We'll do

>>> Geaccone, Tracy 10/12/01 12:14PM >>>
After reviewing the budget yesterday, we noticed that goodwill was still being
amortized in 2002. We need to take that out of your numbers. Jim and Kiri
thought it was approximately $14 million. Thus, PGG should have an IBIT of
$270. Please revise file and send back to me and copy Steve Schwarzbach
thanks.

Tracy

-----Original Message-----
From: OUTAMA, DARRINGTON
Sent: Wednesday, October 10, 2001 9:11 PM
To: Geaccone, Tracy
Cc: Winowitch, Carolyn; Giles, Valerie; Barnes, Jim
Subject: 2 nd version of Plan...

Hi Tracy,

Please see attached for the Plan that Stan Horton will be looking at tomorrow
morning. This version includes Intercompany interest expense that was not
previously budgeted. It also has a more detail break-out of capital
expenditures.

For the O&M detail pages, we will not be able to give you the same break-out
for our cost as you have requested. Our GL is build on FERC accounts and is
not condusive to SAP type sorting.

Also, note that all O&M are at this point still straight lined for the year.
The quarterly shaping of earnings will not be available until mid to late
November. There will be significant swing between quarters from these results
to the final one.

Let me know if you have any questions.


Thanks Casey, sorry to annoy Billy!

Lisa

 -----Original Message-----
From: 	Anderson, John
Sent:	Thursday, March 14, 2002 8:33 AM
To:	Gang, Lisa
Subject:	RE: Test

Lisa,
We received it.
Please just make sure to send the email to pdxrt@ubswenergy.com--otherwise we get the email THREE different times. My understanding is that it really annoys Bill.
Thanks,
Casey
 -----Original Message-----
From: 	Portland Real Time
Sent:	Thursday, March 14, 2002 8:14 AM
To:	DL-UBSW Energy Real Portland Real Time; Realtime (E-mail)
Subject:	FW: Test

----------
From: 	Gang, Lisa
Sent: 	Thursday, March 14, 2002 8:13:42 AM
To: 	Portland Real Time
Subject: 	Test
Auto forwarded by a Rule

Please let me know if you get this.

Lisa


whatever you think babe - i will trust you to make plans- let's go before
christmas though

	Enron North America Corp.

	From:  Shanna Husser @ EES                           10/26/2000 12:59 PM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Nutcracker

The following are the possible dates (that fit into our schedule as far as I
know) that we could go see The Nutcracker.  Take a look and see what you
think.

Dec.  16(Sat),  17(Sun), 19(Tues) 20(Wed) OR

we could go after Christmas (but I am thinking that is just not as fun):

Dec 28 (thurs), 29 (Fri), 30(Sat)


Hey John, did CES take this gas for Jan, Feb, and Mar?  Wade would like to
see this deal in the system.

---------------------- Forwarded by Chris Germany/HOU/ECT on 04/04/2000 01:06
PM ---------------------------

Chris Germany
04/04/2000 12:02 PM
To: Colleen Sullivan/HOU/ECT@ECT, Mark Breese/HOU/ECT@ECT, Steve
Jackson/HOU/ECT@ECT
cc: John M Singer/Corp/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Dick
Jenkins/HOU/ECT@ECT, David Oliver/HOU/ECT@ECT, Joan
Veselack/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Joann
Collins/Corp/Enron@ENRON, Wade R Price/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT
Subject: Citygate Production

T&F Operating has sent ENA a "breach of contract" letter and is requesting to
terminate the contract effective 4/1/2000.

Colleen, I will give you a copy of the letter that was faxed to John Singer.

CES did a buy/sale behind Penn Fuel on CGAS for 1 year starting Nov 1, 1999.
T&F is the supplier and Glenn Gary was the market.   The market went away
effective 4/1/2000 and ENA/EES has no other market behind this part of Penn
Fuel's system.  We checked with the Penn Fuel asset management deal and
according to Penn Fuel, they can't take it either.

T&F is looking for their payment for Jan, Feb, and Mar, and T&F will waive
any and all "cover" cost that ENA would otherwise be liable for subsequent to
April 1, 2000.

John Singer wants to make sure we address the hedges in the books - will this
need to be included in the CES true-up?  Also, John wants to know if he
should sign the letter?.  Colleen, I told John you would anwser that question.


Start Date: 1/28/02; HourAhead hour: 6;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012806.txt
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.


??  Will IT resources make a difference in what we need to deliver and how
quickly we can do it?  Someone must be giving credit the idea that "if only
we had IT resources..." and that those resources are active on Entelligence
but are not helping us on other business basics.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 12/11/2000 02:36 PM
---------------------------
From: William S Bradford on 12/11/2000 02:19 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Re: Information in Entelligence vs Global Counterparty

Sally,

I share your pain about increased deal flow.  Have you spoken with Lavo about
getting additional resources or is there a way to better allocate resources?
Is the Entelligence database used by anybody?  Should we not focus those
resources on GCP?

I am getting hammered on the exposure questions.

Please help!!!

Bill

	Enron North America Corp.

	From:  Sally Beck                           12/11/2000 02:05 PM

To: Debbie R Brackett/HOU/ECT@ECT
cc: Mary Solmonson/HOU/ECT@ECT, James Scribner/Corp/Enron@Enron, William S
Bradford/HOU/ECT
Subject: Re: Information in Entelligence vs Global Counterparty

I certainly agree that updated information from the wider company database
should flow to update GCP.  I assume that you have talked with both Mary
Solmonson and James Scribner about this process to understand the details.
They are the logical experts for that discussion.  Your memo is a little
vague on that, so if you are getting information from someone else and have
not taken the time to talk with the best sources, I would suggest spending
time with James and Mary so that you and they are appropriately informed.

Absolutely there are procedures in place to handle these updates to GCP.  I
believe that these are pretty manual, as there are no systematic feeds from
Entelligence into GCP.  James and Mary (I refer to both because James has
only recently assumed Mary's duties within Global Databases) can best discuss
how this process works.  If you are aware of specific concerns around this, I
know that James and Mary will want to hear that from you.  As is to be
expected for any business that has experienced a 600% increase in the number
of transactions year on year, there are challenges that we face daily in all
of the tasks that we do.  Your input will help James in making sure that
priorities are set and personnel are deployed to tackle the biggest issues
that we have.  I recognize the challenge that Credit must be facing in
aggregating exposures in our market environment today.  With your input, we
will do our very best to be certain that the data surrounding the 5.000+
deals that are done daily is as accurate as possible.

From:  Debbie R Brackett
       12/11/2000 11:42 AM

To: Sally Beck/HOU/ECT@ECT
cc: Shona Wilson/NA/Enron@Enron, Avril Forster/Corp/Enron@ENRON, Mary
Solmonson/HOU/ECT@ECT, James Scribner/Corp/Enron@Enron, Eric
Wetterstroem/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
Subject: Information in Entelligence vs Global Counterparty

Sally,

I have been made aware of a disconnect between the data held in Global
Counterparty and in Global Companies ( Entelligence). Much effort has been
put forth in  "cleansing" the parent/subsidiary information presented in
Entelligence, yet the same information is not being replicated in GCP except
for on an ad hoc, manual basis.

What is the standard for data population in GCP vs Entelligence? Should
changes and corrections in Entelligence not flow to GCP since our risk and
trading systems are based on the information housed therein? What process and
or systems enhancements are necessary to accomplish this end result?

It appears we have a major GCP cleanup in the works while much of the work
has been already been done for Entelligence. As we struggle to report trading
positions properly,  let's take advantage of our in house knowledge and share
counterparty data validation results in order to minimize research and data
population efforts.

 Your comments and ideas are welcome.

Debbie


Call me if you have questions.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 05/02/2001
09:41 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 05/02/2001 09:31 AM
To: Diane Anderson/NA/Enron@Enron, Derek Bailey/Corp/Enron@ENRON, David
Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT, Patricia Boulanger/CAL/ECT@ECT,
Bob Bowen/HOU/ECT@ECT, Julie Brewer/NA/Enron@Enron, Lesli
Campbell/ENRON@enronXgate, Celeste Cisneros/ENRON@enronXgate, Sharon
Crawford/CAL/ECT@ECT, Richard Deming/NA/Enron@Enron, Russell
Diamond/ENRON@enronXgate, Cindy Feldman/CAL/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report--5/2/01


Will get back to you.

 -----Original Message-----
From: 	Shapiro, Richard
Sent:	Thursday, September 20, 2001 3:29 PM
To:	Dasovich, Jeff; Maurer, Luiz; Walton, Steve
Subject:	FW: discussion for Ken Lay..virtual energy markets

Thoughts? Comments?

 -----Original Message-----
From: 	Gray, Jeff
Sent:	Thursday, September 20, 2001 3:27 PM
To:	Allen, Margaret
Cc:	Shapiro, Richard; Bradley, Rob; Steffes, James D.
Subject:	discussion for Ken Lay..virtual energy markets

Margaret:

Rob asked me to put some ideas together for Ken's luncheon roundtable on October 4.  Perhaps these will help.  I responded to the questions posed in the agenda.  Rick, Jim, and Rob, would you mind looking over this attachment and adding your thoughts?

