California Power Crisis in a Nutshell: David Wilson (Update1)
Bloomberg, 01/19/01

California Averts Blackouts; Regulators Take Action (Update3)
Bloomberg, 01/19/01

Richardson Orders Natural Gas Sales Into California (Update2)
Bloomberg, 01/19/01

USA: ANALYSIS-Utilities no longer your father's Oldsmobile.
Reuters English News Service, 01/19/01

EOTT Energy Partners, L.P. Declares Quarterly Cash Distribution
PR Newswire, 01/19/01

BANDWIDTH BEAT: Number Of Routes In Price Table Explodes
Dow Jones Energy Service, 01/19/01

USA: UPDATE 1-Bush adviser opposes cap on Western power prices.
Reuters English News Service, 01/19/01

Pennsylvania PUC Blasts GPU for Comparison to California
Bloomberg, 01/19/01

Enron and Owens-Illinois Sign Long-Term $2.2 Billion Energy Management
Agreement
PR Newswire, 01/19/01

USA: Enron subsidiary, Owens-Illinois in energy deal.
Reuters English News Service, 01/19/01

California Power Crisis in a Nutshell: David Wilson (Update1)
1/19/1 17:20 (New York)

California Power Crisis in a Nutshell: David Wilson (Update1)

     (Adds dollar amount of Southern California Edison's last
default and references to bond insurers, Fitch and electricity
Board; updates federal response. Commentary. David Wilson is a
columnist for Bloomberg News. Opinions expressed are his own.)

     Princeton, New Jersey, Jan. 19 (Bloomberg) -- Californians
have suffered power blackouts. The state's two largest utilities
have defaulted on debt and failed to make power payments. State
and federal officials are working on solutions. The following
guide is designed to explain what, and who, is behind it all.

                             The Issue

     California's two largest utilities must pay more for power
than they can charge under a 1996 utility-deregulation law, which
froze rates until March 2002. They have racked up more than $11.5
billion in power-related debt. Out-of-state suppliers have balked
at selling electricity and natural gas to them because of concern
that they may not get paid.
     The price of power to California utilities more than
quadrupled during 2000 amid a surge in the cost of natural gas,
which more than half the power plants in the state burn. Natural
gas rose as much as 25-fold during December.

                           The Companies

     PG&E Corp. (ticker symbol PCG): Owner of Pacific Gas &
Electric Co., California's largest utility. Its shares have lost
55 percent during the past year, and it's one of only two stocks
in the Dow Jones Utilities Average to drop during that period.
     The unit's losses on power purchases totaled $6.6 billion at
the end of last year. On Wednesday, PG&E defaulted on $43 million
of commercial paper and the utility unit defaulted on another $33
million. The unit has a $583 million power bill due on Feb. 1, and
another $2.12 billion is due by March 2.
     Edison International (EIX): Owner of Southern California
Edison Co., the state's second-largest utility. Its stock price
has fallen 67 percent in the last 12 months, making it the worst
performer among the Dow utility stocks.
     Power-buying losses at the unit totaled $4.5 billion as of
Dec. 31. The utility defaulted Tuesday on $230 million of bonds
and failed to make $366 million of payments for power. Yesterday
it defaulted on $32 million of commercial paper. Another $378
million of power payments are due this month.
     Power suppliers: Include Calpine Corp. (CPN), Duke Energy
Corp. (DUK), Dynegy Inc. (DYN), Enron Corp. (ENE), Reliant Energy
Inc. (REI), Sempra Energy (SRE), the Southern Energy Inc. (SOE)
unit of Southern Co. (SO) and Williams Cos. (WMB).
     Natural-gas suppliers: Include Coastal Corp. (CGP), Duke
Energy, the J. Aron & Co. unit of Goldman Sachs Group Inc. (GS),
Sempra Energy and Western Resources Inc. (WR).

                          The Financiers

     Banks: Bank of America Corp. (BAC) and J.P. Morgan Chase &
Co. (JPM) arranged a total of $4.2 billion in loans. They refused
Wednesday to let PG&E and Pacific Gas & Electric borrow part of a
$1 billion credit line, leading to the commercial-paper default.
     Ace Ltd. (ACL): Bermuda-based insurance company. A unit has
about $14 million of reinsurance on the two utilities' bonds and
about $125 million in debt assumed in credit-default swaps, which
protect bondholders against defaults. ``Ace believes that any loss
would be substantially less,'' it said in a statement.
     Bond insurers: MBIA Inc. (MBI), the largest U.S. bond
insurer, guaranteed more than $1 billion of Edison's and PG&E's
bonds. Ambac Financial Group Inc. (ABK) said its exposure totals
about $150 million. Smaller amounts are at risk for Financial
Security Assurance Co. and Financial Guaranty Insurance Co.

                        The Rating Services

     Standard & Poor's: Said Dec. 13 that it might cut ``A''
ratings on the parent companies and ``A+'' ratings on the units.
Downgraded them to ``BBB-,'' its lowest investment-grade rating,
on Jan. 4. Lowered them to ``CC'' on Tuesday except for Southern
California Edison, cut to ``D'' because of its default. S&P may
also reduce ratings even more.
     Moody's Investors Service: Said Dec. 11 that it may lower
``A3'' ratings on PG&E and Edison, along with ``A2'' ratings on
their utility units. Downgraded them all to ``Baa3,'' its lowest
investment-grade rating, on Jan. 5. Lowered ratings on the parent
companies to ``Caa3'' and their units to ``Caa2'' earlier this
week. All may be cut further.
     Fitch IBCA: Said Nov. 7 that it might cut ``A'' and ``A+''
ratings on senior unsecured debt of Edison and its utility unit.
and its ``A'' rating on Pacific Gas & Electric's first mortgage
bonds. Downgraded Edison and its unit to ``A-'' on Dec. 11, to
``CCC'' on Jan. 4, and to ``CC'' on Tuesday. Cut the mortgage
bonds to ``A-'' on Dec. 11 and to ``B-'' on Jan. 4.

                           The Agencies

     California Department of Water Resources: Administers the
state's water systems. Started buying power on behalf of the two
utilities in January. Can spend as much as $400 million on power
under a bill passed yesterday.
     California Independent System Operator: Owns the system that
delivers three-quarters of the state's electricity. Imposes power
emergencies as needed.
     California Power Exchange: Buys power for utilities.
Suspended the two utilities' trading privileges after Southern
California Edison failed to make a $215 million payment and PG&E
failed to meet a new requirement that it post collateral.
     California Electricity Oversight Board: Five-member state
panel that governs both the Independent System Operator and the
Power Exchange.
     California Public Utilities Commission: Regulates utilities.
Granted rate increases averaging 10 percent to the two utilities
on Jan. 4. The increases are effective for 90 days. PG&E and
Edison wanted 26 percent and 30 percent, respectively.
     Federal Energy Regulatory Commission: U.S. agency that
oversees utilities. Issued rules Dec. 15 that freed California
utilities from a requirement to buy power through the exchange.
Has rejected proposals for caps on the power prices they pay.

                          The Background

     Power supplies are so tight that California can have an
emergency even if only a few plants go off line for repairs or
malfunction. Even ocean swells can result in production cuts, as
they can clog plants' coolant intakes with sea kelp.
     About two-thirds of California's power plants are more than
30 years old. The last major plant was built more than a decade
ago, before the state toughened its emissions standards. Demand,
especially from companies making products such as computers and
semiconductors, has grown along with the state's economy.

                          The Emergencies

     Stage One: Power reserves for hydroelectric plants fall to
within 5 percent of demand, and reserves for all other types of
plants fall to within 7 percent of demand.
     Stage Two: Power reserves from all types of plants fall to
within 5 percent of demand.
     Stage Three: Power reserves fall to within 1.5 percent of
demand. Can lead to rolling blackouts in parts of the state. The
first alert of this type happened on Dec. 7; the first blackouts
happened Wednesday.

                        The State Response

     Davis declared a state of emergency Wednesday, freeing the
Department of Water Resources to spend money in its budget and the
state's general fund to buy power on the utilities' behalf.
California's legislature then approved $400 million in outlays.
     Legislators are working on a bill, proposed by Davis, that
would let the state buy as much as $3.5 billion of power a year
under multiyear contracts and sell it to utilities at cost. The
plan sets a price of $55 a megawatt hour, below the utilities'
average selling price of $72 after the rate increase. Davis has
held talks with power generators about the length and price of
contracts; he hasn't reached any agreements yet.
     Additionally, legislators have discussed allowing Pacific Gas
& Electric and Southern California Edison to refinance the power-
purchase debt by selling bonds.

                       The Federal Response

     Energy Secretary Bill Richardson issued an order Dec. 14 that
required power suppliers to sell electricity in California. The
order was extended Jan. 11 and Wednesday, and is scheduled to
expire next Tuesday. Richardson, who leaves office tomorrow with
President Bill Clinton, signed a similar order for natural-gas
suppliers that Davis had requested.

                            The Outcome

     Very much in doubt. Duke Energy, Dynegy, Reliant Energy and
Southern Energy were prepared to force the two utilities to file
for bankruptcy before the emergency spending bill was set into
motion, Davis said.

--David Wilson in the Princeton newsroom (609) 279-4085 or
dwilson@bloomberg.net/jmg

California Averts Blackouts; Regulators Take Action (Update3)
1/19/1 16:29 (New York)

California Averts Blackouts; Regulators Take Action (Update3)

     (Adds details on gasoline supplies starting in fourth
paragraph. For a special report on the California energy crisis,
see {EXTRA <GO>})

     Sacramento, California, Jan. 19 (Bloomberg) -- California
averted a third straight morning of intermittent power blackouts
as state and federal officials moved to ensure a steady supply of
power to consumers and businesses.
     Facing less power demand as the weekend approaches, state
authorities said they haven't ordered further outages today. The
California Independent System Operator, which runs three-quarters
of the state's power grid, kept its highest power alert in place.
     State regulators blocked California's two largest utilities
from taking action on their own to cut services to customers. The
measure by the California Public Utilities Commission came after
state lawmakers yesterday approved $400 million to buy power for
the cash-strapped utilities.
     U.S. Energy Secretary Bill Richardson, who steps down
tomorrow, said today he will sign an emergency order requiring
natural-gas producers to sell in California.
     The utilities, PG&E Corp.'s Pacific Gas & Electric and Edison
International's Southern California Edison, are on the verge of
bankruptcy. A 1996 deregulation law caps rates they can charge
consumers, and they have to pay more to power generators because
of rising demand and short supplies.

