The Earth Times
Conference News Daily
205 East 42nd Street, Suite 1316, New York, NY 10017
Telephone: 1-212-297-0488, ext 17; Fax: 1-212-297-0566; E-Mail:
pranaygupte@aol.com
Daily Web Edition: http://www.earthtimes.org

October 25, 2001

Mr. Kenneth L. Lay
Chairman and Chief Executive Officer
Enron Corporation

Dear Mr. Lay:

The Earth Times/Conference News Daily has been invited to publish daily print
and Web editions at the upcoming Ministerial Meeting of the World Trade
Organization in Doha, November 9-13, 2001. These daily editions--which will
supplement WTO and Qatar's extraordinary efforts to ensure the success of the
meeting--will be distributed to delegates each morning at their hotels, and
also at the Doha Conference Center. As you know, this critical meeting will
consider the admission of China, and also decide on launching a new round of
trade talks. It will attract thousands of top officials from government,
industry, diplomacy, as well as media representatives.

We will also simultaneously publish daily editions in New York, as the United
Nations  General Assembly reopens its fall meeting cancelled on September 11,
and hosts heads-of-state from November 10-16. President George W. Bush will
lead world leaders in signaling a renewed drive against terrorism and launch
a new initiative to jump-start global economic growth.

Our newspaper will be the paper of record at both the WTO and General
Assembly meetings. It is guaranteed to reach all participants, many of whom
are eager readers from our coverage of major international conferences for
more than a decade, including UN gatherings and the annual meeting of the
World Economic Foorum in Davos, Switzerland. Our not-for-profit newspaper has
made a mark as an independent, nonpartisan editorial voice on international
economic, environmental and social issues. Our Chairman and Publisher is Mr.
Theodore W. Kheel, the eminent lawyer and mediator.

We plan to publish a total of ten daily editions in print and on the Web from
November 8 through 17. We would very much like to invite Enron to sponsor
these special editions either fully or in part, and to use our publication as
an effective means of conveying your position on the critical issues that
will be discussed to the audiences in Qatar and New York in a position to do
something about them. Our overall budget for both the WTO and General
Assembly meetings is US$150,000.

Enron could contribute any amount it wishes. In exchange, you will get
front-page mention each day, plus a four-color ad in every issue.

I would be most obliged for your consideration. Please be assured of the
utmost cooperation of our newspaper and myself.

With thanks again for your continuing support, and my highest personal
regards,

Yours sincerely,
Pranay
Editor-in-Chief and President

______________________
Pranay Gupte
President and Editor-in-Chief
Conference News Daily / The Earth Times
205 East 42nd Street, Suite 1316
New York, NY 10017 (USA)
E-Mail: pranaygupte@aol.com
Telephone: 1-212-297-0488, ext 17
Fax: 1-212-297-0566
----
Chairman and Publisher: Theodore W. Kheel
Daily Web Editions: http://www.confnews.com
and http://www.earthtimes.org


Mark,

The attached spread for Rob Fuller is identical to John Arnold's.  This will
replace the current crude spread product as a new product type.  Please
review and let us know if you have any questions.

Thanks,

CW
3-7533

 -----Original Message-----
From:  Meredith, Kevin
Sent: Friday, May 25, 2001 1:05 PM
To: Walker, Chris; Lozano, Melba
Subject: FW: Crude Spread

 -----Original Message-----
From:  Meredith, Kevin
Sent: Monday, May 21, 2001 3:47 PM
To: Fuller, Robert
Subject: Crude Spread

Rob,

Please review the attached long description for the spread product you've
requested.  Additionally, please confirm that the unit of measure will be
barrels per month and that you understand the functionality of the product
(i.e. one product on the website, two swap transactions once hit/lifted).
Let me know what you think.

Kevin
(713) 853-9555


alright, no williams

can i interest you in a receiver and say lamar smith for robert smith or ron
dayne


================= Reactions password reminder =================

Hi,

We do not seem to be able to see you on our systems, Please try registering
and you will automatically receive a username and password.
If you have already registered on this website, then please let us know and
we will investigate further.

Regards.
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Tel: +(44) 0171 779 8927    Fax: +(44) 0171 779 8704
=========================================================================


----- Forwarded by Sara Shackleton/HOU/ECT on 12/06/2000 02:52 PM -----

	Sara Shackleton
	11/27/2000 05:17 PM

		 To: Samantha Boyd/NA/Enron
		 cc: Stephanie Panus/NA/Enron@Enron
		 Subject: CSFB

Sam:  Please move the CSFB Futures Agreement to the "Futures Agreement"
section of the database.  Thanks.  Sara


Your resume was not attached to your e-mail. I don't have any openings in
Enron Wholesale, but I will send your resume around.

	"Kevin Risley" <KRISLEY@smklaw.com>
	04/12/2001 01:36 PM

		 To: <rsander@ect.enron.com>
		 cc:
		 Subject: Resume

Richard-

        As I mentioned in a voice mail I left a little earlier, Iam currently
looking for a position in litigation, with a preference for some work in the
appellate area.  Kristina Mordaunt and David Koogler suggested that I contact
you to see if there is anything presently available.  I am taking the liberty
of attaching a resume and list of reported decisions so you can see my
background.  If you don't mind, I will try to call you the first part of next
week.  If you would like to talk before then, I can be reached at
713-754-6300.

        Thanks for your consideration.

        Kevin Risley


----- Forwarded by Sheila Tweed/HOU/ECT on 09/26/2000 09:28 AM -----

	Todd Busby@ENRON
	09/26/2000 08:58 AM

		 To: Sheila Tweed/HOU/ECT@ECT
		 cc:
		 Subject: RE: Sithe letter from Sheila Tweed

---------------------- Forwarded by Todd Busby/NA/Enron on 09/26/2000 08:56
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Rosenberg, Marty" <mrosenberg@Sithe.com>
09/26/2000 08:25 AM

To: "'Todd.Busby@enron.com'" <Todd.Busby@enron.com>
cc:
Subject: RE: Sithe letter from Sheila Tweed

Concept is okay.? Please ask Sheila, Dan and Ruth to help redraft the one
sentence since there is no such thing as a defined term Keep Whole.?

-----Original Message-----
From: Todd.Busby@enron.com [mailto:Todd.Busby@enron.com]
Sent: Monday, September 25, 2000 8:17 PM
To: mrosenberg@sithe.com
Subject: Sithe letter from Sheila Tweed

---------------------- Forwarded by Todd Busby/NA/Enron on 09/25/2000 07:16
PM ---------------------------

Legal Temp 1@ECT
09/25/2000 05:19 PM

To:?? Todd Busby/NA/Enron@Enron, jdonahu@enron.com
cc:?? Sheila Tweed/HOU/ECT@ECT
Subject:? Sithe letter from Sheila Tweed

See what you think of this one.? Thanks, Sheila

(See attached file: sithe pays enron.doc)


EB3127 - Edith Cross (Service Deal)


Set up with Eric Salinas 33968 - 10/3/00 jar


Moving forward, inch by inch.

ckm

Jake Thomas@ECT
04/24/2001 10:46 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: ENA/PPL Citibank Escrow Agreement

With my limited knowledge of escrow agreements - this look fine to me

Jake

Kay Mann@ENRON
04/24/2001 08:14 AM
To: Jake Thomas/HOU/ECT@ECT
cc:
Subject: ENA/PPL Citibank Escrow Agreement

fyi

---------------------- Forwarded by Kay Mann/Corp/Enron on 04/24/2001 10:14
AM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 04/24/2001 09:55:47 AM
To: "'gregorylang@paulhastings.com'" <gregorylang@paulhastings.com>,
"'iparker@freshfields.com'" <iparker@freshfields.com>,
"'estelle.a.lawrence@citi.com'" <estelle.a.lawrence@citi.com>,
"'rvicens@deltapower.com'" <rvicens@deltapower.com>
cc: "'kay.mann@enron.com'" <kay.mann@enron.com>, "'stephen.thome@enron.com'"
<stephen.thome@enron.com>, "'paul.garcia@enron.com'" <paul.garcia@enron.com>

Subject: ENA/PPL Citibank Escrow Agreement

 <<RED.Escrow Agreement Enron Salmon LLC.DOC>>

Ladies and Gentlemen:

Enclosed is a revised draft of the Escrow Agreement marked to reflect
changes from the draft previously circulated.  Please review and advise of
any comments.  We hereby request that ENA and PPL provide or confirm as
applicable the relevant wire transfer information in Sections 3 and 4 of
Part I, in order that execution copies may be circulated  for execution
later today.  Thank you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

Enclosure:137032vR5/4

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - RED.Escrow Agreement Enron Salmon LLC.DOC


Attached is a newly revised Credit Watch listing.  If there are any
personnel in your group that were not included in this distribution, please
insure that they receive a copy of this report.

To add additional people to this distribution, or if this report has been
sent to you in error, please contact Veronica Espinoza at x6-6002.

For other questions, please contact Bill Bradford at x3-3831, Russell Diamond
at 5-7095, Brant Reves at x3-9897, or the Global Credit Hotline at x3-1803.


FYI...

 -----Original Message-----
From: 	Sewell, Doug
Sent:	Friday, February 01, 2002 4:42 PM
To:	Boyt, Eric; Schneider, Chip
Subject:	RE: Florida swing supplier

We're buying  pre-pay power every day from Entergy-Koch, so they should be ok on the gas front.......
 -----Original Message-----
From: 	Boyt, Eric
Sent:	Friday, February 01, 2002 4:35 PM
To:	Schneider, Chip; Sewell, Doug
Subject:	FW: Florida swing supplier

FYI... Any luck with getting El Paso on board?

