---------------------- Forwarded by Cynthia Sandherr/Corp/Enron on 07/12/2000
09:35 PM ---------------------------

"Black, Andy" <andy.black@mail.house.gov> on 07/12/2000 09:18:05 PM
To: montee.wynn@nreca.org, Scott DeFife <sdefife@appanet.org>, Joe Nipper
<jnipper@appanet.org>, Gene Peters <gpeters@epsa.org>, Donn Salvosa
<dsalvosa@epsa.org>, Marc Yacker <myacker@elcon.org>, Cynthia Sandherr
<Cynthia_Sandherr@enron.com>
cc:

Subject: FW: More Amendments

>  <<DEGETT_002.PDF>>  <<GREEN_001.PDF>>  <<UPTON_002.PDF>>
> <<BROWOH_041.PDF>>
> These are all the amendments I have received since 5:00.  Let me know if
> I've forgotten anyone.

 - DEGETT_002.PDF
 - GREEN_001.PDF
 - UPTON_002.PDF
 - BROWOH_041.PDF


i have spoke with her a few times for quite a while.  i would rather go some
place that is loud and fun like el tiempo.  is there a place like that
around?


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This email was sent to:  alewis@ect.enron.com


I spoke again briefly with Hertzberg last night and had a lengthy discussion
late last night with the guy from CSFB who's been providing Hertzberg with
pro bono financial advice on the crisis.  Hertzberg is still hot on putting
all of the utility past due on the noncore, though his consultant and I
agreed that, politically, the number is more likely to end up somewhere south
of 100% (if this thing gets legs).  Hertzberg asked for, and we provided
today, a "fifth scenario," which shows how the numbers work out if 100% of
core's share of utility past due is shifted to noncore.  It's attached.  Will
report back with any further developments.

Note: Please discard the file that I sent you yesterday and replace it with
this one.  That file accidentally had the same cents/kwh, noncore rate for
both Edison and PG&E.  Edison's rate should be 12.98 cents/kwh NOT 12.21
cents/kwh. It's the line that reads "Total cost to Noncore under CPUC's
Recent Decision."

Best,
Jeff


Contract changed as requested.  I have had Jenny print 2 contracts and 2
transaction agreements for you.


Not even close.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


it was someone who looked like him who was acting as him.  his dad had him
shipped away so he wouldn't ruin his chance at becoming the president.  i
love that book except that one chapter.  i thought the book was hilarious.


The ENW bi-weekly staff meeting scheduled for Thursday, November 29, is canceled.

Thanks,

Tina Spiller
Assistant to Greg Piper
President & CEO
Enron Net Works LLC
Phone 713.853.5746
Fax 713.646.8070


Johnnie,

Thank you for meeting with me on Friday.  I left feeling very optimistic about the panel system.  I would like to find a way to incorporate the panels into the home design I showed you.  In order to make it feasible within my budget I am sure it will take several iterations.  The prospect of purchasing the panels and having your  framers install them may have to be considered.  However, my first choice would be for you to be the general contractor.

I realize you receive a number of calls just seeking information about this product with very little probability of a sale.  I just want to assure you that I am going to build this house in the fall and I would seriously consider using the panel system if it truly was only a slight increase in cost over stick built.

Please email your cost estimates when complete.

Thank you,

Phillip Allen


Here's one that's "final," not draft, that just came out.  I'm assuming that
this is the one the press is refering to.  Let me know that you think.
----- Forwarded by Jeff Dasovich/NA/Enron on 10/09/2000 11:43 AM -----

	Sarah Novosel
	10/02/2000 03:47 PM

		 To: James D Steffes/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/SFO/EES@EES, Mary Hain/HOU/ECT@ECT, Richard Shapiro/HOU/EES@EES
		 cc:
		 Subject: Final report from the Cal PX on the summer prices

---------------------- Forwarded by Sarah Novosel/Corp/Enron on 10/02/2000
04:40 PM ---------------------------

"Tabors, Richard" <tabors@tca-us.com> on 10/01/2000 08:40:28 AM
To: jhartso@enron.com, snovose@enron.com, dwatkiss@bracepatt.com,
rcarroll@bracepatt.com
cc: "Englander, Scott" <sle@tca-us.com>, "Cardell, Judith"
<jcardell@tca-us.com>

Subject: Final report from the Cal PX on the summer prices

Thought you might find this one particularly interesting.

Richard

 <<Final Summer 2000 Price Report.pdf>>

 - Final Summer 2000 Price Report.pdf


All:  This is what Stoness & Co. has come up with.  It's going to have to be
changed significantly.

We've devised an alternative solution that I'll put together, and forward.

Maureen, would you please print these out and fax to the airport where Steve,
et al will be landing so that they can look at hard copies when they land?

I will try to get our solution done and sent to you in the next hour so it
can also be faxed.  If you have any questions, just give a ring.

Thanks very much.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 12/22/2000 01:43 PM -----

	Scott Stoness@EES
	12/22/2000 01:14 PM

		 To: Jeff Dasovich/NA/Enron@Enron, Roger Yang/SFO/EES@EES, Gordon
Savage/HOU/EES@EES, Harry Kingerski/NA/Enron@Enron
		 cc:
		 Subject: Very draft testimony and Gov Pitch


Please review the following discrepancy and let me know what the price should
be.
---------------------- Forwarded by Chris Germany/HOU/ECT on 03/29/2000 09:58
AM ---------------------------
Stephanie Sever   03/27/2000 04:51 PM

To: Chris Germany/HOU/ECT@ECT
cc: Dana Daigle/Corp/Enron@ENRON, Jeff A Crook/HOU/ECT@ECT
Subject: FirstEnergy Trading Services, Inc. - 0002 - Rate Discrepancy

Chris,

Per my phone message, please see below.

Thanks,
Stephanie x33465
---------------------- Forwarded by Stephanie Sever/HOU/ECT on 03/27/2000
04:50 PM ---------------------------

Jeff A Crook
03/27/2000 12:39 PM
To: Dana Daigle/Corp/Enron@ENRON
cc: Stephanie Sever/HOU/ECT@ECT, Mechelle Stevens/HOU/ECT@ECT
Subject: FirstEnergy Trading Services, Inc. - 0002 - Rate Discrepancy

Customer is short paying on deal 157848.  ENA billed 72,500 @ $2.76 and
customer is paying at rate of $2.649.  As per Dcaf and Sitara rate should be
IF-CGAS-Appalachia-MI which is equal ot $2.76.  Please confirm rate for this
deal.

Thank you,
Jeff


Brian,

See you at Cabo.

Vince

 -----Original Message-----
From: 	Mihura, Brian
Sent:	Friday, November 02, 2001 1:04 PM
To:	Kaminski, Vince J
Subject:	RE: Friday drinks

I drove in today and parked in the lot in front of Cabo's (a block from the theater).  I'll see you there!

 -----Original Message-----
From: 	Kaminski, Vince J
Sent:	Friday, November 02, 2001 1:00 PM
To:	Mihura, Brian
Subject:	Friday drinks

Brian,

What about meeting around 5:50 - 6:00 p.m. at the Angelica Movie Center
on Smith. There is an underground parking between Smith and Louisiana
and the movie theater will validate your parking ticket.

There are several bars at the center.

The movie starts at 7:00 with some boring speeches. Saturday should be more
interesting - it's a comedy day.

Vince


This in an automated e-mail sent out from the Commissioner.COM
web site.  Do not reply to this e-mail, but instead please visit
your league's site at http://football.commissioner.com/kourn

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

Phillip Love requests the following transaction:.

  Drop  Rams.
  Add Matt Stover.

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

To approve this transaction, please go to your web site and
select Transactions, Requests in the Front Office.


Glad to see we're doing our part to help the West's energy crisis...  we can
milk the heck out of this story :-) kd

PGE wants to convert manure to methane

04/03/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SALEM, Ore. (AP) - Oregon's energy future may be chewing cud in Bernie
Faber's pasture.
His 500 cows will provide tons of manure to be converted to methane to
generate electricity in a pilot project operated by Portland General Electric.
The project is expected to generate about 100 kilowatts of electricity -
enough for about 65 homes - by July.
"When you consider how many dairy farms there are in Oregon, this could be a
significant source of power," said PGE spokesman Mark Fryburg.
About 89,000 milk cows were reported on state farms in 1999.
PGE wants to perfect the technology at Faber's Cal-Gon Farm. If the company
succeeds, small-scale power plants could become commonplace at Oregon dairy
farms.
"We would love to be able to engineer and design these things so we could do
them at smaller and smaller dairies over time," said Jeff Cole, PGE'; biogas
program manger.
PGE officials also are interested in developing a 4.5 megawatt,
methane-powered energy facility in Morrow County that could provide energy
for about 3,000 homes. It would depend on manure from dairies relocating to
the area to support a Tillamook County Creamery Association cheese plant.
The disposal of livestock waste has become an expensive and complex problem
for farms as environmental regulations tighten.
A typical dairy cow produces about 150 pounds of waste each day.
Methane-powered generators, such as PGE's project, reduce the odors
associated with dairies and create useful byproducts: a nitrogen-rich liquid
fertilizer and an odorless dry fiber that can be used to make potting soils.
At Faber's farm, construction of a 28-foot high concrete tank where waste
will be converted into methane is nearly complete.
PGE officials compare the tank to a giant stomach, where bacteria in manure
continues the digestion process and produces flammable methane.
A modified, internal combustion engine will burn the methane for fuel and
drive power turbines. After the manure is processed, the leftovers will be
pumped through a solid separator, taken off site, and composted.
Liquids will be stored at a lagoon at the dairy.

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


Mike, thanks for the update.  I have a couple of questions/comments:

	1.  Is Legal and Regulatory in the loop on these decisions?

	2.  Anything we can automate, I would like to ensure we have the automation on the enhancement
	     list.  I like the idea of automating the last bullet.  I am not sure if it is in CMS or elsewhere, but
	     I would like to be sure we pursue this automation.
	Thanks. Lynn

 -----Original Message-----
From: 	Bodnar, Michael
Sent:	Monday, August 20, 2001 9:04 AM
To:	Blair, Lynn
Cc:	Buchanan, John; Kowalke, Terry; Medeles, Gerry; Cabrera, Reyna
Subject:	FW: SBA Priority during Allocations

Lynn,
Below is a list of issues that were raised at the meeting held w/ Gerry and Reyna (attended by John and I) ......As far as I know, we haven't yet heard back from Sue regarding the issues raised.

....Immediately below is LT's response to adding a "hook" in CMS that would distinguish ITs associated with SBA activity from other IT agreements....

More as it develops!

