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11/21 12:38
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
By Mark Johnson
Houston, Nov. 21 (Bloomberg) -- Enron Corp., whose shares had dropped 92 percent this year amid a financial crisis, said lenders extended to mid-December the payment date on a $690 million note due next week.
Enron, which agreed to be bought out by rival energy trader Dynegy Inc. in a transaction now valued at more than $23 billion, said earlier this week a drop in its credit rating may force it to repay the $690 million note. The repayment would strain cash reserves Enron needs to back its trading operations, investors and analysts said.
The Houston-based company didn't say in its release who holds the note, which is owed by an affiliated partnership that owns Brazilian natural-gas assets and was backed by Enron.
The note is held by a group of banks led by the Citibank unit of Citigroup Inc., Standard & Poor's said in a press release yesterday.
Enron also is in discussions with other lenders on a restructuring of its debt, the company said in a statement distributed by PR Newswire.
``We believe the interests of Chase and Enron's other primary lenders are aligned in this restructuring effort,'' James Lee, vice president of JP Morgan Chase & Co., said in the Enron statement. ``We will work with Enron and its other primary lenders to develop a plan to strengthen Enron's financial position up to and through its merger with Dynegy.'' Morgan has been advising Enron on its merger with Dynegy.
Enron said yesterday it may have to pay $9.15 billion in debt due by 2003, suggesting the company may run out of cash before the merger closes. Dynegy has said the merger should close before the end of the third quarter of 2002.
Enron said in a regulatory filing that it has less than $2 billion in cash or credit lines.
Shares of Enron, the most active stock in U.S. trading, fell $1.79, or 23 percent, to $5.20 in midday trading. Before the announcement that it had renegotiated the $690 million note, its shares had fallen as much as 42.78 percent, the lowest level in more than a decade.
Dynegy fell $2.50, or 6 percent, to $39.20. Shares of ChevronTexaco Corp., which owns 26 percent of Dynegy, rose 49 cents to $87.02


---------------------- Forwarded by Chris Germany/HOU/ECT on 10/06/2000 01:05
PM ---------------------------

Chris Germany
10/06/2000 01:00 PM
To: Victoria Versen/HOU/ECT@ECT, Scott Goodell/Corp/Enron@ENRON, Angie
Zeman/Corp/Enron@ENRON, Scott Hendrickson/HOU/ECT@ECT, Dick
Jenkins/HOU/ECT@ECT, Steve Gillespie/Corp/Enron@ENRON
cc:
Subject: PL1 Operations - VNG Asset Management

Chat with Sean, I don't know if the room is big enough for everyone.

---------------------- Forwarded by Chris Germany/HOU/ECT on 10/06/2000 12:58
PM ---------------------------

Sean Boyle@ENRON
10/04/2000 10:06 AM
To: Chris Germany/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,
Dick Jenkins/HOU/ECT@ECT, Steve Gillespie/Corp/Enron@ENRON, Victor
Lamadrid/HOU/ECT@ECT, Joann Collins/Corp/Enron@ENRON
cc:
Subject: PL1 Operations - VNG Asset Management

The meeting with Cynthia Ellis of Dominion has been pushed to 10/6/00 @ 3:00
PM.

Cythia Ellis of Dominion Transmission will be visiting Enron 10/5/00 at 3:00
PM to discuss the operations of the PL1 and "Joint Use" pipeline systems with
respect to the imminent VNG deal.  I have scheduled conference room 3269 for
1 hour.

Thanks,
Sean


Learn What the Elections Mean for Pennsylvania's Environment and  Economy.
PennFuture's November 13th Luncheon featuring State Treasurer  Barbara Hafer,
Auditor Bob Casey, Jr., and Professor and Pollster Terry Madonna  is rapidly
approaching!

Reserve your seat now for this exciting review of the 2000  elections.

Barbara Hafer and Bob Casey, Jr. are considered to be  frontrunners for their
party's gubernatorial nomination in 2002. Hear their  post-election reactions
and predictions for Pennsylvania's  Future.

Professor Madonna, Pennsylvania's best-known and widely respected  pollster,
will provide his analysis of the 2000 election.

Luncheon  Program
November 13, 2000 at Noon
Crown Plaza - Harrisburg
23 South  Second Street
$100.00 per ticket

Pre-Luncheon Reception with the  Speakers
Noon November 13, 2000 - 11 a.m. to Noon
Crown Plaza -  Harrisburg
23 South Second Street
$500.00 per ticket, includes  luncheon

Please R.S.V.P. by November 1, 2000
Respond to this  email;
call 717-214-7920/1-800-321-7775;
or fax a copy of the reply at the  bottom of this email to:

Citizens for Pennsylvania's Future
212 Locust  Street, Suite 410
Harrisburg, PA 17101-1510
717-214-7927  (fax)

Contributions to PennFuture (less the cost of the event) are tax  deductible.

You are receiving this message as someone interested in  energy and
environment issues - it is not intended as spam. If you prefer not to
receive event notices from PennFuture, please reply to this message with "no
events" in the subject. To be removed from all distribution lists, type
"remove  all" in the  subject.
----------------------------------------------------------------------------
PennFuture  Luncheon Program

PLEASE RESERVE _________ LUNCHEON PLACES AT $100.00  EACH

PLEASE RESERVE _________ RECEPTION AND LUNCHEON PLACES AT $500.00  EACH

( ) CHECK HERE FOR VEGETARIAN MEAL

ENCLOSED IS MY CHECK FOR  $_______

YOUR NAME  ____________________________________________________________

YOUR PHONE  NUMBER ___________________________________________________

MASTERCARD OR  VISA __________________________

#________________________ EXP. DATE  __________

_______________________________________________
(SIGNATURE)


kay,please approve in the PEP system.

thanks
Dave
---------------------- Forwarded by David W Delainey/HOU/ECT on 06/04/2000
09:02 PM ---------------------------

"perfmgmt@enron.com"<perfmgmt on 06/04/2000 12:04:58 AM
To: ddelain2@enron.com
cc:
Subject: Reviewer Approval

Please note that your employees have suggested the following people to
complete a feedback form on their behalf.  You will need to access the
Performance Management System (PEP) to either approve or decline these
suggested reviewers.  Once you have approved the suggested reviewers they
will be notified and can begin completing the feedback form.

Your list of employees that have suggested reviewers are listed below:

Date suggested: Jun 01, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: AJELLO, JAMES A

Date suggested: Jun 02, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: BECK, SALLY

Date suggested: Jun 02, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: BOWEN, RAYMOND M

Date suggested: May 31, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: CALGER, CHRISTOPHER F

Date suggested: Jun 01, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: MILLER, LLOYD D

Date suggested: Jun 02, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: ONDARZA, EDWARD M

Date suggested: Jun 02, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: SHANKMAN, JEFFREY A.

Date suggested: Jun 02, 2000
Feedback Due Date: Jun 16, 2000

Employee Name: YZAGUIRRE, MARIO M


The 2000 Form W-2 will be mailed to your address of record by January 31,
2001. If you have not received your form by February 20th, you may request,
in writing, for a duplicate copy to be sent to you. Please note that a
written request, including authorized signature is required.

When requesting a duplicate form, please specify the year for which you need
a copy, sign your request, and include the following information:

 Name
 Complete Mailing Address
 Phone Number
 Social Security Number

You may mail your request to:
 ENRON CORP
 EB 1528
 P O BOX 1188
 HOUSTON TX   77002

Or you may fax your request to 713-646-3755.

Your request will be processed within one week of receipt.

If you have a question regarding the information on your Form W2, please
contact the Payroll Call Center at 713-345-5555 option 1.

Thank you


IN THE SPIRIT OF LET US MAKE IT BETTER - NOT IN TED IS CHUCKING BLAME AROUND,
PLEASE CONSIDER THE FOLLOWING ISSUE:

At the Audit Comittee Meeting, Jeff made the comment that the number of and
timing of the limit notifications caused them to be meaningless.  Now part of
that was an attempt by him to diffuse the number of notifications represented
graphically, but I think that there is an element of truth, particularly of
late.  therefore, I propose that we work toward making that timing faster and
the impact more meaningful.

I think the following might help:
1) Cassandra will be our point person, therefore it will be faster than
waiting for the slower, more distracted and less organized ME
2) I will propose that we raise the threshholds for notifications,
particularly at Jeff's level - I think that the sheer volume makes an
impression on Rick. Unfortunately, I think that it will not be in effect
until after the Dec bd meeting.  FYI I have proposed this at least twice and
have been shot down by Greg and Rick, but now that a smart guy is proposing
it, it will probably get more attention.
3) We should use the executive report viewer as the mechanism for delivery.
I do not know who actually supports that thing so please let me know.
 It has been important to AA for audit purposes to see "evidence" that Rick,
Jeff, Ken and Bd received appropriate notification - so that needs to be
considered.
Another possibility would be RisktRAC.  The 3-d solution contracted for
contains an "Executive View" of "hot spots" .  Unfortunately, even though
Jeff requested it on his desk top 5 months ago, we can't get the IT resources
to pay attention to it.  IT however, has been interviewed several times for
magazines and have created such incredibly successful and useful products
such as EnergyDesk.com, Credit.com, En-lighten,
..............................................................................
..

Conceptually,
Notifications should take place before trading begins the next day.  This may
be utopian, but it is fundamentally correct (just because Enron doesn't know
it is supposed to, doesn't make it right).  I am certain that real risk
management organizations have a mechanism in place for this.   It  may be
necessary to create a SWAG process that is lightning fast with a more exact
process to follow.

Please have fixed by close of business today.

