THE ECONOMIC TIMES
Tuesday, May 15, 2001, http://www.economictimes.com/today/15econ03.htm
MSEB refutes allegations by Enron, DPC,  Girish Kuber
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS
Tuesday, May 15, 2001, http://www.financialexpress.com/fe20010515/news2.html
Crucial meet today to finalise Centre's reply to DPC notices, Sanjay Jog

The above article also appeared in the following newspaper:

THE INDIAN EXPRESS
Tuesday, May 15, 2001, http://www.indian-express.com/ie20010515/bus5.html
Finance secy calls meet to review Dabhol situation, Sanjay Jog
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ASIAN AGE
Tuesday, May 15, 2001, http://www.asianageonline.com/
Prabhu Will Discuss Enron In France, Ranvir Nayar
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS
Tuesday, May 15, 2001, http://www.financialexpress.com/fe20010515/news3.html
Recast counter-guarantees to attract FDI, says report, Anupama Airy
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS
Tuesday, May 15, 2001, http://www.financialexpress.com/fe20010515/corp11.html
Merc to hear Prayas petition on May 16, Sanjay Jog
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BUSINESS TODAY
Tuesday, May 15, 2001, http://www.india-today.com/btoday/20010221/cf7.html
Enron Switches Off
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE WEEK
May 20, 2001, http://www.the-week.com/21may20/events13.htm
Gridlock
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ECONOMIC TIMES, Tuesday, May 15, 2001
MSEB refutes allegations by Enron, DPC,  Girish Kuber

THE MAHARASHTRA State Electricity Board on Monday in a letter to Enron refuted all allegations made against it by the company while invoking the political force majeure. Enron-promoted Dabhol Power Company on April 9 had invoked the political force majeure clause. DPC had indicated it was not in a position to fulfil its contractual  obligations to MSEB because of political circumstances  beyond its control. MSEB in a reply on Monday denied Enron's allegation of  'political circumstances' and said there was no reason why it should have felt insecure. "Such a step was necessary under the Power Purchase Agreement and related security documents to notify the board of 'certain events and to enforce our rights'," DPC had said. However, according to MSEB, such a step by DPC was uncalled for. For DPC, invoking the force majeure clause was necessary as 'certain events occurred that are beyond the reasonable control of the affected party (DPC)'. MSEB has expressed surprise in a letter on Monday.

The energy major had dispatched the notice to MSEB, as an affected party, which had been subjected to "concerted, deliberate and politically motivated actions of state government, the Government of India and the Board, which will have a material and adverse effect on DPC's ability to perform obligations under PPA". "Given the cumulative effect of these political actions, DPC determined that the political force majeure declaration is an appropriate mechanism for providing that notice, and that is  an appropriate and necessary step in protecting DPC and  its stakeholders' rights," the statement added. However, for MSEB this was 'yet another move' from Enron to avoid paying Rs 402 crore penalty the MSEB has slapped on it for failing to supply electricity as per the agreement. MSEB, in today's letter, reiterated its suggestion to adjust December 2000 and Januray 2001 bills, against the Rs 800 crore penalty it has slapped on Enron for not supplying electricity as per demand. MSEB has refused to pay DPC's December 2000 and January 2001 bills worth Rs 213 crore.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Tuesday, May 15, 2001
Crucial meet today to finalise Centre's reply to DPC notices, Sanjay Jog
 THE union finance secretary Ajith Kumar has convened a crucial meeting today to take stock of the Dabhol power imbroglio in the wake of completion of three weeks' deadline given by the offshore lenders for continuing with the suspension of loan disbursement. The meeting will also finalise the Centre's reply to the arbitration and conciliation notices served by the Dabhol Power Company (DPC). Mantralaya sources told The Financial Express that state principal secretary (energy) VM Lal and Maharashtra State Electricity Board (MSEB) technical director Prem Paunikar will attend the meeting and apprise Mr Kumar of the situation. The Centre, which has already appointed the Law Commission chairman Jeevan Reddy as a conciliator and proposed to adopt a conciliatory route, is expected to submit its replies before June 4 (within 60 days since the issue of notices on April 4).
Mr Kumar is likely to review the situation in the wake of suspension of loan disbursement by offshore lenders since April 25. The overseas lenders had agreed to show restraint in view of the Centre's indications of starting a fresh dialogue and constituting a committee for this purpose comprising its representative. The overseas lenders had demanded that the Centre discharge its guarantee obligations by honouring the December last payment within a week and that MSEB should hold back preliminary termination notice to DPC. The lenders also sought MSEB to immediately reactivate the escrow arrangements and asked it to arrange for increase in the amount of letter of credits from Rs 133 crore to Rs 357 crore. They also sought initiation of negotiation within three weeks.
The state government and MSEB have, however, stuck to their stand and have refused to pay the December (Rs 102 crore) and January (Rs 111 crore) bills to DPC on the grounds that it should be adjusted against the rebate of Rs 401 crore served for misdeclaration and default on the availability of power on January 28. The union finance ministry has also upheld this stand on the advise of the Attorney General of India. The Centre is expected to reiterate this stand while replying to the arbitration and conciliation notices. The state government and MSEB are also expected to reiterate their appeal to the Centre for its direct intervention in resolving the Dabhol impasse. The state government and MSEB have expressed serious concern over the statement by union power minister Suresh Prabhu that the Centre would clear third-party sale of Dabhol power if MSEB and the company submit a joint proposal identifying a 'willing' buyer. The state government and MSEB are of the view that the Dabhol- II power can be purchased by power-deficit states after renegotiating at an "acceptable" tariff.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ASIAN AGE, Tuesday, May 15, 2001
Prabhu Will Discuss Enron In France, Ranvir Nayar

The fallout of the current controversy surrounding American energy major Enron over its power project in Maharashtra will figure high on the agenda of Union power minister Suresh Prabhu who is paying a four-day visit to France. Though Mr Prabhu is arriving in Paris on an invitation by the Paris-based industrialised countries' club, the Organisation for Economic Cooperation and Development, he will  also use the opportunity to meet French ministers and power companies to seek French investments in the Indian power sector. On Tuesday afternoon, Mr Prabhu will meet the junior French minister for industry, Christian Pierret, to discuss bilateral matters, especially French investments in the Indian industry. Mr Pierret is believed to be very keen to promote French investments in India and has expressed a keen desire to visit the country. (IANS)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Tuesday, May 15, 2001
Recast counter-guarantees to attract FDI, says report, Anupama Airy
 THE Centre should eliminate existing unused counter-guarantees and free up capacity for new projects in the generation and transmission and distribution (T&D) sector. Moreover, in order to restore investors confidence and promote foreign direct investment (FDI) in the power sector, the Centre should consider providing guarantees till the time the state electricity boards (SEBs) become creditworthy.These are some of the recommendations made by leading investment banker, Credit Suisse First Boston (CSFB) in a recent presentation to the power ministry on 'Foreign Direct Investment in the Indian Power Sector'. Says CSFB, "The current market situation in India is not attractive to investors, when compared with other alternatives." This, it said, was mainly due to inconsistent regulatory framework, uncertain power purchase agreement (PPA) tariff structure, and the poor financial health of SEBs, leading to payment concerns amongst the independent power producers (IPPs) over there being no credit worthy offtaker of electricity.
Taking note of the FDI experience in India's power sector, CSFB has noted that little progress has been achieved even after 10 years of power sector reform and opening up of the sector to foreign investment. Besides this, it added, there has been an uneven implementation of reform from state to state."Enron's Dabhol plant was the only thermal 'mega project' under production, construction, for which there lies a bumpy road ahead with extremely visible ups and downs. This would have an impact on FDI going forward," notes CSFB.
As per CSFB, only a few power projects have been able to close or are under construction and IPP development has virtually stalled. Moreover, nothing has happened in the T&D sector. It attributed this to the weak financial position of SEBs and the lengthy negotiation and re-negotiation process. However, as against this, CSFB has pointed that energy market consolidation and liberalisation has resulted in tremendous opportunities in developed markets such as the US and Europe. Moreover, upcoming privatisation programmes in countries like Singapore, the Phillipines, Korea, Thailand and China, would directly compete with India for FDI.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Tuesday, May 15, 2001
Merc to hear Prayas petition on May 16, Sanjay Jog
THE Maharashtra Electricity Regulatory Commission (Merc) would hear on May 16 a petition filed by the Pune-based non-governmental organisation (NGO) Prayas to declare the power purchase agreement (PPA) between the Maharashtra State Electricity Board (MSEB) and Reliance Patalganga Power Ltd (RPPL) for the 447-MW project as "null and void."  Prayas claimed that MSEB and RPPL had not sought prior approval for amending the PPA in February 2000 after the establishment of Merc, and thereby have violated the Electricity Regulatory Commission (ERC) Act, 1998, and also the Merc regulations.Through this amendment, the MSEB has agreed to provide escrow cover and certain other benefits to the Patalganga project. These amendments were made in view of the state government's decision to withdraw its permission granted for the third party sale to the RPPL and accord escrow cover.
Prayas has prayed that MSEB should seek Merc's approval before entering into or amending or approving any power purchase-related contract such as PPA, escrow agreement, fuel supply agreement and financing agreements with RPPL or any other generating company. Prayas said the Merc, as per section 22 of the ERC Act, 1998, is empowered and dutybound to regulate the power purchase and procurement process of the transmission and distribution utilities, including the price at which power shall be procured from the generating companies, stations or from other sources for transmission, sale, distribution and supply in the state.According to Praya, as per Merc Regulations 1999, no. 73, any generating company proposing to enter into any agreement for supply of electricity between the generating company and any buying party shall get the Merc approval for the tariff before entering into such contract. "From these provisions in the ERC Act, 1998, and Merc regulations, 1999, it is evident that no utility or generating company can amend the PPA without prior approval of Merc," Prayas opined.
Prayas' petition deserves special importance, especially when the Madhav Godbole energy review committee has recently observed that neither the RPPL nor the Ispat Group (promoter of the 1,082-MW Bhadravati project) would be able to match the load requirements of Maharashtra, "as both are structured as base load plants, with high plant load factor." The Godbole committee had said that allowing RPPL and Ispat Group to proceed, "would only result in a problem similar to DPC re-emerging in future years." The committee has therefore recommended that MSEB should defer its PPAs with RPPL and Ispat Group and re-examine then in accordance with a least-cost plan, in any case, till such time as the demand levels in the state permit full absorption of power generated from such independent power producers (IPPs). The Godbole committee has observed that the MSEB needs to justify its projections in more detail as to the type of demand, before proceeding further with these projects.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BUSINESS TODAY, Tuesday, May 15, 2001
Enron Switches Off
CEO Sanjay Bhatnagar's exit could well be one more indication that the US major has gone cold on India.