 -----Original Message-----
From: 	Trevino, Linda
Sent:	Monday, August 20, 2001 8:41 AM
To:	Cabrera, Reyna; Bodnar, Michael
Subject:	RE: SBA Priority during Allocations

I don't have a problem adding a subtype on the IT's of SBA.  I'm not sure I understand your last bullet. Can you give me more info.

LT

 -----Original Message-----
From: 	Cabrera, Reyna
Sent:	Tuesday, August 14, 2001 3:32 PM
To:	Neville, Sue; Medeles, Gerry
Cc:	Threet, Kay; Bodnar, Michael; Trevino, Linda
Subject:	SBA Priority during Allocations

Sue,
During the meeting today with Gerry to discuss the SBA priority during allocations, some of the following issues came up:  (Gerry, correct me if I misunderstood anything)

If we ever call an SBA to bring in gas after the timely cycle, do we still want them to have priority over Alternate and Interruptible? (my opinion is no, they should only have this priority during the timely cycle).
If the SBAs bring in gas at a secondary point, do we still want them to have priority over Alternate and Interruptible?  (my opinion is no, they should only have this priority at Primary Points).
Are we aware that an Alternate shipper who has flowing rights from the previous day might get "squeezed" out of the same entitlement on a day that an SBA shipper is given priority over Alternate?  Might have some mad shippers.
How will SBA volumes be posted on the EBB if there is an allocation: Interruptible???
Because the current methodology for allocation is based on a "point", they don't follow the downstream, will the IT contracts currently being used have to be identified through the contracts department as "SBA IT"?
This is for the future contracts system:  Should we ask that the new contract system to automate all the manual processes of the SBAs such as account balance and carryover days in order for the system to be able to validate this criteria?

Reyna Cabrera
(713) 853-3072


Boyd,

I would think that at the least we would want you to attend the hearing.  I
also don't see any harm in you reviewing the data responses.

Kay

"Boyd J. Springer" <bjspringer@JonesDay.com> on 12/20/2000 09:14:46 AM
To: gregg.penman@enron.com
cc: kay.mann@enron.com

Subject: 00-0759 & 00-0760

The attached gives notice of what I believe would be a scheduling (status)
conference for the Master Sales approval proceedings. This is the first
information I've received about these matters since receiving the data
requests a couple of weeks ago. Let me know how active you would like me to
be in these matters. Shoud I request that Jerry Fox circulate drafts of the
data responses? are you being kept up to date by Peoples on communications
with staff? Should I plan to attend the hearing?
----- Forwarded by Boyd J. Springer/JonesDay on 12/20/00 09:07 AM -----

g.fox@pecorp.com

                                         To:     r.delara@pecorp.com,
k.donofrio@pecorp.com,
                                            s.fiorella@pecorp.com,
m.klyasheff@pecorp.com, t.walsh@pecorp.com,
                    12/20/00 08:58
d.wear@pecorp.com
                    AM                   cc:
bjspringer@jonesday.com
                             Subject:     00-0759 &
00-0760

At my request (I will out of town from December 29 through January 5), the
hearing scheduled for January 3 at 11 am has been continued to January 10
at
11 am.

                                          Jerry Fox

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Vince -
The only one I can find is the Dhabol one.  Do you still want that one
alone?  I'm sorry we don't have the others.
Beth

Vince J Kaminski
07/31/2000 04:17 PM
To: Beth Miertschin/HOU/ECT@ECT
cc:
Subject: Re: Harvard Business School case studies

Beth,

Thanks.

Dhabol is one. There should be 2 more case studies we used.
One about old EGS, the 2nd about TVA options.

2-3 copies will be sufficient.

Vince

	From:  Beth Miertschin                           07/31/2000 03:44 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Harvard Business School case studies

Try this...
---------------------- Forwarded by Beth Miertschin/HOU/ECT on 07/31/2000
03:43 PM ---------------------------

	From:  Beth Miertschin                           07/31/2000 03:14 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Harvard Business School case studies

Vince -
I just found some copies!  How many do you need and I will have them
delivered to you.

They are the case about the Dabhol project in India.  Is that the one you
were thinking of?
Beth

Vince J Kaminski
07/31/2000 03:10 PM
To: Beth Miertschin/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Harvard Business School case studies

Beth,

I have a favor to ask. Do we have copies of Harvard Business School
case studies about Enron? We use these case studies during Super Saturdays.
I need a few copies. This is for Prof. John Martin.

Vince


We are to meet at 4 pm in the Mount Hood (large conference) room on
Thursday.     The purpose of this meeting is to do the following:

Explain the structure of Real Time/Services for 2001
Discuss pertinent issues such as schedule curtailments and ISO procedures
Watch mandatory Anti-trust video

Thanks,
JMF


just had 2 refusals to trade due to crdit issues.
one from shell, which is a bit surprising since i thought we cleared this last week. but anyway, the guy's name is james blount and number for stasco is 0207 546 5755
the other is socgen and this is due to some limits on gas side that they r linking. the guy there is frederic naudan and his number is  33 1 42 13 03 91.


I sold 7000 to CES at the Allied meter for tomorrow - deal 169576.

Joann, let the Tenn schedulers know what additional volumes you need at Broad
Run.


Start Date: 2/6/02; HourAhead hour: 23;  HourAhead schedule download failed. Manual intervention required.


Dan,
The Ormet agreements have been executed and will go out in this evening's
overnight mail.
Thanks for all your help and have a good holiday.
Mike


---------------------- Forwarded by John Arnold/HOU/ECT on 09/25/2000 07:23
AM ---------------------------

Eric Thode@ENRON
09/22/2000 09:28 AM
To: John Arnold/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT
cc:
Subject: Electricity and Natural Gas hedging

John and Tim --

I believe this one is for both of you.  Thanks.

Eric

---------------------- Forwarded by Eric Thode/Corp/Enron on 09/22/2000 09:29
AM ---------------------------

Lisa.M.Feener@enron.com on 09/21/2000 11:31:32 AM
To: eric.thode@enron.com
cc:

Subject: Electricity hedging

---------------------- Forwarded by Lisa M Feener/ENRON_DEVELOPMENT on
09/21/2000 11:30 AM ---------------------------

"Holbrook, Doug" <holbrook.d@portseattle.org> on 09/21/2000 10:26:32 AM

To:   "'lfeener@enron.com'" <lfeener@enron.com>
cc:
Subject:  Electricity hedging

I work for the Airport Authority for Seattle-Tacoma International Airport
in
Seattle, Washington and I am responsible for Managing the Utilities. We are
interested in hedging our Electricity and Natural Gas supplies. Can I get
some information on Enron's services in this area?

Douglas C. Holbrook
Manager, Business & Utilities Management
Port of Seattle
Seattle-Tacoma International Airport
PO Box 68727
Seattle, WA. 98168
Phone: 206-433-4600
Fax: 206-988-5515
holbrook.d@portseattle.org


-------- Original Message --------
Subject: FW: Southern Substitutes
Date: Thu, 21 Dec 2000 08:14:33 -0600
From: "Ott, Shana" <Ott.Shana@epenergy.com>

NOTICE FROM SANTA:

I regret to inform you that effective immediately, I will no longer be
able
to serve the Southern United States on Christmas Eve.  Due to the
overwhelming population of the earth, my contract was renegotiated by
North
American Fairies and Elves Local #209.  I now serve only certain areas
of
Ohio, Indiana, Illinois, Wisconsin and Michigan.  As part of the new and
better contract, I also get longer breaks for milk and cookies, so keep
that
in mind.

Not to worry-I am certain that your children will be in good hands with
your
local replacement who happens to be my third cousin, Bubba Claus.  His
side
of the family is from the South Pole.  He shares my goal of delivering
toys
to all the good boys and girls.  However, there are a few differences
between us such as:

1.  There is no danger of The Grinch stealing your presents from Bubba
Claus.  He has a gun rack on his sleigh and a bumper sticker that reads:
"These toys insured by Smith and Wesson."

2.  Instead of milk and cookies, Bubba Claus prefers that children leave
an
RC cola and pork rinds [or a moon pie] on the fireplace and Bubba
doesn't
smoke a pipe.  He dips a little snuff though, so please have an empty
spit
can handy.

3.  Bubba Claus' sleigh is pulled by floppy-eared, flyin' coon dogs
instead
of reindeer.  I made the mistake of loaning him a couple of my reindeer
one
time, and Blitzen's head now overlooks Bubba's fireplace.

4.  You won't hear "On Comet, on Cupid, on Donner and Blitzen..." when
Bubba
Claus arrives.  Instead, you'll hear, "On Earnhardt, on Wallace, on
Martin
and Labonte.  On Rudd, on Jarrett, on Elliott and Petty."

5.  "Ho, ho, ho!" has been replaced by "Yee Haw!" And you also are
likely to
hear Bubba's elves respond, "I her'd dat!"

6.  As required by Southern highway laws, Bubba Claus' sleigh does have
a
Yosemite Sam safety triangle on the back with the words "Back off". The
last
I heard it also had other decorations on the sleigh as well. One is a
Ford
logo with lights that race through the letters, and the other is a
caricature of me (Santa Claus) peeing on the Tooth Fairy.

7.  The usual Christmas movie classics such as "Miracle on 34th Street"
and
"It's a Wonderful Life" will not be shown in your negotiated viewing
area.
Instead, you'll see "Boss Hog Saves Christmas" and "Smokey and the
Bandit
IV" featuring Burt Reynolds as Bubba Claus and dozens of state police
cars
crashing into each other.

8.  Bubba Claus doesn't wear a belt. If I were you, I'd make sure the
wife
and the kids turn the other way when he bends over to put presents under
the
tree.

9.  And finally, lovely Christmas songs have been sung about me like
"Rudolph the Red-nosed Reindeer" and Bing Crosby's "Santa Claus Is
Coming to
Town."   This year songs about Bubba Claus will be played on all the AM
radio stations in the South.  Those song titles will be Mark Chesnutt's
"Bubba Claus Shot the Jukebox", Cledus T. Judd's "All I Want for
Christmas
Is My Woman and a Six Pack", and Johnny Paycheck's "If You Don't Like
Bubba
Claus, Shove It."

Sincerely Yours, Santa Claus, (Member) North American Fairies and Elves
Local #209

******************************************************************
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Energy Corporation are confidential and intended solely
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I was told that Lynch and Duque released press releases today saying that the
Commission does not intend to let the utilities to go bankrupt.  Haven't been
able to find any press releases on the CPUC website, however.


Sounds good to me.

