As of this week EnronOnline has just started offering US/Canadian Dollar
Swaps Online.  As part of my review in determining whether a counterparty can
transact these products online I look at the Financial Trading Agreement
Database to see if there are any restrictions indicated, check the master
swap agreement, and I am also looking at any Board Resolutions we might have
received when we got the master agreement executed.

What I am finding is that in the old days when we asked for resolutions
evidencing the authority to enter into the master agreement/derivative
transactions frequently the resolutions do not allow the counterparies to
enter into currency transactions.  Since transacting these currency
transactions with our energy customers is a new area of business for us I
just wanted us all to be mindful to check these old resolutions and not to
rely solely on the "Restrictions" contained in Lotus Notes.


What about this?  Is this the QSE defn? [Rorschach, Reagan]  No, that would be Qualified Scheduling Entity that has a very lengthly ERCOT definition.  This was greatly simplified to eliminate any confusion.  I think it is OK as is.

"Scheduling Entity" means an entity contemplated to be recognized by SPP, and fully qualified under SPP rules and regulations, to schedule the transmission of Energy, Capacity and Ancillary Services from the Facilities.

From:	Reagan Rorschach/ENRON@enronXgate on 05/31/2001 07:51 AM
To:	Kay Mann/Corp/Enron@Enron
cc:

Subject:	RE: Are we confusing scheduling services with QSE type stuff?

Kay, lets couch it as below...or similar....what I did below is botchy.

Reagan C. Rorschach
Enron North America
1400 Smith Street
Houston, Texas 77002
713.345.3363

 -----Original Message-----
From: 	Mann, Kay
Sent:	Wednesday, May 30, 2001 10:52 AM
To:	Rorschach, Reagan
Subject:	Are we confusing scheduling services with QSE type stuff?

(20) If and when a new RTO begins operation, seek to  [Rorschach, Reagan]  comply with scheduling requirements and to satisfy [Rorschach, Reagan]  such rules and protocols [Rorschach, Reagan] that are created in [Rorschach, Reagan]  association therewith.


Thanks for the summary.  I had missed your prior e-mail on the topic.  Mark


Start Date: 3/4/01; HourAhead hour: 14;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030414.txt

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/4/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: WHEEL
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/4/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 14 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/4/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_MAR4
  ENGY_TYPE: FIRM


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

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

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

Subject: Re:

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

Thanks,
Kate

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

Subject:

458406

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

thanks


I talked with Scott Tholan and he immediately understood your concerns.  I
don't think there is anything else you need to do right now.  Let me know,
though, if there are requests for information you consider inappropriate.

	From:  Cynthia Sandherr                           09/14/2000 11:53 AM

To: Steven J Kean/NA/Enron@Enron
cc: Joe Hillings/Corp/Enron@ENRON, Richard Shapiro/HOU/EES@EES, Chris
Long/Corp/Enron@ENRON

Subject: washington contacts

Steve:  As discussed, I spoke with Clay and raised the points we discussed.
Thus, I'm a bit surprised to receive this "cover" type memo.  To be clear
with you, as I was with Clay (he repeated back my message verbatim so I feel
he understood the issue), the issue is not maintaining excellent
relationships, rather the issue is inappropriate requests for insider
information.  By the way, the Administration meeting which set off the
problem, Clay stated he doesn't remember where that information came from.  I
have followed up with DOE and the Hill as discussed.  Please let me know if
we need to do anything further.  thanks.
---------------------- Forwarded by Cynthia Sandherr/Corp/Enron on 09/14/2000
12:57 PM ---------------------------

Clayton Seigle@ECT
09/14/2000 11:41 AM

To: Cynthia Sandherr/Corp/Enron@ENRON
cc: Joe Hillings/Corp/Enron@ENRON, Scott Tholan/Corp/Enron@Enron, Robert
Johnston/HOU/ECT@ECT

Subject: washington contacts

Dear Cynthia:

Just wanted to follow up with you from our conversation this morning.  Our
office completely understands that maintaining excellent relations with your
government contacts is the highest priority.  We therefore understand the
need to cease inquiries on current issues.  We would never suggest taking any
actions that could even be construed as improper, and we are continuously
ensuring that our own work adheres to this principle.

We regret any difficulties that have arisen as a result of your making
inquiries on our behalf.  We will ensure that similar problems do not arise
in any future cooperative efforts between our offices.

Thanks again for your assistance.

Best regards,

Clay Seigle
Enron North America


Bill and Legal Team:

Ed and Melissa worked on the confirms based on the latest format for ring trades (taken from the aep/allegheny rings recently done) for the two sets of rings between EPMI/PGET/Constellation.  I have reviewed all attachments and they look fine.

Please review.  I will assume that legal will be forwarding a template or these drafts on to the counterparties.

Thanks,
Tracy

 -----Original Message-----
From: 	Murphy, Melissa Ann
Sent:	Wednesday, November 14, 2001 4:23 PM
To:	Sacks, Edward; Ngo, Tracy
Subject:	EPMI, PGET, Constellation confirms

 << File: EPMI sale to PGET PJM.doc >>  << File: EPMI sale to PGET SP-15.doc >>  << File: PGET sale to Const PJM.doc >>  << File: PGET sale to Const SP-15.doc >>  << File: Const sale to EPMI PJM.doc >>  << File: Const sale to EPMI SP-15.doc >>

Let me know if there are any changes that need to be made.

Thanks,
Melissa
3-1886


My pick for week three is San Fransisco


IntercontinentalExchange
                                                                                Firm Power Price Bulletin
                                                                                For Power Delivered on Thursday, October   04, 2001
                                                                                (Trade Date of Wednesday, October   03, 2001)
Click here to access index history .
                                                                                * volume represents sell-side only *

Hub	High	Low	Wtd Avg Index	Change ($)	Vol (Mwh)
Cinergy	         $22.50	         $20.30	         $20.99	-    .66	         141,600
Comed	         $19.75	         $19.00	         $19.18	-   1.28	          13,600
Entergy	         $18.75	         $16.75	         $17.83	+    .74	          14,400
Nepool	         $36.25	         $35.00	         $35.50	-   1.21	           9,600
PJM-West	         $29.25	         $28.50	         $28.89	+    .81	          24,000
SP-15	         $26.25	         $25.25	         $25.66	-    .16	           3,200
TVA	         $22.00	         $19.75	         $20.54	+    .41	           4,800

                                                                                Includes all trades done from 6 AM to 11 AM Central Prevailing Time on the trade date specified for financially firm power delivered during the on-peak hours (6 AM - 10 PM CPT for Eastern hubs / 6 AM - 10 PM Pacific Prevailing Time for Western hubs) on the delivery date(s) specified.
                                                                                IntercontinentalExchange is the world's most liquid trading platform for over-the-counter energy and metals.  Active markets include North American power and natural gas, global crude and refined oil products, and precious metals.  Traded instruments include forwards, swaps, and options.
To become an Exchange Participant or inquire about the indices, please contact sales@intcx.com .
This information is sent to you free of charge and may be redistributed in its entirety.  Republishing in any other form is prohibited.
If this was forwarded by a friend and you would like to receive your own daily bulletin, click here to subscribe .
To unsubscribe from this service, click here unsubscribe .
                                                                                ?Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved.


BUSINESS HIGHLIGHTS

Oil Products Group
The Enron Global Markets Oil Products Trading Team is at it again.  On
December 27, 2000 they successfully completed four EnronOnline trades with a
total volume of 40 million barrels and a total notional value of
approximately $145 million.

? USGC Heating Oil Crack - 1.3 million barrels/month for calendar year 2001
for a total of 15.6 million barrels and a notional value of $60.84 million;
? USGC Heating Oil Crack - 700,000 barrels/month for 1Q 2001 for a total of
2.1 million barrels and a notional value of $12.18 million;
? USGC Gasoline Crack - 1.2 million barrels/month for calendar year 2001 for
a total of 14.4 million barrels and a notional value of $54.72 million;
? USGC Jet/Heat Swap - 650,000 barrels/month for calendar year 2001 for a
total of 7.8 million barrels and a notional value of $17 million;

This team has completed trades withe the largest volumes and highest notional
values to date on EnronOnline.

Steel Trading
On the steel trading side, we have just hired 4 steel traders, expanding the
steel team to 10 people totaling over 75 years of accumulated steel
experience.  Financial Hot Rolled steel swaps are on EnronOnline. Put and
call options are quoted and physical steel will be launched during the first
quarter of 2001.  The next goal for both originators and traders will be to
"Enronize" the new traders and educate the steel industry on our risk
management tools.

IN THE NEWS

"Enron, once focused on shipping natural gas through pipelines, made huge
strides into new markets in 2000 by developing technology to trade everything
from electricity to Internet data capacity." -- The Year's Top Business
Stories in the Houston Chronicle

NUGGETS & NOTES

"Work hard, Play hard" - Jeff McMahon - President & CEO - EIM

"January 1 the real game has begun...........have you seen our budget!" - Ray
Bowen - MD & COO - EIM

EIM employees to Marsha Schiller - Executive Assistant and floor coordinator
for EIM , " I need a desk!"  I don't want to sit in the window!"

Congratulations are in order for Tim Belden, VP/West Power Trading and his
wife Sue.   They started off the New Year celebrating the birth of their son,
Jackson Fletcher Belden.  Jackson arrived, December 28, 2000, weighing 8lbs
10oz, 20 inches long.  Mother, baby, and father are doing well.

WELCOME

New Hires ENA/EIM/EGM
ENA ) Alexandra Villarreal

Transfers ENA/EIM/EGM
ENA ) Frank Vickers

LEGAL STUFF

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


Tasha,

Sorry I missed your B-Day. I wasn't feeling too great on Saturday so I just
layed low. Do you want to get together for a drink one night this week?

w/b

Chris


Here's what I've added to my answer to address Ni's question.  Let me know if
you have comments.
I'll have a final draft out shortly.

 Prior to the deadline for filing interventions, Transwestern received a
request from Commission staff for clarification of the criteria for awarding
of Shipper call options.  The procedure will be as follows:  an advance
posting will specify the term of the available option, term of transportation
service, transportation volume, and instructions for bidding.  Shipper call
options will be awarded based upon the highest rate payable for the option
component.


MEDIA ADVISORY

December 12, 2001

Power Surge on IntercontinentalExchange As New Record Is Set
ICE trades 16.7 million megawatt hours on Tuesday

Atlanta, GA (December 12, 2001) IntercontinentalExchange, one of the world's
most liquid and fastest growing commodity marketplaces, announced today that
ICE set a new single day North American power trading record of 16.7 million
megawatts on Tuesday, December 11, 2001, breaking the previous record by
more than a million megawatt hours.

