Greetings Jeff,
Thanks.  I will make copies and bring it to class.
Kindly,
Salvador

--
Salvador D. Aceves
Assistant Professor, Accounting
Director, Executive Education
School of Business and Management
University of San Francisco
2130 Fulton Street
San Francisco, CA  94117
Tel (415) 422-6263 fax (415) 422-2502
e-mail: acevess@usfca.edu

> Funny thing.  Right after we'd discussed my company's mark to market
> accounting in class on Monday, this article showed up on Wednesday.
> Thought you might be interested.
>
> TEXAS JOURNAL --- Energy Traders Cite Gains, But Some Math Is Missing ----
> By Jonathan Weil Staff Reporter of The Wall Street Journal
>
> Volatile prices for natural gas and electricity are creating high-voltage
> earnings growth at some companies with large energy-trading units. But
> investors
> counting on these gains could be in for a jolt down the road.
>
>   Shares of these companies have been on a tear lately. And some of the
> biggest
> players are in Houston, the center of the energy-trading industry. Dynegy
> Inc.'s
> stock is up more than fourfold so far this year at $53.438, and now trades
> for
> 41 times what analysts project the company's 2000 earnings will be,
> according to
> First Call/Thomson Financial. Shares of Enron Corp., the largest trader of
> gas
> and electricity in North America, have nearly doubled this year to $84.875,
> or
> 60 times earnings. Meanwhile, El Paso Energy Corp.'s stock has jumped 61%
> this
> year to $62.375, or 24 times earnings.
>
>   Traders at these and other companies are capitalizing on the wild price
> swings
> and supply fluctuations that have accompanied deregulation in some regional
> markets. Natural-gas prices have more than doubled in the past year, while
> supplies have tightened. And the rapid price fluctuations for electricity
> have
> prompted many large businesses to seek price protection through hedging or
> fixed-price contracts, generating large premiums for traders.
>
>   But what many investors may not realize is that much of these companies'
> recent profits constitute unrealized, noncash gains. Frequently, these
> profits
> depend on assumptions and estimates about future market factors, the
> details of
> which the companies do not provide, and which time may prove wrong. And
> because
> of minimal disclosure standards in these kinds of cases, it's difficult for
> investors to assess whose assumptions might be too aggressive, or what
> market
> changes might invalidate the assumptions -- and force earnings revisions.
>
>   "There could be a quality-of-earnings issue," says Tom Linsmeier, an
> associate
> professor of accounting at Michigan State University, who co-authored the
> U.S.
> Securities and Exchange Commission's rules on market-risk disclosures for
> financial instruments. "There certainly might be great volatility that
> could
> cause what now looks like a winning, locked-in gain to not arise sometime
> in the
> future."
>
>   The companies reject any suggestion that there may be quality problems
> with
> their earnings.
>
>   But at the heart of the situation is an accounting technique that allows
> companies to include as current earnings those profits they expect to
> realize
> from energy-related contracts and other derivative instruments in future
> periods, sometimes stretching over more than 20 years.
>
>   So-called mark-to-market accounting is mandated by accounting-rule makers
> when
> companies have outstanding energy-related contracts on their books at the
> end of
> a quarter, such as agreements to sell electricity or buy natural gas over a
> period of time at certain prices. Under those rules, companies estimate the
> fair
> market values of those contracts on their balance sheets each quarter as
> assets
> or liabilities. Changes in the value of a contract from quarter to quarter
> then
> are either added to or subtracted from net earnings.
>
>   If, for instance, the market price for natural gas rises above the price
> specified in a company's contract to buy gas, generally the company will
> record
> an unrealized gain. That gain is recognized as income and recorded as an
> asset
> on the company's balance sheet. At the end of each quarter, the contract is
> revalued. The value of the previously recorded asset is increased, and any
> increase in unrealized gain is recorded as additional income. Conversely,
> if the
> market value for gas falls, and the value of the contract has declined, any
> change in the contract's value is recorded on the company's balance sheet,
> and a
> loss is recorded on its income statement. e
>
>   Yet in their financial reports, the companies only vaguely describe the
> methods they use to come up with fair-value estimates on the contracts.
> Increasingly, quoted market prices offering independent guidance are
> becoming
> readily available for several years into the future. However, with some
> long-term derivative instruments, particularly electricity contracts,
> future
> market prices don't extend far enough to cover the full life of those
> contracts.
> And in those cases, companies are allowed to base valuations on their own
> undisclosed estimates, assumptions and pricing models.
>
>   "Ultimately they're telling you what they think the answer is, but
> they're not
> telling you how they got to that answer," says Stephen Campbell, an analyst
> at
> Business Valuation Services in Dallas. "That is essentially saying `trust
> me.'"
>
>   Accounting-rule makers at the Financial Accounting Standards Board have
> debated the subject of how to value energy-related contracts extensively in
> recent months. "Two companies in similar circumstances might apply
> different
> methods to estimate the fair value of their energy-related contracts and
> may
> arrive at widely different values," an FASB task force studying the issue
> wrote
> in a June report. "Those differences lead to the question of whether some
> of the
> methods in practice yield estimated amounts that are not representative of
> fair
> value."
>
>   Despite this concern, FASB isn't inclined to offer any explicit guidance
> for
> how such contracts should be valued. "There are just too many models and
> too
> many different types of instruments for us to have a one-size-fits-all type
> of
> model," explains Timothy Lucas, FASB's director of research in Norwalk,
> Conn.
>
>   One way to determine the size of a company's unrealized gains is to
> compare
> the change in the values of net assets from risk-management activities from
> quarter to quarter. Some companies also disclose how much they're adjusting
> their cash-flow statements to reflect unrealized gains that have been
> booked as
> earnings. That's how one can determine the size of the unrealized gains at
> Dynegy and Enron, for example, the two companies confirm.
>
>   A reporter's examination of Dynegy's financial filings shows the
> company's
> earnings are highly dependent on unrealized gains from risk-management
> activities. For its most recent quarter, ended June 30, Dynegy reported
> earnings
> of 38 cents a diluted share -- 71% of which came from unrealized gains, the
> company confirms. (The company's per-share earnings would have been 20
> cents
> higher if not for a one-time stock dividend.) For all of 1999, Dynegy
> recorded
> $115 million in unrealized gains, accounting for 51% of its earnings.
>
>   Enron confirms it booked $747 million in unrealized gains from
> risk-management
> activities during the second quarter, more than the company's total $609
> million
> in earnings before interest and taxes. Absent unrealized gains, the company
> would have reported a quarterly loss. For the quarter, the company reported
> earnings of 34 cents a diluted share, up 26% from a year earlier.
>
>   But not all companies disclose enough information for investors to
> calculate
> how large their unrealized gains are. El Paso says that's the case with its
> own
> quarterly reports, which disclose short-term assets and liabilities from
> risk-management activities -- but not long-term risk-management assets and
> liabilities.
>
>   For the second quarter, El Paso reported that its energy marketing and
> trading
> unit earned $152 million before interest and taxes, 24 times what it earned
> a
> year earlier. In an interview, El Paso's chief financial officer, Brent
> Austin,
> says unrealized gains represented about a third of that total. He says most
> of
> the cash from those gains will materialize within a year.
>
>   In its financial reports, Dynegy highlights the uncertainties with some
> contract valuations. It explains that with some long-term contracts for
> which
> market-price quotes aren't available, "the lack of long-term pricing
> liquidity
> requires the use of mathematical models to value these commitments . . .
> [using]
> historical market data to forecast future elongated pricing curves." Dynegy
> cautions that actual cash returns may "vary, either positively or
> negatively,
> from the results estimated."
>
>  But like Enron, El Paso and others, Dynegy provides scant details about
> its
> mathematical models -- such as the assumptions they use for market
> volatility
> and long-term price forecasts for natural gas and electricity. Nor is the
> company required to disclose more.
>
>   "The disclosure mentions risks," says John Cassidy, an analyst who tracks
> Dynegy for Moody's Investors Service in New York. "But I don't know that
> the
> disclosure offers enough detail for you to be able to quantify how much
> risk
> there is."
>
>   El Paso's filings warn that "because the valuation of these financial
> instruments can involve estimates, changes in the assumptions underlying
> these
> estimates can occur, changing our valuation and potentially resulting in
> financial losses." Enron cautions that the values it assigns to various
> transactions are based on "management's best estimate."
>
>   The companies are required to disclose what they think their maximum
> potential
> single-day risk-management losses might be, figures that also are based on
> various undisclosed market assumptions. But energy traders cite competitive
> reasons for not disclosing more.
>
>   "You don't necessarily want to tip off everyone to what you're doing,"
> says
> John Harrison, chief financial officer for El Paso's merchant-energy unit.
>
>   Echoing remarks by executives at other energy traders, Enron's executive
> vice
> president and chief accounting officer, Richard Causey, says Enron runs a
> relatively balanced portfolio and that the estimates factored into his
> company's
> valuations are conservative. In large part, he says, those estimates are
> based
> on quoted market prices where available. Where they're not available, Mr.
> Causey
> says Enron bases its estimates in part on long-term pricing trends, as well
> as
> the company's own trading experience, which dates to 1990.
>
>   Further, Mr. Causey says, Enron's unrealized gains don't depend heavily
> on
> gains from long-term contracts that extend beyond the periods for which
> market
> quotes are available, reducing the potential for significant earnings
> revisions.
> The average length of Enron's risk-management contracts is just two years,
> he
> says. To be sure, though, some of Enron's electricity contracts extend for
> 25
> years.
>
>   "We're getting the cash in quicker than you might think," Mr. Causey
> says.
> "They don't stay unrealized very long."
>
>   El Paso says its contracts have an average life of six years, with some
> running as long as 20 years. Dynegy says the longest risk-management
> contracts
> for which it uses mark-to-market accounting are 10 years, though it doesn't
> disclose an average length. Dynegy's chief financial officer, Robert Doty,
> says
> 96% of the company's gas contracts close out by 2002, while 75% of its
> power
> contracts expire by 2003. "The cash will come in," he says.
>
>   As for why the company doesn't disclose the extent of any bias, bullish
> or
> bearish, it has in the market, Dynegy executives say that information, like
> the
> estimates behind its mathematical models, is proprietary. Such disclosures
> may
> be outdated anyway by the time they could be included in public financial
> filings, says Michael Mott, a Dynegy vice president. Mr. Mott further
> explains
> that Dynegy could be realizing more cash earnings now if it wanted to. But
> "we
> don't see that would be in the best interests of shareholders," Mr. Mott
> says,
> because the company figures it can earn more later by leaving much of its
> gains
> unrealized for now.
>
>   Mr. Linsmeier of Michigan State compares the current situation for energy
> traders with the accounting controversies that engulfed subprime automobile
> and
> residential lenders during the late 1990s, though he emphasizes it's too
> far
> early to tell whether the consequences will be similar. Using so-called
> gain-on-sale accounting (a form of mark-to-market accounting), those
> lenders
> booked earnings from loans as soon as they were made, rather than having to
> wait
> for them to be paid off, as banks typically do.
>
>   But as interest rates fell in 1998, many customers paid off their loans
> earlier than expected, slashing lenders' profit margins. Compounding
> matters,
> the market for mortgage-backed securities dried up in the wake of financial
> chaos in Russia and other foreign markets, leaving lenders to bear the
> higher
> risks of many new loans.
>
>   Many investors complained they were blindsided, in part because these
> lenders
> generally hadn't disclosed their assumptions about prepayment rates and
> other
> variables. After the crash, subprime lenders routinely began disclosing the
> key
> assumptions used to value their mortgage portfolios.
>
>   At New York University, accounting professor Baruch Lev says investors
> would
> be better served if energy traders' financial filings explained the effects
> of
> hypothetical commodity-price movements on the values of their
> risk-management
> assets, and disclosed the basic assumptions about future commodity-price
> movements ingrained in their mathematical models. Says Mr. Lev, "I would
> like to
> see much more disclosure, particularly given that this is now becoming a
> significant component of their earnings."
>
>
> - - - - - - - - - - - -  Document Released on 2000-09-20 02:20:08.0 EST - -
>                             - - - - - - - - - -
>
>


magnani@thesearchcenter.com


Shirely, please print this out for Vice before the meeting.

