Re: Commodity Futures Modernization Act of 2000

                     Attached is a memorandum from Sullivan & Cromwell
concerning the above subject. A summary is also included at the end of
the text of this e-mail message.

                     The attached file is in Adobe Acrobat
format.  We believe most PCs will already have an Acrobat viewer
loaded; we can provide free copies if Acrobat is not already loaded,
and free copies can also be downloaded from the Adobe Acrobat web
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system's function for opening attachments in their native format.
Hard copies can be obtained from Ivy Moreno at S&C in New York,
telephone 212-558-3448, e-mail: Morenoi@sullcrom.com.

SUMMARY

                      On December 15, 2000, both the House of
Representatives and the Senate passed the Commodity Futures
Modernization Act of 2000 (the "CFMA"), which represents a dramatic
overhaul of the Commodity Exchange Act (the "CEA") and of the
regulatory scheme applicable to exchanger-traded futures and options
on futures as well as over-the-counter derivatives.  The bill will
become effective, for the most part, upon execution by President Clinton,
which is expected to occur this week. Among other things, the CFMA
provides legal certainty for a wide range of over-the-counter products
that previously could have been considered illegal off-exchange futures
contracts or commodity options, as well as legal certainty for swaps
under the federal securities laws, permits the organization and
operation of "derivatives transaction execution facilities", which will
be subject to only minimal regulatory oversight,and repeals the so-called
"Shad/Johnson Accord", which will allow futures exchanges and securities
exchanges to list futures on individual equity securities or narrow
baskets of securities.  The CFMA largely supersedes many of the Final
Rules with respect to a New Regulatory Framework adopted by the
Commodity Futures Trading Commission (the "CFTC") on November 22, 2000
(with the exception of the Shad/Johnson repeal, which was not addressed
in such Rules),and it is anticipated that the Final Rules will, for the
most part, be rescinded.

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

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

 - CMS10701.pdf


Executive Summary:
? BC's NDP Leader Publicly Concedes Defeat to Liberals
? BPA seeks Federal Loan for Improvements, Future Fish Credits Limited
? Washington House Extends Aluminum Smelters' Power Re-Sale Rights by 1,500
MWs

BC Elections
According to our information, the BC government is preparing for the Liberal
take this week.  The election is slated for 16 May 2001 and it appears likely
that we are looking at a near Liberal sweep -- they are currently leading 41%
to 25% at the polls.  There is about a three-week lead time between the
general election on May 16th, the Final Count on May 29th, and the Return Day
on June 7th -- so there will be a period of jockeying around some issues.
The New Democratic Party (NDP) leader, Ujjal Dosanjh, has effectively
conceded the election in a public announcement.  Dosanjh is making public
pleas to voters not to desert the NDP in favor of the Greens so that the NDP
can retain official party status (4 seats).  Dosanjh has stated that he "will
be happy if the NDP gets 10 to 15 seats."

The following are likely to be the key energy policy officials once the
Liberal Party takes power in BC:

? Richard Neufeld, Minister of Energy, Mines and Northern Development
(replacing NDP Minister Glenn Robertson)
? Dan Jarvis, Deputy critic on Energy, Mines and Northern Development Murray
Coell, Minister of Environment, Lands and Parks (replacing Ian Waddell)
? John Van Dongen, Fisheries Neufeld, Jarvis, Coell and Van Dongen are
currently Members of the Legislative Assembly (MLAs).

While Gordon Campbell, the probable incoming premier, will have been
effectively muzzled in the interim when it comes to talk about energy
deregulation, the opposition will likely have plenty to say about it.  The
people we'll need to be looking at this regard are:  Glenn Robertson -
Minister of Energy and Mines, and Ian Waddell - Minister of Environment, Land
& Parks.

It appears certain that the Liberals will move to privatize at least some of
the power crown corporations almost immediately.  They have promised a
balanced budget and a chunk of  money to do it their way; they have made
campaign promises about privatization to stir the economy; and they have
tight back channels with the crown corporations' management who want "a
straight privatization plan instead of coop approach to deregulation."
Sources report that, if elected, the Liberals promise a referendum on land
claims treaties with the local native Indians (or "First Nations").  These
treaties result from overlapping claims to land and serve to block land
development, forestry, mining, etc.  While the NDP has been supportive of the
First Nations land claims process while in office, the promised Liberal
referendum would seem to suggest that the Liberals intend to backtrack and
not recognize the First Nations' rights.  In other words, there would be an
increased impetus for mining and forestry.  This development is surprising
since the Liberals have traditionally enjoyed strong Indian support, and the
land claims process was originally started under a Liberal government.  If
the Liberals press forward with a referendum on the process, there is the
potential for violent flare-ups between the First Nations and the
government.  (These flare-ups have occurred in the past, though not recently.)

BPA
BPA is urging the White House to increase its authority to borrow from the
federal Treasury by $2 billion to build over 20 new projects for 500-kilovolt
transmission lines and substations online between 2003 and 2006.  BPA
officials hope the new borrowing authority will be included in a
comprehensive energy strategy the Bush administration is expected to release
next week, although federal officials have yet to give the final word on the
BPA request.  Energy Secretary Spencer Abraham, key members of Congress and
the staff of Vice President Dick Cheney, who has taken charge of developing
the administration's energy strategy, all have been briefed on BPA's
proposal.  BPA has been building a case for a budget item that officials say
would be a significant boost to the region's power infrastructure in the near
term. If the administration doesn't include it in its energy strategy, BPA
officials say they will nevertheless press for the increased borrowing
authority in Congress.   BPA plans for the first time to use more "fish
credits" than cash to meet its annual debt obligation, reducing its cash
outlay by some $400 million.  BPA had expected its borrowing authority to be
sufficient until 2006, but given the energy situation, BPA could hit the
ceiling by 2003.

BPA will be spilling water over its dams as a part of the salmon protection
plan.  To make up for the shortfall, the agency will have to repurchase
approximately $1.2 billion on the electricity spot market -- these costs will
be passed on to energy consumers as a part of the subscription rate hike in
October.  Oregon Governor Kitzhaber is pushing for more spills.  Steve Wright
& other BPA officials are considering the effects of keeping water in the
reservoirs as a safety net, should there be a cold spell next winter, which
has precipitated a federal lawsuit from 12 environmental organizations
against the National Marine Fisheries Service.

Earthjustice Legal Defense Fund is leading this charge, a coalition which
includes Trout Unlimited and the Sierra Club.  The official line is they want
to disallow the Federal Caucus and BPA from declaring a 'fish emergency'
which would allow them to determine the amount of water spilled over the
dams, among other things.  However, by exercising a 'fish emergency', BPA
becomes qualified for additional federal credits - which is probably the real
source of contention here.

Aluminum Smelters
The bill passed by the House Energy Committee  yesterday does extend the
resale rights of the smelters to 1500 megawatts of  power beyond the October
2001 termination date.  BPA is negotiating, even though they have no legal
obligation to serve the smelters.  New attack ads paid for by the  aluminum
companies are running to build political pressure to continue to  receive and
resell 1500 megawatts of power beyond October 2001, in addition to  receiving
other payments for staying offline.


Kim

It looks like the Smurfit deal is a gas only deal.  Susan works for Summit a
consulting firm representing Smurfit.  I sent you the RFP last week.  In
addition to Smurfit they are looking for gas for several other accounts.  I
would give all the others to EES and focus your time on Smurfit.

Chris
---------------------- Forwarded by Chris H Foster/HOU/ECT on 01/20/2001
03:36 PM ---------------------------

Dan J Hyvl
01/19/2001 08:09 AM
To: "Susan Spalding" <sspalding@summitenergy.com>
cc: "Chris Foster" <chris.h.foster@enron.com>, "Dan Hyvl"
<Dan.J.Hyvl@enron.com>
Subject: Re: Smurfit-Stone Standard Contract

Susan,
 I have reviewed the contract form that you provided in November and have
attempted to make the changes which would be required for Enron to utilize
the form.  I believe that the red line document attached  should address a
majority of the issues which  need to be changed.  Please review and give me
you comments as to the suggested changes.


moxie (MOK-see) noun

   1. The ability to face difficulty with spirit and courage.

   2. Aggressive energy; initiative.

   3. Skill; know-how.

[From Moxie, trademark for a soft drink.]

   "So no one can dispute that Glaser's (founder of RealNetworks) moxie has
   helped make Real the gold standard of the industry.
   Amy Kover, Is Rob Glaser For Real?, Fortune, Nov 4, 2000.

This week's theme: brand names that have entered the dictionary.

.............................................................................
Since Auschwitz we know what man is capable of. And since Hiroshima we know
what is at stake. -Viktor Frankl, author, neurologist and psychiatrist,
Holocaust survivor (1905-1997)

Have you checked out AWADtalk, the new bulletin board for all things word?
It's your place to share opinions, ask questions, answer queries, or just
sit around and see what others are saying. Join AWADtalk, the online
community for linguaphiles from around the world: http://wordsmith.org/board

Pronunciation:
http://wordsmith.org/words/moxie.wav
http://wordsmith.org/words/moxie.ram


FYI  ... Pam Becton had a problem with when Starr VPP showed up on the GL ... here is Whiting's meeting notes with her.
---------------------- Forwarded by David Baumbach/HOU/ECT on 05/14/2001 07:34 AM ---------------------------
From:	Greg Whiting/ENRON@enronXgate on 05/04/2001 11:40 AM
To:	David Baumbach/HOU/ECT@ECT
cc:
Subject:	RE: Star VPP

Met with Pam and here is the deal.  Pam wants the P&L for the April deals to show up in May GL.  What I suggested to her was that rather than do anything for the deals in risk or Portfolio that Pam defer the P&L on her company and release it the next month.  This keeps things normal in our worlds and Pam controls when she sees the P&L on her company.  She has agreed to do this.

