Attached is the Facility Agreement for Hawaii II marked against the version
we discussed this morning.  Please call Muriel McFarling at (214) 659-4461
when we have final sign off and I will e-mail you a clean copy at that time.

Chris Krecek, Secretary/Legal Assistant
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas 75201
Phone: (214) 659-4481
Fax: (214) 659-4401
Email: ckrecek@andrews-kurth.com

CONFIDENTIALITY NOTICE:  The information in this e-mail (including any
attachments) is confidential, legally privileged and intended only for the
use of each recipient named above.  If you are not an intended recipient, you
must not read, use or disseminate this information.  If you have received
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 - 265273.wpd
 - 265273.doc


Roland-- I think that Brian is the correct person to sign these discovery
requests. Having said that, I do not remember talking about that before you
sent the e-mail to Brian. You need to go through me for that kind of decision.
My only comment to the Interrogs is that Brian should use his old title in
Int. #3


Larry,
I think you should go forward with the meeting to show that this is a
critically important issue for TWP. I hope that Sarah can be there, but if
she can't, is there another person in addition to yourself? Assuming Prabat
joins Shudeish, we had anticipated this as the first step, particularly
because we would like to resolve this with the "first-line" regulators for
long-term good relations; Steve Burr will be cheering us on from the
sidelines, to the extent he is consulted. If the first meeting is a
stonewall, we then have to go to Cathy and Nancy, but let's make the first
effort with Shudeish & Prabat.
A couple of thoughts. ADEQ was required to give a completeness notice within
41 days of the application, at the latest; altho this time frame may not have
been met, it may have been because of follow-up questions on the netting
calculation. Also, was there any discussion whether any of the following
applied:
     a. Facility change allowed w/o permit revision (R18-2-317)
     b. Minor permit revision (R18-2-319.A), which could shorten EPA review
time and possibly avoid a public hearing
     c. Accelerated processing (R18-2-326.N)
These may have been hashed out in pre-application meetings, and water under
the bridge now, particularly because it appears that ADEQ is viewing these as
NEW permits (compare the numbers on DEQ's completeness determination letters
with the numbers on the "permit revision applications"), but the story of net
benefits to air quality, as well as the need to improve energy supply to
California, should be persuasive factors to get this back to head of the
line, as you had been told in the spring. It may be that Shudeish and Prabat
need to be reminded of the benign nature of this equipment change-over.
Bottom line, I think you should go forward Thursday if that is the only day
available this week. It is important that TWP know what barriers stand in the
way of prompt evaluation and that TWP offer what assistance it can in
overcoming those barriers. It is important also that ADEQ understand that
there are a number of actions that TWP wants to initiate in order to meet the
project schedule that it had developed last spring when it received initial
assurances of prompt review. [can you send me that list?] If Shudeish and
Prabat are to be barriers, it is important to know as soon as possible so we
can start moving up the chain.
There are, in fact, a number of energy projects gearing up in Arizona now,
and the Corporation Commission's Facility Siting Committee is taking a
pro-environment bent (following the Calif AQMDs), but a number of these
projects also are dealing with county, rather than state, permits.
I will be available Thursday to take before and/or after the DEQ meeting.
Van Wolf

The information contained in this electronic mail message is confidential
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Snell & Wilmer L.L.P.
One Arizona Center
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602.382.6201 (direct)
602.382.6000 (main number)
602.382.6070 (fax)
vwolf@swlaw.com

>>> <Larry.Campbell@enron.com> 9/18/2001 3:19:58 PM >>>

Shudeish with the state of Arizona just phoned and said that he and Probaht
Baragava are available to meet with us on Thursday at 2:00 pm.  This is the
only time and day of this week that they will be able to see us.  I asked
about whether Kathy OConnell and Nancy Wrona would be able to attend this
meeting and he stated that their calendars were full this week and would
not attend.   He will need to know by tomorrow whether to book this meeting
and who will be attending.  Sarah had mentioned that Thrusday was not a
good day for her.  Should we schedule this and if so, who will be attending
in Sarah's place?

Larry Campbell
09/18/2001 08:29 AM

To:   John Shafer/OTS/Enron@Enron, Louis Soldano/ET&S/Enron@Enron, Jerry D
      Martin/ENRON@enronXgate, William Kendrick/OTS/Enron@Enron,
      shead@ensr.com, vwolf@swlaw.com, Richard Melton/ENRON@enronXgate
cc:

Subject:  Telephone Conversation with EPA

After the telephone conference call we had on 9/17, I contacted the Roger
Kohn permit engineer with EPA about a possible meeting with his agency to
resolve and assist the issuance of the air permits for stations 3 and 4.
His message back to me was a reiteration of the last request I made to him,
that he could see no way that Transwestern would be able to help the EPA in
this matter.  We discussed the possibility of Transwestern contacting his
supervisor, Gerardo Rios, about a potential meeting and he indicated that
we could choose this avenue if we desired.

Gerardo's telephone number is 415-744-1259.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by others
is strictly prohibited. If you are not the intended recipient (or authorized
to receive for the recipient), please contact the sender or reply to Enron
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the message. This e-mail (and any attachments hereto) are not intended to be
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enforceable contract between Enron Corp. (or any of its affiliates) and the
intended recipient or any other party, and may not be relied on by anyone as
the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


Based on the pages from the script, Base Gas Roll was completed last night.

George Grant
01/19/2001 03:54 PM
To: Luis Aybar/HOU/ECT@ECT, Jayant Krishnaswamy/HOU/ECT@ECT, Dat
Truong/Corp/Enron@Enron
cc: Russ Severson/HOU/ECT@ECT, Vance L Taylor/HOU/ECT@ECT, Daren J
Farmer/HOU/ECT@ECT, Robert Cotten/HOU/ECT@ECT
Subject: Base Gas Roll 2/2001

Jay , Louis

I just wanted to confirm with you guys that we are going to run the Base Gas
Roll for Feb 2001 production tonight.
Tomorrow night we will follow up  with the updating of records to UNIFY.

If this is not possible or incorrect please let me know.

Thanks
GG


damn, boy.  you're getting punked out!

	Eric Bass@ECT
	12/06/00 04:00 PM

		 To: Hector Campos/HOU/ECT@ECT
		 cc: Brian Hoskins/Enron Communications@Enron Communications
		 Subject:

Your mom is so fat that God said "Let there be light," right after she moved
her fat ass.


No action needed on your part, but just in case you hear something through the grapevine, here is current situation:

Summary

- AEP/CP&L have economic interests in the Brownsville area which are best served if we do not locate our tie in Brownsville Public Utility Board's (BPUB's) service territory and BPUB does not obtain the  system upgrades which would be justified by our tie.
- AEP is trying to stall our Presidential Permit Application and to coerce us into moving the tie onto their system.
- BPUB sees this as an attack on their interests and is planning to challenge AEP.
- 5 MOU's have been signed with customers and discussions are continuing with 12 others, who have all been met and have expressed interest.
- We are optimistic that the PP will be issued and standard Ercot treatments will prevail, but we will likely be delayed to sometime early next year.

History

- Enron filed Presidential Permit (PP) Application
- CP&L (owned by AEP) intervened against the application and raised some technical issues
- DOE asked Enron and CP&L/AEP to meet and resolve issues
- Meeting occurred between Enron and CP&L/AEP. General technical solutions were identified, with specific solutions to be determined through a SPS study.
- Enron drafted a letter outlining the points covered in our meeting with CP&L/AEP, intending to have the letter signed by both of us and forwarded to DOE, requesting that DOE proceed with issuing the PP.
- AP&L/AEP refused to sign the letter and are now arguing that an SPS scheme is not sufficient for the proposed tie location (although AEP operates under SPS elsewhere within Ercot, they argue that ours is a special case. Independent opinion (and our own) is that there is little merit to the CP&L/AEP position).
- AEP have told us that if we move the tie to a location West of Brownsville (on AEP's proposed line expansion), that they would drop all opposition.
- AEP/CP&L have since approached the Ercot Board arguing that cost studies should be done on alternate tie locations and the system cost impact thereof.
- AEP/CP&L have submitted to the Ercot Board that Enron should be responsible for any costs associated building the tie at anything other than the least-cost (system perspective) location.

Current Status
- Brownsville (BPUB) are incensed at AEP/CP&L's behaviour and are planning the following actions:
	- Making submission to Ercot that:
		-  BPUB informed Ercot of the project 14 months ago and no further studies or committee reviews by Ercot should be necessary.
		- No changes to current Ercot procedures should be contemplated and the tie should be viewed as a firm, native BPUB load
	- BPUB lawyer is drafting letter to go to AEP demanding that AEP honor their previous agreement with BPUB to be supportive of BPUB projects.
	- BPUB CEO, engineer and lawyer will visit PUC-T next week to make the case that no special arrangements should be made with regard to Enron or BPUB 	needing to pick up additional system costs
- At this point, BPUB is highly motivated and is striking out with an aggressive representation of their position as there are implications for them which go beyond the current project. Furthermore, there is little love lost between BPUB and AEP.
- Although moving to the AEP-proposed location would remove AEP as an obstacle, we would lose the work done to date preparing with BPUB and would probably make an enemy of BPUB.
- Bob Franks (regulatory), Scott Laidlaw (engineering/technical) and myself are coordinating with Bracewell Patterson (regulatory advisors) on Enron's strategy and level of support for BPUB.


Paul,

Attached for your review is the draft confidentiality agreement with
Petroglyph.

Eric Gillaspie
713-345-7667
Enron Building 3886
----- Forwarded by Eric Gillaspie/HOU/ECT on 11/14/2000 11:25 AM -----

	Gerald Nemec
	11/09/2000 02:16 PM

		 To: Eric Gillaspie/HOU/ECT@ECT
		 cc:
		 Subject: Confidentiality Agreement

Eric, The agreement needs to be bi-directional.  The subject is an exchange
of information concerning Petroglyph's transportation contract Colorado
Interstate Gas Company.  Paul is going to provide the date of the contract
and the contract #.

