Details of ENA ISDAs:

ISDA Master Agreement dated as of 19 October 2000 between ENA and RVI
Guaranty Co. Ltd.

ISDA Master Agreement dated as of 22 December 2000 between ENA and Credit
Protection Trust XXVI (Amended and Restated as of 2 March 2001)

NB: Both of these ISDA's are 'Single Transaction' ISDAs - ie no further
transactions shall be governed by same.

I will forward you copies over the course of the next week.

At this point there it is not contemplated that these ISDA's and underlying
transactions shall be assigned to Enron Credit Inc.

Tks

Denis

From: Sara Shackleton on 01/03/2001 08:50 CST
To: Denis O'Connell/LON/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT

Subject: Re: R.V.I. Guaranty Co., Ltd., a Bermuda reinsurance company and
Continental Insurance Company

Denis:

We'll forward originals per your message.

I would appreciate your compliance with the remainder of my message.  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
----- Forwarded by Sara Shackleton/HOU/ECT on 03/01/2001 08:48 AM -----

	Sara Shackleton
	02/27/2001 05:41 PM

		 To: Denis O'Connell/LON/ECT
		 cc: Mark Taylor/HOU/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT
		 Subject: Re: R.V.I. Guaranty Co., Ltd., a Bermuda reinsurance company and
Continental Insurance Company

Denis:

I will initial the Security Agreement for you and have it executed.  Where do
you want the executed documents sent?

As you know, all of our master agreements (whether or not related to
structured deals) are logged into our Lotus Notes database to which London
has access.  Please provide me with a list and copies of the ISDA Master
Agreements (and/or related financial agreements) which have been executed by
London  in the name of ENA.  These agreements should also be logged onto the
ENA database.

Will these masters be assigned to Enron Credit Inc.?  Will all trades be
assigned?  If so, will you prepare the assignment for execution?

Thanks.

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

	Denis O'Connell
	02/27/2001 09:50 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Mark Taylor/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Brent
Hendry/NA/Enron@Enron, Carol St Clair/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT,
Tana Jones/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Stephanie
Panus/NA/Enron@Enron, Cheryl Nelson/NA/Enron@Enron, Mark
Greenberg/NA/Enron@ENRON, Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Francisco Pinto Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Anne C
Koehler/HOU/ECT@ECT, Tanya Rohauer/Enron@EnronXGate, Rod Nelson/LON/ECT@ECT
		 Subject: Re: R.V.I. Guaranty Co., Ltd., a Bermuda reinsurance company and
Continental Insurance Company

Sara - I did the ISDA with RVI. - This was a structured Credit Derivative
Trade so you will not find this on the system.

I have reviewed and approved the Security Agreement.

many tks

Denis

From: Sara Shackleton on 27/02/2001 09:43 CST
To: Mark Taylor/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Brent
Hendry/NA/Enron@Enron, Carol St Clair/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT,
Tana Jones/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Stephanie
Panus/NA/Enron@Enron, Cheryl Nelson/NA/Enron@Enron, Mark
Greenberg/NA/Enron@ENRON, Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Francisco Pinto Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Anne C
Koehler/HOU/ECT@ECT, Denis O'Connell/LON/ECT@ECT
cc: Tanya Rohauer/Enron@EnronXGate, Rod Nelson/LON/ECT@ECT

Subject: R.V.I. Guaranty Co., Ltd., a Bermuda reinsurance company and
Continental Insurance Company

Is anyone familiar with an ISDA Master Agreement executed between ENA and the
above company?  I have received a Security Agreement executed by this party
seeking ENA's signature and the document references the Endorsement (to a
policy  - what policy?) issued to ENA on 10/19/00 which defines the ISDA
agreement.  This could be related to credit activity in London.  I am waiting
to hear from Jeff Kinneman and Denis O'Connell.

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


Chris,

The IHS DRN's are identified in red below.  Please make one up for the 608 Novelty Hill M/S point.  Thanks.

Mat

PS.  This just reminded me that we need to start scraping that additional PG&E point that we discussed last week.

From:	Chris Hyde/ENRON@enronXgate on 04/17/2001 09:43 AM
To:	Matt Smith/NA/Enron@ENRON, Tara Piazze/NA/Enron@ENRON
cc:	Colin Tonks/ENRON@enronXgate

Subject:	Northwest Foreign Key Problems

Hello...since I was working to reload some cycle 13 data for Northwest today, it seemed like a good a time as any to take care of these few foreign key violations as well.  These 4 points are reported on the Northwest site, but do not appear in our PIPELINE_LOCATION table as of yet (hence the foreign key violation):

458 OWYHEE COMPRESSOR - 3553
611 NORTH DOUGLAS RECEIPT (2001) - 37032
608 NOVELTY HILL M/S - (mkup one)
612 FOUNDATION CREEK PLANT (2001) - 2603

If we can get these matched to their IHS DRN counterparts, that would be great.  If not, we can make up the IHS number as we have in the past.

Thanks,
Chris


no. i like the rockets a lot, but not as much as the nuggets.  i will be home
on fri.


Correction:

1) ensures that DA customers' costs are NOT shifted to utility customers.


Attached are the monthly volumes for Calpine and Griffith, the average volume for Griffith may be hard to calculate because the plant has not yet gone commercial and the loads have been very inconsistent.


HEY!!!  What's up in your life?  My woman is getting bigger every day.  I wonder if this little sucker is going to look anything like Duff?  We've been living in sin together since the last week of Feb.  So far so good but I do like my solitude.

I'm thinking about buying a new car.  BUT I'm almost always thinking of buying a new car.  I drove all the toyota suv's the chevy suv's, nissan and ford.  My favorite out of the pack is the ford explorer - GO FIGURE.  ITs more comfy for my tush!

 -----Original Message-----
From: 	"Germany, Mary/COR" <mgermany@CH2M.com>@ENRON
Sent:	Monday, April 08, 2002 2:23 PM
To:	Germany, Chris
Subject:	Hi

How are things going?  When is you baby due?  Duffy got it a present?

Mary Germany, Manager
Accounts Payable
Payroll
Accounting Support
(303) 713-2151
fax (303) 846-2151
email - mgermany@ch2m.com

--

*


We will need to clarify early next week the exact status of the Second
Extraordinary Session.  Through conversations I had today, it appears as if
only the Senate adjourned the second special session and not the Assembly.
Both houses need to adjourn the second special session otherwise it runs
through November, 2002.  In referencing a Third Extraordinary Session, the
Governor likely assumed that the second special session would be adjourned.
We need to get clarification from Rules as to what this means.


---------------------- Forwarded by Randall L Gay/HOU/ECT on 09/11/2000 01:35
PM ---------------------------

To: Randall L Gay/HOU/ECT@ECT
cc:
bcc:
Subject: Re: Scope Document-Contract Exchage (Enron only)

  Randy,

  Bob Superty would like you to attend this meeting, if you are available
this afternoon.  Please also read the document below.
  I have added it to your calendar.

  Thanks! :  ) Heather

______________________________________________________________________________
_______________________________________________________

o: Carrie Slagle/HOU/ECT@ect, Molly Sumrow/HOU/ECT@ECT, Robert
Superty/HOU/ECT@ECT, Dave Nommensen/HOU/ECT@ECT, George D
Smith/NA/Enron@ENRON, Inja Chun/HOU/ECT@ECT
cc: Heather Choate/HOU/ECT@ECT, Susan Harrison/HOU/ECT@ECT
Subject: RESCHEDULED - Re: Contract Exchange Mtg.

The Contract Exchange meeting has been rescheduled for Monday, Sept. 11th.
from 3:30pm - 5:00pm and will be in EB 21C1.  The meeting will be to discuss
Contract Exchange module requirements.  If you have any other questions,
please feel free to contact me.

Thanks,
Brenda
x31914


Zimin,

Yes, it wasn't easy. Thanks for stepping in on such a short notice.

Vince

-----Original Message-----
From: Lu, Zimin
Sent: Monday, October 22, 2001 7:22 PM
To: Kaminski, Vince J
Cc: 'zlu@enron.com'
Subject: SMS presentation

Vince,

Our presentation at the SMS panel went very well. The audience asked quite a few questions.
Mac from U Penn invited me for lunch and dinner tomorrow to talk about more in details about real option valuation.

Enron was mentioned a few times in
Gary Hamel's speech in very positive way.

I heared Enron is under Sec investigation. I can imagine your
Monday meeting was not easy.

Zimin
--------------------------
Zimin Lu


Hey Buck -

How've you been?  I assume business has been good since I haven't heard from
you lately.  Don't forget to send me a bill  for the work you did on the boat
last month......

Mark


Thank you very much. We will give it a try.

-----Original Message-----
From: Fleming, Rhonda [mailto:Rhonda.Fleming@txdps.state.tx.us]
Sent: Tuesday, October 09, 2001 2:19 PM
To: Causholli, Monika
Cc: Gilmore, Debbie; Ronquillo, Lorraine
Subject: SSN requirement
Importance: High

Dear Ms. Causholli:

If your husband is not eligible to receive a Social Security number, he
needs to obtain a "letter of ineligibility" from the Social Security
Administration.  With this letter, the Department of Public Safety is able
to continue with the process of issuing him an original driver license.  He
will need to present proof of his identity in order to obtain an orginal
driver license and his foreign passport with a valid U.S. Visa included will
be sufficient.  Your husband will be required to take the written and
driving tests and pay the required fees.