There will be a new twist starting in July.  Starr is supposed to become 3rd party and the payment date is supposedly two months after the fact.  Pam is checking with legal to see if there is to be a complete unwind and rebooking because of structure changes to make the deal 3rd party or if we can just change the counterparty on the deals.  I'm sure we will be the last to know as usual.

				Greg x35399


Title: Extending EU Gas Guidelines to Central and Eastern Europe
URL: http://www20.cera.com/eprofile?u=35&m=2184

Overview: A comprehensive reform of gas legislation in Central and Eastern
Europe is bringing the region in line with the European Union,s Gas
Directive. This is true both for the countries expected to enter the Union by
2004)05*Czech Republic, Estonia, Hungary, Poland, and Slovenia--and for
candidates whose entry is not scheduled before the end of the
decade--Bulgaria, Latvia, Lithuania, Romania, and Slovakia. In CERA,s view
current developments regarding the establishment of a legal framework for the
internal gas market in Eastern and Central Europe look promising from an
investor,s point of view.

The candidate countries presented a review of progress made in the
implementation of the EU Gas Directive during a two-day workshop held by the
European Commission and the World Bank in Paris in November.

Many of these countries have been reforming their energy industries
throughout the 1990s as part of their transition to a market economy. The
results have been mixed, particularly in the utility industries. The 1998 Gas
Directive (adopted in August 2000) now offers a compelling incentive for EU
candidate countries to transform their gas industries, while providing a road
map to guide them.

The critical points relevant to harmonization between the European Union and
candidate countries include the following:

* Legal framework and regulation. The legal framework is the cornerstone of
enlargement and the yardstick of harmonization in Europe. As a result, in all
candidate countries in 1999)2000 energy laws were either updated or newly
established along the principles spelled out in the Gas Directive. Regulatory
bodies have been created by law and are operating in every country, although
issues of staffing, financial autonomy, and independence from political
influence are not uniformly resolved.

* Third-party access (TPA) and long-term take-or-pay contracts. All candidate
countries agree that TPA is a key to market competition. Therefore, all have
adopted it or intend to do so in their new legislation. Although the
Commission favors regulated TPA, the specific approaches to TPA enforcement
in the candidate countries remain unclear in some cases. In particular, the
implementation of TPA will have to address the issue of long-term take-or-pay
contracts with Russia that were signed by all major domestic gas companies
and somewhat preempt competition. Russian gas is for the most part sold to
single, traditional state-owned operators that dominate their internal
markets. A balance will need to be struck between these incumbent dominant
players and the competitive environment. This is made more complicated by
their ownership of large volumes of Russian gas supplied in kind in exchange
for transit rights to West European customers. Article 25 of the directive
provides for !
a derogation to companies experiencing difficulties stemming from take-or-pay
obligations. This derogation would apply to the companies of candidate
countries with historical and commercial links with the Russian gas industry.
Furthermore, article 26 allows derogations to those member states with only
one major gas supplier, to those with an ++emerging [gas] market
status,,, or to those without a direct gas connection to the grid of another
member state. Most of the candidate countries would in principle be able to
call on one or more of these grounds for derogation when they join the
European Union.

* Price cross-subsidies. Residential gas tariffs are artificially low and are
financed partially through higher rates applied to industrial consumers. In
various countries, tariff increases and the phasing out of subsidies have
been scheduled, but such decisions remain politically sensitive to enforce.
This has recently been emphasized by high gas prices owing to the linkage of
imported gas to oil prices. All candidate countries have set legal frameworks
that include the phasing out of cross-subsidies as part of sector reform, but
the actual implementation will remain politically difficult. As Table 1
indicates, price rebalancing is already under way in most countries expected
to enter the European Union by mid-decade, but the legal framework itself
cannot guarantee the pace of reform. The same goes for candidate countries
that have only recently introduced EU-complying energy laws and whose entry
to the European Union is likely to happen in a longer time frame.

* Unbundling. Most countries understand that the unbundling of transmission
companies from their supply businesses is the second critical element of
liberalization. To date, unbundling the accounts of these two businesses is
all that has been adopted by the member states or in the candidate countries.
In the future, the Commission is likely to press all EU countries for legal
separation (&structural unbundling8) of the businesses, and candidate
countries will have to pursue their reform of the gas sector accordingly.

Table 1 gives an overview of the state of play in candidate countries. As the
table shows, the countries belonging to the second group have only very
recently undertaken the reform of the gas sector in accordance with the
Directive, whereas change had been introduced earlier in the countries
scheduled for the first wave.

**end**

Follow above URL for full report.

*********************************************************
Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids:
Strategies and Risks for the Energy Future" in Houston, February 12-16,
2001!  For more information and to register, please visit
http://www20.cera.com/ceraweek/
*********************************************************

E-mail Category: Insight
CERA Knowledge Area(s): European Gas,

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This electronic message and attachments, if any, contain information
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Copyright 2000. Cambridge Energy Research Associates


---------------------- Forwarded by Phillip M Love/HOU/ECT on 12/01/2000
10:17 AM ---------------------------

From:  Bryan Hull
12/01/2000 10:10 AM

To: Lorraine Becker/HOU/ECT@ECT, Harry Bucalo/HOU/ECT@ECT, Beth
Cowan/NA/Enron@Enron, Jennifer McQuade/NA/Enron@Enron, Teresa
Mandola/Corp/Enron@Enron, George Hope/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT,
Michael Walters/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Timothy
Blanchard/HOU/EES@EES, Matthew Lenhart/HOU/ECT@ECT, Lisa
Gillette/HOU/ECT@ECT, Adriane Moratto/NA/Enron@Enron
cc:
Subject: Fw: Fw: Bon weekend!

MAKE SURE YOU TURN UP YOUR MUSIC..
>
>
 - DANCEOFF.exe


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 05/24/2001 11:45 AM -----

	"H. Andrew Schwed" <Andrew.Schwed@morganstanley.com>
	05/22/2001 10:22 AM
	Please respond to Andrew.Schwed

		 To: Sara.Shackleton@enron.com
		 cc:
		 Subject: Re: assignment agreement

Sara,

    I have amended the agreement.  I don't see the details of Annex A, but I
usually don't check that over
anyway.

Thanks,
Andrew

Sara.Shackleton@enron.com wrote:

> Andrew:
>
> Thanks for the email.
>
> I now have my facts straight.  The account is currently in the name of "ECT
> Investments, Inc." (and not Enron North America Corp.).  The specific ECT
> Investments, Inc. account at Morgan Stanley that is being transferred is:
> 038-08826-6 (which is the credit book).
>
> I thought you would want to modify the assignment agreement since it is
> your agreement.  I also wanted to be certain that the Annex A description
> is sufficient for you.
>
> Please call if you have any questions.  Thanks.
>
> Sara Shackleton
> Enron North America Corp.
> 1400 Smith Street, EB 3801a
> Houston, Texas  77002
> 713-853-5620 (phone)
> 713-646-3490 (fax)
> sara.shackleton@enron.com
>
>
>                     "H. Andrew Schwed"
>                     <Andrew.Schwed@morganst        To:
sara.shackleton@enron.com
>                     anley.com>                     cc:     Ketan Parekh
<Ketan.Parekh@morganstanley.com>
>                                                    Subject:     assignment
agreement
>                     05/21/2001 03:54 PM
>                     Please respond to
>                     Andrew.Schwed
>
>
>
> Sara,
>
>     Attached is the amended agreement.  Please call me with any
> questions.
>
> Regards,
> Andrew Schwed
>
> (See attached file: Enron Assignment.doc)
>
>   ------------------------------------------------------------------------
>                                   Name: Enron Assignment.doc
>    Enron Assignment.doc           Type: Microsoft Word Document
(application/msword)
>                               Encoding: base64
>                        Download Status: Not downloaded with message

 - Enron Assignment.doc


Claudette Montgomery
Office Administration
Ph. 281-618-6020
Fax. 281-618-6683
E-Mail cmontgomery@kmg.com

-----Original Message-----
From: Galloway, Shawn
Sent: Wednesday, November 14, 2001 5:34 PM
To: Montgomery, Claudette; McDowell, Sherri; Guy, Kelly; Bennett, Leah;
Stephanie Young (E-mail); Terri Galloway (E-mail); Tiffany Neal (E-mail);
Tricia Fisher (E-mail); Joey Galloway (E-mail); Carol Anne Sostarich
(E-mail); Christy Wilkinson (E-mail); Debra J. Dolan (E-mail); Doyle
Galloway (E-mail); Geneva Linder (E-mail) (E-mail); Gayle Britt (E-mail);
Lou & Amber Easley (E-mail); Margaret May [work] (E-mail); Ramsey A. Fahel
(E-mail)
Subject: FW: Fw: Stages of Life

