Tana/Sara - Could one of you please call me at (416) 983-9473 to discuss the
ISDA Schedule?  I don't have your numbers.  Thanks, Dan.

Tana.Jones@enron.com on 09/27/2000 07:58:32 PM

To:   Brian.Kerrigan@enron.com, Soma.Ghosh@enron.com, Peter.Keohane@enron.com,
      Greg.Johnston@enron.com, Catherine.Clark@enron.com,
      William.S.Bradford@enron.com, Dan Carr/CIBG/TDBANK@TDBANK, Anthony
      Hull/CIBG/TDBANK@TDBANK
cc:   Sara.Shackleton@enron.com
Subject:  Toronto-Dominion Prepay Documents

At the request of Sara Shackleton, I am enclosing drafts of the following
documents:

1.  A draft of the ISDA Schedule .
2.  Copies of the Interest Rate and Commodity Confirmations.  Please note
that certain dates, rates and pricing need to be determined early tomorrow.

Please call me or Sara with any questions or comments with respect to the
enclosed.

(See attached file: ECCRBCnymex2.doc)    (See attached file:
ECCTDBrate.doc)     (See attached file: 796ctr (Toronto Dominion).doc)

 - ECCRBCnymex2.doc
 - ECCTDBrate.doc
 - 796ctr (Toronto Dominion).doc


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/27/2000
05:28 PM ---------------------------

Vince J Kaminski
04/27/2000 01:45 PM
To: Dgoodburn@rochpar.com
cc:
Subject: Test

Hello,

My home E-mail address is vkaminski@aol.com

Vince Kaminski


just a note to let you know my new email address, i will be doing away with my webtv and have decided to get with the rest of the world with this technology thing.
later.
ed


Iris,

We can mention to Ben that the papers will be edited and
combined into a coherent review.

Vince

From: Iris Mack/ENRON@enronXgate on 04/23/2001 01:49 PM
To: Vasant Shanbhogue/ENRON@enronXgate, Vince J Kaminski/HOU/ECT@ECT, Amitava
Dhar/Corp/Enron@ENRON
cc:
Subject: FW: Enron Credit Model Docs for the Comparative Model Study - to be
sent to Professor Duffie @ Stanford

Hi,

 Attached is a bit of feedback from Ben regarding the papers listed below.

 Can you help me out here?

Thanks,
Iris

 -----Original Message-----
From:  Parsons, Ben
Sent: Monday, April 23, 2001 3:05 AM
To: Mack, Iris
Subject: RE: Enron Credit Model Docs for the Comparative Model Study - to be
sent to Professor Duffie @ Stanford

Hi Iris

I would not include paper 8, as paper 7 supersedes it. Also how much
rewriting of these papers do you envisage? Some of them are not up-to-date,
or were written poorly and under time-pressure, so what do you envisage
eventually sending to Duffie?

thanks

Ben

From: Iris Mack/ENRON@enronXgate on 21/04/2001 22:30 CDT
To: Ben Parsons/LON/ECT@ECT
cc: Vasant
Shanbhogue@/O=ENRON/OU=NA/CN=RECIPIENTS/CN=NOTESADDR/CN=E6795104-40FF9820-8625
6525-68DAA0@EX@enronXgate, Vince J Kaminski/HOU/ECT@ECT, Scott
Salmon/EU/Enron@Enron, Bryan Seyfried/LON/ECT@ECT, Nigel Price/LON/ECT@ECT,
Tomas Valnek/LON/ECT@ECT, George Albanis/LON/ECT@ECT, Markus
Fiala/LON/ECT@ECT, Craig Chaney/ENRON@enronXgate, Kim
Detiveaux/ENRON@enronXgate, Amitava Dhar/Corp/Enron@ENRON, Tanya
Tamarchenko/HOU/ECT@ECT, Mike Mumford/LON/ECT@ECT

Subject: RE: Enron Credit Model Docs for the Comparative Model Study - to be
sent to Professor Duffie @ Stanford

Hi Ben,

 I think I have read all the papers that are to be used in the comparative
model study to be sent to Professor Duffie at Stanford.

 These documents are all listed below.   Please let me know if I have omitted
any (However, don't get the impression that I am begging for more papers to
read).

 Now I will try to transform my notes into a draft for Professor Duffie.

Thanks,
Iris

List of Papers  for Comparative Model Study

1.  Actively Managing Corporate Credit Risk:  New Methodologies and
Instruments for Non-financial Firms
by R. Buy, V. Kaminski, K. Pinnamaneni & V. Shanbhogue
Chapter in a Risk Book entitled Credit Derivatives:  Application for Risk
Management, Investment and Portfolio Optimisation

2.  Neural Network Placement Model
by George Albanis, EnronCredit (12/22/00)

3.  Pricing Parent Companies and their Subsidiaries:  Model Description and
Data Requirements
by Ben Parsons and Tomas Valnek, Research Group

4.  A Survey of Contingent-Claims Approaches to Risky Debt Valuation
  by J. Bohn
www.kmv.com/products/privatefirm.html

 5.  The KMV EDF Credit Measure and Probabilities of Default
by M. Sellers, O. Vasicek & A. Levinson
www.kmv.com/products/privatefirm.html

6.  RiskCalc For Private Companies:  Moody's Default Model
Moody's Investor Service:  Global Credit Research

7.  Discussion Document:  Asset Swap Model
by Ben Parsons, Research Group (4/20/01)

8.  Asset Swap Calculator:  Detailed Functional Implementation Specification
(Version 1.0)
by Ben Parsons, Research Group

9.  Discussion Document:  Live LIBOR Bootstrapping Model
by Ben Parsons, Research Group (4/20/01)

10.  The Modelling Behind the Fair Market Curves:  Including Country and
Industry Offsets
by Nigel M. Price, Enron Credit Trading Group

11.  Pricing Portfolios of Default Swaps:  Synthetic CBOs  - Moody's versus
the Full Monte (Carlo)
by Nigel M. Price, Enron Credit Trading Group

12.  Placement Model v1.0:  Discussion Document
by Ben Parsons, Research Group, 2000

13.  Credit Pricing Methodology - EnronCredit.com
by Ben Parsons, Research Group

14.  Correlation:  Critical Measure for Calculating Profit and Loss on
Synthetic Credit Portfolios
by Katherine Siig, Enron Credit Group

15.  Discussion Document:  VAR Model for Enron Credit
by Ben Parsons, Research Group, (1/3/01)

16.  Methodology to Implement Approximate VAR Model for the Credit Trading
Portfolio
by Kirstee Hewitt, Research Group


Just a quick note to see how you are doing.  I mentioned your name today to
Kristin Albrecht.  She is a Senior Director over Risk Management for Enron
Broadband Services (EBS).  Kristin and I used to work together in Enron
Americas, and we had lunch today to catch up.  She grew up in Wharton and is
an A&M graduate, so it occurred to me that you two have at least two things
in common.  I wanted you to know that I have given Kristin your name.  She
can be another contact for you here at Enron.  If you are interested in what
is going on at EBS or want to get Kristin's impressions on rotations within
or outside EBS, she would be great for you to visit with.

Drop by soon to give me an update on life at Enron for you.  --Sally


Apologies.  Forgot the subject of the meeting.  It's "Strategy for
California."
---------------------- Forwarded by Jeff Dasovich/SFO/EES on 09/05/2000 12:01
PM ---------------------------

Jeff Dasovich
09/05/2000 11:55 AM
To: Joseph Alamo/SFO/EES@EES
cc:
Subject: Conference Call

Could you please set up a conference call and send the information to the
list below?  Please set it up for tomorrow, Wednesday, at 9 AM PDT, for one
hour.  Thank you very much.

Jeff Dasovich/SFO/EES@EES, Steven J Kean/NA/Enron@Enron, James D
Steffes/HOU/EES@EES, Rob Bradley/Corp/Enron@ENRON, mpalmer@enron.com, Karen
Denne/Corp/Enron@ENRON, Mona L Petrochko/SFO/EES@EES, Susan J
Mara/SFO/EES@EES, Paul Kaufman/PDX/ECT@ECT Dave Parquet, Samuel
Wehn/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Sandra McCubbin/SFO/EES@EES


Hi there,

Trying to decide where to go on your next vacation?  So am I.
Right now, there are great deals everywhere.  Florida, Mexico,
the Caribbean, Las Vegas, Hawaii, California.  All your favorite
destinations.

Now that the cold weather is on its way (there were actually
some snow flakes up north) I'm starting to remember how it was
last Winter.  Wherever I decide to go, it's going to be somewhere
WARM.  Sunny days, warm nights, moonlight walks, good times.

With prices so low, it's the perfect time to make your vacation
plans.  See the sun, have some excitement, travel with your
family and friends.  It's always a good time to travel.  And
whenever you travel, you always have a good time!

