-----Original Message-----
From: Fenner, Chet [mailto:Chet_Fenner@bmc.com]
Sent: Thursday, June 20, 2002 9:32 AM
To: Parks, Joe
Subject: Monster US Trade Deficit, FX World June 20, 2002

Thought you would find this guy's FX write-up interesting today...

From: Michael F McGuinness on 06/20/2002 10:09 AM

Simple thoughts.....

US assets get sold... (mostly equities).... and then the USD is sold.....

It's not the other way around.

The world is losing confidence.  Everyday we get more terrorist activity around

the world. (sorry Reuters.... it's terrorism....)

 Uncertainty is higher...... Risk is higher...... People around the world want

their money close to home. So off they go to sell their investments here in the

States, sell the USD and buy their home currency.

US April trade deficit came in at $35.94 bln..... a record. Here's the part

that's amazing..... the trade imbalance in goods.... US deficit in goods

only.... $39.92 bln..... $40 bln goods imbalance in just one month....

And where are we importing from.....

China.... $7.55 bln and this is a natural phenomena since about any product

sold these days under $100 in the US these days is made in China......

compliments from Mark....  China has a competitive advantage, and trade rules

will dictate that goods will originate from China until the cost structure

adjusts...... say in 25 years......

Western Europe...... $7.244 bln..... yeah the standard of living in Europe must

be the same as China....... with higher short term rates in Europe..... growth

in many industries in Europe is from the US. How can anybody in Brussels think

that a trade surplus with the US almost equal to China's (and one that is

larger than Japan's...) is a proper economic condition.......   As I said on

Tuesday.... I believe that the purchasing power parity level for the EUR is up

over $1.0800. (this is based on some long term thoughts.... that the old DEM

for PPP was 1.80 against the USD....)

The EUR is undervalued by 12.5%. That's why I think it's funny that European

politicians and the press feel that the EUR is strong up here the .9500 - .9600

area.

If a few people in the Bush administration start thinking that the US trade

picture needs to change...... you may have heard the last utterance of anyone

saying they want a strong USD.......

The US current account deficit in Q1 2002 was $112.5 bln....  So the US has to

attract $37.50 bln per month to keep this in balance......   to do so either

asset prices need to go lower or the USD has to go lower......  both is

happening.....

Well, the US trade deficit is getting closer to 4.5%  of GDP.  Just the

deficit.... and just extrapolate that for the CA deficit.......

So the EUR just popped up over .9600 and a boatload of stops were just done

into the .9625-30.  And now will have settled in at .9610. There are no

retracements in the EUR, just quiet periods of consolidation.

Until we get a screaming need to own US equities..... there appears to be no

need to own USD, and no retracement of the EUR.

Japan's trade surplus with the US..... $6.8 bln.  The game continues.....

USD/YEN 123.50 and no Bank of Japan...... I think, it would not be in the best

interest for the Japanese to be seen intervening right after this monster of a

trade deficit.

Japan overnight announced that their May trade surplus rose 715% y/y.......

Anything that climbs over 700 % is not normal...... most of Japan's trade

surplus with the rest of Asia rose 626%......

But every month,  Japanese authorities will need to vacuum up about $7 bln USD

just to keep the YEN stable against the USD,  as the current imbalance in trade

creates pressures for a firmer YEN.......  Who knows, maybe  a few voices in

Asia could clamor....  that the YEN is too weak.....

Bank of Japan foreign reserves in USD is over $400 bln these days and climbing,

(I think $406 bln in April and $419 bln in May)........ Maybe Japan will

someday dollarize........

Canada's trade surplus with the world is up 11.0% to $5.2 bln. Automotive

exports... the key.  The CAD trade surplus with the US was $8.2 bln and a

deficit with the rest of the world at $3.0 bln. (The US commerce department has

the CAD surplus at $4.1 bln....)

SGD at 1.7775.... firmest level since last October. It's moving on it's own, no

sympathy move with the YEN.... so either the YEN has to play catch-up or the

YEN is going to weaken against the rest of Asia....

Thai baht is also firm at 42.00 against the USD.  Korean won still at 1210.

Asia definitely looks better with the US trade deficit.

Venezuelan bolivar a record low at 1305 to the USD, since May 1 the VEB has

devalued 52%.   Not much more to say.....

Everyone have a great day....... the above thoughts are for your reading

pleasure. Any questions call me. All the best.

This publication is for information only and the comments and forecasts are

intended to be of a general nature as of the date of issue. The above

commentary is not to be construed as an offer to buy or sell investments.

American Express Bank Ltd., whilst considering the contents to be reliable,

takes no responsibility for any individual investment decisions based thereon.


Notice # 01-145
April 30, 2001

TO:
ALL NYMEX/COMEX DIVISION MEMBERS
ALL NYMEX/COMEX DIVISION MEMBER FIRMS
ALL NYMEX/COMEX DIVISION CLEARING FIRMS
ALL NYMEX/COMEX DIVISION OPERATION MANAGERS

FROM:
George Henderson, Vice President
Michael Campanelli, Vice President

RE:
May ATOM Processing Schedule

DATE  BUSINESS DAY  EVENT

5/1  1   Preliminary ATOM reports
5/3  3   Last day for adjustments.
5/4  4   Final ATOM reports.
5/7  5   CMs debited for brokerage.
5/9  7   NYMEX gets confirmation of available      Funds in escrow account
and initiates
     Transfer to Brokers.
5/10  8   Funds are deposited to broker accounts.

5/11   9   Brokers who check their morning
     Balances will see the ATOM deposits
     Reflected in their bank balances.

NOTE:
Broker enrollments for June cycle must be received by the Membership
Department no later than 10:00 A.M., on May 30, 2001.

If you have any questions regarding NYMEX, please contact Juan Serrano or
Gerard Taibi at (212) 299-2626.
If you have any questions regarding COMEX, please contact David Sherman at
(212) 299-2061.

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

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-145)"

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


Still tied up
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


cgerman1682
clg04apr


January 27th and February 24th sound good.  Meagan has a big dance on Jan.
27th, and I need to be here to help with prep and to take pictures.  February
17th is our anniversary (22nd!!), so that is probably not a good date
either.  So if you can make one of the other two dates work, I would love to
come.  Just keep me posted.

"White, Cara" <CWhite@texas.usta.com> on 12/05/2000 04:35:38 PM
To: "'sally.beck@enron.com'" <sally.beck@enron.com>
cc: "'cwhite@viviance.com'" <cwhite@viviance.com>
Subject: baby shower / dates

Hi, Sal!    I've been meaning to call you for several days - but it's been a
bit of a madhouse, so I thought I might fire off an e-mail:

I don't know if you've talked with Cindy in the past few days - but, if it's
okay with you, I'd like to decline your very sweet offer of having a baby
shower.   Here's the deal:  A couple of friends had already offered to do
one - and I'm having trouble coming up with a vibrant mix of people to split
amongst two showers.
This seems to be a good decision for Cindy, too, since may be a bit short of
cash and energy right now.

However, I would LOVE for you to come to the one shower - if it's convenient
for you.  I would love for you to meet my friends, and for them to meet you!
If it doesn't work for you, I'll certainly understand - especially since you
may want to come again when baby is born.  But, if you'd like to consider
coming, I'd like to know your schedule.  We're talking about a weekend lunch
or afternoon thing I think.   In January or February, I"m available on the
following weekends:
Jan. 20
Jan. 27
Feb. 17
Feb. 24.
I think going any later than this might be cutting it close!    What I need
from you is to know which of these weekends you might be available.   The
"shower planners" are getting eager to plan.  THANKS! -cara

Cara White
Community Development Coordinator
USTA Texas Section
1-888-883-6388
cWhite@texas.usta.com


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It could, but we don't know what Stan wants to talk about until we get closer.  It usually runs 5 or so hrs.  I would schedule 8 for now.

Julie Armstrong
02/15/2001 11:16 AM
To:	Tracy Geaccone/GPGFIN/Enron@ENRON
cc:	Kathy Campos/GPGFIN/Enron@ENRON

Subject:	October 10th 2002-2004 Plan Meeting

The October 10th  2002-2004 Plan shows the meeting running 8 hours.  Please advise if that is accurate.  Thanks.


Dear PIRA Retainer Client:

The following Current News & Analysis articles have been published on
PIRA's website:

1) Asia: Weak Economic Outlook & High Oil Inventories Are A Bad Recipe
For Oil Markets
2) Brazil Oil Market Profile: Slide Show

Please go to http://www.pira.com

These articles can be found in the Client section of PIRA's website. You
will need a PIRA Online account in order to gain access. For account
information please contact Dyana Rothman, drothman@pira.com

Best regards,

PIRA Energy Group


Print on my business letterhead.

Naomi Leff
Naomi Leff & Associates
12 West 27th Street
New York, NY  10001
212 686 6300

Dear Naomi,

Thanks for the opportunity to work with you on my new home.  I've enclosed a
virtual tour disk (just follow the prompts), and some floor plans from my
architect.  If there is anything else you need, please call anytime.  I'm
excited for you to see the house in person, and have the chance to discover
my passion for 20th century design.  Dennis and Daniel have been a great
source of the best objects and knowledge.  Of course it is a primary concern
to make sure the home, the objects, the furnishings, and the space work
together.

Dennis and Daniel speak very highly of you and it is important to me that I
have the help to complete this project with great attention, and all that
results from that attention.

Best Regards,

Jeff


chad is not going b/c he is in a wedding.  tim said he is a game time
decision, so i wouldn't count on it right now.


Barry,

Thanks for the timely email.   I have your name on my list of people to
contact this week as Kevin Hannon had mentioned to me just yesterday that our
group might be able to help you in translating positions for the new risk
system for EBS.

You are right that I haven't been spending much time on 44.   Martin Lin has
been taking the lead in day to day management of most of the current projects
that we are supporting.   We have been somewhat short handed since Samer
Takriti left the group last fall and we were out-bid by McKinsey for Cantekin
Dincerler who had helped us with EBS projects as an intern over the
summer.    However, we do have additional help coming.   Iris Mack, a very
bright new hire who comes with significant consulting and risk management
experience, will be starting with the group next week.   I am hoping that,
together with Martin, she will allow us to significantly increase the
research group presence on 44 and address areas which are currently
undersupported.

Can I get on your schedule some time next week in order to map out the areas
where we could best contribute to the risk management projects and to
introduce Iris and Martin to you?   Almost any time would be fine, or you can
have your assistant coordinate with Shirley Crenshaw x35290.

Regards,

Stinson
x34748


David asked that I email this to you.        Elizabeth wanted the signature blocks on separate pages.

The document is located on the O:\Legal\ESager\2001\AEP.......

Thanks, Al


Today we released additional information about our related party and off-balance sheet transactions.  We have made this information available both on our website and in a Form 8-K filing with the Securities and Exchange Commission (SEC).