----- Forwarded by Gerald Nemec/HOU/ECT on 11/09/2000 02:09 PM -----

	Paul T Lucci@ENRON
	Sent by: Paul T Lucci@ENRON
	11/09/2000 01:40 PM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: Confidentiality Agreement

Gerald,

Would you please prepare a CA between ENA and Petroglyph Energy Inc. my
contact there is Craig Saldene, however the person on their
side who will be signing the agreement is Robert C. Murdock President/CEO.
If there is any additional information that you need call me and
I will be happy to give you Craig's number so you can leave me the F____
alone.

Paul


Last but not least, the lenghty story below is what I have been talking about with regards to the GE's versus the electrics on San Juan in conjunction with Sun Devil.  I'm afraid I've done a poor job at explaining my reasoning so, I put it on paper as best I could.  I hope this helps clear the issue up or at least provides enough information to allow you all to understand the concept... thanks  As usual this is pretty far fetched....

---------------------- Forwarded by David Roensch/ET&S/Enron on 11/16/2001 03:21 PM ---------------------------

David Roensch
11/16/2001 01:46 PM
To:	Norm Spalding/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject:	FW: TW Waste Heat Recovery Projects

Sorry to be late with a response back but, I wanted to run a few things down before getting back with you and explaining why I was really so interested in this project.  After visiting with you in the field this week you asked that I jot some of this down so this will be an attempt at my reasoning and why I have such a sense of urgency about tie-ing this potential project into a Sun Devil deal.  Here goes nothing:

As I understand it, the current senario for Sun Devil as it relates to the San Juan section of this project includes:
The addition of 15,000 hp at Bloomfield
A compressor restage at Bisti
A new 15,000 hp station at Standing Rock
A larger compressor at Gallup
Potentially a larger motor at Gallup

A suggested change to this plan was to look at the 41,000 hp GE's at Bloomfield and Standing Rock allowing us to stand-down the Electrics on the San Juan Lateral.  The capital cost would increase by approximately $30 M but the capacity increase on the lateral would be around 80 mmcfd.  (These are not by any means firm numbers)

The problem with the suggestion obviously is the term of the contracts with ECS on the Electric drives.  So, this is what I was thinking.  I know we don't want to leave ECS holding the bag or stranding cost so, if the HRSG were to move forward at Station 1, maybe we could allow them to wheel the commodity (the fuel gas) out there.  We provide them with gas in trade for electricity currently.  If we stand down the electrics, ECS would save dollars paid now to the utilities but, they would loose large bucks from the sale of natural gas that we provide them for the power.  So, we could allow them to keep the gas for the remaining term of the contracts and sell it to Gadd's group on the HRSG project.  Depending on the current margins, they may be able to help Gadd's group cut some expense's as well and keep this project rolling???   (Motive is to get this HRSG going so Operations can generate some operating revenue off of this facility)   See the example below to follow along with this idea:

ECS currently pays approximately $3,133,280 annually in electricity to provide TW shaft horse power
TW provides ECS with a commodity valued at $8,000,070 annually.  (At $2.50 per thousand)
The difference is $4,866,790
TW pays ECS a demand charge of $2,794,000 between Bisti and Bloomfield.

The $3,133,280 would be an expense ECS would no longer be required to have if the Electrics were shut down.  So, ECS should be able to allow TW out of the $2,794,00 in annual demand charges for Bloomfield and Bisti and return the $3 M in commodity value to TW.  Now there is still the issue of the $8,000,070 in commodity value minus the $3,133,280 returned to TW.  We can keep ECS whole on this value ($4,866,790) by transfering the fuel sale to the HRSG at Station 1 allowing them to simply sell the fuel there or market it accordingly for the term of the current contract.  As long as we keep ECS whole on the value of this deal, in turn ECS should be able to negotiate a deal at reduced rates to allow the HRSG project economics to become more appealing...  At least that was my idea.  Pretty crazy huh?

None the less for an increase of 80 mmcfd on Sun Devil, the potential revenue from an operating agreement on the HRSG through EAMR, and the reduced exposure due to down time associated with the electric failures as compared to what GE is required to provide....... I thought it was worth a shot.  If you think this is too far fetched....just say so Norm..  Not carrying anything on my shoulder here.  Have a good day and sorry this dang note was so long...

Oh yea, I would have thrown Gallups numbers into this mix as well but, those agreements are so complicated I have a hard time understanding and/or relaying information about them...   However, understand, when I say stand the electrics down on the San Juan lateral that includes, Bloomfield, Bisti and Gallup.....  R. Matthews ran the modeling info and that is who I have been chatting with about this thought.

Like in school:  I thought I would show you my work...
Bisit currently has a conversion factor of .0198 that multiplys into horse power to determine how much fuel gas we owe them for shaft power.  They also have a contract with PNM that determines the rate ECS pays per Mega Watt for the power they provide TW.   (I will use $2.50 for the price of gas in examples)  ECS pays approximately $25 per meg for power at Bisti.

10,000 hp x .0198 x $2.50 = $495 per hour
$495 / (10,000 x .7546) = $.0663 per kw
10,000 x .0198 x 8760 x $2.50 = $4,336,200 annually in fuel provided to ECS

(10,000 x .7546) / 1000 x $25 = $188.65 per hour in electric cost
$188.65 x 8760 = $1,652,574  annually in electric cost

Bloomfield currently has a conversion factor of .0239.  Power rate I think is more in the range of $32 dollars a meg.

7000 hp x .0198 x $2.50 = $418 per hour
$418 / (7000 x .7546) = .08 per kw
7000 x .0239 x 8760 x $2.50 = $3,663,870 annually in fuel provided to ECS

(7000 x .7546) / 1000 x $32 = $169.03 per hour in electric cost
$169.03 x 8760 = $1,480,706 annually in electric cost

Ok, enough of all that.  The bottom line expenses are as follows:
Bisti fuel commodity cost - $4,336,200
Bisti electricity cost - $1,652,574
Bisti demand fee paid to ECS - $2,017,000
Bloomfield fuel commodity cost - $3,663,870
Bloomfield electricity cost - $1,480,706
Bloomfield demand fee paid to ECS - $777,000

---------------------- Forwarded by David Roensch/ET&S/Enron on 11/16/2001 12:38 PM ---------------------------
From:	Norm Spalding/ENRON@enronXgate on 11/12/2001 02:28 PM CST
To:	Rich Jolly/ET&S/Enron@ENRON, David Roensch/ET&S/Enron@ENRON
cc:

Subject:	FW: TW Waste Heat Recovery Projects

FYI.  As promised, I'm looking into your questions from last week.  I haven't heard back yet on the other issues.  Let me know if you want to do anything about this one.  Thanks  again for inviting me last week.  Take care, Norm

 -----Original Message-----
From: 	Millar, John
Sent:	Monday, November 12, 2001 7:53 AM
To:	Gadd, Eric; Spalding, Norm
Subject:	RE: TW Waste Heat Recovery Projects

Norm,

We've been trying to develop a project at Station 1 due to its close proximity to the Round Valley substation.  Although we've considered several designs ranging from a 15MW steam cycle to a 60MW plant with an LM6000, the required power price is always about $45/MWh, which is out of the market.  Our current objective is to find a counter-party who is willing to build a plant and purchase waste heat, land, water, shared facilities, and operating services from TW.  A few parties are interested and we're pressing on.

I would be happy to meet with you and your team to share ideas and answer questions.

John
5-8920
 -----Original Message-----
From: 	Gadd, Eric
Sent:	Friday, November 09, 2001 5:16 PM
To:	Spalding, Norm
Cc:	Millar, John
Subject:	RE: TW Waste Heat Recovery Projects

Norm,

John Millar is progressing WHR opportunities and can provide an update.
 -----Original Message-----
From: 	Spalding, Norm
Sent:	Thursday, November 08, 2001 8:29 AM
To:	Gadd, Eric; Eisenstein, Arnold L.
Subject:	RE: TW Waste Heat Recovery Projects

 -----Original Message-----
From: 	Spalding, Norm
Sent:	Wednesday, November 07, 2001 6:35 PM
To:	Gadd, Eric; Eisenstein, Arnold L.
Subject:	TW Waste Heat Recovery Projects

I was in the Region Meetings today with the TW personnel.  They were asking if WHR was still being contemplated for Stations 1 through 3.  Can one of you give me an update?  Thanks, Norm


My name is on the Services P&L, but not Empower or Regular P&L... Who should I speak with about adding my name?

thanks
brant


Here's the answer to your question about paragraphs 42 and 44 of Duke's
complaint.  Although CDWR is technically the SC for the UDCs in the short
term bilateral market and the ISO, as a practical matter, if CDWR does not
like the prices offered in the bilateral market, it waits to buy the power
from the ISO.  Then  CDWR reviews the price of the ISO's purchases and
(according to an article in Megawatt daily) it "does not authorize the
payment at prices it deems unreasonable."