If you have any other questions, please feel free to contact me at this
e-mail address or by phone at (512) 424-5062.

Sincerely,

Rhonda Fleming, Major
Driver License Division


Check out the E-Flyer below and let me know what's up.

E
---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 11/05/2000
06:47 PM ---------------------------

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To:
cc:

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SIVY ON STOCKS from money.com
June 4, 2001

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Building boom

Prospects for a strong economy next year are boosting the share prices of
companies like Caterpillar and Fluor.

By Michael Sivy

The stock market has been listless since mid-May, marked by low trading
volume and weak share prices. But although the financial media seem to be
focusing almost entirely on daily earnings warnings and weak trading volume
trends, the accumulating evidence points to an excellent 2002. Most
Fedwatchers think that chairman Alan Greenspan will cut interest rates at
least one more time this summer -- probably at the June 26-27 meeting.
Since rate cuts need six to nine months to take effect and the first cut
occurred in January, the economy should be picking up by October at the
latest -- and should continue to gather momentum through the early part of
next year.

The consensus forecast for 2002 is that the economy will grow more than 3
percent, that unemployment will hold steady below 5 percent, and that oil
prices will come down slightly. That, in turn, should lead to a small
decline in inflation. Accelerating growth combined with falling inflation
is the magic formula for a rising stock market. And though neither trend
figures to be strong, they both are definitely going in the right
direction. Not surprisingly, such an economy is great news for cyclicals,
such as construction-related businesses.

One stock I like is Caterpillar [CAT], the world's largest maker of
earthmoving equipment, especially big-ticket machines that can weigh more
than 50 tons and sell for $500,000. I first recommended the shares in
August at $39, or about 11 times this year's estimated earnings. Since
then, the shares have appreciated 43 percent to $55.80. Despite that run,
shares trade at just 16.4 times next year's estimated results, and are
still 10 percent below their all-time high, set in 1999.

One reason the stock's price/earnings ratio remains moderate is that
profits are expected to rise more than 30 percent next year, as the economy
rebounds. Such growth isn't sustainable, but longer term, earnings should
be able to rise at a compound annual rate of 11 percent. Include the 2.4
percent yield, and the stock's total return potential still looks quite
attractive.

A slightly riskier, but potentially lucrative choice is Fluor [FLR], a
leading construction and engineering firm that is just coming out of a
major restructuring. Fluor manages enormous projects, such as building oil
refineries and electricity-generating plants. Given U.S. energy needs over
the next five years, as well as likely demand for other big construction
projects as the economy rebounds, Fluor should be set to enjoy good times.

The stock is up a little over 12 percent since I recommend it in April. At
a current $57.40 a share, the stock trades at 23.4 times next year's
estimated earnings. Profits are expected to rise more than 23 percent next
year, and earnings could rise at a 12.5 percent compound rate over the next
five years. Moreover, once a coherent U.S. energy policy is in place --
presumably before the end of the year -- investor attention will likely
shift even more to a company that boosts the nation's capacity to keep
gasoline and electrons flowing.

=====================
Join Michael for a live AOL chat on Tuesday, June 5 at 1pm ET.
AOL users go to Keyword: MarketTalk
=====================

###

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Please forward to others who need this information.

As you know, Enron's been involved with a group of business customers, small
customers, labor and enviros trying to hammer out a core/noncore proposal
that would act as a key modification to Edison's MOU with the Governor.

Today, the Assembly leadership released a bill (AB 82XX) that modifies the
MOU but does not follow the core/noncore proposal negotiated by the group.
The bill just came out, is about 80 pages long, and thorough analysis has not
yet been completed.  The URL for the bill is attached.  Based on a meeting
attended this morning in Sacramento,the key features of the bill( which is
attached) are:

Direct Access suspended until 1.1.2003 (suspension presumably effective on
the effective date of the bill)
Transmission sale at 2X book.
Approximately 90% (or greater) of Edison's undercollection absorbed by
customers 20KW and above.
Create a Trust to address the money owed to the generators and offer the
generators 70 cents on the dollar (but does not do away with the suits,
investigations, etc.)
The bill is completely silent regarding who will pay for the DWR contracts
and what the payment structure will look like.

Reaction and Timetable
Very chaotic, with considerable uncertainty about where (if anywhere) the
bill will go, leaving many to believe that bankruptcy remains a strong
possibility.
Business customers (and of course Enron) are strongly opposed
Republicans are strongly opposed
Labor has big problems with the Tx sale unless they get assurances that TX
labor jobs are guaranteed, which is not yet included in the bill
We are working with business to remove the Direct Access suspension
We are also working on the Senate side to attempt to get the Senate to
include Direct Access in their version of the modified MOU, but the Senate
has been more hostile than the Assembly to Direct Access.
Senate Democrats still intend to run a bill that delinks payment of the bonds
to repay General Fund for power already purchased from the DWR contracts.
AB82XX does not address this issue.
Senate Democrats also intend to craft their own version of a "modified MOU."
Word is that the Senate will release their bond language and their "modified"
MOU this weekend or early next week.
The Assembly will hold an "informational" hearing on the bill tomorrow
(Saturday) to get members up to speed
The Assembly will have a committee hearing and vote on the bill on Monday,
with the intent of sending the bill to the full Assembly for a vote on
Tuesday.
The Legsilature is supposed to have a month-long recess beginning Friday,
July 20th, which requires that both the budget and the energy issue get
resolved by then, or suspend the recess and continue working

Will continue to provide updates as events unfold. If folks have additional
comments on the bill, please direct them to Harry Kingerski and Leslie
Lawner, who will ensure that they get into the hands of our lobbyists in
Sacramento.

If there are any questions, my pager is 888.916.7184.

Best,
Jeff
 - abx2_82_bill_20010712_intro.pdf


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BL,

Have you experienced any blackouts yet?  I think you'll see a lot this summer.
What does everyone think about the situation?  Do they think it's a threat or
not?  I think
the state is in for a horrific summer - I hope it doesn't turn out that way,
but it'll be incredibly
difficult to avoid.

Hope everything's going well with work and with the family.  When's the next
time you'll
be in Dallas?  Let me know.

KR


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of the company.

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 Last name: Campbell
 Email:  lcampbe@enron.com
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In today's edition of the Daily Update, we offer a spate of ideas and some
promises we hope are kept. Like many of us at this time of year, certain
telcos are trying to shed excess pounds (of debt) to make themselves
more attractive (to investors), and equity research columnist Dave
Sterman does his best impression of a personal trainer keeping his eye
on analyst sentiment.

The new year also means new conditions for private B2B exchanges,
and eMarketer senior analyst Steve Butler explains how the survivors are
adapting.

Finally, Morgan Stanley has a stock idea for investors with an appetite
for wireless, but are leery of indigestion. Multex Investor members get a
free insight into Alltel (AT) thanks to the free research trial available
exclusively to them (that's you).

You can also link directly to our research page, which features synopses
of broker and free reports, by clicking here:
http://www.multexinvestor.com/article.asp?docid=5719&nd=0108

***************************************************************
You are receiving this mail because you have registered for
Multex Investor. To unsubscribe, see bottom of this message.
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Below
--------

- Investment ideas
- Broker and third-party research
- Online advice and chats
- Free and sponsored reports

Investment ideas
-----------------------------------------

1. INVESTMENT IDEAS
Portly telcos
Telecom stocks trying to slalom through tough conditions while carrying
a few extra pounds of debt

By Dave Sterman, equity research columnist

Telecom bankruptcies have been making headlines for most of the last
year. Struggling upstarts that borrowed too much money had to fold up
shop as the cash ran out and creditors came knocking. But debt
problems of another sort are cropping up for much larger telecom firms.
These companies are not candidates for bankruptcy, but staggering debt
loads may hinder their operational flexibility and could even cause them
to radically scale back their businesses. For equity investors, the
situation certainly bears watching.

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=5628&nd=0108

2. INVESTMENT IDEAS
How the survivors have evolved
From passive transaction-based units to active technology providers and,
ultimately, proselytizers

By Steve Butler, senior analyst, eMarketer

At the beginning of 2001, eMarketer selected five so-called "independent
exchanges" that we believed were worth watching during the course of
the year. Chosen for the diversity of their vertical industry operations,
these benchmark exchanges were noted as useful indicators of the
success or failure of online exchange-based trade within various
industries.
Known as a pioneer within the energy industry and among business-to-
business (B2B) exchanges in general, Altra Market Place was placed on
the list because of its background as a facilitator of commodity-based
trade. Citadon has long emphasized its Web-based, collaborative
software for the engineering and building industry, while eMerge
Interactive (EMRG) was initially known as a cattle broker with extensive
online and offline trading operations.
MetalSite was selected because of its presence within the highly-
competitive online steel-trading industry, and SciQuest (SQST) was
noted for its leadership as a provider of Internet-based catalog and
trading technology for the life sciences industry.