Eric

 -----Original Message-----
From: 	Germany, Chris
Sent:	Friday, February 01, 2002 4:30 PM
To:	McMichael Jr., Ed; Parks, Joe; Boyt, Eric; Dhont, Margaret
Cc:	Concannon, Ruth; Pollan, Sylvia S.; Garza, Maria
Subject:	FW: Florida swing supplier

Update on a new swing supplier as of 4:00 PM on Friday

I've called PanCanadian, e prime, Cinergy, Reliant, Coral, ONEOK, and Entergy-Koch.  I'm waiting for most of these people to call me back.  The only positive response I've had is from Coral and he still doesn't know if he can sell us gas even if we prepay.  ONEOK is the only counterparty that said they will NOT do business with us because we owe them $40 million.

Today we learned that Bridgeline sent comfort letters to their customers, informing their customers that Bridgeline will NOT sell us gas.

Margaret, it looks like Monday may be another fire drill day but I promise to keep working on it until 1) I have two suppliers that will work with ENA or 2) I've run out of customers to call.

 -----Original Message-----
From: 	Germany, Chris
Sent:	Friday, February 01, 2002 7:59 AM
To:	McMichael Jr., Ed; Parks, Joe; Boyt, Eric
Cc:	Concannon, Ruth; Pollan, Sylvia S.; Garza, Maria
Subject:	RE: Florida swing supplier

Nothing so far.  Joe Parks is checking with Bridgeline to see if we can buy gas from them.  It was late in the day before PanCanadian called.  I don't think PanCanadian will work because they do not have the flexibility to sell different daily volumes over weekends and holidays.

I hope we can work out a deal with Bridgeline.  Joe or I will be calling them first thing this morning.

Yesterday afternoon Tallahassee indicated that they may not need the swing gas for the weekend.

 -----Original Message-----
From: 	McMichael Jr., Ed
Sent:	Thursday, January 31, 2002 7:20 PM
To:	Germany, Chris; Parks, Joe; Boyt, Eric
Cc:	Concannon, Ruth; Pollan, Sylvia S.; Garza, Maria
Subject:	RE: Florida swing supplier

What did you get worked out?

 -----Original Message-----
From: 	Germany, Chris
Sent:	Thursday, January 31, 2002 3:29 PM
To:	Parks, Joe; Boyt, Eric
Cc:	Concannon, Ruth; McMichael Jr., Ed; Pollan, Sylvia S.; Garza, Maria
Subject:	Florida swing supplier

Update:  ENA was buying daily swing gas from Sequent on Florida to supply the City of Tallahassee deal.  Sequent says this deal is an administrative burden and has elected not to supply any more gas to ENA after 2/1/2002.  Scott Goodell called Aaron Bohall with PanCanadian to see if they would become our new swing supplier.  Aaron told me that they would sell us gas under the following conditions,
	the deal has to be on PanCanadian's paper
	we need to let PanCanadian know by 8:00 AM every morning
	and ENA must take the same daily volumes over weekends and holidays.

This is a problem because Tallahassee does not have to take the same daily volumes over weekends and holidays and Tallahassee does not need to notify ENA until 9:00 AM.  Aaron will see if they can work with a 9:00 AM deadline.


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---------------------- Forwarded by Jennifer Rudolph/HOU/EES on 05/16/2001
10:09 AM ---------------------------
From: Harry Kingerski@ENRON on 05/16/2001 10:06 AM
To: Marty Sunde/HOU/EES@EES, David W Delainey/HOU/EES@EES, Janet R
Dietrich/HOU/EES@EES, Dan Leff/HOU/EES@EES, Don Black/HOU/EES@EES, Wanda
Curry/HOU/EES@EES, James W Lewis/HOU/EES@EES, Scott Stoness/HOU/EES@EES,
Tamara Johnson/HOU/EES@EES, Scott Gahn/HOU/EES@EES, James M Wood/HOU/EES@EES,
Jennifer Rudolph/HOU/EES@EES, Dennis Benevides/HOU/EES@EES, Marcus
Dotson/HOU/EES@EES, Lamar Frazier/HOU/EES@EES, Robert C
Williams/Enron@EnronXGate, Mike D Smith/HOU/EES@EES, Vicki Sharp/HOU/EES@EES,
Diann Huddleson/HOU/EES@EES, jbennett@gmssr.com, jklauber@llgm.com
cc: James D Steffes/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sandra
McCubbin/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron
Subject: CPUC decision on 3 cent rate increase for PG&E/SCE

Highlights:

Direct access customers are exempt from the surcharge.
In giving its first hint on what it will do with the PX credit process, it
said "we will proceed to reexamine and redesign the direct access credit
system to reflect current structural reality."  (Translation - no
market-based PX credits)
Each customer class is allocated an equal 3 cents, plus an amount to cover
the shortfall from having residential usage up to 130% of baseline exempt
from the surcharge (as required by law). Responsibility for residential
subsidy is split one third each to residential, commercial, and industrial
The new rates become effective June 1, and the shortfall from the actual
effective date of the increase, March 27, through June 1 will be amortized
over 12 months.
Residential rate design - 5 tiers put in place.  No increase up to 130% of
baseline (first 2 tiers), rate for fifth tier (above 300% of baseline) is
about doubled.
Non-residential rate design - recommendations to put all of the increase into
summer on-peak were rejected.  About 60% of increase put into summer.
Industrial customers get a bill limiter which caps the average increase for a
given customer to 12.3 cents/kwh for PG&E and 12.9 cents/kwh for SCE.
Real Time Pricing was endorsed - will further explore in workshops starting
later in May.  Voluntary program will be started.
Federal facilities will be subject to a market rate pilot program.
Utilities are directed to specifically state on each bill the energy charges,
including the 3 cent surcharge

Below is a more complete summary of the CPUC decision on the PG&E/SCE rate
increase (prepared by Jeanne Bennett).


Mike --

I'd shorten the letter to one page by simply referencing the State Commission's letter and issues.  Don't we want to also work on pushing a Mediation (or some other solution) right now?

Donna --

Pls check with Linda R. about filing.  It's important but let's make sure our overall FERC strategy is consistent.

Jim

 -----Original Message-----
From: 	Roan, Michael
Sent:	Monday, October 22, 2001 12:11 PM
To:	Steffes, James D.; Nicolay, Christi L.
Cc:	Stroup, Kerry; Fulton, Donna
Subject:	Letter to Pat Wood

Jim, attached is a draft letter to Pat Wood.  It is basically the same letter sent by the State Commissions and consumers groups today....if we are to send it, it needs to go out this afternoon probably by 3pm (i don't know the process, Donna could you help....).

regards
Mike
 << File: Ltr to Wood, response to ARTO status report 22 October.DOC >>


- Tomb Raider - 04- Missy Elliott (featuring Nelly Furtado) - Get Ur Freak On.mp3


I am still not feeling well and will be living the office soon.

Samantha M. Boyd
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803
Houston, Texas 77002
Ph:  (713) 853-9188
Fax:  (713) 646-3490


Are you still taking care of the Portland guys?  Do you have time to look at this?

 -----Original Message-----
From: 	Hall, Steve C. (Legal)
Sent:	Wednesday, October 24, 2001 10:20 PM
To:	Taylor, Mark E (Legal)
Subject:	FW: Deseret Financial Swap:  Please review

Here is the document.

 -----Original Message-----
From: 	Hall, Steve C. (Legal)
Sent:	Wednesday, October 24, 2001 8:18 PM
To:	Taylor, Mark E (Legal)
Cc:	Choi, Paul
Subject:	Deseret Financial Swap:  Please review

Mark,

Per my voice mail, I would be very grateful if you or someone in your department could give this confirmation letter a quick review before lunch.  The intent of the deal is that we will pay Deseret a fixed price in exchange for a floating price based on the DJ-PV index.  However, if Deseret's plant goes down, then both parties will suspend payments the day following the unit outage, and resume payments once the unit comes back online.  If the index turns out to be greater than our fixed payment, we will pay Deseret  50% of the delta between the index and the fixed price.

Please call or e-mail me with your comments.  My number is (503) 464-7795.

Thanks so much,

Steve


Attached please find a clean copy of the Enron South America Facility
Agreement as well as a blackline showing changes to section 6.1.2.

<<ESA Break-out Agreement  Execution Copy.DOC>>  <<South America
Facility Agreement - Comparison of 9 to 10.DOC>>
 - ESA Break-out Agreement  Execution Copy.DOC
 - South America Facility Agreement - Comparison of 9 to 10.DOC


Tammie,
Attached is the Global Risk Management Operations update for Louise's weekly
report, week ending February 15.
If you have any questions, please let me know.
Thanks,
Brian


O.K.  Don't forget!!

-----Original Message-----
From: Tana.Jones@enron.com <Tana.Jones@enron.com>
To: pyoung@pdq.net <pyoung@pdq.net>
Date: Friday, March 31, 2000 1:11 PM
Subject: Re: Saturday Breakfast

>
>Sounds good to me!  Saturday, 8:00 am at Buffalo Grille it is!
>
>


Let me know as soon as possible when you can do Sherry's review and the
others as well, so I can get with Liz to schedule something that works for
everyone.  They want the regular ones to be done by the end of next week, and
Sherry's has to be done by Jan 19, 2001.

