Bingaman, Senate Energy Chief, Will Block Bush Plan (Update1)
Bloomberg, 06/05/01

USA: TECO breaks ground on 599-MW Arkansas power plant.
Reuters English News Service, 06/05/01

Reuters to Provide Its Customers With EnronOnline Quotes
Business Wire, 06/05/01

UK: Intl bonds-Telecoms suffer despite positive market.
Reuters English News Service, 06/05/01

Natural gas generators considered to ease electricity demand, prices
Associated Press Newswires, 06/05/01

Waste Management to Start Trading Pulp and Paper (Update1)
Bloomberg, 06/05/01

Profile: Power Play, Who's to Blame for the Energy Crisis?; Lowell Bergman,
"Frontline" correspondent, Laura Holson and Joseph Kahn, The New York Times,
discuss the energy crisis
ABC News: Nightline, 06/04/01

Bingaman, Senate Energy Chief, Will Block Bush Plan (Update1)
2001-06-05 10:50 (New York)

Bingaman, Senate Energy Chief, Will Block Bush Plan (Update1)

     (Adds company names in fourth paragraph and details about
contributions in paragraph 23.)

     Washington, June 5 (Bloomberg) -- President George W. Bush
delivered his energy plan to Senator Frank Murkowski last month,
expecting the Alaska Republican to push it more or less intact
through the Senate and on to passage by the House.
     Now the package intended to boost oil and gas production and
ease some pollution controls is in the hands of Jeff Bingaman. The
New Mexico Democrat disagrees with Bush's approach and wants to
start fresh negotiations on what U.S. policy should be.
     Bingaman, 57, who's spent most of his 19 years in the Senate
out of the spotlight, will become chairman of the Energy and
Natural Resources Committee when Democrats take control of the
Senate later this week.
     Bush wants to make it easier for companies like Enron Corp.,
Exxon Mobil Corp. and BP Plc, to build power plants and pipelines
by easing regulations, and he's opposed to regulating the carbon
dioxide emissions blamed for global warming. Bingaman has
introduced legislation to cut emissions to curb global warming.
     The president's proposal to drill in the Arctic National
Wildlife Refuge, in trouble even with Republicans in charge, is
dead as long as Democrats have control. Bingaman has no plans to
consider it.
     Bush opposes caps on energy prices; Bingaman is cosponsor of
legislation to impose caps on wholesale energy prices in
California although, according to a spokesman, he'd prefer the
Federal Energy Regulatory Commission do that on its own.

                         Seeking Consensus

     Bingaman says rather than offer his own plan now, he'll try
to sit down with Republicans and negotiate something both sides
can agree on. There is already agreement on some proposals, such
offering tax credits to encourage domestic drilling and the use by
business of renewable energy technology, such as wind-powered
turbines.
     ``Obviously, I'm going to work for consensus,'' he said.
``There's nothing about much of these issues that should be
partisan.''
     Bingaman says he hasn't decided whether to push a single,
comprehensive energy bill or move issues separately. Democrats may
insist on separate bills for political purposes, said Tim Evans, a
senior energy analyst at IFR Pegasus.
     ``They'll say, `Let's get all of the most vulnerable
Republicans on record supporting drilling and see if they get re-
elected,''' he said.
     Whatever his decision, Bingaman won't meet Murkowski's goal
to have a bill for Bush to sign on July 4.
     ``I'm not anxious to have some artificial deadline so that we
can have a bill-signing ceremony on a holiday,'' Bingaman said.
``I don't think that's the way to legislate.''

                     Visionary or Do-Nothing?

     Throughout his career, Bingaman has made a practice of taking
time to study an issue before acting.
     ``He's something of a visionary,'' said Bruce Black, a former
law partner who became a federal judge in New Mexico after
Bingaman recommended his nomination. ``He sees trends.''
     Opponents see inaction.
     ``He doesn't accumulate much in the way of negatives by not
doing much,'' said John Dendahl, chairman of the Republican Party
of New Mexico.
     Bingaman is a politician who doesn't stray from party
positions, Dendahl said. ``He's not a maverick. He's always been
when the chips are down a straight Democratic voter.'' In 2000,
Bingaman voted with the party leadership 87 percent of the time on
votes in which the two parties took opposing positions, according
to data compiled by Congressional Quarterly.

                        Fundraising Success

     In the Senate, Bingaman's strategy has been to home in on
issues that have been neglected, such as school accountability and
defense research that has civilian uses, work with others, and not
hog the credit.
     ``He wouldn't try to beat it to the front of the class,''
said Ben Alexander, a Bingaman fundraiser.
     That approach appears to have worked: Republicans haven't
been able to budge Bingaman from his Senate seat by appealing to
New Mexicans' distrust of party-line politicians.
     With Alexander's help, Bingaman built a campaign fund that's
helped him fend off rivals. He raised $2.7 million for his 2000 re-
election bid compared with his Republican challenger's $669,000.
     The $295,527 Bingaman got from oil and gas companies and
electric utilities made him the industry's sixth-largest
congressional recipient in last year's elections, according to the
Center for Responsive Politics.
     The oil and gas industry gave $32.6 million overall last year
in campaign contributions. The top contributor, Enron, a pipeline
and energy-trading firm, gave $2.4 million. Exxon, the world's
largest publicly traded oil company, followed with $1.4 million
and BP, the third largest publicly traded oil company, donated
$1.3 million, according to the Center for Responsive Politics.

                     Comparison With Murkowski

     Environmentalists said Bingaman will balance conservation and
production concerns better than Murkowski.
     ``Murkowski wants to jam through an agenda'' to boost
production, said Alyssondra Campaigne, legislative director of the
National Resources Defense Council. Bingaman ``tends to be more
studious and thorough.''
     As chairman, Murkowski has pushed a comprehensive bill that
includes tax incentives to promote the use of alternative energy
and opening 1.5 million acres of the 19-million acres of the
Alaska refuge to oil and gas exploration.
     Bingaman has proposed leasing land in the Gulf of Mexico for
oil production, and that concerns environmentalists.
     ``It would put too much at risk in coastal resources,'' the
NRDC's Campaigne said.

USA: TECO breaks ground on 599-MW Arkansas power plant.

06/05/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, June 5 (Reuters) - TECO Energy subsidiary TECO Power Services held
a groundbreaking ceremony Tuesday on its 599-megawatt natural gas-fired power
plant in Dell, Ark.
Actual construction on the Dell Power Station began in March, the company
said in a statement.
One megawatt provides enough electricity for about 1,000 average homes,
therefore the Dell plant will provide enough electricity for about 600,000
homes.
National Energy Production Corp. (NEPCO), a subsidiary of Houston-based
energy giant Enron Corp. , is building the plant.
The Dell plant, along with a sister plant, the McAdams station in Kosciusko,
Miss., are designed to interconnect with the Entergy transmission system.
Both will sell electricity to wholesale customers in the Southeast and
Midwest, TECO said.
Dell is expected to begin commercial operation in the second half of 2002.
Tampa, Fla.-based TECO Energy units include Tampa Electric, Peoples Gas
System, TECO Transport, TECO Coal, TECO Coalbed Methane, TECO Propane
Ventures and TECO Solutions. TECO Power Services have announced projects to
serve customers in 18 states, spanning the southern half of the U.S.
TECO Energy has ownership in nearly 11,000 megawatts, operating, under
construction or in advanced stages of development worldwide.
- New York Power Desk, 646 223-6074, fax 646 223-6079, e-mail
Eileen.Moustakis@reuters.com.

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

Reuters to Provide Its Customers With EnronOnline Quotes

06/05/2001
Business Wire
(Copyright (c) 2001, Business Wire)

NEW YORK--(BUSINESS WIRE)--June 5, 2001--Reuters (NASDAQ: RTRSY), the global
information, news and technology group, today announced the launch of a new
service called "EnronOnline Real-Time Quotes." Subscribers of the service
have access on their Reuters screen to real-time EnronOnline quotes for
power, natural gas, crude oil and refined products, bandwidth, metals, coal,
emission allowances, sea freight and weather derivatives. In addition, the
quotes are archived so users can retrieve, track, view and analyze the
information over time using their Reuters desktop tools.
Users - including traders, analysts and others - can view bids, offers, and
midpoints as well as the high, low, closing midpoint and change from the
previous day. Using their Reuters tools, they can create charts, models,
position reports and other analysis. Subscribers will not be able to transact
on the quotes through Reuters.
Phil Lynch, Reuters America Co-Chief Executive Officer, said: "With the
increased volatility in energy markets and the growth in online commodities
trading, the EnronOnline Real-Time Quotes service will provide a
comprehensive source of market pricing for our customers."
Subscriptions to EnronOnline Real-Time Quotes are available to Reuters
customers globally. The service provides quotes on North American and
European markets. Quotes are available in real-time during EnronOnline's
market hours. In global markets such as crude oil, quotes are updated 24
hours a day, seven days a week. More information on this service is available
at www.reuters.com/enrononlinequotes.
Since the November, 1999 launch of EnronOnline, the world's largest commodity
trading website, customers have completed over one million transactions on
the site. Today, EnronOnline transacts over $3 billion daily in energy and
other commodities.

