I received a message without further identification and I'm momentarily
baffled.  Maybe the name rings a bell.  Thanks.  Sara


It looks like a good letter.... heavy on explanation of our position. At some
point I'd like to hear more of the background that's leading us to this
position.

	Richard B Sanders@ECT
	11/17/2000 10:19 AM

		 To: Eric Thode/Corp/Enron@EN.ON, Mark Palmer/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@Enron
		 cc:
		 Subject: Draft letter to the CPUC

----- Forwarded by Richard B Sanders/HOU/ECT on 11/17/2000 10:19 AM -----

	"Meringolo, Peter" <PMeringolo@brobeck.com>
	11/16/2000 03:27 PM

		 To: "'Richard.B.Sanders@enron.com'" <Richard.B.Sanders@enron.com>,
"'msmith1@enron.com'" <msmith1@enron.com>, "'Mary.Hain@enron.com'"
<Mary.Hain@enron.com>, "'David_Aamodt@pgn.com'" <David_Aamodt@pgn.com>,
"'Christian.Yoder@enron.com'" <Christian.Yoder@enron.com>, "'mday@gmssr.com'"
<mday@gmssr.com>, "Fergus, Gary S." <GFergus@brobeck.com>, "Stephen C. Hall
(E-mail)" <schall@stoel.com>
		 cc:
		 Subject: Draft letter to the CPUC

Please let either Gary or me know your thoughts and comments regarding the
below draft letter to the CPUC.

Thanks,

Peter

> PRIVILEGED AND CONFIDENTIAL
> ATTORNEY CLIENT COMMUNICATION
> ATTORNEY WORK PRODUCT
>
>
>
> Harvey Morris Esq.
> California Public Utilities Commission
> 505 Public Utilities Commission
> San Francisco, California   94102
>
>  Re:   I.00-08-002  Subpoenas Served on Enron Power Marketing, Inc.
> ("EPMI"), Enron Energy Services Operations Inc. and Enron Energy Services
> Inc. (collectively referred to as "EES"), Enron Energy Marketing
> Corporation ("EEMC"), and Portland General Electric Corporation ("Portland
> General")(collectively sometimes referred to as the "Enron Entities")
>
> Harvey,
>
>  I am writing in response to the various voicemail exchanges and
> phone calls between Michael Day, on behalf of the Enron Entities, and
> yourself during the past few weeks.  Here is the current status as we
> understand it.  Based upon the agreements we reached between October 6,
> 2000 and October 18, 2000 (date of your confirming email) the Enron
> Entities have made the following document productions in response to the
> subpoenas served by California Public Utilities Commission (the
> "Commission"):
>
> * October 13, 2000  Bate Nos. Enron Entities 000001-000025 on behalf
> of all Enron Entities Responsive to Request Nos. 1-11, 20.
>
> * October 27, 2000 Bate Nos. P000001-002115 on behalf of Portland
> General Responsive to Request Nos. 12, 14, 16 and 18.
>
> * November 14, 2000 Bate No. Enron Entities 000026 (Diskette with
> EES/EEMC retail data) Responsive to Request Nos. 7 to 11, 13, 15 to 17,
> and 19.
>
> * November 15, 2000 Bate No. P002116-002117 (Diskettes with Portland
> General Data, which include approximate 355,000 wholesale transactions)
> Responsive to Request Nos. 7 to 11, 13 to 17, and 19.
>
> We believe with these productions, we have complied with the October
> 6-18th agreement with respect to Portland General and EES/EEMC.  As you
> know, these productions were all made reserving the Enron Entities rights
> to object or challenge the subpoenas and reserving any claims, defenses,
> objections, jurisdictional or otherwise, or other responses.
>
>  We originally had hoped to have all of the Transactional Data for
> EPMI, as defined in our October 6th email, available for production by
> October 27th.  However, we were also mindful of your expressed expectation
> that any data provided be useful and reliable.  The collection of data you
> requested in the subpoenas is neither kept electronically in the same
> location nor organized as you requested it.  In fact during our review of
> some of the data we found significant errors that called into question the
> methodology by which the data was extracted from existing information.
> When it became apparent that we could not accurately estimate how long it
> would take to get reliable data given the volume of transactions involved,
> we informed you of the problem.  We now understand that if we cannot give
> you a firm date when the balance of the Transactional Data will be
> available, the Commission believes it will have no choice but to seek to
> compel production before the Federal Regulatory Energy Commission
> ("FERC").  We understand the pressure that you must be under to get data
> immediately, but we cannot, at this time, give you another date in the
> immediate future by which we are certain that we will be able to produce
> accurate data.
>
>  Moreover, during the iterim between October 18th and today, a number
> of significant events have occurred that we believe bear on the subpoenas
> served on the Enron entities.  First, we understand that many other
> parties who were served with the same subpoenas have not provided the
> detailed information requested and have objected on a variety of very
> sound legal grounds.  Second, the Commission itself has, without a hearing
> on the motion, unilaterally revised the proposed protective order that is
> supposed to govern these productions and summarily denied other changes
> sought by other parties served.  Third, the Commission has filed its
> motion before FERC seeking an order compelling the production of the data
> from those other parties that have objected and seeking an expedited
> hearing and production schedule.  We note that the reasons stated in the
> motion before FERC as the basis for the production are materially
> different than the reasons originally stated in the ex parte application
> to the Commission's own Administrative Law Judge who issued the subpoenas.
> Finally, FERC itself has completed its investigation and has issued a
> tentative order as of November 1, 2000.
>
>  Originally, the Enron Entities had been prepared to accept "most
> favored nation" treatment with respect to protective orders and requests
> by others to limit the scope of the subpoenas and produce information that
> was available.  However, given both the Commission's stated urgent need
> for an immediate answer that EPMI cannot in good faith give despite
> substantial effort (date for production of reliable and accurate
> Transaction Data) and the uncertainty created by the above described
> intervening events, EPMI believes it has no choice but to serve its formal
> objections and responses to the subpoenas and await the Commission's
> threatened motion to compel before FERC.
>
>  We also understand from our discussions with you that the Commission
> has created various lists or categories for the entities that have been
> served with subpoenas.  We understand that there is a list for those
> entities that have been cooperating, a list for those who have been
> delaying and a list for those who have been objecting and exercising their
> rights to challenge the subpoenas.  We understand that the Commission
> intends to punish, by whatever means it has available, those entities that
> object and exercise their rights to challenge the subpoenas.  We deplore
> these tactics, but despite all of the efforts to cooperate described
> above, we understand that EPMI may in fact be moved from the cooperating
> list to the group to be punished for exercising its rights.
>
>  If you have and questions or comments, please do not hesitate to
> contact me.
>
>         Sincerely,
>
>
>
>         Gary S.
> Fergus

=======================================================
This email message is for the sole use of the intended recipient(s) and may
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We will take the variance on Central back page for approx. $791K for prior
month book balance in 1100.  1100 was the first month that we switched the
central transport flash from GD central to Intra Ontario so we flashed it
incorrectly.  Thanks.
PL


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Start Date: 4/25/01; HourAhead hour: 22;  HourAhead schedule download failed.
Manual intervention required.


Candy,

Attached for your review and further handling are the revised draft Timber
Management & Sales Agreements with your recent revisions incorporated into
the documents.  If I can be of further assistance please let me know.

Thanks,

Eric Gillaspie
713-345-7667
Enron Building 3886
----- Forwarded by Eric Gillaspie/HOU/ECT on 08/17/2000 01:51 PM -----

	Eric Gillaspie
	08/15/2000 04:37 PM

		 To: Candace L Bywaters/HOU/ECT@ECT, Gerald Lofton/HOU/ECT@ECT, Steve HPL
Schneider/HOU/ECT@ECT
		 cc: Gerald Nemec/HOU/ECT@ECT
		 Subject: Timber Management and Sale Agreements

Per Gerald Nemec's request, I have attached the revised Timber Management
Agreement and the associated Timber Sales Agreement for your review and
comment.

Eric Gillaspie
713-345-7667
Enron Building 3886


Reminder
The Enron Oral History Project Continues...

"Using History to Help Enron Become the World's Leading Company"

How can an understanding of strategic choices, regulatory change and
corporate culture help Enron achieve its vision?

Speaker:
Joseph Pratt, Cullen Professor of History and Business, University of Houston
and
 Co-Director, Enron Oral History Project

Thursday, June 7
11:30 a.m. to 12:30 p.m.
EB 5C2

To Make a Reservation, Call 3-1941 and Select Option 1

Lunch will not be provided, but you are welcome to bring your own.

Please inform us ahead of time if you need special accommodations to
participate in this meeting.  Call 3-9390.


ok, just send them to TJ when you can and ask her to put them on my calendar.

thanks,

fletch


BRAZIL: POWER STATIONS IN RIO GRANDE DO SUL
Gazeta Mercantil, 01 Mar 2000, p. a-9:-
 There are projects for the construction of 4 thermal power stations in the
Brazilian state of Rio Grande do Sul with total capacity of 1,800 MW by 2003
and total investments of R$ 1.6bn.
The Brazilian company CEEE has the project to construct the 350 MW coal power
station of Candiota 3. The contract for its construction was originally
signed in 1981, but CEEE did not have funds to continue the construction (a
solution is expected to be reached soon).
The 500 MW gas power station in the city of Triunfo which will be constructed
by the consortium led by CEEE and also composed by Gaspetro, Sulgas,
Ipiranga, Techint and RGE Distribuidora with investments of R$ 300mn.
The 750 MW gas power station in the city of Montenegro of the company AES
with investments of R$ 700mn.
The 250 MW coal power station in the city of Candiota of the company Copelmi,
which has already made an agreement for technical project, equipment purchase
and construction with the US company Parsons.