                          How Many Days?

     The legislation passed yesterday doesn't address PG&E and
Edison's mounting debts, which total more than $11.5 billion. The
money may not last as long the 12 days that state legislators had
hoped, either, analysts said.
     ``With prices going the way they are in the wholesale market,
$400 million or $500 million is not going to last much more than
seven days, let alone 12,'' said Paul Patterson, a utility analyst
with Credit Suisse First Boston.
     PG&E's shares rose 44 cents to $10.19 and Edison's declined 6
cents to $8.94. The stocks are the two worst performers in the Dow
Jones Utilities Average during the past year.
     Fuel supplies are also an issue. Valero Energy Corp., which
produces 10 percent of the state's gasoline, said the state may
soon face shortages of gasoline because Kinder Morgan Inc.'s
California pipeline -- one of the West Coast's largest -- was
disrupted by blackouts.
     Jay McKeeman, executive vice president of the California
Independent Oil Marketers Association, said he wrote Davis
yesterday to warn that refineries could be forced to shut unless
they can be assured their usual flow of fuel.

                     `Interruptible' Customers

     The pipeline, which distributes almost 1 million barrels of
gasoline, jet fuel and diesel a day, has been shut for 12 hours to
18 hours a day since Wednesday, said Larry Pierce, a Kinder Morgan
spokesman. The pipeline ran last night and was idled again this
morning, he said.
     Kinder Morgan's pipeline is an ``interruptible'' customer,
making it among the first to lose power amid shortages. Even if
scattered blackouts are avoided today, customers like it still
face the possibility of power cuts.
     The state's utilities are paying as much as 20 times more for
electricity than they did a year ago as they face the effects of
deregulation, which led them to sell generating plants. High
demand, a shortage of available plants and unusually low output
from hydroelectric dams are compounding the problem.
     Pacific Gas & Electric has said six companies, accounting for
36 percent of daily natural-gas supply, may stop deliveries by
Tuesday. The utility said it has only been able to buy 60 percent
of the gas it needs for each day next month, possibly forcing it
to cut supplies to power plants that use the gas to produce
electricity.

                        `Least Bad Option'

     President-elect George W. Bush opposes one possible remedy
for the utilities: limits on the wholesale prices that they pay
for electricity.
     ``The president-elect does not think price controls are an
answer to our nation's energy problems,'' Ari Fleischer, Bush's
spokesman, said during a reporters' conference call. ``He sees
very little evidence that price controls work. That is a very
unlikely solution in his opinion.''
     The Federal Energy Regulatory Commission, which oversees
utilities, has turned down proposals for price caps. California
Governor Gray Davis and other state officials support caps. U.S.
Senator Dianne Feinstein plans to introduce a bill Monday that
would allow the U.S. Secretary of Energy to impose them. Both
Davis and Feinstein are Democrats.
     State legislators rushed their spending measure into law
after Davis declared a state of emergency Wednesday. The state's
four largest power providers had threatened to push Pacific Gas &
Electric and Southern California Edison into bankruptcy if the
bill wasn't passed.
     ``This bill is the least bad option to get us through the
next few days,'' said Assemblyman Fred Keeley, the state's No. 2
Democrat. ``It will hopefully give us time to put a comprehensive
solution in place.''

                           More Defaults

     The legislature is also drafting a separate bill that would
allow the state to buy power under multiyear contracts and limit
the price it pays at $55 a megawatt hour. Customers currently pay
about $72 on average.
     While many generators are balking at that proposal, Davis
said he believed producers will eventually accept prices close to
$55, especially if the state agrees to sealed bids for contracts.
     Southern California Edison defaulted on $32 million of
commercial paper yesterday. It expects to default on $223 million
more of the money-market securities by Jan. 31, according to a
Securities and Exchange Commission filing.
     The utility also forfeited millions of dollars in power
contracts to the California Power Exchange yesterday after it
failed to make a $215 million payment. The foreclosure was a first
for the exchange, which buys power from generators on behalf of
utilities.
     Earlier this week, Edison suspended $596 million in payment
to bondholders and utilities. In addition, PG&E defaulted on $76
million in commercial paper.

--Peter Robison in Seattle (206) 406-1656 or robison@bloomerg.net
and David Ward in Sacramento with reporting by Daniel Taub in San
Francisco, Dennis Walters in Ojai, California, David Evans in Los
Angeles, Christopher Martin in Chicago, Jonathan Berr, Stacie
Babula and Jim Polson in Princeton, Liz Goldenberg in New York,
and Liz Skinner in Washington through the Princeton newsroom (609)
279-4000 / dw

Richardson Orders Natural Gas Sales Into California (Update2)
1/19/1 17:40 (New York)

Richardson Orders Natural Gas Sales Into California (Update2)

     (Adds Richardson comment in fourth paragraph, details of
order in fifth through eighth.)

     Washington, Jan. 19 (Bloomberg) -- U.S. Energy Secretary Bill
Richardson ordered natural-gas suppliers to keep selling to
California to keep homes warm and hospitals running after two days
of rolling blackouts.
     California Governor Gray Davis asked for the emergency order
because suppliers are threatening to stop shipments to PG&E
Corp.'s Pacific Gas & Electric, fearing the state's largest
utility will default on payments.
     Utilities owned by PG&E and Edison International have said
they face bankruptcy because state laws won't let them pass on the
soaring power costs to customers. Pacific Gas & Electric said a
cut in gas supplies would affect homes, hospitals, businesses, oil
refineries and power plants.
     ``I am very concerned that such supply disruptions could
endanger the health and welfare of PG&E's residential and
commercial gas customers and could exacerbate the already
precarious condition of California's electric grid,'' Richardson
said in a statement issued on his last day in office.

                         Setting Terms

     The emergency order, requiring any of PG&E's natural gas
suppliers to keep selling to the utility according to contracts in
place the past 30 days, will keep gas flowing as California,
utilities and generators ``work to find a solution to the current
electricity and financial crisis,'' Richardson said.
     If a supplier and PG&E don't agree on the terms of the
contracts, the energy secretary will set the terms, the department
said in a statement.
     The federal order runs through Tuesday. It will be up to the
next energy secretary whether to extend it. Richardson said he has
spoken with Spencer Abraham, who President-elect George W. Bush
has nominated to head the department, about the crisis.
     President Bill Clinton earlier today signed a memorandum
finding that a natural-gas supply emergency exists in central and
northern California. The document directs Richardson to ensure
that gas is available for high-priority uses, such as home heating
and power generation.
     Last month, Richardson ordered power generators to sell
electricity to California after suppliers in the Northwest halted
sales. That order also expires Tuesday.
     PG&E shares rose 44 cents to $10.19. Edison fell 6 cents to
$8.94. They've both fallen about 63 percent since Nov. 1.

                         Gas Supplies

     Pacific Gas & Electric said six natural-gas suppliers,
accounting for 36 percent of its daily supply, told the utility
they have stopped delivering gas or may stop deliveries by
Tuesday. Other suppliers, accounting for 30 percent of daily
supplies, are considering stopping deliveries, the utility said.
     One of PG&E's gas suppliers, Western Gas Resources Inc.,
stopped deliveries on Jan. 12. The company ended a contract to
sell 5 million cubic feet of natural gas a day after the utility
``stopped paying us according to the terms of the contract,'' said
Ron Wirth, Western Gas spokesman.
     Wirth said company officials haven't seen Richardson's order
yet so couldn't comment on it.
     El Paso Energy Corp., which sells natural gas to PG&E through
its merchant energy unit, said it has been honoring its existing
contracts with the California utility.
     ``We are still backing the existing contracts to those
companies, as of this moment,'' said spokeswoman Kim Wallace.
``This is a minute-to-minute situation.''
     The order will impact El Paso Energy because it sells natural
gas into California, she said. ``The question is who will pay?''

--Liz Skinner in Washington, (202) 624-1831 or
lskinner@bloomberg.net and Daniel Taub in San Francisco, with
reporting by Jim Kennett in Houston and Bradley Keoun in New York,
through the Princeton newsroom, (609) 279-4000/pjm/shf

USA: ANALYSIS-Utilities no longer your father's Oldsmobile.
By Paul Thomasch and Jonathan Stempel

