I recommend that we ask MRW to do a quick and dirty (nothing more than $10k)
to quantify Steve's qualitative analysis.  Good to have before we fight this
out at FERC.  If someone internal can do it, great.

Thoughts?

Jim

----- Forwarded by James D Steffes/NA/Enron on 03/01/2001 06:13 PM -----

	Steve Walton@ECT
	02/28/2001 10:06 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc: Alan Comnes/PDX/ECT@ECT, James D Steffes/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT,
Richard Shapiro/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON
		 Subject: Re: Cost of Protectionism

Jeff,
 In order for California to "shut its doors" it must open its
interconnections with the rest of the west and become a Texas-like electrical
island.  This they cannot do.  California has a substantial investment in
units located in Nevada, Arizona, New Mexico and Utah.  The lights would go
out in California if they opened the ties.  In the 1970's there was a hue and
cry over loop flow, with California claiming that it was being injured by
others, particularly by the interior systems trading practices, however they
never considered opening the ties, because the benefits of interconnection
were so large that the "cost" of loop flow was far exceeded by the value of
regional trade, i.e., they are economically interdependent.

 If such a foolish thing were done and California full "closed its doors" by
opening its ties, cost would go up in the Northwest, in California and all
the rest of the Western System.  There are "gains for trade" which accrue to
all parties from interconnection.  The trade is more complicated than just
summer/winter peaks (seasonal load diversity) there is also seasonal resource
diversity (Spring run off effects) and finally there opportunity to
capitalize on storage vs base load thermal operations.  I will address the
last point first to illustrate the complexity of the trading patterns.

 The interior west (Montana, Wyoming, Utah, Arizona and New Mexico) has large
amount of base load coal plants.  As load drops off in those areas, the
energy flows to the coast to back off peaking plants and to back off hydro.
The reduction of hydro production allows night time reservoir refill which
can be used to meet peak load in the Northwest and California.  This can be
seen in the attached file, which contains a set of plots for hourly flow on
the Pacific DC Intertie Jun97, Dec 97, Jun 98, Dec 98, Jun 99, Dec 99,
Jun00.  In these plots the clear day/night exchange of energy can be seen,
especially in the Jun00 plot when sales are being made to California in the
day and to the Northwest at night.  This day to night storage exchange
benefits lowers costs for everyone.

 On top of this daily/weekly cycle, there is the seasonal shift in load
diversity you noted.  For the Northwest, its peak load occurs when energy
production is the lowest -- during the winter.  As a stand alone system, the
Pacific Northwest (i.e., the Columbia Drainage area) is energy constrained.
The hydro in that area does not produce enough energy to meet annual needs.
There is plenty of generating capacity to meet any peak, but not enough to
total water flow.  Energy imports from Wyoming and Montana (e.g. Colstrip and
Bridger) are required to allow the Pacific Northwest to meet its annual
energy requirement.  With these energy inputs from the coal fields, the
seasonal water budget can be arranged to get the most value out of the hydro
system, although fish, navigation, irrigation, etc. impose an increasing
number of constraints.  Energy imports from in the winter from the South help
to meet this energy balance during the winter so water can be reserved until
the snow pack is better know in early Spring.  Some of the sales to the
Northwest from California during the winter are a result of displacement from
Desert Southwest energy moving through California and then up the Interties
to the Northwest.

 Finally, the Spring run off/fish flush when production on the river is at a
maximum and load in the Northwest is down.  The sale of these surpluses paid
for the Pacific Intertie lines and remain important to the entire system.
Much system maintenance of base load units has been historically been planned
to take advantage of this factor.  Again both California and the Northwest
benefit from this trade.

 In all cases, the parties would be worse off if the ties were open and
everyone was on their own.  The Northwest may be capacity long, but it is
typically energy short, even in flush hydro years.  The winter energy imports
from the South hold Northwest costs down just as spring run off sales to the
South lower energy costs in California.  California cannot craft a solo
solution that ignores the rest of the West.  It is probably hard to decide
who would be worst off if California "closed its doors".  It is only clear
that total cost would rise in both California and the rest of the West from
which it divorced itself.

 I hope this rambling response comes at the question you raise.

Steve

	Jeff Dasovich@ENRON
	Sent by: Jeff Dasovich@ENRON
	02/28/2001 11:35 AM

		 To: James D Steffes/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, Mary Hain/HOU/ECT@ECT, Steve
Walton/HOU/ECT@ECT, Susan J Mara/NA/Enron@ENRON, Richard
Shapiro/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT
		 Subject: Re: Cost of Protectionism

To Jim's last point.  I understand that the good 'ol utility system was often
operated with little regard for basic economic principles, but there's
something in this that seems very odd and difficult to assess, and it seems
to always be tied to this notion that "California is a net importer, even in
the winter."  I'm going to start with the economics and then let folks
describe why it seemingly doesn't apply in Western electricity markets.

Just about every theory of economics and trade would lead to one conclusion:
If California closes it's doors the other Western states will pay higher
prices for power and/or face increased threats to reliability.  I'm
struggling to try to determine why these basic principles aren't applicable
to Western power markets.  I understand that the PNW is a very complex place
and that the reasons could be embedded in the arcane structure that has
developed over the years.

To keep it simple (though not necessarily accurate), I've confined the
analysis to a world in which only the PNW and California exist.

The basic situation: The PNW peaks in the winter; California peaks in the
summer.

Let's take two scenarios:

1)  The West, less California, is so awash in electricity that even in its
peak--the Winter--it still has power to send to California, i.e., it has so
overbuilt it's system that it has persistent surpluses to sell to California.

Irrespective, there have (to my limited knowledge) always been sales from CA
to the PNW during the winter, when the PNW is peaking.
The only conclusion that one can make, assuming that the PNW is awash in
electricity, is that the PNW takes the power in California because it makes
economic sense to do so. That is, during the winter peaking months, it must
be cheaper on the margin for the PNW to buy from California rather than
produce itself.  Otherwise, it's difficult to understand why it would buy
from California during this month, particularly if they're long.  As such, at
a minimum, the PNW's electric bill will necessarily increase if California
closes its doors.

2) Neither the PNW , nor California, has indigenous capacity to meet peaking
load.  Therefore, the PNW must buy California's power during its peaking
summer period, and California must buy power during it's summer peaking
period.  In this case, not only will the PNW's bill go up if California
closes its doors, the lights are likely to go because they'll be short power.

I realize that this is a simplistic model, and that there could be other
legitimate economic factors driving the flows out of California to the PNW
(e.g., transmission costs).  And again, I also realize that economics may not
have traditionally been a driver in the industry.  But I thought it might be
useful to get a common framework in place as a starting point for the
question that Jim asks.

With that, I'll pose the question (understanding the simplicity of the model
set forth above):  Given that California sends power north--even if the PNW
is long---how can California closing it doors not increase the PNW's cost of
power?

Best,
Jeff

	James D Steffes
	02/28/2001 08:05 AM

		 To: Alan Comnes/PDX/ECT@ECT
		 cc: Jeff Dasovich/NA/Enron@Enron, Mary Hain/HOU/ECT@ECT, Steve
Walton/HOU/ECT@ECT, Susan J Mara/NA/Enron@Enron
		 Subject: Re: Cost of Protectionism

It seems to me that this information leads one to conclude that the value of
an open transmission network is that California does not have to build 5,000
MW of power plant (4,500 MW max input + 10%) in state.  In other words, if
California were to disconnect from the grid, someone would have to build
additional power plants in-state.

The cost to California consumers is therefore the annual carrying cost of 10
500 MW plants (made even more expensive after California expropriates the
current fleet of merchant generation).

From the perspective of the remainder of the West, the question still remains
- if California does go it alone, what is the economic impact?  Other than
legal arguments about Interstate Commerce, why should the Federal Government
want to continue to pursue open acess?  This is the hard question that we
need to answer.

Jim

	Alan Comnes@ECT
	02/27/2001 09:40 PM

		 To: James D Steffes/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron
		 cc: Susan J Mara/NA/Enron@ENRON, Steve Walton/HOU/ECT@ECT, Mary
Hain/HOU/ECT@ECT
		 Subject: Cost of Protectionism

Jim, Jeff:

Jim asked me in a voice mail what would be the cost to California of moving
from the current (evolving) system of open access to a "protectionist"
environment where access to the grid would be determined by a political body
responding to populist pressures.

Here are some things to consider.  We can talk more and I welcome Sue Mara or
Steve Walton's input:

California is a net importer so any restraint of trade would risk the state
being able to meet its own demand.  See attached slides that show PNW-CA
trade.  Even in the winter, power on a net basis flows south.

Limiting open access would primarily act to hold in-state generators hostage.
 this will kill incentives for new investment

If the ISO's proposal for market power mitigation are any guide of where a
protectionist ISO would go:
 in-state generators would be required to sell forward or lose their market
based rate certificates
 load serving entities would be required to contract forward for load and a
reserve margin.
  This is costly: it will lead to centralized planning solutions to
reliability rather than more efficient market     outcomes
 Artifical notions of "just and reasonable" rates (on top of unreasonable
reserve requirements) would lead to severe   reliability problems.  (In other
words, if Steve Peace has his way, the imports into the state will drop
off     signficanly)

There is no reason the state would be more effective at expanding the grid
(e.g., Path 15) than the current system.  (Although, admittedly the current
system has flaws.  The CAISO was set up with little thought to transmission
expansion planning.  Other RTOs are not repeating this mistake.).


