----- Forwarded by Jeff Dasovich/NA/Enron on 02/06/2001 03:30 PM -----

	David Parquet@ECT
	02/06/2001 02:40 PM

		 To: Jeff Dasovich/NA/Enron@Enron, Christopher F Calger/PDX/ECT@ECT
		 cc:
		 Subject: La times

Long article...Mentions Calpine offering 1000 MW at slightly higher than 5.5
cents/kwh.

----- Forwarded by David Parquet/SF/ECT on 02/06/2001 12:37 PM -----

	"Cole Frates" <cfrates@azurix.com>
	02/06/2001 12:24 PM
	Please respond to cfrates

		 To: <dparque@enron.com>
		 cc:
		 Subject: La times

Tuesday, February 6, 2001 |  </cgi-bin/print.cgi> Print this story
</cgi-bin/print.cgi>

Davis Vows Plan for Edison, PG&E

 The governor says that by the end of the week he will have a strategy to
help the utilities avoid bankruptcy.

By DAN MORAIN and NANCY RIVERA BROOKS, Times Staff Writers

SACRAMENTO--Gov. Gray Davis said Monday he and legislative leaders would
have a plan by week's end to avert the bankruptcy of the state's two
biggest
utilities by trading ratepayer-backed bond money for utility assets.
"The drop-dead date is clearly Feb. 12," Davis said. That is when a federal
judge is set to hear a lawsuit by Southern California Edison, joined by
Pacific Gas & Electric, that could lead to sharp rate hikes for consumers
unless a rescue plan is in place.
Momentum has been building for a plan in which the state would get control
of the utility transmission lines in return for issuing bonds to give the
utilities a cash infusion.
But Senate President Pro Tem John Burton (D-San Francisco), who argues that
California should take control of the transmission grid, said he did not
share Davis' urgency to cut a deal this week.
The wrangling comes as the state faces the end early Wednesday of what
likely is the last federal emergency order requiring that independent power
generators sell electricity in California. The Bush administration insists
it will not extend the order.
"We're not even asking," Davis spokesman Steven Maviglio said.
Several such orders issued in the past two months have forced power
generators to keep electricity flowing to California, even though Edison
and
PG&E were unable to pay the skyrocketing wholesale costs of electricity.
But the federal emergency orders are less vital now that California has
relieved the utilities of having to buy power--at a cost to taxpayers of
roughly $45 million a day.
Davis, meanwhile, plans to announce today that California has entered into
its first long-term contracts to buy power from independent generators,
thereby beginning its shift away from the reliance on spot markets.
At least one firm, Calpine Corp., was on the verge late Monday of signing a
deal to provide the state with up to 1,000 megawatts for roughly 10 years.
One megawatt is enough to serve roughly 1,000 homes. The cost could not be
determined, but it is believed to be slightly above the 5.5 cents per
kilowatt-hour that Davis had hoped for.
"Clearly, we are no longer waiting for someone else to solve our problem or
do something to bail us out," Davis said at a Capitol news conference
Monday.
"We are doing everything within our power as a state to right this ship.
We're not waiting for someone to throw us a long pass. We're going to solve
it ourselves."
Davis said he will confer with Democratic and Republican legislative
leaders
this week to resolve the complex and controversial issue of providing "a
cash infusion to the utilities so they can be viable," in exchange for
utility assets.
The Democratic governor said he is not sure how the state will help the
financially hobbled companies. It may sell bonds, or guarantee bonds that
the utilities might sell.
Either way, the bonds would give the utilities cash to help them pay down
their debt, estimated at between $6 billion and $12 billion.
"It cannot be done without assistance from the state," Davis said.
Though Burton favors taking over the transmission grid, Davis supports
taking equity stakes in the companies themselves in the form of warrants,
similar to stock options. The warrants could be cashed in after the
utilities regain their stability and used to lower the cost of electricity
for consumers, or to soften future rate hikes.
"That state assistance, no matter what form it comes in, has a value,"
Davis
said. "It is my goal to make sure that whatever the state receives in
return
has comparable value."
Davis signed legislation last week allowing the state to sell an estimated
$10 billion worth of bonds to buy power in the future. The bonds would be
purchased by investors, who would be repaid over time by the ratepayers.
By selling bonds, the state in essence will be subsidizing consumers for
the
high prices of electricity in the first year or two. But consumers will pay
higher prices in later years when the cost of electricity is likely to drop
as more power plants are built.
In addition to selling bonds to pay for power in the future, Davis said,
the
state likely will sell bonds to help the utilities defray the past cost of
power.
State Treasurer Phil Angelides, who will oversee the bond process, said in
an interview that the state had little choice but to sell bonds for future
power purchases. But he said resolving the "past debts of the utilities" is
a tougher problem.
"There is no magic money here. Bonds require a repayment source," Angelides
said. "It needs to be a buyout versus a bailout."
The Democratic treasurer said that only after coming up with their own
reorganization plan should the utilities seek state assistance.
"At the end of the day, if there are some assets of value that we are
interested in as a buyer . . . that should be on the table."
Edison and PG&E have run up billions in debt in recent months as they paid
record high prices for wholesale power, yet were unable to pass on the full
cost of it to consumers.
On Monday, a federal judge in Los Angeles is scheduled to rule on Edison's
suit alleging that the California Public Utilities Commission must allow
the
utilities to pass on the multibillion-dollar cost of buying power.
Assemblyman Fred Keeley (D-Boulder Creek), among the lawmakers most
involved
in the Legislature's response to the energy crisis, said that if utilities
win the suit and are allowed to pass on the full cost of their power
purchases, consumers could be hit with an 86% rate increase.
"I don't think we can roll the dice and let that happen," said Keeley, who
along with Assembly Speaker Bob Hertzberg (D-Sherman Oaks) has been pushing
for an early settlement of the Edison lawsuit.
However, Burton, the Legislature's most influential member, shrugged off
the
Monday deadline.
"Trial courts rule. Appellate courts rule. Supreme Courts rule, and it's
three or four years down the road," Burton said.
In other developments Monday:
* Davis again used his emergency authority to claim $150 million worth of
contracts held by PG&E, shortly before they would have been taken by one of
the utility's creditors.
PG&E had defaulted on payments to the California Power Exchange, and the
entity, a sort of commodities market for electricity, wanted to auction off
the contracts. Davis took similar action with Edison contracts Friday.
The PG&E contracts will supply between 100 and 500 megawatts of electricity
for the remainder of 2001. The price of the power will be determined in
proceedings before the state Board of Control. But the state may find
itself
paying significantly more than the relative low prices specified in the
contracts.
* Edison revealed that one of its bank accounts was seized last month by a
creditor, General ReFinancial Products Corp., which contends it is owed
$8.8
million for early termination of a financial arrangement during the
utility's debt crisis.
Edison said in a filing with the U.S. Securities and Exchange Commission
that it has asked the federal court that gave the creditor permission to
attach the account to reverse course and stop the action. The account, with
a New York bank, contains $1.5 million, Edison said.
Edison noted in the same filing that it had $1.36 billion in cash on
Monday,
but has defaulted on several million dollars' worth of debt payments and
has
"deferred" payments totaling $743 million through Monday to electricity
suppliers.
If the Rosemead utility had made all of its debt and electricity payments
as
they came due, it would have run out of cash last Friday, Edison said. In
contrast, its parent company, Edison International is paying all of its
bills.
* Shares of Edison International rose 22 cents to close at $13.23 per share
Monday and PG&E Corp. fell 14 cents to close at $13.60 per share. Both
trade
on the New York Stock Exchange.
Standard & Poor's, a large credit rating agency, reaffirmed that
California's strong rating remains on its "Credit Watch Negative" list
following Thursday's passage by the Legislature of a bill giving the state
Department of Water Resources $500 million more to buy electricity for the
state.
California's general obligation bonds carry a rating of double-A.
* S&P also downgraded to "D"--or junk-bond level--the "issuer credit
rating"
of the California Independent System Operator, reflecting the fact that the
utilities are no longer paying their electricity bills.
The downgrade does not affect any operating funds of Cal-ISO, which are
generated by transmission fees, and does not include debt issued by the
state for Cal-ISO, which retains "insured triple-A" and "A-1 plus" ratings.

(See attached file: Picture)
(See attached file: Picture)
(See attached file: Picture)
(See attached file: Picture)
(See attached file: Picture)
 - Picture
 - Picture
 - Picture
 - Picture
 - Picture


San Diego is correct we sold them  24000 mmbtu of gas at 4.67


no not necessarily... just sick of her at the moment,

From: Margaret Allen@ENRON on 04/02/2001 01:32 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:

what a pisser -- i'm still in austin so i can't go.  what about your
girlfriend?  is she on her way out?

	John Arnold@ECT
	04/02/2001 12:25 PM

		 To: Margaret Allen/Corp/Enron@ENRON
		 cc:
		 Subject:

i may have some u2 tix for tonight,   wanna go?


Thanks again.


California,s power crisis has generated heated debate over the last several
months.  Unfortunately, this debate has generated more heat than light.  We
want you to know what the facts are and what we are doing about the crisis.
Please spend a few minutes reading the following overview on the situation
and our position on California energy issues.

What happened in California

The source of California,s current problem is as straightforward as supply
and demand.  California,s economy grew 29 percent since 1998.  This increased
the demand for electricity by 24 percent.  At the same time, regulatory
restrictions prevented new generation from getting built in the state.  So
demand grew but regulations prevented supplies from being added.  The result,
predictably, is a shortage.  This summer, peak capacity will be about 10
percent shy of peak demand, leading to further blackouts in the state.

In addition to the supply and demand imbalance, there are two other related
factors that led to the current crisis.  First, the state,s regulations
forced all sales and purchases into the spot market.  The spot market for
power is extraordinarily volatile.  The way firms behave in a free market
when faced with such volatility is to construct a portfolio of purchases long
term, medium term and short term, to reduce exposure to this volatility.  In
California, state regulation prevented this strategy.  This would be the
equivalent of putting the entire state on an adjustable rate mortgage in the
most volatile interest rate environment imaginable.  Everything was fine
while the power surplus persisted, but when shortages ensued, every megawatt
was purchased at the sky rocketing spot price.

Second, retail markets were not deregulated.  Regulated retail rates remained
in effect, and stranded cost recovery charges were structured to keep
competition out.  This meant that utilities were forced to pay high wholesale
prices in the spot market but were only able to recover costs at the
regulated retail rate.  They are now nearly bankrupt.

In short, California,s problems were caused by regulation, not deregulation.
Regulations prevented competitors from entering the market, prevented new
generation from being built, and prevented prudent hedging against volatile
spot prices.