Darkness at Noon
Enron's India odyssey which started with the largest American FDI in India is ending in a whimper. (Debojyoti Chatterjee)

That was back in 1996. Rebecca Mark was the face of US energy major Enron in India then. Her charm swayed India's industry and wowed its politicians-from  reluctant union ministers to the Shiv Sena's firebrand  leader Bal Thackeray. Mark managed to wrest the controversial Dabhol Power Project back from the jaws of defeat. Enron then was on a roll in India. Five years later, today, it could roll off the map. Two years after Mark's own fall from grace at Enron's Houston headquarters, the US major seems to be winding down its once-ambitious Indian operations. Suggest that to Enron's spokesperson in Houston and the answer is a terse: ''No comment.'' But tap Enron  watchers and insiders and the picture becomes clearer. Enron's operations in India and in several other emerging markets seem to have become a major headache for the company. Want to know something else? These are the very projects that Mark was gung-ho about. Surprised?

Well, don't be. Not only is Enron miffed about its aggressive forays in emerging markets, most of which  were spearheaded by Mark, but it's also weeding out  many of Mark's old faithfuls in the company. The most recent being Sanjay Bhatnagar, the dapper former CEO of Enron India, who moved to head Enron Broadband Services in Singapore as recently as in January 2001. Last fortnight, Bhatnagar quit the company. Just three months back, Bhatnagar's predecessor in India and an Executive Vice-President of Enron Corp, Joe Sutton, left the company. Sutton had played a key role in Enron's negotiations-both with the Sharad Pawar government in Maharashtra and then with the Shiv Sena government. A quick recap: Enron's Dabhol project was first cleared by the Pawar government in 1993; then when the Shiv Sena-BJP alliance came to power, it rescinded the approval on the grounds that the tariff for Enron's power was too  high; finally, Enron mustered all its lobbying power and got the project approved again. But controversy still dogs Enron and its Dabhol project, the latest being the payments crisis involving Maharashtra State Electricity Board (MSEB).

Today, Dabhol seems like a $1 billion disaster and Bhatnagar's successor Wade Kline is not deterred from taking a tough stance in his negotiations with  the state government. Of course, some of that has to do with the fact that the current CEO of Enron, Jeffrey Skilling (who took over in 1999 from the high  profile Kenneth Lay, who is still the company's Chairman) wants to focus more on developed markets where the power sector is deregulated and pegged to market forces. He is also credited with the huge success of Enron's Tyeside operations in the UK.

One of the first things Skilling did was to review Rebecca Mark's business decisions, many of which were fuelled by her penchant for tapping the potential of developing markets. The fact that two of her projects-in India and in Croatia-backfired did not help. Two other forays led by Mark-in Kuwait and the Phillipines-had also come unstuck in the mid-nineties. Eventually, Mark moved out. Cut to India and things look rough. Recently, the outgoing US ambassador hinted that the Dabhol project, which is the single largest direct investment from the US in India, may turn out to be a huge disappointment. And observers don't rule out the possibility of the Houston-based energy major selling out or invoking penal clauses in its contractual agreement to exit what may have begun as a dream but has clearly ended up as a bad nightmare.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE WEEK, May 20, 2001
Gridlock

Dabhol Project: If Enron pulls out the costs will be heavy for Maharashtra By Harish Rao and Nandkumar Pudhari

The endgame has begun. The decision of the foreign lenders to authorise both Enron India's managing director, K. Wade Cline, and Dabhol  Power Company's (DPC) president and CEO, Neil Mcgregor, to issue termination notices, as and when appropriate, signals the first move in the decade-long power play. But company Chairman Kenneth Lay has apparently vetoed the idea of withdrawing from the project at least for now. Surprisingly, the government, which should have been happy to see Enron's back, seems to be developing cold feet. A few politicians have gone on record saying that Enron's threatened pull-out will not be in the country's interest!

White elephant: Dabhol power plant

The project was jinxed from the very beginning. There was no way the country could absorb 2,200 MW of base load in the current scenario. The projections about the demand were clearly wrong. Pushing ahead for the second phase was another mistake. The demand for Phase-II may not emerge for another six to seven years. "While Enron has used every clause to its advantage, we have not done so," said Kirit Parikh, professor emeritus, Indira Gandhi Institute of Development Research.

Over the last one year, Enron's image has taken a global beating, with the company being forced to  withdraw from Croatia, followed by its alleged involvement in the California energy crisis. If Enron does ultimately pull out, what is the liability of the state government? If merger and acquisition and takeover rules are applied, Enron will have to be compensated for the project cost as well as the discounted value of the future cash flow. It will be a hefty sum that the state government can't afford. As for the salvageable value of the project, the Enron Virodhi Andolan estimated the Dabhol Project's fair business value at Rs 350 crore. Enron's reported demand varies between Rs 1,800 and 2,800 crore. "Dabhol is a failed business model," said Pradyuman Kaul of the Andolan. "The project cannot be valued on a going
concern concept."

Even if the Maharashtra State Electricity Board (MSEB) takes over the project, running it will be a challenge, considering the high cost of operation. The already inflated Dabhol power project cost includes the LNG project cost as well. DPC has set up a 5 million tonne LNG plant whereas the power project requires only 2.1 million tonnes. The Godbole committee recommended hiving off the LNG project, so as to substantially reduce the cost of the power project. Even if the project cost is brought down, the operating cost is already on the higher side.

According to Abhay Mehta, a crusader who has been following the Enron case, the cost of LNG quoted by the company is substantially higher than the prevailing market price. But it was also a fact that the price of LNG in the international market is manipulated by a handful of manufacturers and traders. This could have an adverse impact on the cost of power generated by the company. Even if MSEB wants to transfer this plant to, say, the NationalThermal Power Corporation, this factor alone may discourage the new buyers. In all this, what is the Central government's liability? Union Minister of State for Power Jaywantiben Mehta had stated in the Rajya Sabha in March that the Central government had given a guarantee for making payments to the DPC--if the MSEB and the state government fail to do so--in respect of capacity and energy payments as well as payments upon termination in respect of Phase-I (740 MW). However, this liability is subject to a ceiling of Rs 1,500 crore in a financial year.

Won't Enron's exit spook other investors from coming to India? No, says Mehta. "The Dabhol project is a symbol of inefficiency. By letting them operate, we are sending wrong signals to long-term investors. We are setting a bad precedent and forcing the foreign investors to believe that rules and laws can be changed by managing politicians." While Dabhol and Enron officials were unavailable for comment, opponents like Kaul suggest that Enron may like to leave Dabhol with dignity and without trouble from the lenders. Enron, according to him, will be more than happy to dump the project in MSEB's lap and salvage whatever amount they can get in the bargain.

Dabhol dilemma
      Pros and cons of the Enron power project

Pros
?	One of the few power projects that have been set up within the stipulated time period.
?	Implementation of second phase is ahead of schedule.
?	Project involves the single largest foreign direct investment in the country.
?	It is a multi-fuel integrated power plant with jetty and LNG regassification terminal.
?	Equity participation by GE and Bechtel.

Cons
?	Cost of the project is on the higher side. The cost of the construction of jetty and LNG terminal included in the total project cost, thus increasing the cost per 	MW, and, in turn, the power tariff.

?	Cost charged by Enron for LNG is higher than the prevailing international price. Though LNG is considered to be one of the cleanest fuels, its price in the 	international market is manipulated by a cartel of LNG manufacturers and traders.

?	All disputes are to be settled by the Arbitration Committee in London, in accordance with English laws.

?	Maharashtra government ignored the contrary opinion given by the World Bank on demand-supply
     	 projections.

?	Power tariff designated in dollars and subjected to rupee-dollar exchange-rate fluctuations.

?	PPA structured in such a way that MSEB would be required to pay DPC Rs 508 crore a month, without  even drawing a single unit of power from the plant.

A peek into the past
The project being set up by the Dabhol Power Company (DPC) is promoted by the Enron Development Corporation (USA), which holds a 65 per cent stake. The project envisages two phases of implementation, for establishing a total capacity of 2,184 MW at Dabhol, on a build-own-operate basis (BOO). A Power Purchase Agreement (PPA) of a 20-year duration was also signed.

The first phase involving 695 MW was completed in 1999. The second phase is nearing completion. The project is based entirely on imported fuel. Phase-I will use imported distillate oil. After the installation of Phase-II, the entire 2,015 MW capacity (now 2,184 MW) will be operated on imported LNG. The Central Electricity Authority cleared it in 1999 on the basis of the tariff notification given by the state government and the MSEB that the power tariff was lower than that stated in the PPA. However, the Madhav Godbole committee report stated that the payments made by MSEB were higher than those mentioned in the PPA.

The Enron project is the first and only project in India based solely on imported LNG. The annual foreign exchange outgo at the 1997 rupee-dollar rate is estimated at $1.45 billion, which has a built-in potential for increase on account of escalation. The total cost of the project is over $2.85 billion for both phases, of which $910 million relates to Phase-I. The arrangement between DPC and MSEB involves a guaranteed purchase of power at 90 per cent PLF (plant load factor) at rates calculated by a formula in the PPA, which has built-in escalation provisions.

In addition, the Maharashtra government has guaranteed payment of dues under the PPA by MSEB to DPC. This is also counter-guaranteed by the Central government. The choice of Enron for the project was made not by inviting public bids, but by private negotiations with a single party. Now, by the state government's own admission, Phase-I entails a monthly fixed charge of Rs 95 crore. After the commissioning of Phase-II in 2001-02, MSEB will be required to pay at least Rs 508 crore a month to Enron, without drawing even a single unit of electricity. And this will go on for 20 years.

This is the cost one has to pay for letting Enron invest in Maharashtra.

(The authors are with Project Monitor, a fortnightly newspaper on projects brought out by the Mumbai-based Economic Research India Limited.)


The alternatives are a net worth of US$1,000,000 or that all trades be
guaranteed by an entity that meets the financial requirements.

Paul Simons
11/20/98 03:50 AM
To: Rod Sayers/LON/ECT@ECT, James Sandt/LON/ECT@ECT, Julie Adams/LON/ECT@ECT,
Rajen Shah/LON/ECT@ECT
cc: Mark - ECT Legal Taylor/HOU/ECT@ECT, Scott Sefton/LON/ECT@ECT, Michael R
Brown/LON/ECT@ECT
Subject: US LLC-CAPITAL REQUIREMENTS

Just a line to confirm that the capital requirements for the new trading
company under CFTC rules will be the same as those applicable to ECTRIC- i.e.
it must have total assets in excess of US$10,000,000.

