A great editorial in the Wall Street Journal today.

Manager's Journal:
What Enron Did Right
By Samuel Bodily and Robert Bruner

11/19/2001
The Wall Street Journal
A20
(Copyright (c) 2001, Dow Jones & Company, Inc.)

  This is a rough era for American business icons. Subject to the
vagaries of age (Jack Welch), product failure (Ford/Firestone tires),
competition (Lucent, AT&T), technology (Hewlett-Packard and Compaq), and
dot-bomb bubbles (CMGI), managers and their firms remind us that being
an icon is risky business. The latest example is Enron, whose fall from
grace has resulted in a proposed fire sale to Dynegy.

   Once considered one of the country's most innovative companies, Enron
became a pariah due to lack of transparency about its deals and the odor
of conflicts of interest. The journalistic accounts of Enron's struggles
drip with schadenfreude, hinting that its innovations and achievements
were all a mirage.
   We hold no brief regarding the legal or ethical issues under
investigation. We agree that more transparency about potential conflicts
of interest is needed. High profitability does not justify breaking the
law or ethical norms. But no matter how the current issues resolve
themselves or what fresh revelations emerge, Enron has created an
enormous legacy of good ideas that have enduring value.

   -- Deregulation and market competition. Enron envisioned gas and
electric power industries in the U.S. where prices are set in an open
market of bidding by customers, and where suppliers can freely choose to
enter or exit. Enron was the leader in pioneering this business.

   Market competition in energy is now the dominant model in the U.S.,
and is spreading to Europe, Latin America, and Asia. The winners have
been consumers, who have paid lower prices, and investors, who have seen
competition force the power suppliers to become much more efficient. The
contrary experience of California, the poster child of those who would
re-regulate the power industry, is an example of not enough
deregulation.

   -- Innovation and the "de-integration" of power contracts. Under the
old regulated model of delivering gas and electricity, customers were
offered a one-size-fits-all contract. For many customers, this system
was inflexible and inefficient, like telling a small gardener that you
can only buy manure by the truckload. Enron pioneered contracts that
could be tailored to the exact needs of the customer.

   To do this, Enron unbundled the classic power contract into its
constituent parts, starting with price and volume, location, time, etc.,
and offered customers choices on each one. Again, consumers won. Enron's
investors did too, because Enron earned the surplus typically reaped by
inventors. Arguably, Enron is the embodiment of what economist Joseph
Schumpeter called the "process of Creative Destruction." But creative
destroyers are not necessarily likable, pleasant folks, which may be
part of Enron's problem today.

   -- Minimization of transaction costs and frictions. Enron extended
the logic of de-integration to other industries. An integrated paper
company, for instance, owns forests, mills, pulp factories, and paper
plants in what amounts to a very big bet that the paper company can run
all those disparate activities better than smaller, specialized firms.
Enron argued that integrated firms and industries are riddled with
inefficiencies stemming from bureaucracy and the captive nature of
"customers" and "suppliers." Enron envisioned creating free markets for
components within the integrated chain on the bet that the free-market
terms would be better than those of the internal operations. The
development of free-market benchmarks for the terms by which divisions
of integrated firms do business with each other is very healthy for the
economy.

   -- Exploiting the optionality in networks. In the old regulated
environment, natural gas would be supplied to a customer through a
single dedicated pipeline. Enron envisioned a network by which gas could
be supplied from a number of possible sources, opening the customer to
the benefits of competition, and the supplier to the flexibility of
alternative sourcing strategies. Enron benefited from controlling
switches on the network, so that they could nimbly route the molecules
or electrons from the best source at any moment in time to the best use,
and choose when and where to convert molecules to electrons. This
policy, picked up by others in the industry, created tremendous value
for both customers and suppliers.

   -- Rigorous risk assessment. The strategy of tailored contracts could
easily have broken the firm in the absence of a clear understanding of
the trading risks that the firm assumed, and of very strong internal
controls. Enron pioneered risk assessment and control systems that we
judge to be among the best anywhere. Particularly with the advent of
Enron Online, where Enron made new positions valued at over $4 billion
each day, it became essential to have up-to-the-second information on
company-wide positions, prices and ability to deliver.

   The unexpected bad news from Enron has little to do with trading
losses by the firm, but with fears among trading partners about Enron's
ability to finance its trading activity. In a world where contracts and
trading portfolios are too complex to explain in a sound bite,
counterparties look to a thick equity base for assurance. It was the
erosion in equity, rather than trading risk, that destroyed the firm.

   -- A culture of urgency, innovation and high expectations. Enron's
corporate culture was the biggest surprise of all. The Hollywood
stereotype of a utility company is bureaucratic, hierarchical, formal,
slow, and full of excuses. And the stodgy images of a gas pipeline
company -- Enron only 15 years ago -- is even duller and slower. Enron
became bumptious, impatient, lean, fast, innovative, and demanding. It
bred speed and innovation by giving its professionals unusual freedom to
start new businesses, create markets, and transfer within the firm.

   Success was rewarded with ample compensation and fast promotion, and
an open-office design fostered brainstorming. The firm's organization
and culture was by all accounts not a safe haven for those who believe
the role of a large corporation is to fulfill entitlements for jobs.
This was a lightning rod for the firm's detractors. And yet, it could
serve as a model for more hide-bound enterprises to emulate.

   Enron was a prolific source of compelling new ideas about the
transformation of American business. It created a ruckus in once-quiet
corners of the business economy. It rewrote the rules of competition in
almost every area in which it did business. It thrived on volatility.

   The proposed sale of Enron to Dynegy risks the loss of a major R&D
establishment, especially given Dynegy's track record as a second mover
following Enron's lead. Beyond what is likely to be a difficult and
time-consuming antitrust review, Dynegy's greater challenge will be to
find a way to make Enron's spirit of innovation its own. Or so we all
should hope, because prosperity depends on the ability of firms to
reinvent themselves and remake their industries.

   ---

   Messrs. Bodily and Bruner are professors at the University of
Virginia's Graduate School of Business Administration.


We currently have $21.4 million in reserve for potential Northwest refunds.  $10 million currently sits in the LTCA book and $11.4 currently sits in the LTNW book.  During the summer, FERC initiated an investigation into the potential of unjust and unreasonable spot prices in the northwest from December of 2000 through June of 2001.  Seatlle City Light, Tacoma City Light, Eugene Water and Electric Board, and Sacramento Municipal Utility District all filed claims at FERC for refunds from EPMI.  The claims totaled close to $100 million.  However, many of these claims were, on their face, spurious.  For example, Eugene Water and Electric Board filed for refund of forward purchases which was clearly outside the scope of FERC's proceeding.

We hired consultants from Charles River Associates (CRA) to help us with this process.  One of their tasks was to apply the CAISO competitive benchmark pricing methodology to the Northwest market.  That is, CRA attempted to reverse engineer the CAISO's methodology in order to estimate our Northwest risk.

I was informed by our litigation team that EPMI's realistic potential exposure using this methodology was roughly $30 million.  We decided to reserve roughly 2/3 of this amount which came to about $21 million.

In September a FERC Adminitrative Law Judge heard the case and submitted a draft decision to the FERC.  The draft decision recommended against any refunds.  This draft decision is supposed to come in front of the FERC commissioners for approval before the end of the year.  If this draft decision is approved, it would be appropriate to remove these reserves.


Gary,

Attached is a spreadsheet which shows people that remain in London related to the middle and back office.  These individuals are not solely working on winding down EGM activity there, and we need to make sure that EGM does not pick up total cost when those people are not 100% focused on EGM.

Let me know if you have any questions.

Shanna/Tom,

Are we currently picking up this total cost and allocating as appropriate or are we only paying our percentage?

Kevin


I would appear to me that there may be some misconceptions here.     Why do we assume that by entering into a financing deal we will be any better off?  I would tell you that to the extent there was any risk in the deal, that we should probably charge someone else about 25-30% as well.     Think about it, 25% is only 15% after tax.   Has some one enumerated the risks and valued them on this deal?   I haven't seen any of that work, if it has been done.

I think I understand the concept proposed and I understand the proposed goal line, return with little or no expense up front.     I would assume that we would be willing to enter into a fixed price service agreement for a number of years?     Is Halliburton willing to take any risks whatsoever?

Alternatively, why don't we go through GSS (Global Strategic Sourcing) to look for a better deal?

Jim:   Have you looked at this for ideas on the accounting side?    Why can't I do a prepayment of a service contract fee and recognize the expense over the life of the deal?

 -----Original Message-----
From: 	Waymire, Dave
Sent:	Wednesday, October 17, 2001 9:17 AM
To:	Hayslett, Rod; Gilbert, Steve
Cc:	Centilli, James
Subject:	RE: Redfield Deliverability Project

Rod,

Below is some background on the Redfield Deliverability Project.

Halliburton initiated the contact with NNG to provide work over on selected wells based on software modeling in order to return deliverability to their original levels.  The work overs are planned over a 2-3 year period and are expected to have a lasting effect of at least 10 years.  The cost to model and rework these wells is estimated to be $5.73MM.  A test program would be conducted in the first year to determine the feasibility of continuing the program at a cost of $768,000.  If the test program did not prove out the project would be terminated at this point.  The original proposal was to treat the costs of the program as expense as the costs were incurred. Bob Chandler confirmed this accounting treatment.  This would result as Kent has indicated negative EBIT for the first 2-3 years.

As an alternative it was proposed to Halliburton that NNG would enter into a 10 year service agreement with Halliburton to model and rework the wells and provide guidance on proposed well work overs for the Redfield storage field.  Halliburton would agree to perform the test program and if test results indicate that further work overs would be economically feasible would spend an additional $4.96MM on a total of 60 well workovers in the first 3 years of the contract.  NNG currently budgets $300,000 per year for Redfield well maintenance with minimal increase in deliverability. Operations has committed $300,000 per year in well maintenance over the next 5 years to this project for a total of $1.5MM.

Halliburton has not formalized their counter offer, but has indicated that they would require a 25% to 30% return for assuming the financing.  Halliburton indicated that this is a non-standard deal for them and that is the reason for high return requirement.

The objective is to structure the deal as a service agreement either with an Enron Entity who would then contract with Halliburton or some other third party at a more reasonable rate.  Even at an estimated 30% return, preliminary incremental EBIT estimates for the Halliburton service agreement are between $400,000 to $500,000 the first 5 years and  $250,00 to $275,000 for the out years.