Ted


CALENDAR ENTRY:	APPOINTMENT

Description:
	Knowledge Center

Date:		9/26/2000
Time:		4:00 PM - 5:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


It's six months into the new Millennium.  Where do you get your company
news?  Enron, cited as the Most Innovative Company in America for five years
in a row, prints a newsletter every two months.  We could reorganize entire
business units between issues.  Twice.

Don't worry.  Our printed newsletter isn't going anywhere; it's still the
best way to bring you detailed accounts of Enron's long-term business
direction and achievements.

Let's just say that print has a new friend.  And -- you guessed it -- that
friend is the dot.  As in "dot.com"; as in you now have an online connection
for fast-breaking news about and around Enron.  It's called eBiz, and it will
change the way you get news.  It might even change the way you think about
news.

eBiz will come racing across the Enron intranet on home.enron.com every two
weeks, and we will post breaking news and announcements as they happen.  The
news in eBiz will be so fresh and timely and fun to read, you may have to
skip your morning coffee so you don't miss anything.

Get ready, get set, get connected with eBiz.


Yes, please forward along.  Kathleen and Thom, Don Schultz is, and has been
for about two decades, a rather earnest and tenacious crusader for DSM.  Very
detail-oriented sort of fellow.  Works for the California Commission's
"Division of Ratepayer Advocates."  Just a heads up.

Best,
Jeff
---------------------- Forwarded by Jeff Dasovich/SFO/EES on 08/31/2000 10:05
AM ---------------------------

Elizabeth Linnell@ENRON
08/29/2000 10:11 AM
Sent by: Elizabeth Linnell@ENRON
To: Jeff Dasovich/SFO/EES@EES
cc:
Subject: re-restructuring: energy/communication industry convergence

See the attached message received through www.enron.com.  I don't see
anything in the articles I opened that reference anything to do with New
Power Company.  Shall I forward this to Kathleen or Thom as well?
---------------------- Forwarded by Elizabeth Linnell/NA/Enron on 08/29/2000
10:10 AM ---------------------------

"Don Schultz" <schultzdk@email.msn.com> on 08/26/2000 09:02:31 PM
To: <regulatory-affairs@enron.com>
cc:

Subject: re-restructuring: energy/communication industry convergence

I would like to establish contact (phone and email) with a former colleague
of mine, Jeff Dasovich.  I have specific questions related to Enron/New
Power capabilities for providing total bill (gas and electricity) reduction
and rate stabilization (gas and electric) services that include the
installation of current generation of "micro-power" technologies.  The
specifics of my querie and request for additional information, are based on
the information and products/services identified in the attached documents.


----- Forwarded by Tana Jones/HOU/ECT on 09/15/2000 04:30 PM -----

	Bradley Diebner
	09/15/2000 04:22 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, Cynthia
Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe Global
Contracts and Facilities, Enron Europe Global CounterParty, Stephanie
Sever/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT, Stacey
Richardson/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON,
Claudia Clark/HOU/ECT@ECT
		 cc:
		 Subject: EOL Credit Responses 09/15/00

The EOL approvals for 09/15/00 are attached below.

Regards,
bd


Thanks(especially for highlighting a row for me.)
PL


INSIDE TRACK: Saving up for a rainy day: WEATHER RISK MANAGEMENT: This week's
storms have prompted businesses to face up to the need to hedge against
changes in the climate, says Toby Shelley:
Financial Times, Nov 2, 2000

		Arena foes, supporters battle it out
		HOUSTON CHRONICLE, 11/02/00

		Azurx Shareholder sues over deal's price
		Houston Chronicle, 11/02/00

		'Big-picture' strategy gives C.I. Global edge Growth-oriented, diversified
fund delivers on all fronts
		The Globe and Mail, 11/02/2000

		Calif Generators See FERC Ruling As Step, Not Solution
Dow Jones News Service, 11/01/00

		IN THE MONEY: Enron Looks To Un-Dip Its Toe From Water
Dow Jones News Service, 11/01/00

		USA: Transwestern N.M. gas line cut 25 pct on train derail.
Reuters English News Service, 11/01/00

		US Natural Gas Cash Prices End Up On Arbitrage Spreads
Dow Jones Energy Service, 11/01/00

		INSIDE TRACK: Saving up for a rainy day: WEATHER RISK MANAGEMENT: This week's
storms have prompted businesses to face up to the need to hedge against
changes in the climate, says Toby Shelley:
Financial Times, Nov 2, 2000, 763 words

		As emergency services brace themselves for more gales after the worst storms
since the hurricane of 1987, businesses and the public are beginning to
realise what climate change means: not just flood damage but also disruption
of infrastructure and transport.
		The Association of British Insurers says the bill for Sunday's storm will
amount to hundreds of millions of pounds. This comes on top of last month's
flood damage in Kent of Pounds 40m-Pounds 80m. Bad weather cost insurers
Pounds 861m in 1999.
		While the costs of flooding are fairly easy to quantify, the financial burden
in terms of business forgone is less obvious. Swimsuit and umbrella
manufacturers face an obvious weather risk (although a company making both
would be nicely hedged), but so do 70 per cent of all companies, according to
industry experts.
		As awareness of such risks increases among shareholders, chief executives are
less able to use the climate as an excuse for lower profits. As a result, a
growing number of companies are developing weather risk management using some
of the many instruments now available (see below).
		Europe is catching up with the US in developing mechanisms and tools to help
companies manage such risk. The London International Financial Futures
Exchange aims to launch weather futures contracts early in 2001; Societe
Generale is developing weather hedge funds; Enron, the US energy and trading
group, is launching another 17 sites in Europe around which to trade weather
risk; and Weather Risk Marketing is putting together an insurance programme
in the London market, aimed at FTSE 200 companies, with capacity of Pounds
100m per customer.
		The global market in weather risk derivatives is valued at Dollars
3bn-Dollars 8bn (Pounds 2bn-Pounds 5.5bn) and is mainly in the US.
		Gas and electricity market deregulation provided the impetus for UK energy
companies to enter the weather derivates market. Centrica, the UK-based
energy supplier, is particularly enthusiastic. Given a "normal" winter in
1999, Centrica's profits would have been Pounds 24m higher.
		Thor Lien, Enron's senior weather derivatives trader in Europe, values the US
market at about Dollars 3bn and believes growth next year in Europe could
double that. But there are a number of imbalances in the current market and
brakes to further development.
		The very enthusiasm of the energy sector means demand for derivative hedges
against warm winters far outweighs demand for hedges against cold winters.
		Nick Ward, weather risk broker at Spectron Futures, says higher winter demand
can leave the current derivatives market with characteristics of an insurance
market where risks have to be absorbed.
		Lack of liquidity in the market is limiting business, according to some,
although Mr Ward says the derivative market can look at Pounds 50m risks. An
active hedger agrees: "The derivatives and reinsurance markets are certainly
developing, with some larger transactions, which may be in the tens of
millions, being explored. Most deals, however, remain relatively small in
comparison with the overall level of risk that could be transferred in these
markets."
		SocGen is the only bank to have committed itself thus far to the weather risk
market and is developing a Dollars 145m hedge fund activity in Europe and
Asia. Diego Wauters, global head of insurance derivatives, says his team
often closes two or three deals a week worldwide. It has done about 60 deals
globally over the last 12 months, 70 per cent of them weather risks.
		Data pose a problem for some companies. Rob Preston, a director at Speedwell
Weather Derivatives, says the cost of access to UK weather data from the
government-owned Meteorological Office may be restricting the take-up of
weather risk management by smaller companies. For data from a local weather
site, the Met charges Pounds 1,500 for temperature and the same again for
rainfall.
		Another significant brake on market development is lack of awareness. Even
where treasurers are persuaded of the value of hedging weather risks, selling
the idea to the board can be difficult.
		Peter Blogg at Liffe does not expect a flood of interest when futures
contracts begin trading. Rather, the plan is to establish them as benchmarks.
At a conceptual level, protecting profits from the weather is accepted by
many chief executives but few are putting weather risk management into
practice.
		David Gamble, executive director of Airmic, the UK risk managers'
association, says there is a growing interest in the area, although few
non-energy companies have taken an interest so far. Retailers such as
Sainsbury and Tesco have no involvement, nor does Railtrack, the notoriously
weather-prone rail operator. Cargill, the global trading house, is active in
the US but maintains only a watching brief in Europe.
		The future structure of the emerging market remains unclear. Mr Preston
foresees a two-tier basis: a primary market in tailored deals accepted by
insurance and capital market companies; and a secondary market in wholesale
traded risks appealing to insurers and energy companies.
		For Enron, Mr Lien sees a rapidly growing wholesale market in Europe with the
extremes covered by insurers who will, increasingly, be able to hedge their
exposure on the derivative market. He says that big exposures require
syndicated insurance at present but in six months' time the derivatives
market will have more liquidity.
		Copyright , The Financial Times Limited

