Karen,

Let me know if you need any additional information to set up my EOL ID.  Thanks.

Mat

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Wednesday, November 07, 2001 2:54 PM
To:	Sever, Stephanie
Cc:	Smith, Matt
Subject:	new EOL id

Can you please set up an EOL id for Matt Smith.  His book names are ENA-FT-WC-SOCAL in tagg and ENA-IM-WC-SOCAL in sitara.

Please forward to Matt and myself once that is ready.

Thanks

Kam
x3-5781


Hello, we have a fully executed termination letter for deal # 508797.01.
Holli Krebs is aware that this BPA deal was going to be terminated.  Are you
all going to kill this deal?

Thanks,
Melissa


Let me know when you would like to discuss.


Judy Hernandez@ECT
12/12/2000 11:44 AM
To: suhernan@llgm.com, Diane Salcido/Corp/Enron@Enron,
Jennifer.cutaia@enron.com, dora_thurmond@uniteddc.com, Eve
Puckett/Corp/Enron@ENRON, Leslie Smith/HOU/ECT@ECT, Angela
Gill/NA/Enron@Enron, Regina Blackshear/Corp/Enron@ENRON, Julissa
Marron/Corp/Enron@ENRON, Amber Ebow/HOU/ECT@ECT, Maria Sandoval/HOU/ECT@ECT,
Crystal Reyna/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Brenna
Neves/NA/Enron@ENRON, Sandra R McNichols/HOU/ECT@ECT
cc:

Subject: Could it be we're not paying attention?

---------------------- Forwarded by Judy Hernandez/HOU/ECT on 12/12/2000
11:40 AM ---------------------------

Darlene C Forsyth
12/12/2000 10:07 AM
To: Darlene C Forsyth/HOU/ECT@ECT
cc:  (bcc: Judy Hernandez/HOU/ECT)
Subject: Could it be we're not paying attention?

The man whispered, "God speak to me" and a meadowlark sang. But the man
did not hear.

So the man yelled "God speak to me" And the thunder rolled across the sky.
But the man did not listen.

The man looked around and said, "God let me see you." And a star shined
brightly, but the man did not notice.

And the man shouted, "God show me a miracle" And a life was born.  But
the man did not know.

So the man cried out in despair, "Touch me God, and let me know you are
here" Whereupon, God reached down and touched the man. But the man brushed
the butterfly away and walked on.

Don't miss out on a blessing because it isn't packaged the way that you
expect.  So many times we see miracles and do not recognize them for what
they are.

My instructions were to send this to four or more people that I wanted God
to bless and I picked you. Please pass this to people you want to be
blessed.


Matt,

Thanks for the info.  Do you happen to have the data split out between
physical and financial trades?

Thanks,

Eric
x3-0977

From:  Matt Motsinger
    10/25/2000 04:16 PM

To: Eric Bass/HOU/ECT@ECT
cc: Torrey Moorer/HOU/ECT@ECT, Jennifer deBoisblanc Denny/HOU/ECT@ECT, Peter
Berzins/NA/Enron@Enron
Subject: Texas Region

Eric,

The following is a the breakout for the Texas region (Transactions and
Notional Volume). The breakout is based on deal location and/or Pub code. You
should also note that the database from which this information is derived is
based on a "Snapshot" methodology. Each day it queries relevant databases for
EOL and Non-EOL deals for the prior day and stores them. It does not requery
the databases for previous days, it therefore will not reflect killed,
restructured, renegotiated, or originated trades which are booked on a
post-dated basis.

If you have any further requests please contact Torrey Moorer or myself.

Matt
EnronOnline


Sue Nord, Sr. Director
Government Affairs
713 345-4196

----- Forwarded by Sue Nord/NA/Enron on 05/24/2001 04:53 PM -----

	Scott Bolton@ENRON COMMUNICATIONS
	05/23/2001 08:47 PM

		 To: Sue Nord/NA/Enron@Enron
		 cc: Stephen D Burns/Corp/Enron@Enron
		 Subject: Summary of Evil RBOC Campaign

Sue, per our discussion earlier, I wanted to outline the latest on
Tauzin/Dingell and the UNE proceeding at the FCC.  Over the past 2 days,
Steve and I met with the staff of Sen. Wyden, Sen. Cantwell, Rep. Largent,
Rep. Markey, and with Rep. Boucher.  Additionally, we attended an RGA forum
on "broadband deployment" presented by Verizon and ATT, and  met with reps
from Comptel.  We also spent some time (off the clock) with Aileen and
Johnathan Hintzman w/ KDW.  From all of these sources, we came up with the
following observations/takeaways:

The RBOCs have a very expensive, sophisticated campaign in place to reduce
access to their high-speed networks (it is now generally accepted that this
is the main thrust of their effort - not sec.271 relief for data),
This campaign has several facets - the Tauzin/Dingell bill, UNE Petition at
the FCC, delay/refusal of UNE provisioning to CLECs.  The campaign's main
themes are that the '96 Act was only to open local networks for voice
competition, regulatory relief is needed for telcos to compete w/ cable
monopolies, CLEC business plans are unsound unless they are facilities-based,
and only use UNEs as a transitional method of entry,
Both the UNE Petition and the T/D Bill would effectively prevent the
unbundling of ILEC network elements that are classified as "High-speed" or
"broadband" - meaning wholesale access to any UNE beyond narrowband voice
facilities would be denied.
Tauzin/Dingell is now on referral to the House Judiciary Cmte.  Judiciary has
a relative short time to examine the bill (they were only referred the 271
provision, not the whole legislation) and will then report the bill out with
or without amendment,
According to Rep. Boucher, the anti-trust language of the Cannon/Conyers
amendment (which would make unbundling/interconnection complaints against
ILECs an automatic anti-trust violation) will not likely survive a full cmte
vote and he believes the bill will go back to Commerce with little change,
Rep. Largent's office told us that they have not developed a floor strategy
yet to attempt to defeat T/D when it gets to the full House, but they expect
the final vote to be bitter and very close (probably in favor).
Our meetings with the Senate suggested that they are not likely to take up
T/D.  We believe that is still the case, especially in a Democrat-controlled
Senate (which should be determined very soon).  This would make Sen.
Hollings, an ATT ally, Commerce chairman,
On the regulatory side, Comptel and KDW were both taking the UNE Petition
very seriously,
Neither Steve nor I are confident that Comptel will carry a very effective
argument this time - they are pursuing economic and network data that, in the
end, will not make a convincing argument and will not have significant buy-in
from other Comptel members.  Their focus on backbone network maps, IRUs, and
deconstructing the USTA competition report is not constructive,
KDW is leading a group of small CLECs and has invited our participation.  I
think that we should participate in the effort but hold off in determining
whether to file our comments with them or separately until we have a better
feel for the focus of their argument and if we can provide a unique
perspective,

Based on the above, Steve and I have developed this prognosis:

T/D will likely fail to move in the Senate, though the RBOCs may try some
different tactics than in the House.
Failing a legislative remedy, the RBOCs full energies will then focus on the
FCC.
It is very difficult to say how the new commission will rule on the various
regulatory proceedings there.  However, Congress can send strong cues to the
commission and opportunities to push back the RBOCs will be available,
especially if T/D fails in a big way.
The threat that these attempts by the RBOCs pose to EBS is paramount.
Considering that the RBOCs will likely continue to gain 271 approvals in the
states, the ability to have below special-access pricing for local
connectivity will mean the success or failure of bandwidth trading, since
there would be no way to compete with the Bells on end-to-end bandwidth
services.

I hope this is helpful as you prepare your download to Ken/Kevin/Jim.  Please
let Steve or I know if you have any questions or would like additional follow
up on any of these points.  Thanks


Surreal experience really.  I was hoping no-one noticed.  PR did it and as you can imagine - without asking.

