USA: New Power adds 20 percent to customer base with two deals.
Reuters English News Service, 07/05/01
GERMANY: German utilities should expand abroad - consultant.
Reuters English News Service, 07/05/01
NewPower Hldgs To Buy AES Corp Unit
Dow Jones News Service, 07/05/01
INDIA: Belgium's Tractabel to divest India stake-paper.
Reuters English News Service, 07/05/01

TransAlta sells power unit: $850M deal: Final step in retreat from regulated
electricity industry
National Post, 07/05/01
WORLD NEWS - LATIN AMERICA AND THE CARIBBEAN - Brazil plans for emergency
energy supply.
Financial Times, 07/05/01
In India, Other Firms Feel Enron's Pain --- Some Are Trying to Help Resolve
the Dispute Over Dabhol Project
The Wall Street Journal, 07/05/01
Efforts by Enron and Indian State To Revive Dabhol Result in Logjam --- Some
Foreign Lenders to Electricity Project Strive to Resolve Conflict
The Wall Street Journal Europe, 07/05/01
DENMARK: Enron says may spin off wind power arm this year.
Reuters English News Service, 07/04/01
Guest Host Continued
CNNfn: Market Coverage - Morning, 07/04/01
UK: Enron extends bid deadline in UK gas entry system.
Reuters English News Service, 07/04/01
Enron Extends UK Virtual Gas Capacity Auction Deadline
Dow Jones Energy Service, 07/04/01
JAPAN: Korea Aluminium-Imports seen cheaper than govt stock sales.
Reuters English News Service, 07/04/01
Decision on judicial probe on Enron issue by July 11
Reuters English News Service, 07/04/01
DPC receives one week extension over HC's July 10 deadline
Press Trust of India Limited, 07/04/01
Lenders for splitting DPC assets to cut takeover cost
Business Standard, 07/04/01
Water treatment contract approved
Houston Chronicle, 07/04/01
Ex-Houston judge to be special counsel / Andell to advise education secretary
Houston Chronicle, 07/04/01
Gas rates plunging
Lethbridge Herald, 07/04/01
Fimat USA's Kilduff: Oil Prices, OPEC and Stock Picks
Bloomberg, 07/05/01

India Risks Lower Rating If Budget Deficits Grow, S&P Says
Bloomberg, 07/05/01

S&P's Mukherji on Risk of Lower Rating for India: Comment
Bloomberg, 07/05/01

Indian Oil Companies Cut Naphtha Price, Paper Says (Correct)
Bloomberg, 07/05/01

India Risks Lower Rating If Deficits Grow, S&P Says (Update1)
Bloomberg, 07/05/01

USA: New Power adds 20 percent to customer base with two deals.

07/05/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, July 5 (Reuters) - New Power Co., a national energy provider partly
owned by powerhouse Enron Corp., on Thursday increased its customer base by
about 20 percent and its visibility in Pennsylvania and Ohio with two
separate acquisitions.
Financial terms were not disclosed.
New Power, a unit of NewPower Holdings Inc. , which was formed to take
advantage of electricity deregulation, added a total of 121,000 electric and
natural gas customers to its customer base of about 615,000.
New Power said it signed an agreement to buy the customer base and related
assets of AES Direct, the retail marketing subsidiary of independent power
company AES Corp. , which includes natural gas inventory, supply and
transportation contracts as well as billing and customer service operations.
It also bought Ohio-based customers from CoEnergy, a unit of Michigan-based
DTE Energy , gaining entry into service areas of four additional utilities.
Shares of New Energy closed at $8.75 on Tuesday, well below its 52-week high
of $28.69 but above its low of $4.63.

GERMANY: German utilities should expand abroad - consultant.

07/05/2001
Reuters English News Service
(C) Reuters Limited 2001.

COLOGNE, Germany, July 5 (Reuters) - Germany's top utilities lag far behind
major foreign rivals in the share of revenues derived internationally, which
could limit future growth, a consultant told an industry conference on
Thursday.
"Germany's market leaders lag behind in their market presence in Europe and
the rest of the world," said Volker Flegel, a European energy expert at
consultancy A.T. Kearney's Munich office.
"If they don't act fast, the gap will widen....They have to adopt more of a
pan-European perspective," he said, singling out Spain as the most attractive
investment target.
Flegel said revenues generated outside Germany by the country's top four
utilities ranged between 3.0 percent of turnover at HEW, to 11 percent at
E.ON, 11.7 percent at RWE.
By comparison, the shares of foreign sales at U.S. energy groups TXU and
Enron were 36 percent and 18.6 percent. Foreign sales contributed 18.6
percent to turnover at French/Belgian group Electrabel and 18.3 percent at
France's EdF.
Flegel pointed out that expansive internationalisation, which began in the
late 1980s, has already had helped some German utilities achieve annual sales
growth of up to 30 percent.
Both RWE and E.ON have made forays into the British market, and are currently
bidding for stakes in Spanish firms, along with EnBW.
Flegel said the return on electricity sales in the Spanish market was two to
four times higher than in Germany. Spain's annual consumption growth in
recent years has reached as much as six percent.
In addition, Spain could be used as a bridgehead for acquisitions in Latin
America, where the firms are already involved, he said.
Apart from Spain, A.T. Kearney identified a list of countries it viewed as
attractive both in size and market conditions for foreign entrants -
including France, Italy, Finland, Britain, Poland, Sweden and, outside
Europe, the United States and Brazil.
In the dynamic Italian market, newcomers by 2003 should have captured already
one quarter of the market, Flegel said.
In central Europe, Swiss companies will be the engines behind sale growth in
the trading of power, through their hydropower capacities and its
shareholdings in French power firms.
The Scandinavian markets are lucrative, although comparably small, because
their per-capita power usage is three to five times higher than in the rest
of Europe, Flegel said. This is partly due to ample supply and low prices,
which encourage consumers to use electric power for home heating.
The growth potential in eastern Europe comes from projected consumption rises
of 27.1 percent annually between 1996 and 2005. Prices have not risen so far,
but Flegel said he expects increases in the medium term.

NewPower Hldgs To Buy AES Corp Unit

07/05/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

PURCHASE, N.Y. -(Dow Jones)- NewPower Holdings Inc.'s (NPW) New Power Co.
unit agreed to acquire the customers and related assets of AES Corp.'s (AES)
AES Power Direct retail marketing unit.
In a press release Thursday, NewPower Holdings also said it agreed to acquire
the customers and natural gas inventory, related to the Columbia Gas of Ohio
and Dominion East Ohio gas customer choice programs, of CoEnergy Trading Co.,
a unit of DTE Energy Co. (DTE).
Financial terms of both deals weren't disclosed.
Together, the deals significantly expand NewPower's presence in Ohio, where
the company will add over 82,000 natural gas and electric customers, and in
Pennsylvania, where NewPower will add about 38,000 natural gas customers.

INDIA: Belgium's Tractabel to divest India stake-paper.

07/05/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, July 5 (Reuters) - Yet another foreign power firm is bailing out of
India, several financial newspapers reported on Thursday.
Belgian power firm Tractabel plans to sell its stake in a joint venture with
India's Jindal Vijaynagar Steel Ltd , both The Economic Times and the Times
of India said.
Tractabel, a subsidiary of the giant French water and power utility company
Suez Lyonnaise des Eaux SA , will receive 2.35 billion rupees ($49.9 million)
for its 50 percent stake in Jindal Tractabel Power Company and reimbursement
of development expenses.
The Economic Times said lenders to the project would buy a 38 percent stake
in Jindal Tractabel, while the Jindal group would buy the remaining 12
percent from Tractabel.
The Times of India put the sale price at two billion rupees, and provided a
more detailed description of the terms of the sale to Indian financial
institutions and O P Jindal Group companies.
The financial institutions were identified as the Industrial Development Bank
of India (IDBI) and ICICI Ltd , and the O P Jindal group companies as Saw
Pipes and Jindal Power.
A senior offical of the Jindal group, founders of JVSL, declined to comment
when contacted by Reuters.
The joint venture owns a 260 MW power plant at Bellary in the southern state
of Karnataka, and supplies power to a nearby JVSL steel unit.
Tractabel's exit from India comes at a time when U.S. giant Enron Corp is
locked in a battle with a utility in India's Maharashtra state, which has
defaulted on $48 million in power payments.
Other international power firms have also found the going tough in India due
to regulatory delays and litigation.
US firm Cogentrix exited a 1,000-MW project in Karnataka in 1999, Electricite
de France scrapped plans for a 15 percent stake in a $1.4 billion project in
Maharashtra last year, and South Korea's Daewoo Corp abandoned a 1,070 MW
project in central India.
($1=47.12 Indian rupees).

Financial Post
TransAlta sells power unit: $850M deal: Final step in retreat from regulated
electricity industry
Carol Howes
Financial Post, with files from The Canadian Press

07/05/2001
National Post
National
C01 / Front
(c) National Post 2001. All Rights Reserved.

