IN THE MONEY: Another Sign Investors Don't Trust Enron
Dow Jones News Service, 11/26/01
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
Dow Jones News Service, 11/26/01
Enron, Banks Formalize $690M Debt Extension To Dec. 14
Dow Jones News Service, 11/26/01
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
Dow Jones Capital Markets Report, 11/26/01
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M
Dow Jones News Service, 11/26/01
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal
AFX News, 11/26/01
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
Reuters English News Service, 11/26/01
USA: Enron lawsuit seen as wake-up call for pensions.
Reuters English News Service, 11/26/01
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.
Reuters English News Service, 11/26/01
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report
AFX News, 11/26/01
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
Dow Jones News Service, 11/26/01
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.
Reuters English News Service, 11/26/01
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
Bloomberg, 11/26/01

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
Bloomberg, 11/26/01

ENRON SHARES SLIDES TO ALL-TIME LOW
CBS.MarketWatch.com, 11/26/01

IN THE MONEY: Another Sign Investors Don't Trust Enron
By Michael Rapoport

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- If you needed any further proof that investors no longer trust Enron Corp. (ENE), here's another piece of evidence - one that goes to the heart of the recent plunge in the company's stock.
Enron doesn't simply trade for less than its book value; it fell below that milestone weeks ago. No, now it trades for less than ONE-THIRD of its book value.
That's a rare level for a company of Enron's size and prominence. And it may mean, among other things, that investors have decided that they simply can't place any further faith in the veracity of Enron's earnings and balance-sheet figures, much-revised as they've been - something that has unnerving implications for any attempt to value the company fairly.
First, let's be clear about what this means. Enron stock is currently about $4 a share; the company's reported book value is about $12.90 a share. In other words, Enron stock sells for less than one-third of what shareholders would get if the company were to liquidate - were to turn all its assets into cash, pay off all its liabilities on its balance sheet and give what's left over to shareholders.
This is an uncommonly dismal level for any company, even a troubled one. For comparison's sake, Dynegy Inc. (DYN), which has agreed to buy Enron, trades at about three times book value, as does El Paso Corp. (EPG), a competitor of both companies. In fact, Enron has the second-lowest price-to-book ratio of any company in the Standard & Poor's 500-stock index - only Conseco Inc. (CNC), another troubled company, is lower, by an eyelash.
Part of the problem is undoubtedly the continuing fear among investors that Dynegy's agreement to buy Enron will fall apart, and the belief that Enron will have to file for bankruptcy if it does, in which case Enron shareholders would be hard-pressed to realize any value. The Dynegy deal now amounts to about $10.60 per Enron share, itself well under Enron's book value; the huge premium that level offers over Enron's current stock price is an indication of the big risk investors see that the deal won't be consummated in its current form.
But given Enron's current woes, it's certainly also possible that Enron is trading at such a big discount to book value because investors don't feel they can trust the earnings and balance-sheet numbers coming out of Enron. Those numbers, after all, are the raw material that form the basis for valuing Enron, or any other company, by computing figures like price-to-book and price-to-earnings ratios.
And the Enron debacle has been all about the quality of those numbers, with Enron shifting assets off its balance sheet to outside limited partnerships from which some of its executives benefitted. In terms of those numbers, the ground has shifted underneath investors three separate times now - when the company slashed its reported shareholder equity by $1.2 billion to unwind its transactions with one of those partnerships, when it restated nearly five years' worth of earnings downward by a total of $586 million, and when it revealed that it could take further charges and was facing an imminent deadline to post collateral on a $690 million note. (That deadline has now been extended until Dec. 14.)
When you've gotten punched in the face three times, it's not unreasonable to fear there'll be a fourth blow, no matter how much the puncher assures you there won't be. Given Enron's insanely complicated structure, and the way bad financial news has dribbled out of the company over the past several weeks, who can guarantee there aren't more such shocks yet to come?
That's what investors appear to be fearing, and that may be part of the reason Enron stock has fallen so precipitously. Thanks to Enron's repeated demonstrations that its numbers can't be relied on, investors no longer have a firm, trustworthy basis on which to value the stock. And so, not surprisingly, the value is getting ratcheted down to the most conservative, bare-minimum level.
An Enron spokesman couldn't be reached for comment.
It's ironic, in a way. For a long time, it was hard to properly value Enron because its structure and finances were so complex and hard to decipher. Now it's hard to properly value Enron because the company's attempts to clarify its finances have made it clear that it's hard to expect investors to trust in their accuracy.
-By Michael Rapoport, Dow Jones Newswires; 201-938-5976; michael.rapoport@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- As the market continues to speculate about the status of Dynegy Inc.'s (DYN) takeover of Enron Corp. (ENE), Dynegy's board isn't offering its opinion.
"Any comments coming out of Dynegy are coming from the company's executives," said Jerry Johnson, a Dynegy board member who also is an executive vice president at Safeguard Scientifics Inc. (SFE).
Johnson declined to comment on any matters related the pending acquisition of its larger rival, and wouldn't say whether the board has been meeting to discuss the transaction.
Three other board members, through their representatives, declined to comment as well. Other non-executive directors on the 14-member board either weren't immediately available to comment or couldn't be reached.
As for Dynegy's management, spokesman John Sousa said the company's opinion on the deal remains the same since its last comments on Wednesday.
At that time, Dynegy Chairman and Chief Executive Chuck Watson said Dynegy was continuing its due diligence and was looking to accelerate regulatory approval of the deal.
According to Sousa, Dynegy worked through the holiday weekend gathering information as part of its due diligence efforts.
Meanwhile, Enron continued its discussions to raise between $500 million to $1 billion of additional financing, said Enron spokeswoman Karen Denne. The company also is working to restructure its debt by mid-December, she said.
But investors appear to be voting with their feet. Enron shares were recently down 18.3%, or 86 cents, to $3.85, while Dynegy shares slipped 2.7%, or $1.06, to $39.34. As a result, the already huge discount to the deal's offer price has grown even bigger as the market continues to signal the deal won't get completed on its original terms.
Under the terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share for each share outstanding, or about $8.98 billion, based on Dynegy's recent stock price.
At Enron's recent level, the stock is trading at a 64% discount to the Dynegy offer.
Neither Sousa or Denne would comment on the stock movement.
Dynegy has already provided Enron with a $1.5 billion cash infusion that is secured by Enron's pipeline assets. While that investment has helped Enron's near-term liquidity position, it remains unclear how long the company can remain solvent without any added investments.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron, Banks Formalize $690M Debt Extension To Dec. 14
By Carol S. Remond and Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of Dow Jones Newswires

NEW YORK -(Dow Jones)- Enron Corp. (ENE) and a group of banks last week formalized an agreement to extend the due date on a $690 million syndicated loan by three weeks to Dec. 14.
The loan relates to one of Enron's consolidated limited partnerships that owns minority interests in power and energy projects around the world. Enron said last week that Standard & Poor's downgrade of its credit rating to "BBB-" had triggered an obligation to repay the loan by Nov. 27.
People familiar with the matter said last week that lead banks J.P. Morgan Chase & Co. and Citigroup Inc. and Enron will use the extension to negotiate a further postponement of the debt to the middle of 2002 when other Enron bank loans come due. About $1.75 billion of Enron's $3.5 billion in syndicated bank loans come due in May 2002 and will likely need to be restructured.
About $250 million of the assets securing the $690 million loan are in the process of being sold and will be used to pay down the loan, reducing the outstanding portion of the loan that will need to be restructured, those people familiar with the matter said.
Enron's shares and bonds continue to suffer from mounting uncertainties about the company's finances and whether those could force one-time rival Dynegy Inc. (DYN) to reconsider its offer to buy Enron, an offer that many see as Enron's only chance to avoid bankruptcy. Enron stock was recently down 18% to $3.84. Meanwhile, Enron bonds are also lower, with the 6.4% bonds due 2004 recently trading at a distressed level of 48 cents on the dollar.
Carol S. Remond; 201-938-2074; Dow Jones Newswires; carol.remond@dowjones.com
and Christina Cheddar; Dow Jones Newswires; 201-938-5166

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
By Christine Richard
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones Capital Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Citigroup Inc. (C) is expected to extend a hand to Enron Corp. (ENE) by renegotiating a $690 million payment due Nov. 27.
But investors shouldn't be concerned that the financial services giant is too exposed to the embattled energy trading company. Citigroup already may have laid off the loan and other exposure via a series of credit default swap transactions. That means more institutional investors left holding the bag if Enron isn't ultimately rescued from financial collapse by a takeover proposed by Dynegy Inc. (DYN).
Over the last few years, Citigroup has entered into at least six transactions that effectively would allow the bank to lay off the equivalent of $2.384 billion in Enron exposure.
Citigroup was instrumental in setting up Enron Credit Linked Notes Trust, Enron Credit Linked Notes Trust II and Yosemite Securities Trust I, which together raised $1.750 billion; Enron Sterling Credit Linked Notes Trust and Yosemite Securities Co., which raised a combined GBP325 million; and Enron Euro Credit Linked Notes Trust, which issued EUR200 million.
Citigroup, which acts as the default swap counterparty to the trusts, receives the return on the portfolio of single-A-plus-or-better-rated securities, purchased with the proceeds of the offerings, in exchange for providing the payout on the Enron exposure, according to Mary Ryan, director of synthetic securities ratings at Standard & Poor's.
As long as Enron remains out of bankruptcy, Citigroup continues to make payments on the notes, Ryan said.
If Enron defaults, Citigroup would cease making payments to the trust. The single-A-plus-or-higher-rated securities in the trusts would go to Citigroup in exchange for the same nominal amount of now in-default Enron debt obligations. And with speculation mounting that Dynegy will reduce, or maybe even scrap, its offer to buy Enron, the chances of a such a default-driven transfer would appear to be rising.
These notes essentially are synthetic Enron debts, meaning they act like Enron bonds in many respects, but lack key components that make holders true creditors of Enron.
For instance, the holders of these notes, because they don't possess actual Enron obligations - and won't unless the company defaults - are not involved in negotiations to restructure or rollover debt. It has been reported that Enron is engaged in active negotiations over the terms of its debts with creditors.
The synthetic notes all carry a rating equivalent to Enron's rating of triple-B-minus from Standard & Poor's and Baa3 from Moody's Investors Service.
The rating on the securities has been downgraded in recent weeks to reflect the downgrades in Enron's ratings.
Citigroup officials did not respond to requests for further details on the transactions. -By Christine Richard, Dow Jones Newswires; 201-938-2189;
christine.richard@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) was sued Monday in the latest of at least three purported employee class action suits the company faces over lost 401(k) retirement savings due to the recent collapse of the price of Enron stock.
In a press release Monday, Eli Gottesdiener, a Washington, D.C. attorney who filed the latest suit on behalf of employees, said it seeks $850 million in plan losses, in part because the company sold Enron stock to its employees knowing the price was artificially inflated.
An Enron spokeswoman declined to comment.
Unlike two similar, recently filed suits against Enron, the latest also contends that Enron offered the stock without the required prospectus.
If proven, the sale without a prospectus "give workers the automatic right to rescind their purchases and receive their money back with interest," Gottesdiener said in a statement.
Enron "locked down" the retirement plan from Oct. 17 to Nov. 19, to make administrative changes, which prevented employees from selling Enron shares as the share price collapsed amid growing disclosures of financial problems.
Earlier this month, Houston-based Dynegy Inc. (DYN) offered to buy its far larger competitor in an all-stock deal that values Enron shares at $10.85 a piece, or about $9.2 billion.
Enron later disclosed that its future earnings would be substantially less than expected and shares fell sharply.
Enron currently trades at $4.05 a share, down from their 52-week high of $84.88 a share in December 2000.
The first suit was filed Nov. 13 on behalf of plaintiffs by Campbell Harrison & Wright LLP in Houston. A second was filed last week by Seattle-based Hagens Berman LLP.
-John Seward; Dow Jones Newswires; 201-938-5400

