Charles Schwab & Co., Inc.

Morning Market View(TM) for Thursday, July 19, 2001
as of 11:00AM EDT
Information provided by Standard & Poor's

================================================================

U.S. INDICES
(11:00 a.m. EDT)

----------------------------------
Market            Value     Change

DJIA          10,659.50    + 89.70
Nasdaq Comp.   2,065.67    + 49.50
S&P 500        1,221.17    + 13.46
----------------------------------
NYSE Advancing Issues        1,685
NYSE Declining Issues          964
NYSE Trading Volume        373 mln
NASDAQ Advancing Issues      1,984
NASDAQ Declining Issues        988
NASDAQ Trading Volume      545 mln

==================================

U.S. TREASURIES
----------------------------------
Value             Yield     Change

1-year bill       3.43%        n/a
5-year note       4.64%     - 4/32
10-year note      5.11%     - 5/32
30-year bond      5.52%     - 3/32

The tables above look best when viewed in a fixed-width font,
such as "Courier."

================================================================

U.S. TRADING SUMMARY

After yesterday's sell-off, the major averages all moved higher
from the open as a number of encouraging corporate outlooks
lured back the buyers. Technology shares have been the largest
beneficiaries of buyer interest today, as a host of encouraging
earnings announcements from U.S. firms and cell-phone maker
Nokia helped offset concerns over IBM's somewhat pessimistic
outlook. Technology investors had further reason to cheer when
Dell Computer reaffirmed its earnings outlook this morning. Not
surprisingly, the NASDAQ has been the largest beneficiary of the
tech buying, jumping 2.5%. The S&P 500 rose more than 1% on
strength in semiconductors, communication and computer
software/systems. The Dow has gains just shy of 1%, led higher
by shares of United Tech, Microsoft and GE.

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

JAPAN / EUROPE SUMMARY

European stocks were mostly higher in midafternoon European
trading as a positive earnings report from cell-phone maker
Nokia and encouraging results from SAP, the largest European
software producer based in Germany, provided support. The German
Dax has powered 1.0% higher, while the French CAC-40 rose 0.7%.
The London FTSE is holding around unchanged levels, restrained
by weakness in shares of British Telecom and Vodafone.
Elsewhere, the Japanese market was weaker overall, with banking
shares falling sharply on increasingly negative sentiment.
Indications from U.S. Federal Reserve Chairman Alan Greenspan
that the U.S. economy could weaken further set a gloomy tone.
The Topix index finished lower by 0.4% and ended the session at
its lowest level since March 15. The Nikkei 225, heavily
weighted in technology shares, managed to finish 0.1% higher.

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

CURRENCY SUMMARY

The U.S. dollar has found some relief after yesterday's drubbing
that came on Greenspan's testimony and perceptions that the U.S.
would abandon its strong-dollar policy. The dollar has found
some comfort versus the euro, strengthening to around the 0.870
dollar per euro level after trading as low as 0.878 dollars per
euro overnight. However, the greenback has had a more difficult
time versus the yen, slipping further to around the 123.5 yen
level after trading just above the 124 yen level overnight.
Recall that the dollar was trading around 125.5 yen and 0.850
dollars per euro as recently as Tuesday.

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

MAJOR COMPANY / INDUSTRY NEWS
(All prices as of 11:05 a.m. EDT)

** IBM (IBM: 104.68, + 0.40) reported earnings for its second
quarter in line with Wall Street expectations on slightly
slowing sales that were below expectations. Earnings totaled
$2.1 billion, or $1.15 per share, versus $1.9 billion, or $1.06
per share, in the same quarter last year. Revenues, at $21.6
billion, were about $1 billion below what Wall Street had
expected. But while results in the current quarter were roughly
in line with estimates, IBM was somewhat cautious over future
prospects. The firm stated that a number of problems could
impact their bottom line, including the negative effects of a
strong U.S. dollar, weakness in some business lines and
investment losses. IBM is the world's largest computer hardware
supplier, a leading software supplier and has the world's
largest technology services businesses.

** Satellite TV firm Echostar (DISH: 30.54, + 0.57) handily beat
Wall Street estimates, reporting a second-quarter profit when
analysts expected the company to lose money during the quarter.
Instead, the second-largest satellite TV provider earned $2.3
million, or nil on a per share basis, versus Wall Street
expectations that the company would lose $0.10 per share. Sales
rose about 50% to about $966 million. The unexpectedly good news
came as a result of a jump in the number of subscribers, which
grew 6% to 6.1 million customers.

** Lawsuit-plagued Philip Morris (MO: 46.13, + 0.65) reported
fiscal second-quarter earnings that matched Wall Street
estimates. The maker of Marlboro cigarettes and Miller beer
earned $2.3 billion, or $1.03 per share, versus $2.2 billion, or
$0.95 per share, in the same quarter last year. Revenues rose
11% to $23.2 billion over last year's quarter as the firm hiked
cigarette prices.

** A host of large technology firms reported corporate results
last night. Siebel Systems (SEBL: 36.17, - 1.47) beat estimates
when it reported earning $0.15 per share versus $0.10 per share
a year ago. Analysts had expected earnings of $0.13 per share.
Elsewhere, Applied Micro Circuits (AMCC: 18.17, + 1.17) reported
a first-quarter loss, excluding charges, of $13.6 million or
$0.05 per share. The company expects to cut 5% of its work force
and take an $8 million to $11 million charge against earnings
for the cutback. Broadcom (BRCM: 44.28, + 5.28) reported a sharp
drop in second-quarter profits, but joined Applied Micro
Circuits in saying it expects sales to possibly rebound toward
the end of this year.

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

ECONOMIC NEWS

** U.S. trade balance for May came in at a $28.3 billion
deficit, less than the previous $32.0 billion deficit and below
the S&P consensus estimate of a $32.0 billion deficit.

** Weekly initial jobless claims came in at 414K, less than the
previous week's 449K and below the consensus estimate of 425K.

** Leading economic indicators for June rose 0.3%, slightly
below the previous month's 0.4% increase and matching the
consensus estimate.

** Philadelphia Federal Reserve manufacturing index for July due
out at 12:00 p.m. EDT.

** FRIDAY - U.S. Treasury budget for June.

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Copyright 2001 Standard & Poor's MMS Inc.  All rights reserved.
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Distribution by Quris, Inc.


Hey, what's up?  Are you having a good week?

Danielle Samson <DanielleS@JonesGranger.com> on 02/16/2000 03:28:47 AM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Hallo, anybody there?


Here is my edit of your points.  I went for simpler language and beating up
on the CPUC.  Use as much or as little as you want. Thanks, Mike

-----Original Message-----
From: athomas@newenergy.com [mailto:athomas@newenergy.com]
Sent: Friday, March 30, 2001 2:56 PM
To: mday@gmssr.com
Subject: talking points

Appreciate any edits or thoughts you may have on the talking points before
I send them out.  Thanks.

Aaron

 - X23180.DOC


i'm in, but only if giron does not show!

 -----Original Message-----
From: 	Taylor, Joey
Sent:	Friday, January 11, 2002 2:22 PM
To:	Giron, Darron C.; Love, Phillip M.; McLaughlin Jr., Errol; Mills, Bruce; Palmer, B. Scott; Ryder, Patrick; Winfree, O'Neal D.
Subject:	RE: Phil Let me know if this is ok

sounds good

 -----Original Message-----
From: 	Giron, Darron C.
Sent:	Friday, January 11, 2002 2:12 PM
To:	Love, Phillip M.; McLaughlin Jr., Errol; Mills, Bruce; Palmer, B. Scott; Ryder, Patrick; Taylor, Joey; Winfree, O'Neal D.
Subject:	RE: Phil Let me know if this is ok

I'll be there.

DG

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Friday, January 11, 2002 1:57 PM
To:	Giron, Darron C.; McLaughlin Jr., Errol; Mills, Bruce; Palmer, B. Scott; Ryder, Patrick; Taylor, Joey; Winfree, O'Neal D.
Subject:	FW: Phil Let me know if this is ok

Let O'Neal know if you will be in or out so that we can get some fillers.
PL

 -----Original Message-----
From: 	Winfree, O'Neal D.
Sent:	Friday, January 11, 2002 12:23 PM
To:	Love, Phillip M.
Subject:	Phil Let me know if this is ok

Gentlemen,

What:   		Let's play poker...

Where: 		The land of Pears

When:		Thursday, January 17th -- between 7-8 pm

Directions:	No key map so here goes

		288 South (please find 288 from Downtown)

		Exit McHard/Shadow Creek (hint: it's the first exit after the Beltway 8)

		Take a left onto McHard and proceed to the end of McHard

		There will be a Conoco at the first Stop sign, the next stop sign will say Country Place

		Proceed to the third stop Sign and take a left to The Lakes of Country Place

		Go to the Gurard's gate... You will visit 406 Starleaf

		Go thru the gate and Take a left on River Birch drive

		Starleaf will be the 3rd street on the right...

		My house is the 5th house on the left (in the cul de sac)...

		address 406 Starleaf	Pearland, Tx 77584
		phone: 713.436.2992	cell: 832.372.8000

O


Later this week there will be a second report which will capsule the RTO
filings made last week.  In the meantime,
attached is the Weekly FERC Electric Report for week ending October 20.

Attached is the FERC Public Meeting Schedule for 2001.


Allan,

I am sending you my coordinates. I expect to be in London around
September the 20th.