	Carol St Clair
	02/09/2001 04:42 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Holly Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: 1/2 day vacation

Mark:
My husband is having some surgery done on Thursday.  With your okay, I would
like to take the afternoon off so that I can be with him and take him home.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


---------------------- Forwarded by Veronica Valdez/HOU/ECT on 03/10/2000
11:09 AM ---------------------------

Dawn Rodriguez@ENRON
03/10/2000 11:11 AM
To: Veronica Valdez/HOU/ECT@ECT
cc:
Subject: BA & Sao Paulo

Please find attached the final presentations.  They asked for comments from
BA & Sao Paulo by 3/3/00 and they didn't have any.


Hi George,

I'm looking for the GE acknowledgement letter which we need for this deal.
Can you email it to me?

Thanks,

Kay


I'm going to try my darnedest to get down there before the month's out.  I'll
let you know.

Best,
Jeff

	Dana Perino <dana@gablegroup.com>
	11/16/2000 03:00 PM

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: Re: Notes from FERC Meeting

Hi -- I'd very much like to stay in touch as well.  I just finished
speaking with Rep. Dan Schaefer -- he called to see how I was holding up in
all of this election mess.  He confirmed what you said: this thing is only
getting started.  I told him about Jesse Knight's initiative in San Diego
to allow businesses to collectively buy electricity, and he was so pleased
about it.  "That's exactly what we talked about!," he said.

I'll be around the rest of the month, so if we can get together that would
be excellent.

Let me know if you have any more need for some San Diegan eyes and ears.
Have a great afternoon --

Dana

At 07:42 PM 11/15/00 -0600, you wrote:

>Can't thank you enough.  Great report and I wish that I'd been there with
>you to experience it.  I'd like to stay in touch.  It's a high priority of
>mine to come down there (as I've mentioned a few times).  I'm going to try
>and do it before the month's out.  I hope we can have lunch or something
>and compare notes about all this stuff.  This won't be going away for quite
>some time.
>
>Thanks again for your help.
>
>Best,
>Jeff
>
>
>
 >
                     Dana
Perino
>                     <dana@gablegr        To:     jdasovic@enron.com
 >
                     oup.com>             cc:

                                          Subject:     Notes from FERC
Meeting
>                     11/14/2000
 >
                     02:49
PM
>
 >

>
>
>Hi, Jeff --
>
>I'm so glad you called today and that I could run over to the FERC
>meeting.  Always interesting!
>
>Here are my notes -- I apologize in advance if they are a little
>rough.  Over the past few years I've become a much faster typist than when
>I write longhand.
>
>Gov. Gray Davis
>November 14, 2000
>FERC Hearing in San Diego
>
>Serious flaws in the energy market in California.  Rates are not reasonable
>
>nor just.  Two points:
>
>1.  Given FERC's findings, you must order refunds. If you don't, then what
>was the point of the findings.  Believes FERC has the authority to issue
>the refunds and called on them to order them sooner than later.
>2.  Impose hard price caps and big caps that will protest consumers from
>another anticipated crisis in summer 2001.
>
>Davis said he believes that deregulation can work eventually, if market is
>competitive and all parties act responsibly.  But he believes it will take
>4-5 years to get to a competitive market.  Without the price caps, he
>believes there will be a lot of unwarranted pain inflicted on the consumers
>
>and businesses of CA.
>
>He said there is no justification for the huge profits the energy companies
>
>netted in the third quarter.  He said he won't stand to allow CA companies
>to be brought to their knees.  The market is dysfunctional.  People in SD
>believe the marketplace is being manipulated for obscene profits.  Wants to
>
>level off dereg for 4-5 years to allow market to work and for more power
>plants to come online.
>
>He said he believes in people making money and that dereg can work -- but
>only when it's competitive.
>
>Strong belief in wholesale price caps.  Angry that FERC stripped CA ISO's
>ability to protect consumers against price spikes.  He said FERC's plan is
>a reckless deregulation experiment and that the Commission's plan will only
>
>make things worse next summer. Davis asked FERC to modify its order.
>
>He said that FERC doesn't believe that CA can get the plants
>online.  Doesn't blame them given the history of CA, but that he has taken
>measures to speed up from 1 year to 6 months to site new plants.  He's
>allocated $50 million from the general fund and $500 million for demand
>reduction, renewables and conservation programs.  He believes he can reduce
>
>demand and increase supply without public health risks or environmental
>degradation.
>
>He said he wants to have someone accountable/electable to the ISO and the
>Power Exchange Boards, that the state should have the right to include
>people from CA on those Boards.  He talked about the negative effects the
>actions in CA will have on other states watching this "great deregulation
>experiment."
>
>He said FERC's proposed solution does nothing to lower prices.  To the
>contrary, it's to bring businesses and consumers to their knees.  And Davis
>
>predicted "a ratepayers revolt that will strip FERC of its authority and
>take matters into their own hands."  He said he believes strongly that FERC
>
>has the remedies to protect consumers, give them rebates and prevent this
>from happening again.
>
>He said if FERC just focuses on getting more plants online, all hell is
>going to break loose. That FERC can't sit in Washington, 3,000 miles away
>and take action on CA -- that will only cause more problems.
>
>Dana speaking again --  If any of this doesn't make sense or you have
>additional questions, please let me know. I have a few things scribbled in
>the margins that may help piece it together better.
>
>Again, thanks for the opportunity to help.  I look forward to talking to
>you again soon.
>
>Best,
>
>Dana
>
>
>Dana Perino
>dana@gablegroup.com
>619-234-1300 ext. 238
>
>
>


Kay:

See Greg's e-mail below.  Attached is a re-draft of the "no objection to
forms" letter.  I have not yet furnished the re-draft to Greg.  Please
review and advise of any comments.  Thanks.

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

Enclosure:    140366v4

-----Original Message-----
From: Lang, Gregory F. [mailto:gregorylang@paulhastings.com]
Sent: Thursday, April 19, 2001 8:58 PM
To: 'ccampbell@kslaw.com'
Subject: ENA Letter

Carolyn- I discussed the issue re the ENA letter with the lenders and they
can live with the delivery of a letter attaching the forms with the "no
objection" and "no act in furtherance of frustration" language we discussed
with Kay.  We also need to make sure a mechanism in place that ensures that
upon Pegasus' payment of the $800 on the morning of the transaction closing
(post-Turbine K execution and pre-escrow release), ENA will deliver the
membership interest in Salmon and any other deliverable required to allow
the Delta/Pegasus slate of officers to be installed to execute the Salmon
Note and the Salmon Security Agreement. I suppose this can be effected in
that escrow control letter that Freshfields is drafting that ENA and the
lenders will sign.

Do you want to redraft your letter or would you prefer us to mark it up. Let
me know.

Greg

Gregory F. Lang
Paul, Hastings, Janofsky & Walker LLP
1055 Washington Blvd.
Stamford, CT 06901

203.961.7446 (p)
203.674.7646 (direct fax)
203.359.3031 (firm fax)
gregorylang@paulhastings.com <mailto:gregorylang@paulhastings.com>

"paulhastings.com" made the following annotations on 04/19/01 21:57:48
----------------------------------------------------------------------------
--
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address. Our new domain name is paulhastings.com.
In most cases, our address is composed of conventional first name and last
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janesmith@paulhastings.com and danjones@paulhastings.com. If you have any
questions, please contact us at noc@paulhastings.com.

============================================================================
==
"The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
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                    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
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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.

 - ENA Ltr to Delta Lender re Form of Agmt.DOC


FERC Staff Issues Favorable Draft Environmental Impact Statement on
Guardian Pipeline

     The FERC Staff has issued a Draft Environmental Impact Statement
determining that construction of Guardian Pipeline would have limited
environmental impact and would be an environmentally acceptable
action, based on its proposed and other mitigation measures. The
Draft covers the environmental aspects of constructing and operating
the 149-mile Guardian Pipeline. FERC will take written public
comments on the Draft until August 28th, and will conduct four public
meetings along Guardian's route starting August 14th. It will
address
the comments before issuing a final Environmental Impact Statement on
the project. A final decision on the Guardian Pipeline expected early
next year. The Guardian Pipeline will transport volumes from
interconnections with Alliance, Northern Border, Midwestern Gas
Transmission, and NGPL at the Chicago hub to northern Illinois and
southern Wisconsin markets. The project will consist of a 25,000
horsepower of compression and 141 miles of 36 inch pipeline extending
from Joliet to the Ixonia, WI, with an additional 8.5 miles of 16
inch pipeline extending from the main Guardian line to near Eagle,
WI.
____________________________________________________________


Here is the remaining agreements.
---------------------- Forwarded by Phil DeMoes/Corp/Enron on 12/04/2000
02:01 PM ---------------------------

John Griffith
12/04/2000 01:47 PM
To: Phil DeMoes/Corp/Enron@ENRON
cc:

Subject: Re: Jose LNG documents

---------------------- Forwarded by John Griffith/Corp/Enron on 12/04/2000
01:45 PM ---------------------------

	From:  Eric Groves @ ECT                           11/30/2000 06:01 PM

To: John Griffith/Corp/Enron@Enron, Eric Moon/HOU/ECT@ECT
cc:

Subject: Re: Jose LNG documents

the actual agreements

Guido Caranti@ENRON_DEVELOPMENT
10/23/2000 06:13 PM
To: Randy Petersen@ECT, larry_lawyer@enron.com, eric.gonzales@enron.com
cc: Merritt.thomas@enron.com, Emilio
Vicens/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eric Groves@ECT
Subject: Jose LNG documents

As promised, I am enclosing the four documents involved in the transactions
with PDVSA for our Jose LNG project.

Please call me at 56302 or Emilio Vicens at 66014 if you have any questions.

Regards

Guido Caranti


the latest...


They're still looking for my other votes.

