Notice No. 01-77
March 5, 2001

TO:
All COMEX Division Members/Member Firms
All COMEX Division Clearing Members
All COMEX Division Floor Traders
All COMEX Division Operations Managers

FROM:
Michael Campanelli, Vice President
Floor Operations, COMEX Division

RE:
Options Expiration Operational Procedures for the Trading Floor and Clearing
Members
______________________________________________________________________________

The expiration date for the April 2001 options contract for Silver (SO J01)
and Gold (OG J01) is Friday, March 9, 2001.

 GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized on-line
trade entry (&OLTE8) system trained representative available until released
by the Exchange staff.  All adjustments  and/or corrections, must be
accompanied by relevant supporting documentation prior to being incorporated
into expiration processing.  In essence, making the expiration processing an
extension of the afternoon trade resolution procedures.

Exchange Clearing (299-2110) and Trade Processing (299-2465 and 299-2044)
personnel will be available to assist with the processing of notices of
Exercise and Abandonment, position transfers, trade corrections and other
questions or problems you may have.

Failure by any Clearing Member or qualified Floor Trader to comply with
procedures as outlined herein may result in severe disciplinary action by the
Exchange and potential financial liability to customers or members for
failure to exercise diligence in the processing of information.

 TRADING FLOOR OPERATIONAL PROCEDURES

Trading in the April 2001 Silver and Gold Options Contracts will cease at
2:25 P.M. and 2:30 P.M. respectively on March 9, 2001.  All Brokers and
Traders must inform their Clearing Members of their intentions to exercise or
abandon such Options by 4:00 P.M.

On Friday, March 9, 2001, all Brokers and Clearing Members must have a duly
authorized, On-Line Trade Entry (&OLTE8) system trained representative
available until such time as the Exchange deems necessary.

NOTE: After 4:30 P.M. all expiring option trade data must be inputted on
special &OLTE8 terminals located in the Trade Processing Room. Any other
means of submission will be rejected by the Exchange.  Members will be able
to submit all other trade data until 5:00 P.M.

After the UTR and the Preliminary Spot Month Matched Trade Reports are
displayed, Clearing Member representatives will be able to pick up their
Preliminary Clearing reports at the Clearing Department.

A final review of all submissions will be made, the Supervisor of the Trade
Processing Room will detain only those Clearing Members and/or Broker
representatives involved.  All final corrections will be made at this time
and upon determination of the Supervisor that all option processing is
complete, all representatives will be released.

Exchange Reports based on Friday,s submissions and processing will be
available on Monday morning March 12, 2001.

In the event that you have any questions regarding the foregoing trading
floor procedures please contact Michael Campanelli at (212) 299-2072 or David
Sherman at (212) 299-2061.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

1. OPEN POSITION CONFIRMATION (&OPC8) - The OPC should reflect as accurately
as possible all futures and options gross positions as of close-of business
on the business day prior to expiration.  Review the estimated current gross
positions as shown and make appropriate adjustments.  The OPC must be
submitted not later than 9:00 AM.

2.   OPTIONS EXERCISE/ABANDONMENT REQUEST FORM (&E/A8) - An expiring option
with a strike price in-the-money by one tick or more will be subject to
automatic exercise unless an Option Abandonment Request form is submitted
advising that a Clearing Member (&CM8) elects to abandon some or all of its
position in that strike price (i.e., for the option series).  All other
options series in the expiring month will be subject to automatic abandonment
unless an Option Exercise Request form is submitted.  When submitting an E/A
form, please note the following:

(a) An E/A form must be submitted not later than 5:00 PM.
(b) Do not submit an Exercise form for positions in strike prices, which are
subject to automatic
Exercise nor submit an Abandonment form for positions in strike prices, which
are subject to automatic abandonment.
(c) If a CM wishes to submit an E/A form to abandon a position in a strike
price subject to automatic exercise or wishes to exercise a position in a
strike price which is out of the money, it is necessary to notify Clearing by
telephone of such anticipated action.  The CM must have an officer available
to confirm such intention.
(d) CMs may secure from Clearing a time-stamped receipt of the CM copy to
assure submission  of the CM,s E/A forms.

3. OPTION POSITION REDUCTION REQUEST FORM (&OPRR8) - As a general rule,
purchases and sales of option contracts are presumed to be new business.   If
some or all of your purchases and sales are in fact undertaken for position
liquidation purposes, OPRR forms may be submitted on the day of expiration
and will be used in conjunction with trade data to reduce your projected
position in an expiring contract.  OPRR requests in excess of actual traded
volume will be rejected.  Exception: Cabinet trades and cancel correction
trades will automatically liquidate existing positions, therefore do not
submit an OPRR form for cabinet or cancel correction trades.
The OPRR form must be submitted not later than 5:00 PM.

4. HOUSE/CUSTOMER POSITION TRANSFER REQUEST FORM (&H/C8) - H/C forms may be
used only to transfer previously cleared contracts between a CM,s house and
customer accounts. Problem trades (those which have not cleared prior to
expiration day), must be corrected using COMEX,s on-line trade entry system
under the direct supervision of the Trade Audits Department of COMEX (&Trade
Audits8).  The H/C form must be submitted not later than 3:30 PM.

5. EX-PIT POSITION TRANSFER REQUEST FORM (&Ex-Pit8) - Ex Pit forms may be
used only to transfer previously cleared contracts between CMs.  Problem
trades (those which have not cleared prior to expiration day), must be
corrected on the on-line trade entry system under the direct supervision of
Trade Audits.  The Ex-Pit form must be submitted not later than 3:30 PM.

 *****
A) At approximately 4:15 PM, two PRELIMINARY reports of the expiration
process will be available for distribution at the Nymex Clearing Department:

1. OPTION EXPIRATION REPORT AND CONFIRMATION - The purpose of this report is
to project the CM,s present position going into the expiration based upon the
transactions which have already been submitted to Clearing.  CMs should
review and modify their adjusted gross positions as of close-of-business on
the business day prior to expiration.  Further adjustments may be submitted
not later than 5:00 PM.  The projected ending gross positions will reflect
transactions accepted or rejected for clearance on expiration night,
inclusive of Ex-Pit, H/C and OPRR transactions which have been submitted to
Clearing prior to 3:30 PM, and trade information submitted to COMEX prior to
3:45 PM.  Normally, this report will also reflect manually submitted Exercise
and Abandonment instructions, the projected number of exercises and maximum
potential assignments for each strike price, the type of exercise (manual or
automatic), whether the strike is In, At or Out of the money, and the
exercise val!
ue!
 associated therewith based on settlement prices established by COMEX on the
day of expiration.

2. TRANSACTION LISTING - This listing will include in detail all expiring
option trades submitted to COMEX prior to 3:45 PM on expiration day, and all
H/C, ExPit, OPRR and E/A transactions submitted to Clearing Prior to 3:30 PM.

Please note: Trade information reflected on the option expiration report and
transaction listing are trades submitted only. To inquire whether trades have
matched, each CM must review the trade reports provided by COMEX,s On-Line
Trade Entry (&OLTE8) system.

B) At approximately 5:30 PM, FINAL reports of the expiration process,
including all submissions to Clearing and trade information submitted to
COMEX made by 5:00 PM, will be available for distribution at the Nymex
Clearing Department.

C) At 5:45 PM, Preliminary In The Money Abandonment and Out Of The Money
Exercise information will be announced on Fast Facts.

D) At Approximately 7:30 PM, a Final Notice of Exercise/Assignments will be
available in each CM,s lockbox located at the Nymex Clearing Department.
Each CM, which has exercised or been assigned one or more options will
receive a separate statement showing exercises and/or assignments for each
option series.  Please check this statement carefully.  Although long options
positions in-the-money by one tick or more will be automatically exercised,
not all short option positions will be assigned if there are any options
manually abandoned at such strike prices.  Please note that there also may be
some at or out-of-the money options being exercised.

E) At approximately 9:00 PM, the final set of clearing sheets will be
available in each CM,s lockbox located at the Nymex Clearing Department.

It is strongly recommended that each CM have a representative(s) that is
properly trained to handle the option expiration process available beginning
at 4:15 PM and who will receive the CM=s reports at the specific times.  It
is solely the responsibility of the CM to review these reports and to notify
the Clearing staff immediately of any discrepancies.

To obtain the exact time of the availability for each report, clearing
members should call (212) 513-7405, access code 702.  The announcement time
will occur
 hour prior to availability.

Attached please find a Clearing Member Procedure Summary for ease of
reference.  Please contact John Ramos at (212) 299-2142 (Members 001-500) or
Mel Garcia at (212) 299-2144 (members 501-999) if you have any questions.
OPTION EXPIRATION PROCESSING CLEARING MEMBER PROCEDURE SUMMARY

Time: 3:30 PM
Activity: Expits, H/C transfers, Option Position Reduction and
Exercise/Abandon notices
Event: Submission to Clearing cutoff time.
Notes: Final cutoff for Expits and H/C tranfers

Time: 3:45 PM
Activity: Call Fast Facts to obtain availability time of Preliminary Option
Expiration Reports.
Event: Fast Facts notice of Availability

Time: 4:15 PM
Activity: Preliminary option expiration reports available to clearing members
at NYMEX Clearing Department

Time: 5:00 PM
Activity: Options Position Reduction, Exercise/Abandon notices and Gross
Position Adjustments
Event: Submission to Clearing Cutoff Time
Notes: Final cutoff for Option Position Reduction, Exercise/Abandon notices
and Gross Position Adjustments

Time: 5:05 PM
Activity: Call Fast Facts to obtain availability time of Final Preliminary
Option expiration Reports
Event: Fast Facts notice of Availability

Time: 5:30 PM
Activity: Final Preliminary option expiration reports available to clearing
members at NYMEX Clearing Department.

Time: 5:45 PM
Activity: Call Fast Facts to obtain Preliminary In the Money Abandonment and
Out of the Money Exercise Information
Event Fast Facts notice of information
Notes: New Event

Time: 6:00 PM
Activity: Corrections to previously Submitted Adjustments or Notices
Event: Correction period cutoff time (30 minutes after final preliminary
report is distributed)
Notes: Final cutoff for corrections

Time: 7:00 PM
Activity: Call Fast Facts to obtain availability of final expiring option
position and Exercise/Assignment report
Event: Fast Facts notice of Availability

Time: 7:30 PM
Activity: Final expirating options position and Exercise/Assignment report
available in clearing member's lockbox at NYMEX Clearing Department

Time: 8:30 PM
Activity: Call Fast Facts to obtain availability of final clearing reports.
Event: Fast Facts notice of Availability

Time: 9:00 PM
Activity: Final clearing reports available in clearing member's lockbox at
NYMEX Clearing Department.

