained positive - with the three-year at
620bp/695bp at the end of the week, the five-year at 660bp/740bp and the
10-year at 740bp/820bp.

The basis between the asset swap value of Mexican dollar debt and its
default swap prices remained at a comparatively tight 2Obp-30bp, which
indicated that there had been no aggressive move to buy default swap
protection, Its one-year default swap quotes were holding in at 100bp/135bp
at the end of the week, its three-year quotes at 200bp/240bp, five-year
prices at 250bp/290bp (there was trade at 273bp) and its 10-year prices at
280bp/320bp.

There was a sharp decline in credit default swap quotes for many of the most
liquid corporate names on the back of off-loading of CDO positions by some
of the bigger dealers. Telecoms and auto conipany quotes fell as a result of
this swap selling, with many benchmark quotes falling by 10bp or more last
Thursday.

British Telecom was one of the biggest movers, trading at least as low as
120bp in the five-year, having been l5bp higher the session before. Its
quotes were well offered on the back of the announcement of the replacement
of chairman lain ValIance, and talk of a o5bn rights issue to replace debt,
as well as the effect of the CDO selling.

France Telecom dealt at levels below 70bp in the one-year and its five-year
mid quotes fell below l20bp.

DaimlerChrysler saw five-year trading below lOObp, and its mid quotes were
approaching 9Obp by the end of the week, having started the week at 1 l5bp,
while Ford and GMAC both saw five-year trade as low as 83bp.

Not all investment grade corporate default swaps fell, however.

Carnival continued to be strongly bid on the back of hedging of its recent
convertible bond, which was increased by US$ lOOm to US$600m.

There was five-year default swap trading in Carnival seen at levels
including 8Obp.

Fed Proposes First-Ever RegulationTo Govern Limits on Affiliate Transactions
BNA - May 3, 2001
By R. Christian Bruce and Richard Cowden

The Federal Reserve Board unveiled one of its most important regulatory
projects in recent years on May 2 and asked for comment on a proposed
regulation that would implement key provisions in federal law limiting
transactions between banks and their affiliates.

As required by Congress, the Fed also released an interim rule to cover
aspects of those transactions and finalized another rule that addresses
exemptions from the law.

The proposed Regulation W marks the first time the Fed has formulated rules
implementing restrictions under Sections 23A and 23B of the Federal Reserve
Act, two of the most important laws for federally-insured banks.

Although the Fed has offered advice and interpretation before with respect
to Sections 23A and 23B, it has done so using legal rulings and advisory
letters geared to specific cases.

Now the Fed is updating those interpretations and putting all of the
information in one place. "The proposed Regulation W seeks to provide users
with a single, comprehensive reference tool for complying with and analyzing
issues arising under sections 23A and 23B," the Fed said.

Action in Three Parts
In its May 2 meeting, the Fed took three distinct actions. The Fed issued an
interim rule, effective Jan. 1, 2002, that requires banks to establish
policies and procedures to monitor and control credit exposure from intraday
credits and derivatives transactions with affiliates. Although the effective
date is delayed, banks are expected to get to work on the new policies and
procedures as soon as possible. The interim rule also clarifies that both
types of transactions are covered under Section 23B, which means that banks
will have to treat those transactions as "arms-length" transactions, just as
they would with any other third party. The Fed expressly declined to rule on
whether derivative transactions between banks and affiliates are covered
transactions under Section 23A;
asked for comment on the main text, the proposed new Regulation W, which
would incorporate many existing Fed pronouncements and interpretations
applying Sections 23A and 23B, as well as adding some important new
wrinkles; and issued a final rule setting out various transactions that are
eligible for exemption from Section 23A. The rule was originally proposed
June 11, 1998. In addition, the Fed is allowing opportunity for further
comment on some of the exceptions during the comment process for the
proposed Regulation W.

Why the Rule Matters
The Fed's three-part initiative is significant because Sections 23A and 23B
are important statutes that protect banks from losses due to transactions
with affiliated institutions, such as securities units or mortgage firms.

According to the Fed, the increasing scope and complexity of bank operations
in recent years sparked more requests for guidance, especially in connection
with Section 23A, which places quantitative limits on affiliate
transactions.

