Santa Clara County, Calif., Joins Lawsuit against Electric Suppliers
San Jose Mercury News, 4/27/01

Huge increase in Calpine earnings / San Jose power supplier rakes in $94.8
million
San Francisco Chronicle, 4/27/01

Creek Seeks Hearing on Power Plant Plan
South Florida Sun-Sentinel, 4/27/01

Oil People
Energy Compass, 4/27/01

Venezuela Moving On Plans To Build Up Natural Gas Indus
Dow Jones Energy Service, 4/27/01

Prospects dim for Enron's India power project.
Energy Compass, 4/27/01

Report Out on Indian Power Project
AP Online, 4/27/01

Enron, India in dispute over future of gas-fired power plant
Associated Press Newswires, 4/27/01

Enron Offl Given Authority To End India Pwr Proj -Report
Dow Jones International News, 4/27/01

German trade sees strong aluminium, copper demand.
Reuters, 4/27/01

Enron India MD authorised to terminate PPA
Business Standard, 4/27/01

Gas hub blues
Energy Compass, 4/27/01

Might is right
Energy Compass, 4/27/01

Venezuela Moving On Plans To Build Up Natural Gas Indus
Bloomberg, 4/27/01

Enron Offl Given Authority To End India Pwr Proj -Report
Bloomberg, 4/27/01

O'Brien and Bauman's Hot Stocks: YHOO ENE SFA YUM
Bloomberg, 4/27/01

Santa Clara County, Calif., Joins Lawsuit against Electric Suppliers
John Woolfolk
04/27/2001
KRTBN Knight-Ridder Tribune Business News: San Jose Mercury News - California
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

Santa Clara County agreed Thursday to join a lawsuit against power suppliers,
alleging they conspired to raise prices and boost profits while subjecting
consumers to higher bills and rolling blackouts.
The county is the first to join the suit originally filed by San Francisco in
January. The suit seeks refunds for consumers of more than $1 billion in
alleged excess electricity profits.
"The San Francisco suit contains significant allegations of manipulation and
collusion by the wholesalers, resulting in the disastrous consequences we're
all familiar with," said lead deputy county counsel Alan Tieger. "We looked
at the evidence on which those allegations were grounded and found they were
indeed supported by the evidence, expert and otherwise."
The suit names a dozen electricity generating and marketing companies,
including Duke Energy and Enron Energy Marketing.
Similar claims have been filed by three water districts in the San Diego
area, and two class-action lawsuits by private attorneys on behalf of
consumers are pending against power suppliers.
The companies have vigorously denied the charges.
"I don't think there will be any evidence of illegal activity by anyone,"
said Jan Smutny-Jones, executive director of the Independent Energy Producers
Association, when asked about various government probes.

BUSINESS
Huge increase in Calpine earnings / San Jose power supplier rakes in $94.8
million
Christian Berthelsen
Chronicle Staff Writer

04/27/2001
The San Francisco Chronicle
FINAL
B.1
(Copyright 2001)
Power producer Calpine Corp. announced a 424 percent increase in earnings
yesterday, capping a series of huge first-quarter earnings announcements by
companies that are profiting mightily during California's energy crisis.
Calpine said it earned $94.8 million in the first three months of the year,
compared with $18.1 million in the same period last year.
That profit level, on $1.2 billion in revenue, puts Calpine in league with
industries such as computer sales and securities brokering in terms of median
return on revenue, and far above the median annual return in the energy
industry, which averages about 1 percent.
Calpine's 30-cents-per-share earnings blew past the average analyst estimate
of 24 cents per share compiled by Thomson Financial/ First Call. The San Jose
power generator said last month that it expected to report earnings of 20
cents to 25 cents.
Williams, a Tulsa, Okla., energy concern that markets electricity in
California produced by AES, the Arlington, Va., generation company, reported
first-quarter profit of $378 million, more than double its results one year
ago. (AES reported gains yesterday of 19 percent). Other energy companies
with business in California -- including Reliant and Enron -- have reported
huge gains in recent days.
Calpine executives yesterday sought to distinguish themselves from other
merchant energy companies in California, saying most of the electricity it
sells here is under relatively low-cost contracts with the utilities, the
state and other entities, and very little of it is sold in the spot market,
where prices are often three times as high.
"It is not our business strategy to play in the volatility of the market but
to have long-term contracts," said Bill Highlander, the company's director of
public relations.
Calpine was not among the companies named in a report last month by the
California Independent System Operator identifying power concerns that gouged
California consumers.
Calpine's stock was hit hard earlier this month when it revealed that it had
not set aside reserves to offset more than $270 million in potentially bad
debt owed by Pacific Gas & Electric Co., which filed for bankruptcy
protection. But Calpine's stock was trading near the top of its 52-week high
yesterday, ending up $2.01, or 3.75 percent, to close at $55.71.
Ann Curtis, Calpine's chief financial officer, said in an interview yesterday
that the company still expects to be paid by PG&E, since the power it
provides under contract to the utilities and the state is much less expensive
than if they voided the contract and sold the power on the spot market.
"It makes sense and would be in the best interest of the utility and state to
honor the contract," Curtis said.
As it had last quarter, Calpine's announcement made no mention of runaway
wholesale energy costs in California, which have severely damaged the state's
leading utilities and are beginning to hurt the state government's finances.
Rather, Calpine Chief Executive Officer Peter Cartwright, in a prepared
statement, attributed the earnings growth to "the continued execution of
Calpine's strategy to acquire and build low-cost generation facilities in key
power markets throughout the U.S." More than half of the company's plants are
in California.
Overall, the supplier operates 44 plants nationwide that generate nearly
6,000 megawatts.
Calpine is one of the darlings of the energy industry, viewed as a model for
a "new" energy company because of its aggressive expansion plans and reliance
on relatively clean, efficient generation. The company is relatively small in
the industry, with a market capitalization of about $16 billion, compared
with about $34 billion for an industry giant like Duke Energy of Charlotte,
N.C.
Calpine is in the midst of a program that is expected by 2005 to boost its
electricity generation portfolio to 70,000 megawatts -- an amount equivalent
to more than twice the energy California uses at this time of year -- from
its current capacity of about 6,000.
Lehman Bros. calls Calpine one of its "top picks" and maintains a strong buy
rating on the company's stock.

CREEK SEEKS HEARING ON POWER PLANT PLAN
DAVID FLESHLER and JEREMY MILARSKY Staff Writers

04/27/2001
South Florida Sun-Sentinel
Broward Metro
3B
(Copyright 2001 by the Sun-Sentinel)
Coconut Creek filed a legal petition with the state Thursday that could stall
Enron Corp.'s plans for a power plant in Pompano Beach.
Attorneys for the city requested an administrative hearing on the state's
plans to issue an air permit for the plant. This could delay the company's
plans by six months, if it doesn't thwart them altogether.
Coconut Creek, which is downwind from the site, is a center of opposition to
Enron. When Pompano Beach held public hearings on the project, condominium
complexes in Coconut Creek chartered buses to pack the meeting rooms with
opponents.
The state Department of Environmental Protection already has announced its
preliminary intention to issue the permit. In its petition, the city argues
that the state had failed to take into account the cumulative effect of the
sources of air pollution in the area.
These include the North Regional Wastewater Treatment Plant, a Florida Power
& Light Co. substation, a Broward County landfill, the Wheelabrator trash
incinerator, the Broward County Hazardous Materials Receiving Facility and
the Waste Management Transfer Station, according to the petition.
Eric Thode, spokesman for Enron, disputes the petition's statement that the
cumulative effect on air quality has not been considered.
"You have to take it into account when you're assessing air quality and the
cumulative impact on air quality," he said.
He said the petition may ruin the company's plans to open the plant by the
summer of next year, but not its plans to build the plant.
"We'll continue to go forward with the project," he said.
Now that the petition has been filed, DEP will decide whether to send it to
the Division of Administrative Hearings. Both sides present their case to a
judge, who recommends whether the department should issue the permit. The
department usually follows the recommendations, said Alvaro Linero, the DEP
administrator handling the Enron petition.
Meanwhile, in Deerfield Beach, Enron officials made their final pitch to a
volunteer committee that's studying their plans for a plant identical to the
one proposed for Pompano Beach.
Company officials promised to build a plant that wouldn't be an eyesore to
the subdivisions of Independence Bay and Waterways. Steve Rose, a traffic
expert for Enron, said the company would build a 10- foot wall on the
neighborhoods' border.
Enron officials plan to plant Australian pines that would grow up to 15 feet
along that wall.
"From Independence Bay, there's virtually no visibility of this facility,"
Rose said.
David Fleshler can be reached at dfleshler@sun-sentinel.com or 954- 356-4535.
Jeremy Milarsky can be reached at jmilarsky@sun-sentinel.com or 954-572-2020.

Oil People.

04/27/2001
Energy Compass
(c) 2001 Energy Intelligence Group. All rights reserved
Jim Hall has been hired for environmental and public safety consulting by
Colonial Pipeline, operator of the largest US refined oil products pipeline.
Hall was until January chairman of the National Transportation Safety Board
(NTSB).
Egil Myklebust has become new chairman of Norway's Norsk Hydro in place of
Einar Kloster, who asked to step down last year. Myklebust retires as
president and chief executive on May 2. The company also has two new board
members, Ingvild Myhre and Elisabeth Grieg. Noble Affiliates president and
chief executive Charles Davidson will take on the additional role of chairman
in place of Robert Kelley, who is retiring.
President George W. Bush plans to nominate career diplomat Richard Henry
Jones as ambassador to Kuwait. Jones, now ambassador to Kazakstan, was
ambassador to Lebanon from 1996-98, and was previously director of the State
Department's office of Egyptian affairs. Bush also plans to nominate Enron
Energy Services vice chairman Thomas White as secretary of the army at the
Pentagon. The Senate has to approve the nominations.

