<<List of Outstanding Issues for Completion of World Hunger Form
Agreement.DOC>>

 Pursuant to Scott Dieball's request, attached please find a memo
summarizing and describing the status of the outstanding issues/tasks
for completion of the World Hunger Form Turbine Agreement.  I have
almost completed the Form Override Letter.  I need to add new reps and
warranties based upon comments that I received from Rose over the
weekend.
 - List of Outstanding Issues for Completion of World Hunger Form
Agreement.DOC


---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/31/2000
01:35 PM ---------------------------

service@strong-funds.com on 01/31/2000 12:57:57 AM
Please respond to service@strong-funds.com
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Thank You For Your Recent Interest In Strong Funds

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Will do.


Email sent by Kim Hillis 03/26


Set two...  Also notice that I did not participate in picture #25...

Dee

>>> <Gerald.Nemec@enron.com> 09/26/00 01:27PM >>>

Hi Dee,

I am really sorry to hear about your brother's child.  I hope everything
with you and your family is as well as it can be right now.  I will say a
prayer for yall.

I am doing good.  Staying busy with work as you suggested.  Actually we
closed our big deal last Thursday.  That will allow my hours to become
somewhat more normal in the near future.  They are planning a trip to
reward those who worked so hard on this deal.  Guess where? Cabo.

Went to Austin this past weekend to watch my beloved Longhorns play.  They
won, fortunately.  It was good to see some old friends and hang out.   I
wouldn't mind moving back to Austin, but the jobs there just don't pay as
much as in Houston.  Everyone wants to stay in Austin after school, so they
can lowball you on the cash.

Looking forward to the pictures.  Need to refresh my memory of Cabo.  Take
care and talk to you later.

                    "Karry
                    Howton"              To:     <Gerald.Nemec@enron.com>
                    <howton.k@ghc        cc:
                    .org>                Subject:     Re: Hello!

                    09/22/2000
                    05:19 PM

Hi Gerald,

I am still here!  Sorry for not getting back to you sooner.....  My
brother's baby passed away from SID's the week I got back from Cabo and so
we have been dealing with the funeral and all of the emotions that go with
losing someone.  I think the whole ordeal is harder when it is a baby....
So needless to say I have been out of the office way too much and I am so
very much behind!

Good news!  I have some pictures that I will be sending to you next week!
That way you will not be able to forget what I look like.... I keep
forgetting them in my truck but I will make it a priority to send them to
you by Tues.

How is everything going for you?  Keeping busy with work and hopefully your
social life?  I think that you are the type that works way too many hours!!
I am sure that one day you will balance everything out...

Well it has been a full day ( I know it is only 3:00... ) and it is also
Friday so I am going to call it good and go home, take a nap and get up in
a couple of hours and head down to Seattle with Julie and Angie...

Have a great weekend and I will talk to you Tuesday!

Take Care,

Dee

>>> <Gerald.Nemec@enron.com> 09/20/00 11:35AM >>>
Are you still out there?  Sent you an email last week but didn't hear from
you.  Just checking to see if you are still in Seattle or if you moved down
to Cabo for good.

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Are we confirming trades under the new ISDA yet?  Should CRM put you back on
our distribution now that Marie is gone?


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/07/2001 02:33
PM ---------------------------

Kay Mann
03/07/2001 02:25 PM
To: Suzanne Adams/HOU/ECT@ECT
cc: Sheila Tweed/HOU/ECT@ECT, Roseann Engeldorf/Enron@EnronXGate@ECT, Lisa
Bills/Enron@EnronXGate@ECT, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt@ECT, Brian D
Barto/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ECT, Dean Russell/SF/ECT@ECT, Bill
Williams/PDX/ECT@ECT, Ben Jacoby/HOU/ECT@ECT, Ed B Hearn III/HOU/ECT@ECT,
p.thompson@andrews-kurth.com@ECT, stephen.swift@ps.ge.com@ECT,
michael.barnas@ps.ge.com@ECT, kent.shoemaker@ae.ge.com@ECT, Bob
Carter/HOU/ECT@ECT, John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ECT

Subject: Re: GE Meeting Friday, March 9, 2001

This confirms our agreement we reached today that we will start the meeting
at 930am Central.

Kay

From: Suzanne Adams@ECT on 03/07/2001 02:14 PM
To: Sheila Tweed/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Roseann
Engeldorf/Enron@EnronXGate, Lisa Bills/Enron@EnronXGate, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Brian D
Barto/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dean Russell/SF/ECT@ECT, Bill
Williams/PDX/ECT@ECT, Ben Jacoby/HOU/ECT@ECT, Ed B Hearn III/HOU/ECT@ECT,
p.thompson@andrews-kurth.com, stephen.swift@ps.ge.com,
michael.barnas@ps.ge.com, kent.shoemaker@ae.ge.com, Bob Carter/HOU/ECT@ECT,
John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: GE Meeting Friday, March 9, 2001

This is a reminder that the GE meeting will take place Friday, March 9, 2001,
from 9:00 a.m. to 11:30 a.m. CST in EB30C2.  The dial-in information is as
follows:

Dial In: 1-888-232-3866

Participant: 304279

Host (Sheila): 730800

Please give me a call at 713-853-7340 if you have any questions.  Thanks!
Suzanne


Richard:

My view is that TVA will likely use the FERC ruling to attempt to
retroactively bless their treatment of the Enron control areas last summer.
Although my understanding is that Entergy used a different method than that
employed by TVA to restrict the use of a no-load control area, TVA will
argue that the result is the same and that NERC has, thus, approved
differing treatment for load and no-load control areas.  The FERC ruling
will likely create a greater sense of unease on the part of the judge to
enforce the rules of NERC, a voluntary association, in the face of what
appears at first blush to be a contrary position taken by FERC, a federal
agency.

Bob

P.S. T.O. Helton has suggested that he sit in on the upcoming depositions of
Richard Shen and the 30(b)(6) rep. on TVA's alleged damages to get a better
feel for the case.  Please let me know your thoughts on this.

-----Original Message-----
From: Richard B Sanders [mailto:Richard.B.Sanders@enron.com]
Sent: Wednesday, August 16, 2000 8:03 AM
To: Christi L Nicolay; rmadden@Gibbs-bruns.com
Cc: Donna Fulton; Elizabeth Sager; Joe Hartsoe; Sarah Novosel
Subject: Re: Entergy s&s

If we appeal and win it will be helpful to our claim against TVA  related to
the
control area dispute. . While we have not heard it yet, TVA will argue that
although TVA did not use the same rational as Entergy to deny parking, Enron
has
no damages because of the  FERC ruling. What are our chances of winning?

 By copy of this e-mail I will ask our outside counsel, Bob Madden, to
comment
on how he thinks the FERC ruling can and will be used against us.

|--------+----------------------->
|        |          Christi L    |
|        |          Nicolay      |
|        |                       |
|        |          08/10/2000   |
|        |          04:27 PM     |
|        |                       |
|--------+----------------------->

>---------------------------------------------------------------------------
-|
  |
|
  |       To:     Joe Hartsoe/Corp/Enron@Enron, Sarah
Novosel/Corp/Enron@Enron,|
  |       Donna Fulton/Corp/Enron@ENRON, Elizabeth Sager/HOU/ECT@ECT,
Richard B|
  |       Sanders/HOU/ECT@ECT
|
  |       cc:
|
  |       Subject:     Entergy s&s
|

>---------------------------------------------------------------------------
-|

Do you think we should appeal Entergy source and sink FERC order?  While I
think
it is a poorly written order that shows a lack of understanding of the
issue,
I'm not sure that we can win on appeal or that it is worth appealing, since
we
would not recover our damages against ComEd and TVA for this summer while
the
order is in effect.  It would be helpful next summer to be able to park in
ComEd
and TVA, since the RTOs will not be running in all likelihood.

Elizabeth/Richard -- Is there a reason in the TVA litigation  that we need
to
appeal the decision?

Otherwise, Joe, should we get Dan W. to draft a memo on chances of success
or
other reasons for filing an appeal?


Our meeting for this morning will have to be canceled due to scheduling
conflicts.  Please make every effort to reserve this time slot (first and
third Wednesdays at 10:00) in the future for our group meetings.


Mary/ Sara,

Morgan Stanley has proposed a few changes to the confirm that was executed last year. These changes are all in blue and most of these seem to be legal in nature. The number of barrels and the payments dates need to be changed.

I am also sending the Morgan Stanley confirm circulated by you yesterday to Beth Ng at Morgan Stanley and asking her to have a look at its acceptability in order to speed up the process.

Could you also liaise with Beth, so that we arrive at an agreeable confirm by close of business today? Beth's card is enclosed for this purpose.
As an alternative (if we can't come to an agreeable format), could you please take a look at the MS confirms sent by MS and see whether it is acceptable to us?

Thanks very much & Regards

Rajaram Jamadagni
0044-2077832505

-----Original Message-----
From: Glaas, Chris
Sent: 24 September 2001 18:51
To: Kirby, Treasa
Cc: Jamadagni, Rajaram
Subject: FW: Confirmation Format

Treasa
Spoke to Beth from MS NY today. She got our modified confirm and she has some comments on the matter.
regards
chris glaas
-----Original Message-----
From: Beth Ng [mailto:Beth.Ng@morganstanley.com]
Sent: 24 September 2001 18:44
To: Glaas, Chris
Cc: David Morgan; Jaakko Ahmala; Tim Arcedeckne-Butler; Laura Higginson; Jonathan M Pell; Benjamin Johns
Subject: Confirmation Format

Dear Chris:

David Morgan of our London Desk has forwarded for my review your proposed form of Confirmation.

Attached you will find the Confirmation marked with our proposed modifications.   Please be mindful that I have not looked at any of the commercial elements of the proposed Transaction.   I will leave this review for our trading desk.   Our suggested modifications are highlighted in blue.   Our specific comments are as follows:

1.    Second paragraph.  The reference to "Rights of Third Party" was deleted because the transaction will be between U.S. parties and the Agreement is governed under the laws of the State of New York.    Rights of Third Party has no relevance.

2.    Third paragraph.   We have added this paragraph because the Agreement between MSCGI and Enron North America is a non-ISDA.  We have noted that some of the terms in the Confirmation definitions from ISDA.