 -----Original Message-----
From: 	Hayslett, Rod
Sent:	Friday, October 12, 2001 7:05 AM
To:	Gilbert, Steve
Cc:	Waymire, Dave
Subject:	RE: Redfield Deliverability Project

Couple of quick comments.    Prepaying as an expense would require coming up with some income to offset, and generally doesn't make economic sense.   An Enron company can't help because it consolidates, and therefore ends up with the same accounting results as we do.       What accountants have reviewed the proposal?

 -----Original Message-----
From: 	Miller, Kent
Sent:	Thursday, October 11, 2001 9:52 AM
To:	Hayslett, Rod; McCarty, Danny
Cc:	Waymire, Dave; Neubauer, Dave; Neville, Sue; Thomas, Steve
Subject:	Redfield Deliverability Project

Rod,

We looking for your help on some ideas on how to implement a good long term project that has negative short term cash flow.

We have been working with Halliburton to identify deliverability improvements at Redfield through the use of  improved technology related to identifying poor performing wells and implementing down hole remediation.  This project has costs and revenues as shown below that are great from a long term standpoint.  Steve Thomas and Maurice Gilbert have done an excellent job of identifying the benefits to NNG and the upsides in revenue that are expected.  Dave Waymire has also been very helpful in analyzing alternative and economics and have shown that the project has a great return (in excess of 30%).  Our problem is that the cost for the workovers at Redfield are all O&M expenses and not capital and we have a negative IBIT for the first 2 - 3 years of the project.  We have proposed that Halliburton structure the expenses such that they come in over a 5 - 10 year period so we don't have this negative IBIT flow in the first years, however, Halliburton has not been interested and has proposed a 30% finance charge for this structure.

What would be the appetite for possibly pre-paying a majority of these costs in '01 to avoid the negative '02 and '03 earnings impact or is there an Enron company that would finance/extend the expense payments.  This is a great project that we should do, however, it is difficult given the negative earnings impacts in the first couple of years.  Got any ideas to handle this financial hurdle??????

Year		Expense		Revenue		Net
'01		   ($173,000)		     -0-			  ($173,000)
'02		($2,420,000)		   $300,000		($2,120,000)
'03		($2,250,000)		$1,290,000		   ($960,000)
'04 and		       -0-			$2,055,000/yr		 $2,055,000/yr
forward

Thanks,

Kent


Sara,
Do we have anything that we can share with this execution broker which documents the relationship between ECT Investments Inc. and Enron Corp.?
Thanks, Sheila

 -----Original Message-----
From: 	Jacqueline Tokley <jtokley@monumentderivatives.com>@ENRON [mailto:IMCEANOTES-Jacqueline+20Tokley+20+3Cjtokley+40monumentderivatives+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, September 27, 2001 1:01 PM
To:	Glover, Sheila
Subject:	RE: Terms of Business

Sheila,
Many thanks for the reply. Can you clarify for us the function that ECT
provides within the group and also if there is a corporate brochure or other
information available that explains the role in more detail.
Regards
Jacqueline

-----Original Message-----
From: Sheila.Glover@enron.com [mailto:Sheila.Glover@enron.com]
Sent: 25 September 2001 14:21
To: jtokley@monumentderivatives.com
Cc: Kimberley.Hopley@enron.com; Sara.Shackleton@enron.com
Subject: RE: Terms of Business

Jacqui,
I have forwarded Monument's updated document to Enron's legal department.
ECT Investements, Inc. is a wholly owned subsidiary of Enron North America
Corp. which is a wholly owned subsidiary of Enron Corp.  Enron Corp is a
Fortune 100 company and Financial Statements are readily available on the
web or from other published sources.

ECT Investments Inc does not issue any separate financial statements.

Our prime brokers are Goldman Sachs International, London, Tom Threlfall
contact, 207-552-5068, and Morgan Stanley, NY, Joe Marovich, 212-762-5227.

Please do not hesitate to call if you need anything.
Regards,
Sheila

    -----Original Message-----
   From:   Jacqueline Tokley <jtokley@monumentderivatives.com>@ENRON

[mailto:IMCEANOTES-Jacqueline+20Tokley+20+3Cjtokley+40monumentderivatives+2E
com+3E+40ENRON@ENRON.com]

   Sent:   Tuesday, September 18, 2001 2:12 AM
   To:     Glover, Sheila
   Subject:  RE: Terms of Business

   Sheila,
   Please could you E Mail or Fax some information on ECT Investments Inc
   for
   our records
   Please provide latest financials together with how this entity ECT
   Investment Inc fits within the group.

   Please also arrange for Prime Broker details to be provided.

   Many thanks for your assistance

   Regards
   Jacqui Tokley
   >  -----Original Message-----
   > From:      Jacqueline Tokley
   > Sent:      17 September 2001 16:58
   > To:   'sheila.glover@enron.com'
   > Subject:   Terms of Business
   >
   >
   > Further to our conversation we are pleased to attach an E Mail copy of
   the
   > Terms of Business in the name of the new entity.
   > Copies together with a covering letter will be forwarded to you
   shortly
   >
   > Regards
   > Jacqui Tokley << File: 201543.doc >>  << File: 201544.doc >>
   >
   *************************************************************************
   > The information in this internet E-mail is confidential and is
   intended
   > solely for the addressee. Access, copying or re-use of information in
   it
   > by anyone else is unauthorized. Any views or opinions presented are
   > solely those of the author and do not necessarily represent those of
   > Monument Derivatives or any of its affiliates. If you are not the
   > intended recipient please contact  postmaster@monumentderivatives.com
   >
   *************************************************************************
   >
   >
   >

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


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---------------------- Forwarded by Kay Mann/Corp/Enron on 04/24/2001 10:15
AM ---------------------------

Bill Williams@ECT
04/24/2001 10:03 AM
To: Dale Rasmussen/HOU/ECT@ECT
cc: "THOMAS CONSTANTINE" <TCONSTAN@LLGM.COM>, chriscobb@akllp.com, Kay
Mann/Corp/Enron@Enron

Subject: RE: GE and ABB comments

DO NOT PUT THE CONTRACTOR COMMENTS IN THE B/O CONTRACTS.

I sent a copy to Lee Johnson when first received.  I asked Lee if the
comments had any merit.  (Mostly pertaining to scope of supply comments.)  I
have not heard back from Lee.

I would expect Lee to let me know if any of the comments would have needed to
be incorporated.


Hey there:
I will call his assistant and will let you know where and when to pick them
up.  How is everything going?  Is the planning going along smoothly?  Talk to
you soon.
Ben


Please read note below from our SAP Timekeeping Team:

By now you have probably heard all about implementation of SAP Timekeeping
and eHR Online.  Well it is almost upon us.  Some of the business units in
GPG will implement self-service time entry but ET&S along with other business
units will not implement self-service it at this time.  Your timekeeper will
still be responsible for entering your payroll information i.e. vacation,
sick.  Because of the upcoming July 3-4 holiday and more importantly the new
SAP timekeeping system your timesheets should be submitted to your timekeeper
as soon after June 23 as possible.  This will be the first time entry period
via SAP and we want to insure that everything is entered correctly.  The new
system is not as user friendly as the current system thus requiring more time
to complete payrolls.  If you have changes to your timesheet after you have
submitted it give a corrected copy to your timekeeper and the necessary
adjustments will be made the following pay period.


Attached is a revised prep memo for the referenced phone call.  The project
team decided to change the focus to a much greater concentration on timing
issues and a message that Enron may have to shift resources elsewhere if
Project Jose cannot move quickly.   Please review and return any comments at
your earliest convenience.  If you have any questions or wish to discuss,
please contact me at X-52709, emilio at X-52710, or guido at X-52707.

Mike:  We will advise you ASAP next week when all comments are in and the
memo is ready to be passed on to Lay.

Tom/John:  We think the call should take place some time during the week of
June 18.  Our thinking is that a good way to approach setting up the call may
be to go through Venezuelan Ambassador Arcaya.  Would you please assist in
setting up a meeting for the project team with the Ambassador in the near
future.

Neal


After determining who is available over the next few weeks, I suggest we not meet the next 2 Tuesdays.  We will pick back up with Session 4 on July 16.

Thx!
Bill


---------------------- Forwarded by John Arnold/HOU/ECT on 02/13/2001 11:36
AM ---------------------------

Rory McCauley <Rory.Mcauley@GFInet.com> on 02/12/2001 01:47:46 PM
To: "'jarnold@enron.com'" <jarnold@enron.com>
cc:
Subject: Enjoy Bud

 - Jerky Boys - Prank Call to Chinese Restaurant.mp3


Team,

We've done a lot of good work lately on the evaluation models and I think we
are converging on a platform that accurately models the product, the project
and my structure's risk.  The only remaining issues when we're done will
relate to the curves.

Just so we're all on the same page, I thought I would lay out the base
scenario:

Hourly vols
Mid power and oil curves
Beginning debt of $375/kw amortising mortgage style over 20-years
Debt interest rates of T+225
Plant residual value of $100/kw
Enron will own a 50 MW call from 5/2001 to 12/31/2020.  Strike prices will be
$50/mwh for years 1-5, $75/mwh for years 6-10, and $100/mwh for the balance
of the term.
The basic put or no put trigger algorithm is (plant value + put option value
>= par amount of bonds outstanding).  As the model calculates equity's
decision whether or not to put the plant to Enron, we should reduce each
years par amount of bonds outstanding by the debt service reserve fund.  This
proxy's the fact that equity will consider when making their put decision
each year that there are moneys in the DSRF, working capital reserves and
equity sweep accounts.
Whatever power/oil correlation's structuring thinks are appropriate.

I hope to see results Monday.  If there are any questions, please call me at
3-4750.

regards,

Don Black


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----- Original Message -----
From: <jdasovic@enron.com>
To: <info@fanshack.com>
Sent: Tuesday, December 19, 2000 4:39 PM
Subject: Quote Request from fanshack.com

> Quote Request from fanshack.com
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>
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Start Date: 12/16/01; HourAhead hour: 3;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001121603.txt
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.


Here is the model Teco sent us that we revised to add some of ENA's
assumptions.

Ben
3-7998


Thought you all might want to see this.....

Subject:  Message from Boeing.......

