Fortune Global 500 List: Enron No. 16
Fortune, July 23, 2001
THE CARNAGE GETS WORSE Profits at bellwether companies slid in the second
quarter
BusinessWeek, 07/30/01

Power-Market Bear Mauls Plans For New Generators In West
Dow Jones Energy Service, 07/26/01
UK: Carrots and sticks to turn big business greener.
Reuters English News Service, 07/26/01

JAPAN: UPDATE 1-Kobe Steel to raise 165 bln yen for power business.
Reuters English News Service, 07/26/01

ENRON CANCELS MIAMI-DADE PLAN POWER PLANT BUILDER FAVORS DEERFIELD SITE
South Florida Sun-Sentinel, 07/26/01

Rove's First Step Toward Shedding Stock Took 5 Months
The Washington Post, 07/26/01

Insider Selling by Enron Execs Speaks Louder Than Their Words
TheStreet.com, 07/20/01

Enron's Own Dot-Com Bubble Finally Popped
TheStreet.com, 07/13/01

Fortune Global 500 List: Enron No. 16
Fortune, July 23, 2001
http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=203281

News: Analysis & Commentary: FLASH PROFITS
THE CARNAGE GETS WORSE Profits at bellwether companies slid in the second
quarter
By Pallavi Gogoi in Chicago, with bureau reports

07/30/2001
BusinessWeek
34
(Copyright 2001 McGraw-Hill, Inc.)

Welcome to the earnings recession. Economists may debate the health of the
economy, but there's little doubt where Corporate America stands: Profits
have shrunk for three consecutive quarters now. Higher energy costs, the
gut-wrenching hangover from tech-spending excesses, and the strong dollar
have all contributed to a slowing economy--and continue to take a heavy toll
on earnings.
That's despite seemingly strong revenue gains. Although overall sales rose 8%
in the second quarter from the year before, BusinessWeek's flash profit
survey of 90 bellwether companies shows that net income shriveled 34%. But on
a closer look, sales weren't so hot either. Much of the jump stems from Enron
Corp.'s 196% revenue gain. Barring that, overall sales were flat. DEPRESSED.
Nor is the carnage over yet. First Call/Thomson Financial says earnings will
drop 8% in the third quarter. Worse, recent earnings surprises have the
Boston firm backing away from a projected 3.3% profit recovery in the fourth
quarter. So far, 811 companies have warned of lower second-quarter earnings,
up from 263 a year ago. ``You don't switch from record earnings warnings to
normal overnight,'' says Charles L. Hill, First Call's director of research.
Few sectors escaped the bloodbath. Tech companies continued to lead the
downturn: Intel Corp.'s net dropped 94% on depressed demand for chips, while
Motorola Inc.'s $759 million quarterly loss was one of the worst among the 90
companies. Carmakers and airlines didn't fare much better. General Motors
Corp.'s profits plunged 73% on weaker sales and losses from overseas units.
``The strong dollar is becoming an increased problem in the marketplace,''
says GM CFO John Devine. Among carriers, UAL Corp. was one of the worst
performers, posting a $292 million loss. Corporate travel cuts will force
losses at most major carriers.
The financial services sector was a mixed bag. Citigroup's net rose 9%, to
$3.7 billion, on higher global business growth. But venture capital
investments in technology dealt Wells Fargo & Co. an $87 million loss.
There were few surprises among the quarter's star performers. Jack Welch will
retire with his legacy as a master of strong and consistent earnings intact:
General Electric Co. earnings rose 15%, to $3.9 billion. Pharmaceuticals were
also healthy. Pfizer Inc.'s net surged 56% to $1.8 billion, and Johnson &
Johnson's climbed 9%, to $1.5 billion, on increased drug sales. Good thing.
If the economy stays sick, we're all going to need plenty of painkillers.

Table: BusinessWeek's Flash Profits Survey (This table is not available
electronically. Please see the July 30, 2001 issue.)
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Power-Market Bear Mauls Plans For New Generators In West
By Mark Golden
Of DOW JONES NEWSWIRES

07/26/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- The crumbling price of electricity in the western
U.S., attributed by many to federal price controls, has forced power plant
developers to cancel projects, calling into question whether there will be
enough electricity to meet demand in the Northwest this winter.
The cancellations of peaking plants and temporary, oil-fired generators -
high-cost units that provide power needed only when demand is highest - have
cut projected generating capacity in the Northwest by up to 1,000 megawatts,
about 3% of the combined peak demand of Washington, Oregon, Idaho and western
Montana.
"The price caps have added uncertainty," said Scott Simms, spokesman for
Enron Corp. (ENE) unit Portland General Electric Co. "If we look forward to
this winter and you see a diminished supply scenario, you can see why we have
concerns about regional reliability. That could put us in a position of
having rotating outages in the region."
About two weeks after the Federal Energy Regulatory Commission imposed limits
on western power prices on June 19, Portland General halted installation of a
new 45-megawatt gas-fired peaking turbine at its existing Boardman power
plant.
The utility was developing the extra generation both to meet its customers'
needs and to sell some output to other Northwest utilities left short of
hydroelectric supplies due to this year's drought. A turbine that size could
power about 45,000 homes.
"You can directly attribute that to FERC price controls," Simms said.
After the FERC order, at least two utilities in Washington State ended
negotiations with NRG Energy (NRG) for supplies from new plants that NRG was
ready to build in time for winter. Both utilities - Tacoma Power and
Snohomish County Public Utility District - experienced significant supply
shortages in the past 12 months, paid very high prices in the spot market and
had to raise customer electric rates by as much as 50%.
But both utilities told NRG, and later Dow Jones Newswires, that they had no
reason to sign long-term contracts to guarantee new supplies, because the
FERC had practically eliminated the financial risk of relying on the spot
market. NRG, as a result, scuttled plans to build peaking plants in
Washington that could have added 300 megawatts.
FERC's price controls, as well as supply-demand fundamentals, have
dramatically changed the economics of selling power into the West's open
market in the past few months.
The current western U.S. electricity price cap of $98 a megawatt-hour covers
the costs of generating power from easy-to-install but inefficient peaking
turbines, but not the capital costs of buying and installing new peakers. In
addition, the current price cap may soon be recalculated to a much lower
level. The cap is based largely on natural gas prices, which have been cut in
half since the cap was first formulated in June.

Not Everyone Blames FERC

The average monthly price for on-peak hours in the Northwest from August
through March is $60 a megawatt-hour - a fraction of what it was three months
ago. Many in the western electricity industry think that's because FERC's
price controls have kept prices artificially low. A smaller group thinks the
market is appropriately signaling that not all the planned gas-fired plants
are needed, because some power plants are already under construction and
consumers are conserving electricity.
Jim Kemp, a senior executive for the Canadian utility TransAlta's (TA.TO)
merchant power group, TransAlta (TA.TO), for example, doesn't attribute the
cancellation of projects to price controls.
"I see it as due to demand-side control and new units," Kemp said. "The
market is sending out a signal that we have enough. Maybe this winter we will
find that we don't have enough, but that's not the signal the market is
sending now."
The spot market for power has been far below the federal price cap for two
months. Mild weather, a slowing economy and conservation efforts throughout
the West have made power from expensive peaking plants unnecessary except for
a few hours so far this summer.
"Prices started to come down before the FERC mitigation plan started," said
Tacoma Power supply analyst David Lucio, who was negotiating with NRG. "The
need to try to execute a contract wasn't as great with the prices falling."
Lucio said there should be enough capacity to get the Northwest through the
winter, barring abnormalities like a long, extended freeze.
Construction of dozens of peaking plants in the West is going forward in
cases where developers sold supply contracts in advance. TransAlta is
continuing construction of a 154-megawatt peaking plant in Washington,
because much of the plant's capacity was sold months ago.
"The number of announced projects is far and away more than what is needed
within the time frame we're talking about," said Dick Watson, a director with
the Northwest Power Planning Council.
Still, several western utilities have asked the FERC to raise the price cap.
Puget Sound Energy (PSD) told the FERC the cap "undercuts the Commission's
efforts to ensure adequate supplies of electricity."
As previously reported, some small oil-fired generators, which are even more
expensive to operate than the permanent, gas-fired peaking plants, have even
been taken off line permanently after being installed over the past six
months. And orders for new generators have been canceled.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

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

UK: Carrots and sticks to turn big business greener.
By Andrew Callus

07/26/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, July 26 (Reuters) - Stricter environmental laws, flagged by last
week's climate change conference, have companies scrambling to link
investment strategies to making money from helping save the planet.
Governments from 186 countries returned home from a climate change meeting in
Bonn with the task of making the 1997 Kyoto protocol on combatting global
warming into law.
After that, they must find ways to meet their respective carbon emissions
limits by 2012, or face penalties.
The deal reached in Bonn will allow the trading of greenhouse gas emissions
whereby a company polluting below its limit can sell credits to a company
polluting more than is allowed. Advocates of the system believe this will
create incentives to cut emissions and will help reduce costs of lowering
emissions.
The allowances of greenhouses gases a company can emit will be denominated in
metric tonnes of carbon dioxide equivalent.
Energy giant Royal Dutch/Shell predicts a traded price of $5 a tonne of
carbon in 2005, rising to $20 a tonne (equivalent to $6 a tonne of CO2) by
2012.
"Our investment criteria today incorporate that cost of carbon," said David
Hone, Climate Change Adviser to the Anglo-Dutch group.
"What that's doing is starting to steer our investment portfolio and our
project portfolio to lower emission projects, or forcing higher emission
projects to go down the route of more investment to mitigate that carbon in
the first place."
"This is a big agenda now. It's serious stuff," said Mark Lilley, a partner
in risk management at the consultancy Accenture. "Business, and not just the
energy business, just has to be part of it on every level, or it risks
getting burned."
NEW TOOLS
Besides the internationally tradeable carbon pollution credits, the
governments agreed initiatives such as Clean Development Mechanisms (CDMs)
that allow developed nations to score credits by funding climate friendly
projects in developing countries.
On top of this, they have their own decisions to make on what kind of
domestic legislation to use to get the message through to industry.
Their options include bully tactics such as UK's Climate Change Levy on
greenhouse gas polluters, incentive-based schemes like Germany's guaranteed
prices for greener electricity, or a combination of both styles.
But it will be the business community that does the emissions reducing, the
trading, and the innovating.
"Now (after Bonn) we have targets, timeframes, market mechanisms and
opportunities to develop some new energy technologies," said Nick Hughes,
environmental policy adviser to the British oil multinational BP Plc.
"Now that those elements are there and there's an opportunity to do something
on a global scale, the ball is really rolling."
Green investment funds springing up everywhere are not just focussing on the
obvious alternative energy plays.
Emma Howard Boyd runs the Environmental Research Unit of British fund Jupiter
Asset Management, managing two green funds worth about 230 million pounds
($330 million).
About 70 percent of her funds are in "solution providers" like Danish wind
power stock Vestas and the British public transport operation FirstGroup that
is involved in testing fuel cell powered buses.
But the remaining 30 percent is reserved for companies from a wide range of
sectors that are minimising their environmental impact.
"We believe we are focussing on the companies of the future," she said.
"There are strong drivers coming into place to encourage their growth."
Nevertheless, it looks as though Big Oil, the motor industry, and power
utilities are destined to play the biggest part.
"It's not a revolution we are looking at here, it's mainly about doing
existing things better," said David Kernohan, Manager of the Energy
Environment Service at the consultancy Cambridge Econometrics.
"The new fuel technologies and fuel efficiency improvements achieved by the
energy producers and motor manufacturers are major achievements, even if not
very flamboyant ones."
The prospect of emissions trading alone will bring the trading skills of
existing energy giants and gas and power traders like Enron into play.
And, of course, all the corporate oil producers - even the environmentally
conservative giant Exxon Mobil - recognise the shift to cleaner gas, and are
scrambling as fast as they can in that direction with their production
portfolios.
"Gas has a major role to play as a bridge to sustainability and we are
talking about decades in that role," said Frank Chapman, chief executive of
the gas-rich energy group BG.
Independent Power Producers (IPPs) like International Power and Calpine and
their construction partners are obvious beneficiaries of CDM projects,
building cleaner replacement plants in developing countries for maximum
carbon credit points.
But nuclear generators, too, are looking for rehabilitation, now that the
environmental focus is off the toxic waste debate and on CO2 emissions -
where they are zero emitters along with more expensive wind and solar power.

