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----- Forwarded by Steven J Kean/NA/Enron on 10/16/2000 10:26 AM -----

	Ann M Schmidt
	10/16/2000 08:26 AM

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

A Trio of Little Guys
Embarks on Wild Ride
In Global Oil Market
---
Pursuing Business With DOE,
Their Paths Diverge; One
Leads to `a Lot of Money'
By Wall Street Journal staff reporters John Fialka in Denver, Alexei
Barrionuevo in Tallahassee, Fla., and Jonathan Weil in New York
?
10/16/2000
The Wall Street Journal
Page A1
(Copyright (c) 2000, Dow Jones & Company, Inc.)
Lance Stroud of New York, Renard D. Euell of Denver and Ronald Peek of
Tallahassee, Fla., all had dreams of becoming oil barons. And on Oct. 4, when
the Department of Energy announced the results of the bidding for oil from
the nation's Strategic Petroleum Reserve, they thought their ships had come
in.
Two of the three black entrepreneurs were unknowns in the industry, and none
of them had ever done a major oil deal. But there they were, listed as
winning bidders alongside some of the biggest names in the business --
Marathon Ashland Petroleum LLC, Morgan Stanley Dean Witter & Co., BP Amoco
PLC and Amerada Hess Corp. Each would be given the right to withdraw millions
of barrels of oil from the reserve amid one of the most volatile oil markets
in decades. In exchange, each had offered to replace that oil, plus an
additional amount akin to an interest payment, a year later. They and the
other winning bidders, the Energy Department said, were picked soley because
they pledged to return the biggest quantities of oil to the reserve.
There was just one catch: In its rush to release the oil and so ease a price
crunch, the Energy Department had suspended its usual requirement that each
bidder supply financial guarantees. But it wanted the winning bidders to
present letters of credit, equal to the oil's market value, five days after
their bids were submitted. The big players could easily meet that
requirement. But Messrs. Stroud, Euell and Peek were men of limited means.
They needed to find someone willing to back them for tens of millions of
dollars -- and fast.
The drama made for an unaccustomed scene in Harlem, where the 35-year-old Mr.
Stroud lived with his 74-year-old mother. A heavy-set man with a goatee, Mr.
Stroud, a former Army enlisted man who had dropped out of college shy of
graduation, had held a string of odd jobs while using the Internet to seek
out a big business deal.
The aspiring oil man had entered his bid for four million barrels from the
reserve, via the Internet. He won't discuss the details of his bid, but says
he thought he could outbid the large oil companies because he didn't have as
much overhead. After the winning bids were announced, Mr. Stroud became
something of a celebrity. TV news crews arrived to interview his neighbors,
many of whom had no idea what all the fuss was about. "I thought he [Mr.
Stroud] was some kind of rap star," recalls Carline Thomas, who lives down
the hall from him.
As neighbors paused to shoot the breeze on the steps of nearby residential
buildings, most marred by graffiti, Wall Street couriers bearing fat packets
of information spent the week scurrying back and forth from Mr. Stroud's
apartment on a seedy block in Harlem's central business district.
Inside Mr. Stroud's apartment, the telephone wouldn't stop ringing, and his
mother was helping him field the calls. He says he was in serious talks with
four companies. And a movie producer was interested in his life story. Then,
amid the chaos, tragedy struck. On Tuesday night, his mother, Iris Manning,
suffered a cardiac arrest, and was taken to a hospital a few blocks south of
Mr. Stroud's apartment.
Mr. Stroud said he spent most of Wednesday running between his apartment and
the hospital, taking occasional phone calls to deal with prospective
financiers. Ms. Manning went into cardiac arrest three more times, and died
at 9:47 p.m. Wednesday evening.
Mr. Stroud was dazed by the fact that what he called the two biggest events
of his life -- the death of his mother and his selection by the Energy
Department -- occurred almost simultaneously. "I'm saying `there must be some
reason I'm here,' " he said later. "These things happening like this, the
odds must be in the millions."
Mr. Stroud won't discuss which companies were vying for his oil, but he says
at one point he thought he had an offer to buy him out for $1.50 a barrel, or
$6 million. The most serious discussions began Thursday, with a
representative from a refining company, which he refuses to name. From that
discussion Thursday until the following evening, Mr. Stroud says, he was
confident that the refiner would grant him the letter of credit he needed.
But at 9 p.m. Friday, three hours before his deadline, Mr. Stroud said he got
a call telling him the deal was off. "I was upset," he says. "I mean, instead
of wasting my time with that I could have obtained the financing quickly"
from some other source.
A spokesman for Koch Industries Inc., based in Wichita, Kan., said it was in
negotiations with both Messrs. Euell and Stroud. "We invited them to make a
deal that made economic sense." BP Amoco said it also had discussions with
Mr. Stroud.
Mr. Stroud now says the DOE should have given him an extension, under the
circumstances. "If your mother passes, aren't you given three days to
grieve?" Mr. Stroud asks. His mother's funeral is scheduled for Wednesday,
which would have been her 75th birthday, he says.
Mr. Euell ran a small company, Euell Energy Resources, whose 12 employees
helped him broker natural-gas sales and other small energy deals. By night,
he worked the phones from his home in a modest Denver suburb, calling oil
producers in Nigeria and energy brokers in Singapore and Sydney, always
looking for the big score that would make him rich.
A friend, Norman Early, a sometime golfing partner and a former Denver U.S.
district attorney, says the 50-year-old Mr. Euell is "one of those guys who
shoots for the stars." On Oct. 4, Mr. Euell thought he had hit one. He had
been awarded the right to withdraw three million barrels of oil from the
Strategic Petroleum Reserve, in exchange for returning 3.3 million barrels a
year later. That was enough oil to fill 14,019 conventional tank trucks.
Knowing he would need a partner to provide financial backing, Mr. Euell had
already placed a call to a man he'd never met: Kenneth L. Lay, chairman and
chief executive of Enron Corp. He said he was sure he was going to be one of
the top bidders for the reserve oil. Would Enron like to be his partner?
Within a few hours John Nolan, the giant energy company's vice president in
charge of trading, called from London. Enron , he said, was interested.
By Oct. 6, the price of oil had already fallen, making Mr. Euell's bid look
generous. Still, he felt bullish. "I'm betting on Mother Nature, that she's
coming back this winter and that oil's going to be more valuable."
It wasn't Mother Nature, but the crisis in the Middle East that turned things
around. Monday, Oct. 9, the target price for November oil futures on the New
York Mercantile Exchange, jumped a dollar to $31.86 a barrel and headed
higher. Mr. Euell flew to Houston and took a room at the Hyatt Regency, from
which he could see Enron 's 50-story office tower.
By Tuesday, the price of oil had hit $33.18. By Mr. Euell's calculations that
meant a $3 million profit for him and an equal amount for his prospective
partner just across the street. Enron 's lawyers were working on an agreement
that would substitute Enron as the major party in Mr. Euell's contract, he
said, and were drawing up the letter of credit for $93 million that the DOE
required.
Eager to close the deal, Mr. Euell called Enron trader Patrick Danaher, who
was working on the project. "I want to sign this thing up today," Mr. Euell
told him, claiming that he had received an offer from another, unnamed firm,
offering to buy his contract for $1.2 million. According to tapes of the
conversation provided by Enron , Mr. Danaher said the paperwork was under
way: "Let me see if we can do that today."
Mr. Euell called backed at 11:30 a.m. and again at 11:45 a.m. Each time, the
trader sounded more pessimistic. Prospects were "50-50." When Mr. Euell
suggested he had other offers, Mr. Danaher told him: "If you have a bid at
$1.2 million, you should take it. A bird in the hand is worth two in the
bush. I just have to tell you that." Still, he invited Mr. Euell to dinner.
Tuesday's deadline passed without dinner or any action from Enron . While it
appears from the tapes that the parties had been close to an accord, Eric
Thode, a spokesman for Enron 's trading branch, says: "At no time was there
anything remotely resembling a deal with Mr. Euell."
Mr. Euell got the DOE to agree to extend the deadline for another 24 hours
and, after a round of frantic phone calls, says he collected pledges from a
group of European banks to support the $93 million letter of credit. But,
when the new deadline expired, he still had failed to get the proper
paperwork to the DOE, which then declared his award to have lapsed. "They
played me," Mr. Euell complains, blaming Enron for the missed deadlines.
Still, he says, the experience amounted to an instant "Ph.D." in oil. Next
time, he vows, he will have his own letter of credit.
The DOE said late last week that it will accept new bids on the seven million
barrels of oil Messrs. Stroud and Euell forfeited.
As for Mr. Peek, he remains the mystery man of the three. His company,
Burhany Energy Industries Inc., was formed Aug. 21. It employs no one but Mr.
Peek himself. Staffers at the Florida Black Business Investment Board, where
Mr. Peek works as a business-development specialist, said he had taken last
week off. Shutters were drawn at his modest, one-story house in Tallahassee.
Phone calls to Mr. Peek were forwarded to an unidentified neighbor. In an
e-mail to a reporter, Mr. Peek apologized for being unreachable. He was
"working relentlessly to consummate this transaction" and couldn't "entertain
any distraction at the moment."
On Saturday, the Department of Energy announced that Mr. Peek had
successfully transferred his interest in three million barrels of government
oil to Hess Energy Trading Co. of New York, a partnership that includes
Amerada Hess. Amerada Hess Vice President Carl Tursi said he could give few
details of the deal, except to say that he believes there was an
"arrangement" that resulted in "a lot of money" for Mr. Peek.