(Corrected 04:34 PM)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were down 14 pct in midsession trading as concerns continued to mount over the energy giant's acquisition by Dynegy Inc, with investors focusing more and more on the deal's breaking clause, dealers said.
At 12.45 pm, Enron shares were trading down 65 cents at 4.06 usd, a decline of 14.0 pct. Dynegy was down 1.60 usd at 38.80, amid broad declines in energy shares as crude prices sank.
The DJIA was up 57.70 points at 9,892.86. The S&P 500 was up 6.24 points at 1,143.27. The Nasdaq composite was up 11.94 points at 1,886.99.
Dealers said that with Enron shares having slid well below the Dynegy offer price of 9.85 usd a share, the ChevronTexaco affiliate may well reconsider its offer, or walk away from the deal all together.
"People are making the bet that perhaps Dynegy may cancel the deal, and that's there a lot more risk in playing the arbitrage," said Jefferies & Co market strategist Art Hogan.
The deal with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off, he said.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
Enron shares have plunged further since the filing, in which Enron revealed a number of new financial problems including a possible obligation to repay a 690 mln usd note due Nov 27.
Enron subsequently received an extension on the repayment until mid-December.
Since the beginning of the year, Enron shares have lost over 90 pct of their value after it was revealed that the company would post hefty third-quarter charges linked to risky investments by the firm's former chief financial officer.
"At this point, with so much smoke around the fire, I think the shares are rightly valued," said Jefferies' Hogan.
ng/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
By Janet McGurty

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 26 (Reuters) - Shares of troubled energy giant Enron Corp. continued to lose ground on Monday amid fears that the proposed acquisition of the company by smaller rival Dynegy Inc. will fall through.
Enron stock was down 61 cents, or 12.9 percent, at $4.13 in active midmorning trade on the New York Stock Exchange. Dynegy has agreed to pay $10.55 per share for Enron.
"The market is acting like the deal is not going through or not going through at the original terms," said Michael Heim, an industry analyst at A.G. Edwards & Sons.
Heim said that among three possible scenarios - the deal goes through as planned, it is canceled, or it is restructured - the first is the least likely.
"Escape clauses" built into the Dynegy-Enron deal give the buyer the option to back out if there is serious deterioration in Enron's business or assets.
"Dynegy has a good claim that the 'material adverse condition' clause has already been triggered, either by the $690 million loan being accelerated, earnings (being) down or the ongoing trading business weakness," he said.
Last week Enron said it could be forced to pay a $690 million debt this week because of a credit downgrade, but the payment deadline has been delayed until mid-December.
Enron's recent admission that lower volumes at its trading business - the crown jewel that Dynegy most covets - could cause low fourth-quarter earnings raises the possibility that the trading business is losing its profitability. Continued lower volumes there would remove a key attraction for Dynegy.
"Every day that goes by where Enron trading volumes become less, it decreases the value of the assets Dynegy was trying to buy in the first place," Heim said. "Besides trading and marketing, what value does Enron have?"
The majority of Enron's physical assets are spoken for, with partnerships and creditors getting first dibs and Dynegy getting the first right to exercise its option to acquire Enron's Northern Natural Gas pipeline.
Dynegy, which is 26.5 percent-owned by energy giant ChevronTexaco , is to swap 0.2685 share of its own stock for each share of Enron. Shares of Dynegy were down $1.27, or 3.1 percent, at $39.13 in midmorning NYSE trade.
Enron agreed to a Dynegy buyout after it was overwhelmed by a series of problems, including a U.S. regulatory probe of off-balance-sheet dealings by its officers, a $1.2 billion cut in shareholder equity, and cuts in its credit ratings.
Enron subsequently restated its earnings, but investor unease snowballed and its share began tumbling. The shares were above $90 in August 2000.
Heim said he was not sure that EnronOnline, Enron's online trading platform, is the premier property it once was.
"Two years ago it had some value, but now others have been able to duplicate it. It's not the computer systems - it's the traders and network that Enron had. If those go away, the value lessens.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron lawsuit seen as wake-up call for pensions.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 26 (Reuters) - A Washington, D.C., lawyer said Monday he hopes heavy losses suffered by Enron Corp. employees will spur Congress to limit employee investments in their employers' stock through 401 (k) retirement plans.
"How many workers have to lose both their jobs and their retirement savings before Congress steps in and puts a stop to this by placing a cap on the amount of company stock that can be in a 401 (k) plan?" lawyer Eli Gottesdiener asked.
Gottesdiener released a statement Monday saying he had filed a lawsuit on behalf of employees of the beleaguered energy giant who have lost an estimated $850 million on Enron stock held in their 401 (k) retirement accounts.
The suit is the third one filed against Enron that alleges the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices. All three suits seek class-action status.
Enron's shares have fallen from a high of $90 in August 2000 to less than $5 today, their decline accelerating since Oct 16 amid a series of disclosures about its deteriorating finances.
Like many other companies, Enron makes matching contributions to its employees' 401 (k) retirement accounts in its own stock. It also requires them to hold the stock they receive in matching contributions until they turn 50.
Enron employees were also prevented from selling Enron stock held in retirement accounts for several weeks from mid-October due to a change in the retirement plan's administrator.
Gottesdiener said investment advisors recommend investing no more than 15 percent of a portfolio in a single stock, but that participants in 401 (k) plans offering employer stock as a choice typically hold 33 percent of their portfolio in that stock.
"Congress sensibly placed a 10 percent limit on company stock in traditional defined benefit plans back in 1974, but at the behest of the corporate lobby, it placed no such cap on defined contribution plans," he said.
The absence of such a cap in defined-contribution 401 (k) plans was "completely indefensible," he said.
Gottesdiener's suit alleges that Enron violated federal securities law by offering and selling Enron stock to employees without issuing a prospectus. If proven, this would give workers the right to reverse their purchases, he said.
Gottesdiener is also involved in class action pensions litigation against New York Life Insurance Co. and SBC Communications Inc..

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
By Jonathan Stempel
NEW YORK, Nov 26 (Reuters) - U.S. corporate bonds outperformed
Treasuries on Monday as traders edged back to their desks
following the Thanksgiving Day weekend, in the midst of a broad
revival for corporate bonds of all stripes.
In secondary trading, spreads, the yield difference between
the bonds and comparable maturity U.S. Treasuries, tightened about
0.01 percentage point.
"I would expect a continuation of the tightening, especially
with Treasury interest rates going up," said one trader. "Absolute
corporate yields are starting to look pretty attractive."
Corporate bonds, especially junk bonds, have outperformed
Treasuries this month as investors developed a new tolerance for
risk. Though absolute returns for investment-grade corporate bonds
are negative, they are even worse in the Treasury market, where
investors appear more convinced that the current U.S. economic
downturn won't be deep or long.
"The successes in Afghanistan and some milder-than-anticipated
economic data have combined to increase investor appetite for
risk," wrote fixed-income research service CreditSights Inc. in a
report dated Monday. "While the severity and swiftness of the bond
market's correction was a surprise, it hasn't changed our basic
view of U.S. corporate bonds and we continue to recommend
overweight positions."
This week's forward calendar remains quiet.
In early trading, 10-year Treasuries rose 10/32, as their
yields fell to 4.971 percent.
ENRON
Market participants are closely watching Houston-based Enron
Corp. as the largest U.S. energy trader tries to merge
with smaller cross-town rival Dynegy Inc. , keep its
investment-grade credit ratings, and manage a load of $9.15
billion of debt and other obligations, much of which is unsecured
and coming due within 13 months.
Of this debt amount, $690 million could come due by
mid-December, and $3.9 billion immediately if Enron falls to junk
status. The key to resolution of this matter, some observers
believe, is Enron's banks.
"The goal of the banks now is to re-cut their exposure to gain
as much structural seniority or asset liens as possible, take out
fees, raise rates, take down total exposure, and generally improve
their risk-profile under multiple scenarios," said CreditSights.
"The very bankers who are supplying liquidity through new
secured bank lines and who are rumored to be considering equity
investments are the ones on the hook (and unsecured) for $3
billion in bank loans," wrote Carol Levenson, an analyst for
GimmeCredit, another fixed-income research service. "If Dynegy
backs out (in the interest of self-preservation), these vital bank
renegotiations might save Enron but leave unsecured bondholders as
the patsies."
Enron's existing 6.4 percent notes maturing in 2006 and 6.75
percent notes maturing in 2009 were bid on Friday at 57 cents on
the dollar, down from around par on October 12, before Enron first
reported third quarter results, which it later revised downward.
Enron shares have fallen 94 percent this year to their lowest
level since early 1989.
DATA
Investment-grade and junk bond spreads narrowed 0.1 and 0.27
percentage point last week, respectively, to 1.68 and 7.84
percentage points, according to Merrill Lynch & Co. Junk bond
spreads have narrowed 1.45 percentage points this month.
For the month, junk bonds have returned 2.996 percent, while
investment-grade corporate bonds have lost 2.355 percent and
Treasuries 3.488 percent, Merrill Lynch said. For the year, the
respective bonds are up 4.777, 9.634 and 6.565 percent.
For a complete list of upcoming or recently priced bond deals,
please click on .

