Mike,

Any comments?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/11/2000
07:47 AM ---------------------------

Raymond Yeow@ENRON_DEVELOPMENT
08/10/2000 06:41 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Paul Quilkey/ENRON_DEVELOPMENT, Vince J Kaminski/HOU/ECT@ECT, Grant
Masson/HOU/ECT@ECT, Phillip -SYDNEY- Taylor/ENRON_DEVELOPMENT
Subject: Interview & Mike/Christian

Dear Vince,

1.
Quentin Kerr,
we will be pleased to do the initial due diligence in an interview. Phil
Taylor is contacting Quentin and getting him down our Sydney office from his
university in the next state - Queensland.

2.
re : Christian,
We will be very glad for Christain to interact with Houston research on "..
the weather forecasting  technology .."
However, we are very skinny on W staff here ( like Christian is our one &
only ) , and Christian is doing much work for both the power & weather
business.

I was thinking that we could run with our initial idea of having Mike Roberts
come to Sydney.
There is still time before the Olympics !

Will keep you posted on Quentin.

Regards
Raymond

Vince J Kaminski@ECT
08/08/2000 06:30 AM
To: Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Raymond
Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Vince J Kaminski/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT

Subject: Thank you

Paul & Raymond,

It took more than a few days to catch up after I came back from Australia.
There  are few things I would like to bring up to your attention.

First of all, I would like to thank you for your hospitality. I learned a lot
about the Australian markets and was greatly impressed with the
quality of the people at the Sydney office.

1. The resume you sent to me and Grant looks quite good.
I think it makes sense to interview this person and we can help
you with a phone interview.

2. I have received another resume that looks very promising. I am
very interested in this guy and would be ready to bring him over
to the States  where we lack desperately technical talent.
Can you help us by interviewing him in Sydney?
The main determination I need from you is whether he can
function in a company like Enron. As any good academic
he sent his resume in a ps format and I shall fax you a copy in case
you don't have a PostScript reader on your system.

3. Christian Werner does some really neat things on
the weather front. I would like to determine if he can help
us to upgrade our systems. Can we bring him to Houston
for a week to discuss the weather forecasting  technology with  Mike
Roberts and Joe Hrgovcic? I think that he could learn a lot
from Mike and other weather guys here how we translate
weather info into business-related information. I shall be glad to
underwrite the cost of this trip.

Vince


From Christi Nicolay
---------------------- Forwarded by Linda J Noske/HOU/ECT on 07/05/2001 09:59
AM ---------------------------
From: Joe Connor@ENRON on 07/03/2001 10:29 PM
To: Donna Fulton/Corp/Enron@ENRON
cc: Christi L Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON

Subject: Re: Southern  RTO

I would guess that AEC has had a change of heart - since they signed the MOU
with Southern.  I would expect them to withdraw their comments.  I will talk
to Jeff Parrish at AEC and find out what's going on.

I talked to Bob Reilley about the EPSA filing.  He made it sound like it had
just been forgotten in the rush and he didn't seem to have a clear idea about
what EPSA should say in a filing.  That's funny since he drafted the original
document we started talking from.  Anyway, we discussed it again and he
agreed to get back to EPSA and discuss a filing.  The topics would be:
(1) MOUs don't mean much
(2) No real progress has been shown
(3) FERC need to oversee the process
(4) FERC needs to ensure a collaborative process is implemented
I didn't tell Bob that Enron wants to stay out of it, but we talked about it
being better to have EPSA carry the ball when we first started looking at
this.  I think your bringing it up in the EPSA phone call will help.  Let me
know if it looks like Bob is not following up with EPSA.

	Donna Fulton
	07/03/2001 01:18 PM

		 To: Joe Connor/NA/Enron@Enron
		 cc: Christi L Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON
		 Subject: Re: Southern  RTO

Joe, I agree with the approach that we should try to get EPSA to file.  I
have spoken with Mark Bennett over at EPSA and he indicated that he hadn't
gotten to it.  Perhaps I should bring it up on the EPSA call this Thursday,
just a gentle reminder.

AEC was the culprit who commented on June 22.  They were extremely negative
about Southern's lack of results in their "attempt" to increase participation
in the RTO.  They said, "Southern suggests no more than the possibility of
another paper 'RTO proposal' by December 15, 2001."  They do ask for a
technical conference by FERC staff and then a settlement judge proceeding
thereafter.

	Joe Connor
	07/02/2001 11:43 AM

		 To: James D Steffes/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Sarah
Novosel/Corp/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON
		 cc:
		 Subject: Re: Southern  RTO

I met with Andy Dearman and Bill Newman of Southern on Friday.  They talked
about what is going on with the non-jurisdictional utilities that have signed
a MOU to develop a RTO.  The group has met a couple of times to discuss the
process they will use.  Confidentiality agreements have been signed, so no
details are available, but they have agreed to a voting structure for the
development.  Southern has about one third of the votes (and 65%of the
assets) and it takes at least two other parties agreeing with Southern to
carry a vote.  Southern says they spent a lot of time convincing the other
parties that Southern was not going to run, or dominate, the process.  After
that, Southern said the group started to pull together and get organized for
the development.

They said everyone in the group appeared to be ready to find ways to make the
RTO work and resolve the hurdles the non-jurisdictional utilities have been
expressing with the development of other RTOs.  They said there were some
rough spots that had to be resolved and they couldn't be sure agreement would
be reached, but at this point there was a lot of cooperation.

Andy and Bill wanted to convince me that this was not a delaying tactic by
Southern and they were doing everything possible to ensure that a complete
RTO filing could be ready by 12/15/01.  They also said they thought this is
what Ed Holland wanted to discuss with Steve Kean.

We talked about how other stakeholders could have input to the development.
They said that it was too early to make any commitment, but the group had
started thinking about it and they expected an input process to be available
by late summer.
They said Southern was in favor of some process that would provide
stakeholders the opportunity to look at what was being considered and advise
the development group as early as possible.  They said they understood the
difficulty stakeholders had with the approach Southern used in its initial
filing and wanted to do it different, but they pointed out again that
Southern could not dictate the process that would be allowed by the group.
In the meantime, they said if we wanted to provide position papers on any
part of the RTO development they would make sure the papers were circulated
in the group or we could continue to hold bilateral discussions with them or
other members of the development group.

Jim, I still think it would be worthwhile to have a meeting between Ed and
Steve Kean, and I would include you and invite Andy and Bill to come.  I
don't think they want to discuss anything technical at this point; they just
want to convince Enron that the approach Southern is taking provides the
quickest development of a RTO for the Southern area, and they want any help
we can give in convincing FERC to let this process run.

I also think we need to pass on filing a response to Southern's May 15th
status report, either alone or with Alabama Municipal Electric Authority (
Donna, I guess that's who you meant in the memo below, since AEC has signed a
MOU with Southern?).  I will get in touch with Bob Reilley to find out why we
haven't heard from EPSA on its filing.  I still think that's the best
approach.

	Donna Fulton
	06/28/2001 12:02 PM

		 To: Joe Connor/NA/Enron@Enron, Tom Chapman/HOU/ECT@ECT
		 cc: James D Steffes/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Sarah
Novosel/Corp/Enron@ENRON
		 Subject: Southern  supplemental status report

I am attaching the supplemental status report that Southern filed in its
RT01-77 on June 20.  They have included MOUs with Georgia Transmission Corp,
Santee Cooper and Alabama Electric Coop to work on development of an RTO.
These are really general, more of the same of what we've seen from Southern.

Also we had talked  about possible comments on the May 15 Southern filing;
Coral was working on comments through EPSA.  Nothing has been filed by EPSA
yet.

Alabama did file comments on the May 15 status report and they have asked
that the FERC establish a technical conference to "publicly air and evaluate
the alleged governance concerns and the concerns regarding significant
delay..."  Following a technical conference, they ask for a judge to convene
a settlement conference at FERC to "undertake a properly supervised and
serious development of an RTO for the SE without further wasted time."

At this point we could consider filing comments in support of the Coop
comments.


BT is no longer a valid counterparty (according to TAGG when you go into the
deal).  One can not save a deal w/ an invalid c/p name in the deal.  Jennifer
Blay is currently trying to get us the correct counterparty name.

Thanks, Errol

	Enron North America Corp.

	From:  Julie Brewer                           02/27/2001 10:47 AM

To: Errol McLaughlin/Corp/Enron@ENRON
cc:

Subject: EOL Deals

Errol-

There are two Bankers Trust Deals that you changed to Bankers Trust
International. I pulled the trades from EOL and they say Bankers Trust. The
Deal Nos are QT6916 and QT7116. Were these changed in error?

Thanks. Julie


Tenderloin for dinner; XL shirt size; no hotel

	Enron North America Corp.