> > GREAT TRUTHS ABOUT LIFE THAT LITTLE CHILDREN HAVE
> > LEARNED:
> >
> > 1) No matter how hard you try, you can't baptize cats.
> >
> >
> > 2) When your Mom is mad at your Dad, don't let her
> > brush your hair.
> >
> > 3) If your sister hits you, don't hit her back. They
> > always catch the second person.
> >
> > 4) Never ask your 3-year old brother to hold a tomato.
> >
> >
> > 5) You can't trust dogs to watch your food.
> >
> > 6) Don't sneeze when someone is cutting your hair.
> >
> > 7) Never hold a Dust-Buster and a cat at the same
> > time.
> >
> > 8) You can't hide a piece of broccoli in a glass of
> > milk.
> >
> > 9) Don't wear polka-dot underwear under white shorts.
> >
> > 10) The best place to be when you're sad is Grandma's
> > lap.
> >
> >
> > GREAT TRUTHS ABOUT LIFE THAT ADULTS HAVE LEARNED:
> >
> > 1) Raising teenagers is like nailing Jell-O to a tree.
> >
> >
> > 2) Wrinkles don't hurt.
> >
> > 3) Families are like fudge . . . mostly sweet, with a
> > few nuts.
> >
> > 4) Today's mighty oak is just yesterday's nut that
> > held its ground.
> >
> > 5) Laughing is good exercise. It's like jogging on the
> > inside.
> >
> > 6) Middle age is when you choose your cereal for the
> > fiber, not the toy. GREAT TRUTHS ABOUT GROWING OLD
> >
> > 1) Growing old is mandatory; growing up is optional.
> >
> > 2) Forget the health food. I need all the
> > preservatives I can get.
> >
> > 3) When you fall down, you wonder what else you can do
> > while you're down there.
> >
> > 4) You're getting old when you get the same sensation
> > from a rocking chair that you once got from a roller
> > coaster.
> >
> > 5) It's frustrating when you know all the answers, but
> > nobody bothers to ask you the questions.
> >
> > 6) Time may be a great healer, but it's a lousy
> > beautician.
> >
> > 7) Wisdom comes with age, but sometimes age comes
> > alone.
> >
> >
> > THE FOUR STAGES OF LIFE:
> >
> > 1) You believe in Santa Claus.
> >
> > 2) You don't believe in Santa Claus.
> >
> > 3) You are Santa Claus.
> >
> > 4) You look like Santa Claus. Pass this on to people
> > with sense of humor!
> >
> >
> >
> > __________________________________________________
> > Do You Yahoo!?
> > Find a job, post your resume.
> > http://careers.yahoo.com
>


Your understanding was correct.  In light of recent changes in the California
regulatory environment (eg the recent rate order) I don't think it makes
sense for us to distribute the document at this time, so you can ignore the
request.  Thanks

	Peter Augustini <paugustini@CERA.com>
	03/29/2001 06:18 PM

		 To: "'skean@enron.com'" <skean@enron.com>
		 cc: David Gibbons <dgibbons@CERA.com>
		 Subject: request to CERA

Steve:
Thanks for your note, sorry I missed you.  From your message I think there
may be some miscommunication between your PR guys and us.  We understood that
your PR people wanted to reprint the Op-ed and redistribute it to
as-yet-undetermined people, along with various Enron material.  They also
wanted to post it on Enron's public web site.
But your message seemed to indicate you just want to post the op-ed on your
intranet -  for educational use only for your internal folks.  If this is
correct, we would have no problem with it. In fact, we have posted the op-ed
on the CERA web page - which is theoretically available to every Enron
employee for internal use only.  If you want you could just post a link to
the CERA web site so your people could get direct access to all our research
on the topic.
If I misunderstood you, and you do want to redistribute the piece to
third-parties -- that is a much bigger issue because it involves our
intellectual property and  branding issues.  Obviously, we would need to talk
some more about this.  I hope this helps.
On a somewhat-related note, we are also getting sucked more and more into the
California vortex, and being asked to help in areas that are not our
traditional business, such as expert witness testimony and policy issues.
While we are not afraid to take a point of view (as you know!) we must
maintain a neutral and independent posture.  This is sometimes a difficult
path to navigate, but we are exploring two areas that may also interest Enron:
1. We have examined Joskow and FERC's analysis on the price gouging issue and
we believe there are several major flaws in their methodologies.  We are
considering how best to broadcast our assessment, without impinging on our
core business, or becoming an expert witness.  We think a workshop, similar
to the Monday event at CERAWeek could work, where we would present our
findings and issue a report.
2. We are also looking into the economic impact of power outages in the West
- especially linked to the overall fragile state of the US economy.  This
would be a collaborative effort with a major economic forecasting firm or
university.  Again the reults would go to our clients, but could be released
to a wider audience, and a workshop might help highlight the release.
Please let us know if either topic would be of interest to Enron.  We would
need to raise funding from various clients to help underwrite the effort ,
but the work would be CERA's independent research and we would stand fully
behind it.
Hope all is well. ...Peter
.


Dear Jeff,

Happy (somewhat belated) new year.  I hope you are doing well in sunny
downtown Houston.  I am writing from Princeton where minutes ago I
happily finished my Economics exam, the last of the semester.  In
reviewing the agenda for the rest of the academic year, I thought it
might be a good time to finalize summer plans as well.
     I will be occupied with a job here at Princeton until June 3 - I am
working logistics for part of this year's reunions.  After that date, I
would need only a day or two of turnaround time before coming out to
Houston.  I could conceivably be in the office by Wednesday, June 6.
Depending upon your needs at the office and the possibility of a short
cultural study on a small island off of the coast of western Sumatra, I
could plan on being in Houston until at least early August.  Please let
me know what your plans are on the other end.

Thanks in advance for your attention.
Sincerely, Dan

 - dfuller.vcf


Lorraine, I've been studying the El Paso/Dynegy reservation reduction
mechanism (RRM).  Basically the deal was that Dynegy's minimum-pay obligation
would be reduced by the amount of the fixed cost component of IT revenues
generated by El Paso's transportation of IT volumes above a historical
threshold.  (The parties based the threshold on El Paso's monthly IT volumes
for the 12 months ended 9/30/97.)  The volumes in excess of the threshold
were calculated and a ratio of the volumes in excess of the threshold to the
total volumes was determined; the ratio would then be applied to the fixed
cost component of all IT revenues and the resulting dollar value applied to
Dynegy's monthly reservation charge, to the extent Dynegy had not met its
minimum pay obligation for a particular month.

This provision of course met with heavy opposition; however, FERC allowed
it.  FERC stated that while the RRM had anticompetitive effects because it
created a disincentive for El Paso to discount IT, it was not unduly
discriminatory.  The "unduly discriminatory" conclusion was based on an
analysis on the potential effect on the Cal. gas transportation market -- the
Commission found that due to relatively weak market demand, neither Dynegy
nor El Paso appeared to have been able to influence prices because so much
firm capacity was available.

I assume Russ may be after something similar to the RRM.  We would have to
file it as a negotiated rate but I feel fairly confident that we could get
FERC to accept it.

That's my 2 cents worth on this particular issue...I'll come down around 3:30
to chat with you more about the Duke (I have a conference call with MKM from
1:30 to 3:30, which is why I'm camped out on 47).


I just spoke with Hugh Connett of Bridgeline

Here's what happened:

1)  He wanted to make sure that we were OK with April minus 3 cents but he wanted to lock in the price on the March settlement date (Joe Parks suggests that we should lock in promptly after we get approval on the deal and not wait until the end of February - this probably works unless we can't get approval by the end of Feb.).  We should probably talk a bit more about this with Bridgeline;

2)  He is going to revise the term sheet and send it to us.  It will include (a) pad gas payment of $2.08MM and (b) B-Line to make Q4 2001 and Q1 2002 lease payments to Dow and pay any credits back to Enron (He needed to check on this but said that it sounded OK);

3)  He suggested that we should consider using $100k of the sales proceeds to fund the arbitration against TEPI (I asked him whether Bridgeline would be willing to fund the arbitration and he suggested this as an alternative); and

4)  We talked for a bit about the Storage/Transport Agreement - he said that they were willing to release the gas in storage to the extent that they are over-secured.  The big question is the value of the gas in storage.  I sought clarification on this because of our meeting this morning.  He said that he was going to figure out how much ENA owed under the Storage/Transport and then seek to convert that into an amount of gas.  Any gas in excess of that amount would be released.  In order to do this, however, he wants ENA to execute a document which makes it clear that by releasing the gas, Bridgeline is not waiving any rights that it might have to a warehouseman's lien on the gas in storage.  He is having their lawyer send a draft of this document to Gerald.

Stuart


Here is a summary of AGL prepared by Tom Chapman.

From: James D Steffes on 01/31/2001 10:54 AM
To: Roy Boston/HOU/EES@EES, Janine Migden/NA/Enron@Enron, Susan M
Landwehr/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Steve
Montovano/NA/Enron@Enron
cc: Laura Luce/Corp/Enron@Enron
Subject: Next Steps for Midwest Gas Strategy

I wanted to follow-up with everyone following yesterday's meeting.

It appears to me that we need to develop (1) a better analysis of the four
market models - AGL (Steve M), Columbia of Ohio (Janine), Socal Gas (Jeff),
NICOR (Roy) - based on some key elements and (2) the key Influence parties in
Illinois with 5 layer Influence Circles that we need to be thinking about in
this discussion.

It would be great if we could get this to Laura for distribution by end of
day Friday (realize it's tight).

Key elements for Market Models --

1. Direct Access Allowed?  For What customers?  What timeline?
2. Upstream Capacity resolution - assignment or otherwise?  Are there assets
left to optimize
3. Retail pricing - Fixed price vs. PBR (how?) vs. something else?
4. Role of Wholesale Outsourcing Agent (would ENA sell to marketers or
utilities or both?)
5. Other Issues

Thanks,

Jim


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Symbol 	Position 	Last 	Change 	%Change 	Volume 	Value 	Today's Net
ENE <http://clearstation.etrade.com/cgi-bin/details?Event=peek&Symbol=ENE&Refer=http://clearstation.etrade.com> 	145 	0.67 	-0.12 	-15.19% 	38,792,300 	97.15 	-17.40
NKE <http://clearstation.etrade.com/cgi-bin/details?Event=peek&Symbol=NKE&Refer=http://clearstation.etrade.com> 	360 	57.03 	0.49 	0.87% 	979,400 	20,530.80 	176.40
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Can you kill this deal or zero out the volumes?  thanks.

