Dear Fellow Traveler:

This month we are excited to highlight Travel + Leisure's favorite
TravelSmith products! Travel + Leisure editors picked TravelSmith
because the products "combine style and function, address a variety
of needs and circumstances, and are light, packable, and entirely
uncomplicated travel companions." Click here to see these
top products!

Women's Indispensable Travel Pants
These modern classics have the contemporary lines and smooth,
flattering fit you can depend on for an entire trip. In fact, they're
so versatile you may not need to pack another pair. They're as casual
or as dressy as you choose: Wear them with a blouse and blazer for an
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polyester, 33% rayon, and 4% Lyrcac for comfortable two-way stretch -
is as good looking and long wearing as wool, without wool's
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wearing. Clean, no-waistband style has a side zipper and front darts
for a trim shape; a passport-size pocket behind the waist keeps cash,
credit card, or papers neatly concealed. $89

Overnight Essentials Bag
Compact, sophisticated, and ingeniously organized, this carry-on bag
keeps all your travel essentials close at hand - a reassuring feeling
in case your luggage is lost or delayed in transit. Open the smart,
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elasticized shoe pockets. The two spill-proof plastic cases - ideal
for toiletries - are conveniently removable for trips to the
bathroom. Made of premium nylon twill, the Overnight Essentials Bag
can be carried by its leather-wrapped handles or a detachable padded
shoulder strap. 11" x 17 1/2" x 7". $99

Men's ComfortMaxv Turtleneck
Polar bears know how to weather the winter: Each of their hairs is
hollow to trap air and provide a warm layer of insulation. Our
ComfortMaxv Turtlenecks do the same thing for Homo sapiens. They're
made of a remarkable new jersey-knit fabric that blends 74%
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little weight (just 8 ounces per shirt). The fabric also wicks
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you're walking or cycling. These shirts dry quickly - more than 50%
faster than 100% cotton. $32

Women's Featherweight Leather Jacket
Most leather jackets are best left in your closet at home - they're
just too heavy, bulky, and impractical for travel. Our Featherweight
Leather Jacket is exceptional on all counts: It's so lightweight and
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everywhere on your itinerary. We've used fine Italian calfskin and
eliminated the shoulder pads for a finished weight of just 26 ounces
of unencumbered luxury. Best of all, the leather is treated to repel
water and stains, so you can enjoy this jacket in any weather. The
classic walking length covers your hips and provides the perfect
proportion with pants or skirts. $399

Guaranteed 100% - No Questions - No Exceptions
We promise a full refund if you are not totally satisfied at any time
you own a TravelSmith product. Tested everywhere from the Amazon to
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rigors of the road. That's why we stand confidently and fully behind
everything we make.

Airplane Comfort Kit
The airlines' idea of comfort just doesn't measure up: Scratchy,
handkerchief-size, shared-with-strangers blankets and tiny, lumpy
pillows are a recipe for jet lag. Next time you fly, pack your own
Airplane Comfort Kit instead. The cloud-soft fleece pillow unzips to
reveal a generous (36" x 60") double-faced fleece blanket that
surrounds you (and only you!) with heavenly softness and lightweight
warmth. There's even a thoughtfully placed pocket at the bottom in
which to nestle your feet. The pillow can be inflated to precisely
your preferred level of firmness. Blanket and pillow cover can be
washed and dried by machine. Pillow also available separately. For
those desiring added lumbar support, the inflatable back pillow is a
great comfort add-on. $38

Men's Classic Packable Raincoat
These handsome raincoats have the superior quality and classic style
of those fashionable English macs. But they go one better by being
lightweight, packable, and 100% waterproof - ergo, a far better value
and the ideal raincoats for the road. (Most raincoats are not
actually rainproof!) Made of suede-soft microfiber, with a frankly
sensual texture, they weigh just 26 ounces. Best of all, each folds
into a compact travel pouch built into the lining. The travel pouch
slips easily into any carry-on. All styles are as impervious to
fashion trends as it is to rain and wind. Generous fit. $159

Medium Pack-It Envelope
These lightweight carriers are the answer to every frequent packer's
prayers. Not only do they organize your travel wardrobe by category
or function, Pack-It Envelopes prevent wrinkles by keeping clothing
from shifting around in transit. You'll even find you can pack more
in less space because the Pack-It compresses its load. Three colors
allow color-coded organization. Each Pack-It Envelope comes with a
folding board and instructions for quick and easy folding. The medium
size holds 8 to 12 dress shirts, blouses, or trousers. From Eagle
Creek. $25

Swiss Army Multi Tool
A screw falls out of your eyeglasses. A button pops off your pants.
The bike you rented needs a brake adjustment. From the people who
brought you Swiss Army knives, this Multi Tool corrects a multitude
of minor setbacks on the road and is compact enough to carry in your
pocket. In addition to the usual assortment of blades, you'll find a
wide range of screwdrivers, a bottle opener, can opener, corkscrew,
ballpoint pen, tweezers, pliers, hex wrenches, scissors, a sewing eye
- 34 different tools in all. Imported from Switzerland. 3 1/2" long
(closed). $75

NOTABLE NEWS

CHILDREN FLYING SOLO

The holidays are here -- the season many children equate with shiny
new toys, gingerbread cookies, steaming mugs of hot chocolate... and
airplane travel. Each year, millions of kids between the ages of
five and 12 fly unaccompanied on major airlines. If your children
or grandchildren will be flying unaccompanied this holiday season,
you'll want to be prepared and knowledgeable before they get on
the plane.

Below are a few tips from TravelSmith to help you make sure the
children in your life are safe and happy travelers this
holiday season.

? Try to book only nonstop or direct flights so that the child does
not need to change planes. Changing planes can be intimidating and
scary, especially in major airports.

? Where a minor must be assisted by airline personnel in order to
change planes, expect a fee of $20 - $50.

? Do not drop your child off at the curb! Parents or legal
guardians are responsible for bringing the minor directly to
the departure gate.

? Get to the airport early. Parents or legal guardians should allot
time to fill out all paperwork required for unaccompanied minors,
most importantly the paperwork that travels with the child.

? Because in-flight food service can be slow or delayed, it's a
good idea to pack some favorite snacks for the child to carry onto
the flight.

? Parents or legal guardians should provide the airline with written
information about how flight delays or cancellations should be
handled, including emergency contacts and a means to pay for
necessities, such as overnight accommodations.

? Upon arrival at the destination point, airline personnel are
required to escort the child off the plane. They are not allowed to
turn the child over to a waiting parent or guardian without seeing
the adult's identification and matching it with the information on
the form filled out before departure.

? An authorized parent or guardian must pick the child up at the
arrival gate. Not only is it important for the child's sense of
security to be met personally at the arrival gate, but in some cases,
children will be turned over to local child welfare authorities if no
parent or guardian is present to pick them up.

If you feel you have received this message in error or you wish to be
removed from the list, you can unsubscribe by going to:
http://travelsmith1.m0.net/m/u/trv/t.asp?e=JAMES.DERRICK%40enron.com


You have been added as an internal user to be able to access flowing gas
reports and invoices on the internet at http://www.hottap.enron.com.  Your
user id is "mlokay" and your password is "FLOWGAS56".


Please show 1 mw to APS from EPE for losses on RT transmission that we used
on 1/18/01.  This needs to be put in HE 24 MST--that's 23 PST :-)--tonight
1/22/01. Call APS tranny and confirm with them that you are showing 1 mw
LOSSES for the hour.  Please send me an email letting me know when this is
done.

Thanks
Jesse


BUSINESS HIGHLIGHTS

Enron Industrial Markets
Metal Bulletin - Iron and Steel Awards for 2000
Pushiest Entrant: Enron, the US commodity trading company, which promised it
would revolutionize the steel business by offering futures in hot rolled coil
via its online market place.

The EIM Fundamentals Analysis group is excited to announce that Dave Allan
has joined as a Director, responsible for all Forest Products lines.  He
comes to EIM with 20 years of experience in the Forest Products industry, of
which 14 were spent at Abitibi and 6 with Pulp and Paper Week.  Please join
us in welcoming Dave.

The Siebel Team (&The Force8) continues to work towards program
implementation of its customer management system in early May, with training
to begin at the end of April.  Stay tuned for updates.

Enron Global LNG
Enron Global LNG is positioning itself to be a creator and leader of a global
wholesale LNG market.  The rising prices of natural gas in the United States
and concerns over future energy supplies have created a bullish outlook for
LNG in the U.S. and around the globe.   LNG has played a major role in
serving energy needs in many parts of the world, but its place in the U.S.
energy picture has been limited. An LNG market that spans the globe can
supply vast amounts of otherwise stranded gas to the world,s growing appetite
for cleaner burning fuels.   Enron Global LNG sees great opportunity for
Enron,s wholesale energy business model to help shape yet another energy
market.

IN THE NEWS

Enron Corp. Says First-Quarter Profit Rose 20 Percent
Houston, April 17 (Bloomberg) -- Enron Corp., the largest energy trader, said
first-quarter profit rose 20 percent as sales almost quadrupled. Profit from
operations rose to $406 million, or 47 cents, from $338 million, or 40 cents,
in the year-earlier period.  Enron raised its 2001 profit forecast to $1.75
to $1.80 a share, from its January projection of $1.70 to $1.75.

