ISDA PRESS REPORT - DECEMBER 27, 2001

RISK MANAGEMENT
	*	A spanner in the works - Risk

TRADING PRACTICE
	*	ISDA and FpML.org to merge - Risk

A spanner in the works
Risk - December 2001

When the Basel Committee issued its second consultative document proposals
(CP2) for a new regulatory capital Accord in January, it prompted fierce
opposition from banks, academics and lobbying groups over its treatment of
loans to small- to medium-sized enterprises (SMEs). This sector is the
backbone and growth engine of many major economies. Now, nearly a year
later, the issue has come to a head. The US and Germany - which is fiercely
protective of its SME sector, the mittelstand - are engaged in brinkmanship
over the capital treatment of loans to SMEs that could cause the entire
Basel II capital Accord to unravel.

SME lenders' initial concerns included the steepness of Basel's credit risk
weighting curve for the internal ratings-based (IRB) approach, its
insistence that expected loss provisions should be made in addition to
typical unexpected loss provisions, confusion over which SME loans could be
included under the retail approach, and the extent to which physical
collateral could be used as a risk mitigant. The Committee has moved to
address many of these concerns, although some, like the risk weighting
curve, remain prickly. But a critical issue, the use of maturity adjustments
in the calculation of capital charges for corporate and SME lending, which
requires banks to put aside more capital for longer-dated loans, is far from
being settled.

The German banking industry in particular is worried that overly harsh SME
treatment would push up lending costs, thereby stifling capital to a vital
source of the country's economic growth. While German banks have several
concerns, the country's lack of flexibility on the maturity issue threatens
to derail the entire Basel II process, which in turn would throw the
European Directive based on Basel II into disarray.

While most Basel lobbying has been carried out via traditional banking
channels - with national banking associations petitioning their regulators
that sit on the Basel Committee and its working groups - the debate in
Germany, Europe's largest economy, involves the highest levels of
government. German chancellor Gerhard Schr?der and economics minister Werner
M?ller said in late October that German funding to the mittelstand must not
be impaired by Basel II. "Basel II is not acceptable to Germany in its
present form. Everyone must reckon with our opposition to a European Union
guideline based on Basel II," said Schr?der, referring specifically to
treatment of SMEs.

The Basel Committee has since issued a paper, 'Potential modifications to
the Committee's proposals', which outlines current thinking within the
Committee and indicates that it will make key concessions to SME lenders.

The most important aspect of the paper, released November 5, is the
Committee's move to lower and flatten the IRB risk weighting capital curve -
which is a function of a firm's probability of default. This significantly
lowers capital requirements for SME lending. The move is based on evidence
that small companies are less likely than large corporates to default during
economic downturns.

But the paper failed to touch on the maturity debate. "[It] says nothing
about maturity, just about the risk weights without any maturity
adjustments," says Tobias Winkler, head of international banking issues in
the department for banking supervision at the Bundesverband deutscher Banken
(Association of German Commercial Banks). "This a right step, but certain
additional things have to be done to take account of special circumstances
of SME lending [in Germany]," he adds. "The maturity adjustment has to be
abolished in the advanced approach," he argues.

The German side claims the terms of loans to the mittelstand are
significantly longer than those to their SME counterparts in the US or the
UK.

"We have got very long maturities, this would put German banks at an
enormous competitive disadvantage compared with other countries," says
Winkler.

Evidence to support this argument is hard to come by, especially since the
Basel Committee refuses to disclose cross-country comparisons for factors
like average loan maturities from its second quantitative impact study (QIS
2). But several officials with access to QIS 2 data say the average maturity
of loans made by domestic financial institutions to businesses in Germany is
4.28 years, a figure that falls to 2.95 years for Germany's internationally
active banks. Average maturities for business loans in other G-10 countries
were said to lie between two and 2.5 years.

The CP2 proposals for Basel II contained two maturity approaches in IRB
treatment, one called the 'default model', ironically said to be a German
proposal, and the other a US 'mark-to-market' approach strongly backed by
the British. Under these two approaches, it is assumed that the risk of
default on a loan is higher if it is longer-dated, an assertion that has
been supported by several studies of historic data. The 'mark-to-market'
approach also takes into account the economic deterioration of the position
and not just final default. This Anglo model heavily penalises longer-term
loans. According to the Zentraler Kreditausschus (ZKA), a central banking
association which represents the interests of German commercial banks,
savings banks, regional state banks and co-operatives, long-term exposures
of seven years could require up to six times as much capital as one year
exposures - although one German banking official said a cap had now been
placed on maturities at five years, reducing this figure to 400%. "Capital
add-ons for long-term loans would therefore seriously affect the
international competitiveness of the German banking industry and result in
higher interest rates for borrowers that would not be justified by the risk
exposure," said the ZKA in a statement during the comment period.

But Germany stands virtually alone in its refusal to accept the US-led
maturity proposals. "The data analysed by the Committee clearly shows that
you have these upward-sloping curves for maturities. What kills a bank is
deterioration of value, and it has got to provide for a lot of things on the
books, so you can't wait for final default," said a Basel Committee member.
"But you can argue about the steepness, and that is a matter for debate."
The fact that Germany's other key allies in the wider SME debate - namely
Japan, Italy and Spain - are in favour of maturity adjustments, has prompted
a number of non-German regulators, albeit veiled behind the protection of
anonymity, to play down the importance of the maturity impasse to Basel II's
implementation. But such views fail to take into account the depth of
feeling that German banks, banking associations, the Bundesbank, parliament
and the general public have in protecting funding to the mittlestand. This
unusual level of pressure has left the German negotiators with very little
room for manoeuvre.

Gerhard Hofmann, director of banking supervision at the Deutsche Bundesbank,
was one of the few regulators prepared to speak publicly on the issue. He
said his hands were all but tied on the maturity debate, and confirmed that
the German side would be prepared to scupper Basel II's timetable should a
deal fail to be reached. "If this does not come to an end, then the European
effort will be postponed too. I have difficulties imagining that we would
introduce Basel II in Europe and not have a level playing field on a G-10
basis." While Hofmann said the matter was "very serious", he remained
confident that all sides could reach a solution.

Compromise
Risk was told by one European banking representative who claims to be
closely involved in the talks that a current compromise suggestion is to
halve the US mark-to-market maturity adjustments. This would mean the 600%
figure mentioned in the ZKA paper for a 'AAA'-rated, seven-year loan would
be reduced to 200%. But a US representative distanced himself from this
being a US proposal. "I would not describe the negotiating position that
way," he said. Asked if the US team would agree such a concession, he added,
"I couldn't say that we would, but it would depend on the whole package.
Fifty per cent on the mark-to-market adjustment seems an obvious point to
try and compromise on, but I'm not sure the US side would agree to that."

Hofmann was also cautious, saying "I would rather hesitate to comment on
that, but yes, it is a direction we are heading. This is a critical point
and I hesitate to comment in public because we are in the midst of this
rather difficult negotiating process and I really don't want to jeopardise
anything. It will be quite tough."  While almost every country that supports
maturity adjustments believes a 50% mark-down would be an acceptable
compromise, Germany may still hold out. Another German bank executive says
it may find a 50% mark-down unsatisfactory.

Another area of potential compromise is to allow banks with loan maturities
of less than three years to gain a downward capital allocation adjustment,
while banks with loans of more than three years would be capped at the
three-year level - as factored into the current proposed standardised credit
approach.

But German bankers appear set to resist even this level of compromise,
claiming that German internationally active banks (with average maturities
of 2.95 years) would be on an unfair playing field with other
internationally active banks, which have average maturities closer to the
two years. But German banking officials could not come up with hard data to
support the claims.

While maturity is the largest single SME-related issue for the Basel
Committee to resolve, there are a number of other matters that also need
clearing up, and, once again, the Germans are digging in their heels. For
example, the IRB credit risk-weighting curve proposed by the Committee on
November 5 fails to completely assuage concern about higher SME lending
charges. While Basel's current approach would mean that banks would have to
set aside significantly less capital against SMEs, which typically fall in
the 1% to 3% probability of default range, compared with CP2 proposals,
charges are still higher than under the present rules. For example, a bank
lending to an SME with a 2% probability of default would now have to set
aside 10.3% of the capital, compared with 15.4% under the January proposals.

Collateral mitigation could reduce this to 9.3%, and receivables mitigation
might further reduce the amount to 8.3%.

But Hofmann believes this risk-weighting curve does not go far enough. "When
you look at the curve, the typical probability of default range for an SME,
which is around 2%, still triggers a capital charge of above 10% - 2
percentage points above the current treatment," he says. This will translate
into the pricing of these loans. "How big will the interest rate effect be
on SMEs? According to our calculations it is still significant," Hofmann
says.

As a result, the Bank of Italy and the Deutsche Bundesbank drafted a
confidential joint paper, released October 19, which was submitted to the
Committee's working group on overall capital. The paper proposes that a
function based on the relationship between asset correlation and size should
be added to the IRB risk-weight curve methodology based on the relationship
between asset correlation and probability of default. The paper,
'Calibration of benchmark risk weights in the IRB approach to regulatory
capital requirements', contends that joint treatment of probability of
default and a firm-size effects on asset correlation could produce a risk
weighting function that addresses both procyclicality issues produced by the
new framework and concerns related to the treatment of lending to SMEs. The
Committee is now investigating the matter as part of an additional
quantitative impact study, QIS 2.5.

But many banks, including German financial institutions, are strongly
opposed to the introduction of additional parameters, such as number of
employees, assets and turnover functions into the risk-weighting curve. They
see a size function as an unnecessary complication. "Segmentation on the
grounds of turnover is unsatisfactory to us. Retail businesses and wholesale
businesses may have similar turnover, but the characteristics and the way
you would manage them in risk terms would be quite different," says Colin
Jennings, senior manager, non-retail related risk at Lloyds TSB, the UK's
third largest bank. "If that was imposed on us we would have to change our
systems considerably to do what we think would achieve no real benefit,"
adds Simon Baker, Lloyds TSB's head of risk policy, overseeing about ?6
billion in commercial portfolios (above ?2 million in turnover) and an equal
amount in small business portfolios, plus retail loans to its 16 million
retail customers base.

Further effects
Bankers are also opposed to another key aspect of Basel II that affects SME
lending. The Committee believes banks should put aside capital for expected
losses in addition to the current practice of making capital charges against
unexpected losses - credit risk. From a theoretical view of capital, such
requirements should be fulfilled by future margin income and not by
regulatory capital allocations. The Germans favour this 'pure' approach.

"Expected losses are covered by future margin income. We don't need any
double counting by using regulatory capital to cover expected losses," says
a German banker.

Although Basel has made some concessions in this area, saying it would scrap
expected loss provisions for retail loans - excluding mortgages - and allow
deductions from special and general loan loss reserves against expected
losses, the Committee's 'inelegant solution' has again run into German
opposition. "The German Ministry of Finance restricts the amount of
loan-loss reserves due to fears that banks would attempt to reduce their
income figures to avoid tax payments," says one German banker. "We fear that
this could lead to a severe international competitive disadvantage for
German banks because of tax regulations, so we are very much against
covering expected losses with regulatory capital."

A potential solution is to include expected losses under Pillar II of Basel
II, leaving it up to the discretion of national supervisors to ensure
expected losses are fully covered, while ensuring a level playing field
among nations. But some claim the Committee is unconvinced that expected
losses are fully accounted for by national regulators in specific product
areas or nations like Japan, and have pushed for specific Pillar I treatment
to alleviate their concerns. "The current envisioned compromise is that this
will not be done across the board. While it is not an elegant solution, it
addresses the most important substantive concerns the industry has raised
about the inclusion of expected loss," says a Basel Committee member.

