Thu,

I talked with Lee Papyoti about the Equistar buybacks.  I created deal 675086
as an ENA buyback.  However, after you have allocated the volume between the
Equistar plants, please get with Lee and have him look over everything.

D

	From:  Thu T Nguyen                           03/15/2001 08:50 AM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Re: deal 34342

Daren,

I am trying to make up the gas for ENA deals on meter 1552,8024,1062, (deals
240061, 378904, 394489, 487588).  Per Anita, these need to be kept whole.  I
have the option of a buyback or swing on 1373....but, there is not enough gas
at meter 1373 to do this.  Please let me know if there is another way I can
achieve this.

Thu
---------------------- Forwarded by Thu T Nguyen/HOU/ECT on 03/14/2001 01:11
PM ---------------------------
Aimee Lannou   03/14/2001 12:36 PM

To: Thu T Nguyen/HOU/ECT@ECT
cc:
Subject: Re: deal 34342

Daren's response.

---------------------- Forwarded by Aimee Lannou/HOU/ECT on 03/14/2001 12:36
PM ---------------------------

Daren J Farmer
03/14/2001 12:30 PM
To: Aimee Lannou/HOU/ECT@ECT
cc:
Subject: Re: deal 34342

We have a buyback under HPL (#586534).  ENA had only 7,000/day scheduled at
mtr 1373 in Feb.  In reviewing the daily volumes in POPS, I didn't see any
days with flow under 18,000.  So, we should not need a buyback for ENA.  Any
shortages should be allocated to the HPL ticket.

D

Aimee Lannou   03/14/2001 11:03 AM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Re: deal 34342

Daren - Thu has asked if I can extend deal 343421 thru Feb. '01.  I told her
I didn't have the authority to do this.  It is for Equistar.  It looks like
it is a term deal expiring Jan. '01.   She wants it added to keep the ENA
deal whole.  What do you suggest?

AL
---------------------- Forwarded by Aimee Lannou/HOU/ECT on 03/14/2001 10:58
AM ---------------------------
To: Aimee Lannou/HOU/ECT@ECT
cc:
Subject: Re: deal 34342

Aimee,

This is the deal for Equistar.  There is not enough gas at meter 1373 to keep
the ENA deal whole.  I need this deal to create buyback.  This was out there
last month and Anita told me to get the deal extended.  Let me know if there
is another way.

Thu

Aimee Lannou   03/14/2001 10:23 AM

To: Thu T Nguyen/HOU/ECT@ECT
cc:
Subject: Re: deal 34342

Why do you need it extended?  This deal may not be able to get extended.
Which meter are you having problems with?

To: Aimee Lannou/HOU/ECT@ECT
cc:
Subject: Re: deal 34342

Aimee,

I am so sorry...I don't know what's wrong with me.  The deal is 343421.  If
you can't extend this deal please let me know.  Thanks

Thu

Aimee Lannou   03/14/2001 07:59 AM

To: Thu T Nguyen/HOU/ECT@ECT
cc: Edward Terry/HOU/ECT@ECT, Juliann Kemp/ENRON@enronXgate
Subject: Re: deal 34342

I don't have access to this ticket.  It is an IM Canada ticket.

	From:  Thu T Nguyen                           03/13/2001 05:45 PM

To: Aimee Lannou/HOU/ECT@ECT
cc:
Subject: deal 34342

Aimee, please extend the deal above to Feb 01.


Travis, Mark,

Please see below advice regarding paper swaps with Czech C/Ps.  However, this
advice applies to all OTC derivatives trades whatever the underlying
commodity.  We will need to keep a close eye on the new law (expected to come
into force January 2001) to determine whether we will need to be separately
licenced.

Regards

Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 03/08/2000 07:34
---------------------------

London Fax System
02/08/2000 15:08
To: Justin Boyd/LON/ECT@ECT
cc:

Subject: New fax received (Likely sender: ).

You have received a new fax from

The image contains 2 page(s).


Thanks Anthony, please add Gerald Nemec to your distribution.

 -----Original Message-----
From: 	Campos, Anthony
Sent:	Monday, August 27, 2001 9:50 AM
To:	Hodge, Jeffrey T.
Cc:	Dickson, Stacy E.; Perlingiere, Debra
Subject:	New GTCs - Extended Primary Term

Jeff,

After researching the Global Contracts database and not finding a Master Agreement, I have created the following GTCs with Primary Terms over six months:

Counterparty:  Dominion Exploration & Production, Inc.
Enron Entity:  ENA
Sitara#:  999841
Tagg#:  VX6932.1
Desk:  West
Term:  9/1/01 - 10/31/02
Global #:  96066276 - GTC Purchase Firm

Counterparty:  HS Energy Services, Inc.
Enron Entity:  ENA
Sitara#:  989945
Tagg#:  VW6012.1
Desk:  West
Term:  11/1/01 - 10/31/02
Global #:  96064790 - GTC Purchase Firm

Counterparty:  Cascade Natural Gas Corporation
Enron Entity:  ENA
Sitara#:  967371
Tagg#:  VT8850.1
Desk:  West
Term:  11/1/01 - 10/31/03
Global #:  96064312 - GTC Sale Firm

Thank You,

Anthony Campos
Enron Corp._Global Contracts
713.853.7905 (office)
713.646.2495 (fax)
713.709.0373 (pager)
Anthony.Campos@enron.com


ISDA PRESS REPORT - JUNE 11, 2001

RISK MANAGEMENT
BIS: Development Of Credit Risk Mkt An "Enormous" Benefit - Dow Jones
Capital cushion fight - The Economist
OTHER
Players Await Forint Swaps, Options - Derivatives Week

BIS: Development Of Credit Risk Mkt An "Enormous" Benefit
Dow Jones - June 11, 2001
By Henry J. Pulizzi

BASEL -(Dow Jones)- The Bank for International Settlements said Monday that
the development of new techniques to transfer credit risk may be the most
important new financial trend with possible implications for financial
stability.

The BIS said a more developed market for credit risk will improve risk
management and allow participants to set appropriate prices for accepting
credit risk.

"This will be of enormous, perhaps revolutionary, benefit," the BIS said in
its annual report.

Credit derivatives are said to be the fastest growing segment of the
over-the-counter derivatives markets. The complex instruments let investors
trade and hedge credit risk outside of the loans in which the risk is
embedded. They allow lenders to lay off credit risk while keeping assets on
their balance sheets and give investors exposure to credit without a
position in the actual debt.

A recent Goldman Sachs report put the notional value of the credit
derivatives market at about $1 trillion.

The BIS cautioned, however, that the development of a more active market for
credit risk could give rise to supervisory problems by making the
distribution of risk less transparent and possibly concentrating risk among
market participants.

The BIS also raised concern about insurance companies becoming increasingly
involved in credit risk markets.

"This implies the need for ever closer collaboration between banking and
insurance supervisors to prevent the possible growth of regulatory arbitrage
and to ensure that risks are monitored and priced correctly," the BIS said.

Capital cushion fight
The Economist - June 9, 2001

INTERNATIONAL banks, and their regulators, are wrangling over the level of
additional capital that banks should be made to carry, as a cushion, against
so-called "operational risk" that might damage a bank's health or even the
financial system. Operational risk includes anything from computer failure
and postal strikes to fraud and cock-ups of Baring-style proportions.
Insurance companies, which you might think would steer well clear of this
debate, have joined the fray, offering to replace bank capital with
new-fangled insurance cover. They were in Washington this week trying to
sell the idea to bank regulators from the Group of Ten countries.

Under present rules, banks carry capital against the credit and market risks
that they run. Bold proposals by the Basel Committee of bank supervisors now
seek to refine the charges for credit risk, as well as to add new charges
for operational risk. The banks' responses to " Basel 2", which had to be in
by May 31st, are almost all critical of the proposals for operational risk.
Few agree even with the committee's definition of such risk: "the risk of
direct or indirect loss resulting from inadequate or failed internal
processes, people and systems, or from external events." Many dispute the
inclusion of indirect loss, since it is so hard to quantify. Some say that
"strategic" and "reputational" risks should be added. And that is just for
starters, before even getting to the level of charges.

The committee has suggested that operational risk should account for roughly
20% of a bank's regulatory capital. Since it has also said that the overall
capital charge should stay about the same, banks have been looking for a 20%
reduction in charges for credit risk. In vain. Hong Kong complains that its
banks will face a capital charge 2.5 percentage points higher if the Basel
proposals are applied in their crudest form - with most of the increase
being for operational risk.

Privately, regulators agree that the 20% figure is too high and will come
down, but by less than the banks would like. The horse-trading can be
followed on the Basel Committee's , where many bank responses are posted.

The banks' biggest beef with the charge for operational risk is that the
levels, by the most basic method, are set according to a bank's gross
income. What kind of incentive is it that rewards banks for reducing their
income? The proposal offers three further levels of sophistication in
measuring operational risk, all of which the banks find either flawed or too
complex. A "standardised approach" would rely on industry-wide loss data
divided by business lines - such as corporate finance, trading or retail
banking - providing a standard factor by which a bank's volume or gross
income in that business would be multiplied to arrive at a capital charge.
Then there is an "internal measurement" approach, using a bank's own loss
data, multiplied by a formula for "expected loss" and by a factor for how
the supervisor rates the bank's risk controls. Finally there is a "loss
distribution" approach, which allows the bank to use its own probability
analysis, although neither supervisors nor banks think the technique can be
used yet.

The big problem is insufficient data. There are plenty on so-called
"expected" losses, such as predictable levels of credit-card abuse, failed
trades, even petty fraud. But the aim of the charge for operational risk is
to cover the unexpected, such as a bomb blast or big losses by a rogue
trader. How many events like that have there been over the past decade? How
statistically relevant is a decade-old event?

All the same, data collection and data-pooling are going ahead. There are
even some commercial databases on offer. One comes from NetRisk. It is based
on data that Bankers Trust, an American bank now owned by Deutsche Bank,
began to collect in 1993. That is being added to by the MORE consortium, a
joint effort by a dozen big banks, and by PricewaterhouseCoopers, an
accounting firm. The other offering comes from a subsidiary of Zurich
Insurance, called Zurich IC Squared, which offers a ten-year database
online. The source of its early data is, once again, Bankers Trust.
Supervisors find themselves using the same data too.

Banks worry that some operational risk will be double-counted as credit or
market events - for example, bad documentation that leads to credit failure.
There is also a debate about where to put reputation risk, since a blow to
reputation can sink a bank. The regulators exclude reputation risk, says an
insurer, because it happens slowly, and a bank can be unwound or sold - as
in the case of NatWest, a British bank sold to Royal Bank of Scotland.

The debate on this and other topics could run for years; the banks,
certainly, want more time for consultation. Yet deadlines loom. A framework
for Basel 2 and its equivalent in the European Union, a draft
capital-adequacy directive, is meant to be ready by the end of the year, in
order to be implemented in 2004. Banks and supervisors will need at least
that time to prepare themselves, once they know what to prepare for.

A debate with the insurance industry has only just got serious. Insurers do
not normally lobby together, but two lobby groups, BAIWG and PCIIWG (do not
ask what they stand for) are presenting bank regulators with ideas for
lightening the capital charge that banks must bear for operational risk. Big
chunks of banks' operational risk, such as professional liability and
computer fraud, are already insured. Regulators agree that this already
merits some offset against a capital charge. If insurers can concoct
insurance cover for a wider range of risks, then the capital offset would be
bigger.