Please contact John Ramos at (212) 299-2142 (Members 001-500) or Mel Garcia
at (212) 299-2144 (members 501-999) if you have any questions.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-77)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


There has been a change in the monthly dinner meeting as follows:

  DATE:   August 14, 2000
  PLACE:   The Map Room
      Brennan's
      3300 Smith
      713/522-9711
  TIME:    6:30 PM

Please make a note of these changes.  I will look forward to seeing you
there.


The original schedule was 50 MW's TEP GEN @PV(EPE XCHANGE) - EPMI -
SRP-MIRANT-CISO(T)PVD/SP15.  Mirant was cut by the CISO 25 mw HE 1-6,   8 mw
HE 23, and  25 mw HE 24.  Please refer to Mirant tag #3316 for this revised
schedule.   Mirant owes us a sink for 25mw HE 1-6, 8mw HE 23, and 25mw HE 24
and has decided to provide the sink on a real-time basis.   Please check with
Mirant to assure they have a sink for these hours.   Please check out with
TEP when you are aware of the new sink.

Thanks
Stacy


how is the morgage company going to know you took out additional funds?
second , is the fed-ex guy going to leave the envelope with the
office?.......if it's fed ex it's already been delivered.....


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/23/2000 11:55
AM ---------------------------

John.Normand@enron.com@enron.com on 08/23/2000 11:47:29 AM
Sent by: Arlene.Chapman@enron.com
To: Mitch.Robinson@enron.com, Kay.Mann@enron.com,
John.Schwartzenburg@enron.com, Scott.Dieball@enron.com, Bob.Greene@enron.com,
Dennis.Alexander@enron.com, Brian.D.Barto@enron.com, Gavin.Gaul@enron.com,
Mark.Dobler@enron.com, Ross.Newlin@enron.com
cc:

Subject: Invitation - Westinghouse/Gleason iss (08/24/2000 12:30:00 PM CDT)

  (superscript: New meeting request from John Normand)

                08/24/2000 12:30 PM Local Time
                08/24/2000 02:00 PM Local Time

  Title:        Westinghouse/Gleason issues CR#5C1 - Lunch served
  (J.Normand, M.Robinson, K.Mann, J.Schwartzenburg, S.Dieball, B.Greene,
  D.Alexander, B.Barto, G.Gaul, M.Dobler, R.Newlin))
  Location:     -No room information available-

  Chair:        John Normand/ENRON_DEVELOPMENT

  To (required):   Mitch Robinson/Corp/Enron
  cc (optional):

     John Normand/ENRON_DEVELOPMENT wants you to attend a meeting.

On        08/24/2000 12:30:00 PM CDT
For       1 hour 30 minutes
With:          John Normand/ENRON_DEVELOPMENT (Chairperson)
          Mitch Robinson/Corp/Enron (Invited)
          Kay Mann/Corp/Enron (Invited)
          John Schwartzenburg/ENRON_DEVELOPMENT (Invited)
          Scott Dieball/ENRON_DEVELOPMENT (Invited)
          Bob Greene/ENRON_DEVELOPMENT (Invited)
          Dennis Alexander/ENRON_DEVELOPMENT (Invited)
          Brian D Barto/ENRON_DEVELOPMENT (Invited)
          Gavin Gaul/ENRON_DEVELOPMENT (Invited)
          Mark Dobler/NA/Enron (Invited)
          Ross Newlin/ENRON_DEVELOPMENT (Invited)

   Westinghouse/Gleason issues CR#5C1 - Lunch served (J.Normand,
M.Robinson, K.Mann, J.Schwartzenburg, S.Dieball, B.Greene, D.Alexander,
B.Barto, G.Gaul, M.Dobler, R.Newlin))


Lance -

It is my understanding that Enron Credit is currently closing down operations.  In light of this, EC has a contractual obligation to a company called Risk Metrics Group.  The obligation arises out of the development and hosting by RMG of a website devoted to the use of EC's credit risk data - the site being mainly focused toward subscribers to other RMG products.  Since we are terminating the development and hosting agreement - in essence shutting down the site - we will owe RMG approximately $96,000.

While I realize this is a small sum, I wanted to make sure (1) there are no approvals under the merger agreement that are required for a settlement of this nature and (2) if we are tracking this type of liability for merger purposes, that I provide the necessary information to the appropriate personnel.

Please let me know if either of the above are necessary.

Thanks.

Mark


thank you for your help

 -----Original Message-----
From: 	Sever, Stephanie
Sent:	Tuesday, June 05, 2001 10:10 AM
To:	Lenhart, Matthew
Subject:	RE:

done

 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Tuesday, June 05, 2001 9:40 AM
To:	Sever, Stephanie
Subject:	RE:

Astra Power also needs to be added to this product

 -----Original Message-----
From: 	Sever, Stephanie
Sent:	Tuesday, June 05, 2001 9:14 AM
To:	Lenhart, Matthew
Subject:	RE:

done

 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Monday, June 04, 2001 11:38 AM
To:	Sever, Stephanie
Subject:

Stephanie-

I manage a restricted gas product on EOL.  The product is PG&E Topock # 51408.  I need to add Occidental Energy Trading and TXU Energy Marketing to the list of counterparties that have access to this product.  If you could notify me when they have been added I would appreciate it.

Thank you,

Matt Lenhart


You didn't tell me that you were going to France to have a secret rendez-vous
with Evie Kahl.

Gotchya!

Welcome back.  It's been a fucking zoo.

Best,
Jeff


Reply To:service@harryanddavid.com
From:service@harryanddavid.com
Subject:Your order from Harry and David (#0300549511)
??????????A
Sender:service@harryanddavid.com
To:rshapiro@enron.com,
cc:
bcc:
MIME-Version: 1.0
Content-Type: text/plain; charset="ISO-8859-1"

Thank you for ordering from http://www.harryanddavid.com/, your
order has been received and is being processed.  If you need to get
in touch with us about your order, click here:
http://www.harryanddavid.com/orders.html and complete the form or
call us at 1-877-233-3000 anytime.

-----------------------------------------------------------------------
Richard Shapiro
78 CROWNED OAK CT
THE WOODLANDS, TX 77381

e-mail: rshapiro@enron.com
Phone: 936-321-7153

Item(s) subtotal:       $149.95
Shipping & Handling:     $28.95
Expedited Shipping:      $27.95
Tax:                     $10.34
----------
$217.19
-----------------------------------------------------------------------
Recipient # 1

The Keans
319-583-4675
1339 AUBURN ST
DUBUQUE, IA 52001

Qty  Item          Description                                  Each
1    13332KS       New World’s Tallest Tower of Treats<SUP>®</SUP>
$149.95
*The delivery method you selected was Overnight Delivery (AM)
to arrive by 06/02/01.

Greeting:
The Keans, Our thoughts and
prayers are with you, Rick,
Amy, Ben& Jonny
From: Richard Shapiro
-----------------------------------------------------------------------
SAVE 10% WHEN YOU SHOP AGAIN AT http://www.harryanddavid.com.

Thank you for choosing Harry and David.  Shop again on our website by June 30
and take 10% off your order.  Please enter Coupon Code H46 at checkout.

Treat yourself, and while you're at it, don't forget that Father's Day is
coming up.
Tip:  Place your Father's Day order by June 6 for standard delivery.


Please join me on Thursday, January 11 from 1:00 to 4:00 pm for a special
information session for the Operations Management teams supporting Enron
Americas, Enron Global Markets and Enron Industrial Markets.   We will focus
on assessing, managing and mitigating operational risk.  Details on the
location for the meeting will be sent to you early this week.

I look forward to seeing everyone at this meeting on the 11th.  The things
that we will discuss will be important for each and every one of you as you
carry out your roles in 2001.  I hope that you will make every effort to
attend.  Please let me know as soon as possible if you have a conflict that
will keep you from attending the meeting.


Thanks, you might look at 10/27 also.  It looks like this day is off the
other way (too high).  Thanks.

Jerry

-----Original Message-----
From: Janzen, Randy [mailto:Randy.Janzen@ENRON.com]
Sent: Sunday, October 28, 2001 7:23 AM
To: Janzen, Randy; Woodson, Harry; dkurth@ong.com; jmosher@ong.com;
jknight@ong.com; Forbish, Sherry; Linhart, Joe; McDaniel, Janet; Sturr,
Kathy; Hibbard, Scott; Benningfield, Robert; Greaney, Chris; Adams,
Jean; Blair, Lynn; Darveaux, Mary; Floyd, Jodie; Kile, Rick; Mendez,
Angela; Stage, Michael G.; Schoolcraft, Darrell; Spraggins, Gary;
January, Steve; Corman, Shelley; Cessac, Kenneth; Berger, Larry;
McCarran, Penny; Herber, Stephen; Vaughan, Cara
Subject: Bushton Balance through 10-26-01 - UPDATE - Please disregard
previous Bushton Report for 26th!

I talked to Steve in NNG Gas Control to see why we had such a difference
in the PVR Shrink for the 26th.  He is showing the volume for the PVR
measured @ 96.7 which would be only a 2,481 difference and make the
monthly only 4,654 difference.  I also went out into PGAS and confirmed
the volume measured was indeed 96.7 dth.  Apparently we have an issue
between PGAS and the TMS system.

I will get with Harry, the PGAS group, and the TMS in the morning to see
if we can figure out what is going on.  So please disregard the Bushton
Report for the 26th.

