----- Forwarded by Steven J Kean/NA/Enron on 02/28/2001 01:49 PM -----

	"SCIENTECH IssueAlert" <IssueAlert@scientech.com>
	02/28/2001 06:07 AM

		 To:
		 cc:
		 Subject: Constellation to Build Major Plant in California, First in Over a
Decade

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[IMAGE]

IssueAlert for  February 28, 2001

Constellation to Build Major Plant in California,
First in Over a Decade

by Will McNamara
Director, Electric Industry Analysis

Constellation Energy Group (NYSE: CEG) announced that Kiewit Industrial
Company of Omaha, Neb., will begin construction in early April of the 750-MW
High Desert power plant near Victorville, Calif. The project, which has been
in development since the mid-1990s by High Desert Power Project, LLC*a
subsidiary of Constellation Energy Group of Baltimore, Md.*will be the first
new major power plant to serve the Southern California area in more than a
decade.

Analysis: The fact that California suffers from a significant supply / demand
imbalance, and that no new major power plant has been built in the state in
over a decade, has been well documented in the energy industry press.
Consequently, the fact that Constellation Energy Group is now close to
breaking ground on its new plant (having completed the laborious plant siting
requirements in California) is a major*and somewhat surprising*coup for the
company, considering that its generation expertise has primarily been in the
Northeast nuclear industry. Constellation Energy Group has said that it will
market power from the plant within California, which should prove to be a win
/ win scenario for both the company and the state.

The High Desert power plant will be built on a 25-acre site at the Southern
California Logistics Airport, formerly known as the George Air Force Base.
Commercial operation of the plant is scheduled for June 2003. The plant's
electric generating technology is based on clean-burning, natural gas-fired
combustion turbines operating in a combined-cycle mode. Part of the current
supply problem in California is the fact that hydroelectric resources, the
state's primary energy source, have been in short supply due to
lower-than-average rainfall over the last year. Moving away from a dependency
on hydroelectric supply may be a smart move for the state. In addition, the
High Desert plant is consistent with a national trend that supports natural
gas as the fuel of choice for new power plant development projects. As a
point of interest, according to data from the Energy Information
Administration, California's fuel mix is primarily based in a mixture of
natural gas (45.59 percent), hydro (21.95 percent), nuclear (18.07 percent),
coal (1.36 percent), oil (1.04 percent), and other, presumably renewable,
sources (11.98 percent).

It is rather surprising that Constellation would be the first company to
build a major power plant in California in over a decade, considering the
company's consistent geographic and fuel-mix focus. Constellation Energy
Group is a holding company that includes a group of competitive energy
businesses focused mostly on wholesale power marketing, merchant generation
and portfolio management in North America. Constellation Energy Group is the
parent company of the Baltimore Gas and Electric Company (BGE), a regulated
gas and electric delivery company serving Central Maryland. Up until this
point, Constellation's generation assets have been primarily based in a
mixture of coal and nuclear, and for the most part located in the
Northeastern United States. According to information directly from the
company itself, Constellation's own fuel mix is predominantly coal (54
percent), followed by nuclear (40 percent). Oil, gas and hydro only represent
a small percentage (6 percent) of Constellation's fuel mix.

Although coal is the primary fuel in Constellation's portfolio, over the last
year the company has become more focused on nuclear. For instance, last
December Constellation Nuclear, a wholly owned subsidiary of Constellation
Energy Group, announced its intent to purchase 100 percent of Unit 1 and 82
percent of Unit 2 of the Nine Mile Point nuclear power plant. Once the deal
is closed in mid-2001, Constellation will own a total of 1,550 MW of Nine
Mile Point's 1,757 MW of total generating capacity. The nuclear plant
purchases that Constellation is making expand upon its Calvert Cliffs asset,
an 850-MW two-unit nuclear plant in Southern Maryland. When I wrote about
this acquisition last December, I noted that, while Constellation will most
likely retain its coal-fired generation assets, the company appeared to be
moving closer toward a nuclear-based portfolio.

In addition, in early 2000 Constellation began a restructuring of its
corporate identity, dividing its operations into two separate segments: one
focused on its merchant energy business (including Constellation Nuclear) and
the other focused on regional retail energy services. The merchant energy
business was ranked fifth in the nation for sales of electric power in the
third quarter of 2000, and the company is committed to expanding this growth.
The goal for the merchant energy business, according to Constellation Energy
Group CEO Christian Poindexter, is to establish a portfolio of over 30,000 MW
of electric generation facilities by 2005. Toward that end, Constellation
acknowledged earlier that it would be taking advantage of "bargain prices for
nuclear plants," which resulted in large part from other utilities focusing
on transmission operations and thus choosing, or being mandated, to divest
their generation plants.  Constellation in the past has justified its move in
this direction by saying that its experience has found that nuclear fuel is
cheaper than coal and gas generators and that "the economics [of nuclear] are
quite robust, once they are calculated out."

However, considering that there is only a limited number of nuclear plants in
the United States that will become available for purchase, Constellation
Energy Group may have recognized the need to become even more diversified.
The California market, despite its stringent plant siting requirements,
arguably offered an appropriate market for Constellation to become more
diversified. Given the state's environmental lobbying presence, it is
doubtful that a nuclear plant could have been approved in California.
Although natural gas is not a primary fuel source for Constellation as a
company, it is the preferred source for new power plants. Therefore, the High
Desert plant, given that it will be fired by natural gas, presumably stood a
greater chance of navigating through California's plant siting requirements
(than a coal or nuclear plant could have). In fact, in the announcement of
the plant, Constellation noted that, having received all federal, state and
local approvals, the High Desert plant "will be a good neighbor in the
community with no significant environmental impacts."

The announcement of Constellation's new plant could not come at a better time
for California, of course. Although the plant won't be operational until June
2003, the state can use the good publicity now. A new report from the
Cambridge Energy Research Associates (CERA) says that it is already too late
for the state to head off a serious summer shortage that could lead to at
least 20 hours of rolling blackouts. "It's too late for this summer,"
declared Lawrence J. Makovich, of CERA, referring to the state's desperate
efforts to ramp up power supplies for the short term. "The source of
California's far-reaching power crisis is a shortage. At least 5,000
megawatts of new generating facilities are required to restore balance to the
state's grid." Instead, according to the report, demand will exceed supply by
3,000 MW, which will cause the state to be under an energy alert of some sort
for at least 200 hours.

CERA's report came out on the heels of Calif. Gov. Gray Davis' pledge to have
5,000 MW of new generating capacity available in California by July, more
than double the amount expected just a few months ago. Davis said the new
plants would provide enough electricity to ward off blackouts this summer,
which CERA obviously disputes. Davis announced a series of orders intended to
bring online 5,000 MW by July 2001, with an additional 5,000 MW by July
2002.

In any event, as California continues to struggle from a severe supply /
demand imbalance, the announcement of Constellation's new plant appears to be
good news for all the parties involved. Gov. Davis has pledged to support an
expedited approval process for additional plants, so it will be interesting
to see which company is given approval to proceed with the next power plant
in the state. It will also be interesting to see, based on Constellation's
plant and others that may be built, whether or not the economics of building
such plants in California will prove beneficial. Other power suppliers may
opt to merely enter into long-term sales agreements with the state, rather
than invest the resources that building a power plant would require.

An archive list of previous IssueAlerts is available at
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should this deal be with apb or another broker?


I will be updating deals 523459 and 523444.  This is a bookout.  I have these
deals updated through the 5th

---------------------- Forwarded by Chris Germany/HOU/ECT on 12/08/2000 10:33
AM ---------------------------

12/08/2000 09:58 AM
Jeffrey Porter@EES
Jeffrey Porter@EES
Jeffrey Porter@EES
12/08/2000 09:58 AM
12/08/2000 09:58 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Gas Daily stuff

we are probably off because I have not seen Joanne's actual breakdown of sto
vs pool. Any way we can get a daily confirmation?

Chris Germany@ECT
12/07/2000 04:34 PM
To: Jeffrey Porter/HOU/EES@EES
cc:
Subject: Re: Gas Daily stuff

This is what I show for the 1st 5 days.  We are off about 552 dth on the 2nd
and the 3rd, all the other numbers seem close enough.  I had an error in my
formula.

12/07/2000 03:30 PM
Jeffrey Porter@EES
Jeffrey Porter@EES
Jeffrey Porter@EES
12/07/2000 03:30 PM
12/07/2000 03:30 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Gas Daily stuff

try my sheet again, it is adjusted to pool and the 1st is still good. Since
COH is the only TCO market with any swing, I am sticking with those to
calculate. We look 5,000 off on 2 & 3.
I have 41,858(FOM)+15,000 (NP Buy)-53,798(TCO usage)=(3,060) sell to NPC.
These were TCO totals but my COH numbers on 2 & 3 match, adjusted for F% to
pool.