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
SAO PAULO (AFX) - Petroleo Brasileiro SA and its pension fund Petros are close to winning regulatory approval to purchase Enron Corp's stakes in gas distributors CEG and CEG Rio, daily Valor Economico reported.
Valor said Petrobras last week reached an agreement with the Regulatory Agency for Public Service Concessions of Rio de Janeiro local authorities, under which it agreed to undertake a series of investments in exchange for approval to acquire Enron's 13.38 pct stake in CEG and its 33.75 pct stake in CEG Rio.
It said the deal now passes to Rio de Janeiro governor Anthony Garotinho for approval.
as For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
By Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of DOW JONES NEWSWIRES (This story was published originally Friday)

NEW YORK -(Dow Jones)- Here's one 2001 outlook that couldn't have been more wrong.
Around this time last year, pundits and fund managers were touting "the perfect storm" of market forces that were coming together to make the energy trading business one to watch in 2001.
Then came the California power crisis, and allegations of price-gouging and fears of credit defaults began to cloud the outlook for the group. That was followed by renewed volatility in power prices, and this time the prices were headed down, not up.
And then came a crushing blow against trading firms - the unraveling of the industry's largest player, Enron Corp. (ENE).
Simply put, the perfect storm stalled, and a business once buoyed by high gas prices, strong demand and tight supply now lies in tatters.
The stocks of companies whom some say should be valued more like growth stocks than utilities are instead mired at around nine-times earnings - about where traditional utilities trade.
And the chance for recovery in 2002?
Basu Mullick, portfolio manager of the Neuberger Berman Partners fund, is willing to bet there is. He thinks energy traders deserve at least the same price-to-earnings multiple as the broader market's median, which is currently between 16- to 17-times future earnings, he said. It's just a matter of time before the stocks get there.
"They were just recovering from Gray Davis," Mullick said, referring to the governor of California, who had accused "out-of-state" energy traders of artificially inflating the price of power in the state, and triggering the state's energy crisis. "Now, they are recovering from Enron."
The fund manager also blames lower commodity prices, warm weather and poor demand for the recent weak performance in the group.
"Energy convergence companies are putting up terrific growth rates," he said. "I don't think they should get the same valuation as a garden-variety utility."
Still, others think the stock market is continuing to make distinctions between the energy traders by taking a harder look at the companies' strategies and financial disclosures.
Enron's precarious financial situation underscores the importance of accounting issues. Although many of Enron's financial problems aren't solely the fault of mark-to-market accounting issues, there has been growing attention paid to this form of financial reporting because of the earnings volatility it can create.
Answers Elude Investors

Investors are asking hard questions, and not always getting the answers they want.
Using mark-to-market methods, a company calculates the fair market value of a commodity position - whether it's a contract, an option, a swap, etc. - at the time, even if the value of the position is realized over a longer period. The problem with this method is the actual cash a company realizes from the position might not be the same value the company calculated in its original assessment. Also, sometimes it isn't easy to calculate the fair value of the commodity position. This is particularly true in instances where the market for the commodity isn't liquid.
Over time, companies with the highest level of disclosure regarding their mark-to-market gains will most likely trade at higher multiples to counterparts that provide little or no disclosure, said ABN AMRO Inc. analyst Paul Patterson.
Encouragingly, it appears companies may already be responding to the call for added disclosure. According to a survey Patterson conducted, more companies with energy trading units were willing to disclose the details of their mark-to-market accounting practices during third-quarter conference calls compared with those in the second quarter.
Patterson said he prefers earnings that are cash-based.
"All things being equal, we believe reported earnings that more closely reflect the timely realization of cash have a higher quality associated with them than earnings that do not," he said.
He expects investors to become smarter and learn to distinguish between earnings growth through accrual accounting and growth fueled by mark-to-market accounting.
At the end of the day, it is not a matter of simply producing profits, but being able to say where those earnings came from, said one investor, who manages a pension fund.
Some investors also may be placing a greater emphasis on the cash flow the energy merchants produce.
Tim O'Brien, portfolio manager of the Gabelli Utilities Fund, said energy merchants that own the physical power assets to back up their trading positions should trade at a premium to an independent power producers and traditional utility companies. Still, the stocks should be valued at less than the growth rate of the company because of their heavy exposures to commodity prices.
Energy merchants include companies such as Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and Dominion Resources Inc. (D).
According to O'Brien, the group never deserved to have the price-to-earnings multiples above 20- to 30-times earnings, which were once paid for the stocks.
"We all got sucked up by the up-leg of the cycle and forgot just how cyclical these companies are," O'Brien said, adding that the average multiple should be in the high single-digits to the high-teens.
As for independent power producers - which are companies without regulated operations that own power plants to generate electricity to sell and trade in the wholesale market - the group may wind up being valued on the basis of the replacement costs of the assets in their portfolio, according to O'Brien.
"One analogy is that they are basically like commercial real-estate plays," O'Brien said.
That could mean stocks such as Calpine Corp. (CPN), which is already in the lower-half of its trading range, may have further to fall.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Recasts with denial, comments from financial institution in paragraphs 5-6)
BOMBAY, Nov 26 (Reuters) - The Aditya Vikram Birla Group, a leading Indian conglomerate, on Monday denied newspaper reports it was looking to buy U.S. energy giant Enron Corp's 65-percent stake in the beleaguered Dabhol Power Company.
"There has been no expression of interest in Dabhol. We are not interested," a top AV Birla group official told Reuters.
Two leading Indian business dailies earlier said the group, whose interests range from textiles to cement and carbon black, is eyeing Dabhol to expand its interests in the domestic power sector.
The Economic Times and the Financial Express said the group was exploring the possibility of submitting an expression of interest to Indian financial institutions to buy Enron's stake in the company.
An official of state-run Industrial Development Bank of India, the leading financier of the $2.9 billion project in the western state of Maharashtra, said he has not heard from the Birla group.
"We have not received any official communication from them," the official, who did not wish to be identified, told Reuters.
The spokesman for Dabhol was not available for comment.
FIGHTING FOR SURVIVAL
Enron Corp, which is fighting for survival in the United States amidst investor doubts over its corporate governance practices, owns 65 percent of Dabhol. General Electric Co and Bechtel own 10 percent each, while the Maharashtra State Electricity Board (MSEB) owns 15 percent.
Dabhol and MSEB have been fighting over payment defaults and high tariffs for over a year. The dispute has affected India's efforts to attract foreign investment in the power sector and caused Enron and its U.S. partners to announce plans to exit the project.
Tata Power Company Ltd, India's largest private sector utility firm, and BSES Ltd, another utility company and a member of India's largest conglomerate, the Reliance Group, are already in talks to buy Enron's stake.
The AV Birla Group has adopted the route of mergers and acquisitions in recent years to consolidate its position in key industries.
Last week, one of its group companies, Grasim Industries Ltd, bought a 10-percent stake in India's largest cement maker, Larsen & Toubro Ltd
Earlier this year, Indian Rayon & Industries Ltd, another group company, entered the information technology sector by buying out France's Groupe Bull SA's 50.35 percent stake in PSI Data Systems
But the group's track record in the power sector has been less than impressive.
Two joint ventures with Britain's Powergen Plc to produce over 1,000 megawatts of electricity in two Indian states have not made much headway since they were announced in the mid-1990s.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
2001-11-26 16:45 (New York)

Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)

     (Adds analyst comment in 4th paragraph.)

     New York, Nov. 26 (Bloomberg) -- Enron Corp.'s stock price
declined to a 14-year low and its bonds plunged 10 points on
concern the company won't secure $1 billion in fresh capital,
threatening its plan to be acquired by Dynegy Inc.

     ``The clock is definitely ticking,'' said Jon Kyle
Cartwright, a debt analyst at Raymond James and Associates. ``The
question is the survivability of Enron.''

     J.P. Morgan Chase & Co. and Citigroup Inc. executives met
today to line up investors for as much as $2 billion of bonds
convertible into stock. The company needs the money to operate
until Dynegy completes its $23 billion purchase. Dynegy unveiled
its plan to make the acquisition on Nov. 9.

     Enron shares and bonds, which opened lower, tumbled after 1
p.m. when no announcement for fresh financing was made. Enron's
6.4 percent notes that mature in 2006 plunged to 48 cents on the
dollar, down from 55 cents on Friday. The bonds now yield 26
percent. Enron shares declined 15 percent, or 70 cents, to $4.01.

     Concern that rival Dynegy may change or cancel its bid for
Enron has pushed Enron's stock down 55 percent in the past week.
Enron's shares had plummeted 86 percent since mid-October after
the company reported a $618 million third-quarter loss and said
expansion into water, telecommunications and retail-energy sales
cost it $1.01 billion.

     ``You haven't heard anything from Dynegy today, and that is a
bit scary,'' said Andy Palmer, who doesn't hold Enron bonds in the
$2 billion he helps manage at ASB Capital Management Inc. in
Washington.

     Part of the third-quarter charge was connected with limited
partnerships run by the chief financial officer. He was ousted,
and the U.S. Securities and Exchange Commission started an
investigation into Enron's accounting. The company earlier this
month restated its earnings for the past four years.

                        Talks on $1 Billion

     Under the buyout, Enron investors would receive 0.2685 Dynegy
share for each share held. That valued Enron at $10.41 a share, 21
percent more than Enron's share price that day.