The information provides further details about:

	-- the $1.2 billion charge to shareholders' equity announced in the third quarter and the transactions related to that charge;
	-- a restatement of prior years' financial statements to reflect this reduction in shareholders' equity, the consolidation of     three entities and prior year proposed audit adjustments and reclassifications;
	-- the Special Committee appointed by the Enron Board of Directors to review transactions between Enron and related parties;
	-- the LJM limited partnerships, including a discussion of transactions between Enron and LJM entities; and
	-- transactions between Enron and other Enron employees.

This information addresses a number of concerns that have been raised by our shareholders and the SEC.  As our Board's new Special Committee continues its review of various matters, we will continue to cooperate fully with the SEC in its investigation, and we will continue to respond to investor requests so that they can evaluate, appreciate and appropriately value the strength of our core businesses.

Restatement of Earnings

Based on information that we have recently obtained, Enron and its auditors determined that certain off-balance sheet entities should have been included in Enron's consolidated financial statements pursuant to generally accepted accounting principles.  As a result, Enron will restate its financial statements from 1997 to 2000 and for the first and second quarters of 2001.  These restatements have no material effect on Enron's current financial position.  Here are some details included in the filing:

Net income for each period will be impacted by the retroactive consolidation of Joint Energy Development Investments (JEDI) and Chewco beginning in November 1997, the consolidation of an LJM1 subsidiary for 1999 and 2000 and prior year proposed audit adjustments.  Enron's current assessment indicates that the restatement will include:

	-- a reduction of approximately $96 million in 1997
	-- a reduction of approximately $113 million in 1998
	-- a reduction of approximately $250 million in 1999
	-- a reduction of approximately $132 million in 2000
	-- an increase of approximately $17 million for the first quarter of 2001
	-- an increase of approximately $5 million for the second quarter of 2001
	-- a reduction of $17 million for the third quarter of 2001.

The consolidation of JEDI and Chewco also will increase Enron's debt by approximately $711 million in 1997, $561 million in 1998, $685 million in 1999 and $628 million in 2000.

The restatement will have no material impact on Enron's reported earnings for the nine-month period ending September 2001.

You can obtain more detailed information on the items described above by accessing the Form 8-K filing at <http://www.enron.com/corp/sec/>.

We will continue to review our strategic, operational and financial position, and we will continue to keep you updated on any developments.


Collin,

I understand that you have been talking to the EOL people about being able to pull information from the databases
I have talked to Franky about upgrading the macro we use but would like to talk to you about other options that there
might be. Swing by when you have a minute to talk

Dutch


EES length will be in NP-15 for 04_20.  You can find the length under PGE3 load zone as EES2.
Thanks,
Bill


John:
Our credit person has agreed to the 3% equity test for cross-default.  With
respect to setoff, given our relationships with El Paso, this is an important
credit point for us and one that I guess the credit people will need to
discuss since it is important for us to have the Affiliate language.  Our
credit person is Brant Reves (713-853-9897).
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)


yes.


This deal has a COB delivery point with CAISO energy.

Thanks!


The Indian Embassy has reconfirmed the meeting on the 8th.  We are trying to set it up for late afternnoon.  Since the PMO Sec'y will have with him probably one from the embasssy and a notetaker, they have requested  a maximum of three on our side.  Thanks  John

 -----Original Message-----
From: 	Hardy Jr, John
Sent:	Tuesday, October 23, 2001 10:28 AM
To:	Horton, Stanley; Hughes, James A.; Walls Jr., Rob; Cline, Wade
Cc:	Lay, Kenneth
Subject:	FW: Meeting in Washington Nov 8 with Indian PMO

	Some additional information just provided by the State Department:  UnderSecretary of State Alan Larson met with Mishra and the Foreign Minister in his meetings in India and raised the need for the GOI to address and resolve Dabhol.  He received from them a commitment to "get the government energized towards a solution before the PM comes to Washington."

 -----Original Message-----
From: 	Hardy Jr, John
Sent:	Tuesday, October 23, 2001 10:01 AM
To:	Horton, Stanley; Hughes, James A.; Walls Jr., Rob; Cline, Wade
Cc:	Lay, Kenneth
Subject:	Meeting in Washington Nov 8 with Indian PMO

	The Embassy called to confirm that the Indian Prime Minister now plans to be in Washington on November 7.  We talked of a meeting on November 8 with the Secretary of the PMO.  Who would be best to take the meeting?

	The US-India Business Council is also planning a letter to the PM which would underscore the short time left for negotiations and the need for the GOI to designate a schedule for meeting. One would think the PM would want to have made progress before arriving in Washington, but ...  John


i filled in the spreadsheet

	From:  Gary Taylor                           09/14/2000 05:24 PM

To: John Arnold/HOU/ECT@ECT
cc:
Subject: quotes for gas hedge for SMUD

John,

Please keep in mind that the option we are looking for is the average of the
daily Gas Daily Henry Hub settles from 2/1 - 8/31.

If you have any questions, please call me at x31511.

Regards,
Gary


that is the website i like!!

   Hector Campos                04/20/2000 08:36 AM

To: Brian Hoskins/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT
cc:
Subject: Check out Leni's website...

Check out his guest book...

http://ECT-980258/


Here's the latest I've heard from Willie Harrell, the Global Management staff
member in charge of this job. I spoke with him briefly, and he said he
expected to have the indices available in Enpower this afternoon.

Jeff Richter is currently consumed with sorting out EES discrepancies for
today, but we'll work on the new spreadsheets this afternoon.

I'll keep you posted.

Thanks,
Kate
---------------------- Forwarded by Kate Symes/PDX/ECT on 01/17/2001 11:01 AM
---------------------------

	From:  Willie Harrell                           01/17/2001 11:01 AM

To: Kate Symes/PDX/ECT@ECT
cc: Stacey W White/HOU/ECT@ECT, Sanjay Gupta/HOU/ECT@ECT, Steve
Venturatos/HOU/ECT@ECT, Michael Eiben/HOU/ECT@ECT

Subject: Re: Dow Jones Index - West Desk

I am currently awaiting the curve codes to be set-up in Enpower pub posting.
Rates will be posted curve codes are created.  Thanks,  wlh


Dear Evening MBA Student,

The Fisher Center for Information Technology and Marketplace Transformation
(CITM) is offering the next Enabling eBusiness (EEB)conference on September
25, 2001. The theme of this one-day conference is Implementing an eBusiness.
Speakers include Erwin Martinez, CIO, Silicon Valley Bank; Robert Reeder,
SVP & CIO, Alaska Airlines; and Nick Riso, VP, eBusiness, Nestle USA. The
conference agenda is available at  our Web site
http://haas.berkeley.edu/citm .

We can accommodate a limited number of Evening MBA students at a special
rate of $75 (instead of the the regular fee of $950) subject to space
availability. If you  would like  to  attend the event please e-mail your
request to citm@haas.berkeley.edu  preferably by noon tomorrow.  Include the
following information:

Name:
Company:
Your Job Title:
Contact (if different than the e-mail address of your message):
eBusiness/Technology related background (1 paragraph):

-- Arie

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

Arie Segev, Professor and Director
Fisher Center for  Information Technology & Market Place Transformation
Haas School of Business
The University of California
Berkeley, CA 94720-1900
http://haas.berkeley.edu/citm/
Tel: 510-642-4731
Fax: 510-642-2826 (Alternate: 510-642-4700)


those are fucking funny


Lindy,

Just wanted to let you know that we have started working on the TW contract and capacity release system.  I believe there will be a kick-off meeting sometime next week which you will be invited to attend.  We are due to implement on January 14th which gives us very little time to get everything we need to get accomplished so I will be calling and asking you alot of questions in the next month or two.  I'd like to try and get together with you soon on two items, inside/outside the path and flow direction.  I will be out on vacation next week.  If you have time on Friday that would be great, otherwise could we talk by phone next week?  Please let me know.  Thanks

Linda


Please review the home addresss and phone number shown on this eMail.  DO NOT RESPOND if the information is correct.  However, if incorrect then reply to this eMail with the correct information so you HR records can be updated accordingly.  Your home information is important in case the Company needs to forward critical materials to you or contact you regarding important Company information.

Address Line 1: 1403 BANKS
Address Line 2:
Address Line 3:
City: HOUSTON
State: TX
Country: US
Zip: 77006
Phone: 7139428066


----- Forwarded by Steven J Kean/NA/Enron on 11/03/2000 11:17 AM -----

	EIS Billing
	11/03/2000 10:42 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: SEPTEMBER 2000 EIS BILLING / s100105.xls

PLEASE E-MAIL ALL BILLING ISSUES TO "CLIFFORD.JACKSON@ENRON.COM" OR TO THE
SPECIFIC SOURCE OF THE PROBLEM(S) AS DETAILED BELOW:       Year 2000 changes:
Phone charges:  Phones are being charged to the person's company and cost
center where possible, otherwise to the rent location.  The description will
start with People\ or Room\ unless it was entered manually at the source.

Data connections:  One connection is being charged for each room instead of
one connection for each port in a room.

Attached  are spreadsheets with the detail supporting the expenses for all
the various services provided by Enron Information Services.

EIS billings for items attached to the room, such as phones and data ports,
and people specific services for contractors, such as LAN ID's and AT&T
calling cards, are billed to the same company and cost center as room rent in
EB, 2AC, 3AC, or JF.  For Omaha, EIS uses a phone database maintained by
Tammy Anderson for this purpose.

People-specific services are billed to the company and cost center
corresponding to the employee's SAP company and department. Video conference
usage, data circuits, Ardmore usage, EDI, and web site billings are based on
a company and cost center furnished by the resource using the service.

EIS bills services on a one month lag.  We take a snapshot of the Corporate
Administrative Services rent file for each room in EB and 3AC, of the Omaha
phone database for each room in Omaha, and of the SAP company and cost center
for each employee.  This snapshot is taken about the 21st of each month for
use as a source for billing information.

Please examine these billings for accuracy.  If the billings are incorrect,
generally speaking either the rent should be corrected by contacting
Corporate Administrative Services or the person should be moved to the
correct SAP department by contacting the HR representative.  If the room
number is incorrect on the phone or long distance billings, this may be
corrected by sending the room number along with the telephone number to Notes
Mail ID "Move-Team".
----- Forwarded by Steven J Kean/NA/Enron on 11/03/2000 11:17 AM -----

	EIS Billing
	11/03/2000 10:42 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: SEPTEMBER 2000 EIS BILLING / s100061.xls

PLEASE E-MAIL ALL BILLING ISSUES TO "CLIFFORD.JACKSON@ENRON.COM" OR TO THE
SPECIFIC SOURCE OF THE PROBLEM(S) AS DETAILED BELOW:       Year 2000 changes:
Phone charges:  Phones are being charged to the person's company and cost
center where possible, otherwise to the rent location.  The description will
start with People\ or Room\ unless it was entered manually at the source.

Data connections:  One connection is being charged for each room instead of
one connection for each port in a room.

Attached  are spreadsheets with the detail supporting the expenses for all
the various services provided by Enron Information Services.

