California Got Sacked by Power Companies, But That's How the Game Is Played
The Washington Post, 05/08/01

Enron May Buy U.K. Plants to Lift Profit, Reduce Risk (Update1)
Bloomberg, 05/08/01

Scottish Power Streamlines Its Focus --- Uncertainty Over Water Unit, Telecom
Venture Clouds U.K. Utility's Future --- `We Have a Reasonably Low Opinion of
the Company'
The Wall Street Journal Europe, 05/08/01

INDIA: Enron India unit lenders move to solve row-papers.
Reuters English News Service, 05/08/01

India: Tackling the power mess
Business Line (The Hindu), 05/08/01

India: Enron: Indian lenders threaten to move court
Business Line (The Hindu), 05/08/01

Northern Border completes Midwestern Gas buy
The Daily Deal, 05/08/01

Customs blocks Rs 300cr equipment of DPC
The Times of India, 05/08/01

BP Amoco Considers Natural-Gas Terminal in Tampa, Fla.
KRTBN Knight-Ridder Tribune Business News: St. Petersburg Times - Florida,
05/08/01

Enron could supply universities with state-subsidized power
Associated Press Newswires, 05/07/01

USA: Northern Border Partners buys Midwestern Gas.
Reuters English News Service, 05/07/01

Enron Confirms DPC's Meet With Indian State Panel May 11
Dow Jones International News, 05/07/01

Financial
DEALS Allan Sloan
California Got Sacked by Power Companies, But That's How the Game Is Played
Allan Sloan

05/08/2001
The Washington Post
FINAL
E03
Copyright 2001, The Washington Post Co. All Rights Reserved

In football, "piling on" a player who's already been tackled means a major
penalty that can set your team back a long way. But when it comes to markets,
piling on by taking advantage of the weak is called "opportunism," and it can
get you a big bonus.
Which brings us to California, where piling on enfeebled utilities and
customers by power generators and power traders has become a way of life.
Thanks to the idiotic way that California deregulated its electricity
markets, the generators and traders of power in the state have been making a
fortune because electricity costs have gone through the roof. Meanwhile,
consumers are getting pounded rather than protected, economic instability is
spreading throughout the western United States and some of the utilities that
distribute power are getting clobbered. One big utility, Pacific Gas &
Electric, has already gone broke, and others may soon follow.
But while the market has produced a horde of losers -- California's wholesale
power bill is running at 10 times the level of two years ago -- there are
some big winners: companies that generate or trade power in the California
market. Among the winners: Calpine, whose first-quarter profit quintupled
compared with last year's; Reliant Energy and Williams Cos., whose profits
more than doubled; Mirant, up 84 percent; and Dynegy and Duke Energy, whose
wholesale power profits doubled and quadrupled, respectively. Enron, the
nation's biggest energy trader, had a 75 percent increase in
wholesale-services profits, but it says little of that was from California.
Some of these companies' profits would have risen far more -- Mirant's would
have quadrupled -- had they not taken big earnings hits to cover the risk of
not being paid for some of their California sales. If they finally get paid,
their profits will be outta sight. You can see why some of these companies'
stocks have heated up as California melted down.
To be fair, you can't attribute the entire increases to California -- but you
can be sure California accounts for a good portion of them. There are other,
less obvious winners, too. Among them: the unregulated subsidiaries of some
companies that own California utilities; aluminum producers that are making
more money by closing their plants and selling their power allotments than
they would have made by producing aluminum; farms that find it more
profitable to resell electricity than to grow crops; and, in general, anyone
in the western United States or Canada with an electron to spare and some way
of getting it into California.
I'm not saying that these companies are immoral for making a fortune by
taking advantage of California's problems. Breaking the law by creating an
artificial shortage -- which has been alleged, but not remotely proven --
would be immoral. Taking advantage of a situation? That's what's known as
amoral -- having no moral values, either good or bad. It's not nice, but it's
perfectly legal, and it's the way market players are expected to act.
So when California Gov. Gray Davis said last week that he was planning to
have a "heart-to-heart" talk with California power generators, you just had
to laugh. Because when it comes to business, those people have no hearts.
They're not supposed to.
What created the problem in California is not only deregulation, but a stupid
deregulation plan carried out ineptly: the Kilowatt Keystone Cops, as it
were. California put a cap on the rates that utilities could charge
customers, but until recently it forced utilities to buy all of their power
in the short-term market. The utilities foolishly agreed to this deal. The
problem: Short-term markets are notoriously volatile. And notoriously
ruthless. If there's a small surplus of power, you have desperate sellers
trying to sell electricity, which can't be stored. But if there's a shortage,
everyone piles on. Had California utilities been allowed to do the rational
thing and buy most of their power in long-term markets, they would have paid
more initially, but they and their customers would be in far better shape
now. Compounding the problem is that while the state deregulated the
wholesale rates the utilities paid for power, they capped the retail rates
utilities could charge. Combine that with total reliance on the short-term
market and -- voila! -- you're totally at the market's mercy. And markets
have no mercy.
In the old days, when utilities were regulated, there was often waste and
inefficiency, but power was reliable and utilities cared desperately about
keeping the lights on. Now, we have markets that don't care about anything.
Someday, markets may give us total reliability at a cheaper price than
regulation would. But in the meantime, get used to the piling-on concept.
Just hope you end up on top of the pile.
Kevin Peraino contributed to this column.
Sloan is Newsweek's Wall Street editor. His e-mail address is sloan@panix.com.

http://www.washingtonpost.com

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

Enron May Buy U.K. Plants to Lift Profit, Reduce Risk (Update1)
2001-05-08 04:59 (New York)

Enron May Buy U.K. Plants to Lift Profit, Reduce Risk (Update1)

     (Adds background on trading system in fifth paragraph.)

     London, May 8 (Bloomberg) -- Enron Corp., the world's biggest
energy trader, may consider bidding for U.K. power stations to
reduce its risk in trading and make more money from swings in
electricity prices, an executive said.
     Enron is vying with European and U.S. rivals for dominance in
U.K. electricity trading, a market worth about 7.5 billion pounds
($11 billion) a year. Edison Mission Energy and TXU Corp. have
both said they may sell power stations in the U.K.
     Under a new system of electricity trading introduced in
England in March, a company unable to deliver power to a customer
as agreed must buy it on the market. The fluctuation in prices
offers companies such as Enron and U.K. rivals Powergen Plc and
Innogy Holdings Plc gains or losses of as much as 1,000 percent.
     ``A physical power station can put bids and offers into the
balancing mechanism,'' said Richard Lewis, managing director of
Enron's U.K. power and gas, in an interview. ``There is high
volatility to extract there and that is valuable. We look at all
opportunities.''
     The regulator, Ofgem, hopes the new trading system will
increase competition in the electricity market. Under previous
rules, companies weren't penalized if they didn't deliver.
     Prices for electricity in the spot market, or the so-called
balancing mechanism, have varied from 1,036 pounds a megawatt hour
to a negative 434 pounds a megawatt hour when there is excess
supply, said Elexon Ltd., which administers the new U.K. trading
system, on its Internet site.

                      Power Trading

     When the price of power is negative, the trading system
effectively pays companies to reduce generation. If a 200 megawatt
power station breaks down, and prices in the spot market reach
1,000 pounds a megawatt hour, the station's owner will have to pay
200,000 pounds an hour to meet its supply obligations.
     Owning power stations would allow Enron to meet its
obligations by boosting generation at the plant rather than by
purchasing electricity on the market. The company could also boost
output at times when prices are surging, lifting profit.
     Companies owning a single power station, or companies that
generate electricity from sources such as wind, are more prone to
interruptions and provide Enron with possible customers for risk
management products to guard against power failures.
     ``There is huge potential for aggregation of small
generators,'' Lewis said. ``The provision of risk management is
going to be more in demand. This is an opportunity for us to
provide services.''

                         For Sale

     In the U.K., Enron employs 13 traders on its London-based
electricity desk. The company controls 51 power plants worldwide,
and other energy projects in 15 countries on four continents. In
the U.K., it owns a 50 percent stake in Teesside Power Station, in
the northeast of the country.
     Among U.K. generation assets that may be sold are the
Fiddler's Ferry plant in Cheshire and the Ferrybridge station in
Yorkshire, each capable of producing enough power to light 2
million homes. Edison Mission, a unit of Edison International, has
said it may sell the stations to focus on its U.S. business.
     U.K. electric utilities are seeking to make money from
trading amid waning profit from their main generation and supply
business. The price of generation in the U.K. has tumbled with
that of wholesale electricity. Wholesale prices dropped 15 percent
in the year to March 27, according to regulator Ofgem.
     Other companies that may bid for the Edison assets include
U.S. rival Duke Energy Corp., Electricite de France and RWE AG,
Germany's biggest power company, the Sunday Telegraph newspaper
reported March 16.