Have fun on vacation!

John
Your Friend in Travel at Funjet Vacations

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

HOUSTON to CANCUN

$349.95     3 Nights     Flamingo Cancun Resort & Plaza
                         ...All-inclusive!

System $aver price valid for 3 night vacations departing
Thu Nov 8, 15, 29, Dec 6 - 27 in "Z" class of service via
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Thu Nov 8, 15, 29, Dec 6 - 27 in "Z" class of service
via Allegro Airlines charter air.

$399.95     3 Nights     Tucan Cun Beach Resort
                         ...All-inclusive!

System $aver price valid for 3 night vacations departing
Thu Nov 8, 15, 29, Dec 6 - 27 in "Z" class of service via
Allegro Airlines charter air.

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for a full range of vacation savings.

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knowledge and experience can help you find the right vacation.

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Vacation Inclusions:  All vacations include roundtrip air from
origin airport listed, hotel accommodations, and roundtrip
airport/hotel transfers (international and Hawaii vacations only).
System $aver prices are per person, based on double occupancy,
subject to availability, not retroactive, subject to change
without notice, and based on the least expensive room category.
System $aver prices have special booking requirements available
online or through your travel agent.  International fees and taxes
of up to $75.65 per person are not included and are due with final
payment.  Air service is provided by airline listed.  The
Pre-Travel Penalty Waiver is not included in the advertised price.
Please refer to the Funjet Vacations Bill of Rights for terms and
conditions.

If you'd like to unsubscribe from this email specials list,
please visit http://www.funjet.com/unsub.htm

OT: mcuilla@ECT.ENRON.COM


Christine, you need a comma between July and August.  Otherwise this looks
fine.

Christine Stokes
01/17/2000 08:50 AM
To: Christine Stokes/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Dave
Neubauer/ET&S/Enron@ENRON, Bill Cordes/ET&S/Enron@ENRON
cc:

Subject: Transwestern Contract Approval Request

TRANSWESTERN PIPELINE COMPANY
   CONTRACT APPROVAL REQUEST

Please review the attached non-standard discount letter to Phillips Petroleum
Company.  Phillips has agree to extend their 30,000 Dth/d Ignacio to El
Paso/Blanco contract for five years beginning 2/1/2001.  The one-part
seasonal rate structure of $.04 (April-Oct) and $.035 (Nov-March) will
escalate by $.005  each of the last two years.  Phillips may use a south to
north alternate flow path for an incremental $.01 based on actual utilization.

Please  approve via REPLY WITH HISTORY.
All officer approvals will be faxed to Bill Cordes for final Presidential
approval


Jeff -

I think that new deal info may have even rolled into the DPR.  can you check and could you get us a revised new deal report with accurate p&l.

Thanks,
Rogers

Jeffrey Jackson@EES
05/21/2001 02:27 PM
To:	EWS Power East New Deal Report
cc:
Subject:	EWS Power East New Deal Report


How are you?!  It's so good to hear from you.  Of course I get the updates from Lorrainey & I knew about your new job.  I hope everything is going well there.  Lorraine said that you really liked it.  I thought of Florabama when I heard you were hired at Duke.  Lucky we didn't do anything truly offensive (I don't think) in our negotiations with them.  We need to meet you for lunch someday.

It would be great to see Jeff too, if we could get ahold of him.  He called the other day with a building question.  He sounded good and said Lisa had some irons in the fire.

Everything here is...wierd!!  And it's pretty sad.  The NNG commercial people go over (red rover, red rover) to Dynegy starting Friday.  (This would include Mary Kay - talk about a midlife crisis!)  It's all pretty sad (along with Lay resignation, Baxter suicide, etc.)  The new guy started today - who knows?!

How is Craig?  It looks like Calpine is holding their own.  I've left some messages for Diana, but haven't heard back from her.

Sam is wonderful.  He is talking alot and he's very busy!!  My dad and my stepmom, Flo, were here this last weekend for a visit.  Tony and I got to go out to dinner and to a movie - WOW!

Thanks for keeping in touch.  Let's rally the troops soon for a ladies luncheon.

Lindy

-----Original Message-----
From: Susan S. Lindberg [mailto:sslindberg@duke-energy.com]
Sent: Tuesday, January 29, 2002 3:10 PM
To: Donoho, Lindy
Subject: hi

Hi Lindy!  Laura McGuire and I were talking about you today.  Remember we
were working on Florabama and we met her for lunch and it was pouring down
rain?!  She was in my office today for a meeting and it took us a while to
remember how we knew each other.  She got married in January; I think her
new last name is Heckman.

Anyway, I was thinking about you and I hope you're doing well thru all this
Enron mess.  How is Sam?  talking up a storm already?

Take care--

Susan


EFF_DT PORTFOLIO_ID DOWN95
2/28/01  MANAGEMENT-COAL 0
2/28/01  MANAGEMENT-CRD 0
2/28/01  MANAGEMENT-GAS 854,693
2/28/01  MANAGEMENT-PWR 164,563
2/28/01  AGG-MANAGEMENT 964,254


(See attached file: hpl1005.xls)

 - hpl1005.xls


RAC: Bill Bradford, Debbie Brackett

Top analysts and associates - we have started ranking and will be finished today.

What is Beck's list and does it include IT or is it the list we did?

Power Scheduling too.
 -----Original Message-----
From: 	Oxley, David
Sent:	Tuesday, November 27, 2001 10:46 AM
To:	Kitchen, Louise; Lavorato, John
Subject:	If we were going to pay....

...some bonuses this week (with some reclaw plus penalty), putting aside yourselves, the guys we already took care of, Colwell, Headicke, Beck and my people, is there anyone else in EA you would like to make a case to pay?

Plan today is to get these names and proposed numbers pulled together for Greg this evening. Plan was to ask Colwell, Headicke etc., separately, if you want to review their names I can let you see them later tonight.

I plan to sit over in old building (16.71) and do this this afternoon noon till 5pm. You can either call me on my cell or have Jeanie walk list across.

David


Good Morning!

Cheryl is taking a 1/2 day of vacation today, and will be in around noon today.  Please call if you should need anything.  Thank you, and have a great morning.

Keegan Farrell
EB3875
713-345-3317


------------------------------------------------------------------------------------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

June 1, 2001 5:00pm through June 4, 2001 12:00am
------------------------------------------------------------------------------------------------------

ECS to ECN Network Interconnection, June 9th 2001

This is a notification that the Enron Corp. I/T Networks team will be connecting the new building network infrastructure located in Enron Center South (ECS) to the existing Enron Center North (ECN) backbone network.  While this activity is not expected to produce a disruption to network services, this notice is designed to alert the organization to our activities.  No network hardware or systems are anticipated to be shutdown.  The actual physical interconnection of the networks will be performed in the EB 34th floor Data Center.

Interconnection activities are scheduled to occur the evening of June 9th 2001 starting from 7:00 p.m.(CT) and completing around 11:00 p.m. (CT). Application testing activities will begin at 11:00 p.m. (CT) once all network testing has completed.

If you have any further questions, please contact Pete Castrejana at 713-410-0642 for more information.

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:
Impact:  ENS
Time:  Fri 6/1/2001 at  11:00:00 PM CT thru Fri 6/1/2001 at  11:45:00 PM CT
	Fri 6/1/2001 at    9:00:00 PM PT thru Fri 6/1/2001 at     9:45:00 PM PT
	Sat 6/2/2001 at  5:00:00 AM London thru Sat 6/2/2001 at  5:45:00 AM London
Outage:  Enable routing on new router ecn-34-cor-ccr1
Environments Impacted:  ENS
Purpose: This router will be used to connect to the new building
Backout: remove routing on the router.
Contact(s): 	Scott Shishido    713-853-9780

Impact:  AEP
Time:  Fri 6/1/2001 at  8:00:00 PM CT thru Fri 6/1/2001 at  8:30:00 PM CT
	Fri 6/1/2001 at  6:00:00 PM PT thru Fri 6/1/2001 at  6:30:00 PM PT
	Sat 6/2/2001 at  2:00:00 AM London thru Sat 6/2/2001 at  2:30:00 AM London
Outage:  Shutting off the internal link to 1201 Louisiana
Environments Impacted:  AEP
Purpose: Company occupying that space has been sold.
Backout: None
Contact(s): 	Garhett Clark         713-345-9953
                        Robert Humlicek   713-853-6366   713-406-8293

Impact:  ENS/GCO
Time:  Fri 6/1/2001    thru Wed 7/4/2001
Outage:  HPL migration to AEP
Environments Impacted:  GCO
Purpose: Sites sold
Backout: None
Contact(s): 	Garhett Clark         713-345-9953
		Robert Humlicek   713-853-6366   713-406-8293

FIELD SERVICES:  No Scheduled Outages.