---------------------- Forwarded by Darron C Giron/HOU/ECT on 06/08/2000
08:35 AM ---------------------------

"Sean Mayers" <smmayers@earthlink.net> on 06/07/2000 11:53:31 PM
To: "Smetana, Scott" <ssmetana@kumc.edu>, "Moon, Chad" <moonlaunch@aol.com>,
"Hiatt, Drew" <jhiatt@kumc.edu>, "Giron, Darron" <dgiron@enron.com>
cc:
Subject: Fw: Priceless Series .........

----- Original Message -----
From: "corb krmarek" <mtboxer@hotmail.com>
To: <jamesm02@hotmail.com>; <andalee@hotmail.com>; <kthomps@hotmail.com>;
<IYQall21@aol.com>; <tupu77@yahoo.com>; <frodo104@hotmail.com>;
<lucanose@hotmail.com>; <grambocat@hotmail.com>; <mlrust3@yahoo.com>;
<mattymt@yahoo.com>; <mjdubois@msn.com>; <smoothysmoothy@hotmail.com>;
<nschmoll@hotmail.com>; <msierra@u.washington.edu>; <extrasuds@yahoo.com>
Sent: Wednesday, May 24, 2000 2:00 PM
Subject: Fwd: Priceless Series .........

>
>
>
> >From: "TREVOR LIVESAY" <tlivesay@hotmail.com>
> >To: CJS2830@HOTMAIL.COM, MTBOXER@HOTMAIL.COM, DCDRIVIN@AOL.COM,
> >KATIENEWMACK@HOTMAIL.COM, BCOCHRAN_2000@YAHOO.COM, ANP@DIGISYS.NET,
> >MTMATT@MSN.COM, JASONNEWMACK@HOTMAIL.COM, LOVON@MSN.COM,
KORNICK@SOFAST.NET
> >Subject: Priceless Series .........
> >Date: Tue, 23 May 2000 16:37:11 PDT
> >
> >
> >
> >
>
> ________________________________________________________________________
> Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com
>

 - Pricelessbeaver.jpg
 - 1priceless.jpg
 - priceless3.jpg
 - PricelessPants.jpg
 - Priceless2.jpg
 - pricelessrevenge.jpg
 - pricelessBJ.jpg


How close did I get?

10.2 Effect of Force Majeure.  In the event of a Force Majeure event
affecting Seller,s ability to Deliver Scheduled Energy from the Facility, the
following shall occur:
(a) Seller shall as soon as reasonably practicable use commercially
reasonable efforts to fulfill its obligations to deliver Scheduled Energy
from Market Sources until notice is provided pursuant to Section 10.2(b)
below.  do we want to delete this?  Gary didn't seem to like it.
(b) Not later than ten (10) Days following the onset of the Force Majeure
event, Seller shall (i) issue a notice to Buyer stating whether Seller will
continue to fulfill its obligations to Buyer hereunder from Market Sources
until the Force Majeure event is terminated or (ii) declare Force Majeure and
relieve Buyer from its obligation to pay the Demand Charge during the time
that Seller is unable to meet its obligations hereunder, computed on a daily
basis.  If Buyer does not Schedule Energy during the ten (10) day evaluation
period and Seller declares Force Majuere, then  Buyer,s relief of the
obligation to pay the Demand Charge shall commence as of the date of the
Force Majeure event.
(c) If, during the ten (10) day evaluation period referenced above, Buyer
Schedules Energy and Seller continues to Deliver Energy, but then declares
Force Majeure, Buyer,s relief from the obligation to pay the Demand Charge
shall commence on the date of the declaration of Force Majeure and not on the
date of onset of the Force Majeure event.  If, during the ten (10) day
evaluation period Buyer Schedules Energy and Seller initially Delivers Energy
but subsequently fails to Deliver, Buyer shall be relieved of the obligation
to pay the Demand Charge from the date Seller fails to Deliver Energy, and
not on the date of onset of the Force Majeure event.  Such relief from the
Demand Charge shall be computed on a daily basis.
In the event of a Force Majeure affecting Buyer,s ability to receive Energy
from Seller, payment of the Demand Charge shall continue.
10.3 Termination Due to Force Majeure. If an event of Force Majeure continues
in effect for twelve (12) consecutive Months, then the Party not declaring
Force Majeure may terminate this Agreement upon providing written notice of
such termination to the other Party (but if such event of Force  Majeure
terminates before any such termination notice is provided, then this
Agreement shall continue in full force and effect).


Please review the attached memo to verify that I have identified all of the
products that you are interested in trading in Brazil.  I will be in Sao
Paulo on Monday, September 20, 1999.

Thank you,
Sara


Enron Broadband Services is the latest addition to the Enron SAP rollout.
The Apollo and Beyond project team and Enron's business units are currently
preparing for the project's final implementation.  Apollo and Beyond is an
Enron initiative tasked with laying a common financial, human resources,
project management, and procurement foundation throughout the majority of
Enron's businesses.

EBS "Go-Live"

On April 1st, Enron Broadband Services supplemented their current SAP
functionality with HR Online and SAP HR, including payroll and organizational
structure management.  HR Online enables the EBS population to enter their
own time, view and update their personal information, and view their vacation
time and individual payroll information via Enron's intranet.

Additionally, this implementation enhanced the SAP Financial, Project and
Procurement processes that EBS has had in operation since April 1, 1999.
These enhancements included an EBS pilot of B2B, a web-based requisitioning
tool. Among the benefits of these enhancements will be improved information
flow across business units currently on SAP.

July 1 "Go-Live"

This final Apollo and Beyond implementation will directly impact more than
15,000 Enron employees and contractors -- odds are that you are one of them!
People impacted on July 1st include:

all Enron employees paid out of Corporate Payroll in Houston, excluding
Azurix employees
the financial communities of Enron Energy Services, Enron Investment
Partners, Enron North America, Enron Renewable Energy Corporation, Gas
Pipeline Group, Global Finance, and Global Products.
the project management communities of Enron North America, Gas Pipeline
Group, Global Asset Operations, Global Finance, and Global Products.
the human resources communities of Corporate, Global E&P, Enron Energy
Services, Enron Engineering and Construction Company, Enron Investment
Partners, Enron North America, Enron Renewable Energy Corporation (Houston
only), the international regions, Gas Pipeline Group, Global Finance, and
Global Products.

General SAP training will be available in late April via the Enron intranet.
Additional, specific, SAP classes and workshops are scheduled to begin in May
and continue through August.  Information on the project can be obtained
through the Enron intranet at http://sap.enron.com and by contacting Business
Unit representatives currently working with the project.  A list of Business
Unit representatives is located on the intranet site.

Additional information related to the July 1st implementation will be
communicated to you over the next few months.

Thank you.

Melissa Becker
Project Leader, Apollo and Beyond


Enron is proud to be a major sponsor of the galleryfurniture.com Bowl!

Don't miss your chance to witness college football history, as bowl fever
hits the City of Houston with the inaugural galleryfurniture.com Bowl game
Wednesday, December 27, 2000 at the Houston Astrodome. This is your
opportunity to see the Big XII Conference face off against Conference USA!

This Friday, December 1st at the Big E' Caf,, Community Relations will be
selling discounted tickets for $8 to all Enron employees from 11:30 am- 1:00
pm (no limit).
The purchase of a game ticket will also make a difference in the lives of
thousands. All proceeds from ticket sales will go to AIDS Foundation Houston
(AFH) Investment of a Lifetime program, which benefits Houstonians with life
threatening illnesses.
Everyone who purchases a ticket Friday will also receive a coupon for a
complimentary Chick-Fil-A sandwich, and will have the opportunity to pick-up
FREE bowl game merchandise the from the galleryfurniture.com Bowl promotion
truck.  In addition, Gallery Furniture will have a special offer to Enron
employees to register to win a brand new 36-inch Color TV!
Don't miss out on all the exciting action and being a part of Houston Bowl
Fever!


Good news for Body Shop members! The Body Shop will reopen Monday, January 7, 2002. While we recognize that the Body Shop is a tremendous asset to all of our employees' health and wellness, we must reopen it without an Enron subsidy. Therefore, the membership fee will increase from $25 to $30 per month for all Enron employees and contractors. Spouse memberships will remain at $15 per month. Locker fees will remain at $10 per month and members may keep their current locker. (If you emptied your locker after the Body Shop closed in December, please notify the Body Shop reception desk that you would like to reoccupy it.)
The overall price increase, coupled with reduced expenses, will enable the Body Shop to reopen and remain open on a cash-neutral basis to meet creditors' requirements. Payroll deductions will be reactivated with the January 15th payroll and will include the increased fee. If you do not wish to continue your membership, please contact the Body Shop to cancel your membership via email only at <mailto:Body.Shop@enron.com>.  Membership information and enrollment forms can be accessed below:

The Body Shop's new hours will be 6:00 a.m. - 7:00 p.m. Monday through Thursday, and 6:00 a.m. - 6:00 p.m. on Friday. Saturday hours are not offered at this time.
Although laundry service has been discontinued, towels will continue to be available for your convenience. Once the ongoing membership base and associated revenues have been stabilized to support staffing and housekeeping, exercise classes will be scheduled. We anticipate exercise classes to be available within a few weeks. Massage therapy services will continue and are available by appointment by calling extension 3-3047.
Whether you are a continuing member or considering new membership, there is no better time for you to take advantage of the Body Shop and to take care of your personal health and well being than right now, at the beginning of 2002.
Your continued support is greatly appreciated.