01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Jan 19 (Reuters) - Fund manager Don Cox left a meeting with Exxon
Mobil executives last September shaking his head, knowing he would stay as
far away as possible from California utilities.
During the meeting in downtown Chicago, four executives from Exxon Mobil
Corp., the world's No. 1 energy company, told Cox to expect natural gas
prices to fall to just $1 per million British thermal units (mmbtu).
His conclusion? Even the industry's top brass couldn't see the coming power
crisis, one that would hit California's utilities particularly hard.
"I walked away from that meeting telling my clients to load themselves to the
hilt with natural gas stock and don't get involved with the California
utilities," said Cox, chairman and chief strategist at the Harris Investment
Management Fund, which manages $16 billion.
It was the right call.
Natural gas hit $10 per mmbtu three months later, the last in a chain of
events that sent power prices through the roof and sent California's
deregulated electricity market to the brink of collapse.
Now, Pacific Gas and Electric Co., a unit of San Francisco-based PG&E Corp.
and Southern California Edison, a unit of Rosemead, Calif.-based Edison
International, are flirting with bankruptcy, stock-and bondholders have seen
billions of dollars melt away, and Wall Street has been forced to reassess
utilities as an investment.
"This is going to once and for all eliminate the idea that utilities are a
homogenous industry," said Cox. "This is a group that cries out for a whole
new sort of analysis."
SAFE NO MORE
For decades, utilities have been seen as a safe haven for stockholders.
Returns weren't the stuff of dreams, but there was little risk of losing your
shirt.
Electricity deregulation, sometimes successful and in California clearly not,
has changed that notion. Layers upon layers of power companies have been
created, from such power marketers as Enron Corp. and generators as Dynegy
Inc., to distribution utilities such as New York City's Consolidated Edison
Inc..
"The industry has been in a revolution for a couple of years," said Tim
Ghriskey, a portfolio manager for the $2.2 billion Dreyfus Fund. "It's a much
more dynamic industry. It's not just buy one, buy all, because they are all
different."
Utilities stocks were highly rewarding to investors last year, with the
Standard & Poor's utilities index surging more than 50 percent.
California's power crisis has changed that landscape, though. Share prices of
PG&E and Edison have slid more than 60 percent since early November, and
dragged down others with them. About 15 percent of the value of the S&P
utilities index has been wiped out so far this year.
"Unlike the old utilities, nowadays you can make a lot or lose a lot in a
hurry," said Ghriskey.
UTILITIES LOSE GLEAM
It's not just shareholders who have learned the hard lesson that utilities
aren't what they once were. Bondholders, too, have been left to wince as top
credit rating agencies slashed their formerly investment-grade holdings deep
into junk.
Still, secured and unsecured bondholders may be in better shape than
stockholders, ranking ahead of them in the pecking order when it comes time
to decide what gets distributed in a bankruptcy, if there is one - or two.
"The sharing of the pain is the one uncertainty from an investor's
standpoint," said James Spiotto, a partner and default specialist at Chapman
and Cutler, a Chicago law firm.
"The solution of a utility bankruptcy is not unlimited pain to the customer
because there's a limit to what the customer can bear."
Investors see bids for SoCal Edison's and Pacific G&E's first mortgage bonds
at around 80 to 82 cents on the dollar, and for their unsecured bonds at 45
to 50 cents on the dollar. That compares to the pennies bid for bonds of many
asset-poor start-up telecommunications companies.
Bill Gross, who oversees $250 billion for Pacific Investment Management Co.
in Newport Beach, Calif. and is widely considered the most powerful U.S. bond
fund manager, reckons utilities look more and more like some of those
telecoms.
"Obviously investors are now awakening to the fact that utilities are not the
safe, conservative vehicles that they knew 10 or 20 years ago," he said.
"It's not your father's Oldsmobile."
Selling now, however, may not be a good solution because the crisis is fluid,
some depressed prices could recover, and the market for electric power won't
disappear the way some telecoms and dot-coms do.
"Generally, the solution for a distressed utility is strung out, and can
involve a conversion of debt to equity," said Spiotto. "The real concern is
to save the system."
First mortgage bondholders, he said, usually do well in a bankruptcy, and
could get their principal back, because they have "the system" as collateral.
No one, he said, will allow California's lights to dim for good.
CLOUDED BY UNCERTAINTY
What occurred in California is something of a perfect storm, a situation
brought together by a poorly constructed deregulation plan, environmental
hurdles, cold weather and a shortage of natural gas production in the United
States.
PG&E and Edison may indeed go under, investors said, or the nation's richest
state could construct a way to bail them out.
Either way, stockholders are decidedly unwilling to risk too much of their
money on PG&E or Edison at the moment.
"It's too uncertain right now; the situation makes us too nervous," said
Ghriskey, who doesn't own either utility's shares. "At some point there could
be a huge buying opportunity, but first we have to get some visibility on an
outcome."
The crisis also casts doubt over companies such as Reliant Energy Inc., Duke
Energy Corp., and Southern Energy Inc., which face hundreds of millions of
dollars of credit exposure because they sell power to the utilities.
What's more, it throws a cloud over how deregulation will progress elsewhere
in the country.
"I think we're locked into several years of energy problems," said Cox of
Harris Investment Management.
Like his counterparts in the bond market, he sees a parallel with those "new
economy" companies. "From now on, talking about utilities as a group will be
as problematic as talking about tech stocks as a group," he said.
But will the value of their securities recover?
"Hope springs eternal," said Spiotto, the Chicago lawyer.

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

EOTT Energy Partners, L.P. Declares Quarterly Cash Distribution

01/19/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

HOUSTON, Jan. 19 /PRNewswire/ -- EOTT Energy Partners, L.P. (NYSE: EOT) (the
Partnership) announced today a distribution of $0.475 per common unit for the
fourth quarter of 2000, or $1.90 on an annualized basis. The fourth quarter
distribution is payable Feb. 14, 2001, to unitholders of record as of Jan.
31, 2001.
EOTT Energy Partners, L.P. is a major independent marketer and transporter of
crude oil in North America. EOTT transports most of the lease crude oil it
purchases via pipeline which includes 8,300 miles of active intrastate and
interstate pipeline and gathering systems and a fleet of 260 owned or leased
trucks. EOTT Energy Corp., a wholly-owned subsidiary of Enron Corp. (NYSE:
ENE), is the general partner of EOTT Energy Partners, L.P. with headquarters
in Houston. The Partnership's Common Units are traded on the New York Stock
Exchange under the ticker symbol "EOT". Media Relations Contact:
Kimberly Nelson
(713) 853-3580
Investor Relations Contact:
Scott Vonderheide
(713) 853-4863

/CONTACT: media, Kimberly Nelson, 713-853-3580, or investor relations, Scott
Vonderheide, 713-853-4863, both of EOTT Energy Partners, L.P. / 15:44 EST

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

BANDWIDTH BEAT: Number Of Routes In Price Table Explodes
By Michael Rieke

01/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A DOW JONES NEWSWIRES COLUMN

HOUSTON -(Dow Jones)- The number of city-pairs listed in the daily Dow Jones
bandwidth price table exploded this week to 10 from two.
The table was started in September, listing only prices for DS3 bandwidth
between New York and Los Angeles. That's the route that had the most traffic
and therefore would be the first to bring some liquidity to the nascent
bandwidth market.
The table originally listed only prices for DS3 bandwidth along that route.
Later prices were added for OC3 capacity between New York and Los Angeles,
followed by prices for DS3 and OC3 bandwidth between New York and Washington,
D.C.
Earlier this month, DS3 capacity between New York and Washington had the
distinction of being the first listing dropped from the price table.
One component in the value of a deal is mileage, so the fewer the miles, the
less money in the deal. Because New York is so close to Washington, D.C.,
traders decided there wasn't enough money involved to continue trying to do
deals for DS3 bandwidth along that route. They'll only quote prices for OC3
capacity along that route.
They also decided there wasn't enough money involved in one-month deals for
OC3 capacity along that route. So now they're only making a market for
three-month deals on that route.
This week a broker told Dow Jones Newswires that a market was being quoted
for a new route: Los Angeles to San Francisco, mostly for DS3 bandwidth but
also for two one-year contracts for OC3 capacity.
The broker wouldn't say which company was the market maker for that route.
For a simple definition, a market maker is a company that will give a bid and
an offer in a market. Then it has to be willing to buy at the bid price and
sell at the offer price.
The first guess was, of course, Enron Corp. (ENE) because they've been very
aggressive in making markets in bandwidth. Just take a look at the bandwidth
bids and offers on Enron Online, if you have access.
But Enron isn't the market maker for the Los Angeles-to-San Francisco route.
They prefer the nearby Los Angeles-San Jose route and are making a market for
it in DS3 and OC3.
And it isn't El Paso Energy (EPG) either. They were the second company
venture into bandwidth as a market maker. Aquila Broadband Becomes Third
Bandwidth Market Maker

A little research revealed that Aquila Broadband Services, a unit of
Utilicorp United Inc. (UCU), is the market maker for the Los Angeles-San
Francisco route. They're the third market maker in bandwidth.
The other new routes being quoted are New York-Miami (DS3 and OC3);
Seattle-Salt Lake City (OC3); Seattle-Los Angeles (OC3); Seattle-Portland,
Ore. (OC3); Los Angeles-Las Vegas (DS3 and OC3); and Los Angeles-Dallas
(DS3).
A quick check of the bids and offers for the new markets reveals that the
quotes are wide. When making a new market, a company doesn't want to risk
making a mistake by bidding too high or offering too low. If you bid too
high, sellers will jump all over your bid. If you offer too low, buyers will
jump all over your offer
In the new markets, there's generally $0.0015-$0.0020 per DS0 mile per month
between the bid and the offer.
In the most mature market, New York-Los Angeles for DS3, the bids and offers
for some contracts are separated by only $.0001/DS0 mile/month, sometimes
even less.
In fact, another decimal place had to be added to the quotes in the price
table. Some quotes for DS3 bandwidth between New York and Los Angeles have
become so tight that the bid and offer sometimes were separated by only
$.00005/DS0 mile/month.
Traders are willing to talk about the new markets because they are hoping
they will attract more attention followed by more buyers and sellers. As
those markets become more liquid, the traders predict, the bids and offers
will move closer together.
Some carriers aren't going to like seeing quotes for more bandwidth routes.
More quotes mean more price transparency. More price transparency means more
questions from customers.
Some carriers already argue that the prices quoted in the bandwidth market
aren't "real" prices, that they are too low. If that's true, traders say, the
carriers should be buying.
At least some telecom analysts agree. Steven Kamman, an analyst for CIBC
World Markets, has already said that in this column.
The smartest course for high-cost carriers, like WorldCom (WCOM), is to stop
investing in their own networks and start buying wholesale capacity from
low-cost carriers, Kamman says.
If and when they do, the bandwidth price table should grow even bigger.
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@wsj.com

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

USA: UPDATE 1-Bush adviser opposes cap on Western power prices.

01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

WASHINGTON, Jan 19 (Reuters) - A proposal to cap prices for wholesale
electricity in the West in hopes of easing California's power crisis "would
start spreading the shortage around" to other states, an adviser to the
incoming Bush administration said on Friday.
"That is not even a short-term solution," said Ken Lay, head of Enron Corp.
and an energy advisor to incoming President George W. Bush, a former Texas
oilman who takes the oath of office on Saturday.
Enron is the largest power marketer in the United States, and a cap would
limit the prices it and other wholesalers could charge to utilities.
Lay told reporters the federal government should limit itself to an advisory
role, letting California leaders resolve a "pretty much self-inflicted
problem." Wholesale power prices were deregulated under the landmark 1996 law
but retail rates were not.
A proposal by California officials to cap wholesale power prices in the West
as a way to help their state would merely "start spreading spreading the
shortage around to other states," Lay said.
California endured two days of rolling blackouts this week as two large
utilities struggled under huge debts incurred buying electricity at higher
wholesale prices than they can recoup under the retail rates they are allowed
to charge.
Outgoing U.S. Energy Secretary Bill Richardson said he would issue an
emergency order later on Friday to require out-of-state natural gas suppliers
to sell fuel to a cash-short California utility so it can continue to
generate electricity.
In the short term, Lay said, the state government will have to "buy the power
to fill the short positions of the utilities." The longer term solution will
probably include longer-running contracts to take advantage of electric
prices that are expected to fall later this year.
"The biggest problem in California is consumers are not going to see the
price signals. If they don't see the price signals, they are not changing
behavior so the problem is going to get worse," Lay said.
"Painful as it is, they need to see the price signals and start modifying
behavior to reduce demand until we get new supplies."
California Gov. Gray Davis was expected to sign a bill allowing the state to
spend $400 million to buy power on behalf of utilities. The two California
utilities, PG&E Corp's Pacific Gas & Electric Co. and Edison
International'sSouthern California Edison, have run up about $12 billion of
debt and are teetering on the edge of bankruptcy. Their bankruptcy would rank
among the nation's biggest, hitting creditors ranging from retirees invested
in traditional safe havens to institutional corporations, analysts said.
The Clinton administration has tried to help California by issuing week-long
orders that force out-of-state power generators to sell extra electricity to
the two largest California utilities.
Asked how long creditors could continue to show forbearance toward utilities
with mounting debt, Lay said Enron had moved to mitigate its exposure.
"The generators ought to speak for themselves. They're the ones that have
continued to operate plants and try to keep the lights on until the problem
is worked out," Lay said."But I'm sure it cannot be long. They have to look
out for their shareholders too."

