Welcome back to this week's Eyeforenergy update.  We've got a number of new
things going on at Eyeforenergy to tell you about.  First off, we've got a
new article in the featured content section of our website.  It's an
excellent opportunity for you to read about some of the new developments on
emissions trading for the energy industry, make sure to take a look.  On the
event side of things, there are a few new developments -- our 3 in 1 trading
show this February in Amsterdam has added a new case study on developing and
integrating a new risk management solution, presented by TXU and Raft
International; and we've just announced the dates and a call for papers for
our upcoming Energy Exchanges Online III show in New Orleans this fall.
Finally, be sure to keep hitting the Eyeforenergy website to get the latest
updates on the news affecting the energy industry including a close eye on
the Enron fall out and the rapidly developing alternative energy market.

Bruno Russell
mailto:bruno@eyeforenergy.com

CONTENTS:

    -  ARTICLE:  Will the U.S. regulate CO2 from power plants, giving a
massive lift to the fledgling market in the trade of greenhouse gas
emissions?

    -  NEW EVENT ANNOUNCEMENT

    -  EVENTS RUNDOWN

    -  RECENT HEADLINES

ARTICLE:
Will the U.S. regulate CO2 from power plants, giving a massive lift to the
fledgling market in the trade of greenhouse gas emissions?

The U.S. Congress continues to discuss regulation of CO2 from power plants
as part of a comprehensive package to address power plant air pollution.
Hearings were convened late last year by the Senate Environment and Public
Works Committee to discuss the merits of a four-pollutant power plant
strategy-controlling SO2, NOx, mercury, and CO2 emissions in a coordinated
fashion.

Read the full article here:
http://www.eyeforenergy.com/content.asp?news=24773

NEW EVENT ANNOUNCEMENT

 *Energy Exchanges Online III
Sheraton Hotel, New Orleans, September 19-21, 2002
Now in its third year, Energy Exchanges Online is reconvening in New Orleans
to bring together all the key figures in the US energy trading market.  If
you'd like to get involved, have a story to tell, get more information or
would like to suggest a speaker let us know, simply go to:
http://www.eyeforenergy.com/eeo3/

EVENTS RUNDOWN

* Energy Exchanges Online Europe:  Effective Trading and Risk Strategies for
the Online Energy Market
Amsterdam, 19-21 February 2002
Is online trading safe, efficient, necessary??  Where do you find the
liquidity you need with the demise of market-leader Enron?  Who can you
trust and do you have the financial backup in place to weather the risky
energy trading market?  Energy Exchanges Online Europe is the place to find
out if you're up to date with the latest energy trading developments. Meet,
do business and discuss the big issues over 2 days with the leaders in
energy trading in Amsterdam.
To find out more information, including discounts for pre-registration,
speaking, sponsoring and exhibiting opportunities, click here:
http://www.eyeforenergy.com/eurotrading/

* Emissions Trading 2002
Okura Hotel, Amsterdam, 19-21 February 2002
Emissions trading options are ripe for the picking - so how can you make
sure you're ready to profit from GHG? Let's face it - you can't really
afford not to be, especially as the World Bank has estimated demand in the
international GHG trading system to be in the order of US$20 billion per
annum by 2010.  Eyeforenergy is delighted to bring you this event which will
focus on how you can best seize this exciting new market opportunity. As
ever, the
conference will be driven by the industry leaders in this arena, backed up
by expert advice from those helping the indsutry make the right moves in
emissions.
Click here for further information:
http://www.eyeforenergy.com/emissions

* Weather Trading 2002
Okura Hotel, Amsterdam, 19-21 February 2002
Today's business is all about risk and how to mitigate it. Weather
derivatives has become one of the key tools industries as wide ranging at
utilities, airlines, and agriculture have at hand to off-set risks
associated with temperature and precipitation. With over 70% of Europe's
companies facing weather-related risk, knowing about the latest advances in
weather trading is a necessity. Eyeforenergy's latest event will be run in
conjunction with our European online trading conference, Energy Trading in
the New Economy, and Eyeforenergy's Emissions Trading 2002 event, so you can
learn about the latest developments in energy and emissions trading all
under one roof.
Click here for further information:
http://www.eyeforenergy.com/weather

LATEST HEADLINES

In Wake of Delisting Enron Still Spinning Facts
http://www.eyeforenergy.com/content.asp?news=24764

North Carolina's "Green Power Program" Gets Backing of Utilities
http://www.eyeforenergy.com/content.asp?news=24762

UBS Defends Enron Trading Acquisition
http://www.eyeforenergy.com/content.asp?news=24760

DynaMotive to Trade Greenhouse Gas Emissions Credits
http://www.eyeforenergy.com/content.asp?news=24759

------------------------------------------------------------
This update is provided as part of the free Eyeforenergy Briefing service.
In addition to these updates, you will receive a comprehensive newsletter
every
other week, with fresh in-depth analysis, reports and insights into the
issues currently affecting different areas of the energy industry.

To subscribe, email:
mailto:energynews-subscribe-request@peach.ease.lsoft.com or alternatively
send a message to mailto:bruno@eyeforenergy.com?Subject=BriefingSubscribe

To unsubscribe, email:
mailto:energynews-signoff-request@peach.ease.lsoft.com or alternatively send
a message to mailto:bruno@eyeforenergy.com?Subject=BriefingSubscribe
__________________________________________________


Congrats!  Come visit sometime.  SS

Dale Neuner on 11/01/99 03:34:42 PM
To: Bill Greenizan/CAL/ECT@ECT, Dianne Seib/CAL/ECT@ECT, Stewart
Rosman/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Sean Black/HOU/ECT@ECT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Taylor/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT,
Jeffrey T Hodge/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Susan
Flynn/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Marie Heard/HOU/ECT@ECT, Jung-Suk
Suh/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT,
Robert B Cass/HOU/ECT@ECT, Edmund Cooper/LON/ECT@ECT, Debbie
Nicholls/LON/ECT@ECT, Mark Elliott/LON/ECT@ECT, Lucy Ortiz/HOU/ECT@ECT,
Michael Nguyen/HOU/ECT@ECT, Heather Alon/HOU/ECT@ECT, John
Jacobsen/HOU/ECT@ECT, Tony Harris/HOU/ECT@ECT, Carolyn Gilley/HOU/ECT@ECT,
Jaime Williams/NA/Enron@ENRON, Tanya Rohauer/HOU/ECT@ECT, Rod
Nelson/HOU/ECT@ECT, Jeff Harbert/HOU/ECT@ECT
cc:
Subject: My role has changed.........

This past Friday I was offered (and accepted) a position with EnronOnline.
The move is effective today.

I've enjoyed working with all of you and look forward to supporting your
business in my new role. If you require any assistance regarding financial
Confirmations, please do not hestitate to contact Larry "Joe" Hunter at
3-3316 (Senior Specialist - Lead) or Jeff Sorenson at 3-5294 (Manager).

Please feel free to forward this to any person you deem appropriate or that I
may have missed.

Dale
3-9746


Calendar Entry

Brief description:
Date:
Time:

Crescendo Mtg. (EB3335)
01/16/2001
10:00 AM - 11:00 AM

Detailed description:
Attached is the Crescendo Roster listing the participants to the above
meeting.

_________________________________________________________________________
Chairperson: Scott Josey/Corp/Enron
Sent by: Tonai Lehr/Corp/Enron


OUTLOOK EMAIL NOTIFICATION

Your Date of Migration is: May 17th

YOU WILL BE UNABLE TO SEND E-MAIL unless you take the following action:
Please go through your Notes email and clean out as many old/un-needed email
items as possible BEFORE your date of migration.? After you are migrated to
Outlook you will only be allocated 100MB of total Mailbox space.?? If more
than this amount of data is migrated to Outlook YOU WILL NOT BE ABLE TO SEND
E-MAIL until it is below the 100MB limit.? Cleaning up your Notes email now
will prevent this from happening to YOU.

Enron,s messaging platform is migrating from Lotus Notes to Microsoft Outlook
2000 worldwide.  You will be accessing Outlook for all of your email
functions.

WHY IS ENRON MIGRATING TO OUTLOOK 2000?

Many factors contributed to the decision to migrate from Lotus Notes to
Microsoft Exchange/Outlook.  The most prominent factors were:

? Significant advantages to moving to a product that is more integrated with
current Enron apps (Windows 2000, Office and Internet Explorer)
? More efficient Shared PC and Roaming User features
? Improved support and integration for Palm/CE devices
? Instant Messaging capabilities

WHAT IS BEING MIGRATED TO OUTLOOK 2000?

? Email Messages.  From the date of your scheduled migration, the last (30)
thirty days of your Email will be converted for use in Outlook.
? All your folders in Notes you use to store email messages in.
? To Do Items
? Journal Items
? Calendar Entries dating from (1) one year in the past to (10) ten years in
the future will be converted.
? Address Books, but NOT your Distribution Lists that you created.  You will
need to re-create these in Outlook.

Thank you,

Outlook 2000 Migration Team


SBX 31 (Burton), which is the clean-up legislation to ABX 1 to correct
outstanding bonding issues, was heard on the Assembly floor.  As an
urgency measure, the bill failed passage garnering only one Republican
vote.  The Democrats then removed the urgency clause and passed the bill
which takes effect 90 days after the end of special session.  The bill
must now go back to the Senate for concurrence.


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/19/2000
03:41 PM ---------------------------

Robert Brooks <rebrooks@earthlink.net> on 04/19/2000 12:39:57 PM
Please respond to "rebrooks@rbac.com" <rebrooks@rbac.com>
To: "'GPCM Distribution'" <rebrooks@rbac.com>
cc:
Subject: Gas Price Analysis from Powermarketers.com

Interesting article.  Analysis sees production and import increases this
year, perhaps not quite keeping up with demand increases.
Take a look.

http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2000/04/18/krtbn/0000-0087-HO-GAS-ENERGY

Bob Brooks


Janet, need 2000 accomplishments and Enron resume/deal anthology for Ben
Jacoby and Ed McMichael before Friday - please follow up.

Regards
Delainey


Hi Lee,

Opps.  I forgot to send this to you.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/28/2000 03:23
PM ---------------------------

Kay Mann
11/28/2000 03:16 PM
To: michael.barnas@ps.ge.com, stephen.swift@ps.ge.com,
kent.shoemaker@ae.ge.com, Sheila Tweed/HOU/ECT@ECT, Roseann
Engeldorf/Corp/Enron@ENRON, Lisa Bills/Corp/Enron@ENRON, Ben
Jacoby/HOU/ECT@ECT, Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt
cc:

Subject: World Hunger assignment

Here's another stab at the assignment clause for the World Hunger contract
for your consideration:

Except as described in Section __ [next paragraph] neither Party shall assign
any or all of their duties or rights under this Contract without prior
written consent from the other Party; such consent not to be unreasonably
withheld, conditioned or delayed.

Notwithstanding the foregoing:  (i) Purchaser, Seller or Agent may assign any
or all of their duties or rights to any Affiliate or subsidiary without the
other,s consent; (ii) Purchaser or Agent may assign any or all of its duties
or rights to any Affiliate of Enron Corp., without Seller,s consent, and
(iii) Purchaser or Agent may assign any or all of its rights and obligations
without Seller,s consent following [appropriate milestone].  In each instance
the assignment shall be effective as of the time the assignor delivers notice
to the other party in accordance with [Section ]. [form to be agreed now?]