At the time California was developing its restructuring plan, Enron warned
the state,s policy makers about these risks and proposed alternatives, which,
if adopted, would have averted the current crisis.

Enron,s Role

Many political leaders in the state have elected to fix blame rather than fix
the problem.  Power sellers, including Enron, have been vilified by the
politicians and the media.  Here are the facts:

? Other than a small amount of wind power, Enron is not a generator in the
state of California.  Every megawatt we sold in California we bought in the
same market available to other California purchasers.  Because we are a
market maker, not a generator, we are not biased toward high prices.  We are
interested only in having a market that works so that we can package products
for our customers.
? As a seller to end-use markets in the state, we provided protection from
the problems the states, utilities, and their customers, now face.  We
protected, and still protect, our customers from price volatility.

You may have read that EES recently elected to have the utilities supply
power directly to its customers in California instead of procuring power on
the open market.  Early reports mischaracterized this as a &turnback8 of our
customers to the utilities.  Here are the facts:

? As a result of a variety of factors existing in the current California
market, it made more sense for EES to source power for its customers directly
from the utilities.  This decision reduced EES,s market price risk by
allowing EES to access lower utility rates.
? EES did not terminate any customer contracts, and our customers continue to
receive the financial benefits of their contract prices.
? EES is continuing to work with its California customers to provide them
with other energy-related products and services, including assistance in
reducing the demand for power, particularly at peak times.

Enron is currently proposing solutions to help California work out of its
crisis; Enron continues to sign up customers in the state; and Enron
continues to actively manage its risks and capture opportunities in Western
power markets.  Enron,s primary business is managing risk for our customers
with solutions customized to meet their needs.  There has never been more
demand for our products and services.

The Solution

The solution to California,s crisis is also straightforward.  In summary, the
state must increase supply, reduce demand, reduce reliance on the spot market
and shore up the financial stability of the state,s utilities.

Increasing Supply

California,s process for siting and permitting new generation is nothing
short of Byzantine.  Enron has built plants elsewhere in the country in less
than a year.  In California, it often takes 5 to 7 years.  California simply
must streamline this process.  Ironically, while many of the regulations
generators must overcome are aimed at improving environmental quality, the
regulations are preventing new clean technology from coming online and
displacing current plants, which emit 40 times as much NOx.  California can
have abundant power and cleaner air by expediting the permitting of new
facilities.

Reducing Demand

Customers in California today have no incentive to reduce or shift demand.
They pay the same rate no matter what the market price is.  An open retail
market would trigger demand responses, which would balance supply and demand
at lower prices than today.  California should fully open its retail market.

Reducing Reliance on the Spot Market

In a truly deregulated market, customers would protect themselves from
volatile spot prices by purchasing some of their requirements on a longer
term, fixed-price basis.  The state has instead left procurement in the hands
of the utilities, which it has forced to buy exclusively in the spot market.
Opening the market at the retail level will give customers control over their
price risk.

Restoring the Financial Integrity of the State,s Institutions

The utilities in California are not paying their bills.  This has led to
greater uncertainty in the market, higher costs, and reduced flexibility to
arrive at lasting solutions.  California must permit its utilities to recover
their costs so they can pay their bills and invest in the transmission and
distribution assets necessary to get power from where it is to where it is
needed.

Just as important as doing these things, the state must avoid policies that,
while politically attractive, do not fix the problem or even make matters
worse.  Price caps have been proposed.  They don,t work; have never worked;
and they will not work here.  Price caps succeed only in creating shortages,
which then have to be allocated among competing users.  Imagine how
ineffectively the government would be in determining, for example, whether it
is better to make its limited power supplies available to the Imperial Valley
or Silicon Valley.  Price caps are a surefire way to make the current
shortage worse.

The state has also proposed to take over generation and transmission in
California.  There is no reason to believe, and every reason to doubt, that
the state will be more effective than free markets at investing in,
constructing, operating and maintaining assets.  This will also result in
California tax revenues being spent on power transmission and power
generation -- which the private sector can do -- instead of education, roads
and other public goods -- which the private sector cannot do.

As you are approached by people outside the company or are learning about the
crisis from the media, it,s important for you to know this:  We at Enron will
continue to serve our customers and we will continue to propose real
solutions to the state.


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 07/19/2000
12:08 PM ---------------------------

Colin Tonks
07/18/2000 03:42 PM
To: Chris Gaskill/Corp/Enron@Enron
cc: Hunter S Shively/HOU/ECT@ECT
Subject: refresh page for AGA ...

To kill this page you need to kill the browser !!!

Colin

ps Chris H. did this !!!

http://nahou-entdev2k/aga/aga.html


I will be out tomorrow and I may leave early this afternoon.  Could you email
me the deal numbers for the 3 purchases and 12 sales for the month of August?


Mr. Joe Kelliher
Advisor to the Secretary
US Department of Energy

Joe -

Attached please find our thoughts on California solutions.

In the short-term, California must provide support to the Utilities to
maintain reliablity (as they are doing with CDWR purchases).  In the
longer-term, California must increase supply and reduce demand, as well as
bring retail rates in line with the cost of a reasonable portfolio of
electricity supply.

Hope this helps.  If you need anything, please feel free to call me at
713-853-7673 (work) or 713-851-2499 (cell)

Jim Steffes


mci is mailing the bill so i will fax it to you when i get it.  just send
that check this weekend b/c i am going to send in the bills.  also think of
a good weekend for us to go up and party in austin.  mid feb is probaly the
best.


couple things.   i was wondering ... did  wildhorse declare unprofitability?

and scott suggested that instead of telling them that we will be considering
laying our own gathering system, [don't tell them now what we may do],
instead of telling them that, to tell them that we will need to quickly
evaluate other alternatives in getting our gas to the plant.  that we will
need to do this quickly, because of the long lead times needed.

joan

---------------------- Forwarded by Joan Quick/HOU/ECT on 07/28/2000 09:47 AM
---------------------------
From: Joan Quick on 07/28/2000 09:39 AM
To: Gerald Nemec/HOU/ECT@ECT
cc:
Subject: Re: Wildhorse Letter

i guess this looks good to me.  you do ask for a response by aug 1st, which
means that they will get this on monday, and have 24 hrs to turn it around.
didn't know if that's what you wanted.

i found something small for you to change up.

To: Dan J Bump/DEN/ECT@Enron, Joan Quick/HOU/ECT@ECT, Scott
Josey/Corp/Enron@ENRON
cc: Brian Redmond/HOU/ECT@ECT, Barbara Gray
Subject: Wildhorse Letter

Attached is the latest version of the Wildhorse Entrada Letter.  Please
review.  I reviewed the letter with Jim Osborne and Ken Krisa yesterday and
should get their comments today.  My plan is to Fedex to Midland for Ken's
signature tomorrow morning and from there it will got to Wildhorse.


Dear Andy,
Have been reading about the troubles at Enron, hope this hasn't affected your job.
Are you and Dick going to Omaha for Christmas? Lisa, Billy and Madison will be here on the 23rd and stay for about a week. Steve, Lenora and the boys can't come until the week after Christmas. It's a very busy time of year for Steve, at work.
Lori, Jeff and their families will be here as usual.
Did you have a good Thanksgiving? We had a nice quiet day, just Lori, Jeff and their families. Lisa and Billy stayed in Austin this year as it has been a very busy football season for them.
Jeff and Marsha are back together and seem to be getting along very well. They got a new puppy last week. It's an 11 week old female, yellow Labrador. They named her Gypsy. She is really cute but is going to get pretty big. Oh well, not my problem.
Hope this finds you and Dick doing well.
Love, Aunt Mary Lou
P.S. Uncle Bob sends his love.
P.P.S. Come see us anytime!!!!


Jim,
Kristina will manage obtaining approvals/waivers in relation to the SPA.

Please forward the PGHII and Other budgets as they become available.  Thank you for your assistance.

Jessica

-----Original Message-----
From: Jim Barnes [mailto:Jim_Barnes@pgn.com]
Sent: Tuesday, October 23, 2001 2:58 PM
To: Uhl, Jessica; Metts, Mark; Geaccone, Tracy; Mordaunt, Kristina; Rod Hayslett
Cc: Jim Piro
Subject: RE: PGE 2002 Capital Costs and IT Detail

Jessica,

I have not finalized the PGH II/Other capital budgets, but they will conform to the disclosure schedule.
Let me know if you want us to pursue securing NNG approval for the decommissioning variance.

Jim B.

>>> "Uhl, Jessica" <Jessica.Uhl@ENRON.com> 10/23/01 12:26PM >>>

Jim,
Thank you for the update.  The 2002 Capital Slide/Budget for PGE (excluding subsidiaries) is now consistent with the disclosure schedule, except for the decommissioning increase mentioned below.  I believe as the SPA is written, that we still need to obtaina pproval by NWN as the total amount of the capex is increased (eventhough the funds will come from the decommissioning trust).  Kristina, am I reading this correctly?

Additionally, I have not seen a summary for the PGH II capex or Other numbers that are included in the 5.8d isclosure schedule.  Please confirm that the budget is also consistent for these items as well.

Thank you.

Jessica

-----Original Message-----
From: Jim Barnes [ <mailto:Jim_Barnes@pgn.com>]
Sent: Tuesday, October 23, 2001 11:51 AM
To: Geaccone, Tracy; Uhl, Jessica; Rod Hayslett
Subject: PGE 2002 Capital Costs and IT Detail

Hello, following up our PGE Budget presentation I am forwarding you the following information.

Jessica - the 2002 Capital Slide has been revised to be consistent with the NNG disclosure schedule.  The decommissioning forecast is up by $1.6 MM, however since this is funded by the decommissioning trust it should not be an issue.

Tracy - Do you have a time and agenda set for the Nov. 1 dry run of the budget presentation?  I may be sitting in for Piro so please keep me posted as to what the plan is.

Rod - you asked for some detail on our IT capital expenditures.  The file IT_Teresa includes the requested detail.  Note that in our UE-115 ratecase we were authorized to expend up to $96.8 MM for the  2000-2002 budget years. This is a balancing account, such that if we don't expend the money we have to refund it to customers.  As an fyi - I've pasted in below the language from our UE-115 Stipulation on IT costs.

Q.  What is the basis for the stipulation relating to issue S-45, CIS / IT Disallowance?

A.  After a Staff review of new IT systems and their associated capital costs, Staff has determined PGE's capital costs for new IT systems to be prudent.  As a result, the Parties agreed to full recovery of PGE's IT investments, subject to a Staff audit.  PGE will place into base rates 100% of the 2002 revenue requirement related to the 2000, 2001, and 2002 capital additions for the CIS/IT capital items listed below.  The 2002 revenue requirement included in base rates will be trued-up to the actual revenue requirement for the CIS/IT capital costs.  OPUC Staff will audit PGE's actual capital expenditures for the CIS/IT capital items listed below.

