Attached is a list of high volume "old" ECT Masters which was obtained from
the confirmation desk.  Many of them appeared on our working list from last
year.

Tanya:  We have enough legal help to pursue the names on the list.  Would you
like to prioritize or amend?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/08/2001 08:42 AM -----

	Larry Joe Hunter
	03/07/2001 09:14 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Non-ISDA Master CP's

Sara,

The attached is a list of Companies with whom we currently have a non-ISDA
master and with whom we still do a good deal of trades with.  They are listed
in priortity order of which ones we would like to see converted to ISDA .

Thanks,
Joe


FYI.
---------------------- Forwarded by Brenda F Herod/HOU/ECT on 01/20/2000
02:48 PM ---------------------------

	Enron Technology

	From:  Tommy J Yanowski                           01/20/2000 12:22 PM

To: John Tollefsen, Arshak Sarkissian, Keith Dziadek/HOU/EES@EES, Scott
Mills, Stephen Schwarz, Michael Eiben/HOU/ECT@ECT, Brenda Herod, Inja Chun,
Dave Nommensen, Brent A Price/HOU/ECT@ECT, Scotty Gilbert, Jim
Fussell/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT, Connie Sutton/HOU/ECT@ECT,
Donna Consemiu/HOU/ECT@ECT, Antoine V Pierre/HOU/ECT@ECT, Mary Solmonson,
Susan Harrison/HOU/ECT@ECT, Edward de
Valcourt/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jim Coffey/HOU/ECT@ECT, Julie
Ferrara/HOU/ECT@ECT, Romeo D'Souza/HOU/ECT@ECT, <fielddr@texaco.com>,
Wrighcs@texaco.com, Robert D Morgan/HOU/ECT@ECT, Wanda Curry, James
McKay/HOU/ECT@ECT
cc: Harold Bertram/HOU/ECT@ECT, Philippe Bibi, Beth Perlman, Robert
Shiring/HOU/ECT@ECT, Shonnie Daniel/HOU/ECT@ECT, Sally Beck
Subject: Project Hurricane/Bridgeline Status

Here is a quick status and list of to do's related to setting up the new J.V.
between Enron & Texaco which will be combining the LRC and Bridgeline
pipeline systems:

Summary:  The LRC & Bridgeline pipeline systems will be combined under the
name of Bridgeline LLC.  Ownership in the JV will be split 60% Texaco & 40%
Enron.  Bridgeline Gas Marketing LLC will be the entity that will be trading
on the pipelines under the new J.V.  Contracts and Service  Agreements are in
the process of being drafted.

Enron will be providing the Trading and Commercial Operations systems to
support this J.V.  Texaco will be providing the Scada system.  I understand
that Accounting is still being discussed.  The Trading, Risk, & perhaps
Scheduling personnel for this JV will be initially relocated to the 21st
floor of the Enron Building and will eventually move to probably the 3 Allen
Center once a more permanent spot can be built out.  Trading for the new JV
will start in early February for March Production.

To Do's:

Accounting:  I've asked Jim Coffey to set up two work orders to capture IT
transition and ongoing costs.  Texaco is also trying to set up a meeting next
Monday to step through the accounting flow so that we are all on the same
page and make sure there is nothing that will fall through the cracks.

PC's:  Jim Fussell is in the process of ordering the PC's for this JV at my
request.  I will need the work order numbers to track these costs.

Networks:  I'm coordinating with Arshak and his team to make sure that the
voice and data networks are in place for EB 21.  Once the more permanent spot
is nailed down we will then need to do the same for that location.   A
combination of Trader phones, Lucent Phones, Stenfons and Amtels have been
requested.

Location on EB 21:  I'm waiting on a call back from Chris Larson from
facilities to find out what locations on 21 will be assigned to the new JV.
Currently half of the floor is empty but they are set up with high wall
cubes.  There may need to be some build out for the traders to low wall
cubes.  We can't set up the PC's, phones, Amtels, etc until this is done.

Data Conversion:  I have requested from Texaco the contract, deal and
meter/facility information we will need to set up in our systems to begin
trading for March production.  It may be possible to get an electronic dump
of this data from Texaco if Enron defines the data fields that we will need.
We also need to set up the trading entities and portfolios.  I will also need
to know who will need to have access to this data so that we can set up the
system security.  I have received the names of the traders but I don't know
who else will need access.

Interface between Enron's Unify POP's application and Bridgeline's Scada
application:  I've asked Dave Nommensen from Enron to get with Carryn Wright
from Texaco to begin the process of defining the interface between the two
applications and estimate the time to build and implement the interface.
There will also need to be a transition plan put in place where LRC's
RTU's/EFM is redirected to the Bridgeline Scada system.  In the meantime
there will be two Scada systems and perhaps two Gas Controls until everything
is merged into one.  This will probably mean some manual interfaces between
POP's and Scada for Confirmed noms and EFM volumes until the transition is
complete.

Scada Communications:  Currently the LRC RTU's/EFM communicate back to
Enron's Scada system via leased lines.  Bridgelines RTU's communicate back to
them via a microwave system.  The new JV could save on communications costs
by switching LRC's RTU communication to the microwave.  Perhaps this is best
done as a part of the Scada transition.

Accounting data needed by Texaco for Royalty purposes:  This data needs to be
better defined.  I will follow up with John LeDoux from Texaco to get this
process started.

Hourly volumes:  Bridgeline currently has one utility customer who may be
billed on an hourly basis depending on the amount of swing.  We need to talk
through this process to see what enhancements may be needed.  At least
initially there will need to be some manual processes in place to support the
billing for this one customer.

Please let me know if you'd like to meet on any of these topics.  I can have
my assistant set up the meeting if needed.  In the mean time I can be reached
at 713-853-6858.  Thanks!  -  Tommy


FYI.  We're trying to keep the stuff confidential.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 05/22/2001 03:06 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	05/21/2001 10:17 AM

		 To: Linda Robertson/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron,
skean@enron.com, Janel Guerrero/Corp/Enron@Enron, Paul
Kaufman/Enron@EnronXGate, Daniel Allegretti/NA/Enron@Enron, Howard
Fromer/NA/Enron@Enron, Susan M Landwehr/NA/Enron@Enron, mpalmer@enron.com,
James D Steffes/NA/Enron@Enron
		 cc:
		 Subject:

On the call on Friday, Linda asked if we could distribute materials
developed/used recently in California regarding the crisis and solutions to
try to resolve it.  Attached are:

A "backgrounder" provided to the business leaders that Ken Lay met with last
week
A power point presentation that is a "higher level" discussion of the more
detailed "backgrounder."