Seller shall only be deemed to be reasonable in withholding its consent if
the proposed assignee: (i) does not have a credit rating of [___] unless (a)
the proposed assignee provides appropriate guaranties, letters of credit or
other assurances of payment issued by an entity or person with a credit
rating of [__], or (b) the assignor agrees to remain liable for all liability
under this Agreement until [appropriate milestone], or (c) is a party
participating in or providing financing or financing structures, including,
without limitation, structures related to leasing arrangements and project
financing, including a special purpose vehicle receiving financing to develop
and/or construct the project for which Purchaser or Agent purchased the
Equipment, if Purchaser or Agent has provided reasonably satisfactory
representations concerning the sufficiency of the financing arrangement, or
(d) final payment (except for the retention amount) has been made to Seller;
(ii) is a direct competitor of Seller in the turbine manufacturing business,
(iii) is an adverse party to Seller in any material litigation, or (iv) if
purchasing the Equipment, such assignee is not purchasing such Equipment (or
rights thereto) as part of a transaction in which Purchaser, Agent or their
Affiliates is providing related goods and/or services to such assignee.

Purchaser or Agent shall have the right to assign or pledge, from time to
time, all or any portion of their respective right, title and interest in, to
and under the Agreement as collateral for financing of this Facility without
Seller,s consent.

In the instances where consent is required, the party requesting consent
shall request such consent in writing, including the following:

(a) the legal name and address and the form and place of incorporation or
organization of the proposed assignee; and,

(b) the current published annual report of the proposed assignee, or if no
such report is published three years of audited financial statements and a
description of the proposed assignee,s business, if available.

Seller shall respond to any request for consent within thirty (30) days
following its receipt of such request.   Seller,s consent if granted shall be
in the form of Appendix __ hereto.  Any failure to respond in writing within
the foregoing period shall be deemed to constitute consent.

When duly assigned in accordance with this Article, (including, following any
collateral assignment, upon foreclosure by any collateral assignee), (i) this
Agreement or the rights and/or obligations so assigned shall be binding upon
and shall inure to the benefit of the assignee (and all rights and/or
obligations so assigned, including, without limitation, any and all warranty
rights, shall be assigned to the assignee as if such assignee were an
original party hereto), (ii) the assignor shall be irrevocably relieved of
and forever discharged from all liability under this Agreement so long as the
assignee executes an assumption of this Agreement and such liabilities and
obligations herein, and (iii) Seller shall look only to such assignee for the
performance of the obligations so assigned.  Any assignment other than as
permitted herein shall be void and without force or effect.

[Here's the electronic version]


very funny today...during the free fall, couldn't price jv and xh low enough
on eol, just kept getting cracked.  when we stabilized, customers came in to
buy and couldnt price it high enough.  winter versus apr went from +23 cents
when we were at the bottom to +27 when april rallied at the end even though
it should have tightened theoretically.  however, april is being supported
just off the strip.  getting word a lot of utilities are going in front of
the puc trying to get approval for hedging programs this year.

slafontaine@globalp.com on 03/13/2001 11:07:13 AM
To: jarnold@enron.com
cc:
Subject: utilites?

hey johnny. hope all is well. what u think hrere? utuilites buying this break
down? charts look awful but 4.86 ish is next big level.
jut back from skiing in co, fun but took 17 hrs to get home and a 1.5 days to
get there cuz of twa and weather.


I will be taking vacation days March 13-15.

Twist
3-6203


Please note that the CBR meeting was rescheduled from September 14th @ 1:30 to new date & time, September 24th @ 3:00 - 5:00 in conference room 49C2.
If you have any questions, please call me at x33597.  Thank you.

Julie Armstrong
x33597


Mark also forwarded a voicemail from Doty.  Doty goes into great length about
his discussions with Gramm (both of them) and professes to have not only a
good relationship but also the support of the Senator.  At this point, any
reason not to get the letter prepared for Ken's signature?
----- Forwarded by Steven J Kean/NA/Enron on 04/02/2001 09:49 AM -----

	Mark Metts/Enron@EnronXGate
	04/02/2001 08:10 AM

		 To: Steven J Kean/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Chris
Long/Corp/Enron@ENRON
		 cc:
		 Subject: FW: Financial Times article

As a follow-up to Chris's question about Jim Doty and Wendy Gramm.

 -----Original Message-----
From:  james.doty@bakerbotts.com@ENRON
[mailto:IMCEANOTES-james+2Edoty+40bakerbotts+2Ecom+40ENRON@ENRON.com]
Sent: Monday, April 02, 2001 7:51 AM
To: mmetts@enron.com
Subject: FW: Financial Times article

Mark:  This is the article I mentioned in my voice mail.  For the record, I
have said early and often, that the inter-agency disputes among the
financial regulatory agencies (which the Administration of George H.W. Bush
inherited and did not create, by the way), are unacceptable and must be
avoided.  The Dems, of course, love to get this sort of thing going, as it
enables them to hold hearings on the need for further legislation to
re-regulate. The fact that this President's father came to the White House
in the denouement of a multi-billion dollar savings and loan crisis which he
did not create is also usually forgotten.

As I said in my voicemail and as the attached article confirms, I think
there is no substance to the rumor that Sen. Gramm would be opposed to my
nomination.  As one of the few who contributed generously to his own
Presidential Exploratory Committee in 1995-6, I think I stand in pretty well
with the Senator and we would work well together.  After our last meeting, I
think he would feel the same way.

> -----Original Message-----
> From: Jordan, Jon
> Sent: Monday, March 12, 2001 1:13 PM
> To: Doty, James
> Subject: Financial Times article
>
> Jim:
>
> As you may already have read, below is an article that was published in
> the Financial Times today mentioning your prospects.
>
> http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3JC7587KC&l
> ive=true&useoverridetemplate=IXLZHNNP94C
>
> I have heard that internally, the Staff is all pushing for you.
>
>
> Jon B. Jordan
> Baker Botts L.L.P.
> The Warner
> 1299 Pennsylvania Ave., N.W.
> Washington, D.C. 20004-2400
> 202-639-7743 (direct)
> jon.jordan@bakerbotts.com
>
>


Dear Mark

Thanks for your quick reply.  Here's some of the information you've
requested.  (Don't worry, I give a quick summary at the end.)

As for Telerate, we have an agreement with them (Enron Corp), but everything
that I have suggests that it's on an 'add users as needed' basis--which means
that I question if we can even redistribute it internally, much less put it
out online.  However, Dan Diamond--of Mid Marketing--wrote to me saying, 'The
mid market group has no "agreements" to distribute information.  The
information we distribute is similar to quoting a stocks price out of the
newspaper.'  If Dan is correct, then I guess we're covered, but I feel
uncomfortable taking news that we pay for (unlike a stock quote) and giving
it out to the public (like a stock quote).  I've written to Dan asking him
where else we could get the information from (assuming that, if we can get
the information from multiple sites, his comparison would be correct.)

On US Weather, I think we're fine:  "The National Weather Service v (NWS)
provides weather, hydrologic, and climate forecasts and warnings for the
United States, its territories, adjacent waters and ocean areas, for the
protection of life and property and the enhancement of the national economy.
NWS data and products form a national information database and infrastructure
which can be used by other governmental agencies, the private sector, the
public, and the global community. "
(From their website)

Regarding NGTL Pipeline data, nothing has happened since we received the
letter that the lawyers signed in Canada--the letter that you didn't like.
(I have no idea what NGTL must be thinking about all of this--that we've
silently agreed to the contract?)  Donna's email does emphasize the need for
a password to the website--which suggests

For Canadian weather, I could not find a statement similar to US Weather
(above), but Paul Goddard spoke with them before he left, and they said the
information was open to all.  Additionally, none of the information on the
site appears to be copyrighted, which suggests that what they've said is true.

Finally, the copyright on the actual pages is '1999 Enron Corp.  All Rights
Reserved'--should we update that for 2000 on information that we put out?
Can we copyright what is already public domain?  (I guess newspapers do that
with basketeball scores, so why can't we--but it's still a question!)

So, for the busy lawyer, here's the quick review

Telerate: Checking with Dan Diamond on whether or not we could argue that the
information is public domain
US Weather: No problem
NGTL: Serious concerns--how do we contact them now?  (Do we wait for a new
content deal that could eliminate the need to use them? Rahil?)
Canadian Weather: No problem
'Copyright 2000 Enron Corp'?

I'll let you know when I hear about alternative information sources for
telerate.

Again, thank you very much

Jay


---------------------- Forwarded by Greg Whalley/HOU/ECT on 03/08/2000 08:08
AM ---------------------------

Rahil Jafry
03/07/2000 03:13 PM
Sent by: Rahil Jafry
To: Louise Kitchen/LON/ECT@ECT, Dave Samuels/LON/ECT@ECT, David
Forster/HOU/ECT@ECT, Paul Goddard/LON/ECT@ECT, Awais Omar/LON/ECT@ECT, Greg
Whalley/HOU/ECT@ECT, Julie Ferrara/HOU/ECT@ECT, Mario Parra
Cardoso/Corp/Enron@Enron, Bob Shults/HOU/ECT@ECT
cc:
Subject: Williams' Energy Marketing and Trading Unit Acquires Equity Interest
In HoustonStreet.com...

---------------------- Forwarded by Rahil Jafry/HOU/ECT on 03/07/2000 03:07
PM ---------------------------

Williams' Energy Marketing and Trading Unit Acquires Equity Interest In
HoustonStreet.com

03/07/2000
PR Newswire
(Copyright (c) 2000, PR Newswire)

  TULSA, Okla., March 7 /PRNewswire/ -- Williams Energy Marketing & Trading
Co., a unit of Williams (NYSE: WMB), announced today that it is acquiring a
minority stake in Houston Street Exchange, a Web-based energy trading
exchange.

  Financial terms of the transaction were not disclosed.
  Since the launch of HoustonStreet.com in July 1999, Houston Street Exchange
has established itself as one of the industry's most dynamic
business-to-business exchanges for wholesale power trading.  HoustonStreet.com
recently announced plans to launch new Web-based platforms for trading crude
and refined products at the wholesale level.

  "Emerging technologies continue to change the way the energy industry
operates, and HoustonStreet.com is on the leading edge of the revolution.
Internet-based trading has exploded, and we believe that this investment will
allow us to play a significant role in the development of new markets and
platforms," said Bill Hobbs, president of Williams Energy Marketing & Trading.

  "The investment in HoustonStreet.com is just one piece of Williams'
eBusiness strategy," added Nancy Gustine, director of eBusiness for Williams
Energy Marketing & Trading.  "By acquiring a stake in this innovator in the
electronic-exchange industry, we can capitalize on our marketing strengths
while helping them transform the trading industry."

  "To have one of the leading energy companies in the country invest in our
trading platform is a direct validation of our technology and our vision for
the future of energy trading" said Frank Getman, president and CEO of Houston
Street Exchange.  "We look forward to Williams' market strength and support in
creating the premier online energy trading platform across multiple
commodities."