> Note:  To those of you who don't know powerpoint......at the end, to get
> it off your screen, right click and double click on "end show"........
>
>
>
(See attached file: MessageFromBoeing.pps)


---------------------- Forwarded by Thomas A Martin/HOU/ECT on 03/20/2001
03:51 PM ---------------------------

Thomas A Martin
07/13/2000 11:19 AM
To: Elsa Villarreal/HOU/ECT@ECT
cc:
Subject: Industrial and IPP Customer Coverage List

---------------------- Forwarded by Thomas A Martin/HOU/ECT on 07/13/2000
11:14 AM ---------------------------

Edward D Gottlob
07/12/2000 01:40 PM
To: Thomas A Martin/HOU/ECT@ECT
cc:
Subject: Industrial and IPP Customer Coverage List

---------------------- Forwarded by Edward D Gottlob/HOU/ECT on 07/12/2000
01:40 PM ---------------------------
From: Greg Brazaitis on 07/12/2000 01:36 PM
To: Edward D Gottlob/HOU/ECT@ECT
cc:
Subject: Industrial and IPP Customer Coverage List

Hope this helps.
Greg B.


The Portland web server will be going down at noon today to have an
application installed.  The server hosts the Westpower web site. The server
will be down for approx. 20 min.

If you have any questions, please call me at 7798.

Regards,
Paul


-----Original Message-----
From: 	Laferla, Lynda
Sent:	Thursday, September 13, 2001 12:20 PM
To:	Greaney, Chris; Linhart, Joe; Sturr, Kathy; McDaniel, Janet; Giambrone, Laura; Ward, Linda; Schoolcraft, Darrell; Green, Alma; Forbish, Sherry; Minter, Tracy; Aldinger, William; Collins, Marion; Conklin, Jacob; Coon, Galen; Cooper, Tim; Howard, Jack; Laferla, Lynda ; Phillips, Mary; Rivers, Cynthia
Subject:	FW: Please do this!!

 -----Original Message-----
From: 	"Mary Haper" <mhaper@houston.rr.com>@ENRON [mailto:IMCEANOTES-+22Mary+20Haper+22+20+3Cmhaper+40houston+2Err+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, September 13, 2001 11:23 AM
To:	Siniard, Cynthia; Saunders, Sherri R.; Sandy Smock; Sandra Lynch; RudyandRoma@aol.com; Ronalyn Hurley; Rhoda Zelitt; Pat Smith; Melissa Lyons; Mchale, Stephen J \(HOUSTON GALLERIA HG 568\); Marie Christopher; Margaret Lopez; Laferla, Lynda ; Liz Blandford; Jo Johnson; Jim & Bert Currie; Jennifer Donaho; Jayne Nemec; Hogan, Janice; Harry E. Haper; George Lyons; Gail Betzel; Erlene Newcomb; Eloise Behrends; Elaine Thomas; Doss Donaho; Davis, Judy; Corinne Maddox; Connie Hopper; Charles Walther; Brunette Vance; Brigitte Sandifer; Bettina Haper; Annette Vogel; Ann Cashiola; Agnes Hyatt
Subject:	Fw: Please do this!!

> > >My prayers are certainly with all those who have been touched by this
> > >attack
> > >of terrorism!
> > >
> > >
> > >
> > >This is a great idea. Let's pass the word on!
> > >
> > >
> > >Friday Night at 7:00 p.m. step out your door, stop your car, or step
out
> of
> > >your establishment and light a candle.   We will show the world that
> > >Americans are strong and united together against terrorism.  Please
pass
> > >this to everyone on your e-mail list.  We need to reach everyone across
> the
> > >United States quickly.  The message:  WE STAND UNITED - WE WILL NOT
> > >TOLERATE
> > >TERRORISM!
> > >Thank you.
> > >We need press to cover this - we need the world to see.
> > >
> > >*****
> >
> >
> > _________________________________________________________________
> > Get your FREE download of MSN Explorer at
http://explorer.msn.com/intl.asp
> >
> >
>


Hi guys!

Hope that you had a great Thanksgiving.  The Sitara # for the CMS Field Service deal, 7500/d for Dec '01 is 1186062. Tagg # YL7051.1

Have a great day!

Carole C. Frank
Enron Net Works

713.345.3960 work
713.446.9307 cell


Outlook Migration Team@ENRON
	06/07/2001 11:04 AM

		 To: Suzanne Adams/HOU/ECT@ECT, Teresa G Bushman/HOU/ECT@ECT, Michelle
Cash/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT, Nancy
Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Eddy Daniels/NA/Enron@Enron,
Angela Davis/NA/Enron@Enron, Stacy E Dickson/HOU/ECT@ECT, Andrew
Edison/NA/Enron@Enron, Janette Elbertson/HOU/ECT@ECT, Genia
FitzGerald/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT, Robert H
George/NA/Enron@Enron, Diane Goode/NA/Enron@Enron, Linda R Guinn/HOU/ECT@ECT,
Mark E Haedicke/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Ed B Hearn
III/HOU/ECT@ECT, Mary J Heinitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT,
Legal Temp 1/HOU/ECT@ECT, Legal Temp 2/HOU/ECT@ECT, Legal Temp 3/HOU/ECT@ECT,
Legal Temp 4/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Matt
Maxwell/Corp/Enron@ENRON, Travis McCullough/HOU/ECT@ECT, Claudia
Meraz/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT,
Janet H Moore/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Mary Ogden/HOU/ECT@ECT, Debra
Perlingiere/HOU/ECT@ECT, David Portz/HOU/ECT@ECT, Elizabeth
Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Linda J
Simmons/HOU/ECT@ECT, Carlos Sole/NA/Enron@Enron, Carol St Clair/HOU/ECT@ECT,
Twanda Sweet/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT, Steve Van
Hooser/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT, Alice
Wright/NA/Enron@Enron, Theresa Zucha/NA/Enron@Enron
		 cc:
		 Subject: 2- SURVEY/INFORMATION EMAIL

Current Notes User:

To ensure that you experience a successful migration from Notes to Outlook,
it is necessary to gather individual user information prior to your date of
migration.  Please take a few minutes to completely fill out the following
survey. Double Click on document to put it in "Edit" mode. When you finish,
simply click on the 'Reply With History' button then hit 'Send'  Your survey
will automatically be sent to the Outlook 2000 Migration Mailbox.

Thank you.

Outlook 2000 Migration Team

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

Full Name:        Mark E. Haedicke

Login ID: mhaedic

Extension:  36544

Office Location:  EB3325

What type of computer do you have?  (Desktop,  Laptop,  Both)  both

Do you have a PDA?  If yes, what type do you have:   (None, IPAQ, Palm Pilot,
Jornada)  no

Do you have permission to access anyone's Email/Calendar?  no
    If yes, who?

Does anyone have permission to access your Email/Calendar?
    If yes, who?  Yes, Janette Elbertson

Are you responsible for updating anyone else's address book?  No
    If yes, who?

Is anyone else responsible for updating your address book?  Yes
    If yes, who?  Janette Elbertson

Do you have access to a shared calendar?
    If yes, which shared calendar?  No

Do you have any Distribution Groups that Messaging maintains for you (for
mass mailings)?
    If yes, please list here:  No

Please list all Notes databases applications that you currently use:  None

In our efforts to plan the exact date/time of your migration, we also will
need to know:

What are your normal work hours?  From:    8:30 a.m.   To:      7:30 p.m.

Will you be out of the office in the near future for vacation, leave, etc?
Yes
       If so, when?        From (MM/DD/YY):   06/11/01    To (MM/DD/YY):
06/15/01   Janette Elbertson is going to handle the migration for me while I
am on vacation


Scott, I l;ook forward to meeting with Andrew at his earliest convenience.

Scott Vonderheide@ENRON
01/11/2000 09:31 AM
To: Michael Burke/Houston/Eott@Eott, Stanley Horton/Corp/Enron@Enron, Susan
Ralph/Houston/Eott@Eott, Dana Gibbs/Houston/Eott@Eott, Lori
Maddox/Houston/Eott@Eott
cc: Mark Koenig/Corp/Enron@ENRON, Paula Rieker/Corp/Enron@ENRON

Subject: EOTT - new analyst at Merrill Lynch

FYI-
I spoke with Andrew Fairbanks, the Merrill Lynch analyst that is going to
start covering EOTT.  He will take over coverage of several MLPs including
Plains, Teppco, and Lakehead.  The transition will probably happen sometime
in March.

I suggested he visit the EOTT offices to meet management.  He will probably
take me up on the offer sometime in early March.

I am sending him historical information on EOTT, as well as the presentation
I prepared for A.G. Edwards.

Scott


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Subject: Fwd: Life
To: betsy14@pacifier.com, "Sheila Butcher"
<sbutcher@north-pacific.com>,        wcox@mail.ccsd.k12.co.us,
LillahMay@aol.com,        katherine.starkovich@usbank.com,
kwoodall@standard.com
X-Mailer: Lotus Notes Release 5.0.3  March 21, 2000
Message-ID: <OF36457D9D.58829BD6-ON882569CE.00566BCF@or.usbc.com>
From: karen.mcnulty@usbank.com
Date: Mon, 8 Jan 2001 07:47:01 -0800
X-MIMETrack: Serialize by Router on NTZTWREM04/OR/Servers/USB(Release 5.0.5
|September 22, 2000) at 01/08/2001 07:47:02 AM
MIME-Version: 1.0
X-WSS-ID: 16473AD935216-01-01
X-WSS-ID: 16473A9B18406-01-01
Content-Type: text/plain;  charset=us-ascii

 MANTRA FOR LIVING

   This is what The Dalai Lama has to say on the
   millennium, which begins 01/01/2001.
   All it takes is a few seconds to read and think about.

   Do not keep this message. The mantra must leave
   your hands within 96 hours.

   You will get a very pleasant surprise. This is
   true even if you are not superstitious.