Kay,  I notice you are "away" on the instant message viewing.  I got this e-mail regarding the status of the Power Purchase Agreement.  Want to discuss soon?

Kathleen

 -----Original Message-----
From: 	Denton, Rhonda L.
Sent:	Wednesday, November 14, 2001 8:30 AM
To:	Carnahan, Kathleen
Subject:	Mississippi Delta

I have received several requests from the Risk Assessment Group to obtain copies of this deal.  I told them it was still with the attorney.  Can you please check and see if these documents have been finalized.  Thanks for your help.


"To all HPL employees:

A month from today we'll be in Galveston celebrating HPL's 75th anniversary.
We have a great program that will showcase HPL's history and its contribution
to Enron's success.

HPL is more than the pipeline - it's the people and their skills.  From gas
trading to business operations and from producer services to engineering, the
skills developed and honed at HPL have supported our success in power, coal,
liquids, and broadband capacity.   HPL was the cornerstone of Enron's
physical gas network on which we built the contractual/trading network of
Enron's gas business.

If you plan to attend, but have not made your dinner and hotel reservations,
please do so ASAP by:

Sending the information requested below via email to meetingstop@aol.com.

Register now!

1) Employee,s Name

2) Employee,s Daytime Phone Number

3) Guest,s Name

4) Overnight Accommodations  (select one of each category)
? King Bed or Two Queen Beds
? Smoking or Non-Smoking room

5) Dinner Only?  Yes / No

Expect registration confirmation via email.

Our reservation deadline is August 16th.  If you plan to stay at Moody
Gardens on Friday night, please make your reservations directly with the
hotel on your personal credit card.

I look forward to seeing you at this very special anniversary salute.
Cocktails begin at 6:30 pm with dinner at 7:30.

Regards,
Brian


Start Date: 4/18/01; HourAhead hour: 20;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041820.txt


I'm ready for another trip to Chicago, to work on the details, the transfer
pricing, the Manlove monetization, etc.  Would a day next week be good?  It
would probably be helpful if Laura had some availability as well. Tuesday is
bad for me, but Wednesday or Thursday looks good.

I'll look over the list and give you a call after lunch.

Kay

	From:  Gregg Penman                           09/07/2000 11:29 AM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Business Setup

Here is the latest business setup list.  I went through the list with Dave
Delainey yesterday in our offices.  He then presented the list to Tom
Patrick, President of Peoples Energy, at dinner last night.  Dave has also
asked me to forward my weekly updates to both him and Tom so they can see
where progress is being made and what, if any, pressures need to be applied
within their respective organizations.  Let's discuss this to figure out the
best gameplan for crossing some of these off the list.  A good portion of the
next steps are in Peoples' court, but I am sure there are some things we can
drive the ship on.

Thanks,

Gregg


Sorry for the earlier message.  It just arrived and I am having it picked up.

-----Original Message-----
From: Hayslett, Rod
Sent: Tuesday, November 27, 2001 5:09 PM
To: Heinitz, Mary J.
Subject: Re: Cross Receipt
Importance: High

Sent to 8
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


---------------------- Forwarded by Randall L Gay/HOU/ECT on 08/02/2000 08:26
AM ---------------------------
To: Randall L Gay/HOU/ECT@ECT
cc:
Subject: cop shock

---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 08/02/2000
08:30 AM ---------------------------
To: Michael Walters/HOU/ECT@ECT, Harry Bucalo/HOU/ECT@ECT, O'Neal D
Winfree/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT,
Matthew Lenhart/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES, Chad
Landry/HOU/ECT@ECT, Yvette G Connevey/Corp/Enron@ENRON, David
Baumbach/HOU/ECT@ECT, Jody Crook/Corp/Enron@ENRON
cc:

Subject: cop shock

 - FingerPig.avi


----- Forwarded by Tana Jones/HOU/ECT on 05/04/2000 01:47 PM -----

	"Anita Herrera" <aherrera@statoilenergy.com>
	05/04/2000 01:40 PM

		 To: Tana.Jones@enron.com
		 cc:
		 Subject: Re: Trades to be assigned

(See attached file: Enron nat gas trades.xls)

Tana.Jones@enron.com on 05/04/2000 02:00:46 PM

 To:      Anita Herrera/TEG/US@TEG

 cc:

 Subject: Re: Trades to be assigned

You don't appear to have attached the list...

                    "Anita Herrera"
                    <aherrera@statoile        To:     tana.jones@enron.com
                    nergy.com>                cc:
                                              Subject:     Trades to be
assigned
                    05/04/2000 12:33
                    PM

Tana - I may have sent you a spreadsheet that did not include options and
physical trades.  Attached is the complete list.  My mistake - I too have a
tendency to forget the "other" trades. - Anita

 - Enron nat gas trades.xls


I made the following industrial changes for March 3rd:

Chevron  decreased to 9500/day.  This should remain for the rest of the month.

Lyon-Citgo increased to 34,000.  This is an increase of 10,000 that will need
to be rolled daily until further notice.

Shell Cogen increased by 5,000 to 45,000.  This will need to be rolled daily
until further notice.

Let me know if you have any quesitons.

D


_________________________________________________________________

            B R E A K F A S T   W I T H   T H E   F O O L
                      Friday, November 10, 2000

benjamin.rogers@enron.com
_________________________________________________________________

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"Take calculated risks. That is quite different from being
rash." --George S. Patton

NVIDIA KEEPS CHIPPIN'
Nvidia has overtaken ATI Technologies as the largest maker of
graphic-enhancing chips for desktop computers.

By Mike Trigg

Computer graphic chip maker Nvidia (Nasdaq: NVDA) reported
better-than-expected third-quarter results after the market's
close yesterday, citing market share gains attributable to
original equipment manufacturers' (OEM) and system builders'
rapid adoption of its GPU technologies. The company maintained a
robust growth outlook, expanding out of its core desktop
business.

Nvidia's fiscal third-quarter (ended October 31) net income was
$28.1 million, or $0.35 per share, compared to $10.6 million, or
$0.15 per share, in the comparable period a year ago. The Street
consensus estimate called for the company to earn $0.32 per
share. Moreover, revenues came in at $198.2 million, more than
doubling year-over-year from $97 million. And operating income
grew 142% to $36.6 million.

According to a new study this week by Mercury Research, Nvidia
has overtaken ATI Technologies (Nasdaq: ATYT) as the largest
maker of graphic-enhancing chips for desktop computers. For the
third quarter, Nvidia chips were in 48% of all desktop
computers, increasing more than twofold from a year ago.

Meanwhile, ATI's desktop market share slipped five percentage
points to 34%. However, in the laptop market, ATI expanded its
market share from 29% in the same period a year ago to 57%,
highlighted by new contracts with IBM (NYSE: IBM) and Dell
(Nasdaq: DELL). Despite losing money in the last two quarters,
ATI expects to re-enter the black in the current quarter (ends
November 30). Nevertheless, Nvidia's gains continue to look
impressive in comparison to the competition.

The Santa Clara, Calif.-based Nvidia has made significant gains
winning over longtime ATI customers, including Compaq Computer
(NYSE: CPQ) and Gateway (NYSE: GTW). According to the Street,
the shift has occurred because Nvidia has been more successful
at rolling out improved chips every six months. In a press
release yesterday, CEO and President Jen-Hsun Huang cited its
newest GeForce chip, the GeForce2 Ultra, as cause for its
expanding leadership position.

The other competitive force, 3Dfx Interactive (Nasdaq: TDFX), is
coming off a disappointing July quarter when revenue was less
than half of what the Street expected. The company attributed
the shortfall to component shortages and "competitive and retail
seasonality factors." Similarly, the company announced it would
report disappointing results for the quarter ending in October.

AFTER-HOURS COVERAGE

DELL ANNOUNCES Q3

Direct PC seller Dell announced third-quarter results after the
market's close today, in line with the consensus Street
expectation. With speculation throughout the day looming that
Dell had "juiced" revenue numbers at quarter's end, shares
traded down roughly 6% to close at $28.38. The company also
reconfirmed earlier guidance that called for sales to rise 27%
year-over-year, slightly below the 30% growth the company was
expecting earlier in the year.
FULL STORY>>
http://www.fool.com/m.asp?i=189395
_________________________________________________________________

NEWS TO GO

Guess what? Sexy jeans retailer Guess (NYSE: GES) announced
third-quarter profits after the market's close well below Street
expectations, citing excess inventory and a difficult retail
environment. Guess reported third-quarter profits of $5.6
million, or $0.13 per share, compared to $14.2 million, or $0.33
per share, in the year-ago period. That's well below the Street
consensus expecting $0.36 per share. Inventory levels at
quarter's end were $164.2 million, up from $94.2 million last
year. Total revenue increased 39% year-over-year to $216.4
million. Guess also revised its fourth-quarter outlook, now
calling for earnings to be $0.08 per share to $0.10 per share.
The Street estimate called for $0.36 per share.

Construction and industrial supplies distributor Hughes Supply
(NYSE: HUG) reported that it would miss third-quarter and
full-year estimates. The company expects earnings between $0.75
per share and $0.79 per share, down from $0.87 per share in the
same period last year. The consensus Street estimate had called
for $0.93 per share. Sales for the quarter should come in at
$860 million, about 10% lower than expected. The company expects
full-year sales growth of 9% to 11%, and full-year earnings
between $2.75 per share and $2.80 per share. The
slower-than-expected growth was attributed to commodity pricing
exposure for many plumbing and building materials products.