  Williams' energy marketing and trading unit buys and sells all types of
energy products nationwide including natural gas and gas liquids, crude oil
and refined products and electricity.  The unit also manages its customers'
exposure to volatile energy prices using comprehensive risk management
services and creates customized energy financing solutions for producers and
end-users.

  About Houston Street Exchange

  Designed by traders for traders, Houston Street Exchange represents the
first Web portal for the trading of wholesale energy products.
HoustonStreet.com provides an online trading engine that allows traders to buy
and sell their energy products faster, more efficiently and more easily than
they do today.  Houston Street Exchange is headquartered in Portsmouth, New
Hampshire, with offices in Houston, Texas.  Houston Street Exchange is a
majority-owned subsidiary of BayCorp Holdings, Ltd. (Amex: MWH).  For more
information, visit Houston Street at www.houstonstreet.com.

  About Williams

  Williams, through its subsidiaries, connects businesses to energy and
communications.  The company delivers innovative, reliable products and
services through its extensive networks of energy-distributing pipelines and
high-speed fiber-optic cables, comprehensive energy services, including
commodity trading and risk management, and business communications systems,
international satellite and fiber-optic video services.  Based in Tulsa,
Okla., Williams operates about $25 billion in assets.  Company information is
available at www.williams.com.

  Portions of this document may constitute forward-looking statements as
defined by Federal law.  Although the company believes any such statements are
based on reasonable assumptions, there is no assurance that actual outcomes
will not be materially different.  Additional information about issues that
could lead to material changes in performance is contained in the company's
annual report or form 10K, which is filed with the Securities Exchange
Commission.

/CONTACT:  Patty McKissick, Media Relations, 918-573-5738, or email,
patty.mckissick@williams.com, or D'Ann Riley, Investor Relations,
918-573-8088, or email, d'ann.riley@williams.com, both of Williams/
15:06 EST

Folder Name: Rahil Jafry
Relevance Score on Scale of 100: 82

______________________________________________________________________

To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com
or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511
or contact your local sales representative.)
______________________________________________________________________

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


Regulatory Approval:

1)  Buyer represents that no approval or consent is required from any state
commission for the proposed acquisition and related financing (collectively,
the "Transaction").

2)  Buyer represents that it will use its best efforts to obtain any
necessary authority under the Public Utility Holding Company Act of 1935.  In
this regard,

a) Buyer will limit its request for authorization under the 1935 Act to that
reasonably needed to close the proposed Transaction, such request to be
consistent with any existing conditions or restrictions under the 1935 Act
for Buyer and its associate companies; and

b) Buyer undertakes that it will not seek a modification of its limit on
"aggregate investment" pursuant to Rule 53 under the 1935 Act in connection
with its request for authority under the 1935 Act for the proposed
Transaction.

Timing

Sam thinks you should give them 30 days to file the FERC application.

On the SEC side, we should ask for an initial draft within 10 days and it's
probably okay to ask them to file the 1935 Act application within 20 days.

Does that cover what you need from me now?

Thanks

Joanne


----- Forwarded by Sharonda Stephens/Corp/Enron on 12/13/2000 01:03 PM -----

	"ANN SCHMIDT, ENRON CORP." <ENRONPR@bloomberg.net>
	12/13/2000 01:00 PM

		 To: sharonda.stephens@enron.com
		 cc:
		 Subject: (DJN ) WSJ.COM WRAP: Skilling To Become Enron's Next CEO >EN

        HELLO

WSJ.COM WRAP: Skilling To Become Enron's Next CEO >ENE
12/13/0 13:18 (New York)

   A WSJ.com News Roundup

  HOUSTON (Dow Jones)--Enron Corp. (ENE) on Wednesday named  Jeffrey K.
Skilling chief executive to replace Kenneth L. Lay, who said he will step down
but continue to serve as chairman of the utility and telecommunications
company.
  Skilling, 47 years old, will take on the new role on Feb.  12, the company's
next scheduled board meeting, while remaining president and chief operating
officer.
  "Jeff is a big part of Enron's success and is clearly ready to lead the
company," Lay, 58, said in a written statement. Lay became chairman and chief
executive in 1986.
  Lay also denied rumors that he was interested in becoming  U.S. secretary of
energy or Treasury secretary in George W. Bush's administration, should the
Texas governor become the next president. Enron and Lay were big contributors
to the Bush campaign.
  "I have no plans to go to Washington and no plans to leave Houston or
Enron,"
he said. "I can say categorically that I won't be taking a job in a Bush
cabinet."
  "I am particularly happy that Ken and I will continue running the company
together and that he has put the rumors of his possible departure to
Washington, D.C., to rest," Skilling said. "Ken and I have worked together
since 1990, and we don't want to break up a team that has delivered superior
returns to Enron's shareholders."
  Skilling is credited as generating substantial profits for Enron and being
the brains behind the company's burgeoning commodities-trading business. That
business was seeking to place the company at the top of markets ranging from
electricity to wood pulp to natural gas.
  Enron, which began as a traditional gas-pipeline company 15 years ago, has
transformed itself into the largest trader of gas and electricity in North
America.
  Skilling joined Enron in 1990 after leading McKinsey & Co.'s energy and
chemical consulting operations. He became Enron's president and operating
chief
in December 1996. He emerged as the heir apparent to Lay after Rebecca Mark
resigned in August as chief executive of Azurix Corp. (AZX), Enron's troubled
global water company. Deregulation of the water business and government
privatizations of water systems, on which Azurix was counting, were slow to
come, crimping growth opportunities and profit.
  -Wall Street Journal staff reporter Rebecca Smith contributed to this
article.
  -For continuously updated news from The Wall Street Journal, see WSJ.com at
http://wsj.com.

  (END) DOW JONES NEWS  12-13-00
  01:18 PM- - 01 18 PM EST 12-13-00


Attached please find the Joint Consumer Group's responses to BPA data
requests BPA-JCG:01 - 11 and BPA-JCG:13 - 14.  Thank you.

 <<BPA-JCG-01.doc>>  <<BPA-JCG-02.doc>>  <<BPA-JCG-03.doc>>
<<BPA-JCG-04.doc>>  <<BPA-JCG-05.doc>>  <<BPA-JCG-06.doc>>
<<BPA-JCG-07.doc>>  <<BPA-JCG-08.doc>>  <<BPA-JCG-09.doc>>
<<BPA-JCG-10.doc>>  <<BPA-JCG-11.doc>>  <<BPA-JCG-13.doc>>  <<BPA-JCG-14.doc>>

Kelly C. Beniga
kbeniga @ schwabe.com
(503) 796-2445

NOTICE:  This communication may contain privileged or other confidential
information. If you are not the intended recipient or believe that you may
have received this communication in error,  please reply to the sender
indicating that fact and delete the copy you received.  In addition, you
should not print, copy,  retransmit, disseminate, or otherwise use the
information.       Thank you.
 - BPA-JCG-01.doc
 - BPA-JCG-02.doc
 - BPA-JCG-03.doc
 - BPA-JCG-04.doc
 - BPA-JCG-05.doc
 - BPA-JCG-06.doc
 - BPA-JCG-07.doc
 - BPA-JCG-08.doc
 - BPA-JCG-09.doc
 - BPA-JCG-10.doc
 - BPA-JCG-11.doc
 - BPA-JCG-13.doc
 - BPA-JCG-14.doc


Notice No. 01-331
October 3, 2001

TO:
All NYMEX Division Members
All NYMEX Division Clearing Members
All NYMEX Division Member Firms

FROM:
J. Robert Collins, Jr., President

RE:
Change in Trading Hours for Natural Gas Futures and Options for Thursday,
October 4,
2001

The executive committee of the New York Mercantile Exchange, Inc., today
decided to change the trading hours for its natural gas futures and options
contracts for tomorrow, October 4, so that they close at 2:30 PM instead of
2:00 PM, as previously announced.


Stan:

Please see attached memo for talking points on MTBE and pipleine safety
legislation that can be used in conversations with various members of
Congress who will be in attendance at tonight's pre-baseball game receptions.

Please call if you have any questions or require additional information.
Thank you.

Jeff Keeler


I've got a few too many speeches coming up.  You are probably in the best
position to address this crowd (time for the student to teach the teacher),
but I'd understand if you think it would be awkward (the we should just
decline).

	Jeff Dasovich
	10/05/2000 01:23 PM

		 To: Tim Belden/HOU/ECT@ECT, skean@enron.com
		 cc:
		 Subject: Re: Nov. 13 UC summit conference on electricity

Steve:  Let me know if you'd like to discuss.  I like Tim's idea re: maybe
you should take the slot.   But in my view definitely not Skilling.  I think
you saw my thoughts about this conference in a previous email exchange with
Schroeder re: Littlechild.

Also, they're breaking my arms and legs about sponsoring ($3-5K range).  I
had a thought that maybe EBS could stream the conference as an in-kind
contribution---the PR that EBS gets out of streaming might outweigh the cost
of providing gratis.  I had only raised it as a thought, though, and am
surprised to see it turn up in print.

Tim and I had both had Lee as a professor and I've been talking him about
this conference alot and have no problem delivering whatever the news is.  In
fact, I had already told them that they shouldn't count on us for this one
but that we're always interested in working together.

Best,
Jeff

	Tim Belden@ECT
	10/05/2000 01:00 PM

		 To: Jeff Dasovich/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Nov. 13 UC summit conference on electricity

Jeff, I sent this e-mail to Kean last night.  I am fine with your
recommendation for Skilling to pass on this event.  Do you want to deliver
the news to Lee.  Do we want to offer you, Steve Kean, or me as an
alternative?  Personally, I would like to attend but don't have much interest
in speaking (assuming that they would allow low lifes like you or me to
speak).  Your call on all of this.  Call bob Badeer with questions about the
BEEP as I am heading out of town in a couple of hours.

Tim:  I've worked hard with these guys to try to make this conference the
best that it could be, but it ain't quite there.  So I'd rather keep our
powder dry and use Skilling at another time.  Not top-shelf enough in my
view.  If you want to discuss further let me know.

Also, one question:

Is the BEEP stack the constrained supply curve post-adjustment bids?  I have
that right?
---------------------- Forwarded by Tim Belden/HOU/ECT on 10/05/2000 10:59 AM
---------------------------
From: Tim Belden on 10/04/2000 06:33 PM
To: Steven J Kean/NA/Enron@Enron
cc:
Subject: Nov. 13 UC summit conference on electricity

I just received this e-mail from a former professor of mine at Berekely.
Dasovich knows more about this than I do, so you should definitely talk to
him.  Do you think that this is something that Skilling should attend?
---------------------- Forwarded by Tim Belden/HOU/ECT on 10/04/2000 06:33 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Lee S. Friedman" <lfried@uclink4.berkeley.edu>
   10/04/2000 03:52 PM

To: "Tim Belden" <tim.belden@enron.com>, "Jeff Dasovich" <jdasovic@enron.com>
cc:
Subject: Nov. 13 UC summit conference on electricity

Jeff and Tim,

Tim, I know Jeff knows all about the conference we are organizing and I hope
you do as well.

Rob, I and the rest of the conference organizers are wondering if you could
help us find out if Jeff Skilling from Enron would be willing to be one of
our panelists? He has been an articulate critic of the current state of our
electricity markets, and we definitely would like the genco perspective
represented.