Vince Kaminski

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

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


Hi Rosalee-- I just wanted to thank you so much for your extra help on our
inquiry to Ken.  We understand completely that the April 25 slot following
his return from vacation is not the most ideal arrangement.  I think it's
always easiest for someone like him if he knows that a speech given recently
can easily serve as the basis for a new request.  I wanted to remind you of
my previous suggestion that his keynote presentation in Montreal last May to
the World Forum on Energy Regulation would accomplish most of that, and we
would work with Rob and others to minimize any effort required to add new
content.  Hopefully, this will help with the decision this week.  As I
mentioned the other day, Ken is really the most authoritative figure when it
comes to the idea that economic concepts can be used to build energy markets
and business enterprises that lead to better societies!  Talk soon, and
don't hesitate to ever ask for a "quid pro quo" from us.

Michelle Michot Foss, Ph.D.
Director, Energy Institute
Bauer College of Business
University of Houston
Houston, TX  77204-6283
Tel. 713-743-4634
Fax  713-743-4881
www.uh.edu/energyinstitute


I have attached two documents that describe how to play Minute Mania, and the
proposed navigation and language for the contest site.  Please add the
appropriate language that we would like to see, and return comments to me as
soon as possible so that we can increase the probability of success when we
see the site for approval Friday morning.

thanks
Dave


<title>Welcome to Free Adult Mail!</title>

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please click here to be removed permanently. We apologize for inconvenience.


Our friend is calling. I refuse to take his calls.
When you want to take a break, let's recp on:

GS&C (position assignment)
CSFB
the one you just did (Morgan or Bear, I don't know!)

Thanks.

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


The EOL trade assignment letters are prepared off the same form we do our
regular assignments.  There is no special language in the assignment form
about online issues.


Joe,

We are extremely pleased with the support we receive from your team.
The problem was fixed very quickly.

Vince

From: Joe Langston/ENRON@enronXgate on 04/27/2001 11:31 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Recent Hardware Repair

Vince,

Recently the Hardware Services Team performed work on a piece of equipment
for you.  The Technician that performed the work was JD Marter, and this is
just a follow up to insure that your problem was resolved.  It is our goal to
provide you with the best service possible, so please feel free to respond to
this email if you have any comments that may help us provide you better
service in the future.  Attached you will find a work log detailing what was
done to resolve your issue. If you have any questions, or if the problem is
not completely resolved please feel free to contact me.

Thank You,

Joe Langston
Team Lead Hardware Services
Office:  713-345-8883
Cell:  713-545-5912
Pager: 877-239-2794


Dad and Mom,
?
Hope Mom and Sue's trip to Florida went well, and that there were no problems
with things like getting the correct change, etc.? I've heard that there is
a?counting problem down there, with everyone using?different standards and
then being stopped from doing the counting altogether.? Makes a lot
of?trouble if all you want is a six-pack (of pop, that is) to go!
?
And Tom and Jeff's time in DC?
?
About the excess symbols that you all are getting in my email; Hotmail (i.e.
Microsoft) recently added a more sophisitcated "Microsoft Word"-like program,
and I suspect that Dad's computer needs a special program to filter out all
the "infra-structure" stuff.? And guess what, (I suspect) Microsoft sells
such a program.
?
All goes well.? Its cold here, but nothing like Chicago.? For example, it
will go below freezing at night occasionally, hovering around the low forties
mid-day.? Little wetness this year, which a problem given ?a shortage of
electricity and the low water levels in the hydroelectric system.??
?
My boss turning out to be a?bit of a egomaniac.? He fired three people, in a
huff about some little thing, over the phone on Friday (two support staff,
one lawyer).??The lawyer, admittedly, was a joke, the?others?no great shakes
(though, they were?as good as we've got).??The manner of their demise,
however,?was inappropriate.??I could tell you more.? For example, I
often?suggest that we hire more experienced lawyers, expecially given the
stuff he has me saying in our promo materials (and the prices we charge).? He
demures, saying that experienced attorneys have "bad habits" (like, perhaps,
experience?; and I guess he would thus include me amongst those with "bad
habits").? I suspect the real reason he feels this way is?that he doesn't
want to be second guessed.? Still (though I am starting to second guess him
more and more) he treats me well, all in all.? (One particularly ann! oying
thing is that he?likes to remind me how the "Americans" are giving lots of
money to the Islamic fundamentalists here and doing many other things to keep
Turkey weak, for?the most part extreme, absurd claims.)? I will at least stay
on for the experience and the material?(I could write a book about the guy,
though few would believe it), and to be?able to continue work on Spot On.
?
More later.? Sorry for the ragging session, but we all need one from time to
time.? Right?
?
Write often!
?
Love,
?
Mark????????????

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


We have traditionally have had currency issues in Canada regarding P&L preservation versus cashflow preservation.

We have been valued in P&L under the US$ but due to Revenue Canada reasons our functional currency has been C$ (i.e.  the preponderence of cashflows were in C$ from the legacy gas deals, PetroCanada, Suncour, etc, and the PPA position).  Since trader evaluation at year end has been in US$, traders would hedge C$ positions immediately as the trade occured.  The hedge would extend until the position rolled of his book.  From a P&L systems point of view, this would preserve the trader's P&L in US$.  However, from a treasury point of view currency risk would still exist until cash exchange hands; these cash exchange dates were different for financial trades, physical trades and inter-company trades.  There was also some currency risk (albeit small) between billing dates from SAP and settlement dates of the respective trade type.

It is my opinion that the functional currency should match the evaluation currency in order to mitigate many of the above problems.  To a certain extent, I am indifferent if it is US$ or C$.

The timeline of the decision is being driven by our accounting group who need to set up the SAP system.  They are trying to work within a deadline to have the company capable of performing transactions by Jan 29.  This is the date that they have been told to meet by Houston.  As a result, we would need a determinination of the functional currency by Mon Jan 28.


I'm thinking that the 1st paragraph of the GE override letter needs
massaging, since it refers to the master agreement.  I'll be glad to do it
when I can, but I'm knee deep in the ABB agreement at this point.

Kay


I include Darla on anything dealing with New Power or CES.  Maybe CES should just be you??  AND Wade can tell me what producer activity is going on or if he is aware of any items not in Sitara.  But Ernie should have the whole CES picture nailed down.  I'm thinking this Statoil should just go to Ernie and we not be involved.  I spoke to him on the phone before I sent the email.

Laurie Ellis@ENRON
04/23/2001 01:49 PM
To:	Chris Germany/HOU/ECT@ECT
cc:
Subject:	Re: Imbalance trades on CNG

Chris, how can Darla and Wade help?  They work with me in Settlements????

Laurie

	Enron North America Corp.  From:  Chris Germany @ ECT                           04/23/2001 01:28 PM

To:	Laurie Ellis/NA/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Wade R Price/HOU/ECT@ECT, Darla Saucier/NA/Enron@Enron, esimien@columbiaenergygroup.com
cc:

Subject:	Re: Imbalance trades on CNG

Ernie's on the team now.

---------------------- Forwarded by Chris Germany/HOU/ECT on 04/23/2001 01:27 PM ---------------------------

	  From:  Chris Germany                           04/20/2001 04:19 PM

To:	Laurie Ellis/NA/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Wade R Price/HOU/ECT@ECT, Darla Saucier/NA/Enron@Enron
cc:
Subject:	Re: Imbalance trades on CNG

Hi team.  Laurie has been asking for quite some time about an imbalance trade behind NIMO.  As you can see, I did my usual ignore it and maybe it will go away but its not working.  So,  this is what I need to know;

 Did Enron purcase gas (pool or local production) behind NIMO in Jan and Apr 2000?
What CES activity do we have at NIMO for the months shown above?
	Do we have any out-of-balance items at NIMO for the months shown above?

Laurie Ellis@ENRON
04/19/2001 07:41 AM
To:	Chris Germany/HOU/ECT@ECT
cc:
Subject:	Re: Imbalance trades on CNG

Chris, have you gotten anywhere with this?  I really need to get this resolved.

Thank you
Laurie

	Enron North America Corp.  From:  Chris Germany @ ECT                           04/02/2001 12:51 PM

To:	Laurie Ellis/NA/Enron@ENRON
cc:

Subject:	Re: Imbalance trades on CNG

713-646-8453

Laurie Ellis@ENRON
04/02/2001 12:27 PM
To:	Chris Germany/HOU/ECT@ECT
cc:
Subject:	Re: Imbalance trades on CNG

It is a CES deal.  I have some support that Cindy faxed me.  What is your fax number and I'll send it to you.

Thanks for your help
Laurie

	Enron North America Corp.  From:  Chris Germany @ ECT                           04/02/2001 12:07 PM

To:	Laurie Ellis/NA/Enron@ENRON
cc:

Subject:	Re: Imbalance trades on CNG

I just left Cingy a message  - I said that I'm not aware of any imbalance trades that we intiated.  However, it could have been done by CES or EES.  I asked her to call me back.

Laurie Ellis@ENRON
04/02/2001 09:56 AM
To:	Chris Germany/HOU/ECT@ECT
cc:
Subject:	Re: Imbalance trades on CNG

Chris, I am still trying to get these imbalance trades resolved.  John Bieltz is no longer with Amereda Hess but Cindy Wernecke has been working this issue.  She can be reached at (703) 317-2293.  Can you please get back to me as soon as possible as they would like to resolve.

Thanks
Laurie
---------------------- Forwarded by Laurie Ellis/NA/Enron on 04/02/2001 09:53 AM ---------------------------

Laurie Ellis
11/22/2000 01:03 PM
To:	Chris Germany/HOU/ECT@ECT
cc:

Subject:	Re: Imbalance trades on CNG

No, I still haven't gotten anywhere on this.  My contact at Amereda Hess (formerly Statoil) is John Bieltz.  His number is 703-317-2318 and his email is jbieltz@hess.com.  Thanks for your help.

