I was thinking about coming into Austin Friday night and driving up with you
guys on Saturday and staying in Austin again Saturday night.  I am going to
have a friend with me (male unfortunately) since I have two tickets.  Let me
know if that fits in with your plans.

"Townsend, George" <gtownsend@manorisd.net> on 11/29/99 09:25:57 AM
To: Gerald Nemec/HOU/ECT@ECT
cc:
Subject: RE:

Gerald,

The bus trip has been cancelled. We are all just driving down there. Let me
know what your plans are. I will talk to you later.

GT

> -----Original Message-----
> From: Gerald Nemec [SMTP:gnemec@ect.enron.com]
> Sent: Tuesday, November 23, 1999 3:21 PM
> To: Townsend, George
> Subject: RE:
>
>
>
> Same stuff going on here.  Lisa and I are still settling things.  Looks
> like I
> am going to keep the house.  So you need to come into town and well have a
> good
> time.
>
> My address is:    1403 Banks
>           Houston, Texas 77006
>
> I am hooked up with tickets to the Big 12 game.  Are you guys still
> planning on
> a bus to SA?
>
>
>
>
>
>
> "Townsend, George" <gtownsend@manorisd.net> on 11/23/99 09:58:42 AM
>
> To:   Gerald Nemec/HOU/ECT@ECT
> cc:
> Subject:  RE:
>
>
>
> Gerald,
>
> What's going on? What is your mailing address again? I need to mail you a
> check. let me know.
>
> gt
>
> > -----Original Message-----
> > From:   Gerald Nemec [SMTP:gnemec@ect.enron.com]
> > Sent:   Wednesday, November 17, 1999 1:13 PM
> > To:     Townsend, George
> > Subject:     RE:
> >
> >
> >
> > GT,  I was surfing on the aggie BBS during lunch and stumbled across a
> > post with
> > this picture on it. This is hilarious.   Go to this site and take a
> look.
> >
> >
> > http://216.178.224.116/pages/forums/Forum2/HTML/004740.html
> >
>
>
>


Josh - Susan Scott, legal, requested to fax her a copy of the Gallup/Rolls
Royce compressor PO  for review.

Her fax: 713-853-5425
phone: 713-853-0596

Let me know when it's been sent.

Thanks

JT


Forgive me.  Can't recall if I already responded. Not sure if there's a simple, concise summary ("concise" just doesn't seem compatible with CA's siting process), but let me do a little poking around and get back to you.

Best,
Jef

-----Original Message-----
From: Lynne Kiesling [mailto:lynnek@rppi.org]
Sent: Thursday, October 11, 2001 8:30 PM
To: Dasovich, Jeff
Cc: joels@reason.org
Subject: Question about CA permitting process

Jeff,

My colleague Joel Schwartz and I are looking for a concise summary of
the typical siting/permitting process for a plant in California,
including steps in the process, number of agencies, and average length.
Any ideas?

Thanks again for your great remarks last Friday; I really appreciated
them.

Regards, Lynne

--
Lynne Kiesling, Ph.D.
Director of Economic Policy
Reason Public Policy Institute
www.rppi.org
lynnek@rppi.org
RPPI is a non-partisan public policy think tank promoting choice,
competition, and a dynamic market economy as the foundation for human
dignity and progress


To respond to the needs of our customers the following management
appointments are effective immediately:

Alan Stringer, EHS Director based in London will be responsible for European
/ Asia / India Regions.  Alan  will continue to report to myself and Brian
Stanley (based in London).   Bal Wong EHS Manager based in Guam will report
to Alan.   Alan  and Bal form a great team.  Both have extensive experience
in undertaking and providing support for Environmental Due Diligence projects
throughout the world for the past ten years for various blue chips, lawyers,
banks and venture capital companies averaging several billion dollars worth
of assets reviewed each year for the past 5 years.  Both can provide an
extensive depth of knowledge as internal consultants in assessing
environmental health and safety risk and supporting development of risk
mitigation measures that can be applied in the sale and purchase agreements
and contracts.  Both have impressive experience in remediation technology.

Attached is a flow chart for environmental and social due diligence that
shows our organization and responsibilities.

Henry Van
General Manager, EH&S
Asset Operations


Hi Jeff,

Tim Hamilton asked me to give you my thoughts about the above mentioned
tariff.

1) SCHEDULE G-CFS-CORE FIRM STORAGE (page 1 of 1)

 * How will PG&E implement the storage charge - will they retro this to April
2000?
 * Is the storage rate applicable to our monthly storage inventory or monthly
storage capacity?
  Our monthly storage inventory is about 300,000 dth and monthly storage
capactity is about 4,000 dth.
    300,00dth X $0.10 = $30,000/month
     4,000 dth X $0.10 = $400/month

2) RULE 14 - CAPACITY ALLOCATION AND CONSTRAINT OF NATURAL GAS SERVICE (page
11 of 18)
 OFO NONCOMPLIANCE CHARGE EXEMPTION:

 * The $1,000 per month exemption gives the small guy the right to be
non-compliant.

3) SCHEDULE G-BAL-GAS BALANCING SERVICE FOR INTRASTATE TRANSPORTATION
CUSTOMERS (page 7 of 11)
 SELF BALANCING OPTION:

 * The Self-Balancing credit of $0.005/dth is a good concept but we could not
take advantage of that because our usage fluctuates too much from   day to
day.


As I've been thinking about our response today, I would like Enron to focus
on making sure that the California (WSCC) markets are as good a possible for
business over the next 15 to 24 months.  Following that idea, I think that
the key points are (1) clarifying/raising the soft cap and (2) reducing the
burden/risk of the prospective refund period.

I know that we had discussed leading off with the debate over market power /
retroactive refunds, but I think that (a) FERC is not inclined to do much
more on this issue, (b) FERC wants to fix the market as much as it can given
the current political realities, and (c) if retroactive refunds become an
issue, we still have our full compliment of resources to later fight this
fight.

I would recommend that the pleading and Alan's testimony be modified to bring
these issues to the top of the ticket.   We should still include all of our
other arguments.

Finally, I want to make sure that Enron is taking the right position by
quietly supporting a $250/Mwh soft cap with safe harbor fixes?  Sue Mara, can
you please try and find out what EPSA, IEPCA, and WPTF are going to file?  I
want to make sure that we are in the ball park on this issue but not getting
too soft.

Jim


As you may know, we are trying to schedule an interview for Alex Tartakovski
in Houston this week.  I am copying everyone involved because i wont be able
to coordinate this tomorrow.  we just brought our new daughter home today and
my wife is yelling at me to get out of my office.

I just found out that Thursday & Friday are bad days for him, so Wednesday is
the only day to do it this week.  he would come down tuesday night and fly
out wednesday evening.  it's probably easiest for him to arrange his flight,
but he will need a hotel and transportation from the airport.  i gave him
donna's phone number for help. i assume the hyatt would be best.  his home
number is 215-702-3705 and during the day his cellular is 267-981-5425.

by way of background, i plan to bring in 3 people from outside the company to
fill in some of the "vacants" in my group's org chart.  the 3 areas of
specialization that are needed to execute the business plan are (1)
coordination of origination, (2) deal pricing and underwriting, and (3)
modeling and portfolio management.  alex is the perfect person for #3.  he
has the deepest knowledge of probability of anyone i know and is efficient at
building analysis models, which will be a big job in this business because
portfolio management needs to be redefined in real time due to the lumpiness
of insurance contracts and the lack of any historical methods for evaluating
these risks.  development of pricing models will be a joint effort between
"my" group and the research dept because this will need to draw on the
expertise in research as well as being a realtime activity as new deals are
being structured.  i want to encourage joint work between vasant / amitava
and alex because his background and expertise is compatible with research.
over the past 2 years, alex and i spent a lot of time developing new
electricity spot pricing methodology and this is one area where he excels.  i
would expect that he would be a valuable resource in research as well, and so
i would like for him to be able to meet with vince is possible.  (this could
possibly be done when vince is in philadelphia next week if there is time -
(?))  depending on what work needs to be done in the future, i could see him
working both on pricing research and this specific business unit.

i have attached alex's resume.  i assume he would be manager level, but i'm
not sure of this.
this doesnt necessarily come across in the resume, but the skills that are
useful to us are:
probability / statistical model development
development of theoretical pricing methodology
excellent computer programming skills
database development and data analysis
he has the best understanding of the NERC reliability data format outside of
Mike Curley, the NERC data manager.
designed and wrote the code for the pricing model used by Ace Power Products
for deal pricing and porfolio mgmt.
excellent understanding of options pricing methodology and its application to
hedging insurance portfolios.
if you want to get into superconductor trading, he can design the standards.
can beat me at Atari Battlezone (as well as being able to navigate a real
tank through a minefield).

one objective of this meeting in houston is to make him feel comfortable with
the organization (with which you did such a good job for me) and to give him
confidence that he will be able to do state-of-the-art pricing research in
the most innovative company in the world.  he is also interviewing for a job
in morgan stanley's equity dept.

we will also arrange a meeting with Per in NY, but i would like to be in the
office for that, so we can do that next week.

please call me @610-996-2522 if there are any questions.  i may not pick up
but i will reply to voicemail promptly. i'm up 24 hours this week anyway.

thanks,

-- Dave


I realized after I had sent the Koch confirmation to you (but before I faxed
it to Koch) that I might have given too much away by using the Effective Date
as the Buyer Payment Date.  In the version I send to Koch I will change that
to Trade Date.  You can always change it to a later date if you want to
tomorrow.


Julie, the Texas City Plant will have a unit down until late Friday night or
early Saturday morning. I will send the weekend nomination this afternoon.

 <<CALPINE DAILY GAS NOMINATION 1.doc>>

RICKY A. ARCHER
Fuel Supply
700 Louisiana, Suite 2700
Houston, Texas 77002
713-830-8659 direct
713-830-8722 fax

 - CALPINE DAILY GAS NOMINATION 1.doc


what's up froggy.  we've finally slowed down over here. give me a call today
if you get a chance.  713.853.0383


Unfortunately Euromoney is no longer offering their courses.  They were by
far the best around and it's a real shame.  There is a PLI course being
offered in NY in mid November (at which I'm speaking on commodity
derivatives) and ISDA has a conference in London on collateral arrangements
and the ISDA Credit Support Documents.  Neither is anywhere near as good as
the old Euromoney courses but both would probably benefit Jane.

	Alan Aronowitz
	10/25/2000 04:16 PM

		 To: Tana Jones/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: ISDA Master Documentation Workshop

Are either of you aware of any master documentation workshops being offered
in NYC or London in the next few months that would be worthwhile for Jane
McBride to attend?  I remember several years ago going to a program that
Euromoney (or Eurocurrency) put on for 2-days focusing on ISDA's.

Please advise. Thanks.