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

Pennsylvania PUC Blasts GPU for Comparison to California
1/19/1 17:1 (New York)

    HARRISBURG, Pa., Jan. 19 /PRNewswire/ -- The chairman of the state Public
Utility Commission (PUC) this afternoon criticized GPU Energy for deliberately
alarming consumers and elected officials by suggesting the energy crisis
crippling California could easily affect Pennsylvania.
    "I am outraged that GPU would even hint that a similar energy crisis could
happen to Pennsylvania," said PUC Chairman John M. Quain.  "This appears to be
a thinly veiled attempt to influence a decision pending before the PUC.
    "I assure consumers and legislators that what is happening in California
will not happen in our state," he said.  "GPU has an economic problem, not a
supply problem."
    GPU in November petitioned the PUC for the right to collect from customers
in future years more than $82 million in projected losses from purchasing
electricity.  Under GPU's 1998 restructuring settlement, generation rates for
customers are capped through 2010 for Met-Ed customers and 2009 for Penelec
customers.  The two companies are subsidiaries of GPU.
    The PUC sharply criticized the utility for blaming their losses on
wholesale market conditions when in fact the losses result from GPU's own
business decisions.
    "The decision to divest their generation was made in their boardroom,"
said Kevin Cadden, PUC spokesman.  "The decision not to enter into long-term
power contracts with suppliers was made in their boardroom.  These decisions
were not made by the PUC."
    In recent weeks Quain has stressed that three critical factors separate
Pennsylvania from California.  They include:

    -- Pennsylvania produces more power than it consumes and therefore does
       not face an energy shortage like that in California.  The state is a
       net exporter of electricity and the second largest producer of
       electricity in the U.S.
    -- Pennsylvania did not require utilities to sell their generation plants
       as a part of restructuring as California did.  Nearly all of
       Pennsylvania's electric utilities own their own generating plants.
       GPU chose to sell all of their power plants.
    -- Pennsylvania does not prevent utilities from entering into long-term
       power contracts with suppliers.  In California, utilities are forced
       to buy electricity on the spot market, buying power at current market
       rates.  GPU chose not to enter into a sufficient number of these
       contracts.

    Cadden said GPU's request would follow standard PUC regulations.  "The
request for relief will be decided on the basis of the record and law
developed in the pending proceeding, and will not be swayed by unfounded
comparisons to California," he said.
    Pennsylvania's Electric Choice Program is widely recognized as the most
successful and best run in the country, having saved customers nearly
$2.8 billion to date in guaranteed rate cuts and savings.  More than 550,000
customers have selected an alternative electric supplier under the program.
    For more information about the PUC, visit their website at
http://puc.paonline.com.

SOURCE  Pennsylvania Public Utility Commission
    -0-                             01/19/2001
    /CONTACT:  Kevin Cadden, Communications Manager of the Pennsylvania Public
Utility Commission, 717-787-5722 or fa

Enron and Owens-Illinois Sign Long-Term $2.2 Billion Energy Management
Agreement

01/19/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

HOUSTON, Jan. 19 /PRNewswire/ -- Enron Energy Services, a subsidiary of Enron
Corp. (NYSE: ENE), and Owens-Illinois, Inc. (O-I), a leading producer of
glass and plastics packaging, announced today a ten-year energy management
agreement. The agreement covers 53 Owens-Illinois manufacturing facilities in
20 states and will cover projected energy purchases in excess of $2 billion.
Through this initial agreement, Enron will work with Owens-Illinois to manage
the supply of electricity and natural gas to O-I facilities and will continue
to look for ways to reduce O-I's aggregate demand.
"Securing affordable, reliable energy is a key element of our strategy to be
the low-cost producer in every market we serve," said Richard A. Jun, vice
president of corporate purchasing for Owens-Illinois. "This contract with
Enron effectively adds its leadership in energy purchasing management to our
ongoing commitment to cost management, an arrangement that should provide
savings and reduce our exposure to short-term energy price fluctuations."
"Our partnership with Owens-Illinois is a showcase of the depth of Enron's
continuing expansion into the industrial market," said Lou Pai, chairman and
CEO of Enron Energy Services. "Over the length of this contract, Owens-
Illinois will see the considerable competitive advantage of their existing
cost-control strategies significantly enhanced by the addition of our
expertise in energy efficiency and risk management."
Owens-Illinois is the largest manufacturer of glass containers in the United
States, North America, South America, Australia, New Zealand, and China and
one of the largest in Europe. Approximately one of every two glass containers
made worldwide is manufactured by Owens-Illinois, its international
affiliates, or its licensees. O-I also is a worldwide manufacturer of
plastics packaging with operations in North America, South America,
Australia, Europe and Asia. Plastics packaging products manufactured by O-I
include containers, closures and prescription containers.
Enron Energy Services has built a business to transform the energy
marketplace by providing integrated energy and facility management solutions.
Enron currently manages energy at over 28,500 customer sites. Contracts
signed within the last two years represent a reduction of approximately 8
billion kilowatt hours of electricity consumption and 18 million Btus of
natural gas consumption between 2000 and 2012.
Enron is one of the world's leading electricity, natural gas and
communications companies. The company, with revenues of $40 billion in 1999
and $60 billion for the first nine months of 2000, markets electricity and
natural gas, delivers physical commodities and financial and risk management
services to customers around the world, and is developing an intelligent
network platform to facilitate online business. Fortune magazine has named
Enron "America's Most Innovative Company" for five consecutive years, the top
company for "Quality of Management" and the second best company for "Employee
Talent." Enron's Internet address is www.enron.com. The stock is traded under
the ticker symbol "ENE".
Contact: Peggy Mahoney of Enron Energy Services, 713-345-7034.

/CONTACT: Peggy Mahoney of Enron Energy Services, 713-345-7034/ 17:17 EST

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

USA: Enron subsidiary, Owens-Illinois in energy deal.

01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, Jan 19 (Reuters) - Enron Energy Services, a subsidiary of Enron
Corp. , said Friday it agreed to a 10-year energy management agreement with
glass container maker Owens-Illinois Inc. .
The deal, which cover 53 Owens-Illinois manufacturing facilities in 20
states, will cover projected energy purchases of more than $2 billion, the
company said.
"This contract with Enron effectively adds its leadership in energy
purchasing management to our ongoing commitment to cost management, an
arrangement that should provide savings and reduce our exposure to short-term
energy price fluctuations," Richard Jun, Owens-Illinois' vice president of
corporate purchasing, said in a statement.
Enron shares finished off 1-3/16 at $70-7/8 on the New York Stock Exchange
Friday, between a 52-week high of $90-9/16 and a 52-week low of $52-5/8.
Owens-Illinois' shares, meanwhile, closed unchanged at $6-7/8, also on the
Big Board. The company's stock has a a 52-week high of $21-11/16 and a
52-week low of $2-1/2.
Gregory Cresci, New York Newsroom (212) 859-1700.

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


tst


Pasta salad sounds great.  See you then.

	Enron Capital & Trade Resources Corp.

	From:  "MICHELE FARRELL" <Michele_Farrell@pgn.com>
03/26/2001 01:16 PM

To: Mary.Hain@enron.com
cc:
Subject: Re: Directions to my house

OK.  I'll see you Friday.  I will bring some sort of salad ... probably
pasta, unless you need some other kinds of dishes, like a dessert or
appetizer.

>>> <Mary.Hain@enron.com> 3/26/01 12:43:25 PM >>>

Come after work.

What would you like to bring?

Directions from the Junction of Interstate 5 and Rt. 217:

Take Kruse Way ( Rt. 217 ) east from I-5.
(towards Lake Oswego until Kruse Way ends at L. Boones Ferry Rd)
Turn right onto Lower Boones Ferry Rd.
(follow sign for Lake Grove Dist. / Tualatin ).
Go straight less than
 mile to the 3rd light at Bryant Rd. and Firwood.
(Bryant Rd. is on the left, Firwood is on the right)
(Albertsons and a Texaco are on the right, 2 banks on the left)
Turn left onto Bryant Rd.
Go straight to the 2nd stop sign.
(at Lakeview after crossing the R.R. tracks right before the 7 Eleven)
Turn left onto Lakeview.
Go straight to the first stop sign.
(at South Shore Blvd.)
Turn right onto South Shore Blvd.
Go "straight" - South Shore winds around a lot - a little over
 mile to
Cedar Rd. on the right.
(if you get to a stop sign - at Westview - you've gone too far)
The order of streets - on the right only - coming up to Cedar are: Canal,
Kelok, and Cedar.
Turn right onto Cedar Rd. to: 17110 Cedar Rd.
Our house is the second paved driveway on the left. (about 50 feet from S.
Shore Blvd.)

(Embedded Enron Capital & Trade Resources Corp.
image moved
to file: From: "MICHELE FARRELL"
pic05589.pcx) < Michele_Farrell@pgn.com >
03/26/2001 11:40 AM

To: Mary.Hain@enron.com
cc:
Subject: Re: I'm Leaving Enron

I'd love to come on Friday. Just let me know what time and I will probably
need directions again. Was hoping I'd have a chance to say goodbye ...
other than some RTO meeting. Any particular kind of food you'd like me to
bring?