Thanks,

Jeff

 << File: virtual energy markets.doc >>


As discussed I am resending yesterday's email,  You have already sent me
the basis spreads and anything you could get on the indices would be
helpful

thanks

sean

-*-*-*-*-*-*-*-*-*-*-*-*-*
Sean Doherty
wk 212 773 8195
fax 212 773 5481
-*-*-*-*-*-*-*-*-*-*-*-*-*

__________________

all curves are for physical deals as of 2/13

 basis curves :

CHI/N/BORDER
NGI/CHIGATE

Index

Peoples

NGI/CHI/PEOPLE
CHI/N/BORDER

NORTH SHORE

NGI/CHI/WILLCO
NGI/CHIGATE

I realize it may be difficult to get each of these but anything you could
get would be appreciated.

thanks

Sean

-*-*-*-*-*-*-*-*-*-*-*-*-*
Sean Doherty
wk 212 773 8195
fax 212 773 5481
-*-*-*-*-*-*-*-*-*-*-*-*-*

______________________________________________________________________
The information contained in this message may be privileged and
confidential and protected from disclosure.  If the reader of this message
is not the intended recipient, or an employee or agent responsible for
delivering this message to the intended recipient, you are hereby notified
that any dissemination, distribution or copying of this communication is
strictly prohibited. If you have received this communication in error,
please notify us immediately by replying to the message and deleting it
from your computer.  Thank you.  Ernst & Young LLP


Christoher Garrad
Conyers Dill & Pearman Firm
office:  1-441-295-1422
fax:  1-441-292-4720
e-mail:  cggarrod@cdp.bm

or

Charles Collis
Conyers Dill & Pearman Law Firm
office:  1-441-295-1422
fax:  1-442-298-7808 or 7809

Christopher Garrad was the last person you were speaking with.


Some Analysts Fear SEC Enron Probe,Now Formal,May Widen
Dow Jones Energy Service- 11/01/01
USA: S&P cuts Enron ratings, may cut ratings again.
Reuters English News Service- 11/01/01
Key North American Power, Gas Firms Stand By Their Enron
Dow Jones News Service- 11/01/01
InterContinentalExchange: Pwr Volume Lower In Oct; Gas Up
Dow Jones Energy Service- 11/01/01
Competing Exchanges Gain Slim Advantage From Enron Woes
Dow Jones Energy Service- 11/01/01
USA: UPDATE 2-Enron's $1 billion credit line a mixed blessing.
Reuters English News Service- 11/01/01
USA: Light profit-taking pushes NYMEX natgas down midday.
Reuters English News Service- 11/01/01
Enron Corp.'s Credit Rating Lowered to 'BBB' by S&P (Update1)
Bloomberg- 11/01/01
Enron Gets $1 Bln Loan to Bolster Cash, Credit Rating (Update8)
Bloomberg- 11/01/01

Enron falls after SEC steps up probe
CBSMarketWatch.com, 11/01/01

Some Analysts Fear SEC Enron Probe,Now Formal,May Widen
By Jason Leopold and Jessica Berthold
Of DOW JONES NEWSWIRES

11/01/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LOS ANGELES -(Dow Jones)- Enron Corp.'s (ENE) disclosure of a formal inquiry into partnerships with its former chief financial officer left some Wall Street analysts concerned Thursday that the probe could spill over into the company's core business, placing further pressure on the company's stock.
Other analysts said they doubted the investigation by the U.S. Securities and Exchange Commission would spread, but added that the uncertainty was weighing on Enron's share price.
"It's a huge cloud of uncertainty," said Merrill Lynch analyst Steve Fleishman, who wouldn't speculate about the breadth of the investigation.
Enron said late Wednesday that the SEC has elevated to a formal investigation its inquiry into "certain of the matters that were the subject of recent press reports." The SEC, as a matter of policy, declined to comment on the status or scope of any inquiry.
Enron spokeswoman Karen Denne said it was her understanding that the formal investigation, like the informal inquiry, would be limited to the partnerships. Enron is fully cooperating with the SEC, she said.
Robert Christensen, an analyst with FAC Equities in New York, said he is concerned the SEC could use its subpoena power to start probing Enron's natural gas and trading practices.
"I'm hoping that it's localized to the partnership with Andy Fastow and deals truly with the partnership as opposed to wandering into the basic interest of Enron, which is wholesale trading," Christensen said.
Enron and its former chief financial officer, Andrew Fastow, set up complicated vehicles to invest in and hedge Enron assets. Last month, Enron disclosed a $1.2 billion writedown of shareholder equity in the third quarter related to transactions it had carried out with those entities, setting off a 65% drop in the value of the company's stock in the past two weeks.
Investors are already pricing in the possibility the SEC investigation will reveal more bad news, Christensen said.
"If it is limited to the partnership activities, which caused $1.2 billion to evaporate on the equity line, that would be well received," he said. "I think the stock price now is reflecting the concerns that there is something greater behind the wood pile of all these partnerships."
Thursday afternoon, Enron's shares were down $1.90, or 14%, at $12. The shares have lost two-thirds of their value over the past two weeks. Gary Hoves, an analyst with Argus Research in New York, said Enron's shares will continue to trade lower on news of the SEC inquiry.
"This is a serious situation, especially since the investigation moved from Forth Worth to Washington D.C.," Hoves said. "It's hard to say, but my guess is this will be an open-book investigation and they will go into a whole lot of stuff beyond the partnership."

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

USA: S&P cuts Enron ratings, may cut ratings again.

11/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 1 (Reuters) - Standard & Poor's on Thursday cut its long-and short-term ratings for embattled energy trader Enron Corp. , and warned it may cut the ratings again because of "uncertainties" surrounding the company and the possibility of further problems in the capital markets.
Enron has said it faces a probe by the Securities and Exchange Commission.
S&P cut the Houston-based company's senior unsecured debt to "BBB," two notches above junk status, from "BBB-plus," and its commercial paper to "A-3" from "A-2." On Monday, Moody's cut Enron's long-term debt to "Baa2," also two notches above junk, and warned it may cut that rating and Enron's "Prime-2" commercial paper rating.
Downgrades could make it tougher for Enron to issue debt and run its day-to-day business as fellow marketers and traders demand more collateral. If the ratings fall to junk, Enron could be forced to issue more shares.
Enron shares closed Thursday on the New York Stock Exchange at $11.99, down $1.91, or 13.7 percent. They have fallen 65 percent since October 16, and hit a nine-year low on Tuesday.

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

Key North American Power, Gas Firms Stand By Their Enron
By Mark Golden
Of DOW JONES NEWSWIRES

11/01/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp.'s (ENE) most critical trading partners in its core business are officially conducting business as usual with the struggling market maker despite some squeamishness, even as Enron encounters stricter credit requirements in its sideline markets.
Enron's ability to transact in its core markets - North American wholesale gas and power - is essential if the company is to emerge from its current credit crisis, Wall Street analysts have said. And given Enron's reach, the company's competitors also have a strong incentive to see it survive.
"Certainly, if Enron gets through this in an orderly fashion, the industry will be better off," said Eric van der Walde, head of wholesale trading American Electric Power Co. "We're doing everything we can to make sure that's the outcome."
Some oil companies and some European utilities have required higher lines of credit and otherwise reduced their exposure to Enron, a spokesman for the company confirmed.
But "business as usual" has been the catchphrase among gas and power companies. At the same time, large U.S. energy traders like Mirant Corp. (MIR) and Aquila Inc. (ILA) said they are monitoring the Enron situation closely while hoping for the company's recovery.
"It's business as usual," said Dennis Vermette, the director of corporate credit for Ameren Energy Inc., the trading subsidiary of Ameren Corp. (AEE). "We're cautious that our traders don't add on more exposure, but from a dollar standpoint we haven't turned them off or restricted trading."
Concerns have arisen because Enron, which accounts for about a quarter of the trade in the country's power and gas markets and which makes a market for those commodities on its Internet-based system EnronOnline, has seen its share price fall by about two-thirds in the past two weeks due to uncertainties about its extremely complex financial structure.
Moody's Investors Service Inc. downgraded Enron's credit rating one notch on Monday. The rating is still two steps above noninvestment grade, but remains on watch for further downgrade. Enron's bonds in the secondary market are trading at distressed-debt levels.
So far, that's not enough to get companies to stop doing business with the Houston-based giant.
"We continue to do business with Enron," said John Sousa, spokesman for Dynegy Inc. (DYN). "We consider them a strong counterparty. There's no reason not to do business with them."