   Instructions for life in the new millennium from
   the Dalai Lama:

   1. Take into account that great love and great
   achievements involve great risk.

   2. When you lose, don't lose the lesson.

   3. Follow the three Rs: Respect for self, respect
   for others, responsibility for all your actions.

   4. Remember that not getting what you want is
   sometimes a wonderful stroke of luck.

   5. Learn the rules so you know how to break them
   properly.

   6. Don't let a little dispute injure a great
   friendship.

   7. When you realize you've made a mistake, take
   immediate steps to correct it.

   8. Spend some time alone every day.

   9. Open your arms to change, but don't let go of
   your values.

   10. Remember that silence is sometimes the best
   answer.

   11. Live a good, honorable life. Then when you get
   older and think back, you'll be able to enjoy it a second time.

   12. A loving atmosphere in your home is the
   foundation for your life.

   13. In disagreements with loved ones, deal only
   with the current situation. Don't bring up the past.

   14. Share your knowledge. It's a way to achieve
  immortality.

   15. Be gentle with the earth.

   16. Once a year, go someplace you've never been
   before.

   17. Remember that the best relationship is one in
   which your love for each
   other exceeds your need for each other.

   18. Judge your success by what you had to give up
   in order to get it.

   19. Approach love and cooking with reckless
   abandon.

   Do not keep this message. The mantra must leave
   your hands within 96 hours.

   You will get a very pleasant surprise (this is
   true even if you are not superstitious)
   if you send it to:

  0-4 people: Your life will improve slightly.

   5-9 people: Your life will improve to your liking.

   9-14 people: You will have at least 5 surprises in
   the next 3 weeks.

   15 people and above: Your life will improve
   drastically and everything you
   ever dreamed of will begin to take shape


I have not received your dues yet.  I am giving you a one week reprieve.  If
I do not receive your dues ($110) by this Sunday, you will forfeit.

My address is:

2302 Travis St.. #8225
Houston  77006

-Eric


"Ditto Credit" - or in other words,  no change to the physical power profiles
for these CP's if they are currently trading on EOL. If they are not
currently trading on EOL, then they are not approved for physical power.

Thanks,

Shari


For your information:

Telephone No. if dialling from the USA 011-447881512535 or UK local 07881
512535

To access voice mail from the USA dial 011-44-777 533 7885 or UK local dial
44 777 533 785
 You may interrupt the message by pressing "9"
 Global Access No is "3333"
 Follow the verbal prompts

Please let me know if you have any questions X57373.


Please be sure to check your calendar for the following QBR

 Date:    August 24, 2000
 Time:    1:00 pm to 4:00 PM
 Place:   EB 3321
 Topic:   East Midstream QBR

I will look foward to seeing you there.


Start Date: 4/9/01; HourAhead hour: 24;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in SC Trades schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040924.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 24 / Preferred:   4.00 / Final:   3.97)
  TRANS_TYPE: FINAL
  SC_ID: SierraPowe
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  UNIT_ID: VESTAL_6_WDFIRE
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 24 / Preferred:  21.19 / Final:  25.75)
  TRANS_TYPE: FINAL
  SC_ID: TOSCO
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  UNIT_ID: UNCHEM_1_UNIT

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_OZZY
  ENGY_TYPE: FIRM

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 24 / Preferred: -25.00 / Final: -24.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  TRADING_SC: AEI1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 24 / Preferred: -45.00 / Final: -25.00)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  TRADING_SC: EPPS
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 24 / Preferred:   0.45 / Final:   0.30)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE1
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 24 / Preferred:   4.87 / Final:   3.51)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE2
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 24 / Preferred:  44.58 / Final:  31.23)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 24 / Preferred:   2.02 / Final:   1.47)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 24 / Preferred: 100.23 / Final: 100.20)
  TRANS_TYPE: FINAL
  LOAD_ID: SDG1
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  SC_ID: EPMI


------------------------------------------------------------------------------
------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

February 2, 2001 5:00pm through February 5, 2001 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:     ENA

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON NORTH AMERICAN LANS:     ALSO SEE ORIGINAL REPORT
Impact:  CORP
Time:  Fri 2/2/2001 at  11:00:00 PM CT thru Sat 2/3/2001 at  12:00:00 AM CT
 Fri 2/2/2001 at    9:00:00 PM PT thru Fri 2/2/2001 at   10:00:00 PM PT
 Sat 2/3/2001 at  5:00:00 AM London thru Sat 2/3/2001 at  6:00:00 AM London
Outage:  Fiber Card Replacement in ENA-CX11
Environments Impacted:  All
Purpose: Card Failed recently and caused multiple network outages -
Rescheduled for Friday night, due to late notice of Thursday change
Backout:
Contact(s):  Steve Hardy  713-853-9294  713-415-0672

FIELD SERVICES:  No Scheduled Outages.

INTERNET:       EOL                 ALSO SEE ORIGINAL REPORT
Impact:  EOL
Time:  Fri 2/2/2001 at  5:15:00 PM CT thru Fri 2/2/2001 at  8:00:00 PM CT
 Fri 2/2/2001 at  3:15:00 PM PT thru Fri 2/2/2001 at  6:00:00 PM PT
 Fri 2/2/2001 at  11:15:00 PM London thru Sat 2/3/2001 at  2:00:00 AM London
Outage:  EOL Power issue
Environments Impacted:  EOL
Purpose: Power Redundancy for EOL
Backout:
Contact(s):  Mai Nguyen    713-345-4022

MESSAGING: No Scheduled Outages.

MARKET DATA:                 SEE ORIGINAL REPORT

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:         SEE ORIGINAL REPORT

SITARA:
Impact:  Sitara
Time:  Sat 2/3/2001 at  5:00:00 PM CT thru Sun 2/4/2001 at  5:00:00 PM CT
 Sat 2/3/2001 at  3:00:00 PM PT thru Sun 2/4/2001 at  3:00:00 PM PT
 Sat 2/3/2001 at  11:00:00 PM London thru Sun 2/4/2001 at  11:00:00 PM London
Outage:  Sitara
Environments Impacted:  Sitara Users
Purpose: Change East Desk to Multiple Subdesks
Backout: Restore from database
Contact(s):  sitaraoncall    713-288-0101

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

SCHEDULED SYSTEM OUTAGES:  ESA
                                  SEE ORIGINAL REPORT

------------------------------------------------------------------------------
-------------------------------------------------------
FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center
(713) 853-5536   Information Risk Management

Specific Help:
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
EES Help Desk     (713)853-1741 OR (888)853-9797


---------------------- Forwarded by Amanda Huble/NA/Enron on 12/14/2000 11:02
AM ---------------------------

Ina Rangel@ECT
12/14/2000 10:28 AM
To: Laura Vuittonet/Corp/Enron@Enron, Kimberly Brown/HOU/ECT@ECT, Amanda
Huble/NA/Enron@Enron
cc:

Subject: Implementation of the Gas Message Board Application

Please make sure all of your traders are set up on this messeging board.
John Arnold wants to do a test run this afternoon.  Here are the instructions
once again, just in case you deleted them from before.

Thanks,
Ina
---------------------- Forwarded by Ina Rangel/HOU/ECT on 12/14/2000 10:26 AM
---------------------------
From: Fangming Zhu@ENRON on 11/27/2000 09:39 AM
To: Ina Rangel/HOU/ECT@ECT
cc:
Subject: Implementation of the Gas Message Board Application

Here is the instruction.
----- Forwarded by Fangming Zhu/Corp/Enron on 11/27/2000 09:38 AM -----

	Fangming Zhu
	10/26/2000 11:02 AM

		 To: Brian_Hoskins@enron.net
		 cc: Allen Elliott/HOU/ECT@ECT, Bryan Powell/HOU/ECT@ECT, Chrysti
Hardy/Corp/Enron@ENRON
		 bcc: Fangming Zhu/Corp/Enron
		 Subject: Implementation of the Gas Message Board Application

Brian,

The Gas Message Board application can run on both IE5.0 and IE5.5 now.

Attached is the URL for user to run the application.

http://gasmsgboard.dev.corp.enron.com

Please feel free to forward above URL to people who like to test the
application.

Here is the steps they should do:

1) Launch Internet Explorer

2) Type: http://gasmsgboard.dev.corp.enron.com (or just open this email and
click on above URL)

3) Users should see the messages if there is any new messages for today. If
they don't see any messages, there are two reasons:
 (1) They are not valid users. Their names have not been added into the NT
Web_GasTraders Group yet. Please contact Chrysti Hardy to add their names
into the group.
 (2) There is no new messages added yet.

4) Click on "Comments" button to add messages: there will be a popup window
when user clicks on "comments" button. There are two ways to send the
messages after typing the
messages into the text box:
 (1) just simply press enter to send the message. or
 (2) click on "send" button to send the message.

5) After the message has been sent, The message will be displayed on the main
window immediately, the rest people who are online will get the new message
in less than 30 seconds. This time can be reduced to as less as 1 second.
However, I would not recommend to reduce the time interval less than 10
second.  Because each time the browser refreshes the screen, the screen will
be blink. Users don't want the screen blink every second while they read the
messages.

6) All messages will be cleaned up daily at 6:00PM. If they like to clean
them up later than 6:00PM, please let me know. I can reset the time.

Note: Right now the application is under test environment. If they like it, I
will move it into production environment soon.

Let me know any feedbacks.

Thanks,

Fangming


Attached is today's press release regarding the millionth transaction on EnronOnline.  It has been released and has crossed the wire services.

Eric


---------------------- Forwarded by Susan Scott/ET&S/Enron on 07/07/2000
09:00 AM ---------------------------

Christine Stokes
07/06/2000 01:04 PM
To: Steven Harris/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Glen
Hass/ET&S/Enron@ENRON, Mary Darveaux/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON, Lorraine Lindberg, Bill Cordes/ET&S/Enron@ENRON
cc: Kevin Hyatt/ET&S/Enron@Enron

Subject: Southwest Gas Discount Amendment Changes

Recent negotiations with Southwest Gas Corporation have resulting in the
deletion of two provisions  contained in the original Southwest Gas
Corporation discount letter with was routed for Officer Approval.  Several
minor "sentence structure" changes requested by Southwest Gas have also been
included.

Please review the revised Discount Letter and forward any comments
immediately to either Lorraine Lindberg (x35403) or Susan Scott (x30596).
The following summarizes the changes to the original discount letter:

1.  Deletion of paragraph which waives ROFR rights.    This paragraph is not
necessary due to FERC Order 637 rule which states that the shipper's tariff
right to ROFR for contracts of one year or longer does not apply to
discounted transportation contracts, only max rate contracts.

2.  Deletion of Paragraph which states Transwestern will retain any capacity
release revenues which Shipper may acquire from releasing capacity at rates
above the Discount Rate provided by Transwestern to Shipper.