 -----Original Message-----
From: 	Ford, Sue
Sent:	Wednesday, October 03, 2001 12:53 PM
To:	Kitchen, Louise
Subject:

Hello Louise,

Do we have to bow to you now!!! Congratulations on the fortune magazine list, I know a superstar WOW

-----------------_________________________________________________

Sue Ford - Executive Assistant
Enron Industrial Market - Office of the Chairman
Tel: 713-853-5176
Fax: 713-646-5930
sue.ford@enron.com


done

Jackie Young
02/03/2000 10:13 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Re: 98-3405 Activity Being Allocated/Nomed @ 98-9643

Daren,

Wanted to let you know that there are still two sitara deals that need to
have the expected volume brought down to "0" of the list that I previously
sent you.
They are 114099 and 92918.

I appreciate you revising the ones that you have and you probably were going
to handle the above two today.  In case you were please disregard this
notice.  If you had fogotten, this can serve as reminder.

As usual, thanks for your help.

-Jackie-
3-9497


Dear Dr. Kaminski

Thanks for your arrangement. I have received email from Shirley. Either
Wednesday or Thursday will be fine to me. I am looking forward to talking to
you at that time. It is always my pleasure to work with you.

Best Wishes
Quentin Kerr
---------------------------------
Quentin Kerr,                            email: qkerr@maths.uq.edu.au
Room: 67-625                          Tel: (07)33461428
Department of Mathematics,  The University of Queensland


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I will be on Vacation March 18 through March 20, returning on Thursday March 21.
	For questions you can call:

		NNG Scheduling - Terry Kowalke (713-853-6403)
		TW Scheduling - John Buchanan (713-853-7429)
		NNG Invoicing - Raetta Zadow (713-853-1768) or Larry Berger (713-853-1502)
		TW Invoicing -  Richard Hanagrif (713-853-6709) or John Buchanan (713-853-7429)

	Ava, can get a hold of me if necessary. (713-853-5842)

	Have a great week and I'll see ya on Thursday.

            Thanks. Lynn
               Lynn Blair
              713-853-7637
              lynn.blair@enron.com


Dick -- I totally agree with you that allowing the TPs to work in some
"credit" for adjustments that can only be made to their generation (and that
by definition will not be transparent to anyone) is bad.  Can you send me a
paper, email, etc. where they have said this and we can pursue it (whether by
alerting FERC, etc.)  Thanks.

From: Richard Ingersoll on 04/30/2001 07:45 PM MST
To: Bill Rust/ENRON@enronXgate@ENRON, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Kevin M Presto/HOU/ECT@ECT, Joe
Hartsoe/Corp/Enron@ENRON
cc: Charles Yeung/HOU/ECT@ECT, Christi L Nicolay/HOU/ECT@ECT

Subject: Re: Update on PFTF   IMPORTANT

Bill, Charles,  Keep in mind that the system physically operates
automatically with the actual flow effected by the net schedules thus we
should come up with a way to net schedules for the IDC and TLR process.  I
have one major concern in the netting dialog and in the current TLR
discussions.  The providers are proposing that they be given credit for not
only netting of unit generation which is probably OK but also they want
credit in the TLR process for units whose generation has been adjusted prior
to the TLR being called.  They say they sometimes adjust generation before
calling a TLR to try and prevent the need for a TLR.  Sounds good and it is
good that some of them try to do this but to give them credit for adjusting
generation that was adjusted prior to a TLR being called after the TLR is
then implemented will be a source of abuse that will be dificult to police.
It is the Native Load issue again, though they never bring Native Load into
the discussions.  I am looking for a solution that will encourage them to
adjust generation prior to calling a TLR and would not then be abused in the
TLR process.  Anyone have any IDEAS let me know.

	Bill Rust/ENRON@enronXgate
	04/30/2001 08:50 AM

		 To: Charles Yeung/HOU/ECT@ECT, Richard Ingersoll/HOU/ECT@ECT
		 cc: Christi L Nicolay/HOU/ECT@ECT
		 Subject: Update on PFTF

Dick/Charles,

Here's a very brief update of the PFTF conference call held on Friday 27 APR.

Tom Mallinger opened the call by briefly going over our seven alternatives
for the inclusion of netted effects in the TLR 5 relief assignment. We talked
about the presentation Tom gave before the SCS. Tom said that the SCS shot
down any alternative that did not give credit to the PSE. That left our most
complicated alternative as the only solution. I asked if the complexity was
worth the benefit.

At this point Tom said (emphatically) that both Dick and Lydia Volmer
insisted that the PFTF come up with a solution other than the existing
solution and that the new solution be one which gives PSEs incentive to
create counter flows.

Our call settled on the PFTF selecting our seventh alternative, which is also
the most complex. This alternative will give the PSE credit for counter flows
(by PSE) and will also give control areas credit for counter flows (by CA).
Details are to be worked out.

COMMENTS:

The existing method looked at positive contributions to the flow gate and
ignores negative contributions (netting effects).

Dick - what is your position on sticking with the existing procedure vs.
creating a new procedure which allows netting? Did Tom characterize your and
Lydia's opinion correctly above? My concern is that the CAs will always have
netted affects available and thus will always benefit from the new procedure
(at the expense of point-to-point). We will have to predict when and where
the TLR 5 will occur and then create a transaction, before the fact, to
benefit from the new netting procedure. This procedure will not be useful
after the fact.

My real question - Is the SCS insisting on a netting procedure, or does Tom
just not want to go back empty handed? In each PFTF meeting he is adamant
that we reach consensus on a new solution that includes netting. If this is
really what the SCS wants, the we'll push for the complex solution. I just
think this is another NERC band-aid approach that is unnecessarily complex
and may not benefit Enron.

Let me know your thoughts.

Bill Rust


Thank you for agreeing to be a speaker at INGAA's Annual Security Analysts
Conference, scheduled for July 12-14 at the Broadmoor in Colorado Springs,
Colorado.

INGAA hosts this conference every year as a forum for the 25-30 top natural
gas analysts to meet with CEO's and other industry leaders.

You will be participating on a panel on natural gas supply, scheduled for
8:15 to 10:00 a.m. Friday, July 13.  As a panelist, we would like to hear
your views on the natural gas demand and deregulation, and you are more than
welcome to join us for the entire meeting if your schedule allows.

You will be receiving a complete packet of material details from INGAA.

Don't hesitate to call me if you have any additional questions.

Stan
713/853-6177


Sheila:  This party has rejected absolutely all of our comments.  We were
only told of this the other day when we called to inquire.  Can you contact
someone on the commercial side for help?  Sara


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		Internet Tip of the Day
		Wednesday December 6, 2000

		Kid-Safe Browsing

		Parents are right to be worried about their children seeing "adult" content
on the Internet. Pornography is the biggest worry for most, but so are Nazi
and hate group sites, sites advocating drugs, and online scams and frauds.
Parents can take control of the Web in the home with the help of security
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popular with parents. Net Nanny's filtering software blocks objectionable
sites on your home PC. It can be configured a variety of ways. It "limits
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their kids away from inappropriate online content. If censorship is the
answer, it should begin at home.

		Click here to visit Net Nanny

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Thanks. What was his response?

	Enron North America Corp.

	From:  Chris Booth @ ENRON                           05/21/2001 11:30 AM

To: Ben Jacoby/HOU/ECT@ECT, Rebecca Walker/NA/Enron@Enron
cc:
Subject: Payment of Invoices

---------------------- Forwarded by Chris Booth/NA/Enron on 05/21/2001 11:30
AM ---------------------------

	From:  Chris Booth                           05/21/2001 11:30 AM

To: jeffrey.darst@ps.ge.com
cc: Kay Mann/Corp/Enron@Enron, Ben Jacoby

Subject: Payment of Invoices

Jeff,

Per our conversation last Friday, please see the attached letter regarding
payment of invoices.

Chris

P.S.  Original letter to follow via FedEx.


Thanks Don! Sure appreciate it!

-----Original Message-----
From: owner-tradersnewsindexes@littleblue.ipgdirect.com
[mailto:owner-tradersnewsindexes@littleblue.ipgdirect.com]On Behalf Of
Don.Baughman@enron.com
Sent: Tuesday, February 13, 2001 10:18 AM
To: tradersnewsindexes@ipgdirect.com; ellen.clardy@ipgdirect.com
Subject: EPMI IPG INDICES 2/12/01

Enclosed please find the file containing CINergy and Entergy Index pricing
indicators for Monday February 12, 2001.

