they forced him to trade on Friday.  I want my money back

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Monday, October 22, 2001 1:29 PM
To:	Lavorato, John
Subject:	RE: Currency Hedging

I don't have all the facts to agree or disagree.  Until John Z has approval to trade currency, I wouldn't think you would want to go down this path.  In addition, I'm sure  you know hegding currency this big and late of Fridays is tough.

 -----Original Message-----
From: 	Lavorato, John
Sent:	Monday, October 22, 2001 11:50 AM
To:	Shankman, Jeffrey A.
Subject:	FW: Currency Hedging

By the way, I agree with Zufferli on this.
 -----Original Message-----
From: 	Zufferli, John
Sent:	Monday, October 22, 2001 11:46 AM
To:	Hickerson, Gary; Stuart III, William; Lavorato, John; Milnthorp, Rob
Subject:	Currency Hedging

Given the volatility in the gas market (which is the sole impact on the Canadian power book's US dollar exposure) and the exhorbitant cost involved in hedging multi-year cashflows (i.e. as evidenced by Friday 10/19/2001 trade of -$1,200,000 Cdn new deal value for the 14 year swap that I entered into), I will manage the currency exposure of this book myself, I will hedge appropriately when I see fit and will not accept hedges forced on Enron Canada because of arbitrary position limits set by your department.

John Zufferli


Molly,

This is an update on Anshuman. Please, see below. It seems
that his transfer is not an issue for the time being.

We can put it on a back-burner till he gets here.

Vince

P.S. The relevant section.

I also spoke about Anshuman, and there was resistance to his leaing for such
a long time.  However, I have agreement from folks here to send him to
Houston for a shorter stint on DPC budget.  I will try to finalize that
before I leave.  I will call you in the evening to just chat.

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/19/2001
09:45 AM ---------------------------

Sandeep Kohli@ENRON_DEVELOPMENT
01/19/2001 04:32 AM
To: Vince J Kaminski@ECT
cc:
Subject: Transition to Research Group - An Update

Vince,

Just wanted to let you know that I had a meeting with Wade Cline (COO, Enron
India), Neil McGregor (President, DPC), and Mohan Gurunath (CFO, DPC) today.
Though I had already spoken to all of them earlier about my joining your
group, today it became official, and all of them supported the move.  I
explained to them what we would be doing, and the results expected from the
Henwood study.

DPC would like to pay the costs for the study, and that was mentioned.  There
maybe some tax issues etc. that need to be cleared, and other related issues
that I would like to discuss with you, so I will leave them till I get to
Houston.

I also spoke about Anshuman, and there was resistance to his leaing for such
a long time.  However, I have agreement from folks here to send him to
Houston for a shorter stint on DPC budget.  I will try to finalize that
before I leave.  I will call you in the evening to just chat.

I am very thankful to you for giving the opportunity you have.  Things here
have deteriorated dramatically over the last few weeks.  Morale is quite down
due to many lay-offs.

I am really looking forward to returning to Houston, and the family!!

Regards,
Sandeep.


Attached is the file the bankers are using to "reconcile" our backtesting against your pnl's.  Please input into respective columns desk daily pnl.  Hopefully the revised file will put questions to rest.
Thanks
Frank

I have to pick my kids up from school, but I'll be back around 5:00


Cindy and Mark:  The Community Relations team has brainstormed ways to
support BEAR during the holiday season, specifically with their bike drive.
One note,  Enron already adopts an entire needy Elementary School for the
holiday seaso, and our employees adopt each child in the school by donating
money, etc. to provide supplies and clothing for the children, so I am a bit
concerned about another big employee drive during the holidays.

However, we have a number of ideas that I will share below, knowing that it
may take some time to schedule a meeting for the three of us:

1.  Partner with 104 KRBE to promote a Bike Drive in partnership with Sun &
Ski Sports (one of KRBE's sponsors).  Enron could pay for the advertising
dollars and Sun & Ski could get shoppers to make donations toward buying
bikes.  Laura Schwartz is exploring KRBE's appetite for something like this.

2.  BEAR/CPS table at our December 1 Big E Cafe which highlights ways for
employees can get involved throughout the community during the holidays.
BEAR could use the opportunity to ask for donations as well as offer
volunteer opportunities.

3.  Partner with the Enron Cycling Club to donate bikes - leverage their
connections with local bike stores.  These employees might be more likely to
want to donate.

2.  Utilize Matching Dollars (up to $15,000 per employee annually) if Mark or
other employees are interested in contributing.  Additionally, if Mark or
other employees volunteer with BEAR, using VIP dollars (up to $2500) to pay
for bikes.

Please let me know your thoughts, so that we can pursue some of these
opportunities.

Elyse


Again, I apologize for the lengthy note but this should serve as good backup for resolution of the original recall problems with Colonial.

First, I am treating Dec-00 as if it is truly a buy / sell situation though I believe that the intention was to recall ENA sales.  The below schedule of buy deals have not been paid (i.e. Colonial never actually billed ENA).  Therefore, I can use the payment due on these payables to clear the existing A/R balance.  The remaining $531.09 is inconsequential.

Second, Colonial gave me erroneous information for Mar-01 recall items.  They originally listed various sale items that were EOL deals, thus indisputable.  We have finally come to agreement that all recalls for Mar-01 should have been booked under ENA sale deal #336733, days 8, 22, and 24-26, a total of 22,500 MMBtu recalled.  Upon research of this new information it has been determined that the entire 22,500 is booked as buy / sell, as expected.  However the purchase side shows that 18,000 MMBtu of these items actually had an ENA purchase price of $0.00000 and 4,500 MMBtu at $5.54000, which was never billed to ENA but was paid.

Therefore, it seems obvious to me that in light of no price or non-billing of these purchases, the real intent was a true recall of our sales with no affect to the purchase side at all.  Furthermore, both the sales and purchase sides of the 22,500 MMBtu for Mar-01 has been "zeroed" out, creating a total credit due to Colonial of $103,050.  Please let me know if there are any objections to this.  If so, I will need support from Cindy / Dick for the purchases booked for Mar-01 prod. and their "0" prices.  See the below schedule for Mar-01 items that have been zeroed out.

Thank you,
Scott Dozier
5-7213
---------------------- Forwarded by Scott Dozier/NA/Enron on 05/21/2001 03:52 PM ---------------------------

	Enron North America Corp.  From:  Scott Dozier                           05/11/2001 11:00 AM

To:	John Hodge/Corp/Enron@ENRON
cc:	Cynthia Franklin/Corp/Enron@ENRON, Dick Jenkins/HOU/ECT@ECT

Subject:	Re: Colonial Outstanding AR

John - Apologies for the long note below but I believe it will be useful to get into the detail to resolve our Colonial recall issues.

Below is some detail on Colonial discrepancies involved with recallable deals in Dec-00 and Mar-01.  Please advise as to what the next course of action should be to clear this up.  I would be happy to meet with any one involved to clarify any issues or questions.

Overview:  I am still unclear as to what recallable means.  It sounds from your note below and everything that Cindy has told me, that by recall you simply mean a buy back or back-to-back as it resides within our system.  However, Colonial is not billing or settling it that way.  They are wanting to collect on their sale for these items while considering our sales for these as never having flowed.  Unless, I am missing something from your conversations with Colonial their may be a disconnect with them.

Note, the first section attached is fairly straight forward.   All recall sales being disputed by Colonial involve direct back-to-back sales with Colonial.  As for deal #658124, I see no problems between Sitara and Unify; Colonial is questioning only 4,500 on day 8 and no other gas on deal 336733.  In fact, Unify will not allow an imbalance on all back-to-back or brokered deals.

Section two shows the items that Colonial has claimed as recalled in Dec-00.  They have yet to give me days so I can not break out the items from our market to our sales to Colonial.  But, they all involve back-to-backs.

Section three shows other TETC items in dispute.  I listed these simply because I consider it possible that these may be involved in the recall items in question.

Thank you - Scott Dozier
5-7213

John Hodge
05/09/2001 05:14 PM
To:	Scott Dozier/NA/Enron@Enron
cc:	Cynthia Franklin/Corp/Enron@ENRON

Subject:	Re: Colonial Outstanding AR

According to Dick's notes from the deal ticket, we recalled the gas on 12/7/00, 12/28-31/00, 3/8/01, 3/22/01 and 3/24-26/01.  In talking with Cindy, it appears that at least two tickets were put into Sitara.  One ticket was our sale to Colonial and another ticket has us buying back from Colonial.  Sitara # 658124 is the ticket covering the buyback for March 2001.  Looking at the ticket in Sitara, there is an inconsistency between the Sitara volumes and the Unify bridged volumes.  Cindy, have you had a chance to check into this?

	Enron North America Corp.  From:  Scott Dozier                           05/09/2001 04:46 PM

To:	Dick Jenkins/HOU/ECT@ECT, John Hodge/Corp/Enron@ENRON
cc:	Cynthia Franklin/Corp/Enron@ENRON

Subject:	Colonial Outstanding AR

Dick or John,

Any word on the outstanding TETC items that were orginally thought to be recallable with Colonial?

Thank you,
Scott Dozier
5-7213

<Embedded StdOleLink>
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Consummate Consumer
Turning the Tide on the Environment

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By Don Oldenburg
Washington Post Staff Writer
Wednesday, October 17, 2001; Page C12

Changing everyday habits doesn't come easily -- especially in making personal changes that conserve resources and protect the environment. Think lights on in an empty room. Think overpackaging of grocery products. Think leaky faucets that drain the nation's water resources drip by drip.

That's why the folks at the Center for a New American Dream (www.newdream.org) decided in July to take a different approach to encourage Americans to be environment-minded, responsible consumers. In launching its online program called "Turn the Tide," the Takoma Park-based nonprofit group, dedicated to helping Americans change how they consume, was betting that results would speak for themselves.