Please note that the revised discount letter does retain the original intent
of providing Southwest Gas a 10 year discount rate for seasonal (November
through March period) capacity from Transwestern's East of Thoreau (EOT) Area
to the Southwest Gas Interconnect located in the East of California Area.
The $.10/Dth/d transportation rate shall increase annually by $.005/Dth/d for
the term of the agreement.  Alternate receipt points rights are in the EOT
Area as with as within the primary path of the contract.  Southwest Gas may
also utilize the Bloomfield Compressor on an alternate basis.


---------------------- Forwarded by Jane M Tholt/HOU/ECT on 02/26/2001 09:41
AM ---------------------------
From: Matthew Lenhart on 02/23/2001 03:11 PM
To: Frank Ermis/HOU/ECT@ECT, Steven P South/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Jane M Tholt/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Tori
Kuykendall/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Monique Sanchez/HOU/ECT@ECT,
Paul T Lucci/NA/Enron@Enron, Randall L Gay/HOU/ECT@ECT
cc:
Subject: Fortune Article

---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 02/23/2001
03:09 PM ---------------------------
To: Matthew Lenhart/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron
cc:

Subject: Fortune Article

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

	Enron Energy Services

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

To: AIP
cc:
Subject: Fortune Article

The article just discussed on CNNfn.


CALENDAR ENTRY:	INVITATION

Description:
	Happy Hour for Berney, Edith, & Brad - Cadillac Bar

Date:		6/20/2001
Time:		6:00 PM - 10:00 PM (Central Standard Time)

Chairperson:	Stacey W White

Detailed Description:


Ben and Jinsung,

Below are my calculations for run-hours and annual MWs.  The starts/year is
an estimate and fuel use/start are estimates only.  I would say that these
estimates are conservative and are used to make sure that emissions are kept
below limits.

Rick

 Heat Rate Basis:
 Unit 1 & 2 - 11,200
 Unit  3 & 4 - 11,800

 Output Basis:
 Unit 1 & 2 - 115 MW
 Unit 3 & 4 - 125 MW

 Emissions Limits:
 NOx - 249 tons/yr
 CO - 225 tons/yr
 Fuel - 7,127,857 MMBtu/yr


Would you also please set this person up for an interview as well.  Thanks.
PL

---------------------- Forwarded by Phillip M Love/HOU/ECT on 05/03/2001
02:22 PM ---------------------------

Joy Werner@ENRON
05/03/2001 01:42 PM
To: Phillip M Love/HOU/ECT@ECT
cc:
Subject: Meghan Watkin's resume - re Chance Rabon


Hello, Maud!

My name is Becky Spencer and I work for Brent Hendry.  In answer to your
question of this morning, yes, Brent did receive the document you sent to him
on April 12th.  Could you please let us know the name of the contact person
here at Enron to whom you have been speaking so we can better coordinate our
discussions with you?

Thank you!  We look forward to doing business with you.

Becky Spencer
Enron North America Corp.
1400 Smith Street 38th Floor
Houston TX  77002
713-853-7599 Office
713-646-3490 Fax
My e-mail address:  becky.spencer@enron.com
Brent Hendry's e-mail address:  brent.hendry@enron.com


---------------------- Forwarded by Mary Hain/HOU/ECT on 02/08/2001 11:00 AM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Ronald Carroll" <rcarroll@bracepatt.com>
02/08/2001 10:54 AM

To: <acomnes@enron.com>, <Christi.L.Nicolay@enron.com>, <dfulton@enron.com>,
<jhartso@enron.com>, <mary.hain@enron.com>, <smara@enron.com>,
<snovose@enron.com>
cc:
Subject: Fwd: DJ FERC Affirms It Lacks Jurisdiction In Pwr Facility Sales

Content-Transfer-Encoding: quoted-printable
Date: Thu, 08 Feb 2001 09:47:47 -0600
From: "Tracey Bradley" <tbradley@bracepatt.com>
To: "G. Alan Rafte" <arafte@bracepatt.com>, "Andrea Settanni"
<asettanni@bracepatt.com>, "Charles Shoneman" <cshoneman@bracepatt.com>,
"David Parr" <dparr@bracepatt.com>, "Jeffrey Watkiss"
<dwatkiss@bracepatt.com>, "Gene Godley" <ggodley@bracepatt.com>, "Kimberly
Curry" <kcurry@bracepatt.com>, "Nancy Wodka" <nwodka@bracepatt.com>, "Paul
Fox" <pfox@bracepatt.com>, "Ronald Carroll" <rcarroll@bracepatt.com>
Subject: DJ FERC Affirms It Lacks Jurisdiction In Pwr Facility Sales
Mime-Version: 1.0
Content-Type: text/plain; charset=ISO-8859-1
Content-Disposition: inline

FYI

DJ FERC Affirms It Lacks Jurisdiction In Pwr Facility Sales
Copyright , 2001 Dow Jones & Company, Inc.

WASHINGTON (Dow Jones)--The U.S. Federal Energy Regulatory Commission
Wednesday reaffirmed its policy finding that it lacks jurisdiction over
generation facility transfers.

     The Federal Power Act requires the commission to approve jurisdictional
asset transfers greater than $50,000 in value. But FERC doesn't view
generation assets as jurisdictional.

     FERC often rules on generation asset transfers, but only in the context
of associated transmission assets and power sales connected with the
generation assets. FERC regulates electricity sales, but not the plants that
produce the power.

     With divestiture of generation assets becoming increasingly common in
the $215 billion U.S. electricity sector, this policy has increasingly been
questioned by consumer interests and others.

     Most recently, the American Public Power Association and Citizen Power
Inc., a utility watchdog group, petitioned the commission to reconsider its
view that generation asset transfers, absent associated transmission
facilities and power sales agreements, don't fall under FERC jurisdiction.

     At issue were generation asset sales by Duquesne Light Co. (DQZ), and
FirstEnergy Corp.'s (FE) transfer of power plant ownership from its utility
operating units to FirstEnergy's competitive services unit.

     The commission was unpersuaded by arguments of APPA and Citizens Power
that state regulation is inadequate to protect the public interest and
promote competition in the restructuring electric utility industry.

     "There is no necessary nexus between the interstate transmission or sale
of electric energy, on the one hand, (the triggering events giving rise to
our jurisdiction) and the disposition of a generation facility by itself,"
FERC said.

     "Not only does the statutory text support our interpretation, but there
is no precedent, legislative history, or case law which would support a
contrary conclusion," FERC said, denying the petition.

     FERC cited section 203(a) of the Federal Power Act as conferring
authority to regulate the disposition of "facilities subject to the
jurisdiction of the commission." FERC has never asserted jurisdiction over
generation assets, and has traditionally left that to state utility
regulators.

     By Bryan Lee, Dow Jones Newswires, 202-862-6647,
mailto:bryan.lee@dowjones.com
     (END) Dow Jones Newswires 07-02-01


missing deal

buy el paso
265.00
25 mw
pv
april
on peak
mike driscoll


Full Day URL <http://westdesksupport/RT/AtcFinalComp/?startHour=1&endHour=24&reportDate=01/18/2002>


Thanks, Debbie.  These are lucky guys - they are going to have some undivided
attention.

Rosie

Debbie Nowak
07/24/2000 03:02 PM
To: Kenneth Lay/Corp/Enron@ENRON, Joseph W
Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rosalee Fleming/Corp/Enron@ENRON,
Pam Benson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Richard Amabile/HR/Corp/Enron@ENRON
Subject: UPDATE: July 25th Executive Forum Attendees

Rosalee/Pam:
The following are the participants for the July 25th Forum.  As you can see,
two attendees had to withdraw.

Attendeess:
 Craig Breslau
 Chee Ken Chew (Dabhol)
 Larry Lawyer
 Richard Leibert
 Rodrigo Mendiwelso (Columbia)
 Jordan Mintz
 Mark Palmer
 Stephen Pearlman
 Dan Reck
 Frank Wang

Thanks so much!

Debbie
x33304


Hi Guys,

I think the price of the turbines will be the internal Enron price.  Sheila
has the magic number per turbine.

Kay

From: Stuart Zisman@ECT on 10/19/2000 04:08 PM
To: Dale Rasmussen/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: Re: Summary of LM 6000 Contract

I tried to reach you on the phone a couple of times but the phone is busy
(must be the Compaq battery).

I would like to speak with Kay before calling Kent and think your idea of
posting the summary with a [to come] for the price is a fine idea.   I would,
however, suggest that Kent review the summary not for accuracy but for
content prior to posting.  I believe that this is consistent with the deal
that Sheila cut with him.

By the way, I heard from Don Miller that the following companies have
expressed an interest in LV CoGen: Southern, Allegheny, Pinnacle West, El
Paso, NRG, Calpine, AEP, PECO, and Dynegy  (this should be kept confidential)

Stuart


Start Date: 4/26/01; HourAhead hour: 18;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042618.txt

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/26/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: CISO_EPMI_DESERT
  ENGY_TYPE: NFRM


Oil companies say North Slope gas pipeline too pricey
Associated Press Newswires

USA: U.S. Cash LPG-Market gains on NYMEX crude strength.
Reuters English News Service

UK: Enron ups online metals transaction sizes.
Reuters English News Service

INDIA: State-run Indian firms don't want Enron's assets.
Reuters English News Service

Poland may have large gas surplus, expert says
BBC Monitoring

India: Godbole panel submits report
The Hindu

The Hindu-Editorial: Muddying a quagmire
The Hindu
India: Talks on to solve Enron tangle
The Hindu

Power rates in some areas expected
BusinessWorld (Philippines)

Oil companies say North Slope gas pipeline too pricey

09/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

ANCHORAGE (AP) - Oil companies looking into the feasibility of building a natural gas pipeline from Alaska's North Slope to the Lower 48 say the project is too pricey.
A preliminary analysis of the proposed project by Exxon Mobil, BP and Phillips Petroleum shows that the pipeline project would not provide them with what they want; a 15 percent return on their money.
The project works out to a 10 percent to 11 percent rate of return.
"We see this as a very high risk project," Robbie Schilhab of Exxon Mobil told Gov. Tony Knowles' natural gas development team meeting this week in Anchorage.
Schilhab and Phillips Petroleum's Joe Marushack presented their preliminary conclusions at a task force meeting.
Whether the pipeline runs north through the Arctic Ocean to Canada's Mackenzie River delta or south along the Alaska Highway through Canada to the Lower 48, the answer is the same: for now, the project looks too expensive for Alaska's oil companies to undertake.
For both the northern Arctic route and the southern Alaska Highway route, the costs would be huge: $15.1 billion for the offshore route and $17.2 billion for the highway route.
"I think this could be made attractive to a number of investors," said Ken Thompson, a former oil company executive who sits on the governors' natural gas team. Thompson said that tax incentives, a lower return on investment and a higher value for liquid natural gas from the pipe would make the project a worthwhile investment.
If the oil companies are not interested, natural gas transportation companies such as Williams, El Paso or Enron might be, Thompson said.
Exxon, Phillips and BP are still refining their analysis of the project. But the two executives made clear that they consider the project a long shot both for its high costs and high risks.
Schilhab said that opportunity remained to make the project an attractive investment by cutting construction costs. The companies also want to streamline the permitting process to avoid delays.
The presentation dented but did not destroy the optimism of the governor's gas council.
"I don't like seeing the number. But it's a lot different from saying no way, no how, we're shutting our doors and going home," said Pat Pourchot, state commissioner of natural resources. Pourchot said that the producers' position underlined the need for incentives like federal tax breaks similar to those being proposed by the Knowles administration.
Exxon, BP and Phillips are split on the incentives. To address the risk of low prices, Phillips wants a tax credit if prices fall below a certain level. BP and Exxon say they want a project that is viable without tax breaks.
Federal legislation is slated for consideration next week in Washington, D.C.