	From:  Sally Beck                           10/10/2000 17:58

Sent by: Patti Thompson
To: Mike Jordan/LON/ECT@ECT, James New/LON/ECT@ECT, Mike
Wellings/LON/ECT@ECT, Coralie Evans/LON/ECT@ECT, Robert Yeo/LON/ECT@ECT, Paul
D'Arcy/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT, Andrew
Cornfield/LON/ECT@ECT, Cindy Horn/LON/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT,
Leslie Reeves/HOU/ECT@ECT, Bob M Hall/NA/Enron@Enron, Stacey W
White/HOU/ECT@ECT, Peggy Hedstrom/CAL/ECT@ECT, Brenda F Herod/HOU/ECT@ECT,
Brent A Price/HOU/ECT@ECT, Scott Earnest/HOU/ECT@ECT, D Todd
Hall/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Kevin Sweeney/HOU/ECT@ECT,
Fernley Dyson/LON/ECT@ECT, Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Jan-Erland Bekeng/AP/Enron@Enron, Scott Mills/HOU/ECT@ECT, Barry Pearce/Enron
Communications@Enron Communications, Kristin Albrecht/Enron
Communications@Enron Communications, Wanda Curry/HOU/ECT@ECT, Meredith M
Eggleston/HOU/EES@EES, Shona Wilson/NA/Enron@Enron, Eugenio
Perez/HOU/ECT@ECT, Michael E Moscoso/HOU/ECT@ECT, Neil Tarling/Enron
Communications@Enron Communications
cc:
Subject: Global Operations Controller Forum

Please fill in the following information and email (or fax 713-345-8100) to
me as soon as possible. (The same day would be great!)

Please select dinner entr,e for Sunday, Oct 22	Pan seared medallions of Black
Angus tenderloin, or
	Grilled chicken breast w/ artichoke, mushrooms & light herb sauce
Hotel reservation:	Both Sunday and Monday nights
	Sunday night only
	Monday night only
	Extend for additional nights
	Smoking or non-smoking room
Flight information:	Date of arrival
	Airline/flight number
	Houston arrival time
Shirt size:	Women's or men's size
	small, med, large, x-large, xx-large

Thanks,
Patti x39106


InfoBeat Alerts - An Update from InfoBeat

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Tracy --

Here is our first draft.  I am checking with other Govt Affairs personnel to
incorporate their thoughts.

Jim

	Tracy Ngo@ECT
	03/27/2001 07:11 PM

		 To: James D Steffes/NA/Enron@ENRON
		 cc: William S Bradford/Enron@EnronXGate
		 Subject: Re: Draft DASH of DWR

That would be great.  The DASH format is ever-changing wrt to other moving
parts so no worries.  -Thanks, Tracy

From: James D Steffes@ENRON on 03/27/2001 05:18 PM
To: Tracy Ngo/PDX/ECT@ECT
cc:

Subject: Re: Draft DASH of DWR

I'll have our comments first thing in the am.  Hope that is ok.

Jim


Thanks for the description.  Last night, I asked Trey about it, and we went
onto Amazon.com to look at it.  It looks like a cool toy that Cameron would
enjoy.  FYI:  the price at Amazon was way less than the price at etoys.  As a
matter of fact, I told Trey that it would be great to have it for our trip to
DC in August!  But, we can wait til Christmas, so go ahead with your plans.

Congrats on the furniture.  I am sure that you will be happy with it and will
love the new look.

See ya.  Michelle

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

Michelle Cash
Enron North America Corp.
1400 Smith Street, EB 3823
Houston, Texas  77002
(713) 853-6401
michelle.cash@enron.com

This message may contain confidential information that is protected by the
attorney-client and/or work product privileges.

	"wpcashjr" <wpcashjr@email.msn.com>
	06/27/2000 09:11 PM

		 To: <Michelle.Cash@enron.com>
		 cc:
		 Subject: Re: Xmas

Leap pad looks like an open book when placed in a child's lap.  There is an
attached pen type instrument which the child can use to point to various
things on the pages and also to indicate whether he/she would like the word
to be pronounced, spelled or sounded.  It comes with a book but other books
can be purchased to be placed in the pad.  That's the best description I can
give since I have never used one.  Check it out when you go to the toy
store.  Good news - several pieces of our living/dining  room furniture are
being delivered tomorrow with all new coordinated materials!  Happy art
looking.  It is fun to look for things to brighten up a room.  G


FYI...I believe we are doing the right things.  JR

-----Original Message-----
From: Lametrice Dopson
To: Jenny Rub
Sent: Oct 17, 2001 3:01p
Subject: Re: FW: ibuyit or IT

As of the first move to ECS, we are using surplus. We are purchasing stans for the monitors. We are not purchasing monitors or pcs unless it's a special request.

-----Original Message-----
From: Jenny Rub
To: Lametrice Dopson
Sent: Oct 17, 2001 2:16p
Subject: FW: ibuyit or IT

In these cases are we existing flat panels and peripherals?

-----Original Message-----
From: Kitchen, Louise
To: Jenny Rub
Sent: Oct 17, 2001 1:39p
Subject: FW: ibuyit or IT

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, October 17, 2001 12:40 PM
To:	Wasaff, George; Pickering, Mark
Cc:	Black, Don
Subject:	ibuyit or IT

Here's a little issue.

We have recently needed some screens, pcs etc for new starters.  Obviously this is a bit of a peculiar time to buy something when we are on the point of moving.  My understanding from Don Black (who is hiring these people) is that we have to use ibuyit to request equipment for these people rather than just get IT to give us a temporary (old screens from EGM) until we move.  What is happening behind the scenes on this issue - do you go an buy new ones or is someone substituting ones that are now redundent?

Thanks

Louise

--------------------------
Sent from a BlackBerry Wireless Handheld


Hi Sherri.

Thanks for your response on behalf of Jeff.  If Jeff can't make it, we will
settle for second-best.  How about Ken Lay?

Ronnie
----- Original Message -----
From: <Jeff.Skilling@enron.com>
To: "Ronnie Morgan" <RonnieM@morgangroup.com>
Cc: "Michael S. Morgan" <MichaelM@morgangroup.com>
Sent: Tuesday, May 15, 2001 9:29 AM
Subject: Re: San Diego Invite

>
> Dear Mr. Morgan,
>
> On behalf of Jeff Skilling, thank you very much for the invitation to
speak
> to the San Diego Chapter of YPO.  Jeff was very flattered and somewhat
> intrigued by your offer.  However, given the current demands on his time,
> he must respectfully decline your invitation.
>
> Please let me know if you have any interest in another senior-level
> representative of Enron speaking to your group, and I'll be happy to do
> what I can to facilitate that for you.
>
> Again, Mr. Morgan, thank you and the San Diego Chapter of YPO for the the
> opportunity.
>
> Regards,
> Sherri Sera
> Assistant to Jeff Skilling
> 713.853.5984
> 713.646.8381 (fax)
> sherri.sera@enron.com
>
>
>
>
> "Ronnie Morgan" <RonnieM@morgangroup.com> on 05/08/2001 02:33:06 PM
>
> To:   <jeff.skilling@enron.com>
> cc:   "Michael S. Morgan" <MichaelM@morgangroup.com>
>
> Subject:  San Diego Invite
>
>
> Hi Jeff.
>
> I am Mike's brother, Ronnie, living in San Diego and a member of the San
> Diego Chapter of YPO.  With all the propaganda being spread about the
> electricity and energy crisis we are experiencing here in California, I
> thought it would be worthwhile to invite you to town to give us an
> insider's view on what is really going on (aka, the "truth").  Is there
> anyway you can find time in your busy schedule to visit us over dinner
> with a short talk and a question and answer period.  The sooner the
> better.
>
> I will schedule a "special" meeting of our chapter to accommodate any
> dates that work for you.
>
> I look forward to hearing from you.
>
> Ronnie Morgan
> 760-476-0700
>
>
>
>


.After some period of orientation and adjustment(6 months?) all attorneys:
senior counsel, assistant general counsel, and vice-president are expected to
be independant. We don't have the time or the inclination to hold hands.
There is no "standard" promotion track. If a senior counsel is successful, a
promotion to asst. gen. counsel  will happen in1-3 years A promotion to VP is
the closest thing we have to "making Partner" and generally takes 2-5 years.
There is not that much compensation difference between a SC and a AGC.


Theresa,

Attached is the revised reconciliation with the corrected variable rate.

John

John A. Cogan

The Johnco Group, LLC
3629 Lake Kristin Drive
Gretna, LA 70056
(504) 392-7557   Home/Office
(504) 491-2874   Cell
(208) 730-4713   Fax


i am gonna get wasted at this dinner.

 -----Original Message-----
From: 	Erin Richardson <erichardson@sarofim.com>@ENRON
Sent:	Thursday, October 25, 2001 1:50 PM
To:	Lenhart, Matthew
Subject:

you better be getting excited about dinner.  i'm not taking you if you
aren't.


Moved to Tuesday, February 27 at 2:00-3:00.  (Terri x33565)


Attached please find the Hours Survey and Instructions for the month of May,
2000.

I am sending the survey out this time as an opportunity to introduce myself
to those of you I have not yet met.  I am being asked to take a direct roll
in the further development and rollout of the Operations Pricing Model (fka
Transaction Cost Model).  In the past, I have directed the implementation of
several pricing systems based on activity based costing similar to the
Operations Pricing Model (OPM).  Over the past couple of weeks my
observations of the Model have lead me to be concerned with the quality of
data used in the model.  It will take efforts by both you and the OPM team to
get to a satisfactory level of data quality.  This process can start with
this months data collection efforts.  Please pay particular attention this
month as the "bar is being raised" by the management of Energy Operations for
data quality and timeliness.

While completing the survey, take this time to review last month's numbers.
Please return these surveys to Shari Mao by end of day Friday, June 2.

