[IMAGE]
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 Don't wait till it's  time to renovate - add beauty and function to your home now! Subscribe  today  and get style and inspiration all year long.
 Dear  scott,  Greetings  from the editors at Better Homes and Gardens! Each recipe has been tested  in the Better Homes and Gardens Test Kitchen.      [IMAGE]Deli-Style  Pasta Salad  Take this tasty Italian salad with you to your next gathering.        For a printable version  of this recipe, click  here.    For more recipes,  click here.    New this week:  Berries  of Summer: Learn about one of summer's best kept secrets: the berry.
[IMAGE]     1 7-ounce  package rotelle pasta (large spirals) or ziti (cut tubes)   6 ounces  provolone cheese, cut into 3/4-inch cubes   6 ounces  Genoa salami, cut into strips   1 small zucchini,  thinly sliced   1 small onion,  thinly sliced and separated into rings   1/2 cup chopped  green or red sweet pepper   1 2-1/4-oz.  can sliced pitted ripe olives, drained            1/4 cup grated  Paremsan cheese  1/4 cup snipped  fresh parsley   1/3 cup olive  oil   1/4 cup white  wine vinegar   1-1/2 teaspoons  dry mustard   1 teaspoon  dried oregano, crushed   1 teaspoon  dried basil, crushed   2 medium  tomtatoes, cut into wedges   Parsley sprigs  (optional)

     1. Cook pasta according to package directions; drain. Rinse with  cold water and drain again.      2.   In a large mixing bowl combine pasta, provolone cheese, salami, zucchini,  onion, green or red pepper, olives, Parmesan cheese, and snipped parsley.    3. For dressing,  in a screw-top jar combine olive oil, vinegar, dry mustard, oregano, basil,  and garlic. Cover and shake well. Pour dressing over pasta mixture and  toss lightly to coat. Transfer salad to a salad bowl. Cover and chill  for 4 to 24 hours.  4. To serve,  add tomato wedges and toss lightly. Garnish with parsley. Makes 8 main-dish  servings.   Note:  To tote  to a pot-luck, pack salad, tomatoes, and parsley separately in a cooler  with an ice pack. Assemble as above.  Nutrition facts  per serving: 342 calories, 25 g total fat, 8 g saturated fat, 34 mg  cholesterol, 781 mg sodium, 25 g carbohydrate, 1 g fiber, 16 g protein.
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 [IMAGE] [IMAGE] Our seal assures you  that every recipe has been tested in the Better Homes and Gardens
  Test Kitchen. This means that each recipe is practical and reliable,  and meets our high standards of taste appeal.
 Your Email: [scott.hendrickson@enron.com] is on the mailing list. If you do not wish to  continue receiving the BHG Daily Recipe via e-mail, please edit  your newsletter preferences  or see instructions below to unsubscribe offline.    If you have any questions or concerns, you can e-mail us at support@bhglive.com     To subscribe to the BHG Daily Recipe, please go to bhg.com  Member Center    To update your e-mail address, please go to the bhg.com Member Center   and  click on the link to update your profile. You'll need your current e-mail  address and password to log-in. If you've forgotten your password, there  is a link in the Member Center to have it e-mailed to you.   If you prefer to unsubscribe offline, please send a letter or postcard  with your name, complete mailing address, e-mail address, and the names  of the newsletters from which you wish to unsubscribe to: Newsletter Unsubscribe,  c/o Meredith Corporation LS 205, 1716 Locust St., Des Moines, Iowa 50309-3023    Copyright 2001 Meredith Corporation. All rights reserved.

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fyi
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/24/2001
02:10 PM ---------------------------
From: Lisa Yoho on 05/24/2001 12:40 PM
To: Steven J Kean/NA/Enron@Enron
cc: Maureen McVicker/NA/Enron@Enron

Subject: You're On!

Steve:

The NARUC panel will be held on July 16th from 8 - 10 am.   They have invited
DOE Secretary Abraham, and Senators Murkowski and Bingaman to participate.

Lisa


Content-Transfer-Encoding: quoted-printable
Date: Wed, 14 Nov 2001 12:43:34 -0600
From: "Bobby Boudet" <bobby.bouduet@psiusa.com>
To: Carlos.Giron@psiusa.com
Subject: http://spyfx.clanpages.com/flash/miniputt.swf
Mime-Version: 1.0
Content-Type: text/plain; charset="us-ascii"
Content-Disposition: inline

http://spyfx.clanpages.com/flash/miniputt.swf


Attached you will find the summary on the Dec. 2 Task Force meeting,
Sub-Committe Re-Assignments, Meeting Schedule for 2000 and a Member Contact
List from Beth Tilney.


---------------------- Forwarded by Mike Carson/Corp/Enron on 07/18/2000
03:49 PM ---------------------------

"Wodenshek, Chris" <CWodenshek@cantor.com> on 07/18/2000 02:11:36 PM
To: "'john.zufferli@enron.com'" <john.zufferli@enron.com>,
"'rogers.herndon@enron.com'" <rogers.herndon@enron.com>,
"'mike.carson@enron.com'" <mike.carson@enron.com>
cc:

Subject: FW: Fishingtrip Nat gas /electricity

Joh,Rogers and Mike,
The attached details a fishing trip we would like to invite the three of you
to.  We need to reserve boats and hotels soon so check and let me know if
you can make it.

Thanks
Chris and Buck

> -----Original Message-----
> From: McNally , Mike
> Sent: Thursday, July 13, 2000 12:17 PM
> To: Wodenshek, Chris
> Cc: Beaman, Rick
> Subject: Fishingtrip Nat gas /electricity
>
>  <<Fishing trip 81500.doc>>

 - Fishing trip 81500.doc


Could you get Terry authorization to path in Unify please?

Thanks
---------------------- Forwarded by Chris Germany/HOU/ECT on 04/12/2000 07:03
AM ---------------------------

MARY THERESA FRANKLIN
04/11/2000 05:00 PM
To: Chris Germany/HOU/ECT@ECT
cc: Gloria G Barkowsky/HOU/ECT@ECT, Angie Zeman/Corp/Enron@ENRON
Subject: Re: Devonian Resources

I assume Angie will path these... I don't have authorization.   (Please
note... I'm out of here, see ya a week from tomorrow)

Chris Germany
04/11/2000 01:14 PM
To: Gloria G Barkowsky/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT, Angie
Zeman/Corp/Enron@ENRON
cc: Brent A Price/HOU/ECT@ECT
Subject: Re: Devonian Resources

OK.  Now either Mary Theresa Franklin or Angie needs to path out this deal in
Unify with a zero volume.

Gloria G Barkowsky
04/11/2000 12:42 PM
To: Chris Germany/HOU/ECT@ECT, Angie Zeman/Corp/Enron@ENRON, Mary Theresa
Franklin/HOU/ECT@ECT
cc:
Subject: Re: Devonian Resources

contract               mid                 acct              producer

8G1064             5089201        RP2109406         Devonian
8G1064             5105901        AT5105901         Devonian
8G1064             5118301        AT5118301         Devonian

Here they are - sorry it took so long to find.  Thanks, Gloria 3-7118

Chris Germany
04/04/2000 03:35 PM
To: Gloria G Barkowsky/HOU/ECT@ECT, Wade R Price/HOU/ECT@ECT
cc: John M Singer/Corp/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Angie
Zeman/Corp/Enron@ENRON, Victor Lamadrid/HOU/ECT@ECT
Subject: Re: Devonian Resources

OK this is metered production on CNG.

Gloria will let us know which CNG contract to path this deal with.
The meter numbers are 50089201, 5105901, and 5118301 and this is CES
production.

After Gloria lets us know which contract(s) to use, Angie will path this deal
in Sitara with a zero volume.

---------------------- Forwarded by Chris Germany/HOU/ECT on 04/04/2000 02:42
PM ---------------------------

	From:  John M Singer @ ENRON                           04/04/2000 02:31 PM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Devonian Resources

I believe that this is metered production.  We hav a fixed price contract
through Aug00.

Chris Germany@ECT
04/04/2000 01:59 PM
To: John M Singer/Corp/Enron@ENRON
cc:

Subject: Re: Devonian Resources

If this is metered production then its not cut (it just flows to the pool).
If its pool gas then it probably is cut, so you tell me.  Metered production
or pool gas on CNG?

	From:  John M Singer @ ENRON                           04/04/2000 01:39 PM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Devonian Resources

Why was this gas cut??

My Phone number is 330-493-7790.

John

Chris Germany@ECT
04/04/2000 01:01 PM
To: John M Singer/Corp/Enron@ENRON
cc: Angie Zeman/Corp/Enron@ENRON

Subject: Devonian Resources

I took the volume on deal 226742 (Devonian Resources) to 0 for April.

Hey John, give me a call when you get a chance so we can chat about this.
Also, send me your phone number.  I can't find it.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/23/2001
05:28 PM ---------------------------

jgshelp <jgshelp@rice.edu> (by way of Suzana Gamez-Vazquez <ramos on
04/23/2001 09:00:36 AM
To: (Recipient list suppressed)
cc:
Subject: Fwd: VIRUS Advisory - W32/Badtrans@MM and W32/Matcher@MM

MESSAGE FROM IT STAFF:

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Kim

Did you ever get hold of my accountant?


Estate Unify Production Users.......Please read the email below detailing the Estate Unify Production outage that will occur next Tuesday (2/5) for approximately 2 hours.  If you have any concerns or problems regarding this outage, please call Matt Pena (5-4209).

Thanks.