With another negative event, the gas and power industries' circling of the wagons around Enron could become a game of chicken. The consensus among credit risk managers is that the industry shouldn't have a knee-jerk reaction, but they also don't want to be the last out, one credit risk manager said.
"Once a few majors cut them off, you don't want to be the last one to cut," the credit manager said.
Some traders and trading managers might be getting cautious even without an official change from their credit risk managers.
On Wednesday, some energy traders noted that gas and power sometimes traded at prices slightly below the best bid or above the best offer available EnronOnline, Enron's electronic trading system. Their conclusion: traders looking to sell power, for example, might have been taking the initiative to do business with a company besides Enron, even if that meant selling at a lower price than those publicly posted by Enron.
AEP traders, however, are under instruction to go for the best price, van der Walde said.
Enron is "doing everything they need to do to assure us," van der Walde said. "They are honoring all of their obligations, making payments as due, and doing everything you would expect them to do."
AEP is one of the most active traders of wholesale power in the U.S.
On Thursday, energy traders said EnronOnline, on which Enron is the counterparty for all deals, was less active. At one key western electricity hub, Palo Verde, Ariz., EnronOnline's bid to buy power for delivery in December was $34.35 a megawatt-hour, compared with the best bid of $34.50 a megawatt-hour on the IntercontinentalExchange, a competing Internet-based trading system. EOL's offer to sell the same contract was 35 cents higher. EOL's bid-offer spreads were also wider for Northeast power and western gas at midday Thursday, though they were competitive for Northeast gas.
Generally, EOL presents tighter spreads in its key markets than the spreads found either on competing electronic systems or in the phone-broker market. Those aggressive bids have helped propel volumes on EOL since its inception in November 1999.
EnronOnline volumes hadn't slowed as of Wednesday, Enron said. The platform saw 7,100 transactions Wednesday by early evening, company spokesman Eric Thode said. As in the past two weeks, the volume of transactions exceeded the 30-day average volume of about 5,600 daily transactions.
Some in the industry have speculated that EnronOnline volumes may be higher than normal because counterparties are busy flattening their positions with Enron due to credit concerns.
"We know that is not the case," said Thode, who attributed the higher than normal volumes to people balancing portfolios heading into winter and to recent volatility in gas and power markets. "It is business as usual."
Flattening positions could comfort companies that have netting agreements with Enron, which has historically pushed for such agreements with its trading partners.
Under such agreements, in the event of any bankruptcy proceeding, a creditor would get to deduct his payables from receivables and only be at risk for the difference. Netting agreements are relatively new, however, and have yet to be tested in a U.S. bankruptcy proceeding. They were honored in a bankruptcy proceeding in Canada.
In general, companies were most cautious about longer-term deals.
"There's a little more review before any long-term deals are executed," said Dennis Goldman, credit-risk manager for Niagara Mohawk (NMK) unit Niagara Mohawk Energy Marketing. "Traders have to run it by me, and maybe sometimes I'll run it past higher-ups."
Some industry observers don't expect a sudden change among Enron's trading partners. A disorderly removal of Enron from the market "is not in anybody's interests," said Susan Abbott, a managing director in corporate finance at Moody's. "If people are going to back away from Enron, they're going to do it carefully and over a long time."
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com
(Kristen McNamara in New York and John Edmiston in Houston contributed to this article.)

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

InterContinentalExchange: Pwr Volume Lower In Oct; Gas Up
By Mark Golden
Of DOW JONES NEWSWIRES

11/01/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Trading volumes for wholesale electricity fell in October on the InterContinentalExchange, compared with September, the exchange said Thursday, while natural gas trading volumes rose.
The Web-based energy and metals marketplace, tallied 190 million megawatt hours of power trades in October, compared with 209 million MWhs in September, down 9%. Natural gas trades rose 10% to 3,957 billion cubic feet, from 3,586 bcf in September.
Energy industry observers have been looking to see if trading would move from EnronOnline, the electronic trading platform of financially troubled Enron Corp. (ENE) to IntercontinentalExchange.
Declining to comment on Enron directly, an IntercontinentalExchange spokesperson said, "There haven't been any significant changes in the past couple of weeks."
IntercontinentalExchange crude oil and refined products trading volume fell slightly to 174 million barrels in October from 182 million bbls in September.
ICE in July acquired the London-based International Petroleum Exchange, Europe's largest energy futures exchange.
ICE partners include American Electric Power Co. (AEP); Aquila Energy (ILA); BP Amoco PLC (BP); Deutshe Bank AG (G.DBK); El Paso Corp. (EPG); Goldman Sachs Group (GS); Morgan Stanley Dean Witter & Co. (MWD); Reliant Energy (REI); Royal Dutch/Shell Group (RD); Societe Generale SA (F.SGF) unit SG Investment Banking; Mirant Corp. (MIR) and TotalFina Elf SA (TOT).
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

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

Competing Exchanges Gain Slim Advantage From Enron Woes
By Stephen Parker
Of DOW JONES NEWSWIRES

11/01/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Competing online energy marketplaces may see some gains as Enron Corp. (ENE) struggles with concerns about its credit.
But energy analysts and traders say the Houston-based giant's problems aren't yet serious enough to outweigh the liquidity it provides and expect its Internet-based trading system EnronOnline to retain its leading position in the electricity and natural gas markets.
"There are so many products on EOL that don't have an exchange behind them," said Charlie Sanchez, energy markets manager at Gelber & Associates in Houston. "Traditionally, Enron has been a very creditworthy counterparty. You just have this sense of confidence that they can somehow rise again, a sense of being like the phoenix that rises out of the ashes."
EnronOnline, a platform on which Enron is the counterparty in every deal, confronts traders with a dilemma: Having Enron behind every transaction guarantees liquidity that other exchanges can't match, but the restriction poses risks now that Enron's credit is in question.
Enron's stock price has plunged more than 50% in the last two weeks, and its credit ratings have been downgraded by Moody's Investors Service, amid reports of losses related to partnerships once headed by the company's former chief financial officer, Andrew Fastow.
Some traders have reacted by sizing up the alternatives to trading on EnronOnline. Neutral exchanges like the New York Mercantile Exchange or the IntercontinentalExchange, known as ICE, are expected to benefit.
"EOL transactions are free, and they always offer good liquidity," Sanchez said. "But the fact that Enron is in such a sketchy situation is creating a vulnerability that wouldn't happen on ICE."
Competitors Expanding Products

Competing exchanges have moved to expand their product lines. On Tuesday, the New York Mercantile Exchange - the world's largest traditional energy exchange - said it would bring clearing services to the over-the-counter market for natural gas derivatives. IntercontinentalExchange said Wednesday it had added hourly and day-of electricity products to its offerings.
IntercontinentalExchange, based in Atlanta, matches up buyers and sellers over the Internet without participating as a principal. As such, traders aren't entirely exposed to a single counterparty.
ICE, which closed a deal this summer to acquire the International Petroleum Exchange, Europe's largest energy futures market, will soon offer credit guarantees for its oil and natural gas swaps through the London Clearing House.
"Our traders are free to use EOL," said Al Butkus, spokesman for Aquila (ILA), a power and gas trading company based in Kansas City, Mo., and an investor in ICE. "They're always looking for the best price in the market. But our position on ICE is that we prefer a marketplace of many to many. It's a better way of doing business."
Nevertheless, any shift of business away from EnronOnline is likely to be small and short lived, analysts said.
Traders might not like being exposed to Enron, but the reality is Enron provides key liquidity. Enron also presents aggressive bid-offer spreads to attract volume, and some traders say EnronOnline has strong technological advantages over its competitors.
EnronOnline Volumes High

Enron commands roughly 25% of the electricity and natural gas markets. Its EnronOnline unit executes about 60% of Enron's energy trades, creating market liquidity and contributing billions of dollars in revenues.
EOL averaged 5,700 daily trades, worth an estimated $2.5 billion, during the 30-day period ended Friday. The daily trade volume and notional value fluctuate with commodity prices and market volatility, but Enron spokesman Eric Thode said EnronOnline enjoyed stronger-than-normal volumes Wednesday, with 7,100 transactions by early evening.
The company anticipates no decline in EnronOnline volume, Thode said.
"We continue to be the market maker of choice," Thode said. "We're working on additional bank lines of credit to instill greater confidence in both analysts and customers. But we've seen no counterparties reduce their positions, and no one is liquidating."
ICE has yet to see an increase in trading activity as a result of Enron's difficulties, a spokesman for the online exchange said.
Traders said they haven't reduced their transactions on EOL, but some have stopped expanding or opening positions on the system while they wait to see whether Enron's troubles subside.
An electricity trader who uses EnronOnline extensively said he'd need to see a major downgrading of Enron's credit ratings before shifting much business to other platforms.
Meanwhile, Enron continues to hold a profitable edge through its exclusive access to EOL's substantial order-flow information - and that gives it an incentive to keep bid-offer spreads tight, which traders like.
"Maybe the exchanges will gain a couple points of market share at Enron's expense," said R. Martin Chavez, chief executive officer of Kiodex, which produces software for online trading. "But Enron knows it makes its money on the order flow, not on the bid-ask, so it can stay stable by having the tightest bid-offer...At the end of the day, traders are going to trade where they can get the best price."
-By Stephen Parker, Dow Jones Newswires; 201-938-4426; stephen.parker@dowjones.com
(Kristen McNamara, Mark Golden and Jon Kamp contributed to this article.)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 2-Enron's $1 billion credit line a mixed blessing.
By Janet McGurty

11/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 1 (Reuters) - Enron Corp. on Thursday said it gained $1 billion in secured credit lines to help support day-to-day trading operations and bolster investor confidence in the beleaguered energy trading giant.
But analysts said the credit is a mixed blessing for the former Wall Street high flyer now facing a full-scale probe by U.S. regulators into questionable financial dealings. Almost daily revelations have rocked Enron in the past two weeks and sent its stock price plummeting more than 60 percent.
"Ultimate outcome and underlying fundamentals aside, we believe significant pressure and uncertainty will remain on Enron until the investigation concludes," said Donato Eassey of Merrill Lynch, who lowered his rating on Enron's stock to "neutral" from "accumulate" earlier on Thursday.
Secured credit - in Enron's case credit lines backed by gas and pipeline assets - often is reserved for companies with "junk" credit ratings, though many analysts saw the credit as a positive for Enron.
Shares of Enron continued their freefall, despite the company's announcement of new credit lines, after the Securities and Exchange Commission said late Wednesday it would make an informal inquiry into the company a full-scale investigation.
Enron lost $1.35, or 9.7 percent, to $12.55, resuming a tailspin that began Oct. 16 when the company announced it was taking $1.01 billion in charges for ill-fated investments.
Enron said the investment banking arm of J.P. Morgan Chase & Co. and Salomon Smith Barney Inc., the brokerage and investment banking unit of Citigroup Inc., agreed to provide $1 billion in credit lines backed by Enron's Northern Natural Gas Co. and Transwestern Pipeline Co. assets.
'A POSITIVE STEP'
Analysts said it is difficult to gauge the downside of the SEC's probe of Enron, which began as a request for information and became a full-fledged investigation, which provides regulators the ability to subpoena company documents.
Some analysts said the general economic environment after Sept. 11 has tightened lending restrictions and the secured issue is not ominous.
"It is a positive step. They will be surrounded by uncertainty until the SEC probe is finalized and then they can go about their business. Assuming everything is above board, and they just come out with a conflict of interest, the SEC probe will probably result in a fine that will be a significant slap on the wrist." said Raymond Moore of Weatherly Securities.
Other see it as a possible buying opportunity.
"If the stock price gets to low-double digits, we might change our rating," said Mike Heim, analyst with A.G. Edwards who rates Enron as "hold/speculative."
"Our decision not to raise our rating when shares dipped below $12 reflects concerns that Enron's problems may be affecting their trading operations,"
Enron said the credit lines will be used to supplement short-term liquidity, refinance maturing obligations and augment the $1 billion the company has of cash on hand. The commitments are subject to customary terms and conditions, including final due diligence, the company said.
"This is yet another step in our efforts to enhance market and investor confidence," said Jeffrey McMahon, Enron's new chief financial officer. "We are moving aggressively to strengthen our balance sheet and maintain our investment grade credit rating."