Thanks -- I know it's a pain,

Errol


here is the forecast.  thanks for taking the time to look over it.  i just
want to go over production real quick with you.   i will call in about a half
hour.


We have deleted Exhibit U from the break out contracts. In other words, the
version they received has been superceded. I'll have to see what I can figure
out about where the old reference came from.


Leaf finished his shift at 6 a.m. today - he'll be back at 6 p.m. But I
talked to Bill Williams about it and he saw the trade in the Real Time log,
and said he remembers hearing Leaf do the trade with Sempra. If you have a
number for Harry at Sempra, I'd be glad to give him a call and figure this
out. Let me know.

Thanks,
Kate

Stephanie Piwetz   04/03/2001 10:47 AM

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

Subject: DEAL 567990.01

Kate,
Deal 567990.01, trader at Sempra, does not show this trade.   Harry from the
backoffice called.
Please ask Leaf.

Thanks
Stephanie


This weekend, the Enron Global Information Technologies department will be
distributing a new version of the Oracle 8i client.  Due to the mobile
environment of our user base, not all machines will receive the automatic
update.  If you are a user of an Oracle based application and your machine is
not available to the network this weekend, you can manually upgrade your
machine via the following steps:

 1) Click on Start - Programs - Utilities
 2) Then  click on "Install Oracle 8i Client".

If you are a user of Microsoft Excel spreadsheets or Microsoft Access
databases that retrieve information from our Oracle databases, you can
manually convert your Oracle ODBC connections to the proper drivers via the
following steps:

 1) Click on Start - Programs - Utilities
 2) Then  click on "Update ODBC Data Source Names to Oracle 8i".

If you do not see these icons, there is another icon under Start - Programs -
Utilities called "Update Start Menu" that will re-populate your Start Menu.

Thank you for your co-operation -
Scott Williamson
Director, Database Infrastructure
Enron Global Technology


Apologies to Carolyn for the repeated misspellings below.

----- Forwarded by Carlos Sole/NA/Enron on 03/05/2001 05:59 PM -----

	Carlos Sole
	03/05/2001 05:55 PM

		 To: kay.mann@enron.com
		 cc: ccampbell@kslaw.com, jkeffer@kslaw.com
		 Subject: Issues List for LLC Documents with Panda Energy and Delta

Kay, as I told you, Carolyn put out a set of intial draft documents and we
debriefed Jake and Stephen.  Based on our meeting, Carolyn was going to make
certain revisions based on the answers to the questions below and certain
other items we raised during our meeting.  Nevertheless, your input is
required on the following:

1.  We have discussed eliminating the payment of a development fee, which if
Delta /  Panda were to breach its obligations prior to the funding of the
Escrow would be non-refundable and serve as a form of liquidated damages.
Commercially the inclination is to avoid that fee, we need to confirm that
approach.

2.  We need to interface with Dale Rasmussen on the status of the break out
contract and how quickly it can be incorporated into the form of Facility
Agreement that would be part of our transaction.

3.  Have we established an LLC that will be sold for this project.

4.  Please see Caroline's questions 6, 7 and 13 below.

5.  Please see faxes that I left on your chair on the broker issue and
whether we need to respond in writing.  Sheila Tweed's position was not to.

6.  John asked whether K&S should open a separate subfile or include the time
charged within the Blue Dog file?

Thanks and we'll talk tomorrow.

----- Forwarded by Carlos Sole/NA/Enron on 03/05/2001 05:46 PM -----

	Jake Thomas@ECT
	03/05/2001 02:34 PM

		 To: Stephen Thome/HOU/ECT@ECT
		 cc: Carlos Sole/NA/Enron@Enron
		 Subject: Re: Initial Draft of LLC Documents with Panda Energy

See Comments in Red Below

Stephen Thome
03/05/2001 12:23 PM
To: Jake Thomas/HOU/ECT@ECT
cc: Carlos Sole/NA/Enron@Enron
Subject: Re: Initial Draft of LLC Documents with Panda Energy

Jake,

Do you want to make suggestions with regard to #3, #7, #13

Please advise of the following additional information in order that we may
complete
the enclosed documents:

1.  Full name of Panda Energy; Panda Energy International, Inc. Don't we have
two sets of doc's going out ?  The other would be for Delta Power Company LLC
2.  Type of entity of Panda Energy (this affects the representations in
Section 3.2.1 et seq. of the LLC Agreement);  Privately held company
3.  Name of the new LLC formed by ENA;  Salmon Street Energy? Spawn Energy
LLC ? (I'm totally indifferent
4.  Date of organization of the new LLC;
5.  Purchase Price payable by Panda;  $65,800,000.00 ($68,000,000.00) What
would ENA's 20% interest be valued at?
6.  Section 5(a) - there is a substantive question as to what ENA is
responsible for in connection with the Turbine Contract (I included in
brackets the alternative that was originally in the prototype document and
also the alternative as modified by Kay Mann);
7.  Outside date after which either party could terminate if transaction is
not closed;  7 April 2001?
8.   Date of confidentiality agreement;
9.  Identity of any broker used by Panda or ENA; Tom Young (I don't know if
he represents a brokerage firm).NOT!!!10.  Address for notice to Panda;

4100 Spring Valley, Suite 1001
Dallas, Texas 75244

11.  Confirmation that Purchase Amount is defined in the Turbine Contract;
12.  Confirmation that Commercial Operation is defined in the Turbine
Contract; and
13.  Date of automatic right to put or call the LLC interest.


Per a conv. I just had with John Arnold, Shankman is not trading natural gas
at all.  His back trade is Mike Maggi.


Jim's a wuss!
---------------------- Forwarded by Chris Germany/HOU/ECT on 11/29/2000 08:34
AM ---------------------------
From: Jim Homco on 11/29/2000 08:04 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Teal Lodge

Per my wife - if someone shoots an animal (or bird or duck), she should have
the right to shoot that person.

Chris Germany
11/29/2000 07:47 AM
To: Jim Homco/HOU/ECT@ECT
cc:
Subject: Teal Lodge

According to Mr. Goodell, Tetco has Teal Lodge on the seller's block.  I
think you should buy it.


It appears that Shelley will not be flying back to the states until January 4th.  It doesn't look like she will be celebrating New Year's eve in Texas, but, I'm sure it will be one that she will remember for the rest of her life...

Rick
----- Original Message -----

From: <cormanerb@cs.com>

To: ""Rick Dietz"" <rick.dietz@kingwoodcable.com>

Sent: Friday, December 28, 2001 9:52 PM

Subject: RE: Work Activity

>

> Here in Almaty I get CNN.  I watched Pres. Bush new conference at the

Carwford ranch yesterday and of course he was asked numerous questions about

Enron.  It never stops.

>

> I had a new disappointment to learn that the US embassy in Moscow will not

reopen until Jan 3.  So I won''t fly home until Jan 4.


Do something!! (smallinvestor@i2.com) has sent you a news article
------------------------------------------------------------
Personal message:

Greg/Sanjiv,

Shame on you!!!!!!!!!
As each day passes, I2 share price keeps
going down and down and down!
What a shame!
Where are the press releases?
Where are the sales wins?
This press release was two months back.
What have you done lately?
Doesn't seem like much!!!!!!!!!!!!

It looks like both of you have pocketed
millions of $ selling your positions
whereas small investors like me are
left holding these shares that have lost
95% of its value.
Where are the sales wins, where are
the press releases ? What are you
waiting for ? For people like me to
to crawl and die losing all our money.
Do something, do something right now!
SAP seems to be doing just fine. Instead
of blaming the economy, do something
damnit!!!

Yahoo - United Airlines Chosen as Provider for i2 FreightMatrix Customers
http://biz.yahoo.com/bw/010904/40413.html

============================================================
Yahoo! Finance http://finance.yahoo.com/


---------------------- Forwarded by Kay Mann/Corp/Enron on 03/16/2001 08:32
AM ---------------------------

Kay Mann
02/13/2001 04:13 PM
To: lhenneberry@ssd.com, mahonl@pbworld.com, losi@pbworld.com,
mesko@pbworld.com
cc: Mark Bernstein/HOU/ECT@ECT

Subject: Co Op City, Revised Development Agreement term sheet

Good afternoon,

I'm forwarding a revised development agreement term sheet, showing revisions
from your original version.

We look forward to seeing you soon.

Thanks,

Kay


I have been requesting that the Canadian gas reports be broken down by trader
for a while.  I am not comfortable not knowing the P/L or positions by trader
in Canada.  Why is this not done yet and how can I help get it done.

John


Please the attached list.  The Management Committee names have been highlighted in bold.


December		Scheduled

Saturday 01
West			(1069)
San Juan		   835
East			  (366)

Sunday   02
West			(1046)
San Juan		   841
East			  (375)

Monday   03
West			(1023)
San Juan		   850
East			  (357)

Notes:  Quite Weekend


Jeff -

As we discussed today, the following is the TRV (Trader Report Viewer)
project status:

?  TRV is targeted to be implemented by May 15th as scheduled.
?  TRV development and security setup has been completed and is ready to be
presented to the traders.
?  Hal and I will meet with Phillip and Kam tomorrow to provide the TRV
system and administrator rights review, and to publish  their region's
reports.
?  We will then meet with Darron, David, and Errol (to be scheduled for early
next week) to provide the TRV system and  administrator rights review, and to
publish their region's reports.
?   At the conclusion of the review, we will determine we will roll out the
training for the remaining team members within each  region (i.e. Region
Leads or IT to provide training to the team members).
?  Currently TRV is running in the development environment for the review
period.  Upon conclusion of the review period, we will  ask for approval and
UAT signoff from you in order to transition the system into the Production
environment.