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

JAPAN: UPDATE 1-Kobe Steel to raise 165 bln yen for power business.

07/26/2001
Reuters English News Service
(C) Reuters Limited 2001.

TOKYO, July 26 (Reuters) - Kobe Steel Ltd, Japan's fifth-largest steel maker,
said on Thursday it would raise 165 billion yen ($1.34 billion) in project
funds from banks to launch an electricity wholesale business.
It will borrow funds from banks including Dai-Ichi Kangyo Bank, Sanwa Bank,
the Industrial Bank of Japan and Sumitomo Mitsui Banking Corp.
Kobe Steel is currently building two coal-burning power generators with
output capacity of 700,000 kilowatts each in the western city of Kobe, with
plans to begin supplying electricity to the wholesale market from April 2002.
As part of ongoing moves to deregulate the power industry, Japan opened up
the market for the supply of electricity to large-lot consumers in March
2000.
The electricity is supplied to office buildings and commercial centres among
others, and represents some 30 percent of the power market.
Only a handful of firms have been successful so far in taking business away
from Japan's 10 main power utilities, which until last year enjoyed a
regional monopoly on the wholesale business.
Some foreign firms have also expressed an interest in carving a niche, most
notably Enron Corp, a U.S. energy marketing and trading giant.
Japan plans to review its deregulation measures in 2003.
Kobe Steel's shares ended the day up 3.13 percent, or two yen at, 66 yen.
($1=123.58 Yen).

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

LOCAL
ENRON CANCELS MIAMI-DADE PLAN POWER PLANT BUILDER FAVORS DEERFIELD SITE
ELLIS BERGER Miami Bureau

07/26/2001
South Florida Sun-Sentinel
Broward Metro
4B
(Copyright 2001 by the Sun-Sentinel)

Enron Corp. is focusing its energies on building a power plant in Deerfield
Beach now that it has canceled construction plans for a site in far south
Miami-Dade County, a company spokesperson said Wednesday.
"We're not renewing our option on the Miami-Dade property," said Lea Sooter
in a telephone interview from Enron headquarters in Houston. "This makes
Deerfield Beach that much more important to the citizens of Florida. I don't
know what the big picture is for Florida, but there is a definite need for
power."
But Sooter refused to conclusively rule out the possibility Enron could
someday build on another site not far away in south Miami- Dade. She
acknowledged that a company project manager met with officials of Homestead,
a city faced with severe financial problems. But nothing came of the meeting.
"We were approached by the city of Homestead, and were listening to what they
could bring to the table," she said in a prior interview. "We do that all the
time on projects that never get developed."
Charles LaPradd, Homestead's communications and project manager, said city
officials had no specific site in mind, but let Enron know the company would
be welcome in the city that has its own power plant.
"It never went anywhere, but it's still open," LaPradd said. "It was a `we're
here' kind of thing. We showed our power plant to them. It's always good to
have backup. We have three of our 16 main generators down."
The Deerfield Beach project is currently stalled. Given the go- ahead in June
by the city's Development Review Committee, it was put on hold last week when
the Broward County Commission imposed a moratorium on new power-plant
construction. Enron officials said the company was considering legal action
as well as trying to convince the state Department of Environmental
Protection to intervene.
The moratorium, enforced by denying the air-quality operating permits are
required for power plants, is to end May 1.
Sooter said Enron's Miami-Dade decision was based on which site would best
serve the public interest.
"It is not unusual for us to look at multiple sites and choose to build on
the one that is going to work best for everyone," she said.
The action clears the way for Miami-Dade's Department of Environmental
Resources Management to close a construction landfill near the 61-acre site
at Southwest 256th Street and 97th Avenue, east of the Homestead Extension of
the Florida Turnpike.
Environmentalists and residents of the nearby Lakes of the Bay neighborhood
vehemently opposed the project. But Sooter said that opposition had nothing
to do with the switch in plans.
"Enron wants to be seen as the good guys," she said. "The primary benefit we
can give the residents of Miami-Dade is to let the county close the landfill
in a timely manner. DERM can now go forward on their own time line with Enron
out of the loop."

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

A Section
Rove's First Step Toward Shedding Stock Took 5 Months
George Lardner Jr.
Washington Post Staff Writer

07/26/2001
The Washington Post
FINAL
A04
Copyright 2001, The Washington Post Co. All Rights Reserved

Shortly before he was named as President Bush's senior adviser in January,
Karl Rove met with a transition team lawyer who took a look at Rove's stock
portfolio, heavy with companies that do business with the government, and
told him he would probably have to sell.
"He wanted it cleaned up as fast as he could," said the lawyer, Fred
Fielding. "He didn't want the bother." But Fielding advised Rove to wait
until he obtained a certificate of divestiture from government lawyers -- a
determination that the stocks did, indeed, pose a conflict -- in order to
defer paying capital gains taxes.
Yet, it took more than five months for that step to occur, and, in the
meantime, Rove met with officials or trade association representatives of at
least six of the companies in which he said he had more than $100,000 worth
of stock: Intel, Enron, General Electric, Johnson & Johnson, Pfizer and
Cisco.
Given Rove's preeminent position in the Bush White House and the size of his
holdings, those meetings have generated the very trouble Rove had said he
wanted to avoid. Democrats have seized on the meetings to accuse the
administration of the kind of ethical lapses that Republicans were quick to
jump on during the Clinton administration, and Rep. Henry A. Waxman
(D-Calif.) has demanded that Rove's conduct be referred to the Justice
Department.
Republicans have said the controversy smells of political payback -- "putting
politics before the facts," White House spokesman Dan Bartlett said of Waxman
-- and dismissed suggestions that the meetings constituted a conflict of
interest.
In a June 29 letter to Waxman, White House counsel Alberto R. Gonzales
defended Rove, saying that he "either had passing, inconsequential contacts"
with some of the companies in his portfolio "or participated in broad policy
discussions" on issues affecting them, such as energy policy. None of this,
Gonzales said, "presents an ethical problem under applicable regulations."
But several ethics experts said they thought that determination should be
made by the Justice Department, not the White House, although they said they
doubted a review would result in anything more than a civil penalty, if that.
One expert, a Republican who asked that his name not be used, blamed White
House lawyers for political ineptitude in failing to see that "top guys" like
Rove should have been given priority instead of being kept waiting for weeks
while lower-ranking staffers had their holdings reviewed.
"If the system had worked efficiently, within a short period of time, a
certificate of divestiture would have been issued, [Rove's] stock sold, and
that would have been it," the source said. "A lot of forms have to be
reviewed, but if there are problems, most of them are going to wind up on the
Fed Page. If the chief of staff or senior political adviser gets into
trouble, it's Page One."
Under the federal conflict-of-interest law, it is a crime for any government
official to take part "personally and substantially" in a government action
about any "particular matter" in which he or she has a financial interest.
Regulations issued by the Office of Government Ethics cover appearances of a
conflict, or situations that would not violate the criminal law but "would
raise a question in the mind of a reasonable person about [the official's]
impartiality." Failing to meet that standard can result in a reprimand,
suspension or dismissal.
President Bush told his staff at its swearing-in ceremony Jan. 22 that he
expected "every member of this administration to stay well within the
boundaries that define ethical and legal conduct. This means avoiding even
the appearance of problems."
According to the White House, lawyers from the counsel's office met with Rove
in early April and again April 24 to inform him of several options he had in
addition to selling his stocks. White House spokeswoman Anne Womack said
these included seeking waivers that would have allowed him to participate
despite a conflict or selling his stocks down to permissible "threshold
levels."
Rove said he still wanted to sell everything and the lawyers started working
on an application for a certificate of divestiture. Under OGE guidelines, it
amounted to an affirmation on Rove's part that he had to sell the stocks "to
eliminate or prevent a conflict of interest."
Waxman said last week that the White House did not have the power to judge
Rove's conduct. He cited the federal law requiring that executive branch
departments, including the White House, report to the Justice Department "any
information" relating to criminal violations by an employee.
"Congress appropriately believed that the Department of Justice would be in a
better position to render an impartial judgment than the employee's own
department or agency," Waxman wrote.
The Clinton White House was boxed in by that law on two occasions. Former
White House counsel Abner Mikva said he was forced to ask the Justice
Department whether national security advisers Samuel R. "Sandy" Berger and
Anthony Lake had violated conflict-of-interest rules by failing to dispose of
certain stocks after being told to do so.
Mikva said he viewed the violations as technical and completely
unintentional, but under the law he had no choice. "They had stock in a
couple of oil companies, nothing approaching a significant holding," Mikva,
now a law professor at the University of Chicago, said in an interview.
Berger and Lake "never met with the individual companies, but they were
dealing with the energy crisis," Mikva said. "Beth Nolan [Mikva's deputy]
brought it to my attention. She said, 'You've got to turn this over to
Justice.' I said, 'This is ridiculous.' She said, 'The law is very clear; we
have no discretion.' "
In Berger's case, he was told by White House lawyers to sell 1,500 shares of
Amoco Corp. that had been held for years in a trust established by his wife's
grandfather. He was reluctant, fearing a stiff tax for stocks held so long,
but he was informed in March 1994 that he had to sell since he was involved
in questions about whether to keep sanctions on Iraq and Libya, policy
decisions that could affect his stock. He was told he could defer his capital
gains taxes by using the proceeds to buy "permitted property" such as an
open-end mutual fund.
Berger agreed to sell, but then, sources have said, forgot to do so until
White House lawyers prodded him in mid-June 1995.
Lake was "even more innocent," Mikva said. Lake was told in 1993 to sell
stock in four energy companies -- Exxon Corp., Mobil Corp., Duke Power Co.
and TECO Energy Inc., because he would be making decisions on energy policy
as national security adviser. Mikva said Lake told his secretary to forward
the instructions to his broker, but she simply filed the instructions,
thinking the sales had been completed. Lake has said he discovered from his
broker in June 1995 that he still owned the stocks and sold them the next
day.
Justice "sat" on the cases for more than a year, Mikva said, but Lake
eventually paid a fine of $5,000 to close a civil probe, and Berger agreed to
pay $23,000. The Bush White House, Mikva said, "couldn't be more wrong" if it
thinks it can absolve Rove without Justice Department scrutiny.
Rove's March 12 meeting with Intel executives and associates has generated
the most controversy because they brought up a merger application that they
hoped the government would approve.
Gonzales said Rove was "noncommittal and offered no substantive response."
The White House counsel said the matter was in the hands of an interagency
review panel "on which Mr. Rove did not sit and in which he played no part."
New York University law professor Stephen Gillers said he did not think Rove
could be called to account for saying, "The people handling this are Joe and
Harry.' I realize they may then go to Joe and Harry and say, 'Karl sent me,'
but I don't think this violates the rule."
Another ethics specialist, Monroe Freedman, disagreed, saying Rove created
"an appearance of impropriety" simply by meeting with Intel when he held more
than $100,000 worth of stock in the company.
"The problem you have is that a reasonable person would question the
propriety of what went on," Freedman said. "We are not required to accept
what they say about their meeting not having anything of substance to it."
Gonzales said Rove sought no waivers because he "took care to avoid" any
direct participation in matters that would have required one. Gonzales did
not address the question of an appearance of impropriety, but White House
spokesman Bartlett said Rove rejects the notion that he had created one.
In addition to the Intel meeting, the White House has also acknowledged that
Rove attended meetings that helped shape the administration's energy policy
at a time when he owned a substantial amount of energy company stock,
including Enron Corp., the Houston-based natural gas and electricity trader
embroiled in energy disputes in California, and General Electric Co., which
has a nuclear power division. He also reported holdings of up to $50,000 each
in Royal Dutch Shell Group and BP Amoco.
Rove spoke with Enron Chief Executive Officer Kenneth Lay on subjects ranging
from energy policy and global warming to appointment of an Enron-favored
candidate to the Federal Energy Regulatory Commission.
Gonzales said that Rove was not a member of the task force that developed
Bush's energy policy and that the discussions he took part in about "the
contours" of the policy were general and had no direct and predictable impact
on his Enron holdings.
Rove also met March 20 with a group of executives from the Nuclear Energy
Institute, which develops policy on key legislative and regulatory issues
affecting the nuclear power industry and which counts GE's Nuclear Energy
division as one of its members.
On May 11, he met with John Chambers, president of Cisco Systems Inc., which
makes Internet routing equipment, during a trip to Palo Alto that Rove made
for the Republican National Committee. On June 5, Rove set aside half an hour
in his office for an introductory meeting with two lobbyists from the
Pharmaceutical Research and Manufacturers Association; its members include
Johnson & Johnson and Pfizer Inc.
He finally received his divestiture orders June 6 and sold all his stock June
7.
Staff researchers Lynn Davis and Madonna Lebling contributed to this report.