The strong German opposition to so many SME-related treatments will make a
speedy resolution difficult, with much said to be hinging on sideline
discussions between the German and American contingents ahead of the Capital
Task Force and Basel Committee meetings, scheduled for December 6 and 7 in
New York, and the December 12 and 13 in Basel, respectively. With the timing
tight in terms of enshrining a European Directive in European Union and
European national legislation, the industry needs a major breakthrough based
on sound banking supervision practices, rather than an appeasement in
response to political sabre-rattling, which risks weighing down the entire
Basel II process.

ISDA and FpML.org to merge
Risk - December 2001
By Rob Dwyer

The International Swaps and Derivatives Association plans to integrate
FpML.org the not-for-profit company set up to develop Financial products
Markup Language (FpML) - into its organisational structure by the end of the
year. The merger of the two organisations is aimed at facilitating the
development of FpML by allowing FpML.orgs members to concentrate on
technical issues.

Mart Meinel, co-chair of FpML's standards committee and head of fixed-income
IT at UBS Warburg, says becoming part of ISDA will remove the burden of
administration from the technical team. We will be able to use ISDA
resources which will speed up the implementation of version 2.0 and the
development of version 3.0,' he says. 'The standards committee ended up
doing a lot of the administration work to run the FpML symposiums, and we
hope to leverage off ISDA conferences (for future symposiums)."

FpML based on the flexible extensible markup language' (XML), is designed to
create an industry standard for electronic trading. FpML 1.0, launched in
July 2000, covers interest rate swaps and forward rate agreements.  FpML is
presently working on version 2.0, which will include swaptions, caps,
floors, collars and straddles, as well as several other instruments, as well
as those covered in 1.0.  Implementation is slated for the end of December.
The committee is also planning to publish a draft of 3.0, which will extend
FpML coverage to foreign exchange and equity derivatives, by the end of this
year.

Meinel says FpML's integration with ISDA was part of the standards
committee's strategy from the organisation's inception. 'Since we have been
working on ISDA documentation then converting that into XML, our work has a
natural fit with ISDA," says Meinel, Operating from inside ISDA will help
the development of FpML be better aligned with the documentation of new
products as it comes along."

Strain
Robert Pickel, ISDA's chief executive officer, says the merger will allow
members of FpML to focus on technical development. But will it prove a
strain on often-stretched ISDA resources? We envision adding some extra
staff, and we project that we will be able to find the extra funding needed
through due-based revenues' says Pickel. "As a volunteer organization, it
was an issue for FpML members to find time aside from their day jobs. And
yet they have still managed to establish FpML as a brand that is the basis
for OTC derivatives transactions in the future," he adds.

FpML users welcomed the announcement.  Mark Brickell, chief executive
officer of online swaps trading platform Blackbird, and chairman of lSDA
between 1988 and 1992, says: "We actively encouraged ISDA to take on this
project.  Creating FpML is as important as the ISDA Master Swap Agreement,
because it will strengthen the framework for the swap negotiation."
Brickell says Blackbird was the first company to offer FpML confirmations to
its customers, and he believes ISDA will accelerate the adoption of 2.0 and
expand FpML further to cover more kinds of transactions more quickly.

Observers say the success of the project depends on recruiting. An official
at an FpML-affiliated company says: "ISDA hasn't had this level of
technology project before, so the key will he whether it hires someone with
the requisite level of technological expertise." ISDA officials say details
about FpML recruitment have yet to be finalised.

**End of ISDA Press Report for December 27, 2001**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA ONLY.  THIS PRESS
REPORT IS NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION),
AND ISDA IS NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.

Scott Marra
Administrator for Policy and Media Relations
International Swaps and Derivatives Association
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org


Hi Jane:

I'd planned to attend SoCal's meeting on Thursday, but it now appears I may have a conflict.  Do you plan on attending?  If so, could you gather up an additional set of anything they hand out for me?  Given the controversy around SoCal's "windows," it will be interesting to see how this works out.

Best,
Jeff


I also heard from Joe Toussaint that Ben's boss counter-offered with a bump
in salary.

---------------------- Forwarded by Grant Masson/HOU/ECT on 09/18/2000 09:24
AM ---------------------------

"Zhang, Ben" <bzhang@cinergy.com> on 09/18/2000 07:58:58 AM
To: Grant.Masson@enron.com
cc:
Subject: Thanks

Dear Mr. Masson:

Thank you very much for offering me an opportunity to work in your group.
However because of family reasons, I have to regrettably inform you that I
will not be able to make the move at this time. It has been a great
experience working  with you on this process, and I greatly appreciate your
help.

I realized that this would have been a great opportunity for me, and I thank
you very much for everything. I hope you will still consider me for a
position in the future.

Sincerely,
Ben


I vote for a long lunch one day of the week or 6 p.m. on Monday or 6 p.m. on
Wednesday
PL


Attached is a newly revised Credit Watch listing.  If there are
any personnel in your group that were not included in this distribution,
please insure that they receive a copy of this report.

To add additional people to this distribution, or if this report has been
sent to you in error, please contact Veronica Espinoza at x6-6002.

For other questions, please contact Bill Bradford at x3-3831, Russell Diamond
at x5-7095, Brant Reves at x3-9897, Veronica Espinoza at x6-6002 or the
Global Credit Hotline at x3-1803


My understanding is that the ABB equipment will most likely be used somewhere
other than Calumet due to the noise issue.  It is possible that LM 6000's
will be used on Calumet, resulting in a re-bid of the EPC contract.  However,
none of this is etched in stone, and their are active discussions with
Peoples about what to do.

I suspect this isn't much help. Paul probably has better information.

Kay

Donald Solomon@ENRON_DEVELOPMENT
07/09/2000 07:59 PM
To: Paul Myford/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter
Nassab/Corp/Enron@Enron, Kay Mann@ENRON
cc:

Subject: Re: Calumet Project
Contractors Response

See previous response on the Calumet Project.  Are we in or out of the deal?
Don

Paul Myford
06/30/2000 09:59 AM
To: don_pacer@doyen.com, Harry
Okabayashi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ram
Nayak/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Louis Marcheli@Enron
cc: s.stawasz@pecorp.com, j.badeusz@pecorp.com, rusty stevens@enron, Fred
Mitro@ECT, Cheryl Kent/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Donald
Solomon/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Calumet Project
Contractors Response

Team
The contractors have responded to our technical questions.  We need to review
their response and provide additional input as required.  Meetings are
scheduled with each beginning Monday July 10.  Based on the contractors
response and any additional open items,  please provide input to me and Don
Pacer by Thursday evening July 6 so we will be able to close all issues with
the contractors at our meetings.  One of the open items would be the
re-orientation of the GTG.   We should be ready to discuss this with the
contractors.
Paul


Travis,
 Peter Keohane was the attorney who was working with PG&E to put a contract
in place similar to what ENA agreed to.  I have not seen any amendments
proposed by PG&E, did they get omitted from my email?  I am attaching the
proposed amendment which I had forwarded to PG&E last year to enable them to
trade on Enron Online.
Please let me know if you need anything further.

	Travis McCullough
	03/13/2001 07:25 PM

		 To: jklauber@llgm.com, jlhuemoe@llgm.com, Elizabeth Sager/HOU/ECT@ECT, Dan J
Hyvl/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Mark Powell/CAL/ECT@ECT
		 cc:
		 Subject: PG&E gas sales

PG&E made a proposal to John Lavorato and Bill Bradford today to secure some
additional gas supplies from ENA and Enron Canada.  I am faxing a copy of the
presentation and relevant documents to each of you.  I think that this is a
deal that we are interested in looking at.

John and Jim, I think the only question we will have for you immediately are
the bankruptcy implications associated with the advance payments.  PG&E
claims there are none (of course).

Dan, since you reviewed the original PG&E (Core) Master Agreement, can you
review the proposed amendments to that Master?

Mark -- I don't think Enron Canada is a party to the PGE Master.  Can you
take a look at the form ENA executed and see if there is any reason why Enron
Canada couldn't execute the same form?

Note that PG&E also wants to be re-established to trade on EnronOnline.  I
understand the only impediment to that is that the masters need to be amended
to provide that Enron, not PG&E, is the confirming party, and that we were on
our way to documenting those amendments when this all blew up a few months
ago.  Dan, can you resurrect those amendments so we can see if we can weave
them into these amendments?

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3893
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490


Vince:  Bjorn must be in Chicago Wednesday so  we must move the meeting to Tuesday or Thursday, if that is possible.   Otherwise, give me other possibilities.  Thanks, Al
----- Original Message -----
From: Al  Arfsten
To: VKaminski@aol.com
Cc: bjorn@bflassociates.com
Sent: Tuesday, November 20, 2001 11:45 AM
Subject: Re: Meeting next week
Vince:  That works for us at the Hyatt Regency  at 7am.  The earlier the better on the Plan.  See you soon.   Al
----- Original Message -----
From:  VKaminski@aol.com
To: arfsten@bflassociates.com
Sent: Tuesday, November 20, 2001 11:23  AM
Subject: Meeting next week
Al,
What about  meeting Stinson on Wednesday next week (after Thanksgiving) at 7:00 a.m.,  Hyatt Regency? We should be able to E-mail you the business plan outline the  day before.
Have a Happy Thanksgiving.
Vince


did you like his supply bag?  that killed me.


One more thing we need to consider is office space.  Can I just add that in as a "service"?

 -----Original Message-----
From: 	stuart.ogg@weil.com@ENRON
Sent:	Monday, November 05, 2001 8:34 PM
To:	Taylor, Mark E (Legal)
Cc:	trish.lindloff@weil.com
Subject:	Re: Comments to Administrative Services Agreement

Attached is a revised services agreement to reflect your comments - you
will note that I don't know the actual corporate name or form for Enron Net
Works, so that will need to confirmed.  Please let me know if you have any
further thoughts or comments on the attached.  Thanks.

**********NOTE**********
The information contained in this email message is intended only
for use of the individual or entity named above.  If the reader
of this message is not the intended recipient, or the employee or
agent responsible to deliver it to the intended recipient, you
are hereby notified that any dissemination, distribution or
copying of this communication is strictly prohibited.  If you
have received this communication in error, please immediately
notify us by telephone (214-746-7700), and destroy the original
message. Thank you.

(Administrative Services Agreement) (See attached file: 5z6%04!.DOC)
(Administrative Services Agreement) (See attached file: 5z6%RTF.DOC)
 - 5z6%04!.DOC << File: 5z6%04!.DOC >>
 - 5z6%RTF.DOC << File: 5z6%RTF.DOC >>


IntercontinentalExchange
Firm Power Price Bulletin

For Power Delivered on Friday, November 30, 2001
(Trade Date of Thursday, November 29, 2001)

Click here to access index history <http://www.intcx.com/SubscriberServlet/subscriberservlet.class?operation=powerIndexForm&hub=All>.

* volume represents sell-side only *

Hub	 High	 Low	 Wtd Avg Index	 Change ($)	 Vol (Mwh)
Cinergy	$20.50	$14.00	$18.81	+ .22	65,600
Comed	$20.50	$18.00	$19.40	+ 1.40	4,000
Entergy	$21.00	$18.00	$19.29	- 1.96	17,600
Nepool	$28.50	$27.50	$28.17	+ .92	7,200
Palo Verde	$31.00	$26.50	$29.69	- 2.04	6,800
PJM-West	$23.25	$22.50	$22.93	- .42	49,600
SP-15	$34.00	$30.00	$30.89	- 2.77	9,200
TVA	$20.25	$18.50	$19.20	+ .42	12,000

Includes all trades done from 6 AM to 11 AM Central Prevailing Time on the trade date specified for financially firm power delivered during the on-peak hours (6 AM - 10 PM CPT for Eastern hubs / 6 AM - 10 PM Pacific Prevailing Time for Western hubs) on the delivery date(s) specified.