Randy

>  -----Original Message-----
> From: 	Janzen, Randy
> Sent:	Sunday, October 28, 2001 6:51 AM
> To:	Woodson, Harry; 'dkurth@ong.com'; 'jmosher@ong.com';
> 'jknight@ong.com'; Forbish, Sherry; Linhart, Joe; McDaniel, Janet;
> Sturr, Kathy; Hibbard, Scott; Benningfield, Robert; Greaney, Chris;
> Adams, Jean; Blair, Lynn; Darveaux, Mary; Floyd, Jodie; Kile, Rick;
> Mendez, Angela; Stage, Michael G.; Schoolcraft, Darrell; Spraggins,
> Gary; January, Steve; Corman, Shelley; Cessac, Kenneth; Berger, Larry;
> McCarran, Penny; Herber, Stephen; Vaughan, Cara; Janzen, Randy
> Subject:	Bushton Balance through 10-26-01
>
> Attached is the Bushton Balance through October 26, 2001.  If you have
> any questions, please call me at 713/853-5962.
>
> Please note the change in volumes on the 26th.
>
> Randy Janzen
>
>
> 	 << File: NNG Bushton PVR 102601.pdf >>

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


Thanks!


Sure. We're lunching tomorrow - yeah?

	Sally Beck@ECT
	06/13/00 06:40 PM

		 To: Barry Pearce/Enron Communications@ENRON COMMUNICATIONS@ENRON
		 cc:
		 Subject: Re: Bob Bowen

Bob is a good, solid player.  He won't change the world, but he is diligent
about getting a prescribed job done.  I personally like Bob a lot, and am
very interested in making sure that he is in the right role for him.  His
wife has MS in its most severe stages.  He was a manager previously, and we
jointly made the decision to reclassify him as a senior specialist in order
to reduce the expectations on him in his role at work.  He needs to be able
to leave work at a very reasonable hour each day in order to relieve a
caregiver who is with his wife while he works.  I made a personnal commitment
to him to make sure that his work load would allow a reasonable and
predictable end to his work day, and as long as he is in my group I will
personally make sure that works for him.  I would hope for him that if he
ever considered a change that a new boss would be able to do the same.

Danny contacted me about Bob, more from the standpoint of asking me what
impact it would have on gas if he moved.  I suggested that Brent would be
better able to address that.  I did tell Danny that the onslaught of EOL
transactions has been a challenge for gas confirmations, and I am sure that
they are not long on people.  I assume that Danny is following up with
Brent.  --Sally

	Barry Pearce @ ENRON COMMUNICATIONS
	06/13/2000 03:47 PM

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Bob Bowen

What do you think of him?

Danny suggested him. I here he has some 'issues'.

I'm neither plus or negative - just fact finding.

B.


FYI.  This is the info I sent Shelley for Dec. 1 on TW.  We need to track any changes to this
	information during the weekend.  Please let Terry or I know if you have any questions.  Thanks. Lynn

 -----Original Message-----
From: 	Blair, Lynn
Sent:	Friday, November 30, 2001 6:28 PM
To:	Corman, Shelley
Cc:	Blair, Lynn; Kowalke, Terry; Buchanan, John
Subject:	Transwestern 12/01/01 Nominations

	Shelley, below is the TW information for December 1, 2001

	(1) ENA did not nominate on Transwestern for 12/01/01.

	(2) EES Contract 25980 - Nominated 	Scheduled
				     2100	      0		PRR LaMaquina Plant (POI 500539) did not confirm


Maria:
Thanks for the message.  I'm confirming with credit that this language is
acceptable but I think that it will be.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)

	"Salvatore, Maria" <Maria.Salvatore@pseg.com>
	05/17/2000 09:52 AM

		 To: "'Carol St Clair'" <Carol.St.Clair@enron.com>
		 cc:
		 Subject: RE: Final changes

Carol - Re: the Schedule, here is the new "30-day language" for your review.
Also attached is the Enron Gty you wanted me to e-mail you.  I've made the
other three typo changes you mentioned and am running off final documents
for execution.  I will fed ex them to you this evening after obtaining
signatures on this end.  Susan and I spoke this morning and after you
receive the fed ex package and turn them over to her, she and I will proceed
from there. We both have copies of our checklist.

Thanks - Maria

-----Original Message-----
From: Carol St Clair [mailto:Carol.St.Clair@enron.com]
Sent: Tuesday, May 16, 2000 5:53 PM
To: adele.raspe2@pseg.com; maria.salvatore@pseg.com
Cc: Susan Flynn
Subject: FINAL Comments

Adele and Maria:
Here are my final comments:

1.   In the ISDA Schedule, Part 4, Section (f)(iii), we cannot accept a 30
day
waiting period.  Why can't the Guaranty be furnished when the Reorg becomes
effective?

2.   In each Guaranty, there is an extra zero in the "cap" amount.

3.   In the PSE&G Guaranty, the Counterparty notice section should be just
like
what is in the Master for primary notices and copies.

4.   In the LC, in the new language on the second page, change Uniform
Customs
to UCP.

That's all I have.  Subject to resolving point #1, please e-mail to me the
Enron
Guaranty and please coordinate with Susan Flynn on getting final versions
executed and obtaining other closing items.  I will review your opinion
shortly.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)

 - enronga.doc
 - p8.doc


Mark,  Thanks indeed, as my Englishman rare book finding agent named Paul
(pronounced "Pole") Merchant  up the street says, for all the help with the
naval history.  It gets  to swirling around from time to time.  Nelson,
Jack's great idol, smote the hated Spanish and French at Trafalgar in the
18th century long after the Armada had been wrecked at the mouth of the
Thames,  an event that Shakespeare must have been aware of.   I am working
through Spanish history by reading a book by the art critic Robert Hughes
about Barcelona, and did not realize the unique maritime power of that City.
At one time, it dominated the Mediterranean in its time of glory which was
back in the Middle Ages, I want to say in the 7 or 8 hundreds. .  They have
an outstanding Maritime Museum containing examples of those wierd sounding
boats like  xebecs and lateens and, the prize I want to see is the big ship
that some Austrian hero sailed at the famous battle of Lepanto, which battle
is referred to by Cervantes in Don Quixote as the time when Christianity
dealt the hated Turks  a heavy blow.  Cervantes was wounded in the battle and
languished in a Turkish prison in north Africa, some of which comes out in
his immortal tale.  I will not be near Trafalgar because we are going to go
from Madrid to Granada to Barcelona in a triangle but will at some point be
able to  gaze out across the Mediterranean  in the direction of some of those
little islands that O'Brien mentions, I think one of them is called Minorca
and there is a Belarazic or something like that.   And we will see some of
the Pyrennes (sp?) where Stephen had his family castle and through which he
dragged Jack in that bear costume which always amuses me so much to recall.

If you could obtain from Ted Murphy  and send me the current Risk Management
Policy I would be forever grateful.  I like to go back to the text from time
to time.  --cgy

To: Christian Yoder/HOU/ECT@ECT
cc:
Subject: Re: Trading Limits

Christian,

I'm afraid you may have your centuries confused relative to Nelson and the
Armada.  The "Spanish Armada" of fame was a fleet dispatched by Philip II of
Spain to invade England in the late 16th century - it was during Elizabeth
I's reign and I have some vague recollection that Mary, Queen of Scots had
something to do with encouraging Philip before she was executed.  The Armada
was defeated in a series of battles (and by some very bad weather) around the
English Channel.  Nelson didn't sail til the 18th century.  Of course, the
English and the Spanish had been going at it off and on the entire time and
you'd have to say "on" in the early 1800's  when Nelson "broke the enemy
line" at the battle of Trafalgar.  I believe that was during a time when the
Spanish were allies of Napoleon - whether by choice or under duress I
couldn't say - and the enemy fleet was a combined French/Spanish fleet.  The
battle is named after Cape Trafalgar in southern Spain.  I'm pretty sure it's
somewhere between Cadiz and Gibraltar so your gut feeling is right - I don't
see it on the map either & wonder if it has a different name in Spanish.
Will you be going to that part of Spain[Andalusia?]?  The English victory has
in common with the Armada battle of a bit over 200 years earlier that it
ended any hopes held by the enemy of imminent invasion of Britain.

As far as the policy question goes, you are remembering what I always
referred to as the "trading policy" but is officially referred to as the
"Risk Management Policy."  It most definitely covers Portland trading
operations.  I haven't been as involved in that policy for the last couple of
years as I was back when MEH was chief control officer.  Ted Murphy now has
responsibility for maintaining and enforcing the policy.  I don't have a
current version but will ask Ted for one.

Mark

Christian Yoder

05/22/99 11:12 AM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc: Elizabeth Sager/HOU/ECT@ECT
Subject: Trading Limits

Mark,
I haven't had a chance to plunge into the book you lent  me at the conference
because I am flailing around wildly in  as much as I can about certain
Spanish topics before early July, including such things as, of course,
Cervantes, a man whose mind I have come to love almost as much as
Shakespeare's, the  Catalans,  the Spanish Civil War, the War of Spanish
Succession, the Spanish Inquisition and of course the Spanish Aramada.  I
have never read a definitive account of that great moment in English naval
history.  Did Nelson fight in the Armada battle at Trafalgar? Is that the
battle Jack Aubrey is always talking about?     Where the hell is Trafalgar?
I have the idea it is down there by Gibraltar but can't find it on the map.
On the other hand, I have a vague fantasy of these little row boats coming
out at the mouth of the Thames to battle the mighty Armada.   When one
considers  what the panic must have been like in the Spanish fleet when they
realized that in spite of their size and assumed invincibility they were
actually vulnerable to that old maritime risk of sinking, one is
involuntarily  caused to cast one's badly  jaundiced commercial-legal  mind
upon  recent events of an analagous nature on board our own beloved ship,
sailing as it has been  in the northern  commercial straits.   Has our
mighty Armada sailed out onto the seas of deregulation, only to meet the
......   perhaps I shall cease articulating  this line of thought and dwell
upon the ingenuity of the Engish.

Anyway,  I have come to a point here in Portland  where I need to go back
into the policy context of our trading business.  I recall in Houston that
we had these trading policies that you worked on and that they set limits and
articulated responsibilities.  Do you still have close contact with those
policies and if so, is there a discrete document that pertains to the
Portland desk and if so would you be so kind as to send me a hard copy of
it?  I want to ground myself again in the fundamentals so my daily battles
can be a little more fun.  --cgy


Craig,

It will be interesting to see what volumes of metal they
purchase/use...especially steel, given my meeting results from yesterday's
meeting w/Tim Battaglia and Art Bieser of Enron Industrial Markets (Steel
Industry origination).  Heidi, thank you for helping us out!

I look forward to working with your team  on this.