CALGARY - TransAlta Corp. has struck an $850-million deal to sell its power
transmission business to a consortium of companies led by SNC-Lavalin Inc.
and the Ontario Teachers' Pension Plan Board.
The sale is the final step in TransAlta's program to divest about $2-billion
in assets during the past two years as it retreated from the regulated power
industry and focused on electrical generation and marketing.
"It was challenging," said Steve Snyder, TransAlta's president and chief
executive, yesterday. "This is it, in terms of the core restructuring."
TransAlta expects to realize earnings from the sale of about $100-million, or
60 cents per share, which will be put toward the expansion of power
generation plants in Canada and Mexico.
The Calgary-based electric company has plans to spend up to $1.5-billion a
year over the next five years to bulk up on its power generation, nearly
doubling its 8,000 megawatts of capacity.
Mr. Snyder said TransAlta will focus on ensuring its generation assets meet
its target of a 15% return on equity. If they don't, those assets could also
come under review, he said.
The sale comes as Enron Corp., the biggest energy trader in North America,
has begun selling electricity and natural gas to consumers in Alberta.
The electricity industry opened to competition on Jan. 1. The move prompted
ATCO Ltd. to follow TransAlta and put its retail electricity and gas units up
for sale.
The consortium buying the transmission assets, known as AltaLink, sees the
potential to expand the system both inside and outside Alberta, said Mr.
Snyder.
The group also includes Trans-Elect Inc., a new U.S.-based independent power
transmission company that is keen to add additional transmission capacity to
the North American power grid, and Macquarie North America Ltd., an
Australian-owned investment bank.
Mr. Snyder said TransAlta's transmission assets attracted interest from U.S.
and international firms, but he was always hopeful a Canadian buyer could be
found.
Under the agreement, the teachers pension fund will assume all the
transmission business's debt.
"Infrastructure investments are attractive to us because they will give us
stable, real return," said Ontario Teachers' Pension Plan spokeswoman Lee
Fullerton. "They're fairly low-volatility because they're regulated by
government, so they give us a very stable cash flow and they're linked to
inflation."
Teachers' pensions are also indexed to inflation and this made the investment
-- the pension plan's first large infrastructure deal -- attractive, Ms.
Fullerton said.
"This acquisition is a milestone occasion for SNC-Lavalin since it is an
important investment in Alberta," said Pierre Anctil, an executive
vice-president at the Montreal company.
"By combining the strengths of the TransAlta team with our considerable
financial and technical expertise, we are well-placed to deliver top-quality
transmission services to Albertans, and meet current and future needs."
Mr. Snyder said in May at the company's annual meeting that it was looking to
sell its heavily regulated transmission business, which accounts for about
half of Alberta's power grid and 10% of the company's assets. It has 250
employees.
The company owns and operates more than 11,000 kilometres of high-voltage
lines in southern Alberta.
Under the deal, SNC will own 50% of the equity, the Ontario Teachers Pension
Plan Board about 25% and Macquarie North America, about 15%.
Trans-Elect will be brought in to operate the transmission lines and will own
10% of the equity.
Karen Taylor, an analyst at BMO Nesbitt Burns in Toronto, said the value of
the assets was in line with what analysts expected.
"It is at present time a relatively low-return, stable business," she said.
Nick Majendie , a Vancouver analyst with Canaccord Capital Corp., said
TransAlta has done a good job executing its plan to restructure and expects
the latest sale to be well received by investors.
TransAlta started down the road to becoming a pure play when it sold its
retail electricity business and local power lines to Kansas City-based
Utilicorp United Inc. for $860-million.
UtiliCorp subsequently sold the retail electricity business to Edmonton's
municipally owned Epcor Utilities Inc. for $110-million.
SNC-Lavalin is one of the world's biggest engineering and construction
companies with offices in 30 countries. The Montreal-based company also owns,
partly owns or manages infrastructure, ranging from the 407 toll highway
north of Toronto to other projects.
The Ontario Teachers' Pension Plan, with assets of more than $70-billion, is
Canada's second biggest pension fund and handles the retirement investments
of Ontario's 230,000 active and retired teachers.

WORLD NEWS - LATIN AMERICA AND THE CARIBBEAN - Brazil plans for emergency
energy supply.
By RAYMOND COLITT and GEOFF DYER.

07/05/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved

But the government will still face a delicate decision over when to suspend
rationing, and lifting restrictions early could backfire. Geoff Dyer and
Raymond Colitt report.
Brazil plans to have an emergency supply of around 3,000MW of energy in place
by April next year from sources such as crushed sugar cane to reduce the risk
of a new round of rationing next year, according to energy officials.
The spectre of widespread blackouts has faded amid strong public response to
the enforced rationing measures introduced last month by the government. But
attention is now turning to medium and long-term solutions to the energy
crisis.
Pedro Parente, the minister charged with resolving the energy crisis, said
the extra power would be in addition to around 3500MW of new gas-fired
capacity expected to be online by next year and would reduce the pressure on
the energy system if another drought occurred over the summer months.
"Rationing next year cannot be completely ruled out but we are working to
limit the risk as much as possible," Mr Parente said in an interview.
Having seen its approval ratings plummet because of the energy crisis, the
government is desperate to avoid another round of rationing this time next
year, which would fall during the presidential election campaign.
The emergency supply measures will supplement the longer-term energy strategy
to be outlined today by President Fernando Henrique Cardoso, which will lean
heavily on a rapid expansion in gas-fired power stations.
Mr Parente said that by 2003, there would be sufficient new capacity in place
so there would be no need for rationing by then.
The extra energy supply for next year will include alternative energy
sources, such as generators fuelled by crushed sugar cane and wind power.
Full details of the programme would be ready by early August, he said.
Even with these measures and the new gas power stations, however, the outlook
for next year will still hinge on the level of rainfall during the wet summer
months from October to March. Around 90 per cent of Brazil's energy comes
from hydro-electric plants that are powered by water from reservoirs.
During the last summer, rainfall was 71 per cent of its historic average, a
level of rain that has been exceeded in all but 14 of the last 70 years. The
north-east, the worst affected area, had only received such little rain in
three of the last 70 years.
According to initial estimates, Mr Parente said that with the expected
increase in supply from gas-fired plants, there would probably be no need for
rationing next year if rainfall reached 76 per cent its historic average over
the summer. If rainfall was below that figure, then the emergency supply
measures would limit the extent of a new rationing programme.
Questions remain, however, over how many new gas-fired plants will be in
place by next year. El Paso and Enron, the US power companies, could put a
total of 890MW on line by 2002, but say they are waiting to find out more
about the regulations they will face.
Regardless, some experts say the need for compulsory rationing next year
could be reduced as companies and consumers discover the potential for
permanent energy savings, thereby limiting the rebound in demand if
restrictions are lifted.
But even if the government brings on the necessary new capacity and rainfall
does not disappoint, it will still face a delicate decision over when to
suspend rationing. "Lifting restrictions prematurely could backfire
politically and technically," says Mauricio Tolmasquim, an energy expert at
the Federal University of Rio de Janeiro.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.

Politics & Economy
Efforts by Enron and Indian State To Revive Dabhol Result in Logjam --- Some
Foreign Lenders to Electricity Project Strive to Resolve Conflict
By Daniel Pearl
Staff Reporter

07/05/2001
The Wall Street Journal Europe
2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY -- Once touted as a beacon for attracting foreign investment to India,
Enron Corp.'s $3 billion (3.54 billion euro) Dabhol Power Co. project has
turned into a nuisance for some foreign companies doing business in the
country.
Behind the scenes, some of them are now maneuvering to help resolve a dispute
between Dabhol and the Indian state of Maharashtra that is at the core of the
project's problems.
The largest foreign investment ever in India, Dabhol is now mired in
conflict. The state of Maharashtra, Dabhol's largest customer, has stopped
purchasing power from the 740-megawatt project, saying that the tariffs are
too high. Work has stopped on a nearly completed second phase of the project
slated to generate 1,444 megawatts. Enron, which controls 65% of the project,
has tried unsuccessfully to scale back its stake, and may be looking to exit
entirely.
In an effort to get the project back on track, some of the electricity
project's foreign lenders -- including ABN Amro, Bank of America and Credit
Suisse First Boston -- sent representatives to a recent meeting here with
Maharashtra's electricity board. Dabhol's difficulties are making lenders
wary about funding other power projects in the country, and could make states
bolder about seeking new contract terms.
That has left other power companies increasingly nervous about Dabhol. Some
have signaled they could be interested in taking over Dabhol if its contract
problems can be settled. Dabhol participants still aren't sure if the
interest is sincere, or an attempt to prevent collateral damage to their own
projects. India's Reliance Industries Ltd., which in partnership with
Southern Co. of the U.S. is hoping to build a big plant in eastern India,
doesn't deny media speculation that it is interested in Dabhol. Nor does AES
Corp., whose generating company has had disputes with customers in India's
Orissa state.
Prakash Daryani, managing director for Houston-based El Paso Corp.'s Indian
power unit, says if the Dabhol contract isn't resolved in a way that makes
both the utility and its customer happy, "it will have an adverse impact" on
other investments, and "El Paso will not be an exception."
He denies reports that El Paso, which helped build a 340-megawatt plant in
southern India, has expressed interest in buying Dabhol, but adds, "We are
keeping our eyes and ears open."
Some companies may be doing more than that. Patrick Sonti, an energy
consultant in New Delhi, says he helped draft a plan outlining a way out of
the Dabhol impasse, with price concessions on both sides and financial
separation of Enron's liquefied-natural-gas terminal from the power plant.
Mr. Sonti says he studied Dabhol for a client whose name he can't disclose.
Mr. Sonti also is chairman of an American Chamber of Commerce committee on
energy, and he acknowledges discussing his Dabhol plan with some of the
panel's members. He says the chamber wouldn't intervene unless asked by Enron
.
Last time the project ran into political trouble, Enron executives saved it
through a intensive lobbying campaign, aided by U.S. officials. Next week,
the company's chairman, Kenneth Lay, is expected to fly to India, though
Enron won't comment on whom he intends to visit.
Even though officials from Enron and Maharashtra have met regularly, their
dispute has fallen into a slow-motion stalemate, with Enron saying it hasn't
agreed to renegotiate the contract and the state insisting it has already
rescinded the contract. Despite warnings that construction delays will
increase the project's cost by up to $400 million, Vinay Bansal, chairman of
the electricity board, said Monday that getting the project's second phase
running is "not a priority for us," since the state can't afford the power.
The Dabhol contract requires the state to pay for most of the plant's
generating capacity regardless of how much power it consumes. Maharashtra's
consumption has been far below projections.
Mr. Bansal wants India's central government to help buy excess power from
Dabhol, but "they keep saying no." Other states would be willing to buy power
if the rates could be lowered to 2.50 rupees (6.3 European cents) a unit, but
that is still well below Dabhol officials' most optimistic projection.
Meanwhile, India's regulators and courts are throwing in new twists. The
Maharashtra Electricity Regulatory Board, set up as an independent body to
regulate electricity rates, is seeking jurisdiction over the Dabhol dispute,
even though the board was created after the contract was signed. Enron wants
an arbitration panel to decide, instead. A Bombay judge last week made a
ruling that is likely to send the jurisdiction battle to India's Supreme
Court.
If Enron loses that battle, it is likely to lose more time. "We'll make the
process totally transparent," P. Subramanyam, chairman of the Maharashtra
Electricity Regulatory Board, promised in an interview earlier this year
But if Dabhol construction doesn't resume by summer's end, Enron's
liquefied-natural-gas suppliers are likely to get nervous. Dabhol has 20-year
contracts requiring it to buy liquefied natural gas from Abu Dhabi and from
Oman starting next year. Royal Dutch/Shell Group, which has a 30% stake in
Oman LNG, says it "would expect" Dabhol to honor its obligations. An Enron
spokesman said gas suppliers are "obviously concerned about what's going on,"
but that the issue hasn't yet come to a head.
Concerned Suppliers
As for the lenders, Indian banks have more to lose than foreign banks if
Dabhol, starved of revenue, continues to miss payments. That is because much
of the foreign debt is guaranteed by the Indian banks, led by
state-controlled Industrial Development Bank of India. For the project's
second phase, foreign debt totals nearly $1.1 billion and domestic debt about
$330 million. Lenders haven't agreed to inject more funds to allow
construction to resume.
"I don't think there is any division among lenders at the moment as to what
should be done," says one international lender involved in the talks. "But
this is not an easy workout, having so many parties involved in so many parts
of the world."

