Stand up, Texas, against California's bullying
Houston Chronicle, 05/24/01

Markets / Your Money Senate Shift to Ripple Across Industries Politics:
Jeffords' decision could broadly affect range of sectors, from drugs and HMOs
to tobacco and energy.
Los Angeles Times, 05/24/01

Brazil asking power users to cut back
Houston Chronicle, 05/24/01

California Official Cites Evidence of Electricity Price Manipulation
KRTBN Knight-Ridder Tribune Business News: Contra Costa Times - Walnut Creek,
California, 05/24/01

Shrugging off energy ties / GOP gubernatorial hopeful downplays his Texas
investments
The San Francisco Chronicle, 05/24/01

India Appoints Nominee To Dabhol Power Dispute Panel
Dow Jones Asian Equities Report, 05/24/01

INDIA: New Delhi aims to help Enron patch up with utility.
Reuters English News Service, 05/24/01

POLAND: ANALYSIS-Central European gas markets head for shake-up.
Reuters English News Service, 05/24/01

India: A 'hurt' Godbole quits, persuaded to stay on
Business Line (The Hindu), 05/24/01

INDIAN GOVT TO ACCEPT PROPOSALS TO SETTLE POWER DISPUTE
Asia Pulse, 05/24/01

Endesa to sell coal-powered plants operated by Electra de Viesgo (Endesa
incluye una mayoria de centrales de carbon en Viesgo antes de venderla)
Expansion, 05/24/01

Is Pawar playing power politics with Enron?
The Economic Times, 05/24/01

Godbole does a Mamata; quits, then back
The Economic Times, 05/24/01

COMPANIES & FINANCE THE AMERICAS: Dynegy on the lookout for deals
Financial Times; May 24, 2001

May 24, 2001
Houston Chronicle
Stand up, Texas, against California's bullying
By JONATHAN WILCOX
LADIES and gentlemen: May I present to you the Hon. Bill Lockyer, attorney
general of the state of California, from the May 22 Wall Street Journal:
"I would love to personally escort (Enron Corp. Chairman Kenneth) Lay to an 8
x 10 cell that he could share with a tattooed dude who says, `Hi, my name is
Spike, honey.' "
When you stop gagging, join me in celebrating Lockyer's crude, lewd and
unsubdued behavior. It has stripped away whatever veneer of respectability
California officials had by virtue of the offices they hold and exposed them
as braggarts and bullies of the first order. But they also wield enormous and
destructive power -- and they intend to use it.
The sooner Texans realize this the better.
As citizens of the state that is home to much of the nation's energy
production, the people of Texas are intimately familiar with the booms and
busts of the oil and natural gas industries. Sometimes, prices are high, new
supply is nigh and willing buyers can only sigh.
Other times, gluts occur, demand fluctuates, competition grows ruthless and
revenues seep out like the last remnants of black crude from a stripper well.
These are the principles of American capitalism, free market forces and the
give-and-take and push-pull that separate this nation's economic capacity
from all others. It is a fundamentally fair system, it has served us
remarkably well and every time we have tampered with it, it has been to our
ultimate detriment.
Witness California's partial "deregulation" of its electricity market.
The Golden State, for all its vanity, pride and preening machismo, actually
knows very little of tough times. Sure, we can handle the occasional
spectacular episode, like an earthquake or wildfire. That's part of the
thrill of living in California.
But when it comes to our economic expectations and their interrelationship
with our desired lifestyle, we only know the California way: more, more often
and with no end in sight.
And if we don't get what we want, when we want it, it's someone else's fault.
In that light, it is no surprise that we are saddled with our current
governor, Gray Davis, and our current law enforcement chief, the
aforementioned Lockyer.
Despite his frequent jittery appearances on national television, Davis is a
politically shrewd man. He may not know which public policy choices are best
for the state's future, but that's not his highest priority.
Item No. 1 on Davis' "To Do" list is to get re-elected next year. But this
has been complicated by the state's year of energy woes, Davis' ineffectual
response and the fact that California is a largely one-party state.
Of California's eight statewide elected offices, seven are held by Democrats,
including Davis and Lockyer. You don't have to be a Delphic oracle to discern
that if Davis gets tossed out, he will take more than a few of his political
brethren with him.
So, as California tiptoes toward its long, hot summer of rolling blackouts
and unprecedented electricity shortages, Davis is busy digging his personal
bomb shelter. He's preparing for the big one, calculating that while the
damage will be great, and the fallout potentially lethal, he and the other
cockroaches, like Lockyer, will survive.
How will they do this? By finding some fall guys to take the rap.
Call it the Texas two-step: First, Davis declares "war" on Texas energy
producers. Next, Lockyer says he expects to file civil charges against
suppliers, with, he hopes, criminal counts to follow.
For a demonstration of how not to deal with Lockyer and other California
aggressors, examine the rejoinder of Mark Palmer, Enron's vice president for
corporate communications. Lockyer's comment about Lay, he said, "is so
counterproductive that it doesn't merit a response."
Wrong. Weak. Ineffective. Decency in the face of demagoguery may be
dignified, but it's little more than an invitation to further abuse and, for
Enron, public villainy.
Enron had a chance to do something corporations under hostile government fire
only dream about: Embarrass, disarm and neutralize a corrupt public official
out to smear their good name.
By challenging Lockyer to either reassess or renounce his remarks, Enron
could have injected common sense and rare truth into a debate that has become
twisted and warped by the tirades of California officials. Best of all, Enron
could have extracted the kind of retraction that would have adorned Lockyer
with the scarlet "A" of contrite politicians: apology.
Lockyer and other state officials may not yet know the ceiling of scorn Enron
will tolerate from them. But they surely know the floor: Joking with
journalists of the pleasure they would take from the arranged assault of
Kennth Lay in a California prison.

Business; Financial Desk
Markets / Your Money Senate Shift to Ripple Across Industries Politics:
Jeffords' decision could broadly affect range of sectors, from drugs and HMOs
to tobacco and energy.
JOSH FRIEDMAN
TIMES STAFF WRITER

05/24/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company

The expected defection of Sen. James M. Jeffords of Vermont from the
Republican Party could markedly affect the drug, HMO, defense, credit card
and tobacco industries, money managers and investment analysts said
Wednesday.
"I don't see any upside for the [stock] market. This looks like gridlock of
the worst possible kind," John Carey, manager of the Pioneer Fund, said of
the switch, which would give the Democrats control of the Senate for the
first time since 1995 and increase their ability to slow President Bush's
legislative agenda.
"The market was beginning to feel confident that the regulatory burden on
business would ease," he added, "and there was even hope for
business-friendly legislation. But no longer."
Analysts said the clearest winners in a switch to a Democratic Senate could
be lenders Fannie Mae and Freddie Mac, whose status as government-sponsored
enterprises is expected to remain intact. Both stocks were up strongly
Wednesday despite a weak market.
Still, most analysts said it's unlikely that a change in the balance of
congressional power would lead to what Carey termed "radical anti-business
legislation." And President Bush's income tax cut, passed by both houses and
headed for a conference committee, also is expected to remain intact.
"But I wouldn't expect another tax cut next year, not anymore," said Greg
Valliere, chief political analyst in Charles Schwab's Washington Research
Group. "The Jeffords defection, if it happens, doesn't mean the Bush agenda
is in tatters. It does mean gridlock for a lot of businesses."
Here's how some major industries could be affected:
* Drug makers
A Democratic Senate could produce a public relations nightmare for the
pharmaceutical industry, already under scrutiny over the pricing of some
medications.
"They can apply more heat to the pharmaceutical industry and inflame issues,
such as [supposedly] charging too much for drugs," said Tom Miller, a policy
analyst with Cato Institute, a conservative think tank.
"There's a headline risk. You know, 'Ted Kennedy Holding Hearings on Drug
Companies,' " added Valliere. Kennedy (D-Mass.) is in line to be chairman of
the Senate Health Committee.
Analysts said such tactics aren't likely to result in legislation, given
Republican control of the House.
Still, Andy Laperriere, a political economist at International Strategy &
Investment Group in Washington, said Democratic Senate control at least would
revive the "potential threat of price controls in some form."
* HMOs
Those stocks were hard hit Wednesday, perhaps as investors envisioned
industry critic Kennedy shaping a so-called patient's bill of rights or
Medicare reform.
Still, a power shift could work in Bush's favor if Kennedy and fellow
Democrats were to block administration health-care proposals at every turn,
said Alan Skrainka, chief market strategist at brokerage Edward Jones. The
GOP could end up gaining seats in the midterm election next year, he said, by
campaigning against stonewallers.
* Defense and aerospace
Most analysts said the expected shift would probably have little impact on
the defense industry, even if the leadership changes in the key committees
such as Armed Services and Appropriations, since both sides of the aisle
agree on the need for more defense spending.
But debate over already contentious issues such as missile defense and
whether to restart production on the B-2 Stealth bomber could intensify.
"These would be bones of contention anyway but maybe more so with the
Democrats' added power in the Senate," said Paul H. Nisbet, analyst with JSA
Partners.
Some analysts said defense stocks have run up since last summer on hopes of
increased spending, perhaps leaving them vulnerable.
* Credit card issuers
The bankruptcy reform bill approved by both houses, considered a boon for
major credit card issuers like MBNA and Bank One, could be watered down or
even killed, Laperriere said.
* Energy
Some money managers suggested environmental restrictions pushed by emboldened
Democrats could hinder a variety of energy companies.
"This news is good for the caribou, that's about it," said Pioneer's Carey,
referring to the chances that a Democratic Senate could block efforts to
drill for oil in sensitive arctic areas. "They can breathe easier."
But a Senate shift might not hurt energy companies as much as some expect,
analysts said. If the Democrats use their Senate control to block elements of
the president's new energy plan, it could be a plus for wholesale power
merchants and traders such as Enron, Reliant Energy and Duke Energy, said
Merrill Lynch analyst Donato J. Eassey.
"With gridlock you're going to have uncertainty, and uncertainty causes
volatility, which is good for [traders]," Eassey said.
Bush's plan to open the Arctic National Wildlife Refuge to limited oil and
gas exploration was politically dicey even before the possible Senate change,
several analysts said.
The majority of oil field services firms might actually do better if the
Alaskan proposal failed, according to analyst Poe Fratt of A.G. Edwards. Only
a handful of such companies stand to benefit from development of the wildlife
refuge tract, he said.
If exploration is blocked there, "more companies will benefit from drilling
elsewhere," he said.
* Tobacco
Huge jury verdicts against cigarette makers in recent years "really started
when industry executives got dragged before the Senate," Laperriere said, so
tobacco companies wouldn't look forward to another round of hearings. He
called new hearings "a real possibility" if the Democrats are running the
Senate.
* Fannie and Freddie
Laperriere said the threat of policy changes that would affect regulation of
Fannie Mae and Freddie Mac would be diminished under a Democratic Senate.
He noted that instead of Phil Gramm (R-Texas) leading the Senate Banking
Committee, it would be led by Paul S. Sarbanes (D-Md.), a major supporter of
the popular lending agencies.
* Telecommunications
Some analysts said chances for deregulation--for example, allowing the Baby
Bells fully into the long-distance market--won't survive a power shift in the
Senate.
"There was hope that the Telecommunications Act, which has actually impeded
competition, might be revisited," Carey said. "If this [Jeffords situation]
is bad news for any industry, it's telecom."
But several analysts and investors said the market impact of the Jeffords
defection already has been overblown. "The biggest thing we needed from this
administration was the tax cut, and it looks like we're getting it," said
Robert Nichols, chairman of Windward Capital Management in Los Angeles.
*
Times staff writers Denise Gellene, Thomas Mulligan and Peter Pae contributed
to this report.
RELATED STORIES
Switch: Jeffords has told aides he will quit the GOP today. A1
Markets: Stocks fall as investors mix caution with confidence. C4