Shirley,

Is this an upgrade for Maureen?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/18/2000
03:58 PM ---------------------------
From: Felix Buitron Jr./ENRON@enronXgate on 12/18/2000 02:27 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Shirley Crenshaw/HOU/ECT@ECT
Subject: New PC with two 128mb of RAM

Vince, I have your new PC.  I will get with you when I'm done to schedule a
delivery time.  I will need your network and notes password to test your apps.

Thanks,

Felix


So far there's Wild Goose, but there in Northern California--have to go
through the Wheeler bottleneck--so that likely won't hunt.  Lodi's a
possibility, but it's well inland, unlike the significantly more strategic
storage assets on the coast.  In addition, Lodi's in the process of selling,
so there's some uncertainty in the short run.  Bottom line, folks are trying
to build competitive storage, but it's in the "emerging" phase in a very
hostile environment.  We should discuss further, though; very interesting
idea.

Best,
Jeff

	James D Steffes
	05/22/2001 08:45 AM

		 To: Robert Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeff
Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: California LNG

Robert & Jeff --

Is there some other (competitive) storage that would want to work with our
deal in CA other than SocalGas?  Maybe find someone adding some new storage.

Jim

Robert Neustaedter@ENRON_DEVELOPMENT
05/16/2001 10:20 AM
To: Kurt Lindahl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jody
Crook/Enron@EnronXGate
cc: Harry Kingerski/NA/Enron@Enron, James D Steffes/NA/Enron@Enron

Subject: California LNG

In response to your request to review the SoCalGas tariff with respect to
storage service for quantities of  gasified LNG in excess of market I present
the following.

SoCalGas has various storage rate schedules available to its customers,
including forms of interruptible storage service.

Because of the long-term nature of the proposed project and firm injection
requirements I focused on Schedule No. G-LTS (firm Long-Term Storage Service).

Pricing under this schedule is very flexible (both upwards and downwards).  I
have used the rates included in the tariff which are suppossed to closely
correspond to utilty cost of providing such service and are also consistent
with rates previously supplied for economic modeling purposes.  Keep in mind,
these are benchmark costs, and may be subject to downward or upward
negotiation.

Because of the magnitude of the injection quantities, it was advised that
some expansion of storage capabilities may be required.

Fixed charges consist of an annual inventory capacity charge, and annual
withdrawal capacity charge and a monthly firm injection charge.  The monthly
firm injection charge is the largest cost component.  Based on conversations
with SoCalGas, firm injection rights (similar to pipeline capacity) would be
sold on a monthly basis.  Consequently, in order to have firm rights to
injection capacity, it would have to be reserved 365 days out of a year.
During the off-peak season, "as-available" injection rights may be used that
could substantially lower the cost, but given the inflexibility of unloading
of the LNG ships, this was not considered.

Variable costs would consist of injection and withdrawal charges in the
applicable periods (peak and off-peak) for injection and withdrawal
quantities.

A fuel retention factor of 2.44% would be applied to injections during the
peak period.

While not necessarily affecting the overall costs, a transmission charge on
injections and withdrawals would also be assessed.  A transmission charge on
injections would appear as a debit on the invoice, and an equal transmission
charge on withdrawals would appear as a credit, effectively resulting in a
wash.  However, for cash flow purposes it should be considered.  The
transmission charge is approximately 57 cents per dekatherm.

Transportation from storage would require a separate contract.

A spreadsheet is attached that quantifies the storage cost on an annual basis
utilizing the injection/ withdrawal and inventory assumptions provided.
Again, please keep in mind that the actual costs are negotiable.

I hope this helps in your analysis, and please feel free to call and discuss
further.

Robert


Dear Mr. Derrick:

I wanted to let you know that EnTrust Capital principal, Gregg Hymowitz,
will be hosting CNBC's Squawk Box this Monday, October 29th.

The details of Monday's Squawk Box are as follows:

Monday, October 29th
Squawk Box
CNBC, 7am-10am ET.

Additionally, I am always available to speak with you at your convenience.
I can be reached at (212) 224-5503 to answer any questions.

Regards,

Todd
_______________________
Todd Levy
Vice President

EnTrust Capital Inc.
717 Fifth Avenue
New York, NY 10022
Tel: (212) 224-5503
E-mail: tlevy@entrustcapital.com

 - C.DTF


FYI:  This morning, Lorraine and I checked with PNM and surprisingly they do
not offer any kind of IT transportation service, just firm service.  So our
final revisions to the cover letter do not include acquiring interruptible
service from PNM, since it's impossible to do so.


All:

PLEASE NOTE THE FOLLOWING BASED UPON MY UNDERSTANDING OF THE PARTIES TO THIS
PREPAY

(1)  The Toronto Dominion (Texas) master agreement with ECT is a restricted
master.  It was negotiated for a prepay several years ago and is not
necessarily market (or ENA) standard.  It should be reviewed immediately by
legal and credit.

(2)  The Morgan Stanley Capital Group master agreement is very old.  IT IS
NOT AN ISDA .  It is a 1992 Master Energy Price Swap Agreement (limited to
simple transactions and commodities).  The terminology is not even ISDA
terminology.  This master has been on the credit/legal radar screen for
upgrading to an ISDA.

Rod:  You need to take a look at the Toronto Dominion (Texas) master
agreement now and we should discuss.

Treasa:  Will there be a rate swap?  Under which master(s)?


If you read Ray Alvarez's summary from yesterday evening, open the attached
Word document and read only the changes that we made to the summary since
receiving the final order, which was issued this afternoon.  Alan Comnes

The full order is available at: http://www.ferc.fed.us/electric/bulkpower.htm

SUMMARY OF FERC,S
ORDER ESTABLISHING PROSPECTIVE MITIGATION AND MONITORING PLAN FOR THE
CALIFORNIA WHOLESALE ELECTRIC MARKETS AND ESTABLISHING AN INVESTIGATION OF
PUBLIC UTILITY RATES IN WHOLESALE WESTERN ENERGY MARKETS
(Issued April 26, 2001)

Effective Date -- Price mitigation is effective May 29, 2001.  (ISO needs to
have its day-ahead proxy price ready on 5/28)

Physical Withholding -- To prevent physical withholding, the plan will
require sellers with PGA's to offer all their available power in real time to
the extent not scheduled in bilateral trade.  All California generators, even
those not subject to FERC price regulation, will be required to sell into the
ISO's real time market as a condition of their use of the ISO's interstate
transmission lines. Hydroelectric facilities will be exempted. (This
requirement to provide power is for all hours (24/7) for 1yr)

Price Mitigation - The plan will establish a single market clearing price
auction for the real time market.  During Stage 1, 2 and 3 emergencies in the
ISO's real time market, each generator (other than hydro) with a
participating generator agreement is required to offer all available power
and bid its marginal cost based on the generator's heat curve, emission
rates, gas costs and emission costs, plus $2/MWh for O&M.  The gas cost will
be the average daily cost of gas for all delivery points in California;
emissions are to be based on Cantor Fitzgerald Environmental Brokerage
Services.  The ISO will publish by 8:00 am, the gas and emission figures to
be used for the next day in any hour where an emergency is declared. These
figures (for the next day) will be based on the prior day's Gas Daily and
Cantor Fitzgerald data. A single market clearing price is determined in real
time for all generators.  Highest bid sets the clearing price.  Each
gas-fired generator must file with FERC and the ISO within 5 days, on a
confidential basis, heat and emission rates for each generating unit.  The
ISO will use these rates to calculate a marginal cost for each generator,
including maintenance and operating costs.  Generators that submit bids at or
below the market clearing price will not be subject to refund liability.
(Although the following qualification is made: &However, all public utility
rates will be subject to refund for violations of the conditions imposed on
market-based rates, discussed infra.8  Presumably this has to do with
anomalous bidding behavior.)  In the event a generator submits a bid higher
than the proxy price, the generator must, within 7 days of the end of each
month, file a report with FERC and the ISO justifying its price.  FERC
explicitly acknowledges that some units may have gas costs that exceed the
&all delivery point8 index it has adopted. FERC has 60 days to review/act.
No opportunity costs in real time.  Marketers are not held to any generator
cost standard but must be prepared to justify bid at purchased cost based on
specific purchases or portfolio with no opportunity cost.

Underscheduling Penalites -- FERC acknowledges that the there is a pending
request to revoke the current underscheduling penalty but indicates that it
is still in place.  Thus, although it may be advantageous to wait to buy
power in R/T at capped prices, doing so may make the scheduling coordinator
subject to the currently effective $100/MWh penalty.  See p. 20 of the FERC
order.

New Generation --  New generation is NOT exempted from the Commission,s price
mitigation measures.

Demand Response -- Beginning June 1, only public utility load serving
entities must submit demand side bids to curtail load and identify the load
to be curtailed under those bids.  FERC is attempting to make the demand
curve more price responsive.  (This requirement is in effect for all hours
(24/7))

Outages -- PGA generators will coordinate planned outages and report forced
outages The ISO is required to make a tariff filing within 15 days of the
order proposing a mechanism for coordination and control of outages,
including periodic reports to the Commission.

Term - Order expires one year from date of issuance.

RTO Filing - California ISO and two Utilities must make RTO filing by June 1
or Order lapses with no further effect.  The RTO filing is to be consistent
with the characteristics and functions in Order No. 2000.

ISO Reporting - On September 14, 2001, ISO must file a status report on how
things are working and how much generation has been built.  Comments are due
in 15 days.  Quarterly reports thereafter.

Revocation of Market Based Rate Authority and Refunds - The market based rate
authority of all public utilities is conditioned on (1) no physical withhold
of capacity, and (2) no inappropriate bidding behavior.  Inappropriate
bidding behavior includes bidding unrelated to known characteristics of the
generation unit or without an input cost basis or bidding not based on unit
behavior.  An increased bid based on increased demand could apparently be
inappropriate.  In addition, "hockey stick" bids are expressly prohibited
(i.e.  bidding 95% at marginal cost and 5% at a much higher level).  Other
prohibited bidding practices identified include: pricing a single unit much
higher than other units in a supplier portfolio and changes in bids due to
increased scarcity rather than changes in generator costs.

West-Wide Section 206 Investigation  ) Opens a section 206 investigation
concerning the J&R of wholesale power in the WSCC other than sales to the
CAISO market.    FERC requests comments on the scope and nature of price
mitigation.  However its proposal is that refund conditions apply only in
real time (markets for power less than 24 hours in advance of R/T) spot
markets when contingency within a control area falls below 7% within a
control area.    FERC is attempting to mirror the rules applied in
California.  Comments are due in 10 days on the 206 investigations.  Although
it is still formulating its price mitigation plan for the non-California PNW,
the FERC sets the refund effective date is 60 days from publication of the
Order.

NOx Limits in California --  Must sell requirements do not apply if a unit is
prohibited from running by law.  However, it appears that incurring fines
does not overcome the must sell requirement- just include the fines as part
of the price bid.  Also if NOx is limited, may seek to show that generation
would have been sold elsewhere or at different times for determining price.