Moreover, recently launched additions to the ICE power market contributed to
that record volume including power for delivery into AEP and into Southern
hubs as well as hourly, off-peak, and weekend power markets at several hubs
in the West and the East.

The past few weeks, ICE has experienced strong trading activity across the
board with a daily record for gas trading set on December 4th and oil,
precious metals, weather derivatives and emissions allowances also showing
continuous growth.

Digital traffic, i.e. the number of bids, offers and price changes on the
system, is still at a high and the new user requests continue to come in at
a rapid rate.

About IntercontinentalExchange

IntercontinentalExchange is one of the world's most liquid and fastest
growing commodity marketplaces, owned by over 100 of the world’s leading
energy and metals traders, brokers and bankers.

The ICE electronic trading system is installed on over 8,000 desktops
worldwide from which traders log on each day of the business week to trade
more than 600 listed commodity and derivative contract types.  Broadly,
these include crude oil and refined products, natural gas, power, precious
metals, weather derivatives and emissions allowances.  Contract forms
include physical delivery as well as financially settled swaps, spreads,
differentials and options based on a variety of fixed and floating price
indices.

Based in Atlanta (and with offices in New York, Houston, Chicago, London and
Singapore), ICE is taking the technological revolution that occurred in
international financial markets and extending it into global commodity
markets.

IntercontinentalExchange is the owner of the International Petroleum
Exchange of London (IPE), Europe’s leading energy futures and options
exchange.  The IPE provides highly regulated open outcry and electronic
marketplaces where industry participants use futures and options to manage
their price risk exposure in the physical energy market.

Products traded on IPE include Brent Crude futures and Options, Gas Oil
futures and Options, Natural Gas futures and Electricity (baseload) futures.

For more information about IntercontinentalExchangeTM, please visit the
website at www.intcx.com.  More information about IPE can be found at
www.ipe.uk.com.

###

Contact:
Dorien van Boven, JoAnn Healy - Trimedia Inc.
Tel. (212) 888-6115 x231 x 226
dorien@trimediapr.com, joann@trimediapr.com


The Big Game Trivia Challenge presented by Smirnoff Ice <http://promotions.go.com/espn/smirnoffice/img/smirnoffice_email_header4.gif>
  <http://promotions.go.com/img/spacer.gif>	  <http://promotions.go.com/img/spacer.gif>
Test your knowledge of the big moments in football's biggest game. Take the Big Game Trivia Challenge <http://ts.go.com/bk?bs=1&bj=3087&bu=11231579&bt=9035> for the chance to enter the Smirnoff Ice Big Game in the Big Easy Sweepstakes.
  <http://promotions.go.com/img/spacer.gif>
We're sending away one lucky winner and a guest for a weekend extravaganza that includes round-trip airfare plus four days' accommodations for two in New Orleans, $1,000 spending money and VIP tickets to the SMIRNOFF ICE? and ESPN The Magazine's Players Gala where Players, Celebrities and National Recording Artists will all come together to celebrate the Big Game in the Big Easy in style.
	  <http://promotions.go.com/espn/smirnoffice/img/smirnoffice_email_rh6.gif>
  <http://promotions.go.com/img/spacer.gif>	  <http://promotions.go.com/img/spacer.gif>
 <http://ts.go.com/bk?bs=1&bj=3087&bu=11231579&bt=9035>
  <http://promotions.go.com/img/spacer.gif>
This message was sent to: mswerzb@ect.enron.com
This message was sent to you as an opt-in subscriber to ESPN.com. If you do not wish to receive special offers from our sponsors in the future, please click here <http://ts.go.com/bk?bs=1&bj=3087&bu=11231579&bt=9036>.

  <http://ts.go.com/bk?bs=2&bj=3087&bu=11231579>


I thought you hated getting involved.  Just kidding. Congrats.

Lavo

---------------------- Forwarded by John J Lavorato/Corp/Enron on 10/10/2000
04:29 PM ---------------------------
 Office of the Chairman
From: Office of the Chairman on 10/10/2000 03:22 PM
To: All Enron Worldwide
cc:
Subject: Management Announcement

We are pleased to announce that Cliff Baxter has been named Vice Chairman of
Enron Corp.

Cliff joined Enron in 1991 and has served in a variety of leadership
positions in Enron Corp. as well as Enron,s wholesale business, including Sr.
Vice President of Corporate Development for Enron Corp., Chairman and CEO of
Enron North America, and Chief Strategy Officer for Enron Corp.

In his new role, Cliff will focus on the strategic repositioning of the
company as we continue to increase our return on invested capital.
Initially, much of that activity will center on the disposition of certain
assets.  Cliff,s leadership and experience at both the corporate and
operating company levels will enable him to lead the effort on this
company-wide priority.

Please join us in congratulating and supporting Cliff in his new role.


Dear All,

	EnPower Production will be down between 9PM - 12PM tonight.

	Please let us know if there is any problems, and if there is any delay in PortCalc or Excel ( Database related) processing.

	Thanks,

Norman.


Drew,

Did you already approve this expense report and send it to accounting?

Denise

---------------------- Forwarded by Denise LaGesse/ET&S/Enron on 12/05/2000
10:50 AM ---------------------------

DENISE LAGESSE
11/16/2000 04:04 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Susan Scott/ET&S/Enron@ENRON

Subject: Susan's expense report 11/16/00

Please approve the attached expense report and cc: me on your approval.
Thanks!


I cannot attend.


Tom,

Hope this helps.

1)  Only the power positions need to be queried.  Gas positions for spread options and heat rates are included in the gas bench.

2)  Any power Exchange transactions should be included, but the gas transactions calculated in ERMT should not be included as they are on the gas bench.

Thanks,
Stacey
 -----Original Message-----
From: 	Victorio, Tom
Sent:	Monday, October 22, 2001 7:59 AM
To:	White, Stacey W.
Subject:	FW: Adhoc query

Hi Stacey. Norman had a couple of questions regarding extracting position info from Adhoc. Can you please provide answers to the first 2 below. I wanted to be consistent with how you are reporting your positions in your reports.
Thanks.
- Tom

 -----Original Message-----
From: 	Lee, Norman
Sent:	Friday, October 19, 2001 7:52 PM
To:	Victorio, Tom
Subject:	RE: Adhoc query

Dear Tom,

	 1) Are you only interested in the Power positions? Do you need the Gas position for a Spread Option deal?

	 2)  Do you want only the Post IDs officialized by Power PortCalc, so the Exchange deals' position calculated in ERMT need not be included?

	 3)  Can the results be in vertical format? e.g.

	East	Nov-01		100
	East	Dec-01		200
	...
	West	Nov-01		101
	West	Dec-01		201
	...

	Thanks,

Norman.

 -----Original Message-----
From: 	Victorio, Tom
Sent:	Friday, October 19, 2001 8:19 AM
To:	Lee, Norman
Subject:	Adhoc query
Importance:	High

Hi Norman. I've tried running some queries using Adhoc and I always get too detailed information. We only need total MONTHLY peak and off-peak positions for a couple of portfolios.

I've attached a file to illustrate the information we need. Can you please take a quick look and let me know if it would be possible to write a query to generate the info on a daily basis. Since the query may take a while to run, and we need the info by 7:00AM everyday, I would prefer to automatically run the query at say 5AM?

Let me know your thoughts. Thanks.
- Tom

 << File: Power positions.xls >>


Yes, please.

From: Suzanne Adams@ECT on 01/04/2001 04:03 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Turbine/Transformer Prototype Documents

Would you like the folder labeled as you have the subject line of this email?

	Kay Mann@ENRON
	01/04/2001 03:58 PM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: Turbine/Transformer Prototype Documents

Please print two copies, put one in a folder.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/04/2001 03:57
PM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 01/04/2001 03:43:20 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: Turbine/Transformer Prototype Documents

 <<2RZ502!.DOC>>  <<2rz602!.DOC>>  <<2rz802!.DOC>>

Kay:

We have enclosed the most recent drafts of the following "prototype"
documents:

1.  Letter Agreement for the turbine transaction;
2.  Letter Agreement for the transformer transaction
3.  Limited Liability Company Agreement fur the turbine/transformer
transaction.

These documents were last revised on 12/15/2000.  Since that time, we made a
number of changes to the letter agreement in the InterGen transaction that
you might also wish to consider for the prototype.  These items include (i)
provisions for submission and approval of the facility agreement, (ii)
requirement that the entire purchase price be funded into escrow upon
approval of the facility agreement, (iii) pro-ration of property taxes, (iv)
requirement for liability insurance through date of commercial operation,
and (v) tweaks in the termination language that would provide a right to
terminate, rather than automatic termination.  Let me know if we can be of
any assistance.  Thank you.

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

Enclosures: 129569v2
  129570v2
  129572v2

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

 - 2RZ502!.DOC
 - 2rz602!.DOC
 - 2rz802!.DOC


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
04:41 PM ---------------------------

Nelson Neale@ENRON
12/22/2000 03:15 PM
To: Vasant Shanbhogue/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Contact info

I will be out next week.  If there are any problems with or questions
concerning the grains report, please let me know.  I can be reached on my
cell phone at 713-303-5973 and will periodically check voice mail.  Have a
good holiday!

Nelson


We appeared to have some problems with a couple of web sites on Saturday
evening / Sunday afternoon.  Unfortunately, I was not home at that time to
be able to reset them.  Upon returning home this evening (Sunday), I took a
look and the following cycles did not get scraped:

05/19/2001
Kern, Cycles 2 & 4
Transco Cycle 2

05/20/2001
KM (Points R & D, Segments) Cycle 2
Transcolorado (R & D, Segments) Cycle 2
Kern, Cycle 3
Northwest, Cycle 6

I have reset all of the jobs...unfortunately, I suspect there is data loss
for the above cycles. One of our "old friends", the 1line Williams site, is
definately the cause for the Northwest, Kern and Transco misses.  This site
still appears to be having problems, so it should be checked for the next
couple of days.  When trying to go to it tonight, I received various errors,
and the general site layout appeared different since the last time I looked
(this means they could potentially change the layout of the page we get data
from as well).

As I write this, "capture" jobs for Kern, Northwest, and Transco are failing
due to "Internal Server Errors".

Hopefully, this is a short-term problem, and these sites will stabilize
soon.  The bright side of this story is that the Jaguar system did exactly
what it was supposed to do when these problems occur...it retried until the
job attempts seemed fruitless, then it sent pages to report the problems.

Chris


Home number is (713) 355-8738
Ben


FYI.
 -----Original Message-----
From: 	Brown, Elizabeth
Sent:	Saturday, September 22, 2001 10:58 PM
To:	Watson, Kimberly; Blair, Lynn; Dietz, Rick; Donoho, Lindy
Subject:	K #27291 - Invoices not capturing incremental fees for alternate points

FYI - In working to load rates for the FERC California reporting requirements, it appears that for the last four months Duke Energy T & M contract #27291 has not been billed the incremental fee of $0.06/dth for alternate deliveries to the Cal Border (over and above the base discount negotiated for the contracted primary points).