   Kate Symes                04/24/2001 05:27 PM

To: Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: Re: 581368

I just spoke with Jesse Bryson in Real Time, and he said this should actually
be 2 buy-resales - one from Four Corners to ZP-26, and one from ZP-26 to
NP-15. Let me know how that sounds to you, and I'll enter the deals.

Thanks,
Kate

Rhonda L Denton
04/24/2001 03:23 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 581368

Should this be NCPA, since we do not have transmission with them.  Or maybe
it should be a buy/resale.  let me know.  Thanks.


---------------------- Forwarded by Ami Chokshi/Corp/Enron on 04/04/2000
09:24 AM ---------------------------

troy_a_benoit@reliantenergy.com on 04/04/2000 08:54:50 AM
To: "Ami Chokshi" <Ami_Chokshi@enron.com>
cc:

Subject: COPANOS CHANGES FOR THE 4TH

(See attached file: HPL-Apr.xls)
 - HPL-Apr.xls


---------------------- Forwarded by Darron C Giron/HOU/ECT on 02/21/2001
09:28 AM ---------------------------

From:  Veronica Espinoza @ ENRON
               02/21/2001 09:17 AM

To: Larry Joe Hunter/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Kim S
Theriot/HOU/ECT@ECT, Melinda Whalen/CAL/ECT@ECT, Dianne Seib/CAL/ECT@ECT,
Janie Aguayo/HOU/ECT@ECT, Derek Bailey/Corp/Enron@ENRON, Kevin
Meredith/Corp/Enron@ENRON, Ellen Wallumrod/NA/Enron@ENRON, Celeste
Cisneros/NA/Enron@Enron, Diane Anderson/NA/Enron@Enron, Tiffany
Williams/NA/Enron@Enron, Cindy Feldman/CAL/ECT@ECT, Patricia
Boulanger/CAL/ECT@ECT, Linda Sietzema/CAL/ECT@ECT, Sharon
Crawford/CAL/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT,
Russell Diamond/HOU/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Nidia
Mendoza/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT,
David Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Darron C
Giron/HOU/ECT@ECT, Walter Guidroz/NA/Enron@Enron, Leslie Reeves/HOU/ECT@ECT,
Veronica Gonzalez/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Jean
Bell/HOU/ECT@ECT, Ken Curry/HOU/ECT@ECT, Richard Deming/NA/Enron@Enron
cc:
Subject: Credit Report--2/21/01


By way of introduction, I am the director of global risk operations reporting
to Sally Beck.  One of my responsibilities is to help new Enron offices set
up risk control functions.  I have been speaking with Milind Laad and Heidi
Hellman, located in India, concerning the marketing and origination of coal,
liquid fuels, gas and power transacted by the Indian office.

I was wondering what your understanding of the Indian office's
trading/marketing/origination plans are as coal and liquids and what type of
trading authorizations you have given them to date.  I understand that any
coal deals done by India will be included in George's book and any liquids
deals done will be included in John's book.

Thanks,

Shona
713 853 9123


That was the absolutely one of the stupidest jokes I have ever heard.  Maybe
you guys should put down your bongs for a minute and try to come up with
something a little better than that.  GO BEAVS!


<http://www.aopa.org/images/epilot/epilotheader2.jpg>
Departments

GA News

Inside AOPA

Airport Support Network

Quiz Me!

2001 Bonanza
Sweepstakes

ePilot Calendar

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  <http://www.aopa.org/images/epilot/inthisissue.jpg>

FAA puts onus on National Security Council
AOPA asks Congress for help
Pittsburgh flight school wins $10,000 prize
AOPA members now have flight tracking capability

Volume 3, Issue 43
October 19, 2001

Restoring GA

FEDS FREE FIRST OF 41,000 STRANDED AIRPLANES
Most VFR pilots near five major cities were able to take to the air last Monday morning, following the release of a notam late Saturday night. Five more cities were opened Tuesday and an additional five on Wednesday. "AOPA's staff has been working almost 24 hours a day to achieve this first goal," said AOPA President Phil Boyer. "The efforts of AOPA members, along with other general aviation organizations, have helped to free the first of the GA 41,000." A special edition of ePilot was sent early Sunday to pilots in and near the affected areas. AOPA's staff will be focusing now on restoring flight privileges in the remaining 15 enhanced Class B areas and the Washington and New York temporary flight restriction areas (TFRs). AOPA is also working toward gaining approval for news and traffic reporting, banner towing, ! and sightseeing operations to resume operations in enhanced Class B (ECB) airspace.

FAA PUTS ONUS ON NATIONAL SECURITY COUNCIL
An FAA representative told the House aviation subcommittee Wednesday that while the agency is working on plans to reopen the 15 remaining ECB areas, they can't do so without concurrence from the National Security Council and the Department of Defense. This clarifies the much disputed question as to who is making the decisions regarding the reopening of ECB to VFR traffic. Steve Brown, FAA associate administrator of air traffic services, received pointed questions from members of the committee. He said that the FAA has been working hard with members of the general aviation industry, such as AOPA, to remove the restrictions. But committee members believe the lifting of such restrictions should have come long ago. North Carolina congressman and AOPA member Robin Hayes said to Brown, "Just fix the problem, will ya?"

NSC CONSIDERS PROPOSALS
The National Security Council met Thursday to consider FAA plans for restoring operations in the remaining 15 ECB areas. The FAA's presentation considered recommendations made by a coalition of general aviation groups for easing restrictions on VFR flying. AOPA, EAA, GAMA, HAI, NATA, NBAA, and NASAO developed consensus recommendations addressing aircraft and airport security and airspace operations.

AOPA ASKS CONGRESS FOR HELP
AOPA again Wednesday reminded Congress that the airspace around 15 major cities remains closed to VFR pilots. "The problem is not yet solved. With each day that passes, some 65,000 pilots and nearly 21,000 aircraft at 132 airports, and the businesses that support them, continue to be affected in 15 areas. These VFR operations must be restored," said Andy Cebula, AOPA senior vice president of Government and Technical Affairs, testifying before the House aviation subcommittee. In addition to the business losses caused by the continuing restrictions, Cebula said that individual aircraft owners were facing average fixed costs of $2,400 a month whether the aircraft flies or not. See AOPA Online <http://www.aopa.org/whatsnew/newsitems/2001/01-4-044x.html>.

CONGRESSMEN INTRODUCE VFR RESTORATION BILLS
House Transportation and Infrastructure Chairman Don Young (R-Alaska) introduced Wednesday aviation security legislation that includes a provision that requires that any notam, regulation, or order that restricts the ability of Part 91 aircraft to conduct operations in ECB airspace shall cease to be in effect 10 days after the bill is passed. This provision is similar to the bill also introduced Wednesday by Rep. Bob Filner (D-Calif.) that would require the FAA to develop a plan to allow VFR flight in the remaining 15 ECB areas where it is currently prohibited. Filner said his legislation "requires the FAA to have a specific timeline for opening up these closed airports. National security is paramount, but we must also find a way to allow this backbone of American transportation to resume flying."

FAA MAY GRANT PROFICIENCY, INSPECTION EXTENSIONS
As a follow-up to informal discussions with FAA officials, AOPA formally requested that pilots and aircraft owners directly affected by the enhanced Class B flight restrictions and the TFRs be given relief from the regulations governing instrument proficiency, flight reviews, and certain aircraft inspections. In particular, AOPA asked that the FAA extend the due date to November 30 for those whose pilot proficiency or aircraft inspections were due on or after September 30. Relief was also requested on behalf of our military personnel serving overseas. The FAA recently told AOPA that granting the requested relief was possible with certain modifications. A final decision is expected early next week. See AOPA Online <http://www.aopa.org/whatsnew/newsitems/2001/01-4-026x.html>.

For the latest on the air traffic situation, see AOPA Online <http://www.aopa.org>.

GA News

FORMER GALAXY HEAD JOINS ECLIPSE BOARD
Brian E. Barents, former president and CEO of Galaxy Aerospace Corporation, has been elected to Eclipse Aviation Corporation's board of directors. He replaces Sam Williams, chairman and CEO of Williams International, who resigned from the board after the Eclipse 500 jet airframe development and certification program was transitioned from Williams to Eclipse. At Galaxy Barents was responsible for operations and financial performance, and product development. He was also responsible for negotiating the sale of Galaxy to Gulfstream. He joins Chairman Harold Poling, retired chairman and CEO of Ford Motor Company; Kent Kresa, chairman, president, and CEO of Northrop Grumman; Alfred Mann, retired chairman and CEO of MiniMed; and Vern Raburn, president and CEO of Eclipse Aviation.

PITTSBURGH FLIGHT SCHOOL WINS $10,000 PRIZE
Pittsburgh Flight Training Center (PFTC) has won the industry Be A Pilot program's $10,000 competition for 2001's most innovative and effective local market outreach effort. The winning entry was submitted by Kevin Daw, PFTC manager since August 2000. Drawing on a retail marketing background, he turned the 20-year-old operation around in just months by using an aggressive marketing strategy. Daw himself learned to fly just four years ago. More detailed information will be sent to all Be A Pilot participating flight schools. See the Web site <http://www.beapilot.com>.

MERCURY AIR GROUP MAKES FORBES LIST
Los Angeles-based Mercury Air Group has been named to Forbes magazine's prestigious list of "200 Best Small Companies in America." The magazine noted that the weakening economy hit large-cap companies hard, but that the small-cap companies like Mercury have historically led the way out of recessions. Mercury was ranked 167th on the list. The company supplies petroleum products, air cargo transportation, and support services for general aviation, the government, and the airlines worldwide.

For daily news updates, see AOPA Online <http://www.aopa.org/members>.