Kind regards

Paul


DO NOT USE MECS AS A COUNTEPARTY FROM THIS POINT FORWARD! Please use DTE or Consumers Energy when purchasing anything
Joy will appreciate it very much!!!!!!!!!!!!!!

MG


Can we use a summation meter for the POI 500168 Westar Ward County Meter # 9089 and Meter # 10187
We can make this a bi-directional point in our system.  This will make it transparent to our customers.

Thanks DS


The Williams 10th Annual 100K bike ride from Sam Houston Race Park to Kemah will be on Saturday, May 19.  $60 in donations is required at packet pickup.  If you use the attached Matching Gift form, you will only need to turn in $30.  If you are interested in participating in this ride, please get your entry form and matching gift form with pledges to me before Monday, May 14.  I'm located at EB2414.

Steph :  )


We have made changes in the holiday pay compensation policy in an attempt to
clarify this issue for those affected.   I am confident that you will be
agreeable with the decision that has been approved by Tim, Jeff , Amy &
myself.

The payment will be made in the form of a lump sum that is payable in
addition to your normal compensation:

Major Holidays worked:    $500
Minor Holidays worked:     $250

The classification of the remaining holidays will be as follows:

Thanksgiving day - major
Day after - minor
CHRISTMAS PARTY - major
Christmas Eve - minor
Christmas Day - major
New Years Eve - major
New years Day - minor

If a shift touches a major holiday,  ie the night shift of Christmas eve
spills into Xmas ,  you will be paid for a major holiday.
The only exception to the above rule is the 6pm to 6am shift on New Year's
Day.   This is not considered a holiday.

We think this is a more straightforward plan that provides more incentive to
those working the  holidays.

This is a policy that is new and subject to  change at any time.    If you
have questions about the policy, please contact myself or Amy Fitzpatrick.

Thanks and have a great holiday season.

JMForney


J -- is this what you're attending?  Are you speaking?  Is media attending? kd

ELECTRICITY SUMMIT AT U.C. BERKELEY, NOVEMBER 13, 2000

U.C. Berkeley's Goldman School of Public Policy, with additional support
from the U.C. Berkeley's Competition Policy Center and the U.C. Energy
Institute, will host a meeting of industry representatives, policy makers,
consumers representatives, legislators and researchers to discuss the
electricity restructuring experience and potential solutions to the
difficulties that California and other governments have encountered.  The
summit will run from 12:30-6pm with two roundtable discussions that will
include a wide variety of viewpoints.

For registration information and further details, go to:
http://gspp.berkeley.edu/events/electricity_summit_conference.htm


---------------------- Forwarded by Mike McConnell/HOU/ECT on 10/25/2000
01:36 PM ---------------------------

	Enron North America Corp.

	From:  Gaynel Henley @ ENRON                           10/25/2000 08:52 AM

To: Mike McConnell/HOU/ECT@ECT
cc:
Subject: Re: JDF Update

Mike,

This is Chris Love with ETS Technology Infrastructure.  I was asked to check
the link mentioned below because Gayle said that it was not working on her
computer but that you replied to her telling her that it was functioning.
The link is on http://ecinside.enron.net/apps/jdf.nsf ... I have tried this
link in 3 different browsers on 4 different computers and it is not working.
Maybe the link is there but it's got high traffic, but we've tried it several
times over the last hour and it is not responding, the message that we're
getting is that "A connection could not be established with the server."
Please respond.

-Chris Love; Gayle Henley

	Enron North America Corp.

	From:  Mike McConnell @ ECT                           10/25/2000 07:45 AM

Sent by: Cathy Phillips@ECT
To: Gaynel Henley/OTS/Enron@ENRON
cc:

Subject: Re: JDF Update

Thank you for the message.  We just tested this link and it is working fine
on this end.  Can you please give your IT help desk a call and see if they
can check this out for you on your system.  In addition, we will report this
problem to our IT support group.

Thanks again.

Cathy Phillips for
Mike McConnell

	Enron North America Corp.

	From:  Gaynel Henley @ ENRON                           10/25/2000 07:38 AM

To: Mike McConnell/HOU/ECT@ECT
cc:
Subject: Re: JDF Update

FYI -

The links from this here and the entranet website are not working.

	From:  Mike McConnell                           10/23/2000 08:59 PM

Sent by: Enron Announcements
To: All Enron Houston
cc:

Subject: JDF Update

Sunday, November 5th, is the big day.  Although we have less than two weeks
left, we still have several exciting fundraising activities taking place.
All walkers should continue getting pledges and watch for further
instructions on turning in the walk forms.  Everyone has done an incredible
job this year.  Great news, we are getting very close to reaching our goal,
but if we want to continue to be the number one walk team in Houston, we need
to continue with our fundraising efforts.  Please plan to join us for the
following activities this week:

Silent/Cyber Auction - The JDF Silent Cyber Auction will open for bids on
Wednesday, October 25th, at 8:00 a.m. and will close on Thursday, October
26th, at 4:00 p.m.  You may access the Cyber Auction to place your bids at
8:00 a.m. on Wednesday, October 25th, by launching the website at
http://ecinside.enron.net/apps/jdf.nsf  or go to the Enron home page on the
Intranet and click on the JDF Cyber Auction.  For more information, contact
Sophie Patel at ext. 35055 or Eddie Sera at ext. 30480.

Bake Sale and Raffles - Just in time for the Holidays!  On Friday, October
27th, we will have several groups selling delicious baked goods on the second
floor level of the Enron Building outside the Energizer.  In addition, we
will have representatives from some of our walk teams available for the
purchase of raffle tickets at the same location.

For all that are not signed up, please join us in the walk.  You still have
time.  It will take 2 minutes to fill out a walk form, you get a great
Enron/JDF T-shirt for collecting or donating $25 or more, and will join
hundreds of Enron employees and approximately 10,000 Houstonians for the walk
on Sunday, November 5th, at the Sam Houston Race Park.  I promise this will
be a blast.  The Enron tent will be great again this year!  We will begin
with a continental breakfast prior to the walk and when everyone returns from
the walk we will have music, balloons for the children and wonderful Frankie
Mandola's hamburgers, hot dogs and fries.  Parking at the Sam Houston Race
Park is free.  You will be part of something very worthwhile and it will make
you feel great.  This is a world class event.

Please contact any of the following Steering Committee members to make a
donation, sign up as a walker, or ask any questions you may have.  Come join
the fun.

Steering Committee Members:

Blanca Bollom  X66091
Deb Gebhardt  X39606
John Godbold  X30623
Cathy Phillips  X36898
Debbie Yates  X35305

Thank you very much for your support and generosity.


----- Forwarded by Tana Jones/HOU/ECT on 09/28/2000 03:22 PM -----

	carrd2@tdcibg.com
	09/28/2000 01:04 PM

		 To: Tana.Jones@enron.com, Sara.Shackleton@enron.com
		 cc:
		 Subject: Prepay

Alberta law is OK.

---------------------- Forwarded by Dan Carr/CIBG/TDBANK on 09/28/2000 02:08
PM
---------------------------

Dan Carr
09/28/2000 01:48 PM

To:   Tana.Jones@enron.com, Sara.Shackleton@enron.com
cc:
Subject:  Prepay

Attached please find the revised draft Schedule.

(See attached file: Enroncan.doc)

Regards,
Dan Carr

 - Enroncan.doc


Happy Thanksgiving

David


At long last, I've sorted through these deals and determined the source of
most of these problems. I'll be calling you both shortly to go over these and
make sure we all see the same thing. Here are a few things to note as you go
over my responses:

566426 - rates have been changed/has this shown up on your CARP report yet?
578856 - deal done by Real Time trader at hour-ahead market price/will not
correspond directly to the price shown in my spreadsheet
573862 - rate for this deal should not be $107 OR $168.45/it is an off peak
sale from EPMI to EES, which means we go by the off peak short position price
- shown in my sheet as $119.76

The newest deals in this variance list are Real Time. I've double-checked the
deals in EnPower with what I see in the Real Time spreadsheets, and
everything seems to match up. I'm attaching those sheets so we can ensure
we're all looking at the same thing. If you have further discrepancies on
these, the easiest way for me to clear them up would be if you include the
specific hours you have questions about.

I'm terribly sorry for the delay in getting back to you on this - it's a
twisted and time-consuming journey trying to find the source of these
problems, as I'm sure you know! I hope this gets us up to speed, but please
call me with questions or comments.

Thanks,
Kate
503-464-3827

REAL TIME SHEETS  YOUR SHEET     MY SHEET

Mark Confer
04/23/2001 05:35 AM
To: Kate Symes/PDX/ECT@ECT, Brooklyn Couch/HOU/EES@EES
cc:

Subject: Latest Information On April EES Items

Kate/Brooklyn I looked over the latest file and attached my comments and what
I see in the Carp as of yesterday.

Thanks


Great. Can you come to trading floor around 11:30 am on Wednesday?  I am
located at 3210C.

Sincerely,
Mike Grigsby


leitmotif also leitmotiv (LYT-mo-teef) noun

   1. A melodic passage or phrase, especially in Wagnerian opera, associated
      with a specific character, situation, or element.

   2. A dominant and recurring theme, as in a novel.

[German Leitmotiv : leiten, to lead (from Middle High German, from Old High
German leitan.) + Motiv, motif, from French motif.]

   "The whole spirit of Hallowe'en is, of course, one of `spooky' gayety and
   light-hearted ghastliness. Witches and ghosts run riot; corpses dance and
   black cats howl. `More work for the undertaker' should be the leitmotif
   of the evening's fun."
   Donald Ogden Stewart, Perfect Behavior, George H. Doran Company, 1922.

This week's theme: words from the German language.

.............................................................................
It is not what we do, but also what we do not do, for which we are
accountable. -Moliere, actor and playwright (1622-1673)

Q: Some time ago you featured a quote about foo in AWAD. Could you resend it?
A: You may search the archives at http://wordsmith.org/awad/search.html
   or browse them at http://wordsmith.org/awad/archives.html All the
   words and quotes since the beginning of AWAD are available there.

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


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/10/2001
05:21 PM ---------------------------

Vince J Kaminski
01/08/2001 01:10 PM
To: Sandeep Kohli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Reminder

Sandeep,

I am meeting Jeff on Tuesday, 1:30.

The best number to reach me (outside the office) is my cell phone
(always on): 713 410 5396.
My home number is 281 367 5377.

Vince

Sandeep Kohli@ENRON_DEVELOPMENT
01/06/2001 08:30 PM
To: Vince J Kaminski@ECT
cc:
Subject: Reminder

Vince,

Before leaving for India I just wanted to jot you this small reminder to talk
to Jeff Shankman on Monday.