Please note the following changes:
The Nat Gas RC's will now see deal validation and transportation rate
activities therefore, these surveys will be notably longer but will not
necessarily take more time

If the survey does not contain an activity that your team spends time on,
PLEASE DO NOT TYPE ANY ACTIVITIES IN THE SURVEY.  Contact Jennifer Reside at
#35971 to discuss how to proceed.

If you have any questions relating to the model or this survey, or are unable
to meet the survey due date, please call Jennifer Reside at #35971 (Shari is
on vacation this week).


John,

For confirmation, I have this meeting scheduled at 4:30 on June 2, 2000.
Please let me know if you have something different.

Thanks

Kim Hillis
x30681

John Peyton@ECT
05/30/2000 06:13 PM
To: Scott Neal/HOU/ECT@ECT
cc: Kimberly Brown/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT, John J
Lavorato/Corp/Enron@Enron, Julie A Gomez/HOU/ECT@ECT, Keith
MacIvor/Corp/Enron@ENRON

Subject: Friday Meeting on Dayrates

Just as a reminder to everyone, there is a meeting in John Lavorato's office
this Friday June 2nd regarding Dayrates

John

Enclosed is the presentation that Keith MacIvor and I gave to Noble
Drilling's CEO, Jim Day and Pride International's CEO, Paul Bragg, their CFO,
Earl McNiel, and their COO, James Allen this morning 5/30.  Both sets of
leaders were extremely interested in pursuing dayrate transactions with us.
Both sets said that they believed this product would have a very positive
impact of the drilling business.

Jim Day assigned us to his leading financial innovators, Mark May and Steve
Manz.  Paul Bragg and Earl McNiel are wanting to sign an ISDA asap and begin
discussions asap.

 I will be giving the same presentation to the CEO of Diamond Offshore, Jim
Tisch this Thursday (in New York) and a "deal specific" presentation to the
CFO of Chiles Offshore the same day.


Made me chuckle...SRS

?
A Kentucky Fried Chicken location in New York City has
a special?  on what they are calling the "Bucket of Hillary"
(two small  breasts, two large thighs and a bunch of left wings)


Take a look at the attached and let's discuss.  Maureen is in Vince
Kaminski's group and wants to leave.  How about reg risk?
----- Forwarded by Steven J Kean/NA/Enron on 02/22/2001 03:21 PM -----

	Maureen Raymond@ECT
	02/21/2001 07:36 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Resume and Website

As promised yesterday, attached is my resume and the link to the FX and
Sovereign Risk group's website.  I have also enclosed a list of the projects
that I have recently completed.  In addition the projects, I have attached an
inventory of the  curves that I have produced for corporate-wide deal
assessment.  I produced 483 curves last year for 58 countries, each curve
requires a full country risk analysis including a macro-economic policy
analysis, balance of payments analysis, and political risk analysis.  I look
forward to continuing to provide you with economic analysis in the future.

I hope to see you in two months.

http://ecthou-webcl1.corp.enron.com/research/ForeignExchange/FXMain.htm

Regards,

Maureen


What exactly does  "nutting it out" mean?  Is that a legal-speak??????

Let me know if I can help.

John
---------------------- Forwarded by John Suttle/HOU/ECT on 11/16/2000 08:43
PM ---------------------------

Jane McBride@ENRON
11/16/2000 04:59 AM
To: John Suttle/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
cc:
Subject: IBJ- ISDA Schedule - Credit provisions

Dear John and Sara,

Just wondering how we are going on this?  Guess you two are trying to nut
something out.  Pls let me know if I can contribute at all.

Thanks heaps.

Jane


Celeste,

I would like to ask you for a favor. We would like to have Sevil as an intern
in our group
this summer. She prepares a Ph.D. dissertation  on transmission: a critical
issue to the power
markets everywhere.

I have also a few other students I would like to take in as summer interns. I
shall send you
the resumes in separate messages.

Vince Kaminski

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/11/2000
12:51 PM ---------------------------

sevil yaman <syaman_98@yahoo.com> on 02/10/2000 10:22:28 PM
To: vkamins@enron.com
cc:
Subject: Summer Internship Position

Hi Dr. Kaminski,

As I told you last Monday in Dr. Kao's class I am
looking for a summer internship position in your group
in which I can use my economics background together
with my quantitative skills and knowledge in
electricity markets. Currently, I am a third year
Ph.D. student at the Economics Department of  the
University of Houston. At the end of this semester
I'll be completing my coursework and starting to write
my dissertation which analyzes the access pricing
issue in network industries, especially in electricity
transmission.
I would like to give you a few examples from my
coursework. In addition to basic Statistics I-II and
Econometrics I-II, I have taken "Macroeconomic
Modeling and Forecasting" (Time Series) class in which
I learned RATS. In "Applied Econometrics" class, it
was given a great deal of attention to the case method
learning approach that involved extensive computer
analysis. We were taught SAS. As a term paper I worked
on electricity demand forecasting. This semester I am
taking "Special Topics in Applied Econometrics" course
in which I am being taught Qualitative Dependent
Models, MLE, Panel Data Techniques, and so on, and as
software STATA. Moreover, this semester I am also
taking "Options Theory and Its Applications" class and
auditing Dr. Kao's class. I definitely agree with you
in what you mentioned in your lecture last Monday
about the understanding of the options theory as a
necessity in the energy sector.
Besides, I spent my last summer in the Oil and Gas
unit of the World Bank as a research assistant. This
work experience in which I had great exposure to the
energy market issues and my own research area, which
is regulation of transmission pricing (congestion
pricing), made me believe that the ongoing
restructuring of the electricity sector, especially
the transmission network issue, could be well
understood by working in the industry.
Dr. Kaminski, attached you can find my resume. I would
be glad if you could find a chance to review it and
get back to me soon.

Many thanks,

=====
Sevil Yaman
Department of Economics
University of Houston
Houston, TX 77204-5882
(713) 743-3814 / 3817
__________________________________________________
Do You Yahoo!?
Talk to your friends online with Yahoo! Messenger.
http://im.yahoo.com
 - resume-sevil.doc


It was good talking to you.  If you find any opportunity over there, please
let me know.

 - Gregg Tyson Resume.doc


Effective July 1 avails, Beverly Beaty will be Enron's lead operations
contact for Devon production.  Please assemble all information and contact
all personnel necessary to make the transition as smooth as possible.
To eliminate unnecesary e-mails, please designate one main contact from each
of your desks and a backup  (Central Desk, West Desk and Texas Desk)  who can
receive and distribute all nom changes and operational information to your
desk's proper schedulers.  If you have any questions, please let me know.
THANKS!


kelli Stevens' "today" number looks incorrect


No preference, but Brent has a Legal/Credit seminar scheduled on Wed., May 23.

	Carol St Clair@ECT
	04/05/2001 04:30 PM

		 To: Mark Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Tana Jones/HOU/ECT@ECT, Robert
Bruce/NA/Enron@Enron, Anne C Koehler/HOU/ECT@ECT, Cheryl
Nelson/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan Bailey/HOU/ECT@ECT, Samantha
Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Mark
Greenberg/NA/Enron@ENRON
		 cc:
		 Subject: Offsite

We would like to hold a 1/2 day offsite either on Wednesday, May 23 or
Thursday, May 24.  Please let me know what your preference would be.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Hi Theresa,

Here is our daily update since we are trying to move quickly on this:

I had a conference call with Sara Stowey in London.  We actually had two
legal issues outstanding as of yesterday.  One she agreed to.  The last one
has to do with arbitration and she says that hopefully she will have an aswer
by Friday.  If not, then on Friday, I could seek approval from our General
Counsel to deviate from our standard legal policy on the issue so that we
could move forward.

We have a borkerage account meeting today and I will forward to you a written
status report at that time.  As I mentioned to Aneela this morning, most of
the agreements on her list have been executed.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693


What is lily of the valley?  I don't know.  Would it add anything special to the coursage?  If so, I would be glad to spring for it.  I just don't know enough about flowers to make an educated call.  Could the florist tell you how wonderful it is for $60?

Meagan and Michael often have coursages and boutineers that coordinate - maybe only key for the "young set", and not those who buy pens to commemorate a 50th anniversary. White rose will be great if the florist feels like the coordinated thing would be weird.  We will be upgrading dad from a carnation, anyway.

You know in the end, whatever you arrange will be terrific.  I don't mean for these comments to sound picky or ungrateful!!  (I am saving that in full force for later life -- only kidding!) --Sally

 -----Original Message-----
From: 	"Cindy White" <cwhite@viviance.com>@ENRON [mailto:IMCEANOTES-+22Cindy+20White+22+20+3Ccwhite+40viviance+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, May  29, 2001 11:50 AM
To:	Beck, Sally
Subject:	corsage

Got ones with white orchids--but the lily of the valley would be an
additional $60--what do you think?  Got a white rose for dad.

Cindy


Notice No. 00-408
December 4, 2000

TO:
All COMEX Members/Member Firms
All COMEX Clearing Members
All COMEX Floor Traders
All COMEX 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 January 2001 options contract for Silver (SO F01)
and Gold (OG Z01) is Friday, December 8, 2000.

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 ("OLTE") 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 January 2001 Silver and Gold Options Contracts will cease at
2:25 P.M. and 2:30 P.M. respectively on December 8, 2000.  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, December 8, 2000, all Brokers and Clearing Members must have a
duly authorized, On-Line Trade Entry ("OLTE") 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 "OLTE" 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 December 11, 2000.