Nov. 2, 2000, 9:23PM
HOUSTON CHRONICLE
Arena foes, supporters battle it out
By JANETTE RODRIGUES
Copyright 2000 Houston Chronicle
With less than a week to go before the arena referendum is put to a vote,
supporters and foes put aside any niceties in favor of bare-knuckle brawling
during a debate Wednesday.
Both sides spent a lot of time pitching, spinning and trying to persuade
members of The Greater Heights Area Chamber of Commerce, which sponsored the
event.
The debate started out in classic point-counterpoint style, with a panel of
Houston television news anchors asking the questions. But both sides quickly
went into attack mode.
In the pro-arena corner were Harris County-Houston Sports Authority Chairman
Billy Burge and Don Jordan, the co-chairman of Let's Build It Together, the
pro-arena campaign group. Opposing them were Metropolitan Coalition President
DeWayne Lark and conservative activist Bruce Hotze.
"Les Alexander gets all the benefits," Hotze said. "If this was a marriage it
wouldn't last a week. It is not a good deal."
Burge retorted: "Mr. Hotze, you sound like Bill Clinton -- a half-truth is
the blackest lie of all."
After a few of Hotze's anti-arena comments received applause from the
audience, Jordan chided some of those gathered.
"You can be very confused and ... clap about the statements that are being
made to you that aren't exactly accurate," he said. "That is one of the
benefits of being here today. You can look beyond some of the advertising
that has gone up, 90 percent of which is incorrect."
Later, the event got even more colorful after KTRK-Channel 13 anchor Bob
Boudreaux asked anti-arena activists what they knew about the deal that
fiscally conservative U.S. Rep. Bill Archer, R-Houston, didn't know. Archer
is appearing in the pro-arena campaigns' most recent television commercials.
"I think the pro-arena campaign has been a Clinton-esque campaign of
misstatements and misleading, and I think they have told people that the
Rockets are going to pay their fair share," Hotze said. "They pay nothing up
front. I think if Bill Archer knew all the facts, Bill Archer would not come
out and endorse this."
Jordan responded: "That's an incredible statement. The only thing I know
about that might be more incredible than what you just heard is if anybody
out there believed it. Bill Archer knows what's going on about this arena
down here."
Opponents accused pro-arena forces of doling out corporate welfare at
taxpayers' expense, while proponents repeatedly criticized arena opponents'
statements as misleading and inaccurate.
Backers of the arena say it would spur downtown development, strengthen the
economy, boost good feelings about the city and cement Houston's position as
a world-class city.
Lark said that he supports a new arena, but that taxpayers shouldn't have to
foot the bill -- especially when a billionaire sports team owner stands to
benefit the most from the deal.

Nov. 2, 2000, 12:12AM
HOUSTON CHRONICLE
Briefs: City and state
Azurix shareholder sues over deal's price
A shareholder has sued Azurix Corp. and its parent Enron Corp. on grounds
that a $275 million plan to take Azurix private undervalues the water
company's shares.
Azurix spokeswoman Diane Bazelides said the company has not been served with
the papers and therefore is unable to comment on the lawsuit.
Houston-based Enron last week offered to provide financing to let Azurix
purchase its shares at $7 apiece. Enron owns a little more than a third of
the water company it created two years ago and controls another third through
an investor group called Atlantic Water Trust.
In one of six lawsuits filed in Delaware Chancery Court, Azurix shareholder
Thomas Turberg says Enron and Azurix's directors have violated their duties
to shareholders by agreeing to purchase the shares at a price that is less
than the water company is worth.
The defendants are trying to use their control of Azurix to force
shareholders "to sell their equity interest in Azurix at an unfair price, and
deprive Azurix's public shareholders of maximum value to which they are
entitled," the suit says.
Turberg asks the judge to grant class-action status to his case, stop the
transaction and award damages and legal fees.
Enron shares rose $1.19 to $83.25, while Azurix shares fell 19 cents to
$6.06. Azurix's shares have fallen more than 80 percent since Enron took the
company public last year.

Report on Mutual Funds Special Report
15-Year Review of Mutual Funds FUNDSCOPE
'Big-picture' strategy gives C.I. Global edge Growth-oriented, diversified
fund delivers on all fronts, Gordon Powers says
Gordon Powers
SPECIAL TO THE GLOBE AND MAIL

11/02/2000
The Globe and Mail
Metro
M3
All material copyright Thomson Canada Limited or its licensors. All rights
reserved.

Lured by historically stronger returns and a recent increase in RRSP
foreign-content limits, Canadian investors have poured a record $39-billion
into foreign securities so far this year.
And thanks to some excellent performance and strong brand loyalty among
financial advisers, a fair chunk of this exodus has been heading into several
funds sponsored by C.I. Mutual Funds Inc.
Consider the $3.2-billion C.I. Global Fund. Under the tutelage of long-time
manager William Sterling, the 14-year-old fund returned 21.1 per cent in
1997, 26.2 per cent in 1998 and 37.1 per cent last year.
Over the 10 years ended Sept. 30, these strong numbers propelled it to a
stellar compound average annual rate of return of 17.7 per cent, well above
the 13.7-per-cent average of its global equity-fund peers.
Against a backdrop of rising inflation, technology jitters and potential
interest-rate hikes, however, the fund has been struggling more recently.
Year to date, it has delivered barely a break-even return.
Despite this recent blip, though, fund analyst Stephen Kangas, managing
editor of Toronto-based Fundlibrary.com, calls mammoth C.I. Global a
"must-have" fund.
"Bill Sterling's big-picture strategy and [co-manager] Stephen Waite's
stock-picking have worked to put this fund not only in the first quartile but
right up there as a core offering within the global category," Mr. Kangas
says.
Mr. Sterling and his team, most recently working for C.I. through independent
Credit Suisse Asset Management LLC, now have a major stake in a new
portfolio-management partnership, New York-based C.I. Global Advisors LLP,
that manages several funds in the Toronto-based C.I. family.
This new partnership "means the management group is in place for the long
haul," says Mr. Kangas, who favours arrangements where managers have equity
stakes.
Driven by the big-picture themes outlined in his appealing book,
Boomernomics, and using discounted cash flow as his primary yardstick, Mr.
Sterling has created a growth-oriented, broadly diversified fund that seldom
has much in common with its benchmark, the Morgan Stanley World index.
It generally contains about 140 stocks, with the largest holding limited to
roughly 3 per cent of the portfolio and the top 10 stocks representing no
more than 20 per cent of the pie. "You really can't do it any other way," Mr.
Sterling says. "When it comes right down to it, nobody really knows who's
going to win all the battles. With technology in particular, you have to take
a much broader view."
Similarly, although currency movements are always a factor in any global
fund, Mr. Sterling makes little attempt to hedge his dollar exposure,
preferring to use it as another key criterion in determining his country
choices. "We're much more likely to back an exporter who's going to benefit
from a sliding currency than to try and play the currency itself. That's
really where you're going to benefit."
Although still sporting a positive outlook for the long term, Mr. Sterling
has been trying to reduce the risk in the portfolio in recent months. Despite
the increased promise of an economic soft landing in North America, he still
worries that U.S. corporate profits may fail to meet expectations.
"We've been feeling a bit defensive for a while now. As long as central banks
are raising rates -- and we think one or two quarter-point hikes in the U.S.
are still likely -- you're going to see continued volatility and uncertainty,
particularly in U.S. technology stocks."
Consequently, he's reduced the fund's holdings in the United States and, to a
lesser extent, in Europe. Right now, the fund has 52 per cent of its stocks
in the United States, 21 per cent in Europe and 7 per cent in Japan, with
roughly 13 per cent in cash. That's a far cry from the beginning of the year,
when the fund had roughly two-thirds of its money south of the border and
very little cash on hand.
Over the past 18 months, U.S. tech stocks have swung dramatically, almost
twice as much as the rest of the market. As a result, the securities of many
technology companies are priced more like options than stocks, Mr. Sterling
says. "And that means likely more volatility, rather than less. Prudent asset
allocation suggests that you diversify away from an asset class as its
volatility increases. Despite the very real merits of the sector, investors
shouldn't have all their eggs in some high-tech basket."
Although technology still plays a significant role in the fund -- big
holdings include PMC Sierra Inc., Broadcom Inc., Vodafone Airtouch PLC and
Cisco Systems Inc. -- Mr. Sterling quickly points to what he calls "the
leopards" within the fund's largest holdings.
Companies such as Corning Inc. are an increasing force in fibre optics, and
ones such as utility giant Enron Corp. are "changing their spots and looking
for new ways to succeed. But, unlike many younger tech companies, they still
make money in the process," he says.
For conservative investors looking to diversify their holdings, the fund is
"definitely a core fund for most portfolios," Mr. Kangas says.
"Put this C.I. fund together with, say, a strong offering like AGF
International Value, and you've got an excellent foundation to build upon.
Lower risk, strong returns, broad diversification -- I think this fund has
really delivered on all these fronts. Highly recommended."
C.I. Global
Category: Global equity Manager: William Sterling Load status: Optional Total
assets: $3.2-billion Management expense ratio: 2.4%
Globe 5-star rating: ***** Returns to Sept. 30, 2000 1-month simple rate of
return: 0.5% 3-month simple rate of return: 1.1% 6-month simple rate of
return: 0.0% 1-year compound annual rate: 39.0% 2-year compound annual rate:
29.1% 3-year compound annual rate: 20.5% 5-year compound annual rate: 20.2%
10-year compound annual rate: 17.7% Top 10 holdings To Sept. 30, 2000
1. Corning Inc 3.4%