INTERNET:
Impact:  Internet
Time:  Fri 6/1/2001 at  10:30:00 PM CT thru Fri 6/1/2001 at  10:45:00 PM CT
	Fri 6/1/2001 at    8:30:00 PM PT thru Fri 6/1/2001 at     8:45:00 PM PT
	Sat 6/2/2001 at  4:30:00 AM London thru Sat 6/2/2001 at  4:45:00 AM London
Outage:  Reboot Enron.com edge routers
Environments Impacted:  Internet
Purpose: Regular reboot to prevent such problems as memory corruption. Intermettent disruption to last about five minutes.
Backout:
Contact(s): 	John Shupak          713-853-7943
		Bryan Aubuchon    713-345-8446

MESSAGING:
Impact:  Corp Notes
Time:  Fri 6/1/2001 at  9:00:00 PM CT thru Sat 6/2/2001 at  1:00:00 AM CT
	Fri 6/1/2001 at  7:00:00 PM PT thru Fri 6/1/2001 at 11:00:00 PM PT
	Sat 6/2/2001 at  3:00:00 AM London thru Sat 6/2/2001 at  7:00:00 AM London
Outage:  cNotes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s): 	Trey Rhodes  (713) 345-7792

Impact:  EI
Time:  Fri 6/1/2001 at  9:00:00 PM CT thru Sat 6/2/2001 at  1:00:00 AM CT
	Fri 6/1/2001 at  7:00:00 PM PT thru Fri 6/1/2001 at 11:00:00 PM PT
	Sat 6/2/2001 at  3:00:00 AM London thru Sat 6/2/2001 at  7:00:00 AM London
Outage:  EI Notes Server Maintenance
Environments Impacted:  EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s): 	David Ricafrente    713-646-7741

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: No Scheduled Outages.

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

-------------------------------------------------------------------------------------------------------------------------------------
								FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management			(713) 853-5536
SAP/ISC                                                                               (713) 345-4727
Unify On-Call 					(713) 284-3757  [Pager]
Sitara On-Call					(713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS			(713) 639-9726  [Pager]
OSS/UA4/TARP				(713) 285-3165  [Pager]
CPR						(713) 284-4175  [Pager]
EDI Support 					(713) 327-3893  [Pager]
EES Help Desk					(713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call                    (713) 327-6032 [Pager]


For Tues through the end of the month, please show Tenn Z5 and Z6 flat, and
have the Wright gas into Canajoharie.

Tenn, I will be looking at what we have available on the Net 284 contract on
your sheet to determine our flexibility.


deal number 458405 and 458406 still do not match total mw quantity.  pls let
me know which one is correct, and if they should both be the same.

   Kate Symes @ ECT                11/15/2000 06:09 PM

To: Kerri Thompson/Corp/Enron@ENRON
cc:

Subject: Re:

Mike Driscoll went in and changed this deal to match 458405. It should be
correct now.

Thanks,
Kate

Kerri Thompson@ENRON
11/15/2000 03:07 PM
To: Kate Symes/PDX/ECT@ECT
cc: Carla Hoffman/PDX/ECT@ECT

Subject:

458406

i don't think this deal is entered correctly, the hours are not matching the
other deals.  can you pls check on this deal

thanks


Thank you, but shouldn't the products be listed as follows.  GD/D PG&E
CtyG-HHUB, PG&E CtyG-Socal, Socal-Malin, PG&E CtyG-Malin.  Please let me know
what you think.  How would the legal description read?

Thanks,
Mike


done.

DL

 -----Original Message-----
From: 	Schoolcraft, Darrell
Sent:	Tuesday, March 19, 2002 3:24 PM
To:	Lee, Dennis
Subject:	FW: add to TW email list

Please set him up to get the TW critical notices.

ds

 -----Original Message-----
From: 	Adam Gerza <AdamG@cook-inlet.com>@ENRON
Sent:	Tuesday, March 19, 2002 11:14 AM
To:	Schoolcraft, Darrell
Subject:	add to TW email list

Darrell,

just got off the phone with you.  please add me (AdamG@cook-inlet.com) to
the email list for future maintenance updates, etc.

thanks a lot for your help,
Adam GERZA
Cook Inlet Energy Supply
10100 Santa Monica Blvd, 18th Floor
Los Angeles, CA 90067
AdamG@cook-inlet.com
310-789-2314
(fax) 310-789-3951


dutch_quigley is my yahoo user name

 -----Original Message-----
From: 	Vergara, Antonio
Sent:	Wednesday, October 24, 2001 10:40 AM
To:	Quigley, Dutch
Subject:	MESSENGER!

Hi Dutch! I?m Antonio Vergara from Monterrey Office I?m wondering if you have a username in yahoo messenger to include you in my list for trading purposes. Maybe this morning we will be closing some transactions so I would be getting some quotes from you.

Regards,

Antonio Vergara-Lope


This document will serve as a receipt for $89.00 paid in the month of
February for Parking.  The receipt is issued by Enron Property and Services,
Parking and Transportation Desk to TAYLOR,MARK E, Social Security Number
********* .  The company subsidy paid for the month of February is $50.00.


FYI.  Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 10/31/2000 12:27
AM ---------------------------
From: Stuart Zisman on 10/30/2000 04:56 PM
To: hhaltom@andrews-kurth.com
cc: Andrew Kelemen/HOU/ECT@ECT, Ron Coker/Corp/Enron@Enron, Don
Miller/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT, Dale Rasmussen/HOU/ECT@ECT,
Karen E Jones/HOU/ECT@ECT, fmackin@aol.com
Subject: Labor Issues response from Pat Mackin

I spoke with Pat Mackin regarding the two representations that I mentioned in
my Comments to the PSA.  For those that are copied on this email that did not
receive my comments, I have inserted the relevant language below:

 Labor Issues

1) Two different bidders made reference to different parts of Section 414 of
the Internal Revenue Code of 1986, as amended.  One was Section 414(t)
dealing with being treated as a &single employer8 with another party and the
other was Section 414(n) dealing with &leased employees.8  I have to assume
that the two are somehow related.  Is there something that we can concede in
this area to provide our bidders some level of comfort without increasing
Enron,s exposure??

According to Pat, the single employer representation (414(t)) should not be
added to any of the PSA's because the Peaker and the Pastoria LLCs do not
have any employees and ENA does not own more than 80% of LV CoGen.

The second representation regarding 414(n) and Leased Employees is a
representation that can be given by the Peaker and Pastoria LLCs (because the
LLCs have no employees and don't lease any employees).  It is unclear,
however, whether it is applicable to LV CoGen.  Ron/Andy would either of you
please let me know  whether LV CoGen "leases" any employees.  Pat suggested
that the HR person for LV CoGen should know.

Stuart


can you cube this baby?

SELECT * FROM v_FIN_PriceVolatility


Can you find out this morning the principal place of business and state of
incorporation for TBI Field Services, Inc. and let me know?  Thanks.


The Flu Vaccine may come in and be available in the next couple of week.
Since Enron let us know in October to not rely on Enron alone for
vaccinations, most of you may have already have shots.

But, if you plan to be vaccinated at Enron, they are taking requests by
e-mail, and will contact those of the waiting list when the vaccine is
here.   You would sign up using Health_Center.com.

For any other questions, call Health Center at x3-6100.

thanks,
Sandy


- 1_16_02GO.xls
 - 1_16_02OH.xls


-----Original Message-----
From: 	Corman, Shelley
Sent:	Tuesday, October 16, 2001 10:21 AM
To:	'ginger@ffcadopt.com'; 'civins@hotmail.com'
Subject:	Status of INS Approval

Ginger/Chris,

The Orphans petitions coordinator at the Houston INS office called this morning to say that our paperwork appeared in order and that she has an appointment to review our case with her supervisor this afternoon.  She said that we should receive the approval notification form within a week.

Shelley Corman
713-853-7083 (work)
713-857-2103 (home)


PLEASE READ THIS IMPORTANT INFORMATION CONCERNING THE ENRON STOCK FUND IN THE ENRON CORP. SAVINGS AND ESOP PLANS

On Friday, January 11, trading of Enron stock was suspended on the New York Stock Exchange (NYSE).  All Savings and ESOP Plan transactions, including 401(k) payroll contributions,  involving this fund were placed in a pending status until trading resumed.

As announced by Enron's Office of the Chair on Wednesday, January 16, Enron stock would now be traded Over The Counter (OTC).  Upon receiving this information, work began immediately to develop a process that allows for OTC trades in the plans.

On Thursday, January 17, Enron initiated a process to facilitate OTC trades of Enron stock inside the 401(k) and ESOP and all pending transactions were processed using Thursday's closing price.

Now that trading has resumed, we urge you to review your investment elections to ensure that they are consistent with your investment goals.

As things change, we will continue to update you.