BRAZIL: POWER STATION STUDY IN SANTA CATARINA
Gazeta Mercantil, 01 Mar 2000, p. a-9:-
 The Brazilian coal companies Criciuma and Metropolitana ordered to the US
consultancy company Parsons technical feasibility studies for the
construction of the 440 MW thermal power station Usitesc in the Brazilian
city of Criciuma (state of Santa Catarina) with estimated investments of R$
500mn.
An agreement has been closed between the coal companies and the Brazilian
electricity generation company Gerasul by which Gerasul will have exclusive
rights to access the feasibility studies to decide if will conduct the
project.

BRAZIL: SALE OF LIGHT'S SHARES WAITS FOR ANEEL
Gazeta Mercantil, 01 Mar 2000, p. B-4:-
 The BNDESPar, the participations company of the National Bank for Economic
and Social Development (BNDES), is waiting for the authorisation of the
National Electricity Agency (Aneel) to sell its 9.23% of shares in the
electricity distributor Light, which operates in the state of Rio de Janeiro.
BNDESPar was waiting for the register of the Securities Commission (CVM) on
February 29th, but it was not possible to be done because Aneel had not
approved the sale yet.
The reason for the necessity of the approval by Aneel is that the sale of
these shares will result in the transferring of the control of the company.
The French company Electricite de France (EDF) and the American companies
Reliant and AES own 11.4% of Light's shares, and EDF will probably acquire
the shares currently owned by BNDESPar.

BRAZIL: BP AMOCO AND REPSOL-YPF'S POWER STATIONS
Gazeta Mercantil, 01 Mar 2000, p. a-9:-
 A consortium composed by the British company BP Amoco and the Spanish
company Repsol-YPF will construct 2 natural gas power stations (total 520 MW)
and a regasifying terminal in the Brazilian city of Sao Goncalo (state of
Ceara).
The project is called Dunas, being located at the Industrial Port Complex of
Pecem, and will demand investments of US$ 500mn. The value of the investment
was divulged by the infrastructure secretary of Ceara, but has not been
confirmed by the consortium.

BRAZIL: PETROBRAS' CONTRACT WITH JBIC
Gazeta Mercantil, 01 Mar 2000, p. a-5:-
 A project finance contract of US$ 320mn will be signed by the Brazilian
state-owned oil company Petrobras with the Japan Bank for International
Co-operation (JBIC) on March 1st 2000.
The project finance is for the project Cabiunas in the Brazilian Campos Basin
(state of Rio de Janeiro) which will demand total investments of US$ 800mn
with the following:
- construction of a natural gas processing unit;
- construction of a thermal power station;
- modernisation of 18 gas production platforms;
- construction of 2 gas pipelines.

BRAZIL: IPIRANGA REGISTERED PROFIT OF R$ 48.9MN
Gazeta Mercantil, 01 Mar 2000, p. C-6:-
 The refinery division of the Brazilian oil group Ipiranga registered the
following results in 1999:
- net profit of R$ 48.9mn, while in 1998 the company registered R$ 106.3mn;
- net sales of R$ 1.2bn, while in 1998 the company registered R$ 760.6mn;
The company produced an average of 12.035mnbopd in 1999, which is an increase
by 30% compared to the previous year.
The distribution division of the group, Companhia Brasileira de Petroleo
Ipiranga, registered the following results:
- net sales of R$ 5.7bn, while in 1998 its net sales reached R$ 4.5bn;
- net profit of R$ 198.4mn, while in 1998 its profit was of R$ 96.6mn.
The distribution division of the company in the state of Rio Grande do Sul,
Distribuidora de Produtos de Petroleo Ipiranga, registered the following
results:
- net sales of R$ 6.9bn, while in 1998 the company registered R$ 5.4bn;
- net profit of R$ 86.6mn, while in the previous year it was of R$ 79.8mn.

BRAZIL: POWER STATION TENDER IN SANTA CATARINA
Gazeta Mercantil, 01 Mar 2000, p. a-9:-
 The government of the Brazilian state of Santa Catarina is beginning a
tender to select a company to conduct the construction of a 300 MW gas power
station in the city of Joinville with investments of R$ 150mn.
Competitors must deliver proposals by March 15th 2000.

BRAZIL: ELECTRICITY SHORTAGE RISK
O Estado de S.Paulo, 01 Mar 2000, p. b-1:-
 The Industries Federation of the Brazilian State of Sao Paulo (Fiesp) is
worried about the risk of electricity shortage in the next months since rains
are not being enough to restore water reservoirs of hydro power stations in
the Brazilian Mid-South Region. And Fiesp believes the problem will be even
worse in 2001. If the Brazilian economic growth is higher than expected,
power supply may have problems.
The energy secretary of the state of Sao Paulo, Mauro Arce, says water
reservoirs level will be less than 60% in April (the usual would be more than
70%) but even so he does not expect problem with power supply in 2000 because
new electricity generation projects powered by nuclear energy and thermal
energy (which do not depend on rains) amounting to 4,200 MW are expected to
begin to operate in 2000. But he says situation may be bad in 2001, since
only between 1,300 MW and 1,400 MW new projects are expected to operate in
that year and reservoirs may be lowered to 10% on average in December 2000,
being necessary then intense rains to restore reservoirs after that.
The energy secretary of the Brazilian Ministry of Mining and Energy, Benedito
Carraro, says that it is still too soon to affirm that there will be problems
with power supply in 2001 and water reservoirs and estimations for the next
months and for 2001 will only be able to be analysed in April 2000.

MEXICO: FUTURE OF BUFETE
El Financiero (Mexico), 01 Mar 2000, online:-
 It is believed that Mexican construction company Iconsa is out of the
running to take over administration of financially-troubled competitor Bufete
Industrial, as Bufete's creditor banks are believed to have accepted the
offer of a capital injection from US-based Enron. Creditor banks, including
Serfin, Citibank and Santander, are expected to absorb part of Bufete's debt
and to allow Enron to take over administration of the company.

BRAZIL: CSN MAY SELL SHARES OF LIGHT
O Estado de S.Paulo, 01 Mar 2000, p. b-12:-
 The president director of the Brazilian steel company CSN (Companhia
Siderurgica Nacional), Maria Silvia Bastos Marques, informed that the company
does not plan to acquire shares of the Brazilian electricity company Light
which will be sold by BNDESPar (subsidiary of BNDES, the Brazilian National
Bank for Economic and Social development) and it may even sell the shares of
Light that CSN owns if there is a good proposal.


Jorge:  You are trying to be too efficient!  Just kidding, because I just had
a conversation wtih the U.K  tax person and the following issues remain
unresolved but are in the process of being addressed:

1.  credit.com payment, back-office and negotiation
2.  Enron Japan trading (online/offline)
3.  London online FX hedging
4.  London equity hedging

Sorry I can't give you any answers right now.  All of these issues are
tax-driven and are being addressed.  Sara

	Jorge A Garcia@ENRON
	10/24/2000 02:11 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Enron Japan

Good Afternoon Sara,

I was just reviewing some old notes and wanted to ask if the Enron Japan
issue was ever resolved. The issue was Darren Dalage doing Japanese Yen FX
trades in the name of ENA. I am holding some old confirmations pending the
resolution of this issue.

Regards,

Jorge


yes, last week, and I am going to be calling him again this afternoon.

How's it going?

 -----Original Message-----
From: 	Robertson, Linda
Sent:	Tuesday, November 27, 2001 1:01 PM
To:	Shankman, Jeffrey A.
Subject:

Did you connect with Lee?


Paul Darmitzel called Christy Finelli, our gisb attorney, regarding the gisb agreement that Oxy emailed me.  Christy is out of the office today.  I spoke with her on her cell phone.  She said just before we declared bankruptcy she had negotiated a gisb agreement with Oxy.  She's optimistic that they can get a contract in place quickly.  She would like to wait until Monday to work on it.  I told her that would be OK.  I am assuming that we are not in a position to sell Oxy gas today.

If necessary I could attempt to make a sale contingent on credit and a executed agreement.

If you want me to attempt to sell gas to Oxy today, please let me know as soon as possible.

Thanks

Robin


We will have a conference call w "EY"  (Matt and Elliott).


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/crude13.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas13.pdf

Jan WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clf-qof.pdf
Jan Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Jan Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Feb Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hug-hog.pdf
Dec/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/huz-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG13.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG13.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL13.pdf


thanks!

-----Original Message-----
From: <Sara.Shackleton@enron.com>
Sent: Monday, March 19, 2001 4:22 PM
To: Teigland, Lauren
Subject: Re: Allegheny/Enron side letter re: ISDA Agreement

Lauren:

(1)  Par. 3(xiii)  second and fourth lines:  the word "Guaranty" should be
replaced by the word "guaranty" and  the words "the Guaranty"  should be
replaced with "that guaranty", respectively.

(2)  Exhibit B Guaranty, first and final paragraphs:  change the date to
"March 19, 2001"

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

                                                        TeiglandL@sul

             lcrom.com            To:     Sshackl@enron.com
                                                                      cc:

      03/19/2001           Subject:     Allegheny/Enron side letter re: ISDA
Agreement                                   01:21 PM

Sara, attached is a blackline which shows some minor changes we have made
to
the above to fix some nits/clarify exhibit references.  Let me know if you
have any questions or comments.

 <<Allegheny  ENRON ISDA SIDE LETTER(v4).DOC>>

----------------------------------

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

(See attached file: Allegheny  ENRON ISDA SIDE LETTER(v4).DOC)

----------------------------------

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

----------------------------------

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.


Colleagues,
I will be leaving Enron next week. Friday, September 8, will be my last day. I
enjoyed knowing and working with you. For the time being, I can be reached at
takriti@att.net.
-Samer


John,

Managing VAR limits is essential and P&L Penalties are a great way to achieve this.  However, we need to find a way to impliment this method while minimizing negative side effects such as: (1) discouraging aggressive trading; and (2) significant morale reductions caused by penalties which do not fit the crime.