For that to happen, regulators want to be satisfied that there would be
immediate payouts (not a hallmark of insurers), and that there would be
legal certainty, with no weasel clauses to let insurers off the hook.
Insurers must be satisfied that they will not be left as a lender of last
resort in a systemic crisis. At the discussions in Washington, the very
definition of operational risk was still a sticking-point.

On the fringes, but maybe destined some time to take centre stage, are ideas
to let the market impose discipline on the banks, at least as far as
operational risk is concerned. Catastrophe bonds linked to earthquake and
storm risk have been sold to investors, and so has contingent capital, in
the form of callable equity. Adriana Cronin of Blanch Crawley Warren, an
insurance-broking firm, would like to see an "opbond", based on a portfolio
of operational risk covering the combined risks for a number of banks.
Rating agencies would be needed to analyse and rate the portfolio backing
the bond.

Most insurers think a capital-markets solution for operational risk is a
distant goal. The nearer one is to bring their centuries of actuarial skills
to bear to help banks save capital, and so to tap a rich new market of,
potentially, 30,000 banks.

Players Await Forint Swaps, Options
Derivatives Week - June 11, 2001

The Central Bank of Hungary's recent move to widen the band in which the
forint trades to 15% from 2.25% is seen as a step towards the development of
a liquid derivatives market, according to Budapest market watchers.

"Currently, investors who want to play in the local Hungarian market can
only do so via non-deliverable forward contracts," said Amir Ben Gacem,
London-based local-market analyst at BNP Paribas. "With the prospect of
further liberalization, we will start seeing swaps, etc.," he continued.

Added a London-based derivatives professional: "We're getting ready to see a
real options market in Hungary with the liberalization of the [foreign
exchanged] bands." Such a development would be consistent with Hungary's
aspirations to join the European Union. Poland and the Czech Republic
already have developed local options markets.

The forint has appreciated roughly 7% in the last month against the euro on
the back of the move, and analysts expect further appreciation as central
bankers bid to continue with reforms.

The prospect is significant to investors, who currently must buy
longer-dated Hungarian assets without the options available that would allow
them to play on the currency. Observers said demand is likely to come from
Western Europe, especially Germany. "We expect non-residents to buy any part
of the Hungarian curve; it's another way to diversify in the region," BNP's
Ben Gacem said.

**End of ISDA Press Report for June 11, 2001**

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

I am filling in for Scott today only.  Any questions, please direct them to
Scott at smarra@isda.org.  Thank you.

Ms. Barbara Hanlon
Database Administrator
International Swaps and Derivatives Association, Inc.
600 Fifth Avenue, 27th Floor
Rockefeller Center
New York, New York 10020-2302
Phone: (212) 332-1200
Fax: (212) 332-1212


Got your message.  I'm testifying at the Congressional hearing and Dasovich
is covering FERC.  I think Jeff's comments were taken out of context.  He
said policymakers do need to take care of small customers whose bills are
tripling.  Frankly, we'd get slaughtered if we said anything else.  But he
also said there is a right way and a wrong way to do it.  Enron and others
had provided a market based answer by offering a fixed price deal to SDG&E
(which would have enabled them to cap rates to those who had not switched.
California elected instead to cap rates and deficit spend (ie create a
deferral account).  I don't think we can stand for anything that doesn't
protect the small customers, but we can continue to emphasize the market
based solutions.  One of the messages in my testimony will be: customers
should be encouraged to choose.  Those who did are doing fine.


---------------------- Forwarded by Mary Hain/HOU/ECT on 02/01/2001 12:59 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Andrea Settanni" <asettanni@bracepatt.com>
02/01/2001 12:53 PM

To: <mhain@ect.enron.com>
cc:
Subject: draft filing

see attached

 - filing.wpd


---------------------- Forwarded by Billy Dorsey/ENRON_DEVELOPMENT on
12/12/2000 08:21 AM ---------------------------

Angela Ramirez@AZURIX
12/11/2000 02:32 PM
Sent by: Angela Ramirez@AZURIX
To: Ava Syon/Corp/Enron@ENRON, kathy.ramirez.gomez@williams.com,
lauretta.watson@compaq.com, lynette.freney@initial-staffing.com,
robert.bell@initial-staffing.com, lenny.rodriguez@initial-staffing.com, Billy
Dorsey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: FW: This could be your Christmas Gift

----- Forwarded by Angela Ramirez/HOU/AZURIX on 12/11/00 02:30 PM -----

	Danna Busby
	12/11/00 09:02 AM

		 To: Virginia Krobot/HOU/AZURIX@AZURIX, Angela Ramirez/HOU/AZURIX@AZURIX,
Mary Jackson/HOU/AZURIX@AZURIX, Tiffany R Gooden/HOU/AZURIX@AZURIX, Perry
Edgar/HOU/AZURIX@AZURIX, Ron Foster/HOU/AZURIX@AZURIX, Vivian
Savoy/HOU/AZURIX@AZURIX, Gabriela Adamek/HOU/AZURIX@AZURIX, Lois
Black/HOU/AZURIX@AZURIX, Shirley Cox/HOU/AZURIX@AZURIX, Jeanne
Simmons/HOU/AZURIX@AZURIX, Mary-Austin Harlow/HOU/AZURIX@AZURIX,
christine.farell@petrocosm.com@AZURIX, Sunie Ferrington/HOU/AZURIX@AZURIX,
Edith Gongora/Enron Communications@Enron Communications, Dellanira
Ortiz/Enron Communications@Enron Communications, Jane
Gustafson/HOU/AZURIX@AZURIX, Suzanne Ingram/HOU/EES@EES, Sabrina
McLaughlin/NA/Enron@Enron, Pamela Jackson/HOU/WATERDESK@WATERDESK, Robin
Lawrence/HOU/AZURIX@AZURIX, Yvonne Lopez/HOU/WATERDESK@WATERDESK, Anita
Piat/HOU/AZURIX@AZURIX, Diana Sanchez/Enron Communications@Enron
Communications, Quy Tran/HOU/AZURIX@AZURIX
		 cc:
		 Subject: Re: FW: This could be your Christmas Gift

----- Forwarded by Danna Busby/HOU/AZURIX on 12/11/00 08:59 AM -----

	Linda L Jenkins/ENRON@enronxgate
	12/08/00 01:55 PM

		 To: Bernita Perry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Crystal
Reyna/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Danna Busby/HOU/AZURIX@AZURIX, Kim
Brocken/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marilyn
Seymore/GPGFIN/Enron@ENRON, "SMTP:countrygirl901@hotmail.com"
<countrygirl901@hotmail.com>@SMTP@enronXgate,
"SMTP:ellen.pinkerton@twcable.com"
<ellen.pinkerton@twcable.com>@SMTP@enronXgate, "SMTP:FGAMMAGE@PCENERGY.COM"
<FGAMMAGE@PCENERGY.COM>@SMTP@enronXgate, "SMTP:LJENKINS@PCENERGY.COM"
<LJENKINS@PCENERGY.COM>@SMTP@enronXgate, Gloria Alvarez@ENRON COMMUNICATIONS,
Linda L Jenkins@Enron, "SMTP:puddin2k@aol.com"
<puddin2k@aol.com>@SMTP@enronXgate
		 cc:
		 Subject: Re: FW: This could be your Christmas Gift

This was intended for Linda F Jenkins @ enron I'm sure...thx

Linda L Jenkins
Material Coordinator EM&C Dept
Portland General Electric
209 Warner Milne Road
Oregon City OR  97045

503-650-1446
503-650-1475 fax

>>> Brocken, Kim 12/08/00 11:52AM >>>

----- Forwarded by Kim Brocken/ENRON_DEVELOPMENT on 12/08/2000 01:46 PM -----

Alicia De La Cruz
12/08/2000 01:32 PM

To:Fabricio De La Cruz@Enron, Jorge Olivares/OTS/Enron@ENRON, Lucy F
Pearson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sylvia
Shelby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Johnny
Ross/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kim
Brocken/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Vickie
Malloy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Thomas McGill@Enron, Lien
Nguyen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tammy Marcontell@ENRON, Noemi
Camacho/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Vance
Bates/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject:FW: This could be your Christmas Gift

----- Forwarded by Alicia De La Cruz/ENRON_DEVELOPMENT on 12/08/2000 01:16 PM
-----

Wayne Benson@ENRON
12/07/2000 11:05 AM

To:Alicia De La Cruz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lesley
Alland/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bernita
Perry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Linda Preston/GPGFIN/Enron@ENRON,
Mike Bennett/Enron@EnronXGate, Teresa Nowling/NA/Enron@Enron, Claudette
Daniels/GPGFIN/Enron@ENRON, PBenson@USG.com
cc:
Subject:FW: This could be your Christmas Gift

----- Forwarded by Wayne Benson/NA/Enron on 12/07/2000 11:00 AM -----

Christina Digges
12/06/2000 05:25 PM

To:Brent Spiller/Enron@EnronXGate, I J Cunningham/HOU/EES@EES,
ann.alvarez@trizechahn.com , Teresa Nowling/NA/Enron@Enron, Wayne
Benson/NA/Enron@ENRON, Greg Wainscott/NA/Enron@ENRON, Jaime
Carreon/NA/Enron@Enron, bdigges@texasamerican.com
cc:
Subject:FW: This could be your Christmas Gift

Christina Digges
Audio Visual Administrator
(713)853-6300 option 1.
----- Forwarded by Christina Digges/NA/Enron on 12/06/2000 05:23 PM -----

Christal Smith
12/06/2000 05:17 PM

To: christalhattaway@yahoo.com , Christina Digges/NA/Enron@Enron
cc:
Subject:FW: This could be your Christmas Gift

Christal Hattaway
Administrative Assistant to Steve Woods
713-345-3366 Phone
713-646-4906 Fax
----- Forwarded by Christal Smith/Corp/Enron on 12/06/2000 05:16 PM -----

Charlotte Banks@ENRON COMMUNICATIONS
12/05/2000 10:39 AM

To:Charon Little/HOU/EES@EES, Sarah Lewis/GPGFIN/Enron@Enron, Loretta
Brooks/Enron Communications@Enron Communications, Nicole
Prince/Enron@EnronXGate, Tori Hayden/Enron@EnronXGate, Christal
Smith/Corp/Enron@ENRON, Natalie Nichols/Enron@EnronXGate, Jynell
Holliday/HOU/EES@EES, Claudette Daniels/GPGFIN/Enron@Enron,
gennie_brown@kindermorgan.com , NDWMCCARY@email.msn.com , Bertha
Owens/HOU/EES@EES, Donna Henton/Contractor/Enron Communications@Enron
Communications, CJBANKS@prodigy.com , Delishea Dennis/Enron
Communications@Enron Communications, Paula Pierre/Enron Communications@Enron
Communications, Helen Haynes/Enron Communications@Enron Communications, Inga
Latson/Enron Communications@Enron Communications, Shirlet
Williams/HOU/EES@EES, Candi Woods/Enron Communications@Enron Communications,
edgar.perry@regusa.com , Pamela Chambers/Enron Communications@Enron
Communications, PRameirez@central.uh.edu , Dana Davis/HOU/ECT@ECT, Dana
Alexander/Enron Communications@Enron Communications
cc:
Subject:FW: This could be your Christmas Gift