Naturally we are hoping to get a quick answer because our publicity about
the conference will be going out shortly.

A brief description of the conference is appended below. Please let me know
if you need any additional information.

Thanks very much for your help and advice.
Lee

The summer of San Diego has prompted the School, in collaboration with UC's
Energy Institute and Competition Policy Center, to sponsor a high-level
summit conference on electricity deregulation. The focus, and the audience,
will be national, but heavily informed and influenced by the California
crisis.  The conference will evaluate (1) the wisdom of deregulation and (2)
how the pitfalls encountered so far can be avoided and remedied. The
University will facilitate an open, honest and reasoned exchange between
executive-level players from various perspectives: industry, regulators,
consumers, legislators, academics, and market and system operators.

The format entails two roundtable discussions with six speakers and a
moderator.  During the panel sessions, the speakers will engage in a
debate/dialogue on the current situation in electricity deregulation, where
we have come from, what the future holds, and what solutions lie on the
horizon. Each speaker will have uninterrupted time to speak, followed by Q&A
and discussion.  We expect a live audience of about 200, including a large
press presence.  One sponsor has tentatively offered to provide internet
streaming video services.  We hope to have a balanced group of sponsors
ranging from the American Public Power Association to energy companies.

The speakers are being arranged at this time. We have commitments from:
Loretta Lynch (Chair, CPUC), and PJM CEO Phil Harris. We have a preliminary
acceptance from Steven Littlechild (England's former primary electricity
regulator) and Laura Tyson (former Chair, President's Council of Economic
Advisors and National Economic Council, currently Dean, Haas School of
Business). We have invited FERC Commissioner Curt Hebert, and U.S.
Representative Edward
Markey, executive-level managers from several energy companies and state
legislators. Former DOJ chief economist Carl Shapiro will be on one of the
panels, as will economist Severin Borenstein, Director of UCEI and Professor
of Business and Public Policy. Michael Florio from The Utility Reform
Network (TURN) will be a consumer advocate on one of the panels. Lee
Friedman, economist and Professor of Public Policy, will briefly provide an
introduction to the panel discussions with his talk "Lighting the Stage: The
Electricity of Deregulation."

A dinner for the panelists and organizers will be hosted at UC's Goldman
School of Public Policy following the conference proceedings. We have
reserved rooms for our speakers at Berkeley's landmark Claremont Hotel. We
can reimburse those speakers who request it for coach airfare expenses and
other ordinary local expenses.

Forfurther information, please contact:
Lee S. Friedman
Professor of Public Policy
Goldman School of Public Policy
University of California
2607 Hearst Avenue
Berkeley, CA 94720-7320
Ph:  (510) 642-7513
Fax: (510) 643-9657
email: lfried@uclink4.berkeley.edu


Let's just meet in the Enron Lobby.  Right around the escalators.

See ya at 11:30.
Robin


Sheila:
Thanks for offering to participate.  I will probably go ahead and get her the
gift certificate from Urban Retreat.  I just need to hear back from Mary
before I get it.  Looks like everyone else has already gotten her a gift.
Things are going great here.  Charles is now a little over 4 months old and
almost 16 lbs. and is doing great.  I'm sorry that I haven't been up there
for a visit but hopefully someday soon before he goes off to college I will
come up for a visit!  Hope that you are doing well.  Look forward to seeing
you soon.  Also, we are beginning the "nanny" search.  If you know of someone
or agency that you would trust please let me know.  We are looking for
someone to commute to our house each day, but can be flexible on the hours
because Bill will be here.  Take care and thanks again for the offer on
Suzanne's gift.  If I do something different, I'll let you know.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Sheila Tweed
	11/26/00 11:48 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Re: Suzanne's Christmas Gift

I would be pleased to participate.  How about $50?  If you change your mind,
please let me know.  How are you?  Any chance we'll ever get to see the baby?


Start Date: 4/25/01; HourAhead hour: 21;  HourAhead schedule download failed.
Manual intervention required.


Thanks, Cindy.  I haven't given up hope yet!

Kay

"Cindy Viator" <cindyv@lakeaustin.com> on 04/19/2001 09:24:43 AM
To: <kay.mann@enron.com>
cc:

Subject: Lake Austin Spa Resort

Hi Kay,

I wanted to follow up with you and let you know I have confirmed reservations
for you, Heather and Anne.  Group rates apply to six or more so there is a
possiblity that the rates will change if they other three guests do not
confirm reservations.

 Please contact me if you have any questions.  I'm looking forward to meeting
you.

Have a great day,
Cindy Viator
Sales/Marketing
Lake Austin Spa Resort
(800) 847-5637
(512) 372-7366
cindyv@lakeaustin.com
www.lakeaustin.com


Crude 24X7 WTI Marketing Effort

Trade Count:
 230  Trades
 10.5  Million Barrels
  8  Counterparties Transacting Today
 27 Counterparties Transacting to Date


Please Read and Act on Very Important Attached Memo!!!!

Steve Van Hooser
Enron North America Corp.
1400 Smith
EB3877
Houston, Texas  77002
713-853-7238


Will you please email your company address and your fax # back to Steve
Kean.  I am compiling a contact list.

Thank you.

  Maureen McVicker
  Steve Kean's Assistant


I'm on my way to DC.  Please ask my asst to set a good time to call with you on Wed.

Thanks

 -----Original Message-----
From: 	Wood, James
Sent:	Tuesday, October 02, 2001 3:54 PM
To:	Steffes, James D.
Subject:	Re: EES Texas Meeting

meeting was set for wed but will need to change.   There are many meetings on TX.  are you in today, how can I reach you

From:	James D Steffes/ENRON@enronXgate on 10/02/2001 02:26 PM
To:	James M Wood/HOU/EES@EES
cc:
Subject:	EES Texas Meeting

Jim --

Just trying to follow-up on the next meeting?  Any news?


Jeff

I went home today sick.  But I'll try in the future.

-----Original Message-----
From: Shankman, Jeffrey
Sent: Tue 1/30/2001 11:04 AM
To: Lavorato, John J.
Cc:
Subject:

Come on.  You should come to the tuesday traders' meeting.  they've been really good. In 3321 4-5 each tuesday.

I'll bring over a copy of the current book we are reading as enticement.  It's not a corvette, but it's a good book.


Additional discussion item for this afternoon's agenda: draft motion for
clarification that the April 6 Order does not relieve the PX from its
obligation to return the collateral and for enforcement of the PX's
obligation under its tariff to do so within 30 days.

---------------------- Forwarded by Ray Alvarez/NA/Enron on 05/03/2001 11:08
AM ---------------------------

"Ronald Carroll" <rcarroll@bracepatt.com> on 05/01/2001 06:53:44 PM
To: <jmcgrane@morganlewis.com>
cc: <jdwatkiss@aol.com>, <david.meyer@avistacorp.com>,
<nolan.steiner@avistacorp.com>, <rich.stevens@avistacorp.com>,
<dvermillion@avistaenergy.com>, "Andrea Settanni" <asettanni@bracepatt.com>,
"Dan Watkiss" <dwatkiss@bracepatt.com>, "Kimberly Curry"
<kcurry@bracepatt.com>, <GFergus@brobeck.com>,
<andrzej_kabarowski@cargill.com>, <phillip_fantle@cargill.com>,
<psteele@coral-energy.com>, <rreilley@coral-energy.com>,
<ray.alvarez@ei.enron.com>, <cyoder@enron.com>, <jhartso@enron.com>,
<jsteffe@enron.com>, <michael.tribolet@enron.com>,
<richard.b.sanders@enron.com>, <rsanders@enron.com>, <smara@enron.com>,
<Ebiery@fulbright.com>, <fyanney@fulbright.com>, <tfreiberg@fulbright.com>,
<jfrizzell@gibbs-bruns.com>, <sbishop@gibbs-bruns.com>, <CEKLUND@LLGM.COM>,
<DWHITLEY@LLGM.COM>, <EHUFF@LLGM.COM>, <JKLAUBER@LLGM.COM>,
<JRNELSON@LLGM.COM>, <gerspamer@mofo.com>, <kirvin@mofo.com>,
<kzeitlin@mofo.com>, <Pmar@mofo.com>, <rloeffler@mofo.com>,
<mgriffen@morganlewis.com>, <bcurrey@omm.com>, <jstamper@omm.com>,
<mawilliams@omm.com>, <Andrew.Haller@PacifiCorp.com>,
<john.fryer@PacifiCorp.com>, <hydeefeldstein@paulhastings.com>,
<Timothy.Bolden@pinnaclewest.com>, <dmperlman@powersrc.com>,
<rosteen@powersrc.com>, <hao@quinnemanuel.com>, <dgarber@sempra.com>,
<wdsmith@sempra.com>, <rbeitler@sempratrading.com>, <PARAMFJORD@stoel.com>,
<rcjosephson@stoel.com>, <SJKAPLAN@stoel.com>, <awells@strook.com>,
<ayudkowsky@strook.com>, <CFR@vnf.com>, <GDB@vnf.com>, <HES@vnf.com>,
<JRR@vnf.com>

Subject: Motion for Clarification and Enforcement

I have attached in both WP and Word format a draft motion for clarification
that the April 6 Order does not relieve the PX from its obligation to return
the collateral and for enforcement of the PX's obligation under its tariff to
do so within 30 days.  The draft does not, as yet, address the Judge Moreno
proceeding.  I am waiting to see the outcome of our efforts to reach a
Stipulated Injunction with the PX that would defer this matter to FERC for 45
days.

Please give me your comments by Thursday if possible.  Thanks.  Ron

 - 0141563.01
 - EL01-29 ET AL CAPTION_1.doc


Stephen,

I made a copy of your BenchbyTrader and cleaned it up a little by taking out all the hidden rows and old traders.  It is saved to the same directory as UBS BenchByTrader.xls

Can you look at this and check the macros to make sure it all still works?  Can you use that going forward?

Thanks

KK


---------------------- Forwarded by Tana Jones/HOU/ECT on 05/28/99 09:41 AM
---------------------------
From: Rod Nelson on 05/27/99 04:44 PM
To: Susan Flynn/HOU/ECT@ECT, Marie Heard/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
cc:
Subject: New Counterparty

Use this address and contact.

---------------------- Forwarded by Rod Nelson/HOU/ECT on 05/27/99 04:42 PM
---------------------------

Lucy Ortiz
05/27/99 04:35 PM
To: Marilyn Colbert/HOU/ECT@ECT
cc: Rod Nelson/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT
Subject: New Counterparty

Please set these people up as a new weather counterparty.

National Union Fire Insurance Company of Pittsburgh P.A.
70 Pine Street 5th Floor
New York, NY 10270
Attention:  Mr. David Fields

Fax No.: 212-269-2480
Telephone No.: 212-770-5814

We'll have to invoice them for a deal, so please set up a financial link as
well.