http://www.washingtonpost.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Insider Selling by Enron Execs Speaks Louder Than Their Words
By Christopher Edmonds  <mailto:cedmonds@thestreet.com>
Special to TheStreet.com
7/20/01 7:32 AM ET
URL: <http://www.thestreet.com/funds/chrisedmonds/1496696.html>

At Enron, actions are speaking differently than words.
At the same time as Enron Chairman Ken Lay and Enron President and CEO Jeff
Skilling were touting their company's stock as undervalued, both were in the
process of selling hundreds of thousands of shares.
In an exclusive interview </comment/streetsidechat/1186095.html> with
TheStreet.com last November, Lay suggested that Enron stock -- then trading
in the mid-$70s at nearly 50 times earnings -- was undervalued. "Comfortable
that it's worth that [50 times earnings], yes," he said. "As a matter of
fact, some of us here and, of course, many analysts would maintain that even
that is undervaluing the company."
Yet, since the beginning of the year, Lay has simultaneously exercised and
sold nearly 400,000 shares, continuing a program of exercising options and
selling the shares that dates back to last November. This year's sales were
all at prices below the November prices at which he said the shares were
undervalued. According to data compiled by Thomson Financial/First Call,
Lay's options transactions occurred between $52.95 and $82 a share.
In February, Lay stepped down as Enron's CEO, retaining the title of
chairman.
Skilling's words and actions were similar. During a January analysts and
investors meeting in Houston, Skilling said he believed Enron stock was worth
$126 a share. At the same time, he was in the middle of completing sales of
130,000 shares of Enron stock he registered in November 2000. Since January,
Skilling has registered for sale an additional 270,000 shares of Enron. And
since the first of the year, he has sold stock at between $52.95 and $80.57 a
share.
Both Lay and Skilling still hold large positions in Enron. As of May 30, Lay
and his family reportedly owned more than 2.66 million shares, and Skilling
controlled more than 1.1 million shares. They each acquired more than 100,000
shares from the company in January.
Enron spokesperson Mark Palmer says the sales are "program sales" that
involve the exercise of expiring options and the sale of stock to cover the
costs and tax liability, a common practice among executives at many major
corporations.
And, Palmer notes that Enron's compensation makes such sales almost routine.
"A very significant portion of senior management's compensation is paid in
equity," he says.
Mixed Messages
Analysts and investors worry about the messages such high-level insider sales
send, especially when at the same time executives are touting the stock's
appealing value. "Certainly, it's a concern to see the chief executive
selling so aggressively," says Jeff Dietert, an analyst at Simmons & Co., a
Houston energy investment boutique and a member of the TSC Energy Roundtable.
</comment/streetsidechat/1242533.html> "Especially when they are saying the
stock is undervalued. That sends a very mixed message to investors."
While acknowledging Enron's unique equity-based compensation program, Dietert
says recent selling at the top is unique. "You constantly see a regular group
of people selling as they monetize their compensation" at Enron, he says.
"However, the larger sales from senior executives are different. Sales have
been weighted much more heavily to Lay and Skilling than they have been in
the past."
Dietert's 12-month price for Enron is $58, and his firm has not provided
banking services to Enron. Simmons does not rate companies.
Another analyst who asked not to be named was more critical. "The [insider
sales] are disconcerting to say the least. In a market like this where the
slightest indication of lack of confidence sends a stock down precipitously,
their actions are speaking louder than their words."
Dream vs. Reality
One reason for the mixed messages may have been the company's belief in
broadband. At the time Skilling made his now famous $126 tout, he indicated
that nearly $40 of value would come from Enron's now flailing broadband
business. As my colleagues Adam Lashinsky
</comment/siliconstreet/1489696.html> and Peter Eavis
</comment/detox/1489630.html> have aptly chronicled, Enron's great dream for
broadband turned into a nightmare.
"The world certainly looks a lot different today than it did in January,
especially to Enron," says Tom McIntyre, president of Dessauer & McIntyre
Asset Management, a Massachusetts-based investment adviser. "You sure don't
see projections from anyone assigning value to broadband now." In fact, on
Enron's second-quarter earnings call, Skilling lamented the fact that
investors seem to be assigning negative value to the company's telecom
operations. McIntyre holds a long position in Enron.
Still, investors might have expected Skilling's words to be backed by his
actions. When he made the bullish comments in January, Skilling was selling
stock even though the shares were trading near $80 a share, a 57% discount to
his target price. That led the analyst to quip, "If it's not an expensive
stock, why are they out there selling it?"
To others, however, the sales are just noise that distracts from a solid
growth story. "You would prefer it if they would never sell," says McIntyre.
"I'd rather watch them hold the shares like I do. However, [Skilling] still
owns well over a million shares, and the consistent sales suggest they have a
program to sell whether the stock is near its high or at its lows." (Records
show that Skilling has been selling 10,000 shares each week since
mid-November.)
The two executives "have a long record of creating and sustaining value for
shareholders. I have a high level of confidence that Skilling can continue
that record," McIntyre said.
But appearances count. "It's a question of perceptions," says McIntyre. "In
this market, anything can get a company, and the insider-sales news does
hurt."
That's especially true when actions and words don't mesh. As the analyst
quipped, "It's what they call an oxymoron. You are saying one thing and doing
another."

Enron's Own Dot-Com Bubble Finally Popped
By Adam Lashinsky  <mailto:alashinsky@thestreet.com>
Silicon Valley Columnist
7/13/01 9:58 AM ET
URL: <http://www.thestreet.com/markets/adamlashinsky/1490114.html>