Inside AOPA

AOPA MEMBERS NOW HAVE FLIGHT TRACKING CAPABILITY
 Screen from Flight Explorer <http://www.aopa.org/images/epilot/flight_explorer_011019.jpg>AOPA members now have the opportunity to use their personal computers and AOPA Flight Explorer Personal Edition software to track virtually all airline and many general aviation flights within the U.S. air traffic control system. "It's a new level of awareness of air traffic operations for our members-another way to help them stay on top of the air traffic situation," said AOPA President Phil Boyer. The new service allows AOPA members up to 10 hours a month of real-time tracking for the discounted rate of $8.95, with additional hours available for purchase. See AOPA Online <http://64.214.225.20/aopa/rdr.asp?id=7D11018113343241F>.

SAN DIEGO CITY COUNCIL VOTES TO CONTROL AIRPORT
AOPA's two-year-long opposition to a privatization plan for San Diego's Brown Field Municipal Airport succeeded when the City Council voted unanimously to maintain local control of the airport. It will help secure the future of general aviation at Brown Field. The field was one of five airports nationwide scheduled to be privatized-that is, sold or leased to a private developer-under a congressionally ordered demonstration program. But the plan for Brown Field would have harmed GA. See AOPA Online <http://www.aopa.org/whatsnew/newsitems/2001/01-3-166x.html>.

FAA GOES AFTER CITY FOR $50,000 LANDING FEES
The FAA set last Saturday as the deadline for the town of Islip, New York, to drop a recently enacted $50,000 nighttime landing fee at Long Island-Mac Arthur Airport. The fee violates a federal funding agreement prohibiting unjust discrimination. As recently as early September, AOPA said the town "ignored us" when asked on several occasions to discuss nighttime curfew issues. See AOPA Online <http://www.aopa.org/whatsnew/newsitems/2001/01-4-020x.html>.

AOPA FLIGHTPLUS INSURANCE RATES GO DOWN
AOPA FlightPlus aviation accidental death and dismemberment insurance rates are now lower than ever. Make sure you have the protection you need every time you fly. To upgrade your coverage, see AOPA Online <http://64.214.225.20/aopa/rdr.asp?id=7D11018113027177E>.

PILOTS ARE SOUGHT TO TEST FSS ENHANCEMENTS
The FAA is seeking volunteers to participate in a research program involving the aviation digital data system (ADDS). The test, to be conducted at the FAA's William J. Hughes Technical Center in Atlantic City, New Jersey, will study the potential for conducting interactive weather briefings for pilots utilizing the flight service system. The program will take place from 8 a.m. to 1 p.m. from November 6 through 8. Pilots need only participate for one of the days, and no prior experience with the system is needed. This is an opportunity to be involved in an important safety and service enhancement for the general aviation community. AOPA has been a long-time advocate of providing official weather information over the Internet. AOPA staff members will also be participating in the study to evaluate future member benefits. For more, contact Mike Brown <mailto:michael.brown@aopa.org>.

Changing your mailing or e-mail addresses? Click here <http://www.aopa.org/members/authentication/profile.html> to update.

Airport Support Network

ASN WORKS TO SAVE NATION'S AIRPORTS
Every day more than 1,000 AOPA Airport Support Network volunteers work with AOPA headquarters on a local level to help save their airports. That's a lot, but not enough. Ask yourself these questions: Has my flying been affected by development, new restrictions, or negative public relations about my local airport? Have local issues or political pressures affected my use and the efficiency of my local airport? If the answer is "yes" to either question, you may be just the kind of person we're looking for to help ensure the health and availability of your airport.

  _____

ASN is looking for volunteers at several airports-including, in Arkansas, 1M1, ASG, AWM, BVX, and HOT; Louisiana, 3R7, ARA, HDC, HUM, and L38; New Mexico, ABQ, ALM, CVN, E80, and HOB; Oklahoma, 0F8, 1F0, ADH, AVK, and BVO; and Texas, 00R, 1F9, 3R1, 50R, and 5R5.

  _____

To nominate a volunteer-which can be yourself-see AOPA Online <http://www.aopa.org/members/forms/asn.html>.

AOPA Air Safety Foundation News

Do you know what to do if you're intercepted by a military aircraft? Try the AOPA Air Safety Foundation's new safety quiz <http://www.aopa.org/asf/asfquiz/asfquiz27.html> on AOPA Online.

Quiz Me!

Here's a question asked by an AOPA member last week of our AOPA technical specialists. Test your knowledge.

Question: I have just received a letter of investigation from the FAA for a flight into the enhanced Class B airspace. They are saying that I wasn't authorized to be in that area. What should I do?

Answer: AOPA staff has talked with a number of pilots who have received letters and inquiries from the FAA, stemming from the wide range of interpretations of the many notams published by the FAA since the events of September 11. If you receive a letter of investigation or other inquiry from the FAA, you should contact one of our aviation technical specialists (800/USA-AOPA) immediately to learn more about the enforcement process. Members who are enrolled in the AOPA Legal Services Plan will have access to legal advice to address their concerns. Click here <http://www.aopa.org/info/certified/lsp.html> for more on the plan. For more on the FAA's enforcement procedure and your options, see AOPA Online <http://www.aopa.org/members/files/guides/enforce.html>.

Got a technical question for AOPA specialists? Call 800/872-2672 or e-mail to inforequest@aopa.org <mailto:inforequest@aopa.org>. Send comments on our Quiz Me! questions to epilot@aopa.org <mailto:epilot@aopa.org>.

AOPA Sweepstakes Bonanza Update

 bonanza logo <http://www.aopa.org/images/epilot/sweeps_logo.jpg>Back from the American Bonanza Society Convention, the 2001 AOPA Sweepstakes Bonanza is getting ready for its big moment, leading the Parade of Planes at AOPA Expo next month in Fort Lauderdale, Florida. See our latest project update <http://64.214.225.20/aopa/rdr.asp?id=7D110181130272044>.

Picture Perfect

Jump to the AOPA Online Gallery to see the featured airplane of the day. Click on the link for details on how to capture wallpaper for your work area. See AOPA Online <http://64.214.225.20/aopa/rdr.asp?id=7D110181130277>.

On The Road To Expo

Don't miss AOPA Expo 2001, November 8 through 10, in beautiful Fort Lauderdale, Florida. For complete information on this spectacular aviation event, see AOPA Online <http://64.214.225.20/aopa/rdr.asp?id=7D110181130278B6>. Be sure to check the Web for updates daily on Virtual Expo, sponsored by Avidyne.

What's New At AOPA Online

When an airport accepts federal funding, there are strings attached. And if an airport doesn't comply with the obligations, issues arise. The AOPA Airport Support Network staff has put together a document that outlines compliance procedures. Click here <http://www.aopa.org/asn/airport_compliance.pdf> to download a copy of AOPA's Guide to FAA Airport Compliance.

ePilot Calendar

WEEKEND FLYING DESTINATIONS
Columbia, South Carolina. Celebrate Freedom Festival takes place November 2 through 4 at Columbia Owens Downtown Airport (CUB). Call 803/788-6837 for event information.

Manteo, North Carolina. Wings Over Water takes place November 2 through 4 at Dare County Regional Airport (MQI). Call 252/441-8144 for event information.

Norfolk, Virginia. A Bonanza/Baron Proficiency Clinic takes place November 2 through 4 at Norfolk International Airport (ORF). Call 970/377-1877 for event information.

Lawrenceville, Georgia. Flying Start Program and pancake breakfast takes place November 3 at Gwinnett County-Briscoe Field (LZU). Call 770/613-9501 for event information.

For more airport details, see AOPA's Airport Directory Online <http://www.aopa.org/members/airports>. For more events, see Aviation Calendar of Events <http://www.aopa.org/pilot/calendar.html>

ASF SAFETY SEMINARS
AOPA Air Safety Foundation Safety Seminars are scheduled in Dulles, Virginia, November 5, and Hampton, Virginia, November 7. Topic is Collision Avoidance. See AOPA Online <http://www.aopa.org/asf/schedules/sssite.html>.

ASF FLIGHT INSTRUCTOR REFRESHER CLINICS
(All clinics start at 7:30 a.m.)
The next ASF Flight Instructor Refresher Clinics are scheduled in Atlanta and Dallas November 3 and 4. For the Flight Instructor Refresher Clinic schedule, see AOPA Online <http://www.aopa.org/asf/schedules/aboutfirc.html>.

ASF PINCH-HITTER GROUND-SCHOOL COURSES
(Pinch-Hitter courses start at 9:30 a.m.)
The next Pinch-Hitter
 Ground School takes place November 18 in Cincinnati and Albuquerque. For more Pinch-Hitter courses, see AOPA Online <http://www.aopa.org/asf/schedules/pinch.html>.

For comments on calendar items or to make submissions, contact Julie S. Walker at julie.walker@aopa.org <mailto:julie.walker@aopa.org>.

  _____

Got news? Contact ePilot at ePilot@aopa.org. <mailto:epilot@aopa.org> Having difficulty using this service? Visit the ePilot Frequently Asked Questions at AOPA Online <http://www.aopa.org/members/files/pilot/epilot/faq.html> or write to epilot@aopa.org <mailto:epilot@aopa.org>.

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AOPA, 421 Aviation Way, Frederick, MD 21701
Tel: 800/USA-AOPA or 301/695-2000
Copyright ? 2001. Aircraft Owners and Pilots Association.