3.    Fourth paragraph.   I believe you want to insert a "non-reliance" provision in this Confirmation.   I have included some additional elements to "non-reliance".  Alternatively, we can insert the "No Reliance" provision as suggested by ISDA.

I am working with Susan Bailey of your Houston office to update the current master agreement to an ISDA Master Agreement.  Hopefully, in the very near future, we will have an ISDA to govern our relationship.

Should you have any questions, please feel free to contact me.

Kind regards,

Beth Ng
Commodities Division - Documentation
Tel:  212 761 8720
Fax: 212-507-4898 /  212 761 0293
Email:  Beth.Ng@morganstanley.com

1585 Broadway, 4th Floor
New York, NY   10036
U.S.A.


Enron Global Travel Management (a division of Global Strategic Sourcing) is
pleased to announce that American Express Corporate Cardholders can now view
account details Online.

Highlights of this service include:
 Review previously billed, current, and unbilled charges
 Review corporate direct payments and personal payments applied to your
account
 Dispute a charge online, if needed
 Access customer service 24 hours a day, 7 days a week

To Log On to American Express Online Services:
GSS has prepared a special registration/log on page for Corporate Cardmembers
for your convenience.  To access it, go to http://travel.enron.com and click
on the Corporate Card button.

Cardmembers with cards issued within the last 45 days, need to call American
Express customer service to enroll.  The number is 1-800-297-1234.

If you have already registered your Personal American Express Card in the
American Express Online Services program:
Please click on the "Check Your Bill" link and login using your existing User
ID and password.  You will be able to add your American Express Corporate
Card to your existing registration by clicking on the "Update your Online
Profile" link which appears on the left hand menu bar once you are logged in.

We hope you enjoy using American Express Online Services.

For questions or additional information, contact Tracy Ramsey (Director,
Global Travel Management) at 713/853-6457.


Start Date: 2/1/02; HourAhead hour: 19;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020119.txt


Hawk vote for California firm unanimous
Houston Chronicle, 05/15/01

INTERNATIONAL ECONOMY: Enron may cut stake in Gulf gas project
Financial Times; May 15, 2001

JAPAN: Enron says high power rates costing Japan.
Reuters English News Service, 05/15/01

Japan Must Speed Up Pwr Sector Dereg To Lower Rates-Indus
Dow Jones Energy Service, 05/15/01

SINGAPORE: ANALYSIS-No Asia fallout seen from Enron's India woes.
Reuters English News Service, 05/15/01

Saudi Won't Announce Winners Of Gas Projs Tue - Report
Dow Jones Energy Service, 05/15/01

MSEB refutes allegations by Enron, DPC
The Economic Times, 05/15/01

Saudi Supreme Petrol Council meeting to decide on huge gas project bids
Business Recorder, 05/15/01

May 15, 2001
Houston Chronicle
Hawk vote for California firm unanimous
Montgomery Watson pegged for water plant
By MARY FLOOD
Copyright 2001 Houston Chronicle
The Houston Area Water Corp. voted unanimously Monday to grant a $92 million
contract to a California-based firm to design, build and operate a Lake
Houston water plant.
City Council soon will receive the contract for its approval. The
administration of Mayor Lee Brown was believed to have favored Montgomery
Watson's chief competitor, Azurix Corp., an arm of local energy giant Enron
Corp.
The water corporation, known as "the Hawk," voted 5-0 to grant the contract.
If approved by City Council, the contract would give the company 2 1/2 years
to get the plant up and treating raw lake water.
It was initially expected that the plant, which will be designed to handle 40
million gallons of water daily, could cost as much as $150 million to build.
The Hawk board asked the vying companies to modify their bids several times,
and that caused the competitors to lower their prices.
The contract calls for the Hawk to pay a monthly operating fee of $157,000
when the plant is working. And Montgomery Watson could be required to
construct, at the Hawk's option, an additional 40 million-gallon-a-day plant
expansion for $32 million.
But the details of how the plant will be financed have not been determined.
The Hawk board discussed borrowing money using the city's credit rating on a
short-term basis until it could develop long-term financing by selling bonds
itself.
The initial customer for the water is the city of Houston, which would repay
the Hawk the cost of producing the treated water. The hope is that the plant
eventually will provide water to other entities in the area as well. This
plant is part of an area plan for the treatment of surface water that could
cost about $2 billion to implement.
City Councilman Carroll Robinson, who heads the council infrastructure
committee, said he expects to hold two hearings about the contract. One would
focus on how the Hawk board picked Montgomery Watson. A series of three
recommendations from City Hall staff recommended Azurix.
Hawk board members said Montgomery Watson's prices were lower by millions and
that Azurix plans to sell Azurix North America, the body that would oversee
this contract.
The second City Council hearing will focus on financing, Robinson said. "In
my mind, how the city will pay for this construction is as important as who
will do it," Robinson said.
The Hawk board, appointed by Brown and approved by City Council, has been
heavily lobbied by the contenders for the job.
Because City Council does not have to follow the Hawk recommendation, new
pressure has begun at City Hall. The third bidder, U.S. Filter Operating
Services, part of a French company, has been heavily lobbying some council
members to switch the contract to it.
Some members of the Azurix team -- people at companies that would have gotten
work had Azurix gotten the job -- have written letters complaining about the
Hawk procedures as well.
John M. Stokes, president and chief executive officer of Azurix, penned the
first such distressed missive. In April, he wrote to Hawk board Chairman
David Berg complaining of the "deleterious economic effect" on Azurix of the
board's decision to negotiate with Montgomery Watson. He requested that Berg
answer a series of questions in writing explaining why Azurix didn't get the
job. Berg didn't do so.
Although that letter had a threatening tone, Amanda Martin, president of
Azurix North America, said no threat was intended and the letter simply
indicated how upset the team was when it first learned Azurix wasn't chosen.
Azurix was the rumored front-runner for months.

		INTERNATIONAL ECONOMY: Enron may cut stake in Gulf gas project
Financial Times; May 15, 2001
By ROBIN ALLEN

		There are growing fears that Enron, the US power company, may withdraw or
sharply reduce its stake in the Gulf's Dollars 10bn Dolphin gas export
scheme, one of the most ambitious of its kind in the region.
		Enron officials have refused to comment on reports that the company is
reconsidering its position as a minority shareholder in Dolphin Energy, in
which France's TotalFinaElf (TFE) also has 24.5 per cent.
		However, one industry specialist said yesterday Enron was talking of
"selling" at least part of its shareholding.
		The threat raises critical issues for western companies seeking to profit
from accessing state-owned oil and gas in the Gulf.
		The project was launched two years ago by Abu Dhabi, the wealthiest of the
United Arab Emirates, to promote energy security for the Gulf. But Abu
Dhabiis seen as a prime example of a state where prestige and opaque domestic
political considerations can be as important as profitability in such a
large-scale project, especially in the early stages.
		Dolphin's majority owner is UAE's Offsets Group (UOG), an offshoot of Abu
Dhabi's defence procurement industry. In March, Dolphin, a relative newcomer
on Abu Dhabi's energy scene, signed a Dollars 3.5bn agreement with Qatar to
exploit and pipe up to 2bn cubic feet a day of gas from Qatar's prolific
North Field to Abu Dhabi.
		Qatari gas is the source of Abu Dhabi's long-term energy strategy, and Enron
's role was to develop, at a profit, the downstream section, primarily to
construct and lay the 350km pipeline from Qatar to Abu Dhabi.
		Enron is not a specialist in energy production or pipeline fabrication, but
one of its main aims, according to one analyst, was to gain access to the gas
accruing to it from the Qatar deal and then trade it on. Sheikh Zayed Bin
Sultan al-Nahyan, Abu Dhabi's ruler, disapproves of commodity trading.
		"If the Qatar-UAE gas deal was going to be profitable" for western energy
majors, asked one senior western diplomat, "then why are the serious US
energy majors not involved?" For more reports see www.ft.com/globaleconomy
		Copyright: The Financial Times Limited

JAPAN: Enron says high power rates costing Japan.

05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.

TOKYO, May 15 (Reuters) - A senior executive of U.S. energy giant Enron Corp
said on Tuesday that Japan could save an estimated four trillion yen ($32.45
billion) in annual costs if electricity rates were cut to the average of
members of the Organisation for Economic Cooperation and Development (OECD).
"If you were to pare Japanese industrial electric rates to the OECD
average...savings to all...customers would be about four trillion yen per
year," Enron Corp Vice President Steven Kean told a seminar in Tokyo.
Speaking at a seminar on electric power deregulation, Kean said that
indigenous factors such as steep land prices and a lack of natural energy
resources were often blamed for Japan's high electricity rates.
But he said these factors were not sufficient to explain Japan's high
electricity rates.
A report commissioned by Enron Japan Corp showed that in 1998 Japan's
electricity rates for industrial users were 16.81 yen per kilowatt hour (kWh)
compared to a second highest rate of 12.44 yen in Italy.
Japan's business sector has expressed concern at the nation's high
electricity rates, saying that it blunts their competitive edge on the
international market.
Kean also drew parallels between Japan, in the midst of deregulation, and
California which has been suffering from a power shortage since deregulating
its market in 1998.
These included the length of time that authorities in Japan took to issue
permits to allow the construction of new power plants, he said.
"The regulatory structure in Japan is very strict...just like in California,"
Kean said.
North America's biggest buyer and seller of electricity, Enron gained its
first foothold in Japan in 1999 when it established affiliate E Power Corp.
In April of last year, it set up subsidiary Enron Japan Corp.
Kean urged Japan to step up measures to open up its power market, a process
he said held many benefits.
Japan is in the process of deregulating its power market. Since March last
year, large-lot consumers have been free to chose their suppliers. The
measure liberalised an estimated 30 percent of the power market and ended
Japan's 10 power utilities regional monopoly.
However, industry watchers note that there have been very few new entrants
and that further deregulation measures must be taken for rates to fall. The
Japanese government is due to review the process in 2003.