Enron (ENE <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=ENE>:NYSE) is
no longer an Internet company.
Of course, the Houston-based energy distribution and trading concern never
was a dot-com, though it tried to convince Wall Street it was. In early 2000,
Enron went so far as to suggest to investors the precise value of its nascent
money-losing bandwidth business. Wall Street obediently obliged, inflating
Enron's share value by as much as 75% from the time the company started
bragging about its prospects, a disconnect noted disapprovingly here
</comment/siliconstreet/928870.html> a year ago April.
Now that dot-com valuations have gone the way of full-service gas stations,
Enron is finally owning up to reality regarding the broadband business. "It's
like someone turned off the light switch," Enron President and CEO Jeffrey
Skilling told investors Thursday morning while announcing an otherwise solid
quarter. "Revenue opportunities have just dried up."
Indeed, Enron recorded a $109 million loss related to its broadband
businesses, compared with income before interest, minority interest and taxes
of $17 million in the year-earlier period. Skilling noted that Enron would
dramatically scale back the burn rate for its broadband business and that the
expectations for resuming progress in this market have been pushed back by at
least a year.
The story was so different a year and a half ago. With Enron's shares trading
in the low 50s, Enron convinced analysts -- who openly admitted their
ignorance of the telecommunications issues important to the broadband market
-- that bandwidth delivery opportunities were huge. Enron cajoled the stock
price into the $90s by August, after telling analysts that the broadband
business alone was worth $37 per share, or $27 billion.
Today, despite sound performance in its key, wholesale energy-distribution
business, Enron's shares are worth $49.55. Even Wall Street, convinced
perhaps that the prospects for an IPO of the once-hot Internet operations are
totally dead, has gone back to analyzing energy prospects.
Ronald Barone, a "natural gas/energy convergence" analyst with UBS Warburg in
New York, lowered his price target Thursday on Enron from $102 to $70. In a
report, he noted that his earlier projected price applied a multiple of 40 to
his previous 2002 earnings target of $2.10 per share and $17 worth of value
for broadband services. Now Barone assumes 32 to 33 times estimated 2002
per-share earnings of $2.15 (the same EPS estimate CEO Skilling offered on
Thursday's conference call) and zero value for broadband.
Enron must be one of the most promotional companies on the planet. If
investors played the old Bob Newhart drinking game and had to refill their
mugs every time Skilling said "outstanding" in relation to second-quarter
performance, they would have been drunk before the question-and-answer
session. But Skilling doesn't like the new reality.
"Everything has been taken out of our stock for the bandwidth business," he
correctly observed. "We are probably getting a negative impact on the stock,
and I don't think that's right."
Interestingly, as recently as January, management at Enron suggested to Wall
Street that its discounted cash-flow models suggested a value of $126 for the
stock, including $40 a share for the broadband business. Why companies feel
it's proper even to comment on their own stock prices is a wonder. Skilling
had nothing to say about the $126 valuation, and analysts didn't query him
about it.
Oh, it's right all right. No longer the bright shining prospect, broadband is
a real drag on the company now, albeit a small one. Robert Franson, an
analyst with Bear Stearns in New York, notes that the old IPO rumor has been
replaced by one suggesting Enron will sell or lease its broadband network
while maintaining the services businesses built around it. "One great thing
about Enron is that it is constantly getting out of businesses that aren't
right," he says.
Bear Stearns had the luxury of initiating coverage on Enron only in December,
so it was able to sidestep the trap of perceived value to the broadband
business. Donato Eassey of Merrill Lynch is hanging on to hope. "We believe
Enron at current prices offers investors a free call option on the future of
broadband, and the ultimate turnaround in the telecom market once it occurs,"
he told clients in a report. Eassey has a price target of $74.50 on Enron's
shares.
For what it's worth, in April 2000 Enron traded for about 43 times Wall
Street's 2001 earnings estimates of about $1.65 per share. Now the company
predicts 2001 EPS of $1.80 (showing the success of its main wholesale
business), and is valued at about 23 times its own 2002 earnings estimates.
It's worth noting that Enron is a good example of a company that has taken
advantage of the Internet. Skilling said 60% of the company's transactions
occurred on the Internet in the second quarter. That's impressive, but no
more so than all the business Dell or Cisco does online. Efficient use of
Internet infrastructure does not an Internet company make.
Interestly, Enron is in much better shape than the upstart companies to which
it eagerly compared itself 18 months ago in justifying a higher valuation. By
giving up all of the hype-driven market value it received from gullible
investors with dot-com stardust in their eyes, Enron merely is back to about
where it belongs, or, as Skilling argues, perhaps a little lower. Comparable
stand-alone "bandwidth" companies like Akamai and Exodus have given up most
of their boom-time value.
Enron prudently says it will maintain a stake in the ground of broadband
services so it can benefit when the market materializes. Perhaps when that
happens, Wall Street will value the incremental business for what it's worth,
not what they dream it's worth.


Stacy,

Any news on Hesco this morning?  Let me know -

Thanks,

Kim


FYI.

Beverly Rudy of Sutherland, Asbill & Brennan called me over the holidays
about this.

Alan
----- Forwarded by Alan Aronowitz/HOU/ECT on 11/27/2000 10:43 AM -----

	"Beverly Rudy" <BRUDY@SABLAW.COM>
	11/27/2000 09:03 AM

		 To: <Alan.Aronowitz@enron.com>
		 cc: "Jamie Cain" <JCAIN@sablaw.com>
		 Subject: Confirmation of Conflicts Waiver

This e-mail confirms your voice mail of November 23 in which you gave
clearance to Sutherland Asbill & Brennan to represent another existing firm
client, Kraft Foods (which is owned by Philip Morris), with respect to OTC
risk management swaps and like derivatives agreements that Kraft may enter
into with Enron North America.  Your clearance on behalf of Enron North
America is based upon my description of what SAB has been asked to do by
Kraft, which is to review the ISDA documentation, provide comments and
negotiate with Enron North America, if necessary.  We understand that the
clearance given to SAB to work for Kraft on this matter is for the
aforementioned transactions only.  Moreover, we assure you that if Enron
North America and Kraft do enter into swap or other derivatives agreements,
and a dispute between the parties arise related to those agreements, SAB
would not represent either party with respect to such dispute regardless of
forum.

Beverly J. Rudy
Sutherland Asbill & Brennan LLP
1275 Pennsylvania Avenue, N.W.
Washington, D.C.  20004-2415
Phone:  202.383.0885
Fax:  202.637.3593
brudy@sablaw.com

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

The information contained in this message from
Sutherland Asbill & Brennan LLP and any attachments
is confidential and intended only for the named
recipient(s).  If you have received this message
in error, you are prohibited from copying,
distributing or using the information.  Please
contact the sender immediately by return email
and delete the original message.


[IMAGE]
'CLICK 'CLICK 'CLICK

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I need a volunteer.  The "Vol" will be responsible for pricing all of The New
Power deals in the market area.   99% of this activity takes place on CGAS.

Who wants it?  Certain people have expressed an interest in learning  more
about pricing, Tricia Spence, Joe Casas, and Beverly  Beaty.

I estimate it will take about 15 minites a day during the month, and about
4-6 hours during bidweek.  I also believe this deal will go away effective
4/1/2001.

Pros
Will learn the concept of a physical bookout - will become a Sitara pricing
guru like myself.
Will learn a great deal about transport pricing.
May lead into executing capacity on CGLK and CGAS - I will not turn this over
until I am satisfied with the Vol's performance on pricing.
Can easily be done after the work day crunch (this may be a pro or a con)
Will learn more about the pricing curves and how physical deals impact the
desk P&L.

Cons
Somewhat tedious - not as bad as it used to be.
May have to anwser Dick Jenkins questions.
I will have to assign this to Scott or Vickie if I don't get a volunteer.
I will do the training - possibly in the evening or on the weekend, AND I'm
very detail oriented.
I will provide feedback on this persons progress and I take this part of the
job very serious.


I am a GM.  I'll call Sara and we'll get the right people in place for
confirms etc.  I do not handle confirmations.

Regards,  Bruce

Robert H George
10/22/99 05:41 PM
To: Sara Shackleton@ECT
cc: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nancy
Muchmore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Brokerage Account

The resolution is being circulated for signature.  Nancy will fax you a copy
as soon as it is executed.  I have attached the schedule of authorized
traders which probably needs more information on it for the traders.  Please
take a look at it and, if appropriate, include the info for the ENA/Corp
people that are traditionally involved.  Nancy has a director's certificate
to attach to the schedule as soon as it is finalized.

---------------------- Forwarded by Robert H George/ENRON_DEVELOPMENT on
10/22/99 08:23 PM ---------------------------

	Enron International
	     Structuring Group

	From:  Bruce Harris                           10/22/99 01:17 PM

To: Robert H George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Brokerage Account

Help!  Fax number for Susan is 713-646-3490. If you left me in that last
paragraph of the resolution, does that allow me to sign the brokerage
agreement or should I have it faxed down to you and you or Kish sign it?

Regards,  Bruce
---------------------- Forwarded by Bruce Harris/ENRON_DEVELOPMENT on
10/22/99 10:12 AM ---------------------------

Sara Shackleton@ECT
10/22/99 09:59 AM
To: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Susan Bailey/HOU/ECT@ECT

Subject: Brokerage Account

Sorry, but I still can't talk.  Although Marie is not in today, I can have
Susan Bailey (Ext. 34737) contact Morgan to alert them that the faxed docs
are coming.  We also will need a signature on the agreement itself and I
can't recall if Marie sent that already.  Please call Susan so that we can be
more specific about what might happen today (and whether it can wait until
Monday morning when Marie returns).  I have not received anything from
Robert.  Thanks.  Sara


Kent,

This forms supposedly integrated the requested changes you saw previously.
Would love to have this by Friday.  I'll forward the opinion letter in just a
sec.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/25/2001 04:10
PM ---------------------------

"Staikos, John P." <johnstaikos@paulhastings.com> on 04/25/2001 11:42:49 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>, "'Campbell, Carolyn'"
<CCampbell@KSLAW.com>
cc: "Lang, Gregory F." <gregorylang@paulhastings.com>, "Staikos, John P."
<johnstaikos@paulhastings.com>, "'VAN DUSEN, Nicholas'"
<nicholas.vandusen@freshfields.com>, "'O'BRIEN, Lisa'"
<lisa.obrien@freshfields.com>, "'PARKER, Isabel'"
<isabel.parker@freshfields.com>

Subject: GE Guarantee

"paulhastings.com" made the following annotations on 04/25/01 12:42:55
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address.  Our new domain name is
paulhastings.com.  In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com.  Here are
two examples: janesmith@paulhastings.com and danjones@paulhastings.com.
If you have any questions, please contact us at noc@paulhastings.com.

==============================================================================
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to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
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received this in error, please contact the sender and delete the
material from all computers."

==============================================================================

Attached please find the GE Guarantee in  Word format.? Also, we have
attached a pdf black-line of the Guarantee vs  the form of guarantee in the
Turbine Contract.
?
Do not hesitate to call us with any  questions.
?
Best regards.
?
______________________
John  Staikos
Direct Dial:?  203.961.7523
Direct Fax:?  203.674.7723
E-mail:?  johnstaikos@paulhastings.com
?
 - 47K202!.DOC
 - GE Guarantee black-line against form of guarantee - distrbuted 4-25-01.pdf


good luck on your kickoff meeting

 -----Original Message-----
From: 	Cebryk, Doug
Sent:	Wednesday, October 24, 2001 2:35 PM
To:	Hyatt, Kevin; Gadd, Eric
Subject:	Sun Devil Weekly Meeting

Kevin/Eric
I will not be able to attend the Monday Oct 29/01 weekly meeting on Sun Devil.
I will be at the "Kick Off" Meeting for the start of construction on my Mississppi Pipeline Project.
Please let me know if there is anything I can provide you with beforehand and I'll get it to you before this Friday.
Thanks


we need to have this info to them by 1:00pm our time.
---------------------- Forwarded by Scott Neal/HOU/ECT on 06/30/2000 07:29 AM
---------------------------

liane_kucher@mcgraw-hill.com on 06/29/2000 04:26:57 PM
To: sneal@enron.com
cc: kelley_doolan@mcgraw-hill.com
Subject: Important bidweek information

Scott,
  Please let your gas traders know that Inside FERC will not accept bidweek
prices via fax any later than 2 p.m. Eastern time. It takes a great deal of
time
to input each deal by hand and then re-check the data for accuracy -- and
that's
before we even begin to analyze each pricing point to determine the indexes.
  If anyone has any questions, they can contact me at the number below.
Regards,
Liane Kucher, Associate Editor
Inside FERC's Gas Market Report
202-383-2147


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.