Again, thank you and each of your team members for everyone's help and
support on this initiative!  Please let me know if you have any questions.

Shirley McDowell
TRV Project / IT Project Manager


Sara,
David asked me how the review of Direct Trading was going?
Thanks. Sheila


(See attached file: hpl0811.xls)

 - hpl0811.xls


Lamentably, I worked all week--no vacation time.  Thanks.

	Joseph Alamo
	01/02/2001 01:41 PM

		 To: Sandra McCubbin/NA/Enron, Jeff Dasovich/NA/Enron
		 cc:
		 Subject: Timekeeping Question

Sandi & Jeff,

I need to check with you both for "correct" Timekeeping concerns that I had
input your hours correctly for last
week; that is, whether either of you ended up taking any time off last week.
[Before I left, I had put you both
down under "Work" hours for Wednesday through Friday (12/27 - 12/29).]

Please let me know today if I need to "adjust" any of your hours as
referenced above.

Thanks!

Joseph


Start Date: 1/31/02; HourAhead hour: 17;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002013117.txt


This is just a reminder about the Swap Group Meeting is today from 10 am to
11 am in EB 38C1.  Susan Musch will be speaking about tax issues.


Talked to Tim last night - basically, they were either letting people know by phone yesterday or in person today.  They were going to let them know they had a position with the estate and leave it up to them as to whether or not they wanted to come in over the next few days.  Tim wasn't exactly sure the reporting relationship and/or what they would be doing, but felt that everyone would have a role at least in the short-term.  I believe that Wednesday is the day that UBS will be in Portland to do benefits review and UBS overview......

Sorry I can't be more specific!

A

-----Original Message-----
From: White, Stacey W.
Sent: Monday, January 21, 2002 11:28 AM
To: Belden, Tim
Cc: Fitzpatrick, Amy; Gilbert, Scotty
Subject: RE: Volume Management

I have re-confirmed with Power Operations and there are no more spots available to make room for one more risk person.

I have all of Heather's information and will be glad to communicate her offer to her, if it has not already been communicated.  Also, please let me know the message you are sending to 'estate' employees in Portland.  I would like to communicate the same message to Samantha.

If you want to talk to me you can reach me at 281-894-0468 or send me an e-mail.

Stacey

-----Original Message-----
From: Belden, Tim
Sent: Fri 1/18/2002 8:44 PM
To: Fitzpatrick, Amy
Cc: Gilbert, Scotty; White, Stacey W.
Subject: Volume Management

The people on the list for VM should be:

Scotty Gilbert
Eugene Lee
Donna Sheidun
Heather Dunton

Heather is currently in Risk but they may have to reduce from 3 to 2 in that group.  Scotty agreed to take Heather in VM.  In the event that Heather can remain in the Risk Group, then Kit Blair should be added to the VM team.  Call me if you have any questions.  Stacey will let me know by Sunday where Heather sits relative to Risk.

Tim


Joe,

Since you asked for my input on the ring, I have given it some more
thought.  Perhaps it would be best if you just gave her things back and
start over.  Twelve thousand, although a lot of money, is a small price to
pay for your freedom.  I know you mentioned that you couldn't get home for
the holiday.  What days are you working?

On another note, you will be happy to know that you have left your mark on
me.  Although I haven't joined the pro golf circuit, I have developed an
appreciation for good sushi!

Hope all is well.  Have a great day!

Christine

**********NOTE**********
The information contained in this email message is intended only
for use of the individual or entity named above.  If the reader
of this message is not the intended recipient, or the employee or
agent responsible to deliver it to the intended recipient, you
are hereby notified that any dissemination, distribution or
copying of this communication is strictly prohibited.  If you
have received this communication in error, please immediately
notify us by telephone (713-546-5000), and destroy the original
message. Thank you.


Kay,

I am not sure what we decided on Friday.  Are we going to send another (more
friendly) letter to the Westinghouse people evidencing a willingness to
discuss the draw issue?  Please let me know at your convenience.

Stuart


Memorial park noon - end.  Trying to raise about 90K,


CALENDAR ENTRY:	APPOINTMENT

Description:
	Ranelle Paladino/Reverse Auction Pooling Point Conf 49C2

Date:		4/24/2001
Time:		1:30 PM - 2:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Just a quick reminder, if you have not registered for Enron at a Glance, it
is still not too late!

 Welcome to Enron!  You have joined an exciting company at a critical time in
the growth of the energy industry worldwide.  As a part of the Enron team,
you will be at the forefront of that change.

Ours is a dynamic company and it is important for you to understand both the
breadth and the depth of the company you have just joined.  We believe that
"open communication" is critical to the company's ongoing success, as well as
to yours.  As an ongoing part of the New Hire Network, we invite you to
attend the corporate sponsored full day :"Enron at a Glance"  This program
builds upon the orientation you may have received your first day on the job.

Reserve the date!

Date:    Wednesday, July 26, 2000
Time:    8:00 a.m. to 5:00 p.m. (Continental Breakfast at 7:45 a.m.)
Location:   Hyatt Regency - Downtown (Imperial Ballroom)
  1200 Louisiana Street (lunch provided)
  (713)654-1234

You will learn about our various businesses, their products, services,
markets and strategies and how they fit together to make Enron unique in the
energy industry.  You will learn about our regulated and unregulated
businesses, our domestic and international markets, our competitive position
and our organization structure.

Members of the senior management team of the corporation will be there to
review these areas with you personally.  We will also talk about our culture
and values, what sets us apart from other companies in this area, what we
expect of employees and what we offer in return.

Please enroll by leaving a voice mail message at (713) 853-7181.  In the
event you should have any questions, please call Jeff D. Davis at (713)
345-8908.

We look forward to seeing you on the 26th!


Rick Buy has requested that he receive the log of the book officialization
errors on a daily basis.  Previously, he was only receiving it weekly.
Because of this change, it will be necessary for risk contols to have a
complete explanation from your risk groups as to why errors happened.

The current process is as follows for Houston (using Houston time):
Books officialized in evening by risk management
7:30 am risk controls receives error listing (books which did not make it to
RisktRAC)
7:30 - 8:30 explanations obtained for error received from risk management
(Not all explanations are obtained by 8:30)
8:30 meeting to discuss previous night's officialization process and general
processes
9:00 close obtain explanations not obtained before meeting
Wed pm - weekly consolidated report sent to business controllers and RAC

The process needs to change so that we receive all explanations before the
8:30 meeting.  I know that many groups identify errors the night before via
the benchmark or reviews of RisktRAC.  Hopefully, all groups are moving in
this direction.  Since the log will go out each day, each of you need to look
at the current process you have in place and determine how you can get us the
information prior to the 8:30 meeting.

We are trying to put the following process in place (for Houston):
Books officialized in evening by risk management including risk management
ensuring RisktRAC has all required information, errors noted and an e-mail
sent to risk controls
7:30 am risk controls receives error listing (books which did not make it to
RisktRAC)
7:30 - 8:30 explanations obtained for error received from risk management (if
not received the night before) and log updated
8:30 meeting to discuss previous night's officialization process and general
processes
Log sent to bus. controllers, RAC - daily

Note:  I know that London, Sydney, and Japan have different processes.  We
have to work with your current processes to ensure that risk controls
receives info on time.


SK/RSS - As a follow-up to Elizabeth L (see below), it appears that we have had matters before Congressman Grucci's committees.  Also, Linda Robertson is now in the loop and I will be following up with her later this am.  Please call should you have any ?'s SM

 -----Original Message-----
From: 	Labanowski, Elizabeth
Sent:	Monday, September 24, 2001 10:37 AM
To:	Montovano, Steve
Subject:	RE: Congressman Grucci - CONFIDENTIAL REQUEST

Thanks for this info.  I will be talking to B&P this morning and will keep you updated.  Please be sure that you advise STeve Kean of this.  The last message I left for STeve Kean stated that we did NOT have any matters pending in front of the Congressman's committees!  ejl

 -----Original Message-----
From: 	Montovano, Steve
Sent:	Monday, September 24, 2001 9:33 AM
To:	Labanowski, Elizabeth
Cc:	Robertson, Linda
Subject:	FW: Congressman Grucci - CONFIDENTIAL REQUEST

EL - Please see the attached information, which was prepared by our Washington DC office, headed up by Linda Robertson.  Based on the info Linda has prepared we need to take a much closer look at this issue.  It appears that we have had several issues, including Energy, before the Congressman's committees.  I also suggest that Linda is included in our conference calls. I have a call into Linda to get her up to speed and will forward the B&P memo to her once we have talked.  Thanks SM

 -----Original Message-----
From: 	Robertson, Linda
Sent:	Monday, September 24, 2001 8:57 AM
To:	Montovano, Steve
Cc:	Decker, Larry
Subject:	FW: Congressman Grucci - CONFIDENTIAL REQUEST

Steve,
Here is a quick write up Larry Decker put together for me.

 << File: Grucci.doc >>

Linda - ENA Development has had several conversations with Congressman Felix Grucci (NY) regarding a potential power project on land that the congressman owns in Long Island.  I was asked to inquire as to whether or not Enron has, or expects to have, any agenda items in front of any of Felix's committees.  My understanding is that Felix does not sit on any Energy committees, however I am not in a position to due the broad level search that our legal department desires to be made.  Can you let me know exactly which committees Felix sits on and whether or not we have or expect to have any Enron issues in front of those committees.  As always this request is time sensitive.  Thanks SM


Reminder-

  We will have our weekly trader Enpower Cleanup meeting this Wednesday 6-27-01 at 1 PM in  Mt. Hood unless otherwise notified.