Laurie

Chris Germany@ECT
11/22/2000 12:48 PM
To:	Laurie Ellis/NA/Enron@ENRON
cc:

Subject:	Re: Imbalance trades on CNG

I'm sorry I have not responded sooner.  Any new developement on this?  To my knowledge, ENA has not done any imbalance trades.  Do you have a contact at Statoil?  I can call and try to get more info.  It could be some CES thing we were not aware of.

Laurie Ellis@ENRON
11/01/2000 02:55 PM
To:	Chris Germany/HOU/ECT@ECT
cc:
Subject:	Imbalance trades on CNG

Chris, do you have any information on an imbalance trade with Statoil on CNG Niagara Mohawk for January and April 2000?  Statoil has been very patient awaiting payment on this, but I cannot seem to find anything.  Gloria Barkowsky suggested that I talk to you.  Thanks for your help.

Laurie Ellis

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-----Original Message-----
From: Wong, John S. [mailto:jsw@cpuc.ca.gov]
Sent: Wednesday, July 18, 2001 10:17 AM
Subject: Attachment A to ACR re: DWR/CPUC Proposed Rate Agreement

This is Attachment A to the July 18, 2001 ACR inviting comment on the
proposed rate agreement between CDWR and the CPUC.

<<963924.pdf>>

 - 963924.pdf


Mike,

The agreement covers multiple projects; to date there is only one project that has come on line.  For the one project that has come on line during the non-performance penalty could be in the range of $150,000 to $640,000, depending on the resoultion of the "effective online date" for said project.  The non-performance penalty was our strongest negotiating point in the ongoing effort to restructure the agreement as there is a potential for penalties for each project for each year of the contract.  The agreement contained some fundamenal flaws in order to be able to book the mark-to-market for the agreement.

I do not have a good handle of the "early termination payment" except to say that there are approxmiately 390,500 MWh's.  The average contract "fixed price" is $33.10 MWh.  I would need to find out what the nine year fixed price from the power curves is to estimate but my best stab would be to estimate the nine year fixed price to be $25.00 MWh which would result in "early termination payment" of approximately $3,200,000 ((390,500*33.10) - (390,500*25.00)).

Richard

 -----Original Message-----
From: 	Smith, Mike D.
Sent:	Tuesday, January 29, 2002 3:25 PM
To:	Ring, Richard
Subject:	RE: Riverside County Waste Mgt

Thanks.  Can you get a bead on the relative value of the ETP and the non-performance penalties?

 -----Original Message-----
From: 	Ring, Richard
Sent:	Tuesday, January 29, 2002 12:53 PM
To:	Smith, Mike D.
Subject:	RE: Riverside County Waste Mgt

Mike,

The "deal" is between EESI and Riverside County Waste Management Department (RCWMC) is dated April 17, 2000 and the term commenced on Sepetmber 1, 2000 and ending on September 1, 2010.  Based on our bankruptcy filing RCWMD stopped delivery of power on December 6, 2001; RCWMD invoiced EESI for power production for September 2001, 0ctober 2001 and November 2001.  I do not know if they were ever paid by EESI.  I do not know of any invoice for the first six days of December 2001.

EESI (myself) and EPMI (Chris Foster) were in the process of renegotiating the above referenced agreement with the plan for EPMI to take over the purchase of power and scheduling services with EESI being the purchaser of the "green tickets"  from EPMI associated with the power production.  There were some major issues to overcome in the renegotiation regarding the "fixed price", "volume committments" and "penalties".  I do not know who, if anyone, is currently looking at this agreement to make any kind of determination EESI's and/or EPMI's desires for the future of this agreement.

RCWMD sent various letters dated December 10, 2001, December 13, 2001, and January 8, 2002 requesting response from EESI.  The December 10, 2001 letter indicates that RCWMD considers the agreement terminated effective December 2, 2001.  I had previously spoke to you about this agreement in December 2001.

It is my opinion that we should not continue this agreement and we should consider RCWMD's offer to terminate the agreement with the exchange of the non-performance panalties for the termination payment.

Let me know if you need anything else.

Regards,

Richard

 -----Original Message-----
From: 	Smith, Mike D.
Sent:	Tuesday, January 29, 2002 12:36 PM
To:	Ring, Richard
Subject:	Riverside County Waste Mgt

Richard--what do you know about this deal?  Do you have paper on it?  Is this a purchase deal that we want?  Are we buying under it now?

The customer is pushing me to give them some answers.  Thanks.  MDS


It appears that the following email may not have been clear.  You have to do this yourself. This is my cheat sheet if it helps.

H Drives:
1.  Each person will have to move any data over personally from the old H drive (which is now Z:) drive to their new H drive.
2. The Z: drive (old H:) will be removed from UBS employees on Thursday night.

O Drives:
1. For the old O or M drives go to O:\ESTATE\ O (or M ? pending location of data) and copy to the new common O.  The Estate O and M will be removed from UBS employees on Thursday night.

Do not delete anything and only copy information which is complies with the policy.  Please make sure that those people who are not in the office are contacted and comply.

Louise

 -----Original Message-----
From: 	UBSW Energy General Announcements
Sent:	Tuesday, February 05, 2002 6:12 PM
To:	DL-UBSW Energy Houston
Subject:	Data Migration Protocol

To:		All Enron Employees Transferring to UBS Warburg Energy (or its affiliates)

Under the terms of the various agreements among certain Enron entities and UBS AG, certain Enron data and documents may be provided to UBS.  To ensure compliance with those agreements, Enron's document retention policy, as well as directives of various investigative agencies, the attached protocol regarding the process for migration of any information or data to UBS has been developed.

Please review the protocol carefully.  Then, complete the attached Certification and return it, with attachments, to Linda Guinn at EB 3829a no later than February 11, 2002.

Questions about this matter may be directed to Michelle Cash at (713) 853-6401 or Francisco Pinto-Leite at (713) 345-7942 .

Protocol Document and Data Copy Instructions

Certification Document

Thank you for your assistance in making the transition to UBS a success.


It has come to the attention of the Dedicated Information Technology Programmers Addicted to Caffeine that we are somehow getting the short end of the stick in these negotiations.  We are generally used to this, but this is the last straw!  Being an often overlooked faction in these wars, we are however, very powerful.  Unless you provide us with the affricated drinks we require to survive, we will sabotage these negotiations.  We start by asking the following questions:  What are your requirements for paper?  Have you documented these requirements.  What is the cost justification for ordering this paper?  What printers are you using?  Does IT have to support these printers?  That will cost extra money.  What were the different requirements surrounding your use of the toaster?  Do you toast bread and waffles?  What other uses do you have for the toaster?  Anything not specifically included in your written requirements will be rejected as a scope enhancement and will cost more money or cause a delay in the return of your toaster.

To avoid further delays in the negotiations, please deliver bribes in 6-packs of 24-ounce bottles of the following:  Dr. Pepper, Mountain Dew, RC Cola, Jolt.  These payments should be left in the kitchen refrigerator so that they will be cold when we drink them in the morning.

Remember, paper without a working printer is the wrong print queue.  A toaster without power is a metal storage box.  We have the power and will use it.

DITPAC Command

 -----Original Message-----
From: 	Kuehl, Toby
Sent:	Wednesday, January 09, 2002 1:43 PM
To:	Green, Alma; Matheson, Maggie; Carter, Zuela; Clapper, Karen; Bastida, Nancy; Eldridge, Dale; Laferla, Lynda ; Collins, Marion; Howard, Jack; Hanagriff, Richard; Draemer, Mary ; Trevino, Linda; Studebaker, James ; Rivers, Cynthia; Mulligan, Amy; Kowalke, Terry; Schoolcraft, Darrell; Salinas, Marian; Kovalcik, Tammy; Lokey, Teb; Buehler, Craig; Betancourt, Ramona
Subject:	RE: Paper Situation

We are willing to sit at the table and negotiate.  SADIST has pushed us to the brink!  We have infiltrated the SADIST camp and know are in possession of a toaster, AND blender.  We have joined sides with EPLF to demand that our paper supply stays in high demand.  If our demands are not met by the end of today, we will be forced to sign over all our Enron stock options to your organization.  This will cause your organization to implode!!

CCA (Crumb Crunchers of America)

 -----Original Message-----
From: 	Lokey, Teb
Sent:	Wednesday, January 09, 2002 11:21 AM
To:	Buehler, Craig
Cc:	Green, Alma; Studebaker, James ; Carpenter, Nancy; Giambrone, Laura; Veatch, Stephen; Kilmer III, Robert; Lichtenwalter, Blair; Thompson, Debra; Doll, Jeanette; Paschal, Zelda; Culwell, Christi; Allen, Kelly; Dietz, Rick
Subject:	Toaster

We will never negotiate with toaster terrorists!  We will eat raw bread forever rather than turn over a single sheet of paper - or even a single chad - to those who would resort to such extortion.  If we give in now, we will only encourage such acts in the future.  First our microwaves, then our filtered water dispenser, then our refrigerators will become targets of these evil doers.  Rather, we will hunt down those responsible for this dastardly act, and bring them to justice or justice to them.  We will also go after any department supporting the evil doers as well as anyone who partakes of bread (or Eggos or pop tarts) toasted in the purloined appliance!

EPLF -- you're TOAST!!!!!

-----Original Message-----
From: EPLF
Subject: FW: Paper Situation

We have your toaster!!!  You'll get it back when our demands are met.
Leave 4 boxes of 8 1/2 x 11 paper (no damn 3 hole punch paper either)
under the TV on the west end of the 39th floor and you'll be toasting
away within a few hours.  This isn't from Craig; we've hacked into his
email...

Enron People's Liberation Front (EPLF)...

-----Original Message-----
From: Green, Alma

Getting paper for the floor is out of my hands.  I have had three calls this morning plus a note left on my desk to order paper.
Donna Scott is working with the mail room.