FYI

ds

 -----Original Message-----
From: 	Gallup, Team
Sent:	Friday, September 28, 2001 10:48 AM
To:	Francis, Matt; Johnson, Randy; Jolly, Rich; Smith, Rick; Ingalls, Todd; Hendricks, Jonny; Schoolcraft, Darrell; Greider, Jeff; Gallup-Sta4, Team; Gallup-Sta5, Team
Subject:	Gallup rotor

All,
This is what we will be looking for on Saturday.
Matt,
I ordered the BNC adapters for the Entronic cards yesterday.

Thanks, Korey


Thanks for the heads up.

	From:  David Maxwell                           12/11/2000 11:05 AM

To: Sally Beck/HOU/ECT@ECT, Shona Wilson/NA/Enron@Enron, Andrea V
Reed/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT, Jeff Donahue/HOU/ECT@ECT,
L'Sheryl Hudson/HOU/ECT@ECT, Gordon McKillop/NA/Enron@ENRON
cc: Michael S Galvan/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, David Port/Market
Risk/Corp/Enron@ENRON
Subject: Catalytica Write-down

 On the 12/11 MPR to be issued on 12/12, we will be taking a $56 million loss
on Catalytica Energy Systems.  This asset will begin trading on the open
market either Friday, 12/15 or Monday, 12/18 under the ticker CESIV.  The
potential trading range of $10 - $20 per share is disclosed in the company's
S-1.  This asset is in Raptor I and therefore this write-down will exhaust
$56 M of the remaining Raptor I capacity.

 Please call me at x3-6983 with questions.


Epoch Partners* and Charles Schwab are pleased to bring you a
new product offering, NETS (New Era Trust Securities).

Each NETS represents ownership of 21 Optical Equipment companies
in varying share amounts.  These companies are expected to
include:

Cisco Systems, Inc.             CSCO
Nortel Networks Corporation     NT
Lucent Technologies Inc.        LU
Corning Incorporated            GLW
Juniper Networks, Inc.          JNPR
JDS Uniphase Corporation(1)     JDSU
CIENA Corporation               CIEN
SDL, Inc.(1)                    SDLI
Sycamore Networks, Inc.         SCMR
Redback Networks Inc.           RBAK
ADC Telecommunications, Inc.    ADCT
ONI Systems Corp.               ONIS
Avanex Corporation              AVNX
Finisar Corporation             FNSR
New Focus, Inc.                 NUFO
Newport Corporation             NEWP
MRV Communications, Inc.        MRVC
Stratos Lightwave, Inc.         STLW
Digital Lightwave, Inc.         DIGL
Avici Systems Inc.              AVCI
Corvis                          CORV

(1) JDS Uniphase is expected to acquire SDL for 3.8 shares
of JDS for 1 share of SDL.  The transaction is expected to
close in the December 2000 quarter.

Expected to be offered the week of November 20, 2000.
Expected offering price is $40-$50/NETS.

For more information and a copy of the prospectus, go to:
http://www.schwabnet.com/nets/

or speak with a Retail IPO Services representative by calling
1-800-400-6467 from 8am to 8pm ET.

----------------------------------------------------------------
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not
yet become effective.  These securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective. This communication shall not
constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sales of these securities in any
jurisdiction in which the offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.

*Epoch Partners, an investment bank, is the Managing Underwriter
for this NETS offering.

----------------------------------------------------------------
If you would prefer to receive only account service emails,
please reply to this email indicating your preference.  Please
note: doing so will not remove you from any SchwabAlerts or
email newsletters to which you have actively subscribed.

Notice: All email sent to or from the Charles Schwab corporate
email system and may be retained, monitored, and/or reviewed
by Schwab personnel.

(c)2000 Charles Schwab & Co., Inc. All rights reserved. Member
SIPC/NYSE (1000-4938)

(c)2000 Epoch Partners Member NASD/SIPC

NETS and New Era Trust Securities are service marks
of Epoch Partners.


There's a reason why you earned the title of "Favorite Credit Person (after
Bill)"...!

	Russell Diamond
	08/28/2000 02:46 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: HQ Energy Services

Tana,

Please see attached Credit W/S for HQ.

Thanks
Russell


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 01/06/2000
10:27 AM ---------------------------

	Enron North America Corp.

	From:  Maria Sandoval                           01/04/2000 10:07 AM

To: Margo Reyna/HOU/EES@EES, Andrea R Guillen/HOU/ECT@ECT, Phenicia
Olivier/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Melissa
Rodriguez/HOU/ECT@ECT, Pamela Sonnier/HOU/ECT@ECT, Cassandra S
Dutton/HOU/ECT@ECT, Cecilia Olvera/HOU/ECT@ECT, Lorraine Becker/HOU/ECT@ECT,
Irena D Hogan/HOU/ECT@ECT, Angela Henn/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT,
Chantelle Villanueva/HOU/ECT@ECT, yolanda.sandoval@mwk.com,
patty.soria@mwk.com, mcastillo@metromkt.com, elizabeth.gutierrez@eott.com,
Judy Hernandez/HOU/ECT@ECT, Elizabeth Soto/HOU/ECT@ECT, amolina@unifirst.com,
apena26@hotmail.com
cc:
Subject: I ASKED GOD TO BLESS YOU TODAY!!

---------------------- Forwarded by Maria Sandoval/HOU/ECT on 01/04/2000
10:06 AM ---------------------------

Chantelle Villanueva
01/04/2000 09:59 AM
To: Kim Perez/FGT/Enron@ENRON, cassandra.hernandez@halliburton.com, Irena D
Hogan/HOU/ECT@ECT, Elizabeth Soto/HOU/ECT@ECT, Maria Sandoval/HOU/ECT@ECT
cc:
Subject: I ASKED GOD TO BLESS YOU TODAY!!

---------------------- Forwarded by Chantelle Villanueva/HOU/ECT on
01/04/2000 09:59 AM ---------------------------
From: Kim Perez@ENRON on 01/04/2000 09:11 AM
To: nrodrigu@stewart.com, aadame@dianal.com, lcarden@sterlingchemicals.com,
delossantosmd@c-b.com, megonzales@duke-energy.com,
cassandra.hernandez@halliburton.com, mik61@aol.com,
frank.rodriguez@solvay.com, Chantelle Villanueva/HOU/ECT@ECT, Gary
Dreadin/GCO/Enron@Enron
cc:
Subject: I ASKED GOD TO BLESS YOU TODAY!!

HAPPY NEW YEAR 2000!   IT'S GOING TO BE A WONDERFUL YEAR!

>
> I asked the Lord to bless you
> As I prayed for you today
> To guide you and protect you
> As you go along your way....
> His love is always with you
> His promises are true,
> And when we give Him all our cares
> You know He will see us through
> So when the road you're traveling on
> Seems difficult at best
> Just remember I'm here praying
> And God will do the rest.
>
> Pass this to people you want God to bless, and don't forget to
> send it back to the one who ask God to bless you first.
>


Please add Angela Davis of Enron to all e-mails regarding Project Tahiti.
Her e-mail address is Angela.Davis@enron.com.

Thank you,

Kaye Ellis
Assistant to Sara Shackleton


Jeff,

     I have two questions for you, first, are you having an issue with your phone line?..each time I try and call one of the nomination contacts I get a constant busy tone?? Secondly, and more importantly, we received word that L-Star was going to smart pig the line?..this is the message we received?can you confirm it? If so how will it impact us?

TXU LSP is planning to perform smart pig maintenance activities on Line X
Gas Day June 18 (Tuesday) and Gas Day June 21 (Friday).  Gas Days June 19
and 20 will be normal flow days, and the weekend of June 22 - 24 will be
normal flow days.  The portion of the line that is to be maintained is the
same portion as the maintenance earlier this month. Please contact your
representatives if there are any questions.

Kevin Brady


Mark,
Adele at Element Re put this agreement  together.? The blackline comments are
my additions.? Does this look  sufficient to you?? My only question is which
Enron entity should  sign.? My thought is that ENA should sign since that is
the legal entity  covered in the GTC but the password application and ETA are
in the name of  EnronOnline.? Your thoughts would be appreciated.? They would
like to  start trading today if we can get everything ironed out.
?
Thanks,
Brent
?
(Becky can you make sure I sent this to the correct  Mark Taylor, there are
now 3 or 4 listings.)
 - XL Trading.doc


Mike,

How can Brent get access to our Master Swap Agreement database from EI in
Argentina?  Thanks for your help.
---------------------- Forwarded by Tana Jones/HOU/ECT on 08/10/99 07:53 AM
---------------------------

Brent Hendry@ENRON_DEVELOPMENT
08/10/99 05:51 AM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: Lotus Notes

No.  My understanding is that the EI server does not have a link to the ECT
server or something else like that which prevents access from my computor
down here.

To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Lotus Notes

The question of the day is, do you have access to our Lotus Notes Database?


Jim
I am working on the questions for Ashley Brown. I should have a draft tomorrow, to be checked by Paul.

