See last story attached.  Congratulations, it looks like you are shaking
things up in typical Enron fashion.
---------------------- Forwarded by Steven J Kean/NA/Enron on 07/14/2001
03:41 PM ---------------------------
From: Ann M Schmidt on 07/13/2001 05:13 PM

To:

cc:  (bcc: Steven J Kean/NA/Enron)

Subject: Enron Mentions

Wisconsin Gas to Purchase Nine Mile Line From Northern Natural Gas
PR Newswire, 07/13/01

Commodities Review: LME Copper Hit By Another Stock Rise
Dow Jones Commodities Service, 07/13/01

LME Base Metals: Copper Pressured Down By Stock Build
Dow Jones Commodities Service, 07/13/01

UK: Telecoms, drugs drive FTSE 100 rally, Vodafone leads.
Reuters English News Service, 07/13/01

Futures Contract Covering Coal Debuts in New York (Correct)
Bloomberg, 07/13/01

Enron: Panacea or Pariah?
Modern Metals, July 2001

Wisconsin Gas to Purchase Nine Mile Line From Northern Natural Gas

07/13/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

Line Will Enhance Competition in Southeast Wisconsin and Use Existing
Facilities

MILWAUKEE, July 13 /PRNewswire/ -- Wisconsin Gas, Northern Natural Gas and
Guardian Pipeline announced today that Wisconsin Gas has signed an agreement
with Northern Natural Gas (NNG) to purchase a nine mile, high pressure
natural gas pipeline in Walworth and Waukesha counties. The purchase price is
$5 million. The proposed transaction will require approval from federal and
state regulators. The pipe, known as the Eagle line, is located southeast of
the Kettle Moraine Forest near Eagle, Wis.
The existing line has been part of the NNG interstate transmission system.
Under the new ownership, the line will become part of the Wisconsin Gas
distribution system and will interconnect with Guardian Pipeline as well as
the NNG system.
"Northern Natural Gas is pleased to be a part of a creative, cost-effective
solution to provide additional gas service to southeastern Wisconsin," said
Dave Neubauer, vice president of business development and marketing, Northern
Natural Gas. "This transaction enables Wisconsin Gas and its customers to
obtain natural gas supplies from Guardian or NNG. Providing reliable,
economical choices for consumers will benefit all of the parties involved."
"We saw this as an opportunity to minimize environmental impact and still
realize the benefits of increased competition in the natural gas market,"
said James Schott, senior vice president, Wisconsin Gas. "The purchase of the
Eagle line will enable Wisconsin Gas to further our goal of providing
cost-efficient natural gas service to our customers."
As a result of the purchase Guardian Pipeline, the 141-mile interstate
pipeline from Joliet, Ill. to Ixonia, Wis., will no longer build an 8.5-mile
lateral to Eagle. The lateral was part of the originally certified Guardian
Pipeline. This portion of the line would have generally run parallel to the
current Northern Natural pipeline.
"This sale is a win-win situation for Guardian and consumers," said George
Hass, project manager of Guardian Pipeline. "The Eagle line purchase by
Wisconsin Gas saves Guardian time and resources by taking away the need to
build the 8.5-mile lateral and allows all three companies to create a better
environment for competition in the natural gas marketplace."
The existing gate stations at LaGrange and Eagle will remain in-service for
regulation purposes. Odorization and measurement will take place at a new
gate station that will be constructed at the interconnect with Guardian. This
new gate station will be called the Bluff Creek station and will be located
near Whitewater. The Bluff Creek gate station will be constructed during the
construction of Guardian Pipeline.
Northern Natural Gas, a subsidiary of Enron Corp., with a market area
capacity of about 4.3 Bcf/d, provides natural gas transportation services to
utility customers in the upper Midwestern United States through its
approximately 16,000 miles of pipeline.
Guardian Pipeline is a partnership of three Midwestern energy companies: CMS
Energy, based in Dearborn, Mich.; Wisconsin Energy, headquartered in
Milwaukee, Wis.; and Viking Gas Transmission Co., a wholly owned subsidiary
of Xcel Energy Inc., and located in St. Paul, Minn.
Wisconsin Electric-Wisconsin Gas, the principal utility subsidiary of
Wisconsin Energy Corp. (NYSE: WEC), serves more than one million electric
customers and more than 960,000 natural gas customers throughout Wisconsin
and Michigan's Upper Peninsula. Visit our company's Web site at
www.WE-WG.com. Learn about Wisconsin Energy Corp. by visiting
www.WisconsinEnergy.com
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X86200271

/CONTACT: Media only: Kelly Farr of CMS Energy, 313-436-9253; or Megan
McCarthy of Wisconsin Energy, 414-221-4444; or Gina Taylor of Northern
Natural Gas, 713-853-7681/ 17:01 EDT

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

Commodities Review: LME Copper Hit By Another Stock Rise
By Mark Long and Steve McGrath
Of DOW JONES NEWSWIRES

07/13/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- Copper futures traded in London fell Friday, as a
further influx of stocks into official warehouses put the copper market under
pressure and dragged down the rest of the base metal complex.
Three-month copper traded on the London Metal Exchange ended $6 down from
Thursday's late kerb close at $1,554.50 a metric ton.
An increase of 7,475 tons of copper into LME warehouses Friday brought total
stocks up to a 12-month high of 550,300 tons. This pressured prices in early
trade down to test $1,550/ton support, although prices recovered slightly in
later trade.
Unconfirmed market talk said Enron is behind much of the week's stock rise,
in an effort to ease nearby supply tightness and to alleviate the large short
positions it is thought to have built up on the July-for-a-week spread, which
is currently showing a $6-$8/ton backwardation. The July futures contract
will switch over to cash Monday.
Enron declined to comment on the market talk Friday.
A backwardation is a pricing structure in which deliveries to be made in the
near future are more expensive then those set for a more distant delivery.
The opposite situation is called contango.
"The spreads are still tight. The major longs are still reluctant to lend,
with no signs of that (tightness) dissipated," said Kevin Norrish, an analyst
with Barclays Capital in London.
Dealers and analysts said they expect further stock increases next week.
The entire base metals complex ignored Thursday's 237-point rally in the Dow
Jones Industrial Average, dealers said.
"Copper has been sensitive to moves in the stock market, but not this time,"
Norrish said. In fact, now it appears that base metals markets ignore
equities markets when they rally, but follow stocks down when they slump, he
added.
European Grain Futures See Profit-Taking, But More Gains Expected
European grain and oilseed futures were hit by a bout of profit-taking and
pre-weekend position-squaring Friday, after rising to long-time highs,
brokers said.
However, world and domestic crop concerns, the strength of the dollar and
general bullish sentiment will carry the markets to fresh highs short term,
they said.
On the London International Financial Futures and Options Exchange, the
benchmark November feed wheat contract ended just 25 pence up at GBP82/ton,
after hitting a new two-year high of GBP83/ton in early trade.
Meanwhile, Matif November rapeseed futures fell EUR2.75 on the day to
EUR265/ton, after hitting a three-year high of EUR271/ton in early trade.
The U.K. wheat crop and the French rapeseed crop are forecast to be well down
on last year, and wheat and canola crops in some other major producing
countries are also expected to fall.
Meanwhile, the strength of the dollar is allowing European grain and oilseed
traders to up prices and still remain competitive against U.S. imports and
dollar-denominated grains on the world market.
-By Mark Long and Steve McGrath, Dow Jones Newswires; 44-20-7842-9358;
mark.long@dowjones.com

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

LME Base Metals: Copper Pressured Down By Stock Build

07/13/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- London Metal Exchange three-month copper ended Friday's
late kerb lower compared with Thursday, pressured by another stock build,
dealers said.
(LME three-month metals prices in dollars a metric ton at 1600 GMT, with the
previous late kerb close in parentheses. Comex copper at 1641 GMT in cents a
pound, with the previous close in parentheses.) Copper 1,554.50 (1,560.50)
Tin 4,452.50 (4,502.50)
Aluminum 1,452.25 (1,458.50) Zinc 871.50 (877.50)
Nickel 5,925.00 (6,012.50) Lead 462.50 (465.00)
Comex Sep Copper 70.75 (70.80)
An increase of 7,475 tons of copper Friday brought total stocks up to a
12-month high of 550,300 tons. This pressured prices in early trade down to
test $1,550/ton support before rising slightly to close at $1,554.50/ton,
down from Thursday's close of $1,560.50/ton.
Unconfirmed market talk said Enron is behind much of the week's stock rise,
in an effort to ease nearby supply tightness and to alleviate the large short
positions it is thought to have built up on the July-for-a-week spread, which
is currently showing a $6-$8/ton backwardation. The July futures contract
will switch over to cash Monday.
Enron declined to comment on the market talk.
A backwardation is a pricing structure in which deliveries to be made in the
near future are more expensive then those set for a more distant delivery.
The opposite situation is called contango.
"The spreads are still tight. The major longs are still reluctant to lend,
with no signs of that (tightness) dissipated," said Kevin Norrish, an analyst
with Barclays Capital in London.
Dealers and analysts said they expect further stock increases next week.
The entire base metals complex ignored Thursday's 237-point rally in the Dow
Jones Industrial Average, dealers said.
"Copper has been sensitive to moves in the stock market, but not this time,"
Norrish said. In fact, now it appears that base metals markets ignore
equities markets when they rally, but follow stocks down when they slump, he
added.
Aluminum also ended the late kerb lower Friday.
News of the restart of some smelters has dampened sentiment, despite a stock
drawdown of around 8,000 tons since the end of last week, dealers said.
"The stock drawdowns are fairly small percentage-wise," said Standard Bank
analyst Robin Bhar, adding that they would need to be much larger to
significantly improve market sentiment.
"A test of $1,435/ton cannot be ruled out, though we would expect forward
buying to prevent a break below this level for the time being," Barclays said
in a market report.
Zinc continued its slump, falling to a seven-and-a-half-year low, mainly on
technicals.
Technicals also hurt nickel, which rose slightly after breaking $5,900/ton
support but still closed at its lowest level since April.
Nickel's fall was "just on some speculative liquidation and short selling,
mostly chart-based," Bhar said.
-By Mark Long, Dow Jones Newswires; +44-20-7842-9356; mark.long@dowjones.com