1. Customer information system.
2. Enterprise resources planning (ERP) system.
3. Network meter reading (NMR) backbone and data store (excluding the meters).
4. Miscellaneous capitalized information technology costs.

Some of the forecasted 2000-2002 capital additions may be delayed until 2003.  Delayed costs can also be recovered, subject to the same Staff audit procedures and standards.  Only those costs that are reasonable and prudent will be authorized for inclusion in the "actual" revenue requirement calculation.  Accordingly, customers will receive a refund for any costs PGE does not expend or costs the OPUC finds imprudent.

Let me know if you have any questions.
Jim B. 503-464-8931

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


We have received the executed amendment to the EnronOnline Electronic Trading
Agreement with the referenced counterparty dated May 16, 2000.  Copies will
be distributed.


I hope this helps on your queston about being out sick.  If you have any
other questions or need something else, please clarify this.

Thanks!

Ina
---------------------- Forwarded by Ina Rangel/HOU/ECT on 05/10/2001 09:35 AM
---------------------------
From: Carmen Chavira/ENRON@enronXgate on 05/10/2001 09:28 AM
To: Ben Brasseaux/ENRON@enronXgate
cc: Ina Rangel/HOU/ECT@ECT, Jeanie Slone/ENRON@enronXgate
Subject: RE: Tori Kuykendall

Once Tori is under Dr's care that's when the sick time starts........It could
be a few days before the delivery depending when the Dr ask the employee to
stay home, sometimes the don't stay home.  The first day the employee is out
for delivery or pre-delivery purposes sick time should start.  If the an
employee has not taken any sick time since January this year they are
eligible for 4 weeks sick pay at 100% and the following sick days are paid at
90%.  Until the Dr releases the employee all her time should be
coded sick, once the employee is release she should return to work or make
other arrangements with HR Rep.

 -----Original Message-----
From:  Brasseaux, Ben
Sent: Wednesday, May 09, 2001 7:52 PM
To: Chavira, Carmen
Subject: FW: Tori Kuykendall

Carmen,

Please assist me with this.

Thanks,
Ben

 -----Original Message-----
From:  Rangel, Ina
Sent: Wednesday, May 09, 2001 10:11 AM
To: Brasseaux, Ben
Subject: Tori Kuykendall

Ben,

Tori Kuykendall will be on maternity leave beginning in June.  How much sick
time/maternity time can she take before it goes to 90% ?

Please advise at your earliest convenience.

Many thanks,
Ina Rangel


Louise,

Chris Calger mentioned that you had some questions regarding Fort Pierce and restrictions on their ability to assume liability by virtue of their status as a municipality.  I don't know if I've charactrized this correctly, but I've never heard of such a restriction, although it may be a Florida law provision I've never come across.  If I can be of any help running this to ground please let me know.

Mike


Shirley,

Please, put it on my calendar.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/02/2001
05:44 PM ---------------------------

Joana Ryan Bekerman@ENRON
01/02/2001 04:51 PM
To: dhoog@att.net@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Amitava
Dhar/Corp/Enron@ENRON
cc: Jere C Overdyke/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
Subject: Valuation

We have a meeting tentatively scheduled for Tues, Jan 9 at 3pm with David
Port from RAC to discuss the valuation methodology (VAR v. CAR) for the
outage option book for GRM.
Let me know if you foresee a conflict with this time.
Thanks,
Joana


We haven't heard anything on this NDA, have you?


All:

Just spoke with Harvard's lawyer Kim Noble who appreciated speaking with Bill earlier this week.

ENE has triggered an Additional Termination Event under the ISDA (commercial paper rating at A-2 and ENE placed on "watch" status) but Harvard does not want to terminate.

Harvard will propose an amendment to the effect that our Threshold will drop to 0 as long as a short term rating is at A-3.

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


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Latest NFL Player News

Todd Bouman, QB MIN - Grid Iron Goons Updated 12/23/01
Bouman is now listed as probable for Sunday's game. He should be able to start against the Jaguars, but he may play with some pain in his thumb.

Jeff Graham, WR SD - Really Rottens Updated 12/23/01
Graham probably won't play Sunday at Kansas City because of the death of his father in a car accident, coach Mike Riley said Friday. If Graham doesn't play, Trevor Gaylor will start in his place and Nate Turner will be si!
gn!
ed off the practice squad. The Chargers are already missing their No. 3 receiver, Tim Dwight, due to complications of a collapsed lung.

Antowain Smith, RB NE - Team Dick Updated 12/23/01
Smith rushed for a career-high 156 yards and a touchdown Saturday. He has been one of the best runners in the AFC and will help carry your team to Fantasy glory.

Steve McNair, QB TEN - Houston Big Ballers Updated 12/23/01
McNair played Saturday despite suffering from back spasms all week. He played well, throwing a touchdown pass in the second half. Expect him to be a solid No. 1 QB.

Jeff Garcia, QB SF - C-Dawg's Boyz Updated 12/23/01
Garcia, whose practice time was limited all week, played in Saturday's game. He admitted afterwards that he has a cracked rib. He played with extra padding, saying it didn't greatly affect his throws. Garcia might not be at full strength in the remaining weeks but he will still be a solid No. 1 Fantasy QB.

Eddie George, RB TEN - Team Dick Updated 12/23/01

George played in Saturday's game despite suffering from an ankle injury. He left in the third quarter because of a neck injury but returned to the game.

Oronde Gadsden, WR MIA - Team Dick Updated 12/23/01
Gadsden did not play in Saturday's game against the Patriots because of a hamstring injury. Chris Chambers started in his absence.

Fred Beasley, RB SF - Free Agent Updated 12/23/01
Beasley broke his right hand. He will probably be sidelined for the rest of the regular season.

Joe Horn, WR NO - President Taft Updated 12/21/01
Horn is once again performing like an elite Fantasy receiver. He is a must-start player during the final weeks of the NFL season.

Maurice Smith, RB ATL - Dont Mess Updated 12/21/01
A banged-up Smith hasn't done much statistically in recent weeks. Don't depend on him during the Fantasy playoffs.

Donald Hayes
, WR CAR - Luccis Losers Updated 12/21/01
Hayes may step back into the forefront this week as the No. 1 wideout in place of Muhsin Muhammad. He isn't very explosive, however, and won't help Fantasy teams much during Weeks 15 through 17.

Chris Weinke, QB CAR - Houston Big Ballers Updated 12/21/01
Consider Weinke as a backup during the Fantasy playoffs. He lacks the weapons to post better-than-average numbers, but he is a good option if you need an emergency QB.

Kurt Warner, QB STL - Luccis Losers
Updated 12/21/01
Warner should guide many Fantasy teams to success during the playoffs. Expect fine numbers from him the rest of the way.

Rich Gannon, QB OAK - Team Chick Updated 12/21/01
Gannon has been a top-flight Fantasy QB this year. He will be a key player on many title teams, and should never be benched.

Randy Moss, WR MIN - Team Chick Updated 12/21/01

Moss started off slow this season but has once again been one of the best wideouts. Don't hesitate to start him during your playoff run.

Marvin Minnis, WR KC - Free Agent Updated 12/21/01
Minnis hasn't done much to help Fantasy owners this year. Don't use him during the remaining weeks of the NFL season.

Michael Westbrook, WR WAS - C-Dawg's Boyz Updated 12/21/01
Westbrook has been inconsistent this season as a Fantasy player. He will be a good No. 2 at best during your playoffs.

Rod Gardner, WR WAS - Houston Big Ballers Updated 12/21/01
Gardner has been very inconsistent this season. Unless you play in a deeper league, starting Gardner isn't advisable.

Tony Richardson, RB KC - Team Chick Updated 12/21/01
Richardson hasn't been a consistent scoring threat this year. Don't use him during the Fantasy playoffs.

Tony Gonzalez, TE KC - Grid Iron Goons
Updated 12/21/01
Gonzalez hasn't played as well as expected this year. Still, he is too talented to bench during the Fantasy playoffs.

Brett Favre, QB GB - Dont Mess Updated 12/21/01
Favre has been one of the best QBs this season. Count on him to help lead your team to Fantasy glory.

Trent Green, QB KC - Blue Balls Updated 12/21/01
Green has been an inconsistent Fantasy QB this year. He is a risky start during the rest of the season.

Bill Schroeder, WR GB - Grid Iron Goons Updated 12/21/01
Schroeder has had a solid season. Look for him to be a reliable No. 2 wideout during your postseason.

Matt Hasselbeck, QB SEA - Texas Terminators Updated 12/21/01
Hasselbeck has been a big disappointment this year. Don't use him during the Fantasy postseason.

Johnnie Morton, WR DET - Dont Mess Updated 12/21/01

Morton has been inconsistent this season but he will still be a solid No. 2 during the Fantasy playoffs. Keep him in your lineup.

Reggie Wayne, WR IND - Free Agent Updated 12/21/01
Wayne is healthy again, and showing signs of improvement. But he is not accomplishing enough statistically to help most Fantasy teams.

Amani Toomer, WR NYG - Grid Iron Goons Updated 12/21/01

Toomer is having a bit of a down year, but his potential to post solid Fantasy numbers makes him worth considering. He should be a solid No. 2 wideout during your playoffs.

Marvin Harrison, WR IND - C-Dawg's Boyz Updated 12/21/01
Harrison will be an important Fantasy player during the final weeks of the NFL season. He will have some good outings, even though the Colts are not in the playoff race.

Duce Staley, RB PHI - Luccis Losers Updated 12/21/01

Staley started to play well late in the season. Be sure to keep him into your starting lineup. He will be an adequate back for the playoffs.

Shawn Bryson, RB BUF - Free Agent Updated 12/21/01
Bryson will start in place of the injured Travis Henry this week. Consider him as a No. 2 RB if you need help at that spot.