First-quarter revenue surged to $50.1 billion from $13.1 billion as Enron
boosted the volume of power sold in North America by 90 percent. Enron had a
first-quarter gain of $19 million, or 2 cents a share, for an accounting
change, making net income $425 million, or 49 cents a share. There were no
charges or gains in the year-earlier period.

WELCOME
New Hires
EGM - Janelle Russell,
EIM   - David Allan, Sylvia Carter
ENA  - Sasha Divelbiss, Amy Quirsfeld, Judy Zhang, Annette Thompson, Kelly
Donlevy-Lee, Grant Patterson

Transfers (to or within)
ENA ) William Abler, Magdalena Cruz, Barbara Taylor, James Reyes, Marvin
Carter, Angel Tamariz, Jesse Bryson
EIM ) Cassandra Dutton, Christine Sullivan, Camille Gerard, Sherri Kathol,
Jennifer Watson
EGM ) Steven Batchelder

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed.


I have received

 -----Original Message-----
From: 	Graham, Carolyn
Sent:	Tuesday, November 27, 2001 8:09 AM
To:	Presto, Kevin M.
Subject:	FW: WorldCom Calling Card

Pls confirm that you have received your new WCom calling card.   Thank you.

Carolyn Graham
Enron NetWorks LLC
Vendor Management
713-345-8008


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During a conference call today (Friday), the CAISO  announced a FERC Section
206 "Market Stabilization Filing."? As of noon  today, the filing had not yet
been posted on the CAISO web-site.? According  to the CAISO, the filings is
designed to meet three objectives:? (1)  respond to the lack of a forward
market in California, (2) respond to the  problem of underscheduling, and (3)
protect consumers from the exercise of  market power.? Below is a brief
description of the CAISO proposal/filing as  discussed on today's conference
call.
?
?
A summary of the CAISO proposal/filing is  as follows:

To protect consumers from the exercise of market  power, impose "Bid Caps" of
$100/MWH.? Provide a means for generators to  justify higher bid caps based
on their costs.? For generators/marketers  committing/selling 70% of their
supply in the forward markets (presumedly  including the day ahead) to serve
California load, then their would be no  bid-cap but the existing FERC
approved $250/MWH "purchasers cap" would  apply.
To incent forward contracting, the UDCs would have  a requirement to
procurement 85% of their supply in the forward  markets.
To incent forward scheduling and minimize  uninstructed deviations, the CAISO
would impose a Real-Time Deficiency Charge  for schedulers outside a
pre-specified bandwidth (e.g. 10% of your scheduled  supply/load).? The
Real-Time Deficiency Charge, as yet unspecified, is  contemplated to be in
the $25-$50/MWH range.?

The CAISO indicated its  desire to bring these important issues to the FERC
in?the form of a  proposal for its timely consideration.? Clearly, this
proposal  raises a number of questions.? For example, how does the CAISO
determine  that 70% of a generator/ESP supply has been offered in the forward
markets (Do  you provide affidavits, contracts?).? How does the CAISO require
UDCs to  buy in the forward markets?? How were the target levels determined
(e.g.  70% sold forward as opposed to 60%).?
?
The IEP Market Response Project team members are  scheduled to have a
conference call on Friday, October 27 to discuss this filing  (as well as
other filings seemingly coming out of the  woodwork).


Hi Daren,

As per our phone conversation I sent you a fax, but I also wanted to let you
have an electronic copy of the failed deals which need to be booked into
SITARA. Attached is the detail on the six trades in question. Thanks!

Torrey Moorer (x36218)


Start Date: 10/15/01; HourAhead hour: 19;  No ancillary schedules awarded.  Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101519.txt

Error retrieving HourAhead price data - process continuing...
---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:   0.00 / Final:   0.01)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/15/01
  TIE_POINT: MALIN_5_RNDMTN
  INTERCHG_ID: EPMI_CISO_RED
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:   0.00 / Final:  49.83)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/15/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: EPMI_CISO_BLACK
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:   0.00 / Final:  49.81)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/15/01
  TIE_POINT: MEAD_2_WALC
  INTERCHG_ID: EPMI_CISO_BLACK
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:   0.00 / Final:   0.01)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/15/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_ORANGE
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:   0.00 / Final:   0.01)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/15/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_BLUE
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:   0.00 / Final:   0.01)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/15/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_GREEN
  ENGY_TYPE: WHEEL


Bill, were you able to talk with Sony's Treasurer today?  As you know, we
have a Friday deadline that is fast approaching.  We have a call with the San
Diego team tomorrow and I would like to have an update ready for them.
Please page me at 888-766-4103 to give me an update.

Not sure if you were aware of 2 items that Jennifer passed on to me:  1.)  We
as EES have recently signed a confidentiality agreement with Sony.  2.)
Sony's web site has alot of financial numbers (I don't know if they are
broken-out).

Also, we are preparing for alternative S-T solutions.  How many months are
you willing to allow at this point (we are coming off a 4 month deal) and if
we do a PX plus basis deal (reduced market exposure) does that change our
position at all?


bruce.j.mulholland@customs.treas.gov

Dear Sir,
Enron North America Corp. located at 1400 Smith Street in Houston, Texas
77002 is requesting permission to participate in the filling of monthly
releases of natural gas import quantities via  Maritimes & Northeast Pipeline
at Houlton,  Maine.  Enron is a new importer on the pipeline.   Agent Karen
Geraw of Norman G. Jensen, Inc.  will filed entries under U.S. Customs Bond
539501222 and Federal Tax ID#76-031813900.
Please contact Juanita Marchand at (713) 853-6253 or
Juanita.Marchand@enron.com if you have any questions.  Your prompt attention
is greatly appreciated.

Thank You,


Note: forwarded message attached.

__________________________________________________
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Get email alerts & NEW webcam video instant messaging with Yahoo! Messenger
http://im.yahoo.com
X-Apparently-To: rickdipersio@yahoo.com via web14603.mail.yahoo.com; 07 Sep 2001 11:48:27 -0700 (PDT)
X-Track: 1: 40
Received: from 170.148.48.205  (EHLO emappx13.net.tid.chase.com) (170.148.48.205)  by mta587.mail.yahoo.com with SMTP; 07 Sep 2001 11:47:49 -0700 (PDT)
Received: from EMAMPE13.notes.chase.com (unverified) by emappx13.net.tid.chase.com (Content Technologies SMTPRS 4.1.5) with ESMTP id <Taa9430d455d98a0c06@emappx13.net.tid.chase.com> for <rickdipersio@yahoo.com>; Fri, 7 Sep 2001 14:45:23 -0400
Subject: Amusement
To: rickdipersio@yahoo.com
From: Sylvia.M.DiPersio@jpmorgan.com
Date: Fri, 7 Sep 2001 13:39:43 -0500
Message-ID: <OFF2A793B9.FCECB66D-ON86256AC0.00668378@notes.chase.com>
X-MIMETrack: Serialize by Router on EMAMPE13/CHASE(Release 5.0.7 |March 21, 2001) at 09/07/2001 02:40:15 PM
MIME-Version: 1.0
Content-type: multipart/mixed ; Boundary="0__=86256AC0006683788f9e8a93df938690918c86256AC000668378"
Content-Disposition: inline
Content-Length: 2349515

Rick,

I can't wait to see you this afternoon!  The rowing one is the best.  I
wish I could do that one.

Love,

Sylvia
---------------------- Forwarded by Sylvia M. DiPersio/CHASE on 09/07/2001
01:43 PM ---------------------------

David E. Norman
09/07/2001 01:29 PM

Commercial Banking / Information Services-TEAM Sales  713 216-4656    Fax
      Number: 713 216-5486

To:   Sylvia M. DiPersio/CHASE@CHASE, Linda Hoppas/CHASE@CHASE
cc:
Subject:  Amusement

---------------------- Forwarded by David E. Norman/CHASE on 09/07/2001
01:35 PM ---------------------------

From: Glenn Holland on 09/07/2001 01:23 PM

Commercial Banking  713-216-7971    Fax Number: 713-216-5486

To:   Scott Tuggle/CHASE@CHASE, Nancy E. Monte/JPMCHASE@CHASE, David E.
      Norman/CHASE@CHASE, Michael Gresley/CHASE@CHASE, Darla
      Brumbelow/CHASE@CHASE
cc:
Subject:  Amusement

Just a liitle something to entertain and amuse...

(See attached file: cubicle hurdles.mpeg)
(See attached file: Hallway races.mpeg)
(See attached file: Rowing.mpeg)

 - cubicle hurdles.mpeg
 - Hallway races.mpeg
 - Rowing.mpeg


OWG members,

Jerry Ward has prepared the following set of responses to the request of the
Commission Staff for several examples of the operation and clearing of
Ancillary
Services markets.  The Staff has asked that the examples be provided prior to
the next Technical Conference scheduled for January 19.

As chair of the Operations Workgroup, I had asked Jerry to develop the first
draft of responses so that each of you could then review and provide comments
upon them.  Comments should be provided by the close of business on Monday,
January 16th.  All comments should be copied to the full workgroup by
e-mailing
them to operations@ercot.com.  Jerry and I will then incorporated the
comments,
as appropriate, into the examples and communicate to the workgroup the final
version of the examples prior to sending them to the Staff on the 17th.