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

UK: Telecoms, drugs drive FTSE 100 rally, Vodafone leads.
By Camila Reed

07/13/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, July 13 (Reuters) - Britain's largest companies raced higher at the
close on Friday fired by telecoms and drug stocks as they bounced back from
Wednesday's 16-week low.
Index heavyweights Vodafone and GlaxoSmithKline provided 27 of the day's
55-point gain, while technology firms wobbled. However, the telecoms giant
surged 4.1 percent to 157-1/4p.
The FTSE 100 finished 55.4 points or one percent firmer at 5,537.0, having
jumped 1.66 percent on Thursday after seven consecutive losing sessions, with
gainers outnumbering losers by three to one.
Stocks steamed higher and refused to be derailed by sluggish U.S. retail
sales figures for June, which showed only a meagre rise, and a weaker Wall
Street, but volumes were thin at 1.4 billion shares.
By London's 1530 GMT finish the blue chip Dow Jones industrial average was
down five points, while the tech-laden Nasdaq Composite Index was flat,
having streaked up in the previous session.
Mike Lenhoff and Simon Rubinsohn at money managers Gerrard said that the UK
equity market was deeply oversold and long-term this presented a buying
opportunity for UK equities.
DRUGS SEE-SAW
Drugs reversed an earlier decline with Nycomed Amersham among the day's top
performers, up nearly four percent at 536-1/2p and AstraZeneca rising over
one percent.
Mining giant Anglo American moved into the FTSE 100 top ten gainers with a
three percent rise, as investors sought refuge in mining stocks as a cyclical
play.
Another major gainer was British business services firm Hays Plc up 3.4
percent. The shares leapt on market talk that Germany's Deutsche Post was
looking to make a bid for it, dealers said.
Both Deutsche Post and Hays declined to comment.
Firmer crude prices gave support to the oil sector. BP rose 0.6 percent to
572 pence and Shell also added 0.6 percent to 581-1/2p lifting the index by
four points.
FTSE MIXED PICTURE
But dealers and analysts said it would be a mixed picture going forward with
the market scrutinising data for signs of a sustained economic recovery or a
lapse in consumer confidence.
"This week we had a really bloody day on Wednesday and then the opposite on
Thursday, so we're going to be on a rollercoaster still. It's very fragile
but it does show the potential of the market," said Foreign & Colonial
director of UK equities David Manning.
"It's not only the holiday period, it's also that the market can make you
look an idiot one day to the next. In that sort of circumstance the
temptation is to do very little," he said.
ABN Amro strategist Gareth Williams said the market would make modest
progress over the next month or so, with moves downward quite likely although
the trend would be upwards over the course of the year.
TECHS DIP
Thursday's 5.3-percent rally in the Nasdaq failed to bring any cheer to UK
technology shares. Logica and Colt Telecom slid four percent, while microchip
designer ARM fell 3.9 percent to 223 pence trimming Thursday's 13 percent
jump.
The techMARK index of technology shares rose 0.98 percent to 1,602.87.
Elsewhere on the downside, UK holiday operator Airtours lost nearly 10
percent of its value after Swiss peer Kuoni issued a profit warning.
Among second liners, Baltimore Technologies closed up 3.3 percent. It
initially rallied 22 percent after the Irish Internet security firm said it
received an approach from an unlisted British-based company for an all-paper
deal to combine the companies.
The FTSE 250 Mid-cap index finished 5.1 points stronger at 6,163.8.
Among small-caps, Paladin Resources' shares jumped 10 percent after the UK
oil explorer said that major shareholder U.S. oil giant Enron had sold the
whole of its 40-million-share stake via HSBC bank for 44 pence a share.
Britain's Litho Supplies Plc slumped 42.5 percent after the company, which
supplies printing and graphic arts products, said that sales in the first six
months of 2001 were on target, but profits would likely be below expectations
due to tough market conditions and pressure on margins.

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

Futures Contract Covering Coal Debuts in New York (Correct)
2001-07-13 08:48 (New York)

Futures Contract Covering Coal Debuts in New York (Correct)

     (Corrects location of FirstEnergy Corp. in 10th paragraph of
story that moved yesterday.)

     New York, July 12 (Bloomberg) -- The New York Mercantile
Exchange today began trading a futures contract for low-sulfur
coal, a fuel that President George W. Bush said will play a major
role in meeting electricity demand over the next two decades.
     The contract's debut came after prices for coal, considered
the dirtiest of power-plant fuels, doubled in the past year, as
demand from power plants outstripped mine production. Coal for
September delivery opened at $42 a ton and settled at $40.75, as
98 contracts were traded, exchange officials said.
     ``We had a big run-up in coal prices this past winter,'' said
Andy Ozley, who buys coal for Atlanta-based Mirant Corp.'s six
coal plants in New York, Illinois, Maryland and Virginia. ``This
contract affords us a way to mitigate our exposure'' to large
price swings.
     The Bush administration said in an energy policy report this
spring that coal would be the dominant fuel for electricity
generation through 2020. Bush gave an added boost to the fuel when
he retreated from a campaign pledge to restrict carbon dioxide
emissions, implicated in global warming.
     Coal plants are responsible for a third of the nation's
carbon dioxide emissions. They also produce sulfur dioxide, which
causes acid rain, and nitrogen oxides, which cause smog.
     The Nymex started the futures contract to give mining
companies and utilities a way to hedge their risks in the $33
billion coal market. Producers such as Peabody Energy Corp. and
Arch Coal Inc., whose shares have soared in the past year, have
said they would trade the futures.

                            New Plants

     Last year's quadrupling of prices for natural gas -- a
cleaner-burning power-plant fuel -- prompted many generators to
ramp up output from their coal plants. Utility coal stockpiles
dwindled, and prices have risen to their highest levels since at
least 1989.
     So far this year, more than a dozen companies have announced
plans to build coal-fired plants, including Kansas City, Missouri-
based Kansas City Power & Light Co. and Portland, Oregon-based
PacifiCorp.
     Although coal is used to produce 52 percent of the nation's
electricity, few plants were built during the 1990s because of the
high costs of building them and the difficulty of complying with
federal and local environmental regulations.
     Demand for coal has eased in recent weeks as below-normal
temperatures in the U.S. Midwest and Northeast reduced demand for
air conditioning, said Jim Parks, who buys coal for six power
plants in Ohio and Pennsylvania as director of fuels at Akron,
Ohio-based FirstEnergy Corp.
     ``The summer's been pretty mild so far -- you haven't seen
any big heat waves'' in regions with the most coal generation, he
said.

                           Big Sandy

     The Nymex futures contract calls for the delivery of 1,550
tons of low-sulfur coal to the mouth of the Big Sandy River near
Huntington, West Virginia. From there, the fuel would be loaded
onto Ohio River barges and shipped to power plants in the U.S. and
possibly Europe.
     The new contract is tailored to producers in Appalachian
states that account for about 40 percent of U.S. production,
including West Virginia, Kentucky and Pennsylvania, the No. 2, 3
and 4 coal producers.
     The industry lacks a futures contract for coal from Western
states that account for 47 percent of the nation's production,
including the No. 1 producer, Wyoming.

                         Avoiding the Past

     The exchange, which earns commissions on trades, hopes coal
futures will avoid the fate of other contracts it has started over
the past few years. Its six electricity futures contracts have
fizzled, as has its Middle East sour crude oil contract, which
debuted in May 2000.
     ``I said yesterday, if you traded 100 to 200 contracts, that
would be a really a good day,'' said Chris Casale, vice president
of energy trading at Dynegy Inc. in Houston, which trades coal and
buys the fuel for its six power plants in New York and Illinois.
``It came out sort of on target.''
     Most of today's trading was originated by large energy
marketing companies, he said, although he declined to say whether
Dynegy traded any contracts. Enron Corp., the largest energy
trader, and Duke Energy Corp., the largest U.S.-based utility
holding company, have said they would trade coal futures.
     Exchange officials have said the coal market has the
potential to reach 5,000 trades a day after a year of trading.
     The Nymex's 17-year-old crude oil futures contract averages
about 66,700 trades a day, and its 11-year-old natural gas
contract averages about 33,500.

                           Wary of Coal

     ``The coal market is still lacking liquidity,'' said Anthony
McAuley, a floor broker at ABN Amro Inc., who said he bought five
coal contracts for a client at $42 a ton -- the market's first
transaction. ``You probably need to see a little more
participation'' from industry coal buyers and sellers for the
market to take off.
     Independent floor traders, known as locals, are wary of
trading coal futures without assurances that the industry will be
active as well.
     ``Floor traders lost millions'' in electricity futures when
some were caught with high-priced contracts and nobody in the
industry to sell them to, he said.
     ``Because of that, people are a little bit tentative about
coal,'' said Tom Schiff, an independent crude oil trader. ``We're
here to help make liquidity but we can't tackle all the risk.''

		Modern Metals, July 2001

		Giant energy concern now turns its attention to steel. The company's
aggressive posture has begged controversy. Industry reactions vary from
hand-wringing to open arms. Still others characterize Enron as a "non-event."
		By Michelle
Martinez Arjona,
Editor-in-Chief,
and Paul Hohl,
Contributing Editor