Aside from myself, I wanted to remind you to talk about Anshuman Shrivastava,
who is currently Assistant Manager in India, and has my recommendation for
promotion to Manager.  He is our point person on many DPC matters, and is
also the person I have used on most fuel related issues.  He will be a real
asset to Jeff when located in HOuston.  Sinc he is single, and quite young,
it will not be a problem to move him here at short notice.

I will call you from India as soon as I get in.  It will be Monday evening in
Houston at that time, so could you please jot me a note telling me what would
be a good number to call you on.

I look forward to working with the team in Research.

Thanks again,

Regards,
Sandeep.


Gail,

	I hope you are doing well.  Richard asked me this morning, subject to Jim Derrick's approval, to act as trial counsel in this "Grynberg copycat" case for Enron Corp., Intratex Gas Company, and Enron Gas Marketing (EOG has also been named, but I don't know if they have been served, or if served, whether we would be representing them as well). It is an alleged gas undermeasurement case filed in the 49th Judicial District Court of Zapata County by a private company claiming to represent the Zapata School District, the County of Zapata, and the State of Texas against a whole raft of pipeline companies and other companies.  Plaintiffs' counsel are Jose A. Lopez of the Law Office Of Jose A. Lopez in Zapata, Texas, Patrick W. Pendley of Patrick W. Pendley A.P.L.C., Plaquemine, Louisiana, L. Brent Farney of San Antonio, Texas, and Mayo J. Galindo of San Antonio, Texas.

	Richard told me you were handling a case in Zapata county with Sussman's firm, and have local counsel.  Would you please let me who that person is and whether you think that person would be a good fit in this case?  Many thanks.

	Britt

	P.S.:  Bob, Richard will be speaking with Armogida about this as well.


I would decline

	Enron Capital & Trade Resources Corp.

	From:  Joannie Williamson                           04/09/2001 11:02 AM

To: Mark Koenig/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron
cc:

Subject: meeting

I don't believe that Jeff would be interested in meeting with this company.
Please advise.

Thanks,
Joannie

---------------------- Forwarded by Joannie Williamson/Corp/Enron on
04/09/2001 10:43 AM ---------------------------

Michael.Munn@rutherfordconsulting.com on 04/05/2001 04:27:35 PM
To: jeff.skilling@enron.com
cc:

Subject: meeting

Jeff,

Here is some additional information on us that it was recommended I send to
you.  I am assisitant to Mark Kearns, Vice-President for Rutherford
Consulting, who resides in Houston.  When he is in town, I set up short
meetings for him of 30 minutes or so duration with companies and/or CEO's,
Presidents, etc. that he would like to bring industry informaiton to as
well as a bit more about us.

I will call after you've had the opportunity to review this to arrange a
convenient time for you both.

Michael M. Munn
Executive Assistant
 - Rutherford Consulting -- Overview Presentation.ppt


The purpose of this message is to update employees on the
status of the California Attorney General's order regarding the preservation
of business information.  Please NOTE THE IMPORTANT POLICIES DESCRIBED
BELOW.

We have negotiated procedures with the
California Attorney General's office allowing each of you to manage your
email and hard drive capacity while still preserving business information.

Starting today, please implement the
following business information retention policies:

(1) PERSONAL EMAIL: can be kept, discarded,
etc. at will.

(2) BUSINESS EMAIL: do not delete any
business email sent or received for 24 hours.  This 24 hour delay will allow
the network to save a backup copy of the email.  After 24 hours, BUSINESS
EMAIL may be kept, discarded, etc. at will.

(3) WORD PROCESSING FILES OR FILE FRAGMENTS:
do not delete any SAVED FILE or any FILE FRAGMENT.  This policy covers any
FILE or FILE FRAGMENT that you have saved on your hard disk or the network.

(4) DATABASES: do not delete any information
in DATABASES.

(5) EXCEL SPREADSHEETS: do not delete any
information in EXCEL SPREADSHEETS.

(6) CALENDARS OR SCHEDULING PROGRAMS: do not
delete any information.

(7) OTHER ELECTRONIC DATA: do not delete any
OTHER ELECTRONIC DATA.

(8) HARD DRIVE CAPACITY: in the event that
you run out of disk space on your personal computer, you may copy files to
the network (where they will be backed up), then delete the files from your
personal computer to create the work space you need.  DO NOT DELETE ANY FILE
BEFORE YOU HAVE COPIED IT TO THE NETWORK.

In our negotiations we have discovered no
reason to believe that Enron has been singled out for investigation by the
Attorney General.  We will update you as we learn more.

Please respond promptly to this notice via
email an e-mail to me.  Your email should state that you understand and
intend to comply
with the important business information retention policies stated above.

Thanks for your help in this matter.

Tim Belden


I need to leave around 4:45 today to get to a repair shop at the north end of
town before they close.  I will also be taking a half day vacation Friday
afternoon.


Start Date: 4/25/01; HourAhead hour: 13;  HourAhead schedule download failed.
Manual intervention required.


Rod,

Thanx for booking those tee times. I will be playing on saturday and I am
going to get either Mike or Brad to join us if that is OK.

Chris

(Are you guys golfing on Sunday? I booked a time for 11:52)


Seems to me that L/C's are the way to go then, rather than asking for cash or
another asset as collateral.  (Another option would be to mix and match -
taking cash up to $10 mil. and L/C's beyond that.)   Lenders frequently set
up the facilities available to the borrower this way so they keep control
over how much "debt" is supported by the asset base while still giving the
borrower some flexibility.  As you can imagine, most other extenders of
credit are willing to take the bank's L/C in lieu of a lien on a hard asset.

	Russell Diamond
	01/08/2001 06:42 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Re: ISDA Collateral Question

Mark,

Letters of Credit are available under this Credit Facility.

Please let me know your thoughts and if you need any additional information
as the originator in EES is calling for me.

Thanks
Russell.

From: Mark Taylor on 01/08/2001 05:39 PM
To: Russell Diamond/HOU/ECT@ECT
cc:
Subject: Re: ISDA Collateral Question

Any chance this language came from a credit facility that provides for the
issuance of letters of credit?

	Russell Diamond
	01/05/2001 05:20 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Tana Jones/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
		 Subject: ISDA Collateral Question

Mark,

I copied a section of a counterparty's Bank Credit Agreement relating to
certain
negative pledges.  The counteparty is IMC Global whom we have some financial
transactions with (actuall their sub IMC-Canada) at ECC, and now an EES
person is looking to
enter into a long term EES transaction.  We sent them a draft ISDA for future
transactions
out of ECC and we are now being told by the EES person that if a Credit
Support Annex (CSA)
is required in this ISDA it will kill her deal.  She has stated that they are
not able
to fulfil the obligations of the CSA because of the covenants tied to their
Credit
support agreement.  As highlighted in red below, it seems that they cannot
have any liens that
secure derivative obligations, although cash is acceptable up to $10
million.  Can you
please clarify if collateral as it is stated in the ISDA is considered a
lien, and if this type
collateral would be a breach of their credit agreement.  If this is a breach
can you suggest
other methods that we might use so the CSA would be acceptable.

Thanks
Russell

Negative Pledge.   Neither  any Borrower nor  any  Subsidiary  of  any
Borrower  will create, assume or suffer to exist any Lien on any  asset
now owned or hereafter acquired by it, except:

Liens  existing on the date of this Agreement securing Debt outstanding
on  the date of this Agreement in an aggregate principal or face amount
not exceeding $135,000,000;

any  Lien  existing on any asset of any Person at the time such  Person
becomes a Subsidiary of a Borrower and not created in contemplation  of
such event;

any Lien on any asset securing Debt incurred or assumed for the purpose
of  financing  all or any part of the cost of acquiring or constructing
such asset, provided that such Lien attaches to such asset concurrently
with  or  within  90  days  after  the  acquisition  or  completion  of
construction thereof;

any Lien on any asset of any Person existing at the time such Person is
merged  or  consolidated with or into a Borrower or a Subsidiary  of  a
Borrower and not created in contemplation of such event;

any  Lien existing on any asset prior to the acquisition thereof  by  a
Borrower or a Subsidiary of a Borrower and not created in contemplation
of such acquisition;

any  Lien  arising  out  of  the  refinancing,  extension,  renewal  or
refunding  of  any Debt secured by any Lien permitted  by  any  of  the
foregoing clauses of this Section, provided that the proceeds  of  such
Debt  are  used  solely for the foregoing purpose and to pay  financing
costs and such Debt is not secured by any additional assets;

Liens  arising in the ordinary course of its business which (i) do  not
secure  Debt  or  Derivatives  Obligations,  (ii)  do  not  secure  any
obligation in an amount exceeding $100,000,000 and (iii) do not in  the
aggregate materially detract from the value of its assets or materially
impair the use thereof in the operation of its business;

Liens  on  cash and cash equivalents securing Derivatives  Obligations,
provided that the aggregate amount of cash and cash equivalents subject
to such Liens may at no time exceed $10,000,000; and

Liens  not otherwise permitted by the foregoing clauses of this Section
securing  Debt in an aggregate principal or face amount, together  with
all  other Debt secured by Liens permitted under this Section  5.09(i),
not  to  exceed  an  amount  equal to 10%  of  Consolidated  Net  Worth
(calculated  as  of  the last day of the fiscal quarter  most  recently
ended  on  or prior to the date of the most recent incurrence  of  such
Debt).


Is Catherine working on environmental policy related to sustainability or is
she working on greenhouse gas transactions . . . or both?
---------------------- Forwarded by Steven J Kean/HOU/EES on 02/20/2000 05:15
PM ---------------------------

Mark Schroeder@ECT
02/20/2000 06:51 AM
To: Steven J Kean/HOU/EES@EES
cc:
Subject: European Trip Report 22-30 Jan 2000

You do not need to real Catherine McKalip-Thompson's full trip report from
her European venture, but you did express some surprise that on her trip to
Europe she went beyond policy and discussed "busienss" or commercial
activities, as I recall our conversation.  her note below makes clear, to me,
that partnerships and investments were discussed with, inter alia, a Dutch
distribution company, Credit Lyonnais, and CGU (an insurer).  Just FYI.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 20/02/2000
12:51 ---------------------------

Catherine McKalip-Thompson@ENRON_DEVELOPMENT
31/01/2000 18:36
To: John Palmisano/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Mark Schroeder@ENRON_DEVELOPMENT, Fiona Grant@ENRON_DEVELOPMENT, Terence
H Thorn/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mary J
John/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Heather J
Mitchell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: European Trip Report 22-30 Jan 2000

John,

Attached is my trip report for Amsterdam, Paris and London - I've given the
contact information for everyone to Kathy to be entered in the database and
thank you notes are going out today.