If I missed anyone, please forward along.  If anyone has any questions, give
me a call at 415.782.7822.

Best,
Jeff


Please respond to michelle
http://www.eyeforenergy.com/newsletter/newsletter_190401.htm

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    Thursday, April 19, 2001 Issue 26   EDITORIAL  It's been a busy few weeks  It's been a busy two weeks in the energy sector, since our last newsletter.  The Intercontinental Exchange is rumored to have made an offer for the IPE, and NYMEX has started offering new products to compete with IPE's traditional markets.  The California energy crisis continues to rack up victims with another utility declaring bankruptcy.   Conoco's refinery explosion has caused a spike in prices, and Enron and Dynergy have both reported record earnings.   As you can imagine with everything going on, we had a hard time focusing on just one issue for this edition of the Briefing.  Instead, we decided to give you a bit of everything-some e-business news with a look at what NexClear's up to; a look at online trading; and an overview of privatization efforts in Latin America.  So take a look and let us know what you think-is Latin America the next big growth spot on the energy market?  Is online energy trading going to be the thing that takes the energy sector from laggard to front-runner in e-commerce adoption?  How viable are green energies-are they the future or just a blip?  Let us know.   One final note.  Our American readers will no doubt be aware of next week's Earth Day (our non-American readers might be struck by the irony of Americans celebrating Earth Day considering some of President Bush's recent stances).  The entire Eyeforenergy team would like to wish everyone out there a happy, and environmentally friendly Earth Day (and of course take a moment to plug our upcoming Green Energy Conference in November-keep your eye out for information; and let you know about our new site we'll be launching in about 2 weeks:  www.eyeforfuelcells.com that will focus on the commercial applications of fuel cells)    --Allison Robertshaw, Editor    CASE STUDY   The Race is On   Basing its business model of its experience in wholesale energy commodity trading in the United States and OTC commodity clearing in Europe, NexClear, Inc., Boulder, Colo., is one of three known companies gunning to be the first to offer complete OTC clearing services in the United States  "Currently, no one offers OTC clearing product there," says Roger Kristiansen, director of NexClear's European operations.  "A few firms, such as the London Clearinghouse, have introduced limited OTC clearing capabilities, such as interest swaps, but no firm has yet to offer anything close to a... Click here for Full Story      FOCUS   The Battle for Online Energy Markets   The lines are being drawn in the continuing battle over the future of futures as Atlanta-based Intercontinental Exchange (ICE) made a bid for London's International Petroleum Exchange (IPE). The offer valued at US $65 million (45 million pound) has apparently won the approval of Man Financial, the brokerage division of Man Group Plc., which holds 10 percent of the IPE. Oil giant BP is reportedly also in favor of the offer.  The offer, as presented to IPEs board, is said to comprise a combination of ICE stock, shares in the merged entity and a new second class of share. IPE's market capitalization was last valued at ?29.9m ($43m), after shares were suspended on Monday. ICE is estimated to be worth about $1.3bn.... Click here for Full Story      INSIGHT   Insight: Privatization of Latin America   The privatization of a state-owned industry is a development of historic dimension. For many Latin America nations, their formerly state owned energy companies represent their largest investment. For much of the world former global giants such as British Petroleum, British Gas, Petro Canada, Elf Aquatine (France), ENI (Italy), TOTAL (France) and Reposal (SPAIN), have recently undergone the transition from state ownership to at least partial private ownership.  Eye on the prize   With an eye on the prize that could spell billions in new investments, privatization efforts are underway everywhere from the former Soviet Union to Latin America. For Latin America, in particular, the move toward privatization in the electrical power, distribution... Click here for Full Story      ADVERTISEMENT  [IMAGE] Landmark Graphics and Petroleum Place -- Accelerating Business Efficiency   Landmark Graphics and Petroleum Place Delivers Enormous Efficiencies within Acquisition and Divestiture. How? Through online delivery of data and evaluation tools within an APS environment to afford dramatic efficiencies for both sellers and buyers.  Visit www.petroleumplace.com  [IMAGE] [IMAGE]  [IMAGE]  NEWS ROUND UP - WEEK IN REVIEW   Energy and Telecommunication Companies on Convergence Course   New York, April 17, 2001---According to a report by KPMG LLP, a majority of energy and telecommunications have become involved in the convergence of the two industries.  "This demonstrates how prevalent the coming together of the industries has become as energy and telecommunications companies compete heavily for right-of-way ownership of transmission lines and cope with strong regulatory requirements -- major issues driving the movement toward convergence," said... Click here for Full Story     Enron, Dynegy Earnings Greater than Expected in First Quarter   April 18, 2001---As wholesale energy trading activity picked up during the first quarter both Enron and Dynegy posted earnings higher than expected.  Enron boasted of earnings up 18% from a year ago. First quarter results were $0.47 up from $0.40 a year ago on revenues of $50.1 billion. Enron's first quarter results easily beat Wall Street expectations. According to Thomson Financial/First Call, the analysts' earnings consensus estimate... Click here for Full Story     Atmos Energy Offloads Applications to Docucorp   Dallas, April 17, 2001---Atmos Energy Corp., has selected Docucorp International to render application service provider (ASP) hosting for their five utility companies, which produce approximately 2 million bills per month.  "After a lengthy review, we chose Docucorp's ASP centers to provide bill format, print and mail services, and electronic archival for our operating companies," said Thomas J. Pearson, Atmos Energy's vice president of customer information and technology. "Docucorp's Dallas ASP Center... Click here for Full Story     Powerline High Speed Internet Access Comes to Brazil   April 13, 2001--- Brazil's Companhia Paranaense de Energia (Copel) has inked a deal worth a reportedly US $1 million to bring a new high-speed solution for domestic Internet connection to the country.  The solution, Powerline Communications (PLC), based on electric power distribution lines, will be used on common ways of interconnection as telephone lines and cable TV?s networks which will expand the traffic until 2 megabits per second, what would be more than 30 times the useful speed of good... Click here for Full Story    DynegyDirect Expands, Adds Hourly Power Products   April 16, 2001---DynegyDirect, the online B2B portal and trading arm of Dynegy, Inc., is making hourly power products, to its list of over 700 products. Since going live last November, DynegyDirect has recorded more than $14 billion in notational transactions and now boasts more than 400 registered users.  Hourly power markets for on-peak hours will initially be available at major interconnects in the Midwest. As Dynegy's generation portfolio expands throughout the country, additional North American hourly products and locations will be added to Dynegydirect.   Similar in operation to market... Click here for Full Story    Smart Port Secures Web Based Transactions and Manageability   Houston, April 17, 2001---In a break with the past, where Web transactions were "secured" by easily cracked passwords, Schlumberger has released their Smart Port solution. Schlumberger Network Solutions, Smart Port provides authentication, privacy and authorization for online transactions, permitting businesses to safely conduct virtual transactions while leveraging substantial investments in Internet software and hardware.  In addition to security features, Smart Port provides authorization and user management features. It also provides users with flexibility in how they utilize Web resources. Smart Port is currently offered as a fully managed solution, with back-end hardware securely locked in a room accessible only... Click here for Full Story    German EEX Power Exchange Introduces New Members     Two new trading participants have been added to the electricity futures exchange. Frankfurt based European Energy Exchange (EEF), launched in March, has added Municipal utility Stadtwerke Duesseldorf and Mannheim-based MVV Energie (MVVG.DE> join the Hannover municipal supplier on the derivatives... Click here for Full Story    Swedish Power Companies Power 3G Mobil Telephony     Sweden's state owned broadcasting transmitter service's provider, Teracom, has formed a consortium with four other power companies to offer infrastructure for third generation mobile telephony.  Teracom said in a statement the group would provide transmission capacity to the 10,000 base stations... Click here for Full Story     Latest News Now!      [IMAGE]     EDITORIAL [IMAGE] It's been a busy few weeks    ARTICLES [IMAGE] The Race is On [IMAGE] The Battle for Online Energy Markets [IMAGE] Insight: Privatization of Latin America    NEWS ROUND UP [IMAGE] Energy and Telecommunication Companies on Convergence Course  [IMAGE] Enron, Dynegy Earnings Greater than Expected in First Quarter  [IMAGE] Atmos Energy Offloads Applications to Docucorp  [IMAGE] Powerline High Speed Internet Access Comes to Brazil  [IMAGE] DynegyDirect Expands, Adds Hourly Power Products  [IMAGE] Smart Port Secures Web Based Transactions and Manageability  [IMAGE] German EEX Power Exchange Introduces New Members  [IMAGE] Swedish Power Companies Power 3G Mobil Telephony     EVENTS [IMAGE]  Eyeforenergy Latin America  [IMAGE]  Energy Exchange Online  [IMAGE]  Eyeforenergy Asia     SUBSCRIBE   Please enter your email address below to subscribe to the EyeForEnergy newsletter. 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I need to be present for my home burglar alarm installation this afternoon.
Please feel free to contact me at (713) 664-3207.
Thanks.  Sara