International
In India, Other Firms Feel Enron's Pain --- Some Are Trying to Help Resolve
the Dispute Over Dabhol Project
By Daniel Pearl
Staff Reporter of The Wall Street Journal

07/05/2001
The Wall Street Journal
A8
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY, India -- Once touted as a beacon for attracting foreign investment to
India, Enron Corp.'s $3 billion Dabhol Power Co. project has turned into a
nuisance for some foreign companies doing business in the country.
Behind the scenes, some of them are now maneuvering to help resolve a dispute
between Dabhol and the Indian state of Maharashtra that is at the core of the
project's problems.
The largest foreign investment ever in India, Dabhol is mired in conflict.
The state of Maharashtra, Dabhol's only customer, has stopped purchasing
power from the 740-megawatt project, saying its rates are too high. Work has
stopped on a nearly completed second phase of the project slated to generate
1,444 megawatts. Enron, which controls 65% of the project, has tried
unsuccessfully to scale back its stake and may be looking to exit entirely.
In an effort to get the project back on track, some of the electricity
project's foreign lenders -- including ABN Amro, Bank of America and Credit
Suisse First Boston -- sent representatives to a recent meeting here with
Maharashtra's electricity board. Dabhol's difficulties are making lenders
wary about funding other power projects in the country, and could make states
bolder about seeking new contract terms.
That has left other power companies increasingly nervous about Dabhol. Some
have signaled they could be interested in taking over Dabhol if its contract
problems can be settled. Dabhol participants still aren't sure if the
interest is sincere or is an attempt by the other companies to prevent
collateral damage to their own projects. India's Reliance Industries Ltd.,
which in partnership with Southern Co. of Atlanta is hoping to build a big
plant in eastern India, doesn't deny press speculation that it is interested
in Dabhol. Nor does Arlington, Va.-based AES Corp., whose generating company
has had disputes with India's Orissa state.
Prakash Daryani, managing director for Houston-based El Paso Corp.'s Indian
power unit, says that if the Dabhol contract is not resolved in a way that
makes both the utility and Maharashtra happy, "it will have an adverse
impact" on other investments, and "El Paso will not be an exception." He
denies reports that El Paso, which helped build a 340-megawatt plant in
Southern India, has expressed interest in buying Dabhol, but adds: "We are
keeping our eyes and ears open."
Some companies may be doing more than that. Patrick Sonti, a New Delhi-based
energy consultant, said he had helped draft a plan outlining a way out of the
Dabhol impasse, with price concessions on both sides and financial separation
of Enron's liquefied-natural gas terminal from the power plant. Mr. Sonti
says he studied Dabhol for a client whose name he can't disclose. Mr. Sonti
also chairs an American Chamber of Commerce committee on energy, and he
acknowledges discussing his Dabhol plan with some of the panel's members. He
says the Chamber wouldn't intervene unless asked by Enron.
Last time the project ran into political trouble, Enron executives saved it
through an intensive lobbying campaign, aided by American officials. Next
week, the company's chairman, Kenneth Lay, is expected to fly to India,
though Enron won't comment on whom he intends to visit.
Even though Enron and Maharashtra officials have met regularly, their dispute
has fallen into a slow-motion stalemate, with Enron saying it hasn't agreed
to renegotiate the contract and the state insisting it has already rescinded
the contract. Despite warnings that construction delays will increase the
project's cost by up to $400 million, Vinay Bansal, chairman of the
electricity board, said Monday that getting the project's second phase
running is "not a priority for us," since the state can't afford the power.
The Dabhol contract requires the state to pay for most of the plant's
generating capacity regardless of how much power it consumes. Maharashtra's
consumption has been far below projections.
Mr. Bansal wants India's central government to help buy excess power from
Dabhol, but "they keep saying no." Other states would be willing to buy power
if the rates could be lowered to 2.50 rupees a unit, but that's still well
below Dabhol officials' most optimistic projection.
Meanwhile, India's regulators and courts are throwing in new twists. The
Maharashtra Electricity Regulatory Board, set up as an independent body to
regulate electricity rates, is seeking jurisdiction over the Dabhol dispute,
even though the board was created after the Dabhol contract was signed. Enron
wants an arbitration panel to decide, instead. A Bombay judge issue a ruling
last week that is likely to send the jurisdiction battle to India's Supreme
Court.
If Enron loses that battle, it is likely to lose more time. "We'll make the
process totally transparent," the chairman of the Maharashtra Electricity
Regulatory Board, P. Subramanyam, promised in an interview earlier this year.
But if Dabhol construction doesn't resume by summer's end, Enron's suppliers
of liquefied natural gas are likely to get nervous. Dabhol has 20-year
contracts requiring it to buy liquefied natural gas from Abu Dhabi and from
Oman starting next year. As for the lenders, Indian banks have more to lose
than foreign banks if Dabhol, starved of revenue, continues to miss payments.
That is because much of the foreign debt is guaranteed by the Indian banks,
led by state-controlled Industrial Development Bank of India. For the
project's second phase, foreign debt totals nearly $1.1 billion, and domestic
debt about $330 million. Lenders haven't yet agreed to inject more funds to
allow construction to resume.
"I don't think there is any division among lenders at the moment as to what
should be done," says an international lender involved in the talks. "But
this is not an easy workout, having so many parties involved in so many parts
of the world."

DENMARK: Enron says may spin off wind power arm this year.

07/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

COPENHAGEN, July 4 (Reuters) - U.S. energy firm Enron Corp. may spin off its
wind power unit Enron Wind as early as this year, Enron Wind managing
director Andreas Reuter said on Wednesday.
"Enron has a plan to sell off its assets - not linked to trading - and Enron
Wind is considered an asset. We might find a solution this year," he said.
"The most likely outcome is for a financial investor to take over the company
and launch an IPO in two years time," he said on the sidelines of a five-day
European Wind Energy Conference and exhibition in Copenhagen.
Earlier this year European private equity company Doughty Hanson & Co bought
wind-power blade manufacturer Danish LM Glasfiber for an undisclosed sum,
saying it planned to launch an IPO in five years.
Enron Wind is focusing expansion plans on the Netherlands, Ireland, France
and Britain, Reuter said.
At present Enron Wind has production capacity in Europe's core wind markets
Germany and Spain and has its eyes on Britain.
"If the British market starts moving, we would consider manufacturing blades
over there," he added.
Enron had a six percent market share of the world market for installed wind
turbines in 2000, while the world's largest wind turbine maker Danish Vestas
Wind Systems had a market share of 18 percent.
Spanish firm Gamesa Group's Gamesa Eolica - in which Vestas holds a 40
percent stake - and Danish rival NEG Micon each hold 14 percent of the market.

Business
Guest Host Continued
Fred Katayama, Valerie Morris

07/04/2001
CNNfn: Market Coverage - Morning
(c) Copyright Federal Document Clearing House. All Rights Reserved.

FRED KATAYAMA, CNNfn ANCHOR, TALKING STOCKS: We`re back TALKING STOCKS.
VALERIE MORRIS, CNNfn ANCHOR, TALKING STOCKS: And the person we`re speaking
with is Michael Carty of New Millennium advisors. You can call or e-mail your
question. The phone number is 1(800)304-fnet. The e-mail address is
moneygang@cnnfn.com
KATAYAMA: And our first caller, not fist caller but towards the end of our
show our caller is for this segment the first caller. That honor goes to
Roseanne in New York. Hi, Roseanne.
MORRIS: New Mexico I think
KATAYAMA: Oh, in New Mexico that`s right.
CALLER: Good afternoon. I would appreciate your near and long term comments
on Enron (URL: http://.www.enron.com/) .
CARTY: OK. Now see Enron is a classic example of what I`ve been discussing.
Enron is a wonderful company. it`s well diversified primarily in natural gas
area and it`s a very well managed company. It`s high diversified
geographically here in the United States and it`s a company that should
benefit enormously by any improvement in the energy policy here in the United
States. And look at where that price is. I mean we`re talking about the
market giving that stock away at this point.
KATAYAMA: Plus Enron had been in that deal with, if I remember correctly,
Blockbuster (URL: http://www.blockbuster.com/) to deliver video through its
lines and that deal fell apart.
CARTY: That`s right. But it really didn`t need it because quite frankly this
is a diversified energy company that will benefit through any improvement in
energy policy in this country, any improvement.
MORRIS: We have a caller from Louisiana joining us now. Jim, hi. What`s your
question?
CALLER: Yes. My question is pertaining to alternative energy and particularly
fuel sale and if you`re not real hot on that you might give us a couple of
picks concerning any of the drillers or oil services. Thank you.
CARTY: OK. First off I like the idea of alternative energy. I came into this
industry in `73, `74 out of school and that was a brutal time when we had our
oil embargo and our energy crisis and alternative energy was a very big
option at the time. You could do it through win. You could do it through
sales. I liked the idea of doing it through sales, but remember plaices like
Florida have about as much rain fall as Pennsylvania and therefor they have a
lot of cloudy days and you could only use sales effectively in those states
where you have an awful lot of sun such as the southwest. So, there are only
of limited use So, I think that our -- the true measure of our progress in
coming up with an energy solution is ultimately to go that way, but over the
short term to do some drilling and those two cases I like KaraMagee (ph) and
then Adorical (ph) Petroleum. They`re both well placed. They both work in
drilling area and I think that at these prices they`re - this is a good entry
point.
KATAYAMA: Mike our guest in the last hour, Jim Waggoner touched upon this
stock as one of his favorites, the storage stock EMC (URL:
http://www.emc.com/) . We have an e-mail and our e-mailer wants to know your
view on this stock.
CARTY: As a matter of fact, when Jim was here and was talking - he was
basically talking about the stocks that I love. EMC despite he look of that
chart is one of them. EMC is very, very big on storage technology. In fact,
years ago it was probably one of the least sophisticated in that industry and
it rapidly overcame storage tech and certainly IBM (URL: http://www.ibm.com/)
to the point where they had all of these installations. They put them in -
they were replacing their own, they were rebuilding equipment, computers,
putting their equipment in substituting it for IBM`s. They have a lot of
installations. They`re technology - In doing that, their technology grew and
grew and grew and they finally became one of the most sophisticated and
certainly the best placed in the industry and at these prices as soon as the
market, you know, as the market turns around this is a stock that`s really
going to move.
MORRIS: We have another caller. Jeff from Illinois, thanks for joining us.
What`s your question?
CALLER: Good afternoon. I wanted to know Mike`s comments on Walgreen (URL:
http://www.walgreens.com/) on the short and long term. Thank you.
CARTY: Wallgreen is, first of all I always shop there. I love the place.
And you know, if I were going to listen to most analysts and portfolio
managers they say if you like the place then you really should be investing
in it. It happens to be a reasonably well run company. It`s good in terms of
consumer staples. I mean they`ll probably give - despite the fact that it has
dropped in price recently it will probably give you a much more stable
investment than others and as a consequence if I were holding it I`d continue
to hold it. If it drops any more I`ll certainly consider buying it.
KATAYAMA: And we`ve got an e-mail question about Compaq (URL:
http://www.compaq.com/) the PC company as well as the storage company as well
as the server manufacturer.
CARTY: I know. We`re holding Compaq, but Compaq is a very, very difficult
thing to love because of its performance, as you see on the chart. Also
Compaq is kind of interesting because Dell sells directly to or sells desk
tops directly to the investor, the user, the ultimate user. Gateway (URL:
http://www.gateway.com/) was doing the same thing until now Gateway has
stared to pen these retail stores so that people could go in and demonstrate
the system.
Coimpaq, of course, was the leader in desk top sales simply because it was
able to go into places like CompUSA and they had a massive distribution
network. Well, the users have become much more sophisticated. Now they like
to go to places like Dell. They like to go to places like Gateway. As a
consequence Compaq has suffered somewhat. Also with respect to the servers
it`s only now that it`s starting to look reasonably good in servers. But if I
wanted to do a server play, you know, instead of Cisco I`d do Dell because
Dell equipment is very good. Dell makes a very good server.
So, while I would continue to hold Compaq because I believe it does represent
a significant portion of the industry I don`t think that it`s something that
I would just represent that sector with that one stock.
MORRIS: Michael, thank you so much for spending part of your 4th of July with
us. You handled a lot of calls and e-mails too.
CARTY: It`s been a pleasure.
MORRIS: OK. And the word is just be cautious. Don`t rush into the market and
go after those industry leaders.
CARTY: That`s right.
MORRIS: Michael Carty from New Millennium Advisors, thank you so much.
CARTY: You`re quite welcome
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UK: Enron extends bid deadline in UK gas entry system.