Note to Editors:

Reuters (www.about.reuters.com) premier position as a global information,
news and technology group is founded on its reputation for speed, accuracy,
integrity and impartiality combined with continuous technological innovation.
Reuters strength is based on its unique ability to offer customers around the
world a combination of content, technology and connectivity. Reuters makes
extensive use of internet technologies for the widest distribution of
information and news. Around 73 million unique visitors per month access
Reuters content on some 1,400 Internet websites. Reuters is the world's
largest international text and television news agency with 2,500 journalists,
photographers and camera operators in 190 bureaux, serving 160 countries. In
2000 the Group had revenues of (pound)3.59 billion and on 31 December 2000,
the Group employed 18,082 staff in 204 cities in 100 countries. Reuters
celebrates its 150th anniversary this year.

Reuters and the sphere logo are the trademarks of the Reuters group of
companies.

EnronOnline is a trademark of Enron Corp.

CONTACT: Reuters Nancy Bobrowitz / Felicia Cosby 646-223-5220 / 646-223-5223
nancy.bobrowitz@reuters.com felicia.cosby@reuters.com or Middleberg Euro RSCG
Bill Ferguson / Ayesha Talwar 212-699-2742 / 212-699-2741
williamf@middleberg.com ayesha@middleberg.com
14:07 EDT JUNE 5, 2001

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

UK: Intl bonds-Telecoms suffer despite positive market.

06/05/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, June 5 (Reuters) - European telecoms firms were hit by rumours of new
issuance and profit taking in the international bond markets on Tuesday while
other industries enjoyed stable prices on good market sentiment.
The Reuters CorpTop index and traders had telecoms spreads - the difference
between the yield on corporate and similarly dated government bonds - between
two and four basis points wider on Tuesday.
Industrial companies and utilities, however, traded two to three basis points
tighter.
The fall in telecoms bonds prices was partly caused by strong indications
from investment banks that Deutsche Telekom is on the verge of launching a
deal for between five and 10 billion euros.
"That rumour has caused some repricing today bu we also have profit taking
after a month-long rally in telecoms prices caused patly by a fall in equity
volatility and partly by a feeling that the harsh part of the storm may have
passed," said one London-based trader.
Telecoms bonds have benefitted from a feeling among many investors that the
immediate danger of credit rating downgrades and further bad news has now
passed.
"Telecoms is a roller coaster but maybe the twists and turns are a little
more gentle than they were four months ago," said one Paris-based trader.
"Also remember that many of these companies are household names and that
attracts the retail market while the possibility of getting a heavier coupon
on further downgrades attracts those out looking for risk," she added.
A good run, however, has triggered some selling as investors look to cash in.
British Telecom's 6.125 percent, February 2006 bond, for example, was trading
two basis points wider on the day, traders said.
Meanwhile, Deutsche Telekom's 6.125 percent July 2005 issue was trading out
seven basis points by 1400 GMT.
Investment banks have been in talks with the German telecom giant for several
months regarding a jumbo bond issue, but Deutsche Telekom's need to make
coupon repayments on outstanding bonds in June and July mean an announcement
is expected soon.
Bankers said they expected the bond to be entirely denominated in euros as
this is where the operator can achieve the best cost of funding.
Deutsche Telekom issued a $14.6 billion transaction last year which was the
largest corporate bond sale ever at the time.
Moody's put Deutsche Telekom's A2 long-term rating on review for a possible
downgrade in March while S&P placed its A-rating on review for a downgrade in
February.
In the primary market insurance firm Swiss Life launched a 300 million euro,
0.50 percent exchangeable bond which can be switched for shares of HSBC
Holdings or Swiss Life itself.
An official from lead manager Lehman Brothers said that the bond was three
times oversubscribed and that a 50 million euro greenshoe - extra bonds held
by the underwriter and released if there is sufficient demand - was also
sold.
The bond was entirely sold to European investors and all buyers where from
major financial institutions, the official said.
Elsewhere in the primary market the European bank for Reconstruction and
Development launched a one billion euro five-year deal. It priced at 52 basis
points over the 4.625 percent May 2006 U.S. Treasury.
Meanwhile, Energy giant Enron sold 10 billion yen due 2004.
British supermarket chain Sainsbury announced that it plans to launch a
benchmark euro bond in the near future. Deutsche Bank and HSBC will lead the
transaction.

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

Natural gas generators considered to ease electricity demand, prices

06/05/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

EUGENE, Ore. (AP) - Natural gas generators could ease demand and prices for
electricity in the southern Willamette Valley, where businesses and utilities
are bracing for skyrocketing rates and power shortages.
The biggest proposal is a 500-megawatt power plant that Texas energy giant
Enron Corp. may build on industrial property in the Coburg area, possibly on
the site where Willamette Industries runs a wood products plant.
By comparison, Eugene and neighboring Springfield use a total of about 450
megawatts.
The rest of the proposals are for smaller operations that mostly would be
connected to local businesses and mills.
"Everyone's looking for power," says Frank Lambe, general manager of the
Emerald People's Utility District.
Even if the Enron plant is built within Emerald's service territory, it
doesn't mean the local utility would get any of the power.
Enron, with revenues of more than $100 billion, typically sells power to the
highest bidder.
In fact, an Enron plant likely would require Emerald to buy another 10
megawatts of electricity on the open market to run the plant's lights,
heating and other needs.
Emerald board member Katherine Schacht, who represents the Coburg area, said
she's concerned that the power from the Enron plant would go to California
rather than helping meet local energy needs.
She also said "there are a lot of questions that need to be asked and
answered" about the plant's impact on water, air quality and other issues.
The Enron plant would be similar to those now under construction in the
Hermiston area and in Klamath Falls. Those plants are several stories high,
emit large amounts of carbon dioxide and consume between 2,000 and 2,400
gallons of water a minute.
Carbon dioxide, a greenhouse gas, isn't a regulated pollutant.
Enron and the businesses considering their own generators would buy natural
gas from the main north-south pipeline that runs down the Willamette Valley.
The plans are only preliminary, but they illustrate growing concern about
future price increases that could reach 100 percent this fall and worries
that the region will suffer energy shortages for the next several years.
Many businesses also see a chance to make money by generating electricity in
a market with wholesale prices that have jumped over $300 a megawatt - 10
times the going rate a year ago.
Enron hasn't applied for any permits for a plant in the Eugene area, nor has
the company given the state an official notice that it intends to build the
plant.
But Enron has notified the Bonneville Power Administration, the federal power
marketing agency in Portland that supplies the Northwest with half its
electricity, that it is considering building the plant.
If Enron does build a plant in the Eugene area, it would need a permit from
the Lane Regional Air Pollution Authority to emit nitrogen oxides and any
other contaminants.
A large plant also would need approval from the Oregon Energy Facilities
Siting Council, as well as local jurisdictions if it requires land use
changes.

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

Waste Management to Start Trading Pulp and Paper (Update1)
2001-06-05 16:15 (New York)

Waste Management to Start Trading Pulp and Paper (Update1)

     (Adds closing share price.)

     Houston, June 5 (Bloomberg) -- Waste Management Inc., North
America's largest trash hauler, formed a pulp- and paper-trading
group to help control the risk of price swings from its recycling
business.
     The largest recycling company, Houston-based Waste Management
expects trading to begin in the third quarter, the company said in
a Business Wire release. It runs 190 facilities for collecting
such items as paper, plastic, glass and aluminum.
     Trading will begin gradually as the company emphasizes
management of the 4 million tons of paper it handles annually,
President A. Maurice Myers said in the statement.
     Other companies also have begun trading in pulp and paper
items such as old newspapers and corrugated containers. Enron
Corp., an energy-trading and pipeline company, is applying its gas-
and power-trading models to paper. It owns a newsprint mill in
Garfield, New Jersey, and another in Canada.
     Waste Management shares rose 56 cents to $28.40. The company
had sales of $12.5 billion last year.

Profile: Power Play, Who's to Blame for the Energy Crisis?; Lowell Bergman,
"Frontline" correspondent, Laura Holson and Joseph Kahn, The New York Times,
discuss the energy crisis

06/04/2001
ABC News: Nightline
(c) Copyright 2001, American Broadcasting Companies, Inc. All Rights Reserved.