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Group,

We have 25 mws of length in the BOM book at $56 again for 06/14/01 on peak.  This energy is in NP-15.  Please make deals under ST-WBOM.

ST-CALI has another 5 mws each hour on peak in NP-15.  See CAPS for other information.

Thanks,
Bill


Dear Sirs:

At the request of our Heather Kroll and Steve Van Hooser, I am forwarding the
above referenced Agreement attached below.  The Agreement consists of a Cover
Sheet, General Terms and Conditions and Attachments.  This is being sent
without credit terms at this time but we hope to be able to supply you with
those shortly.  The credit terms will be incorporated in the Cover Sheet
wherever you see "[TBD]".  Please don't hesitate to call me at (713) 853-6389
if you have any questions.

Regards,
Genia FitzGerald
Legal Specialist


Fred can be reached at 1-915-543-4335.

Nice email to Fred on Tuesday by the way.

B

 -----Original Message-----
From: 	fhill@epelectric.com@ENRON [mailto:IMCEANOTES-fhill+40epelectric+2Ecom+40ENRON@ENRON.com]
Sent:	Friday, June 29, 2001 3:13 PM
To:	dispatch@epelectric.com; japoda1@epelectric.com; hsegovia@epelectric.com; vbaca@epelectric.com; jchristm@epelectric.com; jcontr2@epelectric.com; jferguso/EPEC@epelectric.com; ldelun1@epelectric.com; rluperci@epelectric.com; jsanche1@epelectric.com; sruiz1/EPEC@epelectric.com; ssanch1@epelectric.com; fholguin@epelectric.com; pramir1@epelectric.com; dricha1@epelectric.com; valarc1/EPEC@epelectric.com; adavis1@epelectric.com; jromero@epelectric.com; jcordova@epelectric.com; bmassie1@epelectric.com; west.realtime@enron.com; Symes, Kate; Williams III, Bill
Cc:	pserrano@epelectric.com; jrust@epelectric.com; jguaderr/EPEC@epelectric.com; jwhitacr@epelectric.com; hpuente@epelectric.com
Subject:	EPE MARKETING AVAILABILITY

As of today, the marketing personnel will no longer be on call on the
weekends.  The 5808 extension will be forwarded to Enron along with the
5872 extension.  There will be no preschedules or unit commitment plans
developed over the weekend.  Such preschedules and unit commitment plans
will be generated on Friday or the day before the holiday until further
notice.

Please call me at 915-543-4335 or Pete Serrano at 915-543-2045 if questions
arise.

Please share this with other personnel as appropriate.


Here is the most recent Teco presentation.  Thanks

Ben


Carla,

As requested, please see the attached Sample of our Master Agreement.

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


---------------------- Forwarded by Eric Bass/HOU/ECT on 11/06/2000 04:21 PM
---------------------------

Brian Hoskins@ENRON COMMUNICATIONS
11/06/2000 02:24 PM
To: Eric Bass/HOU/ECT@ECT, Hector Campos/HOU/ECT@ECT, Lenine
Jeganathan/HOU/ECT@ECT
cc:
Subject: Fw: Fw: Option 7 <g>

Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
Brian_Hoskins@enron.net

----- Forwarded by Brian Hoskins/Enron Communications on 11/06/00 02:31 PM
-----

	John House@ECT
	11/01/00 09:58 AM

		 To: John House/HOU/ECT@ECT
		 cc: (bcc: Brian Hoskins/Enron Communications)
		 Subject: Fw: Fw: Option 7 <g>

---------------------- Forwarded by John House/HOU/ECT on 11/01/2000 09:56 AM
---------------------------

> For a laugh follow these directions
>  >1. Dial Deutsche Bank/National Discount Brokers at 800-888-3999 (toll
>  > > free)
>  > > 2. Listen to all of the options.
>  > > 3. After hearing the 7th option, hit 7.
>  > >
>  > > Every company should have an Option 7.
>


I'm ok.  Coming down with a cold so I feel like shit.  Found out I got
accepted to these apartments I wanted which is cool.  I'm just a little
stressed because move in costs are always a bitch.

-----Original Message-----
From: Mark.Guzman@enron.com [mailto:Mark.Guzman@enron.com]
Sent: Wednesday, January 17, 2001 9:42 AM
To: Katie.Trullinger@wfsg.com
Subject: RE: what doing?

Never mind.  So anyway, I am totally worked right now.  I went to the
Blazer game with my friend Kate and we ended up going out afterward.  i
ended up staying out until 2am and I had to be in to work at 5:30.  So
basically my day is totally sucking.  How are you doing?


Tana, Enron Canada is currently negotiating a transaction with 6 major
municipalities in Ontario (the "G6") to provide various services to a company
those 6 entities are setting up, which services will include physical and
financial trading (both gas and electricity).  John Suttle is working with
Jan Wilson of our Toronto office to set the credit terms applicable to this
entity on both the physical and financial trading side, but they have not yet
made a final determination.  In the interim, the G6 has requested that we
send them a copy of our precedent form of master financial trading agreement
(both the ISDA and our short form financial GTC).  I assume you get requests
like this all the time and was hoping that you could e-mail to me (i) the
ISDA, credit support annex, Paragraph 13, etc. that we would typically put in
place between ECC and a Canadian counterparty to financially trade gas and
electricity in Canada (ie. incorporating the Canadian provisions), leaving
the credit terms blank for the time being and (ii) the financial GTC we use
for Canadian counterparties.

Call me if you have any questions or if there are any problems with preparing
and forwarding these documents to the counterparty.

Thanks

Greg


Attached is the memo that has been prepared for Enron by Frontier Economics
outlining Frontier's observations relating to why the proposed rule changes
are ill advised.  I will provide this document to the 7 member committee of
industry stakeholders the Power Pool has assembled (Enmax, Atco, TransAlta,
Enron, SPPA, WattEx, and CalPX) to receive feedback on its proposed rule
changes.  The first meeting of this committee is tomorrow afternoon.  I will
also provide the memo to the Alberta Government.

As part of our action plan we are also in the process of working with Seabron
Adamson of Frontier Economics and my colleagues in the Government Affairs
Group to put together a document that outlines the negative and unforseen
impacts in other jurisdictions of significant changes in rules or market
design that have been made and that are similar to the changes proposed in
Alberta.   This document will be provided to the Alberta Government officials
and the Power Pool at upcoming meetings that we are attempting to arrange.


Below is a summary of my SWPTF, CAISO and SW IOU's meeting 10 days ago.  The
meeting was very positive and it looks like we are getting traction on
getting the SW IOU's to join the CAISO as an option to continuing with DSTAR.

Call me if you have questions

Tom Delaney    602-321-5017
---------------------- Forwarded by Tom Delaney/Corp/Enron on 06/21/2000
02:45 PM ---------------------------

Carl Imparato <cfi1@tca-us.com> on 06/19/2000 02:37:50 AM
Please respond to cfi1@tca-us.com
To: zalaywan@caiso.com, eschmid@caiso.com, crobinson@caiso.com,
vkasarjian@caiso.com, tom.delaney@enron.com, marcie.milner@enron.com,
smara@enron.com, scott.miller@gen.pge.com, curt.hatton@gen.pge.com,
dcn@netwrx.net, rreilley@coral-energy.com, steve.huhman@southernenergy.com,
mike.meclenahan@southernenergy.com, rlamkin@seiworldwide.com,
lebarrett@duke-energy.com, sslavigne@duke-energy.com,
john_r_orr@reliantenergy.com, gkelly@bdrnet.com, jmpa@dynegy.com,
kewh@dynegy.com, mbochotorena@calpx.com, tfitchitt@newenergy.com,
cmiessner@newenergy.com, marceline_otondo@apses.com, bob_anderson@apses.com,
barbara_klemstine@apses.com, lcampbell@csllp.com, locb@rt66.com,
reickley@ci.scottsdale.az.us, cary.deise@aps.com, joel.spitzkoff@aps.com,
david.rumolo@pwenergy.com, tdelawder@tucsonelectric.com,
ebeck@tucsonelectric.com, mflores@tucsonelectric.com, gmiller@pnm.com,
dbrown1@pnm.com, dmalone@epelectric.com, rick.y.ito@us.pwcglobal.com,
tanuj.khandelwal@us.pwcglobal.com, ptaylor@rwbeck.com
cc:

Subject: Update on Discussions between CAISO and DSW Parties

The purpose of this e-mail is to update the recipients on the status of
the discussions that have been taking place, between the CAISO and
Desert Southwest market participants and transmission owners, on the
possible merger of the California and Desert Southwest regions into a
single RTO.

On June 5, a meeting was held in Phoenix to discuss the terms under
which various parties would seriously consider a proposal for
consolidation of California and the DSW under a single RTO operated by
the CAISO.  This was the second meeting that was held to discuss this
idea.  Represented were the CAISO, APS, PNM, TEP, EPE, TNP, APSES,
NewEnergy, Enron, Calpine, PG&E Gen, Southern, Duke, Cal PX, and DOE.

The issues that were discussed included the CAISO's ability to implement
the major components of the DSTAR commercial model, the changes that
would need to be made in the CAISO's governance and internal structure,
and costs.

The parties at the meeting were generally in favor of:  (i)
consolidating the existing control areas into a single control area as
soon as possible, (ii) migrating to a common set of market protocols on
a fairly rapid basis, (iii) creating a single, independent, RTO
governing board with no bias in favor of either California or the Desert
Southwest region, and (iv) migrating from a regional advisory committee
structure to a single advisory committee structure as soon as possible,
to avoid balkanization and accelerate convergence.  Most parties felt
that there were, at this time, no "show-stoppers" on most of the issues.

For many of the participants, the most significant outstanding questions
were: (i) the costs (both $/MWh and cost shifts) that Desert Southwest
parties would incur under the consolidation scenario, and (ii) timing -
i.e., whether the necessary implementation, governance and
organizational changes could be put into place by a target date of June
2001.

It was agreed that the next step was for the CAISO, working with
interested parties, to provide a tentative implementation cost (both
with and without consolidation of DSW control areas, but in both cases
with independent procurement and operation of ancillary services).

The agreed-upon Action Plan was as follows:

June 9: CAISO to develop list of questions which need to be answered to
enable it to develop a cost estimate

June 16: CAISO to respond to the list of questions generated at the June
5 meeting

June 16:  CAISO to be provided with responses to the CAISO's list of
questions

June 16: Transmission owners to provide to the CAISO their definition of
the scenario(s) that they desire the CAISO to consider in developing its
cost estimate

July 10: CAISO to provide cost estimate

July 20: Meeting in Phoenix to discuss the cost estimate, address any
additional questions, and discuss the viability and possible contents of
a Memorandum of Understanding (MOU)

July 31:  Decision from all interested parties regarding their desire to
move forward

August 15: Assuming a positive outcome on July 31, meeting to discuss
finalization of an MOU which would address the commitments of the
parties, market structure, changes in governance, organizational goals,
priorities and structures, etc.

Status:  The first four items above are close to completion.   The CAISO
has sent a list of technical questions to Carl Imparato and he is
completing a response.  The CAISO is completing its response to the list
of questions it received on June 5.  The interested transmission owners
have defined the scenarios that they wish to see considered by the
CAISO.

When all of these documents are finalized, which I expect to occur in
the next 2-3 days, I will forward them to all of the addresses.

If you have any questions, please give call me at 510-558-1456.