Enron Benefits Department


I was just thinking about the anniversary thing, too.  I bought a book at
Barnes & Noble -- 100 Best Family Resorts in North America.  I found the name
of one place that I have seen in the past in magazines that I always thought
looked good - High Hampton Inn and Country Club in North Carolina.  Another
place that I have seen is something like Blackberry Farm in Tennessee.  Both
meet the criteria of mountains in the Carolina/Tennessee range.  I will get
info on both and we can look at it.  I worry a little bit about having such a
range of ages that I want to make sure that we go someplace where there is
plenty to do for all -- just sitting for some, shopping, eating, golf, etc.
These two places may be on the smaller side and may or may not offer enough
variety.  I thought that I would also get some info on some other places that
may not have popped up on Mom and Dad's list but that might be good for the
whole family.  One of those might catch their interest as well.

I can understand that with prolonged holiday exposure to Mom and Dad that the
thought of this trip could wear thin.  I would like the opportunity to be
together with everyone -- maybe we could send them on a nice dinner just the
two of them and the rest of us could have fun one night!  Even though Dad is
doing so much better, you never know when you will have the chance to get
everyone together on a trip like this.  Memory-maker or nightmare -- could be
a toss up, but maybe worth the try.  Let's share some research and see if
there is any place that we could get excited about going.

"Cindy White" <cwhite@viviance.com> on 01/05/2001 10:41:33 AM
To: "Sally" <sally.beck@enron.com>
cc:
Subject: anniversary

Hi, Sally,

Am sure you are swamped having been gone for a while...was glad to see OU
won the game--figured that made it a better trip for you!

Now that we know Dad will be around, shall we rev up the anniversary
planning again--or should we blow it off and do some great present--maybe
just send them somewhere?  Maybe it is just the increased holiday time with
them but Mom and Dad are kind of getting on my nerves right now....am sure
it will pass....

Cindy


Several of you have asked me for another reminder to turn in contributions.
Earlene and I will go shopping on Thursday morning, so you may continue to
give contributions to the group gift to Earlene or myself through close of
business on Wednesday (tomorrow).

If you have any questions, please let me know.

For those of you who have already contributed as well as those who plan to
bring an individual gift - thank you - and please forgive the many reminders.

Thanks,
Margo
----- Forwarded by Margo Reyna/NA/Enron on 10/24/2000 08:18 AM -----

	Margo Reyna
	10/20/2000 01:09 PM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Lysa
Akin/PDX/ECT@ECT, Joseph Alamo/SFO/EES@EES, Margaret Allen/Corp/Enron@ENRON,
Daniel Allegretti/HOU/EES@EES, Ray Alvarez/TRANSREDES@TRANSREDES, Brenda
Anderson/NA/Enron@Enron, Joe Allen/NA/Enron@Enron, Beverley
Ashcroft/LON/ECT@ECT, Sergio Assad/SA/Enron@Enron, Carol
Barcus/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carlos Gustavo
Azevedo/SA/Enron@Enron, Lynnette Barnes/NA/Enron@Enron, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stacey Bolton/NA/Enron@Enron,
Scott Bolton/Enron Communications@Enron Communications, Roy
Boston/HOU/EES@EES, Rob Bradley/Corp/Enron@ENRON, Gisele S
Braz/SA/Enron@Enron, Jeff Brown/NA/Enron@Enron, Rubena
Buerger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen D
Burns/Corp/Enron@ENRON, Miyung Buster/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Guillermo Canovas/SA/Enron@Enron, Margaret Carson/Corp/Enron@ENRON, Eidy
Catala/TRANSREDES@TRANSREDES, Tom Chapman/HOU/ECT@ECT, Ricardo
Charvel/NA/Enron@Enron, Mary Clark/Corp/Enron@ENRON, Carolyn
Cooney/Corp/Enron@ENRON, Aleck Dadson/TOR/ECT@ECT, Mike
Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeff Dasovich/NA/Enron@Enron, Tom
Delaney/Corp/Enron@ENRON, Susana Del Castillo/TRANSREDES@TRANSREDES, Karen
Denne/Corp/Enron@ENRON, Cindy Derecskey/Corp/Enron@Enron, Ginger
Dernehl/NA/Enron@Enron, Bill Donovan/EPSC/HOU/ECT@ECT, Jean R
Dressler/HOU/EES@EES, Sharon D Eley/HOU/EES@EES, Amy Fabian/Corp/Enron@ENRON,
Vinio Floris/Corp/Enron@Enron, Robert Frank/NA/Enron@Enron, Howard
Fromer/HOU/EES@EES, Bruno Gaillard/EU/Enron@Enron, Laura
Glenn/OTS/Enron@ENRON, Mary Hain/HOU/ECT@ECT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe Hartsoe/Corp/Enron@ENRON,
Damon Harvey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bernadette
Hawkins/Corp/Enron@ENRON, Marie Hejka/Corp/Enron@ENRON, Robert
Hemstock/CAL/ECT@ECT, Nancy Hetrick/HOU/EES@EES, Joe
Hillings/Corp/Enron@ENRON, Tom Hoatson/HOU/EES@EES, Chauncey
Hood/DUB/EES@EES, Barbara A Hueter/DUB/EES@EES, Amr
Ibrahim/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Richard Ingersoll/HOU/ECT@ECT,
Paul Kaufman/PDX/ECT@ECT, Jeffrey Keeler/Corp/Enron@ENRON, Patrick
Keene/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Robin
Kittel/HOU/EES@EES, Laurie Knight/DUB/EES@EES, Susan M Landwehr/HOU/EES@EES,
Donald Lassere/Enron Communications@Enron Communications, Leslie
Lawner/NA/Enron@Enron, Lara Leibman/Enron Communications@Enron
Communications, Alberto Levy/SA/Enron@Enron, Linda L Lawrence/HOU/EES@EES,
Marcia A Linton/NA/Enron@Enron, Chris Long/Corp/Enron@ENRON, Gia
Maisashvili/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeannie
Mandelker/HOU/ECT@ECT, Susan J Mara/SFO/EES@EES, Luiz Maurer/SA/Enron@Enron,
Melinda McCarty/Corp/Enron@Enron, Sandra McCubbin/SFO/EES@EES, Tracy
Cooper/Enron Communications@Enron Communications, Ron
McNamara/NA/Enron@Enron, Maureen McVicker/NA/Enron@Enron, Lindsay
Meade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Merrill/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janine Migden/DUB/EES@EES, Terri
Miller/HOU/EES@EES, Marcie Milner/Corp/Enron@ENRON, Kathy
Mongeon/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steve Montovano/DUB/EES@EES,
Bill Moore/NA/Enron@Enron, Cecilia Morellato/SA/Enron@Enron, Mericha
Morrissette/Corp/Enron@ENRON, Allison Navin/Corp/Enron@ENRON, John
Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sarah Palmer/HOU/ECT@ECT, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christi L
Nicolay/HOU/ECT@ECT, Sue Nord/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON,
Earlene O'Connell/NA/Enron@Enron, Gloria
Ogenyi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lindolfo Ernesto
Paixao/SA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Javier
Pantoja/TRANSREDES@TRANSREDES, Christie Patrick/HOU/ECT@ECT, Carmen
Perez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gus Perez/Corp/Enron@Enron, Mona L
Petrochko/SFO/EES@EES, Meredith Philipp/Corp/Enron@ENRON, Rodney
Reagor/Corp/Enron@ENRON, Brandon Rigney/Corp/Enron@ENRON, Frank
Rishe/HOU/EES@EES, Helen Rizzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carrie A
Robert/NA/Enron@Enron, Marchris Robinson/NA/Enron@Enron, Sandra
Rodriguez/Corp/Enron@ENRON, Gavin Russo/Corp/Enron@ENRON, Cynthia
Sandherr/Corp/Enron@ENRON, Mark Schroeder/LON/ECT@ECT, Ann M
Schmidt/Corp/Enron@ENRON, Mary Schoen/NA/Enron@Enron, Linda
Sietzema/CAL/ECT@ECT, Mike G Smith/NA/Enron@Enron, Gloria Solis/HOU/ECT@ECT,
Dan Staines/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Sharonda
Stephens/Corp/Enron@ENRON, Joan Stransky/Corp/Enron@ENRON, Kerry
Stroup/DUB/EES@EES, Lora Sullivan/Corp/Enron@ENRON, Terence H
Thorn/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael Terraso/OTS/Enron@ENRON,
Susan Worthen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Thane
Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Courtney Votaw/NA/Enron@Enron,
Steve Walton/HOU/ECT@ECT, Geriann Warner/HOU/EES@EES, Melinda
Winkler/EPSC/HOU/ECT@ECT, Angela Wilson/NA/Enron@Enron, Jane
Wilson/Enron@Gateway, Xi Xi/Enron Communications@Enron Communications,
Charles Yeung/HOU/ECT@ECT, Lisa Yoho/HOU/EES@EES, Jennifer
Zoch/Corp/Enron@Enron, Dortha Gray/GPGFIN/Enron@ENRON, Michelle
Hargrave/HOU/ECT@ECT, Kathleen Wagner/NA/Enron@Enron, Melinda
Pharms/HOU/ECT@ECT, Kathleen E Magruder/HOU/EES@EES, Salisha
Ramos/NA/Enron@Enron, Betty J Coneway/HOU/ECT@ECT, Suzanne Brown/HOU/ECT@ECT,
Sara Davidson/EPSC/HOU/ECT@ECT, Elizabeth Labanowski/EPSC/HOU/ECT@ECT, Rita
Hartfield/Enron Communications@Enron Communications, Ashley Dietz/Enron
Communications@Enron Communications, Susan T Covino/HOU/EES@EES, Thomas S
Reichelderfer/DUB/EES@EES, Janel Guerrero/Corp/Enron@Enron, Stephanie
McMurray/NA/Enron@Enron, Christina Albers/Corp/Enron@Enron, Rebecca W
Cantrell/HOU/ECT@ECT, Katherine Reyna/Corp/Enron@Enron
		 cc:
		 Subject: Reminder:  Elizabeth Linnell's Baby Shower