(See attached file: 23220 Examples.doc)

Thanks -- Brad

 - 23220 Examples.doc


Reagan,

Thank you for the quick response on the bid for the residence.  Below is a
list of questions on the specs:

1.  Is the framing Lumber #2 yellow pine?  Wouldn't fir or spruce warp less
and cost about the same?

2.  What type of floor joist would be used?  2x12 or some sort of factory
joist?

3.  What type for roof framing?  On site built rafters? or engineered trusses?

4.  Are you planning for insulation between floors to dampen sound?  What
type of insulation in floors and ceiling?  Batts or blown?  Fiberglass or
Cellulose?

5.  Any ridge venting or other vents (power or turbine)?

6. Did you bid for interior windows to have trim on 4 sides?  I didn't know
the difference between an apron and a stool.

7.  Do you do anything special under the upstairs tile floors to prevent
cracking?  Double plywood or hardi board underlay?

8.  On the stairs, did you allow for a bannister?  I was thinking a partial
one out of iron.  Only about 5 feet.

9.  I did not label it on the plan, but I was intending for a 1/2 bath under
the stairs. A pedestal sink would probably work.

10.  Are undermount sinks different than drop ins?  I was thinking undermount
stainless in kitchen and undermount cast iron in baths.

11.  1 or 2 A/C units?  I am assuming 2.

12.  Prewired for sound indoors and outdoors?

13.  No door and drawer pulls on any cabinets or just bath cabinets?

14.  Exterior porches included in bid?  Cedar decking on upstairs?  Iron
railings?

15.  What type of construction contract would you use?  Fixed price except
for change orders?

I want to get painfully detailed with the specs before I make a decision but
this is a start.  I think I am ready to get plans drawn up.  I am going to
call Cary Kipp to
see about setting up a design meeting to see if I like his ideas.

Phillip
I


in case you didn't get this page...!
---------------------- Forwarded by Joseph Alamo/NA/Enron on 07/18/2001 06:20
PM ---------------------------
Joseph Alamo   07/18/2001 03:15 PM

To: 9167184@skytel.com
cc:

Subject: Car request

JOD -
sorry - but the "dude" I got on the phone @ Hertz says they're sold out!
(he wouldn't even take a waitlist for me/you!)

J


Tim,

Further to our discussion this morning, I have attached a draft of a term sheet regarding the development of generation at REU's Clear Creek site with the intent of marketing the output to DWR under a 3-6 year tolling agreement.

We think this summer will afford us a great opportunity to negotiate with DWR to obtain significant value substantially offsetting the installed cost of the unit.  To that end, we want to position ourselves so that we can move quickly should DWR make a strong bid for capacity and energy.  Notwithstanding, we appreciate Redding's obligations regarding its load and think that there will be a lot of flexibility with DWR in structuring a transaction that meets everyone's needs.

If you are interested, we propose entering into an MOU that summarizes the general terms of the transaction and roles and responsibilities.  Let's talk after you have reviewed the attached term sheet.

Thanks for your time and interest regarding this opportunity.

Laird


Gerald,

I understand that you will be taking on some of Sandi's projects since she left the company.  I have been working with Sandi on an agency agreemtent between ENA and Tenaska IV Partners, related to the gas supply for the Cleburne Plant.  Has she brought you up to speed on what we need?  We are looking into selling our stake in the plant and need to finalize the agreement as soon as we can.  Please let me know what you need to finish this.  Thanks.

Daren


Opps.  I made an error.  This is a Sep 2000 contract.  I changed the term on
deal from 6/1/2000 - 9/30/2000 to 9/1/2000 - 9/30/2000.


-----Original Message-----
From: Eddie Aaron  [mailto:edaaron@texas.net]
Sent: Thursday, November 29, 2001 4:01  AM
To: Mike Griffith
Subject: Fw:  T-G-I-F

Sent: Wednesday, November 28, 2001 9:26 AM
Subject: T-G-I-F
A businessman got on an  elevator in a building. When he entered the
> elevator, there was a blonde already  inside and she greeted him by
> reciting the letters,  "T-G-I-F."
>
>  He smiled at her and replied, "S-H-I-T." She looked at him, puzzled,  and
> said  "T-G-I-F" again.
>
>  He acknowledged her remark again by answering, "S-H-I-T."
>
> The blonde was trying to be friendly,  so she smiled her biggest smile and
> said, as sweetly as possible,  "T-G-I-F" another time.
>
>  The man smiled back to her and once again replied with a  quizzical
>  expression, "S-H-I-T."
>
>  The blonde finally decided to explain things, and this time she  said,
>  "T-G-I-F, Thank Goodness It's Friday, get it?"
>
> The man answered, "S-H-I-T: Sorry  Honey, It's Thursday."


I guess this is "beat up the democrats" day (or maybe more specifically "beat
up Al Gore" day) for me.  My apologies to all my liberal friends!  SRS

Just in case you need any encouragement to get out and
vote this Fall... [for anybody but....]
 ---------------------------------------------------------
"If we don't succeed, we run the risk of failure."
 -- Vice President Al Gore

"Democrats understand the importance of bondage between a mother and child."
 -- Vice President Al Gore

"Welcome to President Clinton, Mrs. Clinton, and my fellow astronauts."
 -- Vice President Al Gore

"Mars is essentially in the same orbit... Mars is somewhat the same distance
from the Sun, which is very important. We have seen
pictures where there are canals, we believe, & water. If there is water,
that means there is oxygen. If oxygen, that means we can
breathe."
 -- Vice President Al Gore, 8/11/94

"The Holocaust was an obscene period in our nation's history. I mean in this
century's history. But we all lived in this century. I
didn't live in this century."
 -- Vice President Al Gore, 9/15/95

"I believe we are on an irreversible trend toward more freedom and democracy
 - but that could change."
 -- Vice-President Al Gore, 5/22/98

"One word sums up probably the responsibility of any vice president, and
that ONE word is 'to be prepared'."
 -- Vice President Al Gore, 12/6/93

"Verbosity leads to unclear, inarticulate things."
 -- Vice President Al Gore, 11/30/96

"I have made good judgments in the past. I have made good judgments in the
future."
 -- Vice President Al Gore

"The future will be better tomorrow."
 -- Vice President Al Gore

"We're going to have the best-educated American people in the world."
 -- Vice President Al Gore, 9/21/97

"People that are really very weird can get into sensitive positions and have
a tremendous impact on history."
 -- Vice President Al Gore

"I stand by all the misstatements that I've made."
 -- Vice President Al Gore to Sam Donaldson, 8/17/93

"We have a firm commitment to NATO, we are a *part* of NATO. We have a firm
commitment to Europe. We are a *part* of Europe."
 -- Vice President Al Gore

"[It's] time for the human race to enter the solar system."
 -- Vice President Al Gore to reporters 10/95

"I am not part of the problem. I am a Democrat."
 -- Vice President Al Gore

"A low voter turnout is an indication of fewer people going to the polls."
 -- Vice President Al Gore

"Illegitimacy is something we should talk about in terms of not having it."
 -- Vice President Al Gore, 5/20/96

"We are ready for any unforeseen event that may or may not occur."
 -- Vice President Al Gore, 9/22/97

"For NASA, space is still a high priority."
 -- Vice President Al Gore, 9/5/93

"Quite frankly, teachers are the only profession that teach our children."
 -- Vice President Al Gore, 9/18/95

"The American people would not want to know of any misquotes that Al Gore
may or may not make."
 -- Vice President Al Gore

"We're all capable of mistakes, but I do not care to enlighten you on the
mistakes we may or may not have made."
 -- Vice President Al Gore

"It isn't pollution that's harming the environment. It's the impurities in
our air and water that are doing it."
 -- Vice President Al Gore

"Public speaking is very easy."
 -- Vice President Al Gore

AND, OF COURSE, (TO ALL USERS OF THE INTERNET), THE ALL TIME FAVORITE
QUOTATION FROM MR. AL GORE:
"As many of you know, I was very instrumental in the founding of the
Internet."
 -- Vice President Al Gore


thought you'd like this.....Jeff
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/09/2000
06:50 PM ---------------------------

Daniel Diamond
11/09/2000 06:45 PM
To: Jeffrey Shankman
cc:
Subject:

I thought you might like this.

-Dan

 - mini me.jpg


Teco Tap       10.000 / Enron  ;  65.000 / HPL IFERC

LS HPL LSK IC       30.000 / Enron


Carol:  I've been meeting with Jarrod about confirm templates.  Prior to the
departures of Shari, Lynda, et al, there was a move afoot to create an annex
of weather definitions which could be incorporated by reference into the
confirms (or added to the Schedule), either of which approaches would shorten
the confirms considerably.  Jarrod advises that the EOL T&C's for the
varioius weather products contain the basic information which can be drafted
in the annex.  Jarrod will send us the EOL T&C's.  I think it's a great idea.

Jarrod will also send the existing  weather templates (which may be slightly
different from those Shari gave us earlier).  We should verify that the
weather rep appears in the weather option templates (since we have agreed to
remove that rep from the Schedule).  Also, shouldn't we verify that all
weather trades are executed under NY law (they probably are anyway) since we
now have the opinion from the NY Office of General Counsel?

Sara


Due to a scheduling conflict, Mark Frevert will not be able to speak at the ETS floor meeting on the 41st floor tomorrow.

Greg Whalley, President and COO of Enron Wholesale Services, will be our guest speaker.

Greg will be informing us of what is currently happening within EWS, as well as answer any questions you have.

Please join us tomorrow, Thursday, February 1, at 2:00 pm by the Fax Center on 41.

I look forward to seeing you there.