Carl Imparato


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/17/2000
05:41 PM ---------------------------

Tarun Mukherjee <tmukherj@uno.edu> on 11/16/2000 10:04:30 AM
To: Vkamins@ect.enron.com
cc: gwhitney@uno.edu, wlane@uno.edu
Subject: Moffett Chair

Dear Dr. Kaminski,

I invite you to apply  for the  recently announced endowed chair position in
our department. The position, James R. Moffett Chair, is named after the CEO
of Freeport McMoran. You come highly recommended by John martin of Baylor
whose opinion we value greatly.

The attached file provides more information regarding the required
qualification and responsibilities of the Chair.  If you have any question,
please feel free to contact me (I am co-chair of the search committee),
Professor Gerald Whitney (gwhitney@uno.edu, Co-chair of the search
committee), or Dr. Walter (Dub) Lane (wlane@uno.edu, the Department Head).

We look forward to receiving your application soon.

Tarun K. Mukherjee
Professor of Finance and Co-Chair, James R. Moffett Search Committee
Department of Economics and Finance
University of New Orleans
New Orleans, LA 70148
(504)280-7146-Work
(504)-280-6397--Fax

 - Ad for Moffett Chair-.doc


Cindy -- per our conversation, the following is the information surrounding
the ad hoc options Rick is requesting to be granted at the next available
meeting.  I understand that meeting is scheduled for mid-April with stock
grants to be effective the month of May.

As Rick requested, please keep us informed of approval and effective date.
Thanks.
Jo Ann
---------------------- Forwarded by Jo Ann Hill/Corp/Enron on 03/27/2001
05:34 PM ---------------------------

Richard Shapiro
03/27/2001 01:18 PM
To: Jo Ann Hill/Corp/Enron@ENRON
cc:

Subject: Options grants

Please procees as soon as possible the following discretionary option
grants:  Dan Staines-$ 60,000, Sue Mara-$ 30,000, Leslie Lawner-$30,000,
Janine Migden- $30,000, Pat Keene- $20,000.  Thanks & could you let me know
when they have been approved.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/09/2000
10:12 PM ---------------------------

VKaminski@aol.com on 03/01/2000 07:37:32 PM
To: vkamins@enron.com
cc:
Subject: Fwd: Updates: Mobile Edition and E-commerce survey

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We thought you might like to know about two new attractions at
www.economist.com : The Economist Mobile Edition, and our survey
of E-commerce, "Shopping around the web". Both are free.

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

MOBILE EDITION

In partnership with the AvantGo network, The Economist Mobile
Edition is now available for Palm Computing and Windows CE users,
letting you catch up with the latest from The Economist while
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Subscribe now - it's free
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****************************************************************************

SHOPPING AROUND THE WEB

Electronic commerce is still so young that teething troubles were
only to be expected. But just watch it grow, argues our survey:
http://www.economist.com/l.cgi?f=20000226/index_su7636

Where e-commerce wins hands down, and where it doesn't:
http://www.economist.com/l.cgi?f=20000226/index_su6868

There may be room online for established firms and for virtual newcomers.
But which ones?
http://www.economist.com/l.cgi?f=20000226/index_su3796

Amazon's amazing ambition:
http://www.economist.com/l.cgi?f=20000226/index_su6484

Can the web merchants deliver the goods?
http://www.economist.com/l.cgi?f=20000226/index_su3412

Everything has its price. The web can help you find out what it is:
http://www.economist.com/l.cgi?f=20000226/index_su1876

Before e-commerce can go global, it needs to overcome a few tiresome
obstacles:
http://www.economist.com/l.cgi?f=20000226/index_su0724

Retailers must change---or bite the dust:
http://www.economist.com/l.cgi?f=20000226/index_su7620

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Tom -

I spoke to Susan a bit earlier and she indicated you wanted an update on my
progress for CL matters.

To start the ball rolling, I have attached a form of the ESA marked to
reflect my proposed changes.  As I completed this late last week and then was
called out of town, I have not had the opportunity to fully review it;
however, it will give you the direction I am heading.

I also spoke to Susan about other legal issues.  They are the following:

1.  GTC's - I am still not sure how the EOL GTC's can become part of CL
unless they are there only for information sake and able to be printed.  If
we use the EOL GTC's, we will have to modify them to be applicable to CL, a
process that can be accomplished.  However, then we have GTC's for CL that I
am not sure are useful.  Since all customers have to have agreed to an ESA,
there is really no place for CL GTC's (e.g., there will be no phone or
non-electronic use of CL).

2.  Confirm Central - I am still not sure how we need to handle the
additional terms and conditions that are necessary for certain products.  If
the GTC's concept is viable, this is where this language should be placed;
however, if the GTC's concept does not work, we have to develop another
method of presenting them.  We could leave them in the Annex and merely
indicate that anyone dealing with products in the classes for which
additional terms are attached to the Annex would be subject to those terms by
accepting the Annex; however, this would make the Annex quite long.  We could
also have them pop up within the site once the customer clicks on the type of
product (e.g., west power) to indicate that any action in this product is
subject to these specific terms (this would require that we also have them in
our site documents so that they can be printed).

Once I have reviewed the updated FRS's for each of the sites, I will work to
modify the Annex documents.

Please let me know if you should need anything else at this time.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


first, right click and save to your desktop, open a new (seperate) excel, re-open.  filter as desired.
 -----Original Message-----
From: 	Misra, Narsimha
Sent:	Friday, October 26, 2001 6:43 AM
To:	Quenet, Joe
Subject:	EOL_All_Swaps.xls

take a look at this file and give me a call before you open it.. it is pretty cool.
-narsimha


Do you have access to Lotus Notes?  Serge told us on Oct. 3 that he would
have comments no later thatn the week of 10/16 and you would follow up with
him.
I'll try to call you when I have a free minute.  Sara

	"JASON PETERS" <PETEJ@andrews-kurth.com>
	10/17/2000 01:57 PM

		 To: <smartin@steelhector.com>
		 cc: <Sara.Shackleton@enron.com>
		 Subject: Enron/FPL ISDA

Serge,

I just wanted to get an update on when you thought we would have a response
regarding the above-referenced ISDA.

Thanks,

Jason Peters
713-220-4124


need to be 12:30

	Lysa Akin@ECT
	12/18/2000 12:56 PM

		 To: Alan Comnes/PDX/ECT, Jeff Dasovich/NA/Enron, Paul Kaufman/PDX/ECT
		 cc:
		 Subject: Re: AVAILABILITY for call today

Can you do it prior to 1:30pm??

---------------------- Forwarded by Lysa Akin/PDX/ECT on 12/18/2000 11:02 AM
---------------------------

Susan J Mara@ENRON
12/18/2000 10:57 AM
To: Lysa Akin/PDX/ECT@ECT
cc:
Subject: Re: AVAILABILITY for call today

I have ab appointment at 4:00, so I would have to do it from the car and I
would not have nmuch time -- any time until 1:30 pm is better.

	Lysa Akin@ECT
	12/18/2000 10:46 AM

		 To: Susan J Mara/NA/Enron, Jeff Dasovich/NA/Enron
		 cc: Mary Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT, Alan Comnes/PDX/ECT, Joseph
Alamo/NA/Enron@Enron
		 Subject: AVAILABILITY for call today

Please advise if you would be available for a call at 3:30pm Pacific time
today.
---------------------- Forwarded by Lysa Akin/PDX/ECT on 12/18/2000 10:51 AM
---------------------------

Mary Hain
12/18/2000 10:43 AM
To: Lysa Akin/PDX/ECT@ECT
cc:
Subject: call today

Please get times when people are available.  Thanks.
---------------------- Forwarded by Mary Hain/HOU/ECT on 12/18/2000 10:52 AM
---------------------------

Mary Hain
12/18/2000 10:42 AM
To: Susan J Mara/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Alan Comnes/PDX/ECT@ECT
cc:
Subject: call today

I'd like to set up a call for this afternoon to discuss the FERC's order, in
general.  Also, in an hour or so I'll also be forwarding a proposed issue
list on rehearing so we can talk about it.

Lysa Akin
12/18/2000 09:53 AM
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: Re: call today

I got your message after I sent you this update.  I sent a note to everyone I
contacted, advising the call would not take place.

Mary Hain
12/18/2000 09:52 AM
To: Lysa Akin/PDX/ECT@ECT
cc:
Subject: Re: call today

Jim says he doesn't want to have a conference call yet.

Lysa Akin
12/18/2000 09:26 AM
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: call today

regarding the call you asked me to set up:

Jim is is DC with Rick and Steve.  Marcia is paging him to see if he is
available at 2:30pm Central/3:30pm Eastern
I left a message wither Bernadette to call me back regarding Joe and Sarah's
availability at 3:30pm Eastern
Jeff indicated is he available at 12:30 Pacific.
I left a message w/Sue asking if she can make it at 12:30pm.

Maureen advised that Steve might be able to make it at 3:30pm Eastern, so I
will make sure she has all the info so that she can page him.

I left a message for Richard to call me back


it's going to take complete rejection of phys molecules to get solidly under $3.  i expect some really good chop for 2 weeks.  have enough people waiting for sub $3 to buy back all their shorts...don't think it's that easy from here,.

 -----Original Message-----
From: 	Fraser, Jennifer
Sent:	Monday, July 02, 2001 2:19 PM
To:	Arnold, John
Subject:	RE: whats the deal with andy zipper

i saw the 2.995 this am was it muc volume? when are we going back there
 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, July 02, 2001 2:18 PM
To:	Fraser, Jennifer
Subject:	RE: whats the deal with andy zipper

he'll be sitting with and reporting to me

 -----Original Message-----
From: 	Fraser, Jennifer
Sent:	Monday, July 02, 2001 2:17 PM
To:	Arnold, John
Subject:	RE: whats the deal with andy zipper

is he sitting beside you or on the power floor
 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, July 02, 2001 2:15 PM
To:	Fraser, Jennifer
Subject:	RE: whats the deal with andy zipper

he's going to start trading a cross commodity vol book.   concentrate mainly on gas and power.  maybe some weather and products.  identifying any high risk/reward longer term vol trades we should be doing.

 -----Original Message-----
From: 	Fraser, Jennifer
Sent:	Monday, July 02, 2001 2:02 PM
To:	Arnold, John
Subject:	whats the deal with andy zipper


---------------------- Forwarded by Don Miller/HOU/ECT on 09/26/2000 05:50 PM
---------------------------

	From:  Chris Meyer                           09/26/2000 04:13 PM

To: Don Miller/HOU/ECT@ECT
cc:
Subject: ENA Plants


The PanEnergy spreadsheet is attached.

D


Mark will be out of the office on vacation June 11-15, 2001.   In his absence please contact Lance Schuler (extension 35419) or Julia Murray (extension 34794).

Mark can be reached at (850) 337-5264.

Thank you.

Janette Elbertson
Enron Wholesale Services
Legal Department - EB3326
Telephone:  (713) 853-7906
Fax:  (713) 646-2600
janette.elbertson@enron.com


Daren,

FYI.  The meter is not set up yet.