Thanks,

Ravi.
----- Forwarded by Ravi Thuraisingham/Enron Communications on 01/18/00 02:00
PM -----

	John Griebling
	Sent by: Michol Boyd
	01/18/00 01:41 PM

		 To: EC Employees -- All
		 cc:
		 Subject: Network Engineering and Operations Organizational Chart

The Network Engineering and Operations organization is taking shape.  The
attached organization chart reflects my direct reports and the major
disciplines within the engineering organization.  Please support this
leadership team in executing our mission to support our current network as
well as deploy the GFN infrastructure and support systems.

You will notice that there are many leadership openings in the organization,
please direct any input regarding external candidates for these positions to
Patty Pennington.

The Network Engineering Team is also attempting to recruit between 30 to 50
people (as dictated by budget availability) across the indicated disciplines
by mid-year.


just keeping you in suspense, was i right?  10:30pm ringer off, fast asleep?
j/j  my weekend was good.  stayed home friday (believe it or not) saturday,
went to a graduation party, then went to a church concert, (it was really
different, a rapping priest from Brooklyn) and then sunday me and the
fam/grandparents/aunt and uncle all went to eat lunch....then back to church
...that is all, was full as usual.


---------------------- Forwarded by Lamar Frazier/HOU/EES on 11/16/2001 12:04 PM ---------------------------

Delivery Failure Report
Your document:	Jack in the Box
was not delivered to:	James D Steffes/HOU/EES@EES
because:	User James D Steffes/HOU/EES (James D Steffes/HOU/EES@EES) not listed in public Name & Address Book

What should you do?
You can resend the undeliverable document to the recipients listed above by choosing the Resend button or the Resend command on the Actions menu.
Once you have resent the document you may delete this Delivery Failure Report.
If resending the document is not successful you will receive a new failure report
Unless you receive other Delivery Failure Reports, the document was successfully delivered to all other recipients.

EESHOU-LN12/EES, EESHOU-LN12/EES

________________________

To:	James D Steffes/HOU/EES@EES
cc:
From:	Lamar Frazier/HOU/EES
Date:	11/16/2001 12:02:42 PM
Subject:	Jack in the Box

---------------------- Forwarded by Lamar Frazier/HOU/EES on 11/16/2001 12:02 PM ---------------------------

	Enron Energy Services  From:  Michele Sorensen                           11/06/2001 04:57 PM Phone No: 562 901 3807 Office   714 813-0742 Cell   888 578 8404 Pager

To:	Andrew Wu/HOU/EES@EES, Mike D Smith/HOU/EES@EES
cc:	Lamar Frazier/HOU/EES@EES, Ian McAbeer/HOU/EES@EES
Subject:	Jack in the Box

Andy and Mike,

Jack in the Box is in the process of opening 14 new stores in CA.  They have requested these stores be added to the Enron Agreement.
Based on the recent information from the CPUC - can we add new facilities to the Jack in the Box contract?

Here's the CPUC language:

"We reaffirm that for the time being, and unless the Commission states
 otherwise in a subsequent decision, utilities are required to process DASRs
 relating to contracts or agreements that were executed on or before
September 20th, 2001, including DASRs for service to new facilities or
 accounts if the underlying contract pursuant to which those DASRs
 are submitted allowed for the provision of that additional service.  Thus,
 for example, with respect to the specific ESP contract described by
UC/CSU in their rehearing application, the utilities are required to accept,
 even after September 20, 2001, any DASRs they receive that legitimatley
 relate to that contract...[W]e want to make it clear that...utilities cannot
set a deadline after which they could refuse to process DASRs relating
to contracts executed on or before September 20, 2001."

Here's the provision in the Jack in the Box contract:

ADDITIONAL FACILITIES	At any time during the term of this Transaction, you may request that we add to this Transaction certain additional facilities owned and operated by you on mutually agreeable terms and conditions, including pricing.  If the account(s) at such facility(ies) is/are eligible to receive "direct access service" and the Parties are able to agree to the terms and conditions for adding any such additional facility(ies), the Parties will execute an appropriate amendment to this Transaction effecting such addition.

Please advise.
Thanks, Michele


9/8  9/7  diff

Socal  36,600  37,200  -600

NWPL  -51,000  -51,250  250

San Juan -32,500  -32,000  -500

The reason the benchmark report shows net selling San Juan is that the
transport positions were rolled in on 9/8.  This added 800 shorts to San Juan
and 200 longs to Socal.  Before this adjustment we bought 300 San Juan and
sold 800 Socal.


Seminars/Forums, etc. Sub Group

I met with Denise on December 16th and here is a recap of the discussion
relative to our sub group for your information.

Seminars

-Probably no more than 4 per year
-Good curriculum makes a significant difference (ie. quality)
-Keep at a reasonable cost
-Nymex provides seminars which have an audience of 35 to 50
-Denise's experience is that people like topics that are practical adding to
their skill
  base

Forums

- Broader topics than seminars with range of experts
- Can range in size from small groups to very large ballroom settings
- Marketing makes a big difference in turn out

Conferences

- Generally not as excited about conferences
- Shouldn't try one this year
- If do one, keep focused on one topic, not multiple tracks
- Should be lean and mean, cost effective, 2 days max

Nymex has many contacts and should be able to help on marketing events and
perhaps  doing some sponsorship.  Probably should charge for non members for
these events but needs to be reasonable.  Small training sessions could be an
opportunity.

Denise, hope this is a reasonable summary; please add anything I have left
out.
Lane


Betas:
Fall is coming brothers...it was 40 degrees when I left for work the
other morning.  It was the first day since early June that I had to wear
long pants to work.  We had a high of 60 degrees.  I guess I better get
used to it.  This winter I will be working outdoors every day...a good
number of below zero days can be counted on.  However, I predict terrific
weather in Dallas the entire homecoming weekend.

Bino is finally a solid yes and Harry Singleton told me that he was
planning to be there too.  Still no word from those mid west boys, except
Dave Lesh and Tom Hutchison.

Woody has volunteered to be in charge of getting our tickets for the
SMU-Nevada homecoming game.  Fire off an e-mail and let him know how many
tickets you will be needing:  boethia@hotmail.com

If you are interested in playing some golf with John Grumbles at his
club, get in touch with him for that:  John_Grumbles@berryplastics.com
("underscore" between "John" and "Grumbles")

More information regarding weekend events and activities will follow in
future messages.

Thanks for all the wonderful messages.  It's great to hear from Y'ALL!

Don't forget to check out the attached pictures.

-kai-
Beek
 - 90hc2.jpg
 - 90hc5.jpg


Lisa:
Congrats on everything thats going on in your life!  I also wanted to
congratulate you on getting into the NYC Marathon - I think thats great.  I
am subjecting myself to do this again (don't ask me why) since I found out
that I got in the other day.  Good luck and hope to hear form you soon.

Regards,
Ben


Please let Arvind I'd like to get this....Jeff

	From:  Jennifer Fraser                           11/08/2000 06:04 PM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: LNG Industry Intelligence

 I didn't see your name on this dist list - I thought you'd want to receive it
---------------------- Forwarded by Jennifer Fraser/HOU/ECT on 11/08/2000
06:03 PM ---------------------------

	From:  Russell Dyk @ ENRON                           11/08/2000 05:40 PM

To: Jennifer Fraser/HOU/ECT@ECT
cc:
Subject: LNG Industry Intelligence

---------------------- Forwarded by Russell Dyk/Corp/Enron on 11/08/2000
05:38 PM ---------------------------
   Merritt Thomas @ ECT                11/08/2000 04:06 PM

To: Russell Dyk/Corp/Enron@ENRON
cc:

Subject: LNG Industry Intelligence

---------------------- Forwarded by Merritt Thomas/LON/ECT on 08/11/2000
22:00 ---------------------------

Arvind Bhatnagar
03/11/2000 01:38
To: Doug Arnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rick
Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Guido
Caranti/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Javier
Chavarria/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dustin Collins/HOU/ECT@ECT,
Nancy Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ned E
Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Cullen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Laurie
Davidson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kim Davis/Corp/Enron@ENRON,
Borislav Feschiev/NA/Enron@ENRON, Tony
Galt/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Zdenek
Gerych/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David L
Glessner/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sonia
Guerra/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kathleen D
Hardeman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Clay
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brenda J
Johnston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kenneth
Krasny/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maurizio La
Noce/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cindy Long/Corp/Enron@Enron, Andrew
Makk/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dan Masters/HOU/ECT@ECT, Wayne
Perry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Todd
Peterson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, V V Rao/SIN/ECT@ECT, Margaret
Rhee/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Daniel R
Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dennis
Vegas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Satish Venkataraman/SIN/ECT@ECT,
Emilio Vicens/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Les
Webber/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stella
Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Arvind Bhatnagar/SIN/ECT@ECT, Rob
Walls/NA/Enron@Enron, Echo Wang/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank S
Wang/Corp/Enron@Enron, Robert Soeldner/LON/ECT@ECT, Alexios
Kollaros/HOU/EES@EES, Eric Gonzales/LON/ECT@ECT, Amitchell@linklaters.com,
Merritt Thomas/LON/ECT@ECT, Brad Hitch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Eric Groves/HOU/ECT@ECT
cc:

Subject: LNG Industry Intelligence

Please find attached an issue of LNG Industry Intelligence.


GRIGSBY, MICHAEL D,
?
You have been selected to participate in the Mid Year 2001 Performance
Management process.  Your feedback plays an important role in the process,
and your participation is critical to the success of Enron's Performance
Management goals.
?
To complete a request for feedback, access PEP at http://pep.enron.com and
select Complete Feedback from the Main Menu.  You may begin providing
feedback immediately and are requested to have all feedback forms completed
by Friday, May 25, 2001.
?
If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:
Houston:  1.713.853.4777, Option 4 or email: perfmgmt@enron.com
London:  44.207.783.4040, Option 4 or email: pep.enquiries@enron.com
?
Thank you for your participation in this important process.
?
The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."  Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.  NOTE: YOU WILL
RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.
?
Employee Name:
BIKE, ANNE
GIRON, DARRON


Start Date: 1/10/02; HourAhead hour: 6;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011006.txt


Lillian, I forgot to add that the slate of directors and officers for
Capacity Management Corp. will be identical to that of Transwestern Pipeline
Company.,


Electricity Deregulation is coming to Texas!
What a great way to start off the New Year - to be able to choose your electricity provider, which could mean potential savings for you and your family on your electric bill.  As you know, Enron has been a leader in lobbying for deregulation and a consumer's right to choose energy providers.