Danny J. McCarty


---------------------- Forwarded by Kay Mann/Corp/Enron on 05/01/2001 04:57
PM ---------------------------

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 05/01/2001 04:30:06 PM
To: "'PARKER, Isabel'" <isabel.parker@freshfields.com>, "Shoemaker, Kent
(GEAE)" <kent.shoemaker@ae.ge.com>
cc: "Gregory F. Lang (E-mail)" <gregorylang@paulhastings.com>, "Smink, Jaap
(PS, GE AEP)" <jaap.smink@ps.ge.com>, "Johnson, Lee L (PS, GE AEP)"
<lee.johnson@ps.ge.com>, "'kay.mann@enron.com'" <kay.mann@enron.com>

Subject: Urgent:  GE Final Documents

Isabel and Greg:

Attached is an escrow instruction letter authorizing you to hold the
documents referenced in the memorandum in trust until the closing
transaction.

Jaap, you are authorized to fax the documents that you have to Isabel at 212
277 4001 and to Greg at 203-359-3031.  As the funding is contingent on them
seeing our fax documents first, we will have to send them now (or no later
than 9 CST) or the funding doesn't occur.

Call me if you have any questions.

Kent

-----Original Message-----
From: PARKER, Isabel [mailto:isabel.parker@freshfields.com]
Sent: Tuesday, May 01, 2001 5:18 PM
To: 'Shoemaker, Kent (GEAE)'
Cc: Gregory F. Lang (E-mail)
Subject: RE: GE guaranty, opinion of counsel and letter of credit

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify
us immediately by reply e-mail and then delete this message from your
system.  Please do not copy it or use it for any purposes, or disclose its
contents to any other person:  to do so could be a breach of confidence.
Thank you for your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

This seems fine.  You might want to add the GE acknowledgement of receipt of
funds, which, as we are holding documents in escrow until monies are
received by GE, can also now be signed in advance.
As to the opinion, we would prefer it to be executed by Dan Rowley or
yourself, rather than by you per personam Dan Rowley.
Let me know if this is possible
Thanks
Isabel

-----Original Message-----
From: Shoemaker, Kent (GEAE) [mailto:kent.shoemaker@ae.ge.com]
Sent: Tuesday, May 01, 2001 5:14 PM
To: 'PARKER, Isabel'
Cc: Gregory F. Lang (E-mail)
Subject: RE: GE guaranty, opinion of counsel and letter of credit

Will this work?  Is this correct list of documents

-----Original Message-----
From: PARKER, Isabel [mailto:isabel.parker@freshfields.com]
Sent: Tuesday, May 01, 2001 5:06 PM
To: 'Shoemaker, Kent (GEAE)'
Cc: Gregory F. Lang (E-mail)
Subject: RE: GE guaranty, opinion of counsel and letter of credit

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify
us immediately by reply e-mail and then delete this message from your
system.  Please do not copy it or use it for any purposes, or disclose its
contents to any other person:  to do so could be a breach of confidence.
Thank you for your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

Can we not fax the document to Dan Rowley and ask him to fax it back to us?
That way he doesn't need to print it out.  Alternatively, do you have
authority to issue the opinion yourself?
Isabel

-----Original Message-----
From: Shoemaker, Kent (GEAE) [mailto:kent.shoemaker@ae.ge.com]
Sent: Tuesday, May 01, 2001 5:04 PM
To: 'PARKER, Isabel'
Subject: RE: GE guaranty, opinion of counsel and letter of credit

I trust both of you as attorneys to hold in escrow.  This is an
administrative problem.  Dan Rowley cannot get to a printer in time.  Can I
sign Dan Rowley name by Kent shoemaker and fax it out to you.

-----Original Message-----
From: PARKER, Isabel [mailto:isabel.parker@freshfields.com]
Sent: Tuesday, May 01, 2001 4:56 PM
To: 'Shoemaker, Kent (GEAE)'
Cc: Gregory F. Lang (E-mail)
Subject: RE: GE guaranty, opinion of counsel and letter of credit

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify
us immediately by reply e-mail and then delete this message from your
system.  Please do not copy it or use it for any purposes, or disclose its
contents to any other person:  to do so could be a breach of confidence.
Thank you for your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

That is fine but if you can also fax the documents to me at the same time at
212 277 4001, that would be good.
I agree with the Escrow Letter in principle - who would you want to sign
such a letter? Presumably Salmon, as beneficiary of the guarantee?
Thanks
Isabel

-----Original Message-----
From: Shoemaker, Kent (GEAE) [mailto:kent.shoemaker@ae.ge.com]
Sent: Tuesday, May 01, 2001 4:53 PM
To: 'PARKER, Isabel'
Subject: RE: GE guaranty, opinion of counsel and letter of credit

Greg Lang at Paul Hastings has requested that the fax documents be sent to
him.  Is that okay?  I need to create an Escrow Letter that says the
documents cannot be released until funding.  I don't want a guaranty out
there without a closing.

Kent

-----Original Message-----
From: PARKER, Isabel [mailto:isabel.parker@freshfields.com]
Sent: Tuesday, May 01, 2001 4:03 PM
To: 'Kay.Mann@enron.com'; gregorylang@paulhastings.com
Cc: ccampbell@kslaw.com; kent.shoemaker@ae.ge.com; VAN DUSEN, Nicholas
Subject: RE: GE guaranty, opinion of counsel and letter of credit

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify
us immediately by reply e-mail and then delete this message from your
system.  Please do not copy it or use it for any purposes, or disclose its
contents to any other person:  to do so could be a breach of confidence.
Thank you for your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

Our credit documentation provides that Pegasus shall not cause any monies to
be released from the Turbine Escrow Account until all relevant documentation
has been executed and delivered, namely:

(i) GE consent
(ii) GE opinion
(iii) Turbine Contract
(iv) Security Agreement
(v) Promissory Note
(vi) Amended Salmon LLC Agreement
(vii) GE Parent Guarantee.

The lenders consequently expect to see an executed (faxed if necessary) copy
of all of the above (including the GE Parent Guarantee) prior to release of
funds from the Escrow Account.

Thank you
Isabel

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Tuesday, May 01, 2001 3:55 PM
To: gregorylang@paulhastings.com; isabel.parker@freshfields.com
Cc: ccampbell@kslaw.com; kent.shoemaker@ae.ge.com
Subject: GE guaranty, opinion of counsel and letter of credit

In conversations with GE, it is their understanding that their guaranty
will not be transmitted until there is a fed ref number tomorrow.  The
opinion letter will be faxed as soon as the GC is available, or Kent can
sign for Dan Rowley if that is acceptable.  DRowley can sign originals on
Thursday.

The LOC is in the works, and GE understands that 10% will be retained in
escrow until the LOC is delivered.

There will be three original opinions.  There is one original guaranty, and
I'm not certain of GE's willingness to give more than that.  Obviously,
there will be only one LOC.

Kay


The question came up yesterday whether a shipper who contracts for firm
capacity for a year or more at a negotiated rate is entitled to a ROFR.

I've done some checking, and the answer is no, a negotiated rate shipper that
entered into a contract after March 27, 2000 does not automatically get ROFR
rights.   This was clearly stated by FERC in Order No. 637-A.   It does not
matter whether the negotiated rate is above the maximum tariff rate; the
contract is still not considered to be "at maximum rates" for ROFR purposes.

As you know, our tariff does allow us to mutually agree to include ROFR
rights in a contract with a shipper who does not automatically get ROFR
rights.

Any questions -- let me know.


BUSINESS HIGHLIGHTS

Enron Producer One
Enron Producer One facilitates one-stop shopping for the producer,s
infrastructure needs.  Through business relationships with Hanover
Measurement Services and Applied Terravision Systems, Enron Producer One will
offer and custom-configure a number of valuable production services and
pricing plans to reduce overhead and simplify back-office tasks.  Initial
products offered are well connects, transportation, marketing, measurement
and accounting services.  Enron Producer One is managed and supervised by
John Grass.

IN THE NEWS

CEO says Texas in good shape for electricity deregulation
DALLAS (AP) - Enron Corp.'s chief executive and president said Tuesday he
believes that Texas energy markets are in good shape as the state prepares
for deregulation.
Jeffrey Skilling told an audience of about 400 business people at a downtown
hotel that California "has given the term deregulation a terrible name."
Electric deregulation in Texas officially starts Jan. 1. "In Texas, I think
we've got a pretty good system," he said.
In San Francisco on Tuesday, the California Public Utilities Commission
unanimously approved electricity rate increases of up to 46 percent to try to
head off blackouts this summer by keeping the state's two biggest utilities
from going under.  When California officials set up deregulation they allowed
the price of wholesale electricity to rise but capped the amount companies
could charge customers, Skilling said. SoCal Edison and Pacific Gas &
Electric say they have lost more than $13 billion since last summer because
they haven't been able to pass on the high cost of wholesale electricity.
Skilling said Texans are in a much better position and shouldn't worry that
their state's deregulation would be like the California experience.
"California, they just put together a crazy system,8 he said in his first
public comments since becoming the Houston-based company's chief executive
officer in February. "The markets in California are the most regulated
markets in North America today. And that's what is causing the problem."
03/27/2001  Associated Press Newswires   Copyright 2001.