Bob

---------------------- Forwarded by Robert Cotten/HOU/ECT on 05/03/2001 01:33 PM ---------------------------

	Enron North America Corp.  From:  George Weissman                           05/03/2001 11:01 AM

To:	Karl Stewart/HOU/ECT@ECT
cc:	Robert Cotten/HOU/ECT@ECT, Donna Consemiu/HOU/ECT@ECT, Melissa Graves/HOU/ECT, Cynthia Hakemack/HOU/ECT@ECT
Subject:	Gulf Coast Pipeline Company
Dyersdale Area, Harris Co., TX
Meters 4555, 6677, 9618 & 9889

Karl, please activate meter 098-9889 so that Bob can attach deal 752482 to it.  George 713.571.3159

---------------------- Forwarded by George Weissman/HOU/ECT on 05/03/2001 10:54 AM ---------------------------

	Enron North America Corp.  From:  George Weissman                           05/02/2001 04:32 PM

To:	Robert Cotten/HOU/ECT@ECT
cc:	Mike Morris/Corp/Enron@ENRON, Melissa Graves/HOU/ECT, Cynthia Hakemack/HOU/ECT@ECT
Subject:	Gulf Coast Pipeline Company
Dyersdale Area, Harris Co., TX
Meters 4555, 6677, 9618 & 9889

Bob,

The transport rates established for the meters subject to the 6/1/96 Gas Gathering Agreement between Gulf Coast Pipeline Company and Houston Pipe Line Company (96008709) were for staggered periods of time - thus the rate established for 6677 ended on 2/28/2001, the rate established for 4555 and 9618 ended on 4/30/2001 and there was no rate established for 9889 due to its recent set up.  The rates for the period subsequent to the end dates for the first three meters are set forth below; the rate for 9889 was agreed to by the parties for May only.  Please make sure that the proper transport rate is attached to each sitara deal as follows:

	meter 6677	sitara 166026	Lynx Energy Company, Inc.		$0.20 for March, $0.65 for April and May

	meter 4555	sitara 139067	Danex Energy Company		$0.65 for May

	meter 9618	sitara 138233	Gulf Coast Pipeline Company		$0.65 for May

	meter 9889	sitara 752482	D & P Operating Company		$0.65 for May

The 6/1/96 Gas Gathering Agreement has been terminated effective 5/31/01 and will be replaced by an Agreement dated 6/1/01 between Gulf Coast Pipeline Partners, L.P. and Houston Pipe Line Company.

George 713.571.3159

---------------------- Forwarded by George Weissman/HOU/ECT on 05/02/2001 02:43 PM ---------------------------

Michael W Morris
05/02/2001 02:14 PM
To:	George Weissman/HOU/ECT@ECT
cc:
Subject:	Transport rates on Gulf Coast Pipeline Partners

George,
I informed you incorrectley on the transport rates on Gulf Coast for March, April, & May.
This is how it should be:
                                                  Meter 6677
                                                                     March rate $.20
                                                                     April rate    $.65
                                                                     May rate    $.65
                                                  Meter 4555
                                                                     May rate     $.65
                                                  Meter 9618
                                                                    May rate    $.65

We need to amend the current Gulf Coast contract to reflect these changes. I told Tom Cones
we would have this amendment to him the first of next week.


<<CSFB_EnergyTech_May1701.pdf>>

Summary:

* U.S. President George W. Bush unveiled his National Energy Policy
today.  In our report we list the recommendations made by the National
Energy Policy Development Group (NEPD) as they pertain to Renewable and
Alternative Energy.  In addition, following each recommendation, we provide
our views on the potential impacts on specific CSFB covered companies
(AstroPower - APWR, Ballard Power Systems - BLDP, Capstone Turbine - CPST,
FuelCell Energy - FCEL, Proton Energy Systems - PRTN) in the Energy
Technology sector.
* We would note that many of the recommendations instruct certain
departments or individuals to conduct further research on various topics and
to report back to the President at a later date.  Our view is that many were
included as a counter point to more contentious issues and may receive
somewhat limited action from the Administration.
* Overall, we are not changing our estimates or recommendations on any
of our companies at this point in time.  The proposed solar tax credit
when/if passed will cause us to review our forecasts for AstroPower.  We are
not forecasting incremental unit volume of production given the capacity
constraint of the company, although residential installations tend to have a
higher revenue per watt and higher margins than non-residential markets and
therefore could result in higher EPS contribution.

Regards,

Marko Pencak
416-352-4580
Cameron Jeffreys (Associate)
416-352-4581

Energy Technology Research
CREDIT | FIRST
SUISSE | BOSTON

 - CSFB_EnergyTech_May1701.pdf


schedule and file.  I will be presenting at this meeting.
----- Forwarded by Steven J Kean/NA/Enron on 01/21/2001 03:53 PM -----

	Rebecca Carter
	Sent by: Kelly Johnson
	01/19/2001 11:27 AM
	Please respond to kelly.johnson

		 To: James M Bannantine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cliff
Baxter/HOU/ECT@ECT, Sanjay Bhatnagar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Rick Buy/HOU/ECT@ECT, Richard Causey/Corp/Enron@ENRON, Diomedes
Christodoulou/SA/Enron@Enron, David W Delainey/HOU/ECT@ECT, James
Derrick/Corp/Enron@ENRON, Andrew S Fastow/HOU/ECT@ECT, peggy_fowler@pgn.com,
Mark Frevert/NA/Enron@Enron, Ben F Glisan/HOU/ECT@ECT, Kevin Hannon/Enron
Communications@Enron Communications, David
Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stanley Horton/Corp/Enron@Enron,
Larry L Izzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J
Kean/NA/Enron@Enron, Mark Koenig/Corp/Enron@ENRON, Mike
McConnell/HOU/ECT@ECT, Rebecca McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Jeffrey McMahon/Enron@EnronXGate, Mark Metts/NA/Enron@Enron, Cindy
Olson/Corp/Enron@ENRON, Karen S Owens@ees@EES, Ken Rice/Enron
Communications@Enron Communications, Jeffrey Sherrick/Corp/Enron@ENRON, John
Sherriff/LON/ECT@ECT, Jeff Skilling/Corp/Enron@ENRON, Greg
Whalley/HOU/ECT@ECT, Thomas E White/HOU/EES@EES, Philippe A Bibi/HOU/ECT@ECT,
Raymond Bowen/HOU/ECT@ECT, Michael R Brown/LON/ECT@ECT, Wade
Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James A
Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John J Lavorato/Corp/Enron@Enron,
Jeffrey A Shankman/HOU/ECT@ECT, Jeremy Blachman/HOU/EES@EES, Harold G
Buchanan/HOU/EES@EES, Dan Leff/HOU/EES@EES, Mark S Muller/HOU/EES@EES,
Matthew Scrimshaw/LON/ECT@ECT, Marty Sunde/HOU/EES@EES, David Cox/Enron
Communications@Enron Communications, Steve Elliott/Enron Communications@Enron
Communications, Jim Fallon/Enron Communications@Enron Communications, Rod
Hayslett/FGT/Enron@ENRON, Danny McCarty/ET&S/Enron@Enron
		 cc: Terry West/Corp/Enron@ENRON, Jim Armogida/Corp/Enron@ENRON, Mary
Joyce/HR/Corp/Enron@ENRON, Pam Butler/HR/Corp/Enron@ENRON, Stephanie
McGinnis/HOU/ECT@ECT, Brenda Castillo/NA/Enron@Enron, Marcia
Manarin/SA/Enron@Enron, Susan Skarness/HOU/ECT@ECT, Stacy
Guidroz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Beena
Pradhan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Karen K Heathman/HOU/ECT@ECT,
Sharron Westbrook/Corp/Enron@ENRON, Rosane Fabozzi/SA/Enron@Enron, Molly
Bobrow/NA/Enron@Enron, Kay Chapman/HOU/ECT@ECT, Stephanie
Harris/Corp/Enron@ENRON, Bridget Maronge/HOU/ECT@ECT, mary_trosper@pgn.com,
Nicki Daw/NA/Enron@Enron, Carol Ann Brown/Enron Communications@Enron
Communications, Elaine Rodriguez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cindy
Stark/Corp/Enron@ENRON, Mary E Garza/ENRON_DEVELOPMENT@Enron_Development,
Maureen McVicker/NA/Enron@Enron, Joannie Williamson/Corp/Enron@ENRON, Cathy
Phillips/HOU/ECT@ECT, Loretta Brelsford/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Sue Ford/Enron@EnronXGate, Dolores Fisher/NA/Enron@Enron, Kathy
McMahon/NA/Enron@Enron, Karen Owens/HOU/EES@EES, Dorothy Dalton/Enron
Communications@Enron Communications, Christina Grow/Corp/Enron@ENRON, Lauren
Urquhart/LON/ECT@ECT, Sherri Sera/Corp/Enron@ENRON, Liz M Taylor/HOU/ECT@ECT,
Judy G Smith/HOU/EES@EES, Inez Dauterive/HOU/ECT@ECT, Veronica
Valdez/HOU/ECT@ECT, Teresa Wright/HR/Corp/Enron@ENRON, Peggy
McCurley/HOU/ECT@ECT, Marsha Schiller/HOU/ECT@ECT, Fiona Stewart/LON/ECT@ECT,
Jana L Paxton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mrudula
Gadade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Connie
Blackwood/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tammie Schoppe/HOU/ECT@ECT,
Kimberly Hillis/HOU/ECT@ect, Jennifer Burns/HOU/ECT@ECT, Sharon
Dick/HOU/EES@EES, Beverly Aden/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Kathryn
Greer/HOU/EES@EES, Kerry Ferrari/LON/ECT@ECT, Carol Moffett/HOU/EES@EES,
Jennifer T Adams/HOU/EES@EES, Leah Rijo/Enron Communications@Enron
Communications, Lucy Marshall/Enron Communications@Enron Communications,
Kathy Campos/GPGFIN/Enron@ENRON, Julie Armstrong/Corp/Enron@ENRON
		 Subject: Board of Directors Meeting - February 13, 2001


Mary:

 I would have responded to your message sooner, but it has taken me
these several days to recover from it.  I am surprised and disappointed for
myself and the rest of us here.  You have been a mainstay of the energy
practice and indeed the entire industry for the several years that you have
been out here, and it is difficult to imagine carrying on without you.  Your
legal skills, knowledge of the industry and honest and honorable approach to
dealing with people have, frankly, made you indispensable and irreplaceable.

 That being said, I am happy for you.  I know that you hail from New
England, and you must be glad to be returning.  Western Massachusetts is a
lovely place, and you will be able to pick from any number of attractive
college towns, such as Northampton and Amherst, within an easy commute of
Holyoke.  ISO New England is fortunate to be getting you, and I know you
will thrive there.

 I hope that you will keep in touch, and I look forward to our paths
crossing in the near future.

       Eric

Eric E. Freedman
Preston Gates & Ellis LLP
701 Fifth Avenue, Suite 5000
Seattle, WA  98104-7078
Phone:  (206) 623-7580 x 7727
Direct:  (206) 224-7327
FAX:  (206) 623-7022
E-mail:  ericf@prestongates.com

CONFIDENTIALITY STATEMENT:  The foregoing message contains information that
is protected by the attorney-client privilege.  If this message was sent to
you in error, any use, disclosure or distribution of its contents is
prohibited.  If you received this message in error, please call Preston
Gates & Ellis LLP at the number listed above, and delete this message
without copying it.  Thank you.