I apologize for the tardiness.  If there are any questions please call me.

Thanks,

Don Baughman
Enron Power Marketing, Inc.
(713) 853-0392
(800) 349-5527

(See attached file: 02_12_01 EPMI IPG INDEXES.xls)


(See attached file: sc.pdf)

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


In case no one told you, Brent is not in the office today.

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

	Caroline Abramo@ENRON
	04/25/2001 12:31 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Brent
Hendry/NA/Enron@Enron
		 cc: Paul Radous/Corp/Enron, Fred Lagrasta/HOU/ECT@ECT
		 Subject: Re: Valentis and CD Holdings

sure... i think you have everything on valentis and cd holdings.. i am
waiting for those docs and AIG to go out.. i have all the other info on the
funds we have in the system and will just use the template you gave me to
organize it.

Brent- did you find the Catequil confirms ... also, comments on Catequil????

thanks,
Caroline

From: Sara Shackleton@ECT on 04/25/2001 11:04 AM
To: Caroline Abramo/Corp/Enron@ENRON
cc: Carol St Clair/HOU/ECT@ECT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Valentis and CD Holdings

Caroline:

As you know, Carol is working on your template; then Frank, Carol and I  will
have to review/discuss.  You will have the template soon.  We are all working
hard to provide you with the necessary documentation.

Are you preparing the information for us?

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

	Caroline Abramo@ENRON
	04/25/2001 10:07 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Valentis and CD Holdings

sara- can i have a blank template over email.. thanks, ca

From: Sara Shackleton@ECT on 04/25/2001 09:03 AM
To: Caroline Abramo/Corp/Enron@ENRON
cc: Fred Lagrasta/HOU/ECT@ECT, Paul Radous/Enron@EnronXGate

Subject: Re: Valentis and CD Holdings

Caroline:

No Deemed ISDA, we decided that yesterday for the long-dated deal.

We are working on the draft masters for emailing.  Please send me the
information about your counterparties' lawyers so we can begin negotiating.

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

	Caroline Abramo@ENRON
	04/25/2001 06:42 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Fred Lagrasta/HOU/ECT@ECT, Paul Radous/Corp/Enron
		 Subject: Valentis and CD Holdings

Please send the draft ISDAS to:

Marty Lifgren- mlifgr@wexford.com
Charles Davidson- cdavid@wexford.com

We agreed that the fastest way to proceed wwas to send the ISDA or can we
still send the deemed ISDA?.


This will get you access to Livelink

 -----Original Message-----
From: 	Lallani, Moyez
Sent:	Monday, October 29, 2001 2:48 PM
To:	Jones, Tana
Subject:

<http://edms.livelink.enron.com/ena/livelink.exe>

Moyez Lallani
Enron NetWorks
713-345-3683
moyez.lallani@enron.com


Hello Toni:

The Research Group would like to bring Bruce R. James in for an exploratory
interview sometime next week (June 26 - 30).

The individuals who would be interviewing him are:

Vince Kaminski   Managing Director
Stinson Gibner   Vice President
Grant Masson   Vice President
Vasant Shanbhogue  Vice President
P. V. Krishnarao   Director
Zimin Lu   Director
Tanya Tamarchenko  Manager

Please ask Bruce to give you several dates within next week that would
accommodate him and we can coordinate his dates with Vince's schedule
and the schedules of the rest of the group.   Just call me when you have some
dates and times.

His resume is attached.


Hill,

Yes, I think it can be done. I am in London
right now and I shall come back next week Thursday.

Please, give me call about it.

Vince

Vincent Kaminski
Managing Director - Research
Enron Corp.
1400 Smith Street
Room EB1962
Houston, TX 77002-7361

Phone: (713) 853 3848
 (713) 410 5396 (cell)
Fax  :  (713) 646 2503
E-mail: vkamins@enron.com

Hill Huntington <hillh@stanford.edu> on 03/22/2001 04:47:33 PM
To: vince kaminsky <vkamins@enron.com>
cc:
Subject: RTP conference

Vince,

Sounds like there are several Enron people very interested in our
seminar.  Many thanks for passing the idea around.

Do you think that these groups might provide some sponsorship?  I didn't
know whether you have already asked them and they are thinking about it or
whether I need to approach them directly.  I would appreciate any
suggestions you have.

Regards,
Hill

*******************************************************************
Hillard G. Huntington
EMF - an international forum on
energy and environmental markets Voice:  (650) 723-1050
408 Terman Center    Fax:    (650) 725-5362
Stanford University   Email:  hillh@stanford.edu
Stanford, CA  94305-4026

EMF Website: http://www.stanford.edu/group/EMF/


---------------------- Forwarded by Jennifer Rudolph/HOU/EES on 06/01/2001
04:21 PM ---------------------------

Susan J Mara@ENRON
06/01/2001 03:15 PM

http://www.latimes.com/news/state/20010601/t000045783.html

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854


Rick,

FYI

Vince


Very impressive young Kate, we are all astounded and impressed by your superluous use of your extensive vocabulary in our emails

 -----Original Message-----
From: 	Symes, Kate
Sent:	Tuesday, September 25, 2001 10:10 AM
To:	DL-Portland Real Time Shift
Subject:	Vocabulary Lesson

Main Entry: su?per?flu?i?ty
Function: noun
Inflected Form(s): plural -ties
Etymology: Middle English superfluitee, from Middle French superfluit?, from Late Latin superfluitat-, superfluitas, from Latin superfluus
Date: 14th century
1 a : EXCESS , OVERSUPPLY b : something unnecessary or superfluous
2 : immoderate and especially luxurious living, habits, or desires
Bottom of Form 0

Kate Symes
Real Time Trading Support
Office/503-464-7744
Cell/503-819-2181
Fax/503-464-7996


Vince,

Many thanks for the invitation.? I'm leaving for a conference in New Orleans
today and won't be in town.? However, I'd love to join you if dinner should
happen again in the future.

Thanks again for all your support and interest in the ALP program.? I feel
confident that this will be a great project.

Carrie

At 10:03 AM 1/24/01 -0600, you wrote:
Carrie,

We have invited the team to dinner Thursday, 7:00 p.m.
Would you loike to join us?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/24/2001
10:04 AM ---------------------------

Pamela Vande Krol Castro <castro@rice.edu> on 01/22/2001 06:18:16 PM

To:?? Kenneth.Parkhill@enron.com, vkamins@enron.com
cc:
Subject:? Enron ALP

Dear ALP Company Representatives:

Thank you again for your participation in the ALP Company Day at Rice
University. We are pleased to inform you that your project proposal has
been chosen for the 2001 ALP program. The following students will  be
working on your project:

?? CALABRESE, luigi??????? luigical@rice.edu
?? GHOSE, Ivy????????????? ghosei@rice.edu
?? GHOSH, Ronnie?? ghoshr@rice.edu
?? IQBAL, Syed???????????? iqbal@rice.edu
?? SUD, Pravas???????????? pravas@rice.edu
?? WOMACK, Charles cwomack@rice.edu

The faculty liaisons for your project are:

?? BARRETT, Deborah??????????????? barrett@rice.edu
?? UECKER, Will??????????????????? uecker@rice.edu
?? LOUGHRIDGE, Dennis????? loughrid@rice.edu

A representative from the student team will contact you soon to set up
meeting time. If you need to contact your team, I have included the
students' email addresses. They check their email on a regular basis, so
this is a good way to communicate with them.

Please let me know if you have any questions regarding this information.
Again, thank you for your interest in the Jones School. Best wishes for
great project!

==============================================================
Carrie Chamberlin Miller
Director of MBA Program
Rice University
6100 Main Street, MS 531
Houston, Texas 77005-1892
Phone: (713) 348-5260
Fax: (713) 348-5251
E-mail: cmiller@rice.edu
http://www.ruf.rice.edu/~jgs/

Pamela Castro
MBA Program Associate
Rice University
Phone: 713-348-6223
FAX: 713-348-5251
E-mail: castro@rice.edu

======================================
Carrie Chamberlin Miller
Director of MBA Program
Jesse H. Jones Graduate School of Management
Rice University
6100 Main Street, MS 531
Houston, Texas 77005-1892
Phone:? (713) 348-5260
Fax:? (713) 348-5251
E-mail:? cmiller@rice.edu
http://www.ruf.rice.edu/~jgs/


Attached is PIRA's Gas Flash.  Unauthorized distribution is prohibited.