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

Financial
DEAL OF THE WEEK; Artesia Seeks a Link To Information Firms
Nicholas Johnston
?
10/16/2000
The Washington Post
FINAL
Page E05
Copyright 2000, The Washington Post Co. All Rights Reserved
Rockville-based Artesia Technologies wasn't just interested in another
venture capital investment. It wanted partners.
In its recent $26 million funding, the digital asset management company's
second round, its venture capital lead was joined by a group of "strategic
partners."
Artesia wanted to form relationships with other information management
companies, instead of working only with banks or venture capital firms. "We
wanted to make it more of a partnership with other companies," said Brian
Hedquist, Artesia's marketing communications manager.
For example, in September, Vignette Corp. of Austin announced an agreement
with Artesia to create an Internet commerce application. Now with Vignette's
investment, the relationship is strengthened. "It's not a pure financial
investment," said Hedquist of the equity stake Vignette and the other
strategic partners have in Artesia. "They have a vested interest. We're all
going to benefit."
Artesia was born last year in a management-led buyout with the help of $25
million from Warburg Pincus.
CEO Chris Veator created the company when he and a group of insiders led a
buyout of the information management division of Boston-based financial
information giant Thomson Financial Corp.
Veator's idea was to jump into digital asset management for a broad array of
clients, not just managing information for publishing companies and new
organizations.
"We found very quickly," Veator said, "that the real opportunity was not just
in the publishing community."
Company officials said the funding will help Artesia pursue more
international expansion opportunities, the primary focus of which will be
Europe, where Artesia opened a London office last June. Also, the financing
will be used to increase the sales and marketing staff. Veator expects the
staff to double and revenue to triple over the next 12 months, though he
declined to give any financial information.
Artesia Technologies
Deal size: $26 million
Investors: Led by Warburg Pincus Ventures; EA Systems Inc., Enron Broadband
Services, Vignette, Razorfish and Protege Virtual Management Solutions
Description: Digital asset manager, helps companies catalogue, search and use
stored digital information
Headquarters: Rockville
Employees: 140
Web site: www.artesia.com

Contact: http://www.washingtonpost.com
IG

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

Oct. 16, 2000, 11:01PM
What public gets is at heart of arena issue
By ERIC BERGER
Copyright 2000 Houston Chronicle
When Enron Field opened this spring, the Astros boasted to fans that they
were playing baseball the way it was meant to be -- on real grass, under the
open sky.
Blocks away, the Rockets and most of the city's political and business elite
are asking voters for a new basketball arena.
Yet, if voters approve the construction in the Nov. 7 election, the game
still would be played indoors on a hardwood floor. An arena is, after all, an
arena, and basketball already is played in Houston the way it was meant to
be.
The team points to such fan benefits as a flashier show, with modern video
and sound equipment, and a more competitive team funded by higher revenues.
The arena's influential backers say an arena would spur downtown development,
strengthen the economy and help affirm Houston's position as a world-class
city.
For nonfans, it's difficult to predict how many of these benefits an arena
actually would generate. More calculable is the financial effect it would
have on Rockets owner Leslie Alexander and, to a lesser extent, the city of
Houston.
Compared with his bare-bones lease at Compaq Center, Alexander and the 12
players who wear his uniform stand to benefit greatly.
Based on estimates from other new arenas, Alexander stands to reap $30
million to $45 million more a year were he to go from being a tenant at
Compaq Center to being landlord of a new arena. For about $7 million a year,
Alexander would enjoy revenue from such sources as 100 luxury suites, premium
club seating near the court, selling the building's name and even bestowing
upon Miller, Coors or some other brewer the right to sell $6 beers.
Granted, going from tenant to landlord would boost his costs. Less the rent
he now pays at Compaq Center, Alexander would spend $8 million to $10 million
a year to keep the lights on.
For players, there's no such overhead. They would share the windfall. Under
the collective bargaining agreement ratified in January 1999, most revenues
collected by NBA owners are stirred into a mythical pot, out of which 55
percent is divided by the number of teams to determine a salary cap.
For the city's part, it would spend less money buying and preparing land for
the arena under this year's deal, with expenses capped at $20 million. A
different location chosen in last year's plan would have cost the city at
least $15 million more.
Both this year and last the city was to own the land and arena after 30
years. Now the city would get a parking garage, too.
In the revised agreement, the city also would receive $200,000 a year, use of
the arena for convention-related events or fund-raisers on 20 days a year,
and a suite between the free-throw lines.
It's a "much better deal" for Houston, says Mayor Lee Brown, who, as a chief
negotiator and supporter of the previous deal, is among the least likely to
make such admissions.
City officials have valued the suite at $250,000 to $500,000 because it would
allow Houston to woo convention center customers. The Rockets plan to sell
the suites for $100,000 to $150,000 each.
The suite actually could cost more than it is worth if the city opts to cater
games for visitors. This year, the sports authority spent about $65,000 on
food for about 80 dates at Enron Field. There would be at least twice as many
events in the arena.
The public would make its greatest contribution through the Harris
County-Houston Sports Authority.
That board would sell bonds to cover the arena's $175 million design and
construction cost. Appointed by the city and county to collect hotel and car
rental taxes to finance stadium construction, the 13-member sports authority
also would repay a $30 million loan -- interest-free for the first five years
-- from business leaders earmarked for a parking garage.
What does the public get in return?
"Something much bigger," said Ken Lay, co-chairman of the pro-arena campaign.
"It's making Houston, Texas, and particularly downtown, a much more viable
economic area. Making it more attractive for business to come to town, making
it more attractive for conventions to come to town, and making it more
attractive for the best and brightest talent in the world to come here and
work with us."
Moreover, supporters say a downtown arena, with its advanced sound and video
systems, wider concourses, scores of restrooms and a constellation of
eateries, would be like going from a phonograph to a hi-fi stereo.
Some longtime Compaq Center patrons who have visited new arenas agree.
"When people go to Enron Field they've had an experience," said fan Rebecca
Tonahill, 53, who attends a couple of dozen Rockets and Comets games a year
and has traveled to Los Angeles and Indianapolis arenas that opened last
year. "You don't get an experience at Compaq Center, but I think they could
capture some of that with the new arena."
Overall analyses of the deal's bottom-line cost vary by how much the sports
authority loses, if anything, from building the parking garage.
Harris County Tax Assessor-Collector Paul Bettencourt calculates the Rockets
would pay only 30 percent of the arena's total cost, which comes to $256
million by his tally, and the public would pay the remainder. Ric Campo, the
sports authority's financial whiz, contends the team's contribution would be
closer to half of the $220 million he estimates as the total cost.
Depending on how the numbers are manipulated, both are right.
Bettencourt believes the public would pay the parking garage's entire $35
million cost.
A sore spot among tax watchdogs has been the sports authority building a
garage that Alexander will have exclusive profit from during his events,
including games involving the Rockets and Comets basketball teams and
ThunderBears arena football team.
Still, said Campo, the sports authority has use of the garage at all other
times, which he says would be enough to cover annual garage payments. The
private loan is interest-free for the first five years, which would save $9
million.
What is clear is that taxpayers would spend between $125 million and $175
million to build an arena that would create wealth for a few. Arena opponents
call it corporate welfare. Supporters say it's a good investment.
It has happened before, to an even greater extent, with the construction of
Enron Field for Astros owner Drayton McLane Jr. and the football stadium for
Houston Texans owner Bob McNair.
"This point always raises serious questions about balance in people's minds,"
said Dennis Howard, a sports marketing professor at the University of Oregon.
"Those paying the greatest share are not getting the benefit. They often
can't even afford to go."
The counter-argument from arena supporters is that visitors pay most hotel
and car rental taxes. Bettencourt has studied the issue and concluded that
locals pay at least 30 percent of the visitor taxes.
Howard's research suggests about one of every 10 people who live in a market
where a major-league sports team gets a new building ends up using the
facility in a given year. However, the study did not differentiate arenas
from football or baseball stadiums. Arenas probably would attract more people
because of the many nonsporting events held there.
Not only do fans pay for the building with taxes, they are hit again by more
expensive tickets, said Howard, noting that average ticket prices jump by 30
to 40 percent in a new building.
The Rockets disputed that, citing a study of six recently opened arenas where
prices jumped from 7 to 28 percent. The team's chief operating officer,
George Postolos, said the Rockets have not raised the price of the most
affordable tickets in five years. He said the team would remain committed to
keeping a comparable number of affordable seats in a new arena.
Customers buying expensive tickets, typically corporations, would feel the
bulk of the increase.
"Premium seat holders get more in a new building," he said, "and they pay
more for it."
Houston voters, at least, have a fairly clear idea of who is getting what in
this deal. "It's all right there on the table," notes Bob Eury, president of
Central Houston Inc.
That is not always the case when teams and governments are eager
collaborators in search of public support. In Indianapolis, for instance,
local media suggested the agreement to build the $183 million Conseco
Fieldhouse involved $104 million in private money and $79 million in public
money. One reporter writing in the Indianapolis Star's special arena-opening
section went as far as to write: "This isn't Houston or Hartford, Conn., or
those other cities that swung open the public vault when it came time to pony
up for new sports facilities."
An arena built with less public than private money in such a small market
would be something worth bragging about.
The reality in the bond documents is much different: The city's capital
improvement board sold $222.6 million worth of bonds to finance the arena and
a parking garage. Those bonds will be repaid by a dizzying array of taxes,
including a cigarette tax, car-rental tax, hotel tax, a tax on goods sold at
the arena, and a diversion of state income taxes on player's salaries.
The private contributions come from $10 million worth of donated land, a $37
million loan to be repaid by the city, and, as touted by the Star, $57
million from the Pacers basketball team.
But the Pacers' "contribution" is made up almost entirely of revenues the
city expects to generate from the arena's publicly financed parking garage
when the team is not using it, according to an attorney who worked on the
bond sale.
Advertising for the arena in Houston so far has been accurate, but there are
two sides to some of the numbers presented.
A common claim is that the Rockets would pay $8.5 million a year in rent,
appearing most recently in an Oct. 1 opinion piece by sports authority
Chairman Billy Burge. This implies that more than half the $13 million to $14
million the sports authority would pay on its arena debt each year would come
from the Rockets.
Actually, of this "rent," $1.6 million would be put into a fund for major
arena repairs. Another $1.5 million would be paid to the sports authority,
but if the sports authority could pay its annual debts, the money would be
refunded to the Rockets. The sports authority would have enough money to pay
its debt on three stadiums if its tax revenues rise at 3 percent. They have
grown at around 10 percent in recent years.
Finally, another $200,000 of the "rent" is paid to the city.
Boosters also commonly promote arenas to voters as engines of economic
development, generating millions of dollars in sales taxes.
But even if the teams left, most personal leisure spending would simply be
spent on movies, the arts or other forms of entertainment, said John
Siegfried, a Vanderbilt University economics professor.
The other major chunk, from sales taxes on corporate spending at the arenas,
often comes from advertising budgets, he said, and there are other
promotional activities where the money could be spent.
"Repeatedly, we're finding the emperor has no clothes," said Howard, of
Oregon. "These buildings are sold as economic development engines, but the
economic impact they create is negligible."
Studies by professional consultants may, and often do, find otherwise, but
they are usually commissioned by a team or government seeking to justify
public spending on a new facility, Siegfried said.
Campo countered that building Enron Field has already fueled local economic
gain from higher property tax revenues. The ballpark's 10 blocks of land were
purchased at $12 per square foot, he said. A single block across the street
was recently sold for $100 a square foot to Trammel Crow.
Land values around the arena site have likewise doubled within the last year
on speculation of development there.
"That's creating a lot of value for the city, county and schools," Campo
said.
Economists, including four interviewed for this article, argue that spending
public money in other ways, such as tax abatements to developers, would
stimulate even more activity. They point to research in respected economic
journals that has found higher high school graduation rates and more spending
on police encouraged economic growth, whereas a major-league sports team
actually put a drag on the economy.
By Texas law, the sports authority may not spend the taxes it collects on a
venue unless it is approved by voters, and it may spend its revenue only on
sports facilities or other community projects like an arts center.
Its 2 percent hotel tax and 5 percent car rental tax will not rise if the
arena proposition passes. Adding arena payments to its existing debt would
completely tap its resources, however.
The board has not addressed what to do if the arena fails. To spend money on
anything other than an approved venue, such as hospitals or schools as
opponents suggest, would require legislative action.
Return to top