WELCOME
New Hires
EGM  - Charles Crow, Nancy Johnson, Gregor Lehmiller
EIM   - Darrell Aguilar, LaTrisha Allen, Wesley Wilder, Ronald Barnes
ENA  - Brian Cruver, Craig Dean, Martha Kessler

EnronOnline STATISTICS

Below are the latest figures for EnronOnline as of March 16, 2001.

? Total Life to Date Transactions >  813,000
? Life to Date Notional Value of Transactions > $489 billion

NUGGETS & NOTES

Enron is hosting the New York Energy Risk Management Seminar at the St. Regis
Hotel in New York City on April 5, 2001.  Topics include Power Outlook,
Natural Gas Outlook, Hedging Strategies and Weather Risk Management. The RSVP
deadline is March 30th, so please contact Laura Pena as soon as possible at
x3-5376.  This is a great event for "new" as well as established customers.
There will be a cocktail reception immediately following the presentations.

NEWS FROM THE GLOBAL FLASH

Enron Reopens Rassau Power Station Plans
Enron Europe submitted an application to build a 1200MW combined cycle gas
turbine power station on the Rassau Industrial Estate at Ebbw Vale, Wales in
July 1998. In November 2000, the Government lifted its stricter power
consents policy, which placed restrictions on the development of new
gas-fired power stations, and Enron is now concluding the consultation
process for the application

As part of the process, updated environmental information has been submitted
to the Department of Trade and Industry and a team from Enron will be
presenting the plans to Blaenau Gwent Council on March 26. This will be
followed by a three-day public exhibition in the local community.

Enron expects to receive a decision later in the year.

European Economic Summit: Acceleration Directives
On March 23 and 24 the European Economic Council Summit will take place in
Stockholm.  At
this summit the European Commission will present to the heads of the Member
States a legislative proposal for a Directive and a Regulation that the
Commission adopted on March 13 to speed up the completion of the internal
electricity and gas markets.

Enron issued a statement to the media on the evening of Wednesday 21st March
stating that it specifically endorses the following initiatives incorporated
in the text of the adopted proposal:

Legal unbundling of the transmission and distribution networks as a realistic
solution, ensuring the independence of transmission and distribution system
operators.
Mandatory appointment of independent regulators in each country with the
obligation to fix or approve transmission tariffs before they come into force.
The current timetable proposed by the Commission: market opening for
electricity in 2003 and for gas in 2004 (industrial, commercial and wholesale
customers); and for supplies to all consumers including households by 2005.
The setting of rules in the Regulation for how power transmission tariffs can
be charged for cross-border transactions and how congestion and capacity
allocation at borders within the EU should be managed by transmission system
operators.

Enron concludes that it is encouraged by the efforts of the Commission to
accelerate the European electricity and gas market opening and the
reinforcement of third party rights of access to transmission networks. The
Commission's approach of harmonizing both the timetable and the regulatory
framework deserves support from all Member States.

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed.


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

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


Attached is the NNG Measurement Log thru 10/11/01.  If you have comments please call me @ 713.853.7742.

					j.  floyd


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I walked to the park yesterday and didn't see you.  It was such a bummer.  Today is Eirc's last day, sniff sniff.

It was good seeing you.  Take care.

 -----Original Message-----
From: 	Hernandez, Alex
Sent:	Sunday, March 31, 2002 1:24 PM
To:	McMichael Jr., Ed; Boyt, Eric; Dicarlo, Louis; Solis, Melissa; Lemmons Jr., Billy; Taylor, Mitch; 'mark.breese@mirant.com'; Garcia, Santiago; Garza, Maria; Gregory, Paul; Polsky, Phil; Parks, Joe; Germany, Chris; Concannon, Ruth; Kelly, Katherine L.
Subject:	Moving On

Dear Friends:

I have accepted a position with Wachovia Securities' Investment Banking division in Houston. For your reference, attached please find my personal contact information:

Cell: 832-746-9699
Email: alexh@alumni.rice.edu

Regards,

Alex Hernandez


As part of the recently negotiated agreement with United Parcel Service (UPS), Enron employees may now utilize two new letter centers when sending packages after hours.  These letter centers are located in Three Allen Center, on the ground level, behind the down escalator, near the U.S. Postal Services self-service area and in the Enron Building, at the back of the escalators near the automated teller machine.

Letter-sized envelopes, as well as boxes up to 18"x 13" x 3" can be shipped via Next-Day Air, Second-Day Air, Third-Day Select, UPS International and UPS World-Wide Express Service.

In order to eliminate service disruptions, please apply a completed label to the envelope or box, in accordance with previously communicated shipping instructions.  When utilizing the shipping documentation available at the letter center, please include the Enron account number and your company code and cost center in the reference fields.

Pick up times at the letter centers are 7:45 p.m. for Three Allen Center and 8:00 p.m. for the Enron Building, Monday through Friday.

If you have any questions, please feel free to contact Glenn Lewis, Global Strategic Sourcing contract manager at 713-646-7512.


ok

 -----Original Message-----
From: 	Quigley, Kay
Sent:	Tuesday, October 30, 2001 11:13 AM
To:	Quigley, Dutch
Subject:	RE: good morning

Actually I have thought about and I would prefer to just rent.
I look forward to purchasing a house in future or something substantially bigger.
From an investment perspective- I think we will have other opportunities in future.
we can talk tonite too if you want
ily
kay

From:	Dutch Quigley/ENRON@enronXgate on 10/30/2001 10:51 AM
To:	Kay Quigley/HOU/EES@EES
cc:
Subject:	RE: good morning

it is heading south alright , all of the options are out of the money so it really does not matter
ok on the rest , we need to talk about the living arrangement and see what we think as too
do we want to buy or jsut rent , can we talk tonight ??

 -----Original Message-----
From: 	Quigley, Kay
Sent:	Tuesday, October 30, 2001 9:38 AM
To:	Quigley, Dutch
Subject:	good morning

how low can it go??yikes our stock
Spoke to Linda's assistant today and told her we wanted
to know what rent was running for the other similar townhouses
and also what a purchase price would be- she does not know and said that she gave
Linda my message from last time as well as this time but that she is
not taking any calls....
this is the best I can do...
ily
kq


Dear Mr Lay

Happy New Year

Just a quick note to ask if you have considered the possibility of chartering
this coming summer?

IOf you have any dtaes or destination in mind please let me know.

Best regards

Nick Burleigh

Cavendish White Ltd
4 Bramber Court
Bramber Road
London
W14 9PW
UK

Tel +44 (0)207 381 7600
Fax +44 (0)207 381 7601
Nick@cavendishwhite.com
www.cavendishwhite.com


Can you lend whatever assistance you, or Louise can provide, in getting me
assistance from Mike Neves on adding the Contract Database for EnronOnline.
His boss's name is Scott Cleverly.


Hope you and Gracie are having a good day!!  I miss you guys.  California is a difficult State to understand.  Things are crazy.

Jim


MMT Group a Managed Futures firm would like to offer you a free trial
subscription to their real time market trading. ($145.00 value)

This portfolio generated over 120% in profits in less than 18 months. You
will see all of our trades both profits and losses.

Learn how a professionally managed futures account is traded, reply back to
freetrial@mmtgrp.com and start receiving your report the next day.

Thank You,

MMT Group


Russell:
Here is a summary of the ownership chain of Global Companies LLC:

1. Its members are Global Petroleum Corp. ("GPC"), YPF Distribution Company
("YPF") and Montello Oil Corporation ("Montello").  From what they sent to
us, I could not tell the ownership percentages.

2. The affairs of Global are managed by a "Board of Governors" who are
selected by the members.  Specifically, GPC and Montello collectively get to
choose 3 board members and YPF gets to choose 3 board members.

I your credit worksheet, you had specified as a "MAC" trigger if YPF, SA
fails to own at least 51% of Global Companies.  Is this the same entity as
YPF Distribution Company?  Do you want this as a MAC or as an Additional
Event of Default or Termination Event?

Carol


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November 20, 2001

Asset Sale Between TXU and EDF Supports European Strategies of Both Companies

By Will McNamara
Director, Electric Industry Analysis

[News item from PR Newswire] TXU Corp. (NYSE: TXU) has agreed to sell its 2,000 MW coal-fired West Burton power station, near Retford, Nottinghamshire, England, to London Electricity Group for GBP366 million (U.S. $523 million). In another transaction, TXU also announced the sale of Eastern Electricity, its U.K. distribution business, and its 50-percent interest in 24seven, the company that operates and maintains the distribution network, to London Electricity for GBP 1.31 billion (U.S. $1.873 billion). London Electricity, a distribution company that serves three million customers across Britain, is a subsidiary of Electricite de France (EDF), the state-owned and largest energy firm in France. London Electricity already owns the other 50 percent of 24seven.

Analysis: It's rather rare that an asset sale equally benefits the two energy companies involved in the transaction, but that appears to be the case in this deal between TXU and EDF. Both companies are pursuing different strategies, but they share a common goal of gaining a leading position in their respective niches in the European market. The transfer of both TXU's generating station and the entire distribution business in the United Kingdom to the French conglomerate EDF should help both companies increase market share in their respective markets. The divestiture enables TXU to obtain its goal of accumulating a total of about $2 billion in available capital to grow its energy merchant business across Continental Europe. For EDF, which aims to gain 20 percent of the market in Britain, the sale solidifies the company's position as a leader in the distribution sector and also expands its generation assets (both through its London Electricity subsidiary). Although the deal appears to be a winning transaction for both companies, one stumbling block toward obtaining necessary regulatory approval is the lingering frustration over EDF's expansion in other countries while the French market remains comparatively restricted.