What will you lose?
----- Forwarded by Charlotte Banks/Enron Communications on 12/05/00 10:22 AM
-----

Sarah Lewis@ENRON
12/04/00 05:41 PM

To:Charlotte Banks@Enron Communications, jassye@aol.com , hlc@mcginnislaw.com
, Claudette Daniels/GPGFIN/Enron@ENRON, Aziz Eisa/Corp/Enron@ENRON, Annie
Flanagan@Enron.com , Frankie Fletcher/Corp/Enron@Enron, Phyllis
Fuller/GPGFIN/Enron@ENRON, Arlene Krause/GPGFIN/Enron@ENRON, Rosemary
LeBlanc/GPGFIN/Enron@ENRON, Barbara Lewis/HOU/ECT@ECT, Charon Little/ENRON
DEVELOPMENT, Mary McCloud/Corp/Enron@Enron, Araceli
Mondragon/GPGFIN/Enron@ENRON, Irma Rodriguez/NA/Enron@Enron, Marilyn
Seymore/GPGFIN/Enron@ENRON, Tahnee Stall/GPGFIN/Enron@ENRON, Veronica
Thompson/GPGFIN/Enron@ENRON, Kathy Rutherford/GPGFIN/Enron@ENRON, Helena
Payne/GPGFIN/Enron@ENRON
cc:
Subject:FW: This could be your Christmas Gift

It may be a Blessing.........
Check it out
sl

---------------------- Forwarded by Sarah Lewis/GPGFIN/Enron on 12/04/2000
05:36 PM ---------------------------

Valeria Johnson
12/01/2000 11:51 AM
To:Sarah Lewis/GPGFIN/Enron@ENRON
cc:

Subject:FW: This could be your Christmas Gift

---------------------- Forwarded by Valeria Johnson/GPGFIN/Enron on 12/01/2000
10:48 AM ---------------------------

From: Lynda Pham 12/01/2000 07:25 AM

Sent by:Elizabeth Mothershead
To:Donna Wackerle/Corp/Enron@Enron, Deryle Harsell/GPGFIN/Enron@ENRON, Tina
Salinas/Corp/Enron@ENRON, Anna Salazar/Corp/Enron@ENRON, Robert
Price/HR/Corp/Enron@ENRON, Dorina Garcia/Corp/Enron@Enron, Barbara G
Hall/NA/Enron@Enron, Carolyn Shaw/GPGFIN/Enron@ENRON, Winnie
Ngai/GPGFIN/Enron@ENRON, Linda Preston/GPGFIN/Enron@ENRON, Lessie
Marks/GPGFIN/Enron@ENRON, Claudette Daniels/GPGFIN/Enron@ENRON, Maria
Maldonado/GPGFIN/Enron@ENRON, Irma Rodriguez/NA/Enron@Enron, Sarah
Lewis/GPGFIN/Enron@ENRON, Helena Payne/GPGFIN/Enron@ENRON, Rosemary
LeBlanc/GPGFIN/Enron@ENRON, Frances Spivey/GPGFIN/Enron@ENRON, Marie
Wallace/GPGFIN/Enron@ENRON, Tammy Marcontell/GPGFIN/Enron@ENRON, Veronica
Thompson/GPGFIN/Enron@ENRON, Valeria Johnson/GPGFIN/Enron@ENRON, Elizabeth
Mothershead/GPGFIN/Enron@ENRON
cc:

Subject:FW: This could be your Christmas Gift

-----Original Message-----

" To all of my friends, I do not usually forward messages but this is
from my
good friend Sheila Coleman Bantz, (She is our Soiree Queen)."

She received this message from her friend Pearlas Sanborn who is an
attorney.....If she says that this will work - it WILL work. After all,
what have you got to loose?

Anna V

SORRY EVERYBODY.....JUST HAD TO TAKE THE CHANCE!!!

I'm an attorney, and I know the law. This thing is for real.
Rest assured AOL and Intel will follow through with their promises for
fear of facing a multimillion dollar class action suit similar to the
one filed by PepsiCo against General Electric not too long ago.

We're not going to help them out with their e-mail beta test without
getting
a little something for our time.

My brother's girlfriend got in on this a few months ago. When I went to
visit him for the Baylor!/UT game. She showed me her check. It was for
the sum of $4,324.44 and was stamped "Paid In Full". Like I said before,
I know the law, and this is for
real.

If you don't believe me you can email her at ( jpiltman@baylor.edu .)
She's eager to answer any questions you guys might have.

Intel and AOL are now discussing a merger which would make them
the largest Internet company and in an effort make sure that AOL
remains the most widely used program, Intel and AOL are running an
e-mail
beta test.

When you forward this e-mail to friends, Intel can and will
track it(if you are a Microsoft Windows user) for a two week time
period.

For every person that you forward this e-mail to,
Microsoft will pay you $203.15.

For every person that you sent it to that forwards it on,
Microsoft will pay you $156.29

and for every third person that receives it,
you will be paid $17.65.

Within two weeks, Intel will contact you for your address and then
send you a check. I thought this was a scam myself, but a
friend of my good friend's Aunt Patricia, who works at Intel actually
got
a check of
$4,543.23 by forwarding this e-mail.

Try it, what have you got to lose????


Here is the latest presentation we have on the structure of our deal.  If you
have any questions please call Don Black at (713) 853-4750. Thanks
Ben


Any GCP adjustments will be highlighted in blue.

        Best Rgds.

        Samuel x3-9890
        Enron Net Works _ Global Counterparty Team

 -----Original Message-----
From:  Tom Moran
Sent: Tuesday, May  15, 2001 8:58 PM
To: Karen Lambert; Tana Jones; Samuel Schott; Mark A Taylor; Brant Reves;
Debbie R Brackett; David Hardy; Lesli Campbell; Cynthia Clark; Enron Europe
Global CounterParty; Stephanie Sever; Tom Moran; Claudia Clark; William S
Bradford; Lisa Lees; Juana Fayett; Jana Morse; Trang Le; Paul Maley; Sonya
Clarke; Tim Davies; Karen O'Day; Tanya Rohauer; Kelly Lombardi; Brian
Lindsay; EOL Call Center; Bill D Hare; Amy Heffernan; Molly LaFuze; Danny
Clark; Stephanie Panus; Teresa Mandola; Bill Kyle; Amber Ebow; Wendi Lebrocq
Subject: EOL Approvals: 05-15-01

Please see attached

 << File: EOL 05-15-01.xls >>
Regards,
Tom Moran
3-3017


I know her husband.  I prefer to fill any future openings with trading track
personnel.  However I would talk to her.

Louise Kitchen
04/02/2001 03:15 PM
To: Hunter S Shively/HOU/ECT@ECT
cc:
Subject:

Dan McCarty stopped me today and said that he is looking at bringing down an
employee from Omaha who has a wife at Tenaska - Lori Neubauer - who would
need a job.  Ever heard of her - any interest in talking to her?


This will confirm our understanding that provided you clear any potential
counterparty with the ETS Credit Department, it will not be necessary to get
clearance for such counterparty from the Legal Department. As we discussed
today, we will appreciate your continuing to include Legal on the notices of
new potential counterparties.


I no longer need to receive Hyperion updates.

Thank you,
Robin


Attached is my summary of requests for rehearing that have been filed in the various Southeastern RTO proceedings.
If you would like more information, let me know.

Susan Lindberg
x30596


Yes, you have initialed and Carl Tricoli has signed.  I'll walk them over to
Marisa this morning (with the original Certificate of Incumbency) if you want
me to.  Or, on the other hand, I can Federal Express to Tremaine Wright if
you would rather.

Additionally, Marisa gave me a copy of the closing list highlighting things
we are responsible for (I'll take care of the Corporate stuff).  Also,
yesterday I sent her executed copies of the LLC Agreement and Consents that
are (or should be in) in the Minute Book for Merchant Energy Ventures.  I
think she will probably have to change some of the drafts of the corporate
docs she sent to us yesterday once she reads the LLC Agreement.

K-

 -----Original Message-----
From:  Mann, Kay
Sent: Thursday, May 31, 2001 5:21 PM
To: Carnahan, Kathleen
Subject: FW: ESCROW AGREEMENT

Have I signed this yet?
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/31/2001 05:18
PM ---------------------------

"Reuter, Marisa" <MReuter@KSLAW.com> on 05/31/2001 04:12:56 PM
To: "'Kay.mann@enron.com'" <Kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: FW: ESCROW AGREEMENT

Kay:

The Escrow Agreement that is attached appears to be in final form and
contains all of the changes that we requested.  As a result, will you
overnight the sig pages and the incumbency certificate to Tremaine Wright?
If you prefer, you can courier the documents to my attention, and I can
coordinate getting them to Paul Hastings.  Tremaine needs 3 sig pages and 1
incumbency certificate.  Thanks.

Regards,

Marisa

-----Original Message-----
From: Wright, Tremaine S. [mailto:TremaineWright@paulhastings.com]
Sent: Thursday, May 31, 2001 3:53 PM
To: 'mreuter@kslaw.com'; 'estelle.a.lawrence@citi.com'
Subject: ESCROW AGREEMENT

"paulhastings.com" made the following annotations on 05/31/01 16:52:42
----------------------------------------------------------------------------
--
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

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

============================================================================
==
"The information transmitted is intended only for the person or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received this in error, please contact the sender and delete the
material from all computers."

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

                    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.

