Steve, draft list of meetings attached together with preliminary briefing
notes.
---------------------- Forwarded by Nicholas O'Day/AP/Enron on 10/11/2000
08:05 AM ---------------------------

Nicholas O'Day
09/26/2000 08:09 PM
To: Rosalee Fleming/Corp/Enron@ENRON
cc:

Subject: Ken Lay meetings

Rosalee, I attach a draft list of meetings for Mr Lay for the 31October and 1
November. The purpose of sending you the list now is to give you a general
idea as to the type of meetings we are considering. I also attach a brief
background note on each meeting.

I will be sending you a full briefing pack for Mr Lay prior to the visit. In
the interim please let me know if you have any questions in relation to the
attached.

A couple of housekeeping questions:
I understand that Mr Lay has an allergy to shell fish. Is that restricted to
eating or does it extend to smell - ie do we need to eliminate shellfish from
the buffet. In addition, we propose including sushi in the buffet. Same
question - would this pose a problem for Mr Lay?
What standard of hotel accommodation would be appropriate for Mr Lay. We have
reserved a range of rooms for Enron people at the Hotel Okura (part of the
Leading Hotels of the World group), venue for the office opening and press
conference.

I look forward to hearing from you.

kind regards


Here is the PG&E 10-K disclosure, which does not help much.

Under AB 1890, when the Utility has recovered its eligible transition
costs, the conditions for terminating the rate freeze and ending the
transition period will have been satisfied. At August 31, 2000, consistent
with transition period accounting mechanisms adopted by the CPUC, the Utility
credited its TCBA by $2.1 billion, the amount by which a negotiated $2.8
billion hydroelectric generation asset valuation exceeded the aggregate book
value of such assets. Based on this credit, the Utility believes it recovered
its eligible transition costs during August 2000. At August 31, 2000, there
was a balance of approximately $2.2 billion of undercollected wholesale power
costs recorded in the TRA. If the final valuation for the hydroelectric assets
is greater than $2.8 billion, as the Utility expects, the Utility believes it
will have recovered its transition costs possibly as early as May 2000. The
undercollected TRA balance as of the end of the earlier determined transition
period will be less than the $2.2 billion August 31, 2000 balance and could be
zero depending on the ultimate valuation of the hydroelectric assets and when
the transition period actually ends. Under current CPUC decisions and AB 1890,
the Utility's customers are responsible for wholesale power purchase costs
after the Utility has recovered its transition costs.

   In one of its March 27, 2001 decisions, the CPUC adopted TURN's proposal to
transfer on a monthly basis the balance in each utility's TRA to the utility's
TCBA. The accounting changes are retroactive to January 1, 1998. The Utility
believes the CPUC is retroactively transforming the undercollected power
purchase costs in the TRA into transition costs in the TCBA. However, the CPUC
characterized the accounting changes as merely reducing the prior revenues
recorded in the TCBA, thereby affecting only the amount of transition cost
recovery achieved to date. The CPUC also ordered that the utilities restate
and record their generation memorandum accounts balances to the TRA on a
monthly basis before any transfer of generation revenues to the TCBA. The CPUC
found that based on the accounting changes, the conditions for meeting the end
of the rate freeze have not been met.

   The Utility believes the adoption of TURN's proposed accounting changes
results in illegal retroactive ratemaking and constitutes an unconstitutional
taking of the Utility's property, and violates the federal filed rate

 -----Original Message-----
From: 	Thome, Jennifer
Sent:	Wednesday, August 22, 2001 6:07 PM
To:	Tribolet, Michael
Cc:	Steffes, James D.; Kingerski, Harry; Dasovich, Jeff; Neustaedter, Robert
Subject:	RE: California Rate Exposure

10 am CDT works for me.  I can find a room up here unless you would rather meet on your floor, Michael.

Jennifer

 -----Original Message-----
From: 	Tribolet, Michael
Sent:	Wednesday, August 22, 2001 6:04 PM
To:	Dasovich, Jeff; Neustaedter, Robert
Cc:	Steffes, James D.; Thome, Jennifer; Kingerski, Harry
Subject:	RE: California Rate Exposure

Can we do a 10am CDT, 8am PDT call?

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Wednesday, August 22, 2001 5:52 PM
To:	Tribolet, Michael; Neustaedter, Robert
Cc:	Steffes, James D.; Thome, Jennifer; Kingerski, Harry
Subject:	RE: California Rate Exposure

Michael:

Thanks very much for your help on this.  Can we discuss first thing in the AM after all have had a chance to review?

Best,
Jeff

 -----Original Message-----
From: 	Tribolet, Michael
Sent:	Wednesday, August 22, 2001 5:20 PM
To:	Neustaedter, Robert
Cc:	Dasovich, Jeff; Steffes, James D.; Thome, Jennifer; Kingerski, Harry
Subject:	RE: California Rate Exposure

All:

I changed the following:

1. Reduced total load from 185,000 GWh to 178,000 GWh.
2. Allocated the "costs" by utility based on total demand
3. Changed the DWR negative MTM on contracts from $7.5B to $9.55B
4. Added an undercollection of $.932 Billion for SDG&E (more below)

I did not:

1. Add the Nuclear decommissioning as it is funded on balance sheet.

I added the following:

1. Allocated the Bonds and Contracts on DWR share of Revenue Requirement %.
2. The CTC is the softest assumption.   The utilities wrote off considerable Transition Revenue Account (undercollection) and Transition Cost Balancing Account Balance (primarily stranded cost) at year end.  The Regulatory Asset for PG&E and Edison is assumed to be primarily TCBA at 6-30-01, but there is no footnote to absolutely corroborate this.   The Undercollection for SDG&E is assumed at the Regulatory Asset balance at 6-30-01.   This is due to the rate freeze having ended for SDG&E and therefore their TCBA should be recovered (reduced to zero).

Results:

One of the key driver to the utility-by-utility allocation is the difference between total volume and share of DWR costs.   DWR allocated costs to have a uniform "rate" across the net short by utility.   Thus those with a larger portion of their total demand (SDG&E and to a lesser extent PG&E) which is covered by DWR, have a higher unit cost across all rates for the Bonds and Contracts.  Edison has the converse.

Any changes in assumptions are welcomed.

Regards,

Michael

 << File: m010822.xls >>

 -----Original Message-----
From: 	Neustaedter, Robert
Sent:	Tuesday, August 21, 2001 5:28 PM
To:	Tribolet, Michael
Cc:	Dasovich, Jeff; Steffes, James D.; Thome, Jennifer
Subject:	California Rate Exposure

Michael,

Jim has asked Jennifer and me to estimate the potential exposure (worst case) to the Company's book position for DA customers in California.  Starting from the  model you and Jeff developed we have added other possible categories of charges allowed by existing regulations.

We would appreciate if you could please review the attached and provide us with any feedback.  If available we would like to call you Wednesday morning to discuss.

 << File: direct access.xls >>


I'm working on a phone list for some of the people I work with in the Houston
office - kind of a modified version of ours. But I just noticed that my
information on the floor card has changed since the last printing. Debra said
I should forward the information on to you for use in the next floor card.
Here it is:

Ext. 7486
Cell phone 819-2181

And actually, my home phone will change too at the end of this week. I'll
send that along when I get it. I know this isn't pressing information, but I
figured I'd let you know before I forgot.

Thanks,
Kate


Randy,

What we wanted to look at on the gas side would be a three way ring trade that is out-of-the-money on one side and in-the-money on the other.

For example:

Counterparty A sells to Enron a jan02-dec02 nymex swap at current market + $2
Enron sells to Williams a jan02-dec02 nymex swap at current market + $2
Williams sells to Counterparty A a jan02-dec02 nymex swap at current market + $2

There will be no net position change for each counterparty, but if will replace Counterparty A's Enron credit exposure with Williams.

All the trades would fall within our existing ISDAs. Our lawyers have added some language for the confirms that would tie the trades together. That language is included below. If you have any legal questions feel free to call our lawyer Mark Taylor at 713-853-7459.

If you have any questions feel free to call me at 713-853-7058. I'll ring you latter this afternoon to go over the details and talk about possible counterparties.

Thanks for your time.

Geof Storey

"Each of the parties to this Agreement recognizes and acknowledges that the parties are acting and agreeing to perform their obligations hereunder in reliance upon (i) the timely execution and delivery by [legal name of other counterparty] ("Third Party") and Party A of a transaction in substantially the form attached hereto as Exhibit A ("Third Party Transaction A") and would not otherwise agree to execute, deliver and perform under this Agreement if Third Party and Party A were not contemporaneously executing and delivering Third Party Transaction A and (ii) the timely execution and delivery by Third Party and Party B of a transaction in substantially the form attached hereto as Exhibit B ("Third party Transaction B") and would not otherwise agree to execute, deliver and perform under this Agreement if Third Party and Party B were not contemporaneously executing and delivering Third party Transaction B. The effectiveness of this Agreement shall be subject to the condition that contemporaneously with the execution and delivery of this Agreement Party A and Third Party execute and deliver Third Party Transaction A and Party B and Third Party execute and deliver Third Party Transaction B."


agree, with the additional caveat  that if he was half way decent he would have lasted longer at credit lyon or bp . think he leveraged a decent crt experience into a couple of jobs where he failed. tks for taking the time.

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, October 08, 2001 6:37 PM
To:	Shankman, Jeffrey A.; Nowlan Jr., John L.
Subject:

Not so impressed with David goldman.  For a guy who has worked in derivatives for 10 years, couldnt answer some simple questions.  Very poor financial derivatives knowledge even though he worked at CRT for a long time and a Lyonnais for a while.  The only value I see in him is that he worked at BP for a while and might have some knowledge as to how they work.


A near term goal for mid/back office commercialization is as follows:

First, we need to determine what each piece is in the mid/back office that can be commercialized and how we would separate these different pieces.  In other words, how we separate risk reporting and general ledger and where we put it at Enron.  How we put the physical gas nominations and power scheduling at the desks.  How we take the rest for gas and power (and/or financial) and create ProcessCo/ServiceCo as a separate entity or within Net Works.

Second, once we know the different pieces, can we separate them from a systems perspective ( I am assuming that separating people is straightforward)?

Third, assuming we can separate things, how we communicate back to the other parts.  In other words, how we communicate information back to Enron's SAP system, how we settle for Enron if they want ProcessCo to do physical settlements, how we receive information so we can deal capture and confirm, etc.  All the linkages.