European Markets
Scottish Power Streamlines Its Focus --- Uncertainty Over Water Unit, Telecom
Venture Clouds U.K. Utility's Future --- `We Have a Reasonably Low Opinion of
the Company'
By Andrea Chipman
Dow Jones Newswires

05/08/2001
The Wall Street Journal Europe
12
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -- After more than a year of lagging earnings, investment missteps and
unexpected disasters, U.K. utility Scottish Power PLC is hoping a new
strategy to streamline its businesses will signal a more focused period for
the company.
But it has got its work cut out for it. While investors were cheered by news
that its Utah-based Hunter power plant is back online after a six-month
outage that cost the company an estimated $160 million (178.9 million euros),
uncertainty over its plans for its Southern Water unit and apparent
commitment to Thus, an unprofitable telecommunications venture, are seen as
muddling the group's focus.
"It all adds up -- the lack of coherent strategy, quite substantial
downgrades and a whole host of noncore businesses that they don't have any
natural management flair or expertise in," said Brian Gallagher, a senior
fund manager at London-based Gartmore Investment Management, which has GBP 3
million (4.8 million euros) of Scottish Power shares in its Global Utilities
Fund. "We have a reasonably low opinion of the company."
The company said its pretax profit before goodwill amortization and
exceptional items for the year ended March 31 fell 15% to GBP 628 million
from GBP 736 million the year before. Adjusted earnings per share declined
26% to 30.65 pence from 41.22 pence.
The company acknowledged profits have been hit hard by the Hunter outage,
competition on wholesale and retail markets in the U.K. and strict price
controls on its regulated infrastructure businesses.
The company's shares are currently trading at 443.25 pence each, down 17%
from 533 pence each a year ago.
Executives say they are restructuring the business into three targeted
divisions to capitalize on its traditional strengths in generation and power
supply and infrastructure and to expand its overseas activities.
"We've now got a trading and commercial link between generation and supply
and the first thing we are doing is putting emphasis on that . . . on growing
earnings across that value chain," said Scottish Power's chief executive, Ian
Russell. "In the U.S., we are focused on cost cutting and on acquiring new
businesses."
Scottish Power's move away from a full multiutility profile -- begun last
year with its partial disposal of Thus and its withdrawal from an Internet
banking venture with Royal Bank of Scotland -- toward a more narrowly focused
energy business mimics a trend across the industry toward greater
specialization.
The company is also considering selling Southern Water, which would allow it
to focus even more closely on its power business.
Yet analysts and investors say they are looking for more details of the
company's overall growth strategy from Mr. Russell, who took over as chief
executive last month, and other managers. The toll from months of drift, is
evident, they said.
Indeed, despite its efforts to chart a new road, Scottish Power appears to be
reluctant to acknowledge the failure of some of its noncore ventures.
Mr. Russell said his company remains "supportive" of Thus, which reported an
annual loss of GBP 21.4 million this week, and has no plans to unload its
remaining 50% stake in the company.
Similarly, he said, Scottish Power hasn't yet made a final decision to
dispose of Southern Water -- which has cut costs under its Scottish parent
but is increasingly unable to cover its capital expenditure -- although he
said the company had received "a number of offers" from potential buyers.
Although he declined to identify any of the bidders, Italian energy company
Enel SpA has confirmed its interest.
People familiar with the industry said a prompt sale of the water unit looks
likely, with some bids already exceeding the GBP 2 billion at which many
analysts value the company's combined assets and debt. It is unclear, they
said, how Southern Water or Thus would fit into Scottish Power's new image.
"Scottish Power sees itself as an international energy company," a person
familiar with the company said. In a year's time, he added, "it would be
unlikely that Southern Water and Thus would be part of the company."
Revenue from the sale of the water unit would also help Scottish Power pursue
its U.S. expansion without extending its 90% debt-to-equity ratio, analysts
and investors said.
Mr. Russell declined to comment on reports Scottish Power is considering
buying Enron Corp.'s Oregon-based unit, Portland General, but admitted the
company would be a logical geographical fit with its Pacificorp subsidiary.
Analysts said Scottish Power's plans for U.S. growth is likely to be a key
part of its energy strategy.
"We like their U.S. strategy, where they've leveraged expertise gained in the
highly competitive U.K. market," said Gareth Lewis-Davies, head of utilities
research at Lehman Brothers in London.
Closer to home, competition and the trend toward increased specialization in
the power industry may force Scottish Power to determine whether its business
strength lies in asset management or retail and generation.
"Strategic decisions need to be made, and I'm not sure if they are going to
make them in the near term or not," said Andrew Wright, U.K. utilities
analyst at UBS Warburg in London. "They are pretty much involved across the
value chain, and I think it remains to be seen which part of the value chain
they specialize in, if any."

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

INDIA: Enron India unit lenders move to solve row-papers.

05/08/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, May 8 (Reuters) - Lenders to U.S. energy giant Enron Corp's troubled
Dabhol Power Company (DPC) project in India may cut interest rates on almost
$2 billion of loans to prevent default, business dailies said on Tuesday.
Indian and foreign lenders are willing to help DPC produce power at cheaper
cost, but would not hesitate to sue if the stand-off between the government
and DPC continues, the news reports said.
Enron's $2.9 billion project is mired in controversy after the Maharashtra
State Electricity Board (MSEB) reneged on its commitment to buy all the power
produced by the giant plant, saying it is too costly. MSEB has also defaulted
on monthly payments to DPC for the electricity it has taken, forcing the
company's board last month to authorise the management to terminate the
contract.
That possibility casts a long shadow over the fate of the project's 1,444 MW
second phase, which is scheduled to start commercial operation next month.
The 740 MW first phase began operating in May 1999.
"All lenders, both Indian and offshore, want to see the second phase of the
project taking off. We may cut the rates if there is any formal request from
either DPC or the government," the Economic Times quoted an unnamed banking
source as saying.
Five Indian financial institutions have lent a total $1.4 billion to the
project. The five are the Industrial Development Bank of India , State Bank
of India , the Industrial Finance Corporation of India , ICICI Ltd and Canara
Bank.
The lenders are now working overtime to resolve the issue. Last week they
sent a letter to the Indian finance ministry asking it to clear up $48
million in unpaid bills owed to Dabhol.
But the Business Line newspaper reported the banks may take legal action if a
quick solution is not found.
"Our money is caught between two feuding parties....If they continue their
hawkish stand, we will have no other option but sue the company, MSEB and the
government," the paper quoted an unnamed banking source as saying.
The dispute has already damaged India's image as a safe destination for
foreign investment.
It suffered another blow on Tuesday when the Times of India reported that
customs officials in Bombay have blocked DPC's imports of project equipment
due to a dispute over tax rates.
($1=46.80 Indian rupees).

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

India: Tackling the power mess

05/08/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

AFTER over a decade of reforms in the power sector, nothing much has changed
for the better. On the contrary, the situation appears to have only worsened
further.
Ten years ago, the power outages - or load shedding as better known - in the
Capital for a couple of hours in rotation only in summer during the peak
hours used to be pre-announced. A decade through reforms and Delhiites have
now accustomed to subsisting without electricity not only in peak summer for
anything between seven and 14 hours during the day but also for a couple of
hours in winter.
This summer is turning out to be no different. Rotational load shedding for a
good six to seven hours in most areas during both night and daytime have
already started which shows that there is both energy and peaking shortage in
the Capital. And, if this is the situation in Delhi - the country's so-called
cosmopolitan pride - the fate of the hapless citizens in the other scorching
States in the north can well be imagined.
So, what have the power reforms achieved? Precious little. It's the people,
and not the politicians, who have come to realise that quality power, like
any other commodity, is to be paid for. This apart, scores of manhours have
gone into deliberations on power reforms, numerous policy guidelines have
been laid down, while the only people laughing all the way to the bank have
been the power conference organisers.
At the outset itself when reforms in the power sector were being ushered in,
various sector-specific organisations, including the National Group on Power,
as well as the media, had amply warned the various authorities, both at the
Centre and in the States, that the path they were treading on would turn out
to be counter-productive. For the simple reason that neither foreign nor
private investment would venture into power generation for purposes of
charity. On the contrary, the activity being capital- intensive, they would
like to have assured returns as also ensure that the State electricity boards
pay up.
The authorities, in their zeal and drive to ensure that the reforms worked,
paid little heed to making the SEBs bankable. And instead, the Centre was in
a way duped to providing counter-guarantees for payment for a host of
projects that were lined up through the memorandum of understanding (MoU)
route. As long as the SEBs are utilised as pawns and electricity is supplied
free to certain sectors for garnering votes, private investors will continue
to demand guarantees such as escrow cover.
Agreeing to that, again, is one of the surest way of choking the SEBs
further. A classic example is the case of the Maharashtra State Electricity
Board (MSEB) which was once one of the better SEBs financially. Despite
repeated adverse criticism, Enron's Dabhol project was hung around MSEB'S
neck like an albatross and the consequences have now surfaced for all to see.
It is now that the authorities appear to have wisened up to the whole issue
and escrow cover to Reliance's Patalganga and Ispat's Bhadravati projects are
now being denied as the SEB cannot afford them.
A late realisation, but better late than never. The pity is that all these
years, the authorities had banked on private and foreign investors to make up
for the power shortage and the public sector investment tap was literally
turned off as a matter of policy, an act which Dr Manmohan Singh as the then
Finance Minister had himself admitted, was faulty.
It is time that the authorities reverted to the earlier policy of adding coal
or gas-based generating capacity in the public sector while simultaneously
restoring the SEBs back to health. Only then can private investment
supplement the effort.
- Ashok Dasgupta

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

India: Enron: Indian lenders threaten to move court

05/08/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, May 7. INDIAN lenders to Dabhol Power Company (DPC) will not hesitate
to drag all parties concerned - DPC, MSEB, and the Governments - to the court
if the stalemate continues.
"Our money is caught between two feuding parties. One (Enron) is saying that
it does not agree with the terms of reference of the Godbole panel. The other
(MSEB) says it cannot buy power from DPC unless offered at a lower rate. If
these two continue their hawkish stand, we'll have no other go but sue the
company, MSEB, and the Governments," institutional sources said.
Even though the IDBI-led consortium is "hopeful" of getting all concerned
across the table, and talking, top officials admit that it is quite an uphill
task. Sources told Business Line that the lenders will do everything in their
power to find an amicable solution to the issue. The lenders are also trying
to persuade the Union Government to play a more "active role."
Informal talks are going on regularly between DPC, its lenders and
shareholders. Since domestic lenders are the ones who stand to lose the most,
they are working overtime to persuade everyone involved to amicably arrive at
a viable settlement.
The State Government agrees with this stance of the lending institutions.
"Indian lenders can go to court to recover their dues," a senior State
Government official said.
"Foreign lenders are covered by the Union Government counter-guarantee and
various other guarantees by the Indian financial institutions. So, a burden
of over Rs 6,000 crore will fall on the Indian institutions. It is
understandable if they say they will pull us to court," he said. He, however,
insisted that it was a remote possibility.
The official expressed concern over the Union Government's delay to nominate
a representative for the negotiation process. The State Government, has
selected Mr Quinton Loh, a Chinese lawyer, to represent it for arbitration
while MSEB has appointed Mr M.L. Pendse, a former Mumbai High Court judge, he
said.
Enron had issued the Centre a notice of negotiation on April 4. "The process
(negotiation) has to be completed within 60 days. A month has gone by and the
Centre has not yet begun the process of negotiation," the official said.
The State is, however, waiting for a resolution of the Rs 401-crore rebate
dispute between the State electricity board and DPC. "If the matter is
settled and MSEB's claim, that DPC should pay them Rs 401 crore as rebate, is
vindicated, DPC will be in no position to contest on any other ground. Even
if they lose, the monies will have to be paid and the matter will be
resolved," he said.
Meanwhile, a senior MSEB official said that the board would have a strong
defence as it has been regular in its payments to the DPC.
Interestingly, if the lenders go to court, the two feuding parties - MSEB and
Enron - will be on the same side slugging it out with the institutions.
"The Indian lenders can pull us to court. But we have paid, albeit under
protest, all DPC bills regularly, except for the disputed December and
January bills," the MSEB official said. He, however, remarked: "If the
lenders believe going to court is a faster way to recover their money..."
- Dinesh Narayanan
- Archana Chaudhary