     On Friday, the buyout valued Enron at $10.85 a share, more
than double Enron's closing price of $4.71. The widening of the
difference between the value of the offer and Enron's stock price
indicates investors doubt the buyout will go through.

     Shares of Enron traded as low as $3.76 today, rebounding to
close at $4.01. The stock was the most active in U.S. trading
Wednesday and Friday. Dynegy dropped $1.15, or 2.85 percent, to
$39.25. The stock has fallen 30 percent this year. Both companies
are based in Houston.

     Egan-Jones Ratings Co. lowered its rating on Enron's credit
today to ``BB-'' from ``BB.'' ``Dynegy needs to show its support,
or Enron will slide,'' the firm said in a report.

     Moody's Investors Service hasn't issued a report on Enron
since the company filed its 10-Q quarterly report with the SEC a
week ago. The ratings agency's analysts haven't returned calls for
comment.

     Moody's cut Enron's long-term credit rating on Nov. 9, though
it maintained an investment grade.

                          `More Problems'

     ``Time is not Enron's friend,'' said Stewart Morel, co-head
of investment grade debt research at UBS Warburg LLC. ``There is
increased concern in the market that there may be more problems
that are yet to be disclosed.''

     On Wednesday, Enron got a three-week reprieve from lenders on
a $690 million note due this week, giving the company more time to
restructure its finances. Dynegy Chief Executive Officer Chuck
Watson said he was ``encouraged'' by the commitment to extend the
note payment, as well as the closing of a $450 million credit
facility, and that Dynegy remained committed to the merger.

     Terms of the $690 million note were outlined for the first
time in the Enron filing a week ago. Enron also said that it has
less than $2 billion in cash and credit lines left. If the
company's cash reserves run too low, Enron's credit rating may be
cut below investment grade. That would trigger $3.9 billion in
debt repayments for two affiliated partnerships.

     Enron said in the filing that fourth-quarter profit might be
hurt by a drop in its trading business. Companies such as Aquila
Inc. and Mirant Corp. have reduced their activity with Enron
because of credit concerns.

     ``Should the Dynegy deal fall through, we don't view it
likely that Enron would be able to remain as a stand-alone
company,'' Youngberg of Edward Jones said. ``Without Dynegy, the
credit rating will fall, causing their trading business to dry up
further.''

     Enron, the biggest energy trader, once handled about a
quarter of U.S. gas and power transactions.

     Enron's bankers met with leveraged buyout firms and two
industrial companies to seek an investment, the New York Times
reported last week. J.P. Morgan Chase & Co. and Citigroup Inc.
agreed to terms that give each of them a $250 million equity stake
as part of a transaction to be completed today.

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
2001-11-26 15:16 (New York)

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating

     New York, Nov. 26 (Bloomberg) -- Dynegy Inc. bonds have
fallen as much as 9 percent this month on investor concern the
energy trader's proposed $23 billion purchase of rival Enron Corp.
will erode its credit rating.

     Dynegy's 6.88 percent coupon notes due in 2011 are trading at
$932 per $1,000 face value, down from $1,024 last month, according
to Merrill Lynch & Co. data. Yield on the debt has risen to 7.9
percent from 6.5 percent as investors demand more return to
compensate for the increased risks of the securities.

     Dynegy's credit is rated ``Baa3'' at Moody's Investors
Service, the lowest rung of investment grade, and ``BBB+'' at
Standard & Poor's, two levels higher. Each ratings company said it
may cut Dynegy's credit rating if it buys Enron, which comes with
about $15 billion in debt and a regulatory inquiry into financial
partnerships set up to keep debt off its books.

     ``If you put Dynegy and Enron together it will have a
detrimental effect on Dynegy's credit rating,'' said Tim Nelson,
senior credit analyst at U.S. Bancorp Piper Jaffray Cos. in
Minneapolis, which holds Dynegy bonds.

     Dynegy's 7.45 percent coupon notes due in 2006 are trading at
$1,019 per $1,000 face value, down from $1,085 last month,
according to Merrill. The notes yield almost 7 percent, up from
5.4 percent.

     Enron's credit is rated ``Baa3'' at Moody's and ``BBB-'' at
S&P, the lowest level of investment grade. Both ratings companies
are reviewing the credit for a possible downgrade and say Dynegy's
buyout plan is what's keeping the grades above junk.

     ``I don't think right now anybody knows exactly what Enron
is,'' said Mark Simenstad, who holds Dynegy bonds in the $5
billion he helps manage at Lutheran Brotherhood.

     ``Dynegy has proven to be pretty well-managed over the years
so you have to give them the benefit of the doubt here,''
Simenstad said. ``The hope is that if there's something they don't
understand they'll walk away.''

     Dynegy has $3.9 billion of bonds outstanding, most of which
come due between 2002 and 2011, according to Bloomberg data.

     Shares of Houston-based Dynegy, which topped $47 two weeks
ago after Chief Executive Chuck Watson said the Enron purchase
would boost earnings by at least 35 percent next year, fell $1.30
to $39.10 in mid-afternoon trading today. Enron's shares, down 92
percent this year, fell as much as 80 cents, or 17 percent, to
$3.91, a the lowest since 1987.

ENRON SHARES SLIDES TO ALL-TIME LOW

By CBS.MarketWatch.com

4:53 PM ET Nov 26, 2001

HOUSTON (CBS.MW) -- Enron shares fell as much as 20 percent Monday,
crashing through the $4 level for part to set an all-time low and cast
additional doubt on the energy merchant's plan to be acquired by rival
Dynegy.

Enron (ENE) set a new all-time low of $3.76 Monday afternoon before
closing at $4.01, off 70 cents. More than 60 million shares changed
hands, making it the most active issue on the New York Stock Exchange.

The stock has lost about half its value since Dynegy announced an
agreement to buy Enron on Nov. 9 and more than 85 percent of its value
in the past month.

Meanwhile, shares of Dynegy (DYN) lost $1.15, or 2.8 percent, to stand
at $39.25.

The collapse in Enron's share price has made it more likely that Dynegy
and Enron will have to renegotiate the terms of their original deal, in
which 0.2685 of a Dynegy share would be exchanged for each outstanding
Enron share.

However, the Financial Times reported that Dynegy remains confident of
its ability to complete a deal for Enron, which has been seeking $500
million in private equity capital to shore up its finances.

"We continue to hear reports the Enron's energy marketing and trading
business, once the crown jewel of the company, has eroded badly with
counterparties only willing to do shorter-term deals," A.G. Edwards
& Sons analysts Charles Fishman and Douglas Fischer wrote in a
research note Friday.

Enron investors do not believe that the merger is likely to occur under
the current terms, the analysts said.

Chance of Dynegy backing out

_______________________________________________________________________

On Monday, Michael Heim, also of A.G. Edwards, attributed Enron's
latest stock drop to "growing belief that the likelihood of the (merger)
deal is not so likely."

He pointed out that the outlook for Enron is "not very favorable" but
in the meantime, it's doing everything it can to stay "afloat" while
working on closing the deal.

Last week, Enron said it got a bank extension on a $690 million note to
mid-December. The note was originally set to come due in 2003, but was
bumped up to Nov. 26 due to a rating downgrade at Standard & Poor's.
<http://cbs.marketwatch.com/news/story.asp?guid=%7B81418CA4%2D11A5%2D4C7C%2DA602%2DCF3DA4BCAA7B%7D>

The payment by itself is manageable because Enron has about $2 billion
in cash on its hands, Heim said, but "the event moves Enron's merger one
step closer to the point in which Dynegy is able to exercise the
merger's material adverse condition clauses and back out of, or
restructure, the merger deal."

Heim has a "sell" rating on the stock.


Whatever happened to the good ol' days!

 >
 >
 > The following is from an actual 1950's Home Economics textbook
Intended
 > for High School girls, teaching them how to prepare for married
life.
 >
  > > 1.   HAVE DINNER READY: Plan ahead, even the night
before, to have a
 > delicious meal - on time.  This is a way of letting him know  that
you
 > have > been thinking about him, and are concerned about his needs.
Most
 > men are hungry when they come home and the prospects of a good
meal are
 > part of the warm welcome needed.
  > >
  > > 2.   PREPARE YOURSELF: Take 15 minutes to rest so you
will be refreshed
 > when he arrives.  Touch up your make-up, put a ribbon in your hair
and be
 > fresh looking.  He has just been with a lot of work-weary people.
Be a
 > little gay and a little more interesting. His boring
 > day may need a lift.
  > >
  > > 3.   CLEAR AWAY CLUTTER.  Make one last trip through the
main part of
 > the house just before your husband arrives, gathering up
schoolbooks,
 > toys, paper, etc. Then run a dust cloth over the tables. Your
husband will
 > feel he has reached a haven of rest and order, and it will give
you a
 > lift too.
  > >
  > > 4.   PREPARE THE CHILDREN.  Take a few minutes to wash
the children's
 > hands and faces if they are small, comb their hair, and if
necessary,
 > change their clothes.  They are little treasures and he would like
to see
 > them playing the part.
  > >
  > > 5.   MINIMIZE THE NOISE: At the time of his arrival,
eliminate all noise
 > of washer, dryer, or vacuum.  Try to encourage the children to be
quiet.
 > Greet him with a warm smile and kiss, letting him know you're glad
to see
 > him.
  > >
  > > 6.   Some DON'TS: Don't greet him with problems or
complaints. Don't
 > complain if he's late for dinner.  Count this as minor compared
with what
 > he might have gone through that day.
  > >
  > > 7.   MAKE HIM COMFORTABLE.  Have him lean back in a
comfortable chair or
 > suggest he lay down in the bedroom.  Have a cool or warm drink
ready for
 > him. Arrange his pillow and offer to take off his shoes.  Speak in
a low,
 > soft, soothing and pleasant voice.  Allow him to relax and unwind.
  > >
  > > 8.   LISTEN TO HIM: You may have a dozen things to tell
him, but the
 > moment of his arrival is not the time.  Let him talk first.
  > >
  > > 9.   MAKE THE EVENING HIS: Never complain if he does not
take you out to
 > dinner or to other places of entertainment; instead try to
understand his
 > world of strain and pressure and his need to be home and relax.
  > >
  > > 10.  THE GOAL: try to make your home a place of peace
and order where
 > your husband can relax.
  > >
  > >


Carolyn,

Please use NewCo instead of Spawn.  Also, please give them only one business
day to review the final facility agreement.  Also, we need the duplicate
forms for Sunlaw Energy Corporation.