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=5720&nd=0108

WORD FROM OUR SPONSOR
--------------------------

First Baby of the New Year Looks to be Science & Technology Funds

As the new year began, technology funds seem to be off to a roaring
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primarily by technology stocks.
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Broker and third-party reports
-----------------------------------------

1. INVESTORS' CHOICE: 3-DAY FAVORITE
The 451 discusses Cisco's (CSCO) new focus on the mobile wireless
market.

This report examines IP infrastructure spending, the next-gen Internet
and network architecture layers, Cisco's strategic alliances and mobile
business customer targets, and advanced e-services and content
applications. (2-page report for purchase - $5)
http://www.multexinvestor.com/download.asp?docid=5676705&nd=0108

2. TODAY'S SPECIAL REPORT
Oscar Gruss & Son offers views on its universe of 26 Israeli tech
stocks.

The firm provides company snapshots, descriptions, recent notable
events, and/or outlooks for stocks such as Check Point (CHKP),
Comverse (CMVT), Mercury Interactive (MERQ), Terayon (TERN, Vyyo
(VYYO), Amdocs (DOX), and more. (30-page report for purchase - $75)
http://www.multexinvestor.com/download.asp?docid=25909975&nd=0108

3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Friedman, Billings, Ramsey offers a positive outlook on specialty
pharmaceuticals.

FBR looks at 2001 highlights, provides a 2002 outlook, and
profiles 5 of its top picks and 4 it likes least. Two of its five favorites
are Andrx (ADRX) and Barr (BRL), while 2 it doesn't like are Watson
(WPI) and King (KG). (6-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=25912221&nd=0108

4. THIRD-PARTY REVIEW
Kintisheff Research reports on the outlook for volatile fiber
optics concern JDS Uniphase (JDSU).

In the report, Kintisheff discusses the sector supply chain
situation, the IBM deal, and gives short- and long-term investment
opinions on JDSU. In total 5 pages of company commentary and 5
pages of detailed financials. (10-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=25932378&nd=0108

5. WHAT'S HOT?
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In the report, the firm offers a page of general market commentary
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What's Next for
Enron Federal Credit Union

Over the years, Enron Federal Credit Union has been proud to share the Enron name and support many wonderful employees and their family members around the world.  Here are some of the exciting changes slated for the Credit Union in the coming months.

New Name
We believe it is important to change our name for the sake of our members and our organization. Our new name will reflect everything that we stand for: trustworthiness, outstanding service, innovative products, value and convenience. You can expect to hear about our official new name later this month.

Expanded Field of Membership
Also, being a single sponsor Credit Union for Enron Corp., it has become necessary to expand our field of membership. We continue to welcome and serve current Enron employees and their families, but we will now also invite individuals and businesses that live, work or worship in Downtown Houston and the surrounding areas to become members of our Credit Union.

Additional Location
Another immediate area of focus for the Credit Union is our location. We have made plans to open an additional full-service facility that will be located in close proximity to the Enron Building in the downtown area with easy access. More information about our new location will be announced as soon as it becomes available. At this time, our current office facility will remain open and accessible for all of our members.

We are excited about the changes that 2002 will bring and look forward to sharing the experience with each of our members.


---------------------- Forwarded by John Arnold/HOU/ECT on 09/25/2000 02:18
PM ---------------------------
To: John Arnold/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT
cc: Chris H Foster/HOU/ECT@ECT, Greg Wolfe/HOU/ECT@ECT
Subject: Re: Electricity and Natural Gas hedging

I suggest that we initially cover this person out of the Portland office.
One of our middle marketers can easily get up to meet with this guy.
Depending on the magnitude and complexity o their power and gas needs are we
will then pull in the appropriate people.  Phillip and John, let me know if
this works for you.

Eric Thode@ENRON
09/22/2000 07:28 AM
To: John Arnold/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT
cc:
Subject: Electricity and Natural Gas hedging

John and Tim --

I believe this one is for both of you.  Thanks.

Eric

---------------------- Forwarded by Eric Thode/Corp/Enron on 09/22/2000 09:29
AM ---------------------------

Lisa.M.Feener@enron.com on 09/21/2000 11:31:32 AM
To: eric.thode@enron.com
cc:

Subject: Electricity hedging

---------------------- Forwarded by Lisa M Feener/ENRON_DEVELOPMENT on
09/21/2000 11:30 AM ---------------------------

"Holbrook, Doug" <holbrook.d@portseattle.org> on 09/21/2000 10:26:32 AM

To:   "'lfeener@enron.com'" <lfeener@enron.com>
cc:
Subject:  Electricity hedging

I work for the Airport Authority for Seattle-Tacoma International Airport
in
Seattle, Washington and I am responsible for Managing the Utilities. We are
interested in hedging our Electricity and Natural Gas supplies. Can I get
some information on Enron's services in this area?

Douglas C. Holbrook
Manager, Business & Utilities Management
Port of Seattle
Seattle-Tacoma International Airport
PO Box 68727
Seattle, WA. 98168
Phone: 206-433-4600
Fax: 206-988-5515
holbrook.d@portseattle.org


-----Original Message-----
From: 	Jordan, Paul
Sent:	Tuesday, August 28, 2001 10:34 AM
To:	Quigley, Dutch
Subject:	Kobra Book

Dutch,

Please send me the Kobra book you showed me today so that we can re-size the objects to the desired view. If there are any other books that you would like created please let me know and we'll setup a time after your trading hours to discuss what Kobra book you want to create.

Thank you,

Paul Jordan
Enron Net Works
Market Data Analyst
Paul.Jordan@enron.com
(713) 853-0320


Critical Migration Information:

1. Your scheduled Outlook Migration Date is THE EVENING OF : May 15th
2. You need to press the "Save My Data" button (only once) to send us your
pre-migration information.
3. You must be connected to the network before you press the button.
4. If a POP-UP BOX appears, prompting you to "ABORT, CANCEL OR TRUST SIGNER"
please  select TRUST SIGNER.
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If you encounter any errors please contact the resolution center @
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Sorry for the confusion.

I would prefer that you draft the letter and we will sign it.  The proposed
changes to the system are a good idea and we are working to initiate them.
Please send the letter and I will notify you when the system has been changed.

Thanks
Hunter


Attached for your review are draft talking points for the Cal Energy Markets
conference I'm speaking at on Thursday in SF.  All comments, suggestions,
etc. are appreciated.  Thanks.


You can reach Andrew @ 212-318-2295. Also someone from their London office.


Final Reminder

If you are a participant in the Enron Corp. Savings Plan, all trades among your investment funds must be completed by 3:00 PM CST Friday, October 26.

The makeup of your investment funds in the Savings Plan at 3:00 p.m., October 26, will reflect your investment decision for the duration of the transition period.


I sent this email from GE to Dale/Bill after I received it.  Since Peter's
last draft was April 24, I'm I assume this wasn't included:

Kay/Bill,

Bill says he agrees and accepts our comments to the A&A.

One change required to the Rev 5 document.  In Exhibit B, Add item "27)One
additional Human Machine Interface (HMI) per Unit (desktop PC type)"

Include these changes and we can get this done tomorrow.

Thanks,

Lee


Please do not reply to this e-mail.

You are receiving this message because an invoice requiring coding, issue resolution, or approval has been submitted to your iBuyit Payables in-box.  This requires your action through iBuyit Payables.

To launch iBuyit Payables, click on the link below:
http://iBuyitPayables.enron.com

Note:  Log into iBuyitPayables using the same Employee PID (P-Number) and Password you use to enter the eHRonline system and/or SAP.

First time iBuyit Payables user?  For training materials, click on the link below:
http://sap.enron.com/sap_doclib/user/file_list.asp?cabinet_id=265

Need help?
Please contact the ISC Call Center at (713) 345-4727.


FYI. Dow Jones had a story on our lawsuit.
----- Forwarded by Richard B Sanders/HOU/ECT on 10/17/2000 09:25 AM -----

	Eric Thode@ENRON
	10/17/2000 08:43 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Enron Mentions

The last article...

---------------------- Forwarded by Eric Thode/Corp/Enron on 10/17/2000 08:43
AM ---------------------------

Karen Denne
10/17/2000 07:15 AM
To: Eric Thode/Corp/Enron@ENRON
cc:

Subject: Enron Mentions

fyi, TVA article... are you the spokesman?
---------------------- Forwarded by Karen Denne/Corp/Enron on 10/17/2000
07:17 AM ---------------------------

	From:  Ann M Schmidt                           10/17/2000 07:11 AM

To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Meredith
Philipp/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Mary
Clark/Corp/Enron@ENRON, Laura Schwartz/Corp/Enron@Enron, Elizabeth
Linnell/NA/Enron@Enron
cc:

Subject: Enron Mentions

Enron's Third-Quarter Profit Rises 31 Percent as Sales Surge
10/17/0 7:36 (New York)

Enron's Third-Quarter Profit Rises 31 Percent as Sales Surge

     Houston, Oct. 17 (Bloomberg) -- Enron Corp., the world's
largest energy trader, said third-earnings rose 31 percent as
revenue more than doubled.
     Net income rose to $292 million, or 34 cents a share, from
profit from operations of $223 million, or 27 cents, in the year-
earlier quarter. Enron was expected to earn 32 cents a share, the
average estimate of analysts polled by First Call/Thomson
Financial. Revenue rose to $30 billion from $11.84 billion.
     Revenue from Enron's wholesale energy operations and services
unit, which consists of marketing energy commodities and investing
in energy-related assets, more than doubled to $28.2 billion from
$11.1 billion. Revenue from its retail energy services business
almost tripled to $1.48 billion from $542 million.
     In the year-earlier quarter, a gain of $345 million, or
44 cents a share, and a charge of $278 million, or 36 cents, made
net income $290 million, or 35 cents.
     Shares in the Houston-based company rose 50 cents to $80
yesterday. They've risen 80 percent this year.