Surcharge to pay past amount due -- Comments are due in 30 days on (1)
whether FERC should require the ISO to surcharge parties for payment into an
escrow account to pay past costs and (2) the effect this surcharge would have
on the PG&E bankruptcy filing.

Treatment of the CAISO,s Market Stabilization Plan (MSP). The FERC rejects
the CAISO,s MSP saying that FERC,s plan for market mitigation is sufficient.
It expressly rejects CAISO,s plan to create a day-ahead and hour-ahead energy
markets are expressly reject and tells CAISO to stop actions to implement
software changes to effectuate such markets.  Unfortunately, it does not
expressly reject CAISO,s plan to cut exports.  In general, no mention was
made as to issue of exports of power from California although the statement
that CAISO must become a real RTO would support the notion that CAISO must
honor firm schedules on its system..

Recap of Dates Identified in the Order
? Issue date: 4/26/01
? Heat rate emission filing from generators due: 5 days (5/1/01)
? Comments due on WSCC-wide price mitigation: 10 days (5/6/01)
? ISO Tariff filing due: 15 days (5/11/01)
? Comments on ISO Tariff due: 5 days thereafter (5/16/01)
? Comments on whether Commission should allow a premium to recover unpaid
generator bills: 5/30/01
? Effective date of proxy prices: 5/29/01
? Demand responsive bids from load serving entities: 6/1/01
? Refund effective date begins:  60 days after publishing in Federal Register
(late June?)
? First ISO quarterly report: 9/14/01
? Comments on first ISO quarterly report: 15 days thereafter (9/29/01)
? Plan terminates: 4/26/02

RA  & GAC


They can't open the attachment.  Is there a way to save it in an earlier
version of Word and resend?  Also, please print the attachment and fax it to
Mike Colo, 252 972 7014.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 07/25/2000 08:41
AM ---------------------------

	Enron North America Corp.

	From:  Kay Mann                           07/24/2000 06:41 PM

To: mscolo@poynerspruill.com, kraber@electricities.org
cc: Heather Kroll/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT

Subject: Land Option

Gentlemen,

Due to some internal comments we have made some revisions to the land option
agreement.  The most significant change is that it is clear that the option
payment is not refundable, and will not be applied against the purchase
price.  There is also a clarification in paragraph 9 (re assignment) that the
assignee remains responsible for any liability arising prior to assignment.

I believe we are ready to go forward with signature when you are.  Please
advise if this version is acceptable.  Also, please let me know if you would
like for me to have a redline version prepared.

Kay


Dear Colleagues,

Here is the FINAL version of the manifesto.  This version includes some
additions and deletions to bring on Paul Joskow and Janet Yellen, and
hopefully Severin Borenstein as well.  Also attached is a list of
endorsements Pablo and I have secured.  If you are not on the list and wish
to be added, please let us know.

Critically, let us know if you wish to be removed.  We are picking up new
endorse by the hour and will release by 9:00 am (PST) tomorrow.

David Teece and Pablo Spiller

 - Manifesto DJT 1-25-01.doc
 - endorsee list 12501.doc
======================================
David J. Teece, Director
Institute of Management, Innovation and Organization
F402 Haas School of Business #1930
University of California, Berkeley
Berkeley, CA  94720-1930
Phone:  (510) 642-1075
Fax:  (510) 642-2826
http://haas.berkeley.edu/~imio
======================================


plz call jeff d. at 415.505.6633.  thx, jeff


The following expense report is ready for approval:

Employee Name: Richard B. Sanders
Status last changed by:  Automated Administrator
Expense Report Name: RBS-9.14.01
Report Total: $6,455.50
Amount Due Employee: $6,455.50

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


damn . . .
are you going to take that

---------------------- Forwarded by Eric Bass/HOU/ECT on 02/12/2001 11:35 AM
---------------------------

BRIAN HOSKINS@ENRON COMMUNICATIONS
02/12/2001 11:15 AM
To: Timothy Blanchard/HOU/EES@EES@ENRON
cc: Bryan Hull/HOU/ECT@ECT@EES@ENRON, Chad Landry/HOU/ECT@ECT@EES@ENRON, Eric
Bass/HOU/ECT@ECT@EES@ENRON, Luis Mena/NA/Enron@Enron, Matthew
Lenhart/HOU/ECT@ECT@EES@ENRON
Subject: disgrace of the SEC

Big talk for a guy whose school is on NCAA probation as we speak.

http://www.ncaa.org/databases/db1/probation.html

By the way, I see from the latest RPIs that LSU is really pulling their
weight as the lowest-ranked team in the SEC, right behind Austin Peay.  But
hey, at least you're still ahead of Iona and Bradley.

	Timothy Blanchard@EES
	02/12/01 10:14 AM

		 To: Brian Hoskins/Enron Communications@Enron Communications
		 cc: Eric Bass/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Chad
Landry/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron, Bryan Hull/HOU/ECT@ECT
		 Subject: Class in Bluegrass

Excerpt from an article on espn.com

Given Kentucky's decades-long legacy of cheating in both basketball and
football,
                  ousting Mumme was a mandatory move. The school's image is
too fragile to
                  countenance keeping a coach with major violations on his
watch.

Enough said.


New item added to incorporate resignations of Enron appointees on closing
date.


STATES
WASHINGTON -- Lawmakers seek to encourage rural deployment with tax
incentives
MINNESOTA -- Senate committee to discuss telecom issues
MINNESOTA -- Democrats make telecom issues high priority
MISSOURI -- Bill would give tax credits for donations to schools,
libraries
ILLINOIS -- General Assembly prepares to rewrite telecom law
OREGON -- Bill would change requirements for utilities to issue stocks,
bonds, notes
CONNECTICUT -- Legislator wants customer credits when ISPs' servers are
down
TEXAS -- Bill would expand safeguard for residential disconnects
MASSACHUSSETS -- Senator wants 'standards of conduct' for telemarketers
WASHINGTON -- WUTC to hold workshop on telecom operations rules

ADVANCED SERVICES
WASHINGTON
Lawmakers seek to encourage rural deployment with tax incentives

Rep. Richard DeBolt (R., District 20) has introduced legislation to
provide tax incentives for companies seeking to deploy advanced telecom
services in rural areas.  HB 1239 would exempt from taxation any sales
to or by telecom companies for machinery, equipment, or tangible
personal property used to build telecom infrastructure in rural areas.

Telecom company machinery, equipment, or facilities used to provide
advanced telecom services to rural areas would be exempt from the use
tax.  Telecom companies also would be able to receive a tax credits
equal to 50% of their costs of constructing telecom structures or
facilities, or acquiring machinery or equipment.

HB 1239 awaits consideration by the House Technology,
Telecommunications, and Energy Committee.

STATE & LOCAL GOVERNMENT
MINNESOTA
Senate committee to discuss telecom issues

The Senate Telecommunications, Energy, and Utilities Committee has
scheduled hearings tomorrow and Feb. 1 for a general overview of telecom
issues, the legislative staff told TR.  The Senate staff likely will
make a presentation.  The committee hasn't received any telecom-related
legislation yet, the staff noted.

The hearings are scheduled for 2 p.m. in Room 15 of the Capitol
Building.

STATE & LOCAL GOVERNMENT
MINNESOTA
Democrats make telecom issues high priority

The 2001 legislative agenda unveiled by House Democrats includes
ensuring access to high-speed and wireless telecom services and
establishing online privacy safeguards for consumers.  The Democrats'
privacy protection plan includes reforming telemarketing practices.
They promised detailed proposals within the next few weeks.

TAXATION
MISSOURI
Bill would give tax credits for donations to schools, libraries

Rep. Connie (LaJoyce) Johnson (D., District 61) has introduced HB 507 to
establish state income tax credits for companies that give either
high-tech equipment to school districts or cash donations to school
district libraries.

Under HB 507, companies that donate high-tech equipment to a public
school district would receive a tax credit worth 50% of the value of the
contribution.  If the equipment went to a school district with a large
percentage of "high-risk students," the tax credit would increase to 75%
of the donation's value.  Companies that donate cash to help a school
district library to buy computers, Internet service, books, or other
equipment would receive a tax credit for 50% of the donation's value.

Both the school and library tax credits would apply to tax years that
start on or after Jan. 1, 2001, but before Jan. 1, 2005.  A taxpayer
couldn't receive a tax credit worth more than $5,000 in one tax year,
and the total amount of tax credits generated by HB 507 couldn't surpass
$5 million.  The Department of Elementary and Secondary Education, which
is the administrative branch of the State Board of Education, would
promulgate rules to enact the proposed bill.

HB 507's text is available at
http://www.house.state.mo.us/bills01/biltxt01/intro01/HB0507I.htm.

STATE & LOCAL GOVERNMENT
ILLINOIS
General Assembly prepares to rewrite telecom law

The General Assembly's leadership is selecting members for the House and
Senate committees that will oversee the rewrite of the state's telecom
law, the legislative staff has told TR.  The telecom article (XIII) of
the state's Public Utilities Act expires July 1.

The committee assignments likely will be announced by the end of this
week, the staff said.  The House has eliminated the committee it created
last year to oversee the telecom article rewrite, the staff noted.
(1/31/00 a.m.)

STATE & LOCAL GOVERNMENT
OREGON
Bill would change requirements for utilities to issue stocks, bonds,
notes

Rep. Bill Witt (R., District 7) has introduced a bill at the request of
Verizon Northwest, Inc., to change a revenue requirement for telecom
utilities seeking to issue stocks, bonds, or other instruments of
indebtedness.  HB 2500 would reduce from 75% to 50% the percentage of
revenue that a utility must derive from out-of-state sources to issue an
"evidence of indebtedness" without needing the Public Utility
Commission's approval.

HB 2500 awaits consideration by the House Smart Growth and Commerce
Committee.

INTERNET
CONNECTICUT
Legislator wants customer credits when ISPs' servers are down

Rep. Ruth C. Fahrbach (R., District 61) has introduced HB 5797, which
would require Internet service providers (ISPs) to reimburse or credit
their customers for toll charges and fees when the ISP's e-mail server
isn't available.  The bill has been referred to the General Law
Committee.  The measure's text is available at
http://www.cga.state.ct.us/2001/tob/h/2001HB-05797-R00-HB.htm.

CUSTOMER-AFFECTING
TEXAS
Bill would expand safeguard for residential disconnects

Sen. Royce West (D., District 23) has introduced SB 295 to prohibit
basic local exchange carriers from disconnecting their residential
customers for unpaid charges for services other than their basic local
telecom service.  Current law doesn't allow a carrier to disconnect a
local service customer for failing to pay for their long distance
service.  SB 295 would extend the safeguard to apply to all unpaid
nonbasic local service charges.

The bill awaits consideration by the Senate Business and Commerce
Committee.