Poor Uncle Sam!
 <<Electile.jpg>>

 - Electile.jpg


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/18/2001 04:31
PM ---------------------------

	From:  Kathleen Carnahan                           05/18/2001 04:31 PM

To: John Llodra/Corp/Enron@ENRON
cc: Kay Mann/Corp/Enron@Enron

Subject: Ameresco

The attached revised CA was sent to Doug Barba:


EOL Deals	 From: 7/1/2001   To: 7/10/2001	 	EOL Deals	 From: 7/1/2001   To: 7/10/2001
Desk	 Total MWH	 Total Deals	 	Desk	 Total MWH	 Total Deals

EPMI Long Term California	 1,084,800	 73	 	EPMI Long Term California	 2,863,520	 26
EPMI Long Term Northwest	 752,200	 47	 	EPMI Long Term Northwest	 6,917,059	 101
EPMI Long Term Southwest	 1,398,900	 104	 	EPMI Long Term Southwest	 4,876,201	 82
EPMI Short Term California	 288,872	 419	 	EPMI Short Term California	 616,787	 211
EPMI Short Term Northwest	 142,600	 257	 	EPMI Short Term Northwest	 111,924	 148
EPMI Short Term Southwest	 201,400	 244	 	EPMI Short Term Southwest	 592,172	 221

Grand Total	 3,868,772	 1,144	 	Grand Total	 15,977,663	 789

EOL Deals	 From: 7/10/2001   To: 7/10/2001	 	EnPower	 From: 7/10/2001   To: 7/10/2001
Desk	 Total MWH	 Total Deals	 	Desk	 Total MWH	 Total Deals

EPMI Long Term California	 245,200	 14	 	EPMI Long Term California	 30,000	 2
EPMI Long Term Northwest	 354,000	 21	 	EPMI Long Term Northwest	 1,524,000	 36
EPMI Long Term Southwest	 197,800	 9	 	EPMI Long Term Southwest	 1,264,335	 24
EPMI Short Term California	 17,656	 64	 	EPMI Short Term California	 88,914	 58
EPMI Short Term Northwest	 20,200	 47	 	EPMI Short Term Northwest	 20,770	 33
EPMI Short Term Southwest	 52,000	 60	 	EPMI Short Term Southwest	 183,620	 54

Grand Total	 886,856	 215	 	Grand Total	 3,111,639	 207

ICE Volumes	 From: 7/10/2001   To: 7/10/2001
Delivery Point	 EPMI MWH	 Total MW	  Price

Mid C (OP, Next Day)	 400	 0	  $   34.00
Mid C (P, Aug01)	 10,800	 9,600	  $   88.50
Mid C (P, Sep01)	 9,600	 0	  $   78.50
NP-15 (P, Next Day)	 800	 0	  $   63.00
Palo (P, Next Day)	 3,200	 0	  $   71.09
Palo (P, Aug01)	 86,400	 10,800	  $   93.56
SP-15 (P, Next Day)	 2,400	 0	  $   62.75
SP-15 (P, Bal Month)	 6,800	 0	  $   75.00
SO-15 (P, Aug01)	 32,400	 0	  $   85.33
SP-15 (P, Sep01)	 9,600	 0	  $   76.50

Grand Total	 162,400	 20,400	  $ 728.23


The most current drafts of the Stockholders' Agreement, Common Stock Purchase Agreement and Warrant Agreement are attached.

Drew, these are cumulative redlines against the versions that we last sent to Kiodex, so they reflect more than just the comments that you gave me earlier today.

We would like to get these out to Kiodex on Thursday.  Please let Drew or I know if you have any comments.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490
----- Forwarded by Travis McCullough/HOU/ECT on 02/21/2001 07:18 PM -----

	"Folmar, Kate" <KFolmar@velaw.com> 02/21/2001 07:03 PM Please respond to "Telle, Michael S." 	   To: "McCullough, Travis (Enron)" <travis.mccullough@enron.com>, "'drew.ries@enron.com'" <drew.ries@enron.com>  cc: "Telle, Michael S." <mtelle@velaw.com>  Subject: SENT ON BEHALF OF MIKE TELLE

 <<v5 Stockholders Agreement 2-16.DOC>>   <<v4 Common Stock Purchase
Agreement.DOC>>   <<v4 Warrant to Acquire Common Shares 2-16.DOC>>
<<compared v4 Warrant to Acquire Common Shares 2-21.DOC>>   <<compared v5
Stockholders Agreement 2-21.DOC>>   <<compared v4 Common Stock Purchase
Agreement 2-21.DOC>>
          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You

 - v5 Stockholders Agreement 2-16.DOC
 - v4 Common Stock Purchase Agreement.DOC
 - v4 Warrant to Acquire Common Shares 2-16.DOC
 - compared v4 Warrant to Acquire Common Shares 2-21.DOC
 - compared v5 Stockholders Agreement 2-21.DOC
 - compared v4 Common Stock Purchase Agreement 2-21.DOC


So, what is it?   And by the way, don't start with the excuses.   You're
expected to be a full, gourmet cook.

Kisses, not music, makes cooking a more enjoyable experience.

"Jennifer White" <jenwhite7@zdnetonebox.com> on 10/17/2000 04:19:20 PM
To: jarnold@enron.com
cc:
Subject: Hi

I told you I have a long email address.

I've decided what to prepare for dinner tomorrow.  I hope you aren't
expecting anything extravagant because my culinary skills haven't been
put to use in a while.  My only request is that your stereo works.  Music
makes cooking a more enjoyable experience.

Watch the debate if you are home tonight.  I want a report tomorrow...
Jen

___________________________________________________________________
To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax,
all in one place - sign up today at http://www.zdnetonebox.com


I certainly agree that updated information from the wider company database
should flow to update GCP.  I assume that you have talked with both Mary
Solmonson and James Scribner about this process to understand the details.
They are the logical experts for that discussion.  Your memo is a little
vague on that, so if you are getting information from someone else and have
not taken the time to talk with the best sources, I would suggest spending
time with James and Mary so that you and they are appropriately informed.

Absolutely there are procedures in place to handle these updates to GCP.  I
believe that these are pretty manual, as there are no systematic feeds from
Entelligence into GCP.  James and Mary (I refer to both because James has
only recently assumed Mary's duties within Global Databases) can best discuss
how this process works.  If you are aware of specific concerns around this, I
know that James and Mary will want to hear that from you.  As is to be
expected for any business that has experienced a 600% increase in the number
of transactions year on year, there are challenges that we face daily in all
of the tasks that we do.  Your input will help James in making sure that
priorities are set and personnel are deployed to tackle the biggest issues
that we have.  I recognize the challenge that Credit must be facing in
aggregating exposures in our market environment today.  With your input, we
will do our very best to be certain that the data surrounding the 5.000+
deals that are done daily is as accurate as possible.

From:  Debbie R Brackett
       12/11/2000 11:42 AM

To: Sally Beck/HOU/ECT@ECT
cc: Shona Wilson/NA/Enron@Enron, Avril Forster/Corp/Enron@ENRON, Mary
Solmonson/HOU/ECT@ECT, James Scribner/Corp/Enron@Enron, Eric
Wetterstroem/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
Subject: Information in Entelligence vs Global Counterparty

Sally,

I have been made aware of a disconnect between the data held in Global
Counterparty and in Global Companies ( Entelligence). Much effort has been
put forth in  "cleansing" the parent/subsidiary information presented in
Entelligence, yet the same information is not being replicated in GCP except
for on an ad hoc, manual basis.

What is the standard for data population in GCP vs Entelligence? Should
changes and corrections in Entelligence not flow to GCP since our risk and
trading systems are based on the information housed therein? What process and
or systems enhancements are necessary to accomplish this end result?

It appears we have a major GCP cleanup in the works while much of the work
has been already been done for Entelligence. As we struggle to report trading
positions properly,  let's take advantage of our in house knowledge and share
counterparty data validation results in order to minimize research and data
population efforts.

 Your comments and ideas are welcome.

Debbie


I don't know if you heard but I resigned on Friday, but I will be around
until Feb. 28.  My plan is to retire for a while. I have attached a picture
of a cabinet I made to give you an idea of how I will be keeping my hands
busy.  You know what they say - "Idle hands are the devil's workshop".

Beija

Rob


Jeff, hopefully we can convince you to come when we re-schedule - seemed like
an easy call.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 12/06/2000
03:59 PM ---------------------------

David W Delainey
12/06/2000 01:18 PM
Sent by: Kay Chapman
To: david.w.delainey@enron.com, lavorato@enron.com, tim.belden@enron.com,
derek.davies@enron.com, stephen.douglas@enron.com,
hunter.s.shively@enron.com, laura.luce@enron.com, michael.l.miller@enron.com,
thomas.a.martin@enron.com, john.zufferli@enron.com, Scott.tholan@enron.com,
wdavid.duran@enron.com, rob.milnthorpe@enron.com, c.john.thompson@enron.com,
scott.josey@enron.com, paul.devries@enron.com, scott.neal@enron.com,
jean.mrha@enron.com, david.oxley@enron.com, mark.e.haedicke@enron.com,
joseph.deffner@enron.com, sally.beck@enron.com, beth.perlman@enron.com,
wes.colwell@enron.com, mike.swerzbin@enron.com, bruce.sukaly@enron.com,
doug.gilbert-smith@enron.com, eric.ledain@enron.com, ozzie.pagan@enron.com,
rogers.herndon@enron.com, dana.davis@enron.com, jonathan.mckay@enron.com,
mark.frevert@enron.com, barry.tycholiz@enron.com, chris.h.foster@enron.com,
eric.thode@enron.com, brian.redmond@enron.com, kevin.presto@enron.com,
fletcher.sturm@enron.com, edward.baughman@enron.com, gwolfe@enron.com,
pallen@enron.com, flagrasta@enron.com, christopher.f.calger@enron.com,
frank.w.vickers@enron.com, jake.thomas@enron.com, jeff.donahue@enron.com,
jsteffes@enron.com, max.yzaguirre@enron.com, Janet R Dietrich/HOU/ECT@ECT,
John Arnold/HOU/ECT@ECT, Jeffery Ader/HOU/ECT@ECT, Greg Whalley/HOU/ECT@ECT,
Joe Kishkill/SA/Enron@Enron, Brett R Wiggs/SA/Enron@Enron, Orlando
Gonzalez/SA/Enron@Enron, Remi Collonges/SA/Enron@Enron
cc: Kay Chapman/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ect, Angela
McCulloch/CAL/ECT@ECT, Airam Arteaga/HOU/ECT@ECT, Monica
Butler/Corp/Enron@Enron, Paula Forsyth/Corp/Enron@ENRON, Lynn
Pikofsky/Corp/Enron@ENRON, Anabel Gutierrez/HOU/ECT@ECT, Laura
Harder/Corp/Enron@Enron, Tamara Jae Black/HOU/ECT@ECT, Sharon
Purswell/HOU/ECT@ECT, Tina Rode/HOU/ECT@ECT, Debra Davidson/PDX/ECT@ECT,
Tonai Lehr/Corp/Enron@ENRON, Lindsey Huculiak/TOR/ECT@ECT, Kimberly
Brown/HOU/ECT@ECT, Melissa Jones/NA/Enron@ENRON, Kay Chapman/HOU/ECT@ECT,
Janette Elbertson/HOU/ECT@ECT, Amy Rios/HOU/ECT@ECT, Patti
Thompson/HOU/ECT@ECT, Cherylene R Westbrook/HOU/ECT@ECT, Shirley
Tijerina/Corp/Enron@ENRON, Stephanie Gardner/HOU/ECT@ECT, Christy
Chapman/HOU/ECT@ECT, Nicki Daw/NA/Enron@Enron, Michelle Vitrella/HOU/ECT@ECT,
Lillian Carroll/HOU/ECT@ECT, Becky Young/NA/Enron@Enron, Debra
Davidson/PDX/ECT@ECT, Marsha Schiller/HOU/ECT@ECT, Marcia A
Linton/NA/Enron@Enron, Claudette Harvey/HOU/ECT@ect, Crystal
Blair/HOU/ECT@ECT, Liz M Taylor/HOU/ECT@ECT, Marianne M Arake/SA/Enron@Enron,
Luly Stephens/NA/Enron@Enron
Subject: ENA 2000 Offsite

Given the current tremendous energy market volatility and as we stretch
resources to make our commercial goals for 2000, we think it would be
appropriate to postpone the ENA 2000 Offsite to early next year.  I trust
this meets with your approval and thanks for all the hard work.