EnronOnline
Trade Counts and Volume for May 25, 2001

			EXTERNAL		INTERNAL		TOTAL
COUNTRY	COMMODITY	CATEGORY	COUNT	QTY	COUNT	QTY	COUNT	QTY	UNIT OF MEASURE
Austria	Power	Physical	        13 	           21,183 	        -   	                   -   	        13 	           21,183 	MWh
Belgium	Natural Gas	Physical	          6 	         275,000 	        -   	                   -   	          6 	         275,000 	MMBtu
Canada	Natural Gas	Financial	        10 	      5,185,000 	          1 	         460,000 	        11 	      5,645,000 	MMBtu
Canada	Natural Gas	Financial Option	          1 	         441,750 	        -   	                   -   	          1 	         441,750 	MMBtu
Canada	Natural Gas	Physical	      228 	    12,921,411 	        -   	                   -   	      228 	    12,921,411 	MMBtu
Canada	Power	Financial	          6 	           11,220 	          3 	                144 	          9 	           11,364 	MWh (Canada)
Denmark	Power	Financial	        -   	                   -   	          2 	           25,680 	          2 	           25,680 	MWh
France	Power	Physical	          2 	                686 	        -   	                   -   	          2 	                686 	MWh
Germany	Coal	Physical	          1 	                    9 	        -   	                   -   	          1 	                    9 	SECA Contract - Metric Tonnes
Germany	Power	Physical	        44 	         107,720 	        -   	                   -   	        44 	         107,720 	MWh
Norway	Power	Financial	          9 	         128,400 	        -   	                   -   	          9 	         128,400 	MWh
Singapore	Crude	Financial	          1 	           50,000 	        -   	                   -   	          1 	           50,000 	Barrel
Switzerland	Power	Physical	        20 	             4,956 	        -   	                   -   	        20 	             4,956 	MWh
United Kingdom	Crude	Financial	          8 	         295,000 	          1 	           25,000 	          9 	         320,000 	Barrel
United Kingdom	Metals	Financial	      389 	             3,475 	        64 	                   -   	      453 	             3,475 	LME Registered mt Lot
United Kingdom	Natural Gas	Physical NBP	        53 	      6,874,280 	        -   	                   -   	        53 	      6,874,280 	MMBtu
United Kingdom	Natural Gas	Physical NBP Option	          1 	         920,000 	        -   	                   -   	          1 	         920,000 	MMBtu
United Kingdom	Oil Products	Financial	          2 	           15,000 	        -   	                   -   	          2 	           15,000 	Crack bl/m
United Kingdom	Oil Products	Financial	          9 	           43,611 	        -   	                   -   	          9 	           43,611 	mt
United Kingdom	Power	Physical	          3 	         262,080 	        -   	                   -   	          3 	         262,080 	MWh
USA	Crude	Financial	      214 	    10,245,000 	        48 	      2,255,000 	      262 	    12,500,000 	Barrel per month
USA	Emissions	Physical	          1 		        -   		          1 	                   -   	Emission allowance
USA	Gas Pipeline Capacity	Physical	          2 	         312,800 	        -   	                   -   	          2 	         312,800 	MMBtu
USA	LPG	Financial	          3 	           60,000 	        -   	                   -   	          3 	           60,000 	Gallon
USA	Natural Gas	Financial	      776 	  362,343,595 	      340 	  134,544,118 	   1,116 	  496,887,713 	MMBtu
USA	Natural Gas	Financial Option	        24 	    22,900,000 	        11 	    10,280,000 	        35 	    33,180,000 	MMBTU
USA	Natural Gas	Physical	   1,925 	    72,573,246 	        44 	         892,172 	   1,969 	    73,465,418 	MMBtu
USA	Oil Products	Financial	        18 	         455,000 	          3 	           30,000 	        21 	         485,000 	Barrel
USA	Power	Financial	        35 	         216,620 	          6 	           40,164 	        41 	         256,784 	MWh
USA	Power	Physical	      583 	      7,799,151 	        94 	      2,704,082 	      677 	    10,503,233 	MWh
USA	Rate and Currency	Financial	        -   	                   -   	          2 	      2,750,000 	          2 	      2,750,000 	EUR/1
USA	Rate and Currency	Financial	        -   	                   -   	          1 	      5,000,000 	          1 	      5,000,000 	FX USD
USA	Rate and Currency	Financial	        -   	                   -   	          1 	         300,000 	          1 	         300,000 	GBP/1
USA	Rate and Currency	Financial	        -   	                   -   	          1 	      1,000,000 	          1 	      1,000,000 	USD/1
USA	Weather	Financial	          4 	                  11 	        -   	                   -   	          4 	                  11 	Cooling Degree Day
 Total 			   4,391 		      622 		   5,013


I can wait a little bit.  But let's coordinate, OK?

Prentice Sellers <psellers@Haas.Berkeley.EDU> on 09/05/2000 06:15:10 PM
To: jdasovic@enron.com
cc:
Subject: Re: Tonight

Well, if dinner is at 8, I think I can probably pick you up at close to
9:30.  What if it's going to be a little later than that?  Would you rather
wait or take Bart?

At 06:04 PM 9/5/2000 -0500, you wrote:

>done at 9:30.  can you pick me up.  i'd love it.  check your voicemail,
>too.  i left a message there.
>
>
>
>
>Prentice Sellers <psellers@Haas.Berkeley.EDU> on 09/05/2000 05:42:28 PM
>
>To:   jdasovic@enron.com
>cc:
>Subject:  Tonight
>
>
>Are you there?  I'll be online for the next half hour or so.  Did you get
>my message?  Dinner is at 8.  What time are you done with class?


This request has been pending your approval for  10 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000067320&Page=Approval to review and act upon this request.

Request ID          : 000000000067320
Request Create Date : 10/11/01 10:24:53 AM
Requested For       : matt.smith@enron.com
Resource Name       : Risk Acceptance Forms Local Admin Rights - Permanent
Resource Type       : Applications


Hi Sue,

I have no problem dealing with the CFTC/NYMEX/NFA. I need to have information
from Enron on the following issues pursuant to CFTC Reg 1.14 and 1.15:

Organizational Chart, which includes the MAP's
Risk Management Policies and proceedures
Financial Statements for certain of the MAP's and a description of the MAP's
duties and functions to the FCM

This needs to be done by November of this year.

This information is due within 60 days from the last quarter in which the
change took place. Change took place in the middle of July, end of the
quarter is September '00.  Therefore  the information is due by the middle of
November'00.

If anyone has any questions please call me at 212 715 5845.

Alfred Pennisi
MG London Inc.
520 Madison Avenue
28th Floor
New York, NY 10022
Tel: 212.715.5845
E-mail: alfred.pennisi@mglondon.com


I really like my little flag.

 I checked this out with the help desk.  They said it was ok to download.

>> Get a little waving USA flag on your desktop!
>> Go to this web page:
>> http://www.sendoutmail.com/forward/deskflag/deskflag.htm
>> Be sure to pass it along!
>>
>> AOL
>> users click here
>>
>>

___________________________________________________
GO.com Mail
Get Your Free, Private E-mail at http://mail.go.com

***
LAD


Effective July 16, Andy Zipper will join the Natural Gas Derivatives group in Enron Americas reporting to John Arnold.  Andy and his team have done an excellent job developing EnronOnline, as well as creating a significant commercial focus.  Please join us in thanking him for his many contributions and in wishing him the best in his new role.

Savita Puthigai, who is responsible for the EnronOnline operations group and reported to Andy, will now report to Jay Webb.  In addition to leading the platform development efforts, Jay's role will be expanded to include the EnronOnline operations group.   In his expanded role, Jay will work closely with all Enron commercial groups to continue developing the platform.

The EnronOnline e-Commerce Marketing and Origination group will report to Brad Richter, who will join Net Works from EBS.  In his new role, Brad will continue the growth and expansion of the commercial activities for EnronOnline.

Please join us in congratulating everyone on their new roles.  We look forward to their continued contributions toward the success of Enron.


I have a staff meeting and will be unable to join.  I do plan to be on
Friday's call.

Kay

From: Suzanne Adams@ECT on 03/05/2001 01:33 PM
To: Sheila Tweed/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT, Lisa
Bills/Enron@EnronXGate, Roseann Engeldorf/Enron@EnronXGate, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Stephen.swift@ps.ge.com,
Michael.barnas@ps.ge.com, Kent.shoemaker@ae.ge.com, kay.mann@enron.com,
john.schroeder@ps.ge.com
cc:

Subject: Weekly GE Conference Call

The GE conference call will take place at its scheduled time of 1:30 p.m. CST
on Wednesday, March 7, 2001.

Dial In: 1-888-285-4585

Participant: 536220

Host:  121970 (Sheila)

For those of you in Houston, EB38C1 has been reserved.


We have actuals.  The larger of the two volumes is 1,395,000, which is
45,000/day, so the demand rate in deal 514353 is fine.  I am having a
problem, though, with the way it is coming to settlements.  It is showing up
with a Jan 2003 delivery date.  I think the demand fee needs to be on 10/1
only.  Right now, it is on a line with a date of 10/1/00 to 12/31/36.   I
think this is confusing the system some how.  Also, we still need the
purchase deal for Tenaska IV.  It should be for a demand fee of $2,571,135.73
booked to the Cleburne desk.  We actually owe $1,798,389.73, but I need to
net the Tenaska IV sales with the purchase to clear those receivables.  James
is calling me every day asking for an update.  Do you know when we will be
able to get this in the system?  I have attached my spreadsheet so you can
see the numbers.

Megan


Hi Tana: We have an executed agreement protecting Cargill Steel and Wire, a
department of Cargill Inc. re possible provision by ENA of risk management
services to Cargill.  From Rodney Malcolm's group December , 2000 to December
2001.  I imagine we have confidential information from the steel and wire
department, but that should not be a problem if your agreement is specific to
software related information.

Kay C. Young
Legal Specialist
Enron North America Corp.
713-853-6794 Phone
713-646-3393 Fax
kay.young@enron.com

	Tana Jones
	05/14/2001 11:01 AM

		 To: Kay Young/HOU/ECT@ECT
		 cc:
		 Subject: Cargill NDA

Any conflicts?
----- Forwarded by Tana Jones/HOU/ECT on 05/14/2001 11:01 AM -----

	Jake Staffel/ENRON@enronXgate
	05/14/2001 10:38 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Mark Greenberg/NA/Enron@ENRON
		 Subject: Cargill NDA

Tana,

could you please get and NDA going for Cargill.  Information as follows:

Cargill Inc.

15407 McGinty Rd West
Wausata, Mn 55391-2399

This needs to be a two way:

Regarding sharing of information for a possible software sale.

Should you have any questions please don't hesitate to give me a call at
30559.

Thank you.


Sally has gotten a block of tickets for next Thursday's afternoon Astros game
and hopes everyone will be able to join her.  Here are the details:

Thursday, April 27, at 3:05 PM vs. Chicago Cubs

Please email Sally & let her know if you will be able to attend.

Thanks,
Patti
x-39106


Please open the attached document for an announcement of the next antitrust
presentation by the
Antitrust Section of the Houston Bar Association.

If you are interested in attending, please follow the RSVP instructions in
the announcement.


Please sign me up for the Monday March 18th session at 1:30.  Will you be sending the location?