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Light profit-taking pushes NYMEX natgas down midday.

11/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
SAN FRANCISCO, Nov 1 (Reuters) - NYMEX Hub gas was a touch lower in thin trade midday Thursday, pressured by gentle profit-taking, market sources said.
At 12:30 p.m. EST, December was down 2.1 cents at $3.27 per million British thermal units (mmBtu) after changing hands between $3.19-3.31. January was 2.8 cents lower at $3.40. Most other months were off between 3.3 cents and 5.8 cents.
"This is just taking profits. The weather is spotty, and the only thing that is going to sustain this uptrend, which I think is already overdone, is an early and sustained winter," one Northeast trader said, adding that ample gas supplies would also limit the upside.
Other traders said they believed part of the recent run-up in gas prices was due to a steady spate of short-covering in recent days by Enron, whose share price has been hammered after a series of disclosures about off-balance-sheet deals with partnerships run by its former chief financial officer.
Moody's Investors Service cut Enron's credit rating on Monday to two notches above junk status and warned it could lower the rating on the company's senior unsecured debt even further, as well as cut Enron's short-term debt status.
Enron is one of largest traders of wholesale natural gas and electricity in the United States.
Many dealers said they were a bit surprised by the larger-than-expected build in weekly AGA inventory data released Wednesday.
AGA data showed U.S. gas stocks rose last week by 23 bcf, below Reuters survey estimates for a 35-40 bcf build, and well-below the year-ago gain of 70 bcf and the five-year average injection for this week of 35 bcf.
Total inventories of 3.090 tcf are still 378 bcf, or 14 percent, above last year and 237 bcf above the five year average.
Traders said some in the producing region may have been selling cheaper baseload gas into the spot market to cash in on the steep premium to index.
Storage now stands at 94 percent full and could still climb to a record 3.13 tcf this week, the last week of the stock-building season, traders said.
Despite Wednesday's late spike, many traders remained skeptical of the upside, citing concerns about record levels of gas in inventory for winter and sagging demand due to a slowing U.S. economy.
But some said recent talk about further terror attacks in the U.S. created uncertainty in the market that could limit the selling.
In terms of heating degree days (HDDs), the National Oceanic and Atmospheric Administration (NOAA) said it expected 87 HDDs this week, or 2 below normal. NOAA also forecasted 5 CDDs this week, which is 1 below normal.
The National Weather Service 6-10 day forecast released Wednesday called for above normal temperatures for most of the nation, except in the East and parts of the West, where seasonal or below seasonal readings are expected.
NOAA recently issued a winter weather outlook calling for colder-than-normal temperatures for Northeast, upper Midwest and Plains states, with the possibility of heavy snow in the Midwest and along the East Coast.
While chart watchers said the technical picture turned bullish last week when the December gap to $3.252 was filled and the down trendline from April was broken, most agreed the upside may be limited near-term by milder late-week weather forecasts.
They now pegged December resistance at Wednesday's high of $3.44, with further selling expected at $3.76 and then at the August high of $4.10.
Psychological support was seen in the $3.00 area, with support also at last week's low of $2.77 and at the trendline in the low-$2.70s. Further buying was expected at $2.66-2.67 and then in the $2.60 area. The October low was $2.535. The contract low was $2.415.
In the cash today, Henry Hub swing quotes on average slipped about 7 cents to the $3.00 area. Midwest pipes were down 5 to 10 cents to the mid-$2.80s. In the West, gas at Waha Hub in west Texas was about 10 cents lower in the mid-$2.80s.
Swing gas on Transco at the New York City gate skidded about 20 cents to the mid-$3.30s, while Chicago was around 10 to 15 cents lower near $3.10.
NYMEX said an estimated 16,414 Henry Hub contracts traded at 11:40 a.m. EST. Henry Hub open interest on Oct. 31 eased 129 lots to 457,861.
NYMEX has been holding abbreviated floor trading sessions following the Sept. 11 attacks on the World Trade Center.
NYMEX gas open outcry trade will run from 10:00 a.m. to 2:30 p.m., with the Internet-based ACCESS session held from 3:15 p.m. to 9:00 a.m., through Dec. 31.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Corp.'s Credit Rating Lowered to `BBB' by S&P (Update1)
2001-11-01 17:04 (New York)

     (Adds additional information about rating cut beginning in
first paragraph.)

     New York, Nov. 1 (Bloomberg) -- Enron Corp. had its long-term
credit rating cut to ``BBB,'' the second-lowest investment grade,
from ``BBB+'' by Standard & Poor's. The energy trader's short-term
debt rating was cut to ``A-3,'' the lowest investment grade, from
``A-2.''

     S&P said further cuts are possible. The rating company said
in a report that it doesn't think Enron's plan to repair its
balance sheet through asset sales and other means will be able to
restore Enron's credit quality to the ``BBB+'' level it had since
1995.

     It said Enron's diminishing financial flexibility stems from
its ``inability to calm investors who are unsure'' about the
strength of Enron's core business and plan to restore its credit
profile. S&P said Enron has ``adequate'' liquidity to see it
through ``the current period of uncertainty.''

     The ratings of Enron's subsidiaries, Transwestern Pipeline
Co. and Northern Natural Gas., were lowered to ``BBB'' from ``A-''
to bring them in line with the parent company ratings.

     Enron has $15.8 billion of debt outstanding, according to
Bloomberg data.

Enron Gets $1 Bln Loan to Bolster Cash, Credit Rating (Update8)
2001-11-01 16:59 (New York)

Enron Gets $1 Bln Loan to Bolster Cash, Credit Rating (Update8)

     (Adds S&P credit rating downgrade in fourth paragraph.)

     Houston, Nov. 1 (Bloomberg) -- Enron Corp., the largest
energy trader, received a $1 billion loan from J.P. Morgan Chase &
Co. and Salomon Smith Barney Inc. after agreeing to use the
company's natural-gas pipelines as collateral.

     Enron shares fell 14 percent a day after the U.S. Securities
and Exchange Commission began formally investigating partnerships
run by its former chief financial officer. Pledging the pipelines
signals Enron's desperation to convince shareholders and trading
partners that it's creditworthy, investors said.

     ``It's not reassuring, it's worrisome,'' said Donald Coxe,
manager of the Harris Insight Equity Fund, which owns about 78,000
Enron shares. ``If they had to secure the loan, obviously the
lenders don't think they can rely on Enron's financial
statements.''

     After U.S. markets closed, Standard & Poor's cut Enron's long-
term credit rating to ``BBB,'' the second-lowest investment grade,
from ``BBB+.'' The energy trader's short-term debt rating was cut
to ``A-3,'' the lowest investment grade, from ``A-2.''

     The SEC is investigating partnerships run by former CFO
Andrew Fastow that bought and sold Enron shares and assets. Those
trades cost Enron $35 million and $1.2 billion in lost shareholder
equity. Questions about Enron's dealings with the partnerships
have shut it out of commercial-paper markets, where most large
corporations go to find low-interest, short-term debt.

     Last Friday, Enron tapped a $3 billion credit line to pay off
$2.2 billion in commercial paper it has outstanding. Proceeds from
the $1 billion secured loan will go for debt payments and to
supplement cash reserves, Enron said.

                        Business With Enron

     To get the $1 billion loan, Enron pledged assets of its
Northern Natural Gas Co. and Transwestern Pipeline Co., which own
gas pipeline systems that combined are about 19,000 miles long and
can deliver as much as 6 billion cubic feet of gas a day.

     Enron, based in Houston, got its start as a natural gas-
pipeline operator. Over the past decade, the company has shed
assets such as pipelines and power plants and focused on trading
electricity, gas, wood pulp and other commodities.

     Enron now accounts for about a quarter of U.S. power and gas
trades. The company still has about 25,000 miles of gas pipeline.

     Mortgaging those lines is ``maybe not such a good signal,''
said Roger Hamilton, who manages John Hancock Value funds, which
owns 600,000 Enron shares. ``It shows they can't convince banks
with anything but secured assets.''

     Shares of Enron fell $1.91 to $11.99. Earlier, they dropped
to $11.70. The stock has fallen 86 percent this year.