For the first time in our state's history, 5 percent of Texas households will have this golden opportunity.  The NewPower Company (NewPower), which is approximately 45 percent owned by Enron, was recently formed to provide energy and energy-related services to residential customers in deregulating energy markets across America, including Texas.  For a limited time, Houston-based employees will be eligible to participate in NewPower's pilot program offering their deregulated electric service.

Be Among the First to Participate:
Enrollment with NewPower begins March 12.  Also, watch for a special Enron Employees Exclusive offer on your desk March 12.  If you would like more information about NewPower, visit the company's web site at www.newpower.com

Disclaimers:
Any contract for goods or services that is entered into by an Enron employee with respect to the NewPower program shall be solely between NewPower and such employee.  Enron assumes no obligation on behalf of NewPower and makes no representations, warranties, or guaranties with respect to NewPower, or any goods or services offered or provided by NewPower.


Phil Scroggs
9253 12th Ave. NW
Seattle, WA 98117
rtbrain@mindspring.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you
made from selling Enron stock before the company
declared bankruptcy to funds, such as Enron Employee
Transition Fund and REACH, that benefit the company's
employees, who lost their retirement savings, and provide
relief to low-income consumers in California, who can't
afford to pay their energy bills.  Enron and you made
millions out of the pocketbooks of California consumers
and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of
Enron's employees were financially devastated when the
company declared bankruptcy and their retirement plans
were wiped out.  And Enron made an astronomical profit
during the California energy crisis last year.  As a result,
there are thousands of consumers who are unable to pay
their basic energy bills and the largest utility in the state is
bankrupt.

The New York Times reported that you sold $101 million
worth of Enron stock while aggressively urging the
company's employees to keep buying it.  Please donate this
money to the funds set up to help repair the lives of those
Americans hurt by Enron's underhanded dealings.

Sincerely,

Phil Scroggs


My location is EB 3211D.

Thanks,

Eric

Natalie Wells@ENRON
03/27/2001 07:59 AM
To: Eric Bass/HOU/ECT@ECT, Patrick Scales/NA/Enron
cc:
Subject: Earth Day Tickets

For hand delivery of your tickets, please provide an Enron location.
If you prefer, we can Fed Ex your tickets to your home. There is an
additional charge for this service.
Thanks,
Natalie


Kim and Michelle,

	Attached is a revised version of the capacity release letter agreement, which is red-lined toshow changes from the prior draft.


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/12/2000 05:22
PM ---------------------------

	From:  Scott Healy @ ECT                           10/12/2000 12:17 PM

To: Claudette Harvey/HOU/ECT@ect
cc: Heather Kroll/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Stephen
Plauche/Corp/Enron@Enron

Subject: FuelCell Call

For our call on Monday for 11:00 AM to 2:00 PM, the telephone number for
reaching FuelCells personnel is 203-825-3902.  I can be reached at
925-964-0900.  Claudette can you please arrange the conference call and a
room.  Thanks.


Hello all,

Apologies for any delays, but Carrie is out sick.


Attached for your review and comment is a draft of a policy to be distributed
to EOL/ENA employees. While the policy may seem over-restrictive, the fact
basis upon which the policy is based is that the activities identified in the
policy are currently performed by ENA employees. Of course, we still need to
talk about this issue.


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude27.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas27.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil27.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded27.pdf

Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG27.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG27.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL27.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


Dr. Susan White
2507 Huntingdon Chase
Atlanta, GA 30350
drsukie@yahoo.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Dr. Susan White


- Colonize.com.htm


BUSINESS HIGHLIGHTS

Coal Trading
The liquidity in trading of the Standard European Coal Agreement has
increased significantly over the last 6 weeks.  Many counterparties that
previously opted to stay on the sidelines finally chose to join the game.
Since the contract's inception at the beginning of the year, Enron has traded
a total of 5.3 million tons against the SECA contract, of which 3.8 million
tons has been traded via EnronOnline since July 2000.  We are 5.3 million
tons of a total traded market of 5.8 million tons.

Principal Investments
Tridium Inc., the leading provider of Internet-based automation
infrastructure solutions, announced the close of a $20 million round of
capital funding. The funds will be used to increase Tridium,s sales and
technical support offices in North America, expand its operations into Europe
and Asia, and enhance its technology and products. kRoad Ventures, L.P. and
Enron North America each contributed $10 million in venture capital.

Corporate Development
Allegheny Energy Supply Company, LLC, a wholly owned subsidiary of Allegheny
Energy, Inc., announced the signing of a definitive agreement under which
Allegheny Energy Supply will purchase three Enron natural gas-fired merchant
generating facilities. The acquisition is expected to close in the 2nd
quarter of 2001.

PERFORMANCE REVIEW

The deadline to provide feedback is Friday, November 17.  If you have been
selected to provide feedback on one of your fellow employees, please take the
time to fill out an evaluation online at www.pep.enron.com.

IN THE NEWS

"Enron Corp., already North America's biggest, buyer and seller of natural
gas and electric power is dead serious about its efforts to capture a big
slice of the $400 billion global trade in pulp, paper and lumber."
-Reuters News Service

2000 CHAIRMAN,S AWARD NOMINEES
Please join us in congratulating the ENA/EIM/EGM/ employees who have been
recognized as Chairman,s award nominees.

Congratulations to:

 Irma Alvarez  Alan Aronowitz  Rick Bergseiker  Carol Coats  Joya Davis
Rufino Durante
 Sue Foust  Julie Gomez  Barbara Gray  Jackie Griffith  John Harrison  Gerri
Irvine
 Kathy Benedict  Michael Kelley  Mike McConnell  Dave Nommensen Ina Norman
Juan Padron
 Veronica Parra  Michael Roberts  Rhonda Robinson Kevin Sweeney  Helen
Taylor  Stacey White

Extra kudos to BARBARA GRAY, who is a finalist for the 2000 Chairman,s
Award.  Barbara and ten other individuals are flying to San Antonio from
around the world to be honored at Enron,s annual Management Conference.  One
of these finalists will be recognized as the 2000 Chairman,s Award winner.

WELCOME
New Hires ENA/EIM/EGM
ENA ) Anil Chandy, Alejandra Chavez
EGM ) Marty Cates, JoAnne Underwood, Brad Miller

Transfers to ENA/EIM/EGM
ENA ) Mark Wadlington, Jennifer Blay-Smith, Georgian Landau, Kathryn Bussell,
John Coleman, Steven Gillespie, Clarissa Garcia, Ina Rangel, Farouk Lalji,
Eva Rainer, Chuchu Wang, Smith Day
EGM ) Gloria Solis, Carmella Jones, Nancy Haralson

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed outside of Enron.


As you might have noticed, there was no file actually attached to your last
e-mail. I was saving it for this one.


Good Morning All!

Just a reminder that Cheryl will be in class all day today and most of tomorrow.  She will be checking voicemail.  Please feel free to contact me should you need immediate assistance.  Have a great morning!

Keegan Farrell
EB3875
713-345-3317


This is a five minute or so interview that Steve Bergstrom had with a radio station in Omaha.  He answers a few questions about his plans for NNG and keeping people in Omaha.

Rick


Let me see what we can work out, Vince, and we'll get back to you.

Molly

Vince J Kaminski
12/18/2000 01:46 PM
To: Molly Magee/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Iris Mack

Molly,

This is the list of people we can ask to interview Iris.
I would include one (or possibly more) people from  each group below,
depending on availability.

1. Debbie Brackett or Bill Bradford
2. Ted Murphy, Bjorn Hagelman or David Port
3. Mark Tawney  or Joe Hrgovcic
4. Greg Whalley or Louise Kitchen

I shall send a message to them explaining that we try to identify the best
fit for a good
candidate.

Vince

	Enron North America Corp.

	From:  Molly Magee                           12/18/2000 11:57 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc: Shirley Crenshaw/HOU/ECT@ECT
Subject: Iris Mack

Iris would like to come on Thursday, 12/28/2000, to visit with you and your
group.  She will be in New Orleans, and will just fly in for the day.

Molly


Dear Jeff and Mike:

The deadline to respond to the People's Gas motion for relief from the
automatic stay is 4:00 p.m. this Wednesday -- I left a message for you
earlier, Jeff, but I write to ask you and Mike whether the company has
taken a position on whether it will agree to the relief from stay motions.
The response to National Gas is not due until 5:00 p.m. on December 24th,
but it would be good to go ahead and get an idea of what will be required
for the response.  I have a rough draft of a stipulation.  Jeff, shall I
forward that to you?
Best regards,
Jayne South

**********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 (212-310-8000), and destroy the original
message. Thank you.


Dale,

Ed Gottlob would like to set up a meeting with all of the necessary
counterparties in order to discuss this product.  Can you find out when a
good time would be?

Thanks,

Eric

Dale Neuner   03/28/2000 10:56 AM

To: Eric Bass/HOU/ECT@ECT
cc: David Forster/HOU/ECT@ECT
Subject: Re: 5 X 24

Eric -

Logistics is telling us that this product is not presently traded OTC. The
Sitara group is telling us that we don't presently have the ability to
support this product, which is probaby a result of the fact that is is
unprecedented.
To my knowledge EOL doesn't have the ability to eliminate specific dates
between the Start Date and End Date.

David, essentially this product would be a calendar month long US Phys Gas
contract where we DO NOT move gas on the weekends.

Can we chat about this please.

Dale

	Enron Capital & Trade Resources Corp.

	From:  Eric Bass                           03/28/2000 10:31 AM

To: Dale Neuner/HOU/ECT@ECT
cc:
Subject: 5 X 24

Dale,

Have you heard anything more on the 5 X 24s?  We would like to get this
product out ASAP.

Thanks,

Eric


I agree.

DG    3-9573

George Grant
12/07/2000 01:42 PM
To: William Kelly/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT
cc: Scott Mills/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT
Subject: NX1 Settlement dates

Based on December 27 for NX1 in the following example, I would like to see if
everyone is in agreement with the following:
If there are any questions or concerns please let me know.