 -----Original Message-----
From: 	Trevino, Linda
Sent:	Friday, February 22, 2002 11:58 AM
To:	Lohman, TK; Donoho, Lindy; Lindberg, Lorraine; Lokay, Michelle; Harris, Steven; Moore, Jan; Watson, Kimberly; McConnell, Mark; Y'barbo, Paul; Mulligan, Amy; McEvoy, Christine; Miller, Christopher L; Ward, Linda; Hernandez, Bert; Minter, Tracy; Buchanan, John; Blair, Lynn; Giambrone, Laura; Schoolcraft, Darrell; Hanagriff, Richard
Cc:	Dietz, Rick; Carrillo, Alma; Licciardo, Jeanne
Subject:	New TW Contract/Capacity Release System Demo

The new TW Contract/Capacity Release system is due to be implemented the weekend of March 9, 2002.  We will be offering training/demo's of the new system for internal users on the below dates.  Please contact Alma Carrillo with the date and time you would like to attend.

Thanks

Linda

Monday March 18th:  Two Sessions - 1:30pm and 3:00pm

Thursday March 21st:  One Session - 1:30pm

If you have any questions or will be unable to attend one of the above demo sessions please let me know.


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/25/2000
02:00 PM ---------------------------

	Invitation
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti

Start: 09/27/2000 01:00 PM
End: 09/27/2000 02:00 PM

Description: Gas Physical/Financail Positions - Room 2537

This meeting repeats   starting on    (if the date occurs on a weekend the
meeting ).
Meeting Dates:

Fletcher J Sturm/HOU/ECT
Scott Neal/HOU/ECT
Hunter S Shively/HOU/ECT
Phillip K Allen/HOU/ECT
Allan Severude/HOU/ECT
Scott Mills/HOU/ECT
Russ Severson/HOU/ECT

Detailed description:


Hi Teb,

I am trying to verify if Jeanette Doll is still on assignment. Listed below are the Co #s and CC #s that Jeanette has been charging her time to. Could you validate if these cost center numbers are still active or inactive?. Is the Company Name and Department the same?   Also, please let me know if there are any cost center numbers that need to be added or deleted.

Transwestern	GPG-TW Rates	0060	111004

Lastly, is there a tentative end date for this assignment?

Thanks!

Liz LeGros
Contingent Resource Consultant
CSS @ Enron
713/345-3158
Fax:  713/646-3644
liz.legros@enron.com


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IssueAlert for  March 23, 2001

Enron Stock Drops Amid Concerns About Broadband Business,
General Market Trends

by Will McNamara
Director, Electric Industry Analysis

[News item from Reuters] Shares of electricity and natural-gas marketing
giant Enron Corp. (NYSE: ENE) slid further on Thursday (March 22) amid
broader weakness in energy stocks, despite a reassurance from the company
that it would hit its previously stated target earnings for this year. Enron
was off $3.34, or 6 percent, at $52.55 on March 22, after falling 8 percent
on March 21. So far this year, Enron's stock is down about 37 percent, versus
a 16-percent decline for Standard & Poor's utilities index and a 20-percent
drop for the Dow Jones industrial average.

Analysis: Over the last several weeks, a growing number of smaller, emerging
energy companies have felt the impact from the nation's struggling economy
and the likelihood of an impending recession. Just recently, start-up
companies such as Silicon Energy and Hydrogen Burner Technology have
withdrawn their IPO plans, citing an anemic stock market and the lack of
positive cash flow. A look across the stock market can send shivers down the
spines of most energy company CEOs, as the Dow Jones industrial average
tumbled below the 9,200 point for the first time in two years, and the Nasdaq
composite remains 64 percent off of its March 10, 2000, high of 5,048,
putting the economy in bear market territory.

However, while the stocks and public offerings of smaller energy companies
may crash and burn, the giant energy company that is Enron Corp. typically
has seemed immune from the high and low tides of the U.S. economy. Over the
course of 2000, Enron shares returned 89 percent and traded at roughly 55
times trailing earnings, reportedly more than 2.5 times the multiple of its
some of its main competitors or the S?500. Nevertheless, Enron's winning
streak in the stock market may be eroding, as the waves that are crashing
around many other energy companies may also be dragging Enron into the same
whirlpool.

For perspective, Enron's closest competitors across its various business
lines, Williams and Dynegy, also appear to be taking the hit from the bear
market. Williams (NYSE: WMB) saw its stock decline $3.34, or 8 percent, to
$38.10 on March 22. Dynegy (NYSE: DYN) saw its stock drop $2.26, or 5
percent, to $44.50. Of course, of the three companies, Enron wields the
highest P/E ratio at 49.99 and largest market capitalization at $41.7
billion. By comparison, Williams has a P/E ratio of 21.53 and market
capitalization of $20 billion, while Dynegy has a P/E ratio of 31.98 and
market capitalization of $15.2 billion.

Analysts that keep a close eye on Enron's stock say the sudden decline is not
a reflection of any new business developments at the company, but rather a
market that is struggling in general, and a growing disenchantment among
investors in technology and telecommunications in particular. This may be
having a unique impact on Enron as the company attributed much of its strong
stock performance over the last year to its growing expansion into the
telecommunications / broadband market. Just as the company has achieved
unparalleled success in electricity and natural-gas trading, for the last
year Enron has been developing a high-speed broadband communications network
to support its planned move into bandwidth trading and marketing. Enron
projects a $450 billion worldwide market for communications bandwidth trading
and services by 2005, and the valuation of its own broadband business at $40
a share, or $35 billion. The company plans to trade excess bandwidth
capacity, and in order to do so is constructing its own network, which costs
a lot of money. Enron has acknowledged that it intends to sell between $2
billion and $4 billion in assets over the next 12 months in order to reduce
debt and support the new business in broadband (among other businesses in
pulp and paper, data storage and advertising).

Thus, much is riding on the anticipated success of the broadband business,
and Enron's role in it. Up to this point, confidence in both the industry and
the company have run high. Some analysts have reported that interest in
Enron's expansion into this area, validated by investor interest in new
technologies in general, drove an 87-percent rise in the company's share
price last year. Yet, once again, the tide may be turning. Investors no
longer seem to be as enthralled by emerging technologies that have not
resulted in bottom-line profits, much as the year before e-commerce stocks
also found that their "day in the sun" ended rather abruptly.

And, although nearly every other Enron line of business has turned to gold,
its broadband business has remained immature. In fact, for year-end 2000,
Enron Broadband Services reported a $60 million IBIT loss, reflecting startup
costs to build the new business. The company seems to have anticipated the
slow growth of its broadband business. In fact, Enron CEO Jeffrey Skilling
did not appear concerned over the loss and said that it took between five and
six years for the company's natural-gas business to develop standardized
contracts and increase liquidity. Skilling has said that these numbers do not
dilute his belief that bandwidth trading will soon become a strong performer
for the company. While Skilling remains optimistic about the potential of the
broadband business, investors may not be as patient. (Note that while Enron's
broadband business took a loss for 2000, the company as a whole reported a
25-percent increase in earnings per diluted share to $1.47 and a 32-percent
increase in net income to $1.3 billion).

In late January Enron had increased its earnings target for 2001 to between
$1.70 and $1.75 per share. In response to the sudden drop in stock price and
speculation that its broadband business would receive new pressure to become
profitable, Enron issued a brief statement reiterating that it "remains very
comfortable" with the 2001 earnings estimate. An Enron spokesperson also made
references to "information in the market that is inaccurate," suggesting that
any speculation about problems in its broadband business were unfounded,
including potential layoffs at the broadband unit. According to a report on
CBS.MarketWatch.com, investors polled by First Call / Thompson Financial are
still expecting Enron to turn in earnings in a range of $1.67 to $1.80 for
2001.

Nevertheless, despite Enron's reassurances that it remains on track to meet
its earnings estimate, the company's stock continued to drop. As noted,
investors began to put downward pressure on the stock, pushing it to $52.50
(as of March 22), below its 52-week low of $55 and far below its 52-week high
of $90.56.

Some of the decline may be attributed to the fact that many investors remain
unclear about what it is that Enron does, exactly. According to a March 5
article in Fortune magazine entitled "Is Enron Overpriced?", some Wall
Streeters are skeptical about how the company makes its money, and the lack
of clarity has often raised a red flag about Enron's pricey stock. The
skepticism did not seem to steal any of Enron's thunder in a bull market, but
that could all change quickly in a bear market. Enron may in fact exacerbate
Wall Street's distrust in its business model by not fully disclosing its
financial records for what it deems "competitive reasons." The Fortune
report, which was published before Enron's stock began to decline, also
indicated that investors are concerned about Enron's debt. Although the
company continues to promise a reduction in its debt load, Enron carried a
net $13 billion debt at the end of September 2000. Again, although investors
may have been able to look the other way from Enron's debt during a strong
economy, it appears that investors will use a fine-tooth comb to examine the
company's financial records during the increasingly unstable economy.

Moreover, in addition to a possible impatience with the growth of technology
and telecommunications stocks, investors may also be concerned that a global
economic slowdown could reduce demand for energy as a whole, resulting in
lower commodity prices. Drops in the stocks of Dynegy and Williams possibly
validate this theory.

Enron was quick to quell rumors that its stock began to fall as a result of
problems with its broadband unit. Looking at the big picture, it appears
reasonable that the broadband business on its own has not caused the drop in
Enron's stock. Rather, Enron shares have mostly likely fallen as a result of
several factors. Yes, investors appear to now be less likely to support new
technologies and telecommunications businesses that have not proven to be
presently profitable. In addition, Enron is in many ways an enigma. In an
unstable economy, the uncertainty surrounding Enron's business could prompt
an unprecedented hesitation about the company's business model. And, lastly,
Enron is not alone among energy stocks (and stocks in general) that are
weathering the fallout of the stock market. On the bright side, Enron still
remains a very puissant company, despite the sudden drop in its stock price.
Enron's P/E ratio of 49.99 is still quite strong when compared against other
energy companies. In addition, Enron is a company full of surprises, and it
is doubtful that any temporary drop in its stock price will keep the company
down for long.

An archive list of previous IssueAlerts is available at
www.ConsultRCI.com

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Copyright 2001. SCIENTECH, Inc. All rights  reserved.


Dear Mr. Skilling:

     Thank you for requesting electronically the previously mailed
     information concerning my background.

     I truly appreciate your help and assistance as it pertains to how
my
     experience and involvement in the successful operation of
Independent
     Power Plants may be of interest, and value to Enron.

     I can be reached for any further discussions or information by
calling
     my cellular phone at 908-727-3189, or home at 973-328-1093. When
your
     schedule permits I would be very interested in meeting with you to
     discuss in person my background and possible ways of contributing
to
     Enron's on going operations.