     Enron's 6.4 percent coupon notes due in 2006 fell about 3
cents today to be bid at 74 cents on the dollar and offered at 77
cents, traders said. Until last week, the notes were trading near
par value.

                           Credit Rating

     Enron must have investment-grade credit to borrow enough to
settle its transactions daily. Energy companies including Exelon
Corp. and Northeast Utilities have restricted business with Enron
as the company sought new sources of credit.

     On Monday, Moody's Investors Service lowered Enron's long-
term credit rating to ``Baa2'' from ``Baa1,'' two notches above
junk status. It also placed the company's ``P-2'' rating for
commercial paper on review for possible downgrade.

     Standard & Poor's said in downgrading Enron's credit rating
today that the company has enough liquidity to see it through the
``current period of uncertainty.'' Still, S&P said, Enron's
``financial flexibility has continued to diminish'' because of its
``inability to calm investors that are unsure about the strength
of Enron's core energy marketing business.''

     Falling below investment grade would trigger early repayment
terms for affiliated companies such as the ones created by Fastow.
A lower credit rating also reduces the amount of cash that Enron
can raise to back its trading business.

                        Investor Confidence

     The financing is to ``enhance market and investor
confidence,'' Enron Chief Financial Officer Jeffrey McMahon said
in a statement.

     Enron can borrow another $200 million by bringing other banks
into the loan, spokeswoman Karen Denne said. ``We don't have any
plans to do so at this point,'' she said.

     ``We are moving aggressively to strengthen our balance sheet
and maintain our investment grade credit rating,'' McMahon said.

     McMahon, head of Enron's industrial markets group, was named
CFO last week. Fastow was ousted in an attempt to restore investor
confidence.

     ``It seems until we know more about the SEC investigation,
it's going to be a difficult time for the stock,'' said Tara
Gately, an energy analyst at Loomis Sayles & Co., which sold most
of its Enron shares early last year.

     J.P. Morgan is advising Enron on the sale of part of its
Azurix North America water business to American Water Works Inc.
for $148.8 million in cash and assumed debt. Salomon Smith Barney
is the investment-banking arm of Citigroup Inc.

Enron falls after SEC steps up probe
CBSMarketWatch.com, 11/01/01
HOUSTON (CBS.MW) -- Enron shares fell for the 11th time in 12 sessions Thursday after the energy merchant said the Securities and Exchange Commission launched a formal investigation into two of its limited partnerships.
Late Wednesday, the nation's largest natural gas and power trader said it retained William McLucas, a partner in the Washington, D.C.-based firm of Wilmer, Cutler & Pickering and a former SEC enforcement chief, as its counsel.
McLucas works at the same firm as Stephen Cutler once did. The SEC named Cutler its enforcement division chief on Oct. 25, giving him oversight of the program in D.C. and in 11 regional and district offices across the country. According to a SEC press release, Cutler specialized in "securities enforcement and litigation" while a partner at Wilmer, Cutler & Pickering.
Howard Meyers, a partner in the New York City-based law firm of Meyers & Heim and a former staff attorney in the SEC's Northeast regional office, said the McLucas-Cutler connection could give the appearance of a conflict of interest.
"Whether there is or not, I don't know," he said. "If there isn't an actual conflict, you don't want to give the appearance of one. The SEC is a substantial regulatory agency that the public has to have confidence in."
As new enforcement chief, Cutler has a duty to remove himself from any potential conflicts, Meyers said.
"Generally speaking, I like to see someone a little more removed from any preexisting relationships," he said.
No conflict, Enron says
Karen Denne, an Enron spokesperson, said Enron is "satisfied that Wilmer, Cutler has no conflict, and the SEC can speak for itself on that issue." She said Cutler left Wilmer, Cutler three years ago and "severed all contacts."
"As you know, the commission conducts its investigations on a non-public basis and thus we cannot confirm or deny the existence of any investigation that may or may not be taking place," said Michael Robinson, an SEC spokesperson. "Applicable government-wide ethics rules required that Mr. Cutler recuse himself from all matters involving Wilmer, Cutler for one year following his departure from the firm, and he did so."
Additionally, Robinson said: "the SEC's ethics office has confirmed that Mr. Cutler's involvement in matters in which Wilmer, Cutler plays a role is entirely consistent with applicable government-wide conflict rules, as well as ethics rules applicable to all attorneys."
Enron shares closed at $11.99, down $1.91, or about 14 percent. By session's end, 30 million shares had changed hands.
Enron also said it had formed a special committee, headed by University of Texas Law School Dean William Powers, to deal with the SEC.
John Gavin, president of Plymouth, Minn.-based SEC Insight, said that despite public assurances to the contrary, Enron's announcements Wednesday make it apparent that the company has "decided it is no longer in its interest to cooperate with the SEC."
"As a formal investigation, the SEC must now use its subpoena power to compel the production of documents and witnesses. The assembly of a high-powered legal team is further evidence this company is digging in for a fight," he said.
Initially, the SEC decided to pursue an informal inquiry into related-party transactions involving the company. Now, the SEC is making this a formal investigation.
As such, the agency would investigate whether the company disclosed all that was required with regard to the related-party transactions, Meyers said, adding that the most important factor in the case's transition to a formal investigation is that the SEC can exercise subpoena power.
Disclosure is highly important because it can determine whether an investor buys stock in a company or not, he added. After the existence of the two limited partnerships came to light, the stock plunged.
"The SEC might take a look at the auditors of Enron, and certainly the SEC can take action against the officers of the company," Meyers said. "Any officer that signs off on 10-Qs or 10-Ks could be liable."
Merrill Lynch analyst Donato Eassey downgraded Enron Thursday to "neutral" from "accumulate/buy," citing the uncertainty about the outcome of the SEC investigation.
"We believe the timing and directional uncertainty of this new development will at best cap Enron's stock price in the mid-teen's while increasing overall volatility," Eassey wrote in a note to clients. The investigation will way on the stock until it concludes. "Timing is uncertain, but could feasibly take months."
Secures $1 billion in credit
Enron also said it secured $1 billion in additional financing from J.P. Morgan and Salomon Smith Barney.
The new credit, supported by assets of Enron's Northern Natural Gas Co. and Transwestern Pipeline, will help Enron shore up its liquidity position.
"We are moving aggressively to strengthen our balance sheet and maintain our investment-grade rating," said Chief Financial Officer Jeffrey McMahon, in a statement.
Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com.


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Jonathan, Ned,

Enron Europe Limited would be fine, thanks.

And a couple of other questions, which blend with the ones I mentioned below.

has there been issued any statement by the CFTC or other regulatory body
regarding the point about marketing via the Internet not infringing 30/10
relief, i.e without breaching the limited marketing rules?  Can LME Contracts
therefore be marketed via the EnronOnline website to US customers, bearing in
mind that the underlying principal to the LME Contract would (so far as
EnronOnline is concerned) be Enron Metals Limited (formerly known as MGL)?
As an aside, each Counterparty that is given access to the EnronOnline system
is required to execute certain "access" documentation - for the US, the Enron
entity to these documents is EnronOnline LLC, and for Europe, the entity is
Enron Power Operations Limited.  In each case, EnronOnline LLC and Enron
Power Operations Limited execute these documents on behalf of themselves as
well as their group undertakings.  But note that no cases will EnronOnline
LLC or  Enron Power Operations Limited be the Enron contracting entity to any
trade concluded via EnronOnline.
is MG London Inc. (the FCM) required to act as agent or as principal under
the LME Contracts with US customers, or can it merely market to US customers
and then pass these on to Enron Metals Limited in London for execution,
whether offlline or via EnronOnline?

Thanks.
Justin

	Enron Capital & Trade Resources Corp.

	From:  "Jonathan Melrose" <Jonathan.Melrose@simmons-simmons.com>
             12/09/2000 13:37

To: <Justin.Boyd@enron.com>
cc: "Ned Swan" <Ned.Swan@simmons-simmons.com>

Subject: Re: Action points for Simmons & Simmons

Thanks - will look at these and revert.

On a house keeping point, is this work for Enron Metals or a different Enron
entity?

Rgds
>>> <Justin.Boyd@enron.com> 12/09/2000 11:39:34 >>>
Dear Jonathan,

Following our conference call yesterday, I hope these action points for you
make sense:-

   Determine the scope of the 30/10 exemption, assuming it was granted to
   MGL in 1988 and confirm the benefit to MGL of changes to CFTC Rules
   since then.

   Determine the scope of the FCM authorisation granted to MG London Inc.

   Provide details of the requirements for the purpose of 30/10 and FCM
   authorisation in terms of customer warnings/documentation required to be
   given.

   Confirm alternative bases for relief under 30/10 and FCM authorisation.

   Confirm that MG London Inc. (as an FCM) may market to US customers
   without also having to act as disclosed agent for EOL.

   Confirm that marketing via the Internet, ie. the EnronOnline website,
   does not infringe any conditions of the 30/10 relief.

Thanks,

Justin Boyd


I was right on the legal question Jeff asked.  Julia was wrong.  She is
dropping a note to Skilling.


This is what I sent Doug.
 -----Original Message-----
From: 	Whitt, Mark
Sent:	Monday, December 10, 2001 12:07 PM
To:	Sewell, Doug
Cc:	Tycholiz, Barry
Subject:	Corrected Expense Profile

One Last time.  I think this is correct.


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If you have any questions, please call the Resolution Center at x31411.


Please print and fax the redlined version to me at the hotel.