--Per H. Jebsen in the New York newsroom (212) 893-3368, or
pjebsen@bloomberg.net, through the Princeton newsroom (609) 279-
4000/als

Story illustration: To see the breakdown of Enron's annual sales,
see {ENE US <Equity> DES6 <GO>}.

USA: Enron earnings rise 31 percent, beat expectations.

10/17/2000
Reuters English News Service
(C) Reuters Limited 2000.

HOUSTON, Oct 17 (Reuters) - Enron Corp., North America's biggest buyer and
seller of electricity and natural gas, said on Tuesday its third-quarter
earnings rose 31 percent, beating Wall Street's expectations as online
trading helped drive strong growth at its wholesale energy operations.
Recurring net income rose to $292 million or 34 cents per share from $223
million or 27 cents in the third quarter of 1999. Wall Street analysts had
expected earnings of 32 cents a share, according to First Call/Thomson
Financial.
"Our wholesale and retail energy businesses have achieved record-setting
levels of physical deliveries, contract originations and profitability," said
Chairman and CEO Ken Lay.
"We operate in some of the largest and fastest growing markets in the world,
and we are very optimistic about the continued strong outlook for our
company," Lay added.
Enron, which has recently branched out beyond energy into fields such as
broadband telecommunications and metals trading, said third-quarter revenues
rose 154 percent to $30 billion compared with the same period of 1999. The
company's stock has risen some 80 percent so far this year.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Oct. 16, 2000, 10:35PM
Arena-backers promote plan to group of Hispanic leaders
By JANETTE RODRIGUES
Copyright 2000 Houston Chronicle
Pro-arena forces did some direct marketing to the Hispanic community Monday,
pitching the $175 million plan to a grass-roots group of Latino leaders.
More than 150 community activists and leaders, precinct judges and
civic-association members attended an informational meeting and
get-out-the-vote rally for the Nov. 7 arena referendum. The rally was
sponsored by the Let's Build It Together political action committee.
"By having our Hispanic community come out in force for issues like this, it
empowers us," said Celina Garza-Ridge, a Harris County-Houston Sports
Authority director. "It's very important to be able to say the Hispanic
community made a difference, and we are exactly in that position."
George Postolos, the Houston Rockets' chief operating officer, said the team
is actively courting the Hispanic community.
The pro-arena committee, headed by former Reliant Energy Chairman Don Jordan,
and Ken Lay, Enron chairman and chief executive officer, does not want a
repeat of the 1999 referendum.
Voters last November soundly defeated the previous arena proposal. The sports
authority is a governmental body whose members are appointed by the city and
county to oversee and develop sports venues.
The Rockets made a 30-percent participation commitment, similar to the one
made four years ago by the Houston Astros for Enron Field, to fairly share
the new arena's design and construction jobs with minorities and women.
The team also promised to distribute up to $50,000 a year in neighborhood
improvement grants of up to $1,000 each to worthy grass-roots, nonprofit
organizations and civic clubs in inner-city Houston. The new program targets
the Hispanic community, Postolos said.
The new arena plan is being endorsed by a cross-section of Latino leaders,
including City Councilmen John Castillo and Gabriel Vasquez, state Rep. Mario
Gallegos, the Hispanic Chamber of Commerce and others.
Vasquez told meeting attendees that the city, and the Hispanic community, is
getting more tangibles this time around.
He said, "When you consider that our community will get 30 percent
affirmative action, that our youth will be taken care of through youth
outreach programs and our neighborhoods will be taken care of as well, this
is a really good deal for Houston and this is a really good deal for the
Hispanic community."
Mercedes Alejandro, who represents Parents for Public Schools of Houston,
heard the details of the plan for the first time.
"It's good if it creates jobs for the community, and opportunities to rebuild
the community," she said. "We want it to be good for the whole, not the few."
Humberto Barrera, president of the Mexican American Sheriffs Organization,
was critical of Hispanic leaders, not the arena plan.
"I think Hispanic leaders should be more concerned about issues like pay
raises for teachers, health care and public safety, than building arenas for
rich entrepreneurs," Barrera said.
Richard Torres, director and CEO of the Hispanic Chamber of Commerce, told
attendees that the Rockets are committed to doing the right thing.
Sergio Davila, president of the Eastwood Civic Association, brought up the
lack of Latinos in leadership positions on the team's staff. Postolos
acknowledged that the team needs to do better.

TVA Says Enron Breach Of Power Sales Pact Cost $140 Mln
By Bryan Lee

10/16/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

OF DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- The nation's top two power providers are battling in
a U.S. court over an unexecuted power sales agreement.
The Tennessee Valley Authority (TVA) has filed a claim against the power
marketing unit of Enron Corp. (ENE) alleging breach of a power sales
contract.
TVA cited the alleged breach of contract in documents provided to its
distribution utility customers earlier this month outlining unforeseen
expenses contributing to the government-owned utility's inability to meet its
debt-reduction forecast.
According to the documents, obtained by Dow Jones Newswires, the alleged
breach of contract contributed to a $140 million shortfall during fiscal year
2000.
TVA was initially reluctant to divulge information on the case, which is
under a court protective order.
"A major power provider elected not to perform under the contract," said
David Smith, TVA's chief financial officer, when asked Friday to elaborate on
the line item in the information provided to TVA's distribution utility
customers.
But after consulting with attorneys, Smith revealed that Enron was the
subject of the claim.
TVA alleged breach of contract after Enron sought a declaratory judgment
order from the U.S. District Court in Chattanooga, Tenn., in February,
stemming from a dispute over a long-term sales agreement, an Enron spokesman
said Monday.
In March, TVA filed a counter claim with the court alleging breach of
contract, a TVA spokesman said Monday.
But the two parties declined to discuss the terms of the contract, or to
elaborate further on the dispute, citing the judge's protective order. TVA
said Enron sought the court seal.
The dispute is the latest example of bad blood between the Houston-based
energy giant and TVA, a government-owned utility that ranks among the largest
U.S. power producers.
The relationship deteriorated after the two began squabbling over access to
the lucrative U.S. Midwest power market, which saw extreme price spikes
during hot weather in the summers of 1998 and 1999.
After the summer of 1998 - in which power that typically sells for between
$30 and $50 per megawatt-hour spiked as high as $7,000 per megawatt-hour -
Enron cited a study showing that TVA's power grid represented the only
unconstrained transmission pathways into the Midwest.
TVA experienced an increase in revenues for the period when power prices were
spiking upward.
Enron built gas-fired peaking power plants with an eye toward capitalizing on
the volatility in summer power markets by purchasing transmission access
across TVA's system.
After the summer of 1999 saw a repeat in extreme price volatility, Enron
began complaining that TVA was unfairly denying transmission service by
failing to act in a timely manner in response to transmission service
requests.
A TVA spokesman said the contract dispute was unrelated to the disagreement
over the government utility's handling of transmission-access requests.
But the filing of the court case occurred at the same time Enron went public
with its complaints about TVA's transmission service.
In February, Enron released a letter to Energy Secretary Bill Richardson
asking for the government's help, charging that TVA was unfairly giving its
own power marketer transmission service on a timely basis while Enron's
requests were gathering dust.
Enron later dropped the matter, saying that TVA was processing its
transmission service requests on a timely basis. -By Bryan Lee, Dow Jones
Newswires, 202-862-6647,
bryan.lee@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.


I'm sorry, I thought that you would remember that this is one of the
Chicago/People things, since we recently discussed Jones, Day,, etc. My bad.

Kay

From: Suzanne Adams@ECT on 01/24/2001 04:52 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Enovate, LLC Invoice

Kay, is this Enovate invoice one of Sheila's deals (it's not on her list)?  I
need to know who to charge it to.  If you will please note on the invoice
what it needs to be charged to and who should approve it, I'll get it coded.
If it's Barbara's deal, then I'll give it to her assistant to take care of
it.  It's always something isn't it????


Dale,

The following language can be added to locations which may attract LDC
imbalance charges.

Can you identify those locations and add the language?

Thanks,

Dave
---------------------- Forwarded by David Forster/LON/ECT on 11/11/99 21:39
---------------------------

Stacy E Dickson
11/11/99 16:59
To: David Forster/LON/ECT@ECT
cc:
Subject: LDC Language

Here is the language that we discussed:

Notwithstanding any provisions to the contrary, Enron shall not be
responsible for any fees, penalties, cash or charges (in cash or in kind)
assessed to Counterparty by a local distribution company for failure to
satisfy the local distribution company,s balance and or nomination
requirements.

Stacy


As I've been thinking about our response today, I would like Enron to focus
on making sure that the California (WSCC) markets are as good a possible for
business over the next 15 to 24 months.  Following that idea, I think that
the key points are (1) clarifying/raising the soft cap and (2) reducing the
burden/risk of the prospective refund period.

I know that we had discussed leading off with the debate over market power /
retroactive refunds, but I think that (a) FERC is not inclined to do much
more on this issue, (b) FERC wants to fix the market as much as it can given
the current political realities, and (c) if retroactive refunds become an
issue, we still have our full compliment of resources to later fight this
fight.

I would recommend that the pleading and Alan's testimony be modified to bring
these issues to the top of the ticket.   We should still include all of our
other arguments.

Finally, I want to make sure that Enron is taking the right position by
quietly supporting a $250/Mwh soft cap with safe harbor fixes?  Sue Mara, can
you please try and find out what EPSA, IEPCA, and WPTF are going to file?  I
want to make sure that we are in the ball park on this issue but not getting
too soft.

Jim


Fine.