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 ("OPC") - 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/A") - 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 ("CM") 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 ("OPRR") - 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/C") - 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
Audits").  The H/C form must be submitted not later than 3:30 PM.

5. EX-PIT POSITION TRANSFER REQUEST FORM ("Ex-Pit") - 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 ("OLTE") 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=(00-408)"

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.


Tani,

No problem. We shall look at the curve on Monday. I have organized a  small
team to examine
the curve from different perspectives.

Curve validation is normally a RAC prerogative and I shall get them involved
on Monday

Vince

Tani Nath
10/27/2000 11:40 AM
To: Maureen Raymond/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Steven Leppard/LON/ECT@ECT, Tim
Poullain-Patterson, Harry Tefoglou/LON/ECT@ECT, Esther Gerratt/LON/ECT@ECT
Subject: Copper curve

Following Steve's note to you earlier today, I wanted to mention that we have
a fairly urgent need for review of the copper curve in particular, as there
is a deal due for final pricing in the next few days.

I am not sure what data you have received from Enron Metals in London, so I
am asking Tim Poullain-Patterson to ensure that you have the curves and the
economic justification proposed as soon as possible.  Please direct any
questions to him or to Harry Tefoglou.  I will be in the Tokyo office next
week, but available via e-mail.

Thanks in advance for your assistance,

Tani


A maintenance outage of the Caprock Station is having a larger impact than anticipated, according to El Paso. It reduced capacity of the San Juan Crossover by 125 MMcf/d and said the cutback will continue through Nov. 6.


I think we can give Gary some message points, agree?  What topics do we want
him to hit -- stop the rhetoric, implement a comprehensive solution (which
includes more than just rate increases), etc, etc...
---------------------- Forwarded by Karen Denne/Corp/Enron on 05/30/2001
11:00 AM ---------------------------

Gary Ackerman <foothillservices@mindspring.com> on 05/30/2001 10:23:10 AM
Please respond to foothillservices@mindspring.com
To: Dan Douglass <douglass@arterhadden.com>, Lynn Lednicky <LALE@dynegy.com>,
Sandra McDonough <Sandra.McDonough@neg.pge.com>, Dan Pigeon
<Dan_Pigeon@transalta.com>, Lynn Fisher <lfisher@apx.com>, Karen Denne
<kdenne@enron.com>, Richard Wheatley <richard_n_wheatley@reliantenergy.com>,
Paula Hall-Collins <paula.hall-collins@williams.com>, Julie Gentz
<julie.gentz@williams.com>, Kelly Swan <kelly.swan@williams.com>, Joe Ronan
<joer@calpine.com>, Tom Williams <tcwillia@duke-energy.com>, Ed Mosey
<efmosey@bpa.gov>, Mike Hansen <mshansen@bpa.gov>, Jan Mitchell
<jan.mitchell@pacificorp.com>, Toni Amendolia <mozart@pwrteam.com>, Mark
Stutz <mark.stutz@xcelenergy.com>, Steve Roalstad
<steve.roalstad@xcelenergy.com>, John Sousa <joso@dynegy.com>, John Fistolera
<johnf@ncpa.com>, Dace Udris <dudris@smud.org>, carol clawson
<carol_clawson@fpl.com>, catherine Parochetti
<catherine.parochetti@avistacorp.com>, Chuck Griffin
<chuck.griffin@mirant.com>, "O'Neel, Brian" <Brian.ONeel@mirant.com>
cc:

Subject: "To the Point" Radio Show

I will be in Warren Olney's To the Point national radio show today with
Frank Wallach, Maviglio, etc. to discuss Bush's visit to California, and
energy policy.

Feed me.

gba


Please join me today in Bill Cordes' office for a quick Team meeting.  Topics
for discussion include:

Williams / Kern River open season
Southern Trails P/L
El Paso / All American P/L
Impact to TW markets of all the above

Timing on IOS for 14,000/d in 2001
Fuel hedges for 2001


I assume you all have already exchanged contact information. Mine is below, if
there is a list of everyone's phone numbers could someone please forward it to
me?

Home: 415-928-7487
Cell: 650-740-1097
Work: 650-506-3640

Thanks,
Christine

Kimberly Kupiecki wrote:

> Hi Christine,
>
> We have been doing the cases via email up to this point.  We typically
> divide up the questions and send each other our responses.  One team member
> takes the lead on creating the "hand in" document.
>
> Cheers,
>
> At 04:42 PM 10/4/00, Christine Piesco wrote:
> >Glad to be aboard! When are we meeting? I am on campus Monday-Weds.
> >
> >Christine
> >
> >Jeff.Dasovich@enron.com wrote:
> >
> > > Christine:
> > >
> > > Sorry I haven't replied sooner.  Crazy day.  Consider yourself the 5th
> > > member of our team---but remember, no warranties included.
> > >
> > > Best,
> > > Jeff
> >
> >--
> >Christine Piesco
> >Industrials Account Manager
> >Oracle Corporation
> >500 Oracle Parkway
> >Redwood Shores, CA 94065
> >Phone: (650) 506-3640
> >Fax: (650) 633-3753
> >christine.piesco@oracle.com
> >
>
> Kimberly Kupiecki
> Senior Account Executive
> A&R Partners
> kkupiecki@arpartners.com
> (650) 762 2800 main
> (650) 762 2825 direct
> fax (650) 762 2801

--
Christine Piesco
Industrials Account Manager
Oracle Corporation
500 Oracle Parkway
Redwood Shores, CA 94065
Phone: (650) 506-3640
Fax: (650) 633-3753
christine.piesco@oracle.com

 - christine.piesco.vcf


Start Date: 4/9/01; HourAhead hour: 7;  No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040907.txt

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

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_OZZY
  ENGY_TYPE: FIRM
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  TIE_POINT: SLVRPK_7_SPP
  INTERCHG_ID: EPMI_CISO_TEQUILA
  ENGY_TYPE: NFRM

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 7 / Preferred:  28.24 / Final:   7.24)
  TRANS_TYPE: FINAL
  LOAD_ID: SCE1
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  SC_ID: EPMI


Reminder:

Exam 1 has to be completed by this Saturday.  Before you can take the exam
you must make an appointment with the SSIL lab. Beware that Friday's tend to
be popular - if you wish to take on Friday sign up now.  You will need your
student ID in order to take the exam.


FYI. Pretty good letter from large customers urging the PUC to vote down the rate agreement between DWR and the PUC. With Loretta announcing today (and signaling to the Republicans on the Commission) that she'll be voting no on the rate agreement tomorrow, it looks like Davis and Angelides are in for a bad day.  Sort of chokes you up.

Best,
Jeff

-----Original Message-----
From: Dorothy Rothrock [mailto:drothrock@cmta.net]
Sent: Monday, October 01, 2001 7:07 PM
To: Dasovich, Jeff
Subject: [Fwd: Letter to Loretta Lynch on rate agreement]

Attached is a letter faxed today to Commissioner Lynch from Californians
for Energy Action opposing adoption of the proposed DWR rate agreement.

(See attached file: PUC letter 10.1.01,rev 2.doc)