Start Date: 10/8/01; HourAhead hour: 7;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100807.txt


Happy Anniversary! I will deliver the card in person in about 10 days.

Chris


6/8/2001 Fri

Notice: If any clients or potential clients that are getting duplicate e-mails just reply to this, and let us know and we will remove the extra recaps. If anyone feels that they may be
receiving these in error please kindly reply to have you removed from the list and we are sorry for any trouble we caused you.

IF ANYONE WHO DID NOT GET THE "PDF" FILE ATTACHMENT SHOWING THE THREE YEAR
LONG TERM NUMBERS AND FULL CFTC DISCLOSURE DOCUMENT PLEASE E-MAIL
OR CALL TOLL FREE (800) 773-1713 AND WE WILL RESEND IT RIGHT AWAY

Here were todays trades

"Swing" S/P full size

B 1278.50 open trade 6/7
s  1271.50 close trade 6/8
-7.0=($1,750.00)
---------------------------------------------------------------------------------------------
S 1271.50 open trade 6/8 open equity at close @ 1276.50  "trade still open"
---------------------------------------------------------------------------------------------
E-Mini
B 1278.75 open trade 6/7
s  1271.00 close trade 6/8
-7.75($387.500
---------------------------------------------------------------------------------------------
S 1271.00 open trade 6/8 open equity at close @ 1276.75  "trade still open"
---------------------------------------------------------------------------------------------
Mini Nasdaq
B 1972.50 open trade 6/7
s  1929.00 close trade 6/8
-43.5=($870.00)
-------------------------------------------------------------------------------------------
S 1929.00 open trade 6/8 open equity at close @ 1921.50  "trade still open "
-------------------------------------------------------------------------------------------
No Bonds today

Commentary:

Todays price action was the true meaning of "Murphys Law". On the open the NYSE "KNEW" that the new software that they installed last night was not working properly. The Market was
closed down after aprox fifthteen min of the open of the bell. The software issue prevented about 30% of the Dow stocks from trasmittng from the exchange to the retail public.(However
the big players on the floor were able to still trade for a short time?) This move by the board members created a shut down of aprox 59 minutes. When this market failed, the Merc
followed after the futures moved 10pts to the down side after the fact. The Nasdaq was still open both N.Y. and Chicago.

What was very interesting the Bonds did not react to this fundamental news in anyway. The real sell off that took place all day was more follow through from negative earnings news on
"Jupiner" and also that the British pound got hit hard in London last night. We saw the market except for a bit of short covering the last 30 min of the cash market just make lower
lows and lower highs. The volume was reported as the lightest all year at the NYSE.

Where do we go from here? The wave traders are now looking to the fact that we did not see 1293.00 to 1298.00 today as a bearish pull back, and the potential of seeing 1255.00 "may"
set up some time next week. We "think" from the fact that our system did get us short and there was no sign of any real recovery all day from the fall out in N.Y. that the trend is
down. We also"think" the bias of negitave fundamental news thats starting to come out is going to have a much broader impact on the market than these short bursts of bullish activity
for a few days. "If" we can take out 1265.00 on Globex Sunday night then this will send a real strong message for the open Mon. The activity in London will set the first tone with
there currency issues and Globex and the bonds will follow.

Until Monday.

For those of you who know me and we have spoken before. Then its no surprise for me to reiterate my (montra) about trading systems that are available to the retail public. Since I was
introduced to "SYSTEM TRADING" back in 1994.00 and have never looked back, I am more convinced that this is the only way to trade the futures markets for long term success. However I
also feel very strong that if anything is good in a computerized non subjective trading program, and that if its going to have any real long term longevity to it, (then why would
anyone sell it?) The fact is from my perspective that anything with real value is kept propritiary or its under management just as our system is.

I found this section in the June edition of Futures magazine, go to page #52 in the middle of the page is a observation from them on tracking systems. And I quote "ALMOST ALL
SUCCESSFUL SYSTEMS THAT WE TRACK ARE LONGERTERM TREND FOLLOWERS OR EXTREMELY SHORT-TERM STOCK INDEX TRADERS. (THE CONSISTENT SHORT-TERM SWING SYSTEM HAS YET TO BE DEVELOPED.) Un quote.
Well folks the fact is yes it has been developed, its just not for sale? I guess traders will just half to settle for being part of a managed acct with us that has shown to make money.