OUTLOOK
Editorials
FOR ARENA / Many concrete reasons to support this proposal Nov. 7
Staff

10/15/2000
Houston Chronicle
4 STAR
2
(Copyright 2000)

Houstonians are no strangers to the many arguments for and against the
building of new sports arenas. We've hashed and rehashed them often in the
past few years. We've put one facility - Enron Field for baseball downtown -
on the map, and we're erecting another - a new football/rodeo stadium at the
site of the Astrodome.
A decision on a third piece - a downtown basketball/hockey arena - is
forthcoming on the Nov. 7 election ballot.
The Chronicle urges voters to vote for the arena referendum.
It makes sense for Houston to finish the third leg of this sports facility
package as both a quality-of-life amenity and a valuable economic development
tool.
The arena proposal is essentially the same one, in terms of financing, as the
others that were approved by voters in 1996. Tax dollars will be spent
sparingly, taxpayer liability is limited, and taxpayers are even protected
from having to pick up cost overruns.
The fact there is a relative consensus on the proposal, or at least a lack of
vigorous opposition as there was on a previous proposal, is a signal that
this deal is a better one for Houston. The building's tenants, the Houston
Rockets and Comets, are paying a fair share of the costs.
Ticket and parking taxes have been eliminated from the new proposal.
Many people find the "corporate welfare" aspect of publicly financed arenas
distasteful, and some of their concerns have merit. But the reality is that
major league sports teams are amenities that help cities and all of their
residents. That's part of the reason so many cities compete to have them and
retain them.
Houstonians have debated this issue for years, and some people will adhere,
no matter what, to the philosophy that sports teams shouldn't be publicly
subsidized. Continued debate won't change their minds.
We believe the presence of sports teams and facilities such as these is a
plus for the city that far outweighs the public costs.
It's not an esoteric, theoretical discussion. The proof is concrete - as
concrete as the 18 new projects developed in downtown around Enron Field.
They include a mix of residential, office and entertainment facilities
totaling about $700 million.
The economic activity these enterprises generate is already a boon to
Houston's economy. The property value they add to the tax rolls will more
than offset the public investment costs of Enron Field.
Some critics of the arena have posited the theory that funds needed for
public safety, such as improvements to the Fire Department, will be raided or
shortchanged by the city's commitment to the arena. But that's simply not the
case. The increased property taxes and other benefits of a more dynamic
downtown will repay the city's investment many times over. That's new tax
money available to the city's general fund, which pays for police and fire
protection. So, it's not an either-or decision.
Furthermore, what the stadium and all this activity have done for downtown,
and for Houston's image as a whole, is quite remarkable.
Remember, downtown's northeast quadrant was was a virtual ghost town of
dilapidated warehouses and empty fields only a few months ago. Enron Field,
coupled with Theater District development and other projects, has put to rest
almost every argument that was made against the building of that stadium.
A downtown arena would help complete the renaissance of the area and would
put money into the public coffers.
These are all strong reasons to vote enthusiastically for the arena proposal
on Nov. 7.

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

A
Is new arena deal a slam-dunk for taxpayers? / Houston's costs, funding for
NBA team compared to other cities
ERIC BERGER
Staff

10/15/2000
Houston Chronicle
2 STAR
1
(Copyright 2000)

Those who support subsidizing an arena to keep the Houston Rockets in Space
City hail the deal struck this summer. It's better for taxpayers than last
year's accord, they say. It's comparable to what the Astros and Texans got.
Perhaps more important, they say, the agreement Houstonians will vote on Nov.
7 is a "market deal" that compares favorably with other arenas built in
recent years for National Basketball Association teams.
But does it really?
A Houston Chronicle study of the seven most recently built U.S. arenas for
NBA clubs reveals that four were constructed with less tax money than will be
spent here if voters approve next month's arena proposition. One had a
slightly larger public contribution and two were built with considerably more
public money.
There are good reasons for this, arena boosters contend. Unlike Houston,
three of these four cities offering lesser subsidies provided other
incentives.
In Dallas and Los Angeles, they note, the government condemned whole blocks
of land for private development around the arena. In Atlanta, Ted Turner was
given carte blanche to develop public land.
All of the markets that received a smaller subsidy also had both major league
basketball and hockey teams, which could share the construction costs. Two
teams generate more revenue, which tends to make the public contribution less
vital.
"This is one of the largest single-team contributions to a building ever,"
said Rockets Chief Operating Officer George Postolos, whose team is paying
about $7 million a year for control of the Houston arena.
Still, there is another general rule of thumb when it comes to determining a
public subsidy. Historically, the less populous a city and its suburbs, the
more public money is needed to complete an arena project. With their bevy of
Fortune 500 companies, larger cities far outstrip the mid-sized markets'
capacity to buy the pricey suites and club seats that make new arenas so
lucrative for NBA owners.
Strikingly, an arena was built with far fewer tax dollars in one city smaller
than Houston - Denver.
Atlanta, a market comparable to Houston, built an arena with considerably
less public money.
This was also the case in two larger markets. Los Angeles built an arena with
almost no public money, and Dallas' expensive project had substantially less
public than private money involved.
Only two of the cities reviewed, San Antonio and Indianapolis, built arenas
with larger public money contributions, which is consistent with their
relatively small market stature.
"The arena deal follows the Enron Field-type of model," said Harris County
Tax Assessor-Collector Paul Bettencourt, who released a study critical of
Houston's arena plan but has not campaigned against it. "It's consistent with
how the baseball and football stadiums were built in Houston.
"But it's clearly not the model for arenas in the rest of the country, from
Los Angeles to Atlanta to Denver."
Conservative activist Bruce Hotze, who recently launched an effort against
the arena, says Houston should follow the example of other cities where the
owners of sports teams - such as the Utah Jazz in 1991 - have primarily paid
for their facilities. He characterizes anything less as corporate welfare.
The list of factors determining how far a team can dip into public coffers
goes on, from the breadth of a team's local following to its success and its
owner's popularity, said Andrew Zimbalist, a Smith College economics
professor.
But the overriding factor is probably simpler, he said.
"The best strategy for any team to follow is to ask for so much money that
the referendum passes by a tenth of a percentage point," Zimbalist said.
"Teams will get as much as they can. If it passes by 5 percent, the owner,
usually a smart businessman, has done himself a disservice."
Another big factor is a threat to move.
This has loomed over Houston since NBA Commissioner David Stern announced
earlier this year that he was "certain" the Rockets would leave town without
a new building.
When the Denver Nuggets wanted a new arena in the mid-1990s they had a decade
left on their lease. The Rockets have just three years left before they can
leave Houston. Otherwise, Denver's circumstances as its leaders began
negotiating with the team were remarkably similar to Houston's.
The city had just spent about $200 million in public money to build Coors
Field for the Colorado Rockies baseball team, and was contemplating an even
larger expenditure to replace Mile High Stadium for the NFL's Broncos.
But when it came to the city-owned McNichols Arena, built, like Compaq
Center, in 1975, the attitude was that if the team's owner wanted a new
building he would have to do it largely with public money, said Dean Bonham,
a Denver-based sports consultant. Eventually, the owner got some city
concessions totaling about $30 million but paid for all the arena's
construction costs.
A few years later in Houston, after building Enron Field and ponying up for a
new football stadium, public leaders have signed a similar, heavily
subsidized plan for the basketball team.
What was it that opened Houston's treasury when Denver's was closed?
"I can sum the difference up in one word: leverage," Bonham said. "The Denver
teams weren't going anywhere soon. The Rockets got a green light to go."
In Miami, a smaller market where a building was constructed with slightly
more public money than would be spent in Houston, the Heat's first arena was
only 8 years old when the team asked for a new facility.
At first team officials, amid threats of leaving, managed to cut a deal with
the Miami-Dade County Commission to build a $165 million arena on Biscayne
Bay with only $50 million coming from the team.
But leading up to a referendum a new county mayor, Alex Penelas, was elected
in part because he campaigned against public financing for the arena, saying
the county had "given away the kitchen sink."
Later, a deal was struck in which the team paid for the arena's construction
and the county bought bayfront property and helped the team with annual
operating costs.
This dramatic game of building publicly backed sports stadiums with
questionable public support is so familiar throughout the United States that
it has practically become the fifth major league sport.
More than $21.7 billion has been spent or committed on 95 built or planned
big-league stadiums since 1990, and, according to several economists'
calculations, two-thirds of that money comes from public sources.
In Houston, more than two-thirds of the nearly $1 billion in built, planned
or proposed stadiums since 1996 has or would come from public sources.
In spring 1996, citing aging facilities and unprofitable leases, the Oilers
had left town and the Astros were making threats. The still-champion Rockets
were bound here into the new century, but would soon sue to break that lease
and were making no promises beyond 2003.
The Astrodome and Compaq Center had lost their sheen amid a nationwide tide
of stadium building that is only now ebbing. Political leaders decided they
must do something to stop the defection of Houston's pro sports teams.
For several months, a blue-ribbon commission chaired by Pete Coneway and Ben
Love tackled the issue, ultimately deciding, as elsewhere around the country,
that the city and county should help build new facilities for baseball,
football and basketball.
From this blueprint arose the Harris County-Houston Sports Authority, which
has helped fund two of those facilities and is seeking voter approval to
spend its remaining tax revenues on a new downtown basketball arena.
The Astros hit the jackpot with Enron Field, which has propelled their
attendance to more than 3 million for the first time. After the Oilers made
good on their threat to move to Nashville, it took Bob McNair's $700 million
and Texas charm, as well as a $367 million football stadium, to bring the NFL
back.
Sports authority members say that if McNair's experience teaches Houston
anything, it will take a far greater investment than the proposed arena's
costs to return the NBA should the Rockets leave.
They point out as well that in building both the baseball and football
stadiums, although each cost more than the arena, Alexander would pay more
than has either McNair or Astros owner Drayton McLane Jr.
Houston's arena deal, as complicated as it appears, lacks the hidden value
attached to some other deals, which Rockets officials say makes sports team
owners in the other markets appear less mercenary at first blush.
More than two years ago Dallas voters approved a $125 million public
contribution to a new arena by a handful of votes in a citywide referendum.
A scrappy coalition of opponents, which had only $75,000 to spend, tried to
point out that the public was giving up much more than the $125 million.
Beneath that widely reported figure was essentially freedom for the arena
developers, Dallas Mavericks owner Ross Perot Jr. and Dallas Stars owner Tom
Hicks, to proceed with an 18-city block, $1 billion overall development with
the city's blessing.
In January, Perot sold the Mavericks basketball team to Internet billionaire
Mark Cuban.
Perot, who had bought the team only four years earlier, said he was
interested in the new arena largely for the related development
opportunities.
"A lot of people look at a basketball team as an anchor tenant for an arena.
I look at an arena as the anchor tenant for a much larger program," he said
upon selling the Mavericks. His Hillwood Development Corp. retained the
development rights.
To aid the development, the city of Dallas condemned much of the land and
offered as much as $30 million for infrastructure work to spruce up the
property.
The city also let both the Stars, a hockey team, and Mavericks out of their
Reunion Arena leases several years early and went so far as to ensure no
other sports referendums would be on the same ballot. Hillwood also got a 4
percent construction management fee and Hicks 1.5 percent as part of the $325
million in public and private money spent on the arena.
"Oh sure, there were kickbacks and all that," said Sharon Boyd, co-
chairwoman of the opposition group It's a Bad Deal!
"It was like all of a sudden there were five men in Dallas that got free land
and didn't have to pay taxes. That's a sweet deal."
Like Dallas, Atlanta offered Ted Turner a plush real estate deal to keep the
Hawks basketball team in the city, freeing up the NBA team to pay more than
half the arena's actual construction cost.
Hawks' owner Turner Broadcasting Co. was given 10 years to add development to
the public land the arena was built on, with streets, roads, sidewalks and
other needed infrastructure paid for with tax money.
In Los Angeles, the city condemned most of about 30 acres surrounding the
privately developed Staples Center for a hotel, restaurants and an
entertainment district.
"The subsidies take all kinds of forms," said Robert Baade, an economics
professor at Lake Forest College in Illinois.
"The cities and teams have become much more clever about how they finance
these things and hide the public subsidies."
Monday: Who would pay, who would benefit from a new arena.