EIS billings for items attached to the room, such as phones and data ports,
and people specific services for contractors, such as LAN ID's and AT&T
calling cards, are billed to the same company and cost center as room rent in
EB, 2AC, 3AC, or JF.  For Omaha, EIS uses a phone database maintained by
Tammy Anderson for this purpose.

People-specific services are billed to the company and cost center
corresponding to the employee's SAP company and department. Video conference
usage, data circuits, Ardmore usage, EDI, and web site billings are based on
a company and cost center furnished by the resource using the service.

EIS bills services on a one month lag.  We take a snapshot of the Corporate
Administrative Services rent file for each room in EB and 3AC, of the Omaha
phone database for each room in Omaha, and of the SAP company and cost center
for each employee.  This snapshot is taken about the 21st of each month for
use as a source for billing information.

Please examine these billings for accuracy.  If the billings are incorrect,
generally speaking either the rent should be corrected by contacting
Corporate Administrative Services or the person should be moved to the
correct SAP department by contacting the HR representative.  If the room
number is incorrect on the phone or long distance billings, this may be
corrected by sending the room number along with the telephone number to Notes
Mail ID "Move-Team".
----- Forwarded by Steven J Kean/NA/Enron on 11/03/2000 11:17 AM -----

	EIS Billing
	11/03/2000 11:03 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: OCTOBER 2000 EIS BILLING / s100105.xls

PLEASE E-MAIL ALL BILLING ISSUES TO "CLIFFORD.JACKSON@ENRON.COM" OR TO THE
SPECIFIC SOURCE OF THE PROBLEM(S) AS DETAILED BELOW:       Year 2000 changes:
Phone charges:  Phones are being charged to the person's company and cost
center where possible, otherwise to the rent location.  The description will
start with People\ or Room\ unless it was entered manually at the source.

Data connections:  One connection is being charged for each room instead of
one connection for each port in a room.

Attached  are spreadsheets with the detail supporting the expenses for all
the various services provided by Enron Information Services.

EIS billings for items attached to the room, such as phones and data ports,
and people specific services for contractors, such as LAN ID's and AT&T
calling cards, are billed to the same company and cost center as room rent in
EB, 2AC, 3AC, or JF.  For Omaha, EIS uses a phone database maintained by
Tammy Anderson for this purpose.

People-specific services are billed to the company and cost center
corresponding to the employee's SAP company and department. Video conference
usage, data circuits, Ardmore usage, EDI, and web site billings are based on
a company and cost center furnished by the resource using the service.

EIS bills services on a one month lag.  We take a snapshot of the Corporate
Administrative Services rent file for each room in EB and 3AC, of the Omaha
phone database for each room in Omaha, and of the SAP company and cost center
for each employee.  This snapshot is taken about the 21st of each month for
use as a source for billing information.

Please examine these billings for accuracy.  If the billings are incorrect,
generally speaking either the rent should be corrected by contacting
Corporate Administrative Services or the person should be moved to the
correct SAP department by contacting the HR representative.  If the room
number is incorrect on the phone or long distance billings, this may be
corrected by sending the room number along with the telephone number to Notes
Mail ID "Move-Team".
----- Forwarded by Steven J Kean/NA/Enron on 11/03/2000 11:17 AM -----

	EIS Billing
	11/03/2000 11:03 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: OCTOBER 2000 EIS BILLING / s100061.xls

PLEASE E-MAIL ALL BILLING ISSUES TO "CLIFFORD.JACKSON@ENRON.COM" OR TO THE
SPECIFIC SOURCE OF THE PROBLEM(S) AS DETAILED BELOW:       Year 2000 changes:
Phone charges:  Phones are being charged to the person's company and cost
center where possible, otherwise to the rent location.  The description will
start with People\ or Room\ unless it was entered manually at the source.

Data connections:  One connection is being charged for each room instead of
one connection for each port in a room.

Attached  are spreadsheets with the detail supporting the expenses for all
the various services provided by Enron Information Services.

EIS billings for items attached to the room, such as phones and data ports,
and people specific services for contractors, such as LAN ID's and AT&T
calling cards, are billed to the same company and cost center as room rent in
EB, 2AC, 3AC, or JF.  For Omaha, EIS uses a phone database maintained by
Tammy Anderson for this purpose.

People-specific services are billed to the company and cost center
corresponding to the employee's SAP company and department. Video conference
usage, data circuits, Ardmore usage, EDI, and web site billings are based on
a company and cost center furnished by the resource using the service.

EIS bills services on a one month lag.  We take a snapshot of the Corporate
Administrative Services rent file for each room in EB and 3AC, of the Omaha
phone database for each room in Omaha, and of the SAP company and cost center
for each employee.  This snapshot is taken about the 21st of each month for
use as a source for billing information.

Please examine these billings for accuracy.  If the billings are incorrect,
generally speaking either the rent should be corrected by contacting
Corporate Administrative Services or the person should be moved to the
correct SAP department by contacting the HR representative.  If the room
number is incorrect on the phone or long distance billings, this may be
corrected by sending the room number along with the telephone number to Notes
Mail ID "Move-Team".


I will plan on attending weekly.  Let me know if anyone else should go?

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 04/12/2001
10:03 PM ---------------------------
From: Mark E Haedicke@ECT on 04/12/2001 05:45 PM
Sent by: Janette Elbertson@ECT
To: William S Bradford/Enron@EnronXGate, Rick Buy/Enron@EnronXGate,
mday@gmssr.com, David W Delainey/HOU/EES@EES, James Derrick/Enron@EnronXGate,
cecklund@llgm.com, gfergus@brobeck.com, Joe Hartsoe/Corp/Enron@ENRON, Dan
Leff/HOU/EES@EES, sbishop@gibbs-bruns.com, Steven J Kean/NA/Enron@Enron,
Louise Kitchen/HOU/ECT@ECT, jklauberg@llgm.com, John J
Lavorato/Enron@EnronXGate, Lisa Mellencamp/HOU/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Vicki Sharp/HOU/EES@EES,
Michael Smith/ENRON@enronxgate, James D Steffes/NA/Enron@Enron, Michael
Tribolet/ENRON@enronXgate, Greg Whalley/HOU/ECT@ECT, Robert
Williams/ENRON@enronxgate, dwatkiss@bracepatt.com
cc: Kay Chapman/HOU/EES@EES, Tammie Schoppe/HOU/ECT@ECT, Kimberly
Hillis/Enron@EnronXGate, Liz M Taylor/HOU/ECT@ECT, Leasa Lopez/HOU/EES@EES,
Stephanie Harris/Enron@EnronXGate, Karen K Heathman/Enron@EnronXGate, Twanda
Sweet/HOU/ECT@ECT, Linda J Simmons/HOU/ECT@ECT

Subject: California Litigation Team

 Starting on Thursday,  April 19, at 2:00 p.m. there will be a weekly
telephone conference for the California litigation team.  The objective will
be to identify key issues and plan a coordinated strategy for all litigation
in California.  The call will last not more than one hour.

 Thus far, the responsibility has been allocated as follows:

1. PG&E Bankruptcy   Lisa Mellencamp and Carl Ecklund (LeBoeuf Lamb Greene &
McRae)

2. Class Actions   Richard Sanders and Robin Gibbs (Gibbs & Bruns)

3. CTC Matters   Bob Williams, Mike Day and Gary Fergus (Brobeck)

4. FERC Matters    Regulatory and Richard Sanders and Dan Watkiss (Bracewell
& Patterson)

5. Government Investigations Regulatory and Richard Sanders

 Richard Sanders and Robin Gibbs will have overall responsibility for
coordination of the litigation.


To view your greeting, choose from the options below.

Click on the following link.
http://www.aol.americangreetings.com/view.pd?i=248532349&m=9187&rr=y&source=aol999

OR

Copy and paste the above link into your web browser's "address" window.

OR

Enter the following Greeting Number, 2485323499187, on our Greeting Pick Up Page at
http://www.aol.americangreetings.com/findit.pd.

If you have any comments or questions, please visit
http://www.aol.americangreetings.com/customer/index.pd?source=aol999.

Thanks for using AmericanGreetings.com.


---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/27/99 04:03 PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  xtrials@optioninvestor.com (Option Investor Newsletter     Trials)
                       01/24/99 06:32 AM

Please respond to xtrials@optioninvestor.com
To: Option Investor Newsletter Trials <xtrials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Sunday - Option Investor Newsletter 5 of 6     (Puts/Combos)

The Option Investor Newsletter            1-24-98
Sunday                5  of  6

PUTS Continued
**************
Campbell Soup Company (CPB) - $44.31 .25 (-.81)

Campbell Soup Company is a global manufacturer and marketer of
branded convenience food products operating in three business
segments: Soup and Sauces, Biscuits and Confectionery, and
Foodservice. Campbell Soup Company is the world's largest
maker and marketer of soup with fiscal 1998 sales of $6.7
billion.

Warm weather, flat sales, inefficient supply chain, and
company's ability to achieve costs savings and capacity
utilization are being called into question by analysts.
Increased marketing and selling expenses, increased store
level inventory levels, encroachment from private label (store
brand) products, reduced consumption levels and a recent
announce of new cost-cutting initiatives will cause fiscal
1999 earnings to fall short of analysts' estimates by 18 to
23 cents per share.  Analysts surveyed by First Call Corp.,
which tracks such estimates, had expected the company to earn
$2.13 a share during the year, which ends July 31. Campbell
earned $1.90 a share in the prior year. Campbell Soup Co.
said it now expects U.S. soup consumption to rise by only 1
to 2 percent in the second quarter from the previous year,
not 4 to 5 percent.

Stock recently failed at $59 and then broke key support at
$54.00 on news of earnings shortfall. Excessive call buying
recently is bearish and may provide continued overhead
resistance.

Play: Earnings Warnings

Update:
Stock recovered some last week but still trading below gap
price of $45.  Could sell off more if broad market comes
under pressure.

BUY PUT FEB-50  CPB-NJ OI=135 @ $6.00 SL=4.25
BUY PUT FEB-45  CPB-NI OI=593 @ $1.94 SL=1.00

Chart = http://quote.yahoo.com/q?s=cpb&d=3m
*****

DuPont de Nemours (DD) - $54.31 .25 (-2.69)

E.I. DuPont de Nemours and Company operates in fiveprincipal
industry segments: Chemicals, Fibers, Polymers,Life
Sciences, and Diversified Businesses.  For the 9 monthsended
9/30/98, total revenues rose 1% to $19.29B.  Netincome from
continuing operations before extraordinary itemand
applicable to Common fell 37% to $859M.  Revenuesbenefited
from acquisitions. Earnings were offset by a$651M
increase in purchased in-process R&D charges.