[IMAGE]	 	[IMAGE]	[IMAGE]

             [IMAGE] [IMAGE]   [IMAGE] [IMAGE] Upgrades  [IMAGE] DownGrades  [IMAGE] Coverage Initiated  [IMAGE] Stock Splits  [IMAGE] Buybacks  [IMAGE] Pos Pre-Announce  [IMAGE] Neg Pre-Announce     [IMAGE]   [IMAGE]   [IMAGE]  [IMAGE]  [IMAGE] Unsubscribe  [IMAGE] Update my Membership / Profile  [IMAGE] Forgot Username / Password  [IMAGE] Add / Edit Alerts  [IMAGE] View My Alerts   [IMAGE] [IMAGE] [IMAGE] [IMAGE]   [IMAGE]  [IMAGE]    [IMAGE] [IMAGE] [IMAGE] 	  As requested, your News Alert for YHOO  follows from EquityAlert.com.     Yahoo! Reports Fourth Quarter, Year End 2001 Financial ResultsYahoo! Exceeds Expectations with Fourth Quarter Revenue of $189 Million, and Pro Forma Net Income of $17 Million or $0.03 Per Share   SUNNYVALE, Calif., Jan 16, 2002 (BUSINESS WIRE) -- Yahoo! Inc. (Nasdaq:YHOO) today reported results for the fiscal fourth quarter and the fiscal year ended Dec. 31, 2001. Net revenues for the fourth quarter ended Dec. 31, 2001 totaled $188.9 million, compared to net revenues of $310.9 million for the fourth quarter ended Dec. 31, 2000. Pro forma net income for the fourth quarter of 2001 was $16.7 million or $0.03 per share diluted(1). This compares to pro forma net income of $80.2 million or $0.13 per share diluted for the fourth quarter of 2000(1). On a GAAP (Generally Accepted Accounting Principles) basis, the net loss for the fourth quarter ended Dec. 31, 2001, which includes restructuring costs of $16.8 million, was $8.7 million or $0.02 loss per share diluted. The GAAP net loss for the fourth quarter ended Dec. 31, 2000, which includes a write-down and loss on certain equity investments of $164.6 million, was $97.8 million or $0.17 loss per share diluted.   Net revenues for fiscal 2001 were $717.4 million compared to net revenues of $1,110.2 million in fiscal 2000. Pro forma net income in fiscal 2001 was $41.4 million or $0.07 per share diluted compared to pro forma net income of $291.0 million or $0.48 per share diluted in fiscal 2000(1). On a GAAP basis, the net loss for fiscal year 2001, which includes $62.2 million of restructuring and acquisition-related costs, was $92.8 million or $0.16 loss per share diluted. This compares to GAAP net income of $70.8 million or $0.12 per share diluted for fiscal year 2000, which includes $22.8 million of acquisition-related costs.   "While 2001 was a year of challenges and transition, Yahoo! adapted and executed to end the year on a high note, with fourth quarter revenues and income exceeding the business outlook we previously provided. As we reorganized the business and reduced costs throughout the year, Yahoo! managed through the difficult environment. We continue to focus on long-term growth as we execute our strategy of building a diversified global business," said Terry Semel, chairman and chief executive officer, Yahoo!.   Leading Global Audience  During the fourth quarter, Yahoo!'s strong consumer metrics underscored the company's leadership position among online consumers. Yahoo!'s global network continues to be the worldwide leader in terms of unique users, reach, and total time spent (Nielsen//NetRatings, November 2001). Yahoo!'s global audience grew to 219 million unique users, compared to 180 million in the fourth quarter of 2000. In addition, a record 86 million active registered members logged onto Yahoo! during December 2001. The company's traffic increased to a record 1.32 billion page views per day on average during December 2001, compared to 900 million in December 2000.   Global Business Strategy  In November 2001, Yahoo! outlined the company's strategy and key priorities in order to achieve sustainable, profitable growth over the long term. As part of the overall strategy, Yahoo! realigned the organization around six key businesses in order to become more focused and efficient: listings, access, commerce, communications, media and information and enterprise solutions.   "We remain steadfast in our strategy to build a diversified global business by focusing our efforts and leveraging our core strengths to provide deeper, more valuable solutions for our consumers and business partners. In the fourth quarter we executed on a number of initiatives to support our new business strategy and our goal is to maintain that momentum as we enter 2002," said Semel.   "Yahoo!'s organizational strategy for 2002 and beyond is to ensure that we are in the right businesses, with the structure and people to achieve maximum potential from the opportunities we see," said Jeff Mallett, president and chief operating officer, Yahoo!. "We have made significant progress on our goals during a particularly challenging economic period and we will continue to leverage the strength of our six business areas in order to position ourselves for growth."   Business Outlook  "We are very pleased with our strong fourth quarter performance and we remain committed to operating in a financially disciplined manner as we manage through the ongoing challenging economic environment," said Susan Decker, chief financial officer, Yahoo!. "To support our stated financial objective of maximizing long term free cash flow, we are focused in the near term on balancing short term profitability with the investment required to drive sustainable growth and, in the longer term, increasing revenue per user. We are extremely excited about the future, as we have created a strong foundation that will serve as a platform to permit us to drive profitable growth in the years ahead."   Based on information as of January 16, 2002, and excluding the effects of the pending acquisition of HotJobs and of any other potential acquisitions, the company expects revenues for the first quarter 2002 to be between $160 and $180 million, and between $750 and $800 million for the full year 2002.   On that same basis, in the first quarter 2002, Yahoo! expects pro forma earnings before interest, depreciation and amortization (EBITDA) to range from $5 to $15 million and pro forma earnings per share (EPS) to be $0.01 or $0.02. For the full year 2002, pro forma EBITDA is expected to be between $70 and $100 million and pro forma EPS to be in the range of $0.07 to $0.10.   The Business Outlook for the company as of today will be available on the company's Investor Relations Web site throughout the current quarter. It is currently expected the full Business Outlook will not be updated until the release of Yahoo!'s next quarterly earnings announcement; however, Yahoo! reserves the right to update the full Business Outlook or any portion thereof at any time for any reason.   Quarterly Conference Call  Yahoo! will host a conference call today to discuss fourth quarter and year end results at 5:00 p.m. Eastern Time. A live Webcast of the conference call can be accessed at http://webevents.broadcast.com/yahoo/011602. In addition, a replay of the call will be available for 48 hours following the conference call and can be accessed through the "Conference Calls" area of the company's Investor Relations Web site at www.yahoo.com/info/investor, or by calling 800/633-8284, reservation No. 20087964.   About Yahoo!  Yahoo! Inc. is a leading global Internet communications, commerce and media company that offers a comprehensive branded network of services to more than 219 million individuals each month worldwide. As the first online navigational guide to the Web, www.yahoo.com is the leading guide in terms of traffic, advertising, household and business user reach. Yahoo! is the No. 1 Internet brand globally and reaches the largest audience worldwide. Through Yahoo! Enterprise Solutions, the company also provides online business and enterprise services designed to enhance the productivity and Web presence of Yahoo!'s clients. The company's global Web network includes 24 World properties. Headquartered in Sunnyvale, Calif., Yahoo! has offices in Europe, Asia, Latin America, Australia, Canada and the United States.   This press release and its attachments contain forward-looking statements that involve risks and uncertainties concerning Yahoo!'s expected financial performance (as described without limitation in the Business Outlook section and quotations from management in this press release), as well as Yahoo!'s strategic and operational plans. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the slower spending environment for advertising sales; the actual increases in demand by customers for Yahoo!'s premium and corporate services; the ability to successfully change the customer mix among Yahoo!'s advertising customers; general economic conditions (including the effects of the terrorist attacks on the United States on Sept. 11, 2001 and related events); the ability to adjust to changes in personnel, including management changes; and the dependence on third parties for technology, content and distribution. All information set forth in this release and its attachments is as of Jan. 16, 2002, and Yahoo! undertakes no duty to update this information. More information about potential factors that could affect the company's business and financial results is included in the company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2000 and Quarterly Report on Form 10-Q for the quarterly period ended Sept. 30, 2001, including (without limitation) under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which are on file with the Securities and Exchange Commission (the "SEC") and available at the SEC's website at www.sec.gov. Additional information will also be set forth in those sections in Yahoo!'s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2001 which will be filed with the SEC in the near future.   (1) Pro forma net income and net income per share calculations for all 2001 and 2000 periods exclude acquisition-related and restructuring charges, amortization of intangibles and stock compensation, employer payroll taxes on gains realized by employees from non-qualified stock option exercises, investment gains and losses, and income related to a contract termination fee.   Yahoo! Inc.   Unaudited Pro Forma Condensed Consolidated Statements of Operations                (in thousands, except per share amounts)                            Three Months Ended         Year Ended                               December 31,            December 31,                            ------------------     ------------------                              2001      2000         2001      2000                            --------  --------     --------  -------- Net revenues           $  188,911    $ 310,873  $ 717,422  $1,110,178 Costs and  expenses:   Cost of    revenues                37,301       40,071    157,001     149,744   Sales and    marketing               90,665      122,252    382,826     407,854   Product    development             30,339       29,179    121,012     102,382   General and    administrative          19,506       17,974     78,141      65,511                        ----------  -----------  ---------  -----------      Total costs       and expenses        177,811      209,476    738,980     725,491                        ----------  -----------  ---------  ----------- Pro forma income  (loss) from  operations                11,100      101,397    (21,558)    384,687 Investment income,  net                       22,452       27,901    101,905      89,939 Minority interests  in operations of  consolidated  subsidiaries              (1,465)         124       (693)     (5,298)                        ----------- -----------  ---------- ----------- Pro forma income  before income taxes       32,087      129,422     79,654     469,328 Provision for income  taxes                     15,402       49,180     38,234     178,345                        ----------  -----------  ---------  ----------- Pro forma net income   $   16,685  $    80,242  $  41,420  $  290,983                        ==========  ===========  =========  =========== Pro forma net income  per share - diluted   $     0.03  $      0.13  $    0.07  $     0.48                        ==========  ===========  =========  =========== Shares used in per  share pro forma  calculation - diluted    598,244      599,518    596,545     610,678                        ==========  ===========  =========  =========== ---------------------------------------------------------------------- Supplemental Financial Data --------------------------- Pro forma EBITDA (1)   $   28,495  $   111,077  $  43,622  $  410,605 Pro forma after tax  cash earnings (2)     $   34,175  $    90,897  $ 107,229  $  322,546 Pro forma after tax  cash earnings per  share - diluted       $     0.06  $      0.15  $    0.18  $     0.53 ----------------------------------------------------------------------     The above unaudited pro forma condensed consolidated statements of operations are not a presentation in accordance with generally accepted accounting principles as they exclude the effects of the following (in thousands): Pro forma net income   $   16,685  $    80,242  $  41,420  $  290,983    Amortization of     intangible assets     (18,449)      (7,661)   (64,085)    (28,328)    Payroll taxes on     option exercises         (197)      (2,566)    (1,310)    (14,856)    Stock compensation     expense                  (989)      (3,708)    (9,096)    (20,898)    Restructuring costs    (16,771)          --    (57,471)         --    Acquisition-related     costs                      --           --     (4,750)    (22,785)    Other income, net:       Investment gains        (losses), net          879     (164,617)   (26,623)   (118,943)       Contract        termination fee         --           --      9,000          --       Goodwill        amortization of        Yahoo! Japan        equity        investment          (1,786)      (1,786)    (7,144)     (4,697)    Supplemental     provision for     income taxes (3)       11,969        2,277     27,271      (9,700)                        ----------  -----------  ---------  ----------- Reported net income  (loss)                $   (8,659) $   (97,819) $ (92,788) $   70,776                        ==========  ===========  ========== =========== (1) Defined as income (loss) from operations before depreciation and     amortization, stock compensation expense, and acquisition-related     costs and restructuring charges. (2) Defined as pro forma net income before depreciation but after     payroll taxes on option exercises. (3) Supplemental provision for income taxes reflects a pro forma     effective tax rate of 48% for 2001 and a pro forma effective tax     rate of 38% for 2000.                               Yahoo! Inc.        Unaudited Condensed Consolidated Statements of Operations                (in thousands, except per share amounts)                            Three Months Ended         Year Ended                               December 31,            December 31,                            ------------------    ------------------                              2001      2000         2001      2000                            --------  --------     --------  -------- Net revenues              $ 188,911  $ 310,873  $ 717,422  $1,110,178 Costs and expenses:    Cost of revenues          37,301     40,071    157,001     149,744    Sales and marketing       90,665    122,252    382,826     407,854    Product development       30,339     29,179    121,012     102,382    General and     administrative           19,506     17,974     78,141      65,511    Payroll taxes on     option exercises            197      2,566      1,310      14,856    Stock compensation     expense                     989      3,708      9,096      20,898    Amortization of     intangibles              18,449      7,661     64,085      28,328    Restructuring costs       16,771         --     57,471          --    Acquisition-related     costs                        --         --      4,750      22,785                           ---------  ---------  ---------  -----------      Total costs and       expenses              214,217    223,411    875,692     812,358                           ---------  ---------  ---------  ----------- Income (loss) from  operations                 (25,306)    87,462   (158,270)    297,820 Investment income (loss),  net                         21,545   (138,502)    77,138     (33,701) Minority interests in  operations of  consolidated  subsidiaries                (1,465)       124       (693)     (5,298)                           ---------- ---------  ---------- ----------- Income (loss) before  income taxes                (5,226)   (50,916)   (81,825)    258,821 Provision for income  taxes                        3,433     46,903     10,963     188,045                           ---------  ---------  ---------- ----------- Net income (loss)         $  (8,659) $ (97,819) $ (92,788) $   70,776                           ========== ========== ========== =========== Net income (loss)  per share - diluted      $   (0.02) $   (0.17) $   (0.16) $     0.12                           ========== ========== ========== =========== Shares used in per  share calculation  - diluted                  571,928    559,872    569,724     610,678                           =========  =========  =========  ===========                               Yahoo! Inc.            Unaudited Consolidated Summary Balance Sheet Data                             (in thousands)                                         December 31,    December 31,                                            2001             2000                                       ---------------- --------------- ASSETS    Cash, cash equivalents, and     investments in marketable     debt securities (1)                   $1,730,655     $1,688,666    Accounts receivable, net                   68,648         90,561    Property and equipment, net               131,648        109,781    Investments in marketable     equity securities                         34,852         87,545    Other assets, net                         427,674        293,023                                           ----------     ----------            Total assets                   $2,393,477     $2,269,576                                           ==========     ========== LIABILITIES AND STOCKHOLDERS' EQUITY   Liabilities:     Accounts payable, accrued      expenses and other      liabilities                          $  287,051     $  226,184     Deferred revenue                         109,402        117,165                                           ----------     ----------           Total liabilities                  396,453        343,349                                           ----------     ----------   Minority interests in    consolidated subsidiaries                  30,007         29,313   Stockholders' equity                     1,967,017      1,896,914                                           ----------     ----------                                           $2,393,477     $2,269,576                                           ==========     ========== (1) Cash, cash equivalents, and investments in marketable debt     securities include restricted amounts of $259 million and $30     million at December 31, 2001 and 2000, respectively.                               Yahoo! Inc.             Unaudited Consolidated Summary Cash Flows Data                             (in thousands)                            Three Months Ended         Year Ended                               December 31,            December 31,                            ------------------     ------------------                              2001      2000         2001      2000                            --------  --------     --------  -------- CASH FLOWS FROM OPERATING ACTIVITIES:   Net income (loss)       $   (8,659)$  (97,819)$  (92,788)$   70,776   Adjustmentto    reconcile net income    (loss) to net cash    provided by    operating activities:       Depreciation and        amortization           36,041     19,907    130,575     69,102       Tax benefits from        stock options          (4,055)    46,991      2,003    172,525       Noncash        restructuring        costs                   3,132         --     14,790         --       Other noncash items      2,580    166,805     37,856    144,822       Change in working        capital               (16,056)   (56,946)    14,414     52,482                           ---------- ---------- ---------- ----------- Net cash provided by  operating activities         12,983     78,938    106,850    509,707                           ---------- ---------- ---------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES:   Acquisition of property    and equipment, net of    proceeds from     disposals                (14,342)   (28,628)   (86,211)   (94,413)   Purchases of equity    securities                 (1,800)   (16,989)   (11,275)  (106,675)   Sales of equity    securities                  8,921     15,200     23,280     15,200   Acquisitions and    dispositions, net of    cash acquired                  --         --    (14,478)     2,726                           ---------- ---------- ---------- ----------- Net cash used in  investing activities         (7,221)   (30,417)   (88,684) (183,162)                           ---------- ---------- ---------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES AND OTHER:   Proceeds from issuance    of Capital Stock, net      21,006     29,379     83,875    352,279   Repurchase of Capital    Stock                          --         --    (59,988)        --   Other                       (8,771)       296        (64)     5,541                           ----------- --------- ---------- ---------- Net cash provided by  financing activities and  other                        12,235     29,675     23,823    357,820                           ----------- --------- ---------- ---------- Net change in cash, cash  equivalents, and  marketable debt  securities                   17,997     78,196     41,989    684,365 Cash, cash equivalents,  and investments in  marketable debt ]  securities at  beginning                 1,712,658  1,610,470  1,688,666  1,004,301                           ---------- ---------- ---------- ----------- Cash, cash equivalents,  and investments in  marketable debt  securities at end of  period                   $1,730,655 $1,688,666 $1,730,655 $1,688,666                           ========== ========== ========== ===========                               Yahoo! Inc.                Fourth Quarter 2001 Operating Highlights                            January 16, 2002     Audience Growth, Usage and Loyalty     --  Yahoo!'s audience across its global network grew to 219         million unique users during December 2001, up from 180 million         in December 2000. A record 86 million active registered         members logged into their personalized Yahoo! services during         December 2001, up from 60 million in December 2000.     --  Yahoo!'s traffic increased to a record 1.32 billion page views         per day on average during December 2001, compared to 900         million in December 2000. Yahoo! Japan and Yahoo! Europe's         traffic, which is included in these page view totals, totaled         more than 196 million and 72 million page views per day on         average in December 2001, respectively.     --  Yahoo! was ranked the number one global Web destination for         the 18th consecutive month. Yahoo! has the largest global         reach, reaching 52.4 percent of the global Internet         population. (Nielsen//Netratings Global Internet Index,         November 2001, Home Panel Only)     --  More time is spent on Yahoo! than on any other portal. An         average U.S. Yahoo! consumer spends 2 hours and 15 minutes per         month. (Nielsen//Netratings, November 2001)     --  According to Brand Asset Valuator(R)(Young and Rubicam,         December 2001), the U.S. population ranks Yahoo! first among         all Internet companies in terms of brand equity. According to         the study, Yahoo! is also perceived as being one of the most         revolutionary brands, being dynamic, innovative, up-to-date, a         leader, fun and progressive.     --  Yahoo! is the number one Internet property in Argentina, Hong         Kong, India, Ireland, Japan, Singapore, and Taiwan, and the         number two Internet property in Australia, Canada, Korea,         Mexico, New Zealand, the United Kingdom, and the United         States. Yahoo! is in the top five in Brazil, France, Germany,         and Spain. (Nielsen//Netratings, November 2001)     Appointments     --  The company announced the appointment of Gary L. Wilson and         Ronald W. Burkle to its Board of Drectors. Wilson, 61, is         chairman of the Board of Directors of Northwest Airlines, the         world's fourth largest airline. Burkle, 48, is founder and         managing partner of The Yucaipa Companies, widely known for         its leadership in acquisitions, mergers and management of         large retail and distribution companies.     --  During the quarter, Yahoo! also announced the appointment of         John Costello as chief global marketing officer. Costello will         be responsible for leading Yahoo!'s worldwide strategic         branding as well as supporting the company's product marketing         initiatives.     Major Announcements     In the fourth quarter of 2001, Yahoo! entered into a number of major agreements. Highlights include the following:     --  In December, Yahoo! announced the company had entered into a         definitive agreement to acquire HotJobs.com, Ltd. The         acquisition will accelerate the growth of Yahoo!'s listings         business by instantly positioning Yahoo! as the number two         player in the online recruiting segment, one of the fastest         growing opportunities within online classifieds.     --  In November, Yahoo! announced the company had entered into a         landmark strategic alliance with SBC Communications to provide         Internet access to millions of consumers in SBC's service         area. SBC and Yahoo! are joining access with compelling         content to offer a first-of-its-kind service. Partnering with         the largest DSL provider in the country leapfrogs Yahoo! into         a top three position in the race to provide broadband Internet         access.     --  Yahoo! also announced the launch of Yahoo! Sponsor Matches, an         enhanced placement program to give partner Web sites increased         visibility in Yahoo!'s search results. Yahoo! introduced the         program through an alliance with Overture Services Inc.,         formerly GoTo, the leading provider of Pay-For-Performance         search to Web sites across the Internet.     --  Yahoo! Europe also formed an alliance with Espotting Media to         launch Yahoo! Sponsored Matches in five European countries --         United Kingdom, Germany, France, Italy and Spain -- powering         2.5 billion search requests over the next year.     --  In Brazil, Yahoo! announced the company would acquire Cade?,         that country's leading search engine. The deal further         supports Yahoo!'s commitment to grow its international         properties and maintain a leadership position in key markets         around the world.     Essential Marketing Solutions     --  Yahoo! served 3,795 advertisers and merchants during the         fourth quarter. Yahoo! clients include 31 of the Fortune 50         and 52 of the Fortune 100 advertisers.     --  New accounts and major brands served in the fourth quarter         include American Eagle Outfitters, Hearst Business Media,         Hilton Hotels, Penguin Putnam, Seagrams, Target Stores and         Toshiba. Internationally, Yahoo! signed marketing agreements         with major brand name companies around the world including:         Alitalia, L'Oreal, Virgin Music, and Vodafone in Europe;         MasterCard and Proctor & Gamble in Australia & New Zealand;         JVC, Lufthansa, and Singapore Airlines in Asia; and IBM in         Latin America.     --  Yahoo! announced it has teamed with Arnold MPG to develop         marketing solutions for leading global advertisers. This         agreement represents the first upfront commitment made by an         agency for strictly online marketing programs with an online         media company.     --  As outlined in the December 17, 2001 issue of Advertising Age,         Yahoo! was the leader among all competitors in the Advertising         Age Survey of Agency Satisfaction. Yahoo! placed first in all         categories evaluated including overall score, responsiveness,         willingness to negotiate, flexibility, ability to customize         programs, understanding of the ad business and improvement.     Enterprise Solutions     --  Yahoo! Portal Solutions, formerly known as Corporate Yahoo!,         now has 40 customers. Yahoo! recently entered into a         multi-year agreement with CIGNA Corporation that will give 16         million CIGNA health care members and retirement plan         participants the opportunity to have personalized benefits Web         sites based on the My Yahoo! interface starting in the first         half of 2002. Yahoo! Portal Solutions also continued to post         international wins through agreements with BBVA in Spain and         Cemex in Mexico.     --  The company announced the formation of a strategy services         practice for the Yahoo! Enterprise Solutions division and the         appointment of Joseph Cha to the new position of vice         president for strategservices. The strategy services         department is a key new element in Yahoo!'s efforts to expand         business service offerings to clients.     --  Yahoo! Broadcast Solutions averaged nearly 13 million hours         per month of streamed audio and video in the fourth quarter         and delivered 707 corporate events for 532 customers.     --  In October, Yahoo! launched Yahoo! Mail - Business Edition, a         new premium service that allows small businesses to get a         professional, branded e-mail address that is easier to use and         more affordable than alternative business e-mail hosting         solutions.     --  Yahoo! Store numbers rose to record 17,000 merchants, and         Yahoo! launched Ad Manager, a cost-effective, self-service         advertising tool that enables Yahoo! Store merchants to         create, purchase and manage advertising campaigns on the         Yahoo! network within almost any budget.     Consumer Services     --  The company launched Yahoo! Essentials, an easy-to-download         application that customizes consumers' desktop environments by         installing Yahoo!'s most popular products and services,         including Yahoo! Messenger, Mail, Briefcase, Photos, Games, My         Yahoo!, Search and Companion, on their Windows operating         system.     Commerce     --  Yahoo! enabled approximately $1.5 billion in commerce         transactions in the fourth quarter of 2001.     --  During the fourth quarter, Yahoo! launched the new Yahoo!         Shopping network, which integrates the company's U.S. commerce         offerings including: Auctions, Classifieds, Shopping and         Warehouse, the new discount shopping platform. These         enhancements bolster Yahoo!'s commerce platform by providing         consumers with easier access to multiple shopping options, and         by offering Yahoo! sellers and merchants increased visibility         for their merchandise.     --  Yahoo! also introduced a new performance-based pricing model         for Yahoo! Auctions resulting in a 24 percent increase in U.S.         listings since November. Yahoo! Auctions began charging         sellers based on the final value of an item sold, while         reducing item listing fees, making it more cost effective to         list on Yahoo! Auctions and deepening Yahoo!'s relationship         with the selling community.     --  Expanding on its commitment to personal finance, Yahoo!         Finance introduced Money Manager, a free set of financial         tools and services that provides an integrated view of an         individual's financial life, organizing and summarizing         everything consumers need to know about their money in one         convenient online location. It enables users to automatically         track their finances and net worth, analyze their spending         habits and long-term goals, benchmark their investments         against the market, actively manage their money with the         ability to pay bills and move funds among financial accounts,         and can even save consumers money on wireless, long-distance         and banking services.     --  Just this week, Yahoo! Finance also announced an agreement         with Intuit to offer consumers online tax preparation and         filing services through the Yahoo! Tax Center.     Communications     --  Yahoo!'s communication platform, including Yahoo! Messenger,         Yahoo! Mail and Yahoo! Groups, delivered 19.1 billion messages         in December. Messages delivered in the fourth quarter were up         over 30 percent from the previous quarter.     --  Yahoo! Messenger launched IMVironments(TM), the first         interactive, multimedia experience delivered within the Yahoo!         Messenger window. Marketing partners for this         first-of-its-kind instant messaging viral marketing tool         include Dilbert, Garbage, Nintendo of America Inc., PEANUTS,         and Sanrio. Yahoo! Messenger IMVironments -- "instant         messaging environments" -- are interactive, themed backgrounds         for Yahoo! Messenger conversations that appear directly in the         instant messaging window and are shared virally among friends.     Media and Information     --  In November, Yahoo! launched FIFAworldcup.com, the official         web site of the 2002 FIFA World Cup in Japan and Korea.         Budweiser, MasterCard International and the Korean National         Tourism Organization (KNTO) have joined as site sponsors. In         September, Yahoo! and FIFA entered into an exclusive,         multi-year, global relationship, whereby both parties jointly         produce, market and commercially operate the official Web site         of the FIFA World Cup(TM).     --  During the fourth quarter, Yahoo! also announced the debut of         its new music destination, LAUNCH, Your Yahoo! Music         Experience. This new prperty is the result of Yahoo!'s         acquisition of LAUNCH Media, Inc., now a wholly-owned         subsidiary, and its subsequent integration with Yahoo! Music.         Bringing together the best elements of both sites, Yahoo! has         created the Web's premier music destination, offering the most         comprehensive music-related content, features and information         available.     --  Yahoo! Astrology expanded its offerings with new personalized         services including a for-pay hotline, email horoscopes, and         astrological charts, available to fans around the world.     --  Yahoo! Broadcast unveiled new television, movie and music         programming and announced a syndication deal with         Carsey-Werner Distribution. Some of the unique content         announced includes full-length episodes from "Townies,"         starring Molly Ringwald, Jenna Elfman and Lauren Graham as         well as clips from "That 70's Show," "3rd Rock from the Sun,"         and "Rosanne;" exclusive webcasts from Dr. Stephen Covey and         Sting; and a variety of content from Allfood.com.     --  Yahoo! and Sony Pictures Digital Entertainment announced a         comprehensive online motion picture promotional agreement for         the online promotion and marketing of Sony Pictures films.         This implementation was a part of the previously announced         relationship between Sony Corporation of America and Yahoo!.         Select motion picture releases from Sony Pictures         Entertainment are being comprehensively integrated across the         Yahoo! network.  Note to Editors: Yahoo!, Corporate Yahoo!, My Yahoo! and the Yahoo! logos are trademarks and/or registered trademarks of Yahoo! Inc. All other names are trademarks and/or registered trademarks of their respective owners.   CONTACT:          Yahoo! Inc.                                                               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We are in the final negotiations with four introducing brokers to allow access and execute capability on EnronOnline (broker client). The broker client allows the broker to do the same thing they do today via the phone on the computer.  Enron currently assume the risk of executing through brokers over the telephone with no security.