! Advertisers

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   <http://www.aopa.org/images/epilot/footer.jpg>


We have received the executed EEI Master Power Purchase and Sale Agreement
dated 2/1/2001 from the referenced CP.  Copies will be distributed to Legal
and Credit.


http://multimedia.lycos.com/search.asp?type=all&idx=all&for=all&query=Jay+Leno
&ff=on


Your review and approval of the following product types in the EOL
Datamanager is needed (for directions on approval , please see steps for
approval at the bottom of this e-mail). If you have any questions please call
me at ext. 58986.
******** DO NOT APPROVE PRODUCT TYPES BETWEEN THE HOURS OF 6AM -
11AM***********

Traders:  Harry Arora and Robert Stalford
Product
Names:  US East Power Phy Option Call (2077)
  US East Power Phy Option Put (2078)

US Pwr Phy Opt  PJM-W EPXXX Jul01 USD/MWh
A US Power Transaction with Enron Power Marketing, Inc., under which the Put
Option Buyer has the right, but not the obligation, to elect on the Exercise
Date to schedule and deliver, and the Put Option Seller would have the
obligation to schedule, receive and pay for at the Strike Price, a quantity
of firm energy equal to the Hourly Quantity for each applicable hour during
the term of the transaction.  The Strike Price shall be as set forth in the
Product description on the Website.  As consideration for this right, the Put
Option Buyer shall be required to pay to the Put Option Seller the Premium
which shall be equal to the product of (i) the price submitted by
Counterparty via EnronOnline, multiplied by (ii) the total number of hours
during the term of the transaction, multiplied by (iii) the Hourly Quantity.
The Payment Date for the Premium shall be within two (2) business days of the
Transaction Date. The Option style and type shall be a monthly European Put
("EP").
The transaction is for the applicable hours as set forth herein on each
Delivery Day for the Effective Date 01 Jul 2001 to the Termination Date 31
Jul 2001.

The transaction is for delivery or receipt of energy at the PJM Western Hub.

The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency. The unit of measure against which the price is quoted
shall be megawatt-hours (MWh) and the quantity shown shall be in MW's
delivered in each applicable hour for the duration of the Transaction (the
"Hourly Quantity').

In order to exercise the Option, the Option Buyer shall provide telephonic
notice to the Option Seller prior to 10:00 am (Eastern Prevailing Time) on
the Exercise Date.  The Exercise Date shall be the second penultimate NERC
business day of the month prior to the month in which the term commences.

The transaction is for on-peak ("Peak") hours on each Delivery Day beginning
with the hour ending 0800 (7:00 am) and concluding with the hour ending 2300
(11:00 pm) Eastern Prevailing Time. "Delivery Day" means a day during the
term of the transaction that is a Monday, Tuesday, Wednesday, Thursday, or
Friday, excluding any day that is a NERC holiday.

US Pwr Phy Opt  PJM-W ECXXX Jul01 USD/MWh
A US Power Transaction with Enron Power Marketing, Inc., under which the Call
Option Buyer has the right, but not the obligation, to elect on the Exercise
Date to schedule, receive and pay for at the Strike Price, and the Call
Option Seller would have the obligation to schedule and deliver, a quantity
of firm energy equal to the Hourly Quantity for each applicable hour during
the term of the transaction. The Strike Price shall be as set forth in the
Product description on the Website. As consideration for this right, the Call
Option Buyer shall be required to pay to the Call Option Seller the Premium
which shall be equal to the product of (i) the price submitted by
Counterparty via EnronOnline, multiplied by (ii) the total number of hours
during the term of the transaction, multiplied by (iii) the Hourly Quantity.
The Payment Date for the Premium shall be within two (2) business days of the
Transaction Date. The Option style and type shall be a monthly European Call
("EC").

The transaction is for the applicable hours as set forth herein on each
Delivery Day for the Effective Date 01 Jul 2001 to the Termination Date 31
Jul 2001.

The transaction is for delivery or receipt of energy at the PJM Western Hub.

The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency. The unit of measure against which the price is quoted
shall be megawatt-hours (MWh) and the quantity shown shall be in MW's
delivered in each applicable hour for the duration of the Transaction (the
"Hourly Quantity').

In order to exercise the Option, the Option Buyer shall provide telephonic
notice to the Option Seller prior to 10:00 am (Eastern Prevailing Time) on
the Exercise Date.  The Exercise Date shall be the second penultimate NERC
business day of the month prior to the month in which the term commences.

The transaction is for on-peak ("Peak") hours on each Delivery Day beginning
with the hour ending 0800 (7:00 am) and concluding with the hour ending 2300
(11:00 pm) Eastern Prevailing Time. "Delivery Day" means a day during the
term of the transaction that is a Monday, Tuesday, Wednesday, Thursday, or
Friday, excluding any day that is a NERC holiday.
==============================================================================

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Partially Approved"
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 07/07/2000
08:36 AM ---------------------------

Chad Landry
07/07/2000 07:23 AM
To: BGuilba@aol.com, Timothy Blanchard/HOU/EES@EES, BT1329@aol.com,
bcambr@lsumc.edu (Cambre, Brandon C)@ENRON, Patrick Cannizzaro
<patrick.cannizzaro@chrobinson.com> @ ENRON, Danatra@aol.com,
Dietz05@aol.com, DWillou925@aol.com, Dave Estorge <dave_estorge@yahoo.com> @
ENRON, brooke.e.baiamonte@us.arthurandersen.com @ ENRON, FIJI4x4@aol.com,
val.generes@ac.com, "David Greenberg"
<David_Greenberg@sunbursthospitality.com>, Jennifer_Guste@breaux.senate.gov
(Jennifer Guste) @ ENRON, Jessinbr@aol.com @ ENRON, Kanzelmo75@aol.com @
ENRON, Cori Landry <c_landry_nyc@yahoo.com>, lcentol@lsu.edu, Sarshar Leila
<Sarshar_Leila@prc.com>, Matthew Lenhart/CAL/ECT,
Jonathan_Matessino@mail.bankone.com @ ENRON, "Marcantel MM (Mitch)"
<MMMarcantel@equiva.com> @ ENRON, MLandry863@aol.com, Opossum721@aol.com,
jpelti@lsumc.edu (Peltier, Jacques C)@ENRON, Jennifer.Przelicki@chron.com,
Rclcerf@aol.com @ ENRON, SOffner24@aol.com @ ENRON, "Casey, Ryan"
<RCasey@tmmlines.com> @ ENRON, "Clement, Tam" <Tam.Clement@mail.house.gov>,
"DARRAH, SHAWN" <sdarrah@entergy.com> @ ENRON, "Jambon, Kristy"
<Kristy.Jambon@AlliedSignal.com> @ ENRON, "Jenkins, Jeffrey"
<jjenkins@velaw.com> @ ENRON, "Landry, Michael D."
<MLandry@smtp.stonepigman.com> @ ENRON, "Tankersley, Sarah A"
<Sarah_Tankersley@AIMFUNDS.COM>, Amy Baier <abaier@parkwayco.com>, "Ana
Caputto" <alc1122@hotmail.com> @ ENRON, "bguste" <bguste@gateway.net>,
Brother Harold <brotherh@ststan.com> @ ENRON, "stacey steger"
<cajunqueen74@hotmail.com>, "Camila Pelaez" <camilapelaez@hotmail.com> @
ENRON, "Chris" <cpc25@email.msn.com>, Dana <danamel@hotmail.com>, "Danny
Boudreaux" <dannylsu@hotmail.com> @ ENRON, "Dawn Willoughby"
<dcw116@hotmail.com> @ ENRON, "donna larmann" <dlarmann@dellnet.com> @ ENRON,
dmayley <dmayley@psislidell.com> @ ENRON, "Corinne L Giacobbe"
<GIACOBBEC@jefferson.student.wlu.edu>, Jill Allen <jilallen@dttus.com>, "Ken
Kilinski" <Kenk@kw.com>, "leslie conwill" <leslieconwill@hotmail.com> @
ENRON, Liev Thames <lievt@yahoo.com> @ ENRON, "laurie bradford"
<lmb2509@hotmail.com>, michele beck <michele@reliagene.com>, "Mark Landry"
<mlandry@newmanmathis.com> @ ENRON, Michol Leigh McMillian
<mmcmilli@law.harvard.edu> @ ENRON
cc:

Subject: Choices

Most of you know that I very rarely send fwds, but my Dad sent me the one
below ;and although I've read it, I still think its worthwhile to read again.

Everyone have a good weekend.