  See you all there.

   Virginia and Mike
   Your friendly VM team


Dear Market Participant,

The details of your issue are noted below.

NYISO Customer Relations staff will send an e-mail notice to you when a
resolution is available, and will keep you updated every twenty (20)
business days of the status of this issue until it is closed

If any of the information below is incorrect, please reply to this message
with your explanation to the Original Ticket Author as shown below.

Regards,
Customer Relations
518-356-6060

------- include:

Ticket Information
Title: Forecasted Load
Original Ticket Author: Frank Francis
Ticket Number: 20011107161437
Status: Open
Ticket Opened Date: 11/07/2001 04:14:37 PM
Category: PLANNING
Sub-category: FORECASTING
Dept Assignee: Customer Relations
Estimated time of response is 2 business days

Customer Information
Thomas, Paul
Company: Enron Power Marketing, Inc.
Phone: 713-853-0403
Email: paul.d.thomas@enron.com
Customer Title: MIS ADMIN
NYISO Function: MIS Admin
Other Open Tickets for This Customer :

Issue description: Frank. Does the forecasted energy in the daily energy
report on the website includes virtual load?

------- end include.


Dear Mr. Nemec:

Eric Romero faxed you comments and proposed revisions to the Professional
Services Agreement between Enron and Project Consulting on 3/28/01 and wanted
to know if you have any comments on the revisions.

Mr. Romero will be out of the office Wednesday and Thursday, so please feel
free to contact me with your comments and I will give the information to him
upon his return.

Thank you.

Kelly Fleuriot
Project Consulting Services, Inc.
kfleuriot@hou.projectconsulting.com
Phone:  713-952-7380
Fax:      713-952-7082


Tom Hahn
Executive Vice President
APB Energy, Inc.
6320 Quadrangle Dr. Suite 380
Chapel Hill, NC  27514
(919) 969-9779
www.apbenergy.com


No. 83
Monday April 30, 2001	Page A-10
	ISSN 1523-567X
	Regulation, Law & Economics

	PrivacyNew CFTC Rules Set Regime for Disclosing
Privacy Rules to Clients of Financial Entities

The Commodity Futures Trading Commission April 27 released new rules
establishing guidelines as to how futures commission merchants, commodity
trading advisors, and other similar financial institutions must inform
customers of their privacy rights.
The new rules, which are scheduled to go into effect June 21, will require
FCMs and CTAs, as well as commodity pool operators and introducing brokers,
to establish written guidelines informing their clients as to what type of
information can be disclosed to various third-parties, the CFTC said in a
Federal Register notice. The rules also provide that such an entity inform
its clients how to opt out of such data sharing.

Continuing Relationship

The entities will now be expected to provide the privacy guidelines at a time
"not later than the time it establishes a customer relationship" with the
client, and at least once a year thereafter.
The CFTC said it defines the beginning of such a period to be when the
institution and customer "enter into a continuing relationship," most likely
the time when the two enter into a contract. For customers in which no such
relationship has been established, the institution must provide notice of its
privacy policies before it releases personal information to a nonaffiliated
third party, the CFTC said.
In the notices, the institutions must inform customers about the category of
information it may collect as well as what it may disclose, the CFTC said. A
firm, for example, must tell clients that it can collect information
contained in their applications, credit reports, and transaction reports.
The firm must also state that it may disclose data pertaining to assets,
income and investment goals, personal-identifying information (name, address,
and Social Security number), account activity and balances, and credit
histories.
To minimize crossover, the CFTC said it would allow firms that are also
registered with the Securities and Exchange Commission or with a state
securities regulator to abide by either the SEC or Federal Trade Commission's
privacy rules

No Safe Harbor

The commission initially was not obliged to set out such rules, which became
mandatory for other agencies as part of the Gramm-Leach-Bliley Act of 1999.
Congress put the CFTC under the same rules in December, however, as part of
the Commodity Futures Modernization Act of 2000.
The commission said it decided not to exempt or create a safe harbor for
unregistered CTAs and CPOs, despite some lobbying from industry. The CFTC did
agree not to hold foreign unregistered entities to the rules, saying it would
be "impracticable" to do so.

Copyright , 2001 by The Bureau of National Affairs, Inc., Washington D.C.


Sean's comments
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/14/99 09:00
AM ---------------------------
Sean Black   10/14/99 08:43 AM

To: Sara Shackleton/HOU/ECT@ECT
cc: Lucy Ortiz/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Barton
Clark/HOU/ECT@ECT
Subject: Re: Spark Spread Confirmation

Sorry, I did not realize you were awaiting a response from me on this.

Our deal is with the subsidiary, not the parent.  So the name of the
counterparty should be Catalytica Combustion Systems, Inc., (CCSI) not
Catalytica.

Regarding the credit issue (Annex B; Credit and other special provisions), I
can't see how we are exposed to credit risk; we will not sign the XONON
Implementation Agreement with GE until we have received the $9.9 million
payment from CCSI.  If CCSI does not agree to return the spark spread
confirmation upon our request, as defined per the agreement, then CCSI is in
default of the agreement and the spark spread confirmation becomes worthless.

My main concern is with the general terms and conditions of the spark spread
confirmation because I know there are some errors in there that need to be
corrected:

There are three prices for the Gas Daily index referenced - low, high and
mid.  We need to define which curve we want to reference.
We need to change the name from Catalytica to Catalytica Combustion Systems,
Inc.
I think ECT should now be changed to Enron North America in the agreement,
but please advise on this
I need to provide the details for CCSI (e.g., name, title, payment account
information)

Also, if Lucy can review the document for any other errors that would be a
good idea.

I was looking to get these items corrected in anticipation of sending to CCSI
sometime around the end of next week.

Please feel to contact me with any other questions.

Sara Shackleton
10/11/99 05:23 PM
To: Sean Black/HOU/ECT@ECT, Randy Petersen/HOU/ECT@ECT
cc: Tanya Rohauer/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT
Subject: Spark Spread Confirmation

We are trying to revise the draft transaction confirmation per Sean's e-mail
of date.  The original confirm was prepared for "Catalytica, Inc." and the
credit included an additional event of default (cross-default) with
thresholds of $10 million for Catalytica and $50 million for Enron North
America.  Sean has requested that "Catalytica, Inc." be REPLACED with the sub
"Catalytica Combustion Systems".  Should the credit remain the same?

We are withholding release of this confirm pending a response from
underwriting.  Thanks.  Sara


Please provide a REVISED COMPLETION DATE for your areas of responsibility for
the EOTT/ETS Consolidation Activity Schedule attached as soon possible.

Thanks!
Cheryl


FOR IMMEDIATE RELEASE

PROS Revenue Management Announces Energy Profit Optimization Web Seminar Series

November 20, 2001-Houston- PROS Revenue Management, the world's leader in pricing and revenue optimization science and software, today announced a series of Energy Profit Optimization Web Seminars for the natural gas pipeline, storage, and trading industries in December.

PROS cordially invites you to attend this series which is scheduled as a set of four seminars as follows:
o December 5th: Pipeline Natural Gas Profit Optimization, 2:00 - 3:00pm Central Time
o December 6th: Storage Profit Optimization for Storage Operators, 2:00 - 3:00 pm Central Time
o December 6th: Storage Profit Optimization for Storage Traders, 3:30 - 4:30 pm Central Time
o December 7th: Trading Profit Optimization, 2:00 - 3:00 pm Central Time

Recently, a Wall Street analyst was quoted: "By 2001, companies that neglect to implement yield management techniques will become uncompetitive."  PROS Revenue Management solutions have been credited with delivering 6-8% incremental revenue and 20-100% incremental profits.   These Web seminars will allow industry leaders to learn from the experience PROS has gained in over 16 years of deploying these solutions.

These seminars will cover the basics of increasing revenues and profits while providing insight on how real-time data can be used to forecast demand elasticity and optimize profits.  Participants of previous PROS seminars have found these sessions to be extremely helpful in improving their business and making them more valuable to their respective organizations.

The Web format will allow participants to attend from remote locations, ask questions in real-time, and interact with the presenter through an Internet browser and toll-free telephone number.

This seminar is free of charge, spaces are limited for a first come first served basis.  More information and registration can be found at:  http://www.prosrm.com/events/energy_optimization_webcast_series.html, or send an email to AnnualConference@prosRM.com.  Interested participants will be contacted to receive conference access information.

About PROS
PROS Revenue Management is the world's leader in pricing and revenue optimization solutions and the pioneer and dominant provider of revenue management to the airline and energy industry. PROS provides system solutions to the airline, energy, cargo, rail, healthcare, and broadcast industries, and has licensed over 235 systems to more than 95 clients in 39 countries. PROS' clients include 15 of the top 25 carriers in the airline industry.

The PROS mission is to maximize the revenue of each client using PROS' world-leading revenue management science, systems solutions, and best practices business consulting. PROS' clients report annual incremental revenue increases of 6-8% as a result of revenue management. PROS' solutions forecast demand, optimize inventory, and provide dynamic pricing to maximize revenue.