Please direct questions about this report to: Greg Shuttlesworth (Email:
greg@pira.com), Tom Howard (EMail: tazh@pira.com), Richard Redash (Email:
Rich@pira.com), Nobu Tarui (Email: nobuo@pira.com) or Jane Hsu (Email:
jane@pira.com).  All can be reached at (212) 686-6808.

Contact John Graziano regarding PIRA report distribution at (212) 686-6808,
Email: jgraziano@pira.com.

 - aga042501.pdf


My fault for forwarding the email without reviewing. I apologize.  I have asked Kim Ward to send me the complete file.

Thanks,
Mike

 -----Original Message-----
From: 	Agarwalla, Dipak
Sent:	Wednesday, October 03, 2001 5:14 PM
To:	Grigsby, Mike
Subject:	RE: Palo alto historical usage consolidation

Hi Mike,

The data that you sent, it has may, june and july 2001 load data. But, if you are interested in winter load forecast, we need to have some winter data. I was wondering if I could use some of the old data we received before.
Please let me know.

Thanks

Dipak Agarwalla
X57201

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Wednesday, October 03, 2001 1:15 PM
To:	Agarwalla, Dipak
Subject:	FW: Palo alto historical usage consolidation

How is the project coming along?  No rush, just wanted to check in.

Thanks,
Mike
 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Tuesday, September 25, 2001 2:55 PM
To:	Agarwalla, Dipak
Subject:	FW: Palo alto historical usage consolidation

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Tuesday, September 25, 2001 2:54 PM
To:	Grigsby, Mike
Subject:	Palo alto historical usage consolidation

Mike,

Attached are Palo Alto's historical loads, which have been verified with Palo Alto.  If you would like to see a different format, let me know.

Thanks,

Kim

 << File: daily historical usage values.xls >>


USA: Cinergy sees 45 pct of 2001 EPS target in H1.
Reuters English News Service, 04/09/01

USA: IntercontinentalExchange volumes rise 33 percent in March.
Reuters English News Service, 04/09/01

India State Govt Panel To Review Dabhol Power Agreement
Dow Jones International News, 04/09/01

EC Outlook Signs Licensing Agreement with Enron
Business Wire, 04/09/01

Utility Bonds Slip on PG&E Unit Bankruptcy: Corporate Bonds
Bloomberg, 04/09/01

When a Name Doesn't Always Ring a Bell
Newsday, 04/09/01

USA: Cinergy sees 45 pct of 2001 EPS target in H1.

04/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

CINCINNATI, April 9 (Reuters) - Cinergy Corp. , a major Midwestern power
company, said on Monday it expected 45 percent of its 2001 earnings target of
$2.75 to come through in the first half of the year, helped by power plant
acquisitions in the past 18 months.
Cincinnati-based Cinergy, which also has utility operations distributing
natural gas and electricity to more than 1.4 million customers in the
Cincinnati area and central Indiana, said the remaining 55 percent was
forecast for the last half of 2001.
Analysts currently expect 47 percent in the first half and 53 percent in
second half, according to research company Thomson Financial/First Call.
Cinergy shares closed up 70 cents, or 2.06 percent, at $34.75 on the Nasdaq
market.
The highlights of the group's recent acquisitions include two merchant
generating facilities in the Southeast from Enron North America . The plants
are the 494-megawatt Brownsville generation facility in Haywood County,
Tennessee, and the 504-MW Caledonia generation facility in Lowndes County,
Mississippi. Both are natural gas-fired units.

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

USA: IntercontinentalExchange volumes rise 33 percent in March.

04/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, April 9 (Reuters) - Monthly trade on Internet-based
IntercontinentalExchange (ICE) rose 33 percent in March, bringing its total
volume to $70 billion since its inception last year, the exchange said
Monday.
Over 42,000 trades have been made on ICE since the start of trading last
August, ICE said.
That brings daily average trading volumes up to about $350 million, a tenth
of those of EnronOnline, where Enron is on one side of every transaction.
ICE hosts 'over the counter' (OTC) trading - trading done outside regular
exchanges - of derivatives in crude and refined oil products, natural gas,
power and metals.
During March, a total of 168 million barrels of crude oil and refined
products were traded on ICE, along with 55 million megawatt hours of
electricity, 820 billion cubic feet of natural gas and 8 million
gold-equivalent ounces.
Last month, ICE set new records of 19 million barrels of oil, 97 billion
cubic feet of natural gas and 4.6 million megawatt hours of power for daily
trading on its system.
On the New York Mercantile Exchange, trading regularly exceeds 400 million
barrels of crude in a day.
ICE enjoys a market share of 20 percent in OTC electronic trading of North
American power, according to the exchange. IT has a 14 percent share in North
American natural gas and derivatives, 8 percent share in global precious
metals and 7 percent in global oil and refined products derivatives.
The ICE system is installed on 3,750 desktops worldwide to trade more than
600 listed contracts.
Oil majors BP Amoco , Royal Dutch/Shell and TotalFinaElf joined international
banks to establish ICE last year, with several U.S. power companies joining
the consortium later in 2000.
ICE is seen as the firm favorite to strike a deal with London's International
Petroleum Exchange (IPE), Europe's largest energy futures market, that could
provide IPE a shortcut to expand electronic trading and get onto the
Internet.
The two organizations have been for some months discussing a share swap that
could result in a merger, industry sources say.

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

India State Govt Panel To Review Dabhol Power Agreement

04/09/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- India's Maharashtra state government said Monday that
it has set up a panel of experts to review the 1995 power purchase agreement
signed between Dabhol Power Co., a subsidiary of the U.S. energy major Enron
Corp. (ENE) and Maharashtra State Electricity Board, Press Trust of India
reported Monday.
"The Godbole Committee, appointed by the government to review the
controversial power project, has been authorized to hold negotiations with
DPC on behalf of the state government and MSEB, which is finding it extremely
difficult to pay the exorbitant electricity bills," PTI quoted Maharahtra's
junior Power Minister Rajendra Darda as saying.
DPC has a controlling 65% stake in the controversial 2,184-megawatt electric
power project in the western Indian state of Maharashtra, which supplies
power to the state-run electricity board.
Under a 1996 counter guarantee agreement, the federal government is obliged
to pay Enron when MSEB defaults. Critics object to Dabhol charging 7.1 rupees
a kilowatt-hour ($1=46.4602) for its power compared with INR1.5/KWh charged
by other suppliers.
As reported, Dabhol Power Co. sent the MSEB a notice of political force
majeure to enforce its rights under the power purchase agreement between the
two parties.
"I can confirm that Dabhol Power Co. has sent the MSEB a notice of political
force majeure," said Jimmy Mogul, Enron India spokesman, in a faxed company
statement.
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9427;
himendra.kumar@dowjones.com

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

EC Outlook Signs Licensing Agreement with Enron

04/09/2001
Business Wire
(Copyright (c) 2001, Business Wire)

HOUSTON--(BUSINESS WIRE)--April 9, 2001--EC Outlook, a software provider that
automates the collaborative commerce activities of Global 1000 companies and
their trading partners, has signed a licensing agreement with Enron Corp.,
one of the world's leading electricity, natural gas and communications
companies, providing both companies with technology to enhance their
commodity-related businesses.
Enron is planning to use EC Outlook's Smart Document Interchange (SDI)
Server(TM) software to streamline the exchange of certain documents with
trading partners in commodity markets outside of its traditional energy and
communications industries. Such industries include metals, pulp and paper and
others. The SDI Server product helps companies and their partners share
information without invasive hardware and software installations.
EC Outlook, in turn, will enhance its software offering with proprietary data
interchange applications developed by Enron to manage complex logistical
activities in natural gas and electricity markets. EC Outlook will integrate
industry-specific functionalities and processes from this software into its
own applications to deliver enhanced capabilities to customers.
"Enron's data interchange technology is a strategic acquisition for us," said
Matt Verghese, president and COO of EC Outlook. "Coupled with our existing
applications, we can very effectively support the transaction-intensive needs
of energy and other commodity businesses."
"Commodity markets, like natural gas, electricity and others, will
significantly benefit from electronically automating commerce activities
among trading partners," said Greg Runyan, senior analyst with Yankee Group.
"The agreement between EC Outlook and Enron is a perfect example of how
market leaders can gain a competitive edge."