Please let me know if you have any questions.

Thanks,
Elizabeth
x3-6928


The carpet in our office is scheduled to be professionally cleaned on the evening of Wednesday, June 6.  The Facilities office at World Trade Center is requesting we pick up trash cans, floor mats, boxes, etc., from the floor so they can effectively clean most of the carpets.

Therefore, before you leave work on Wednesday, June 6, PLEASE pick up trash cans, floor mats, boxes, etc., from the floor so the carpet can be cleaned.

Let me know if you have any questions.


I'm oozing with free time.  Monday sounds great.  Thanks.

	Jacqueline Kelly <JKelly@FairIsaac.com>
	11/17/2000 01:12 PM

		 To: "'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>, Jacqueline Kelly
<JKelly@FairIsaac.com>
		 cc: "Chris Neale (E-mail 2)" <chrisjneale@hotmail.com>, "Jeff Dasovich
(E-mail)" <dasovich@haas.berkeley.edu>, "Kimberely Kupiecki (E-mail)"
<kupiecki@haas.berkeley.edu>, "Ted Chin (E-mail)" <tedchin@hotmail.com>
		 Subject: RE: StadiumS

Unless you guys will have a lot of free time this weekend, I propose we
divvy on Monday at the break.

-Jackie

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Friday, November 17, 2000 11:05 AM
To: Jacqueline Kelly
Cc: Chris Neale (E-mail 2); Jeff Dasovich (E-mail); Kimberely Kupiecki
(E-mail); Ted Chin (E-mail)
Subject: StadiumS

Thanks for hosting, Kim.  Jackie mentioned the list of tasks that remain to
get this done (e.g., graphs, make spreadsheet pretty, write-up, etc.).
I'lll do whatever needs to be done, so once folks have picked which task
they'd like to take on, just let me know what's left.  Or if there's
another way folks would like to divvy up the chores, that's great, too.
Have a great weekend.  See you Monday.

Jackie, could you email the latest version around when you get a chance?
Thanks.

Best,
Jeff


Here it is.


Notice No. 01-96
March 21, 2001

TO:
All COMEX Division Members/Member Firms
All COMEX Division Clearing Members
All COMEX Division Floor Traders
All COMEX Division Operations Managers

FROM:
Michael Campanelli, Vice President
Floor Operations / COMEX Division

RE:
Options Expiration Operational Procedures for the Trading Floor and Clearing
Members
______________________________________________________________________________

The expiration date for the April 2001 options contract for Copper (HXJ1) and
Aluminum (OAJ1) is Tuesday, March 27, 2001.

 GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized on-line
trade entry (&OLTE8) system trained representative available until released
by the Exchange staff.  All adjustments  and/or corrections, must be
accompanied by relevant supporting documentation prior to being incorporated
into expiration processing, in essence making the expiration processing an
extension of the afternoon trade resolution procedures.

Exchange Clearing (299-2110) and Trade Processing (299-2465 and 299-2044)
personnel will be available to assist with the processing of notices of
Exercise and Abandonment, position transfers, trade corrections and other
questions or problems you may have.

Failure by any Clearing Member or qualified Floor Trader to comply with
procedures as outlined herein may result in severe disciplinary action by the
Exchange and potential financial liability to customers or members for
failure to exercise diligence in the processing of information.

 TRADING FLOOR OPERATIONAL PROCEDURES

Trading in the April 2001 Copper and Aluminum Options Contracts will cease at
2:00 P.M. and 2:10 P.M. respectively on March 27, 2001.  All Brokers and
Traders must inform their Clearing Members of their intentions to exercise or
abandon such Options by 4:00 P.M.

On Tuesday, March 27, 2001, all Brokers and Clearing Members must have a duly
authorized, On-Line Trade Entry (&OLTE8) system trained representative
available until such time as the Exchange deems necessary.

NOTE: After 4:30 P.M. all expiring option trade data must be inputted on
special &OLTE8 terminals located in the Trade Processing Room.  Any other
means of submission will be rejected by the Exchange.  Members will be able
to submit all other trade data until 5:00 P.M.

After the Unmatched Trade Reports and the Preliminary Spot Month Matched
Trade Reports are displayed, Clearing Member representatives will be able to
pick up their Preliminary Clearing reports at the Clearing Department.

A final review of all submissions will be made.  The Supervisor of the Trade
Processing Room will detain only those Clearing Members and/or Broker
representatives involved.  All final corrections will be made at this time
and upon determination of the Supervisor that all option processing is
complete, all representatives will be released.

Exchange Reports based on Tuesday,s submissions and processing will be
available on Wednesday morning March 28, 2001.

In the event that you have any questions regarding these trading floor
procedures please contact Michael Campanelli at (212) 299-2072 or David
Sherman at (212) 299-2061.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

1. OPEN POSITION CONFIRMATION (&OPC8) - The OPC should reflect as accurately
as possible all futures and options gross positions as of close-of business
on the business day prior to expiration.  Review the estimated current gross
positions as shown and make appropriate adjustments.  The OPC must be
submitted not later than 9:00 A.M.

2.   OPTIONS EXERCISE/ABANDONMENT REQUESTS FORM (&E/A8) - An expiring option
with a strike price in-the-money by one tick or more will be subject to
automatic exercise unless an Option Abandonment Request form is submitted
advising that a Clearing Member (&CM8) elects to abandon some or all of its
position in that strike price (i.e., for the option series).  All other
options series in the expiring month will be subject to automatic abandonment
unless an Option Exercise Request form is submitted.  When submitting an E/A
form, please note the following:

(a) An E/A form must be submitted not later than 5:00 PM.
(b) Do not submit an Exercise form for positions in strike prices which are
subject to automatic
Exercise nor submit an Abandonment form for positions in strike prices which
are subject to automatic abandonment.
(c) If a CM wishes to submit an E/A form to abandon a position in a strike
price subject to automatic exercise or wishes to exercise a position in a
strike price which is out of the money, it is necessary to notify Clearing by
telephone of such anticipated action.  The CM must have an officer available
to confirm such intention.
(d) CMs may secure from Clearing a time-stamped receipt of the CM copy to
assure submission  of the CM,s E/A forms.

3. OPTION POSITION REDUCTION REQUEST FORM (&OPRR8) - As a general rule,
purchases and sales of option contracts are presumed to be new business.   If
some or all of your purchases and sales are in fact undertaken for position
liquidation purposes, OPRR forms may be submitted on the day of expiration
and will be used in conjunction with trade data to reduce your projected
position in an expiring contract.  OPRR requests in excess of actual traded
volume will be rejected.  Exception: Cabinet trades and cancel correction
trades will automatically liquidate existing positions, therefore do not
submit an OPRR form for cabinet or cancel correction trades.
The OPRR form must be submitted not later than 5:00 PM.

4. HOUSE/CUSTOMER POSITION TRANSFER REQUEST FORM (&H/C8) - H/C forms may be
used only to transfer previously cleared contracts between a CM,s house and
customer accounts.  Problem trades (those which have not cleared prior to
expiration day) must be corrected using COMEX,s on-line trade entry system
under the direct supervision of the Trade Audits Department of COMEX (&Trade
Audits8).  The H/C form must be submitted not later than 3:30 PM.

5. EX-PIT POSITION TRANSFER REQUEST FORM (&Ex-Pit8) - Ex Pit forms may be
used only to transfer previously cleared contracts between CMs.  Problem
trades (those which have not cleared prior to expiration day) must be
corrected on the on-line trade entry system under the direct supervision of
Trade Audits.  The Ex-Pit form must be submitted not later than 3:30 PM.

 *****
A) At approximately 4:15 PM, two PRELIMINARY reports of the expiration
process will be available for distribution at the NYMEX Clearing Department:

1. OPTION EXPIRATION REPORT AND CONFIRMATION - The purpose of this report is
to project the CM,s present position going into the expiration based upon the
transactions which have already been submitted to Clearing.  CMs should
review and modify their adjusted gross positions as of close-of-business on
the business day prior to expiration.  Further adjustments may be submitted
not later than 5:00 PM.  The projected ending gross positions will reflect
transactions accepted or rejected for clearance on expiration night,
inclusive of Ex-Pit, H/C and OPRR transactions which have been submitted to
Clearing prior to 3:30 PM, and trade information submitted to COMEX prior to
3:45 PM.  Normally, this report will also reflect manually submitted Exercise
and Abandonment instructions, the projected number of exercises and maximum
potential assignments for each strike price, the type of exercise (manual or
automatic), whether the strike is In, At or Out of the money, and the
exercise val!
ue!
 associated therewith based on settlement prices established by COMEX on the
day of expiration.

2. TRANSACTION LISTING - This listing will include in detail all expiring
option trades submitted to COMEX prior to 3:45 PM on expiration day, and all
H/C, ExPit, OPRR and E/A transactions submitted to Clearing Prior to 3:30 PM.

Please note: Trade information reflected on the option expiration report and
transaction listing are trades submitted only. To inquire whether trades have
matched, each CM must review the trade reports provided by COMEX,s On-Line
Trade Entry (&OLTE8) system.

B) At approximately 5:30 PM, FINAL reports of the expiration process,
including all submissions to Clearing and trade information submitted to
COMEX made by 5:00 PM, will be available for distribution at the NYMEX
Clearing Department.

C) At 5:45 PM, Preliminary In The Money Abandonment and Out Of The Money
Exercise information will be announced on Fast Facts.

D) At Approximately 7:30 PM, a Final Notice of Exercise/Assignments will be
available in each CM,s lockbox located at the NYMEX Clearing Department.
Each CM which has exercised or been assigned one or more options will receive
a separate statement showing exercises and/or assignments for each option
series.  Please check this statement carefully.  Although long options
positions in-the-money by one tick or more will be automatically exercised,
not all short option positions will be assigned if there are any options
manually abandoned at such strike prices.  Please note that there also may be
some at or out-of-the money options being exercised.

E) At approximately 9:00 PM, the final set of clearing sheets will be
available in each CM,s lockbox located at the NYMEX Clearing Department.

It is strongly recommended that each CM have a representative(s) that is
properly trained to handle the option expiration process available beginning
at 4:15 PM and who will receive the CM,s reports at the specific times.  It
is solely the responsibility of the CM to review these reports and to notify
the Clearing staff immediately of any discrepancies.

To obtain the exact time of the availability for each report, clearing
members should call (212) 513-7405, access code 702.  The announcement time
will occur 1/2 hour prior to availability.