[IMAGE] Forums Discuss these points in the Forums:  Forexnews Forum       Technicals Live Charts Analysis available from: Cornelius Luca   J.P. Chorek   Technical Research Ltd.   Charts & News featuring Standard & Poor's       Interest Rates   US: Japan: Eurozone: UK: Switzerland:   1.75%  0.15%  3.25%  4.0%  1.25-2.25%       [IMAGE] 	 [IMAGE]  Japanese Forex Trading Preview  January 31, 7:00 PM: EUR/$..0.8578 $/JPY..134.90 GBP/$..1.4093 $/CHF..1.7207  Japanese Forex Trading Preview by Darko Pavlovic  No key data.   The dollar is trading off its fresh 3-years high of 135.14  yen on combination of possibility of S?downgrade; fall in PM Koizumi's popularity and markets optimism about the US recovery. Standard & Poor's rating agency said Japan faces the risk of a third rating downgrade in a year because its economy has fallen into a   worrisome'' deflationary recession. " Furthermore, overnight comments by MoF Mizoguchi did little to stem the bearish sentiment towards the yen, since he said that while Japan was not driving the yen down, it was still correcting from excessive strength. Japanese network Tokyo Channel 12 showed Prime Minister Koizumi's popularity fell to 34.7% after he fired Foreign Minister Tanaka compared with a 64.4% rating two weeks earlier. Markets were uneasy about Koizumi's political decision, since it could impede the implementation of structural reforms. US Secretary of Treasury O'Neill said that he had no sympathy for US manufacturers who are complaining about the strong dollar and expressed his hope about the economic recovery. At the current World Economic Forum in New York, Fuji Xerox's Chairman and CEO Yotaro Kobayashi said today that it would be acceptable for the yen to weaken to 140 per dollar, but a fall below that to 150-160 per dollar would create trouble since "it may have a major negative impact on interest rates and on our trade relationship with the United State or other countries" Kobayashi also pointed out that the falling yen would ameliorate Japan's deflationary spiral, but warned that too steep a plunge would push up real interest rates that would hinder Japan from clawing back out of its fourth recession in the past ten years. Foreign investors were net sellers of Japanese equities for a second week in the five days ended Jan. 25. Nikkei fell below 10,000 yesterday for the first time since Oct. 10 as Japanese stocks remain lethargic, reflecting the poor outlook of Japanese economy.  Japan has been pressured by other Asian nations, such as China and South Korea, to stem the yen's decline as it makes their exports less competitive. Japan December housing starts fell 12.9% from a year-earlier to 95,431 units, due to weakening consumer desire for mortgages as unemployment continues to rise. Resistance is seen at 135.25, 135.80 and 136. Support holds at 134.50, 134, and 133.70.   The euro fell two-third cents to a 3-session low of 85.79 against the triumphant dollar, dragged by the rise in German CPI to 0.9% m/m in January from the previous 0.1% and upbeat market sentiment about the US recovery. Preliminary data from several German states indicated that the upswing in prices resulted primarily from rising food prices and increases in taxes rather than euro cash related markups. Since German prices exceeded forecasts and because they tend to be be indicative of an overall rise in Eurozone inflation in January, analysts believe the European Central Bank is unlikely to lower interest rates when it next meets to determine monetary policy on February 7. This was evident in ECB Wellink's statement that there is no need for monetary policy action to counter the effect of the euro on prices. Support is seen at 85.55-- the 71.8% Fibonacci retracement of the move from 82.25 to 95.95, backed by 85.0. Upside capped at 86.60, 87.0 and 87.50.  The first piece of data markets will look at Friday is the January US labor market report. Although the unemployment rate is forecasted to creep higher to 5.9% in January from the previous 5.8%, non-farm payrolls are seen to improve to between  27k and  50k from  124k in December. The apparent contradiction between the aforementioned variables is explained by the unrelenting climb in continued claims to 3,382,000 in the week of January 19 from the previous revised 3,361,000, whereas the US 4-week average fell to its lowest level since August 2001 to 386k in the week of January 26 from the previous revised 401,250. The greenback overlooked this week's rise in US jobless claims to 390k from the previous revised 360k, since it came in below the 400k-level. Following tomorrow morning's labor report, the dollar is likely to find support from the release of the ISM (formerly NAPM) Purchasing Managers Index as it looks poised to jump to 49.4 in January from the previous 48.2, possibly even breaching the key 50-level. Various components of the index, including production, new orders and employment, are forecasted to exhibit a similar expansion. The University of Michigan confidence survey is not anticipated to generate waves in FX markets, as forecasts call for the final January reading to remain virtually unchanged at 94.3. Meanwhile, traders will also be monitoring this week's World Economic Forum in New York and next week's G7 meeting in Toronto for any dollar policy rhetoric in light of the recent complaints about the strong dollar by manufacturers.    	[IMAGE] Audio Mkt. Analysis Yen Battered Across the Board       Articles & Ideas  USD/JPY: ONeill, Koizumi and January Effect    Fed Moves On, Dollar Moves Up       Articles & Ideas Forex Glossary   Economic Indicators   Forex Guides   Link Library      [IMAGE]
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Thanks for the update.  On the potential issues side, what do you mean by
weekly mark to market?  Don't you mean daily?

	Doug Leach
	01/29/2001 07:11 AM

		 To: Jeffrey A Shankman/HOU/ECT@ECT
		 cc:
		 Subject: Orion Refining

Having a meeting today with Enron representatives from legal, tax,
underwriting, accounting, trading controls, finance, trading and origination
to discuss the merits and risk of the Orion inventory financing. If I have
overlooked any positives or negatives below, please advise.Will keep you
posted.
---------------------- Forwarded by Doug Leach/HOU/ECT on 01/29/2001 07:08 AM
---------------------------

	From:  Doug Leach                           01/29/2001 06:54 AM

To: Michael A Robison/HOU/ECT@ECT, John Viverito/Corp/Enron@Enron, Michelle
Bruce/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Bjorn
Hagelmann/HOU/ECT@ECT, James W Lewis/HOU/EES@EES, David Gorte/HOU/ECT@ECT,
Stephen H Douglas/HOU/ECT@ECT, Jerry Seade/NA/Enron@Enron, Jim
Goughary/HOU/ECT@ECT
cc: Marc De La Roche/HOU/ECT@ECT, Larry Lawyer/NA/Enron@Enron, John L
Nowlan/HOU/ECT@ECT
Subject: Orion Refining

In preparation for our meeting today please find below a list of the positive
aspects and potential issues related to the Orion inventory financing.

Positive Aspects
Confidentiality Agreement signed
Spread on Enron's money
Hedging opportunities
Retain title to inventory for securitization
Strength of current equity owners
Experienced management
Access to market information
Storage and blending opportunities
Contango play
Spot and term product purchase
Crude and feedstock sale
Export cargo arbitrage
Orion keeps crack spread risk
Wide light/heavy crude spread
Good coker and hydrotreating capabilities
Reformer project
Crude supply contract with Mexico/Venezuela
Good inbound/outbound logistics
Recent success

Potential issues
Insure that there are no liens against Orion impacting Enron's title to crude
and refined products
Address environmental issues at refinery site
Commitment from equity owners
Weekly true up on yields
Weekly MTM on inventory write ups/downs
Accounting/payables/receivables/lock box issues
Evaluate hedging risk
Address shortage of hydrogen
Review reformer project plans
Review Orion's operations including planned and unplanned maintenance
Review insurance and chartering policies
Current financials
Insure that Jack Stanley has no interest in Orion
Which Enron entity should be contracting party
Review all tax issues
Personnel requirements
Exit strategy


Dear Vince,

I was really disappointed when I did not hear from Lee Ferrell after he
interviewed me back in May. Since you were so nice and very helpful, I am
wondering if you could assist me once again in landing a job at ENRON.

I ended up accepting an offer from Chase and started working right after the
graduation. Unfortunately, the job does not provide much challenge to me any
longer. Also, I am really missing the energy field, the team environment and
all that. Most importantly, I would like to apply the knowledge I acquired
at Rice and continue learning new skills. Banking turned out to be not quite
what I expected.

Anyhow, I went to the Enron job site again and found an interesting
position. Would you be able to help me out one more time to get in contact
with the right people? I would really appreciate it.

Here is the description of this position (and my updated resume).
Thank you very much.

Sincerely,

Helen Demianenko.

Job Code 0000108793

Job Title SPEC SR RISK MGMT

Location HOUSTON, TX

Job Description Essential Functions
This is a role within Enron's Risk Assessment & Control organization. If
you're seeking a challenging position that promotes your professional growth
then consider the details below:

The responsibilities of this position include:
- Financial analysis of counterparties through the use of:
- Financial statements
- Bank & Trade References
-      Ratings agencies data (S&P, Moody's, D&B, etc.,)
-     Proprietary modeling programs
- Recommending and reviewing customer credit lines for both new and existing
counterparties and then monitoring exposures vs. those credit lines
- Mitigating credit risk when necessary through the use of:
- Letters of credit
- Corporate guarantees
- Negotiation of master physical and swap documents
- Maintaining accurate documentation and schedules supporting the commercial
businesses
- Coordinating efforts through the role's contact with internal and external
groups, including:
-      Counterparties
-     Trading
-     Logistics/Scheduling
-     Legal
-     Accounting
Essential Requirements
The ideal candidate would have a degree in either Finance or
Accounting and some work experience (2+years.) An individual possessing
credit or banking in their background would be a significant plus.
Preferred Skills

Special Characteristics
The candidate should be an eager learner who will quickly become proficient
in the quantitative and qualitative components of financial information to
ascertain the financial health and viability of Enron's counterparties.
The candidate must be able to adapt and work effectively with groups which
have diverse interests.
The role requires precision and good organizational skills with an emphasis
for meeting deadlines and prioritizing.
The candidate must be able to excel in an atmosphere of change, adapting to
the constantly changing needs of the credit group.

-----Original Message-----
From: Vince.J.Kaminski@enron.com [mailto:Vince.J.Kaminski@enron.com]
Sent: Wednesday, April 25, 2001 9:42 AM
To: demianen@ruf.rice.edu
Subject: RE: Job posting

Helen,

FYI.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/25/2001
09:40 AM ---------------------------

From: Lee Ferrell/ENRON@enronXgate on 04/24/2001 06:20 PM

To:   Vince J Kaminski/HOU/ECT@ECT
cc:
Subject:  RE: Job posting

Hi Vince,

This posting is for my group.  Thanks for the referral.

    -----Original Message-----
   From:   Kaminski, Vince
   Sent:   Tuesday, April 24, 2001 5:31 PM
   To:     Goodpasture, John; Watson, Kimberly; Ferrell, Lee; Kaminski,
             Vince
   Cc:     Krishnarao, Pinnamaneni
   Subject:  Job posting

   I am teaching a class at Rice and one of my very bright students sent
   her resume
   in response to this posting. Do you know who posted this job?

   Vince Kaminski

   ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on
   04/24/2001 05:27 PM ---------------------------

   (Embedded image moved to file: pic05601.pcx)
   "Helen Demianenko" <demianen@hydrant.ruf.rice.edu> on 04/24/2001
   02:11:05 PM

   Please respond to <demianen@rice.edu>

   To:  <Vince.J.Kaminski@enron.com>
   cc:
   Subject:     Job posting

   Dear Vince,

   Thanks for talking to me this morning about the Sr. Risk Analyst
   position.
   Here is where you can find the job description for that position:

   http://www2.enron.com/jobs/cgi-bin/get_details.pl?id=0000108729&b=4x

   Also, I have cut and pasted it down below, just in case.