07/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, July 4 (Reuters) - U.S. utility Enron has extended by nearly a month
the deadline for bids into a new market for bringing offshore gas onto the UK
gas pipeline network, the company said on Wednesday in a statement.
Due to high levels of interest in its EnCap market, Enron has extended the
deadline for bids to 1200 noon local time on August 7, 2001 from a previous
deadline of July 9, 2001.
The first start date for contracts remains October 1, 2001.
EnCap allows companies to supply gas in the UK from offshore without having
to secure access rights to the national gas pipeline system.
Using EnCap, companies can supply gas to Enron at beach terminals and receive
the same quantity of gas at the national balancing point, a notional point in
the UK gas trading market, without needing to buy entry capacity rights.
Enron will buy the access rights to bring the gas into the pipeline system.
EnCap is sold in lots of 10,000 therms with a minimum transaction size of 10
lots (100,000 therms) a day for five or more consecutive years.
Britain auctions access rights to the gas pipeline system, owned by Lattice .
Prices rose sharply in the last series of auctions, especially at the St
Fergus terminal in Scotland as shippers worried about guaranteeing getting
enough capacity to bring all their gas ashore.

Enron Extends UK Virtual Gas Capacity Auction Deadline

07/04/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- Energy company Enron Europe Ltd. (U.ENE) said Wednesday
it has extended the deadline for the virtual U.K. natural gas pipeline entry
capacity auction on its EnCap system because of the high level of interest.
Final bids are due by 1100 GMT Aug. 7, with the first start date for the
services unchanged at Oct. 1, the company said.
The original deadline had been set for July 9.
EnCap enables Enron customers to reduce the risk associated with obtaining
entry capacity from the pipeline operator, the company said.
Customers can choose instead to supply gas at major U.K. beach terminals to
Enron and receive the same quantity at the National Balancing Point, or NBP,
the company added.
The NBP is a notional point on the pipeline network which is widely referred
to in the bulk of U.K. over the counter spot market trades as a delivery
point.
-By Germana Canzi, Dow Jones Newswires; 44 20 78429283;
germana.canzi@dowjones.com

JAPAN: Korea Aluminium-Imports seen cheaper than govt stock sales.
By Jae Hur

07/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

TOKYO, July 4 (Reuters) - South Korean demand for spot aluminium is expected
to inch up this week as stock sales by the government agency became less
attractive after recent declines in London metal prices, traders said on
Wednesday.
"It might be the first time since the begining of this year that imported
aluminium prices appear to be lower than those of the government stock
sales," said a trader with a leading trading house in Seoul.
This would drive domestic endusers to seek more imported metal held by
trading houses rather than metal held by the Supply Administration (SAROK),
alleviating domestic aluminium stocks, he said.
Aluminium stocks in major South Korean ports, excluding inventories held by
SAROK, were estimated at about 40,000 tonnes, against 50,000 tonnes in
mid-June, traders said.
SAROK said early this week its aluminium selling prices in July would remain
unchanged from June at 2,248,000 won ($1,729) per tonne.
On Tuesday, traders said SAROK had bought 10,000 tonnes of western primary
aluminium ingots late last week from Samsung Corp and Enron Corp .
The government procurement body bought 5,000 tonnes from Enron last Thursday
at $1,509 a tonne on a cost-insurance-freight (CIF) basis for Pusan and
another 5,000 tonnes from Samsung at $1,501.89 a tonne, CIF Inchon, said a
trade source.
The purchase prices compared to the administration's purchase in late May.
SAROK had bought 5,000 tonnes from LG International Corp at $1,582 a tonne,
CIF Pusan, and another 5,000 tonnes from Mitsui & Co Ltd at $1,579 a tonne,
CIF Inchon, another trade source said.
Q3 PREMIUMS AT $45-47/T
South Korean aluminium import premiums were settled last week at $45-$47 a
tonne over the London Metal Exchange (LME) cash prices, compared with around
$65-$66 in the second quarter, the traders said.
The fall in third quarter premiums were attributed to heavy domestic stocks,
an influx of cheaper metals from China and Russia and soft domestic demand,
they said.
"Some domestic buyers were said to have settled the third quarter term
premiums at about $43-$45 a tonne," said another trading house trader in
Seoul.
But it was hard to confirm the deals because there were only a few major
buyers involved in the term deals with foreign suppliers this time, he said.
The buyers were able to get the term premiums because spot premiums had
further fallen to about $42-$43 a tonne after Japanese importers and foreign
suppliers agreed on the third quarter premiums, he said.
In Japan, term premiums for the July-September quarter were settled at around
$45 a tonne on a CIF basis over LME cash prices, plunging from the second
quarter premiums of $64-$65.
That was the lowest level since the first quarter of 1999, when the premiums
for the world's second-largest economy were settled at $37-$38 a tonne.
Slowing domestic demand and a supply glut has most domestic buyers preferring
monthly contracts or spot deals rather than quarterly term deals, traders
said. (US$1=1,300 won) ((Jae Hur, Tokyo Commodities Desk +81-3 3432 7431
jae.hur@reuters.com)).

Decision on judicial probe on Enron issue by July 11

07/04/2001
Press Trust of India Limited
(c) 2001 PTI Ltd.

Mumbai, Jul 4 (PTI) The decision to institute judicial probe into all the
aspects of agreement with US energy major Enron would be taken by July 11,
Democratic Front (DF) coordination committee convener Prof N D Patil said on
Wednesday night.
The co-ordination committee which is the policy making body of the eight
party coalition met here Wednesday night at official Sahayadri Guest House in
Malabar Hill to deliberate over its stance on the controversial Enron
-promoted Dabhol Power Company's (DPC) project in coastal Konkan.
Briefing reporters in the middle of the meeting, Patil said, "we had good
discussion and heard everybody's view point and a final decision would be
taken on July 11".
Barring Congress and Nationalist Congress Party (NCP), all other constituents
of the DF are pressing for institution of a judicial inquiry into all the
aspects of the agreement signed with Enron.
NCP has clarified its stance saying it would support a judicial probe into
the matter if the Cabinet unanimously takes a decision in this regard.
However, the Congress is yet to make public its position over the demand for
a judicial inquiry.
The smaller constituents like Peasants' and Workers' Party, Janata
Dal-Secular, Communist Party of India (CPI), Communist Party of India-Marxist
(CPM) and Samajwadi Party, have already threatened to withdraw from the
government if their demand for a judicial probe was turned down.
Meanwhile DPC Wednesday received one week extension from the Mumbai High
Court, for the June 26 stay order, which allowed the multinational to move
the Supreme Court till July 10.
(THROUGH ASIA PULSE) 04-07 2001

DPC receives one week extension over HC's July 10 deadline

07/04/2001
Press Trust of India Limited
(c) 2001 PTI Ltd.

Mumbai, Jul 4 (PTI) US energy major Enron-promoted Dabhol Power Company (DPC)
has received one week extension from the Mumbai High Court, for the June 26
stay order, which allowed the multinational to move the Supreme Court of
India till July 10.
+DPC applied for the extension on Monday on the grounds that it had received
the court order copy only that very day (July two) and hence prayed for a
two-week extension+, state government sources told PTI here Wednesday.
They said since a week had already passed from the day of the Court's
directive, the HC granted a seven-day extension, to the US energy major
beyond July 10.
When contacted, state advocate general Goolam Vahanwati confirmed the
development and said the state and MSEB had consented for the same.
On June 26, Mumbai High Court had dismissed DPC's petition challenging the
jurisdiction of Maharashtra electricity regulatory commission (MERC) to
adjudicate its dispute with MSEB and also directed the regulator to decide
this issue within six weeks.
Justice Ajit Shah and Justice Sharad Bobde held that MERC was an expert body
and competent enough to decide its own jurisidiction.
The judges had stayed the order till July 10 to enable DPC move the Supreme
Court in appeal.
(THROUGH ASIA PULSE) 04-07 2001
Lenders for splitting DPC assets to cut takeover cost
Our Regional Bureau NEW DELHI

07/04/2001
Business Standard
8
Copyright (c) Business Standard

Indian lenders to the Enron-prmoted Dabhol Power Company are looking at the
prospects of splitting the assets of the company before sale.
While some generation companies, including the US major AES and two others,
have approached Indian lenders for taking over the operations of the
generation unit, talks have also been initiated for taking over the liquefied
natural gas (LNG) terminal of the DPC separately.
"Some companies have sent feelers for taking over the LNG terminal in
Ratnagiri," a top executive with an Indian lender told Business Standard. He,
however, refused to divulge the companies' names.
Indian lenders are, apparently, of the view that splitting the DPC assets
will help in reduction of tariffs and the cost of taking over the company,
sources say.
The assets, include the LNG terminal with a capacity of five million tonne
per annum (MTPA). The construction of the terminal is nearly 87 per cent
complete.
Industrial Development Bank of India (IDBI) chairman S K Chakraborti had said
here yesterday that this route will be considered only if talks with Enron to
continue with the project fail to fructify.
The DPC was to shift to LNG fuel, instead of naphtha being used at present,
from June 2002. The shift to LNG will considerably reduce power generation
cost from the project.
Of the LNG project's total capacity, about 2.1 MTPA is to be used for
electricity generation by the Dabhol Power Company and the remaining 2.9 MTPA
is to be sold commercially.
But, as the entire cost of the LNG facility has been factored into the PPA
for the Dabhol project, this has pushed up the cost of power generation.
As LNG is fast emerging as a preferred fuel, due to low cost and easy
transferability, there will be a lot of interest in the project, sources
said.
The Madhav Godbole committee, which recommended renegotiation of tariffs, has
said that the Dabhol Power Company should renegotiate its LNG contract and
set up a separate facility for LNG fuel, which will help in reduction of
costs.
As part of the Dabhol Power Company's financial restructuring, the committee
has suggested an increase in the maturity profile of its debt from five to 15
years with a five-year moratorium.
It has also suggested an indicative interest rate of 12 per cent on rupee
loans or six per cent in dollar terms for the project.