Ken Harmon
(713) 853-5633 work
(713) 858-3062 cell

-----Original Message-----
From: Pena, Matt
Sent: Friday, February 01, 2002 2:53 PM
To: Smith, Regan M.; Warner, John; Harmon, Kenneth M.; Krishnaswamy, Jayant; Chitradurga, Sundar; Tang, Mable; Ward, Bob; Brewer, Charles; Ballmer, Charles; Barber, Michael; Jefferson, Marvia; Stevens, Wilford; Bennett, Stephen W.; Poston, David; Barber, Michael; Nolte, Ron; Kenne, Dawn C.; Lim, Francis S.; Virnau, Robert; Heal, Kevin; Dawes, Cheryl; 'hbcamp@aep.com'; 'eaterry@aep.com'; Machleit, Shirley; Peoples, Dexter; Holtman, Marcie; Wynne, Rita; Mcclure, Mark; Jaquet, Tammy; Baxter, Bryce; Yanowski, Tommy J.
Cc: Clark, Cynthia; Boudreaux, Lori; Laurel, Robert; Tung, Benedicta; Sengupta, Jayanta; Melethil, Anwar; Nguyen, Ben; Ji, George; D'Souza, Romeo; MacPhail, Shawn; Kyle-Watson, Terris; Bennett, Stephen W.; Rao, Ramesh; Johnson, Jeff
Subject: Shut Down of Estate scheduled for 6:00 P.M. (CST) Tuesday, February 5, 2002
Importance: High

This note is to confirm that we will shut down all applications at 6:00 P.M. CST on Tuesday, February 5, 2002.  The purpose of this test is to verify there are no dependencies on Estate for running the Netco versions of all the applications going forward.  We will then enable the applications at 8:00 P.M.  Please make sure that we have someone who can accomplish this.

If this absolutely cannot be done, please reply to me and we can attempt to rearrange the schedule.

The application list we plan on including follows:
EnPower
Unify (Gas, Power, Financials, EDI)
TAGG
Sitara
Global
Phoenix (Jay K. will handle this)
DCAF (Ron Nolte)

Ken, I included some Unify users, please foward to all others that I didn't include.  Please let your estate users know of this change!  Also, please ensure that a representative from your team will be available to run through some of the tests through Netco.  Also, on the Unify side, don't do any table deletions prior to Tuesday so we can ensure all needed information from Global is in Unify.

I'm asking the Unify team to stay late Tuesday to help support the testing.  I realize this is a burden, but would really appreciate it.  I'm going to ask a few key users from our Netco group to push a few scenarios through the system.  I will push most of them for the gas side.

From the Unify side, I need representation for the following:
Running a draft for Gas, Power, and Financial (Cindy, Terris, Lori, Anwar)
Sending EDI (Robert / disable EDI on Estate enable on Netco)
Bridging deals from Sitara (Ben or Shawn)
Running Phoenix Load (Anwar)
Volume Management (BT, Shawn)

If for some reason, you cannot support that day, please schedule to have a backup.

thanks!


- 1_28_02LO.xls


Hello all:

If you think any of your people would be interested in the following - please
pass the messages on.

Thanks!
******************************************************************************
**************************************
Message One

Dear everyone,

We understand the as members of Enron Research group, all of us are working
on very interesting projects, some of which are ground-breaking, and we all
keep a very keen mind on any development of new technology.  We also find
out, through our own experience, that at this age of information explosion,
it becomes more and more difficult to have enough time and energy to keep
abreast with most of the exciting stuff taking place in this department, let
alone in the industry.  It is also our personal experience that many a
project we are working on has partially been attempted by other members of
this group.

As a remedy, we propose that the research group start an informal brown bag
lunch group meeting, once every two weeks on Friday, for about 50 minutes.
It is hoped that it will provide a forum for us to facilitate with new
technology and development, as well as with each other,s work, so that we do
not have to reinvent the wheels.

We envision the following: In this meeting (or seminar), each one of us will
take turns to make presentations to the group. The topics could range from
theoretical consideration to practical implementation, be it option pricing,
process modelling, insurance issue, or Monte Carlo simulation, or anything
one finds fascinating.  The presentation material could be papers you have
been reading recently, projects you are working on,  some problem that
bothers you, or an idea that is fascinating. You  choose your own
presentation style.  It could be
everything-you-always-wanted-to-know-but-were-afraid-to-ask, hand waving
style, or it can involve nitty-gritty, detailed derivations, anyway a style
that suits you and the topic.  Or it can simply be a dry-run for your
presentation at the next Risk Conference.  Zimin and Alex will take upon the
responsibility of organizing the seminar.

We hope the seminar will be up and running in two-three weeks. For that
purpose your support will be greatly appreciated. Please let either Zimin or
Alex know if you are interested in giving a presentation to the group and
provide a tentative schedule. Surely the rest of the group will be happy to
hear your presentation.

We encourage everyone to participate this brown bag meeting, either to give a
talk or just sit in.

Zimin Lu
Alex Huang

Message Two

Dear everyone,
It looks like the proposed BBLOP has great support and is to have a great
start. Vince, Grant,, Amitava,  Kevin, Clayton and Chonawee have promised
to give presentations to us.  Vince will kindly deliver the inaugural
presentation next Friday (March 31) on new methodology for option pricing
(precise title
TBA).  BBLOP will start at 12 noon and last about 45 to 50 minutes.  Let's
make this a new Enron tradition!

Best regards.
Zimin,
Alex


Attached is ENA's form of gty for Cilcorp Inc.

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


For October 19: Put the obsession and dedication back into your job,
                     health, and daily life. Stressful matters beyond your
control have leached away
                     much of the excitement that makes life enjoyable. Use
this Mercury retro
                     period to reinvent your work philosophy and improve your
health and lifestyle.
                     The resources and relief you seek are available, but you
may be expected to
                     kowtow and kiss butt to get what you need. Are you
willing -- or not? I can't
                     blame you if your high standards won't allow anything to
compromise your
                     vision. But if you're feeling pragmatic, use the next 3
weeks to cook up an
                     agreement you can live with.


Hi Mitch,

My suggested changes are highlighted.

Please let me know what else I can do.

Kay


Sounds like a plan...

Could everyone please continue to reply to all when possible and
appropriate?  I will be leaving to meet with he Governor around 11:00am and
our Chairman, Stew Thomas and our Controller, Brad Flinn will be taking over
on this...  I continue to forward each message to them... this will just
make it easier as well as insure that they are acting immediately upon your
messages / requests...

I have included their e-mails above...

Thanks,

Douglas G. Thomas
President & C.E.O.
Bellingham Cold Storage
doug.thomas@bellcold.com

> -----Original Message-----
> From: John Malowney [SMTP:John.Malowney@enron.com]
> Sent: Friday, June 30, 2000 7:36 AM
> To: Robert McCullough
> Cc: Doug Thomas; John Cameron; Tracy Ngo; Shari Stack; Tana Jones
> Subject: Re: Follow up....
>
>
>
> Gentlemen, as we speak Enron's Credit and Legal teams are conversing on
> the best
> way to approach, either an ISDA or a Long Form Confirm, for "papering" the
> requested financial hedge.  Once Enron Credit is "comfortable" with
> Bellingham
> Cold Storage (BCS), Legal will prepare the necessary documentation, once
> approved by BCS/John Cameron, I will quote work up some July executable
> numbers
> and attempt to contact the Robert, Doug, John C.  This will require
> everyone's
> joint efforts in order to accomplish this in such a short time line.  BCS
> and
> John Cameron should anticipate a call from either or Enron's Credit and
> Legal
> personnel.  Thanks,  John
>
>
>
>
>  (Embedded     Enron Capital & Trade Resources Corp.
>  image moved
>  to file:      From:  Robert McCullough
>  pic09141.pcx) <robert@mresearch.com>
>                06/30/2000 06:55 AM
>
>
>
>
>
>
> To:   John Malowney <John.Malowney@enron.com>
> cc:   Doug Thomas <Doug.Thomas@bellcold.com>, John Cameron
> <johncameron@dwt.com>
> Subject:  Good morning!
>
>
> We need numbers as soon as possible this morning -- also these must be
> serious -- not notional.
>
> I am at 771-5090.  I will be available at 784-3758 all day.  My email
> follows me around so you can always get me  on email.
>
>
>  << File: pic09141.pcx >>


Chris,

I am fine with this product.