Thanks,

Kay

ps  I'm in room 706
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/28/2001 07:58
AM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 02/27/2001 02:18:43 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: LLC Agreement for Turbine LLC sale

 <<2rz802!.DOC>>  <<2RZ8RED.DOC>>
Kay:

We did have a "form" LLC agreement in conjunction the letter agreement.  It
was most recently circulated in a Jan 4 e-mail from me and is the attached
draft dated Dec 15.  We may wish to tinker with the effective date
provisions of Section 2.5 and depending on whether XYZ is a corporation,
partnership or limited liability company, the entity representations in
Section 3.2.1 et seq. (I have also attached a marked copy reflecting the
differences between the prototype form and the final form signed in the
Intergen transaction).  If you need anything else, please let me know.
Thanks.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com

Enclosures 129572v2
  129344v7 R 129572v2

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Tuesday, February 27, 2001 8:45 AM
To: ccampbell@kslaw.com; jkeffer@kslaw.com
Subject: LLC agreement for turbine llc sale

Hi there,

Did you come up with a "form" llc agreement in conjunction with the form
letter agreement, or is the Coral LLC agreement the latest thing?

Thanks,

Kay

                    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.

 - 2rz802!.DOC
 - 2RZ8RED.DOC


may have them sold.  $50 apiece?

-----Original Message-----
From: Nancy Sellers [mailto:Nancy.Sellers@RobertMondavi.com]
Sent: Monday, December 10, 2001 3:08 PM
To: 'Jeff Dasovich'
Subject: TYTYTYTYTY

Thank you so much for a wonderful night on Friday.  You were far too
generous in paying for dinner since the wine and corkage were our share and
there wasn't much of that!  It was so fun and I think Prentice really had a
good time too.  Lots  of love and kisses!

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"


When: Wednesday, April 18, 2001 3:00 PM-4:00 PM (GMT-06:00) Central Time (US
& Canada).
Where: 32C2

*~*~*~*~*~*~*~*~*~*


Please call John Arnold and ask him where the traders are coming out on
this.  Let me know.  Mark


We checked a few deals that have gone through so far today.  Please review the following and let me know how they are bridging.

V51265
V51261
V51270

Thank you for your help.

Dawn


rescheduled from Monday, 13 August 2001


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---------------------- Forwarded by Kay Mann/Corp/Enron on 02/27/2001 10:42
AM ---------------------------

Kay Mann
02/26/2001 06:16 PM
To: Sheila Tweed/HOU/ECT@ECT
cc:

Subject: Re: CA - Onondaga

I'll get Kathleen to do it, as she has my current favorite form.  Thanks
anyway.

Kay

From: Sheila Tweed@ECT on 02/26/2001 06:03 PM
To: Kay Mann/Corp/Enron@ENRON
cc: Ed B Hearn III/HOU/ECT@ECT

Subject: Re: CA - Onondaga

The sale of the cash flow interest is a new deal that I am not working on and
I think that the CA that Fred needs is to cover bidders for the purchase of
the cash flow interest.  I will get Ed to prepare the CA if you wish.


All:
The meeting scheduled for tomorrow from 11-12:00 to discuss Enron's needs
from the MIT/AA New Value Research Lab has been postponed to allow for
additional time to confer with AA.   New date/time will be set once add'l
information is gathered.
Thanks.
Amy


No problem.

Thanks.

Nina

-----Original Message-----
From: Haedicke, Mark E.
Sent: 05 October 2001 22:00
To: Edmonds, Nina
Subject: RE: ISDA -- Energy and Developing Products in London

It can wait his return.  Please ask him if he is available to speak on Dec 4 at the conference.  Mark

-----Original Message-----
From: Edmonds, Nina
Sent: Friday, October 05, 2001 7:14 AM
To: Haedicke, Mark E.
Subject: RE: ISDA -- Energy and Developing Products in London

Mark

Paul Simons is away from the office returning next Friday, 12 October.  Please let me know if this matter is urgent or whether it can await his return.

Many thanks.

Nina

-----Original Message-----
From: Haedicke, Mark E.
Sent: 04 October 2001 21:22
To: Evans, Mark (London Legal); Boyd, Justin; Simons, Paul
Subject: FW: ISDA -- Energy and Developing Products in London

Mark, Justin, Paul: Do you have any comments on the agenda?  Let me know and I will forward them on.  Mark

-----Original Message-----
From: Liz O'Sullivan [mailto:LOSULLIVAN@isda.org]
Sent: Thursday, October 04, 2001 8:56 AM
To: Mark Haedicke; 'christophe.chassard@rwetrading.com'
Subject: ISDA -- Energy and Developing Products in London

I am writing in regards to ISDA's Energy and Developing Products conference
in London on December 4, 2001.  Attached is a copy of the final agenda for
your review.  Thank you both for your input and expertise.

 <<draft3.doc>>
Please let me know if you have any more suggestions to improve the agenda
before it goes to print.

Again thanks,
Liz

Liz O'Sullivan
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2559
Fax: (212) 332-2561


Start Date: 4/12/01; HourAhead hour: 14;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041214.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 14 / Preferred:  20.00 / Final:  19.97)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/12/01
  TIE_POINT: MEAD_2_WALC
  INTERCHG_ID: EPMI_CISO_BERT
  ENGY_TYPE: FIRM


Folks:

Attached is an updated testing script for your benefit.  Please feel free to
add additional steps if I have missed anything to this list.  Thanks.  SR:-)


What is the status of the credit worksheet for this counterparty?  Looks as
if we need a Master Firm Purchase/Sale Agreement.  Please advise?
----- Forwarded by Dan J Hyvl/HOU/ECT on 11/08/2000 04:07 PM -----

	Cyndie Balfour-Flanagan@ENRON
	11/03/2000 01:56 PM

		 To: Jeffrey T Hodge/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Debra
Perlingiere/HOU/ECT@ECT
		 cc: Russell Diamond/HOU/ECT@ECT
		 Subject: UGI Utilities Contract

Okay, I wasn't sure who to route this to, but one of our traders gave Claire
Neri at UGI my name and number to help with information about our contracts.
As it turns out, we do not have a Master Contract with UGI but have a firm
term deal  attached to a GTC (Deal #345010, running from 11/1/00 - 3/31/01,
5380 MMBTu/day @ $4.78, meter #103702 on ANR).

UGI's hope is to get a Master agreement in place ASAP to cover the above
mentioned deal & any new inter gas deals (since she sent their master, I'm
assuming that their intent is to put their master in place ASAP). Claire Neri
can be reached at 610-796-3505 for additional information of
changes/negotiations.

Note: UGI is also an EOL "Investment Grade" counterparty for non-Texas natual
gas.

---------------------- Forwarded by Cyndie Balfour-Flanagan/Corp/Enron on
11/03/2000 01:38 PM ---------------------------

"Neri, Claire J." <cneri@ugi.com> on 11/03/2000 01:06:01 PM
Please respond to "Claire J. Neri" <cneri@ugi.com>
To: "Cindy Balfour-Flannigan" <cbalfou@enron.com>
cc:

Subject: Contract

Cindy, Thanks for your help. - Claire
 - ugimaster.doc


OPEN IN PRIVATE... THEN RUN LIKE HELL.......

OPEN IN PRIVATE
OPEN IN PRIVATE

-----Original Message-----
From: Rich Hamble [mailto:rwhamble@ee.net]
Sent: Wednesday, November 08, 2000 9:22 PM
To: Randy Thompson; Lindroos, Rob; Karl Schmidt; Charles Trenton Storch;
Brian Pepper; brett spencer
Subject: Fw: I found a pic of your mom on the internet!

Open with discretion....

----- Original Message -----
From: Robert  <mailto:rzarbaugh@worldnet.att.net> Zarbaugh
To: Rich  <mailto:rwhamble@ee.net> Hamble ; Dave
<mailto:wrenchfedx@aol.com> Smith ; D  <mailto:wdooooo@aol.com> Kendrick ;
Chris Pepper <mailto:bwpepper@megsinet.net>  ; Bill Martin
<mailto:bmartin@roava.net>  ; Aaron M Pauley <mailto:Eblamp@aol.com>
Sent: Wednesday, November 08, 2000 9:12 PM
Subject: I found a pic of your mom on the internet!

 - Hitchhiker.jpg


Please prepare and overnight an ISDA draft.

Thanks
Brant


Ben,

Let me review it one more time from this angle. If you don't hear from me by
Wednesday,
it's OK to post it.

Vince

Benjamin Parsons
01/04/2000 04:31 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Ross Prevatt/HOU/ECT@ECT, Bijoya Banerjea/LON/ECT@ECT
Subject: Credit Risk technical article

Vince,

Bijoya is currently working on the development of the website for the new
credit trading initiative, and we thought it would be a good idea to put my
recent technical article "Measuring Credit Risk" on it. Are you okay with
this release, or does it contain any proprietary information we should edit
out?