CUSTOMER-AFFECTING
MASSACHUSSETS
Senator wants 'standards of conduct' for telemarketers

Sen. Michael R. Knapik (R., 2nd Hampden and Hampshire) has introduced SB
55 to establish "standards of conduct" for telemarketers.  The bill
would establish a no-call list and prohibit telemarketers from blocking
their Caller ID information or using fictitious names when calling.

It would prohibit such practices as requesting up-front fees to improve
a person's credit report and sending a delivery service employee to pick
up prepayments for goods ordered by a caller.

Telemarketing calls to residences would be permitted only between 10
a.m. and 5 p.m. and between 7 p.m. and 9 p.m.  Violators of the proposed
law would be subject to civil penalties of up to $5,000 for each
transgression.

The bill has been referred to the Commerce and Labor Committee.  Its
text is available at http://www.state.ma.us/legis/bills/st00055.htm.

FUTURE OF REGULATION
WASHINGTON
WUTC to hold workshop on telecom operations rules

The state Utilities and Transportation Commission has scheduled a Feb.
22 stakeholder workshop to address rules governing the operation of
telecom carriers.  Comments on the proposed rules are due Feb. 14.

The issues addressed by the proposed rules include safety, E911, service
quality, network maintenance, and universal service.  The proposed rules
can be downloaded from
http://www.wutc.wa.gov/webdocs.nsf/383067b300b2aed98825681500796951/22c36d9e1a
856ac3882569dd00823aed!OpenDocument.

Federal law prohibits duplication in any form, including electronic,
without permission of the publisher.

TR State NewsWire Copyright 1998, 1999, 2000 Telecommunications Reports
International, Inc. (ISSN 1082-9350) is transmitted each
business day at 8 a.m. and 2 p.m., except holidays.
Telecommunications Reports International, Inc.
1333 H St. NW, Suite 100-E
Washington, DC 20005-4707

Editor: George E. Brandon, E-mail: gbrandon@tr.com
Associate Editor for Online Publications: Jennifer Erschen, E-mail:
jerschen@tr.com
Senior Legislative & Regulatory Analyst: Gayle Kansagor, E-mail:
gkansagor@tr.com
Senior Research Analyst: Steve Arlowe, E-mail: sarlowe@tr.com
Senior Analyst: Barney McManigal, E-mail: bmcmanigal@tr.com
Research Analyst: Brandi Kerns, E-mail: bkerns@tr.com
Account Services: Eileen Callahan (202) 312-6116, (202) 842-3023 (fax)
E-mail: ecallahan@tr.com


Contract 230104 (deal 231301) does not exist.  The correct contract is 560104
(deal 254262).  I just killed deal 231301.

thanks


---------------------- Forwarded by John Arnold/HOU/ECT on 01/17/2001 07:03
PM ---------------------------

	From:  Beth Miertschin                           01/16/2001 03:21 PM

To: Nicole Alvino/HOU/ECT@ECT, Brian Steinbrueck/AA/Corp/Enron@Enron, Katie
Stowers/HOU/ECT, James Wininger/NA/Enron, Ashley Dietz/Enron
Communications@Enron Communications, John Arnold/HOU/ECT@ECT, Jodi
Thrasher/HOU/EES@EES, Russell T Kelley/HOU/ECT@ECT, Cheryl
Lipshutz/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT, Michelle
Juden/HOU/EES@EES, Christine Straatmann/HOU/EES@EES
cc: Jeffrey McMahon/HOU/ECT@ECT, Sue Ford/HOU/ECT
Subject: Spring Recruiting at Vanderbilt

Hello Vanderbilt Team!

First, Congratulations on a wonderful Fall!  Of the 13 offers extended, we
have 3 declines, 3 outstanding, and 7 acceptances!

Now its time for Summer Intern recruiting.  Jeff McMahon and I met to
finalize the schedule and assigned each of you a time to participate.  If you
are unable to attend the event for which you are scheduled, please find a
replacement and let me know as soon as possible.  I will assume that everyone
is attending their assigned event unless I am told otherwise.

Jan. 22, 7:00 PM - Outstanding and Accepted Offer Dinner - Nicole Alvino,
Brian Steinbrueck, Katie Stowers, Jim Wininger, Ashley Dietz
Jan. 23, 1 - 5 PM - Intern Career Fair - Jim Wininger, Ashley Dietz, Brian
Steinbrueck
Jan. 23, TBD - Enron Research Fellows Interviews - Nicole Alvino, Katie
Stowers

Jan. 31, 7:00 PM - Open Presentation - Jeff McMahon, John Arnold, Jodi
Thrasher, Rusty Kelley
Jan. 31, 8:00 PM - Dinner with Research Fellows - Jeff McMahon, John Arnold,
Jodi Thrasher, Rusty Kelley

Feb. 11, 7:00 PM - Pre-Interview Reception - Cheryl Lipshutz, Steve
Venturatos, Michelle Juden, Christine Straatman
Feb. 12, 8 - 4 - First Round Interviews - Cheryl Lipshutz, Steve Venturatos,
Michelle Juden, Christine Straatman
Feb. 13, Second Round Interviews - Jeff McMahon, Jeff Ader, Andy Zipper

If any of you have any questions or need additional information, please call
me at 3-0322 or Shawna Johnson at 5-8369.  You will receive detailed event
sheets as we get closer to each event.  Thanks again to everyone who helped
make this Fall so successful!
Beth


yes

 -----Original Message-----
From: 	Scott, Donna
Sent:	Friday, December 14, 2001 10:39 AM
To:	Corman, Shelley
Subject:	Do you still want to meet?


----- Forwarded by Gerald Nemec/HOU/ECT on 03/09/2001 11:29 AM -----

	Paul.Pfeffer@bakerbotts.com
	03/09/2001 07:42 AM

		 To: rpfeffer@philipinc.com, gerald.nemec@enron.com
		 cc:
		 Subject: FW: Fw: THANK YOU MR. EX PRESIDENT

-----Original Message-----
From: J. Greg Coulter [mailto:GCoulter@jsslaw.com]
Sent: Thursday, March 08, 2001 5:11 PM
To: paul.pfeffer@bakerbotts.com; rmm@bowwc.com; tpw@bowwc.com;
pfarmer@clearsource.net; jwpcpa@ix.netcom.com;
gmiskovsky@marcusmillichap.com; Denichilo-law@onebox.com;
coulters@qwest.net; Randy.brogdon@troutmansanders.com; Rerickson@tsp.org
Subject: Fwd: Fw: THANK YOU MR. EX PRESIDENT

J. Greg Coulter
Jennings, Strouss & Salmon, P.L.C.
Attorneys at Law
One Renaissance Square
Two North Central Avenue
Phoenix, AZ 85004-2393
Direct Dial:  602.262.5920
Direct Fax:  602.495.2636
E-Mail:  GCoulter@jsslaw.com
Web Site:  www.jsslaw.com

Message-ID: <005901c0a80c$756a2b60$0664a8c0@desktop04>
From: jdt@jchlaw.com
Reply-To: jdt@jchlaw.com
To: gcoulter@jsslaw.com
Subject: Fw: THANK YOU MR. EX PRESIDENT
Date: Thu, 8 Mar 2001 14:15:02 -0600
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: multipart/mixed;
boundary="----_=_NextPart_002_01C0A89E.CC444820"

----- Original Message -----
From: Max  <mailto:macorrell@farrellcooper.com> Correll
To: HARPER, BOB <mailto:bt.harp@prodigy.net>  ; HARPER,
<mailto:sunbeltfs@prodigy.net> BIRNIE ; FARRELL,  <mailto:pfarrell@icsi.net>
PATRICK T. ; FARRELL, CURTIS <mailto:curtisfarrell@yahoo.com>  ;
DRACKETT/DAWN <mailto:DRACKETT@CEI.NET>  ; DANLEY,
<mailto:DDANLEY@BANKOFRIPLEY.COM> DEBORAH ; COOPER, JENNIFER
<mailto:JCOOPER@ENV-INS.COM>  ; COLEMAN, RICHARD <mailto:rcole10343@aol.com>

Cc: WEIDMAN, DANIEL <mailto:danielweidman@msn.com>  ; VESTAL,
<mailto:kvestal@BANKOFRIPLEY.COM> KITTY C. ; TEAGUE,
<mailto:jdt@jchlaw.com> DERRICK ; SUMMERS, COLLEEN
<mailto:Z54COLLEEN@aol.com>  ; MCCOMMON,  <mailto:JANE.MCCOMMON@BMHCC.ORG>
JANE ; MAURRAS, HUGH <mailto:ARBOXMAN@EARTHLINK.NET>  ; LERARIS, TONY
<mailto:ARCHPLUS@aol.com>  ; KATHOL,  <mailto:dkathol@norwestmines.com>
DOUGLAS ; HINES, BILL <mailto:WILLIAM_HINES@ML.COM>
Sent: Thursday, March 08, 2001 1:57 PM
Subject: THANK YOU MR. EX PRESIDENT

Dear Mr. (X) President:

I recently saw a bumper sticker that said, "Thank me, I voted for
Clinton-Gore."  So, I sat down and reflected on that and I am sending my
"Thank you" for what you have done, specifically:

1. Thank you for introducing us to Jennifer Flowers, Paula Jones, Monica
Lewinsky, Dolly Kyle Browning, Kathleen Willey, and Juanita Broaddrick.  Did

I leave anyone out?

2. Thank you for teaching my 8 year old about oral sex.  I had really
planned
to wait until he was about 10 or so to discuss it with him, but now he knows

more about it than I did as a senior in high school.

3. Thank you for showing us that sexual harassment in the work place
(especially the White House) and on the job is OK, and all you have to know
is what the meaning of  "IS" is.  It really is great to know that certain
 sexual acts are not sex and one person may have sex while the other one
involved does NOT have sex.  It's so unfortunate to see that the National
Organization of Women (NOW) has lost all credibility for  supporting you
throughout your escapades.

4. Thank you for reintroducing the concept of impeachment to a new
generation
and demonstrating that the ridiculous plot of the movie "Wag The Dog" could
be plausible after all.

5. Thanks for making Jimmy Carter look competent, Gerald Ford look graceful,

Richard Nixon look honest, Lyndon Johnson look truthful, and John Kennedy
look moral.

6. Thank you for the 72  witnesses testifying before the House and Senate
who
have pled the 5th Amendment and 17 witnesses who have fled the country to
avoid testifying about Democrat campaign fund raising.

7. Thank you for the 19 charges, 8 convictions, and 4 imprisonment's for the

Whitewater "mess" and the 55 criminal charges and 32 criminal convictions
(so far) in the other "Clinton" scandals.  No wonder it took you the entire
day of your last day in office to pardon them all.