Many thanks,

Lucy Ortiz


S m o k e   a n d   S m e a r s
Christopher DeMuth and Steven Hayward
October 17, 2000

 In the closing weeks of the presidential campaign, Vice President Gore is
returning to the theme that Governor Bushs Texas has become an abysmal place
to live. It is a hard case to makeTexas is today the fifth fastest growing
state and fifth in net influx of Americans from other states, and Mr. Bush is
one of the nations most popular governors.
 Mr. Gores earlier attacks on the governors education record were set aside
following the July release of a comprehensive RAND study showing that Texas
has become the nations top state in achievement test scores. His subsequent
assertions about the number of Texans lacking health insurance seem to have
fizzled as well (it turns out that the number of uninsured has been falling
in Texas while rising in the nation as a whole). That leaves environmental
quality, where the Vice President and his ad writers have leveled a fusillade
of dramatic allegations about increasing pollution in Texass cities and
streams.
 Environmental quality presents rich opportunities for misleading data and
rhetoric. Measuring air and water pollution involves a host of variables: one
can measure pollution by emissions or by the quality of the air and water,
and measurements of air and water quality depend on the placement of
monitors, the use of *peak* versus average levels, and adjustments for
population exposure and for the widely differing health and amenity effects
of different kinds of pollution. Rankings among states are much more
problematic than rankings of school performance or health care, because all
states that are more urbanized and industrialized have higher pollution
levels. Texas accounts for 60 percent of the nations petrochemical
production capacity and 25 percent of oil refining, and it is the only state
with two metropolitan areas (Houston and Dallas-Ft. Worth) among the nations
top ten. Measured by simple gross quantities, Texas, California, and New
Jersey will have *more pollution* than most other states under any
circumstances; the rest of us can enjoy the products without having to bother
so much with the pollution-control challenges.
 Mr. Gores charges exploit these opportunities to the hilt, combining
misleading statistics with a few outright fabrications to create an
impression that bears little relationship to reality. The charges are,
however, easy to debunk, and it is surprising that they been reported with
little scrutiny by a media that has otherwise grown wary of the Vice
Presidents loose ways with facts.
 The Gore campaigns favorite charge is that Houston has passed Los Angeles
to become *the smog capital of the United States,* *No. 1 in air pollution,*
and *the dirtiest city in the nation.* (We will ignore Democratic National
Committee Chairman Joe Andrews claim that Houston has become *the dirtiest
city in the world,* which was evidently uttered in a fit of enthusiasm for
the latest party line.) The charge is false. According to the U.S.
Environmental Protection Agency, air quality in Houston is improving and is
unambiguously better than in Los Angeles, and is also better than in many
other cities.
 The Houston charge is based on 1999 city data on ambient levels of ozoneone
of six *criteria* air pollutants regulated under the national Clean Air Act
as measured by numbers of days of *exceedences*of the EPAs national
standard. Ozone levels are highly sensitive to weather conditions, especially
temperature. They have been essentially flat in Houston in recent years (and
other southern cities such as Atlanta), but they fell sharply in Los Angeles
in 1999 due to unusually cool summer weather. As a result, Houston topped Los
Angeles (and all other cities) in ozone exceedencesbut its air quality was
nevertheless better than LAs. Houstons ozone level was 10 percent higher
than in Los Angeles, but its particulates level was 20 percent lower
(particulates are the other major component of *smog,* and according to the
EPA a far more serious health risk than ozone; there is no separate measure
of *smog*). Houston did vastly better than LA for three of the four other
Clean Air Act pollutants: 63% lower for nitrogen oxides, 64% lower for carbon
monoxide, and 78% lower for lead (the cities sulphur dioxide levels were
identical). While Houston was out of compliance with EPAs national standard
for only one pollutant, ozone, LA was out of compliance for three: ozone,
particulates, and carbon monoxide.
 We hasten to add that we are comparing Houston with Los Angeles only to
demonstrate the falsity of Mr. Gores allegation. If Houston is not number
one in air pollution, neither is it number two or even number six (Houston is
the nations sixth largest metropolitan area).  According to the EPA Air
Quality Index, which aggregates levels of all six air pollutants and weights
them according to the health risks of each, air quality in Houston is better
than in ten other metropolitan areas. Houston also bests ten other cities on
a separate EPA index of ozone alone. (These data are for 1998, the most
recent year available; rankings for 1999 and 2000 will probably be similar.)
 A related charge, and particularly egregious falsehood, is Vice President
Gores assertion that Governor Bush *made key air pollution rules in Texas
voluntary.* In 1999, Governor Bush signed two laws concerned with
*grandfathered* sources of air pollution. Under the Clean Air Act and almost
all state air pollution programs, old power plants and industrial facilities
are subject to much more lenient emissions standards than new ones. It is a
serious loophole that has been bad for the economy as well as the environment
inducing firms to maintain old facilities (both less efficient and more
polluting than new ones) for longer then they otherwise would, and leading to
protracted litigation over the difference between renovating an old facility
and building a new one. Under the 1999 legislation, Texas became one of the
first three states to begin closing the loophole through tighter standards
for old facilities. The step was praised by environmental groups and helped
coax Mr. Gore, who had not previously confronted the problem as a legislator
or Vice President, to propose a national program of his own for old power
plants. (Mr. Bush has also advanced a national proposal.)
 But there was a wrinkle in the Texas initiative: the law covering utilities
enacted mandatory standards (which will result in huge reductions in power
plant emissions over the next three years), but the law covering industrial
facilities enacted a *voluntary* compliance schedule coupled with increased
fees for noncompliance. There is legitimate disagreement over just how
effective the fee-incentive program will turn out to be; there have been some
initial reductions in the first year, apparently of about 25,000 tons of air
pollution, but the program is too recent to estimate likely future
reductions. What is not in dispute is that both the *mandatory* and
*voluntary* prongs of the Texas program constitute an extension and
tightening of air pollution controlsand an innovation that powerful business
opposition has thwarted at the national level and in most states. Nor is it
disputed that the use of economic incentives rather than regulatory mandates
may significantly improve the effectiveness of our environmental laws and are
worth a try; indeed, that is precisely the approach of the Vice Presidents
national proposal for old utilities, which consists not of mandatory
standards but *voluntary* tax incentives.
 For Mr. Gorea self-described environmentalist and reformernow to turn on
the Texas reforms and describe them as having weakened existing pollution
standards (*Bush made key air pollution rules voluntary*) is an act of
striking mendacity. His latest campaign ad adds a particularly ruthless
twist: it couples the *made voluntary* fabrication with the Houston air
quality fabrication to produce a triple falsehoodthat air pollution got
worse in Houston because Governor Bush weakened air pollution standards.
 The Vice Presidents most plenary change is that, under Governor Bush, Texas
has become *last among all states in air quality,* *No. 1 in industrial air
pollution,* and *No. 3 in water pollution.* Although the Gore campaign has
occasionally relied on newspaper articles and rankings produced by
environmental groups, its primary and only official source for these claims
is an EPA compilation called the Toxics Release Inventory. The TRI, however,
is not a useful measure of air or water pollution and is not a measure of
environmental quality at all. Instead, it measures *releases* of certain
substances that the EPA classifies as toxicand *releases* includes not only
those that pollute the air and water but also those that are properly
disposed of through EPA-approved hazardous waste management and water
treatment practices. The agencys annual TRI reports warn that its estimates
*reflect releases and other waste management activities of chemicals, not
exposures of the public to those chemicals,* and that they are not sufficient
to determine exposure or harm to the environment or public health.
 So the TRI numbers cannot possibly support Mr. Gores assertions. But even
in their own terms, they tell a story that is the opposite of what the Vice
President would like voters to believe. Texas has always been near the top of
the various TRI ratings, reflecting the states huge share of national
petrochemical and refining capacity. But it did not become No. 1 in the
overall ranking under Governor Bush, as the Gore campaign insinuates. Rather,
Texas was No. 1 under Mr. Bushs predecessor, Democratic Governor Ann
Richards, and it has improved significantly since he took office. The EPAs
1999 release of TRI data through 1997 noted that *Texas, the state with the
largest production-related waste managed in 1997, was also the state
projecting the largest absolute reduction . . . over the next two years.* The
data for 1998, released earlier this year, shows Texas leading the nation in
reduction of toxic releaseswith 43 million pounds eliminated between 1995
(the first year of Mr. Bushs governorship) and 1998. The new report also
finds Texas leading all other states in energy recovery and waste treatment,
and second in on-site recycling. Due in part to these improvements, Texas has
now dropped from first to fifth place in the TRI composite index.
 Environmental quality in Texas has improved under Governor Bush according to
virtually every useful measure. Here are a few selected statistics of our
own: According to the Texas Natural Resources Conservation Commission,
industrial air emissions in Texas fell 11% from 1994 through 1998. According
to the EPA, ambient air quality in Texas improved for five of the six
national air pollutants for the same period, all Texas cities but one now
meet the national standards for four or more of the six pollutants (the
exception, El Paso, due to cross-border pollution from Mexico), and half of
Texass cities are now below the national average for all six pollutants.
According to the EPA, Texass proportion of rivers and streams classified as
*impaired* is better than the national average. And according to
Environmental Defense, which prepares a comprehensive index of water quality
aggregating 15 Clean Water Act pollution measures, Texas is not *No. 3 in
water pollution* but No. 37its overall water quality is better than in 36
other states.
 Governor Bush does not get all of the credit for this record; it is also due
to the progressive tightening of national environmental standards and,
perhaps even more, to progressive improvements in production technologies.
But he gets a share of it, due to his own decisions and those of his
appointees.  And in several critical areas of environmental policy, he has
been a national leaderclosing the old plants loophole, redeveloping
*brownfields* laid waste by the perverse incentives of the Superfund program,
providing positive incentives to businesses for *pollution prevention* and to
private landowners for conservation and species protection, and improving the
financing of public parks and recreation areas. *Texas-style environmental
regulation,* which the Gore campaign invites us to fear, is, like Texas-style
school reform, something Americans can look forward to.
_____________________
Mr. DeMuth is president of the American Enterprise Institute in Washington,
D.C. and Mr. Hayward is a senior fellow at the Pacific Research Institute in
San Francisco. Both are policy advisers to Texas Governor George W. Bush.
 - Enviro.wpd


Be sure that Mark is aware of activity on this.  Has Caroline had an attorney
involved in this as Mark is the EnronOnline expert.
---------------------- Forwarded by Bob Shults/HOU/ECT on 12/13/2000 05:52 PM
---------------------------
From: Mark Taylor on 12/13/2000 05:33 PM
To: Bob Shults/HOU/ECT@ECT
cc: Andy Zipper/Corp/Enron@Enron, Daniel.Diamond@enron.com
Subject: Re: Hedge Fund and CTA list

Bob:

Our issues with hedge funds are somewhat complicated.  The threshold issue is
that they are severely limited by their fundamental documents (the prospectus
will spell out what they can invest in) so we have to review those documents
before trading.  That is more than we do for run-of-the-mill domestic
corporates and takes a lot  of legal resources that so far have been spent
elsewhere.

The other issue is more difficult because it is hard to peg down and relates
to regulatory uncertainty.  About a year ago a major hedge fund (Long Term
Capital) got into serious trouble and the regulators stepped in,
orchestrating a bail-out.  There was much wringing of hands and gnashing of
teeth in Washington afterwards and since then there have been a variety of
messages coming out of Washington relating to derivatives trading with hedge
funds - none of them good.  Our view is that the regulators will be paying
much closer attention to hedge fund trading of derivatives than in the past
and we don't want that spotlight shining on us.  [In case you're interested:
notwithstanding their name, hedge funds are speculators.  Much of the federal
regulation of derivatives has assumed that hedging -- as opposed to
speculation -- was safer and therefore more palatable.  The failure of a
large hedge fund might result in damaging ripple effects throughout the
financial markets.  Hence the regulators' heightened scrutiny.]