Regards
Dave and John


Dynegy Issues Statement On Enron Merger Status
Business Wire, 11/21/01
Enron says repayment of 690 mln usd debt extended until mid-Dec
AFX News, 11/21/01
USA: Enron secures credit line as shares fall.
Reuters English News Service, 11/21/01
Enron stock free-fall continues
Associated Press Newswires, 11/21/01
Enron Closes On $450M Secured Credit Line
Dow Jones News Service, 11/21/01
USA: UPDATE 1-Enron shares fall further on credit concerns.
Reuters English News Service, 11/21/01
USA: Enron shares tumble on credit concerns.
Reuters English News Service, 11/21/01
Upgrades and Downgrades
CNNfn: Market Coverage - Morning, 11/21/01
USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.
Reuters English News Service, 11/21/01
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
Bloomberg, 11/21/01

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
Bloomberg, 11/21/01

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
Bloomberg, 11/21/01

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
Bloomberg, 11/21/01

Enron Corp. Cut to `Market Perform' at Goldman Sachs
Bloomberg, 11/21/01

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
Bloomberg, 11/21/01

Plunge Says End Is Near at Enron
TheStreet.com, 11/21/01

DYNEGY, ENRON SAY MERGER TO PROCEED
CBS.MarketWatch.com, 11/21/01

Dynegy Issues Statement On Enron Merger Status

11/21/2001
Business Wire
(Copyright (c) 2001, Business Wire)
HOUSTON--(BUSINESS WIRE)--Nov. 21, 2001--Dynegy Inc. (NYSE:DYN) Chairman and CEO Chuck Watson today said he is encouraged by Enron Corp.'s report this morning that it has closed the remaining $450 million credit facility secured by the assets of Northern Natural Gas Pipeline and has received a commitment from its lead bank to extend the $690 million note payable obligation described in Enron's recent 10-Q filing.
"We are continuing our confirmatory due diligence and working to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement," he said.
Watson also noted that ChevronTexaco recently reiterated that it has "full confidence in Dynegy's disciplined management approach to complete the merger and to build a new company into an industry leader." ChevronTexaco owns 26 percent of Dynegy's outstanding common stock.
Dynegy Inc. is one of the world's top energy merchants. Through its global energy delivery network and marketing, trading and risk management capabilities, Dynegy provides innovative solutions to customers in North America, the United Kingdom and Continental Europe.
Certain statements included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements include assumptions, expectations, predictions, intentions or beliefs about future events. Dynegy cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. Some of the key factors that could cause actual results to vary from those Dynegy expects include changes in commodity prices for energy or communications products or services; the timing and extent of deregulation of energy markets in the U.S. and Europe; the timing of required approvals for the Dynegy/Enron merger and the success of integration and cost savings measures relating to the merger; the effectiveness of Dynegy's risk management policies and procedures and the creditworthiness of customers and counterparties; the liquidity and competitiveness of wholesale trading markets for energy commodities, including the impact of electronic or online trading in these markets; operational factors affecting Dynegy's power generation or Dynegy's midstream natural gas facilities; uncertainties regarding the development of, and competition within, the market for communications services in the U.S. and Europe; uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Dynegy's business; general political, economic and financial market conditions; and any extended period of war or conflict involving the United States or Europe. Moreover, Dynegy's expectation that the acquisition will be accretive to earnings in 2002 and beyond is based upon achieving certain sales projections, meeting certain cost targets and successfully integrating the acquired assets. More information about the risks and uncertainties relating to these forward-looking statements are found in Dynegy's SEC filings, which are available free of charge on the SEC's Web site at http://www.sec.gov.

CONTACT: Dynegy Inc., Houston 713/767-5800
13:26 EST NOVEMBER 21, 2001

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron says repayment of 690 mln usd debt extended until mid-Dec

11/21/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
HOUSTON (AFX) - Enron Corp said its creditor banks have granted an extension on a 690 mln usd note payable by Nov 27 until mid-December, giving it enough time to restructure the debt.
In a statement, the troubled energy company said the extension has been agreed following talks with its main creditor banks on restructuring its debt to avoid a liquidity crisis.
"We have been in continuous contact with our banks and believe we can identify a mutually beneficial restructuring to enhance our cash position, strengthen our balance sheet and address upcoming maturities," said chief financial officer Jeffrey McMahon.
Enron first informed investors of the possibility it would be forced to repay the 690 mln usd note in a filing to the Securities and Exchange Commission on Monday.
The obligation arose after Standard & Poor's cut the company's long-term debt rating to BBB- last week, forcing it to either post collateral on the note or repay it on maturity.
Enron said it has also secured the remaining 450 mln usd of a previously announced 1 bln usd credit line from JP Morgan and Salomon Smith Barney. The facility is secured by the assets of Enron's Northern Natural Gas Co unit.
The other 550 mln usd are secured by the assets of its Transwestern Pipeline Co.
Enron also said it is still committed to its merger with Dynegy Inc, announced on Nov 9.
"We continue to believe that this merger is in the best interests of our shareholders, employees, and lenders," said chairman and chief executive Kenneth Lay. "It offers the opportunity to create a formidable player in the merchant energy business with substantial growth prospects and a strong financial position."
JP Morgan Chase vice chairman James Lee said the bank will work with Enron and its other creditor banks "to develop a plan to strengthen Enron's financial position up to and through its merger with Dynegy", which is expected to close in the third quarter of 2002.
cl/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron secures credit line as shares fall.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. said on Wednesday it secured the remaining $450 million of its $1 billion credit line and reaffirmed its commitment to an agreement to be taken over by rival Dynegy Inc.
Facing a crisis of confidence, Enron said it is in active talks with its other lenders to restructure its debt obligation and had pushed back the deadline for repaying a $690 million loan obligation to mid-December.
"We continue to believe that this merger is in the best interests of our shareholders, employees, and lenders," Enron Chairman and Chief Executive Ken Lay said in a statement.
Enron shares were down 28 percent after noon on Wednesday, after being down 33 percent earlier in the day. Its shares fell about 23 percent on Tuesday amid concerns over its liquidity and growing questions over whether the proposed takeover by Dynegy would go ahead.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron stock free-fall continues

11/21/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Shares of embattled Enron Corp. plunged another 32 percent Wednesday morning as analysts and investors continued to doubt the once-mighty energy trader's ability to recover lost business and investor confidence.
In a report released Wednesday, Goldman Sachs & Co. analyst David Fleischer became the latest to question Enron's future, saying that an SEC filing by the Houston-based company earlier this week "raised new issues about liquidity and the ability of the company to even finance itself over the next several months."
Analysts are also questioning whether Dynegy Inc.'s planned dlrs 8.9 billion acquisition of Enron will survive given the latest revelations.
Documents filed with the Securities and Exchange Commission by Enron late Monday restated the company's third-quarter earnings and stated that it may have to repay a dlrs 690 million debt by next week because of decreased credit ratings.
The filing also noted that Enron's financial woes have led to a "reduced level of transaction activity" with the company by trading partners.
Enron shares fell 23 percent Tuesday, then dropped another dlrs 2.25, or 32 percent, to dlrs 4.74 Wednesday in extremely heavy trading on the New York Stock Exchange.
Fleischer said Enron's Nov. 16 cash balance of dlrs 1.2 billion is inadequate to meet remaining debt obligations.
Fleischer acknowledged, however, Enron's efforts to renegotiate next week's due date for the dlrs 690 million debt, which was triggered Nov. 12 when the company's credit rating was downgraded to BBB-, saying that there are indications that Enron's banks may be willing to roll current maturities over and even make new equity investments.
Michelle Foss, director of the Energy Institute at the University of Houston, said this latest round of troubles had to raise concerns about whether the Dynegy-Enron deal will be pulled off.
"It doesn't look like it's going to be able to happen," Foss said. "It did look like a decent idea when they proposed the merger, but today I'm sure they'll look at it and see if they can salvage their attempt to buy Enron."
Shares of Dynegy were off dlrs 2.55 to dlrs 39.15 in trading on the NYSE.
---
Tobacco suits by Venezuela, Brazil's Espirito Santo dropped
MIAMI (AP) - Health care cost-recovery lawsuits against major U.S. cigarette makers by Venezuela and the Brazilian state of Espirito Santo have been dismissed.
"This is another important reminder to American plaintiffs' lawyers that a state court won't ignore the overwhelming number of decisions by federal courts rejecting these lawsuits," William S. Ohlemeyer, Philip Morris Cos. vice president, said Tuesday after the decisions.
Attorneys for several foreign governments have filed an assortment of lawsuits in U.S. federal and state courts in an attempt to find some legal mechanism that withstands judicial scrutiny.
Russia and other Brazilian states are among the foreign governments that have sued in Miami, where a verdict of dlrs 145 billion was awarded to Florida smokers against the five biggest U.S. cigarette makers.
Ecuador's suit in Miami was withdrawn earlier when another state judge announced his intention to dismiss it.
----
General Motors of Canada inks supplier agreement with Quebec rubber plants
Eds: Dollar figures are Canadian.
MONTREAL (AP) - General Motors of Canada has signed supplier agreements with a Quebec auto-parts maker that helped create about 800 jobs, news reports said Wednesday.
The deal with Saar-Gummi Automotive Group in Magog, Quebec, is part of General Motors' commitment to offset the jobs that will be lost when it shuts down its car assembly factory in Boisbriand, Quebec, next year, killing 1,400 jobs.
GM did not reveal the value of the contracts, but German-based Saar-Gummi said Tuesday it has made a dlrs 40 million investment in its seven Magog plants, doubling its workforce to 1,600 employees from 800 since last summer.
The factories make molded rubber parts for cars, such as the rubber strips and molding found along the doors of vehicles. Most of the production is sold to GM, and goes into 56 GM plants in Canada, the United States and Mexico.
The products will be used in several models including the Chevrolet Avalanche, GMC Envoy, Saturn VUE and Cadillacs.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Closes On $450M Secured Credit Line

11/21/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Co. (ENE) closed on the remaining $450 million of a previously announced $1 billion in secured credit lines and said it is in active discussions to restructure its debt to improve liquidity.
In a press release Wednesday, Enron said the $450 million credit facility is secured by the assets of Enron's Northern Natural Gas Co.
A $550 million credit facility, secured by the assets of Enron's Transwestern Pipeline Co., closed Nov. 16. The proceeds are being used to supplement short-term liquidity and to refinance maturing obligations.
The company said it was informed by the lead bank on the facility that the maturity on its $690 million note payable obligation will be extended to mid-December. Enron expects the extension to be finalized shortly.
Dow Jones Corporate Filings Alert reported Monday that Enron is currently preparing a restructuring plan aimed at taking aggressive steps to rationalize the company's existing cost structure, accelerating the process of divesting noncore businesses and assets and restructuring scheduled maturities of debt and other obligations.