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

InPlay
Northern Border completes Midwestern Gas buy

05/08/2001
The Daily Deal
Copyright (c) 2001 The Deal LLC

Williams Cos - Enron Corp. - Northern Border Pipeline Co. - El Paso Corp. -
Midwestern Gas Transmission - Northern Border Partners LP
Omaha pipeline operator Northern Border Partners LP said Monday it had
completed its acquisition of Midwestern Gas Transmission from Houston natural
gas transporter El Paso Corp. for $100 million. The purchase closed after the
U.S. Federal Trade Commission approved it. Midwestern owns and operates a 350
mile natural gas pipeline system extending from Portland, Tenn., to Joliet,
Ill., with interconnections to seven major pipeline systems in the Chicago
area, including the Northern Border Pipeline operated by Northern Border
Pipeline Co., which is 70% owned by NBP. NBP's general partners are owned by
Houston energy marketing giant Enron Corp. and Tulsa, Okla., natural gas
company Williams Cos. -Claire Poole http://www.thedeal.com

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

Customs blocks Rs 300cr equipment of DPC
Vinu Lal

05/08/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

MUMBAI: It's a never-ending tale of woes for Enron and this time the city
customs has played the role. The Customs department has blocked import of
equipment belonging to Dabhol Power Company citing differences in payable
duty. Sources informed that till date, goods worth Rs 300 crore have been
blocked by the department.
The bone of contention arose when the Customs department started demanding
normal project imports duties for DPC goods, which used to be imported at
concessional rates. The department said that the equipment imports pertaining
to liquefied natural gas terminal, which includes goods used for setting up
storage tank and terminals, and are not used for generating power but for a
commercial activity. Enron officials, however, declined to comment on this
issue.
``For a power project which involves intra-state sale of electricity, project
equipment can be imported at concessional duties which works out to 5 per
cent customs duty and another 16 per cent counter-vailing duty. But if
equipment imported is being used to set up a LNG terminal for commercial
purposes and not for generating power then the duty structure works out to 58
per cent,'' sources said.
The Union ministry of power had given concessional import duties for
attracting investments in power sector, if power is sold to other states, no
duty is applicable. For Dabhol, being an intra-state project, the customs
duty will be 5 per cent.
DPC is setting up a 5 million tonnes LNG facility where only 2.1 million
tonnes will be used for the Dabhol power project and the remaining capacity
would be sold to other customers in the region.
At present, the civil works are on for the entire capacity which include
three storage tanks and terminal facilities. Works on two storage tanks are
almost complete with a sizeable work left for the third tank and similar
works pending for the terminal, which includes the regassification project.
Though work on the site has been going on a slow pace due to the current
controversy, this move will also have an adverse impact on the project
completion, sources added.
However, sources said that the company has been demanding concessional duty
since the LNG project is not a separate project but clubbed with the power
project and all other benefits, like taxes, are applicable to LNG project as
well.

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

BP Amoco Considers Natural-Gas Terminal in Tampa, Fla.
Steve Huettel

05/08/2001
KRTBN Knight-Ridder Tribune Business News: St. Petersburg Times - Florida
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

TAMPA, Fla.--Energy giant BP is looking into shipping natural gas into the
Port of Tampa, the latest plan in a race among global companies to supply
more gas to the booming Florida market.
An affiliate of BP has options to lease 60 acres at the tip of Hooker's Point
for a terminal where ships three times the length of a football field would
unload natural gas cooled into a liquid at minus 256 degrees Fahrenheit.
The project would include super-cooled storage tanks, a plant to heat the
liquid fuel back into gas and a pipeline connecting to commercial customers,
especially electric utilities that use gas-fired generators, the company
says.
Port director George Williamson says BP officials told him that the terminal
would cost about $200-million and take at least four years to win approval
from federal, state and local regulators.
The company is considering several locations in North America, although Tampa
is the only one disclosed so far, said BP spokesman Daren Beaudo in Houston.
BP's study hasn't gone far enough to discuss construction cost estimates or
other details, he said.
BP paid the Tampa Port Authority $20,000 for a six-month option on the site
and can extend the option another six months for $50,000 more.
There are only two active liquefied natural gas terminals in the United
States, although energy companies are working to get two others mothballed in
1980 back into service.
Four big energy companies, including BP, plan to build as many as seven new
terminals in the United States, Mexico and the Caribbean, according to an
April report by Salomon Smith Barney.
That includes two terminals in the Bahamas designed to serve Florida. Enron
wants to run a pipeline 90 miles that will come ashore in Broward County. El
Paso Energy won't say how it would transport the gas to Florida.
Forecasters at the state Public Service Commission estimate demand for
natural gas will grow an average of 5 percent a year over the next decade.
Energy companies and analysts say the growth could be twice that much.
Driving demand is a bevy of new gas-fired power plants and conversions of old
plants to run on the clean-burning fuel, said Michael Schmitz, an analyst
with Salomon Smith Barney. Liquefied gas from Trinidad, Venezuela and
elsewhere will be needed to augment gas piped from domestic fields, he said.
"Many, many of these new power plants are natural gas-fired, and it's tough
to see where the big uptick is going to come in U.S. production," Schmitz
said. "The supply for Florida is as tight or tighter than the rest of the
country."
While liquefied natural gas makes up only 1 percent of the U.S. gas supply,
it is widely used in Japan and Korea.
BP and other companies say they've got an outstanding safety record in
shipping and handling the material.
Liquefied natural gas isn't combustible until it vaporizes and reaches a
certain mixture with oxygen. The liquid isn't stored under pressure, so it
doesn't leak quickly, BP spokesman Neil Chapman said. "It oozes," he said.
Still, plans by Williams Gas Pipeline to reactivate its Cove Point terminal
in Lusby, Md., has neighbors jittery.
Schmitz thinks Enron and El Paso are building in the Bahamas to avoid tougher
scrutiny from federal regulators and local opposition in South Florida.
Spokesmen for the companies say various factors went into their decisions.
Forecasters at the state Public Service Commission estimate demand for
natural gas will grow an average of 5 percent a year over the next decade.
The prospect of a terminal in Tampa doesn't alarm Peter Clark, executive
director of Tampa BayWatch, an environmental group.
He notes that ships in Tampa Bay hold a variety of hazardous cargos. Vessels
must maintain a 1,000-yard "clear zone" from barges carrying anhydrous
ammonia and propane. They aren't allowed to pass them in shipping channels.
"It's a matter of being able to transport it in a safe manner," Clark said.

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

Enron could supply universities with state-subsidized power
By DAVID KRAVETS
Associated Press Writer

05/07/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SAN FRANCISCO (AP) - Enron Corp., which was ordered last month to honor its
contracts to supply power to California's public universities, has won a key
appellate ruling that could cost taxpayers millions.
A federal appeals panel said the Houston-based energy wholesaler could buy
power for the universities from the state's investor-owned utilities, rather
than buying it on the expensive "spot" power market.
Enron says it would save the company $12 million a month. But it means the
state will have to spend more money buying electricity to supply the
universities. Since January, California has already spent $5 billion buying
electricity for the customers of three ailing utilities that will eventually
be repaid by customers and taxpayers.
In its Thursday ruling made public Monday, the 9th U.S. Circuit Court of
Appeals overturned a federal judge's April decision that ordered Enron to
directly supply power to most of the state's universities as part of a
long-term agreement with them that expires in March.
Where Enron buys that power makes a huge financial difference to the state
under California's power deregulation rules.
The state said it could spend - or Enron could save - up to $12 million a
month. That's because buying last-minute power on the spot market, where
Enron had been buying the schools' power, costs several times more than what
the state can legally collect from ratepayers.
Since January, the state has bought electricity for the customers of Pacific
Gas and Electric Co., Southern California Edison Co. and San Diego Gas and
Electric Co. in an attempt to keep them financially stable as power prices
skyrocketed.
The state has only been able to retrieve $1 billion from customers of the $5
billion it has spent on electricity buys, said Nathan Barankin, a spokesman
with the attorney general.
The state said it would ask the court to reconsider its supply decision. The
ruling, Barankin said, "allows Enron to perpetuate its scam on California's
taxpayers."
That's a position Enron vehemently denies.
"We believe, under the way the contract is written, it gives us the right to
supply the power or have somebody else source the power for us, such as the
utilities," said Enron spokeswoman Peggy Mahoney.
Enron convinced the appeals panel that it should not have to purchase power
on the spot market to honor its contract, and instead can make good on its
cheap power contract by buying it from the utilities.
That means Enron will pay substantially less for the electricity through the
utilities and will reimburse the universities for possible charges that
exceed the contracted price with Enron.
Electricity sold through the utilities is capped under California law and
does not reflect the true cost of the power. Billions of dollars of
undercollected costs is among the main reasons PG&E filed for federal
bankruptcy protection early last month.
The case is UC Regents v. Enron Energy Systems Inc., 01-1006.
---
http://www.governor.ca.gov
http://www.enron.com

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

USA: Northern Border Partners buys Midwestern Gas.