Venezuela Moving On Plans To Build Up Natural Gas Indus
By Charles Roth
Of DOW JONES NEWSWIRES

04/27/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Porlamar, MARGARITA -(Dow Jones)- Venezuela is forging ahead with plans to
develop its natural gas industry through a series of concessions involving
both foreign and local companies. Industry officials reckon the effort should
generate up to $13 billion in investment over the next 10 years.
The biggest push now underway in the "Gasification of the Nation" program is
the awarding of 11 licenses for the exploration and production of non-oil
associated gas in central-western Venezuela, a zone estimated to contain 6
trillion to 20 trillion cubic feet in reserves. Of 34 companies that have
qualified for the concessions, 26 are foreign.
The government is also moving to open up offshore exploration and production
of free gas in the Paria and Plataforma Deltana regions in waters bordering
northeast Venezuela, where officials suspect 40 Tcf to 60 Tcf are waiting to
be discovered.
Jose Pacheco, vice minister of energy, told Dow Jones Newswires that the
government wants to start the pre-qualification process sometime this year.
Trinidad, he said, has been aggressively tapping reserves in the area, some
of which may extend into Venezuela territory. The government has been talking
with authorities from the island to reach some understanding for the
exploitation of the region, he said.
Rafael Ramirez, president of Venezuela's gas regulator, said state-oil
company Petroleos de Venezuela SA (E.PVZ) has allocated $200 million for
exploration in the area. He noted that industry giants such as Royal
Dutch/Shell (RD), BG Group Plc's British Gas (BRG), Exxon Mobil Corp. (XOM),
Phillips Petroleum Co. (P), El Paso Corp. (EPG) and Enron Corp. (ENE) have
already expressed interest in the area.
Pacheco, Ramirez and other industry officials are attending a conference on
gas and electricity.
Fiscal Incentives To Attract Companies
Venezuela, the world's third largest oil producer, has proven gas reserves of
147 Tcf, the eighth largest worldwide. About 10% these reserves are
non-associated. It produces about six billion cubic feet a day, of which 70%
goes to various segments of the country's petroleum industry and 30% is
divided between electricity generation, petrochemicals production, the steel
and aluminum industries, the cement and manufacturing sectors and residential
consumption.
Industry officials want to raise natural gas production to 9 Bcf/d to 10
Bcf/d by 2010.
To meet that goal, Venezuela is enticing companies by exempting them from the
value-added tax, reducing the income tax for them to 34% from 64%, and
lowering it a further 8% in they make new investments. Royalties will be
assessed at 20%.
Companies interested in participating in the expansion of the natural gas
pipeline network are excluded from royalties, Ramirez said. He noted that
official pricing calculations indicate the rate of internal return on
transmission and distribution of gas hovers around 15%, but could be higher
for more efficient companies.
The latest transmission project underway would connect mainland Venezuela and
Margarita Island. The approximately 170-kilometer pipeline will cost $90
million. Bidding is slated to start in the weeks ahead and the project should
be completed by the end of 2003.
Following Margarita, a natural gas pipeline connecting Valencia and Paraguana
is planned. The network should then expand to the offshore platforms and
ultimately link the populated cities across the northern coast to production
facilities both inland and offshore. Ultimately, the transportation network
should cover 6,300 kilometers and extend to Colombia and Brazil. The network
will cost an estimated $1.6 billion.
To turn around what has heretofore been an unprofitable business, authorities
are planning on economies of scale and dividing the country in four regions
that will each include both industrial and residential consumers.
Pricing of natural gas will rise according to the type of consumer, with the
lowest tariffs assessed for residential and commercial clients, and scale
upwards for petrochemical producers, the steel, electricity and manufacturing
industries and others.
Jorge Depresbiteris, director general of Margarita electricity utility
Seneca, controlled by U.S. CMS Generation Co., said the substitution of
diesel by natural gas could be viable for the company's bottom line if it is
sold at $1.50/billion British thermal units or less. Beyond that, the
utility's profitability will be affected.
Seneca, he added, is planning ahead for the conversion to natural gas because
it is clear the "gasification" policy is being implemented, "and there's no
turning back."
Regulatory authorities assured that natural gas will be "adequately valued"
even as greater volumes come on stream, and will include adjustments for
devaluation in the country's currency and, if necessary, for inflation.
Natural gas processing is yet another area in which newcomers are being
invited to participate.
Overall, energy ministry officials figure that natural gas can currently
substitute 9 million barrels a day, or 100%, of fuel oil, and 72 million b/d,
or 56%, of the diesel that is consumed in the country, among other
carbon-based derivatives.
Officials reckon that all the investment should create up to 10,000 direct
jobs and 52,000 indirect jobs in auxiliary industries.
-By Charles Roth, Dow Jones Newswires; 58-14-235-8525;
charles.roth@dowjones.com

Prospects dim for Enron's India power project.

04/27/2001
Energy Compass
(c) 2001 Energy Intelligence Group. All rights reserved

The future of Enron's Indian Dabhol power project hangs in the balance, after
the board of Dabhol Power Co. (DPC) authorized the termination of a deal to
supply 740 MW to Maharashtra State Electricity Board, its main customer (EC
Apr.13,p12). MSEB claims it can use only 300 MW, and has asked DPC, which is
65% owned by Enron, to scrap the plant's planned second phase as it won't be
able to pay for the electricity.
But global lenders have persuaded Enron not to pull the plug on the $3
billion power-plus-LNG project just yet. These include ANZ Investment Bank,
Credit Suisse First Boston, ABN-Amro, Citibank, and State Bank of India. With
nearly 85% of the project complete and the Indian government offering to
renegotiate the power purchase agreement, lenders want to see the plant's
second phase and LNG project completed later this year.

Report Out on Indian Power Project
By RAMOLA TALWAR BADAM
Associated Press Writer

04/27/2001
AP Online
Copyright 2001 The Associated Press. All Rights Reserved.
BOMBAY, India (AP) - A top official of the U.S. energy concern Enron Corp.
was authorized to issue a termination notice to pull out of a $3 billion
power project in western India, the largest foreign investment in the
country, a newspaper reported Friday.
The project has been in trouble since December when the government of
Maharashtra state demanded renegotiation of the price being charged for power
from the project.
The board of the Dabhol Power Co., the Indian subsidiary of Enron, met in
London on Wednesday and authorized the company's managing director to issue a
preliminary notice to terminate the project, billed as the world's largest
natural gas fired power plant, The Times of India reported.
"The board has given powers to the management to issue the pre-termination
notice. But the meeting unanimously felt the need of the hour was not to
terminate the project but to initiate a re-negotiation process," Vinay
Bansal, chairman of the Maharashtra State Electricity Board, was quoted as
saying by the newspaper.
Enron officials have refused comment. Enron is based in Houston.
In Bombay, Krishna Rao, a state electricity board official, said Friday that
negotiations with Dabhol Power would be the next step.
"The government and DPC have to come together. The government has already
said a negotiation team is being appointed," Rao said.
The notice is the first of three steps that could end in the abandonment of
the project. A six-month reconciliation period would follow any move by
Dabhol Power to issue the termination notice, Bansal said.
Indian lenders, present at a meeting with foreign financial institutions in
London earlier this week, have said they favor renegotiation.
The state power utility has said it cannot pay Dabhol's monthly electricity
bills, since rates for power have nearly quadrupled.
That prompted Dabhol to invoke a federal guarantee in February, the first
time in India that such a federal guarantee was invoked. As part of the 1995
agreement between the company and the state government, the federal
government must pay in case of a state default.
But before the federal government stepped in, the state government paid $17
million in outstanding bills. Since then, the state power utility has
confirmed that all pending bills have been paid.
However, a dispute over payment of $48 million for December and January bills
is pending.
Several political parties had earlier demanded the project be scrapped, since
the costs had increased from 1.8 rupees (four cents) per unit agreed six
years ago for electricity generated by the 740-megawatt naphtha plant, to 7
rupees (15 cents).
Enron has maintained that work will be completed by the end of the year on a
1,444- megawatt liquefied natural gas plant.
Enron has a 65 percent stake in Dabhol Power, and is the project's largest
shareholder. Other shareholders include the Maharashtra State Electricity
Board with 15 percent and General Electric Co. and Bechtel Enterprises with
10 percent each.

Enron, India in dispute over future of gas-fired power plant
By RAMOLA TALWAR BADAM
Associated Press Writer