Thank you,

Jeff

	Craig Brown
	Sent by: Craig H Brown
	12/05/2000 07:08 AM

		 To: Heidi Smith/NA/Enron@Enron
		 cc: Jeff Youngflesh/NA/Enron@ENRON, Jennifer Medcalf/NA/Enron@Enron
		 Subject: Re: Vulcan Signs

Heidi:

Please outline the Vulcan contract for Jeff and Jennifer.  They also have
development questions as to their market capability of metals.  Please call
Lenard at Vulcan and see what is the type, grade and volumes they purchase.
We may be able to provide additional leverage to their purchases.

Thanks,

Craig
----- Forwarded by Craig H Brown/NA/Enron on 12/05/2000 07:03 AM -----

	Jennifer Medcalf
	12/05/2000 12:00 AM

		 To: Jeff Youngflesh/NA/Enron
		 cc: Colleen Koenig/NA/Enron@Enron, Craig H Brown/NA/Enron@Enron, Daniel
Coleman/NA/Enron@Enron, Sarah-Joy Hunter/NA/Enron@Enron
		 Subject: Re: Vulcan Signs

Jeff,
Please investigate this company and see if there  are additional Enron
products and services like metals that might be of interest.  They are a
pretty small gas user but there might be greater prospects in other areas.
What is the value of the contract that we have entered with them?
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235


Here is the capital cost comparison analysis.
Ben Rogers
3-7998


Yo baby whats up?  Thanks for hanging out with me on Monday night.  I had a
really good time (even if you were preoccupied with the Dave thing).  I hope
all is going well for you.  I am actually working a day shift which is pretty
cool because there is a lot less to do on the day shifts.  So, what do you
have going for the rest of the week?  I have a work function tonight.  One of
my friends is moving to the Calgary office so we are all going for beers at
the Lucky Lab in southeast.    I got a call from my date from hell.
Aparently I told her last week that we could grab a movie tonight.  I don't
want to go so I think I am just going to tell her that this work thing is
going to last too late.  Anyway how is your grandmother doing?   Are you
excited about your party this weekend?  I went and bought a couple dress
shirts and a tie for my christmas party at Nordstrom yesterday and ended up
spending $184 !  Just on two shirts and a tie.  I should just refrain from
even going to that store.  Check ya later sweetie!


-----Original Message-----
From: Wolfe, Jason [mailto:Jason.Wolfe@ENRON.com]
Sent: Monday, October 08, 2001 7:03 PM
To: valerie.ridinger@alcoa.com
Subject: gas load at Aluminum Ingot plants

Ms. Ridinger:

I am an analyst studying industrial gas load in the northwestern United
States
and am attempting to place a number of aluminum plants. I believe I have
the
Northwest Pipeline DRN numbers for 3 of your 4 plants, but am not sure
which meter feeds your Ferndale, WA plant. Also, I would like to confirm
the DRNs
for the other three.
If you, or someone you could refer me to, could provide this information
I would
greatly appreciate it.

Thanks,
Jason Wolfe
Trading Analyst
Enron North America
713-853-0568

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


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/13/2000
11:24 AM ---------------------------

"Piazze, Thomas" <piazzet@wharton.upenn.edu> on 10/13/2000 09:18:24 AM
To: "Amit, Raffi" <amit@wharton.upenn.edu>, "MacMillan, Ian"
<macmilli@wharton.upenn.edu>, "Stamer, Anne" <stamer@wharton.upenn.edu>,
"Cieri, Emily Gohn" <gohne@wharton.upenn.edu>, "Weigelt, Keith W"
<weigelt@wharton.upenn.edu>, "Piazze, Donna" <piazze@wharton.upenn.edu>,
"Tyler, Cara" <tcara@wharton.upenn.edu>, "Kunreuther, Howard"
<kunreuth@wharton.upenn.edu>, "Wind, Yoram" <windj@wharton.upenn.edu>,
"Baltes, Michael" <baltes@wharton.upenn.edu>, "Winter, Sidney G"
<winter@wharton.upenn.edu>
cc: "Roberts, Stacey" <syrobert@wharton.upenn.edu>, "Williams, Dorothy
(Wharton)" <dorowill@wharton.upenn.edu>, "Harker, Patrick"
<harker@wharton.upenn.edu>, "'kaminski, vince'" <Vince.J.Kaminski@enron.com>,
"'Patrick, christie'" <christie_patrick@enron.com>, "'shankman, jeff'"
<Jeffrey.A.Shankman@enron.com>
Subject: Visit by Enron, 19 October 2000

A team of key executives from Enron will be on campus on the 19th of October
for the purposes of meeting with key staff and faculty to learn more about
the School and how the firm can gain a greater presence here.  Included in
this group will be:

Vince Kaminski, Director of Research

Christie Patrick, VP, University Relations

Mike Rosen, Director, University Affairs Group

I have developed a proposed agenda for the visit.  Please review and confirm
that you are available to meet with one or more of the Enron Team at the
times specified.  If so, please provide me a prefered meeting location.  If
not, please alternate times and locations.

8:00-9:00  Breakfast with Donna Piazze and Keith Weigelt to discuss "Tiger
Team FAP Project"  The Ivy Grill, Inn at Penn

9:00-10:30  Meeting with Raffi Amit, Ian MacMillan, Emily Cieri and Anne
Stamer to discuss the Sol C. Snider Entreprenuer Center and its related
programs, the Business Plan Competition and WeBI...4th Floor Conference Room,
Vance Hall???

10:30-12:00 Christie and Mike hold discussions with Cara Tyler, Bob Bonner
and Pat Rose regarding recruiting processes and procedures...CMS Conference
Room

10:30-???  Broadband executive meets with Gerry McCartney and other
university officials to discuss campus needs, future usage projections, etc.

10:30-11:30  Vince meets with Sid Winter reference Jones Center and related
research

11:30-12:00  Vince meets with Howard Kunruether to discuss Risk Management

12:00-1:15pm  Group lunch with Jerry Wind at Faculty Club to discuss the
e-Fellows Program

2:00-3:00pm Christie and Mike meet with Mike Baltes to discuss Co-branding
issues with Wharton and UPenn

5:00pm  All will attend the ET Conference Dinner event

Please confirm your willingness and availability to support this agenda.
Thanks for your help.

TOM


I just left Cingy a message  - I said that I'm not aware of any imbalance
trades that we intiated.  However, it could have been done by CES or EES.  I
asked her to call me back.

Laurie Ellis@ENRON
04/02/2001 09:56 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Imbalance trades on CNG

Chris, I am still trying to get these imbalance trades resolved.  John Bieltz
is no longer with Amereda Hess but Cindy Wernecke has been working this
issue.  She can be reached at (703) 317-2293.  Can you please get back to me
as soon as possible as they would like to resolve.

Thanks
Laurie
---------------------- Forwarded by Laurie Ellis/NA/Enron on 04/02/2001 09:53
AM ---------------------------

Laurie Ellis
11/22/2000 01:03 PM
To: Chris Germany/HOU/ECT@ECT
cc:

Subject: Re: Imbalance trades on CNG

No, I still haven't gotten anywhere on this.  My contact at Amereda Hess
(formerly Statoil) is John Bieltz.  His number is 703-317-2318 and his email
is jbieltz@hess.com.  Thanks for your help.

Laurie

Chris Germany@ECT
11/22/2000 12:48 PM
To: Laurie Ellis/NA/Enron@ENRON
cc:

Subject: Re: Imbalance trades on CNG

I'm sorry I have not responded sooner.  Any new developement on this?  To my
knowledge, ENA has not done any imbalance trades.  Do you have a contact at
Statoil?  I can call and try to get more info.  It could be some CES thing we
were not aware of.

Laurie Ellis@ENRON
11/01/2000 02:55 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Imbalance trades on CNG

Chris, do you have any information on an imbalance trade with Statoil on CNG
Niagara Mohawk for January and April 2000?  Statoil has been very patient
awaiting payment on this, but I cannot seem to find anything.  Gloria
Barkowsky suggested that I talk to you.  Thanks for your help.

Laurie Ellis


I just got the email from our UT recruiter naming all of the Super Saturday
candidates.  Kudos.  I'm so glad we didn't embarrass ourselves by overlooking
you a second time.  I'll see what I can do about getting assigned to your
dinner group.  See you this weekend.


(See attached file: HPLN0308.xls)

 - HPLN0308.xls


Hi -- I've drafted an op ed piece that could go this week while the papers
are discussing Cal-ISO/FERC's latest move in California. I haven't discussed
this with Jim, but either Karen or I could suggest it if the piece is strong.

Karen, I went with the interpretation that Enron doesn't want to see retail
price freezes lifted because that would discourage utilities from buying
long-term power or structured products from us.

Jeff, as always, I could use your help in making sure I've made the right
interpretations and that I've included all the important points.

Karen -- one more thing. I think we could take the first 2 paragraphs of this
piece and add a third graf quickly explaining Enron's position (soft caps are
a good first step, but we gotta eliminate them entirely) and run this as an
eBiz if you'd like.

Please let me know your thoughts.


PLEASE TREAT THIS MESSAGE VERY CLOSE HOLD.  Please do not circulate.

Ed Gillespie called back before lunch to say that he had talked to Nick Calio, the Administration's top lobbyist.  The White House wants a stimulus package, but does not consider the idea a done deal.  It will only get done if it is truly bipartisan, meaning not just garnering Democratic votes, but having both Daschle and Gephardt on board.  That said, corporate AMT is definitely on the list.  Regular NOLs are not on the table.  I asked Ed G. whether the White House would be interested in a refundable AMT approach.  Ed G. said he would check, but was 90+ certain the idea would not fly with the Administration.  He will keep us posted.  Thanks.

Rick, has Ken been able to make any of his AMT calls?  At a meeting here this morning, the group decided that Ken should also call Secretary O'Neill.  Do you need a new call memo for that?


Here's the form that I general work from.

Stuart


Thanks for your help. I hope that you were not offended by my comments the
other day, they were not directed at you. Brad


"United We Stand" Big E Caf?

Friday, September 28
11:30 a.m. - 1 p.m.
Antioch Park

Patriotic Music
featuring
The Salvation Army Harbor Light Choir

Free mementos for everyone!