05/07/2001
Reuters English News Service
(C) Reuters Limited 2001.

OMAHA, Neb., May 7 (Reuters) - Northern Border Partners LP said it has
completed the acquisition of Midwestern Gas Transmission from El Paso Corp
for about $100 million.
The Midwestern system, a 350-mile natural gas pipeline extending from
Portland, Tenn. to Joliet, Ill., provides interconnections to seven major
pipeline systems in the Chicago market area, including the Northern Border
Pipeline.
The purchase, announced in mid-March, was completed April 30 following
approval of the Federal Trade Commission.
Northern Border Partners owns a 70 percent general partner interest in
Northern Border Pipeline Co., a 1,214-mile pipeline system that transports
natural gas from the Montana-Saskatchewan border to markets in the Midwestern
U.S. The partnership also has gathering systems and processing plants in the
Powder River, Wind River and Williston Basins in the U.S. Rocky Mountain
region; owns and operates processing plants and gathering pipelines in
Alberta, Canada; and transports coal-water slurry via a pipeline in the
Southwestern U.S.
Northern Border Partners' general partners are units of Enron Corp. and
Williams Cos. Inc. .

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

Enron Confirms DPC's Meet With Indian State Panel May 11

05/07/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- U.S. energy company Enron's (ENE) Indian unit Dabhol
Power Co. will meet the country's Maharashtra state government's expert
committee appointed with the objective to renegotiate the controversial power
purchase agreement with DPC, Enron Vice President John Ambler confirmed to
Dow Jones Newswires from Houston late Monday.
In an online statement, Ambler who handles Enron's international public
affairs, said: "We confirm that Dabhol Power Co. has been invited to meet
with the recently formed negotiating committee. As a matter of courtesy we
have agreed to meet with them (on May 11). Since the purpose of our meeting
is to hear out the committee and understand their thoughts, we will not
present any proposals."
"While we have constantly maintained that we are open to continuing a
dialogue towards resolving issues, this meeting should in no manner be
construed as an open offer from DPC to renegotiate the terms of the
contract," he added.
Dabhol has come under fire because of the relatively high cost of its power.
Critics object to Dabhol charging 7.1 rupees ($1=INR46.82) a kilowatt-hour
for its power, compared with INR1.5/kwh charged by other suppliers.
The $3 billion, 2,184-megawatt DPC project in Maharashtra has been mired in
financial disputes after the Maharashtra State Electricity Board, its main
customer, failed to pay several bills. The project has the largest single
foreign investment in India.
As reported, a nine-member state committee headed by retired federal Home
Secretary Madhav Godbole is working toward lowering the DPC's power tariff
and allowing the sale of excess power to the federal government or its
utilities. A restructuring of the DPC's stakeholding may also be on the
agenda. The Maharashtra government has asked the committee to try to
negotiate a revised agreement within a month.
The DPC currently operates a 740-megawatt naphtha plant contributing about
0.7% to India's installed capacity. Enron has maintained that work will be
completed by the year-end in the second phase of the Dabhol project that will
add 1,444 MW to its capacity. The plant will switch from naphtha to liquefied
natural gas as a fuel source in 2002.
Texas-based Enron has a 65% stake in the DPC and is the project's largest
shareholder. Other shareholders include the MSEB with 15%, and General
Electric Co. (GE) and Bechtel Enterprises (X.BTL) with 10% each.
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9427;
himendra.kumar@dowjones.com

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


In the next few days, 250 randomly selected U.S.-based employees will receive Fortune's "100 Best Companies to Work for in America" survey.  Check your home mailbox.  You could be one of the lucky ones to receive this very important survey.

The input you provide in this survey is the most important element in the evaluation process.  Your honest and open responses, as well as written comments about your personal Enron experiences, will help Fortune gain an insider's viewpoint.

So look for the survey in your home mailbox.  Thanks for your participation.


Great--thanks for the info.  DF

Jeffery Fawcett
03/27/2000 11:54 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Steven Harris/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron

Subject: USGT East - East Capacity deal

Except for a small amount of capacity we're managing on a short-term basis
[owing to the Topock lateral problem with PG&E], our West flow capacity is
sold-out.  Therefore, there is really no means to compare the USGT alt. flow
rights with an opportunity cost for unsubscribed firm capacity.  Moreover,
the receipt points under the USGT deal are not on the San Juan Lateral, so
any alt. West flow transportation will be marked against a Permian - Cal.
Border price spread.  However, your instincts are probably correct regarding
the practical use of the capacity -- if there is a market shift resulting is
a significant widening of the East - West spread, then we'd likely see FTS-1
shippers with primary rights more fully utilizing their firm capacity,
thereby frustrating any USGT attempt to access Cal. Border capacity.

	From:  Drew Fossum                           03/27/2000 12:23 PM

To: Christine Stokes/ET&S/Enron@ENRON
cc: Bill Cordes/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Mary
Darveaux/ET&S/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, Jeffery
Fawcett/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron

Subject: Re:

 Steve, Kevin, and Jeff: If what I heard this morning is correct and the San
Juan-Cal. basis is up to about 25 cents, I trust that we will be selling our
Cal Border capacity with primary point rights at rates significantly higher
than the $.04 available to USGT/Aquila under this deal.  In other words, it
is very unlikely that USGT will be able to move significant volumes to
California under the $.04 part of this deal, right?  With that understanding,
I'm OK on the deal.  Thanks. DF

Christine Stokes
03/24/2000 03:28 PM
To: Bill Cordes/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Mary Darveaux/ET&S/Enron@ENRON, Glen
Hass/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON
cc: Kevin Hyatt/ET&S/Enron@Enron

Subject:

TRANSWESTERN PIPELINE CONTRACT APPROVAL REQUEST

Please review the attached non-standard discount letter for USGT.
Transwestern and USGT have agreed to enter into a contract for 400,000 Dth/d
of primary EOT-EOT capacity for the term April 1, 2000 through October 31,
2001.   The primary EOT-EOT path will be a 2-part rate structure:  $.0075
reservation and $.0093 commodity rate. USGT will also have the ability to
flow to California on an alternate basis at a $.04 total rate.

Transwestern and USGT have agreed to enter into a Revenue Sharing Mechanism
whereby after USGT recovers their contract demand charges plus an additional
$2.5 Million in Commodity Sales Margin revenue,  then TW and USGT will share
50%/50% in any additional Commodity Sales Margin revenue which USGT may
receive.

USGT will not retain their ROFR rights for their contract.

(Please note that references to "Appendix A"  in the discount letter refer to
the FTS-1 Appendix A primary receipt and delivery point allocation of the
400,000 Dth/d primary capacity.)

Please indicate approval via REPLY WITH HISTORY.
All Officer approvals will be faxed to Bill Cordes for final President Level
Approval.


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 08/08/2000
08:22 PM ---------------------------

Terry Furches@ENRON
08/08/2000 04:48 PM
To: John Simmons/NA/Enron@Enron, Chris Gaskill/Corp/Enron@Enron, Geoff
Storey/HOU/ECT@ECT, Jeff Gamblin/NA/Enron@ENRON, Bhavna Pandya/HOU/ECT@ECT,
Yan Wang/Corp/Enron@Enron, Hunter S Shively/HOU/ECT@ECT
cc: Colin Tonks/LON/ECT@ECT
Subject: Meeting Request

Colin Tonks has asked me to arrange a meeting to introduce John Simmons and
discuss the ENFO application.  This meeting will be held  in EB791 tomorrow
(8/9) from 2:30PM-3:30PM.  Please feel free to contact me if you have any
questions.

Thank you,
Terry Furches


A reminder:  900am Monday, my office.  3882

We need the spread sheet on the transformer payments, please.

Thanks,

Kay


The consent looks ok from the GS&Co. side.  I will check with GSI to see if
they have any comments.

Gail

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Thursday, April 19, 2001 5:39 PM
To: gail.shanley@gs.com
Subject: RE: Enron Credit Inc. ("ECI") consent

Gail:

Is the attached Master Repurchase Agreement used by both GS&Co as well as
GSI?  It looks like both Enron companies (U.S and U.K.) will want repos and
the U.S. company .  What is the difference in the forms used by GS&Co and
GSI?

Any word on the consent?

Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

                    "Shanley,

                    Gail"                To:
"'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com>,
                    <gail.shanley        gail.shanley@gs.com

                    @gs.com>             cc:     ted.leh@gs.com

                                         Subject:     RE: Enron Credit Inc.
("ECI") consent
                    04/17/2001

                    08:44 AM

Sara -

I will look at your consent document today.
Attached please find the standard repo documentation used by Goldman.

Gail

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Tuesday, April 17, 2001 9:42 AM
To: gail.shanley@gs.com
Cc: ted.leh@gs.com
Subject: Enron Credit Inc. ("ECI") consent

Gail:

The commercial team is pressuring for a fairly quick implementation of a
repo agreement.  If the consent which I sent yesterday is not satisfactory,
please advise as soon as possible so that I can obtain a repo specific
consent.  Also, could you please submit repo documents to me for review.

I do not know who may have contacted you from the London group (Enron
Credit Ltd.) but we can surely coordinate.  That entity should have its own
form of unanimous consent or resolution.

Thanks for your help.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 04/17/2001 08:36 AM -----

                    Sara

                    Shackleton           To:     gail.shanley@gs.com

                                         cc:

                    04/16/2001           Subject:     Enron Credit Inc.
("ECI") consent
                    02:36 PM

Gail:

Attached is a form of ECI unanimous consent.  Will you accept fhis for the
purpose of signing a repo agreement and transacting thereunder?  Please let
me know.

Also, you can email repo documents to me.

Thanks.

(See attached file: Resolution - ECI.doc)

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

(See attached file: p4233104a.pdf)
(See attached file: p4233104b.pdf)


?
Dear Harry,
?
Hi How are you.
?
Long time since heard from you.
?
Things are fine at my end. I became father for the second time. A daughter
was born to us on 31st January. Both mother and baby are fine. Yet to
finalise a  name for her.
?
So how are you doing.? do reply
?
Love,
?
MUKUL MURARKA
?
?
?
?