In the meantime:

1) I am examining the currrent NGC system operator price control and incentive schemes under NETA. It is a radical change from the previous regulation. I would say it is a sophisticated piece of PBR. It includes penalties and incentives on internal and external costs (e.g. balancing) This document clearly states that the system would move away from central, merit order dispatch and would become much more self-dispatched. As a ramification, T rights would be defined on a pnysical basis. (far from our LMP, physical rights model). Your suspicion about NG proposal was right on targed

2) As part of the definition of Profit-RTO (which I think lends itself to multiple interpretations), I prepared this simple graph. In one of the questions we shoud ask Ashley where do they see themselves in the end-state. My feeling is that the Southeast Mediation Report advocated for stage II, NGC is stage III and the "textbook" RTO is stage IV.


great news

-----Original Message-----
From: Belden, Tim
Sent: Friday, February 01, 2002 7:03 PM
To: Lavorato, John; Calger, Christopher F.; Milnthorp, Rob; Whalley,
Greg; Shively, Hunter S.; Presto, Kevin M.; Oxley, David; Kitchen,
Louise
Cc: Slone, Jeanie
Subject: Chris foster

Is in!
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


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-----Original Message-----
From: 	"Cherry, Beth" <Beth.Cherry@enform.com>@ENRON [mailto:IMCEANOTES-+22Cherry+2C+20Beth+22+20+3CBeth+2ECherry+40enform+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, June 04, 2001 3:23 PM
To:	Ellie Hudson (E-mail); Guidroz (E-mail); Heather Koch (E-mail); Heydt (E-mail); Wolfe, Jason; Jondawonda (E-mail); Josh (E-mail); Marisha (E-mail); Laura (E-mail); Mom (E-mail 2); Reilly (E-mail); Robbyn (E-mail); Shawn (E-mail); SUpAHfrrrreAK (E-mail); Susan (E-mail); Veronica (E-mail); Troy (E-mail); Zeke (E-mail)
Subject:	Petition to the United Nations against subhuman treatment of wome	n in Afghanistan

If you decide not to forward this,  please send it back
to Darleene Barrientos [darleeneah@earthlink.net ]. This is  an actual
petition, and "signatures"
will be lost if you drop the  line.

Please take 3 minutes out of  your life to do your
part. And be sure to include other members of your
household who are willing to sign.
Petition to the United Nations  Background Information:
Madhu, the government of  Afghanistan, is waging a war
upon women. Since the Taliban took power in  1996,
women have had to wear burqua and have been
beaten and stoned in  public for not having the proper
attire, even if this means simply not  having the mesh
covering in front of their eyes. One woman
was beaten  to death by an angry mob of fundamentalists
for accidentally exposing her  arm(!) while she was
driving. Another was stoned to death for
trying  to leave the country with a man that was not a
relative.
Women are not allowed to work  or even go out in public
without a male relative; professional women such  as
professors, translators, doctors, lawyers, artists and
writers have  been forced from their jobs and
restricted to their homes. Homes where a  woman is
present must have their windows painted so that she
can never  be seen by outsiders. They must wear silent
shoes so that they are never  heard. Women live in fear
of their lives for the slightest misbehavior.  Because
they cannot work, those without male
relatives or husbands are  either starving to death or
begging in the street, even if they hold  Ph.D.'s.
Depression is becoming so widespread that it has
reached  emergency
levels. There is no way in such an extreme Islamic
society  to know the suicide rate with certainty, but
relief workers are estimating  that the suicide rate
among women must be
extraordinarily high: those  who cannot find proper
medication and treatment for severe depression and
would rather take their lives than live in such
conditions. At one of  the rare hospitals for women, a
reporter found still, nearly lifeless  bodies
lying motionless on top of beds, wrapped in their
burqua,  unwilling to speak, eat, or do anything, but
slowly wasting away. Others  have gone mad and were
seen crouched in corners, perpetually rocking or
crying, most of them in fear.
It is at the point where the  term "human rights
violations" has become an understatement. Husbands
have the power of life and death over their women
relatives,  especially their wives, but an angry
mob has just as much right to stone  or beat a woman,
often to death, for exposing an inch of flesh or
offending them in the slightest way. Women
enjoyed relative freedom:  to work, to dress generally
as they wanted, and to drive and appear in  public
alone until only 1996. The rapidity of this
transition is the  main reason for the depression and
suicide; Women who were once educators  or doctors or
simply used to basic human freedoms are now
severely  restricted and treated as subhuman in the
name of right-wing  fundamentalist Islam. It is not
their tradition or 'culture', but it is
alien to them, and it is extreme even for those
cultures where  fundamentalism is the rule. Everyone
has a right to a tolerable human
existence, even if they are women in a Muslim country.
If we can threaten military  force in Kosovo the name
of human rights for the sake of ethnic Albanians,
citizens of the world can certainly express
peaceful outrage at the  oppression, murder and
injustice committed against women by the Taliban.
STATEMENT: In signing this, we  agree that the current
treatment of women in Afghanistan is completely
UNACCEPTABLE and deserves action by the
United Nations and that the  current situation overseas
will not be tolerated.
Women's Rights is not a small issue  anywhere, and it
is UNACCEPTABLE for women in 2001 to be treated as
subhuman and as so much property. Equality
and human decency is a  fundamental RIGHT, not a
freedom to be granted, whether one lives in  Afghanistan
or elsewhere.
1) Giuliana D. Black, Daly City, CA, USA
2) Mariam Nayiny, Palo Alto, CA, USA
3) Sunaina Gulati-Ruh, Palo Alto,  CA USA
4) Megan McCaslin, Palo Alto, CA USA
5) Blake Hallanan, San  Francisco, Ca. USA
6) Kit Henderson, Sacramento, CA USA
7) Kara Myers,  San Francisco, CA
8) Ellen Tilden, San Francisco, CA
9) Vanessa Ross,  San Francisco, CA
10) Jenna Shaw- Battista, San Francisco, CA
11)  Jeanne Racik, B!erkeley, CA
12) Julie Silas, Oakland, CA
13) Renee  Longstreet, Tarzana, CA
14) Susan Johnson, Encino, CA
15) Kenneth  Johnson, Encino, CA
16) Terri Treas, Los Angeles, CA
17) Amy  Retzinger, North Hollywood, CA
18) Babette Crooms, Los Angeles, CA
19)  Olivia Kienzel; Santa Barbara, CA
20) Sean Dexheimer, Los Angeles, CA
21) Elio Chavez, Jr., Pasadena, CA
22) Gregory Kastigar, Los Angeles,  CA
23) Robert Collie, Los Angeles, CA
24) Jeff Garvin, Brea, CA
25) Tricia Allen, Sherman Oaks, CA
26) Joleen Nordstrom ~ Hollywood,  CA
27) Theresa Donahoe - Martinez,CA
28) Jennifer Horn - Concord, CA
29) Roxanne Ryan - Alamo, CA
30) Miriam Tyler- San Jose CA
31)  John Burns- San Jose CA
32) Kristin Lynn Minick- Fort Worth TX
33)  Jeff Neal- Marietta, GA
34) Anna Neal- Marietta, GA
35) Frances  Murley-Fort Worth, TX
36) David Murley-London, England, UK
37) Jillian  Dykhouse, Colleyville, TX
38) Bonnie Dykhouse,Colleyville,TX
39) Nancy  Williams, Colleyville, TX
40) Georgene Farr, Sterling Heights, MI
41)  Joanne Arensberg, Riverview, MI
42) Luann Ouellette, Vermillion, SD
43) Sandie Sullivan, Vermillion, SD
44) Troy Nelson, Minneapolis, MN  USA
45) Joseph Miller, Minneapolis, MN USA
46) Kathleen Miller, White  Bear Lake, MN USA
47) Jerry Marquis, Mpls. Mn. USA
48) Julie Stokes,  Coon Rapids, MN USA
49) Tracy Ford, Blaine, MN USA
50) Sheila  Lawrence, Monticello, MN USA
51) Brenda Kitchen, Westlake Village,  Calif!ornia,USA
52) Teresa Burke, Sherman Oaks, CA, USA
53) Bruce  Ehrlich, Sherman Oaks, CA USA
54) Yllania Francis, Los Angeles, CA USA
55) Drew Hedin, Los Angeles, CA USA
56) Laura Paridon, Laguna Woods,  CA USA
57) Jeanie Hagedorn, Des Moines, IA USA
58) Sue Christensen,  Des Moines, IA USA
59) Sybil Finken, Glenwood, IA USA
60) Luke Finken,  Earth
61) Doug Gerace, Lincoln, NE USA
62) Cheryl Gerace, NE
63)  Sheri Lew, CO
64) Raven Grace, Boulder, CO
65) Martha M.Mertz, EL,  Michigan
66) Colleen R. Cooper, Okemos, Michigan
67) Barbara J.  Sawyer-Koch, East Lansing, MI
68) Margaret A. Meyers, Okemos, Michigan
69) Mary Helen Espes, Okemos, Michigan
70) Maureen Kirchhoff,  Allenspark, CO
71) Bart Johnson, Err, France
72) Sharon!O'Connor,  Olympia, WA USA
73) Nancy Irving, Tbilisi, Republic of Georgia
74)  Martha Lindley, Seattle, WA, USA
75) Judith Alexander, Woodinville, WA,  USA
76) Arlene B. Hawkinson, Seattle, WA, USA
77) Christine E. Mobley,  Bothell, WA, USA
78) Trudie Breen, CA, USA
79) Catherine Standiford,  CA, USA
80) Beverly Truett, AZ, USA
81) Christine Meehan,AZ,USA
82) Janice Gilbert, Valley Center, CA, USA
83) Dawna Upchurch,  Anchorage, AK USA
84) Roxanna Groves, Olympia, WA USA
85) Lynda Lynde,  Helena, MT USA
86) Constance Gelu, University Place, WA USA
87) Jodi  Woolett, Tacoma, WA USA
88) Lisa I. Reeves- Lynden, WA USA
89) Amanda  James-Bow, WA USA
90) Kelli J. Smith, New Port Richey, FL USA
91)  Chris Poirier, Largo, Fl USA
92) Mike Carpenter, Palmetto, Fl USA
93)  Alice Pryor, Melbourne FL USA
94) Ellen Catano, Manchester NH USA
95)  Bevely Jennings, Cincinnati OH USA
96) Linda Feely, Norwood,OH USA
97)  Sherry Stidham, Norwood OH USA
98) Brittany Brown, Cincinnati OH USA
99) Sandy Brown, Cincinnati, Oh USA
100) Tim Brown, Cincinnati, OH USA
101) Pat Brown, Cincinnati, OH USA
102) Amy Cregger, Memphis, TN USA
103) Kay Emerick, Logan, OH USA
104) Trina Bookman, Logan, OH USA
105) Mary Samuelson, St. Louis, Mo USA
106) Jeannette Ward, Memphis,  TN USA
107) Elisabeth Davis, Memphis, Tn USA
108) Rose Klimek,  Memphis, TN USA
109) Barbara K. White, Hoquiam, WA, USA
110) Paula J.  Eriksen, Palm Harbor, Florida USA
111) Rag!nar Eriksen, Palm Harbor,  Florida USA
112) MARILYN KING, CLEARWATER, FL, USA
113) Barbara  Stiner,Oldsmar,FL,USA
114) Jac'line Weisgerber,Clearwater,FL,USA
115)  Charlotte Beadles, Douglasville, GA, USA
116) Jody Hoadley, Powder  Springs, GA, USA
117) Hope Howard, Atlanta, GA, USA
118) Cliff Howard,  Atlanta, GA, USA
119) Kay Chicoine, Atlanta, GA USA
120) Mark  Chicoine, Atlanta, GA USA
121) Paula King, Lexington, KY,USA
122)  Sally Weissman,Minneapolis,Mn,USA
123) Susan Abbott, New Brighton, MN USA
124) Rachel Fine, St. Louis Park, MN, USA
125) Deb Harley,Eden  Prairie, MN,Usa
126) Barb Handahl,Faribault, MN,USA
127) Ann  Olson,Chamberlain S.D.USA
128) Deb Hunt,Sioux Falls S.D.USA
129) Anne  Frankman, Sioux Falls, SD USA
130) Susie Kostel, Tabor, SD USA
131)  Julie Anderson, Mount Prospect, IL USA
132) Janet Tilden, Fremont, NE USA
133) Debbie Bowman, Kingston Springs, TN, USA
134) Shari Watkins,  Franklin, TN, USA
135) Teresa Beck, Columbia, TN USA
136) Amy  Stephens, Brentwood, TN, USA
137) Vicki Warren, Lyles, TN, USA
138)  Linda Lupo, Westland, MI, USA
139) Cathie McClary, Clinton Twp. MI, USA
140) Diane Catellane, Clinton Twp. MI, USA
141) Judy Mellen,  Clarkston, MI, USA
142) Donna Waite, Lake Orion, MI, USA
143) Ann  Acton, South Lyon, MI, USA
145) Tami Hall, South Lyon, MI, USA
146)  Wendy Belsley, South Lyon, MI, USA
147) Gretel Coombs, East Lansing, MI,  USA
148) Mike Jones, Lansing, MI, USA
149) Jeff Jones, Atlanta, GA,  USA
150) Marion Jones , Atlanta, GA , USA
151) Pat Scott, Enumclaw,  WA, USA
152) Bob Panzer, Houston, TX, USA
153) Pat Panzer, Houston,  TX, USA
154) Joe Schwartz, Jacksonville AL USA
155) Stefanie Walfield,  Fayetteville, NC, USA
156) Liz Dunkley, Milledgeville, GA, USA
157)  Christine Dunkley, Milledgeville, GA, USA
156) Mike Dunkley,  Milledgeville, GA, USA
157) Randy Parsons, Eatonton, Ga.
158) Bonita  Platner, Kirkwood, NY. USA
159) Ralph Platner, Kirkwood, NY. USA
160)  Charles Lundquist, Binghamton, N.Y. U.S.A.
161) Tracy Rowe, Hollywood, CA  USA
162) Daniel Raphael New York, New York USA
163) Ann Brameier, New  York, NY USA
164) Kazuko Tao, Healdsburg, Ca USA
165) Shelley Zavat,  Rio Nido, Ca. USA
166) Kendall Smith, Fort Bragg, Ca USA
167) Candi  Zizek, Sacramento, California USA
168) Annette Blackwood, West Hartford,  CT USA
169) Frank Sentner, West Hartford, CT USA
170) Ann Steadman,  Roanoke, VA USA
171) George Steadman, Roanoke, VA USA
172) Elizabeth  Byam,Washington, DC USA
173) Mary Dougal,Montclair, NJ USA
174)  Kathleen Ennen, Champaign, Il. USA
175) Patricia S. Berky, Baltimore, Md.  USA
176) Wahiba Abu-Ras, Old Bridge, NJ. USA
177) Magdi Awad, Old  Bridge, NJ USA
178) Melissa Joralemon, NY USA
179) Vida  Cofie-Robertson, NJ USA
180) Sema Gurun, NY, USA
181)Sahika Yildirim,  UB, Mongolia
182) Ceylan Orhun istanbul-turkey
183)Efsa Kuraner,  Istanbul, Turkey
184) Meyzi Barin Istanbul Turkey
185) Marie-Aude  Serra, Istanbul Turkey
186) Gil Serra, Istanbul Turkey
187) Brian  Wilks, France
188) Laverne Travis. TX USA
189) Beth Nikiel, Texas, USA
190) Kim Rosales, TX USA
191) Stephen Rosales, TX USA
192) Lori  Lutz, CO USA
193) Kathy McGinty, CA, USA
194) Marie Friedman, CA USA
195) Rana Gebara , Dubai, UAE
196) Hassib Gebara, Dubai, UAE
197)  Youssef Naaman, Jeddah, KSA
198) Hiram Na'man, Beirut, Lebanon
199)  Elham Na'man, Beirut, Lebanon
200) Paul Na'man, Beirut, Lebanon
201)  Paula Na'man, Beirut, Lebanon
202) Joseph Na'man, Beirut, Lebanon
203)  Audrey Na'man, Beirut, Lebanon
204) Gwen Payne, Bellevue, Washington
205) Catherine de Marin, Redmond Washington
206) Deborah M. Hunter,  Issaquah, Washington
207) David M. Hunter, Issaquah, Washington
208)  Carolyn M. Niva, Bellevue, WA USA
209) John C. Niva, Bellevue, WA USA
210) William L. Niva, Olympia, WA USA
211) Ellen Madsen, Olympia, WA
212) Mary ElizaBeth Fischer, Olympia, WA
213) Pam Sutton-Peabody,  Puyallup, Wa
214) Diane Nelson, Edgewood WA
215) Kathryn Athow,  Tacoma, WA
216) Ronnie Reuschle
217)Taletta Wibmer Renton, WA
218)  Jane Mitchell Crane? Bainbridge Island, WA
219) Beulah Downing, Bainbridge  Island, WA
220) Hien Nguyen, San Francisco, CA
221) Darleene  Barrientos, Los Angeles, CA, USA
222) Michael Paul Wong, Monrovia, CA, USA
223) Renee Payan Wong, Monrovia, CA USA
224) Barbara Mark, CA, USA
225) Elizabeth Thaller, La Puente, CA USA
226) Floyd Thaller, La  Puente, CA USA
227) Nancy Young, Agua Dulce, CA USA
228) Bob Young,  Agua Dulce, CA USA
229) Carol Garber, Providence, RI, USA
230) Jean  Garber, Bellevue, WA, USA
231) Kellie Wyllie, Victoria, BC, Canada
232) Eric Onasick, Victoria, BC, Canada
233) Joan Carrigan, Salt  Spring Is., BC, Canada
234) Richard Milburn, Salt Spring Is., BC, Canada
235) Anna Gustafson, Salt Spring Is., BC, Canada
236)Paul Burke, Salt  Spring Is., BC, Canada
237)Wendy Cromie,Salt Spring Is., BC, Canada
238) Stewart Harding, Montreal, QC, Canada
239) Christine Cottingham,  Bradford, ON, Canada
240) Shelley Dunn, Collingwood, ON, Canada
241)  Stephen Hogbin, Wiarton, ON, Canada
242) Janice Sandeen, Mill Valley, CA  USA
243) Karen Lynn Sterkin, Concord, CA USA
244) Terri Zagrodnick,  Denton,TX USA
245) Jennifer Wilkerson, Dallas, TX USA
246) D. Reina,  Taos, NM, USA
247) Lyn  Montgomery, Dallas Texas USA
248)  Susana Gibb,Dallas, TX  USA
249) Regina Eddleman, Dallas, TX  USA
250)Elizabeth Cherry,  Houston, TX USA
260) Jason Wolfe, Houston, TX USA
DIRECTIONS: PLEASE COPY this  email on to a new
message, sign the bottom and forward it to everyone on
your distribution lists. If you receive this
list with more than 300  names on it, please e-mail a
copy of it to: sarabande@brandeis.edu
Even if you decide not to sign, please be  considerate
and do not kill the petition.