Attached please find a Clearing Member Procedure Summary for ease of
reference.  Please contact John Ramos at (212) 299-2142 (Members 001-500) or
Mel Garcia at (212) 299-2144 (members 501-999) if you have any questions.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(01-96)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


TD{FONT-SIZE: 10pt; COLOR: black; BACKGROUND-COLOR: white}
[IMAGE]

Now that you have access to the following applications without requiring VPN access...  Outlook Web Access (email and calendar) PEP XMS (Expense Reporting application)  And, COMING SOON... eHROnline (year-end) Benefits Election (Oct. 29, 2001) Electronic Pay Stubs (year-end), and Much More,  through the ClickAtHome Portal and the Internet, do you still believe you need remote access through VPN from home to Enron networks (must have a valid business reason with supervisor approval and a monthly cost)?   YES NO NOT SURE Please answer this survey from your computer at work, not via Outlook Web Access.


Dana,

Could you start pulling together this information for me.  I will need all
new deals in 2000 with the Dash, as well as all of the wires sent out in 2000
based upon the new Dash's

Please stop by and will can discuss.  Let's try to start early tomorrow.

Thanks,

Brad

---------------------- Forwarded by Brad Carey/NA/Enron on 11/28/2000 06:03
PM ---------------------------

Brad Carey
11/27/2000 09:41 AM
To: Stacy Hardy/Corp/Enron@ENRON, Rosalyn Lum/Corp/Enron@Enron, Laynie
East/HOU/ECT@ECT, Lisa Best/Corp/Enron@Enron, Lisa King/HOU/ECT@ECT, Kevin
Jolly/HOU/ECT@ECT, Tammy Barta/HOU/ECT@ECT, Brian Schwertner/NA/Enron@Enron,
Susan Rance/NA/Enron@Enron, Stephen Wolfe/HOU/ECT@ECT, Kristi
Fredericks/NA/Enron@ENRON, Rufino Doroteo/HOU/ECT@ECT, Dana Davis/HOU/ECT@ECT
cc: Marnie Lamb/NA/Enron@Enron, Pam Becton/HOU/ECT@ECT, Michael S
Galvan/HOU/ECT@ECT, Hope Vargas/HOU/ECT@ECT

Subject: Wire Transfers and Requests

Hold off on pulling together this information.  I need to have several
clarifying questions answered by AA and also to sit down with Dana tomorrow
to see if she can help me with most of the exercise.  I will need all of you
to fill in any potential gaps and verify the information I pull together
before I submit it to AA.

Thanks,

Brad
---------------------- Forwarded by Brad Carey/NA/Enron on 11/27/2000 09:34
AM ---------------------------

Hope Vargas@ECT
11/27/2000 08:32 AM
To: Dana Davis/HOU/ECT@ECT
cc: Brad Carey/NA/Enron@Enron, Michael S Galvan/HOU/ECT@ECT

Subject: Wire Transfers and Requests

Dana,
 Please help Brad with this request.  Thanks.
---------------------- Forwarded by Hope Vargas/HOU/ECT on 11/27/2000 08:35
AM ---------------------------

Michael S Galvan
11/27/2000 07:15 AM
To: brad carey
cc: hope vargas, marnie lamb, pam becton
Subject: Wire Transfers and Requests

Brad,
Would you please coordinate the AA request below with our accountants?  We're
only needing new 2000 deals.  Let's provide to AA by the end of the day, this
Friday.
Thanks,
Mike

---------------------- Forwarded by Michael S Galvan/HOU/ECT on 11/27/2000
07:14 AM ---------------------------

Kristi Albaugh@ENRON
11/21/2000 09:32 AM
To: Michael S Galvan/HOU/ECT@ECT
cc:
Subject: Wire Transfers and Requests

Mike-

We would greatly appreciate it if you could please see to it that we obtain
the wire transfer and requests for all investments entered into during FY00.
Please note that on a go-forward basis we would like to obtain this
information when we receive an investment's DASH.

Should you have any questions, please don't hesitate to call.

Thanks,

Kristi


The below posting was taken off the TW Web Site this morning.  We are currently running flow studies and TW commercial team is discussing the economics.  We will repost as soon as possible.

DS

 -----Original Message-----
From: 	Schoolcraft, Darrell
Sent:	Monday, August 20, 2001 7:41 AM
To:
Cc:	Corman, Shelley; Blair, Lynn; Rice, Randy; Roensch, David; Jolly, Rich; Taylor, Gina; Harris, Steven
Subject:	Gallup Compressor Station

The attached was posted to the TW Web Site.


FROM BARBARA GRAY AND JEFF HODGE:

Due to conflicting meetings and a number of the "Group" out of the office on
business, the regularly scheduled Group Staff Meeting  is cancelled for
today.


Sara -

Per our earlier conversation, could you please prepare a revised guaranty for
Merrill Lynch?  There are two significant changes to the guaranty currently
in place:

1)  Beneficiary of the new guaranty should be Merrill Lynch International
Bank, Ltd.   The current guaranty is to Merrill Lynch International Bank.

2)  The guaranty amount should be increased from $30 million to $150 million.

Please send revised guaranty to:

  Todd Gibson, Vice President
  Merrill Lynch & Co., Inc.
  4 World Financial Center, 16th Floor
  New York, NY 10080

Thanks for all your help and please let me know if you have any questions.

Jay


The report named: Violation/Notification Memo <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=60&report_name=Violation/Notification+Memo&category_cd=2&category_name=ENRON%20CONSOLIDATED&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=09/20/2001>, published as of 09/20/2001 is now available for viewing on the website.

(Revision: 2)


Mark,

We were trying to keep the PA to a single page due to concerns about the
amount of legalise which would need to be read - we didn't want the form to
be a deterrant. In this case, the addition is just some blank lines to insert
address for service (plus a few words in the body of the PA) - so I'm not as
concerned about the impact on length.

If we do not know the company, then a completed Registration Form is required
- if we do know the company, then the Registration Form is not required. It
could be argued that if we know the company, then we should already know the
address for service - but I assume this might lead to errors if the address
for service desired by the customer for  EnronOnline GTC's is any different
from what we have on file? - I assume this was the reason David Minns
forwarded this change.

I'm happy (and perhaps prefer) to have the address for service included only
on Australian PA's, if neither of you see a need elsewhere - although if you
don't think its necessary elsewhere, then perhaps it is also not necessary in
Australia, in which case we could simplify the form?

Please note Australia is already distributing forms with their marketing
packs, so if we are going to change the form, sooner is better.

Comments appreciated . . .

Dave

Mark Taylor
03/02/2000 01:13 AM
To: David Forster/LON/ECT@ECT
cc: Justin Boyd/LON/ECT@ECT

Subject: Re: New PA form

May I also point out that we went to great pains to keep the PA to a single
page.  This one looks like it runs over to the second page - at least as laid
out here.  I was also under the impression that a completed registration form
was required before a user ID and password could be issued.  While I don't
object to having an address for notices on the PA, I don't think it is
necessary in North America if we have a completed registration form.

David Forster
02/29/2000 10:01 AM
To: Mark Taylor/HOU/ECT@ECT, Justin Boyd/LON/ECT@ECT
cc: Mark Dilworth/LON/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Amita
Gosalia/LON/ECT@ECT
Subject: New PA form

The PA:

---------------------- Forwarded by David Forster/LON/ECT on 02/29/2000 03:59
PM ---------------------------

David Forster
02/29/2000 04:00 PM
To: Mark Taylor/HOU/ECT@ECT, Justin Boyd/LON/ECT@ECT
cc: Mark Dilworth/LON/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Amita
Gosalia/LON/ECT@ECT

Subject: New PA form

Mark/Justin,

Attached is a copy of the Australian PA. It includes the addition of an
Address for Service.

Do you think we should incorporate this in our other PA's as well?

I realise that in many instances we are already doing business with the
relevant company - and the same or similar information might be included on
the Registration form (where completed) - but are you concerned about
ambiguity in the event that no Registration form is completed?

Also: We will need to have some way to distinguish PA's which arrive for
customers who want access to Auctions only. What do you think about adding a
statement like: "(Optional): Tick this box if you wish to have access only to
EnronOnline auctions and not to the main transactions site"  [tick box].

If you wish to proceed with either of the above, we will need to revise all
PA's and post them on the website.

Thanks,

Dave


EPSA needs feedback on Cal and Alliance filings and what position EPSA can
take.  Thoughts?
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 09/20/2000
03:32 PM ---------------------------

"Jackie Gallagher" <JGallagher@epsa.org> on 09/20/2000 03:07:06 PM
To: <bhawkin@enron.com>, <bmerola@enron.com>, <christi.l.nicolay@enron.com>,
<janelle.scheuer@enron.com>, <jhartso@enron.com>, <mary.hain@enron.com>,
<sarah.novosel@enron.com>, <tom.hoatson@enron.com>
cc:

Subject: Cal ISO Amendment 30 & Alliance RTO Filing

MEMORANDUM

TO: Regulatory Affairs Committee
       Power Marketers Working Group

FROM: Don Santa, Regulatory Affairs Committee Chair
            Joe Hartsoe, Power Marketing Working Group Chair
            Julie Simon, Vice President of Policy
            Mark Bennett, Senior Manager of Policy

DATE: September 20, 2000

RE:  ? Cal ISO Amendment 30
       ? Alliance RTO Filing

Two issues arose on the weekly conference call today on which we need your
assistance and feedback.  Please forward comments to Julie Simon at
202-789-7200 or jsimon@epsa.org by close of business on Monday, September
25th.

1. Cal ISO Amendment 30

On September 11, 2000 the Cal ISO filed Amendment No. 30 to its ISO Tariff at
FERC.  In this filing, the Cal ISO is "reluctantly" asking FERC for authority
to buy forward contracts to meet its real-time balancing obligations.  Costs
of the forward contracts would be allocated to Scheduling Coordinators who
deviate in real time from their schedules.  Interventions and protests are
due on October 2nd.

While EPSA has consistently opposed an ISO role as market participant, there
are concerns here about the lack of alternatives available in California.
While an ISO's role in the real-time balancing market should be small, as a
practical matter, the Cal ISO has been forced to procure thousands of
megawatts in the real time markets.  Thus, deciding how to approach this
filing balances difficult competing goals.  Please let us know how you would
like EPSA to proceed.

2. Alliance RTO

On September 15th the Alliance RTO made a compliance filing at FERC seeking
to address all of FERC's concerns about its earlier proposals and purporting
to meet all the requirements of Order No. 2000.  The filing retains a transco
structure, with a 5 percent ownership limitation for individual market
participants and a 15 percent ownership limitation on each class of market
participants.  It also eliminates pancaked rates in favor of zonal, or
license plate, rates for deliveries within the Alliance and postage-rates for
through or out deliveries.  While the geographic scope is unchanged, the
scope will be larger than any operating RTO.  The filing includes a pro-forma
inter-RTO coordination agreement to address seams issues such as security
coordination, market monitoring, regional planning ATC and TTC calculations
and pricing reciprocity.