This is just a friendly reminder that Elizabeth's baby shower is quickly
approaching.  Here are the details:

October 27, 2:00 p.m.
EB 47C2

If you have not already done so, and wish to contribute to the group gift,
please give your contribution to Earlene or myself by close of business next
Tuesday, October 24.

Please call me (x3-9191) or Earlene (x3-7870) if you have any questions.

Thanks,
Margo


Srinson,

Yes, Sorry. I brought it back one day and realized I left one CD at
home. Let me bring it back tomorrow.

Vince

Stinson Gibner
03/02/2000 02:11 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Scientific Workplace

I don't have them, but it reminds me.   Can I get back the windows 95 disk
loaned to you?

thanks,
--Stinson


---------------------- Forwarded by Phil DeMoes/Corp/Enron on 02/02/2001
02:42 PM ---------------------------

Peter Hoyt
02/01/2001 02:54 PM
To: Phil DeMoes/Corp/Enron@ENRON
cc:

Subject: florida

Phil,

Here 'tis. I just finished updating the Florida queue map. The report came
out 1/16. I also included a the power/gas FL map like you requested. I can
print out a hard copy if you wish (36" x 48").


Attached is an initial draft of an Agreement between the Power Systems
entities and Enron regarding the General Electric Settlement Agreement.

Please call Cle at (713) 221-1314 or me at (713) 221-1131 with your questions.

Thanks.

Scott L. Miller
Bracewell & Patterson, L.L.P.
Phone (713) 221-1131
Fax (713) 222-3242
email:  smiller@bracepatt.com

 - #1195806 v1 - AGREEMENT.doc


As we discussed, I would like you to get an indicative "as is" cash offer
(without equipment) from KN Energy for the Stoddard and Pontiac sites.  I
would hold on Plano until Fred is able to get more feedback from Com Ed on
his PPA negotiations.  On the later, you can tell them that we are in the
process of negotiating a three year tolling agreement with Com Ed which we
believe will add incremental value to the project.

In terms of equipment, I think that we can muster up 2 LM-600's for certain
and another 2 LM-6000's if we can demonstrate some profit component in the
equipment portion of the deal.  As we discussed, if we include the equipment
in the deal, KN's commitment with respect to purchasing the equipment has to
be firm.


Sara and Mary:
The following is a list of ISDA Master counterparties that I will continue to
handle:

AIG Commodity Arbitrage Fund Ltd.
AIG Commodity Arbitrage Fund L.P.
SMUD - first amendment only.  brent will handle any other issues.
PECO Energy Company
Inland Paperboard & Packaging
Proctor & Gamble
Encore Energy Solutions LP
Maclaren Energy Inc.
Casco Inc.
AK Steel
Project Mercury
Project Superman
Constellation Power Source
Tenaska Marketing Ventures

As I mentioned earlier this week, the following projects will need to be
reassigned

Negotiating Enron Japan Corp. ISDA's - Susan Bailey has my Japan file
Forms Work
Offsite - I will send around an initial issues list
EIM Financial Trading point person
Canada back-up

I will continue to monitor the bankruptcy legislation

Carol


See last story attached.  Congratulations, it looks like you are shaking
things up in typical Enron fashion.
---------------------- Forwarded by Steven J Kean/NA/Enron on 07/14/2001
03:41 PM ---------------------------
From: Ann M Schmidt on 07/13/2001 05:13 PM

To:

cc:  (bcc: Steven J Kean/NA/Enron)

Subject: Enron Mentions

Wisconsin Gas to Purchase Nine Mile Line From Northern Natural Gas
PR Newswire, 07/13/01

Commodities Review: LME Copper Hit By Another Stock Rise
Dow Jones Commodities Service, 07/13/01

LME Base Metals: Copper Pressured Down By Stock Build
Dow Jones Commodities Service, 07/13/01

UK: Telecoms, drugs drive FTSE 100 rally, Vodafone leads.
Reuters English News Service, 07/13/01

Futures Contract Covering Coal Debuts in New York (Correct)
Bloomberg, 07/13/01

Enron: Panacea or Pariah?
Modern Metals, July 2001

Wisconsin Gas to Purchase Nine Mile Line From Northern Natural Gas

07/13/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

Line Will Enhance Competition in Southeast Wisconsin and Use Existing
Facilities

MILWAUKEE, July 13 /PRNewswire/ -- Wisconsin Gas, Northern Natural Gas and
Guardian Pipeline announced today that Wisconsin Gas has signed an agreement
with Northern Natural Gas (NNG) to purchase a nine mile, high pressure
natural gas pipeline in Walworth and Waukesha counties. The purchase price is
$5 million. The proposed transaction will require approval from federal and
state regulators. The pipe, known as the Eagle line, is located southeast of
the Kettle Moraine Forest near Eagle, Wis.
The existing line has been part of the NNG interstate transmission system.
Under the new ownership, the line will become part of the Wisconsin Gas
distribution system and will interconnect with Guardian Pipeline as well as
the NNG system.
"Northern Natural Gas is pleased to be a part of a creative, cost-effective
solution to provide additional gas service to southeastern Wisconsin," said
Dave Neubauer, vice president of business development and marketing, Northern
Natural Gas. "This transaction enables Wisconsin Gas and its customers to
obtain natural gas supplies from Guardian or NNG. Providing reliable,
economical choices for consumers will benefit all of the parties involved."
"We saw this as an opportunity to minimize environmental impact and still
realize the benefits of increased competition in the natural gas market,"
said James Schott, senior vice president, Wisconsin Gas. "The purchase of the
Eagle line will enable Wisconsin Gas to further our goal of providing
cost-efficient natural gas service to our customers."
As a result of the purchase Guardian Pipeline, the 141-mile interstate
pipeline from Joliet, Ill. to Ixonia, Wis., will no longer build an 8.5-mile
lateral to Eagle. The lateral was part of the originally certified Guardian
Pipeline. This portion of the line would have generally run parallel to the
current Northern Natural pipeline.
"This sale is a win-win situation for Guardian and consumers," said George
Hass, project manager of Guardian Pipeline. "The Eagle line purchase by
Wisconsin Gas saves Guardian time and resources by taking away the need to
build the 8.5-mile lateral and allows all three companies to create a better
environment for competition in the natural gas marketplace."
The existing gate stations at LaGrange and Eagle will remain in-service for
regulation purposes. Odorization and measurement will take place at a new
gate station that will be constructed at the interconnect with Guardian. This
new gate station will be called the Bluff Creek station and will be located
near Whitewater. The Bluff Creek gate station will be constructed during the
construction of Guardian Pipeline.
Northern Natural Gas, a subsidiary of Enron Corp., with a market area
capacity of about 4.3 Bcf/d, provides natural gas transportation services to
utility customers in the upper Midwestern United States through its
approximately 16,000 miles of pipeline.
Guardian Pipeline is a partnership of three Midwestern energy companies: CMS
Energy, based in Dearborn, Mich.; Wisconsin Energy, headquartered in
Milwaukee, Wis.; and Viking Gas Transmission Co., a wholly owned subsidiary
of Xcel Energy Inc., and located in St. Paul, Minn.
Wisconsin Electric-Wisconsin Gas, the principal utility subsidiary of
Wisconsin Energy Corp. (NYSE: WEC), serves more than one million electric
customers and more than 960,000 natural gas customers throughout Wisconsin
and Michigan's Upper Peninsula. Visit our company's Web site at
www.WE-WG.com. Learn about Wisconsin Energy Corp. by visiting
www.WisconsinEnergy.com
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X86200271