For both of these reasons, when EnronOnline was launched it was with the
internally stated policy that we would not give access to hedge funds (or
individuals - for similar reasons).

Commodity Trading Advisors can not trade on EnronOnline on behalf of their
customers just as Brokers cannot.

Mark

	Bob Shults
	12/12/2000 10:26 AM

		 To: Andy Zipper/Corp/Enron@Enron, Mark Taylor/HOU/ECT@ECT
		 cc: Daniel.Diamond@enron.com
		 Subject: Hedge Fund and CTA list

Andy as we discussed Harry will begin contacting the Hedge Funds.  Caroline
Abramo is starting to push the CTA's (for LME metals) and hedge funds
(metals, energy etc) through the credit hurdles and legal.  Mark, you have
visited this one before any comments?
---------------------- Forwarded by Bob Shults/HOU/ECT on 12/12/2000 10:17 AM
---------------------------

From:  Harry Bucalo
  12/12/2000 10:02 AM

To: Bob Shults/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT
cc:
Subject: Hedge Fund and CTA list

---------------------- Forwarded by Harry Bucalo/HOU/ECT on 12/12/2000 10:02
AM ---------------------------

Cai Palmer@MGUSA
12/11/2000 09:16 AM
To: Harry Bucalo/HOU/ECT@ECT, Craig Young/NY/ECT@ECT
cc: Daniel Diamond/HOU/ECT@ECT, Per Sekse/NY/ECT@ECT, TJ
Pimpinelli/NYC/MGUSA@MGUSA, Paul Radous/Corp/Enron@ENRON, William S
Bradford/HOU/ECT@ECT, Trena McFarland/NA/Enron@Enron, Vikas
Dwivedi/NA/Enron@Enron, Fred Lagrasta/HOU/ECT@ECT, Caroline
Abramo/Corp/Enron@Enron
Subject:

Harry,

Further to our conversation last week, I have listed below, in two segments,
the top CTAs who presently manage more than $100mill each, and the top Hedge
Funds, based upon their likelihood to manage assets in diversified markets,
that may include tangible commodities. My understanding of EOL is that it
presently caters primarily to this latter group and offers only tangible
commodity trading instruments.

As I explained, the principle difference between a Hedge Fund and a CTA
(Commodity Trading Advisor), is the manner in which they control the assets
that they are contracted to manage. In the case of a CTA, the money can not
be held by the CTA itself. The underlying investor will open a clearing
account with a respective Clearing House, the assets will remain in this
account and the CTA will trade based on the full monetary value of that
account - in many cases an investor may well fund this account with Notional
Funding. NF are 'abstract funds' not actually deposited at the Clearing
House, but acknowledged as being available should variation or original
margin be required. The CTA has no control over these funds. All monetary
transactions must be executed by the Clearing House, and must be authorized
by the investor. The CTA does have the ability to execute trades at an other
trading house - such as Enron, through a contractual document called an
International Uniform Give-Up Agreement. We have quite a few hundred of these
agreements in NY. Essentially, all parties involved in the execution of a
trade - the CTA, the Investor, the Executing Broker and the Clearing House,
agree to allow the CTA to trade wherever he/she wishes and Give-Up that trade
to the Investor's Clearing House. Since every regulated trade must ultimately
clear the respective exchange, for a CTA to trade OTC and Swap agreements,
would require prior notification to an investor that his/her money may be
required as collateral against such a trade, and would be required to be
deposited at Enron. A Hedge Fund has greater flexibility to trade such
instruments since in the majority of instances a Hedge Fund does exert
control over the funds it manages. A Hedge Fund typically structures its
investment vehicles as Off-Shore limited partnership funds. As such the Hedge
fund has direct control over the underlying assets and can move those assets
to wherever they may be required - if investing via Enron On-Line, it would
move the assets to Enron, for example.

This first list, below, is comprised of the top flight CTAs :

The following list is of Hedge Funds that I believe are trading Commodities
and other non-security investments. It is by no means complete ! :

I would be happy to make any introductions that I can to any of the above
names. Some we know well, others we may have to network ourselves into.
Caroline and I met a few weeks ago and I passed some names on to her - I am
not sure where that has got to yet, but if you need any further information
please call me.

Regards
Cai

Enron Trading Services Inc
520 Madison Ave., 28th Floor
New York, NY 10022
Tel: 212.715.5248
Fax: 212.715.2360
E-Mail: Cai.Palmer@enron.com


Elena,

Please, prepare for Mulong NG and power price series.
We can use  Henry Hub for NG, Cinergy, Cobb and PV for electricity.

We can send him NG price right away. Electricity prices are different: he has to obtain
permission from FT (Megawatts Daily). I shall cc you on my msg to him.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/16/2001 02:03 PM ---------------------------

mulong wang <mlwang@uts.cc.utexas.edu> on 04/15/2001 03:43:26 AM
To:	vkamins@ect.enron.com
cc:	Richard MacMinn <macminnr@uts.cc.utexas.edu>
Subject:	Weather and energy price Data

Dear Dr. Kaminski:

I am a PhD Candidate under the supervision of Drs. Richard MacMinn and
Patrick Brockett. I am now working on my dissertation which is focused on
the weather derivatives and credit derivatives.

Could you kindly please offer me some real weather data information about
the price peak or plummet because of the weather conditions?

The past winter of 2000 was very cold nationwide, and there may be a
significant price jump for natural gas or electricity. Could you
please offer me some energy price data during that time period?

Your kind assistance will be highly appreciated and have a great day!

Mulong


CMTA Summer Tax and Energy Conferences
Energy Keynote Speakers
FERC Commissioners Nora Brownell and William Massey
August 1-3, 2001 at South Lake Tahoe
For registration and program information, go to CMTA's website:
http://www.cmta.net/archive/2001_tahoe_conference.shtml

Legislative Weekly
July 13, 2001
Issue 28, Volume 3

A weekly publication from the
California Manufacturers & Technology Association
detailing legislative and regulatory developments in Sacramento

FRIDAY THE 13TH SURPRISE FOR CALIFORNIA BUSINESSES

The budget impasse will keep lawmakers working over the weekend. In addition,
a deadline looms for a vote on the Governor,s Memorandum of Understanding
(MOU) to keep Southern California Edison (SCE) out of bankruptcy. The
Assembly and Senate Democrats are making a final run at their own versions of
the plan. A Senate version is still in the works, while the Assembly Energy
Costs and Availability will hold an informational hearing Saturday afternoon
on ABX2 82 (Keeley D-Boulder Creek). ABX2 82 currently allocates the SCE
undercollection almost entirely to noncore customers (above 20kw), pays SCE
two times net book value for transmission, and leaves open the possibility of
a contribution from SCE above the $400 million tax refund provided in the
Governors MOU. The sketchy outline of a Senate plan would impose all
undercollections to noncore customers, impose a $300 million haircut to
generators and an additional $800 million from SCE.
Direct access rights would be suspended under ABX2 82 until 2003 and a study
would be authorized by March 31, 2002, on how to expeditiously phase in
direct access for customers over 20kw (and green direct access under 20kw).

Some of California's largest businesses have already been hit with rate
increases over 100%.? CMTA supports an equitable sharing of the costs of the
SCE undercollection (as well as DWR contract costs) among all customer
groups, and will oppose a solution to the SCE problem that unfairly shifts
these costs to California businesses.
?

MORE OR LESS ENERGY

There seems to be no shortage of bad business bills making their way through
the Legislature.? Issues range from imposing strict liability on generators
that reduce or discontinue electricity generation, to subjecting generators
to felony criminal penalties for making basic cost/benefit business
decisions.

Generator Liability
A measure, ABX2 51 (Reyes D-Fresno), that makes an electricity generator
strictly liable for any damages that are proximately caused when the
generator reduces or stops generating electricity for economic reasons,
passed (7-0) from the Assembly Judiciary Committee on July 3, 2001.

Since negligence and intent need not be proven in order to establish strict
liability, under ABX2 51, a generator could be held strictly liable for
damages that resulted if electricity supplies were curtailed when the
generator was temporarily shut down to perform routine maintenance,
unscheduled maintenance or due to other external business factors.? ABX2 51
also would make it difficult for a generator to permanently close a facility,
even if the facility was not operating profitably.

Despite the fact that electricity shortages are driven by any number of
factors within and beyond their control, ABX2 51 would result in generators
shouldering all liability and responsibility for electricity shortages.

CMTA will be actively advocating against this measure before it is heard on
the Assembly Floor.

Felony Fuel Shortages
ABX2 65 (Cardoza D-Merced) is a vaguely worded measure that does not
explicitly identify what types of activities would be considered felonious.?
The measure allows an individual or entity to be prosecuted for &creating a
fuel shortage8 defined as:(1) The diminution by contrivance or artificial
means of any of the supply of fuel to a point below that needed to meet
consumer demand;
(2) Restricting output or withholding capacity from bidding into the market;
and,
(3) Economic withholding by submitting bids at prices above the producers,
marginal cost.Fluctuations of in-state and out-of-state generation;
maintenance of facilities; weather; customer demand; and drought are just a
few of the many components that converge to impact day-to-day energy
supplies. ABX2 65 does not allow for the natural swings in supply and demand
which are common in a market economy, and add one more unpredictable
component to the market, thus further complicating price and supply
fluctuations.

In addition, the bill provides that producers only should receive marginal
costs for their products.? This precept flies in the face of a free market
economy.? Businesses should be able to receive a reasonable return on the
products they produce and supply.? Limiting a business, profits to marginal
costs only further discourages investment in the State,s energy
infrastructure.

Second, entities already may be prosecuted for illegal business practices,
conspiracy, collusion and intentional market manipulation under the State,s
Cartwright Act and the Federal Sherman Anti-Trust Act, among others.?
Enforcement of existing state and federal laws is sufficient to address the
alleged illegal business practices the bill purports to remedy.

Third, the measure establishes that a person or entity who violates
provisions of the bill is &guilty of a felony and may be punished in state
prison and a fine not to exceed 10 percent of the corporation,s gross
corporate assets.8? These fines and penalties are excessively punitive.

Fourth, the bounty-hunter provisions of the bill provide an incentive for
employees and interest groups to investigate businesses for profit.? Other
bounty-hunter legislation passed by the Legislature has resulted in many
frivolous lawsuits.? Some of the costs associated with these suits are
absorbed by businesses and some of the costs are passed on to consumers in
the form of higher prices.? In any event, the bounty-hunter provisions have
the potential to unnecessarily increase energy costs.? The regulatory branch
of our government already has the authority to investigate alleged unfair
business practices.? This authority should not be passed on to employees and
interest groups.

ABX2 65 establishes a terrible precedent and has the very real potential to
reduce existing energy supplies and to discourage future energy
infrastructure investment within the State.