About EC Outlook

EC Outlook's software applications automate collaborative commerce activities
between Global 1000 companies and their trading partners. Powered by SDI
Server(TM) software, these applications enable customers and partners to
quickly connect with one another to share information, regardless of size,
technical sophistication or existing infrastructure. By overcoming
connectivity and data disparity issues, customers have achieved increased
revenues, working capital reductions and short-term payback on their
investment. For more information, visit www.ecoutlook.com.

SDI Server(TM)is a trademark of EC Outlook, Inc. in the United States. All
other marks referenced are those of their respective owners.

CONTACT: EC Outlook Jeff Byron, 614/718-9290 jeff.byron@ecoutlook.com or
Golin/Harris International for EC Outlook Jackie Jones, 415/808-9800
jjones@golinharris.com
08:08 EDT APRIL 9, 2001

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

Utility Bonds Slip on PG&E Unit Bankruptcy: Corporate Bonds
2001-04-09 18:00 (New York)

Utility Bonds Slip on PG&E Unit Bankruptcy: Corporate Bonds

     New York, April 9 (Bloomberg) -- Bonds of utility and power-
generating companies slipped in value after PG&E Corp.'s Pacific
Gas & Electric unit filed for bankruptcy protection on Friday.
     Debt of San Jose, California-based Calpine, which has at
least 15 power plants operating or under construction in the
Golden State, was among the hardest hit, traders said. NRG Energy
Inc., Dynegy Inc., Duke Energy Corp., and other power producers
with less exposure to California also saw drops as bond investors
grew concerned that write-offs would threaten credit ratings.
     ``There are a number of suppliers who are owed money and are
hoping to be paid,'' said Mark Luftig, fund manager of the Strong
American Utilities Fund in Jersey City, New Jersey.
     Concern bills will remain unpaid, along with worries
utilities in other states may suffer from deregulation, has caused
utility debt to lag corporate bonds. Gas- and electric-utility
bonds rose 3.3 percent this year including price gains and
interest, according to a Merrill Lynch & Co. index, less than the
4.7 percent gain on U.S. investment-grade corporate bonds.
     Yields on Calpine's 8.5 percent notes due in 2011 have risen
about 0.4 percentage point since Friday to 3.6 percentage points
above U.S. Treasuries, traders said, though Moody's Investors
Service today confirmed the company's ``Ba1'' senior debt ratings.
Bond prices move inverse to yield.
     NRG and Dynegy bond yields rose about 0.2 percentage point
relative to Treasuries. Even yields of Public Service Enterprise
Group and other East Coast utilities that do little or no business
in California crept up about one-tenth of a percentage point on
the bankruptcy news, traders said.

                           Unwarranted?

     Eric Cheung, who holds bonds of Duke Energy Corp. and Enron
Corp. in the $8 billion he helps manage at Wilmington Trust Corp.
in Wilmington, Delaware, suggested some selling was unwarranted.
     ``We're not negative at all'' on the utility industry, he
said. ``You have to take a look at each state on a case-by-case
basis.''
     Pacific Gas & Electric and Southern California Edison,
California's two largest utilities, said they've accumulated more
than $14 billion in debt since last year because a failed
deregulation plan has forced them to buy power at rates far higher
than regulators allow them to charge customers.
     By contrast, Public Service Enterprise Group, owner of New
Jersey's largest utility, reported earnings of $764 million last
year, up 5.7 percent from 1999 levels. New Jersey has deregulated
its power market, but the utilities haven't been forced to sell
off their generating assets like they have in California.

                             51 Cents

     Pacific Gas & Electric's 7 3/8 bonds due in 2005 were bid
today at 51 cents on the dollar, or $510 per $1,000 face value,
traders said. That's down from about 90 cents as recently as
November. The company -- whose bonds were cut to junk status in
January -- has defaulted on $870 million of commercial paper this
year, the largest such default ever.
     The bankruptcy filing didn't result in any credit-rating cuts
of other utilities and power generators, said Ellen Lapson,
managing director at Fitch Inc. in New York.
     Still, risks for energy companies working in California will
be high until the situation is resolved, which may not happen
until new power plants are built years from now, analysts said.
     ``We are monitoring all energy credits in the western U.S.
for the impact they're experiencing from higher gas and power
prices,'' Lapson said.

PART II
When a Name Doesn't Always Ring a Bell
Dave Barry. Dave Barry's column appears every Monday in Part 2.

04/09/2001
Newsday
ALL EDITIONS
B02
(Copyright Newsday Inc., 2001)

SEVERAL MONTHS ago, out of the blue, a company named "Cingular" started
sending me bills. I had never heard of Cingular, and I honestly did not know
what these bills were for, so I put them in the pile where I keep documents
that I intend to scrutinize more carefully later on, after my death.
Then I started seeing TV commercials for Cingular, but of course they did not
make it clear what Cingular is, because the First Rule of Modern Advertising
is: "Never reveal what you are advertising." In the Cingular commercials -
maybe you've seen them - these little characters that look like mutant
starfish from space walk around and make gestures. It is not at all clear why
they are doing this. It crossed my mind that maybe they are mutant starfish
from space, and Cingular is the name of their home planet, and they've sent
bills to all of humanity, and they are gesturing to indicate that if we don't
pay them, they'll vaporize the Earth.
Eventually, I found out that Cingular is the new name of my cellular
telephone company. It used to be named BellSouth Mobility.
Before that, I think it was just BellSouth, and before that, it was Southern
Bell, and before that, I'm sure it was several other things.
If you went far enough back, you'd probably find out that at one time the
name actually included the words "telephone company," so you could tell, from
the name, what it did, which today would be a serious violation of business
ethics.
So I paid my Cingular bills, because I need my cellular phone to communicate
vital information ("Hello? Hello? Can you hear me? I can't hear you.
Hello?"). I apparently have a special cellular plan wherein all my calls are
routed through a Burger King drive- thru intercom in Bolivia. I envy the
people whose cell phones always seem to work - the people you see in airports
with their phones attached to earphone/microphone devices so they can stride
around, gesturing and talking really loud into the air, looking kind of like
Hamlet delivering his soliloquy ("To be, or not to be, that is
the...Hello?").
But my question is: Why do companies keep changing their names? And why do
they always change them to names that don't mean anything? We consumers like
names that reflect what the company does. We know, for example, that
International Business Machines makes business machines; and Ford Motor makes
Fords; and Sara Lee makes us fat. But we don't know, from the name "Verizon,"
what Verizon does. As far as I can tell, Verizon consists of some big
telephone companies that joined together. So why couldn't they call
themselves "An Even Bigger Telephone Company"? And what in the world is
"Accenture"? This is a company that buys a lot of ads, the overall message of
which seems to be: "Accenture - A Company That Buys a Lot of Ads." I checked
the Accenture Internet site, and here's what it says about the name:
"Accenture is a coined word that connotes putting an accent or emphasis on
the future." Swell! I am all for the future! But what does Accenture do? What
if it sends me a bill? Should I pay it? What if I don't and it turns out that
"Accenture" is the new name for the organization formerly known as "La Cosa
Nostra"? My body parts would be found in nine separate Hefty bags. The police
would shake their heads and say, "Looks like he didn't pay his Accenture
bill."
This brings me to my idea for how you can make big money. You start by
inventing a new, modern-sounding company name, such as "Paradil" or
"Gerbadigm," which are coined words that connote a combination of "paradigm"
and "gerbil." Then you print official- looking invoice forms for this
company, and you send out a mass- mailing of bills for, let's say, $20.38
apiece, to several million randomly selected people.
You enclose an announcement with a perky corporate marketing statement that
is clearly a lie, and thus appears totally realistic, such as: "We've changed
our name to serve you better!" Granted, some consumers would throw the bill
away. But a lot of them would pay it, because they're used to companies'
suddenly mutating on them. You'd get rich! The only flaw in this plan is that
the postal authorities might question its legality. If they give you any
trouble, refer them to me, OK? My name is now Enron P. Citigroup.