Stacy


don't they have one every hour


Good Morning!
Bottom line: No Changes - Overall US conditions will return to a more normal late fall/early winter pattern (no Arctic air) over the next 2 days. This pattern will persist through the end of the month.
For the near term (1-5): Bottom Line - Cooler weather will bring temperatures below normal from the beginning through the middle of the week in the Midwest and from the middle through the end of the week in the East and South. The below normal event will last 3 to 4 days before normal temperatures return. The Rockies and West will be normal to above normal with cooling by the end of the week.
Details: We see some cool anomalies arriving into the Midwest tomorrow, with temperatures in Chicago reaching highs late tonight and the mercury falling through the day tomorrow. By Tuesday, the South and Texas will be in the below normal category, with Dallas overnights in the mid-30s (normal low 43), Houston's low 40s (normal upper-40s) and Chicago will freeze, with a mid-20 overnight. Progressing into the Northeast by wednesday, Philly and New York will get into the below normal category, but 5 or 6 degree anomalies are most likely. Looks like a three day event as it moves easterly and then is followed by moderation.
6-10 Day Bottom Line: Variable conditions continue with a stormy pattern entrenched over much of the nation. Overall temperatures will be normal to cool with very wet conditions. NO strong Arctic air is expected.
Details: A strong storm will push into the West late next week and next weekend bringing heavy rain and snow and temperatures near to below normal. At the same time - the Midwest will warm toward normal with wet conditions developing. By early in the last week of November the strong western storm will push into the central U.S. bringing widespread rain and snow. Behind the system another surge of below normal temperatures will track from the Midwest to the South to the East.
11-15 Day a generally cool and wet weather pattern will persist over much of the nation. While NO Arctic air is clear on the horizon - temperatures on a national average will be cooler than normal and there will be an increased threat for rain and snow.
So, with normals dropping across the nation, this first cool air anomaly event arriving in the Midwest by Tuesday will elevate the nation's gas demand requirements into the 60 Bcf/d plus regime from here on through the winter. Here's the strip beginning with today:
Sun 	11/18 	47 Bcfd
Mon 	11/19 	54 Bcfd
Tue 	11/20 	67 Bcfd
Wed 	11/21 	69 Bcfd
Thu 	11/22 	65 Bcfd
Fri 	11/23 	62 Bcfd
Sat 	11/24 	61 Bcfd
Sun 	11/25 	62 Bcfd
Mon 	11/26 	64 Bcfd
Tue 	11/27 	63 Bcfd
Till tomorrow,
The Weather Team


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

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


I actually did get that last e-mail, but somehow it ended up buried at the
bottom of my in-box, just like so many other things. As far as the Blazer
ticket trade, I believe I bought a call from you on the Laker game, and you
bought the option from me on the Cavaliers - so I can choose to exercise on
12/13 at 7 p.m., and you can choose to exercise on 1/16 at 7 p.m. In other
words, no matter what happens, I'm going to both games. Got it?

As far as good stories from that night, I probably have the best, or at least
one of the more hilarious, of those circulating the floor. And no, it has
nothing to do with me. Ask me about it later, and I might be able to give it
up for firm delivery of a seat at next week's game. Think about it.

Kate


thanks for the file.  I am attaching the basis curves we have set up and the GDY curve file as well.  I am finishing the physical as we speak.  Please look at these three files and let me know if you would like any changes.  We are only putting the published curves in the files, at least to begin with.  West Basis is the rockies at southwest curves and CA basis is the california markets.  Thanks.
PL

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Friday, January 11, 2002 10:13 AM
To:	Love, Phillip M.
Subject:	RE: EOL products

The products in red can be deleted.  I changed some Product/Trader associations.  Let me know how it looks.

Mike << File: Trader-Book template west1.xls >>

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Friday, January 11, 2002 10:00 AM
To:	Grigsby, Mike
Subject:	EOL products

Attached is a file from EOL that has all the current products.  We are trying to do a mass mapping for the systems of all of these products.  As you mentioned, not all of these products will roll out initially, but we wanted to go ahead and map them in the system.  I have put in the old trader's names in a column(column F).  If you could check out the list when you get a chance and let me know if you want to change the traders on any of the products and who will be trading the products for the traders that are not moving over(names highlighted in green).  Also, there are no current products under Jason Wolfe, Matt Smith or Jane Tholt.  Please let me know if we need to create products for them or if we will be moving existing ones to them.  Please also let me know which traders need to also have a physical book.  The list I gave you this morning is the financial books we set up.  Thanks for your help and let me know if you have any questions or concerns.
PL
 << File: Trader-Book template west.xls >>


pls print.  thanks. dF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 01/18/2000
02:34 PM ---------------------------

"Sara Davidson" <sdavid2@ect.enron.com> on 01/18/2000 01:37:28 PM
To: BCC
cc:  (bcc: Drew Fossum/ET&S/Enron)

Subject: 2000 Enron Law Conference

Attached please find the RSVP form for the 2000 Enron Law Conference and a
cover
letter regarding same.  Complete the RSVP form and return it no later than
Friday, February 11th via email to Sara.Davidson@enron.com or fax it to (713)
646-4995.

(See attached file: 2000 rsvp letter.doc)     (See attached file: 2000 rsvp
form.doc)

 - 2000 rsvp letter.doc
 - 2000 rsvp form.doc


USA: Enron shares in stay in doldrums after downgrade.
Reuters English News Service, 10/29/01
USA: US companies' credit quality to worsen-Moody's.
Reuters English News Service, 10/29/01

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
Bloomberg, 10/29/01

USA: Enron shares drop despite further triage attempts.
Reuters English News Service, 10/29/01

USA: Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
USA: UPDATE 1-Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
POWER POINTS:Enron May Have To Rethink Asset-Light Focus
Dow Jones Energy Service, 10/29/01
OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's
AFX News, 10/29/01
USA: Moody's cuts Enron to 2 notches above "junk".
Reuters English News Service, 10/29/01
UK: Europe energy firms wary of Enron on credit worries.
Reuters English News Service, 10/29/01
BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
Dow Jones Energy Service, 10/29/01

USA: Enron shares in stay in doldrums after downgrade.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron Corp.'s share price hovered above seven-year lows touched in earlier trade Monday after Moody's Investor Service cut the credit status of its senior unsecured debt of North America's largest energy trader to two ratings above junk status.
Enron, the largest electricity and natural gas trader in North America, also on Monday said it was in talks with banks to expand its credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron shares were down $1.40, or 9.03 percent, to $14.10 on the New York Stock Exchange, after earlier in the session trading below $14 for the first time since December 1994.
Moody's also warned that it could cut the debt rating again, now downgraded to Baa2, as well as its rating for the Enron's commercial paper.
Enron's credit-worthiness will have a direct affect on its day-to-day trading operations and its trading partners' perception of making good on trades. With a credit rating hovering above junk status, the cost of doing business will soar as trading partners look for increased collateral to back trades.
Last week Enron shares lost almost $14 billion in market value as a series of piecemeal disclosures about the company's involvement in complex partnerships began to trickle out.
Investors have fled Enron's stock in droves following disclosures that the company did off-the-balance sheet transactions with two limited partnerships run by former chief financial officer Andrew Fastow in deals the U.S. Securities and Exchange Commission is now looking into for possible conflict of interest.
Enron compensated its partners in this off-balance sheet structure with the promise of Enron shares, if the value of private investments in several of its units fell below a certain level.
Many industry observers see Enron's request for additional credit, after the company tapped its banks for $3.3 billion last week, as a sign a weakness.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carol Levenson, an analyst with independent research firm gimmecredit.com.

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

USA: US companies' credit quality to worsen-Moody's.
By Jonathan Stempel

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - U.S. corporate credit quality is likely to grow much worse before it gets better, a leading credit rating agency said in a report issued on Monday.
Moody's Investors Service said that in the third quarter, it put on review for downgrade its credit ratings for 122 U.S. companies. At the same time, it put on review for upgrade its ratings for just 22 companies.
That 5.5-to-1 ratio is far greater than the 1.3-to-1 ratio in the second quarter.
In dollar terms, the situation looks more dire. Moody's warned it may downgrade $543 billion of debt, dwarfing the $66 billion Moody's said it may upgrade by 8.2-to-1.
"Particularly in light of September 11, the fourth quarter will be particularly weak for credit rating changes," said John Puchalla, Moody's senior economist. "A wide excess of rating reviews for downgrade over upgrades in the third quarter suggests credit deterioration will persist at least into early next year."
Rating reviews are significant because, unlike actual rating changes, they are not a "lagging" indicator, and suggest the future direction of corporate credit. Moody's normally wraps up its reviews within three months.
U.S. corporate credit quality is falling for many reasons. These include the weakening U.S. economy, an inability of marginal companies to raise cash, debt-financed merger activity and fallout from the Sept. 11 attacks on such industries as airlines, insurance, and travel.
For example, Moody's in July warned it may cut Comcast Corp.'s ratings after the Philadelphia-based company bid $44.5 billion for AT&T Corp.'s cable TV operations.
Then last month, Moody's warned it may cut Chicago-based Boeing Co.'s ratings because of the attacks' potential impact on demand for commercial airplanes.
In the third quarter, Moody's warned it may cut its ratings of 54 speculative-grade, or "junk"-rated, companies, and raise the ratings of just 11. For investment-grade companies, the gap was even more yawning: 68-to-11.
And in the fourth quarter? Through Friday, Moody's warned it may downgrade 47 companies and raise a mere four. On Monday, it downgraded embattled energy trading giant Enron Corp., and put all of its ratings on review for another downgrade.
Puchalla, however, said the decline could slow next year, in part because interest rates are low and companies are managing their balance sheets more conservatively.
"Lower borrowing costs and slowing debt growth should reduce debt servicing costs, and fiscal stimulus from the federal government should boost business revenues," he said. "That is a positive for credit quality."
The third quarter was the 14th in a row when corporate rating downgrades outpaced upgrades. The record is 19 quarters, set between 1988 and 1993.

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

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
2001-10-29 12:16 (New York)

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)

     (Updates with analyst comment in fifth paragraph.)

     Houston, Oct. 29 (Bloomberg) -- Enron Corp., which can't get
low-interest, short-term loans, faces skeptical lenders who will
demand increasingly harsher terms as the largest energy trader
tries to get cash in the bank, credit analysts said.

     ``Anyone providing new funding is going to be nervous,'' said
Sean Egan, managing director at Egan-Jones Ratings Co. ``It's
likely that lenders are going to demand collateral.''

     Enron is trying to get $1 billion to $2 billion in loans from
Citigroup Inc., J.P. Morgan Chase & Co. and other banks to calm
investors after a 52 percent drop in the company's stock since
Oct. 17, the Wall Street Journal reported. The company needs cash
every day to settle commodities transactions and to keep trading
partners.