Office of Ratepayer Advocate
Following the charge of Pacific Bell, CMTA and other business lobby groups
have successfully slowed the progress of SB 201 (Speier D-Hillsborough) which
repeals the sunset of the Office of Ratepayer Advocate (ORA).? CMTA does not
oppose the continued existence of the ORA, but is advocating against language
inserted into the measure that significantly expands the ORA's authority.

The ORA has exercised broad authority to supervise and regulate utilities,
arguably beyond the authority it was granted when it became a stand-alone
office. While there is ample legislative history in Public Utilities Code
Section 309.5 indicating that the ORA should be independent of the
Commission, the PUC,s full authority was not automatically extended to the
ORA.

CMTA joined Pacific Bell in proposing amendments to limit the ORA,s authority
and to require the PUC to issue written orders when ruling on the ORA's
discovery requests.? Written rulings by an Administrative Law Judge or
Commissioner would provide additional information to the ORA, utilities and
the public explaining the basis for decisions.

In addition, CMTA supports requiring the ORA to pursue alternative dispute
resolution prior to filing a complaint.? Many courts today utilize
alternative dispute resolution because it often leads to a more efficient
disposition of cases.

CMTA also is supportive of extending, for five more years, the sunset in the
bill that the author seeks? to repeal.? Extending the sunset will allow the
Legislature to assess whether or not the original intent of the legislation
has achieved its purpose.

SB 201 failed passage in Utilities and Commerce on July 9, 2001 when the
author resisted? amendments to narrow and clarify provisions in the bill.?
Reconsideration was granted and the measure received a necessary rule waiver
to allow the bill to be heard, again, by the Utilities and Commerce Committee
on July 16, 2001.
?

ASSEMBLY INSURANCE COMMITTEE PASSES UI BENEFITS BILL

SB 40 by Senator Richard Alarcon (D-Sylmar) passed out of the Assembly
Insurance Committee on July 11 on a 10-5 partisan vote.? The bill would
increase the cost of unemployment insurance (UI) to employers by more than
$3.2 billion over four years and provides no systemic changes to help offset
the cost.? CMTA and other employer representatives opposed the bill.

An increase in unemployment benefits is a direct payroll tax that would be
funded entirely by employers.? According to the Employment Development
Department's (EDD) projections, SB 40 as proposed would raise employer
contributions over and above the existing rates by $160 million by 2004,
given there are no changes in the unemployment rate.? Further, it is
estimated that by 2005, the total employer UI tax increase would jump to $782
million, a 32 percent tax increase.? SB 40 would increase the maximum weekly
benefit from the current level of $230 to $325 in 2002, to $373 in 2003, to
$384 in 2004 based on state average weekly wage estimates.

The bill contains several other provisions that add costs to employers such
as an alternate base period using the most recent 52 weeks of the benefit
year that will allow six to eight percent more applicants to qualify for UI
benefits.? This would be a new system in addition to the current quarterly
reporting system and would impose a new burden on employers who would have to
manually report alternate base period wage information to EDD within ten days
or pay a $250 civil penalty.? It would also entitle employees who leave their
job during a trade dispute caused by a reduction in wages and employees
locked-out of work by the employer during a collective bargaining dispute to
receive UI benefits anyway.

The federal Worker Adjustment and Renotification and Training Act (WARN)
requires an employer of 100 or more employees to give at least a 60-day
notice in plant closings or mass layoffs affecting 50 or more employees.? If
the employer fails to provide a WARN notice, they are liable for civil
damages in the amount of 60 days of back pay and benefits to each affected
worker.? Some employers elect to not give the advance notice and pay the 60
days and benefits in order to avoid possible problems with product quality,
equipment sabotage, poor attendance, injuries and etc.? However, the upside
to this decision is that employees get 60 days in which to look for work full
time with full pay and benefits.? SB 40 would allow these employees to
collect UI benefits during the same 60 days.

California,s UI maximum weekly benefit of $230 is the fifth lowest in the
nation and has not been increased since 1992.? However, California has the
most liberal eligibility requirement of any state by almost any measure and
in order to maintain any reasonable control on UI cost, the historical
trade-off has been workers receiving lower benefits. The above provisions are
good examples of how the system can be abused and must be resisted by
employers.

CMTA along with other employer representatives are in serious discussion with
the proponents of SB 40 to determine how to increase the benefit level and
make some modest systemic changes that will help avoid placing an undue
hardship on employers.? Further discussions are being scheduled.
?

STORMWATER BILL PUT OVER

Late last week, Senator Kuehl,s office circulated a negotiated compromise on
the stormwater monitoring bill, SB 72 (Kuehl D-Santa Monica).? Based on that
version, the business community and the municipalities were prepared to
remove their opposition earlier this week in the Assembly Environmental
Safety and Toxic Materials Committee.? However, the evening before the
hearing, the bill,s sponsor, Heal the Bay, circulated a new set of amendments
to Committee members.? Their version deletes several sections of the bill,
including carefully crafted language intended to preserve and strengthen
group monitoring programs.? It also creates the potential for expanded
monitoring requirements for industrial facilities.

Heal the Bay,s action created an atmosphere of confusion and frustration that
lead Senator Kuehl and Committee Chair Hannah-Beth Jackson to hold the bill
in committee.? In all probability, a rule waiver will be secured for an
August hearing in Assembly Toxics.? In the meantime, discussions will resume
on Heal the Bay,s proposed changes.? CMTA remains hopeful that the
outstanding issues mentioned above can be resolved without sacrificing the
progress achieved over several weeks of negotiation.
?

CMTA ADVOCATES FOR CAREER AND TECHNICAL EDUCATION FUNDING

CMTA has formally urged that $100 million dollars be allocated in the State
Budget for Career and Technical Education (CTE, also known as vocational
education). At the outset of this session, legislative leaders stated that
CTE was one of the highest education priorities for the year.? Unfortunately,
the Governor eliminated funding for CTE in the May Revise and the Budget
Subcommittees subsequently funded only $10 million for an unallocated fund.

In the past decade, more than half of the career technical education programs
faced closure in the Los Angeles Unified School District because of lack of
funding and support; statewide, the trend has been the same.? Without new
funding this year, more programs will close.?? The acquisition of marketable
skills in high school offers students, both those who are college bound and
those who will immediately enter the workforce, the opportunity to earn high
salaries and engage in meaningful careers.? CMTA continues to support
legislation designed to rebuild California,s CTE/vocational education system.
?

UPDATE ON THE CALIFORNIA ECONOMY

A recent report from the California Department of Finance confirms that the
state,s economy does not seem destined to repeat its extraordinary 2000
performance this year.? Employment growth slowed significantly during the
first five months of 2001.? The slowdown is principally centered in the San
Francisco Bay Area due to the dramatic contraction in internet-related
service industries. Below are data supporting the report,s conclusions:

California,s employment picture has changed notably since the end of 2000.?
In May, industry employment grew by 3,200 following gains of 19,400 in April
and nearly 58,000 in March.? Thus far in 2001, industry employment has
expanded by an average of 12,500 jobs each month compared to an average of
49,000 jobs each month in 2000.
Despite decelerating job growth, California is still the nation,s growth
leader.? While the state added over 3,000 jobs in May, nationally nonfarm
employment fell by 19,000.? Since the beginning of the year, California has
accounted for 73 percent of the nation,s new nonfarm jobs.
California's unemployment rate was unchanged in May at 4.9 percent.? The rate
a year ago was 5.0 percent.? While still low by state and national standards,
the unemployment rate of all San Francisco Bay Area counties rose in May.
Computer services*heavily concentrated in the San Francisco Bay Area*are
bearing the brunt of the employment slowdown.? Business service employment*
which includes computer programming and personnel supply services*grew by
nearly 13,000 jobs per month in 2000 but has averaged only 800 a month thus
far in 2001.? Within business services, the growth rate of computer services
employment has been cut in half.? Year-over-year industry employment growth
in the San Jose Metropolitan Area*the Silicon Valley*has dropped from 5.9
percent in December 2000 to 1.3 percent in May 2001.? Growth in the San
Francisco Metropolitan Area over the same period dropped from 4.7 percent to
2.6 percent.
California,s real estate market is also cooling.? Home sales have moderated
and prices in the state,s costliest region, Santa Clara County, have
softened.? Statewide sales of single-family homes in May were off nearly 13
percent from one year ago.? However, the median price of a single-family home
in May was still up 10.7 percent from a year-ago.
Preliminary General Fund agency cash for June was $432 million below the
2001-02 May Revision forecast of $7.926 billion. Year-to-date, revenues are
$389 million lower than the $78.781 billion that was expected.

www.cmta.net
California Manufacturers & Technology Association
980 9th Street, Suite 2200
Sacramento, CA? 95814
(916) 441-5420 phone
(916) 447-9401 fax
?


The 27th works for me also.  See you there.

Lisa

-----Original Message-----
From: Harshbarger, Robert [mailto:bharsh@puget.com]
Sent: Wednesday, June 13, 2001 10:40 AM
To: 'DEMPSEY, JERRY'; Ellingson, Mons; Fotiou, Demetrios; Grow, Lisa;
Holden-Baker, Susan; Smith, Chris; Tilghman, Carmine; Underwood, John;
Williams, Bill
Cc: 'Hackney, Mark'
Subject: Meeting

Based on what I've seen so far, looks like June 27th.

Based on that, I have tentatively booked a room 9:30 a.m. to 3:30 p.m. at
the PDX Conference Center, Portland, OR.  If you haven't been there before,
there's diagram/map at:

http://portlandairportpdx.com/web_pop/CONFER.HTM

Some of the items for an agenda:
*	Elimination of preschedule flag
*	Time table times refer to prevailing time of the sink/load control
area
*	Preschedule items
*	Real-time items

There are more specific items, I just haven't had enough coffee yet.  A real
agenda out next week.

Robert Harshbarger
Puget Sound Energy
OASIS Trading Manager
425.882.4643 (desk)
206.604.3251 (cell)


Please attached!