Shirley,

Please, put it on my calendar.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/19/2001
05:03 PM ---------------------------

"Michael A. Crew" <mcrew@andromeda.rutgers.edu> on 03/15/2001 07:34:38 PM
To: VKaminski@aol.com, kleindorfer@wharton.upenn.edu
cc: VKaminski@aol.com, vkamins@enron.com
Subject: Re: Fwd: Invitation to the 20th Annual Rutgers Conference

Vince,

I am delighted that you accept our invitation.  We hope it works out that you
can attend the whole conference as we are confident that you will find the
program stimulating and will enjoy getting to know our participants.  The
pleasure will certainly be mutual.  You will bring a new and different
perspective from which we can all benefit.

Michael

At 05:54 PM 3/15/01 EST, VKaminski@aol.com wrote:
>>>>
Paul,

Thank you for the invitation to speak at the Eastern Conferences on
Regulation and Competition on May the 25th. I shall be glad to attend and
make an after dinner presentation. I hope to be able to attend the entire
conference.

Sorry for a delay in responding to your message. I have been traveling
extensively in the last few weeks.

Vince Return-path:
From: VKaminski@aol.com
Full-name: VKaminski
Message-ID:
Date: Thu, 15 Mar 2001 17:04:02 EST
Subject: Fwd: Invitation to the 20th Annual Rutgers Conference
To: VKaminski@aol.com
MIME-Version: 1.0
Content-Type: multipart/mixed; boundary="part2_70.8aeec19.27e29652_boundary"
X-Mailer: AOL 6.0 for Windows US sub 10501

Return-Path:
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Subject: Invitation to the 20th Annual Rutgers Conference
To: vkaminski@aol.com
Date: Fri, 9 Mar 2001 17:00:58 -0600
Message-ID:
X-MIMETrack: Serialize by Router on ENE-MTA01/Enron(Release 5.0.6 |December
14, 2000) at
 03/09/2001 04:58:03 PM
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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/09/2001
05:01 PM ---------------------------

"Kleindorfer, Paul"  on 03/08/2001 03:41:21
PM

To:   "'vkamins@enron.com'"
cc:   "'mcrew@andromeda.rutgers.edu'"
Subject:  Invitation to the 20th Annual Rutgers Conference

Vince:

For two decades now, I have been a member of the faculty helping to
organize the Eastern Conferences on Regulation and Competition that Michael
Crew of Rutgers has chaired.  This year will be, in fact, the 20th
anniversary conference and a number of notable personages will be joining
us to celebrate what we have learned and what we haven't about the
economics of network industries.  Fred Kahn, Al Philipps, Bill Hogan and a
number of other distinguished academics will be reviewing our progress and
the prospects for the future.  The conference will take place at a
beautiful site in the Poconos, about 90 minutes north of Philadelphia, from
Wednesday afternoon May 24th to Friday afternoon May 26th.  You can check
for yourself the nature of the program and the conference site/hotel at the
following website URL:

http://www.rci.rutgers.edu/~crri/WS.htm

Michael Crew and I would both be delighted if you would be willing to be an
after dinner speaker on Thursday evening (May 25th), just before the key
research reviews of Friday morning take place on the electricity, telephone
and gas industries, and following a day of special topics on emerging power
markets and other developments in network industries.   Naturally we would
be pleased if you would be able to stay for the entire conference, but
knowing your schedule, you may only have time for a part of it.  That would
not be a problem.  The usual after-dinner address is for 30 minutes,
followed by a short Q&A period.

Your presentation would help to underline the tremendous importance of
Enron in driving the development of new risk instruments to assist in price
discovery and efficient risk management for market participants, in energy
markets and more generally.  Both Michael and I feel that your perspectives
on the "new science of risk management" and what can be expected from it
could be a very important addition to this special anniversay event.

Please let me know (and please do copy Michael on your response) whether
your schedule will allow your participation in this very special event.
Michael and I would, of course, be very happy to follow up with you in
discussing the nature of the presentation, participants and so forth, if
this is a go.  I look forward to hearing from you.

Regards,

Paul
Paul Kleindorfer
215 898-5830

Michael A. Crew
Professor II
Director - Center for Research in Regulated Industries
Editor - Journal of Regulatory Economics
Rutgers University, Graduate School of Management
180 University Avenue
Newark, N.J. 07102-1897

phone: 973 353 5049   fax:  973 353 1348
http://www-rci.rutgers.edu/~crri


FROM SANDI BRABAND:

Attached is an initial draft of a Gas Management Services and Agency
Agreement with Tenaska IV.  It should be reviewed internally only and not
forwarded beyond those on the above distribution list without first checking
with me or Barbara Gray.  Pat Radford, my assistant, will be making
arrangements for a meeting next week to discuss the agreement as well as the
Cornhusker structure generally.

I will be out of town until the 25th.  If there is an urgent issue that needs
resolution before my return, please contact Barbara Gray at 36832.


I am looking damn good at 9 bux on the  pool

How horrible


ICG Cuts Staff by 35%, to Spin Off Japanese and Euro Units

WAYNE, Pa. (VENTUREWIRE) -- Publicly traded Internet Capital Group (ICG),
which funds and supports business-to-business Internet commerce companies
through a network of partner companies, said it laid off 35% of its
workforce. The layoffs came with the company's third quarter report, in which
the company reported losing $263.9 million. The company said it would
intensify its focus on its top 15 companies. The firm will also spin off its
European and Japanese units into independent companies in which ICG will
retain a substantial equity stake. ICG also said it sold its equity stake in
technology platform company Centirmed to Global Health Care Exchange for an
undisclosed amount. ICG portfolio companies include AssetTrade.com, Delphion,
eCatalogs, e-Chemicals, Onvia.com, PaperExchange, USgift.com, and Vivant!
http://www.internetcapital.com

______________________________________________________-

X.com Shuts Down Online Banking, Continues Payment Services
?PALO ALTO, Calif. (VENTUREWIRE) -- X.com said it is shutting down its online ?financial services, including the Internet banking unit of First Western ?National Bank, to focus on online payment systems. X.com said there will not ?be any lay-offs resulting from the change. The company's financial services ?will close on December 1st and will stop taking deposits on November 20th. ?The company said its online payment business has consistently outshined its ?financial services, a situation exacerbated by the company's merger with ?online payment company PayPal in March. X.com is backed by Credit Agricole, ?Deutsche Bank, Digital Century Capital, Goldman Sachs, Hikari Tsushin, ?idealab! Capital Partners, J.P. Morgan, Madison Dearborn Partners, Qualcomm, ?and TAMC. ?http://www.x.com?______________________________________________________-??Venture Capital Investment Down in Third Quarter, Report Says??Venture capitalists curbed first-time investments and focused on existing ?portfolio companies in the third quarter, leading to a slight drop in venture ?funding across the country and in Texas, according to PricewaterhouseCoopers' ?MoneyTree report.  In Houston, venture capital investing grew 178 percent ?from the second quarter to $142.3 million, fueled mainly by the record $90 ?million raised by online research company Questia Media.??Nationwide, venture investing dropped from $19.8 billion in the second ?quarter to $17.6 billion in the third quarter, but was still almost twice the ?$8.9 billion recorded in the third quarter of 1999.  In Texas, the figure ?dropped from $1.084 billion in the second quarter to $1.013 billion in the ?third quarter, but was still more than the $519 million reported for the ?third quarter of 1999.??"People have the money to invest but are reluctant to be first with a new ?company," said Charles Szalkowski, an attorney with Baker Botts. "There's ?been lots of follow-on money for a company that's seen investments in the ?past, but there's not a hurry to be the first with a new, unproven company."??Houston outpaced the $51.4 million raised in the second quarter of 2000 and ?the $42.9 million reported for the third quarter of 1999.??In addition to the record venture capital raised by Questia, other local ?companies that received money included e-commerce company ECOutlook ($25.2 ?million), oil-field services firm OneOffshore ($15 million), radiology ?network management firm HealthHelp ($3.5 million) and medical device company ?Interferometrics ($1.5 million).?____________________________________________________??Analytical Modeling Software Developer Raises $4.2 Million?
LONDON (VENTUREWIRE) -- Autonomics, which develops analytical modeling
software, raised GBP 3 million ($4.2 million) in its initial funding. The
round was secured from Billam, a publicly traded U.K. venture capital
investor recently formed from the shell of an industrial company. Billam said
the company will use the funding to take its product to market, ramping up
development and marketing activities. As a result of the investment Billam
will place a representative on the Autonomics board of directors. Telephone
+44-207-702-5544.
_______________________________________________

Wireless Firm Blue Wireless Raises $6 Million First Round
?BURLINGAME, Calif. (VENTUREWIRE) -- Blue Wireless, a developer of ?voice-enabled applications for wireless services, said it has raised $6 ?million in its first round of financing from co-leads Storm Ventures, ?DaimlerChrysler Venture, and CMEA Ventures and the rest from Season ?International and undisclosed individuals. Tae Hea Nahm, a general partner at ?Storm Ventures, and Tom Baruch, a general partner at CMEA Ventures, will join ?the Blue Wireless board as its fourth and fifth members. Blue Wireless said ?it will use the funds to develop partnerships and to integrate its product ?with mobile technology.   ?http://www.bluewireless.com?____________________________________________??ASP for Legal Service Industry Gets $1.3 Million Seed Funds?
SAN FRANCISCO (VENTUREWIRE) -- eJur, which provides Web-based infrastructure
to law firms, corporate legal departments and government counsel through a
subscription-based application service, announced that it has raised $1.3
million in seed financing from individual investors.  The company used the
funds for product development, hiring, and to form strategic relationships.
eJur will begin beta testing by the end of the year.
http://www.ejur.com
____________________________________________