Fourth, how we create an agreement between ProcessCo and EWS that defines payments, service levels, term, etc. that can be a model for other companies as well.

Fifth, how this all deals with CommodityLogic and its business model.

Sixth, if we go alone or work with someone like Arcordia (after Beth's meeting).

Finally, how we originate these deals and charge for our service.

I know that alot of this is being done in different parts on different time schedules, but I would like to get it all pulled together soon in the following format:

A draft of a contract between EWS and ProcessCo (or Net Works).  Also, a clear picture of what systems and functions would be in this entity.  Also, a recommendation on how Enron maintains its risk reporting and general ledger as well as physical noms and scheduling and where that stays in Enron and how those functions work with ProcessCo.

Sheri Thomas, Jeff Harbert, Frank Davis, Fred Philipson, and Andrea Crump are now full time reporting to Tom on commercialization, all have mid/back office experience and can help Beth and Sally with alot of this work before Tom comes back from his cruise at the end of next week.

Let's discuss Monday.

Thanks.

GP


Also, talked to M. Day.  those one-pagers should be coming in the next hour.
jeff


Attached is a draft of the master energy agreement for HD and the
Confirmation for the CA facilities.  Would like to send out to HD today for
their review.  Redlines reflect our response to issues raised by HD in our
last meeting and their subsequent memo.  Points for consideration to make
sure we are all on same page:

Where we terminate for a Change in Law or utility non performance, we
calculate our Early Termination Payment; if there is a Loss, we get paid; if
there is a Gain, we pay customer
Early Termination Payment on Default is set up to be one way.  Carol, Jeff
and Denise--I want to make sure that there is not some netting, set off ,
bankruptcy, or forward contract reason for us to go with 2 way payments here.
Credit terms included per Denise
Metering: I have included charges for meters; however, I am not clear on
whether we need all of the sublicense documentation.  If someone can shed
some light on this issue, that would be great.  HD has commented on the
sublicense, but I have not yet addressed pending resolution of this issue.

MDS


much more informative than Lay's email last night

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Wednesday, November 14, 2001 2:55 PM
To:	Keiser, Kam; McLaughlin Jr., Errol; Winfree, O'Neal D.; Palmer, B. Scott
Subject:	FW: Highlights from ENE Analyst Conference Call 11/14

 -----Original Message-----
From: 	Mills, Bruce
Sent:	Wednesday, November 14, 2001 2:37 PM
To:	Love, Phillip M.
Subject:	FW: Highlights from ENE Analyst Conference Call 11/14

 -----Original Message-----
From: 	Williams, Jason (Trading)
Sent:	Wednesday, November 14, 2001 2:34 PM
To:	Mills, Bruce
Subject:	FW: Highlights from ENE Analyst Conference Call 11/14

 -----Original Message-----
From: 	Tucker, Patrick
Sent:	Wednesday, November 14, 2001 11:44 AM
To:	Pollan, Sylvia S.; Culotta, Lindsay; Murrell, Russell E; Plachy, Denver; Cuilla, Martin; Storey, Geoff; Yawapongsiri, Virawan; Mahmassani, Souad; Donohoe, Tom; Ruscitti, Kevin; Shively, Hunter S.; Lewis, Andrew H.; Giron, Darron C.; Frihart, Bryant; Roberts, Linda; Luce, Laura; Hogan, Irena D.; Vickers, Frank; Williams, Jason (Trading); Mims, Patrice L.; Simpson, James; Hodge, John; Keavey, Peter F.; Mckay, Brad; Mckay, Jonathan; Pereira, Susan W.; Pimenov, Vladi; Ring, Andrea; Savvas, Leonidas; Townsend, Judy; Versen, Victoria; Barbe, Robin; Concannon, Ruth; Goodell, Scott; Jones, David; Kaiser, Jared; Loving, Scott; Bates, Kimberly; Muhl, Gil; Smith, Maureen; Smith, Shauywn; Taylor, Craig; Willis, Jim; Tucker, Patrick; McCaffrey, Deirdre; Penman, Gregg; Kinsey, Lisa; Brady, Kevin; Pendergrass, Cora
Subject:	Highlights from ENE Analyst Conference Call 11/14

Here are my notes from today's call.  As with Monday, I've focused on getting them out as quickly as possible rather than taking extra time to re-organize them by subject.

Enron's business has been grouped into three buckets:  Core, Non-core, and Under Review.
Core:  Wholesale energy business in North America and Europe, retail energy, pipelines
Non-core:  Broadband, water, and international assets (i.e. EGAS).  Enron has approx. $8Bn in investments in these assets, and they have produced 'dismal' returns.  Enron will be exiting these businesses and will attempt to wind them up in an orderly fashion.  An aggressive divestiture program has been set in motion for these assets.
Under Review:  EGM, EIM.  These businesses are being closely examined to determine whether they have a reasonable chance of long-term viability.  Required resource levels are being carefully studied.  Following review, Enron will move the different portions of these businesses to core or non-core as the analysis dictates.
Approximately $800MM of asset sales are under contract and expected to close in the fourth quarter.  These include a gas LDC in Brazil, EcoElectrica, and our Indian E&P assets.
Enron is in active pursuit of an additional private equity infusion of $500MM-1Bn.  Given the current environment, raising equity in the public markets would be 'inefficient', McMahon says.
Short-term liquidity is provided by the $3Bn of credit drawn upon a few weeks ago, the $1Bn of new debt, and the $1.5Bn equity infusion from Dynegy.  Longer-term, the proceeds from the sale of PGE will provide liquidity.  Asset sales over the next year will be used to pay down debt.
McMahon described the major off-balance-sheet vehicles:
Marlin was set up to hold Azurix assets.  It was initially capitalized with $950MM of 144a debt and $125MM of equity (raised from Enron and institutional investors).  The debt is supported by the equity and by Azurix' assets.  Enron is obligated to cover any deficit at the time the debt becomes due on 3/17/03 (the 'Enron topup' obligation).  The 3/17/03 date is accelerated in the event that Enron is rated below-investment-grade by any one of the three major agencies.  The primary asset of Marlin is Wessex Water.  As long as Wessex is worth at least $2.6Bn, there will be no Enron topup required.  If we take a 25% haircut to present book value, Enron will have to provide $650MM in consideration upon retirement of the debt.  This $650MM would hit Enron cash, income, and equity balances.
Osprey contains energy-related assets and 'other assets'.  It was initially capitalized with $2.4Bn of 144a debt and $220MM in equity (ENE and institutionals).  As with Marlin, the entity is an asset-backed structure with an Enron topup guarantee. The debt is supported by a) the assets; b) $1Bn of convertible preferred ENE (convertible into 50MM shares of ENE common); and c) additional ENE common as needed for topup.  Assuming the same 25% hypothetical haircut to current book value, Enron would have to deliver approx. $600MM of topup funds--which would hit ENE cash, income, and equity.  The debt must be retired by 9/17/02, with the same cut-to-junk early trigger provision as Marlin.
Yosemite and the Credit-Linked Notes are predominantly commodity transactions entered into with 'large financial institutions'.  The underlying transactions are already on Enron's balance sheet.  McMahon says that there is no Enron share obligation related to these instruments.
Dynegy has reviewed all of these vehicles, McMahon says.
Our 10Q will be filed five days late.  The 10Q will include all of this detail regarding the off-balance-sheet vehicles.
The special committee investigation is still ongoing.  The committee meets 2-3 times/week, sometimes more often.  The outside auditors (D&T) and external counsel hired by the committee are working 'virtually 7 days a week'.  Lay estimates that it will take the committee several more weeks to complete its investigation.
McMahon says it's 'way too early to tell' if any asset writedowns are called for.  That analysis is underway, but it will not be complete for some time.
Osprey contains the European power projects (Trakya and Saarlux), some North American merchant investments, and some Brazilian assets.
Under the merger agreement, Enron cannot dispose of assets representing more than 15% of the balance sheet without Dynegy approval.  However, an appendix to the agreement holds a list of assets that are specifically permitted to be sold without Dynegy approval.
Broadband is expected to be fully wound up 'sometime over the course of the next year'.  (Did not catch this part clearly).
The ENE topup obligation for Marlin (represented by ENE common that would have to be delivered) will be converted into an obligation for an equivalent amount of DYN shares upon closing.
$1.9Bn of debt is carried at the Azurix level.
Current book value of the Osprey assets is $2.1Bn.
No Dynegy outs other than the previously discussed general MAC clause and the $3.5Bn legal liability clause.
Yosemite and the Credit-Linked notes are functionally equivalent to ENE senior unsecured debt (this section somewhat unclear).  The underlying transactions represented volumes of 'crude oil and gas'.  The transactions relate to the 'physical movement' of these commodities.  The swaps related to Yosemite and the CLNs would be financially settled.
Whalley was asked about the return of trading business to normal volumes.  He said that he cannot yet give an update on the progress of customers returning to our longer-term products.  Acknowledges that a few anxious customers put long-term deals on hold last week.  Says that our first focus is on getting our short-term business back up to normal levels.  It will be 'a couple of weeks' before we're able to give an update on the comfort levels of our customers regarding long-term deals with us.
McMahon:  There hasn't been a major relaxation of credit requirements by our customers--credit requirements continue to follow strict contractual provisions as called for in our individual agreements with our various customers.  But 'we have seen a return of some of the transactions, some of the flows.'
Whalley says that we're hoping to see a return to more normal trading levels late this week or early next week.
Lay says that cost cuts will be made across of all of our businesses.  The situation gives us an opportunity to review our entire cost structure, he says.  The cuts will certainly be deeper in our non-core businesses.  Whalley then quickly interjects (some might say interrrupts) with a clarification that there are no plans to reduce the size of our North American energy trading business.  We will be looking at, perhaps, streamlining some of our processes and making prudent adjustments, but there are no plans to reduce the size of the business.
McMahon:  "The company is overlevered; that's a fact."--hence our pursuit of additional equity.
McMahon mentions that business was better at the start of this week than at the end of last week.
ENE had approx. $1Bn in cash as of 9/30, which McMahon points out would be unusual for us.

As before, give me a call at 3-3055 if you'd like more color.