Announcer: June 4th, 2001. CHRIS BURY host:
Rolling power blackouts, bankrupt utilities, skyrocketing electricity prices.
Unidentified Man #1: It is the most volatile commodity in the world.
BURY: Are power generators gouging consumers?
Unidentified Woman #1: I think it's pretty appalling that the folks who sell
us power can charge whatever they want.
Mr. KENNETH L. LAY (Chairman, Enron): And every time there's a shortage or a
little bit of a price spike, it is always collusion or conspiracy or
something. I mean, it always makes people feel better that way.
BURY: And right in the middle, a federal agency you've probably never heard
of.
Mr. CURTIS HEBERT (Chairman, Federal Energy Regulatory Commission): They
didn't build this monopolistic system overnight, and we won't change it
overnight either.
BURY: Tonight, Power Play, Who's to Blame for the Energy Crisis?
Announcer: From ABC News, this is NIGHTLINE. Substituting for Ted Koppel and
reporting from Washington, Chris Bury.
BURY: California is known as the great American incubator. From hem lines to
Hula-Hoops, the Golden State gives birth to trends that often spread east.
That is why so many states are paying close attention to California's
troubled attempt at deregulating electricity. Last week, California Governor
Gray Davis asked President Bush for help in the form of a price cap on power
companies. The president said no. Now Governor Davis is threatening to sue
the federal agency that regulates electricity prices. More on that later.
But first, the results of a new ABC News/Washington Post poll. It suggests
that President Bush is developing an energy problem. When asked what they
think of the president's performance on energy, a clear majority, 58 percent,
say they disapprove. That's up 15 percent since Mr. Bush released his energy
plan. When asked if they think the United States is heading into an energy
crisis, six in 10 Americans answer yes.
TEXT:
ABC News POLL The Washington Post
Margin of Error +-3.0%
How do you rate the president's performance on energy?
June 3 May 13
Disapprove 58% 43%
Do you think the US is heading into an energy crisis?
Yes 61% No 36%
BURY: California is already there. For months now, The New York Times and the
public broadcasting program "Frontline" have teamed up to investigate. Their
collaboration, "Blackout," airs tomorrow night on many PBS stations. It
documents a colossal mismatch in the brand new game of buying and selling
power on the open market. It's like the New York Yankees against the Toledo
Mud Hens.
Unidentified Woman #2: We didn't use his five because their minimum was, you
know, higher than what we were willing to pay.
Unidentified Man #2: I'll sell you 108 now.
BURY: (VO) On one side, companies such as Enron, the Texas energy broker,
trade electricity like any other commodity. A sophisticated trading operation
buys and sells billions of dollars worth of energy every day. It's the
largest company of its kind in the world.
Unidentified Man #3: See what I'm saying?
KELLY: CRS. This is Kelly.
BURY: (VO) On the other side, in this converted department store in
Sacramento, is California's trading team.
Unidentified Man #4: This is the operations center. This is the--this is the
location where we make energy purchases and fill the state of California
energy requirements.
BURY: (VO) Here, employees drafted from the state's water department go
head-to-head with the pros from Enron and other companies. Since 1999, the
cost to California has skyrocketed from $7 billion to an estimated $60
billion this year, an increase of 750 percent. And the demand for
electricity, up less than 5 percent.
(OC) In their documentary, reporters for The New York Times and "Frontline"
address a fundamental question, who's to blame? Narrating this segment is
"Frontline" correspondent Lowell Bergman.
Unidentified Man #5: Our forecast reserves look like they'd be pretty thin
over the peak as well.
Unidentified Man #6: How much is...
LOWELL BERGMAN reporting:
(VO) The power industry blames the high prices on shortages brought on by
California's failure to build any major power plants over the last decade,
despite a booming economy.
Mr. LAY: I mean, we have a supply/demand imbalance. Too much demand, too
little supply in California.
BERGMAN: (VO) Not everyone agrees. Consumer advocates in California accuse
the generators of actually withholding supply.
Ms. NETTIE HOGE (Executive Director, TURN): The idea that all of a sudden we
had a supply crunch is preposterous. What happened is, all of a sudden, the
new plant owners and the traders, like Mr. Lay's organization, looked at the
data and figured out how to manipulate the market. As soon as that happened,
the prices never went down again. If it was totally a supply problem, why
would we have excess prices at 5:00 in the morning on Christmas Day when
nobody but Santa is working?
BERGMAN: (VO) The generators, in turn, say they shut down plants for routine
winter maintenance.
Mr. LAY: Every time there's a shortage or a little bit of a price spike, it's
always collusion or conspiracy or something. I mean, it always makes people
feel better that way.
BERGMAN: But you know as well as I do that the price--it's nice for a
business.
Mr. LAY: Yeah.
BERGMAN: You're in the business of--of making money for your shareholders.
Mr. LAY: Mm-hmm.
BERGMAN: Right, as a company?
Mr. LAY: Yeah.
BERGMAN: So you would be foolish, as you said, to turn down the kind of money
you could make this past winter in California. Is--isn't there a...
Mr. LAY: I--I--I think you put words in my mouth out there.
BERGMAN: OK.
Mr. LAY: I said we--we made some money in California. We made some money
across the country and around the world. I mean, and as I tell my friends in
California, Enron was doing quite well before California imploded.
Unidentified Man #7: So you can't blame the Enrons. I mean, they're the
guys--that's--that's what they do. They try to make as much money from the
money that they get invested. You blame the regulators.
BERGMAN: (VO) Across the country, tucked in an out of the way building behind
Union Station in Washington, DC, sits the Federal Energy Regulatory
Commission or FERC. FERC's commissioners are appointed by the president and
control a $250 billion energy sector critical to America's economy. With the
coming of deregulation, state control over wholesale electricity rates passed
to the federal government, making FERC the final arbiter of just and
reasonable rates. It's a power FERC has been reluctant to use.
Curt Hebert is a protege of Senator Trent Lott, who convinced President
Clinton to appoint Hebert to the FERC in 1997. In January, President Bush
made him the FERC chairman, and Hebert has made no bones about where he
stands on free markets.
Mr. HEBERT: The rules of competition govern that economies work, that choice
works. It's why we're American. We inherently like choice. It's why we left
the mother country. We didn't like the rules they were setting. We wanted to
make our own rules. We want our own choices and we believe that works.
BERGMAN: OK, but is electricity different?
Mr. HEBERT: It's a transition . It takes some time. Look, they didn't build
this monopolistic system overnight, and we won't change it overnight either.
Mr. WILLIAM MASSEY (FERC Commissioner): Without some effective price control
this summer, I fear for the worst.
BERGMAN: (VO) William Massey is a FERC commissioner, a Democrat, who has
found himself in opposition to his chairman.
Unidentified Man #8: Mr. Massey, what is the nub of the disagreement that you
have with Mr. Hebert?
Mr. MASSEY: I think what it boils down to is a philosophical disagreement
about the role of my agency in ensuring just and reasonable prices.
I think it's long past time for this agency to step in and--and impose a
temporary time out on the markets.
Mr. HEBERT: Well, that is the problem because these people are saying
temporary, but they don't mean temporary. It's kind of like the temporary
rent control you have in New York. It's not temporary at all. Matter of fact,
you know, in Washington, DC, we don't do temporary very well, and that's a
problem.
BERGMAN: (VO) In fact, late last year, after six months of unrelenting high
prices in California, the FERC finally did declare California's rates unjust
and unreasonable, but took no action.
Governor GRAY DAVIS (Governor, California): So they found these people guilty
a year ago. They just haven't agreed on the sentence.
BERGMAN: Well, we talked with Curt Hebert. And we got...
Gov. DAVIS: Well that's, you know.
BERGMAN: That's what?
Gov. DAVIS: Lots of luck.
BERGMAN: What do you mean, "Lot's of luck"?
Gov. DAVIS: Because...
BERGMAN: He's the federal--he's the guy you are turning to to give you the
money.
Gov. DAVIS: He is the chairman of the commission. But he has not been overly
sympathetic to California. He's more of an ideologue than a problem solver.
BERGMAN: Well, he's saying you just want him to give you short-term relief,
price caps, which won't solve the problem.
Gov. DAVIS: Problems meaning fattening the balance sheet of already
enormously wealthy energy companies.
BURY: How much blame do the energy companies really deserve?
BERGMAN: Watch your--your heating bills, your natural gas bills, which are,
to a certain extent, reflected in your electricity bill. And don't think that
this couldn't happen where you are.
BURY: And how much of this energy crisis did California bring upon itself?
Those questions when we come back.
Announcer: This is ABC News: NIGHTLINE, brought to you by...
(Commercial break)
BURY: Joining us from Boston, Lowell Bergman, the correspondent for
tomorrow's "Frontline" broadcast. From our Los Angeles bureau, Laura Holson,
a business correspondent for The New York Times, who's been covering the
California energy crisis. And here in Washington, Joe Kahn, who reports on
energy and economics for The New York Times.
Laura, just before the break, we heard California Governor Davis blaming the
energy companies and the federal regulators. How much of his argument is
sinking in. In other words, whom do Californians blame for this?
Ms. LAURA HOLSON (The New York Times): The interesting thing is Californians
blame everybody for this ap--for what has happened with the energy crisis.
They blame the governor for not responding quickly enough to a crisis that
started, you know, a year ago, if you really, you know, look at when prices
starting going up. They are angry at their utilities who they feel have
failed them. They have often had very close kind of paternal relationships
with their utilities and they feel that they've been cheated. And they are
very angry with the power generators, in particular, who they feel are
charging them just exorbitant amounts for energy.
In particular, there was a company last week, a power generator that said it
charged consumers, rather the utilities, 4,000, nearly $4,000 per megawatt
hour, which is enough to light a thousand homes for one hour. And when they
heard this, they were outraged. They just thought, you know, `How can this
be? How can we get,' in their terms, kind of ripped off by power generators
who are using them to make, you know, a lot of money.
BURY: Joe Kahn we heard those poll numbers from this survey out tonight
suggesting that President Bush has a bit of a public relations problem on