USA: U.S. Cash LPG-Market gains on NYMEX crude strength.

09/27/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Sept 27 (Reuters) - U.S. cash propane prices gained early Thursday, and boosted other liquefied petroleum gas (LPG) prices tracking an uptick in crude oil futures on the New York Mercantile Exchange (NYMEX), traders said.
Propane gained 1.75 cents to trade at 38.75 cents a gallon in Mont Belvieu, Texas and 1.00 cent to trade at 43.25 cents a gallon in Conway, Kansas, players said.
Midday, the NYMEX November crude oil contract traded 33 cents higher at $22.71 a barrel on short-covering and technical trade, after a seven-day slide that halted Wednesday.
November natural gas futures lost 2.80 cents to be bid at $2.25 per million British thermal units (mmBtu) after bearish inventory data was released on Wednesday.
Ethanes were steady, with no deals heard on mix in either hub, and purity trading steady at 23.75 cents a gallon in Belvieu.
Trade on the heavies remained thin.
Natural gasoline traded 2.00 cents higher in Belvieu with Enron barrels at 51.00 cents a gallon. Conway product talked at 63.00/67.00 cents a gallon, players said.
Normal butane traded at 47.00 cents a gallon in Belvieu and at 39.38 cents a gallon in Conway compared to no confirmed deals on Wednesday, dealers said.
Isobutane traded at 47.00 cents a gallon in Belvieu, while Conway product was offered 0.50 cent higher at 44.25 cents a gallon, traders said.
- ((Soo Youn, New York Energy Desk, 646-223-6057, soo.youn@reuters.com)).

UK: Enron ups online metals transaction sizes.

09/27/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Sept 27 (Reuters) - Commodities trader Enron has amended its internet trading platform EnronOnline (www.enrononline.com) to allow some users to increase the size of metals transactions.
For selected clients, Enron is now making markets in three months copper and aluminium for maximum 200-lot transactions, compared with the standard 20-lot markets on the system.
For the larger-volume deals Enron is quoting a wider $4 bid-ask spread rather than the standard $2 spread.
Joe Gold, president of Enron Metals, said, "The 200-lot market was developed because a number of people asked us to put something of a larger size on there."
He said the 200-lot market was open to a restricted number of users, but was not focused on any one particular section of the market.
"People who like large lots tend to be big producers, some of the funds, and so on. They're people who have a commercial relationship with us already," he said.
Traders said the increased transaction size could give Enron an added edge when competing for fund business.
"It's a big step up in liquidity. If I was them my first call would be to the top 10 fund managers to say 'why don't you stop messing around with phone calls and come to the screen where you can trade 200 lots at the click of a button?'" said one.
"Even if they don't manage to get these guys' business, they've raised the bar. Their other clients may have to conform to the Enron model, offering 200-lot deals and maybe a $3 spread if they want to beat Enron."
U.S.-based Enron Corp became a major player in the metals trade in May last year when it acquired MG plc, a leading independent international metals dealing firm in London which had previously absorbed fellow LME ring-dealers Rudolf Wolff & Co and Billiton Metals Ltd.
In July last year the company announced the first physical metals transaction on EnronOnline.
The system differs from the screen trading systems operated by the London Metal Exchange (LME) and UK-based metals and energy broker Spectron in that the trading platform is open to a broad range of users but Enron is the sole counter-party in each transaction.
Both the LME's LME Select and the Spectron trading platform enable trading between individual users, but limit membership to Category 1 (ring dealing) and Category 2 (associate broker clearing) members of the LME.

INDIA: State-run Indian firms don't want Enron's assets.

09/27/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, Sept 27 (Reuters) - Leading state-run firms have rejected proposals from financial institutions to acquire assets of U.S. energy firm Enron's Dabhol Power Co, officials said on Thursday.
Enron wants to sell its 65-percent stake in Dabhol Power Co which is embroiled in a payments dispute with a local utility.
Officials said some financial institutions had suggested National Thermal Power Corporation (NTPC), Oil and Natural Gas Corp and Gas Authority of India Ltd could buy the troubled Dabhol Power Co's assets.
NTPC Chairman C.P. Jain told reporters the company had written to the federal government that it was not interested in the project. "We don't think it is a commercially viable proposition for the organisation."
Officials said financial institutions had also proposed that ONGC and GAIL could buy the LNG import and regasification facilities of the Dabhol plant south of Bombay.
ONGC Chairman Subir Raha said ONGC was not interested. "Right now it is not on our table. We are not considering it," he told reporters.
Dabhol's first phase has a generating capacity of 740 MW. It has been idling since May when Maharashtra State Electricity Board (MSEB), its only customer, stopped buying power saying it was too costly and that Enron had violated a part of the contract.
Dabhol's second phase was 97 percent complete when further construction was stopped because of the dispute.
The first phase used naphtha as fuel, but the second phase, that will have a generating capacity of 1,444 MW, will use LNG as fuel.

Poland may have large gas surplus, expert says

09/27/2001
BBC Monitoring
Source: PAP news agency, Warsaw, in English 1443 gmt 27 Sep 01/BBC Monitoring/(c) BBC
ext of report in English by Polish news agency PAP
Warsaw, 27 September: Even in the most optimistic prognoses for gas consumption in Poland, there will be a large gas surplus due to contracts signed, Jaroslaw Astramowicz from Enron Poland Sp. z o.o. said on Thursday [27 September]. Astramowicz made the comment while taking part in a panel on diversification of gas supplies at the "oil and gas" trade fairs. According to Poland's energy policy, demand for gas will reach 18bn cubic metres annually in 2005, 20bn in 2010, 25bn in 2015, and almost 30bn cubic metres in 2020.
Astramowicz describes as "unlikely" the policy assumption that the electrical energy sector will be using 3.1-3.5 billion cubic metres per year by 2005. "The sector's level of gas consumption in 2005 will be considerably lower than that quoted in the government's programme, which means that in that sector alone there will be a huge surplus," Astramowicz says. He says the surplus could come to 2-2.5bn cubic metres.
"There will definitely be too much gas, and that gas will come from long-term contracts. Poland will have big problems paying for contracted gas within existing and signed contracts," he said.
Enron Poland trades in electrical energy and natural gas.

India: Godbole panel submits report
Our Special Correspondent

09/27/2001
The Hindu
Fin. Times Info Ltd-Asia Africa Intel Wire. The Hindu Copyright (C) 2001 Kasturi & Sons Ltd. All Rights Res'd
MUMBAI, SEPT. 26. The Godbole Committee - appointed by Maharashtra to negotiate power tariff rates with Enron - has made sweeping recommendations with a view to bring down the rate to Rs. 2.25-2.40 per unit.
Since the Centre's counter-guarantee liability for the project is Rs. 2500 crores, New Delhi should raise the same amount by issuing bonds and lend it to the Maharashtra Government as an interest-free loan, the Committee has recommended.
The project should be exempted from paying custom duty on the import of the LNG and the machinery for handling the LNG and if Dabhol Power Corporation is not entitled to income tax concessions for 10 years, the facility should be extended to it. The Committee wants the shareholders to forgo 75 per cent value of their investment in the project and rescheduling of Dabhol's loans. Besides, efforts should be made to find an alternate investor to replace Enron.
Other recommendations include the separation of the fuel facility from the project, renegotiation of fuel supply and shipping and restructuring of the tariff.
The Maharashtra Chief Minister, Mr. Vilasrao Deshmukh, told reporters that the State Cabinet had taken note of the recommendations in its meeting today.
The Committee has stated that it was not necessary to negotiate with Enron since the power major had expressed a desire to quit the project. The Committee spoke to representatives of the electricity boards of Karnataka, Madhya Pradesh, Delhi, Rajasthan and Haryana to explore the possibility of selling the excess power to them, but found that these States could buy electricity to some extent if the tariff was brought down to Rs. 2.25-2.40. The power needs of these States is temporary.