2. Network Appliance Inc 2.0

3. General Electric Co 1.9

4. Microsoft Corp 1.8

5. PMC-Sierra Inc 1.7

6. Vodafone Airtouch Plc 1.7

7. Cisco Systems Inc 1.6

8. Enron Corp 1.6

9. Citigroup Inc 1.5

10. Skandia Foersaedrings AB 1.5
Telephone: 1-800-563-5181 Breakdown by country
USA 52.1%

Israel 0.1%

South Africa 0.5%

Canada 2%

Japan 6.8%

Cash 12.9%

Other 25.6%

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

Calif Generators See FERC Ruling As Step, Not Solution
By Christina Cheddar

11/01/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- California's power generators think federal regulators
took a big step toward improving what they see as a flawed market for
wholesale electricity, but may have stopped short of total solution.
Earlier Wednesday, a committee formed by the U.S. Federal Energy Regulatory
Commission released recommendations to revamp the Golden State's power
market.
The recommendations sprung from a probe conducted by the committee that
sought to explain why California power prices tripled this past summer.
Overall, companies supplying power to the state applauded the committee's
finding that market manipulation by power generators in the state wasn't to
blame, as some consumer groups had charged.
FERC is the third agency to agree that there was no price collusion in the
market this summer, said Duke Energy Corp. (DUK) spokesman Tom Williams.
Company officials also said they were pleased by the agency's recommendation
that California should allow its three utilities to buy power from a variety
of suppliers and buy power in the forward markets.
Previously, the utilities were required to buy and sell all power through the
state's Power Exchange at market prices.
The previous requirement, which bound the utilities to one supplier,
effectively created another monopoly, said Enron Corp. (ENE) spokesman Mark
Palmer.
"Utilities should be able to manage their own price risk," Palmer said.
Williams Cos. (WMB) spokesman Tim Thuston agreed. He said his company had
been advocating this change, and was pleased to see it included in the
agency's recommendations.
However, generators did raise concerns over a so-called soft cap. Under the
provision, a supplier who sells power above $150 a megawatt would be entitled
to receive the bidding price, however, the supplier would have to file
several reports to the FERC.
Previously, all bidders in a single-price auction had to pay the highest bid
paid, which was otherwise known as the market clearing price. Under the
committee's recommendation, the market clearing price will never exceed the
$150/MW cap.
The companies also were concerned about a provision that could lead to
refunds after October 1.
Reliant Energy Inc. (REI) spokesman John Stout a two-year refund window is "a
cloud hanging over the market."
During Stout's initial review of the voluminous FERC report, he said he
wasn't able to determine exactly how the FERC would establish what is the
right price for power.
He said Reliant would be paying attention to this provision, which he said
could have broad implications for the companies who operate in the state.
Other officials also noted that sometimes power is traded several times
before it reaches its end-users. In those cases, how would refunds be
determined, officials asked.
In sharing their initial reactions to the 100-page report, company officials
agreed there is still much work to be done. Officials said they plan to make
additional recommendations to the state's agencies in the days ahead.
The changes in the California power market are sure to affect the strategies
of the state's power generators.
Enron has already decided to back off plans to install 300 megawatts of new
generation in the state next spring, said Enron's Palmer. The generation was
part of a project proposed by the California Independent System Operator.
Enron and 13 other companies are in negotiations to build the capacity, which
would have operated during periods of peak demand, when prices are the
highest.
Palmer said the lingering uncertainty in the state's power market makes the
project less financially attractive.
Still, other financial opportunities could be created by the proposed
regulations. Palmer said Enron's price-risk management operations could get a
boost because the state's utilities will now be free to purchase power in the
forward markets.
Other trading companies also see an opportunity there, but none would
estimate its potential value.
Duke Energy spokesman Tom Williams emphasized the Charlotte, N.C., company's
commitment to California. Duke, which supplies 4% of California's power, has
already made a significant investment in the state, he said.
Duke expects to continue to spend money in the state. For example, Duke will
proceed with its plans to build its Moss Landing power plant in Monterey
County.
As for other power projects, Williams wouldn't provide specific details.
Still, many believe additional capacity is needed to meet the state's growing
power needs and lower prices.
According to Williams, the FERC recommendations don't do enough to encourage
new generation to be built in the state.
"I think the next two months are full of uncertainty," Williams said. He
added, as long as uncertainty persists in the market, companies won't want to
make the investment.
This point was echoed by other company officials.
As the companies continue to review the order and make recommendations, it is
likely officials will focus future debate on the soft cap and refund
provisions of Wednesday's proposals.
Still, the companies appeared encouraged that progress has been made toward
correcting the state's markets.
And a lot is at stake, according to Reliant's Stout. Not only is the
company's future strategy in California riding on these decisions, but states
like Nevada have slowed deregulation efforts in order to watch the events
unfolding in California, Stout said.
Stout said now is the time for consumer groups, power suppliers, utilities
and the state agencies to come together "to get this power market fixed."
-Christina Cheddar, Dow Jones Newswires, 201-938-5166
christina.cheddar@dowjones.com

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

IN THE MONEY: Enron Looks To Un-Dip Its Toe From Water
By Carol S. Remond

11/01/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- Sometimes it's easier to peddle a hard-sell when you
don't have everyone looking over your shoulder.
That's what appears to be the case with Enron Corp. (ENE) and what it's doing
with its majority stake in Azurix Corp. (AZX), the water company Enron
partially spun-off to the public two years ago.
In an unusual transaction, Enron has offered to loan Azurix $275 million so
that it can buy back its stock from the public for $7 a share - that is, any
and all shares owned by everyone except for those controlled by Enron.
Following some fancy financial footwork involving trusts that own some of the
Azurix stock on its behalf, the Houston, Texas energy and commodity trading
company appears to be priming Azurix for a sale after failing to clinch a
deal the more traditional way.
(In a letter to Azurix, Enron indicated that so far, four potential buyers
have presented themselves. But the top suitor, who offered $7 a share, seems
to have had a change of heart after taking an in-depth look at the company).
Details of the latest scheme are scant. All that is clear so far is that
Enron has hired Lehman Brothers as an adviser regarding its plans for Azurix.
Although Enron declined to comment on its plans, people familiar with the
matter suggested that a complex transaction is now in the offing.
One option Enron had was to do this in the more traditional manner: Buy back
Azurix shares itself. But that posed a problem. In doing so, Enron would have
owned more than 50% of the water company, forcing it to consolidate all of
Azurix' financials on its balance sheet - including a healthy $1.3 billion in
debt.
Instead, with a little wave of a financial wand, it appears Enron has found a
creative way around that problem.
Here's how it works: Enron loans $275 million to the management of Azurix so
it can repurchase the non-Enron related shares from the marketplace. That
leaves an entity called the Atlantic Water Trust continuing to hold 67% of
Azurix' shares. Atlantic Water is half-owned by Enron and another trust
called Marlin Trust Co. Enron has voting rights on Marlin's shares.
A person familiar with the situation suggested that the transaction, which
has yet to be made public, would include some form of sweetner to entice
management to back an Enron-arranged sale of Azurix to a third party.
"Instead of being a growth-oriented play on deregulation and privatization in
the water utility industry, Azurix will become a sort of quasi utility
company," said Anatol Feygin, J.P. Morgan's Enron analyst. "Once that is
done, Enron will be able to cut overhead and development activity and look
for a buyer."
An Azurix spokeswoman said Enron's offer is under consideration. She declined
to comment on Enron's assertion that the water company had retained two
advisers earlier this year to evaluate its strategic alternatives.
What's clear so far is that if Enron succeeds in taking Azurix private,
streamlining the decision making process by excluding private shareholders
and the need to report to the Securities and Exchange Commission, it won't be
able to sell the water business in parts and would likely look for a buyer
for the whole lot.
That's because the equity of Azurix's crown jewel, U.K.'s Wessex Water Ltd.
is used to back a GBP400 million credit facility.
"They can't sell Wessex first because to do so they would have to take that
facility out," said John Kennedy, a utility analyst at Standard & Poor's.
Azurix acquired Wessex in October 1998 for $2.4 billion. People familiar with
the matter suggested that Enron is now in the process of re-evaluating
Wessex, as well as smaller assets in Latin America. Analysts said that Wessex
may now bring in about $1.8 billion. (Taking out long-term debt that comes to
about $4.25 a share).
So why is Enron so eager to get out of the water business?
Trouble has been brewing for a while. In September, following months of
Azurix falling short of analysts' earnings, its high-profile chief financial
officer, Rebecca Mark, simultaneously resigned from her position and stepped
down from Enron's board.
The fact is that Azurix has fallen short of Enron's expectations. The
energy-trading giant appears to have misjudged the speed of privatization in
the water and waste-water industry. And now with projects behind, revenues
have been slow, some $1.3 billion in long-term debt has accumulated and Enron
appears to have given up on its plans.
At the end, Enron's seconds may soon fuel ongoing utility consolidation in
Europe. As least four large European water companies are believed to be
potential buyers: France's Vivendi's Generale des Eaux and Suez-Lyonnaise des
Eaux and Germany's E.On and RWE.
The price of Azurix shares slumped as low as $3.37 earlier this month, far
below its spring 1999 initial public offering price of $19. Azurix' stock was
recently trading at about $6.125. - Carol S. Remond; Dow Jones Newswires;
201-938-2074
-carol.remond@dowjones.com

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

USA: Transwestern N.M. gas line cut 25 pct on train derail.

11/01/2000
Reuters English News Service
(C) Reuters Limited 2000.

SAN FRANCISCO, Nov 1 (Reuters) - Gas flows through a Transwestern (TW)
natural gas pipeline in New Mexico have been cut by about 250 million cubic
feet, or 25 percent, while the line is checked for damage after derailed
train cars fell near the line, a Transwestern spokesman said Wednesday.
The freight train derailment occurred late Sunday but the company was not
informed the train cars had fallen near the gas line until Monday, when gas
flows were reduced, he said.
The TW pipeline, in northwestern New Mexico, feeds California gas markets and
normally operates at around one billion cubic feet a day.
The spokesman for Transwestern Pipeline Co., a subsidiary of Houston-based
Enron Corp. , was unable to say when the line would be back at normal
capacity.
No one was believed to have been hurt in the accident, he added.