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

May 24, 2001
Houston Chronicle
Brazil asking power users to cut back
Officials want to pare consumption by a fifth
Copyright 2001 Houston Chronicle News Services
SAO PAULO, Brazil -- The towering offices of Banco Itau and Microsoft Corp.
in Brazil's financial heartland greeted nightfall with their trademark lights
turned off.
Store owners celebrated astronomic weekend sales of energy-saving lamps.
That's good news as the government asks the nation to chop 20 percent off
energy consumption to avoid widespread blackouts and to haul South America's
biggest country and economy out of a chronic power shortage sparked by
drought.
"We are in the hands of the public. If people manage to economize 20 percent,
the likelihood of blackouts will be very small," said Mauro Arce, Sao Paulo
State energy secretary and member of an anti-crisis task force.
The plan to stave off California-style electricity cuts has borne encouraging
results so far. The program asks consumers, companies and industry to cut
electricity use by 15 percent to 25 percent, with the threat of price
surcharges of 50 percent to 200 percent. But it will come at a cost.
Economists fear rationing and its consequences could knock Brazil's economic
growth to less than 3 percent from expectations of 4 to 4.5 percent.
Government officials only say it will slow the economy but will not predict
how much.
And it may trigger moves by the government to encourage the aggressive power
plant program that has long been needed. Power plant builders, including
companies with big presences in Houston, have delayed plans to build plants
because they fear losses from the risk from local currency devaluations.
Rationing officially begins June 1 across most of Brazil, although its
biggest cities have already dimmed street lighting, and consumers have turned
to candles.
The government estimates it needs to expand the country's generation capacity
by 50 percent, or 31,000 megawatts, by 2008 at a cost of about 33 billion
reais, or $14 billion.
Brazil's power shortage has been hidden over the years by overuse of
reservoirs. The government increased generation in years with good rain by
failing to let the reservoirs fill to capacity. Hydroelectric power is
responsible for about 85 percent of Brazil's generation capacity.
"In the last 40 years there have been plenty of droughts, but we've never
been forced to ration energy," said Lido Luis Sauer, an energy-studies
professor at the University of Sao Paulo.
Reservoirs, the professors said, were often allowed to fill only to 70
percent of capacity. Reduced rainfall has cut the reservoir levels to as low
as 30 percent.
"We're on the verge of trying to generate power with mud," Sauer said. "We've
been warning them for years that this risk exists, but they told us `don't
panic.' "
For now, the power grid here depends on the weather and the cooperation of
the public.
If water levels fall farther, the country may need to cut up to 40 percent of
consumption, Arce said. Rationing is set to last through November, when the
rainy season resumes.
With cooperation and the weather on its side, the energy task force will just
need some understanding from the public.
In an early sign of irritation, Sao Paulo Internet company ATN Internet filed
a lawsuit seeking a judicial ban on power cuts. And Supreme Court President
Marco Aurelio Mello said some of the government's measures violated the
constitution.
"Unfortunately, the filing of injunctions and lawsuits has become a national
sport," said Pedro Parente, head of the task force. "The situation today is
serious. We need this to be understood by the judiciary."
If the public cooperates, Parente said the government could relax some of its
rationing measures. The task force had banned energy contracts for new
commercial or industrial projects.
Brazil's government realizes it has to end the drought in power plant
construction and is considering a program to protect some electricity
utilities from currency risk to attract the $14 billion it needs for new
power plants.
Companies such as AES Corp., Duke Energy Corp. and El Paso Energy Corp. have
delayed or limited expected investment in natural gas-fired generation plants
on concern that government rules limit their ability to pass along increases
in dollar-denominated fuel costs to electricity consumers who are billed in
reais, the local currency.
Devaluations cut the revenues of the power plant builders, but not their
expenses.
"The government hasn't had a policy to attract investment to generation,"
said Frank McGann, an oil analyst with Merrill Lynch & Co. in New York. "An
adjustment in gas prices is a major step forward, which should have been
taken two years ago."
The failure to build plants has come despite natural gas supplies piped in
from Bolivia, Argentina and fields of Brazil's Atlantic coast and a national
"emergency plan" to encourage the building of dozens of new plants to make up
the shortfall.
A new natural gas supply contract with power producers may spur some
much-needed construction.
Under the currency guarantee proposal, which could be adopted as government
policy as early as this week, Petroleo Brasileiro SA, the state-controlled
oil company, which is the lead investor in the country's major pipelines,
would sell gas to generators under a one-year contract with a fixed price in
reais, said Energy Minister Jose Jorge de Vasconcelos Lima.
If the dollar price of gas rose during the contract, Petrobras would charge
the difference to a special account. The generator would pay off that
account, plus interest and Brazilian inflation, by including them as part of
the next one-year, fixed price contract at the same time that the government
raises consumer power rates, a spokeswoman for the Energy Ministry said.
A utility now has to pay Petrobras and other distributors the market rate,
but is limited in the amount of the increase it can pass on to consumers.
With rationing likely to raise distributors' costs -- slashing profits more
-- these companies are reluctant to invest in any new venture, including
generation.
"It has never been decided who will pay for foreign exchange losses in the
gas contracts," said Luiz Maurer, vice president for the Brazilian
association of energy trading companies, as well as head of regulatory
matters for Enron in Latin America.
Enron, for its part, is moving ahead with plans to build about 800 megawatts
of new generation capacity. The move, as well as plans by Petrobras to become
a minority investor in a series of gas-fired plants, is a direct result of
the same problem.
With other companies holding back on generation projects, Enron and other gas
distributors need a market for their natural gas. AES said recently it may
cancel $240 million in investments in three plants.
"If we don't build plants or help others build them, we will be in an even
worse situation," said Ron Vaz Moreira, chief financial officer of Petrobras.
"We won't have any market for our gas."

California Official Cites Evidence of Electricity Price Manipulation
Mike Taugher

05/24/2001
KRTBN Knight-Ridder Tribune Business News: Contra Costa Times - Walnut Creek,
California
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

An investigation into electricity prices has turned up evidence that
generators are throttling their power plants up and down to drive up prices,
according to California's top utility regulator.
Loretta Lynch, president of the state Public Utilities Commission, said
Wednesday that an investigation started last year to examine electricity
prices, and which later turned to examine unprecedented numbers of power
plant outages, has found instances where generating units were backed down
until electricity emergencies were declared and then brought back up in such
a way as to maximize profits.
"What we saw was a pattern of individual behavior," Lynch said.
Generators acknowledge that they vary the output from their power plants, but
say they do so for legitimate business reasons. Included among those reasons
is a little-known tactic to insure themselves against breakdowns that would
be limited under a federal order that is to take effect next week.
Although Lynch would not reveal more specifics, her comments, which echoed
revelations she made before a state Senate committee last week in Southern
California, come as accusations, legal threats and rhetoric are all swirling
to a boil.
Earlier this week, Attorney General Bill Lockyer, whose office is working
with the PUC in one of several ongoing electricity market investigations,
reportedly said that he wanted to escort Enron Corp. Chairman Kenneth Lay to
a prison cell "that he could share with a tattooed dude who says, `Hi, my
name is Spike, honey."'
The heated rhetoric and continuing legal threats have infuriated generators,
who continue to trot out figures showing that they are running power plants
harder than ever.
"There's nothing that gets under our skins more than somebody --some
government official -- who is ill-informed making those judgments," said Tom
Williams, a spokesman for Duke Energy, a North Carolina-based company that
owns three major power plants in California and is building a fourth.
Duke generated 50 percent more electricity from those plants last year than
it did the previous year, Williams said. And the company is on track to
generate even more this year, he added.
But Lynch and other state leaders are becoming increasingly hostile in their
remarks about the half- dozen out-of-state power companies that bought
utility-owned power plants in 1998 and 1999 as the state moved to restructure
the electricity industry.
Lynch said state regulators are at least a month away from taking legal
action, but she also said that in addition to looking at power plant outages,
the investigation was looking at patterns in the way power plants are run,
allegedly to influence prices and then capitalize on them.
"There are several ways the generators game the system," she said.
The companies acknowledge they might limit output because of environmental
restrictions and in situations where the cost of running a plant is higher
than the price they could get for electricity at a given point in time.
But there is another reason, too. It is a practice that has troubling
implications because it sets up a situation where the higher prices go, the
more incentive companies have to hold back power.
Documents filed with the Federal Energy Regulatory Commission show that some
companies ease off their units' throttles in order to insure themselves
against the possibility of a breakdown at another unit. Their logic is this:
Energy companies typically sell electricity in advance, so they have an
obligation to provide that electricity to their buyers. If they are running
at 100 percent capacity and a unit breaks down, the company has to scramble
to buy electricity at high, last-minute prices in order to meet its
contractual obligations.
Last summer, for example, a large, 750-megawatt unit at Duke's Moss Landing
power plant broke down, and Duke found itself spending $1.2 million an hour
to meet its contracts.
By holding some of their power-generating capacity in reserve, the companies
can insure themselves against a breakdown somewhere else. And the higher
prices go, the more insurance they might want to keep.
"That is a rationale they are using," said PUC energy division director Paul
Clanon.
Duke, Mirant Corp. and Pacific Gas & Electric were among the companies who
objected to a draft order from federal regulators that would put an end to
the practice of withholding power from the spot-market to cover the
possibility of a breakdown.
In papers that Mirant filed with FERC, the Atlanta-based generator said that
if its ability to withhold power in that way was restricted, then regulators
should allow the company to charge even more for its electricity.
But FERC shot that argument down, saying that although it is reasonable for a
company to not sell all of its electricity ahead of time, there is no reason
to hold back power from the hour-to-hour spot market, as Mirant wanted to do.
The federal commission said that, contrary to Mirant's claims, "the generator
faces no financial risk" if it is forced to sell all its available power on
the spot market.