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

Japan Must Speed Up Pwr Sector Dereg To Lower Rates-Indus

05/15/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

TOKYO -(Dow Jones)- Japan should accelerate the ongoing electric power sector
deregulation to fully liberalize the retail market, in order to bring down
the country's high power rates while ensuring stable power supply, experts
said at an industry seminar Tuesday.
The pressure is mounting for Japan's 10 power utilities, which have long
enjoyed regional monopolies until a year ago, to become cost- effective and
performance-conscious after the government partially liberalized the retail
power market in March 2000.
However, the current scheme has so far failed to lure a large number of
potential entrants because of the high transmission fees they must pay to
conventional power companies.
"What happened in overseas (power industries) suggest that the liberalization
in Japan wouldn't only lower power rates but would also contribute to stable
power supply significantly," said Tatsuo Hatta, professor of economics at the
University of Tokyo.
Compared with the U.S., Japanese electricity charges are typically twice as
much for households and three times higher for industrial users.
"There is a large discrepancy (in rates), and that is why we should hurriedly
implement the liberalization," Hatta said.
He said Japan's steep seasonal peak-load curve - one of the reasons the power
companies cite as the cause of high power rates in Japan - can be altered
once the prices are liberalized. "If power rates are set higher during those
peak hours following the liberalization, users would refrain from using
electricity."
Steven Kean, executive vice president of the U.S. energy major, Enron Corp.
(ENE), told the same seminar that Japan's power costs remain on the upward
trend despite cost reductions in Europe and the U.S.
He said Japan could achieve a cost-saving of Y4 trillion a year if its power
prices fall to levels in Organization for Economic Cooperation and
Development countries following the liberalization.
Hatta and Kean were speaking at the seminar called "Reassessing Power
Deregulation," which was co-sponsored by the Houston-based Enron.

Hatta of the University of Tokyo said "it's very wise" that Japan has begun
the deregulation with the "bilateral supply, or trade" system under which
suppliers and users clinch deals directly.
Under the current reforms, the sector for high-volume, large-lot industrial
and commercial users - which represents only 30% of the Y15 trillion market -
is opened to free competition. The government is to review the partial
deregulation by 2003 for further deregulation.
Japan should then introduce spot electricity trading such as futures and
derivatives to alleviate risks of complicated price volatility for power
providers, Hatta said.
Hatta and other experts attending the seminar said further deregulation
should destroy the systems that have supported the country's high power rates
- regional monopolies and the fair rate return method, under which all costs
are levied on prices.
"There is absolutely no need to set the same (power) prices" nationwide,
Hatta said. Power companies should make the opaque transmission fees
transparent and set them accordingly with regional demand, he said.
Yoshinori Omuro, vice president of Takashimaya Co.'s (J.TKA or 8233)
management department, acknowledged the slow progress of the deregulation.
Takashimaya, a major department store operator, has shifted to Diamond Power
Corp., a wholly-owned subsidiary of Mitsubishi Corp. (J.MIB or 8058) as its
power supplier at two of its 18 stores, with "strong back-up" from the
Ministry of Economy, Trade and Industry.
"Despite the deregulation, the situation isn't where we can negotiate with
power utilities to reduce (electricity costs). We have no choice but select
independent power providers," Omuro said.
-By Maki Aoto, Dow Jones Newswires; 813-5255-2929; maki.aoto@dowjones.com

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

SINGAPORE: ANALYSIS-No Asia fallout seen from Enron's India woes.
By Cameron Dueck

05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.

SINGAPORE, May 15 (Reuters) - A bitter payment battle between U.S. energy
giant Enron Corp and authorities in India will serve as a reminder to foreign
investors of the risks of putting money into emerging markets, analysts and
bankers say.
But it is unlikely to deter the flow of money into Asian electricity projects.
The pace of power privatisation and deregulation varies too greatly from
country to country for the controversy in India to chill investment activity
across Asia, they say.
It does, however, underline the risks companies take despite some security
offered by government payment guarantees.
"Independant power producers (IPPs) will see Enron and Dabhol as an
illustration of the dangers and possible risks of investing in an emerging
market, but it would be going too far to say that other markets will be
adversely affected because of it," said Philip Jackson, a banker with JP
Morgan Chase in Hong Kong.
Enron is on the verge of bailing out of an almost completed $2.9 billion
power project because of a decade-long dispute with the troubled Maharashtra
State Electricity Board (MSEB) over pricing and unpaid bills.
MSEB has fallen about six months behind in paying for electricity supplied by
Dabhol Power Co, the Indian unit of Houston-based Enron.
The utility said last month that it had repaid about $28.6 million of the
$48.2 million outstanding.
The board of Dabhol has authorised the management to stop selling power to
MSEB if the dispute is not resolved. Local media reports earlier in May said
Enron was pulling executives out of India and relocating them elsewhere.
Dabhol has invoked payment guarantees issued by the state and federal
governments, but neither has stepped forward to foot the bill.
GOVERNMENT GUARANTEES
Banks often demand sponsor or host government guarantees to lessen risk
before financing energy projects, which have long lead times and high capital
expenditure.
Governments are keen to provide guarantees to attract foreign investment.
Guarantees may cover shortfalls in production, default of customer payment or
even changes in market conditions.
But such guarantees do not always provide the desired safety net and analysts
said the legal systems in many emerging nations are simply not efficient
enough to back these agreements.
Enron's experience in India highlighted the risks of power investment in
emerging countries and the unpredictability of government guarantees, they
said.
"Guarantees like that are painful for companies and for polititicians they're
even more so," said John Vautrain, vice president at Purvin & Gertz in
Singapore.
"If the call is substantial, it's going to be bad."
Robert Booth, director of the Bardak Group in West Perth, Australia, was more
pessimistic and reckoned some companies might take a lead from Enron and shy
away from emerging Asian nations.
"Investors will pull back from these countries until they see that there is a
properly functioning legal system that gives them assurance if they have to
call in a government guarantee," Booth said.

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

Saudi Won't Announce Winners Of Gas Projs Tue - Report

05/15/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

MANAMA, Bahrain -(Dow Jones)- Saudi Arabia's supreme petroleum council is
expected to hold a meeting Tuesday evening, but it's unlikely to declare its
choice of international oil companies to participate in downstream gas
projects, Arabic al-Hayat newspaper reported.
The newspaper quoted sources at the government's technical committee
overseeing the proposed projects as saying that the committee hasn't
completed its final report concerning the oil companies' offers.
"Studies and recommendations haven't been completed yet and they need some
time in order to present the project at its final structure, attached with
recommendations from the technical committee," the sources said, according to
the newspaper.
However, the oil council "might endorse some balances concerning the offers,"
the newspaper said but didn't elaborate further.
Sources in Saudi Arabia have said the oil companies were expected to be
notified soon on whether they have been selected to participate in the gas
projects.
Saudi Arabia invited international oil companies in October 1998 to
participate in proposals for downstream gas projects and upstream gas
enhancement.
After a series of meetings between the negotiating committee and the oil
companies in the past year, several companies were shortlisted for each
project.
The companies shortlisted for Core Venture 1, the $15 billion South Ghawar
Area Development were Royal Dutch/Shell Group (RD), BP PLC (BP), Exxon Mobil
Corp. (XOM), Chevron Corp. (CHV), Total Fina Elf S.A. (TOT) and ENI SpA (E).
For Core Venture 2, the Red Sea Development, Enron Corp. (ENE) and Occidental
Petroleum Corp. (OXY) are bidding jointly and Exxon Mobil, Total Fina Elf,
Marathon Oil Canada Inc. (T.M), Shell and Conoco Inc. (COCA) were
shortlisted.
And for Core Venture 3, the Shaybah area, Total Fina Elf, Conoco, Phillips
Petroleum (P), Enron and Occidental, Exxon Mobil, Shell and Marathon Oil were
shortlisted.
-By Abdulla Fardan, Dow Jones Newswires; 973-530758;
abdullah.fardan@dowjones.com

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

MSEB refutes allegations by Enron, DPC
Girish Kuber

05/15/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MUMBAI
THE MAHARASHTRA State Electricity Board on Monday in a letter to Enron
refuted all allegations made against it by the company while invoking the
political force majeure.
Enron-promoted Dabhol Power Company on April 9 had invoked the political
force majeure clause. DPC had indicated it was not in a position to fulfil
its contractual obligations to MSEB because of political circumstances beyond
its control.
MSEB in a reply on Monday denied Enron's allegation of 'political
circumstances' and said there was no reason why it should have felt insecure.
"Such a step was necessary under the Power Purchase Agreement and related
security documents to notify the board of 'certain events and to enforce our
rights'," DPC had said. However, according to MSEB, such a step by DPC was
uncalled for.
For DPC, invoking the force majeure clause was necessary as 'certain events
occurred that are beyond the reasonable control of the affected party (DPC)'.
MSEB has expressed surprise in a letter on Monday.
The energy major had dispatched the notice to MSEB, as an affected party,
which had been subjected to "concerted, deliberate and politically motivated
actions of state government, the Government of India and the Board, which
will have a material and adverse effect on DPC's ability to perform
obligations under PPA".
"Given the cumulative effect of these political actions, DPC determined that
the political force majeure declaration is an appropriate mechanism for
providing that notice, and that is an appropriate and necessary step in
protecting DPC and its stakeholders' rights," the statement added.
However, for MSEB this was 'yet another move' from Enron to avoid paying Rs
402 crore penalty the MSEB has slapped on it for failing to supply
electricity as per the agreement.
MSEB, in today's letter, reiterated its suggestion to adjust December 2000
and Januray 2001 bills, against the Rs 800 crore penalty it has slapped on
Enron for not supplying electricity as per demand.
MSEB has refused to pay DPC's December 2000 and January 2001 bills worth Rs
213 crore.