		These days, saying the word "Enron" in a room full of metals executives is
like screaming "fire" in a crowded theater. For most in the steel industry,
the idea of a futures market is enough to raise a few eyebrows. But when a
major market maker with annual revenues of 10 times the market cap of the
U.S. steelmaking industry stakes a claim (for 2000 alone, Enron logged
revenues of $101 billion--that's with a "b"), a lot more than eyebrows are
likely to be raised. After a bold presentation from Jeff McMahon, president
and CEO of Enron Industrial Markets, at the SSCI annual convention in May (in
which he accused steel mills of treating their service center customers as
"annoyances"), industry leaders rushed to understand this latest market
contender.
		Friend or foe? Competitor or partner? These are just a couple of the
questions surrounding Enron's aggressive push into the metals industry.
Judging from the service center and mill executives Modern Metals queried,
there are as many answers as there are opinions in the industry. Reactions
ranged from fear to acceptance to downright resentment. At least one mill was
reticent to discuss Enron at all--still others seemed to meet the issue with
unaffected shrugs. If the saying is true that all publicity is good
publicity, the buzz that Enron has generated would make even a Hollywood spin
doctor envious.
		What's the hubbub?
Although products such as natural gas and energy--Enron's major business
platform--have been traded as commodities for years, until Enron's appearance
a formal forward market for steel has never existed. According to McMahon,
the absence of a liquid and transparent market has resulted in "uninformed
investment decisions" that have exacerbated the current oversupply situation,
and left companies exposed to the hazards of price volatility.
		Enron's answer is to offer a variety of financial hedging products along with
forward contracts in hot-rolled, cold-rolled and galvanized (plate and long
products are soon to follow), locking in prices for as many as five years
out. Enron contends that it can act as a "risk intermediary" in steel
transactions, ensuring healthier profit margins and lowering the cost of
capital. Certain grades of steel are commodities, McMahon insists, and as
such should be bought and sold on a commodity market basis, instead of the
strategic relationships that now exist between the mills and consumers. Enron
has been offering steel online, and via phone and fax, since November of last
year.
		"Before you add capacity, before you make an investment decision, you'll be
able to see a three, five, maybe even a 10-year forward price of steel,"
McMahon stated, "and if you want to hedge that investment you can do that."
		The company plans to buy steel at a floating price and then sell it to steel
consumers at a fixed rate, making money on the spread. In February, Greg
Hermans, VP of steel trading at Enron, reported to AMM that it was offering
U.S.-made 10-gauge, 48-in. wide hot-rolled for April delivery in Chicago for
$225 a ton. Hermans said Enron was buying the same product for April delivery
at $215 a ton.
		Eventually, Enron sees the development of four different marketplaces: the
Northeast, the Midwest (or Chicago area), the Gulf Coast (or Houston area),
and the West Coast. Enron will hedge against spot price spikes through equity
and physical holdings in domestic mills. The company closed on Huntco's
Arkansas-based cold-rolling mill in June.
		"It's a big portfolio," McMahon said. "We wanted to put together a portfolio
of supply and demand. In some cases, we'll own assets--hopefully we'll own
some term contracts with domestic mills. To the extent that imports are a
part of the equation, we'll be a part of that market. We may purchase
capacity from somebody, not necessarily the assets, but toll slab through a
hot strip mill. All of those combined is how we do our business."
		Steel mills can benefit, McMahon said, by entering into a multi-year
"physical off take" with Enron, thus giving steel mills a degree of certain
volume and on product specification. Enron would guarantee purchase of a
specified amount of tonnage, and use a floating price or a floor price to
guard against market shocks. Whether mills would be willing to divert
capacity to the commodity grades being bought and sold by Enron remains
uncertain. At least one mill executive privately said no . . . at least for
now.
		Nucor president, CEO and vice chairman, Dan DiMicco also sees little value in
Enron's proposal. "What we need to have is stable pricing at levels where the
most efficient mills can make a good return on their capital and further
invest in new technologies and equipment," he stated. "I define true value as
helping the industry to become stronger. It doesn't do any good to maintain a
lack of price volatility at $200 a ton."
		Keith Busse, CEO at Steel Dynamics, echoed that sentiment in a recent New
Steel article. "If you're trying to get volatility out at $320 [per ton],
great," he said. "But at $230, you want to stick your fingers down your
throat."
		For the service centers
Service centers, McMahon suggested, could benefit immediately. "The only way
[distributors] are able to hedge themselves is to go out and buy inventory,"
he explained. "That takes capital, and cash, and space. We can offer a
financial product that gives the exact same protection, but doesn't require
any of the above.
		"We can hold those inventories and price the steel at the time of delivery to
the service centers," he continued, "so their 4- or 5- percent net margins
are somewhat certain."
		"I do think that Enron is providing a service for the industry . . . "
commented Dave Lerman, CEO of Steel Warehouse, South Bend, Indiana. But he
pointed out that "how [it] moves forward will be interesting. If they just
move forward with hedge instruments . . . that's independent of whether you
run your business well by having a good supplier that matches up with the
demands of your customers. I think [Enron] will be a good thing for some
people and a non-event for others."
		Beyond hedging, McMahon pointed out, firm and enforceable contracts could
become a key benefit to service centers. As one Midwestern distributor source
commented, "One of the terrible things that happens in our business is that
end users demand long-term pricing, beyond what anybody can foresee. When
they anticipate the market is going up, or that it has hit a low point, they
push harder for it--as any one would. But historically, they don't honor the
deals."
		In a down market, he explained, customers demand lower prices. Noncompliance
can result in orders, but no releases, and a "don't call us, we'll call you"
attitude from customers. The consequence for service centers, he said, are
price reductions on the way down and on the way up. "If Enron brings
integrity to both sides of this market," he concluded, "that would be a very
big plus for the steel industry."
		But integrity, another Midwest service center exec countered, has got nothing
to do with it. In his estimation, Enron is like a profiteering carpetbagger,
"trying to make a buck in between the producer and the user. That's all we
need right now," he declared, "somebody trying to squeeze out a few more
dollars." But, he recognized, "we're all going to have to deal with it."
		Don McNeeley, president and CEO of Chicago Tube & Iron, indicated that some
good could come of a heavy-hitter like Enron introducing new ideas into the
industry, but acknowledged that people might be offended by somebody picking
the so-called "low-hanging fruit" of the steel market in the current economy.
"What do you think the mills are going to do when you come to them for just
the peripheral items?" he queried. "My concern would be that the price would
go up on [those items]."
		McNeeley also questioned the wisdom of distributors relinquishing control of
their inventories. "In distribution, 60 percent of our net worth is
inventory, 30 percent is accounts receivable, and 10 percent is plant
property and equipment," he related. "Our single largest asset is our
inventory. If a distribution company surrenders control of its inventory to a
third party, does not that distributor, in effect, surrender its own
sovereignty?"
		Only just begun
Questions abound regarding Enron's role as a physical supplier of steel as
well. As one Minnesota-based service center exec put it, "are they ready to
deal with problems?"
		Although Enron has expressed interest in being a physical supplier, Dave
Lerman explained, "I think that's going to be a lot more difficult to
implement." Enron would have to consider specific qualities, coil sizes,
nuances of chemistry, surface quality, and formability. "Most customers
require better than standard tolerances," he pointed out. "These are all
issues that might complicate commodity sales."
		Delivery is another issue. As a physical supplier, Enron has virtually
guaranteed just-in-time delivery, but as one service center source said, "the
guarantee is good when the material shows up at my door. What happens if it
doesn't show up? I disappoint a customer. What good does it do to sue [Enron]
if I've lost a customer?"
		Mill executives have questioned whether Enron is a potential competitor.
"They see Enron as someone likely to buy foreign steel in order to deliver it
to a U.S. customer," said Chuck Bradford, principal of Bradford Research and
a long-time industry observer. He cautioned against seeing Enron as too much
of a physical supplier, speculating that the future of Enron, similar to the
LME, will be in hedging. "You may see some [physical transactions] to start
with," Bradford predicted, "just to get the ball rolling. But I don't see
that as the way the market will develop."
		McMahon has been consistent in saying that Enron has little interest in
becoming a steel manufacturer. The real value, he said, is in a transparent,
liquid market. "We know the products work, we know the market wants them. Can
any one particular mill or mills prevent that? We don't think so," he said.
"It's not an 'if', it's a 'when'."
		The jury is still out on just how soon that "when" will come, and what those
effects will be for the steel industry. And for all of the debate surrounding
the issue, it seems a bit soon to be hitting the panic button. As Don
McNeeley recounted, "I can recall similar controversy over a speech a guy
gave about 15-17 years ago. That guy's name was Ken Iverson, and he had this
concept called a mini-mill. Look at it now."


Danny,

We're planning to go to West Virginia for Christmas.  Depart after work on Friday 21 Dec and return on Sunday 30 Dec --- I think those are the right dates.  Let me know if I need to make adjustments --- I can return earlier.

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


Sandi asked me to forward the attached cost benefit analysis from
Governor Davis regarding the Edison MOU.

http://www.governor.ca.gov/govsite/pdf/issues/benefit-cost_final.pdf


Wellhead Desk

Can you please send Jean a list of the 9 people.


Hello MR. Gurner,

I am an analyst working at Enron Industrial Markets in Houston and I was wondering whether it would be possible to include me in the distribution list that sends out the bi-weekly newsletter for Pulp.

Thanks,
Monika Causholli
Enron Industrial Markets
(713) 345 1510


Still working it.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/04/2000 08:38
PM ---------------------------

Kay Mann
12/04/2000 08:38 PM
To: Ben Jacoby/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Christopher F
Calger/PDX/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Roger Ondreko/HOU/ECT@ECT, Lisa
Bills/Corp/Enron@ENRON
cc: Mike J Miller/HOU/ECT@ECT

Subject: Documents sent to GenPower

Here's what went out this evening:

Kay


Attached please find the inception document for the flexible deal viewer project. Please review the document and provide your comments by next Monday. I will be circulating the document for signature next Tuesday.

Thanks

Zhiyong


FYI and Ken's review (no offense, John).
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/01/2001 01:46
PM ---------------------------
From: Fred Mitro/ENRON@enronXgate on 05/31/2001 05:45 PM
To: Ben Jacoby/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron
cc:

Subject: TECO Term Sheet

Attached is the draft term sheet for the Midway toll.  I have pulled in the
language from the earlier draft and incorporated Black Hills language where
applicable. I have left the pricing blank for now, subject to a refresh from
structuring.

Let's discuss sometime tomorrow.

Fred


Please find attached list.


Congratulations on your new adventure.

I'll miss having you as a neighbor and a colleague.

Kay

   Enron Americas - Office of the Chairman
From: Enron Americas - Office of the Chairman on 04/18/2001 11:00 PM
Sent by: Enron Announcements
To: ENA Employees
cc:
Subject: Asset Marketing

We are pleased to announce the creation of a new group - Asset Marketing -
within Enron Americas. The Asset Marketing group will have responsibility for
the asset divestment function within Enron Americas and work with Generation
Investments on selected portfolio acquisitions as well as managing power
origination funding requirements with Treasury.

Don Miller will head the Asset Marketing group and will report directly to
the Office of the Chair, Enron Americas. Joining Don's group will be Stuart
Zisman.  Stuart was formerly in ENA Legal, having most recently worked on the
sale of ENA's peaker plants with Don.

Please join us in congratulating Don and Stuart in their new roles.


Tom,

Can you please seek Daren's advise on nom adjust at the aforementioned meter
due to this meter receiving 19 mmbtu's on a 28 nom?

Daren, there are two Sitara deal numbers associated w/this receipt meter
(both gathering) 154608 and 138572.  138572 is Wellhead gas.

Thanks
-Jackie-


Great story. I think that was my Grandma Ivie.

 -----Original Message-----
From: 	"George, Mike (CA - Calgary)" <migeorge@deloitte.ca>@ENRON [mailto:IMCEANOTES-+22George+2C+20Mike+20+28CA+20-+20Calgary+29+22+20+3Cmigeorge+40deloitte+2Eca+3E+40ENRON@ENRON.com]
Sent:	Wednesday, June 27, 2001 8:44 AM
To:	'Lisa Player'; 'Ry-Ry'; Dorland, Dan; 'Utah'; Dorland, Chris
Subject:	FW: Please read the email!!!!!