Ed,
 Please have them print off 2 originals from the attached, sign and return to
me for execution by ENA.


All LIM MIMIC & Excel Add-in Users within Enron,

            This past week LIM software was upgraded to reflect LIM latest versions.  If you are experiencing problems with MIMIC or the XMIM Excel Addin, please restart your machine for the latest changes to take effect, then follow the instructions for your specific application.

        MIMIC:

                   Under Start > Programs > Business Applications > LIM, Use the latest MIMIC version which is MIMIC 1.2.7

        Excel Addin:

                    Please reinstall your add-in, running the XMIM Excel User (installation) under Start > Programs > Business Applications > LIM

If problems persist, please contact the Enron - LIM Helpdesk at extension 33923 or 713-853-3923.


Have we scheduled any gas on the following contracts?

Deal  contract
456640  894232
456762  894233
459025  894199
459064  894244
459070  894245
459216  894199

---------------------- Forwarded by Chris Germany/HOU/ECT on 11/07/2000 03:43
PM ---------------------------

Alfonso Trabulsi
11/07/2000 03:14 PM
To: Elizabeth L Hernandez/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT
cc:
Subject: Wrong Counter Party Names

Deal numbers
All these deal have Texas Eastern Gas Pipeline as the counter party ... They
should be Texas Eastern Gas Transmission Company.
456640
456762
459025
459064
459070
459216

Thanks
AT


Outstanding!!  Its great to see a South Dakota guy get the recognition he so
richly deserves!  Congratulations Steve!  DF

	From:  Julia White                           02/22/2001 12:12 AM

Sent by: ETS General Announcement
To: Enron Transportation Services Operations
cc:

Subject: Market Services Promotion

It is a special pleasure to announce that Steve January has been promoted to
Senior Director, effective immediately.
Steve,s promotion is well-earned recognition of his significant impact on Gas
Control, Market Services and ETS.  His 28 years of operations, pipeline
dispatch and scheduling experience, as well as his credibility with our
customers and other ETS and Enron business units influenced the ETS
Management Committee,s decision to promote him.
Please join me in congratulating Steve.


It is the pipelines decision on how to allocate between the shippers,
however, If the pipeline allocates the shortage to ENA then we need to follow
the contract language and bill accordingly.  Just remember that we allowed
makeup  on the 18, 19, & 20th for a total volume of 5K over 3 days so that
will apply toward the 4th and part of the 9th.  All other volumes should be
purchased back  per the language in the contract.  Remember they have a
tolerance of 5% below the nomination.

Thanks,
Janet

	Kimberly Vaughn
	01/12/2000 02:13 PM

To: Janet H Wallis/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT
cc: Anita Luong/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT, Pat
Clynes/Corp/Enron@ENRON
Subject: HL&P for 12/99

HL&P was short on the following days:

December

4th (2256)
9th (7214)
11th (2527)
12th (3537)
15th (7058)
16th (4776)
17th (4465)
28th (264)

How do you want to handle this??

---------------------- Forwarded by Kimberly Vaughn/HOU/ECT on 01/12/2000
01:07 PM ---------------------------

	Anita Luong
	01/12/2000 10:46 AM

To: Kimberly Vaughn/HOU/ECT@ECT
cc: Howard B Camp/HOU/ECT@ECT
Subject: HL&P for 12/99

For days 4, 9, 11, 12, 15, 16, 17 and 28,  we are short at the aggregate
meter.   Should the Reliant transport and Sales or do we charge Reliant a
penalty?