Our toaster that Rick Dietz bought when we moved down here is missing this A.M.  Has been reported to Facilities who will report to Security.  If anyone knows anything, would you please let me know!

	Tnx, Alma G.


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California:

I99-07-003 SoCalGas Unbundling.  In addtion to the Southern California Generation Coalition (SCGC), the National Energy Marketers Association has also filed a Request for Rehearing of the unbundling decision.  Filing protests of the Implementation Plan this week were Indicated Producers, TURN, Dynegy, the City & County of San Francisco and SCGC.

I00-11-002  Adequacy of SoCalGas System.  A number of parties filed comments on the impact of the unbundling decision on this proceeding.  All were in agreement that the CSA has created a system of unbundled, firm and tradable backbone transmission rights on the SoCalGas system and establishes the procedures for allocation of those rights therefore the capacity allocation proposals in the capacity OII are moot.

Arizona:

Legislature - Gov. Jane Hull has advised lawmakers to either kill a scheduled 5% pay raise for the 50,000 state employees taking effect on April 1, 2002, or risk laying off 2600 employees.  With a 13 percent drop in withholding taxes, the states current revenue deficit is expected to be in the $200 to 250 million range.  Canceling the pay increases would save $24,000 in the current fiscal year and $100,000 next year.  Democrats are trying to save the raises, while the majority Republicans are supporting the proposal and threatening to shutdown the session by Feb. 15th if legislators don't face up to the budget problems and solve them.

New Mexico:

Legislature - Identical House Bill 423 and Senate Bill 369 were introduced this week to fund ($75,000) an update of the 1996 study regarding the economic feasibility of additional natural gas pipeline systems.  The 1996 study found a lack of capacity to move gas east especially from the Northwestern portion of the state.  If the bill is passed, a committee is to provide the results of the study and recommendations to the governor and legislature by December 15, 2002 for consideration in the next legislative session.

House Bill 230 provides for an expanded definition of "Indian Country" to include lands subject to "restriction by the United States against alienation" (i.e. lands held in fee by a tribe).  As proposed, the new definition would go beyond the current federal definition of "Indian Country".  The State Highway and Transportation Dept. Office of General Council has pointed out that if the proposed state law conflicts with federal law, then the federal law will take precedent.  This has been forwarded to Lou Saldano for review.


I'm not usually a Galveston person, but it might be worth considering in
December.  Might be best with Michael, though, so we could go to Moody
Gardens and the Strand.  What I don't like about Galveston is the water
(duh).  The San Luis is set up for kids, and has a neat view.

Guess I have itchy feet.  I haven't be on the road in a couple of weeks!  All
I see at the house is responsibility, and we never do anything anyway.

Any ideas?

ckm


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Kate - Here is a list of the games in December I am able to offer your
employees a special rate for the Blazer Games.  I hope you had a great
Thanksgiving weekend!

> Ryan
>
>
> Here are the upcoming Blazer specials for Enron NE employees!
>
> Blue Section (lower level endzone)  - $47 (normally $69 - Available for
> some games)
> Purple section (upper level center) - $20 ($15 for kids 15 & under)
> (Normally $23)******
> Tan section (upper level behind basket - $10)
>
>
> *BONUS* - each ticket comes with a $3 Blazer Buck (good for food and
> beverage in the arena)
>
> To see a map with the colored sections go to http://www.blazers.com and
> click on arena and tickets...
>
> Upcoming games:
>
>
> November 30 - Dallas Mavericks
> December 6 - Toronto Raptors
> December 8 - Philadelphia 76ers
> December 9 - Detroit Pistons
> December 23 - Washington Wizards
> December 29 - Vancouver Grizzlies
>
>
> OR - Call for any future Blazer game!!
>
> For tickets please call Ryan Langan @ 503-797-9936 or e-mail @
> ryan.langan@ripcity.com
>


Thanks for your help.
 -----Original Message-----
From: 	Powell, Mark
Sent:	Friday, August 10, 2001 12:14 PM
To:	Mckay, Jonathan; Zufferli, John
Subject:	WeatherMarkets.com

Here is a draft of an extremely simple termination letter.

 << File: 01-Termination Letter.doc >>


The following Payroll Reclassification Request has been submitted for your
approval.

Click on this link to view document -->


EFF_DT PORTFOLIO_ID DOWN95
1/29/01  MANAGEMENT-COAL 0
1/29/01  MANAGEMENT-CRD 3,702.
1/29/01  MANAGEMENT-GAS 549,362.
1/29/01  MANAGEMENT-PWR 250,640.
1/29/01  AGG-MANAGEMENT 505,686.


It looks like Anne accidentally include two Sumas trades in the Rockies data
priced at 13.90 and 14.00.  She will send out a revised spreadsheet on
Thursday.  The Rockies Opal wacog will then be $5.913.  Sorry for the error.

Sincerely,
Mike Grigsby
Director, West Trading


Tom Hatch asked me today why Enron did not just settle cheap with Farallon
and Legg Mason and walk away from all these cases.? I told him we were
considering it, but Enron did not want to encourage anyone else to sue Enron
by showing a willingness to pay money just to get out of a lawsuit.? Tom
replied that he thought that there was virtually no chance that anyone else
would sue Enron now.? Since Hatch's clients have appeared to be the most
likely prospects for still suing Enron, this was a very encouraging
conversation.

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.


want your bicycle?  It's yours, you know.


Dear Mr. Lay,

I am one of many long time employees who has lost my life's savings and my kid's college fund.

Today I am receiving my 15 Years of Service Award and having my Anniversary luncheon.  Would you like to attend?  My Department would appreciate a candid picture of how this could have happened to such a great company.  I have gone through tough times and many good times with Northern Natural Gas, InterNorth and Enron.  I was always so proud to be a part of this company.

Should I have seen this coming?  I was just another sheep following and believing everything our leaders, Skilling, said regarding the probability of Enron's stock splitting.  I didn't play the market but looked at my 401K stock purchases as long term retirement and continued to put money into the 401K even when we (my family) were struggling to do so.

I too grew up on a farm in Missouri.  I was raised under the same Midwest rooted values and the strict convictions of my father that you did not take charity or borrow money.  He also preached that to sue was not the way to correct a wrong.  I was always a little prideful that you too were a Midwesterner, with those rooted values of high integrity, compassion, and honesty.

Life goes on.  I hope to continue my employment though all of this and will continue to be a great employee, only now for Dynegy.  This  is also a concern since I am in my late 40's.  My job, my kid's education, and my retirement weigh heavily along with the atmosphere we are all currently living in.

This reality is a struggle with many unanswered questions and devastating concerns for the future.

I would appreciate your thoughts.

Respectfully yours,

Rebecca Longoria
Global Employee Services
Tel:  713-646-9679
Fax: 713-646-9501
Cell: 713-553-3901
Rebecca.Longoria@enron.com


Hunter,

We are scheduled to lose 7 in Feb 2002.
Jozef Lieskovsky
Neeran Pathak
Lauren Schlesinger
Catalina Cardenas
Bart Burk
Justin O'Malley
Bilal Bajwa

We secured 2 from the trading track schedule attached (George Huan, Gary Linhart).  The other two (Brent Dornier, Scott Freeman) are going to the West Desk.

We would be left with 6 thru Aug 2002:
Aaron Berutti
Adam Bayer
Shiela Chang
Jeremy Lo
Brian Falik
Jason Huang

I have one new hire starting in late December from Wellesley (she was an intern in Gossett's group last summer).  I would need to hire 4 people to replace the February rotations.  Talking to the group this morning, they are already asking if they can stay on past their rotation dates, as many want to stay on the gas floor.  Let me know if you have any questions or want to discuss.

Chris

 -----Original Message-----
From: 	Shively, Hunter S.
Sent:	Monday, November 12, 2001 3:23 PM
To:	Gaskill, Chris
Subject:	FW: suggested rotations - trading track new hires

does this plan satisfy our needs?

 -----Original Message-----
From: 	Buckley, Karen
Sent:	Friday, November 09, 2001 11:00 AM
To:	McMichael Jr., Ed; Gossett, Jeffrey C.; Gaskill, Chris; Superty, Robert; Presto, Kevin M.; Shively, Hunter S.
Subject:	suggested rotations - trading track new hires

 << File: Trading Track  Rotations Novembern 7th.xls >>

All,

The attached spreadsheet outlines the rotatons for the internal new hires.    Following your changes/comments/suggestions I will forward to Lavorato so we can finalise with the analysts and associates.

Thanks, karen.


The Bankruptcy 101 sessions taking place next week in 5C2 are full.  However, due to the high interest level, we will schedule more in the future.


Fly me to the moon.


This is a long email, you may want to print out to read.

Settlement Conference Call Issues:

We are set for the 8:30 conference call tomorrow morning.  I'll come to your
offices.   Have Leslie and Tom had any discussions about the calculation of
the
proof of claim?  I assume not given that they want EPMI to sign the
confidentiality agreement that I faxed to you yesterday.  The confidentiality
agreement essentially says that we'll treat any communications and documents
shared in the settlement discussions as confidential.  The only problem I have
with the scope is that for the pure factual exchange about how they are
calculating our proof of claim (the unpaid electricity sold in May, June and
July), that is not confidential or proprietary information and we shouldn't
have
to go take discovery to prove it up if we aren't able to reach a settlement.
However, that discovery should not be burdensome, and I doubt that the Trustee
will agree to go forward with the settlement conference unless we sign the
agreement.

     Action Required:

     1.   I would appreciate it if you would look at the agreement and let me
know whether you're willing to sign it.  If so, please execute it and fax it
to
me so that I can get it to the Trustee before the call tomorrow so that we
don't
waste any time.

     2.   If you don't want to enter into it, then please let me know so that
I
can let them know and determine whether there is anything we can discuss with
the trust tomorrow.