The Hindu-Editorial: Muddying a quagmire

09/27/2001
The Hindu
Fin. Times Info Ltd-Asia Africa Intel Wire. The Hindu Copyright (C) 2001 Kasturi & Sons Ltd. All Rights Res'd

ANY FAINT HOPES about the murky Dabhol Power Project crisis being sorted out by the contracting parties - the Enron Corporation, the Maharashtra State Electricity Board (MSEB), the State Government and the Centre which provided the sovereign guarantee in favour of Dabhol Power Company - now appear to have been ruined by the Maharashtra Government's resort to "the theatre of the absurd".
The decision of the Vilasrao Deshmukh Government to have a judicial probe into the entire Enron deal abinitio is not a mere exercise in evasion of the responsibility of the State Government to strive for a process of renegotiation of the contract perceived to be loaded against the virtually bankrupt MSEB (which is unable to pay for power purchased from the Dabhol Plant-Phase I); what is involved is a brazen blackmailing strategy through which the State Government perhaps hopes to drive the Enron Corporation down to its knees to settle for an exit course at a substantial discount on its equity stake, estimated at $1.2 billion. The Centre is not blissfully unaware that its own obligation as a surety for the State Government is now seen as an empty promise with all its pervasive adverse image of the country as an undependable and vulnerable investment destination.
The reported remark of the Union Minister for Power, Mr. Suresh Prabhu, that the new twist to the Enron tangle is "unfortunate" but that it would not affect foreign investments in the future, in the power sector in India, is indeed adding insult to injury.
The script, as it is unfolding in the Enron muddle, can leave nobody in doubt that from the very beginning the contract has had a large element of political manipulation driving it. The allegation that the Enron Corporation was able to manoeuvre itself into a power purchase agreement which was decidedly exhorbitant in power tariff owing to the "padding" of capital cost and the denomination of tariffs in U.S. dollar terms (apart from the use of naptha as feedstock) is said to have been corroborated by the Madhav Godbole Renegotiation Committee set up by the State Government. Assuming that a whole chain of bureaucratic scrutiny from the Power Ministry at the Centre down to the MSEB, over a four-year period, did not unravel the odious features of the Enron contract, how does it exonerate the MSEB, the State Government and the Centre now, from non-compliance with the contract in its different stages?
Political muck-raking, which is what is now being sought to be substituted by the Vilasrao Deshmukh Government (with the tacit approval of the Congress High Command) for an honourable modusvivendi on the Enron imbroglio, can never pass muster so long as the arbitration clause in the Enron contract cannot be wished away. It would indeed be a reckless misadventure for the Vajpayee Government to let the Maharashtra Government renege on the power purchase agreement with the Dabhol company and simply watch the disintegration of India's first-ever and much-vaunted mega power plant put up on the basis of foreign investment. Given the deplorable inadequacies in the power infrastructure in the country even after ten years of liberalisation and the demonstrated incapacity to add even 5000 MW of power generation capacity a year, it would be utter folly to abandon the Dabhol project without its full capacity of around 2000 MW being leveraged for the industrial advancement of the country.
Reports indicate that the U.S.-based Enron Corporation has expressed a desire to quit from the Dabhol project. The Indian financial institutions which have a substantial exposure to the capital cost of the project cannot afford to wait in supplication for some miracle to happen for the Dabhol project to stay afloat. It is no less a challenge to them as to the Vajpayee Government to find a way out of the morass. Let the project be revived as an earnest of India's commitment to development rather than be rubbished as a monument of political corruption.

India: Talks on to solve Enron tangle
Our Special Correspondent

09/27/2001
The Hindu
Fin. Times Info Ltd-Asia Africa Intel Wire. The Hindu Copyright (C) 2001 Kasturi & Sons Ltd. All Rights Res'd
NEW DELHI, SEPT. 26. Some serious behind-the-scene negotiations are on at the level of the Central Government to resolve the Enron tangle involving the Maharashtra State Electricity Board (MSEB) and the Enron-promoted Dabhol Power Company (DPC). A team of secretaries from the Ministries of Finance, Power, Law and Petroleum with the occasional inclusion of the Chief Secretary of Maharashtra, has been meeting frequently to explore ways to salvage project and to safeguard India's image as a favoured investment destination.
The core group has had a series of meetings not only with the two parties but also with financial institutions and other interested parties who might consider taking over the power project. However, top sources in the Power Ministry declined to give any details at this juncture, saying it would jeopardise the negotiations.
The Ministry has, however, not taken kindly to the letter by the Enron Corporation chairman, Mr. Kenneth Lay, to the Prime Minister, Mr. Atal Behari Vajpayee, in which he has been critical of the Central and State Governments. "Writing letters will not resolve the problem. If that were the case, the Indian Government too has much to say on the issue, but it would only complicate matters," sources in the Power Ministry said here today.
The Centre was playing the role of a facilitator and would soon find a solution to the problem as soon as possible, the sources said.

Power rates in some areas expected
Evangeline L. Moises

09/27/2001
BusinessWorld (Philippines)
Fin. Times Info Ltd-Asia Africa Intel Wire. BusinessWorld Copyright (C) 2001 All Rights Res'd
Power rates are likely to go up in the coming months as state-owned National Power Corp. (Napocor) tries to recover some P273.21 million in costs.
In one of the last orders it issued before it was dissolved, the defunct Energy Regulatory Board (ERB) - now known as the Energy Regulatory Commission - allowed Napocor to recuperate about P1.333 billion in uncollected charges covered by Fuel and Purchased Power Cost Adjustments (FPPCA) from March 1996 to December 2000.
But at the same time, ERB ordered Napocor to refund customers in Luzon and Mindanao some P1.060 billion in overcharges during the same period. This leaves Napocor to collect the P273.21- million difference.
FPPCA is an automatic pricing mechanism that allows Napocor to recover through rate hikes all additional costs arising from changes in fuel costs and the purchase price of power under Napocor contracts with independent power producers (IPPs).
The ERB order allows Napocor to collect about P1.271 billion from customers connected to the Cebu-Negros- Panay grid.
A big part of this amount covers uncollected adjustments from Napocor's contract with Philippine National Oil Co.-Energy Development Corp. for the operation of Leyte-Cebu and Leyte-Luzon geothermal plants.
Napocor is also expected to collect some P4.87 million in fuel price adjustments from customers connected to the Bohol grid. Most of Napocor's power plants in the area use diesel and bunker oil.
Napocor also stands to collect about P57.15 million from customers connected to the Leyte-Samar grid, as the Leyte-Luzon geothermal plant went on stream last year.
On the other hand, Napocor is expected to reimburse some P22.34 million to customers in the Luzon grid, and P1.03 billion to customers in the Mindanao grid.
"During the period March 1996 to December 31, 2000, there were also discrepancies in the purchased power cost adjustment due to the inclusion of two IPP contracts, namely Enron Subic 1 and Marcopper, which have already expired and the inclusion in the computation of the cost of operation and maintenance of several of its leasehold management contracts," ERB said.
The board also directed Napocor to submit a proposal on how to implement the order before finally billing or reimbursing its customers.
A Napocor official, who requested anonymity, told BusinessWorld in an interview yesterday that the firm may implement a uniform adjustment on all grids to recover the remaining P273 million.
The alternative is to either refund or collect from specific grids, in which case the rate adjustments will be gradual, the official said. Customers in the Cebu-Negros-Panay grid will bear the biggest rate adjustments.
At the same time, Napocor admitted that it cannot do a one-time refund of the entire P1.03 billion to customers in Mindanao given its financial condition.


Hey Sara,

When you get a chance, can you forward to me a copy of the muni check list
recently prepared for Kim W.

thanks
brant


- Kari's bio.doc


Thanks for the update, Walt.  One option we were considering was a "share the
pain" settlement with Dreyfus, whereby they would let us buy out of the
remaining position at a steep discount (to acknowledge their contributory
negligence in this matter).  Has there been any additional headway in this
area?  I'm on vacation and haven't heard anything on this.  Weren't we going
to send a V&E litigator to visit Dreyfus' general counsel? If we commence
legal proceedings against Dreyfus, things will become costly and contentious
between us. Information will come slowly and grudgingly.  We have copies of
some of their internal notes which indicate that they knew---or should have
known---that something wasn't quite right with Todoroff's situation.  Before
we start filing discovery motions, we should exhaust the possibility of
meeting with their general counsel to see if a quick "business" settlement
can be obtained.  Please advise. Thanks.  SWD

WALT
ZIMMERMAN
03/16/2000 11:47 AM

To: Dana Gibbs/Houston/Eott@Eott, Lori Maddox/Houston/Eott@Eott, Susan
Ralph/Houston/Eott@Eott
cc: Michael Burke/Houston/Eott@Eott, Steve Duffy/Houston/Eott@Eott, Stanley
Horton/Corp/Enron@Enron

Subject: Todoroff Prosecution--CONFIDENTIAL/SUBJECT TO ATTORNEY-CLIENT
PRIVILEGE

Earlier this week, I spoke with Bill Moore (the chief prosecutor in the
Harris County District Attorney's Special Crimes Unit) regarding the
above-referenced matter.  Mr. Moore acknowledged receiving the investigative
materials that we submitted last week, and he indicated that his office is
commencing its review of those materials.  I emphasized to Mr. Moore the
desire of EOTT's management to have this case aggressively prosecuted.  Mr.
Moore acknowledged that the aggressive prosecution of this matter would send
a strong message to other traders who might consider dishonest acts, and he
assured me that his office would vigorously pursue this matter.  Based upon
some statements made by Mr. Moore during our discussion, it was obvious that
he recalled much of the presentation from our initial meeting.  I will call
Mr. Moore again tomorrow afternoon to get an update on the progress of this
matter.

We are also attempting to obtain from Louis Dreyfus tape recordings of
Todoroff's conversations with them regarding the series of deals that we are
describing as "The Second Transaction."  If Louis Dreyfus does not
voluntarily provide us with copies of those tapes (or if they assert that
tapes do not exist), the next step will be to consider filing a lawsuit or
seeking a bill of discovery in order to obtain the tapes.  Based upon some
notes we have received from a contract administrator at Louis Dreyfus, it
appears that Louis Dreyfus also suspected or knew that something was amiss
with The Second Transaction.  Assuming that Todoroff's conversations with
Louis Dreyfus were taped, the tapes should tell us whether Todoroff had a
conspirator at Louis Dreyfus who assisted him in his scheme to defraud EOTT.

If Louis Dreyfus does not voluntarily produce tape recordings of its
conversations with Todoroff, we will need some guidance from Enron as to how
aggressive we should be in attempting to obtain the tapes.


I would request that each of you read the following...........SF please email
me the answer to Schneider's questionwith respect to purchase contracts;GN
please provide me with the same concerning transport and storage.......Thanks
bng
----- Forwarded by Barbara N Gray/HOU/ECT on 08/02/2000 10:29 AM -----

	Steve HPL Schneider
	08/02/2000 06:37 AM

		 To: Brian Redmond/HOU/ECT@ECT
		 cc: Barbara N Gray/HOU/ECT@ECT
		 Subject: Re: Processing Value

We have the correct gas quality standards in place today and they are well
documented.  They should be an exhibit to every physical commodity contract
HPL generates (sales, purchase, transport, storage) - Barbara, please confirm
this is happening.