Content-Transfer-Encoding: 7bit
To:
Subject:
Date: Thu, 31 May 2001 17:15:34 -0400
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: multipart/mixed ;
boundary="----_=_NextPart_002_01C0EA16.7657F5B0"

 - ATT43428.txt << File: ATT43428.txt >>
 - ATT43429.htm << File: ATT43429.htm >>
 - 757N05!.DOC << File: 757N05!.DOC >>


Adding to Kristin's update, here's the summary of a meeting that just occured with Assembly leadership staff and industry on the Assembly's latest version of an "Edison MOU":

The Speaker's staffer said that if he had to bet at this time, he would bet that the Assembly would not convene on Friday.
He also said that, if it doesn't happen on Friday, nothing will happen until they get back from recess on the 20th of August.
The Assembly will let folks know by tonight or first thing tomorrow whether they intend to move forward with a vote on Friday or recess.
From the most recent proposal released today by the Assembly leadership, it appears that the centrist Democrats are prevailing.  The proposal:
Retains Direct Access (though they said that they are continuing to be pressured by the Treasurer, who wants DA suspended due to the bond issuance)
Places 80% of Edison's past debt with large customers (leaving 20% with small customers, which business customers or strenuously opposing).
Eliminates all references to any purchase, or option to purchase, Edison's transmission. (They said there simply ain't the votes to buy, or consider buying, Edison's transmission in the Assembly)
Maintains the Senate provision, which would pay the banks, pay the QFs, but place with Edison the risk of figuring out how to pay the $1billion owed to suppliers. (Even the munis are begining to complain about those provisions.)
Creates a tradeable, renewable portfolio standard (conceptually similar to the one created in Texas).
The new bill is created by 1) amending SB78 and 2) gutting a different bill passed from the Senate to the Assembly, SB39, and replacing it with the new version of 82XX.  The two would go together to create the Assembly's newest proposal.
If this bill gets voted out of the Assembly, it will likely have a difficult time getting the votes necessary to pass in the Senate, since the Senate has considered and rejected several provisions currently included in the Assembly version.
Will report back on whether the Assembly's going forward or adjourning for recess as soon as we hear.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 07/25/2001 06:26 PM -----

	Kristin Walsh/ENRON@enronXgate 07/25/2001 04:30 PM 	   To: John J Lavorato/ENRON@enronXgate, Louise Kitchen/ENRON@enronXgate, David W Delainey/HOU/EES@EES  cc: Christopher F Calger/ENRON@enronXgate, Christian Yoder/ENRON@enronXgate, Steve C Hall/ENRON@enronXgate, Mike Swerzbin/ENRON@enronXgate, Phillip K Allen/ENRON@enronXgate, Jeff Dasovich/NA/Enron@Enron, Chris Gaskill/ENRON@enronXgate, Mike Grigsby/ENRON@enronXgate, Tim Heizenrader/ENRON@enronXgate, Vince J Kaminski/ENRON@enronXgate, Steven J Kean/ENRON@enronXgate, Rob Milnthorp/ENRON@enronXgate, Kevin M Presto/ENRON@enronXgate, Claudio Ribeiro/ENRON@enronXgate, Richard Shapiro/ENRON@enronXgate, James D Steffes/ENRON@enronXgate, Mark Tawney/ENRON@enronXgate, Scott Tholan/ENRON@enronXgate, Britt Whitman/ENRON@enronXgate, Lloyd Will/ENRON@enronXgate, Alan Comnes/ENRON@enronXgate, Rogers Herndon/ENRON@enronXgate, James W Lewis/HOU/EES@EES, Don Black/HOU/EES@EES, Kelly Holman/ENRON@enronXgate, Mark Dana Davis/HOU/ECT@ECT, Fletcher J Sturm/ENRON@enronXgate, Doug Gilbert-Smith/ENRON@enronXgate, Richard B Sanders/Enron@enronXgate, Andrew Edison/ENRON@enronXgate, Kelly Holman/ENRON@enronXgate, Nancy Turner/ENRON@enronXgate, Tim Belden/ENRON@enronXgate, John Brindle/ENRON@enronXgate, David Cromley/ENRON@enronXgate  Subject: California Update 7/25/01 p.3

Details are still rough and the situation is very fluid, but here is what is currently going on:

Senators Hertzberg and Keeley are amending both SB 78XX and AB 82XX.  Upon an initial read, it appears that they are doing the following:
?	AB 82XX has been gutted except for the direct access provisions and the renewables portfolio.  (The core/non-core business provisions, the transmission asset purchase, etc. all appear to have been deleted.)  Both of these provisions that have been left in the bill were seen as positive by members last week when the bill was first debated.
?	It appears amendments have been made to SB 78XX but the extent of these changes are not yet known.
?	At the beginning of both amended bills, it states, "As proposed to be amended into SB_XX."   This means that amendments to SB 78 could be incorporated into AB 82, and vice versa.  Another possibility is an entirely new bill.


TOP 10 WAYS TO BE THE FUNNIEST GUY IN YOUR OFFICE

10. Keep telling the same person they have bad breath
      even if they don't, and then punch them in the face.

  9. Announce in a meeting that you have AIDS. After
      everyone gives you the sympathy remarks, tell everyone
      you were kidding and call them a bunch of queers.

  8. Before a meeting, fill your mouth with custard. In the
     meeting pretend you're hocking up a loogie, spit it into
      a glass and hand it to the person next to you and say
      "BEAT THAT!"

  7. Inform a male co-worker that he would make a good
      hooker, then piss in his coffee and tell him he needs a
      good ass fucking.

   6. Always walk around with a big smile and keep one hand
       down the front of your pants.

   5. Answer every question with " Fucked if I know...",
       then call the person a racial slur that doesn't even match
       their race

   4. Brag about the fact that you carry a gun, and keep
       playing with your nuts. Get them really sweaty and go
       around shaking everyone's hand.

    3. Run down the hall with your dick out spraying piss
        everywhere yelling "It wont stop! God help me it wont
        stop!" Then when it does, look down and say, "Oh! I must have
        broke it."

     2. Ask to borrow a co-worker's expensive pen- Bring it
         to the bathroom and stick it up your ass- return it to
         the person and tell them that it smells bad and tell them to
         smell it- when they say that it smells, say "It should - - I
had it up
         my ass!"

     1. Shit on your office floor and when someone comes in
         and sees it tell them it's the fake rubber kind. When they try
         to pick it up and realize that their hand is full of real shit
- - laugh
         and embarrass him in front of everyone.


I am chuckling as I read your message.  I hope so too.  It has been a long
time coming!  Thank you for your patience.

-----Original Message-----
From: Dan.J.Hyvl@enron.com [mailto:Dan.J.Hyvl@enron.com]
Sent: Wednesday, January 24, 2001 1:59 PM
To: CWPfister@cps-satx.com
Subject: RE: FW: Enfolio Contract with CPS

(See attached file: 2001-001ctr.doc)

Christian,
     I have included the Red-line language in the contract relating to
utilization of small business concerns.  Hopefully, the next thing I see is
2 originals which have been signed by CPS.


At the request of Ed Sacks, I am also attaching a sample form of Enron Corp.
Guaranty.


Ken,

Thank you for your inquiry. I will do my best to answer your questions, but would prefer to answer your questions by phone. I feel that this will provide each of us with greater flexibility and likely will give me even more of an opportunity to answer your questions. I will usually be most available after 3 each day. You can reach me at 503-464-3730.

Thanks,
Bill

-----Original Message-----
From: Ken and Laurene McClintock [mailto:klmcclintock@home.com]
Sent: Monday, October 29, 2001 12:54 PM
To: Williams III, Bill
Subject: Information interview

Dear Mr. Williams:

I am contacting you at the suggestion of Hollie Krebs.  I would like to arrange a brief meeting in which I could obtain your expert advice and insight on your company and the industry in which you operate.

I am in the networking phase of searching for a new career opportunity.  Hollie and I discussed some aspects of her career as a marketer of utilities.  She mentioned that, with my background, your industry would be excellent to evaluate.  Hollie spoke very highly of you and your company.  She thought that I would learn a great deal from your expertise.

Please understand that I am not expecting you to know of a job opening nor am I asking you to help me find one.  I believe your guidance will help me to further develop my career strategy.  I am enclosing my resume for you to critique. Please be candid with any advice and/or ideas that you may have.

During the last eleven years, I worked as General Manager of Sunset Office Outfitters and Office Manager of Chemcentral Corporation-Portland.  The president of Sunset recruited me to help turn around his business. My primary responsibilities at Sunset Office were to correct serious personnel and financial problems, create policies and procedures to allow the company to refocus on marketing.  Chemcentral is a large, international chemical distributor.  My duties as Office Manager were to generate and analyze financial statements, manage personnel issues, create and monitor company policies and procedures.  Both companies provided great learning experiences for me.  My combined administrative and sales experience should prove very beneficial in my next position.

I realize your time is very valuable.  You mentioned that you will call me today around 3:00 p.m.  I would like to arrange a brief appointment at a time that is convenient for you.  My questions deal primarily with your education, career path and your opinion on what career(s) I should be pursuing.  I will talk to you soon and thank you for your time.

Sincerely,

Ken McClintock


Forward to whomever you see fit. It looks like an opportunity to explain
price risk management to large customers.
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/10/2001
09:21 AM ---------------------------

"Valerie Anderson" <valeriea@cbinet.com> on 05/09/2001 01:52:47 PM
To: <skean@enron.com>
cc:

Subject: Invitation to speak at September Pricing conference

Hello Mr. Kean,

In follow up to an earlier phone message I left, I am sending you the
preliminary agenda for my upcoming conference in Atlanta.  If you are not
the right person for this topic, I would appreciate suggestions for other
speakers at Enron.

Thank you!
Valerie Anderson
Conference Producer
781-939-2420

 - PricingOutline.doc


Enron's Ken Lay
Investor's Business Daily, 12/12/00
Enron CFO Sold 52,080 Company Shares In November
Dow Jones News Service, 12/12/00

Team Management Approach Improves Wachovia Funds' Rank
Dow Jones News Service, 12/12/00

Stocks mixed Tuesday as investors wary about earnings, election
Associated Press Newswires, 12/12/00

Leaders & Success
Tuesday, December 12, 2000
Enron's Ken Lay
Focus On Finding The Best People Helps Keep His Energy Company At The Top
By David Saito-Chung
Investor's Business Daily
Many good chief executives put large amounts of trust in their employees. But
few go as far as Houston-based Enron Corp.'s Ken Lay.
Louise Kitchen, the top natural gas trader at the energy marketer's London
office, had an idea: Rather than trade energy commodities over the phone, why
not do it online?
In early 1999, Kitchen and her co-workers started to build an Internet
marketplace. A few months later, the team grew to more than 300 people spread
across many countries. The project had cost millions of dollars. A possible
problem: No one had told the top brass about it yet.
Chairman and CEO Lay and President Jeff Skilling were briefed on EnronOnline
five months into the project. They saw the risks, but liked its potential and
gave the green light.
The site went live in November 1999, and growth has been nonstop. The global
platform logs on average $2.5 billion to $3 billion in transactions a day in
products ranging from natural gas supply deals to financial instruments that
let snowmobile makers hedge against warm winters. The system keeps growing
because it cuts transaction costs, improves price transparency and expands
liquidity.
Kitchen is now chief executive of Enron's networks group and a member of
Enron's Executive Committee.
"EnronOnline came from the bottom up," said Lay, 58. "There wasn't any
planning, no decision made at the top. The good news is we didn't stop it."
When Lay joined Enron as CEO in 1986, most of its revenue came from its
natural gas pipeline. Today, it continues to pioneer new markets, not only in
natural gas but also in wholesale trading, energy services and risk
management products. Sales have grown from $5.6 billion in 1991 to $40.1
billion last year. Over the same period, earnings have grown from 54 cents a
share to $1.16 a share.
How does Lay spur a strong spirit of innovation inside a global company of
18,000 employees? He tries to get the best talent around the world.
In 1990, Enron formed the associate analyst pool to attract new MBAs from top
business schools, going head-to-head against big banks and consulting firms.
But Enron was the only energy firm with such a program.
The strategy has worked. When Greg Whalley came across Enron's job posting at
Stanford Business School back in 1992, he did a double take. How could a gas
pipeline firm, he thought, offer such opportunities? Recruiters told him he
would have the chance to begin a new business within the company.
After several interviews, he landed in Houston with 10 other analysts. There,
he rotated from the finance group to derivatives marketing and finally to the
gas trading floor.
"It was an interesting place to be ) in a company that's ready to recognize
and promote people that (are) brought in at relatively junior levels,"
Whalley said. At 38, he's now president and chief operating officer of Enron
Wholesale Services, a major profit center.
Despite the tight labor market, the associate analyst program now brings in
300 to 400 new MBAs every year. Enron has also achieved an employee attrition
rate of just 4% the past few years.
"Getting the best and brightest people is in fact the key to any successful
company," Lay said. "It's a matter of creating a culture where they feel like
they do have a lot of authority and flexibility in how they do their jobs, as
long as they do them well. I also think bright, creative people like to be
around bright, creative people."
Lay's success also stems from his belief in the power of markets. When the
Missouri native went to work as an economist at the Federal Energy Regulatory
Commission in the 1970s, he battled against a system that fixed prices at
artificially high levels and restricted pipelines from sending natural gas to
places that actually needed it.
At Transco Energy Co. in the 1980s, he helped pioneer the spot market for
natural gas.
As the natural gas industry began to deregulate in the 1980s, prices fell
fast. But Lay and Skilling took advantage of the changes by creating a
wholesale market to buy and sell natural gas across the nation's pipeline
network.
Lay expects co-workers to do the same in other markets. To spread the
message, every elevator inside Enron's office tower has TV screens that
stream announcements, live news and slogans to encourage employees, such as:
"Join the fight against innovation's greatest obstacle: SILENCE."
"Your name doesn't have to be Catherine or Alexander to achieve greatness."
"EVERYONE is the next CEO until proven otherwise."
Many have taken the words to heart. David Cox, who once worked in the office
basement as a $5-an-hour graphics clerk, developed a financial product so
that newspaper publishers could hedge against volatile paper prices. It's now
a multi-billion-dollar market. Another employee pioneered a market for
utilities to trade pollution rights.
But when a team fails on a new project, Lay avoids punishment. Instead, he
dares team members to try again and again until they succeed.
In 1997, Enron bought Portland, Ore.-based power distributor Portland General
Electric in hopes of selling power to residential customers in the
deregulated California market. But the Enron Energy Services team's strategy
didn't work, and Enron has put PGE up for sale, a move Lay admitted was
highly embarrassing.
No one got fired. Lay asked team members to apply their strategy to something
else.
The team worked on selling power to manufacturers and commercial firms. It
also came up with an idea to promise customers lower energy costs by
providing a 100% outsourcing service. Enron would be willing to buy a
company's energy assets, absorb employees and make new investments. The
strategy worked. Today, the energy-outsourcing concept produces the majority
of Enron's new contracts.
"(Energy Services) took what was initially a strategy that failed and turned
it into a different strategy which succeeded, which led to still a different
strategy that appears to be just a great success," Lay said.