"United We Stand" t-shirts will be on sale for $6.00 outside on the Andrews side of the Enron Building this Wednesday and Thursday, 11 a.m. - 1 p.m., and at the event on Friday.  Cash and checks will be accepted.

Wear your t-shirt or red, white and blue on Friday!

You'll be able to sign two large banners that will be displayed by local employees to honor the people of New York and Washington D.C.

You'll also be able to sign personal letters that will be included in care packages for the firefighters involved in the New York recovery efforts.

James Coney Island will serve hot dogs, hamburgers, veggie burgers, chips and apple pie for $5.00.

See you there!


I will be out of the office on vaction from July 23 through July 29, returning to the office on July 30.  In my absence, if you require assistance, please contact my Legal Assistant, Vanessa Griffin at 713-853-5088.  If you matter is urgent, Vanessa will be able to provide assistance in handling your needs.


Hi,
It's September 15.  Two weeks after labor day.  You should be getting a save the date card soon, if you haven't already.
Hope things are good.
-Jake
>From: Monique.Sanchez@enron.com
>To: jake_scarbrough@hotmail.com
>Subject: Re: Moving soon
>Date: Mon, 7 May 2001 14:40:11 -0500
>
>
>Hey there,
>Remind me when your wedding date is? John is planning a backpacking trip
>and is thinking about labor day weekend. I seem to remember your date
>being close to that. Let me know. Hope all is well.
>Mo.
>

Get your FREE download of MSN Explorer at http://explorer.msn.com


Dawn,

NGI-SOCAL
NGI-PGE/CG

Didn't you used to work on the West desk?

DG

Dawn C Kenne
03/06/2001 10:21 AM
To: Anne Bike/Corp/Enron@Enron
cc: Darron C Giron/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT, Melba
Lozano/HOU/ECT@ECT
Subject: NGI

Can you please provide the index that should be mapped to the EOL indexes
requested by Mike Grigsby?

Thanks,
Dawn
---------------------- Forwarded by Dawn C Kenne/HOU/ECT on 03/06/2001 10:19
AM ---------------------------
From: Melba Lozano on 03/06/2001 10:16 AM
To: Dawn C Kenne/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT
cc:

Subject: NGI

Please map the attached Indices in TEST.

Thanks,

Melba

Index:	Socal, Southern Border NGI
Abb:	NGI SoBorder, Socal

Desc:	The Index for a month shall be the Bidweek Average Price in the row
entitled "Southern Border, Socal" located in the "California" section of the
table entitled "Spot Gas Prices", published in the first issue in such month
of Natural Gas Intelligence Weekly Gas Price Index.
EOL:	TEST
REQ'D BY:	Mike Grigsby

Index:	PG&E, Southern Border NGI
Abb:	NGI SoBorder, Socal

Desc:	The Index for a month shall be the Bidweek Average Price in the row
entitled "Southern Border, PG&E" located in the "California" section of the
table entitled "Spot Gas Prices", published in the first issue in such month
of Natural Gas Intelligence Weekly Gas Price Index.
EOL:	TEST
REQ'D BY:	Mike Grigsby


Do you do expense reports and have not taken the training?

Expense Management System (XMS) - Cost: $135
         June 4th		8:30am-11:30am	EB564
June 19th	1:00pm-4:00pm		  EB564

The Expense Management System (XMS) is a tool used to electronically submit your expense report for approval and payment through the Enron Intranet. It is user friendly, accurate and less labor intensive for you and the accounting staff.  This system will help you report your travel and entertainment expenses.

You will learn how to:
E	Create New Expense Reports
E	Enter Cash Expense Receipts
E	Adding Company Card Entries
E	Enter Personal Car Mileage
E	Foreign Currency Translation
E	Reimbursement Method
E	Designating your Approving Manager
E	Designating your Administrative Assistant
E	Submitting Your Expense Report
E	Reviewing your Expense Report
E	And Much More...

Please login and enroll through the InvestInMe website, http://www.corptraining.com/index.cfm?company=enron.  If you have any questions, please call 713 853-1816.


FYI
---------------------- Forwarded by Kate Symes/PDX/ECT on 02/20/2001 04:02 PM
---------------------------

Mary Jane Symes <marys@tvapdx.com> on 02/20/2001 09:39:17 AM
Please respond to "marys@tvapdx.com" <marys@tvapdx.com>
To: "'kate.symes@enron.com'" <kate.symes@enron.com>
cc:

Subject:

Hi Kate,
 Here is the name of the organization I thought Molly might be interested in.
Oregon Natural Step
  (a project of the Northwest Earth Institute)
  506 SW 6th Avenue, Suite 1100
  Portland  OR  97204
  503.241.1140
  fx.503.241.7429
I have more information about them if she's interested.
How was your party?
MOM


Attached please find the referenced list.  Of course, no European power
approved for U.S. counterparties until further notice.


Per my previous email.  NW doesn't have this change.
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/25/2001 11:36
AM ---------------------------

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

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

Subject: PLEASE REVIEW -- Changes to Northwestern Letter Agreement

Kay

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

Regards,
Rebecca


I'm glad I'm in the west - I know who to call about gas deals?you and ader!

-----Original Message-----
From: Enron Announcements/Corp/Enron@ENRON On Behalf Of Enron Americas - Office of the Chairman@ENRON
Sent: Wednesday, October 24, 2001 7:22 PM
To: All Enron Employees North America@ENRON
Subject: Natural Gas Origination

Our natural gas business continues to benefit from effective account management and resource allocation focused on identifying and responding to the needs of our varied customers.  In order to keep our organization optimally structured and to facilitate additional growth, we are making the following changes:

Producer/Wellhead Group
The current mid-market, origination and wellhead pricing activity currently within the Central and Eastern Gas Regions will be consolidated with the Derivatives group under Fred Lagrasta.  This will create a single business unit focused upon the needs of the producing industry within the Eastern U.S.  The producer focus in the Western U.S. and Texas will remain unchanged reporting  to Mark Whitt and Brian Redmond respectively.

Strategic Asset  Development
Laura Luce will move from her role in the Central Region to lead an effort focused strictly on identifying and entering into long-term strategic arrangements within the Central and Eastern Regions.  This initiative will focus on a limited number of selected markets that provide strategic opportunities for partnering in asset development, asset management and optimization.  This effort will continue to work very closely with the regional leads.

Central Origination and Mid-Market
Frank Vickers will continue his current role in the Eastern Region and will assume the leadership role for Mid-Market and Origination activity in the Central Region.

There will be no changes to the West and Texas Origination groups headed respectively by Barry Tycholiz and Brian Redmond.

Please join us in congratulating Fred, Laura and Frank in their new roles.

Louise & John


i will take your word for it.


The following points refer to the methodology that we are taking to rebook
the New Albany Plant.  Please send me a note immediately if you disagree.
Assume that NewAlb is a non mark to market entity and Enron is the mark to
market entity.  However, it is fully owned and operated by us for now.

*  The power mark to market book will pay NewAlb a capacity payment of $4.87
for 5 years.  We shaped this payment as follows:

2001 - $5.06
2002 - $4.96
2003 - $4.86
2004 - $4.75
2005 - $4.65

*  This payments allows Enron to supply gas to NewAlb and receive power.

*  Enron will pay NewAlb $1000 per unit start.

*  Enron will also pay NewAlb $1.05/MW hour for varialbe o&m.

*  This will create an entity "NewAlb" that will return 9% assuming a book
value of $336/kw on 12/31/2005 vs. 409 currently.

*  If NewAlb pays the 9% out that entity should be relatively flat each year
for the next five.


Please see below for the weekly project status update of GTV and the attached file for the updated project timeline. Changes are underlined.

GTV status meeting attendees:  Zhiyong Wei, Jeremy Wong, Nayan Dattani, George Grant, Bill Fortney, Karima Husain, Mike Swaim, Chuck Ames, Geoff Storey, Jay Krish, Jeff Gossett, Mog Heu.

Accomplishments:
?	Incorporating physical deal positions in TDS:
o	Changes for the view aggregation have been completed.
o	Expandable Total in Cash Position has been completed.
?	Single point of deal entry for term deals:
o	Released to production.
?	Gas Daily deals:
o	Released to production.
?	Live feeds for Gas Daily/intra-month curves:
o	Released to production.
?	Saving different views in TDS:
o	Completed and is currently in test.
?	Capability for desk roll-ups on an ad hoc basis (phase 2, on hold since 7/9/01):
o	New process for roll-up aggregators has been completed.
?	Option Grid (phase 2):
o	Released to production.
?	Gas Daily options (phase 2):
o	Released to production.
?	Basis Options (phase 2):
o	Development of deal entry type for Basis Options has been completed in TAGG.
o	Development of loading correlation curves has been completed.
o	Changes to the Translator have been completed.
?	Transport Deal Capture & Valuation (phase 2):
o	Creation of new deal entry type & database changes has been completed.
o	Changes to the Translator have been completed.

Plans for the week ending 7/20/01:
?	Continue IT development of Phase I items.
o	User acceptance test of physical deal positions in TDS.
?	Continue IT development of Phase II issues.
o	Change PortCalc to value spread options.
o	Option reports (PL reports).
?	New flexible deal viewer.
o	Getting sign-off of the inception document.
o	Database schema design.
?	Add more information to the drill-down deal details.
o	Timeline estimate.
o	Initial development.

Issues:
None

Notes
?	Changes to PortCalc and some of TDS applications have been released to production on July 17.
?	A new requirement has been discussed to add more information to the drill-down deal details in TDS position manager.

Thanks

Zhiyong


Carol,

Please  fax  objections to the confirm to  713-646-2495.

Thanks!

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


Attached is a link to the team's website.  Please bookmark the site or save
this message for continued access to the site.

The Discussion section is intended for the whole team for posting.  The
Library, Calendar, and Task sections are to for population only by Rick
Shapiro, Ginger Dernehl, Jim Steffes, Marcia Linton, Janel Guerrero, and John
Neslage.

Your log-in id is - your first name <space> last name - in lower case, and
your password is first two letters of first name * first two letters of last
name.
Example:  joe smith and jo*sm

Please contact me at 713-853-3896 if you have any problems accessing the
site, or if you have any questions.

Thanks!

Your AppsOnline Web Address (URL) is:
http://quickplace-2.interliant.com/californiasolutions | QP | quickplace-2


Dear Mr. Kaminski:

Thank you very much for meeting with me again today over lunch. I appreciated
the opportunity to catch up with you.