Enron's credit lines are from J.P. Morgan, the investment-banking arm of J.P. Morgan Chase & Co. (JPM), and Salomon Smith Barney, the investment-banking arm of Citigroup Inc. (C).
Enron also reaffirmed its commitment to the merger with Dynegy Inc. (DYN). On Nov. 9, Enron and Dynegy signed a definitive merger agreement that would give Enron shareholders 0.2685 share of a Dynegy share. The merger is expected to close by the end of the third quarter of 2002.
On Monday, Enron filed its Form 10-Q for the third quarter, which reflected a wider loss by 3 cents a share. The energy company previously reported a loss of $618 million, or 84 cents a share, on revenue of $47.6 billion for the third quarter ended Sept. 30.
-Stephen Lee; Dow Jones Newswires; 201-938-5400

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron shares fall further on credit concerns.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 33 percent in early trading on Wednesday, following a 22.8 percent drop on Tuesday, amid concerns over the company's liquidity and growing questions over whether the proposed takeover by Dynegy will go ahead.
Enron's shares were down $2.29 to $4.70 in early trading on the New York Stock Exchange. The stock was the biggest loser by percentage and the most active stock on the NYSE.
"The Dynegy deal will take a long time and a lot of things could happen over that time period. Dynegy did their homework, but if they missed anything, they have a number of exit opportunities," said Fulcrum Global Partners analyst Michael Barbis.
Dynegy was not immediately available for comment.
Wall Street analysts said Enron is losing market share because of credit concerns from its trading partners and questions over Dynegy Inc.'s takeover offer. Enron warned on Monday it could be forced to pay by next week a $690 million debt triggered by a credit downgrade last week.
"Enron is definitely losing market share on credit concerns. Cash needs to run the buisness have now increased. The market perceives Enron as needing more cash," said Barbis.
On Monday, Enron disclosed it is up against a deadline of Nov. 26 to deliver collateral against the debt owed to a third party in one of its many partnerships.
If not, the partner has the right to liquidate all of the assets of the partnership, which include a Brazilian natural gas company that Enron was counting on selling to raise $250 million in cash.
Enron is working to make alternative payment arrangements, since it can ill-afford to pay the debt now. Enron has already already maxed out its $3 billion credit line, secured roughly $2 billion in loans and is looking for more cash to stay afloat.
On Monday, the Houston-based company also reduced previously reported 2001 third-quarter earnings by 3 cents per share and increased reported earnings for the first 9 months of the year by a penny per share.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares tumble on credit concerns.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 19 percent in opening trade on Wednesday, amid concerns over the company's liquidity and growing questions over whether the proposed takeover by Dynegy will go ahead.
Shares were down $1.33 to $5.66 in early trading on the New York Stock Exchange.
Wall Street analysts said Enron is losing market share because of credit concerns from its trading partners and questions over Dynegy Inc.'s takeover offer. Enron warned on Monday it could be forced to pay by next week a $690 million debt triggered by a credit downgrade last week.
"The Dynegy deal will take a long time and a lot of things could happen over that time period. Dynegy did their homework, but if they missed anything, they have a number of exit opportunities," said Fulcrum Global Partners analyst Michael Barbis.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
Upgrades and Downgrades
Rhonda Schaffler, Charles Kadlec

11/21/2001
CNNfn: Market Coverage - Morning
(c) Copyright Federal Document Clearing House. All Rights Reserved.
RHONDA SCHAFFLER, CNNfn ANCHOR, MARKET CALL: Time now for upgrades and downgrades.
Salomon Smith Barney downgrades Microsoft (URL: http://www.microsoft.com/) to neutral from outperform saying the company`s earnings estimates too aggressive in light of the economic conditions.
Goldman Sachs, as we heard from Chris, removing three energy firms; Enron (URL: http://.www.enron.com/) , Dynegy (URL: http://www.dynegy.com/) and Williams (URL: http://www.williamsenergy.com/) , from the recommended list.
Dynegy was expected to buy the troubled Enron. It is still, but it`s rated market perform now as is Enron. Williams rated market outperform. Goldman says it`s concerned about Enron`s ability to recover from the loss of significant business deals and sees no positive catalysts for the entire group largely due to the problems in Enron.
On the upside, Deutsche Bank is raising Xerox (URL: http://www.xerox.com/) to buy from market perform saying it`s pleased with the company`s turnaround strategy. We`re going to talk about that in detail when we speak with the analyst who made that call in just a moment.
First, we want to take a look at how these stocks are trading. Entire group is down with the exception of Xerox. It`s up 15 cents.
Peter Ausnit is imaging analyst at Deutsche Bank Alex. Brown and joins us.
And thanks for joining us here on MARKET CALL. What is it about Xerox you like?
PETER AUSNIT, IMAGING ANALYST, DEUTSCHE BANK ALEX. BROWN: Well I think the company`s really put its liquidity concerns behind it and now investors can look at the long-term picture, which is much brighter.
CHARLES KADLEC, J&W SELIGMAN: Peter, it`s Chuck Kadlec. Good morning. Is this is a heroic recommendation here? Is this - should we consider this more of a speculative investment or is this something that a conservative investor ought to be interested in?
AUSNIT: I think investors should be interested in this if, over the next several quarters - in the near-term, the conditions are still quite difficult but over the long-term it`s not that speculative. Xerox has a large install base, a tremendous sales and service force and can probably return to industry standard margins.
KADLEC: As you say, this probably depends on management`s ability to execute here. Why do you believe this management is going to be able to execute their strategy?
AUSNIT: Well their track records during the turnaround has been fairly strong and the strategy has made a lot of sense. They`ve sold a lot of businesses. They`ve done most of the things they promised to do such as bring on new third party equipment financing and they`re going to bring on a new CFO as well.
SCHAFFLER: Peter Ausnit of Deutsche Bank Alex. Brown, thanks for joining us.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Goldman Sachs said on Wednesday it removed merger partners Enron Corp. and Dynegy Inc. from its "recommended list" and downgraded the stocks to "market perform."
Goldman said it cut Enron's 2001 earnings estimate to $1.35 a share, and cut the 2002 estimate to 50 cents a share amid concerns about "new and major" liquidity issues, and the company's ability to recover the business that has been lost.
The firm said the cash infusion from Dynegy "appears inadequate to restore the confidence of Enron customers."
It said Dynegy and Williams Cos Inc. have "excellent long-term prospects," but valuations throughout the sector may be under pressure until Enron's issues are resolved.
Shares of Enron closed at $6.99 on Tuesday, while Dynegy closed at $41.70. Shares of Williams closed at $29.26.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
2001-11-21 12:38 (New York)

Enron Gets Extension on $690 Mln Note Due Next Week (Update1)

     (Updates with amount of debt in fourth paragraph.)

     Houston, Nov. 21 (Bloomberg) -- Enron Corp., whose shares had
dropped 92 percent this year amid a financial crisis, said lenders
extended to mid-December the payment date on a $690 million note
due next week.

     Enron, which agreed to be bought out by rival energy trader
Dynegy Inc. in a transaction now valued at more than $23 billion,
said earlier this week a drop in its credit rating may force it to
repay the $690 million note. The repayment would strain cash
reserves Enron needs to back its trading operations, investors and
analysts said.

     The Houston-based company didn't say in its release who holds
the note, which is owed by an affiliated partnership that owns
Brazilian natural-gas assets and was backed by Enron.
     The note is held by a group of banks led by the Citibank unit
of Citigroup Inc., Standard & Poor's said in a press release
yesterday.

      Enron also is in discussions with other lenders on a
restructuring of its debt, the company said in a statement
distributed by PR Newswire.

     ``We believe the interests of Chase and Enron's other primary
lenders are aligned in this restructuring effort,'' James Lee,
vice president of JP Morgan Chase & Co., said in the Enron
statement. ``We will work with Enron and its other primary lenders
to develop a plan to strengthen Enron's financial position up to
and through its merger with Dynegy.'' Morgan has been advising
Enron on its merger with Dynegy.

     Enron said yesterday it may have to pay $9.15 billion in debt
due by 2003, suggesting the company may run out of cash before the
merger closes. Dynegy has said the merger should close before the
end of the third quarter of 2002.

      Enron said in a regulatory filing that it has less than $2
billion in cash or credit lines.

     Shares of Enron, the most active stock in U.S. trading, fell
$1.79, or 23 percent, to $5.20 in midday trading. Before the
announcement that it had renegotiated the $690 million note, its
shares had fallen as much as 42.78 percent, the lowest level in
more than a decade.

     Dynegy fell $2.50, or 6 percent, to $39.20. Shares of
ChevronTexaco Corp., which owns 26 percent of Dynegy, rose 49
cents to  $87.02

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
2001-11-21 11:49 (New York)

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)

     (Adds analyst comment in fourth paragraph.)

     Houston, Nov. 21, (Bloomberg) -- Shares of Enron Corp., the
biggest energy trader, and Dynegy Inc. fell for a second day on
concern Enron may run out of cash before its takeover by Dynegy
can be completed.

     Enron tumbled as much as 33 percent, and Dynegy dropped as
much as 6.7 percent. Enron's bonds also fell. The company's 6.4
percent notes maturing in July 2006 were bid at 62 cents and
offered at 66 cents, traders said. They sold at about 72 cents
yesterday.

     Institutional investors sold shares of both companies after
Goldman, Sachs & Co. analyst David Fleischer downgraded them to
``market perform'' from his ``recommend'' list, other analysts
said.