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

Saudi Supreme Petrol Council meeting to decide on huge gas project bids

05/15/2001
Business Recorder
Copyright (C) 2001 Business Recorder; Source: World Reporter (TM)

RIYADH : Saudi Arabia's Supreme Petroleum Council (SPC) is holding meetings
on bids by 12 foreign oil majors for three giant gas projects and should take
a decision shortly, a top oil official said on Monday. "The SPC has been
discussing recommendations by the negotiating committee about the bids, and
the meetings will continues executive president of the committee Abdulrahman
al-Suhaibani told AFP.
"It is not clear yet when the discussions will be completed and wham a final
decision will be issued," added Suhaibani, who expected it to be soon. The
meetings began two weeks ago.
A senior foreign oil executive in the kingdom expected an answer to his
firm's bid by the end of this week or the start of next week.
"The SPC is holding a crucial meeting today (Monday) and tomorrow. bin were
told we would get an answer to our proposals either this weekend or early
next week," the executive told AFP.
The negotiating committee made detailed recommendations after meeting with
the representative of 12 international oil companies (IOCs) which are bidding
for the three multi-billion projects, the executive said.
The committee, comprising ministers who are also SPC members, is headed by
Foreign Minister Prince Saud al-Faisal.
The gas projects, which would be the first foreign investment
in the kingdom's energy sector since nationalisation in 1961, are located in
the South Ghawar field near Al-Hufuf in the Eastern Province, Shaybah in the
Empty Quarter desert, and the northern Red Sea area.
They cover 440,000 square kilometres (176,000 square miles), making it the
world's largest area for hydrocarbon investment.
US majors Enron and Occidental in a joint bid, as well as Chevron,
Conocokilometres, ExxonMobil, Marathon, Phillips and Texaco have been
shortlisted for the Saudi projects. Rounding out the list are European firms
BP Amoco, Eni, Royal Dutch Shell and TotalFinaElf.
ExxonMobil, Shell and TotalFinaElf are in the bidding for all three ventures.
The investment involves gas exploration and production, setting up
petrochemical industries and power and water desalination plants.
The projects, called the natural gas initiative, are to be carried out
simultaneously by consortia of two to three firms in cooperation with Aramco,
the national oil company, on long-term basis for up to 30 years, the
executive said.
Aramco has been working to double the Saudi gas network's capacity from the
current 3.5 billion cubic feet (105 million cubic metres) per day to seven
billion cubic feet (210 million metres) daily in 2004.
Saudi Arabia, which sits on top of the world's biggest oil reserves, has
proven natural gas reserves of 220 trillion cubic feet (6.6 trillion cubic
metres).-AFP

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


sounds good to me.  we have our staff mtg. @ 9:30 every tuesday, so errol and
I may be a few minutes late.
PL


Please note the change in location for tomorrow's meeting.  EB4102 is undergoing construction for several months.

		Ops Committee Meeting
		Friday, 10/5
		1:30 - 2:30 PM
		EB30C2 - OMA 3C1

Thanks.


Priority schedule for Brent and Andrea, as of Tuesday 21st     .
Find attached the order we will work on documents and issues

We will try to get to all the priorities, but will not likely be able to
complete everything today. If anyone wants to change the priority categories
or add to the list, please let me know so we can discuss our schedule.

Thanks!


Hey there,

Hope everything is going well.  I have some bad news.  In case you have not heard, my Dad passed on a week ago Sunday.  I was in LA for Adnan's wedding when my brother called.  Drove up to SF Sunday night, funeral was Monday afternoon.  I stayed in SF for a couple days, but there wasn't much I needed to do.  My brother is and will be taking care of paperwork and my Dad's apt and stuff like that.  So I drove back down to LA and stayed there for a couple days before returning to Houston.

Life at Enron is pretty down these days.  I am very fortunate to still be employed.  As you prob know of the Houston employees were cut loose last Monday.  On Friday they swiped about half of ENA.  It was a bit of a shocker.  I thought layoffs would be minimal around this group.  Origination is almost non existant now.  Some good people I worked with or out.  Since I wasn't here Friday, I was really nervous coming in.  But I think it's ok for now.

They are in negotiations with a few banks to buy the floor, or what is left of it.  They'll probably form a new patnership with a new name and everything.  Honestly, I think that is llikely to happen.  It's just a question of what will be left by the time that all happens.

I see on my streamer that CPN is down to 18 1/4.  Ouch.  Morgan Stanley downgraded the whole sector, what a bunch of geniuses.  Let's just hope for the best.

Ok then drop me a line when you have a chance.  My home address is esaibi@houston.rr.com in case Enron bites the dust.  Later

Eric


Completed an IT agreement with CIMA Energy.  Volume is 5000/day production on
the Crawford lateral (#500267).  Gas will be transported to both the Willi
Wick Farm Tap (#12510) in the Texas panhandle area as well as to the West
Texas pool (#58646).  The agreement is at 0.065 cents, plus fuel for 14
months beginning Sept 2000.


Eric - i got your v-mail.  call as time permits.  also, apologies for going over the top on the detail.  however, given the 4 day break, i was concerned some details would be hazy upon return to the office today.  pass this on to rod and or kevin as you see fit.  i was not sure of any sensitivities so elected to keep it to you and danny.  look forward to visiting later..........

sy

 -----Original Message-----
From: 	Young, Steve
Sent:	21 November 2001 16:43
To:	Gadd, Eric
Cc:	McCarty, Danny
Subject:	Gila Bend (TECO-Panda deals)
Sensitivity:	Confidential

Eric:

I spoke earlier today with the banker who led the TECO-Panda financing for Societe Generale (lead arranger with Citi on the $2.2 bill. merchant project financing).  Following is a summary of the call with healthy amount of detail since it may be some time before we have a chance to visit.  Due to confidentialities, Jim could only go so far on some details, so you'll note a number of gaps; however, this should cover many of your questions.  Call upon return after the holiday and we can discuss further.

Also attached - after notes - is an article that should capture many of the financing details.  Given other demands, I've not yet read the article so duplication between the notes and article is inevitable.  A word of caution - PFI details are good but not always accurate so rely principally on the call notes.  I also asked for portions of the Offering Memo. but am doubtful on receiving this.  Distribute further as you see fit.

Summary of Call
This was a merchant financing with both projects (Phoenix and El Dorado, Arkansas) cross-collateralized and x-defaulted - so treated as a single financing.
Approx. 2250 MW per site for total of 4500 MW (with 4 separate units per site).
Sources of funding - Total of $2.8 Bill. ($2.2 Bill in debt and $600 MM in funded equity).  Apparently all of the $600 MM equity was funded at close June 01' [further confirmation is needed].  Of the $2.2 Bill. in debt, $1.7 Bill. was non-recourse and $500 MM was an equity bridge, with recourse to partners.  However, lenders looked principally to TECO's credit backed by several guaranty of equity bridge and fronting of the $600 MM in funded equity.
Partnership - 50/50 in all respects (ie. vote and economics).  However, TECO must have some preferential rights (eg. cash flows etc..) given their substantial commits on the deal.
Term of debt - 2 yrs. construct facility plus 3 yr. mini-perm with bullet at maturity (approx. 8% amortized at maturity).  Five years is the market for merchant deals.  Amortization is 18 yr. mortgage style.  144 A expected form of permanent take-out of term debt.
Leverage - 60% financed by term debt, but approx. 50% debt financed when adding all ancillary facilities and other commits (ie. working capital, letters of credit etc..).  Jim kept details to minimum but further info. is needed here.
Key Ratio was debt service coverage.  Base Case assumed an average DSCR of 3.40X and Min. of 2.40X with cash trapped at 1.75X.  Did not get detail on whether DSCR was both historical and forward looking, but suspect there was some kind of forward test.  Project finance banks typically expect 3.25 to 4.25 DSCR on merchant finance deals.
Leverage, DSCR and structure in general was done based on what is generally required to gain investment grade rating from agencies when permanent take-out is sought.  Additional rating agency requirements can be found on Moody's and S&P web sites.
TECO also will act as operator.  TECO was clearly crucial to deal and at least Soc. Gen. had done prior deals with them (not sure about Citi).  Panda brought TECO into the deals.  Although Panda was a known quantity, Soc. Gen. had no direct project history with them.
Fuel and Power Off take - Lenders looked to extensive an Energy Management Program analysis.  The EMP presumed (by C.O.D.):  50% of fuel and power would be under firm contract, 25% of each would be covered by seasonal swing contracts and remaining 25% would remain merchant.  Intention is a complete match (term and volumes) for fuel and power contracts.  Agency agreements were signed with Noble (1yr. contract) on fuel supply mgt. and Aquilla (2 yr. contract) for managing power sales.  Each buys in name of the projects.  TECO is responsible for overall energy mgt. and coordination between Noble and Aquilla.  Jim said EOD is triggered if fuel and power agreements are not signed in line with E.M. Program by C.O.D.  Lenders got comfortable with lack of fuel and power contracts due to substantial equity commitment (approx. $1.1 Bill.).
Consultants were Pace for fuel supply and overall energy management and RW Beck for power market eval.
Fuel Transport - Much of medium term contracted at close (mix of firm and interruptible capacity) out to 7 yrs.  Lenders looked to new and released capacity to fill non-contracted needs.

 << File: PFI - Teco Panda Article.doc >>

 -----Original Message-----
From: 	Young, Steve
Sent:	01 November 2001 22:45
To:	Gadd, Eric
Subject:	RE: Gila Bend
Sensitivity:	Confidential

Will continue to dig.  Thanks for the greater detail on the questions.  I don't expect much but will let you know if anything notable comes of the call.

SY

 -----Original Message-----
From: 	Gadd, Eric
Sent:	01 November 2001 18:35
To:	Young, Steve
Subject:	RE: Gila Bend
Sensitivity:	Confidential

Thanks for the quick response.  The objective at ETS is to arrange a long term gas transportation agreement with the Gila Bend project.  We estimate their requirements to be 386,000 MMBtus/day and understand that El Paso has agreed to provide 100,000 MMBtus/day.  Gila Bend is one of several potential strategic shippers for our project and we are extremely interested in the credit quality of their project, recourse to parents, etc.

Principle risks + mitigants to understand:
Gas supply arrangements
Gas transportation arrangements
Financing arrangements, sources of funds
Power off-take arrangements
Who is the Operator?
Ownership structure, decision-making, etc.
Financial recourse to parents

 -----Original Message-----
From: 	Young, Steve
Sent:	Thursday, November 01, 2001 5:37 PM
To:	Gadd, Eric
Subject:	Gila Bend

I spoke with the project bankers at one of the lead banks (principal underwriters) here in town.  They are scheduling a call for me with the banker who lead the deal on their side.  I will be asking about fuel supply issues, key risks, terms etc.  Forward any additional questions you have and/or provide more specific questions of fuel etc.. and I'll give it a go.  I also asked for the Offering Memo., which will be near impossible to get due to confidentiality issues but will let you know how it goes.  Let's visit about you attending as well.

Steve


Are any of you still holding posted journal entries from Jan. Close?  If so will you please let me know what companies they are.  This will be an FYI kind of thing for me incase any of the accountants come around looking for specific entries.  Thanks for your cooperation.

dd


Paul,

Let's talk at 3:30 my time on Tuesday.
We shall originate the call.