Tom


Has GE signed off on the numbers?

Kay

	From:  Rebecca Walker                           04/24/2001 04:05 PM

To: Kay Mann/Corp/Enron@Enron
cc: Ben Jacoby/HOU/ECT@ECT, Chris Booth/NA/Enron@Enron, Catherine
Clark/Enron@EnronXGate

Subject: PLEASE REVIEW -- Changes to Northwestern Letter Agreement

Kay

Attached are changes to the Northwestern 7EA Letter Agreement.  Per Ben
Jacoby's request, I have updated the Remaining Purchase Amount Instalment
(Schedule III) Amounts.  Catherine Clark in Global Finance has signed off on
these numbers, as well.  Please call me at x57968 if you have any questions.

Regards,
Rebecca


Jim,

Sorry for the delay in responding to your message. I was traveling
extensively
and was overwhelmed with many different projects.

I shall be glad to speak at the Gamma Iota Sigma dinner. Unfortunately, I
cannot make
a presentation to your class (it would require leaving the office for two
days in a row).

I can, however, promise to come on another day and speak to your students.

I hope everything is going well for you. By the way, your former student,
Shane Green, has joined us
for 12 month and is doing exceptionally well.

Vince

Jim Garven <James_Garven@baylor.edu> on 11/28/2000 05:10:55 PM
To: "Vince J Kaminski" <Vince_J_Kaminski@enron.com>
cc:
Subject: Greetings from Baylor University

Dear Vince,

Since we last corresponded, I have left LSU and am now Professor of Finance &
Insurance at Baylor University in Waco, TX.? My colleague at Baylor, John
Martin, mentioned that you will be coming to campus for a conference on
Friday, February 23 that he is organizing.?? I am curious whether your
schedule might permit staying over that evening so that we can feature you as
our dinner speaker for the chartering ceremony of Gamma Iota Sigma, a
national risk management fraternity.? For that matter, would you also
possibly be available to make any presentations to undergraduate and graduate
students on the previous day (Thursday, February 22)?? What I have in mind is
a presentation similar to the presentations you made last spring to my LSU
classes.?

Thank you for your consideration of this request.? I am looking forward to
seeing you once again.

Sincerely,

Jim Garven

_________________________________________
James R. Garven, Ph.D.
Professor of Finance & Insurance
Department of Finance, Insurance and Real Estate
Hankamer School of Business
HSB 336
Baylor University
Box 98004
Waco, TX? 76798

Voice: (254) 710-6207
Fax: (603) 994-6680

E-mail:? James_Garven@baylor.edu
Home Page: http://garven.baylor.edu
Vita: http://garven.baylor.edu/dossier.html
Research Paper Archive: http://garven.baylor.edu/research.html
_________________________________________


Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)
Bloomberg, 10/23/01

Enron Corp. Cut to `Reduce' at Edward Jones
Bloomberg, 10/23/01

Enron CFO: Company Has Sufficient Liquidity
Dow Jones News Service, 10/23/01
Enron says shareholders' 'best interests' were sought in all LJM dealings
AFX News, 10/23/01
US class action suit filed against Enron for misleading statements
AFX News, 10/23/01
Word of SEC probe puts Enron into deep dive: Problems mount
National Post, 10/23/01
City - SEC inquiry sparks Enron share fall.
The Daily Telegraphm 10/23/01
Shares of Enron Plummet 21% Energy: SEC requests information from company on series of unusual financial deals tied to executive.
Los Angeles Times, 10/23/01

Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)
2001-10-23 10:11 (New York)

Enron Asks Citigroup for $750 Mln Loan, People Say (Update1)

     (Adds comment from CFO Fastow in fourth paragraph, Enron's
short-term borrowing rates in seventh paragraph.)

     New York, Oct. 23 (Bloomberg) -- Enron Corp., the biggest
energy trader, has asked Citigroup Inc. to arrange a $750 million
loan, ensuring access to credit if the embattled company is cut
off from money markets, say people familiar with the matter.

     Enron's shares and bonds plunged yesterday after the company
said the Securities and Exchange Commission was probing its
finances. The Houston-based business, whose stock has fallen 75
percent this year amid concerns about failed investments, depends
on a $3 billion commercial paper, or short-term debt, program to
finance day-to-day operations.

     Earlier this month, Moody's Investors Service placed all $13
billion of the company's long-term debt securities on watch for
possible downgrade. As a second-tier commercial paper borrower,
any drop in its rating may cut off Enron from the commercial paper
market and raise the costs of short-term debt.

     ``We understand that our credit rating is critical to both
the capital markets and our counterparties,'' Enron's Chief
Financial Officer Andrew Fastow said on a conference call today.
He said Enron has $3.5 billion available on bank credit lines,
giving it enough cash to operate normally.

     Enron shares rose as much as 12.6 percent during the call to
$23.25. They pared the gain to $21.80, up $1.15.

     Dan Noonan, a spokesman for Citigroup's Citibank NA unit,
declined to comment. Mark Palmer, a spokesman for Enron, declined
to comment.

                      Commercial Paper Rates

     Enron was paying 3.15 percent to issue commercial paper until
Oct. 31, which is as much as 15 basis points more than companies
with the same ``A2/P2'' short-term credit ratings that are not on
credit watch. Enron's short-term debt is not on review for a
possible downgrade.

     Enron has previously turned to Citigroup for finance and
advice. In 1999, Citigroup's Salomon Smith Barney unit advised the
company on its $1.45 billion acquisition of three natural gas-
fired power plants from Cogen Technologies Inc. Citibank, along
with J.P. Morgan Chase & Co., this year arranged a $1.75 billion
loan.

     Earlier this week, an investor sued Enron, saying two
partnerships cost the company $35 million and Fastow's leadership
of them was a conflict of interest.

     The SEC has asked Enron about partnerships and affiliated
companies headed by Fastow. Dismantling some of the partnerships
would cost Enron or its shareholders as much as $3 billion, Ray
Niles, a Salomon Smith Barney analyst, wrote in a report to
investors.

     Enron created partnerships and affiliated companies to buy
and sell assets such as power plants to lower the debt on its
books.

     Investors said they were concerned that Enron may be forced
to dismantle the affiliated companies by paying off the owners in
cash or stock. Chief Executive Ken Lay said last week he may have
to ``unravel'' agreements that created the companies if Enron's
debt ratings fall too far.

--Mark Lake in the New York newsroom (212) 893-5989 or

Enron Corp. Cut to `Reduce' at Edward Jones
2001-10-23 11:42 (New York)

     Princeton, New Jersey, Oct. 23 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``reduce'' from ``accumulate'' by analyst Zach Wagner at
Edward Jones.

--Michael O. Donohue in Princeton, New Jersey, (+1)609-279-3756.

Enron CFO: Company Has Sufficient Liquidity
By Christina Cheddar
Of DOW JONES NEWSWIRES

10/23/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Enron Corp. (ENE) Chairman and Chief Executive Kenneth Lay said the company had procedures in place to avoid conflicts of interest in dealings between Enron and partnerships that were set up and run by its chief financial officer, Andrew Fastow.
Last week, the Securities and Exchange Commission asked the Houston energy trading company to provide additional information about the partnerships, which Enron said were off-balance sheet financing vehicles used to hedge against fluctuations in the market.
In a conference call held Monday to discuss investor concerns about the SEC investigation and related matters, Lay said there was a "Chinese wall" in place to protect the interest of Enron shareholders.
The procedures were "rigorously followed," Lay said.
In previous filings with the SEC, Enron said the terms of the transactions with the partnerships were "reasonable compared to those which could have been negotiated with unrelated third parties."
Fastow resigned from the partnerships, which were known as LJM Cayman LP and LJM2 Co-Investments LP in late July.
The company also is involved in other off-balance sheet financing vehicles, including Marlin Water Trust II and Whitewing.
During the conference call, investors said they were frustrated by the complex nature of the trusts, and asked for more information.
Lay said the company would be providing a list of "Frequently Asked Questions" on its Web site later Tuesday that may provide more details.
After Enron disclosed the SEC investigation Monday, the company's stock sunk to its lowest level in 52 weeks, $19.67. Enron shares were recently trading up 47 cents, or 2.3%, at $21.12, in brisk volume that has already surpassed its average daily turnover of 6.3 million shares.
Lay said he was "extremely disappointed" in the current stock price.
"Our businesses are performing very well and we are continuing to conduct business," he said.

During the conference call, Enron officials declined to specify Fastow's role in the partnership, citing the ongoing SEC investigation and a derivative lawsuit filed against Enron that alleges its board breached its fiduciary duties by allowing Fastow to create and run the partnerships.
Enron officials also addressed concerns that investors had about the potential need to issue additional Enron stock.
Under certain circumstances, for example, if both Enron's stock and credit rating fall to certain levels, the company would need to issue additional shares to the partnerships, diluting the holdings of current shareholders.
Enron officials declined to say how much dilution would occur under a "worst-case scenario."
However, the officials said they doubted there would be a need to issue the additional stock because the company plans to work with the credit-rating agencies to prevent such an event.
Moody's put Enron on watch for a downgrade of its long-term debt last week after the company announced a $1 billion third-quarter write-off that produced a $618 million loss.
According to Lay, Enron's debt rating would need to fall several notches to below investment grade in order to trigger the need to issue more stock.
"We are committed to maintaining our ratings," Lay said. "Moody's said they would work with us," he added.
Furthermore, Fastow said, Enron expects to have "sufficient liquidity" to meet all its capital requirements.