-----Original Message-----
From: Jeff Schoenhals  [mailto:jeffschoenhals@hotmail.com]
Sent: Tuesday, June 26, 2001 8:30  AM
To: coclements@deloitte.ca; migeorge@deloitte.ca;  John_Gorst@cpr.ca; jkflynn30@hotmail.com; hysuick1@hotmail.com;  CBryksa@sem.gov.sk.ca
Subject: Fwd: Please read the  email!!!!!
>From: "Bk woldu"
>To: acquahj@yahoo.com, claturnus@hotmail.com,  iketown@hotmail.com, stue35@hotmail.com, jeffschoenhals@hotmail.com,  jkwessel@hotmail.com, jshaw10@hotmail.com, KaraCrosbie@hotmail.com,  laturnus66@hotmail.com, michaelleason@hotmail.com, mikedashney@hotmail.com,  Ryan.Gartner@cgi.ca, saba6969@hotmail.com
>Subject: Please read the email!!!!!
>Date: Tue, 26 Jun 2001 03:57:05 -0000
>
>
>
>
>>From: "Larisa1"
>>To: "bereket woldu"
>>Subject: Fw: Forwarded mail....
>>Date: Sat, 23 Jun 2001 21:29:22 -0500
>>
>>
>>----- Original Message -----
>>From: Apollo 1
>>To: michael bell ; Mark Carlson ; David R. Hawkins ; Chad  Riemens ;
>>don jerricke ; larisa1@sk.sympatico.ca
>>Sent: Saturday, June 23, 2001 10:57 AM
>>Subject: Fw: Forwarded mail....
>>
>>
>>
>>----- Original Message -----
>>From: Bill Beaudry
>>To: clayton ; james,ryan frazer ; kerrie_norton@hotmail.com ;
>>laurel.negrych@dres.dnd.ca ; appollo1@sk.sympatico.ca ;  joseph
>>alejandria ; joel harding
>>Sent: Sunday, June 17, 2001 5:18 PM
>>Subject: Forwarded mail....
>>
>>
>>
>>
>>
>>A Vegas Story
>>
>>For anyone who didn't see David Letterman's take on this:
>>(And it's a true story...)
>>
>>On a recent weekend in Atlantic City, a woman won a
>>bucketful of quarters at a slot machine. She took a
>>break from the slots for dinner with her husband in the
>>hotel dining room. But first she wanted to stash the
>>quarters in her room. "I'll be right back and we'll go
>>to eat," she told her husband and carried the coin-laden
>>bucket to the elevator.
>>
>>As she was about to walk into the elevator she noticed
>>two men already aboard. Both were black. One of them was
>>tall...very tall...an intimidating figure. The woman
>>froze. Her first thought was: These two are going to rob
>>me. Her next thought was: Don't be a bigot; they look
>>like perfectly nice gentlemen. But racial stereotypes
>>are powerful and fear immobilized her.
>>
>>She stood and stared at the two men. She felt anxious,
>>flustered and ashamed. She hoped they didn't read her
>>mind but Gosh; they had to know what she was thinking!!!
>>Her hesitation about joining them in the elevator was
>>all too obvious now. Her face was flushed. She couldn't
>>just stand there, so with a mighty effort of will she
>>picked up one foot and stepped forward and followed with
>>the other foot and was on the elevator. Avoiding eye
>>contact, she turned around stiffly and faced the
>>elevator doors as they closed. A second passed, and then
>>another second, and then another. Her fear increased!
>>The elevator didn't move. Panic consumed her. My God,
>>she thought, I'm trapped and about to be robbed!
>>
>>Her heart plummeted. Perspiration poured from every
>>pore. Then one of the men said, "Hit the floor."
>>Instinct told her to do what they told her. The bucket
>>of quarters flew upwards as she threw out her arms and
>>dove to the elevator floor. A shower of coins
>>rained down on her. Take my money and spare me, she prayed.
>>
>>More seconds passed. She heard one of the men say
>>politely, "Ma'am, if you'll just tell us what floor
>>you're going to, we'll push the button." The one who
>>said it had a little trouble getting the words out. He
>>was trying mightily to hold in a belly laugh. The woman
>>lifted her head and looked up at the two men. They
>>reached down to help her up. Confused, she struggled to
>>her feet. "When I told my friend here to hit the
>>floor," said the average sized one, "I meant that he
>>should hit the elevator button for our floor. I didn't
>>mean for you to actually hit the floor, ma'am."
>>
>>He spoke genially. He bit his lip. It was obvious he was
>>having a hard time not laughing. The woman thought: My
>>God, what a spectacle I've made of myself. She was
>>humiliated to speak. She wanted to blurt out an apology,
>>but words failed her. How do you apologize to two
>>perfectly respectable gentlemen for behaving as though
>>they were going to rob you? She didn't know what to say.
>>The three of them gathered up the strewn quarters and
>>refilled her bucket.
>>
>>When the elevator arrived at her floor they then
>>insisted on walking her to her room. She seemed a little
>>unsteady on her feet, and they were afraid she might not
>>make it down the corridor.
>>
>>At her door they bid her a good evening. As she slipped
>>into her room she could hear them roaring with laughter
>>as they walked back to the elevator. The woman brushed
>>herself off. She pulled herself together and went
>>downstairs for dinner with her husband.
>>
>>The next morning flowers were delivered to her room
>>- a dozen roses.
>>
>>Attached to EACH rose was a crisp one hundred dollar
>>bill. The card said: "Thanks for the best laugh we've
>>had in years." It was signed;
>>Eddie Murphy, Michael Jordan
>>
>>PS - This was too funny not to send to you. Pass this
>>around so others can enjoy.
>>
>>
>>
>>
>>--------------------------------------------------------------------------------
>>Get more from the Web. FREE MSN Explorer download :
>>http://explorer.msn.com
>>
>>
>

Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com << File: http://www.hotmail.com >> .


print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/07/2000
10:44 AM ---------------------------

Damon Harvey@ENRON_DEVELOPMENT
10/31/2000 10:36 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc: Brad Hitch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject:

Mr. Shankman,

I hope all is well with you. Currently I am a second year analyst faced with
the dilemma of which career path to pursue.  Although there are several
options, I'm primarily interested in developing a deeper understanding of
Enron's market philosophy. Trading, risk management, and commodity
structuring all sound interesting to me at this point, but I want to go into
my next rotation with a clear sense of direction.

Brad Hitch, who I worked with over at Enron International, suggested I
contact you to discuss your needs as well as new developments in your group.
He thought you would be in an excellent position to assist me with my
decision.

My resume' is attached for your consideration. As you will see, I have a
significant amount of Investment Banking, and financial industry experience.
I know how busy you must be during this time of year, but I would appreciate
a few minutes of your time.

I shall call you during the week of November 14th to schedule a time for us
to meet. In the meantime, if you need to contact me, my number is
713-853-6818. Please leave a message if I'm not in, and I'll return your call
the next day.

I look forward to  speaking with you.

Sincerely,

Damon Harvey


I talked to Robin about this yesterday in relation to the class actions. I think the way we left it was that Jeff Alexander was going to look at the issue of transfering venue based on prejudice and get back to me. When do you need to make this motion?

	Robert C Williams/ENRON@enronXgate 05/31/2001 03:06 PM 	   To: Richard B Sanders/HOU/ECT@ECT, rgibbs@gibbs-bruns.com@SMTP@enronXgate  cc: Vicki Sharp/HOU/EES@EES  Subject: UC/CSU Lawsuit

Richard,

Do we need to consider filing a motion to transfer venue of this case on the ground of bias in the jury pool?  Do we prejudice your cases if we don't?


Dear Mr. Lay:

I am responsible for preparing your briefing book for the first Enron Community Forum, to be held Oct. 3 and 4 in Pentagon City, Virginia.

I am also responsible for preparing remarks that you are scheduled to make at two specific events at the Forum, namely the evening keynote address on Wednesday, 10/3, and the opening remarks at a luncheon on Thursday, 10/4.

The subject of the evening keynote address is "Differing Visions of America's Energy Future."  It is supposed to be followed by a dinner conversation with a panel of leading policy makers.

The subject of the luncheon roundtable of "Virtual Energy Markets: A Look Ahead." On our program, there is a list of seven featured commentators who are supposed to get the attendees to discuss the topic, following your remarks.

I have some ideas and themes that you may wish to pursue on both of these subjects. But I am communicating with you to find out if there are particular matters you want to be addressed, and specific approaches to these issues that are best for your constituency in the audience.

I am working with Dennis Vegas and Margaret Allen in the public affairs group on this event, and will keep them informed of any developments.

I look forward to hearing from you.  Please contact me if you have further questions.

Sincerely,

David Givens
Senior Managing Analyst, Energy and Commodities
Intellibridge Corp.
202-298-6300, Ext. 243


BLOOMBERG

deal 582589 and 582423
Bloomberg shows fee as $15.00 flat on both of these deals.

TRADESPARK

Matt Motley
deal 582856
Tradespark shows hours as on-peak not off-peak

AMEREX

Chris Mallory
I am missing:
Enron sells to Duke 4/20-4/30 NP-15 Light 25 mw at $190

Mike Swerzbin
deal 582894
Amerex says price should be $47.75 not $47.25

PREBON

Bob Badeer
deal 582668
Prebon says this deal should be Matt Motley's


Good Morning!

I just received a call from Cheryl.  She was able to get a flight out and will be traveling today.  If you need immediate assistance, please feel free to call.  Thank you.

Keegan
Enron Wholesale Services
713-345-3317


COLUMBIA GAS TRANSMISSION CORPORATION
                        NOTICE TO ALL INTERESTED PARTIES
                                OCTOBER 15, 2001

Notice ID: 3180
5 - NO RESPONSE REQUIRED

SUBJECT: CAPACITY UPDATE EFFECTIVE FOR TUESDAY, OCTOBER 16, 2001

                  CHANGES ARE INDICATED WITH AN *

Effective Tuesday, October 16, 2001,  capacities will be as follows:

Excess MDWQ              Available +
ISS Withdrawals          Available
SIT Withdrawals          Available
Imbalance Drawdowns      Available
PAL Lends/Unparks        Available

Excess MDIQ              NOT Available +
ISS Injections           NOT Available
SIT Injections           NOT Available
Imbalance Paybacks       NOT Available
PAL Parks/Loan Paybacks  NOT Available

+ Call Gas Control 24 hours in advance at (304) 357-2606 to request approval.

Non-firm receipt capacity will be as follows:

TENNESSEE:

Brinker (B12)            20,000 *
Broad Run (B9)          300,000 *
Cambridge (B10)          20,000
Dungannon (B11)          20,000
Highland (B17)           15,000

NOTE: GAS RECEIVED AT HIGHLAND MUST BE DELIVERED IN THE NORTHERN PORTION OF
MARKET AREA 38 OR THE NORTHWEST LATERAL OF MARKET AREA 36, DIRECTLY NORTH OF
HIGHLAND.

Milford (B18)            20,000
North Greenwood (B22)         0
Unionville (B15)         50,000

NOTE:  EFFECTIVE THURSDAY, AUGUST 16, 2001, ANY SHIPPER UTILIZING A CONTRACT
THAT HAS A PRIMARY RECEIPT POINT(S) WITH THE FOLLOWING POINTS, MUST UTILIZE
THESE POINTS:

         Brinker       (B12)
         Cambridge     (B10)
         Dungannon     (B11)
         Highland      (B17)
         Milford       (B18)
         Unionville    (B15)

TEXAS EASTERN:

Delmont (C16)                 0
Eagle (C22)              20,000
Hooker (C9)              20,000
Pennsburg (C23)          20,000
Windridge (C12)          20,000

NATIONAL FUEL:

Independence (M1)             0
Ellwood City (L1)        15,000

TRANSCO:

Downingtown (E3)          2,500
Emporia I (E13)          60,000
Rockville (E2)                0
Dranesville (E1)              0

ALGONQUIN:

Ramapo (R1)              75,000

ANR:

Paulding/Cecil           30,000
(F1, A2)

LEBANON AGGREGATE       100,000 *
(A4, F2, C4, D3)

TOLEDO AGGREGATE        100,000 *
(A3, F4, 734462)

COLUMBIA GULF:
(801)

TCO-Leach               700,000 *

Internal point non-firm capacity will be as follows:

Lanham                No Restrictions

Delivery capacity (non-firm) will be as follows:

TRANSCO:

Martins Creek            10,000
  (MLI E5)
Young Woman's Creek      10,000
  (MLI E9)

ALGONQUIN:

Hanover                       0
  (MLI R2)

EQUITRANS:

Fallen Timber            31,000
  (MLI K1)

Waynesburg-Rhinehart     20,000
  (MLI K2)

OPT-30 will be available in all market areas.
OPT-60 will be available in all market areas.