Graph: 1. Basketball arena deals (p.18); Photos: 2. Houston Rockets Proposal
arena (p.18); 3. San Antonio Spurs: SBC Arena (p. 18); 4. Dallas Mavericks:
American Airlines Center (p.18); 5. Atlanta Hawks: Phillips Arena (p.18); 6.
Denver Nuggets: Pepsi Center (p.18); 7. Los Angeles Lakers, Los Angeles
Clippers: Staples Center (p.18); 8. Miami Heat: American Airlines Arena
(p.18); 9. Indiana Pacers: Conseco Fieldhouse (p. 18)

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


Andrzej,

Bardzo smieszne.
U mnie wszystko OK.

Wicek

 -----Original Message-----
From: 	"Lubowski, Andrzej" <lubowski@visa.com>@ENRON
Sent:	Wednesday, November 14, 2001 10:50 AM
To:	Adam Bachowski (E-mail); Bronek Misztal (E-mail); Krzysztof Iszkowski (E-mail); Pawel Tarnowski (E-mail); Prezmek Gajdeczka (E-mail); Vincent Kaminski (E-mail); Wacek Iszkowski (E-mail); Wojtek Kuszko (E-mail)
Subject:	Podatki

Na wypadek ze to jeszcze do Was nie dotarlo.

Sciskam,
Andrzej <<podatki 2002_.rtf>>

 - podatki 2002_.rtf << File: podatki 2002_.rtf >>


I still plan to be out on Friday - guess I should use my discretionary
holiday first.

I should be in NYC Wednesday  and Thursday.  I don't need you to do anything
in that regard yet.

Thanks,

Kay


FYI on behalf of Sue Mara:

Governor Gray Davis to address California energy crisis
It is expected he will be speaking for about four minutes and that he will
start at about 6:05 p.m. PDT.

Gov. Davis is expected to deliver a five-minute speech to Californians
Thursday night
?

From CNN.com:
April 5, 2001
Web posted at: 4:38 p.m. EDT (2038 GMT)
Hena Cuevas is a CNN Correspondent based out of California.
Q: What do we expect to be the main points of Governor Gray Davis' address
this evening?
CUEVAS: His office has said that the basic theme will be conservation.
Basically, he is trying to motivate everyone to conserve. Also, we are
expected to hear a stern warning involving the power situation this summer.
It is expected to be a warmer than average summer. Davis e is also going to
address that. We have also been told that he will make some sort of
announcement and that the announcement is being kept under tight wraps; it is
top secret. At this point we can,t even speculate as to what it will be. But
there will be a big announcement.
It is expected he will be speaking for about four minutes and that he will
start at about 6:05 p.m. PDT.

Q: How has the energy crisis affected the Governor's popularity?
CUEVAS: The latest polls -- and these were probably around Mid-March ) show
that his popularity and his approval ratings have declined. The latest poll
commissioned by the Service Employees International Union shows that only 29
percent of those surveyed said that they would vote for Davis again. He,
however, is trying to distance himself from this energy problem saying that
it is the responsibility of the Republican lead Senate and Legislature who
were the ones that passed these deregulation laws and that basically, he just
got handed the problem and he is trying to solve it.
There was the first ever state Democratic convention in Orange County last
weekend ) Orange County has traditionally been highly Republican. Everybody
there said that they supported Governor Davis and that they believe that the
Democratic Party in this state will not be affected by this crisis, that they
are basically trying to fix what the previous administration did.
Q: What impact will the California energy crisis have on Davis, political
future?
CUEVAS: Davis says that it will not impact his future. He feels very
confident that he has been able to send out the message that he is not
responsible for this crisis and that he is doing everything in his power to
fix it. One of the things that he mentioned in a press conference on Saturday
is that there are already new electrical plants that are under construction
that should be ready by either 2004 or 2005. He says that he is doing
everything in his power to be able to solve this crisis. Again, as things
worsen and as the rolling blackouts begin and continue over the summer,
obviously, everybody is trying to find somebody to blame and he is in the
perfect position. That is why a lot of fingers are being pointed toward him.
Q: What actions has the Governor taken so far to try to avert the energy
crisis?
CUEVAS: One of the things that he has approved is the construction of new
energy plants. Also, he is asking that private companies and other large
power users be allowed to contract directly for power with generators. This
is different than what the Public Utilities Commission had been arguing for.
He has also put forth called the 20/20 plan that says that if you save 20
percent on your consumption of energy as compared to last summer, you will
get 20 percent off your energy bill for the four summer months. He is doing
everything in his power, he says, to try and avoid an even higher rate
increase. However, there are a lot of people who are arguing for a higher
rate and saying that would be the only way to try and stop this crisis.
Q: Do you have any final thoughts to share?
CUEVAS: When you go down to the consumers themselves, everyone is trying to
make sure that the average resident is not the one footing the bill for the
problems that are taking place at the governmental level. There seems to be a
lot of frustration from both residents and businesses. There was a symposium
at UCLA yesterday where the Anderson Business Forecast, a group that usually
does economic forecast for the state of California, said their concern was
that California would be affected in the long run. They said that those that
are thinking about doing business in California might be hesitant and might
look at other states that do not have this uncertainty with the energy
situation and therefore, may not establish operations in California. That was
one of the biggest concerns. Right now California ranks number 48 or 49 in
energy consumption so it is very energy efficient and aware as far as
conservation efforts. So, hopefully, by conserving they might be able to get
past this summer and have a solution by the end of the year.


Attached is Sara's Project List.


My apologies.  The last version had a few errors that still needed correcting.  This version contains those corrections.

Best,
Jeff


This is so sad.  But then again, God works in very mysterious ways.  If
things are going to fall apart soon anyway....

Jim and his family have been in my prayers.  This must be very hard.