More Updates

Schedule, Breakdown

President Taft

Player	Pos	Points

Brunell, Mark	QB	0.0

Dunn, Warrick	RB	0.0

Rhodes, Dominic	RB	0.0

Thomas, Anthony	RB	0.0

Holt, Torry	WR	0.0

Horn, Joe	WR	0.0

Nedney, Joe	K	5.0

Raiders	DT	5.0

TOTAL	 	10.0

White, Dez	WR	0.0

Flutie, Doug	QB	0.0

Brees, Drew	QB	0.0

Franks, Bubba	TE	0.0

James, Edgerrin	RB	0.0

Levens, Dorsey	RB	0.0

Thrash, James	WR	2.0

		at Team Chick

Player	Pos	Points

Gannon, Rich	QB	10.0

Barber, Tiki	RB	0.0

Moss, Randy	WR	0.0

Owens, Terrell	WR	12.0

Rice, Jerry	WR	8.0

Ward, Hines	WR	0.0

Stover, Matt	K	0.0

Saints	DT	0.0

TOTAL	 	30.0

Walls, Wesley	TE	0.0

Anderson, Richie	RB	0.0

Carswell, Dwayne	TE	0.0

Couch, Tim	QB	0.0

Dyson, Kevin	WR	9.0

Galloway, Joey	WR	0.0

Richardson, Tony	RB	0.0

Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc.
Your site can be reached from http://fantasy.sportsline.com

FB10SP


Vince:

I sent you an email a couple of days ago to inquire if we might get together
at your offices on July 5 or July 7 in Houston to follow up our earlier
discussions.  I notice I have two email addresses for you, so I am sending
this to both.  I am not sure the earlier transmission got to you.

Would you be available the afternoon of the 5th or the morning of the 7th to
continue our earlier discussions?  Give me an email or phone shout at
650.218.3069.

Thanks

Dale Nesbitt


> Holiday greetings!
>
> I would take a minute to share with you a special Christmas gift I
> received.
> My daughter Anna wrote a poem about Christmas (really about Jesus) that
> she gave me as a Christmas gift.
> I was rather blessed by it, and thought you might be blessed by it as
> well.
>
> -Mark
>
>
>
>        CHRISTMAS
>
> Christmas is a time to be jolly,
> To decorate with lights and holly.
>
> Santa Claus he brings the toys,
> But only for good girls and boys.
>
> But Christmas is more than just a season.
> Why we celebrate, there is a reason.
>
> It's Jesus birthday, that's why we rejoice,
> And everyone should hear our voice.
>
> So as we hang our Christmas decorations,
> And celebrate with all the nations,
>
> Remember what Christmas is all about ...
> Not Santa Claus, Elves, or Rudolph there's no doubt.
>
> But the day Jesus Christ, our Savior is born,
> The Man who wore that crown of thorns.
>
> Who died on a cross so that we may live,
> That is why we should happily give.
>
> So it's not Merry Christmas, but Happy Birthday!
> Those are the words we should say today.
>
> Anna Woita
> Christmas 2001


I just spoke with Sharon Mahon and she asked me to tell you hello.  Did you know that she was expecting a baby girl in August?  She's five months pregnant and getting married on this Sunday to
Tyrone.  Can you believe it?  She seem's happy.

Did Barbara ever talk with my friend about singing at the wedding?  What did she decide?

Talk with you later!


Attached is a draft of the letter that we propose to send to the CPUC regarding the AL2837 proceeding in which SoCal Gas is proposing changes to its "windowing" criteria. Your comments would be greatly appreciated. We need to file this tomorrow, so please communicate any comments to me by the close of business today, if possible. Thanks.


Hi!


Shirley,

I hope it's OK with the apartment company.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/30/2000
01:38 PM ---------------------------

	Enron Capital & Trade Resources Corp. - Europe

	From:  Sharad Agnihotri                           10/30/2000 11:40 AM

To: Paulo Issler/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Houston trip

Hi All,

I am hoping to come to Houston from the 5th to the 17th of November.
Sorry about the short notice.

Looking forward to seeing you.

Sharad Agnihotri


Margaret,

I shall try to invite Hunter Shiveley who is in charge of Gas Market
Fundamentals.

Vince

Margaret Carson@ENRON
11/02/2000 09:57 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: James D Steffes/NA/Enron@Enron
Subject: Dale Nesbitt meeting TUES

Vince  Do you  plan on  inviting  anyone  from the power  issues side
--perhaps Ben Jacoby, Julie Gomez, Jean Mrha, Scott Neal  to  this meeting?
Thanks  Margaret
---------------------- Forwarded by Margaret Carson/Corp/Enron on 11/02/2000
09:54 AM ---------------------------

	From:  John Goodpasture                           11/01/2000 05:53 PM

To: Vince J Kaminski/HOU/ECT@ECT, Margaret Carson/Corp/Enron@ENRON, Mike
McGowan/ET&S/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Robert
Hill/NPNG/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON
cc: Danny McCarty/LON/ECT@ECT, Bill Cordes/ET&S/Enron@ENRON, Michael
Moran/ET&S/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON

Subject: Dale Nesbitt meeting

Margaret Carson is going to join us in the meeting next week with Nesbitt.
Vince will check with ENA to see if they also want to attend.  I would also
like to determine if ETS and/or NBP would want to send a representative(s),
although Margaret said she would take copious notes for distribution to other
key players as necessary.  We should ask Nesbitt how he would structure a
deal for multiple clients (eg. ETS, NBP, ENA, and maybe El Paso).

[We need to remain aware of any "affiliate" issues that may result, and make
certain that we are in complete compliance with the regs.]

I will wait until after our meeting with Nesbitt before deciding if/how to
approach El Paso.  Presumably, if asked to particpate, they would share the
cost and have independent access to any working model that is developed.

JNG

---------------------- Forwarded by John Goodpasture/OTS/Enron on 11/01/2000
04:51 PM ---------------------------

Vince J Kaminski@ECT
10/30/2000 04:42 PM
To: John Goodpasture/OTS/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Dale Nesbitt

John,

I talked to Dale Nesbitt. He suggested that the best way to evaluate his
model is to
go through a one week intensive project with assistance of somebody from his
company.
Our cost  is a flat fee of $12,500 that would be deducted from the purchase
price of $55,000,
in case we buy the software package.

The price of 55K is indicative and will be adjusted based on the required
level of support.

Dale will be in Houston next week. I have tentatively invited him to visit
with us on Tuesday,
November 7, at 3:00 p.m. He will adjust if you are busy at this time.

Please, let me know what you think.

Vince


i have a dinner to go to


Tom,

Thanks for your message.

I shall be glad to attend the meeting (of course a lot may happen between
now and then and we may have many unexpected developments
in a company as dynamic as Enron).

I want to get back to you at some point with comments on your paper.

Vince

Tom Arnold <tarnold@finance.lsu.edu> on 07/03/2000 05:19:48 PM
To: vkamins@enron.com
cc:
Subject: EFA meetings

Hello Vince,

A colleague and I are hoping to have a panel discussion on energy
securities for the coming Eastern Finance Association Meetings (April
25-28, 2001 in Charleston, South Carolina).  I was wondering if you or
someone you know at Enron would be interested in participating in such a
meeting.  I realize that you may not be able to plan this far in advance
and would certainly not be offended in the least if you cannot participate.
 We already appreciate you taking time out of your schedule this past
semester to visit LSU.

I hope all is going well and wish you continued success in your ventures,

Tom Arnold


Sara,
SSB docs attached and hard copies of Morgan Stanley's were sent to Cheryl
yesterday.  Cheryl please forward to Sara.
Many thanks. Sg
---------------------- Forwarded by Sheila Glover/HOU/ECT on 04/26/2001 08:01
AM ---------------------------

	From:  Sheila Glover                           04/24/2001 03:32 PM

To: Cheryl Nelson/NA/Enron@Enron
cc: Sara Shackleton/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Clara
Carrington/HOU/ECT, Greg Whiting/Corp/Enron, Kim S Theriot/HOU/ECT@ECT
Subject: SSB commodity acct docs

Cheryl,
Documents for your review.
Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 04/24/2001 03:07
PM ---------------------------

"Wilson, Tania Meyer [PVTC]" <tania.meyer.wilson@rssmb.com> on 04/24/2001
02:50:10 PM
To: "'sheila.glover@enron.com'" <sheila.glover@enron.com>
cc: "Gallagher, Brian J [PVTC]" <brian.j.gallagher@rssmb.com>
Subject: SSB commodity acct docs

> commodity disclosure booklet to read.
> commodity agreement booklet for signing. (includes forex language.)
> wire transfer instructions for daily fed fund wires.
>
> please call/email either brian or myself should you have any questions.
>
> regards, Tania
>
>  <<cmdy dsclr booklet>>  <<wire trf instx>>  <<cmdy agrmt booklet>>
>
> Tania Meyer Wilson
> Vice President-Investments
> Control Administrator
> Salomon Smith Barney
> 10 South Wacker Drive
> Suite 2800
> Chicago, IL   60606-7407
>
> P: 312-648-3420
> F: 312-648-3328
> T: 800-621-5231
>
> http://www.salomonsmithbarney.com/
>
>
>

--------------------------------------------------------------
Reminder:  E-mail sent through the Internet is not secure.
Do not use e-mail to send us confidential information
such as credit card numbers, changes of address, PIN
numbers, passwords, or other important information.
Do not e-mail orders to buy or sell securities, transfer
funds, or send time sensitive instructions. We will not
accept such orders or instructions.  This e-mail is not
an official trade confirmation for transactions executed
for your account.  Your e-mail message is not private in
that it is subject to review by the Firm, its officers,
agents and employees.
--------------------------------------------------------------
 - cmdy dsclr booklet.pdf
 - wire trf instx.pdf
 - cmdy agrmt booklet.pdf


Help!
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Brent -

My inclination is to not stray from the ETA languauge and warranties.  If there are technical problems, we should probably investigate this with the EOL team and determine why the integrity of the data is suspect.  I would think this problem is not isolated to Williams.

I'll talk to Mark.

Mark

 -----Original Message-----
From: 	Hendry, Brent
Sent:	Monday, October 22, 2001 11:30 AM
To:	Taylor, Mark E (Legal); Greenberg, Mark
Subject:	FW: Williams New Comments-EOL Amendment
Importance:	High

Mark and Mark,
I sent out a blacklined document with the additional changes on Friday and we received this today.  Kim is following up to find out what they mean by significant problems with the integrity of the data.  How do we respond to the warranty issues they raise?
Brent
 -----Original Message-----
From: 	Theriot, Kim S.
Sent:	Monday, October 22, 2001 9:15 AM
To:	Hendry, Brent; Moore, Janet H.
Subject:	Williams New Comments-EOL Amendment
Importance:	High

Well....we thought we were close but look at Williams latest comments....How do we proceed from here??

Kim

 -----Original Message-----
From: 	"Jones, Gayla" <Gayla.Jones@Williams.com>@ENRON
Sent:	Monday, October 22, 2001 8:28 AM
To:	Theriot, Kim S.
Cc:	Poole, Tracy; Crew, Jerry
Subject:	Problem

 We just thought we were going to get this signed. The Confirmations supervisor has some problems as outlined below. Can we fix this in the amendment?  Do you want us to send language?
I would like to hold off executing this amendment until we can include a warranty provision (including remedies) regarding the accuracy of the "electronic records of the EOL transactions" . This is a result of:
?       the current EOL service agreement disclaims all warranties as to the accuracy of the website information (Sec 4.b of the service agreement)

?       the amendment in its current form does not warrant the accuracy of the electronic information, yet it will replace the confirmation, and

?       we are currently experiencing significant problems with the integrity of the data obtained from the website,  which I would have to assume would be the same data that would replace the confirmations.