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

NEWS
Shrugging off energy ties / GOP gubernatorial hopeful downplays his Texas
investments
Carla Marinucci
Chronicle Political Writer

05/24/2001
The San Francisco Chronicle
FINAL
A.3
(Copyright 2001)

Wealthy GOP gubernatorial hopeful Bill Simon Jr., on a campaign stop
addressing California's power crunch yesterday, kicked off his own personal
energy crisis when he confided to an energy executive, "I'm an oil and gas
man from way back."
Simon, son of the late Nixon Treasury Secretary William E. Simon, later
insisted that he misspoke.
But in his first open campaigning in Northern California, the Los Angeles
businessman and philanthropist acknowledged both energy investments and his
role as a former board member of Houston's Hanover Compressor Co. The
publicly traded energy-related firm is a market leader in natural gas
compression and counts among its partners the Texas energy giant Enron.
Simon, who has also invested in educational technologies, Internet firms and,
most recently, South of Market real estate in San Francisco, stressed
yesterday that stocks in energy-related firms are only a small part of his
portfolio.
But ties to a Texas energy firm could negatively affect his first run for
public office in California. A Field Poll released this week showed an
increasing number of Californians holding energy firms responsible for power
shortages.
And, as President Bush prepares to visit the state next week, Texas oil and
gas firms have specifically been the target of Gov. Gray Davis, who asserts
that their hunger for profits accounts for the crisis.
Hanover Compressor, traded on the New York Stock Exchange under the symbol
HC, has 2,700 employees and had an estimated worth of $2.6 billion on April
30, according to a recent financial report.
A 1996 report in Oil and Gas Investor magazine described Hanover as a
fast-growing, profitable innovator in technologies to compress and transport
natural gas. The firm signed a $130 million deal with Enron Capital and Trade
Corporation in 1995, according to the magazine.
Yesterday, Simon insisted that he is not strongly tied to the firm, and said
that if he runs, he will release financial statements showing his holdings.
"I'm not an oil and gas man," Simon told The Chronicle. "Speaking loosely, I
said I have experience in looking at oil and gas investment opportunities.
"I was one of a group. I was on the board for a little bit," he said of his
relation to Hanover. "I still have a small piece. . . . We still have some
ownership of it . . . (but) I'm not active, never really was."
The focus on Simon's energy holdings came as the prospective candidate toured
Lawrence Livermore National Laboratory.
Simon also heard presentations -- and pitches for venture capital - - from
two energy executives: Rick Jeter, who heads X.L. Operating, a Fort Worth,
Texas, oil and gas producer; and Steve Doyle, chief executive of Clean Energy
Systems. As Simon met with them after their presentations, his greeting to
Doyle, overheard by reporters, was, "I'm an oil and gas man from way back."
"Hanover Compression was one company that we started 10 years ago now," he
explained to reporters. "It promotes the efficient use of gas. It helps it
come out of the ground. It helps it be transported. It's good technology.
"We have to continue to focus on these kinds of energy efficiencies," he
said. "This is our way out, ultimately, of the energy crisis."
Asked the extent of his financial interest in that and other energy-related
firms, Simon could not provide specifics. "I'd have to get you those
numbers," he said.
But he said, "We've looked at a broad variety of opportunities in virtually
every industry in the country. Oil and gas is one. . . . I'm not specific to
this industry. I'm an eclectic investor."
On energy issues, Simon said he would be "willing to look at" expanding oil
drilling in California, though he said he was opposed to offshore drilling.
He said he could support "temporary" price caps on the wholesale costs of
energy, but insisted any details would require more study. "You have to know
how urgent the problem is with respect to the supply and balance," he said.
Asked if Davis has been fair in criticizing Texas firms, Simon said, "I think
he ought to quit pointing fingers and start focusing on solutions."
But he said he did not yet have a detailed energy plan, adding, "We're
putting it together right now."
Simon, 50, said he expects to make his announcement about a gubernatorial run
the first week in June.
He told potential volunteers yesterday he would be a "major investor" in his
campaign, but would also raise funds for the estimated $40 million to $60
million needed in a gubernatorial race.
Simon said he is exploring his first political run because "I'm always
interested in being of service. I think here's a place I could be of some
help."
But "the reason I'd like to seek the office of governor, as opposed to
controller or even run for the Assembly, is that's where we have to focus our
attention," he said. "If you have a weak top of the ticket, you have less of
a chance at being elected further down on the ticket. Normally, I'm just
working my way up, paying my dues, but in this situation, I don't know we
have that option."

PHOTO (2); Caption: (1) Bill Simon Jr. listened to a presentation at Lawrence
Livermore National Laboratory while former U.S. Energy Secretary John
Herrington sat behind him., (2) On a campaign swing through Northern
California, Bill Simon Jr. got a lesson in forensic science at Lawrence
Livermore National Laboratory. / Photos by Michael Macor/ The Chronicle

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

India Appoints Nominee To Dabhol Power Dispute Panel

05/24/2001
Dow Jones Asian Equities Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY -(Dow Jones)- The Indian government Thursday announced measures,
including the appointment of a retired senior official as its nominee on the
negotiating panel that is sitting with Enron India Pvt. Ltd., to resolve the
Dabhol power supply dispute.
Retired Telecom Secretary A.V. Gokak has been appointed as the government's
nominee on the negotiating panel - set up by the state government of
Maharashtra - that's made up of state and federal government officials and
officers of Maharashtra State Electricity Board, or MSEB.
The long-standing dispute is over power tariffs on electricity generated from
a plant of the Dabhol Power Co., the Indian unit of U.S.-based Enron Corp.
(ENE). The plant that will generate 1,444 megawatts of power when the second
phase is completed later this year is India's biggest foreign investment to
date at $3 billion.
In a further move Thursday, New Delhi has set up a committee of senior
officers from various ministries to examine any proposals that might emerge
from the negotiating panel.
The panel was set up after last month's delivery to Maharashtra government of
the Godbole Report, a 198-page document prepared by a five-member team headed
by former federal home secretary, Madhav Godbole.
A key recommendation of the report included the renegotiation of a power
purchase agreement between the Dabhol Power Co. and the MSEB.
The negotiating panel was due to meet Wednesday for a second round of talks
with senior executives of the DPC but was cancelled after Godbole resigned
over criticism levelled by leader of the National Congress Party Sharad Pawar
that implied the panel had negative attitudes. Godbole subsequently withdrew
his resignation.
A further meeting has been scheduled Tuesday.
Meanwhile, federal Minister of Power Suresh Prabhu confirmed Thursday that
the Indian government is ready to consider any worthwhile idea emerging from
the negotiating panel.
- By Steve Percy, Dow Jones Newswires, 91 22 2884211; steve.percy@dowjones.com

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

INDIA: New Delhi aims to help Enron patch up with utility.

05/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, May 24 (Reuters) - India's federal government will help Enron Corp
and Maharashtra state resolve their wrangle over the U.S. energy giant's
troubled $2.9-billion power project, an official statement said on Thursday.
Dabhol Power Co, 65 percent owned by Enron, and the Maharashtra State
Electricity Board (MSEB) have been embroiled in a dispute over payments for
six months.
The dispute provoked the Houston-based Enron Corp to issue a preliminary
notice last week to terminate its contract to sell power to the utility.
"The government of India will assist in the implementation of any agreed
proposals, which have the support of the concerned parties," the statement
said.
The federal government has nominated a representative in the state's panel
negotiating with Enron.
Another committee of senior officials has been set up in New Delhi to assess
the outcome of the negotiations, the statement said.
"The (junior) power minister, Suresh Prabhu, has confirmed that the
government of India is ready to consider any worthwhile idea emerging out of
the negotiating committee for the settlement of the dispute."
The statement said the federal government wanted the state to resolve the
dispute.
"The government of India is of the view that a quick settlement of the
dispute is essential for the power sector of Maharashtra."
The 2,184-MW power project was regarded as a test case of India's plans to
encourage private investment in the power sector.
The first phase of 740 MW of the project is up and running, while the second
phase of 1,444 MW is slated to be completed next month.