---------------------- Forwarded by Chris Germany/HOU/ECT on 03/23/2000 04:58
PM ---------------------------

"Germany, Mary/COR" <mgermany@CH2M.com> on 03/23/2000 12:16:23 PM
To: "Williams, Sue/COR" <swillia1@CH2M.com>, "Carlson, Rhonda/COR"
<rcarlson@CH2M.com>, "Barkley, Shelli/COR" <sbarkley@CH2M.com>, "Parker,
James/COR" <jparker1@CH2M.com>, "'llmorrison@earthlink.net'"
<llmorrison@earthlink.net>, "'jenniferc@asttrust.com'"
<jenniferc@asttrust.com>, Chris Germany/HOU/ECT@ECT
cc:
Subject: EVOLUTION

 - EVOLUT~1.GIF


Here's the agreement I would like to get in front of Mike.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/09/2000 11:59
AM ---------------------------

"FAYE STEDMAN" <STEDF@andrews-kurth.com> on 10/27/2000 12:54:19 AM
To: <kay.mann@enron.com>
cc: "PAUL PIPITONE" <PIPIP@andrews-kurth.com>

Subject: ABB Transformer Purchase and Sale Agreement

At the request of Peter Thompson, attached please find a clean copy of the
ABB Transformer Purchase and Sale Agreement.  The formatting has been cleaned
up significantly and the table of contents is now in place.

Peter will be out of the office on Friday, 10/27, however, If you have any
questions or comments, please contact Chris Cobb at (202) 662-3016 who will
be handling this matter in his absence.

Thank you.

 - 82441_2.DOC


Just so you don't double up and call Continental - i went ahead and called
to get our new itenerary- we still leave on a nonstop Friday 11/16 departing 9:50pm and get there at 10:55p
On the return- they had us leaving at 6:40 on 11/20 going thru Phoenix and arriving home at 1am
I changed it to leaving Vegas at 4pm nonstop flight to home and arrive here 9pm (this cut 1 hour 20 min off travel time)
hope that is okay
kq


I will be out of the office 9/10 - 9/12 and will return on 9/13.

Samantha M. Boyd
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803
Houston, Texas 77002
Ph:  (713) 853-9188
Fax:  (713) 646-3490


John,

I humbly beg your forgiveness for not calling you.  Now I owe you.

I will check my directory to see what I have.  As I recall it was part of
some special scratch my back I'll scratch yours deal, although the details
now escape me.  Seems like there were some minor defects which could be
repaired while GE stored the stuff, so we let them put the stuff in storage
based on their rep things would get fixed.

Kay

John G Rigby@ENRON_DEVELOPMENT
05/01/2001 04:37 PM
To: Kay Mann/Corp/Enron@Enron, Ben Jacoby/HOU/ECT@ECT
cc: Randy Pais/Corp/Enron@Enron, Cheryl
Costa/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Matthew
Tezyk/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: LM6000 24 pack Storage Letter- copy please.

Ben and Kay

Project is Eletrobolt.   ESA has had GE send the stacks for the Electrobolt
LM6000 back to Braden for modifications necessary for Eletrobolt and there
are a couple other changes.

I need to prepare an amendment cover those changes as well a capture the in
and out costs related to the Eletrobolt units.  Matt T told me that Ben
signed out a letter prepared by Kay addressing an agreement related to
storage of the units that was different from the 24 pack base contract.  Matt
says he does not have the letter.

I would be very helpful if I could have a copy of the letter so I understand
the changes so I do not upset the prior deal. Once I have the amendment
prepared in addition to the Eletrobolt team review, I would like to bounce
off Ben and Kay to ensure I have not harm to other aspects of the 24 pack
purchase.

Thanks


You sold 1000 TAS futures with Paribas  andI gave them up to EDF MAN account #05055
You bought 1000 LD swaps @ 10/18 SP from SempraDave D.

THanks


---------------------- Forwarded by Dana Davis/HOU/ECT on 11/03/2000 02:52 PM
---------------------------

"Moore,Denise I" <denise.moore@dhs.state.tx.us> on 11/03/2000 12:05:53 PM
To: ddavis@enron.com
cc:
Subject: Mailing list

Dana,

     Here is a partial list of addresses I had here at work.  I will have to
go home and find the others.  Do you have a fax machine at home?

Denise

 <<SEEDSLAB.WPD>>

They are already set up as labels in WP6.0 and these should be transferable
to Word.

 - SEEDSLAB.WPD


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benjamin.rogers@enron.com
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MsgId: msg-17047-2001-10-18_17-01-09-6126941_1_Plain_MessageAddress.msg-17:03:20(10-18-2001)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


You suck!


Rob,

Thanks. We are always glad to help you.

Vince

Rob Bradley@ENRON
09/28/2000 05:34 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT, Hector Campos/HOU/ECT@ECT
Subject: Stinson Gibner & Hector Campos

Ken Lay gave a high profile presentation on the current natural gas supply
and price situation at a recent conference held by the Interstate Oil and Gas
Compact Commission, and some of the best graphs came from work that Stinson
and Hector did (see the attached, slides #11, #12, #14, & #15).

I really appreciate their research and hope to be able to use their talents
again for presentations for the Office of the Chairman..

- Rob

Robert L. Bradley Jr.
Director, Public Policy Analysis
Enron Corp.
P.O Box 1188, Room 4724a
[1400 Smith Street 77002]
Houston, Texas 77251-1188

(P) 713-853-3062
(F) 713-646-4702

Assistant: Joan Stransky 713-853-4702
jstrans@enron.com


Coming Full Circle: A Plausible Future for Power Generation

Speaker:
Amy Oberg
Manager, Competitive Intelligence and Future Foresight
Enron Energy Services

Wednesday, May 30
11:30 a.m. to 12:30 p.m.
EB 5C2

To Make a Reservation, Call 3-1941 and Select Option 1.

Lunch will not be provided, but you are welcome to bring your own.

Please inform us ahead of time if you need special accommodations to participate in this meeting.  Call 3-9390.


Darran --

Pls submit an RCR for me to discuss at today's meeting.  RCR - EPSA SE RTO Study.  $60k.

Jim
-----Original Message-----
From: Connor, Joe
Sent: Saturday, November 10, 2001 10:06 PM
To: Steffes, James D.; Nicolay, Christi L.; Novosel, Sarah; Shapiro, Richard; Robertson, Linda; Montovano, Steve; Staines, Dan
Subject: RE: Proposal for RTO Benefits Study

I agree we need to do it.  You may want to ask Boston Pacific to include an analysis of the savings associated with reduction in capacity reserves ( reductions due to increased load diversity, increased reserve sharing and reduced operating reserves to meet NERC criteria).  Some of these savings should be immediate and some should occur over the next few years from decreased need for capacity additions.  I'm not sure whether someone has done this type of analysis before for one of the RTOs, but Christi has talked about some of this and may know.

-----Original Message-----
From: Steffes, James D.
Sent: Thu 11/8/2001 2:36 PM
To: Nicolay, Christi L.; Novosel, Sarah; Shapiro, Richard; Robertson, Linda; Connor, Joe; Montovano, Steve
Cc:
Subject: FW: Proposal for RTO Benefits Study

I would say we go ahead and support this.  I am guessing that 4 other companies would join = $60k for Enron.  What do you think?  I want to get back with Julie by next Tuesday - I'll submit an RCR for discussions.

Jim

 -----Original Message-----
From:   "Jackie Gallagher" <JGallagher@epsa.org>@ENRON
Sent:   Thursday, November 08, 2001 2:02 PM
To:     lebarrett@duke-energy.com; Steffes, James D.; Julie Simon; lorraine.cross@mirant.com; awarnock@reliant.com
Cc:     Michael Reddy
Subject:        Proposal for RTO Benefits Study

Attached is a proposal from Boston Pacific for a cost-benefit analysis of a southeastern RTO.  Please send your thoughts to Julie Simon at jsimon@epsa.org by Tuesday, November 13th.

Attachment

 - RTO Benefits Proposal.doc <<RTO Benefits Proposal.doc>>
 - RTO BENEFITS PROPOSAL BUDGET.xls <<RTO BENEFITS PROPOSAL BUDGET.xls>>
 - LIST OF TESTIMONIES AND PUBLICATION 2001.doc <<LIST OF TESTIMONIES AND PUBLICATION 2001.doc>>
 - Resumes for RTO Benefits Proposal.doc <<Resumes for RTO Benefits Proposal.doc>>


Steve, write these down in pencil - I need a chance to review.

thanks
Dave
---------------------- Forwarded by David W Delainey/HOU/ECT on 02/06/2001
07:09 PM ---------------------------

Dan Leff@EES
02/06/2001 04:31 PM
To: Steven J Kean/NA/Enron@Enron
cc: Marty Sunde/HOU/EES@EES, David W Delainey/HOU/ECT@ECT
Subject: 2001 EES Goals

Steve -

Per your request.

Regards - Dan


Just FYI---we will NOT be mentioning Enron's name in the Allegheny Press
Release that each of you have approved. Per Allegheny's request, we are
deleting the sentence in the 1st paragraph which mentions that Las Vegas
Cogeneration II is owned by Southwest Power, an affiliate of Enron North
America. Everything else in the Press Release will stay the same.

Allegheny asked that Enron NOT be included in the release, as they feel we
have different approaches/philosophies in the marketplace, and they believe
it may send a mixed message. However, there is not any sort of
confidentiality agreement regarding the transaction, therefore we are
certainly free to talk about it publicly.

Please let me know if you have any questions and I apologize for the multiple
emails regarding this release--we just wanted everyone to be in the loop on
all the changes.

I have attached the FINAL Press Release for your files--this will be released
by Allegheny on Friday morning, 5/11.

Thanks,
Jennifer Walker
Enron Public Relations
x3-9964


Sounds good to me Louise. Thanks !

	Louise Kitchen@ECT 06/27/2001 05:55 PM 	   To: Jaime Williams/NA/Enron@ENRON  cc:   Subject: Contract

Jaime,

I think it would be a good idea to wait until the end of the PRC process in a couple of weeks before discussing your contract.  This should ensure we get the right contract put before you.

Its only a couple of weeks.