Corrent, Semiconductor Developer, Launches With $9.5 Million
?TEMPE, Ariz.  (VENTUREWIRE) -- Corrent, which develops semiconductor ?technology, said it launched with a $9.5 million first funding. Battery ?Ventures is the sole investor in the company. Corrent is developing network ?security chips for securing virtual private networks and e-commerce ?transactions at fiber optic speeds over the Internet. The company currently ?employs 18 and is developing a 12,000 square foot headquarters in Tempe, with ?plans to expand to 70 employees over the course of the next year. ?http://www.corrent.com??___________________________________________??Israeli Wireless Company WaveIP Gets $5 Million First Round?
TEL AVIV, Israel. (VENTUREWIRE) -- WaveIP, an Israeli-based fixed wireless
company that designs, manufactures and markets digital networking
transmission products and services, said it has raised $5 million in its
first round of funding led by VAL Investments Group, an affiliate of
Verticality Investments Group. The company said it will use the funds to grow
the company.
http://www.verticality.com


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 03/26/2001
10:44 AM ---------------------------

Chris Meyer
03/20/2001 12:54 PM
To: Bryant Frihart/ENRON@enronXgate, Lynn Pikofsky/Corp/Enron@ENRON, Laura
Luce/Corp/Enron@Enron, Deirdre McCaffrey/HOU/ECT@ECT, Sylvia S
Pollan/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Mark Whitt/NA/Enron@Enron,
Julie A Gomez/HOU/ECT@ECT, Stephanie Miller/Corp/Enron@ENRON
cc: Michael J Legler/NA/Enron@Enron
Subject: Western Frontier

This is one of the presentations at the Williams Customer trip Bryant and I
attended in KS.  It covers a proposed greenfield pipe known as Western
Frontier (Cheyne Hub to WIlliam Central's Hugoton (KS) station).

"Elliott, Mark" <Mark.D.Elliott@Williams.com> on 03/20/2001 10:26:23 AM
To: "'chris.meyer@enron.com'" <chris.meyer@enron.com>
cc: "Sanders, Dale T." <Dale.T.Sanders@Williams.com>, "King, Donny W (WGP
SouthCentral)" <Donny.W.King@Williams.com>
Subject: Western Frontier Presentation and Breakfast

 - 2001 WFP Presentation pdf version.pdf


We believe it will be done the 14th.  There is some discussion about having
that group first, but not sure that will be approved by Hannon and Rice.  It
is again being held at the 4 Seasons.

	Rod Hayslett@ENRON
	10/13/00 11:12 AM

		 To: Crissy Collett/Enron Communications@ENRON COMMUNICATIONS
		 cc: Marla Barnard/Enron Communications@Enron Communications
		 Subject: Re: Year End PRC

Do you know on which date you will be doing the VP's?

From: Crissy Collett@ENRON COMMUNICATIONS on 10/13/2000 09:00 AM
To: Rod Hayslett/FGT/Enron@ENRON
cc: Marla Barnard/Enron Communications@Enron Communications

Subject: Re: Year End PRC

Rod,

EBS is holding the following dates for year end PRC meetings:  December 13, 14

RGD/Crissy Collett

	Rod Hayslett@ENRON
	10/13/00 06:54 AM

		 To: Scott Yeager/Enron Communications@Enron Communications, Richard
DiMichele/Enron Communications@Enron Communications
		 cc:
		 Subject: Year End PRC

Do you have a date set for your year end PRC yet?


----- Forwarded by Tana Jones/HOU/ECT on 10/16/2000 03:55 PM -----

	Bradley Diebner
	10/16/2000 03:51 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT,
Bernice Rodriguez/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie R
Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Molly Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON, Mary G
Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts and Facilities, Enron
Europe Global CounterParty, Stephanie Sever/HOU/ECT@ECT, Bradley
Diebner/HOU/ECT@ECT, Stacey Richardson/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT,
Adnan Patel/Corp/Enron@ENRON, Claudia Clark/HOU/ECT@ECT, William S
Bradford/HOU/ECT@ECT, Lisa Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron,
Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT
		 cc:
		 Subject: EOL Credit Responses 10/16/00

There are no approvals for today.

Regards,
bd


PROCESSING

		PG&E		2/1/02-10/31/02	20,000/d	Blmfld to Calif	Processing

TENDERED

TW/24198	Richardson	Eff 1/23/02		35,714/d	Add Blk #16		Tendered 1/22

TW/25374	Oneok		Ext to 2/28/02	12,500/d	Panhdle to Beaver	EXECUTED

TW/27377	Agave		Ext to 3/31/02	10,000/d	Pecos to W. Ward	Tendered 1/24

TW/27803	BP		1/1/03-12/31/04	25,000/d	Blmfld to Needles	Tendered 1/28

TW/27913	Sempra		2/1/02-2/28/02	15,000/d	Blmfld to Topock	Tendered 1/24


Hi Kirstee,

Thanks again for all your work on MG. One think to double check is units.
Please, make sure that the prices are quoted in the same units our positions
come in.

One potential source of confusion arises from the fact that we are dealing
with different
cultures (metric system vs. English measures).

Vince

	Enron Capital & Trade Resources Corp. - Europe

	From:  Kirstee Hewitt                           08/03/2000 11:31 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: VaR for COB 2nd Aug 2000

Hi Vince,
I was waiting for a comment about the email below before sending it to the
full mailing list. Basically it suggests that the
copper option position may well have increased the VaR by more than $500,000.
However, given that the portfoilo has also
changed from the 1st of August it is difficult to asses the actual change due
to the option only.
Regards
Kirstee
---------------------- Forwarded by Kirstee Hewitt/LON/ECT on 03/08/2000
17:29 ---------------------------

	Enron Europe

	From:  Kirstee Hewitt                           03/08/2000 16:29

To: Cantekin Dincerler/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT
cc:

Subject: VaR for COB 2nd Aug 2000

Hi all,
The CU option position has entered the MG books for the 2nd Aug. The delta is
35299$/mt for Dec 2000. The Cu VaR has gone up
from $2,245,000 to $3,306,000. I estimated that the portfolio for the 1st
would increase to approx $3,039,000 so this seems sensible.
The overall VaR change is from $4,780,796 to $5,991,569. Again, the estimate
for the 1st Aug was for an increase in VaR to ~ $5,476,000.
All estimates were based on a delta of 32,0004/dmt.
There has also been some increase in the VaR for Aluminium which will effect
the overall total.
A summary is as follows :

regards,
Kirstee


I am going to try to make it up for pig, or I should say the drinking done
during PIG,,,,, I know Vogel and Besch are going too!  What have you been up
to??

MC


I have received several e-mails generated by Tom Beach's and Gwen Soong's
e-mail system that contain a virus file- navidad.exe. Do not open the file.
Delete it from your system. I think many of the GIR parties may get this
e-mail.


OK.

Don Miller@ECT
12/13/2000 04:30 PM
To: Kay Mann/Corp/Enron@Enron
cc: Stuart Zisman/HOU/ECT@ECT, Mitch Robinson/Corp/Enron@Enron

Subject: Re: FW: Letter agreement

Kay -

Sending this from Don's e-mail.

My apologies, but I just realized that #5 should have the following inserted
after the word Gleason in both the first and third lines:

" , Brownsville, "

This is to make #5 consistent with #7.

Thanks,

Mitch
---------------------- Forwarded by Don Miller/HOU/ECT on 12/13/2000 04:28 PM
---------------------------

	From:  Mitch Robinson @ ENRON                           12/13/2000 03:50 PM

To: Don Miller/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT, Ross Newlin/HOU/EES@EES
cc:
Subject: Re: FW: Letter agreement

fyi.

Mitch
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 12/13/2000
03:49 PM ---------------------------

Kay Mann
12/13/2000 08:52 AM
To: Mitch Robinson/Corp/Enron@Enron
cc:

Subject: Re: FW: Letter agreement

Good.  I'm ready to get at least one thing off the "to do" list.

Kay

	Enron North America Corp.

	From:  Mitch Robinson                           12/13/2000 08:07 AM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: FW: Letter agreement

Stamp of approval.  Mike J. Miller is the right guy from ENA to sign.  Please
let me know if you have any trouble getting a signature from any of the
parties.

Thanks,

Mitch
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 12/13/2000
08:06 AM ---------------------------

DeKrey Lynn <Lynn.DeKrey@swpc.siemens.com> on 12/12/2000 04:58:08 PM
To: "Mitch Robinson (E-mail)" <Mitch.Robinson@enron.com>
cc: Monahan Bill <Bill.Monahan@swpc.siemens.com>

Subject: FW: Letter agreement

Mitch
This is acceptable, please submit

Lynn DeKrey

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Sunday, December 10, 2000 5:05 PM
To: lynn.dekrey@swpc.siemens.com
Subject: Letter agreement

---------------------- Forwarded by Kay Mann/Corp/Enron on 12/10/2000 04:08
PM ---------------------------

Kay Mann
12/10/2000 04:03 PM

To:   Mitch Robinson/Corp/Enron@Enron, lynn@dekrey@swpc.siemens.com, Ross
      Newlin/HOU/EES@EES
cc:

Subject:  Letter agreement

Gentlemen,

I've revised paragraph 5 to reflect our discussion.  Also, I made a change
to paragraph 7 to include technical bulletins per Mitch's request which we
did not discuss on our call.

(See attached file: WestinghouseProposal to Resolve Issues on Enron - Dec10
SWPC.doc)

Please let me know if you have any questions or comments.

Kay

713 345 7566

 - WestinghouseProposal to Resolve Issues on Enron - Dec10 SWPC.doc


Good job, Don!    We always appreciate you and all that you do!