The interactive volunteer program asks you to commit to taking nine simple actions in your daily lives over the next year. None of these ecologically smart adjustments is such a big deal. Each requires slight inconvenience but is easily achievable and produces a big payoff that is measurable.

The actions? As simple as taking steps to cut our junk mail by half or replacing the standard light bulbs in our houses with energy-efficient compact fluorescent units. One suggestion is to "skip a car trip each week." The reason: Automobile use is largely responsible for about a third of the nation's greenhouse gas emissions, says the center.

By measuring the effects of these ordinary actions, the CNAD activists are counting on convincing Americans of the value of making small changes. Each time a participant logs on to his personal "Turn the Tide" page to report his actions, the site's calculator instantly totals the quantity of resources saved as well as the total savings of everyone in the program.

Eric Brown, communications director at the Center for a New American Dream, says this is a "powerful tool" that helps remind everyone involved that we are not alone, and that small and simple everyday acts add up.

"We've signed up over 1,700 people so far," says Brown, adding that a bunch of organizations are going to begin promoting the program to their memberships, which should drive up these numbers soon.

The current participants, he says, "will save over 5 million gallons of water, and prevent the release of over three-quarter million pounds of carbon dioxide over the course of a year," he says. "By and large, our participants are really excited that they feel like they're making a difference."

Recall

Last week, Wysco Inc. recalled about 95,000 Runt brand bicycles that, contrary to Consumer Product Safety Commission standards, were manufactured without any brakes. The $100 mini-bikes (about 24 inches long and 26 inches high with six-inch wheels) are red, blue, black or silver in color and display the word RUNT and a logo of a dog's face on the steering column. Bicycle, toy, discount, department, convenience and specialty stores nationwide, and mail-order catalogues and Web sites sold them from January through July. If you own one, call Wysco at 866-868-7868 for a free repair kit.

Got a consumer complaint? Question? E-mail details to oldenburgd@washpost.com or write Don Oldenburg, The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

? 2001 The Washington Post Company

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All applications residing on the R: drive will be temporarily unavailable
from Friday, June 22, 2001 at 10:30 P.M. until Saturday June 23, 2001 at 2:30
A.M. for users logging into the CORP domain serviced by Enron Net Works.  The
outage is needed to perform required system maintenance updates and increase
the storage capacity of the general application servers hosting the
applications managed by the Enron Net Works Distributed Application
Management group.

Any questions or concerns regarding this system outage can be directed to
Chris Jeska, (713) 345-7004.

The following have been identified as business critical applications that
will be affected by the outage:

Sitara
CMS
Equity trading systems (eqpm directory)
Adaytum
CQG
TMS
PowerMap Europe
PowerDat Europe
MapInfo Professional
Secretariat


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Due to Ramona being out Friday, I would like to keep this CAS overview scheduled for today, Thursday afternoon, from 1:30 to 3pm.  Ramona will be available for only a short time today.  Perry, if you don't mind, for today, could you show Jerry Skertich and I a CAS overview from your viewpoint.  Darrell, perhaps Jerry and I can get with you either tomorrow or sometime next week to get your viewpoint.

Please let me know if everyone is okay with meeting today for about an hour.  I will see if I can get room 3907 for this afternoon.  Thx, Jim

 -----Original Message-----
From: 	Schoolcraft, Darrell
Sent:	Thursday, January 24, 2002 6:12 AM
To:	Frazier, Perry; Studebaker, James ; Betancourt, Ramona ; Skertich, Gerald
Subject:	RE: Updated: CAS overview with Ramona

I can make that.

ds

 -----Original Message-----
From: 	Frazier, Perry
Sent:	Wednesday, January 23, 2002 9:53 AM
To:	Studebaker, James ; Betancourt, Ramona ; Skertich, Gerald
Cc:	Schoolcraft, Darrell
Subject:	RE: Updated: CAS overview with Ramona

Sure, I can make the Friday time frame.

 -----Original Message-----
From: 	Studebaker, James
Sent:	Wednesday, January 23, 2002 7:29 AM
To:	Betancourt, Ramona ; Skertich, Gerald; Frazier, Perry
Cc:	Schoolcraft, Darrell
Subject:	FW: Updated: CAS overview with Ramona

Ramona, Jerry, and Perry,

Darrell will be out Thursday afternoon.  Are you all available Friday afternoon at the same hours - 1:30 to 3pm?  Thx, Jim

 -----Original Appointment-----
From: 	Schoolcraft, Darrell
Sent:	Wednesday, January 23, 2002 7:01 AM
To:	Studebaker, James
Subject:	Tentative: Updated: CAS overview with Ramona
When:	Thursday, January 24, 2002 1:30 PM-3:00 PM (GMT-06:00) Central Time (US & Canada).
Where:	TBA

I will be out Thursday afternoon.  How about Friday sometime.

ds


Chris--So as not to delay things more than I already have, the table below
shows our March '00 Requirements on AGL by pipeline.  I will put these values
into the spreadsheet that I sent earlier, but this will give you an idea of
what the numbers look like.

The above values for storage withdrawals assume that we are maximizing the
withdrawals from the so-called "Directly Assigned Storage" that ENA schedules
on our behalf.  I believe that notwithstanding the above storage withdrawal
values, we will still have storage inventory left at the end of March since
our
withdrawals to date have been so low.   Both the Storage withdrawals shown
above and the Flowing gas should flow on Primary firm capacity since we have
been assigned this capacity by AGL.    The above numbers also assume that we
will be maximizing our withdrawals of AGL's IBSS (Incremental Bundled Storage
Service) during March.  The IBSS withdrawals are not  included in the storage
withdrawal volumes shown above, since we schedule the IBSS ourselves at AGL's
citygate.

Please call me if you have questions and I will be forwarding you a final copy
of the spreadsheet with these numbers in a short while.

Sorry for the delay!

Doug Kinney
Ph:  703-561-6339
Fax:  703-561-7317


Fernley,

Sally asked me to forward this to you to outline what she is doing with
Arthur Anderson to get ready for SAP, specifically, Global Products.

Patti


my 2001 budget proposal, as cleaned up by accounting.  As it does contain
salary info, I have not copied Elizabeth.  I have no problem with her seeing
it, but did not know what your preference was.  If you want salary data
eliminated, I believe a single aggregate figure can be shown.  Will be
sending you separately the allocations across business units.  let me know if
you have questions or want to discuss.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 04/09/2000
16:51 ---------------------------

Greg McMahon
03/09/2000 15:17
To: Mark Schroeder/LON/ECT@ECT
cc:

Subject: European Government Affairs Budget 2001

Mark,

I have not forwarded onto your reports in Houston as I thought you may want
to review first and I was not sure if you wanted all the salary information
sent.  We can discuss Monday morning if you wish.

These are print screens from adaytum, and I have included a summary
reconciling from your workpaper to my Adaytum figures.
5 pages in total.

I have entered the Allocations percentages you gave me as well, so we have
completed everything we need for the budget.

Thanks
Greg


Vince:

I don't know if you noticed that we have Tim Bollerslev on the seminar
schedule for December 8.  In order for Tim to get back to North Carolina on
Friday, we need to move the seminar time.  I thought that the Enron folks
might be interested in his talk so I wanted to get you input on a new
time.  I know that 3:30 is best but would over the noon hour be second best
or would 2:00 be better?

Thanks.

bbo


Hello,

There are no GCP Adjustments.  Please feel free to give me a call, if you have any questions.

Amber N Ebow x5-8331
Global Counterparty_Enron Net Works

 -----Original Message-----
From: 	Lebrocq, Wendi
Sent:	Wednesday, October 17, 2001 5:06 PM
To:	Lambert, Karen; Jones, Tana; Schott, Samuel; Brackett, Debbie R.; Clark, Cynthia; Enron Europe Global CounterParty,; Sever, Stephanie; Moran, Tom; Clark, Claudia; Bradford, William S.; Lees, Lisa; Fayett, Juana; Le, Trang; Maley, Paul; O'day, Karen; Rohauer, Tanya; Lombardi, Kelly; Lindsay, Brian; EOL Call Center; Hare, Bill D.; Heffernan, Amy; Lafuze, Molly; Clark, Danny; Panus, Stephanie; Mandola, Teresa; Ebow, Amber; Coleman, Tandra; Campbell, Lesli; Lebrocq, Wendi; Taylor, Mark E (Legal); Lauer, Kara; Banner, Kimberly; Mcquade, Jennifer; George, Fraisy; Guillory, Michael; Rajaram, Aparna; Monterrey, Maribel; Lebeau, Maria; Escamilla, Albert; Curry, Ken
Subject:	EOL and Clickpaper Approvals for 10-17-01

Please see attached.

 << File: EOL 10-17-01.xls >>
Regards,

Wendi LeBrocq
3-3835


I have received the following originally executed documents from the
referenced counterparty:

1.  EOL Customer Registration Form
2.  Password Application
3.  Amendment to ETA

These copies will be walked down to you.


SHIPPER:  Sempra Energy Trading Corp.
CONTRACT:  27491    DAILY FIRM
TERM:   02/01/01 thru 02/28/01
REC. PT/VOLUME: POI 56498 ( Bloomfield Compressor) 10,000 Dth/d
REC. PT/VOLUME POI 58646 ( West Texas Pool) 5,000 Dth/d
DEL. PT/VOLUME POI 10487 ( Socal Needles) 15,000 Dth/d


I can't open attachments - can you cut and paste?

This will be hard. Don't forget to pray. And be patient as there is no timeline.