     The company on Thursday tapped $3.3 billion in bank credit
lines last week to pay off about $2 billion in commercial paper,
or short-term corporate loans. A week ago, the Enron said the U.S.
Securities and Exchange Commission had began an inquiry into
related-party transactions. They cost the company $35 million and
$1.2 billion in lost shareholder equity.

     ``Banks are in the driver's seat, and Enron is a little
desperate,'' said Peter Petas, a debt analyst at CreditSights Inc.
``I think their interest rates for loans would go up.''

                       Sells Assets for Cash

     Companies in Enron's situation often agree to other bank
terms in order to secure loans, Petas said. Those can include
agreeing to use proceeds from selling assets to pay debt and
putting up assets as collateral.

     Enron is attempting to sell assets to raise cash. Two related
partnerships, Osprey and Marlin, depend on selling power plants
and similar assets to repay $3.3 billion borrowed to buy the
plants. Enron may have to pay any difference between the debt and
sales proceeds.

     The company plans to complete the $2.9 billion sale of
Portland General Electric, an Oregon utility, to Northwest Natural
Gas Co. next year.

     Shares of Houston-based Enron fell $1.30, or 8.4 percent, to
$14.10 in midday trading. Earlier, they touched $13.55, down 12
percent. The company's credit rating was cut by Moody's Investors
Service after it wrote down the value of its assets.

     The stock had tumbled 80 percent in the past 12 months.

--Russell Hubbard in the Princeton newsroom, 609-750-4651

USA: Enron shares drop despite further triage attempts.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron shares slipped to a new six-year low in early trade as North America's largest natural gas and electricity trader said it was talking to banks about tapping additional credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron's shares were trading down 90 cents, or 5.8 percent, to $14.60 in early morning trade on the New York Stock Exchange. Shares crashed through $15, a low not seen since February 1995.
Last week, Enron shed almost $14 billion in market value as its stock price tumbled more than half since last week, when a series of piecemeal disclosures about its involvement in complex partnerships began to trickle out.
However, many industry observers see Enron's request for an additional credit after tapping its banks for $3.3 billion last week after as a sign a weakness not of strength.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carole Levenson, research analyst with independent research firm gimmecredit.com.

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

USA: Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a move to shore up investor confidence.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on a new credit line.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
Enron shares sank 50 cents, or 3.2 percent, to $15 in early morning trade on the New York Stock Exchange. ((David Howard Sinkman, New York Newsdesk 646-223-6094)).

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

USA: UPDATE 1-Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a new move to shore up investor confidence after it tapped about $3 billion in credit last week, and to stop a plunge in the company's stock that set new six-year lows.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on the new credit line.
Enron shares crashed through a psychological barrier of $15 a share, shedding $1.66, or 10.65 percent, to $13.85 in early morning trade on the New York Stock Exchange. The stock has lost more than half of its value in the past two weeks, losing more than $14 billion in market capitalization.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer in Houston.
Enron shares have tumbled since the company reported its first-quarterly loss in more than four years on Oct. 16. The company also wrote down $1.2 billion in equity, including transactions with partnerships formerly run by its chief financial officer who was forced to step down from Enron last week.
The sell-off was sparked by investor concern about the transparency of the transactions, which the Securities and Exchange Commission is examining. Enron last week replaced CFO Andrew Fastow as part of efforts to restore investor confidence.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
"Clearly, both the stock and bond market view Enron as being in dire straits," said independent research firm Gimme Credit analyst Carol Levenson.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead it's an act of desperation."

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

POWER POINTS:Enron May Have To Rethink Asset-Light Focus
By Mark Golden

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- On the face of things, it's hard to understand the stock market's headspinning reaction to Enron Corp.'s (ENE) revelation of some bad news in recent weeks.
Why the talk of a "death spiral" for North America's premier energy trading company? The stock price of Cisco Systems Inc. (CSCO), for example, saw an almost identical drop over a similar 12-month period. Nobody questioned the viability of Cisco.
The difference is that over the past few years, Enron has redefined itself as a company that runs on financial and intellectual muscle - not hard assets - and that focus is getting the company into trouble now that its credibility is in question.
If you're buying network components, you can probably stand some ambiguity in the finances of your supplier. After all, you're buying something you can touch. But if you're buying power or gas, what you're really buying is a commitment to deliver. If your supplier doesn't come through when the market gets tough, you're left totally exposed. In Enron's energy trading business, then, credibility at every level is critical.
For now, Enron looks to be more than viable. But the company's asset-light strategy might not be. Gross profits from trading have shrunk to 1.65% in the third quarter from 5.26% in the first quarter of 1998. Meanwhile, asset-heavy energy companies like Mirant Corp. (MIR) and Calpine Corp. (CPN) successfully use trading to optimize the performance of power plants and other infrastructure.
Two weeks ago, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. That didn't send investors running, however. In fact, its stock price rose a bit on the news.
What hurt was the disclosure that Enron had reduced its net assets, or "shareholders' equity," by $1.2 billion as a consequence of unwinding positions in partnerships headed by former Chief Financial Officer Andrew Fastow. That, along with warnings of possible downgrades by credit ratings agencies and an inquiry by the Securities & Exchange Commission produced a $15.6 billion drop in Enron's market value.
On Monday, Moody's Investors Service followed through by downgrading its rating on Enron's senior, unsecured long-term debt to Baa2 from Baa1, leaving it two steps above junk-bond levels. The agency kept Enron's ratings on watch for further downgrade.
Long-Running Concerns

A 50% hit to shareholder value still seems like an overreaction to a 10% reduction in shareholders' equity. The stock price reflects the expectation of additional losses to be reported and Enron's loss of credibility. Enron executives in a conference call Tuesday insisted that the worst was behind them, but few on the call believed that.
For some analysts, Enron's revelations only fed long-running concerns about the company's lack of financial disclosure.
Cary Wasden, managing partner of Reed Wasden Research, has had a "sell" recommendation on Enron since March. Unlike the analysts at big Wall Street firms, Wasden isn't in the business of selling stock. His firm isn't involved in brokerage and isn't a hedge fund. Wasden gets paid for his research, and the company doesn't invest in the securities it covers.
A main Wasden concern with Enron is that the company has regularly included the proceeds from one-time sale of physical assets in operating income. His belief is that Enron has dramatically inflated its earnings for the past couple of years - a concern to which an Enron spokeswoman couldn't immediately respond.
"Don't believe by any means this is the end of the story," Wasden said.
Wall Street sell-side analysts have largely kept Enron as a "buy" or "strong buy" as the stock fell from $90 to $20. But even they are expressing concerns about the quality of Enron's reporting.
For now, the plunge in the price of Enron's shares and bonds, which last week started trading like junk-rated debt, hasn't hurt its credit standing with energy trading partners.
"We haven't changed our thinking regarding Enron or our policies and practices. We're watching it, and so is everybody else, but they are a solid company," Reliant Energy Inc. (REI) spokesman Richard Wheatley said in a typical reaction. "This is unfortunately a feeding frenzy regarding some dealings that I'm sure Enron will be able to come out of at some point."
Keeping Talent A Challenge

Enron is a big company - far too big to ignore. But continued deterioration in the price of its shares and bonds could lead counterparties to restrict their traders' transactions with Enron. If the company's investment-grade bonds continue to trade near levels traditionally considered distressed, risk managers won't be able to ignore it, whatever else Moody's does.
Assuming that doesn't happen, Enron still faces a tough road ahead. Like all companies, Enron is the combination of capital and talent. For financial companies, talent is the more important ingredient, and Enron has been suffering damage to its talent for some time.
New Chief Executive Jeff Skilling left in August, and a handful of his key lieutenants left earlier in the year. The losses can be expected to continue. Much of the top management cashed out when the company's stock price was high and moved on. Now middle management on down is angry and anxious to move on, if they haven't already.
Over the years, Enron has compensated its very talented labor with stock options to make up for base pay considered low by the industry. Those options are now nearly worthless. If Enron's debt-service costs rise, the company could struggle to attract the talent needed to generate income in its core business of trading energy in North America.
Some analysts would like to see more turnover at the very top. When Skilling left, nobody believed Skilling or Chairman Kenneth Lay's assurances that it was for "personal reasons." When CFO Fastow was forced out of his position last week, Lay said, "In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO."
That's putting words in Wall Street analysts' mouths. Who thought scapegoating Fastow was really the answer?
"I don't know anybody who said that," Wasden said. "What did the CFO do, what did Skilling do, that Ken Lay wasn't part of?"
Real change will have to come from without, Wasden said.
"Enron has been a cult, more than a company," he said. "Recruiting from within does nothing to change the company, it just changes the disciples. Enron needs to pull some top talent from outside."
Nevertheless, Wasden thinks Enron's stock has reached its natural floor and, if the company starts disclosing how it really makes money, it can recover over time.
"There are a lot of earnings that can be wrung out of really strong operating assets, like pipelines and power plants," he said.
That means paying more attention to the assets that Enron has spent the past few years denigrating. Given the bind Enron is in, Lay won't have much choice. Enron will survive, but it won't be the same company at all.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

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

OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's

10/29/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

(Moody's corrected its stance on Enron ratings to a downgrade)
NEW YORK (AFX) - Moody's Investors Service said it has lowered the senior unsecured long-term debt ratings of Enron Corp from Baa1 to Baa2 following a deterioration in Enron's financial flexibility since the company announced significant writedowns as well as equity charges in previously undisclosed partnership investments.
The long-term debt ratings remain on review for further downgrade, Moody's said.
Moody's also placed the company's Prime-2 rating for commercial paper on review for downgrade.
Moody's initially placed Enron's long-term debt ratings on review on Oct 16. The write-downs and equity charges led to a substantial loss in investor confidence that has led to a more than halving of Enron's share price and difficulties in rolling over commercial paper, according to Moody's.
In response to these events, Moody's said Enron has shored up its near-term liquidity position by drawing down on all of its committed revolving credit facilities and buying back its outstanding commercial paper, leaving the company with a net cash position of approximately 1.2 bln usd.
Moody's said it plans to focus on management's success in lining up further liquidity support and on their ability to retain credit availability from their major counterparties.
aw/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

USA: Moody's cuts Enron to 2 notches above "junk".