04/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

DABHOL, India (AP) - Workers in yellow helmets scramble up steel girders to
fit pipes into place for the world's largest natural gas-fired power plant,
to be completed off India's western coast this year by American energy giant
Enron Corp.
But 200 miles away in Bombay, government officials say they cannot afford the
electricity that Enron is now providing from a naphtha plant at the site, and
they expect the electricity generated by liquefied natural gas will cost even
more.
"Enron is simply unaffordable," said Padamsinh Patil, energy minister for the
state of Maharashtra, which includes Bombay. "The state cannot afford the
power, so we take less power, but still have to pay Enron huge amounts."
India needs power - during the April-to-October 2000 hot season, the nation
had a daily shortfall of nearly 8,000 megawatts of electricity, according to
the Center for Monitoring the Indian Economy.
Enron's naphtha and gas plants at Dabhol will together be able to generate
about 2,200 megawatts, but politicians have trouble with the price. Aging
coal- and gas-fired plants that have been depreciated can charge about two
rupees (4 cents) per kilowatt hour, while Enron's naphtha plant has been
charging 11 to 15 cents.
"Everyone wants to use us to blame for the systemic problem that the state
electricity boards in this country sell power for less than it costs them to
generate or buy power," said K. Wade Cline, president of Enron India.
Despite the protests, Cline believes that the $3 billion project - India's
biggest-ever foreign investment - will go on line at the end of 2001.
But the company's frustrations are obvious. This week the board of the Dabhol
Power Co., Enron's India subsidiary, authorized the company's managing
director to issue a preliminary notice that could lead to termination of the
power project.
Enron says it is owed $48 million for power delivered in December and
January. The February power bill has already been paid, and Krishna Rao,
member of the Maharashtra State Electricity Board, said Wednesday the March
electricity bill was being paid.
Rao said renegotiation of the existing contract was the next step.
"The government and DPC have to come together," he said. "The termination
notice will have to wait till negotiations actually begin."
Indian lenders insist it is impossible for Enron to pull out before it makes
up the huge amounts already spent. They speculate that the company's board is
using pressure tactics to ensure timely payments in future.
An advantage for Enron - and the major complaint against it - is a unique
contract that requires the federal government to pay up in case of default by
Maharashtra. Another grievance is that the Enron deal requires Maharashtra to
pay for electricity even if it doesn't use it.
Enron invoked the federal guarantee in February, when the state utility said
it could not afford to pay Dabhol Power. But before the national government
stepped in, state officials paid $17 million in overdue bills.
The state bailout drew attention to the Enron deal, with opponents again
raising questions about the cost to be borne for foreign investment and
development. The debate comes as the government in New Delhi tries to reduce
subsidies and sell off state-owned enterprises.
Enron says federal payment guarantees were essential because few foreign
companies were willing to invest when India began opening its economy in the
early 1990s.
"Who wanted to come to India at that time? Very few companies did," said
Cline. "We came along, with some others, and said we're willing to invest
because we think India has a bright future."
Preparing for that future, workers at Dabhol clamber around inside an LNG
tank that could fit three jets stacked one atop another. They weld a
steel-reinforced dome, while others outside drill concrete blocks for the
mile-long jetty where the LNG tanker Laxmi - meaning "wealth" in Hindi - is
scheduled to dock in November.
Enron says LNG is the cleanest and most economical fuel, but Bombay
politicians have their doubts. They point at electricity prices that have
increased fourfold, which Enron attributes to the rise to the jump in oil
prices and a depreciation of the Indian rupee.
Opponents of the project say the government should have invested in its own
power plant instead of tying up with a foreign company.
"We're not against foreign companies, but the Enron project is a sure pill
for India's financial collapse," said Pradyumna Kaul, an anti-Enron activist.
"It will bankrupt the nation. Both sides should agree to a separation and
abort the contract now."
Enron believes a crackdown on power theft and reduction of waste in
transmission and distribution would generate enough money to pay for Dabhol's
electricity.
A state government-appointed committee agreed and this month called for
reform of the state power utility that defaulted on its payments to Enron.
But the five-member panel also insisted on lower tariffs and urged
renegotiating the price agreement.
Enron chief executive Jeffrey Skilling likened the India situation to the
power woes being felt in California.
"The utility offers a fixed rate to their customers and the wholesale costs
of electricity have gone up like they have in the U.S.," he said from Enron
headquarters in Houston. "The distribution company is having a liquidity
squeeze identical to what you have with (Pacific Gas & Electric)."
Meanwhile at Dabhol, managers are moving to the next phase, training workers
to man tug boats to guide that first LNG tanker into port.

Enron Offl Given Authority To End India Pwr Proj -Report

04/27/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY (AP)--A top official of U.S. energy giant Enron Corp. (ENE) was
authorized to issue a termination notice to pull out of a controversial power
project in western India, the largest foreign investment in the country, a
newspaper reported Friday.
The board of the Dabhol Power Company, the Indian subsidiary of Enron, met in
London on Wednesday and authorized the company's managing director to issue a
preliminary notice to terminate the project, billed as the world's largest
natural gas fired power plant, The Times of India reported.
"The board has given powers to the management to issue the pre-termination
notice. But the meeting unanimously felt the need of the hour was not to
terminate the project but to initiate a re-negotiation process," Vinay
Bansal, chairman of the Maharashtra State Electricity Board, was quoted as
saying by the newspaper.
In Bombay, Krishna Rao, a state electricity board officials, said Friday that
negotiations with the DPC would be the next step.
"The government and DPC have to come together. The government has already
said a negotiation team is being appointed," Rao said.
"The termination notice will have to wait until negotiations actually begin,"
he said.
Enron officials have refused comment.
The notice is the first of three steps that could end in the abandonment of
the $3 billion project. A six-month reconciliation period would follow any
move by the Dabhol Power Company to issue the termination notice, Bansal
said.
Indian lenders, present at a meeting with foreign financial institutions in
London earlier this week, have said they favor renegotiation.
The project has been in trouble since December when the government of
Maharashtra state, where the Dabhol project is located, said the tariffs were
exorbitant and demanded a new price agreement.
The state power utility said it could not pay Dabhol's monthly electricity
dues, which prompted the company to invoke a federal guarantee in February.
This was the first time in India that a federal guarantee was invoked. As
part of the 1995 agreement between the company and the state government, the
federal government has to pay in case of a state default.
But before the federal government stepped in, the state government paid $17
million in outstanding bills. Since then, the state power utility has
confirmed that all pending bills have been paid.
However, a dispute over payment of $48 million for December and January bills
is pending.
Several political parties had earlier demanded the project be scrapped, since
the costs had increased from 1.8 rupees (four cents) per unit agreed six
years ago for electricity generated by the 740-megawatt naphtha plant, to 7
rupees (15 cents).
Enron has maintained that work will be completed by year-end on the 1,444
megawatt liquified natural gas plant.
Houston, Texas-based Enron has a 65% stake in Dabhol Power, and is the
project's largest shareholder. Other shareholders include the Maharashtra
State Electricity Board with 15% and General Electric Co. and Bechtel
Enterprises with 10% each.

GERMANY: German trade sees strong aluminium, copper demand.
By Denes Albert

04/27/2001
Reuters English News Service
(C) Reuters Limited 2001.

ONLINE TRADING MODEST
VDM also said that despite a mushrooming of metal trading Internet sites,
online trading of physical metals remained at minimal levels.
"We have to make a very clear distinction between futures and physical
metals," said VDM board member Matthias Heil of Enron Metall Recycling GmbH,
a unit of the U.S.'s Enron Corp .
"While online metals futures trading runs between 400 million and 600 million
marks a day worldwide, only a tiny fraction of physical trading, and
especially scrap metal trading is done that way."
Heil added that their core activity - scrap metal - did not lend itself well
to online trading because of the multitude of qualities being traded.
Hoffmann also said that while Norddeutsche Affinerie - Europe's largest
copper refiner - had its own trading site, it was for the time being mostly a
facility through which NA's clients could keep track of their contracts.
"We have our trading site, but it mostly serves as a way for our clients to
have access to the state of existing contracts virtually at the same time as
those are updated on our internal computer network," he said.

Enron India MD authorised to terminate PPA
Our Corporate Bureau MUMBAI

04/27/2001
Business Standard
1
Copyright (c) Business Standard
The board of the Enron-promoted Dabhol Power Company (DPC), at its meeting in
London on Wednesday, authorised the managing director of Enron India to issue
a notice for terminating the power purchase agreement to the Maharashtra
State Electricity Board and the state government.
"The board has authorised Wade Cline to serve the termination notice.
However, this does not mean that the termination notice will be served
immediately. It is only an enabling provision and will be used only if the
situation arises," a state government source told Business Standard from
London. He said DPC was under pressure from its lenders.
The DPC spokesperson here refused to comment on the issue.
The hardening of the board's stand is in sharp contrast to the advice of
DPC's lenders, who had warned Enron not to precipitate matters by issuing a
termination notice. The lenders had arrived at a consensus that the
termination notice need not be served at this stage. Serving of the notice
requires a nod from the lenders, who have an exposure of about $2 billion in
the project. Sources said given the lenders' strong opposition to termination
of the contract, the Enron board's "enabling resolution" did not have much
significance beyond conveying a hardening of its stand with regard to the
current imbroglio.
The Maharashtra Chief Minister had warned Enron not to scuttle the process of
crisis resolution by issuing a termination notice. The state government is to
nominate an expert group to renegotiate the terms of the Dabhol contract.
Enron holds 65 per cent in DPC, while US-based GE and Bechtel hold 10 per
cent each. The balance 15 per cent is held by MSEB through a special purpose
vehicle, Maharashtra Power Development Corporation.
The MSEB representatives were not allowed to vote at the meeting since they
were an interested party. The IDBI representative protested against the
board's decision.
The meeting was held against the backdrop of a dispute between MSEB and DPC
over payment of bills. After MSEB failed to pay Rs 102 crore towards the
December 2000 bill, DPC invoked the state government's guarantee and then the
Union government's counter guarantee. When payment of the Rs 127-crore
January bill became overdue, DPC again invoked the state government's
guarantee. MSEB retaliated on January 28, 2001 by slapping a Rs 401-crore
penalty for non-supply of electricity at adequate levels. It demanded that
DPC adjust the bills against this penalty.
"This stand of MSEB was explained to DPC at the board meeting", a state
government official said.

Gas hub blues

04/27/2001
Energy Compass
(c) 2001 Energy Intelligence Group. All rights reserved