     Your assistance is greatly appreciated.

     Bruce C. Studley

 - studres.doc
 - studskil.doc


My cellular phone number is 713-562-2050 If you have any questions over the
weekend or holiday do not hesitate to give me a call. Thanks.


Thank you so much for your help!


Kelly raised this concern too.  The system is set up so that questions do not
appear unless we let them -- i.e. we can screen questions and answer only
those we choose.  Even with that feature, though, I think we should skip this
one (or just reschedule for a later date).  I'll contact Jim by separate
e-mail.

J Mark Metts@ENRON
03/21/2000 04:29 AM
To: Steven J Kean/HOU/EES@EES
cc:
Subject: FW: Jim Bannantine on eSpeak - March 23

Can we get this killed or redirected?  This seems very dangerous.
---------------------- Forwarded by J Mark Metts/NA/Enron on 03/21/2000 04:28
AM ---------------------------

"Joor, William E., III" <wjoor@velaw.com> on 03/20/2000 05:39:54 PM
To: "Metts, Mark (Enron)" <mmetts@enron.com>
cc:
Subject: FW: Jim Bannantine on eSpeak - March 23

I'm afraid I have to concur with Boyd.

William E. Joor III
Vinson & Elkins L.L.P.
3600 First City Tower
1001 Fannin
Houston, Texas  77002-6760
Tel:  713-758-2582
Fax:  713-615-5201
wjoor@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

-----Original Message-----
From: Carano, Boyd (Enron)
Sent: Monday, March 20, 2000 9:07 AM
To: Joor, William E., III
Subject: Jim Bannantine on eSpeak - March 23

FYI.  I gotta tell you that under the circumstances the timing of this event
just amazes me.

Hope all is well.

Boyd
---------------------- Forwarded by Boyd Carano/ENRON_DEVELOPMENT on
03/20/2000
06:10 PM ---------------------------

Julie Ramos
03/20/2000 06:02 PM

To:   Sao Paulo Brazil - Office Staff, Rio de Janeiro Brazil - Office Staff,
      Buenos Aires Argentina - Office Staff, Salvador Brazil - Office Staff,
      Enron South America - Houston Staff, Santa Cruz Bolivia - Office
Staff,
      Cuiaba Brazil - Office Staff
cc:   Sarah Palmer
Subject:  Jim Bannantine on eSpeak - March 23

(Embedded image moved to file: pic13277.pcx)  The eThink Team

Join Jim Bannantine, on eSpeak, Thursday, March 23 at 11:00 am (Houston);
2:00
pm (Buenos Aires and Sao Paulo ), and 1:00 pm (Cuiaba and Santa Cruz)  to
learn
more about Enron's current South America Strategy.

Jim will be holding an "open-mike" forum so you can ask him questions and
share
your ideas and opinions.

If you prefer you can  pre-submit your questions at eSpeak right now at the
following address ethink.enron.com ! Please keep your questions short and
simple! this will increase the opportunity for your question to be answered.

                                              eThink: Invest Your MInd

Venham conversar com Jim Bannantine no eSpeak, Quinta-feira, dia 23 de
mar?o, .s
11:00 horas (Houston); 14:00 horas (Buenos Aires e S?o Paulo) e 13:00 horas
(Bolivia ) para ficar melhor informado sobre a estrat,gias atual da Enron
Am,rica do Sul.

Jim estar? comandando um "bate-papo on line" e voc poder? fazer perguntas e?partilhar suas id,ias e opini?es.??Voc pode, tamb,m, fazer suas perguntas desde j? acessando o seguinte
endere?o
endere?o ethink.enron.com. Por favor, elabore perguntas curtas e diretas.
Isto
aumentar? a possibilidade de sua pergunta ser respondida.

                                         eThink: Invest Your Mind

 - pic13277.pcx


Challenging your manhood would do me no good.  I hope you're not suggesting
that you're going to walk on a bet.  If I owed you $2,320, what would you do?

	Greg Whalley@ECT
	11/22/00 09:14 AM

		 To: Brad Richter/Enron Communications@ENRON COMMUNICATIONS@ENRON
		 cc:
		 Subject: Re: For Whom The Bells Tolls...

i don't know if you've heard yet.  maybe you should talk to lavorato.  my
debt is currently trading at about 60-80 cents on the dollar.


This is SERC's response to NERC's Task Force letter.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 11/30/99
09:31 AM ---------------------------

Joe Hartsoe@ENRON
11/30/99 08:09 AM
To: Christi L Nicolay/HOU/ECT@ECT
cc:
Subject: NERC Policy Interpretation Task Force

FYI
---------------------- Forwarded by Joe Hartsoe/Corp/Enron on 11/30/99 09:13
AM ---------------------------

Dave Mangskau
11/29/99 05:39 PM
To: Joe Hartsoe/Corp/Enron@ENRON, Richard Ingersoll/HOU/ECT@ECT
cc:

Subject: NERC Policy Interpretation Task Force

Joe & Dick:
Perhaps you have already received a copy of
this???
---------------------- Forwarded by Dave Mangskau/Corp/Enron on 11/29/99
03:53 PM ---------------------------

"William F Reinke" <wreinke@duke-energy.com> on 11/29/99 03:02:40 PM
To: garfield@firstenergycorp.com, dbevelhymer@tnsk.com, paul_evanson@fpl.com,
pete.landrieu@pseg.com, bharbour@soyland.com, Dave Mangskau/Corp/Enron@ENRON,
cdurkin@npcc.org, bzemanek@csw.com, jdavis06@apsc.com
cc: jmaughn@serc1.org

Subject: NERC Policy Interpretation Task Force

TO:  Regional Chairmen

Gentlemen:
     The attachment contains a letter from SERC to the NERC Chairman and the
Chairman of the Policy Interpretation Task Force, with a copy to the NERC
President, on the matter of the TVA/Enron dispute.  I wanted you to be aware
of
this communication.  I also want to be sure that you understand that our
concerns deal solely with reliability and due process issues.  Please advise
if
you have questions concerning this matter.

Sincerely,

William F Reinke
SERC Chairman

(See attached file: Serc Ltr to Neale and Hawks Nov 29.doc)

 - Serc Ltr to Neale and Hawks Nov 29.doc


I am fine with your proposal.   Mark


Calif Fails To Find Illegal Acts By Generators -Sources
By Jason Leopold
Of DOW JONES NEWSWIRES

06/12/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

(This article was originally published Monday.)

LOS ANGELES -(Dow Jones)- An investigation by California's attorney general and state utility regulators into alleged illegal behavior by electricity generators has failed to turn up evidence of criminal activity, persons familiar with the probe said Monday.
The sources - including two commissioners on the California Public Utilities Commission and an aide to Attorney General Bill Lockyer - said generators aren't likely to be prosecuted, even though it appears they did withhold supply, and that the state may pursue civil remedies as an alternative.
"We have come to the conclusion that this type of behavior is not illegal," one PUC commissioner said.
California Gov. Gray Davis was briefed on the investigation Monday night, spokesman Steve Maviglio said. Maviglio refused to disclose details of the attorney general's briefing, but said the investigation was ongoing.
"We have not called off the dogs," Maviglio said. "We're still pressing the attorney general to pursue the investigation."
The governor, who has repeatedly blamed the state's year-long power crisis on market manipulation by generators, is pressing federal regulators to order substantial refunds and impose price caps until the dysfunctional market is fixed.
PUC President Loretta Lynch said last month that she had enough evidence to take legal action against generators, but that claim was "premature," another PUC commissioner said.
The PUC commissioners said the investigation has uncovered evidence that generators created artificial shortages by withholding supply last summer and earlier this year, but after dozens of interviews with economists, traders and power plant employees found no evidence of collusion or other criminal behavior.
"We do have evidence that they withheld power from the marketplace, that's documented," one of the commissioners said. "The question is whether that's illegal, and I don't think it is."
The state is ultimately responsible for soaring power prices, the other commissioner said, because it passed a flawed deregulation bill.
"The system that we set up requires the generators and marketers, in the best interest of their shareholders, to do exactly what they have done," the commissioner said. "Unless they're talking with each other and there is evidence of absolute colluding, we're not going to get to first base."
The sources said the state may be preparing for a civil lawsuit against Duke Energy (DUK), Dynegy Inc. (DYN), Mirant Corp. (MIR), Williams Cos. (WMB), Reliant Energy Inc. (REI) and others, but that too is going to be difficult.
"How do you sue someone for being unethical," the person in Lockyer's office said.
A spokeswoman for Lockyer wouldn't comment, but said the probe is ongoing.
Spokesmen for the energy companies also wouldn't comment on the investigation, but said they have submitted bid data and reams of documents related to how their power plants operate to Lockyer and the PUC. The generators have repeatedly denied allegations that they acted unlawfully.
Severin Borenstein, director of the University of California at Berkeley Energy Institute, said the state would have a hard time proving otherwise.
"I would not have expected them to find evidence of criminal antitrust behavior," Borenstein said. Prosecuting generators is "a longshot," he said: "They would actually have to find a smoking gun and evidence that these guys were in the same room."
Phil Verlager, an economist specializing in energy issues, said generators didn't even act unethically, because the setup of California's deregulation law allowed generators to get away with withholding power.
Even if no smoking gun has been found, tough talk by PUC President Lynch scared the suppliers, the commissioner said.
"They got the message that they ought to play the game."
Lynch didn't return calls for comment.
Davis said Sunday the recent decline in power prices in the West is a "function of the extreme pressure on the energy cartel from Sacramento."
The Federal Energy Regulatory Commission has the responsibility to hold generators accountable for behavior that produces unjust and unreasonable prices, even if it isn't illegal, Borenstein said.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874; jason.leopold@dowjones.com

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

Calif Gov:Evidence May Allow Criminal Case Vs Generators
By Jason Leopold
Of DOW JONES NEWSWIRES