Founded in 1985 in Houston, PROS Revenue Management has a six-year compounded revenue growth of 40%, in large part due to the intellectual capital of its staff. Nearly half of PROS' professional staff has advanced degrees and the staff speaks a cumulative total of 26 languages. The company is profitable with Year 2000 revenue of $29 million. For more information on PROS Revenue Management, please visit www.prosRM.com or call 713-335-5151.

Candy Haase
3100 Main Street, Suite 900
Houston, TX 77002 USA
713-335-5253
713-335-8144 fax
info@prosRM.com / www.prosRM.com


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/08/2001 06:01 PM -----

	Sheila Glover
	03/08/2001 11:31 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: prime broker account numbers


BUSINESS HIGHLIGHTS

Weather Trading
The weather desk closed a 3-year precipitation collar with payouts linked to
natural gas prices.  The transaction hedges included Asian options from the
gas market, precipitation floors from the weather market, and precipitation
insurance from the insurance market.  Eight companies were involved in the
transaction including the following Enron companies: EGM, ENA, Enron Re, and
RMT.  Along with the hedges, the end result of the transaction is cheap
3-year precipitation call options and precipitation dependent natural gas
call options for the weather desk.

Houston Pipe Line Company
On Thursday, January 11, American Electric Power (NYSE: AEP) announced that
they have executed a definitive agreement under which AEP Energy Services Gas
Holding Co., a wholly owned subsidiary of AEP, will acquire the stock of
Houston Pipe Line Co. from Enron Corp.  Included in this agreement are all of
the pipeline assets of HPL, as well as a 30-year operating lease for the
Bammel Storage Facility, the Houston Loop and the Texas City Loop.

IN THE NEWS
"Enron is, in other words, the biggest, baddest B2B e-commerce company on the
planet, and its experience belies the idea that innovation is impossible in
large organizations." -- eCompany Now, January/February 2001.

BROWN BAG

Mark your lunch calendars now for the upcoming Brown Bag featuring Gary
Taylor, manager in weather trading.  He will present an overview of the
weather risk management market.  It,s next Thursday, January 18,
11:30am-12:30pm, in 5C2. RSVP today to ext. 5-7352.

NUGGETS & NOTES

"What am I missing?!"  - Mike Bradley, Vice President/Equity Trading-EGM

"Do something!" - David Vitrella, Manager/Equity Trading-EGM

"We may not do the most EnronOnline trades, but we do the largest" - Larry
Gagliardi, Director/Oil Products-EGM

&We have completed an efficient and successful transition from Energy
Outsourcing to Steel.  Of course, as my dad used to say, +talk's cheap, takes
money to buy whiskey., In 2001, we'll let our P&L performance do the bulk of
the talking.8 - Tim Battaglia, Vice President/Steel Origination - EIM

Congratulations to William Stuart, manager in currency trading and Charla
Stuart, manager in community relations.  They are the proud parents of Aaron
Myles Stuart, who was born January 9 and weighed 7.11 lbs.

Sean Keenan, associate in EIM, and wife, Katherine, are the proud parents of
William Patrick, who was born January 1 and weighed 6.4 lbs.

Carlos Ruiz, associate in EIM, and wife, Maria, are excited to announce the
arrival of their new baby boy.  Cristobal Ruiz was born on January 8 and
weighed 7 lbs.

WELCOME

New Hires
ENA - Thomas Barkley, Rakesh Bharati, Delmar Davis, Andrew Edison, Brendan
Fitzsimmons, Patricia Goode, Michelle Huber, Ken Lewchuk, Wykena Lipscomb,
Albert Meyers, Stacie Mouton, Victor Munoz, Wichai Narongwanich, Christopher
Ordway, Brent Johnston, Michael Law, Michelle Wells, Peter Piorecki,
EIM ) Jill Lafave

LEGAL STUFF

The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed.


Attached is the latest data on the above:


hello all,

We have been asked by this customer to review certain credit language
included within three confirmations for accuracy and possible amendment.  I
have reviewed the terms and they are not exactly consistant perhaps with what
was agreed to in principle.  Therefore, I am requesting three new
confirmations be executed that effectively replace the original confirmations
and send them to the customer.  Let me know if I can explain further.

TAG ND4986.1

Please amend the independant amount figure to specify $216,000 instead of
$220,000.

TAG NE0432.1

Please insert independant amount language into the confirm.  The independant
dollar amount should specify $8,500.

TAG NE4771.1

Please amend the independant amount figure to specify $39,000 instead of
$47,500.

Thanks
Brant


It's been changed - and out of curiosity, when does Daylight Savings Time
start? March, I think?

Evelyn Metoyer@ENRON
02/16/2001 11:39 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: deal 524249

Kate the time zone on this deal should be PPT instead of PST.

Thanks!


Attention supervisors and managers!

Would you like to improve your ability to lead and manage your team?  The EWS Development Center would like to invite you to The Managers Level Impact and Influence Program.

Date:                             June 14th and 15th
Time:                             8:00 a.m. to 5:00 p.m. (both days)
Place                             Travis Room 1 at the Double Tree Hotel Down Town
Cost:                            $1,500
Target Audience:          Sr. Specialist and Managers in a supervisory role
CPE credits available

Innovative Leadership is the cornerstone of Enron's ability to motivate and retain the industry's top talent.  The Organizational Development and Learning group would like to invite all Enron managers to participate in a new leadership overview course.

This workshop will offer the tools you'll need to lead and manage others more effectively.  In this course you'll gain knowledge and insight on leadership capabilities and receive resources you can readily apply at work.  This two-day program, involving a maximum of 16 participants, has been specifically built to give Enron managers the information they need to succeed in our work environment.   It is an interactive workshop including individual and group exercises designed to drive home insights and build skills that are relevant to your job.

Topic areas include:
?        What is Leadership?
?        Leadership Credibility
?        Thinking Strategically
?        Managing Change
?        Directing Others
?        Leading Teams
?        Influencing Others

Participants will be asked to complete a short self-assessment before coming to the program.  Additionally, each participant will leave with a detailed action plan and other resources to help manage their group and prepare for the next level of leadership.

To register for this class, log on to InvestInMe at http://www.corptraining.com/index.cfm?company=enron.
If you have any questions, please call 713 853-1816.


I have asked Bob Superty, Kim Theriot and Mechelle Stevens to attend.  I
don't have confirmation yet on whether or not all three will be able to
attend.  I thought that if asked three, that this should work on one of their
schedules.  I will let you know later who will attend.  I will be out of the
office that day.  --sally

From: Greg Piper/ENRON@enronXgate on 04/23/2001 08:06 AM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: FW: Lite Bytz RSVP

Are you or a designate going to this?

GP

 -----Original Message-----
From:  Enron Announcements/Corp/Enron@ENRON
[mailto:IMCEANOTES-Enron+20Announcements_Corp_Enron+40ENRON@ENRON.com]  On
Behalf Of Lite Bytz@ENRON
Sent: Sunday, April 22, 2001 8:10 PM
To: ENW-Employees_Houston@ENRON
Subject: Lite Bytz RSVP

This week's Lite Bytz presentation will feature the following APPZ speaker:

Hal Elrod
CommodityLogic
Thursday, April 26, 2001

If you have not already signed up, please RSVP via email to
litebytz@enron.com by the end of the day Tuesday, April 24, 2001.

*Remember: this is now a Brown Bag Event--so bring your lunch and we will
provide

http://home.enron.com:84/messaging/revisedhalelrod.ppt


Tana --

Do you have an electronic version of the ISDA Agreement?  If not, a good,
clean version I can have copied for my new expanding library?

Again, I really appreciate your help.  Karen


---------------------- Forwarded by Mike Maggi/Corp/Enron on 01/16/2001 01:41
PM ---------------------------

David Forster
01/12/2001 06:51 PM
To: Savita Puthigai/NA/Enron@Enron, Mike Maggi/Corp/Enron@Enron
cc: Jason Althaus/Corp/Enron@Enron, Lisa Lees/HOU/ECT@ECT, Daniel
Diamond/HOU/ECT@ECT

Subject: Rejected for Options

Please note the following companies which were on Mike's list have been
rejected by credit for access on EnronOnline.

However, Credit have stated that if we are doing options OTC with these
companies, we should be doing them online and they will review the rejections
on Tuesday:

AEP
Calpine
Connectiv
Engage
Entergy
Idacorp
Oneoak
Paribas
Sempra
Tractabel
Vitol

Dave


Vince,
just wanted to summarize for you how I see the issues related to Credit Reserve and Var models:

Credit Reserve:
In order to address RAC's requests and questions related to this model Research needs to be able to
compile and run the code. These procedures are not straight forward. Compilation and running can be done by
using some scripts prepared by IT. Runs by different users can interfere with each other and with production runs.
All this involves knowledge of Java, Corba, multi-threading, etc. and our IT's specific implementations, files locations....
We need IT support in doing this. I asked RAC (Debbie Brackett), IT (Winston, Steve Stock) for this. The reaction
was not positive. I even guess they assume that I struggle for the "ownership" of the code. Our calls to IT guys
are considered as interruptions in their work.
_______________________________________________________________________________________
Var Model:
"Convolution VAR" (Naveen's approach) is under way. At the end of this month (according to IT) it will more or less work.
It is based on 60 factor model (which I suggested, but which was not implemented for our Monte Carlo model). There
will be no way to perform proper testing of the "convolution VAR" even for normal distributions (in this case - Analytical VAR).
There are no plans of such testing, as far as I know.
What will happen is comparison with backtesting for our 5000 portfolios and then endless discussions which portfolios'
VAR numbers are "better" or "worse" for the new method.
________________________________________________________________________________________

Thank you for your help,

Tanya


I think it must be in Moran's area.   Mark


FYI...