You learn real good! Computer training company Learning Tree
International (Nasdaq: LTRE) posted solid fourth-quarter and
full-year results after the market's close yesterday. Learning
Tree reported earnings of $9.1 million, or $0.40 per share,
compared to $5.7 million, or $0.26 per share, one year ago.
That's well ahead of the Street consensus of $0.36 per share.
Moreover, the Orlando, Florida-based company pulled in $56
million in sales, increasing 21% from $48.5 million in the same
period last year. For the entire fiscal year, Learning Tree
earned $50.4 million, or $1.65 per share, compared to $14.7
million, or $0.57 per share, last year.

Managed healthcare service provider PacifiCare Health Systems
(Nasdaq: PHSY) reported a significant drop in third-quarter net
income, citing rising medical costs related to the company's
transition from capitated contracts to per-diem, fee-for-service
or shared-risk arrangements with hospitals. The Santa Ana,
Calif.-based company turned in earnings of $5.2 million, or
$0.15 per share, compared to $69.3 million, or $1.54 per share,
in the year-ago period. The Street consensus called for a
$0.07-per-share loss. Results reported for the quarter include a
$3.8 million credit, or $0.11 per share, related to the early
termination of a license agreement. Results for the same period
last year reflected a $1.7 million net charge, or a
$0.04-per-share loss, for impairment and disposition activities.
Revenue were $2.87 billion, increasing 14% from $2.52 billion.

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.

MsgId:
msg-26605-2000-11-10_9-42-41-3496152_2_Plain_MessageAddress.msg-09:46:10(11-10
-2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


Tanya:

Our legal group would like to schedule instructional seminars covering the
ISDA Schedule, Credit Support Annex, omnibus and other forms and,
specifically, the credit issues which arise in the preparation and
negotiation of these documents.  Our thought is to eventually offer regular
instruction every other month but we believe that initially we should offer
monthly seminars.

In order to avoid "legal/credit Tuesday" boredom, we propose Wednesday or
Thursday as a regular luncheon meeting date.  How does the week of February
19 or 26 sound?  I believe that we can circulate a "curriculum" of sorts to
you or at the least a listing of topics.

Please let me know what you think.  As always, we welcome your suggestions.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


Dear You Corman,

Continental Airlines is committed to meeting new federal requirements regarding checked baggage and airport security fees. In an effort to keep you informed, below are the most recent changes that will affect your travel:

POSITIVE BAG MATCH
Effective January 18, 2002 the Federal Aviation Administration will require a positive bag match for travel within the U.S., its territories and commonwealths. Bags cannot be transported on the aircraft without confirmation that the customer has boarded the aircraft.

DOMESTIC CHECK-IN/ARRIVAL TIME
To ensure compliance with the Positive Bag Match policy without delays or inconvenience, Continental Airlines has changed the boarding time for domestic flights for tickets purchased on or after January 18, 2002. Customers checking baggage must do so at least 30 minutes prior to departure. All customers must be checked in and at the boarding gate no later than 15 minutes prior to scheduled departure. Customers who buy tickets on or after January 18, 2002 who are not at the boarding gate 15 minutes prior to departure are subject to having their reservations canceled, seats released and checked baggage removed from the flight.

SECURITY FEE
The Transportation Security Administration is requiring that airlines collect the September 11th Security Fee of $2.50 per enplanement, not to exceed $5.00 each way or $10.00 per round-trip ticket. This security fee goes into effect for tickets purchased on or after February 1, 2002. It applies to qualifying enplanements from airports in the U.S., its territories and commonwealths. This fee applies to all tickets including frequent flyer reward tickets, two-for-one tickets, tour conductors and infants for whom a fare has been collected.

Continental Airlines continues to make safety our number one priority. Be sure to stay informed with continental.com at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVCU*lJhktHgQLgkhgEJht*z*UA
before leaving for the airport. We're looking forward to welcoming you onboard!

Sincerely,
Mark F. Bergsrud
Vice President, Marketing
Continental Airlines, Inc.

-----------------------------------------------
If you need assistance please visit:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVCU*lJhktHgQLgkhgEJht*z*VA
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Transwestern's average deliveries to California were 1079 MMBtu/d (99%), with San Juan lateral throughput at 844 MMBtu/d and Rio Puerco at 17 MMBtu/d.  Total East deliveries averaged 445 MMBtu/d.

El Paso's average deliveries to California were 2167 MMBtu/d (74%) :
- PG&ETop, capacity of 1140 MMBtu/d, deliveries of 650 MMBtu/d (57%)
- SoCalEhr, capacity 1250 MMBtu/d, deliveries of 994 MMBtu/d (80%)
- SoCalTop, capacity 539 MMBtu/d, deliveries of 523 MMBtu/d (97%)

Friday's posted Gas Daily prices:
	SoCal gas, large pkgs	  3.63
	PG&E, large pkgs	  3.105
	TW San Juan		  2.675
	TW Permian		  3.14

Enron Online bases:
		Sept		Oct		Nov-Mar
Perm-CA	 .75		  .65		  .60
SJ - CA	1.26		  .91	  	  .72
SJ-Waha	  .53		  .27		  .12
Perm-Waha	  .02	 	  .01	              .005


Could you please send Kern a confirmation of sorts to let them know that their termination was valid and accepted?

Mike Bridges


Stinson,

I think the gamma will flow into V@R.

Vince

Stinson Gibner
11/30/2000 06:14 PM
To: Alex Huang/Corp/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT
Subject: Compound Model for Reedy Creek

Alex,

Paulo and I have continued to look at the model and have come up with a
couple of additional changes.

1.   The cash flow calculations need to include the overlying option strike
payment.   Also, Paulo is trying to clarify if the cashflows should be
discounted to the valuation date or reported as notional future values.
2.  I would suggest trying changing the option valuation from a binomial tree
approach to a one-dimensional integration, perhaps using a quadrature
method.  This may allow us to minimize the size of the delta discontinuities.
3.  Edith is supposed to check and see if the theoretical gamma is used for
anything.   If it is, we will probably need to revisit the gamma calculation
since we are not currently including any cross terms for gamma.

Thanks,

Stinson


Did you ask Lee for a finance contact?  I can't remember.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/10/2001 09:51
AM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 04/10/2001 09:46:11 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: GE Financial Information

Kay:

Greg Lang called this morning to request financial statements from GE
Packaged Power, Inc.

FYI - I have spoken with Estelle Lawrence, our contact at Citibank, and she
advises that the process must start with one of their sales representatives.
A sales rep will call me back to get an understanding of the transaction and
provide an estimate of the required fees.  I will let you know.

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

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


Alan's response is correct.  You might check with Shari to see if she has
made additonal inquires of Mexican counsel.  Sara

	Enron North America Corp.

	From:  Tana Jones                           10/22/99 05:07 PM

To: Steve Van Hooser/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Update to Mexico Advice

Per the email below, do you have any other legal advice with respect to
trading issues we should address with Mexican counsel when we send out the
updates below.  Please let me know ASAP, we hope to get our letter out Monday.
---------------------- Forwarded by Tana Jones/HOU/ECT on 10/22/99 05:04 PM
---------------------------

Alan Aronowitz
10/22/99 04:32 PM
To: Tana Jones/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT
Subject: Re: Update to Mexico Advice

I believe we did the initial survey in 1996-97 in Mexico (Sara and I worked
on it together), cobering financial and physical trading. I don't know if
there have been any updates since that time. You should check with Steve Van
Hooser, Sara Shackleton and Peggy Banczak. I do not have any issues to add to
the original survey.

Alan

	Enron North America Corp.

	From:  Tana Jones                           10/22/99 09:41 AM

To: Alan Aronowitz/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: Update to Mexico Advice

We need to update the advice we received from Mexican counsel to address the
online trading issue.  I spoke to Nony and while we're at it I'm also going
to ask whether there are any other updates since they rendered their original
advice.  Are there are other issue you would like to add to our request for
advice?


Louise,
Attached is the schedule as requested. Please refer to the comments I've listed. I'd like to revisit this schedule with you when you get a chance.

I'm still working with IT to resolve the allocation issues. I've listed the numbers that I think are appropriate for the 2001 forecast.

Additionally I'm attaching the allocation from Global Finance. I'll schedule a meeting with them to review this allocation if you'd like.

.


This request has been pending your approval for  2 days.  Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000010092&Page=
Approval to review and act upon this request.

Request ID          : 000000000010092
Request Create Date : 12/12/00 3:00:54 PM
Requested For       : diane.goode@enron.com
Resource Name       : VPN
Resource Type       : Applications


Could you please send a template deemed Isda (without any specific terms and conditions and credit) to:

Mr.  Hector Ibarra
e-mail: hibarra@agroasemex.gob.mx

Thank you

Francisco Pinto-Leite
Enron Americas
1400 Smith Street, EB 3888
Houston, TX 77002-7361

Tel: 713-345-7942
Fax:713-646-3490
fleite@enron.com


This agreement should be in the name of Panhandle Eastern Pipe Line
Company.

We want to strike item #2.  The language provides that we will not disclose
the "existence" of the confidentiality agreement.  Normally, we only agree
not to disclose the confidential information.

If these changes are acceptable, we will be ready to arrange a meeting.

If you have any questions or comments, please contact me.