Patrick Tucker


Something to take a look at
---------------------- Forwarded by John Arnold/HOU/ECT on 10/04/2000 04:17
PM ---------------------------

	From:  Jennifer Fraser                           10/04/2000 11:10 AM

To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: WEFA's Outlook for Natural Gas

---------------------- Forwarded by Jennifer Fraser/HOU/ECT on 10/04/2000
11:08 AM ---------------------------

"Goyburu, Alfredo" <alfredo.goyburu@wefa.com> on 10/04/2000 10:52:58 AM
To:
cc:
Subject: RE: WEFA's Outlook for Natural Gas

Thank you for your interest in Ron Denhardt's comments on Natural Gas.

If you have any difficulty opening or using the file, please write to me or
give me a call.

Al Goyburu
Electric Power
WEFA Energy
610-490-2648

 <<NAPC--Oct 2000.ppt>>

 - NAPC--Oct 2000.ppt


how is your week going?

b.


----- Forwarded by Mark Palmer/Corp/Enron on 02/08/2001 05:27 PM -----

	Margaret.Allen@enron.com
	02/08/2001 05:19 PM

		 To: mark.palmer@enron.com
		 cc:
		 Subject: Media info

Mark, let me know if this is what you were looking for:

   $2Million on 1st Quarter buy-- $1.5M on National Cable and $.5M on spot
   Working with EMS, we received a 100% increase in value on the national
   buy and 66% increase in value on the spot buy
   National Cable buy includes CNN, CNNfn, CNBC, ESPN, Fox News, Discovery
   Cannel and The History Channel
   Our spot buys cover NY, DC and Houston on CBS and ABC


Steve,

Around 6:00 p.m.

Vince

From: Stephen Stock/ENRON@enronXgate on 01/23/2001 05:26 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: FW: Re: Valuation

Vince,

I'm in all this week.....what time are you going for the bus tonight?

regards

Steve

 -----Original Message-----
From:  stevestock@pagenetips.com@ENRON
[mailto:IMCEANOTES-stevestock+40pagenetips+2Ecom+40ENRON@ENRON.com]
Sent: Tuesday, January 23, 2001 4:42 PM
To: Stock, Stephen
Subject: fwd: Re: Valuation

------
From: Vince Kaminski <Vince.J.Kaminski@enron.com>
Subject:Re: Valuation

Steve,

Please, let  me know when you come back.

I have detected a tendency to implement different

approaches to valuation in the past.

To some extent, it reflects the absence of formal

rules for sign-off on the valuation techniques

which, in turn, reflects,  the turf wars and the desire by the

originators to control the outcomes.

Vince

stevestock@pagenetips.com on 01/19/2001 06:53:14 PM

To:   vince.j.kaminski@enron.com

cc:

Subject:  Valuation

Vince,

I'd like an opportunity to talk to you about valuation.

I'm hearing confusing messages about the way that the UK IT team and the UK

traders get their Valuation code aparently signed off by Research, while

here... You provide it for our guys to wrap up.

We have now a situation where the UK team are using a home grown Valuation

piece called DOVE, where results differ from those of the equivalent USA

portcalc.

I need to break through the pride barriers and the "not built here"

syndrome, and try to do the right thing, but I don't beleive I can do that

without you guidance.

I'm scared that if we diverge too much we will never work globally on these

systems.

Steve

------------------------

Tel: 713-345-8980

Cell: 281-541-1862

Page: stevestock@pagenetips.com

Steve
------------------------
Tel: 713-345-8980
Cell: 281-541-1862
Page: stevestock@pagenetips.com


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Jeff,

Before you write off the stage, a few things to think about.

1.  Operating expenses include $22,000 of materials for maintenance and
repairs.  Plus having a full time onsite maintenance man means no extra labor
cost for repairs.  There are only 44 units a lot of his time is spent on
repairs.

2.  What is an outside management firm going to do?  A full time onsite
manager is all that is required.  As I mentioned the prior manager has
interest in returning.  Another alternative would be to hire a male manager
that could do more make readies and lawn care.  If you turn it over to a
management company you could surely reduce the cost of a full time manager
onsite.

3.  Considering #1 & #2 $115,000 NOI is not necessarily overstated.  If you
want to be ultra conservative use $100,000 at the lowest.

4.  Getting cash out is not a priority to me.  So I am willing to structure
this deal with minimum cash.  A 10% note actually attractive. See below.

My job just doesn't give me the time to manage this property.  This property
definitely requires some time but it has the return to justify the effort.

Sales Price  705,000

1st Lien   473,500

2nd Lien  225,000

Transfer fee    7,500

Cash required   14,500

NOI   100,000

1st Lien    47,292

2nd Lien   23,694

Cash flow  29,014

Cash on cash  200%

These numbers are using the conservative NOI, if it comes in at $115K then
cash on cash return would be more like 300%.   This doesn't reflect the
additional profit opportunity of selling the property in the next few years
for a higher price.

Do you want to reconsider?  Let me know.

Phillip


I received a call from Brian Redd at Pan Canadian Energy who is interested in our alliance with Peoples in Chicago.  He would like to speak to someone at Enron regarding this contract.  His phone number is (713) 331-5090.

Let me know if you need anything further from me.

Ed


Hi Vince,
?
How are things with you? Well I hope. Do you have  the latest version of your
part of chapter 3? (I think GRant has sent thru a  seperate, updated version
to you, which has been typeset). Everything else has  been tied up and we
will go with the version we have, unless we hear  otherwise.
?
Many thanks and best regards.
?
Chris.
?


---------------------- Forwarded by Darron C Giron/HOU/ECT on 04/05/2001
03:54 PM ---------------------------

mark.c.austin@us.andersen.com on 04/05/2001 01:54:06 PM
To: darron.c.giron@enron.com, errol.mclaughlin@enron.com,
kam.keiser@enron.com, david.baumbach@enron.com, phillip.m.love@enron.com
cc: sharon.k.smith@us.arthurandersen.com, jeffrey.c.gossett@enron.com
Subject: 1st Qtr Gas Trading Requests

Please find attached a matrix outlining all requests made for the 1st quarter
2001 to date, the Enron contacts for those items, and the status of each
requested item.  If I have erroneously noted the wrong contact, please let
myself and the correct person responsible know at your earliest convenience.
Also, this e-mail is only being sent to the desk leads, so please forward to
those responsible in your groups.  Please forward the requested information as
soon as possible as it needed to complete our 1st quarter testing for Earnings
Release.  Let me know if you have any questions or comments.

Best Regards,

Mark Austin
ext. 68680

(See attached file: Qtr Testing Checklist.xls)

*******************Internet Email Confidentiality Footer*******************

Privileged/Confidential Information may be contained in this message.  If you
are not the addressee indicated in this message (or responsible for delivery
of
the message to such person), you may not copy or deliver this message to
anyone.
In such case, you should destroy this message and kindly notify the sender by
reply email. Please advise immediately if you or your employer does not
consent
to Internet email for messages of this kind.  Opinions, conclusions and other
information in this message that do not relate to the official business of my
firm shall be understood as neither given nor endorsed by it.

 - Qtr Testing Checklist.xls


FirstEnergy Trading Services, Inc. merged into FirstEnergy Services Corp.
(Services) effective 12/31/2000.  Notice has been given that they are
assigning the Master Energy Purchase and Sale Agreement to Services.


Attached is a memo regarding the above-referenced meeting.


The enclosed research report is being sent to you from PaineWebber by:

 Emery Financial Group

 713-957-7020

 rocky.emery@PaineWebber.COM

Please contact them if you have any questions or would like to discuss this
material.

The information contained in the attached research report is believed to be
reliable, but its accuracy is not guaranteed.  PaineWebber Incorporated
and/or Mitchell Hutchins Asset Management Inc., affiliated companies and/or
their officers, directors, employees or stockholders may at times have a
position, including an arbitrage position, in the securities described herein
and may sell or buy them to or from customers.  These companies may from time
to time act as a consultant to a company being reported upon.

You will need the Adobe Acrobat Reader to view this document.  If you don't
already have it just click on this link,
http://www.adobe.com/prodindex/acrobat/readstep.html, and follow the
on-screen instructions.  The Acrobat Reader is free of charge.

 - P004624420001219D01.pdf


Please review the attached ASAP.  I have been interrupted at least 13 times
trying to write it.  Feel free to comment.   I will send out to the Memo's
distribution list once you guys have commented.

Thanks.


Susan:
I spoke with Utilicorp's contract person today and we have decided to do the
following:

1. Leave the ISDA dated May 3, 2000
2. Change the Assignment Effective Date in the Transfer Agreement to whatever
date we agree upon with Utilicorp.

Apparently, the ISDA has not been signed yet but will be by them in the next
few days.  Until Russell comes back, they cannot sign the Transfer
Agreement.  Could you please do the following this week:

1. Have the enclosed new form of Transfer Agreement signed and sent to
Russell.  Leave the date on Page 1 blank.
2. Send to Russell the additional certificate that he is requesting attaching
ENA's resolutions.
Thanks.

Brant:
How much lead time to we need to make the switch online?  Does Utilicorp have
a password?  I'm hopeful that by sometime next week, they will sign the
Transfer Agreement so that all trades could be confirmed under Utilicorp.


I released the following capacity for April 2002 on TW and I updated Sitara with the capacity release information.

Contract	MDQ		Release Rate	Replacement Shipper			Sitara #'s
24924		25,000		$.1025 per day	BP Energy			1190537 / 1204524


maybe you guys can finally beat us now that we have so many guys going to the
pros.  What the hell is Booty thinking?  Any one that drafts him has got to
be a fool.  I guess he saw the writing on the wall that Rohan would be
getting the PT.
PL


An important visual describing our current energy crisis.

 - windmilldavis.gif


Hello Kenny,

Just a couple of things.  One our stock is up again today  now it is up 2 at
62$  I was wondering if we should sell some?  What is your opinion.
Also I have some reading for you tonight - The Skiliing Story is all over the
Gas Market.  (I told Ya).  I know that Clayton has soccer tonight - dont
worry about dinner , I would actually prefer some of that Turkey tonight.

I love you


Nia,

Please, contact Tim Belden in our Portland office.
His phone number is:   (503) 464-3820

Vince

Nia Mansell <niam@infocastinc.com> on 11/03/2000 12:46:52 PM
To: vkamins@enron.com
cc:
Subject: Power Crisis in the West

Dear Vince,

I spoke with you briefly yesterday regarding Grant Masson.  You informed me
that he is no longer an Enron employee.  I have also been informed that
Grant has not yet been replaced.