Gayla Jones (Gayla.Jones@Williams. com)
Contract Administrator
Williams Energy Marketing & Trading Company
One Williams Center MD18-5
Tulsa OK 74172
918-573-5716
918-573-1935 (fax)
918-632-4923 (pager)


As we discussed, here is a first cut at the next steps along the
partnership, accelerator, and compensation activities.  I assume Lou will
take the lead on the Accelerator next steps while you and Cindy will do so
for the other two categories.  See you tomorrow morning.
----- Forwarded by Suzanne Nimocks/HOU/NorthAmerica/MCKINSEY on 12/14/2000
07:41 AM -----

                    Dan
                    Marcontell           To:     Suzanne
                    12/13/2000
Nimocks/HOU/NorthAmerica/MCKINSEY@MCKINSEY, Jon
                    10:31 PM
Zagrodzky/HOU/NorthAmerica/MCKINSEY@MCKINSEY
                                         cc:
                                         Subject:     Next Steps

Suzanne - as per your changes this evening....

(See attached file: NextSteps06.ppt)

+-------------------------------------------------------------+
| This message may contain confidential and/or privileged     |
| information.  If you are not the addressee or authorized to |
| receive this for the addressee, you must not use, copy,     |
| disclose or take any action based on this message or any    |
| information herein.  If you have received this message in   |
| error, please advise the sender immediately by reply e-mail |
| and delete this message.  Thank you for your cooperation.   |
+-------------------------------------------------------------+
 - NextSteps06.ppt


SBX 1 (Soto and Scott) which establishes a windfall profits tax, passed
off of the Senate floor moments ago on a party-line vote of 25 - 12.  I
have attached the most recent version of the bill for your review.

http://info.sen.ca.gov/pub/bill/sen/sb_0001-0050/sbx1_1_bill_20010503_amended_
sen.pdf


In case you have not seen, attached is a copy of a speech Steve Peace gave on
energy
supply.  Also:

*  I spoke with Tom Riley, UC/CSU account manager, and he has a conference
call with
the customer tomorrow.  He feels very confident that UC/CSU San Diego will
jump on this
issue.  We need to discuss how we want to use them and when.  Obviously the
sooner,
the better.

* I have not heard back from The New Power Company, but Dennis has a pricing
plan if they
are willing to move forward.  I have left a message with Lou to determine
what his thoughts are
and should hear back tonight.

* I'm still waiting for a list of three residential customers that may be
willing to talk, as well as
other San Diego based businesses.

Peggy
---------------------- Forwarded by Peggy Mahoney/HOU/EES on 07/19/2000 05:52
PM ---------------------------
From: Tom Riley/Western Region/The Bentley Company@Exchange on 07/19/2000
05:29 PM
To: Peggy Mahoney/HOU/EES@EES
cc:
Subject: FW: Steve Peace On Energy Supply

-----Original Message-----
From: "Tony Valenzuela" <tvalenzuela@calstate.edu>@ENRON@EES
Sent: Monday, July 17, 2000 4:26 PM
To: "Riley, Tom" <Tom_Riley@enron.com>; "Curtis, Michele"
<Michele_Curtis@enron.com>
Subject: FW: Steve Peace On Energy Supply

Tom:
FYI
 - S. Peace on Energy Shortage.doc


More for the contract...
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/15/2001 03:26
PM ---------------------------

stephen.swift@ps.ge.com on 02/15/2001 03:20:48 PM
To: Suzanne.Adams@enron.com, Sheila.Tweed@enron.com, Ben.Jacoby@enron.com,
Lisa.Bills@enron.com, Roseann.Engeldorf@enron.com, Scott.Dieball@enron.com,
michael.barnas@ps.ge.com, kent.shoemaker@ae.ge.com, kay.mann@enron.com,
john.schroeder@ps.ge.com
cc:

Subject: World  Hunger Latest LOL and Indemnity

Sheila,

Here is the latest.  Sorry I missed the call.

Steve

-----Original Message-----
From: Swift, Stephen L (PS, CommOps)
Sent: Wednesday, January 17, 2001 12:07 PM
To: 'Suzanne.Adams@enron.com'; Sheila.Tweed@enron.com;
Ben.Jacoby@enron.com; Lisa.Bills@enron.com; Roseann.Engeldorf@enron.com;
Scott.Dieball@enron.com; Swift, Stephen L (PS, CommOps); Barnas, Michael
C (PS, Legal); Shoemaker, Kent (GEAE); kay.mann@enron.com; Schroeder,
John H Jr (PS, Sales)
Subject: RE: WEEKLY GE CONFERENCE CALL

Attached is the latest draft of LOL and indemnity.

Talk to you next week.

Steve

-----Original Message-----
From: Suzanne.Adams@enron.com [mailto:Suzanne.Adams@enron.com]
Sent: Wednesday, January 17, 2001 11:51 AM
To: Sheila.Tweed@enron.com; Ben.Jacoby@enron.com; Lisa.Bills@enron.com;
Roseann.Engeldorf@enron.com; Scott.Dieball@enron.com;
Stephen.swift@ps.ge.com; Michael.barnas@ps.ge.com;
Kent.shoemaker@ae.ge.com; kay.mann@enron.com; john.schroeder@ps.ge.com
Subject: WEEKLY GE CONFERENCE CALL
Importance: High

THE WEEKLY GE CONFERENCE CALL SCHEDULED FOR TODAY, JANUARY 17, 2001, IS
CANCELLED.

 - WorldHungerMods 2-15-01.doc


-----Original Message-----
From: 	Laferla, Lynda
Sent:	Thursday, January 10, 2002 10:17 AM
To:	Schoolcraft, Darrell
Cc:	Collins, Marion
Subject:	FW: A wonderful Message by George Carlin- of all people!

	SOMETHING TO THINK ABOUT...........LYNDA

Subject: Fwd: A wonderful Message by George Carlin- of all people!

          The paradox of our time in history is that we have taller
          buildings but shorter tempers, wider freeways, but narrower
          viewpoints.

          We spend more, but have less. We buy more, but enjoy less.

          We have bigger houses and smaller families, more conveniences,
          but less time.

          We have more degrees but less sense, more knowledge, but less
          judgment, more
          experts, yet more problems, more medicine, but less wellness.

          We drink too much, smoke too much, spend too recklessly, laugh
          too little, drive too fast, get too angry, stay up too late, get
          up too tired, read too little, watch TV too much, and pray too
          seldom.

          We have multiplied our possessions, but reduced our values.

          We talk too much, love too seldom, and hate too often.

          We've learned how to make a living, but not a life.

          We've added years to life not life to years.

          We've been all the way to the moon and back, but have trouble
          crossing the street to meet a new neighbor.

          We conquered outer space but not inner space.

          We've done larger things, but not better things.

          We've cleaned up the air, but polluted the soul.

          We've conquered the atom, but not our prejudice.

          We write more, but learn less.

          We plan more, but accomplish less.

          We've learned to rush, but not to wait.

          We build more computers to hold more information, to produce more
          copies than ever, but we communicate less and less.

          These are the times of fast foods and slow digestion, big men and
          small character, steep profits and shallow relationships.

          These are the days of two incomes but more divorce, fancier
          houses, but broken homes.

          These are days of quick trips, disposable diapers, throwaway
          morality, one night stands, overweight bodies, and pills that do
          everything from cheer, to quiet, to kill.

          It is a time when there is much in the showroom window and
          nothing in the stockroom.

          A time when technology can bring this letter to you, and a time
          when you can choose either to share this insight, or to just hit
          delete.

          Remember, spend some time with your loved ones, because they are
          not going
          to be around forever.

          Remember, say a kind word to someone who looks up to you in awe,
          because
          that little person soon will grow up and leave your side.

          Remember, to give a warm hug to the one next to you, because that
          is the only treasure you can give with your heart and it doesn't
          cost a cent.

          Remember, to say, "I love you" to your partner and your loved
          ones, but most
          of all mean it.  A kiss and an embrace will mend hurt when it
          comes from deep inside of you.

          Remember to hold hands and cherish the moment for someday that
          person will not be there again.  Give time to love, give time to
          speak and give time to share the precious thoughts in your mind

     <<<<


Jeff,
Interesting.  Do you like this guy?  What about Crude and products
origination working for Randy?  On the LNG front we should look at him if you
like him but i don't think it is a no brainer.  Neal will be coming on in 2
weeks, do we need him?  Maybe we do.
m


This is my favorite new game.  Also, the latest issue of "Wine Spectator"
has a photo of Charlie Trotter on the cover.  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 03/06/2000
02:57 PM ---------------------------

Lynn Aven@ENRON_DEVELOPMENT
03/03/2000 07:11 AM
To: Sara Shackleton@ENRON_DEVELOPMENT
cc:
Subject: A new form of Bingo.

Here it is.

Lynn
---------------------- Forwarded by Lynn Aven/ENRON_DEVELOPMENT on 03/03/2000
07:16 AM ---------------------------

"Hoffman, Catherine" <HoffmanC@EpEnergy.com> on 09/14/99 02:36:58 PM
To: "'Franck, Vic       tbs via internet'" <vic_franck@tennecotbs.com>,
"'Cleaver, Mark'" <mark.cleaver@trw.com>, Lynn
Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: A new form of Bingo.

>      This is very appropriate game for playing while bored off your nut at
>
>      meetings.
>
>     <<bingo.doc>>

**********************************************************************
This email and any files transmitted with it are confidential and
intended solely for the use of the individual or entity to whom they
are addressed. If you have received this email in error please forward
the message to EMAdmin@epenergy.com
**********************************************************************
 - bingo.doc


> To:  Paul Y'Barbo
>
> From: Chuck Thompson
>
> Subject: Rio Puerco Operating Issues
>
>
> Here's the "quick and dirty" on the strategies discussed on Monday....
>
> *	Look at the TW 10" as the primary run..... investigate the
> possibility of installing 1/4" (thickness) orifice plates in both TW
> runs....If 1/4" plates are not possible, investigate meter run
> change-outs....TW to speed up the pid response on the "mushroom"
> regulators....
> *	Take the TW "mushrooms" out of service and PNM to provide
> flow-control.... take the TW positive shut-in valve out of service.... PNM
> to provide shut in sequence with minimum flow parameters to be set at
> approx 12,000 - 15,000 mcfd rate....
> *	Investigate joint venture ultrasonic installation.
>
> Sorry for the delay in getting this out.... took my notebook out and put
> it in my truck, son took my truck..... or if you don't like that one....
> my dog ate my papers..... had to use the paper to write an emergency note
> for an elderly couple.....
>


Steve:
Here's a substantially more cleaned-version, with attachments.  There's a
hard copy on your chair.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 05:57 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/15/2001 05:56 PM

		 To: jdasovic@enron.com
		 cc:
		 Subject:

Jim:
It was a pleasure speaking with you yesterday.  Based on our conversation,
this email includes the following:

An Enron contact to discuss developing small-scale generation on Tribal lands.