Enron CFO Sold 52,080 Company Shares In November

12/12/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

WASHINGTON -(Dow Jones)- Enron Corp. (ENE) Executive Vice President and Chief
Financial Officer Andrew S. Fastow sold a total of 52,080 shares of the
company's common stock last month, according to a Form 4 released by the
Securities and Exchange Commission.
Fastow sold the shares from Nov. 1 to Nov. 7 for $83 a share. At the end of
the month he directly held 29,336 shares and indirectly held a total of
9,123.46 shares.
Enron's shares recently traded at $77.13 a share.
Houston-based Enron is a utilities and communications company.
-By Marc A. Wojno; Federal Filings Business News; 202-628-9792

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

Team Management Approach Improves Wachovia Funds' Rank
By Christiane Bird
Of DOW JONES NEWSWIRES

12/12/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Switching to a team management approach has helped
Wachovia Funds outperform its peers, its managers say.
In 1997, the company's flagship fund, the large-cap Wachovia Equity Fund,
returned 25.1% - a respectable enough number, but in that high-flying year it
placed the fund in only the 74th percentile among its peers, according to
Morningstar Inc.
This year, although the fund has returned a mere 1.72% through Dec. 11, it
has risen into the 19th percentile slot.
Chalk up the improvement, the company says, to a switch from the traditional
senior manager/junior analyst portfolio structure to one in which managers
and analysts work together on an equal footing in cooperative teams.
"Our 1997 performance was not superlative and so we took a look at our core
equity product, and found that there was just too much information for one
manager to get his mind around," said Timothy Swanson, head of equities for
Wachovia Funds. "The fruit that came out of that was a new management
structure" instituted in mid-1998.
The Wachovia fund now uses a six-team system, with each team covering one
segment of the market -- technology, finance, industrials, health care,
resources-oriented companies and consumer staples and telecommunications. The
teams work primarily on the Wachovia Equity Fund, but their research is
applied to the company's nine other equity funds as well.
Coordinating the teams is Swanson, and overseeing all the Wachovia funds is
Steven Reynolds, the company's chief investment officer.
"They've clearly been doing something right -- they've been in the right
places," said Catherine Hickey, an analyst at Morningstar, who follows the
Wachovia Balanced Fund and the Wachovia Special Values Fund. Both funds were
up in 1998 and 1999, she noted, but are not performing so well this year.
Wachovia's new structure allows managers and analysts to develop greater
expertise in their respective sectors and come up with better ideas, its
managers claim. "The stock selection process is where this structure has its
competitive edge," said Swanson.
The team approach also works well in different types of markets, he noted.
Last year, when technology stocks were skyrocketing, the fund returned
26.15%, placing it in the 21st percentile among its peers, according to
Morningstar. And in this year's volatile marketplace, the fund has done well
because it no longer relies on just one manager. "It's as if we have six
different funds," Swanson said. "Over time, each team plays a hot hand and we
have more hot hands than any one manager could."
To develop its six teams, Wachovia used existing personnel but made its
overall organization more sector-focused. There was some resistance among
various managers and analysts at first, but "almost out of the starting gate
we saw a meaningful improvement in performance," Reynolds said.
When looking at companies, the Wachovia teams take a bottom-up approach. They
seek out firms that are in the top half of their respective sector and pull
back if the company falls into the bottom half.
Since adopting its new management structure, the number of names in the
Wachovia fund has dropped to about 75 from 110, while the turnover rate has
dropped to 40% from between 50% to 60%. "The reason for both those drops is
strength of conviction of stock choices," said Swanson.
One company that has performed especially well for the fund this year is the
network-data-storage firm Network Appliance Inc. (NTAP). Wachovia bought
Network Appliance back in mid-1999 when it was trading in the low teens, saw
it rise to $152 and then fall back to $50 after the Nasdaq correction. The
fund sold off some of its position at about $100 when the stock was on the
way up, but still holds the company, which is now trading at about $90.
Other companies that have performed well for the fund this year include the
computer-networking firm Cisco Systems Inc. (CSCO), the drugstore company CVS
Corp. (CVS) and utility firms Duke Energy Corp. (DUK) and Enron Corp. (ENE).
The Wachovia fund bought Enron in August 1998 at about $26 and now holds it
in a 1.3% position, with the stock trading at $82.
One company that did not perform so well for Wachovia is the consumer
electronics retailer Circuit City Stores Inc. (CC). The fund bought Circuit
City for $44 in January at a 0.3% position and gradually increased that
position to 1.2%, before selling off the stock in September for $26.
Wachovia plans to introduce two new funds, the Wachovia New Horizons Fund and
the Blue Chip Value Fund, on Dec. 20. The two new funds will also utilize the
team-management system.
Wachovia Funds is a unit of Wachovia Asset Management, Alexandria, Va.
-By Christiane Bird, Dow Jones Newswires; 201-938-2046;
christiane.bird@dowjones.com

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

Stocks mixed Tuesday as investors wary about earnings, election
By AMY BALDWIN
AP Business Writer

12/12/2000
Associated Press Newswires
Copyright 2000. The Associated Press. All Rights Reserved.

NEW YORK (AP) - Stocks were mixed Tuesday as anxiety about high-tech earnings
and the election deadlock resurfaced on Wall Street.
Technology issues rose smartly late last week after Federal Reserve Chairman
Alan Greenspan said he was inclined to lower interest rates early next year.
High-techs also advanced Monday, but investors are too worried about poor
earnings to extend the rally, analysts said.
"There was some initial euphoria in the wake of Alan Greenspan's clear
message that he is poised to rescue the economy if it heads toward recession,
but there are still some concerns especially in the chip sector that earnings
will be disappointing," said Alan Skrainka, chief market strategist for A.G.
Edwards & Sons Inc. in St. Louis. "So we are seeing a shift to some of the
defensive, more stable stocks."
The Dow Jones industrial average rose 92.91 to 10,818.71.
Broader indicators were lower. The Nasdaq composite index was down 39.82 at
2,975.28, and the Standard & Poor's 500 index was off 2.84 at 1,377.36.
"Some people feel that 3,000 in the Nasdaq is an important level. So, we are
seeing some profit taking," Skrainka said. "Clearly, the short-term is
dominated by worries about the political situation and fourth-quarter
earnings."
Investors awaited a decision expected later in the day from the U.S. Supreme
Court on whether to allow Florida to recount its election ballots to
determine whether Vice President Al Gore or Texas Gov. George W. Bush will be
president.
Wall Street considered the protracted political uncertainty as a reason to
sell tech stocks and retreat to blue chips.
Chip makers were mixed after Advanced Micro Devices warned Monday that weak
demand for personal computers would lead to lower-than-expected
fourth-quarter earnings. AMD inched up 25 cents to trade at $17.56, but
Intel, which issued a similar warning last week, tumbled $2.38 to $35.06.
Microsoft slid $2.19 to $55.88. Network equipment maker Cisco fell 50 cents
to $54.31.
The Dow saw big price changes and heavy trading in two of its most well-known
components.
General Electric was significantly lower despite an upbeat outlook delivered
Monday by CEO Jack Welch to analysts. GE, which also announced it will take a
$4 billion charge for its acquisition of Honeywell, fell $1.38 to $53.94.
But General Motors rose $2.13 to $53.69 after the automaker announced it will
phase out its Oldsmobile division.
So-called defensive buys traded higher. Banker J.P. Morgan soared $3.19 to
$159.94, and drug maker Johnson & Johnson rose $1.25 to $96.88.
Energy stocks were mixed after industry economists told the Senate that
natural gas and heating-oil prices will be high this winter. They cited
soaring demand, low inventories and forecast for colder weather. Enron was
down 81 cents at $75.69, but Exxon Mobile was up 63 cents at $86.38.
The Russell 2000 index was down 3.84 at 483.39.
Declining issues outnumbered advancers 4 to 3 on the New York Stock Exchange
where volume was 493.10 million shares, down from Monday's 522.67 million.
---
On the Net:
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com

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


Team:

Please find final schedule for December 2001.

Seung-Taek


Lorraine,

Laura has re-invoiced PNM and we should be in agreement now.

Thanks,

Paul

 -----Original Message-----
From: 	Giambrone, Laura
Sent:	Friday, November 16, 2001 12:11 PM
To:	Buehler, Craig; Lohman, TK
Cc:	Y'Barbo, Paul
Subject:	RE: 1-part Rate Problem w/ PMN K# 27606

These invoices have been corrected and fax'd to customer.
Laura
 -----Original Message-----
From: 	Buehler, Craig
Sent:	Tuesday, November 13, 2001 2:35 PM
To:	Giambrone, Laura; Lohman, TK
Subject:	FW: 1-part Rate Problem w/ PMN K# 27606

Laura,

	Would you please re-path this contract/invoice so the system will pick up the 1-part flag?  Thanks!