I am inquiring because Infocast would like to have an Enron representative
speak at an upcoming conference entitled "Power Crisis in the West: Status &
Outlook for Wholesale and Retail Markets".  Is there someone else at Enron
whom you would recommend to speak at the conference?

I have attached the program agenda for your review.  Knowing a bit about
Grant's expertise, I specifically wanted him to participate on the panel
"How Will Power Prices Play Out in 2001-2005?".  Please let me know if there
is someone else at Enron whom I should speak with regarding this topic, or
others that may be of interest to Enron.

I look forward to working with Enron on this conference; it is certainly
going to be an exciting conference due to all of the controversy surrounding
the situation in San Diego.

Kind Regards,
Nia Mansell
Infocast
Conference Manager
(818)888-4445 ext.45
(818)888-4440 fax
niam@informationforecast.com
 <<Power Crisis in the West Invite.doc>>

 - Power Crisis in the West Invite.doc


Start Date: 4/17/01; HourAhead hour: 5;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041705.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 5 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_ERNIE
  ENGY_TYPE: WHEEL


I will.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


This e-mail will confirm the site visit by your company at the three plants.
The relevant information is as follows:

Pursuant to the Site Visit Procedures sent you by CSFB, if you have not
already done so, please send me the following:
List of your team members and titles
For outside consultants, state their employer
Name, phone number (office and mobile) and e-mail address of your designated
deal team leader

Lastly, I will serve as the due diligence coordinator for the three plants,
handling all questions and responses.  Should you have any due diligence
questions or require copies of any oversized documents, please contact me at
713.853.7998.
Regards,
Ben


Jeff:

I managed to work your explanation about why you went to San Francisco into this piece, and I'm glad you gave it because no one has heard your side of that story yet. And thanks for the Reuters plug during the conference call as well.
By the way, in listening to the tape of the interview, I realize I didn't explain why I thought the scene out there sounded like it was from a Stanley Kubrick movie. I heard there were folks in pig masks, and with the pie throwing, cops and cries of "Beat them!" it could have been an outtake from "A Clockwork Orange."
Anyway, thanks as always for your time and candor, the latter of which particularly makes covering Enron a real blast. And I want you to know that you have the single-best PR department I've ever run across. Karen, Mark, John and Vance deserve special mention for the number of phone calls they take from me, and for the expedition with which they respond. They always deliver the goods.
See you after the third quarter.

Best regards,

CBH

    By C. Bryson Hull
   HOUSTON, July 12 (Reuters) - The thus-far cool summer in California and the emergence of specifics about Enron Corp's <ENE.N> limited involvement in the embattled California power market should ease pressure on the energy giant's stock, the company's chief executive said on Thursday.
   "I think we are going to get through the summer just fine. In terms of the financial impact on Enron, it's pretty much over," Enron President and Chief Executive Officer Jeff Skilling told Reuters in an interview.
   The rhetorical attacks on the Houston company as an out-of-state generator ignore key facts about how much power Enron sold into California, he said.
   "I don't know how they can keep using us as the poster child when all of the numbers keep coming out. The poster child ought to be the Los Angeles Department of Water and Power," Skilling said.
   According to sales records maintained by the California Independent System Operator, which manages most of the state's power grid, Enron accounted for 0.4 percent of the alleged $9 billion in overcharges.
   The U.S. Federal Energy Regulatory Commission is slated to decide if there was an overcharge to California, and if so, how much should be refunded.
   The same records show that the L.A. municipal utility and other municipal utilities in the state overcharged PG&E Corp.'s <PCG.N> Pacific Gas and Electric and Edison International's <EIX.N> Southern California Edison utilities millions more than Enron did.
   "I believe ultimately in the longer term, as people become more knowledgeable about the data and statistics, I don't think they'll harp on Enron so much," Skilling said.
   Skilling has personally felt the nasty nature of the duel between California and "out-of-state power producers," the label California Gov. Gray Davis, a Democrat, has used to blast energy companies like Enron. During a June 21 speech in San Francisco, a demonstrator threw a cream pie and hit Skilling in the face.
   "I knew something was going to happen out there, but we  wanted to get our facts out and show our commitment to getting the facts out," Skilling said of the reason for his visit.
   After he was hit with the pie, Skilling calmly explained his and Enron's belief for the reasons behind California's power woes.
   While Davis blames Enron and others for jacking up wholesale energy prices, the companies pinpoint California's flawed deregulation scheme and a rise in the price for natural gas as the main problems.
   The latest manifestation of the flat-out war between California politicians and Enron is a California legislative committee's finding that Enron is in contempt for refusing to hand over confidential business documents in a probe into price gouging.
   The California Senate believes the finding gives them the power to fine Enron and possibly jail its senior officers.
   But just before the Senate Select Committee to Investigate Market Manipulation voted to hold Enron in contempt on Wednesday, the Houston company sued in a California court on a claim the legislature has no jurisdiction over them.
   ((Houston bureau, 713-210-8522, bryson.hull@reuters.com))

Thursday, 12 July 2001 14:14:36
ENDS [nN1270499]

-----------------------------------------------------------------
        Visit our Internet site at http://www.reuters.com

Any views expressed in this message are those of  the  individual
sender,  except  where  the sender specifically states them to be
the views of Reuters Ltd.


I should mention 900am as the time!

	Enron North America Corp.

	From:  Kay Mann                           09/15/2000 04:36 PM

To: Christi L Nicolay/HOU/ECT@ECT, Mitch Robinson/Corp/Enron@Enron, Larry
Soderquist/HOU/ECT@ECT, Reagan Rorschach/NA/Enron@Enron, nwodka@bracepatt.com
cc: Heather Kroll/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Ben
Jacoby/HOU/ECT@ECT

Subject: VEPCO interconnection agreement

How does everybody look for a discussion concerning the VEPCO interconnection
agreement on Tuesday, Sept 19?

I've checked with Christi, Mitch and Reagan, so they don't need to confirm.

Details to follow...

Thanks,

Kay


The report named: Wellhead Positions <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=30&report_name=Wellhead+Positions&category_cd=8&category_name=WELLHEAD&toc_hide=1&sTV1=8&TV1Exp=Y&current_efct_date=11/27/2001>, published as of 11/27/2001 is now available for viewing on the website.


I have obtained a copy of a letter from Representative Tauzin and others to FERC Chairman Hebert which appears below.  It could provide some indication of the direction FERC will take with the order it plans to issue next Monday.  Summarizing, the letter calls for a comprehensive plan for price mitigation and monitoring within the entire WSCC, which plan should:

prohibit unnecessary outages and noncompliance with sales agreements; refunds and penalties for charging rates not in compliance with the mitigation plan

adopt market mechanisms (rather than imposing rigid price controls) and allow recovery of all verifiable costs

promote conservation and demand response

Please see details below.

June 12, 2001
The Honorable Curt H

?bert, Jr.
Chairman
Federal Energy Regulatory Commission
888 First Street, NE
Washington DC, 20426

Dear Chairman H?bert:

Since last summer, the Committee on Energy and Commerce has closely
monitored the electricity situation in California.  Today, the West
continues to suffer from the second worst drought in a century, and
California faces the threat of blackouts and potential price spikes again
this summer.  After extensive review of the energy crisis in the West,
including several hearings in Washington and California, we recommend that
the Commission take further actions to help mitigate wholesale electricity
prices and keep power flowing into California.

We recognize the Commission's efforts in recent months to address the
electricity crisis in the California and western markets, including measures
to investigate and mitigate wholesale electricity prices.  While we are
pleased that current trends show reduced demand and lower prices throughout
the West, we remain concerned about the potential impacts of high wholesale
electricity prices on consumers and economic growth in California and the
entire West in the hot summer months to come.  To ensure that prices are
just and reasonable during the critical months ahead, we believe the
Commission can and should do more to mitigate wholesale electricity prices
in western markets.  We strongly urge the Commission to implement a
comprehensive plan to mitigate wholesale prices and aggressively monitor
wholesale sales of electric energy by public utilities and other market
participants within the entire Western Systems Coordinating Council (WSCC).

Specifically, such a plan should ensure that rates for all wholesale
electricity sales are just and reasonable in all markets throughout the
WSCC.  The plan should also prohibit unnecessary generation outages and
failures to comply with agreements to sell power.  If the Commission finds
that a rate charged does not comply with the price mitigation plan, it
should strictly enforce the plan and require refunds and penalties to the
full extent allowed by law.

Aware of the danger of discouraging supply, the Commission has relied upon
market-oriented methods rather than imposing rigid price controls that would
exacerbate the crisis and increase the likelihood of blackouts.  We share
the Commission's concerns regarding the need to encourage supply.
Accordingly, to prevent blackouts and contribute to a long-term solution,
the Commission's comprehensive plan should adopt market mechanisms as
appropriate and allow recovery of all verifiable costs to avoid discouraging
availability of supply and investment in new generation and transmission.

To mitigate prices and increase available supply, we also urge the
Commission to take every additional step within its authority to promote
conservation and demand response throughout the western market.  In States
where retail rates do not fully reflect wholesale costs, consumers have less
incentive to conserve.  While demand reduction incentives are not a
substitute for accurate price signals, a demand response program can
encourage conservation while retail and wholesale rates are not in parity.
Such a program should provide incentives and opportunities for both
wholesale and retail consumers to sell, at market or other incentive prices,
"foregone" electric load that they would otherwise be expected to consume.
Specifically, the Commission should: (1) establish or certify a wholesale
"clearinghouse" for demand reduction agreements; and (2) enable consumers,
whether individually or through aggregation arrangements, to sell foregone
power to their own local distribution utility or to third-party purchasers.
We recognize that individual States and utilities are implementing demand
reduction programs, but a broader, regional solution is needed to enable
sufficient demand reductions in time for an expected hot summer.  We
understand that such a program can be implemented without preempting State
laws, abrogating existing contracts, or shifting costs to non-participant
consumers.

We look forward to working with you to build upon the Commission's previous
efforts to ensure reliable power supplies at just and reasonable prices for
consumers in California and the West this summer and thereafter.  To ensure
maximum relief to western consumers in the months ahead, we request that you
take appropriate action consistent with our recommendations as soon as
possible.  We request that you respond to our recommendations in writing not
later than the close of business on Friday, June 22.  If you have questions
please contact our staff.  Thank you in advance for your cooperation with
this request.