     3.   Could you please let me know what phone number that I should give
the
Trustee and counsel for them to call us tomorrow at 8:30 am.  If you'd prefer
that we place the call, let me know and I'll get the phone number -- (but I
suggest that the cost of the call be on their ticket.)

Termination Notice Issues:

     We have taken a look at the law in Texas in connection with their
anticipated allegation that we did not provide notice consistent with the
terms
of the Master Agreement, they did not receive the June 25 letter, and,
consequently, we did not properly terminate the transactions under the Master
Agreement and are not entitled to use the termination payment provisions of
the
Master Agreement.

     The bottom line is that if we can prove actual receipt, then sending it
to
the wrong address will not negate the effectiveness of the notice.  Texas
Utilities Electric Co. v. Aetna Casualty & Surety Co., 786 S.W.2d 792 (Tex.
App.
-- Dallas 1990).  The standard used in most cases is "substantial compliance"
rather than "strict compliance."  "An address that is correct in all respects,
except that it is not the address in the notice section of the contract can
fully perform the function of the specified address, absent the special
circumstance that a particular separate address for distinct purpose is
brought
to the attention of the contracting party."  Ray v. Metropolitan Life Ins.
Co.,
858 F. Supp. 626, 628 (S.D. Tex. 1994).  I assume that there was no discussion
about the address given in the Master Agreement and no discussion about the
importance of using that address for the June 25 non-payment notice.

     Section 8.3 of the Master Agreement states that "Notice by facsimile . .
.
shall be deemed to have been received by the close of the Business Day on
which
it was transmitted . . . ."  Thus, by the terms of the Master Agreement
itself,
EPMI's transmission confirmation should be sufficient to prove that it was
transmitted and received.

     If PCA disputes receipt, we have the burden to prove receipt.  Although a
notice provision that allows delivery by mail of fax shifts the risk of
non-delivery of the notice from the sender to the intended receiver, if the
sending party fails to use the address specified in the contract, the risk of
non-delivery shifts back to the sender.  See, e.g., University Emergency
Medicine Foundation v. Rapier Investments, Ltd., 197 F.3d 18, 23 (1st Cir.
1999).

     In terms of what evidence we can present to prove that the fax was sent
and
actually received, obviously the fax and confirmation sheet are the most
important pieces of evidence we have.  In addition, we would want to have
testimony from the author (James Fallon and/or Jeff Hodge) and the person who
actually faxed it (Jeff's secretary (?) who made the hand written notation on
the fax cover sheet).  In Ray, Judge Hughes stated:  "[t]he evidence showed
that
it [the letter] was prepared and processed as were all of the other letters
sent
to Energy Resources.  The likelihood that the letter was not received is
remote,
especially since all the other correspondence was received."  858 F. Supp. at
628.   Proof that all the other confirmation notices were received at the CT
address and acted upon by PCA will help us carry the burden of proof on actual
receipt.

     Our waiver or modification argument based upon course of dealing is not
as
strong as I had hoped.  The Master Agreement provides in section 8.6 that
"[n]o
. . . modification to this Master Agreement shall be enforceable unless
reduced
to writing and executed by the Parties."  Courts have upheld these
non-modification provisions.  See, e.g., Brookside Farms v. Mama Rizzo's Inc.,
873 F. Supp. 1029 (S.D. Tex 1995).  In Brookside, the court articulated the
black letter law  just described, but then found that the non-waiver clause
did
not protect the party asserting it because of certain equitable factors.  If
the
PCA New York office was closed or defunct at the time the June 25th letter was
sent , we could rely on that to try to escape the non-waiver clause ruling in
Brookside.

Motion to Compel Arbitration:

A quick and interesting update:  As you recall, the Trustee has asked for an
extension of the briefing schedule to allow them to determine whether we will
settle the case.  Richard was agreeable to a "short" extension.  When I
communicated this back, Jane Parver indicated that the Trustee would want
discovery of the intent of the parties in connection with the arbitration
clause.  From previous conversations with Elizabeth, my sense is that the
"intent" evidence is nonexistent because it was not "negotiated," or the
evidence will not necessarily help us because at the time the Master Agreement
was entered into, EPMI wanted a more limited arbitration clause.  If I
understand correctly, similar agreements now have broader language to require
arbitration or any and all disputes.  Please let me know if I'm incorrect in
my
assumption.

I assume that we will go along with the "short" extension of two weeks, but if
Parver follows through on her statement, she's going to want a deposition of
someone knowledgeable of the intent of the arbitration clause.

I look forward to seeing you tomorrow.  Thanks.

**********NOTE**********
The information contained in this email message is intended only
for use of the individual or entity named above.  If the reader
of this message is not the intended recipient, or the employee or
agent responsible to deliver it to the intended recipient, you
are hereby notified that any dissemination, distribution or
copying of this communication is strictly prohibited.  If you
have received this communication in error, please immediately
notify us by telephone (713-546-5000), and destroy the original
message. Thank you.


SEMPRA -  Renegotiated K#27293 for April-October 2001.  Received an additional $.07 on 14,000 mmbtu/day for moving primary delivery POI from PG&E Topock to Southwest Gas.  Earned incremental of revenue of $209,720.


Please keep me on the distribution for all credit worksheets.  Thanks.


Should the entire volume be moved over to ICC now?  Currently on deal 131478
(ICC), 10,000 is being sold at 2.84.  The sale on the TXU ticket has been
zeroed out on the deal line, but needs to be reallocated in Vol Mgmt.  If I
need to move the additional 25,000 to ICC, I will.  But, I want to make sure
that is what we need to do.

D

Julie Meyers
01/11/2000 10:23 AM
To: Daren J Farmer/HOU/ECT@ECT
cc: Tina Valadez/HOU/ECT@ECT
Subject: Re: ICC Energy - OPLC Meter 981527

Could you please setup a spot deal for October under ICC Energy Corp.  I
would just copy the TXU deal below.  I believe the pricing is the same.

Julie

---------------------- Forwarded by Julie Meyers/HOU/ECT on 01/11/2000 10:20
AM ---------------------------

Julie Meyers
01/07/2000 09:12 AM
To: Tina Valadez/HOU/ECT@ECT
cc:
Subject: Re: ICC Energy - OPLC Meter 981527

Was the gas allocated wrong?

Julie

Tina Valadez
01/07/2000 08:22 AM
To: Julie Meyers/HOU/ECT@ECT
cc:
Subject: Re: ICC Energy - OPLC Meter 981527

Could you set up the deal for ICC Energy Corp for 10/99 production?  The gas
was originally billed to TXU Fuel Company.  If you have any questions, please
let me know.

Thank You,
Tina Valadez
---------------------- Forwarded by Tina Valadez/HOU/ECT on 01/07/2000 08:20
AM ---------------------------

Kristen J Hanson
01/07/2000 08:11 AM
To: Tina Valadez/HOU/ECT@ECT
cc:
Subject: Re: ICC Energy - OPLC Meter 981527

Joanie H Ngo
01/04/2000 02:22 PM
To: Kristen J Hanson/HOU/ECT@ECT
cc:
Subject: ICC Energy - OPLC Meter 981527

Hi Kris,

This issue is still open.  Please let Howard know.  Thank you.
---------------------- Forwarded by Joanie H Ngo/HOU/ECT on 01/04/2000 02:21
PM ---------------------------

Joanie H Ngo
11/22/99 01:07 PM
To: Howard B Camp/HOU/ECT@ECT
cc: Tina Valadez/HOU/ECT@ECT
Subject: ICC Energy - OPLC Meter 981527

Howard,

Please forward to the appropriate v.m. person in your group.  Thanks.

10,000 mmbtu scheduled on October 14th should be moved from Sitara deal
#120941 (TXU Fuel Company) to Sitara deal #131478 (ICC Energy Corporation) on
OPLC Meter 1527.

Please let me know if you have any questions.

Thanks for your help.

Joanie
x36574


Vasant, Please, take a look at this eresume.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/13/2001
09:55 PM ---------------------------

Cathy Lira@ENRON
03/26/2001 11:12 PM
To: vkamins@enron.com
cc:
Subject: [No Subject]

---------------------- Forwarded by Cathy Lira/NA/Enron on 03/26/2001 04:12
PM ---------------------------

"imccracken" <imccracken@ziplip.com> on 02/24/2001 04:02:11 PM
Please respond to "imccracken" <imccracken@ziplip.com>
To: grad_programs@enron.com
cc:

Subject: [No Subject]

Dear Sir/Madam,

 I am a student in a Master's programme in Mathematical Finance due to
graduate in August. My intention upon graduation is to work in a quantitative
capacity in the
 Power markets and to this end, I am including my resume  in the hope that I
might be considered for any available position in your risk
 management or structured products group requiring such mathematical skills.

I have addressed this email to your graduate programmes address but I am
unsure whether or not my candidacy would fall under the umbrella covered by
your associate programme. If this is not the case, any help in seeing that my
resume finds the correct destination would be greatly appreciated.

 Yours sincerely,

 Ian McCracken

*  Get free, secure online email at http://www.ziplip.com/  *

 - iancv.doc


Per our phone converstion,  during the last couple of days I have been
floating the US Gas West products and sorting by deal type.  However, I am
getting products that are not west products .  For example, under "deal
type-west basis", the following non-west products are appearing:  GD/D
TrLA-Hub (nov 8-30); GD/D NGPL-Hu for No 8-30; and GD/D ANRLA-HUB (Nov 8-30),
I


Thanks!  I wouldn't miss it, even if I have to make it out of Texas
armadillo!  df

From: Norm Ruiz/ENRON@enronXgate on 03/08/2001 12:09 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: FW: Organization Announcement

Congratulation on you new assignment.