-----Original Message-----
From: Mary.Hain@enron.com [mailto:Mary.Hain@enron.com]
Sent: Friday, March 23, 2001 10:24 AM
To: David_Aamodt@pgn.com; dapnucc@teleport.com; dick@pnucc.org;
seabron.adamson@frontier-economics.com; Frank_Afranji@pgn.com;
raa@vnf.com; Joseph.Alamo@enron.com; ajaldrich@snopud.com;
Jeff.Alexander@enron.com; Al.Alexanderson@enron.com;
Keonee.Almaida@enron.com; hollis.alpert@ferc.fed.us;
Brenda.Anderson@enron.com; angles@howry.com; Alan.B.Aronowitz@enron.com;
gdb@vnf.com; npbaker@bpa.gov; ellen@tca-us.com; paulb@citizenspower.com;
paulb@citizenspower.com; garybarbour@email.msn.com;
jbartus@cammckenna.com; glynda.becker@mail.house.gov;
Samuel.Behrends@enron.com; bbennett@bpa.gov; sberman@hewm.com;
ramsen.betfarhad@mail.house.gov; KBILAS@SKADDEN.COM; sbooye@Skadden.com;
raymond.r.boyce@state.or.us; tbradley@bracepatt.com;
scott.brattebo@pacificorp.com; sbrose@steptoe.com;
sbuchheit@bracepatt.com; alanb@wutc.wa.gov; Jim.Byrne@enron.com;
vergil.cabasco@mail.house.gov; johncameron@dwt.com;
Doug.Carmichael@enron.com; Ed.Cassidy@enron.com; ajchambe@llgm.com;
Melissa.Chiechi@enron.com; elchristensen@snopud.com;
kevin.clark@ci.seattle.wa.us; rcloward@avistacorp.com;
david_cohen@rniinc.com; Bill.Comish@enron.com;
Victor.Contract@enron.com; powerlac@aol.com;
Frederick.Coolbroth@enron.com; michaelcorrigan@bchydro.bc.ca;
kcorum@nwppc.org; KCurry@bracepatt.com; wcurry@enron.com;
gdahlke@paine-hamblen.com; kadaly@mcimail.com; mday@gmssr.com;
dearing@chelanpud.org; tdeboer@paine-hamblen.com; Tom_Delaney@enron.com;
sdleonard@earthlink.net; dldorrell@stoel.com; Mary.Doyle@enron.com;
Jay.Dudley@enron.com; mce2280@idahopower.com;
michaelearly@earthlink.net; Katherine.Edwards@enron.com;
rle@givenspursley.com; imaxtrans@aol.com; Chris.Elliott@enron.com;
sandra.elliott@ferc.fed.us; kerwin@ect.enron.com; dezickson@mwe.com;
Jim.Fallon@enron.com; fallonr@howrey.com; Elias.Farrah@enron.com;
Michele_Farrell@pgn.com; dfaulk@puget.com; gfergus@brobeck.com;
Willard.Fields@enron.com; sfisher@avistaenergy.com; pfox@bracepatt.com;
Pat.Franklin@enron.com; John.Frazzell@enron.com; ericf@prestongates.com;
don.furman@pacificorp.com; segfurst@bpa.gov; Jackie.Gallagher@enron.com;
craiggannett@dwt.com; Alvaro.Garcia@enron.com; sbishop@gibbs-bruns.com;
wgibson@nwppc.org; ggilbert@ci.tacoma.wa.us; Pat.Gilman@enron.com;
Alex.Goldberg@enron.com; jlgreene@energyadvocates.com;
Chris_Groener@mail.house.gov; Mary.Groggin@enron.com;
Mark.E.Haedicke@enron.com; Stephen.Hall@enron.com;
steve.c.hall@enron.com; Leo.Hamblin@enron.com; whannaford@NWPPC.org;
jim.harding@ci.seattle.wa.us; rhardy@hardyenergy.com; kharri@puget.com;
Steve_Hawke@pgn.com; dhawkins@caiso.com; marc.hellman@state.or.us;
Scott.Helyer@enron.com; mhenry@bracepatt.com; dwmp@teleport.com;
rhornby@tca-us.com; mhornst@aol.com; dhuard@jmbm.com;
Marlene.Huntsinger@pgn.com; cfi1@tca-us.com;
Richard.Ingersoll@enron.com; pljacklin@stoel.com; montrey@aol.com;
danj@cfmdc.com; kgjohnson@bpa.gov; ljohnson@pwrteam.com;
Karen.E.Jones@enron.com; mkanner@kannerandassoc.com;
karid@perkinscoie.com; pkaufma@ect.enron.com; Paul.Kaufman@enron.com;
Jeffrey.Keeler@enron.com; Devon Kehoe; James.Keller@enron.com;
Joe.Kelliher@mail.house.gov; kkennedy@bdbc.com; Rick.Kessler@enron.com;
rdking@bpa.gov; Harry.Kingerski@enron.com; Harry.Kingerski@enron.com;
rsk@schwabe.com; gwilliams8@austin.rr.com; John.Klauberg@enron.com;
Holli.Krebs@enron.com; ekrogh@wiredweb.com; blafferty@avistacorp.com;
wdlamb@bpa.gov; John.Lamb@enron.com; Therese.Lamb@enron.com;
srlarson@bpa.gov; Cindy_Tatham@co.washington.or.us;
zora.lazic@bchydro.com; kaleathley@bpa.gov; pamela_lesh@pgn.com;
Debi.LeVine@enron.com; lcg@europa.com; doug.little@powerex.com;
Robert.Loeffler@enron.com; Chris.Long@enron.com; sjlong@bpa.gov;
rlopezv@www.conet.com.mx; david_lucio@iep.illinova.com;
king.lum@bchydro.bc.ca; kevin.lynch@pacificorp.com;
Mark.Maehr@enron.com; Randal.T.Maffett@enron.com;
John.Malowney@enron.com; Sueyen.Mao@enron.com; Susan.J.Mara@enron.com;
Susan.J.Mara@enron.com; Lee.Martin@enron.com; maurw@perkinscoie.com;
Wayne.Mays@enron.com; Michael.McCall@enron.com;
Sandra.McCubbin@enron.com; Travis.McCullough@enron.com;
Michael.McDonald@enron.com; brugen@erols.com; mckinley@wpuda.org;
mcm@vnf.com; mcnichol@wapa.com; shauna@pnucc.org;
Maureen.McVicker@enron.com; pmeringolo@brobeck.com; demetcalf@bpa.gov;
cemeyer@bpa.gov; jmilegich@sppc.com; fred_miller@pgn.com;
Jeffrey.Miller@enron.com; jerry.miller@pacificorp.com;
Laura.Miller@enron.com; scott.miller@ferc.fed.us; Bill.Miner@enron.com;
phil_moeller@gorton.senate.gov; pmohler@hewm.com; emoler@velaw.com;
nkmorgado@bpa.gov; Mike@tonkon.com; krmoxness@bpa.gov;
mmps@millcreeklaw.com; pmurphy@mbllp.com; terrym@millcreeklaw.com;
bmurtha@acy.sunint.com; Rich.Nassief@enron.com; tod@mgninc.com;
Douglas_Nichols@pgn.com; Patty.Nichols@enron.com;
Christi.Nicolay@enron.com; tmnoguchi@bpa.gov; darcy@tonkon.com;
Sarah.Novasel@enron.com; Sarah.Novosel@enron.com;
Tom.O'Donnell@enron.com; PObenchain@idahopower.com; Pegy.Olds@enron.com;
Carol.Opatrny@enron.com; tpaine@avistacorp.com; Dave.Parquet@enron.com;
bpascoe@mtpower.com; afpaschke@bpa.gov; ccperigo@bpa.gov;
wlpernas@stoel.com; lpeters@pacifier.com; jill@pnucc.org;
Mona.L.Petrochko@enron.com; npickover@bracepatt.com;
Phillip.Platter@enron.com; Alfred.Pollard@enron.com;
Walt.Pollock@enron.com; gporter@sppc.com; Kevin.M.Presto@enron.com;
jquint@puget.com; arlene.ragozin@ci.seattle.wa.us; maraschio@bpa.gov;
Dale.Rasmussen@enron.com; Scott.Rasmussen@enron.com;
Bobby.Reeves@enron.com; preiten@pngc.com; reyna2r@kochind.com;
shellyr@pacifier.com; Jeff.Richter@enron.com; raroach@bpa.gov;
atrodrigues@bpa.gov; rarogers@bpa.gov; peterroi@erols.com;
Rothfelder@rlo-law.com; Richard.Sanders@enron.com; jsaven@pacifier.com;
Michael.Schilmoeller@enron.com; jschlect@avistacorp.com;
Sabine.Schnittger@frontier-economics.com; Diana.Scholtes@enron.com;
Roger.Seifert@enron.com; Cara.Semperger@enron.com;
asettanni@bracepatt.com; Richard.Shapiro@enron.com; vsharp@enron.com;
msmith1@enron.com; Joshua.Sheinkman@enron.com; jshurts@nwppc.org;
Sid@enron.com; msizer@ci.tacoma.wa.us; slavens.paula@deps.ppl.com;
small@wrightlaw.com; small@wrightlaw.com; douglas.smith@ferc.fed.us;
Mike.Smith@enron.com; Roger.Smith@enron.com; Larry.Soderquist@enron.com;
Harvey.Spigal@enron.com; mstauffer@mtpower.com;
James.D.Steffes@enron.com; James.D.Steffes@enron.com;
mestewardpsedc@worldnet.att.net; JKStier@BPA.gov;
rbstrong@paine-hamblen.com; DASwanstrom@Verner.com;
Mike.Swerzbin@enron.com; tabors@tca-us.com; Ron.Tapscott@enron.com;
James.K.Tarpey@enron.com; Jake.Thomas@enron.com;
ryan_thomas@burns.senate.gov; jrt2058@idahopower.com; maryann@pnucc.org;
mtierney@sempra.com; robin_tompkins@pgn.com; Ann.Tumlinson@enron.com;
AW.Turner@enron.com; Sheila.Tweed@enron.com; Lisa.Urick@enron.com;
rvermeers@avistacorp.com; Frank.W.Vickers@enron.com;
John.Walley@enron.com; kristiwallis@sprintmail.com; walshl@howrey.com;
swalton@enron.com; Steve.Walton@enron.com; kaward@bpa.gov;
Kim.Ward@enron.com; Carol.Wardell@enron.com; dwatkiss@bracepatt.com;
sawatson@bpa.gov; judy.welch@NWPP.ORG; 211-6155@MCIMAIL.COM;
Kwenzel@zzz.com; cwestadt@sppc.com; Brian.Whalen@enron.com;
Bill.Williams@enron.com; klwmtp@worldnet.att.net; lyn_williams@pgn.com;
Greg.Wolfe@enron.com; Vickie.Wolk-Laniewski@enron.com;
Ed.Wood@enron.com; mwood@stoel.com; Steve.Wright@enron.com;
Teresa.L.Wright@enron.com; WSCC@enron.com; Charles.Yeung@enron.com;
Christian.Yoder@enron.com; Steven.J.Kean@enron.com;
Steve.Kean@enron.com; Travel.in.the.Park@enron.com;
D.Brett.Hunsucker@enron.com; Carla.Hoffman@enron.com;
Bernadette.Hawkins@enron.com; Joe.Hartsoe@enron.com;
Donna.Fulton@enron.com; Roger.Fragua@enron.com;
James.B.Fallon@enron.com; Michael.Etringer@enron.com;
Terry.W.Donovan@enron.com; Stacy.Dickson@enron.com;
Ginger.Dernehl@enron.com; Rhonda.L.Denton@enron.com;
Jeff.Dasovich@enron.com; Sean.Crandall@enron.com; Tom.Briggs@enron.com;
t.briggs@enron.com; Stacey.Bolton@enron.com; dbenevid@enron.com;
dbenevid@enron.com; Tim.Belden@enron.com; Robert.Badeer@enron.com;
Phillip.K.Allen@enron.com; Alan.Comnes@enron.com; Lysa.Akin@enron.com;
Portland.West.Desk@enron.com; assad@elektro.com.br;
Alan.Comnes@enron.com; Alberto.Levy@enron.com; Aleck.Dadson@enron.com;
Allison.Navin@enron.com; Amy.Fabian@enron.com;
Barbara.A.Hueter@enron.com; Bernadette.Hawkins@enron.com;
Bill.Moore@enron.com; cristinah@elektro.com.br;
Carlos.Gustavo.Azevedo@enron.com; Carmen.Perez@enron.com;
Carolyn.Cooney@enron.com; Charles.Yeung@enron.com;
Chauncey.Hood@enron.com; Chris.Long@enron.com;
Christi.L.Nicolay@enron.com; Cynthia.Sandherr@enron.com;
Damon.Harvey@enron.com; Dan.Staines@enron.com;
Daniel.Allegretti@enron.com; Dave.Mangskau@enron.com;
Donald.Lassere@enron.com; Donna.Fulton@enron.com; Eidy.Catala@enron.com;
Elizabeth.Linnell@enron.com; Frank.Rishe@enron.com;
Geriann.Warner@enron.com; Ginger.Dernehl@enron.com;
Gisele.S.Braz@enron.com; Gloria.Ogenyi@enron.com;
Guillermo.Canovas@enron.com; Harry.Kingerski@enron.com;
Howard.Fromer@enron.com; James.D.Steffes@enron.com;
Janine.Migden@enron.com; Javier.Pantoja@enron.com;
Jean.R.Dressler@enron.com; Jean.Ryall@enron.com; Jeff.Brown@enron.com;
Jeff.Dasovich@enron.com; Jeffrey.Keeler@enron.com;
Joao.Paixao@enron.com; Joe.Allen@enron.com; Joe.Connor@enron.com;
Joe.Hartsoe@enron.com; Joe.Hillings@enron.com; Jose.Bestard@enron.com;
Joseph.Alamo@enron.com; Kathleen.Sullivan@enron.com;
Kerry.Stroup@enron.com; Kikumi.Kishigami@enron.com;
Kirsten.Bellas@enron.com; Lara.Leibman@enron.com;
Laurie.Knight@enron.com; Leslie.Lawner@enron.com;
Linda.J.Noske@enron.com; Linda.Robertson@enron.com;
Lindsay.Meade@enron.com; Lisa.Yoho@enron.com; Lora.Sullivan@enron.com;
Luiz.Maurer@enron.com; Lysa.Akin@enron.com; Marchris.Robinson@enron.com;
Marcia.A.Linton@enron.com; Marcie.Milner@enron.com; Mary.Hain@enron.com;
Maureen.McVicker@enron.com; Melinda.Pharms@enron.com;
Michelle.Belzak@enron.com; Mona.L.Petrochko@enron.com;
Nancy.Hetrick@enron.com; Patrick.Keene@enron.com; Ray.Alvarez@enron.com;
Rebecca.W.Cantrell@enron.com; Ricardo.Charvel@enron.com;
Richard.Ingersoll@enron.com; Richard.Shapiro@enron.com;
Robert.Frank@enron.com; Robert.Hemstock@enron.com;
Robert.Neustaedter@enron.com; Robin.Kittel@enron.com;
Ron.McNamara@enron.com; rboston@enron.com; Rubena.Buerger@enron.com;
Sandra.McCubbin@enron.com; Sarah.Novosel@enron.com;
Scott.Bolton@enron.com; Sergio.Assad@enron.com; Stella.Chan@enron.com;
Stephen.D.Burns@enron.com; Steve.Montovano@enron.com;
Steve.Walton@enron.com; Steven.J.Kean@enron.com; Sue.Nord@enron.com;
Susan.J.Mara@enron.com; Susan.M.Landwehr@enron.com;
Terri.Miller@enron.com; Thane.Twiggs@enron.com; Tom.Briggs@enron.com;
Tom.Chapman@enron.com; Tom.Delaney@enron.com; Tom.Hoatson@enron.com;
Tracy.Cooper@enron.com; Valeria.Lima@enron.com; Vinio.Floris@enron.com;
Xi.Xi@enron.com; Steven.J.Kean@enron.com; Jeffrey.Keeler@enron.com;
Christi.L.Nicolay@enron.com; Sarah.Novosel@enron.com;
Robert.Frank@enron.com; Lara.Leibman@enron.com; Gloria.Ogenyi@enron.com;
Richard.Shapiro@enron.com; Leslie.Lawner@enron.com;
Paul.Kaufman@enron.com; Aleck.Dadson@enron.com;
Daniel.Allegretti@enron.com; Howard.Fromer@enron.com;
Joe.Hartsoe@enron.com; rboston@enron.com; Janine.Migden@enron.com;
Christie.Patrick@enron.com; Jane.Wilson@enron.com;
Rhonda.L.Denton@enron.com; kmagruder@newpower.com; scovino@newpower.com;
Rebecca.Carter@enron.com; Shelley.Corman@enron.com;
Janet.Butler@enron.com; Kevin.M.Presto@enron.com;
Brad.Richter@enron.com; Greg.Piper@enron.com; Kevin.McGowan@enron.com;
Kim.Ward@enron.com; Leslie.Reeves@enron.com
Subject: I'm Leaving Enron