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

POLAND: ANALYSIS-Central European gas markets head for shake-up.
By Marta Karpinska

05/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

WARSAW, May 24 (Reuters) - Central Europe's gas market is heading for a
shake-up as Poland nears the go-ahead for a disputed transit pipeline and the
neighbouring Slovak and Czech republics launch key sector sell-offs, analysts
say.
The Polish government plans to examine an industry-backed proposal for a gas
link connecting Belarus and Slovakia-based transit systems which would carry
fresh Russian supplies to western Europe.
"The recommended route is not the worst possible, and I do not rule out that
the cabinet will approve it, although we may need some small adjustments,"
Economy Minister Janusz Steinhoff told reporters on Wednesday.
Russian Prime Minister Mikhail Kasyanov, who arrives later on Thursday in
Warsaw for a three-day visit, is due to meet Economy Ministry officials and
is expected to try to talk up the Russia-favoured pipeline project.
The decision - which could terminate an alternative plan by Russia's giant
Gazprom to lay a more pricey pipeline along the bed of the Baltic Sea - may
affect a key gas sell-off pending in neighbouring Slovakia, analysts said.
"Gazprom is very interested in the region, particularly in the Slovak transit
system, but its decision will partly depend on whether the new transit will
run across Poland," said Evgeny Solovyov, sector analyst at SG Securities in
London.
SLOVAK TRUMP CARD
Analysts say the sale of the Slovak SPP gas group, including a powerful and
highly lucrative gas transit system, is sure to attract heavy investor
interest and become the largest ever sale in the country.
"The national businesses in central Europe are all like individual pieces of
one puzzle, and Slovakia's SPP is the most important piece of that picture,"
said Bidzina Bejuashvili, oil and gas analyst at Raiffeisen Zentralbank in
London.
Last year SPP shipped almost 90 billion cubic metres (bcm) of Russian natural
gas to western Europe, making Slovakia the top cross-region gas transit
route.
The state wants to sell 49 percent of SPP - also a gas distribution and
transportation monopoly - all of which will likely go to a strategic
investor. A rough price tag put by analysts on the entire SPP varies from $2
billion to $8 billion.
So far, Gazprom and a consortium of Ruhrgas, Gaz de France PR and Italy's
Snam - a gas distribution arm of Eni - have expressed interest in acquiring
the stake.
Germany's RWE Gas and Wintershall have also said recently they would jointly
bid for the gas group.
The German consortium said it would bid too for SPP's neighbour, Czech gas
import monopoly Transgas, which the government wants to sell with eight gas
distributors, in a sale which attracted 14 preliminary bids earlier this
week.
"Czech and Slovak national markets are simply too small, and whoever pursues
the respective gas assets is likely to be looking for their transit pipelines
connecting Russian supplies and western consumers," said Bejuashvili.
POLISH LINK
Analysts say that Gazprom, Snam, Gaz de France, as well as Ruhrgas and
Wintershall - all involved in a consortium to build the Polish transit link -
will likely be the frontrunners in the regional gas asset acquisitions.
The consortium is now carrying out a feasibility study on a powerful transit
pipeline route running mostly along Poland's eastern border, but avoiding
most of its eastern national parks, due to link Belarussian and Slovak
pipelines.
Poland had initially opposed the transit project fearing the new volumes
would be complemented with Russian gas from the pipelines of its strategic
ally, Ukraine. But it has surrendered to pressure from both its commercial
partners and the European Union - which it is negotiating to join.
The government had hoped the new pipeline, likely to replace a previously
planned second stretch of the existing east-west Yamal pipeline running
across Poland, would be used to supply some Russian gas imports to its
industrial southwest.
The Yamal pipeline, which now has a capacity of 18 billion cubic metres (bcm)
per year, needs $350 million for three compressor stations to boost its
capacity to a planned 32 bcm.
POLISH POTENTIAL
Analysts said that Poland's 39-million-consumer market and relatively low gas
usage - only 8.5 percent of total primary fuel consumption - make the
domestic gas market growth potential much higher than that of its neighbours.
"It is quite reasonable to assume that Polish gas consumption will grow at a
faster pace than its economic growth in coming years," said Solovyov.
Poland's gas monopoly PGNiG expects last year's consumption of 10.9 bcm to
grow by five percent per year over the next three years to reach almost 13
bcm by 2003.
The government's long-range forecast - which a lot of analysts say is too
high - sees annual gas consumption up to 18.4 billion cubic metres by 2010.
In a highly disputed plan the Polish government wants to sign a long-term
agreement with Norway later this year which would enable it to diversify from
its currently mainly Russian gas supplies, and boost import volumes by 5 bcm
as of 2007.
"There is absolutely no guarantee the consumption will grow as expected, and
signing a new long-term contract may result in PGNiG being highly
overcontracted," the head of Enron Polska, Jaroslaw Astramowicz, told a
recent industry seminar in Warsaw.
Poland already has a 25-year deal with Russia under which it must buy up to
14 bcm annually, and analysts warn that a new long-term deal may seriously
dent the financial standing of Polish gas distribution firms ahead of their
planned sell-off.
Poland does not plan to start selling its four gas distributors until next
year, but analysts say that September general elections, strongly tipped to
be won by the opposition social democrats, may delay those plans further.

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

India: A 'hurt' Godbole quits, persuaded to stay on

05/24/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, May 23. DR MADHAV Godbole, Chairman of the Enron renegotiation panel,
resigned this morning but the Maharashtra Government persuaded him to stay
back and continue the renegotiation process with Enron. Dr Godbole withdrew
his resignation in the evening. The second meeting of the panel which was
scheduled for today with Enron representatives did not take place because of
the Chairman's resignation.
When contacted, Dr Godbole said: "I am withdrawing my resignation in the
light of the Chief Minister's letter to me in which the Cabinet has
unanimously asked me to take back my resignation. They have placed complete
faith in me and the committee. The Cabinet has asked me to carry on with the
complex and onerous task of negotiating with Dabhol Power Company."
Dr Godbole also said he had received calls from different political parties
and various other organisations asking him to reconsider the decision to
quit. He considered it a vote of their confidence in the committee and its
working.
Dr Godbole had quit in reaction to "derogatory remarks" made by the
Nationalist Congress Party (NCP) leader, Mr Sharad Pawar.
Last night, Mr Pawar had reportedly made a statement saying he was
"apprehensive of the outcome of discussions with Enron as those leading the
talks from the Government's side are working with a negative approach".
Dr Godbole submitted his resignation to the Chief Minister saying he was
"hurt" by Mr Pawar's statement. The NCP is one of the leading partners in
Maharashtra's Government.
"We will try and clear this misunderstanding. He (Godbole) has been appointed
by the State Government. And the Government has no doubt about the
committee's working. We want him to continue on the panel," Mr Chhagan
Bhujbal, Deputy Chief Minister and NCP leader, said.
- Our Bureau

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

INDIAN GOVT TO ACCEPT PROPOSALS TO SETTLE POWER DISPUTE

05/24/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, May 24 Asia Pulse - The federal government will accept
recommendations of the renegotiating committee headed by the Madhav Godbole
for the settlement of the dispute between Dabhol Power Company (DPC) and the
Maharashtra State Electricity Board (MSEB).
A government statement quoted Power Minister Suresh Prabhu as saying, "The
Government of India is ready to consider any worthwile idea emerging out of
the renegotiating committee for the settlement of the dispute."
The proposal, Prabhu said, has to be acceptable to the parties to the dispute
- MSEB and Enron-promoted DPC - adding that a quick settlement of the
differences was essential for the power sector of Maharashtra.
DPC had last week slapped a preliminary termination notice (PTN) on MSEB
following the dispute over payment of power bills.
While former telecom secretary, A V Gokak, has been appointed as the federal
government's nominee on the Godbole Committee constituted by the Maharashtra
Government, a committee of senior officers of the concerned ministries has
been set up to quickly examine the proposals emerging out of the negotiating
committee, the statement said.
The committee officers comprise officials of Ministries of Finance, Power and
Petroleum.
(PTI) 24-05 2000

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

Endesa to sell coal-powered plants operated by Electra de Viesgo (Endesa
incluye una mayoria de centrales de carbon en Viesgo antes de venderla)

05/24/2001
Expansion
Copyright(C) 2001 Abstracted from Expansion in Spanish, Source: World
Reporter (TM)

Endesa, the Spanish electricity company, has decided which assets to sell and
it will auction its Electra de Viesgo subsidiary, which has 560,000 clients
in the Cantabria region. This company has 2,610MW of generation assets and 36
per cent of its plants are coal powered. Electra de Viesgo is estimated to be
worth over 2bn euros (Pta332bn). Endesa is carrying out the sale in order to
raise funds which will finance operations in other European countries and it
has invited European and US energy companies to the auction. These include
Hidrocantabrico, of Spain; Eon and RWE, of Germany, and Enron and AES, of the
US. The winner will gain 3 per cent of the Spanish electricity distribution
market and 5 per cent of the generation market.
Hidrocantabrico is regarded as the favourite to acquire Electra de Viesgo.
Its market, Cantabria, borders Asturias and the cost of integrating the two
companies will enable it to make a higher offer than its rivals. However,
Hidrocantabrico's complicated shareholder situation (EDP, EnBW, CajAstur and
Ferroatlantica have to agree on the company's management), may be a
hindrance. In order to carry out the sale, Endesa will transfer a series of
power plants located throughout Spain to its subsidiary. These plants will
represent a quarter of the generation assets to be sold by Endesa. The
decision to sell follows Endesa's failed merger attempt with Iberdrola and
will enable the company to invest without increasing its debts. According to
market sources, Endesa may resume plans to merge with Iberdrola following the
sale.

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

Is Pawar playing power politics with Enron?
Girish Kuber

05/24/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MAHARASHTRA'S former chief minister Sharad Pawar's statement criticising
Madhav Godbole, the head of the renegotiation team, and the timing chosen by
him to air his views, has focused attention on his role in the Enron
controversy.
Pawar, who had first inked the Enron deal as the chief minister of
Maharashtra in 1992, was at the center of controversy when the Opposition
accused him of "favouring" the US energy giant.
The issue of Rs 64 crore being spent by Enron on "educating" Indians had
become a political issue in the 1995 state Assembly elections which Pawar
lost.
In more recent times, Pawar has repeatedly intervened at crucial junctures.
On the eve of Wednesday's session of the Godbole panel, Pawar criticised
Godbole of having " a negative attitude" about Enron. Though Pawar did not
name Godbole, the message was loud and clear.
His statement comes at a time when the Maharashtra State Electricity is
planning to issue a pre termination notice to Enron after the Godbole panel's
scheduled meet on Wednesday.
The board officials had discussed the issue with the state's advocate-general
and were believed to have received a go-ahead from chief minister Vilasrao
Deshmukh.
Last October, when the state government had decided not to pay Enron's bills,
Pawar convinced the state government to release Enron payments. It was after
his intervention that the state government decided to appoint a committee to
review the project.
Surprisingly, last month, when Deshmukh had a meeting with Yashwant Sinha and
Suresh Prabhu at Delhi, Pawar was seen accompanying the chief minister though
his name did not figure on the official list of invitees.
However, subsequently, the committee could not be formed since the faction
loyal to Pawar in the state government was clearly against Godbole's
appointment.
State energy minister and Pawar's trusted aide, Padmasinh Patil, had publicly
expressed his ire against Godbole. It was only after the Janata Dal, Peasents
and Workers Party, CPI (M) and other anti-Enron groups threatened to withdraw
support of the government, the Godbole Committee came into being. But not
bofore a month was lost in a wrangling. Even after the committee's formation,
Patil continued his tirade against Godbole.
It was only chief minister Deshmukh's support that the Godbole Committee
could survive the opposition from within. Political observers believe that it
was the Congress' strategy to support the Godbole Committee that at the end
could expose the wrongdoings of the earlier governments.
As expected, the Godbole Committee, in its first report, exposed what it
called the "lack of governance at every stage" in finalising the Enron deal.
Godbole even suggested a judicial probe to pin those guilty for this "faulty
deal".
It was against this backdrop that Pawar's views on Godbole created a flutter
on Wednesday. Although Godbole withdrew his resignation, it has certainly
widened the rift between the NCP and Congress.