I still disagree with the $1 Million fine for such a minor violation of our VAR limit.  The punishment does not fit the crime. What message are you trying to send?  The message being received is that we should trade less aggressively and leave several million dollars of headroom at all times.  Also locations such as Socal, Malin and PG&E should be avoided due to limited liquidity and potential volatility spikes.  I know these are not your intended messages.

I realize you have given the west desk significant leeway in the last few months regarding VAR.  We have been making excellent progress towards VAR reduction in an environment in which the VAR calculation and tolerance are constantly changing.   My suggestion for implementing a VAR control system that provides for penalties but gives traders room to probe for maximum VAR utilization is a warning for minor breaches (<$500,000) and penalties for violation of two or more consecutive days or initial violations greater than $500,000.  The amount of the penalties should be documented in advance and should increase with the amount of the violation.

Please consider these suggestions.  We want to play by the rules, but the rules need to be fair and known in advance.  Also, we are willing to accept these policy revisions retroactively and forget about the $1 million from this morning.

Phillip


i will be bumpin' to rosa parks at the beach tomorrow.


I know it will be close to impossible to get out but I wanted to invite you
to our Christmas party on Dec 20 here in NYC- we'd love if you came.  If not,
in the new year, I hope we can set something up where you meet some of the
new funds we are dealing and have some fun up here.

I met someone good to work with you guys at this last Super Saturday- David
Larson- Berkeley- good derivatives, trading knowledge, personable.  I'll fax
through resume- we are making him an offer for the analyst pool.

Thanks for all you help always,
Caroline


I appreciate the email.  I figured something must be wrong for you to miss
the big day, but I was afraid to call.  The
important thing, obviously, is that you get better.  We'll just have to
figure out a way to meet up with you in the near
future.  Tell everyone I said hi and keep me informed of your operation and
recovery.  We'll all miss you very much.

Hugs and Kisses,

Kevin.

P.S.  Tell Tom and John we said hi.


Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)
Bloomberg, 10/23/01

Enron Corp. Cut to `Reduce' at Edward Jones
Bloomberg, 10/23/01

Enron CFO: Company Has Sufficient Liquidity
Dow Jones News Service, 10/23/01
Enron says shareholders' 'best interests' were sought in all LJM dealings
AFX News, 10/23/01
US class action suit filed against Enron for misleading statements
AFX News, 10/23/01
Word of SEC probe puts Enron into deep dive: Problems mount
National Post, 10/23/01
City - SEC inquiry sparks Enron share fall.
The Daily Telegraphm 10/23/01
Shares of Enron Plummet 21% Energy: SEC requests information from company on series of unusual financial deals tied to executive.
Los Angeles Times, 10/23/01

Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)
2001-10-23 10:11 (New York)

Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)

     (Adds comment from CFO Fastow in fourth paragraph, Enron's
short-term borrowing rates in seventh paragraph.)

     New York, Oct. 23 (Bloomberg) -- Enron Corp., the biggest
energy trader, has asked Citigroup Inc. to arrange a $750 million
loan, ensuring access to credit if the embattled company is cut
off from money markets, say people familiar with the matter.

     Enron's shares and bonds plunged yesterday after the company
said the Securities and Exchange Commission was probing its
finances. The Houston-based business, whose stock has fallen 75
percent this year amid concerns about failed investments, depends
on a $3 billion commercial paper, or short-term debt, program to
finance day-to-day operations.

     Earlier this month, Moody's Investors Service placed all $13
billion of the company's long-term debt securities on watch for
possible downgrade. As a second-tier commercial paper borrower,
any drop in its rating may cut off Enron from the commercial paper
market and raise the costs of short-term debt.

     ``We understand that our credit rating is critical to both
the capital markets and our counterparties,'' Enron's Chief
Financial Officer Andrew Fastow said on a conference call today.
He said Enron has $3.5 billion available on bank credit lines,
giving it enough cash to operate normally.

     Enron shares rose as much as 12.6 percent during the call to
$23.25. They pared the gain to $21.80, up $1.15.

     Dan Noonan, a spokesman for Citigroup's Citibank NA unit,
declined to comment. Mark Palmer, a spokesman for Enron, declined
to comment.

                      Commercial Paper Rates

     Enron was paying 3.15 percent to issue commercial paper until
Oct. 31, which is as much as 15 basis points more than companies
with the same ``A2/P2'' short-term credit ratings that are not on
credit watch. Enron's short-term debt is not on review for a
possible downgrade.

     Enron has previously turned to Citigroup for finance and
advice. In 1999, Citigroup's Salomon Smith Barney unit advised the
company on its $1.45 billion acquisition of three natural gas-
fired power plants from Cogen Technologies Inc. Citibank, along
with J.P. Morgan Chase & Co., this year arranged a $1.75 billion
loan.

     Earlier this week, an investor sued Enron, saying two
partnerships cost the company $35 million and Fastow's leadership
of them was a conflict of interest.

     The SEC has asked Enron about partnerships and affiliated
companies headed by Fastow. Dismantling some of the partnerships
would cost Enron or its shareholders as much as $3 billion, Ray
Niles, a Salomon Smith Barney analyst, wrote in a report to
investors.

     Enron created partnerships and affiliated companies to buy
and sell assets such as power plants to lower the debt on its
books.

     Investors said they were concerned that Enron may be forced
to dismantle the affiliated companies by paying off the owners in
cash or stock. Chief Executive Ken Lay said last week he may have
to ``unravel'' agreements that created the companies if Enron's
debt ratings fall too far.

--Mark Lake in the New York newsroom (212) 893-5989 or

Enron Corp. Cut to `Reduce' at Edward Jones
2001-10-23 11:42 (New York)

     Princeton, New Jersey, Oct. 23 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``reduce'' from ``accumulate'' by analyst Zach Wagner at
Edward Jones.

--Michael O. Donohue in Princeton, New Jersey, (+1)609-279-3756.

Enron CFO: Company Has Sufficient Liquidity
By Christina Cheddar
Of DOW JONES NEWSWIRES

10/23/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Enron Corp. (ENE) Chairman and Chief Executive Kenneth Lay said the company had procedures in place to avoid conflicts of interest in dealings between Enron and partnerships that were set up and run by its chief financial officer, Andrew Fastow.
Last week, the Securities and Exchange Commission asked the Houston energy trading company to provide additional information about the partnerships, which Enron said were off-balance sheet financing vehicles used to hedge against fluctuations in the market.
In a conference call held Monday to discuss investor concerns about the SEC investigation and related matters, Lay said there was a "Chinese wall" in place to protect the interest of Enron shareholders.
The procedures were "rigorously followed," Lay said.
In previous filings with the SEC, Enron said the terms of the transactions with the partnerships were "reasonable compared to those which could have been negotiated with unrelated third parties."
Fastow resigned from the partnerships, which were known as LJM Cayman LP and LJM2 Co-Investments LP in late July.
The company also is involved in other off-balance sheet financing vehicles, including Marlin Water Trust II and Whitewing.
During the conference call, investors said they were frustrated by the complex nature of the trusts, and asked for more information.
Lay said the company would be providing a list of "Frequently Asked Questions" on its Web site later Tuesday that may provide more details.
After Enron disclosed the SEC investigation Monday, the company's stock sunk to its lowest level in 52 weeks, $19.67. Enron shares were recently trading up 47 cents, or 2.3%, at $21.12, in brisk volume that has already surpassed its average daily turnover of 6.3 million shares.
Lay said he was "extremely disappointed" in the current stock price.
"Our businesses are performing very well and we are continuing to conduct business," he said.

During the conference call, Enron officials declined to specify Fastow's role in the partnership, citing the ongoing SEC investigation and a derivative lawsuit filed against Enron that alleges its board breached its fiduciary duties by allowing Fastow to create and run the partnerships.
Enron officials also addressed concerns that investors had about the potential need to issue additional Enron stock.
Under certain circumstances, for example, if both Enron's stock and credit rating fall to certain levels, the company would need to issue additional shares to the partnerships, diluting the holdings of current shareholders.
Enron officials declined to say how much dilution would occur under a "worst-case scenario."
However, the officials said they doubted there would be a need to issue the additional stock because the company plans to work with the credit-rating agencies to prevent such an event.
Moody's put Enron on watch for a downgrade of its long-term debt last week after the company announced a $1 billion third-quarter write-off that produced a $618 million loss.
According to Lay, Enron's debt rating would need to fall several notches to below investment grade in order to trigger the need to issue more stock.
"We are committed to maintaining our ratings," Lay said. "Moody's said they would work with us," he added.
Furthermore, Fastow said, Enron expects to have "sufficient liquidity" to meet all its capital requirements.