energy. How is that going to affect the politics here in Washington?
Mr. JOSEPH KAHN (The New York Times): Well, clearly the--President Bush and
the White House are calculating that by the time people have to go to the
polls to select a new president, a slew of new power plants will be online in
California. Electricity prices, presumably, will come down quite a bit and
their free market stance on this will not ultimately cost him at the polls.
It's not as clear that Republicans in the Congress have the same commitment.
This has already been a very turbulent time in Washington with the Democrats
now in control of the Senate. I think you can expect to see a legislative
initiative by the Democrats to introduce some kind of price caps in
California. Some Republicans may sign on to that. Some have already indicated
that they will. It's going to be a real knockdown political flight--fight in
Washington over what the strategy ought to be.
BURY: Lowell Bergman, talk a little bit about that free market activity that
Joe just mentioned. We saw the clip from your documentary with the--the
traders from Enron pitted against the--the buyers from California. And I must
say, it really did look like a mismatch.
BERGMAN: Well, in fact, some of the people at Enron told us that they welcome
the day when PG&E and Southern California Edison, the regular utilities get
back in the marketplace because they do feel like they've got them, if you
will, outgunned. And--but I should point out to the audience, that when Laura
was talking about this $3800 a megawatt hour, which was Duke Energy Company,
the normal price, if you will, the standard price for a megawatt hour was
around 40 or less. So the level of profit that we're talking about is what
people are upset about. And the problem here is--is primarily that in a free
market and the way that the marketplace in California is set up in
particular, there's no limit to what could be--could be charged when you get
close to that area of scarcity with electricity. Electricity truly is
different and as Jeff Skillings says in our documentary, he's the CEO of
Enron, it is the most volatile commodity in the world.
BURY: Yet, at the same time, Joe, we are seeing electricity traded as if it
were oil or soybeans or steel. I mean, how is electricity different?
Mr. KAHN: Well, for economic reasons, it's different in a--in a couple of key
respects. For one thing, it's an absolutely vital commodity. People aren't
prepared to do without it. Moreover, electricity powers every other part of
the economy. So, it's one of these sort of fundamental rights that we have.
In fact, as far back as the New Deal, Franklin Roosevelt made clear that
electricity was so important that it would be subject to federal legislation
guaranteeing everybody in this country just and reasonable electricity
prices.
BURY: But just and reasonable electricity prices, Laura, do you want to pick
up the question of well, who determines what's just and reasonable here?
Ms. HOLSON: Well, it's very clear that President Bush believes that the
market, you know, sets what's just and reasonable. And, you know, that has
not been what Governor Davis has said at all. He believes that because this
is a commodity that people, you know, believe is guaranteed that there should
be some price cap on it. It's an interesting, if you will, situation when
business and politics kind of intersect. Governor Davis said very early on
that he did not want two things to happen in California. One is that the
utilities would go bankrupt and the second was that rates would be raised for
consumers. And he's in a very tight spot right now because those two things
that he did not want to happen indeed have happened. And it only looks like
it will get worse this summer when experts have said Californians can expect
another 260 hours of blackouts.
BURY: Laura, we have to take a break. But when we come back, we want to
address the question of whether power companies are doing what just comes
naturally to them. Back with our guests in a moment.
(Commercial break)
BURY: We're back with "Frontline"'s Lowell Bergman and Laura Holson and Joe
Kahn of The New York Times.
Joe, aren't these power companies doing exactly what they are supposed to be
doing, which is maxi--maximizing profits and to get the biggest return for
their shareholders?
Mr. KAHN: Sure. That's their responsibility. They--they have no excuse for
arbitrarily lowering the price that they could charge for electricity if the
market will bear a higher price.
BURY: Lowell Bergman, in your documentary, do you find any evidence that the
power companies are--are gouging consumers or doing anything illegal?
BERGMAN: Well, illegality, no one really has any serious evidence, although
there have been lots of allegations and there's been lots of speculation
about it. But we should also point out in the documentary and in The Times
that some of the companies are starting to realize, it seems, that even
though they are owed hundreds of millions, in some cases $500 million or more
still by these bankrupt utilities, they're going to have to take a hair cut
as Governor Davis describes it. They're going to have to make some bargain.
And I think we may...
BURY: Let me jump in there. What do you mean they're going to have to get a
hair cut?
BERGMAN: Well, apparently, that's Governor Davis's way of telling them that
they're going to have to take less to a--less than a full dollar payment for
what they are owed, and that there has to be some kind of settlement here of
between the various parties, other we're not--otherwise we won't see any
progress.
BURY: Lowell, one of the old cliches in investigative reporting is follow the
money. And much has been made of this argument that the Bush administration,
accusations have been made, that the Bush administration is too cozy with the
power companies and the power company regulators. What did you find in your
reporting?
BERGMAN: Well, we found that Vice President Cheney was very up front about
it, I mean, about his relationship with Ken Lay, the head of Enron, the fact
that he built a stadium for Enron when he was head of Halliburton. You know,
the vice president is the first CEO of a Fortune 500 company to hold
presidential office in the history of the United States. So--but they are
very open and up front and balance this relationship with their friends and
with the people who they feel comfortable with.
BURY: Laura Holson, this idea that so many Texas companies are profiting from
California's misery, as it were, I suppose Californians find that
particularly infuriating.
Ms. HOLSON: It's funny, in the San Francisco Bay area when I was growing up
near there, there was this great rivalry between the San Francisco 49ers,
which is, as we all know, a football team and the Dallas Cowboys. And that
seems to be replaced, if you will, with consumers in California who look at
Texas gen--at, you know, a lot of the power generators, which are based in
Texas, and who they feel now are just, you know, making a lot of money off
them. It's--there's always been a rivalry between those two states. And now I
think it's deeply personal because it's hitting consumers, or as they believe
it, it's hitting them in their pocket books.
BURY: Joe Kahn, how long before these new power plants are going to be coming
on line? And before they do, or in the time before they do, what--what is it
that the federal government can do to help California out?
Mr. KAHN: Well, it--it will probably be about 18 months before sufficient new
power comes online in California to start substantially changing the supply
and demand equation there. And that's a very speedy pace. That's with a very
expedited permit process for new plants. The governor in California has put a
lot of effort into building new plats--plants quickly.
BURY: So what happens between now and then?
Mr. KAHN: Well, that's the question. That's the debate. The Federal Energy
Regulatory Commission has the power under the Federal Power Act, in fact some
people argue it has the obligation under the Federal Power Act to ensure that
just and reasonable electricity rates prevail in California at all times. It
can't just selectively choose the times. And it has already found at the end
of last year that rates in California are unjust and unreasonable.
BURY: So what's it doing about that?
Mr. KAHN: Well, it's--it's tried a variety of compromise measures so far,
very limited price controls on certain kinds of electricity sales during
emergency hours. So far that appears to be an insignificant contribution to
reducing the overall electricity bill in California.
BURY: Laura, Governor Davis is demanding wholesale price controls. President
Bush has made it pretty clear that he's not going to lean that way. What
options does Governor Davis have?
Ms. HOLSON: You know, it's--again he's stuck in this place where it--it
doesn't look like he's got any kind of real out. I mean, he can try to
demand. He can demand as much as he wants from the power generators, but if
the federal government doesn't step in, he really can't do anything. The
interesting thing, at least I see kind of going forward, is how Californians
have really adapted to a really, you know, awful situation. There's a law
that's being proposed right now in California in which businesses will know
months in advance whether their neighborhood is going to be impacted by a
blackout so they can plan. I mean, we've almost turned into--if anybody
remembers traveling through Italy during their college days, you always kind
of knew when the airlines or the trains were going to go on strike because
they told you a day ahead of time. And that's very much what's happening in
California where they're warning people, you know, two days, an hour, you
know, one day ahead of time so that they can prepare.
BURY: That's a pretty dark scenario. Lowell, we just have a few seconds left,
what lessons should the rest of the country take from California's crisis?
BERGMAN: Well, watch your--your heating bills, your natural gas bills, which
are to a certain extent reflected in your electricity bills. And don't think
that this couldn't happen where you are. And I think that the industry itself
is beginning to understand that the crisis in California may, in fact, impact
on the future of deregulation nationally.
BURY: Lowell Bergman, Laura Holson, Joe Kahn, thank you so much for joining
us tonight.
BERGMAN: Thank you.
Mr. KAHN: Thank you.
Ms. HOLSON: Thank you.
BURY: When we come back, an update on a NIGHTLINE broadcast from just over a
month ago.
Announcer: To receive a daily e-mail about each evening's NIGHTLINE and a
preview of special broadcasts, logon to the NIGHTLINE page at abcNEWS.com.
(Commercial break)
BURY: In May, we profiled the case of death row inmate Johnny Paul Penry,
convicted of murdering the sister of a former pro football player. Today, the
Supreme Court overturned Penry's death sentence. It ruled, six to three, that
the jury did not have clear instructions on how to weigh his mental
retardation when it sentenced him. The court will take up the broader issue,
whether executing the mentally retarded is cruel and unusual punishment, in
its next term.
That's our report for tonight. I'm Chris Bury in Washington. For all of us
here at ABC News, good night.