Will we be getting the drafts tonight?

Please call me if you have any questions.

Thanks,

Kay


Sounds good Jeff.  Jeff Soo and I are available for the conference call.

 -----Original Message-----
From:  Dasovich, Jeff
Sent: Monday, May 14, 2001 1:19 PM
To: Soo, Jeffrey A.; Brown, Kortney; Neustaedter, Robert; Tribolet, Michael
Subject: Status of core/noncore analysis

Greetings:
Can we meet at 5 pm CDT/3 PM PDT to see where we are on the analysis?
Best,
Jeff


>  A woman and a man are involved in a car
>  accident; it's a bad one.
>  Both of their cars are totally demolished but amazingly
>  neither of them are hurt.
>  After they crawl out of their cars, the woman says, "So
>  you're a man; that's interesting.  I'm a woman.
>  Wow, just look at our cars!  There's nothing left, but
>  fortunately we are unhurt.  This must be a sign from God
>  that we should meet and be friends
>  and live together in peace for the rest of our
>  days."
>
>  Flattered, the man replied, "Oh yes, I agree
>  with you completely!
>  This must be a sign from God!"
> The woman continued, "And
>  look at this, here's another
>  miracle.  My car is completely demolished but
>  this bottle of wine didn't break.
>  Surely God wants us to drink this wine and
>  celebrate our good fortune."
>
>  Then she hands the bottle to the man.  The man
>  nods his head in agreement, opens
>  it and drinks half the bottle and then hands it
>  back to the woman. The woman
>  takes the bottle, immediately puts the cap back
>  on, and hands it back to the man.
>
>  The man asks, "Aren't you having any?"  The
>  woman replies, "No.  I  think  I'll
>  just wait for the police..."
>
>  Moral of the story:
>  Women are clever bitches.  Don't mess with
>  them.
>
>


Mark, Deb,

I attach my latest budget as requested.

						Mark

J. Mark Evans
Enron Europe Legal Department
tel: 44 207 783 5424
fax: 44 207 783 8287
email: mark.evans@enron.com
outlook: evans, mark (London Legal)


Reminder to meet at Cafe tonight at 8:00.

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


John, what do you think?

Jeff
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/06/2000
01:04 PM ---------------------------

Mark Wadlington@ENRON
10/06/2000 12:53 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: TransMontaigne

Simon Rich of Louis Dreyfus is on the board of TMG and his company owns 10%
of the stock.  Does Louis Dreyfus still trade petroleum products?  We're just
curious if he might try to kill a deal with a preceived competitor.

mark


Barbara,

We are in touch with Ketra and John and we shall work with them when they are
here.

Vince

Barbara G Dillard@ENRON
08/29/2000 11:23 AM
To: Mark Mixon/HOU/EES@EES@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Laura
Luce/Corp/Enron@Enron, D.wear@pecorp.com@EES@ECT,
K.schmitt@pecorp.com@EES@ECT, J.wirick@pecorp.com@EES@ECT
Subject: Re: Forecasting Project

Mark:

F.Y.I. - I have been informed by Ketra that she plans to be in the Houston
office on Monday September 18th through Wednesday September 20th to meet with
Vince and Stinston.

Hopefully we will be ready to continue Phase I of the Forecasting Project.
Can you make arrangements with Vince and Stinson (hopefully they will be
available to meet!).

Thanks!

Barbara
(312)541-1232


I don't think it should go on the list so traders don't make a mistake and
trade under it.  Is that what you usually do Susan?

	Tanya Rohauer/ENRON@enronXgate
	06/05/2001 11:25 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: RE: Lakeside Feeders Ltd., by and through its division, Lakeside
Packers

do we leave one trade only docs off the monthly list so as to not confuse
people?

 -----Original Message-----
From:  Panus, Stephanie
Sent: Tuesday, June 05, 2001 9:09 AM
To: Bowen, Bob; Adams, Laurel; Guillen, Andrea; Hunter, Larry Joe; Heaney,
Gordon; Aguayo, Janie; Bailey, Derek; Anderson, Diane; Tackett, Scott;
Cisneros, Celeste; Brewer, Julie; Fischer, Jason; Garcia, Jorge; Hundl,
Kimberly; Ornelas, Bianca; Murphy, Melissa Ann; Seib, Dianne; Theriot, Kim;
Bell, Jean; Cason, Sharen; Whalen, Melinda; Piwetz, Stephanie; Rodriguez,
Melissa; Williams, Tiffany; Bradford, William S.; Brackett, Debbie R.;
Rohauer, Tanya; Reves, Brant; Diamond, Russell; Campbell, Lesli; Lebrocq,
Wendi; Sacks, Edward; Espinoza, Veronica; Gonzalez, Veronica; Radous, Paul;
Williams, Jason R (Credit); Johnson, Rudwell; Vanek, Darren; Rajaram, Aparna;
Conwell, Wendy; Curry, Ken; Moran, Tom; Mendoza, Nidia; Brown, Angela Y.;
Ngo, Tracy; Landry, Shemeika S.; Otto, Randy; Colbert, Marilyn; Ellstrom,
Diane; Shivers, Lynn; Hare, Bill D.; Reeves, Leslie; Moore, Jason; Schott,
Samuel; Campos, Anthony; Rodriguez, Bernice; Neuner, Dale; Lambert, Karen;
Davis, Frank L.; Southard, Carrie; Ebow, Amber; Richardson, Stacey; Lees,
Lisa; Gerard, Camille; Landau, Georgi; Johnson, Cheryl; Sever, Stephanie;
Crawford, Sharon; Sietzema, Linda; Hendry, Brent; Shackleton, Sara; Taylor,
Mark; Bailey, Susan; Cook, Mary; Jones, Tana; Leite, Francisco Pinto; Nelson,
Cheryl; Sayre, Frank; Davis, Angela; Keiser, Holly; Heard, Marie
Subject: Lakeside Feeders Ltd., by and through its division, Lakeside Packers

We have received an executed financial Master Agreement:

Type of Contract:  ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:   May 1, 2001

Enron Entity:   Enron Canada Corp.

Counterparty:   Lakeside Feeders Ltd., by and through its division, Lakeside
Packers

Transactions Covered:  THIS ISDA MASTER AGREEMENT CAN BE USED BY COUNTERPARTY
    FOR ONE TRADE ONLY.  NO MORE DEALS ARE TO BE DONE UNDER
    THIS AGREEMENT.

Confirming Entity:  None

Governing Law:   None

Copies will be distributed.

Stephanie Panus


FYI.

Thank you.
Jane

Jane Chen
Brobeck, Phleger & Harrison, LLP
Assistant to Gary Fergus & Kirstin Wolf
SF ext. 2944
SF rm. 2917c
DD (415) 979-2944
 <<Order GRANT P's Mtn Remand.07.31.01.pdf>>

=======================================================
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 - Order GRANT P's Mtn Remand.07.31.01.pdf


Phone Screen Interview - Wednesday, June 13, 2001 @ 10:00am CST.


FYI.  Kim.
---------------------- Forwarded by Kimberly Watson/ET&S/Enron on 12/16/99
04:51 PM ---------------------------

Lorna Brennan
12/16/99 09:59 AM
To: Rockey Storie/ET&S/Enron@ENRON, Stephanie Miller/ET&S/Enron@ENRON, Kent
Miller/ET&S/Enron@ENRON, John Dushinske/ET&S/Enron@ENRON, Dave
Neubauer/ET&S/Enron@ENRON, Michael Bodnar/ET&S/Enron@ENRON, Joni
Bollinger/ET&S/Enron@ENRON, David Badura/ET&S/Enron@Enron, Janet
Bowers/ET&S/Enron@ENRON, Craig Buehler/ET&S/Enron@ENRON, Bob
Burleson/ET&S/Enron@ENRON, Allen Cohrs/ET&S/Enron@ENRON, John
Fiscus/ET&S/Enron@ENRON, Bret Fritch/ET&S/Enron@Enron, Steve
Gilbert/ET&S/Enron@ENRON, Morgan Gottsponer/ET&S/Enron@ENRON, Brenda
Harris/ET&S/Enron@ENRON, James Harvey/ET&S/Enron@ENRON, Stephen
Herber/ET&S/Enron@ENRON, Dana Jones/ET&S/Enron@ENRON, Jane
Joyce/ET&S/Enron@ENRON, Stephanie Korbelik/ET&S/Enron@ENRON, Therese
Lohman/ET&S/Enron@ENRON, Bill Mangels/ET&S/Enron@ENRON, Penny
McCarran/ET&S/Enron@ENRON, Vernon Mercaldo/ET&S/Enron@ENRON, Larry
Pavlou/ET&S/Enron@ENRON, Eileen Peebles/ET&S/Enron@ENRON, Maria
Perales/ET&S/Enron@ENRON, Tony Perry/ET&S/Enron@Enron, Loren
Penkava/ET&S/Enron@ENRON, Ken Powers/ET&S/Enron@ENRON, Joan
Schwieger/ET&S/Enron@ENRON, Chris Sebesta/ET&S/Enron@ENRON, Frank
Semin/ET&S/Enron@Enron, Neal Shaw/ET&S/Enron@ENRON, Larry
Swett/ET&S/Enron@ENRON, Kay Threet/ET&S/Enron@ENRON, Mike
Ullom/ET&S/Enron@ENRON, Lisa Valley/ET&S/Enron@Enron, Chuck
Wilkinson/ET&S/Enron@ENRON, Jim Wiltfong/ET&S/Enron@ENRON, Jo
Williams/ET&S/Enron@ENRON, Karen Lagerstrom/ET&S/Enron@Enron, Ray
Stelly/ET&S/Enron@ENRON, Bob Stevens/ET&S/Enron@Enron, Sue M
Neville/ET&S/Enron@ENRON, Mike Barry/ET&S/Enron@ENRON, Miriam
Martinez/ET&S/Enron@ENRON, Martha Janousek/ET&S/Enron@ENRON, Kimberly
Watson/ET&S/Enron@ENRON, Don Powell/ET&S/Enron@ENRON, Melinda
Tosoni/ET&S/Enron@ENRON, Steve Weller/ET&S/Enron@ENRON, Michael G
Stage/ET&S/Enron@ENRON, Tim Johanson/ET&S/Enron@ENRON, Mike
McGowan/ET&S/Enron@ENRON, Lynn Blair/ET&S/Enron@ENRON, Rick
Dietz/ET&S/Enron@ENRON, Steven January/ET&S/Enron@ENRON, Sheila
Nacey/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Lindy
Donoho/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Lorraine
Lindberg/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, Christine
Stokes/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON
cc:

Subject: Intelligence: El Paso Capacity--Someone has Upped the Ante But Match
Still Possible

Negotiated El Paso Deal Topped

     El Paso confirmed that someone had upped the ante on the negotiated deal
for slightly
     more than 1.2 Bcf/d in firm capacity to the California border that was
announced Friday
     (see Daily GPI, Dec. 13). A higher bid was submitted prior to
Wednesday's 1 p.m. MST
     deadline in a four-day open season, a pipeline spokesman said. However,
the original
     negotiating party has until this afternoon to match the new price and
retain the capacity.