Pricing pressures from overcapacity continue to weigh on the
chemical group.  Street has been busy cutting the group's
earnings estimates for the next couple of quarters, as
troubled economies in Asia and Latin America suggest that
demand/pricing conditions won't improve any time soon.
Commodity chemicals such as ethylene hardest hit, with prices
falling by as much as 50% over past year.  Stocks have seen
some buying interest in recent weeks on hopes that lower
interest rates will jumpstart sagging global economy.  But
gains appear more a function of underlying market strength and
light bargain hunting than any sea change in expectations for
a sustained earnings recovery.  Chemical companies are
cutting jobs and reducing production to adjust to challenging
conditions.  Comparison periods will also become more
attractive by mid-CY99. However, until that time there is no
reason to suspect the group to do anything but underperform
the market.  Given existing oversupply, declining earnings
growth, slowing worldwide economic growth and the market's
preference for momentum over turnaround situations, DD could
be under pressure over the near-term.  After advancing $7
over the past couple of weeks, DuPont signaled a failed rally
at its declining 200-day moving average.  Target - $53.

Play: Failed Rally

Stock moved up fractionally during Friday's (1/22) broad sell
off. Stock still below declining moving averages.  Tighten
protective sell stop to $58.25.

BUY PUT FEB-60  DD-NL OI=1907 @ $6.38 SL=4.75
BUY PUT FEB-55  DD-NK OI=1879 @ $2.69 SL=1.75

Chart = http://quote.yahoo.com/q?s=dd&d=3m
*****

Hershey Foods (HSY) - $59.00 1.00 (-2.25)

ershey Foods (HSY) manufactures, distributes, and sells a
broad line of chocolate and non-chocolate confectionery,
pasta and grocery products.  For the nine months ended
10/4/98, net sales rose 4% to $3.2 billion.  Net income rose
5% to $230.9 million.  Revenues reflect higher sales of core
confectionery brands and incremental sales from the
introduction of new confectionery products.  Earnings also
reflect reduced marketing costs for existing brands and lower
selling costs in foreign markets.

Play Description:
Stock continues to struggle following analyst downgrades and
Q4 weakness. Margins are likely to be under pressure with
increased costs. Stock simply seems to be out of favor and
relative strength is declining. Likely to test lows at $48.

Play: Failed Rally

Update:
Stock moved higher during Friday's (1/22) broad market sell-off
but still trading below key benchmark of $60. Tighten protective
stop to $62.25.

BUY PUT FEB-65  HSY-NM OI=182  @ $6.38 SL=4.75
BUY PUT FEB-60  HSY-NL OI=425  @ $2.63 SL=1.75

Chart = http://quote.yahoo.com/q?s=hsy&d=3m
*****

Microchip Tech (MCHP) - $30.19 -1.00 (-4.94)
Semiconductor

Company Description:
MCHP develops, manufactures and markets programmable 8-bit
microcontrollers, application specific standard products and
related specialty memory products for consumer, automotive,
office automation, industrial and communications markets.

Play Description:
Microchip is struggling to restructure its operations to try
to eliminate the company's older, less-efficient manufacturing
capacity and to manage inventory levels. Analysts recently cut
estimates for fiscal '99 and '00. Microchip's December quarter
was characterized by continued low order visibility, along with
some weakness in end-of-quarter turns order shipments,
Stock recently gapped off of failed rally point of $40 and may
test prior lows in the $20's

Play: Analysts Downgrade

Update:
Stock still breaking down and nearing key 100 and 200-day
moving averages.  Could retest $20 if stock breaks under $30.

BUY PUT FEB-35  QMT-NG OI= 99 @ $5.88 SL=4.00
BUY PUT FEB-30  QMT-NF OI=257 @ $2.44 SL=1.25

Chart = http://quote.yahoo.com/q?s=mchp&d=3m
*****

Merck (MRK) - $139.00 -7.31 (-8.13)

Merck is a pharmaceutical company that discovers,develops,
produces and markets human/animal health productsand
services.  Merck also provides pharmaceutical benefit
services. For the 9 months ended 9/30/98, sales rose 11%
to$19.37B.  Net income rose 14% to $3.85B. Revenues
reflecthigher sales of established major products & newer
products,and growth from the Merck Medco Managed Care
business. Earnings also reflect gains on the sales of
businesses.

After climbing 38% over the past four months, this leading
pharmaceutical company is showing signs of potential
failed rally below its 52-week high of $161.75.  Retracement
target $136-$140. Pinnacle's sentiment indicator is reaching
extreme levels (4.7) setting this high tech company up for a
precipitous sell-off if expectations don't measure up within
the drug sector.

Play: Failed Rally

Big winner for OI subscribers last week after selling off
precipitously on Friday (1/22).  Drug sector now begging to
roll over.

BUY PUT FEB-145 MRK-NI OI=1686 at $6.25 SL= 4.25
BUY PUT FEB-140 MRK-NH OI=1720 at $3.63 SL= 1.75

Chart = http://quote.yahoo.com/q?s=mrk&d=3m
*****

Perkin-Elmer Corporation (PKN) - $91.31  -2.88 (-4.06)

Perkin-Elmer Corporation (PKN) develops, manufactures and
markets life science systems and analytical instruments for
the pharmaceutical, biotech, environmental, agricultural,
forensics and chemical industries. For the three months ended
9/98, revenues rose 16% to $375.8 billion. Net income fell
21% to $17 million. Revenues reflect higher sales of biotech
products in the U.S. and Europe. Earnings suffered from
higher R&D, merger charges, decreased interest income, a $3.1
million loss at Tecan and a higher tax rate.

PKN operates internationally, with manufacturing and
distribution facilities in various countries throughout the
world and derives approximately 53% of its revenues from
countries outside of the United States. Results continue to
be affected by market risk, including fluctuations in foreign
currency exchange rates and changes in economic conditions in
foreign markets. Company is in the process of reorganizing
the Company's capital structure to help move Perkin-Elmer
toward a market leader in biomedical and genomics
information. They are currently evaluating strategic
alternatives for our analytical instruments business.

Distribution among top institutional shareholders is taking
place as stock is likely to trade back into trading range of
$65-75. Stock moving up in anticipation of  Celera Genomics
spinoff but sale of the AI division may be dragging on.
Questions also remain about suitable valuation level after
spinoff.  Today's price action attributable to possible delays
in Celera Genomics spinoff.

Play: Failed Rally

Stock finally breaking down after consolidating between $95-$100.
Target is $80.

BUY PUT FEB-95  PKN-NS OI=174 @ $6.63 SL=4.00
BUY PUT FEB-90  PKN-NR OI=27  @ $3.75 SL=2.00

Chart = http://quote.yahoo.com/q?s=pkn&d=3m
*****

Warner Lambert (WLA) - $67.94 .94 (-1.88)

Warner Lambert is a manufacturer of ethical pharmaceuticals,
biologicals, capsules, consumer health care products and
confectionary products.

Shares of large U.S. drug companies are being hurt by profit
taking and concerns about proposed changes to the Medicare
payment system.  Recently, a Bipartisan Commission opened the
door for Medicare to cover prescription drugs for
beneficiaries, a recommendation that if adopted, could put
pressure on drug companies.  Recent inquiries regarding the
safety of Rezulin received nationally televised attention and
may give rise to  investor concern.   Also, it may be
difficult to sustain the growth rates for Lipitor, Rezulin
and Neurontin products that WLA has enjoyed this past year.

Top side consolidation since July may be difficult to overcome
in extended market conditions.  Given that the drug sector
has and will continue to be a strong performing sector, we
recommend a modest sell-off price targets of $55 to 60.

Play: Failed Rally

Update:
Top side consolidation since July may be difficult to overcome
in extended market conditions.  Still trading below key 100
and 200-day moving averages and benchmark of $70.  Tighten
protective sell stop to $71.25.

BUY PUT FEB-75  WLA-NO OI=1233 @ $8.00 SL=6.75
BUY PUT FEB-70  WLA-NN OI=2134 @ $4.75 SL=3.00

Chart = http://quote.yahoo.com/q?s=wla&d=3m

***********
COMBO PLAYS
***********
U.S. blue chips stocks fell sharply Friday as worries about the
Brazilian currency crisis and poor revenues at the world's biggest
computer maker drove traders to an aggressive sell-off. The DJIA
closed 143 points lower and has shed all of its gains for the year.
Concerns that Latin America's economic instability and Brazil's
currency devaluation could hurt other countries sent investors out
of stocks and into bonds, seeking safety in U.S. government assets.
To make matters worse, IBM's earnings were good, not spectacular,
and revenues were disappointing due to poor hardware sales. IBM
also failed to announce a generally expected stock split, making
investors even more unhappy. Analysts are saying the main problem
with our current market is that optimistic investors are expecting
earnings to come in better than what they're actually going to be
and this will probably cause a near-term market downturn. We shall
soon find out!

Our new spread positions were all available near the recommended
entry points. CTXS was the first candidate, and although the stock
price continued to slide, the play (MAR90C/FEB95C) was still
favorable at an initial debit of $4.87. RDRT was also lower at the
open and the debit for the MAR17C/FEB20C bullish diagonal spread
was $1.75. LVLT was a bull-call position with a conservative bias
and the price for the MAR37C/MAR45C spread was $4.62. SEPR is our
new long-term play and the volatile trading offered a couple of
opportunities to enter the position, (JAN00-100/FEB100C) at $19.25.

Other activities included a closing play on CIEN as the stock price
gapped-up $4 amid speculation it may again be a possible takeover
target and rumors it may land a large contract. PCS continues to
move higher in the "hot" telecom sector and we are monitoring the
positions closely. They are now both deeply ITM and there is always
the chance of early exercise. Good Luck!

CREDIT SPREAD SUMMARY
*********************
Stock   Pick     Last      Position   Credit  Cost    G/L   Status

AAPL   $41.38   $38.75   FEB35P/37P   $0.87  $1.00  ($0.12)  Open
COF    $130.43  $128.69  FEB105P/110P $0.62  $0.38   $0.25   Open
ELN    $68.93   $70.25   FEB80C/75C   $0.75  $1.00  ($0.25)  Open
GMSTF  $59.87   $59.00   FEB40P/45P   $0.50  $0.50   $0.00   Open
SDTI   $25.50   $25.81   FEB17P/20P   $0.50  $0.38   $0.12   Open
SRCM   $20.87   $20.88   FEB15P/17P   $0.75  $0.75   $0.00   Open

Credit spreads are profitable if both positions remain OTM until
expiration. The cost-to-close price can be used to compare the
initial opening credit to the current spread value.