06/12/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- California investigations have turned up a "growing body of evidence" that may allow the state's attorney general to pursue criminal charges against generators suspected by some of manipulating power prices in the state, the office of California Gov. Gray Davis said Tuesday.
The governor's office didn't detail that evidence, however, and persons familiar with the probe conducted by the state attorney general and the California Public Utilities Commission maintained that no such evidence exists.
"The Attorney General gave the governor a progress report on the status of civil and criminal actions," Davis press secretary Steve Maviglio said in a short written statement. "There is a growing body of evidence that may give the Attorney General the opportunity to proceed with criminal as well as civil actions."
Attorney General Bill Lockyer briefed Davis Monday night on the status of his investigation with the PUC into possible criminal antitrust behavior by generators operating in the state's wholesale electricity market. Maviglio didn't disclose further details of the investigation.
Two PUC commissioners said the state has documented that supply was withheld, but hasn't been able to demonstrate such activity was illegal.
"There is no evidence of criminal behavior," one said. "It just doesn't exist."
S. David Freeman, senior energy adviser to Davis, acknowledged the distinction Tuesday after being asked by reporters in Washington, D.C., about allegations generators withheld supply to boost prices.
"It may not be criminal conduct, but it's a crime," he said.
Economists and energy experts deposed by Lockyer have said the attorney general will have difficulty trying to prosecute generators, because there's likely no smoking gun.
Any claim that the investigation hasn't turned up evidence of criminal activity is an "overstatement," Lockyer spokeswoman Sandra Michioku said.
The investigation is ongoing, she said.
Davis said Sunday that pressure from Sacramento has contributed to the recent sharp decline in power prices in the West. An aide to Lockyer said Tuesday the attorney general needs to keep alive the perception that he is close to prosecuting the energy companies "so they will continue to play the game."
The governor, who has repeatedly blamed the state's year-long power crisis on market manipulation by generators, is pressing federal regulators to order substantial refunds and impose price caps until the dysfunctional market is fixed.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874; jason.leopold@dowjones.com

Calif Judge To Rule On Confidentiality For Generator Data

06/12/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- A Los Angeles Superior Court Judge said Tuesday he will issue a written ruling on a lawsuit filed by Reliant Energy Inc. (REI) against the state's attorney general to prevent confidential subpoenaed documents from being shared with third parties.
Superior Court Judge George H. Wu said he would take the case under submission and issue a written ruling in less than 90 days.
Reliant, Dynegy Inc. (DYN) and Mirant Corp. (MIR) agreed May 22 to turn over confidential documents to California Attorney General Bill Lockyer, who is investigating allegations of manipulation and criminal behavior in the state's wholesale power market.
Reliant agreed to turn over the information, which includes bid data, as long as Lockyer's office agreed not to share it with third parties.
Lockyer said last month that he wouldn't share the information pending a court hearing on the issue.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874; jason.leopold@dowjones.com

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


Attached for your review is a memo from Michelle and Kriste regarding the
above referenced.

memo

Assignment Letter


I don't know if David Hunt will have comments.  In any event, Marvin, Bob and
the MDEA rep needs to reveiw it.

Reagan has my current requests.

Kay

From: David Fairley/ENRON@enronXgate on 05/29/2001 11:05 AM
To: Kay Mann/Corp/Enron@Enron
cc: Reagan Rorschach/ENRON@enronXgate, Heather Kroll/ENRON@enronXgate, Edward
Sacks/ENRON@enronXgate, Tom May/ENRON@enronXgate, Kayne
Coulter/ENRON@enronXgate

Subject: RE: Extension letter

Kay -- Do you know if David H. is going to give you comments?  If you haven't
heard for sure, one of us will call Marvin and find out/coordinate.  Just
don't want to call if this has already been discussed with them.

Is there anything else at this stage that we can do to help your efforts on
the Extension or the main agreement?

Thanks  -- David

 -----Original Message-----
From:  Mann, Kay
Sent: Tuesday, May 29, 2001 9:26 AM
To: Fairley, David
Cc: Rorschach, Reagan; Kroll, Heather; Sacks, Edward; May, Tom; Coulter, Kayne
Subject: RE: Extension letter

Sounds good if you would like to forward to counter parties.

I've sent a draft to their counsel all ready (D Hunt and Hemleben).

ckm

From: David Fairley/ENRON@enronXgate on 05/29/2001 09:10 AM
To: Kay Mann/Corp/Enron@Enron, Reagan Rorschach/ENRON@enronXgate, Heather
Kroll/ENRON@enronXgate
cc: Edward Sacks/ENRON@enronXgate, Tom May/ENRON@enronXgate, Kayne
Coulter/ENRON@enronXgate

Subject: RE: Extension letter

Kay -- Looks fine.  Unless anyone else has changes, would it be possible to
send it out today?  Thanks -- David

 -----Original Message-----
From:  Mann, Kay
Sent: Tuesday, May 29, 2001 8:00 AM
To: Rorschach, Reagan; Fairley, David; Kroll, Heather
Cc: Sacks, Edward; May, Tom; Coulter, Kayne
Subject: Extension letter

1st thing 1st.  Here's a draft of the extension letter:

 << File: MDEA ILA extension May 29.doc >>

Kay


I'll check out the Big B.R. forecast before I come in.

 -----Original Message-----
From: 	St. Clair, Carol
Sent:	Wednesday, December 26, 2001 4:12 PM
To:	Shackleton, Sara
Subject:	RE: LC Docs

Sure thing.  I'll be in around 8:45.

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-3393 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Wednesday, December  26, 2001 3:45 PM
To:	St. Clair, Carol
Subject:	RE: LC Docs

Can we meet in the morning for a status update?  Sara

 -----Original Message-----
From: 	St. Clair, Carol
Sent:	Wednesday, December 26, 2001 3:11 PM
To:	Shackleton, Sara
Cc:	Mellencamp, Lisa; Sacks, Edward; Bradford, William S.
Subject:	LC Docs

Sara:
Here are drafts of the Certificates and Sight Drafts for Niagara Mohawk, El Paso electric, LG&E Energy Marketing and Energy Production Corp. (just in case it wasn't renewed).  I have put together files for each of these that include copies of the LC, the underlying trading docs and any correspondence that has been sent.    Except for Niagara Mohawk which requires copies of the invoices and that the certificate be on "letterhead" there don't appear to be any other special requirements.  Leslie Reeves will be faxing the invoices to us.  I will be in tomorrow until around 11.  Thanks for your help on this.

 << File: LC Certificate - Niagra Mohawk.doc >>  << File: LC Certificate - Energy Production Corporation.doc >>  << File: LC Certificate -El Paso.doc >>  << File: LC Certificate -LG&E.doc >>  << File: Sight Draft El Paso.doc >>  << File: Sight Draft Energy Production.doc >>  << File: Sight Draft LG&E.doc >>  << File: Sight Draft niagra Mohawk.doc >>

All of these docs are in a file called Enron Restructuring.

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-3393 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com


the consolidated p&l is in O:\erms\1intra\west\p&l\x2001\ westdeskp&l-2.xls


-- Casualties reported after gunshots fired in central Jerusalem.
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Hello,

By now everyone should have received a copy of the Evening MBA News in your
student mailboxes.

Well, thanks to modern technology, it is now available on the web as well.
So if you forgot your copy and you wanted to show your co-workers or felt
the urge to read it at work, just pull up
http://www.haas.berkeley.edu/EvMBA/ and click on "Evening MBA News."  You
can even print it out and give yourself an extra copy!

Seung Lee
Haas School of Business
Evening MBA Program


Jeff - another issue for you to sink your teeth into.
You may be aware that at San Jose we recently installed a bi-directional
meter to accommodate the PG&E power purchase agreement (PPA,sell to grid) and
the regular intake off the grid.
As we positioned ourselves to be the 'buy and sell' MDMA, PG&E has informed
us, and SJSU, that the PPA stipulates that only PG&E meter data can be used
to determine power purchase payments. The PG&E ESP Relations Department has
internally protested this arrangement but the PG&E lawyers apparently
prevailed.
Since PG&E was not clear on this during the meter installation arrangement,
PG&E has now decided to disconnect the outflow channel of the customer-owned
meter and install its own meter at PG&E expense.
This is a ludicrous but workable solution. Until the PG&E meter is installed,
our webpage info will be used to determine the payments to SJSU.
We are currently discussing a similar meter installation at Santa Cruz, and I
am sure that others will follow on sites where customers have generation. We
need to convince PG&E that customer-owned meters are just as good if not
better than their meters and that their position is arcane. Will this be
covered in the current proceedings before the CPUC?

Dirk A.van Ulden
(925) 543-3879
Fax (925) 543-3550
Dirk_vanUlden@enron.com


I heard about this last week, pretty nasty.
PL


Hi Sara, yes I sent this to David and I thought I copied you on it.  I can't
find it in my e-mail I must have deleted it.  If he still needs it I can
re-send it.

Thanks,
Melissa

From: Sara Shackleton on 09/06/2000 02:16 PM
To: Melissa Ann Murphy/HOU/ECT@ECT
cc:
Subject: Financial swap re PJM wholesale power

Melissa:  Did you ever send this to David per my email?
----- Forwarded by Sara Shackleton/HOU/ECT on 09/06/2000 02:15 PM -----

	Sara Shackleton
	08/25/2000 01:20 PM

		 To: Melissa Ann Murphy/HOU/ECT@ECT
		 cc:
		 Subject: Financial swap re PJM wholesale power

Melissa:  Would you please sent David an example of a confirm with the GTC's
(standard Annex A).  Please cc me.  Thanks.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 08/25/2000 01:18 PM -----

	David Portz
	08/25/2000 09:40 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Financial swap re PJM wholesale power

Sara:  When you have a chance, would you forward me a sample confirmation for
one of the above referenced trades?   I want to have a sense of the terms of
the GTCs attached to such confirmations when an ISDA master is not in place
with a counterparty.  Thanks.  --David


Tracy:

Is that what you had in mind?  Let me know.

Thanks!

Jan


LAST CALL for signing up for Fundamentals of Electricity.    As a
result of several calls,   we have extended the registration deadline  until
this  Wednesday, January 23rd, 2002.  To register for this informative
class, fill out the registration form and fax it to (713) 856-6199  to my
attention by this Wednesday!

	Thanks,
	Lana Moore
	NESA
 <<521_Electricity.pdf>>

 - 521_Electricity.pdf


Thanks, Dan.  I've scanned and they look good to me, but I'll pass on to my
client for the final say-so.  I believe we can get this done fairly soon.
Grant.