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


---------------------- Forwarded by David W Delainey/HOU/ECT on 08/21/2000
10:25 AM ---------------------------

David W Delainey
08/21/2000 10:25 AM
To: Dick Westfahl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Mark Frevert/NA/Enron@Enron, Larry L
Izzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Memo on Vitro Project

Dick, you need to agree with Max on the scope to be provided by the OE - I
expect high quality service for the money we are paying.  The deal on Friday
is completely dependent on a pre-arranged scope and a minimum quality of
service.  I expect high quality EE&CC  people to be proactively managing cost
and exposure and to be there for the whole process - no pulls to other
business lines.  If Max or Virgo are not happy I am not happy.

I make money you make money.

Thanks for your cooperation.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 08/21/2000
10:16 AM ---------------------------

	Enron de Mexico

	From:  Max Yzaguirre @ ENRON                           08/21/2000 09:40 AM

To: David W Delainey/HOU/ECT@ECT
cc:
Subject: Memo on Vitro Project

Dave:

FYI, I got this from Dick.  Just want to confirm that it's consistent with
your recollection.

Best regards - Max

---------------------- Forwarded by Max Yzaguirre/NA/Enron on 08/21/2000
09:40 AM ---------------------------

	Dick Westfahl @ ENRON_DEVELOPMENT
	08/21/2000 09:02 AM

To: Max Yzaguirre/NA/Enron@ENRON
cc:
Subject: Memo on Vitro Project

Max:

See attached memo on the above referenced project.

Dick


USA: Enron shares in stay in doldrums after downgrade.
Reuters English News Service, 10/29/01
USA: US companies' credit quality to worsen-Moody's.
Reuters English News Service, 10/29/01

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
Bloomberg, 10/29/01

USA: Enron shares drop despite further triage attempts.
Reuters English News Service, 10/29/01

USA: Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
USA: UPDATE 1-Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
POWER POINTS:Enron May Have To Rethink Asset-Light Focus
Dow Jones Energy Service, 10/29/01
OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's
AFX News, 10/29/01
USA: Moody's cuts Enron to 2 notches above "junk".
Reuters English News Service, 10/29/01
UK: Europe energy firms wary of Enron on credit worries.
Reuters English News Service, 10/29/01
BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
Dow Jones Energy Service, 10/29/01

USA: Enron shares in stay in doldrums after downgrade.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron Corp.'s share price hovered above seven-year lows touched in earlier trade Monday after Moody's Investor Service cut the credit status of its senior unsecured debt of North America's largest energy trader to two ratings above junk status.
Enron, the largest electricity and natural gas trader in North America, also on Monday said it was in talks with banks to expand its credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron shares were down $1.40, or 9.03 percent, to $14.10 on the New York Stock Exchange, after earlier in the session trading below $14 for the first time since December 1994.
Moody's also warned that it could cut the debt rating again, now downgraded to Baa2, as well as its rating for the Enron's commercial paper.
Enron's credit-worthiness will have a direct affect on its day-to-day trading operations and its trading partners' perception of making good on trades. With a credit rating hovering above junk status, the cost of doing business will soar as trading partners look for increased collateral to back trades.
Last week Enron shares lost almost $14 billion in market value as a series of piecemeal disclosures about the company's involvement in complex partnerships began to trickle out.
Investors have fled Enron's stock in droves following disclosures that the company did off-the-balance sheet transactions with two limited partnerships run by former chief financial officer Andrew Fastow in deals the U.S. Securities and Exchange Commission is now looking into for possible conflict of interest.
Enron compensated its partners in this off-balance sheet structure with the promise of Enron shares, if the value of private investments in several of its units fell below a certain level.
Many industry observers see Enron's request for additional credit, after the company tapped its banks for $3.3 billion last week, as a sign a weakness.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carol Levenson, an analyst with independent research firm gimmecredit.com.

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

USA: US companies' credit quality to worsen-Moody's.
By Jonathan Stempel

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - U.S. corporate credit quality is likely to grow much worse before it gets better, a leading credit rating agency said in a report issued on Monday.
Moody's Investors Service said that in the third quarter, it put on review for downgrade its credit ratings for 122 U.S. companies. At the same time, it put on review for upgrade its ratings for just 22 companies.
That 5.5-to-1 ratio is far greater than the 1.3-to-1 ratio in the second quarter.
In dollar terms, the situation looks more dire. Moody's warned it may downgrade $543 billion of debt, dwarfing the $66 billion Moody's said it may upgrade by 8.2-to-1.
"Particularly in light of September 11, the fourth quarter will be particularly weak for credit rating changes," said John Puchalla, Moody's senior economist. "A wide excess of rating reviews for downgrade over upgrades in the third quarter suggests credit deterioration will persist at least into early next year."
Rating reviews are significant because, unlike actual rating changes, they are not a "lagging" indicator, and suggest the future direction of corporate credit. Moody's normally wraps up its reviews within three months.
U.S. corporate credit quality is falling for many reasons. These include the weakening U.S. economy, an inability of marginal companies to raise cash, debt-financed merger activity and fallout from the Sept. 11 attacks on such industries as airlines, insurance, and travel.
For example, Moody's in July warned it may cut Comcast Corp.'s ratings after the Philadelphia-based company bid $44.5 billion for AT&T Corp.'s cable TV operations.
Then last month, Moody's warned it may cut Chicago-based Boeing Co.'s ratings because of the attacks' potential impact on demand for commercial airplanes.
In the third quarter, Moody's warned it may cut its ratings of 54 speculative-grade, or "junk"-rated, companies, and raise the ratings of just 11. For investment-grade companies, the gap was even more yawning: 68-to-11.
And in the fourth quarter? Through Friday, Moody's warned it may downgrade 47 companies and raise a mere four. On Monday, it downgraded embattled energy trading giant Enron Corp., and put all of its ratings on review for another downgrade.
Puchalla, however, said the decline could slow next year, in part because interest rates are low and companies are managing their balance sheets more conservatively.
"Lower borrowing costs and slowing debt growth should reduce debt servicing costs, and fiscal stimulus from the federal government should boost business revenues," he said. "That is a positive for credit quality."
The third quarter was the 14th in a row when corporate rating downgrades outpaced upgrades. The record is 19 quarters, set between 1988 and 1993.

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

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
2001-10-29 12:16 (New York)

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)

     (Updates with analyst comment in fifth paragraph.)

     Houston, Oct. 29 (Bloomberg) -- Enron Corp., which can't get
low-interest, short-term loans, faces skeptical lenders who will
demand increasingly harsher terms as the largest energy trader
tries to get cash in the bank, credit analysts said.

     ``Anyone providing new funding is going to be nervous,'' said
Sean Egan, managing director at Egan-Jones Ratings Co. ``It's
likely that lenders are going to demand collateral.''

     Enron is trying to get $1 billion to $2 billion in loans from
Citigroup Inc., J.P. Morgan Chase & Co. and other banks to calm
investors after a 52 percent drop in the company's stock since
Oct. 17, the Wall Street Journal reported. The company needs cash
every day to settle commodities transactions and to keep trading
partners.

     The company on Thursday tapped $3.3 billion in bank credit
lines last week to pay off about $2 billion in commercial paper,
or short-term corporate loans. A week ago, the Enron said the U.S.
Securities and Exchange Commission had began an inquiry into
related-party transactions. They cost the company $35 million and
$1.2 billion in lost shareholder equity.

     ``Banks are in the driver's seat, and Enron is a little
desperate,'' said Peter Petas, a debt analyst at CreditSights Inc.
``I think their interest rates for loans would go up.''

                       Sells Assets for Cash

     Companies in Enron's situation often agree to other bank
terms in order to secure loans, Petas said. Those can include
agreeing to use proceeds from selling assets to pay debt and
putting up assets as collateral.