Dana Grogan
dcgrogan@cmsenergy.com
(713) 989-7230

Tana.Jones@enron.com on 04/03/2001 01:10:13 PM

To:   tsmehta@cmsenergy.com
cc:   Stephen.Abbanat@enron.com, Mark.Greenberg@enron.com
Subject:  NDA - CMS Energy - Panhandle Pipe Line Companies

At the request of Stephen Abbanat, I am attaching our proposed form of
Non-Disclosure Agreement.   We would appreciate it if you could please
verify whether "CMS Energy-Panhandle Pipe Line Companies" is the correct
legal name of your company.  If you have any comments or questions, please
call Mark Greenberg, Senior Counsel, at (713) 345-8897as I will be on
vacation the rest of this week.

(See attached file: cms energy.doc)

(See attached file: cms energy.doc)

 - cms energy.doc


Well, looks like we are not the only ones that have problems every now and
then!!!  I received a similar message this morning stating that the site was
down.

Sheri
---------------------- Forwarded by Sheri Thomas/HOU/ECT on 02/07/2001 01:30
PM ---------------------------

Customer.Care@dynegy.com on 02/07/2001 01:29:56 PM
To:
cc:
Subject: Dynegydirect System Update

(Embedded image moved to file: pic19718.gif)
Dear Dynegydirect User,

As of 2:00PM CT today, February, 7, 2001, the Dynegydirect application will
be unavailable.  Trading will resume tomorrow, February 8, 2001, during
regularly scheduled hours.
If you have any questions or concerns, please do not hesitate to contact an
e-Care analyst at the number listed below.   We apologize for any
inconvenience this may have caused.

Thank you,

DYNEGYdirect e- care
Customer Support
Dynegy, Inc.
Ph: (877) 396.3493   Fx: (877) 396.3492
Email: ecare@dynegydirect.com
 - pic19718.gif


I don't know.  Check with Settlements to see if they are billing us for Dec
and Jan.

d

Michael Olsen@ENRON
02/14/2001 04:04 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Meter 5097

Daren,

Do you know if there should be a deal in place for Midcoast on this meter for
January?  Currently, it only shows ENA.  I understand that a deal was added
in December for Midcoast, but that deal was only good for Dec.

Thanks.

Mike


---------------------- Forwarded by Steven J Kean/NA/Enron on 09/13/2000
08:11 AM ---------------------------
From: Vicki Sharp@EES on 09/12/2000 09:09 AM
To: Richard Shapiro/HOU/EES@EES, Steven J Kean/NA/Enron@Enron
cc:

Subject: BG&E

---------------------- Forwarded by Vicki Sharp/HOU/EES on 09/12/2000 09:09
AM ---------------------------

	Enron Energy Services

	From:  Vicki Sharp                           09/12/2000 09:07 AM
	Phone No: 713 853-7413

To: Bill Votaw/HOU/EES@EES, John Carr/HOU/EES@EES, Scott Porter/HOU/EES@EES,
Laren Dean Tarbet/HOU/EES@EES, Robert Frank/NA/Enron@Enron, Cynthia Sandherr,
Peggy Mahoney/HOU/EES@EES, Rick Shapiro, Steve Kean
cc: Marty Sunde/HOU/EES@EES, Harold G Buchanan/HOU/EES@EES, Jeremy Blachman,
Elizabeth Tilney/HOU/EES@EES, Lou Pai, Thomas E White/HOU/EES@EES, Dan
Leff/HOU/EES@EES, Elizabeth Tilney/HOU/EES@EES
Subject: BG&E

See below.  VEPCO  intends to challenge the USMDW privatization.  More
details to come.
---------------------- Forwarded by Vicki Sharp/HOU/EES on 09/12/2000 09:04
AM ---------------------------

Robert C Williams@ENRON_DEVELOPMENT
09/11/2000 04:39 PM
To: Vicki Sharp@EES, Andrew Ralston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: BG&E

I have scheduled a meeting with Larry Adams, the Asst. U.S. Attorney, and
Doug Kornreich, the Corps lawyer, for Wednesday at 10:30 AM.  Doug tells me
that VEPCO has told him that it plans to file a challenge to the GAO's
decision in the Court of Federal Claims this week.  I have also spoken to
Andy Holloman;  we will call him from the Venable office for a "download" on
the Colorado case.

Ideas on D.C. counsel?  V&E or Venable are the logical choices;  offhand I
would propose V&E.


how was the well this weekend?

	Enron North America Corp.

	From:  Timothy Blanchard @ EES                           03/20/2000 08:52 AM

To: Eric Bass/HOU/ECT@ECT, Chad Landry/HOU/ECT@ECT, Matthew
Lenhart/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT,
Brian Hoskins/HOU/ECT@ECT
cc:
Subject:

One other thing...

Teams in the Sweet 16

SEC - 3
Big 12 - 2

Bass, not working out the way you thought it would, huh?


Guys --

I understand the differences.  Becky is going to get on the EPSA call tomorrow and tell them that we are ok with the NOPR (and will file as such) and that EPSA should make sure to not blow up the NOPR (or try).  Becky if EPSA wants complete agreement, then they shouldn't file.  Grab me if you want to talk.

Jim

-----Original Message-----
From: Nicolay, Christi L.
Sent: Tuesday, November 13, 2001 4:48 PM
To: Steffes, James D.
Subject: FW: (1) EPSA Draft Comments on Pipeline Capacity Recall NOPR

Jim -- Leslie responded that ENA's comments are in favor of the NOPR, as long as the shipper and released-to-customer agree on the terms and subject to legitimate pipeline operational (accounting/balancing) concerns (which accommodate the pipelines' concerns).  Therefore, ENA is taking a different position than EPSA.  Furthermore, EPSA's comments include Dynegy comments against the NOPR.

I agree with ENA's position.  Is this something that EPSA would want agreement of all members to file?  Also, it seems that ENA's approach is consistent with being allowed to make something you purchased into a product that your customer wants.

-----Original Message-----
From: Nicolay, Christi L.
Sent: Tuesday, November 13, 2001 1:28 PM
To: Lawner, Leslie
Subject: FW: EPSA Draft Comments on Pipeline Capacity Recall NOPR

FYI.

-----Original Message-----
From: Michael Reddy [mailto:Mreddy@epsa.org]
Sent: Friday, November 09, 2001 5:13 PM
To: acomnes@enron.com; Hawkins, Bernadette; Nersesian, Carin; Nicolay,
Christi L.; Fulton, Donna; Steffes, James D.; Scheuer, Janelle; Hartsoe,
Joe; Shelk, John; Noske, Linda J.; Robertson, Linda; Alvarez, Ray;
Cantrell, Rebecca W.; Shapiro, Richard; Novosel, Sarah; Mara, Susan;
Lindberg, Susan; Hoatson, Tom
Subject: EPSA Draft Comments on Pipeline Capacity Recall NOPR

MEMORANDUM

TO: Regulatory Affairs Committee
      Gas Issues Working Group

FROM: Jim Steffes, Regulatory Affairs Committee Chair
           John Orr, Gas Issues Working Group Chair
           Julie Simon, Vice President of Policy
           Jack Cashin, Senior Manager of Policy

DATE: 11/9/2001

RE: EPSA Draft Comments on Pipeline Capacity Recall
      NOPR
?			Comments due November 19th
?	Conference Call November 14th
?
As discussed on the last Gas Issues Working Group conference call, attached are draft EPSA comments on FERC's Notice of Proposed Rulemaking (NOPR) on pipeline capacity recall.  EPSA opposes the NOPR because it (a) will reduce competition in the secondary market for transportation services and (b) may reduce the pipeline operational flexibility needed by electric generators.   Thus, EPSA urges the Commission not to impose a broad based recall requirement throughout the natural gas industry but rather gain experience with this difficult issue in individual Order No. 637 proceedings.

Please review the draft and forward any comments or proposed changes to the draft to Jack Cashin at EPSA at jcashin@epsa.org by noon on Thursday, November 15th so that we can make a timely filing by Monday, November 19th.  EPSA will hold a conference call on Wednesday, November 14th, at 1:00 P.M. (EST) to discuss the draft.  To access the call, dial 1-800-937-6563.  Ask for the Jack Cashin/EPSA Call.

Attachment


EFF_DT PORTFOLIO_ID DOWN95
11/28/00 MANAGEMENT-CRD 0
11/28/00 MANAGEMENT-GAS 241,112.
11/28/00 MANAGEMENT-PWR 198,780.
11/28/00 AGG-MANAGEMENT 341,097.


Notice No:  01-71
February 27, 2001

COMMODITY EXCHANGE, INC.
CANDIDATES, FORUM

Please be advised that a Commodity Exchange, Inc. candidates, member forum is
scheduled to be held on MONDAY, MARCH 5, 2001 at 2:45 p.m. in the Seminar
Room of the Exchange, One North End Avenue, New York City.

At that time, each candidate will be given the opportunity to address the
membership regarding the 2001 Annual Elections scheduled to be held on
Tuesday, March 13, 2001.

Inquiries regarding the aforementioned may be directed to Donna Talamo at
(212) 299-2372.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-71)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Yes, please  give me a space in the Met garage.

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


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?	General Introduction.
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Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at 5-7928
Check the eSource training page at http://esource.enron.com/training.doc for additional training sessions and vendor presentations.

http://esource.enron.com


Hey,

How's your day going?  Mine's been really good...I probably shouldn't have
said that.  I've actually felt like I'm accomplishing something today.  Isn't
that novel?  We have Treebeard's for lunch today, YUCK.  It was actually
pretty funny.  We weren't supposed to have food today, but the Treebeards
delivered for the traders on the wrong day, so we get a free lunch.

What are you doing for lunch?  I don't think I can handle Treebeards, so I
was thinking of going to Subway.  Wanna go?