CALENDAR SPREAD SUMMARY
***********************
Stock   Pick    Last     Position    Debit   Value    G/L   Status

ATI    $64.93  $93.88 LJAN70/FEB75C  $8.50   $9.50   $1.00  Closed
BGP    $23.19  $18.69    FEB25C      $1.38   $0.25  ($1.12)  Open
CD     $19.93  $19.00 LJAN20/FEB20C  $3.50   $3.50   $0.00   Open
CPQ    $42.68  $46.19 APR45C/FEB45C  $0.00   $2.00   $2.00   Open
CTXS   $89.00  $87.25 MAR90C/FEB95C  $4.87   $5.00   $0.12   Open
DIS    $38.00  $34.13 LJAN40/FEB40C  $4.00   $3.50  ($0.50)  Open
GM     $71.50  $90.75 MAR70C/FEB75C  $4.50   $5.00   $0.50   Open
HUM    $19.50  $19.38 MAY20C/FEB20C  $1.25   $1.25   $0.00   Open
NOVL   $18.19  $19.19 MAY17C/FEB20C  $1.12   $2.50   $1.38   Open
OMPT   $14.06  $16.00 MAR15C/FEB15C  $1.50   $0.75  ($0.75)  Open
OXHP   $20.06  $18.81 MAY20C/FEB20C  $0.81   $1.50   $0.68   Open
PCS    $21.81  $30.88 MAY22C/FEB25C  $1.50   $3.50   $2.00   Open
PTEK   $11.38  $11.00 MAR12C/FEB12C  $0.50   $0.62   $0.12   Open
RDRT   $18.93  $18.31 MAR17C/FEB20C  $1.75   $1.56  ($0.19)  Open
SEPR   $99.62  $99.50 LJAN100/F100C  $19.25  $19.38  $0.12   Open
SUNW   $94.50  $98.00 LJAN100/F100C  $14.00  $17.50  $3.50   Open
WCOM   $74.25  $74.88 LJAN75/FEB75C  $5.62   $10.50  $4.87   Open

The calendar (or time spread) is profitable if the value of the
position exceeds the initial debit (or cost-basis) at the end of
the expiration period for the long position. However, because we
track the plays based on the current closing cost/value, the gains
for time spreads will rarely be reflected until the play closes.
Each month, as we sell a new call against the long position, the
net cost should decline or the position value should increase.

DEBIT SPREADS
*************
Stock   Pick     Last      Position   Debit   Value   G/L   Status

ABI   $48.87   $48.31  FEB45C/FEB50C  $2.87   2.75   -0.12   Open
AOL   $146.50  $140.44 FEB155C/160C   $2.50  $1.25  ($1.25)  Open
AOL   $146.50  $140.44 FEB155C/160C   $1.50  $1.25  ($0.25)  Open
CIEN  $18.68   $22.56  FEB12C/FEB17C  $3.50  $4.50   $1.00  Closed
FTL   $18.50   $17.81  FEB15C/FEB20C  $1.50  $2.38   $0.87  Closed
LEVL  $38.00   $39.94  FEB30C/FEB35C  $3.25  $4.38   $1.12  Closed
LU    $107.87  $103.31 FEB105C/110C   $1.75  $3.25   $1.50  Closed
LUV   $26.06   $26.69  FEB22C/FEB25C  $1.25  $2.25   $1.00  Closed
LVLT  $44.19   $45.94  MER37C/MAR45C  $4.62  $5.00   $0.38   Open
OXHP  $20.06   $18.81  FEB17C/FEB20C  $1.38  $1.12  ($0.25)  Open
OXHP  $20.06   $18.81  FEB17C/FEB20C  $1.00  $1.12   $0.12   Open
QNTM  $24.87   $24.81  FEB22C/FEB25C  $1.25  $1.38   $0.12   Open
RHD   $17.68   $15.94  MAR15C/MAR17C  $1.12  $1.00  ($0.12)  Open
SCUR  $26.75   $26.50  FEB20C/FEB25C  $3.75  $3.38  ($0.38)  Open

A debit-spread is profitable if the value of the position exceeds
the initial cost of the spread when the play is closed. However,
because we track plays based on the current cost/value, potential
gains may not be reflected until both positions are closed.

DEBIT STRADDLES
***************
Stock   Pick     Last     Position   Debit  Value   G/L    Status

JMED   $35.19   $34.25   MAR35C/35P  $5.62  $4.62  ($1.00)  Open
NXTL   $29.68   $30.63     MAY30C    $0.00  $2.12   $2.12  Closed

A debit-straddle is profitable when the value of the position
exceeds the initial cost of the spread.

NEW PLAYS
*********
MRK - Merck Company Inc.  $139.00     *** Earnings Slam ***

Merck is the #1 drugmaker in the US and is tied for first in the
world with Glaxo Wellcome in prescription drugs. They develop
products for both humans and animals; almost two-fifths of its
sales come from treating ailments associated with American eating
habits, (high cholesterol, hypertension, and heart failure). In
addition, Merck has the top-selling US drugs for hypertension
as well as newer, promising drugs for AIDS treatment, male balding
and migraine headaches. Also under development is a new arthritis
drug.

The drug developer fell $7.31 on Friday after it said it will stop
testing its MK-869 drug for use as an antidepressant. The company
hoped to develop the drug, which it will still test as a treatment
for nausea in cancer patients, as a hedge against the impending
loss of 4 major patents in 2001. The split run (2/16/98, 2-1) may
have some effect but the SOR date is Monday (after the close) and
we see this one falling short of the sold strike in mid-February.

PLAY (conservative/credit spread):

BUY  CALL FEB-160 MRK-BL OI=3366 A=$1.25
SELL CALL FEB-155 MRK-BK OI=3539 B=$1.93
NET CREDIT TARGET=$0.81 ROI=19%

PLAY (bearish momentum only):

BUY  PUT FEB-150 MRK-NJ OI=885  A=$8.50
SELL PUT FEB-145 MRK-NI OI=1686 B=$6.00
NET DEBIT TARGET=$2.38 ROI(max)=110%

Chart = http://quote.yahoo.com/q?s=MRK&d=3m
*****

EMC - EMC Corp.  $98.50     *** Technical/Disparity Play ***

EMC Corp. and its subsidiaries design, manufacture, market and
support a wide range of storage-related hardware, software and
service products for the open systems, mainframe and network
attached information storage and retrieval system market. The
company is the #1 maker of many of these components. EMC markets
its memory products under the name Symmetrix. Other products let
users manage remote data and share information across networks of
different computers. EMC continues to broaden its product line,
strengthen alliances, and expand its global presence to create
more platform-independent systems.

We just like the chart and the small disparity for a (relatively)
free-money play.

PLAY (conservative/credit spread):

BUY  PUT FEB-75 EMC-NO OI=502  A=$1.12
SELL PUT FEB-80 EMC-NP OI=1157 B=$1.50
NET CREDIT TARGET=$0.50 ROI=11%

Chart = http://quote.yahoo.com/q?s=EMC&d=3m
*****

SKYT - Skytel  $26.38     *** Telecom ***

SkyTel Communications (formerly Mobile Telecom Tech.) is one of
the leading providers of worldwide wireless messaging services,
marketing primarily to business users. The company offers a wide
range of messaging services to its users. Subsidiary SkyTel Corp.
provides paging and messaging services including pagers, two-way
alphanumeric text messaging and two-way interactive messaging.
SkyTel also provides messaging services in in Central and South
America through its Mtel Latin America subsidiary. SKYT recently
added more specialized content to its information services with
the addition of Asian market updates, real-time stock quotes,
sports scores, company news, ski reports and horoscopes. Coverage
was initiated early this month by ABN AMRO with an "Outperform"
rating and we like the long-term outlook for the chart.

PLAY (conservative/long-term play):

BUY  CALL JUN-25 MMQ-FE OI=249  A=$4.75
SELL CALL FEB-25 MMQ-BE OI=3012 B=$2.38
NET DEBIT TARGET=$2.25 TARGET ROI=60%

PLAY (very conservative/debit spread):

BUY  CALL FEB-22.50 MMQ-BY OI=50   A=$4.38
SELL CALL FEB-25.00 MMQ-BE OI=3012 B=$2.38
NET DEBIT TARGET=$1.87 ROI(max)=33%

Note: In the long-term calendar spread, we are reducing the net
cost of the long option by the amount of credit from the sale of
the nearer-term option. If the near-term call expires worthless,
we will sell the MAR call to further reduce our debit. If your
short-term position is ITM on the last day of the strike, you
need to buy it back so that you DON'T have to exercise the long
term position. In that case, your long position is going up in
value also and on the last day of the strike period, the short
call will shrink down to intrinsic value so you should be ahead
in the play even after you buy it back.

Chart = http://quote.yahoo.com/q?s=SKYT&d=3m
*****

PLCM - Polycom  $26.75     *** Telecom ***

Polycom makes long-distance teleconferencing products for use on
regular telephone networks. The ShowStation data-conferencing
system enables people in different locations to view and edit
documents on a simultaneous, interactive basis. Its SoundStation
audio-conferencing system, provides two-way voice communication
without typical speakerphone distortion. Subsidiary ViaVideo
Communications offers ViewStation, a Web-based videoconferencing
system that features a voice-tracking camera. Reported awesome
earnings last week, net revenues grew 140% for the year to over
$100 million. Technically, an outstanding chart with some recent
support around $21 but it may need to consolidate before moving
higher. That will be just the thing we need to benefit from this
time spread.

PLAY (conservative/calendar spread):

BUY  CALL MAR-25 QHD-CE OI=0   A=$4.38
SELL CALL FEB-25 QHD-BE OI=163 B=$3.15
NET DEBIT TARGET=$1.00 TARGET ROI=40%

Chart = http://quote.yahoo.com/q?s=PLCM&d=3m
*****

NRC - NAC RE Corp  $48.56     *** Technical Time Spread ***

NAC Re is a holding company whose subsidiaries offer property and
casualty reinsurance. Subsidiaries NAC Reinsurance, Greenwich
Insurance Company, Indian Harbor Company, and NAC Re International
Holdings provide both treaty reinsurance for categories of risk
and facultative individual risk reinsurance to primary insurers of
casualty risk. Most U.S. commercial property-casualty insurers,
battered by an unrelenting price war and increases in catastrophe
losses, were expected to post flat to lower earnings in the fourth
quarter. This may also be the case for NRC but we think the stock
price will hold near the current range for the next few weeks.
Technically, NRC is making feeble attempts to break-out of it's
stage III top but with little volume support. Its 150 dma is the
current resistance (around $49) with support around $45. It will
take some work to exit the current sideways trend and that's just
what we need to make this play profitable.

PLAY (conservative):

BUY  CALL MAR-50 NRC-CJ OI=160 A=$4.87
SELL CALL FEB-50 NRC-BJ OI=289 B=$3.62
NET DEBIT TARGET=$1.00 TARGET ROI=50%

Chart = http://quote.yahoo.com/q?s=NRC&d=3m
*****

CNTO - Centocor  $39.93     *** Butterfly Spread ***

Centocor makes therapeutic, diagnostic drugs for cardiovascular
problems, cancer and other diseases. Three of their products are
approved for sale in the US: ReoPro prevents blood clots during
angioplasty, Remicade treats the bowel disorder Crohn's disease
(and is being tested for efficacy against rheumatoid arthritis),
and Panorex treats cancer. ReoPro is sold in the US and Europe by
Eli Lilly. Centocor's drug Avakine is in the final US testing
stages for treatment of Crohn's disease. The company owns the US
and Canadian marketing rights for Retavase, a cardiovascular drug
developed by Roche Holding. Centocor is also selling its oncology
diagnostics business to focus on therapeutics.