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

US Natural Gas Cash Prices End Up On Arbitrage Spreads

11/01/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- U.S. natural gas physical prices mostly rose Wednesday
with the New York Mercantile Exchange futures board, but still held a 15- to
16-cent differential to the Nymex, one of the largest seen this year, traders
said.
The cost of carrying gas to storage blew out the differential, a Houston
trader said, as some pipelines refused to allow more gas into storage at this
late date. "Storage (and arbitrage) wasn't an option," a trader said.
That stagnated some non-incremental buying dead in its tracks, he said. He
expects the 15- to 16-cent differential to continue on Thursday.
Also, in the West, gas was looking for a home after some transportation had
to be redirected because of a force majeure on Enron's Transwestern East of
Thoreau line.
A train derailment in New Mexico had damaged the line, cutting back and
shifting gas deliveries from the East to the West, traders said.
The Nymex December futures gas contract settled Wednesday at $4.686 per
million British thermal units, up 19.6 cents as traders brushed aside an
apparently bearish American Gas Association storage report and bought gas in
preparation for possible wintry forecasts.
Although predictions were for a build in the 60-65 billion cubic feet range,
the AGA said 70 Bcf was added to storage last week, still within some
expectations and considered slightly bearish. The anticipated total fill of
about 2.7 trillion cubic feet has been a factor in driving prices down these
last few weeks, marketers said.
Swing physical gas for November at the benchmark Henry Hub in south Louisiana
rose 4 cents-8 cents to a $4.32-$4.48/MMBtu range. November index at the
Henry Hub is $4.50/MmBtu.
Transcontinental Gas Pipe Line at Station 65 deals rose 2 cents on the bid,
but fell 4 cents on the offer to a $4.35-$4.44 range. Index is seen at $4.51.
At Katy in East Texas, buyers paid $4.25-$4.39, up 1 cent on the bid, down 3
cents on the offer from the Transwestern outage. Index is seen at $4.43.
At the Waha hub, prices closed at $4.17-$4.27, down 5 cents-10 cents, also as
a result of the Transwestern outage. November index for the first of the
month is at $4.50, flat to the Henry Hub.
Prices in the West and California and New York moved above $5.00, traders
said. The California Border index is put at $5.19; PG&E Citygate at $5.33;
Transcontinental New York Zone 6 line at $5.10 and Texas Eastern's M3 line at
$4.96, traders said.
-By John Edmiston, Dow Jones Newswires,713-547-9209;
john.edmiston@dowjones.com

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


I would be - it was an email with Scott on my lap.  John's conversation with you today is what I am talking about.  If so - I have a hole, do I not in Portland.  So I know this chap MS who won't move to Portland but its worht you talking to him.  Should you decide to pursue John's conversation further.

Let's talk tomorrow.

Lousie

 -----Original Message-----
From: 	Calger, Christopher F.
Sent:	Thursday, October 18, 2001 7:15 PM
To:	Kitchen, Louise
Subject:	RE:

I am confused

Chris Calger
503-464-3735

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Thursday, October 18, 2001 4:57 PM
To:	Kitchen, Louise; Calger, Christopher F.
Subject:	RE:

Scott just sent you the message before I'd finished.

So I have a real long shot for you to talk to at some point. Matthew Scrimshaw - I don't think he'll move to Portland but he might.

So an ideas yourself?

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Thursday, October 18, 2001 6:54 PM
To:	Calger, Christopher F.
Subject:

well - what do you think of that!

I have someone who is a suplong

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308


----- Forwarded by Richard B Sanders/HOU/ECT on 09/28/2000 06:41 PM -----

	Richard B Sanders
	09/01/2000 01:16 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Vibration Complaints at Gleason

----- Forwarded by Richard B Sanders/HOU/ECT on 09/01/2000 01:16 PM -----

	Mitch Robinson@ENRON
	07/10/2000 01:06 PM

		 To: Stuart Zisman/HOU/ECT@ECT
		 cc: Richard B Sanders/HOU/ECT@ECT, Eric Thode/Corp/Enron@ENRON, Tom
Callaghan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Vibration Complaints at Gleason

Stuart -

Fyi.  Talked to Pete a few minutes ago.  We filed a warranty claim with
Westinghouse.  We will be running all units tomorrow, and we'll have a
Westinghouse engineer there to work on the problem.  Pete has since called
all the people below back to explain what we are doing to verify whether
there is a problem or not.

Mitch
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 07/10/2000
01:02 PM ---------------------------

Pete McCormick@ENRON_DEVELOPMENT
07/10/2000 12:36 PM
To: Tom Callaghan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mitch Robinson@Enron
cc:

Subject: Vibration Complaints at Gleason

Well, it continues. We have received 5 complaints from the vibrations
resulting from operation of Units #1 and #2. I have personally been to each
individuals residence since this morning to monitor for the vibrations and to
listen to the individuals. In all, every person just feels a little
frustrated by the problem, I have not ran across anyone that has been
unfriendly. Below I will list the individual complaints and my findings
visiting their residence.

Karen Ellis - Most likely the cause of most of the complaints, they are the
closest to the facility and have the most vibration from the units. While I
was at their residence I could feel the windows rattle, and at some points
feel the walls vibrate. There is a definite vibration present at this
residence.

Mr & Mrs. King - They called and complained but were unavailable to visit
their residence, they live in the same vacinity as Karen Ellis.

Lynda Stout - Very next house after Karen Ellis, stopped and visited with her
and Richard Black this morning, they are complaining about the vibrations but
while I was there I could not determine if there were any vibrations
occuring. Cannot eliminate the possibility.

Richard Black - Same as above, he seems like he may cause a little bit of
trouble. While I was visiting he said that he has rental property (the
trailer park) that he could not rent due to the vibrations. I could not
determine if Vibrations were present or not.

Clint Fuqua (something like that) - Lives in the OPPOSITE DIRECTION from all
other complaints. He stopped by this morning to complain (and pick up his
dog). I went to his house and visited, could not feel vibrations from his
residence, I believe if the wind direction were to change he would experience
some noise and vibration.

In all, everyone is just wanting to know if this will be permanent or just
temporary. I have explained to everyone that this will be temporary till we
can obtain the proper information to find a solution. The vibrations seem to
be getting worse as we run, I believe that Westinghouse has a problem in the
exhaust transition that they need to investigate.

I spoke with Curt Smith this morning and expressed the severity of this
problem and recommended that they get someone up here tomorrow, we are trying
to environmental testing out here tomorrow, I should know this afternoon if
this is possible.

We are also experienceing cracking in the exhaust area on the units,
Westinhouse is investigating as we speak. I believe they are associated.

Will keep you updated on the testing. Weare going to dispatch tomorrow, thats
why I want to get everyone out here if possible.

Peter


The contact person at Cogentrix  whom we typically engage is Tom Bonner.  You
might keep this name in mind if you cannot reach Tom McCarrin. The phone
number provided will connect you to the Cogentrix operator.

- glenn

From: Steve Van Hooser@ECT on 11/16/2000 06:09 PM
To: Dolores Lenfest/HR/Corp/Enron@ENRON
cc: Michelle Cash, Ozzie Pagan/HOU/ECT@ECT, Glenn Wright/Corp/Enron@ENRON,
Dwight Beach

Subject: ALAMAC--Employee Due Diligence

Dee,

Ozzie Pagan called me earlier today and informed me that Cogentrix's Tom
McCarrin (sp?) had started to compile basic employee/employment information
relative to the two North Carolina power plants that ENA is planning to
acquire from Alamac Knit Fabrics.  I then spoke to Michelle Cash and she
agreed with me that it would be best if you would call Mr. McCarrin in order
to give him guidance as to the specific employee and benefits information
that you are going to want to see.  I am told that he has not been given the
Due Diligence Worksheet.

Mr. McCarrin's phone number is 704-525-4897.  Thank you in advance for your
help in moving this aspect of the Alamac transaction forward.

Steve Van Hooser
----- Forwarded by Steve Van Hooser/HOU/ECT on 11/16/2000 06:02 PM -----

	Steve Van Hooser
	11/03/2000 02:00 PM

		 To: Ozzie Pagan/HOU/ECT@ECT, Glenn Wright/Corp/Enron@ENRON, Dwight Beach
		 cc: Michelle Cash, Dolores Lenfest/HR/Corp/Enron@ENRON
		 Subject: Employee Due Diligence Questions and Checklist

Attached is the set of Employee Due Diligence Questions and Checklist that I
have been e:mailing you about yesterday and today.

As you will note, it is quite extensive, and I rather doubt we'll receive
helpful information by simply sending this document to Alamac.  Once you have
had a chance to review the type of information that HR needs to have in order
to conduct due diligence, please call me so that I can coordinate this effort
with Michelle Cash and Dolores Lenfest from HR.

Steve Van Hooser


Yes I did!

Mr. & Mrs. James Rogers
6 Noel Lane
Cincinnati, OH  45243


Attached is a summary of the New York RTO Order issued by FERC late yesterday. I apologize for the length, but I wanted to include a number of quotes from the Order that repeat arguments that we have been making over the past few years. In a procedural Order issued today, FERC has scheduled the Northeast mediation process to begin next Thursday, July 19th.


Title: Optimization and the Role of R&D
URL(s):
http://www20.cera.com/eprofile?u=35&m=2455

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

REFLECTIONS ON THE OFFSHORE TECHNOLOGY CONFERENCE

The offshore E&P business is focused on two broad technological challenges as
it pushes its activities to ever-deeper water:

*  agreemment about the need to optimize existing technology to support
cost-effective deepwater production

*  disagreement about the best way to create and manage future innovation

**end**

Follow the URL above for the complete report.

E-mail Category: Insight
CERA Knowledge Area(s): Global Oil

CERA's Spring 2001 Roundtable event dates and agendas are now available
at http://www20.cera.com/event

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

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This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
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distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www20.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates


I will be out of the office after noon on Friday, June 9, headed to the hill
country to pick up one of my daughters from camp.  I will not attend the
Friday afternoon meeting.  You will be able to reach me on my cell phone,
713-417-1591, as needed during the afternoon.


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

JoC Online Daily E-mail Newsletter
Monday Edition
November 19, 2001
Surin Elephant Roundup (Thailand)
www.joc.com

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

Take the Daily Quiz, sponsored by APL.