  -----Original Message-----
  From: Dan.J.Hyvl@enron.com [mailto:Dan.J.Hyvl@enron.com]
  Sent: Thursday, March 22, 2001 2:36 PM
  To: grant_kolling@city.palo-alto.ca.us
  Cc: Kim.Ward@enron.com
  Subject: RE: Enfolio Master Firm Purchase/Sale
Agreement

  Grant,
       Sorry for the delay in responding to your additional
inquiries.
       7.   Re 4.2(iv)(b) - I would propose the clause to
read:  "(b) file a
  petition or otherwise commence, authorize or acquiesce in
the commencement
  of a proceeding or cause under any bankruptcy or similar law
of the
  protection of creditors, or have such petition filed against
it and such
  proceeding remains undismissed for 30 Days, provided if a
petition is filed
  against the Affected Party and the  Affected Party is
actively pursuing all
  steps to have such proceeding dismissed and provides the
other party with
  reasonable documentation supporting its actions to cause
such proceeding to
  be dismissed, then such Affected Party shall have an
additional 30 Days to
  effectuate such dismissal,"
       8.   Re 4.2 (v) and 4.2 (vi) -  "20 or more Gas Days"
is acceptable.
       13.  I will change the definition of "Act" as you
suggest.
       21.  I propose that language be added whereby the
parties shall first
  attempt to settle the matters to be resolved by the use of
binding
  Arbitration by mon-binding mediation and if that does not
resolve the issue
  to the satisfaction of the parties, such matter shall
thereafter be
  resolved by the use of binding Arbitration.  Is this an
acceptable
  resolution?
       22.  We cannot agree to any list of parties who are
authorized to
  enter into transactions under the contract.  Our position is
that whoever
  answers the trading phone during trading hours is authorized
to bind the
  company.  However, we will provide the City with an initial
contact list of
  the people on the trading floor whom the city can contact as
of the date
  the contract is signed; however, the persons who are
authorized to enter
  into a transaction with the city will not be limited to the
initial contact
  list.  Of course, the city could always attempt to contact
someone on the
  initial contact list.  Will an initial contact list be
acceptable?

  Please let me have your thoughts concerning the above.
                                                     Dan.

                      "Kolling, Grant"

                      <grant_kolling@city.palo-a        To:
"'Dan.J.Hyvl@enron.com'"
                      lto.ca.us>
<Dan.J.Hyvl@enron.com>
                                                        cc:

                      03/16/2001 05:09 PM
Subject:     RE: Enfolio Master Firm

Purchase/Sale Agreement

  Dan, please accept my apologies for replying so late.  I was
out of town
  again, and am back at trying to complete 5+ days of work
within 3 days.

  Thanks for accepting a lot of our requests.  Let me follow
up with a couple
  of additional inquiries.

  7.  Re 4.2(iv), please suggest language as you've indicated
in sentence 2.
  Anything along the lines you've proposed likely will be
agreeable.

  8.  Re 4.2(v) and (vi).  How about 20 days?

  13. Definition of "Act."  I suggest you refer to Article 11,
sections 5 and
  9 of the California Constitution, to be more specific.
Section 3 is not
  regularly cited as the line of authority to the best of my
knowledge,
  though
  I can see how the language could lead  one to cite it.

  21.  In California, the concept of binding mediation is not
recognized, if
  I
  have understood our outside counsel at prior mediations in
which I've
  participated.  Mediation is non-binding.  As a practical
matter, it can
  cost
  almost as much in terms of time, money and effort to proceed
to mediation,
  but the "rules of engagement" are not as tight as are found
in arbitration.
  We avoid the rigid procedures.  I believe Enron should
consider this
  approach at times.  Having gone through a couple, I would
not recommend to
  my client that we would proceed any further once the
mediator makes a
  proposal that's acceptable to the parties.  The cost of
arbitration is not
  worth it.  That's why we in California tend to prefer
mediation to
  arbitration.

  22.  I have to insist on behalf of my client that we
assemble some list.
  Surely, Enron can submit a list of people that will be
initially approved
  to
  engage in authorized transactions.  We can do the same.
We've had an
  unfavorable experience with another Texas-based
  energy company regarding the scope of its representative's
authority.  We
  don't want to litigate the issue of due authority.  That
list would help
  It's not a matter of the city claiming the authority to back
out of the
  contract, because someone arguably didn't have the
authority.  There are a
  ton of cases which would make it extremely difficult to make
that claim.

  Thanks.  Grant.
            -----Original Message-----
            From:     Dan.J.Hyvl@enron.com
[mailto:Dan.J.Hyvl@enron.com]
            Sent:     Thursday, March 08, 2001 3:13 PM
            To:  grant_kolling@city.palo-alto.ca.us
            Cc:  Kim.Ward@enron.com
            Subject:  RE: Enfolio Master Firm Purchase/Sale
  Agreement

             << File: 2001-002ctr.doc >> << File: 0071988 RESO
Enron.doc
  >>
            (See attached file: 2001-002ctr.doc)

            Grant,
                 I have reviewed your requested changes and
have made
  the changes which
            do not require explanation or clarification.
Those changes
  are reflected
            in the above document.  Let me go over your list
of items:
                 1.   I have deleted the word "DRAFT".
                 2.   I have left a blank for the date within
the month
  of March 2001
            when the contract would be executed by the City.
                 3.   I have changed the word "may" to
"shall".
                 4.   Maximum Daily Delivery Point Quantity
does not fit
  in a
            Deficiency Default, it is just the maximum
quantity that can
  be handled by
            a party at a particular point.  I do not think
their is an
  omission.
                 5.   I have added the word "reasonable".
                 6.   The procedue for how the Termination
Payment is
  determined is
            provided, if the City disagrees with the method
and values
  provided in the
            statement and is unable to convince the Company to
revise,
  the statement,
            then the issue is to be resolved in arbitration.
At the
  point that a
            Termination Payment calculation is necessary, a
long drawn
  out period
            should not be necessary to attain closure.
                 7.   We need to limit the duration to 30
days,  neither
  party should
            be required to wait 60 days before it could
accelerate the
  other party's
            obligations under the Contract.  We might be able
to add
  language to extend
            the period if we had some documentation stating
the steps
  that a party was
            pursuing to cause the proceeding to be dismissed
and the
  other party was
            otherwise kept whole from a credit exposure.
                 8.   I have kept the 30 days because 5 days
is too
  short a period.
            During a holiday period, one scheduling error
could cover
  the entire
            period.  Article 3 has language which provides a
remedy for
  a party if a
            scheduling default extends for more than 5 days
during any
  month.
                 9.   The reason is because Enron Corp. is the
rated
  entity and no
            separate rating applies to ENA.
                 10.  I have changed "a" to "the"
                 11.  I have eliminated the  60 day limitation
on the
  duration of an
            event of Force Majeure.
                 12.  This merely addressed the possibility of
a
  imbalance amount being
            due when a pipeline aggregates imbalances using
multiple
  points, and the
            language would allocated the payment based on the
amount of
  the imbalance
            that a particular party may have caused.  I think
the
  language is clear as
            written.
                 13.  The definition of Act was one of the
items that I
  had requested
            that you review and complete as necessary so that
all
  appropriate statutes
            were referenced.  I am still waiting for your
language.  I
  started filling
            it in using language that had been provided by the
City.
                 14.  I added the word "reasonable".
                 15.  I have made the requested change
relating to
  GAAAP.
                 16.  This is a late payment provision and as
such a
  believe that the
            provision should be more than a party's rating, as
such I
  have kept the 2%
            over prime language.
                 17.  These amounts were determined by the
credit group
  and any change
            needs to be discussed with that group.  BBB-  is
considered
  investment
            grade and I understand that Enron Corp.'s rating
is BBB.
  ENA is not a
            rated entity and that is why the language relates
to Enron
  Corp.'s rating.
                 18.  The elimination of the opinion of
counsel did not
  change the
            requirements relating to the representations that
we expect
  the City to
            have made.  If the City cannot make these
representations,
  then we need to
            know that before we execute the Contract.
                 19.  I have added the word "reasonable".
                 20.  The party that has the Transport
Agreement with
  the Transporter
            should have the legal right to obtain the
information based
  on its
            contract.
                 21.  It is our position that any dispute be
arbitrated.
  We can agree
            to meditation if we can make the outcome binding
on the
  parties.  I am
            willing to discuss any changed language that you
might care
  to offer.
                 22.  We have found that personnel of both our
Company
  and that of our
            Customers change so rapidily that the list is not
workable
  and merely
            allows a party to back out of transactions it does
not like
  on the basis
            that the person who agreed to such transaction was
not on
  the list.
            Therefore , we object to any listing of approved
parties who
  can transact.
            We believe that each party should be responsible
for the
  actions of its
            employees and should stand behind any transactions
that
  those parties may
            enter into pursuant to the terms and provisions of
the
  Contract.

                 I will be out of the office on Friday, but
will be in
  all next week if
            you care to discuss any of these matters.

                                "Kolling, Grant"

                                <grant_kolling@city.palo-a
To:
  "'Dan.J.Hyvl@enron.com'"
                                lto.ca.us>
  <Dan.J.Hyvl@enron.com>, "Kolling, Grant"

  <grant_kolling@city.palo-alto.ca.us>
                                03/02/2001 03:43 PM
cc:
  Kim.Ward@enron.com

  Subject:     RE: Enfolio Master Firm

  Purchase/Sale Agreement

             <<0071988 RESO Enron.doc>>

            Dan:

            First, I've attached the proposed resolution which
  authorizes the City
            Manager to execute the Enfolio agreement.

            More importantly, I need to inform you that our
senior
  management has
            reviewed the referenced contract; I have been
asked to
  present additional
            changes to the agreement for Enron's consideration
and to
  raise questions
            about certain of its terms and conditions.

            Let me start from page 1, top to bottom, and
proceed to the
  end of the
            exhibits.

            1.  There is the word "DRAFT" above the title of
the Enfolio
  agreement
            which
            should be deleted.

            2.  The introductory paragraph, line 5, should not
contain
  the words "1st
            of
            January, 2001."  It should be left blank, until
the parties
  have signed the
            contract.  Otherwise, the City will be in breach
as of the
  date it signs
            the
            contract, because Article 2, section 2.1 requires
the City
  to proffer the
            to-be-approved-by-Council resolution as of 1/1/01.