"This is not a country of marchers," Bolivia's information minister bravely
insisted last week, in the midst of an economic and political crisis in the
country that aspires to be South America's natural gas hub.
The statement was made the day that small business borrowers marched through
tear gas to have their debts forgiven, and a few days before farmers teamed
up with the economically dispossessed to brave truncheons and more tear gas
to march to La Paz to ask the government to fulfill its pledges on water and
land. Taxi drivers went on strike on Apr. 24, while all the groups, including
the labor union federation, talk of blocking main roads on May 1.
What is more, a privatizing ex-president, Gonzalo Sanchez de Lozada, has
launched an effort to force out the incumbent, Hugo Banzer, for economic
mismanagement. Banzer, a one-time military dictator, was elected
democratically, but is having a tough time dealing with his constituents.
While Sanchez de Lozada's effort has dismayed many people who otherwise
oppose Banzer, including the US and other Latin American presidents, the
throw-him-out theme underlines the problem: The urban poor are getting poorer
as joblessness grows, while the rural poor say the government has gone back
on agreements made last October - again after marches and blockades - for
changes to a water privatization law and land registration rules. No one has
forgotten the unrest of January 2000 that toppled Ecuador's elected president
Jamil Mahuad, leading to his replacement by vice president Gustavo Noboa (EC
Jan.28'00,p6). Private business, in the form of the Bolivian chamber of
commerce, wants the government to go to the bargaining table with the
marchers to resolve what appears to be an escalating conflict in which two
people have already reportedly died in clashes with police.
Even if the abyss is avoided, the unrest threatens Bolivia's extensive
natural gas industry just as disruption to the rest of the economy heightens
its dependence on gas export earnings. No one has suggested that the
country's extensive gas pipeline network is at risk - as oil pipelines are in
Colombia and, occasionally, in Ecuador - from rebel attacks. While Cuban
guerrilla hero Che Guevara was caught and killed in Bolivia in 1967 while
leading a group of rebels, armed insurgency has since subsided.
Landlocked Bolivia made a big stride in meeting its gas hub goals in 1999
with the opening of the Bolivia-to-Brazil pipeline, with the capacity to send
1 billion cubic feet per day into Latin America's biggest gas market. It
competes with Argentina for the Brazilian, Peruvian, and Chilean markets,
even as it eyes ways of entering the Argentine market itself. "Argentina sees
Bolivia as both a competitor and a potential partner," says an analyst who
spends a lot of time in Argentina. "It is hard to know how much spillover
there will be from high unemployment, inflation, and general instability into
the Bolivian gas industry."
Several foreign companies have bet on Bolivia's gas play, notably the UK's
BG, which has just been awarded access to the Bolivia-Brazil pipeline to
enable it to move gas from its Bolivian fields to its 60%-owned Comgas
distribution network in Sao Paulo. BG is also the proposed builder of a
propane pipeline to the Chilean coast announced this week (see related
article).
Others investing, in the line and in another, pipeline-to-power, project
include Enron and Royal Dutch/Shell. Brazil's state Petrobras is a partner in
the Brazil-Bolivia line, and is trying to stop other companies using the
Brazilian leg (EC Apr.20,p12). Brazilian regulators, eager to open up the gas
market, decided that BG should have access, at least through 2003. Petrobras
has threatened to sue.
Some gas pipeline projects in the region have already been delayed or killed
because Brazilian demand hasn't grown as quickly as planners expected, or
because of demand and financing problems in other countries. It certainly
won't help investor confidence if Bolivia's economic and political woes
linger.
By Peter Gall, New York.

Might is right

04/27/2001
Energy Compass
(c) 2001 Energy Intelligence Group. All rights reserved
As the New York Mercantile Exchange (Nymex) and the Big Oil-backed
IntercontinentalExchange (ICE) look set to go head-to-head in the online
energy trading business, dozens of smaller internet exchanges are likely to
collapse under the pressure.
Seeing the way the market was headed - where web-based transactions replace
old-style ways of making deals - London's International Petroleum Exchange
(IPE) started searching earlier this year for a partner that could give it an
internet trading capability. ICE emerged as the frontrunner, offering around
$65 million to take over the IPE (EC Apr.13,p2).
Sources say the combination has won the support of a majority of IPE
shareholders. But after a meeting on Apr. 26, the IPE board said it needed
more time to discuss the bid, and would have to meet again. The betting is
that the board will recommend the takeover to shareholders for a vote in May
or June. The ICE founders are well-known to the IPE: Eight are shareholders
in the IPE, and four - BP, Total Fina Elf, Goldman Sachs, and Morgan Stanley
- hold seats on the board.
An ICE-IPE link, along with the roll out of eNymex, which could be unveiled
early next month, is putting the heat on smaller start-ups - most of which
were founded with the support of established energy companies. "Instead of an
expansion in the number of sites, the intense push for liquidity will squeeze
many players out of the trading game," concludes a new report by US
technology consulting firm Forrester Research.
In the US, wholesale online energy trading is expected to be huge. By 2005,
oil, natural gas, and electricity trading will be a $3.6 trillion business,
up from just $400 billion today. And over-the-counter (OTC) swaps and
derivatives trading will dominate, Forrester says: Of the estimated $3.6
trillion in trades in 2005, OTC trading is forecast to total $2.7 trillion.
The report suggests that online OTC oil trading in the US will hit $767.6
billion in 2005, up from an estimated $26.8 billion this year. Oil trade
would account for 21% of the market, trailing only OTC gas deals in market
share.
Forrester predicts that the winners in this bigger online world will be ICE,
eNymex, Enron's EnronOnline trading system, and TradeSpark, a North American
gas and power exchange backed by US energy companies Williams, TXU, and
others.
Losers in the online trading race will be US-based independent sites such as
Altra, whose investors include BP, Koch, and Conoco, and HoustonStreet
Exchange. "These early online trailblazers will be forced to sell their
exchanges," Forrester suggests.
HoustonStreet Exchange, along with other startups that have led attempts to
take physical oil online - including RedMeteor, Pepex, and Oilspace - could
also be hurt by ICE's recent decision to expand into physical oil markets
after establishing a strong presence in financial markets.
HoustonStreet launched its internet oil trading exchange with great fanfare a
year ago, but has since failed to attract a wide audience. It has been
heavily dependent on backing from minority equity partner Equiva, a joint
venture of Royal Dutch/Shell, Texaco, and Saudi Aramco, which paid $6 million
for its stake, and agreed to use the exchange's oil trading platform. In the
event, Equiva accounted for 56% of all crude and refined oil trade on
HoustonStreet last year, according to a regulatory filing by exchange founder
BayCorp, which owns 46%. As of early February, about $2 billion had been
transacted on the oil platform. While the Equiva deal boosted trading
volumes, the exchange needs broader support to survive, says BayCorp, which
lost nearly $9 million last year.
Other HoustonStreet initiatives have been put on hold, following the
company's decision earlier this year to try to achieve near-term
profitability. Instead, it will focus on a gas trading partnership with US
energy giant Enron, and developing an online gas exchange. According to an
agreement signed last year, the two plan to create links between their online
exchanges, with Enron cementing the partnership by taking an equity holding.
Other HoustonStreet backers include Conoco, US Williams, and European firms
Vivendi, RWE, Vattenfall, and Electrabel.
RedMeteor, a Texas-based start-up that trades physical and some financial oil
in the US, says it handled 185 million barrels in January, with a notional
value of $5.3 billion. However, only one-quarter of the current volumes are
traded electronically; the rest are traditional transactions by voice
brokers.
Last year, RedMeteor bought brokerage house TCT in a bid to drive traffic
through its internet exchange. A strategic alliance between RedMeteor and
trading house Vitol has also failed to provide the expected liquidity boost.
Vitol is not an active user of the US platform, sources say. It is most
active in the New York cargo market, where RedMeteor has yet to establish
itself. RedMeteor also has a deal with Neftebid, a Russian trading
consortium. It has licensed its trading software to the group, with an online
exchange to be launched this quarter.
Two other start-ups, Pepex and Oilspace, have their eyes set on the cargo
market. As of mid-March, Pepex had handled tenders for 12 million bbl -
roughly two-thirds products and the rest crude - since its launch last June.
Not all volumes were necessarily awarded. Oilspace is tweaking its
technology, and several oil companies are currently testing the online
service.
Another start-up, BrentBroker.com, closed its doors before trading a barrel.
The firm, backed by Hess Energy Trading, launched with a splash last summer,
but failed to go live. Canada-based exchange DigitalOutcry, which was backed
by oil trading company Canpet Energy, also failed to get off the ground.
Altra, a US exchange formed five years ago, has established a solid foothold
in gas, power, and natural gas liquids (NGL) trade, but has made few inroads
in crude oil. Last year, the online exchange handled 250 million bbl of NGLs,
while crude oil volumes were about 17 million bbl.
By Jeff Gosmano, Houston.

Venezuela Moving On Plans To Build Up Natural Gas Indus
2001-04-27 15:00 (New York)

   By Charles Roth
   Of DOW JONES NEWSWIRES

  Porlamar, MARGARITA (Dow Jones)--Venezuela is forging ahead with plans to
develop its natural gas industry through a series of concessions involving
both foreign and local companies. Industry officials reckon the effort should
generate up to $13 billion in investment over the next 10 years.
  The biggest push now underway in the "Gasification of the Nation" program
is the awarding of 11 licenses for the exploration and production of non-oil
associated gas in central-western Venezuela, a zone estimated to contain 6
trillion to 20 trillion cubic feet in reserves. Of 34 companies that have
qualified for the concessions, 26 are foreign.
  The government is also moving to open up offshore exploration and
production of free gas in the Paria and Plataforma Deltana regions in waters
bordering northeast Venezuela, where officials suspect 40 Tcf to 60 Tcf are
waiting to be discovered.
  Jose Pacheco, vice minister of energy, told Dow Jones Newswires that the
government wants to start the pre-qualification process sometime this year.
  Trinidad, he said, has been aggressively tapping reserves in the area, some
of which may extend into Venezuela territory. The government has been talking
with authorities from the island to reach some understanding for the
exploitation of the region, he said.
  Rafael Ramirez, president of Venezuela's gas regulator, said state-oil
company Petroleos de Venezuela SA (E.PVZ) has allocated $200 million for
exploration in the area. He noted that industry giants such as Royal
Dutch/Shell (RD), BG Group Plc's British Gas (BRG), Exxon Mobil Corp. (XOM),
Phillips Petroleum Co. (P), El Paso Corp. (EPG) and Enron Corp. (ENE) have
already expressed interest in the area.
  Pacheco, Ramirez and other industry officials are attending a conference on
gas and electricity.