     The new bid was for $38 million over one year starting Jan. 1, about $8
million more than
     the amount in Friday's announcement ($30 million). One source called it
"ridiculous" that
     someone was willing to pay so much for the space, given that on a
mark-to-market basis
     the capacity is worth only about $20-25 million.

     Late last week some sources speculated that Duke Energy was the
recipient of next
     year's package given its large power generation holdings in California.
A marketer
     yesterday said he believed Dynegy upped the ante. "Rather than go
through all the
     hassles they [Dynegy] had at FERC with the 1998-99 package, they let
someone else do
     all the work this time and then came in late with a higher bid. That way
no one can
     complain that the procedure was tainted. After all, Dynegy has quite a
few power plants
     in California to keep fueled, and all of their current FT on El Paso
expires at the end of
     this year. Of course, they still could be thwarted if the original
negotiated customer
     matches their bid. It may all sound kind of Machiavellian but sort of
makes sense." Other
     sources heavily discounted the chances of Dynegy being the new high
bidder, pointing out
     that the company made significantly less than expected this year because
San
     Juan/border basis differentials narrowed significantly. A Dynegy source
indicated that the
     company was involved in the bidding and lost to Duke in the first round.

     Regardless of what happens next year, a marketer noted that the Southern
California
     border/San Juan basis spread continues to compress as SoCal Gas
withdraws from
     storage and east-of-California utilities exercise their peaking
contracts because of cold
     weather in the Rockies and elsewhere in the West. From a December index
spread of 29
     cents, the border/basin gap was down to about 18 cents Wednesday, she
said.


Louise, I think that Laura has already passed this along but I do not want to assume anything.  Chuck Davario is leaving on vacation Wednesday of this week.  We have tentatively scheduled a meeting that would include you, the latter part of the week of October 22.  Probably on the 24th, 25th or 26th.  I know that this will need to be coordinated with your meeting with Peoples.

In the interim, I have met with ENA Power/Asset management. We are preparing a list identifying every KeySpan activity and responsible representative.  ALL activity WILL be coordinated through me and will be focused to support this transaction.  I am attempting to schedule a meeting this week with Ed Anderson ( KeySpan, works for Chuck ) to complete an earlier Settlement negotiation.  We will continue to hold conversations with others at KeySpan during Chuck's vacation to keep all of the initiatives moving forward.  I will keep you posted.

Frank


Greetings,

The new CSV file format specification will be posted to the CAISO Internet
site at the following address by COB tomorrow:

http://www.caiso.com/docs/2001/07/26/200107260805256849.html
<http://www.caiso.com/docs/2001/07/26/200107260805256849.html>

You may also reach this topic area by going to:
http://www.caiso.com/clientserv/metering/
<http://www.caiso.com/clientserv/metering/>
and clicking on "MDAS Online Enhancements"

The name of the document is:
MDAS-Online Meter Data Exchange/Request Format - CSV

Both pdf and rtf formats will be provided.  Please contact me if you are
unable to access this document.

Please hold any questions you may have about its content until the next TSWG
meeting.

Thanks,

Leslie Feusi
Information Services, Application Development Services


yep

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 2:12 PM
To:	Maggi, Mike
Subject:	RE:

come back to work?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 2:12 PM
To:	Nelson, Michelle
Subject:	RE:

are you going to come back

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 2:11 PM
To:	Maggi, Mike
Subject:	RE:

can you wait about 20 minutes?  you are impatient.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 2:11 PM
To:	Nelson, Michelle
Subject:	RE:

ok how about now

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 2:10 PM
To:	Maggi, Mike
Subject:	RE:

i can't go.  i'll walk out with you though.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 2:10 PM
To:	Nelson, Michelle
Subject:	RE:

ok, ready?

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 2:09 PM
To:	Maggi, Mike
Subject:	RE:

maybe

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 2:10 PM
To:	Nelson, Michelle
Subject:	RE:

are you almost done

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 2:09 PM
To:	Maggi, Mike
Subject:	RE:

i promise she does.  she said that she had to have a report to louise by the 7th

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 2:09 PM
To:	Nelson, Michelle
Subject:	RE:

no she doesnt, ready?

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 2:06 PM
To:	Maggi, Mike
Subject:	RE:

i can't.  i am not finished with this and she needs it by the weekend.  i won't get home until late.  what's so urgent?  cna't it wait another week?  i am so funny

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 2:06 PM
To:	Nelson, Michelle
Subject:	RE:

nope, lets go now

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 2:02 PM
To:	Maggi, Mike
Subject:	RE:

i don't think that i can go.  maybe next week.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 2:02 PM
To:	Nelson, Michelle
Subject:	RE:

i know, lets go

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 1:57 PM
To:	Maggi, Mike
Subject:

you lied.  fred is still here.


Dear Jeff,

Thank you for getting back to me. I have been following what has been going
on at Enron. When you can schedule a phone call in your spare time I would
appreciate it. Have a good Thanksgiving Holiday.

Regards,

Darren Wolfe
----- Original Message -----
From: "Shankman, Jeffrey A." <Jeffrey.A.Shankman@ENRON.com>
To: <darrenwolfe@earthlink.net>
Sent: Monday, November 19, 2001 11:46 AM
Subject: RE: Darren Wolfe's Resume

Hi Darren,

I am sorry it has taken me so long to reconnect with you, but as you
know, it has been very difficult these days at Enron.  It would be best
if we could schedule a phone call some time during the first half of
December.  At that time, I should have some time to help you.  Hang in
there.

Best,

Jeff

>  -----Original Message-----
> From: "Darren Wolfe" <darrenwolfe@earthlink.net>@ENRON
> Sent: Tuesday, October 23, 2001 11:02 AM
> To: Shankman, Jeffrey A.
> Subject: RE: Darren Wolfe's Resume
>
>
> Dear Jeffrey,
> Lisa thought that you could answer some of my questions dealing with
> power and gas trading. I have traded equities for the last three years
> and I worked at a small investment commercial real-estate firm before
> I traded. I am trying to position myself at an energy company that
> produces, trades, and sells. I understand that I need to learn the
> industry from the bottom-up. I am looking at positions of Risk Analyst
> and Merchant Energy Trader. Do you have any suggestions for me.
>
> Sincerely,
> Darren Wolfe
>
>
>
> --- Darren Wolfe
> --- darrenwolfe@earthlink.net << File:
> mailto:darrenwolfe@earthlink.net >>
> --- EarthLink: The #1 provider of the Real Internet.
>
>
>  - drw resume2.doc << File: drw resume2.doc >>

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


Jill Cicchino <JCicchino@prebon.com>
	11/15/2000 09:32 AM

		 To: "'Tana.Jones@enron.com'" <Tana.Jones@enron.com>
		 cc:
		 Subject: RE: NDA - Prebon Energy, Inc.

Tana, there was no attachement with this e-mail.  Can you please resend?

Thank you.
-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Wednesday, November 15, 2000 10:18 AM
To: gquinn@prebon.com
Cc: Bob.Shults@enron.com; Michael.Bridges@enron.com
Subject: NDA - Prebon Energy, Inc.

At the request of Bob Shults, I am attaching our proposed form of
Non-Disclosure Agreement.  If the enclosed meets with your approval, please
sign the NDA and return it to me via fax (713) 646-3490.  If you have any
comments or questions, please do not hesitate to call me at (713) 853-3399.

Tana L. Jones
Senior Legal Specialist


The Supreme Court has ruled that there cannot be a nativity scene in
Washington, D.C. this Christmas.

This isn't for any religious reason.  They simply have not been able to
find three wise men and a virgin in the Nation's capitol.

There was no problem however finding enough asses to fill the stable.

Happy Holidays,
Jim Doering

Navigant Consulting Inc.
781-564-9732


Blank
Routine gas rate change AL.
?
Dan
?
?
Dan Douglass
5959 Topanga Canyon Blvd.? Suite 244
Woodland  Hills, CA 91367
(818) 596-2201
douglass@energyattorney.com

?

 - Blank Bkgrd.gif
 - 6-7-01 SDG&E AL Summary Chart.doc


Exactly!  Mom sent me the pictures from the hospital with Anna.  I could easily be mistaken for her grandmother, I'm afraid.  I see pictures of myself and wonder who that older person is?!?  --Sally

"Cindy White" <cwhite@viviance.com> on 04/03/2001 09:14:22 AM
To:	"Sister Sally" <sally.beck@enron.com>
cc:
Subject:	FW: Truth in 13 words

Sally...

We got this yesterday from a friend of Richard's--it made me giggle...see
you soon!