Market Area delivery capacity (non-firm) will be as follows:

Operating Area 1
     Market Area 33       No Restrictions
     Market Area 34       No Restrictions

Operating Area 2
     Market Area 20       No Restrictions

Operating Area 3
     Market Area 15       No Restrictions
     Market Area 16       No Restrictions
     Market Area 17       No Restrictions
     Market Area 18       No Restrictions
     Market Area 19       No Restrictions

Operating Area 4
     Market Area 21       No Restrictions
     Market Area 22       No Restrictions
     Market Area 23       No Restrictions
     Market Area 24       No Restrictions
     Market Area 25       No Restrictions
     Market Area 29       No Restrictions

Operating Area 5
     Market Area 02       No Restrictions
     Market Area 07       No Restrictions

Operating Area 6
     Market Area 10       No Restrictions
     Market Area 11       No Restrictions
     Market Area 12       No Restrictions
     Market Area 13       No Restrictions
     Market Area 14       No Restrictions

Operating Area 7
     Market Area 01       No Restrictions
     Market Area 03       No Restrictions
     Market Area 04       No Restrictions
     Market Area 05       No Restrictions
     Market Area 06       No Restrictions
     Market Area 08       No Restrictions
     Market Area 09       No Restrictions

Operating Area 8
     Market Area 26       No Restrictions
     Market Area 27       No Restrictions
     Market Area 32       No Restrictions
     Market Area 35       No Restrictions
     Market Area 36       No Restrictions
     Market Area 38       No Restrictions
     Market Area 39       No Restrictions
     Market Area 40       No Restrictions

NOTE:  GAS DELIVERED IN THE NORTHERN PORTION OF MARKET AREA 38 OR THE NORTHERN
PORTION OF MARKET AREA 36 MUST BE RECEIVED FROM TENNESSEE GAS PIPELINE AT
HIGHLAND.

Operating Area 10
     Market Area 28       No Restrictions
     Market Area 30       No Restrictions
     Market Area 31       No Restrictions

If you have any questions, please contact your Account
Representative.


What would you like me to do?

 -----Original Message-----
From: 	Mata, Jessie
Sent:	Monday, November 26, 2001 3:37 PM
To:	Howard, Kevin A.; Hayslett, Rod
Cc:	Richardson, James
Subject:	FW: New L/C Req

James Richardson asked me to forward to you.  We are not sure Standard Charter can do these.  We also have around 20 amendment requests from EOTT on date extensions past the 12/31/01 drop dead date.

Please advise.

Thanks,
Jessie

 -----Original Message-----
From: 	Chen, Peter
Sent:	Monday, November 26, 2001 3:17 PM
To:	Maria J Mata/Corp/Enron@ENRON
Subject:	New L/C Req

					 << File: New LC Request Matador.doc >>

Peter Chen
Credit Specialist
EOTT Energy Corp.
(713) 993-5223 - ph
(713) 402-2887 - fx


Of course.  Sara

	"Peters, Jason" <jasonpeters@akllp.com>
	12/04/2000 02:00 PM

		 To: <Sara.Shackleton@enron.com>
		 cc:
		 Subject: RE: Morgan Stanley Capital Services, Inc.

You have the original file there.  I should be able to send you a
blackline by the end of tomorrow.  Will that be soon enough?

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Monday, December 04, 2000 1:49 PM
To: Peters, Jason
Subject: RE: Morgan Stanley Capital Services, Inc.

Do  you have the original file or do we have it here?  Enron Corp. wants
to
have this in place for equity trading.  I can look at it quickly and
perhaps shorten the response time.

                    "Peters,

                    Jason"               To:
<Sara.Shackleton@enron.com>
                    <jasonpeters@        cc:

                    akllp.com>           Subject:     RE: Morgan Stanley
Capital Services, Inc.

                    12/04/2000

                    12:26 PM

I am working through revisions (based on the fact that Enron Corp. is
the party instead of ENA and the fact that there is no CSA).  Is this a
high priority?

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Monday, December 04, 2000 11:49 AM
To: Peters, Jason
Subject: Morgan Stanley Capital Services, Inc.

Jason:  Where do we stand with respect to this party?  Sara


Hey Ken.

How are things going for you?  Is the market loving you?

We have been really busy.  We sold our house after 2 weeks on the market.  I
don't think I had it underpriced.  I looked at the average $/sq ft for sales
in our neighborhood for the last 6 months and I was pretty high above the
average.  Anyway, we got what we wanted and made a little money, so we were
happy.  Two days after we sold our house, Tonya found the one she wanted in
Oaks of Devonshire.  It's over at Louetta and I-45, just before The Thicket.
It's a little bigger than we were looking for (3100 sq ft), but it's got a
great game room/sunroom for the kids.  It was built in 86, so it needs a
little work.  But that's ok with me.  Anyway, we are closing on both houses
on Monday and moving Tuesday and Wednesday.  We will have you and Linda over
for lunch or dinner one of these days.  We also had tubes put into Jake's
ears this month.  We hated having to do that, but it has really made a
difference.  He had a constant ear infection since October.  Now you can tell
that he feels so much better.  He's learning more and more each day.  We have
nothing that is "Jake proof".  Even those plastic locks you put on cabinets
don't hold him.  He knows that if you keep yanking on the door over and over
that it will eventually slip or break and then your in.  I'm going to install
pad locks on the cabinets at the new house.  We'll see if that stops him.
Anyway, everybody's doing well.  I will be alot better after we finish this
house business.  I don't feel so good when I'm writing all those checks.
Talk to you later.

D


This is the only one that I have.
---------------------- Forwarded by Bob Shults/HOU/ECT on 09/07/2000 02:30 PM
---------------------------
From: David Mims@ENRON COMMUNICATIONS on 08/16/2000 04:36 PM
To: Bob Shults/HOU/ECT@ECT, Andy Zipper/Corp/Enron@Enron
cc: Arshak Sarkissian/Enron Communications@Enron Communications, Steve
Iyer/Enron Communications@Enron Communications, Joe Edwards/Enron
Communications@Enron Communications, Anthony Gilmore/Enron
Communications@Enron Communications
Subject: Agreement with EnronOnline

Andy/Bob-

 This is the agreement that I described earlier that will allow us to proceed
with local loop orders in anticipation of a Master Agreement for Services.
Please review this document and let's discuss tomorrow.

Thanks,

DMM
----- Forwarded by David Mims/Enron Communications on 08/16/00 04:31 PM -----

	Steve McCarrel
	08/16/00 04:25 PM

		 To: David Mims/Enron Communications@Enron Communications, Steve Iyer/Enron
Communications@Enron Communications
		 cc: Cheryl Kondo@Enron Communications
		 Subject: Agreement with EnronOnline

David and Steve, attached is the Agreement between EBS and EnronOnline for
the local loops.  Please send it to anyone else that should receive it for
review.   Please let me know if you have any questions or comments.


ok, I will ask Jerry to copy me on the data responses, and plan to attend
the hearing, In general, I will ask that Jerry keep me posted on
developments with copies of filings etc.  I will copy you and Gregg on
materials I receive (since I assume you aren't otherwise receiving them).
Let me know if this is the type of monitoring which you would want.

==========
The preceding e-mail message (including any attachments) contains
information that may be confidential, be protected by the attorney-client
or other applicable privileges, or constitute non-public information.  It
is intended to be conveyed only to the designated recipient(s).  If you are
not an intended recipient of this message, please notify the sender by
replying to this message and then delete it from your system.  Use,
dissemination, distribution, or reproduction of this message by unintended
recipients is not authorized and may be unlawful.
==========


Steve,

Thanks for the invitation. I shall be delighted to join you.
My wife is in California, so it will be just me.

Vince

	Enron Technology

	From:  Stephen Stock                           11/05/2000 09:07 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Party

Hi Vince

As you know I'll be celebrating my 40th at the end of this month with a party
at my house.

It will be a fairly informal affair with relatives, neighbours and friends
from work.

The date is the evening of Friday, 1st December (so it doesn't conflict with
the Enron Party), and I'd like to invite you and your family join us.

If you can make it, please let me know so I can get some idea of numbers (I'm
currently expecting around 50-60)

regards

Steve


In order to continually develop and make improvements to the functionality of EnronOnline we are rolling out several changes tonight, which will be in effect on Monday August 20, 2001. Some of these changes will affect Stack Manager while others affect the Website. A summary of these changes is listed below.

Stack Manager Changes

Top of Stack limit orders - This feature will allow the price submitted via limit orders to be displayed on the website if their bid or offer is better than the trader's stack price. Stack Manger will list the price and the names of counterparties submitting such orders on the  floated stack window.  Orders will be queued by price and time stamp. When a counterparty trades on a " Top of Stack Entry" it will create back to back transactions; one between Enron and the counterparty submitting the order, and the other between Enron and the counterparty clicking on the website.

In order to turn on this functionality select the " Allowed Top of Stack" option, in the Orders section of the product properties page.  If regular limit order functionality is desired the "Allowed"  option should be selected.

Please note that this feature will be released in a disabled mode and will be turned on sometime next week after determining which business units want to roll this out.

Restricted Top of Stack limit orders - This feature will allow the price submitted only by internal traders via limit orders to be displayed on the website if their bid or offer is better than the trader's stack price. Stack Manger will list price and the names of counterparties submitting such orders on the  floated stack window.  Orders will be queued by price and time stamp. When a counterparty trades on a " Top of Stack Entry" it will create back to back transactions one between Enron and the counterparty submitting the order, and the other between Enron and the counterparty clicking on the website.

In order to turn on this functionality select the " allowed as Restricted Top of Stack" option, in the Orders section of the product properties page.  If regular limit order functionality is desired the "Allowed"  option should be selected. If a product has active orders against it you will not be able to select the "Restricted Top of Stack" feature.

Advanced Filtering Ability on All Products Tab -  Drop down filtering capability is now available for each field in the All Products tab in stack manager. In order to filter click on the arrow next to the field title. A drop down box with a list of attributes will appear. Highlight the attribute by which you wish to filter. To turn off the filter click on the arrow and select the " All" option from the drop down box.