   I appreciate your assistance in this matter and will start working on my
   cover letter right away.
   I would also like to talk to somebody to get a better feel for the
   position
   (Is this really an MBA level position and how much of the in-depth
   learning
   opportunities for the derivatives market does it entail?)

   Sincerely,

   Helen Demianenko

   P.S. I have attached my resume (one more time).

   SR RISK ANALYST
   ESSENTIAL FUNCTIONS: Primary accountability for managing the ETS Risk
   Book
   structure and processes from a pipeline (front office) perspective. Work
   within current NNG and TW Marketing organizations to effectively
   integrate
   risk books into daily marketing and structured product activities.
   Provide
   feedback to management regarding overall and specific risk positions.
   Provide support for consistent and accurate deals entry/reporting for
   stand
   alone risk management system. Create ad-hoc reports to assist management
   in
   risk analysis. Responsible for managing and providing enhancements to
   the
   Capacity Books :? Maintain functionality and provide leadership for new
   functionality from a users perspective. Provide support and direction
   for
   integration of Capacity Books and Revenue Management Project.Support
   Revenue
   Management Team
   ESSENTIAL REQUIREMENTS: BA/BS in Finance or Accounting (MBA preferred).
   Minimum of two years financial instruments experience. Excellent
   quantitative/analytic and systems skills. Knowledge of commodity risk
   book
   concepts. Understanding of physical natural gas market, interstate
   transportation and financial derivatives. Ability to interface with
   structuring/marketing groups in order to define business requirements.
   Ability to provide leadership for business and system processes.
   Excellent
   communication skills with an ability to communicate across organization
   with
   varied skill sets and ideas. Must be self-motivated with a high level of
   energy

   PREFERRED SKILLS: NA.

   SPECIAL CHARACTERISTICS: This job functions in a team-oriented,
   fast-paced
   environment with multiple concurrent assignments and constantly changing
   priorities.

   CONTACT: Responses will be accepted through May 3, 2001. Respond to
   Enron
   Corp., Human Resources 235, P O Box 3330, Omaha, NE 68103-0330 or
   e-mail:
   dea.crum@enron.com as a .doc or .txt attachment. Please include this
   requisition number.

   Job ID  0000108729
   Department  RISK MANAGEMENT & REPORTI
   Company  ENRON TRANSPORTATION SERVICES
   ENRON TRANSPORTATION SERVICES
   Location  HOUSTON, TX
   Type
   Posting date 19-APR-01

    - Helen_D_resume.doc << File: Helen_D_resume.doc >>

 - ElenaD.Resume1.doc


Beaver Football Lovin' Fraters,

Spring is upon us and that means spring football!  Saturday, April 28th, 1pm
at Reser Stadium is the annual inter-squad scrimmage.  We will be going,
flasks in hand, to the game.  So, we would like to extend an invitation to
any fraters that would like to join us.  If enough interest is gained we will
put together a BBQ.

Check out this link for more info on the team:
http://osubeavers.fansonly.com/sports/m-footbl/spec-rel/040201aaa.html

There is also a Fun Run that morning:
http://osubeavers.fansonly.com/genrel/fun-run-01.html

Please reply by April 21st, if you have any interest, and we will see what we
can put together.

YITB,

Ryan Hildebrand
Histor
T851

Stay in touch with Tau Kappa Epsilon.  Click http://www.TauKappaEpsilon.org
and get your free TKE  StartPage.  Customize your own collection of the
latest news, sports, stock quotes, and more.   Check it out today!


We have recieved the following executed Master Agreement:

Type of Contract:  ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:   March 17, 2000

Enron Entity:   Enron North America Corp.

Counterparty:   Gold Kist Inc.

Transactions Covered:  Approved for all products with the exception of:
Weather
           Foreign Exchange


-----Original Message-----
From:  Ephross, Joel
Sent: Wednesday, March 21, 2001 4:59 PM
To: Bahlmann, Gareth; Engeldorf, Roseann; Dobin, Nora; Funk, Brenda L.; Chin,
Julia H.; Chin, Guillermo; Mintz, Jordan; Abrams, Clement; Walls, Rob
Subject: FW: Enron Guarantees

As you may recall, Terry Yates has been involved in revising the Enron Corp.
Guaranty forms. Attached are the latest versions of these documents. Please
feel free to contact me at 3-4998 with questions or comments.

 -----Original Message-----
From:  "Price, Diane R." <DPrice@velaw.com>@ENRON
[mailto:IMCEANOTES-+22Price+2C+20Diane+20R+2E+22+20+3CDPrice+40velaw+2Ecom+3E+
40ENRON@ENRON.com]  On Behalf Of "Yates, Terry A." <TYates@velaw.com>
Sent: Monday, March 19, 2001 7:09 PM
To: Mintz, Jordan; Ephross, Joel
Subject: Enron Guarantees

Attached are the revised forms of the Enron Guarantees, as follows:

1. Performance Guaranty with limited representations, covenants and
events of default.

 Clean   Blackline
  <<Houston_329544_4.DOC>>    <<Houston_497779_1.DOC>>

2. Performance Guaranty with full representations, etc.

 Clean   Blackline
  <<Houston_329552_4.DOC>>    <<Houston_497914_1.DOC>>

3. Credit Agreement Guaranty with limited representations, etc.

 Clean   Blackline
  <<Houston_331879_4.DOC>>    <<Houston_497622_1.DOC>>

4. Credit Agreement Guaranty with full representations, etc.

 Clean   Blackline
  <<Houston_331042_5.DOC>>    <<Houston_497951_1.DOC>>

In each case, a blackline to the last draft transmitted to Enron is also
attached.

Terry A. Yates
Vinson & Elkins L.L.P.
2300 First City Tower
1001 Fannin
Houston , Texas   77002-6760
Phone:  (713) 758-2110
Fax:      (713) 615-5519
Email:    tyates@velaw.com

          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You

 - Houston_329544_4.DOC
 - Houston_497779_1.DOC
 - Houston_329552_4.DOC
 - Houston_497914_1.DOC
 - Houston_331879_4.DOC
 - Houston_497622_1.DOC
 - Houston_331042_5.DOC
 - Houston_497951_1.DOC


- kudlow100901.doc


Hello from Amazon.com.

We're writing to confirm that we have processed your refund for
$18.00 for the above-referenced order.

This amount should appear as a credit on your next credit card statement.
For more information about this refund, please visit Your Account
(http://www.amazon.com/your-account) to view the above-referenced order.
Completed returns and refunds will appear at the bottom of the order
summary page.

We hope that this is a satisfactory resolution for you.
If you have any questions, please contact us via e-mail, fax, or
phone:

E-mail: orders@amazon.com
Fax:    1-206-266-2950
Phone:  1-800-201-7575 for US customers
        1-206-266-2992 for international customers

Thank you for shopping at Amazon.com.

-------------------------------------------------------------
Amazon.com
Earth's Biggest Selection
info@amazon.com             http://www.amazon.com/
-------------------------------------------------------------


Delays on April 7 and 10 due to late Power DPR.
Delay on April 11 due to Southern Cone
Delay on April 18 due to errors in Capital Portfolio.


POSREP HOEGH GALLEON, DATE: 29TH. APRIL 1200 LT.

A) Position at noon        : N 35 17 W 011 53
B) Dist. from last noon    : 447 N.MILES
C) Dist. to go to next port: 4725,5 N.MILES
D) Eta next port           : MAY 13TH. 0900 LT.
E) 1:Average sea/weather   : Wind: NE 5 Sea: NE 4
   2:Average speed         : 18,63 knots / average RPM 93,88
   3:B.O.G. consumed       : NIL
   4:F.O. consumed         : 149
   5:G.O. consumed         : NIL

ETA ALGECIRAS 30TH. 0700 LOCAL TIME.

Brgds Oe. Hansen
Master

E-mail: master.gall@hoegh.no
Teleph: Inmarsat tel.no.+874 330853910
Fax   : Inmarsat fax no.+874 330853913
Telex : Inmarsat B telex no.+584 330853915
Telex : Inmarsat C telex no.+584 430853910 (24hrs.watch)


Jeff and Ben:
Here are some more questions regarding the Caledonia and Brownsville plants.
Your assistance with these questions would be greatly appreciated.  Please
send your answers back to me when completed.  Again, thank you for your help.
Regards,
Ben
3-7998
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 12/04/2000
10:30 AM ---------------------------

Don Miller
12/04/2000 10:11 AM
To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject: Question 2

---------------------- Forwarded by Don Miller/HOU/ECT on 12/04/2000 10:10 AM
---------------------------

"Tang, David" <dtang@Cinergy.com> on 11/30/2000 07:45:51 PM
To: "'don.miller@enron.com'" <don.miller@enron.com>
cc: "Whitehead, Robert" <rwhitehead@Cinergy.com>, "Hoyos, Sergio"
<sergio.hoyos@cinergy.com>, "Chaney, Tom" <tchaney@Cinergy.com>, "Vivar, Art"
<avivar@Cinergy.com>
Subject: Question 2

More Questions:

Both Plants

1.  What are the short term NOx and CO emissions during startups, and are
there limitations during start-ups.

2.  Are industrial stormwater permits required at either site?

Caledonia

3.  In Caledonia, what is the custom fuel sampling schedule?

Brownsville

4.  What is the agency's response to the Enron letter regarding the 2nd
stormwater NOV?

5.  Has there been any further action by the agency since the 1st stormwater
NOV was never responded to?

6.  One memo stated that the stormwater is channeled to a wetland.  Was that
during construction only or is it ongoing?

7.  Were there any further problems with the B T Readymix concrete dumping
issue?


I must have deleted the GRI memo I had.  Sorry about that.