>>> < Mary.Hain@enron.com > 3/25/01 4:25:54 PM >>>

I know, just when I was starting to get a little better at it. I'm having
a potluck at my house Friday night if you'd like to come.

(Embedded Enron Capital & Trade Resources Corp.
image moved
to file: From: "MICHELE FARRELL"
pic18505.pcx) < Michele_Farrell@pgn.com >
03/23/2001 01:48 PM

To: Mary.Hain@enron.com
cc:
Subject: Re: I'm Leaving Enron

Wow! Congratulations! I guess that means no more jam sessions for us. :-(
Hopefully you'll find some good music and open mics in your new town. Best
of luck.

>>> < Mary.Hain@enron.com > 3/23/01 10:24:18 AM >>>
I am going to be the Senior Regulatory Counsel at ISO New England startingo
n April 9, 2001. My last day in the Portland area will be March 31,
2001. I enjoyed working with you and wish you the best of everything. My
new address will be:

Mary Hain
Senior Regulatory Counsel
ISO New England Inc.
One Sullivan Road
Holyoke, MA 01040-2841
(413) 535-4000
mhain@ISO-NE.com
(See attached file: TEXT.htm)
(See attached file: TEXT.htm)
 - TEXT.htm


FYI, see Terry's note
---------------------- Forwarded by Kim Kouri/ET&S/Enron on 12/01/2000 08:42
AM ---------------------------

	From:  Terry Galassini                           12/01/2000 07:58 AM

To: Kim Kouri/ET&S/Enron@ENRON
cc: Ben Asante/ET&S/Enron@Enron

Subject: Nov, 2000 PNR Billing - TW

Kim,

Here's the November Park and Ride activity with it's associated rates and
revenues.  You might find some opportunities here to use the TW Deal Analysis
tool.  Maybe its Morgan or TK Lohmann who could use this tool to set P&R
rates to ensure we cover the varialble O&M costs.  As you can see there's not
much revenue associated with P&R during the course of the month so the impact
on linepack and fuel use has the potential to exceed the benefits.

Thanks........Terry

---------------------- Forwarded by Terry Galassini/ET&S/Enron on 12/01/2000
07:33 AM ---------------------------

Michael Bodnar
11/30/2000 03:37 PM
To: Kevin Hyatt/ET&S/Enron@Enron, Steven Harris/ET&S/Enron@ENRON, Cynthia
Rivers/ET&S/Enron@ENRON, Christine McEvoy/ET&S/Enron@Enron, Beverly
Miller/ET&S/Enron@ENRON, Terry Kowalke/ET&S/Enron@ENRON, Linda
Ward/ET&S/Enron@ENRON, Albert Hernandez/ET&S/Enron@ENRON, Darrell
Schoolcraft/ET&S/Enron@ENRON, TK Lohman/ET&S/Enron@ENRON, Jeffery
Fawcett/ET&S/Enron@ENRON, Lorraine Lindberg/ET&S/Enron@ENRON, Lindy
Donoho/ET&S/Enron@ENRON, Christine Stokes/ET&S/Enron@ENRON, Terry
Galassini/ET&S/Enron@ENRON, Michelle Lokay/ET&S/Enron@Enron
cc: Morgan Gottsponer/ET&S/Enron@ENRON, Sue Neville/ET&S/Enron@ENRON, Kay
Threet/ET&S/Enron@ENRON, Reyna Cabrera/ET&S/Enron@Enron

Subject: Nov, 2000 PNR Billing - TW

Attached is the detail for Park N Ride billing for November, 2000. The
summary of charges is as follows:


(See attached file: g051101.pdf)

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L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS
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The internet can not guarantee the integrity of this message. BNP PARIBAS
(and its subsidiaries) shall (will) not therefore be liable for the message
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 - g051101.pdf


Julie,

Morgan Stanley is putting a 300MW peaking plant near reno.

do you know (or can guess) what the heatrate of this unit is?

p.s.  car looks beautiful (should have done that myself long ago...)


AGENT JH/SS BOOKING REF
Y3SF53

                                          SANDERS/RICHARD B

  ENRON
  1400 SMITH
  HOUSTON TX 77002
  TWANDA X39402

  DATE:  JUN 05 2001                   ENRON

SERVICE               DATE  FROM           TO             DEPART
ARRIVE

CONTINENTAL AIRLINES  06JUN HOUSTON TX     LOS ANGELES CA 740A    920A
CO 1650    A          WED   G.BUSH INTERCO INTL
                            TERMINAL C     TERMINAL 6
                            BREAKFAST                     NON STOP
                            RESERVATION CONFIRMED         3:40 DURATION
                  AIRCRAFT: BOEING 757-200

HOTEL                 06JUN THE CENTURY PLAZA HOTEL AND SPA
                      07JUN 2025 AVENUE OF THE STARS
                            LOS ANGELES, CA 90067
                            UNITED STATES OF AMERICA
                            TELEPHONE: 310-277-2000
                            FAX: 310-551-3355
                            TELEX: NONE
                            CONFIRMATION: C655198397
                            REFERENCE: G1KQR4
                            SINGLE ROOM KING SIZE BED
                            RATE: QR4 USD 269.00 PER NIGHT
                            GUARANTEE GIVEN
                            WI-VANAYA
              **24 HOUR CANCEL POLICY AT THE CENTURE PLAZA

CONTINENTAL AIRLINES  07JUN LOS ANGELES CA HOUSTON TX     345P    907P
CO 1050    A          THU   INTL           G.BUSH INTERCO
                            TERMINAL 6     TERMINAL C
                            DINNER                        NON STOP
                            RESERVATION CONFIRMED         3:22 DURATION
                  AIRCRAFT: BOEING 737-800

      AIR FARE 1730.22      TAX 138.28          TOTAL USD
1868.50
                                            AIR TOTAL USD
1868.50

                                        INVOICE TOTAL USD
1868.50

PAYMENT: CCAX378501018763004/0303/A000029

RESERVATION NUMBER(S)  CO/VKQE3L

TICKET:                                    CO/ETKT 005 7029825287

CO  FREQUENT FLYER COTP028685
**CONTINENTAL RECORD LOCATOR: VKQE3L
***********************************************
THIS IS A TICKETLESS RESERVATION. PLEASE HAVE A
PICTURE ID AVAILABLE AT THE AIRPORT. THANK YOU
                  THANK YOU FOR CALLING VITOL TRAVEL

__________________________________________________
Do You Yahoo!?
Get personalized email addresses from Yahoo! Mail - only $35
a year!  http://personal.mail.yahoo.com/


Guz,

We're still having a party on Saturday night.  I didn't get the invitations
out in a timely fashion, so here is your official invitation complete with
directions.

When:  Saturday night 9pm or so.

Where:  7616 NE Andover St.
        Hillsboro, OR  97124
        503-648-8276

How:  Take 26 to Cornelius Pass Road.  You will cross back over 26 going the
correct direction on Cornelius Pass Road.  Head straight 3 miles to Quatama
(look for the Elks Lodge sign), take right onto Quatama... 50 yards take an
immediate left.  We are in the first condo on your left.  There are 3 under
construction across the street, and it will be very hard to miss.  Call us
if you get lost, but you should be all good.

Bring a friend if you want and a beverage of your choice.  We will have
beer, vino, and some food....

Hope you can make it and sorry about the delay getting this to you.
-Boyd

>From: Mark.Guzman@enron.com
>To: boydjas@hotmail.com
>Subject: Re: Christmas party December 16th
>Date: Mon, 4 Dec 2000 11:12:17 -0800
>
>
>My address is 1515 NW 28th Apt7 Portland OR 97210
>

______________________________________________________________________________
_______
Get more from the Web.  FREE MSN Explorer download : http://explorer.msn.com


please print the doc.  SS
----- Forwarded by Sara Shackleton/HOU/ECT on 09/19/2000 03:31 PM -----

	Jorge A Garcia@ENRON
	09/19/2000 09:43 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Laurel Adams/HOU/ECT@ECT
		 Subject: Convertible & Credit Trades

Sara,

Please see the attached spreadsheet of the Convertible and Credit Trades in
the name of ECT Investments. We are making an effort to complete our working
files. Please provide us with a copy of the documentation file for the
referenced assets highlighted in green.

Feel free to call or e-mail me and I will be happy to swing by and pick them
up.

Thanks in advance!

Jorge A. Garcia
Manager- Risk Management
ENA
(713) 853-5596


Hi Mr. Nemec, how are ya? Hope all is well. I am going through my
appointments and was going to see if you wanted to try and meet for lunch
one day next week. I can't go on Wednesday, but the rest of my week looks
pretty open. I want to try Hard Rock Cafe downtown beacuse I have trade
there and I have never tried it before. Besides, it is close to your office.

Call me or e-mail me if you want to try and get together next week. Talk to
you soon.

Cynthia


That's fine.  We don't have a deal for this point in the system yet, do we?

D

 -----Original Message-----
From: 	Cotten, Robert
Sent:	Tuesday, April 17, 2001 9:59 AM
To:	Daren J Farmer/HOU/ECT@ENRON
Subject:	Re: FW: FIRST DELIVERIES - COMSTOCK OIL & GAS AND HESCO GATHERING COMPANY

Daren,

Is it okay to enter a wellhead deal in April for a purchase from HESCO at meter # 9885 priced at Gas Daily less $0.14 with a volume of 1,100/d?

Bob

---------------------- Forwarded by Robert Cotten/HOU/ECT on 04/17/2001 09:55 AM ---------------------------

 	Enron North America Corp.  From:  Robert Cotten                           04/16/2001 04:13 PM

To:	Vance L Taylor/ENRON@enronXgate @ ENRON
cc:	Julie Meyers/HOU/ECT@ECT, Lisa Hesse/HOU/ECT@ECT, Cynthia Hakemack/HOU/ECT@ECT, Donald P Reinhardt/ENRON@enronXgate@ENRON, Susan Smith/ENRON@enronXgate@ENRON, Melissa Graves/ENRON@enronXgate@ENRON
Subject:	Re: FW: FIRST DELIVERIES - COMSTOCK OIL & GAS AND HESCO GATHERING COMPANY   << OLE Object: StdOleLink >>

Vance,

Deal tickets have been created and entered in Sitara as noted below.  Deal # 652448 was entered by Risk as a term purchase at a price of IFHSC less $0.14.  You have indicated the price to be Gas Daily less $0.14.  Which price is correct?