   Fiscal Incentives To Attract Companies

  Venezuela, the world's third largest oil producer, has proven gas reserves
of 147 Tcf, the eighth largest worldwide. About 10% these reserves are
non-associated. It produces about six billion cubic feet a day, of which 70%
goes to various segments of the country's petroleum industry and 30% is
divided between electricity generation, petrochemicals production, the steel
and aluminum industries, the cement and manufacturing sectors and residential
consumption.
  Industry officials want to raise natural gas production to 9 Bcf/d to 10
cf/d by 2010.
  To meet that goal, Venezuela is enticing companies by exempting them from
the value-added tax, reducing the income tax for them to 34% from 64%, and
lowering it a further 8% in they make new investments. Royalties will be
assessed at 20%.
  Companies interested in participating in the expansion of the natural gas
pipeline network are excluded from royalties, Ramirez said. He noted that
official pricing calculations indicate the rate of internal return on
transmission and distribution of gas hovers around 15%, but could be higher
for more efficient companies.
  The latest transmission project underway would connect mainland Venezuela
and Margarita Island. The approximately 170-kilometer pipeline will cost $90
million. Bidding is slated to start in the weeks ahead and the project should
be completed by the end of 2003.
  Following Margarita, a natural gas pipeline connecting Valencia and
Paraguana is planned. The network should then expand to the offshore
platforms and ultimately link the populated cities across the northern coast
to production facilities both inland and offshore. Ultimately, the
transportation network should cover 6,300 kilometers and extend to Colombia
and Brazil. The network will cost an estimated $1.6 billion.
  To turn around what has heretofore been an unprofitable business,
authorities are planning on economies of scale and dividing the country in
four regions that will each include both industrial and residential consumers.
  Pricing of natural gas will rise according to the type of consumer, with
the lowest tariffs assessed for residential and commercial clients, and scale
upwards for petrochemical producers, the steel, electricity and manufacturing
industries and others.
  Jorge Depresbiteris, director general of Margarita electricity utility
Seneca, controlled by U.S. CMS Generation Co., said the substitution of
diesel by natural gas could be viable for the company's bottom line if it is
sold at $1.50/billion British thermal units or less. Beyond that, the
utility's profitability will be affected.
  Seneca, he added, is planning ahead for the conversion to natural gas
because it is clear the "gasification" policy is being implemented, "and
there's no turning back."
  Regulatory authorities assured that natural gas will be "adequately valued"
even as greater volumes come on stream, and will include adjustments for
devaluation in the country's currency and, if necessary, for inflation.
  Natural gas processing is yet another area in which newcomers are being
invited to participate.
  Overall, energy ministry officials figure that natural gas can currently
substitute 9 million barrels a day, or 100%, of fuel oil, and 72 million b/d,
or 56%, of the diesel that is consumed in the country, among other
carbon-based derivatives.
  Officials reckon that all the investment should create up to 10,000 direct
jobs and 52,000 indirect jobs in auxiliary industries.
  -By Charles Roth, Dow Jones Newswires; 58-14-235-8525;
charles.roth@dowjones.com

  (END) DOW JONES NEWS  04-27-01
  03:00 PM- - 03 00 PM EDT 04-27-01

Enron Offl Given Authority To End India Pwr Proj -Report
2001-04-27 10:19 (New York)

  BOMBAY (AP)--A top official of U.S. energy giant Enron Corp. (ENE) was
authorized to issue a termination notice to pull out of a controversial power
project in western India, the largest foreign investment in the country, a
newspaper reported Friday.
  The board of the Dabhol Power Company, the Indian subsidiary of Enron, met
in London on Wednesday and authorized the company's managing director to
issue a preliminary notice to terminate the project, billed as the world's
largest natural gas fired power plant, The Times of India reported.
  "The board has given powers to the management to issue the pre-termination
notice. But the meeting unanimously felt the need of the hour was not to
terminate the project but to initiate a re-negotiation process," Vinay
Bansal, chairman of the Maharashtra State Electricity Board, was quoted as
saying by the newspaper.
  In Bombay, Krishna Rao, a state electricity board officials, said Friday
that negotiations with the DPC would be the next step.
  "The government and DPC have to come together. The government has already
said a negotiation team is being appointed," Rao said.
  "The termination notice will have to wait until negotiations actually
begin," he said.
  Enron officials have refused comment.
  The notice is the first of three steps that could end in the abandonment of
the $3 billion project. A six-month reconciliation period would follow any
move by the Dabhol Power Company to issue the termination notice, Bansal said.
  Indian lenders, present at a meeting with foreign financial institutions in
London earlier this week, have said they favor renegotiation. The project has
been in trouble since December when the government of Maharashtra state,
where the Dabhol project is located, said the tariffs were exorbitant and
demanded a new price agreement.
  The state power utility said it could not pay Dabhol's monthly electricity
dues, which prompted the company to invoke a federal guarantee in February.
  This was the first time in India that a federal guarantee was invoked. As
part of the 1995 agreement between the company and the state government, the
federal government has to pay in case of a state default.
  But before the federal government stepped in, the state government paid $17
million in outstanding bills. Since then, the state power utility has
confirmed that all pending bills have been paid.
  However, a dispute over payment of $48 million for December and January
bills is pending.
  Several political parties had earlier demanded the project be scrapped,
since the costs had increased from 1.8 rupees (four cents) per unit agreed
six years ago for electricity generated by the 740-megawatt naphtha plant, to
7 rupees (15 cents).
  Enron has maintained that work will be completed by year-end on the 1,444
megawatt liquified natural gas plant.
  Houston, Texas-based Enron has a 65% stake in Dabhol Power, and is the
project's largest shareholder. Other shareholders include the Maharashtra
State Electricity Board with 15% and General Electric Co. and Bechtel
Enterprises with 10% each.

  (END) DOW JONES NEWS  04-27-01
  10:19 AM- - 10 19 AM EDT 04-27-01

O'BRIEN AND BAUMAN'S HOT STOCKS: YHOO ENE SFA YUM
2001-04-27 12:30 (New York)

  As they do every Friday, Dow Jones Newswires reporters Bob O'Brien and
Larry Bauman are scheduled to hand out their stock plays of the week, shortly
on CNBC-TV:

Company              Company News

Yahoo                'Let The Sun Shine In'
 (YHOO)              award.

   -  -
Enron                'I'd Like To Thank The
 (ENE)               Academy' award.

   -  -
Scientific-Atlanta   'If C-Span Merged With
 (SFA)               Home Shopping ...' award.

   -  -
Tricon Global        'A Fat Guy In A Speedo'
 (YUM)               award.

  (END) DOW JONES NEWS  04-27-01
  12:30 PM- - 12 30 PM EDT 04-27-01


ANDY, I FORGOT THAT I HAD A DOCTOR'S APPOINTMENT TODAY AT 5, SORRY I DID NOT TELL YOU ABOUT SOONER.
SEE YOU TOMORROW

Justin Rostant
Enron Financial Trading Desk.
Phone: 713-853-6460
Mobile: 832-264-6333
Fax: 713-646-3239


Hi Kate,

Thanks for setting up the telephone informal discussion with Sharad so that I
can make him more comfortable with what's on offer - I really think it will
make the difference.  As you mentioned, the agency fee goes up from 25% to
30% at 50,000, hence the offer of 49,000.  I guess, as you mentioned, we can
keep in reserve the possibility of an element of sign on bonus to get him
over the decision hump.

Regards & Thanks,

Anjam


Brent,
I would like this to become formal policy within EGM as well. I know that it
exists and is around but no one is familiar with this or exactly how it
works.   We have made strides with credibility with RAC regarding coal and we
are doing a better job of seeing deals in general but I would like to put out
a policy like this for us.  Please take a look at this and draft a memo that
can be sent out addressing the approval procedures and the guidelines and
limits around them.
Thanks,
mike

To: Merritt Thomas/LON/ECT@ECT
cc: Brent A Price/HOU/ECT@ECT (bcc: Mike McConnell/HOU/ECT)
Subject: Re: CACS

Yes, there is a formalized process.  After Credit and Legal, and in most
cases RAC, look at transactions, a VP or higher will sign the Dash.  For Doug
to sign the Bahamas option contract, I need to know the premium.  Please
contact Brent Price for our DASH.  (Deal approval sheet)

Jeff

   Merritt Thomas                10/23/2000 04:51 PM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: CACS

Jeff,

I'm sorry to bother you with this, but I can't seem to get a straight answer
from anyone - when one is signing a contract around here, is there a form you
fill out for approval?  In London, everyone fills out a CACS form (Contract A
uthorisation Control Sheet), and if the deal is > $0.5m, then a DASH is
required as well.  Brad seems to think that if a DASH is not required, then
the business unit head signs off on the expenditure?  Is there a formalised
global-markets process for this, or is this a product-by-product thing?  (in
which case, I'll assume LNG has no process, and I'll direct Eric to implement
one...)  (Doug Arnell needs to purchase his option for the Bahamas land
thing, thus the reason for the question).

fyi, attached is European CACS form.

Thanks,
Merritt


I just asked Phil -

He said that Mexican has not found the supply yet.  He told me that they are having problems finding the suppy, but he did not give me details.  Both Stephanie and Phil are talking with Mexican and they know the specifics from Mexican.

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Tuesday, November 27, 2001 12:28 PM
To:	Groenewold, Shannon; Smith, Matt; Tholt, Jane M.; Sullivan, Patti; Gay, Randall L.
Subject:	RE:

Has Phil found the supply for Mexicana?

 -----Original Message-----
From: 	Groenewold, Shannon
Sent:	Tuesday, November 20, 2001 5:16 PM
To:	Grigsby, Mike; Smith, Matt; Tholt, Jane M.; Sullivan, Patti; Gay, Randall L.
Subject:

I have stranded all the transport to the border out of Keystone for the month of December.

The transport volumes that have been taken out are as follows:

	22,836 - Keystone  -->  Socal Ehrenburg

	11,418 - Keystone  -->  Socal Ehrenburg (this is the mexican de cobra deal).  Previously Mexican de Cobra was buying the gas from Texaco.  Starting in 					December, Mexican will have to find another supply for this gas.  They will no longer buy from Texaco.  Phil Polsky is talking with 					Mexican, and a deal will be entered into Sitara, once Mexican has found a supply.  So as of now, the 11,828 supply coming into Keystone 				for this deal is not in the system.

	3975 - Keystone  -->  Socal Topock


Mr. Haedicke:

Please let me apologize in advance for not providing this response earlier
based on discussions with your assistant Ms. Elbertson.  I was trying to
clarify needs for the Institute with other planning committee members, and
then was involved in an unfortunate accident which has had be out of the
office for a major portion of the last 2 weeks.

As previously discussed through your assistant, we would be interested in
your participation as a panelist in a discussion to take place as part of
the Power Institute to take place on June 7 and 8, 2001 at South Texas
College of Law (downtown Houston).  The segment I would like to solicit your
participation in is entitled "E-Commerce in the New Energy World" at 1:00 PM
- 1:45 PM which was originally structured as a "speech", but the planners
would like to restructure as a round-table discussion including legal
representatives from Pantellos (confirmed), the newly-defunct Petrocosm and
yourself (Enron On-line).  The panel would be moderated with some "canned
questions" that we'd give you ahead of time, and some time for questions and
answers from the audience.  There would be little preparation other than
sharing your experiences.  I've faxed the brochure to 713-646-2600 for your
review.