Website Changes

New Submission Screen for Restricted Top of Stack Limit Orders -  The submission screen for  products that allow  Top of Stack or Restricted Top of Stack limit orders is as follows.

The submit button on the left makes a submission for a normal transaction, while the button on the right will submit as a limit order.  In case of the Restricted Top of Stack limit orders only internal traders will see the new submission box.

Price of Limit Orders

Modify Limit Orders
 Customers now have the ability to modify the price of any active order. In order to do so highlight the order to be modified and use the plus or minus sign next to the price field on  at the top of the "Today's Orders" section. The price will move up or down in the same increments as the tick size for that product. Once the price is at the desired level click the "Set" button and the price will be modified. Another way to modify the price on a limit order is to click on the price field on a particular limit order.  You will see a box with plus, minus and set buttons that allow you to modify that order.

Expiration time for Limit Orders
Customers can now place limit orders with expiration times of up to 30 days. Currently they may place orders for only up to 12 hours.

Float the Today's Orders Section
You can now float the " Limit Order " section. In order to do so, right click in the "Today's Orders " section and select the float window option. In order to make the window " Stay On Top " right click on the floated window and select the stay on top option.

Mid Market Client - Mid market originators will now have the ability to transact on behalf of their customers, while including their desired margin on the trade, on EnronOnline products. In order to do so Click on the bid or offer price, a customised submission window will appear.  Select the counterparty for whom you wish to transact from a drop down list , enter the desired customer price and margin and click submit. For example if a customer wants to buy Nymex Sep 01 at 3.36 and you wish to have a 1 cent margin, please enter 3.36 as the desired price and 0.01 as the margin. The system will trade the order when the EnronOnline offer for Nymex Sep 01 is at 3.35, book the trade at 3.36 and record the 0.01 origination amount.

In order to be set up to use this functionality. Please call the EnronOnline Product Control Group.

Changes to Website Passwords - As an added security measure, which has been requested by many customers, some new password rules have been instituted. First, the password cannot be equal to the login ID. Second, each user will be prompted to change his password every 90 days. These rules apply to all website passwords for both internal and external users.

Please note  Stack Manager changes will be available all traders as of Monday August 20, 2001. The changes to the website will be rolled out to a few internal users on Monday with the rest of the internal users being upgraded Monday night, and external users by the end of the week.  Over the next couple of weeks all users will be prompted to change their website passwords.

If you have any questions regarding these changes please contact me at 713-853-1787.

Savita Puthigai

<Embedded Paintbrush Picture>


Please take a moment to respond to the attached survey.


-----Original Message-----
From: 	webmaster@cera.com@ENRON
Sent:	Monday, January 28, 2002 4:06 PM
To:	clients@cera.com
Subject:	US West Hydro on the Rise, Demand Low - CERA Monthly Briefing

Title: A Moving Supply and Demand Picture
URL(s):

http://www.cera.com/eprofile?u=35&m=2958;

***********************************************************************

US WEST HYDRO ON THE RISE, DEMAND LOW

Shifting 2002 electricity demand drivers and improvement of hydroelectric
conditions in the US West continue to change the outlook for 2002 and beyond.
Although 2002 demand will still contract from 2001 levels, CERA's updated
outlook calls for modestly stronger demand than previously forecasted. The weak
January fundamentals that have dragged down Henry Hub and western regional gas
prices should continue through February.

*  The level of voluntary and price-responsive electricity conservation in
California appears to be falling as the supply crisis abates.

*  Gas prices have been kept at bay by the lack of evidence of the expected
decline in US supply and weak national economic trends that point to further
delay in the rebound of industrial and power generation demand.

*  The abundant western snowpacks that will be shown to the world during the
winter Olympics are having an impact on regional energy markets.

**end**

Follow above URL for complete Monthly Briefing (10 printed pages).

E-mail Category: Monthly Briefing
CERA Knowledge Area(s): Western Energy

*****************************************************************************************
CERAWeek2002 - February 11-15, 2002 - 21st Annual Executive Conference and
Related Events REGISTER ONLINE TODAY AT:  http://www.cera.com/ceraweek
** Two- and Four-day Passes Available
** Special Enrollment Programs
** Partnership Opportunities
** CERAWeek Online Premium Access
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To make changes to your cera.com profile go to:
http://www.cera.com/client/updateaccount

Forgot your username and password? Go to:
http://www.cera.com/client/forgot

This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates


Hi everyone,

For this Saturday's section, I would like you guys to read (if you
haven't already) the article "Restructuring gives Japan's workers
culture shock: Radical cuts by Nissan's French boss have wide
implications for Japan's jobs-for-life practices"

from the 11/3 Fin. Times.

Please think about how you might answer the following questions:

1. Should the government extend unemployment benefits to the laid off
workers from Nissan?

2. Why have Japanes companies paid younger workers less, and older
workers more, Does this policy make sense?

3. Should Nissan consider lowering the wages of some workers in order to
layoff fewer workers?

I have attached a word 6.0 version of the article.  Also please note
that section is in C135.

In addition I will try to discuss questions on Ghana, Ireland and Brazil
that Prof. Levine sent out.

Also I have attached an article on asset prices and inflation targetting
(from the FT) which discusses the dangers of "debt deflation". If we
have time I might discuss this as well.

See you on Saturday.

Bhash
 - asset prices.doc
 - Nissan.doc


Greetings Randy:

Did you ever make the sale to Scott at Sid Richardson? (or anyone else for that matter)  If so, please get the information to Gerald Nemec.

Thanks.

STephanie


---------------------- Forwarded by Daren J Farmer/HOU/ECT on 12/22/2000
12:12 PM ---------------------------
From: Lee L Papayoti on 12/21/2000 03:31 PM
To: Daren J Farmer/HOU/ECT@ECT
cc: Liz Bellamy/NA/Enron@Enron
Subject: Global Octanes

Finished visiting with counsel ..... we will need to start with the buyback
for Global Octanes 9am tomorrow


	<title>Tip of Day Newsletter</title>

								Don't Panic

								Given the recent headlines regarding anthrax infection, is it a good idea to take antibiotics just in case? Officials say no.

The FDA is discouraging people from taking antibiotics such as ciprofloxacin as a prophylactic measure. Taking antibiotics without proper diagnosis of a condition could speed the development of antibiotic-resistant forms of infection, as well as put a strain on supplies.

								RealAge Cost: Taking too many medications or taking them improperly can make your RealAge as much as 4.5 years older.

							To share the health with a friend,

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													Monday,  October 29

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Already in TW's Tariff

1.	Dollar valuing.  Need to terminate volumetric OBA's where possible to minimize TW's financial exposure.

Proposed in TW's 637 Filing - Keep

1.	Mandatory cash-out each month (after netting and option to trade).
2.	Definition of 6 indices (vs. 3 in current tariff).
3.	Parties may mutually agree to cash out PNR.  Could probably do today without this language.
4.	Clarification that PNR may be used by Operators.
5.	May use PNR for "auto-balancing".

Proposed in TW's 637 Filing - Could "Trade"

1.	Daily balancing.  Including daily tolerance, daily auto-transfer to PNR & daily pricing.
2.	Smaller tolerance range.  Proposed change from +/- 10% to +/- 5%.


---------------------- Forwarded by Kay Mann/Corp/Enron on 11/22/2000 10:55
AM ---------------------------

"William J. Harmon" <wjharmon@JonesDay.com> on 11/22/2000 09:43:30 AM
To: Kay.Mann@enron.com
cc:

Subject: Re: Peoples Letter Agreement

Looks great to me.  I'm glad to know (as a NS customer) that my gas won't
be cut off this COLD November.

Bill Harmon
wjharmon@jonesday.com
312-269-4160
Fax: 312-782-8585

                    Kay.Mann@enron.c
                    om                   To:     wjharmon@jonesday.com
                                         cc:
                                         Subject:     Peoples Letter Agreement
                    11/22/00 08:35
                    AM

Any problem with this?

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/22/2000 08:35
AM ---------------------------

From: Gregg Penman on 11/21/2000 05:00 PM

To:   Kay Mann/Corp/Enron@Enron
cc:   Russell Diamond/HOU/ECT@ECT

Subject:  Peoples Letter Agreement

Kay - Here is my attempt to turn the term sheet into something executable.
I have accepted all of William Harmon's changes except for the second
paragraph under amended terms.  William used the wording "The payment late
payment amount is calculated...".  I changed it to "The payment interest on
overdue amounts is calculated..." to be consistent with the reference in
the above paragraph.  I don't think this changes any substance, but I defer
to you.  I think that is all I changed.  I also added a quick intro. and a
paragraph on future payments to reiterate this is only for October
purchases.  Neither may be necessary, let me know.  I am not sure your
availability tomorrow, but I would love to hear from you ASAP in the
morning to get this in front of Peoples for signature.  Russell Diamond is
coordinating the internal Enron approvals with Global Finance, Credit and
RAC.

Thanks again for your help on your vacation day.

Gregg

(See attached file: Payment Delay Term Sheet.doc)

(See attached file: Payment Delay Term Sheet.doc)

==========
The preceding e-mail message (including any attachments) contains
information that may be confidential, be protected by the attorney-client
or other applicable privileges, or constitute non-public information.  It
is intended to be conveyed only to the designated recipient(s).  If you are
not an intended recipient of this message, please notify the sender by
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==========

 - Payment Delay Term Sheet.doc


FYI, John Bryson is on the board of the LA Times.

Gavin Dillingham@ENRON_DEVELOPMENT
08/10/2000 02:55 PM
To: Joe Hartsoe@ENRON, Sandra McCubbin@EES, Susan Mara@EES, Paul Kaufman@ECT,
Karen Denne@ENRON, Jeff Dasovich@EES, Mark Palmer@ENRON, James D Steffes@EES,
Steven J Kean@EES, Richard Shapiro@EES, Elizabeth Linnell@EES, Jeannie
Mandelker@ECT, filuntz@aol.com
cc:

Subject: California Power Issue

Following is an excerpt from a LA Times article illustrating a different,
more negative point of view concerning deregulation compared to earlier
articles I had sent.
The whole article is attached at the bottom.

Overconfident lawmakers even inserted as Section 330A of the Public Utilities
Code: "It is the intent of the Legislature that a cumulative
rate reduction of at least 20% be achieved not later than April 1, 2002, for
residential and small commercial customers from the rates
 in effect on June 10, 1996."

Fat chance! And under deregulation, with production of electricity in
independent hands, separated from the major utilities,
 there is a division of responsibility: When things go wrong, it is nearly
impossible to assess whom to blame.

So where do we go from here?

Already, while ostensibly resisting re-regulation, utility officials are
suggesting they need help. This is not surprising. Deregulation
 is one of the most oversold concepts in American life. Without a continued
government hand, things frequently run off the tracks.