/CONTACT: Media only: Kelly Farr of CMS Energy, 313-436-9253; or Megan
McCarthy of Wisconsin Energy, 414-221-4444; or Gina Taylor of Northern
Natural Gas, 713-853-7681/ 17:01 EDT

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

Commodities Review: LME Copper Hit By Another Stock Rise
By Mark Long and Steve McGrath
Of DOW JONES NEWSWIRES

07/13/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- Copper futures traded in London fell Friday, as a
further influx of stocks into official warehouses put the copper market under
pressure and dragged down the rest of the base metal complex.
Three-month copper traded on the London Metal Exchange ended $6 down from
Thursday's late kerb close at $1,554.50 a metric ton.
An increase of 7,475 tons of copper into LME warehouses Friday brought total
stocks up to a 12-month high of 550,300 tons. This pressured prices in early
trade down to test $1,550/ton support, although prices recovered slightly in
later trade.
Unconfirmed market talk said Enron is behind much of the week's stock rise,
in an effort to ease nearby supply tightness and to alleviate the large short
positions it is thought to have built up on the July-for-a-week spread, which
is currently showing a $6-$8/ton backwardation. The July futures contract
will switch over to cash Monday.
Enron declined to comment on the market talk Friday.
A backwardation is a pricing structure in which deliveries to be made in the
near future are more expensive then those set for a more distant delivery.
The opposite situation is called contango.
"The spreads are still tight. The major longs are still reluctant to lend,
with no signs of that (tightness) dissipated," said Kevin Norrish, an analyst
with Barclays Capital in London.
Dealers and analysts said they expect further stock increases next week.
The entire base metals complex ignored Thursday's 237-point rally in the Dow
Jones Industrial Average, dealers said.
"Copper has been sensitive to moves in the stock market, but not this time,"
Norrish said. In fact, now it appears that base metals markets ignore
equities markets when they rally, but follow stocks down when they slump, he
added.
European Grain Futures See Profit-Taking, But More Gains Expected
European grain and oilseed futures were hit by a bout of profit-taking and
pre-weekend position-squaring Friday, after rising to long-time highs,
brokers said.
However, world and domestic crop concerns, the strength of the dollar and
general bullish sentiment will carry the markets to fresh highs short term,
they said.
On the London International Financial Futures and Options Exchange, the
benchmark November feed wheat contract ended just 25 pence up at GBP82/ton,
after hitting a new two-year high of GBP83/ton in early trade.
Meanwhile, Matif November rapeseed futures fell EUR2.75 on the day to
EUR265/ton, after hitting a three-year high of EUR271/ton in early trade.
The U.K. wheat crop and the French rapeseed crop are forecast to be well down
on last year, and wheat and canola crops in some other major producing
countries are also expected to fall.
Meanwhile, the strength of the dollar is allowing European grain and oilseed
traders to up prices and still remain competitive against U.S. imports and
dollar-denominated grains on the world market.
-By Mark Long and Steve McGrath, Dow Jones Newswires; 44-20-7842-9358;
mark.long@dowjones.com

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

LME Base Metals: Copper Pressured Down By Stock Build

07/13/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- London Metal Exchange three-month copper ended Friday's
late kerb lower compared with Thursday, pressured by another stock build,
dealers said.
(LME three-month metals prices in dollars a metric ton at 1600 GMT, with the
previous late kerb close in parentheses. Comex copper at 1641 GMT in cents a
pound, with the previous close in parentheses.) Copper 1,554.50 (1,560.50)
Tin 4,452.50 (4,502.50)
Aluminum 1,452.25 (1,458.50) Zinc 871.50 (877.50)
Nickel 5,925.00 (6,012.50) Lead 462.50 (465.00)
Comex Sep Copper 70.75 (70.80)
An increase of 7,475 tons of copper Friday brought total stocks up to a
12-month high of 550,300 tons. This pressured prices in early trade down to
test $1,550/ton support before rising slightly to close at $1,554.50/ton,
down from Thursday's close of $1,560.50/ton.
Unconfirmed market talk said Enron is behind much of the week's stock rise,
in an effort to ease nearby supply tightness and to alleviate the large short
positions it is thought to have built up on the July-for-a-week spread, which
is currently showing a $6-$8/ton backwardation. The July futures contract
will switch over to cash Monday.
Enron declined to comment on the market talk.
A backwardation is a pricing structure in which deliveries to be made in the
near future are more expensive then those set for a more distant delivery.
The opposite situation is called contango.
"The spreads are still tight. The major longs are still reluctant to lend,
with no signs of that (tightness) dissipated," said Kevin Norrish, an analyst
with Barclays Capital in London.
Dealers and analysts said they expect further stock increases next week.
The entire base metals complex ignored Thursday's 237-point rally in the Dow
Jones Industrial Average, dealers said.
"Copper has been sensitive to moves in the stock market, but not this time,"
Norrish said. In fact, now it appears that base metals markets ignore
equities markets when they rally, but follow stocks down when they slump, he
added.
Aluminum also ended the late kerb lower Friday.
News of the restart of some smelters has dampened sentiment, despite a stock
drawdown of around 8,000 tons since the end of last week, dealers said.
"The stock drawdowns are fairly small percentage-wise," said Standard Bank
analyst Robin Bhar, adding that they would need to be much larger to
significantly improve market sentiment.
"A test of $1,435/ton cannot be ruled out, though we would expect forward
buying to prevent a break below this level for the time being," Barclays said
in a market report.
Zinc continued its slump, falling to a seven-and-a-half-year low, mainly on
technicals.
Technicals also hurt nickel, which rose slightly after breaking $5,900/ton
support but still closed at its lowest level since April.
Nickel's fall was "just on some speculative liquidation and short selling,
mostly chart-based," Bhar said.
-By Mark Long, Dow Jones Newswires; +44-20-7842-9356; mark.long@dowjones.com

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

UK: Telecoms, drugs drive FTSE 100 rally, Vodafone leads.
By Camila Reed

07/13/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, July 13 (Reuters) - Britain's largest companies raced higher at the
close on Friday fired by telecoms and drug stocks as they bounced back from
Wednesday's 16-week low.
Index heavyweights Vodafone and GlaxoSmithKline provided 27 of the day's
55-point gain, while technology firms wobbled. However, the telecoms giant
surged 4.1 percent to 157-1/4p.
The FTSE 100 finished 55.4 points or one percent firmer at 5,537.0, having
jumped 1.66 percent on Thursday after seven consecutive losing sessions, with
gainers outnumbering losers by three to one.
Stocks steamed higher and refused to be derailed by sluggish U.S. retail
sales figures for June, which showed only a meagre rise, and a weaker Wall
Street, but volumes were thin at 1.4 billion shares.
By London's 1530 GMT finish the blue chip Dow Jones industrial average was
down five points, while the tech-laden Nasdaq Composite Index was flat,
having streaked up in the previous session.
Mike Lenhoff and Simon Rubinsohn at money managers Gerrard said that the UK
equity market was deeply oversold and long-term this presented a buying
opportunity for UK equities.
DRUGS SEE-SAW
Drugs reversed an earlier decline with Nycomed Amersham among the day's top
performers, up nearly four percent at 536-1/2p and AstraZeneca rising over
one percent.
Mining giant Anglo American moved into the FTSE 100 top ten gainers with a
three percent rise, as investors sought refuge in mining stocks as a cyclical
play.
Another major gainer was British business services firm Hays Plc up 3.4
percent. The shares leapt on market talk that Germany's Deutsche Post was
looking to make a bid for it, dealers said.
Both Deutsche Post and Hays declined to comment.
Firmer crude prices gave support to the oil sector. BP rose 0.6 percent to
572 pence and Shell also added 0.6 percent to 581-1/2p lifting the index by
four points.
FTSE MIXED PICTURE
But dealers and analysts said it would be a mixed picture going forward with
the market scrutinising data for signs of a sustained economic recovery or a
lapse in consumer confidence.
"This week we had a really bloody day on Wednesday and then the opposite on
Thursday, so we're going to be on a rollercoaster still. It's very fragile
but it does show the potential of the market," said Foreign & Colonial
director of UK equities David Manning.
"It's not only the holiday period, it's also that the market can make you
look an idiot one day to the next. In that sort of circumstance the
temptation is to do very little," he said.
ABN Amro strategist Gareth Williams said the market would make modest
progress over the next month or so, with moves downward quite likely although
the trend would be upwards over the course of the year.
TECHS DIP
Thursday's 5.3-percent rally in the Nasdaq failed to bring any cheer to UK
technology shares. Logica and Colt Telecom slid four percent, while microchip
designer ARM fell 3.9 percent to 223 pence trimming Thursday's 13 percent
jump.
The techMARK index of technology shares rose 0.98 percent to 1,602.87.
Elsewhere on the downside, UK holiday operator Airtours lost nearly 10
percent of its value after Swiss peer Kuoni issued a profit warning.
Among second liners, Baltimore Technologies closed up 3.3 percent. It
initially rallied 22 percent after the Irish Internet security firm said it
received an approach from an unlisted British-based company for an all-paper
deal to combine the companies.
The FTSE 250 Mid-cap index finished 5.1 points stronger at 6,163.8.
Among small-caps, Paladin Resources' shares jumped 10 percent after the UK
oil explorer said that major shareholder U.S. oil giant Enron had sold the
whole of its 40-million-share stake via HSBC bank for 44 pence a share.
Britain's Litho Supplies Plc slumped 42.5 percent after the company, which
supplies printing and graphic arts products, said that sales in the first six
months of 2001 were on target, but profits would likely be below expectations
due to tough market conditions and pressure on margins.