If you are unavailable, we would welcome one of your attorneys from your
staff.  It's a great opportunity to "sell" Enron On-Line to a captive
audience of industry participants.

Please let me know at your earliest convenience.

Thanks,

Bret

Bret L. Strong
Winstead Sechrest & Minick
The Woodlands, TX 77381
281-367-2222


Second try, this time with the attachement

-----Original Message-----
From: Donohoo, Ken
Sent: Friday, May 18, 2001 4:47 PM
To: 1 CSC Working Group; 1 WMS and others(Wholesale Market Sub.); 1 2001
TAC and others
Cc: 1 MockMarket
Subject: CSC MRS Presentation

Attached to this email is a presentation made at yesterday MRS meeting.? The
last slide indicates calculated TTC limits between zones for the on peak
summer base case.? Have a great weekend.

?
Kenneth A. Donohoo, PE
Manager of System Planning, Technical Operations
ERCOT
2705 West Lake Dr.
Taylor, TX 76574-2136
(512)248-3003, FAX(512)248-3082

?
 - KenDCSCMRS7.ppt


Luchas,

We didn't run any reports daily for anyone.  There is the DPR that needs to be updated and sent to Showna twice a week that Thomas is doing, Bankruptcy books calculated and post-id's sent to credit daily, and broker quotes need to be saved daily.

Other than that, we were doing mini-books or other requests as they came.

 -----Original Message-----
From: 	Johnson, Luchas
Sent:	Wednesday, February 06, 2002 8:24 AM
To:	Keiser, Kam
Subject:	Reports
Importance:	High

Kam,

I need your help on something.   I am trying to compile a listing of all reports that were being run by the Risk leads and Specialist on a daily basis for the estate.  If you could please give me a general idea of the daily reports that you know of, I would greatly appreciate it.  I am doing this to ensure that we don't skip  or miss anything that was being done on a day to day basis for the estate.  I will take what info you give me and forward it on to Greg Couch so that he will be aware of all reports that needs to be ran daily.

Thanks
Luchas


Give me a call when you get the chance to look at this and I'll update you on
the discussion we had yesterday on automating the request for service
process.  Shelley, Tony and myself got comfortable that with a few changes to
the verbiage a customer sees before he clicks on a parcel of capacity, and
with a couple of minor limitations on the capacity we sell (i.e., no Subpart
B-restricted 311 capacity parcels) Northern will be able to treat a
customer's click on a parcel of capacity as submission of a request for
service.
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 08/16/2000
08:15 AM ---------------------------

08/15/2000 06:42 PM
Tony Pryor
Tony Pryor
Tony Pryor
08/15/2000 06:42 PM
08/15/2000 06:42 PM
To: Drew Fossum/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Frazier King/FGT/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Teb
Lokey/FGT/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON
cc:

Subject: EOL Transactions

Attached is a revised draft of the text appearing with the long product
description on EOL, as discussed today. The purpose of the additional
paragraph is to eliminate the need for a separate submission of a request for
service. Please give me your feedback/comments.


-----Original Message-----
From: Caceres, Maria
Sent: Wednesday, October 17, 2001 2:19 PM
To: VP Regulatory Relations Organization
Subject: FW: Officer Announcement

Here's another announcement that was circulated at Corp, which tells you a
little bit more about Dede's new assignment.

-----Original Message-----
From: Guerrero, Lindy
Sent: Wednesday, October 17, 2001 11:47 AM
To: PGE CEO Utility Exec Secretaries
Subject: FW: Officer Announcement

-----Original Message-----
From: Richard, Daniel D., JR [mailto:Daniel.richard@pge-corp.com]
Sent: Wednesday, October 17, 2001 11:40 AM
To: Officers in Pacific Gas and Electric Company; Officers of PG&E
Corporation
Cc: Exec Sec for Corporation Officers
Subject: Officer Announcement

PG&E CORPORATION OFFICERS
PACIFIC GAS AND ELECTRIC COMPANY OFFICERS

Today, the PG&E Corporation Board of Directors elected Dede Hapner,
currently Vice President -Regulatory Relations of Pacific Gas and Electric
Company, as Vice President - Special Projects, for PG&E Corporation,
effectively immediately.  Dede will report to Steve Kline and will be
located in the PG&E Corporation Washington D.C. office.  Karen Tomcala,
currently Director, Federal Governmental and Regulatory Relations of PG&E
Corporation, was elected today by the Pacific Gas and Electric Company Board
to replace Dede.

Please welcome Dede to her new assignment.

DAN RICHARD


Hi Sally -

Taking care of Philippe's emails while he's out.  Are there one or two floors
that are occupied fully by your groups?  Please tell me the floors (probably
two) where you would like the meetings and I will call Patti to coordinate
your availability to attend.  I'll then send an email to your people
notifying them of such.

Thanks,

Peggy

 -----Original Message-----
From:  Beck, Sally
Sent: Monday, April 09, 2001 11:54 AM
To: Philippe A Bibi/HOU/ECT@ENRON; Piper, Greg
Subject: Suggestions for Floor Meeting Locations

The floors chosen for these meetings appear to be geared to the IT teams.
Between my operations teams dedicated to EA, EGM and EIM, I have roughly 500
employees in the Enron building.  Do you want all of them to choose one of
the floors noted in your e-mail message, or would it be better to schedule
one or two floor meetings in locations that more easily incorporate this
segment of Net Works?  I have noted below the approximate number of employees
per floor (including only those floors with a significant number of
operations employees):

  29th Floor (trading) 67 employees  EGM risk, vol. mgmt., confirms,
settlements and EIM risk

  30th Floor (trading) 35 employees  EGM risk, confirms, settlements (various
products)

  31st Floor (trading) 52  employees  Power risk, confirms, vol. mgnt.,
settlements and DPR           and MPR teams

  32nd Floor (trading) 117 employees  Gas risk, logistics (all regions),
operational analysis

  37th Floor   148 employees  Gas vol. mgmt., settlements, and global
services
Also, given the fact that operations is a relative "newcomer" to Enron
Networks and yet represents a large number of employees in the group, I would
be happy to work with you on remarks for all of the floor meetings to make it
easier for you to be fully inclusive in these sessions.   --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 04/09/2001 10:30 AM
---------------------------
   Office of the Chairman - Enron Net Works LLC

From: Office of the Chairman - Enron Net Works LLC@ENRON on 04/09/2001 10:13
AM
Sent by: Enron Announcements@ENRON
To: ENW-Employees_Houston
cc:
Subject: Net Works Floor Meetings - DATES AND LOCATIONS HAVE CHANGED PLEASE
READ

We will be holding floor meetings on the following dates.  Please join us for
a general overview and Q&A session on one of the following floors:

Tuesday, 4/17/01 - 2:00 - 3:00 p.m.  Location:  In front of EB2711

Wednesday, 4/25/01 - 2:00 - 3:00 p.m. Location:  In front of EB2265

Thursday, 4/26/01 - 2:00 - 3:00 p.m.  Location:  In front of EB2556

Philippe & Greg

Please disregard the email sent on 4/6/01.  We apologize for any
inconvenience.


Please set up the following CES Equitrans, LP contracts with ENA as agent.

Contract 238
Frimness IT
Service  Transportation
Rate Sched ITS
Term  1/1/2000 - 1/31/2000 evergreen

Contract 270
Firmness Firm
Service Type Transportation
Rate Sched FTS   <=== new service see tariff page 25
Term  1/1/2000 - 1/31/2000 evergreen.

thanks


FYI.  Many similar stories in the major papers today.
Best,
Jeff
Figures show state lost big on extra power
Posted at 9:53 p.m. PDT Monday, July 23, 2001
BY JOHN WOOLFOLK
Mercury News
State figures show California may have lost about $14 million this month
selling surplus electricity for less than it cost.
The Mercury News disclosed last week that some power was being sold at a
loss. But the new figures provide the first indication of just how much
excess power the state bought in its desperate effort to avoid blackouts --
and how cheaply some of that power was sold when it turned out not to be
needed.
A Republican lawmaker said Monday the loss also shows Democratic Gov. Gray
Davis' energy policies are needlessly costing consumers.
``This whole thing is a mess,'' said Assemblyman John Campbell, R-Irvine, who
requested details of the state's surplus power sales. ``The government needs
to get out of the power business before it costs Californians even more
money.''
A state spokesman didn't dispute the $14 million figure outright but said it
is an approximation based on average prices and that the actual loss probably
is less.
``It's a number I'm sure he likes very much, but it's definitely an estimated
number, and it could be far lower,'' said Oscar Hidalgo, spokesman for the
state Department of Water Resources.
Campbell responded that the loss also could be higher.
The state has spent $415 million on power so far this month.
State officials last week confirmed that cool weather and consumer
conservation have left California holding more power than it needs. The
revelation was a stunning turnaround for a state that months ago was paying
top dollar for power, expecting shortages this summer.
Price that was paid
The state bought 3.5 million megawatt-hours of electricity for July at an
average price of $118 per megawatt-hour, according to a response Friday by
the Department of Water Resources to Campbell's inquiry. The state has sold
178,000 surplus megawatt-hours in July at an average price of $37, the
department said.
Based on those average prices, the state paid $21 million for the surplus
power, which it sold for $6.5 million -- $14.5 million less than it cost.
A more precise calculation of the state's loss is difficult because purchased
power is acquired at different times and prices and pooled as a
``portfolio.''
Purchases included long-term contracts that averaged $138 per megawatt-hour
as well as cheaper spot-market buys.
State officials last week said they were selling surplus at $15 to $30 a
megawatt-hour, while some traders cited unconfirmed sales as low as $1.
Hidalgo noted that the surplus sales represent just 5 percent of California's
July purchases, which totaled $415 million. The $6.5 million from sales will
help lower the state's power bill, he said, adding that utilities routinely
sell some extra electricity.
``Despite the fact that we're in somewhat of a surplus, any power-buying
operation in the world is going to have to plan for these types of
situations,'' Hidalgo said. ``It's not unique, and in fact it's normal
operating procedure for any utility.''
Other Western utilities, including Portland General Electric in Oregon, have
said they, too, are selling some surplus power at a loss and describe it as a
cost of doing business.
The suppliers buying the state's surplus electricity on the cheap include the
big out-of-state energy companies that the governor has called price-gouging
``snakes.'' Among them are Duke Energy, Dynegy Power and Marketing, El Paso
Power Services, Mirant, Reliant Energy and Williams Energy.
`Best bid' taken
Hidalgo said the state took the best offers it could find.
``It's only reasonable to get the best bid you can,'' he said.
Campbell said the $14 million loss is troubling because ratepayers or
taxpayers will have to cover the cost, whereas a private utility could be
forced to eat the expense if regulators determined it was unreasonable.
State officials say what's more important is that the overall cost of power
is dropping, from an average daily tab of $64 million in May to $25 million
this month, in part because the state has so much power.
Contact John Woolfolk at jwoolfolk@sjmercury.com
<mailto:jwoolfolk@sjmercury.com> or (408) 278-3410.