Bye.
Robin


Reservation status has changed to CONFIRMED. See attachment.

ASSIGNMENT_REF = 30937
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/AZPS-AZPS/FOURCORNE345 - PNPKAPS230//
POINT_OF_RECEIPT = FOURCORNE345
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = FOURCORNERS3
SINK = PNPK
CAPACITY = 25
CAPACITY_REQUESTED = 25
SERVICE_INCREMENT = HOURLY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = OFF_PEAK
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 06/23/2002
STOP_TIME = 06/23/2002
CEILING_PRICE = 3.13
OFFER_PRICE = 3.13
BID_PRICE = 3.13
PRICE_UNITS = $/mW
PRECONFIRMED = YES
ANC_SVC_LINK = N/A
ANC_SVC_REQ = N/A
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = CONFIRMED
STATUS_NOTIFICATION = lisa.gang@enron.com
STATUS_COMMENTS =
TIME_QUEUED = 06/21/2002
RESPONSE_TIME_LIMIT =
TIME_OF_LAST_UPDATE = 06/21/2002
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS = FOR INFO CALL (503)464-5070
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Power Marketing, Inc.
CUSTOMER_PHONE = (713)853-3801
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = bill.rust@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0
REASSIGNED_START_TIME =
REASSIGNED_STOP_TIME =


Since my free agent hasn't been approved yet.  Here are my starters for this
week

Tony Banks
Eddie George
Tim Biakabutuka
Isaac Bruce
David Boston
Troy Brown - (rather than Curtis Conway)
Tennessee - K & D


call me when you get a chance.  they have the wrong ext. for you on voice
activation thing.


Thanks Susan, that makes sense.  df

Susan Scott
02/02/2001 09:20 AM
To: Bob Chandler/ET&S/Enron@ENRON
cc: Drew Fossum/ET&S/Enron@ENRON

Subject: Re: Mavrix

...So it would not have to be disclosed in our Form 2.  This was at Rod
Hayslett's request (via Tracy Geaccone.)

	From:  Bob Chandler                           02/01/2001 06:08 PM

To: Drew Fossum/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON
cc:

Subject: Mavrix

Don't know why I didn't think to look in Secretariat:

http://home.enron.com:84/secretariat/CDS12547.htm

It's currently a sub of Transwestern Pipeline Company.   Is this the best
positioning for legal/regulatory purposes?  I liked your idea, Drew, of
having it be a sub of Enron Pipeline Company.

If it's a sub of TW, it'll get disclosed in the TW Form 2.  I don't know
whether that's a concern for you.


This is a follow-up to my e-mail sent June 23rd. We are gearing up to release
the above referenced Product.

Matt - I need a Sigma Factor please; there will be one Product Type for each
of the 'flexible' scenario's (i) not less than three day, not less than 5
day, not less than 10 day:

Country: USA
Commodity: US Nat Gas
UoM:  MMBtu
Product Type: Physical Index (Flexible)

We are close to a final draft f the Product Description that will hit the
website. The laymans description of the Product is as follows:

Buyer and Seller exchange gas during the month of June 2000.

Seller receives 10,000 MMBtu per day (or 300,000 total MMBtu) at TCO Pool
Index.

Buyer has the right to notify Seller of when Buyer wants to take delivery
during the month of June, and may take delivery in one of three forms: not
less than 3-day delivery, not less than 5-day delivery, or not less than
10-day delivery (depending on Product Type). The gas nominated for each such
day would be between Zero and not greater than the percentage of the total
300,000 MMBtu based on the number of days of 'flexibility' (i.e.; Buyer
chooses 5 days for nomination, Seller would deliver not more than 20% of the
300,000 MMBtu on each of those 5 days for a total nom of 100%). Buyer pays
TCO Pool Index PLUS a premium.

While the product Description on the website accounts for both the month-long
delivery to the Seller and the 'flexibility' of the Buyer, the product should
be entered into the downstream processes, settled and confirmed as two
different products. This is necessary in order to give us the protection
against non-performance that the GTC's and master contracts support.

Please feel free to forward this e-mail to anyone I may have missed.

Dale


I got it no problem.

Peter


3 buddies die in a car crash, and they find themselves at an
 orientation to enter heaven.

 They are all asked, "When you are in your casket and friends and
 family are mourning upon you, what would you like to hear them say
 about you?

 The first guy says, "I would like to hear them say that I was a
 great doctor of my time, and a great family man."

 The second guy says, "I would like to hear that I was a wonderful
 husband and school teacher who made a huge difference in our
 children of tomorrow."

 The last guy replies,
 "I would like to hear them say...... LOOK!!! HE'S MOVING!!!!!"
                      .______________

Jeffery C. Fawcett
Vice President - Sales
Western Region
Sempra Fiber Links
440 Louisiana St., Ste. 900
Houston, Texas 77002
     Houston office:  713-236-7720
     Houston fax:  713-236-7721
     San Diego office:  619-696-4673
Email:  jfawcett@sempra.com

<<Jeffery C. Fawcett (E-mail).vcf>>


Senate asked to hold Reliant in contempt over document release
Associated Press Newswires, 07/18/01
Calif. Senate Panel Votes To Cite Reliant With Contempt
Dow Jones Energy Service, 07/18/01

USA: UPDATE 1-Sempra looks to natgas lines to carry optic fiber.
Reuters English News Service, 07/18/01

US GAO Demands Cheney Provide Data On Energy Meetings
Dow Jones International News, 07/18/01
Investigative arm of Congress issues demand letter for energy meetings
Associated Press Newswires, 07/18/01
Enron's Azurix blocks construction of Argentina-Uruguay gas pipeline - report
AFX News, 07/18/01
Fitch Rts Marlin Water Trust II Sr Secured Notes Due 2003, `BBB'
Business Wire, 07/18/01

Senate asked to hold Reliant in contempt over document release
By DON THOMPSON
Associated Press Writer

07/18/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SACRAMENTO (AP) - A Senate committee investigating possible price gouging in
California's energy market voted unanimously Wednesday to ask the full Senate
to find Houston-based Reliant Energy in contempt for failing to comply with a
subpoena for documents.
The decision came despite Reliant's last-ditch offer to turn over 10,000
documents under a contingent confidentiality agreement that the Senate Select
Committee to Investigate Market Manipulation rejected.
"I'm not just trying to buy time," said Reliant attorney Charles J. Stevens.
"We believe we have acted cooperatively. We believe we have a good-faith
legal dispute."
"It's clear you're trying to work with us. It's not contempt with contempt,"
agreed committee Chair Joseph Dunn, D-Santa Ana.
By contrast, Sen. Steve Peace, D-Chula Vista, blasted Reliant's "shoddy
behavior" before backing what he termed "a legally unprecedented step."
If the full Senate imposes sanctions against Reliant, it will be the first
time since 1929, when the Senate voted to jail reluctant witnesses during a
committee investigation of price fixing and price gouging allegations
involving cement sales to the state.
There are no set penalties, said committee special counsel Laurence Drivon.
By law, "the Senate can take such action as it deems necessary and
appropriate."
The contempt citation will be presented to the Senate Thursday, but will
immediately be sent to the Rules Committee for another hearing before the
full Senate acts, Dunn said.
He said the committee had no choice but to seek the sanctions and likely
force a court battle after it was unable to reach agreement with Reliant over
the confidentiality of its documents. The committee voted 6-0 in favor of the
contempt finding.
"If we reach agreement on these issues, the process would be terminated
immediately," Dunn said.
In that light, the committee stepped back from its contempt vote last week
against Enron Corp. after the company and committee moved closer to agreement
over its release of thousands of documents stored in Texas.
Enron sued the committee last week to stop the subpoena of its financial and
electricity trading records. Among its objections are that only the Federal
Energy Regulatory Commission has the authority to investigate wholesale
markets.
Reliant, like Enron, had argued the company's financial papers are outside
the committee's jurisdiction because most of its operations and paperwork are
outside California.
Atlanta-based Mirant Inc. also at least temporarily avoided a contempt
citation by agreeing to turn over subpoenaed documents. The committee will
review both companies' compliance in 30 days.

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

Calif. Senate Panel Votes To Cite Reliant With Contempt

07/18/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- A California Senate committee Wednesday voted to
cite Reliant Energy (REI) with contempt because the company has refused to
provide documents for an investigation into wholesale electricity prices in
the state, said committee Chairman Joe Dunn, D-Santa Ana.
The committee also voted to forward a contempt charge for Enron Corp (ENE) to
the full Senate, where it will be voted on. If the charge is approved, the
Senate will vote on punishment, which could include hefty fines or
incarceration of executives.
Talks between Enron and committee attorneys Monday seemed to indicate the
company would agree to committee demands, but since then it has become clear
the company doesn't plan to comply, Dunn said.
"If you had asked two days ago I'd have said we are cautiously optimistic
about Enron. Now I'm pessimistic about it. We felt they were indicating to us
a willingness to do what the other generators were willing to do, but the
bottom line is that they are not, despite their cooperative-sounding words.
We are no closer to them coming into compliance than we were a week ago,"
Dunn said.