Thanks
GG


Alan, there is a good article on power trading in Japan.  Please pass it on
as appropriate.   Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 06/15/2000 04:54 PM -----

	Tara McAuliff <TMCAULIFF@isda.org>
	06/15/2000 10:16 AM

		 To: Aubrey Rothrock <arothrock@pattonboggs.com>, "Carol Nichols for Joe
Bauman (b of a)" <carol.j.nichols@bankofamerica.com>, "Carolyn Huntley (Allen
& Overy)" <Carolyn.Huntley@allenovery.com>, Cecilia Steffensen
<CSTEFFENSEN@isda.org>, Charles Smithson <charlessmithson@mindspring.com>,
"Chi Wing Yuen (AIG)" <chi-wing.yuen@aig.com>, "Claudia Martell for Goodrich
(Deutsche Bank)" <claudia.martell@db.com>, Corrinne Greasley
<CGREASLEY@isda.org>, "Damian Kissane (Deutsche Bank)"
<damian.kissane@db.com>, Daniel Cunningham <dcunning@cravath.com>, "David
Mengle (JP Morgan)" <mengle_david@jpmorgan.com>, Dennis Oakley
<dennis.oakley@chase.com>, Don Moorehead <dmoorehead@pattonboggs.com>,
Douglas Bongartz-Renaud <douglas.bongartz-renaud@nl.abnamro.com>, Ernest
Patrikis <ernest.patrikis@aig.com>, "George Francois (CIBC)"
<francois@us.cibc.com>, "H.Ronald Weissman"
<h.ronald.weissman@arthurandersen.com>, Henning Bruttel
<Henning.Bruttel@dresdner-bank.com>, "Hiroyuki Keisho (Sanwa)"
<Hiroyuki_Keisho@sanwabank.co.jp>, ISDA LONDON OFFICE <ISDALONDON@isda.org>,
Jeff Golden <goldenj@allenovery.com>, Jerry del Missier
<jerry.delmissier@barclayscapital.com>, Jonathan Moulds <jonm@crt.com>, Jose
Manuel Hernandez-Beneyto <jhb1@bancosantander.es>, "Joseph Evangelisti (JP
Morgan)" <evangelisti_joe@jpmorgan.com>, Josh Cohn <jcohn@cravath.com>,
"Kazuhiko Koshikawa (Sanwa)" <kazuhiko_koshikawa@sanwabank.co.jp>, Keith
Bailey <kbailey2@exchange.ml.com>, "Liz O'Sullivan" <LOSULLIVAN@isda.org>,
"Marjorie Cresta (Cravath)" <mcresta@cravath.com>, Marjorie Marker
<marjorie.b.marker@arthurandersen.com>, Mark Brickell
<brickell_mark@jpmorgan.com>, Mark Haedicke <Mark.E.Haedicke@enron.com>, Mark
Harding <mark.harding@wdr.com>, "Mark Wallace (Warburg)"
<mark.wallace@wdr.com>, Mary Cunningham <MCUNNINGHAM@isda.org>, Maurits
Schouten <maurits.schouten@csfb.com>, Michael Iver <milphil@gateway.net>,
Paul Wilkinson <paul.zz_wilkinson@wdr.com>, Quentin Hills
<quentin.hills@citicorp.com>, Richard Grove <RGROVE@isda.org>, Robert Mackay
<robert.mackay@nera.com>, Robert Mark <markb@cibc.ca>, Robert Pickel
<RPICKEL@isda.org>, Roseanne Stanzione <RSTANZIONE@ISDA.ORG>, Rosemary Ryan
<RRYAN@isda.org>, Ruth Ainslie <RAinslie@isda.org>, "Samantha Penney (Allen &
Overy)" <Samantha.Penney@AllenOvery.com>, Sebastien Cahen
<sebastien.cahen@socgen.com>, "Shawn Dorsch (Derivatives Net)"
<shawn@blackbird.net>, Shigeki Kawano <SKawano@isda.org>, Shigeru Asai
<Shigeru_Asai@sanwabank.co.jp>, "Shunji Yagi (Sanwa)" <DPD@aurora.dti.ne.jp>,
Stacy Carey <SCAREY@ISDA.ORG>, "Steve Bernardete (MSDW)"
<isdaarticles@msdw.com>, Steve Kennedy <kennco@mindspring.com>, Steve Targett
<steve_targett@nag.national.com.au>, "Sue Edwards (WDR)"
<sue.edwards@wdr.com>, Teruo Tanaka <teruo.tanaka@ibjbank.co.jp>, Thomas
Montag <tom.montag@gs.com>, Thomas Werlen <twerlen@cravath.com>, Tsuyoshi
Hase <fwhx9396@mb.infoweb.ne.jp>, Wendy Chang <w.chang@msdw.com>, Yasuko
Horibe <YHORIBE@isda.org>, "Yasumasa Nishi (IBJ)"
<yasumasa.nishi@ibjbank.co.jp>, Yoshitaka Akamatsu
<yoshitaka_akamatsu@btm.co.jp>
		 cc:
		 Subject: ISDA Press Report, 6/15/00

ISDA PRESS REPORT, THURSDAY, JUNE 15, 2000

* US Regulators Find Flaws In Commodities Overhaul Bill - Capital
Markets Report, 6/14/00
* Japan Online Power Trading May Spark More Deregulation - Dow Jones
Energy Service, 6/15/00
* Philippines Relaxes Banks' Requirement To Raise Capital - The Wall
Street Journal Europe, 6/14/00
* Danger Signs - The Economist, 6/10/00

Capital Markets Report, 6/14/00
US Regulators Find Flaws in Commodities Overhaul Bill
By Dawn Kopecki

WASHINGTON -(Dow Jones)- U.S. financial regulators at a hearing Wednesday
faulted legislation aiming at rewriting the nation's commodities laws for
going too far in some areas at streamlining the laws overseeing derivatives
products and futures markets.

Some officials criticized the bill, introduced by Rep. Thomas Ewing, R-Ill.,
chairman of the House Agriculture Subcommittee on Risk Management, for
diminishing the jurisdiction of the Securities and Exchange Commission over
certain derivatives products.

The legislation, as well as a companion bill introduced by Senate
Agriculture Chairman Richard Lugar, R-Ind., would streamline the laws
overseeing derivatives products and futures markets as well as deregulate
some aspects of that industry.

Lawmakers have been struggling all year to revamp those markets. The
Commodity Exchange Act - which expires Sept. 30 - determines which agency,
the SEC or the Commodity Futures Trading Commission, has jurisdiction over
what derivatives products.

A tugging war between the two agencies over how to redraw those lines has
slowed progress on the legislation.

Annette Nazareth, director of the SEC's division of market regulation,
faulted Ewing's legislation for creating a new kind of deregulated futures
trading facility, but then giving the CFTC exclusive jurisdiction over the
securities traded on those new facilities.

"The (SEC) does not believe that there is a justification for eliminating
the traditional role of other regulators, including the SEC, in regulating
markets and intermediaries that trade such government securities and other
products," Nazareth said in written testimony.

She noted that it's especially important that the SEC retain its authority
"when these products would be traded on facilities subject to even fewer
investor protections than exist today on futures exchanges."

Treasury assistant secretary Lewis Sachs also found that section of the bill
flawed, saying that his agency was concerned that Ewing's bill makes
regulatory oversight of clearinghouses optional, not mandatory. He was
similarly concerned about giving the CFTC exclusive jurisdiction over all
transactions conducted within a clearinghouse.

"The exclusive jurisdiction of the CFTC may preclude securities regulators
from maintaining oversight of organizations that clear securities-related
products," Sachs said in his written testimony. He added that regulation of
clearinghouses should be mandatory and that the SEC should oversee
clearinghouse transactions for products currently under its jurisdiction.

Nazareth also suggested that Ewing clarify a section of the bill so that it
clearly gives the SEC direct access to audit trails, coordinated market
surveillance and inspection authority to pursue insider trading and other
fraudulent practices regarding the trading of single-stock futures.

"The SEC should not be required to seek the permission of any other entity
to protect investors," she said.

Both Sachs and Nazareth found it "troublesome" that Ewing's bill has a lower
threshold than other proposals for determining what constitutes a
"sophisticated investor." That's important because the legislation allows
sophisticated investors to conduct a wide variety of transactions with the
least amount of scrutiny from federal regulators.

"We do not believe that adequate consideration has been given to whether $10
million in total assets is a sufficient indication of sophistication," she
said. "Moreover, the bill grants the CFTC broad discretion to declare anyone
an eligible contract participant."

Lugar's bill, as well as a report released last year by the nation's top
financial regulators, defines a sophisticated investors as having at least
$25 million in assets.

Sachs also had serious reservations about the way Ewing's bill relieves
regulatory burdens for futures markets, saying that there may be some
unintended consequences for "legislating" relief.

"Once such provisions are written into law, the regulators will have no
ability to review and amend them should subsequent market developments
warrant change or should other problems arise," Sachs said.

In addition, Sachs was troubled by some changes to the rules overseeing
government securities that, he said, could "undermine the laws that Congress
put in place in recent years that were designed to uphold and strengthen the
integrity of the government securities market."

Patrick Parkinson, associate director of the division of research and
statistics for the Board of Governors of the Federal Reserve, also
criticized a section of the bill that he said would "leave uncertainty about
whether some electronic trading systems for financial contracts between
professional counterparties were subject to the (Commodities Exchange Act)."

C. Robert Paul, general counsel for the CFTC, had concerns of his own about
the legislation. He highlighted problems with the way the bill handles metal
and energy commodities as they relate to electronic trading systems.

For his part, Ewing warned regulators that Congress may run out of time to
pass the legislation this year if the agencies can't agree on key aspects of
the bill.

"I hesitate to say, let's pass those parts we agree on. It's pretty easy to
pat yourself on the back and just do the easy work," Ewing said.

Several lawmakers criticized the SEC and CFTC for holding up progress for
the sake of politics. The two agencies have deep differences of opinion over
how to regulate single-stock futures.

Ewing's bill gives the CFTC almost exclusive authority over single-stock
futures. The SEC wants to share jurisdiction over the new product.

"I really don't necessarily see this as a turf battle," Nazareth said
following her testimony. "There are significant challenges in crafting a
framework that protects investors in the way they have come to expect in the
securities market."

Dow Jones Energy Service, 6/15/00
Japan Online Power Trading May Spark More Deregulation
By Mika Watanabe

TOKYO -(Dow Jones)- Partial deregulation of Japan's power industry in March
hasn't exactly charged up the country's power sector, as industrial and
commercial users have yet to take advantage of their newly-won freedom to
pick suppliers.

However, the launch of online electricity trading in Japan later this year
will likely lure more independent power suppliers into the market, spurring
trading activity and possibly prompting the government to take further
deregulation steps ahead of a scheduled review in March 2003, analysts say.

Among the early birds hoping to provide the catalyst for this process in the
form of a trading system are Japanese trading house Itochu Corp. (J.CIT or
8001) and the U.S.' Automated Power Exchange (X.AUP), which plan to launch a
Web-based electric power exchange in November.

U.S.-based Enron Corp. (ENE) has also launched its global EnronOnline
Internet trading platform for a variety of commodities and financial
products and is approaching companies here with the eventual target of
trading electricity.

"Even though the market will be limited initially, if the trading mechanism
were there, a substantial number of large-lot buyers who seek lower prices
would participate, while potential sellers who hold excess generation
capacity would also join in, to make money from their idle assets," said
Naoto Hashimoto, a senior utility analyst at Nomura Securities.

As of March, Japan's 8,000-odd high-volume industrial and commercial users -
which together represent 27% of total Japanese power demand - are now free
to choose their suppliers.

"The potential is enormous," agreed Hideki Yokoyama, general manager of
Itochu's power project group. "Though the performance (of our online
exchange) won't necessarily be stellar at first, its early launch should
pave a smooth way to grab some 65% of the Japanese electricity market, which
is slated to open in the next stage of deregulation within three years."

Yokoyama also noted a chicken-and-egg effect: while trading activity would
likely lead to faster deregulation, specific liberalization measures would
lead to more activity. Online electricity trading might take hold in Japan
sooner than expected if requirements discouraging potential entrants are
eased in response to growing complaints from various industries, he said.