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Moody's Investors Service on Monday cut embattled energy trading giant Enron Corp.'s senior unsecured debt rating to two notches above junk status, and warned it may cut that rating again, as well as its rating for Enron's commercial paper.
The rating agency cut Houston-based Enron's senior unsecured debt to "Baa2" from "Baa1," and said it may cut Enron's "Prime-2" commercial paper rating, which affects short-term debt. Its rating actions affect $13 billion.
Moody's said Enron is suffering from deteriorating financial flexibility since it announced big write-downs and equity charges from previously undisclosed partnership investments this month. This triggered "difficulties in rolling over commercial paper," Moody's said.
Enron, which has about $63.4 billion in energy assets, said on Monday it is talking with banks to get more credit, after last week drawing down $3 billion from a bank credit line to buy back its outstanding commercial paper.
Its shares traded Monday on the New York Stock Exchange at $13.75, down $1.75, or 11.3 percent. They have fallen 62 percent since Oct. 12, from $35.81.
Rating agency, Standard & Poor's, on Thursday revised its outlook for Enron's ratings to "negative" from "stable."

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

UK: Europe energy firms wary of Enron on credit worries.
By Stuart Penson

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 29 (Reuters) - Energy companies in Europe are shying away from trading with troubled U.S. energy group Enron amid concerns about the company's credit status, industry sources said on Monday.
Several large energy groups have frozen their dealings with Enron - one of Europe's biggest gas and power traders - as they hold urgent talks with the U.S. group about setting up new credit arrangements, the sources said.
"I think Enron's approach is to get the major counterparties back on board as quickly as possible and then hope the smaller ones will follow," said the head of risk management at one UK utility that halted its trade with Enron last week.
"They are talking with us about bank letters of credit," he said. "The people that are still trading with them are doing so on a very restrictive basis."
A spokesman for Enron's European headquarters in London headquarters declined to comment.
Reluctance to trade with Enron in Europe comes as the company tries to rebuild investor confidence after its stock hit five-year lows.
Triggering the slide was news last week the U.S. Securities and Exchange Commission is investigating huge losses relating to a private equity operation run by its former chief financial officer.
Houston-based Enron trades a large amount of its volume in the U.S. and Europe through its Internet EnronOnline system.
Last Friday the company said trade on EnronOnline was above average levels with more than 8,400 transactions at a notional value of approximately $4 billion.
Traders said Enron's plight could hit liquidity in European gas and power markets, where liberalisation has unleashed rapid growth in energy trading in the last couple of years.
One industry source cited a brokers list showing eight companies in the UK electricity market had put on hold their trading Enron, which is among the biggest five traders in the market.
In mainland Europe, where Enron has been a major driver of liquidity, potential counterparties are treading with care.
"We are avoiding them as counterparties - either by not trading with them or by using a 'sleeve' (a third party trader)," said a senior trader at one of Germany's big utilities, who declined to be named.
French traders said wariness about dealing with Enron had dampened liquidity although Enron was still in the market on Monday morning.
"Enron is a major player so counter parties are looking to see if there is a problem," said one French trader.

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

BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
By Michael Rieke

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Thanks to Enron Corp. (ENE), the broadband sector again looks like a place to make money.
But it won't be traders who will cash in on this new potential. It will be class-action attorneys. They're already lining up to sue Enron in at least five shareholder suits.
As of Oct. 25, two of lawsuits had been filed against Enron in federal court and three more in Texas state court. Most of them name as defendants Ken Lay, Enron's longtime chairman, former Chief Executive Jeff Skilling and Andrew Fastow, Enron's chief financial officer until he was put on leave of absence Oct. 25.
Still another suit, which isn't a class action suit, was filed naming as defendants members of Enron's board of directors.
All the lawsuits concentrate on private investment partnerships Enron set up, many of them managed by Fastow. Most of the suits contend that it was a conflict of interest to have the Fastow partnerships doing complicated hedging transactions with Enron.
The transactions named in the lawsuits involved billions of dollars of underperforming assets in broadband, water and other Enron investments.
Fastow operated on both sides of some of those transactions. As Enron's chief financial officer, he was being paid to manage the corporation's finances. As general partner of two LJM partnerships, he managed the counterparties to billions of dollars of trades with Enron. He shared in profits of those partnerships.
When investors began demanding information about the transactions, Enron's share price began to slide. With the heat on, Enron recently unwound the trades with the partnerships and booked $544 million related to losses from early termination of the deals, among other things.
That's when the class action attorneys went to work. So far, at least 14 law firms are representing the plaintiffs. Enron didn't respond to calls asking about the lawsuits.
Among the law firms representing plaintiffs is Milberg Weiss Bershad Hynes & Lerach, which put out a news release announcing its lawsuit. The release points out that the firm has been responsible for recovering more than $30 billion from class action lawsuits.
The lawsuits bring up questions about the bandwidth trading market. Some of the deals with the LJM partnerships run by Fastow "purportedly involved hedging transactions in the broadband market," according to Abrams and Franks v. Enron et al.
That could tie into questions that have lingered in the bandwidth market for months. Market skeptics have said Enron and other energy companies are the only ones trading bandwidth.
Enron has reported that it has been trading with a growing number of counterparties, a total of 120 in the second quarter of this year, according to Enron.
Now market watchers will want to know if any of Enron's trades were done with the LJM partnerships managed by Fastow.
They will also want to know how many bandwidth trades were done with Chewco Investments. That Houston company, according to a report in The Wall Street Journal, was managed by Michael Kopper and was set up in 1997 when Kopper was a managing director with Enron's Global Equity Markets Group. He left Enron earlier this year to work for partnerships run by Fastow.
Do the plaintiffs' attorneys know whether Enron was trading bandwidth with any of those investment partnerships?
"I think if is too early to tell," Thomas Bilek of Hoeffner & Bilek told Bandwidth Beat. "As you know, (information) is coming out in drabs and dribbles from Enron."
It could be several months before plaintiffs' attorneys get a chance to ask Enron officials those questions, Bilek said.
It's also too early to tell what potential damages plaintiffs could win, said Steven Schulman, an attorney with Milberg Weiss. "At this point, you can only talk about it in terms of (shareholder) losses, and the losses are in the billions."
Total losses will depend on the price each shareholder plaintiff paid for the stock and the price at which each shareholder later sold the stock.
Enron's share price topped out between $90 and $91 in the summer of last year. It set a 52-week low Oct. 26 at $15.04. That spread leaves plenty of room for losses.
Schulman told Bandwidth Beat that the record for losses in shareholder cases is $11 billion in a case involving Cendant Corp. (CD). Damages are usually a substantial portion of losses, Schulman said.
"Whether (the Enron case) is bigger or less, I couldn't opine," he said. "This is a big case, by any means."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

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


fyi
----- Forwarded by Sara Shackleton/HOU/ECT on 12/27/2000 08:17 AM -----

	"Chiodi, Maria" <maria.chiodi@csfb.com>
	12/26/2000 02:23 PM

		 To: "'sara.shackleton@enron.com'" <sara.shackleton@enron.com>
		 cc: "'jim.armogida@enron.com'" <jim.armogida@enron.com>, "Haratunian,
Stephen" <stephen.haratunian@csfb.com>, "Skinner, Mark"
<mark.skinner@csfb.com>
		 Subject: Latest Versions of Confirmation

Sara:

I am attaching the latest draft of the confirmation prepared by my colleague,
Mark Skinner, together with a clean copy (without the line numbers).  The
attached should reflect our discussions of last week, except for the
jurisdiction issue on which I have not heard anything further.

If you have any additional comments or questions, please contact me.

Regards,

>  Maria Chiodi
>  Legal and Compliance Department
>  CREDIT | FIRST
>  SUISSE | BOSTON
>  Phone: 212-325-6724
>  Fax: 917-326-7763
>
>
 <<Fwd001222Trade1.doc>>  <<Fwd001222Trade1(clean).doc>>

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.
Unless otherwise stated, any pricing information given in this message is
indicative only, is subject to change and does not constitute an offer to
deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.

 - Fwd001222Trade1.doc
 - Fwd001222Trade1(clean).doc


I have made adjustments to the schedule concerning Nerc Training classes.
The class runs from 8 A.M. until 4 P.M.

Sample testing  can be done the following week at your own pace.

Please check the schedule at M:/electric/24hr/misc/schedule

Everyone should be o.k.

Thanks
Kayne


Does Enron currently have  any bankruptcy issues regarding Canadian River
Gas. Corp?

Thanks
Dp


Jim:
It was a pleasure speaking with you on Wednesday.  Based on our conversation,
this email includes the following:

An Enron contact to discuss developing small-scale generation on Tribal lands.

Our views on the impediments to distributed generation and suggestions on how
to remove those impediments.