8. Thanks also for reducing our military by half, "gutting" much of our
foreign policy, and flying all over the world on "vacations" carefully
disguised as necessary trips.  Please give my regards to Hillary, when/if
 you see her.  Tell her I'm working on a "Thank You" letter for her also.

9. Thank you, also, for "finding" millions of dollars of excess tax money. I

really didn't need it in the first place and I can't think of a more well
deserving group of recipients for my hard-earned dollars than jet fuel and
security for all of your globetrotting. I understand you; the family, and
your cronies have logged in more time aboard Air Force One than any other
administration.

10. Thank you for closing so many millions of acres of 'public'  lands
 without the input of the people and governing officials living in  the
states affected.

11.  Thank you for pardoning some 140 citizens who have been  convicted of
breaking the law, some of whom gave you hundreds of thousands of dollars to
your political campaigns.

12. Thank you for an attorney general that saw fit to protect you and your
'constituents' from embarrassment or prosecution.

God bless America and THANK YOU for redefining the integrity and character
of the highest office in the land.

Sincerely,
U.S. Citizen

P.S. Please pass along a special thank you to Al Gore for "inventing' the
Internet and making the distribution of this letter possible.


Hi,

I want to let you know about a QuickBase database called "Pool Information Guide".  You can get there by clicking this link:

 https://www.quickbase.com/db/6545ewmy?a=i&pswd=dynicdfpr

Here's a quick description of the database:

"WELCOME to the "Pool Information Guide" and thank you for taking the time to register!  Please click "ADD RECORD" to fill in the template with your information.

This on-line database was designed to help all of us stay in touch this summer at Enron and beyond (and to save us from having to keep forwarding and updating spreadsheets).  Feel free to update your record and/or download the database as often as you like.  Please encourage your peers to register with the site so that we may all benefit from having one central reference point.

You can use this site to locate someone's desk, to find out who is working on projects of interest to you, to get the word out about your interests beyond your assigned project, to round up folks to discover Houston with, to see who is celebrating a birthday, or to plan a carpool or shared commute to the office.

You will notice that there are several required fields - these fields will be used by HR for their "book."  All Summer Associates & Analysts will receive a copy of this book, which will also contain our pictures.

Enjoy!
    John Walt

(Please direct technical questions to Laura Ann Jones at 3-1413 or laura.jones@enron.com)

Instructions in Short:
______________________

To ADD YOUR CONTACT INFORMATION:  Click on "Add Record" and fill in the template.

To PERUSE the database:  Click on "List"

To EDIT your record:  Click on "List" then "Edit"

To DOWNLOAD the database into Excel:  Click on "List" then "Spreadsheet".

To PRINT the database:  I highly recommend downloading the database and then printing as usual from Excel.  Printing from the web page only gives you part of the whole spreadsheet.

To SORT the database:  Click on one of the pre-defined "Views" to the left.  Email me if you want to sort by something new.

ps.  The reason we need to keep our attached pictures 10k or less is QuickBase is only free for databases less than a meg in size.

pps.  Please keep in mind that if you lose your password or want to invite other people to join the Pool Information Guide - just send me an email and I can help.  <laura.jones@enron.com>"

By the way, going to the link above will automatically add you (or anyone else) to the access list for this database, so be careful to whom you forward this e-mail! (This link will expire in 30 days.)

If you're not already a QuickBase user click this link anyway.  At the sign-in screen click the Register link.  When you're all done registering, QuickBase will bring you right to this database!


Billy,

It is expected that by the time the hard costs referenced in #2 are incurred,
the project will be in E Next (or its successor/take out vehicle) since
construction will be nearly complete.  Costs incurred in #3 should be Phase 2
E Next costs, since this should be in the construction period, although it
could be immediately prior to that time.

Lisa, I skipped Rose on this email since she is out of town, and reviewed
this agreement before she left.

Kay

From: William Fleenor/ENRON@enronXgate on 06/04/2001 09:46 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: Deerfield development agreement

See comments therein.

 -----Original Message-----
From:  Mann, Kay
Sent: Friday, June 01, 2001 2:01 PM
To: Fleenor, William
Subject: Deerfield development agreement

Hi Billy,

Can you take a look at this since the Hermanator is out?

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/01/2001 02:00
PM ---------------------------

Kay Mann
05/31/2001 06:48 PM
To: Lisa Bills/Enron@EnronXGate, Herman Manis/Enron@EnronXGate, Roseann
Engeldorf/Enron@EnronXGate
cc: Ben Jacoby/Enron@EnronXGate, Steven Krimsky/Enron@EnronXGate

Subject: Deerfield development agreement

Hello.

The commercial team  has asked that I forward this document to you for
review.  It is a development agreement for a project in Florida.  We have
attempted to address the accounting/E-Next issues, but please advise of any
desired changes.

Thank you,

Kay

 << File: Deerfield development ag May 31.DOC >>

PS  Pardon the formatting.  It will be cleaned up by those with the ability
to do so.


Rick,

I read your memo regarding Global Risk Management Initiative.  I am sending
you the
information regarding a related initiative on which I have been working last
year and which
is moving now into the implementation stage. It's Enterprise - Wide Risk
Management
and it's really an effort to measure business risks consistently across the
company.
I hope my group can be helpful in designing the general approach to this
problem.

Please, let me know what your thoughts are.

Vince

	Enron North America Corp.

	From:  Rick Causey @ ENRON                           01/17/2000 06:04 PM

Sent by: Enron Announcements@ENRON
To: All Enron Worldwide
cc:
Subject: Global Risk Management Operations

Recognizing Enron,s increasing worldwide presence in the wholesale energy
business and the need to insure outstanding internal controls for all of our
risk management activities, regardless of location, a global risk management
operations function has been created under the direction of Sally W. Beck,
Vice President.  In this role, Sally will report to Rick Causey, Executive
Vice President and Chief Accounting Officer.

Sally,s responsibilities with regard to Global Risk Management Operations
will mirror those of other recently created Enron global functions.  In this
role, Sally will work closely with all Enron geographic regions and wholesale
companies to insure that each entity receives individualized regional support
while also focusing on the following global responsibilities:

1. Enhance communication among risk management operations professionals.
2. Assure the proliferation of best operational practices around the globe.
3. Facilitate the allocation of human resources.
4. Provide training for risk management operations personnel.
5. Coordinate user requirements for shared operational systems.
6. Oversee the creation of a global internal control audit plan for risk
management activities.
7. Establish procedures for opening new risk management operations offices
and create key benchmarks for measuring on-going risk controls.

Each regional operations team will continue its direct reporting relationship
within its business unit, and will collaborate with Sally in the delivery of
these critical items. The Houston-based risk management operations team under
Sue Frusco,s leadership, which currently supports risk management activities
for South America and Australia, will also report directly to Sally.

Sally retains her role as Vice President of  Energy Operations for Enron
North America, reporting to the ENA Office of the Chairman.  She has been in
her current role over Energy Operations since 1997, where she manages risk
consolidation and reporting, risk management administration, physical product
delivery, confirmations and cash management for ENA,s physical commodity
trading, energy derivatives trading and financial products trading.

Sally has been with Enron since 1992, when she joined the company as a
manager in Global Credit.  Prior to joining Enron,  Sally had four years
experience as a commercial banker and spent seven years as a registered
securities principal with a regional investment banking firm.  She also owned
and managed a retail business for several years.

Please join me in supporting Sally in this additional coordination role for
global risk management operations.


Introducing your first SAP Paycheck!

This is the first payroll processed in SAP for all employees paid out of
Corporate Payroll. You may notice some changes in the way information is
reflected on your pay advice, the most common are itemized below.

What,s Different?
? Your +home, cost center will be displayed at the top of the pay advice.
This is your department number as designated in the HR and financial modules
of SAP.

? Any earnings descriptions that start with a +P, represent earning types
reported in the prior period. For instance, if you reported vacation time for
the July 1st-15th pay period, it will be reflected on your July 31st pay
advice as +PVacation,.

? Flex dollars will appear on the earnings section of the pay advice instead
of as a credit in the deduction section. The various benefit deductions will
remain itemized in the deduction section.

? If you transfer between Enron companies during the year, your year)to-date
totals will carry forward to the new company pay advice. Previously, the
year-to-date totals started over when transferred to another company. This
change will provide your total Enron earnings and deduction amounts on your
pay advice throughout the year.  (Note that your W2 at the end of the year
will reflect your earnings by company).

? For salaried employees, any reported exception time (e.g. vacation, sick
day, etc.) will be reflected on the earnings section with hours only, the
related dollar amount will be included in the +Salary, earnings type.

? For any other information or further explanations regarding your payroll
contact the Payroll Call Center at 713-345-5555

Payroll FAQ,s

My paycheck has a line called &other deductions8, what does that stand for?
There is a fixed amount of lines to print deductions on the paycheck.  For
some employees, the number of deductions are more than we have room to
print.  In this circumstance, the system totals all remaining deductions and
prints them on one line ) titled &other deductions8.  The detail of all
deductions can be viewed on the pay advice that is displayed on the intranet
at eHRonline.enron.com.

What do the earnings or deduction codes on my paycheck mean?
These definitions are listed on the Payroll webpage located at
hrweb.enron.com, select Enron Payroll  from the side index.

Why is my overtime not reflected on my paycheck?
Overtime is paid one pay period in arrears, therefore it will be reflected in
the next pay period. For example, if you reported overtime for the
July 1st )15th pay period, it will be reflected on your July 31st pay advice
as +POvertime,.

What is the limit for Social Security (FICA)?
For year 2000 the limit is $4,724.40 on a wage base of $76,200. This limit is
applied to each Enron payroll tax company. Therefore, if you transfer to
another Enron company these limits will start over, however, the total amount
withheld across all companies will be reflected on your paystub. Excess FICA
will be credited to you by the IRS via your tax return.

What federal income tax rate is used for my bonus or when I exercise stock
options?
There is a standard federal income tax rate of 28% for these earnings. This
can be higher if the employee has completed a Supplemental Tax form
requesting a higher rate (this form can be found at hrweb.enron.com , select
Enron Payroll  from the side index).


Hello Dutch.

I hope this week hasn't been too stressful for you. I know there is a lot
going on right now. I responded to your last note explaining that you can
send your past assignments to me via e-mail. I wanted to re-iterate this
because I have not yet received them.

Per usual, this week's assignment - Assignment #5 is detailed below.

This Week's Assignment: Write about each of the following areas:
1) Market Valuation (Page 1_4_5_1  in the Futures topic)
2) Option Packages (Page 1_7_6_1 - in the Options topic)

Due Date: Friday, November 9th, 2001

Outlines to Help Guide You When Writing
Market Valuation - This is a short explanation. Do you need graphics to
represent this?
?    Short in the futures market: rising prices result in losses and
decreasing prices result in profits
?    Long in the futures market: rising prices result in profits and
decreasing prices result in losses
?    2-3 examples to explain this concept

Option Packages.
Dutch - This discussion should stay at a very high-level with only basic
examples
   Caps
   Floors
   Collars
   Different users and how they would use these option packages
     End user
     Producer
   Examples using caps, puts and/or collars

Finally and most importantly, please keep in mind that the completion of
these assignments significantly impacts the the ability of our BRM project
to stay on schedule and within budget. If you are unable to complete this
assignment, please notify me ahead of time and provide an estimated time
for completion.