Ben


Here is NUI's response to your latest comments.
----- Forwarded by Stacy E Dickson/HOU/ECT on 04/05/2001 09:01 AM -----

	Paul Chymiy <pchymiy@NUI.com>
	04/05/2001 08:09 AM

		 To: "'Stacy.E.Dickson@enron.com'" <Stacy.E.Dickson@enron.com>
		 cc: Brian Rose <brose@NUI.com>, Jennifer Forno <jforno@NUI.com>, Laura
DiBenedetto <ldibenedetto@NUI.com>, Terri Sue Gross <tgross@NUI.com>
		 Subject: NUI Corp. Guaranty

Good morning, Stacy.
 I have reviewed the Guaranty forwarded last evening by Rudwell
Johnson.  He requested that I get back to you with comments.  Please note my
changes on the attached.  As Rudwell suggested, in the second paragraph  I
have included language that limits this Guaranty to the two transactions
that we working on.  In the same vein, I have also included language (see
paragraph 17) that ensures that any other guarantees will not be cumulative
with this one.  I assume that we will do a separate guaranty to use as
Exhibit D to the Master Purchase Agreement.  Any questions, please call me
at 908-719-4228.
  <<ena guaranty4(redlined).doc>>
Paul

 - ena guaranty4(redlined).doc


The final decision added an average rate cap for industrial users.  It has
the effect of lowering rates slightly.  Also, direct access remains exempt
from the surcharge but language is added to ensure that DA Customers receive
no bill credit.  The decision also adds the notion that the CPUC will now
look at redesigning the credit system to "reflect current structural reality."

Sue


---------------------- Forwarded by Christopher Watts/NA/Enron on 05/07/2001
06:42 AM ---------------------------

"Chris Watts" <cwatts3@houston.rr.com> on 05/06/2001 08:21:19 PM
To: <christopher.watts@enron.com>
cc:

Subject: Fw: power trading: Williams, Ga. co-op sign power purchase deal

----- Original Message -----
From: <djcustomclips@djinteractive.com>
To: <276682@sm3.texas.rr.com>
Sent: Thursday, May 03, 2001 6:21 PM
Subject: power trading: Williams, Ga. co-op sign power purchase deal

> Williams, Ga. co-op sign power purchase deal
>
> 05/01/2001
> Megawatt Daily
> (c) Copyright 2001 Pasha Publications, Inc. All Rights Reserved.
>
>   Williams' energy marketing and trading unit has reached a 15-year,
> full-requirements power agreement with Georgia-based Jackson Electric
> Membership Corp. to manage the corporation's existing power resources
> and load obligation of roughly 1,000 MW, the companies said yesterday.
>
>   Under the agreement, Williams will begin serving Jackson's power
> requirements in October. Financial terms of the contract were not
> disclosed.
>   The agreement is Williams' fourth full-requirements contract with a
> Georgia cooperative. "Our work with Jackson and other EMCs exemplifies
> our commitment to manage risk for our customers, allowing them to
> provide price certainty to their members," Bill Hobbs, president of
> Williams Energy Marketing and Trading, said.
>
>   Williams' growing southeast supply portfolio, including the Tenaska
> Lindsay Hill Generating Station and a recently announced generating
> facility in development near Atlanta, which will come online in 2004,
> will serve to support the EMCs' load contracts, Hobbs said.
>
>   Jackson serves more than 150,000 residential and commercial customers
> in Georgia.          MCM
>
>
>
> Folder Name: power trading
> Relevance Score on Scale of 100: 95
>
> ______________________________________________________________________
>
> To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com
or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511
or contact your local sales representative.)
> ______________________________________________________________________
>
> Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved
>


Sub topic 4 on page 4: 1st line 2nd sentence purchaser vice purchase
---------------------- Forwarded by Kirk McDaniel/HOU/EES on 11/24/2001 11:55 AM ---------------------------

Kirk McDaniel
11/24/2001 11:49 AM
To:	sheri.a.righi@accenture.com @ ENRON, Dutch Quigley/Enron@EnronXGate
cc:	Tim O'Rourke/Enron@EnronXGate, Yevgeny Frolov/Enron@EnronXGate, monica.l.brown@accenture.com@ENRON, donald.l.barnhart@accenture.com@ENRON, Phillip K Allen/Enron@EnronXGate
Subject:	Re: Futures and Options Topics - Dutch Quigley

Team
Here are my comments on Options (See attachment below).

We need examples of:
Cap (Call Option)
Floor
Collar

In addition we need information on Financial option.

Accenture, in all the documents can we have roll over capabilities on the bold words and instead of Click here because time is of essence in our culture and having the learner have to go to the glossary or click for a pop up creates opportunities for disengagement.

<Embedded StdOleLink>


Re the attached email , he is highly recommended by Reliant's lawyer in
Saramento. Jacobs served in Drivon's role in the Senate proceedings involving
Ins Comm'r Quackenbush last year and is well known and respected in the
Legislature. He has been informally advising Reliant's lawyer on contempt
issues. He does not think he has a conflict and will confirm that. Initially
his role would be solely as a consultant.

The information contained in this e-mail message and any accompanying
documents is subject to the attorney-client privilege and/or the attorney
work product rule and is confidential business information intended only for
the use of the individual or entity named above.  If the reader of this
message is not the intended recipient or representative of the recipient, you
are hereby notified that any dissemination of this communication is strictly
prohibited.  If you have received this communication in error, please notify
the Systems Administrator at admin@pkns.com and immediately delete this
message from your system.


here you go
---------------------- Forwarded by Mark Guzman/PDX/ECT on 09/21/2000 03:13
PM ---------------------------

Melissa Ann Murphy
09/21/2000 01:01 PM
To: Mark Guzman/PDX/ECT@ECT, Carla Hoffman/PDX/ECT@ECT
cc: Bill Williams III/PDX/ECT@ECT
Subject: Deals possibly in under wrong counterparty name

Hi, please check on the following deals:

408661.01
410930.01
418614.01

The trader is Bill Williams III.

These three deals are in under British Columbia Hydro & Power Authority.  I
believe they should be under British Columbia Power Exchange Corporation.

Please let me know if you change them.

Thank you,
Melissa


Return Receipt

 Your
 document:

 was received Kelley Doolan/ST/FIS
 by:

 at:          03:00:50 PM Today


Isabel,

Who is the "intial purchaser", and why are the documents dated tomorrow?

Thanks again,

Kay

"PARKER, Isabel" <isabel.parker@freshfields.com> on 04/25/2001 07:40:48 AM
To: "Carolyn Campbell (E-mail)" <CCampbell@KSLAW.com>, "Kay Mann (E-mail)"
<kay.mann@enron.com>, "Gregory F. Lang (E-mail)"
<gregorylang@paulhastings.com>, "Rick Vicens (E-mail)"
<rvicens@deltapower.com>
cc: "John Tisdale (E-mail)" <jtisdale@arclightcapital.com>, "Amy Weed
(E-mail)" <aweed@jhancock.com>, "John Anderson (E-mail)"
<jcsanderson@jhancock.com>, "BURKE, Ted (TDB)" <ted.burke@freshfields.com>

Subject: Pegasus - ENA "no objection to forms" letter

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify us
immediately by reply e-mail and then delete this message from your system.
Please do not copy it or use it for any purposes, or disclose its contents to
any other person:  to do so could be a breach of confidence.  Thank you for
your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

Kay

Please find attached a clean and blacklined copy of the Enron "no objection
to forms" letter.
I apologize for not attaching this document to last night's e-mail.

Regards
Isabel

 - COMPARE001.DOC
 - NY003701662.DOC


Start Date: 4/12/01; HourAhead hour: 17;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041217.txt


hey emily,

was just wondering what you're going to be up to this weekend...found a pretty good deal to boston and was thinking about making a trip to visit....totally last minute thing obviously.  if i did it, i'd get in saturday evening and leave either monday or tuesday...drop me a line when you get a chance.

susan


Thanks!


Here sis part 2 of Skillings presentation.
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 03/06/2000
10:08 AM ---------------------------

Jason R Wiesepape
02/03/2000 10:32 AM
To: Benjamin Rogers/HOU/ECT@ECT, Michael Danielson/HOU/ECT@ECT
cc:
Subject: 2000 Analyst cont'd

---------------------- Forwarded by Jason R Wiesepape/HOU/ECT on 02/03/2000
10:31 AM ---------------------------

	Enron North America Corp.

	From:  Michael B Rosen                           02/03/2000 10:16 AM

To: Jason R Wiesepape/HOU/ECT@ECT
cc:
Subject: 2000 Analyst cont'd


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


Mark:

As I mentioned in my voice mail to you last Saturday, in addition to the
choice of Mexican law, there is another outstanding issue that may result in
increased risk to Enron Corp.  I did not go into detail on this issue this
morning when we spoke because discussions are still ongoing relative to the
issue and I sensed that you had a very limited amount of time available.  The
issue has not yet been resolved and I want to assure that you are aware of
the issue before I leave the office for the holiday.

Enron Corp. will provide a letter of credit to Pemex as required under the
Fuel Supply Agreement.  The letter of credit will be in an amount equal to
150% of two months of estimated gas purchases under the Fuel Supply
Agreement.  The lenders have required that Enron Corp. evidence in writing
its commitment to provide such letter of credit and, therefore, a FSA Credit
Support Agreement (the "FSA Support") is currently under negotiation.

The following issue arises under the repayment mechanism currently set forth
in FSA Support and, therefore, it is possible that it may become moot when
the negotiations relative to the FSA Support are concluded.

The repayment mechanism for the fuel supply letter of credit states that
Enron Energia Industrial de Mexico, S. de R.L. de C.V. ("EEIM") will
reimburse Enron Corp. for any disbursements made under the letter of credit.
This mechanism may subject Enron Corp. to the risk that, after repayment by
EEIM to Enron Corp. of an outstanding debt resulting from EEIM's
reimbursement obligation and the resulting reinstatement of the letter of
credit, the repayment by EEIM could be withdrawn as a preferential payment if
EEIM went into bankruptcy.  In such event, Enron Corp. would be in the
situation of having an outstanding letter of credit and an unpaid
reimbursement obligation.