Bob

From:	Vance L Taylor/ENRON@enronXgate on 04/03/2001 05:40 PM
To:	Robert Cotten/HOU/ECT@ECT
cc:	Julie Meyers/HOU/ECT@ECT, Lisa Hesse/HOU/ECT@ECT, Cynthia Hakemack/HOU/ECT@ECT, Donald P Reinhardt/ENRON@enronXgate, Susan Smith/ENRON@enronXgate, Melissa Graves/ENRON@enronXgate
Subject:	FW: FIRST DELIVERIES - COMSTOCK OIL & GAS AND HESCO GATHERING COMPANY

Bob,

The following production is now on-line and a ticket should be created and entered into sitara based on the following:

Counterparty			Meter			Volumes	Deal #	Price				Period		Global No.
Comstock Oil &Gas			9872			500mmbtu/d	652448	100% GD less $0.20		3/30-3/31	96057106

HESCO Gathering Co., LLC		9885			1100mmbtu/d	733139	100% GD less $0.14		3/30-3/31	96058382
															4/01-4/30	96058382

FYI, we will create and submit a committed reserves firm ticket for the remaining term of the deal beginning with the appropiate month.  Additionally, these are Producer Svcs. deals and should be tracked in the IM Wellhead portfolio... attached to the gathering contract.

Thanks,

vlt
x3-6353

 -----Original Message-----
From: 	Buckley, Esther
Sent:	Monday, April 02, 2001 2:31 PM
To:	Carriere, Molly; Cernosek, Clem; Consemiu, Donna; Cook, Robert; Camp, Howard; Hesse, Lisa; Hlavaty, Nathan; Wayne E Lightfoot/HOU/ECT@ENRON; McKay, James; Smith, Mary; Schneider, Steve HPL; Melissa Graves/HOU/ECT@ENRON; Walters, Michael; Zivley, Jill; Johnson, Mary Jo; Wynne, Rita; Allen, Lauri; Jones, Cheryl; Hansen, Reid; Giron, Darron; Winfree, O'Neal; Susan Smith/HOU/ECT@ENRON; Bryan, Gary; Hanks, Gary; Donald P Reinhardt/HOU/ECT@ENRON; Vance L Taylor/HOU/ECT@ENRON; Baumbach, David; Cotten, Robert; Riley, Brian; Austin, Jeff; Hakemack, Cynthia; Kenne, Dawn; Csikos, Lisa; Fosdick, J R; Rodriguez, Carlos; Gomes, Stephanie; Clynes, Pat; Acton, Tom; Walker, Robert; Weissman, George; Harris, JoAnne; Sweeney, Christy; Tisdale, Earl; Farmer, Daren
Subject:	FIRST DELIVERIES - COMSTOCK OIL & GAS AND HESCO GATHERING COMPANY

See attached letters

 << File: fdlet.doc >>  << File: fdlet2.doc >>

<Embedded Picture (Device Independent Bitmap)>


Ramesh,

Could you please resend me the email with all your groups pager numbers.

Thanks,
Robin


Kevin,

I would like to invite you to an off-site meeting of John Griebling's
organization
and the Research Group.

Date:   April 27 - April 29
Location:  Breckenridge, Colorado

As you know, John Griebling is managing the network design and construction
project
currently under way in EBS. The Research Group is actively involved in this
effort
which requires advanced quantitative skills in the area of stochastic
optimization and
stochastic processes (for modeling and forecasting Internet traffic flows).

The objective of this meeting is to develop common language and accomplish
transfer
of skills between the two groups, to facilitate cooperation on this project
in the future.

We are inviting Ken Rice and Joe Hirko to this meeting. We would appreciate
if you could
speak, together with Joe and Ken, on strategic directions of EBS. It is
important for a group
of technical people, with relatively specialized technical skills, to
understand the big picture.

I am attaching the preliminary agenda for this meeting.

Vince


Hey Jeff,

Sorry it took me so long to write.  I haven't actually
used my e-mail in about 2 months, but I'm trying to
turn over a new leaf.

Freak show, huh?  What's been going on?

Happy Belated Birthday.  Again, I'm so sorry I didn't
call you on the day.  I'm quite scattered now with
being a Mom and working 3 days a week.

Maddie is doing great.  She's 8 and 1/2 months now,
crawling up a storm, pulling herself up, drinking from
a straw, waving goodbye, and even dancing.  She's
still a pain in the ass at night however, waking up
2-4 times.  UUUGH!

I'd love to talk to you.  Here's my info AGAIN!
Nicole Lesser
37 Grant Street
W. Newton, MA 02465
617-243-0225

Love you, Nicole

__________________________________________________
Do You Yahoo!?
Send instant messages & get email alerts with Yahoo! Messenger.
http://im.yahoo.com/


Please see the attached file that reflects the multiple for each asset sale.  As you can see for assets that had losses, we show no multiple.  Additionally, there are some assets that have no EBITDA at all (that we are aware of), thus we show no multiple.  Please let me know if this is what you expected.  Thanks!


FYI.

Jeff
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 12/18/2000
10:38 AM ---------------------------

Doug Arnell@ENRON_DEVELOPMENT
12/18/2000 10:19 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc: Eric Gonzales@ECT, Les Webber/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Phil
DeMoes/Corp/Enron@ENRON
Subject: Re:

My view on the discussions with Southern Co. is that it is one of several
potential ways to get at some upside out of our rights at Elba Island.  It's
also giving us a good indication of where the market is for gas sourced from
LNG coming in to Elba.  Nothing will be committed to without considering all
the alternatives at Elba and a full review within EGM and asumably ENA.  The
discussions are still, in my view, exploratory.

Thanks

	From:  Jeffrey A Shankman @ ECT                           12/14/2000 08:17 AM

To: Phil DeMoes/Corp/Enron@ENRON, Doug
Arnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eric Gonzales/LON/ECT@ECT, Les
Webber/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Janet R Dietrich/HOU/ECT@ECT

Subject:

Before we sign ANYTHING with Southern about the Elba volumes, I'd like an
update.  Also I want to make sure we aren't trading anything away at Elba
that we could be talking about elsewhere.  Thanks.

Jeff


Purvi,

I have not heard any major news on the ENE stock , we are all just watching it drop
most energy company stocks are in decline right now , wal street is bearish with
energy stocks until california gets settled

How is the new group ?

Dutch

 -----Original Message-----
From: 	"Purvi Patel" <pnpatel@tecoenergy.com>@ENRON [mailto:IMCEANOTES-+22Purvi+20Patel+22+20+3Cpnpatel+40tecoenergy+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, June 07, 2001 1:38 PM
To:	Quigley, Dutch
Subject:	RE: i need your help....

Thanks for the info. I did do the Black Sholes exercise and got a different premium.  I'll have to research it more. Anyways, thanks again for your help.. by the way, what is going on with the stock price? I only have 10 more days to exercise!!!!!!!! aaaggghhhhh

Purvi

>>> <Dutch.Quigley@enron.com> 06/07/01 11:28AM >>>
Purvi,

Glad to see you working on some good stuff : )

you need to pull out a black sholes calculation and input the varialbles
that you were given
and then call a power options trader to ask for a marekt to check the
resonableness of the model
models can be way off on options due to skew and market conditions

good luck

    -----Original Message-----
   From:   "Purvi Patel" <pnpatel@tecoenergy.com>@ENRON
             [mailto:IMCEANOTES-+22Purvi+20Patel+22+20+3Cpnpatel+40tecoenergy+2Ecom+3E+40ENRON@ENRON.com]

   Sent:   Thursday, June 07, 2001 10:21 AM
   To:     Quigley, Dutch
   Subject:  i need your help....

   I have this little project to do and i need a little help from you...
   (since you are an expert in this field!!)

   ok-- i need to figure out what the premium is on an aug on- peak call
   option for power. Now , I know that power is not what you do, but I can
   use some ideas on how to get started.

   Terms

   Strike price  is $200/ MWH
   Forward curve for Aug is $125/MWH
   Aug 2001
   Foward Volatility of 100%
   Valuation Date is June 8, 2001
   Interest Rate is 6%
   On- Peak Call Option for 50 MW

   SO far, I have looked at some forcasts for Aug, and seen which hours the
   market rate is above 200 to come up with a premium value.  I have an
   answer for this problem, but I was just curous as to see where you would
   start. Anything will work. Thanks!!

   Purvi

   P.S-- also, don't be hesitant to tell me that you have no clue--- You'll
   still be my favorite manager!!!


Mark Taylor

Greetings from Dell Computer Corporation's OrderWatch service!

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   Placed On: 12/19/00
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********** Please NOTE! **********
Your order has completed shipping preparation and should be picked up by the
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Once you have received your new Dell computer, you may want to take advantage
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Recently I have come into possession of copies of two (2) partially
executed documents between our companies, and I have been asked by my boss
to follow up to procure one (1) original of our Electronic Trading
Agreement and one (1) copy of our fully executed Password Application.

On January 3, 2000 our counsel, Elaine M. Walsh, both faxed and FedEx'd
three items to you--an EnronOnline Electronic Trading Agreement, Password
Application, and Customer Registration Form.  Again, if you would be so
kind as to forward one of the originals of the Trading Agreement and one
copy of the Password Application, I would greatly appreciate it.  If you
have, in fact, already returned an original to us way back when, I would be
grateful to receive a copy of this fully executed document.

Very many thanks.

Sincerely,
Elise M. Devlin
Administrative Assistant
Edison Mission Marketing & Trading, Inc.
(617) 912-6065


The request has been completed with all resources requested either completed
or rejected. You can view the details of the  request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000020857&Page=
MyReq.


please print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 12/27/2000
10:53 AM ---------------------------

Sarah Mulholland
12/21/2000 09:00 AM
To: Jeffrey A Shankman/HOU/ECT@ECT, Jennifer Burns/HOU/ECT@ECT, Mike
McConnell/HOU/ECT@ECT, Mario de la Ossa/NA/Enron@ENRON, David J
Botchlett/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT
cc: Jennifer Fraser/HOU/ECT@ECT, Heather Purcell/NA/Enron@ENRON, John
Arnold/HOU/ECT@ECT
Subject: Investment Banking Reports

Attached are the weekly IB reports.  Since I'm in London there will be no
hard copies this week and hopefully it will be up on the EGM Website this
afternoon.  If you'd like copies of the full reports themselves, please just
email me and I'll figure out a way to get them to you.  Everyone have a great
holiday.