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

Futures Contract Covering Coal Debuts in New York (Correct)
2001-07-13 08:48 (New York)

Futures Contract Covering Coal Debuts in New York (Correct)

     (Corrects location of FirstEnergy Corp. in 10th paragraph of
story that moved yesterday.)

     New York, July 12 (Bloomberg) -- The New York Mercantile
Exchange today began trading a futures contract for low-sulfur
coal, a fuel that President George W. Bush said will play a major
role in meeting electricity demand over the next two decades.
     The contract's debut came after prices for coal, considered
the dirtiest of power-plant fuels, doubled in the past year, as
demand from power plants outstripped mine production. Coal for
September delivery opened at $42 a ton and settled at $40.75, as
98 contracts were traded, exchange officials said.
     ``We had a big run-up in coal prices this past winter,'' said
Andy Ozley, who buys coal for Atlanta-based Mirant Corp.'s six
coal plants in New York, Illinois, Maryland and Virginia. ``This
contract affords us a way to mitigate our exposure'' to large
price swings.
     The Bush administration said in an energy policy report this
spring that coal would be the dominant fuel for electricity
generation through 2020. Bush gave an added boost to the fuel when
he retreated from a campaign pledge to restrict carbon dioxide
emissions, implicated in global warming.
     Coal plants are responsible for a third of the nation's
carbon dioxide emissions. They also produce sulfur dioxide, which
causes acid rain, and nitrogen oxides, which cause smog.
     The Nymex started the futures contract to give mining
companies and utilities a way to hedge their risks in the $33
billion coal market. Producers such as Peabody Energy Corp. and
Arch Coal Inc., whose shares have soared in the past year, have
said they would trade the futures.

                            New Plants

     Last year's quadrupling of prices for natural gas -- a
cleaner-burning power-plant fuel -- prompted many generators to
ramp up output from their coal plants. Utility coal stockpiles
dwindled, and prices have risen to their highest levels since at
least 1989.
     So far this year, more than a dozen companies have announced
plans to build coal-fired plants, including Kansas City, Missouri-
based Kansas City Power & Light Co. and Portland, Oregon-based
PacifiCorp.
     Although coal is used to produce 52 percent of the nation's
electricity, few plants were built during the 1990s because of the
high costs of building them and the difficulty of complying with
federal and local environmental regulations.
     Demand for coal has eased in recent weeks as below-normal
temperatures in the U.S. Midwest and Northeast reduced demand for
air conditioning, said Jim Parks, who buys coal for six power
plants in Ohio and Pennsylvania as director of fuels at Akron,
Ohio-based FirstEnergy Corp.
     ``The summer's been pretty mild so far -- you haven't seen
any big heat waves'' in regions with the most coal generation, he
said.

                           Big Sandy

     The Nymex futures contract calls for the delivery of 1,550
tons of low-sulfur coal to the mouth of the Big Sandy River near
Huntington, West Virginia. From there, the fuel would be loaded
onto Ohio River barges and shipped to power plants in the U.S. and
possibly Europe.
     The new contract is tailored to producers in Appalachian
states that account for about 40 percent of U.S. production,
including West Virginia, Kentucky and Pennsylvania, the No. 2, 3
and 4 coal producers.
     The industry lacks a futures contract for coal from Western
states that account for 47 percent of the nation's production,
including the No. 1 producer, Wyoming.

                         Avoiding the Past

     The exchange, which earns commissions on trades, hopes coal
futures will avoid the fate of other contracts it has started over
the past few years. Its six electricity futures contracts have
fizzled, as has its Middle East sour crude oil contract, which
debuted in May 2000.
     ``I said yesterday, if you traded 100 to 200 contracts, that
would be a really a good day,'' said Chris Casale, vice president
of energy trading at Dynegy Inc. in Houston, which trades coal and
buys the fuel for its six power plants in New York and Illinois.
``It came out sort of on target.''
     Most of today's trading was originated by large energy
marketing companies, he said, although he declined to say whether
Dynegy traded any contracts. Enron Corp., the largest energy
trader, and Duke Energy Corp., the largest U.S.-based utility
holding company, have said they would trade coal futures.
     Exchange officials have said the coal market has the
potential to reach 5,000 trades a day after a year of trading.
     The Nymex's 17-year-old crude oil futures contract averages
about 66,700 trades a day, and its 11-year-old natural gas
contract averages about 33,500.

                           Wary of Coal

     ``The coal market is still lacking liquidity,'' said Anthony
McAuley, a floor broker at ABN Amro Inc., who said he bought five
coal contracts for a client at $42 a ton -- the market's first
transaction. ``You probably need to see a little more
participation'' from industry coal buyers and sellers for the
market to take off.
     Independent floor traders, known as locals, are wary of
trading coal futures without assurances that the industry will be
active as well.
     ``Floor traders lost millions'' in electricity futures when
some were caught with high-priced contracts and nobody in the
industry to sell them to, he said.
     ``Because of that, people are a little bit tentative about
coal,'' said Tom Schiff, an independent crude oil trader. ``We're
here to help make liquidity but we can't tackle all the risk.''

		Modern Metals, July 2001

		Giant energy concern now turns its attention to steel. The company's
aggressive posture has begged controversy. Industry reactions vary from
hand-wringing to open arms. Still others characterize Enron as a "non-event."
		By Michelle
Martinez Arjona,
Editor-in-Chief,
and Paul Hohl,
Contributing Editor