Enron's efforts to unwind the LJM partnerships contributed to a reduction of $1.2 billion in shareholder equity. However, Enron's Lay said the lower number of shares outstanding wouldn't affect the company's earnings outlook.
Enron has said it expects to earn $1.80 a share in 2001 and $2.15 a share in 2002. The numbers are in line with the consensus estimates reported by Thomson Financial/First Call.
"Despite the economy going softer, we think we can meet that," Lay said.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

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

Enron says shareholders' 'best interests' were sought in all LJM dealings

10/23/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Enron Corp said it sought the "best interests" of its shareholders in all its dealings with LJM Cayman LP and LJM2 Co-Investment LP, two partnerships which were set-up and run until recently by Enron chief financial officer Andrew Fastow.
"The board (of Enron) was fully aware and kept a real Chinese wall between Enron and LJM. Enron's shareholders best interests were sought in all LJM dealings," said Enron chief executive officer Kenneth Lay, in a conference call with analysts.
The company scheduled the call after Enron's stock slid 21 pct yesterday, when it revealed the Securities and Exchange Commission asked the company to provide information on certain related-party transactions.
Overnight, two class action lawsuits were launched by shareholders against Enron and its officers, alleging that operating results were also "materially overstated" as a result of the company failing to timely write-down the value.
In its third-quarter results last week, Enron announced a charge of 1.01 bln usd, of 1.11 usd per share, and an incremental 1.2 bln usd reduction in stockholders' equity, related to the unwinding of investments with the LJM partnerships.
According to the Wall Street Journal, Fastow resigned from the partnerships in July, due to growing suspicion over potential conflicts of interests.
During the call, Lay said that he, and Enron's board of directors, have "the highest faith and confidence in (Fastow)."
Lay also said the company remained confident that its current liquidity position allows it to meet all its obligations, and is confident of the outlook for its corporate rating.
Analysts have raised the possibility that, should Enron's credit rating and stock price continue to fall, the company may be obligated to issue millions of new shares to meet obligations with other entities it deals with.
ng/cml For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

US class action suit filed against Enron for misleading statements

10/23/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Milberg Weiss Bershad Hynes & Lerach LLP law firm said it filed a class action lawsuit yesterday against Enron Corp alleging that it issued misleading statements between Jan 18, 2000 and Oct 17, 2001, thereby inflating the company's share price artificially.
The suit was filed on behalf of Enron shareholders between the above period and is pending in the US District Court in Houston against Enron Corp, Enron CEO Kenneth Lay, former Enron CEO Jeffrey Skilling, who resigned recently, and Enron chief financial officer Andrew Fastow.
The suit claims that Enron issued statements which failed to disclose that the company was experiencing a declining demand for bandwidth and that its efforts to create a trading market for bandwidth failed because many market participants were not creditworthy.
The company's operating results were also "materially overstated as result of the company failing to timely write-down the value of its investments with certain limited partnerships" managed by the company's CFO. The suit additionally alleges that Enron was failing to write-down impaired assets on a timely basis in accordance with GAAP.
On Oct 16, Enron announced unexpectedly that it was taking third quarter non-recurring charges of 1.01 bln after-tax, or 1.11 usd per share, which it later revealed was due largely to the unwinding of investments with certain limited partnerships controlled by Enron's chief financial officer. Enron also announced it was cutting shareholder equity by 1.2 bln usd.
Enron's share price consequently fell sharply. During the class period, Enron insiders disposed of 73 mln usd of personally-held Enron common stock.
Holders of Enron stock between the class period in question may request appointment as a lead plaintiff no later than Dec 21, Milberg Weiss said.
Yesterday, Enron announced that the Securities and Exchange Commission has requested that it provide information regarding certain related party transactions.
jkm/shw For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

Financial Post: News
Word of SEC probe puts Enron into deep dive: Problems mount
David Howard Sinkman
Reuters

10/23/2001
National Post
National
FP2
(c) National Post 2001. All Rights Reserved.

NEW YORK - Shares of Enron Corp. slumped more than 20% yesterday after it said U.S. regulators are looking into company transactions, another blow to a company whose chief executive resigned in August.
A spokesman for North America's biggest buyer and seller of natural gas and electricity declined to discuss an inquiry by the U.S. Securities Exchange Commission, but said it was cooperating.
The SEC also declined to outline details of its inquiry.
Investor confidence in the company has been rocked by reports from The Wall Street Journal about its relationship with two limited partnerships that were run until recently by Enron's chief financial officer, Andrew Fastow.
The company also reported last week its first quarterly loss in more than four years, and took US$1.01-billion in charges and writedowns on ill-fated investments.
Problems at Enron surfaced two months ago when CEO Jeff Skilling resigned after six months at the helm.
Enron shares declined US$5.49, or 21%, to US$20.56 in afternoon trade on the New York Stock Exchange yesterday, shaving off almost US$4.2-billion of its market capitalization.
The stock, the biggest decliner by percentage loss on the NYSE, fell as much as 22.8% yesterday, when it opened at its lowest level since September 1998.
Enron declined to comment on whether the SEC's inquiry into "certain related-party transactions" involved the partnerships.
"Related-party transactions" is the heading used by Enron in its 1999 and 2000 annual reports to discuss dealings with its limited partnerships, LJM Cayman LP and the larger LJM2 Co-Investment LP, which engaged in complex hedging transactions involving company assets worth hundreds of millions of dollars.
Mr. Fastow severed his ties with the partnerships in June. LJM was set up in June 1999 for energy-related investments, and LJM2 in December 1999 for energy- and communication-related investments.
The Journal reported US$35-million of its third-quarter loss of US$638-million were connected with the limited partnerships
Curt Launer, an analyst at Credit Suisse First Boston, said investors should question Enron's use of real value accounting when the value of certain assets, "most notably in telecommunications," have declined precipitously.
"Investors have had several opportunities to question Enron's credibility and at each of those turns the share price has declined," Launer said.
Some analysts, though, cautioned against assuming fire when there might only be smoke.
"This is an inquiry, not an investigation, and I cannot imagine Enron's attorneys or accountants would allow it do to something illegal," said Merrill Lynch analyst Donato Eassey.
"It's easy for the market to kick a company when its down, but these challenges do not last for a solid company, and we think Enron is one."
The price of shares in the company is down 75% this year.

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

City - SEC inquiry sparks Enron share fall.
By Simon English.

10/23/2001
The Daily Telegraph
P31
(c) Telegraph Group Limited, London, 2001

in New York
ENRON, the American power giant, saw its shares slump by a fifth yesterday after it revealed that the top financial watchdog is delving into firms managed by chief financial officer Andrew Fastow.
The Securities and Exchange Commission is requesting details of deals between the company and limited partnerships with which Mr Fastow has, or had, links.
Enron chairman Kenneth Lay said in a statement: "We welcome this request. We will co-operate fully and look forward to the opportunity to put any concern about these transactions to rest."
Questions were raised last week on Wall Street after the company announced a write-down of more than $1 billion due to failed investments in telecoms and other businesses.
The disclosure alarmed investors and sent the already battered shares down 23pc. Yesterday they fell another $5.30 ( #3.80) to $20.75 in early trading.
According to the annual report the "related party transactions", as Enron describes them, took place in 1999 and 2000, resulting in losses of $16m and $36m respectively.
Mr Lay said that auditors approved the deals, but would not give further details of what they were.
They are understood to have been hedging transactions against Enron shares and other assets made by partnerships called LJM Cayman LP and LJM2 Co-Investment JP.
"We believe everything that needed to be considered and done in connection with these transactions was considered and done," added Mr Lay.
The relationship between the investment losses and the SEC probe is not clear, though the inquiry seems to focus on the partnerships responsible for the hedging transactions.
Enron owns Teesside Power Station and Wessex Water in Britain and is the largest trader of natural gas in the US. Investors are concerned that the probe and the continued uncertainty about the extent of the problem will harm the company's credit rating.
An Enron spokesman said Mr Fastow continues to work and is not under any suspicion.
The SEC inquiry is "informal", says the company. The watchdog contacted Enron last Wednesday, the day of the results announcement. The SEC declined to comment.
Enron made a loss of $638m in the third quarter, its first in over four years.

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

Business; Financial Desk
Shares of Enron Plummet 21% Energy: SEC requests information from company on series of unusual financial deals tied to executive.
NANCY RIVERA BROOKS
TIMES STAFF WRITER

10/23/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company

Shares of Enron Corp. set a 52-week low Monday on word that the Securities and Exchange Commission had asked for information about a complex series of financial transactions between the Houston-based energy giant and an investment partnership tied to a company executive.
Enron, the world's largest energy trader, said it had voluntarily provided information on "certain related-party transactions" that had been previously disclosed to the SEC.
"We welcome this request," said Kenneth L. Lay, Enron chairman and chief executive.
"We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest," he said.
The SEC request is the latest in a parade of bad news for Enron, which has seen investments sour in telecommunications, retail electricity sales and water.
Investors have battered the company's stock, which once sold for nearly $85 a share in the last year, and many have criticized Enron's stingy meting out of financial information. But several Wall Street analysts remain upbeat on the stock, noting that the bulk of its businesses continue to thrive despite the growing economic downturn.
In August, Enron Chief Executive Jeffrey K. Skilling, one of the main architects of the company's strategy of shedding physical assets in search of trading profit, stunned Wall Street by resigning.
Skilling cited personal, family-related reasons, but later he acknowledged that the precipitous plunge in the company's stock price contributed to his departure.
On Monday, Enron shares plunged $5.40, or nearly 21%, to close at $20.65 on the New York Stock Exchange.
Enron's stock has lost nearly 40% of its value in the last week since it reported a surprise third-quarter loss of $618 million after $1.01 billion in charges reflecting the costs of recent failed investments.
But the charge also included $35 million related to what Enron described only as the "early termination during the third quarter of certain structured finance arrangements with a previously disclosed entity."
In a conference call with securities analysts about the earnings, the company mentioned that it had repurchased 55 million shares as part of the dissolution of its participation in the transactions.
But investors were stunned when stories last week in the Wall Street Journal detailed that the transactions were with a limited partnership organized by Andrew S. Fastow, Enron's chief financial officer, and that Enron had whittled $1.2 billion off its shareholder equity as it repurchased the shares and canceled a $1.2-billion note it had received from the partnership. Shareholder equity now stands at $9.5 billion.
The limited partnership, called LJM2, and Fastow reaped millions of dollars of profit through complex hedging transactions that involved Enron assets and stock, the Journal reported.
Lay said the transactions were reviewed by auditors and lawyers inside and outside the company and that the company board was fully informed.
A shareholder lawsuit charging that Enron's directors violated their fiduciary duty already has been filed in Texas state court.
Many companies set up limited partnerships for tax purposes, but it is unusual to allow company executives to run them, analyst say.
Investors also are upset by the unusually zealous way that Enron has guarded financial information, making it difficult to analyze the company's complex web of businesses.
And many are not confident that all the bad news has been released.
Analyst M. Carol Coale, who follows Enron and other energy companies for Prudential Securities in Houston, downgraded Enron to a "hold" from a "buy" rating Monday out of such frustration.
Coale said she has been getting misinformation or no information out of Enron.
But Bob Christensen, energy analyst with First Albany Corp., said that despite Enron's recent difficulties, the bulk of the business remains strong.
"I continue to tell investors that 70% of this company's business is growing at a 26% rate, and that was in the third quarter when this country had a very sharp economic slowdown going on," he said.
Investors are panicking because of a "bad news story that doesn't reflect reality," said Jon Kyle Cartwright, senior energy analyst with the Raymond James & Associates brokerage firm in St. Petersburg, Fla.
"They are the world's largest energy trader, and they are very good at that," Cartwright said.
"The reality is that everything is fine here," although more charges, perhaps $500 million worth, are expected in the next few quarters, related to businesses that Enron is selling.