Even after partial deregulation, independent power producers who want to
sell retail electricity are still fettered by several inflexible
requirements. For example, companies must sign a one-year or longer
transmission grid leasing contract and a costly back-up supply contract with
existing utilities.

Yokoyama predicts that the Ministry of International Trade and Industry
might relax such requirements before the 2003 review.

"Potential entrants' calls for online trading could set a wave of e-commerce
in motion, and that would put added pressure on the regulators," he said.

Utilities' Participation Key To Boosting Liquidity

Experts concede that online electricity trading liquidity is likely to be
thin in the initial stage, but they say volume will snowball as domestic
utility giants enter the market.

APX and Itochu plan to form a joint venture in July for their online
exchange, tentatively called JPX, and expect Japanese utilities as well as
other energy concerns to invest in the Y1.5-billion venture.

"We will keep the door open for any regional power monopolies," said
Yokoyama, adding that some utilities are now studying the trading mechanism
with keen interest.

"It's just a matter of time before some farsighted existing utilities use
the new mechanism to hedge against potential risks such as losing customers
and falling prices, and this will consequently increase market liquidity,"
predicted Nomura's Hashimoto.

Outside the power concerns, the likely participation of other domestic
heavyweights, including Osaka Gas Co. (J.OSG or 9532) and Nippon Telegraph &
Telephone Corp. (NTT or 9432) should also provide a tremendous boost to the
electricity market, said Masanori Maruo, a Tokyo-based utility analyst at
Deutsche Securities Ltd.

NTT, Osaka Gas and Tokyo Gas Co. (J.TYG or 9531) already unveiled in March
their plan to team up in entering Japan's retail electricity business.

"Gas utilities and NTT hold massive excess power generation capacity, while
NTT is the country's largest electricity user which alone represents 0.5% of
entire domestic consumption," said Maruo. "The combination will be able to
play a significant role in electricity trading by taking a two-way position
to offset risks," he said.

In addition, some domestic and foreign financial firms, including Industrial
Bank of Japan Ltd. (J.IBJ or 8302) and Morgan Stanley Dean Witter & Co.
(MWD), are set to offer various electricity-linked derivatives, designed to
manage risks from fluctuations in demand and prices. Such products could
spur further market participation of existing utilities as well as potential
sellers.

Analysts say the biggest long-term risks are those faced by utilities which
lag behind in doing business the new way. While market participation won't
bring them much financial gain, such power companies have the most
compelling need to hedge against price fluctuations, as they surrender their
price-setting monopolies to market forces.

"It may seem that power utilities have little to gain from participating in
online trading, but in fact, they have much to lose if they stay away from
the trading mechanism," as they fall behind in hedging risks, said
Hashimoto. "Eventually, they'd end up playing a loser's game."

The Wall Street Journal Europe, 6/14/00
Philippines Relaxes Banks' Requirement To Raise Capital

MANILA -- The Philippine Central Bank has decided to withdraw a requirement
for banks to raise their minimum capital for 2000, a move expected to ease
investors' concerns over the stability of the country's banking industry,
analysts said.

The decision to eliminate the third and final round of a capital increase
for banks effectively extends to Dec. 31, 2000, the deadline for compliance
with last year's minimum capital requirement of 4.95 billion pesos (122.2
million euros) for universal banks and 2.4 billion pesos for commercial
banks.

Originally, universal banks were required to raise their minimum capital to
5.3 billion pesos by the end of 2000, while commercial banks were required
to raise their minimum capital to 2.8 billion pesos.

In the Philippines, universal banks are commercial banks with expanded
licenses that allow them to venture into noncommercial banking operations
such as investment banking and fund management.

The central bank's decision to relax its capital rule will prevent a loss of
confidence in banks that would otherwise have had a difficult time meeting
the new requirement, said Angping & Associates Securities Inc. The move will
also prevent panic among depositors that could lead to heavy withdrawals at
banks or the banks' closure, Angping added.

The central bank's capital requirement for banks may be adjusted next year
in line with the new risk-based capital framework contained in the recently
passed General Banking Act.

The framework allows the central bank to impose new capital requirements
based on the activities banks are involved in and the capital risks tied to
them. Higher capitalization may be imposed, for instance, on banks engaged
in high-risk transactions such as derivatives trading, central bank Gov.
Rafael Buenaventura said.

The central bank implemented a three-stage increase of the minimum capital
of banks in 1998 in a bid to strengthen the banking system to prevent a
fallout from the Asian financial crisis. Ironically, however, the higher
capital requirements indirectly led to the closure of one commercial bank
and heavy withdrawals at two other banks earlier this year. Last month,
Urban Bank closed after experiencing a liquidity crunch after several days
of withdrawals by depositors.

The withdrawals were triggered by rumors that the bank's previous downgrade
to a thrift bank from a commercial bank was because of cash flow problems.
The bank was downgraded because it couldn't meet the original 2.4 billion
peso capital requirement deadline for commercial banks as of the end of
1999.

The Economist, 6/10/00
Danger Signs

An unusual thing happened this week in America. The prices of corporate
bonds rose. Of late they have proved a dreadful investment-worse by far than
government bonds. How much farther their prices will rise depends largely on
what happens in the market in which they are priced: the swaps market. That
market is in turmoil.

Swaps are the glue that binds together the world's financial system. First
developed in the early 1980s, they now dwarf other financial instruments. At
the end of last year there were some $46 trillion of swaps outstanding,
compared with $5.4 trillion in, for example, international bond markets.

Broadly, swaps come in two forms: interest-rate swaps and currency swaps.
Simply put, both allow parties to exchange cash-flows. In a currency swap,
the two exchange currencies and re-exchange them at maturity at the same
rate. In the meantime they exchange interest payments.  In a typical
interest-rate swap, one side exchanges a floating-rate obligation (generally
based on Libor, the rate at which the best banks lend to each other) for a
fixed one.

This simplicity has made swaps, and interest-rate swaps in particular, a
very useful tool.  They allow banks, for example, to match their assets and
liabilities much more closely. If they have lots of short-term floating-rate
liabilities (such as savings accounts) but long-term fixed-rate assets (such
as loans) they can "swap" long-term assets into short-term ones. Likewise,
companies can use swaps to convert fixed-rate debt (which investors might
prefer) into floating-rate debt, or vice versa.

The level of the fixed rate in the swap reflects, among other things, the
willingness of the market to accept corporate debt rather than government
debt, which means that the swap rate is calculated at a spread over
government bonds. Euro swap-spreads have risen in recent weeks, but dollar
swap-spreads have widened dramatically. Ten-year spreads peaked at the end
of May at 140 basis points (hundredths of a percentage point)-a higher
spread than ever before (see chart on next page). They have since narrowed,
but are still wider than at the height of the financial crisis that followed
Russia's default. At times in recent weeks, the swaps market has shut down
completely; nobody was willing to receive a fixed rate.

What on earth is going on? There are, broadly, two sets of explanations, one
relatively benign, the other emphatically not. The benign view is that the
rise in swap spreads is explicable by rising interest rates, greater default
risk, and the relative sizes of government-and corporate-bond markets.

Governments are issuing fewer bonds. On optimistic assumptions, America's
government could buy back all its debt by 2010. American companies, in
contrast, are borrowing hugely. That makes government bonds more valuable,
compared with corporate debt. It reflects what Stephen Compton, head of
bonds at Schroder Salomon Smith Barney in Europe, calls "the privatisation
of the bond markets".

Rising interest rates, too, are partly to blame for widening swap spreads.
When the market thinks that interest rates will rise, there is more of an
incentive to pay, rather than receive, a fixed rate. That incentive is
greater at times when, as now, long-term rates are lower than short-term
ones (an "inverted yield curve"). This means that anybody receiving a fixed
(long-term) rate and paying a floating one loses money.

Then there is the increase in corporate debt Credit Suisse First Boston
(CSFB) expects American companies to issue as many bonds this year as they
did last, when they sold record amounts. Importantly for swap spreads, one
reason that firms are borrowing so much is to buy back their shares. So
American companies are becoming ever more highly geared, and hence less
creditworthy. Share buy-backs are running at double last year's level and,
reckons David Goldman, a strategist at CSFB, will remain in vogue as long as
debt is relatively cheap, and firms' managers think that more leverage is
good for shareholder value.

If this were not enough, swap-market folk also point accusing fingers at
Gary Gensler, under-secretary at the American Treasury. In March, he said
that federally sponsored agencies, such as Fannie Mae and Freddie Mac, which
everybody assumed were guaranteed by the government, were not. The yield on
their debt rose sharply. Since they are the biggest actors in the swaps
market, so did swap spreads.

Swap knot

Taken together, these factors might seem enough to explain what has
happened. But James Bianco, who runs an eponymous research firm, thinks they
are not. Swap spreads, he points out, have been widening for the past three
and a half years-before any of these other factors cropped up. And they do
not explain why swap spreads have risen so fast this year.

Mr. Bianco argues that two things dominate the pricing of interest-rate
swaps: interest rates and credit concerns. For most of the 1990S swap rates
went up and down with interest rates. That relationship has now largely
broken down, suggests Mr. Bianco, because markets have become more concerned
over risks to the financial system, as a result of the crises of recent
years. If Mr. Bianco is right, this has important ramifications: it suggests
there are growing worries about the riskiness of the swaps market, based on
fears about the health of financial firms-by far the biggest participants.

Pshaw, say critics: there is no credit risk in the swaps market. Forget
about those telephone-number figures: no principal amount is exchanged in a
swap, so what matters is not the "notional" amount at risk but the cost of
replacing the swaps-a far lower number. Moreover, big banks post collateral
if they are on the losing side of a swap, thus eliminating even any residual
risk.

Really? "Swaps are perceived as riskless. That must be wrong," says a
treasurer at a big bank. Unlike futures exchanges, the swaps market looks
only at current exposures, not potential ones (futures exchanges demand a
dollop of cash up front to cover the second). And the market has grown so
much that these potential risks are becoming huge.

So it is at least plausible that people are starting to fret about the
banking system. But why might this be a problem in America, of all places?
Because it is taking ever more risk to generate the returns demanded by
share-holders. Bank lending is growing by 10% at an annual rate, and
property lending by 13.5%, its highest rate since 1989. If anything, these
rates are accelerating because, after nine years of growth and few defaults,
banks' backward-looking risk models tell them that lending is a fine
business.

And not just in America. In Europe, too, banks are taking more risk to
generate higher returns. At best, the swap market is merely reflecting this
increase in risk. At worst, it might be signaling that the world's financial
system is in danger of becoming unglued.

End of ISDA Press Report, Thursday, June 15, 2000.

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.  THIS PRESS REPORT IS
NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION), AND ISDA IS
NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.


RE: ROCKY MOUNTAIN 2nd QUARTER PRODUCTION REPORT

Lippman Consulting, Inc. has just completed the Rocky Mountain 2nd
Quarter of 2001 Production Report. This report contains historical volumes
for each of the 11 producing basins contained in the Rocky Mountain Region.
This report contains over 25 pages of text and graphs depicting various
statistics, Drilling programs by operator, number of wells first delivered in
each basin, rig activities as well as monthly gas production volumes are
fully illustrated. Production volumes are reported both annually and
quarterly.