NEWS
Water treatment contract approved
MARY FLOOD, RACHEL GRAVES
Staff

07/04/2001
Houston Chronicle
3 STAR
35
(Copyright 2001)

The Houston City Council approved a $104 million contract for the Northeast
Water Purification Plant with Montgomery Watson Constructors of California.
The contract for the Lake Houston plant needed council approval but will be
between the construction and engineering firm and the Houston Area Water
Corp., known as "the Hawk," a citizen board appointed by the mayor.
The contract provides 2 1/2 years to build the 40 million-gallon- a-day plant
that will treat raw lake water. Montgomery Watson could also be required to
construct a plant expansion.
The city of Houston is the initial customer for the water and would repay the
Hawk the cost of treating the water. The city hopes that the plant will
eventually provide water to other area entities as well. This plant is part
of an area plan for the treatment of surface water that could cost about $2
billion to implement.
Councilmen Bruce Tatro and Chris Bell voted against the agreement after an
unsuccessful attempt to delay the vote. Tatro said he objected to the plan to
issue debt to build the plant when it would be cheaper in the long run to pay
cash for the first three years of the project.
Councilman John Castillo disagreed, saying the point in issuing debt is to
ensure that today's taxpayers are not paying for tomorrow's water
consumption.
Bell said the decision about awarding the contract should have been made by
council, not the Hawk.
The administration of Mayor Lee Brown was believed to have favored Montgomery
Watson's chief competitor, Azurix Corp., an arm of local energy giant Enron
Corp.
Three recommendations from City Hall staff recommended Azurix. Hawk board
members said what mattered were Montgomery Watson's lower prices and that
Azurix plans to sell Azurix North America, the body that would oversee the
plant.
But Tuesday, council also unanimously approved a $46 million contract with
Azurix North American Operations and Maintenance Inc. to operate the existing
Southeast Water Purification Plant for more than five years.
That contract underwent the normal bidding process, whereas the Hawk board
was designed to avoid the bidding process and allow the citizen-run
corporation to make its own value choice among competitors. "About six weeks
ago, political pressure began to ease as City Council looked at what work the
Hawk board had done," Hawk chairman David Berg said.

NEWS
Ex-Houston judge to be special counsel / Andell to advise education secretary
John WILLIAMS, Houston Chronicle Political Writer
Staff

07/04/2001
Houston Chronicle
3 STAR
22
(Copyright 2001)

Eric Andell, a former Democratic state appellate judge in Houston who lost
his re-election bid last year, has accepted a position as special counsel to
U.S. Education Secretary Rod Paige.
Paige, former Houston school superintendent, announced Tuesday that Andell
will provide recommendations and guidance on various legal matters.
The appointment in the Bush administration apparently removes the threat that
Andell might mount a Democratic bid next year for Harris County judge.
Andell said he looks forward to working with Paige.
"I have worked with Paige before on (Houston Independent School District)
matters and I am excited about the opportunity of working with him again,"
Andell said.
Andell was a juvenile court judge when then-Gov. Ann Richards appointed him
to the 1st Court of Appeals in 1993. Known for broad community involvement,
Andell has been active in various youth and school issues.
He has served as chairman of the Texas Juvenile Probation Commission,
chairman of the Aspiring Youth of Houston and as a member of HISD committees.
Earlier this year, Andell was mentioned as a possible HISD superintendent
when Paige resigned to accept the cabinet appointment. The HISD job
eventually went to longtime district administrator Kaye Stripling.
Since his defeat for the judgeship, Andell has served as a visiting judge. He
also has performed mediation and arbitration work for the Houston law firm
Nathan Sommers Lippman Jacobs & Gorman.
Andell said Tuesday that Paige asked him several months ago to consider the
job. Since then, Andell has received support from a number of prominent local
Republicans, including former mayoral candidate Rob Mosbacher, Enron Corp.
Chairman Ken Lay and attorney Pat Oxford.
"He brings a good background in the education arena that has been gleaned
from his experience on the bench and some good sound judgment," said
Mosbacher, a member of a Greater Houston Partnership committee that deals
with HISD issues.
Many Democrats had hoped Andell would seek the county judge position, which
has been held by Republicans since 1974.
Andell said he had considered making a run if incumbent Robert Eckels did not
seek a third term. Eckels is expected to seek re- election.
"It was bandied about and when I discussed it openly and honestly, I always
said it was if Eckels chose not to run," Andell said.
Despite receiving top endorsements and outspending his Republican opponent
10-1 last fall, Andell lost to former assistant county attorney Terry
Jennings by a slim margin.
Jennings' victory left Margaret C. Mirabel as the only Democrat among the 18
appellate judges in Houston.
Andell said he will move to Washington this month, hopes to stay in the new
position at least through the end of Bush's first four- year term and has no
political aspirations until then.

Front
Gas rates plunging
Dave Mabell

07/04/2001
Lethbridge Herald
Metro
All material Copyright (c) Bell Globemedia Publishing Inc. and its licensors.
All rights reserved.

It's like a "Going Out of Business" sale.
After charging record high rates through the winter, the natural gas company
serving southern Alberta homes and businesses is cutting its prices up to 45
per cent. At the same time, Atco Gas continues to look for another company to
take over its retail gas business.
Approval of the company's request for rate reductions -- from $9.81 per
gigajoule to $5.41 for most customers -- was announced Tuesday in Calgary.
The rate took effect July 1, and is scheduled to remain in effect until next
Jan. 31.
Reduced rates reflect softening prices across most of North America for one
of Alberta's biggest exports and provincial tax revenue generators.
Jerome Engler, the company's executive vice-president, said the dramatic
price drop reflects the way the company buys its gas from Alberta producers.
Unlike newly arrived competitor Epcor, Atco does not hedge its prices by
buying forward contracts.
"Customers will quickly get a lower natural gas price because of the methods
Atco Gas employs to purchase gas that ensures customers pay the least cost
for gas over the long term," said Engler. "The market price for natural gas
is sliding down, and we can pass these lower costs on to our customers."
Although Alberta politicians blamed this province's cost of electricity --
highest in Canada -- on last winter's soaring natural gas prices, there's so
far been no sign homeowners and business people will see any dramatic cuts in
those bills.
Atco's lower gas price, however, will still be marginally above the $5.35
price offered Lethbridge householders when Epcor began offering term
contracts last winter; more recent Epcor offerings have been higher than $8
for a one- or three-year term.
But Atco's rate will remain substantially higher than the $3.26 cost of gas
in southern Alberta just 18 months ago.
In approving the rate reductions, the Alberta Energy and Utilities Board once
again ordered lower rates in northern Alberta than in the south: $4.95 vs.
$5.40. In a recent board decision that surprised Atco, it denied permission
to sell the company's large gasfields near Viking (southeast of Edmonton)
which have historically given a price advantage to consumers in the Edmonton
area and north.
At last winter's record-high prices, the board said Atco's surcharges
resulted in accumulated surpluses in both northern and southern Alberta.
The company is expected to repay those amounts by Jan. 31, for residential
customers who opted not to shoulder the full impact of last winter's price
shock.
For larger gas customers, using more than 8,000 gigajoules per year, the
surcharge -- and now the repayment -- was expected to end this Oct. 31.
For Atco, these rate changes could be the last for which the company will
apply for permission. While retaining its pipeline network through Alberta,
Atco has announced plans to sell its retail gas business to another company.
Atco officials said at the end of April they're looking for a "world calibre"
company to take over service to homes and businesses across the province.
Because Atco has been a long-time supplier, operating under the province's
regulatory authorities, they said Atco is "restricted from providing the full
range of retail offerings."
Company president Craighton Twa said attracting a big-league buyer will bring
increased choice for the province's consumers.
"The sale will initiate the final stage for the fully deregulated environment
envisioned by the Alberta government," he said.
One of the leading contenders, Enron Direct, has refused to comment on
whether it's negotiating to buy the Atco business. The American company has
meanwhile announced plans to begin offering southern Alberta businesses their
choice of contract prices for electricity.
Engler said Atco is facing further change, whether it sells its retail arm or
not. At a separate series of energy board hearings, he said the company was
asked to respond to proposals to change how it buys gas -- on the spot
market, vs. hedging through contracts -- and how long its prices should run
before further review.
The board's decisions are expected to apply to Atco's successor, if it sells.
"We hope to see a sale completed this summer," Engler said.
But whoever the buyer, he adds, Alberta consumers will still be offered a
regulated price as an alternative to signing a fixed contract. With Alberta's
penchant for deregulation, however, Engler isn't certain how long that option
will continue.
With the lower prices, he adds, it may take longer before consumers whose
bills still show "credit balance," as a result of the provincial government's
subsidies, start paying for their gas once again.
Consumers who'd rather receive a cheque in the mail instead of debiting their
credit balance, Engler said, can call Atco and ask for their refund.
Any comments or questions? Contact the writer at
dave.mabell@lethbridgeherald.com

Fimat USA's Kilduff: Oil Prices, OPEC and Stock Picks
2001-07-04 10:18 (New York)

     New York, July 4, 2001 (Bloomberg) -- John Kilduff (right), senior vice
president of energy risk management at Fimat USA Inc., talks with Bloomberg's
Dylan Ratigan about the outlook for oil prices, the Organization of Petroleum
Exporting Countries (OPEC) and some of his stock picks.