For those potential clients that are following us one very important aspect of our system is that it feeds on a great deal of data that is transmitted from the cash market. And both
technical and cash data is calculated inorder to confirm trend changes.We have our computer models take a look back every hour on the half hour to re check if any trend changes have
been violated regardless of where the futures are.

What most of the retail public has is no idea that infact all the large firms both equity's and futures have there own (platforms) and there own (systems). Its been proven that as long
as one has a sound trading methodology that is coded and it can be looked and judged over long time frames, this is the ONLY way to make gains that can show year after year. Human
intervention has created more losses in the futures markets than I care to think of. It never fails that I talk to traders every day who pound there chest on what they did "today" but
whats more important is to look at what one has done over lets say a three year time frame. This is the secret for long term success.

On the E-mail that has been sent out in the last few weeks on the new market starting 8/21/2001 "Single Stock futures" This will be very exciting for us due to the fact that we will be
one of the first firms in the country to offer this new market in a Managed program with the underlying trading methodology stemming from computer based models. The large firms will
have access to this market first then the retail public will begin 12/21/2001. As long as there are no problems that surface with the CFTC and SEC then Dec looks good.

For those of you who are not aware of the back ground of our programmers they have a history in the Futures and Equity side of the industry from institutional firms that are all
computer based with there own trading programs.

Again for those traders who are not aware of this market we will be able to trade futures on single stock issues. For example IBM will have a contract that will have 100 shares in a
contract. And that will have a life of 90 days just like the current four trading contract months per year. For more details on this market see details below.

CBOE Create Joint Venture on Single-Stock Futures World's Two Largest Equity Derivatives Exchanges to Create For-Profit Company CBOT to Join With Limited
Stake CHICAGO, May 14, 2001

 - The world's largest options exchange and the largest futures exchange in the U.S. are teaming up to introduce a highly anticipated new product - single-stock futures contracts. The
Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange Inc. (CME) today signed a letter of intent to create a joint venture to introduce single-stock futures, following
approval by the boards of directors of both exchanges. The Chicago Board of Trade (CBOT) has also agreed to participate in the joint venture with a limited stake. Legislation signed
into law in December will allow the introduction of single-stock futures by U.S. financial exchanges later this year, after an 18-year prohibition on the products. "Today's
announcement highlights the innovation and entrepreneurial spirit among Chicago's exchanges," said CBOE Chairman and Chief Executive Officer William Brodsky. "This exciting new
initiative combines the best of securities and futures trading. Our willingness to work together on this venture will ensure that Chicago remains the world's center in derivatives
trading and risk management." "The creation of this joint venture recognizes the tremendous synergies of CME and CBOE, making us a formidable competitor in the global marketplace for
single-stock futures," said CME Chairman Scott Gordon. "Our complementary customer bases of retail and institutional investors will benefit from the efforts of all three Chicago
exchanges to establish deep pools of liquidity in these products." "I am enthused that Chicago's exchanges have worked so well together to understand and address our customers' needs
and our members' concerns," said CBOE Vice Chairman Mark Duffy. "We have designed a product that, I believe, will appeal to our customers, and a business structure that will provide
great benefit to our members." "Our largest customers have emphasized the importance of collaboration between the CBOE and CME to combine the capabilities, distribution and
connectivity of the futures and securities worlds," said CME President and Chief Executive Officer Jim McNulty. "This alliance should also provide the highest level of capital
efficiency for our customers who trade in both futures and options." "The CBOT is pleased to work with the leadership of CBOE and CME in this initiative to bring this exciting new
product to our markets," said Nicholas Neubauer Chairman of the Chicago Board of Trade. "The involvement of our members and the access to our customers will make important
contributions to the success of this venture." The joint venture will be a for-profit company, will have its own management and board, and will be separately organized as a regulated
exchange. Single-stock futures will be traded electronically, and orders may be entered through both the new CBOEdirectTM electronic platform and CME's GLOBEX?2 electronic trading
system. CME and CBOE officials said they are engaged in negotiations with the Options Clearing Corporation (OCC), which clears all CBOE transactions, to clear the new products. McNulty
said the negotiations contemplate CME becoming a special clearing member of OCC to provide access for CME clearing members who are not members of the OCC. The exchanges anticipate
contracting with Designated Primary Market-Makers (DPMs) in these products and expect that the board appointed to govern the joint venture will determine the eligibility criteria,
selection process, rights, privileges and duration of such arrangements. Single-stock futures are expected to bring new efficiencies to securities trading, securities lending and
corporate hedging activities. CME and CBOE officials said they also expect to develop rules that would accommodate block trading and exchange-for-physicals (EFPs). The Chicago Board
Options Exchange created and launched the first listed options on stocks in 1973 and the first index options in 1982. Today, CBOE lists options on more than 1,500 stocks and on over 40
indexes, such as the S&P 500, the Dow Jones Industrial AverageSM, the Russell 2000, the Nasdaq-100, and the S&P 100. It remains the world's largest and most successful options
marketplace. Chicago Mercantile Exchange Inc. launched the first successful stock index futures contracts on the S&P 500 in 1982. Today, CME trades futures and futures options on
indexes including the S&P 500, Nasdaq-100, S&P MidCap 400, Russell 2000, FORTUNE e-50? , S&P/BARRA Growth and Value Indexes, and Nikkei 225, as well as its electronically traded E-mini
S&P 500 and E-mini Nasdaq-100 contracts - the fastest growing products in the exchange's history. CME also trades interest rate, foreign currency and agricultural commodity products.
On November 13, 2000, CME demutualized and became a for-profit, shareholder-owned corporation. CBOE is regulated by the Securities and Exchange Commission (SEC). CME is regulated by
the Commodity Futures Trading Commission (CFTC). Additional information about the CBOE and CME can be found at their respective Web sites: www.cboe.com and www.cme.com.

If anyone who would like to chat in more detail on our CTA managed accts please dont hesitate to call me at toll free (800) 773-1713

Thank you

Jerry Jacobs
C.T.A.

IF ANYONE WHO DID NOT GET THE "PDF" FILE ATTACHMENT SHOWING THE THREE YEAR
LONG TERM NUMBERS AND FULL CFTC DISCLOSURE DOCUMENT PLEASE E-MAIL
OR CALL TOLL FREE (800) 773-1713 AND WE WILL RESEND IT RIGHT AWAY

RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL.  YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.  IN
CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING:

IF YOU PURCHASE A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS.