Louise


Thanks
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Thanks for your concern.  While it was very scary for Helen, I'm satisfied with Randy's reply.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


---------------------- Forwarded by Larry F Campbell/NA/Enron on 09/25/2000
09:39 AM ---------------------------

"Karen Van Pelt" <kvanpelt@flash.net> on 09/23/2000 10:33:44 AM
To: "Aaron Gregory" <qeraser@rocketmail.com>, "Angel Backes"
<angel.backes@la-z-boy.com>, "Annette Brandes" <speech25@aol.com>, "Benjamin
Hogan" <muslstang@aol.com>, "Bill Van Pelt" <WVanpelt@aol.com>, "Cathy Webb"
<tulsama@worldnet.att.net>, "Cathy Webb (@school)" <Webbca@TulsaSchools.org>,
"Cheryl G." <revayg@yahoo.com>, "Darrell Hickman" <ashddh@aol.com>, "Dave
Welch" <Welch_Dave@provalue.net>, "Dennis Umeno" <umenos@gte.net>, "Gail Van
Pelt" <gmcvp1@aol.com>, "Jane Ku" <Janeku@ix.netcom.com>, "Jill Danker"
<ljdanker@hotmail.com>, "Julie & Matt" <MBoyce4961@aol.com>, "Larry F
Campbell" <Larry_F_Campbell@enron.com>, "Lesli and Ramzy" <LSabbara@aol.com>,
"Matt Tedrow" <mtedrow99@hotmail.com>, "Michael Campbell"
<physics123@yahoo.com>, "Mike Van Pelt" <kingvp@aol.com>, "Mitch Webb"
<tulsadad@att.net>, "Natasha Pryse" <npryse@hotmail.com>, "Neely Shaw"
<neelyshaw@aol.com>, "Rachelle Bennett" <thefoxs@flash.net>, "Scott Lanehart"
<Scottlanehart@hotmail.com>, "Sumit Patel" <stp19992000@yahoo.com>, "Tim
Campbell" <a_marine@bellsouth.net>, "Tonishia Van Pelt" <vpsuny@aol.com>,
"Veronica Dare" <veronica-dare@usa.net>
cc:

Subject: Fw: Britney

?
 - britneyspot.jpg


It's really all Genia's fault, she goes to lunch too darn early.  I guess we
need to make a date beforehand for lunch with you...!

	Marie Heard@ENRON COMMUNICATIONS
	10/10/2000 04:04 PM

		 To: Genia FitzGerald/HOU/ECT@ECT@ENRON
		 cc: Tana Jones/HOU/ECT@ECT@ENRON
		 Subject: Re: HOTDOG !This is sooo adorable!

Hey, I was an invited guest.  It wasn't my party!  Sounds like someone is
trying to weasel herself out of trouble.

Marie Heard
Senior Legal Specialist
Enron Broadband Services
Phone:  (713) 853-3907
Fax:  (713) 646-8537
Marie_Heard@Enron.net

	Genia FitzGerald@ECT
	10/10/00 03:23 PM

		 To: Marie Heard/Enron Communications@Enron Communications
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: Re: HOTDOG !This is sooo adorable!

Thanks for inviting me to share Mexican food with you.  Tana said it was YOUR
fault I wasn't invited!!!!!

Genia
----- Forwarded by Genia FitzGerald/HOU/ECT on 10/10/2000 03:21 PM -----

----- Forwarded by Genia FitzGerald/HOU/ECT on 10/10/2000 02:30 PM -----

 - Hotdog PHOTO2.jpg


CALENDAR ENTRY:	APPOINTMENT

Description:
	Direct Report Mtg (my ofc)

Date:		7/18/2000
Time:		10:00 AM - 11:30 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Dear Silicon Valley Leader:

Once again, we are inviting you to Silicon Valley's second Regional Energy
Summit, co-hosted by the Silicon Valley Manufacturing Group, the City of San
Jose and the County Board of Supervisors, to develop quantifiable, near-term
solutions to avoid rolling black-outs, by emphasizing

  --conservation
  --shifting load during peak periods
  --immediate generation
  --sound public policies

Details are as follows:

Date:    Friday, May 4, 2001
Time:  8 a.m. (sharp) until 12:00  Noon
Location: Synopsys
  455 North Mary Avenue, Building 2
  Sunnyvale, California

The summit is free and open to the public.  But, due to limited space,
RESERVATIONS ARE MANDATORY.  Please confirm your attendance no later than
Wednesday, May 2 by 5:00 p.m., by phoning the Manufacturing Group Office at
408/501-7864 or by simply responding to this email.

If you have already made a reservation, there is no need to do so again.  We
look forward to having you join us for this community-wide, public and
private sector summit to develop short-term solutions to our Valley and
State's energy crisis.  Please come prepared to participate.

Sincerely,

Carl Guardino

 - winmail.dat


per Blanca


The information was released yesterday.  The total revenue requirement is
down reflecting lower power costs. Presumably, current rates (including the
$40/MWh increase since 1/1/01) are now sufficient to cover power costs and
some amount for past undercollections.

Not sure what it assumes regarding agreement-in-principal contracts (i.e.,
whether they are in or out).

Alan Comnes


Start Date: 1/7/02; HourAhead hour: 13;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010713.txt


market_relations@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

*****Reminder Notice************

Dear Market Participants

On October 17, 2001, the NYISO web servers will be upgraded.  This will
require both software and hardware changes.  While these changes will be
transparent to the users, these changes will require that the MIS system
be unavailable for approximately 60 minutes.  The outage will begin at
approximately 11:35 AM.  Market Participants planning on submitting
HAM transactions or modifying Day Ahead bids should act accordingly.

The NYISO will minimize the duration of the outage as much as possible
as we recognize the inconvenience caused by system outages.  Ultimately,
these changes will result in a more stable environment and provide enhanced
services that the current web servers are unable to perform.

If you have any questions, please call your Customer Relations
Representative or the Help Desk at (518) 356-6060.

Thank You
Customer Relations


Jim has mentioned a meeting next week with all of us to talk about strategy,
etc. over the next many months.  Might be a good opportunity to clarify how
we coordinate on these matters.

"Mary Hain" <Mary.Hain@enron.com> on 08/30/2000 12:43:58 PM

To:	Susan J Mara/SFO/EES@EES, Jeff Dasovich/SFO/EES@EES
cc:	"Paul Kaufman" <Paul.Kaufman@enron.com>

Subject:	Re: California ISO Ten-minute market and Cal PX Price Cap

In general, please contact me before you call on Sarah, Joe and Donna with
FERC
issues.  I was aware of this filing and have been talking to the traders about
whether we want to do anything about it.  Thanks!

Sarah Novosel@ENRON
08/30/2000 07:57 AM

To:   James D Steffes/HOU/EES@EES, Jeff Dasovich/SFO/EES@EES, Susan J
      Mara/SFO/EES@EES, Mary Hain/HOU/ECT@ECT
cc:   Joe Hartsoe/Corp/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON
Subject:  California ISO Ten-minute market and Cal PX Price Cap

See the email from Donna Fulton below.  Donna joined Government Affairs a
couple
of months ago.  She was with Enron - GPG for 12 years doing gas regulatory
work,
so she's an expert in FERC matters but is getting up to speed on electric
matters.  Please feel free to call her in addition to Joe or me on FERC
regulatory matters.

Also, the Cal PX filed at FERC on August 22 its proposal to implement a $350
price cap.  Interventions are due on September 12.  A copy of the filing
(Imaging Format) and FERC's notice are attached.

We should discuss what position we want to take, if any, in response to the
Cal
PX's filing.

Sarah

(See attached file: Cal PX $350)(See attached file: Cal PX Notice)
---------------------- Forwarded by Sarah Novosel/Corp/Enron on 08/30/2000
09:56
AM ---------------------------

Donna Fulton
08/30/2000 08:51 AM

To:   Sarah Novosel/Corp/Enron@ENRON
cc:

Subject:  California ISO Ten-minute market

FYI - Attached is the FERC notice of Cal ISO's filing to implement ten-minute
markets effective September 1, 2000.  Do you think there is any interest in
our
participation/intervention?

(See attached file: ER002383.00B.TXT)

 - Cal PX $350
 - Cal PX Notice
 - ER002383.00B.TXT


Sam,

I asked Stinson to review it. U should have it in 15 minutes.

Please, shoot me the column.

Vince

	Enron North America Corp.

	From:  William Smith @ ENRON                           07/31/2000 08:44 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Technical Corner

Good Morning, Vince!

Please pardon the brief interruption, but how is the article coming?

Sam


Greg, if there are two more tickets available for sale for Friday's game, I'd
like to buy them.  Let me know.  Thanks, SRS


Return-path: <VKaminski@aol.com>
From: VKaminski@aol.com
Full-name: VKaminski
Message-ID: <13.d4d3833.273eb98a@aol.com>
Date: Sat, 11 Nov 2000 10:02:34 EST
Subject: Fwd: Wycena aktyw?w firmy metod? opcyjn?
To: VKaminski@aol.com
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X-Mailer: Windows AOL sub 86

Return-path: <VKaminski@aol.com>
From: VKaminski@aol.com
Full-name: VKaminski
Message-ID: <4b.32f589f.273a37e3@aol.com>
Date: Wed, 8 Nov 2000 00:00:19 EST
Subject: =?ISO-8859-1?Q?Fwd:=20Wycena=20aktyw=F3w=20firmy=20metod=B1=20op?=
=?ISO-8859-1?Q?cyjn=B1?=
To: VKaminski@aol.com
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X-Mailer: Windows AOL sub 124

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Szanowny Panie Profesorze,

?

W nawi?zaniu do naszej rozmowy podczas zajc+
na MBA w WSHiFM w Warszawie, pozwalam sobie zwr?ci+ sic do Pana z pro~b? o
zasugerowanie literatury, kt?ra byaby mi pomocna w zapoznaniu sic z ?tematyk?  ?wyceny aktyw?w przy pomocy opcji. Poniewa_ zamierzam pozna+ to zagadnienie  ?mo_liwie jak najdokadniej, bybym wdzicczny za Pana ewentualne wskaz?wki ?czy  ?sugestie w tej sprawie.??Ze swojej strony?deklarujc swoj? gotowo~+  ?wsp?pracy w zakresie bie_?cych czy archiwalnych informacji o polskim rynku
kapitaowym.?????Z wyrazami szacunku?????Pawe Antosiewicz

?


Taffy,

Can you please take care of this.  Thanks!
----- Forwarded by Tana Jones/HOU/ECT on 02/14/2001 04:04 PM -----

	Brant Reves
	02/14/2001 03:58 PM

		 To: Samantha Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Tana
Jones/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
		 cc:
		 Subject: Blue Flame Propane Inc.