Vance,

The following deals have been created and entered in Sitara.

Bob

Vance L Taylor
06/27/2000 11:24 AM
To: Robert Cotten/HOU/ECT@ECT
cc: Lisa Hesse/HOU/ECT@ECT, Heidi Withers/HOU/ECT@ECT, Hillary
Mack/Corp/Enron@Enron, Susan Smith/HOU/ECT@ECT, Melissa Graves/HOU/ECT@ECT
Subject: July Spot Tickets

Bob,

HPLC will be purchasing wellhead gas from the producers listed below for the
production month of July.  This production will be purchased on a "spot"
basis and deal tickets should be created and entered into sitara based on the
following information:

Counterparty    Meter   Volume   Price    Sitara #

Whiting Petroleum Corp   6523   200mmbtu/d   91% IF/HSC   314390
Engage Energy US, LP   5923   657mmbtu/d   100% IF/HSC less $0.24  314399
Engage Energy US, LP   5848   117mmbtu/d   100% IF/HSC less $0.24  314408
Swift Energy    2630   21mmbtu/d     90% IF/HSC less $0.258 314414

Additionally, this are Producer Svcs. deals and should be tracked in the IM
Wellhead portfolio... attached to the gathering contract.

Thanks,

vlt
x3-6353


Please reply by return email if you want to play doubles on Thursday, August 23rd at 6:00 a.m. at the Met.  Let me know if you prefer to play with Group A, Group B or have no preference.

Timothy J. Detmering
713/853-6973 Phone
713/853-9917 Fax
timothy.j.detmering@enron.com

<Embedded Picture (Metafile)>


----- Forwarded by Sara Shackleton/HOU/ECT on 05/23/2000 10:20 AM -----

	David P Dupre
	05/23/2000 09:35 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT
		 cc:
		 Subject: Information request-updated

I received a call from Bob Klein indicating that this information would be
utilized for your meeting.

We currently trade the following commodities on the Nymex, CME, and other
International exchanges, such as the
LIFFE (Europe) and SFE (Australia):

Interest Rate

5, 10, 30 year bonds (CBOT)    Carr, Prudential
Bankers Acceptances (Toronto Stock Exchange-TSE) HSBC
Bund (Eurexchange)     Carr
Eurodollar (CME)     Carr, HSBC, Prudential
Euro (3 month Treas bill) (LIFFE)     Carr
Gilt (LIFFE)      Carr
S&P 500 (CME)      Carr, Prudential
Nasdaq (CME)      Carr, Prudential
SP60 (Canadian S&P Futures) (TSE)   HSBC
Australian stock index (SFE) (Sydney Futures Exchange) Prudential
90 Day Sterling Libor (LIFFE)    Carr, HSBC

Emerging Products

Lumber (CME)      Carr, Saul Stone
Weather (CME)      Man
Pulp (London Options and Futures exchange-OMLX) Man

Liquids

Brent Crude (International Petroleum Exchange-IPE) Paribas, Man
Crude Oil (Nymex)     Paribas, Bear, Man, ADM, Smith Barney, Prudential, ABN
AMRO
Heating Oil (Nymex)     Smith Barney, Prudential, ABN AMRO
Unleaded Gas (Nymex)     Smith Barney, Prudential, ABN AMRO
Natural Gas (Nymex)     Paribas, Bear, Man, Sakura, Carr, ADM
Propane (Nymex)     Paribas

Electricity (all Nymex)

PJM    Smith Barney
Palo Verde   Man
COB    Man
Cinergy    Smith Barney


Pam,
The students resent the documents.
The group members:
Rakhi Israni
Felix Feng Lu
Winny So
OrlandoTaylor
Sanjay Wankhade
Ning Zhang
Grade: A
Separately, I think I have sent you already:
Jeffrey Planck
Grade: A
Please, confirm this message.
Vince Kaminski


516626
Sell BP
25 mw
175.00/on peak
q4-01

516627
sell williams
25 mw
175.00/on peak
q4-01

And the last deal is in, according to Tom and Mike Swerzbin - Tom entered it,
but it's in Mike's book. Let me know if it's still not in there.

Kate

Evelyn Metoyer@ENRON
02/07/2001 02:57 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 2/7 Checkout

I know you guys are still entering trades but for the record I am missing the
following:

Mike Swerzbin:
Enron sells to BP Amoco 25 mw of Q4'01 Palo Verde at $175 peak hrs. ---Amerex
is broker
Enron sells to Williams 25 mw of Q4'01 Palo Verde at $175 peak hrs,---Amerex
is broker

Tom Alonso:
Enron sells to Merrill 25 mw of March PV at $215  peak hrs,----Bloomberg is
broker

Thanks!!


Are the attached Deemed ISDA's ready to go in order to send confirms out?  If
so, should the confirms group use the attachments from Carol's email on the
17th or from her email on the 18th?

Thank you:

Derek
---------------------- Forwarded by Derek Bailey/Corp/Enron on 04/20/2001
01:17 PM ---------------------------

Mog Heu
04/20/2001 01:12 PM
To: Derek Bailey/Corp/Enron@ENRON
cc:

Subject: AIG Confirms

---------------------- Forwarded by Mog Heu/NA/Enron on 04/20/2001 01:04 PM
---------------------------

Caroline Abramo
04/18/2001 12:59 PM
To: Mog Heu/NA/Enron@Enron
cc:

Subject: Confirms

---------------------- Forwarded by Caroline Abramo/Corp/Enron on 04/18/2001
01:59 PM ---------------------------
   Carol St Clair @ ECT                04/17/2001 04:46 PM

To: Caroline Abramo/Corp/Enron@Enron
cc: Paul Radous/Enron@EnronXGate, Brent Hendry/NA/Enron@Enron, Sara
Shackleton/HOU/ECT@ECT

Subject: Confirms

Enclosed are drafts of the 2 confirms.  Alos enclosed is a comparison of the
2 to show the differences.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
---------------------- Forwarded by Caroline Abramo/Corp/Enron on 04/18/2001
01:59 PM ---------------------------
   Carol St Clair @ ECT                04/17/2001 04:54 PM

To: cggarrod@cdp.bm
cc: Brent Hendry/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, Paul
Radous/Enron@EnronXGate, Caroline Abramo/Corp/Enron@Enron

Subject: Cash Collateral

Christopher:
We have done a trade with a Bermuda hedge fund and have negotiated collateral
provisions that may require them to post csah to us.  The agreement will be
governed by either Texas or New York law.  We need your advice on how to
perfect our interest in any cash posted to us that we would hold in an
account in the United States.  Could you please call either me or Sara
Shackelton (713)853-5620 if possible tomorrow or you can send me an e-mail if
that is easier.  I'm hoping that our possession of the cash is enough.  Sorry
for the short fuse on this.  If you need any additional information, please
contact me or Sara.  I will be unavailable from 9-11 and 2-3 tomorrow Houston
time.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
---------------------- Forwarded by Caroline Abramo/Corp/Enron on 04/18/2001
01:59 PM ---------------------------
   Carol St Clair @ ECT                04/18/2001 10:18 AM

To: "Chris Garrod" <CGGarrod@cdp.bm>@ENRON
cc: Caroline Abramo/Corp/Enron@Enron, Paul Radous/Enron@EnronXGate, Sara
Shackleton/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron

Subject: Re: Cash Collateral

Chris:
Thanks for your prompt response.  I think that we do need to register the
charge document which in this case would be the confirmation that will be
executed. Can you provide me with an estimate of the total cost?

Does everyone at Enron agree?

Caroline,
I will redraft the Bermuda confirm to change from LC's to cash and send to
you.  Please make sure that the counterparty is aware that we plan to
register/file the confirm in Bermuda.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	"Chris Garrod" <CGGarrod@cdp.bm>
	04/18/2001 09:50 AM

		 To: <Carol.St.Clair@enron.com>
		 cc: <Brent.Hendry@enron.com>, <Caroline.Abramo@enron.com>,
<Paul.Radous@enron.com>, <Sara.Shackleton@enron.com>
		 Subject: Re: Cash Collateral

Dear Carol

Under Bermuda law, there is no real concept of "perfecting" security since it
is not necessary to ensure the enforceability in Bermuda that a charge be
registered in Bermuda.  However, although it is not necessary for a security
interest to be registered in order for it to be valid, the charge document
itself can be registered in Bermuda in the Register of Charges in accordance
with Section 55 of the Companies Act 1981 in order to ensure the priority in
Bermuda of the charge.  On registration, any charge evidenced in the charging
document will have priority over any unregistered competing charge or any
subsequently registered competing charge in respect of the assets which are
the subject of the charge (i.e. the cash).

If the agreement will be governed by either Texas or New York law, it will be
a matter of the laws of either Texas or New York as to the actual nature of
the security interest which is created by the charge.

If you would like us to effect the registration of the charge, we would need
an original (or a certified true copy) of the executed document which creates
the security interest.  There is no time limit on such registration.
However, please note that, in addition to our professional fees, there is a
filing fee of $446 which is payable in respect of the registration.