Love,
Mom
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Press Release Issued 21-Jan-00 10:54:00 AM ET
Vector Pipeline Begins Construction

Full text of this press release available at:
http://www.prnewswire.com/cgi-bin/micro_stories.pl?ACCT=no&TICK=MCN&STORY=/www
/story/01-21-2000/0001120697&EDATE

Thank you for your interest
MCN Energy Group

Please Note: The above hyperlink may not retrieve the
web page if the address extends to more than one line.
If this should occur, please copy the full text of the
address and paste it into the address box in your web browser.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/17/2000
05:01 PM ---------------------------

Robert Johnston
11/17/2000 04:43 PM
To: Mike McConnell/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Joe Gold/LON/ECT@ECT, Mark Schroeder/LON/ECT@ECT, Vince
J Kaminski/HOU/ECT@ECT
cc: William Stuart/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, Michelle D
Cisneros/HOU/ECT@ECT, Pushkar Shahi/HOU/ECT@ECT, Paul Pizzolato/HOU/ECT@ECT,
John Greene/LON/ECT@ECT, Ellen Su/Corp/Enron@Enron, Steve
Jacobellis/NA/Enron@Enron, Eric Scott/HOU/ECT@ECT, Kristin Walsh/HOU/ECT@ECT,
Trena McFarland/NA/Enron@Enron, Scott Tholan/Corp/Enron@Enron, Kristin
Walsh/HOU/ECT@ECT, John A Cote/HOU/ECT@ECT, Cynthia
Sandherr/Corp/Enron@ENRON, Chris Long/Corp/Enron@ENRON, Jeffrey
Keeler/Corp/Enron@ENRON, James D Steffes/NA/Enron@Enron, Shane
Dallmann/LON/ECT@ECT, Aaron Armstrong/LON/ECT@ECT, Jurgen Hess/LON/ECT@ECT,
Martina Angelova/LON/ECT@ECT, J Christopher Champion/HOU/ECT@ECT, Jim
Roth/EU/Enron@Enron, Richard Shapiro/NA/Enron@Enron
Subject: URGENT- Election Update 11/17b

Everything the Gore campaign was hoping to hear from Judge Lewis this morning
they heard from the
Florida Supreme Court this afternoon. Voting 7-0 on its own motion, this very
activist court of all Democrats
ordered Secretary of State Harris not to certify the vote "until further
order of the court." This is a massive
victory for Gore (and more than even the Gore forces expected) and completely
reverses the devastating
body blow dealt by Lewis this morning. A hearing is scheduled for Monday at 2
pm on the issue of the
manual recounts.

What this means is the counting will go forward on a 24-hour basis in Palm
Beach and Broward counties.
 This also saps the Bush campaign of much of the positive PR momentum they
had built up as we
head into the weekend.

The justices set a hearing time Monday to begin hearing arguments for a final
ruling in the matter, but this
quick ruling on appeal is extremely favorable to Gore and should allow the
counties time to get real votes
tallied and leaked out to the public. Republican observers in the counties
have been doing their job and
objecting so strenuously to every possible problem that they have prevented
Palm Beach from finishing even
one precinct over the past two days. That has kept any numbers from leaking
to the public as of this writing.
But now the Democrats have until at least Monday to get some numbers out in
public.

The slow pace of the recount augurs poorly for a final resolution of the
election.  Dade County, Florida's most populous has just
announced that they will recount over 1 million ballots--which they say could
take up to a month.

We note that the NASDAQ is off 12 percent since election.  Prolonged
uncertainty is only bad news for the markets, as the world waits
for a sense of direction about US leadership on a range of issues from high
oil prices to the Mid-East peace process to
economic uncertainties in Argentina and in major currency markets.


In furtherance of the message which I left for you, please find attached a
copy of a replacement guarantee for your review.

As you are aware, Enron is currently in the process of amending a number of
guarantees with respect to various Engage Energy entities.  Under the
project, the
 US$25 million guarantee provided to Enron Corp. and its subsidiaries to
guarantee the obligations of Engage Energy Canada L.P. and Engage Energy  US
L.P. ,as provided by The Coastal Corp. (the "Existing Guarantee"), is to be
replaced with a number of guarantees which are segmented by the Engage Energy
entities and the type of contract (i.e. physical v. financial).

As part of this project, Russell Diamond has provided Enron Canada Corp. with
revised credit terms for dealing with Engage Energy Canada, L.P. under which
Westcoast Gas Inc. is to provide a US$20million guarantee of the obligations
of Engage Energy Canada L.P. under the existing master physical gas
purchase/sale agreement between the Engage Energy Canada L.P. and Enron
Canada Corp. (the "ECC Physical Master") as well as the master physical gas
purchase/sale agreement between Engage Energy Canada L.P. and Enron North
America Corp. (the "ENA Physical Master").   Russell had allocated US$15
million of the replacement guarantee to the ECC Physical Master and
US$5million to the ENA Physical Master.

Due to other inadequacies in the ECC Physical Master, we have prepared an
"Amended and Restated" ECC Physical Master which includes a number of
significant terms in addition to referring to the replacement guarantee
(which we are quite eager to have Engage execute).  As a result, I have
prepared a draft of  replacement guarantee (to be received from Westcoast Gas
Inc.) to accompany the Amended and Restated ECC Physical Master.  However, to
ensure that the replacement guarantee meets your requirements, I am looking
for your input.  Please find attached a copy of the draft replacement
guarantee as blacklined to indicate the changes which have been made to the
Enron Canada Corp. standard guarantee to incorporate the obligations owing to
Enron North America Corp.  As you will see, there are a few bullets for which
I require your assistance in completing (i.e. date the of ENA Physical Master
and the appropriate contact information for notices).

When you get the opportunity, could you please review the blacklined
replacement guarantee?  Once again, we are quite eager to send out the
Amended and Restated ECC Physical Master.

Thanks for your help.

Mark Powell ((403) 974-6708)

Note to Russell:  Russell, you were going to confirm for me that the existing
Enron Corp. guarantee delivered to Engage Energy Canada L.P. and Engage
Energy US L.P. to secure the obligations of Enron Canada Corp., Enron North
America Corp. and Enron Power Marketing, Inc. (in the amount of $35 million)
dated June 1, 1998 is NOT to be replaced.  Has there been any progress on
this front?


Per your reqest.....


Harry & Bob:

These are the last specs and data sheets I have in my files.  Please make the
necessary updates and return them to me for incorporation into the final
agreement.

Thanks.
Kathy
---------------------- Forwarded by Kathleen Clark/ENRON_DEVELOPMENT on
06/30/2000 08:31 AM ---------------------------

Robert Kraszewski
05/12/2000 11:48 AM
To: Kathleen Clark/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Harry Okabayashi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: LM6000 Transformer Spec and Data Sheets

Kathy,
Attached is the latest, full set of ABB Transformer Spec and data sheets.

Regards,
Bob Kraszewski


----- Forwarded by Tana Jones/HOU/ECT on 04/13/2001 11:59 AM -----

	Walter Guidroz/ENRON@enronXgate
	04/13/2001 10:56 AM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications, Stephanie Panus/NA/Enron@Enron,
Mandola@/O=ENRON/OU=NA/CN=RECIPIENTS/CN=NOTESADDR/CN=BCBC586C-1D5A658C-862568C
D-532EF3@EX@enronXgate,
Kyle@/O=ENRON/OU=NA/CN=RECIPIENTS/CN=NOTESADDR/CN=97746094-1B0A69C0-86256945-5
803A9@EX@enronXgate
		 cc:
		 Subject: EOL approvals, 04-13-01

Please see attached.


David,

Possibly.

Vince

"Walkup, David C (HOUSTONAS AS 582)" <dwalkup@pclient.ml.com> on 11/09/2000
10:47:33 AM
To: "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>
cc:
Subject: RE: Hello

Are you still looking to exercise those options by the end of the year?

David C. Walkup
Sr. Financial Consultant
713-658-1685
800-456-9712

> ----------
> From:  Vince.J.Kaminski@enron.com[SMTP:Vince.J.Kaminski@enron.com]
> Sent:  Thursday, November 09, 2000 11:27 AM
> To:  dwalkup@pclient.ml.com
> Cc:  vkaminski@aol.com
> Subject:  Re: Hello
>
>
> Hi David,
>
> Yes, I was very busy recently.
>
> I still hang on to my options. As soon as I make the exercise decision,
> I shall get in touch to deploy the proceeds.
>
> Vince
>
>
>
>
>
> "Walkup, David C (HOUSTONAS AS 582)" <dwalkup@pclient.ml.com> on
> 11/09/2000
> 08:05:30 AM
>
> To:   "'Vincent Kaminski'" <vkamins@enron.com>
> cc:
> Subject:  Hello
>
>
> Hello, Vince.
>
> We haven't spoken in a while.  I am sure you are still traveling a lot.
>
> When can we get together to talk about the portfolio?  I
> David C. Walkup
> Sr. Financial Consultant
> 713-658-1685
> 800-456-9712
> ____________________________________________________________
>
>
>
>
> CAUTION: Electronic mail sent through the Internet is not secure and could
> be intercepted by a third party.  For your protection, avoid sending
> identifying information, such as account, Social Security or card numbers
> to
> us or others.  Further, do not send time-sensitive, action-oriented
> messages, such as transaction orders, fund transfer instructions, or check
> stop payments, as it is our policy not to accept such items electronicall
>
>
>
>
>
>
____________________________________________________________

CAUTION: Electronic mail sent through the Internet is not secure and could
be intercepted by a third party.  For your protection, avoid sending
identifying information, such as account, Social Security or card numbers to
us or others.  Further, do not send time-sensitive, action-oriented
messages, such as transaction orders, fund transfer instructions, or check
stop payments, as it is our policy not to accept such items electronicall


Mr. Lay,

I have been with Enron for 33 years. I have found these years to have been interesting, to say the least, and have seen many changes during this time. I am proud to be part of an aggressive, growing company. And I have always had a high regard for the people driving the company.