Our views on the impediments to distributed generation and suggestions on how
to remove those impediments.

A description of the credit issues that continue to impede DWR,s ability to
sign contracts with power suppliers, and options to resolve them. Two
possible options for addressing the credit issue are 1) a California PUC
order clarifying that DWR will recover its power purchase costs through
rates, and 2) an amendment to AB1X designed to accomplish the same goal.  I
have attached talking points regarding the California PUC order and proposed
amendments to AB1X.  We believe that an amendment to AB1X is the preferable
option.

Our assessment of the supply/demand picture in California.

Our suggestions for a legislative package designed to solve both the near-
and long-term electricity crisis in California.  We will deliver to your
office tomorrow detailed legislative language.  In those materials we will
also identify existing bills that we believe can easily accommodate our
proposed language.

I hope that the information is useful.  Please do not hesitate to contact me
if you would like to discuss these materials further, or if there is anything
else that I can do to assist you.

Regards,
Ken

Contact Information to Discuss Interest Expressed by Native American Tribes
in Installing Small-scale Generation on Tribal Lands

David Parquet, Vice-President
Enron North America
101 California Street, Suite 1950
San Francisco, CA 94111
Phone: 415.782.7820
Fax: 415.782.7851

2. Key Barriers to Distributed Generation

Excessive and Unnecessary Utility Stand-by Charges

Solution: The executive orders issued by the Governor on February 14th took a
step in the right direction.  Utility stand-by charges have always been
designed by the utilities to protect their monopoly position, extract
monopoly prices from customers, or both.  But there is no reason to limit the
elimination of these charges to generation facilities that are less than
1MW.  These limits will only lengthen unnecessarily the time it takes for
California to close the significant gap between supply and demand and reduce
the risk of black outs this summer.  We would propose lifting the cap by
offering amendments to SB27X, which is designed to facilitate development of
distributed generation.

Excessive delays and costs related to interconnecting facilities with
investor-owned and municipal utilities

Solution:   The Governor,s executive order regarding interconnection is a
step in the right direction*D-D-26-01 requires utilities to complete
interconnection studies within 7 days.  California should ensure that this
requirement applies to all generation facilities, including distributed
generation.  In addition, the financial conflicts the utilities face when
interconnecting generation facilities are simply too powerful to overcome
through executive orders or other regulations.  To the greatest extent
possible, California should shift control over interconnection away from the
utility and place that control with the California ISO.  This could be
accomplished through amendments to SB 27X.

Permitting and Air Quality Issues
Developers of distributed (i.e., &on-site8) generation that is 50 MWs or
greater must receive certification from the California Energy Commission and
therefore face all of the impediments to development that large-scale
generation faces.

Solution: California should ensure that the executive orders (D-22-01 thru
D-26-01) issued by the Governor to expedite plant siting and maximize plant
output apply equally to smaller scale, &distributed generation8 facilities.
In addition, distributed generation that is less than 50 MWs continues to
face local opposition.  The State should ensure that local, parochial
interests cannot block otherwise beneficial distributed generation projects.
These objectives could be accomplished through amendments to SB27X.

3. Credit Concerns Regarding Authority Granted to DWR in AB1X to Purchase
Electricity on Behalf of the Utilities

Enron responded to the RFP issued by DWR to enter into power contracts with
suppliers.
Enron is in active discussions with DWR to establish contract terms with the
goal of entering into a power purchase agreement as soon as possible.
However, ambiguities contained in AB1X have created significant credit risk
concerns that need to be resolved in order to finalize contract terms.
We understand that the lion,s share of counterparties share Enron,s credit
risk concerns.
Enron has proposed several options for resolving the credit risk issues and
is working with DWR to arrive at a solution that is mutually agreeable to
both sides and that might serve as a template for power purchase agreements
going forward.

Summary of the Source of the Credit Risk Issue

Ambiguous Ratemaking Authority
The language in AB1X is ambiguous as to whether DWR has any authority to
charge California ratepayers for the costs of purchasing power.  From our
analysis of the bill, the language in AB1X appears to leave intact the
California PUC,s exclusive jurisdiction over ratemaking in California.  As
such, suppliers have no assurance that the PUC will agree to include in rates
adequate charges to cover DWR,s costs of power purchases.

Ambiguous Regulatory Authority Regarding Contract &Prudence8
The language in AB1X leaves open the possibility that the California Public
Utilities Commission could determine that power purchases made by DWR are
&imprudent.8  On the basis of such a finding, the CPUC could then refuse to
allow DWR to collect from ratepayers the costs associated with its power
purchases.  Consequently, suppliers have no assurance that the PUC will agree
to include in rates the charges to cover the costs of power contracts that
DWR has entered into with suppliers.

Ambiguous Language Regarding the Ratemaking Mechanism that Will Be Used to
Recover DWR,s Costs of Power Purchases
In addition to the ambiguity regarding ratemaking and regulatory authority
noted above, the language in the bill is equally ambiguous with respect to
the specific ratemaking &mechanics8 that AB1X directs the PUC to employ to
permit DWR to recover its power purchase costs. Based on our analysis, it is
extremely difficult to determine how the PUC would design the rates to ensure
DWR recovers its power purchase costs.  Moreover, as currently drafted, it is
difficult to determine whether AB1X would even permit the PUC to include in
rates all of the charges necessary to fully recover DWR,s power purchase
costs.  Again, this ambiguity raises significant credit risk concerns since
suppliers have little assurance that DWR will have the ability to recover
from ratepayers the costs of purchasing power.

Options to Resolve Concerns Regarding Credit Risk

We have been working diligently with DWR officials to resolve the credit risk
issues.  We have identified three options:

Amend AB1X
The amendments, which are attached to this email, would clarify that a) the
PUC would accept as &prudent and reasonable8 all purchase costs incurred by
DWR, and b) the PUC is obligated to include in rates the charges necessary to
ensure that DWR fully recovers its costs of power purchases.  This is the
preferred option, though we understand that the there may be some political
challenges standing in the way of amending AB1X.  (See attached file
entitled, &AmendAB1X.doc8.)

Clarify the Ambiguities in AB1X through an Order Issued by the PUC, and
through Contract Language
This is the option that we are currently working with DWR officials to
implement.  However, it is more complicated and could take significantly more
time to implement than the "legislative" fix.  We have attached electronic
copies of the talking points related to the order that the California PUC
would need to issue under this option.  (See attached file entitled,
&cpuctalkingpoints.doc.8)

Make Use of Other Instruments Designed to Address Credit Risk
As indicated in our letter responding to DWR,s RFP, we are willing to accept
other forms of credit from DWR.  Those options include a letter of credit,
cash prepayment, or an acceptable form of collateral.  DWR officials have
indicated to us that DWR prefers to pursue the second options. That is, DWR
prefers to clarify the ambiguities in AB1X through a PUC order and through
contract amendments.

4. California,s Supply-demand Picture Heading into Summer 2001

Both the California Energy Commission and Cambridge Energy Research
Associates (CERA), a private sector energy think tank, have issued reports
showing that California faces a severe supply-demand imbalance.  They differ
only on how much and how soon additional supply will be made available.  All
credible sources agree that supply will be very tight throughout the Summer
of 2001 and that unless a solution is found immediately, blackouts are
likely.

CEC and CERA both forecast that California will be short of supply this
summer by approximately 5,000 MW.   These numbers are in line with our
estimates.  California,s supply base currently has a 6% capacity margin, well
below the average 15-20%, which is recommended for reliable system operation
in the West.  Since the West relies more heavily upon hydroelectric power
than other regions, reserves are particularly important, owing to the
unpredictability of the weather and the dry year the West has experienced to
date. In the event of a low rain and snow period, the system must possess the
flexibility to respond to the reduced availability of power supply.
California,s very low reserve margin makes it especially susceptible to this
requirement.

Other reasons for reduced supply for the Summer of 2001 include the early
draw-down of reservoirs in the continual effort to manage California's severe
supply-demand gap; emissions restrictions on existing plants; and a reduced
number of customers who can be curtailed under their contracts with the
utilities.  Cambridge Energy Research Associates asserts that at the current
pace of siting, permitting and construction, adequate supplies will not be
added to correct the market imbalance until 2003 at the earliest.

CERA predicts that California is likely to face approximately 20 hours of
rolling black outs this summer.  The CEC paints a considerably more
optimistic scenario, betting that California will bring an additional 5,000
MWs on line to meet peaking summer demand.  It is our view that California
should view the CEC's "rosy scenario" with considerable skepticism.

5. Suggested Package of Legislative Proposals Designed to Solve California,s
Electricity Crisis

This email offers an overview of our proposed legislative solution.  We will
deliver to your office tomorrow specific legislative language and existing
bills that we believe can accommodate our proposals.

As we have suggested throughout the crisis, any solution to California's
crisis must focus on four issues:

Increase supply
Decrease demand
Establish a truly competitive retail electricity market
Return California,s Investor-owned utilities to solvency

Increase supply--Legislative vehicle: SB28X (Sher)
To site and construct a power plant in Texas takes approximately 2 years.
Enron and others have completed the entire process in other states in less
than a year.  In California, it takes about six years, or longer.

The Governor,s executive orders and Senator Sher,s siting reform legislation
are steps in the right direction.  Our suggested amendments can improve those
efforts by further addressing the difficulties that project developers face
in securing air emission reduction credits to meet the air permit
requirements included in the CEC's certification requirements.  Enron,s
proposal seeks to streamline the process for 1) obtaining credits and 2)
transfering credits between air districts.  In addition, it creates an
innovative emissions reduction bank to allow project sponsors to fund
emissions in advance of obtaining certification, and permits the affected air
districts to use those funds to finance projects that will produce the
required reductions in pollution emissions.