Please find attached my current resume (both a short and a long version). I
have worked as a trader, portfolio risk manager, and a stock analyst. I have
traded derivatives, bonds, and stocks,  and managed insurance and pension
investment portfolios to maximize risk-adjusted returns.  Let me highlight
some of my work experiences.

Trading and Risk Management
    a.. Structured, negotiated, and traded OTC interests rate swaps,
cross-currency swaps, swaptions, and exchange-traded equity index futures and
options. Made PowerPoint presentations to GARP and the UOH on credit
derivatives.
    b.. Developed investment hedging program utilizing exchanged-traded bond
futures and interest rate swaps.
    c.. Traded and managed pension and insurance fixed income portfolios to
maximize total return and funding ratios. Bonds traded: Treasuries, Agencies,
MBS/CMOs, ABS, Corporate, Yankees, and Foreign.
    d.. Traded and managed stock mutual portfolios for total return.
    e.. Created a computer program to quantify the attribution of total
return for fixed income portfolios relative to market returns.
    f.. Programmed investment compliance rules to monitor the management of
domestic and global stock, bond and money market mutual funds.
    g.. Supervised market risks, credit risks, legal risks, and operations
risks of derivatives, bonds, money market securities, and equities.
Policy , Reporting and Projects
    a.. Developed investment policy guidelines to manage fixed income
portfolios.
    b.. Rewrote derivatives policy manual.
    c.. Prepared a 20-page PowerPoint slide presentation on India for the
senior management.
    d.. Prepared and presented investment reports to CIOs, Investment
Committees, and Boards of Trustees
I shall, therefore, appreciate your help in connecting me with the right
individual within Enron for a job interview to work as a financial
trader/risk manager. I can provide excellent references upon request.

Thank you for the lunch.

Sincerely,

Maruti D. More, CFA
713-722-7199
more@insync.net

    -----Original Message-----
    From: Vince J Kaminski <vkamins@ect.enron.com>
    To: more <more@insync.net>
    Date: Tuesday, January 25, 2000 12:39 PM
    Subject: Re: Fw: Luncheon Meeting: ASAP

    Hello,

    I  shall be traveling this week. I shall be glad to meet
    you for lunch next week. Please give me a call Monday
    at 713 853 3848.

    Vince

    "more" <more@insync.net> on 01/25/2000 10:27:09 AM

    To:   Vince J Kaminski/HOU/ECT@ECT
    cc:
    Subject:  Fw: Luncheon Meeting: ASAP

    Dear Mr. Kaminski:

    Just to bring you up to date. I am no longer with American General. I
shall,
    therefore, appreciate an opportunity to meet with you for lunch at the
earliest
    possible time. I can be reached at 713-722-7199.

    Thank you.

    Maruti More
    713-722-7199

    -----Original Message-----
    From: more <more@insync.net>
    To: Vince J Kaminski <vkamins@ect.enron.com>
    Date: Friday, December 17, 1999 8:55 PM
    Subject: Re: Luncheon Meeting

    Thank you for your response. I was very happy to hear from you.

    I am also taking next week off and will be back to work on December 27th.

    Please do call me when you get back. Would very much appreciate the
opportunity
    to have a quick lunch with you, if possible. Hope everything is going
well.

    Have wonderful Christmas holidays.

    Regards

    Maruti More
    713-831-6209 (O)

        -----Original Message-----
        From: Vince J Kaminski <vkamins@ect.enron.com>
        To: more <more@insync.net>
        Cc: Vince J Kaminski <vkamins@ect.enron.com>
        Date: Friday, December 17, 1999 3:35 PM
        Subject: Re: Luncheon Meeting

        Hello,

        I shall be taking a few days off around Xmas. I shall call you at the
end of
        December
        when I get back to the office.

        With best holiday wishes,

        Vince

        "more" <more@insync.net> on 12/01/99 09:28:09 PM

        To:   Vince J Kaminski/HOU/ECT@ECT
        cc:
        Subject:  Re: Luncheon Meeting

        Dear Mr. Kaminski:

        How are you doing? I want to find out if we can meet again for a quick
    lunch.

        You might know that in Maharashtra, India there is now a new Chief
Minister
        (CEO of the State Government). I am proud to say that he and I are
from the
    same
        town, Latur.

        I would really enjoy talking with you again, at your convenience.

        I will call you tomorrow to follow up.

        Thank you.

        Sincerely,

        Maruti More

        -----Original Message-----
        From: Vince J Kaminski <vkamins@ect.enron.com>
        To: more <more@insync.net>
        Cc: Vince J Kaminski <vkamins@ect.enron.com>; vkaminski@aol.com
        <vkaminski@aol.com>
        Date: Thursday, July 01, 1999 6:16 AM
        Subject: Re: Luncheon Meeting

            Dear Mr. More,

            Let's meet at 11:45 in the lobby of the Enron building.
            We can walk to one of the restaurants in the downtown area.

            Vince Kaminski

            (Embedded     Enron Capital & Trade Resources Corp.
            image moved
            to file:      From:  "more" <more@insync.net>
            pic17002.pcx) 06/30/99 10:38 PM

            To:   Vince J Kaminski/HOU/ECT
            cc:
            Subject:  Luncheon Meeting

            Dear Mr. Kaminski:

            I am looking forward to our luncheon meeting on this Friday,
July 2,
    1999
        at
            11:30 AM. Please let me know where we should meet. Thank you for
taking
    time
        out
            from your busy schedule.

            Sincerely,

            Maruti More

            Tel.:  713-831-6209

 - att1.htm
 - Bio@home.doc
 - More @home.doc


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
05:47 PM ---------------------------

Li Sun@ENRON
11/22/2000 08:40 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Happy Thanksgiving!

Hello, Vince!

Happy Thanksgiving!

Per our talk, here is a master list of Total Return Swap deals. I am giving
it a shot to compile everything in a spreadsheet ("Trigger Event"), please be
advised whether it is helpful.

Thanks!

Li


***** FRIENDLY REMINDER******

The RSVP's for the Guadalupe Power Partners invitation sent to you via email last week is due by June 8th.

The invitation reads as follows:
Texas Independent Energy invites you to "come on down" for the Dedication Festivities of the Guadalupe Power Partners Plant, Thursday, June 21st and Friday, June 22nd in Marion, Texas.

Put yer' boots on, grab yer' hat,  and click this weblink  www.pandaenergy.com/guadcomm  for yer' personal invite!

Ya'll come on now, ya hear?

THIS EMAIL CONTAINS NO ATTACHMENT, IT IS FOR INFORMATIONAL PURPOSE ONLY.  SEE THE MENTIONED WEBSITE ABOVE FOR DETAILS AND RSVP INFORMATION.


November 28, 2000

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Post id's for today

1457408
1457409
1457410
1457411
1457412
1457413
1457414

Kam
x3-5781


Hey Tim:

Calger asked me recently to set up a meeting with Sempra to try to do a gas
outsource deal.  We're meeting with the CFO and their Chief Reg Officer next
Thursday.  On a call today, we thought--for a variety of reasons--that we
ought to throw an electric commodity deal at them, too, while we're there.
Laird Dyer's going to call you for indicative prices (same drill we did for
Skilling).  If you have any questions, or want me to fill you in more, just
give a holler, or check in with Chris.

Best,
Jeff


THE FINANCIAL EXPRESS, Monday, October 22, 2001
Dabhol seeks dismissal of MSEB's special leave petition, Sanjay Jog
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ASIAN AGE, Monday, October 22, 2001
Judge name for Enron panel will be out in a week
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Sunday, October 21, 2001
Maharashtra govt seeks Lord Alexander at ?500 per hour, Sanjay Jog
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA, Monday, October 22, 2001
DPC for written undertaking from Maharashtra govt
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE INDIAN EXPRESS, Monday, October 22, 2001
Why Enron needs to simply 'Lay Off', Ramesh Chauhan
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA, Saturday, October 20, 2001
MSEB asked to rescind tariff hike plan, Vidyadhar Date
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Monday, October 22, 2001
Dabhol seeks dismissal of MSEB's special leave petition, Sanjay Jog

The Dabhol Power Company (DPC), in its counter affidavit has appealed to the Supreme Court to dismiss the special leave petition filed by the Maharashtra State Electricity Board (MSEB) against the Mumbai high court order with regard to invocation of letter of credit (L/C) of Rs 136 crore towards April power purchase bill by the DPC through its assignee, the Bank of America (BoA). The Supreme Court, which has stayed the Mumbai high court order on September 21, would hold hearing on November 2. However, MSEB in its reply has made it clear that it will face irrepairable loss and harm if DPC was allowed to draw a letter of credit. The invocation of letter of credit would also upset the financial equilibrium. "DPC ought not to be permitted to upset the status quo and financial equilibrium as it now seeks to do particularly after Supreme Court order of September 21," the board said.

The DPC has opposed the MSEB's pray to maintain status quo in view of May 29 order passed by the Maharashtra Electricity Regulatory Commission (Merc) and later upheld by the high court and apex court with regard to reactivation of escrow account and proceed on international arbitration. According to the company, MSEB's claim of causing irrepairable harm in the wake of invocation of letter of credit was "unsupported by reference to any factual basis." The company has reiterated that the Merc was not a competent authority to adjudicate the dispute and difference between DPC and MSEB. "Any attempt to preserve status quo by freezing all payments and suspending all operations will have a contrary effect. MSEB is refusing to pay any payments. It has not paid since early May 2001," the company said.