Sincerely,
W.J. "Billy" Tauzin

Chairman

Committee on Energy and Commerce

Joe Barton
Chairman
Subcommittee on Energy and Air Quality

Heather Wilson

Member

Committee on Energy and Commerce

George Radanovich
Member
Committee on Energy and Commerce

Mary Bono

Member

Committee on Energy and Commerce

Greg Walden
Member
Committee on Energy and Commerce

William M. Thomas
Jerry Lewis

Duncan Hunter
Randy "Duke" Cunningham
Ken Calvert
Stephen Horn

Edward R. Royce
Doug Ose

Darrell E. Issa


Louis R. DiCarlo
ENA Gas Structuring
Phone: 713-345-4666
Email: louis.dicarlo@enron.com


Steve,

I am calling Anjam to give him a deadline regarding move to Houston.
If he decides to stay in Houston, you should meet with him to convey
the concerns regarding his performance.

Vince

Steven Leppard
10/13/2000 03:50 AM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Dale
Surbey/LON/ECT@ECT, Tani Nath/LON/ECT@ECT
cc: Paulo Issler/HOU/ECT@ECT, Sharad Agnihotri/LON/ECT@ECT, Zimin
Lu/HOU/ECT@ECT
Subject: Support for Exotica

All

Sharad's investigations of Exotica's status in London have turned up a very
confused state of affairs. This isn't being helped by the fact that:
1. Anjam is rarely at his desk, and can't be found anywhere in the building.
2. When he is around he isn't willing or able to provide all the information
Sharad might need to support Exotica.
This is worrying since much of our business depends on the validity of
Exotica's valuations.

Sharad will now request information from Anjam via email to leave a trail,
and I want to alert you to the fact that Sharad will be cc'ing you in on
these emails.

If things don't improve soon, I may need to request some assistance in
extracting this information from Anjam.

Many thanks,
Steve


Thank you very much for the nice card and plant. You make working here much easier and I feel like we have a great team. I really could not ask for more than what you do now. Thanks again.

	Steve


Here are the '01 O&M Budgets.  Let me know if you have any questions.
Ben


---------------------- Forwarded by Greg Whalley/HOU/ECT on 01/08/2001 12:34
PM ---------------------------

"Andurand , Pierre" <Pierre.Andurand@gs.com> on 01/08/2001 02:30:23 AM
To: "'Greg.Whalley@Enron.com'" <Greg.Whalley@Enron.com>
cc:
Subject: US WTI swaps

Greg,
What is the difference between NX1 and NX2 ?
Thanks and best regards,

Pierre

Pierre Andurand

Energy Derivatives Trading
Goldman Sachs - Singapore


i think it is something we need to do.  please set it up

Caroline Abramo@ENRON
11/14/2000 11:06 AM
To: John Arnold/HOU/ECT@ECT
cc: Per Sekse/NY/ECT@ECT
Subject: microphone to houston

John-

What do you think of getting a direct mic from New York to Houston as soon as
possible?  We had one at my last employer from NY to London which worked
great.  You can tun it on or off but it allows us to communicate without
getting on the darn phone - I am sure its a total annoyance to pick us up.

The steno is still a phone to me and its not recorded.

We could keep it between you and Mike.

We are getting a few more funds to trade now- some program guys among them
who will need quicker execution.  I know you and Per have discussed the idea
of them calling you direct but I think, for now, the mic is a better answer.
I can sit down with you when I am down there to discuss and give you an
update of who we are planning to trade with.

Best Rgds,
Caroline


Member Services
Notice No. MS-24
April 23, 2001

COMMODITY EXCHANGE, INC.

 NOTICE OF INTENTION TO TRANSFER MEMBERSHIP

Notice of Intention to Transfer Membership has been posted on the bulletin
board of the Exchange by:

Joseph Augello (ELLO-7102)

In connection therewith, notification of any claims against the
aforementioned individual arising out of transactions executed on the
Exchange up to the close of business on April 23, 2001, must be submitted to
the Corporate Secretary's Office within ten (10) days.

Inquiries regarding the above should be directed to the Member Services
Department at (212) 299-2370.

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

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(MS-24)"

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


I'm ok, but want the lawyers to focus on the waiver of the credit provisions of the tariff by allowing them to flow Jan 1.

 -----Original Message-----
From: 	Rapp, Bill
Sent:	Friday, December 28, 2001 2:29 PM
To:	Hayslett, Rod; Cherry, Paul; Watson, Kimberly; Lohman, TK
Cc:	Fossum, Drew; Porter, J. Gregory
Subject:	Richardson Products Co.

Attached for your review and comments is a draft of a letter to Richardson Products Co. demanding security or payment of the outstanding invoice.

 << File: SRCredit.doc >>


I completely agree with you.

Nevertheless, I am sorry if I did not make myself clear when we talked about
this last Tuesday: I am not advocating penalizing business units because of
their 1week ROVARs or Sharpes.  I would certainly not set traders' bonuses
based on these numbers (nor do I think anyone at Enron would consider doing
that).

Enron focuses on long term profit and risk.  However, the long term is made
up of many short terms, and catastrophes can occur if a company's management
does not pay close attention to the latter.  Indeed, Enron management is very
interested in short term profitability (they want to be notified of very
large 1 and 5 day losses) and short term risk (we report daily VaR limit
violations).  In this spirit, I am simply offering 1 and 4 week ROVARs and
Sharpes as something interesting and useful that we can now produce from the
DPR database, and I will let upper management use or ignore them as they see
fit.

Regards,

Eugenio

Naveen Andrews@ENRON
09/08/2000 11:13 AM
To: Eugenio Perez/HOU/ECT@ECT
cc: Ted Murphy/HOU/ECT@ECT
Subject: Risk Metrics

Eugenio,
        In regard to your recent e-mail concerning RoVar, Sharpe and other
risk metrics, and our meeting on Tuesday, it is imperative to understand that

(1) While P&L is a number one can aggregate on a daily basis, VaR numbers on
1-week or 4-week basis, and consequently RoVaR numbers, are not meaningful
operationally (ie, trading activity and senior management decision-making)
and statistically.  RoVaR and Sharpe were designed to measure business unit
performance over extended time periods (preferably a year).  Specifically,
you cannot penalize, or make  reasonable business decisions about  a  unit ,
because of their 1-week RoVar or Sharpe.

(2) Significant trading activity at ENE is composed of long-term strategic
trades (seasonal plays with durations of over 6 months, perhaps), wherein
desk heads and  senior management have an intuitive feeling for their RoVaR
(OVER 6 MONTHS).   A 1-week or  4-week "interim" number  in this case is not
useful.   Traders might purposefully want to make  a certain 1-week or 4-week
RoVaR LOW in their trading activity if they believe their 6-month number can
be HIGH.  In such a case, a 1-week number might send dangerous messages to
senior management.

(3) Conceptually,  P&L and VaR, in isolation, are numbers which are sound and
rigourously calculated.  The Ratio, however,  one has to be careful about.
The numerator (cumulative P&L over a certain period) can be aggregated by
simple arithmetic summation, no problems.  However, the denominator (average
daily VaR over a certain period) relies on the underlying assumption that
each point in your time series is independent and correlationless.  To get a
sufficient statistic for the denominator, one would have to take a large
sample in your series (6 months or more), for a DAILY AVERAGE VaR number to
be meaningful, statistically.

(4) The RAC group has instituted similar metrics which have been in usage
for over two years.  The numbers are shown to the B.O.D with the express
intent of comaring business unit performance on a 6-month or yearly tenor.
Please contact Matthew Adams (RAC) or myself  to make sure that we are on the
same footing regarding the actual calculation of such metrics.  Also, in the
future, just to be consistent and on-the-same-page, please contact me or Mr.
Adams if any risk-related numbers are to be showcased in a public forum.

(5) Finally, as you can probably corroborate, senior management might  not
be  fully versed on the nuances of VaR, let alone 1-week VaR ratios.
Therefore, one has to be wary of the misuse of ratios and risk metrics.

I liked your presentation of your database on Tuesday.  I think it is a nice
step in aggregating and dissecting  P&L from disparate sources.

Best Regards
Naveen


Hi Juan,

I had another error message today.  The box was titled "cmd.exe", and the
message was "directory name invalid".

My computer is working so far, just thought I would report this for future
reference.

Have a good day,

Kay


Please change the zone location for meters T0012 and T0A62 from North Other
to South Other.

Thanks


FOEX published its index today

NBSK 469.23 down $8.04 or 1.68%  from last week.
BHKP came at 402.09 down $6.41 or 1.57% from last week

The average prices for the month of July were: NBSK $483 and NBHK $410 compared to last month's average of  $521(NBSK) and $453(NBHK).
See attached


The following file contains a graphical view of the North American Gas average deal count by Trader and Product for EOL. This information is for comparative analysis only.  Do not update links when opening this file.

If you have any questions regarding this breakout, please let me know .

Thanks,
Adam Johnson
x54877
EnronOnline


This is a reminder that we have a Houston GBN steering committee meeting this
Sunday, March 12th, at 4:30 pm at Guadalajara Restaurant on 59 between
Buffalo Speedway and Kirby.  Please let myself of Glenn know if you can make
it.

Hopefully, you have received invites or e-mails about the Steve Patterson
event on March 15th and the Houston Aeros game with the Texas Exes on March
31st.

Chris


Mark,

 Thank you for the offer, but I am not doing the ride this year.
 Good luck.

Phillip


Russell,

I don't believe we intend to qualify in all of those states.

Kay

Russell E Murrell
09/15/2000 04:41 PM
To: Teresa Callahan/Corp/Enron@Enron
cc: Deb Korkmas/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Lillian
Bailey/Corp/Enron@Enron

Subject: Authorization to revise documents to reflect change from Enovate to
enovate.

Per our conversation this morning, please revise the name change documents to
reflect enovate with a lower case "e" rather than Enovate.

We will be distributing marketing materials in Illinois, Indiana, Texas,
Wisconsin, Michigan, Iowa, Alberta (Canada).

Thanks for your assistance.  Let me know if you need anything.

Russell
(312) 541-1159


---------------------- Forwarded by Kay Mann/Corp/Enron on 05/16/2001 11:15
AM ---------------------------
From: Suzanne Adams@ECT on 05/16/2001 10:30 AM
To: Sheila Tweed/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT, Lisa
Bills/Enron@EnronXGate, Roseann Engeldorf/Enron@EnronXGate, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, kay.mann@enron.com, Bill
Williams/ENRON@enronXgate, Ed B Hearn III/HOU/ECT@ECT
cc:

Subject: GE Call

There will be an internal GE call today at 2:00 p.m. CDT.  I have sent an
email to the GE people telling them there will be no call.