     The Dynegy bid ``did not eliminate customer concerns about
Enron's liquidity and long-term viability,'' Goldman Sachs said
in its report. ``We now believe that it will be difficult for
Enron shares to generate strong returns until it is clear that
Enron can operate on a normal basis without having to provide
cash or letters of credit to back routine transactions.''

     Fleischer also cut his 2002 profit estimate for Enron to 50
cents from $1.35. Enron had been expected to make $1.90 next
year, the average estimate of 16 analysts surveyed by Thomson
Financial/First Call.

     Enron said Monday it may have to pay $9.15 billion in debt
due by 2003, suggesting the Houston-based energy trader may run
out of cash. The company said in a regulatory filing it has less
than $2 billion in cash or credit lines.

     It also surprised some investors by saying a drop in its
credit rating may force it to repay a $690 million note next
week. Enron said yesterday the terms of the notes, which it
guaranteed for an affiliated partnership that owns Brazilian
natural-gas assets, are being renegotiated and that it had a
``verbal indications'' that the maturity of the notes will be
extended.

     The company's dealings with affiliated partnerships led to
earnings restatements, credit-rating cuts, a federal
investigation and a management shakeup. Dynegy plans to complete
its buyout by October, and Enron may have to ask lenders to
restructure payment schedules.

     Mirant Corp., Aquila Inc. and other big energy traders are
doing fewer transactions with Enron as concerns increase about
its credit rating and ability to finance daily business,
executives said yesterday.

     Enron's stock fell $2.28, or 32 percent, to $4.71 in
late-morning trading. Earlier, it touched $4.67, its lowest price
in more than a decade. The shares have plummeted 92 percent this
year. Dynegy fell $2.70, or 6.5 percent, to $39.00. The shares
had dropped 26 percent this year.

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
2001-11-21 10:24 (New York)

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint

     New York, Nov. 21 (Bloomberg) -- The following is a list of
companies whose shares are moving in U.S. markets Wednesday, Nov.
21. The stock symbol is in parentheses after the company name.

Major Moving Stocks:

     Enron Corp. (ENE) fell $1.54, or 22 percent, to $5.45 and
traded as low as $5.44. The energy trader shares fell for a second
day on concern Enron may run out of cash before its takeover by
Dynegy Inc. (DYN) can be completed.

Other Moving Stocks:

     Cardiac Science Inc. (DFIB) rose 51 cents, or 16 percent, to
$3.65 and traded as high as $3.89. The maker of equipment used to
restore a normal heartbeat to patients in cardiac arrest said the
San Diego City Council approved an agreement for the company to
deploy automated external defibrillators in the region. The
company made the announcement in a press release distributed by PR
Newswire. Officials couldn't immediately be reached to comment.

     Guidant Corp. (GDT) rose $4.18, or 8.9 percent, to $51 and
traded as high as $51.50. The maker of products to treat heart
disease said a study showed implantable defibrillators cut deaths
by 30 percent in heart-attack survivors, potentially expanding the
$1.9 billion market for the product.

     Portal Software Inc. (PRSF) fell 34 cents, or 15 percent, to
$1.89 and traded as low as $1.64. The provider of Internet-billing
programs said in a release distributed by Business Wire that it
forecasts a loss of 9 cents to 10 cents a share in the fourth
quarter ending Jan. 31. The company is expected to lose 11 cents,
the average estimate of analysts surveyed by First Call. Officials
couldn't be reached to comment.

     TriQuint Semiconductor Inc. (TQNT) fell $1.99, or 10 percent,
to $17.56 and traded as low as $17.35. The communications-
equipment chipmaker said it would report fourth- and first-quarter
results at the low end of previous forecasts. TriQuint was cut to
``neutral'' from ``buy'' in a report by U.S. Bancorp Piper Jaffray
Cos. analyst Samuel May.

Tickers: ENE DFIB GDT TQNT

     Money flows, the difference between the value of trades made
at a higher price than the previous trade and those made at a
lower price, may also appear for some stocks. These inflows and
outflows show whether people are willing to pay more for a stock
that's rising, or to sell a stock that's falling for less. If not
it's a signal the share price may soon change direction.

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
2001-11-21 09:57 (New York)

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid

     Houston, Nov. 21, (Bloomberg) -- Shares in Enron Corp. and
Dynegy Inc. fell for a second day on concern Enron may run out of
cash before its takeover by Dynegy can be completed.

     Enron fell $1.37, or 20 percent to $5.62 in early trading.
Dynegy fell $1.95, or 4.7 percent, to $39.75.

     Enron bonds extended declines. The company's 6.4 percent
notes maturing in July 2006 were bid at 60 cents and offered at 68
cents, traders said. They traded at about 72 cents yesterday.

Enron Corp. Cut to `Market Perform' at Goldman Sachs
2001-11-21 08:46 (New York)

     Princeton, New Jersey, Nov. 21 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``market perform'' from ``recommend list'' by analyst David
N Fleischer at Goldman, Sachs & Co.

Earnings estimates:  Period       Previous estimate     New estimate
per share   (USD)    FY 2001      1.80                  1.35
                     FY 2002      2.15                  0.50

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
2001-11-21 12:10 (New York)

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December

     Houston, Nov. 21 (Bloomberg) -- Enron Corp. said its lenders
extended to mid-December the payment date on a $690 million note,
giving the debt-laden energy trader more time to restructure its
finances.

     Enron said it's still committed to a takeover by Dynegy Inc.
The company said it secured the remaining $450 million of a
previously announced $1 billion credit line.

     Enron shares pared losses after the announcement of the debt
extension. The stock fell $1.54, or 22 percent, to $5.45 in midday
trading.

Plunge Says End Is Near at Enron

By Peter Eavis <mailto:peavis@thestreet.com>
Senior Columnist
11/21/2001 12:32 PM EST
Enron (ENE <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=ENE>:NYSE - news <http://tscquote.thestreet.com/BBNews.jhtml?tkr=ENE> - commentary <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/results.html?tkr=ENE&site=tsc> - research <http://thestreet.multexinvestor.com/search.asp?Ticker=ENE> - analysis) <http://www.riskgrades.com/clients/thestreet/index.cgi?tickers=ENE> shares plunged a second straight day Wednesday as fear mounted that the struggling energy trader's bailout merger plan will unravel.
A potentially lethal cash crunch appears to be gripping Enron, even though its planned acquirer Dynegy (DYN <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=DYN>:NYSE - news <http://tscquote.thestreet.com/BBNews.jhtml?tkr=DYN> - commentary <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/results.html?tkr=DYN&site=tsc> - research <http://thestreet.multexinvestor.com/search.asp?Ticker=DYN> - analysis) <http://www.riskgrades.com/clients/thestreet/index.cgi?tickers=DYN> has injected $1.5 billion of cash, and banks have opened new credit lines. An Enron collapse would cause weeks of dislocation in the energy markets that would damage other energy traders, and it would cause big losses for the Houston company's creditors.
Just before noon EST, Enron announced in a press release that it had extended to mid-December a $690 million obligation that was due next week. It also said that it had agreed with its bankers to draw down the remaining $450 million of a previously announced $1 billion secured credit line that has J.P. Morgan Chase as its lead banker.
Investors have been fleeing Enron since the company last month disclosed a $1.2 billion writedown to unwind some related-party hedging transactions. The Securities and Exchange Commission is probing Enron deals with related parties. The October disclosure made investors uneasy because it suggested the company hadn't been forthcoming about the true state of its finances, and it showed that Enron was facing serious liquidity problems.
Those fears were temporarily quieted earlier this month when Enron agreed to be acquired by smaller rival Dynegy. But Enron's disclosure Monday that it faces additional earnings and financing troubles renewed the rush to the exits. In the Wednesday release, Enron CEO Ken Lay said his company was still committed to the merger: "We continue to believe that this merger is in the best interests of our shareholders, employees and lenders." Dynegy later issued a press release indicating it is "continuing our confirmatory due diligence" regarding the merger. Neither Enron nor Dynegy returned calls seeking comment.
After plunging 23% Tuesday to $6.99, Enron was down a staggering 34% at one point Wednesday. It moved slightly higher after the midday press release to trade at $4.90. Enron shares have lost more than 80% of their value since the company issued its third-quarter earnings release last month. Dynegy dropped $2.44, to $39.26, though it remains substantially above premerger levels.
At the heart of Enron's trouble is the sense that the company isn't letting on the full extent of its troubles. The selloff in Enron shares began in earnest Oct. 16, when the company disclosed in an earnings conference call that it would take a $1.2 billion writedown to unwind some related-party transactions. Critics of the company said those deals, in which the company did business with separate entities involving Enron managers, raised serious ethical and disclosure issues.
The Dynegy merger was taken as a vote of confidence for Enron, since as a big trading partner Dynegy would appear to have a solid grasp of Enron's situation. As a result, shares in both companies rallied after the deal's announcement. But Monday's disclosure that Enron faced $690 million in bond payments next week reignited worries that the company faced steeper challenges than it has detailed. According to a Merrill Lynch report cited in The New York Times Wednesday, Dynegy wasn't aware of the $690 million obligation. Critics of the deal wondered whether Enron had told Dynegy about all its obligations. <http://www.thestreet.com/markets/detox/10003860.html>
Liquidity fears have also been rekindled by information contained in a filing of quarterly results that show the company consumed as much as $5 billion of cash in recent weeks. By the end of 2002, Enron has to find around $9 billion to pay back various obligations. It had $1.2 billion in cash on hand as of Nov. 16, according to the filing.
Tellingly, Dynegy shares haven't plunged along with Enron, suggesting that investors see a collapse of the merger as catastrophic for Enron but not for Dynegy. At current levels, Enron shares are trading at more than a 50% discount to the Dynegy offer.
J.P. Morgan has taken a leading role in helping Enron. It has lent funds and it helped restructure the $690 million obligation. The bank's stock was down 78 cents to $38.62. "We will work with Enron and its other primary lenders to develop a plan to strengthen Enron's financial position up to and through its merger with Dynegy," said James Lee, a top banker at Morgan, in the Enron release.

From CBS.MarketWatch.com, online at:

DYNEGY, ENRON SAY MERGER TO PROCEED

By Myra P. Saefong

1:52 PM ET Nov 21, 2001

WASHINGTON (CBS.MW) -- Merger partners Enron and Dynegy restated their
commitment Wednesday to completing a deal, on the heels of embattled
Enron's announcement that its lead lender granted it more time to pay
off a $690 million note set to come due next week.