I am now 60 years of age and I have been contemplating retirement and "pursuing other interests" as they say, with my remaining years. Imagine my despair at the state of affairs Enron has fallen to through what appears to be gross mismanagement. What was once envisioned as "those comfortable golden years" are now simply smoke. And after giving many of my years to this company it is devastating. It is hard for me to understand how this could happen without the knowledge of those of you at the head of the company, in my mind it was a "look the other way" situation without concern for anyone but yourselves and all that money for the fancy house, fancy cars, travel, etc.

I will never understand everything that took place and why. I am certainly not alone in these feelings. But I would hope that Jeff Skilling, Andy Fastow and others involved in this travesty have as much trouble sleeping at night as I do.

Robert S. Smith  -  3ac3268
ETS - Engineering Records
1400 Smith St.
Houston, TX 11251
E-mail - robert.s.smith@enron.com <mailto:robert.s.smith@enron.com>


OH MY GOD!  HAHA.


----- Forwarded by Sara Shackleton/HOU/ECT on 11/29/2000 12:23 PM -----

	Sara Shackleton
	11/29/2000 11:41 AM

		 To: dennis@ddecuir.com
		 cc:
		 Subject: ISDA confirmation template for a power transaction

Dennis:

Attached are two "templates" for power trades confirmed under an executed
ISDA Master Agreement, one is for a swap and the other for an option (cap or
floor).  Ignore the symbols and elections which are only to feed deal terms
into our confirmation system.  The specific terms of each trade (dates,
notional quantities, price indexes and pricing, etc.) would be inserted into
the format.  I hope this helps. Sara


for the third time......

 -----Original Message-----
From: 	Hull, Bryan
Sent:	Thursday, October 11, 2001 7:16 AM
To:	Parks, Joe
Subject:


We have sold a financial swap to Frontera for hours 7-11 for $20.   They sold a 340 mw schedule for the onpeak tomorrow.
They will be ramping up starting hour ending 7 for the following:

He7,8  - 30mw's
He 9  - 100
HE 10 - 200
HE 11 -280

So,  basically,  they will be dragging significantly for these hours.    We sold this imbalance to them for $20 and we will take the floating price.
The Resource Plan will only show 340 mw's onpeak.

Ercot will call and ask about our ACE issue.    Just say that our unit is just now coming up and we are on the normal ascension ramp mentioned above.

Thanks,

JMF


We informed Tana that we made the change in Global Counterparty to include,
"a division of Cargill Incorporated".   We will meet in the near future to
discuss the issues surrounding division and trade name setups in Global
Counterparty.

Bill

From: Mark Taylor on 04/16/2001 03:30 PM
To: Bill D Hare/HOU/ECT@ect
cc: Samuel Schott/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT
Subject: Urgent - Counterparty Divisions: Cargill Ferrous International

Bill -

If Sam's description below of the GCP procedure is correct, it looks to me
like something needs to be changed.  The difficulty lies in the fact that the
confirmation system reads the counterparty's name from Global Counterparty.
Since divisions of companies are not legal entities they do not have the
power to contract in their own names.  If the correct legal name is not in
Global Counterparty, the confirmation goes out with the wrong legal name on
it seriously compromising the contract itself.  That is the source of Tana's
concern regarding the correct entering of divisions in the system.

My suggestion is that Global Counterparty use the same name that the customer
has signed on the EnronOnline Password Application -- my understanding is
that the EnronOnline team returns inappropriate Applications to the customer
until they are correctly completed.

In this particular case since the counterparty is still not allowed to
transact on EnronOnline almost a month after sending in their application
they are understandably upset and are now complaining.  I would appreciate it
if you could get this one fixed today and, if you have any problem with
changing the GCP procedure, please let me know.

Mark

----- Forwarded by Mark Taylor/HOU/ECT on 04/16/2001 03:15 PM -----

	Tana Jones
	04/16/2001 03:11 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response -
CP/ID 94330, Cargill Ferrous International

----- Forwarded by Tana Jones/HOU/ECT on 04/16/2001 03:11 PM -----

	Samuel Schott
	03/28/2001 01:09 PM

		 To: Tana Jones/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
		 cc: Walter Guidroz/Enron@EnronXGate, Tom Moran/Enron@EnronXGate, Lisa
Lees/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT, Cheryl Johnson/Corp/Enron@Enron
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response -
CP/ID 94330, Cargill Ferrous International

FYI...

Cargill Ferrous International is setup correctly in the Global Counterparty
System as a Division of Cargill, Inc.
Cargill Ferrous International is the full name of this division and setup as
such in GCP with a Sub-to-Legal Link
to Cargill, Inc. per GCP procedure.

Also, the Global SAP team (Cheryl Johnson) would need Legal Name Change
documentation from the Counterparty
in order to change this name.

Best Rgds.

Samuel x3-9890 (GCP)
Enron Net Works _ Global Data Management

From: Tana Jones on 03/28/2001 09:47 AM
To: Samuel Schott/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
cc:
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Any updates on adding the correct legal name to this counterparty name?

---------------------- Forwarded by Samuel Schott/HOU/ECT on 03/28/2001 12:53
PM ---------------------------

	From:  Samuel Schott                           03/23/2001 11:25 AM

To: Stephanie Sever/HOU/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT, Walter Guidroz/NA/Enron, Tom
Moran/Enron@EnronXGate, Lisa Lees/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Hello,

Yes, GCP provides the links to establish the correlation between the parent
and child for our downstream systems.
GCP procedure is to create Counterparty names that reflect either the
Tradename / Division name or Parent Name  - - not both simultaneously.
(Although, we have broken that rule for Legal in the past.) This defeats the
purpose of using a Tradename.

Best Rgds.

Samuel

From:  Stephanie Sever
     03/23/2001 10:21 AM

To: Tana Jones/HOU/ECT@ECT
cc: Samuel Schott/HOU/ECT@ECT, Walter Guidroz/NA/Enron, Tom
Moran/Enron@EnronXGate, Lisa Lees/HOU/ECT@ECT
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Tana,

Please review the process below:

With divisions,  EOL does request a new Password Application for the
applicant reflecting the name as you noted below.  When the company is set up
in the EOL database we link the company to the Parent and reference the CP
ID.  Sam, please confirm, Global Counterparty also provides the links to
establish correlation between the parent and child for our downstream systems.

Let me know if this is the appropriate steps that you would like to see.

Thanks,
Stephanie

From: Tana Jones on 03/22/2001 06:03 PM
To: Samuel Schott/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
cc: Walter Guidroz/Enron@EnronXGate, Tom Moran/Enron@EnronXGate
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Sam & Stephanie,

Re:  Cargill Ferrous International

It was my understanding with the EOL Team that all divisions would have the
legal incorporated entity as part of the name.  Stephanie, I my preference is
to kick their Password Application back and get them to change it to read
something like "Cargill Ferrous International, a division of Cargill, Inc."
or "Cargill, Inc. acting through its Cargill Ferrous International Division".

	Samuel Schott
	03/21/2001 01:58 PM

		 To: Walter Guidroz/ENRON@enronXgate @ ENRON, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant
Reves/ENRON@enronXgate@ENRON, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/ENRON@enronXgate@ENRON, Cynthia
Clark/ENRON@enronXgate@ENRON, Enron Europe Global Contracts and
Facilities@ENRON, Enron Europe Global CounterParty/LON/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT, Tom Moran/ENRON@enronXgate@ENRON, Claudia
Clark/HOU/ECT@ECT, William S Bradford/ENRON@enronXgate@ENRON, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim
Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron, Tanya
Rohauer/ENRON@enronXgate@ENRON, Kelly Lombardi/NA/Enron@Enron, Brian
Lindsay/Enron Communications@Enron Communications@ENRON, EOL Call
Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect, Amy
Heffernan/Enron Communications@Enron Communications@ENRON, Molly LaFuze/Enron
Communications@Enron Communications@ENRON, Danny Clark/Enron
Communications@Enron Communications@ENRON
		 cc:
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Any GCP adjustments will be highlighted in red.

Attn. GCP_London:
There's a new EOL Counterparty listed in the UK. Please respond.

Best Rgds.

Samuel x3-9890
ENW_GCP

From: Walter Guidroz/ENRON@enronXgate on 03/20/2001 05:30 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global Contracts and Facilities@ENRON, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications
cc:
Subject: EOL approvals, 3-20-01

Please see attached.


---------------------- Forwarded by Richard Shapiro/NA/Enron on 12/18/2000
04:52 PM ---------------------------

-----Original Message-----
From: DBerky@aol.com [mailto:DBerky@aol.com]
Sent: Friday, December 15, 2000 4:43 PM
To: JAAMCC@aol.com
Cc: Richard.Molloy@dlh.de; TMNFJN@aol.com
Subject: last salute to Clinton

This is what Clinton will be remembered for!!!!