Thanks!

To: Mary Hain/HOU/ECT@ECT
cc: Linda L Lawrence/NA/Enron@Enron, Dan Houston/Corp/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Rita Anderson/Corp/Enron@Enron, Christi L
Nicolay/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT, Monica Lande/PDX/ECT@ECT,
Fran Chang/PDX/ECT@ECT
Subject: Re: Department of Energy Report - 3rd Qtr

This report is accurate.  For a variety of reasons, CFE (exports to Mexico)
went to zero.  I agree with the export number to Canada.  If anyone wants to
know about Mexico, call me, and I'll fill you in on all of the changes they
made!


FYI,  Draft that we sent to Peter with our comments.

----- Forwarded by Gerald Nemec/HOU/ECT on 04/19/2001 09:00 AM -----

	Lisa Mellencamp
	04/18/2001 07:04 PM

		 To: "Meier, Peter" <peter.meier@neg.pge.com>@ENRON
		 cc: Steve Van Hooser/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT
		 Subject: Re: AGREEMENT WITH RESPECT TO GAS TRANSPORTATION

peter, please see below. would like the lawyers  to see and then we can
redline v your draft.
do you have ucc run to confirm not pledged now?
gerald, can you confirm that now all in et gas as peter has heard it is?
assume you are ok with protective ucc filed on our part too.

Lisa J. Mellencamp
Enron North America Corp. - Legal
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com


-----Original Message-----
From: 	Praveen Kumar <pkumar@uh.edu>@ENRON
Sent:	Monday, November 26, 2001 4:43 PM
To:	vkamins@enron.com
Subject:	Seminars

Vince,

Two recruiting seminars this week for the Finance Department that may be of
interest to you.

(1)Thursday, November 29:  Evgenia Portniaguina (University of Utah). She is
completing here Ph.D., and is one of their strongest students ever. She is
originally from Russia with a BS in Exploration Geophysics (4.0 GPA), Oil &
Gas Academy, Russia.  She will now speak on a Finanicial Market
MicroStructure topic, but she could be of great interest from the Energy
Institute point of view.  Her seminar is in Room 256, Melcher Hall,
10:30 -12 noon.

(2) Friday, November 30:  Peter Carr, Adjunct Professor at Courant
Institute, NYU...His specialization is in derivatives (although he will talk
on "Hedging with Incomplete Markets"). His talk is also in Room 256, 1:30-3
p.m.

Best,

Praveen

Praveen Kumar
Chair and Professor of Finance
C.T. Bauer College of Business
334 Melcher Hall
University of Houston
Houston, TX 77204-6021
713-743-4770/713-743-4789 (fax)


FYI
----- Forwarded by Mark E Haedicke/HOU/ECT on 09/22/2000 01:25 PM -----

	"Oller, Jeremy" <Jeremy.Oller@chguernsey.com>
	09/22/2000 12:14 PM

		 To: "'MARK.E.HAEDICKE@ENRON.COM'" <MARK.E.HAEDICKE@ENRON.COM>
		 cc:
		 Subject: C.H. Guernsey & Company's antitrust links

To:   MARK E. HAEDICKE
 From:   Shaun D. Ledgerwood, J.D., Ph.D., Jeremy Oller, J.D.
Re:   C.H. Guernsey & Company's Antitrust Web Links

      We at C.H. Guernsey & Company are actively engaged in providing
resources to our clients in the areas of antitrust and the deregulating
industries. To this end, we have compiled a set of web pages linking
directly to federal and state antitrust legislation and to antitrust cases
of specific interest to analysts of the markets for electricity, natural gas
and telecommunications. Since they may be useful research tools for other
analysts in the field, we are now making these pages publicly available
though our web site. The address for "C.H. Guernsey's Antitrust Links" is:

http://www.chguernsey-econ.com/antilinks.html

     We invite you and interested members of your organization to review
these materials and to comment thereon; note that other comprehensive links
pages specific to electric and natural gas deregulation are also available
through our site (click "links" from our home page,
http://www.chguernsey-econ.com). All pages are updated bi-weekly.

     Should you or your organization maintain a web presence, you are
welcome to add a link to our web page from your site. If you have any
observations concerning the information on our site or any issues concerning
forming a link to us, please reply to this e-mail
(shaun.ledgerwood@chguernsey.com) or contact us between 9:00 and 6:00
CST/CDT at (405) 416-8183.

Sincerely,

Shaun D. Ledgerwood, J.D., Ph.D.
Economist/Attorney at Law

Jeremy Oller, J.D.
Economic Analyst/Attorney at Law


Mary Hain has resigned her position with Enron.  Please remove her from all
your mail lists.

Thank you.

Lysa Akin
Gov't Affairs - Sr. Admin. Ass't.

	Enron Capital & Trade Resources Corp.

	From:  "SCIENTECH IssueAlert" <IssueAlert@scientech.com>
     03/28/2001 02:59 AM

To:
cc:
Subject: AES Completes Acquisition of IPALCO

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IssueAlert for  March 28, 2001

AES Completes Acquisition of IPALCO

by Will McNamara
Director, Electric Industry Analysis

The AES Corporation (NYSE: AES) announced that it has completed its
acquisition of IPALCO Enterprises, the Indianapolis, Ind.-based utility with
3,000 MW of generation and 433,000 customers in and around Indianapolis.
IPALCO has now become a wholly owned subsidiary of AES through an exchange of
shares in which each outstanding share of IPALCO common stock will be
exchanged for 0.463 shares of AES common stock. IPALCO common stock was
suspended from trading at the close of the market on March 27.

Analysis: The purchase of IPALCO, an established and respected utility in the
Midwest, will help AES to continue to secure its foothold in this region and
further the company's aggressive expansion efforts along the generation side
of its business. AES already owns CILCORP, an energy services company whose
largest subsidiary, CILCO, serves portions of Illinois and Missouri. (Note
that pursuant to an SEC order, AES will restructure and/or sell its ownership
interests in CILCORP within two years in order to retain its status as an
exempt holding company under PUHCA). Thus, through the purchase of IPALCO,
AES is strengthening a presence in the Midwest that it already has
established. In addition, from this purchase we now know that AES, along with
being a global player, intends to remain dominant throughout the United
States as well. Further, the acquisition represents a rather bright
development for AES, considering that the company has recently encountered
some ongoing challenges related to its operations in California.

First, let's examine the value of AES' acquisition of IPALCO. Certainly, the
3,000 MW of generation that AES gained in the deal must have been the primary
draw, but from comments made by Dennis Bakke, AES president and CEO, the
company apparently also wants to become a marketing presence in Indiana (and
the Midwest as a whole). IPALCO gains in the deal by now being under the
aggressive management of AES; the subsidiaries under IPALCO such as
Indianapolis Power & Light will now stand a much better chance for global
development and expansion.

As with other generation acquisitions that AES has made, the company secures
a decided edge over competitors that may have strong marketing presence but
fewer hard assets. With its strong generation portfolio, to which the IPALCO
purchase only adds, AES can further guarantee to potential customers a
reliable power supply. AES is one of the largest generation companies in the
world, having reached this level through a series of strategic acquisitions.
The company's generating assets include interests in 134 facilities totaling
over 48 gigawatts of capacity. By comparison, Calpine has approximately
36,700 MW, Dynegy has a net ownership of 12,497 MW, and Reliant has about
27,000 MW. In addition, AES' electricity distribution network has over
920,000 km of conductor and associated rights of way, and sells over 126,000
GWh per year to over 17 million end-user customers.

AES has surpassed many of its power supply competitors by maintaining an
aggressive growth strategy over the past year. Recent milestones for the
company are too many to list here. However, highlights include acquiring a
controlling interest in Electricidad de Caracas; acquiring 100-percent
interest in Tractebel Power; purchasing 70-percent interest in the Mohave
Generating Station in Laughlin, Nev.; and purchasing GeoUtilities, Inc., an
Internet-based superstore for energy and telecom services. Just since the
start of 2001, AES entered into an agreement to purchase all of the energy
assets of Thermo Ecotec Corporation, a wholly owned subsidiary of Thermo
Electron Corporation of Waltham, Mass., for $195 million, and announced new
generation development projects in Texas and California. AES also has
continued its international expansion with an acquisition of a 140-MW
oil-fired co-generation facility in Italy, the acquisition of a 290-MW
barge-mounted natural-gas fired generating business in Nigeria, and the
purchase of additional ownership interest in a 1,000-MW hydro plant in
Argentina.