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

Godbole does a Mamata; quits, then back
Our Bureau

05/24/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

IT'S not a comparison that springs naturally to mind. But Madhav Godbole, the
former home secretary in charge of renegotiations with Enron, on Wednesday
managed a passable imitation of Mamata Banerjee by resigning in the morning
and withdrawing his resignation later in the day.
In a day marked by considerable drama that briefly threatened the
renegotiation process with Enron, Godbole decided not to press for his
resignation after chief minister Vilasrao Deshmukh personally expressed "full
faith and confidence" in his ability to "handle the complex and onerous task
of renegotiation".
Earlier in the day, Godbole, who took offence to former chief minister Sharad
Pawar's "derogatory" remarks, decided to walk out of the panel.
Pawar had last on Tuesday night said he was doubtful about the outcome of the
ongoing renegotiations between the state and DPC as those heading the state
government's panel did have a positive approach to resolve the issue.
Godbole's swift decision to quit the panel sent shock waves at the Mantralaya
-- headquarters of the state government -- as it seemed to threaten the
existence of the government.
The Janata Dal, Peasants and Workers Party and other splinter groups went to
the extent of saying they would pull out of the nine-party coalition if
Godbole's resignation was accepted.
Following these development, the state government had to cancel the crucial
second round of renegotiations with DPC slated for Wednesday. Enron and the
Centre's representative were to attend the meet.
"I have resigned due to the derogatory remarks made against me by Sharad
Pawar last night," Godbole said on Wednesday morning.
Godbole said instead of strengthening the negotiator's hands, such statements
"loosen the concerned authority's grip over the fragile situation".
However, chief minister Vilasrao Deshumukh appealed to him to reconsider his
decision. "Godbole's in-depth knowledge and experience makes him
indispensable for handling vexed issues such as renegotiation with the US
energy giant," Deshmukh said.
Deshmukh, after the Cabinet meet, sent a letter to Godbole expressing full
confidence in him. "Godbole should not respond to statements from those
outside the government," said Deshmukh.
Meanwhile, Pawar, too, tried to control the damage. "It was my personal
opinion that was not aimed at any particular person. Godbole should not have
resigned. He should complete his task."
Interestingly, Chagan Bhujbal, the state's deputy chief minister, was put on
a re-fighting mission and asked to express faith in Godbole on behalf of the
NCP, led by Pawar.
Later in the evening Godbole decided not to press for the resignation. "I
have received a letter from the chief minister expressing full confidence in
my abilities. It also states the views expressed by Sharad Pawar were his
personal views. He has said the state government had appointed me and they
had no complaints against me. I, therefore, see no reason to press for my
resignation," Godbole said.
Meanwhile, the next meeting of the renegotiating panel has been convened on
May 29.

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

		COMPANIES & FINANCE THE AMERICAS: Dynegy on the lookout for deals
Financial Times; May 24, 2001
By JULIE EARLE

		Dynegy, the US gas and electricity supplier, has told analysts it will make
large imminent acquisitions or mergers in the US and overseas.
		The company told analysts at a conference in Texas on Tuesday that it was
keen to make mergers and acquisitions in the near future.
		The deals could include generation assets, gas pipeline and storage
infrastructure, entire utilities and communication assets. Dynegy's customers
are in North America, the UK and elsewhere in Europe.
		Dynegy, which is Houston-based, was tight-lipped yesterday about any possible
deals, saying only that it was "always looking for opportunities to enhance
shareholder value".
		The company told analysts it had an active oil, liquids, gas and power group
fully integrated with its US operations, and was "poised to exploit
opportunities".
		It said it would like to own more European assets, but added that prices
remained high, despite an oversupplied market.
		Jay Yannello, an analyst for UBS Warburg in New York, said Dynegy could
leverage aggressively any assets within its network infrastructure.
		"We would not rule out substantial transactions," he said.
		Dynegy told analysts it was looking for 10 per cent of the US power market
and an ongoing 15 per cent share of the US gas market.
		Dynegy and its competitors, including Enron and El Paso, have been recording
big profits in the past two quarters, and and have come under fire from
regulators over the California power crisis.
		Copyright: The Financial Times Limited


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Top Stories (April 4)

CALIFORNIA LOOKS TO BUILD ITS OWN POWER PLANTS
Step by step during the energy crisis, California has transformed itself into
a power baron, spending billions on electricity and looking to buy 26,000
miles of transmission lines.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/04/04/krtbn/0000-0480-SJ-ENERGY

MID-AMERICAN INTERCONNECTED NETWORK/SUMMER -2: 5,473 MW OF POWER ADDED IN
LAST YEAR
The Mid-American Interconnected Network Inc., a grid-monitoring group for the
central Midwest region, said Wednesday that increased power supplies will
improve utilities' ability to meet expected demand levels in the region this
summer.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
04/04/eng-djn/eng-djn_160105_214_674451646861

VIRGINIA ENERGY FIRM FINALIZES DEAL TO BUY WATERFORD, CONNECTICUT, NUCLEAR
PLANT
The Millstone 3 nuclear plant moved toward a return to 100 percent power
operations Monday as the station began its first week under a new owner,
Dominion of Virginia, which faces some immediate challenges as it takes
control.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/04/04/krtbn/0000-0330-NL-NUCLEAR-ENERGY

NEW 200-MW POWER PLANT TAKING SHAPE IN MONTPELIER, INDIANA
DPL Energy Inc. is building a 200-megawatt generating plant in a rural area
just north of Montpelier. With a natural gas pipeline at hand for fuel, the
$80 million plant is expected to begin sending out power by mid-June.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/04/04/krtbn/0000-0210-FW-POWER-PLANT

GE POWER SYSTEMS ACQUIRES PROGRAMMA ELECTRIC AB
GE Power Systems announced today the acquisition of Programma Electric, a
leading provider of comprehensive solutions for the maintenance and testing
of primary and secondary equipment in transmission and distribution
substations.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/04/04/cc/0000-2065-KEYWORD.Missing

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DOW JONES NEWSWIRES
----------------------------------------------------------------------
Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

Japan Power Cos, PNJ Commun To Integrate Data Ops -Nikkei

Bonneville: Spilling for Fish Suspended Due To Drought

MAIN/Summer -2: 5,473 MW Of Power Added In Last Year

Mirant's German Ambitions Suffer As Berlin Rejects Deal

End In Sight Seen For Spain's Cantabrico Takeover Saga

Ferroatlantica/Cantabrico -3: EnBW Seen Content With 50%

Union Fenosa, Soluziona Sign Pacts With Sun Microsystems

Ferroatlantica/Cantabrico -2: Follows CNMV's Approval

Ferroatlantica Sees No Problem With Govt Over EDF Link

Ferroatlantica Sees Obtaining Over 60% Of Cantabrico

Enel Pays ITL1.5 Tln For Gas Turbines From GE, Ansaldo

RWE Assessing CNMV Approval Of Rival Hidrocantabrico Bid

UniSource Outlook-2:Sees '01 Net At Least $1.45/Shr >UNS

CNMV/Cantabrico/Ferroatlantica -2: No Bid Condition>E.HIC

CNMV Clears Ferroatlantica's EUR27.30/Shr Cantabrico Bid

UniSource: Increase On Wholesale, Retail Mkt Strength

UniSource Energy Sees 1Q Net 50c-To-60c/Shr Vs 1c Yr Ago

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N A T I O N A L
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Change Due for Fixed-Rate Utility Pricing

Power Proposals Scrutinized

Williams Confident Ferc Will Allow Continuation of Market-Based Rate
Authority for California Power Sales

Energy Update/Los Angeles Department of Water And Power Issues Energy Update
for Wednesday, April 4, 2001

Power Woes Affecting Calif. Economy

Sam Houston Electric Cooperative Selects Enterprise Utility Solutions to
Complete Data Collection And Systems Integration

US/Canada Spot Natural Gas: West Cash Soars on Strong Power Mkt

California to Probe Utility Finances

Kansas City Power & Light Selects Newenergy !Mpact to Integrate Their
Budgeting And Financial Forecasting

Nctm And Duke Energy Announce Partnership to Provide High-Tech Professional
Development for Math Teachers

Constellation Energy Group Breaks High Desert Ground; 1st Major Southern
California Power Plant in Over A Decade

Coga Announces Rocky Mountain Natural Gas Investment Forum

Ulh&P to Seek Increase in Natural Gas Base Rates

Endless Energy Purchases Valkyrie Resources Inc.