I am going to be the Senior Regulatory Counsel at ISO New England starting
on April 9, 2001.   My last day in the Portland area will be March 31,
2001.  I enjoyed working with you and wish you the best of everything.  My
new address will be:

Mary Hain
Senior Regulatory Counsel
ISO New England Inc.
One Sullivan Road
Holyoke, MA  01040-2841
(413) 535-4000
mhain@ISO-NE.com


Dear PIRA Western Grid Client:

Attached is PIRA's revised "Western Grid Market Forecast" for December 2001.

Tables showing supply and demand balances on the last two pages of the
December report have been replaced due to an error in the original report
sent to you on Thursday, December 20. Attached is the complete report with
the correct tables. Everything else in the report is the same as the
original version.

If you have any questions regarding the report's content, please contact
Morris Greenberg (email: morris@pira.com), Allan Stewart (email:
astewart@pira.com), Victoria Watkins (email: vwatkins@pira.com), or Alastair
Stevenson (email: alastair@pira.com), at (212) 686-6808.
Contact Client Services regarding PIRA report distribution and address
changes at (212) 686-6808, email: support@pira.com.

NOTE: Circulation of the "Western Grid Market Forecast" outside a Client's
licensed distribution area is strictly prohibited. Clients that are unsure
of their licensed distribution or require an extension of their current
license should contact their PIRA sales representative, or email to
sales@pira.com.

We apologize for any inconvenience this might have caused you.

Electricity Team
PIRA Energy Group
3 Park Ave., 26th Floor
New York, NY 10016
(212) 686-6808, ext. 315

 - westdec01.pdf


---------------------- Forwarded by Andrea Ring/HOU/ECT on 12/13/2000 12:05
PM ---------------------------
   Michele Winckowski @ ENRON                12/12/2000 09:53 AM

To:
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: angel

this is cute.

  Not long ago and far away, Santa was getting ready for his annual
  trip...but there were problems everywhere. Four of his elves got sick, and
  the trainee elves did not produce the toys as fast as the regular ones so
  Santa was beginning to feel the pressure of being behind schedule.

  Then Mrs. Claus told Santa that her mom was coming to visit. This stressed
  Santa even more.

  When he went to harness the reindeer, he found that three of them were
  about to give birth and two had jumped the fence and were out, heaven
  knows where. More Stress.

  Then when he began to load the sleigh, one of the boards cracked and the
  toy bag fell to the ground and scattered the toys.

  Totally frustrated, Santa went into the house for a cup of coffee and a
  shot of whiskey. When he went to the cupboard, he found the elves had hit
  the liquor and there was nothing to drink. In his frustration, he dropped
  the coffee pot and it broke into hundreds of little pieces all over the
  kitchen floor. He went to get the broom and found that mice had eaten the
  straw it was made from.

  Just then the door bell rang and Santa cussed on his way to the door.

  He opened the door and there was a little angel with a great big Christmas
  tree.

  The angel said: "Where would you like to put this tree fat man?"

  And that my friend, is how the little angel came to be on top of the
  Christmas tree.


Drew, you're so sly!  Thanks for including us in your memo.

Good job in working through this issue to come up with a solution!

Kent


Hey team.  I'm putting some high level information together about the Dominion Producers and I have a couple questions.

First, the worksheet.
I'm using the information Dominin Fed X'd to us 2 weeks ago.
Allocation Balance Report by production month.  The monthy receipt volume net of fuel in columns B through D on the worksheet.
Imbalance Signoff Sheet by accounting month.  The accumulated Dt Imbalance is in columns F through G on the worksheet.
Allocation Balance Report.  The total adjustment quanity by contract by accounting month is in columns J through L on the worksheet.

Questions
1.   The Dec 2001 receipt volumes seem very low.  I'm sure that high line pressure was keeping most of the production volume from flowing.  Did we lose any producers between Nov and Dec, before the gas flowed?

2.  I am assuming that most of this gas was priced at Index.  Do you agree?

Let me know if you have questions.  I'll probably have a few more for you two.

thanks


- 11_12_01OH.xls
 - 11_12_01GO.xls


A funny story:
Because Access was up 75 cents last night, Nymex made a trading limit of
unchanged to +150.  After 20 minutes of trading, we were at unchanged and the
exchange stopped trading for an hour.
Rappaport, the exchange president, was standing by to make sure everything
was orderly.  Obviously, the locals weren't too happy about the exchange
closing.  One yelled at Rappaport...
"Why don't you take your million dollar bonus and go buy Enron stock"


My Email


Sara/Mary -

I'm not sure which of you to direct this question to, so I'll ask you both
and either can run with it.......

I am attaching a confirmation for the paper product OCC#11.  The desk
came back to me with modifications to incorporate that change this
into a type of confirmation I have never done before.  So I need some
help:

- This will be an American Call Swaption.  The Buyer has the option to
settle physically or financially into a call.

- For financial settlement:
  Exercise periods:  May 1 - May31 to exercise the June period
                                  June 1 - June 30 to exercise the July period
                                  July 1 - July 31 to exercise to August
period
  (close of business 4:30 EST)

- For physical settlment:
   Exercise periods are the same as for financial settlement

- If they exercise physically, the Seller must be allowed at least 30 days to
deliver
2000 short tons per month for each Determination Period at the defined
Location.

- The language they gave me for the Floating Price is:

The Floating Price for each Determination Period shall be based off the
arithmetic
average fo the bid/offer price based off www.clickpaper.com at the time of
exercising
the call option (US Physical OCC#11 FAS Port Elizabeth Harbor, Spot month)

I'm attaching a copy of the original confirmation I generated , using just the
info that was on the ticket. (clearly the ticket was lacking a lot of
important things, and
incorrect on others)....you can use it to incorporate the necessary changes
if you'd like,
or start from scratch.

Let me know what other info you might need and I'll try to get it from either
the
desk or from the physcial confirms group.

Thanks a lot,
Diane


Start Date: 4/11/01; HourAhead hour: 15;  No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041115.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 15 / Preferred:   2.28 / Final:   2.27)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 4/11/01
  SC_ID: EPMI


you i guess.

From: Kim Ward/ENRON@enronXgate on 05/08/2001 04:23 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

so who are the drinks on until I do ? . . . . .

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 2:25 PM
To: Ward, Kim S.
Subject: RE:

drinks on tickleknees if you do

From: Kim Ward/ENRON@enronXgate on 05/08/2001 02:03 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

you're killing me!!!  I WILL close two of the three!!! and I predict that I
will make $500,000 - on two tiny little gas deals.

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 2:04 PM
To: Ward, Kim S.
Subject: RE:

maybe we need a closer in that seat

From: Kim Ward/ENRON@enronXgate on 05/08/2001 01:56 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

he's a cheapskate - I am just sitting here on the edge of my seat with three
customers that won't pull the trigger!

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 1:53 PM
To: Ward, Kim S.
Subject: RE:

how about we celebrate the near completion of your deal and have tickleless
pay for it.

From: Kim Ward/ENRON@enronXgate on 05/08/2001 01:26 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

push the summer down about $.03-.04 so I can get one of my deals done and we
could celebrate!