Recently, Morgan Stanley Dean Witter cut its rating on the firm
to "outperform" from "strong buy" and adjusted its 12-month price
target to $51 per share from $62 per share. We think that's a bit
optimistic as CNTO has been trading around $35 to $45 for almost
two years and has a very long term base with no immediate signs of
a significant character or trend change. The volatility of the
holiday bull-run seems to have dissipated and the sideways trend
is now resuming. We are going to start this play as a "butterfly"
but plan to roll-out of each spread as the stock price moves about
the $40 range.

PLAY (conservative/long-term):

BUY  CALL  APRIL-35 COQ-DG OI=364  A=$7.50
SELL CALLS APRIL-40 COQ-DH OI=507  B=$4.38
BUY  CALL  APRIL-45 COQ-DI OI=1227 A=$2.68
NET DEBIT TARGET=$1.00 TARGET ROI=50%

The butterfly spread is generally a neutral position that is
a combination of both a BULL spread and a BEAR spread. This
spread is designed primarily for the stock that will not
experience much of a net rise or decline by expiration. It
generally requires only a small investment and has a limited
risk but profits are limited as well. It can also be costly
in terms of commissions so you should consider playing these
combination strategies with a low cost (discount) broker.

There are three strike prices involved in a butterfly spread.
With calls, (and it can also be done with puts) the butterfly
spread consists of buying one call at the lowest strike price,
selling two calls at the middle strike price and buying one
call at the highest strike price. Next week, we will run the
complete strategy narrative again to help the beginning traders
with the technique.

Chart = http://quote.yahoo.com/q?s=CNTO&d=3m

INDEX OPTION SPREADS
********************
As a trader, you may be familiar with options on individual stocks
where you have the right to buy (call option) or the right to sell
(put option) a particular stock at some predetermined price within
some predetermined time. The buyer has the rights and the seller
the obligations. With index options the basic ideas are the same.
Index options allow you to make investment decisions on a specific
market industry or on the market as a whole. Spread strategies can
be made with index options similar to those made with individual
stock options. Many professional traders employ index spreads as a
hedge strategy. We favor debit positions on the SPX for momentum
and longer-term plays and OTM credit spreads on the OEX when the
risk/reward is favorable. Low ROI disparity spreads will be listed
(when available) for the conservative index trader.
*****

OEX - S&P 100 Index  $610.38     OTM Credit-Spreads

The Standard & Poor's 100 Index is a capitalization-weighted index
of 100 stocks from a broad range of industries. The component
stocks are weighted according to the total market value of their
outstanding shares. The impact of a component's price change is
proportional to the issue's total market value, which is the share
price times the number of shares outstanding.

OBSERVATIONS:

For OTM credit spread trades, we like to use the actively-traded
S&P 100 Index options because they contain much more premium than
options on individual stocks and provide an underlying instrument
less prone to huge, gapping moves. Remember however, that you can
always be exercised early so monitor your positions daily.

TECHNICALS:

While the overall market seems likely to remain in a wide trading
range over the next few weeks, the probabilities are quite strong
that we have reached a short-term top and the current outlook is
somewhat unfavorable. The DOW has found some support just above a
key level around 9085 and a close below that number confirmed by
a S&P 500 close below 1205 would signal a more serious correction.
The long-term pattern is in a neutral but weakening condition with
the NYSE survey starting to slip and the NYSE momentum index at
its worst level in years. Review the Pinnacle Hedge-Section for
more specific technical information on the S&P 100 Index.

PLAY (very conservative/disparity-low ROI):

BUY  PUT FEB-550 OEW-NJ OI=3944 A=$4.50
SELL PUT FEB-555 OEW-NK OI=1265 B=$4.87
NET CREDIT TARGET=$0.38 ROI=8%

PLAY (conservative/bearish):

BUY  CALL FEB-670 OEY-BN OI=6374 A=$1.19
SELL CALL FEB-660 OEY-BL OI=6738 B=$2.12
NET CREDIT TARGET=$0.93 ROI=10%

PLAY (aggressive/bullish):

BUY  PUT FEB-565 OEW-NM OI=2357 A=$6.38
SELL PUT FEB-570 OEW-NN OI=3851 B=$7.25
NET CREDIT TARGET=$0.87 ROI=21%

CHART= http://quote.yahoo.com/q?s=oex&d=b????HOW TO SUBSCRIBE?****************??We would like to have you as a subscriber. You may subscribe?at any time but your subscription will not start until your?free trial is over.??The monthly subscription price is 39.95?The quarterly price is $99 which is $20 off the monthly rate.??To subscribe you may go to our website at??www.optioninvestor.com??and click on "subscribe" to use our secure credit?card server or you may simply send an email to?"subscribe@optioninvestor.com" with your?credit card information,(number, exp date, name)?or you may call us at 303-797-0200 and give us the?information over the phone.??You may also fax the information to: 303-797-1333??*****??PLEASE SEE DISCLAIMER IN SECTION ONE??*****???


Greg Stachnick
1038 Tuquoise St. 1
San Diego, CA 92109
gstachni@ucsd.edu

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Greg Stachnick


Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 05/16/2001 08:23 AM -----

	"Daniel Douglass" <Douglass@ArterHadden.com>
	05/15/2001 04:53 PM

		 To: <Barbara_Klemstine@apsc.com>, <Bob_Anderson@apses.com>,
<Vicki_Sandler@apses.com>, <berry@apx.com>, <dcazalet@apx.com>, <ed@apx.com>,
<billr@calpine.com>, <jackp@calpine.com>, <sschleimer@calpine.com>,
<gavaughn@duke-energy.com>, <rjhickok@duke-energy.com>, <gtbl@dynegy.com>,
<jmpa@dynegy.com>, <jdasovic@enron.com>, <susan_j_mara@enron.com>,
<Tamara_Johnson@enron.com>, <curt.hatton@gen.pge.com>,
<foothillservices@mindspring.com>, <camiessn@newwestenergy.com>,
<jcgardin@newwestenergy.com>, <jsmollon@newwestenergy.com>,
<rsnichol@newwestenergy.com>, <nam.nguyen@powersrc.com>,
<curtis_l_kebler@reliantenergy.com>, <JTeeter@SDGE.com>,
<roger.pelote@williams.com>
		 cc:
		 Subject: Today's Rate Design Decision

President Lynch's draft decision was voted out today.?  The CPUC currently
has the attached version posted on its website, although the  final version
may differ somewhat.? The decision continues to provide (see  p. 29) that
Direct Access?customers will not be subject to the  surcharge, as AReM has
advocated.
?
Based on some of the discussion which occurred at oral  argument on Friday,
the decision now has wording indicating that although the  utilities are
authorized to include the load of DA customers in calculating the  revenue
requirement associated with the surcharge, DA customers do not have to  pay
the surcharge for the same reasons AReM expressed repeatedly in the
proceeding.? Any shortfall in utility revenues due to including DA demand  in
the revenue requirement will be allocated on an equal cents/kWh basis to all
non-exempt sales.? It is noted that this may shift costs to residential
customers "since the majority of direct access demand, and thus the majority
of  the resulting shortfall, is non-residential."
?
The decision also makes clear that DA customers will not be  entitled to
include the surcharge under the current direct access credit system  and that
the Commission intends to reexamine and restructure the current direct
access credit system "to reflect current structural reality."? Hopefully,
this will mean movement to a "bottoms-up" calculation methodology, as AReM
has  also advocated.? My understanding from Peter Bray is that Commissioner
Bilas made some remarks indicating that he would support instituting a
proceeding to restructure DA pricing.
?
This is the result we wanted with regard to exempting DA  customers from the
surcharge.? We now need to see if TURN or any other  consumer advocacy group
chooses to challenge the allocation methodology for any  shortfall.?
?
Dan
 - 5-16-01 Proposed Decision of President Lynch.doc


Have you received any messages from me today other than this one?

Chris

(I'm confused!)


Just a reminder that we really need to keep in contact with CERS on the off peak as they are beginning to buy more on more from us on-peak.  We still need to net out with them each month so any purchasing from them will greatly help us on the day shift.

thanks,

ryan


After close discussions with David Port and the RAC-Market Risk group, we have redesigned the Business Unit and Commodity DPR's to follow the new Risk Trading Policy.  This new policy took effect Wednesday, the 15th of August, and required a restructuring of the Business Unit structures and associated limits, along with creation of new Concentration limits on the Concentration DPR, formerly the Commodity DPR.

For any questions about the new format, please contact Shona Wilson, x39123, or myself, x33102, in the Global Risk Operations group, or David Port, x39823, in the RAC-Market Risk group.

Thank you,

Chris Abel
Manager
Global Risk Controls


---------------------- Forwarded by Kay Mann/Corp/Enron on 10/20/2000 02:10
PM ---------------------------

Dale Rasmussen@ECT
10/20/2000 01:50 PM
To: Don Hammond/PDX/ECT@ECT, Catherine Clark/HOU/ECT@ECT
cc: Jody Blackburn/PDX/ECT@ECT, Kay Mann/Corp/Enron@Enron, Sheila
Tweed/HOU/ECT@ECT

Subject: Change Order #1 to ABB transformer contract

My draft of Change Order #1 for the Las Vegas Cogen II transformers is
attached.  Please let me know of any comments.


Dear Investor:

Thank you for using The Annual Reports Service in the past year.
(http://yahoo.ar.wilink.com/?mkt_code=ARS0700W)

As a past user of our free investor service, I wanted you to know that we
have added many new companies to the service.  In addition, many companies
now provide their on-line annual report for immediate viewing in addition to
their printed report.

To order free annual reports, simply click on the link below.

http://yahoo.ar.wilink.com/?mkt_code=ARS0700W

As a reminder, all annual report orders are processed and mailed via first
class mail, or equivalent, within one working day.

Thank you for using The Annual Report Service, I hope you will find it
useful when doing your investment research.

John P. Bedor
Head of Investor Marketing
World Investor Link, Inc.

http://www.worldinvestorlink.com

3794


Tom, on another note, I'm not sure if you guys were explicitly told buy Oslo
weather and the budget have been shifted over to Europe as of 4/1/2001.  Can
you also make this change?

Jeff

 -----Original Message-----
From:  McConnell, Mike
Sent: Thursday, June 07, 2001 9:27 AM
To: Myers, Thomas
Cc: jeffrey.shankman@enron.com; Price, Brent A.
Subject: Re: Enron Japan Plan Split

Tom,
I am fine with this but our effective date is a call of fairness that depends
on your view of the middle east adjustment.  I don't want to be hard on this
and get back a bigger number on middle east by default.  Its up to you and
your judgement on what you think is appropriate and or a trade with Europe.
I am fine with your ultimate decision.
Mike

From: Thomas Myers/ENRON@enronXgate on 06/06/2001 06:55 PM
To: Mike McConnell/HOU/ECT@ECT
cc:
Subject: Enron Japan Plan Split

Mike,

Attached is the proposed plan transfer to EGM for Enron Japan.  These amounts
have been reviewed and approved by Joe Hirl.  We are still working with Enron
Europe to gain agreement on the effective date (April 1 or July 1)  - will
let you know as soon as this is settled.