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


Stephanie,  I have the copy of the contract so don't worry about that.  Do
you know of any other deals with PGT we currently hold?

Becky,  You knowledge of any other PGT deals we have along with the tariff
provisions would be appreciated.  I am trying to prepare a brief for Travis
by late tommorrow.

Thanks.
----- Forwarded by Gerald Nemec/HOU/ECT on 01/10/2001 03:16 PM -----

	Steve Van Hooser
	01/10/2001 02:38 PM

		 To: Stephanie Miller/Corp/Enron@ENRON, Rebecca W Cantrell/HOU/ECT@ECT
		 cc: Gerald Nemec
		 Subject: PGE due diligence effort

Stephanie and Becky,

I need your help with the PG&E credit exposure diligence described in Travis
McCullough's e:mail set forth below. Could you please forward me (i) copies
of the Service Agreement, Capacity Release materials and executed PGT
Agreement for the 67,000 MMBtu of transport acquired in 1998, and (ii) the
Tariff provisions that deal with the matters described in Travis' e:mail.
Also, what additional transportation transactions do we currently have on
PG&E entities.  Do you have a feel for that? We are supposed to be helping
Credit to get a handle on (a) PG&E exposure and (b) setoff opportunities as
to such exposure. Of course, Credit would like our input by Friday.

Thanks for your help.
Steve Van Hooser
----- Forwarded by Steve Van Hooser/HOU/ECT on 01/10/2001 02:27 PM -----

	Shari Stack
	01/09/2001 10:10 AM

		 To: Steve Van Hooser/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT, Alan
Aronowitz/HOU/ECT@ECT, Wayne Gresham/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Dan
J Hyvl/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT
		 cc: Jeffrey T Hodge/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, Travis
McCullough/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT
		 Subject: PGE due diligence effort

My asst., Kaye Ellis, will be calling each of you this morning to see if you
can attend a short meeting today to discuss a due diligence effort with
regard to Pacific Gas  and Electric Company and its various subsidiaries.  We
have an overall exposure report from Credit which shows that Enron is exposed
to PG&E in virtually all of the commodities that we transact.

In the meeting today - Travis and I will help you identify the PG&E
entity/entities which may have transactions with Enron concerning your
particular commodity. We will ask you to pull the relevant master agreement
and provide the information set forth below.
Thank you in advance for your help,
Shari
   ----- Forwarded by Shari Stack/HOU/ECT on 01/09/2001 09:57 AM -----

	Travis McCullough
	01/09/2001 09:12 AM

		 To: Shari Stack/HOU/ECT@ECT, Andrew Edison/NA/Enron@Enron
		 cc: William S Bradford/HOU/ECT@ECT
		 Subject: PGE due diligence effort
Here is a list of the information that we will need to collect from each
master agreement:
Governing law;
summary of setoff provisions (in particular, does the contract give us the
right to setoff (i) only those transactions under the specific master, (ii)
transactions under other agreements between the same counterparties; or (iii)
transactions under other agreements between affiliates of the counterparties;
(v) all transactions or only those transactions that we elect to offset;
summary of termination provisions (automatic upon bankruptcy or insolvency of
a party? any notice requirements?)
summary of liquidated damages provisions (how computed?  provision for
two-way LD's (such that even the breaching party gets a payment if they are
in the money?)
We also need to discuss how we can get comfortable that all transactions were
properly booked under the correct master agreement, and that there are no
significant "glitches" in our transaction documentation.


Tony Ruppe's Restaurant

3939 Montrose Boulevard
When was the last time you  had

Seared American Foie Gras with Pear Chutney, Pomegranate  Molasses
and Braised Frisee

and paired it with a glass of

Royal Tokji?

Well that's just too long!
Call us at 713-852-0852 or e-mail us at  tonyruppes@msn.com  and let us
make reservations for you  today.

Hope to see you soon, we miss  you......


Amy -
I'd be very interested in participating in the Applied Energy Derivatives
class. Please let me know if there is still room, and if there's anything
else I need to do to sign up.

Thanks,
Kate

Amy FitzPatrick
04/30/2001 11:22 AM
To: Portland West Desk
cc:

Subject: Derivatives I Training Course - June 4th and 5th

We will be offering Derivatives I training on-site.  If you are interested in
attending, please let Amy FitzPatrick know no later than May 21st.

Derivatives I - Applied Energy Derivatives
Presented by Paradigm Strategy Group

Date:    Monday, June 4th and Tuesday, June 5th
Time:  8:00 am to 5:00 pm

This course is appropriate for all employees wishing to obtain a practical
understanding of the basic natural gas and power derivative structures that
are traded and marketed today.  An emphasis is placed on understanding how
financial tools are added to physical structures to meet the risk management
needs of clients.

Participants attending this seminar will be able to:

Formulate customer hedge strategies based on a solid understanding of risk;
its impact on capital structures and approaches to its mitigation.
Develop and interpret forward prices in the context of arbitration
disciplines, as well as understand the divergences from these disciplines
that are characteristic of energy prices.
Identify marketing opportunities through an understanding of both the forward
curve and the distortions created by the physical system of production and
transportation.
Assemble the pricing of a transaction from a benchmark price curve.
Devise cost-reducing deal structures for gas storage from an understanding of
price curves and their components.
Exploit differences in locational pricing with insights into the relationship
between basis and transportation/transmission.
Structure a natural gas and power swap to hedge a company's risk position,
explaining its risks and benefits as a risk management tool.
Price a swap from the price curve and customize the structure to meet various
customer needs including earnings, cash flow and embedded financing.
Apply basis swaps to either mitigate locational risk or to achieve a more
favorable risk/reward position by altering the index location.
Attain a fluency in language concepts and hedging application of options.
Package strips of options to create caps, floors and zero-premium collars.
Create structures that provide energy users with sub-index pricing using
embedded options.
Recognize options embedded in common supply contracts and their pricing
implications, including swing, double-ups and index contracts with maximum
prices, etc.


Don't know if I'll participate, but please put on calendar anyway.
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/06/2001 03:38
PM ---------------------------

MedleyB@gtlaw.com on 06/06/2001 01:55:26 PM
To: ben.jacoby@enron.com, kay.mann@enron.com, Steven.Krimsky@enron.com,
Steven.Rose@enron.com, Dave.Kellermeyer@enron.com, KBrown00@bellsouth.net,
bkeith@keith-associates.com, BarshK@gtlaw.com
cc: OrshefskyD@GTLAW.com

Subject: Conference call scheduled Friday, June 8th at 11:00 a.m. EST

Dial in 1-888-385-5669
Participant #7688234

Rebecca C. Medley
(954) 768-8230
Assistant to Debbie M. Orshefsky
and Frank Schnidman

_______________________________________________________________
The information contained in this transmission may contain
privileged and confidential information.  It is intended only
for the use of the person(s) named above. If you are not the
intended recipient,  you are hereby notified that any review,
dissemination, distribution or duplication of this
communication is strictly prohibited. If you are not the
intended recipient, please contact the sender by reply email
and destroy all copies of the original message.

To reply to our email administrator directly, please send an
email to postmaster@gtlaw.com.


please print,  also let her know i still want reports.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/10/2000
04:30 PM ---------------------------

Sheetal Patel
10/10/2000 02:11 PM
To: Craig Breslau/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT, Ross
Prevatt/HOU/ECT@ECT, Russell Dyk/Corp/Enron@ENRON, Jennifer
Shipos/HOU/ECT@ECT, Jaime Williams/NA/Enron@ENRON, Agustin
Perez/NA/Enron@ENRON, Per Sekse/NY/ECT@ECT, Bill Berkeland/Corp/Enron@Enron,
Mark Smith/Corp/Enron@Enron, Caroline Abramo/Corp/Enron@Enron, Lucy
Ortiz/HOU/ECT@ECT, Troy Black/Corp/Enron@ENRON, Andrew
Wilson/Corp/Enron@ENRON, Daniel Diamond/HOU/ECT@ECT, Harry
Bucalo/HOU/ECT@ECT, Bob Schorr/HOU/ECT@ECT, Bryan Burnett/HOU/ECT@ECT,
Jeffrey A Shankman/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, Tom
Delaney/Corp/Enron@ENRON, Vikas Dwivedi/NA/Enron@Enron, Sabina
Rank/NA/Enron@Enron, Mog Heu/NA/Enron@Enron, Andrea Hauser/NA/Enron@Enron,
Beth Cowan/NA/Enron@Enron, Bill Kyle/NA/Enron@Enron, Lisa
Gillette/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT
cc:
Subject: Week 13 EOL Update

Hello Everyone,

This is the LAST EOL UPDATE I will be sending.  If you would like a weekly
status, please let me know.

Thanks,

Sheetal
x36740


John, any idea who should be getting FERC information on Cove Point?  Could I use the same distribution as for Columbia Gas?


Attached is the statement we are using in response to the Maharashtra/Indian
government's invitation to meet to renegotiate.  We plan to decline requests
to elaborate.