However, MSEB has reiterated that the Merc's May 29 order has been issued keeping in view the interest of the power consumers of Maharashtra and its finding has not been disturbed by either Mumbai high court or Supreme Court. The Board has made out special equities. The DPC has reiterated its argument that the letter of credit was an independent contract and on June 21, 1999, it had irrevocably transferred its right under letter of credit to the Bank of America, which is a trustee as per the provisions of PPA. The Bank of America is likely to intervene in the matter and is expected to make a petition in this regard shortly. The letter of credit has been renewed from time to time. It was renewed on August 16, 2001 by the Canara Bank and its validity was extended up to May 2002. According to DPC, the invocation of letter of credit was necessary as sufficient funds would be made available in the onshore retention account to meet the debt service payment to be made to the lenders and meet DPC's other liabilities.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ASIAN AGE, Monday, October 22, 2001
Judge name for Enron panel will be out in a week

Chief Minister Vilasrao Deshmukh has described his two-year tenure as a tight rope walk. Addressing a district Congress meet at Satara on Saturday, Mr Deshmukh said: "Running the government for the past two years has meant walking the tight rope. I learnt to keep an ice-pack on my head and put sugar in my mouth while carrying out my responsibilities. That is why I am constantly smiling while doing my work and there is nothing wrong with it. Since there is no money in the treasury, the development work is moving at a slow pace and this is a fact. To add to it, I have to run an eight-party coalition government where it is difficult to predict who would be satisfied with a decision and who would not." He said the government would name a judge within a week for the judicial inquiry set up to probe the Enron imbroglio. "I am committed that the truth about Enron should come forth for it will be in the interest of the people. Within a week, we will announce the name of the judge to head the inquiry. The Congress is strong enough to weather the consequence of this decision. Even if we have to lose the government because of our decision, we will have no regrets," he said. The Nationalist Congress Party, which is a member of the Democratic Front government, has been insisting that the appointment of the judge be deferred and the state, along with the Centre, hold negotiations with Enron to resolve the issue. The party had asked Mr Deshmukh to defer the inquiry by two months.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Monday, October 22, 2001
Maharashtra govt seeks Lord Alexander at ?500 per hour, Sanjay Jog

The Maharashtra government's woes vis-a-vis the Dabhol Power Company (DPC) continue to mount. Additional financial burden is on the cards for the state government to the extent of Rs 8 crore as payment towards the Queen's counsel and solicitors. This is to vacate the ex-parte order granted by the London High Court of Justice restraining it from filing any suit in Indian courts against the international arbitration proceedings initiated by DPC. Senior state government sources told The Financial Express that the hunt is on for the appointment of a counsel based in London. And on the shortlist: leading Queen's Counsel Lord Alexander who is to be appointed soon. Sources said that Lord Alexander would plead the Maharashtra government's case before the London High Court of Justice (Queen's Bench division, Commercial Court).

But the good Lord Alexander's services come at a price. The state coffers are none-too-healthy. Efforts, therefore, are on so that Lord Alexander's services can be contracted at 500 sterling pounds per hour instead of the quoted 750 sterling pounds per hour. The state authorities, on their part, have appointed Messers DLA as its solicitors to provide back-up support to Lord Alaxander, and a resolution has already been issued to this extent. The government's solicitors in India, Rafiq Dada, Amit Harayani and Darious Khambata would brief DLA and Lord Alexander. According to sources, Messers DLA has also been appointed as solicitors for the government during the international arbitration proceedings initiated by DPC. The DPC has served arbitration notices for the violation of State Support Agreement, Supplemental State Support Agreement and Government of Maharashtra Guarantee. The hourly rates at which fees would be paid to DLA are as follows: senior partner 325 pounds, junior partner 300 pounds, senior advocate 235 pounds, assistant 180 pounds and paralegal/trainees at 100 pounds. These rates would be discounted at between five per cent to 10 per cent for lawyers in their offices outside London. The London court in its ex-parte order of October 10 has restrained the state government from filing any suit in the Indian court to challenge the international arbitration proceedings initiated by the DPC.

Simultaneously, the government has been prohibited from filing any suit with regard to fraud against DPC. The DPC had earlier pointed out that the injunction ordered by the London court "facilitates the timely and impartial review by the international arbitration panel of the dispute between DPC and Government of Maharashtra dealing with its failure to comply with its obligations under the state guarantee and the state support and supplemental state support agreements". However, the anti-Enron lobby has alleged that the London's order has created a disadvantageous situation for the State where it would be unable to defend itself in the writ-petitions with respect to its disputes with the DPC and to which, it has been made a party pending before various courts and tribunals.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA, Monday, October 22, 2001
DPC for written undertaking from Maharashtra govt

US energy major Enron's Dabhol Power Company has demanded a written undertaking from Maharashtra government stating that it will not file a civil suit against the multinational as it was not a party to the power purchase agreement.. "Any attempt by the Government of Maharashtra to file a civil suit agaisnt DPC in which the Power Purchase Agreement is impeached, is precisely that which it undertook not to do as per the terms of the final consent award of December 1996", DPC's legal firm Linklaters and Alliance have said in a letter dated October 16 to Maharashtra government's lawyers M/s Hariyani & Co.Referring to a media report, Linklaters has warned Maharashtra government that it was "not and has not ever been a party to the power purchase agreement signed between DPC and Maharashtra State Electricty Board"."Accordingly, any civil suit such as that being referred (in the media report) must relate to the agreement to which the GoM is party, namely the guarantees", the letter said. The firm said, it wanted a "written undertaking" from GoM that it will not file a civil suit against DPC in respect of any disputes arising out or in connection with any three GoM agreements, but that any such dispute would be referred to arbitration in accordance with arbitration agreements. The media report has quoted the state as saying that Queen's Court in London did not enjoy jurisdiction to issue an injunction restraining it from filing a suit against in India against on-going international proceedings, Linklaters said.

The US energy major's legal firm said, "DPC simply could not understand how the state government is not enjoined from filing a civil suit against DPC of the sort described in the article". The multinational has also filed a suit in the London Queen's Court alleging that GoM had breached the consent agreement which it had entered with itself in 1996. On October 10, DPC dealt a legal blow to Maharashtra by obtaining an injunction from Commerical Court of London, restraining the state from filing a suit in India challenging international arbitration proceedings to be held in UK. The injuction was obtained due to the state's failure to comply with its obligations under GoM guarantee dated February 10, 1994, state support agreement dated June 24, 1994 and supplemental state support agreement dated July 27, 1996. "Over the last few months, Maharashtra and other government entities have taken actions to aviod complying with their contractual oblogations. This has frustrated the rights of international investors that were legally agreed to by the relevant parties several years ago", DPC said. Meanwhile, the state administration is gearing up to present its case before the London commercial court with a team comprising of lawyers, state energy secretary V M Lal and MSEB chief Vinay Bansal leaving for London on October 29. ( PTI )
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE INDIAN EXPRESS, Monday, October 22, 2001
Why Enron needs to simply 'Lay Off', Ramesh Chauhan

Surfing the net, the other day, I came across an interesting debate. It emanated from a comment made by the California Attorney General Bill Lockyer, who is investigating the energy crisis in that state and has offered hundreds of millions of dollars in reward for information about law breaking in the energy business. It is a comment that has had the gay rights groups, the prisoners' rights groups and assorted other civil liberties groups up in arms. But it has even more interesting import for India. So what is the comment anyway? Well talking about Enron and the way the energy major conducts its business Lockyer said, 'I would love to personally escort (Enron Corp chairman Kenneth) Lay to an 8 x 10 cell that he could share with a tattooed dude who says, Hi honey! My name is Spike'.

Remember, this is the AG of the State of California. Not some money grabbing, 'property expropriating' communist ideologue from a third world country. Does he know something that we in India don't? Enron Corp has its back to the wall and has made it abundantly clear that it is desperate to get out of India. Good riddance all of us would say, except for the caveats attached for this exit. It has been claimed the project has been financed using a combination of debt (about $2.2 billion odd) and the rest by equity. The equity number varies from time to time, but their claim is about billion plus, perhaps as much as 1.2 billion. Enron wants the equivalent of 1.2 billion odd dollars (about Rs 6,000 crore) to make an exit. On the face of it this would seem to be a perfectly reasonable argument. After all as a businessmen, if I want to exit a project mid-way, the least I expect the buyer to pay is what I have invested in the project. But herein lies the problem.

If these numbers were correct, then the project cost of Dabhol is now adds up about $3.4 billion that is, the equivalent of $1.7 million per MW. This would have the dubious honour of the MOST expensive gas fired power station in the history of the world and winning the honours without even a close competitor. Let us keep the Enron issue aside for a minute and look at three power plants that were set up over the last eight years in our part of the world. Seoinchon, Korea has a 2,000 MW combined cycle gas turbine plant. In every technical sense, it is a clone of the Dabhol Plant. The same GE STAG 207FA turbines are being used, as those in the Dabhol plant. Guess what is the cost of the plant? $900 million or $0.45 million/MW! Less than a third of the Dabhol cost.

Again in Korea, construction of the 2,000 MW combined cycle gas turbine plant at Poryong began in 1996 and the plant was commissioned in 1999. And the price. $850 million or $0.425 million/MW! Interestingly, the efficiency of the Pryong power plant is 60 per cent, while that of Dabhol is effectively 48 per cent. As recently as this month, Malaysian state-owned utility Tenaga Nasional Bhd signed a PPA to buy power from Malakoff Bhd for its 640-MW project. The project's cost are estimated at about $370 million or about $0.58/MW. This is slightly higher than the other two examples, but bigger plant would always be cheaper due to efficiencies of size. Prayas, a tiny, three-member NGO from Pune, has studied project costs of about 40,000 MW of power projects between 1991 and 1998. The average project cost was in the region of $0.6 million/MW and this included small 30 MW plants as well.

As a businessman, the cost of electricity matter to me to run my business efficiently. The main reason for my interest in the subject is the ridiculously high cost of power and the decline of competitiveness on this among other reasons. As a matter of interest, the energy from the Malaysian PPA is slated to be delivered at energy prices of about 3.2 cents/kWh under a 21-year PPA that is about Rs 1.54/unit. This represents the cheapest power on this side of the world and less than a one-third of both Enron as well as the price my plants pay today. So let us look at the calculations for investment in Dabhol again. $900 million is cost of an identical plant (the first Korean one of the same size and using identical turbines that is nearly a clone). 'Wait a minute,' you may ask me here, 'but did Enron not spend more money.' Yes we would probably need to factor some 'additional' costs.

Let us add the cost of the LNG jetty, the regassification terminal and other add ons. (By the way these had very little to do with the Dabhol Power Plant. The LNG jetty was to the cornerstone of Enron's energy distribution business in India. But like any good supplier Enron billed all of it's costs to its client-Maharashtra State Electricity Board (MSEB)- which like any good public sector unit agreed to pay for things it did not need in the first place). Even with these add ons, the capital costs (proportionately) to MSEB ought not exceed $1.2 billion. Now doing business in India is particularly difficult. As Enron itself said, it had to spend a lot of money to 'educate' Indian decision makers. ('Educating' IDBI and ICICI on how to lend. So let us assume that the cost of doing business in India is an additional one or two per cent of project costs -two per cent in this case, adds another 24 million-Enron had of course claimed about 20 million in these 'additional' costs (in other words 'over and above project costs'-the now infamous 'education monies' of 20 million). The figure does not budge. 1,224 million. This represents a difference of 250 odd per cent!