Metretek Inc. And Gasmark to Test-Market Powerspring Energy Management
Software

Grocers Cut Power Usage California's Power Crisis Continues

Icf Consulting Study Predicts Turning Point in Wholesale Power Markets

Lawmaker's Energy Idea Killed Rep. Wendy Jaquet Suggested S. Idaho Not Turn
Clocks Back

House Oks Bill to Soften Utility Rate Shock Gas, Electric Firms Would Be
Allowed to Issue Bonds

Nyseg Publishes Report on New York's Evolving Electric Energy CrisisCompany
Challenges Assumptions in Nyiso Report Nyseg Believes Infrastructure Not in
Place to Create Wholesale Electric Market Until 2008

Repeats: Energy Volume And Open Interest Totals-APR 4

Puget Energy Subsidiary Infrastrux Group Acquires Intercon Construction,
Inc.Expansion of Utility Services Capability Positions Puget Energy As A
Leader in Sector Consolidation

Kill Bw2177, Electric Reliability Outlook Continues to Improve in Midwest

Proton Energy Systems Announces Operation of First High Pressure Hydrogen
Production Cell Stack

Mirant, Cook Inlet Power Agreement Marks Industry First for Minority Business

Coal Industry Feels It Has a Good Friend in White House

Xantrex Goes 100% GreenCompany's Purchase of 'Green Tags' Contributes to
Solving The Region's Long-Term Energy And Environmental Challenges

Governor: California power crisis to last three years

Energy Assistance Deadlines Extended; Customers Urged to Call Dominion East
Ohio If They Need Assistance

Business-Type Hourly Load Data Helps Solve Electricity Marketing And Pricing
ProblemsHourly Loads And Monthly Energy Profiles Are Available by 4-Digit Sic
Codes And Residential Market Segments for Counties, Metro Areas And States

Worst Power Shortage Likely in May And June, Davis Warns

Northwest Drought to Affect Fires, Farming, Fish And Energy

Kaiser Nets $130m from Power Bonneville Power Administration Could Pull Plug

Utility Taxes Fall in Plan

Manugistics: Manugistics Seeing Accelerating Demand for Its Chemical And
Energy Industry Solutions

Reliant Energy Services Selects Tibco Software to Automate Its Wholesale
Energy Trading Settlement Process

Altra(R) Teams with Tibco Software to Provide Integration Capabilities for
New Energy E-Commerce Initiative

Emk3 Adds Natural Gas Marketing at the Well Site to Popular Online Energy
Marketplace

GE Power Systems Acquires Programma Electric Ab

House Passes Bill to Facilitate Construction of Power Plants

Lehigh Coal & Navigation Digging for $5 Million Loan to Reopen Mine ** 200
Jobs at Stake. Company Shut Down Panther Valley Pit in February, Citing
Financial Problems.

HUD Bid Brings in Power Deal

Regulators Set a 2003 Launch for Power Choice Dominion Virginia Power Wanted
Program to Begin Locally in 2004

Regional Power Agency Says Minnesota Will Have Adequate Electric Supplies
This Summer

Csu, Uc Power Provider to Cut Contract-(San Diego State U.)

West Virginia And the Energy Crisis: Doublespeak; Taxpayers Fill the Big
Business Trough

----------------------------------------------------------------------
I N T E R N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-intr.htm

Mosaic Energy Announces New Fuel Cell Commercialization Partner, Ihi

Russia To Step Up Export of Electric Power To European Countries

Russian Atomic Energy Ministry Rejects U.s. Criticism

Top Energy Summaries - Wednesday, April 04, 2001 - 5:21 PM

- Germany's Dnt to Distribute Electric Fuel Instant Power(TM) Chargers -Metro
Cash & Carry Stores Place Initial Order Following Cebit Show

Top Energy Summaries - Wednesday, April 04, 2001 - 2:26 PM

BP given consent to build gas-fired power station at Jaguar site in Liverpool

UK govt approves extension of Great Yarmouth Power's South Denes power station

Zimbabwe, Drc Sign Pact on Power Supplies

Top Energy Summaries - Wednesday, April 04, 2001 - 12:20 PM

Venezuelan Electrical Projects Get 212m-Dollar Development Loan

Third Unit at Rivne Nuclear Power Plant Halted for Repairs

Paraguay: Government Grants Energy Subsidy to Parana River Mill

Argentina: Developments in the Energy Sector

Brazil: El Paso Concentrates Sales of Electric Power in Brazil

Brazil: El Paso Energy to Bring Thermoelectric Plants from Thailand

Uk: BP Signs Deal for Largest Solar Project in the Philippines

Spain: Competition to Acquire Spanish Utility Hots Up

Germany: Rwe Sets Sight on Polish and Czech Power Producers

Top Energy Summaries - Wednesday, April 04, 2001 - 9:32 Am

Ukraine: Generating Set at Nuclear Power Station Stopped Due to Accident

Device Captures Energy from Tides

Top Energy Summaries - Wednesday, April 04, 2001 - 7:44 Am

FT Energy Reports: UK Utilities Could Do More with E-Commerce

Powergen to seek buyer for combined heat, power ops Powergen CHP

Automated Power Exchange Acquires Scandinavian Power Broker, M3 Kraft,
Positioning Company to Become One of The Largest Global Electricity Power
Exchanges

Malaysia's Tenaga Nasional May Use Mixed Fuel in Power Stations

Formosa Plastics group to build power plant in Vietnam: report

----------------------------------------------------------------------
KRT DAILY ENERGY NEWS
----------------------------------------------------------------------
Access stories online at http://www.powermarketers.com/pma-krt.htm

Speakers Discuss Energy Issues at Connecticut Business, Industry Forum

Chicago Energy Firm Grants Extension to Non-Paying Customers

Energy Crisis Begins to Seep Into Utah Market

San Francisco May Vote on Plan to Launch A Power Authority

California Looks to Build Its Own Power Plants

Steelworkers Win Bonus Pay from Indiana Utility

California Water Agencies Seek to Continue Exemption from Blackouts

Energy Conglomerate Eyes York County, S.C., for Headquarters

Central Illinois Utilities Start Residential Disconnections

Business Gas Disconnections Rise in Central Illinois

Florida's Largest Electric Utility Agrees to Cancel $9 Billion Merger

California Utility Chief Has Landed in the Energy Spotlight

California Utilities Panel Hearing Is Flooded by Protesting Consumers

Morristown, N.J.-Based Utility's Customers Likely to See Higher Rates

Virginia Energy Firm Finalizes Deal to Buy Waterford, Conn., Nuclear Plant

Florida Electric Utility Is Back to Square One in Replacing Chairman

Topeka, Kan.-Based Western Resources Sees Profits Spike 880 Percent in 2000

Kansas Consumer Group Requests Subpoena of Utility Company's Records

Regulator Orders Nevada Utilities to Submit Financial Data to Back Rate Hike

Commission Hearings Continue Over Las Vegas-Based Utility's Gas Refund

Nevada Senate Debates Bill to End Sale of Electric Power Plants

Indiana Utilities Prepare for Possible Early-Summer Energy Crunch

New 200-Megawatt Power Plant Taking Shape in Montpelier, Ind.

Rising Energy Costs Prod Texas to Cut Use

Abandoned Florida Power Company Merger Sticks Shareholders with The Bill

Texas Prepares to Harness Energy from Wind Through High-Tech Turbines

Columbia, S.C.-Based Utility Rethinks Scope of Donation

Winter Heating Bills Turn Up Cutoffs in South Carolina

California Businesses Pass Increasing Utility Costs to Consumers

Mississippi Utility May Shuffle Executives

New Mexico Utility Officials Hope to Prevent Meter Fraud

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at:
http://news.powermarketers.com/news/articles/ElectricPower.html

Calif. to get $4 bln bridge loan for power purchases

UPDATE 1-Ministers deal telecoms blow to EU Commission

Tech, energy woes threaten Calif. economy-survey

UPDATE 1-Pacific salmon seen threatened by power plan

FUND VIEW-Seligman finds yield in unlikely places

TEXT-S&P cuts National Rural unit's m-term notes rtg

TEXT-S&P cuts Citizens Communications snr unsec debt

TEXT-Moody's may cut Union Electrica Fenosa A1 rtg

Canada natgas mostly eases in mild weather forecast

ConEd, Old Dominion to build 1,020-MW gas power plant

US POWER-Heat waves forecast, Calif. blackouts still loom

Lindsey says govt can't stop Calif power shortage

PSEG Power to sell $1.6 bln in multi-tranche debt deal

SCANA unit signs power supply pact with S.C. utility

Friends of the Earth wants EPA head Whitman to resign

TEXT-S&P may cut Enersis S.A. rating

Toronto stocks drift lower at midday

UPDATE 1-Con Edison targets 5 percent annual growth

Brazil power sector privatization fired up again

Enron calls on Ontario to open power market quickly

BPA drops spill plans at Columbia River dams

UPDATE 2-UK power companies win pensions ruling

New Issue - Carolina P&L sells $300 mln in 7-year notes

U.S. Mirant's chairman meets Berlin mayor over Bewag

US POWER-Calif. steps to solve power crisis may backfire

Pa. Limerick 2 nuke to shut Wed. for refuel

U.S. still has major energy demands - Greenspan

TXU's Comanche Peak nuke outage not extended due to tubes

ANALYSIS-S.Africa telecoms IPO holds privatisation key

UPDATE 1-Enel buys 18 gas turbines for $693 mln

*********************************************************
NEW on the POWERMARKETERS.COM TRAINING PAGE
*********************************************************
Access all online presentations at: http://www.pmaconference.com

Coming soon! PMA Power Markets 2001 presentations, taped at the Aladdin
Hotel, Las Vegas, March 15-16, 2001.

Don't forget you can choose to stream the presentation immediately over the
web, or download it to your computer for later viewing-- Free!

RealVideo-based powerpoint-based presentations, with the accompanying audio.
Running about 30 minutes each, selections include:

ELECTRONIC TRADING. Power is following natural gas to become an
electronically-traded commodity. The products, the technology and the future
of electricity transactions. Kevin Sluder, Vice President, HoustonStreet
Exchange.

NUTS AND BOLTS OF RETAILING. What it takes to put an energy retailing
operation together-- the cash and credit requirements, back office,
information technology, staffing, marketing, sales and organizational
considerations. Andrew Serri, Vice President, AmerenEnergy Marketing.

RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
far been an underwhelming success, but a great deal has been learned, and it
is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and
commodities in the deregulating energy industry cannot be met with current
CIS and CRM technology. Energy Retailers must embrace the next evolution of
energy customer management (ECM) solutions. Paul Grey, Chief Technology
Officer, Peace Software.

THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster
execution, reduced transaction costs, increased number and frequency of
transactions and increased specialization are just some of the changes to
energy markets wrought by the web, and it's just beginning. Implecations of
the internet for energy markets. E. Russell "Rusty" Braziel, Chairman and
Director, Altra Energy Technologies.

Access all online presentations at: http://www.pmaconference.com

****************************************
THE PowerMarketers.com ENERGYYELLOWPAGES
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Networks, Conference Houses, Energy Management, Engineering Services,
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Access online at: http://www.powermarketers.com/p-trax.htm

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Access online at: http://www.dtnergy.com/pma/spot.cfm

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NATURAL GAS FUTURES PRICES:
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Access online at: http://www.powermarketers.com/pmajobs.htm
A daily visit to "The PMA Jobs Site" at
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industry opportunities that could supercharge your career!
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e-mail to news@powermarketers.com

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subject and include your name and email address for confirmation.