GRAPHIC: Losing Its Spark / Los Angeles Times;
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


I agree that we need to rework the copy, especially since the gas market is
blowing up.

	Karen Denne
	12/04/2000 12:33 PM

		 To: Margaret Allen/Corp/Enron@ENRON
		 cc: mpalmer@enron.com, Steven J Kean/NA/Enron@Enron
		 Subject: Re: Legislative ads

I thought we were running the ads under the AAE umbrella.  Also, I think we
need to rework the copy.  I'll make some suggestions and route.  thx. kd


This deal is part of a sleeve - we bought Powerex at 145.00 and sold EES at
145.05. This is standard procedure for these kinds of deals, said the guys at
the Long Term Northwest desk. They're positive that the deal should include a
5-cent charge on the sale side; and Mike Driscoll said if EES still disputes
this, they can call him to verify.

Please let me know if this deal continues to be a problem.

Thanks,
Kate

Kimberly Hundl@ENRON
01/03/2001 10:55 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: EESI #487723

Thanks!
The holidays for me were really nice.  All my brothers were home so they kept
me pretty busy.  But it doesn't sound like it compares with yours!  Happy New
Year!
On another, not so exciting, note, I have another question about the EESI
deal #481619.  I just spoke with Judy and they say that the price is supposed
to be $145.00 not $145.05.  Can you check on that one?  It's the only one
still hanging out there from the mess before the holidays.

   Kate Symes @ ECT                01/03/2001 12:34 PM

To: Kimberly Hundl/Corp/Enron@ENRON
cc:

Subject: Re: EESI #487723

Oops - I guess the deal can't be killed because it contains liquidated
strips. I've changed the confirm status to no confirm, and the energy to
CAISO - so even though the deal has no volume or price, its other details are
correct.

Kate

Kimberly Hundl@ENRON
01/03/2001 06:51 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: EESI #487723

Hi Kate,
This deal needs to be changed to no confirm (it's a West daily deal).  Also,
it has an NP-15 delivery point with firm energy.
Thanks!
Kim


Currently, we are unable to use IT to serve Ogy at Doyle on Transco.  I have devised a super scientific method for pricing VNG space for Ogy.  Poke all the holes in it you want.

Use the following formulas to determine the price to Ogy

The higher of
St 65 Offer plus $.35
TCO Offer plus $.14

Good Luck


Jane:
Refer to question #2 for the Gleason answer.  Please let me know if you have
any other questions.
Ben


Larry:

Per my voice mail from yesterday evening, attached for you and your counsel's
review and comment please find Enron's comments to your revision to the
initial draft of the Non- Disclosure Agreement.

Our comments reflect the following:

Section 5(b) has been modified to be inclusive of the Confidential
Information; and
Section 11 - Enron requires that arbitration be a part of the NDA

Please call Mark Greenberg, Enron in-house counsel at 713-345-8897 if you
have any questions or comments to the attached.

Please call me at 713-345-4482 if you need to discuss any matters further.

Best regards,

Peter Feltman

Peter Feltman
Director
Enron Net Works
1400 Smith Street
Houston, Texas 77002
T: 713-345-4482
X: 713-646-8583
E-Mail: peter.feltman@enron.com


James Eckert with Tenn has agreed to have lunch with us on Wednesday.  I
don't think we all need to go and I don't need to go either.

He is going to educate us on the VNG contract #47.  The demand charge and
commodity is discounted effective 11/1/2000.  This is what we know about the
contract:

MDQ = 16,373 eff 11/1/2000
The 1st 4723/day that we flow is at a discounted  commodity of $.05 and
discounted demand of $6.08
If we flow more than 4723/day the demand goes to $7.61

What I need to know is exactly how the demand charge will be calculated for
volumes over 4723 day.
What is the demand charge if we flow 6000/day  for November -
 is it 141,690 (4723 x 30) @ $6.08 and 38,310 ([6000-4723] x 30) @ $7.61.


Because the starting dates were different, I put the information in two separate files.  Hope this is what you need.

Reyna Cabrera
(713) 853-3072


Jan,
	Thank you for all of your help!!
Lindy


Section 4.1 -- FERC has held in VEPCO (I think) that the requirement to
continue to pay for studies ends when the IA is executed or filed unsigned at
FERC.

Mary Hain
03/15/2001 06:20 PM
To: Jay_dudley@pgn.com
cc: James D Steffes/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT

Subject: Re: Draft interconnection procedure

As I mentioned over the phone, the general provisions of your tariff should
be modified so that they apply to generator interconnection  (e.g., the
dispute resolution provision of the tariff currently only applies to
"Transmission Service" not interconnection service)  Although I haven't done
a detailed review of PGE's tariff I noted similar concerns about Sections 6,
7.3, and 11.  Also "transmission service" should be capitalized.

Some Other suggestions:

Preamble - Sentence three - delete: "[t]hese Interconnection Procedures do
not provide for transmission service on the Transmission System."  Insert:
"These Interconnection Procedures apply only to the receipt point portion of
Transmission Service on the Transmission System."

Sentence four - delete "of the Transmission System"  Parts II and III are
defined terms.

Section 2.2 - Under this provision, if the Interconnection Customer makes
changes to the information supporting its interconnection request that
"materially affect its interconnection" it can lose its place in the queue.
Given how much discretion this gives PGE, "materially affect" should be a
defined term or have a standard for its application.

Section 3.1: Revise the last sentence as follows "The Interconnection
Customer must execute, complete, and return  . . . "

Further PGE should add a provision indicating that if its merchant function
desires interconnection that it should have to follow the interconnection
procedures.

Section 3.4 This section should be amended to require that the short circuit
and stability study take into consideration higher queued projects.

Section 3.4(iii): Power flow studies are only necessary for transmission
service not just for interconnection.   Accordingly, Section (iii) should be
changed to have the information studied for the customer's information only
or to say that it is not related to the interconnection queue.

Section 4.1 - When does the customer's responsibility to respond to
higher-queued projects end?  Does this extend the 60-day period every time it
happens?

Section 4.4

In sentence two - Delete "Network Upgrade necessary to remove overloads and"

Work the following definitions into Section 4.4:
Interconnection Facilities means the local equipment necessary to connect the
plant to the point of interconnection including increasing the capacity of an
existing local transmission line(s) to loop the lines into the plant in the
case where the capacity of the line is less than the capacity of the
generating plant under good utility practice.
Network Upgrades mean modifications beyond Interconnection Facilities
required for safe and reliable connection of the generating plant to the
utility system.  They do not include transmission changes required to deliver
power beyond the point of interconnection.

In sentence three delete: modifications or additions to the Transmission
Provider's transmission lines and substations and add "Network Upgrades."

Proof-read and correct section numbers.

To: Mary Hain/HOU/ECT@ECT
cc: James D Steffes/NA/Enron@Enron, Jay_dudley@pgn.com
Subject: Re: Draft interconnection procedure

Comments:

2.3     Delete last sentence.  If Enron is already in the queue (or
considered in a queue) before a TP's interconnection procedures are filed at
FERC, we don't want to have to resubmit something within 15 days in order to
remain in the queue.  I don't think this is necessary and all are protected
because pre-existing requests will be posted on OASIS on the queue.

4.3   Enron has argued for 60 days consistent with the OATT times (lost
unfortunately).  It may look odd for PGE to ask for 90 days.  PGE is
protected because if it legitimately takes longer than 60 days, you send a
notification.

6    ((I realize that this language was included in CP&L, but recommend these
changes for PGE.)

 6.1  Add after "as modified by the Commission" "if Customer chooses to
commence construction."
6.2   Modify last sentence -- The Agreement will provide milestones toward
placing the generator in service that the Interconnection Customer must make
reasonable progress toward or it will lose its queue priority (after
notification and opportunity to remedy.)

Thanks.

Mary Hain
03/13/2001 12:10 PM
To: Christi Nicolay
cc: James D Steffes/NA/Enron@Enron, Jay_dudley@pgn.com

Subject: Draft interconnection procedure

Since EPMI doesn't have any PGE interconnection requests pending, Jay Dudley
agreed to allow us to review PGE's draft FERC interconnection filing.  As I
mentioned to you on Friday, PGE is trying to file this week so we have a
quick turn around time.  I'm going to try to read it today.
---------------------- Forwarded by Mary Hain/HOU/ECT on 03/13/2001 10:09 AM
---------------------------
From: JAY DUDLEY/ENRON@enronxgate on 03/12/2001 07:39 PM CST
To: Mary Hain/HOU/ECT@ECT
cc: Frank Afranji/ENRON@enronxgate, MICHELE FARRELL/ENRON@enronxgate
Subject: Draft interconnection procedure

Mary - here is a draft of what the PGE interconnection procedure will be.
As I said, much of this is from VEPCO and Carolina Power.

Michele is redrafting it to be compatible with our OATT.

Let me know your comments as we want to file with FERC this week.

Thanks.

Jay.


As you are probably aware, your department has been selected to participate
in Project GEM (Global Enron Migration) for the rollout of Windows 2000.  In
preparation for this rollout, it is imperative that we gather information
about your workstation and the applications you use.  To begin this data
collection, we have automated the process and your system has just been
inventoried.   Once this information is received, we will be working with
your department coordinator to consolidate this information to ensure this
transition is as smooth as possible.

The GEM team would like to thank you for your participation.  If you have any
questions, please call Brian Carter,  (713) 345-6424.