Cindy

DON
POWELL
11/01/2000 09:26 AM

To: Ava Garcia/ET&S/Enron@Enron, Bob Martinez/ET&S/Enron@ENRON, Sally
Shuler/GPGFIN/Enron@ENRON, Kim Perez/ET&S/Enron@ENRON, Lisa
Gilchrist/ET&S/Enron@ENRON, Lillian Villarreal/Corp/Enron@ENRON, Karon
O'Gorman/OTS/Enron@ENRON, Patti Dennis/ET&S/Enron@ENRON, Mark
Ferguson/ET&S/Enron@ENRON, Carol Sommer/GPGFIN/Enron@ENRON, Julia
White/ET&S/Enron@ENRON, Mike Sullivan/ENRON@enronxgate, Fran
Fagan/OTS/Enron@ENRON, Morgan Gottsponer/ET&S/Enron@ENRON, Lynda
Laferla/FGT/Enron@ENRON, Tammy Kovalcik/FGT/Enron@ENRON, Darrell
Schoolcraft/ET&S/Enron@ENRON, Kimberly Watson/ET&S/Enron@ENRON, Ben
Asante/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Velvet
Sugarek/GPGFIN/Enron@ENRON, Stanley Horton/Corp/Enron@Enron, Cindy
Stark/Corp/Enron@ENRON, Gina Taylor/OTS/Enron@Enron, annhoang@themail.com,
Nanci Allen <nallen@ronaldmcdonald-houston.org>
cc:

Subject: Rhonald McDonald House Photo Album

Here's the photo album from our trip to Rhonald McDonald House.  Thanks to
everyone for Enjoy!
http://www.imagestation.com/album/?id=4293423845&code=702824&mode=invite


Thanks, Carolyn.  I don't travel anymore, so I haven't used the old card in a long time.

Susan Pereira

 -----Original Message-----
From: 	Graham, Carolyn
Sent:	Wednesday, October 03, 2001 10:27 AM
To:	Pereira, Susan W.
Subject:	RE: WorldCom card

The pin number is the last 4 digits of your calling card number.
Carolyn

 -----Original Message-----
From: 	Pereira, Susan W.
Sent:	Wednesday, October 03, 2001 10:21 AM
To:	Graham, Carolyn
Subject:	WorldCom card

Carolyn-

I have received my new calling card.  When will I receive my pin number?

Susan Pereira
x33229


Ken Lay can do November 20 at 5 p.m. EST or November 27 at 6 p.m. EST.
November 21 is not good for him.

Thanks.

Rosalee

"Garten, Jeffrey" <jeffrey.garten@yale.edu> on 11/02/2000 10:51:36 AM
To: "'Len@shv.com'" <Len@shv.com>, "'jdoerr@kpcb.com'" <jdoerr@kpcb.com>,
"'robg@real.com'" <robg@real.com>, "'larry_kanarek@mckinsey.com'"
<larry_kanarek@mckinsey.com>, "'HHK@sprintmail.com'" <HHK@sprintmail.com>,
"'kenneth.lay@enron.com'" <kenneth.lay@enron.com>, "'blev@stern.nyu.edu'"
<blev@stern.nyu.edu>, "'jbneff@wellmanage.com'" <jbneff@wellmanage.com>,
"'nperetsman@allenco.com'" <nperetsman@allenco.com>,
"'hadlow@blackstone.com'" <hadlow@blackstone.com>,
"'carlsonl@blackstone.com'" <carlsonl@blackstone.com>, "'depowell@cisco.com'"
<depowell@cisco.com>, "'David.L.Shedlarz@pfizer.com'"
<David.L.Shedlarz@pfizer.com>, "'rick/sherlund@gs.com'" <rick@gs.com>,
"'jstiglitz@brookings.edu'" <jstiglitz@brookings.edu>,
"'Hal@sims.berkeley.edu'" <Hal@sims.berkeley.edu>
cc: "'tim_koller@mckinsey.com'" <tim_koller@mckinsey.com>,
"'avalles@kpcb.com'" <avalles@kpcb.com>, "'Lliming@real.com'"
<Lliming@real.com>, "'jeanne_giles@mckinsey.com'"
<jeanne_giles@mckinsey.com>, "'rosalee.fleming@enron.com'"
<rosalee.fleming@enron.com>, "'kboles@allenco.com'" <kboles@allenco.com>,
"'dryan@cisco.com'" <dryan@cisco.com>, "'jfielding@gs.com'"
<jfielding@gs.com>, "'tmerkle@brook.edu'" <tmerkle@brook.edu>,
"'lucy@sims.berkeley.edu'" <lucy@sims.berkeley.edu>,
"'carolyn_hubbard@mckinsey.com'" <carolyn_hubbard@mckinsey.com>, "Petersen,
Valerie" <valerie.petersen@yale.edu>
Subject: Panel on Valuation

I am sorry for the delay in getting back to you with a revision of the
paper.

Attached please find a revised summary by Tim Koller.  We hope it reflects
well the discussion of our previous meeting. Before the next meeting, it is
our intention to send along the longer discussion paper that would mirror
this summary.  I suggest this next meeting take place as a conference call
at one of the following times.  Please indicate with an "X" in the boxes
next to the proposed dates which dates are good for you.

   Monday, November 20, 5 p.m. EST [ X  ]

   Tuesday, November 21, 5 pm EST  [   ]

   Monday November 27, 6 pm EST  [ X  ]

We would like to get everyone's views in advance of this conference call,
either in writing or by phone.  Please indicate below what your preference
would be.  If a call is preferred, Valerie Petersen will contact your office
to set it up.

   Call [   ]

   Writing [   ]

There will be one last meeting scheduled after the conference call meeting
takes place to go over the final draft.

Look forward to hearing from you.

Thanks very much,
Jeff

 <<SEC Doc Draft 1029 short.doc>>

 - SEC Doc Draft 1029 short.doc


Left message w/ Cindy, will adivse.

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


Meeting scheduled at Mr. Skilling's request.  He will not be attending.


Welcome to Diabetes E-News Now! - Health Care Professional Edition, the
electronic newsletter of the American Diabetes Association for health
care professionals. You are receiving this newsletter because you have
been active on the http://www.diabetes.org Web site.

If you experience any difficulty accessing the news articles, they are
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__________________________________

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2. The American Diabetes Association 61st Scientific Sessions is Fast
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3. Los Angeles Postgraduate Course
4. Review of DiabetesOneStop.com
5. Facilitating Lifestyle Change: A Resource Manual
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4. Review of DiabetesOneStop.com

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services and people of the diabetes-focused Web site
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care professionals, people working for the pharmaceutical industry,
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your patients with diabetes. This valuable tool approaches lifestyle
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heart disease that's always reviewed by physician-editors before
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http://list.diabetes.org/UM/T.ASP?A19.22.106.1.10460

________________

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service stories only and not by the American Diabetes Association.
Therefore, the American Diabetes Association has no control over the
editorial or grammatical content and does not endorse the information
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Neither the American Diabetes Association nor any third-party provider
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---------------------- Forwarded by Kay Mann/Corp/Enron on 12/06/2000 06:40
PM ---------------------------

Kay Mann
12/06/2000 06:36 PM
To: theherington@bracepatt.com
cc:

Subject: Westinghouse 501D5A damaged generator

Hi.

You probably thought that I feel off the end of the world.  Please take a
look at this and give me a call.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/06/2000 06:34
PM ---------------------------

Scott Laidlaw@ENRON_DEVELOPMENT
12/06/2000 03:41 PM
To: John Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Ben Jacoby/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Chris
Booth/NA/Enron@Enron, Dan Shultz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Matthew
Tezyk/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank R
Cervenka/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Westinghouse 501D5A damaged generator

john - thanx for your time on phone this afternoon.

a) just received cc of letter from westinghouse.  in it, they assert that:

"title to the existing generator passed to enron upon delivery into the
united states.  delivery occurred at houston on or about 23jul00.  as
required by the contract and incoterms 1990, risk of loss to the generator
passed to enron when the generator arrived (ddp) at houston while the
generator remained on board the common carrier.  the generator was delivered
in an undamaged condition.  title and risk of loss passed to enron before the
water damage to the generator occurred."

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

b) per the contract between enron and westinghouse:

section 15.1.2 title to Equipment - Title to the Equipment will pass to
Purchaser immediately upon entry into the united states.
section 15.2 risk of loss - Seller shall bear the risk of loss and damage
with respect to the Equipment until delivery of the Equipment to the Delivery
Point in accordance with Section 3.2.1.  Seller shall be required to inspect
the Equipment for damage at the Delivery Point.
section 3.2.1 - Seller shall cause the Equipment to be delivered to the
Delivery Point on a DDP basis in accordance with Sections 10.2.1 by the date
set forth therein.
section 3.2.2 - Seller shall be responsible for delivering the CT-Unit DDP to
the: (iii) u.s. port of export by any means of transport.
section 3.2.3 - Seller shall perform customs clearance for the Equipment
through u.s. customs and pay any import duties.
section 10.2.1 Guaranteed Unit Delivery Date - Seller will cause the CT-Unit
(author's note - includes the generator) to be delivered in an undamaged
condition in accordance with the Specification-CT to the Delivery Point (DDP)
in accordance with Schedule I below (the Guaranteed Unit Delivery Date).
(author's note - the date specified in the contract was later slipped per
agreement with enron).
section 10.2.3 Completion of Delivery - delivery of the CT-Unit to the
Delivery Point shall be considered complete for the purposes of Delivery
Liquidated Damages as it pertains to the delivery of Major Components
(author's note - includes the GT and generator) when the last Major Component
of such CT-Unit is delivered DDP to the Delivery Point in complete and
undamaged condition.  ...  Purchaser shall have the right to inspect the
Equipment for condition of the Equipment upon actual delivery.  Purchaser
reserves the right to reject damaged Equipment at any location; however, in
the event a portion of the Equipment is damaged or defective upon delivery to
the Delivery Point, Purchaser after making an initial assessment of the
damage or defect and consulting with Seller as to how such damage will affect
the installation , operation, performance, reliability, efficiency, and
warranty of the damaged Equipment may either:
(i) reasonable determine that such damage or defect is such that the
preceding criteria is so adversely affected that Purchaser cannot accept
delivery of the damaged Equipment and declare that delivery has not occurred,
or
(ii) after taking into account such criteria and Seller's proposed plan for
correcting such damage or defect in accordance with Section 9.5, declare that
delivery has occurred: in the event Purchaser discovers such a damage or
defect, it shall notify Seller of such as soon as practical.