Until now, EPSA has not been a party to the Alliance proceeding.  With this
latest filing it may be appropriate for EPSA to intervene, raising issues of
support or opposition to the filing.  To determine how to proceed, however,
we need input from those companies that have been more closely involved in
the development of the Alliance.  Please let us know how EPSA should proceed
with respect to this latest filing.

Jacqueline Gallagher
Research/Policy Assistant
Electric Power Supply Association
1401 H Street, NW
Suite 760
Washington, DC  20005
202.789.7200
202.789.7201
jgallagher@epsa.org


I've heard of some of the stuff.  These items should be dealt with in the
facility agreements for the individual projects.  ABB has had a form  of this
agreement to comment on for a while, but we haven't heard anything.

Hope this helps a little.

Kay


FYI - Please read the following memos.  Britt, Rick Craig, Ken Cessac and I are meeting on Monday at 2:00 to discuss this issue in detail.

Rick

-----Original Message-----
From: Dornan, Dari
Sent: Fri 9/7/2001 4:17 PM
To: Fossum, Drew; Craig, Rick; Davis, Britt; Cessac, Kenneth; Dietz, Rick
Cc: Darveaux, Mary
Subject: FW: Northern v. ONEOK/RE: Oneok Bushton Measurement

Could you please keep me and Mary Darveaux in the loop on all this.  Thanks, Dari

 -----Original Message-----
From:   Davis, Britt
Sent:   Friday, September 07, 2001 2:53 PM
To:     Craig, Rick; Fossum, Drew
Cc:     'gharvey@gibbs-bruns.com'; Dietz, Rick; Ringblom, Kathy; Cessac, Kenneth; Zikes, Becky; Carrier, Lee
Subject:        Northern v. ONEOK/RE: Oneok Bushton Measurement

        Rick,

        I think the memo is excellent.  In order to preserve the legal privileges, I would reference the still-pending Northern v. ONEOK matter in the "Subject" and restrict the distribution to only those who need to know.

        My gut is that Sommer is out of the loop b/c ONEOK lost confidence in him (and Drew, you were right again).  Given that development and that you are being sent some proposed revised language, I am going to cancel our meeting for Monday with you, me, Ken Cessac and Rick. It makes little sense to me for us to get together until all of us have had a chance to review and digest the language.

        Many thanks.

        Britt

 -----Original Message-----
From:   Craig, Rick
Sent:   Friday, September 07, 2001 12:24 PM
To:     Fossum, Drew; Davis, Britt
Subject:        Oneok Bushton Measurement

Britt and Drew, here's a memo I've generated based on my conversations with Oneok this morning.  I just thought I'd get you guys' opinion on it before I expand the distribution to include marketing, operations, reg affairs, etc.  Is this way more detail than anyone will want?  Just wanted your guidance since this is my maiden voyage onto this turf.  Thanks.

After trying most of the week to reach John Sommer at Oneok, I received two calls this morning, one from Kevin Willt (Bushton Plant) and the other from Steve Winston regarding the Bushton measurment issues.  Kevin just wanted to let me know that he would be their measurement contact for day to day operations issues at the Bushton plant and wanted the phone number for Kenneth Cessac.  He said he would be getting with Kenneth about the April/May differences between metered volumes and PTR and would be working with Kenneth going foward on the day to day measurement issues.

Steve Winston wanted to discuss a number of issues.  Here's how that discussion went.  This may be far more detail than anyone wants but since I'm just jumping into this I want to make sure everyone knows what's taking place.  If you want far less detail going foward, please let me know.

Steve asked what our plan was.  I told him that we were waiting for their technical expert to get with Ken Cessac to look at the April/May differences (this was based on Ken's call to John Sommer last week) and that I had been trying to get with John Sommer to set up a meeting as a follow-up to his discussions with Phil to talk about their concerns and need for further clarification to the Measurement Agreement.  Steve informed me that John Sommer would no longer be in the picture as a result of recent org changes and that we should work with he and Terry Spencer.

He stated that Blaine Bender, their Kansas Operstions Manager, and Kevin Willt, their Bushton plant measurement person are supposed to be getting with Ken Cessac to look at the April/May differences.  I told him that I had just talked to Kevin.  They have hired Steve Stark as their technical expert/consultant to work on this.  He stated that the arbitration hearing had "given us a clean slate" and that the metered volume/PTR comparisons in June, July and August looked pretty good with both sides of the plant running but that April and May were a still a concern to them.  They're desire is to look into it and "let the science prevail" on these months.  I told him that our position, based on the arbitration decision, was pretty clear, that being that our metered volumes prevail, a comparison is really indifferent.  He did not respond all that well to this statement and said that we both have to work together on this issue going forward.  I told him that we would certainly work with them to look at the April and May differences and that if that look/see showed anything we would certainly consider it but reemphasized that the measurment agreement is the basis for our business decisions.

He then wanted to know what needed to be done from the standpoint of the measurement agreement.  I told him that we were open to listening to their concerns and if we needed to get together for a meeting, that we could get one set up.  I asked if he could share some of his thoughts on what they were thinking.  Here's a bullet list of some of the things he brought up.

They want to build a relationship with us where both sides openly share their measurement data and information as is relates to metered volumes and PTR.

They have no long term confidence in the ultrasonic measurment without a comparison to PTR.  He also brought up the issue of two phase flow as temperatures begin to cool this fall and condensate starts come up the pipe.

They propose that the agreement be redone in such a way that it is more "self correcting" and that compares the metered volumes to PTR.  And as long as this comparison falls within certain tolerances, then there would be no adjustments.  While he didn't want to commit to a tolerance, he did give a "Steve Winston opinion" of around 1%.  He described the process as a "self correcting" process. Not real clear what that means.

He also stated that they would want to define a level of exceedance that would require a joint investigation of the problem and defined resolution process.

I asked if as a starting point, he would generate a list of their proposed change provisions and send that to me.  He said he was already working on it, he called it "Bushton PTR Measurement Settlement" and would get a bullet list to me in the next couple of days that we could start looking at.  We agreed that we would start from here and then see where it takes us.


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude81.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas81.pdf

Distillate and unleaded charts to follow.

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG81.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG81.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL81.pdf

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com


You had a question about the meaning of Section 4.3.  Here's a brief
explanation.

Section 4.2 covers indemnification in case one party gets sued by a third
party for damage caused by negligence of the other party.  I'm OK with
eliminating "stockholders" and the "...judgments of any nature..." clause you
two spoke about on the phone as long as they come out of both subparagraphs
a. and b.

Section 4.3 needs to stay in because it covers any potential action by EPFS
against TW for damage to EPFS's facilities during the term of the agreement.
TW is already obligated elsewhere in the agreement to construct and operate
the facilities in accordance with industry practice, tariff and DOT
standards.  Our policy in interconnect agreements is that if TW complies with
these standards we should not then somehow be liable for damage to EPFS in
case of explosion, etc.  In other words, both parties bear the risk attached
to something unforeseeable going wrong notwithstanding use of industry and
DOT standards.
(By the way, I believe the "notwithstanding anything in this Article 4 to the
contrary" language should come out; I'm not sure why it's in the draft.)

Any questions -- please e-mail or call (713-853-0596).


sounds like the right approach to me

 -----Original Message-----
From: 	Mellencamp, Lisa
Sent:	Friday, November 02, 2001 1:09 PM
To:	Dasovich, Jeff; Williams, Robert C.; 'mday@gmssr.com'; 'jbennet@gmssr.com'
Cc:	Steffes, James D.; Tribolet, Michael; Curry, Wanda; Mara, Susan
Subject:	RE: Call Regarding Prehearing Conference on Our Negative CTC complaint

ok

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Friday, November 02, 2001 1:06 PM
To:	Dasovich, Jeff; Williams, Robert C.; 'mday@gmssr.com'; Mellencamp, Lisa; 'jbennet@gmssr.com'
Cc:	Steffes, James D.; Tribolet, Michael; Curry, Wanda; Mara, Susan
Subject:	RE: Call Regarding Prehearing Conference on Our Negative CTC complaint

OK.  Haven't heard back from Bob, but we may be able to avoid the call.  Mike Day got in touch with Edison's attorney this morning and here's the end result.

Edison has agreed to tell the judge on the 7th that, with respect to the complaints we've filed, they agree to take them off calendar until and unless parties ask to put them back on calendar.
Edison will  take the view that the proceedings underway at the commission (and presumably attempts to "settle" with parties) will resolve the issues in the complaint.
The assumption from out end is that the status quo remains intact.  That is, we will continue to pay the Commission, not Edison, for T&D charges during the "time out" on our complaints.
Mike and Jeanne will make sure that this critical piece, i.e., that we continue to place payments in escrow, will remain intact as part of the "time out."  If it turns out there are any doubts about this aspect, we'll likely need regroup and reconsider our options.

If anyone has any questions or concerns please speak up, and/or if folks would still like to have a very brief call to discuss, we can do that and ensure that Bob is kept in the loop and can weigh in when he returns.

Comments/thoughts?

Best,
Jeff

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Friday, November 02, 2001 11:30 AM
To:	Williams, Robert C.; 'mday@gmssr.com'; Mellencamp, Lisa
Subject:	Call Regarding Prehearing Conference on Our Negative CTC complaint

Bob's secretary called to tell me that Bob's at a doctor's appt and will be back in the office around noon Houston time.  We'll shoot for around noon CST to have the call.  I'll conference folks in from my phone.

Best,
Jeff


Lindy -- FYI.  This is just really informal so I'd prefer you not forward to
anyone yet.  Drew and Maria are most familiar with this so I'm going to get
their feedback first before setting up a meeting.  I'll get with you before I
set a meeting time to see when you're available.
---------------------- Forwarded by Susan Scott/ET&S/Enron on 11/27/2000
06:27 PM ---------------------------

Susan Scott
11/27/2000 06:28 PM
To: Drew Fossum@ENRON, Maria Pavlou/ET&S/Enron@ENRON
cc:

Subject: Recourse rate dilemma: the sequel

Maria and Drew, this is a long-winded e-mail but please bear with me...

The problem:

As you probably remember, several months ago several of us met to discuss the
following language in the ROFR portion of Transwestern's tariff: "if the rate
bid exceeds the maximum tariff rate, then the rate will be considered to be
the maximum tariff rate," and the additional frustrating language "[a]ll
available capacity shall be allocated under these procedures . . .."  At our
last meeting, we concluded that probably the best way to ensure that TW could
capture the true value of the capacity would be to link the negotiated rate
to index prices.  However, since this usually involves an unacceptable amount
of risk to both the shipper and TW, the marketers haven't done any
index-based rates and have no current plans to enter into any such deals.  I
have been asked by the Commercial Group to revisit this issue and to think of
other ways we could increase our ability to charge more than the maximum
rate.   Ideally they would like to eliminate the language I've quoted above.
However, my research has indicated that absent our 1) bringing about radical
change in the way FERC thinks about recourse rates or 2) showing that TW
lacks market power, we are probably stuck with this language.