Due to the potential for a magnification of broker risk online, in addition to managing the credit risk with the counterparty we are requesting security from the brokers executing via EnronOnline.  The amount of security we are requesting is a percentage of the intraday risk associated with broker executed transactions and will not cover the entire intraday exposure.  In the past, losses resulting from brokers have been small.

Credit has requested that we discuss this with you to ensure that you are aware of the risk of dealing through brokers and understand that losses resulting from broker errors are not considered credit losses.

I will call you tomorrow to answer any questions you may have relative to this.

Bob Shults
713 853-0397
713 825-6372 c
bob.shults@enron.com


Rosie,

I have very patiently explained the situation to Wayne Rogers and Craven Crowell on behalf of the former Vice President.  I will call them again tomorrow, hopefully with a little more positive news and the possibility of being able to see some information some time next week.  I am sorry that Dr. Lay has been bothered by this.

Take care,
Mark

 -----Original Message-----
From: 	Fleming, Rosalee   On Behalf Of Lay, Kenneth
Sent:	Thursday, December 13, 2001 5:06 PM
To:	Metts, Mark
Subject:	FW: Wind asset

Mark, do you want to give Ken any feedback on this?

Rosie

 -----Original Message-----
From: 	Katie McGinty <KMcGinty@natsource.com>@ENRON
Sent:	Thursday, December 13, 2001 3:41 PM
To:	Lay, Kenneth
Subject:	Wind asset

Ken--

At the conclusion of our phone conversation, you indicated that I should get
back with you if we were having any difficulty in pursuing our interest in
acquiring the Enron wind business.  Knowing the many demands on your time, I
regret to have to come back to you.  However, despite repeated attempts, we
are still locked out of negotiations over the wind asset and have been
unable to receive information we've requested.  Our phone calls have been
returned, but information and/or a seat at the table have not been
forthcoming.

Can we discuss this again by pbone?  Alternatively, as I suggested in a note
to you on Monday, we stand ready at any moment to come visit you in person
about this if you might have even 15 minutes for us.

Again, apologies for coming back to you about this.  But, it would be
extremely helpful if you could assist us in being able to move forward on
our interest in bidding on this business.

Many thanks!
Katie McGinty
==========
Kathleen A. McGinty
Vice President, Asset Management
Natsource, LLC
1120 19th Street, NW
Suite 730
Washington, DC 20036
O: 202-496-1423 x229
E: kmcginty@natsource.com

In a note to you on Monday, I expressed a desire to speak to you about  so
that we can puwe were failing to get from Enron information on the wind
asset and/or if we were failing to get in to the negotiations that we
understand to be underway regarding the sale of this asset.
In my earlier note to you I was inquiring about the possiblitiy that the
wind asset would be auctioned.  I want to expandbe clear here and reiterate
our intentions:  while we believe that an open-ended auction would be
unnecessarily costly and inefficient for Enron and for potential bidders,
our overriding interest is in being able to bid on Enron wind, period.  I am
contacting you again as you suggested in our phone conversation since we
have, to date, been unable to get information on the asset and we have been
unsuccessful in getting the negotiations (that we understand might already
be underway on thisAs we discussed by phone, I have a group of investors
ready to do this deal.  Following our conversation, my partners have had
several phone conversations with Mr. Metts, reiterating our interest in the
asset (that they had expressed to him in a meeting on November 14), and
asking for information so that we could prepare a bid.  To date, we have not
received any information and we've been unable to Currently, despite our
repeated expressions of interest in this asset, that we discussed by phone
on November 30th, and that my colleagues discussed with Mr. Metts in a
meeting on November 14th and in several follow-up phone conversations, we to
date have not been given access to  toWe really would appreciate the
opportunity to speak to you about this situation.  nyour apparent decision
to


Attached find Enron Power Marketing, Inc., and Enron Energy Services'
responses to the Staff's data requests in the Federal Energy Regulatory
Commission's Bulk Power Investigation.  These responses assumes that you sent
separate data requests to Enron Wind, so they do not include that
information.  The answers also assume you are requesting this information for
California (and therefore the Western interconnect) only.  Please let me know
if these assumptions are incorrect.

If you were requesting Eastern Interconnect information you need to contact
Chrisit Nicolay at the above E-mail address.  Enron requests confidential
treatment of response numbers 2, 3, 4, 6, and 8 pursuant to 18 C.F.R. Section
388.112.  Due to the short turn around time for these requests we were unable
to respond to question 8 and to provide the Unit Identifier requested in
question 4.  We hope to be able to provide this information on Monday.
Please call me with any questions at (503) 464-8862.  I will be traveling on
Monday, so if you call then, call my cell phone at 503 807-0929.


Bob,

The attached letter format should be used for all of the companies which have
not transacted online yet and for whom we wish the GTC to supercede an
existing master agreement. It has been approved by Mark Taylor.

This can be used for all such companies going forward.

Thanks,

Dave


The October 16 Southern RTO filing is finally up on its website at
www.southernco.com.  Look at the RTO documents and presentations.  They have
filed it as a petition for declaratory order asking that the Commission
approve their Gridco structure and rate proposal.  I did talk with FERC staff
yesterday when the filing was not on the web and told them that Southern was
the last to get their proposal up on the web.

	Joe Connor
	10/18/2000 10:13 PM

		 To: Richard Ingersoll/HOU/ECT@ECT
		 cc: Christi L Nicolay/HOU/ECT@ECT, Dan Staines/HOU/ECT@ECT, Daniel
Allegretti/HOU/EES@EES@ENRON@ECT, Donna Fulton/Corp/Enron@ENRON, James D
Steffes/NA/Enron@ENRON, Janine Migden/DUB/EES@EES@ENRON@ECT, Jeff
Brown/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, Mary
Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@ENRON,
Robin Kittel/HOU/EES@EES@ENRON@ECT, Ron McNamara/NA/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Steve Montovano/DUB/EES@EES@ENRON@ECT, Steve
Walton/HOU/ECT@ECT, Steven J Kean/NA/Enron@ENRON, Susan J
Mara/SFO/EES@EES@ENRON@ECT, Thane
Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ENRON@ECT, Tom
Chapman/HOU/ECT@ECT, Tom Delaney/Corp/Enron@ENRON, Tom
Hoatson/HOU/EES@EES@ENRON@ECT
		 Subject: Re: Enron Response to October 15 RTO Filings/Southeastern RTO

I don't have what Southern filed.  I understand the filing will be on
Southern's web page (www.southernco.com) within a couple of days.  I'm in
Virginia at the SERC Joint Committee Meeting and won't get the filings until
I get home Friday night.

As for an independent Board, as long as Southern owns the transmission assets
as it does in the proposed for-profit Gridco, there is about zero possibility
of them agreeing to have no say in the selection of the Board or in setting
the incentive plan.  What specifically are you concerned about (the selection
process or the incentive plan or both)?  I think we have a shot at getting
them to consider changing the setting of the incentive plan to let the Board
do it, as long as it is restricted such that it cannot impact the value of
the assets.  Any thoughts?


did i spell disgusting wrong?  at least i didn't put it in a book for the
world to see.  i have never had any of that stuff.


Attached for your review and comment is a broad outline of a rate proposal to
Caithness for the construction and operation of the 40-mile lateral to the
Big Sandy project.  This non-binding proposal was requested by Caithness'
consultant, George Briden, as a starting point for modeling the economics of
the project's gas supply and a basis for further discussions aimed at
designing an appropriate deal structure.  For your information, James
Centilli calculated the transport rate based on the (+/- 30%) $20.33MM cost
estimate with a ten-year (contract) amortization.

I plan to put this in the mail by the close of business tomorrow.  If you
have any suggestions, please let me hear from you by mid-day.   Thanks.


Attached is a draft of the EPNG for your review and El Paso's.  Let me know
when you want executables.


Please mark your calendars.  Emory Ireland and Martin Weinstein of Foley &
Lardner will be conducting a presentation regarding the nuts and bolts of
Letters of Credit on Wednesday, May 23, 2001 from 8:45 a.m. to 10:00 a.m. in
EB5C2.  Please RSVP to Carolyn George at ext. 33439 or
carolyn.george@enron.com if you plan to attend.

Thank you,

Julia Heintz Murray
Enron Wholesale Services
Enron Industrial Markets LLC
1400 Smith Street, EB3838
Houston, TX  77002
(713) 853-4794
Fax:  (713) 646-3393
julia.murray@enron.com


I am trying to activate this HSC-Hehub product but keep getting an error that
says "product is not tradeable".  Is it ready to go yet?  If not, when?

Thanks,

Eric


The August end of month close is behind us.  Once again, we learned some
things. We made progress.....but we also have issues to work.

Summary On Improvements For This End Of Month Close

I would like to congratulate the users, the application team and the DBA team
for a much improved end of month close for August gas. This would not have
been possible without the significant commitment, focus and teamwork
exhibited by all the folks involved in this effort.

The most tangible measure of progress over the July close :
We were able to keep all users in the system throughout the final week. No
one was kicked off the system.
The gas accounting close process finished on time. Key users and IT folks
didn't have to work significant overtime to finish the process.

 Improvements arose from :

Upgrading the Unify system to Sybase 12 with extra server memory. This
reduced system 'locking and blocking' and made it possible to keep all users
in the system throughout the week. Nightly settlements for gas invoicing also
ran much faster. Many thanks to the DBAs - Jim Ogg and Kishroe Bharathi-- for
many late nights and weekends. Many thanks also to the application team and
the users for lots of testing before the production rollout.

Conducting a pre-planning session that identified new end of month techniques
to improve efficiency. The users generated several new ideas including the
idea to pre-process PMAs the night before running the current mass draft.
This meeting provided several new approaches, a clear plan and cohesive
communication throughout the end of month process. Many thanks to the all the
users as well as Bob Superty, Bryce Baxter, Melissa Ratnala, Dave Nommensen
and Chris Schomer for making this happen. Many of these ideas will now be
part of a standard process.

The performance monitoring and tuning team reacted quickly to address changes
in system performance. Many thanks to Matt Pena and the rest of this team for
keeping the system up and running as fast as possible during the day.

Release of a new tuned version of the Accurals process that runs much faster.

Issues, Challenges, Action Items

While we made progress this month, there are still several significant issues
and opportunities for improvement. The following is a list of the things that
'went bump in the night' and the action items we've identified.