>  <<RAA-RC MEETING NOTICE FORM (2001)_v7.DOC>>
>
> The attached Meeting Notice is for the Joint Board Reliability Committee (BRC)
> and the RAA-Reliability Committee (RAA-RC) meeting scheduled for November 14,
> 2001, at the Sheraton Suites, Wilmington, DE.    You may access this document
> through PJM's RAA-Reliability Committee webpage or through the attached link:
> http://www.pjm.com/committees/documents/RAA/raa.html
>
>
> Diane M. Lake
> PJM Interconnection L.L.C.
> Executive Secretary
> 610-666-4725
> Laked@pjm.com
>


Letting him stir is good in some ways but guys actually tend to like a lack
of clarity in relationships as it gives them more leeway.  However, I don't
really know the dynamic in your relationship at all.

So Angela and I made up from our huge saturday morning fight before I left on
Sunday and she cried like a baby when i left.  I feel so bad leaving her. She
is really broken hearted right now.


Dear Tana,

Confirming meeting with Linda Robertson and Chris Long this Friday, 12/15/00.

Thanks for setting it up!

Lora Sullivan
Federal Government Affairs Representative
Enron
1775 Eye Street, NW
Suite 800
Washington, DC  20006
202-466-9142
202-828-3372 (fax)
email:  lsulliv@enron.com

*********************************
  Friday, 12/15/00
10:30 AM.-12:30 PM Meeting w/ Tana Jones
     EB 3802
Arranged by Taffy @ 713-345-7373


Guys --

Spoke with Dave Duran (lead dealmaker) about Project INGA.  He is considering
purchasing fleet of QFs.  Exposure to CA - SCE.  Need to make sure that we
understand the deal model and regulatory / bankruptcy assumptions.

I've asked John Neslage to get with RAC Underwriting (Chip Schneider) to make
sure that we see the economics.  Please help John as much as possible.

Thanks,

Jim


Andy Edison, ext 57105, is now handling the HEOF litigation.

	russell.l.montgomery@us.arthurandersen.com
	04/12/2001 02:21 PM

		 To: richard.b.sanders@enron.com
		 cc:
		 Subject: Houston Economic Opportunity Fund legal update

Richard-

We are performing the 2000 audits of both HEOF and HEOF II.  I wanted to touch
base with you and get an update in status on any litigation involving either
of
the partnerships.  I am aware of the Intrust matter as it relates to HEOF.
Have
there been any developments on that front?  Are there any matters in which
HEOF
II is involved?

Thank you for your time and assistance.

Russ

713 345 6946

*******************Internet Email Confidentiality Footer*******************

Privileged/Confidential Information may be contained in this message.  If you
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of
the message to such person), you may not copy or deliver this message to
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In such case, you should destroy this message and kindly notify the sender by
reply email. Please advise immediately if you or your employer does not
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to Internet email for messages of this kind.  Opinions, conclusions and other
information in this message that do not relate to the official business of my
firm shall be understood as neither given nor endorsed by it.


The current draft of  the FCEL term sheet  per my response to your earlier
email
----- Forwarded by Dan Lyons/HOU/ECT on 09/25/2000 03:26 PM -----

	Heather Kroll
	09/22/2000 02:25 PM

		 To: jletiman@fce.com, jmahler@fce.com
		 cc: Ozzie Pagan/HOU/ECT@ECT, Jeffery Ader/HOU/ECT@ECT, Dan
Lyons/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Michael L
Miller/NA/Enron@Enron, Charles Vetters/HOU/ECT@ECT
		 Subject: Revised Venus Term Sheet

Jerry and Joe,

Attached below is the most recent term sheet as discussed.  Let's have a
conference call on Monday to finalize the terms.

Regards,

Heather


Clint,

The Reliant zone graphic is attached.

Lance


Something to keep in mind:  Since FERC has implied that it considers shipper
support in determining whether to allow pipelines to hold capacity on other
pipelines, the more shippers we can get to intervene in our filing, the
better.


---------------------- Forwarded by Judy Townsend/HOU/ECT on 03/02/2001 11:29
AM ---------------------------

	Enron North America Corp.

	From:  Rebecca W Cantrell                           02/28/2001 02:39 PM

To: John Hodge/Corp/Enron@ENRON, Ruth Concannon/HOU/ECT@ECT, Judy
Townsend/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Gil Muhl/Corp/Enron@ENRON
cc:
Subject: Gulfstream Maps

Do you know anyone who would like or need detailed maps from the Final
Environmental Impact Statement for Gulfstream?  I typically don't keep
environmental information for projects because it takes up so much room and
nobody ever asks for it.  However, this does have facility location maps of
the project and various alternatives.  The full system is broken down into
121 topographic maps, so it's very detailed.  This may not be the final
routing, but it will be pretty close.

First come, first served.  I only have one volume.


Hi, Dana -

Have you had any luck finding these copies?  I'm particularly interested in
these two Cypress Deposits:

11/07/00 55,902.80
11/07/00 46,968.07

Thanks a bunch!

Pat
5-3369
---------------------- Forwarded by Pat Johnson/NA/Enron on 12/12/2000 10:40
AM ---------------------------

Pat Johnson
11/30/2000 10:38 AM
To: Dana Davis/HOU/ECT@ECT
cc:

Subject: The Usual

Hi, Dana -

When you have a chance, these are some copies I don't have:

Cypress Fundings:

10/20/00 72,725.20
11/06/00   2,212.64

Cypress Deposits:

11/07/00 55,902.80
11/07/00 46,968.07
11/20/00   6,330.58

Vastar Fundings:

11/13/00   2,117.81
11/22/00   5,232.12

Thanks for all your help, Dana!

Pat
5-3369
EB 3339E


FYI
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/13/2000
08:40 PM ---------------------------

Daniel Reck
07/10/2000 06:03 PM
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: Dow Jones Gas vs. Coal feature

FYI

=DJ Pricey Natural Gas May Alter New US Power Plant Options

  HOUSTON (Dow Jones)--High natural gas prices could slow the stampede to
build
as much as 140,000 megawatts of new electric generation across the U.S. and
give
new coal technology the boost it needs to compete economically with gas in
the
future.
  While market observers say the recent level of the price of natural gas -
above $4.00 per million British thermal unit since late May - may not be
sustainable, many expect gas to remain above $3.00/MMBtu for the foreseeable
future.
  The jump in gas prices is blamed on a number of factors, from increased
demand
to fuel new power plants to stagnant U.S. gas production and a lack of
available
gas reserves in storage.
  Pricier gas could create a variety of effects on future electric
generation:
from damping interest in building some new gas-fired plants to improving
economic prospects for investment to upgrade or build new coal-fired plants.

  Current gas prices are off the chart when compared to existing forecasts
from
the Energy Information Institute, part of the U.S. Department of Energy. EIA
projects the average U.S. wellhead price of gas will only rise to
$2.81/MMBtu by
2020, up from an average of $1.96/MMBtu in 1998, a jump of 43%. EIA predicts
coal prices will fall by 28% during the same period.
  Continued high natural gas prices may mean some proposed combined-cycle
gas
plants are never built, predicts a Midwest utility coal buyer. "It's awfully
hard for a combined-cycle gas plant to compete with coal. No way they can do
it
at these prices."
  However, a recent report from Raymond James and Associates Inc., concluded
that gas-fired generation will still be economical this summer even if gas
prices climb above $7.00/MMBtu because of high power prices in most regional
US
wholesale markets.

  Future Gas Supply Questioned; Coal Won't 'Go Away'

  "The gas turbine generation trend is not over, not by a long shot," said
the
Raymond James report. "Gas turbines use gas more efficiently than the
nation's
fleet of older, conventional boiler-driven generators that are fired by gas.
The
efficiency gains enabled by gas turbine generation will be more valuable as
gas
prices rise."
  While gas-fired plants are much cheaper and quicker to build than
traditional
coal-fired plants, many industry observers doubt that U.S. gas supply can
grow
to meet future demand, expected to reach 30 trillion cubic feet or more per
year
by 2020.
  "Coal will not go away," said Steve Bergstrom, president of Dynegy Inc.
(DYN).
"The coal industry will figure it out. There are too many jobs involved and
it's
too cheap."
  Bergstrom expects the rapidly expanding appetite for electricity across
the
U.S., which is growing 3% per year, will require additional generation from
many
fuel sources.
  "You'll see gas will be used in most of the additional generation for the
next
four to five years," he predicted. "In the latter half of the decade, you'll
see
other alternatives, like coal, come into play. Technology will create
changes."
  Even some independent power producers who are rushing to build gas-fired
power
plants in the U.S. admit the recent price of gas, if prolonged, is a threat.

  Bob Kelly, Calpine Corp.'s (CPN) senior vice president, said his firm's
fleet
of 40,000 MW of highly efficient natural gas plants to be in place by 2004
will
be profitable even with gas at $4.00/MMBtu, but he expects owners of
coal-fired
plants to make additional capital investment to keep those plants running as
well.
  "If gas stays $4.00 forever, you'll see more coal plants. It will make
sense
to put scrubbers on," said Kelly.

  Southern Co. Evaluating Coal-to-Gas Technology

  Gas has to compete on price with other available fuel, agreed Bob Carter,
chairman of Panda Energy International. Carter told Dow Jones Newswires late
last month that the idea of new coal-fired generation is "very possible."
  In fact, the jump in gas prices has given a boost to Southern Co.'s (SO)
effort to build a first-of-its-kind coal plant that seeks to be cost and
environmentally competitive with natural gas, said Charles H. Goodman,
Southern
Co.'s vice president for research and environmental affairs.
  Southern, with major DOE funding, recently announced a major advance in
its
effort to utilize coal in a more efficient and less polluting fashion to
generate electricity.
  The new process combines use of a "transport reactor," a device based on
existing technology used to "crack" crude oil into lighter products, to turn
coal into a gas which is then burned in a combustion turbine much like
natural
gas.
  In its gaseous form, coal can be cleaned of many of its pollutant-forming
impurities such as sulfur dioxide, nitrogen oxides and particulate matter,
Goodman said.
  The key to the technology is the ability to burn the coal gas in a highly
efficient gas turbine rather than burning it to make steam to turn a
turbine, he
added.
  The new technology can produce 100 megawatts of power with two-thirds less
coal than a traditional boiler-type coal generator, said Goodman.
  And higher natural gas prices could move this technology closer to a
reality.
  "The urgency of getting on with this (coal technology) is the forecast for
gas
prices," said Goodman. "At $2.50/MMBtu, it's a bigger stretch for this coal
plant (to compete with gas) than at $3.00 or $3.50/MMBtu."