Vince

 -----Original Message-----
From: 	Quilkey, Paul
Sent:	Tuesday, June 05, 2001 12:18 AM
To:	Vince J Kaminski/HOU/ECT@ENRON
Subject:	Weather

Vince
We have not spoken for a while.
Please let me know when you are available to discuss Christian's weather modelling and the potential for assisting North American Wholesale.
thnx
Paul


Please email me with requests for central deals.  Thanks.
PL


Keneally's,   We'll be there by 630.

From: Suzanne Adams@ECT on 06/07/2001 02:36 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: David Marshall

Will do!  I KNOW it's not a vacation day my dear!  Jacoby has called me I
don't know how many times asking for your numbers.  I need a drink!  It's
been one busy day for me too!

	Kay Mann@ENRON
	06/07/2001 02:33 PM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: David Marshall

Could you PLEASE PLEASE call David Marshall and get his email?  I'm on
endless conference calls and need to contact him about a matter.

Thanks,

Kay

PS, not a vacation day


Susan,

 I received an enrollment confirmation for a class that I did not sign up
for.  Is there some mistake?

Phillip Allen


I wanted you to see this - what does everyone think? Thanks, Jean Ryall

---------------------- Forwarded by Jean Ryall/NA/Enron on 04/26/2001 07:23
AM ---------------------------
From: Ron McNamara on 04/26/2001 06:13 AM
Sent by: Ron McNamara
To: Christi L Nicolay/HOU/ECT@ECT, Doug Gilbert-Smith/Corp/Enron@ENRON, Jean
Ryall/NA/Enron@ENRON
cc:

Subject: TXU ERCOT

Christi, Doug and Jean

Attached is Brad Jones' final version of the ERCOT Filing (the one labeled
v.3).  I have also attached the copy that I sent Brad with my comments.  I
think he did a pretty good job of incorporating my concerns. As I said on the
reply to Thane I think we would be conspicuous in our absence from this
filing if we don't sign on.  So far 11 entities have signaled there desire to
sign on.  Does anybody know how many signed on to the first filing on this
matter?  Christi, I have the instructions from Brad about where to fax the
signature sheet - he needs it by 3:00 Friday.   What I am trying to do is to
get the PUC Staff to understand that there is a fundamental difference
between the way they (and us) are looking at an electricity market (ie with
PJM glasses on) and the way that the market designers viewed things.  It has
been clear throughout my discussions with them regarding congestion
management that they don't understand the difference - not yet anyway, but
they are getting better.  Once they do get a clearer picture of the
differences they will better understand our arguments against balanced
schedules.  With this in mind wherever possible I try to get John Meyer, Brad
Jones, Barry Huddleston et al to articulate their philosophy more clearly -
and the more they do that the greater our chances are.  Because, as Hogan so
succinctly stated, their model doesn't work.  If it does...well...great.
Anyway my recommendation is that we sign on.  Doug, although I would have
written it differently,  I don't think the tone of the final version is
overly critical or whining.

Please let me know what you think.  I won't be able to communicate much
today...I'm presenting at a meeting on congestion management in SPP here in
Dallas.

Regards, Ron


Please see the following instructions for the new messenging board.  If you
have any trouble entering into this site, please let me know.  Everyone
should now be setup and ready to go. You will have to add this site to one of
your favorites.

The Gas Message Board application can run on both IE5.0 and IE5.5 now.

Attached is the URL for user to run the application.

http://gasmsgboard.dev.corp.enron.com

Please feel free to forward above URL to people who like to test the
application.

Here is the steps they should do:

1) Launch Internet Explorer

2) Type: http://gasmsgboard.dev.corp.enron.com (or just open this email and
click on above URL)

3) Users should see the messages if there is any new messages for today. If
they don't see any messages, there are two reasons:
 (1) They are not valid users. Their names have not been added into the NT
Web_GasTraders Group yet. Please contact Chrysti Hardy to add their names
into the group.
 (2) There is no new messages added yet.

4) Click on "Comments" button to add messages: there will be a popup window
when user clicks on "comments" button. There are two ways to send the
messages after typing the
messages into the text box:
 (1) just simply press enter to send the message. or
 (2) click on "send" button to send the message.

5) After the message has been sent, The message will be displayed on the main
window immediately, the rest people who are online will get the new message
in less than 30 seconds. This time can be reduced to as less as 1 second.
However, I would not recommend to reduce the time interval less than 10
second.  Because each time the browser refreshes the screen, the screen will
be blink. Users don't want the screen blink every second while they read the
messages.

6) All messages will be cleaned up daily at 6:00PM. If they like to clean
them up later than 6:00PM, please let me know. I can reset the time.

Note: Right now the application is under test environment. If they like it, I
will move it into production environment soon.

Let me know any feedbacks.

Thanks,

Fangming


DPC lenders to vote on PPA termination this week
Business Standard, 05/15/01

Enron seen phasing out RP operations
Philippine Daily Inquirer, 05/15/01

Global LNG Experts Gather in Seoul
Korea Times, 05/15/01

GERMANY: INTERVIEW-Bewag first to trade German weather derivative.
Reuters English News Service, 05/14/01

UK: ANALYSIS-Downgrade protection may spread after BT ratings cut.
Reuters English News Service, 05/14/01

Enron Said to Be Considering Withdrawal from Middle East Natural-Gas Project
Dow Jones Business News, 05/14/01

GUINEA: Guinea says $2.5 bln aluminium project takes shape.
Reuters English News Service, 05/14/01

DPC lenders to vote on PPA termination this week
Our Regional Bureau Mumbai

05/15/2001
Business Standard
3
Copyright (c) Business Standard

The lenders to the controversial $3 billion Dabhol power project are likely
to vote later this week on the issue of authorising the Enron-promoted Dabhol
Power Company to serve a termination notice. "There will not be any meeting
in London. The decision can be taken after discussing the issue among lenders
across the globe through conference calls," said a source.
Even if one of the 25-odd lenders is in favour of the termination notice, the
resolution can go through, the source said. "Technically, the resolution can
be passed if four per cent of lenders are in favour of the termination
notice," sources said. Meanwhile, the representatives of the Industrial
Development Bank of India, State Bank of India and ICICI met here today to
take stock of the situation. "Since the Centre has not responded to the
lenders' letter and the three-week timeframe sought (from the DPC) expires
tomorrow, the lenders are left with no choice but to give the go ahead to the
DPC to serve the termination notice. "Indian lenders alone cannot save the
project as some of the foreign lenders are in favour of issuing the
termination notice," the source said. The DPC board has authorised Enron
India managing director K Wade Cline to serve a termination notice as and
when he deems fit. At the lenders meeting in London last month, the foreign
lenders were keen that the termination notice be served in the face of
defaults by the Maharashtra State Electricity Board (MSEB) and the Union
government's refusal to honour the Rs 102 crore counter-guarantee for the
December bill. Only foreign lenders are covered by the counter-guarantee in
case of termination of the contract. The domestic lenders had bought time by
saying they would try to persuade the central government in three weeks.
They, however, have failed to convince the Union government to change its
mind on honouring the counter-guarantee and other related issues.

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

Business
Enron seen phasing out RP operations
Doris C. Dumlao

05/15/2001
Philippine Daily Inquirer
1
Copyright (C) 2001 Philippine Daily Inquirer; Source: World Reporter (TM)

US power company Enron Corp. is planning to phase out its multibillion-peso
investments in the local power generation sector in line with its global
strategy to trim down exposure in emerging markets, including the
Philippines.
Enron recently backed out of a P4.3-billion power project in Bulacan,
supposedly a joint venture with the Yuchengco-owned EEI Corp.
Asked about recent developments on the 40-megawatt biomass power plant in
Bulacan, EEI president and COO Samson Lazo told reporters that Enron was no
longer participating in the P4.3-billion project.
Lazo said Enron was pulling out of the project "because it wanted to
concentrate on trading."
He said Enron would look for another group to which it would assign its stake
in the Bulacan power project.
"The project (biomass power plant) is still viable. It will push through once
we find new investors," he added.
INQUIRER sources said Enron was selling its other existing businesses in the
Philippines. They said the decision has nothing to do with the country's
political and economic situation. "It is part of the Houston headquarters'
decision to concentrate more on developed markets including North America and
Europe.
The sources said that Enron, one of the world's largest integrated natural
gas and electricity companies with approximately $15 billion in assets, was
pursuing the same divestment path in Latin America and other emerging
markets.
In the Philippines, Enron was among the companies tapped by state-controlled
National Power Corp. to help solve the power crisis in the early 1990s by
putting up power generation plants in the country.
Through its local subsidiaries, Enron financed and constructed a number of
power generation plants in the country including a 116-megawatt plant in the
Subic Freeport and Economic Zone and a 110-megawatt facility in Batangas.
Enron's subsidiaries in the Philippines are Enron Development Philippines
Ltd., Enron Subic Power Corp. and Ilijan Power Corp.
The Enron group operates one of the biggest natural gas transmission systems
in the world and is the largest purchaser and marketer of natural gas in
North America. It also markets natural gas liquids worldwide and manages the
biggest portfolio of fixed-price natural gas risk management contracts in the
world.
Enron earlier acquired nine of Napocor's power barges for P2.1 billion in a
bidding.
Three of the barges are in Navotas, Metro Manila; one in Polloc, Maguindanao;
one in Cebu City; another in Calumpang, General Santos City; one in Tacloban
City; one in Iloilo City, and one in Cortes, Bohol.