As I've said in the past, AES is a company to watch. Even when acquisitions
that AES is making seem rather small, they must be taken within the context
of the portfolio that AES is building. Whether it's generation, retail
marketing, telecom, or selling electricity over the Internet, AES has a
foothold in many different areas. AES is a major player that can offer the
full package to a customer, which may in the end be its strongest advantage.
The company maintains that it is engaged in three lines of businesses, which
are all equally important to its strategy: power generation, network delivery
services and retail energy marketing. However, it is important to recognize
that AES continues to build a huge generation arsenal and now has the
capability to market its commodity products through its marketing
subsidiaries.

However, although AES has had a fairly successful year, the company has hit
some bumps and made some questionable decisions along the way, all of which
were related to the California market. AES has established several tolling
agreements with Williams Corp. for the power plants that AES owns in
California. Under the tolling agreements, AES essentially rents its plants to
Williams so that Williams can generate fuel to electricity, which it then can
sell on the wholesale market. In other words, Williams had a contract to
market all of the power generated by AES' California plants. In hindsight,
AES may regret the questionable decision to enter into the tolling agreements
with Williams in California. Although AES did well last year, with net income
rising 181 percent to $641 million, the company reportedly lost $11 million
on the lucrative California market. Meanwhile, Williams (NYSE: WMB) reported
unaudited 2000 income from continuing operations of $873.2 million, or $1.95
per share on a diluted basis, versus $178 million, or 40 cents per share on a
restated basis, for 1999. AES also took a hit when it had to pay air
pollution fines and buy power on the wholesale market to meet its obligations
to Williams when it was forced to shut some plants down.

Further, AES (along with other companies) continues to fall under the intense
scrutiny of FERC for pricing that the commission has deemed "unjust and
unreasonable" for power generated at AES-owned plants. FERC's investigation
centers on the unavailability of certain so-called "must run" generating
plants in the Los Angeles area that are owned by AES Southland, a subsidiary
of AES. A "must run" plant is a generating facility that the California ISO
can call upon to provide energy and ancillary service essential to the
reliability of the California transmission network. Several weeks ago, FERC
announced that a preliminary investigation raised serious questions about the
actions of Williams Energy Marketing and Trading and AES.

On March 14, FERC gave the two companies 20 days to explain why they should
not refund $10.86 million to California utilities. Further, FERC said that
"Williams had a financial incentive to prolong any outages" of two AES-owned
plants last April and May. "Williams received more revenues as a result of
the respective outages," the commission said. AES responded to the charges by
saying that the plants were taken off line for repairs and that it did not
share in market revenues from sales of power from the plants. According to a
report in The Washington Post, AES Pacific Group vice president Stu Ryan said
that as long as the plants are in operating condition, Williams decides when
they will run and what it will charge for their power.

As a result of the unavailability of the two "must run" AES plants, the
state's ISO had to obtain power from other plants, also owned by AES, where
the power was much more expensive and the companies made much larger
profits.  The commission said its investigation indicated that AES and
Williams refused to make the two "must run" plants available "for reasons
that were not directly related to the necessary and timely maintenance" of
the plant.

Many power supply companies that were active in the California wholesale
market now are retreating due to the volatility and uncertainty of the
state's market. Although it remains unclear how AES will continue to
participate in the California market, it may be a smart move for the company
to focus on expanding operations in other regions of the United States (such
as the Midwest). Yet, how AES' acquisition of IPALCO will impact the
company's bottom line remains to be seen. Standard & Poor's (S&P) is
reserving its assessment of the partnership for the time being, and is
keeping AES on CreditWatch. AES' double-'B' corporate credit, single-'B'-plus
rating on subordinated debt, and single-'B' rating on the company's trust
preferred securities remain intact pending further review and information
about the acquisition of IPALCO. Also, S?lowered its corporate credit ratings
on IPALCO to triple-'B' from single-'A'-plus, and IPALCO's subsidiary,
Indianapolis Power & Light Co. (IPL), to triple-'B' from double-'A'-minus,
and revised the CreditWatch implications to positive from negative. S?expects
to address the CreditWatch status in the next two weeks.

On March 27, AES shares closed at about $47.75. As of mid-morning on March
28, AES shares were priced at about $50.00. Over the last few days, AES
shares have increased by about 5 percent and have closely tracked the Dow
Jones Utility Average.

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The next scheduled RCR meeting will take place as follows:

Date:		Monday, October 8

Time:		1:00 PM (CDT)

Number:	1-877-660-6591 (domestic)      (please note the new number...I'm using the new WorldCom conferencing service)
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Thanks and call if you have any questions.

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EnronOptions Announcement

You can now access a web site that describes EnronOptions ) Your Stock Option
Program.  The web site contains some highlights of the EnronOptions Program
as well as some Frequently Asked Questions (FAQs).

Access EnronOptions ) Your Stock Option Program web site by clicking on
http://hrweb.enron.com or by typing the address into your web browser.

We hope you find the site helpful in addressing your questions about the
EnronOptions Program.  If you have any questions, please contact your H.R.
Representative.

There will be several EnronOptions - Your Stock Option Program presentations
throughout the month of January.  Stay tuned to a computer near you for
details.


Mark,

Thanks for the good news on Friday.

Can you please outline the pocedures we should follow for our Online LME
business.

regards
bruce


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There is no buy-back - we are their only pipeline supplier and it is a
requirements deal.

	From:  Robert E Lloyd                           03/21/2000 09:12 AM

To: Lee L Papayoti/HOU/ECT@ECT
cc: Stacey Neuweiler/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Howard B
Camp/HOU/ECT@ECT, Pat Clynes/Corp/Enron@ENRON, Jackie Young/HOU/ECT@ECT
Subject: March 2000 Activity ; Enichem Elastomers Americas, Inc.

 I have been told this counterparty has scheduled some maintenance for March
22nd through March 23rd or 24th.

 HPL  is selling them 2.0/day ; Sitara #: 92794.  The 2.0/d is the only
activity at the meter.

 Please advise.


Susie,

Yes, you have been missed at the last couple of events!  I hear you have
your head burried in Enron.  No fun!!!!  I hope that you are getting paid
overtime or compensated in some way for all of your efforts!

Things have been going really great here - still planning for the wedding
and trying not toget too anxious and enjoy all of the engagement time!  The
shower was fun to get Christmas stuff - unfortunately, most of it is packed
up in boxes because I wanted to save it for next year (the 1st).  Some
stuff though, I just couldn't help it.  About all of this football stuff -
thank goodness the season is nearing a finale.  The weekend trips were
gettting a little intense.  We have to go to a wedding on the 29th, so not
sure what he is going to do for the game.  Supposedly Boyd is going to the
wedding too and they are going to sneak to the hotel bar to catch a
glimpse.

My family is doing great!  I just heard word that my brother is coming in
the entire week before the wedding so we can hang out and he is coming for
the engagement party!  (They recently moved to Philadelphia and are not
coming home for Christmas, so whenever I hear of him coming, I get so
excited!)

Good luck with all of your stuff - don't miss Christmas!  :o)

Love you and I miss seeing you!!!

Love, Lisa

<Susan.M.Scott@enron.com> on 12/12/2000 09:56:37 AM

To:   jkbowles@hotmail.com, JesPulliam@aol.com, Lisa.A.Meador@chase.com,
      emily.boon@msdw.com, edrington@uthscsa.edu
cc:
Subject:  Hi girls...

As it appears I will be living and breathing the 32nd floor of the Enron
building well through the first of the year, I've decided to break down and
try to maintain my friendships via email.  You all know me well enough to
know that this a huge step on my part ( I am not the world's best emailer).
Anyway, I feel like I'm out of touch with what's going on in your
collective lives and am thus missing out on some pretty wonderful, exciting
and special things.  So when and if any of you get a chance shoot me back a
quick note and let me know what's new in your life.

Love you guys,
Susan

Jennifer - Hope work is going well.  I know this time of year has got to be
crazy for anyone in your line of work, but I'm sure you're handling it
well.  We really need to go grab coffee, dinner, a movie or something soon.
I'm in need of a good chat.

Jessica - I know you're in the midst of finals right now and probably about
to pull your hair out.  Just focus on the fact that they'll be over soon
and you'll be off to London to see Ashley and Lee ( I am so jealous).
Please tell Clay I say hello and wish him good luck as well on y'alls
exams.

Lisa - Hey sweetie!  I am so sorry I couldn't make it to your shower in SA,
but Jen said it went really well.  We need to get together soon I've missed
seeing you and especially hearing about the wedding and all the fun goings
ons in your life.  Tell Brad I say "Hi" and I'll be glued to the TV set
just like him on the on the 29th rooting on the Horns.

Emily - I really want to hear how your Thanksgiving went with Thomas and
the "Fam".  Knowing Thomas it went great and your entire family (especially
your Mom) is absolutely in love with him.  Keep me posted on your plans for
the future ( I'm curious where you're going to end up geographically).
Also, I thought you'd find it interesting that I may have an opportunity to
work in your old hometown - Chicago.  Any thoughts?

Elizabeth - I have really been out of touch with you and I am very mad at
myself for letting that happen.  Please write back soon and let me know how
school, your family and this new man in your life ( okay, I'm not
completely out of touch) are all doing.  My guess is you're going through
exams as well right now so I'll wish you the best of luck and infinite
success.


Hi there.

Do you have to be a licensed claims handler (or a lawyer) to handle a third
party's insurance claim?  Same for selling insurance?

Thanks,

ckm