02:13 The outlook for OPEC and oil prices
01:18 Impact of OPEC on profitability of integrated companies
00:35 Picks: Enron, EOG Resources and Anadarko Petroleum

     For company information see ENE US, EOG US, APC US <Equity> CN, BQ. For
related news see the following NI codes: US, ADVISE, NRG, OIL, OPEC, UTI, ELC,
GAS, CMD, VENZ, LATAM, REF, ERNLOOK. For more on the Bloomberg Forum see BFM.
For more Bloomberg Multimedia reports see AV. -- Bloomberg Multimedia (609)
279-4455 (VV/BH)

India Risks Lower Rating If Budget Deficits Grow, S&P Says
2001-07-04 22:55 (New York)

India Risks Lower Rating If Budget Deficits Grow, S&P Says

     New York, July 5 (Bloomberg) -- India must cap its federal
and state government budget deficits or risk having its credit
rating lowered, a Standard & Poor's analyst said.
     India's ``BB'' rating, which is two notches below investment
grade, may be cut if the combined deficits widen to more than 10
percent of gross domestic product from 9 percent now, Joydeep
Mukherji, S&P's associate director and India analyst, said in an
interview.
     ``We continue to watch the fiscal problem very closely as
that is the most vulnerable area that could lead to a negative
rating action,'' Mukherji said.
     The warning comes as the government plans to increase
spending to bolster a slowing economy. A lower rating would raise
the cost of borrowing for the government and Indian companies,
already among the highest in Asia. India's benchmark 10-year bond
yield is 9.6 percent, higher than 6.5 percent for comparable
Chinese bonds and 6.8 percent for South Korean bonds -- which both
have an investment grade rating.
     S&P lowered the outlook on India's rating to ``stable'' from
``positive'' in October. The agency cited India's failure to meet
deadlines for sales of state-owned companies. The rating is among
the lowest in the region.
     Last week, an analyst for Moody's Investors Service said
India must step up sales of state assets and trim its budget
deficit to avoid a reduction in the outlook on its debt. Moody's
``Ba2'' rating, also two notches below investment grade, has a
``positive'' outlook, meaning it may be raised.

                         Growing Debt

     Fitch cut India's long-term sovereign rating outlook to
``negative'' from ``stable'' on May 31. Fitch, which rates India
``BB+,'' one notch below investment grade, cited ``concerns about
fiscal policy, privatization and a deterioration in the investment
climate.''
     ``Any downward change in the country's rating or outlook will
adversely impact investments in India,'' said Kalpana Morparia,
executive director of lender ICICI Ltd., which borrowed about $100
million in international markets last year.
     Years of budget deficits have saddled India with 14 trillion
rupees ($297 billion) of debt, equal to about 63 percent of GDP.
Servicing the debt leaves little money to invest in schools,
hospitals or other projects that could improve the well-being of
Indians and raise the rate of economic growth in the world's
second most-populous country.
     The economy expanded 3.8 percent in the quarter ended March
31 from a year earlier, down from 5 percent growth the previous
quarter and the slowest pace in nearly three years, as a two-year
drought pruned rural incomes. In response, Finance Minister
Yashwant Sinha said last week he would step up government spending
to stimulate the economy.

                      Asset Sales Stall

     In the first two months of the fiscal year, the central
government's budget deficit has reached a quarter of the target
for the year as a whole.
     ``Lower growth may mean lower tax revenue and increased
pressure on governments to raise spending that could enlarge the
combined deficits of the central and state governments beyond 10
percent of GDP this year, potentially weakening the rating,''
Mukherji said.
     India's program to sell state assets, reduce tariffs and
otherwise free the economy from government interference hasn't
moved as fast as expected, Mukherji said.
     ``India has had about 3 years' worth of economic reforms
spread out over the last 10 years,'' he said.
     For example, the government said it planned to raise 120
billion rupees by selling stakes in more than 20 state-run
companies in the fiscal year that began April 1. So far this year,
it hasn't sold a single stake.

                         Enron Dispute

     If the government's economic program fails to gather speed,
the country may slip to its pre-1990s growth rate of 3.5 percent a
year from an average of more than 7 percent in the 1990s, Mukherji
said.
     The dispute between the Maharashtra State Electricity Board
and Enron Corp., the country's biggest foreign investor, which
built a $3 billion power plant, is a ``long-term disaster'' and a
``bad, loud and clear signal to potential foreign investors,''
Mukherji said.
     The state electricity board has refused to pay 3 billion
rupees for power supplied by Enron's local unit, Dhabol Power Co.
India hasn't delivered on guarantees to pay for the power. The
dispute is widely seen as a litmus test for foreign investment in
India.
     ``The Indian private sector is used to bad politics and
failed economic policies, such as energy reforms, but the foreign
private sector is not,'' Mukherji said.

--Gautam Chakravorthy in the Mumbai newsroom (91-22) 233-9027 or
at chakravorthy@bloomberg.net, with reporting by Anindya Mukherjee
in New Delhi/clw/pv

Story illustration: Click {CSDR <GO>} for a detailed listing of

sovereign debt ratings. Click on {ENE US <Equity> GP <GO>} to
graph Enron's share prices.

S&P's Mukherji on Risk of Lower Rating for India: Comment
2001-07-04 23:11 (New York)

     Mumbai, July 5 (Bloomberg) -- Joydeep Mukherji, associate
director and India analyst for Standard & Poor's, on the chance of
a lower rating for the country:

     ``We had signaled last year that reform was likely to move
very slowly, if at all, and that is what has been happening. So
far, nothing has happened to further lower the rating, but we
continue to watch the fiscal problem very closely as that is the
most vulnerable area that could lead to a negative rating
action.''
     ``Lower growth may mean lower tax revenue and increased
pressure on governments to raise spending. That could enlarge the
combined deficits of the central and state governments beyond 10%
of GDP this year, potentially weakening the rating.''
     ``S&P changed the outlook on India's `BB' rating to `stable'
from `positive' in October 2000. At the time, we said that the
change was based on the inability of India's political leadership,
cutting across all political parties, to implement reform to the
public sector in a timely manner.''
     ``The disappointment expressed by many commentators in recent
days, especially after the bad GDP growth figures were released,
is consistent with that earlier rating action.''
     India said last week that the economy grew 3.8 percent from a
year earlier in the quarter ended March 31, down from 5 percent in
the previous quarter and the slowest pace in nearly three years.

On India's plans to reduce the state's role in the economy:
     ``India has had about 3 years' worth of economic reform
spread out over the last 10 years.''
     ``Many wonderful measures are announced, sometimes re-
announced, and announced yet again, but very little is ever
implemented.''
     ``The country may well gradually calibrate its way down to
the old Hindu rate of growth, with GDP growth having slumped from
7 percent a few years ago to barely 5 percent this year, unless it
gets its economic act together soon.''
     ``After 54 years of Independence and 10 years of economic
reform, everyone looks to the rain gods to see if economic growth
can pick up once again. Can there be a more damning indictment of
Indian economic policy failure than this?'' A two-year drought has
depressed growth.

     On the refusal of a state electricity board to pay for power
supplied by the Indian unit of Enron Corp.:

     ``The Enron episode has been a bigger long-term disaster for
India than most Indians, including in the media, realize. It has
sent a bad, loud, and clear signal to potential foreign
investors.''
     ``The Indian private sector is used to bad politics and
failed economic policies, such as energy reform, but the foreign
private sector is not.''
     ``Indians compare India today with India in the past and
content themselves with the small progress they have made. Foreign
investors look at things differently.''

     On future foreign investments in India:
     ``India missed the boat on foreign investment in energy and
telecommunications, two very capital intensive sectors where the
country needs lots of investment by foreign and domestic
players.''
     ``Foreign firms have all but abandoned the energy sector and
are not very interested in the telecom sector.''
     ``Foreign investment will continue to trickle into the
country, especially in sectors such as information technology,
services, and other sectors that depend less on government
regulation... However, the amounts are trivial. India is getting
less foreign direct investment per year than China receives per
month.''

--Gautam Chakravorthy in the Mumbai newsroom (91-22) 233-9027 or
at chakravorthy@bloomberg.net /clw

Story illustration: Click {CSDR <GO>} for a detailed listing of
sovereign debt ratings. Click on {ENE US <Equity> GP <GO>} to
graph Enron's share prices.

Indian Oil Companies Cut Naphtha Price, Paper Says (Correct)
2001-07-04 23:46 (New York)

     (Corrects second paragraph to show prices took effect
Sunday.)

     New Delhi, July 5 (Bloomberg) -- India's state-run oil
companies such as Indian Oil Corp. and Hindustan Petroleum Corp.
cut the price of naphtha as international crude prices fell, the
Business Standard reported, without citing sources.
     Naphtha, used by Enron Corp.'s Dabhol power plant to produce
electricity, is now cheaper by 530 rupees for 1000 liters. The
companies also pared prices for furnace oil and heavy petroleum
stock. The new prices took effect Sunday, the paper said.
     The price cut may have been brought about by a recent decline
in international crude oil prices, analysts said. Dated Brent
Crude fell to $25.92 a barrel yesterday from $29.34 on June 11,
and 31 percent below a one-year high of $37.73 last September.
     High naphtha prices during the three months ended March 31
resulted in a 17 percent drop in profit for the quarter at
Reliance Industries Ltd., India's biggest non-state company by
sales, which uses naphtha to make plastics. Still, oil companies
gained. Indian Oil, the country's biggest refiner, said profit for
the year ended March rose 11 percent on higher petroleum product
prices.

(Business Standard, 07/05, Pg.9)

For the paper's Web site, {BSTD <GO>}

--Anindya Mukherjee in the New Delhi newsroom (91-11) 334-8821, or
at amukherjee@bloomberg.net/rv

Story illustration: {IOCL IN <Equity> COM <GO>} to compare Indian
Oil shares against the benchmark Sensex.
{EUCRBRDT <Index> GP <GO>} to graph Brent Crude prices.

India Risks Lower Rating If Deficits Grow, S&P Says (Update1)
2001-07-05 08:08 (New York)

India Risks Lower Rating If Deficits Grow, S&P Says (Update1)

     (Adds money manager's comment starting in 13th paragraph.)

     New York, July 5 (Bloomberg) -- India must cap its federal
and state government budget deficits or risk having its credit
rating lowered, a Standard & Poor's analyst said.
     India's ``BB'' rating, which is two notches below investment
grade, may be cut if the combined deficits widen to more than 10
percent of gross domestic product from nine percent now, Joydeep
Mukherji, S&P's associate director and India analyst, said in an
interview.
     ``We continue to watch the fiscal problem very closely as
that is the most vulnerable area that could lead to a negative
rating action,'' Mukherji said.
     The warning comes as the government plans to increase
spending to bolster a slowing economy. A lower rating would raise
the cost of borrowing for the government and Indian companies,
already among the highest in Asia. India's benchmark 10-year bond
yield is 9.6 percent, higher than 6.5 percent for comparable
Chinese bonds and 6.8 percent for South Korean bonds, both of
which have an investment grade rating.
     S&P lowered the outlook on India's rating to ``stable'' from
``positive'' in October. The agency cited India's failure to meet
deadlines for sales of state-owned companies. The rating is among
the lowest in the region.
     Last week, an analyst for Moody's Investors Service said
India must step up sales of state assets and trim its budget
deficit to avoid a reduction in the outlook on its debt. Moody's
``Ba2'' rating, also two notches below investment grade, has a
``positive'' outlook, meaning it may be raised.