1. We experienced several Sybase 12.0 errors early in the week that impacted
gas business. All of these problems are now fixed. This had the following
business impacts:
The bridgeback of deals to Sitara was delayed. These deals were bridged
manually before the end of month valuation. We also fixed the code problem
that generated th original problem.
Global Systems replication to Unify was down on Monday. This problem was
fixed with a software patch from Sybase Monday evening. All affected deals
were then uploaded. Nominations were completed for these deals on Monday
through manual estimation by the schedulers.
Communication between the DBA group and the application group was delayed on
the Global Systems replication problem. This delayed our ability to notify
users of the problem. Communication on problems will be be improved in the
future. The default assumption will be to notify key application and
infrastructure personnel as soon as any serious problem is identified.

2.  We experienced a hardware issue with a bad server CPU at 3:00AM on
Thursday.  As a result, database backups ran into the morning when the server
came back up. This created slow system response and delayed logins for users
until 10:00 AM. This problem is now fixed.
 Action Item: Kishore will coordinate with Randy Matson from the
infrastructure group to coordinate a stress test of all production server
components. This will allow us to see if we can find any other marginal
components.  This will be completed by September 18.

3. All service PMAs for ENA and HPLC were not picked up by the Settlements
process. HPLC PMAs were run manually by the users. For ENA, missing PMAs were
immaterial and the users decided to close with these results. We have now
found and fixed the error that caused this problem.
 Action Item: Chris Schomer is having his team investigate this problem to
see if this is just a Sybase 12.0 issue or whether this error could have
impacted previous months. A determination should be available by September
15.

4. Enpower deal load did not load deals with referenced prices correctly.
These deals have now been successfully loaded and are currently completed
through the mass draft process for power. We have identified and fixed the
software error that caused this problem.

5. Power mass draft is now running very slow as compared to prior months. We
are currently working to complete the Power mass draft process. It will be
completed by the user deadline for close of business Wednesday Sept. 6.
 Action Item: Chris Schomer's team is investigating why the Power mass draft
is running so slow.  At present we do not have a definitive answer. We hope
to develop a definitive answer and action plan by September 15. Our current
hypothesis for why we have this problem includes :
Data changes - we now have a much higher volume of hourly priced deals
Potential database index issues. We will re-build all power database indexes
and re-compile the stored procedures
Sybase optimizer flakiness. We often see Sybase suddenly start to have
processing problems for no apparent reason.

Update On Future Tactical  And Strategic Improvements

We have several pending tactical Unify performance improvements that are in
process. These include:

1) Isolating Unify Gas on a server of it's own
2) Delivery of a middle tier mass draft process to reduce locking and blocking
3) Upgrade of the middle tier mass draft process to allow for drafting at a
deal level (rather than just a counter-party level)
4) Delivery of the nominations and balancing process on a middle tier
architecture.

Ramesh Rao and his team have the strategic projects progressing on schedule.
We are seeing significant performance gains in our testing of SQL Server over
Sybase. We also have identified a couple of hardware vendors that could
provide very large, scaleable computing environments for this type of Unify
architecture. We plan to have all critical evaluation testing completed by
the end of September as planned. We will present our recommendations along
with a high-level strategic delivery plan by early October.

Let me know if you have any questions or concerns --  x39694 or (713)
503-4873.

Thanks.


T.J. can I get setup with Enron Online.  UserID etc...

Thanks!!!!


i knew you would be hiding somewhere
i am afraid i'm going to have to tell on you

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Monday, November 19, 2001 9:37 AM
To:	Port, David
Subject:	FW: VAR Limit Violations

 -----Original Message-----
From: 	Lavorato, John
Sent:	Monday, November 19, 2001 8:30 AM
To:	Hayden, Frank
Subject:	RE: VAR Limit Violations

I'm hoping that port can't find me in the new building.

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Monday, November 19, 2001 7:55 AM
To:	Lavorato, John
Cc:	Port, David
Subject:	VAR Limit Violations

Corp VAR came in at 108
Americas came in at 97.5
Gas Desk came in at 69.3, up approx. 16MM

Power Desk were quite, no noticeable change

 << OLE Object: Microsoft Excel Chart >>


I have some changes to make to the DASH per Mitch's instructions.  Send under
separate cover.


FYI
---------------------- Forwarded by Todd Peterson/ENRON_DEVELOPMENT on
03/06/2001 07:23 PM ---------------------------

Victor Vega
03/06/2001 01:33 PM
To: LshepherdEco@aol.com, Larry Snyder@EES, Todd Peterson@enron.com
cc:

Subject: Last report

Could any of you help me in answering these questions?

Victor
---------------------- Forwarded by Victor Vega/ENRON_DEVELOPMENT on
03/06/2001 02:29 PM ---------------------------

"Robert Arvedlund" <robert.arvedlund@ferc.fed.us> on 03/06/2001 12:05:00 PM
To: <Victor.Vega@enron.com>
cc: <gcurran@enron.com>

Subject: Last report

Item 5 under Significant Plant Modifications Proposed says you are  examining
design changes required to install a mooring line tension meter and  ship
approach velocity meter on the dock(???).
?
What is the rationale for why you feel these two items are needed and can
you tell me how they work and what happens if they measure beyond some set
point.? What are the set points you want to measure and why??  Thanks.


Daren:

 Per Vance's discussion's with the deal makers, the following are  potential
deals for 9/00 NOT included in Vance's number:

 North Central--McMurrey #2-Meter 2697-Mid Month-2000 Mcfd (approx)-Gas Daily

 Helmrich and Payne-Ballard #1-New Meter- Mid Month- 2000  Mcfd (approx)- Gas
Daily

 KCS Resources-Dickenson Bayou-Meter 9797-Midmonth-10,000 MCfd (approx)-Gas
Daily

 Let us know if you need any additional information.

 Susan Smith
 x 33321


Dave,

Attached for your review please find a blacklined copy of the
above-referenced agreement marked to show changes to the previously
distributed draft.  Please call me with any comments or questions.

Jason


----- Forwarded by Jeff Dasovich/NA/Enron on 05/11/2001 10:58 AM -----

	Michael Tribolet/ENRON@enronXgate
	05/09/2001 03:58 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: DRW credit accumulation


THanks..I have no revisions.
Enjoy the party!

MARTHA
BENNER
12/08/2000 11:47 AM

To: Susan Scott/ET&S/Enron@ENRON
cc:

Subject: Re: Bullets

Susan Scott
12/08/2000 11:20 AM
To: Martha Benner/ET&S/Enron@ENRON
cc:

Subject: Re: Bullets

Martha, I don't have any bullets but could you please send me last week's --
I think there are some old ones that need to be deleted.  Thanks.

MARTHA
BENNER
12/07/2000 01:00 PM

To: Lee Huber/ET&S/Enron@ENRON, Tony Pryor/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON
cc: Janet Cones/FGT/Enron@ENRON, Denise LaGesse/ET&S/Enron@ENRON, Ann
Smith/ET&S/Enron@ENRON

Subject: Bullets

Please get your bullets in tomorrow in the morning.  Tomorrow night is our
Christmas party and we want to leave the office early so we can get home and
get pretty before the event.

Thanks......Martha


----- Forwarded by Jeff Dasovich/NA/Enron on 01/11/2001 07:56 PM -----

	Scott Govenar <sgovenar@govadv.com>
	01/11/2001 05:19 PM

		 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, Bev
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara
<smara@enron.com>, Joseph Alamo <JAlamo@enron.com>, Paul Kaufman
<paul.kaufman@enron.com>, David Parquet <David.Parquet@enron.com>, Marcie
Milner <mmilner@enron.com>, Tim Belden <Tim.Belden@enron.com>, Rick Shapiro
<rshapiro@enron.com>, Jim Steffes <james.d.steffes@enron.com>, Alan Comnes
<acomnes@enron.com>, Chris Calger <ccalger@enron.com>, Mary Hain
<mary.hain@enron.com>
		 cc:
		 Subject: Extraordinary Session - Update

MEMORANDUM RE FIRST EXTRAORDINARY COMMITTEE SESSION

From:  Sandi McCubbin
            Mike Day

January 11, 2001

Note: This memo will supplement the committee analysis which you will
receive by separate fax.

ABX1-5 Keeley re the governance of the ISO and PX was discussed first.
A number of possible amendments were discussed by members.  Suggested
amendments included extending the term of members beyond one year,
increasing the number of members beyond 3, whether there should be
senate confirmation of ISO and PX board members, or at least voting
representation for the legislature on the Energy Oversight Board which
will approve the ISO/PX members.  There was also discussion of whether
FERC would approve of this new governance structure.   Another
discussion centered on whether the positions should be full time, as
opposed to part time, and how to define &affiliated8 in conjunction with
the bill,s ban on members of the ISO and PX being affiliated with a
market participant.

Support for the bill:  Consumers Union, EOB on behalf of the
administration, CalPIRG, PX, TURN, UCAN, ORA, Coalition of Utility
Employees.

Opposition:  ISO, which raised issues regarding incompatibility with
FERC orders and concern that the bill would lead to lengthy litigation.
They suggested that if the ISO and PX boards were appointed solely by
the California governor that FERC would not find that legally sufficient
to be &independent8.

ABX1-6 Dutra/Pescetti  addressed retained utility generation assets and
commission regulation of same.  The bill as written is merely a clean up
to clarify that the CPUC would retain jurisdiction over utility
generation after it is valued for purposes of calculating CTC*until and
unless the CPUC gives permission for the plant to be sold under Section
851.    The discussion evolved into a lengthy inquiry over the different
regulatory schemes for utility and non-utility generation.  Assemblyman
Leonard questioned whether it was efficient to have a market where a
portion of the generation was regulated and another portion
unregulated.  More and more members skirted the subject of attempting to
regulate the non-utility generators within the state.  In supporting
testimony, CPUC President Lynch essentially asked for jurisdiction over
such generators, stating that CPUC inspectors were denied access to an
AES plant at Redondo Beach for 9 hours during an ISO alert yesterday.
Chmn. Wright asked Lynch to assemble a list of the regulatory powers she
would seek.