----- Forwarded by Sharonda Stephens/Corp/Enron on 12/13/2000 01:03 PM -----

	"ANN SCHMIDT, ENRON CORP." <ENRONPR@bloomberg.net>
	12/13/2000 01:00 PM

		 To: sharonda.stephens@enron.com
		 cc:
		 Subject: (DJN ) WSJ.COM WRAP: Skilling To Become Enron's Next CEO >EN

        HELLO

WSJ.COM WRAP: Skilling To Become Enron's Next CEO >ENE
12/13/0 13:18 (New York)

   A WSJ.com News Roundup

  HOUSTON (Dow Jones)--Enron Corp. (ENE) on Wednesday named  Jeffrey K.
Skilling chief executive to replace Kenneth L. Lay, who said he will step down
but continue to serve as chairman of the utility and telecommunications
company.
  Skilling, 47 years old, will take on the new role on Feb.  12, the company's
next scheduled board meeting, while remaining president and chief operating
officer.
  "Jeff is a big part of Enron's success and is clearly ready to lead the
company," Lay, 58, said in a written statement. Lay became chairman and chief
executive in 1986.
  Lay also denied rumors that he was interested in becoming  U.S. secretary of
energy or Treasury secretary in George W. Bush's administration, should the
Texas governor become the next president. Enron and Lay were big contributors
to the Bush campaign.
  "I have no plans to go to Washington and no plans to leave Houston or
Enron,"
he said. "I can say categorically that I won't be taking a job in a Bush
cabinet."
  "I am particularly happy that Ken and I will continue running the company
together and that he has put the rumors of his possible departure to
Washington, D.C., to rest," Skilling said. "Ken and I have worked together
since 1990, and we don't want to break up a team that has delivered superior
returns to Enron's shareholders."
  Skilling is credited as generating substantial profits for Enron and being
the brains behind the company's burgeoning commodities-trading business. That
business was seeking to place the company at the top of markets ranging from
electricity to wood pulp to natural gas.
  Enron, which began as a traditional gas-pipeline company 15 years ago, has
transformed itself into the largest trader of gas and electricity in North
America.
  Skilling joined Enron in 1990 after leading McKinsey & Co.'s energy and
chemical consulting operations. He became Enron's president and operating
chief
in December 1996. He emerged as the heir apparent to Lay after Rebecca Mark
resigned in August as chief executive of Azurix Corp. (AZX), Enron's troubled
global water company. Deregulation of the water business and government
privatizations of water systems, on which Azurix was counting, were slow to
come, crimping growth opportunities and profit.
  -Wall Street Journal staff reporter Rebecca Smith contributed to this
article.
  -For continuously updated news from The Wall Street Journal, see WSJ.com at
http://wsj.com.

  (END) DOW JONES NEWS  12-13-00
  01:18 PM- - 01 18 PM EST 12-13-00


Attached is the memo that has been prepared for Enron by Frontier Economics
outlining Frontier's observations relating to why the proposed rule changes
are ill advised.  I will provide this document to the 7 member committee of
industry stakeholders the Power Pool has assembled (Enmax, Atco, TransAlta,
Enron, SPPA, WattEx, and CalPX) to receive feedback on its proposed rule
changes.  The first meeting of this committee is tomorrow afternoon.  I will
also provide the memo to the Alberta Government.

As part of our action plan we are also in the process of working with Seabron
Adamson of Frontier Economics and my colleagues in the Government Affairs
Group to put together a document that outlines the negative and unforseen
impacts in other jurisdictions of significant changes in rules or market
design that have been made and that are similar to the changes proposed in
Alberta.   This document will be provided to the Alberta Government officials
and the Power Pool at upcoming meetings that we are attempting to arrange.


did you have a good birthday weekend?


Kam,

Apparently, Stephanie is out of the office, do you know if someone else can set up the EOL?

Mat

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Wednesday, November 07, 2001 11:07 AM
To:	Smith, Matt; Wolfe, Jason
Cc:	Grigsby, Mike
Subject:	new books

Your new cash books are being set up ASAP.  They tell me they will be ready no later than tomorrow.
Once those are set-up, Stephanie Sever will email you your new EOL id's.

Kam


On an ISDA I am reviewing, credit has asked that all indebtedness of the
Canadian counterparty to its affiliates be subordinated to us (in this case
ECC).  Does anyone have access to a Canadian form of subordination
agreement?  I imagine that a fairly bare-bones form would suffice.  Thanks --
Bob


All-

The total nomination for month of April 2001 is 10,506MMBtu per day.  This
includes:

1. 4,135MMBtu/day purchase from Engage @ Kingsgate (4,006MMBtu/day @ Malin);
2. 3,000MMBtu/day APEA gas;
3. 1,000MMBtu/day balance of year strip purchased on behalf of Azusa @
$7.71/MMBtu;
4. 2,000MMBtu/day under two separate fixed contracts of 1,000MMBtu/day each;
4. 500MMBtu/day March 2001 through Feb strip purchased @ $7.63;

Losses on the PG & E line have decreased from March 2001 to 3.12%.  We have
not sold any of the APEA gas (3,000MMBtu/day)at this time.

To review the phone conversation between Jan and me, we are planning to shut
down our last steam plant for maintenance from midnight March 30, 2001
through 1800 or so April 11, 2001.  Kim and I have arranged for Enron to
purchase the non-APEA gas during that period.  At this time, we believe that
the power plant will burn enough gas during the last 20 days of the month to
use the APEA gas.  If anything changes, I will notify you.

If you have any questions, please contact me.

Thanks.

-Steve


I would like us to meet as a group weekly to review project status and business requirements.  I will provide a detailed agenda on Wednesday's.

This week only, we will meet today at 4:00.

Thanks.

Debra


I just finished having lunch with Tobin and he filled me in a bit about this
morning's meeting.  I don't know how you reacted, if you were upset, etc.
but I wanted to offer this up if you were struggling with the situation.
Whatever happens and whatever is said about your move don't ever lose sight
of the fact that in every aspect of this situation you conducted yourself in
the best and most open manner possible.  In no way can or should your conduct
be called into question.  Bearing that in mind any criticism that was
expressed within the meeting this morning was beyond inappropriate.  I am
sure it reflected much more poorly on the accuser than it did any of those
being criticized.  Furthermore, just keep focused on what an incredible
opportunity this move is going to be for you and all of the doors it will
inevitably open.  There isn't a doubt in my mind that you are bound for great
things, you just have to seize the opportunities that will lead to that when
they come along (which is exactly what you've done).

Keep your chin up and whatever you do don't doubt yourself or your actions.


You all should have Mary Hain's original analysis.  Bracewell Patterson has
reviewed her analysis and agrees.  It looks to me like we may have some
procedural firepower here as well.  I have been working the last few days
crafting a response to Dave Germaine's letter.  I have been working with
Ellen Banaghan from Tabors Caramanis and Associates -- I think we are close
to boiling our rather technical explanation into a digestable story.
Depending on how Greg's efforts set up meetings with Sladoje and Germaine, we
should have a strategy call soon.
---------------------- Forwarded by Tim Belden/HOU/ECT on 12/29/99 08:08 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Ronald Carroll" <rcarroll@bracepatt.com>
12/29/99 02:53 PM

To: Tim Belden/HOU/ECT@ECT, jhartso@enron.com, mary.hain@enron.com
cc:
Subject: Comments on Mary Hain's Memo

I've attached our comments on Mary's analysis of the PX's authority re: the
Silver Peak Line investigation.  As you will see, we agree with Mary's
analysis, subject to minor quibbles that do not affect the conclusion, that
EPMI should not be found to have violated the literal terms of the PX's
tariff, that the PX has no sanction authority over this matter, and that
publication of the Compliance Unit's findings would be inappropriate.

We would, however, take a harder line on the proposed compromise.  In our
view, we should insist that the PX never publicly link EPMI to the events of
Mary 24-25.  Thus, we should agree to support a tariff filing by the PX to
clean-up the loophole in its tariff revealed by these events, as long as the
tariff filing does not mention either EPMI or these events as the basis for
the filing.

 - 0118351.01


No.  The GP contribution is enough.  I don't want to go to Jeff for another
$2 million.

From: Rod Hayslett/ENRON@enronXgate on 04/27/2001 06:37 AM
To: Stanley Horton/Corp/Enron@Enron
cc:

Subject: FW: NBP Unit Offering

It looks like our GP contribution will be about $2.5 MM.    Do you still want
to get another $2 MM on top of that?    The second part of his message is the
potential NB unit TOtal Return Swap, or monetization that we have been
working on.

 -----Original Message-----
From:  Peters, Jerry
Sent: Thursday, April 26, 2001 9:20 AM
To: Hayslett, Rod
Cc: Jesse, John
Subject: NBP Unit Offering

I did get your voice mail on the potential placement of $2 million in units
with Enron and we're working that into things.  Our attorneys commented that
the legal fees to accomplish that (when we have a public offering going on)
may "chew up" the benefits.  But that is their normal reaction - I don't
think there will be any problem in accomplishing the placement.  Most likely
it will need to be priced simultaneously with the offering to avoid any
perceived "insider" pricing benefit.  But - do you think that will cause
problems internally on the DASH?  The GP contribution will be about $2.5
million.  My concern is RAC will require the $2.5 million GP investment to be
combined with the $2 million in LP units, which I believe will trigger
Skilling's sign-off.

On the FAS 125 idea, we have a structure that has been proposed by SunTrust
that I need to review with you and someone in EGF.  I was planning on setting
that up after our road show is completed on about 5-17, unless that needs to
be accomplished sooner.  Let me know about timing and who you think should be
involved (I was going to raise this with Ben Glisan in the next few weeks at
his staff meeting).


Tana,

Enron Canada Corp. will be offering a Canadian power financial swap on EOL
within the next couple of weeks.  Can you confirm that the current EOL
financial GTC is sufficient for power trades.

Thanks!

Dianne


Attached are clean versions of the most up to date documents.  The confirm
also includes a redline copy with the changes we discussed this morning.

Please note that Calpine needs to execute the following documents:

1.  Capacity Release and Assignment Agreement
2.  Enfolio Master Firm Purchase/Sale Agreement
3.  Guaranty by Calpine Corporation (Included as Exhibit to Enfolio Master
Agreement)
4.  Transaction No. 1 to Enfolio (the Confirm)

Please let me know if you have any questions.


Okay - now I've lost the file.  I guess I deleted the wrong message.  Can you resend?

-----Original Message-----
From: lcorredo@csc.com [mailto:lcorredo@csc.com]
Sent: Tuesday, November 27, 2001 8:57 AM
To: SCorman@Enron.Com
Subject: Program for Sunday's program

I didn't get much of a chance to talk with you on Sunday.  Hope you had a
great Thanksgiving - and got some rest.

Did you get my e-mail with the inside of the program?  Will you be able to
print them up?  If not, just let me know and I can get them done.  Since we
didn't take pictures or get pictures drawn, we could just put "The Case of
the Missing Christmas" on the front wiht a magnifying glass and a manger
scene.

Also, I have found 3 of the angel costumes that we used last year and we'll
have to use something else for the 4th.  I'm making new halos that the
girls can keep if they want to.

Linda


Larry Joe Hunter
	03/12/2001 08:31 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Canadian Annex

Tana,

Can you e-mail to me the new Canadian Annex?

Thanks,
Joe


Please be advised that starting October 29th we will no longer provide meals for the group.  Due to security and limited space for the new building we will have to stop the snacks and water as well.  The new building will have filtered water and soft drinks.  Please be patient, and for the next two weeks the menu will be as follows:

Monday		10/15		Wall Street Deli
Tuesday	10/16		Treebeards
Wednesday	10/17		New York Pizzeria (Pizza)
Thursday 	10/18		Wall Street Deli
Friday      	10/19		ON YOUR OWN

Monday		10/22		Wall Street Deli
Tuesday	10/23		Ninfa's
Wednesday	10/24		New York Pizzeria (Pizza)
Thursday	10/25		Wall Street Deli
Friday		10/26		ON YOUR OWN

Please let me know if you have any questions.  Thanks for your understanding in this matter.

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


Mr. Lay and Mr. Skilling:

Would it be possible for Communications to send the following to Enron
Employees World wide?

Joe Sutton's new contact information:

Joseph W. Sutton
Sutton Ventures Group LLC
1100 Louisiana, Suite 1210
Houston, Texas 77002
Phone: 713-571-4000
Fax:  713-571-4007

Our last day in the Enron building is Friday - November 10, 2000.

Please advise.