Decrease demand*Legislative Vehicle:   AB31X (Wright)
Because of the delay in getting a solution in place in California, closing
the supply-demand gap through energy conservation and efficiency offers the
best chance of avoiding blackouts this summer.  This can be accomplished most
effectively and quickly in two ways:

Buy-down demand
California is tapping into an enormous amount of money from the General Fund
to finance DWR,s power purchases.  California could likely reduce demand more
economically by running an auction to determine the payments businesses would
be willing to receive to reduce their demand for a sustained period (e.g.,
through the summer months).  DWR could easily run an on-line auction to
determine the price it could pay for these demand reductions.  To
participate, businesses would be required to have the metering equipment
necessary to monitor and verify that they are actually achieving the
reductions.  Enron has developed an on-line auction software package, &Deal
Bench,8 that it would be willing to contribute to the effort.

Use Price Signals to Incent Voluntary Curtailment
To be successful, customers need access to the following key elements:

An internet based hour-ahead price posting system to track the market price
for hour-ahead power in real time.
Real-time metering systems for baseline demand and voluntarily curtailment
verification.
Settlement process that allows for market clearing prices of energy to be
paid for load reduction (&Negawatts8).

The potential benefits of an effective demand response program would include:

&creation8 of additional summer peaking capacity in California, particularly
in the short term, without requiring construction of additional generation
resources.
reduction of  peak or super-peak load on the over-stressed California
electric system, thus potentially reducing the overall cost of electricity in
the state.
fostering of demand elasticity without subjecting customers to the full risk
of hourly market price volatility by passing market price signals to
customers and allowing them to voluntarily shed load and be compensated for
responding.

We estimate that we could generate a summer 2001 on-peak demand response in
excess of 400 MW during certain high cost hours, and a demand response for
summer 2002 on-peak hours that could exceed 1000 MW.  We further estimate
that the market response to this program from all ESPs could be 2 to 3 times
that amount.  We recommend that the State of California provide rebates
directly to customers to fund the installation of advanced metering and
control systems that would support load curtailment implementation.

Establish a truly competitive retail electricity market*Legislative vehicle:
SB27X
The only customers who were protected from price volatility in San Diego were
customers who chose Direct Access and signed fixed price deals with energy
service providers.  Ironically, AB1X takes that important option away from
customers and businesses.  It is critical that AB1X be amended to remove the
prohibition against Direct Access.

Enron's legislative proposal would give customers freedom to enter into a
direct access transaction, while simultaneously addressing the Department of
Water Resources' concerns about stranded power costs that might result from
customer migration.

In addition, California will only achieve a competitive retail market when
the utility is removed completely from the procurement function.  Procurement
is not a utility core competency, as evidenced by the dire financial
condition in which the utilities now find themselves.  California should
therefore begin immediately to phase the utility out of the procurement
function entirely, with the goal of having all customers served by a
non-utility provider within 36 months.  To execute the transition, California
should hold a series of competitive solicitations over the 36-month period in
which competing service providers would bid for the right to serve segments
of utility load.

Return California,s Investor-owned utilities to solvency*Legislative vehicle:
AB18X
Utility bankruptcy will not increase supply and it will not decrease demand.
In short, bankruptcy does nothing to solve California,s supply-demand
imbalance.  In addition, bankruptcy increases the likelihood that consumers
and businesses will bear the significant financial risks of having California
State government assume the role of &electricity buyer8 for an extended
period of time.  Finally, bankruptcy will undermine both investor confidence
in California's energy markets and the private sector's willingness to
participate in that market.

California can return the utilities to financial solvency by implementing a
series of staged rate increases.  California should design those rate
increases with the dual goal of returning the utilities to solvency without
&shocking8 the economy or household budgets For example, California could
amortize the recovery of the utilities, past debt over a 5-10 year period.
In addition, the magnitude of the rate increase can be reduced in two ways:
First, the utilities could absorb some portion of their existing debt in
recognition of the risk they accepted when they agreed to the structure of AB
1890.  Second, California can &net8 the revenues the utilities have received
from selling electricity into the Power Exchange against the debts they have
accrued due to the retail price cap.


Larry - Sue has done an nice job of providing an outline of what is
required.  As you will see do not worry about the 30 day rule for materials
that we are not actively managing.  When you see the timetable for the EPA to
respond you will realize that....

this is a big help but a lot of work is required and we will need Donna
Mullins to sign off on what we discussed....
---------------------- Forwarded by Louis Soldano/ET&S/Enron on 01/24/2000
12:18 PM ---------------------------
Susan Fernandez   01/21/2000 11:11 AM

To: Louis Soldano/ET&S/Enron@ENRON
cc: William Kendrick/OTS/Enron@ENRON

Subject: PCB Cleanup Under the Mega Rule

Lou -

Attached is a revised version of the bulleted document I created addressing
characterization and cleanup of PCB contaminated concrete.  I revised the
document to include contaminated soils (i.e., bulk remediation waste) and
additional information about cleanup levels.

Generally - My understanding of the rules is that EPA requires cleanup to 100
ppm in low occupancy areas if the contaminated area is capped and deed
recorded.  Disposal in place of PCBs at concentrations higher than 100 ppm
requires written EPA approval.

Sue


Here's the final that Scott Governar will deliver to Hertzberg today.

Best,
Jeff


(See attached file: HPLN1213.xls)

 - HPLN1213.xls


I hope that the following clears up some of the  confusion regarding the
above-captioned process.

Factor loadings are an input to Value-at-Risk (VAR).  Generally, you can
consider them the determinants of relationships between curves,and points on
curves based on trader inputs.   These pertain to all curves not just North
American Natural Gas.  There is a specific program which calculates these
relationships which requires a considerable amount of processing time (3
hours per run) as well as another few man-days to evaluate the results.

There is no "ideal" or recommended period in which these must be updated.
More frequent is "better".  Given the amount of time it takes to refresh, it
was "agreed" a long time ago amongst  RAC, Research, IT and Operations that
it would be done every 2 weeks.  No commercial input was received.  The roles
were to be simple as they are with most roles in and around VAR and other
risk management controls:

 Research specifies the math
 IT codes the program
 Operations runs the program
 RAC evaluates the results

The process has been run every two weeks on the second Thursday of every
month since February (as it had been prior) and RAC has rejected the results
because the results did not reflect the underlying math because of the
complexity of the math and the continuing addition of new products and
curves.  This  created the need to recode the application from scratch.   RAC
continued to agitate to get this done, particularly knowing that the pressure
on the efficacy of VAR would be questioned as we went into the volatile
period of 2000 ( e-mails from Rudi Zipter available upon request).  The new
code was implemented last Thursday and the results were accepted resulting in
an approximate 10% difference in VAR.

RAC had requested that the code be re-written on 6/10/99 @ 7:44 am with a
target completion date of  8/2/99.  This was discussed and accepted by
Phillipe Bibi on 6/17/99 in a meeting in his conference room with Rick Buy,
Dan Bruce, Jonathon Le, Ted Murphy, Bill Bradford, Debbie Brackett and Rudi
Zipter along with the rest of our task list.

We have resolved that the process will continue as stated and will
communicate to you the results.

There are dozens of other processes that are important to the calculation and
interpretation of VAR that need to be implemented, enhanced, improved or
rewritten altogether.  For example, the jump-diffusion factors for North
American Power have not been refreshed in 2000.  The prioirty is dependent on
the level of precision required.

I will provide a comprehensive list of those processes in due course.

Ted


Please use these slides to replace those submitted yesterday.  Please feel free to call me if I can help in any way.

Thanks,

Sharon
x31946
cell 713 305 4883


Proposed pricing mechanism:

Dow Jones Electricity Indexes, specifically their NP15/SP15 indexes.
- the indexes are based on weighted average prices and total volumes
- they measure "bilateral one-day prescheduled, financially firm transactions"
=> therefore the Dow Jones Index more accurately reflects market pricing
- Dow Jones has the right to randomly audit the data providers

why not the ex-post ISO?
- generators are not selling to California's ISO because of the $150/MWh
price cap,
=> therefore prices coming out of the ISO do not reflect real market prices
- if generators are not selling into the market, there is no liquidity,
therefore prices are not reflective of the prices that buyers must pay

why not use the ex-post ISO price on an interim basis?
- because putting a false cap on the market price will result in price
increases to DA customers, contrary to AB1890, without due process
- Decision 99-06-058 set the foundation for the PX credit to reflect real
market prices, PG&E's proposal does not adhere to this.


-----Original Message-----
From: 	Lawner, Leslie
Sent:	Friday, July 06, 2001 7:32 AM
To:	Steffes, James; Cantrell, Rebecca; Fulton, Donna; Miller, Stephanie; Dasovich, Jeff; Ponce, Roger; Courtney, Mark; Sharp, Greg; Castano, Marianne; Donald M Black/Enron@EnronXGate <mailto:Black/Enron@EnronXGate>; Allen, Phillip K.
Cc:	Kingerski, Harry; Kaufman, Paul; Buerger, Rubena
Subject:	California gas intrastate matters

There will be a conference call Wed. at 1:00 pm Central, July 11, to discuss California intrastate gas issues.  Ruben Buerger will send out the call in information.

Items to be addressed are:  LDC hedging, unbundling rates and infrastructure needs. Jeff Dasovich will give us a status report on these issues and we then discuss where to go from there.