In support:  CPUC, TURN, UCAN, CUE, PG&E, SCE

PG&E agreed with Lynch and also argued that the Legislature should
revisit the exemption regulation for marketers and non-utility
generators contained in Code section 216(I).   PG& also had suggested
technical amendments, which were not released, which dealt with
confirming that Section 367 still requires market valuation and that the
CPUC can set the ratemaking for such retained assets.

We have talked with the author about meeting with him after the
amendments are available.  No amendments were voted on for any of these
bills until they are brought up in the Senate.  Thus there was only
limited discussion of amendments.


Bernard,

I am forwarding your message to my assistant and she will mail you a reprint.
I would be glad to take a look at your dissertation. Is it available as a
publication, working paper?

Vince

"Murphy, Bernard" <Bernard.Murphy@caminus.com> on 03/01/2001 02:17:39 AM
To: "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>
cc:
Subject: 1997 Risk paper on Pricing of Electricity Derivatives

Hello Vince,

My name is Bernard Murphy - I received your e-mail address from Les Clewlow,
who was my PhD supervisor at the Financia Options Research Centre at Warwick
Business School.  I've just finished my PhD on Electricity Price Jump
Diffusions :  A Theoretical and Empirical Study in Incomplete Markets -
hence my interest in electricity price modelling and derivative pricing.  I
was looking to get hold of a copy of your 1997 paper, which has recently
come to my attention :

"The Challenge of Pricing & Risk-Managing Electricity Derivatives", The US
POwer Market, Risk Publications, pp. 149-171.

and Les suggested that I contact you directly (Les is travelling at present
and doesn't have an electronic copy available) to request an e-copy.

Incidentally, I am Lecturer in Finance / Financial Mathematics at University
of Limerick (Ireland) and have taken a year out to work for Caminus UK,
where I am working on introducing and developing a markets-based approach
(spark-spread) to real asset valuations in the UK power industry.

Thanks in advancve

Bernard Murphy


I understand that you may not have received the announcement that I sent out
in late November.

Attached is the org announcement that I sent to Dave's group...I am trying to
follow up with Dave or Eric.
Mary Ann
---------------------- Forwarded by Maryann Long/HR/Corp/Enron on 12/22/99
01:23 PM ---------------------------

	From:  Maryann Long                           11/23/99 07:08 PM

To: Dave Schafer/ET&S/Enron@ENRON, Eric Thode/OTS/Enron@ENRON
cc: Wilson Barbee/HR/Corp/Enron@ENRON, Sheila Knudsen/OTS/Enron@ENRON

Subject: Org announcement on GPG HR changes

Attached is a draft of the org announcement on recent changes in my org.  If
this is ok with y'all, pls send to all GPG employees.  If you can suggest any
changes, let me know.
Thanks
Mary Ann


hi stranger...just thought I would share some (not so good--need a new
photographer) pictues of my son...BIG SENIOR...take care

Lucy Marshall
Executive Assistant
Office 713-853-4525
Fax     713-345-7864
Cell     713-417-7802
lucy_marshall@enron.net

----- Forwarded by Lucy Marshall/Enron Communications on 05/16/01 07:58 AM
-----

	bbccmhs@wt.net
	04/30/01 08:27 AM

		 To: Lucy Marshall/Enron Communications@Enron Communications
		 cc:
		 Subject: PICTURES

Lucy,
Pictures from Frank

Very handsome boy!


Dear Jeffrey,

I am contacting you at the suggestion of my brother Jeff Spar, Chief
Information Officer of Reader's Digest and formerly of McKinsey [NYO 1990-
1999].

I am the CEO of a Houston based Microsoft technology consultancy
called ESX Engineering. ESX has strong capabilities in software
development, IT infrastructure and creative services. We have exceptional
capability in Mobile/Wireless and Web based workflow application
development. We also have tremendous domain experience in healthcare
solutions.

As a small company CEO I am always looking for new opportunities to meet
individuals whose firms may have need of our services. I would appreciate
the opportunity to meet and introduce myself and ESX. If appropriate we
could explore any potential opportunities between your firm and ESX, or
perhaps you could provide a further referral.

Sincerely Yours,

Steve Spar

PS - ESX was recently featured in the Growth Strategies section of the
Houston Business Journal.  You can view the article on the HBJ site
(http://houston.bcentral.com/houston/stories/2001/04/30/smallb1.html).

Steve Spar
CEO
ESX Engineering, Inc.
eSolution Experts

710 North Post Oak #204
Houston, Texas 77024
v: 713-821-3208
f: 713-821-3299
http://www.ESXengineering.com
sspar@esxengineering.com


I just checked this deal in Audit Viewer and found that Bob had entered it
this afternoon, then backdated it for 1/8. I was going to ask him about the
delivery point just as you called him - sorry we crossed paths. Let me know
if there is anything else.

Kate


i have heard the rodeo opens at 6:45 for rodeo activities, but the concert
won't start until about 8:30.  someone up here went to duran duran last night
and it said the same thing on the schedule.  i will call tomorrow and double
check, but i really don't think they would start a concert that late, def
leppard isn't that old.


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It's compensation for poor self-esteem...Oh wait, I don't have poor
self-esteem - You're right, Big Ego!!

	Enron Capital Management

	From:  David Baumbach                           12/07/2000 04:27 PM

To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Re: December 15th Move

Somebody has a big ego!

Susan M Scott
12/07/2000 04:27 PM
To: David Baumbach/HOU/ECT@ECT
cc:
Subject: Re: December 15th Move

You planned that didn't you.   You guys can't get enough of me.

	Enron Capital Management

	From:  David Baumbach                           12/07/2000 04:23 PM

To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: December 15th Move

Take a look where you are sitting in relation to the Texas Desk!!  Oh my!!

---------------------- Forwarded by David Baumbach/HOU/ECT on 12/07/2000
04:26 PM ---------------------------

	Enron North America Corp.

	From:  Irena D Hogan                           12/07/2000 04:18 PM

To: Kori Loibl/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Susan M
Scott/HOU/ECT@ECT, Laura Vargas/Corp/Enron@ENRON, Luchas
Johnson/NA/Enron@Enron, Amy Cavazos/NA/Enron@ENRON, Sherry
Dawson/NA/Enron@Enron, Bilal Bajwa/NA/Enron@Enron, Joey
Taylor/NA/Enron@ENRON, Kimat Singla/HOU/ECT@ECT, Crystal Hyde/HOU/ECT@ECT,
Jeff Royed/Corp/Enron@ENRON, Brenda H Fletcher/HOU/ECT@ECT, Elizabeth L
Hernandez/HOU/ECT@ECT, Jeanne Wukasch/Corp/Enron@ENRON, William
Kelly/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT, Kyle R
Lilly/HOU/ECT@ECT, Alejandra Chavez/NA/Enron@ENRON, Kimat Singla/HOU/ECT@ECT,
David Baumbach/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT, Michael
Walters/HOU/ECT@ECT, Julie Meyers/HOU/ECT@ECT, Jody Crook/Corp/Enron@ENRON,
Denver Plachy/NA/Enron@Enron, Patrick Ryder/NA/Enron@Enron, Cathy De La
Torre/HOU/ECT@ECT, Melba A Bowen/HOU/ECT@ECT, Cathy Sprowls/HOU/ECT@ECT, John
Valdes/HOU/ECT@ECT, Jennifer Lee/NA/Enron@Enron, Gregory A
Mausser/HOU/ECT@ECT, Delma Salazar/NA/Enron@Enron, James
Hungerford/NA/Enron@ENRON, Russ Severson/HOU/ECT@ECT, George
Grant/HOU/ECT@ECT, Rahmaan Mwongozi/Corp/Enron@ENRON, Greg Couch/HOU/ECT@ECT,
Alexander R Gonzales/NA/Enron@ENRON, Pamela Sonnier/HOU/ECT@ECT, Shona
Wilson/NA/Enron@Enron, David Maxwell/HOU/ECT@ECT, Susie Ayala/HOU/ECT@ECT,
Adarsh Vakharia/HOU/ECT@ECT, Burton McIntyre/HOU/ECT@ECT, Susan D
Trevino/HOU/ECT@ECT, Maria Teresa Aguilera-Peon/Corp/Enron@Enron, Jennifer
Nguyen/Corp/Enron@ENRON, Eugenio Perez/HOU/ECT@ECT, Daniel
Falcone/Corp/Enron@ENRON, Chris Abel/HOU/ECT@ECT, Kenneth
Thibodeaux/NA/Enron@ENRON, Melba A Bowen/HOU/ECT@ECT, Nancy
Hernandez/NA/Enron@ENRON, Theresa Toward/NA/Enron@Enron, Mary M
Smith/HOU/ECT@ECT, Lisa Hesse/HOU/ECT@ECT, Trisha Hughes/HOU/ECT@ECT, Jeffrey
C Gossett/HOU/ECT@ECT
cc: Elizabeth Soto/HOU/ECT@ECT, Pamela Sonnier/HOU/ECT@ECT
Subject: December 15th Move

On the evening of December 15th, we will be moving.  You will receive packing
directions for your desk the week of the move.  Boxes and moving labels will
be available on Wednesday, December 13.  Please see below for your new work
location.  If you have any questions, please contact your group Assistant.


I wasn't sure you had this summary page for UAE.  Thanks
Ben


Hope the trip to SF went well.