Thank you.

Sheri A. Righi
Accenture
Human Performance Service Line
Hartford - One Financial Plaza
Direct Dial: 860 756 2245
VPN & Octel: 765 2245
e-mail: sheri.a.righi@Accenture.com

This message is for the designated recipient only and may contain
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THANKS FOR YOUR BID.PLEASE SEND $64.85  TO:

MARK SIPE
237 HEFNER LANE
TAYLORSVILLE, NC 28681

PLEASE CONFIRM WITH YOUR ADDRESS SO I CAN HAVE YOUR  CARDS READY TO SHIP.I CAN ACCEPT PAYPAL IF YOU DON'T USE A CREDIT CARD OR A  MONEY ORDER OR CHECK IS FINE BUT I WILL HAVE TO WAIT FOR A CHECK TO CLEAR THE  BANK.PLEASE ADD 2.00 IF YOU WANT IT INSURED.I CAN'T BE RESPONSIBLE FOR UNINSURED  ITEMS.THANKS AGAIN,MARK


John Sherriff has asked me to update you on the status of our relationship
with EnCom, as well as what I am doing to develop a plan for the way forward
with our investment.

Background

As you may be aware, Enron made its investment in EnCom in October 1999.
Bruce Wrobel is President/CEO.  Our current cumulative investment is now
$34,750,000.  We own 63.80 %, and have the right to put 5 members on a board
of nine.  There are two other strategic, Japanese investors in the business;
Orix, primarily known as a leasing firm, and YTC, primarily a parts supplier
for Toyota.  Enron Japan (EJ) in particular values Orix as a strategic
partner even beyond the context of EnCom (a fact that was reconfirmed when
Ken Lay met with their Chairman during his recent week in Tokyo).

At present, the relationship between EnCom (its vehicle for doing business in
Japan is E Power; and I will use the two terms interchangeably) and EJ is a
difficult one.  EnCom entered the Japanese market some months before EJ
entered, and EnCom was seen in the market as Enron's entry vehicle for
Japan.  I infer that EnCom has benefited from this association with the Enron
name, and Enron apparently did not discourage it in the early days.  With the
arrival of EJ in Tokyo early this year, Enron is working to roll out our
wholesale/merchant business model in Japan.  EnCom/E Power has and continues
to receive coverage in the media (much of it self-generated) indicating that
they intend to sign up customers.  In fact, E Power's COO Mr. Awono, says
that they will need to sign up retail customers to be able to have load to
support the large power projects they are planning to do.  (This unlikely
formula suggests, at least on his part, a degree of naivete, at best, about
how offtake from plants in deregulated markets can be and should be
managed.).  Finally, EJ reports meeting with customers, e.g., Sony, who
indicate that E Power holds itself out as also being a "trader".  This has
caused some confusion in the marketplace about which "Enron" entity is
providing wholesale/merchant services.

There now also is a question as to what EnCom's business model in Japan
should be.  Conversations between Orix and EJ personnel in Tokyo suggest that
Orix believed that Enron would be intimately involved in the day-to-day
management of EnCom (we are not, and Bruce has conceded that prior to EJ's
reporting relationship into London being established, Enron involvement and
direction was largely absent).  Moreover, it appears that Orix also believed
that EnCom would be engaged in the business of "aggregation" of power
supplies for further resale in the Japanese market (this is essentially
describing the core Enron merchant business in different terms).
Conversations between Orix and EJ indicate that Orix now does not see EnCom
having in place the people and skills to execute on an aggregation business
strategy.  Rather, Orix sees EnCom as having the skill sets of large-scale
asset developers, and this is not a business Orix is particularly interested
in pursuing.  Finally, Orix has an employee secunded to EnCom/E Power, and he
reports that Orix now even lacks confidence in EnCom's ability to deliver any
large-scale asset development opportunities.  John and I are tentatively
scheduled to meet Orix's Chairman in London on 27th November.

To give E Power its due, it is now also frustrated (Wrobel telephone
conversation with me) because Ken Lay clearly signaled in some of his media
interviews in Tokyo that we were bringing the full panoply of Enron skills to
the market, including the possibility of large-scale power projects.  It is
Wrobel's view that this message in the marketplace now undercuts EnCom, as he
believes that people will look to a $60 billion market cap company as a
preferred counterparty for asset development, over a company capitalised at
present to the tune of about $40 million.  There is also a Business
Opportunities Agreement between EnCom and EJ addressing how opportunities
that come to Enron personnel, who are also on EnCom's Board, should be
handled.    Wrobel believes that we are being a bit narrow in our
interpretation of the Business Opportunities Agreement, a view I do not
share. Ken's statements are correct, i.e., we can do large-scale developments
in JapanIn sum, there is not an agreement as to a clear division of lines of
business between the two organisations.

At present, frustrations on both sides about confusion in the marketplace and
in media messages (EnCom has now agreed that Enron will lead all contacts
with the media, for both firms), have contributed to a situation that is not
amicable.  Communications in Tokyo between EJ and E Power have virtually
dried up, though recently EJ has invited E Power to work together on a
Proposal for Mitsubishi.

So Where Are We?

John has asked me to lead an effort to evaluate Enron's investment in EnCom.
This will be fairly comprehensive, including an assessment of the talent on
the ground in Tokyo, an assessment of the viability of their prospects (both
in terms of likelihood of permitting, and, to the extent possible, their
economics), and an assessment of what Enron's stake in this venture ought to
be going forward.  I will evaluate the full range, from assuming 100%
control, to a reduced stake (even down to zero), to taking equity in
particular projects.  As such, I have sent to Wrobel a list of items
reflecting our initial information requirements for due diligence.

Second, while this due diligence proceeds, we are also attempting to agree on
respective roles for EnCom and EJ in the Japanese market.  We remain
committed to retaining an asset development capability in the market, which
does not go down well with Wrobel.  We also are sceptical that EnCom has on
board now, or will acquire, the risk management skills that we believe will
be necessary to actually manage fuel and offtake along the lines that Enron
has found highly profitable, e.g., Sutton Bridge tolling.  We have said that
we respect their talent for being able to develop large-scale assets (though
our Technical Services Group has already questioned their high staffing
levels), and that we feel the profit-maximising strategy for both firms is
for EnCom to develop projects (sites, permits, engineering), with Enron
holding a tolling agreement and doing the project financing.  We believe E
Power should be able to develop very bankable deals on this basis.  We do not
have agreement on this point.  Wrobel seemingly believes that they will be
able to do the risk management functions, and receive lucrative returns for
the assets they do develop.  At this early stage we see no evidence that they
can manage such risks (or that lenders would let them do that), and that it
is more likely that they will end up with a classic IPP structure with gas
"in", PPA "out", and reasonable but not rich returns on equity.  Wrobel sees
our "tolling agreement" proposition as taking too much out of EnCom's deals.
For our part, we have said we are willing to assure attractive equity returns
(without saying what that number is), and reward them for their development
efforts.

Our latest effort is to try to agree a tolling arrangement for a project in
Tohoku province.  E Power has already met local officials.  As it turns out,
EJ was approached by national government to do a project at the same
industrial complex as that which E Power is working on.  By letter from me to
Wrobel of 15 November, Enron has proposed that we pool or combine our efforts
(i.e., E Power's engineering and local permitting expertise, with Enron's
political capital garnered at national level), get the project done together
rather than competing, and divide our labours as noted above, i.e., Enron
does fuel and off-take, E Power does development of the asset.  In the phone
call from me to Wrobel that preceded the sending of the letter, Wrobel
expressed serious displeasure with Enron's proposal.  He and I are to speak
again; he is to call me back, and if he does not do so on 17 November, I will
call him on 20 November.

I will plan to make progress on my wider review assuming cooperation from
EnCom on our due diligence information requirements.  John and I are
committed to moving this forward quickly, but much of the necessary
information is not in hand.

Please let me know if you have any further questions.


----- Forwarded by Richard B Sanders/HOU/ECT on 10/24/2000 05:24 PM -----

	"Fergus, Gary S." <GFergus@brobeck.com>
	10/24/2000 04:45 PM

		 To: "Richard B. Sanders Esq. (E-mail)" <richard.b.sanders@enron.com>
		 cc: "Meringolo, Peter" <PMeringolo@brobeck.com>
		 Subject: Some thoughts on options

PRIVILEGED AND CONFIDENTIAL
ATTORNEY CLIENT PRIVILEGE

Richard,

 After today's discussion here are our brainstorming ideas on
options:

1.   WAIT FOR A BETTER PROTECTIVE ORDER
 Ask Harvey Morris where they are on fixing the protective order that
is being litigated by others.  If the protective order has not  changed,
then unilaterally postpone production until it is.  Pro: Better protection
and more time; Con: Even with a more stringent
 protective order Enron still questions whether the PUC is entitled
to financial performance data.  Thus, this option does not fully
disclose all of Enron's positions and the company may be accused later of
simply engaging in delaying tactics.  Under this option  we file our
formal objections as well.

2. TURN OVER THE TRANSACTION DATA AS IS
 Continue on our present course of turning over transaction data for
electricity that was delivered.  Pro: PUC will get the data  anyway
either through FERC, unfair competition, antitrust or price gouging
litigation.  By turning over the data that will show  profits, PUC might
slow down investigation there as opposed to interrupting the business by
seeking to depose witnesses etc.  Con:  This would be waiving the
legitimate question that Enron has as to the PUC's ability to discovery this
information through a  subpoena.  There is also a question of how
confidential this data would be given the current political agenda.  It
might also serve  to whet the appetite of the PUC for more Enron
information and discovery.   This option would also provide confidential
proprietary information to the PUC about how Enron gets its competitive
advantage.

3. TURN OVER DATA FOR OUTSIDE OF CALIFORNIA AND LET PUC GET REST OF
DATA FROM ISO AND PX.
 We have told the PUC we do not want to duplicate the efforts of ISO
and PX so the way to relieve the burden on us is to give  only missing
data. PRO:  It would be easier and quicker to just give the outside of
California data and would sidestep for the
 moment the ongoing jurisdictional question.  Con:  Without Enron
cost data for the California ISO and PX transactions, the PUC
 would not be able to arrive at what they want -- a profit and loss
picture.  We would have a hard time representing to the PUC that  the
combination of the PUC data and the Enron data would be all that they need
to calculate the answers to Request Nos. 7-10.