Enron Troubles Only the Tip of the Iceberg?
TheStreet.com, 10/26/2001

Under the Radar: Enron's Flickering Bulb
TheStreet.com, 10/26/2001

DJ Enron Unit,New England Market Downplay Report Of Default
Dow Jones, 10/26/2001

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
Bloomberg, 10/26/01

Enron Executives Sent Requests for Details of Affiliate Profits
Bloomberg, 10/26/01

Enron Still Target in California Amid Other Problems (Update1)
Bloomberg, 10/26/01

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
Bloomberg, 10/26/01

Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees
Business Wire, 10/26/01

Enron Troubles Only the Tip of the Iceberg?
By Peter Eavis <mailto:peavis@thestreet.com>
Senior Columnist
TheStreet.com
10/26/2001 05:23 PM EDT
URL: <http://www.thestreet.com/markets/detox/10003083.html>

Dealings with a related party have tarnished Enron's (ENE:NYSE - news - commentary) reputation and crushed its stock, but it looks like that case is far from unique.
The battered energy trader has done business with at least 15 other related entities, according to documents supplied by lawyers for people suing Enron. Moreover, Enron's new CFO, who has been portrayed by bulls as opposing the related-party dealings of his predecessor, serves on 12 of these entities. And Enron board members are listed as having directorships and other roles at a Houston-based related entity called ES Power 3.
The extent of Enron's dealings with these companies, or the value of its holdings in them, couldn't be immediately determined. But the existence of these partnerships could feed investors' fears that Enron has billions of dollars of liabilities that don't show up on its balance sheet. If that's so, the company's financial strength and growth prospects could be much less than has generally been assumed on Wall Street, where the company was long treated with kid gloves.
Enron didn't immediately respond to questions seeking details about ES Power or about the role of the chief financial officer, Jeff McMahon, in the various entities. Enron's board members couldn't immediately be reached for comment.
Ten Long Days
Enron's previous CFO, Andrew Fastow, was replaced by McMahon Wednesday after investors criticized Fastow's role in a partnership called LJM, which had done complex hedging transactions with Enron. As details of this deal and two others emerged, Enron stock cratered.
The turmoil that resulted in Fastow's departure began two weeks ago, when Enron reported third-quarter earnings that met estimates. However, the company failed to disclose in its earnings press release a $1.2 billion charge to equity related to unwinding the LJM transactions. Since then, investors and analysts have been calling with increasing vehemence for the company to divulge full details of its business dealings with other related entities. Enron stock sank 6% Friday, meaning it has lost 56% of its value in just two weeks.
Enron's End Run?
New financial chief's involvement in Enron business partners
Enron-Related Entity	Creation DateMcMahon Involved?

ECT Strategic Value Corp.4/18/1985	Yes
JILP-LP Inc.	9/27/1995	Yes
ECT Investments Inc.	3/1/1996	Yes
Kenobe Inc.	11/8/1996	Yes
Enserco LLC	1/7/1997	Yes
Obi-1 Holdings LLC	1/7/1997	Yes
Oilfield Business Investments1/7/1997	Yes
HGK Enterprises LP Inc.	7/29/1997	Yes
ECT Eocene Enterprises III Inc.2/20/1998Yes
Jedi Capital II LLC	9/4/1998	Yes
E.C.T. Coal Company No. 12/31/1998	Yes
ES Power 3 LLC	1/7/1999	Yes
Enserco Inc.	3/25/1999	No
LJM Management LLC	7/2/1999	No
Blue Heron I LLC	9/17/1999	No
Whitewing Management LLC2/28/2000	No
Jedi Capital II LLC	4/16/2001	No
Source: Detox
However, Enron has yet to break out a full list of related entities. The company has said nothing publicly about McMahon's participation in related entities, nor has it mentioned that its board members were directors or senior officers in ES Power 3. (Nor has it explained the extensive use of Star Wars-related names by the related-party companies.) It's not immediately clear what ES Power 3 is or does. So far, subpoenas issued by lawyers suing Enron have determined the names of senior officers of ES Power 3 and its formation date, January 1999.
Among ES Power 3's senior executives are Enron CEO Ken Lay, listed as a director, and McMahon and Fastow, listed as executive vice presidents. A raft of external directors are named as ES Power 3 directors, including Comdisco CEO Norman Blake and Ronnie Chan, chairman of the Hong Kong-based Hang Lung Group. A Comdisco spokeswoman says Blake isn't commenting on matters concerning Enron and a call to the Hang Lung group wasn't immediately returned.
Demands, Demands
Rating agencies Moody's, Fitch and S&P recently put Enron's credit rating on review for a possible downgrade after an LJM deal that led to the $1.2 billion hit to equity. Enron still has a rating three notches above investment grade. But its bonds trade with a yield generally seen on subinvestment grade, or junk, bonds, suggesting the market believes downgrades are likely.
If Enron's rating drops below investment grade, it must find cash or issue stock to pay off at least $3.4 billion in off-balance sheet obligations. In addition, many of its swap agreements contain provisions that demand immediate cash settlement if its rating goes below investment grade.
Friday, the company drew down $3 billion from credit lines to pay off commercial paper obligations. Raising cash in the CP market could be tough when investors are jittery about Enron's condition.
This week, a number of energy market players reduced exposure to Enron. However, in a Friday press release, CEO Lay said that Enron was the "market-maker of choice in wholesale gas and power markets." He added: "It is evident that our customers view Enron as the major liquidity source of the global energy markets."
McMahon reportedly objected to Fastow's role in LJM, allegedly believing it posed Fastow with a conflict of interests. But he will need to convince investors that the 12 entities he's connected to don't do the same. Enron has said that its board fully approved of the LJM deals that Fastow was involved in. Now, board members will have to comment on their own roles in a related entity.

Under The Radar: Enron's Flickering Bulb
By Christopher Edmonds <mailto:cedmonds@thestreet.com>
Special to TheStreet.com
10/26/2001 05:08 PM EDT
URL: <http://www.thestreet.com/comment/chrisedmonds/10003075.html>

While the bulb at Enron (ENE:NYSE - news - commentary) may not have burnt out, it's clearly flickering. To date, investors aren't sure whether Chairman and CEO Ken Lay is up to the task of re-energizing the company he once built to greatness.
What's happened at the Houston energy giant-turned-dwarf could've been imagined with any number of ne'er-do-well companies during the well-chronicled bubble. But this is Enron. As one longtime Enron bull and shareholder said, "I never had to worry about Enron's ability to survive until this week. I still find it hard to believe."
Peter Eavis has done an exceptional job of chronicling Enron's adventures for some time. If you'd listened to him earlier this year, you'd have profited from his knowledge. His reporting on Enron's partnership shenanigans to the departure of Chief Financial Officer Andrew Fastow has been outstanding.
The rumors -- from a pending bankruptcy to a Justice Department investigation -- are, for now, just that. And, Enron did not single-handedly cause the California power crisis, nor is Royal Dutch/Shell (RD:NYSE - news - commentary) about to make a bid to buy the company. Sources do tell me that head-count reductions are likely through employee buyout offers and the company is set to refocus on its core energy business. And, while former CEO Jeff Skilling shares culpability for the current mess, his departure appears only indirectly related to Enron's current woes.
Now, Enron faces the daunting challenge of rebuilding both its business and, more importantly, its reputation.
The Company's Challenge
But what does Enron do now? It's very simple. Come clean, clean up the mess and refocus on its core business: wholesale energy markets, risk management and retail energy services. They support each other and create a platform that can be plenty profitable without a lot of gimmicks.
"Our gut feel is that Enron can pull it off, and long-term investors should hold firm, as eventually the stock gets valued on earnings, with upside potential to $25 per share over the next 12-18 months," says Jeff Dietert, power analyst at Simmons & Co. and a member of the TSC Energy Roundtable. "We believe new money with high risk tolerance should wait until Enron announces its intentions for communicating a clear path to recovery."
Dietert outlines four challenges for Enron. One, management must regain the Street's confidence and persuade investors that it can resolve balance-sheet strength and generate the expected earnings and cash flow. Two, Enron must maintain its investment-grade credit rating. Three, Enron must successfully execute its divestiture plans. Four, Enron must control the timing of the recognition of the write-down in the value of any assets where market value is less than book.
Straightforward? Yes. Easy to accomplish? No.
Although Enron says additional write-downs are unlikely -- except a $200 million charge early next year as the result of an accounting change -- analysts aren't so sure. They're focused on the company's Global Assets portfolio, sporting $6 billion in book value but generating an EBIT (earnings before interest and taxes) loss of $18 million over the past 12 months.
The divestitures include $390 million in exploration and production assets in India, $250 million in a Puerto Rico power plant and $250 million in a Brazilian power plant in the fourth quarter as well as the pending sale of Portland General, which is set to close in 2002. There will likely be others. However, Enron has to execute here, and given the current state of its affairs, the seller will feel the pressure.
The credit-rating issue is a fine line. The current ratings, BBB+ from Standard & Poor's and Baa1 from Moody's, are three levels above non-investment grade. However, both rating agencies now have Enron on their radar screens for possible downgrades. Dietert estimates that Enron's debt-to-market cap will be about 48% by year-end, and the company has interest coverage (EBITDA/ interest expense) of about 3.5 times. By comparison, the average S&P BBB-rated company has a debt-to-cap of 47.4% and interest coverage of about 6.1 times. The average BB company has debt-to-cap of 61.3% and interest expense of 3.8 times.
Frankly, everything falls on Enron's management team and its ability to reassure investors. "If Enron's management does not step up to calm investor fears, these fears could become a self-fulfilling prophecy," Dietert says. "In the potentially vicious cycle, investor fears could drive stocks down; the lower stock prices force the rating agencies to consider downgrades; potentially lower credit ratings force counter-parties to reduce exposure to Enron, limiting Enron's ability to generate earnings and cash flow."
It's time for Enron to grow up. Despite a lot of uncertainties and risk, I think it will. Investors with risk capital should do their homework on the stock and think about strategy. It's a tough call that requires strict, individual discipline.
There's an irony to this whole story, especially in Enron's lack of candor in reporting its financial results. In a much-lauded advertising campaign, Enron, looking to challenge conventional wisdom, asks the simple question, "Why? Ask why."
Investors are now asking. It's time for Ken Lay to answer.
First Things First
Many readers have asked about my relative quietness this week. Thank you for your concern. My father has fallen ill after fighting the effects of a brain tumor for more than a decade.
The choice was easy. I'm with him and my family.
Enjoy your weekend with family and friends.

DJ Enron Unit,New England Market Downplay Report Of Default
2001-10-26 17:14 (New York)

   By Kristen McNamara
   Of DOW JONES NEWSWIRES

  NEW YORK (Dow Jones)--Enron Corp.'s (ENE) retail sales unit defaulted on its
credit requirement in New England's wholesale power market this month, but the
event was neither unique nor newsworthy, the energy company and the
organization that developed the market's rules said Friday.

  The operator of the region's wholesale power market informed Enron Energy
Services last week that, for the third time in 12 months, it had traded a
greater volume of electricity than allowed by the bond it had posted and was at
risk for expulsion from New England's market.