     Enron is attempting to sell assets to raise cash. Two related
partnerships, Osprey and Marlin, depend on selling power plants
and similar assets to repay $3.3 billion borrowed to buy the
plants. Enron may have to pay any difference between the debt and
sales proceeds.

     The company plans to complete the $2.9 billion sale of
Portland General Electric, an Oregon utility, to Northwest Natural
Gas Co. next year.

     Shares of Houston-based Enron fell $1.30, or 8.4 percent, to
$14.10 in midday trading. Earlier, they touched $13.55, down 12
percent. The company's credit rating was cut by Moody's Investors
Service after it wrote down the value of its assets.

     The stock had tumbled 80 percent in the past 12 months.

--Russell Hubbard in the Princeton newsroom, 609-750-4651

USA: Enron shares drop despite further triage attempts.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron shares slipped to a new six-year low in early trade as North America's largest natural gas and electricity trader said it was talking to banks about tapping additional credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron's shares were trading down 90 cents, or 5.8 percent, to $14.60 in early morning trade on the New York Stock Exchange. Shares crashed through $15, a low not seen since February 1995.
Last week, Enron shed almost $14 billion in market value as its stock price tumbled more than half since last week, when a series of piecemeal disclosures about its involvement in complex partnerships began to trickle out.
However, many industry observers see Enron's request for an additional credit after tapping its banks for $3.3 billion last week after as a sign a weakness not of strength.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carole Levenson, research analyst with independent research firm gimmecredit.com.

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

USA: Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a move to shore up investor confidence.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on a new credit line.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
Enron shares sank 50 cents, or 3.2 percent, to $15 in early morning trade on the New York Stock Exchange. ((David Howard Sinkman, New York Newsdesk 646-223-6094)).

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

USA: UPDATE 1-Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a new move to shore up investor confidence after it tapped about $3 billion in credit last week, and to stop a plunge in the company's stock that set new six-year lows.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on the new credit line.
Enron shares crashed through a psychological barrier of $15 a share, shedding $1.66, or 10.65 percent, to $13.85 in early morning trade on the New York Stock Exchange. The stock has lost more than half of its value in the past two weeks, losing more than $14 billion in market capitalization.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer in Houston.
Enron shares have tumbled since the company reported its first-quarterly loss in more than four years on Oct. 16. The company also wrote down $1.2 billion in equity, including transactions with partnerships formerly run by its chief financial officer who was forced to step down from Enron last week.
The sell-off was sparked by investor concern about the transparency of the transactions, which the Securities and Exchange Commission is examining. Enron last week replaced CFO Andrew Fastow as part of efforts to restore investor confidence.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
"Clearly, both the stock and bond market view Enron as being in dire straits," said independent research firm Gimme Credit analyst Carol Levenson.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead it's an act of desperation."

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

POWER POINTS:Enron May Have To Rethink Asset-Light Focus
By Mark Golden

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- On the face of things, it's hard to understand the stock market's headspinning reaction to Enron Corp.'s (ENE) revelation of some bad news in recent weeks.
Why the talk of a "death spiral" for North America's premier energy trading company? The stock price of Cisco Systems Inc. (CSCO), for example, saw an almost identical drop over a similar 12-month period. Nobody questioned the viability of Cisco.
The difference is that over the past few years, Enron has redefined itself as a company that runs on financial and intellectual muscle - not hard assets - and that focus is getting the company into trouble now that its credibility is in question.
If you're buying network components, you can probably stand some ambiguity in the finances of your supplier. After all, you're buying something you can touch. But if you're buying power or gas, what you're really buying is a commitment to deliver. If your supplier doesn't come through when the market gets tough, you're left totally exposed. In Enron's energy trading business, then, credibility at every level is critical.
For now, Enron looks to be more than viable. But the company's asset-light strategy might not be. Gross profits from trading have shrunk to 1.65% in the third quarter from 5.26% in the first quarter of 1998. Meanwhile, asset-heavy energy companies like Mirant Corp. (MIR) and Calpine Corp. (CPN) successfully use trading to optimize the performance of power plants and other infrastructure.
Two weeks ago, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. That didn't send investors running, however. In fact, its stock price rose a bit on the news.
What hurt was the disclosure that Enron had reduced its net assets, or "shareholders' equity," by $1.2 billion as a consequence of unwinding positions in partnerships headed by former Chief Financial Officer Andrew Fastow. That, along with warnings of possible downgrades by credit ratings agencies and an inquiry by the Securities & Exchange Commission produced a $15.6 billion drop in Enron's market value.
On Monday, Moody's Investors Service followed through by downgrading its rating on Enron's senior, unsecured long-term debt to Baa2 from Baa1, leaving it two steps above junk-bond levels. The agency kept Enron's ratings on watch for further downgrade.
Long-Running Concerns

A 50% hit to shareholder value still seems like an overreaction to a 10% reduction in shareholders' equity. The stock price reflects the expectation of additional losses to be reported and Enron's loss of credibility. Enron executives in a conference call Tuesday insisted that the worst was behind them, but few on the call believed that.
For some analysts, Enron's revelations only fed long-running concerns about the company's lack of financial disclosure.
Cary Wasden, managing partner of Reed Wasden Research, has had a "sell" recommendation on Enron since March. Unlike the analysts at big Wall Street firms, Wasden isn't in the business of selling stock. His firm isn't involved in brokerage and isn't a hedge fund. Wasden gets paid for his research, and the company doesn't invest in the securities it covers.
A main Wasden concern with Enron is that the company has regularly included the proceeds from one-time sale of physical assets in operating income. His belief is that Enron has dramatically inflated its earnings for the past couple of years - a concern to which an Enron spokeswoman couldn't immediately respond.
"Don't believe by any means this is the end of the story," Wasden said.
Wall Street sell-side analysts have largely kept Enron as a "buy" or "strong buy" as the stock fell from $90 to $20. But even they are expressing concerns about the quality of Enron's reporting.
For now, the plunge in the price of Enron's shares and bonds, which last week started trading like junk-rated debt, hasn't hurt its credit standing with energy trading partners.
"We haven't changed our thinking regarding Enron or our policies and practices. We're watching it, and so is everybody else, but they are a solid company," Reliant Energy Inc. (REI) spokesman Richard Wheatley said in a typical reaction. "This is unfortunately a feeding frenzy regarding some dealings that I'm sure Enron will be able to come out of at some point."
Keeping Talent A Challenge

Enron is a big company - far too big to ignore. But continued deterioration in the price of its shares and bonds could lead counterparties to restrict their traders' transactions with Enron. If the company's investment-grade bonds continue to trade near levels traditionally considered distressed, risk managers won't be able to ignore it, whatever else Moody's does.
Assuming that doesn't happen, Enron still faces a tough road ahead. Like all companies, Enron is the combination of capital and talent. For financial companies, talent is the more important ingredient, and Enron has been suffering damage to its talent for some time.
New Chief Executive Jeff Skilling left in August, and a handful of his key lieutenants left earlier in the year. The losses can be expected to continue. Much of the top management cashed out when the company's stock price was high and moved on. Now middle management on down is angry and anxious to move on, if they haven't already.
Over the years, Enron has compensated its very talented labor with stock options to make up for base pay considered low by the industry. Those options are now nearly worthless. If Enron's debt-service costs rise, the company could struggle to attract the talent needed to generate income in its core business of trading energy in North America.
Some analysts would like to see more turnover at the very top. When Skilling left, nobody believed Skilling or Chairman Kenneth Lay's assurances that it was for "personal reasons." When CFO Fastow was forced out of his position last week, Lay said, "In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO."
That's putting words in Wall Street analysts' mouths. Who thought scapegoating Fastow was really the answer?
"I don't know anybody who said that," Wasden said. "What did the CFO do, what did Skilling do, that Ken Lay wasn't part of?"
Real change will have to come from without, Wasden said.
"Enron has been a cult, more than a company," he said. "Recruiting from within does nothing to change the company, it just changes the disciples. Enron needs to pull some top talent from outside."
Nevertheless, Wasden thinks Enron's stock has reached its natural floor and, if the company starts disclosing how it really makes money, it can recover over time.
"There are a lot of earnings that can be wrung out of really strong operating assets, like pipelines and power plants," he said.
That means paying more attention to the assets that Enron has spent the past few years denigrating. Given the bind Enron is in, Lay won't have much choice. Enron will survive, but it won't be the same company at all.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