c) facts of the case, as we know them:

common carrier ship carrying the generator supposedly arrived in port of
houston approx. 14jul00.  i.e., that was the ship's estimated time of arrival
(eta).
westinghouse is claiming that delivery occurred on or about 23jul00.
enron representative (frank cervenka) went to CTSS (i.e., the westinghouse
facility here in houston) on friday, 21jul00 to inspect the combustion
turbine.  during that inspection, westinghouse employees informed him that
the generator had salt water damage at the port.  as a result, the following
monday, 24jul00, he visited the port of houston with the siemens-westinghouse
insurance adjustor and saw the damaged generator.  note - this was just a
cursory visit to verify that in fact the unit had been damaged.  the full
extent of the damage and impact on the project was not known at that time -
e.g., repair or replace were still viable options.
enron received formal notification (faxed letter) of the damaged generator on
approx. 18aug00.
enron has already made progress payments to siemens-westinghouse in the
amount of 95% of the contract value of the gas turbine and generator.
DDP, per incoterms 1990, means delivered duty paid.
Westinghouse, despite 2 prior requests from enron, has not provided copies of
the customs clearance documentation.  i.e., we don't know the exact date that
the generator cleared customs, or if it cleared customs.
title means ownership, but does not imply either risk of loss or care,
custody, and control.  with title comes both ownership and the responsibility
for payment of taxes.

d) info not known by enron:

when did ship come into port?
when did damage to generator occur?
when, or if, u.s. customs duties were paid?

f) info known by enron:

generator is a total loss, as determined by westinghouse.
per section 10.2.3 of contract, enron was not given the formal opportunity to
inspect the damaged generator until a month after it arrived in port.  as
recalled by matt tezyk, westinghouse was then advised by enron in writing
that the generator was rejected and that delivery had not occurred.
(author's note - matt to find cc of that letter).

g) enron's assertions are that:

DDP was not satisfied.  i.e., delivery of the generator did not occur in
accordance with the terms of the contract.
title (i.e., ownership) remains with siemens-westinghouse.
risk of loss remains with siemens-westinghouse.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

john - plz assess the copy of the contract provided to you this afternoon
under separate cover.  we request a legal opinion as to whether delivery, in
accordance with the contract, of the CT-Unit occurred or not.  plz call with
any questions.  regards.  scott.


Whoo-hooo!

Evelyn Metoyer@ENRON
02/21/2001 02:16 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: 2/21 Checkout

Amerex West Checkout
No errors- Clean Checkout

Prebon West Checkout
No errors-Clean Checkout

Bloomberg Checkout
No errors-Clean Checkout

Thanks!!


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Thank you.  Phil made me promise to ask.


Kay-

Go ahead and issue the breakout contract as is for the LM6000's at Austin.  I
will give you some wording for a change order to increase the number of TD of
I hours and days of per diem.  The way the contract is written, it will save
us money to issue a change order as opposed to changing the base number of
hours in the contract.

Sections 2.0 and 8.0 of Exhibit H-1 states that over time hours within the
original 240 hour total are deduducted at time and a half.  Total TD of I
hours worked in excess of the 240 hour total are only marked up by 22%.
(Straight time = $135/hr, overtime = $165/hr)

I will give you some wording as soon as I get an estimate from the field on
how many days of per diem will be used.

Thanks,
Eric Booth


FYI

-----Original Message-----
From: Huhman, Steve [mailto:steve.huhman@mirant.com]
Sent: Monday, August 27, 2001 7:00 PM
To: 'Dan Douglass'; ARM; Vicki Sandler; Tamara Johnson; Mara, Susan;
Huhman, Steve; Roger Pelote; Rob Nichol; Randy Hickok; Nam Nguyen; Jim
Crossen; Dasovich, Jeff; Janie Mollon; Jack Pigott; Greg Blue; George
Vaughn; Gary Ackerman; Ed Cazalet; Denice Cazalet Purdum; Curtis Kebler;
Curt Hatton; Corby Gardiner; Charles Miessner; Carolyn Baker; Bill Ross;
Karen Shea; Max Bulk
Subject: RE: CRITICAL!! IMMEDIATE REVIEW NEEDED

If Legal analysis indicates that we can make a strong case for either
hearings, or a change of date, Mirant would be a supporter. Due to time
constraints, we may not be available to contribute to strategy discussions
in the next day or two, however. If the group comes up with an action that
it believes makes good sense, Mirant will participate. - - Steve

-----Original Message-----
From: Dan Douglass [mailto:douglass@energyattorney.com]
Sent: Monday, August 27, 2001 7:23 PM
To: ARM; Vicki Sandler; Tamara Johnson; Sue Mara; Steve Huhman; Roger
Pelote; Rob Nichol; Randy Hickok; Nam Nguyen; Jim Crossen; Jeff Dasovich;
Janie Mollon; Jack Pigott; Greg Blue; George Vaughn; Gary Ackerman; Ed
Cazalet; Denice Cazalet Purdum; Curtis Kebler; Curt Hatton; Corby Gardiner;
Charles Miessner; Carolyn Baker; Bill Ross; Karen Shea; Max Bulk
Subject: CRITICAL!! IMMEDIATE REVIEW NEEDED

THE COMMISSION HAS ISSUED A REVISED DRAFT OF THE BARNETT DECISION TODAY
WHICH RETROACTIVELY SUSPENDS DIRECT ACCESS TO JULY 1.

The cover letter states as follows:

"This version differs from the draft mailed on August 15, 2001 in several
ways. First, the effective date of the suspension has been changed from
September 1, 2001 to July 1, 2001 (as proposed in the draft mailed June 15,
2001). Second, the draft decision clarifies that customers who have executed
direct access contracts prior to July 1, 2001 may continue to receive power
from electric service providers for the initial term of the contracts.
Several other editorial and explanatory changes have also been made.

Assembly Bill No. 1 from the First Extraordinary Session (AB1X) requires
that direct access be suspended until the Department of Water Resources no
longer supplies power to the customers of the three largest regulated
electricity companies. It directs that the Commission determine the
effective date of the suspension. In order to reduce the possibility of harm
to customers and to resolve potential conflict, parties should comment on:
(1) whether AB1X suspends the entire direct access program, including all
transactions under that program, (2) how the Commission can comply with AB1X
if it exempts written contracts for direct access executed before July 1,
2001 from the suspension, and (3) whether July 1, 2001 is an appropriate
date for the suspension......Comments on the draft decision are permitted.
Those comments are to be electronically served on the service list (for
those who have electronic addresses) no later than 10:00 a.m. on September
4, 2001, and shall be filed with the Commission by 5:00 p.m. on that date."

The specific wording in the Decision is:

"The Legislature has directed this Commission to suspend direct access until
DWR no longer procures power for the retail end-users, and we find it should
be suspended effective July 1, 2001.  The Legislative direction is clear;
and the suspension should apply to SCE, Pacific Gas and Electric Company
(PG&E), and San Diego Gas & Electric Company (SDG&E).  In the interest of
providing cost stability for current direct access customers, written
contracts for direct access signed before July 1, 2001 are exempt from the
suspension for the initial term of the contracts."

It also provides that:

"In comments on the draft decision, several parties questioned the need for
the Commission to implement the legislative suspension of direct access as
soon as July 1, 2001.  By the draft decision mailed for comment to the
parties on June 15, 2001, market participants were provided notice that
direct access would be suspended as of July 1, 2001.  The Commission
postponed its consideration of the draft decision.  However, we do not
change the effective date of the suspension.  The underlying legislation was
introduced on January 3, 2001, enrolled and sent to the Governor on February
1, 2001, and signed by the Governor the same day.  Market participants have
now had eight months since then to prepare for this event.  We do not wish
to reward customers who have switched to direct access since July 1, 2001 in
the hope that we would change the effective date of the suspension when this
switch could disadvantage customers who continue to receive bundled service
from the utility."

The decision also states that no parties have raised any factual issues
which would justify hearings, which presumably, although not explicitly,
disposes of the joint AReM/WPTF filing.  I presume we will want to file in
strong opposition.  Suggestions on strategy?  It might be a good idea to
have a conference call on this and get started immediately with raising a
movement to counter this.

Dan

Law Offices of Daniel W. Douglass
5959 Topanga Canyon Blvd.  Suite 244
Woodland Hills, CA 91367
Tel:   (818) 596-2201
Fax:  (818) 346-6502
douglass@energyattorney.com <mailto:douglass@energyattorney.com>


The NYISO is reserving HB 6 and HB 16-19 in the 26 December 2001
Real-Time Market to verify prices.

The NYISO is reserving the following hours at the following
external proxy buses per ECA20010908B:

HQ: 5:00 - 7:00, 23:00
NE: 5:00 - 7:00, 23:00
OH: 5:00 - 7:00, 10:00, 11:00, 14:00-16:00, 23:00
PJM: 0:00, 5:00 - 7:00, 23:00

BME Locational Reserve Prices:  Reserve HB 13:00 and 14:00

Prices in the 27 December 2001 Day-Ahead Market are correct.

This e-mail information is a copy of the official posting which can be
found at the following address of our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm

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I'm really sorry about the confusion - I actually just got filled in myself.
I entered these deals for Mike Swerzbin yesterday, but he gave me an
incorrect delivery point (mid-columbia instead of montana system border).
Then Cara Semperger, in Scheduling, went in to change the delivery point and
felt that the deal should be combined into one with three legs instead of
three separate deals.

So, in the end, she killed 597244 and 597245, and added two legs to 597246.
I'm not sure she talked to John Malowney about any of this, otherwise he
probably would have told her that he already approved the confirm letter.

Please let me know if you'd like comments added to this deal, and I'll do it
right away.

Thanks for your help on this,
Kate

	From:  Sharen Cason                           05/01/2001 03:30 PM

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

Subject: Montana power

Help, I'm confused!  Yesterday I prepared a confirmation for three Montana
Power deals, # 5467244, 597245, 597246.  I sent it to John Malowney and he
approved it and I faxed it out. Today I noticed two of the deals have been
killed and two legs added to the other deal.  I think it is the same deal,
but can someone put notes into the deals saying what they did and why?

Thanks!