  But it was administrative mixups, rather than financial problems, that
triggered the warning, which a few other companies have also received in the
past, the market's rulemaker said.

  "I can state with considerable confidence that there have been other
participants" that have defaulted on their credit agreements, "and it's never
been in the news," said David Doot, secretary and general counsel for the New
England Power Pool, which developed the policies governing the region's
electricity market. "My instinct is that this is blown way the hell out of
proportion."

  News of the Enron unit's default appeared in a trade publication and a major
metropolitan newspaper this week, as Enron's dealings with partnerships headed
by its former chief financial officer contributed to a plunge in the company's
stock and bond prices.

  Enron Energy Services never received word that it had defaulted on its
bonding requirement twice before, because both times it corrected the problem
within a day, spokeswoman Peggy Mahoney said.

  The letter sent by ISO New England, which operates the region's power market,
to notify the Enron unit of its third violation was addressed to the wrong
person, delaying the company's response, Mahoney said.

  "Clearly, it was an administrative error that we immediately took care of to
ensure that we would never exceed the volume limit," Mahoney said.

  The company resolved the problem by Oct. 19, Mahoney said. ISO New England
spokeswoman Ellen Foley confirmed Friday that the company had cured its
default.

  It's rare for a company to default three times, but it has happened on
occasion, Foley and Doot said.

  "I won't say it's commonplace, but I won't say it's unusual for a participant
to find itself out of compliance," Doot said. "Those things have in fact
happened from time to time."

  -By Kristen McNamara, Dow Jones Newswires; 201-938-2061;

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
2001-10-26 16:47 (New York)

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN

     Houston, Oct. 26 (Bloomberg) -- Enron Corp.'s lawsuit
alleging Microsoft breached a contract for broadband services
could temporarily block the largest software company's high-speed
Internet service in some U.S. regions.

     Microsoft said the dispute temporarily blocks the company
from providing the high-speed service in areas where Enron
provides broadband access, leaving MSN fully operational only in
the 14 states where Qwest Communications International Inc.
operates, said Bob Visse, director of marketing for MSN.

     Enron's lawsuit was filed yesterday. Microsoft had planned to
offer fast Internet access in 45 cities beginning yesterday to
give the largest software company access to potential customers in
29 million homes. Microsoft, the No. 2 U.S. Internet provider, is
making a push to win customers from AOL Time Warner Inc.

     ``We are trying to resolve the issues with Enron as quickly
as possible and at the same time we are evaluating other
providers,'' Visse said.

     Officials at Houston-based Enron, the largest energy trader,
did not immediately return calls for comment.

                         The Agreement

     Enron in June signed an agreement with Microsoft to provide
bandwidth for MSN Internet service. Under the agreement, Enron
isn't required to deliver operational broadband services if
Microsoft hasn't first provided a billing and ordering system, Dow
Jones newswire reported.

     Enron claims in its lawsuit that Microsoft failed to deliver
the ordering and billing system required in the initial phase of
the deal, Dow reported.

     Enron's lawsuit comes after Microsoft said in an Oct. 23
letter that Enron will have breached the contract if it hasn't
provided an operational bandwidth system by Oct. 25, allowing
Microsoft to recover damages.

     Shares of Redmond, Washington-based Microsoft fell 36 cents
to $62.20, while Enron shares fell 95 cents to $15.40.

--Joyzelle Davis in Los Angeles (213) 617-0582, or

Enron Executives Sent Requests for Details of Affiliate Profits
2001-10-26 15:36 (New York)

Enron Executives Sent Requests for Details of Affiliate Profits

     Houston, Oct. 26 (Bloomberg) -- Lawyers for a shareholder
suing Enron Corp. are asking executives of the largest energy
trader to disclose any income they made from their involvement
with affiliated companies that bought and sold Enron assets.

     Lawyers have made the requests to President Greg Whalley,
Vice Chairman Mark Frevert and Chief Financial Officer Jeff
McMahon and 83 other employees arrived at Enron's Houston offices
this week, said Paul Paradis, a partner in the New York law firm
Abbey Gardy. Requests also were sent to 17 Enron partnerships such
as Whitewing Management and Marlin Water.

     Paradis represents Fred Greenberg, an Enron shareholder who
is suing the company's board for allowing former Chief Financial
Officer Andrew Fastow to run partnerships that cost the company at
least $35 million in cash and $1.2 billion in lost shareholder
equity.

     The requests are aimed at determining if Enron executives
benefited financially from roles as officers and directors of
partnerships that bought and sold company assets. Enron formed at
least 18 such affiliated companies, listing executives and
employees as officers and directors of the partnerships, according
to Texas secretary of state records.

     Under Texas law, failure to respond to the document requests
will result in subpoenas being issued. Subpoenas could go out next
week if responses don't arrive by then, Paradis said. Enron
spokeswoman Karen Denne didn't respond to requests for comment
about the document requests.

     The executives earned no income from the partnerships, Enron
spokesman Mark Palmer has said. ``There are no financial interests
in the structures themselves for any Enron employee,'' Palmer
said. He said it's common for a company to name its executives to
the boards of affiliates.

                       Affiliates Have Debts

     Texas records show Chief Executive Officer Kenneth Lay,
Frevert, Whalley, McMahon and dozens of other people who list
their address as Enron's corporate headquarters serving as
officers and directors of limited liability companies and foreign
business corporations.

     The document requests ask Enron executives for information on
any form of compensation or benefit received from any of the
affiliates, including stock grants and options. They also ask the
executives to disclose any equity or partnership interests in the
affiliates.

     Enron formed many of the affiliates to buy company assets
such as power plants and natural-gas pipelines. That allowed Enron
to move debt associated with those projects off its books.

     The affiliates bought the assets with borrowed money. They
plan to repay the debt by eventually selling the assets. Enron
might be liable for any shortfall between the sales proceeds and
the debt. That could amount to at least $3.3 billion if the assets
don't generate any money, a remote possibility, the company has
said.

                            Few Answers

     Investors and analysts pressed Enron Chief Executive Officer
Kenneth Lay for details on the finances of the partnerships in a
conference call Tuesday.

     Today, Enron spokeswoman Karen Denne didn't respond to
questions about one of them, ES Power 3 LLC.

     Texas records list 78 Enron executives and employees as
officers, directors and managers of ES Power 3 LLC. The entire
Enron board is also listed.

     Shares of Enron $1.15 to $15.20 in late trading.

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

Enron Still Target in California Amid Other Problems (Update1)
2001-10-26 16:15 (New York)

Enron Still Target in California Amid Other Problems (Update1)

     (Updates with closing share price in last paragraph.)

     Sacramento, California, Oct. 26 (Bloomberg) -- Enron Corp.,
facing an inquiry by federal securities regulators into
partnerships run by the former chief financial officer, remains a
target of investigations and lawsuits in California.

     California lawmakers and regulators have accused power
providers of manipulating the state's energy market to raise
prices. Enron, the biggest energy trader, and other power sellers
have denied the charges repeatedly.

     Next month, a California Senate committee investigating the
power market plans to hold a hearing to determine if Enron and
other generators are complying with subpoenas for trading
documents. Enron has been filing documents in Sacramento,
California.

     ``They are still putting documents in their depository, and I
don't think they've completed that process,'' said Alexandra
Montgomery, a consultant to the committee. It ``remains to be
seen'' whether Enron is complying with its subpoena, she said.

     The suits and inquiries came after wholesale power prices in
California soared, leaving the state's two largest utilities
insolvent. Under California's plan to open its electricity market
to competition, the utilities of PG&E Corp. and Edison
International weren't allowed to pass rising costs to customers.

     ``I know that we're doing our best to comply with what the
committee is asking for,'' Enron spokesman Mark Palmer. ``We are
putting documents in the depository, and we're looking forward to
a speedy resolution.''

     Shares of Houston-based Enron have fallen by more than half
since Oct. 16. The company ousted Andrew Fastow as the chief
financial officer Wednesday amid a U.S. Securities and Exchange
Commission inquiry into a partnership he ran that cost Enron $35
million.

                            Grand Jury

     Enron also is one of the companies being investigated for
civil and criminal violations by California Attorney General Bill
Lockyer, who convened a grand jury in June.

     Lockyer has been criticized by Enron officials for telling
the Wall Street Journal in May that he would like to put Enron
Chairman Kenneth Lay in ``an 8 x 10 cell that he could share with
a tattooed dude who says `Hi my name is Spike, honey.' '' Lockyer
later apologized for the remark.

     The attorney general's investigation is proceeding, Lockyer
spokeswoman Sandra Michioku said. Michioku said she didn't know
when civil or criminal charges against Enron or other power
providers might be filed.

     ``Our investigation is still being pursued,'' she said. ``We
had to go to court to get Enron to turn over documents, so that
slowed things down a bit.''

     Enron's Palmer said he didn't know the status of the attorney
general's investigation.

     ``I think the attorney general demonstrated his willingness
to take a fair and impartial look a long time ago when he made his
vulgar and unfounded remarks about our chairman,'' Palmer said.

                           More Lawsuits

     Enron, along with other major power providers such as Duke
Energy Corp. and Dynegy Inc., face at least five lawsuits alleging
they manipulated California energy prices in violation of
antitrust laws.

     The cases, which include separate complaints filed by the
City of San Francisco, California Lieutenant Governor Cruz
Bustamante and various consumers, currently are in state courts
awaiting a coordination proceeding, said Michael Aguirre, a lawyer
representing Bustamante. The lawsuits should be assigned to a
judge by the end of next month, he said.

     If the complaints succeed, the companies might be ordered to
repay profits from any illegal activities and pay fines, including
triple damages.

     Enron's stock fell 95 cents, or 5.8 percent, to $15.40,
declining for the eighth day in a row. The shares have fallen 80
percent in the past 12 months.