When John E. Bryson, chief of Edison, came last week to The Times to meet
with reporters and editorial writers, he expressed
mystification that market prices have been so high, even at times when demand
is relatively low.

He called for a federal investigation of the price levels.

In the meantime, he and aides suggested, some price ceilings might be
temporarily
in order.

I suspect they might not be all that temporary.

If after joining in a $40-million utilities campaign to defeat a quixotic
ballot initiative that would have stifled
 deregulation, Edison leaders are now proposing so much regulation, it shows
not only a commendable candor but also
how grim they realize the immediate prospects are.


i'm just kidding.  i'm getting a haircut from 530-600.  i'll call you when i
get out.

From: Kim Ward/ENRON@enronXgate on 05/08/2001 04:49 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

I guess that's fair - considering the deal you worked out with Dean.

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 4:48 PM
To: Ward, Kim S.
Subject: RE:

you i guess.

From: Kim Ward/ENRON@enronXgate on 05/08/2001 04:23 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

so who are the drinks on until I do ? . . . . .

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 2:25 PM
To: Ward, Kim S.
Subject: RE:

drinks on tickleknees if you do

From: Kim Ward/ENRON@enronXgate on 05/08/2001 02:03 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

you're killing me!!!  I WILL close two of the three!!! and I predict that I
will make $500,000 - on two tiny little gas deals.

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 2:04 PM
To: Ward, Kim S.
Subject: RE:

maybe we need a closer in that seat

From: Kim Ward/ENRON@enronXgate on 05/08/2001 01:56 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

he's a cheapskate - I am just sitting here on the edge of my seat with three
customers that won't pull the trigger!

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 1:53 PM
To: Ward, Kim S.
Subject: RE:

how about we celebrate the near completion of your deal and have tickleless
pay for it.

From: Kim Ward/ENRON@enronXgate on 05/08/2001 01:26 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:

push the summer down about $.03-.04 so I can get one of my deals done and we
could celebrate!

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, May 08, 2001 1:07 PM
To: Ward, Kim S.
Subject:

wanna get sauced after work?


Attached is list of questions.  How soon could we have answers to these?  I would appreciate any help that you could give me on this.  --Sally
 -----Original Message-----
From: 	Chapman, Tom
Sent:	Tuesday, November 13, 2001 11:04 AM
To:	Beck, Sally
Cc:	White, Stacey W.; Evans, Casey
Subject:	You asked for questions

Sally-

Yesterday at the floor meeting on the 32nd floor, I asked you a pointed question regarding trust of company management.  I appreciated your effort to confront the frustration that many employees currently have.

However, you also requested other questions.  I have a number of questions, and I have tried to collect a number of questions from those that I have heard around the floor.  In addition, I have a couple of suggestions for what could be done to build badly lacking morale.

I am sorry for the long list, but in reality this is probably just the tip of the iceberg regarding questions and concerns out there.  I hope that you can answer some of these questions, and I hope that you can ask some of these questions to those who might know.

I appreciate your efforts.

Here is the list:

I have sent this to my two supervisors as well.

Have a nice day.

Tom Chapman


Louise would like for you to be in attendance at  the PHASE 2 meeting
scheduled for Thursday & Friday, February 10th & 11th.  These meetings will
convene at the Doubletree Hotel beginning at 8:00 a.m. on Thursday morning.
If you are unable to attend for any reason, please contact me right away at
extension 3-9975.

I will forward to you the meeting agenda by the Wednesday, February 9th.
Thank you in advance for your participation.

Lydia


I am writing to make a correction to yesterday's table.  Joel and I
were looking over Connecticut's SIP rule because he noticed that
1990 seemed too early.  Connecticut defines baseline EGUs as
those that were operating prior to 1990 and those units are
allocated from the main trading budget.  The change I would like to
note is that the state also distinguishes between "new units" and
"new EGUs."  New EGUs are anything operating prior to the 2001
season and they are allocated separately, but also from the main
trading budget.  The point is that anything prior to 2001 will receive
allowances from the main pool, they will just be allocated
differently.  This won't affect our current tasks as Connecticut does
not allocate until three months prior to the start of the season.  I
am attaching a corrected table.

Thanks,
Sara


Daren -
We had flow of 76 for the month of April but no deal came across in Sitarra.
Per Lee Papyotti, a deal is in place for April but he does not know the deal
number - he told me to ask you.
Thanks - Julie

Huish Detergents Inc.
98 3425


I hope that didn't surprise you.  You notice that our avg GMATs are stronger
than Harvards.

Mike Curry
02/15/2000 11:06 AM
To: Kevin Ruscitti/HOU/ECT@ECT, Greg Penman/HOU/ECT@ECT
cc:
Subject: check this out

MBA salaries, tuition...
---------------------- Forwarded by Mike Curry/HOU/ECT on 02/15/2000 11:06 AM
---------------------------

Michael Danielson
02/15/2000 10:31 AM
To: Mike Curry/HOU/ECT@ECT
cc:
Subject: check this out

http://www.forbes.com/businessschools/


Whom would you recommend play this role for Energy Operations?  Let me know
your thoughts.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 12/27/99 02:29 PM
---------------------------

Cynthia Morrow@ENRON
12/08/99 10:27 AM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Need for Business Owner on SAP/Unify Interface

Sally,

Project Apollo has asked me to come up with a functional person from the
business unit who will be responsible for sign off on the SAP/Unify
interfaces.   My feeling is that there should be at least one person from the
Settlements area and one person from Georgeanne Hodges' accounting group
involved in the signoff.

To date we have been working very closely with Melissa White and Regan Smith
from the technical side.  Additionally, there have been design workshops
which have been attended by Lisa  Csikos and Evelyn Aucoin.

Who would you like to be involved in this process??

If you could please let me know or let me know if you would like to sit down
and talk about it.

Cindy


Being that our commish is off in Vegas gambling off our league fees and I do not know whether he is going to view any transaction requests this weekend, I am letting you guys (and gal) know that I have put in a request to pick up Olandis Gary and Drop Tony Richardson from my lineup.  If the transaction goes through, I wish to start Gary and Hambrick and RB this week.  If the transaction does not go through, then my lineup remains as posted on the league website (Hambrick and James Stewart).  I'm hurting at RB this week.  Anyone interested in a trade (I need a RB)?
the DOG


Please do send it out.
Thanks for the kind words.  I know you know how I feel about your work and I
have shared that view widely.  I have enjoyed working with you; I always
valued your insights , your responsiveness, and your work ehtic.  I wish you
all the best in your new role.

Gwendolyn Petteway@ENRON
07/24/2000 02:47 PM
To: Steven J Kean/HOU/EES@EES
cc:
Subject: REVISION - New HR Rep for Public Affairs and Administration

Arquella's last day is Wed., 7/26.
---------------------- Forwarded by Gwendolyn Petteway/HR/Corp/Enron on
07/24/2000 02:44 PM ---------------------------

Gwendolyn Petteway
07/24/2000 02:16 PM
To: Steven J Kean/HOU/EES@EES
cc:

Subject: New HR Rep for Public Affairs and Administration

Steve, please see below my announcement relative to the upcoming HR changes.
If you concur, I would like to send this out Monday, 7/31 to all Govt Affairs
and PR employees.   The formal transition meeting between Kim and I is
scheduled for Monday, 7/31/00.

Effectively Tuesday, August 1, the new HR Representative for Public Affairs
and Administration is Kim Rizzi.    To assist with the transition in HR
teams, Kim and I previously met to discuss current activity for the Public
Affairs and Administration group.  Kim can be reached at ext. 33833.  Kim's
assistant is Jennifer Jordan and she can be reached at ext. 37554.

My team and I have truly enjoyed working with the  Public Affairs and
Administration Group over the past 3 years .  We have learned a great deal
and even logged a few miles (to/fro Washington, DC and San Francisco) during
the course of this partnership.  It has all been a pleasure and I wish each
of you the best!

Effective August 1, I will assume the Director of Staffing role for the
Associate and Analyst Program reporting to Charlene Jackson.   Constance
Charles, my assistant will be transferring with me.

Wednesday, July 26th was Arquella Hargrove, our Human Resources Associate's
last day with Corp Human Resources.  Arquella will rotate to the CALME region
and support HR Senior Director, Janie Bonnard when she returns from her
leave.  No she has not delivered the baby yet, but any day now!!  We hope,
she hopes......

Steve, I will truly miss working and partnering with you.  You have made this
Enron journey a bright, challenging and refreshing experience.


please print.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 08/11/2000
04:02 PM ---------------------------

	From:  Susan Scott                           08/11/2000 02:12 PM

To: Drew Fossum@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, sstojic@gbmdc.com,
Glen Hass/ET&S/Enron@ENRON, Mary Darveaux/ET&S/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON
cc:

Subject: Transport Options on TW

Attached is the latest draft of the Transport Option Program filing.  After
our discussion last week I made a couple of significant changes from the last
draft.

One is that we're no longer stating that the option fee is going to be
"market-based."   Instead I have tried to portray the option fee as a
built-in feature of the transport rate, which is simply being disaggregated
into a separate option fee.

The other significant change is that I've structured the tariff language and
the agreement so that every shipper, regardless of whether they currently use
transport on TW, will have to have a firm transportation agreement when they
buy an option.  In other words, a shipper that does not currently have a
service agreement will simply execute an agreement with a MAXDTQ of zero.  If
you don't think I've explained this clearly enough, let me know.

I'm meeting informally with the Commercial Group next week to discuss 1) some
examples of options to make sure the tariff provisions and contract work from
a logistical standpoint, 2) the bidding process, and how bids for options
will be evaluated, and 3) further comments received from shippers.  I'll
circulate our ideas on bidding and awarding options, and any other new ideas
or questions.

As I've discussed with some of you, our shippers are asking to see the filing
in its entirety before we file it, and would like to have a roundtable
meeting prior to filing to discuss their concerns.  I realize there is some
concern about showing them our filing.  What if we just show them our final
tariff language and form agreement, and offer to host a meeting to discuss
their questions?  Let me know what you think.

Our target filing date will depend on whether we have a customer meeting
first, and when FERC staff is available to talk.


attachment contains overview
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/01/2001 11:26
AM ---------------------------
From: Ben Jacoby/ENRON@enronXgate on 05/31/2001 04:17 PM
To: Kay Mann/Corp/Enron@Enron, Fred Mitro/ENRON@enronXgate
cc:

Subject: TECO LOI

Attached are my comments on the Midway LOI.

FYI, Duran and I spoke to Mike Carlson of TECO regarding Ft. Pierce. Dave
really wants us to push to get something done on that project. It would be
similarly styled to our Midway - TECO discussions (ENA sells the dev, asset
and takes back a 5 year toll).

Mike Carlson said he would get his lawyer to generate a LOI on Ft.Pierce, but
I think we need to get them comments back on Midway to expedite this.

Kay - have you had any luck engaging King & Spaulding on these deals?

Let's talk about these comments at your earliest convenience.