The company meetings did not go quite as well as I might have hoped (Edon was
not so interested), but we need to discuss further the potential relationship
with Credit Lyonnais' effort to develop the "gap financing" fund.UNEP
conference not as billed but some contacts there such as Credit Suisse First
Boston and Gerling's Sustainable Development Company were useful as both are
quite interested in climate change business opportunities.  Also it provided
a chance to gather interesting updated info on current financial-sustainable
development metrics, links, funds, firms, etc.  Discussions with participants
in the UK Emissions Trading group were interesting and I now have several
working papers on this effort which I can distribute to anyone who is
interested (though Mark's group probably has them already but I'll check with
them directly on that). I did not get the chance to meet up with Nicola Steen.

Catherine


Sebastian,

I look forward to your response tomorrow on the issues raised by Mark Taylor
and myself the end of last week.

In addition I wanted to request that you review your answers to our questions
in section 10 of the legal survey in order to ensure that we cover other
financial and physical transactions that are traded on the Enron website.
Your responses outlined in your memo are focused on the gas and power
products that will be traded by our Argentine trading entities, however,
there may be any other number of products traded online by non-Argentine
Enron entities including:
 Commodity transactions relating to oil, gas, electricity, weather, pulp and
paper, metals or other commodities, whether derivative transactions (cash
settled) or physically settled.
 Financial derivatives - i.e. interest rate, foreign exchange, or credit
derivatives.

Please let me know if you need any clarification on the additional issues we
would like covered.

Regards,
Brent


FYI
Lets discuss
Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 09/13/2000
05:35 PM ---------------------------

Pam Benson@ENRON_DEVELOPMENT
09/13/2000 04:55 PM
To: Jeff Skilling/Corp/Enron@ENRON, Kevin Hannon@ENRON COMMUNICATIONS, Ken
Rice@ENRON COMMUNICATIONS, Mark Frevert/NA/Enron@Enron, David W Delainey@ECT,
John Sherriff@ECT
cc: Sherri Sera/Corp/Enron@ENRON, Katherine Brown/Corp/Enron@ENRON, Kay
Chapman@ECT, Nicki Daw/NA/Enron@Enron, Carol Ann Brown@ECT, Dorothy
Dalton@ENRON COMMUNICATIONS, Lauren Urquhart@ECT, Jana Mills@ECT
Subject: Associate/Analyst Program

Hello everyone!

Joe Sutton would like to have a meeting to discuss the above subject on
Monday, September 18 at 10:00 am - Houston time.  If you plan to be in
Houston at this time, please meet in Jeff's office.  A telecon number will be
arranged and we will furnish this number to you tomorrow.

Due to Jeff's very busy September calendar - this is the only slot we could
get.

Thanks for your support!


Pam,

We don't think Wendi has skills required for this job.

Vince

From: Pam Wilson@ENRON COMMUNICATIONS on 03/10/2000 12:27 PM
To: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Jonathan
Davis/HOU/ECT@ECT
cc:
Subject: Candidate Evaluation, Wendi Germani

Please complete the attached form and also let me know if you have an
interest in proceeding with Wendi.

Thanks!

Pam


---------------------- Forwarded by Rhonda L Denton/HOU/ECT on 12/18/2000
05:29 PM ---------------------------

Rhonda L Denton
10/09/2000 01:56 PM
To: Tim Belden/HOU/ECT@ECT, Dana Davis/HOU/ECT@ECT, Genia
FitzGerald/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Melissa Ann
Murphy/HOU/ECT@ECT, Kyle Schultz/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT,
Christi L Nicolay/HOU/ECT@ECT, Leslie Reeves/HOU/ECT@ECT, Gretchen
Lotz/HOU/ECT@ECT, Dean Laurent/HOU/ECT@ECT, John D Suarez/HOU/ECT@ECT, Cara
Semperger/PDX/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Jan M King/HOU/ECT@ECT,
Mike Swerzbin/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, Michael
Etringer/HOU/ECT@ECT, John Malowney/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT,
Laura Jones/HOU/ECT@ECT, Cyril Price/HOU/ECT@ECT, James E
Terrell/HOU/ECT@ECT, Corry Bentley/HOU/ECT@ECT, Matt Lorenz/HOU/ECT@ECT,
Thresa A Allen/HOU/ECT@ECT, David Portz/HOU/ECT@ECT, Sharen
Cason/HOU/ECT@ECT, Veronica Gonzalez/HOU/ECT@ECT, Kimberly Allen/HOU/ECT@ECT,
William S Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Christopher
Smith/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Russell Diamond/HOU/ECT@ECT, John
Suttle/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Rod Nelson/HOU/ECT@ECT,
Stephanie Piwetz/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Leslie
Hansen/HOU/ECT@ECT, Russell T Kelley/HOU/ECT@ECT, Stewart Rosman/HOU/ECT@ECT,
Holli Krebs/HOU/ECT@ECT, Paul Choi/SF/ECT@ECT, Chris H Foster/HOU/ECT@ECT,
Sean Crandall/PDX/ECT@ECT, Diana Scholtes/HOU/ECT@ECT, Paul Mead/PDX/ECT@ECT,
Jeff Richter/HOU/ECT@ECT, Phillip Platter/HOU/ECT@ECT, Smith L
Day/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, D Brett Hunsucker/HOU/ECT@ECT,
Kim Ward/HOU/ECT@ECT, John M Forney/HOU/ECT@ECT, Edward D
Baughman/HOU/ECT@ECT, Kayne Coulter/HOU/ECT@ECT, John Kinser/HOU/ECT@ECT,
Robert Benson/Corp/Enron@Enron, Larry Valderrama/HOU/ECT@ECT, Paul J
Broderick/HOU/ECT@ECT, Edward Sacks/Corp/Enron@Enron, Janet H
Moore/HOU/ECT@ECT, Janice R Moore/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Kevin
M Presto/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, Jesse Bryson/HOU/ECT@ECT,
Stanley Cocke/PDX/ECT@ECT, Michael M Driscoll/PDX/ECT@ECT, Doug
Gilbert-Smith/Corp/Enron@ENRON, Kimberly Hundl/Corp/Enron@Enron, Joy
Werner/Corp/Enron@ENRON, Elsie Lew/HOU/ECT@ECT, Dan Houston/Corp/Enron@Enron,
Amy Horton/Corp/Enron@ENRON, Kim Durham/HOU/ECT@ECT, Rhonda
Robinson/HOU/ECT@ECT, Rudy Acevedo/HOU/ECT@ECT, Diana Allen/Corp/Enron@ENRON,
Ted Ballinger/NA/Enron@Enron, Don Baughman/HOU/ECT@ECT, Lisa
Burnett/Corp/Enron@Enron, Carla Hoffman/PDX/ECT@ECT, Mark Guzman/PDX/ECT@ECT,
Larry F Campbell/NA/Enron@Enron, Mike Carson/Corp/Enron@Enron, Alan
Chen/Corp/Enron@Enron, Jason Choate/Corp/Enron@ENRON, Lawrence
Clayton/Corp/Enron@Enron, Kevin Cline/Corp/Enron@Enron, Terri
Clynes/HOU/ECT@ECT, Keith Comeaux/Corp/Enron@Enron, Karla
Compean/HOU/ECT@ECT, Jason Crawford/Corp/Enron@Enron, Mike Curry/HOU/ECT@ECT,
Oscar Dalton/HOU/ECT@ECT, Clint Dean/Corp/Enron@Enron, Todd
DeCook/Corp/Enron@Enron, George Diaz/Corp/Enron@ENRON, Tom Dutta/HOU/ECT@ECT,
Joe Errigo/Corp/Enron@Enron, David Fairley/HOU/ECT@ECT, Miguel L
Garcia/NA/Enron@ENRON, Gerald Gilbert/HOU/ECT@ECT, Joe
Gordon/Corp/Enron@Enron, Brent Hebert/HOU/ECT@ect, Juan
Hernandez/Corp/Enron@ENRON, Wayne Herndon/Corp/Enron@ENRON, Jim
Homco/HOU/ECT@ECT, George Hopley/HOU/ECT@ect, Richard Hrabal/HOU/ECT@ect,
Rika Imai/NA/Enron@Enron, Alton Jackson/Corp/Enron@Enron, Larry
Jester/Corp/Enron@ENRON, Gary Justice/NA/Enron@Enron, MICHAEL
KELLY/ENRON@Gateway, Grace Kim/NA/Enron@Enron, Jeff King/Corp/Enron@Enron,
Madhup Kumar/Corp/Enron@ENRON, Justin Laverell/Corp/Enron@ENRON, Chris
Lenartowicz/Corp/Enron@ENRON, Peter Makkai/NA/Enron@Enron, Dave
Mangskau/Corp/Enron@ENRON, Posey Martinez/HOU/ECT@ECT, Tom
May/Corp/Enron@Enron, Keller Mayeaux/Corp/Enron@Enron, Doug
Miller/Corp/Enron@Enron, Jeffrey Miller/NA/Enron@Enron, Narsimha
Misra/NA/Enron@Enron, Steve Olinde/Corp/Enron@Enron, Andy
Pace/NA/Enron@Enron, Juan Padron/NA/Enron@Enron, Ricardo
Perez/NA/Enron@Enron, Joseph Piotrowski/NA/Enron@Enron, Joe
Quenet/NA/Enron@Enron, Bill Rust/HOU/ECT@ECT, David Ryan/Corp/Enron@ENRON,
Eric Saibi/Corp/Enron@ENRON, Zachary Sampson/NA/Enron@ENRON, Anna
Santucci/NA/Enron@Enron, Janelle Scheuer/HOU/ECT@ECT, Erik
Serio/Corp/Enron@Enron, Doug Sewell/HOU/ECT@ECT, Robert
Stalford/NA/Enron@Enron, Chad Starnes/Corp/Enron@Enron, Joe
Stepenovitch/Corp/Enron@Enron, Tom Swank/HOU/ECT@ECT, Mark
Symms/Corp/Enron@ENRON, Paul Thomas/EU/Enron@Enron, Greg
Trefz/Corp/Enron@ENRON, Maria Valdes/Corp/Enron@Enron, Joseph
Wagner/NA/Enron@Enron, Christopher Watts/NA/Enron@Enron, Lloyd
Will/HOU/ECT@ECT, Jay Wills/Corp/Enron@ENRON, George Wood/Corp/Enron@Enron,
Alex Wong/Corp/Enron@Enron, Tracy Ngo/PDX/ECT@ECT
cc:
Subject: Powerex Corp.