Why the problem exists (you may already know):

Steve Stojic and I did some looking into why the language is in our tariff in
the first place.  In the Alternative Rates Policy Statement (RM95-6-000), the
Commission explained that it is willing to entertain individual requests for
negotiated rates, but only where customers retain the ability to choose a
cost-of-service based tariff rates.  "[T]he availability of a recourse
service would prevent pipelines from exercising market power by assuring that
the customer can fall back to cost-based, traditional service if the pipeline
unilaterally demands excessive prices or withholds service.  Thus, the
recourse rate mitigates market power."

The Commission went on to confirmed that under ROFR provisions the highest
rate that an existing shipper must match if it wishes to continue its
transportation arrangement is the maximum tariff rate. This policy is clearly
not limited to ROFR situations:  when capacity is constrained, a shipper
willing to pay only the recourse rate cannot lose access to capacity merely
because someone else is willing to pay a negotiated rate.  "When there are
more requests for capacity than there is capacity available, then the
pipeline must allocate capacity among those shippers willing to pay either
the negotiated rate or the maximum recourse rate, for example on a pro rata
basis if required by its tariff."  The example cited by the Commission:  If a
pipeline has 100 Dth/d available and two shippers request that capacity, one
who is willing to pay no more than the recourse rate of $5 and another a
negotiated rate of $6, then each would be allocated 50 Dth/d on a pro rata
basis (assuming the tariff provided for pro rata allocation and not some
other allocation method such as lottery).

When TW filed for authority to charge negotiated rates, it voluntarily added
the statement that "if the rate bid exceeds the maximum tariff rate, then the
rate will be considered to be the maximum tariff rate."  Presumably we had
concluded that we needed to add this recourse rate related provision in order
to receive negotiated rate authority.

Solutions??

I would like to know whether you concur that changing our tariff language
outright is probably out of the question.  I feel as if I've really been
chasing my tail here.  I have owed Lindy an answer for some time now.  But I
keep coming back to our having to prove lack of market power (which, Drew, is
where I believe you were headed when we talked about this in mid-October).
Steve Harris has asked whether we can just start small and remove the
recourse rate cap as to only a portion of our system.  I think we would still
have to show lack of market power in order to do this.  Do you agree?  Stojic
warns that proving lack of market power is a lengthy and expensive
proposition.  Might be worth it to us, though.

Another idea is to somehow provide shippers with an incentive to pay more
than max rate.  After all, we do have authority to charge negotiated rates.
We've seen one instance in which one of our marketers was able to get more
than max rates for IT space based on good customer relations alone.  However,
despite our wonderful relationships with most of our customers, it's unlikely
we can pull this off with any consistency.  We wondered whether we might be
able to get more than max rates in the context of an auction procedure.  But
I just am not convinced we could get around the Commission's requirement that
recourse rates be available.  That requirement has not changed.  Have either
of you seen anything to the contrary?

I would like to meet with you two, plus several others I have in mind, to
discuss this, preferably early this week (Tues. or Wed.), but would like to
discuss briefly with you first.  Please call me so we can talk for a few
minutes.  Thanks.


We just changed the deal - it was input correctly, but the computer did not
change the time zones correctly. That's why we were off 25 MW. I'll let Duong
Luu know of the problem.

Thanks,
Kate

Kerri Thompson@ENRON
11/17/2000 12:39 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: 458802

i was talking about the total mws, they have 23,775, we have 23,800.  i think
they entered the strips wrong.  can you pls check on that.

thanks

   Kate Symes @ ECT                11/17/2000 02:17 PM

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

Subject: Re: 458802

Mike confirmed with Natsource this was a 25MW deal with no broker fee.

Kerri Thompson@ENRON
11/17/2000 07:47 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 458802

the broker has 23,775 as total mws, and also has a fee of .0075.


I can never get both of your email addresses right at the same time.
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/05/2001 11:49
AM ---------------------------

Kay Mann
01/05/2001 11:40 AM
To: lee.johnson@ps.ss.ge.com, kent.shoemaker@ae.ge.com
cc:

Subject: CA Energy Development documents

Lee,

You should be receiving a package shortly containing the following:

1. Changed pages for CA Energy Development I and CA Energy Development II
facility agreements.  These are the same pages that were faxed to you and
Kent a few days ago.  I also included a couple of original pages (73, 74, I
think) which were missing from one of the originals.  This need to be
initialled and executed.
2. Acknowledgement letters for each of CAED I and CAED II which need your
Here's the form:

3. Assignment and assumption agreement to move the equipment from TurboPark
to the CAED I.  There will be one for CAED II as well.  This document is
being reviewed by the bank, so I'm not convinced it is in final form.  You
will note that there is an acknowledgement section for GE.  I cut and pasted
from the consent to assignment from the TurboPark documents, but shortened
the whole thing considerably.  Here's that document:

4.  Signature pages (signed by Enron) from the ESA deal, both the facility
agreement and the override letter.  Obviously, we need your signature.

I will forward the final CA facility agreements to you once again, along with
the blacklines against what you initialled.

Thanks,

Kay


youre late

-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 26, 2001 8:22 AM
To: Maggi, Mike
Subject: RE:

Because there is traffic.  I am walking in now.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


-----Original Message-----
From: 	Serrano, Walt
Sent:	Monday, November 26, 2001 2:25 PM
To:	Felling, Amy; Staab, Theresa
Subject:	Daily balance


Looks good to me. Nice job Elizabeth.

 -----Original Message-----
From: 	Brown, Elizabeth
Sent:	Tuesday, January 29, 2002 11:33 AM
To:	Rapp, Bill; Kilmer III, Robert; Watson, Kimberly; Donoho, Lindy; Kowalke, Terry
Cc:	Corman, Shelley
Subject:	TW FERC Subpoena (CPUC v El Paso)
Importance:	High

Based on our meeting last Friday and clarification with El Paso's attorneys regarding the data being requested, please find the attached documents in response to the above subpoena dated January 22, 2002.  If you have any questions, please let me know.  Bill Rapp will be putting together Transwestern's response along with the data provided below.

 << File: EP_1.doc >> 		 << File: EP_2.doc >> 		 << File: EP_3.doc >> 		 << File: EP_4.doc >>

 << File: EP1_item1.xls >> 		 << File: EP1_item2.xls >> 		 << File: EP1_item3.xls >>

Thanks,
Elizabeth
x3-6928


Tana / Paul,

 I am trying to check whether or not ECTRIC (US entity) has an ISDA agreement
in place with Credit Lyonnais and Toronto Dominion (TD) (or Master Swap
Agreement).
Justin Boyd from Legal gave me your names as a starting point. We are
currently negotiating a prepay transaction with Credit Lyonnais and TD and I
need this information quite urgently

Could you let me know if you are the right people to ask to?

Thank you for your assistance

Kind regards

Philippe Penet
Manager - EGF


----- Forwarded by Steven J Kean/NA/Enron on 02/02/2001 06:02 PM -----

	Expense Server@Enron_Development
	01/31/2001 01:42 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: <<Concur Expense Document>> - RS012201

The following expense report is ready for approval:

Employee Name: Richard Shapiro
Status last changed by:  Automated Administrator
Expense Report Name: RS012201
Report Total: $8,299.73
Amount Due Employee: $8,299.73

To approve this expense report, click on the following link for Concur
Expense.
http://nahou-wwxms01p


The report named: East P/L Totals <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=1&report_name=East+P/L+Totals&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=10/16/2001>, published as of 10/16/2001 is now available for viewing on the website.


Stan felt it would be appropriate for the Policy Committee to review the
attached changes to the Analyst / Associate PRC process, prior to execution.
In summary, the following modifications have been developed by the heads of
the AAPRC Committees (Horton, Kean, and Sherriff) and A/A Program Management
(Lemmons):

? Most cross-calibration will be at the business unit level, since this is
where the best interaction and information gathering occurs.  Steps to ensure
consistency across the business units are outlined in the memo.  The final
PRC meeting will focus on business unit ranking distributions, and the
names/attributes of the top performers across the company.
? The PRC committees have been expanded to improve the quality of
representation, and to reflect the diversity of our workforce.  The additions
were selected from a pool of high performing VPs and Directors.  To ensure
fairness, only VPs and Directors will provide representation on the AAPRC
Committee.
? An attachment has been included to clarify program tenure and promotion
criteria.

Please let me know if you have any questions or would like to discuss by
mid-day Wednesday, May 9.  We are planning to release this information to the
memo distribution list that evening.

Regards,
Billy


Dan

I'm leaving for a couple of weeks.  I'll get you my computer when I come back.

John


FYI - I have submitted a request to have Brents access upgraded to "User"
from "Read Only"

Let me know if you need anything else.

Mike 3-3363
---------------------- Forwarded by Michael Neves/HOU/ECT on 07/24/2000 11:21
AM ---------------------------

Information Risk Management
07/24/2000 11:23 AM
Sent by: Michael Neves
To: Michael Neves/HOU/ECT@ECT
cc:
Subject: Request Submitted:  Access Request (MNES-4MJM6C)

Thank you for your request.

You will be notified via eMail when your request has been processed. You can
check the progress of your request by doing one of the following:
In the SRRS application, click on Requests I Have Made. A listing of recent
requests will be appear sorted by resource name.
Click on the Request Link below. This is a link to information regarding your
request.

Below is a summary of your request.

Requested For:  Tana Jones/HOU/ECT
Request Date:  7/24/2000 11:21:08 AM
Request Type:  Update Access
Request Link:

Requested Resources
Unlisted Lotus Notes Appliction

If you have any questions, please contact Information Risk Management at 35536


Gerald, is the capacity release for Columbia Pipeline the only transport or storage product offered on EOL that you know of?   Is Enron always the owner of the capacity to be released and acquired via EOL?  bng

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Tuesday, July 24, 2001 11:15 AM
To:	Gray, Barbara N.
Subject:	Product Description

 << File: Final Product Desc110700a.doc >>


Stephanine/Sara here you go - I also found a later draft which I have also
attatched

Regards

Matt


Counterparty name change:

From:		Laurentino Rodriguez Martin
To:		Guzmanges S.L.
CPID:		95239

From:	Chris Sloan/Enron@EUEnronXGate on 04/06/2001 11:40
To:	Enron Europe Global CounterParty/LON/ECT@ECT, Nick Stacey/Enron@EUEnronXGate
cc:

Subject:	FW: New counter party name

Please amend counterparty as per below mail.