IF YOU PURCHASE OR SELL A COMMODITY FUTURE OR SELL A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR
BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION.  IF THE MARKET MOVES AGAINST YOUR POSITION, YOU MAY BE CALLED UPON BY YOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN
FUNDS, ON SHORT NOTICE, IN ORDER TO MAINTAIN YOUR POSITION.  IF YOU DO NOT PROVIDE THE REQUIRED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU
WILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT.

UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION.  THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET MAKES A "LIMIT MOVE".  THE PLACEMENT OF
CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A "STOP-LOSS" OR "STOP-LIMIT" ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS
MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS.

A "SPREAD" POSITION MAY NOT BE LESS RISKY THAN A SIMPLE "LONG" OR "SHORT" POSITION.  THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS
WELL AS FOR YOU.  THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.

IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES.  IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES
TO MAKE SUBSTANTIAL TRADING PROFIT TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS.  THIS DISCLOSURE DOCUMENT CONTAINS AT PAGE SEVEN A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED
TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS.  YOU SHOULD THEREFORE CAREFULLY STUDY THIS DISCLOSURE DOCUMENT AND COMMODITY
TRADING BEFORE YOU TRADE, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT AT PAGE FIVE.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS.  TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION.  FURTHER, UNITED STATES REGULATORY AUTHORITIES
MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED.  BEFORE YOU TRADE
YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED TRANSACTIONS AND ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR DETAILS ABOUT THE TYPES OF REDRESS
AVAILABLE IN BOTH YOUR LOCAL AND OTHER RELEVANT JURISDICTIONS.

THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISOR'S NAME FROM A CLIENT FOR TRADING COMMODITY INTERESTS.  YOU MUST PLACE ALL FUNDS FOR
TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT.

Global Financial
93 Partridge Dr.
San Rafael Ca. 94901
800 773-1713
415 721-1084 direct
415 457-5088 fax


This is to update you on the status of ICE's Offer for IPE.

? As of 3 pm on 29 May (the first closing date), valid acceptances had been
received in respect of shares representing 60% of the share capital of IPE
Holdings.
? The Offer has been extended to 15 June

Justin


I need your list of accomplishments (five to ten items) for calendar year
2000 by the close of business next Tuesday, December 5.

Thank you.


Please increase Consumer's delivery from 8909 to 10605 effective 2/17-29.

Call me on 703-561-6497 if you have any questions.

Thanks.


please set up interviews with; me,Sheila, Mark H., Julia M,Lance and Lisa M
---------------------- Forwarded by Richard B Sanders/HOU/ECT on 03/29/2000
12:35 PM ---------------------------

"Lauren Eaton Prescott" <lauren@prescottlegal.com> on 03/28/2000 02:59:13 PM
To: <Richard.B.Sanders@enron.com>
cc:
Subject: Re: Kathlyn Scott

Can you see her for a half day 4/14 (Friday)?  This will be a split expenses
trip since Reliant also wants to see her.

Lauren
----- Original Message -----
From: <Richard.B.Sanders@enron.com>
To: <lauren@prescottlegal.com>
Sent: Monday, March 27, 2000 10:33 AM
Subject: Re: Kathlyn Scott

>
> let me know when she will be coming
>
>


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/22/2001
07:45 AM ---------------------------

	Enron North America Corp.

	From:  Ken Lay and Jeff Skilling @ ENRON                           03/13/2001
04:17 PM

Sent by: Ken Lay and Jeff Skilling@ENRON
To: All Enron Worldwide
cc:
Subject: California Energy Crisis

California,s power crisis has generated heated debate over the last several
months.  Unfortunately, this debate has generated more heat than light.  We
want you to know what the facts are and what we are doing about the crisis.
Please spend a few minutes reading the following overview on the situation
and our position on California energy issues.

What happened in California

The source of California,s current problem is as straightforward as supply
and demand.  California,s economy grew 29 percent since 1998.  This increased
the demand for electricity by 24 percent.  At the same time, regulatory
restrictions prevented new generation from getting built in the state.  So
demand grew but regulations prevented supplies from being added.  The result,
predictably, is a shortage.  This summer, peak capacity will be about 10
percent shy of peak demand, leading to further blackouts in the state.

In addition to the supply and demand imbalance, there are two other related
factors that led to the current crisis.  First, the state,s regulations
forced all sales and purchases into the spot market.  The spot market for
power is extraordinarily volatile.  The way firms behave in a free market
when faced with such volatility is to construct a portfolio of purchases long
term, medium term and short term, to reduce exposure to this volatility.  In
California, state regulation prevented this strategy.  This would be the
equivalent of putting the entire state on an adjustable rate mortgage in the
most volatile interest rate environment imaginable.  Everything was fine
while the power surplus persisted, but when shortages ensued, every megawatt
was purchased at the sky rocketing spot price.

Second, retail markets were not deregulated.  Regulated retail rates remained
in effect, and stranded cost recovery charges were structured to keep
competition out.  This meant that utilities were forced to pay high wholesale
prices in the spot market but were only able to recover costs at the
regulated retail rate.  They are now nearly bankrupt.

In short, California,s problems were caused by regulation, not deregulation.
Regulations prevented competitors from entering the market, prevented new
generation from being built, and prevented prudent hedging against volatile
spot prices.

At the time California was developing its restructuring plan, Enron warned
the state,s policy makers about these risks and proposed alternatives, which,
if adopted, would have averted the current crisis.

Enron,s Role

Many political leaders in the state have elected to fix blame rather than fix
the problem.  Power sellers, including Enron, have been vilified by the
politicians and the media.  Here are the facts:

? Other than a small amount of wind power, Enron is not a generator in the
state of California.  Every megawatt we sold in California we bought in the
same market available to other California purchasers.  Because we are a
market maker, not a generator, we are not biased toward high prices.  We are
interested only in having a market that works so that we can package products
for our customers.
? As a seller to end-use markets in the state, we provided protection from
the problems the states, utilities, and their customers, now face.  We
protected, and still protect, our customers from price volatility.

You may have read that EES recently elected to have the utilities supply
power directly to its customers in California instead of procuring power on
the open market.  Early reports mischaracterized this as a &turnback8 of our
customers to the utilities.  Here are the facts:

? As a result of a variety of factors existing in the current California
market, it made more sense for EES to source power for its customers directly
from the utilities.  This decision reduced EES,s market price risk by
allowing EES to access lower utility rates.
? EES did not terminate any customer contracts, and our customers continue to
receive the financial benefits of their contract prices.
? EES is continuing to work with its California customers to provide them
with other energy-related products and services, including assistance in
reducing the demand for power, particularly at peak times.

Enron is currently proposing solutions to help California work out of its
crisis; Enron continues to sign up customers in the state; and Enron
continues to actively manage its risks and capture opportunities in Western
power markets.  Enron,s primary business is managing risk for our customers
with solutions customized to meet their needs.  There has never been more
demand for our products and services.