Also, I notice that at meter 1554 we have 3rd party transport this month.
This look strange because I've not seen them here before.

Please advice.

Thanks


Melissa  --  The attachment has modified language in response to your
communication that EOL confirmations (and to a lesser extent, OTC
confirmations) could not readily be issued confining this language to trades
flowing on or after 1/1/03.  Accordingly, please have the revised text placed
into confirmations with energy deliveries to occur at the "NEPOOL PTF"
Delivery Point.  --David

______________________________________________________________________________
___
----- Forwarded by David Portz/HOU/ECT on 05/21/2001 11:53 AM -----

	David Portz
	05/15/2001 01:25 PM

		 To: Melissa Ann Murphy/HOU/ECT@ECT
		 cc: Dana Davis/Enron@EnronXGate, Daniel Allegretti/NA/Enron@Enron, Elizabeth
Sager/HOU/ECT@ECT, Sharen Cason/HOU/ECT@ECT, Marcus Nettelton/NA/Enron@ENRON
		 Subject: Multi-settlement language needed for Nepool trades

Melissa -- The redlined confirmation below shows the language resolved after
discussion with Dana as to what is being traded by the market participants.
Going forward, the insert is to be placed in confirmations with a NEPOOL PTF
Delivery Point where delivery will occur at or after 1/1/03, including
confirmations issued in relation to EOL trading.   Please call me with any
questions.  Thanks. --David

----- Forwarded by David Portz/HOU/ECT on 05/11/2001 12:29 PM -----

	David Portz
	05/11/2001 09:07 AM

		 To: Dana Davis/Enron@EnronXGate
		 cc: Daniel Allegretti/NA/Enron@Enron
		 Subject: Multi-settlement language needed for Nepool trades

Dana -- Attached is a draft confirmation template with text inserted in the
Delivery Point section to treat the multi-settlement issue you identified.
Dan Alleghretti worked with me to put this together, and believes that
multi-settlement would not be implemented before 1/1/03.  The text is
intended to balance Buyer's and Seller's intersests so that it can be placed
in confirmations where EPMI is Buyer or Seller.  Please come back to me your
comments or I will stop by your desk with a hard copy later this morning so
that we can discuss.  --David

______________________________________________________________________________
_______________________________________
----- Forwarded by David Portz/HOU/ECT on 05/11/2001 08:57 AM -----

	Genia FitzGerald
	05/09/2001 10:43 AM

		 To: David Portz/HOU/ECT@ECT
		 cc: Melissa Ann Murphy/HOU/ECT@ECT
		 Subject: Re: New language needed for Nepool trades

David,

Can you handle?  This first went to Janice but nothing was done before she
left, then I re-assigned to Marcus yesterday and we know where he is!!

Thanks,
Genia

----- Forwarded by Genia FitzGerald/HOU/ECT on 05/09/2001 10:39 AM -----

	Marcus Nettelton@ENRON
	05/08/2001 08:23 AM

		 To: Genia FitzGerald/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT
		 cc:
		 Subject: Re: New language needed for Nepool trades

Genia/Melissa

I will take a look at this. Melissa have you any other details you can pass
on to me before I speak with Dana which may be helpful.

Marcus

	Genia FitzGerald@ECT
	05/07/2001 03:02 PM

		 To: Melissa Ann Murphy/HOU/ECT@ECT
		 cc: Marcus Nettelton/NA/Enron@ENRON
		 Subject: Re: New language needed for Nepool trades

Melissa,

Sorry about that, I assumed Janice was taking care of it while we were at the
legal conference and she did not tell me otherwise.  By copy of this to
Marcus, he can let me know if he can look at it or if I should re-assign.

Sorry for the delay,
Genia

	Melissa Ann Murphy
	05/07/2001 02:56 PM

		 To: Genia FitzGerald/HOU/ECT@ECT
		 cc:
		 Subject: New language needed for Nepool trades

Hello, is Marcus doing this?  Janice never responded last week.

Thanks,
Melissa
---------------------- Forwarded by Melissa Ann Murphy/HOU/ECT on 05/07/2001
01:50 PM ---------------------------
From: Genia FitzGerald on 05/01/2001 03:27 PM
To: Marcus Nettelton/NA/Enron@ENRON
cc: Melissa Ann Murphy/HOU/ECT@ECT
Subject: New language needed for Nepool trades

Marcus,

Will you be looking at this or shall I assign to someone else?

Thanks,
Genia
----- Forwarded by Genia FitzGerald/HOU/ECT on 05/01/2001 03:25 PM -----

	Melissa Ann Murphy
	05/01/2001 10:47 AM

		 To: Genia FitzGerald/HOU/ECT@ECT
		 cc: Marcus Nettelton/NA/Enron@ENRON
		 Subject: New language needed for Nepool trades

Hello, Dana Davis (Vice President of trading) just informed me of some new
language that needs to be added to our confirmation letters for deals done at
NEPOOL PTF (this is the delivery point).  The language he gave me is as
follows:

In the event that multi settlement is implemented then NEPOOL PTF becomes
seller's choice. (I am sure this needs to be worded differently)

I told Dana that I would have to run this language through one of the
attorneys.  He said they could call him and he would explain further.

He also wants this language added to the NEPOOL PTF product on Enron Online
(this would not be for NEPOOL ICAP deals, installed capacity).

I copied Marcus on this e-mail but I am not certain if he would be the
correct person to work on this or not.  Dana would like to start adding this
language as soon as possible.

Thanks,
Melissa
3-1886


What happens if we sell CES spot gas??  It would be fixed price.

Maybe we could send CES a different type of report since they have so many
deals.  What do you think??

	From:  Dana Daigle @ ENRON                           04/13/2000 08:33 AM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: CES

How do you feel about not sending CES a confirm. unless the deal is for
1month or longer?


Plz look up decision no. 01-04-006 on the commission's website.  it has to do
with interruptible and curtailment issues and rotating outages, i.e.,
blackouts.

Thanks a million,
Jeff


David:

It was good to see you also.  I am only available on the 14th.  I would like
you to come to Enron and talk about the audit and certain key provisions in
the trading agreements with the top trading lawyers.  Give Mark Taylor a call
at 713-853-7459; he is GC of the financial trading.

Regards,

Mark

	David.Yeres@CliffordChance.com
	04/09/2001 04:40 PM

		 To: mark.e.haedicke@enron.com
		 cc: Mark.Harding@CliffordChance.com, Claude.Brown@CliffordChance.com,
Kersten.Schenck@CliffordChance.com
		 Subject:

Mark, it was good to see you Thursday.  My next visit to Houston is
scheduled for May 14 and 15.  I will be making a presentation concerning the
legal consequences of market abuse in electricity trading to a Risk Magazine
Conference on the 14th.  As we discussed last week, I would, if you wish, be
pleased to speak to your colleagues on the same subject during my visit.  I
would also be pleased to discuss the contract audit issues, focusing on the
key provisions that have been, or we expect to be, critical from a financial
or reputational perspective.  In that regard, it would be helpful to discuss
Enron' experience with agreements/provisions before finalizing my remarks.
Perhaps you could identify someone on your staff with whom I may speak.

Best regards.

David Yeres
Clifford Chance Rogers & Wells LLP
200 Park Avenue
New York, NY 10166
Tel:  (212) 878-8075
Fax: (212) 878-8027
Email: david.yeres@cliffordchance.com

*******

This message and any attachment are confidential and may be privileged or
otherwise protected from disclosure.  If you are not the intended recipient,
please telephone or email the sender and delete this message and any
attachment from your system.  If you are not the intended recipient you must
not copy this message or attachment or disclose the contents to any other
person.

For further information about Clifford Chance please see our website at
http://www.cliffordchance.com or refer to any Clifford Chance office.


Everyone's remote access has been changed due to security reasons.    Brandee is in the process of initiating a E-Request for each of you.  Once you get approved you should get the following email.

In addition, each of you who uses a laptop will need to connect the laptop to the network here at the office and log on as yourself.  This will syncrize your profile on that laptop.

Please pass the information onto your staff.

Thanks,

Tammy

 -----Original Message-----
From: 	Stine, Robert
Sent:	Tuesday, December 11, 2001 1:33 PM
To:	Jaquet, Tammy; Calcagno, Suzanne
Subject:	eConnect VPN

You have been approved and added to the eConnect remote access solution.  Your user account will be granted remote access permission by IT Security within 24 hours.  Please follow the instructions in the attached document.

If you require technical assistance, please call the resolution center at 713.853.1411.

Thanks,

Rob.

Robert C. Stine
Technology Architecture
E-mail: robert.stine@enron.com


Aquarius:
      The conjunction between the Sun and Moon is a wonderful symbol of
                      togetherness and unity. You may have been feeling
distinctly out of sorts
                      lately with your partner, and are sorely in need of
some tender loving care.
                      Perhaps you both need to make the effort to be nice to
each other. I mean
                      really nice, not just pretending. See now, isn't that a
lot better! There's
                      mileage in this one yet.


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

Best,
Jeff


Lunch with Joe Hartsoe at 12:00

Return to Houston on 5:20 flight.


Please put the Kinch Kato e-mail address in my address book.

Thanks

 -----Original Message-----
From: 	"Cato, Kinch H." <kcato@miami.edu>@ENRON [mailto:IMCEANOTES-+22Cato+2C+20Kinch+20H+2E+22+20+3Ckcato+40miami+2Eedu+3E+40ENRON@ENRON.com]
Sent:	Tuesday, July 17, 2001 7:33 PM
To:	'kpresto@enron.com'
Cc:	Nero, Patrick F
Subject:	Invoices

Kevin,

I got your message  today regarding the invoices that you have received for tickets.  I am  sorry I didn't have a chance to call you back.

The only invoices  that you should have received recently are for the 6 Washington tickets and the  SVIP parking pass.  I faxed these to you about a week  ago.

As part of your  membership at the Golden Cane level, you are entitled to 4 complimentary season  tickets.  Based on your conversation with Patrick, these are going to be  located in the section in front of the press box reserved for Golden Canes and  Living Scholars.  Your parking pass and any additional season, home or away  game tickets would need to be purchased.

Please let me know  if you have any additional questions or concerns.  Thank you, once again,  for continued support of the Hurricane Club.

Kinch Cato
Director of Annual Giving
University of Miami  Hurricane Clubkcato@miami.edu
hurricanesports.com
1-800-GO-CANES/305-284-6699
Fax: 305-284-3838


Candace,
 Please review the above documents, let me have the buyers names and
addresses and I will complete.  Is this the proper description for the
property being sold?