Into what body of water does the Brahmaputra River empty?

Click on
http://news.joc.com/cgi-bin7/flo?y=eDyC0BejkZ0n50PuU0Aw

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

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* Commonwealth Business Media completes acquisition
  of Journal of Commerce Group
* EU in new Korean shipbuilding probe
* FreightDesk relaunched as two cos.
* Inttra gets funding from Kuehne & Nagel
* Customs proposes rule for split-shipment entry
* ACL's Halifax calls imperiled by rail tiff
* Lufthansa Cargo unveils air cargo index
* West African port plan floated
* Open Harbor garners $10M in funding
* Box volume jumps at Malaysia port
* ILA's Bowers to be honored by forwarders
* JoC Week: Up in the air

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EU IN NEW KOREAN SHIPBUILDING PROBE
The European Union has opened a new investigation
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that could lead to the return of subsidies for
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FREIGHTDESK RELAUNCHED AS TWO COS.
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INTTRA GETS FUNDING FROM KUEHNE & NAGEL
The multi-carrier Web portal has strengthened its
position as a company allied with the interests of
intermediaries as well as shippers, with an
investment from the Swiss 3PL.
http://news.joc.com/cgi-bin7/flo?y=eDyC0BejkZ0n50R7E0Ag

CUSTOMS PROPOSES RULE FOR SPLIT-SHIPMENT ENTRY
The proposal would allow importers to enter
multiple lots under one bill of lading.
http://news.joc.com/cgi-bin7/flo?y=eDyC0BejkZ0n50R7F0Ah

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

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ACL'S HALIFAX CALLS IMPERILED BY RAIL TIFF
Politicians and port interests are concerned that
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LUFTHANSA CARGO UNVEILS AIR CARGO INDEX
A new index predicts air cargo trends for key
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WEST AFRICAN PORT PLAN FLOATED
A container transshipment facility similar to the
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http://news.joc.com/cgi-bin7/flo?y=eDyC0BejkZ0n50R7I0Ak

OPEN HARBOR GARNERS $10M IN FUNDING
The cross-border trade management software company
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BOX VOLUME JUMPS AT MALAYSIA PORT
The only fully equipped container terminal in an
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second quarter.
http://news.joc.com/cgi-bin7/flo?y=eDyC0BejkZ0n50R7K0Am

ILA'S BOWERS TO BE HONORED BY FORWARDERS
John Bowers, president of the International
Longshoremen's Association, has been selected as the
2002 Person of the Year by the New York/ New Jersey
Foreign Freight Forwarders and Brokers Association.
http://news.joc.com/cgi-bin7/flo?y=eDyC0BejkZ0n50R7L0An

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Wow, Rebecca was reading my mind!
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/17/2001 12:10
PM ---------------------------

	From:  Rebecca Walker                           01/17/2001 12:02 PM

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

Subject: Intergen Funding

Kay

This memo is to confirm that we used the updated account numbers in the
notice that we will give to the Escrow agent for the closing of the Intergen
deal tomorrow.  Let me know if you need any more information.

Regards,
Rebecca
---------------------- Forwarded by Rebecca Walker/NA/Enron on 01/17/2001
12:01 PM ---------------------------
From: Theresa Vos on 01/12/2001 02:55 PM
To: Rebecca Walker/NA/Enron@Enron, Kay Mann/Corp/Enron@Enron
cc:

Subject: Intergen Funding

For funds that ENA receives and then needs to send out the same day, Treasury
prefers that we use the following account:

 Citibank NY
 4078-1075
 ABA#021000089

Please call me if you have any questions.

thanks,
theresa
x58173


Positive Living Tip of the Day
		Monday January 29, 2001

		Your Environment

		Do you live or work in an environment that creates undue stress in your life?

		If so, realize your environment plays an important role in your life. Hostile
environments create defensiveness, and an individual's negative behavior can
directly affect others who are trying to maintain a healthy attitude.

		For example, if you are working with a supervisor who constantly berates
those under him/her in front of others, this negative behavior affects
everyone in the office. And hanging around negative friends and family
members can reinforce your own negative traits. (For example, your temper is
under control as long as you are not around your older brother.) In addition,
negative people can induce others into developing the same negative attitudes
and behaviors that they possess. It is true the company you keep is a
reflection on you and can influence your behavior. Steer clear of negative
environments and begin building a positive life.

		- CG, Licensed Clinical Professional Counselor


FYI

 -----Original Message-----
From: 	Howard, Kevin A.
Sent:	Monday, November 26, 2001 3:32 PM
To:	Hayslett, Rod; Fossum, Drew
Subject:	press release

rumor has it that a press conference will take place at 4:00 - more money in, lower conversion rate.


Dear all,

I followed up on the suggestions at the conference call as follows:-

1) USE LESS DATA

Unfortunately, kicking out only 1990 makes the overall equation a lot less
robust, in fact dramatically so, and so eliminates the possibility of using
less data.  The model tested was the RPI(month+15) & Deviations from
long-term average for Brent Crude.  The r-squared and F-statistic collapsed
by eliminating the first 12 months of data.

2) DEVIATIONS IN CRUDE VARIABLE

Shifting the crude explanatory variable backwards and forward by 3 and 6
months did not alter the model goodness-of-fit parameters dramatically and so
my suggestion is that we stick with the following model:

PLLU[t] = a.RPI[t] + b.RPI[t+15] + c.BrentCrudeDeviations[t] + Constant

3) TESTING MODEL WITH SINE WAVE

To gauge the response of the model to wildly-varying RPI forward curve, a
sine wave of period 3 years for RPI was input into the PPI model.  The result
was as expected; PPI pre-empts the moves in RPI by about 8 months.  The
magnitude of the oscillations is also reduced.  This shows that if we had
more detail in our RPI forward curve, then the PPI model would reflect those
peaks and humps adequately.

CONCLUSION

I therefore propose that we use the model that incorporates RPI, RPI[t+15]
and deviations of Brent Crude from long-term average.  The new model is
plotted below in burgundy and can be compared to the old PPI which is
depicted in blue.

The new model achieves the two main objectives of the PPI curve: it is
significantly more robust and stable than the existing one, and it is
considerably less sensitive to the input coefficients, which results in us
having more confidence in our monthly P&L.

Please note that all this analysis only applies to PLLU, and that a separate
study will be needed for the DZCV PPI index.

Regards,

Anjam
x35383

---------------------- Forwarded by Anjam Ahmad/LON/ECT on 09/03/2000 16:52
---------------------------

Anjam Ahmad
08/03/2000 14:03
To: Martina Angelova/LON/ECT@ECT, Harry Arora/HOU/ECT@ECT, Maureen
Raymond/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT, Farouk Lalji/HOU/ECT@ECT
cc: Trena McFarland/LON/ECT@ECT, Dale Surbey/LON/ECT@ECT, Stinson
Gibner/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Leandro
Ibasco/Corp/Enron@Enron

Subject: Update on PPI Model for Inflation Book

Dear all,

We thought it might be useful to incorporate Brent crude as an explanatory
variable for PPI; it was found that deviations of Dated Brent Crude from the
long-term average of $18.80 was the best form of the variable to use (for
predictions the Brent forward curve produced by the Global Products Group is
used).  The three new equations developed were:-

PLLU(t) = a.RPI(t) + b.RPI(t+N) + c.(DatedBrentCrude - 18.8) + constant,
where N is 14,15 or 16
[REDDISH CURVES]
r-squared approx 0.49
F-stat approx 32

The chart below shows what our projected PLLU curve would be given this
equation, and also the three best relations from before which were based upon
current and future RPI:

PLLU(t) = a.RPI(t) + b.RPI(t+N) + constant, where N is 14,15 or 16
[GREENISH CURVES]
r-squared approx 0.47
F-stat approx 45

COMPARISON OF MODELS
As you can see, the two equations differ in the very short-term and very
long-term; the inclusion of deviations of Brent Crude leads to short-term
predictions of 3.0% to 3.2% over the next six months.  The greenish curves
predict PLLU in the range of 2.5% to 2.8% over the next six months.

The curves are then very similar until 2009, when the models including crude
break-away to the upside, relative to the falling RPI curve.  The model based
purely on RPI hugs the RPI curve much more closely in the longer term.  This
is only important to the extent that we have large positions beyond 2009
(which we don't).

SUGGESTION
What could be useful now is a differently-specified model designed to
forecast only the next 3 months, using auto-regressive or auto-regressive
error terms.  This model would be far more accurate in the near-term, and we
could include this information onto the front of this long-term model.  This
may be useful, despite the fact that most of our exposure is in future time
buckets.

BACK-TESTING

All the models give similar visual and statistical performance over the data
sample used (based mainly on 1990s "new paradigm" economy).

Hopefully we can discuss these and other points later in the tele-conference;
your ideas on this would be appreciated.

Regards,

Anjam
x35383


Here is the contract information.  The contract group could not locate the
CES-Devon contract so all I have is the info from TAGG and Sitara.

For the GTC and GISB contracts that have no paper, I wrote price and location
on the EXCEL spreadsheat.

Tom Donohoe


CALENDAR ENTRY:	INVITATION

Description:
	Do Not Delete - Repeat parent for Customer Accounts Mtg.

Date:		3/27/2001
Time:		1:30 PM - 3:00 PM (Central Standard Time)

Meeting Dates:
	3/27/2001, 5/31/2001, 6/6/2001, 6/28/2001, 7/26/2001, 8/30/2001, 9/25/2001, 9/27/2001, 10/31/2001, 11/29/2001, 12/26/2001, 12/28/2001

Detailed Description:


Holly would be a good one to invite.  She and Carol are real good friends.
Lucinda really doesn't know Carol all that well, so I think I'd skip her.
Holly's work # is (281) 364-5207.