The Solution

The solution to California,s crisis is also straightforward.  In summary, the
state must increase supply, reduce demand, reduce reliance on the spot market
and shore up the financial stability of the state,s utilities.

Increasing Supply

California,s process for siting and permitting new generation is nothing
short of Byzantine.  Enron has built plants elsewhere in the country in less
than a year.  In California, it often takes 5 to 7 years.  California simply
must streamline this process.  Ironically, while many of the regulations
generators must overcome are aimed at improving environmental quality, the
regulations are preventing new clean technology from coming online and
displacing current plants, which emit 40 times as much NOx.  California can
have abundant power and cleaner air by expediting the permitting of new
facilities.

Reducing Demand

Customers in California today have no incentive to reduce or shift demand.
They pay the same rate no matter what the market price is.  An open retail
market would trigger demand responses, which would balance supply and demand
at lower prices than today.  California should fully open its retail market.

Reducing Reliance on the Spot Market

In a truly deregulated market, customers would protect themselves from
volatile spot prices by purchasing some of their requirements on a longer
term, fixed-price basis.  The state has instead left procurement in the hands
of the utilities, which it has forced to buy exclusively in the spot market.
Opening the market at the retail level will give customers control over their
price risk.

Restoring the Financial Integrity of the State,s Institutions

The utilities in California are not paying their bills.  This has led to
greater uncertainty in the market, higher costs, and reduced flexibility to
arrive at lasting solutions.  California must permit its utilities to recover
their costs so they can pay their bills and invest in the transmission and
distribution assets necessary to get power from where it is to where it is
needed.

Just as important as doing these things, the state must avoid policies that,
while politically attractive, do not fix the problem or even make matters
worse.  Price caps have been proposed.  They don,t work; have never worked;
and they will not work here.  Price caps succeed only in creating shortages,
which then have to be allocated among competing users.  Imagine how
ineffectively the government would be in determining, for example, whether it
is better to make its limited power supplies available to the Imperial Valley
or Silicon Valley.  Price caps are a surefire way to make the current
shortage worse.

The state has also proposed to take over generation and transmission in
California.  There is no reason to believe, and every reason to doubt, that
the state will be more effective than free markets at investing in,
constructing, operating and maintaining assets.  This will also result in
California tax revenues being spent on power transmission and power
generation -- which the private sector can do -- instead of education, roads
and other public goods -- which the private sector cannot do.

As you are approached by people outside the company or are learning about the
crisis from the media, it,s important for you to know this:  We at Enron will
continue to serve our customers and we will continue to propose real
solutions to the state.


Hey Bruce,
Oscar and I are looking to have the first 2 questions answered.  If you could
look at these and get back with me that would be great.  I'm working on the
3rd question now.  Thanks
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 05/09/2000
03:21 PM ---------------------------

Oscar Dalton
05/09/2000 03:09 PM
To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject: wps

Ben,

On the Wisconsin Public Service deal (WPS) please consider the following:

1.  One LM-6000 to be sited near Green Bay Wisconsin
2.  Will be configured in combined cycle mode with a HRSG
3.  100% of the output will go to an industrial customer of WPS

Key Questions

1.  What is the heat rate and Mw rating of our turbine at site conditions (20
degrees winter and 90 degrees summer)

2.  What is the water consumption with Sprint verses water injection

3.  What is a 10 year fixed gas price at chicago starting 6/1/01 on a
baseload volume of 10,000 mmbtu/d


FYI.
---------------------- Forwarded by Susan Musch/ENRON_DEVELOPMENT on
04/12/2000 08:41 AM ---------------------------

Shari Stack@ECT
08/10/99 03:16 PM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: Financial Trading in Australia

as discussed
---------------------- Forwarded by Shari Stack/HOU/ECT on 08/10/99 03:16 PM
---------------------------

David Minns@ENRON_DEVELOPMENT
08/10/99 02:55 AM
To: Shari Stack/HOU/ECT@ECT
cc:
Subject: Re: Financial Trading in Australia

Shari see attached. Paul Quilkey is going to arrange a phone hook up to see
if we can finalise this matter.

Shari Stack@ECT
05/08/99 04:12
To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott.Farrell@msj.com.au
cc:

Subject: Financial Trading in Australia

We met with Gary Hickerson and Paul Quilkey late last week and explained our
findings. It now appears that whilst the primary purpose for transacting is
to hedge existing risks (as explained in my memo of 7/29), Gary wants to be
able to enter into Transactions (also as defined in my memo) - particularly
the purchase and sale of equities - on a more proprietary/speculative basis.

Therefore, he has asked that we look into what it would take for us to obtain
a Securities Dealer's License. I would be grateful if you could please
prepare a short memo and set forth what the capital requirements, reporting
requirements, monitoring, experience and education level of staff,
performance bond, exact level of "surplus liquid funds", length of time for
application to be processed, ongoing obligations, etc... would realistically
be.

I know these topics were generally addressed in Scott's fax of July 14th but
I would be grateful if one of you could please condense this and give us
specifics that we can present to Gary. Please call me if you want to discuss.

Many thanks,

Shari


Mark:  Attached is the latest draft of the memo.  Speak to you soon.

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

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

 - S4D04!.WPD


Beginning  10/1/2001, TMS stopped excluding city gates locations from the allocation, thereby they would be subject to allocation, where they were not before,  this was requested by John Buchanan.  Unfortunately or fortunately, NNG customers do not nominate a large portion of their gas to theses city gate locations, rather they nominate to the zone locations, so there is a 99.9% probability, that these city gates would never have to be allocated any way.

Currently in TMS we exclude the zone nomination locations (OPS type) from the allocation process.  Therefore my question is, since we wanted to include the city gates in the allocation process do we also want to include the zone delivery locations in the allocation process?  Bewlow is a list of OPS type points.

(234 3026 3041 3042 3044 3047 3049 3050 3051 3054 3055 3056 3057 3058 3059 3061 3062 3063 3064 3065 3066 3067 3068 3069 3071 3072 3075 3076 3077 3079 3080 3082 3083 3084 3085 3086 3087 3088 3089 3091 3093 3094 3095 3096 3097 3098 3099 3100 3101 3102 3103 3104 3108 3109 3110 3111 3112 3113 3114 3115 3116 3117 3119 3120 3122 3123 3124 3126 3184 3363 3438 4816 55935 57178 59043 59271 60226 60228 60230 61427 61704 62818 62819 62820 62821 62862 62906 62956 62957 71488)

These points are not eligible for allocations, with the exception of 234 (Nigas).