Enron's efforts to unwind the LJM partnerships contributed to a reduction of $1.2 billion in shareholder equity. However, Enron's Lay said the lower number of shares outstanding wouldn't affect the company's earnings outlook.
Enron has said it expects to earn $1.80 a share in 2001 and $2.15 a share in 2002. The numbers are in line with the consensus estimates reported by Thomson Financial/First Call.
"Despite the economy going softer, we think we can meet that," Lay said.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron says shareholders' 'best interests' were sought in all LJM dealings

10/23/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Enron Corp said it sought the "best interests" of its shareholders in all its dealings with LJM Cayman LP and LJM2 Co-Investment LP, two partnerships which were set-up and run until recently by Enron chief financial officer Andrew Fastow.
"The board (of Enron) was fully aware and kept a real Chinese wall between Enron and LJM. Enron's shareholders best interests were sought in all LJM dealings," said Enron chief executive officer Kenneth Lay, in a conference call with analysts.
The company scheduled the call after Enron's stock slid 21 pct yesterday, when it revealed the Securities and Exchange Commission asked the company to provide information on certain related-party transactions.
Overnight, two class action lawsuits were launched by shareholders against Enron and its officers, alleging that operating results were also "materially overstated" as a result of the company failing to timely write-down the value.
In its third-quarter results last week, Enron announced a charge of 1.01 bln usd, of 1.11 usd per share, and an incremental 1.2 bln usd reduction in stockholders' equity, related to the unwinding of investments with the LJM partnerships.
According to the Wall Street Journal, Fastow resigned from the partnerships in July, due to growing suspicion over potential conflicts of interests.
During the call, Lay said that he, and Enron's board of directors, have "the highest faith and confidence in (Fastow)."
Lay also said the company remained confident that its current liquidity position allows it to meet all its obligations, and is confident of the outlook for its corporate rating.
Analysts have raised the possibility that, should Enron's credit rating and stock price continue to fall, the company may be obligated to issue millions of new shares to meet obligations with other entities it deals with.
ng/cml For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

US class action suit filed against Enron for misleading statements

10/23/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Milberg Weiss Bershad Hynes & Lerach LLP law firm said it filed a class action lawsuit yesterday against Enron Corp alleging that it issued misleading statements between Jan 18, 2000 and Oct 17, 2001, thereby inflating the company's share price artificially.
The suit was filed on behalf of Enron shareholders between the above period and is pending in the US District Court in Houston against Enron Corp, Enron CEO Kenneth Lay, former Enron CEO Jeffrey Skilling, who resigned recently, and Enron chief financial officer Andrew Fastow.
The suit claims that Enron issued statements which failed to disclose that the company was experiencing a declining demand for bandwidth and that its efforts to create a trading market for bandwidth failed because many market participants were not creditworthy.
The company's operating results were also "materially overstated as result of the company failing to timely write-down the value of its investments with certain limited partnerships" managed by the company's CFO. The suit additionally alleges that Enron was failing to write-down impaired assets on a timely basis in accordance with GAAP.
On Oct 16, Enron announced unexpectedly that it was taking third quarter non-recurring charges of 1.01 bln after-tax, or 1.11 usd per share, which it later revealed was due largely to the unwinding of investments with certain limited partnerships controlled by Enron's chief financial officer. Enron also announced it was cutting shareholder equity by 1.2 bln usd.
Enron's share price consequently fell sharply. During the class period, Enron insiders disposed of 73 mln usd of personally-held Enron common stock.
Holders of Enron stock between the class period in question may request appointment as a lead plaintiff no later than Dec 21, Milberg Weiss said.
Yesterday, Enron announced that the Securities and Exchange Commission has requested that it provide information regarding certain related party transactions.
jkm/shw For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Financial Post: News
Word of SEC probe puts Enron into deep dive: Problems mount
David Howard Sinkman
Reuters

10/23/2001
National Post
National
FP2
(c) National Post 2001. All Rights Reserved.

NEW YORK - Shares of Enron Corp. slumped more than 20% yesterday after it said U.S. regulators are looking into company transactions, another blow to a company whose chief executive resigned in August.
A spokesman for North America's biggest buyer and seller of natural gas and electricity declined to discuss an inquiry by the U.S. Securities Exchange Commission, but said it was cooperating.
The SEC also declined to outline details of its inquiry.
Investor confidence in the company has been rocked by reports from The Wall Street Journal about its relationship with two limited partnerships that were run until recently by Enron's chief financial officer, Andrew Fastow.
The company also reported last week its first quarterly loss in more than four years, and took US$1.01-billion in charges and writedowns on ill-fated investments.
Problems at Enron surfaced two months ago when CEO Jeff Skilling resigned after six months at the helm.
Enron shares declined US$5.49, or 21%, to US$20.56 in afternoon trade on the New York Stock Exchange yesterday, shaving off almost US$4.2-billion of its market capitalization.
The stock, the biggest decliner by percentage loss on the NYSE, fell as much as 22.8% yesterday, when it opened at its lowest level since September 1998.
Enron declined to comment on whether the SEC's inquiry into "certain related-party transactions" involved the partnerships.
"Related-party transactions" is the heading used by Enron in its 1999 and 2000 annual reports to discuss dealings with its limited partnerships, LJM Cayman LP and the larger LJM2 Co-Investment LP, which engaged in complex hedging transactions involving company assets worth hundreds of millions of dollars.
Mr. Fastow severed his ties with the partnerships in June. LJM was set up in June 1999 for energy-related investments, and LJM2 in December 1999 for energy- and communication-related investments.
The Journal reported US$35-million of its third-quarter loss of US$638-million were connected with the limited partnerships
Curt Launer, an analyst at Credit Suisse First Boston, said investors should question Enron's use of real value accounting when the value of certain assets, "most notably in telecommunications," have declined precipitously.
"Investors have had several opportunities to question Enron's credibility and at each of those turns the share price has declined," Launer said.
Some analysts, though, cautioned against assuming fire when there might only be smoke.
"This is an inquiry, not an investigation, and I cannot imagine Enron's attorneys or accountants would allow it do to something illegal," said Merrill Lynch analyst Donato Eassey.
"It's easy for the market to kick a company when its down, but these challenges do not last for a solid company, and we think Enron is one."
The price of shares in the company is down 75% this year.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

City - SEC inquiry sparks Enron share fall.
By Simon English.

10/23/2001
The Daily Telegraph
P31
(c) Telegraph Group Limited, London, 2001

in New York
ENRON, the American power giant, saw its shares slump by a fifth yesterday after it revealed that the top financial watchdog is delving into firms managed by chief financial officer Andrew Fastow.
The Securities and Exchange Commission is requesting details of deals between the company and limited partnerships with which Mr Fastow has, or had, links.
Enron chairman Kenneth Lay said in a statement: "We welcome this request. We will co-operate fully and look forward to the opportunity to put any concern about these transactions to rest."
Questions were raised last week on Wall Street after the company announced a write-down of more than $1 billion due to failed investments in telecoms and other businesses.
The disclosure alarmed investors and sent the already battered shares down 23pc. Yesterday they fell another $5.30 ( #3.80) to $20.75 in early trading.
According to the annual report the "related party transactions", as Enron describes them, took place in 1999 and 2000, resulting in losses of $16m and $36m respectively.
Mr Lay said that auditors approved the deals, but would not give further details of what they were.
They are understood to have been hedging transactions against Enron shares and other assets made by partnerships called LJM Cayman LP and LJM2 Co-Investment JP.
"We believe everything that needed to be considered and done in connection with these transactions was considered and done," added Mr Lay.
The relationship between the investment losses and the SEC probe is not clear, though the inquiry seems to focus on the partnerships responsible for the hedging transactions.
Enron owns Teesside Power Station and Wessex Water in Britain and is the largest trader of natural gas in the US. Investors are concerned that the probe and the continued uncertainty about the extent of the problem will harm the company's credit rating.
An Enron spokesman said Mr Fastow continues to work and is not under any suspicion.
The SEC inquiry is "informal", says the company. The watchdog contacted Enron last Wednesday, the day of the results announcement. The SEC declined to comment.
Enron made a loss of $638m in the third quarter, its first in over four years.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business; Financial Desk
Shares of Enron Plummet 21% Energy: SEC requests information from company on series of unusual financial deals tied to executive.
NANCY RIVERA BROOKS
TIMES STAFF WRITER