  New Coal Technology May Also Address Emissions

  Goodman said Southern hopes to make a decision in the second half of 2001
on
whether to build a commercial power plant with the coal gasification
technology
now being tested at Southern's Power Systems Development Facility in
Wilsonville, Ala.
  If gas prices stay high or remain volatile, Goodman said that will
influence
the timing, size and other variables associated with building the first
full-size plant to burn coal gas in this manner.
  "The $64 question is the price of gas," said Goodman. If gas is cheap and
plentiful, utilities will have a harder time investing in coal technology,
he
said.
  But because the U.S. has abundant coal resources, Goodman predicts the
coal-to-gas technology could eventually be used not only for new plants but
to
repower existing coal plants in a way that addresses air quality concern.
  Other partners in the Power Systems Development Facility include the
Electric
Power Research Institute, Foster Wheeler Corp. (FWC), Halliburton's Kellogg
Brown & Root (HAL), Peabody Group, Combustion Power Corp. and
Siemens-Westinghouse Power.

  -By Eileen O'Grady, Dow Jones Newswires; 713-547-9213;
eileen.ogrady@dowjones.com <mailto:eileen.ogrady@dowjones.com>

  (END) DOW JONES NEWS  07-10-00

  04:22 PM

- - 04 22 PM EDT 07-10-00
:TICKER: CPN DYN FWC HAL SO
:SUBJECT: CNHV EUTL OILO OILE CA GA NJ TX COMM INDG
Copyright (c) 2000 Dow Jones and Company, Inc.
Received by NewsEDGE/LAN: 7/10/00 3:27 PM


The East Power traders would like to commence transacting on financial swaps.
We had anticipated this, so the Product Type was already built and has been
approved. The Index and Loadshape built with this Product were done so based
on comments from John Suarez (the trader), who has approved the attached.

Leslie - please offer commets/suggestions from the power perspective.

Mark - final approval will need to come from you since this is a financial
product.

Also, trading wants us to consider price changes for the Product because the
prices published do change from time to time. I know that the ISDA
Definitions contemplate a 30-day true-up, but I can't find a like provision
in the GTC. So - I took a hack at some language to contemplate the issue:

"If the price published (as set forth herein) on any day during a
Determination Period is subsequently corrected and the correction is
announced within 30 calendar days of the original publication date, the
parties agree that the corrected price shall take affect as if it were the
price published on the original publication date and the Floating Price will
be adjusted accordingly. Payments of the adjusted Floating Amount will take
place 5 business days following notification by either party of a change to a
published price."

Dale
3-9746


There is one correction to the mapping below.  December 8, 1999 should be
Version 07 (current)  minus (V-06 previous
+T02).

----- Forwarded by Sean Powers/NYISO on 10/01/2001 11:08 AM -----

                    Sean Powers
                                         To:     TIE List Server
                    09/28/2001           cc:
                    04:35 PM             Subject:     December 1999 Version Mapping

Market Participants:

Please find attached the advisory statement mapping for the December 1999
Settlement Adjustment Invoicing.

(See attached file: December_1999_SA2_Version_Mapping.xls)

If you have any questions please contact your market
representative at 518-356-6060.

 - December_1999_SA2_Version_Mapping.xls


Let me know what you think.....

Thanks!

Eric


I haven't been able to get into any off these things.  Do you know what they
are?
---------------------- Forwarded by Mark Taylor/HOU/ECT on 04/28/2000 12:11
PM ---------------------------

ECTLON-LN1
04/28/2000 10:01 AM
To: Carol St Clair/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Amita Gosalia/LON/ECT@ECT, David
Forster/Corp/Enron@Enron, Sheri Thomas/HOU/ECT@ECT, David
Forster/Corp/Enron@Enron
cc:
Subject: New or Modified Mail in EOL Terminations

A new or modified message is in the EOL Terminations mail file.

Click on the doc link below to view the message.

This service is supported by European Notes Administration
 Who Date Subject

 London Fax System 28/04/2000 New fax received (Likely sender: 49 5241 35413).


hey...how's it going?

sorry i've haven't emailed in so long...things have been busy.  btw, matt did decide to take the job with UBS.

as for myself, i went back up to seattle last weekend for an interview with the other company i'd talked to up there.  they ended up offering the job so i'm in the process of deciding whether or not i want to take it...i have until the end of the month to make up my mind.  meanwhile, i'm checking out a bunch of other possibilities and seeing what turns up.  living at home has been interesting.  mom still insists on waking me up personally in the morning and harassing me at every turn.  still, the meals are great and it's kind of nice to be at home right now.

i'm flying to tennessee today to visit chuck and chris...i'm very excited to see their house and the area.  i'll be there through monday and then work on planning my next trip...ha.  also, some other exciting news - kathy and travis are pregnant with their third!!!  babies galore in the scott clan...that is, of course, except for me.

talk to you soon,
susan

the pictures you took were great...can't wait to see more.  take care.

 -----Original Message-----
From: 	"Lisa Gillette" <lisag@kis.ernet.in>@ENRON
Sent:	Wednesday, February 13, 2002 9:18 PM
To:	Scott, Susan M.
Subject:	Whats up?

Sue,

whats up on the job front?
------- Forwarded message follows -------
From:           	Lisa Gillette <lisag@kis.ernet.in>
To:             	Susan.M.Scott@enron.com
Subject:        	(Fwd) Pictures
Date sent:      	Tue, 5 Feb 2002 10:06:01 +0530

Got a delivery failed message when i tried to send this to you the
first time. somehow it went to susan.m.sc@kis.ernet.in???

i am sorry to hear about purget, but it sounds like things may work
out for the best regardless. i am so excited for you and very
excited to visit you in seattle when i return. i must say that you did
a very bold thing turning down UBS without having  another job
lined up. but i agree with you, its definitely best to make a clean
break. are all the employees that agreed to stay with UBS going to
 relocate or stay in houston? did lenhart accept? how long did you
have to make your decision? are you still working at enron for the
moment? if so, how long can you stay on and still receive a
paycheck?  what does your mom think about seattle? i cant
believe you could be there by march. sorry for all the questions...
just excited to hear.

yvette and erik have accepted jobs at Huber and are staying in
houston, but signed the contract to sell there house before they
accepted the job. so they will be moving into an apartment.
anything else going on? keep me posted and send me your hotmail
 email address. i have it in my address book on hotmail but havent
been able to access the internet in a week. just want to be able to
find you if you leave enron soon.

talk to you soon, take a look at the pictures below on my first week
 in kodai.

lisa
------- Forwarded message follows -------
From:           	Lisa Gillette <lisag@kis.ernet.in>
To:             	elizabeth_ivers@eogresources.com,
svonderheide@houston.rr.com,
tcarter3@houston.rr.com,Cathy.Stevens@EXULT.net,
piney@mymailstation.com, vburtonb@pdo.co.santa-clara.ca.us,
burtont@nushtel.com, jennaburton2001@yahoo.com,
ehillegeist@hotmail.com, Susan.M.Sc
Subject:        	Pictures
Copies to:      	mgille@coair.com, Rufburt@aol.com
Date sent:      	Fri, 1 Feb 2002 13:13:28 +0530

These are pictures taken by Priya's brother. So the first 37 pictures

are of Priya's family in the Andaman Islands. The remaining are
from our first couple of days in Chennai and then the first week in
Kodai.

http://photos.yahoo.com/kirby_knapp

#43 - the guest house I stayed at with Priya's family my 2nd night
in Chennai and the owner (NEW YEARS EVE),
#45 - Priyas mom and stepdad
#46 - Priya, Anna (KIS Staff member), and I about to get on the
overnight train from Chennai to Kodai.
#47 - me on the train trying to find our bunks
#48 - actually quite funny warning message. we saw this as we
were getting off the train though
#50-57, views of a village futher down the hills
#58 - monkeys everywhere
#60-64 my first hike in Kodaikanal
#66-72 - a Kodaikanal Sunrise

------- End of forwarded message -------
------- End of forwarded message -------


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Please forward to Ralph Reed
 -----Original Message-----
From: 	Denne, Karen
Sent:	Wednesday, July 25, 2001 1:16 PM
To:	Dasovich, Jeff; Mara, Susan; Shapiro, Richard; Palmer, Mark A. (PR); Kean, Steven J.; Steffes, James D.; Guerrero, Janel; 'ken@kdscommunications.com'
Subject:	FW: Long Beach Press-Telegram Online.htm

fyi...

 -----Original Message-----
From: 	Sandra Yamane <SYamane@marathon-com.com>@ENRON [mailto:IMCEANOTES-Sandra+20Yamane+20+3CSYamane+40marathon-com+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, July 25, 2001 12:29 PM
To:	Denne, Karen
Subject:	Long Beach Press-Telegram Online.htm

 <<Long Beach Press-Telegram Online.htm>>

 - Long Beach Press-Telegram Online.htm


Diane,

Thanks

Vince


I'll do it, babe.


Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
Holly.Keiser@enron.com
----- Forwarded by Holly Keiser/ENRON_DEVELOPMENT on 03/23/2001 10:45 AM -----

	Vivian Nguyen/ENRON@enronXgate
	03/23/2001 10:43 AM

		 To: Holly Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: O&M Report 02-28-01

Holly,

Please forward this report to Mark for me.  I don't know which Mark Tayor he
is in the system.

Thank you,
Vivian
5-3995


Ted, I made a slight change on the first page.  Also, the blanks of course
need to be filled in for $$ amount and term.
Do we have other guaranties in favor of both TW and NNG?  I know we probably
do, and I may have even approved them.  But if possible I'd prefer to have
two separate guaranties since TW and NNG are separate legal entities.  It is
not a huge concern, since we are not jointly obligating the two companies to
do anything.  If it would cause an administrative hassle to have two
agreements, let me know.

Ted Chavez
09/28/2000 03:52 PM
To: Susan Scott/ET&S/Enron@ENRON
cc:

Subject: BP Amoco Guaranty

Susan,

 Can you take a look at the attached guaranty from BP Amoco.  Please give me
your comments or approval at your earliest convenience.

 Additionally, are you still going to Zihuatanejo, Mexico?

Thanks,
Ted
X-37952