--Daniel Taub in Los Angeles, (323) 801-1261 or

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
2001-10-26 16:18 (New York)

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)

     (Adds investor comment in fourth paragraph.)

     Houston, Oct. 26 (Bloomberg) -- Enron Corp. bonds and shares
fell after the largest energy trader tapped a $3 billion credit
line because it has been shut out of the leading market for low-
interest, short-term loans.

     The company's stock has fallen 54 percent in the past 14 days
after investors questioned its transactions with affiliates run by
Enron's former chief financial officer. The shares fell 95 cents,
or 5.8 percent, to $15.40 today.

     Chief Executive Officer Kenneth Lay has failed to reassure
investors that the company's credit rating won't be cut, investors
said. Enron can no longer borrow in commercial paper markets,
where short-term loans carry lower rates than banks offer.

     ``Do they have the financial flexibility they once had? No,''
said John Cassady, who helps manage $3 billion in bonds at Fifth
Third Bancorp. ``People are questioning the credibility of
management.''

      The company will use its credit line to pay off $2.2 billion
in commercial paper it has outstanding, Enron spokesman Mark
Palmer said.

                            Bonds Drop

     Enron's 6 3/4 percent bonds, which mature in 2009, declined 1
1/2 points to a bid of 84 cents on the dollar and an offer of 86
cents. At that price, the bonds, which carry a rating of ``BBB+,''
yield 9.53 percent.

     Investors have grown concerned that the company's credit
rating will be cut after $1.01 billion in third-quarter losses
from failed investments. Enron needs good credit to raise cash
daily to keep trading partners from demanding collateral and to
settle transactions.

     Enron's decision to tap its credit line was ``a smart
financial move,'' said Stephen Moore, a vice president at Moody's
Investors Service who follows the company. ``It took away the
hassle and time-consuming nature of rolling commercial paper and
insured access to capital.''

     Though Enron's bonds have investment-grade ratings, their
yield at current prices is higher than those of industrial bonds
that carry junk ratings. According to Bloomberg data, companies
with ``BB'' ratings pay on average 9.16 percent to borrow for
seven years.

     A lower credit rating may also force Enron to buy back
holdings in other partnerships with its stock, diluting the value
of Enron investors' stock.

     Partnerships called Whitewing, Marlin and Yosemite own Enron
assets they bought with borrowed money. Enron sold the assets to
the partnerships to keep related debt off its books. The
partnerships plan to repay the borrowed money by selling the
assets.

                         Other Liabilities

     If Enron loses investment-grade rating, the borrowed money
comes due earlier, leaving less time for the partnerships to find
the best price for the power plants and other assets. Enron would
have to make up any shortfall between what the assets would sell
for and the amount of the debt.

     One way would be issuing common shares to exchange for Enron
preferred convertible shares held by the partnerships. That would
thin out the holdings of every other investor.

     Of the two main bond-rating companies, Moody's and Fitch have
Enron on watch for possible downgrade, and Standard & Poor's
lowered Enron's long-term credit outlook to negative. Egan-Jones
Rating Co. today lowered its rating on Enron's debt to ``BB+,''
one notch below investment grade, from ``BBB-.''

     Enron's liabilities associated with the partnerships amount
to at least $3.3 billion, the company has said.

     Enron ousted Chief Financial Officer Andrew Fastow on
Wednesday amid a Securities and Exchange Commission inquiry into a
partnership he ran that cost the company $35 million in direct
losses. Enron also bought back 62 million shares from the
partnership, reducing shareholder equity by $1.2 billion.

     ``It looks like the guy who was supposed to do everything for
the benefit of shareholders was running partnerships for the
benefit of himself,'' Fifth Third's Cassady said.

     Jeff McMahon, head of Enron's industrial markets group, was
named CFO in a bid to restore investor confidence, Lay said in a
statement.

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

Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees

10/26/2001
Business Wire
(Copyright (c) 2001, Business Wire)

SEATTLE--(BUSINESS WIRE)--Oct. 26, 2001--Seattle's Keller Rohrback L.L.P. is currently investigating potential ERISA claims on behalf of participants and beneficiaries of Enron's retirement and 401(k) plans.
The investigation period covers January 2000 through October 2001. The investigation focuses on concerns that, under the law interpreting ERISA, Enron and its plan administrators may have breached their fiduciary duties of loyalty and prudence by failing to disclose and inform the Plan participants and beneficiaries with respect to the use of employer stock as a Plan investment. Rather than providing complete and accurate information to the Plans' participants, it may be alleged that Enron and the plan administrators may have withheld and concealed material information, thereby encouraging participants and beneficiaries to continue to make and to maintain substantial investments in company stock and the Plans. This investigation is being conducted in light of recent events.
On Oct. 16, 2001, Enron surprised the market when it announced that the Company was taking "non-recurring charges totaling $1.01 billion after-tax, or ($1.11) loss per diluted share," in the third quarter of 2001. Enron later revealed that a material portion of the charge related to the unwinding of investments with certain limited partnerships, controlled by Enron's CFO, and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. As this news began to be assimilated by the market, the price of Enron common stock dropped significantly. In addition, several recently filed securities suits allege that Enron executives engaged in extensive insider trading, gaining millions of dollars in personal proceeds. Enron retirees have lost a substantial portion of their retirement earnings due to the drop in value of their retirement assets.
If you are a member of an Enron retirement plan, wish to discuss this announcement, or have information relevant to the investigation, you may contact paralegal Liza Catabay, or any member of our team (Britt Tinglum, Liza Catabay, or Lynn Sarko) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Seattle's Keller Rohrback L.L.P. has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.

CONTACT: Keller Rohrback L.L.P. Liza Catabay, 800/776-6044 investor@kellerrohrback.com www.SeattleClassAction.com
15:16 EDT OCTOBER 26, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


kathleen shroyer
622 scott st
monroe, MI 48161
kshroyer@earthlink.net

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

kathleen shroyer


Charlene,

We should not have scheduled any volume for the 29-30th.  No price was
negotiated that I can find. However, since gas did flow, I rolled the last
price on the deal to cover those days.  What price is Hesco showing?

D

Charlene Richmond
11/09/2000 01:37 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Re: Another HESCO Issue

Daren would you look at the price for 29 and 30th of March 2000 .  There are
no prices for these days but volume was scheduled for these days.
Thanks
Charlene

Daren J Farmer
11/02/2000 02:59 PM
To: Charlene Richmond/HOU/ECT@ECT
cc:
Subject: Re: Another HESCO Issue

Charlene,

Deal #214948 already had volume and price for the 12th and 13th.  You may
need to have the volumes updated by Volume Management.

I added the 15th and 16th to the deal ticket.

D

Charlene Richmond
11/01/2000 04:02 PM
To: Daren J Farmer/HOU/ECT@ECT, Jennifer Martinez/HOU/ECT@ECT
cc: Kristen J Hanson/HOU/ECT@ECT, Nick Moshou/Corp/Enron@ENRON, Cynthia
Hakemack/HOU/ECT@ECT
Subject: Re: Another HESCO Issue

Help .   Steve Mauch at Hesco is wanting an answer ASAP
---------------------- Forwarded by Charlene Richmond/HOU/ECT on 11/01/2000
03:29 PM ---------------------------

Vance L Taylor
11/01/2000 02:45 PM
To: Charlene Richmond/HOU/ECT@ECT
cc: Julie Meyers/HOU/ECT@ECT
Subject: Re: Another HESCO Issue

Charlene,

This gas purchase is not a part of the wellhead portfolio but is being traded
on the Texas desk.  I would suggest you get with Darren Farmer or someone on
the desk.

Sorry I could not be of more assistance!

vlt
x3-6353

Charlene Richmond
11/01/2000 08:22 AM
To: Julie Meyers/HOU/ECT@ECT, Vance L Taylor/HOU/ECT@ECT
cc:
Subject: Another HESCO Issue

Meter 986725 for March 2000.   Per Hesco both traders are gone at (Hesco and
Enron)  and they (Hesco) were not paid  the correct price  in March on the
days mentioned below. Hesco cannot find where the price for these days were
recorded.  Per Hesco they  were underpaid by $32,101.57.  Hesco is wanting to
come to our office to have a meeting about clearing this up.  It will be nice
if we don't have to meet with them.

Production dates are             Volume                     price they are
looking for
03/12
2,029                            2.65
03/13
2,009                            2.65
03/15
2,022                            2.71
03/16
1,976                            2.72


Patti Thompson 39106


Daren,

Per the request of our marketer Brian Kerns,  attached is the contract
forms for both Intrastate and 311 on our Guadalupe pipeline.

(See attached file: Form Guadalupe Insrastate Transportation Contract.doc)
(See attached file: Exhibit A-Intra New 8-31-01.doc)(See attached file:
Exhibit B-Intra New 8-31-01.doc)

(See attached file: Form Guadalupe 311 Transportation Agreement.doc)(See
attached file: Exhibit A-311 New 8-31-01.doc)(See attached file: Exhibit
B-311 New 8-31-01.doc)

Please call me if you have any questions.

Chris Syzdek
Senior Contract Analyst
713-627-6485
 - Form Guadalupe Insrastate Transportation Contract.doc
 - Exhibit A-Intra New 8-31-01.doc
 - Exhibit B-Intra New 8-31-01.doc
 - Form Guadalupe 311 Transportation Agreement.doc
 - Exhibit A-311 New 8-31-01.doc
 - Exhibit B-311 New 8-31-01.doc


You're just saying that because you don't want me to move down there now
that you're moving back there.  That's ok I understand.

-----Original Message-----
From: Mark.Guzman@enron.com [mailto:Mark.Guzman@enron.com]
Sent: Tuesday, November 07, 2000 12:05 PM
To: Katie.Trullinger@wfsg.com
Subject: Re: FW: What's up?

Your mom rocks!