Please note the following changes:
British Columbia Power Exchange Corporation (PWX)
is now
Powerex Corp. (PWX)


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

Vince Kaminski

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

"Helen Demianenko" <demianen@hydrant.ruf.rice.edu> on 04/24/2001 02:11:05 PM
Please respond to <demianen@rice.edu>
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: Job posting

Dear Vince,

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

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

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

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

Sincerely,

Helen Demianenko

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

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

PREFERRED SKILLS: NA.

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

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

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

 - Helen_D_resume.doc


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   June. 8   10:00 - 11:00 AM  EB560
  June. 8     11:00 - 12:00 AM  EB560

Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at
5-7928

? No Shows will be charged $50.00

Check the eSource training page at http://esource.enron.com/training.doc for
additional training sessions and vendor presentations

http://esource.enron.com


High-level meetings took place between officials of the Clinto
Administration, Governor Davis and other parties on Tuesday night (Ken Lay
and Rick Shapiro attended for Enron). The parties agreed to continue the CA
talks at Treasury and to suspend the FERC process.  The FERC chief judge and
FERC staff attended the meetings at Treasury on Wednesday.  The Tuesday
meeting is called the meeting of "principals."

Apparent   Process
Tuesday meeting gave two assignments to us.
 (1)  Develop framework for auction for long-term contracts and resolving QF
issues
 (2)  Develop framework for dealing with utility debt, including supplier
"forbearance"

Long-term contracts--Attended by Sue Mara
 -- After much debate, divided into three subgroups:
  (a) Timeline/Implementation
  (b) Utility Needs/Product definition/RFP development
  (c) Standard Contract Development
 -- Timeline -- I was the lead and we completed our assignment.  We agreed on
an aggressive schedule   with power flowing by 2/1/01.  The process is set up
for DWR, working with a consultant.  It's an   RFP rather than an auction
process. The idea of a  mock auction was rejected.
 --  Product definition -- Much work needed here.  Major issue set forth
below.
 -- Contract -- Most parties (including Enron) want to use the EEI standard
contract.  Group working on   additional provisions.  Plan final contract by
Friday.
Utility Debt -- Attended by Sarah Novosel
 -- Report later

Major Issues from Long-Term Contracts

NEW MAJOR ISSUE:  Utilities revealed late on Wednesday that they want the
State to assume the role of their portfolio manager and claimed that this had
been their idea all along.  In their view, the utilities provide a forecast
and the State takes on the entire risk of meeting the unmet load of the
utilities.  They were unwilling to commit to any time frame.
Kind of Auction or RFP -- a.k.a What does the Governor really want?  Many
people in the room believe that the Governor was firm in his demand for 5.5
cent power for ALL the unmet load of the utilities.  We spent four hours
debating these issues.  In the end, the parties felt that the best approach
would be to have simulataneous auctions as follows:
 -- Separate bids for NP 15 and SP 15
 -- RFP 1 -- Suppliers submit bids for more than one product with a blended
price of 5.5 cents.
 -- RFP 2 -- (Considered closest to the Gov's proposal) State sets price of
5.5 cents and suppliers compete    on term and volume.
 --RFP3 -- Suppliers provide bids for any of the utilities' product needs and
are free to bid any price,    volume or term.
 -- All RFPs would be conducted simultaneously.  Parties agree that RFP3 is
most likely to get the
   greatest number of bids.

Next Steps
Meetings continue on Thursday
Plan is to have final documents ready for the next meeting of the principals
Principals tentatively set to meet on Friday or Saturday.


I've been working the whole time - no vacation or sick time to report.

Kaye Ellis
06/15/99 08:29 AM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT,
Tana Jones/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
cc:
Subject: TIME heals all .....

I need to enter your time to day for June 1 - 15.  Please tell me how it
should be posted.

Thanks,
Kaye
---------------------- Forwarded by Kaye Ellis/HOU/ECT on 06/15/99 08:26 AM
---------------------------

Joyce Dorsey
06/15/99 08:09 AM
To: Suzanne Adams/HOU/ECT@ECT, Erica Braden/HOU/ECT@ECT, Sheri L
Cromwell/HOU/ECT@ECT, Robin M Jordan/HOU/ECT@ECT, Linda J Noske/HOU/ECT@ECT,
Pat Radford/HOU/ECT@ECT, Sylvia T Sauseda/HOU/ECT@ECT, Becky
Tlucek/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT, Wende Warren/HOU/ECT@ECT,
Twanda Sweet/HOU/ECT@ECT, Joya Davis/HOU/ECT@ECT, Claudia Meraz/HOU/ECT@ECT,
Jenny Helton/HOU/ECT@ECT, Jan M King/HOU/ECT@ECT, Katherine Renee
Reyna/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT, Linda J
Simmons/HOU/ECT@ECT, Legal Temp 2/HOU/ECT@ECT, Chaundra Woods/HOU/ECT@ECT
cc:
Subject: TIME heals all .....

Please submit your groups' time by end of day on Wednesday, 5/16.

Thanks again!


Project GEM wants to hear from you!!!  Your workstation has recently been
upgraded to Windows 2000.  Our goal is to establish a common global
infrastructure that provides you with a stable and robust computing platform
for emerging technologies.  This innovation through standardization also
validates Enron,s status as an &Innovative Technology Leader8.  Additionally,
we are committed to providing the highest standard of customer service,
resolving IT issues promptly and professionally, while exceeding the customer,
s expectations.  Your feedback is key to our success in knowing how well we
have performed in meeting these goals as well as where we need to improve for
future upgrades.  Please help us with this process by taking a few minutes to
complete this survey about your recent experience with the Windows 2000
upgrade.

Please click   Survey

Thanks in advance for your participation.


I've added a comment in each leg of 597246 - "Deal modified from three
separate index-forwards to one deal with three legs." Does that work? And I'm
checking with John Malowney now to see if the confirm you've already sent out
will suffice - he's in a meeting right now. I'll get back to you in a moment.

Thanks,
Kate

	From:  Sharen Cason                           05/02/2001 06:25 AM

To: Kate Symes/PDX/ECT@ECT
cc: John Malowney/Enron@EnronXGate

Subject: Re: Montana power

If John Malowney is okay with the confirmation he reviewed, I'm fine.  I made
the changes he suggested and sent it out, so if nothing else needs to be done
for the confirmation, then yes, please add some notes in the comment section
of deal entry about what happened.

Thanks!

   Kate Symes                05/01/2001 06:07 PM

To: Sharen Cason/HOU/ECT@ECT
cc:
Subject: Re: Montana power

I'm really sorry about the confusion - I actually just got filled in myself.
I entered these deals for Mike Swerzbin yesterday, but he gave me an
incorrect delivery point (mid-columbia instead of montana system border).
Then Cara Semperger, in Scheduling, went in to change the delivery point and
felt that the deal should be combined into one with three legs instead of
three separate deals.

So, in the end, she killed 597244 and 597245, and added two legs to 597246.
I'm not sure she talked to John Malowney about any of this, otherwise he
probably would have told her that he already approved the confirm letter.

Please let me know if you'd like comments added to this deal, and I'll do it
right away.

Thanks for your help on this,
Kate

	From:  Sharen Cason                           05/01/2001 03:30 PM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Montana power

Help, I'm confused!  Yesterday I prepared a confirmation for three Montana
Power deals, # 5467244, 597245, 597246.  I sent it to John Malowney and he
approved it and I faxed it out. Today I noticed two of the deals have been
killed and two legs added to the other deal.  I think it is the same deal,
but can someone put notes into the deals saying what they did and why?

Thanks!


How about adding the drop down for bandwidth trading?


-----Original Message-----
From: 	Cocke Jr., Stanley
Sent:	Saturday, November 03, 2001 8:41 AM
To:	Mallory, Chris; Richter, Jeff; Foster, Chris H.
Cc:	Platter, Phillip; Gang, Lisa; Bishop, Serena
Subject:	Hanson and Pilot Annuities

All,

I've entered an annuity for October and November Pilot Power scheduling fee, for the November Hanson Cement scheduling fee, and the book-to-book transfer between West Services and Short Term California to split the scheduling fee.  Currently, the fee for Pilot Power is $7,500 per month ($2,500 per load zone scheduled, SCE1, SDG1, and PGE3), and the scheduling fee for Hanson is $2,500.  The Enpower deal #'s are 855213, 855309, and 855318.

Please take a few moments to review these annuities.  Going forward, West Services will enter these annuities at the first of every month for the month ahead.

Thanks,

Stan Cocke
Enron North America
121 SW Salmon
Portland, OR  97204
(o) 503-464-3829
(c) 503-819-1132


Carlos, you have much  wisdom for such a young buckeroo.

If Debbie can't decide and if you can't use the PaperCity photo (it realy is
a good pic), I'd go with the first one.  I must say that all of them look
pretty, well, serious.  Kinda Gore-like, you know.

Ok, that was a low blow.  I was just kidding!!

Kay

From: Carlos Sole@ENRON_DEVELOPMENT on 10/27/2000 03:44 PM
To: "Keffer, John" <JKeffer@KSLAW.com>@ENRON
cc: Carlos.Sole@enron.com@ENRON, Cschnur@KSLAW.com@ENRON,
john.schwartzenburg@enron.com@ENRON, Kay.Mann@enron.com@ENRON

Subject: Re: FW: Photo Picks

I would opt for the photo that you had in your Paper City article about you
being the commentator at the polo matches as that photo conveyed a more
rugged and stylish image.  I see these pictures and think -- "Al Gore, no
George Bush, no Al Gore, no George Bush, well I can't make up mind, is there
a Ralph Nader picture that I can choose from?"  All that being said, if they
were my pictures, I'd let my wife decide, otherwise, I'd be subject to an
eternity of second-guessing.

	"Keffer, John" <JKeffer@KSLAW.com>
	10/27/2000 03:32 PM

		 To: "Mann, C. Kay" <Kay.Mann@enron.com>, "Sole, Carlos A., III"
<Carlos.Sole@enron.com>, "Schwartzenburg, John W."
<john.schwartzenburg@enron.com>, "Schnur, Carmen" <Cschnur@KSLAW.com>
		 cc:
		 Subject: FW: Photo Picks

I need your vote!
-----Original Message-----
From: Lacy, Callie
Sent: Thursday, October 26, 2000 3:18 PM
To: Keffer, John
Subject: Photo Picks

Attached is a word document that contains your photos, please scroll through
them and let me know which number you would like to use for our Marketing
Materials and the Web site. Thank you.

Callie Lacy
Client Services
King & Spalding
404.572.3029

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - Doc1.doc


Angelika,

Working on it.

Vince

 -----Original Message-----
From: 	Angelika Staude <AStaude@iirltd.co.uk>@ENRON
Sent:	Wednesday, October 24, 2001 8:20 AM
To:	Kaminski, Vince J
Subject:	RE: Gas & PoweRisk 2001 - Chairman

Brilliant, thank you.