The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=11/02/2001>, published as of 11/02/2001 is now available for viewing on the website.


Please plan to attend a  reception and dinner for those Analysts and
Associates due to rotate in the near future who have made significant
contributions to Enron North America  The function will be hosted by the
Office of the Chairman at Cafe Annie located at 1728 Post Oak Blvd. on August
2,  2000.  The reception will start at 7:00pm with dinner to follow at
7:45pm.  Please RSVP to Ted Bland at ext. 3-5275 no later than close of
business Monday, July 31.  This will be an informal gathering to discuss the
progress of ENA and an open forum to interact with the management team on a
one on one basis.

See you on Wednesday.

Mark, Dave and John


-----Original Message-----
From: 	Boyt, Eric
Sent:	Monday, October 29, 2001 10:41 AM
To:	Fitzwater, Loftus; Diamond, Russell; Little, Kelli; Calcagno, Suzanne; Moon, Eric; Cramer, Chris
Subject:	FW: America's new weapon

[Boyt, Eric]  You have to turn up the volume a little

This just cracked me up.................................................

http://members.sigecom.net/theclan/Taliban.html


I thought you would really apprecaite this....
---------------------- Forwarded by Sandra F Brawner/HOU/ECT on 05/02/2001
09:53 AM ---------------------------
From: Ragan Bond/ENRON@enronXgate on 05/01/2001 04:01 PM
To: Sandra F Brawner/HOU/ECT@ECT
cc:
Subject: RE: I don't know Brad Horn!!!!!!!!!!!!!!!

Love the trading side........Ref Brad comment:   I just hear Brad and watch
some of the strange things he does in the gulf and i'm like geezzz he is
nuts...like to keep my association with lunatics to a minimum.....that's
all!!!!!!!    take care!
 -----Original Message-----
From:  Brawner, Sandra
Sent: Tuesday, May 01, 2001 3:51 PM
To: Bond, Ragan
Subject: Re: I don't know Brad Horn!!!!!!!!!!!!!!!

Hi Ragan,

I am sure this is a joke , but I dont get it..  Please explain -
ANd I am doing fine - I am tired these days  ( that age thing , you know).
How are things with you?  Enjoying the trading side again,n or are you
missing the brokering side?  Thanks for the note- keep in touch -


---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 12/15/99 09:24
AM ---------------------------

Patrick Smith <PatrickAlan@compuserve.com> on 12/15/99 09:08:04 AM
To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject: Model

 - 121599.exe


Several of us are attempting to determine the number of options we will
receive.

The following is an excerpt from an E-speak discussion with Cindy Olson
regarding the new Enron Option Plan effective Dec. 29, 2000.

The number of options will be based upon a Black-Scholes value.

Black-Scholes is based upon a number of factors, including the stock price,
the risk-free rate of return, the term of the stock options,
and the general movement of Enron common stock as compared to the general
stock market.
The Black-Scholes value for Enron stock options is determined monthly.

As of October 1, 2000, the Black-Scholes value for Enron stock options was
$31, for seven-year options.

To estimate the number of options you might receive, divide 25 percent of
your annual base salary by the Black-Scholes
value for Enron stock.

Therefore we must find out the year end or Dec. Black-Scholes value for ENE.
See if you can find it on the internet.


Patti will be distributing Astros tickets to you for the 2001 season.  We
used a process that gives you tickets for games in proportion to the number
of employees on your team.  I hope that you will enjoy the games and that you
will also be able to use some of the tickets to reward employees for a job
well done.

We have improved our tickets this year.  Thanks to Patti, who scoped out
options for new tickets, and to my husband, who studied advantages and
disadvantages of each option, we  have some good seats for the year.  The new
tickets (4 together) are Dugout tickets, located between home and third base,
about 28 rows up from the field.  Not aisle tickets this year, but I sat in
the seats for the pre-season opener, and they are a big improvement over last
year!  We will work on the aisle for next  year.  We also still have the two
Terrace level tickets as we did last year.  For some games you will get all 6
tickets, and for others you may get either the Dugout Tickets or the Terrace
tickets.

Not a bad start to the season so far, so hopefully the new ballpark jinx is
history!  --Sally


---------------------- Forwarded by Darron C Giron/HOU/ECT on 01/30/2001
11:20 AM ---------------------------

Scott.Crowell@us.cgeyc.com on 01/30/2001 11:06:36 AM
To: drewbeckman@hotmail.com, timothy.b.bose@us.arthurandersen.com,
mike.fultz@halliburton.com, dgiron@enron.com, bret_hat@swbell.net,
Phillip.M.Love@enron.com, jnagy@intraspect.com, srasmussen362@earthlink.net,
CRoberson@ASAPSC.COM, csiddons@comscore.com, mikepthomas@yahoo.com,
sheri.thomas@enron.com
cc:
Subject: Sony Ad  [CGEY Virus checked]

Scott Crowell
Cap Gemini Ernst & Young Consulting
Senior Consultant - Oracle High Growth

214.665.5751  office
214.543.9093  cellular

----- Forwarded by Scott T. Crowell/CGEY/EYLLP/US on 01/30/2001 11:05 AM
-----

                    "Mehringer,
                    Eric"                 To:     "'cnelson@xit.net'"
<cnelson@xit.net>, "'David Antes'"
                    <EMehringer@ne        <David.Antes@articulent.com>,
"'fattoad'" <fattoad@email.msn.com>,
                    xtera.com>            "'jmodzel@sctcorp.com'"
<jmodzel@sctcorp.com>, "'Kim'"
                                          <kim.mehringer@oracle.com>, "'Mark
Grinter'" <grinter@ksu.edu>,
                    01/29/2001            "'Reynolds'" <jreynold@robs.org>,
"'Robert Westfall'"
                    07:37 AM              <bobwestfall@earthlink.net>,
"'Scott Mehringer'"
                                          <mehringe@nortelnetworks.com>,
"'Scott.Crowell@us.cgeyc.com'"
                                          <Scott.Crowell@us.cgeyc.com>,
"'j.lee.stanley@jfsfoods.com'"
                                          <j.lee.stanley@jfsfoods.com>,
"Bercaw, Daniel" <DBercaw@nextera.com>,
                                          "McAdam, Nehman"
<NMcAdam@nextera.com>, "Olmstead, Eldon"
                                          <eolmstead@nextera.com>, "Choi,
Christopher" <CChoi@nextera.com>,
                                          "Garrett, Mark"
<MGarrett@nextera.com>, "Neeley, Ned"
                                          <NNeeley@nextera.com>, "Farr, Joel"
<JFarr@nextera.com>, "Emmett, Steve"
                                          <SEmmett@nextera.com>, "Dubrow,
Eric" <EDubrow@nextera.com>
                                          cc:
                                          Subject:     Sony Ad  [CGEY Virus
checked]