Sarah


try to find out where club monkey is going sat and we will front run them to
the bar.


Carol,

Please review message below from Kristina Drew @ Merchant Energy.  I thought
you would be the appropriate lawyer to work on this as it involves EPMI as
well as a derivative piece with ENA.

FYI:  the assignment is not of immediate need, being that FERC approval must
secured.

If you do not think this to be the case, please advise as to who should work
on this matter.

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com
----- Forwarded by Susan Bailey/HOU/ECT on 05/14/2001 03:06 PM -----

	"Drew, Kristina" <DrewK@merchantenergy.com>
	05/14/2001 03:05 PM

		 To: "'susan.bailey@enron.com'" <susan.bailey@enron.com>
		 cc: "Abba Gana, Mustapha" <AbbaGanaM@merchantenergy.com>
		 Subject: From MEGA, Consent to Assignment....

Susan,

Please find attached for your review, a Consent to Assignment Agreement
between us, Enron North America Corporation and Morgan Stanley Capital Group
Inc.  We would like to have the document ready to execute at about the same
time we execute the Physical Power Consent to Assignment Agreement with
Enron Power Marketing, Inc., and we are waiting for FERC approval on the
Physical Power Sales as well.  I just wanted to present the agreement to you
now, so that if it is necessary, we have time to discuss any concerns.  I
look forward to talking with you to work toward the execution of the
Agreement.

 <<ENA (Basis Swap) Assignment Consent Agreement 042501.doc>>
<<ENA (Nat Gas) Assignment Consent Agreement 042501.doc>>

Thanks,

Kristina M. Drew
Contract Adminstrator
Merchant Energy Group of the Americas, Inc.
410.295.1708

 - ENA (Basis Swap) Assignment Consent Agreement 042501.doc
 - ENA (Nat Gas) Assignment Consent Agreement 042501.doc


FYI

 -----Original Message-----
From: 	Lozano, Melba
Sent:	Friday, August 31, 2001 11:51 AM
To:	Postlethwaite, John
Cc:	Scholtes, Diana; Walker, Chris; Sweitzer, Tara; Carter, Tim; Moorer, Torrey
Subject:	NEW LOCATION - NOB N/S
Importance:	High

John,

Could you provide me with a facility number for the following location in Enpower.  If you have any questions please let me know.
Location:
Location Name (exact as Data Manager): NOB N/S
Location long Description:  The transaction is for delivery or receipt of power at the Nevada-Oregon Border in the North to South direction.
Trader Name:  Diana Scholtes
Book Administrator: John Postlethwaite
Risk book:  ST-NW

Thanks,
Melba Lozano
713-345-8986
713-646-8511 Fax
713-698-4847 Pager

 -----Original Message-----
From: 	Walker, Chris
Sent:	Monday, August 27, 2001 4:01 PM
To:	Sweitzer, Tara
Cc:	Lozano, Melba; Meredith, Kevin
Subject:

Tara,

Please map and test the following new location.

US Pwr Phy Firm  NOB N/S Peak            Dec01           USD/MWh	(57464)

Trader:  Diana Scholtes
Book Admin:  John Postlethwaite
Risk Book:  ST-NW


Need an interesting project for independent study or for a course project? Consider looking into the Environmental Enterprise Corp. They match MBA student teams with environmental entrepreneurs in Latin America. They have posted available projects on www.ecofinance.net/eec. <http://www.ecofinance.net/eec.html>html <http://www.ecofinance.net/eec.html>. Typical assignments are business plan development or marketing strategies. Travel to the client/country is not required, but not discouraged either (if you have the time and money.)

This information is sent to you without Haas endorsement/approval. If you pursue this you will need to find a Haas faculty member who will accept this project as fulfillment for the requirements for their course(s). This is being sent to you only to make you aware of a potential source of projects that might fit your needs.

For further information please contact:

Amy Sprague
New Ventures / Environmental Enterprise Corps
World Resources Institute
10 "G" Street, NE Suite 800
Washington, DC 20002
(202) 729-7669
amys@wri.org
www.ecofinance.net/eec. <http://www.ecofinance.net/eec.html>
html <http://www.ecofinance.net/eec.html>

===============================
Sebastian Teunissen
Executive Director
Clausen Center for International Business and Policy
Haas School of Business
University of California, Berkeley
Berkeley, California 94720-1900 USA
Tel:   (510) 643-4999
Fax:  (510) 642-8228
<http://www.haas.berkeley.edu/HaasGlobal>


FYI,

The next Outage Coordination Commercial Review meeting is 11/14/01.  The purpose for the meeting is to discuss outages that have a flow impact for the month of December. Please review the attached outage report. If you have any questions, please give me a call.

Jerry Graves
713-345-8923

When: November 14
Time: 1:00 to 2:00
Where: Houston 49C2
             Omaha  VCR - 7th floor
             Field - Conference # 877-795-3687
                        Code # 755555

NORTHERN BORDER PIPELINE

 	Location	Date	Scope	Comments
NB	CS11	12/03/01 to 12/03/01	 Scope/Wash, MP2, and Cooler mods.(10 hrs)	Potential impact is low.
NB	CS07	12/13/01 to 12/13/01	 Maintenance/Wash, MP2, and Cooler mods.          (10 hrs)	Potential impact is low.
NB	CS03	12/11/01 to 12/11/01	 Wash, MP2, (10 hrs)	Potential impact is low.


BUSINESS HIGHLIGHTS

BA&R Merchant Finance
Not your typical "bean counters", the BA&R Merchant Finance group is
responsible for maintaining and reporting the accounting valuations of the
ENA merchant portfolio, coordinating the quarterly revaluation of the
portfolio and directing the Arthur Andersen quarterly review (during earnings
release) and year end audit.  Customers include ENA Office of the Chair,
Corporate Reporting group during quarterly earnings release, commercial
groups, RAC groups and other commercial support groups.  The group supports
the accounting and reporting needs of the Principal Investments, Energy
Capital Resources, Generation Investments, Special Assets and Portfolio
commercial groups.  With the recent realignment of ENE lines of businesses,
the group has recently been involved in the successful transition of merchant
assets into newly formed Enron Global Markets.  The group has also been
heavily involved in complex hedging structures allowing ENA to effectively
hedge a significant portion of the portfolio.  What's next?  Bean counting is
probably not on the list!

EnTelligence?
No, its not spelled wrong, it's the name of a prospecting website in ENA
designed to deliver market information on existing and potential customers to
commercial trading, mid-marketing, and origination teams.  It also delivers
management reports to analyze Enron,s position within the key industries that
we serve.  Presently, commercial groups have multiple methods for acquiring
potential customer information.  This system will standardize their resource
tools and add consistency to their prospecting processes.  EnTelligence
combines information from internal databases such as Global Counterparty,
Credit Aggregation System (CAS), Sitara, Enpower, and ERMS with information
from external data sources such as Dun & Bradstreet and I.H.S Energy Reporter
to identify customer prospects.  By providing the capability to filter and
search by region, industry, company size, or energy consumption levels, the
prospecting process is shortened and the identification of strong prospects
improved. Available reports include Market Penetration, Industry Prospecting,
Comparison Prospecting, Company Profiles, Family Tree, Top Customers, and
Inactive Accounts.  Currently only Natural Gas and Power physical deals are
loaded, but financial deals will be included in mid-January, and new products
are soon to follow.  Check it out at http://entelligence.enron.com.

West Power Trading
Enron West Power Trading has two basic operations, Power Trading and
Origination.  The Power Trading Group consists of real-time, day-ahead, term
trading, and Middle Marketing.   Much of the hour-ahead and cash trading is
centered on the California Power Exchange and the California ISO markets,
along with bilateral trading both inside and outside of California.  The term
traders and middle marketers often rely on EnronOnline, the world's largest
e-commerce Web site, as a key component in futures transactions.

The Origination Group plays an instrumental role by developing and executing
strategic transactions with wholesale customers.  Services offered by the
Origination Group include asset and resource management, asset development
and construction, structuring long-term physical and financial contracts, and
the evaluation of asset acquisition and joint mergers.

ENRONONLINE STATISTICS
Below are the latest figures for EnronOnline as of December 6, 2000

* Total Life-to-Date Transactions > 503,940
* Life-to-Date Notional Value of Transactions > $301 billion

Worth noting, EOL did $6.7 billion worth of US business on December 4, 2000!

NEWS FROM THE GLOBALFLASH

Enron Direct
Enron Direct was recently cited by Ofgem for high complaint levels with
regard to account complaints per total customers served.  Enron Direct views
the Ofgem customer service measures very seriously and is committed to
improving all aspects of its customer service - even while enjoying continued
strong growth in its retail commodity business.   However, the account
complaint level measure is particularly biased against fast-growing new
entrants like Enron Direct.  Since all of Enron Direct's customers have
recently switched suppliers - which is when most complaints occur - and our
total customer base is far lower than that of the RECs, our account complaint
levels per customer tend to appear inflated versus the REC peer group.   In
fact, Enron Direct's complaint levels for both transfers (i.e., switchers)
and mis-selling, as measured by Ofgem, were well below industry averages.
While we are not yet best-in-class, Enron Direct's portrayal as an industry
laggard in any aspect of customer service is misleading.  Stay tuned.

Relations with UPM-Kymmene
As previously announced, Enron Nordic Energy has entered into a two year
energy portfolio management agreement with UPM-Kymmene, the forestry industry
enterprise.  This deal creates huge potential for business opportunities
across a wide range of areas for Enron.

As part of the agreement, UPM-Kymmene has requested a dedicated account
manager in Oslo.  In order to comply with this request, we have appointed
Sami Tenngren on a full time basis to establish the operational framework and
to coordinate all Enron relations with UPM-Kymmene regarding power related
issues.

It is important that all Enron businesses take advantage of this unique
opportunity to generate profitable business relations with UPM-Kymmene. If
you would like to discuss new business opportunities related to worldwide
power with UPM-Kymmene, please contact the Nordic Origination Team. Please
also keep us informed about any other business development issues related to
UPM-Kymmene within other parts of Enron.