And if transactions with affiliates were important before, they are even
more important now. In 1999, Congress passed the Gramm-Leach-Bliley Act, the
financial services modernization law that was expressly crafted to allow
even broader affiliations between banks, securities companies, and insurance
firms.
The GLB Act, which also amended key provisions in sections 23A and 23B, gave
the Fed until May 12 to adopt rules addressing credit exposure in connection
with intraday credits and derivatives transactions with affiliated
institutions. The Fed accomplished that task by issuing the interim rule.

Finally, the rule is important because it could make things easier for
everyone involved, at least in theory. By crafting an implementing rule for
Sections 23A and 23B, the Fed will be able to consolidate its doctrine. In
addition, the rulemaking process gives bankers the opportunity to shape the
final version of the rule.

Early Reaction
Observers were still poring over the Fed's initiative late May 2, especially
the interim rule and the newly proposed Regulation W. They welcomed the
Fed's decision to delay the interim rule's effective date, saying the time
between now and Jan. 1, 2002, will be put to good use.

Sarah A. Miller, general counsel of the American Bankers Association
Securities Association, told BNA May 2 that the Fed "took a fairly
responsible approach," especially in terms of taking limited action in the
interim rule and leaving many of the tougher issues for the comment process.

Above all, she said, bankers hope that the rule, once finished, will provide
much-needed clarity with respect to Section 23A and Section 23B issues.
"We're elated that the rule is out," she said.
Miller also said the final rule on exemptions will be helpful, especially
provisions addressing certain loans to third parties. She said the ABASA has
been working for such changes since at least 1997. "This is something our
guys have been very much anticipating," she told BNA.

Definitions at Issue
Another analyst noted that the Fed gave a fairly narrow definition of
intraday credits in the interim rule, carving out exceptions for securities
clearing and settlement transactions on behalf of affiliates.

"Clearly, they didn't want to interrupt normal day-to-day dealings that
don't present any real risk," the analyst told BNA.

However, there was some disquiet over other aspects of the Fed's action. For
example, analysts said the interim rule defines "derivative transaction"
quite broadly, so much so that many transactions will fall under the
coverage of Section 23B. According to the Fed, "derivative transaction"
means "any derivative contract covered by the Board's capital adequacy
guidelines [which includes most interest-rate, currency, equity, and
commodity derivative contracts] and any similar derivative contract,
including credit derivative contracts."

Another potential sticking point is how the proposed Regulation W addresses
independent credit judgments under 12 C.F.R. 250.250, an interpretive rule.
The proposal establishes a bright-line quantitative test, but goes on to
give bank examiners significant discretion to decide whether a bank has
shown the independence required to gain a critical exemption under the rule.
Under the proposal, even if the bank meets the quantitative test, it may
still be denied the exemption if the examiner decides that the bank is
providing substantial and ongoing funding to the affiliate.

More Exemptions Could Be on the Way
The Regulation W proposal also allows bankers to comment on potential
additions to the exemptions in the final rule. One would involve purchases
by a bank of municipal securities from a broker-dealer affiliate that is
registered with the Securities and Exchange Commission, according to a Fed
staffer. Among other requirements, the municipal securities must be eligible
for purchase by a state member bank and must be rated by a nationally
recognized rating organization or it must be part of a pool of securities of
less than $25 million.
Another would allow certain companies to charter a new bank and transfer
assets to the new bank from affiliated institutions outside the restrictions
of Section 23A.

A third possible exemption would govern certain credit card transactions. A
Fed official explained a typical case in which the proposed exemption would
apply. "If a [bank] loan to a third party is pursuant to a general purpose
credit card, like a Visa or Mastercard, and the third party buys a product
from an affiliate of the bank, we're going to basically ignore that
transaction," he said.

Another Fed official said the purpose of the exemption was to accommodate
extensions of credit that are not designed to subsidize an affiliate of the
bank through transactions that elude the Sections 23A and 23B limitations.

Comments Due in 90 Days
The proposed rule applies to all federally-insured banks. However, even
though Congress has extended coverage of Sections 23A and 23B to savings
associations, the Office of Thrift Supervision (OTS) will have to craft its
own rule, the Fed said. OTS officials told BNA May 2 that they are studying
the Fed's proposal.