 <<Sony laptop ad.mpg>>

Eric K. Mehringer
Nextera Interactive
101 North Wacker Drive
Suite 400
Chicago, IL  60606
Phone: 817-477-4507
Fax: 817-477-4508
Cell: 817-707-5381
emehringer@nextera.com
www.nextera.com

(See attached file: Sony laptop ad.mpg)

______________________________________________________________________
The information contained in this communication is intended solely for the
use of the individual or entity to whom it is addressed and others
authorized to receive it. It may contain confidential or legally privileged
information. If you are not the intended recipient you are hereby notified
that any disclosure, copying, distribution or taking any action in reliance
on the contents of this information is strictly prohibited and may be
unlawful. If you have received this communication in error, please notify
us immediately by responding to this email and then delete it from your
system. Cap Gemini Ernst & Young is neither liable for the proper and
complete transmission of the information contained in this communication
nor for any delay in its receipt.
 - Sony laptop ad.mpg


Mark

On the subject of the Customer Registration Form, the EOL group would like to
amend the form as follows:

? to ask the registrant to indicate which industry/business it is involved in;
? to ask the registant to indicate whether it is interested in view- and/or
trade- access.

This seems fine to me - but I wanted to hear from you...

Hope all's well with you...

Thanks

J


Start Date: 4/10/01; HourAhead hour: 7;  HourAhead schedule download failed.
Manual intervention required.


I discussed with Ted and David, and they agree with Oliver's analysis below,
so Chris, let's go ahead and report on the $20MM loss against UK Gas in
today's notifications.  Then perhaps you can work with James to adjust DPR
reporting accordingly going forward.

Thank you,
Cassandra.

---------------------- Forwarded by Cassandra Schultz/NA/Enron on 12/06/2000
03:28 PM ---------------------------

Oliver Gaylard@ECT
12/06/2000 02:55 PM
To: Cassandra Schultz/NA/Enron@ENRON
cc: David Port/Market Risk/Corp/Enron@ENRON, James New/LON/ECT@ECT, Ted
Murphy/HOU/ECT@ECT

Subject: Re: Loss Notification - "Structured Derivatives"

Cassandra

As discussed with Ted, David and yourself the loss should not be looked at on
its own as it is due to movements in two markets.

The UK power price curve shifted and the UK gas volatility curve shifted. The
P+L break out is as follows:

UK Power delta P+L      $38MM
Spread options (Structured derivatives) gamma P+L  $(20)MM
Spread options (Structured derivatives) vega P+L  $(23)MM
UK Gas  vega P+L      $4MM

If prudency releases are stripped out I think if we allocate P+L to the
correct books we get the following total P+Ls exluding reserve releases:

UK Power       $18MM
UK Gas        $(20)MM (Excludes reserve release of $17MM)

Therefore we only have a loss violation in UK gas. This is not trying to
avoid the $42MM loss notification, I am only trying to represent the loss
that reflects the true risk in the books of Europe.

Please hold off on the issue of a notification until it is decided that only
a loss notification is issued for gas.

Rgds

Oliver

From:  Cassandra Schultz @ ENRON
               06/12/2000 19:55

To: Michael Kass/EU/Enron@Enron, Chris Abel/HOU/ECT@ECT, James New/LON/ECT@ECT
cc: Oliver Gaylard/LON/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON, Mike
Jordan/LON/ECT@ECT, Shona Wilson/NA/Enron@Enron

Subject: Loss Notification - "Structured Derivatives"

Per discussion with Ted Murphy, P/L related to the Eastern spread options
should be included in our Loss Notification monitoring in accordance with the
Risk Management Policy.  However, my understanding is that the positions and
VaR are captured in European Gas and UK Power, but the P/L is reported
separately in "Structured Derivatives".  This reporting is perhaps further
complicated by related prudencey being released in the line item European
Gas.

The 12/5 DPR reflects a ($43MM) loss in Structured Derivatives, and Oliver
indicated this represents the market moving against our Eastern spread option
position.  This is a Ken Lay level notification by any measurement standards,
regardless of whether you compare it to the $7,500 VAR limit for Gas, or the
$15,300 VaR limit for UK Power. Or even split it between them.

Chris, please include this loss in today's notification letters to Ken Lay
and Jeff Skilling for the 5th.  Per Oliver, the loss was due to power price
curve shift and gas volatility curve shift against the Eastern spread options.

Going forward, James, perhaps you could work with Oliver and the commercial
team to determine a reasonable methodology to support the allocation of P/L
and related DPR reporting  for these positions so we can continue to evaluate
in compliance with the policy.

Thank you,
Cassandra.


Thanks, Jim.
CF

From: Jim Armogida on 08/08/2000 09:35 AM
To: Clint Freeland/Corp/Enron@Enron
cc: Sara Shackleton/HOU/ECT@ECT

Subject: Re: Enron Term Sheet (DRAFT)

Yes.  It is almost finished, and I should have it out in a few minutes.

	Clint Freeland
	08/08/2000 09:02 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Jim Armogida/Corp/Enron@ENRON
		 cc:
		 Subject: Enron Term Sheet (DRAFT)

Sara and Jim -
Here is the term sheet for the CSFB forward (this is related to the swap that
we unwound on Friday).  The same old issues of registration and net cash
settlement are in here.  I'd also like to talk to ya'll about the fees and
expenses section.  Jim, where are we on putting together registration
language that is acceptable to us?  Talk to ya'll later.
CF
---------------------- Forwarded by Clint Freeland/Corp/Enron on 08/08/2000
08:59 AM ---------------------------

"Chai, Thomas" <thomas.chai@csfb.com> on 08/07/2000 07:27:57 PM
To: "'Clint.Freeland@enron.com'" <Clint.Freeland@enron.com>
cc: "Roth, Jason" <jason.roth@csfb.com>, "Tom, Gabriel"
<gabriel.tom@csfb.com>, "Moran, James" <james.moran@csfb.com>, "Haratunian,
Stephen" <stephen.haratunian@csfb.com>

Subject: Enron Term Sheet (DRAFT)

Clint:

Please find an attached draft copy of the term sheet pertaining to the Enron
Equity Forward transaction executed on August 4. Please review the terms and
conditions tommorrow morning and to the extent you are in agreement, we will
obtain the necessary signatures and move towards execution copies over the
next few days. If you have questions, please give me a call.

Best Regards,

 <<Aug 7 FWD Term Sheet III.doc>>

Tom

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 - Aug 7 FWD Term Sheet III.doc