The Senate Select Committee to Investigate Market Manipulation is requesting
that Reliant and Enron provide 16 kinds of documents related to market
behavior, rent a depository for the documents, and sign the committee's
version of a confidentiality agreement. Both generators have refused to meet
those demands, Dunn said.
The committee will drop its contempt charges at any time before a full Senate
vote if either generator agrees to its requests.
A report detailing Enron's contempt charge will be sent to the full Senate on
Thursday for introduction, but is expected to be referred to the Senate Rules
Committee for review before a floor vote.
Dunn said he didn't know how long the report would be considered in the Rules
Committee, but he will "certainly push them to do it as soon as possible."
Enron spokesman Mark Palmer said the company "will continue to negotiate"
with the committee.
Legislators are scheduled to begin a monthlong break Friday, but aren't
certain that will happen because they still need to pass a budget bill and
are trying to approve a bill to rescue Edison International (EIX) unit
Southern California Edison before leaving.
Dunn said it would take a few days to prepare a report on Reliant's contempt
charge.
"We may not be able to forward that report to the Senate floor until the day
we get back from recess," Dunn said.
No one at Reliant could be immediately reached for comment.
The committee originally was poised to cite seven other electricity
generators for contempt, but all eventually agreed to provide the requested
information.
-By Jessica Berthold, Dow Jones Newswires; 310-962-2843;
jessica.berthold@dowjones.com

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

USA: UPDATE 1-Sempra looks to natgas lines to carry optic fiber.

07/18/2001
Reuters English News Service
(C) Reuters Limited 2001.

SAN DIEGO, July 18 (Reuters) - A Sempra Energy unit said on Wednesday it has
developed technology to connect thousands of miles of underused high-speed
fiber-optic cable to buildings across the U.S. by inserting the cable
directly into existing natural gas pipelines.
Sempra said using its utility's gas lines - which hook up to buildings in
cities throughout central and southern California - could tackle the
telecommunications industry's "last mile" problem connecting end users to
outlying fiber-optic cable networks without tearing up city streets.
The surge in demand for high-speed Internet access has led telecommunications
companies to pour billions of dollars into vast nationwide fiber-optic
systems that carry data to computers, phones and screens faster than
traditional copper wires.
"Demand for broadband service in metropolitan areas is greater than ever,"
said Donald Felsinger, group president of Sempra Energy.
"The most significant obstacle to meeting that demand is the laying of
fiber-optic cable under city streets - traditionally a slow, costly and
disruptive process," he said.
Sempra Communications' new technology encases fiber-optic cable in a
protective polyethylene conduit before inserting it through the same
pipelines that carry gas to utility customers, saving time and leaving
neighborhood streets intact.
Sempra said companies that use the technology could see savings up to 30
percent on last mile costs compared to traditional methods of using older
technologies and digging up streets, said Jennifer Andrews, a spokeswoman at
Sempra Fiber Links, a new unit set up to market the technology.
Andrews said the company had already met with 15 gas utilities and five
telecommunications companies interested in the technology.
She said Sempra's Southern California Gas Co (SCG) had already applied to the
California Public Utilities Commission for approval to use the fiber-optic
technology in its lines.
SCG is one of the largest gas distribution companies in the United States,
serving around 18 million customers in Central and Southern California.
In a statement, Sempra Communications said installing the cable does not
inhibit a gas utility from performing any duties necessary to protect public
safety.
Andrews said Sempra filed around two months ago for patents on its
fiber-optic technology with the U.S. Patent Office and Trademark Office and
the European Commission, the executive arm of the European Union.
Energy companies that have ventured into the fiber-optic business by building
infrastructure and/or through bandwidth trade, include Williams Cos., El Paso
Corp.., Enron Corp. ENE.N, Dynegy Inc., Duke Energy, Consolidated Edison Inc.
and Montana Power Co.
In March 2000, Montana Power announced plans to divest its energy business
and invest the proceeds into its broadband and telecommunications unit Touch
America.

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

US GAO Demands Cheney Provide Data On Energy Meetings

07/18/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON (AP)--The investigative arm of Congress demanded Wednesday that
Vice President Dick Cheney identify all the industry leaders who helped
formulate the Bush administration's energy policy. Refusal could lead to a
court fight.
The White House, which is reviewing the request, said it would work with the
General Accounting Office to resolve the issue.
The GAO letter follows repeated refusals by the vice president's office to
provide names and titles of participants who met with the energy task force
chaired by Cheney.
Under the law, the GAO could sue if the Bush administration fails to supply
the data within 20 days.
This is the first demand letter ever issued by the GAO to a vice president,
said Democratic Reps. John Dingell and Henry Waxman, who directed the agency
to review the task force's work nearly three months ago.
The vice president's lawyer has told the GAO there were nine meetings of the
task force and that staffers also met with many people to gather information.
The result was an energy policy, announced May 17, that is aimed at
increasing the nation's supply of energy. It includes expanded oil and gas
drilling on public land and a rejuvenated nuclear power system.
White House spokeswoman Anne Womack said the letter is under review and "we
will continue to work with the GAO to resolve this issue."
The vice president's office "has continued on its course of secrecy and
obstinance," Dingell said in a statement.
"The White House should simply try telling the truth...and stop hiding
information that Congress and the public have a right to see," said Waxman.
The White House's position is that the GAO is entitled to information on the
task force's costs, but that the congressional watchdog agency doesn't have
authority to ask for lists of those with whom the task force met.
Waxman is also pressing for a Justice Department investigation of Karl Rove
over the Bush political strategist's energy-related meetings.
The White House has acknowledged that Rove participated in meetings on the
administration's energy policy while he owned stock in energy companies such
as Texas-based Enron Corp. The White House has supplied no details on Rove's
meetings.

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

Investigative arm of Congress issues demand letter for energy meetings
By PETE YOST
Associated Press Writer

07/18/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - The investigative arm of Congress demanded Wednesday that
Vice President Dick Cheney identify all the industry leaders who helped
formulate the Bush administration's energy policy. Refusal could lead to a
court fight.
The White House, which is reviewing the request, said it would work with the
General Accounting Office to resolve the issue.
The GAO letter follows repeated refusals by the vice president's office to
provide names and titles of participants who met with the energy task force
chaired by Cheney.
Under the law, the GAO could sue if the Bush administration fails to supply
the data within 20 days.
This is the first demand letter ever issued by the GAO to the vice president
of the United States, said Democratic Reps. John Dingell of Michigan and
Henry Waxman of California, who directed the agency to review the task
force's work nearly three months ago.
The vice president's lawyer has told the GAO there were nine meetings of the
task force and that staffers also met with many people to gather information.
The result was an energy policy, announced May 17, that is aimed at
increasing the nation's supply of energy. It includes expanded oil and gas
drilling on public land and a rejuvenated nuclear power system.
White House spokeswoman Anne Womack said the letter is under review and "we
will continue to work with the GAO to resolve this issue."
The vice president's office "has continued on its course of secrecy and
obstinance," Dingell said in a statement.
"The White House should simply try telling the truth ... and stop hiding
information that Congress and the public have a right to see," said Waxman.
The White House's position is that the GAO is entitled to information on the
task force's costs, but that the congressional watchdog agency doesn't have
authority to ask for lists of those with whom the task force met.
Waxman is also pressing for a Justice Department investigation of Karl Rove
over the Bush political strategist's energy-related meetings.
The White House has acknowledged that Rove participated in meetings on the
administration's energy policy while he owned stock in energy companies such
as Texas-based Enron Corp. The White House has supplied no details on Rove's
meetings.
---
On the Net:
GAO: http://www.gao.gov

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

Enron's Azurix blocks construction of Argentina-Uruguay gas pipeline - report

07/18/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

LA PLATA, Argentina (AFX) - Enron Corp water and sewage unit Azurix Buenos
Aires SA has obtained a restraining order against the construction of the
Cruz del Sur pipeline under the River Plate from Argentina to Uruguay, the
daily El Dia reported.
Works were paralyzed BG Group PLC, BP Amoco PLC and Bridas Corp joint venture
Pan American Energy LLC, BASF AG's Wintershall and Enron Corp and Perez
Companc SA's Transportadora Gas del Sur venture Gasoducto Cruz del Sur SA
from Punta Lara in Argentina to Colonia, Uruguay, it said.
"Dredging operations carried out in the coastal area (near the Punta Lara
potabilization plant), could have caused an alteration in the continuity and
quality of water service," said Buenos Aires provincial enviromental policy
department.
Gasoducto Cruz del Sur has not met the conditions required to complete the
pipeline, and this "could place the potability of water at risk," court
sources told El Dia.
Azurix holds the Buenos Aires provincial water and sewage concession.
lac/gc For more information and to contact AFX: www.afxnews.com and
www.afxpress.com

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

Fitch Rts Marlin Water Trust II Sr Secured Notes Due 2003, `BBB'

07/18/2001
Business Wire
(Copyright (c) 2001, Business Wire)