Hope you can still join us in next years 4th annual chili festival.

Norm

 -----Original Message-----
From:  ETS General Announcement/ET&S/Enron@ENRON
[mailto:IMCEANOTES-ETS+20General+20Announcement_ET+26S_Enron+40ENRON@ENRON.com
]  On Behalf Of Stan Horton, Chairman & CEO@ENRON
Sent: Wednesday, March 07, 2001 10:58 PM
To: Enron Transportation Services Operations@ENRON
Subject: Organization Announcement

Michael Moran, currently Managing Director and General Counsel for ETS, has
decided to retire after a distinguished 27-year career with Enron.   Mike has
been a conscience and a statesman of our organization and it is hard for me
to imagine the ETS organization without Mike.

Fortunately, Drew Fossum, currently Vice President and General Counsel for
Northern Natural Gas and Transwestern, has accepted my offer to become Vice
President and General Counsel of ETS effective April 1, 2001.  Drew will
relocate to Houston and report to me in his new role.

To assist with transition issues and special projects, Mike has agreed to
stay on board for several months as Managing Director and Special Counsel to
the Chairman and will continue to report to me.

Please join me in congratulating Drew on his new assignment and thanking Mike
for his many contributions to ETS and Enron.


Keith and I discussed working towards this meeting being organized every week.  We would like the meeting to begin at 3:00 and to have all interested parties (Canada and Portland) dialed in to AT&T.  I would like the meeting room cleared and the handouts to be emailed before the meeting begins.  Please work towards emailing everyone an itinerary each week.

You guys are making great progress with the fundies information.  Nice work.

Thanks,
Mike


actuly alrdy have it shcld 4 tmrrow (WED) @ 4PM.


I wish I could, but I have a paralegal lunch today.

 -----Original Message-----
From: 	Rossi, Robbi
Sent:	Wednesday, October 24, 2001 11:12 AM
To:	Heard, Marie
Subject:

Marie,

  Jane and I are going to lunch at 11:30.  Can you join us?


Karen,

Attached are updates to the HR piece, indicated in red.

Janie

Karen Denne@ENRON
08/03/2000 12:22 AM
To: Steven J Kean/HOU/EES@EES, John
Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dennis
Vegas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Johan
Zaayman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Keith Miceli/Corp/Enron@Enron,
Richard Leibert/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janie
Bonnard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Miguel Padron/SA/Enron@Enron,
Mary Joyce/HR/Corp/Enron@ENRON, Aaron Brown/HR/Corp/Enron@ENRON, Richard
Shapiro/HOU/EES@EES, Henry Means/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Summer Q&A

Attached is the latest draft Q&A document, which I've edited and attempted to
organize into topics.  There are a number of questions that still need
answers.  I've also attached a draft of the key messages.   Please let me
know if you have any additions, comments or changes to either document by the
end of the day Thursday.

Thank you.
Karen


Reservation status has changed. Details of the reservation are listed below:
ASSIGNMENT_REF = 30126
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/AZPS-AZPS/FOURCORNE345 - PNPKAPS230//
POINT_OF_RECEIPT = FOURCORNE345
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = FOURCORNERS
SINK = PNPK
CAPACITY = 25
CAPACITY_REQUESTED = 25
SERVICE_INCREMENT = HOURLY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = OFF_PEAK
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 04/19/2002
STOP_TIME = 04/19/2002
CEILING_PRICE = 1.95
OFFER_PRICE = 1.95
BID_PRICE = 1.95
PRICE_UNITS = $/mW
PRECONFIRMED = YES
ANC_SVC_LINK = N/A
ANC_SVC_REQ = N/A
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = ANULLED
STATUS_NOTIFICATION = lisa.gang@enron.com
STATUS_COMMENTS = per customer request
TIME_QUEUED = 04/18/2002

TIME_OF_LAST_UPDATE = 04/18/2002
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS = please call (503)464-5070
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Power Marketing, Inc.
CUSTOMER_PHONE = (713)853-3801
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = bill.rust@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0


Bob & Ray --

Can each of you please put together a short outline of the (a) timeline, (b) key decision points, and (c) potential outcomes of the decision points for the different refund cases?

If possible, having this before today's call would be helpful (but I realize that this may be difficult).

Jim


Laurel has informed me that anytime you have problems with enpower to call
her.  She has the tools at her house to accomplish the necessary task.

Work  34873
steno 635
pager 713-761-5792
cell 281-381-7430
home 281-286-2076

Theresa
pager 800-718-1341

Thanks
Kayne


Please see the attached diagram describing the Crescendo VPP Transaction.  It
displays the flow of volumes and dollars between Crescendo, Entrada, the ENA
Physical Desk and the ENA Financial Desk.  If you have any questions, please
contact Joan or Mark.


on its way.  plz review and call.  best, jeff


FYI.  From today's Post.  Davis seems to continue to put distance between
himself and the contracts.

Best,
Jeff
**********************************************************************
Financial
California Changes Stance on Refunds; Two Sides Far Apart In Energy Talks
Peter Behr
?
07/06/2001
The Washington Post
FINAL
Page E01
Copyright 2001, The Washington Post Co. All Rights Reserved
California officials have abruptly shifted tactics in their attempt to
recover billions of dollars in alleged overcharges for electricity , saying
they may reduce their demands for huge refunds if generators renegotiate $43
billion in long-term electricity contracts that the state signed this year.
Gov. Gray Davis (D) said part of the $8.9 billion in refunds the state is
seeking could be offset by reductions in energy prices in the long-term
contracts, whose costs have become a growing political embarrassment for
Davis.
"We've made suggestions, we've offered various ways in which people could get
us $8.9 billion," Davis told the San Jose Mercury News in a report yesterday.
"You can renegotiate our existing contracts and save us money. However you
want to do it, it's just got to net out close to $8.9 billion."
The new offer was introduced this week into the closed negotiations over a
California settlement being conducted in Washington by Federal Energy
Regulatory Commission Judge Curtis L. Wagner Jr., according to sources close
to the negotiations.
Yesterday, Wagner said he may issue his own preliminary finding today on the
amount of overcharges if California officials and the generators cannot reach
a compromise.
"What I'm trying to do is get people in a settlement mood," Wagner told
reporters. "In the event we're unable to do that, [Friday] at some point I
may offer a preliminary assessment." The settlement conference is set to
conclude on Monday.
Wagner, FERC's chief administrative judge, has been trying to push both sides
toward a compromise that would resolve the huge energy pricing controversy.
Mountainous energy prices have bankrupted California 's largest utility,
drained billions of dollars out of the state treasury and put Davis at
sword's point with generators that help keep the state's lights on.
Last Friday, Wagner rebuked Davis's chief representative, Michael Kahn,
chairman of California Independent Grid Operator -- the state's power grid
manager -- indicating that the state's demand for nearly $9 billion in
refunds from power generators and marketers was too high, sources said.
Wagner's settlement conference, which has involved more than 100 lawyers for
all sides, is closed to the public and media.
Wagner complained last month that Kahn was following a political agenda, and
his lack of independence in the negotiations was such a "joke" that the
parties might as well wear "clown suits," according to a Dow Jones report
confirmed by sources close to the talks.
But he has also criticized the generators and power marketers, led by Reliant
Energy Inc., Williams Energy Services, Duke Energy and Southern Co., for
failing to make serious settlement offers, these sources said. The suppliers
have offered to refund $600 million, provided the state is able to call off
various California lawsuits demanding far larger refunds, sources said.
Wagner's leverage is his ability to propose his own refund figure to FERC's
commissioners. FERC has tentatively called for $124 million in refunds, but
now is taking a harder line on preventing a new escalation of California 's
electricity prices this summer and is likely to be receptive to a higher
refund figure, some energy analysts believe.
Davis's tactical change, offering to make the long-term contracts part of an
overall settlement, comes amid growing criticism of what the state will have
to pay for energy under those deals.
California 's energy calamity stemmed in large part from its failed
deregulation plan, which relied heavily on short-term power purchases at
volatile "spot market" prices. When energy costs shot upward last summer, so
did the state's electricity bills.
In response, Davis's aide, S. David Freeman, and his staff began negotiating
long-term power contacts with suppliers. The $43 billion in deals signed so
far would require the state to pay about $70 per hour for a megawatt of power
for a large part of the electricity it will need over the next 10 years.
That's well under the average of $250 per megawatt-hour that the state was
paying at the beginning of this year, but above current power prices -- and
considerably higher than what electricity may cost in the next decade, energy
analysts say.
A new agreement to lower those contract prices could relieve political
pressure on Davis and focus settlement negotiations away from the state's
controversial demand for the $8.9 billion refund. Davis will argue that
reducing future power charges that his administration negotiated should count
as a "refund" because the deals were reached "under commercial duress,"
according to sources close to Wagner's negotiations.
Industry supporters say Davis's refund figure is impossible to justify.
"There's no benchmark for what a fair and reasonable price should be," said
Michael Zenger, California director of Cambridge Energy Research Associates.
The state's advocates counter that if FERC enforced a "just and reasonable"
standard for power prices based on operating costs and a generous profit, the
overcharges by all sellers could easily reach the $9 billion figure.
"It's not rocket science, but it does require the regulators to regulate,"
said Frank Wolak, a Stanford University economist who heads an oversight
committee for the California grid.
Those polar-opposite views have left both sides in Wagner's conference room
"billions of dollars apart," as the talks approached their final weekend,
sources said.


Here is a request from Mike Grigsby.

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Wednesday, October 17, 2001 12:05 PM
To:	Lozano, Melba
Subject:	New Product

Please see attached description.  This is going to be a new product.  Please call it US Gas Phys Kern Las Vegas.