Dial In:  1-888-285-4585

Participant: 536220

Host:  121970 (Sheila)


Fred:  I am continuing to update your list based upon legal/credit meetings
and requests for master agreements.  If you have priorities, please let me or
Susan Flynn know.  Sara


Come chat with me when you get a chance.  I see you are not at your desk, as
usual.


February 27, 2001

To:
The Equity Holders Advisory Committee

From:
Daniel Rappaport
Chairman, Equity Holders Advisory Committee

Re:
Meeting Notice

Please be advised there will be a meeting of the Equity Holders Advisory
Committee on Monday, March 5, at 3:45. The meeting will be held in Room 1016
at One North End Avenue.

The agenda for the meeting is as follows:

1. Ballot Referendum
2. Other Business

Please make every effort to attend.

Thank you.

DR/pmc

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

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc="

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


Hi Sara, let me know if the attachment will work.

Thanks,
Melissa
3-1886


Hi All,

Luke Tatsu Johnson arrived at 3:26 AM on 2/5.  Tatsu is Japanese for dragon -
2000 is the year of the dragon.  He weighed in at 9 lbs. 14.5 oz.  Mom and
Luke
are doing great!!  Talk to you soon.

Proud Papa,

TJ

 - Mama'sLap.JPG
 - LukeNursery2.JPG
 - Father&Son.JPG


596368
broker has powerex


Louise

the list you sent - is this a list of the people you believe is
necessary from the logistics functions which are critical to run the
North American Gas and Power business?

Thanks

Colette

-----Original Message-----
From: Louise.Kitchen
Sent: Wednesday, January 09, 2002 12:50 PM
To: Dow, Colette
Cc: Louise.Kitchen
Subject:

 <<people.xls>>

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308

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

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This message contains confidential information and is intended only
for the individual named.  If you are not the named addressee you
should not disseminate, distribute or copy this e-mail.  Please
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[IMAGE]
 Fantasy Football on Live Radio!  Be sure to tune into SportsLine Radio every Friday at 4 pm ET for The Fantasy Advantage, the most informative and entertaining Fantasy Football Show on the Net! Commissioner.COM Managing Editor Scott Engel and featured expert Michael Fabiano have all the latest news and analysis for you, along with insights from beat writers and pro football insiders! Enjoy a full hour of Fantasy Football talk every week!  NFL FANS - SAVE 10% on Team Caps!  Represent your team in a fitted, adjustable or logo cap. Enter coupon code CTP6W92Y at checkout to receive this exclusive offer. Ends 11/6/01.  Attention Fantasy Fans!  Subscribe to The Sporting News  now for a low $.99 per issue AND get a FREE Stainless Steel Thermo-Bottle! HURRY!    Brought to you by   Sponsorship Bar You are receiving these e-reports because you have signed up for CBS SportsLine.com Fantasy Football.  To customize, reschedule, or turn off these reports please  click here      Player Updates NFL Reports   [IMAGE] Latest NFL Player News    Terry Glenn  , WR NE - The Fat Bastards Updated 10/25/01   Glenn's status for Sunday's game is uncertain, according to The Boston Globe . He did some running but did not practice Wednesday. Glenn is still recovering from a hamstring injury and the Patriots want to see how his leg holds up before activating him Sunday.     Drew Bledsoe  , QB NE - The Executioners Updated 10/25/01   The Boston Globe reports that there is a possibility that Bledsoe might be able to fill in as the emergency QB Sunday. Although he is still under his playing weight, he has begun throwing and doing individual passing drills.     Chad Morton  , RB NYJ - Free Agent Updated 10/25/01   Morton might be able to play this Sunday, according to The Bergen Record . He has missed the past three games because of an ankle sprain.     Marco Battaglia  , TE CIN - Free Agent Updated 10/25/01   Battaglia is listed on the injury report as probable. He has a calf injury but is expected to play in Sunday's game at Detroit.     Chad Johnson  , WR CIN - Free Agent Updated 10/25/01   Johnson is making progress in his recovery from a broken clavicle, but The Cincinnati Enquirer reports that he will be sidelined for several more weeks. Ron Dugans will fill in as the third receiver in his absence.     Chris Sanders  , WR TEN - Free Agent Updated 10/25/01   Sanders has responded well to back treatment and might play Monday, according to The Nashville Tennessean . However, Sanders is used as a third receiver on a run-oriented team and won't be too productive even if he is healthy.     Tyrone Wheatley  , RB OAK - One Man Show Updated 10/25/01   Wheatley did not practice Wednesday because of a wrist and knee injuries, but head coach Jon Gruden told The Contra Costa Times that he is making progress. He is listed as questionable for Sunday's game against the Eagles.     Keyshawn Johnson  , WR TB - The Lie Downs Updated 10/25/01   Johnson ran in the morning and afternoon but did not practice Wednesday, according to The St. Petersburg Times . Johnson is recovering from hip and thigh injuries but is expected to play Sunday.     Jacquez Green  , WR TB - The Guzzlers Updated 10/25/01   Green is listed as questionable for Sunday's game against Minnesota. He is recovering from a groin strain. Frank Murphy will replace Green at receiver if he is unable to play.     Warrick Dunn  , RB TB - One Man Show Updated 10/25/01   Dunn participated in running drills Wednesday and did not have any setbacks in his recovery from a toe injury, according to The St. Petersburg Times . Nevertheless, Dunn is still listed as questionable for this week's game against Minnesota.     Ike Hilliard  , WR NYG - oops, I did it again Updated 10/25/01   Hillard is suffering from soreness in his surgically-repaired foot, according to the New York Newsday . The foot was sore following the Giants game against St. Louis in Week Five but it is even more sore now. Keep an eye on this situation. This condition might force Hilliard to the sidelines if it intensifies.     Damon Jones  , TE JAC - Free Agent Updated 10/25/01   Jones' status for this week's game is questionable, according to The Florida Times-Union . He missed practice on Wednesday because of a shoulder injury. Kyle Brady will get most of the looks at tight end if Jones is unable to play.     Elvis Joseph  , RB JAC - Free Agent Updated 10/25/01   Joseph took a lot of snaps in practice Wednesday and will be incorporated in as the third-down back, according to The Florida Times-Union . Joseph won't have much value in this job but he will take carries away from starter Stacey Mack.     Tyrone Davis  , TE GB - Free Agent Updated 10/25/01   Davis could return from his hamstring injury sooner than what was originally expected, according to published reports. He might begin practicing next week and will almost certainly be activated before his target date of Thanksgiving. Davis has been sidelined since August because of hamstring surgery. Nevertheless, he will be the No. 2 tight end when he returns.     Elvis Grbac  , QB BAL - Thrill Kill Cult Updated 10/25/01   Grbac will likely be a game-time decision for Sunday's game, according to The Baltimore Sun . He threw very little in practice and is still suffering from a sore chest. Randall Cunningham will start if Grbac is unable to play.      Randy Moss  , WR MIN - Meximullets Updated 10/25/01   Moss is suffering from tendonitis in his left Achilles tendon, according to The Pioneer Press . Moss missed practice Wednesday but is expected to play on Sunday.     Tony Martin  , WR ATL - The Snake Pit Updated 10/25/01   Martin might be ready to play when the Falcons resume their season on November 4. He has been sidelined for the past four games because of a broken collarbone but the Atlanta Journal-constitution reports that he ran routes on Wednesday and caught some passes.     Wane McGarity  , WR DAL - Free Agent Updated 10/25/01   The Saints have signed McGarity, who was released by the Cowboys earlier this season. McGarity will be used mostly on returns, but he might eventually work his way into the Saints' regular rotation of receivers.     Matt Stover  , K BAL - The Snake Pit Updated 10/25/01   Stover has a minor leg injury that will prevent him from kicking off but he will be able to kick field goals, according to published reports. The injury isn't considered serious but the Ravens are considering Steve Lindsey and Jaret Holmes as candidates to handle kickoffs.     Eric Metcalf  , WR OAK - Free Agent Updated 10/25/01   The Washington Redskins signed Metcalf on Wednesday. He will be used mostly as a returner and has minimal Fantasy value.      Tim Biakabutuka  , RB CAR - The Guzzlers Updated 10/25/01   Biakabutuka will be out until at least training camp with a fracture and other structural damage to his right foot. "He's not going to be really ready to do any work that would be football related until next summer," coach George Seifert said Wednesday. "Basically, it just separated," Seifert said of the top part of Biakabutuka's foot. "The ligaments, tendons and bone broke, so it all had to be put back together." Richard Huntley, who will replace Biakabutuka in the starting lineup, visited his teammate at the hospital Tuesday. Huntley said the injury was far worse than he expected and he's concerned Biakabutuka won't play again.        James Stewart  , RB DET - The Lie Downs Updated 10/25/01   Stewart will probably play on Sunday against the Bengals. The Detroit Free Press reports that his ankle injury has now been identified as a bad bruise and not a sprain.     Wayne Chrebet  , WR NYJ - Who's Yo Daddy Updated 10/25/01   Chrebet, the New York Jets' top receiver, will miss Sunday's game at Carolina with a head injury. He was hit in the helmet by St. Louis Rams' defensive tackle Brian Young on Sunday and left the game complaining of dizziness. It was the second consecutive week that a head injury knocked Chrebet out of the game. He left the Jets' win over Miami in the second half on Oct. 14. Coach Herman Edwards described Chrebet's ailment as "post-trauma migraines" and said he wanted to be extra cautious with the injury.  Edwards said Chrebet passed the various tests and scans he was given. Laveranues Coles will be the top receiver in his absence. Rookie Kevin Swayne will move ino the starting lineup.       Terrell Davis  , RB DEN - Meximullets Updated 10/25/01   Davis disputed rumors that he may have a stress fracture in his leg and could be lost for the season. "At this point in time, I'm on schedule to play this Sunday," Davis said. Davis, who has missed five games this year and 29 since 1999, admitted that his right knee remains sore, but he has been well enough to play on the scout team the past two weeks. He remained on the scout team Wednesday as the Broncos prepared for this week's game against the New England Patriots. Davis was listed as questionable on the weekly injury report. Don't bother to start him. His abilities will be limited if he does play Sunday.        Clint Stoerner  , QB DAL - Free Agent Updated 10/25/01   Starting quarterback Anthony Wright didn't practice Wednesday because of fluid on his right knee, and might not play Sunday. Head coach Dave Campo said Stoerner would start ahead of Ryan Leaf, if Wright isn't ready to play. Using Stoerner in your starting lineup would be a risky move. Stoerner, a second-year player from Arkansas, has never started in the NFL. He has played in only three games, completing 4 of 7 passes for 44 yards and two touchdowns in his two appearances this season.       Anthony Wright  , QB DAL - Free Agent Updated 10/25/01   Wright didn't practice Wednesday because of fluid on his right knee, and coach Dave Campo indicated Wright might not play Sunday.   Wright expected to have results of an MRI exam Thursday, and Campo said he wouldn't make a final decision on the quarterback's playing status for the Arizona game until after that. Campo said Clint Stoerner would start ahead of Ryan Leaf if Wright isn't ready to play Sunday. Campo said there was a good chance that Leaf could play for the Cowboys on Sunday. Leaf apparently hasn't been with the team long enough to merit a starting spot yet.        Terrell Davis  , RB DEN - Meximullets Updated 10/24/01   Davis is sufficiently healed from a knee injury, but now his lower left leg is giving him problems and will probably keep him out of action this week. X-rays revealed no stress fracture, says the Denver Post , but Davis' leg is throbbing. Mike Anderson will retain the starting job for now. If Davis is able to play, which seems unlikely, he will be very limited.    Amani Toomer  , WR NYG - The Fat Bastards Updated 10/24/01   According to published reports, Toomer might be benched in favor of WR Joe Jurevicius. Ike Hilliard will join Jurevicius if Toomer is demoted. Toomer caught only three passes Monday night against the Eagles and did not have a reception for more than 10 yards. Head coach Jim Fassel demoted Toomer last season, in an effort to motivate him.     Wayne Chrebet  , WR NYJ - Who's Yo Daddy Updated 10/24/01   Chrebet will miss Sunday's game at Carolina with a head injury. Coach Herman Edwards described Chrebet's ailment as "post-trauma migraines" and said he wanted to be extra cautious with the injury.   Edwards said Chrebet passed the various tests and scans he was given. Chrebet will be replaced by Kevin Swayne, a 26-year-old rookie who played in both the Arena League and the XFL during the past year. He has now been playing football for 40 straight weeks and has one catch for 19 yards in the NFL.      Chris Sanders  , WR TEN - Free Agent Updated 10/24/01   Sanders will not require surgery on his back. He will be re-evaluated after receiving an injection. His return date is unclear.    More Updates    Player News Teams   [IMAGE]       [IMAGE]   Select Team     [IMAGE]        [IMAGE]  Please select a team above and click on GO.       [IMAGE]  Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc. Your site can be reached from http://fantasy.sportsline.com   FB10SP