NEW YORK--(BUSINESS WIRE)--July 18, 2001--Fitch has assigned a 'BBB' rating
to Marlin Water Trust II and the Marlin Water Trust II Co-Issuer's (Marlin
II) $475 million issuance of 6.31% senior secured notes due 2003, and $515
million 6.19% senior secured notes due 2003.
The notes are issued domestically pursuant to SEC Rule 144A and outside the
U.S. under Regulation S. At closing net proceeds from the issuance will
temporarily be invested in two short-term Enron Corp. (Enron) notes.
Ultimately the proceeds from the repayment of the Enron notes will be used to
redeem the outstanding $830 million 7.09% senior secured notes due 2001 of
Marlin Water Trust (Marlin) and pay interest on the senior notes and yield on
the Marlin trust certificates. The support for the rating comes from an
overfund account (pre-funded interest) and equity commitment from Enron in
the form of mandatorily convertible preferred stock. The overfund account
will be invested in Enron debt securities (rated 'BBB+', Rating Outlook
Stable), with payments used to service interest to noteholders.
Fitch considers the cash flow stream to repay interest representative of a
'BBB+' credit profile. Payment of principal ultimately relies on Enron's
obligation to remarket mandatorily convertible preferred securities. Fitch
currently rates Enron's preferred securities 'BBB-'.
Enron established Marlin to facilitate off-balance sheet financing of the
acquisition of Wessex Water Plc (Wessex). Azurix, an indirect wholly owned
subsidiary of Enron, acquired Wessex in October 1998 for $2.4 billion through
its direct subsidiary Azurix Europe Limited (AEL). Through a series of
transactions, Enron contributed its ownership interest in Azurix to Atlantic
Water Trust (AWT) in exchange for a 50% ownership interest in AWT. At the
same time, Marlin acquired a 50% ownership interest in AWT with proceeds from
the original Marlin issuance of senior notes ($1.15 billion) and trust
certificates ($125 million). AWT applied the Marlin notes and certificates
proceeds to repay a $900 million acquisition bridge loan and to establish a
$249 million overfund account invested in Enron senior unsecured debt to pay
note interest and certificate yield. In addition, Enron contributed to AWT
its rights under a $125 million loan to AEL (rated `BBB+').
Both the AEL note and the Enron debt securities are held at Bristol Water
Trust (Bristol) for the benefit of Marlin investors. In June 1999, Azurix
completed an initial public offering of 33% of the company, proceeds of which
were used to partially redeem the Marlin senior notes. In a shift in strategy
in March 2001, Enron repurchased the Azurix shares held by the public. The
Marlin II transaction represents a refinancing of the remaining Marlin senior
notes. While various sources of repayment for the Marlin II notes are
available, such as sale or liquidation of the AWT assets, an equity offering,
or repayment of the AEL note, primary credit support is derived from the
Enron obligation to remarket mandatorily convertible preferred stock.
If an amount sufficient to repay the notes has not been deposited with the
trustee 120 days prior to the maturity date or upon a Note Trigger Event, the
indenture trustee will direct the share trust to sell the Enron preferred
stock on terms that are designed to generate an amount sufficient to redeem
the notes in full.
In the event that the issuance of the preferred stock yields less than the
amount required to redeem the senior notes, Enron is required to deliver
additional shares. If Enron cannot or does not deliver on this obligation,
then the amount of the deficiency becomes a payment obligation of Enron,
representing a general unsecured claim. Trigger events include: an event of
default on the Marlin II notes occurs and notes are accelerated; 120 days
prior to maturity if the repayment amount of the senior notes has not been
deposited with the indenture trustee as a result of the sale of Enron equity
or other equity (which may include the mandatorily convertible preferred
stock); or, downgrade of Enron's senior unsecured debt below investment grade
by Fitch, S&P or Moody's in conjunction with a decline in Enron's closing
stock price to below $34.13 over three consecutive trading days.
The Marlin transactions provide Enron with an efficient vehicle to monetize
its investment in Wessex and effectively accelerate the process for capital
redeployment. Fitch does not expect the success or failure of AWT asset sales
to materially impact Enron's consolidated credit quality. Currently, Enron's
obligation under this transaction represents a small portion of Enron's asset
portfolio. Enron's core operations demonstrate strong competitive market
positions and provide stable earnings and cash flow contributions. Most
consolidated credit measures are expected to moderately strengthen in 2001.
The company's strategy to increase its return on capital employed and become
more flexible and less asset intensive is reflected in the planned sales of a
significant portion of its global generation assets.

CONTACT: Fitch, New York Ralph Pellecchia, 212/908-0586 or Donna DiDonato,
212/908-0637
11:22 EDT JULY 18, 2001
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.


Enjoy!
 - 20011207ERCOT_LOAD.XLS
 - 20011207ERCOT_FLOW.XLS


Sara, sorry I missed your call yesterday morning.

If you were able to meet yesterday to discuss Buy Side Direct and Trading
Edge, could I get an update from either of you ?  If you have not met, I am
available to join your discussion at any time.

Thanks.

Mike
713-853-9990


Dinner would be great.  Best place to stay--given where you need to be---but
sometimes a bit difficult to get in to, is the Park Hyatt.   If full, try the
Griffin (or Griffith) Hotel (or might be the Hotel Griffin(th)).  Let me know
if you have problems and I'll throw some more names your way.

Best,
Jeff

	Michael Tribolet/ENRON@enronXgate
	04/11/2001 02:15 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Susan J Mara/NA/Enron@ENRON
		 Subject: Questions

Jeff:

Looks like I am going to be spending some time in California.   I will be in
Monday for the first formal unsecured creditor's committee (we were
chosen).    Couple questions:

1. I am flying out on Tuesday morning, do you both have dinner plans?
2. Recommend where to stay (meeting at 50 Fremont at Pillsbury)?

Michael


Thanks for the names.

The only one I have problems with is mlarubb.

Please let me know if there is another letter or number missing

We will have the webpage updated by next week

Thanks for you interest

Rika

 -----Original Message-----
From: 	Bass, Eric
Sent:	Thursday, January 31, 2002 4:02 PM
To:	Imai, Rika
Subject:	ERCOT

Rika,

Here are the user names that you requested for the ERCOT website:

dbaumba, ebass, vweldon, tmartin, molsen2, gbryan, mlarubb.

Thanks,

Eric


I guess you mean Wendi, no Molly?


Greetings:

Attached please find the ISO's comments, as filed at FERC (including 3
attachments), and the Market Surveillance Committee's comments, which we are
unclear whether these were filed or not. IEP is currently reviewing them in
light of the accusations made today and with respect to the overall flaws
with the ISO Market Stabilization Plan.  We will keep you posted.

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499

 - ISO Comments attch A.pdf
 - ISO Comments attch B.pdf
 - ISO Comments attch C.pdf
 - ISO Comments on FERC Mitigation.pdf
 - MSC Comments on FERC mitigation.pdf


Mmmmmm, stuffed mushrooms!!!!!

-----Original Message-----
From: Mark.Guzman@enron.com [mailto:Mark.Guzman@enron.com]
Sent: Monday, December 04, 2000 9:28 AM
To: katie.trullinger@wfsg.com
Subject:

Okay so, five hours at work and so far no fallout from christmas party
shenanigans!  This is going better that expected.


Car Rental Options for Enron Travelers

Rental car contracts for 2001 have been awarded to:

National Car Rental (Primary) and  Alamo Rent-A-Car (Secondary).

The intent of these agreements is to consolidate and leverage Enron's total
car rental spend to achieve the most favorable rates and non-pricing
provisions (i.e. insurance).

National Car Rental, due to its service levels, availability and total value
proposition, has been awarded Primary status and is recommended as the first
choice for Enron travelers' needs.

Alamo Rent-A-Car, a sister company to National, has been awarded a contract
reflecting a Secondary status, due to its service levels, availability and
low cost solutions.  Alamo is recommended as an alternative to National,
where available.

When you rent a vehicle in the United States, (including Puerto Rico) or
Canada, the following insurance provisions are included, regardless of rate
selected:
1. L/DW (Loss/Damage Waiver) - This is what is called Comprehensive or
Collision on your personal auto. It covers the rental vehicle and pays for
any damage to it.
2. Liability - This covers people and property outside the rental vehicle.
For both National and Alamo, the coverage is $100,000 per person, $300,000
per occurrence and $50,000 for property damage.
** IMPORTANT ***
These coverages apply regardless of rate selected, as long as the following
contract ID is communicated at the time of reservation and rental is recorded
on the transaction rental agreement.  (National -  5000838 Alamo    - #143974)

To enjoy the highest levels of service while renting a vehicle from Enron's
preferred suppliers, it is recommended that each traveler enroll in
National's and Alamo's preferred traveler programs.  National's Emerald Club
membership and Alamo's Quicksilver program are designed to speed the
transaction time by providing services such as counter bypass and rapid
return.  The enrollment fees for these programs have been waived for Enron
travelers.  Enrollment packets will be mailed to the addresses of Enron
American Express T&E Cardholders.  You may also find an enrollment form on
the Enron Travel Program intranet @ gss.enron.com <http://gss.enron.com/>.

If you have any questions or comments, please contact Jeff Leath at
713-646-6165.


Mike checking with his broker right now.

Evelyn Metoyer@ENRON
04/06/2001 11:57 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: Missing Deal for Mike Swerzbin1

Kate, what's the status?

   Kate Symes @ ECT                04/05/2001 05:16 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: Missing Deal for Mike Swerzbin1

Yep - the trade's there all right. I just talked to Mike again and he said
he'd love to take the trade, but he's sure it's an error. To avoid any
confusion later, and because he's already left the office for today, let's
have Mike talk to his Amerex broker tomorrow morning and clear this up. He
just might get a sweet deal out of it!

Kate

Evelyn Metoyer@ENRON
04/05/2001 03:19 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: Missing Deal for Mike Swerzbin1

This is what amerex is showing and this is what I have confirmed.

   Kate Symes @ ECT                04/05/2001 04:59 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: Missing Deal for Mike Swerzbin1

Mike did a deal with these terms but a price of 380 - deal is #571917. But he
said a price like $292.50 doesn't sound right for Sept. - possibly May?

Evelyn Metoyer@ENRON
04/05/2001 03:03 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Missing Deal for Mike Swerzbin1

Amerex is showing a deal on their checkout I did not verbal

Enron buys from Aquila Sept. 01 PV 25 mw peak hrs at $292.50


Attached is a letter re the above referenced.