Let me be more generous and add, on say another 30 per cent to this-say $400 million. ($400 million is a very large number by the way, in today rupee terms nearly Rs 2,000 crore) for completely arbitrary costs. But this still brings us to $1,600 million odd. One would think the number above, $1,600 million, would be the cost of the project. However, we are not even close. Enron has claimed project costs to be nearly $3,400 million. I can think of perhaps a difference of a few per cent, but over a 100 per cent? The explanation perhaps lies in a little story that was related to a friend of mine. A few years ago, he was a consultant to an industrialist setting up a steel plant. He was looking at the numbers and felt that they did not add up. The industrialist put his head back, laughed and said, 'No one puts up projects in India so that you can make money after the project is commissioned and product starts selling. You put up a project so that you can make money while the project is being implemented'.

I suspect that is exactly what has happened in the Enron project. The missing $1.7 billion odd has been probably siphoned off by over invoicing and other time honoured tricks. In other words, Enron has already recovered all its money that it had invested and also made a very generous return on the money it actually invested. At this stage, instead of demanding money at all, Enron should be worrying about returning the siphoned money in equity, perhaps about $400 million, and additionally, the $400 million it owes MSEB a result of the breach of its contractual obligations. To summarise, an equitable settlement at this stage would be that Enron pays us $800 million (about Rs 3,800 crore) and in return, we agree to forget the whole issue! Three days after the tragic events of September 11, when not only America but the entire world was in a state of deep shock, Lay ought to be told to stop screaming 'expropriation' and threatening sanctions on us. Instead he ought to be grateful for small mercies, count the money he has already made and simply lay off. Otherwise he may have to worry about some Indian prosecution.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA, Saturday, October 20, 2001
MSEB asked to rescind tariff hike plan, Vidyadha Date

The Maharashtra government has been announcing subsidy on electricity sold to farmers, powerloom owners and other categories but not actually passing on the benefit to the Maharashtra State Electricity Board (MSEB), the distribution agency. This has added to the financial problems of MSEB. The dues to be given to MSEB run into hundreds of crores of rupees. It includes a subsidy of Rs 700 crore for farmers, Rs 300 crores for powerloom operators, Rs 600 crore to municipal bodies for use of power for water supply and Rs 215 crore for the Mula Pravara cooperative electric distribution society.The chairperson of MSEB Vinay Bansal has appealed to the Maharashtra Electricity Regulatory Commission to ask the government to pay the arrears to MSEB. Mr Bansal was responding to opposition voiced by a number of representatives of domestic, commercial and powerloom consumers before the Maharashtra Electricity Regulatory Commission (MERC) against the proposed power tariff? hike by MSEB. If it recovered the arrears and reduced its losses, MSEB could manage very well without any tariff increase, they said.Mr Bansal said the board suffered from various constraints. It could not cut off the power supply of municipal bodies because this would be in conflict with public interest. He said the board had improved its performance in various ways. There had been no load shedding in the past one week, he said. There had been no increase in arrears in the past one year as against the previous two years. MERC chairperson P. Subrahmanyam observed that the board was `more sinned against than sinning.' Its job was not easy and it could not improve its performance overnight, he said.

Experts during their submissions strongly opposed MSEB's move to increase tariff every year. S.R. Paranjpe, a former director of the Indira Gandhi Centre for Atomic Research, Kalapakkam, said his techno-economic evaluation of MSEB's working revealed several shortcomings and lapses. He said the board deliberately created the impression of a power shortage in the state last year in a bid to justify its purchase of power from Dabhol Power of Enron at exorbitant rates. The board resorted to deliberate load shedding as part of this exercise and in the process it lost revenue. Besides, sections which were getting? subsidised power were deprived of the supply. The power stations also? performed at an `under frequency' level posing several problems. The board should have resorted to demand and supply management. It should have asked farmers to consume power at night when the supply was easily available.When Dabhol company's power supply was reduced, MSEB's generation suddenly went up. This shows that earlier the board had deliberately operated below capacity. MSEB was disconnecting power supply to many consumers to show that it was taking action against defaulters. Yet, the consumption of power by consumers in these categories had gone up. It means, some consumers drew power from their neighbours unauthorisedly or resorted to some other means.

The small fry among them were being penalised while the big fish were being allowed to scot free, Mr Paranjpe said. Pradyumna Kaul, a management consultant and environmentalist, said MSEB had failed to improve its performance on the lines suggested by MERC last year. S.C. Karandikar, appearing on behalf of the Bhiwandi citizens' welfare society, complained that powerloom owners in Bhiwandi were unjustifiably being given a bad name. He faulted the MSEB on several counts and showed photographs depicting the sorry state of transformers in the town. He also complained that Bhiwandi experienced daily power cuts for three hours in morning and three hours in evening.He said transmission and distribution losses of the board had gone up, though the commission had stipulated last year that they be brought down. Some consumers also alleged that the MSEB was claiming subsidy from the government even for power not supplied to subsidised consumers. Pratap Hogade, vice-president of state Janata Dal (secular), called for? rejection of the entire tariff proposal. It was wrong to penalise consumers for the inadequacies of the board, he said. The board's deficit and its expenditure had gone up instead of going down. The commission should not allow frequent tariff revisions. More reprehensible, he said, was that the board had sought to effect the maximum increase for ordinary consumers, including domestic users, small traders, farmers and gram panchayats. Those using two or three bulbs face an increase of almost 250 per cent, Mr Hogade said.


Jeff:
This is what Rick Antonoff has in terms of documentation.  He is drafting a
form of generic Master Netting Agreement for us.  Is there anything else on
the physical side that he should see?  Do you have separate collateral
provisions that he would need to see?  Rick's number is 212-504-6759.  They
are going to try to have a draft to us by late next week so if there is
anything else that he needs to see, could you please send it to him as soon
as you can?  Thanks.

Carol
---------------------- Forwarded by Carol St Clair/HOU/ECT on 03/02/2000
04:46 PM ---------------------------

"Rick Antonoff" <rantonof@cwt.com> on 03/02/2000 04:27:23 PM
To: Carol St Clair/HOU/ECT@ECT
cc: "David Mitchell" <DMITCHEL@cwt.com>
Subject: Documents

These are the documents I have collected from you and Lisa during the past
several weeks:

Financial: (1)  ISDA Schedule to the Master Agreement (Multicurrency-Cross
Border) draft of 11/08/99;  (2) U.S. Industrial Master Draft of 01/13/00; and
(3) Annex A General Terms and Conditions of Confirmation.  Although I don't
think either you or Lisa sent the form ISDA Master Agreement
(Multicurrency-Cross Border), I certainly have that as well.

Physical:  (1) Enfolio Master Firm Purchase/Sale Agreement (designated on its
cover page as a "Sample Contract") and (2) Base Contract for Short-Term Sale
and
Purchase of Natural Gas (Form GISB-BC-3/26/96).

Finally, I have the Enron Canada Master Netting and Collateral Agreement,
draft
of December 15, 1999.

Please let me know if there is anything else we should have.

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Attached is a summary report for experienceENRON first quarter activity.
Management of each operating unit has already received their specific report.

Please contact me with questions or changes.

Thank you.
Carrie


Please prepare omnibus annexes B & B1 according to the attached worksheet for
the Allied Waste Industries trade that should be coming through today.


-----Original Message-----
From: 	Joslyn, Kate
Sent:	Wednesday, April 18, 2001 7:31 PM
To:	Jason Williams/HOU/ECT@ENRON
Cc:	St Clair, Carol; Cook, Mary; Conwell, Wendy; Russell Diamond/HOU/ECT@ENRON; Powell, Mark; Cross, Darren
Subject:	Boardwalk - Short Form Master Financial Trading Agreement
Importance:	High

Jason
I had to stop Boardwalk doing a financial deal today for Nov 01 - March 02.  The volume for that period is small 150,000 GJ in total but the customer is very unsophisticated.  We need to put a summary of the applicable credit provisions (as previously discussed) and contract in front of them.  As this deal is short term in nature and only in Canadian Dollars we have decided to use the Short Form Master Financial Trading Agreement.  Jason can you please help us get this done.  We initiated the process at our end on April 5.
Many thanks
Kate


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/27/2000
05:01 PM ---------------------------

Vince J Kaminski
03/27/2000 04:43 PM
To: Jeff Skilling/Corp/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Ravi
Thuraisingham/Enron Communications@Enron Communications, Sherri
Sera/Corp/Enron@ENRON, Katherine Brown/Corp/Enron@ENRON, Ken Rice/Enron
Communications@Enron Communications, Kevin Hannon/Enron Communications@Enron
Communications, Joe Hirko/Enron Communications@Enron Communications, John
Griebling/Enron Communications@Enron Communications
Subject: Off-site: John Griebling's organization and Research Group

Jeff,

I would like to invite you to an off-site meeting of John Griebling's
organization
and the Research Group.

Date:   April 27 - April 29
Location:  Breckenridge, Colorado

As you know, John Griebling is managing the network design and construction
project
currently under way in EBS. The Research Group is actively involved in this
effort
which requires advanced quantitative skills in the area of stochastic
optimization and
stochastic processes (for modeling and forecasting Internet traffic flows).

The objective of this meeting is to develop common language and accomplish
transfer
of skills between the two groups, to facilitate cooperation on this project
in the future.

We are also inviting to this off-site senior management of EBS and plan to
have
on the agenda several presentations about strategic directions of EBS. The
effort
of network design and construction currently under way is  unprecedented in
terms
of its scope and complexity and it is important  for technical people, who
often have
highly specialized technical skills, to understand the broad picture.

I would appreciate if you could join us for Friday afternoon (April 28) and
Saturday (April 29). I understand  that you have commitments on Thursday and
Friday
morning. We have reorganized the tentative agenda of the meeting to devote
Friday afternoon to more general topics.

Vince