10/23/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company

Shares of Enron Corp. set a 52-week low Monday on word that the Securities and Exchange Commission had asked for information about a complex series of financial transactions between the Houston-based energy giant and an investment partnership tied to a company executive.
Enron, the world's largest energy trader, said it had voluntarily provided information on "certain related-party transactions" that had been previously disclosed to the SEC.
"We welcome this request," said Kenneth L. Lay, Enron chairman and chief executive.
"We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest," he said.
The SEC request is the latest in a parade of bad news for Enron, which has seen investments sour in telecommunications, retail electricity sales and water.
Investors have battered the company's stock, which once sold for nearly $85 a share in the last year, and many have criticized Enron's stingy meting out of financial information. But several Wall Street analysts remain upbeat on the stock, noting that the bulk of its businesses continue to thrive despite the growing economic downturn.
In August, Enron Chief Executive Jeffrey K. Skilling, one of the main architects of the company's strategy of shedding physical assets in search of trading profit, stunned Wall Street by resigning.
Skilling cited personal, family-related reasons, but later he acknowledged that the precipitous plunge in the company's stock price contributed to his departure.
On Monday, Enron shares plunged $5.40, or nearly 21%, to close at $20.65 on the New York Stock Exchange.
Enron's stock has lost nearly 40% of its value in the last week since it reported a surprise third-quarter loss of $618 million after $1.01 billion in charges reflecting the costs of recent failed investments.
But the charge also included $35 million related to what Enron described only as the "early termination during the third quarter of certain structured finance arrangements with a previously disclosed entity."
In a conference call with securities analysts about the earnings, the company mentioned that it had repurchased 55 million shares as part of the dissolution of its participation in the transactions.
But investors were stunned when stories last week in the Wall Street Journal detailed that the transactions were with a limited partnership organized by Andrew S. Fastow, Enron's chief financial officer, and that Enron had whittled $1.2 billion off its shareholder equity as it repurchased the shares and canceled a $1.2-billion note it had received from the partnership. Shareholder equity now stands at $9.5 billion.
The limited partnership, called LJM2, and Fastow reaped millions of dollars of profit through complex hedging transactions that involved Enron assets and stock, the Journal reported.
Lay said the transactions were reviewed by auditors and lawyers inside and outside the company and that the company board was fully informed.
A shareholder lawsuit charging that Enron's directors violated their fiduciary duty already has been filed in Texas state court.
Many companies set up limited partnerships for tax purposes, but it is unusual to allow company executives to run them, analyst say.
Investors also are upset by the unusually zealous way that Enron has guarded financial information, making it difficult to analyze the company's complex web of businesses.
And many are not confident that all the bad news has been released.
Analyst M. Carol Coale, who follows Enron and other energy companies for Prudential Securities in Houston, downgraded Enron to a "hold" from a "buy" rating Monday out of such frustration.
Coale said she has been getting misinformation or no information out of Enron.
But Bob Christensen, energy analyst with First Albany Corp., said that despite Enron's recent difficulties, the bulk of the business remains strong.
"I continue to tell investors that 70% of this company's business is growing at a 26% rate, and that was in the third quarter when this country had a very sharp economic slowdown going on," he said.
Investors are panicking because of a "bad news story that doesn't reflect reality," said Jon Kyle Cartwright, senior energy analyst with the Raymond James & Associates brokerage firm in St. Petersburg, Fla.
"They are the world's largest energy trader, and they are very good at that," Cartwright said.
"The reality is that everything is fine here," although more charges, perhaps $500 million worth, are expected in the next few quarters, related to businesses that Enron is selling.

GRAPHIC: Losing Its Spark / Los Angeles Times;
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


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Please work on this. Thanks!

 -----Original Message-----
From: 	Scott Gladish <Scott.Gladish@aesmail.com>@ENRON [mailto:IMCEANOTES-Scott+20Gladish+20+3CScott+2EGladish+40aesmail+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, August 30, 2001 12:43 PM
To:	'dperlin@enron.com'
Subject:	FW: Enron Gisb # 2.doc;Enron GISB Provisions # 3.doc

-----Original Message-----
From: Scott Gladish
Sent: Thursday, August 30, 2001 1:36 PM
To: 'Majed.Nachawati@enron.com'; 'debra.dap.perlingiere@enron.com'
Cc: Kirsty Norvell
Subject: Enron Gisb # 2.doc;Enron GISB Provisions # 3.doc

Majed and/or Debra,
We have reviewed your comments regarding our Gisb special provisions which
incorporate your provisions.
Attached please find the document with some of our comments.  In particular,
we would like for you to articulate why some of the marked provisions are
outright unacceptable.  I hope that we can work together to create
compromise provisions which will be accetable to all.
Where possible, feel free to suggest alternate or edited language that
solves your objections.
Where entire provisions are unworkable, please give us some indication of
why you have reached that determination.
Also, please find a revised cover sheet atteched as well.
Do not hesitate to contact me to discuss these further.
Thank you for your time and consideration,

Sincerely,

Scott Gladish
AES NewEnergy, Inc.
535 Boylston St., Top Floor
Boston MA 02116
(617) 859-3666 Main
(617) 960-7316 Direct
sgladish@newenergy.com

This message contains information which may be confidential or privileged.
If you are not the intended recipient, be aware that any disclosure,
copying, distribution or use of this information is prohibited. If you have
received this transmission in error, please immediately return it to the
sender. Unintended transmission shall not constitute waiver of the
attorney-client or any other privilege.

 Enron Gisb # 2.doc;Enron GISB Provisions # 3.doc
 <<Enron Gisb # 2.doc>>  <<Enron GISB Provisions # 3.doc>>

 - Enron Gisb # 2.doc
 - Enron GISB Provisions # 3.doc


Mark,

I think I need some help reconciling what Steve Richman has and we have
booked for the HUB deals.  He sent me a spreadsheet with deals but I cannot
even come close to tying them out to what we have booked in Tagg.  Richard
suggested I contact you since Steve is out.  Attached is a list of deals we
currently have booked in Tagg for the HUB deals.  They need to be verified
before I can calc them for value and positions.  I will be out tomorrow,
returning on Monday.  Thanks for your help.  Please call me with any
questions.

DG
713-853-9573


State has only signed up 500 MW according to this article

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 02/14/2001 09:57 AM -----

	"Ronald Carroll" <rcarroll@bracepatt.com>
	02/14/2001 08:11 AM

		 To: <rreilley@coral-energy.com>, <acomnes@enron.com>, <jsteffe@enron.com>,
<mary.hain@enron.com>, <smara@enron.com>
		 cc:
		 Subject: Fwd: California Governor Requests Additional $500 Million to Buy
Energy

----- Message from "Tracey Bradley" <tbradley@bracepatt.com> on Wed, 14 Feb
2001 08:00:19 -0600 -----
To:	"Paul Fox" <pfox@bracepatt.com>
cc:	"Andrea Settanni" <asettanni@bracepatt.com>, "Ronald Carroll"
<rcarroll@bracepatt.com>
Subject:	California Governor Requests Additional $500 Million to Buy Energy
California Governor Requests Additional $500 Million to Buy Energy
Dion Nissenbaum , San Jose Mercury News, Calif.

( February 14, 2001 )

Feb. 14--SACRAMENTO, Calif.--As Gov. Gray Davis works to craft a bailout plan
for California's two largest electric utilities, California's fledgling foray
into the power business is coming at an ever more expensive price that is
nearing $2 billion.

For the second time in about a week, the Davis administration alerted
lawmakers Tuesday that it needs another $500 million to buy energy on the
costly short-term market while negotiators try to work out long-term
contracts with power suppliers.

That brings the two-month state price tag to about $2 billion, far exceeding
early estimates that California would have to spend about $1 billion to
launch its energy buying program. The news has left some lawmakers worried
that the state is burning through money without making enough progress in
resolving the underlying problems.

With the bills piling up, Davis is looking to present Southern California
Edison and Pacific Gas and Electric with a plan by week's end to rescue the
two companies edging ever closer to bankruptcy. The state was forced to start
buying power because the two utilities have exhausted their credit.

For now, the governor's advisers appear to have decided on state ownership of
the utility transmission lines as the foundation of any deal, according to
sources involved in the negotiations.

In a Tuesday press conference, Davis said he has not settled on transmission
lines, but wants to make sure that the state gets something in return for
rescuing the companies.

"What I will propose, hopefully this Friday, will not be a bailout, it will
be a buyout," Davis said.

Buying the transmission lines has become the most-favored option in the
Capitol in recent days as what one consumer activist called the "crown jewel"
of any solution. A state Senate committee formally embraced the idea Tuesday
by approving a bare-bones bill that encourages Davis to buy the transmission
lines as part of any utility deal.

Several issues must be settled before a transmission line deal is final. It
still isn't clear what the lines are worth, or whether the utilities will
have to pay capital gains taxes on the lines if they sell them to the state.
And under the law, the federal government may have veto power over any
transmission line deal. But negotiators expressed confidence they can resolve
those issues.

However, the state is still struggling to put together low-cost, long-term
contracts with power companies that are essential to keeping electric bills
close to current levels.

When legislators gave Davis the power last month to sign the energy deals,
they set aside $500 million to tide the state over until it could get the
contracts in place. That came on top of another $1 billion from other funds
that have been used to buy energy that now costs about $45 million a day.

California won't be able to stop spending so much until it signs enough
long-term contracts. But negotiations have been plodding along and so far the
state has managed to come up with only about 500 megawatts -- enough to power
a half million homes.

"I am starting to get concerned about the pace at which they appear to be
entering into contracts," said Assemblyman Fred Keeley, D-Santa Cruz. "It is
slow and there don't appear to be many of them."

Davis has released few details about the contracts, but has expressed
optimism that his negotiators will be able to put together enough deals to
solve the problems.

"No one ever expected this to be a slam dunk because it's a tough
negotiation," said Davis spokesman Steve Maviglio. "But we're making
progress."

Ultimately, the state is supposed to be reimbursed for its mounting
expenditures in the spot market, under terms of a $10 billion power-buying
bond bill approved by the legislature two weeks ago. The treasurer's office
intends to sell the first of those bonds in May, and their proceeds will be
transferred to the state general fund.

Later bond issues will generate money to be used for the long-term contracts.

Bond investors will be repaid by utility ratepayers, but it is not yet clear
whether that will involve a rate increase.