A description of the credit issues that continue to impede DWR,s ability to
sign contracts with power suppliers, and options to resolve them. Two
possible options for addressing the credit issue are 1) a California PUC
order clarifying that DWR will recover its power purchase costs through
rates, and 2) an amendment to AB1X designed to accomplish the same goal.  I
have attached talking points regarding the California PUC order and proposed
amendments to AB1X.  We believe that an amendment to AB1X is the preferable
option.

Our assessment of the supply/demand picture in California.

Our suggestions for a legislative package designed to solve both the near-
and long-term electricity crisis in California.  We will deliver to your
office today detailed legislative language.  In those materials we will also
identify existing bills that we believe can easily accommodate our proposed
language.

I hope that the information is useful.  Please do not hesitate to contact me
if you would like to discuss these materials further, or if there is anything
else that I can do to assist you.

Regards,
Ken Lay

Contact Information to Discuss Interest Expressed by Native American Tribes
in Installing Small-scale Generation on Tribal Lands

David Parquet, Vice-President
Enron North America
101 California Street, Suite 1950
San Francisco, CA 94111
Phone: 415.782.7820
Fax: 415.782.7851

2. Key Barriers to Distributed Generation

Excessive and Unnecessary Utility Stand-by Charges

Solution: The executive orders issued by the Governor on February 14th took a
step in the right direction.  Utility stand-by charges have always been
designed by the utilities to protect their monopoly position, extract
monopoly prices from customers, or both.  But there is no reason to limit the
elimination of these charges to generation facilities that are less than
1MW.  These limits will only lengthen unnecessarily the time it takes for
California to close the significant gap between supply and demand and reduce
the risk of black outs this summer.  We would propose lifting the cap by
offering amendments to SB27X, which is designed to facilitate development of
distributed generation.

Excessive delays and costs related to interconnecting facilities with
investor-owned and municipal utilities

Solution:   The Governor,s executive order regarding interconnection is a
step in the right direction*D-D-26-01 requires utilities to complete
interconnection studies within 7 days.  California should ensure that this
requirement applies to all generation facilities, including distributed
generation.  In addition, the financial conflicts the utilities face when
interconnecting generation facilities are simply too powerful to overcome
through executive orders or other regulations.  To the greatest extent
possible, California should shift control over interconnection away from the
utility and place that control with the California ISO.  This could be
accomplished through amendments to SB 27X.

Permitting and Air Quality Issues
Developers of distributed (i.e., &on-site8) generation that is 50 MWs or
greater must receive certification from the California Energy Commission and
therefore face all of the impediments to development that large-scale
generation faces.

Solution: California should ensure that the executive orders (D-22-01 thru
D-26-01) issued by the Governor to expedite plant siting and maximize plant
output apply equally to smaller scale, &distributed generation8 facilities.
In addition, distributed generation that is less than 50 MWs continues to
face local opposition.  The State should ensure that local, parochial
interests cannot block otherwise beneficial distributed generation projects.
These objectives could be accomplished through amendments to SB27X.

3. Credit Concerns Regarding Authority Granted to DWR in AB1X to Purchase
Electricity on Behalf of the Utilities

Enron responded to the RFP issued by DWR to enter into power contracts with
suppliers.
Enron is in active discussions with DWR to establish contract terms with the
goal of entering into a power purchase agreement as soon as possible.
However, ambiguities contained in AB1X have created significant credit risk
concerns that need to be resolved in order to finalize contract terms.
We understand that the lion,s share of counterparties share Enron,s credit
risk concerns.
Enron has proposed several options for resolving the credit risk issues and
is working with DWR to arrive at a solution that is mutually agreeable to
both sides and that might serve as a template for power purchase agreements
going forward.

Summary of the Source of the Credit Risk Issue

Ambiguous Ratemaking Authority
The language in AB1X is ambiguous as to whether DWR has any authority to
charge California ratepayers for the costs of purchasing power.  From our
analysis of the bill, the language in AB1X appears to leave intact the
California PUC,s exclusive jurisdiction over ratemaking in California.  As
such, suppliers have no assurance that the PUC will agree to include in rates
adequate charges to cover DWR,s costs of power purchases.

Ambiguous Regulatory Authority Regarding Contract &Prudence8
The language in AB1X leaves open the possibility that the California Public
Utilities Commission could determine that power purchases made by DWR are
&imprudent.8  On the basis of such a finding, the CPUC could then refuse to
allow DWR to collect from ratepayers the costs associated with its power
purchases.  Consequently, suppliers have no assurance that the PUC will agree
to include in rates the charges to cover the costs of power contracts that
DWR has entered into with suppliers.

Ambiguous Language Regarding the Ratemaking Mechanism that Will Be Used to
Recover DWR,s Costs of Power Purchases
In addition to the ambiguity regarding ratemaking and regulatory authority
noted above, the language in the bill is equally ambiguous with respect to
the specific ratemaking &mechanics8 that AB1X directs the PUC to employ to
permit DWR to recover its power purchase costs. Based on our analysis, it is
extremely difficult to determine how the PUC would design the rates to ensure
DWR recovers its power purchase costs.  Moreover, as currently drafted, it is
difficult to determine whether AB1X would even permit the PUC to include in
rates all of the charges necessary to fully recover DWR,s power purchase
costs.  Again, this ambiguity raises significant credit risk concerns since
suppliers have little assurance that DWR will have the ability to recover
from ratepayers the costs of purchasing power.

Options to Resolve Concerns Regarding Credit Risk

We have been working diligently with DWR officials to resolve the credit risk
issues.  We have identified three options:

Amend AB1X
The amendments, which are attached to this email, would clarify that a) the
PUC would accept as &prudent and reasonable8 all purchase costs incurred by
DWR, and b) the PUC is obligated to include in rates the charges necessary to
ensure that DWR fully recovers its costs of power purchases.  This is the
preferred option, though we understand that the there may be some political
challenges standing in the way of amending AB1X.  (See attached file
entitled, &AmendAB1X.doc8.)

Clarify the Ambiguities in AB1X through an Order Issued by the PUC, and
through Contract Language
This is the option that we are currently working with DWR officials to
implement.  However, it is more complicated and could take significantly more
time to implement than the "legislative" fix.  We have attached electronic
copies of the talking points related to the order that the California PUC
would need to issue under this option.  (See attached file entitled,
&cpuctalkingpoints.doc.8)

Make Use of Other Instruments Designed to Address Credit Risk
As indicated in our letter responding to DWR,s RFP, we are willing to accept
other forms of credit from DWR.  Those options include a letter of credit,
cash prepayment, or an acceptable form of collateral.  DWR officials have
indicated to us that DWR prefers to pursue the second options. That is, DWR
prefers to clarify the ambiguities in AB1X through a PUC order and through
contract amendments.

4. California,s Supply-demand Picture Heading into Summer 2001

Both the California Energy Commission and Cambridge Energy Research
Associates (CERA), a private sector energy think tank, have issued reports
showing that California faces a severe supply-demand imbalance.  They differ
only on how much and how soon additional supply will be made available.  All
credible sources agree that supply will be very tight throughout the Summer
of 2001 and that unless a solution is found immediately, blackouts are
likely.

CEC and CERA both forecast that California will be short of supply this
summer by approximately 5,000 MW.   These numbers are in line with our
estimates.  California,s supply base currently has a 6% capacity margin, well
below the average 15-20%, which is recommended for reliable system operation
in the West.  Since the West relies more heavily upon hydroelectric power
than other regions, reserves are particularly important, owing to the
unpredictability of the weather and the dry year the West has experienced to
date. In the event of a low rain and snow period, the system must possess the
flexibility to respond to the reduced availability of power supply.
California,s very low reserve margin makes it especially susceptible to this
requirement.

Other reasons for reduced supply for the Summer of 2001 include the early
draw-down of reservoirs in the continual effort to manage California's severe
supply-demand gap; emissions restrictions on existing plants; and a reduced
number of customers who can be curtailed under their contracts with the
utilities.  Cambridge Energy Research Associates asserts that at the current
pace of siting, permitting and construction, adequate supplies will not be
added to correct the market imbalance until 2003 at the earliest.

CERA predicts that California is likely to face approximately 20 hours of
rolling black outs this summer.  The CEC paints a considerably more
optimistic scenario, betting that California will bring an additional 5,000
MWs on line to meet peaking summer demand.  It is our view that California
should view the CEC's "rosy scenario" with considerable skepticism.

5. Suggested Package of Legislative Proposals Designed to Solve California,s
Electricity Crisis

This email offers an overview of our proposed legislative solution.  We will
deliver to your office tomorrow specific legislative language and existing
bills that we believe can accommodate our proposals.

As we have suggested throughout the crisis, any solution to California's
crisis must focus on four issues:

Increase supply
Decrease demand
Establish a truly competitive retail electricity market
Return California,s Investor-owned utilities to solvency

Increase supply--Legislative vehicle: SB28X (Sher)
To site and construct a power plant in Texas takes approximately 2 years.
Enron and others have completed the entire process in other states in less
than a year.  In California, it takes about six years, or longer.

The Governor,s executive orders and Senator Sher,s siting reform legislation
are steps in the right direction.  Our suggested amendments can improve those
efforts by further addressing the difficulties that project developers face
in securing air emission reduction credits to meet the air permit
requirements included in the CEC's certification requirements.  Enron,s
proposal seeks to streamline the process for 1) obtaining credits and 2)
transfering credits between air districts.  In addition, it creates an
innovative emissions reduction bank to allow project sponsors to fund
emissions in advance of obtaining certification, and permits the affected air
districts to use those funds to finance projects that will produce the
required reductions in pollution emissions.