All we need now is your presentation...

Angelika

-----Original Message-----
From: Vince.J.Kaminski@enron.com [mailto:Vince.J.Kaminski@enron.com]
Sent: Wednesday, October 24, 2001 2:20 PM
To: AStaude@iirltd.co.uk
Subject: RE: Gas & PoweRisk 2001 - Chairman

Angelika,

I shall be honored to serve as a chairman.

Vince

    -----Original Message-----
   From:   Angelika Staude <AStaude@iirltd.co.uk>@ENRON
   Sent:   Wednesday, October 24, 2001 5:08 AM
   To:     Kaminski, Vince J
   Subject:  Gas & PoweRisk 2001 - Chairman

   Vince,

   I would like to offer you to be the chairman for  the morning stream
   session "On-Line  Trading & Risk  Management" (8th November,
   11.45-13.15), to introduce the speakers (Spyros Maragos, Per Hjorth and
   Les Clewlow)  and lead the discussion. Would you be interested in doing
   that?

   Kind Regards,

   Angelika Staude
   Director Gas & PoweRisk  2001

   Tel: 0044 207 915 5675
   Fax: 0044 207 915 5101www.icbi-uk.com/powerisk << File:
   http://www.icbi-uk.com/powerisk >>

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************

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Tim, sorry for the delay - lets talk if you think it is warranted.  I can see
a lot of positives to take this path. However,  there are a) pr issues and b)
we have hoards of on-going litigation that cost us a bundle.  We should make
this decision very carefully.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/22/2000
03:06 PM ---------------------------

	From:  Tim Belden                           11/13/2000 07:22 PM

To: David W Delainey/HOU/ECT@ECT
cc: Christopher F Calger/PDX/ECT@ECT
Subject: Plan Questions

The total depreciation plan number for west trading is $278,000.  Here is the
general breakdown

    Net Book Value  Planned Amount  Depreciation Period
Floor Buildouts   $462,000  $135,000   3 to 5 years
PC's and Monitors  $214,000  $50,000    3 years
Large Plasma Screens  $77,000   $46,000    3 years
Other    $25,000   $7,000    3 years
2001 Increase      $40,000

Total    $778,000  $278,000

Here is the headcount breakdown:

   Current   2001 Plan  Change  Realistically
Trading   41   48   +7  +5   (2 RT, 2 analysts on desk, 1 admin.)
Mid Mkt & Svcs  9   12   +3  +1 or +2  (increase coverage)
Fundamentals  7   9   +2  +1   (supply person with hydro knowledge)
Structuring  0   0   0  +2   (group is 4 -- Chris planned half, I need to
plan for half)

Totals   57   69   +12  +9 or +10

It looks like my number is two or three too high.  We also had a mixup on
planning for the existing structuring group.  Let me know if you have any
questions.

Also,  I need to talk to you about the City of Vernon.  I want to sue them.
Several months ago they flaked on a purchase that has cost us about
$10,000,0000.  Richard Sanders has done the basic legwork and it looks like
we have a decent case.  I talked to Chris about it, and we both agree that it
doesn't hurt the west business if we poke them in the eye.  They are not well
liked in the muni community out here, so the collateral damage should be
minimal.  The big question is how will this appear in the face of all of the
ongoing investigations?  Perhaps we should set up a call with me, you, Lavo,
Sanders, Calger, and Kean?  Let me know your thoughts.

Tim
503-464-3820


You're a doll.  Thanks.  Hope to talk to you soon.

Best,
Jeff


Zihuatanejo, 10 day forecast:  Highs around 89, lows 75, partly cloudy

 -----Original Message-----
From: 	Mann, Kay
Sent:	Monday, November 26, 2001 11:00 AM
To:	Kroll, Heather
Subject:	FW: ENE

Is it spelled Xehuantaneo?

 -----

Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update3)
By Jennifer Ryan
New York, Nov. 26 (Bloomberg) -- Enron Corp.'s bond and stock prices declined amid concern Dynegy Inc.'s proposed $23 billion acquisition of the biggest energy trader may fall through.
``It's a death spiral,'' said Edward Jones & Co. analyst Brian Youngberg, who rates Enron ``sell'' and doesn't own the company's shares. ``With the declining share price and debt disclosures, the chance of the deal going through has fallen from about 90 percent to less than 50 percent.''
Shares of Enron, the third most-active U.S. stock, tumbled as much as 15 percent, dropping for the fourth day in a row. Investors lowered their asking price for the 6.4 percent notes that mature in 2006 to 58 cents on the dollar from 60 cents Friday. Bids to buy bonds were unchanged at 55 cents on the dollar, traders said. The bonds yield 22.55 percent.
Concern that Dynegy may change or cancel its bid for Enron had pushed Enron's stock down 48 percent in the past three days. Enron's shares had plummeted 86 percent since mid-October after the company reported a $618 million third-quarter loss and said expansion into water, telecommunications and retail-energy sales cost it $1.01 billion.
Part of the third-quarter charge was connected with limited partnerships run by the chief financial officer. He was ousted, and the U.S. Securities and Exchange Commission started an investigation into Enron's accounting. The company earlier this month restated its earnings for the past four years.
Talks on $1 Billion
Enron said late last week talks are continuing with potential investors for as much as $1 billion. The company agreed to be bought by Dynegy on Nov. 9 for stock and assumed debt, halting a financial crisis that threatened to bankrupt Enron and throw U.S. power and natural-gas markets into turmoil.
Shares of Enron fell 54 cents, or 11 percent, to $4.17 in late-morning trading. Earlier, they touched $4.02. Dynegy fell $1.03 to $39.37. The stock had fallen 28 percent this year. Both companies are based in Houston.
Egan-Jones Ratings Co. lowered its rating on Enron's credit today to ``BB-'' from ``BB.'' ``Dynegy needs to show its support, or Enron will slide,'' the firm said in a report.
``Time is not Enron's friend,'' said Stewart Morel, co-head of investment grade debt research at UBS Warburg LLC. ``There is increased concern in the market that there may be more problems that are yet to be disclosed.''
On Wednesday, Enron got a three-week reprieve from lenders on a $690 million note due this week, giving the company more time to restructure its finances. Dynegy Chief Executive Officer Chuck Watson said he was ``encouraged'' by the commitment to extend the note payment, as well as the closing of a $450 million credit facility, and that Dynegy remained committed to the merger.
$690 Million Note
Terms of the $690 million note were outlined for the first time in an Enron filing with the SEC a week ago. Enron also said that it has less than $2 billion in cash and credit lines left. If the company's cash reserves run too low, Enron's credit rating may be cut below investment grade. That would trigger $3.9 billion in debt repayments for two affiliated partnerships.
Enron's bankers met with leveraged buyout firms and two industrial companies to seek an investment, the New York Times reported last week. J.P. Morgan Chase & Co. and Citigroup Inc. agreed to terms that give each of them a $250 million equity stake as part of a transaction to be completed today.


what is his bonus?  I have not seen him on the exception sheet.  same for
russel dyke.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/12/2001
12:20 PM ---------------------------

	Enron North America Corp.

	From:  Ivonne Brown @ ENRON                           01/12/2001 10:52 AM

To: Dave Hill/Corp/Enron@Enron
cc: Jeffrey A Shankman/HOU/ECT@ECT, Teresa Bosien/HR/Corp/Enron@ENRON
Subject: Robert Hitch and Promotion

David,

Robert Hitch was nominated for promotion to Manager effective 2/01/01.
Please note that the HR department of the hiring Business Unit is responsible
for handling all promotions out of the program.  Please feel free to contact
me if you should have any questions.

Sincerely,
Ivonne Brown
ext. 57106


YES, this is our final memo......

It is time to gather the troops and plan for the  UNITED WAY Kick-off!!  We
hope that everyone has picked up enough T-shirts for your area. We have 1500
ENA employees to track in this campaign and we don't want to overlook
anyone!  If people on your floor are asking about the shirts, tell them to go
to the Reception Desk on the 33rd floor and ask for one.  ALL ENA employees
should be wearing our T-shirts on Wednesday!
Remind everyone to meet at the corner of Andrews and Smith at 11:00 AM.  We
need a huge ENA parade to walk to the Hyatt and sit together as we cheer for
our contestants.
We hope that you have made your own United Way pledge, so that you can tell
everyone how easy it is ON-LINE!
 Questions - call Michelle Vitrella X 39767 or Kathie X 39610
Lunch is FREE provided by Chick-Fil-A at Antioch Park --- 11:45 AM - 1:30 PM

PLEASE FORWARD THIS MEMO TO EVERYONE IN YOUR AREA.

HELP US TO GET THE WORD OUT TO ALL ENA EMPLOYEES!!!!!

Log-in to system on Netscape or Explorer --  unitedway.enron.com


Hi Marilyn -

Thanks for the Vancouver notes.  Regarding the item on POR/PODs - since the
meeting, Mark sent out the Clarification letter of September 24 (attached)
stating we use the WSCC POR/POD acronyms until 1.7 hits the streets.  E-Tag
1.7 will use the POR/PODs that TPs have attempted to register
http://reg.tsin.com/ .  Although not part of the actual meeting, it might be
good to add a reference to the clarification letter so readers can get the
latest and greatest direction concerning POR/PODs usage.