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 1:07 PM
To: Ward, Kim S.
Subject:

wanna get sauced after work?


Subject: FW: Aggies Demand a Recount

College Station, TX (AP) - R.C. Slocum and the Texas A&M Aggies are
demanding a recount of the game in which Oklahoma won 35 to 31. "The end
zones were confusing," says Slocum. "I'm sure that some of the touchdowns
that went in Oklahoma's end zone were meant to go into ours.

We were scoring in those end zones also.  Oklahoma would never have scored
thirty-five points. There's no way we lost this one. A&M demands a recount."

Oklahoma officials are calling this "outrageous". "They agreed to the size,
shape and locations of the end zones prior to kick-off," replies OU coach
Bob Stoops.  "If they had a problem with them, they should have said so
before we started. You don't get to keep playing until you're happy with the
outcome.  Someone had to lose.  We've scored over thirty-five points many
times."

A&M has sent lawyers, farmers, and those guys in the funny boots as well as
that damn dog down to Kyle Field, where the scoreboard will be tested.  "We
are confident that when the points are re-totaled, we will be the winner of
the game," says Slocum.

OU also points out that in many games prior to this one, the same end zones
were used. "They didn't have a problem with the end zones until they lost,"
says Stoops.

Outside of Kyle Field, A&M student protesters have gathered outside bearing
signs such as, "A&M wants a fair game! WHOOOOOOP!" Students' thoughts echoed
their signs. "All we want is a fair total of the points before we declare a
winner," says student Karen Hays, an aggie from Marfa.

"We need to proceed cautiously and not rush to judgment before we declare a
winner."

ABC, around 2:00pm central time, had mistakenly declared A&M the winner,
despite the slim 3 point lead the Aggies held at that point. At about 2:30
pm, with the game still to close to call, ABC had to back off its
prediction.

College football analyst Brent Musburger made the call. "We felt that with a
number of points still not added in by Jamaar Tombs and the Aggies, we were
certain A&M would carry this game. We may have been premature in our
prediction."


On Tue, Feb 05, 2002 at 11:00:06PM -0800, Randal L. Schwartz wrote:
> >>>>> "Curtis" == Curtis Poe <cp@onsitetech.com> writes:
>
> Curtis> Sorry it's taken so long to get this message out.  The next
> Curtis> pdx.pm meeting will be Wednesday, February 13th.  Same time
> Curtis> and place as last time (see http://portland.pm.org/).
>
> Curtis> Austin Shutz will be giving a presentation on standard error
> Curtis> handling and reporting.  Austin is the author of Expect.pm and
> Curtis> IO::Stty.  He is also a network engineer for Global Crossing.
>
> Well, I'm sorry to not be there.  Just when the group is getting
> started. :)  I would have liked to have seen this too, as the
> author of the now deprecated chat2.pl. :(
>

	Well I'm not giving a talk on Expect, though I could if people
wanted. :)

	I would think it would be worthwhile to meet at produce row and
then move, btw. Produce row is a pretty good spot socially, but I can't
imagine trying to give a talk there.

	Austin
TIMTOWTDI


From Lorraine Cross/INGAA:

 <<Nomination>>

 - Ltr to Rae McQuade2-28-00.pdf


(See attached file: NOMS_02_13_02_cycle 4.xls)

Thanks,
Brad
 - NOMS_02_13_02_cycle 4.xls


The man who thinks he can do without the world is indeed mistaken; but the
man who thinks the world cannot do without him is mistaken even worse.
-Francois, duc de La Rochefoucauld


Lee, after I put in the deals, the system went down and I was not able to get
them to calc.  So they are not in these numbers.  They will be tonight.  See
you guys later today.

DG


----- Forwarded by Steven J Kean/NA/Enron on 01/04/2001 04:28 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	01/04/2001 02:58 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, Angela Schwarz/HOU/EES@EES, Beverly
Aden/HOU/EES@EES, Bill Votaw/HOU/EES@EES, Brenda Barreda/HOU/EES@EES, Carol
Moffett/HOU/EES@EES, Cathy Corbin/HOU/EES@EES, Chris H Foster/HOU/ECT@ECT,
Christina Liscano/HOU/EES@EES, Christopher F Calger/PDX/ECT@ECT, Craig H
Sutter/HOU/EES@EES, Dan Leff/HOU/EES@EES, Debora Whitehead/HOU/EES@EES,
Dennis Benevides/HOU/EES@EES, Don Black/HOU/EES@EES, Donna
Fulton/Corp/Enron@ENRON, Dorothy Youngblood/HOU/ECT@ECT, Douglas
Huth/HOU/EES@EES, Edward Sacks/Corp/Enron@ENRON, Eric Melvin/HOU/EES@EES,
Erika Dupre/HOU/EES@EES, Evan Hughes/HOU/EES@EES, Fran Deltoro/HOU/EES@EES,
Frank W Vickers/HOU/ECT@ECT, Gayle W Muench/HOU/EES@EES, Ginger
Dernehl/NA/Enron@ENRON, Gordon Savage/HOU/EES@EES, Harold G
Buchanan/HOU/EES@EES, Harry Kingerski/NA/Enron@ENRON, Iris Waser/HOU/EES@EES,
James D Steffes/NA/Enron@ENRON, James W Lewis/HOU/EES@EES, James
Wright/Western Region/The Bentley Company@Exchange, Jeff Messina/HOU/EES@EES,
Jeremy Blachman/HOU/EES@EES, Jess Hewitt/HOU/EES@EES, Joe
Hartsoe/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Kathy
Bass/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Ken Gustafson/HOU/EES@EES, Kevin
Hughes/HOU/EES@EES, Leasa Lopez/HOU/EES@EES, Leticia Botello/HOU/EES@EES,
Mark S Muller/HOU/EES@EES, Marsha Suggs/HOU/EES@EES, Marty Sunde/HOU/EES@EES,
Meredith M Eggleston/HOU/EES@EES, Michael Etringer/HOU/ECT@ECT, Michael
Mann/HOU/EES@EES, Michelle D Cisneros/HOU/ECT@ECT, Mike D Smith/HOU/EES@EES,
Mike M Smith/HOU/EES@EES, mpalmer@enron.com, Neil Bresnan/HOU/EES@EES, Neil
Hong/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, Paula Warren/HOU/EES@EES, Richard
L Zdunkewicz/HOU/EES@EES, Richard Leibert/HOU/EES@EES, Richard
Shapiro/NA/Enron@ENRON, Rita Hennessy/NA/Enron@ENRON, Robert
Badeer/HOU/ECT@ECT, Roger Yang/SFO/EES@EES, Rosalinda Tijerina/HOU/EES@EES,
Sandra McCubbin/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Scott
Gahn/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Sharon Dick/HOU/EES@EES,
skean@enron.com, Susan J Mara/NA/Enron@ENRON, Tanya Leslie/HOU/EES@EES, Tasha
Lair/HOU/EES@EES, Ted Murphy/HOU/ECT@ECT, Terri Greenlee/NA/Enron@ENRON, Tim
Belden/HOU/ECT@ECT, Tony Spruiell/HOU/EES@EES, Vicki Sharp/HOU/EES@EES,
Vladimir Gorny/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES, William S
Bradford/HOU/ECT@ECT, Mike D Smith/HOU/EES@EES, Donna
Fulton/Corp/Enron@ENRON, mjackso7@enron.com, psmith3@enron.com
		 Subject: Brief Summary of Today's Activities in California (at Least Thus
Far)

The Commission voted out the order 5-0, essentially as it appeared
yesterday.  Three key changes:
They clarified that the surcharge applies to Direct Access customers (but the
entire "rate freeze" structure remains intact for now).
The Commission reversed itself and chose not to adopt TURN's "netting out" of
gen revenues and CTC collections, and said instead that the Commission will
consider it as an option in the next phase (a move likely made in order to
lower chances of a successful utility appeal).
The Commission added to the decision language saying that it will study the
pros/cons of securitizating the utilities' power purchase costs.  They will
submit a report on the issue to the Governor and Legislature.
On this last point, wire reports are rampant about the possibility that
legislation will be introduced as early as today proposing to securitize the
utilties' power purchase costs.  This action has reportedly been the result
of discussions that occured through the night between the governor's office,
the utilities and the ratings agencies in reponse to the fact that the
decision issued by the PUC falls well short of what's needed to keep the IOUs
credit worthy and solvent.  As a result of those wires stories, the
utilities' stock has come back (Edison was down as low as 6.25 and is
currently at 10 7/8; PG&E was at 8 7/8 and is currently at 11 7/8).  We're
working with Sandi McCubbin, who heads-up our legislative activities in
California, to get more info and will report back.
The hearing was dominated by highly charged anti-generator, anti-marketer
rhetoric, which is likely to play a prominent role in the press accounts.
Only FERC was demonized more.
Each of the Commissioners, including the most recent "interim" appointee,
made strong statements regarding the undesirability of utility bankruptcy.
The Commission left open the possibility of "doing more" at their next
meeting (two weeks from today), which means the negotiations with the
utilities and ratings agencies are likely to continue. And if an agreement is
reached, it could end up on the next agenda.


Kay.

I suggest we: (i) change the choice of law from Maryland to New York; (ii)
add an arbitration clause; and (iii) shorten the time from two years to one
year.  I am attaching a redline of these changes and one with these changes
accepted.

 -----Original Message-----
From:  Mann, Kay
Sent: Wednesday, June 06, 2001 6:42 PM
To: Carnahan, Kathleen
Subject: BGE CA

Whatcha think?
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/06/2001 06:41
PM ---------------------------
From: Janelle Scheuer/ENRON@enronXgate on 06/06/2001 04:32 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: BGE CA

Hi Kay!
BGE is issuing an RFP, and they have drafted the attached CA.....Can you take
a peek and see if it would be acceptable?
http://supplier.bge.com/rfp/ca.doc
Thanks!
Janelle


Gerald

Per our discussion yesterday, I am hoping to get to Mark Fullerton of WHP's a
"generic" template copy of our Interconnect Agreement.   WHP is the owner of
the Atkinson Storage Facility which they purchased from Relaint fairly
recently.   Atkinson is tied into El Paso's Valero line and City of San
Antonio (City Public Service).  WHP's would like to connect to HPL to gain a
greater breathe of market reach.  ENA is interested in Atkinson for either an
equity investment or perhaps for some form of swap where we get Atkinson
capacity for allowing WHP Bammel capacity.

We are at the early stages of exchanging ideas.   No Confidentiality
Agreement has been exchanged.    WHP's other storage play is in California
where they are developing the LODI facility.

WHP's address:

Western Hub Properties LLC
14811 St Mary Lane
Suite 150
Houston, TX  77079
Attn:  Mark Fullerton,

Thanks Gerald.   Call me with questions.


I just wanted to give all of you an update to my previous message on the
replacement for Brian Heinrich in Financial Operations.  Jennifer Blay was
going to be his replacement; however, Jennifer has accepted a position in
Energy Operations working for Jeff Sorenson.  The newest addition to the
Financial Operations staff is Holly Heath who joins us from Bank United.  She
is located at EB-2419A and can be reached at Ext. 3-5843.  In addition, Sarah
Brown will transfer as Manager of the Consolidated Reporting Team from the
Gas and Transmission Assets Team in the Business Analysis and Reporting
organization.  Sarah is located at EB-2419B and can be reached at Ext. 3-3417.

Brian will be helping to transition Holly into her new responsibilities.  As
such, you will be receiving E-mails from Brian during the next week or so.
After that, Holly will begin to request information directly from you.

Please join me in welcoming both Holly and Sarah into their new roles.
Thanks for your patience during the next few weeks.  If you have any
questions, please do not hesitate to call me.

Lisa Cousino
x3-6343