	"Patti Young" <pyoung@pdq.net>
	08/15/2000 05:12 PM

		 To: <Tana.Jones@enron.com>
		 cc:
		 Subject: Re: Tuesday

P.S.  I thought about asking Holly and Lucinda, but didn't know if they
would be interested or not because of most of the people being the running
group.  I would love it if they came.  Would you like to invite them, or, if
you will give me their numbers, I would be glad to invite them.

Thank you.

----- Original Message -----
From: <Tana.Jones@enron.com>
To: <pyoung@pdq.net>
Sent: Tuesday, August 15, 2000 12:09 PM
Subject: Re: Tuesday

I just got in from Aspen.  This Sunday looks good for me for Carol's
birthday.  Is Holly going, she might like to...?

In terms of a townhome, I think that would be nice, also Garden Oaks.  It
seems like you are kinda all over the place, though, and you might want to
be careful making "emotional" home buying decisions...

As far as not hearing back from Enron.  I wouldn't think anything of it.
They told me they absolutely wanted me and then I didn't hear back from
them for two months.  Big companies have lots of layers to get anything
done.  Just keep plugging on...

                    "Patti Young"
                    <pyoung@pdq.n        To:     "Tana Jones"
<tana.jones@enron.com>
                    et>                  cc:
                                         Subject:     Tuesday
                    08/15/2000
                    02:59 PM

Oh, I forgot to tell you something else:

Carol Gradziel turns 50 today, but on Sunday  evening, August 20, we were
going to do a surprise dinner at Buca di Beppo at  Buffalo Speedway and 59.
I would love for you to come. It will be  the running group, mostly
couples, and me and Carol. Everyone is supposed  to get there at 6:45 and
we (Monnie, Ralph, and I are picking Carol up to be  there by 7. If you
are not busy, try to come. Monnie and Ralph have  run with us, but they
are the realtors that Carol does most of her business with  and I have
known them for about 25 years.

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(((agt.indexOf("msie")!=-1)&&(parseInt(navigator.appVersion)>4))
||(agt.indexOf("msie 5.")!=-1))scr.write(); file://-->


Gerald,

If you haven't heard from Joe on this, please get in touch with him.

Joe - this is a reasonable request given that we need to understand why they feel that they are entitled to hold the gas.  We are not trying to be argumentative but need to understand (and have them articulate a rationale for) why they feel that they can do this.  Once we hear where they are coming from, I think we will be able to get to where everyone wants to go (i.e. settlement and sale of the gas).

Stuart

-----Original Message-----
From: Nemec, Gerald
Sent: Thu 2/7/2002 4:17 PM
To: Meyer, Chris; Zisman, Stuart
Cc: Parks, Joe
Subject: RE: Centana - Colorable Warehouseman's Lien

Chris,  Can you request that Centana provide us with their lawyers info, so I can contact him.  It is not unreasonable for them to specify the grounds under which they are holding our gas.  They are in violation of the automatic stay is they do not return our gas and I will point this out to their attorney.

 -----Original Message-----
From:   Meyer, Chris
Sent:   Thursday, February 07, 2002 11:29 AM
To:     Zisman, Stuart; Nemec, Gerald
Cc:     Parks, Joe
Subject:        Centana - Colorable Warehouseman's Lien

Talked to Joe....The counter party has only provided a verbal as to its claim against the gas in ground...nothing written.  Their comments have ranged from "if you don't pay me for past amounts, we are not going to buy any gas from you" to "we are holding the gas till you pay us"  Based on Joe's discussions to date, the proposition of having Centana provide a written claim to stored gas appears small.

Our most probable options appear to be:

 (1) pay pre petition amounts under the 1st day order based on an implied / colorable warehouseman's lien
       (post petition amounts are already approved);
 (2) request a written assertion of Centana's rights and proceed under 1st day order;
 (3) forget 1 and 2 above and go through the TRC, BMC and CC;
 (4) Force the issue w/Centana and sell gas in ground to a third party, if available.

My preference is option (1) as :
        -       option (2) is the most unlikely,
        -       option (3) is cumbersome and we are subject to price risk while we continue to accrue storage costs, and

        -       option (4) holds significant transaction risk.

Regardless of the above, I assume we still need to complete the Batch Funding Request ("BFR").

Joe - have you finished the valuation and recommendation portions of the BFR?

Gerald -  if Centana will not provide a written response, can we proceed with (1) above?

chris
x31666


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/22/2001
07:28 AM ---------------------------

	From:  Mike A Roberts                           03/14/2001 01:21 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: The QUIZ

Vince,

maybe we could use this to screen prospective new research group members!

- Mike
---------------------- Forwarded by Mike A Roberts/HOU/ECT on 03/14/2001
01:14 PM ---------------------------
Kaye Davenport @ EES   03/14/2001 01:05 PM

To: Bruce N Stram/HOU/EES@EES, <mjacobson@fce.com>, Mike A Roberts/HOU/ECT@ECT
cc:
Subject: The QUIZ

Just checking you all out!!!
---------------------- Forwarded by Kaye Davenport/HOU/EES on 03/14/2001
01:04 PM ---------------------------

"Blair Hodges" <blair_hodges@hotmail.com> on 03/14/2001 12:29:51 PM
To: brhodes@downstreamenergy.com, mscandyd2001@msn.com,
Donna.Laird@Wilcom.com, GPhillips@dacg.com, mipopi@hotmail.com,
kdavenpo@enron.com, kwilliam@alogic.com, merry@tjtaxlaw.com,
wondershea@prodigy.net, mknbrd_2000@yahoo.com, theresa.viguerie@inteq.com,
hayatu@yahoo.com
cc:
Subject: The QUIZ

The following short quiz consists of 4 questions and tells whether you are
qualified to be a "professional". Scroll down for each answer. The questions
are not that difficult.

1.  How do you put a giraffe into a refrigerator?

The correct answer is: Open the refrigerator, put in the giraffe and close
the door. This question tests whether you tend to do simple things in an
overly complicated way.

2.  How do you put an elephant into a refrigerator?

Wrong answer: Open the refrigerator, put in the elephant and close the
refrigerator.

The correct answer is: Open the refrigerator, take out the giraffe,
put in the elephant and close the door. This tests your ability to
think through the repercussions of your actions.

3.  The Lion King is hosting an animal conference. All the animals
attend except one. Which animal does not attend?

The correct answer is: The Elephant. The Elephant is in the refrigerator.
This tests your memory. Okay, even if you did not answer the first three
questions correctly, you still have one more chance to show your abilities.

4.  There is a river you must cross, but it is inhabited by crocodiles. How
do you manage it?

The correct answer is: You swim across.  All the Crocodiles are attending
the Animal Meeting. This tests whether you learn quickly from your mistakes.
According to Andersen Consulting Worldwide, around 90% of the professionals
they tested got all 4 questions wrong. But many preschoolers got several
correct answers. Anderson Consulting says this conclusively disproves the
theory that most professionals have the brains of a four year old.

Send this out to frustrate all of your friends

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


Start Date: 1/28/02; HourAhead hour: 4;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012804.txt
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.


Phillips has changed there nom at meter 6673.  Vance had 119 in his file but
phillips sent in a nom today for 948.   So far it has flowed for April
between 1100 and 841.

Prize has some changes.
meter                              From
To                                      March  range.

4028                                 1113
717                                         1137  to 887
5579                                 2733
2381                                        2800 to 2578
5767                                  115
150                                           140  to  103
6191                                  249
154                                           253  to  217
6675                                  120
239                                             78  to   156
9604                                  109
32                                              38   to   63
4965                                  149
180                                             71  to   288
5121                                 1163
1135                                           303  to  703

Vintage
989603                             0
330                                            no mom in April,   nomed 270
in March.


The importance of all long term plans to build a comfortable life faded away
into cloud of apathy and listfulness.  No cares anymore.  Just extract as
much as possible from each experience never knowing where it might take you.
Wow.  Such thought before used to scare the hell out of you.  But isn't it
ironic to finally find out no matter how much you try to control each aspect
of your existence, it could end up somewhere completely unforeseeable
anyway.  You have no control.  No control.  So why try to control it.  Why
not open yourself up to all those unknowns, those risks, those potential
great failures.