The cost for the report is $300 per quarter when order on an annual
subscription or you can order on a one time basis for $450.  If you would
like additional information or to order this report or any other report,
please feel free to contact me by e-mail at Lippmanc@AOL.com or phone at
915-581-1668.

George Lippman,
President
Lippman Consulting, Inc.


Sean,

How's CO?  I hope you are doing well.  I know I have asked you before, but I
seem to have accidentally deleted your dad and sister's email addresses.  I
want to ask you dad if he will be in town when KU plays Texas later in
November.  I want to bring the whole family.  If you get a chance, shoot me a
message with his info.  My mom is vacationing in NY so I can't ask her.
Thanks.

DG


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Per his request, we weren't able to video Gary Hamel's presentation at the
Management Conference.  However, he was kind enough though to send along his
PowerPoint presentation -- I understand that he doesn't typically do this.  I
thought you would like to have it for your files.

Take care,
Terrie James
Sr. Director, Corporate Communication
Enron Broadband Services
713-853-7727 (phone)
713-646-8887 (fax)
terrie_james@enron.net
----- Forwarded by Terrie James/Enron Communications on 12/06/00 05:09 AM
-----

	greim@strategos.com
	12/05/00 01:43 PM

		 To: Terrie James/Enron Communications@Enron Communications
		 cc:
		 Subject: Gary Hamel's slide set

Hello Terrie,

I understand you were hoping to get a copy of Gary Hamel's Powerpoint slide
presentation.  It is attached.

Our apologies that it took so long!

Best to you,
Grace
650.851.2095


Hi Becky,

 Vince and I came up with these allocations for all of EGM :

 Gary Hickerson
  Rate & Currency Trading  10.0%
  Agriculture Trading
   & Origination  27.5%

 Jeff Shankman
  Weather   20%
  Insurance   30%
  Oil    7.5%
  Coal    2.5%
  Freight    2.5%

 TOTAL     100%


Alan, where is the special narrative of my EEL board membership.  Should I resign from all of these companies immediately?

Jeff

 -----Original Message-----
From: 	Aronowitz, Alan
Sent:	Monday, November 26, 2001 5:29 PM
To:	Mcconnell, Mike; Shankman, Jeffrey A.
Subject:	List of Companies
Importance:	High

Mike/Jeff:

Attached is a list from the Enron Corporate Secretay's Office of the Enron companies where you are a Board member and/or an officer, noting your title.

It is my understanding that the Enron Director/Officer Liability Insurance Policy does apply to directors/officers of each of these companies.

Let me know what questions you have and I'll do my best to answer them or promptly find an answer.

Regards, Alan

 << File: McConnell.Shankman List.doc >>


The report named: Power East P/L <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=17&report_name=Power+East+P/L&category_cd=5&category_name=EAST&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=10/17/2001>, published as of 10/17/2001 is now available for viewing on the website.


Per our conversation, I am attaching a copy of the form of Enron Corp.
Guaranteee which has been sent today to Enron Corp. for signature.  My direct
phone no. in case you need to get hold of me is (713) 853-3399.


Last Day Dell Onsite for Pilot 3!

Dell Computer:
Dell will be here today from 8am - ?2:30pm to answer questions and take
orders in room EB568 and EB560. ?

Time Warner's Road Runner Broadband Service:
Also here today are representatives from Time Warner's Road Runner Broadband
Service to answer any questions and to check serviceability, also in EB568.
?Ordering for Internet service is expected to begin the end of next week.

Please remember PC ordering concludes on January 25th! ?Thanks again for the
overwhelming response and interest. ?

The ClickAtHome Team!


As discussed:
This is for Global Products Europe.
I will have an assistant put into a grid format.
What do you think about replicating this for other products/offices?


I have added group 'MarketingDashboard' to your profile for JavaWebStart. Please allow 15 minutes for server replication. Then you will need to logoff/logon.
If you have any problems, please feel free to give me a call.

Thanks,
Diane Becker
Omaha ETS Solution Center
x7454, 82-87-7454


Attached for your approval is the form of Enron Corp. Guaranty in favor of
the referenced Counterparty, which guarantees the obligations of ENA under a
financial confirmation.  We will need the standard executed copy.

 Upon approval and execution, please call me at x33399 to pick up the
documents.  Thank you for your assistance in this matter.


NEAL, SCOTT M,
?
You have been selected to participate in the Mid Year 2001 Performance
Management process.  Your feedback plays an important role in the process,
and your participation is critical to the success of Enron's Performance
Management goals.
?
To complete a request for feedback, access PEP at http://pep.enron.com and
select Complete Feedback from the Main Menu.  You may begin providing
feedback immediately and are requested to have all feedback forms completed
by Friday, May 25, 2001.
?
If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:
Houston:  1.713.853.4777, Option 4 or email: perfmgmt@enron.com
London:  44.207.783.4040, Option 4 or email: pep.enquiries@enron.com
?
Thank you for your participation in this important process.
?
The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."  Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.  NOTE: YOU WILL
RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.
?
Employee Name:
CHAVEZ, ALEJANDRA
KEISER, KAM
LAMADRID, VICTOR
SUPERTY, ROBERT
TIAN, YUAN


no problem.  hull said it wouldn't be a good party anyway.  you know you didn't fall asleep, it is called passing out.

 -----Original Message-----
From: 	Bucalo, Harry
Sent:	Monday, November 12, 2001 12:25 PM
To:	Bass, Eric; Lenhart, Matthew; Mandola, Teresa
Subject:	Apologies

I want to apologize to everyone for my Houdini act on Friday.  I went home to get a new battery for my cell phone (the phone died, I didn't turn it off), change clothes, etc. and ended up falling asleep on my couch.  It's lame but that is what happened.  I understand you had trouble finding the house (from cell messages).  Again, I am sorry for not getting back in touch.

Thanks
Harry B.


Mike,
 I have added the language as item 4 under Other to the Transaction
Agreement.  If okay, please accept the changes, print, have signed and
forward to me for further handling.


Susan Levine
San Diego,  92103
slevine@pobox.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you
made from selling Enron stock before the company
declared bankruptcy to funds, such as Enron Employee
Transition Fund and REACH, that benefit the company's
employees, who lost their retirement savings, and provide
relief to low-income consumers in California, who can't
afford to pay their energy bills.  Enron and you made
millions out of the pocketbooks of California consumers
and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of
Enron's employees were financially devastated when the
company declared bankruptcy and their retirement plans
were wiped out.  And Enron made an astronomical profit
during the California energy crisis last year.  As a result,
there are thousands of consumers who are unable to pay
their basic energy bills and the largest utility in the state is
bankrupt.

The New York Times reported that you sold $101 million
worth of Enron stock while aggressively urging the
company's employees to keep buying it.  Please donate this
money to the funds set up to help repair the lives of those
Americans hurt by Enron's underhanded dealings.

Sincerely,

Susan Levine


We've actually completed this as far as I know -- negotiated the agreement and signed it last week.

-----Original Message-----
From: Ferlic, Suzanne
Sent: Tuesday, October 16, 2001 4:08 AM
To: Taylor, Mark E (Legal)
Subject: FW: Revised novation Agreements
Sensitivity: Personal

Mark,

Is all okay with this?

Is there anything London needs to do on it?

Many thanks- please advise,
Suzanne

-----Original Message-----
From: JEANNOT, Diane, FM [mailto:diane.jeannot@rbos.com]
Sent: 09 October 2001 15:45
To: Ferlic, Suzanne
Subject: Revised novation Agreements
Sensitivity: Personal

Hello Suzanne,

I received a message stating that Mark Taylor would prefer that the NatWest
ISDA Master Agreement survive.  We agree.  Enclosed please find a revised
Assignment Agreement for your perusal.  Please note that the novation is
scheduled for October 26, 2001, therefore time is of the essence.  Should
you have any questions, feel free to contact me.  My contact details are
listed below.

Regards,

Diane

Diane L. Jeannot
The Royal Bank of Scotland plc
Legal and Compliance
101 Park Avenue - 11th Floor
New York, NY 10178
Tel:  (212) 401-3551
Fax: (212) 401-3611
e-mail: diane.jeannot@rbos.com
http://www.rbsmarkets.com

********************************************************************
      Visit our Internet site at http://www.rbsmarkets.com

This e-mail is intended only for the addressee named above.
As this e-mail may contain confidential or privileged information,
if you are not the named addressee, you are not authorised to
retain, read, copy or disseminate this message or any part of it.
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Is it bad?
--------------------------
Sent from my BlackBerry Wireless Handheld


Steve,

I talked to Sh?n about your paper.

Please, feel free to contact her directly and discuss
the publication options.

Vince

Sh?n Millie
Risk Books
28-29 Haymarket
London SW1Y 4RX
Phone: 44 (0)171 484 9740
Fax : 44 (0)171 484 9758
e-mail: shan@risk.co.uk
www.riskpublications.com


As tax season rapidly approaches, we are pleased to announce a new W-2
employee service.  If you plan to file your personal income taxes through
TurboTax 2000 (Intuit's personal tax filing software) you will be able to
automatically download your W-2 information into the appropriate TurboTax
forms directly over the Internet for free.

Enron has chosen to provide this service to help speed the processing time
and accuracy of your return while supporting paperless processing.

More information regarding this service is listed below or visit
www.probusinesstaxes.com to find out more about the TurboTax software and
Web-based filing service.

Employee Fact Sheet: ProBusiness/Intuit W-2 service

Q.  What is the Automated Tax Return (ATR) service?
A. Intuit Inc., makers of the popular Quicken TurboTax tax preparation and
filing software, have launched a new Automated Tax Return (ATR) service to
simplify tax preparation for TurboTax users. ATR allows users of TurboTax tax
preparation and filing software to import tax information from multiple
sources such as employers, brokerage houses, and mutual fund companies
directly into the correct TurboTax forms over the Internet.  Since our
payroll tax provider, ProBusiness, has partnered with Intuit to provide this
service, you will be able to electronically download your individual W-2 data
from ProBusiness directly into TurboTax through the Internet for free. Also,
as part of this program, you can receive a  5% discount on all TurboTax and
Quicken products including shipping and handling (go to
www.probusinesstaxes.com for more information).

Q. So how does it work?
A. Embedded in each version of TurboTax 2000 (both the software and web
application) is a series of screens that will ask whether your employer
allows you to automatically download your data into TurboTax.  To use the
free service, simply answer "yes" then select our payroll tax provider,
ProBusiness, from a drop-down list of providers which includes ProBusiness,
PeopleSoft, Ceridian, and seemyw2.com.  Validate your request by entering
your social security number and W-2 box one data and your W-2 data will
automatically transfer via the Internet into the appropriate locations in the
TurboTax form.

Q. Is this a secure transaction?
A.  Intuit,s TurboTax ATR service combines Open Financial Exchange (OFX), the
standard technology used in e-finance, with 128-bit military-grade encryption
to create an advanced security protocol that ensures the highest level of
security and confidentiality when obtaining financial data to populate your
TurboTax form over the Internet.

Q. How do I participate in this program?
A.  Only employees using Intuit,s TurboTax 2000 tax preparation and filing
software can take advantage of this Web-based ATR service.  TurboTax software
and the ATR Web-based filing service can be accessed at
www.probusinesstaxes.com.