To extend your complimentary strategy+business subscription at no charge, go
to:
http://www.sbsubscriber.com/services/cg.cfm?D=20010514131313&N=243499.0&R=381.
0

Dear Mr Jeffrey K Skilling:

With click-through rates plunging all over the World Wide Web, conventional
wisdom says that Internet portals no longer have a legitimate place in
consumer marketing plans.

An exclusive analysis by Booz-Allen & Hamilton, however, paints an entirely
different picture.  True...the role of portals has changed, but the change
has made them even more potent than before.  Instead of mere gateways,
portals are centers of content and commerce that draw audiences in the same
way that large-circulation magazines and successful TV networks do.

Major changes are taking place in terms of banner advertising, search engine
use, per-click pricing, and the way business is done on the Internet.  But
the truly amazing aspect of all this is that portals are still changing.
First they were gateways, now they are destinations...what will the next
phase be?  And what will it mean to you?

To find the answers to those questions, I suggest that you carefully read
"The Great Portal Payoff" by Horacio D. Rozanski and Gerry Bollman in the
upcoming issue of strategy+business.

When you do, you will see why strategy+business is so eagerly awaited by the
select group of influential senior executives to whom we regularly send
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While we are on the subject, I should mention that our records indicate you
have been receiving s+b since Jun 16 00.  There is no reason why you cannot
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I look forward to hearing from you soon.

Sincerely,

Will Lippincott
Publisher
strategy+business
mailto:lippinicott_will@strategy-business.com
                        182487-NRQMay02-10


---------------------- Forwarded by Kayne Coulter/HOU/ECT on 03/27/2001 10:14
AM ---------------------------

Rhonda L Denton
03/27/2001 10:07 AM
To: Kayne Coulter/HOU/ECT@ECT
cc: Miguel L Garcia/NA/Enron@ENRON
Subject: Incorrect Counterparties

Please note that I have corrected the following Deals to the accurate
Counterparty.  We trade power with NRG Power Marketing (not NRG Energy, Inc.
) and transmission for Oglethorpe is done through Georgia Transmission.

558121
560703

Thank you for picking the correct counterparty!!!


Can send you me a copy of the 2000 plan for the East Desk?

Paula Harris
10/03/2000 03:57 PM
To: Hunter S Shively/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Fred
Lagrasta/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Chris
Gaskill/Corp/Enron@Enron
cc:
Subject: 2001 Margin Plan

As you are already aware, Suzanne Nichole has moved on and I am the new team
reporting accountant for Gas Trading.  I am in the process of working on your
plans for 2001.  Dealiney and Lavarato communicated that 2001 margin plans
are to be initiated by each team and the minimum increase expected is 20%
over each of your 2000 plans.  Please send me your margin expectations so
that I can update the templates and forward you revised copies which will
include your direct expense plan dollars.

Given that the deadline for turning this information in to the Office of the
Chair is approaching soon, please send me your estimates as soon as you can.

Thanks, Paula.


KLL has polled his sons and determined that the 4 games he is willing to sell
to Mr. Gage are as follows:

2/26  Portland Trailblazers
1/30  Miami Heat
1/13  Sacramento Kings
1/6  Utah Jazz


----- Forwarded by Jeff Dasovich/NA/Enron on 03/14/2001 10:52 AM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	03/14/2001 10:32 AM

		 To: Katie Kaplan <kaplan@iepa.com>, "'Andy Brown (E-mail)'"
<ABB@eslawfirm.com>, "'B Brown Andy (E-mail)'" <andybrwn@earthlink.net>,
"'Baker Carolyn (E-mail)'" <cabaker@duke-energy.com>, "'Bob Escalante
(E-mail)'" <rescalante@riobravo-gm.com>, "'Bob Weisenmiller (E-mail)'"
<rbw@mrwassoc.com>, "'Curtis Kebler (E-mail)'"
<curtis_l_kebler@reliantenergy.com>, "'Douglas Kerner (E-mail)'"
<DKK@eslawfirm.com>, "'Greg Blue (E-mail)'" <gtbl@dynegy.com>, "'Jan
Smutny-Jones (E-mail)'" <smutny@iepa.com>, "'Jeff Dasovich (E-mail)'"
<Jeff.Dasovich@enron.com>, "'Joe Ronan (E-mail)'" <joer@calpine.com>, "'John
Larrea (E-mail)'" <john.g.larrea@williams.com>, "'John Stout (E-mail)'"
<John_H_Stout@reliantenergy.com>, "'Julee Malinowski-Ball (E-mail)'"
<jmball@ns.net>, "'Kassandra Gough (E-mail)'" <kgough@calpine.com>, "'kent
Palmerton (E-mail)'" <kent.palmerton@williams.com>, "'Kristin Vellandi
(E-mail)'" <kvellandi@pstrategies.com>, "'Lynn Lednicky (E-mail)'"
<lale@dynegy.com>, "'Marty Wilson (E-mail)'" <mwilson@pstrategies.com>,
"'McNally Ray (E-mail)'" <rmcnally@mcnallytemple.com>, "''Nam Nguyen'
(E-mail)'" <nam.nguyen@powersrc.com>, "'Norton Kelli (E-mail)'"
<knorton@mcnallytemple.com>, "'Paula Hall-Collins (E-mail)'"
<paula.hall-collins@williams.com>, "'Pigott Jack (E-mail)'"
<jackp@calpine.com>, "'Richard Hyde (E-mail)'" <rwhyde@duke-energy.com>,
"'Rob Lamkin (E-mail)'" <rllamkin@seiworldwide.com>, "'Roger Pelote
(E-mail)'" <roger.pelote@williams.com>, "'Stephanie-Newell (E-mail)'"
<stephanie-newell@reliantenergy.com>, "'Sue Mara (E-mail)'"
<smara@enron.com>, "'Theo Pahos (E-mail)'" <tpahos@ppallc.com>, "'Tom Ross
(E-mail)'" <tross@mcnallytemple.com>, "Carol H Hudson (E-mail)"
<Chudson@iepa.com>, steven kelly <steven@iepa.com>, "'Anne Kelly (E-mail)'"
<kelly@hnks.com>, "'Chuck Cole (E-mail)'" <ccole@advocation-inc.com>,
"'Delany Hunter (E-mail)'" <dhunter@smithandkempton.com>, "'DJ Smith
(E-mail)'" <djsmith@smithandkempton.com>, "'Hedy Govenar (E-mail)'"
<hgovenar@acom2.com>, <mmoretti@mccabeandcompany.net>, "'Maureen OHaren
(E-mail)'" <Oharen@hmot.com>, "'Mike Monagan (E-mail)'" <mrmonagan@aol.com>,
"'Phil Isenberg (E-mail)'" <isenberg@hmot.com>, "'Robert Ross (E-mail)'"
<robbiz@cwo.com>, "'Ron Tom (E-mail)'" <Rtom@govadv.com>, "'Scott Govenar
(E-mail)'" <sgovenar@govadv.com>, "'Susan Mccabe (E-mail)'"
<sfmccabe@mindspring.com>, <rtemple@mcnallytemple.com>,
<megan.beiser@edelman.com>, <tracy.fairchild@edelman.com>,
<deborah.fiorito@dynegy.com>, <tcwillia@duke-energy.com>
		 cc:
		 Subject: Senate to investigate market power/price manipulation

Senator Burton and Senator Joe Dunn will "Make an announcement regarding
potential manipulation in the wholesale energy market" today at 11am in room
1190 at the state capitol." (See article below for details).

We will keep you posted.

Thanks,
Jean

--
Jean Munoz
McNally Temple Associates, Inc.
916-447-8186
916-447-6326 (fx)

State Senate panel will probe power pricing

March 14, 2001

By KIMBERLY KINDY
The Orange County Register

SACRAMENTO A newly formed Senate committee will investigate whether power
producers manipulated the electricity market and overcharged the state for
energy.

State Sen. Joe Dunn, D-Santa Ana, will chair the committee, which will
immediately request records from the power merchants and next month will
interview employees in an attempt to determine whether allegations of
collusion among energy producers are true.

"What has really caused me to push for this investigation is their behavior
mirrors one another,'' Dunn said. "I don't know how that could occur. They
seem to be clones of each other."

The power producers said the investigation is a waste of time, that they have
done nothing to manipulate the marketplace.

"They can look all they want,'' said Gary Ackerman, executive director of the
Western Power Trading Forum, a trade group representing power merchants.
"They aren't going to find evidence."

Dunn said hearings will be held to review the documents and to conduct the
interviews in public. The investigation is expected to be completed within
two months.

The aim is to identify problems with the structure of the market that may
have allowed generators to manipulate prices, and to determine whether there
was any illegal activity.

In the case of market structure flaws, Dunn said senators would work to make
necessary changes through legislation or by working with federal regulatory
officials. Any proof of illegal activity would be forwarded to state Attorney
General Bill Lockyer, whose office is conducting its own investigation.


Yahoo! News	Edit Breaking News Alerts - Yahoo!

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savita:
Mark left me a voice mail that Louise wished to turn off those counterparties that have terminated their contracts with us.  Enclosed is an excel spreadsheet that lists those counterparties that we have received termination notices from (click on the "terminations" category).  Please call Tana and/or I to discuss.

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-8537 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com


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/crude18.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas18.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil18.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded18.pdf

Dec/Red Dec WTI Spread
http://www.carrfut.com/research/Energy1/clz2-clz3.pdf
April Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
April Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Feb Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hug-hog.pdf
June Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUM-HOM.pdf
March Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUH-HOH.pdf
Feb/May Unlead Spread
http://www.carrfut.com/research/Energy1/HUG-HUK.pdf
April/Dec Crude oil Spread
http://www.carrfut.com/research/Energy1/clj-clz.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG18.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG18.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL18.pdf

Mean Reversion Data on CL & Products Spreads
http://www.carrfut.com/research/Energy1/crude01-30-02.pdf


Melissa:  You may want to follow up with Amy.  She should have received my
comments last night.  SS

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


FYI
---------------------- Forwarded by Mark E Taylor/HOU/ECT on 09/30/99 02:04
PM ---------------------------
To: Larry Joe Hunter/HOU/ECT@ECT
cc: Dale Neuner/HOU/ECT@ECT
Subject: Re: RMT vs ECC - Canadian Swap disclosure language

In this case I would say do whatever is easiest for you guys.  Since we know
that Enron Canada is qualified, we don't really have to have the
representation but if it is easier for you to not make an exception, it
doesn't hurt to have it in.