Before moving on to the individual strategies of TXU and EDF, let's establish what is included in the current transactions. As noted, the sale of the generation assets includes only the coal-fired West Burton plant, for which London Electricity has also agreed to complete the installation of a flue gas desulphurization process. The transaction also includes a long-term contract for TXU to supply the station with coal. TXU Europe's distribution business is actually the largest in the United Kingdom, and includes the assets and wires that deliver electricity through a 56,000-mile network in East Anglia and southeast England. Both transactions must obtain regulatory approval from the European Union, and U.S. regulators may review the sales as well.

Let's now look at the separate gains that the two companies make in these transactions.

TXU Corp.
First, it is important to note that the European expansion of Dallas-based TXU Corp. is driven by the company's TXU Europe subsidiary. TXU's divestiture of its U.K. power assets is part of a larger strategy that the company has been pursuing for over a year. In a nutshell, TXU Corp. has sought to gain $2 billion from selling off non-strategic assets owned by TXU Europe to support further growth of the company's core trading and merchant energy businesses across the Continent. In February 2001, TXU Europe announced the sale of its gas-field assets in the North Sea to Consort Resources, which was the first indication that the company was moving away from a hard-asset strategy. TXU believes it only needs to have access to power supply through various contracts to retain its position as a leading power trader in Europe. Toward this end, TXU Europe also recently announced the sale of its 20-percent stake in Spain's Hidroelectrica del Cantabrico. In June, TXU completed the divestiture of its 1,000-MW Rugeley coal-fired power station to International Power. In August, TXU sold two gas-fired power plants in Eastern England, totaling 705 MW, to Centrica, a British gas and home services supplier, for $250 million.

Under the current sale of its U.K. assets, TXU exits the regulated pipes and wires business in the United Kingdom and gains available capital to support further growth in its trading business across the Continent. Specifically, from both sales TXU reportedly will reach its total of $2 billion in available financial resources and substantially exceed its previously established GBP 1 billion debt-reduction target. In other words, proceeds from the sales reportedly will allow TXU to strengthen its financial position by reducing debt, and TXU says it expects to cut its net debt-to-capital ratio to 55 percent by early 2002. However, the sale of the distribution assets includes a one-time write-off of $150 million that TXU is taking associated with transaction and debt restructuring. The write-off has caused TXU to reduce its 2002 earnings by 39 cents a share. The company now expects to earn between $4.35 to $4.45 a share next year.

With the divestiture proceeds in hand, TXU Europe's primary business model will remain focused on energy trading, a market in which the company holds a top-three position throughout the Continent. Further, the asset sales extricates TXU from the distribution sector, which it acknowledges is a business that provides lower returns and declining profitability. The bottom line for TXU in this and related sales is to "recycle capital into the faster growing merchant energy business," in the words of TXU Europe's CEO, enabling the company to derive more than three-fourths of its subsequent proceeds from this business. It is important to note that TXU Europe includes generating, trading and retail operations under the larger umbrella of its energy merchant operations. TXU Europe will probably remain involved in Britain's retail market, where the company retains the power-supply contract to serve 5.5 million customers, but the company is no longer interested in the distribution sector of this market.

Moreover, it is clear that energy trading is now the core of TXU's European operations. TXU Europe holds a trading volume of approximately 600 GWh, and earlier in 2001 the parent company TXU Corp. reported a 75-percent jump in its revenue that was attributed in large part to its energy trading business, both in Europe and the United States. TXU Europe still hopes to control physical assets in Europe, as represented by its purchase this year of a 51-percent state in Germany's Kiel utility, which in terms of volumes and customer base is the ninth largest of hundreds of municipalities in Germany. However, it is clear that TXU is moving out of the U.K. power distribution market and its sights are more clearly focused on Continental Europe.

Upon the word that the sales would drag down its earnings growth for the next three years, TXU shares fell about 8.5 percent on Nov. 19 to close at $45.59. In early morning trading on Nov. 20, TXU shares were priced at $45.15. However, Wall Street analysts indicate that the sales should increase TXU's long-term attractions because it will presumably be pursuing other acquisitions enabled by these sales.

Electricite de France
As noted, London Electricity is buying the generation and distribution assets from TXU, but it must be understood that these moves are being driven by the French-government owned Electricite de France, London's Electricity's parent company. EDF, which still maintains a practical monopoly status in France, purchased London Electricity in 1998 for 1.9 million British pounds ($2.72 billion) from Entergy Corp. Based on comments from EDF over the last year, the company plans on expanding its products and services and investing in further strategic alliances to become a multi-energy company.

In fact, London Electricity acknowledges that the purchases are part of the company's strategy to consolidate its position within the United Kingdom. Thus, while the U.K. market no longer appears to be a core focus of TXU, it obviously holds appeal for other companies that are attempting to gain a market share in Europe. Upon completion of the transactions, EDF / London Electricity will increase its share of the U.K. generation market to 7.5 percent from 4.5 percent, and reduce the gap that currently exists between its market share of generation versus distribution in the United Kingdom. London Electricity already owns the Cottam power station, a 2,000-MW coal-fired generating plant located near the West Burton plant. However, London Electricity will still own far less generation capacity in the United Kingdom when compared to the market leaders Powergen (which controls 10,000 MW) and Innogy (which controls about 8,000 MW).

Thus, the true focus of these purchases by London Electricity may be on the distribution sector. Upon completion of the transactions, London Electricity will own Britain's largest power distribution network and control about 18 percent of the country's distribution business. Analysts have suggested that EDF overpaid for TXU's West Burton plant (the buying price represented a 26-percent premium over the plant's book value), but got a fair price for the distribution assets. The point here may be that EDF was arguably willing to pay more for the generation assets as it already holds a solid lock on distribution in the United Kingdom and is attempting to expand further by gaining control over generation assets. Representatives from London Electricity have said that the company and its parent want to be one of the top five players in the United Kingdom, and have a goal of gaining 20 percent of market share in the region. London Electricity has been named as a contender for the U.K. supply company Seaboard, which current owner AEP plans to put for sale next year. Seaboard serves around two million customers in England (in the towns of Kent, Sussex and Surrey).

The involvement in EDF in this U.K. expansion has added a renewed spark to an old debate, namely the growth of EDF into other European countries while competition in France remains comparatively restricted. In other words, EDF has been the target of intense criticism across Europe for the last several years as the governments of other countries and other power firms have argued that EDF has taken advantage of investments abroad while fiercely protecting its own turf. For instance, while Germany has opened 100 percent of its power market to competition, France has opted for a phased-in approach, opening a third each of its power and gas markets by February 2003 and August 2008, respectively. While France remains rather blocked, EDF has freely admitted that it plans to acquire other companies in England, Spain, Italy, and possibly the United States. This dichotomy may become a factor as the current transactions with TXU fall under review of the European Union.

An archive list of previous IssueAlert articles is available at
www.scientech.com <http://secure.scientech.com/issuealert/>

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Please send me a few recommended B&Bs and restaurants.  Thanks for your help.

Kevin

My email at home is kruscitti@aol.com (I think).


Larry this is for the Kermit Team
          1. Lea Hendrick 260                         80,000 BBL. Tank
               16,032 BBls/d
                No serial number.
          2. Hendrick Quito  58044                20,000BBL. Tank
               39,44 BBls/d
                No serial number.

                                                                Thanks Darrel
Mason


On second thought, please forward this, along with the gas volume info., to
the appropriate parties at Cinergy.  Please send the below as opposed to the
previous version.  I've made changes pursuant to my conversation with Zisman.

chris

Responses to Cinergy's Gas Transport Questions

Brownsville
1)  Verify Type of Transportation Service and Identify location of 2 hour
notice.
Transportation is provided  under  ITS Service Agreement Contract No. 10290
.  This contract  is ANR's  pro forma ITS Agreement from its FERC Gas
Tariff.  Changes to the pro forma  are included in the various rate letters
(most recent dated September 20, 2000), the Operating Agreement (dated March
31, 1999) and the Additional ANR Transportation Service letter (dated March
30, 1999).  These three agreements were assigned to Brownsville Power I, LLC
per the Assignment Agreement dated December 1, 1999.

Specific to the question of the two hour notice, Brownsville's rights are
identified in the Operating Agreement under Article 1 on page 2 of the
agreement (See Articles 1.01, 1.02 and 1.03).  ANR's two hour notice rights
are also identified under Article 1 (See 1.05).  Please note that ANR's two
hour notice right is subject to the plant having taken delivery of gas
volumes per Articles 1.01, 1.02 and 1.03.

2)  On ETS Conversion right, is ETS service seasonal or annual?
The seasonality of the conversion is not addressed under the Additional
Transportation Letter dated March 30, 1999.  ANR's FERC Gas Tariff does not
preclude a seasonal application of the ETS service.
3)  Provided gas volumes burned at plant.
To be provided under separate cover.