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

OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's

10/29/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

(Moody's corrected its stance on Enron ratings to a downgrade)
NEW YORK (AFX) - Moody's Investors Service said it has lowered the senior unsecured long-term debt ratings of Enron Corp from Baa1 to Baa2 following a deterioration in Enron's financial flexibility since the company announced significant writedowns as well as equity charges in previously undisclosed partnership investments.
The long-term debt ratings remain on review for further downgrade, Moody's said.
Moody's also placed the company's Prime-2 rating for commercial paper on review for downgrade.
Moody's initially placed Enron's long-term debt ratings on review on Oct 16. The write-downs and equity charges led to a substantial loss in investor confidence that has led to a more than halving of Enron's share price and difficulties in rolling over commercial paper, according to Moody's.
In response to these events, Moody's said Enron has shored up its near-term liquidity position by drawing down on all of its committed revolving credit facilities and buying back its outstanding commercial paper, leaving the company with a net cash position of approximately 1.2 bln usd.
Moody's said it plans to focus on management's success in lining up further liquidity support and on their ability to retain credit availability from their major counterparties.
aw/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

USA: Moody's cuts Enron to 2 notches above "junk".

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Moody's Investors Service on Monday cut embattled energy trading giant Enron Corp.'s senior unsecured debt rating to two notches above junk status, and warned it may cut that rating again, as well as its rating for Enron's commercial paper.
The rating agency cut Houston-based Enron's senior unsecured debt to "Baa2" from "Baa1," and said it may cut Enron's "Prime-2" commercial paper rating, which affects short-term debt. Its rating actions affect $13 billion.
Moody's said Enron is suffering from deteriorating financial flexibility since it announced big write-downs and equity charges from previously undisclosed partnership investments this month. This triggered "difficulties in rolling over commercial paper," Moody's said.
Enron, which has about $63.4 billion in energy assets, said on Monday it is talking with banks to get more credit, after last week drawing down $3 billion from a bank credit line to buy back its outstanding commercial paper.
Its shares traded Monday on the New York Stock Exchange at $13.75, down $1.75, or 11.3 percent. They have fallen 62 percent since Oct. 12, from $35.81.
Rating agency, Standard & Poor's, on Thursday revised its outlook for Enron's ratings to "negative" from "stable."

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

UK: Europe energy firms wary of Enron on credit worries.
By Stuart Penson

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 29 (Reuters) - Energy companies in Europe are shying away from trading with troubled U.S. energy group Enron amid concerns about the company's credit status, industry sources said on Monday.
Several large energy groups have frozen their dealings with Enron - one of Europe's biggest gas and power traders - as they hold urgent talks with the U.S. group about setting up new credit arrangements, the sources said.
"I think Enron's approach is to get the major counterparties back on board as quickly as possible and then hope the smaller ones will follow," said the head of risk management at one UK utility that halted its trade with Enron last week.
"They are talking with us about bank letters of credit," he said. "The people that are still trading with them are doing so on a very restrictive basis."
A spokesman for Enron's European headquarters in London headquarters declined to comment.
Reluctance to trade with Enron in Europe comes as the company tries to rebuild investor confidence after its stock hit five-year lows.
Triggering the slide was news last week the U.S. Securities and Exchange Commission is investigating huge losses relating to a private equity operation run by its former chief financial officer.
Houston-based Enron trades a large amount of its volume in the U.S. and Europe through its Internet EnronOnline system.
Last Friday the company said trade on EnronOnline was above average levels with more than 8,400 transactions at a notional value of approximately $4 billion.
Traders said Enron's plight could hit liquidity in European gas and power markets, where liberalisation has unleashed rapid growth in energy trading in the last couple of years.
One industry source cited a brokers list showing eight companies in the UK electricity market had put on hold their trading Enron, which is among the biggest five traders in the market.
In mainland Europe, where Enron has been a major driver of liquidity, potential counterparties are treading with care.
"We are avoiding them as counterparties - either by not trading with them or by using a 'sleeve' (a third party trader)," said a senior trader at one of Germany's big utilities, who declined to be named.
French traders said wariness about dealing with Enron had dampened liquidity although Enron was still in the market on Monday morning.
"Enron is a major player so counter parties are looking to see if there is a problem," said one French trader.

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

BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
By Michael Rieke

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Thanks to Enron Corp. (ENE), the broadband sector again looks like a place to make money.
But it won't be traders who will cash in on this new potential. It will be class-action attorneys. They're already lining up to sue Enron in at least five shareholder suits.
As of Oct. 25, two of lawsuits had been filed against Enron in federal court and three more in Texas state court. Most of them name as defendants Ken Lay, Enron's longtime chairman, former Chief Executive Jeff Skilling and Andrew Fastow, Enron's chief financial officer until he was put on leave of absence Oct. 25.
Still another suit, which isn't a class action suit, was filed naming as defendants members of Enron's board of directors.
All the lawsuits concentrate on private investment partnerships Enron set up, many of them managed by Fastow. Most of the suits contend that it was a conflict of interest to have the Fastow partnerships doing complicated hedging transactions with Enron.
The transactions named in the lawsuits involved billions of dollars of underperforming assets in broadband, water and other Enron investments.
Fastow operated on both sides of some of those transactions. As Enron's chief financial officer, he was being paid to manage the corporation's finances. As general partner of two LJM partnerships, he managed the counterparties to billions of dollars of trades with Enron. He shared in profits of those partnerships.
When investors began demanding information about the transactions, Enron's share price began to slide. With the heat on, Enron recently unwound the trades with the partnerships and booked $544 million related to losses from early termination of the deals, among other things.
That's when the class action attorneys went to work. So far, at least 14 law firms are representing the plaintiffs. Enron didn't respond to calls asking about the lawsuits.
Among the law firms representing plaintiffs is Milberg Weiss Bershad Hynes & Lerach, which put out a news release announcing its lawsuit. The release points out that the firm has been responsible for recovering more than $30 billion from class action lawsuits.
The lawsuits bring up questions about the bandwidth trading market. Some of the deals with the LJM partnerships run by Fastow "purportedly involved hedging transactions in the broadband market," according to Abrams and Franks v. Enron et al.
That could tie into questions that have lingered in the bandwidth market for months. Market skeptics have said Enron and other energy companies are the only ones trading bandwidth.
Enron has reported that it has been trading with a growing number of counterparties, a total of 120 in the second quarter of this year, according to Enron.
Now market watchers will want to know if any of Enron's trades were done with the LJM partnerships managed by Fastow.
They will also want to know how many bandwidth trades were done with Chewco Investments. That Houston company, according to a report in The Wall Street Journal, was managed by Michael Kopper and was set up in 1997 when Kopper was a managing director with Enron's Global Equity Markets Group. He left Enron earlier this year to work for partnerships run by Fastow.
Do the plaintiffs' attorneys know whether Enron was trading bandwidth with any of those investment partnerships?
"I think if is too early to tell," Thomas Bilek of Hoeffner & Bilek told Bandwidth Beat. "As you know, (information) is coming out in drabs and dribbles from Enron."
It could be several months before plaintiffs' attorneys get a chance to ask Enron officials those questions, Bilek said.
It's also too early to tell what potential damages plaintiffs could win, said Steven Schulman, an attorney with Milberg Weiss. "At this point, you can only talk about it in terms of (shareholder) losses, and the losses are in the billions."
Total losses will depend on the price each shareholder plaintiff paid for the stock and the price at which each shareholder later sold the stock.
Enron's share price topped out between $90 and $91 in the summer of last year. It set a 52-week low Oct. 26 at $15.04. That spread leaves plenty of room for losses.
Schulman told Bandwidth Beat that the record for losses in shareholder cases is $11 billion in a case involving Cendant Corp. (CD). Damages are usually a substantial portion of losses, Schulman said.
"Whether (the Enron case) is bigger or less, I couldn't opine," he said. "This is a big case, by any means."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

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