"We are continuing our confirmatory due diligence and working to
accelerate the regulatory approvals required to complete the merger,"
said Chuck Watson, Dynegy's chairman and chief executive,  in a
statement.

Shares of Enron (ENE) recovered slightly in afternoon  trading but
remained under pressure.

On heavy volume, the stock -- which had touched $4 earlier in the
session -- was down $1.83 to trade at $5.16, a new 10-year low. Some 84
million shares had changed hands.

Enron declined 23 percent Tuesday after the company revealed the
upcoming debt deadline and restated its earnings.

Meanwhile, Dynegy shares lost $1.83 to stand at $39.87.

Enron said that the lead bank on the $690 million debt agreed to extend
the maturity date to mid-December, which will give the company time to
restructure the facility, and added it expects to further restructure
its debt.

"We ... believe we can identify a mutually beneficial restructuring to
enhance our cash position, strengthen our balance sheet, and address
upcoming maturities," said Jeff McMahon, chief financial officer, in a
statement.

J.P. Morgan Chase & Co. said it and other lenders are committed to
helping Enron improve its financial position.

Also, Enron reaffirmed its commitment to a merger with Dynegy and said
it closed on a previously announced $450 million line of credit from
J.P. Morgan, collateralized by the company's Northern Natural Gas Co.

Enron -- which is being acquired by its smaller rival Dynegy (DYN) at a
fire-sale price -- revealed in a Securities and Exchange Commission
filing Monday that it had to pay off or refinance $690 million in debt
obligations by next Monday or risk triggering nearly $4 billion in
additional payments.

If Enron had missed that deadline and didn't post collateral, investors
had the right to demand immediate liquidation of the assets of one of
Enron's limited partnerships, the unusual business entities at the
center of the company's murky transactions currently under
investigation.

The SEC filing of Monday also contained yet another restatement of
financial results on the heels of a similar filing that disclosed more
than four years of restated earnings figures.
<http://cbs.marketwatch.com/news/story.asp?guid=%7B35D690E0%2D13BE%2D43D9%2D9644%2D1B1CF4896115%7D>

Earlier Wednesday, Goldman Sachs lowered its rating on Enron's stock to
"market performer" from its "U.S. recommended list," citing "major"
liquidity issues and concerns over whether the company can recover the
business it has lost.

CIBC World Markets also cut Enron to a "hold" from a "buy."

Commerzbank weighed in Wednesday, saying Enron's viability is in doubt.

"We believe the filing clearly shows that Enron remains in a precarious
financial position and its status as a going concern is much in doubt,"
analysts Andre Meade and Andrew Smith wrote. "It appears that Enron's
situation could worsen in a number of ways."

Though Enron's most recent disclosures shed more light on the fiscal
situation, Meade and Smith characterized the information as "piecemeal."

"It appears that the full extent of Enron's problems is not currently
known," they said in a note, cautioning clients against investing in
Enron.


Ron,
Please add the following book to Tagg:

 IM-CENT-MID2

If you need any additional information, please call.  Thanks.

DG    3-9573


yes, that's fine

Fletch


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

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - Allegheny  ENRON side letters(v1).DOC


Jeff Skilling is unable to attend.

Regards,
Sherri Sera
Assistant to Jeff Skilling
713.853.5984
713.646.8381 (fax)
sherri.sera@enron.com


Reminder:

The regular September National Charity League
Patroness meeting will be held Monday, September 18,
2000, 7:30 p.m., at Cypress Creek Christian Church
Community Center.

__________________________________________________
Do You Yahoo!?
Yahoo! Mail - Free email you can access from anywhere!
http://mail.yahoo.com/


The purposed  deal is for 10 years, trader is Mark Whitt in the Denver
office.  That is all I know for now.

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


The following expense report is ready for approval:

Employee Name: George B. Stanley
Status last changed by:  Automated Administrator
Expense Report Name: GBS 102301 AMEX
Report Total: $7,437.90
Amount Due Employee: $7,437.90

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


11/21. The Los Angeles  City Council adopted a resolution pertaining to
access to  broadband cable Internet access facilities. The resolution was
sponsored by Alex  Padilla, and adopted unanimously. It does not mandate
open  access; rather, it is a collection of policy positions regarding  open
access, and an instruction to the City Attorney to promote them  in
proceedings before the FCC, FTC and CPUC. A draft copy of the  resolution
reads, in part: "RESOLVE that the City Attorney is hereby  instructed and
authorized to represent the City in any rulemaking or  other proceedings
before the FCC, the Federal Trade Commission, the  California Public Utility
Commission, or any other proceedings that  relate to Internet transmission
over cable facilities in a manner  that encourages results consistent with
this Resolution." See, Los  Angeles City Council Agenda for Nov. 21, at Item
No 9.


Lemme know how it goes.


Meeting confirmations:

Friday December 15, at 10am in Mark's ofc EB3319 - Pre: Skilling Mtg,
Attendees: Frevert, Whalley & McMahon.

Friday December 15 at 3:30pm in Skilling's ofc EB5007. - ENW Fund, Attendees:
Skilling, Frevert, Whalley & McMahon.

Regards

Sue


-----Original Message-----
From: 	Wright, Alice
Sent:	Tuesday, November 27, 2001 9:20 AM
To:	Fitzgerald, Genia; Hall, Steve C. (Legal); Hansen, Leslie; Mann, Kay; McCullough, Travis; Moore, Janet H.; Murphy, Harlan; Nettelton, Marcus; Portz, David; Sager, Elizabeth; St. Clair, Carol; Wright, Alice; Yoder, Christian; Haldeman, Sandy; Keesler, Martha; King, Jan M.; Simmons, Linda J.; Zucha, Theresa
Subject:	Power Trading Group Meeting MOVED
Importance:	High

Good morning,

The 10:00 a.m. Power Trading Group Meeting is being rescheduled for 2:00 p.m. today in EB3872.      Please plan to attend and we apologize for any inconvenience.    Thanks.

Alice Wright
Enron Wholesale Services - Legal
1400 Smith St., EB3809A
Houston, Texas 77002
Tel:  713-853-5438
Fax: 713-646-3491
alice.wright@enron.com


Daren - fyi see below - I have already changed expected volume in sitara
120266 for Sept 25 - 30

Lee

---------------------- Forwarded by Lee L Papayoti/HOU/ECT on 09/08/2000
10:52 AM ---------------------------

"Diane Drumm" <drummd@notes.basf-corp.com> on 09/08/2000 10:14:47 AM
To: lee.l.papayoti@enron.com
cc:
Subject: Re: ENRON - FREEPORT NATURAL GAS NOMINATIONS

Due to a Cogen shut down  September 25 - 30th, Freeports gas requirements will
be reduced.  Please see below.

For the month of  September 2000, please schedule the following delivery of
natural gas to BASF's  Freeport, Texas plant

          QUANTITY
          (MMBTU's Day)

          1-24 25-30
          8,000     6,000

If you have any questions please give me a call.


Steve, please call Jeff and go through in detail how we got to our valuation
of approximately $39 M.  Please ensure that this is a reasonable facsimile of
value that ENA would accreate over the short to medium term assuming your
continued management.

Let me know where you end up.

Regards
Delainey


----- Forwarded by Tana Jones/HOU/ECT on 06/04/2001 11:02 AM -----

	John Allario/ENRON@enronXgate
	06/04/2001 10:42 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: American Express/ Sabre NDA

Tana

If you remember, we have a signed Sabre NDA.  Well now Sabre and Amex have
teamed up and this is the new 3 - party NDA.  I am going to Dallas on
THursday for a Amex/Sabre meeting.  Can we get comfortable with this NDA by
then?

ja

John Allario
Enron Net Works L.L.C.
713-853-4587 (o)
713-562-8684 (c)
john.allario@enron.com


I'm so glad to hear it! Cara suspected it was an EOL bug that had since been
fixed. Thanks for clarifying this.

Kate

From: Duong Luu/ENRON@enronXgate on 03/26/2001 11:24 AM CST
To: Cara Semperger/PDX/ECT@ECT, Steve Nat/ENRON@enronXgate
cc: Tim Belden/HOU/ECT@ECT, Mike Swerzbin/HOU/ECT@ECT, Kate
Symes/PDX/ECT@ECT, Diana Scholtes/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT, Tom
Alonso/PDX/ECT@ECT, Mark Fischer/PDX/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Jeff
Richter/HOU/ECT@ECT, Chris Mallory/PDX/ECT@ECT, Matt Motley/PDX/ECT@ECT,
Michael M Driscoll/PDX/ECT@ECT

Subject: RE: AN EOL GLITCH THAT HAS TO DO WITH APRIL DEALS

Hello Cara,

We have determined that the EOL Bridge in production is currently working and
handling time zone issue very well.
Back in June 2000, there is a bug, which related to time zone issue and we
fixed it since then. All deals that you
provided to us had entered before July 2000.

We will run a query to identify if there are any other deals, which have
similar problem with time zone.

Please let me know if you find more problems with EOL Bridge, we will fix it
immediately.

Your help is highly appreciated

Regards,
dluu

 -----Original Message-----
From:  Semperger, Cara
Sent: Friday, March 23, 2001 6:49 PM
To: Nat, Steve; Duong Luu/HOU/ECT@ENRON
Cc: Belden, Tim; Swerzbin, Mike; Symes, Kate; Scholtes, Diana; Crandall,
Sean; Alonso, Tom; Fischer, Mark; Badeer, Robert; Richter, Jeff; Mallory,
Chris; Motley, Matt; Driscoll, Michael
Subject: AN EOL GLITCH THAT HAS TO DO WITH APRIL DEALS

I ran across a bunch of EOL deals that have not represented the April Time
zones right. They marked through April 6th as PST. Daylight savings time is
on April 1.  I don't see any new deals so I am hoping that it was something
in the programming that was corrected.  Steve, we will let you know if we see
any new ones, but the latest one looks like it was done a while ago. All of
these deals are fixed.

347721
353734
353813
352524
361210
352809
346646
346647
352628
360473
360475
360477
360483
361244
366541
366543
346822
348162

Cara Semperger
03/23/2001 01:39 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: A whole bunch of deal errors that I want your opinion on .

I just ran a forward ob for April 2 to check for deals that are in PST when
they should be PDT.

Do you want to change all of these to PPT deals, or do you have time
constraints today?  I need these changed today because we are already setting
up for April.

SW Regions
347721
353734
353813
407053
352524
361210
352809
346646
346647
352628
360473
360475
360477
360483
361244
366541
366543
346822
348162

NW Regions
318870
349864

I am particularly worried about how these are corrected because they are long
term transmission deals that cannot be autoscheduled.
503107
503112