Caledonia
1) Identify location of FT-BH rights in transaction documents (FT-A Contract).
Transportation is provided  under  Gas Transportation Agreement Service
Package No. 29230.  This contract  is TGP's  pro forma Agreement from its
FERC Gas Tariff.  Changes to the pro forma  are included in the Firm
Transportation Discount Letter dated April 7, 1999.  Additional
transportation rights negotiated by Caledonia, such as FT-BH (page 4) and the
FT-A replacement contract (page 5), are included in a letter dated March 31,
1999 titled "Commercial agreement with:  CALEDONIA POWER I, L.L.C., Natural
Gas Transportation".
2) Identify location of 4.5 Bcf/yr obligation in transaction documents (FT-A
Contract).
This provision is included in the  Firm Transportation Discount Letter dated
April 7, 1999 (See page 2 and 3, Article 3).
3) Provide gas volumes burned at the plant.
To be provided under separate cover.


I will be at the meeting on Thursday.  I have asked Brenda Herod to attend as
well.  Can you add her to your distribution list so that she receives notice
of these meetings as well?  That way, one or both of us will be able to
attend.  Thanks.

Elisabeth McCabe@ENRON
03/22/2000 03:37 PM
To: Brian Redmond/HOU/ECT@ECT, Tom Shelton/HOU/ECT@ECT, Renee
Ingram/HOU/ECT@ECT, Billy Lemmons/Corp/Enron@ENRON, James I
Ducote/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT,
Louise Kitchen/HOU/ECT@ECT, Valeria A Hope/HOU/ECT@ECT, Susan
Runkel/HOU/ECT@ECT, Brad Blesie/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dan
Lyons/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Shelly Mansfield/HOU/ECT@ECT, Max
Yzaguirre/NA/Enron@ENRON, John Enerson/HOU/ECT@ECT, Morris Richard
Clark/HOU/ECT@ECT, Shannon Bedrich/Corp/Enron@Enron
cc: Katherine Benedict/HOU/ECT@ECT, Michelle Vitrella/HOU/ECT@ECT
Subject: Vision and Values Meeting

An ENA Vision and Values committee meeting will be held on Thursday, March 30
at 2:30 p.m. in 47C2.

We will review the internal communications plan for 2000 and discuss the
upcoming focus groups that are planned for ENA in April.

The meeting should last no longer than one hour.  Please plan to attend.

Thank you.


NEAL, SCOTT M,
?
You have been selected to participate in the Mid Year 2001 Performance
Management process.  Your feedback plays an important role in the process,
and your participation is critical to the success of Enron's Performance
Management goals.
?
To complete a request for feedback, access PEP at http://pep.enron.com and
select Complete Feedback from the Main Menu.  You may begin providing
feedback immediately and are requested to have all feedback forms completed
by Friday, May 25, 2001.
?
If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:
Houston:  1.713.853.4777, Option 4 or email: perfmgmt@enron.com
London:  44.207.783.4040, Option 4 or email: pep.enquiries@enron.com
?
Thank you for your participation in this important process.
?
The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."  Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.  NOTE: YOU WILL
RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.
?
Employee Name:
CHAVEZ, ALEJANDRA
KEISER, KAM
LAMADRID, VICTOR
SUPERTY, ROBERT
TIAN, YUAN


The total mark to market value for US Gas EOL deals as of 08/31/2000 was:

   $332,200,027

Physical deals totalled $(5,441,280).  Financial deals totalled $337,641,307.

Let me know if you have any questions.

Thanks,

Errol, X5-8274


Based on your  fax and our conversation after it, please take a look at this
and let me know what you think.  Thanks.


---------------------- Forwarded by Sandra F Brawner/HOU/ECT on 04/12/2001
02:24 PM ---------------------------

Peter F Keavey
04/12/2001 02:24 PM
To: Sandra F Brawner/HOU/ECT@ECT
cc:
Subject: Fwd: FW: Top Forty things You will NEVER hear a Southern Man say:

---------------------- Forwarded by Peter F Keavey/HOU/ECT on 04/12/2001
02:23 PM ---------------------------

"Peter Keavey" <pkeavey@hotmail.com> on 04/12/2001 02:23:25 PM
To: peter.f.keavey@enron.com
cc:
Subject: Fwd: FW: Top Forty things You will NEVER hear a Southern Man say:

>From: Anne Moisan <amoisan@internationalsos.com>
>To: "'pkeavey@hotmail.com'" <pkeavey@hotmail.com>
>Subject: FW: Top Forty things You will NEVER hear a Southern Man say:
>Date: Thu, 12 Apr 2001 15:09:59 -0400
>
>
>
>-----Original Message-----
>From: John Hankamer
>Sent: Wednesday, April 11, 2001 4:35 PM
>To: Anne Moisan
>Subject: FW: Top Forty things You will NEVER hear a Southern Man say:
>
>
>compliments of Mr. Roark...
>
>
>The Top FORTY Things You Will NEVER Hear A Southern Man Say:
>
>
>Oh I just couldn't, she's only sixteen.
>
>I'll take Shakespeare for 1000, Alex.
>
>Duct tape won't fix that.
>
>Honey, I think we should sell the pickup and buy a family sedan.
>
>Come to think of it, I'll have a Heineken.
>
>We don't keep firearms in this house.
>
>Has anybody seen the sideburns trimmer?
>
>You can't feed that to the dog.
>
>I thought Graceland was tacky.
>
>No kids in the back of the pickup, it's just not safe.
>
>Wrestling's fake.
>
>Honey, did you mail that donation to Greenpeace?
>
>We're vegetarians.
>
>Do you think my gut is too big?
>
>I'll have grapefruit and grapes instead of biscuits and gravy.
>
>Honey, we don't need another dog.
>
>Who gives a damn who won the Civil War?
>
>Give me the small bag of pork rinds.
>
>Too many deer heads detract from the decor.
>
>Spittin is such a nasty habit.
>
>I just couldn't find a thing at Walmart today.
>
>Trim the fat off that steak.
>
>Cappuccino tastes better than espresso.
>
>The tires on that truck are too big.
>
>I'll have the arugula and radicchio salad.
>
>I've got it all on the C: drive.
>
>Unsweetened tea tastes better.
>
>Would you like your fish poached or broiled?
>
>My fiancee, Bobbie Jo, is registered at Tiffany's.
>
>I've got two cases of Zima for the Super Bowl.
>
>Little Debbie snack cakes have too many fat grams.
>
>Checkmate.
>
>She's too young to be wearing a bikini.
>
>Does the salad bar have bean sprouts?
>
>Hey, here's an episode of "Hee Haw" that we haven't seen.
>
>I don't have a favorite college team.
>
>Be sure to bring my salad dressing on the side. You All.
>
>Those shorts ought to be a little longer, Darla.
>
>And, the Number One thing you'll NEVER hear a Southern Man say:
>
>Nope, no more for me. I'm drivin' tonight
>

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


I will be out of the office until Thursday, but I hope to have a response to
many of the questions in this email on Thursday.  Overall, I think the work
flow is fine, but I think we need more dialog with the insurance folks about
how we respond to future leaks when we need ENTRIX personnel on site quickly,
and about the scope of work that AIG would authorize ENTRIX to do in an
initial site assessment.  I will cover these items in my response to the
questions.

Rich Myers is working on a summary of expenses per work authorization order,
but be aware that some of the orders are not related to TX-NMX sites.  Also,
by the way, we get the top ENTRIX discount on hourly rates, so the rates that
AIG pays is slightly higher than ours.

Cutty


We have asked the EnronOnline team to send the Master User ID and Password to
the person who signed the PA.  Our theory was that the signer presumably has
the authority to bind the counterparty and understands that any holder of the
password can also bind the counterparty.  If they want to give it to someone
else, so be it.  But we should not be taking it upon ourselves to send the
password to someone else unless we have conducted the same level of due
diligence on that name as we have on the PA signer.  I was told we were not
looking into the authority of the "nominated" Master Users inn any way but
that we were taking some steps to verify the authority of the PA signers.  It
just seemed safer to me to take this approach.


Thanks,  me and three guys in trading were laughing so hard that we were
nearly crying.


Mark,

Two quick points:-

1. Have Houston IT yet had the opportunity to review the IP licence
agreements from a technical standpoint and do they have any questions on the
wording etc of the documents for discussion with the exchange??  I believe
that we may be in a position to get signature copies of these documents out
of the OMLX on Friday of this week, or certainly during the early part of
next week, and I would  hope that we can avoid having to go back to OMLX with
IT Dept's queries on the docs after they are issued for signature.

2. Neither I, nor for that matter the OMLX Legal Dept in London, believe that
Merrills should have a problem under CTFC Part 30 as clearer - in fact these
Rules probably don't apply at all to them as a clearer (they would if they
were acting as an execution broker) - and even if the Rules were to bite,
Merrills should meet the requirements by being FSA regulated in the UK (the
FSA has an MOU with the CFTC on this issue).  Hence we can't understand what
Merrills are talking about!!  I wonder if we can short-circuit this issue -
if Bob still wants to go ahead with Merrills,  may be Bob could put me in
touch with his contact at Merrills in London and then I can involve their
Legal Dept (Merrills have a competent Legal crew in London, and should be
able to deal with this really quickly).

Kind regards

Mark


Just a reminder -

We have added a new pub code to EnPower. The code is for the Dow Jones COB
Sunday Index. Please advise that the Portland West Desk has one deal in the
system at this time against that index, and more may follow.

Thanks for your help with entering these prices.

Kate


As a follow-up to our discussions yesterday, attached is a revised
statement/Q&As.  This statement reflects significant changes
from the Enron India team.  It has been approved by Wade Cline and Sandeep
Katwala (legal).   The  issue will probably resurface tomorrow,
so your early comments and approval would be appreciated.  I can be reached
at home (713-572-9556) or cellular (281-948-7273) this evening.