Craig

 -----Original Message-----
From: 	Moore, Jan
Sent:	Tuesday, November 13, 2001 12:34 PM
To:	Buehler, Craig
Cc:	Brown, Elizabeth; Lee, Dennis
Subject:	RE: 1-part Rate Problem w/ PMN K# 27606

Dennis just changed the flag last week.  It should now be creating a credit for commodity.

 -----Original Message-----
From: 	Buehler, Craig
Sent:	Tuesday, November 13, 2001 11:50 AM
To:	Brown, Elizabeth; Moore, Jan
Subject:	1-part Rate Problem w/ PMN K# 27606

TK called and says PNM K# 27606 is a 1-part deal, is flagged as a 1-part in CBS but isn't creating a credit for commodity... any ideas?

Craig


The meeting referenced above has been scheduled as follows:

Date:		Friday, Feb 1st

Time:		9:00 a.m. - 10:00 a.m.

Location:	ECS 06 748

Attendees:	Louise Kitchen
		Bill Bradford
		Lisa Feld - UBS

Thanks,

Mercy
(713) 853-5082


Sounds good to me.

Tom

Kay Mann
05/18/2001 05:43 PM
To: Reagan Rorschach/Enron@EnronXGate, Tom May/Corp/Enron@Enron
cc:

Subject: RE: CA re energy management services

This look ok?  It will be presented to Dave Duran to execute Monday am unless
you suggest otherwise.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/18/2001 05:42
PM ---------------------------

"Pedigo, Doug" <DPedigo@INTERGEN.com> on 05/18/2001 01:39:24 PM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc:

Subject: RE: CA re energy management services

Thanks.? I have changed the party to the parent of the two entities in
question and put the project particulars in the introductory paragraph.?
Otherwise, all of your changes were fine.? You can go ahead and have the
agreement executed and fax or send over.

?

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Friday, May 18, 2001 1:32 PM
To: Pedigo, Doug
Subject: CA re energy management services

Doug,

Here's the revised CA.? I highlighted the changed terms.? In addition, I
deleted the prior paragraph 11 which said that the agreement supercedes a
prior CA.

I don't know if the InterGen indentity and signatory are the same,? but
obviously I left that for you to determine.? I expect that the Enron entity
which will bid will be EPMI, so I used that entity.

(See attached file: InterGen North America CA may 18.doc)

I beefed up the definition of confidential information due to the
complexity of the issues, and I added 6 months to? the term since things
won't get cranked up for a while.

I look forward to talking to you at your convenience.? Have a good weekend.

Kay

?
 - InterGen North America CA may 18.doc


Maureen,

OK.

Vince

Maureen Raymond
10/11/2000 05:39 PM
To: Vince J Kaminski/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT
cc:
Subject: Conference: Monetary Policy in the New Economy

I would like to attend the following conference:  "Monetary Policy in the New
Economy" on October 19th in Washington DC. This is the topic of an Annual
Conference on Monetary Policy.  Fed Chairman Alan Greenspan is the keynote
speaker.   Also, former Fed Vice Chairman Manuel Johnson and many  prominent
monetary economists will be attending and participating in the debate on U.S.
monetary policy.   The cost of the conference is $375.  While in Washington,
I could also arrange meetings with the IIF economist on our largest
investment exposures.  In addition, I could interview Mark Giancola and
possibly some other candidates from Johns Hopkins School of Advanced
International Studies for our group.

Regards,

Maureen


Anne,

Vasant sent this information to Norma. I shall fwd his message to you.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/10/2001
03:02 PM ---------------------------

Stinson Gibner
04/10/2001 02:57 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Sevil Yamin

Vince,

Do you want me to do this, or Vasant?

--Stinson

---------------------- Forwarded by Stinson Gibner/HOU/ECT on 04/10/2001
02:57 PM ---------------------------
From: Anne Labbe/ENRON@enronXgate on 04/06/2001 09:57 AM
To: Stinson Gibner/HOU/ECT@ECT
cc:
Subject: Sevil Yamin

Stinson,

I am the new HR generalist for the research group because Norma Villarreal is
moving to Business Analysis and Reporting.  Earlier this week, Norma and I
met with Vince, and he said that he was going to talk to you about writing up
a list of Sevil's projects/ accomplishments for last year and this year, so
that we can give her a project bonus since she did not receive a bonus during
the normal PRC time.  At your earliest convenience, will you please email me
this list so that I can get started putting together all of the paperwork so
that she can receive a check on April 16th.

If you have any questions, please feel free to contact me at 5-7809. I look
forward to meeting you, and the rest of the group next week at Vince's staff
meeting.

Thanks,
Anne Labbe'


Hi Vince and Happy New Year
Good to hear from you and I can understand being busy. I am myself trying to
balance my commitments here.

Like any research consortium Pserc is trying to provide value to its members
while walking the fine line between cooperation and competition. We are
definitely not in the business of providing proprietary research to the
members but rather working on more generic areas that later individual
members could see way to convert to proprietary tools. The work that Shijie
Deng and Rajnish Kamat have been doing with me are good examples.

As to my trip, thanks for the invitation but I already committed myself to
get back Friday night so I will save my visit for another time.

I will tell my son about the spring interviews at Cornell. Hopefully this
time he will not miss it.

Regards, Shmuel

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <oren@queue.IEOR.Berkeley.EDU>
Cc: <Vince.J.Kaminski@enron.com>
Sent: Monday, January 08, 2001 1:40 PM
Subject: Re: Fw: PSERC nuggets related to market Stem

>
> Hello Shmuel,
>
> Thanks for your message. The end of 2000 and the beginning of 2001 were
> extremely busy
> and I could not focus on PSERC issues. I shall consult a few people in
> Enron on this subject and get in
> touch with you. Our concern right now is that the results of research are
> widely shared with
> our competition.
>
> I am out on the 19th, but the 20th would work for me. I would be glad to
> cover the cost of your Austin
> to Houston trip.
>
> Regarding your son. The Analyst / Associate program will interview again
on
> the campus
> in the spring and they will be more than happy to interview him.
>
>
>
>
>
> "Shmuel Oren" <oren@ieor.berkeley.edu> on 12/19/2000 01:40:02 PM
>
> To:   <vkamins@ect.enron.com>
> cc:   "Dennis Ray" <djray@engr.wisc.edu>, <Lance.Cunningham@enron.com>,
>       <Alex.Huang@enron.com>
> Subject:  Fw: PSERC nuggets related to market Stem
>
>
> Hello Vince
> Happy Holidays.
> I wanted to connect with you regarding the possibility of Enron Joining
> PSERC. As you might have heard from Lance and Alex we are going through a
> transition period having doubled the number of universities and industry
> members within the last year. Consequently, our business processes are not
> well developed. One of the problems we are facing is the balance between
> the
> electrical engineering folks and industry members that are more interested
> in market related research. I hope to recruit more of the later so tat we
> have more of a constituency in the Advisory Board  that sees the value of
> market related research. I already have a verbal commitment from people at
> Electrabell that expressed interest in joining PSERC. With members like
> Electrabell and Enron we will be able to support more market Stem projects
> such as the one that Shijie Deng proposed (not funded in this round).
> Please
> let me know if I can do anything to facilitate the decision at Enron. I am
> going to be in Austin on January 19 to participate at a PUCT hearing and
> could come through Huston for a visit. Attached are some items that I
> shared
> with our PSERC members and thought that you might be interested in them as
> well.
> Regards, Shmuel.
>
> ----- Original Message -----
> From: "Shmuel Oren" <oren@ieor.berkeley.edu>
> To: "Power Systems Engineering Research Center" <PSERC-L@cornell.edu>
> Sent: Tuesday, December 19, 2000 9:47 AM
> Subject: Re: PSERC nuggets related to market Stem
>
>
> > The following are 3 items that demonstrate the impact of PSERC research
> in
> > the market stem area.
> >
> > 1. On December 12,  I (Shmuel Oren) testified at a hearing in San
> Francisco
> > before the Blue Ribbon Panel (chaired by Alfred Kahn) for the that is
> > investigating the implications of Uniform Price vs. Pay as Bid Auctions
> in
> > the California PX . As part of my testimony I presented a movie produced
> by
> > Tim Mount and Bob Thomas that show results of an experimental economic
> study
> > showing how bidders respond by raising their bids in a pay as bid
> auction.
> > Following is an acknowledgement I received.
> >
> > Dear Shmuel:
> >
> >
> > Thank you for attending the Blue Ribbon Panel this past Tuesday in San
> > Francisco.  Your presentation was very informative and valuable to all
> the
> > panel members and other participants.  The Panel greatly appreciates
your
> > involvement in this important project.
> >
> >
> > Thanks again,
> > Natalie Efland
> >
> >
> > 2. A recent E-mail from the Texas PUC
> >
> > Professor Oren, I hope you and your family are doing well.  We are
> seriously
> > considering your help and advice to facilitate the Commission's final
> > decision regarding retail competition in ERCOT.
> >
> >  I wanted to let you know that ERCOT Stakeholders filled an Application
> for
> > Approval of the ERCOT Protocols in November.  We received Comments
> including
> > List of Issues on November 22 and Reply Comments on December 1.  Staff
> will
> > draft and submit a Preliminary Order to the Commissioners for their
> > discussion on December 13.  There will be a Pre-hearing on December 15
> when
> > parties will be asked to brief the Commission on list of issues by the
> end
> > of first week in January.  There will be a Hearing on January 16
followed
> > with another Hearing if needed.  Parties have asked the Commission to
> > finalize its decision by mid March.
> >
> > To give you some more background, I have to mention that almost most of
> your
> > suggestions were accepted and will be reflected in the final Protocols,
> > except for problems with intra-zonal gaming regarding congestion
> management
> > and Pay-As-Bid compensation for selected ancillary services.  A few
> > additional concerns are raised regarding ancillary services and
> congestion
> > management.  Stakeholders are still working toward more load
> participation
> > in ERCOT market.  However, the main problem is the fact that market
> (pilot
> > that covers 100% of wholesale, but only 5% of retail load) will be open
> on
> > June 1, 2001 based on a version of the Protocols locked on August 1,
> 2000.
> > (That was the deadline for ERCOT to give a final design to Anderson
> > Consulting.)  That version does not include some of your recommendations
> to
> > address market design flaws.  The full version is highly possible to be
> > implemented by January 1, 2002 when market for 100% retail competition
is
> > scheduled to open.  Given this gap, some parties have recommended not to
> > implement incomplete Protocols and wait for full implementation by
> January
> > 2002.  In other words, they say let's go ahead with 5% pilot retail
load,
> > but wait for full design implementation before allowing 100% wholesale
> load
> > (and retail load) be subject to the rules of the game described in the
> final
> > Protocols.
> >
> > Thanks.
> >
> > Parviz Adib, Ph. D.
> > Director of Market Oversight Division
> > Public Utility Commission of Texas
> > 1701 N. Congress Avenue
> > P.O. Box 13326
> > Austin, Texas 78711-3326
> > Ph. No.: 512-936-7365
> >
> > 3. The following is a segment from a published summary of the Dec 13
PUCT
> > hearing. This segment describes the commision's deliberation on an
agenda
> > item addressing the possibility of instituting price caps as part of the
> > ERCOT protocols. (see reference to my involvement in the next to last
> > paragraph)
> >
> >   Docket No. 23220 - Petition of the Electric Reliability Council of
> Texas
> > for Approval of the ERCOT Protocols.  (Discussion and possible action)
> > Parviz Adib, Jess Totten, Keith Rogas, and Tammy Cooper
> > Chairman Wood turned to page 2 item number 3 of the draft order
> identifying
> > issues, recommending that the word "including" be changed to "other
than"
> in
> > the parentheses.  He thinks they know the ups and downs of the two
> > mechanisms, which are bid caps and price caps, but would not mind having
> > parties focus on what other protections might be used.  Commissioner
> Walsh
> > would say "including, but not limited to" because she does not think it
> is
> a
> > bad idea for ERCOT to at least consider in their protocols a fail-safe
> > mechanism.  It's kind of like the stock market suspending trading when
> > something crazy happens.  They could consider a maximum scenario, such
as
> > "we don't think this will ever happen but if it does we need to muffle
> it",
> > whether it is $1,000 or $99 or whatever it is.  They could consider
> whether
> > to put into the protocols a self-enacting price cap.  While not
expecting
> it
> > to happen, if it did, you don't have to declare it an emergency and have
> the
> > Commission have to act.  Chairman Wood asked if they could leave the
> > question without the parenthetical at all and just say "what protections
> > should be added to avoid extreme price spikes."  Commissioner Walsh
> > reiterated that she wants ERCOT to think about the unlikely possibility
> of
> > unacceptable price spikes.  She would like for them to have their own
> > fail-safe mechanism that is self-initiating as opposed to leaving that
to
> > having someone have to come in and act.  Commissioner Perlman stated
that
> he
> > thinks the California-type price caps is what the concern is about.  He
> > thinks everyone in this state is opposed to those, but he thinks the
> point
> > Commissioner Walsh is making is an interesting one.  He had not thought
> > about the circuit breaker idea, and it might have some merit.  He agreed
> > that it was worth considering something like that.  Then the question
> > becomes what the level is.  Chairman Wood suggested the wording "what
> > self-implementing protections should be added to avoid the price spikes.
> > Commissioner Perlman said he did not think anyone is talking about $250
> > price caps.  Commissioner Walsh agreed, but noted that if the unexpected
> > happens we should be prepared.  Commissioner Perlman indicated that if
> > someone is making $10,000 in one particular hour that it probably does
> not
> b
> > enefit the market and is probably a windfall to them.  It is not
> something
> > they would normally put in their business plan for determining whether
> they
> > are going to build a plant in Texas.  Chairman Wood stated that they
want
> to
> > lean toward the market as heavily as they can on these issues.
> >
> > Chairman Wood noted that some of these issues date back to when Dr. Oren
> was
> > assisting the Commission, and asked if he could be brought back again.
> > Staffer Dr. Parviz Adib said that staff had already talked to Dr. Oren
> and
> > that he is available to assist the Commission further.  Chairman Wood
> noted
> > that Dr. Oren had helped people think outside the box without just
> focusing
> > on California.
> >
> > The final wording was clarified to state "self-implementing mechanisms"
> and
> > to delete the parenthetical part of the sentence in question.  The order
> was
> > approved as amended.
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
>
>
>
>
>
>