            3.  Article 2, Section 2.4, line 2.  The City
(Customer)
  wants Enron
            (Company) to confirm every recorded telephonic
Transaction,
  as defined.
            Therefore, the City requests the word "may" should
be
  changed to "shall."

            4.  Article 3, Sections 3.1 and 3.2, first
sentence:
  Buyer's Requested
            Quantity refers to the DCQ or MaxDQ.  Seller's
failure to
  Schedule the
            Buyer's Requested Quantity shall constitute a
Seller's
  Deficiency Default.
            How does a Maximum Daily Delivery Point Quantity
fit into a
  Seller's
            Deficiency Default if the Buyer's Requested
Quantity does
  not include a
            Maximum Daily Delivery Point Quantity?  What is
the reason
  for the
            omission?

            5.  Article 4, Section 4.1, lines 15 and 23:  Line
23 refers
  to "reasonable
            attorneys' fees" yet line 15 refers to "attorneys'
fees."
  To be internally
            consistent, line 15 should say "reasonable
attorneys' fees."

            6.  Section 4.1, right hand column, lines 3-4.  A
statement
  showing the
            determination of the Termination Payment will be
prepared.
  It's unclear
            whether the City is entitled to review and
challenge the
  determination
            before a dispute is referred to arbitration.  The
City
  should be entitled
            to
            receive a copy of the determination and to
question it
  before it is
            obligated to pay the Termination Payment.  Please
clarify,
  or permit the
            City to exercise these rights.

            7.  Section 4.2(iv) specifies that a Triggering
Event will
  exist if a
            bankruptcy petition is undismissed within 30 days.
Is this
  (under
            bankruptcy laws) the minimum period of time within
which one
  may seek
            dismissal of a bankruptcy petition?  Please refer
to the 11
  USC section
            that
            backs up this provision, or change to 60 days.

            8.  Section 4.2(v) and (vi):  Please change "30
days" to "5
  days."  The
            City
            is concerned with the number of days that Enron
may be
  permitted to fail to
            Schedule before a Triggering Event is triggered by
Enron.

            9.  Section 4.2(ix):  this language discusses a
default by
  Enron Corp.
            (ENA's parent?), but no mention is made of ENA's
default in
  this regard?
            Please explain.

            10. Section 4.5, line 4:  Is "a Company" supposed
to refer
  to "the Company"
            ?

            11. Article 5.  The City is uncomfortable with the
force
  majeure provision
            as drafted.  It states that the parties must
perform even if
  a FM event
            (earthquake) would prevent either or both parties
from
  performing with the
            60-day period stated therein.  There is no such
limitation
  under California
            law in the absence of a contract provision to the
contrary.

            12.  Article 7, Section 7.2:  Could Enron
translate the last
  sentence?  We
            don't understand it.

            13.  Appendix "1":  Act:  Please explain why
Section 3 is
  referred to?

            14.  Appendix "1", Claims, line 4:  Please add
"reasonable"
  before
            "attorneys' fees.

             15.  Appendix "1", GAAP:  This should read: "GAAP
means
  generally accepted
            accounting principles, consistently applied, with
respect to
  Company, and
            governmental generally accepted accounting
principles,
  consistently
            applied,
            with respect to Customer."

            16.  Appendix "1", Interest Rate:  Please delete
"two
  percent over".  The
            City has a AAA bond rating, therefore, the  City
believes
  the 2% over prime
            should not apply to it.

            17.  Appendix "1", Material Adverse Change:  What
does Enron
  believe the
            City's Net Worth to be?  The $400 million
threshold is
  mentioned.  Also,
            what is ENA's bond rating?  Is "BBB-" an
investment grade
  rating?

            18.  Representations and Warranties:  Because we
have agreed
  that the
            opinion of counsel will not be required, the reps
and
  warranties are being
            deleted.  But the "Representations and Warranties"
is
  nevertheless included
            in the agreement.  Item (i) should be deleted,
because the
  City has not
            undertaken a court search as is our custom and
practice
  whenever we issue
            an
            opinion.  We would like to delete "and (vii) it is
not ...
  Party."

            19.  Operational Flow Orders, line 8:  Please add
  "reasonable" before
            "attorneys' fees."

            20.  Financial Matters, line 8:  What is meant by
"to the
  extent it has a
            legal right of access thereto and/or ...etc."

            21.  Arbitration, Disputes to be Arbitrated.  We
do not as a
  matter of
            legal
            policy agree to arbitration, but we will mediate
disputes.
  Is Enron
            amenable to mediation?  This process is less
formal and less
  costly in my
            opinion.

            22.  Authority for Transactions.  Staff would like
the
  Agreement to include
            a list of employees for Company and Customer who
are
  authorized to trade on
            behalf of their employers.  Could a statement be
added to
  this section to
            this effect?  Then, we could attach the list(s) as
an
  Exhibit C.

            Thank you so much for considering these issues.
There are
  others which I
            hope to receive from staff next week and which I
will
  forward to you for
            response.

            Look forward to hearing from you soon.  I will be
out of
  town after today
            until Wednesday, March 7.

            Sincerely,

            Grant Kolling
                      -----Original Message-----
                      From:     Dan.J.Hyvl@enron.com
  [mailto:Dan.J.Hyvl@enron.com]
                      Sent:     Tuesday, February 27, 2001
6:16 AM
                      To:  grant_kolling@city.palo-alto.ca.us
                      Cc:  Kim.Ward@enron.com
                      Subject:  Re:  Enfolio Master Firm
Purchase/Sale
            Agreement

                       << File: 2001-002ctr.doc >>
                      (See attached file: 2001-002ctr.doc)

                      Grant,
                           I have incorporated the language
you provided
  to me in
            the attached
                      document.  I have been informed by the
Corporate
  Secretary's
            office that
                      they will issue a Certificate of
Incumbency
  showing that the
            person
                      executing the contract for ENA is
authorized to
  execute
            contracts for ENA.
                      No other party signs as to form or
terms, however,
  the
            officer executing
                      for ENA will require that the deal
person and I
  initial on
            the line next to
                      his signature.  I have reviewed the
proposed draft
            resolution.  ENA will
                      accept the enacted resolution and will
not require
  that the
            City Attorney
                      issue an opinion.  If the attached
contract is
  acceptable,
            please print off
                      2 originals, have them approved, signed
and
  forward to me
            for ENA's
                      approval and signature.  Once the
contract is
  fully
            executed, I will return
                      one fully executed original to you for
the City's
  file.

            (See attached file: 0071988 RESO Enron.doc)


OK.
Elizabeth said the conf. call numbers should be working.
Please try again at 11:40 a.m. CST

800-713-8600
code:  17406#


Howdy, how's it going today?


Attached is the disclosure document which has been sent to the printer.


Thanks again for your help with this critical part of the sales process.  We
will begin the plant site visits this Thursday.  Ben Rogers (3-7998) is
co-ordinating this and will be contacting you.

Confidentiality

I know it goes without saying,  but all aspects of the bidding process are to
be kept confidential.  This means that no one can disclose to another bidder
or any other person: the name of any bidder, the number of bidders, any
questions asked, or comments made, by any bidder.

If you have any questions regarding a confidentiality issue, or any other
issue please contact me or Ben or Stuart Zisman.  Please highlight this with
the plant managers as well

Site Visit Procedures

The attached Site Visit Procedures and cover letter were distributed to the
Round II bidders last week.  Please read them carefully and to the extent a
bidder moves outside of them, remind them of the procedures and have the
bidder redirect the question to our banker, Credit Suisse First Boston.
Should you have any questions, please call me.

Also, you should have received a copy of the Information Memorandum that went
out to all of the bidders.  If you don't have a copy, please call me and I
will forward. I have also attached a copy of the presentation which each
bidder will view online.  Please review both so that we can be consistent in
our message.

Our internal site visit procedures will be as follows.   As Ben receives site
visit requests, he will notify you all to establish the correct Site Visit
Co-ordinator for the plant  and to set date and time of visit.

He will receive from each bidder, and will forward to the correct Site Visit
Co-ordinator, a list of attendees (with a contact number for the bidder's
site visit co-ordinator) and the hotel and travel information, as applicable.

Please call me should you have any questions.  I want you all to feel very
comfortable in your role as Site Visit Co-ordinator  Please call me with any
questions.

Thanks.

Don
3-0492


FYI
---------------------- Forwarded by Gary A Hanks/HOU/ECT on 08/17/2000 03:44
PM ---------------------------

"Weir, Gordon R." <WeirG@EPEnergy.com> on 08/16/2000 05:40:30 PM
To: Blake Schwarz <SchwarzB@EPEnergy.com>, Charlie McGarity
<McGarityC@EPEnergy.com>, David Quinn <QuinnD@EPEnergy.com>, Deborah
Valenzuela <ValenzuelaD@EPEnergy.com>, Dwight Gentry <GentryD2@EPEnergy.com>,
Garald Ross <RossG@EPEnergy.com>, Gary Martinez <MartinezGM@EPEnergy.com>,
Gordon Weir <WeirG@EPEnergy.com>, Gregory Neese <NeeseG@EPEnergy.com>, Harry
Zimmer <ZimmerH@EPEnergy.com>, James Armenta <ArmentaJ@EPEnergy.com>, James
Johnston <JohnstonJ@EPEnergy.com>, Jimmy Logan <LoganJ@EPEnergy.com>, Jimmy
Steele <SteeleJ@EPEnergy.com>, Kelly Prespentt <PrespenttK@EPEnergy.com>,
Kent Barnes <BarnesK2@EPEnergy.com>, Larry Jaquet <JaquetL@EPEnergy.com>, Pat
Phillips <PhillipsP@EPEnergy.com>, Phil Tibbets <TibbetsP@EPEnergy.com>,
Richard Caster <CasterR@EPEnergy.com>, Robert Shimek <ShimekR@EPEnergy.com>,
Robert Young <YoungR@EPEnergy.com>, Ronnie Benson <BensonR@EPEnergy.com>,
Russell Cowart <CowartR@EPEnergy.com>, Ryan Coffey <CoffeyR@EPEnergy.com>,
Scheduling EPFS <EPFSScheduling@EPEnergy.com>, Scott Brown
<BrownS@EPEnergy.com>, Steve Jurecek <JurecekS@EPEnergy.com>, Steven Liles
<LilesS@EPEnergy.com>, Thomas Van Matre <VanMatreT@EPEnergy.com>, Walter
Farley <FarleyW@EPEnergy.com>, Audrey Pullen <Audrey.Pullen@enron.com>, Chris
Sonneborne <Chris.Sonneborn@enron.com>, Earl Tisdale
<Earl.Tisdale@enron.com>, Gary Hanks <Gary.A.Hanks@enron.com>, James McKay
<James.McKay@enron.com>, Kimberly Vaughn <Kimberly.Vaughn@enron.com>, Lauri
Allen <Lauri.A.Allen@enron.com>, Mike Morris <Michael.W.Morris@enron.com>
cc:
Subject: Channel Dispatch 08/17/00

 - Book3.xls


There is a position available in Deal Control, reporting to Jeff Richter on
the Short-Term California desk.  If you are interested in applying, please
contact Amy FitzPatrick by close of business Friday, May 4, 2001.