Cindy

<<
 Inside every older person

 is a younger person

 wondering what the fuck happened.
  >>


Quick Inspirations 	 [IMAGE]  Home   [IMAGE]  [IMAGE]

[IMAGE] 	[IMAGE]   [IMAGE]   [IMAGE]   [IMAGE]  Click here, to quickly compare rates from the most reputable companies in the country.  [IMAGE]   Your inspirational quote for the day:  [IMAGE]    [IMAGE]   A Friend   [IMAGE]  A friend is like a flower,  A rose to be exact,   Or maybe like a brand new gate  That never comes unlatched.   A friend is like an owl,  Both beautiful and wise.  Or perhaps a friend is like a ghost,  Whose spirit never dies.   A friend is like those blades of grass  You can never mow,  Standing straight, tall, and proud  In a perfect little row.   A friend is like a heart that goes  Strong until the end.  Where would we be in this world  If we didn't have a friend?     [IMAGE]     [IMAGE] Check out our other inspirational content: [IMAGE] [IMAGE]  Let Me Give [IMAGE]  [IMAGE]  [IMAGE]  Life [IMAGE]  [IMAGE]  [IMAGE]  Memory [IMAGE]  [IMAGE]  [IMAGE]  [IMAGE] Visit QuickInspirations.com  [IMAGE] [IMAGE] [IMAGE]  [IMAGE]    To unsubscribe from the Quick Inspirations newsletter simply click here    You received this email because you opted to receive the Quick Inspirations Newsletter through one of our valued partners.  If you believe you received this message in error or would no longer like to receive quick inspirations please follow the unsubscription instructions at the bottom of this email.  If you have any questions please email qi-help@quickinspirations.com  and a customer service representative will assist you    [IMAGE]  [IMAGE]  [IMAGE]  [IMAGE]  	[IMAGE]

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-----Original Message-----
From: 	Hanagriff, Richard
Sent:	Tuesday, March 05, 2002 10:39 AM
To:	Schoolcraft, Darrell; Scott, Donna
Subject:	TW imbalance summary


Hi baby!  I did pick up your check today . I hope to see you guys tomorrow at
church. Give Natalie and Baby Alex a big hug and kiss for me.  I love you !
Byeeeee!   MOM.
---------------------- Forwarded by Judy Hernandez/HOU/ECT on 08/11/2000
05:28 PM ---------------------------

"Jennifer Cutaia" <jcutaia@tupac.com> on 08/11/2000 03:37:56 PM
To: Judy.Hernandez@enron.com
cc:
Subject: My check

Mom,
 Will you please pick up my check from Prostaff today and take it home with
you? If we head out there for church tomorrow I will get it from you. I got
your e-mail this morning, it was cute. Well I got to go so if you can please
e-mail me back so I'll know. I'll be checking my e-mails so please write back.

                                                        Love,
                                                        Jennifer

------------------------------------------------------------
Visit the Tupac Shakur website at http://www.tupac.com
Play "Who Wants To Be A Tupac Fan" and win big!
http://www.tupac.com/win.shtml


Attention POWER REPORT Readers: Go to
http://www.powermarketers.com/prdaily.htm to view today's edition with direct
headline links to each story.]

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                   PROJECT FINANCE: THE TUTORIAL
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and

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                              April 26-27 NY NY

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NEW!!!

                     EUROPEAN POWER TRADING 2001

European trading volumes soared in 2000. Traders now set the pace in key
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--------------------T O P S T O R I E S--------------------

Top Stories (March 13)

TRANSCANADA TO BUY HYDROELECTRIC COMPANY FOR $285M
TransCanada PipeLines Ltd. has agreed to purchase Curtis Palmer Hydroelectric
Co. L.P. from International Paper Co. for about $285 million.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/13/eng-djn/eng-djn_160032_180_186420092359

TOWN'S OPPOSITION A HURDLE FOR $7B WISCONSIN ENERGY PLAN
Wisconsin Energy Corp. has seen growing support from citizens' groups and
even favorable comments from the governor for its $7 billion plan to boost
the state's power supply.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/13/eng-djn/eng-djn_130046_154_866978304926

CINERGY A HOT TARGET DESPITE PSEG DEAL DOUBTS - ANALYSTS
Though uncertainty is swirling around Public Service Enterprise Group Inc.'s
reported plan to acquire Cinergy Corp., analysts say the deal still makes
sense.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/13/eng-djn/eng-djn_200039_189_654697165824

POWER PLANT BUILDING BOOM IS UNDER WAY IN ARKANSAS
Arkansas is witnessing a new building boom, but it's not apartment complexes
or strip malls. It's power plants.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/13/krtbn/0000-0245-LR-POWER-PLANT

WESTERN U.S. GOVERNORS ASK FERC FOR TEMPORARY PRICE CAPS
The governors of California, Washington and Oregon on Monday asked the
Federal Energy Regulatory Commission (FERC) to impose temporary price caps to
stop generators from demanding "unjust and unreasonable" prices during the
region's current power crisis.
http://news.powermarketers.com/news/articles/ElectricPower/03_12_2001.reutr-st
ory-N12406357.html

----------------------------------------------------------------------
DOW JONES NEWSWIRES
----------------------------------------------------------------------
Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

CityNet Building Bandwidth's 'Last Mile' In City Sewers

Cinergy A Hot Target Despite PSEG Deal Doubts -Analysts

Fla. Power/Bill Hike -3: Cites Rising Oil, Gas Prices

Fla. Power/Bill Hike -2: Commercial Bills To Rise 13%>FPL

Fla. Power: Adjustment To Boost Residential Bills 9% >FPL

Fla. OKs Fla. Power & Light Request For Fuel Adjustment

Rural Electric Co-Ops' Chief Eyes Consumer Protections

TransCanada/Hydro -2: To 'Contribute Positively' To Earns

TransCanada Pipe To Buy Curtis Hydro From Intl Paper Co.

TransCanada To Buy Hydroelectric Co. For $285M >TRP

Town's Opposition A Hurdle For $7B Wis. Energy Pwr Plan

US Weather:Rain Seen Along East Coast, Pacific Northwest

Tyco Intl/CIT Group -4: CIT's Gamper To Remain Pres, CEO

Tyco Intl/CIT Group -3: First Call 2Q Net View 61c/Shr

Tyco Intl/CIT Group -2: Tyco Deal Is 54% Premium To CIT

Tyco To Buy Dai-Ichi Kangyo's 27% CIT Stake For Cash

Tyco Intl Confirms To buy CIT Group >TYC CIT

Philippines Napocor Retenders For Fuel Oil, Gasoil Supply

INDIA PRESS: Ispat Reviewing 354 MW Dolvi Project

REPEAT: INDIA PRESS: Ispat Reviewing 354 MW Dolvi Project

FREE TRIAL: For a free trial of the Dow Jones Energy Service go to
www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

----------------------------------------------------------------------
N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-nat.htm

Energy Star(R) Names Johnson Controls Partner of the Year

Governor Issues Blank Check for State Agencies to Suspend Environmental,
Health Protections During Power Crunch

Rebates Planned in Power Crunch

Fidelity E & P Increases Natural Gas Reserves to Help Meet Rising National
Demand

Top Energy Summaries - Tuesday, March 13, 2001 - 5:18 PM

Hydro One Announces 2000 Year-End Financial Results

Houston Energy Expo to Feature Lessons from California Energy Crisis

West Valley City Welcomes New Power Plant

Utah Cities Power Up for Summer Crunch

Energy Solutions

Image Power Introduces First Jpeg2000 Product; Power Compressor V1.5 Is First
Commercial Release of Jpeg2000

Transalta Power, L.P. Declares Cash Distribution

Need for Power Vs. Memory of Wppss Senate: Despite Legacy of Nuclear Debacle,
Bill That Would Bypass Public Vote Requirement Sails Through

Fitch Revises Rating Outlook for Wisconsin Energy Corp.

NCE Energy Trust (Tse: Nca.Un) Completes Purchase Of $6.7

Lowering Billing Costs

Department of Energy Energy Infor Ation Administration Agency Information
Collection Activities: Proposed Collection; Comment Request

Essentialmarkets Enables Record Number of Suppliers at Idaho Power Summit

Department of Energy Federal Energy Regulatory Commission 18 Cfr Part 157
Natural Gas Pipelines; Project Cost And Annual Limits Issued February 6, 2001.

Lott Declares War in Energy Debate

N.C. Joins High Court Utility Case

Piedmont Natural Gas Files to Lower NC Rates 7%

Nipsco Names New President And CEOBarrett Hatches Leaving Alaskan Natural Gas
Company to Lead Nipsco

Management`S Discussions: 10-K, San Diego Gas & Electric CO 2 of 6

Management`S Discussions: 10-K, San Diego Gas & Electric CO 3 of 6

Management`S Discussions: 10-K, San Diego Gas & Electric CO 1 of 6

Management`S Discussions: 10-K, San Diego Gas & Electric CO 6 of 6

Management`S Discussions: 10-K, San Diego Gas & Electric CO 5 of 6

Baytex Energy Ltd. Announces Its Operating And Financial

Puget Sound Energy, Industrial Customers Agree on New Power Arrangement

Consol Energy Reports February Production Results

Repeats: Energy Volume And Open Interest Totals-Mar 13

Top Energy Summaries - Tuesday, March 13, 2001 - 2:18 PM

Davis Pressed for Energy Details: Lawmaker, Media Decry Secrecy of Power
Contracts

Energy Sites Illuminating

Time to Plan for Summer Energy Needs

Energy Update/Los Angeles Department of Water And Power Issues Daily Energy
Update for Tuesday, March 13, 2001

California Energy Crisis Evolves with Vast Social, Economic Effects

Water Outlook Grows Grimmer Dry Winter Will Hurt Irrigators, Power Suppliers

Power Woes Turn Focus to Other Energy Sources Applications for Geothermal
Projects Pile Up

Middleton Residents Hear Power Plant Plans Garnet Facility Would Be Located
Near City's Core

Merrill Says General Electric Pessimism 'Unfair' (Ge)

Fuel Cell Co. Hydrogen Burner Tech Withdraws $120m Ipo

Kinder Morgan Energy Partners Purchases Bulk Terminal on Lake Erie

Top Energy Summaries - Tuesday, March 13, 2001 - 12:26 PM

Enbridge Selects Peace Software's Energy Version 6Most Advanced Customer
Management System for Energy Retailing Propels Enbridge Into the Digital Era

New Power Plus Fund Debuts

Countdown to 10-Digit Local Dialing in 704 Area Code Winding Down

Esri, Miner And Miner, Stoner And Associates, And Geofields Inc. Provide
Consulting, Software And Services; Consumers Energy Selects Arcgis Software

Corn Belt Energy Rates to Drop Up to 20 Percent

Natural Gas Choice Up for Review

New Energy Standard from Georgia Tech Offers Long-Term Solution to Country's
Energy Challenges

Program Moderated Some Heating Bills Kn Energy Plan Allowed Customers to Lock
in Natural Gas Prices During Period of Increases Looking at Gas Bills

Top Energy Summaries - Tuesday, March 13, 2001 - 9:29 Am

EPA Administrator, Christie Todd Whitman, Recognizes 34 Leading Organizations
for Outstanding Energy Efficiency

Nexus Energyguide Acquires Utilityguide.Com Web Site; the Web's Leading
Energy Savings Site Purchases Rival Site

Lodestar Corporation Partners with Seebeyond to Deliver Enhanced Ebusiness
Solutions to Better Serve The New Energy Economy

Catalytica Energy Systems Appoints Ronald Alto As Vice President of Sales And
Services

Viador to Provide E-Portal to Pacific Gas & Electric

World Wireless Communications' X-Traweb Subsidiary Signs Marketing Agreement
with Automated Energy Inc.