Decrease demand*Legislative Vehicle:   AB31X (Wright)
Because of the delay in getting a solution in place in California, closing
the supply-demand gap through energy conservation and efficiency offers the
best chance of avoiding blackouts this summer.  This can be accomplished most
effectively and quickly in two ways:

Buy-down demand
California is tapping into an enormous amount of money from the General Fund
to finance DWR,s power purchases.  California could likely reduce demand more
economically by running an auction to determine the payments businesses would
be willing to receive to reduce their demand for a sustained period (e.g.,
through the summer months).  DWR could easily run an on-line auction to
determine the price it could pay for these demand reductions.  To
participate, businesses would be required to have the metering equipment
necessary to monitor and verify that they are actually achieving the
reductions.  Enron has developed an on-line auction software package, &Deal
Bench,8 that it would be willing to contribute to the effort.

Use Price Signals to Incent Voluntary Curtailment
To be successful, customers need access to the following key elements:

An internet based hour-ahead price posting system to track the market price
for hour-ahead power in real time.
Real-time metering systems for baseline demand and voluntarily curtailment
verification.
Settlement process that allows for market clearing prices of energy to be
paid for load reduction (&Negawatts8).

The potential benefits of an effective demand response program would include:

&creation8 of additional summer peaking capacity in California, particularly
in the short term, without requiring construction of additional generation
resources.
reduction of  peak or super-peak load on the over-stressed California
electric system, thus potentially reducing the overall cost of electricity in
the state.
fostering of demand elasticity without subjecting customers to the full risk
of hourly market price volatility by passing market price signals to
customers and allowing them to voluntarily shed load and be compensated for
responding.

We estimate that we could generate a summer 2001 on-peak demand response in
excess of 400 MW during certain high cost hours, and a demand response for
summer 2002 on-peak hours that could exceed 1000 MW.  We further estimate
that the market response to this program from all ESPs could be 2 to 3 times
that amount.  We recommend that the State of California provide rebates
directly to customers to fund the installation of advanced metering and
control systems that would support load curtailment implementation.

Establish a truly competitive retail electricity market*Legislative vehicle:
SB27X
The only customers who were protected from price volatility in San Diego were
customers who chose Direct Access and signed fixed price deals with energy
service providers.  Ironically, AB1X takes that important option away from
customers and businesses.  It is critical that AB1X be amended to remove the
prohibition against Direct Access.

Enron's legislative proposal would give customers freedom to enter into a
direct access transaction, while simultaneously addressing the Department of
Water Resources' concerns about stranded power costs that might result from
customer migration.

In addition, California will only achieve a competitive retail market when
the utility is removed completely from the procurement function.  Procurement
is not a utility core competency, as evidenced by the dire financial
condition in which the utilities now find themselves.  California should
therefore begin immediately to phase the utility out of the procurement
function entirely, with the goal of having all customers served by a
non-utility provider within 36 months.  To execute the transition, California
should hold a series of competitive solicitations over the 36-month period in
which competing service providers would bid for the right to serve segments
of utility load.

Return California,s Investor-owned utilities to solvency*Legislative vehicle:
AB18X
Utility bankruptcy will not increase supply and it will not decrease demand.
In short, bankruptcy does nothing to solve California,s supply-demand
imbalance.  In addition, bankruptcy increases the likelihood that consumers
and businesses will bear the significant financial risks of having California
State government assume the role of &electricity buyer8 for an extended
period of time.  Finally, bankruptcy will undermine both investor confidence
in California's energy markets and the private sector's willingness to
participate in that market.

California can return the utilities to financial solvency by implementing a
series of staged rate increases.  California should design those rate
increases with the dual goal of returning the utilities to solvency without
&shocking8 the economy or household budgets For example, California could
amortize the recovery of the utilities, past debt over a 5-10 year period.
In addition, the magnitude of the rate increase can be reduced in two ways:
First, the utilities could absorb some portion of their existing debt in
recognition of the risk they accepted when they agreed to the structure of AB
1890.  Second, California can &net8 the revenues the utilities have received
from selling electricity into the Power Exchange against the debts they have
accrued due to the retail price cap.


Mike/Jeff,

An indication of real cooperation between EJ and Enron Coal.  We received the signed engagement letter from NIC yesterday to proceed with this transaction.  Also good for our coal guys to see that NIC is delivering us deals and value.  Enron Coal to take offtake, EJ arranging financing, structuring and insurance.

Joe

 -----Original Message-----
From: 	Matsubara, Takuya
Sent:	Wednesday, October 31, 2001 7:59 PM
To:	Miyai, Tark; Thirsk, Jeremy
Cc:	Hirl, Joseph; Sachdeva, Aman; Sasaki, Tsuyoshi
Subject:	Wallarah - update

Just a quick update on the captioned.

Furusho-san (deputy of NIC-Coal) met with Excel today in Australia and found the below.
(1) Excel likes the transaction structure and wants to proceed further.
(2) Excel wants to have A$15 million financing from NIC on limited-recourse basis.
(3) Excel can undertake the availability of back-up coal supply from Wambo in case of Wallarah's low performance.
(4) Excel finds 360,000 ton too much in light of Wallarah and Wambo's excess capacity and required financing amount. Indication was 100,000ton (if the size is larger, back-up arrangement from Wambo involves additional cost; and Delta may want to buy up to 1 million ton).
(5) Excel, however, can entertain option contracts with Enron (cal + put) for say, 200,000 ton.

I met NEXI today with Sasaki-san.
NEXI was positive on the transaction including NIC's credit, although there are some reservations such as having a SPC as a beneficiary, and use of pre-paid proceeds.

Actions to follow.
(1) Find realistic coal purchase conditions (Tark, will 100,000 too small ? Shall we include some Wambo coal in addition to 100,000 Wallarah's ?)
(2) Prepare a dirty cash flow (Aman, let's talk tomorrow. half-done cashflow is attached below.)
(3) Speak to NEXI (Sasaki-san, we need to re-educate Fujiwara, again on the structure)

Furusho will meet Excel tomorrow again at 5:00pm. Furusho will visit Tark at 1:30pm to have a discussion on this (I will join thru. phone. Sasaki-san, do you have time at 2:30?)


Attached is the form for Sched. C.     Please let me know when it's completed.

Thanks
Anita
36753


Vince,

Greetings.  I am forwarding to you the following research request from
three of my Business School colleagues.

Best,
Ehud

Dear Trustee of the Center for Energy Finance:

Three professors of the McCombs business school, Dr. Sirkka Jarvenpaa, Dr.
Emerson Tiller, and Dr. Kerem Tomak are conducting a research project in
alliance with the Center for Energy Finance on B2B online energy trading
systems.  All three researchers both conduct research and teach in the area
of electronic commerce (strategy & policy, economics, and technology).

They are seeking your help at this time.  They would like to interview an
executive in your firm who is in charge of managing or participating in an
online energy trading exchange. They are looking beyond the first-order
effects of B2B exchanges-- benefits of dramatically reduced costs, greater
access to buyers and sellres, and improved market liquidity -- to second
order effects (e.g., redesign of  broader firm processes, greater
innovation,  standardization, etc.) and broader organizational and
environmental drivers and barriers (institutional and regulatory
structures, associations, and alliances). This is a research project that
aims to accumulate insight into firm capabilities and environmental
complexities involved in B2B energy exchanges. At this time, they are
focusing on one industry, energy trading. They are conducting interviews
with owners and operators of proprietary exchanges as well as owners of
member-based exchanges in energy trading.

The researchers would like you to kindly pass this request for a 45 minute
phone interview to a person in your firm whom most closely deals with your
firm's strategy for B2B exchanges. We would like to conduct the interviews
during December and January.  The appropriate executive or his/her
assistant can directly contact Dr. Sirkka Jarvenpaa for scheduling the
interview.

Thank you so much for your assistance and support.

Email: Sirkka.Jarvenpaa@bus.utexas.edu
Phone: 512-471-1751
Mobile: 512-415-8570
Secretary: Glenda Lee,  512-232-6112, Glenda.Lee@bus.utexas.edu

==============================================
     Ehud I. Ronn
     Professor of Finance and Jack S. Josey Professor in Energy Studies
     Director, Center for Energy Finance Education and Research
     McCombs School of Business
     University of Texas at Austin
     Austin, TX. 78712-1179
     Voice:  (512) 471-5853
      FAX:   (512) 471-5073
      Internet:  eronn@mail.utexas.edu
=================================================


Ginger:  would you please distribute the following memo to the Government
Affairs group.  Thank you!

Congress continues to advance the Electricity Restructuring Legislative
debate.  On Tuesday, June 20th, the Senate Energy Committee plans to mark-up
and pass Senator Gorton's Reliability bill including the consensus state
savings clause language.  Attached below (attachment 6-17 jt.st.wpd) is the
46 page joint Senate staff draft which represents agreement in many areas,
but the differences remain significant.  No agreement was reachable at this
time in Committee on the extent of FERC jurisdiction to prevent unreasonable
differences between wholesale and retail service nor reached on the RPS.
Although the 46 page draft includes language on PURPA, Reciprocity ,Consumer
Protection, Interconnection, etc.; currently only two Senators support the
additional language included in the 46 pages; thus, the only chance of moving
through the Senate Energy Committee this year is to pass Reliability-only
now.  With the make-up of the Senate Energy Committee, our strategy is "to do
no harm" in committee thus, making the reliability language-only option
acceptable as a means to an end.  Enron does support the Reliability bill but
we will insist on adding transmission access and functional separation
language later in the process while EEI will insist on adding PUHCA while
APPA will insist on adding Private Use (thus, we can see what the final
consensus will look like; plus we have been involved in drafting the
consensus in all these provisions.....but timing and sequence are crucial.)