Can someone please have interoffice mail me a copy of the Blue Flame Propane
Inc. Master Agreement for our files?

thanks
brant


You da man!  (There is a story behind this, I'll share it tomorrow.)

I am seeing him tomorrow at 2:30.  He had to cancel his meeting with Chuck
to squeeze me in...

It should be good!

I'll bring the beer for tomorrow.  :)

thanks again,
Jackie

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Wednesday, November 15, 2000 1:52 PM
To: Jacqueline Kelly
Subject: RE: Study?

Any luck getting on Mike's calendar.

FYI:  His name is spelled Mike Bentivoglio.


Sorry, but the number is 713-792-6840.

And Bev just called to say that we have a donor for today and one for
tomorrow - so the crisis has passed for the moment.

Bob

Bob Joyce
Kvaerner Process
7909 Parkwood Circle Drive
Houston, TX 77036
(713) 995-2137
(713) 270-3652 -- Fax
bob.joyce@kvaerner.com <mailto:bob.joyce@kvaerner.com>

This electronic message transmission and any attachments contain information
from the Kvaerner Process Legal Department that may be confidential and/or
privileged.  It is intended solely for the addressee(s) above, and use by
any other party is not authorized.  If you are not an intended recipient,
any disclosure, copying, distribution or use of the contents of this
information is prohibited.  If you have received this transmission in error,
please notify the sender immediately by using the "reply" feature or  by
telephone, and then delete this message and any attachments.  Thank you.

-----Original Message-----
From: Joyce, Bob  KPRHOU
Sent: Monday, June 04, 2001 2:02 PM
To: Lantrip, Betty  KPRHOU
Cc: Cook, Bob  KPRHOU; Litteral, Melody  KPRHOU; Messina, Janice
KPRHOU; Perry, Cecile  KPRHOU; Thibodeaux, Denece  KPRHOU; Varnado, Linda
KPRHOU; Atkinson, Dana  KPRHOU; Bogiel, Stan  KPRHOU; Butler, Mike  KPRHOU;
Campbell, Coy  KPRHOU; Conda, Russell  KPRHOU; Doremus, George  KPRHOU;
Hagendorf, Gordon  KPRHOU; Kelley, David  KPRHOU; Koenig, Charles  KPRHOU;
Mandel, Gary  KPRHOU; McClellan, John  KPRHOU; McTague, Larry  KPRHOU;
Montgomery, Wayne  KPRHOU; Rojas, Ricardo  KPRHOU; Schneider, Robert  KPRHOU
Subject: Michael Joyce/Platelets

Betty

I talked with Bob Cook, thinking that as he's the organizer of the blood
drives, he might have a name or two of platelet donors.  The two people who
were going to donate Platelets for Michael today "bailed" for various
reasons, and my wife has tapped out her resources for platelet donors and
I've tapped out mine.  Bob suggested you might contact the people on the
prayer list.  What's needed is people with type O blood (either + or -).  If
anyone is able to do so today, that'd be GREAT.  And if tomorrow or some
other day, that would be great also.

If anyone can donate,  please have him/her call my wife, Bev, at 713
972-6840.  That's the number for both Michael's room and the visitor's room
adjacent to  Michael's room.  They should not call there before noon.  If
they want to call before that or late in the evening (we usually leave the
hospital around 9:30 and get home around 10:30), they can call 281 360-5665
and leave a message.

Thanks.

Bob

Bob Joyce
Kvaerner Process
7909 Parkwood Circle Drive
Houston, TX 77036
(713) 995-2137
(713) 270-3652 -- Fax
bob.joyce@kvaerner.com <mailto:bob.joyce@kvaerner.com>

This electronic message transmission and any attachments contain information
from the Kvaerner Process Legal Department that may be confidential and/or
privileged.  It is intended solely for the addressee(s) above, and use by
any other party is not authorized.  If you are not an intended recipient,
any disclosure, copying, distribution or use of the contents of this
information is prohibited.  If you have received this transmission in error,
please notify the sender immediately by using the "reply" feature or  by
telephone, and then delete this message and any attachments.  Thank you.


You're right that AA insisted on the reference to it being a sale from
storage. Remember we are explaining a variance in NET revenues, not GROSS
revenues. An ordinary sale wouldn't generate enough NET revenue to cause a
variance that needs to be explained.

	From:  Drew Fossum                           11/03/2000 08:31 AM

To: Bob Chandler/ET&S/Enron@ENRON
cc: Rod Hayslett/FGT/Enron@Enron, Tracy Geaccone/GPGFIN/Enron@ENRON, Harry
Walters/ET&S/Enron@Enron, Dave Neubauer/ET&S/Enron@ENRON, Kent
Miller/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON

Subject: Re: Enron 3rd Qtr 00- 10Q

Ugh.  Do we need to say "from storage inventory" or can we just mention gas
sales?  I seem to recall that we already discussed that and the accountants
wanted to mention the source of the sold gas, but if I'm wrong, lets make the
reference less specific.  Thanks. DF

	From:  Bob Chandler                           11/03/2000 07:48 AM

To: Rod Hayslett/FGT/Enron@Enron, Tracy Geaccone/GPGFIN/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON
cc: Harry Walters/ET&S/Enron@Enron

Subject: Enron 3rd Qtr 00- 10Q

Here are the paragraphs in the 3QTR 10Q relative to ETS that contain
references to our base gas sales.  We have suggested the change shown to
de-emphasize the fact that there were sales in both years.   Do you want to
suggest any further changes in the next draft we receive for review?
---------------------- Forwarded by Bob Chandler/ET&S/Enron on 11/03/2000
07:44 AM ---------------------------

Allen Joe
11/01/2000 02:15 PM
To: Bob Chandler/ET&S/Enron@ENRON
cc:

Subject: Enron 3rd Qtr 00- 10Q

Attached are proposed changes to Enron's 10Q for 3rd Qtr 00 on ETS net
revenues section.


Thanks, but I meant the one related to the Griffith deal.  Do you have one?

 -----Original Message-----
From: 	Saucier, Darla
Sent:	Wednesday, August 08, 2001 2:36 PM
To:	Ward, Kim S (Houston)
Cc:	Bike, Anne
Subject:	RE:

 << File: 2001_06 Citizens actual.xls >>
 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Wednesday, August 08, 2001 2:36 PM
To:	Saucier, Darla
Subject:

Darla,

will you send me and Ann Bike the June spreadsheet that you are working off of?

Thanks,

Kim


I received your voice mail message. I will contact Tom and/or Walter.
Thanks for the help.
Carl


Start Date: 1/19/02; HourAhead hour: 22;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011922.txt
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!Unknown database.
Alias: dbCaps97Data
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!!!Unknown database.
Alias: dbCaps97Data
Error: dbCaps97Data: Cannot perform this operation on a closed database


Sean,

There are restrictions on ECT-WR-B pledging its interest in Lost Creek LLC.

ECT-WR-B is a limited purpose company and cannot act except as provided in the
purposes section of its LLC Agreement (Section 2.04). This section does not
permit it to pledge any of its assets.

An identical provision was contained in the LLC Agreement of ECT-PR-B in the
Powder River deal.  We amended the ECT-PR-B LLC Agreement in December 1999 to
permit a pledge to BankBoston pursuant to the project documents. Enron
determined not to amend the ECT-WR-B LLC Agreement in the same way because it
was anticipated that a pledge would not be required until after the B Interest
financing had been paid off.

If a pledge of the assets of ECR-WR-B is now required, we will need to amend
its LLC Agreement, which will require the consent of the Class B Member.
Before June 30, 2000 this is the Wind River trust, and consequently the
consent of the noteholders and certificateholders will be required. After June
30, 2000 (as I understand it) the Class B Member will be the Condor trust
vehicle.

Please give me a call if you want to discuss this.

Danny

>===== Original Message From "Sean Bunk" <BUNKS@andrews-kurth.com> =====
>Attached please find a draft of the closing checklist for the Lost Creek
conversion from construction loan to term loan.
>
>Please feel free to call me at (713) 220-4427 if you have any questions or if
I may be of assistance.
>
>Danny and David:
>
>Are there any restrictions on the ability of ECT-WR to pledge its member
interest in Lost Creek LLC?
>
>Sean

Daniel Sullivan
Andrews & Kurth L.L.P.
Level 16, City Tower
40 Basinghall Street
London EC2V 5DE
Tel: +44 20 7382 0550
Fax: +44 20 7614 0012


Don - I will not be able to attend the meeting tomorrow at 1:30 PM because of
a Dr.'s appointment. Between Dave and Chris, and all the written answers we
provided, you should be covered on environmental. I will be glad to help out
with any additional questions they may have.

Ben - The answer to the question you left me on voice mail is no. I have not
yet received a written response from EPA approving the CEMS certification
extension deadline until January 30, 2001. I was verbally told that our
request was approved in a policy review committee held on October 12, 2000.
DPL can verify this approval by calling my EPA Clean Air Markets Division
Contact, Louis Nichols at (202) 564-0161.

Thanks.

Gus


Start Date: 4/3/01; HourAhead hour: 17;  HourAhead schedule download failed.
Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040317.txt
!!!General SQL error.
Couldn't update; currently locked by user 'Admin' on machine 'NAHOU-TRDTS4'.
Table
!!!General SQL error.
Object invalid or no longer set.
Table
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Table
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Object invalid or no longer set.
Table
!!!General SQL error.
The field is too small to accept the amount of data you attempted to add.
Try inserting or pasting less data.
Field


The phone call to Intermesa and Votorantim should emphasize the following
points:

1. The transaction was never consumated.  We have consistently stated that we
do not consider the transaction a   "done deal" until final documents are
executed.

2. We are no longer willing to consider the proposed transaction.  The reason
is simple:  the market has moved and they failed to act quickly.

3. All markets,pet coke markets in particular, are time sensitive.  Because
Votorantim has delayed in the execution of final   documents, it accepted the
risk that, over time, market prices would change and Enron would no longer be
willing to sign a deal.

4. Again, we never had a final, enforceable deal. Their only claim is that we
misrepresented to them our willingness to do the deal and therefor they
didn't pursue negotiations with a third party. Our response is: we never made
any misrepresetation and it is not reasonable to  rely on our negotiations as
a basis to forego discussions with third parties when Enron never sent them a
binding offer.