Following is a summary of the responsibilities associated with this position.

Facilitate the entry of West Power deals, including short-term and long-term
desks and the services desk, into the trading systems.
Follow-up with Deal Clearing and Settlements groups in Houston to verify
accuracy of trades in the system.  This includes timely follow-up  with the
traders for clarification.
Ensure that all trades are entered by a daily deadline.
Calculate and report weighted averages of daily price and volume to Dow Jones.
Prepare and distribute daily reports to ensure all books are balanced and
report discrepancies to management.
Track and report daily and monthly error discrepancies to management and
deliver reports for possible solutions to rectify errors.
Calculate weighted averages between brokered trades and trades executed
through Enron OnLine and the Intercontinental Exchange.
Report any technical mishaps to appropriate personnel in Houston and track
computer problems until demonstrated resolutions.
Test any updated versions of applications requested by programmers and report
back any adjustments needed.

Additional attributes one must possess to succeed in this position are
persistence and a positive attitude.  Working knowledge of Microsoft Excel is
essential, as is a general software aptitude.

If you have any questions regarding this role, please see either Jeff or Amy.


will you bring me 3 prunies when you come?  thank you I love you.

The Pigs

 -----Original Message-----
From: 	Angelica Paez <ampaez@earthlink.net>@ENRON
Sent:	Monday, November 26, 2001 4:13 PM
To:	Griffith, John
Subject:	Re: pick up

We'll talk about it when you get home, ok?  Love you.
--
Angelica Paez <ampaez@earthlink.net>
From: John.Griffith@enron.com
Date: Mon, 26 Nov 2001 17:11:51 -0600
To: ampaez@earthlink.net
Subject: RE: pick up
yes he is going to deposit the check today if he has time, he was going to
do his best to do it today but he was working on selling his house and
buying another, if not then first thing in the morning, $1000.
He said that Jeff Keller is definitely interested in the stereo, do you
want me to call him later?
Love you
The Pigs
   -----Original Message-----
  From:   Angelica Paez <ampaez@earthlink.net>@ENRON
  Sent:   Monday, November 26, 2001 4:06 PM
  To:     Griffith, John
  Subject:  Re: pick up
  That's fine.  Did you talk to Scott?
  --
  Angelica Paez <ampaez@earthlink.net>
  From: John.Griffith@enron.com
  Date: Mon, 26 Nov 2001 17:06:02 -0600
  To: ampaez@earthlink.net
  Subject: RE: pick up
  How about 6:45, tomorrow is settlement (bid week) is that okay?  let me
  know.
  Love you
  The pigs
     -----Original Message-----
    From:   Angelica Paez <ampaez@earthlink.net>@ENRON
    Sent:   Monday, November 26, 2001 3:56 PM
    To:     Griffith, John
    Subject:  pick up
    Hi piggy.  What time do you want me to pick you up?  Love you and hope
    your
    belly is ok.
    --
    Angelica Paez <ampaez@earthlink.net>
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As I mentioned earlier to Mark, Jeff Girth of the NYT again today contacted
Lee Sachs about Enron.  You recall Lee was Asst Secretary of Treasury for
Financial Markets during the Clinton Administration.  From his conversation,
Lee reports the following items were raised by Girth:  a) the state of energy
trading products and investment climate; b)  Enron's role in this market; c)
whether and how financial energy products drive pricing and supply of
physical energy products (Lee told him emphatically no); and, c) whether
government regulators understand these issues.  Lee said this is clearly an
Enron specific story.  Lee thinks Girth came away from the conversation with
more of a right perspective (namely that these are important markets and that
we play a vital role).  Lee said that Girth was less focussed on passage of
the CEA and the politics than Girth had been in an earlier conversation;
almost all  of today's conversation was forward looking.  Girth told Lee that
he had not told Lee "all" that is behind this story, but did say that there
is an interesting twist (Lee thinks Girth perhaps something specific either
on a document front or source).   Lee gave Girth a list of experts to talk to
who are unbiased but clearly right thinking on the subject.  Lee suggested
that Girth to:  Pat Parkinson at the Fed (the godfather of the "hands off"
regulatory perspective for the OTC market), Bill Rainer, and Ed Rosen (a
prominent attorney in NY).  Lee expects Girth to keep calling him.


Sarai,

Further to our conversation below is suggested language for Section 8.2.

8.2. Transfer.  This Agreement, including, without limitation, each
indemnification, shall inure to and bind the permitted successors and assigns
of the Parties; provided, neither Party shall transfer this Agreement without
the prior written approval of the other Party which may be withheld entirely
at the option of such Party; provided further, either Party may, without the
consent of the other Party (and without relieving itself from liability
hereunder), (i) transfer, sell, pledge, encumber or assign this Agreement or
the accounts, revenues or proceeds hereof in connection with any financing or
other financial arrangements, (ii) transfer or assign this Agreement to any
Affiliate by assignment, merger or otherwise, or (iii) transfer or assign
this Agreement to any person or entity succeeding to all or substantially all
of the assets of such Party.  Any Party's transfer in violation of this
Section 8.2 shall be void.
Finally, with regards to Section 4.2, we will agree to the use of
"occurrence" in  (vii) however,  we will not agree to the "borrowed money" in
section (ix).

Please let me have your thoughts regarding these issues.

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


Per Stacy's instructions, the following agreements are to be used for this
transaction.

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


Updates
Jennifer Burns - new cell phone number
Kathy McMahon - new executive committee assistant


--------------- cc:Mail Forwarded ---------------
From: Michel E Nelson AT AMARILLO_PO
Date: 04/02/99 04:44 PM
To: Bill Cordes AT ENRON
Cc: Phil Lowry AT ENRON
Subject: PG&E Letter & Spreadsheet
--------------- cc:Mail Forwarded ---------------
From: Melissa A Urban AT AMARILLO_PO
Date: 04/02/99 04:26 PM
To: Jeffery Fawcett AT ENRON
To: Steven Harris AT ENRON
To: Dan Pribble AT ENRON
To: Dave Schafer AT ENRON
Cc: Michel E Nelson
Cc: Louis Soldano AT ENRON
Subject: PG&E Letter & Spreadsheet
FYI

______________________________ Forward Header
__________________________________
Subject: PG&E Letter & Spreadsheet
Author:  Michel E Nelson at AMARILLO_PO
Date:    4/2/99 4:44 PM

Bill

Attached is the letter and analysis spreadsheet sent to Rod Boschee today.
The letter outlines the additional interim steps identified at this weeks
meeting. The letter also contains reference to a spike in the analysis
results at Transwesterns Measuring Station filter separator. The split sample
came back at this site at 216/185 PPM. We are making arrangements to have the
sample rerun at another lab. All other analysis points remained consistent
with last week. Lou Soldano advised me that since the spike occurred on our
equipment, that it may not be worthy of my personal phone call to Rod.

Lou Soldano has also prepared a draft of a letter for you to send to Mr
Mazotti regarding our on going concern and additional plans. He has, or will
be sending that to you directly.

If you have any questions, please call.

Mike

______________________________ Forward Header
__________________________________
Subject: PG&E Letter & Spreadsheet
Author:  Melissa A Urban at AMARILLO_PO
Date:    4/2/99 4:26 PM

Attached are the letter and spreadsheet supplied to PG&E on Friday, April 2,
1999.
 - pg&esamp.xls - 4-02-99p.doc


Steve will be in a Managing Director PRC that day - not sure if he will be
out in time for a 5:30 event.

   Maureen

From: Lexi Elliott/ENRON@enronXgate on 06/21/2001 01:39 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: Rice Happy Hour

Steve:

I am considering scheduling a Rice team/intern happy hour on July 24 (5:30 -
7:00).  Would you be available on this date or should I try to reschedule?

Thank you!

lexi
3-4585


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


Hey man - good to hear from you.  It must be rough house sitting in River
Oaks, just remember to leave the furniture before you go back to school.
Next week would be great to get some brews.  My wife and I are moving this
weekend so it is quite hectic this week.  I will need a lot of booze after
this move!  How's Chase?  I'll talk to you soon.
Ben


This ticket starts with 7/99 production.  How were all of the other months paid?

D

 -----Original Message-----
From: 	Schumack, Sherlyn
Sent:	Thursday, November 15, 2001 10:32 AM
To:	Farmer, Daren J.
Subject:	Deal 93836

Daren,

I am trying to get some payments out to Williams for old months 11/2000 and 1/2001 but global counterparty said this deal should have Black Marlin Pipeline Company Inc. instead of Black Marlin Pipeline Company effective 3/99.  The Black Marlin Pipeline Company was for an internal record (when it was an Enron entity).


In an effort to be more proactive, we have contacted each supervisor, whose
employee received a "needs improvement" ranking. We have recommended that the
supervisor do the following:

Assess the employee's performance
Determine if the employee has improved or still needs improvement
Prepare the necessary background material to present at PRC for
improved/non-improved employees
Ensure supervisor is able to share specific examples about the improved
employee (i.e., accomplishments, contributions or positive customer feedback)
Document and contact Human Resources for "needs improvement" employees
Address chronic or poor performers immediately; not wait until the PRC Process

I have attached for your review a summary report. The report contains a list
of "needs improvement" employees and their status. Please let me know if you
have any questions.

Regards,
Frank deJesus