		These days, saying the word "Enron" in a room full of metals executives is
like screaming "fire" in a crowded theater. For most in the steel industry,
the idea of a futures market is enough to raise a few eyebrows. But when a
major market maker with annual revenues of 10 times the market cap of the
U.S. steelmaking industry stakes a claim (for 2000 alone, Enron logged
revenues of $101 billion--that's with a "b"), a lot more than eyebrows are
likely to be raised. After a bold presentation from Jeff McMahon, president
and CEO of Enron Industrial Markets, at the SSCI annual convention in May (in
which he accused steel mills of treating their service center customers as
"annoyances"), industry leaders rushed to understand this latest market
contender.
		Friend or foe? Competitor or partner? These are just a couple of the
questions surrounding Enron's aggressive push into the metals industry.
Judging from the service center and mill executives Modern Metals queried,
there are as many answers as there are opinions in the industry. Reactions
ranged from fear to acceptance to downright resentment. At least one mill was
reticent to discuss Enron at all--still others seemed to meet the issue with
unaffected shrugs. If the saying is true that all publicity is good
publicity, the buzz that Enron has generated would make even a Hollywood spin
doctor envious.
		What's the hubbub?
Although products such as natural gas and energy--Enron's major business
platform--have been traded as commodities for years, until Enron's appearance
a formal forward market for steel has never existed. According to McMahon,
the absence of a liquid and transparent market has resulted in "uninformed
investment decisions" that have exacerbated the current oversupply situation,
and left companies exposed to the hazards of price volatility.
		Enron's answer is to offer a variety of financial hedging products along with
forward contracts in hot-rolled, cold-rolled and galvanized (plate and long
products are soon to follow), locking in prices for as many as five years
out. Enron contends that it can act as a "risk intermediary" in steel
transactions, ensuring healthier profit margins and lowering the cost of
capital. Certain grades of steel are commodities, McMahon insists, and as
such should be bought and sold on a commodity market basis, instead of the
strategic relationships that now exist between the mills and consumers. Enron
has been offering steel online, and via phone and fax, since November of last
year.
		"Before you add capacity, before you make an investment decision, you'll be
able to see a three, five, maybe even a 10-year forward price of steel,"
McMahon stated, "and if you want to hedge that investment you can do that."
		The company plans to buy steel at a floating price and then sell it to steel
consumers at a fixed rate, making money on the spread. In February, Greg
Hermans, VP of steel trading at Enron, reported to AMM that it was offering
U.S.-made 10-gauge, 48-in. wide hot-rolled for April delivery in Chicago for
$225 a ton. Hermans said Enron was buying the same product for April delivery
at $215 a ton.
		Eventually, Enron sees the development of four different marketplaces: the
Northeast, the Midwest (or Chicago area), the Gulf Coast (or Houston area),
and the West Coast. Enron will hedge against spot price spikes through equity
and physical holdings in domestic mills. The company closed on Huntco's
Arkansas-based cold-rolling mill in June.
		"It's a big portfolio," McMahon said. "We wanted to put together a portfolio
of supply and demand. In some cases, we'll own assets--hopefully we'll own
some term contracts with domestic mills. To the extent that imports are a
part of the equation, we'll be a part of that market. We may purchase
capacity from somebody, not necessarily the assets, but toll slab through a
hot strip mill. All of those combined is how we do our business."
		Steel mills can benefit, McMahon said, by entering into a multi-year
"physical off take" with Enron, thus giving steel mills a degree of certain
volume and on product specification. Enron would guarantee purchase of a
specified amount of tonnage, and use a floating price or a floor price to
guard against market shocks. Whether mills would be willing to divert
capacity to the commodity grades being bought and sold by Enron remains
uncertain. At least one mill executive privately said no . . . at least for
now.
		Nucor president, CEO and vice chairman, Dan DiMicco also sees little value in
Enron's proposal. "What we need to have is stable pricing at levels where the
most efficient mills can make a good return on their capital and further
invest in new technologies and equipment," he stated. "I define true value as
helping the industry to become stronger. It doesn't do any good to maintain a
lack of price volatility at $200 a ton."
		Keith Busse, CEO at Steel Dynamics, echoed that sentiment in a recent New
Steel article. "If you're trying to get volatility out at $320 [per ton],
great," he said. "But at $230, you want to stick your fingers down your
throat."
		For the service centers
Service centers, McMahon suggested, could benefit immediately. "The only way
[distributors] are able to hedge themselves is to go out and buy inventory,"
he explained. "That takes capital, and cash, and space. We can offer a
financial product that gives the exact same protection, but doesn't require
any of the above.
		"We can hold those inventories and price the steel at the time of delivery to
the service centers," he continued, "so their 4- or 5- percent net margins
are somewhat certain."
		"I do think that Enron is providing a service for the industry . . . "
commented Dave Lerman, CEO of Steel Warehouse, South Bend, Indiana. But he
pointed out that "how [it] moves forward will be interesting. If they just
move forward with hedge instruments . . . that's independent of whether you
run your business well by having a good supplier that matches up with the
demands of your customers. I think [Enron] will be a good thing for some
people and a non-event for others."
		Beyond hedging, McMahon pointed out, firm and enforceable contracts could
become a key benefit to service centers. As one Midwestern distributor source
commented, "One of the terrible things that happens in our business is that
end users demand long-term pricing, beyond what anybody can foresee. When
they anticipate the market is going up, or that it has hit a low point, they
push harder for it--as any one would. But historically, they don't honor the
deals."
		In a down market, he explained, customers demand lower prices. Noncompliance
can result in orders, but no releases, and a "don't call us, we'll call you"
attitude from customers. The consequence for service centers, he said, are
price reductions on the way down and on the way up. "If Enron brings
integrity to both sides of this market," he concluded, "that would be a very
big plus for the steel industry."
		But integrity, another Midwest service center exec countered, has got nothing
to do with it. In his estimation, Enron is like a profiteering carpetbagger,
"trying to make a buck in between the producer and the user. That's all we
need right now," he declared, "somebody trying to squeeze out a few more
dollars." But, he recognized, "we're all going to have to deal with it."
		Don McNeeley, president and CEO of Chicago Tube & Iron, indicated that some
good could come of a heavy-hitter like Enron introducing new ideas into the
industry, but acknowledged that people might be offended by somebody picking
the so-called "low-hanging fruit" of the steel market in the current economy.
"What do you think the mills are going to do when you come to them for just
the peripheral items?" he queried. "My concern would be that the price would
go up on [those items]."
		McNeeley also questioned the wisdom of distributors relinquishing control of
their inventories. "In distribution, 60 percent of our net worth is
inventory, 30 percent is accounts receivable, and 10 percent is plant
property and equipment," he related. "Our single largest asset is our
inventory. If a distribution company surrenders control of its inventory to a
third party, does not that distributor, in effect, surrender its own
sovereignty?"
		Only just begun
Questions abound regarding Enron's role as a physical supplier of steel as
well. As one Minnesota-based service center exec put it, "are they ready to
deal with problems?"
		Although Enron has expressed interest in being a physical supplier, Dave
Lerman explained, "I think that's going to be a lot more difficult to
implement." Enron would have to consider specific qualities, coil sizes,
nuances of chemistry, surface quality, and formability. "Most customers
require better than standard tolerances," he pointed out. "These are all
issues that might complicate commodity sales."
		Delivery is another issue. As a physical supplier, Enron has virtually
guaranteed just-in-time delivery, but as one service center source said, "the
guarantee is good when the material shows up at my door. What happens if it
doesn't show up? I disappoint a customer. What good does it do to sue [Enron]
if I've lost a customer?"
		Mill executives have questioned whether Enron is a potential competitor.
"They see Enron as someone likely to buy foreign steel in order to deliver it
to a U.S. customer," said Chuck Bradford, principal of Bradford Research and
a long-time industry observer. He cautioned against seeing Enron as too much
of a physical supplier, speculating that the future of Enron, similar to the
LME, will be in hedging. "You may see some [physical transactions] to start
with," Bradford predicted, "just to get the ball rolling. But I don't see
that as the way the market will develop."
		McMahon has been consistent in saying that Enron has little interest in
becoming a steel manufacturer. The real value, he said, is in a transparent,
liquid market. "We know the products work, we know the market wants them. Can
any one particular mill or mills prevent that? We don't think so," he said.
"It's not an 'if', it's a 'when'."
		The jury is still out on just how soon that "when" will come, and what those
effects will be for the steel industry. And for all of the debate surrounding
the issue, it seems a bit soon to be hitting the panic button. As Don
McNeeley recounted, "I can recall similar controversy over a speech a guy
gave about 15-17 years ago. That guy's name was Ken Iverson, and he had this
concept called a mini-mill. Look at it now."


Hello all!

Just a reminder that Jeff Richter is patiently waiting in Mt. Hood to inform
all interested candidates about the Day Ahead Scheduling position. Stop by to
find out more information! (He will begin his presentation in just a few
moments.)

--------------------- Forwarded by Grace Rodriguez/PDX/ECT on 04/24/2001
10:57 AM ---------------------------

Amy FitzPatrick
04/23/2001 09:04 AM
To: Portland West Desk
cc:
Subject: Day Ahead Scheduling Opportunity!

A position has recently become available on the California desk reporting to
Jeff Richter.  Jeff will be holding an information session on Tuesday, April
24, 2001 at 11:00 am in Mt. Hood for anyone who would like to learn more
about this opportunity.  Interested candidates should let Amy FitzPatrick
know by close of  business on Friday, April 27, 2001.

Day Ahead Scheduling/Analyst

This individual is responsible for the physical and financial integrity of
Day-Ahead scheduled energy transactions.  This includes managing schedules
and preserving Enron,s financial rights with non-performing trading
counterparties.

In addition, the Day Ahead scheduler is responsible for some trading of
energy in the California ISO and bilateral markets both on Enron Online and
through the broker market.  Traders are expected to initiate profitable
trades while maintaining an acceptable amount of risk exposure to the
company.  The individual is expected to know all settlements requirements and
charges related to each type of trade.  The trading role requires interfacing
with internal and external customers and other desks within West Power
Trading.

The Day Ahead scheduler is required to administer terms of Service Desk
contracts, which may include the selling of excess generation and purchasing
energy for customer,s load requirement.  Also, the individual is responsible
for gathering and reporting information on unit outages, transmission line
derations and other information that is useful for all West Desk Trading
activity.

Job Duties
? Confirm purchases and sale of power for Enron Power Marketing
? Create and manage daily position spreadsheet
? Involves some weekends
? Work closely with volume, risk management, and dispute settlement groups
? Assist in the resolution of volume discrepancies within an ISO market
? Interface with service and middle marketing customers to resolve Day-Ahead
questions and concerns
? Assist in testing and implementation of the scheduling applications
? Work closely with information technology and fundamentals group to maintain
and develop Day-Ahead tools and systems
? Learn SQL programming to enhance data analysis

Qualifications
? Bachelors in Finance, Business, Accounting or related field
? 1 to 2 years of previous power industry experience in WSCC is preferred.
? Excellent problem solving and communication skills
? Working knowledge of Excel, Access is required.  Knowledge of Visual Basic
and SQL is preferred.
? Self motivated
? Detail oriented