There have been a number of press reports today about the payment issue.
Copies of the stories follow.  The Reuters' story was previously forwarded by
Jim Hughes.
In addition, there have been a number of India press reports including the
Times of India story, which may be picked up by some international wire
services. The other
two Indian press reports appear to have taken other discussions/background
briefings and unfairly attributed some quotes to Wade.  We can expect
additional
media interest Monday.

FYI, Jim Hughes has indicated that Ken Lay wants to advise the US Ambassador
before drawing the securities, so the probable timing for the draw is Monday
night
or Tuesday India time.

John

                    01/07/2001
                     Reuters English News Service
                     (C) Reuters Limited 2001.

                     BOMBAY, Jan 7 (Reuters) - The Indian government has
asked the western state of
                     Maharashtra to work out ways to pay outstanding dues to
U.S. energy giant Enron Corp,
                     media reports said on Sunday.

                     Enron has threatened to invoke letters of credit (LC)
and the federal government's counter
                     guarantee.

                     "The state government has to work on the issue," the
Press Trust of India said, quoting
                     unnamed official sources.

                     The Economic Times on Sunday said that the lenders to
Enron's local unit, Dabhol Power
                     Company, were meeting on Tuesday in New York to discuss
the inability of the
                     Maharashtra State Electricity Board (MSEB) to clear its
dues.

                     "As a result of MSEB's mounting dues Enron said it would
be forced to invoke the LC," the
                     newspaper said.

                     The report said the MSEB had outstanding dues worth 2.62
billion rupees ($56.15 million).

                     Enron's local unit said on Friday it will lower tariffs
from next month in a bid to defuse
                     criticism that it charges higher rates for the
electricity it produces in Maharashtra state.

                     Last month, the Maharashtra government decided to review
the rate at which it buys power
                     from Enron's Dabhol Power, saying the high cost was
threatening its finances.

                     Enron is spending about $1.9 billion to build a facility
to generate 2,184 MW of electricity.

                     India, which needs to generate an additional 100,000 MW
of power within the next decade
                     to meet growing demand, is desperate to attract foreign
capital. But after nearly a decade of
                     liberalisation, Enron is among the few private power
companies to begin generating power
                     in India.

FIs in U.S. press panic button as MSEB fails to pay Enron
                     S. Balakrishnan

                     01/07/2001
                     The Times of India
                     Copyright (C) 2001 The Times of India; Source: World
Reporter (TM)

                     MUMBAI: Financial institutions in the U.S. have pressed
the panic button with Maharashtra
                     State Electricity Board (MSEB) defaulting on payments
for electricity it has purchased from
                     the Enron subsidiary, Dabhol Power Corporation (DPC).
The board owes DPC Rs 262
                     crores of which Enron expected Rs 114 crores would be
paid by January 6. The board has
                     thrown its hands up in the air saying that it is simply
in no position to effect the payment.
                     The situation has been vastly complicated with chief
minister Vilasrao Deshmukh plainly
                     refusing to bail out MSEB.

                     It is learnt that major lending institutions have
convened a meeting in New York on January
                     10 to decide a course of action to compel MSEB to cough
up the money. Indian lead
                     financial institutions__including IDBI, SBI and ICCI,
who have a collective exposure of $1.2
                     billion__ have also been asked to send their
representatives for the meeting. If MSEB does
                     not pay up by then, the institutions may decide to
invoke the letter of credit. The implication
                     is that lending institutions may seize MSEB's accounts
with them and adjust the monies
                     against the dues payable to DPC.

                     It is learnt that Enron has informed the U.S. embassy of
the intransigent attitude adopted by
                     MSEB and the state government. Incidentally, Enron was a
contributor to U.S.
                     president-elect George W. Bush's election campaign.

                     Sources close to Enron said the company might be willing
to restructure the power
                     purchase agreement (PPA) provided MSEB does not default
on its payments. But the
                     restructuring of the PPA may not be an easy task since
it will require the endorsement by
                     the Central Electricity Authority and the Maharashtra
Electricity Regulatory Commission.

                     The sources said the defaulting by MSEB and the stance
adopted by Mr Deshmukh will
                     have serious implications since a large number of world
financial institutions__like
                     Citibank, ABN Amro, Bank of America, apart from the
governments of the U.S., Belgium and
                     Japan__have financial stakes in the 2100 MW project. The
defaulting will also harm the
                     interests of several Indian financial institutions who
have lent money for the controversial
                     venture.

                     Enron is hoping that the BJP-led government at the
Centre may persuade Mr Deshmukh to
                     defuse the crisis. But if ultimately no payment is
forthcoming, Enron may act tough and
                     invoke the guarantee and counter guarantee given to the
project by the state and the central
                     governments respectively.

                     The deal with Enron was signed by Sharad Pawar when he
was the chief minister in the
                     early nineties. It was first scrapped and later
enthusiastically endorsed by the Shiv
                     Sena-BJP coalition which came into office in 1995. It is
learnt that Mr Deshmukh has been
                     asked by the Congress high command to adopt a tough
stand so as to embarrass Mr
                     Pawar__who is now in the Nationalist Congress Party__the
Sena and the BJP.

                     It is learnt that state finance minister Jayant Patil
informed Enron representatives that the
                     current situation was the outcome of coalition politics.
An Enron official countered this by
                     pointing out that a coalition of lending institutions
was involved at the other end of the table.

Enron ready to renegotiate Dabhol deal
                     Our Corporate Bureau MUMBAI

                     01/08/2001
                     Business Standard
                     1
                     Copyright (c) Business Standard

                     US energy major Enron is prepared to renegotiate its
deal with the Maharashtra
                     government on the controversial Dabhol Power project,
but has emphasised that the new
                     deal cannot be a unilateral one.

                     This is the first time that Enron has publicly spelt out
its stand on the issue. Enron India
                     managing director K Wade Cline said, "The deal cannot be
a unilateral one. MSEB
      (Maharashtra State Electricity Board) must continue to pay us for the
power purchased. We
      should also be allowed to continue operating our power station at
Dabhol. Obviously, it
      must be a deal that works."

                     The state government, Cline said, must remember that
just as it was important for it to sell
                     a deal to its various constituencies, it was important
for Enron to be able to sell it to its
                     various stakeholders.

                     "A renegotiated deal will mean that we will have to
convince the gas suppliers to rework the
                     agreement that we have signed with them. It also means
that we will have to convince our
                     lenders," Cline added.

                     The $3-billion project has an equity component of $1
billion and a debt component of $2
                     billion. Cline pointed out that the entire equity as
well as $1.6 billion in debt had already
                     been brought in. Domestic lenders like ICICI, IDBI and
SBI have contributed $1.2 billion.

                     "The Indian government has a huge exposure to this
project through the financial
                     institutions. The governments of Japan, Belgium and US
too have a stake in the project as
                     banks and export credit agencies of these countries have
a huge exposure," he said.

The Economic Times Online
 Printed from www.economictimes.com -> home -> back

 Dabhol phase II in danger as arbitration looms

 Bodhisatva Ganguli & Girish Kuber
 MUMBAI
         THE MAHARASHTRA State Electricity Board's inability to pay the
Enron-promoted Dabhol
         Power Company is rapidly emerging as a threat to the viability of
phase II of the Dabhol
         project.

 The project involves a generating capacity of 1,400 MW and an LNG terminal
of five million tonnes.

 This is because there is an increasing possibility that the dispute over
phase I may end up in
 arbitration courts if the MSEB continues to fail to pay up and the state
government refuses to bail out
 the ailing electricity board. As a result, lenders may stop disbursing funds
for phase II.

 Enron India,s managing director K Wade Cline said on Saturday evening that
international arbitration
 was a real possibility.

 The PPA allows for arbitration in case a dispute cannot be resolved through
negotiations. Enron
 officials say they have made no headway so far in talks with the MSEB or the
state government.
 Enron is also considering invoking the letter of credit and the state
government guarantee in order to
 recover its dues.

 We have no alternative since if we don,t get paid, then our lenders are
saying that they won,t fund
 phase II, Cline said. If the Maharashtra government does not pay then the
central government,s
 counter-guarantee could be invoked.

 At a meeting on Friday evening, the MSEB is reported to have asked the state
government to provide
 it a subsidy of Rs 130 crore per month. However, the Maharashtra Chief
Minister, Vilasrao Deshmukh
 is said to have flatly rejected MSEB,s request.

 The Maharashtra cabinet is meeting again on Monday evening. The cabinet will
also discuss the
 formation of a committee to review the project.

 The lenders to the project are meeting in New York on Tuesday, January 9, to
take stock of the
 situation arising out of MSEB,s failure to pay part of the bill for October
and the entire bill for November
 amounting to a total of Rs 262 crore.

 The project,s lenders are reported to be extremely concerned about the
viability of the second phase of
 the project in view of MSEB,s failure to pay for power bought from the first
phase.

 Cline said that of the total second phase project cost of $1.89 billion only
about $400 million of debt
 remained to be disbursed. About 80 per of the construction is complete and
95 per cent of the
 machinery is on site.

 , The Economic Times Online. All rights reserved.


see attached.
---------------------- Forwarded by Tim Belden/HOU/ECT on 01/24/2001 01:59 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Michael M Driscoll                           01/24/2001 11:08 AM

To: Tim Belden/HOU/ECT@ECT
cc:
Subject: lavodeal1