Thanks,
Mike
x37031


"1. Do what's right. Be on time, be polite, and be honest; remain free from
drugs; and if you have any questions, get out your Bible.
2. Do your best. Mediocrity is unacceptable when you are capable of doing
better.
3. Treat others as you want to be treated. Practice love and understanding."
           -- Lou Holtz (Three rules for success)

 May there always be work for your hands to do,
 May your purse always hold a coin or two.
 May the sun always shine warm on your windowpane,
 May a rainbow be certain to follow each rain.
 May the hand of a friend always be near you, And may God fill your heart
with gladness to cheer you. -- Irish Blessing


Our JDRF Walk is this weekend and we need to collect our donations by tomorrow or Monday, if possible.  As mentioned below, you pledged $100.00.  If you would like to write a check, please make it payable to "JDRF".  Please call me at X-36898 and I will be happy to stop by and pick up the donation when you are ready.

Thank you so much for your support.

Cathy Phillips
X-36898

-----Original Message-----
From: Kaminski, Vince J
Sent: Thursday, September 13, 2001 3:48 PM
To: Phillips, Cathy
Subject: RE: Important Message - Please Read

Cathy,

I shall contribute $100. I shall also urge my group to participate as walkers and team leaders.
I shall use parts of your message, those  with the general description of the Walk, as an info
for my group.

Vince Kaminski

-----Original Message-----
From: Phillips, Cathy
Sent: Thursday, September 13, 2001 2:38 PM
To: Arnell, Doug; Aronowitz, Alan; Beck, Sally; Bergsieker, Rick; Davies, Neil; Douglas, Stephen H.; Ewing, Habiba; Fowler, Ellen; Fraser, Jennifer; Frevert, Mark; Funkhouser, Shanna; Gonzales, Eric; Hickerson, Gary; Hirl, Joseph; Kaminski, Vince J; Lawyer, Larry; Leach, Doug; Leboe, David; Maffett, Randal; Mahoney, Chris; Maredia, Amin; Mcclellan, George; Mcconnell, Mike; Mcgowan, Kevin; Myers, Thomas; Nowlan Jr., John L.; Perlman, Beth; Pettersen, Morten E.; Price, Brent A.; Quilkey, Paul; Reck, Daniel; Sekse, Per; Shankman, Jeffrey A.; Staley, Stuart; Tawney, Mark; Thirsk, Jeremy; Tholan, Scott; Yoho, Lisa; Armstrong, Kristy; Baker, Donna; Brandli, Christina; Burns, Jennifer; Coneway, Betty J.; Crenshaw, Shirley; Daw, Nicki; Domonoske, Sarah; Garcia, Nita; Higaki, Akiko; Isbell, Shirley; McPherson, Kathleen; Morris, Jennifer; Palmer, Rhonna; Phillips, Cathy; Prentice, Jacqueline; Purswell, Sharon; Ryan, Beth A.; Shuckard, Melanie; Solis, Gloria; Taylor, Helen Marie; Valdez, Christina; Villanueva, Chantelle; Westbrook, Cherylene R.; Zoch, Judy
Subject: FW: Important Message - Please Read
Please take just a few minutes to read the following message and then forward to others in your group.

Once again Mike McConnell has volunteered to be the chair of the Juvenile Diabetes Research Foundation (JDRF) walk.  This year the walk will be held on Sunday, October 28, 2001, at Greenspoint Mall.

As some of you may know, Mike has diabetes and JDRF is an organization that is very important to him.  There are two types of diabetes and Mike has Type 1, insulin-dependent diabetes which is also known as Juvenile Diabetes.  The other type of diabetes is Type 2, adult-onset diabetes that can often be controlled with a combination of diet, exercise and oral medication.  Every day Mike must prick his finger to test his blood sugar at least 7 times, in addition to giving himself at least 3 or 4 injections of insulin.  Just think of it, at least 10 times a day Mike has to stick himself with a needle to manage his disease.  I don't know about you, but I am a wimp if I have to get a shot just once every few years and I can't even begin to imagine what it must be like to stick yourself over 70 times in just one week!  But for Mike it is not just one day or one week, it is every day of every week for the rest of his life -- until a cure is found.  Diabetics can never take a break from their disease.  It requires constant management of their food intake, monitoring of their blood sugar and the administration of the proper amount of insulin.  If diabetes is not properly managed it can lead to kidney disease or failure, blindness, heart disease, amputations, among other complications.

I wanted you all to know that I have volunteered to help Mike in his efforts with the JDRF walk again this year.  I am serving on the steering committee and I plan to walk again this year to raise funds to help find a cure for this terrible disease.  I am doing this to support Mike, but I also have a personal interest in doing whatever I can to help find a cure.  My husband has adult-onset diabetes and we lost his mom and her three sisters all to diabetes and diabetes-related diseases several years ago.  In addition, I have an uncle and a cousin that both have juvenile diabetes.

I am sending this message to ask you to join our team for the JDRF walk this year.  It would mean a lot to me (and to Mike) to have support from the people in our Enron Global Markets organization, as well as people from previous groups we have worked with, along with other friends throughout Enron.

Some of you receiving this message have already signed up and I want to take this opportunity to say thank you very much!  For those of you that have not yet signed up, please consider one of the following three opportunities that are available to give your support to this important effort:
1.      Team Leader.  The team leaders help solicit walkers and handle the collecting and reporting of funds raised by their group of walkers.  Based on the donations raised by your group, you may also be eligible for prizes available only to team leaders.  If you are interested in becoming a team leader, please contact me right away so that I may get the team leader information and materials to you.
2.      Walkers.  If you want to sign up to walk and raise funds for JDRF, I will make sure that you get on one of our teams -- just sign up!  The JDRF walk is a very fun event with music, entertainment and great food.  All walkers are asked to raise at least $25 in donations and will receive a great T-shirt to wear the day of the walk.
3.      Supporters.  If it just is not possible for you to join us for the walk on October 28th, then please sign up as a supporter by sending a return e-mail with your pledge amount and you will be contacted later in October for collection of the donation.
The bottom line is raising money to support research to find a cure!  The Juvenile Diabetes Research Foundation is very well managed and for every dollar that is donated to JDRF, over 85 cents goes directly to research.  In addition, this year Enron will match all donations dollar for dollar.

Thank you for your support, time and efforts.  And please, let's Walk to Cure Diabetes!

Cathy Phillips  X-36898


the variances you have listed in january for lone liquidations for NNG -
QN8046 - this is a storage deal and should go with sitara #588958 and QO0171
should go with 590922.  We will have the same thing in February going the
other way with these deals the sitara numbers there are 588959 & 591053
respectively.  Shout with any questions.  This should explain about 900,000
of the lone liquidation problem from January.
PL


Gerald,

This looks fine from our end.  Go ahead with the execution copies.

Regarding the ENFOLIO, I forwarded my comments on to our lawyer.

I am still hoping to send out our response by Thursday or Friday.

Should I address that response to your attention?

Thanks,

Ann

-----Original Message-----
From: Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent: Tuesday, February 27, 2001 1:51 PM
To: Crawford, Ann
Cc: Mark.Whitt@enron.com; Russell.Diamond@enron.com
Subject: Re: Transaction Agreement - Opal 5 Year Deal

Ann,  Attached is the confirm with revisions.  I tweaked the language to
make it clear that the transaction is governed by the existing master until
we get the new one executed.  Please review and if OK, I can prepare
executables for signature.  Please keep me updated on the status of the
review of the new master.  Thanks.

(See attached file: ENRON OPAL 5YR C.doc)


Yeah - I pretty much became part of the furniture yesterday as I recouped
from the brutality of that weekend. I ended up at a random friend's house at
about 4 a.m., then proceeded to down a couple beers and head for bed at about
6:30. I could not believe it when my alarm went off this morning - it's a
cruel, cruel world when you've got a social schedule like ours. But I
definitely had a good time Saturday, despite the fact that I was ditched by
my ride and locked out of my house, which is never fun after a dozen
cocktails. All in all, though, great party.


she lies


Rick -

Attached is a revised budget spreadsheet for EGA for outside services fixed
and discretionary and other business expenses.  Information was updated for
Janine Migden fixed outside services (this is the IL lobbyist issue we
discussed earlier today).  Please advise if you want me to send this
spreadsheet to the cost center owners.

Thanks,

Eric


Sounds good.  I can be flexible - I will let Christina know to expect a call from your assistant on this.  --Sally

 -----Original Message-----
From: 	Leff, Dan
Sent:	Monday, October  29, 2001 7:21 PM
To:	Beck, Sally
Subject:	Re: FW: Roles and Responsibilities

would probably like to have a discussion between you and I 1st.  I'll set up the discussions that way.

Thanks - Dan

From:	Sally Beck/ENRON@enronXgate on 10/29/2001 05:26 PM
To:	Dan Leff/HOU/EES@EES
cc:	Beth Apollo/ENRON@enronXgate
Subject:	FW: Roles and Responsibilities

Since you are the lead, I assume that you have an idea from Dave on what he is looking for.  Since Dave referenced ENW, I assume that we will include roles with regard to IT development projects.  Do you think that he also wants to pick up definition of Infrastructure roles as well?  --Sally

 -----Original Message-----
From: 	Delainey, David
Sent:	Monday, October  29, 2001 3:02 PM
To:	Sally Beck/HOU/ECT@ENRON; Beth Apollo/HOU/ECT@ENRON; Hughes, Evan; Leff, Dan
Subject:	Roles and Responsibilities

Guys, given our continued need to be crisp and clear on our work product and a clear view to increasing efficiencies, particularily in the back and mid office, I think it would be a good exercise to clearly map out roles and responsibilities between ENW and the EES Services Group in some amount of detail.  Dan will take the lead in this activity.  I would hope that we could have this mapped out fairly quickly without a great deal of internal time.