John


This deal was done with Greg Stockard.

D

Julie Meyers
03/13/2000 04:31 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Amoco Energy 2/00

Daren:

You put this in, do have a clue?

Julie

---------------------- Forwarded by Julie Meyers/HOU/ECT on 03/13/2000 04:30
PM ---------------------------

	Enron North America Corp.

	From:  Megan Parker @ ENRON                           03/13/2000 04:17 PM

To: Julie Meyers/HOU/ECT@ECT
cc: Daren J Farmer/HOU/ECT@ECT
Subject: Amoco Energy 2/00

We have a purchase deal in the system, 205116, for Feb. 2000 production that
Amoco does not show.  Can you tell me the trader's name at Amoco that the
deal was done with?

Megan


NOTE:  YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

You have been selected to participate in the Year End 2000 Performance
Management process by providing meaningful feedback on specific employee(s).
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 requests for feedback, access PEP at http://pep.corp.enron.com
and select Perform Review under Performance Review Services.  You may begin
providing feedback immediately and are requested to have all feedback forms
completed by Friday, November 17, 2000.

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
London:  44.207.783.4040, Option 4
Email: perfmgmt@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.

Review Group: ENRON
Feedback Due Date: Nov 17, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
ANDREWS, NAVEEN C               RUDI C ZIPTER                   Oct 31, 2000
BAXTER, ASHLEY                  DAVID DAVIES                    Nov 02, 2000
CAMPOS, HECTOR O                PEYTON S GIBNER                 Nov 06, 2000
CARSON, RICHARD L               RICHARD B BUY                   Oct 30, 2000
CRENSHAW, SHIRLEY J             WINCENTY J KAMINSKI             Oct 26, 2000
GANDY, KRISTIN H                CELESTE C ROBERTS               Nov 01, 2000
GORNY, VLADIMIR                 THEODORE R MURPHY II            Nov 02, 2000
HEWITT, KIRSTEE L               STEVEN LEPPARD                  Nov 06, 2000
KINDALL, KEVIN                  VASANT SHANBHOGUE               Oct 30, 2000
LAMAS VIEIRA PINTO, RODRIGO     DAVID PORT                      Oct 31, 2000
PATRICK, CHRISTIE A             STEVEN J KEAN                   Nov 09, 2000
PHAM, BICH ANH T                SARAH BROWN                     Nov 06, 2000
RAYMOND, MAUREEN J              WINCENTY J KAMINSKI             Nov 02, 2000
ROSEN, MICHAEL B                CHRISTIE A PATRICK              Nov 06, 2000
SUN, LI                         KEVIN KINDALL                   Nov 09, 2000
SUPATGIAT, CHONAWEE             PEYTON S GIBNER                 Oct 27, 2000
TAMARCHENKO, TANYA V            VASANT SHANBHOGUE               Oct 26, 2000
TAWNEY, MARK R                  JEFFREY A SHANKMAN              Oct 26, 2000
THURAISINGHAM, RAVI             PAUL H RACICOT JR               Nov 12, 2000
WILLIAMS, MATTHEW               STEVEN LEPPARD                  Nov 08, 2000
YAMAN, SEVIL                    VASANT SHANBHOGUE               Oct 27, 2000
YUAN, DING                      RICHARD L CARSON                Oct 31, 2000


FYI
---------------------- Forwarded by Scott Earnest/HOU/ECT on 07/18/2000 09:27
AM ---------------------------

Tim Poullain-Patterson
07/18/2000 04:11 AM
To: ECT European Middle Office
cc: Richard Sage/LON/ECT@ECT, Phil Redman/LON/ECT@ECT, Beth
Apollo/LON/ECT@ECT, Stephen Wood/LON/ECT@ECT, Michael Heap/LON/ECT@ECT, Alex
Holland/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Naomi Connell/LON/ECT@ECT,
Fernley Dyson/LON/ECT@ECT, Eric Gadd/LON/ECT@ECT, Scott Earnest/HOU/ECT@ECT,
Bruce Garner/Corp/Enron@ENRON, Amita Gosalia/LON/ECT@ECT, Lara
Fields/HOU/ECT@ECT, Fiona Grant/LON/ECT@ECT, Tani Nath/LON/ECT@ECT, Janine
Juggins/LON/ECT@ECT, Andrea M Kerch/LON/ECT@ECT, Lloyd Fleming/LON/ECT@ECT,
Barry Sangster/LON/ECT@ECT, Shona Wilson/NA/Enron@Enron, Brent A
Price/HOU/ECT@ECT, Claire Wright/LON/ECT@ECT
Subject: MG Middle Office Integration : Fortnightly Newsletter

Hi,

As you will have seen today in     an announcement is to be made on the
London Stock Exchange this afternoon stating we have gone wholly
unconditional on our offer to acquire MG plc.

Though the accounting consolidation date will be the end of the month, we
will effectively "own" the trading positions as of close of business
yesterday (if anyone wants clarification on the distinction between these two
dates please call). Therefore, as far as possible we need to have a
recognisable "middle office" in place to ensure transparency of trading
positions and results, efficient and controlled operational processes,
segregation of duties; in a nutshell, no accidents!

So, where are we...

1) Last Week ...

Valuation Review - Andy Cornfield and I completed a detailed review of
trading positions and associated valuations to ensure that from cob
yesterday, all positions were correctly valued in line with Enron's valuation
methodology.

SAP - Wayne Andrews (Project Apollo Director) was over from Houston to
kick-off the "MG migration to SAP" project. Michael Heap will be leading this
project from London with a focus on establishing a project plan over the next
few weeks.

Remote Offices -  MG have offices all over the world and it is important to
distinguish between "trading" offices, that are permitted to "commit" the
firm, and origination and representative offices that service the "trading"
offices. Enron staff have been visiting all of MG's offices over the past few
weeks so we can ensure that appropriate controls are established around the
different types of office.

2) This Week

DPR -  yesterday Sheila Foo produced a DPR for the entire MG operation,
sub-divided into five distinct business units for onward reporting to Enron
and MG senior management. Mary Thambiah will be consolidating the results
with those of Enron Europe from cob today - the first day we "own" MG's
trading results.

Doorstep and Process Review - a "Doorstep" controls review was performed by
Brent Price two weeks ago, and provisional findings noted. However, a deal
test is still outstanding and we are inviting AA back to this week to
complete it. We are also asking AA to document work flow and systems
processes so we have a better understanding of the integration points as we
move the MG business on to the Enron Middle Office model.

3) Lastly, attention model train enthusiasts...

MG have about eight meters of LGB standard gauge track, a couple of
locomotives and an array of rolling stock - problem is that the network fell
over a couple of weeks ago (I blame it on Gerald Corbett!). Are there any
model train enthusiasts out there prepared to give up some of there time to
fix it? Any offers for help will be accepted on a confidential basis -
anonymity assured!!

Please don't hesitate to call if you have any questions on any of the above x
34264.

Regards,
Tim


Jeff--nice to see you at the bike ride on Saturday, and  to meet you at the luncheon Monday honoring Jim Derrick. Thought you might be  interested in the report I prepared for people who pledged to MS in connection  with the bike ride over the weekend.

Several persons  who have either pledged, or are considering a pledge, to the National Multiple  Sclerosis Society have left messages or sent emails asking if I am still alive  after the MS150 charity bike ride held this past weekend. Others have asked for  a report of my experience. I am alive and sore. If you are not interested in the  report, please delete this email.

First of all, for  those who have pledged or already sent you checks payable to the National  Multiple Sclerosis Society,  thanks is an inadequate word.  Remember  that you are helping colleagues and others, and perhaps yourself with your  contributions.

This bike ride charity event turned out to be a story  unlike anything I ever expected.

Here is my story, if  you are interested:

BASIC  FACTS:

1.  I did show  up for the bike ride (5:30 am Saturday).

2.  I did start  the bike ride (7:10 am) with approximately 9400 bikers in the largest charity  bike ride in the country.

3.  I did ride  my bike across the finish line in Austin the following day, some 199 miles down  the road..

4.  I did  either ride my bike, or push it up several hills, for approx. 182 miles of the  199 mile route.

5.  I crossed  the finish line in Austin only a few minutes before the deadline of 6:00 pm  on Sunday.

6.  I ended up  meeting in one way or another almost every biker on the trip.  That  resulted from the fact that I started at almost the very front of the pack of  9400 bike riders, and was passed by nearly all of them before I reached  Austin.

7.  I am  extremely pleased to have participated in the event.  I don't have the time  to participate in such events very often, and I was fortunate to have a schedule  which opened up just in time for me to enter this  event.

RANDOM GENERAL  OBSERVATIONS:

1.  The charity  event title, "MS150", is a misnomer.  When I signed up for this event, I  understood the "150" part of the event title to refer to the mileage between  Houston and Austin. I was wrong.  The "150" I now understand to mean the  approximate number of blisters to be found on one's posterior when a biker  crosses the finish line.

2.  I have  driven from Houston to Austin many times in the past.  There are routes  between the two cities that are generally flat with hills of a gentle  grade.  We took a different route.