Just a note to let you know that CBS SportLine.com's Fantasy
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This message was sent to: matthew.lenhart@enron.com
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Stan Horton called about the production tax credit for Enron Wind. (Enron Wind is one of the many companies he's responsible for and he is going to be getting more deeply involved, at least on this issue).  I will forward your latest update (originally to Mark Metts), but I think you should provide a new update for Stan as well as a discussion of what we are doing (or should be doing) to get the extension.


-----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com]
Sent:	Monday, November 26, 2001 1:31 PM
Subject:	Cash Out Indices - November 2001

November 26, 2001

To:  Transcontinental Gas Pipe Line Corporation Customers
     and Shippers

Re:  Cash Out Indices - November 2001

    FT                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.4525        2.0750	    2.9650
  Zone 2                2.4863        2.1075     2.9975
  Zone 3                2.5200        2.1400     3.0300
  Zone 4                2.5338        2.1522     3.0461
  Zone 5                2.5950        2.2060     3.1172
  Zone 6                2.6445        2.2495     3.1747

    IT                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.4525        2.0750     2.9650
  Zone 2                2.4863        2.1075     2.9975
  Zone 3                2.5200        2.1400     3.0300
  Zone 4                2.5745        2.1929     3.0868
  Zone 5                2.7807        2.3917     3.3029
  Zone 6                2.9387        2.5437     3.4689

   FTG                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.4525        2.0750     2.9650
  Zone 2                2.4863        2.1075     2.9975
  Zone 3                2.5200        2.1400     3.0300
  Zone 4                2.6016        2.2200     3.1139
  Zone 5                2.9045        2.5155     3.4267

                         AVG.          BUY        SELL
                        ------        ------     ------
  FTNT                  2.5375        2.1500     3.0500

For information concerning cash out transactions, please contact
Casilda Vasquez at (713)215-4504.

Stella Yu
Manager - Rate Systems
(713)215-3381


LUV YA BABY
DQ


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/21/2001
04:25 PM ---------------------------

"George Richards" <cbpres@austin.rr.com> on 02/21/2001 06:32:15 AM
Please respond to <cbpres@austin.rr.com>
To: "Phillip Allen" <pallen@enron.com>
cc: "Larry Lewter" <LLEWTER@austin.rr.com>
Subject: SM134 Proforma2.xls

There have been some updates to the cost.  The principal change is in the
addition of masonry on the front of the buildings, which I estimate will
costs at least $84,000 additional.  Also, the trim material and labor costs
have been increased.  I still believe that the total cost is more than
sufficient, but there will be additional updates.

The manager's unit is columns J-L, but the total is not included in the B&N
total of rentable units.  Rather, the total cost for the manager's unit and
office is included as a lump sum under amenities.  I may add this back in as
a rentable unit and delete is as an amenity.

The financing cost has been changed in that the cost of the permanent
mortgage has been deleted because we will not need to obtain this for the
construction loan approval, therefore, its cost will be absorbed when this
loan is obtained.

Based on either a loan equal to 75% of value or 80% of cost, the
construction profit should cover any equity required beyond the land.

George W. Richards
Creekside Builders, LLC

 - SM134 Proforma2.xls


This is an FYI.

The Associate/Analyst program will be holding an information lunch next
Wednesday, June 14, from 11:30 a.m. to 1:00 p.m.  The scheduled speakers are
Jeff Shankman, Managing Director with ENA Gas Trading, and Sally Beck, VP
with Energy Operations and Globel Risk Management.

Click on attachment above for more details and where to pick up your tickets.

Please respond by 12:00 noon Monday, June 12, 2000 to Debbie Flores by e-mail
@dflore2@enron.com, or by phone at x5.7344.

Thank You.
Debbie Flores


Working great!

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

	Mary Cook
	03/01/2001 09:48 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: File Check Out Cards

We discussed the idea of each file having its own card.  It was the consensus
that this would be too much to track on a going forward basis due to all the
name changes, mergers and the like.  I suggest we delay this project and
assess how the new system works for awhile.  Then after we get caught up on
other of the projects, we can reassess this idea.  Let me know what you
think.  Mary

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


Eva,

The project finance documents were in the material forwarded to you.  We can
specifically discuss the existing credit support and where you will find both
the credit support requirements and existing guaranties if that would be
helpful.  Shonnie

	Eva Neufeld@ENRON
	08/10/2000 09:18 AM

		 To: Shonnie Daniel
		 cc: Janet Place/NPNG/Enron@ENRON, John Jesse/NPNG/Enron@ENRON, Jerry
Peters/NPNG/Enron@ENRON, Gaye Lynn Schaffart/NPNG/Enron@Enron, Paul Miller,
Robert Hill
		 Subject: LOU

Shonnie,

 I wanted to let you know what I've found out regarding the "Buyer Credit
Support" section of the LOU.
John Jesse, Finance and Credit,  has been talking with Ranabir, but is not
comfortable signing off on the section because he hasn't been able to review
any of the financial documents.

 As a means to resolve this issue and move forward, I suggest that an
Attachment for this section be created and each credit support obligation be
listed.    I believe that the specificity of the list and further discussions
with Ranabir and others, as necessary, would provide us the necessary
information.

 Let me know what you think.  Thanks.  Eva.


Congratz.  Do we know for how long a decision will be delayed?

Best,
Jeff

	Susan J Mara 07/02/2001 04:29 PM 	   To: Andrew Wu/HOU/EES@EES, Angela Schwarz/HOU/EES@EES, Carol St Clair/Enron@EnronXGate, Dan Leff/HOU/EES@EES, David W Delainey/HOU/EES@EES, Don Black/HOU/EES@EES, Elizabeth Sager/Enron@EnronXGate, Evan Hughes/HOU/EES@EES, Gayle Muench/ENRON@enronXgate, Harry Kingerski/NA/Enron@Enron, James E Keller/HOU/EES@EES, Janet R Dietrich/HOU/EES@EES, Jeff Dasovich/NA/Enron@Enron, Jeff Richter/Enron@EnronXGate, James D Steffes/NA/Enron@Enron, Marty Sunde/HOU/EES@EES, Michael Mann/HOU/EES@EES, Mike D Smith/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES, Robert C Williams/Enron@EnronXGate, Scott Gahn/HOU/EES@EES, Sean A Holmes/HOU/EES@EES, Tim Belden/Enron@EnronXGate, Tom Riley/Western Region/The Bentley Company@Exchange, Travis McCullough/Enron@EnronXGate, James D Steffes/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Vicki Sharp/HOU/EES@EES, Michael Tribolet/ENRON@enronXgate  cc:   Subject: In case you haven't heard about the likely CPUC delay and PX Credit off the table

We're hearing the vote will be delayed until July 12 -- no final confirmation yet. And now BOTH draft decisions have been modified to defer action on the PX Credit issue. A major victory on that issue.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854


Looks like he punted to Russell Diamond.  Give Russell a call and let him
know what we need.

	Eric Gillaspie
	07/19/2000 05:08 PM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: Entex assignment of contracts

Query:  What does this mean as far as our assignment request?

Eric Gillaspie
713-345-7667
Enron Building 3886
----- Forwarded by Eric Gillaspie/HOU/ECT on 07/19/2000 05:07 PM -----

	Brant Reves
	07/19/2000 08:12 AM

		 To: Veronica Espinoza/Corp/Enron@ENRON, Russell Diamond/HOU/ECT@ECT, Brad
Schneider/Corp/Enron@Enron
		 cc: Eric Gillaspie/HOU/ECT@ECT
		 Subject: Entex assignment of contracts

Russell,

Please follow up on this and pursue a guaranty amendment if neccesary.