Mike Gioffre
dgioffre@hotmail.com

From: "Joe McNichol" <joemc5cent@hotmail.com>
To: monaghanm@hotmail.com, alan_waugh@yahoo.com, amy_pittman@timeinc.com,
KIERNOGGIN@aol.com, brianpcurran@yahoo.com, carolyn.smiley@ibx.com,
imburgia_christopher@jpmorgan.com, Clytle12@aol.com, ggarcia@urbanmedia.com,
68tsikitas@cua.edu, jmlunz@yahoo.com, jim@assetstaffing.com,
JMcCaffrey@batesww.com, john.e.obrien@us.pwcglobal.com, jdcq44@att.net,
ksheahan@gmrmarketing.com, lisagcox@yahoo.com, MTCorboy@aol.com,
MLASKY@HAHNHESSEN.COM, MStanton@discus.org, megallagher26@hotmail.com,
Michelle.Sautter@ibx.com, dgioffre@hotmail.com, kowalski_m@hotmail.com,
PaulJappe@aol.com, Robg83@aol.com, smf1205@yahoo.com, AAKS3@aol.com,
tara.walsh@AIG.com, MJBCTFUREY@aol.com
Date: Fri, 14 Sep 2001 04:19:04 -0400

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp

Received: from 12.3.43.174 by lw8fd.law8.hotmail.msn.com with HTTP;	Fri, 14 Sep 2001 08:19:04 GMT
X-Originating-IP: [12.3.43.174]
From: "Joe McNichol" <joemc5cent@hotmail.com>
To: monaghanm@hotmail.com, alan_waugh@yahoo.com, amy_pittman@timeinc.com, KIERNOGGIN@aol.com, brianpcurran@yahoo.com, carolyn.smiley@ibx.com, imburgia_christopher@jpmorgan.com, Clytle12@aol.com, ggarcia@urbanmedia.com, 68tsikitas@cua.edu, jmlunz@yahoo.com, jim@assetstaffing.com, JMcCaffrey@batesww.com, john.e.obrien@us.pwcglobal.com, jdcq44@att.net, ksheahan@gmrmarketing.com, lisagcox@yahoo.com, MTCorboy@aol.com, MLASKY@HAHNHESSEN.COM, MStanton@discus.org, megallagher26@hotmail.com, Michelle.Sautter@ibx.com, dgioffre@hotmail.com, kowalski_m@hotmail.com, PaulJappe@aol.com, Robg83@aol.com, smf1205@yahoo.com, AAKS3@aol.com, tara.walsh@AIG.com, MJBCTFUREY@aol.com
Date: Fri, 14 Sep 2001 04:19:04 -0400
Mime-Version: 1.0
Content-Type: text/html
X-Stn-Info:

 I am hopeing that this note finds everyone healthy.  We have spent a rough few days together, yet for myself today beacame much more difficult.  I, unforunately, had to watch a segment on NBC with Sheila Brown, Class of '96, holding a picture of a loved one.  I've been fortunate enough to have my friends return safely home, yet Sheila is still searching for her loved one.  Please inform me if you Tara Drake's e-mail address.  Last I know she worked for MTV.
Sheila was my girlfriend for awile, and you who know me,know I don't say that very often.  She is a special women who needs to hear from her friends now.  I would appreciate everyones help.  I am thinking of all of you!!!  My thoughts and prayers are with you, your families, and your co-workers.

Joe


We did deliver 30,000 per day to Mobil for Midcon for the month of May.

D

 -----Original Message-----
From: 	Griffin, Rebecca
Sent:	Friday, June 01, 2001 9:51 AM
To:	Daren J Farmer/HOU/ECT@ENRON
Subject:	Mobil Beaumont - May 2001

Daren,

I want to confirm the May MidCon volumes for Mobil - I think it is 30,000 mmbtu/day?

Please let me know if I should ask someone else...

Thanks,
Rebecca


Our Energy Group at Verner Liipfert has moved to the law firm of Sullivan &
Worcester LLP.  Please note the following new contact information for the
attorneys listed below, who represent the Public Utilities Commission of
Nevada in this proceeding:

Sherry A. Quirk
(202) 775-6814
squirk@sandw.com

Montina M. Cole
(202) 775-6824
mcole@sandw.com

Sullivan & Worcester LLP
1666 K Street, N.W.
Washington, D.C.  20006
Main Number:  (202) 775-1200
Fax Number:  (202) 293-2275

Thank you.

The information contained in this e-mail transmission is information
intended only for the use of the individual or entity named above, and may
be subject to attorney/client privilege and is confidential.  If the reader
of this message is not the intended recipient, you are hereby notified that
any distribution or copying of this communication is strictly prohibited.
If you have received this communication in error, please notify us by
telephone and destroy this e-mail.  Thank you.


Cynthia, et al --

FYI.  I was on a panel with Phil Moeller today in Las Vegas (he was the
moderator).  Very nice guy.  No real issues developed.  I used (very
liberally) Steve Kean's testimony in San Diego to talk about California and
some material on RTOs.  My speech is attached below.

Phil indicated that he thought that there was agreement on the Public Power
Tax issues and on NAERO language.  He highlighted that comprehensive language
could be difficult if not impossible next year.  (Joe - can you please send
me a copy of the NAERO bill and any summaries).

While Phil seemed to have a great sense of what is happening in California
and the electricity markets, he indicated that many of his staff collegues
were not so up to speed.  Any way that we can help them out before their
minds are made up?

Jim


Louise:

Please find the attached presentation that Jean, Don and I came by to discuss with you.  I know you are up to your eyes in credit issues, so we can talk about this when you get a chance.

We wanted to review the impact of the merger on Bridgeline.  Specifically, the potential benefits for putting in place an asset management structure for BHLP.   Dynegy has expressed interest in commercially managing these assets and Enron would to, if we would not have to pay an excessive fee to do so.   Jean's initial analysis indicates that Bridgeline is currently undervaluing the accrual value of the pipe and over-valuing trading.  We may be able to use this fact to our advantage in establishing a "low" asset management fee to pay to Bridgeline.

In addition, we may be able to reduce our deployed capital by selling the accrual value in BHLP to an MLP who is willing to pay a premium for stable cash/earnings.  The MLP could be one of Enron's (e.g. Northern Boarder, EOTT), or a Chev/Tex MLP (?), or even a 3rd party MLP.  The deciding factor should be the value the MLP is willing to pay for the earnings stream.

We have continued to discuss this with the Chev/Tex board members who remain interested in evaluating the benefits of this structure.  In their view, the Dynegy/Enron merger is a positive fact because it removes the Dynegy vs. Enron competition.

When you get a chance we can talk.

Brian


Andy and I have agreed to take the amount of credit that TFS needs to post to
zero for the definitive agreement.

Let me know if you have any questions,

Dan


Any concerns to forward to Becky Cantrell by Friday the 11th of Aug.???? We
currently only have a 2017 dkt/d term contract #125005, a 35,465 dkt/d term
contract #125008, an IT contract and a parking and loaning contract to handle
our Canadian term supply.  We typically transport to markets off Iroquois, to
Tennnessee pipeline and CNG pipeline.  That is a simplified summary of our
daily activity on Iroquois.  If you need any information, please let me
know.
---------------------- Forwarded by Victor Lamadrid/HOU/ECT on 08/10/2000
08:37 AM ---------------------------

	Enron North America Corp.

	From:  Rebecca W Cantrell                           08/09/2000 07:39 PM

To: John Hodge/Corp/Enron@ENRON, Judy Townsend/HOU/ECT@ECT, Victor
Lamadrid/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT
cc:
Subject: Iroquois Gas

As noted in the Order 637 summary you received a couple of weeks ago,
Iroquois Gas is proposing to limit overlapping nominations on segmented
capacity.  Shippers will only be able to overlap segments to the extent the
overlapped segment is within the path of both the releasing and replacement
shipper.  Iroquois has made a number of arguments (some persuasive, some not)
about why any other procedure is operationally infeasible.  For instance,
they state that they would have to eliminate umbrella accounts because the
process of reviewing contracts for interrelated releases would be too lengthy
to complete within GISB timelines.

Is this issue of major concern to any of you in transacting daily business on
Iroquois' system?  Have we tried to do any segmenting outside of the paths?

Please give me a call at X.35840 by Friday morning if we should file comments
on this issue.  I did not see anything else of significance in their filing.

Thanks.


I am forwarding Harlan's schedule of termination dates for TXU.  Please calculate our MTM values on those dates as soon as you can, and forward them to me.  Thank you.
 -----Original Message-----
From: 	Murphy, Harlan
Sent:	Thursday, January 17, 2002 5:37 PM
To:	Tricoli, Carl; Reeves, Leslie; Murphy, Melissa
Subject:	TXU Contract Termination Dates

Give me a call if you have any questions.  I guess the next step is to clean up a few items on the attached spread sheet and then assign a value to each contract.  We need to come up with a plan for factoring in LDs with the MTM exposure.


What makes you think I talk to her at all...I just have to listen.

Becky Pitre
08/01/2000 04:53 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Talk

You mean she talks like that ALL the time or just when she talks to babies?
Let me guess, all the time.  Have you tried talking that way to her?  Let me
know what happens.  B


Trina:
This looked fine.  My only comment is in the Contingent Adjustment Amount, is
it clear to you what the term "Shares" covers?

Carol


I just forwarded this e-mail to Stan and then spoke with him about the
confirm on this deal. He said he's never received a letter of confirmation on
these Valley Electric deals - they just verbally confirm them. I've given him
your name, and he should be contacting you shortly to discuss how to proceed
on this. Please let me know how I can help.

Thanks,
Kate

	From:  Sharen Cason                           02/27/2001 06:45 AM

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

Subject: Re: #529538

In regard to this deal, could you please email me a copy of the confirmation
that the trader prepares.  We will need to put a copy into the our files.  We
will also need a copy of the executed confirmation for our files.

Thanks!
---------------------- Forwarded by Sharen Cason/HOU/ECT on 02/27/2001 08:42
AM ---------------------------
   Kate Symes                02/26/2001 10:24 AM

To: Sharen Cason/HOU/ECT@ECT
cc:
Subject: Re: #529538

Thanks for the reminder - deal is changed and note is in comments section.

Kate

	From:  Sharen Cason                           02/26/2001 07:35 AM

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

Subject: Re: #529538

When you change this to no confirm, please put a note in the comment section
about why we are not domfirming it, because it falls within our guidelines to
confirm and at somepoint, I will be asked why we did not confirm this deal.

Thanks!

   Kate Symes                02/23/2001 05:41 PM

To: Sharen Cason/HOU/ECT@ECT
cc:
Subject: Re: #529538

Deal should be no confirm. It was done by Stan Cocke in Services, and those
guys deal directly with their counterparty contacts. He thought he marked
this no confirm, but must have defaulted to confirm anyway. I'll change deal
as soon as risk is done with their calc.

Kate

	From:  Sharen Cason                           02/23/2001 01:59 PM

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

Subject: #529538

This deal does not have a contact.

Thanks!


Mark,

FYI

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/07/2000
09:59 AM ---------------------------

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To: Management<>
cc:
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