Every move you make on your computer is being logged. From the Internet sites you visit, to the documents you open... you are being tracked. Even if you attempt to delete these tracks, Windows retains secret log files. Deleting Internet Caches and searching for history files would take hours of work manually.
Clean Drive deletes all these items from your computer... automatically, as often as you like!

No more worring about what people will see on your computer.

Goto this url to download http://www.cleandrive.net/r.php?id=cleanme

To be removed from this mailing list please reply to remove@cleandrive.net with remove in the subject.

[8lgfAh8BWR]


The Gas NOPR/NOI is not on the agenda for the upcoming FERC meeting.  That's
good news from the standpoint that it gives us time to present a proposal on
pricing ROFR.

I also thought that you would be interested to know that Gay Friedmann and
Lorraine Cross are meeting next week with McLane Layton (the potential FERC
replacement).  So while Jerry Halvorsen reports that INGAA will likely take
no position, it sounds like INGAA staffers are moving forward at meeting the
candidates.  That makes me feel more comfortable moving forward with out
Enron call with Ms. Layton.   (FYI - Cynthia also reports that El Paso
actively backed Ms. Layton when her name surfaced during a prior FERC
vacancy).


---------------------- Forwarded by Darron C Giron/HOU/ECT on 12/21/2000
03:20 PM ---------------------------

	Enron Capital Management

	From:  David Baumbach                           12/21/2000 02:24 PM

To: Darron C Giron/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, O'Neal D Winfree/HOU/ECT@ECT
cc:
Subject: Portcalc at home

We can now calc at home/on the laptops.  After you dial in,( connect to
remoteservices.enron.com and log in), select start/programs/trading/xterm off
of the menu.  Xterm will bring up a window ... type in runm.  After that it
is calcing as normal.  From what I can tell it works okay.  Let me know if
you have any problems.

Dave


Lisa,

As per our conversation on Monday, don.baughman@enron.com will be valid for another week or so.  As soon as I find out what the new email address will be, I'll send you an email.

Thanks for sending the daily MWD Hourly Index and historicals (if possible) for Dec.2001 and Jan.2002.

I am looking forward to a mutually beneficial relationship between UBS Warburg Energy and Platts.

Don Baughman
Associate Director
UBS Warburg Energy
Phone: 713-853-0392 (I will have a new phone number soon as well.)
Fax:     713-646-8272


Great idea.  By the way, do you know if Kathleen has been included in the law
conference stuff?

Kay

From: Sheila Tweed@ECT on 09/08/2000 06:52 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: ENA Orientation---Why don't you and Kathleen plan on attending
this.  I don't think you've been to this yet?

----- Forwarded by Sheila Tweed/HOU/ECT on 09/08/2000 06:52 PM -----

	Ernie@ENRON
	Sent by: Enron Announcements@ENRON
	09/08/2000 06:41 PM

		 To: HoustonENA
		 cc:
		 Subject: ENA Orientation

	Ernie

Need to buff up on your Enron North America knowledge?

Join us
 October 4
8:30 to 12:30
in EB 552

ENA Orientation will provide a brief but conscience overview of the
business.  Learn how a deal flows through the departments, areas of
contribution, and their impact on ENA's business.  Key players include:

Dave Delainey- President and COO, ENA
Trading
Origination
Structuring
Business Analysis and Reporting

Don't hesitate in signing up as space is limited and you won't want to miss
out.  For enrollment click here ( ) to go directly to the Development Center
or call (713)853-0357.


wouldn't it be nice to go

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490

----- Forwarded by Debra Perlingiere/HOU/ECT on 02/05/2001 09:16 AM -----

	carol anne brannan <cabbie@unm.edu>
	02/02/2001 10:54 AM

		 To: unspecified-recipients:;
		 cc:
		 Subject: Maxwell Museum Update

Coming up this week at the Maxwell Museum of Anthropology:

Tuesday, February 6, 7:30 PM  $2 ($1 MMA)
PEOPLE OF THE SOUTHWEST LECTURE
"Apache Voices" by Sherry Robinson, author of the book by the same name
recently published by UNM press.  Booksigning follows lecture.

Wednesday, February 7  11:00 - 3:00 PM
HORNO BREAD BAKING DEMONSTRATION AND SALE
Spring must be just around the corner, because Mary Jane Edaakie, the
"Bread Lady" from Isleta Pueblo is back!  Join us for lunch and dine on
Indian tacos, fry bread, pastries and more and take home a loaf of that
great bread.


FYI - Paul agreed with my suggestions.
----- Forwarded by Aleck Dadson/TOR/ECT on 06/22/2001 05:27 PM -----

	Aleck Dadson
	06/22/2001 05:03 PM

		 To: Rob Milnthorp/ENRON@enronXgate@ENRON
		 cc: Garrett Tripp/TOR/ECT@ECT@ENRON, Paul Devries/TOR/ECT@ECT@ENRON
		 Subject: Re: Market Opening

With respect to point 1 in your  memo, my sense is that the counterparty
would have to be either OPG or OEFC.  In my view, the concept would not/could
not  go forward and be implemented unless it had the support of OPG.  The
question we should talk through  is how do we best try to get that support
from OPG.                                        With respect to point 2, I
think we should be careful about being  too encouraged by Wilson's
/Purchase's comments  to Lay/Lavorato on June 19 that if positive reports are
delivered by the IMO and OEB in September, the gov't  will be hard pressed
not to move forward.  My concern is that Wilson and Purchase may feel
comfortable saying this precisely because they are expecting a negative
report from the OEB (or at least one that they can interpret as being
negative). I agree with you that the likelihood of the IMO delivering a
positive report is very good. The likelihood of a positive report from the
OEB is far less certain. The key issues  at the OEB/retail level are EBT, LDC
access to the data they need from HydroOne, completion of LDC CIS systems,
the gov't's interest in an industry resolution of  customer duplications
prior to market opening in order to avoid mass confusion in the initial
period of the market, the  state of customer education, and a contingency
plan to accommodate those who are not ready.                                -
with respect to EBT, I think the best we can do is get onside quickly with
our  EBT hub of choice  and work with them on perceived difficulties   with
LDCs, etc.  Ellis, Marryott and I are going to make a recommendation to Paul
next week on our preferred EBT hub.                          -with respect to
the info from HydroOne, I  have already raised this issue with the OEB and
the IMO. The OEB and the IMO subsequently met with   HydroOne and the MEA in
an effort to resolve this issue.  My understanding, until yesterday's
discussion with Conway, was that the issue was resolved  and the information
was now flowing to the LDCs. Paul, Garrett  and I are meeting senior HydroOne
execs (including Rod Taylor) on Monday re       resource adequacy issues and
we can press this with them as well.                               - with
respect to the CIS issue, there is not much we can do since most  LDCs
already have a CIS vendor; but my understanding is that at least   one CIS
vendor has backed out of its commitments to a number of LDCs recently (per
David MacFadden) and perhaps we can get a vendor   to move in quickly to fill
that gap. I will raise this with Marryott to see what may be feasible at this
stage.                           - with respect to the customer duplication
issue, I have already met with the senior people at Direct (last week)  to
discuss this issue with them and to  propose a resolution that would see the
retailers involved retaining a third party  (such as E&Y)  to assess the
degree of overlap and whether   there was an acceptable solution to any
problem. Direct is convinced that the degree of duplication is not high.
Direct is talking to Onsource   and Toronto about this.  I am checking with
our staff in the UK about whether there was a similar issue when the UK
market opened and, if so, how it was  resolved.
.                                      -with respect to customer education, I
and Dick Perdue (Direct's advisor) have contacted TransAlta, OPG, HydroOne,
Onsource, Enersource,   and Toronto about funding a  Province- wide consumer
education initiative over the summer.  We are meeting next week to discuss
this idea    further.  This could require a financial commitment from Enron
of  up to $200,000.                              - with respect to the
contingency plan to deal with those LDCs who are not ready, the OEB is
already on side in recognizing the need for a contingency  plan - it will
likely be very simple: the IMO  would send a bill to the LDC each month and
the LDC would bill customers at some fixed rate, with a deferral  account).
The key  issue will be how many LDCs (in terms of numbers and size)  are not
ready and what is the minimum number of LDCs that   the OEB/gov't is looking
for to be ready. This is an issue we will have to talk to the MEST about as
well as the OEB , since ultimately the    decision of whether enough LDCs are
ready will be a political one.                             These are the
OEB/retail focussed things we are doing.  On the  larger political front, I
have several  ideas about some things  I would like to do that I can discuss
with you and Paul.

	Rob Milnthorp/ENRON@enronXgate
	06/22/2001 11:13 AM

		 To: Paul Devries/TOR/ECT@ECT, Garrett Tripp/TOR/ECT@ECT
		 cc: Aleck Dadson/TOR/ECT@ECT
		 Subject: Market Opening

Garrett/Paul - Can you guys work with the North East desk to price out a
500MW option at the New York/Ontario intertie as an insurance policy for the
Ontario government re market opening. You will recall that this was something
we had suggested a while back and didnt receive much support. However,
following Lavorato's meeting with Harris, Lavo is adamant that we send a term
sheet to Harris directly outlining both an call option structure and a swap
structure.

Second, it is quite apparant to me that everything hinges on the September
readiness report. If its favorable, I think there is a good chance of a fall
market opening. With that said however, we are in the hands of the IMO and
the OEB. I'm comfortable that we can continue to influence the IMO to produce
a favorable announcement but I dont know what we can do to ensure that the
OEB says its ready. Any suggestions, comments? I dont want to be in a
position that one LDC  could halt market opening.

Regards
Rob


Here you go senorita!

Give me a shout if you have any questions.

DB


---------------------- Forwarded by Darron C Giron/HOU/ECT on 03/01/2001
01:08 PM ---------------------------

	Enron North America Corp.

	From:  ClickAtHome Team @ ENRON                           02/28/2001 09:26 PM

Sent by: Enron Announcements@ENRON
To: ClickatHome Mail
cc:
Subject: CLICKATHOME LAUNCH