Here's a summary of the Plan Amounts;

			 Split after 2Q

			 EGM
Margin*	1Q		                 -
	2Q		                 -
	3Q		      3,750,000
	4Q		      3,750,000
	2001		      7,500,000

Expense	1Q		                 -
	2Q		                 -
	3Q		      3,366,377
	4Q		      3,366,377
	2001		      6,732,754

EBIT	1Q		                 -
	2Q		                 -
	3Q		         383,623
	4Q		         383,623
	2001		         767,246

If we end up with an April 1 transfer, EGM will be kept whole on plan (will
be approx $3.4 MM expense, zero margin).

Please advise if you have any questions or wish to discuss this in further
detail.

Tom Myers 3-0475

 << File: Enron Japan EE-EGM.xls >>


They said they had agreed but I have not seen a copy initialed by them.

	Andy Zipper@ENRON
	05/22/2000 04:04 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Big Six C.A.

Did they agree to our changes and send back a signed one ?


I hope this is the last thing.  Here's the latest version of the contract
sans these insertions.

---------------------- Forwarded by Kay Mann/Corp/Enron on 04/23/2001 12:14
PM ---------------------------

Kay Mann
04/19/2001 03:06 PM
To: lee.johnson@ss.ps.com, kent.shoemaker@ae.ge.com
cc: Stephen Thome/HOU/ECT@ECT, Jake Thomas/HOU/ECT@ECT

Subject: GE Turbine Contract Insertion Language

Here's what Delta would like in the Salmon break out contract.  How does it
look to you?

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/19/2001 03:02
PM ---------------------------

"Richard Vicens" <rvicens@deltapower.com> on 04/19/2001 03:12:54 PM
To: <Stephen.Thome@enron.com>, <kay.mann@enron.com>, <CCampbell@KSLAW.com>
cc: "Lang, Gregory F." <gregorylang@paulhastings.com>, "PARKER, Isabel"
<isabel.parker@freshfields.com>, "Anthony Harrington"
<aharrington@deltapower.com>

Subject: GE Turbine Contract Insertion Language

 - Adjustment Language.DOC


Virginia McCoy
1317 Asturia Av
Coral Gables, FL 33134
mccoyh@fiu.edu

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Virginia McCoy


I am mailing a copy of this letter with the enclosure.

RE: Flair Construction Co., Inc. / Purchase of Lots Six (6) and Seven (7),
Block One (1), THE LAKES OF STERLING GATE, Section One (1)

Dear Mr. & Mrs. McConnell:

Enclosed is a blue lined copy of the Survey we received today from the Title
Company.  Please note that there is a thirty five foot (35') Reliant
Energy/Entex pipeline easement and a fourteen foot (14') utility easement at
the rear of the property.  In addition, the fourteen foot (14') utility
easement runs along the northwest property line.  As such, no permanent
fixture will be allowed to be built over these easements, including a
swimming pool, gazebo or similar structure.

The Earnest Money Contract provides that you have seven (7) days from the
receipt of the Survey to object in writing to items appearing on the Survey.
However, we do not believe that Flair Construction can alter these easements
in any way, shape or form, and as such, the easements will most likely
remain intact.  If you feel that the easements will impair the construction
of your home, swimming pool or related structures, please advise us
immediately so that we may notify Flair of your objections.  If the
objections are not cured within twenty (20) days after Flair receives them,
in writing, the closing date may be extended.  If, however, the objections
are not cured by the extended closing date, the Contract will terminate and
your earnest money should be refunded to you.  We just wanted to make sure
that you were aware of your rights regarding this matter.

Assuming the easements cause you no problems, you should be ready to close.
We will be happy to schedule a closing with the Title Company and with Flair
if you can provide us with a number of dates that are convenient for both of
you to appear at the closing.  We will be happy to appear as well.

Very truly yours,

Donald S. Stirman
DSS/csb
Enclosure


eSource presents Free Lexis-Nexis Basic Training  for all Enron employees outside the Houston office.  Using Placeware, an interactive web learning tool, you can participate in this training session from anywhere in the world.

June 12          8:00-9:00 CST
June 12 	 3:00 -  4:00 CST

Basic

Lexis-Nexis Basic is geared to the novice or prospective user.  You will learn the basics of getting around nexis.com and of the news and company information available on Lexis-Nexis.

Please RSVP to Stephanie E. Taylor at 713-345-7928 or stephanie.e.taylor@enron.com.
We will email you instructions for Placeware.

Check the eSource training page at http://esource.enron.com/training.doc for additional training sessions and vendor presentations.

http://esource.enron.com


Duly noted on the email address.  Look forward to seeing you when you in
California.

Best,
Jeff

	Stephanie Miller/ENRON@enronXgate
	05/16/2001 02:15 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: FW: Confidential--PG&E's Going to Announce an Open Season on
Redwood and Baja (intrastate capacity) end of this next week or early next
week

Thanks for the update! - In the future, you will need to spell my name
completely - there are too many smiller's!

I am planning a trip to San Fran to meet with PG&E (tentatively June 6)  -
will make sure I stop by to meet you.

Regards,

Stephanie

 -----Original Message-----
From:  Tycholiz, Barry
Sent: Wednesday, May 16, 2001 2:00 PM
To: Miller, Stephanie
Subject: FW: Confidential--PG&E's Going to Announce an Open Season on Redwood
and Baja (intrastate capacity) end of this next week or early next week
Sensitivity: Confidential

 -----Original Message-----
From:  Dasovich, Jeff
Sent: Monday, May 14, 2001 7:28 PM
To: Miller, Stephen; Tycholiz, Barry; Gomez, Julie A.; Shapiro, Richard;
Steffes, James; Lawner, Leslie; Cantrell, Rebecca; Fulton, Donna; Hartsoe,
Joe; Corman, Shelley; Fawcett, Jeffery; Harris, Steven
Subject: Confidential--PG&E's Going to Announce an Open Season on Redwood and
Baja (intrastate capacity) end of this next week or early next week
Sensitivity: Confidential

Got a message from PG&E.  Open season will be for 2003 and beyond and they'll
be accepting bids up to 30 years.  Will talk to PG&E and get back with more
information.  If you having any questions give a holler at 415.782.7822.

Best,
JEff


Start Date: 1/24/02; HourAhead hour: 14;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012414.txt


When the Wall Street Journal has story?

As usual.

Maybe the coffee and donuts will tell us something

 -----Original Message-----
From: 	Parks, Joe
Sent:	Thursday, January 10, 2002 9:17 AM
To:	Hayden, Frank
Subject:

WHEN WILL WE KNOW HOW THE WINNER IS?


Wow, what a week so far.  Beauty of a short squeeze early on.  Even some of
the biggest bears I know were covering to reestablish when the market lost
its upward momentum.  Unfortunately, my boat is too big to play that way.
Takes too long to put the size of the position I manage on or off to play
that game.  just had to sit back and take my lumps. couldnt have been a more
bearish aga # in my opinion.  got one more decent one and then watch out
below.  amazing that we've had more demand destruction recently.  the economy
is the 800 pound gorilla that is sitting on nat gas and it aint getting up.


I just spoke to Dave Fuller in the Portland Office about a potential 10 year
deal he wants to do as soon as possible with the referenced entity.  As we
all know, because of the legal issues that arose out of the "Orange County"
litigation, no financial trades should be entered into with any governmental
entity before legal due diligence of the counterparty has been completed and
an ISDA Master is in place.   Also, besides the usual issues surround the
governmental's authority to enter into derivative transactions, we also need
to determine whether this entity can enter into transactions as long as 10
year w/o prior voter approval.

Credit, if you will send the credit worksheet directly to me I will prepare a
draft ASAP and Sara will review it.  Dave should be calling you with the
information.

Christian, if you have done any due diligence already on this counterparty we
would appreciate any assistance/documents you can provide.

Thank you all for your assistance with this.


Thanks, Nony and John.

 -----Original Message-----
From: 	Flores, Nony
Sent:	Monday, November 26, 2001 2:24 PM
To:	Heard, Marie
Cc:	Viverito, John
Subject:	FW: Master Netting Agreement Assignments

Hi Marie,

Details re Crude Netting Agreement between ERAC and Navajo:

Navajo Refining Company
Scott C. Surplus
Vice President, Treasury & Tax
c/o Holly Corporation
100 Crescent Court, Suite 1600
Dallas, TX  75201-6927
Ph:  214-871-3555
Fax: 214-871-3566

Nony

 -----Original Message-----
From: 	Viverito, John
Sent:	Monday, November 26, 2001 1:47 PM
To:	Flores, Nony
Cc:	Heard, Marie
Subject:	RE: Master Netting Agreement Assignments

Nony-

Please see Marie's note below and respond to the questions.

Thanks,

John

 -----Original Message-----
From: 	Heard, Marie
Sent:	Monday, November 26, 2001 1:09 PM
To:	Viverito, John
Subject:	FW: Master Netting Agreement Assignments

Hi, John:

Can you answer Athena's questions re Navajo?

It you want to just respond to me, I'll include it in my response re Louis Dreyfus.

Thanks!

Marie

 -----Original Message-----
From: 	"Athena Alexander" <Athena.Alexander@cwt.com <mailto:Athena.Alexander@cwt.com>>@ENRON
Sent:	Monday, November 26, 2001 12:18 PM
To:	Heard, Marie
Subject:	Re: Master Netting Agreement Assignments

Hi, Marie, hope all is well.  In order to complete our conflicts checks on
two counterparties, we need answers to the following questions:  (1)
Exactly which Navajo and Louis Dreyfus entities/subsidiaries will be
involved in the Master Netting Agreements?  (2) Is the Louis Dreyfus on
your list the same as the Dreyfus Corporation?  (3) What is the main
business address for Navajo?  Thanks and please call with any questions.