To reiterate, the FSA Support is still under negotiation but such
negotiations must be concluded before the lenders will close.  I will request
that Robert Stephens, the Bracewell Patterson attorney working on the FSA
Support, keep you updated on the status of this issue in my absence.  Robert
will be in Washington, D.C., through Wednesday.

Should you have any questions, please do not hesitate to contact me.


Hey Brian,

I'm having to plug your positions again.  I checked the conversion factors
and I have the same ones that you have on the IM Positions tab of your excel
file.  Let me know if you have any ideas as to what the problem might be.
I'm attaching a copy of the positions that I pulled in and the detail.  I'll
talk to you tomorrow.

Thanks,
Robin


Thanks.

Let me know when the contract comes in for the API, how it looks and what the
voyeur charge is.

Get us on whatever panel they come up with on mid/back office.  Who should
sit on this panel?

You and I have discussed the clearing thing and our doubts about clearing for
everyone, etc.

What were the next steps or meetings you discussed with him?

GP

 -----Original Message-----
From:  Zipper, Andy
Sent: Monday, June 04, 2001 1:46 PM
To: Piper, Greg; Whalley, Greg; Kitchen, Louise; Sherman, John
Subject: ICE

I met with Jeff Sprecher of the Intercontinental Exchange for almost an hour
and a half and thought it would be a good idea to bring you up to speed on
where they are heading.

1). We now have the complete API to them, but it is hooked up to their test
environment. They will be sending us a contract to sign before they connect
it to their production site. He assured me it will be the same contract that
all the founders have to sign to get access to it. Esentially, if we trade or
provide prices the API will be free; if we are voyeurs then we will have to
pay for it.

2). He stated that charging commssion is not a denfensible business model.
They will try to make their money through mid and back office services.

3). Their purchase of the IPE is directly related to implementing 2). his
vision is to use the IPE infrastrucutre to make all derivative trades cleared
and then use the FCM's to fulfill the back office movemment of funds tasks.
In a nutshell he beleives the FCM's are all interconnected and used to moving
money around for settlements and margins through the clearinghouse, so why
not expand their role.

4). When I expressed some skepticism about 3). he asked if we would like to
participate in a forum with other ICE members to discuss shared mid and back
ofice services. I told him we would.

If anyone has any questions about this let me know.

AZ


I made it to NYC with no problem.  The weather is nice enough, but windy.
I'm on my way to a meeting.


I have been out, however, I will be looking at this today and will get back to you asap.

Rudwell.

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, October  1, 2001 9:05 AM
To:	Rohauer, Tanya
Cc:	Johnson, Rudwell
Subject:	RE: Orlando Utilities Commission

I can wait; just didn't want it to slip through the cracks.  Thanks.  Sara

 -----Original Message-----
From: 	Rohauer, Tanya
Sent:	Monday, October 01, 2001 8:50 AM
To:	Shackleton, Sara
Subject:	RE: Orlando Utilities Commission

he is out until thursday due to death in the family. if urgent, let me know and I will reassign

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, October 01, 2001 8:40 AM
To:	Johnson, Rudwell
Cc:	Rohauer, Tanya
Subject:	FW: Orlando Utilities Commission

Hi, Rudwell.  Can you  please resond to me email.  Thanks.  Sara

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Wednesday, September 19, 2001 2:51 PM
To:	Johnson, Rudwell
Cc:	Friedman, Richard
Subject:	Orlando Utilities Commission

Rudwell:

You are handling this counterparty from a credit perspective.  Rich Friedman from Global Markets has called to inquire about the status of this ISDA request.  Please refer to Lotus Notes to review the last action taken by Russell in February, 2001.  Please determine whether we can eliminate the Credit Support Annex from this agreement before we send another version.  You will note that this counterparty wants to rely entirely on the form used by Aron.  Russell has a copy of this agreement.

Do you want to put this on the legal credit list for follow up?

Thanks.

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


>From: Ukhawks@aol.com
>To: bandrowski@msn.com, aboguszewski@hotmail.com, jclarke@chuck.stchas.edu,
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paulrvirg@earthlink.net, totonj@earthlink.net, JFLEWHITE@aol.com,
EllenUK@aol.com, swilliamson@edgellmail.com
>Subject: Fwd: hey, girlfriends!
>Date: Tue, 12 Dec 2000 04:30:16 EST
>
>

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From: "thesymingtons" <thesymingtons@email.msn.com>
To: "Maggie Symington" <msymington@hotmail.com>
Subject: hey, girlfriends!
Date: Mon, 11 Dec 2000 17:15:45 -0000
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Something fun to read!
>
>  I WANT WHAT SHE'S HAVING
>
> >>>> I have a new delightful friend,
> > >  > I am most in awe of her.
> > >  > When we first met I was impressed,
> > >  > By her bizarre behavior.
> > >  >
> > >  > That day I had a date with friends,
> > >  > We met to have some lunch.
> > >  > Mae had come along with them,
> > >  > All in all ... a pleasant bunch.
> > >  >
> > >  > When the menus were presented,
> > >  > We ordered salads, sandwiches, and soups.
> > >  > Except for Mae who circumvented,
> > >  > And said, Ice Cream, please: two scoops.
> > >  >
> > >  > I was not sure my ears heard right,
> > >  > And the others were aghast.
> > >  > Along with heated apple pie,
> > >  > Mae added, completely unabashed.
> > >  >
> > >  > We tried to act quite nonchalant,
> > >  > As if people did this all the time.
> > >  > But when our orders were brought out,
> > >  > I did not enjoy mine.
> > >  >
> > >  > I could not take my eyes off Mae,
> > >  > As her pie a-la-mode went down.
> > >  > The other ladies showed dismay,
> > >  > They ate their lunches silently, and frowned.
> > >  >
> > >  > Well, the next time I went out to eat,
> > >  > I called and invited Mae.
> > >  > My lunch contained white tuna meat,
> > >  > She ordered a parfait.
> > >  >
> > >  > I smiled when her dish I viewed,
> > >  > And she asked if she amused me.
> > >  > I answered, Yes, you do,
> > >  > But also you confuse me.
> > >  >
> > >  > How come you order rich desserts,
> > >  > When I feel I must be sensible?
> > >  > She laughed and said, with wanton mirth,
> > >  > I am tasting all that's possible.
> > >  >
> > >  > I try to eat the food I need,
> > >  > And do the things I should.
> > >  > But life's so short, my friend, indeed,
> > >  > I hate missing out on something good.
> > >  >
> > >  > This year I realized how old I was,
> > >  > She grinned, I've not been this old before.
> > >  > So, before I die, I've got to try,
> > >  > Those things for years I had ignored.
> > >  >
> > >  > I've not smelled all the flowers yet,
> > >  > There's too many books I have not read.
> > >  > There's more fudge sundaes to wolf down,
> > >  > And kites to be flown overhead.
> > >  >
> > >  > There are many malls I have not shopped,
> > >  > I've not laughed at all the jokes.
> > >  > I've missed a lot of Broadway Hits,
> > >  > And potato chips and cokes.
> > >  >
> > >  > I want to wade again in water,
> > >  > And feel ocean spray upon my face.
> > >  > Sit in a country church once more,
> > >  > And thank God for It's grace.
> > >  >
> > >  > I want peanut butter every day,
> > >  > Spread on my morning toast.
> > >  > I want un-timed long-distance calls,
> > >  > To the folks I love the most.
> > >  >
> > >  > I've not cried at all the movies yet,
> > >  > Nor walked in the morning rain.
> > >  > I need to feel wind in my hair,
> > >  > I want to fall in love again.
> > >  >
> > >  > So, if I choose to have dessert,
> > >  > Instead of having dinner.
> > >  > Then should I die before night fall,
> > >  > I'd say I died a winner.
> > >  >
> > >  > Because I missed out on nothing,
> > >  > I filled my heart's desire.
> > >  > I had that final chocolate mousse,
> > >  > Before my life expired.
> > >  >
> > >  > With that, I called the waitress over,
> > >  > I've changed my mind, it seems.
> > >  > I said, I want what she is having,
> > >  > Only add some more whipped-cream!
> > >  >
> > >  > Here is a little something for you all!
> > >  > We need an annual Girlfriends Day!
> > >  > If you get this twice,
> > >  > then you have more than one girlfriend.
> > >  > Be happy.
> > >  >
> > >  > ALL I NEED TO KNOW ABOUT LIFE I LEARNED FROM MY GIRLFRIENDS
> > >  >
> > >  >  * Good times are even better when they're shared.
> > >  >  * A good long talk can cure almost anything.
> > >  >  * Everyone needs someone with whom to share their secrets.
> > >  >  * Listening is just as important as talking.
> > >  >  * An understanding friend is better than a therapist...
> > >  >    and cheaper too!
> > >  >  * Laughter makes the world a happier place.
> > >  >  * Friends are like wine; they get better with age.
> > >  >  * Sometimes you just need a shoulder to cry on.
> > >  >  * Great minds think alike, especially when they are female!
> > >  >  * When it comes to "bonding," females do it better.
> > >  >  * YOU ARE NEVER TOO OLD FOR SLUMBER PARTIES!!!!
> > >  >  * Girls just want to have fun.
> > >  >  * It's important to make time to do "girl things."
> > >  >  * Calories don't count when you are having lunch
> > >  >    (or any other food) with your girlfriends.
> > >  >  * You can never have too many shoes.
> > >  >  * GEMS MAY BE PRECIOUS, BUT FRIENDSHIP IS PRICELESS!!!
> > >  >
> > >  >  PLEASE PASS THIS ON TO ALL OF YOUR GIRLFRIENDS