The following reports have been waiting for your approval for more than 4 days.  Please review.

Owner: Lorraine Lindberg
Report Name: May-Aug01
Days In Mgr. Queue: 18


Brenda,
Vickie is our new Tenn transport person.  Please give her our most recent set
of Tenn invoices to look at.

Thanks.


Dear Mr. Kean,

We are excited to announce the formation of the Emery Financial Group of
First Union Securities. Effective this morning, based on a wide array of
issues, we have resigned from UBS PaineWebber. We have a strong desire to
continue the relationship that we have established with you. We are currently
in the process of contacting you by phone. Please feel free to contact us at
your convenience to discuss why we feel that this change will provide a
mutual benefit for both yourself, and to the Emery Financial Group in terms
of the service it will allow us to provide for you. Following is a list of
our new phone numbers:

Rocky Emery:713-853-2401
Pat Dowd: 713-853-2403
Hank Emery: 713-853-2407
Toby Pullig: 713-853-2383
Vince Weir: 713-853-2384
Julie Haviland: 713-853-2386
Caye Taylor: 713-853-2366
Ana Hilario: 713-853-2385

We look forward to hearing from you!

Sincerely,

The Emery Financial Group:


We have the data
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Thanks Leslie. I will assume that the Index and Poduct Type descriptions do
not require any further Legal review.

Eric - Please see the attached changes. Since we are making changes to the
Product Type description, I will need to put a ticker item on the website
alerting our customers of the change. This will be done Monday morning so
customers will see the new ticker item when they sign on. Also, ISO NY has
been tested - so we can release that on Monday as well. I need one more piece
of information for the PJM Index in order to be able to TEST that Index - and
will make every effort to get that done today and have PJM ready to go as
well.

Leslie Hansen
06/15/2000 03:50 PM
To: Dale Neuner/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, Eric
Saibi/Corp/Enron@ENRON
Subject: Re: PJM Prices US East Power Swap

Dale:

Please see my revisions to the PJM Index below.

The Floating Price during a Determination Period shall be the average of the
hourly prices listed in the Index (in final, not estimate, form) for
electricity delivered during Peak hours on each Delivery Day during the
applicable Determination Period.  The Floating Price for each Determination
Period shall be calculated utilizing the hourly clearing prices published by
PJM Interconnection, LLC on its official web site currently located at
http://www.pjm.com/pub/account/lmp/index.html
ftp://www.pjm.com/pub/account/lmp/index.html, or any successor thereto, under
the headings "PJM - Locational Marginal Pricing Files; Western Hub"  (the
"Index").

Please note that we need to change the Pwr Fin Swap description to revise the
payment terms.  Sara and I have met and discussed this issue with the
relevant folks in great detail and determined that the current language is
not reflected in reality.  We also need to change the index definition for
the ISO NE index to delete the reference to "in final, not estimate, form".
Attached please find the revised long product descriptions for both ISO NE
and the NYISO.

Call me in the morning to discuss.  I have a meeting at 10, so try me before
that time if you get a chance.

Leslie

	Dale Neuner
	06/14/2000 08:24 AM

		 To: Leslie Hansen/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Eric
Saibi/Corp/Enron@ENRON
		 cc: Kenny Ha/HOU/ECT@ECT, Jennifer deBoisblanc Denny/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT
		 Subject: Re: PJM Prices US East Power Swap

Legal/Commercial:

Here is my suggestion for the PJM Index. I will use a PJM Peak Loadshape that
mirrors the ISO NE and ISO NY Loadshape.

Kenny; et al:

Please map in TEST and PROD

Index:  PJM Interconnection
Abb:  PJM InterC
Sort Code:
Desc:  The Floating Price during a Determination Period shall be the average
of the hourly prices listed in the Index (in final, not estimate, form) for
electricity delivered during Peak hours on each Delivery Day during the
applicable Determination Period.  The Floating Price for each Determination
Period shall be calculated utilizing the hourly clearing prices published by
PJM Interconnection, LLC on its official web site currently located at
http://www.pjm.com/pub/account/lmp/index.html, or any successor thereto,
under the heading "PJM - Locational Marginal Pricing Files"  (the "Index").

Dale
3-9746

Eric Saibi@ENRON
06/13/2000 12:13 PM
To: Dale Neuner/HOU/ECT@ECT
cc:
Subject: PJM Prices

The appropriate address is ftp://www.pjm.com/pub/account/lmp/index.html

This is the same as going to www.pjm.com, clicking on "Market & System Data",
and then clicking on "Daily Real Time LMP Data".


----- Forwarded by Jeff Dasovich/NA/Enron on 04/12/2001 01:36 PM -----

	Peggy Mahoney@EES
	04/11/2001 11:24 PM

		 To: Mark Palmer/Corp/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron, Karen Denne/Corp/Enron@ENRON, James D
Steffes/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Janel
Guerrero/Corp/Enron@Enron, Elizabeth Ivers/NA/Enron@Enron
		 cc:
		 Subject: response to judge's ruling on UC/CSU

fyi - very few press calls today.  I suspect most will use the wire stories.
As we discussed, here is the statement we used today.


Bob,

all latest ETAs (to my knowledge) are in the T:\...\Legal Documents\ETA
folder.

Here is the list:
Austria      Norway
Belgium     Poland
Croatia      Portugal
Denmark     Romania
Finland      Singapore
France      Slovenia
Germany     Spain
Italy      Sweden
North America (one for both USA & Canada) Switzerland
Netherlands     UK

Justin/Edmund, please confirm that there were no additions to this list.
Thank you,
Elena

David Forster
17/09/99 08:43
To: Elena Kapralova/LON/ECT@ECT
cc:
Subject: ETA's

Elena,

Pls. forward your list to Bob.

Thanks,

Dave
---------------------- Forwarded by David Forster/LON/ECT on 17/09/99 08:44
---------------------------

Bob Shults
17/09/99 08:08
To: David Forster/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT
cc: Frank Davis
Subject: ETA's

What is the current count on ETA's?  What countries do we have? I want to do
another reconciliation of the counterparty list for countries.


How about sending it out from me.

 -----Original Message-----
From: 	Frausto, Ruthann
Sent:	Thursday, November 15, 2001 10:32 AM
To:	Hayslett, Rod; Daily, Pamela
Subject:	RE: Draft memo to admins

How's this?

Recently we've had a couple of mix ups regarding vacant office space and phone moves. In light of this, we'd like to help by coordinating the moves in 3AC like we've been doing in the Enron Building. We know you are all very busy, and we'll be happy to submit move requests for you, including telephone moves and reassignments.

This will also enable us to keep current on floor space billing and make sure it gets corrected when an employee moves.

Please contact Ruthann (x66538) for assistance with any moves in 3AC, and Pam (x36135) for assistance with any moves in the Enron Building. Of course, if one of us is unavailable, feel free to call the other. If an office or cubicle is vacant and you would like to put someone in it, please contact us, so we can help coordinate it and hopefully avoid confusion.

Thanks for your help.

Pam Daily and Ruthann Frausto

 -----Original Message-----
From: 	Hayslett, Rod
Sent:	Tuesday, November 13, 2001 8:51 AM
To:	Daily, Pamela; Frausto, Ruthann
Subject:	RE: Draft memo to admins

Maybe overkill, I would rather send them an email talking about the problems, and they have to let you 2 know when they going to use a space, and how they can coordinate stuff with you 2 instead of dictating.   I am little touchy right now about how to approach people, so we need to be careful.   I am open to more discussion on this, just would like to soften the tone a litlle.

 -----Original Message-----
From: 	Daily, Pamela
Sent:	Monday, November 12, 2001 6:18 PM
To:	Frausto, Ruthann
Cc:	Hayslett, Rod
Subject:	RE: Draft memo to admins

That sounds good. We might also want to include any other request that would potentially use a "space" such as tables for data rooms, contractors, etc. If they think it only applies if they are actually moving a person or phone, the spaces we think we have available may be used without churns. For instance, sometimes I think spaces are available for use, only to find boxes and/or equipment has been set up. Just a thought. What do you think -- overkill?