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

Global LNG Experts Gather in Seoul

05/15/2001
Korea Times
Copyright (C) 2001 Korea Times; Source: World Reporter (TM)

The International Conference and Exhibition on Liquefied Natural Gas (LNG 13)
yesterday opened for its four-day run at the Convention and Exhibition Center
(COEX) in southern Seoul.
Owing to the increasing importance of the triennial event, an unprecedented
number of participants and exhibitors, estimated at more than 2,500, have
converged in Seoul for what is often called the ``Olympics'' of the global
LNG industry.
``We have spent more than a year preparing for this international event which
is the largest in terms of the number of participants and exhibitors,'' said
Lee Seung-hwan, chairman of the Korean National Organizing Committee.
LNG 13 is 15 percent larger than the conference and exhibition held in
Australia back in 1998 which reflects the growth of the industry, Lee
explained, adding that the demand for LNG has been increasing rapidly here in
Korea.
``When you look at the scope of participation in LNG 13, it is easy to see
the increasing vitality of the LNG industry as sources of clean energy gain
in importance,'' said the former ambassador to Greece who also served as a
senior official of MOCIE.
He said enormous efforts have been made to attract as many companies,
exhibitors and participants to LNG 13 as possible, and the global industry
has responded in full force.
``For instance, I traveled to Japan and the United States on numerous
occasion to drum up support. Japan has been gracious enough to send a
delegation of more than 500 participants,'' said Lee with satisfaction.
``LNG 13 in Korea has special meaning in that it is the first such conference
to be organized at the beginning of new era for the 21st Century and it will
certainly be a turning point for Korea's gas industry and, at the same time,
this event will be an another important momentum to serve as a catalyst in us
for the further development of the world energy industry,'' he elaborated.
This series of LNG conference began in 1968 as the brain-child of three
international bodies as official sponsors-the International Gas Union (IGU),
the Gas Technology Institute (GTI) and the International Institute of
Refrigeration(IIR).
``LNG 13 brings together the world's major LNG producers and customers and it
will be the largest-ever on record with participants flocking in from over 50
countries,'' Lee said.
If the scope of participation is expansive, so is the content. The conference
program will include a comprehensive and topical agenda presented by industry
experts at the forefront of their field, with technical and workshop sessions
and presentation by film and posters which is consist of seven paper
sessions, four workshops, a poster session and five daily film sessions which
cover virtually all commercial, technical and operational aspects such as new
LNG projects, safety, and supply and demand.
``LNG 13 promises to provide an opportunity during the conference days to
acquire knowledge of the most recent developments in the LNG industry through
exciting and topical subjects,'' Lee said.
``Hosting this meaningful event in Korea will help elevate Korea's image in
the international market, particularly with the sheer scale and size of LNG
13,'' He noted.
As for the exhibition, a total of 125 exhibitors and leading energy companies
will be displaying their most recent developments is an integral part of this
conference.
Key participants in the LNG industry from senior officials (top management)
of the exhibiting companies to engineers, researchers come together to
display the latest technology and share their expertise at LNG 13.
The exhibition will provide the opportunity to gain a better insight into the
current state of the LNG field and make face-to-face contacts with personnel
qualified to answer their questions and meet their needs and the Exhibition
will showcase the latest technology and services and services available to
this increasingly important energy industry.
The official sponsors of LNG 13 are the International Gas Union, the Gas
Technology Institute and the International institute of Refrigeration while
the major sponsors are the Shell Gas and Power, KOGAS, LG-Caltex, SK-Enron,
the Qatari Group, TotalFinaElf, British Petroleum and Exxon Mobil.
In addition to the conference and exhibition, there will be a technical visit
to the Inchon LNG Receiving Terminal in Inchon, about 50 kilometers east of
Seoul, on Friday.

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

GERMANY: INTERVIEW-Bewag first to trade German weather derivative.
By Claire-Louise Isted

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

FRANKFURT, May 14 (Reuters) - German utility Bewag said on Monday it has
signed a weather derivative contract to protect itself against the risk of a
drop in power generation if temperatures rise.
"We bought a weather derivative last December from Societe Generale's London
trading desk in order to hedge against the risk of low electricity generation
due to warm weather," Markus Hartwig, Bewag Trading analyst told Reuters in
an interview.
"Most of our power generation is based on combined cycle heat driven power
plants, which are highly dependent on weather conditions," he added.
The company is the first utility to trade weather derivatives in Germany, he
said, noting that as the country's largest district heating producer, it is
the generator most exposed to the weather.
"We had been looking into the possibility of weather derivatives trading
since last year - we looked at our weather exposure, developed a model,
priced our derivatives and then went to the market where we chose Societe
Generale," he said.
The contract was signed on December 1 and was settled on March 31, which is
the date when the district heating period ends in Germany. The district
heating period runs from October 1 to March 31.
Hartwig said the contract was confidential but added Berlin-based Bewag wants
to sell weather derivatives to its own customers.
"We are planning to offer our clients the chance to incorporate their risk on
the district heating side of their business and sell them weather derivatives
products," he said.
Potential clients include not only energy firms, but also construction and
agricultural companies, for example, who could benefit not only from
temperature derivatives, but also from precipitation contracts.
Bewag's sales revenues and volumes from district heating were 771 million
marks and 9.2 terawatt hours (TWh) respectively in the 1999/2000 business
year. Its estimate for district heating revenue last winter is 830 million
marks.
The derivative announced today had a duration of four months for Bewag's
Mitte and Klingenberg power plants, but the average temperature December to
March was 2.2 degrees Celsius colder than the previous year's level of 3.4
degrees.
As a result electricity generation increased by 100 gigawatt hours and
revenues from electricity and district heating increased and thus no payout
was needed, Hartwig said.
Enron was the first company to trade weather derivatives in Europe in a deal
with UK utility Scottish Power .
Worldwide, weather derivatives have existed for five years in which time
around 2000 contracts have been signed with a total value of some $6 billion
in risk transfer.
Temperature derivatives are the most common type of weather derivative but
companies can also find products to hedge against rain, snow and storms.

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

UK: ANALYSIS-Downgrade protection may spread after BT ratings cut.
By Catherine Evans

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, May 14 (Reuters) - Last week's credit rating cut for British Telecom,
which triggered compensation clauses on around $20 billion of bonds, could
lead investors to demand similar protection from other corporates, analysts
said on Monday.
Recent weeks have seen the first non-telecoms bonds with coupons linked to
credit ratings, with German defence and engineering group Rheinmetall the
latest candidate.
Rheinmetall, which has announced plans for a 300 million euro bond issue this
week, is rated Baa2 by Moody's Investors Service and BBB by Standard &
Poor's, just two notches above the junk category. The bond is expected to
offer compensation in the form of a higher coupon if the company is cut below
investment grade.
Analysts said demand for downgrade protection could spread to other sectors
as the U.S. economic slowdown fuels concern about corporate creditworthiness.
"Investors should watch their guard and keep standards high at this point in
the cycle. We're very much in favour of that," said Peter Harvey, head of
corporate bonds at F&C (formerly Foreign & Colonial) in London.
He said investors might even be prepared to forego the usual new issue
premium in return for downgrade protection.
"I think investors are prepared to pay...If the headline yield of a bond is
even below outstanding paper I think investors will accept it as long as they
get a step up," Harvey said.
STANDARD FOR TELECOMS
Downgrade protection became a standard feature of telecoms bonds last year,
as bond investors footing the bill for third generation mobile phone licences
auctioned across Europe became increasingly concerned about their escalating
cost. Such protection has become steadily more generous as disenchantment
with the sector has grown, although the trigger for a coupon step-up in all
cases is a ratings cut to triple-B from single-A.
Compensation clauses were initially regarded as having mainly pyschological
value, but bonds carrying downgrade protection have outperformed as Europe's
leading telecom operators have edged closer to the drop.
"The perceived option value inherent in this type of coupon structure is
likely to increase further, given the impetus caused by the action on BT,"
said analysts at Dresdner Kleinwort Wasserstein in a research report.
"Rating-protection bonds should continue to grow in popularity, particularly
for longer term holders."
BT's rating was cut two notches, to Baa1 from A2, by Moody's Investors
Service on Friday, a day after it unveiled a radical plan to cut its 30
billion pounds of debt. Moody's said the plan, which includes a demerger of
BT Wireless and the sale of its Yellow Pages unit as well as a discounted 5.9
billion pound rights issue, would reduce creditors' access to cashflows.
The downgrade triggered a 0.25 percent increase in coupon payments on $10
billion of bonds sold by BT in December, and a further eight billion euros
and 1.1 billion sterling of bonds issued by BT in January. BT, whose
treasurer Andy Longden denounced the rating action as "incomprehensible",
said the compensation package would add $50 million per year to its debt
servicing costs.
The cut to Baa1, three notches above a junk rating, could also reduce the
company's future access to debt markets. Some European funds cannot hold
paper rated below single-A, meaning they could be forced to sell their
holdings at a loss following the downgrade.
Rival rating agencies Standard & Poor's and Fitch kept BT within the single-A
bracket, with S&P assigning an A-rating - one notch lower than before - and
Fitch affirming its "A" grade.
ILLUSTRATION FOR INVESTORS
Analysts said the downgrade provided a clear illustration for European
investors, most of whom have little experience of investing in credit
compared with their U.S. counterparts, of the benefits of protective
covenants.
"The European corporate bond market has powered ahead without covenants
because investors are less sophisticated than in the U.S.," said Simon
Ballard, market strategist at Bear Stearns in London.
"As they become more aware...we will see increased demand for ratings
protection and event risk language in deals. (BT's downgrade) will help drive
the point the home that this stuff can work."
Possible candidates include automakers, which after telecoms have sold the
largest volume of new international bonds this year. Worries about the car
industry's exposure to a U.S. slowdown has recently pushed up risk premiums
on automakers' bonds, although their ratings are traditionally stable.
Another may be the UK water sector, which has been in turmoil since the
regulator imposed investment targets and price cuts two years ago. Wessex
Water, which is owned by Azurix Corp , a unit of U.S. energy giant Enron Corp
, sold a 100 million pound bond with downgrade protection in March, but
another water company is rumoured to have dropped recent plans for a sterling
bond because investors demanded downgrade protection.