Fred - we need the term sheet on the toll, and the toll price refreshed by
the desk, as soon as possible.

Thanks,

Ben


Thanks, Mark.

I also wanted to ask you if Tana could spend an hour with me and a few other
attorney's to go over how Enron negotiates an ISDA.  We anticipate using
ISDA's for semiconductor trading and I would be real hard pressed to do a
respectable job today.  I do not think our department has anyone who is up to
speed on how to negotiate an ISDA agreement from Enron's point of view.  I
welcome any suggestions you may have.  Thanks

Robbi Rossi
Sr. Counsel
Enron Broadband Services
Phone:  (713) 345-7268
Fax:  (713) 646-8537


Hello Dad;

Happy birthday.  So, it sounds like you will be "batching" it on your
birthday this year.

Read a little about the Sox here; sounds like they're up and down.

Good luck on your speech on Memorial day.  What will it be about?

How was the Lehigh frat reunion?  Are you really playing golf already?
There arn't very many courses here, but did see one recently (it was, of
course, owned by the army).

Hope mom wins the sweepstakes, and the trip to Istanbul. When is the
drawing?  (Did she get my note about mom's day?)

I brag to everyone here about you getting a computor and learning how to use
the Internet; its really quite extraordinay.  Great to be in such good touch
with you all.  Hope to get a connection to my apartment again in late June,
after which I should be able to write more regularly.

Of yeah, Misha and wife Nina coming to Istanbul in a couple of weeks.  Plan
to head out into Anatolia (Asian Turkey) for a week.  Should be great.  Will
get to seriously test my Turkish.  Looking forward to it.

Talk with you soon.

Love,

Mark-O

______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


Energy Cost Study Critical of Public Agencies Too
 Power: DWP is among three government-run producers cited as driving prices
up. Spokesmen deny any market manipulation.

By ROBERT J. LOPEZ, RICH CONNELL, Times Staff Writers

????Government-owned utilities, including the Los Angeles Department of Water
and Power, were influential in driving wholesale electricity prices to levels
that helped ignite California's exploding energy crisis during the summer and
fall, according to public and confidential records.
?????For months, Gov. Gray Davis, legislators and consumer advocates have
chiefly blamed a few private power companies for throwing the state into
darkness and economic chaos.
?????But they are just part of the equation.
?????A confidential document obtained by The Times names power providers that
have allegedly manipulated the electricity market. While the document does
identify out-of-state merchants criticized for gouging, it also discloses for
the first time the extent to which public entities allegedly have maximized
profits in the volatile spot market.
?????The document--which decodes the identities of unnamed suppliers in a
recent state study--singles out three government-run agencies as consistently
trying to inflate prices. They are: the DWP, the federally owned Bonneville
Power Administration in the Pacific Northwest and the trading arm of Canada's
BC Hydro in British Columbia.
?????Like a number of privately owned generators, these three producers
offered power at a range of high prices and, sometimes, in large amounts when
the state was most desperate. They also helped saddle California's three
largest utilities with billions of dollars in debt--leading one, Pacific Gas
& Electric, to seek bankruptcy protection last week.
?????The study by the California Independent System Operator, or Cal-ISO,
analyzed thousands of hours of bidding practices for 20 large suppliers in
the spot, or "real-time," market from May to November. The study accounted
for factors such as rising production costs, increased demand, periods of
scarcity and profits that would be earned in a healthy, competitive market.
?????Money earned above that was called excess profits.
?????No entity--public or private--earned as much in alleged excess profits
as British Columbia's Powerex, the state records show.
?????"They were the most aggressive bidders," said Anjali Sheffrin, author of
the coded study.
?????"They had the most amount to bid and the most freedom to bid it in,"
said Sheffrin, who did not discuss any companies by name.
?????The Canadian agency reaped $176 million in alleged excessive
profits--several times the amount collected by all but one of the private
generators. Second on the list was Atlanta-based Southern Co. Energy
Marketing, now called Mirant, which collected nearly $97 million in alleged
inflated earnings.
?????BC Hydro and Mirant--along with the DWP and other producers--say they
played by the rules established under California's flawed deregulation plan
and did not exploit the state's troubles.
?????But BC Hydro officials acknowledge that they did anticipate periods of
severe power shortages and planned for them by letting their reservoirs rise
overnight and then opening them to create hydroelectricity, which could be
produced inexpensively but sold for a premium.
?????"It was the marketplace that determined what the price of electricity
would be at any given time," said BC Hydro spokesman Wayne Cousins. "We
helped keep the lights on in California."
?????And the rates low for their own customers. During the past year, BC
Hydro has stashed hundreds of millions dollars in a "rainy day" account to
ensure that it has among the lowest rates in North America.
?????Los Angeles' Department of Water and Power, although eighth on the list
of alleged profiteers, was among those singled out for seeking high prices
during periods of high demand that helped inflate costs across the entire
spot market, where emergency purchases are made.
?????This, according to state documents, was accomplished by offering power
at incrementally higher prices that would rise substantially with even modest
increases in demand. The strategy also helped prop up prices, keeping them
from falling.
?????The DWP's average hourly bid, or asking price, for electricity
ultimately bought topped such private sellers as Reliant Energy of Houston
and Tulsa-based Williams Cos., two major players in the national energy
market.
?????In addition, the DWP submitted other bids at far higher prices that
could pay off handsomely with even small bumps in demand, the report said,
referring by code to DWP and four other suppliers. "The data shows they
clearly exercised market power to inflate prices further at higher load
conditions."
?????DWP General Manager S. David Freeman called the report's findings
"outrageous," insisting that the utility never tried to inflate prices.
?????"These charges go under the heading there is no good deed that goes
unpunished in this state," Freeman said, noting that DWP power helped avert
more blackouts across the state.
?????He did acknowledge, however, that the agency has charged high prices for
surplus power at the 11th hour but said that was only because it cost more to
produce.
?????"We have consistently charged [Cal-ISO] our cost, plus 15%," he said.
"It's not as though we're up there peddling a bunch of power to jam it down
their throats."
?????Freeman said that when his staff reviewed the coded report, they never
took it personally. "If you're innocent," he said, "you don't look at the
criminal file."
?????Yet another public agency criticized for its behavior in California's
deregulated market was the U.S. government's Bonneville Power Administration,
a nonprofit agency that sells wholesale electricity produced at 29 federal
dams in the Columbia-Snake River basin.
?????Bonneville actually bid slightly lower than the DWP, records show, but
reaped millions more in alleged excessive profits, apparently because it
supplied greater amounts of power during the period studied. Bonneville was
in the top five accused of taking excessive profits.
?????Bonneville officials say some of its profits are used to pay back
federal construction loans and fund an internationally recognized salmon
recovery program.
?????Stephen Oliver, a Bonneville vice president, said his agency did not act
improperly and has asked Cal-ISO for detailed information on how it reached
its conclusions. He said the grid operator often came to Bonneville pleading
for last-minute electricity and offering to pay high prices.
?????"From our point of view, we bid what we had when we had it and we
operated precisely within the terms of their rules," Oliver said.
?????Those rules--and the bidding practices criticized by Cal-ISO--so
distorted the market that Aquila Power Corp. of Missouri, which tried to act
responsibly, has bailed out.
?????It offered the lowest average hourly price of any supplier
studied--slightly more than $8 per megawatt-hour, compared to Mirant's $138,
the highest.
?????But the spot market, as initially designed, made sure that all suppliers
offering power received the highest price paid in any hour.
?????The result: Aquila collected $171 an hour for power it was willing to
sell at a single-digit price.
?????"They weren't the culprits," said Cal-ISO's Sheffrin. "Someone else
drove that up."
?????Aquila spokesman Al Butkus said the company pulled out of the California
market because it was too unpredictable. Although the company made money, he
said, it also could have lost because of possible downward swings.
?????"We looked at it and we didn't feel very comfortable with what we saw,"
he said.
?????The market has since been adjusted to prevent high bids from setting the
price for everyone. But Sheffrin said it hasn't made much difference because
the overall prices are still excessive.
?????"We're saying the patient is sick," Sheffrin said of California's
electricity market. "It needs help [and] may die."
?????


gee, tough break.

	Richard Shapiro
	07/06/2001 01:22 PM

		 To: Susan J Mara/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Davis & Company -- incompetence personified

---------------------- Forwarded by Richard Shapiro/NA/Enron on 07/06/2001
01:21 PM ---------------------------

Pat Shortridge
07/06/2001 01:18 PM
To: John Shelk/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Chris
Long/Corp/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Mark
Palmer/Corp/Enron@ENRON, Carolyn Cooney/Corp/Enron@ENRON
cc:

Subject: Davis & Company -- incompetence personified

You hate to say that someone can't do anything right, but THESE GUYS CAN'T DO
ANYTHING RIGHT.

California Power-Buying Data Disclosed in Misdirected E-Mail
By Daniel Taub
Sacramento, California, July 6 (Bloomberg) -- California Governor Gray
Davis's office released data on the state's purchases in the spot electricity
market -- information Davis has been trying to keep secret -- through a
misdirected e-mail.
The e-mail, containing data on California's power purchases yesterday, was
intended for members of the governor's staff, said Davis spokesman Steve
Maviglio. It was accidentally sent to some reporters on the office's press
list, he said.
Davis is fighting disclosure of state power purchases, saying it would
compromise negotiations for future contracts. This week, Davis appealed a
state judge's order to release spot-market invoices, purchase orders and
confirmation sheets for power contracts signed through June 27. The state is
buying electricity on behalf of utilities, which are burdened by debt.
``It's an internal document,'' Maviglio said of the e-mail. ``We have a
meeting every morning where we discuss issues of the day.'' The e-mail
contained minutes of today's meeting, he said.
According to the e-mail, the state bought 283,000 megawatt- hours of
electricity for $37.4 million yesterday. One megawatt- hour is enough
electricity to light 750 typical California homes for an hour. Prices ranged
from $25 to $149.99 a megawatt-hour. Maviglio said the information in the
e-mail is accurate.
Power for next-day delivery during peak-use hours averaged $79.67 a
megawatt-hour on the California-Oregon border yesterday, according to
Bloomberg Energy Service. California paid an average of $132 on the spot
market, according to the e-mail. Prices on the spot market tend to be higher
than on the day-ahead market.
The governor has proposed releasing data on spot-market purchases once a
quarter, arguing that the state uses power-buying strategies tailored to each
season. Lawyers for the media and Republican legislators say state law
requires disclosure of contracts within seven days after they are signed.


CALENDAR ENTRY:	APPOINTMENT

Description:
	meet w/ debbie, zhiyong, & ramesh  eb2864

Date:		10/30/2000
Time:		2:30 PM - 3:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


About another hour or so and I am outta here. I am tired..........ti..............yerd.

I ran up and bought the Charlotte Church CD, listening to it now, it is very nice.  I will bring it home with me.

I would like to come over and finish that movie tonight for a bit, but I am going HOME to sleep ;)

That ok?

C