Thanks for all the hard work.

Regards
Delainey


Shannon,

o:\erms\erm_adm\firmtrad\2001\0401\Regions\NGDKRS0401

Thanks,

Errol

From: Shannon McPearson/ENRON@enronXgate on 05/02/2001 10:28 AM
To: Errol McLaughlin/Corp/Enron@ENRON
cc:

Subject: NG Gas Deferred

I need a DPR for the NG Gas Deferred book for April 01.
;
Thanks!
Shannon McPearson
Enron North America
713-853-5944
Shannon.McPearson@enron.com


Then you want Greg Piper - that is nothing to do with me.

 -----Original Message-----
From: 	"Tom Gros" <tgros@houston.rr.com>@ENRON
Sent:	Monday, January 07, 2002 2:53 PM
To:	Kitchen, Louise
Subject:	Re: CLPartners

I understand you are swamped, but our conversation would relate to the sale.
CLPartners is interested in buying the source code built by the
CommodityLogic team.

----- Original Message -----
From: <Louise.Kitchen@enron.com>
To: <tgros@houston.rr.com>
Sent: Monday, January 07, 2002 3:04 PM
Subject: RE: CLPartners

> Can we meet after we are sold - things are very hectic now.  How about
some
> time in February?
>
>     -----Original Message-----
>    From:   "Tom Gros" <tgros@houston.rr.com>@ENRON
>    Sent:   Monday, January 07, 2002 11:25 AM
>    To:     Kitchen, Louise
>    Subject:  CLPartners
>
>
>    Happy New Year.
>    I know you must be very busy, but I would enjoy the  opportunity to
>    spend a few minutes with you to discuss the former CommodityLogic
>    group, now CLPartners.
>    Please let me know where and when would be  convenient for you.
>
>    All the best,
>
>    Tom
>
>
>
>
>
> **********************************************************************
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This report lists all customers that are going to receive a rejection letter
from credit regarding their EnronOnline application.  If you want this
process delayed so you can contact your customer or follow up with credit on
behalf of your customer, please contact Claudia Clark at x39281 or Karen
O'Day at  x54135.  If they are not contacted, the rejection letter will  be
sent directly to the customer.

PA Company Name:

1) U.S. Oil Co., Inc.

Thank You,
Ami Thakkar
EnronOnline


I wanted to show you when I sent this and how long it took to set it up.  Go
home before 11pm today!

DG
---------------------- Forwarded by Darron C Giron/HOU/ECT on 06/28/2000
09:28 AM ---------------------------

	Enron North America Corp.

	From:  Darron C Giron                           06/15/2000 09:29 AM

To: Gary Stadler/HOU/ECT@ECT
cc:
Subject: Re: New Tagg Book

Gary,
We need to add a new book in Tagg.  Kam suggested I send the request to you.
Please call me if you have any questions.  Thanks.

DG    3-9573

---------------------- Forwarded by Darron C Giron/HOU/ECT on 06/15/2000
09:27 AM ---------------------------

Ron Nolte
06/15/2000 06:20 AM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Re: New Tagg Book

Darron,

Befire a book can be added to TAGG, it has to be added to Global Counterparty.

Attached please find an example of a request that is sent Global
Counterparty.  Once
the book is added to Global Counterparty, an e-mail is sent to Ricky Dang
from Global
and he adds to to TAGG.

Give me a call if you have any questions.

Thanks, Ron

	Enron North America Corp.

	From:  Darron C Giron                           06-14-2000 03:02 PM

To: Ron Nolte/HOU/ECT@ECT
cc: Kam Keiser/HOU/ECT@ECT
Subject: New Tagg Book

Ron,
Please add the following book to Tagg:

 IM-CENT-MID2

If you need any additional information, please call.  Thanks.

DG    3-9573


I am puzzled by the discrepancy too.  I was not planning to do anything
about the exhibit, other than refer to it in my brief.  Let me know if you
find out what SoCal says about the possible errors. Mike

-----Original Message-----
From: Susan.Scott@enron.com [mailto:Susan.Scott@enron.com]
Sent: Friday, June 23, 2000 10:39 AM
To: MDay@GMSSR.com
Subject: SoCal's exhibit 28

Mike -- I've had conversations with Jeff Dasovich and Mark Baldwin about
the exhibit SoCal filed because we feel there might be a mistake or at
least some confusion.  See footnote 5, then add up the columns.  For some
reason that is not readily apparent, SoCal seems to have not counted
Mojave's capacity at all in the first column but added it in twice in the
last column.  I have a call in to Brian Cherry to get clarification and
have promised Jeff I'll get back to y'all when I hear from him.

Out of curiosity, are you planning to file anything in support of the
exhibit?  I am inclined not to because I don't think it is really
necessary.

SS


Susan's draft has inspired me to vent months worth of frustration at the
Commission.  To save Susan from trying to translate my weird scribbles, I'm
having Martha type up my vitriol.  Please hold off on detailed comments on
Susan's draft unless you've already finished them.  I'll circulate a revised
draft to you all later today.  In the mean time, Susan and Frank and Steve,
are there not some cases in which the Commission has specifically granted
confidential treatment of precedent agreements or discount agreements in
expansion cases.  I know the bulk of authority is against us, but I seem to
recall at least a few stray decisions where the Commission granted confid.
treatment (even if only for a limited time).  Lets talk.  Thanks. DF

	From:  Susan Scott                           02/03/2000 03:52 PM

To: Drew Fossum@ENRON, Steven Harris/ET&S/Enron@ENRON, Kevin
Hyatt/ET&S/Enron@Enron, Lorraine Lindberg/ET&S/Enron@ENRON, Donna
Martens/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Keith
Petersen/ET&S/Enron@ENRON
cc: sstojic@gbmdc.com, fkelly@gbmdc.com

Subject: Gallup request for rehearing

Here is the attachment...

---------------------- Forwarded by Susan Scott/ET&S/Enron on 02/03/2000
03:51 PM ---------------------------

	From:  Susan Scott                           02/03/2000 03:51 PM

To: Drew Fossum@ENRON, Steven Harris/ET&S/Enron@ENRON, Kevin
Hyatt/ET&S/Enron@Enron, Lorraine Lindberg/ET&S/Enron@ENRON, Donna
Martens/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Keith
Petersen/ET&S/Enron@ENRON
cc: sstojic@gbmdc.com, fkelly@gbmdc.com

Subject: Gallup request for rehearing

Attached is my draft of a request for rehearing.  It incorporates Mr.
Stojic's and Mr. Kelly's initial comments.  Please review it and let me know
if you have any comments on or before Tuesday afternoon (I will be out of the
office Monday).  Thank you!


Please include my name on the list of attendants for the brown bag tomorrow.

Thank you,
Susan Scott


Sara, long time no see.  I won't be over for this autumn's ECT conference but
hope to be around next year.

Please do me a favour and look through the doc attached below, which is
governed by New York law (in particular the reps under Section 2(d) and the
governing law language/jurisdiction language).  The contract gives rise to
some issues (e.g. deficient default language), which I thought I could
address myself.  The matter is somewhat urgent.  Tks.

Martin

Dear Mrs. Woolgar

We would like to confirm that your company has successfully registered as a
member of ELRiX Weather Derivatives.

Upon receipt by Swiss Re Financial Products (?SRFP?) of the documents
listed hereinafter your company?s account on ELRiX will be activated:

   Two copies of the attached Weather Derivatives Master Agreement bearing
   the signature(s) of the person(s) authorized to sign on behalf of your
   company.
   A US tax form duly filled as according to section 2 g) to i) of the
   Weather Derivatives Master Agreement. You may find these forms and the
   instructions pertaining thereto on the freely accessible website of the
   Internal Revenue Service (http://www.irs.gov/forms_pubs/forms.html or
   http://www.irs.gov/forms_pubs/fillin.html [fill-in-forms only]) by
   clicking on the appropriate file from the list provided on the bottom of
   the website.
   A customary document indicating who are the persons authorized to sign
   on behalf of your company as well as an excerpt of your company's
   signatures book or such other customary documentation acceptable to SRFP
   (such as a list of authorized persons with signatory samples) evidencing
   the authority and genuineness of the signatures of such persons
    A certificate of incumbency specifying the names and signatures of
   persons authorized to execute the Master Agreement and Confirmations on
   behalf of the counterparty, and a certified copy of resoutions of the
   Board of Directors authorizing the counterparty to enter into weather
   derivatives transactions.
   A legal opinion issued by your legal counsel stating the authority of
   your company to enter into the contemplated derivative agreement.

(See attached file: wd_Master_agreement.pdf)

We kindly ask you to send these documents to the following address:

Swiss Re Financial Products Corporation
Attention: Clare Power
55 East 52nd Street
New York, NY 10055 USA.

In the meantime, two letters will be mailed to you by regular surface mail,
one containing a user ID and main password and the other enclosing a
strike-list of single-use passwords. Upon activation of your account you
will be able to access the restricted area of the ELRiX website with your
user ID, your main password and the single-use password.

Should you have any questions please do not hesitate to call the ELRiX Help
Desk on
+ 800 35 74 92 66 or send an e-mail to Contact_ELRiX@Swissre.com.

Best regards,

ELRiX Operations
 - wd_Master_agreement.pdf


Hey, Rod:  Clint has trashed Lehman Bros. (for the moment) and is doing the
deal with MLI.  So, today we confirm the trade on a Deemed ISDA and have
agreed to sign an ISDA within 20 days.  Would you please prepare a credit
worksheet and send it down so that we can get started? Please note that we
agreed to use Enron Corp. as the swap counterparty.

Also, you left the chart for the PATS-2000 deal in my office (you, bum!).  I
do ask that you let me review this with you so that you can evaluate the
credit risk.

Thanks.  Sara