                         Growing Debt

     Fitch cut India's long-term sovereign rating outlook to
``negative'' from ``stable'' on May 31. Fitch, which rates India
``BB+,'' one notch below investment grade, cited ``concerns about
fiscal policy, privatization and a deterioration in the investment
climate.''
     ``Any downward change in the country's rating or outlook will
adversely impact investments in India,'' said Kalpana Morparia,
executive director of lender ICICI Ltd., which borrowed about $100
million in international markets last year.
     Years of budget deficits have saddled India with 14 trillion
rupees ($297 billion) of debt, equal to about 63 percent of GDP.
Servicing the debt leaves little money to invest in schools,
hospitals or other projects that could improve the well-being of
Indians and raise the rate of economic growth in the world's
second most-populous country.

                             Slowdown

     The economy expanded 3.8 percent in the quarter ended March
31 from a year earlier, down from 5 percent growth the previous
quarter and the slowest pace in nearly three years, as a two-year
drought pruned rural incomes. In response, Finance Minister
Yashwant Sinha said last week he would step up government spending
to stimulate the economy.
     ``Lower growth may mean lower tax revenue and increased
pressure on governments to raise spending that could enlarge the
combined deficits of the central and state governments beyond 10
percent of GDP this year, potentially weakening the rating,''
Mukherji said.
     Investors too are getting concerned with the government's
profligacy. In the first two months of the fiscal year, the
central government's budget deficit has reached a quarter of the
target for the year as a whole.
     ``The growing deficit bothers me,'' said Bharat Shah, who
manages 33 billion rupees at Birla Sun Life Asset Management in
Mumbai. ``There's a need for a sharp reduction in expenditure that
will call for political consensus, which I don't think is in
place.''
     Without pruning deficits, the government can't hope to lower
interest rates. Higher interest rates in India damp the
government's plan of attracting more foreign companies to set up
businesses locally.

                        Overseas Investment

     ``The most important thing to do is to get more foreign
direct investment, which is the mother of all solutions,'' Shah
said. Last year, India managed to attract $4.5 billion in foreign
investment, a tenth of what China took in.
     India's program to sell state assets, reduce tariffs and
otherwise free the economy from government interference hasn't
moved as fast as expected, Mukherji said.
     ``India has had about 3 years' worth of economic reforms
spread out over the last 10 years,'' he said.
     For example, the government said it planned to raise 120
billion rupees by selling stakes in more than 20 state-run
companies in the fiscal year that began April 1. So far this year,
it hasn't sold a single stake.
     If the government's economic program fails to gather speed,
the country may slip to its pre-1990s growth rate of 3.5 percent a
year from an average of more than 7 percent in the 1990s, Mukherji
said.

                         Enron Dispute

     The dispute between the Maharashtra State Electricity Board
and Enron Corp., the country's biggest foreign investor, which has
set up a $3 billion power plant, is a ``long-term disaster'' and a
``bad, loud and clear signal to potential foreign investors,''
Mukherji said.
     The state electricity board has refused to pay 3 billion
rupees for power supplied by Enron's local unit, Dabhol Power Co.
India hasn't delivered on guarantees to pay for the power. The
dispute is widely seen as a litmus test for foreign investment in
India.
     ``The Indian private sector is used to bad politics and
failed economic policies, such as energy reforms, but the foreign
private sector is not,'' Mukherji said.

--Gautam Chakravorthy in the Mumbai newsroom (91-22) 233-9027 or
at chakravorthy@bloomberg.net, with reporting by Anindya Mukherjee
and Arijit Ghosh in New Delhi/clw/pv/nmn

Story illustration: Click on {CSDR <GO>} for a detailed listing of
sovereign debt ratings. Click on {ENE US <Equity> GP <GO>} to
graph Enron's share prices


Sara,

I'm not sure what this relates to?

Gary

---------------------- Forwarded by Gary Hickerson/HOU/ECT on 11/21/2000
07:49 AM ---------------------------

"ABREU-TORRES, Hilda, FM" <hilda.abreu-torres@na.natwestgfm.com> on
11/20/2000 09:46:10 AM
To: "'Gary.Hickerson@enron.com'" <Gary.Hickerson@enron.com>
cc:
Subject: Novation

Hello Gary,

Further to our various conversations, kindly advise when we can expect to
have your signed novation Assignment Agreement.

Should you have any questions, please feel free to contact me by telephone
at (212) 401-3392, by fax at (212) 401-3627 or by e-mail at
hilda.abreu-torres@na.natwestgfm.com

Regards,
Hilda

Hilda Abreu-Torres
NatWest Global Financial Markets
Legal and Compliance
101 Park Avenue - 11th Floor
New York, NY   10178

Tel:  (212) 401-3392
Fax:  (212) 401-3627
e-mail: hilda.abreu-torres@na.natwestgfm.com


If we can trouble you once again,  Steve needs, by the end of today, the
names and numbers of the Key Executives on the list attached.  Please
complete the name of the President, Vice President and phone numbers.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Tom Gross (creative team)

Date:		7/10/2000
Time:		9:00 AM - 10:00 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Glad you enjoyed the game.  That was quite a climb to those seats!  I did it
a couple of times with my two year old in arms, and wasn't sure that I would
make it!  That's good that you could watch from a lower level. --Sally

Bob Klein
04/03/2000 07:28 AM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: ASTROS GAME

Thank you for the tickets to the Saturday game. My wife and I enjoyed it very
much. We were unable to sit in the Upper Level in the seats ticketed. My wife
and I came to the fourth level to identify the seats. When we arrived, my
wife became dizzy as she does in most high places. We watched the game from
the walkway at level one and were able to enjoy the game. Thanks again for
the tickets. Enron Field is a nice ballpark.

Bob


Attached is a M-T-D daily reading of gas that has flowed at meter #: 1528
during May 2000 production.

 This data is provided to inform you of the activity at this meter.

 HPL is the only counterparty doing business at this meter thus, Sitara
ticket # 92887  will take the swing.


Thanks.

DG

	Enron North America Corp.

	From:  Victor Lamadrid                           01/31/2001 11:18 AM

To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Congrats!

Hey Darren, Congrats on your promotion!
Victor


Marguerite:

Because NorthWestern would like to change the name of Merchant Energy
Ventures, LLC to Montana Megawatts I, LLC at Closing, I have prepared a
Certificate of Amendment to this effect.  A copy of the Certificate of
Amendment is attached.  Also attached is a Closing Checklist that attempts
to capture the status of the transaction.  Please let me know if you have
any comments to either the Certificate or the Checklist.  Thanks.

Regards,

Marisa

 <<331H01!.DOC>>  <<2XPB06!.DOC>>

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - 331H01!.DOC
 - 2XPB06!.DOC


I'm pretty sure we're good to go.  Check back with you on the restaurant.

Fletch


To all SITARA users:

The SITARA system will be brought down on a nightly basis between 12:01AM  -
4:00 AM Central Time for nightly processing.
The system will be available in the morning after that time, with positions
primed by 5:30 AM.

CPR will be available during these times.

Please call the SITARA Hotline ((713) 853-7049) if you have any questions or
concerns.


_________________________________________________________________

WEEKEND SYSTEMS AVAILABILITY

FOR

1/25/2002 5:00:00 PM through 1/28/2002 12:00:00 AM
_________________________________________________________________

Impact:   San Palo
Time:   Thur 1/24/2002 12:00:00 PM CT thru Sun 1/27/2002 12:00:00 PM CT
	Thur 1/24/2002 10:00:00 AM PT thru Sun 1/27/2002 10:00:00 AM PT
	Thur 1/24/2002 6:00:00 PM London thru Sun 1/27/2002 6:00:00 PM London
Outage:   New server room
Environments Impacted:   File Server, Notes servers, Print Server, Internet access.
Purpose:   Put 02 servers room in just 01 room. Rebuild all cabling (data and voice). This is set on CST.
Backout:   Back to original room.
Contact(s):   Nilson Busto  55-11-5503-1347

Impact:   Corp
Time:   Fri 1/25/2002 1:45:00 PM CT thru Fri 1/25/2002 2:45:00 PM CT
	Fri 1/25/2002 11:45:00 AM PT thru Fri 1/25/2002 12:45:00 PM PT
	Fri 1/25/2002 7:45:00 PM London thru Fri 1/25/2002 8:45:00 PM London
Outage:   Change Management Emergency Outage
Environments Impacted:   Change Management System Outage.
Purpose:   Change Management Application needs emergency maintenance.
Backout:   NA
Contact(s):   Brennan, Ryan  713-853-4545
	Ray, Edward  7138536744
	Brooks, Sean L  713-345-8077


Veronica Aquila did a great job of cleaning our house when we first moved back to the neighborhood, then she got called back to Mexico.  She's back in town ready to go to work, but we have someone we're very satisfied with. You can reach her at 713.426.3094.

Hilary

(Mr.) Hilary Smith

712 Bomar St.

Houston TX  77006-1316

713.523.0559

Fax: 713.523.3928

Website:
<underline><color><param>0000,0000,ffff</param>http://pws.prserv.net/hilary</color></underline>


I could not agree more. If a bunch of old limosuine liberals can't get it
right, tell them to soothe themselves by looking at their bank accounts.

Also, how ironic is it that Ole William Daley, Gore's spokesman, is the son
of the former mayor of Chicago who stole the election for JFK.

Mike

-----Original Message-----
From: riordm@tdusa.com [mailto:riordm@tdusa.com]
Sent: Friday, November 10, 2000 1:59 PM
To: Fortugno, Michael
Subject: Re: liberal bags

oh, and in case i forgot to add, the ballots used in West Palm Beach were
approved by a Democrat!!

if they want to change the ballot and correct the system, i say go for it
and
maybe by 2004 this won't happen again.  but unfortunately people voted
within
the confines of the system and like it or not, that's the way it is.  the
results are the results.  it would be like me saying that on my SAT's i
couldn't
align the dots correctly with my answers and that's why I scored so low.  I
really should have had at least a 1400.

as 'ol john coch said "if the glove don't fit, yous got to acquit" so if
bush is
ahead when all the ballots are all in, then you have to give him the
presidency.

"Fortugno, Michael" <MFortugno@Poseidon1.com> on 11/10/2000 01:26:51 PM

To:   Michael Riordan/CIBG/TDBANK/US@TDBANK-US
cc:
Subject:  liberal bags

Easy there old bags in Florida.  I can't take this BS.  The votes have been
counted twice and GWB has won both times.  If these left win bags can't vote
correctly they shouldn't vote at all.  I needed to get that off my chest.

Mike


Created deal # 231048 to net out against Z6 sales on 527 a day.

Molly


Kal

Could you please send Cathy a guest user id and password for EnronOnline.  Please set it up with defaults so she can see some products.

Thanks

Louise

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


What did mary write?  Stage misses you?  I sent 2 emails.