I trust that the above is of some assistance.  If you have any questions
please do not hesitate to contact me.

Kind regards.

Chris Garrod

Christopher Garrod
Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton HM 11, Bermuda
Direct dial  441 299 4923
Fax:  441 292 4720
email  cggarrod@cdp.bm

>>> <Carol.St.Clair@enron.com> 04/17/01 06:54PM >>>
Christopher:
We have done a trade with a Bermuda hedge fund and have negotiated
collateral provisions that may require them to post csah to us.  The
agreement will be governed by either Texas or New York law.  We need your
advice on how to perfect our interest in any cash posted to us that we
would hold in an account in the United States.  Could you please call
either me or Sara Shackelton (713)853-5620 if possible tomorrow or you can
send me an e-mail if that is easier.  I'm hoping that our possession of the
cash is enough.  Sorry for the short fuse on this.  If you need any
additional information, please contact me or Sara.  I will be unavailable
from 9-11 and 2-3 tomorrow Houston time.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

---------------------- Forwarded by Caroline Abramo/Corp/Enron on 04/18/2001
01:59 PM ---------------------------
   Carol St Clair @ ECT                04/18/2001 10:37 AM

To: Caroline Abramo/Corp/Enron@Enron
cc: Paul Radous/Enron@EnronXGate, Sara Shackleton/HOU/ECT@ECT, Brent
Hendry/NA/Enron@Enron, "Chris Garrod" <CGGarrod@cdp.bm>

Subject: Revised Confirm

Enclosed are clean and marked versions of the Bermuda confirm.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


pls delete Dorothy's name from the Form 3 and replace it with mine and put in
the dates from 1-1-99--12-31-99.  Please print me about 15 of each blank form
.  Thanks.   DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 12/16/99 08:13
AM ---------------------------

Dorothy McCoppin
12/15/99 04:53 PM
To: Drew Fossum/ET&S/Enron@ENRON, Louis Soldano/ET&S/Enron@ENRON
cc: Michael Moran/ET&S/Enron@ENRON

Subject: GPG Performance Reviews

Here are the forms that I have "unlocked" so they can be re-formatted,
re-configured.  Form 3 is for client feedback.  Form 4 is the summary of your
review (to which I added a "VP, Manager" section).   For your use in doing
reviews.  Merry Christmas!!!  See you in the next millineum!

--Dot


i am a big shooter.


We do look pretty bad.  As long as we win that game at the end of
November...I will be happy.  How was the trip to NYC?  I bet you guys had a
blast.
PL


Hi Vince, Scott Pleus (listed below in the director promotion section) is
bandwidth-trading backoffice person we,ve been working with.  I have known
Scott from EBS since he and I started around the same time. In fact, I was
one of the first people to talk to Sally Beck about booking some of our
network positions*at which time I met Scott.   I know we have discussed this
matter many times before, but this is a specific example of how people at all
functional areas are benefiting from EBS' rapid 'growth.'  Scott has been at
Enron for about the same time I have been. He came from another energy
company's backoffice before that.

As for my specific situation, after our discussion yesterday, I understand
clearly what happened. It appears bad luck had a lot to do with it!!!

Thanks for looking into the promotion in the first place and I am certain
that you'll push the promotion through at the earliest convenience of the HR
folks!

Kind Regards,

Ravi.

----- Forwarded by Ravi Thuraisingham/Enron Communications on 02/08/00 09:22
AM -----

	Sally Beck@ENRON
	Sent by: Enron Announcements@ENRON
	02/07/00 07:01 AM

		 To: All ENA Domestic Employees
		 cc:
		 Subject: Energy Operations Promotions

	ENA Energy Operations

	Sally Beck     Vice President of Energy Operations

I am pleased to announce the following promotions effective February 1 within
ENA Energy Operations.  These individuals have been promoted in recognition
of their outstanding performance and their contributions to the continuing
success of Enron North America. Please join me in congratulating these
employees on their promotions.

Promotions to Senior Director

Kristin Albrecht serves as Business Controller for ENA,s power business.
Along with Leslie Reeves, Kristin ensures that power transactions are handled
accurately and smoothly from beginning to end.  Kristin,s primary focus is on
risk controls and daily reporting of positions and p&l for East Power
trading, West Power trading and Genco operations.

Brenda Herod serves as Business Controller for ENA,s assets business, working
with the Gas Assets group and the Texas trading desk.  Her responsibilities
include global contracts and facilities, risk management, confirmations, gas
scheduling, volume management, settlements and regulatory compliance for
Houston Pipeline, LRC and Enron Midstream Services.

Leslie Reeves is a Business Controller for ENA,s power business, working
closely with Kristin Albrecht in managing mid and back office support for the
East, West and Genco power trading groups.  Her primary responsibilities are
documentation and settlements, with a focus on contract administration, cash
forecasting and cash management.

Mary Solmonson leads ENA,s Global Database Management Group, collecting and
validating information on our customers, contracts, pipelines and facilities,
as well as published prices.  These activities support overall Energy
Operations responsibilities from Risk to Logistics to Settlement.  In
addition, Mary has been instrumental in the promotion and implementation of
the Global systems across Enron to provide control, consistency, and common
data throughout the organization.

Promotions to Director

Scott Pleus serves as Business Controller for Enron,s Emerging Products.
These businesses include Bandwidth, Pulp and Paper, and Weather.  His primary
responsibilities include day-to-day functions of risk management,
confirmations, pulp and paper scheduling, and settlements as well as long
term system development.

Sheri Thomas led ENA,s natural gas off-system settlements function throughout
1999. Her responsibilities included cash forecasting, collections, and
accountability for receivables and payables for ENA,s gas business in the
East, West and Central regions of the US.  Sheri accepted a new assignment in
January 2000 and is now managing the Enron Online operations.

Promotions to Manager

Bennett Kaufman manages the risk management administration function for the
Equity Trading and Debt Trading groups.  He has also had experience in
supporting the options book for natural gas derivatives trading.  Prior to
joining Enron in early 1998, Bennett worked in trading operations for
investment banking firms in New York.

Richard McKeel is the Systems Integration Analyst within Global Database
Management, overseeing the change management process and new software
development needed to interface the Global applications with strategic
systems ) Sitara, Unify, EnPower, Solarc, SAP, and EnronOnline.

Other Promotions

Specialist to Senior Specialist:    Analyst to Specialist:

Sylvia Campos ) Deal Compliance Contract Records  Tara Eslick ) Financial
Trading Risk Management
Kam Keiser ) Gas Risk Management- Central Desk   Victoria Versen ) Gas
Logistics - East Desk
Phillip Love ) Risk Controls Operational Analysis
Jeff Coats ) Gas Risk Management - Central Desk
Monica Lande ) West Power Risk Management (Portland) Senior Clerk to Staff:
Trang Le )  Strategic Operations ) Project Unify
John Postlewaite ) East Power Risk Management  Anthony Campos ) Deal
Compliance Contract Records
Diane Seib ) Documentation (Calgary)     Kori Loibl ) Gas Risk Management -
Financial Books
Donnie Vinson ) West Power Risk Management (Portland)
Imelda Frayre ) Strategic Operations - Project Sitara
        Clerk to Senior Clerk:
Staff to Specialist:
        Leslie Smith ) Information & Records Management
Amy Degeyter ) Power Documentation    Melinda Whalen ) Documentation (Calgary)
Michael Nguyen ) Emerging Products Risk Management
Sherlyn Schumack ) Logistics Volume Management
Karie Hastings ) Strategic Operations - Project Sitara

In addition, Peggy Hedstrom and Brent Price were promoted to Vice President,
as announced in the memo issued by Enron Corp. Office of the Chairman.  Peggy
leads Energy Operations for Enron Canada, with responsibility for risk
management, documentation and gas logistics.  Peggy also serves as a key
interface with Canadian pipelines as a member of several industry
committees.  Brent is the Senior Business Controller for Gas Trading
Operations in the U.S.  His responsibilities include risk management,
confirmations, volume management and settlements for the East, West and
Central regions.  He also provides operational expertise in the due diligence
phase of the evaluations of joint ventures and acquisitions.


I had Mexican food for lunch, so LITE dinner for me.  I had lunch with Oz and
Heather.  Oz drove us in his new MB convertible.  Really nice.  It is a 430,
silver.

How's your day?


I spoke with Jim Danielson at MWD regarding this cut on 11/26. We did not deliver the 25 mws to MWD. Jim at MWD requested that we "book out" the cut with him at the contract price of the 25 mws. I entered a deal to buy 25 mws from MWD at the contract price ($113.00) deal #882054, and a deal to sell to Calpine to capture LD's ($113.00) deal #882064. I attempted to enter this in the cuts database but got several errors and do not have confidence that this occurred. Please let me know if you have any questions.
Bill

 -----Original Message-----
From: 	Meyers, Albert
Sent:	Sunday, November 25, 2001 5:33 AM
To:	DL-Portland Volume Mgmt; Symes, Kate; Williams III, Bill
Subject:	real time cut 11/25/01 tag 38616

TO WHOM IT MAY CONCERN:

Tag number 38616 was cut for he 06 on sunday.  The schedule was 25mw to the ciso @ mead sinking with MWD.  Calpine couldn't supply the energy so the schedule was cut to zero.  I made every attempt to resupply the power from NEVP, which was willing to sell me the power for $16.00, but Dawn @ the CISO would not let me resupply the schedule.  I thought this to be sort of wierd considering even WAPA was on board.  Please see me with any question.

Bert Meyers


AGA for 2/16/01 is -81

Website information:
http://gasfundy.corp.enron.com/gas/framework/default.asp
Drop down Box to "Storage"
In-house Analysis
My files are the last three files.

When the dialog box asks to upadate links click "NO".


Dear PIRA Client:

The following Current News & Analysis articles have been published on
PIRA's website:

1) Will Russia Join In Non-OPEC Cooperation?
2) FSU Seaborne Exports
3) November Weather: Europe/Japan Cold, US Mild

Please go to http://www.pira.com

These articles can be found in the client section of PIRA's website. For
account information or to gain access please contact Dyana Rothman at
drothman@pira.com

Best regards,

PIRA Energy Group