Q. What if I already own TurboTax 2000(does this still work?
A. Yes, all copies of TurboTax 2000 contain the Automated Tax Return service
option.

Q. Overall what are the Benefits to me?
A.  Using the ATR service provided by Intuit and ProBusiness, you can:
? Increase your probability of accurate filing.
? Eliminate the need to manually enter your W-2 information and other
financial data.
? Increase the overall speed of tax filing.


Let's talk at our group meeting tomorrow about the changes we should be
making to our forms based on the CFMA and our conversation with Ken Raisler.


I thought you'd appreciate this email from my brother.  It's the best family
email I've gotten lately.  I'm such a great sister...I bought the present,
wrapped the present (or at least watched while the clerk wrapped it), and
delivered it to my mom for her birthday, and I was nice enough to put my
brother's name on the gift.

RR

---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 08/30/2000
11:32 AM ---------------------------

"Paul Rodrigue" <paul.rodrigue@trin.net> on 08/29/2000 03:41:28 PM
To: Robin.Rodrigue@enron.com
cc:
Subject: Mom's b-day

Mom call the other day and thanked me for her present. What did I get her?

Paul


Name Tags:

Daren Farmer
Tonya Farmer

	From:  Lillian Carroll                           07/31/2000 05:52 PM

To: Tom Acton/Corp/Enron@ENRON, Clem Cernosek/HOU/ECT@ECT, Pat
Clynes/Corp/Enron@ENRON, Charlotte Hawkins/HOU/ECT@ECT, Aimee
Lannou/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT, Mark McCoy/Corp/Enron@Enron,
Stella L Morris/HOU/ECT@ECT, Carlos J Rodriguez/HOU/ECT@ECT, Susan D
Trevino/HOU/ECT@ECT, Jackie Young/HOU/ECT@ECT, Sabrae Zajac/HOU/ECT@ECT, Lisa
Hesse/HOU/ECT@ECT, Mary M Smith/HOU/ECT@ECT, Heidi Withers/HOU/ECT@ECT, Paul
Couvillon/Corp/Enron@Enron, Lisa Csikos/HOU/ECT@ECT, Stephanie
Gomes/HOU/ECT@ECT, Cynthia Hakemack/HOU/ECT@ECT, Kristen J
Hanson/HOU/ECT@ECT, Katherine Herrera/Corp/Enron@ENRON, Gregg
Lenart/HOU/ECT@ECT, Kyle R Lilly/HOU/ECT@ECT, Nick Moshou/Corp/Enron@ENRON,
Joanie H Ngo/HOU/ECT@ECT, Hannah Ortiz/HOU/ECT@ECT, Megan
Parker/Corp/Enron@ENRON, Charlene Richmond/HOU/ECT@ECT, Tina
Valadez/HOU/ECT@ECT, Kellie Bilski/HOU/ECT@ECT, Fred Boas/HOU/ECT@ECT, Rosa
Brown/Corp/Enron@Enron, Howard B Camp/HOU/ECT@ECT, Mary
Comello/Corp/Enron@Enron, Karen Lindley/Corp/Enron@ENRON, Anita
Luong/HOU/ECT@ECT, Buddy Majorwitz/HOU/ECT@ECT, Cassandra Moses/HOU/ECT@ECT,
Thu Nguyen/HOU/ECT@ECT, Jennifer D Pattison/HOU/ECT@ECT, Rhonda
Robinson/HOU/ECT@ECT, Leslie Robinson/Corp/Enron@ENRON, Sherlyn
Schumack/HOU/ECT@ECT, Gregory Steagall/HOU/ECT@ECT, Rita Wynne/HOU/ECT@ECT,
Daren J Farmer/HOU/ECT@ECT, Stacey Neuweiler/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Ami Chokshi/Corp/Enron@ENRON, Jody
Crook/Corp/Enron@ENRON, Julie Meyers/HOU/ECT@ECT, Steve
Venturatos/HOU/ECT@ECT, Michael Walters/HOU/ECT@ECT, O'Neal D
Winfree/HOU/ECT@ECT, Yvette G Connevey/Corp/Enron@ENRON, Brenda F
Herod/HOU/ECT@ECT, Michael Eiben/HOU/ECT@ECT, Irene Flynn/HOU/ECT@ECT,
Juanita Marchand/HOU/ECT@ECT, Karl Stewart/HOU/ECT@ECT, Kim
Weldon/Corp/Enron@Enron, Chris Riegler/Corp/Enron@Enron, Amelia
Alland/HOU/ECT@ECT, Cheryl Dudley/HOU/ECT@ECT, Jackie Morgan/HOU/ECT@ECT,
Donna Consemiu/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT, Katherine
Benedict/HOU/ECT@ECT, Mark Courtney/HOU/ECT@ECT, Mark Knippa/HOU/ECT@ECT,
Petual Jeanmard/Corp/Enron@Enron, W Tom Byargeon/HOU/ECT@ECT, Kevin
Miller/Corp/Enron@Enron, Ken Loch/Corp/Enron@Enron, Nick
Cocavessis/Corp/Enron@ENRON, Leticia Leal/HOU/ECT@ECT, Brad
Blevins/HOU/ECT@ECT, Ginger Causey/HOU/ECT@ECT, Lal Echterhoff/HOU/ECT@ECT,
James R Haden/HOU/ECT@ECT, Audrey Pullen/HOU/ECT@ECT, Chris
Sonneborn/HOU/ECT@ECT, Robert Cook/HOU/ECT@ECT, Molly L Carriere/HOU/ECT@ECT,
Robert Crockett/HOU/ECT@ECT, Christopher Daniel/HOU/ECT@ECT, John
Handley/HOU/ECT@ECT, Theresa McKinney/HOU/ECT@ECT, Adriana
Peterson/HOU/ECT@ECT, Barbara Sargent/HOU/ECT@ECT, Kevin
Kuehler/Corp/Enron@ENRON, Reid Hansen/GCO/Enron@Enron, Robert
Geheb/GCO/Enron@Enron, Tom Fry/GCO/Enron@Enron, Calvin Dodd/GCO/Enron@Enron,
Rodney Rogers/GCO/Enron@Enron, Vicente Sarmiento/GCO/Enron@Enron, Eugene
Peabody/GCO/Enron@Enron, Don Thomas/GCO/Enron@Enron, J R
Fosdick/GCO/Enron@Enron, Bac Thi Ly/GCO/Enron@Enron, Valerie
Urbanek/Corp/Enron@ENRON, Bob Camp/GCO/Enron@Enron, Steve HPL
Schneider/HOU/ECT@ECT, Nancy Hall/HOU/ECT@ECT, Johnnie Williams/HOU/ECT@ECT,
Ryan Hinze/Corp/Enron@ENRON, Emma Kam Welsch/HOU/ECT@ECT, Nathan L
Hlavaty/HOU/ECT@ECT, Tom Shelton/HOU/ECT@ECT, Jack Simunek/HOU/ECT@ECT, Ron
Green/Corp/Enron@Enron, Kenneth W Kaase/HOU/ECT@ECT, Candace L
Bywaters/HOU/ECT@ECT, Gerald Lofton/HOU/ECT@ECT, Cheryl Lantz
Marshall/HOU/ECT@ECT, Lillian Carroll/HOU/ECT@ECT, Melanie
Facundo/HOU/ECT@ECT, Xochitl-Alexis Velasco/HOU/ECT@ECT, Jill T
Zivley/HOU/ECT@ECT, Brian M Riley/HOU/ECT@ECT, Gary Bryan/HOU/ECT@ECT,
Michael C Bilberry/HOU/ECT@ECT, Mary Jo Johnson/HOU/ECT@ECT, Jennifer
Martinez/HOU/ECT@ECT, Jeffrey A Austin/HOU/ECT@ECT, George
Weissman/HOU/ECT@ECT, Peter Bennett/Corp/Enron@ENRON, JoAnne
Wagstaff/NA/Enron@Enron, Christy Sweeney/HOU/ECT@ECT, Greg
Brazaitis/HOU/ECT@ECT, Gary W Lamphier/HOU/ECT@ECT, Lee L
Papayoti/HOU/ECT@ECT, Michael W Morris/HOU/ECT@ECT, Ned Higgins/HOU/ECT@ECT,
Janet H Wallis/HOU/ECT@ECT, James Whitehead/Corp/Enron@ENRON, Thomas A
Martin/HOU/ECT@ECT, Laura Harder/Corp/Enron@Enron, Eric Bass/HOU/ECT@ECT,
Carey M Metz/HOU/ECT@ECT, Elsa Villarreal/HOU/ECT@ECT, Todd
Richardson/Corp/Enron@Enron, Jim Schwieger/HOU/ECT@ECT, Kenny J
Soignet/HOU/ECT@ECT, Edward D Gottlob/HOU/ECT@ECT, Lauri A Allen/HOU/ECT@ECT,
James McKay/HOU/ECT@ECT, Gary A Hanks/HOU/ECT@ECT, Silver Breaux/HOU/ECT@ECT,
Sam Garner/HOU/ECT@ECT, Kathy Hilliard/HOU/ECT@ECT, Lee Pinkston/HOU/ECT@ECT,
Sean J Smith/HOU/ECT@ECT, Earl Tisdale/HOU/ECT@ECT, Michael C
Winders/HOU/ECT@ECT, Esther Buckley/HOU/ECT@ECT, Greg McClendon/HOU/ECT@ECT,
John Towles/NA/Enron@ENRON, Karl E Atkins/NA/Enron@ENRON, Debbie
Boudar/NA/Enron@ENRON, Aric Archie/NA/Enron@Enron, Robert
Rose/NA/Enron@ENRON, Ken Parker/HOU/ECT@ECT, Roger Spiller/OTS/Enron@ENRON,
Roger Balog/HOU/ECT@ECT, Sandi M Braband/HOU/ECT@ECT, Shonnie
Daniel/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT,
Steve Van Hooser/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT, Mary
Ogden/HOU/ECT@ECT, Robert Walker/HOU/ECT@ECT, Erica Braden/HOU/ECT@ECT, Pat
Radford/HOU/ECT@ECT, Becky Tlucek/HOU/ECT@ECT, Kimberlee A
Bennick/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ect,
Chaundra Woods/HOU/ECT@ECT, Eric Gillaspie/HOU/ECT@ECT, Shawna
Flynn/HOU/ECT@ECT, Jim Coffey/HOU/ECT@ECT, Karry Kendall/HOU/ECT@ECT, Yvette
Miroballi/HOU/ECT@ECT, Melissa Graves/HOU/ECT@ECT, Lisa
Lunz/Corp/Enron@ENRON, Susie Orsak/Corp/Enron@Enron, Karen
Gruesen/HOU/ECT@ECT, Anita Eisenbrandt/HOU/ECT@ECT, Cassandra
Pollack/Corp/Enron@ENRON, Carol Carter/HOU/ECT@ECT, Jackie
Nelson/HOU/ECT@ECT, Blanca A Lopez/HOU/ECT@ECT, Alexia O Pearce/HOU/ECT@ECT,
Meredith Powers/HOU/ECT@ECT, Ruby Wagoner/HOU/ECT@ECT, Katherine
Crosswhite/HOU/ECT@ECT, Susan Smith/HOU/ECT@ECT, Vance L Taylor/HOU/ECT@ECT,
Donald P Reinhardt/HOU/ECT@ECT, Charlie Thompson/GCO/Enron@ENRON,
ethomas@fais.net, Stanley Horton/Corp/Enron@Enron, Dan
Pribble/OTS/Enron@ENRON, Phil Lowry/OTS/Enron@ENRON, Paula Craft/HOU/ECT@ECT,
Al Miska/GCO/Enron@ENRON, Anna Arnold/GCO/Enron@ENRON, Barney
Brasher/FGT/Enron@ENRON, Bill Sheridan/GCO/Enron@ENRON, Robert
Cotten/HOU/ECT@ECT, Bobby England/GCO/Enron@ENRON, Bobby
Ferrell/GCO/Enron@ENRON, Bonnie Sypert/GCO/Enron@ENRON, Tammy
Masters/NA/Enron@Enron, Bill M Ferguson/ENRON@Gateway, Bryan
Jurecek/GCO/Enron@ENRON, Charlie Everington/GCO/Enron@ENRON, Charles
Nelson/GCO/Enron@Enron, Charlotte Clawson/GCO/Enron@ENRON, Dana
Harwell/GCO/Enron@ENRON, Danny Conner/NA/Enron@Enron, Dave
Tullos/GCO/Enron@ENRON, David Ayers/GCO/Enron@ENRON, David
Kucera/GCO/Enron@Enron, David McGarrahan/GCO/Enron@ENRON, David
Menchaca/GCO/Enron@Enron, Dave Prather/GCO/Enron@ENRON, David
Wigzell/GCO/Enron@Enron, Delma Salazar/NA/Enron@Enron, Diana
Robinson/GCO/Enron@ENRON, Eddie Janzen/NA/Enron@Enron, Erica
Wright/NA/Enron@Enron, Francis Schuette/GCO/Enron@ENRON, Fred
Biery/GCO/Enron@ENRON, Gary Hall/GCO/Enron@Enron, Gary
Pfiester/GCO/Enron@ENRON, George Sheafer/GCO/Enron@Enron, Greg
Loring/GCO/Enron@Enron, Jim E Teal/GCO/Enron@ENRON, Jason
Hees/GCO/Enron@Enron, Jennifer D Pattison/HOU/ECT@ECT, John
Miska/GCO/Enron@ENRON, Joe Williamson/GCO/Enron@ENRON, John
Stolle/GCO/Enron@Enron, John Tolbirt/GCO/Enron@Enron, Kevin
Dumas/GCO/Enron@ENRON, Kevin Kanak/GCO/Enron@ENRON, Larry
Borak/GCO/Enron@ENRON, Tom Fry/GCO/Enron@Enron, Les Pierce/GCO/Enron@ENRON,
Lonnie Evanicky/GCO/Enron@ENRON, Louis Deases/GCO/Enron@ENRON, Luis
Guajardo/GCO/Enron@ENRON, Mark Russell/GCO/Enron@ENRON, Margie
McBath/GCO/Enron@ENRON, Maria Tefel/NA/Enron@Enron, Mark
Walch/GCO/Enron@ENRON, Mary Cook/HOU/ECT@ECT, Mary Poorman/NA/Enron@Enron,
Mary Jane Zomant/GCO/Enron@ENRON, Melvin Siecko/GCO/Enron@ENRON, David
Kantenberger/GCO/Enron@ENRON, Nicole Vo/NA/Enron@Enron, Norma
Yeverino/HR/Corp/Enron@ENRON, Sonny Meador/GCO/Enron@ENRON, Patrick
Ryan/GCO/Enron@ENRON, Pat Williams/GCO/Enron@ENRON, Perry
Roberts/GCO/Enron@ENRON, Randy Cantrell/GCO/Enron@ENRON, Randy
Ernst/GCO/Enron@ENRON, Randy Hotz/GCO/Enron@ENRON, Rebecca
Griffin/NA/Enron@Enron, Rick Ramirez/GCO/Enron@ENRON, Robert
Hudgins/GCO/Enron@Enron, Robert Morgan/GCO/Enron@Enron, Robert
Newman/GCO/Enron@ENRON, Robert Robinson/GCO/Enron@Enron, Ronnie
Mullen/GCO/Enron@Enron, Roy Duncan/GCO/Enron@ENRON, Scott
Spurgeon/GCO/Enron@ENRON, Scott West/GCO/Enron@Enron, Sean
Brooks/GCO/Enron@ENRON, Steve Cherry/GCO/Enron@ENRON, Steve
Schaefer/GCO/Enron@Enron, Terry Cobbs/GCO/Enron@ENRON, Toni
Rogers/GCO/Enron@Enron, Trisha Hughes/HOU/ECT@ECT, Victor
Sanchez/GCO/Enron@ENRON, Wilford Dodd/HR/Corp/Enron@ENRON, Cathy
Phillips/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Patti Thompson/HOU/ECT@ECT,
Gerry Boyd/GCO/Enron@ENRON, Ronald Surber/GCO/Enron@ENRON, Jacob
Krautsch/GCO/Enron@ENRON, Alan Locke/GCO/Enron@ENRON, Jesse
Logan/GCO/Enron@ENRON, Dick Danes/GCO/Enron@ENRON, Glenn
Gregory/GCO/Enron@ENRON, Ty Porche/GCO/Enron@ENRON, APTE@aol.com
cc:
Subject: 75th Anniversary Celebration