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

Enron Said to Be Considering Withdrawal from Middle East Natural-Gas Project

05/14/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

DUBAI, United Arab Emirates -- Enron Corp. is considering pulling out of the
$3.5 billion Dolphin natural-gas project because the company is worried that
the project won't make money, an industry source told Dow Jones Newswires on
Monday.
The Dolphin project, an agreement signed two years ago by the UAE Offsets
Group, or UOG, and Qatar Petroleum, plans to bring two billion cubic feet a
day of natural gas from Qatar's offshore North Field to Abu Dhabi and onward
to Dubai.
Neither Enron (ENE) nor UOG could be reached for comment Monday.
The Houston-based energy and communications concern and French oil company
TotalFinaElf (TOT) each hold a 24.5% stake in the Dolphin project, while UOG
owns the remaining 51%.
Qatar Petroleum and Dolphin Energy Ltd., or DEL, a subsidiary of UOG, signed
an initial agreement in March for the upstream section of the project.
TotalFinaElf is set to operate the upstream phase of the project, which
includes developing natural-gas reserves in two blocks of the North Field.
First wells are scheduled to be drilled in the second half of 2001 and come
onstream in 2005.
Enron will focus on the midstream part of the project, or gas transportation,
which requires building a 350-kilometer pipeline from a processing plant in
Ras Laffan, Qatar, to the Taweelah terminal in Abu Dhabi and the Jebel Ali
terminal in Dubai.
Last week, the Middle East Economic Survey reported that the foreign partners
haven't yet agreed on the precise details of their working relationship, or
on the price of the pipeline. MEES also said that TotalFinaElf and DEL
consider Enron's estimated price for the pipeline is too high.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved

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

GUINEA: Guinea says $2.5 bln aluminium project takes shape.
By Saliou Samb

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

CONAKRY, May 14 (Reuters) - An international consortium is planning a $2.5
billion aluminium project in Guinea that could have a 240,000-tonne per year
smelter operational in four to five years, government and industry officials
said.
Morcire Sylla, head of the official Centre for Mining Promotion and
Development (CPDM) in the West African state, said the project at Sangaredi
involved a dam, a 750-megawatt hydroelectric power station and the extension
of the existing alumina plant at Fria, as well as the new smelter.
"The development will be carried out by a group of private investors grouped
in the GAPCO consortium," he told Reuters at the weekend.
Guinea's government will join U.S. energy company Enron Corp , Japanese
conglomerate Marubeni Corp , the World Bank's private sector arm - the
International Finance Corp - and other Japanese operators in Guinea Aluminium
Products Company (GAPCO), Sylla said.
Guinea, with 30 percent of known reserves, is the world's second largest
producer of bauxite after Australia.
The Guinea Chamber of Mines, has forecast that production of bauxite in 2001
would reach 18.6 million tonnes.
Guinea currently exports most of its bauxite unprocessed but has one company
that produces 700,000 tonnes of alumina from around two million tonnes of
bauxite. Aluminium is produced from alumina.
Nene Moussa Maleya Camara of the local Mininfos metals magazine said the
Japanese and U.S. partners had already carried out feasibility studies for
the aluminium project.
He said that some 40,000 people would be displaced by the project and would
have to be rehoused.
Some 25,000 people are likely to be employed by the project during its
development phase and 7,000 permanent jobs will eventually be created.
In addition to the plant and power components, the project involves the
construction of about 300 km (185 miles) of roads and a major bridge between
the towns of Badi and Tondon.

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


We sold Steve a package of 10,000 at the Nipsco city gate.

Thanks for your help!


As we work to turn the company around, interim CEO Steve Cooper is quickly becoming a credible advocate for our restructuring.  This week, Steve participated in a number of media interviews with print and wire service reporters.  Below are links to the stories resulting from those interviews.

FINANCIAL TIMES:  Enron chief considers law suits to recover cash
http://home.enron.com/updates/articles/lawsuits.html

AP ONLINE:  New Enron CEO Cooper Sees Rebirth
http://home.enron.com/updates/articles/notimpossible.html

CP WIRE:  Enron can be salvaged: CEO Collapsed company faces hurdles
http://home.enron.com/updates/articles/salvaged.html

THE WASHINGTON POST:  Cooper's Crash Course; In Enron, the Turnaround Expert Faces His Biggest Challenge
http://home.enron.com/updates/articles/crashcourse.html

REUTERS:  Enron's top execs to stay on post Ch. 11-CEO.
http://home.enron.com/updates/articles/execsstay.html

DOW JONES NEWS SERVICE:  Enron Interim CEO: Still Interviewing Auditors
http://home.enron.com/updates/articles/auditors.html

HOUSTON CHRONICLE:  Enron utility sale could be canceled
http://home.enron.com/updates/articles/utilitysale.html

CBSMARKETWATCH:  Interim CEO Cooper expects a return to regulated roots
http://home.enron.com/updates/articles/roots.hth


I've put a call in to Mike Driscoll to see which deal is correct. He "fixed"
them yesterday, but frankly I have no idea what he really did, as they still
look completely different. As soon as I confirm with him, I'll change the
deals and let you know.

Thanks,
Kate

Kerri Thompson@ENRON
11/16/2000 08:22 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re:

deal number 458405 and 458406 still do not match total mw quantity.  pls let
me know which one is correct, and if they should both be the same.

   Kate Symes @ ECT                11/15/2000 06:09 PM

To: Kerri Thompson/Corp/Enron@ENRON
cc:

Subject: Re:

Mike Driscoll went in and changed this deal to match 458405. It should be
correct now.

Thanks,
Kate

Kerri Thompson@ENRON
11/15/2000 03:07 PM
To: Kate Symes/PDX/ECT@ECT
cc: Carla Hoffman/PDX/ECT@ECT

Subject:

458406

i don't think this deal is entered correctly, the hours are not matching the
other deals.  can you pls check on this deal

thanks


Unplanned Losses - ($4519.70)
Static Sch Fees - $913.00

Total - ($4439.70)


---------------------- Forwarded by Paul Drexelius/CES/ColumbiaGas on 12/27/99
08:07 AM ---------------------------

Marianne Stiles
12/22/99 03:58 PM

To: Karen Bobb/CES/ColumbiaGas@ColumbiaGas, Phil
Villagomez/CES/ColumbiaGas@ColumbiaGas
cc: Paul Drexelius/CES/ColumbiaGas@ColumbiaGas, Noel
Bartlo/CES/ColumbiaGas@ColumbiaGas, Melissa
Flewellyn/CES/ColumbiaGas@ColumbiaGas, Brian
Perrone/CES/ColumbiaGas@ColumbiaGas, Frank Kronz/CES/ColumbiaGas@ColumbiaGas
Subject: January 2000 Tn Zn 6 volumes

Here are the approximate January daily volumes for each of the gates.   Please
do not forget that January 1 and January 2 will be lower because of the
weekend/holiday.    I know you wanted an exact volume for 1/1 but I will not
have that for all Tennessee Zn 6 markets until Monday, 12/27.  We will need a
range from 2800 dth to 3600 dth per day.   This large swing is normal for
these
types of markets due to weekends, weather, and customer situations.

 - tn012000.xls


No manager is listed below on this request and I don't know the employee.
The manager blank must be completed for me to be able to address these.
Without that, I can't possibly tell what group this person is working in and
whether or not it makes sense to grant the system access.  Please return this
to me for my approval when complete.
---------------------- Forwarded by Sally Beck/HOU/ECT on 08/24/2000 12:47 PM
---------------------------

From:  Information Risk Management/HOU/ECT

Subject: Your approval is requested

	Security Resource Request System
Application Approval
Please review and act upon this request. You have received this eMail because
you are listed as an approver on the original request.
			Instructions
For: 	Tracy Beardmore
Request	Original:
Application Name:	EOL - Risk Management
Request Type:	Grant
Role(s):	Application Product Data Manager
Comments:	Read Only Access		Review the request in the Request section at left.
			For more information regarding who the request is for, do the following:
			Click on the name for PeopleFinder info
			See the Further Information section below
			In the Approval Section, select Approve or Reject, enter comments as
necessary and click [Submit].

	Further Information

Requestor:			Tracy Beardmore/NA/Enron
Manager:
Request Date:	08/22/2000 09:17:15 AM
RC #:	1728	WO #:
Company #:	413	Priority:	Normal
General Comments:


Hi Sara

Can you shed any light on the issues below?

Martin
---------------------- Forwarded by Martin Rosell/OSL/ECT on 27/03/2001 16:56
---------------------------

Martin Rosell
18/03/2001 16:58
To: Elizabeth Sager/HOU/ECT@ECT
cc:

Subject: Commodity Futures Modernization Act

Elisabeth:

I read an article in a law magazine about the captioned Act and it was, among
other things, stated therein that CFTC under the Act had been deprived of its
jurisdiction over swaps (other than those related to agricultural products)
made by eligible contracts participants.  Since the Oslo office trades
through ECTRIC, I wonder whether this new piece of legislation has an impact
on our standard reps relating to the "trade options exemption" and as to the
parties being "eligible swap participants" (are they still required)?  Is
there any internal memo yet prepared on the Act and its implications?

Martin


Hap -- could you provide a response and get it to Meredith.  I'd like to
correct this.
----- Forwarded by Steven J Kean/NA/Enron on 03/18/2001 07:54 PM -----

	Joannie Williamson
	03/16/2001 09:20 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Red Herring Article

Thought you would like to see.

Joannie

---------------------- Forwarded by Joannie Williamson/Corp/Enron on
03/16/2001 09:18 AM ---------------------------
From: Chris Hilgert@ECT on 03/16/2001 08:43 AM
To: Jeff Skilling/Corp/Enron@ENRON
cc:

Subject: Red Herring Article

Jeff,

I was recently skimming the Enron news articles on Yahoo Finance and saw this
one published in Red Herring about the sad demise of the renewable energy
business in California:

http://www.redherring.com/index.asp?layout=story&doc_id=1040018104&channel=100
00001

I thought the article was reasonable until I got to a certain part about the
impact that recent high prices have had on these companies and Enron was
mentioned in a rather improper light, in my opinion.  Below is a short
excerpt from the article with a particular sentence highlighted concerning
Enron:

"Proponents of renewable power viewed California's deregulation as flawed
from the onset three years ago. Still, they anticipated that with adequate
publicity millions of consumers could be persuaded to switch from the
traditional power supply, which comes mainly from the more polluting fossil
fuels and nuclear power, and that the demand would spur supply. The number of
producers and retailers getting into the green market would then only grow --
as long as the big utilities didn't interfere.

That's what almost happened. Over the last three years, retailers like Green
Mountain Energy and Utility.com bought green power already available in
California and started to invest in building their own renewable energy
generators, like windmill farms and large solar-panel assemblies. Still, for
all the optimism and effort, only about 200,000 customers -- less than 1
percent of the 8.5 million households that had the option of switching
providers -- chose to support them. Many of those were swayed by a
deregulation-mandated credit of 1.5 cents per kilowatt hour for consumers who
switched. When natural gas prices were high, the credit actually represented
a real savings. Historically, environmentally conscious consumers have paid a
penny or two more per kilowatt hour for renewable energy, along with an
average monthly surcharge of $5.