It might be helpful to remind everyone that the bills leading up to the
Energy Policy Act of 1992 as passed by the Committees were also amended in
Conference since it was impossible to garner the necessary Committee votes or
survive a Senate filibuster with any Committee-included wheeling language.
Transmission wheeling/ access language was successfully added in Conference.
Thus, the sequence of adding our necessary provisions remains key to a
successful strategy then as it does now.

Also attached is Chairman Bliley's Reliability and Transmission discussion
draft (section by section, summary and 005_PDF).  This is the foundation from
which he is willing to add additional consensus amendments. From Enron's view
,this foundation draft is our exact wish list to clarify FERC jurisdiction
over both bundled and unbundled transmission (although we have suggested a
few technical drafting points which have already been conveyed to staff.)  It
is important for all of us to convey our support for this draft as the
essential foundation for the bill.  Mark-up  will likely be scheduled to
occur during  the week of June 26th.

It is important to note that Subcommittee Chairman Barton is philosophically
opposed to the Bliley/Enron "pro-FERC" approach.  As such, he has asked Texas
PUC Chairman Pat Wood and Oklahoma Corporate Commission Chairwoman Denise
Bode to draft a compromise to lighten the FERC authority in favor of a more
Regional Approach.  I just got off the phone with Pat who walked me through
the draft he was submitting this evening to Barton (once it is officially
transmitted, I will be able to get a copy to you, likely on Monday or
Tuesday.)  From Pat's description, we should be able to be supportive since
he shares our views about  wholesale markets needing federal authority.   He
discussed a draft that mandates RTO participation, a seven point mandatory
RTO test  filed at FERC in 60 days after enactment, Ratemaking established by
the state but allowing FERC appeal, allowing FERC appeal if 2/3rd's
disagree,  State authority but also ongoing FERC authority with an expedited
dispute resolution process.  The seven point mandatory filing details are 1.
full wholesale competition under the same terms, rates and conditions; 2. RTO
sole functional control of transmission; 3. functional separation of
generation from transmission; 4. curtailment on non-discriminatory basis; 5.
all transmission uses disclosed and transparent (889); 6. constant assessment
of construction needs; and 7.  remedy and emergency authority for dispute
resolution.  He mentioned Denise's insistence for interconnection on a
non-discriminatory basis which he feels is adequately addressed in their
draft.

From Pat's discussions with Reliant on his draft, they again spoke in support
of Enron's transmission open access goals.  TXU remains concerned that ERCOT
will be pulled under FERC jurisdiction in the draft.  But, it is Pat's view
that this already has happened under the state law.

Our goal next week is to lock-in bipartisan House Committee support and House
Leadership support for the mark-up plus tighten the mark-up process so it is
transparent to all; plus to pass the Senate Committee bill.   A bill to meet
our established goals is still doable this year.  My strategy was always
based upon the necessity to lead with the reliability language in order  to
create a legislative vehicle for us to include our non-discriminatory
transmission access provisions.    Please call should you need clarification
or have questions.  Many thanks for your continued support.

 - sectionbysection.wpd - summarydoc.wpd - 005_.PDF


Please join us for an informal lunch on Friday, July 21st in the dining room
in EB50M.   Rick Causey, Enron's executive lead for the Analyst Program, and
David Haug, Enron's executive lead for the Associates Program, have been
invited to join us as well.  We are interested in renewing acquaintances with
those of you whom we met on campus and in getting to know those of you whom
we did not see in the interview process.  We hope that you are enjoying your
summer assignments at Enron and we look forward to the opportunity to visit
over lunch.

Please let me know by return e:mail if you will be able to attend the lunch.


Hey Mom,

Can you send me the flight numbers for the America West debacle we just
experienced?

Thanks


do you want to go up to dallas the weekend of oct 7th and catch the ou-tex
game.  i heard it is wild up there around that time.  all ou and tx chicks.
we can stay at emmitts or something.


TO: EGM Business Unit Heads
 Jennifer Fraser
 Eric Gonzales
 Gary Hickerson
 Larry Lawyer
 George McClellan
 John Nowlan
 Brent Price
 Dan Reck
 Per Sekse
 Mark Tawney

cc: Jeffrey Shankman
 Cathy Phillips
 Jennifer Burns
 Susan Lopez

Our relocation to the new building is fast approaching and there are several
important move related items that I would like to stress at this time.  I
would appreciate your cooperation with the key move issues that are outlined
below:

IMPORTANT - A special building tour has been scheduled for the EGM business
unit heads receiving this message.  Jeff and I, along with Bill Donovan,
would like to invite you to join us for a tour on this Friday morning, June
8th, from 8:30 to 9:30 a.m.  Even if you have already had an opportunity to
visit the new building, we think this would be a great opportunity for all of
us to see the space together and discuss any issues at that time.  Please
contact Cathy Phillips at X-36898 if you plan to attend the tour.
New building floor plan modification requests will no longer be accepted.
Any change requests that have already been received are currently being
considered and will be conveyed to the appropriate business unit head.
If vacant positions exist and they will be filled before the move on August
3rd, they need to be identified on all reports and floor plans with their
name, NH (for new hire) and an approximate hire date.  Example:  Bob Smith NH
7/25
Any space/move related questions or issues that may arise should be addressed
by Cathy Phillips.  Please do not contact Susan Lopez for any space related
issues.  Jeff and I have asked Cathy and Jennifer Burns to be responsible for
the allocation of space in the new building and they are keeping us well
informed as to the progress and any issues as they arise.
Jeff and I are very aware that space is very tight in the new building and we
will be addressing growth and additional space needs and issues in the near
future.
A limited number of Turret phones will be available in the new building.  The
Turret phones will be assigned to traders and their assistants only.
Everyone else on the floor will receive a new upgraded version of the Lucent
phone (with the existing phone numbers).  Please contact Jennifer Burns if
you have any questions or issues related to phones.
All private team rooms, offices and conference rooms have been assigned and
there are no more available for assignment to the individual groups or
people.  On the 3rd floor we will have the following public conference space
available by making reservations (specific scheduling details to follow
later):
1 Mega conference room
1 Large conference room with videoconference capabilities
1 Large conference room - no videoconference
3 Team rooms
File space on the floor is being upgraded and allocations of file space will
be made for each group.  Every attempt is being made to have the assigned
file space as close to each individual group as possible.
At this time, details related to food deliveries and distribution have not
been resolved.  Your patience and flexibility with all food related issues
will be appreciated.  It is highly probable that food service in the new
building will be very difficult at first and as we get closer to the move
date, more information will be provided related to food service, deliveries
and distribution.
Since Jeff and I both already keep Cathy and Jennifer very busy, we would
appreciate it if you would send all your comments, questions, or issues to
them via e-mail.  They have agreed to make themselves available every Monday
at 4:30 p.m. to meet with anyone to discuss their questions.  Please make
arrangements with them directly to meet regarding your issues.
There will be a 60 day freeze on any building changes once we move into the
new building.

I understand that this is a difficult process and that there are a lot of
questions and issues, but Jeff and I are convinced that this will be great
and everything will work out in time.  Thank you for your cooperation and
assistance in making this transition to the new building as smooth as
possible.

Mike


Shall I check with Charlotte about dinner at Keffer's?

ckm


Vicki --

FYI.  This bill continues to move.  Jennifer Thome prepared this synopsis.  Please let me know if you need anything else.  I'll ask Jennifer to keep you updated on any changes and status.

Jim


Steve, Yes, I did receive a response from Robert Rose about the Napoleonville conveyance.  Ann Elizabeth has said she gave the file to you, so we're still in a position to do a complete search.  -Mary
 -----Original Message-----
From: 	rrrose@aep.com@ENRON [mailto:IMCEANOTES-rrrose+40aep+2Ecom+40ENRON@ENRON.com]
Sent:	Thursday, August 02, 2001 12:25 PM
To:	Ogden, Mary
Subject:	Re: Closing document re Napoleonville land conveyance

Hi Mary,
I don't have a clue who filed the original documents.  I know for a
fact that ROW did not do the filing for this transaction.  It seems
to me it would have been someone on EB38 who did the filing.
Back a couple of months ago there were copies of some of the
agreements in a meeting AE, Patrick Johnson, and I had (I
think AE brought her copies to the meeting).  So, it would
stand to reason that these copies should exist in AE's
"Enron" files left on EB38.  I don't think I ever saw the
originals though.
r
To:        <rrrose@aep.com>
cc:        "Nemec, Gerald" <Gerald.Nemec@enron.com>, "Van Hooser, Steve" <Steve.Van.Hooser@enron.com>
Subject:        Closing document re Napoleonville land conveyance
Dear Robert:  Do you recall what you did with the documents relating to
Bridgeline whereby the Napoleonville land was kept out of the
transaction by being deeded over to LRCI, Inc.?  Patrick Johnson recalls
you were involved with those documents, and we're trying to find them.
Ann Elizabeth White said that she believes the files are here in Legal,
but we can't locate them.  Patrick Johnson's recollection that you might
have filed the conveyance documents is what leads me to ask you if you
have them or know where they are.
Thanks for letting me pick your brain on (yet again) another document
search.
Best wishes,
Mary
Mary C. Ogden
Legal Specialist
Enron North America Corp.
Phone:  713-853-7796
Fax:  713-646-3490
Mary.Ogden@enron.com
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