---------------------- Forwarded by Kevin Kindall/Corp/Enron on 12/19/2000
02:08 PM ---------------------------

Gail Tholen@ECT
12/19/2000 01:39 PM
To: Li Sun/NA/Enron@Enron
cc: Kevin Kindall/Corp/Enron@ENRON, Eugenio Perez/HOU/ECT@ECT

Subject: Braveheart

New TRS for 4Q.
---------------------- Forwarded by Gail Tholen/HOU/ECT on 12/19/2000 01:32
PM ---------------------------

Connie Lee@ENRON COMMUNICATIONS
12/19/2000 09:40 AM
To: Gail Tholen/HOU/ECT@ECT
cc: Amin Maredia/Enron Communications@Enron Communications, Michael
Krautz/Enron Communications@Enron Communications, Alan
Quaintance/Corp/Enron@Enron
Subject: Braveheart

Gail,

I have attached several emails which have the following items:

1.  Hawaii 125-0 docs
2.  Economic Summary that includes a summary of all assumptions in the model
3.  Models
4.  Asset Summary

The following is a structure diagram:

Please let me know when you would like to meet to discuss these items.  Also,
Alan Quaintance is the person who reviewed the Hawaii 125-0 docs, so if you
have any questions regarding those docs, you will probably need to meet with
him.

Thank you!

Connie Lee
Manager
Enron Broadband Services
713/345-8227 (W)
713/419-2728 (C)
connie_lee@enron.net

----- Forwarded by Connie Lee/Enron Communications on 12/19/00 09:22 AM -----

	jonathanwylie@akllp.com
	12/13/00 08:37 PM

		 To: alan.quaintance@enron.com, Amin Maredia/Enron Communications@Enron
Communications, angela.davis@enron.com, annmarie.tiller@enron.com,
aroberts@wilmingtontrust.com, davidbarbour@akllp.com, bill.bowes@enron.com,
brenda.l.funk@enron.com, brent.vasconcellos@enron.com, brian.kolle@enron.com,
Brian Wood/Enron Communications@Enron Communications,
charles.delacey@enron.com, clement.abrams@enron.com, Connie Lee/Enron
Communications@Enron Communications, damon@rlf.com, David Koogler/Enron
Communications@Enron Communications, Ed Smida/Enron Communications@Enron
Communications, Gil Melman/Enron Communications@Enron Communications,
gina.karathanos@enron.com, Kevin Howard/Enron Communications@Enron
Communications, James Ginty/Enron Communications@Enron Communications,
Jlawler@wilmingtontrust.com, jordan.mintz@enron.com, julia.h.chin@enron.com,
kenton@rlf.com, kimberly.r.scardino@us.arthurandersen.com, Kristina
Mordaunt/Enron Communications@Enron Communications, lkao@mayerbrown.com,
Luitgard Fischer/Enron Communications@Enron Communications, Marc Hensel/Enron
Communications@Enron Communications, mark.wolf@us.cibc.com,
murielmcfarling@akllp.com, Mercedes.arango@us.cibc.com, Michael Krautz/Enron
Communications@Enron Communications, mniebruegge@mayerbrown.com,
tompopplewell@akllp.com, Renee St. Louis/Enron Communications@Enron
Communications, Richard Anderson/Enron Communications@Enron Communications,
patsargent@akllp.com, schottla@us.cibc.com, dannysullivan@akllp.com,
Tamullen@prickett.com, tellwood@mayerbrown.com, michaelthimmig@akllp.com,
trevor.randolph@enron.com, trushar.patel@enron.com
		 cc:
		 Subject: McGarret H (Blockbuster)

Attached are the latest blacklines for McGarret H (Blockbuster) in Word
and Word Perfect format.  Below is a list of the documents included:

1. Asset Notice
2. Series Certificate
3. Series Supplement
4. Drawdown Request
5. Total Return Swap Confirmation
6. Put Option Agreement
7. Put Option Assignment
8. Notice of Put Option Assignment
9. Membership Interest Assignment and  Ratification
10. Asset LLC Agreement
11. Transferor LLC Agreement
12. Receipt of Asset LLC
13. Receipt of Transferor
14. Receipt of Trust
15. Independent Auctioneer Letter Agreement
16. Transfer and Auction Agreement
17. B Interest Assignment Agreement
18. Direction Letter to Owner Trustee
19. Payment Direction Letter

Let me know if you have problems with any of the attached documents.

Jonathan Wylie
Associate
Andrews & Kurth LLP
1717 Main St., Suite 3700
Dallas, Texas 75201
214-659-4514

CONFIDENTIALITY NOTICE:  The information in this e-mail (including any
attachments) is confidential, legally privileged and intended only for
the use of each recipient named above.  If you are not an intended
recipient, you must not read, use or disseminate this information.  If
you have received this e-mail in error, please notify the sender
immediately by reply e-mail and delete this e-mail from your computer.

 <<271595.DOC>>  <<271595.WPD>>  <<271599.DOC>>  <<271599.WPD>>
<<271616.DOC>>  <<271616.WPD>>  <<271618.doc>>  <<271618.wpd>>
<<271619.doc>>  <<271619.wpd>>  <<271675.doc>>  <<271675.wpd>>
<<271677.doc>>  <<271677.wpd>>  <<271679.doc>>  <<271679.wpd>>
<<271733.doc>>  <<271733.wpd>>  <<271737.doc>>  <<271737.wpd>>
<<271739.DOC>>  <<271739.WPD>>  <<271742.doc>>  <<271742.wpd>>
<<271745.doc>>  <<271745.wpd>>  <<271753.DOC>>  <<271753.WPD>>
<<271763.doc>>  <<271763.wpd>>  <<271765.doc>>  <<271765.wpd>>
<<271767.DOC>>  <<271767.WPD>>  <<271777.doc>>  <<271777.wpd>>
<<272972.doc>>  <<272972.wpd>>
 - 271595.DOC
 - 271595.WPD
 - 271599.DOC
 - 271599.WPD
 - 271616.DOC
 - 271616.WPD
 - 271618.doc
 - 271618.wpd
 - 271619.doc
 - 271619.wpd
 - 271675.doc
 - 271675.wpd
 - 271677.doc
 - 271677.wpd
 - 271679.doc
 - 271679.wpd
 - 271733.doc
 - 271733.wpd
 - 271737.doc
 - 271737.wpd
 - 271739.DOC
 - 271739.WPD
 - 271742.doc
 - 271742.wpd
 - 271745.doc
 - 271745.wpd
 - 271753.DOC
 - 271753.WPD
 - 271763.doc
 - 271763.wpd
 - 271765.doc
 - 271765.wpd
 - 271767.DOC
 - 271767.WPD
 - 271777.doc
 - 271777.wpd
 - 272972.doc
 - 272972.wpd
----- Forwarded by Connie Lee/Enron Communications on 12/19/00 09:22 AM -----

	Renee St. Louis
	12/14/00 06:41 PM

		 To: Connie Lee/Enron Communications@Enron Communications
		 cc:
		 Subject: SEE ATTACHED

----- Forwarded by Connie Lee/Enron Communications on 12/19/00 09:22 AM -----

	Renee St. Louis
	12/18/00 04:17 PM

		 To: Luitgard Fischer/Enron Communications@Enron Communications
		 cc: Connie Lee/Enron Communications@Enron Communications
		 Subject: models

Louie -
I've attached all of the models, asset summary, etc.  Connie is familiar with
them, and I will visit with her again before I leave.
Thanks!
Renee


Michael,

The problem of the correct discount rate has not been correctly accounted for
in RAROC. One solution is the real options approach which implies a risk-free
interets rate, after ALL the risks of a project have been accounted for
along multiple scenarios. It makes no sense to dink the same project
twice for the same risks (once through adjustments of cash flows,

"Michael SCHILMOELLER" <Michael_Schilmoeller@pgn.com> on 02/28/2000 12:20:18
PM
To: VKamins@enron.com
cc: Gmasson@enron.com
Subject: RAROC

Hi Vince,

I just spoke with Grant about some RAROC issues, and he suggested I contact
you.

We are trying to understand how to convert pure risk adjusted return on
capital to a hurdle rate, or risk-adjusted discount rate.  I have never had
the Enron RAROC training, but those who have say the training is vague on
this point.  At one time, Mark Rouen apparently had a utility curve that he
had derived that related the two, but I understand Enron RAROC has
subsequently abondonned that approach.  Instead, they use a database of
comparables and a lot of subjectivity to decide which projects get blessed.

Do you have any resources you would recommend we consult on calculation of
hurdle rates?  Are we thinking about this correctly, i.e., are discounting
cash flows according to risk-adjusted hurdle rate the correct approach?  Are
there any individuals in Houston we should speak with about the
implementation of RAROC?

Grant also alluded to your role in establishing RAROC at Enron and to the
issue that there were some differences between your view of how RAROC should
be implemented and the way it has been installed.  Care to share?

Thanks,
Michael


Going to Scottsdale Wednesday night for a little sun, spa, and relaxation!   Have fun in Houston -

"Denos, George" <george.denos@neg.pge.com> on 04/09/2001 05:55:00 AM
To:	"'Kim.Ward@enron.com'" <Kim.Ward@enron.com>
cc:
Subject:	RE:

i'm still here. we'll have to wait and see to see how it affects us. we have
our own credit rating, so technically it should not affect us. but it's the
perception more than anything when your name is attached to pg&e. i'll keep
you posted. are you ready for easter ? do you guys have off friday. i'm
coming home on friday. it's going to be one of those church weekends. church
friday and saturday night. then dinner at my moms on sunday.