3.  The ride  from Houston to Austin by car is about 160 miles. The route we took was almost  40 miles further.  The bike ride route displayed on a map appeared  similar to that which you might expect to be drawn by asking an Aggie to find  the shortest distance between two points.

4.  Road kill  if far more attractive from a car than from a bike.

5.  The chicken  ranch in LaGrange is long gone, but the spirit lingers.  The  LaGrange fair gounds was the venue for dinner and lodging at the end of the  first day of biking. We were welcomed there by the local Rotary Club  volunteers with a scrumptuous dinner of barbecued chicken and salad with ranch  dressing.  I laughed out loud when I saw the meal being served, and  wondered whether the historical connection was  intentional.

STRATEGY

I knew when I signed  up for this event that I had almost no chance of completing the ride which, at  the time I entered, I thought was only 150 miles.  I had not trained at all  for the bike ride, and was (and am) not physically fit and dont exercise as I  should.  The total extent of my bike riding during the year prior to  the event was when rode my mountain bike from my home to a  sporting goods store to buy supplies one week before the trip.  Round trip,  my "training" ride to the sporting goods store was about 3  miles.

I sufficiently  realistic to know that I needed a strategy to gain some advantage  to make up for the lack of althletic readiness.  I came up with what I  thought was the perfect solution. Before the race started, I looked for the  largest biker I could spot.  My plan was that if I rode my bike during  the ride immediately behind a very large person, I could draft that person  (Nascar style), and gain a considerable aerodynamic advantage.  I thought  it was a terrific idea and I figured that even if the large person had a slower  pace than I desired, the advantage would be apparent by the end of the  ride.  Luckily, I found just the person I was seeking---this person  appeared to be about 300-325 pounds--a body that would clear a nice swath  of air for me to follow.  When the race started, I maneuvered my bike and  pulled immediately behind the biker who was to be my air blocker.    For the first 5 minutes of the ride, my strategy worked great--I actually could  tell that my air resistance was considerable less when I was directly  behind this large person.  Then, the unexpected happened----my large person  biker turned on her afterburners and left me in the dust.  Never again on  this bike ride was I again able to catch and draft another  biker.

I needed a new  strategy---perhaps a tail wind, which did in fact materialize in spades,   but not before noon the second day of the ride.

THE RIDE IN  DETAIL

I signed up for this  event about two weeks in advance of the ride as a result of my schedule  opening up unexpectedly when it was previously heavily commited.  I  did it largely on  a lark, but the event took on new meaning when I  learned of close friends who have been stricken with MS after I started the fund  raising effort, which is a required part of participating as a  rider.

Iknew I was  out of shape and had been asked by friends if I had gone loco in even attempting  this strenuous activity.  I agreed that I could not keep up the normal pace  of younger and far more physically fit bikers.  So, I made a pledge to  myself.  No matter what, I was not going to overexert myself.  I would  establish a reasonable pace and not even get close to being winded.  I  succeeded in executing this plan until lunch on the first day of the  ride.

I kept a pace that  was clearly nonstrenous and I felt good about the ride for the first 4  hours or so, which was mostly level road.  I was very happy with the ride,  and was looking forward to the tasty box lunch that the announcer has  promised at the start of the day was waiting for every biker when we reached  Bellville, about 50 miles from Houston.  When I got to Bellville, I came to  realize that my pace, although not strenous, was substantially off the  mark.  With a box lunch prepared for over 9000 riders, there were only four  box lunches left when I arrived in Bellville. As I thought back, I  remembered being passed by many bikers.  I  did pass, by my count,  9 bikes before lunch as if they were standing still.  They were.   They all had flat tires.   I decided I needed to pick up the pace  at little after lunch.

I headed out after a  quick lunch to try to make up some time.  By around 2:00 to 3:00, I  was really getting tired and although still cautious about over exertion, I was  losing energy fast. I stopped at a pay phone booth in  a small town, and  called home. I told my 13 year old son William I did not think I would make it  much further.  But I wanted to go as far as I could.  I rode about 10  more miles, and was almost totally out of steam when I remember thinking  "I desparately need a long rest".  About that time, I looked up at  a road sign that said "Cemetery, next exit".  The symbolic connection  was compelling!  I decided it was time to take a rest--a temporary,  not a permanent, one.  I biked past the cemetery where I lay down in  some high grass along the road to catch my breath. The local chiggars and I  bonded almost immediately.  I then flagged down a "SAG" bus, designed  to pick up weary bikers, and got help loading first my bike, then my body, into  a van.  I remember telling the driver that I was "finished" and that I did  not think I could bike anymore for the rest of the way to Austin.  I was  extremely disappointed because I had gone only about 62 miles, and about 80% of  the donations pledged to me were based on distance traveled.  I concluded I  was destined to fall far short of my fundraising goal.

After traveling in  the van for about 15 miles, we came upon the entrance to a ranch of a  friend of mine that I had visited only a couple weeks ago. I asked the van  driver to let me out so that I could see if my friend was home.  I went to  visit the friend, but he was not at his ranch house, and I ended up spending  about an hour taking a nap while waiting for him.  I finally decided to  leave, and found that the rest had given me new strength.  I thought I  might be able to ride again.  To make a long story short, I rode for about  another 4 hours straight until it was total dark.  A van came and picked me  up on the highway and told me it was too dark to continue. I was only 3 miles  short of LaGrange, our stopover spot for the night, and the van carried me on to  this historic spot.

I had really been  looking forward to reaching LaGrange because I was a member of Team Enron, and  Enron's hospitality for its bike riders was by reputation, outstanding.   They had hired 40 messeuses to give massages to the Team Enron bikers, and a  dinner fit for a king would be waiting.  Unfortunately, by the time I  arrived at the LaGrange Fair Grounds, our accomodations for the evening, dinner  in the Enron tent was over and all the masseuses had vanished.  I finally  found a general meal service hosted by the local Rotarians who were serving  barbecued chicken, and a salad with ranch dressing.

Since I didnt enter  the bike event until less than two weeks before it started, Team Enron's private  tent was full and I was relegated to find sleeping space on my own.  I was  directed to a huge feedlot covered with a large tin roof, open air style (no  walls).   As I nestled in my sleeping bag under the big roof with  about 2000 other bikers, my senses told me that I was probably to sleep where a  cow going to market had probably slept only days before.  But I was dog  tired, simply wanted to sleep, and didnt have the energy to find less aeromatic,  alternative, accomodations.

THE SECOND  DAY

I was told that  breakfast would be served at 530 am the next morning, and that the ride would  start at sunup, about 640 am.  I concluded that I could sleep until 6 am,  grab a quick bite, and still be at the starting gate by 640.  Needless to  say, I was happy with my plan to get as much sleep as possible.  I badly  needed the rest. My plan failed.

I did not take into  consideration that I was sleeping among a bunch of gung-ho superbikejocks.   About 4 am, some two hours before I planned to wake up, a large group of  overenenergetic-supercyclists arose and started doing side straddle hops,  stretching, and various exercises while making Monica Seles-like grunting  noises.  I was not amused.  There was no way to go back to sleep! The  five hours of sleep I managed on Saturday night was wholly  inadequate.

I was told that Day  2 of the bike ride was much more difficult than Day 1 because of the more hilly  route as we approached Austin.  To make a long story short,  I  actually gained strength on Day 2 as compared to Day 1. I actually learned some  technique for transferring power from my arms to my legs, and made it to Austin  on my own power without any motorized help of any kind.

The ride through the  hill country was spectacular.  Also, I did get a taste of ole country Texas  along the way. The bike route intentionally  meanders via remote roads through small towns in order to avoid heavy  highway traffic for the safety of the bikers.  As we passed through one  small town that I never heard of before, I looked up to see a sign that  said  "THELMA'S PLACE---POOL, BEER DOMINOS". A sign of equal size  immediately adjacent said "NO GUNS PERMITTED INSIDE".  It was  comforting to know that patrons of that establishment could drink  peacefully while game playing, knowing that customers are  required to  go out to the parking lot to resolve domino disagreements where guns are not  prohibited. I guess I have spent too  much time in the major metropolitan areas of Texas, and have forgotten about the  genuine Texas back country!!

There was one other  noteworthy diversion.  Cycling through Bastrop State Park is known to be  one of the most strenous parts of the trip because of the extreme winding hills  in this beautiful, heavily-wooded area.  The Park is also confusing  because of its multiple intersecting roads through the park. I was  following another biker as we approached the park who was sporting a very fancy  biking shirt on which was written TAM Cycling Club.  I mentioned to him  that I was not looking forward to entering Bastrop State Park because of the  challenging steep hills.  He responded that he knew a route through  the park that was not only less hilly, but was also 3 miles shorter than  the route intended for the bikers.  I was all ears to the prospect of a  short cut, and agreed to follow him on this less strenuous and shorter  route.  We entered the park and,  for the next 10 miles according to  my odometer, it seemed like a roller coaster ride, with turning steep inclines,  and dangerously steep and turning declines.  Exactly one hour and ten  minutes after we entered the park, we finally exited the park--------------at  the exact same place where we entered.  I was exhausted and not  amused.  I should have known that an Aggie inherently is unable to find the  shortest route to Austin.