	From:  Larry Joe Hunter                           09/30/99 10:16 AM

To: Mark E Taylor/HOU/ECT@ECT
cc: Dale Neuner/HOU/ECT@ECT
Subject: RMT vs ECC - Canadian Swap disclosure language

Mark,

Concerning the representation language given to us recently for Canada
based/located Counterparties; Should we also include this paragraph in Risk
Management & Trading vs. Enron Canada deals?

I have spoken to Dale Neuner, who has since forwarded me on to you.  He has
mentioned that, based on your conversation with him, we may not be concerned
with an intercompany party needing this representation.  Let us know what you
think.

Thanks,
Joe Hunter


Hi there.

Do you have to be a licensed claims handler (or a lawyer) to handle a third
party's insurance claim?  Same for selling insurance?

Thanks,

ckm


please respond.  MHC

 -----Original Message-----
From: 	Roman, Lilia
Sent:	Friday, September 14, 2001 2:37 PM
To:	Melman, Gil M.; Howard, Kevin A.; Redmond, Brian; Cash, Michelle; Gray, Barbara N.
Cc:	Parnizari, Lori; Bachand, Terri; Carroll, Lillian; Farrell, Keegan
Subject:	Hanover Measurement Services

Please let me know your availability for Tuesday, September 18th, so that a meeting regarding Hanover Measurement Services can be scheduled.  The meeting should be no longer than an hour.  The attendees would be:

Patrick Hickey
Gil Melman
Kevin Howard
Brian Redmond
Michelle Cash
Barbara Gray

Thank you,
Lilia Roman


FYI.  Note toward end of story, mention of email from lawyer in class action
suit to Davis advisor asking for help in "getting information out."

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 07/24/2001 02:05 PM -----

	"Ken Smith" <ken@kdscommunications.com>
	07/24/2001 01:51 PM
	Please respond to "Ken Smith"

		 To: "Scott Govenar" <sgovenar@govadv.com>, "Susan J Mara" <smara@enron.com>,
<Paul.Kaufman@enron.com>, "Karen Denne" <kdenne@enron.com>,
<Jeff.Dasovich@enron.com>
		 cc:
		 Subject: Dan Walters

Dan Walters: Blame game over California's energy crisis will continue for
years

(Published July 24, 2001)
The wrestling match between politicians and Enron Corp. moved into a more
intense arena over the weekend when a state Senate investigating committee
sought contempt penalties because the huge energy company has refused to turn
over internal documents.
Although Houston-based Enron owns no major power plants in California, it has
adopted the toughest stance of all energy companies against the multiple
investigations of why wholesale energy prices spiked so high. And it has
become, in turn, a whipping boy for California politicians.
At one point last spring, state Attorney General Bill Lockyer said he wanted
criminal charges against Enron and its chairman, Kenneth Lay. "I would love
to personally escort Lay to an 8-by-10 cell that he could share with a
tattooed dude who says, 'Hi, my name is Spike, honey,' " Lockyer said. With
less colorful language, Gov. Gray Davis has often castigated Texas-based
companies as price gougers -- even though Texas firms have been fairly minor
suppliers to California.
Some of it is just buzzword politics. Lockyer and Davis know that
Californians dislike anything associated with Texas, and Lay has been one of
President Bush's major political supporters. Enron, meanwhile, cites the
rhetoric as evidence that Lockyer, Davis and legislative investigators are
interested less in finding the truth than in seeking scapegoats. Enron also
filed a lawsuit challenging the legality of the Senate's subpoenas of trading
data.
Most other energy companies have complied with the demands, creating
Sacramento repositories of the data under elaborate confidentiality
agreements worked out with the special Senate committee headed by Sen. Joseph
Dunn, D-Santa Ana. But Enron has refused, and on Saturday, Dunn submitted a
report asking the Senate for "an appropriate coercive sanction."
Does Enron have something to hide? Or does it sincerely believe that what's
happening in California is political scapegoating? Are the companies' fears
about the confidentiality of the data sought by the Senate justified? Would
data be selectively leaked to show the firms in the worst light? Would data
be used by competitors? Or could the information find its way into the hands
of class-action attorneys?
Dunn, a prominent trial attorney himself, insists that confidentiality will
be protected and that the information being sought is only for legislative
purposes. But Enron and the other companies have some reason to be wary of
turning over confidential information to politicians. Similar information was
leaked -- without penalty -- in last year's investigation of former state
Insurance Commissioner Chuck Quackenbush. And there are indications that
private lawyers are working closely with investigators.
Mike Aguirre, the San Diego attorney seeking a "smoking gun" to prove
collusion among energy companies, supplied Dunn's committee with a few
dissident Duke Energy workers who alleged, in highly publicized hearings,
that the firm had manipulated production at its San Diego plant to create
artificial shortages and drive up spot market power prices. Duke then refuted
the charges by releasing some excerpts from the records of the Independent
System Operator, the controller of California's power grid, indicating that
ISO had ordered the plant operational changes.
Aguirre subsequently asked the governor's office to pressure the ISO -- now
under Davis' direct control -- to release all of the Duke-related documents
that would show, he says, that the firm actually manipulated the situation.
Duke and other companies insist that the ISO-held documents are proprietary.
Aguirre pleaded with one Davis adviser in an e-mail that "we need your help
in properly getting this information out." But Aguirre, in an interview, said
he had not yet obtained cooperation from Davis aides.
The political and legal struggle to affix blame for California's energy woes
will continue for months, perhaps years. The crisis will cost ratepayers at
least $50 billion, and they'll want to know why as they make out their
utility bill checks.

The Bee's Dan Walters can be reached at (916) 321-1195 or dwalters@sacbee.com
.


Notice No. 01-130
April 18, 2001

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

FROM:
George Henderson, Vice President

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

The expiration date for the May 2001 options contract for Cinergy (NOK1),
Entergy (OTK1), Palo Verde (VOK1) and Cob (WOK1) is Tuesday, April 24, 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
representative present at their normal work station promptly at 5:30 p.m.
until released by the Exchange staff as specified below.  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.  All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.

Exchange Clearing (299-2110), Floor Trade Correction (299-2068 and 299-2169)
personnel, as well as a representative of the Floor Committee 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.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option Expiration
Reports will be provided. The following screens will assist you through the
Option Expiration process:

MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trades adjusted for the previous 4 business days
by adjustment date.

SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.

REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers "TO" your firm and the status of
each transfer.

REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer "FROM" your firm and the status of
each transfer.

EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to exercise.

DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to abandon.

POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system.  This input may be made at any time prior to 6:45 p.m.  Any PCS input
via transmission for that contract series will be disregarded.

ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.

EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.

All Clearing Members are required to have an authorized representative(s) at
their C21 workstations in preparation for any communication during the
expiration process.

FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.

E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.

The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:

Standard Event Message: Announce Out-of-the Money Exercise and In-the-Money
Do Not Exercise Submissions
Approximate Time of Message Availability: 5:45 PM
Usual Event Time: 5:45 PM
Announced via Fast Facts

Standard Event Message: Announce Final Input to C21 Cutoff Time
Approximate Time of Message Availability: 6:30 PM
Usual Event Time: 6:45 PM
Announced via e-mail

Standard Event Message: All positions are deemed final
Approximate Time of Message Availability: 7:30 PM
Usual Event Time: 6:45 PM
Announced via Fast Facts

Standard Event Message: Announce Exercise/Assignment Information Available on
the Single Position Maintenance Windows
Approximate Time of Message Availability: 8:25 PM
Usual Event Time: 8:30 PM
Announced via Fast Facts and e-mail

Standard Event Message: All Report Distribution is completed
Approximate Time of Message Availability: 11:00 PM
Usual Event Time: 11:00 PM
Announced via Fast Facts

The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.

NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS

Time: 5:30 PM
Activity: Exercise Notice Submission
Event: Input to C21 Cutoff Time
Reference Number: 1

Time: 5:30 PM
Activity: Do Not Exercise Submission
Event: Input to C21 Cutoff Time
Reference Number: 2

Time: 5:45 PM
Activity: Announce Out-of-the-Money Exercise and In-the-Money Do Not Exercise
Submissions
Event: Fast Facts Notice
Reference Number: 3

Time: 6:30 PM
Activity: Announce Final Input to C21 Cutoff Time
Event: C21 E-mail
Reference Number: 4

Time: 6:45 PM
Activity: Final Input to C21 Cutoff Time
Reference Number: 5

Time: 7:30 PM
Activity: All Positions are Deemed Final
Event: Fast Facts Notice
Reference Number: 6

Time: 8:25 PM
Activity: Announce Exercise/Assignment Information Available on the Single
Position Maintenance Windows
Event: Fast Facts Notice and C21 E-mail
Reference Number: 7

If you have any questions concerning these procedures, please contact Charles
V. Bebel at 299-2130, Angel Rivera at 299-2150 or Anthony Di Benedetto at
299-2152 prior to the expiration date.

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

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-130)"

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.