Australia
The Sydney Metals Desk is now fully manned. Welcome to Owen Murphy,  Max
Sobal and Robert Heynen to the Sydney Office.  The Metals Group is already
reviewing the possibilities of utilizing the existing metals customer base in
Australia to expand these relationships to include power supply/pricing, a
large component of overall costs.  While in its early days, our preliminary
discussions on the idea of pricing for power in relation to metal price is
receiving a positive response.

IN THE NEWS

The company, which 10 years ago earned some 80 percent of its profits from
its regulated gas-pipeline business, has become the nation,s largest buyer
and seller of natural gas and electric power and has pioneered a powerful
trading platform to make effective markets in both commodities.  But what has
really electrified Wall Street during the past year are Enron,s new-economy
initiatives. ) Jeff Schlegel, Broad Horizon

&It,s a challenge to value Enron,s stock, because it,s such a hybird.  It
always seems expensive, but it continues to outperform expectations & ) Zach
Wagner, Analyst, Edward D. Jones & Co.

Enron Corp was announced the Energy Company of the Year at the FT Energy
Global Awards, sponsored by Deloitte Touche Tohmatsu!  EnronOnline was named
the Boldest Successful Investment Decision and Ken Lay was nominated for CEO
of the Year.

NUGGETS & NOTES
Congratulations to Ed Quinn, Director in Pulp and Paper, and wife Meghan;
they are the proud parents of Lucie Andreas Quinn, born 11/10/00.

Congratulations to Chris Croom, Manager in Pulp and Paper, and wife Kathy;
they are the proud parents of William Grayson Croom, born 12/01/00.

WELCOME

New Hires ENA/EIM/EGM
ENA ) Edmund Daniels, Nancy Hernandez, Ryan Staub, Julie Brewer, Mary Toward,
Theresa Villegiante, Marlene Cameron, Isaac Rodriguez
EIM ) Clint Comeaux, Matthew Battarbee, Janine Kattner, Felecia Russell

ENSIDE NEWSLETTER
Check out the latest issue of the EnSide Newsletter featuring Jeff Donahue,
Janet Dietrich, Principal Investments, and Upstream Origination.  Log-on to
http://home.ena.enron.com/newsletters/enside/archive/ - November/December.
If you would like a hard copy, contact newsletter editor Kathie Grabstald
x39610.

HOLIDAY PARTY PHOTOS
If you had your picture taken at the Holiday Party, stop by EB 3645 to pick
it up.

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.


Dear Mark Haedicke :

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No problem.

From: Stuart Zisman@ECT on 08/28/2000 05:20 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Petition in Intervention

thanks.


- ERMTCANA.DOC


Terri said you were looking for me.


---------------------- Forwarded by Steven J Kean/NA/Enron on 05/13/2001
08:00 PM ---------------------------

eserver@enron.com on 05/10/2001 02:36:34 PM
To: "Steven.J.Kean@enron.com" <Steven.J.Kean@enron.com>
cc:

Subject: <<Concur Expense Document>> - JB 003

The following expense report is ready for approval:

Employee Name: John Brindle
Status last changed by:  Automated Administrator
Expense Report Name: JB 003
Report Total: $3,976.51
Amount Due Employee: $3,976.51

To approve this expense report, click on the following link for Concur
Expense.
http://xms.enron.com


We can always reconsider in the sense of providing support to someone else, but the money to Brown is out the door.
I would still like to see the data.

 -----Original Message-----
From: 	Hughes, James A.
Sent:	Friday, October 26, 2001 11:43 AM
To:	Kean, Steven J.
Subject:	Mayoral Race

Steve:

If I can get you current polling data that indicate vulnerability on the part of Brown, would the PAC reconsider providing support?

Jim


Please click link:

http://home.talkcity.com/SisterhoodSt/lothsis/song6.html


For the next few days, we will be reporting only positions, maturity gap, & VAR for the DPR.  We expect to be reporting P&L for ENA again probably by the middle of next week.

The 11/30 DPR is still listed on the ERV as preliminary, as there are still a couple small items outstanding.  The 12/3 and 12/4 DPRs should be out by tomorrow.  We are currently experiencing some IT issues related to position reporting which have prevented the reporting of these days.  I expect the issue to be resolved by the middle of the afternoon today and we will report shortly thereafter.

If you have any questions, please call me at 713 853 9123.

Thank you,

Shona Wilson

 -----Original Message-----
From: 	Wilson, Shona
Sent:	Tuesday, December 04, 2001 11:13 AM
To:	Abel, Chris; Aguilar, Darrell; Anderson, Patricia; Andrews, Naveen; Apollo, Beth; Beck, Sally; Belden, Tim; beth Apollo; Bowen Jr., Raymond; Bradford, William S.; Brooks, Loretta; Brown, Michael - COO London; Buy, Rick; Castleman, Kent; Causey, Richard; Chang, Hang; Chris Abel; Cockrell, Rainier; Colwell, Wes; Curry, Wanda; Darrell Aguilar; Day, Misti; Delainey, David W.; Dietrich, Janet; Dyson, Fernley; Fallon, Jim; Frevert, Mark; Gold, Joe; Gossett, Jeffrey C.; Green, Alisa; Haedicke, Mark E.; Hagelmann, Bjorn; Hall, D. Todd; Hanson, Kristen J.; Hardy, Trey; Hayden, Frank; Helton, Susan; Hickerson, Gary; Hillis, Kimberly; Hodges, Georgeanne; Jordan, Mike; Kaminski, Vince J; Kass, Michael; Kathol, Sherri; Khoja, Sayed; Killen, Faith; Kitchen, Louise; Lavorato, John; Lay, Kenneth; Martinez, David; Mayeux, Cassandra; Mcconnell, Mike; McKinney, Hal; McMahon, Jeffrey; Mills, Scott; Moscoso, Michael E.; Murphy, Ted; New, James; Piper, Greg; Port, David; Presto, Kevin M.; Schmidt, Darin; Schoppe, Tammie; Shankman, Jeffrey A.; Shepperd, Tammy R.; Sherriff, John; Talley, Darin; Thatcher, Stephen; Ueckert, Allen W.; Valdez, Veronica; Whalley, Greg; White, Stacey W.; Whiting, Greg
Subject:	11/30 and 12/3 DPR - update

With all of the events of yesterday, information for the DPR for the above dates is not yet complete.  At the present time, we are planning to issue a final DPR for the 30th of November as well as a preliminary and then final for the 3rd of December.  However, we do not yet have an estimated time for these to be issued.

I will keep you up to date when I have additional information.  If you have any questions, please call me at 713 853 9123.

Best regards

Shona Wilson
Director, Global Risk Operations
X39123


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FYI
---------------------- Forwarded by Susan Scott/ET&S/Enron on 11/30/2000
09:43 AM ---------------------------

"Angeles, Zenee G. - TPZGA" <ZAngeles@sempra.com> on 11/29/2000 04:34:14 PM
To: "Alexander, Michael@sce" <alexanms@sce.com>, "Amirault, Paul@AEC"
<paulamirault@aec.ca>, "Bayless, David@Utility" <david.bayless@utility.com>,
"Beach, Thomas@Crossborder" <tomb@crossborderenergy.com>, "Burkholder,
John@cts/whb" <burkee@cts.com>, "Chancellor, Craig@Calpine"
<craigc@calpine.com>, "Counihan, Rick@Green Mountain"
<rick.counihan@greenmountain.com>, "Dasovich, Jeff@Enron"
<jdasovic@enron.com>, "Day, Michael@GMSSR" <mday@gmssr.com>, "Dingwall,
Brian@UEM" <bdingwall@unitedgas.com>, "Elsesser, Evelyn@aelaw"
<eke@aelaw.com>, "Johnson, Pamela@REMAC" <johnson_pamela@lacoe.edu>, "Jun,
Christine@aelaw" <chj@aelaw.com>, "Karp, Joseph@Whitecase"
<karpjos@sf.whitecase.com>, "Keeler, Paul@BR" <pkeeler@br-inc.com>, "Leslie,
John@Luce" <jleslie@luce.com>, "McCrea, Keith@CIG/CM" <kmccrea@sablaw.com>,
"Paul, Joe@Dynegy" <6266273191@messaging.sprintpcs.com>, "Pocta, Mark@ORA"
<rmp@cpuc.ca.gov>, "Porter, Doug@SCE" <porterdk@sce.com>, "Rochman,
Michael@CUB" <rochmanm@cubjpa.org>, "Rochman, Michael@SPURR"
<rochmanm@spurr.org>, "Scott, Susan@TW" <sscott3@enron.com>, "Worster,
Gerard@TXU" <gworster@txuenergy.com>, "Zaiontz, Jean@BP" <zaiontj@bp.com>
cc: "Suwara, J.- TPJUS" <JSuwara@sempra.com>, "Wright, Gillian - TP1GXW"
<GWright@sempra.com>, "Sullivan, Glen J." <GSullivan@sempra.com>

Subject: GIR PD

The GIR meeting to discuss the proposed decision issued on November 21 is
scheduled for Monday, December 4, in Room 2A of The Gas Company Tower at 555
West Fifth Street, in Los Angeles.

The following is the Conference Line information for those who are unable to
attend in person:

??????? Dial In No. 1-877-676-6548
??????? Confirmation code 4455426 (please follow prompts)

Parking validations at the GCT building will be available and lunch is
provided.

To assist us in planning, please RSVP to Zenee Angeles via e-mail
(zangeles@sempra.com) or via phone (213/244-3831) on your attendance.

Thank you.


Jeff has been added for all future summaries.
?
Dan

>>> "Mona L Petrochko" <mpetroch@enron.com>  10/02/00 10:06AM >>>

Jeff:? Would you please take a  look to see if anything is of interest??
Thanks.

Dan:? Would  you please include Jeff on SoCalGas A/L summaries??  Thanks.
---------------------- Forwarded by Mona L Petrochko/SFO/EES on  10/02/2000
10:05
AM ---------------------------

"Daniel Douglass"  <douglass@ArterHadden.com> on 09/30/2000 01:29:48  PM

To:?? <marcie.milner@enron.com>,  <mpetroch@enron.com>,
<Roger_Yang@enron.com>,
?????  <susan_j_mara@enron.com>
cc:
Subject:?  SoCalGas

Attached are summaries of four recent SoCalGas advice  letters, none of? which
appear to be protest  material.

Dan
(See attached file: 9-30-00 SoCalGas AL Summary  Chart.doc)