International Rectifier Primary- And Secondary-Side Mosfets Improve Power
Density

Primewest Energy Trust Schedules Information Sessions About Cypress Energy
AcquisitionKelowna - Victoria - Vancouver

Exolink Corporation Processes More Than 1,000,000 Deregulated Retail Energy
Transactions in February

Pacific Gas And Electric Company Selects Viador E-Portal(TM) to Route Energy
Demand Information

Energy-saving Bills Set to Rise

Small Power Generator's Lawsuit Could Sink Struggling Utility

Top Energy Summaries - Tuesday, March 13, 2001 - 7:37 Am

The Ohio & Southwestern Energy Company - Strategic Profits Inc. Receives Irap
Approval for Funding of Automated Billing Application

Colleges Sue Enron for Pulling Power Plug / Uc, Csu Say Firm Plans Resale at
Higher Price

Contra Costa County Report ; Solano County / Still Time to Sign Up for Energy
Festival

Power Efficiency Corp. Names Douglas Finch Vice President-Operations

Businessedge Solutions And Exolink Partner to Deliver Innovative Ebusiness
Capabilities to Energy Industry

----------------------------------------------------------------------
I N T E R N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-intr.htm

Image Power Introduces First Jpeg2000 Product; Power

Light Looms at End of Hydro Tunnel

Russia Plans Floating Nuclear Power Plant in White Sea

Calpine Begins Electricity Deliveries to Southern California from New South
Point Energy CenterCompany Supplying Up to Full Pre-Commercial Operation
Output to California Department of Water Resources

Energy Secretary Takes Oath - Argentina

Govt., US Sign Energy Agreements - Peru

Energy-Brazil: Drought Threatens Power Supplies, Economic Growth

Westcoast Energy Establishes Brain Research Fellowships

Ecuador: Government Takes Debts of Electric Companies

Ecuador: Strategic Energy Reserves Down

FX Energy CEO Reports Developments in Poland at Cibc World Markets Energy
Conference

Cat-Leo Chooses Alstom for Small Hydro Plants - Brazil

Second Unit at Southern Ukraine Nuclear Power Plant Switched Off from System

Vestas Wind Systems Considers Investing in Germany

Brocker Technology Group Ltd - Wins Energy Utility Contract with Data
Management Solution

New Tax to Increase Energy Payments

Commercial Review: Electricity Regulator Puts Power to the People The Work to
Drive Down Generation Costs Through Renegotiating Contracts And The Further
Opening of The Electricity Market to Competition Continues for Regulator
Douglas Mcildoon. Paul Mckillion Reports

Reed Elsevier sells 9 electrical, transport, retail titles to highbury house

New energy minister appointed in Ukraine

Brocker Wins Energy Utility Contract with Data Management Solution

Tethys Energy Inc - Significant Gas Discovery

Hydro-Quebec Partners with Snc-Lavalin in An Interconnection Project in
Australia - A Partnership That Makes The Most of Hydro-Quebec And
Snc-Lavalin's Internationally Recognized Energy Expertise

Energy Consumption in South Korea Peaks

RJB Mining signs 5-yr coal supply contract with British Energy

Cutting Edge Technology Will Save Energy on Tube

Beijing Datang Power Posts Net Profit of US$166.3 Mln in 2000

Indian States to Receive Power Sector Support Worth US$16.1 Bln

----------------------------------------------------------------------
KRT DAILY ENERGY NEWS
----------------------------------------------------------------------
Access stories online at http://www.powermarketers.com/pma-krt.htm

Pittsburgh, Pa.-Based Gas Company to Deliver Price Decrease to Customers

The Charleston Gazette, W.VA., Edward Peeks Column

Idaho Power Company Likely to Pay Irrigators to Turn Off Pumps

Bill May Lead Oklahoma Utilities to Seek Higher Rates, Executive Says

Minneapolis-Based Alternative Energy Firm Turns to Windmill Power

California Rebates Cut Cost of Solar Power, But It's Still A Long-Term Payoff

Newark, N.J., Utility Parent Firm May Be in Talks to Buy Cincinnati Utility

Massachusetts-Based Utility Sues New York Utility for Failed Merger Deal

Florida Commission Debates Spreading Increased Utility Costs Over Two Years

Power Plant Building Boom Is under Way in Arkansas

Poll Shows Texans Worried About Electricity Deregulation

Dallas-Based Utility Diversifies Holdings to Prepare for Deregulation

Nashwauk, Minn., Considers Building Nation's First Waste-Fed Power Facility

After California's Power Problems, Texas Poll Registers Deregulation Concerns

Federal Officials Confirm Fear of Retaliation in Employees at Missouri Reactor

Energy Department to Draft New Report for Proposed National Ignition Facility

Texas Utility Official's Federal Appointment Wouldn't Affect Deregulation

New Mexico Governor Signs Bill Delaying Deregulation of Electricity

Binghamton, N.Y.-Based Utility Makes Plan to Freeze Electric Rates Official

-Oklahoma Utility Companies Try to Avoid Estimation of Usage

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at:
http://news.powermarketers.com/news/articles/ElectricPower.html

Edison Int'l says talking with lenders as deadline looms

S&P affirms Equitable Resources rtgs, revises outlook

Calpine to supply Calif. 555-MW of power through May 15

AES NewEnergy to pay NY area clients to conserve power

Canada spot natgas weaker in mild temperatures

UPDATE 1-Belgian financier tidies web of holdings

Phelps Dodge tried options to protect energy costs

International Paper says to sell facility for $285 mln

UPDATE 1-EU wants Lithuanian N-plant decision in 2002

UPDATE 2-EU court approves German green power subsidies

TransCanada to buy two New York state power plants

Brazil Furnas to post best-ever annual result-reports

Suburban Propane CFO John Smolak resigns

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Gregg, please send a hard copy - the pdf file can not be opened on ENA
systems in Houston.

Thanks
Delainey


I was unaware that this was on the table for discussion in World Hunger.

My recollection is that Mike Barnas proposed the changes to 20.2 (b), which
addresses indemnity for fines and penalties (who can forget the cognizant
government?).  We agreed to narrow GE's exposure by specifically relating the
indemnity obligation to a violation of section 3.8, as opposed to the broader
provision in prior contracts.

From: Scott Dieball@ENRON_DEVELOPMENT on 05/21/2001 09:10 AM
To: Kay Mann/Corp/Enron@ENRON
cc: Bill Williams/PDX/ECT@ECT, John G
Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, pthompson@akllp.com,
Roseann Engeldorf/Enron@EnronXGate@ENRON, Sheila Tweed/HOU/ECT@ECT

Subject: Re: Arcos- World Hunger- LOL fines carve out.

Steve knows I am pissed about this and in our Arcos meeting I brought up the
same point raised by Kay below.  Steve claims that the no cap on gov.
violations was rejected some time ago by GE mana. when Barnas presented to
them an update of the "end world hunger".  Steve also thinks that they had
told us previously about this change.  ( Is this true???)  I told him it was
news to me and that I would have thought that if true, then GE would have (a)
highlighted the changes on the draft contract and/or (b) added it to the list
of outstanding issues.

When asked to explain the rationale for changing their position on this
issue, Steve was unable to give an answer other than to say GE mana. had said
that they needed to cap their liability at the contract price for gov.
violations although they thought GE could live with no cap on FCPA violations.

	Kay Mann@ENRON
	05/18/2001 01:14 PM

		 To: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Sheila Tweed/HOU/ECT@ECT@ENRON_DEVELOPMENT,
pthompson@akllp.com@ENRON_DEVELOPMENT, Roseann Engeldorf/Enron@EnronXGate,
Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bill
Williams/PDX/ECT@ECT@ENRON_DEVELOPMENT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Re: Arcos- World Hunger- LOL fines carve out.

Did Steve S ask that it be added to the list?  I would let them bring it up
if he didn't.  We spent quite a bit of time and effort on the LOL clause, and
it was subject to lots of give and take.

Kay

John G Rigby@ENRON_DEVELOPMENT
05/18/2001 07:03 AM
To: Sheila Tweed/HOU/ECT@ECT, Kay Mann/Corp/Enron@ENRON, pthompson@akllp.com,
Roseann Engeldorf/Corp/Enron@ENRON
cc: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bill
Williams/PDX/ECT@ECT, John Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Arcos- World Hunger- LOL fines carve out.

GE has informed us during the Arcos discussion that GE senior management has
directed that the GE deal team cannot agree to allowing GE indemnity
obligations related with government fines for failure to comply with law to
be exclude from the limit of liability.

This needs to be added to Pete T's World Hunger Punchlist of issues.

Enron Arcos deal team has not agreed to GE's position.


Please find attached Credit's EOL responses for 3/28/00

Regards
Molly