===========================================================================
I N S I D E   I N V E S T O R A M A                    December 06, 2000
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While working on a business plan, I came across this while researching
competitors.  Is this the type of business you have in mind ?

http://www.omrsystems.com/products/network/index.asp


Still trying to get John Goodpasture, who is representing Clean Fuels to give us an indicative or firm price. I hound him on a daily basis and can't understand why he won't quote us a price. As you may know the methanol plant has stopped operating and we soon will have to supply the MTBE plant with third party methanol barrels and we will need tankage to discharge barges and cargoes before the methanol goes to Morgan's Pt. Nowlan's thought was to have Mike intercede with Horton to move the process along, but Mike would rather save his bullets with Stan for a later day. If you have any stroke with Goodpasture or can strong arm him better than I have been able to do then I would appreciate your help. These barrels are critical to our long term supply and ability to discharge foreign cargoes of methanol. We also are evaluating a pipeline from the methanol tanks to the MTBE facility to save the barge freight and make Morgan's Pt more efficient.

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Wednesday, August 22, 2001 11:59 AM
To:	Leach, Doug; Mcconnell, Mike
Cc:	Nowlan Jr., John L.; Robinson, Ted; Vitali, Lisa
Subject:	RE: Methanol tanks

Doug, Where are we on this?

Jeff

 -----Original Message-----
From: 	Leach, Doug
Sent:	Tuesday, August 14, 2001 4:55 PM
To:	Mcconnell, Mike; Shankman, Jeffrey A.
Cc:	Nowlan Jr., John L.; Robinson, Ted; Vitali, Lisa
Subject:	Methanol tanks

Per notification from Jim Prentice it appears the Enron methanol plant will cease production this Friday. Global Products has made arrangements to purchase our methanol feedstock requirements from outside sources once we have taken the balance of the methanol production at the plant. We have been working with John Goodpasture to purchase the methanol tanks at the Enron methanol plant for our future methanol feedstock storage. These tanks are able to store in excess of 400,000 barrels. We are still waiting for an indicative price on the tanks and the latest was a comment from Prentice who said Clean Fuels needs to do their fiduciary duty and check the market for the tanks' value. Since these tanks are probably on their books at zero we are hopeful that they would offer us a favorable price. The only other issue is that the dock leading to/from the tanks is owned by Oxy and we would need a long term arrangement with Oxy to utilize their dock to access the tanks. Again, Goodpasture was checking with Oxy on this issue. In addition, EOTT is willing to operate the facility, if necessary.

Mike--could you please contact Stan Horton and get him to engage in the discussions so we can move the process forward and have Clean Fuels offer us a price on the tanks? This is important because we will soon be bringing in cargoes/barges in excess of the methanol tankage at the Morgan's Pt. MTBE plant and we will need a place to store it.


SBX2 27 (Bowen), which authorizes green direct access, passed out of the
Senate on a 24-5 party-line vote.


Dear Kam,

As we discussed, it seems the best solution is to have the IT groups set up the books until the systems have been separated.

Thanks

Shona

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Monday, January 07, 2002 3:42 PM
To:	Champion, Andrew; Trevino, Susan; Wilson, Shona
Subject:	risktrac access

Andrew,

The following are the people that will be setting up new books for Netco.  The e-requests have been submitted.

Kam Keiser
O'neal Winfree
Phillip Love
Scott B. Palmer
John Valdes
Errol McLaughlin

Thanks

Kam


Attached is a revised Credit Watch listing for the week of 11/19/01.   The Yuma Companies (Inc.) has been added to this week's "Call Credit" column.
If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report.
To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002.

For other questions, please contact Jason R. Williams at x5-3923,  Veronica Espinoza at x6-6002 or Darren Vanek at x3-1436.


Mary - Attached are the variance analyses for both Retail4 & WHSEES4. Let me know what you think-

Thanks

Dara


Ricardo,

This consultant report has Brunner Island back on. Our sheet doesn't have it
coming back untill Nov.3. Which is correct?

Chris
---------------------- Forwarded by Chris Dorland/HOU/ECT on 11/01/2000 04:00
PM ---------------------------

"Brad Galante" <strat_alert@hotmail.com> on 11/01/2000 02:52:11 PM
To: ghopley@enron.com, Rogers.Herndon@enron.com, Mark.Dana.Davis@enron.com,
Kevin.M.Presto@enron.com, Paul.J.Broderick@enron.com, pdth39@hotmail.com,
Chris.Dorland@enron.com, Ricardo.Perez@enron.com
cc:
Subject: 1600 Report

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.

 - 11-01 1600.xls


-----Original Message-----
From: 	Saldana, Alex
Sent:	Friday, October 12, 2001 3:51 PM
To:	Allwein, Robert; Alvarado, Kevin; Arteaga, Airam; Boudreaux, Shanna; Carter, Tamara; Collins, Joann; Garcia, Clarissa; Gillespie, Steve; Halstead, Lia; Homco, Meredith; Lamadrid, Victor; Loocke, Kelly; Ordway, Chris; Prudenti, Dan; Ramirez, Robert; Sanchez, Christina; Wood, Tracy
Cc:	Bates, Kimberly
Subject:	Your Invited....

(Kim please forward to your group.)


Hello,

Below is the agenda/registration form for Forrester's Nov. 8th-10th
Executive Strategy Forum, Boston, MA

Outside speakers include:

- Richard Wagoner, President GM
- Marc Andreessen, Chairman Loudcloud
- Louise Kitchen, President Enron Online
- Donald Paul, VP Technology, Chevron

This will sellout quickly.

There maybe available seats in your Forrester contract.  Respond
immediately if interested.

(See attached file: Executive Strategy Boston Agenda.doc)

Thank You!

David Kobierowski
Sr. Account Manager
Forrester Research, Inc.
100 Congress Ave., Suite 2000
Austin, TX 78701
DKobierowski@Forrester.com
Phone: 877-574-2822
Fax: 617/613-5200

 - Executive Strategy Boston Agenda.doc


What's this about?  Could you e-mail Dave and I with the background, any
effect on us, etc.?  Why was Dave on this distribution?
----- Forwarded by Steven J Kean/NA/Enron on 03/29/2001 07:51 AM -----

	David W Delainey@EES
	03/28/2001 08:33 AM

		 To: Steven J Kean/NA/Enron@Enron, Ana Shafer/ENRON@enronxgate
		 cc:
		 Subject: RE: Compliance Agreement

?????
---------------------- Forwarded by David W Delainey/HOU/EES on 03/28/2001
08:32 AM ---------------------------

"Michehl R. Gent" <mgent@nerc.com> on 03/25/2001 06:04:51 AM
To: "David Cook" <dcook@nerc.com>
cc: "Dave Delainey" <ddelain2@enron.com>
Subject: RE: Compliance Agreement

David:

Nice job!  Can you imagine the "fun" someone is going to have if a Region,
say SPP, MAIN, MAPP, WSCC, or FRCC, has a major blackout this summer and the
"loyal opposition" "discovers" that said region has refused to sign an
agreement such as this and not implemented the program required by the
agreement.  That may even constitute "willful neglect."  Wouldn't it be even
worst if the "discovery" showed that the region was not signed because the
region wanted to use it's position as a bargaining ploy? (SPP, FRCC, and
WSCC) Oh no, I sound like a wantabe lawyer!

Mike

-----Original Message-----
From: David Cook [mailto:dcook@nerc.com]
Sent: Saturday, March 24, 2001 4:19 PM
To: dcook@nerc.com
Subject: Compliance Agreement

Regional Managers
Compliance Task Force

As we discussed on the conference call on Friday, I have prepared a simple
draft letter of intent for the use of those regions who wish to indicate
support for the regional compliance and enforcement program, but are not
yet in a position to sign the Agreement for Regional Compliance and
Enforcement Programs that the NERC Board of Trustees approved on February
13.

For the benefit of those who were not on the call, I'd like to recap where
things stand at this point.  My apologies if I mischaracterize anyone's
position.  NPCC and ERCOT have signed the agreement.  ECAR has stated it
will sign the agreement at the signing ceremony on March 30.  SPP is
prepared to sign the agreement, but doesn't want to be the only one it its
part of the Eastern Interconnection to do so.  FRCC was not on the call,
but has previously stated that it is prepared to sign so long as at least
six regions sign.  MAPP and MAIN have indicated that they prefer to develop
their program with their own members before they sign the NERC
agreement.  WSCC may need to consider the matter at its Board meeting in
early April.  SERC has the matter under consideration.  I have not heard
from MAAC, but it has a meeting scheduling for March 29.

I want to share with you my concern for the climate in Washington.  In the
past few weeks I have had occasion to speak with a number of people on
Capitol Hill and in the new Administration.  All are very concerned about
what might happen this summer.  If a serious incident occurs, I am quite
sure that Congress will legislate very quickly--whether it will legislate
wisely is a different question.  We have the opportunity with this
agreement for the industry to take charge of its own destiny.  If Congress
acts it may well assign a very central role to the Federal government to
take direct responsibility for reliability.  There are those in the
Department of Energy who are pushing for such a role.   Congressman Barton
is talking of the possibility of emergency legislation, possibly within the
next few weeks.  If the industry pulls together, I believe we can forestall
direct governmental controls, just as in 1965.  If the industry does not
step up, then Congress may well assign the responsibility elsewhere.

The CTG recommended to the Board that a critical mass of six Regions sign
onto the agreement before it goes forward.  For those Regions that are
considering developing their own programs with their members before they
sign the agreement, with the view of having the CAPG determine in advance
whether their programs meets the requirements of the agreement, I ask you
to consider this:  If we don't get a critical mass of Regions to sign, then
the CAPG may not come into existence.

The NERC/Regions agreement is really an undertaking by the regions to work
to develop their own regional compliance and enforcement program with their
members.  My request remains that each of the regions sign the agreement by
the March 30 Board meeting.  That will assure that we are able to make the
governance changes that we have all been working for.  If any region is
unable to sign by March 30, then use of the letter of intent would be a way
to demonstrate support for the program.  That may be enough to satisfy
those who have stated that moving forward on the compliance program is a
condition to their support of the governance changes.

Thanks very much for your consideration of the program and all the work
you've put into this transition so far.  Please let me know if you have
questions or if there is anything that we can do from here to be of
assistance to you.