Trojan horse (TRO-juhn hors) noun

   1. A subversive group or device placed within enemy ranks.

   2. The hollow wooden horse in which, according to legend, Greeks hid
      and gained entrance to Troy, later opening the gates to their army.

   3. A set of instructions hidden inside a legitimate program, causing
      a computer to perform illegitimate functions.

[From Troy, a ancient city of northwest Asia Minor near the Dardanelles.]

   "Some upholders of academic tradition argue that the universities
   have been too ready to allow a Trojan horse inside the walls of
   learning."
   Science has enriched the university, The Economist, 4 Oct 1997.

This week's theme: toponyms.

.............................................................................
We are usually convinced more easily by reasons we have found ourselves than
by those which have occurred to others. -Blaise Pascal (1623-1662) [Pensees]

What to give to the person who has everything? Give the gift of words.
Here is a gift that keeps on giving. To enter a gift subscription of
A.Word.A.Day, please visit http://wordsmith.org/awad/gift.html
To subscribe yourself, use http://wordsmith.org/awad/subscribe.html

Pronunciation:
http://wordsmith.org/words/Trojan_horse.wav
http://wordsmith.org/words/Trojan_horse.ram


We have received the executed EEI Master Power Purchase and Sale Agreement dated 7/25/2001 from the referenced CP.  Copies will be given to legal and credit.


CALENDAR ENTRY:	APPOINTMENT

Description:
	1st group S. Central Team Luncheon w/ Shelley

Date:		5/10/2001
Time:		11:30 AM - 1:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


How about 1pm Friday afternoon?  You on a plane.

Jim

 -----Original Message-----
From: 	Keene, Patrick
Sent:	Tuesday, October 23, 2001 5:13 PM
To:	Steffes, James D.
Subject:	RE: Intervention into Nevada Power rate cases

I'm in NM Thur. and Fri..  Alway's available by phone.  Got a time in mind?

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Tuesday, October 23, 2001 4:39 PM
To:	Keene, Patrick
Subject:	RE: Intervention into Nevada Power rate cases

Pat --

If you're in on Friday, let's sit down for 15.

Thanks,

Jim

 -----Original Message-----
From: 	Keene, Patrick
Sent:	Tuesday, October 23, 2001 12:19 PM
To:	'"Bonnie Drinkwater" <bdrinkwater@Mcdonaldcarano.com>@ENRON'; Kaufman, Paul
Cc:	Steffes, James D.
Subject:	RE: Intervention into Nevada Power rate cases

We should intervene based on our potential interest in serving customers pursuant to AB661(short answer=Paul's language).  It is possible that we may want to reduce revenue requirements by recommending the use of financial products to minimize utility revenue risk. We have intervened in the AB 661 regulation proceeding as Enron Energy Services, Inc. and Enron Power Marketing, Inc. If you think we can raise issues outside of "unbundling" we should limit our intervention to EES and EPMI.

 -----Original Message-----
From: 	"Bonnie Drinkwater" <bdrinkwater@Mcdonaldcarano.com>@ENRON
Sent:	Tuesday, October 23, 2001 11:58 AM
To:	Keene, Patrick; Kaufman, Paul
Cc:	Steffes, James D.
Subject:	RE: Intervention into Nevada Power rate cases

Pat,

Shall I use the language proposed by Paul or would you like me to say
something different?  Please let me know ASAP as I would like to get the
petition filed today.  Thanks.

Bonnie

-----Original Message-----
From: Keene, Patrick [mailto:Patrick.Keene@ENRON.com]
Sent: Tuesday, October 23, 2001 8:55 AM
To: Kaufman, Paul; Bonnie Drinkwater
Cc: Steffes, James D.
Subject: RE: Intervention into Nevada Power rate cases

We have intervened in certain cases where we may have an ongoing
commercial interest to require "rate unbundling" in anticipation of
direct access.  We also can intervene on behalf of EWS who may provide
risk mgt. products to reduce utility rates (i.e., weather derivitives to
stabilize rates and reduce utility-reated risk).  In this case we are
there to make sure rates are properly unbundled to facilitate AB 661.

-----Original Message-----
From: Kaufman, Paul
Sent: Monday, October 22, 2001 7:57 PM
To: 'Bonnie Drinkwater'
Cc: Keene, Patrick; Steffes, James D.
Subject: RE: Intervention into Nevada Power rate cases

By this e-mail, I'm forwarding this to Pat Keene.  He will be your main
contact on Nevada matters for a while.  I'm swamped processing the
filings for the sale of PGE.  My view is that it should be both ENA and
EES.  Our interest is:  (1) we are a potential new electric resource
under AB 661; and (2) these cases will influence whether we can serve
customers under the statute as the unbundled costs incurred by our
potential customers will be determined in this case.

Pat:  What do we say in other states where we intervene and there is no
direct access?  I'd rather not say that we that we are representing the
interests of several large consumers in Nevada.  It opens our deals up
for discovery.

-----Original Message-----
From: Bonnie Drinkwater [mailto:bdrinkwater@Mcdonaldcarano.com]
Sent: Monday, October 22, 2001 5:23 PM
To: Kaufman, Paul
Subject: Intervention into Nevada Power rate cases

Paul,

As I was preparing the petition to intervene, it occurred to me that
information has changed.  Do you want the petition to reflect both ENRON
ENERGY SERVICES, INC. and ENRON NORTH AMERICA.  Also, since you do not
own LV Cogen anymore, what would you like me to put as the reasons for
intervention for these entities.  I have attached a draft petition.  It
needs to be filed on Wednesday.

Thanks for your assistance.

Bonnie

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**********************************************************************


Late last night, BKH requested ENA to guaranty the indemnification
obligations of TLS Investors, a wholly-owned subsidiary of ECT and the Member
Manager of Southwest Power LLC.  The guaranty will be capped at the adjusted
purchase price, presently expected to be in the range of $205 million to $220
million, and will remain in place for 18 months from the Closing Date.

RAC's view is that exposure under such a guaranty would not be materially
different from exposure under a direct indemnity provided by ENA if ENA were
the actual legal entity selling Southwest Power LLC.  RAC supports the
issuance of such guaranty to facilitate completion of the divestiture.

Regards,

Chip Schneider
VP-Commercial Underwriting
713-853-1789
3AC 1418


Gentlemen:

Enron is exploring the possibility of becoming involved in a research
endeavor called the New Economy Value Research Lab. The Lab is the result of
a joint effort between MIT's Sloan School of Management and Arthur Andersen
(AA). Its purpose is to develop "quantitative valuations of the intangible
assets Wall Street finds increasingly important in the New Economy" (Business
Week, 2/7/00). Clearly, as Enron continues to shift from a hard asset to
intangible asset based organization, the question of "how to" accurately and
appropriate measure and value our intangible assets is becoming increasingly
important.

Last week, Steve Kean, Vince Kaminski, Marie Hejka, and myself met with a
team from AA, the Deputy Dean of the Sloan School, and MIT's lead
accounting/finance professor to discuss the intent of the Lab, expected
outcomes, and how Enron may be involved. Post that meeting, the decision was
made to continue to explore participation in the Lab. Enron now needs to 1)
define our corporate measurement and valuation process needs, and 2) identify
value attributes important to Enron and the industries in which we operate.
Once defined, a follow up meeting will be held with MIT and next steps will
be determined.

Your expertise and assistance could significantly impact the inputs and
outcomes of these next steps. Please schedule time on Tuesday August 1 from
2:00 to 3:30 to attend the next meeting, during which we will begin to
identify needs and define value attributes. Location will be EB 49c4. Please
notify me if you are unable to attend.

Lastly, to assist with preparation for this meeting, I am attaching notes
from a recently published book entitled  Cracking the Value Code: How
Businesses Are Creating Wealth in the New Economy (May 2000, Boulton, Libert,
Samek - Arthur Andersen).

Should you like more information on the Lab, previous meeting, book or other,
please feel free to contact me.

I look forward to meeting you.
Regards,
Amy Oberg


Hey Errol,
Over the holidays I heard that you were working at Enron and I thought I'd
say hi.  How are things going for you?  How's your family doing?  I am
good...just working at Sprint in Finance and going to school for my MBA.
Well, holler back when you get a moment.

Johnelle Matthews
Sprint e-Solutions
Senior Business Analyst
Voice: 281-966-2529
Fax: 281-966-2524
Email: johnelle.s.matthews@mail.sprint.com


My pleasure and thank you!!!

Do you know the size of your bike, and, a stupid question for you, do you
have to have special shoes for it (clips)?

My guy friend is well!!  We had dinner on Friday and went to a Mardi Gras
party in the Heights on Saturday.  We had a lot of fun, and, I even behaved
myself!!!  It was VERY difficult!!

Let me know a night this week that I could come by and do a test drive.

Thanks again.

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Monday, February 26, 2001 8:10 AM
To: pyoung@cliverunnells.com
Subject: Re: Monday

Offer still good.  How goes things with the new beau?  Also, thanks for the
cooked meats.  They were delicious!

                    "Patti Young"
                    <pyoung@cliverun        To:     "Tana Jones"
<tana.jones@enron.com>
                    nells.com>              cc:
                                            Subject:     Monday
                    02/26/2001 12:08
                    PM

Morning, Glory,

Hope you are doing well and had a good weekend.

I am still considering the MS 150 and wanted to know if your offer is still
good for borrowing your bicycle.  If you have changed your mind, it is no
big deal.  Promise!

Patti


Thank you.  I was trying to get the number from Barry.

 -----Original Message-----
From: 	Nicolay, Christi L.
Sent:	Wednesday, September 19, 2001 1:30 PM
To:	Tholt, Jane M.
Cc:	Cantrell, Rebecca W.; Lawner, Leslie; Pharms, Melinda; Dasovich, Jeff
Subject:	West Desk gas call

Janie--I think your bi-weekly conference call/meeting is tomorrow at 2:30.  Can you email us the call in # and room?  Thanks