Then, last fall, the fledgling industry started to crumble. Energy
wholesalers like Enron (NYSE: ENE) and Calpine (NYSE: CPN) responded to a
rising demand for energy by raising their prices from 6 cents per kilowatt
hour to as much as $1.50. Green retailers had trouble getting credit to buy
power. Many chose to drop out of the market rather than have to charge a
price that was less than their cost. When the energy crisis hit, many green
consumers' bills more than doubled."

In light of the recent e-mail that was sent out, I thought that I would bring
this to your attention as it may warrant a response to bring clarity that
Enron does not raise prices, it transacts in a market where prices are set by
supply and demand.  The average person reading this could very easily come to
the conclusion that Calpine and Enron broke the back of the renewable energy
companies, which is clearly not the case.  Nonetheless, thought you might
find this of interest.

Chris Hilgert
Enron Americas
Enron Compression Services


Here is the draft for Woodward.

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


FYI - Draft testimony from the EG's supporting the comprehensive settlement.

-----Original Message-----
From: Tom Beach [mailto:tomb@crossborderenergy.com]
Sent: Tuesday, May 02, 2000 5:19 PM
To: Tom Lu; Joe Karp; Brian Cherry; 'Joe Paul'; 'Michael Alexander';
Craig Chancellor
Cc: David Dyck; Lad Lorenz; Jeff Dasovich; Mike Day
Subject: Draft Testimony on Why EGs Support the Comprehensive Settlement

Here is the draft of my testimony on why electric generators support the
Comprehensive Settlement.? Note that I have proposed to attach a study that
we did for IEP showing a strong correlation between delivered gas prices to
EGs and PX prices.? I have asked IEP to let me make the study public, and
hope to get their OK tomorrow, at which time I will send that study to those
of you that are not IEP members.

Tom Beach

?
 - EG Testimony for Comprehensive Settlement.xls.doc


Portfolio Companies
Visual Bridge - Negotiating debt financing secured by stock of business
partner EGlobe.  Proceeding with video encoding contract negotiations for
Pegasa, Televisa, Latinanet and NBC.  Implementing dial-up operations with
Telephonica in El Salvador and ITV in Guatamala.  The company is still in the
fund raising mode and the CEO, Felix Moreno, is also negotiating bridge
financing to protect against cash flow shortfalls over the next three months.
Community Call Centers - Discussions with MBNA to increase outbound minutes
and initiate inbound minutes in first quarter 2001 proceeding.  Primary
revenue constraint is recruiting/training sufficient personel.  Discussions
with IBM and DCC about cross sale.
Creole Shack - In discussions to hire Cabo, L.P. as management group for
restaurant.
Beal's Town Car - Evaluating financing alternatives or possible sale of
company to either grow or exit operations.
Cynet - Negotiating sale of fax broadcast business with initial close
expected December 15, 2000.  Addressing implementation delays with Enron's IT
organization.
ACS - Working with IBM, through DCC, for cable installation opportunities.
Journee Software - New CEO on board.  Evaluating strategic marketing study
alternatives and potential for closing two to three clients before expected
spring fund-raising.
Treasury Connect - Preparing private label portals for Paribas and World
Bank.  RFP's for new clients, including Chase.  Fundraising is not going well
with VC community, but strong interest from strategic investors.
DCC Wireless - Implementing IBM strategic relationship.  Finalizing bandwidth
contracts with EBS, Level 3 and Worldcom.
Equal Access Media - Ahead of EBITDA projections for first two months at Wave.
Cabo's - On target with EBITDA projections through October despite poor
weather conditions.  Expect to open private room this week with bookings from
Conneco and other corporate clients.  Received liquor license, should
increase cash flow by $25,000 per month.
Wilson Financial - Negotiating with Chase Bank for financing of Lowen
acquisitions.

Expected Closings
Oatis Enterprises - Documents with OmniBank for final comments.
Urban Financial Group - Expect to close in November.  Final subscription
agreements signed by HEOF.

Please call if you have any questions.

Thanks,
Mark

Enron Investment Partners
333 Clay St., suite 3800
Houston, TX 77002
p 713-853-7408
f 713-345-7670


Lisa --

I don't have any funds for this.  Sorry.

Jim

-----Original Message-----
From: Jacobson, Lisa
Sent: Wednesday, September 05, 2001 11:01 AM
To: Terraso, Michael; Roberts, Dave; Robertson, Linda; Steffes, James D.
Cc: Cooney, Carolyn; Mitchell, Heather; Heather Mitchell (E-mail); Keeler, Jeff
Subject: ASE Dinner -- Enron Vice Chair Request....
Importance: High

Mike, Linda, Dave and Jim,

We received a request from the Alliance to Save Energy (www.ase.org) for Enron to be a Vice Chair of the annual dinner on October 24, 2001 in DC.

-- Enron is a member (Associate) of ASE

-- Enron has been a Vice Chair for the previous 9 years

-- The letter of invitation was sent to Ken Lay on July 3, 2001.

-- The Vice Chair level is 10 K and covers the cost of a table.

-- This year's award recipients are Gov. Pataki (R-NY) and the ESCO Industry - Enron would be eligible to receive the award as part of the industry group at the dinner.

-- Senators Bingaman and Jeffords and Rep. Boehlert are expected to give out the awards.

Invitations are going to print first thing tomorrow morning and will list the Vice Chairs to date -- but we can commit to the Vice Chair level after the print deadline and we will be recognized at the event.

-- There is also an opportunity for Enron to speak at their Associate's policy seminar on Oct. 25, Energy Secretary Abraham has been invited to be the keynote speaker at the seminar.

Please let me know if you would be willing to pay for, our contribute to, the cost of the table/Vice Chair level.

Please see the invite below.

Thanks and I apologize for the short notice.

-Lisa

-----Original Message-----
From: LCordes@ase.org [mailto:LCordes@ase.org]
Sent: Tuesday, September 04, 2001 5:46 PM
To: jacobson@enron.com
Subject: FW: Enron Vice Chair.doc
Importance: High

>
> July 3, 2001
>
>
> Dr. Kenneth L. Lay
> Chairman
> Enron
> P.O. Box 1188
> Houston, TX 77251-1188
>
> Dear Ken:
>
> On behalf of the Alliance to Save Energy, we invite you to become a Vice
> Chair of the 2001 Evening with the Stars of Energy Efficiency reception
> and dinner to be held on Wednesday, October 24, 2001 from six until ten in
> the evening in Washington, DC.  We are extremely pleased this year to
> honor:
>
> *        The Honorable George E. Pataki, Governor of the State of New York
> - Charles H. Percy Award for Public Service for the Governor's strong
> support and promotion of energy efficiency. He has personally championed
> the purchase of Energy Star products and created one of the largest public
> benefit funds for energy efficiency programs in the nation.
>
> *        The ESCo Industry - Star of Energy Efficiency Award for its
> collective success in bringing performance-based energy efficiency
> contracting to energy consumers worldwide.
>
> *	Howard S. Geller, Former Executive Director of the American Council
> for an Energy Efficient Economy - Star of Energy Efficiency Award for his
> twenty years of leadership at ACEEE.
>
> The benefits of becoming a Vice Chair include:
>
> *	A table for you and nine guests at the Awards Dinner;
> *	Invitation to our private VIP reception prior to the dinner;
> *	Participation at the following day's Energy Efficiency Policy Summit
> (details to follow); and
> *	Prominent mention of your company on programs and invitations.
>
> With energy problems and energy efficiency opportunities at the forefront
> of our nation's agenda, the Alliance deserves your support more than ever.
> It is
>
>
> unique in that it is our nation's only bipartisan, nonprofit organization
> that allows business executives to join with government, environmental and
> consumer leaders to promote energy efficiency. By becoming a Vice Chair,
> you will honor those who have made outstanding contributions to energy
> efficiency, and support the Alliance's efforts to ensure that energy
> efficiency remains a key element of our national energy strategy. A
> $10,000 contribution is required for a Vice Chair designation.
>
> This event will be a wonderful opportunity to meet members of the energy
> community.  We expect an audience of over 300, including members of
> Congress, CEOs, White House and other Bush Administration officials, as
> well as staff from federal agencies, and the press.
>
> We hope you will show your dedication and support for the Alliance's
> energy efficiency programs by joining us for this stellar evening with
> America's business and government leaders dedicated to promoting energy
> efficiency. Should you have questions, please call Leslie Cordes, Director
> of Corporate and Program Development at (202) 530-2211.
>
> Thank you for your consideration.
>
> Sincerely,
>
>
>
>
> Jeff Bingaman                                                   Dean T.
> Langford
> Chairman, Alliance to Save Energy                    Co-Chair, Alliance to
> Save Energy
> United States Senator                                       President
> OSRAM SYLVANIA Inc.
>


Attached please find the referenced list.  Of course, no European power
approved for U.S. counterparties until further notice.


fyi

-----Original Message-----
From: Boudreaux, Shanna
Sent: Thursday, October 18, 2001 9:31 AM
To: Townsend, Judy; Germany, Chris; Lamadrid, Victor; Neal, Scott;
Versen, Victoria; Ordway, Chris
Subject: FW: TE Restriction for Oct 18-19

FYI...

October 18, 2001

An unplanned outage at the ATHENS (ATH) Ohio Compressor station has
occurred.  Due to high throughput levels already in the system and the
restriction at ATH, TEXAS EASTERN TRANSMISSION, LP (TE) will not be
accepting physical increases for Gas Day October 18, 2001 upstream of
ATH.  This would include the entire Access Area, Market Zone 1 30 Inch &
24 Inch, Market Zone 2 upstream of the ATH compressor station.  Due Pipe
makeup cannot be accepted for Gas Day October 19,2001.  These
restrictions may be extended through the weekend.   Meter operators are
reminded to flow at scheduled volumes.

Should you have any questions, please contact your Operations Account
Manager.

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

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I wish you would have sent me this BEFORE I ran into her today.  I had no
idea if you'd talked to her or not so I wasn't going to say anything and make
her made at you.  Anyway, I guess she's going to be good at keeping in quiet
b/c I didn't know if she knew or not.  And as for the admitting in front of
other people, I did tell you about this.  She asked me if you had left for
Austin yet and I said no.  And then someone asked me what I was doing for the
weekend and I said I was going Christmas shopping in San Marcos.  No mention
of you or Austin.   Oh well, I guess we'll see how long the "secret" lasts.
Was she mad at you?

Talk to ya later,
Robin