New Power Co. Begins Offering Power Service In Ohio
Dow Jones, 02/07/2001

UK: Insurers Seen More Involved In Credit Derivatives
Reuters, 02/07/2001

India: Indian State Unable To Pay Enron-Chief Minister
Reuters, 02/07/2001

UK: Russian Energy Trader Crown Covets Marc Rich Jewels
Reuters, 02/07/2001

Tridium Inc. Appoints Laura Bacon As Chief Financial Officer
Business Wire, 02/07/2001

New Power Co. Begins Offering Power Service In Ohio

02/07/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

CHICAGO -(Dow Jones)- The New Power Company, a subsidiary of NewPower
Holdings Inc. (NPW), said Wednesday it has started offering electricity
service to residents in parts of central and southern Ohio.
The company will compete for customers in parts of Cinergy Corp.'s (CIN)
Cincinnati Gas & Electric Co. territory and American Electric Power Co.'s
(AEP) Columbus Southern Power Co. territory.
New Power said it will also begin offering competitive natural-gas service
next week to customers of NiSource Inc.'s (NI) Columbia Gas of Ohio.
A report last week from Ohio Consumers' Counsel, a state utility advocate,
said electric competition was off to a slow start in the state following its
introduction Jan. 1. Only six alternate suppliers were marketing power in the
state, and none were operating in the Cincinnati or Columbus regions, the
report said.
-By Jon Kamp, Dow Jones Newswires; 312-750-4129; jon.kamp@dowjones.com

UK: Insurers seen more involved in credit derivatives.
By Tom Burroughes

02/07/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Feb 7 (Reuters) - Insurance firms are expected to step deeper into
the credit derivatives market as they wake up to rich pickings in this field
and as splits between financial sectors blur further.
Insurers have provided clients with protection against credit problems for
decades, so dealing in credit derivatives is a logical next step according to
George Sandars, a partner at international law firm Denton Wilde Sapte.
"There is a tendency for the regulation of markets to converge. Being so
analogous to insurance, it (credit derivatives) is an obvious area for
insurers to build business in," said Sandars, who is the author of a Denton
Wilde Sapte report on alternative risk transfer.
Looking across all credit derivative contracts, the British Bankers'
Association last year estimated insurers made up 23 percent of protection
sellers and seven percent of protection buyers. Banks continue to dominate
the market.
A NEW ASSET CLASS
A senior trader for a U.S. reinsurance firm in New York, who declined to be
named, believes for the foreseeable future insurers will focus on selling
credit derivatives to acquire assets rather than buying to them offset
liability.
"Insurers are taking on such risks for their asset portfolios," he said.
However, some insurers are starting to buy credit derivatives too.
"We have seen enquiry from insurers to buy credit protection and that has
grown in the last year.
"Given the significant increase in defaults over the last few months that are
out of line with historical experience, the insurers who are comfortable with
statistics and mortality are getting a bit concerned," he said.
Reinsurance firms have tended to be more heavily involved in trading credit
derivatives than insurers because the re-packaging of existing insurance
deals meant firms had to look harder at the kind of risks they faced, he
said.
As for insurers' overall use of credit derivatives, he said, "I wouldn't say
they are significant but they are getting to be more important. Most of the
credit derivative market is being driven by the banks, mostly for regulatory
and capital reasons." His firm estimates insurers take up to 15 percent of
total credit derivative business.
One type of derivative particularly attractive to insurers are bankruptcy
swaps, said Bryan Seyfried, vice president of Enron Credit. Enron Credit is
energy firm Enron's credit risk management arm and provides data on
bankruptcy swaps.
Bankruptcy is a less ambiguous event than default, which is currently plagued
by debate over documentation and definitions, and insurers would not face
uncertainty about payouts on contracts, he said.
In default swaps, insurers tended to prefer deals involving a basket of names
rather than an individual one so they can spread risk, Seyfried said.
INSURERS' EXPERIENCE
Insurers have long experience in offering protection against problems such as
default or bankruptcy.
Companies like U.S. bond insurer MBIA, for example, guarantee debt for firms
such as U.S. utility Southern Californian Edison, which is currently facing a
crisis due to soaring energy prices. If an issuer defaults, the insurer will
pay the interest and principal amounts to creditors.
Traditionally, they also provide surety bonds, which are issued to vendors
and which guarantee that a vendor who bids on a contract will carry out the
obligation.

INDIA: Indian state unable to pay Enron-chief minister.

02/07/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, Feb 7 (Reuters) - The western Indian state of Maharashtra said on
Wednesday it was unable to pay U.S. energy giant Enron Corp's 790 billion
rupees ($17 million) bill for supplying power to Bombay and other centres.
"It is not that Maharashtra state does not want to pay Enron's Dabhol Power
Company. We don't have the money," Vilasrao Deshmukh, chief minister of
Maharashtra, told a news conference.
Enron is owed 790 million rupees by the Maharshtra State Electricity Board.
The bill does not include an additional 1.52 billion rupees owed for
December.
On Tuesday, Enron invoked the Indian federal government's guarantee to pay
debts owed by Maharashtra's electricity board, racheting up the stakes in a
high-profile dispute.
The chief minister said he did not know whether the latest development would
affect foreign investment. "We have to wait and watch," he said.
Four foreign companies have already pulled out of power projects in India,
citing bureaucratic and legal problems.
All the money owed is for electricity produced by a power plant built and
largely owned by Enron, and supplied to the cash-strapped electricity board.
The Maharashtra government has also written to Prime Minister Atal Behari
Vajpayee appealing to him "to help bail the state out from the (payment)
crises", the chief minister said.
The Enron power project's first 740 MW phase is already running while the
second 1,444 MW phase is expected to be commissioned next year.
The state has announced plans for a new committee to review the Enron project
and make recommendations to the government.
UK: Russian energy trader Crown covets Marc Rich jewels.
By Jonathan Leff and Amanda Cooper

02/07/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Feb 7 (Reuters) - Billionaire and former fugitive Marc Rich is in
talks to sell his commodities trading business to Russian-owned Crown
Resources, an aggressive trading house seeking to grow its energy unit and
branch into metals, industry sources said on Wednesday.
"It is definitely being negotiated. Whether it gets done is a different
question," an industry source, who declined to be named, said of the deal.
"Crown is a very aggressive company and they're looking to bring in whole new
teams."
Crown, based in Zug, Switzerland, as is Marc Rich Investments, is part of
Alfa Group, a Russian industrial and financial conglomerate with activities
in a wide spectrum of banking and commodities businesses.
Rumours have circulated for months that the company wants to buy Marc Rich
Investments, owned by the eponymous billionaire, who fled to Switzerland
almost 20 years ago after being indicted on charges of wire fraud,
racketeering and income tax evasion.
Many industry insiders have speculated that Rich is ready to once again cash
out of the market, particularly after his pardon last month by Bill Clinton.
Having already developed two successful commodity trading companies - the
first one he sold years ago and is now Glencore International AG, a
powerhouse in the market - the 66-year-old Rich could be winding down,
industry sources say.
They note that his company has been in play for some time, as talks with
Lucerne-based commodities trader Trafigura were said to have fallen through
last year.
CROWN GAINS METALS FOOTHOLD
As Rich appears set to ease out of the market, Crown is storming in, snapping
up entire trading teams and anxious for a move into metals trade.
"Our policy is not to comment on any type of discussion on acquisition. I can
only say we are a growing organisation," said a spokesman for Crown Resources
in London.
"We are currently focused on energy trading... We would like to diversify
into other commodities as well, including ferrous and non-ferrous metals.
There's no sense of urgency for us and it all depends on the right
opportunities."
Once a member of the powerful triumverate that dominated the physical metals
market together with Enron and Glencore, Marc Rich's metals operations have
waned in recent years.
Following the closure of its ferroalloys trading unit, the company's metals
trading operations are now said to be about one third of the size of those of
its leading rivals.
"I think Marc Rich are fairly thin on the ground in metals now," said one UK
trader. Last year's Trafigura rumours coincided with a flurry of resignations
from the company's metals trading staff.
But compared to the giant stature of the market leaders, Marc Rich is one of
the few bite-size acquisitions that could propel Crown into the midst of the
metals trade business.
Crown would also gain access to Marc Rich's well-regarded name in the
industry and the company's contacts, including close relationships in the
Mediterranean crude oil market and recently developed ties in the realm of
African oil products.
"For a Russian company, this gives them a big 'in' on the West," said one
industry insider.
Crown now focuses largely on marketing some two million tonnes a month of
crude from Tyumen Oil, part owned by Alfa Group, giving it a steady diet of
oil but little experience in aggressive, speculative trading - Marc Rich's
forte.
"I believe within the next 24 months we'll reach the upper levels among the
independant commodity trading community," said the Crown spokesman.
Tridium Inc. Appoints Laura Bacon as Chief Financial Officer

02/07/2001
Business Wire
(Copyright (c) 2001, Business Wire)

RICHMOND, Va.--(BUSINESS WIRE)--Feb. 7, 2001--

Former Fort James Corporate Development Director to Lead Local
Software Company's Growing Financial Operations

Tridium(TM) Inc., a leading provider of Internet-enabled, automation software
infrastructure and applications, today announced the appointment of Laura B.
Bacon as Vice President of Finance and Chief Financial Officer.
Bacon most recently served as corporate development director for Fort James
Corp. (NYSE: FJ) in Richmond, where she was responsible for corporate
development and finance activities including domestic and international
acquisitions, joint ventures and divestitures.
At Tridium, Bacon will oversee the company's finance and human resources
functions. She also will be responsible for communications with the financial
community.
"We are thrilled to have Laura join Tridium as our chief financial officer,"
said Jerry Frank, CEO of Tridium. "Her financial services background in both
domestic and international markets will provide global management and
financial leadership for our growing company."
"With its advanced technology, Tridium quickly has become a major global
provider of Internet-based energy services and building automation
applications," said Bacon. "I'm excited to be a part of this growing
technology company. The leadership has a strong vision and focus. The
company's superior software products allow businesses around the world to
better manage and control their enterprises' energy related activities."
Bacon currently serves as a Board Member and Membership Chair for the
Richmond Association for Corporate Growth. She earned a bachelor's of arts
degree from Wake Forest University and a master's in business administration
with an emphasis in finance from the University of North Carolina at Chapel
Hill.

About Tridium Inc.

Tridium, Inc. develops and markets a universal software infrastructure, known
as the Niagara Framework(TM), that allows companies to build software
applications for accessing, automating and controlling smart devices in
real-time over the Internet. This open, Java-based framework integrates
diverse systems, devices and communication standards into an interoperable,
Web-enabled application environment. In addition, Tridium offers the
Niagara-powered Vykon(TM) suite, which is specifically designed for building
automation and energy services applications.
Tridium is a privately held software company headquartered in Richmond, Va.,
with subsidiaries based in London and Singapore. Venture capital partners
include Enron Principle Investments and kRoad Ventures, L.P. The company has
established key strategic alliances with leading corporations in the energy
services, building control, home automation and industrial control
industries. Tridium markets its products to value-added resellers, original
equipment manufacturers and a network of Tridium Systems Integrators.
Additional information about Tridium is available at http://www.tridium.com.

CONTACT: Tridium Dennis Tuft, 804/747-4771 dtuft@tridium.com or Carter Ryley
Thomas Jeff Wilson, 804/675-8175 jwilson@crtpr.com


Hi Kay!
BGE is issuing an RFP, and they have drafted the attached CA.....Can you take
a peek and see if it would be acceptable?
http://supplier.bge.com/rfp/ca.doc
Thanks!
Janelle


----- Forwarded by Mark Taylor/HOU/ECT on 03/30/2001 10:34 AM -----

	"Gillian N. Lash" <gnlash@JonesDay.com>
	03/30/2001 10:02 AM

		 To: mark.taylor@enron.com, mark.e.haedicke@enron.com
		 cc:
		 Subject: ISDA Annual Meeting-Jones Day Cocktail Party

An attempt was made to extend the cocktail party invitation to Jeffrey
Skilling but his message was returned undeliverable.  Apparently, we do not
have his current e-mail address.

We would appreciate it if you would let him know about our party.

Thank you!

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