4. TURN OVER EVERYTHING BUT PRICE
 This option would simple omit the price data.  Pro:  It would not
reveal the profit and loss information.  Con:  It would not reveal the
profit and loss information.  In other words, the PUC is clear that this is
what they are after.  By giving them everything else, we
 would in effect be telling them we will not turn over profit and
loss.  Moreover, by piecing some of it together with the ISO and PX
data, the PUC might be able to put together a revenue picture which will be
quite large, but just not the cost or expense side.

5. DECLINE TO PRODUCE THE DATA
 We would tell Harvey Morris that Enron has reconsidered its position
for the following reasons:  (1) Our firm belief that the PUC is  not
entitled to the profit and loss data they are seeking; (2) in his latest
email, Harvey has made it clear that the PUC wants more  data (1999)
than we discussed earlier; (3) continued threat that if they do not like the
transaction data they will come back and  ask for profit and loss
information that we do not believe they are entitled to; (4) Commissioner
Wood's statement that the purpose  of this investigation is to get
money from market participants in the hands of consumers; (5) investigation
by the AG into activities  of other market participants and the notice
that other governmental agencies are cooperating -- who are we producing
this  information to and for what purpose; (6) Enron favors public
disclosure of trading data but only if all participants are required to
do so; (7) Enron is a small player in this market and many other market
participants are not involved in the process BPA etc.    PRO:  This
may be the only way to preserve Enron's challenge to the jurisdiction of the
PUC to get this data.  Moreover, in the  current political
environment there is no assurance where this information will be leaked.  It
also makes sense to see what FERC  will do with their published 11/1/00
report on investigation date. Under this option, we file our formal
objections and sit back and  wait.

6. ME TOO
 Upon reflection, we agree with the approach taken by the other
market participants.  We will not produce until the protective order  is
modified and then only data that is within the PUC jurisdiction.  PRO:  This
makes it look like all the market participants are  acting in concert
and really is no different than option 1 above.  Moreover, if you read
Reliant's responses, they appear ready to  turn over financial data if
the protective order is modified. (Terry and Mike Day are both out of their
offices today.)  Note that  Williams is adopting a strategy that says
the PUC needs to go to Superior Court to enforce its subpoena.  This may be
met with  strong opposition by the PUC given their California
constitutional contempt authority.

7. MOVE TO QUASH BEFORE THE ALJ
 Here we would raise all of the arguments that we have about why the
PUC does not have jurisdiction and fight it out on the merits  before the
ALJ.  PRO:  The ALJ is a forum to raise the jurisdictional questions.  It
has the least procedural risks of being  dismissed.  CON:  Reading
the tea leaves, we believe it unlikely that the ALJ will determine that the
PUC has no jurisdiction.
 Moreover, because the PUC has its own constitutionally granted
contempt power, the PUC will take the view (according to Mike  Day) that
they need not go to the Superior Court for enforcement.  They will also take
the view that the Superior Court has no  jurisdiction  to hear our
appeal.  Appeals have to go to the PUC and those orders are appealable at
the Court of Appeal level.   Thus, the only de novo review of our
objections might be at the ALJ level.

8. FILE DECLARATORY RELIEF ACTION IN FEDERAL COURT IN CALIFORNIA
 We would claim federal question jurisdiction under the Federal Power
Act and in particular the provisions of 824(g) under which the PUC
issued its subpoena in part.  The dispute to be decided is whether the PUC
has the jurisdiction to seek the profit and  loss information from the
wholesale market.  The authority for this would be Mississippi Power & Light
v. Mississippi  487 US  354 (bright line between wholesale market regulated
by FERC and the retail market regulated by states); Bristol Energy Corp v.
New Hampshire 13 F.3d 471 (1st Cir. 1994)(federal question whether state
agency can inquire into business and financial data  in the wholesale
market but found no cognizable claim.)  PRO:  The federal forum may be more
even handed than the ALJ, but  the question is whether we can state a
cognizable claim.  There may be greater protections from disclosure of the
information as  well.  CON:  The PUC may continue on a parallel track unless
we are able to obtain injunctive relief.  The PUC might seek  discovery of
the same information in the Federal court proceeding.  We should assume that
this action will trigger the strongest  response from the PUC and/or the AG
in form of further investigations or alternative forums for getting the same
information (e.g  unfair business practice suit, price gouging,
anti-trust etc.).   We should anticipate deposition requests for traders
etc.  By taking  this position, we will clearly be conceding that if
FERC asks for the data it is germane to their authority.

9. SEPARATE RESPONSES/STRATEGIES FOR DIFFERENT ENRON ENTITIES
 It may make some sense to chart a different course for Portland
General, EES and EEMC and continue to produce some data from  those
entities.  PRO:  The information provided for these entities is not likely
to generate profit and loss information that would be  germane to the fight
we are about to engage in (e.g. EES's description of % off tariff rates for
example.)  For Portland General,  Dave Aamodt is out of the office and
not able to participate in any change of direction discussions.

Hope this is helpful.
Thanks
Gary

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Thanks. See you tonite.  Looking forward to it.

Best,
Jeff


Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 06/27/2001 11:38 AM -----

	"Beiser, Megan" <Megan.Beiser@edelman.com>
	06/12/2001 03:56 PM

		 To: "'arem@electric.com'" <arem@electric.com>, "Allen, Stevan"
<stevan.allen@edelman.com>, arm@phaser.com, Bob_Anderson@apses.com,
"brbarkovich@earthlink.net" <bbarkovich@earthlink.net>, cra@calretailers.com,
dennis.flatt@kp.org, dhunter@s-k-w.com, djsmith@s-k-w.com,
Dominic.DiMare@calchamber.com, drothrock@cmta.net, "Fairchild, Tracy"
<tracy.fairchild@edelman.com>, gdoar@newpower.com, gharrison@calstate.edu,
hgovenar@govadv.com, jackson_gualco@gualcogroup.com, "jerryl@abag.ca.gov"
<jerryl@abag.ca>, .gov@mailman.enron.com, johnlatimer@capitoladvocacy.com,
ken_pietrelli@ocli.com, kgough@calpine.com, kmccrea@sablaw.com,
kmills@cfbf.com, lhastings@cagrocers.com, "Manuel, Erica"
<Erica.Manuel@edelman.com>, mday@gmssr.com, mmoretti@calhealth.org,
nplotkin@tfglobby.com, randy_britt@robinsonsmay.com, richard.seguin@kp.org,
RochmanM@spurr.org, rrichter@calhealth.org, sgovenar@govadv.com,
smccubbi@enron.com, spahnn@hnks.com, sschleimer@calpine.com, theo@ppallc.com,
vincent.stewart@ucop.edu, vjw@ceert.org, "Warner, Jami"
<jami.warner@edelman.com>, wbooth@booth-law.com, wbrown@lhom.com,
wlarson@calstate.edu
		 cc:
		 Subject: Oil & Gas Journal Online 6/8/2001: Suppliers lobby California law
makers for direct access for consumers

This is another hit that grew out of the media advisory we sent out at the
end of last week.  Also, be on the look out tomorrow for another direct
access story in the Orange County Register.  That's when the reporter on the
story has told us it will run.

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

> Suppliers lobby California lawmakers for direct access for consumers
> By Kate Thomas
> OGJ Online Staff
> HOUSTON, June 8 -- The California Public Utilities Commission is scheduled
> to set a date formally ending retail choice for California consumers at
> its June 14 meeting, despite behind-the-scene maneuvering to keep choice
> alive for big power consumers.
> Large California electricity users and marketers have mounted a lobbying
> campaign in the legislature to keep direct access alive as an option.
> Sources said it has become a pivotal negotiating point in California Gov.
> Gray Davis's efforts to win Republican support for his proposed bailout of
> Southern California Edison Co.
> Davis ushered in the end of retail choice for electricity consumers when
> he signed a bill Feb. 1 that authorized the state to buy power on behalf
> of Pacific Gas & Electric Co. and Southern California Edison. The retail
> choice provision was added as amendment to the legislation. But it also
> left it up to the California PUC to set a date suspending the right of
> retail customers to select and use an alternative energy supplier.
> Davis appears willing to give suppliers and big businesses what they want
> in exchange for supporting his proposal to keep Southern California
> Edison, Rosemead, Calif., out of bankruptcy protection, sources said. He
> and the utility signed a memorandum of understanding under which the state
> would buy the company's transmission assets in exchange for various
> concessions on the part of Southern California Edison.
> But the deal also required various actions by the PUC and the California
> legislature. It also had deadlines under which certain actions were
> supposed to take place.
> So far little has happened. Earlier this week, the Alliance for Retail
> Energy Markets complained the PUC seemed ready to scuttle chances for
> achieving progress on either front by moving ahead to set a date to end
> competition.
> "There's no point for the PUC to support an order when it might be
> superseded by legislation," said Tracy Fairchild, a spokeswoman for the
> marketing organization whose members include Shell Energy Services, a unit
> of Shell Oil Co.; Enron Energy Services, a unit of Enron Corp.; both of
> Houston; GreenMountain Energy Co., Austin, Tex.; Commonwealth Energy
> Corp., White Rock, BC, and Strategic Energy LLC, an affiliate of Kansas
> City Power & Light Co., Kansas City, Mo.
> Opt out provision
> It isn't clear if PUC Commissioner Carl Wood has the support of other
> commissioners to set the date, Fairchild said. The commission also
> regularly postpones and pulls items off the agenda at the last minute if
> there is no consensus. But with a just-enacted rate increase that relies
> heavily on big business to carry the extra load the commission may not be
> amenable to giving large consumers an opt out provision.
> Suppliers have been lining up support wherever they can find it. Earlier
> this year, Vincent Viola, chairman of the New York Mercantile Exchange,
> weighed in on behalf of California suppliers and large retail customers.
> In a letter to Gray, he argued releasing medium and large commercial and
> industrial buyers from the obligation of using state-supplied power would
> free billions of dollars of state capital from the risks of volatile
> energy markets. "It seems that medium and large businesses have been
> deemed unable to negotiate fair and reliable supply contracts on their own
> behalf," he said.
> He noted if industrials and medium sized businesses were allowed to pick
> up a supplier, the role of the state would be rolled back to cover the
> less than 50% of the market that includes homeowners and small business
> owners.
> Viola also touted the use financial market instruments to protect against
> unexpected energy price moves, rather than locking in prices under
> potentially high-priced fixed contracts.
> While retail electric deregulation is in trouble in many parts of the
> country, big business is managing to keep its options alive. Nevada
> recently all but rescinded its deregulation law that would have given all
> classes of customers the right to choose a supplier and ordered incumbent
> Sierra Pacific Resources, Reno, to halt the sale of its power plants.
> But users of one megawatt or more of electricity were exempted at the last
> minute and can still buy from suppliers other than the regulated utility
> units of Sierra Pacific Resources.
>
>


Guys --

Don't know if we need to do our own study.  Probably want to get with this prof to discuss.  I agree with his analysis that the electricity markets needs a bunch of sellers - means we should push for distributed generation.