Thanks

Chris

 -----Original Message-----
From: 	Stacey, Nick
Sent:	31 May 2001 10:41
To:	Sloan, Chris
Subject:	New counter party name

Please note our customer Laurentino Rodriguez has been purchased by Guzmanges S.L. and this is therefore our new c/p.

Any other details please let me know.

Cheers

Nick


I have 98% chance of complete cure!!!!!!  They are not going to take any
lymph nodes at this time.  The surgeon said it didn't matter whether it was
over my lymph nodes or not.  My surgery is outpatient on June 19th.  It was a
"Clark's grade 2" out of a possible 5.  They are going to take more out of
the one on my stomach also to make sure there are clean margins.  They took
another mole off my arm but of course don't think it is a worry!


Richard,

Would you please add Mark McConnell and Paul Y'Barbo to this distribution list.

Thanks, Kim.

 -----Original Message-----
From: 	Hanagriff, Richard
Sent:	Thursday, September 13, 2001 8:01 PM
To:	Hass, Glen; Blair, Lynn; Dietz, Rick; Fancler, Dan; Geaccone, Tracy; Giambrone, Laura; Hanagriff, Richard; Hernandez, Bert; Kowalke, Terry; Lindberg, Lorraine; Lohman, TK; Lokay, Michelle; McEvoy, Christine; Minter, Tracy; Moore, Jan; Moseley, Debbie; Mulligan, Amy; Schoolcraft, Darrell; Ward, Linda; Watson, Kimberly
Subject:

 << File: imbalsumm0109.xls >>


Nancy and Mike, please sign the attached and file it today, and deliver
copies to those staff members who got copies of our initial filing.  Please
fax a signed copy to Denise LaGesse at 713-853-5425 and she'll do the service
list mailout.

Any questions -- give me a call at 713-853-0596 (fyi - I have a meeting from
11 to 1 but will take a break to check messages).


W E D N E S D A Y   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

Wednesday: The CRB Index has climbed 0.05 points to 214.98. The
US Dollar Index moved down 0.31 points to 116.17.

The Dow Industrials moved up 399.10 points, at 10615.83, while
the S&P 500 rose 46.63 points, last seen at 1238.16. The
Nasdaq Composite edged higher by 156.22 points to 2079.44.

NEW  2 FREE OPTIONS VIDEOS FROM THE OPTIONS INDUSTRY COUNCIL
!!!  http://www.ino.com/specials/oic/video2.html
_____________________________________________________________________

Powerful Futures Trading Methods Revealed
_____________________________________________________________________

Dear Andrew:

At last, a genuine market indicator that makes trading futures a
whole lot easier and a ton more profitable . . .

Now it can be yours!  Over 30 years of trading experience is
packed into this remarkable new video from the
INO.com Learning Center . . .

THE NEXT STEP IN MARKET ANALYSIS

An important new development occurred in the markets and
legendary trader Larry Williams wants you to know the secret.
From the comfort of your own living room, you can be among the
first to begin writing your own ticket to successful trading.

Learn powerful methods to manage risk with a few common sense
lessons.  In this video, Larry attacks the question; "Does
technical analysis really work?" and teaches the unique art and
interpretation of commercial trading sentiment analysis.  You'll
learn how to fade the guru and "do the opposite" of the masses to
build your own successful trading system.

Revolutionize your trading with the perfect market indicator
presented in this exclusive video only available for INO.com.

Endorsed by INO.com and proven in the markets!

I urge you to click here to learn more about this
startling discovery:
http://store.ino.com/sale/1DC1C/FMV2711-Victory

Click to Claim
Victory!

Order Toll Free 800-538-7424 - 410-867-7424

All claims on third-party products are made by the publisher
and not by INO.com. All Products Guaranteed.

_____________________________________________________________________

E X T R E M E   M A R K E T   C O M M E N T A R Y
_____________________________________________________________________

The STOCK INDEXES soared to new highs for the month following this
morning's surprise move by the Federal Reserve to cut interest rates
by 50-basis points to 4.50%. The Nasdaq rallied over 9% as the news
ignited a buying frenzy. Traders shifted their focus following the
announced rate cut to the positive aspects of quarterly profit
statements. Technically, both the Nasdaq and S&P index gapped higher
on the open thereby confirming upside breakouts of this year's
downtrend lines. This week's gains have turned weekly momentum
indicators bullish signaling sideways to higher prices are possible
this spring. The Dow also soared to a new high for the month
following this morning's unexpected interest rate cut that caught the
market off guard. The Dow was up over 460 points during the session
and traded above trading range support crossing at 10,292.30 and the
February/March downtrend line crossing near 10,600. While a round of
profit taking is possible ahead of the weekend, today's strong
performance as set the stage for additional gains this spring.

INTEREST RATES June bonds posted a key reversal up on Wednesday
following today's surprise cut in interest rates. Traders quickly
began to speculate on the size of the next rate cut, which traders
seem to think will be another 50- basis points at the May 15 FOMC
meeting. Additional strength on Thursday would confirm today's
reversal pattern thereby signaling that a short-term bottom has been
posted. Stochastics and the RSI are very oversold and turning neutral
to bullish with today's rebound hinting that a low is in or near.

The CRB INDEX closed slightly higher on Wednesday but near session
highs following a late session rally in soybeans and copper.
Nevertheless, today's close below this month's uptrend line is a
clear warning to traders to use caution as a short-term top may be in
place. Closes above 216.40 are needed to keep this month's rally
alive.

ENERGY MARKETS were mixed on Wednesday following Tuesday's bearish
API inventory data for crude oil. The latest API data showed that
crude oil inventories have risen to 315.2 million barrels, the
highest level since August 24, 1999. Today's sell off led to a
breakout below April's uptrend line thereby increasing the odds that
June crude oil might have posted a short-term top. A short covering
bounce ahead of the close tempered some of today's losses leaving the
door open for sideways trading on Thursday. Stochastics and RSI are
overbought but remain bullish. June heating oil gapped down and
closed lower on Wednesday due to spillover weakness from crude oil
and the lower than expected decline in distillate inventories on
Tuesday's API reports. Today's sell off turned a number of short-term
momentum indicators that have become overbought neutral to bearish
signaling that a short-term top has likely been posted. Today's mid-
range close leaves the door open for sideways trading on Thursday.
June unleaded gas soared to new contract highs in afternoon trading
due to ongoing concerns over summer gasoline supplies. Session highs
fell short of testing weekly resistance crossing at 103.50. The
rising ADX (a trend-following indicator) is bullish and suggests that
additional strength into early-May is possible. June Henry Hub
natural gas extended Tuesday's loss following the latest AGA report
that showed natural gas inventories rose by 64 billion cubic feet
last week. This increase in inventory was higher than traders had
expected and eased concerns over summer natural gas supplies. A short
covering bounce ahead of the close tempered some of today's losses
leaving the door open for sideways trading on Thursday.

CURRENCIES The June Dollar posted a key reversal down after session
highs fell short of testing this month's high crossing at 117.89.
Today's inter-meeting interest rate cut by the Federal Reserve failed
to attract following through buying in the afternoon session.
Additional weakness on Thursday would confirm today's bearish
reversal pattern thereby increasing the chances that a double top has
likely been posted. The June Swiss Franc and D-mark closed higher on
Wednesday due to late-session short covering rallies. Early weakness
pushed the Swiss Franc toward last fall's lows however, selling dried
up near minor support crossing at .5635. Additional strength on
Thursday would confirm today's spindle bottoms and would set the
stage for additional short covering into early-May. The June Canadian
Dollar closed lower on Wednesday but near session highs due to a
short covering bounce ahead of the close. The late session bounce
could spillover into Thursday's session however, momentum indicators
are turning neutral to bearish warning traders that last week's high
might have marked a double top. Look for sideways to lower trading
into the end of April. The June Japanese Yen closed above last week's
high crossing at .8205 to confirm the recent trendline breakout and
open the door for a test of the late-March high crossing at .8327.
Stochastics and RSI are bullish signaling sideways to higher prices
into early-May are possible.

PRECIOUS METALS June gold managed to close modestly higher due to a
short-covering bounce ahead of the close. Momentum indicators remain
bullish signaling that additional gains near-term are still possible
if June can clear resistance crossing at 265.50. Closes below April's
uptrend line crossing near 259 would signal an end to this month's
corrective bounce. July silver extended Tuesday's loss but like June
gold managed to close near session highs due to a short covering
bounce ahead of the close. Nevertheless, this week's setback suggests
that July silver will continue to extend this spring's trading range
into early-May. Closes above 4.505 or below 4.31 are needed to
confirm a trading range breakout. July copper soared to new highs for
the month due to today's strong performance in the equity markets.
Prospects for an improving economy due to the latest interest rate
cut underpinned today's rally in July copper and confirmed the recent
trendline breakout. The stage is set for additional gains with the
late-March reaction high crossing at 80.15 marking the next upside
objective.

GRAINS May corn closed fractionally lower on Wednesday amidst
conflicting planting ideas. The latest weather forecast are calling
for additional precip across the Midwest, which could delay
fieldwork. However, the latest planting progress report shows that
corn planting thus far has progressed at an average pace. This week's
setback has turned a number of momentum indicators neutral to bearish
hinting that Monday's high might have marked a double top. Traders
will be looking at Thursday's export sales report for near-term
direction. However, bulls are not holding out much hope for a bullish
sales report on Thursday. It appears that May corn will remain range
bound between 2.15 and 2.02 1/2 for the time being until the market
can get a better handle on planting progress and early growing
conditions. May wheat posted an upside reversal on Wednesday as
spring wheat planting delays offered mild support to the market.
Additional support came from this year's winter wheat crop ratings,
which remain well below last year's levels. Gains were limited as
export demand remains quiet. Technically, momentum indicators remain
bullish signaling that sideways to higher prices into early-May are
possible.

SOYBEAN COMPLEX May soybeans posted a key reversal up on Wednesday
due to light fund buying and a tight cash market. May opened under
pressure following weakness in overnight trading and posted a new
contract low before a short covering bounce unfolded. Light support
came from the latest weather forecast, which have taken some of the
rain out of next week's outlook. May beans are at an important
crossroads. Closes above 4.44 or below 4.26 1/2 are needed to clear
up near-term direction in the market. July soybean meal also posted a
key reversal up on Wednesday due to spillover strength from soybeans.
Additional gains on Thursday are needed to confirm today's bullish
reversal pattern. Momentum indicators remain neutral to bearish
warning traders to use caution as closes above last week's high
crossing at 154 are needed to renew the rally off the late-March low.