Maybe mary is stalking gary


---------------------- Forwarded by Daren J Farmer/HOU/ECT on 01/26/2000
01:01 PM ---------------------------
From: Lee L Papayoti on 01/26/2000 12:06 PM
To: Eric Bass/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT, O'Neal D
Winfree/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT
cc: Daren J Farmer/HOU/ECT@ECT
Subject: Sitara # 92886

For Feb00, any gas taken by Global Octanes will be priced off of Gas Daily
rather than IF .... I've changed the sitara ticket .... but one of you
gentlemen needs to take care of risk assignment impact ....

Lee


Start Date: 4/14/01; HourAhead hour: 8;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in SC Trades schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041408.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 8 / Preferred:  50.00 / Final:  34.44)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_EPE
  ENGY_TYPE: FIRM
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 8 / Preferred:  20.00 / Final:  13.80)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_TOBY
  ENGY_TYPE: FIRM
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 8 / Preferred:  12.00 / Final:   8.20)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SPP
  ENGY_TYPE: WHEEL

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 8 / Preferred: 270.00 / Final: 265.20)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TRADING_SC: PWRX
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 8 / Preferred:  75.00 / Final:  63.03)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TRADING_SC: PWRX
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 8 / Preferred:   4.91 / Final:   4.12)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE2
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 8 / Preferred:  44.89 / Final:  36.92)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  SC_ID: EPMI


This is an automatically generated Delivery Status Notification.

Your message has been successfully relayed to the following recipients, but the requested delivery status notifications may not be generated by the destination.

       taperkin@southernco.com

--------- Inline attachment follows ---------

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=MHEARD>
To: taperkin@southernco.com
CC: Espinoza, Veronica </O=ENRON/OU=NA/CN=RECIPIENTS/CN=VESPINO>, Hendry, Brent </O=ENRON/OU=NA/CN=RECIPIENTS/CN=BHENDRY>
Date: Monday, October 22, 2001 2:32:18 GMT
Subject:

Todd:

At last, I am attaching our response to your comments of 7/19/01,
together with a clean and blacklined draft of the ISDA Master Agreement
for Georgia Power Company.  Please note that these same comments will
apply for Savannah Electric and Mississippi Power with the exceptions
set forth in our response.

Please let us know if you have any questions or additional comments.  We
look forward to hearing your comments.

Marie

Marie Heard
Senior Legal Specialist
Enron North America Corp.
Phone:  (713) 853-3907
Fax:  (713) 646-3490
marie.heard@enron.com

				 <<069ltr.doc>> 	 <<106actr
(Georgia Power Co).doc>> 	 <<106ACTR (GEORGIA POWER CO).RED.DOC>>


Gerald -  I spoke with Jeff Hodge.  He gave me your name as the person to
review the documents to allow ENA to transport on Vector Pipeline.  The only
one that really needs your review is the Vector Web Access Agreement.
Otherwise, the documents are fill-in-the-blank informational forms.

chris
x31666

---------------------- Forwarded by Chris Meyer/HOU/ECT on 02/01/2001 11:33
AM ---------------------------

anthony.zlahtic@eit.enbridge.com on 01/19/2001 10:44:05 AM
To: chris.meyer@enron.com
cc:
Subject: Vector - Transportation Agreements

Chris I enjoyed our conversation this morning.  As discussed please find
attached:

1) Credit Form

2) Request Form

3) Web Access Agreement

Please have these forms completed and sent to the contacts contained within
the forms.  We will generate the transportation agreements from my office
and forward for Enron's execution.

Take care and have a good weekend.   Please feel free to contact me with
any questions you may have at (416) 753-7323.

(See attached file: Credit Request.doc)(See attached file: Request for
Service Form.doc)(See attached file: Vector Web Access Agreement.doc)
 - Credit Request.doc
 - Request for Service Form.doc
 - Vector Web Access Agreement.doc


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/21/2001
03:57 PM ---------------------------

"Jeff Smith" <jsmith@austintx.com> on 02/21/2001 01:24:15 PM
To: <Phillip.K.Allen@enron.com>
cc:
Subject: leander and the Stage

Phillip,

I spoke with AMF's broker today, and they will be satisfied with the deal if
we can get the school to agree to limit the current land use restrictions to
the terms that are in the existing agreement.  They do not want the school
to come back at a later date for something different.  Doug Bell will meet
with a school official on Monday to see what their thoughts are about the
subject.  It would be hard for them to change the current agreement, but AMF
wants something in writing to that effect.  I spoke to AMF's attorney today,
and explained the situation.  They are OK with deal if AMF is satisfied.

AMF's broker said that they will be ready to submit their site plan after
the March 29 hearing.  We may close this deal in April.

The Stage is still on go.  An assumption package has been sent to the buyer,
and I have overnighted a copy of the contract and a description of the
details to Wayne McCoy.

I will be gone Thurs. and Fri. of this week.  I will be checking my
messages.

Jeff Smith
The Smith Company
2714 Bee Cave Road, Suite 100-D
Austin, Texas? 78746
512-732-0009
512-732-0010 fax
512-751-9728 mobile


Brant,  Attached are the form of the JV Cinergy Guaranties.  I will route the
ENA for signature.  Please note Section 2.  I made these JV guaranties
secondary to the Bridgeline Guaranty.  Is March 1, 2000, the correct
effective date for these.


Attached are summaries of two SoCalGas advice letters.? Some info here  on
consolidated billing may be of interest to your gas marketers, but does not
appear to be protest material.
?
Dan
 - 11-28-00 SoCalGas AL Summary Chart.doc


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 02/22/2001
04:48 PM ---------------------------
To: Matthew Lenhart/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron
cc:

Subject: Fortune Article

---------------------- Forwarded by Timothy Blanchard/HOU/EES on 02/22/2001
04:45 PM ---------------------------

	Enron Energy Services

	From:  Timothy Blanchard                           02/22/2001 04:24 PM
	Phone No: 713-853-4755

To: AIP
cc:
Subject: Fortune Article

The article just discussed on CNNfn.


FYI - Please see attached information from Kate Cole.

Deb Korkmas
Enron North America Corp.
ENA Legal Dept.
1400 Smith Street, Room 3819
Houston, TX  77002
Phone:  713-853-5448
Fax:  713-646-3393
----- Forwarded by Deb Korkmas/HOU/ECT on 10/13/2000 09:27 AM -----

	Kate Cole@ENRON
	10/13/2000 09:05 AM

		 To: Melanie Curran/EWC/Enron@ENRON, Sue Kelly/LON/ECT@ECT, Robin Hill/Enron
Communications@Enron Communications, Deb Korkmas/HOU/ECT@ECT, Mary
Ogden/HOU/ECT@ECT, Lori Pinder/HOU/EES@EES, Annette Patrick/LON/ECT@ECT,
Bonnie_Rushing@pgn.com, Ed B Hearn III/HOU/ECT@ECT, Julie
Delahay/EWC/Enron@ENRON, Barbara Hankins/HOU/AZURIX@AZURIX, Lorna
Jones/LON/ECT@ECT, Michael Slade/LON/ECT@ECT, David Bateman/Corp/Enron@ENRON
		 cc: Hardie Davis/Corp/Enron@ENRON, Teresa Callahan/Corp/Enron@Enron
		 Subject: Huntlaw Corporate Services Limited -  COMPLIANCE PROCEDURES FOR
CAYMAN ISLANDS COMPANIES

I'm attaching a memorandum from Hunter & Hunter, our Cayman Islands counsel,
regarding recent changes in Cayman Islands laws and regulations.  Please
forward it to other interested parties in your departments.

One immediate consequence of these changes is the request by counsel that we
provide them with more detail on the intended business activities of our new
subsidiaries in the A&J memos that are sent to them.  Without being
impractical, something more than "Oil & Gas exploration in Mexico" (by way of
example) is requested.  If it is impossible to provide more meaningful detail
without going on extensively, then the current practice will have to continue
to be acceptable.  However, a business purpose of "holding company" is
probably not going to be acceptable.

If you have specific questions or concerns after reviewing the memorandum, I
suggest that you contact Rory Todd or another representative of Hunter &
Hunter (phone:  345-949-4900; fax:  345-949-5175; email rtodd@huntlaw.com.ky).

Thanks guys!  Kate

Kate B. Cole
Director, Corporate Services
Enron Corp.
Tel: (713) 853-1624
FAX: (713) 646-8007
Email: kate.cole@enron.com


insert this paragraph as marked on the document.  ss
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/18/99 09:27
AM ---------------------------

"Miriam Radich" <mradich@shearman.com> on 10/01/99 10:56:13 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Guaranty - Langauge for Expenses

Sara,

This looks fine to us.

Thank you.

"Sara Shackleton" <sshackl@ect.enron.com> on 10/01/99 11:00:21 AM

To:   Miriam Radich/DC/NA/ShS@ShSDOMAIN
cc:

Subject:  Guaranty - Langauge for Expenses

Let me know if this works.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/01/99 09:59
AM
---------------------------

Clement Abrams@ENRON
10/01/99 09:41 AM

To:   Sara Shackleton/HOU/ECT@ECT
cc:
Subject:  Guaranty - Langauge for Expenses

Sara, here's the language. Call me if you have any questions or comments.
Clem

EXPENSES. The Guarantor agrees to pay on demand all reasonable out of pocket
expenses ( including reasonable fees and expenses of Counterparty?s counsel)
in
any way relating to the enforcement or protection of the rights of the
Counterparty hereunder, provided that the Guarantor shall not be liable for
any
expenses of Counterparty if no payment under this Guaranty is due.


Suzanne,  Attached is a redlined version of the Professional Services Agreements with the revisions we discussed.  This version is redlined against the orginal version I had earlier sent.  Please review.


Daren - can you get a deal set up for meter 1459 for 8/00?  The last deal
number associated with this meter is 331917 for July 00. Counterparty - GSF
Energy, LLC. Let me know if you have any questions.

AL


We will get you back on the official distribution list.  For now, I am
forwarding our weekly report to you.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 03/30/2001 01:37 PM
---------------------------

Brian Heinrich
03/29/2001 07:07 PM
To: Tina Spiller/Enron@EnronXGate
cc: Sally Beck/HOU/ECT@ECT, James Scribner/Corp/Enron@Enron, Bob M
Hall/NA/Enron@Enron, Sheri Thomas/HOU/ECT@ECT, Brenda F
Herod/Enron@EnronXGate, Torrey Moorer/HOU/ECT@ECT, Jennifer deBoisblanc
Denny/HOU/ECT@ECT, Patti Thompson/HOU/ECT@ECT, Peggy
McCurley/Enron@EnronXGate
Subject: Global Risk Management Operations Weekly Operating Report

Tina,
Attached is the Global Risk Management Operations update for the Philippe and
Greg Weekly Report, for the week ending March 28.
If you have any questions, please let me know.
Thanks,
Brian
x57677