Best Regards,
Athena

                    "Heard,
                    Marie"               To:     "Aronowitz, Alan"
                    <Marie.Heard@        <Alan.Aronowitz@ENRON.com <mailto:Alan.Aronowitz@ENRON.com>>,
                    ENRON.com>           "Athena Alexander (E-mail)"
                    Office:              <athena.alexander@cwt.com <mailto:athena.alexander@cwt.com>>,
                                         "Clark, Morris"
                    11/19/01             <Morris.Richard.Clark@ENRON.com <mailto:Morris.Richard.Clark@ENRON.com>>
                    06:18 PM             , "Cook, Mary"
                                         <Mary.Cook@ENRON.com <mailto:Mary.Cook@ENRON.com>>, "David
                                         Mitchell (E-mail)"
                                         <david.mitchell@cwt.com <mailto:david.mitchell@cwt.com>>,
                                         "Davis, Angela"
                                         <Angela.Davis@ENRON.com <mailto:Angela.Davis@ENRON.com>>, "Del
                                         vecchio, Peter"
                                         <Peter.Del.Vecchio@ENRON.com <mailto:Peter.Del.Vecchio@ENRON.com>>,
                                         "Diane Dickensheid (E-mail)"
                                         <diane.dickensheid@cwt.com <mailto:diane.dickensheid@cwt.com>>,
                                         "Dobin, Nora"
                                         <Nora.Dobin@ENRON.com <mailto:Nora.Dobin@ENRON.com>>,
                                         "Douglas, Stephen H."
                                         <Stephen.H.Douglas@ENRON.com <mailto:Stephen.H.Douglas@ENRON.com>>,
                                         "Evans, Mark (London Legal)"
                                         <mark.evans@enron.com <mailto:mark.evans@enron.com>>,
                                         "Gaffney, Chris"
                                         <Chris.Gaffney@ENRON.com <mailto:Chris.Gaffney@ENRON.com>>,
                                         "Gray, Barbara N."
                                         <Barbara.N.Gray@ENRON.com <mailto:Barbara.N.Gray@ENRON.com>>,
                                         "Hansen, Leslie"
                                         <Leslie.Hansen@ENRON.com <mailto:Leslie.Hansen@ENRON.com>>,
                                         "Heard, Marie"
                                         <Marie.Heard@ENRON.com <mailto:Marie.Heard@ENRON.com>>,
                                         "Hendry, Brent"
                                         <Brent.Hendry@ENRON.com <mailto:Brent.Hendry@ENRON.com>>,
                                         "Hodge, Jeffrey T."
                                         <Jeffrey.T.Hodge@ENRON.com <mailto:Jeffrey.T.Hodge@ENRON.com>>,
                                         "Johnston, Greg"
                                         <Greg.Johnston@ENRON.com <mailto:Greg.Johnston@ENRON.com>>,
                                         "Jones, Tana"
                                         <Tana.Jones@ENRON.com <mailto:Tana.Jones@ENRON.com>>,
                                         "Keohane, Peter"
                                         <Peter.Keohane@ENRON.com <mailto:Peter.Keohane@ENRON.com>>,
                                         "Koehler, Anne C."
                                         <Anne.C.Koehler@ENRON.com <mailto:Anne.C.Koehler@ENRON.com>>,
                                         "Lech Kalembka (E-mail)"
                                         <lech.kalembka@cwt.com <mailto:lech.kalembka@cwt.com>>, "Leite,
                                         Francisco Pinto"
                                         <Francisco.Pinto.Leite@ENRON.com
                                         >, "Marissa Morelle (E-mail)"
                                         <marissa.morelle@cwt.com <mailto:marissa.morelle@cwt.com>>,
                                         "McCullough, Travis"
                                         <Travis.McCullough@ENRON.com <mailto:Travis.McCullough@ENRON.com>>,
                                         "Mellencamp, Lisa"
                                         <Lisa.Mellencamp@ENRON.com <mailto:Lisa.Mellencamp@ENRON.com>>,
                                         "Murphy, Harlan"
                                         <Harlan.Murphy@ENRON.com <mailto:Harlan.Murphy@ENRON.com>>,
                                         "Murray, Julia"
                                         <Julia.Murray@ENRON.com <mailto:Julia.Murray@ENRON.com>>,
                                         "Nemec, Gerald"
                                         <Gerald.Nemec@ENRON.com <mailto:Gerald.Nemec@ENRON.com>>,
                                         "Portz, David"
                                         <David.Portz@ENRON.com <mailto:David.Portz@ENRON.com>>, "Rick
                                         Antonoff (E-mail)"
                                         <rick.antonoff@cwt.com <mailto:rick.antonoff@cwt.com>>,
                                         "Rohauer, Tanya"
                                         <Tanya.Rohauer@ENRON.com <mailto:Tanya.Rohauer@ENRON.com>>,
                                         "Sager, Elizabeth"
                                         <Elizabeth.Sager@ENRON.com <mailto:Elizabeth.Sager@ENRON.com>>,
                                         "Saxena, Rahul"
                                         <rahul.saxena@enron.com <mailto:rahul.saxena@enron.com>>,
                                         "Sayre, Frank"
                                         <Frank.Sayre@ENRON.com <mailto:Frank.Sayre@ENRON.com>>, "Schuh,
                                         Michael"
                                         <michael.schuh@enron.com <mailto:michael.schuh@enron.com>>,
                                         "Shackleton, Sara"
                                         <Sara.Shackleton@ENRON.com <mailto:Sara.Shackleton@ENRON.com>>,
                                         "Simons, Paul"
                                         <paul.simons@enron.com <mailto:paul.simons@enron.com>>, "St.
                                         Clair, Carol"
                                         <Carol.St.Clair@ENRON.com <mailto:Carol.St.Clair@ENRON.com>>, "Van
                                         Hooser, Steve"
                                         <Steve.Van.Hooser@ENRON.com <mailto:Steve.Van.Hooser@ENRON.com>>,
                                         "Viverito, John"
                                         <John.Viverito@ENRON.com <mailto:John.Viverito@ENRON.com>>, "Von
                                         Bock Und Polach, Marcus"
                                         <marcus.von.bock.und.polach@enro
                                         n.com>, "Williams, Jason R
                                         (Credit)"
                                         <Jason.R.Williams@ENRON.com <mailto:Jason.R.Williams@ENRON.com>>
                                         cc:
                                         Subject:     Master Netting
                                         Agreement Assignments

Attached is the updated list of master netting agreement assignments.

           <<master netting agreement assignments.doc>>

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(See attached file: master netting agreement assignments.doc)

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 - master netting agreement assignments.doc << File: master netting agreement assignments.doc >>


FYI.
PL

---------------------- Forwarded by Phillip M Love/HOU/ECT on 01/29/2001
10:19 AM ---------------------------

	From:  Larry Joe Hunter                           01/25/2001 06:05 PM

To: William Kelly/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Phillip M
Love/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON
cc: Jeffrey C Gossett/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Janie
Aguayo/HOU/ECT@ECT, Derek Bailey/Corp/Enron@ENRON, Diane
Anderson/NA/Enron@Enron, Julie Brewer/NA/Enron@Enron
Subject: Please distribute - booking to ECC

Please distribute to your book administrators:

If you enter deals with the following entities, please use the TAGG shortname
below and Enron entity of ECC:

Counterparty    TAGG shortname

AEC Oil & Gas (any AEC name)  AEC-OIL&GAS

Alberta Energy Co.   AEC-OIL&GAS

Agrium     AGRIUM

Dynegy Canada   DYNEGYCAN

Engage Canada   ENGAGEENECAN

TransCanada    TRANSCANENEFIN

Duke Energy Mkt (Canadian point) DUKEENEMARLTD

Thanks for the help.
Joe Hunter


Dave has asked that a Staff Meeting be scheduled for Wednesday February 7,
2001, from 3:00 pm til 5:00 pm in 30C1.  Please mark your calendar and plan
to attend.

If you have any questions and/or conflicts, please feel free to call me (Kay
3-0643).

Thanks,

Kay


Michelle,

Thank you for your reply. I have been in training all day and will be there for half a day tomorrow.

I did not list it on the compliance cert., because after reading the 62 page code of ethics, I felt the book was outside the parameters articulated in the book. After you came and talked to our class, I felt it was still outside the parameters but would be best to notify you so there would be no question later. (Yes, I did read the entire code of ethics!)

Hope you are doing well. Last week was a rough first week.

Best Regards,
Bill

-----Original Message-----
From: Cash, Michelle
Sent: Mon 11/12/2001 9:41 PM
To: Pentak, William
Cc:
Subject: RE: can we talk briefly?

Bill,

Thanks for your note.  I have forwarded it to our compliance officer, who usually handles these types of issues.

Did you disclose this on your certificate of compliance?  If not, that is ok, because you haven't written the book yet -- I was just asking.

I expect to hear back from our compliance officer shortly.  She usually is quite prompt.

Michelle

-----Original Message-----
From: Pentak, William
Sent: Mon 11/12/2001 4:02 PM
To: Cash, Michelle
Cc:
Subject: can we talk briefly?

Hello, Michelle!

You came and spoke to my new hire class last Monday. I have a pending book deal with Zondervan publishing and wanted to make sure that there was no problem re the confidentiality agreement.

I am certain there will be no problem. I have been a minister for 22 years and have a proposal being pitched by the senior editor at Zondervan to their editorial review board. The book will draw on my leadership/team-building experiences in the church and will be written from the perspective of a minister / mba. It will have nothing to do with Enron.

Please let me know when would be a good time to come by.

All The Best,
Bill


did you go on your vacation yet?  i hope you are not on it now b/c there is a
huge hurricane heading into the gulf.  you could end up like gilligan.


----- Forwarded by Richard B Sanders/HOU/ECT on 02/27/2001 08:57 AM -----

	Ron Tapscott
	02/27/2001 08:06 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Doyle Peaking Plant, Unit #1 - Monroe, GA d/l: 6/14/00 FMG Loss
#01912X-00-28-01

fyi per e-mail.  thanks, ron.
---------------------- Forwarded by Ron Tapscott/HOU/ECT on 02/27/2001 08:06
AM ---------------------------

"Chandler, Claude" <claude.chandler@fmglobal.com> on 02/23/2001 03:39:06 PM
To: "'Jim Bouillion - Enron'" <james.l.bouillion@enron.com>
cc: "'David Marshall - Enron'" <dmarsha@ect.enron.com>, "'James P Studdert -
Enron'" <James.P.Studdert@enron.com>, "'John Bonanno - Production Systems'"
<john_bonanno@email.msn.com>, "'Ray Ward - JL Wortham & Son'"
<rward@jwortham.com>, "'Ron Tapscott - Enron'" <ron.Tapscott@enron.com>,
"'Russ Porter - Enron'" <Russ.Porter@enron.com>, "'Tom Trueb - Dean-Oliver'"
<ttrueb@dean-oliver.com>, "Whitt, Russell" <russell.whitt@fmglobal.com>,
"Meyer, Paul" <paul.meyer@fmglobal.com>, "Henderson, David"
<david.henderson@fmglobal.com>
Subject: Doyle Peaking Plant, Unit #1 - Monroe, GA  d/l: 6/14/00  FMG Loss
#01912X-00-28-01

Jim,

I just tried to call you.  I wanted to get the attached to you before next
week.

Presently, Enron on behalf of Doyle has filed a claim for $6,212,577.54 in
Property Damage as a result of the mechanical failure on 6/14/00.  The
attached 40+ page spread sheet details Factory Mutual's review of the
covered claim with adjustments for overscope or overstatement of repair and
Exclusion E (Defective material, design, workmanship) of the General
Exclusions in the policy issued to Doyle.  The review is based on
information obtained or documentation submitted to date.  All adjustments
are subject to further discussion and submission of documentation, therefore
the adjustments should be considered estimates.  Scope adjustments are
$3,488,310.58; Exclusion E adjustments are $437,865.67, resulting in an
estimated measured claim of $2,286,401.29.

Please contact me to arrange a meeting to discuss the adjustments in detail
in Houston after next week (I have confirmed that as a group, the four of us
that came down for the last meeting cannot arrange).

Claude

 <<Claim Summary.xls>>

 - Claim Summary.xls