LIVESTOCK June hogs closed sharply lower on Wednesday due to profit
taking and spillover weakness from bellies. Weakness in the product
market also weighed on prices. Losses were limited due to mostly
steady cash bids as traders began to position themselves ahead of
Friday's cold storage report. Today's low-range close leaves the door
open for sideways to lower prices on Thursday. Momentum indicators
are diverging and turning neutral to bearish warning traders that an
important top may be in or near. June cattle settled lower on
Wednesday due to rumors of cash bids of $77, which is down $2.00 from
last week. Feedlot sources confirmed those rumors after the close,
which sets the stage for a softer opening on Thursday. June cattle
have spent the past three sessions consolidating above this year's
shallow uptrend line crossing near 71.77. Multiple closes below this
support level would renew the decline off March's high and open the
door for a possible test of this year's low crossing at 70.52 later
this spring. Stochastics and RSI are bearish signaling sideways to
lower prices near-term are possible.

FOOD & FIBER July coffee closed sharply higher on Wednesday due to
short covering. Today's high-range close leaves the door open for
additional gains on Thursday. However, upside potential appears
limited ahead of the upcoming Brazilian harvest. July cocoa closed
slightly lower on Wednesday as it consolidates around the 50%
retracement level of this winter's rally crossing at 985. While
momentum indicators remain bearish they are also diverging, which is
a warning to bears not to press their hand at this time as a double
bottom might have been posted with this week's low. Closes above 1020
are needed to temper the near-term bearish outlook in the market.
July sugar closed lower on Wednesday filling Monday's gap at 800. A
late session rebound tempered some of today's losses leaving July
above this winter's downtrend line. Momentum indicators remain
bullish however, closes above last week's high at 821 are needed to
open the door for a larger-degree rebound this spring. July cotton
posted a downside reversal on Wednesday after early strength due to
short covering lead to a jab above minor resistance crossing at
48.90. However, July failed to attract follow- through buying on
today's move to new highs as funds want to look at Thursday's export
sales report before deciding weather or not to exit their short
positions. Momentum indicators are very oversold warning bears not to
press their hand at this time.

Daily Extreme Commentary is brought to you by GLOBALcharts,
INO.com's end-of-day charting software for Futures, Futures
Options and Optionable Stocks. http://www.globalcharts.com
Search the INO Store  - http://store.ino.com/
_____________________________________________________________________

T O P   N E W S
_____________________________________________________________________

STOCKS

Japan Stocks Review: Nikkei up 4.4% on Intel earnings, US gains
http://news.ino.com/summary/?id=25125
Add2: US Equities Review: Stocks surge on surprise rate cut
http://news.ino.com/summary/?id=25123
UK Stocks Review: FTSE doubles up after Fed inter-meeting cut
http://news.ino.com/summary/?id=25130

FOREX

US FX Review: Shock Fed rate cuts vault European currencies
http://news.ino.com/summary/?id=25127
Asia FX Review: USD/JPY mixed in two way trading
http://news.ino.com/summary/?id=25124
Europe FX Review: Dollar forges higher, but yen outperforms
http://news.ino.com/summary/?id=25126

CREDIT

US Credit Review: Substantial gains, buoyed by Fed rate cut
http://news.ino.com/summary/?id=25122
Europe Credit Review: Bonds mirror equities on up-and-down day
http://news.ino.com/summary/?id=25128
Japan Credit Review: Jun falls on stock gains, oversupply fears
http://news.ino.com/summary/?id=25129

COMMODITIES

US Futures Summary: Natural gas backtracks; palladium, cotton up
http://news.ino.com/summary/?id=25131

EXCHANGES

E-mini Nasdaq-100 Futures Post New Volume Record
http://news.ino.com/press/?release=23504

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

NDM1   NASDAQ 100 Index Jun 2001                 1842.00    167.00  +9.99
NKH2   Nikkei 225 Stock Avg Mar 2002               14055      1000  +7.66
SGM1   S&P 500/BARRA Growth Index Jun 2001        615.00     30.00  +5.13
KCN1   Coffee 'C' Jul 2001                         61.75      2.75  +4.66
ZDM1   Dow Jones Industrial Avg. Jun 2001          10720       475  +4.64
RM1    Russell 1000 Index Jun 2001                655.00     26.75  +4.26
SPM1   S&P 500 Jun 2001                          1245.00     50.70  +4.24
DJM1   Dow Jones Industrial Avg. Jun 2001          10665       420  +4.10
MDM1   S&P Midcap 400 Jun 2001                    496.50     19.00  +3.98
LBK1   Random Length Lumber May 2001              270.70      9.60  +3.68

LOSERS

PAM1   Palladium Jun 2001                         737.00    -26.50  -3.47
PBQ1   Frozen Pork Bellies Aug 2001               85.450    -3.000  -3.39
PNN1   Propane Jul 2001                           0.5575   -0.0175  -3.08
CCH2   Cocoa Mar 2002                               1030       -29  -2.80
HOU1   Heating Oil Sep 2001                       0.7715   -0.0201  -2.58
SBK2   Sugar #11 World May 2002                     7.50     -0.15  -1.99
XHM1   Lean Hogs Jun 2001                          71.52     -1.42  -1.95
NGM1   Henry Hub Natural Gas Jun 2001              5.193    -0.093  -1.75
CTK1   Cotton May 2001                             46.16     -0.82  -1.75
LHM1   Lean Hogs Jun 2001                         71.525    -1.250  -1.72
____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

IOMT   ISOMET CORP                                  7.76      2.98  +49.67
KOPN   KOPIN CORP                                   7.42      2.38  +47.22
MM     MUTUAL RISK MANAGEMENT                       5.90      1.77  +44.58
IWOV   INTERWOVEN INC                              16.36      4.99  +43.89
PXLW   PIXELWORKS INC                              20.00      6.06  +43.19
MSLV   METASOLV INC                                12.52      3.56  +39.73
SBSE   SBS TECHNOLOGIES                            18.20      5.16  +39.57
SITE   SPECTRASITE HOLDINGS                         7.75      2.16  +39.06
ACTR   Acterna Corp                                 8.65      2.34  +38.61
PRCM   PROCOM TECHNOLOGY                            8.55      2.59  +36.95

LOSERS

CAE    CASCADE CORP                                 9.72     -3.41  -25.62
TESS   TESSCO TECHNOLOGIES                         12.05     -3.43  -23.02
OBIE   OBIE MEDIA CORP                              6.70     -1.78  -21.19
NUI    NUI CORP                                    22.40     -4.55  -16.88
GRKA   GREKA ENERGY                                11.50     -1.89  -14.55
CTAC   1-800 CONTACTS                              18.98     -3.07  -13.87
PPD    PRE-PAID LEGAL SVCS                         15.25     -2.31  -12.97
SFC    SFBC INTL                                    9.17     -1.33  -12.85
LVLT   LEVEL 3 COMMUNICATIONS                      13.06     -1.84  -12.35
DYII   DYNACQ INTL                                 16.65     -2.22  -11.89

FREE MANAGED FUTURES & IRA RETIREMENT KIT
http://www.ino.com/specials/icm/
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Thank you for subscribing to the Extreme Markets Daily Digest from INO.com
( http://www.ino.com/ ). If you want to subscribe to our other email
services, or would like to modify your profile please visit
http://www.ino.com/email/.

To subscribe a friend, visit:
http://www.ino.com/email/

To unsubscribe, visit:
http://www.ino.com/email/remove/?email=alewis@ect.enron.com&list=evening

--
Copyright 1998-2001 INO.com. All Rights Reserved.


Attached please find my revisions to the power financial swap product.
Please review and let me know if you have any questions or comments.  A
number of the changes I made are necessary to ensure that the product
components for the swap are compatible with the physical index product
components, e.g, the description of the index.

Regards,

Leslie

	Dale Neuner
	06/02/2000 01:47 PM

		 To: Mark Taylor/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Eric
Saibi/Corp/Enron@ENRON
		 cc:
		 Subject: US East Power Financial Swap - ISO NE HE 11-23

Eric, please get the attached in front of John Suarez and have him offer
comments/approval. In particular, ensure that

(i) the Product descritpion for the website is adequate (keep in mind I only
have 15 characters to work with)
(ii) the reference to the index is correct
(iii) the product will be priced on each day during the week, including NERC
holidays.

Leslie and Mark; once I get comments from commercial I'd like to have each of
you offer review and offer comments on this Product - final approval to come
from Mark.

Dale
3-9746


Very creative!

 -----Original Message-----
From:  Nemec, Gerald
Sent: Wednesday, May 23, 2001 3:15 PM
To: Meadows, Rae
Subject:

Username: gnemec

Pass:  jbkg01grn


FYI
---------------------- Forwarded by Tana Jones/HOU/ECT on 08/25/99 11:27 AM
---------------------------

Nick Mooney
08/25/99 11:19 AM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: Online Trading

The address in Paris is the central address from their invoices.  Toulouse is
a regional office when we find some of the meteroologists are based.
So contractually I think Paris is porbably the best reference.
Hope this helps

	Enron Capital & Trade Resources Corp.

	From:  Tana Jones                           08/25/99 04:35 PM

To: Nick Mooney/LON/ECT@ECT
cc:
Subject: Online Trading

Michael Corbally just wanted me to confirm the following with you.  Per the
list of Datasources you sent me, for France we've got Meteo France listed at
the Paris address.  We had a confirm earlier this year using Meteo France
where we used their Toulouse address.  I just wanted to confirm that the
address we want as the standard address will be the Meteo France out of
Paris, not Toulouse.  If you'll just confirm that for me.


Attached is the new profile template to begin using on Monday, Oct. 30.
Please note the additions are colored in (Light Turquois).   Let me know if
you have any questions.

Thanks,
Stephanie


Notice # 02-19
January 10, 2002

TO:	All NYMEX Division Members
			All NYMEX Division Clearing Members
			All COMEX Division Members
			All COMEX Division Clearing Members

FROM:		J. Robert Collins, Jr., President

RE:			NYMEX ACCESS
 Session to Close at 9 AM on Friday

==============================================================

There will be no Henry Hub natural gas swap trading on NYMEX ACCESS

session after 9 AM on Friday, January 11, so that maintenance can be
performed on the system.

Tomorrow's allocation periods will be from 8 AM to 8:30 AM for metals
traders and 9 AM to 9:30 AM for energy traders; and the clearing member
allocation periods will be from 8:30 AM to 9:30 AM for the metals markets
and 9:30 AM to 10:30 AM for the energy markets.


I am planning to travel to Argentina and Brazil in the next 10 days.  Will
you be able to provide me with your written comments on the draft ISDA
Schedule by September 10?  Also, will you be in the BA office during the
period from September 13 through 25?  I will schedule a meeting with you as I
finalize plans.

Enron's office will be closed on Monday, September 6.  I look forward to
hearing from you after that date.  Regards.  Sara