 -----Original Message-----
From: 	Frausto, Ruthann
Sent:	Monday, November 12, 2001 3:19 PM
To:	Daily, Pamela
Subject:	Draft memo to admins

What do you think of this to send out to the admins in 3AC?

In an effort to better control our space planning needs, effective immediately all ETS moves will be coordinated by Pam Daily and Ruthann Frausto. This pertains to all moves, including telephone only moves.

Please contact Pam (X36135)  regarding any moves in the Enron Building, and contact Ruthann (x66538) regarding any moves in the 3AC building. Of course, if one of us is unavailable, feel free to contact the other.

Thank you for your cooperation.

Feel free to make any changes you'd like.

RF


Ravi,

Please, take a look at the book review.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/22/2000
09:36 AM ---------------------------

Pinnamaneni Krishnarao
05/16/2000 01:54 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Book review

Excellent! Where was this published? I would like to have a photocopy of the
published review.
Krishna.

Vince J Kaminski
05/16/2000 12:48 PM
To: Stinson Gibner/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT
cc: vkaminski@aol.com
Subject: Book review

Reviewed by Mark Williams, SVP Risk
Management, Citizens Power

The long awaited second edition of Managing Energy
Price Risk has finally arrived. It has been four years
since the first edition was published. During this hiatus,
a lot has happened as risk management within the
rapidly expanding energy industry has come of age as
a respected discipline. The second edition is a rich
compilation of papers by a surprisingly representative
group of industry leaders, practitioners and academics.

The books strength is that it reinforces the fact that
risk management principles initially applied to a narrow
band of energy commodities can and should be applied
across a wide array of energy commodities including
electricity. As expected the book does a solid job in
capturing an international perspective on the various
challenges, which are not isolated to any one
continent but are global in scope. It includes a lengthy
introduction that effectively frames risk management
progress, advancements and innovations that started
in the oil markets in the 1970's and migrated to the
natural gas and most recently expanding to the
electricity industry.

Managing Energy Price Risk is comprised of 15
chapters, all of which include an introduction, which
minimises the disjointedness that you may expect from
a book written by a large number of authors. Other
improvements in this second edition include expanded
graphics, highlighted panels, detailed appendices and a
separate glossary, which provides the reader with
additional reference material.

In particular the chapter on energy options written by
Michael Hampton is a useful primer and provides the
reader with a concise explanation of option theory,
pricing, basis risk, delta hedging as well as practical
guidelines for distinguishing between hedging and pure
speculation. For the more advanced reader, the
chapter on Energy Exotic Options, written by Vince
Kaminski, Stinson Gibner and Krishnarao Pinnamaneni is
particularly strong as it outlines the challenges
associated with the exotics and effectively documents
the latest methods used by leading practitioners in
pricing such instruments.

Additionally, the chapter on Accounting for Derivative
Contracts in the Energy Environment by three
consultants from Arthur Anderson, is a well written
summary which addresses the numerous tax related
issues including a timely discussion on the US Financial
Accounting Standards Board's Statement 133 (see
EPRM October 1999, page 22). Having this tax
information housed in one concise chapter is of great
value.

The second edition however is not without flaws. In
particular, it would have been useful to have more
information on the current challenges risk managers
are confronted with in the power industry including
latest advancements in volatility and correlation
estimation techniques. Additional attention could have
also been placed on the shortcomings of the current
market structure and methods in finding and applying
appropriate hedging strategies and instruments. In the
fledgling power market, this continues to be one of the
primary challenges.

In summary, this second edition of Managing Energy
Price Risk builds upon the sentinel work laid out in the
prior edition and is a valuable reference book for the
new recruit or seasoned veteran. It is a welcome
edition to any risk management library.


Transport Options - In response to our recent FERC filing, a technical
conference has been scheduled in Washington D.C. for January 9, 2001.

Fuel Hedge - With gas prices running at record highs, we hedged 5,000 MMBtu/d
of fuel for calendar 2002 at $4.50, then unwound it the following day as the
market dipped allowing us to book a small gain in excess of $100,000.  We
expect prices to jump again next week with the oncoming cold snap and we'll
likely reset the hedge at higher numbers.

PNM - TW's response to PNM's request for transport proposal went out this
week.  They are paying max rates on an East to East contract and indicated to
us they feel the rates are not currently supported by the market.; TW however
disagrees.  Our response to them leaves the current rate structure in place
but has two additional tiers of volumetric incentive pricing.  As their
volume increases, their rates go down.  In addition, we added a seasonal IT
rate to the proposal that helps them meet any swing gas demand requirements.

Albuquerque Lateral - ENA is meeting with IPP plant owners in the Albuquerque
region who would like to see alternative sources of gas supply besides the
local utility.  If the operators expand the plant from a peaking unit to a
combined-cycle unit, there is potentially enough load to justify a new
delivery lateral off TW's mainline.  Part of the deal structure may include a
volume incentive rate as throughput increases in the lateral.  Next step for
TW is to build a rate matrix under several different operating scenarios.
Responses are due to ENA by Friday 12/15.

Black Mesa Project - We continue to evaluate the potential of converting the
Black Mesa coal slurry line owned by Northern Border into gas service.  The
big advantage for TW is it will increase our capacity to bring San Juan gas
to the California border but there is also a positive environmental play for
Black Mesa and coal slurry along with Mohave and coal pollution affecting the
Grand Canyon.  This whole project is contingent on several factors, not the
least of which is working with Mohave Generating Station majority owner AES
(70%) to convert the plant to gas and working with the Navajo who could lose
a large export market for their coal.  ENA has agreed to approach AES on this
project in the near future once their negotiations on the Las Vegas power
plant are complete.  Legal is checking the existing ROW to see if there are
limitations on the pipe usage.

Burlington Claim - We are assembling the volume and revenue impact figures of
the November train derailment for submission to Burlington's claims
adjusters.    This will be combined with the total operations costs.


Ticket sales for Saturday's Big 12 Championship Game between No. 5 Texas
(10-1/7-1 Big 12) and No. 14 Colorado (9-2/7-1 Big 12) opened at 10 a.m.
Sunday, Nov. 25. To order tickets, call 800/982-BEVO (2386) or 512/471-3333.
The UT ticket office will stay open until 5 p.m. and will reopen Mondayat
8:30 a.m. Prices are $60 and $70. The deadline to place your order for next
weekend's game is Monday at 7 p.m. (CT). Expect delays on phone orders due to
the large number of callers.

Only 8,250 tickets were given to each of the the two competing teams. Tickets
will be available to Texas season ticket holders who are Longhorn Foundation
members, football letterwinners or voting faculty members. Ten percent of the
tickets will be set aside for student ticket orders.

If you can't get a ticket through normal channels, a lot of disappointed
Nebraska and Oklahoma fans (HOW SWEET IT IS) are going to be selling the ones
they bought through the conference office earlier. Check the newspaper ads
and the internet sites.

Hook 'em,

Jerry Scarbrough/True Orange


Hi there. This came in while I was on the road.

Mac mentioned his girlfriend, but he didn't mention the Rice thing.  Hmmm.
We would love to have him at UH, since he won't aim any higher, and we thing
it beats SWTS.  He and his friend were wonderful house guests.

I hope no one got worse on your b day.  Many happy returns!

Love,

Kay

"Lisa Clarke" <lisa@casa-de-clarke.com> on 02/02/2001 08:51:47 AM
To: Kay Mann <Kay.Mann@enron.com>
cc:

Subject: <no subject>

Hi Kay! How are you guys doing? We had hoped that maybe we would be coming
over to Houston Saturday to see UT play baseball and then maybe try to see
yall Sunday before we drove back. BUT! As luck would have it, Annie, Katie
and Bobby are all various degrees of sick.

So, unless there is miraculous improvement in the next 24 hours, it looks
like we will be staying in Austin. Oh well. We hope to make another trip
down there before too long.

Well, I'm due at school, but I wanted to say hi and tell you that we won't
be coming down. I hear that Mac is coming down? That's great. I hope that he
likes what he sees at UH. You know his girlfriend has been offered a
scholarship to Rice, I think.

Anyway, Have a great Ground Hogs Day. It doesn't feel too different to be
40, rather than 39 and 364 days, so I guess I'll make it through the day.

Take care and tell everyone hello!

Love you!

Lisa


what do you want for it?


Vince,
I'll send him one of the manuals, and perhaps a paper on SDDP.

Tom

Vince J Kaminski@ECT
07/28/2000 10:53 AM
To: Tom Halliburton/Corp/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Re: SDDP

Tom,

Can you send the info regarding SDDP to John?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/28/2000
10:52 AM ---------------------------

Vince J Kaminski
07/19/2000 06:41 PM
To: "O'Brien John" <jobrien@snowyhydro.com.au> @ ENRON
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: SDDP

John,

I shall E-mail the information about SDDP  from Houston.

Vince

"O'Brien John" <jobrien@snowyhydro.com.au> on 07/18/2000 01:47:41 AM
To: vkamins@enron.com
cc:
Subject: SDDP

Vincent,

You kindly suggested that I email you with regard to some information you
have on the SDDP system (I'm not sure if I've got the abbreviation correct,
but it's something that is currently used in South America).

Your presentation was very interesting and informative.

Kind regards,

John O'Brien
Manager, Treasury & Risk Management
Snowy Hydro Trading Pty Ltd
Level 17, Bligh House
4 Bligh Street
Sydney NSW 2000


have a nice time.  kimberly please note john's vacation on the calendar,
thanks.

John Hodge@ENRON
03/27/2001 05:13 PM
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Vacation

As a follow-up to our earlier conversation, I would like to take vacation on
June 28 & 29, July 2, 3, 5, 6 & 9.


Kristen:
My edits to the declaration.

Best,
Jeff

415.782.7822

	"Kristen Bird" <kb@quinnemanuel.com>
	03/13/2001 05:19 PM

		 To: <Jeff.dasovich@enron.com>
		 cc: "Michael Lifrak" <mtl@quinnemanuel.com>
		 Subject: Draft Declaration

Jeff,
I am attaching a draft declaration for your review.  Please let me know if
you have any comments or changes or if you think we could explain things a
little better.  Obviously, if you think we have misrepresented something,
please let me know so that we can correct it.  I believe we have most of the
exhibits.
Call me when you have had a chance to review.  My direct dial is 213.615.8774.

As I said, we need to file this in support of our Opposition to the
plaintiffs' motion for shortened time, which is due tomorrow.  Accordingly,
we would like to have this finalized and signed tonight, if possible.  Thanks
Jeff.

Regards,
Kristen

 - 0345604.01


First of all I can't believe you have a girlfriend.......  does she shave her
legs???

MC


D

Attached per your request is the Big Cowboy production for October 2000.  I
also have the Gas Volume Statements from Coral Energy that shows the actual
daily volumes for all of the meters, receipt and delivery, if you need that
level of detail.

If there is anything else let me know either today or tomorrow because I will
be on vacation next week.

Fred

Daren J Farmer
11/15/2000 03:26 PM
To: Fred Boas/HOU/ECT@ECT
cc:
Subject: Big Cow Breakout

Fred,

Please look at the attached file below.  Can you give me the October volumes
for these meters?

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 11/15/2000
03:26 PM ---------------------------

Mary Poorman@ENRON
11/15/2000 03:16 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Big Cow Breakout


Looks good.

Regards
Delainey