Staff writers Cheryl Devall, Mark Gladstone, Chris O'Brien and Hallye Jordan
contributed to this report.

-----

To see more of the San Jose Mercury News, or to subscribe to the newspaper,
go to http://www.sjmercury.com

(c) 2001, San Jose Mercury News, Calif. Distributed by Knight Ridder/Tribune
Business News.


I just wanted to let you know that I called Jean but she is out of the office meeting with the Governor and then she is flying to Houston.  I did leave her a lengthy message and asked her to contact me as soon as possible.  I am in my office today and will be leaving tomorrow at 7:30 a.m. to make my way to Austin.  Thanks.

Nancy A. Hetrick
Enron Corp.
Director, Government Affairs
Phone:  712-366-3399
Pager:   888-912-1426


--
Amir Cyrus Ahanchian
acahanchian@onebox.com - email
(713) 590-2342 x5500 - voicemail/fax

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print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/14/2000
05:06 PM ---------------------------

Mark Tawney
11/14/2000 02:31 PM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Weather Memo

The Weather Risk Management Group will transfer Catherine Woolgar from the
Oslo office to the Houston office as soon as she is able to transition out of
her responsibilities in Olso.  In Houston, Catherine will assist in trading
the US portfolio and be responsible for a number of EOL cities.  Catherine
has developed a very good understanding of trading weather risk management
products and the peculiarities of the weather market.

Ross McIntyre in the London Office will continue to provide general support
to the Oslo office while developing relationships with the commodity desks in
London and with the market generally.  Additionally, Ross will continue to
assist in the development of the trade and portfolio analytical systems to be
utilized globally by the weather desks.

In oder to significantly grow the weather risk management business, we are
committed to the vision of trading and orginating locally while managing
globally.  Accordingly, the Weather Risk Management Group ultimately expects
to have weather trading in most Enron's offices that trade other commodities.


John, I will have Sharon try to set something up with you, Mark H., Milly and
McKay for later this week.

Yes, Blakes did drop us.

It is not so much that they dropped us, but how they dropped us.  By way of
background, Blakes had been working on the matter for approx. 6 weeks and
knew or ought to have known that Westcoast was involved.  Last week after we
commenced the law suit, Westcoast went ballistic, and last Monday Dan
Fournier called to tell me  that Blakes had a legal conflict with Westcoast
(which he knew was BS).  I told him it was not a legal conflict, but a
business conflict and that it was too late to raise the issue in the middle
of an injunction application, but, although we were not happy about it, as a
favour to Blakes we would consider moving the file after the injunction
application, when it made sense and in a manner that did not adversely affect
us.  He seemed OK with that, but later that day, I again spoke to Fournier
who admitted that it was not a legal conflict but a business conflict, that
they were in an awkward position with Westcoast, and that he had a conference
call with the Chairman and the Managing Partner of his firm in Toronto
Tuesday morning, as well as the partner responsible for Westcoast.  He also
warned me that Dalton McGrath would be wearing it internally within Blakes if
there was a problem with Westcoast (I assume hoping to guilt me into moving
the file).  I told him that was unfortunate but that I could not agree to
anything that put Enron in a difficult position or adversely affected our
interests. I spoke to Milly that night, who agreed, and on Tuesday morning
phoned Fournier and told him again that although we were not pleased, we
would move the file to another firm as soon as possible after we got through
the injunction hearing.  Fournier called me back later that day after his
call with his Toronto partners and told me that, notwithstanding our repeated
offers to move the file in an orderly fashion after the injunction
application, that Blakes had made a decision that the file had to be moved
immediately, such that they could not represent us on the injunction
application or continue to appear as solicitors of record.  They said the
factors looked at in deciding between us and Westcoast were the length of the
relationships, annual billings, complexity of work, strategic importance of
the work, and their policy of not acting against established clients.  It is
notable that the injunction is sought only against Enerdata and NGX, and not
Westcoast, which I pointed out to Fournier, and that I had previously given a
reasonable solution to Blakes to solve a problem of their own making.
Fournier also admitted that we are a strategic client, with more complex work
and higher annual billings.  In other words, I think it was all crap, and we
lost out to a senior Blakes Toronto partner who did not pay attention when to
the matter when Blakes first took it on and who, after the fact, is looking
after an upset Toronto client in a way that put us in an awkward position and
makes us look weak to Westcoast.

I should point out that Robert Anderson and Dalton McGrath have handled the
situation excellently, and have been working hard to transition the file
while I try to find replacement counsel, and opposed the decision of their
Toronto office at their own personal expense.  I think Fournier wanted to do
likewise, but he ultimately is more political and accommodated the politics
of his firm, which is disappointing.

John J Lavorato@ENRON
12/10/2000 09:08 AM
To: Peter Keohane/CAL/ECT@ECT
cc:
Subject: Re: NGX/CEL Litigation

Now that we sent the first blow, lets get everyone together to discuss our
future steps.  Next week is a nighmare but perhaps you could set  up a
conference call sometime Tuesday or Wednesday afternoon.

Also, did Blakes definately drop us on this file or have they reconsidered.


fyi, rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 02/20/2001 01:02 PM ---------------------------

  From:  Rudi Zipter                                                             02/20/2001 11:19 AM

To:	Rick Buy/HOU/ECT@ECT
cc:	David Port/Market Risk/Corp/Enron@ENRON
Subject:	SK-Enron Korean Won exposure

Rick,

I wanted to touch base with you regarding our Korean Won exposure.  As you know, a remaining issue involves who is responsible for these types of hedges Corp or business unit.

The currency traders on Hickerson's desk contacted me today.  They mentioned that it is an appropriate time to put a currency hedge in place for 3 reasons:

1.) The spot rate has fallen back to the 1230 KRW/USD level
2.) The forward rate is relatively flat as there is no signifcant difference in 1 year rates between the two currencies.
3.) Option volatilities have decreased significantly over the past month.

Please let me know if (when?) we should discuss this issue further.  The currency traders mentioned that they will bubble this issue up with Jim Hughes again later today.

Thanks,

Rudi


Thanks, Kim.  Even with the letter, calls and specific conversation with oneof  NNG's large customer's Treasury group, Duke STILL send the wire to the Bank of America in error.  Go figure...  That's why we are taking the extra precautionary step of including marketing.  Thanks for your help.

Rick

 -----Original Message-----
From: 	Watson, Kimberly
Sent:	Monday, December 10, 2001 11:29 AM
To:	Dietz, Rick
Cc:	Harris, Steven
Subject:	RE:  Important TW Accounts Receivable Collection Procedures

Rick,

I called David Lanning with Agave, he will double check with his accounting folks to make sure they have the updated bank and account information.

Thanks, Kim.

 -----Original Message-----
From: 	Dietz, Rick
Sent:	Friday, December 07, 2001 4:00 PM
To:	Harris, Steven; Gilbert, Steve; Watson, Kimberly
Cc:	Corman, Shelley
Subject:	FW:  Important TW Accounts Receivable Collection Procedures
Importance:	High

Steve,

I would like your assistance to ensure the timely collection of our transportation accounts receivables.  There is something your group can do to help assure the successful collection of Transwestern's $12,000,000 next week.  Please forward this email to the TW marketers and ask them to assist Gas Logistics in this process by having a conversation (similar to what is described below) with their marketing counterpart if they are the marketer for any of the customers listed below:
Please call your marketing counterpart and (after making some small talk about Enron) reassure them that Transwestern is fine and ongoing business will continue uninterrupted.  Then slip in that you understand that this is a busy time of the year and marketing normally doesn't get involved in payment issues unless there is some type of major problem, BUT, you have a different type of request/favor to ask of them.  You can tell them that with all of the changes at Enron lately, Transwestern moved the bank account that receives our wire transfer payments for our reservation, commodity and imbalance cash accounts.  Tell them that Gas Logistics posted the notice and the new account information on the web as well as included letters in with the reservation and commodity invoices mailed on December 3rd notifying them of this bank account change.  HOWEVER, you don't really know whether you can trust the "accounting geeks" or others who handle the details to have actually made the changes in their system to revise the bank information and that you are asking them to call internally within their company to follow up.  Please ask them specifically to pass along the new wiring instruction information as follows:
Bank Name:	Citibank, NA
Address:		New York, NY
ABA #:		021000089
Account #:		30454716
Beneficiary:	Transwestern Pipeline

I almost feel like I need to apologize for asking you to place this redundant call, but we all understand the criticalness of receiving Transwestern's cash in our own bank account.  Thank you for the help and we will forward control reports to you next week.

Rick

SOCAL
Pacific Gas and Electric Company
BP Energy Company
Texaco Natural Gas
Sempra Energy Trading
Burlington Resources Trading, Inc.
Agave Energy Co.
Duke Energy Trading and Marketing
El Paso Energy Marketing company

 -----Original Message-----
From: 	Dietz, Rick
Sent:	Friday, December 07, 2001 12:06 PM
To:	Blair, Lynn; Zadow, Raetta; Berger, Larry; Hanagriff, Richard
Cc:	Cherry, Paul; Corman, Shelley; Harris, Steven; Gilbert, Steve; Watson, Kimberly; Brown, Elizabeth
Subject:	Important TW Accounts Receivable Collection Procedures
Importance:	High

Please distribute these procedures to the Transwestern Customer Service teams and explain to them the importance of collecting our transportation revenues on time.  If they need further clarification or have questions, please give me a call.

Rick
 << File: Accounts Receivable Collection procedures - TW.doc >>