-----Original Message-----
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com]
Sent: Friday, April 06, 2001 5:20 PM
To: george.denos@neg.pge.com
Subject: Re:

Still employed?  How are you affected by this bankruptcy news?

PG&E National Energy Group and any other
company referenced herein that uses the PG&E name or
logo are not the same company as Pacific Gas and
Electric Company, the regulated California utility.  Neither
PG&E National Energy Group nor these other
referenced companies are regulated by the California Public
Utilities Commission.  Customers of Pacific Gas and Electric Company
do not have to buy products from these companies in order
to continue to receive quality regulated services from the utility.


Due to the larger than normal volume of activity, the report is being
distributed earlier this month.  The goal here is to give everyone more time
to move deals and contracts on those records scheduled for inactivation on
03/01/01.    You have received notification on the name changes as they have
occurred.

Please find attached the Name Change/Merger Notification Report for February
15.  To launch the report, double click on the attachment and select Enable
Macros and Read Only.
Please note that:
 ERMS short names will be changed in GCP and ERMS each Friday at 10am Central
Time, and
 Inactivations will be made on Mar 1

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

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

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

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

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

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

As always, please contact me at x33103 with any questions or concerns.

Cheryl


gdp-nng/vent


pls print asap.  thanks. dF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 01/25/2000
12:28 PM ---------------------------

Colleen Raker
01/25/2000 12:04 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Jim Talcott/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Louis
Soldano/ET&S/Enron@ENRON

Subject: Edits Made to Enron Machine and Mechanical Services, Inc.
Subcontract Agreement with Instromet to Integrate Changes Requested by
Instromet in Dec. 1999 and Other EM&MS Edits

The below note outlines the changes I made to the Enron Machine and
Mechanical Services, Inc. (Clifton machine shop) Subcontract Agreement with
Instromet per Instromet's requested changes that Randy Rice and Rick Craig
accepted.  In the course of editing this Agreement, I rearranged certain
provisions to clarify the indemnity obligations of the parties, and the
representations and warranties of the parties. The latter changes are
described below.

Instromet has not yet seen this revised Agreement.   GPG Procurement and
Supply will be meeting with Instromet this Thursday, January 27th, and would
like to execute the agreement that day.  The plan is to send the attached
agreement to Instromet no later than the close of GPG's business today.
Please review the below changes as well as  Exhibit A, Scope of Work, and
Exhibit B, Unit Price List, and advise me as soon as possible today of any
concerns you may have.  Thank you for your help in finalizing this agreement.
---------------------- Forwarded by Colleen Raker/ET&S/Enron on 01/25/2000
11:46 AM ---------------------------

Colleen Raker
01/25/2000 11:45 AM
To: Rod Maybee/OTS/Enron@ENRON
cc:

Subject: Edits Made to Enron Machine and Mechanical Services, Inc.
Subcontract Agreement with Instromet to Integrate Changes Requested by
Instromet in Dec. 1999 and Other EM&MS Edits

Part II, Section 1, Definitions.

Modified to replace the definition of "Test Period" with "Warranty Period",
and to define the latter as "the period of time up to 30 days from the date
Instromet receives the shipment of Work at Instromet's first point of
destination".  Instromet's right to reject the completed Work by notifying
Enron Machine and Mechanical Services, Inc. (EM&MS) in writing of the alleged
defect must be exercised by Instromet during the Warranty Period or this
right is waived.   Instromet's sole remedy for defective goods is the repair
or replacement by EM&MS.

Part II, Section 6.2, Instromet Furnished Information, Data, Material,
Equipment Services.

Modified to limit Instromet's liability for consequences of defects in
manufactured spools to defects in the data, material, equipment, supplies or
services furnished by or through Instromet.  Original draft also made
Instromet liable for defects in supplies or services furnished by Enron
Machine and Mechanical Services, Inc.

Part II, Section 11, Title and Risk of Loss to Work.

Modified to transfer title and all risk of loss in the Work to Instromet as
of the date of Enron Machine and Mechanical Services, Inc.'s invoice
statement to Instromet (whether or not Instromet has arranged for the
shipment of the completed spools).  Original draft placed risk of loss in the
Work with Instromet at all times, and identified the Point of Delivery
(Clifton machine shop) as the place of title-transfer.

Part II, Section 12, Changes.

Modified to provide for the completion of a Work Change Order form (attached
to the Agreement as Exhibit C) to document changes in Work agreed to by the
parties.

Part II, Section 13, Standards of Performance and Limited Warranty.

Modified to integrate the new Warranty Period definition discussed in the
first bullet item above.  Also modified to treat as a separate numbered
section (Section 9, Indemnification for Third Party Claims) the indemnity
obligation (regardless of the presence or absence of insurance coverage) of
Instromet to EM&MS  for third party claims for personal injury or property
damage arising from EM&MS' Work .  Section 9 is further modified to expressly
exclude from Instromet's indemnity obligation the percentage of any claim
that results from the gross negligence, willful misconduct or bad faith of
EM&MS. Section 9 is also modified to state the right of EM&MS to assume its
defense of a third party claim if Instromet fails to assume the same per its
indemnity obligation on being notified of the claim.

Please note that under Section 8, Liabilities and Indemnifications for Other
Than Third Party Claims, Instromet and EM&MS have agreed to release and hold
each other harmless for claims of injury or death of person or loss or damage
to property in favor of each party or its employees or its agents arising
from the Work of EM&MS at the Clifton machine shop.  Claims by Instromet's or
EM&MS's independent contractors would be third party claims coverd by Section
9.

Part II,  Hazardous Materials, Waste, Pollution Section.

This  section was deleted in its entirety.  Section 9, Indemnification for
Third Party Claims, will cover the respective responsibilities of the parties
for such claims.

Part II, Intellectual Property Rights Section.

Instromet was to provide EM&MS with its proposed alternate language for this
section.  EM&MS has not received this.  Therefore, this separate Section was
deleted by EM&MS and two of its provisions integrated elsewhere in the
Agreement.  The first, the provision concerning Instromet's representations
and warranties of ownership of the processes and methods that Instromet
requires EM&MS to use in its manufacture of the spools has been set out in a
separate section, Section 14, Instromet's Representations and Warranties.
Section 14 now stipulates that Instromet warrants that either Instromet, Inc.
or its "Affiliate" own such processes or methods used in the Work and that
all products provided by Instromet are free from third party claims of
infringement of intellectual property rights.  The second, the provision in
the original "Intellectual Propery Rights" section concerning Instromet's
obligation to indemnify EM&MS from third party intellectual property
infringement claims has been removed and integrated into Section 9,
Indemnification for Third Party Claims.

Lastly, please note that Section 22.5, Confidential Information,  now states
that the parties' obligations of confidentiality and non-disclosure shall
continue for a period of 3 years after the termination of this Agreement.
The original draft had stipulated that the confidentiality obligations shall
terminate ___ years after the date of the disclosure of such confidential
information.  The change was made based on the difficulty of tracking
different disclosure dates through the term of the Agreement.


Do you have an address for them?

	Daniel Diamond/ENRON@enronXgate
	04/17/2001 11:35 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Bob Shults/ENRON@enronXgate
		 Subject: TFS LOI

Tana,
Please send an LOI regarding Broker Client to Alan Kurzer of TFS Energy LLC
(akurzer@tfsbrokers.com).  The terms are as follows:

Term:  1 year
Commodities: North American Gas and US Power
Price:  $200,000/each or $300,000 for both
Thanks,

Dan


Mike:
Here are the answers to your questions.  Please give us a call if you have
any more questions.  Thanks!
Ben


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 11/20/2000
12:12 PM ---------------------------
From: Melinda Whalen on 11/20/2000 09:36 AM MST
To: Judy Hernandez/HOU/ECT@ECT
cc:
Subject: Executed Confirmations

Judy,

If you could have the following confirmations faxed up to the Canada office,
it would be greatly appreciated:

J. ARON NZ2997.1
  NZ2997.3
  NZ2997.5
  Q30605.3
  Q30646.1
  Q31747.1
  Q33173.1
  Q30321.1
  Q39213.1
  Q39222.1
  Q56551.1
  Q57285.1
  Q60931.1
  Q69591.1
  Q82974.1
  Q86425.1
  Q84719.1
  Q82515.1
  Q81652.1
  Q69607.1
  Q86443.1
  Q94375.1
  Q28267.1
  Q28246.1
  Q18620.1
  Q18622.1
  Q06687.1
  Q06541.1
  Q04456.1
  Q04447.1
  NZ9843.1
  NZ9731.1
  NZ5218.1
  NZ1297.2
  NZ1297.1
  NY9067.1
  NY6627.1
  NY2572.1
  NY0747.1
  NX7474.1
  NX7453.1
  NX5955.1
  NW9749.1
  NW3272.1
  NV8017.1
  NV7995.1
  NV5417.1
  NV3163.1
  N00974.1
  N04778.1
  NN8760.1

CITIBANK NZ2285.1

BANKERS TRUST NW2561.1
   NW4482.1
   NW9468.1
   NW9479.1
   NZ6942.1
   Q77486.1
   Q81683.1

Thanks,
Melinda