Thank you for your fantastic responses to our reservations request.  There
has been some confusion concerning the Dinner Only option.  If you are
planning to spend the night, you do not need to respond to that option.  It
is listed only for those who do not plan to spend the night.

We are preparing name tags for all the employees invited to the HPL
Anniversary Celebration.  Please email me with the name you would like to
appear on your nametag, such as nicknames, etc.   If we do not hear from you
by Wednesday, August 2, we will use the name as it appears in the list we
acquired from HR.  Please print this memo for any employees who do not have
access to email.

Thank you so much for your help.


Following our Monday meeting, Bob Hall had Jeff Gossett and Stacey White coordinate with Commercial teams on data that they have provided to date in the due diligence process.  Outside of these risk related reports, Bob and his team have not provided reports or other documents to any of the potential suitors.  A few others on Bob Hall's team have had meetings with various due diligence teams and have discussed processes and controls, but again have not provided documents.  (I do, however, believe that in the case of at least one due diligence team that our monthly operations report was given to the due diligence team by someone outside Bob Hall's team.  I have not been able to confirm who within Enron provided that information.)

I personally have not been involved in the majority of the due diligence process that has been conducted to date.  I had one brief meeting with Solomon Smith Barney, but did not provide them with any documents.  I have had two meetings with various team members with JPMorgan Chase, and again have not given them documents.

Even though the only documents provided to date by the operations team have been risk related reports, we are compiling other information that supports discussions that the operations team has had with due diligence teams.  The compilation of that data should be completed today.  Since we had not provided documents (outside of risk reports) to due diligence teams, it has taken several days to canvas those who have had discussions with due diligence teams to create a complete list of items that have been covered verbally.  I am compiling 2 binders with this data, which includes the following:

	Operations Organization Charts
	Operations Process Flows
	Monthly Operations Report
	Monthly Cash Collections Report
	Documentation Reports
	DPR template
	Risk Analytics Group's Functions
	Doorstep Reviews - Concept
	2001 Reports from Doorstep Reviews
		-Calgary
		-Denver
		-Portland
		-Houston Gas and Power


Gerald,

There is a meeting scheduled for Tuesday, Sept 25 at 9 am to discuss, among other things, the hazardous waste issues at Assumption Parish with Kyle Purvis and David Owen.  Would you be able to make to the meeting for about 10-15 minutes to discuss this issue?

Any changes on the chain of title issue for the Assumption Parish deal?

Rakhi
(x-3-7871)

 -----Original Message-----
From: 	Owen, David
Sent:	Monday, September 17, 2001 12:05 PM
To:	Morris, Brandi; Israni, Rakhi; Purvis, Kyle
Subject:	Special Assets - Environmental Matters

Meeting details...

Tuesday, 25 September
9:00
EB 3583


I have taken to heart your request that we try to mitigate operational risk.
Perhaps I have found another way to serve Energy Operations.

Arthur Andersen and Risk are sponsoring a conference on operational risk
(www.risk-conferences.com/oprisk2001).  The conference is composed of two
streams, one of which focuses on quantification and mathematical modeling
(neural networks, Bayesian models, and other statistical approaches).  The
quantitative approach to operational risk is akin to how VaR formalized and
quantified market risk.  It is also similar to the curve fitter that I wrote
(which uses mathematics to quantify how "good" or "bad" the back end of a
curve looks given the front end).

The conference is next Thursday and Friday (8-9) in New York (I just got the
notice today, so I am sorry for the short notice).

Would you like me to attend?

Regards,

Eugenio


We are attempting to complete the missing information on our spreadsheet.  To that end, below are live CPs that have been reviewed for the purpose of sending demand letters.  However, because they are live we cannot determine what type of contract they have.  (Our source for this information has been the Master Terminated Log.  These CPs are obviously not included therein.)

Please provide next to each CP below the contract type.

COUNTERPARTY:				CONTRACT TYPE
Texaco Natural Gas Inc.
Select Energy, Inc.
Nevada Power Company
Johns Manville International, Inc
Stone Energy Corporation
Clinton Energy Management Services, Inc
Florida Power Corporation
Imperial Holly Corporation
Old World Industries, Inc.
Rochester Gas & Electric Corporation
Navajo Refining Company
Coast Energy Group, a division of Cornerstone
Cross Oil Refining & Marketing, Inc.
Kern Oil & Refining Co.
U.S. Brick Company
Municipal Gas Authority Of Florida
TRC Operating Company, Inc.
Lauscha Fiber International Corp.
Whirlpool Corporation
Central Illinois Light Company
EOTT Energy Partners LP
Tri-State Generation and Transmission Association, Inc.
Scana Energy Marketing, Inc.
AIG Commodity Arbitrage Fund Limited
AIG Commodity Arbitrage Fund LP
TotalFinaElf Gas & Power North America, Inc.

Thank you for your support.

Louis R. DiCarlo
ENA Gas Structuring
Phone: 713-345-4666
Email: louis.dicarlo@enron.com


Title: Spencer Abraham, US Energy Secretary on US Energy Policy: What's Ahead?
URL(s):

http://www20.cera.com/eprofile?u=35&m=2741;

***********************************************************************

On October 12, 2001, CERA Chairman Daniel Yergin hosted a presentation by US
Energy Secretary Spencer Abraham, at which the Secretary spoke on US energy
policy and the legislative implications of the war on terrorism.

The importance of energy security strategy has certainly been raised, and
Secretary Abraham spoke about actions by both industry and government to adapt
to this new environment. He also noted requests from President Bush and Senate
Majority Leader Daschle to the US Senate to enact a new US energy strategy.
Finally, Secretary Abraham described his agency's efforts to improve
communication between government and industry decision makers in this period of
bipartisanship and heightened focus on energy security.

Please follow the URL above to access the call playback.

**end**

E-mail Category: Conference Call Playback
CERA Knowledge Area(s): Global Energy

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