CKL

READ THIS.  LET IT REALLY SINK IN.
>>  >> >
>>  >> > THEN CHOOSE HOW YOU START YOUR DAY TOMORROW.
>>  >> >
>>  >> > Michael is the kind of guy you love to hate. He is always in a good
>>  >> > mood and always has something positive to say:
>>  >> >
>>  >> > When someone would ask him how he was doing, he would reply, "if I
>>  >> > were any better, I would be twins!"
>>  >> >
>>  >> > He was a natural motivator.
>>  >> >
>>  >> > If an employee was having a bad day, Michael was there telling the
>>  >> > employee how to look on the positive side of the situation.
>>  >> >
>>  >> > Seeing this style really made me curious, so one day I went up to
>>  >> > Michael and asked him, "I don't get it! You can't be a positive
>>  >> > person all of the time. How do you do it?"
>>  >> >
>>  >> > Michael replied, "Each morning I wake up and say to myself, you
have
>>  >> > two choices today.
>>  >> >
>>  >> > You can choose to be in a good mood or you can choose to be in a
bad
>>  >> > mood.
>>  >> >
>>  >> > I choose to be in a good mood.
>>  >> >
>>  >> > Each time something bad happens, I can choose to be a victim or I
>>  >> > can choose to learn from it.
>>  >> >
>>  >> > I choose to learn from it.
>>  >> >
>>  >> > Every time someone comes to me complaining, I can choose to accept
>>  >> > their complaining or I can point out the positive side of life.
>>  >> >
>>  >> > I choose the positive side of life.
>>  >> >
>>  >> > "Yeah, right, it's not that easy,"  I protested.
>>  >> >
>>  >> > "Yes, it is,"  Michael said.  "Life is all about choices. When you
>>  >> > cut away all the junk, every situation is a choice.
>>  >> >
>>  >> > You choose how you react to situations. You choose how people
affect
>>  >your
>>  >> > mood.  You choose to be in a good mood or bad mood.
>>  >> >
>>  >> > The bottom line:  It's your choice how you live life."
>>  >> >
>>  >> > I reflected on what Michael said. Soon thereafter, I left the
>>  >> > company to start my own business. We lost touch, but I often
>>  >> > thought about him when I made a choice about life instead of
>>  reacting to
>>  >> it.
>>  >> >
>>  >> > Several years later, I heard that Michael was involved in a serious
>>  >> > accident, falling some 60 feet from a communications tower.
>>  >> >
>>  >> > After 18 hours of surgery and weeks of intensive care, Michael was
>>  >> > released from the hospital with rods placed in his back.
>>  >> >
>>  >> > I saw Michael about six months after the accident.  When I asked
him
>>  >> > how he was, he replied. "If I were any better, I'd be twins. Wanna
>>  >> > see my scars?"
>>  >> >
>>  >> > I declined to see his wounds, but I did ask him what had gone
>>  >> > through his mind as the accident took place.
>>  >> >
>>  >> > "The first thing that went through my mind was the well-being of my
>>  >> > soon to be born daughter," Michael replied. "Then, as I lay on the
>>  >> > ground, I remembered that I had two choices: I could choose to live
>>  >> > or I could choose to die. I chose to live."
>>  >> >
>>  >> > "Weren't you scared? Did you lose consciousness?" I asked.
>>  >> >
>>  >> > Michael continued, "...the paramedics were great. They kept telling
>>  >> > me I  was going to be fine. But when they wheeled me into the ER
and
>>  I
>>  >> > saw the expressions on the faces of the doctors and nurses, I got
>>  >> > really scared. In their eyes, I read "he's a dead man. I knew I
>>  >> > needed to take action."
>>  >> >
>>  >> > "What did you do?" I asked.
>>  >> >
>>  >> > "Well there was a big burly nurse shouting questions at me," said
>>  >> > Michael.
>>  >> >
>>  >> > "She asked if I was allergic to anything. "Yes, I replied."
>>  >> >
>>  >> > The doctors and nurses stopped working as they waited for my reply.
>>  >> > I took a deep breath and yelled, "Gravity."
>>  >> >
>>  >> > Over their laughter, I told them, "I am choosing to live. Operate
on
>>  >> > me as if I am alive, not dead."
>>  >> >
>>  >> > Michael lived, thanks to the skill of his doctors, but also because
>>  >> > of his amazing attitude. I learned from him that every day we have
>>  >> > the choice to live fully.
>>  >> >
>>  >> > Attitude, after all, is everything.
>>  >> >
>>  >> > "Therefore do not worry about tomorrow, for tomorrow will worry
>>  >> > about itself. Each day has enough trouble of its own."
>>  >> >
>>  >> > After all today is the tomorrow you worried about yesterday.
>>  >> >
>>  >> > You have two choices now:
>>  >> >
>>  >> > 1.  Delete this.
>>  >> >
>>  >> > 2.  Forward it to the people you care about.
>>  >> >
>>  >> > I hope you will choose #2.  I did.


Hi Louise,
Currently we have 2001 forecast and 2002 plan as the information to be provided to you on the templates. Would you like for us to add in 2001 plan, as we did for the back-office presentations?

Also, have you had an opportunity to create the goals & objectives portion of their presentation?

FYI- each team has completed their expense portion of the plan presentation.  I'll send up a book Monday- the teams are still working on the 2001 margin forecast, so I'll send that update as soon as it's available.


Ashley and I need your address again and your uncles' addresses for Christmas
cards.

How is married life treating you?  Good I hope.  What are you guys doing for
Christmas?  Are your folks coming in?

We are staying in Houston.  Should be nice and quiet.  We are going to have a
few people over for new year's, but nothing special.
PL


My survey.

Outlook Migration Team
05/14/2001 01:26 PM
To:	V Charles Weldon/HOU/ECT@ECT, Ed McMichael/HOU/ECT@ECT, Eric Boyt/Corp/Enron@Enron, Eric Moon/HOU/ECT@ECT, Geraldine Irvine/HOU/ECT@ECT, Jin Guo/HOU/ECT@ECT, Louis Dicarlo/NA/Enron@ENRON, Maria Garza/HOU/ECT@ECT, Mark Breese/HOU/ECT@ECT, Sandy Olitsky/HOU/ECT@ECT, Santiago Garcia/NA/Enron@Enron, Steven Curlee/Corp/Enron@Enron, Alexandra Villarreal/NA/Enron@ENRON, Andrea Ring/HOU/ECT@ECT, Brad McKay/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT, Scott Hendrickson/HOU/ECT@ECT, Eric Thode/Corp/Enron@ENRON, Jennifer Walker/NA/Enron@Enron, Judy Townsend/HOU/ECT@ECT, Kathie Grabstald/HOU/ECT@ECT, Kimberly Bates/HOU/ECT@ECT, Mark Koenig/Corp/Enron@ENRON, Peter F Keavey/HOU/ECT@ECT, Rebecca Ford/HOU/ECT@ECT, Sandra F Brawner/HOU/ECT@ECT, Scott Goodell/Corp/Enron@ENRON, Scott Neal/HOU/ECT@ECT, Sean Boyle/Corp/Enron@ENRON, Susan W Pereira/HOU/ECT@ECT, Victoria Versen/HOU/ECT@ECT, Vladi Pimenov/NA/Enron@Enron, Craig Taylor/HOU/ECT@ECT, David Jones/NA/Enron@ENRON, Frank W Vickers/NA/Enron@Enron, Gil Muhl/Corp/Enron@ENRON, John Hodge/Corp/Enron@ENRON, Maureen Smith/HOU/ECT@ECT, Nelson Ferries/Corp/Enron@ENRON, Phil DeMoes/Corp/Enron@ENRON, Robin Barbe/HOU/ECT@ECT, Ruth Concannon/HOU/ECT@ECT, Tammi DePaolis/Corp/Enron@ENRON, Daniel Lisk/NA/Enron@Enron, Hillary Mack/Corp/Enron@Enron, Jan Sutherland/NA/Enron@ENRON, Jason Wolfe/NA/Enron@ENRON, Shannon Groenewold/ENRON@enronXgate, Shelly Mendel/NA/Enron@ENRON, Stacey J Brewer/HOU/ECT@ECT, Suzanne Christiansen/HOU/ECT@ECT, Ted Evans/NA/Enron@ENRON, Dina Snow/Corp/Enron@Enron, Kay Young/HOU/ECT@ECT, Lance Schuler-Legal/HOU/ECT@ECT, Vineet Arora/NA/Enron@ENRON, Beth A Ryan/HOU/ECT@ECT, Bill Berkeland/Corp/Enron@Enron, David A Terlip/Corp/Enron@Enron, Doug Leach/HOU/ECT@ECT, Marc De La Roche/HOU/ECT@ECT, Randal Maffett/HOU/ECT@ECT, Tushar Dhruv/Corp/Enron@Enron, Yolanda Cordova-Gilbert/HOU/ECT@ECT, Amy Villasenor/OTS/Enron@Enron, Debra Young/OTS/Enron@Enron, Jeff Arnold/OTS/Enron@ENRON, John Reese/FGT/Enron@ENRON, Josh Mayes/OTS/Enron@Enron, Larry Fenstad/OTS/Enron@ENRON, Mark Adleman/OTS/Enron@ENRON, Mary Ann Johnson/OTS/Enron@ENRON, Mary Lynne Dix/OTS/Enron@Enron, Mike Thomas/OTS/Enron@Enron, Morris Brassfield/OTS/Enron@ENRON, Rinetia Turner/OTS/Enron@Enron, Robert Geheb/OTS/Enron@Enron, Ruthann Frausto/OTS/Enron@ENRON, Tyrone Brown/OTS/Enron@ENRON
cc:

Subject:	2- SURVEY/INFORMATION EMAIL 5-17-01

Current Notes User:

To ensure that you experience a successful migration from Notes to Outlook, it is necessary to gather individual user information prior to your date of migration.  Please take a few minutes to completely fill out the following survey. Double Click on document to put it in "Edit" mode. When you finish, simply click on the 'Reply With History' button then hit 'Send'  Your survey will automatically be sent to the Outlook 2000 Migration Mailbox.

Thank you.

Outlook 2000 Migration Team

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

Full Name:        John W. Hodge

Login ID:  jhodge2

Extension:  37276

Office Location:  EB3223C

What type of computer do you have?  (Desktop,  Laptop,  Both)  D

Do you have a PDA?  If yes, what type do you have:   (None, IPAQ, Palm Pilot, Jornada)  None

Do you have permission to access anyone's Email/Calendar?  No
    If yes, who?

Does anyone have permission to access your Email/Calendar?  No
    If yes, who?

Are you responsible for updating anyone else's address book?  No
    If yes, who?

Is anyone else responsible for updating your address book?  No
    If yes, who?

Do you have access to a shared calendar?  No
    If yes, which shared calendar?

Do you have any Distribution Groups that Messaging maintains for you (for mass mailings)?  No
    If yes, please list here:

Please list all Notes databases applications that you currently use:

In our efforts to plan the exact date/time of your migration, we also will need to know:

What are your normal work hours?  From:  7:00 A.M.    To:      5:00 P.M.