Thanks
brant

---------------------- Forwarded by Brant Reves/HOU/ECT on 07/19/2000 08:08
AM ---------------------------

Eric Gillaspie
07/12/2000 04:19 PM
To: Brant Reves/HOU/ECT@ECT
cc:
Subject: Entex assignment of contracts

Mr. Reves,

I have not received a response in regards to the assignment of the Entex
contracts (as discussed below) from a credit standpoint.  We would like to
make the assignment as soon as possible so long as credit does not have an
issue with the new Entex entity.

Thanks,

Eric Gillaspie
713-345-7667
Enron Building 3886
----- Forwarded by Eric Gillaspie/HOU/ECT on 07/12/2000 03:54 PM -----

	Eric Gillaspie
	06/27/2000 04:49 PM

		 To: Brant Reves/HOU/ECT
		 cc: Gerald Nemec/HOU/ECT@ECT, Jackie Morgan/HOU/ECT@ECT
		 Subject: Entex assignment of contracts

Mr. Reeves,

Entex Gas Marketing intends to assign certain interruptible gas
transportation agreements to a new company of theirs which is:

 Entex Gas Resources Corp.  (it is a TX Corp.)
 P.O. Box 200905
 Houston, TX 77216

Would you please run a credit check on this new entity.

Thanks,

Eric Gillaspie
713-345-7667
Enron Building 3886


Sorry There's another re proposed power plant development in the vicinity of
Midway, Colorado dated December 14, 2000 for 1 year.

Kay C. Young
Legal Specialist
Enron North America Corp.
713-853-6794 Phone
713-646-3393 Fax
kay.young@enron.com

	Gerald Nemec
	03/02/2001 02:27 PM

		 To: Kay Young/HOU/ECT@ECT
		 cc:
		 Subject: Data Sheet

Please see attached.  Thanks.


Matt,

I just talked to Kathy Axford, and she wanted me to thank you for calling her and leaving a nice message.  She would love to chat with you when you get a moment.  Her home number is 503-255-8664.

Kathy


Test message, I wrote up a whole e-mail and lost it,  my e-mail is acting up,
so before I re-type this, I want to see if you get this!


Are you ok?

ckm


As you may be aware, Enron Corp. is a member of the Official Unsecured
Creditors' Committee appointed in the Pacific Gas and Electric Company
bankruptcy case. Michael Tribolet with the Risk Assessment and Control Group
is Enron's designated representative on the committee and he is being
assisted by Lisa Mellencamp in the Enron North America Corp. legal group.
Please be advised that they will be restricted from disclosing certain of the
information that they receive.

Attached are Ethical Wall Procedures regarding confidential information that
Enron may receive as a member of the committee. It is important that you read
the procedures promptly, print the Employee Certification attached and sign
and return the Employee Certification to the Compliance Department as
directed.


---------------------- Forwarded by Don Miller/HOU/ECT on 10/19/2000 06:14 PM
---------------------------

"Daigh, John" <JDaigh@utilicorp.com> on 10/19/2000 09:43:45 AM
To: "'Don.Miller@enron.com'" <Don.Miller@enron.com>
cc: "Frantz, Rick" <RFrantz@utilicorp.com>
Subject: RE: Aquila Question 10.19.00

Don, to be more specific....
1) Are the units started in parallel or sequence? (Could you please provide
a diagram of the ramp-up sequence to include timing)
2) How much start up power is required?
3) Is start up power purchased from Cinergy &/or IPL?  At what tariff rate?
4) How many Mwh are produced during start up? (May include as part of #1)
5) How much fuel is burned (MMBTU's) during start up?(May include as part of
#1)

Thanks for your help Don.
John
-----Original Message-----
From: Daigh, John
Sent: Thursday, October 19, 2000 8:49 AM
To: 'Don.Miller@enron.com'
Cc: Frantz, Rick
Subject: Aquila Question 10.19.00

Can all four units at Wheatland be started simultaneously?


Hi Lisa,

Sounds good to me.

We will be sending unsigned docs, with signature pages to be provided later?

Kay

From: Lisa Bills/ENRON@enronXgate on 01/10/2001 03:09 PM
To: Kay Mann/Corp/Enron@Enron
cc: Ben Jacoby/HOU/ECT@ECT, Fred Mitro/HOU/ECT@ECT,
f_mitro@hotmail.com@SMTP@enronXgate, Roseann Engeldorf/Corp/Enron@ENRON,
Catherine Clark/ENRON@enronXgate

Subject: RE: Notice of Approval of Facility Agreements / Escrow Status

Kay,
Catherine and I have spoken with the bank about the Notice.  Please have all
the paperwork ready to go by 10 am CST tomorrow other than the Purchase
Amounts.  I will provide my last comments to the docs this afternoon if Rose
will pls do the same.  Approx. 10:30 am CST, Catherine will provide you the
three Purchase Amounts for insertion.  You will then need to send the package
to Shazia at CSFB, as Admin Agent, by 11:00 am CST on Thursday, Jan 11th.
The closing will occur on January 18th so long as our money makes it to the
Payment Account (Fred and Ben, this is in your court to insure).

Lisa

 -----Original Message-----
From:  Mann, Kay
Sent: Wednesday, January  10, 2001 2:55 PM
To: Bills, Lisa; Engeldorf, Roseann; Clark, Catherine
Cc: Jacoby, Ben; Mitro, Fred; f_mitro@hotmail.com
Subject: Notice of Approval of Facility Agreements / Escrow Status

It looks like things are moving forward on the Intergen/CA deal.  If we can
verify the status of the wires we will want to give notice today.  Fred Mitro
is working on this and will give you a call to up date the status.

I have not seen the final numbers to plug into the notices.  Is this
information available?

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/10/2001 02:41
PM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 01/10/2001 02:34:22 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "'ben.f.jacoby@enron.com'" <ben.f.jacoby@enron.com>,
"'f_mitro@hotmail.com'" <f_mitro@hotmail.com>, "Keffer, John"
<JKeffer@KSLAW.com>

Subject: Notice of Approval of Facility Agreements / Escrow Status

Kay:

We have received by fax a new letter from SEL to ENA advising that all three
Facility Agreements delivered under ENA's January 8, 2001 letter are
acceptable to SEL, subject to the addition of Exhibit H-2 training materials
(omitted from the electronic version of the facility agreements) identical
to that inserted in the forms attached as exhibits to the turbine letter
agreements.  I will have copies of Exhibit H-2 made and inserted as
appropriate.

The notice letter resolves all of the issues presented by the letter
previously tendered.  This new letter dated January 9, 2001 establishes
today, January 10, as the deadline for SEL funding the escrow, and Thursday,
January 18, 2001 (due to bank holiday on the 15th) as the closing date.

Fred just reported that Lari Paradee has advised that the three wire
transfers funding the escrows have been sent and that Citibank has confirmed
to her that the two $16.1 million wires have been received, with
confirmation on the transformer wire still pending.  She is to circulate
confirmation numbers as soon as available.  Enron may wish to independently
verify funding.

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

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


Do we still need to be transporting Bridgeport CNG produciton gas through
Coronado to CGAS?  AND if YES, will this gas always need to go through
Coronado?  I thought that was just a seasonal thing


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Scott Mollner Recomendation
http://www.carrfut.com/research/Energy1/recom12-04-01.pdf


As per request, kindly find below an aggregate view on the URM positions (in nominal MWH) in the largest 10 States for Nov. 2001.  The positions below represent just above 70% of the total positions that URM is taking.

Kindly let Brian and I know if you have any question.  Meanwhile, may I remind you that URM is hypersensitive to this sort of aggregation, so please limit its circulation as you see appropriate.

Many thanks.

AI

Executive Summary

NY Total	(11,999,046)
IL Total	(10,554,502)
CA Total	(9,884,779)
NJ Total	(8,609,126)
TX Total	(7,100,505)
SC Total	(6,164,301)
MA Total	(4,858,380)
OH Total	(4,488,396)
FLTotal	(4,335,697)
IN Total	(4,291,855)
	(72,286,587)

 -----Original Message-----
From: 	Ibrahim, Amr
Sent:	Friday, November 09, 2001 2:52 PM
To:	Montovano, Steve; Allegretti, Daniel; Fromer, Howard; Hoatson, Tom; Staines, Dan; Rishe, Frank; Robinson, Marchris; Sullivan, Kathleen; Migden, Janine; Boston, Roy; Stroup, Kerry; Kaufman, Paul; Comnes, Alan; Mara, Susan; Ryall, Jean; Kingerski, Harry; Ogenyi, Gloria; Keene, Patrick; Gottfredson, Bryan; Frank, Robert
Cc:	Steffes, James D.
Subject:	URM Positions for Nov. 2001

Colleagues:

The URM positions are now available by NERC, State, Utility, Rate, and Counter Party for the months of Nov., 2001.  As the positions are now reported in NPV MWH, they may be slightly different that what you had before, which were in Nominal MWh. The discount rate is LIBOR.

Additionally, also available are the current retail physical positions by State and Utility. This is a one shot report for the month of November and Risk Analytics is working on making it monthly.  I shall keep you posted.

Please let Brian (713-345-2430) and I (713-853-3037) know if you have any question.

Brgrds

AI


SENT ON BEHALF OF BRITT DAVIS:

This is to invite you to the annual Litigation Unit In-house Ethics CLE
Seminar, which we have scheduled for Thursday, November 9, 2000, at the
Doubletree at Allen Center.  As in the past, we are proud to present as our
speaker Prof. John Dzienkowski of the University of Texas School of Law.  An
open bar will be available from 4:30-5:00 p.m.; the presentation will take
place from 5:00-6:00 p.m; and there will be a post-presentation open bar
(with plenty of boiled shrimp and other finger food) available from 6:00-7:00
p.m.  We anticipate obtaining one hour ethic's credit from the Texas Bar for
this presentation.  We will be videotaping it for the use of those whose
schedules do not permit them to attent.  As always, this is at no cost to you.

If you plan to attend, please RSVP to Deborah Shahmoradi by e-mail as soon as
you can.

We look forward to seeing you there!

Britt K. Davis
Enron Litigation Unit


In celebration of EnronOnline's one millionth transaction this week, we
would like to invite you to a celebration party  on Thursday, June 7th from
5- 8 p.m. at The Grasshopper (506 Main Street @ Prairie in downtown).  Please
RSVP  as soon as possible by clicking on the link below.

 http://207.21.193.94/invitation/

 I hope to see you there.

 Andy Zipper