Comments on the proposal are due 90 days after it is published in the
Federal Register. All existing Fed interpretations and staff opinions remain
in effect until the new Regulation W becomes final.

Scott Marra
Administrator for Policy & Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org


---------------------- Forwarded by Kay Mann/Corp/Enron on 10/10/2000 09:39
AM ---------------------------

	Enron North America Corp.

	From:  Kay Mann                           10/10/2000 09:38 AM

To: cbrashear@ve.com
cc:

Subject: Michaelisms

Michael has been peppering me with questions lately:

Do you have to be rich to run for president?
Do you have to follow in your father's footsteps when you grow up?
How would it be if I kicked the ball through the clouds and God caught it?
Can you see God?
Where is God?
Why did Dolly die (pathology, not philosophy)?  Was it fleas and worms?

And when he was  mad at Neil:  Mom, you picked the wrong husband.

I'm sure there have been more - this was just Sunday and Monday!

Kay


---------------------- Forwarded by Darron C Giron/HOU/ECT on 04/26/2001
03:45 PM ---------------------------

"Carlos Giron" <Carlos.Giron@psiusa.com> on 04/23/2001 01:48:45 PM
To: Darron.C.Giron@enron.com, Angela.teerwilliams@gte.net, Glenn@home.com,
Ralphmayers@hotmail.com, Yhaynes@mindspring.com, Mike.Kotar@psiusa.com,
ronniegiron@yahoo.com
cc:
Subject: Fwd: snake

Content-Transfer-Encoding: binary
Date: Mon, 23 Apr 2001 13:45:14 -0500
From: "Bishop Keller" <BKeller@psiusa.com>
To: Carlos.Giron@psiusa.com
Subject:  snake
Mime-Version: 1.0
Content-Type: application/octet-stream; name="SNAKE.doc"
Content-Disposition: attachment; filename="SNAKE.doc"

 - SNAKE.doc


----- Forwarded by Richard B Sanders/HOU/ECT on 02/21/2001 01:42 PM -----

	Edward Sacks@ENRON
	02/21/2001 12:08 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: ASSIGNMENT AGREEMENT

FYI - Below is the email address for Richard Lowell and Peter D'Anna.

Ed Sacks
---------------------- Forwarded by Edward Sacks/Corp/Enron on 02/21/2001
11:54 AM ---------------------------

Richard Lowell <rlowell@mieco.com> on 02/21/2001 11:47:48 AM
To: "'Shari.Stack@enron.com'" <Shari.Stack@enron.com>
cc: Brian McGee <bmcgee@mieco.com>, "Peter D'Anna" <pdanna@mieco.com>,
"'Edward.Sacks@enron.com'" <Edward.Sacks@enron.com>

Subject: ASSIGNMENT AGREEMENT

I understand that Ed sent the assignment agreement to your attention last
night. As you know, we simply modified the previous document to reflect the
new arrangement. This morning I noted a couple of mistakes (Sec. 6&7). This
draft shows changes from the document we sent last night. Open items include
an appropriate discount rate on the Mieco payment to Enron and whether we
will do 125 MW or 100 MW both items being discussed by Peter D'Anna and Ed
Sacks. We appreciate your cooperation.
Richard Lowell
Mieco Inc.
562-435-0085

 <<Mieco-CPS-EPMI Assignment Ag_.doc>>

 - Mieco-CPS-EPMI Assignment Ag_.doc


FYI,

I have been testing the enhancement changes for LFT contracts that was
documented last April and this item will move to production the weekend.
This change will move the LFT validation process from the allocation function
to the Rollover and Balance function. To explain,  when TW post a notice
that  "No LFT is Available" for a location and gas day, the system will
automatically schedule the LFT contract to zero for that day at that point
during the 1st scheduling process after the nomination deadline which is
called rollover and balance process. The current process today cuts the LFT
contracts during our allocation function, which is the last process done on
TW.