Thanks

 -----Original Message-----
From: 	Nicolay, Christi L.
Sent:	Monday, September 17, 2001 5:55 PM
To:	Steffes, James D.; Comnes, Alan
Subject:	FW: Cornell University Experiment on Market Prices

This study also concludes that due to the inelasticity of demand, there needs to be a great deal of sellers (more than in a typical market) to ensure competitive markets.  I am not sure that we want to use this study for our purposes; however, need to be aware it is out there as we discuss any new methods of assessing market power.  Do we need to conduct our own study?

 -----Original Message-----
From: 	Yeung, Charles
Sent:	Monday, September 10, 2001 2:24 PM
To:	Bestard, Jose; Ingersoll, Richard; Novosel, Sarah; Comnes, Alan; Kaufman, Paul; Rodriquez, Andy; Perrino, Dave; Walton, Steve; Nicolay, Christi L.; Lindberg, Susan; Guerrero, Janel; Will, Lloyd
Cc:	Shapiro, Richard; Steffes, James D.
Subject:	Cornell University Experiment on Market Prices

Cornell has published a report of 4 experiments conducted to test market trading behavior and its impact on electricity prices under different price auctions.

1) uniform price auction
2) uniform price with interruptible loads
3) discriminative auction - generators are paid their actual offers
4) soft-cap auction

The study is fascinating as real subjects were employed and paid real dollars based on their trading performance.  The findings are consistent with our arguments against price caps - particularly soft caps as installed in California.   I think there is some "empirical" data that can be used in our arguments against price caps.

More variations of the auctions aimed at testing some assumptions used in these 4 experiments are planned, and industry is invited to participate in the experiments.

You can get the document directly at:
www.pserc.cornell.edu

 << File: cornell market experiment.pdf >>


----- Forwarded by Michelle Cash/HOU/ECT on 06/09/2000 04:04 PM -----

	Gene Diers@ENRON
	06/09/2000 07:54 AM

		 To: Gary Buck/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT, Tom O
Moore/NA/Enron@ENRON
		 cc: Carmen Ayala/HOU/ECT@ECT, Mark Holsworth/Corp/Enron@ENRON
		 Subject: MASTER SERVICE AGREEMENT, AGREEMENT FOR PROJECT SERVICES, PROJECT
WORK DESCRIPTIONS (LONG AND SHORT FORM)

I talked briefly to Carmen this morning about plans to revise the above
agreements and associated arrangements for processing them. ]

Since I am retiring on June 30, 2000, I have no territorial interest in what
happens but I think I would be remiss if I didn't at least offer a couple of
comments:

1.  Taking the agreements in the name of Enron Corp. while irksome to some
has been effective.  It allows any/all commercial companies to reference an
agreement.  This provides for consistency not only in the manner in which
vendors treat different operating companies but also in the manner in which
we treat different vendors.  I think it keeps vendors from employing a divide
and conquer approach.

2.  The agreements need to be updated.  I know that there are some reasons
for using two agreements, i.e., MASTER SERVICE AGREEMENT and AGREEMENT FOR
PROJECT SERVICES, but I would vote for combining them if the problems could
be worked out.  It's not that the current agreements are bad but there is
some duplication, terms that are confusing, clauses that are missing, etc.,
all things that could be fixed rather easily.

3.   I don't see why the agreements couldn't be generalized somewhat to cover
all kinds of professional services as opposed to just IT consulting.

4.  If commercial companies need/want to sign PWD's, why can't we work out an
arrangement wherein the PWD is still subject to a Corporate master agreement
but the commercial company signs and indemnifies the corporation, e.g., for
anything that they might do on the PWD.

I realize that nobody has asked me and maybe I don't really understand what
it is that you are trying to accomplish in the modified processbut as I view
it with from an overall Enron Corp., I am concerned that we might be chunking
a methodology that has served us.

Thanks.  gene


Leaders:
?
Three things:
??? ???
Here is this week's material.? There's  probably way too much stuff to use it
all, so I wouldn't even try.? Pick  out the things and questions that you
feel are the most important and will hit  your group the best.? Just remember
that this material is only one part of  what needs to be happening in your
NEON group.? The getting to know and  share with each other is critical--use
one of the icebreaker  activities you have (even if it seems cheesy) or
somehow ask questions and get  the group talking with each other or about
themselves.
?
See the note above the material about the CD in  your NEON box.
?
Finally, I haven't let you know about the new  leaders we have working with
us, specifically with Carol Poe and the Backors in  NEON Silver--Leslie and
Debbie Bills!? Welcome Debbie and Les!
?
Keep up the great work!
?
Bobby
 - NEON Measuring Success Lesson 2.doc


See attached file........................


Morning Report for Friday, June 8, 2001

http://www.internetstockreport.com/column/article/0,1785,1661_780771,00.html

Intel, Juniper Tell Different Tales

By Paul Shread (mailto:pshread@internet.com)

June 8, 2001 - Yesterday's lack of an earnings warning from Intel (NASDAQ:JNPR) was good news, but this morning's warning from Juniper Networks (NASDAQ:JNPR) was anything but.

And the news from both companies underscores just how tough the current environment is.

After months of not being able to lower guidance fast enough, Intel gave guidance on April 17 that is still holding up seven weeks later. But let's not turn handstands over the news. There were more negatives than positives in Intel's first-ever mid-quarter update. For starters, it's one thing for business to stabilize. It's quite another for it to turn up, and Intel pointedly avoided providing any guidance beyond the June quarter, except that to say that it expects a seasonally strong second half.

Intel said it sees stability in the microprocessor business, although the company expects inventory to be up somewhat over the March quarter. But it continues to see weakness in the communications business, and Juniper drove that point home with an exclamation mark this morning.

Juniper said it sees earnings of 8-9 cents a share this quarter, well below estimates of 24-cent earnings. Revenue guidance was lowered from $300-$330 million to $200-$210 million. For a genuine leader like Juniper, that's a huge warning. The company also announced 8-9% layoffs.

Juniper cited "a challenging service provider and global carrier business environment, brought about by a capacity absorption cycle taking place currently throughout the industry." In other words, all those next-generation service providers, CLECs and long-distance carriers that have sprung up in recent years are undergoing a shakeout of their own, and all the equipment companies that have sprung up to serve them are suddenly seeing business drop out from underneath them. This is not something that Federal Reserve rate cuts are likely to help, and it's likely to affect everyone from shareholders to employees to venture capitalists.

Oddly, this is probably worse news for Ciena (NASDAQ:CIEN), which is now the only telecom equipment company whose earnings are still holding up, than it is for Cisco (NASDAQ:CSCO), Juniper's chief competitor in the router business. Cisco focuses more on the enterprise market, while Ciena has substantial carrier exposure. It will be interesting to see if demand for Ciena's optical equipment can withstand a shakeout in the carrier business, which the Juniper warning signals is clearly underway. The news could also weigh on Avici (NASDAQ:AVCI), which is focused almost entirely on the carrier market.

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The Juniper and Intel news made for some interesting technical developments in the after-market and pre-market trading sessions. Intel had cleared 32.57 resistance after its conference call, but dropped back below that level on the Juniper news. And Juniper fell 6 points to 40 support; below that level, the next support is in the 33-36 range.

From a valuation standpoint, neither stock is a screaming buy at these levels. Intel is trading at 55 times this year's expected earnings, which are predicted to fall 63%. And it is trading at 40 times 2002 estimated earnings, which are expected to be half what the company earned in 2000. For a company with an expected long-term growth rate of 18%, that is one expensive stock.

And we'll have to wait to see how far Juniper's estimates come down before we can calculate a new fair value for that one. But more and more, telecom equipment stocks are beginning to look like a 2002 story.

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Attached are my demand charges and CGAS activity for December.

Jeff, I have all the prices in my worksheet.  It would be easy to calculate
one citygate price to put on our big citygate deal ticket.  And we are still
out of balance starting on the 22nd.


get lost


just a reminder that i'm trying to get my vpn working again when my digital certificate has expired (or something).


Thanks for your email.  I don't want to state the obvious because you appear
to already be in compliance, but just as a precaution, I want to make sure
you are aware the ECT has a policy which prohibits it employees/traders from
trading in anything the company trades in.  Any trading you do for your own
account must comply with this policy.


make sure Jared brings his credit card

Kimberly Bates
04/23/2001 11:42 AM
To: Jennifer Martinez/HOU/ECT@ECT, Linda Roberts/NA/Enron@Enron, Gary
Bryan/HOU/ECT@ECT, Jill T Zivley/HOU/ECT@ECT, Edie Leschber/HOU/ECT, John
Craig Taylor/HOU/ECT@ECT, Maureen Smith/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT,
Tammi DePaolis/Corp/Enron@ENRON, Gil Muhl/Corp/Enron@ENRON, David
Jones/NA/Enron@ENRON, Phil DeMoes/Corp/Enron@ENRON, Nelson
Ferries/Corp/Enron@ENRON, Ruth Concannon/HOU/ECT@ECT, John
Hodge/Corp/Enron@ENRON, Ed McMichael/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,
Susan W Pereira/HOU/ECT@ECT, Andrea Ring/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT,
Jared Kaiser/HOU/ECT@ECT, John Hodge/Corp/Enron@ENRON, Chris
Germany/HOU/ECT@ECT, Judy Townsend/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON, Victoria Versen/HOU/ECT@ECT, Sandra F
Brawner/HOU/ECT@ECT, Peter F Keavey/HOU/ECT@ECT, Brad McKay/HOU/ECT@ECT,
Vladi Pimenov/NA/Enron@Enron, Scott Hendrickson/HOU/ECT@ECT, Victor
Lamadrid/HOU/ECT@ECT, Clarissa Garcia/HOU/ECT@ECT, Sabra L
Dinari/HOU/ECT@ECT, Scott Loving/NA/Enron@ENRON, Tamara
Carter/NA/Enron@ENRON, Kelly Loocke/ENRON@enronXgate, Chris
Ordway/NA/Enron@Enron, Tracy Wood/NA/Enron@ENRON, Robert Allwein/HOU/ECT@ECT,
Meredith Homco/HOU/ECT@ECT, Cynthia Franklin/Corp/Enron@ENRON, Alvin
Thompson/Corp/Enron@Enron, Lia Halstead/NA/Enron@ENRON, Shanna
Boudreaux/ENRON@enronXgate, Tricia Spence/HOU/ECT, Joe A Casas/HOU/ECT@ECT,
Joann Collins/Corp/Enron@ENRON, Christina Sanchez/Corp/Enron@ENRON, Steve
Gillespie/Corp/Enron@ENRON
cc:
Subject: Jared's Happy Hour

Help us wish Jared well!!!!

Wednesday, April 25

at
Sambuca

910 Travis

4:30 p.m. - until

Please RSVP