Will you be out of the office in the near future for vacation, leave, etc?  Unknown
       If so, when?        From (MM/DD/YY):      To (MM/DD/YY):


-----Original Message-----
From: U.S. Publishing Co. [mailto:season@wizard.net]
Sent: Monday, September 24, 2001 8:44 AM
To: RT Reader
Subject: Restructuring Today Monday September 24 2001

(see attached file:  rt010924.pdf)

Thank you,

Season Hawksley
U.S. Publishing Co.
800-486-8201


i copied your idea - and it screwed up your name!


I did and I am in the process of reviewing possibilities. Will look for your
additional information.

-----Original Message-----
From: Benjamin Rogers [mailto:Benjamin.Rogers@enron.com]
Sent: Thursday, August 10, 2000 3:00 PM
To: mcyrus@cinergy.com
Subject:

Michael:
I hope you have received the FedEx that I sent you yesterday as well as the
fax.
I am finishing up the one page summary and will try and have that for you by
Friday.  Thank you for taking the time and I look forward to talking to you
in
the near future.

Regards,
Ben


Please mark your calendars.

The ENA Commercial PRC meeting will be held on JULY 9.  This meeting is by invitation only.   Substitutions or Additions will not be permited without the permission of John Lavorato.  Further information will follow.


All:

Attached is our memo describing today's hearing.

Kimberly A. Curry
Bracewell & Patterson, L.L.P
2000 K Street, N.W.
Suite 500
(202) 828-7623 (phone)
(202) 857-2107 (fax)
kcurry@bracepatt.com

 - cpuc.doc


I took the Executive Influence and Impact program in May 1999 and also took
the follow up Communications program in 2000.  Is this another program that
you are contacting me about, or would Enron like for us to repeat the
program?  Hopefully HR records indicate that I completed the two programs in
1999 and 2000.  Just let me know if I need to sign up for anything.  --Sally

From: Ryan Seleznov/ENRON@enronXgate on 03/08/2001 02:26 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Executive Impact and Influence Program- Enrollment

Sally, attached is participant information and an enrollment form for the
program. Please let me know when you would like to attend and I would be
happy to make sure you get a convenient date.

Sessions will be held in Houston on the following dates:

 May 14-15
 September 11-12
 November 6-7

Thanks and let me know if you need any additional information.

Ryan


Dear Geir,  In the wake of Enron's downfall, the Senate Energy Committee is taking a second look at the Public Utility Holding Company Act.  On Wednesday, the Committee will hold a hearing on the PUHCA and our Washington bureau will bring us the latest.   With talk of possible criminal activities in Enron's trading division, many are wondering what liabilities UBS Warburg could face.  On Wednesday from the Houston bureau, we'll talk with former U.S. Attorney and Porter and Hedges Partner Dan Hedges about problems that could arise for UBS Warburg.   Haynes and Boone, LLP Attorney Larry Pascal talks about how Argentina's economic crisis is affecting the energy industry. We'll have details on the disarray in Argentina from the Houston bureau on Wednesday.    On the West Coast, ENL's Kym McNicholas will speak with Saber Partners CEO Joseph Fichera on Wednesday.  Fichera says there are some serious issues being overlooked in regard to the CPUC's rate agreement with the CDWR.  Fichera will share his concerns during the 1:00 p.m. ET newscast tomorrow.   Also on Wednesday, Kym says she'll have more on the California Senate Energy Committee's hearing on the Independent Systems Operators' Market Design Plan for 2002.  Members of the committee say they have serious doubts about the ISO's ability to enforce market rules going forward.   We'll also talk with Hydrogenics President and CEO Pierre Rivard on Wednesday.  Rivard will join us from the NASDAQ during the 4:00 p.m. ET newscast to discuss hydrogen fuel cell technology.    Closing Prices for Tuesday, Feb. 5, 2002    Crude: $20.07/bbl unchanged   Unleaded: $0.5852/gallon -$0.0079   Heating Oil: $0.5369/gallon -$0.0012   Gas: $2.074/mmBtu -$0.043   Fwd uE(Mar.): $3.55/mmBtu -$0.02   Keep in mind things are subject to change at a moment's notice. Occasionally guests reschedule or change time slots.  We'll continue to do our best to keep you updated on future interviews and events.     Be sure to watch our newscasts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour.

	 	Jay Rickerts, EnergyNewsLive.com Anchor  View today's Energy Wrap Video Windows Media Player: 56K  |  100K  |  300K  Real Player: 56K  |  100K  |  300K  (Requires Windows Media Player or Real Player )   Experience all that Williams Energy News Live has to offer!   If you are receiving this letter for the first time and wish to continue, subscribe now    To stop receiving this letter, unsubscribe now    If you are having trouble receiving this e-mail, please let us know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Comments? Suggestions? Let us  know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Copyright 2001 Williams Energy News Live, LLC. All  Rights Reserved.


New and hopefully improved version, changing confidentiality and the
statement in the term sheet on structure.

Kay


I believe I have compared the ENA Aug 29 version to the VEPCO Aug 21 version
of the Capacity and Energy Contract.  I'm no expert at CompareRite, but I
believe it worked.

Here goes:

Let me know if you have any trouble opening this document.

Kay


Attached is the ETS Planning weekly report for the period of November 8 - 14, 2001.

Please call with any questions.

-Morgan Gottsponer


Pat,  the specific representation is in section 3.02(v).  If you could get
back to as soon as possible.  We are executing these documents tommorrow.

I am basically trying to make sure the Enron Compression Services Company can
make this rep. given our circumstances.


--------- Inline attachment follows ---------

From:
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Hey guys,

I am starting to look a little closer at the sythetic storage and actual
storage deals being done on the Southeast.

I am capturing the sitara deals and their pricing in order to get a better
understanding of how sythetic and actual deals are priced differently.

I am also taking a look at how we are pathing this activity in Unify.  In
order to avoid rework for the schedulers, I have been verifying our pathing
procedures with Donna Greif (Unify guru) prior to pathing.

As more storage deals are done, I will be sure to distribute any new
information to you all.

Please feel free to add any helpful hints to my spreadsheets.

Thanks
Trish


Greetings Senator:

I'm informed that Mr. Lay is currently out of the country and that your
message has been forwarded to him.

In the meantime, I am attaching a document that Ken Lay distributed to
business leaders at meetings in Silicon Valley and Los Angeles about 2 weeks
ago.  It is the document referenced in the Dow Jones wire story and does
include the Company's view that a core/noncore market structure is the right
answer for California (though the document has not been shared with Speaker
Hertzberg).

Mr. Lay discussed the core/noncore proposal extensively during his trip to
Sacramento several weeks ago when, as you recall, he visited Sacramento and
met with a variety of legislators from both sides of the aisle to discuss
solutions to California's electricity crisis.

But unlike the Speaker's core/noncore proposal that I read about in today's
San Francisco Chronicle, Enron's the proposal does not shift all of Edison's
past due amounts from small consumers to California businesses. The Company
believes that all customers should be responsible for the costs that have
been incurred on their behalf.

I will be in Sacramento on Monday, June 4th and would like to discuss our
proposal with you further if you would find it useful and if your schedule
permits.  I'm also available to discuss the proposal further by phone if you
would like to talk before Monday.

If there's anything else I can do, or if you have any questions, don't
hesitate to contact me at 415.782.7822.

Best,
Jeff Dasovich


Barbara,

I am forwarding to you today a fully executed GISB for your client.  Also,
what is the status of your review of the Master Agreement?  Do you wish to
proceed with this agreement?  Please advise at your convenience.

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


Forbes.com Daily Newsletter December 10, 2001
---------------------------------------------
  *Package Deal: Armstrong Comes With AT&T Broadband
  *The Surge In Vehicle Sales
  *Fed May Cut Rate By Quarter Point
  *Zaurus Nearing U.S. Launch
  *Stock Focus: Wireless Networking Invades The Home
  *The Hatchback Is Back

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PACKAGE DEAL: ARMSTRONG COMES WITH AT&T BROADBAND
Penelope Patsuris
It's surprising to find AT&T chief's role on the cable unit's
bargaining table. What's he done to deserve one?
http://tm0.com/forbes/sbct.cgi?s=167547968&i=424367&d=2104276

THE SURGE IN VEHICLE SALES
12.10.01, 8:00 AM ET - Jerry Flint
Free car loans added 650,000 sales in 2001, but that doesn't mean
the auto companies have mortgaged their future.
http://tm0.com/forbes/sbct.cgi?s=167547968&i=424367&d=2104277

FED MAY CUT RATE BY QUARTER POINT
12.10.01, 8:55 AM ET - Dan Ackman
Wall Street is expecting still another rate cut tomorrow. But the
celebration should be muted.
http://tm0.com/forbes/sbct.cgi?s=167547968&i=424367&d=2104278

=================================================================
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ZAURUS NEARING U.S. LAUNCH
12.10.01, 10:00 AM ET - Arik Hesseldahl
Sharp is about to bring its PDA to U.S. market; an alternative to
duopoly of the Palm and Pocket PC.
http://tm0.com/forbes/sbct.cgi?s=167547968&i=424367&d=2104280

STOCK FOCUS: WIRELESS NETWORKING INVADES THE HOME
12.10.01, 9:00 AM ET - Arik Hesseldahl
Connecting existing PCs via wireless networks is rapidly becoming
a multibillion-dollar business.
http://tm0.com/forbes/sbct.cgi?s=167547968&i=424367&d=2104281

THE HATCHBACK IS BACK
12.10.01, 12:00 AM ET - Michael Frank
From BMW to Pontiac, we pick the best of the new generation of
hatchbacks.
http://tm0.com/forbes/sbct.cgi?s=167547968&i=424367&d=2104282

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