We have also added the waiver flag to the contract system that identifies the
LFT shippers who have signed the waiver granting TW responsibility to change
their nomination from firm to overrun on days when no LFT service is
available.
Both Lorraine and TK have a copy of this draft document that I created.
Please review this waiver document and finalize any changes to it so this new
service can be offered to the shippers. If you would like to post this waiver
document to our web site under forms, please let me know.  Finally, the
contract team will keep these waiver documents with the LFT contract file, as
well as in their waiver log book.

Thanks Ramona


i think i met a few of your friends that night, but i don't remember who is who.  it seems like such a long time ago. any time is good for me next week.  let's get together on tuesday?  let me know if that is good for you.


not 68, 46.  sorry.

Chris_Germany@enron.com on 01/25/2000 11:08:59 AM
Please respond to Chris_Germany@enron.com

To: Heidi Boyd/CES/ColumbiaGas@COLUMBIAGAS
cc:

Subject: Re: NYSEG - 1/26

I'm forgot, what do you need at Tenn O&R for tomorrow?


calendar - fyi
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/04/2001
03:08 PM ---------------------------

Jeffrey Keeler
05/03/2001 10:48 AM
To: Steven J Kean/NA/Enron@Enron, Rob Bradley/Corp/Enron@ENRON, Richard
Shapiro/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Susan
Worthen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marc Phillips/OTS/Enron@ENRON,
Henry Van/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gavin
Dillingham/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gus Eghneim/Corp/Enron@Enron,
Mark Palmer/Corp/Enron@ENRON, Ann M Schmidt/Corp/Enron@ENRON, Kelly
Kimberly/Enron Communications@Enron Communications, Catherine
McKalip-Thompson/Enron Communications@Enron Communications, Lauren
Iannarone/NY/ECT@ECT
cc:

Subject: Emissions Strategy Meeting

Sent by:  Lisa Jacobson, Environmental Strategies
___________

PLEASE LET US KNOW YOUR AVAILABILITY!

The Environmental Strategies Group will convene an "Emissions Strategy
Meeting" in mid-May to discuss global emissions issues -- such as climate
change and U.S. multipollutant legislation -- and explore some of the
potential business opportunities for Enron commercial groups.

The primary objectives of the session are to 1) provide you with the latest
information on emissions regulation, markets, and Enron's advocacy efforts
worldwide and 2) receive feedback on your commercial interests and input on
policy options so that we may develop the best business and policy strategies
for Enron in both the short and long term.  We invite you or a member of your
group to participate in this important strategic discussion.

Our target dates are May 16, 17 or 18 in Houston (likely time is 10 a.m. - 2
p.m.).  Please respond immediately with your best available dates so we can
finalize our arrangements.

Please review the attached invitation and preliminary agenda.  If you have
any questions or suggestions in advance of the meeting, do not hesitate to
contact me of Jeff Keeler.

We look forward to your participation.

Lisa Jacobson
Manager, Environmental Strategies
Enron
(202) 466-9176


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2001 Carr Futures

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

Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks42.pdf

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


p.s.  we are not selling a pipeline at all.  just the fee property on which
no pipelines exist.  tell me where I lost you and I'll be happy to clarify
further.

thanks, Dan.

Candy

Dan.J.Hyvl@enron.com on 06/06/2001 02:04:34 PM

To:   clbywaters1@aep.com
cc:

Subject:  Re: Crane County 640 Acre Sale

Where is your earnest money contract?  Isn't the information therein.  I
was not aware that we were selling a pipeline to anyone.  Please advise?

                    clbywaters1@a

                    ep.com               To:     dan.j.hyvl@enron.com

                                         cc:

                    06/06/2001           Subject:     Crane County 640 Acre
Sale
                    07:25 AM

---------------------- Forwarded by Candace L Bywaters/HO1/AEPIN on
06/06/2001 07:25 AM ---------------------------

Candace L Bywaters
06/06/2001 07:19 AM

To:   dan hyvl@enron.com
cc:

Subject:  Crane County 640 Acre Sale

While I'm in the process of getting the appropriate information for Mr.
Earp, one question.  Shouldn't we also have a bill of sale to accompany
this document, registering the value to be paid for this property?

Pls advise.

Candy


are you guys using all your tickets?  i can buy one today if you guys are using yours.  probably a good idea for me to buy it anyway.  i think that i am going in sat morning.


Gas daily plus $.15-make sure legal approves