The Exxon processing contract has certain tiers of value established.  At
greater than 4.0 GPM, we receive 92% percent of the liquids.  Between 3.5 and
4.0 GPM, we receive 90%.  And so on.  The 100% shrinkage obligation remains
the same.  Therefore as lean gas is added that drives down the total GPM
stream below the thresholds, we lose percentages of liquid value back to us.
Even when these thresholds are not crossed, there is incremental costs (fuel,
transportation fees, lean gas absorbs light end liquids from rich gas stream,
etc), yet no financial benefit.  Therefore our net benefit decreases.

We potentially saw the first benefits of this discussion yesterday.  The deal
that caught my attention initially was the IFHSC minus $.13 that is on my
desk for execution and the gas is already flowing.  After we have improved
the process, Jack Simunek worked with Jeff Austin on a similar type of
package yesterday.  The hurdle price was determined to be IFHSC minus $.55.
Jeff quoted this to his producer, and really got no negative feedback.  I
think this potentially confirms what I stated in my original memo.  The
reason these producers are coming to us with their lean stream trying to get
into a rich, processable stream is that other competing pipelines have
already significantly lowered their pricing or have flat told them they would
not take the gas due to the impact on processing margins.

Brian Redmond
08/01/2000 08:44 AM
To: Steve HPL Schneider/HOU/ECT@ECT
cc:
Subject: Re: Processing Value

Steve,

Lets discuss.  I don't understand why the value of the gas stream to King
Ranch was reduced?

Also, are the correct gas standards set forth somewhere and well defined?

In response to your AMTEL message on the PRC, I am getting the PRC results
today and will be arranging a few hours/day to meet with everyone to go over
the results.

Brian


Zimin,

Andrea Reed asked for our help in looking for end-users of steel which might
be used to take a commodity hedge position.    She will work on identifying
potential equities or indices which might be used, and then we will analyze
them for correlation or co-integration with steel prices.   Andrea should be
contacting you next week regarding the project.     Hector has done
co-integration analysis in the past and has the tools to do this project.

Thanks,

Stinson

Anrdrea:   We will also need you to identify which steel prices/indices
should be used in this analysis.


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 Continuation      http://www.carrfut.com/research/Energy1/cl.pdf

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


Date: Thursday, February 7th , 2002

Location: ECS 06980

Orientation will be split into two sessions and divided by alpha-order. Sessions will run 10am-12 pm and 2pm- 4 pm.

We encourage all of you to attend your designated session as valuable information will be presented, and you will have the opportunity to get answers to your questions.

You can speed things up tommorrow by filing in the attached forms - alternatively you can complete them there

10am Session   Letters A- K

2pm Session Letters L-Z

PLEASE RSVP (BY REPLYING TO THIS E-MAIL) - IF YOU HAVEN'T DONE SO ALREADY


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===============================================================
SCIENTECH IssueAlert, November 20, 2000
Duke, Williams to Buy Gulfstream from Coastal Corporation
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

Subsidiaries of Duke Energy and Williams announced their intent to jointly
purchase The Coastal Corporation's 100-percent interest in the Gulfstream
Natural Gas System project. The purchase, expected to be finalized by the
end of this year, is subject to federal regulatory approvals and conditioned
upon completion of the Coastal / El Paso Energy Corporation merger. Financial
terms of the purchase were not disclosed.

ANALYSIS: The Gulfstream project is a proposed 744-mile steel pipeline
designed specifically to deliver natural gas into Florida. The project
has been sponsored by a subsidiary of Coastal Corp., a $16 billion
Houston-based
energy holding company with operations in natural-gas production, distribution
and marketing. Coastal Corp. is presently waiting for FERC's approval to
build and operate the system. However, due to regulatory mandates related
to Coastal Corp.'s pending merger with El Paso Energy Corp., Coastal Corp.
was forced by the Federal Trade Commission to divest the project. As a
result, Duke Energy and Williams have found a good window of opportunity
to purchase the pipeline project and its valuable inroad to the Florida
market. Until the merger is complete, Coastal Corp. will continue to develop
and market Gulfstream.

According to Coastal, the $1.6 billion Gulfstream project has already achieved
two important milestones in its FERC approval process: preliminary
determination
on non-environmental issues and a favorable draft environmental impact
statement. The company anticipates that the project will receive full FERC
approval in the first quarter 2001 and that Gulfstream will become fully
operational in June 2002. Approximately 400 miles of the route, which
originates
in Mobile, Ala., crosses the Gulf of Mexico and will be located in federal
offshore waters. Gulfstream offers 1.2 billion cubic feet of natural-gas
capacity per day, and is designed to primarily serve Florida utilities
and power-generation facilities that plan on using high-efficiency natural-gas
turbines. Already, the project has precedent agreements with 10 large Florida
utilities and power generation facilities.

Upon completion of the purchase, Duke and Williams will proceed with the
jointly managed operation and development of the Gulfstream project. It's
not difficult to assess why Duke and Williams would be interested in making
the acquisition. The two companies, which have historically had a
collaborative
relationship, already own significant amounts of interstate natural-gas
pipeline capacity. Between its two subsidiaries involved in natural-gas
production*Duke Energy Field Services and Duke Energy Gas Transmission*Duke
Energy owns and operates about 57,000 miles of pipeline and 12,000 interstate
miles of capacity. Williams' five interstate natural gas pipelines reportedly
deliver about 16 percent of the natural gas consumed in the United States.
The company's vast 27,300-mile pipeline network stretches from coast to
coast and from Mexico to Canada, serving more than 48 million residential,
commercial and industrial natural gas users. In fact, the two companies
already were planning the Buccaneer Gas Pipeline project in Florida, a
674-mile pipeline that would have followed a similar route as the Gulfstream
project will follow. Duke and Williams are no longer planning the Buccaneer
project now that they are acquiring the Gulfstream project. The addition
of Gulfstream should benefit both companies and offer a prime position
for them to expand their independent operations in Florida.

The CEO of Williams' gas pipeline group stated that the Florida market
would support only one new pipeline coming into the state. By joining
together,
Williams and Duke can both capitalize on the high-growth state as it
eventually
becomes competitive. First among the priorities for the project is to ensure
adequate pipeline capacity by June 2002, and meeting the projected 10,000
MW electric generation growth that is expected by 2007.

Duke Energy also confirmed that the purchase of the Gulfstream project
accelerates its own entry into Florida. In fact, Richard Priory, Duke's
CEO, conceded at a conference last September that much of Duke's future
success will result from its natural-gas operations. Specifically, Duke
has been focused on merchant plant and natural-gas pipeline construction
for some time. As of this summer, Duke was rated third in announced merchant
plants (behind Calpine and Panda), and has made no bones about the fact
that its strategy is centered around building additional merchant plants
and acquiring natural-gas pipelines. Thus, the acquisition of Gulfstream
is a perfectly appropriate move for the company to make.

And the strategy is resulting in some significant payoffs for the company.
Duke's third-quarter earnings rose 75 percent. Duke attributed the higher
results to the continued expansion of its unregulated energy businesses,
specifically natural-gas gathering and foreign energy sales. Duke's shares,
which had been trading at 52-week peaks, are currently trading at $88 15/16
(as of the opening of the market on Nov. 20). Current market conditions
certainly validate Duke's growth in this direction. For starters, current
data indicate that natural gas is the fuel of choice for approximately
90 percent of all new electric generation that is being built. Most
projections
place natural gas as the ongoing fuel of choice for new generation as the
demand for natural gas is expected to increase from 23 trillion to 30 trillion
cubic feet per year by 2010. In addition, coal and nuclear generation came
under environmental and public scrutiny over the last two decades, at a
time when natural-gas prices were comparatively low. All of these factors
have created a strong market for natural-gas generation, despite the fact
that data from the Department of Energy suggests a shortage of natural
gas and heating oil for this winter.

Duke has had a rather difficult time penetrating the Florida market, so
this purchase could facilitate easier expansion in the state. About a year
ago, the Florida Public Service Commission had approved the construction
of a Duke merchant plant in New Smyrna Beach. However, the state's three
IOUs appealed the decision to the Florida Supreme Court, arguing that merchant
plants were not allowed under state law. The Florida Supreme Court overturned
the decision of the state PSC, blocking Duke's entry into the state.
Consequently,
Duke is wisely using the acquisition of the Gulfstream project as another
way to get into the Florida market (and one that is potentially more
profitable).

Florida has not yet passed restructuring legislation, and it is unclear
when the state will become competitive. Bills have been introduced into
the state legislature, but thorny issues such as stranded cost recovery
and unbundling charges have caused the bills to be removed. Presently,
Governor Jeb Bush has created a 19-member commission to develop an energy
plan for the state. The commission must submit a report to the governor
and the legislature by December 1, 2001. Among the issues that must be
addressed are power reliability, energy supply and delivery, and the fiscal
impacts of deregulation. However, it is clear from the commission's deadline
that competition will not take effect in Florida during 2001.

Yet, looking forward, if the California experience is any indication, the
natural-gas shortage should work to Duke's advantage. As wholesale prices
skyrocketed this summer, Duke and other generators were in a prime position
to reap large gains. Duke is still following this tactic on the West Coast.
California regulators just gave approval to the construction of a proposed
1,060-MW unit in Monterey County, which again is natural-gas fired, combined
cycle unit. If California history repeats itself in Florida, Duke and Williams
will be the co-owners of the only new gas pipeline coming into the state
at a time when natural-gas supplies remain quite low.
===============================================================
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wmcnamara@scientech.com
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Hi, Michael:

Per my voice mail, I am interested in purchasing a case of Skewis
half-bottles (any vineyard).  Do you have 12 bottles available?  That is my
first request.  If you don't have 12 Skewis, then I may have to search for
alternatives.

Shipment for this case will be directly to:

Michael C. McKeogh
601 Poydras Street, 23rd Floor
New Orleans, LA  70130

We can discuss payment when I hear from you.  Thanks for your help.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	"Michael Rapp" <mrapp@oakvillegrocery.com>
	02/27/2001 06:51 PM
	Please respond to "Michael Rapp"

		 To: <sara.shackleton@enron.com>
		 cc:
		 Subject: Pinot Purchase

Sara,
It was nice talking to you and thank you for your  order.
The cost will be 287.95-10%=259.16+35.50 shipping  cmes to a grand total of
294.66. I will follow shortly with a list of dazzling  pinots. Let me know if
there is a favorite out there that your trying to  find.
Thank you Michael Rapp (707) 433-  3200??