 <<Clarification Letter>>

Robert Harshbarger
Puget Sound Energy
OASIS Trading Manager
425.462.3348 (desk)
206.604.3251 (cell)

> ----------
> From: 	Franz, Marilyn[SMTP:MFranz@SPPC.com]
> Sent: 	Wednesday, October 10, 2001 2:42 PM
> To: 	Interchange Scheduling & Accounting Subcommittee (ISAS)
> Subject: 	RE: Scheduling Time constant
>
> <<File: WSCC ISAS 0901 VancouverMinutes.doc>>
> SPPC Transmission would like to go forward with PPT as a common scheduling
> time for the same reasons the expressed by WMIC.
>
> Also, attached are the minutes for the Vancouver meeting.
>
> Thanks,
> Marilyn Franz
> Sierra Pacific Power Transmission
> 775-834-4322
>
> -----Original Message-----
> From: Hackney, Mark W(Z39911) [mailto:Mark.Hackney@aps.com]
> Sent: Wednesday, October 10, 2001 11:01 AM
> To: Interchange Scheduling & Accounting Subcommittee (ISAS)
> Subject: Scheduling Time constant
>
>
> It's been brought to my attention that we never resolved the issue of the
> common scheduling time (no Freudian slip on the acronym).  The group
> agreed
> to a PST value in July, but we wanted to survey the OC and WMIC first
> before
> going further.  That was to be one of our topic in Vancouver.  Well....
>
> So, I'd like to get a feel from the group: the survey leaned toward
> Pacific
> Prevailing Time as that match up with energy products, so.. continue to go
> forward with PST as in July, modify our suggestion to PPT or drop all
> together and wait to see if NERC is going to come up with something.  If
> we
> decide to go with either PST or PPT, I will get the OC Steering to help
> with
> clarification on this as a due process item or an item that can be brought
> to the OC for vote in 2002.  In addition, I would think that most would
> agree that implementation if it takes affect would be favorable at the
> April
> 2002 time change, so that is my suggestion that we use, if ISAS goes
> forward
> with the request to the OC.
>
> Please get back with your thought by next Wednesday so I can put together
> something for the upcoming OC meetings.
>
> Mark W. Hackney
> Section Leader
> Pre and Real-time Transmission Scheduling
> APS OATT Administration
> Arizona Public Service Company
> 602.250.1128 - Office
> 602.908.1423 - Cell
> 602.250.1155 - Fax
> mailto:Mark.Hackney@aps.com
> _________________________________________________________________
> Click to add my contact info to your organizer:
> http://my.infotriever.com/cc2tf0ey
>
>

--------- Inline attachment follows ---------

From: Hackney, Mark W(Z39911) <Mark.Hackney@aps.com>
To: Interchange Scheduling & Accounting Subcommittee (ISAS) <isas@wscc.com>
Date: Monday, September 24, 2001 3:17:54 PM
Subject: Clarification Letter

Please read attached letter:

 <<Clarifying Letter.doc>>
Mark W. Hackney
Section Leader
Pre and Real-time Transmission Scheduling
APS OATT Administration
Arizona Public Service Company
602.250.1128 - Office
602.908.1423 - Cell
602.250.1155 - Fax
mailto:Mark.Hackney@aps.com
_________________________________________________________________
Click to add my contact info to your organizer:
http://my.infotriever.com/cc2tf0ey


Gloria --

Vicki Sharp was interested in trying to update our Licenses throughout the country.  I will arrange a meeting for us to follow-up.

Thanks,

Jim


Kim:

Can you do this for Citizens?  Tom will be out of the office today, but back
tomorrow, but please send the spreadsheet over to Tom today so we can be sure
we understand each other on the arithmetic.

Today's numbers will be indicative only.  He will call you tomorrow or later
in the week at 713/853-0685 to see what the latest prices are and be in a
position to give you a firm bid.  Tom's number is 520/226-2246.  Call me if
you have any questions as to the format of the spreadsheet.

Thanks!

Chris

---------------------- Forwarded by Chris H Foster/HOU/ECT on 02/12/2001
09:02 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Tom Broderick" <tbroderi@czn.com>
02/12/2001 08:06 AM

To: "chris foster" <chris.h.foster@enron.com>
cc:
Subject: ruger quote

please fill in Nymex and basis columns, month by  month pricing is ok, no
need for weighted avg.? Illustrative pricing, will  not lock in today, but
likely this week by Thurs, so anytime today is ok.?  I'll work with Kim
tomorrow. thks.? Is this spreadsheet what you need and  what will max
efficiency in our communication??
 - enron.xls


Start Date: 1/19/02; HourAhead hour: 11;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011911.txt
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Alias: dbCaps97Data
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Kevin:  Attached is a draft form of confirm.  There are many details to be
completed but this is a start.  Sara


In case you did not receive this previously, attached is IEP's draft FERC
Filing on Amendment No. 31.  This filing is due Thursday.  Please provide
any comments by COB on Wednesday.  Thanks.

----- Original Message -----
From: Steven Kelly <steven@iepa.com>
To: Eric Janssen <EricJ@eslawfirm.com>
Sent: Monday, October 02, 2000 5:25 PM
Subject: Fw: Draft IEP FERC Filing on Amendment No. 31.

> Please forward to me the filed document.  Thanks.
> ----- Original Message -----
> From: Andy Brown <ABB@eslawfirm.com>
> To: <bfpjv@c-zone.net>; Brown, Andy <ABB@eslawfirm.com>;
> <cabaker@duke-energy.com>; <cody.carter@williams.com>;
<craigc@calpine.com>;
> <dean_gosselin@fpl.com>; <dnelsen@gwfpower.com>; <ed.tomeo@uaecorp.com>;
> Ellison, Chris <CTE@eslawfirm.com>; <frank_misseldine@opsi.oxbow.com>;
> <freesrj@apci.com>; Harris, Jeffery <JDH@eslawfirm.com>;
> <hawkins@2000energy.com>; <hellertj@apci.com>; IEP (E-mail)
<iep@iepa.com>;
> <jackp@calpine.com>; Jan Smutny-Jones (E-mail) <smutny@iepa.com>; Janssen,
> Eric <EricJ@eslawfirm.com>; <joe.greco@uaecorp.com>; <joer@calpine.com>;
> <jweisgall@aol.com>; <kaplan@iepa.com>; Kerner, Douglas
<DKK@eslawfirm.com>;
> <khoffman@caithnessenergy.com>; Lynn Haug (E-mail 2) <LMH@eslawfirm.com>;
> <mcfaddenjr@aol.com>; <paula_soos@ogden-energy.com>;
> <plenv01@northcoast.com>; <rboyd@enron.com>; <rescalante@riobravo-gm.com>
> Sent: Friday, September 29, 2000 5:58 PM
> Subject: Draft IEP FERC Filing on Amendment No. 31.
>
>
> > Attached in Word format is the draft of IEP's intervention and comments
to
> > CAISO's Tariff Amendment No. 31 regarding price caps and their forward
> > purchasing proposal.  The final document must leave our office early
> > morning, October 5 (Thurs).  Please call or email comments to me by noon
> > pacific time on 10/4.  Sooner is, of course, better.  There will be some
> > small edits as indicated in the document.  ABB
> >
> > Andrew B. Brown
> > Ellison, Schneider & Harris, LLP
> > 2015 H Street
> > Sacramento, CA  95814
> > Phone: (916) 447-2166
> > Fax: (916) 447-3512
> > mailto:abb@eslawfirm.com
> >
> > CONFIDENTIALITY NOTICE:  This communication and any accompanying
> document(s)
> > are confidential and privileged.  They are intended for the sole use of
> the
> > addressee.  If you receive this transmission in error, you are advised
> that
> > any disclosure, copying, distribution, or the taking of any action in
> > reliance upon the communication is strictly prohibited.  Moreover, any
> such
> > inadvertent disclosure shall not compromise or waive the attorney-client
> > privilege as to this communication or otherwise.  If you have received
> this
> > communication in error, please contact the sender at the internet
address
> > indicated or by telephone at (916)447-2166. Thank you.
> >
> >
>

 - 001005_IEP_Mo_Interv_ER00-3673_ISOT_Am_31.dft.doc


---------------------- Forwarded by Christopher Watts/NA/Enron on 04/05/2001
05:29 PM ---------------------------

"Chris Watts" <cwatts3@houston.rr.com> on 04/05/2001 03:59:06 PM
To: <christopher.watts@enron.com>
cc:

Subject: Fw: power trading: EXELON TO PUSH MARKETING, TRADING    COMED PARENT
WILL LEVERAGE POWER ASSETS

----- Original Message -----
From: <djcustomclips@djinteractive.com>
To: <276682@sm4.texas.rr.com>
Sent: Thursday, April 05, 2001 7:32 AM
Subject: power trading: EXELON TO PUSH MARKETING, TRADING COMED PARENT WILL
LEVERAGE POWER ASSETS

> Business
> EXELON TO PUSH MARKETING, TRADING
> COMED PARENT WILL LEVERAGE POWER ASSETS
> Melita Marie Garza, Tribune staff reporter
>
> 04/05/2001
> Chicago Tribune
> North Final
> ; N
> 3
> (Copyright 2001 by the Chicago Tribune)
>
>    Moving to capitalize on its rapidly growing nuclear power
> capabilities, Chicago-based Exelon Corp. plans to significantly
> expand its power marketing and trading businesses, Exelon officials
> said Wednesday.
>
>    "Our vision is to be the premier nuclear operator in the world,"
> said Jack Skolds, chief operating officer of Exelon Nuclear, who
> spoke at a Salomon Smith Barney analysts' conference in New York.
>    Added Ken Cornew, vice president of Exelon's trading operations:
> "Our strategy is relatively simple: We want to lead the industry in
> asset-based power marketing."
>
>    Exelon's strategy--to capitalize on existing power-generating
> assets by moving aggressively into trading and marketing--
> essentially is the reverse of that practiced by Dynegy Inc., the
> Houston-based company that started life as an energy trader and only
> relatively recently has begun acquiring physical assets. Among
> Dynegy's holdings are Decatur-based Illinois Power Co., a natural gas
> and electric utility.
>
>    Exelon, parent of Commonwealth Edison Co., already is the largest
> nuclear power utility in the U.S. and the third largest in the world,
> with 17 nuclear reactors. Skolds said the company is moving to expand
> its nuclear power base, both through efficiencies and acquisitions.
>
>    "Scale is turning out to be a very competitive advantage for us,
> if it's effectively leveraged, and I think we are doing that," Skolds
> said.
>
>    Including all forms of power generation, Exelon owns or controls
> 47,000 megawatts of of capacity across the U.S.
>
>    Exelon has about 60 people based in Kennett Square, Pa., dedicated
> to marketing and trading energy.
>
>    The Philadelphia area trading operation was begun by Peco Energy
> Co. in 1994, and now is part of Exelon, which is the product of the
> merger of Peco and Unicom Corp., ComEd's former parent.
>
>    Unicom also had a small trading operation, which has been combined
> with Peco's.
>
>    In 2000, Peco's trading operation reported $2.7 billion in
> revenues, up from $2.3 billion in 1999, according to a company
> spokesman.
>
>    Last year, Exelon began trading financial instruments that are
> energy related, such as energy futures and derivatives, which
> traditionally have been the turf of companies such as Dynegy and
> Enron Corp.
>
>    "Our goal is simply to be the world's best power marketer," Cornew
> said. "Our name doesn't come up right now when people talk about
> that. But I believe we have the best platform to achieve that."
>
>    Peggy Jones, managing director of utilities research at Blaylock &
> Partners in New York, said Exelon's goal appears to be achievable.
>
>    "They have the financial resources, the management resources and
> power generation resources to do the job."
>
>    Jones noted that Exelon's market capitalization of $21.3 billion
> tops Dynegy's $15.9 billion.
>
>
>
> Folder Name: power trading
> Relevance Score on Scale of 100: 95
>
> ______________________________________________________________________
>
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