To fast forward the  story, since this has been far too long already, I made it to Austin on my own  power and did not ask for a lift at all the second day.  I was looking  forward to getting a much needed shower when I arrived at the finishing line  at the UT baseball stadium in Austin.  I had put in my most strenuous  effort during the last hour of the bike ride in the very hilly Austin area where  every hill looks like Mount Everest or its kissing cousin.  Unfortunately  for the person who sat next to me on the bus coming back to Houston, I was  told just after crossing the finish line that the last bus would leave  for Houston in only a few minutes and there was no time to  shower.  At that point in time, I looked like I just stepped out of a sweat  shower.  The stranger next to me on the bus did exactly what I dreaded--he  introduced himself, and waited for a reply.  I really didn't want this guy  to know my name--the name  of the guy who was giving the bus the aroma  of gymnasium locker room---- so after a moments thought, I held out my still  sweaty hand, and proudly said, "Howdy, my name's Harry  Reasoner."

Conclusion:

I participated in  this event because I wanted to help my colleagues and others who are victims of  MS.  If you previously made one of those weirdo pledges that are impossible  for anyone to calculate, please send my secretary a check made payable to  National Multiple Sclerosis Society in whatever amount makes you happy.  If  you have not made a donation, won't you do so today? You will benefit by giving  as much as the people with MS who need your help.  Thank  you.


Ladies and Gentlemen:

First of all, thanks to all who were able to attend our first meeting last
week.  My apologies for the short notice and inconvenient scheduling - it was
the best we could do based on travel schedules and time-zones.

Attached is a presentation of the results of our first meeting.  Please take
a look at it and thank about how we can move from the conceptual to the
practical as painlessly as possible.

Schedule permitting, I would suggest we meet next week to see where we go
from here.

Thanks,

George


Rick:   I wanted to give you an update on what's going on with 201 on steel
imports:

Late Friday evening, Zoellick sent a letter on behalf of the Bush
Administration to the  International Trade Commission formally initiating a
Section 201 investigation for the steel industry.  Most, if not all, products
that Enron imports were included in the scope of the investigation.

I left messages for Jeff, Tim and Greg Hermans (trading) over the weekend
that this is now official (they had previously made an announcement that it
would happen, but we didn't know details because the filing had not been
made).

I am working with Jeff M. and Public Affairs on our statement on 201.  It has
been through several iterations over the past week.   Do you want to review
before it's finalized?   We do not plan to issue any statements, but we plan
to talk from these points when asked about our position (by reporters or govt
officials).   Jeff wants our approach to be "moderate" given where we are
with the domestic producers.

We are putting together a timeline for the 201 investigation, spelling out
important milestones in the process.   This will help our commercial team to
understand what is coming down the pike (and when).  It looks like the
investigation will take approx 9-12 months to complete from start to finish.

Let me know if you have any questions.

Lisa


Angela,

I am sorry for the delay in my response however,  I have been out ill.
Please see the attached GISB sample for your review.  Upon your review,
please give me a call to discuss the attached.

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


Folks:
Here are my edits.  For simplicity, I accepted all the other changes and put
mine in strike-out-underline.

They are confined to the direct access section, and to the provisions
regarding "spot market service" in particular.  Based on our negotiations, I
think it's accurate to state that spot market service was never discussed as
"an option to elect."  Instead, the language in the agreement states that it
is a "backstop," in the event that on any given day a customer's ESP doesn't
show up with the power.  In effect, it retains the utility's duty to serve,
like the gas side, but does not expose the utility to any risk of cost
recovery for the spot service provided.  I've also added provisions which
obligate the utility to provide spot market service in the event that at the
outset of the program (i.e., the transition date), the customer, for whatever
reason fails to elect Term Service or Direct Access Service.  In both cases,
the spot services lasts for a maximum of 30 days, after which the customer
must choose Term or Direct Access Service.

Please take a look at the language.  While I haven't put any "stakes in the
ground" up till now, I feel strongly about these changes (for reasons I'm
happy to discuss), and if folks have issues with incorporating it into the
document, I'd request that we have a very brief call to discuss.  I believe
that the language as proposed captures my conversation with Dorothy.

In addition, I've also taken a stab at language requested by Delainey, i.e.,
"what to do about DA in the interm?"  There may be better ways to craft the
language, but I took a shot nonetheless.

Finally, I'm assuming, based on yesterday's call, that, by delivering this
document to the Speaker today, no one is giving their approval, support, or
anything else for each and every provision.  I'm not prepared to, and cannot,
do that at this time.

Thanks again to all for all the effort (and to Dorothy for her patience in
hearing me out earlier).

Best,
Jeff


Mark,

With the completion of the Senior Management Report for March now complete we
need to start on the April report.   Please fill in the EA numbers for April
when they are available and return this spreadsheet to me.

Thanks,
Hollis


Yesterday I attended the initial Ontario Standard Physical Bilateral Contract
(OSPBC) drafting committee meeting.   A summary of the meeting follows:

The main debate in the meeting was with respect to whether "physical"
transactions were possible in Ontario given the market rules.  Ontario Power
Generation Inc. (OPG) put forth the premise that all transactions involving
the pool are financial.  I led the charge that the pool was simply a
settlement mechanism yet the underlying transactions are physical in nature.
OPG supported a  form of master which essentially a much boiled down ISDA.  I
supported the Canadianized EEI form that Greg has put together.
Jack Lubec of the IMO made a powerpoint presentation on how transactions are
settled and his interpretation of the physical/financial issue.  A copy of
the presentation is attached hereto.
The group (which included TransCanada, TransAlta, AMPCO (industrials), Hydro
One (transco), the IMO, several consultants and lawyers) seemed unable to
agree with either position and decided that the market in Ontario was a
hybrid market (a position that in practice may be correct but in terms of
legal obligations is nonsensical).
The IMO advised that Revenue Canada does not take title to power, does not
take possession of power and the pool transactions are deemed not
"derivatives".  Notwithstanding this direction, some in the group seemed to
accept the OPG assertion that as a generator can choose not to generate (in
which case the pool will supply on the generator's behalf and charge the
generator) and/or a would be load can choose not to receive (in which case
the pool treats this as a resale to the pool and pays the load for energy not
consumed) and that a supplier has no ability to guarantee physical delivery
that the market is financial.  I refuted this premise but only found support
from TransAlta.
Notwithstanding the lack of consensus on the physical/financial issue the
group did agree with my position that many market participants did not have
the requisite corporate authority to do derivative or financial transactions
and those that did may not be comfortable with or even understand a financial
trading document.  All in the group supported this position.  Thus,it is
likely that the starting point, if not the Enron Canada EEI form, will be the
base EEI form.  Many supported an Ontario only document but accepted the
position if possible a multi-jurisdictional standard base agreement would be
preferred.
 The group tentatively accepted me and Dan Pastoric of Hydro One as the
co-chairs of the drafting committee.  This is subject to confirmation at the
next meeting which is scheduled for December 6th.

Elizabeth - I suggest that you and I may want to prepare some sort of memo
setting out why the market is physical and not financial.  I think that to
the extent that you (or someone in your group) can provide a commentary why
others pools (California, NEPOOL,...) are still physical markets, I may be
better equipped to convince the group.

Greg - I suggest that until we are closer to market opening in Ontario that
the form of power master that we circulate in Alberta not include the Ontario
Firm (LD) product definition as this will likely be modified through the
OSPBC process.

Regards
CJG


Below are the training preferences for our three Houston traders.  If you
could sign them up I'd appreciate it .  I'll let you know as soon as I hear
from the two Portland lads.

Thanks for your help, it was fun chatting with you!
---------------------- Forwarded by Tana Jones/HOU/ECT on 01/13/2000 03:27 PM
---------------------------

	From:  John Zufferli                           01/13/2000 03:14 PM

To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Nymex Training

Paul Racicot, Greg Woulfe and I will attend the Feb 4 10-2 PM training


We're baaaaaack!? Here is an idea for this  upcoming week.? You'll probably
want to spend some time catching up with  you kids as well.? Have fun!
?
Bobby
 - NEON Opening Lesson.doc


We have conference room 6716 from 3:00 to 4:00 each day for OPS.  I have not inspected the room to see if it will accommodate our entire group.

Thanks,
Mike


David Port should be contacting you shortly. We are in a major revamp of the policy and limits etc. Has to be submitted for next Board Meeting. I don't think there is appetite for increasing overall risk in Enron (corp var) so the allocation becomes critical. Should be an interesting discussion. More to come. Rick

 -----Original Message-----
From: 	Lavorato, John
Sent:	Wednesday, May 30, 2001 8:55 AM
To:	Buy, Rick
Cc:	Whalley, Greg
Subject:

Rick

I would like to make the temperary VAR permanent.  I would give most to gas and some to power.  I feel like its the best place in the company for it.

Please let me know.

John


unavailable between 8 am and 1030 am and 1130 and 1230.  otherwise ok.

best,
jeff

	Lysa Akin@ECT
	03/13/2001 06:08 PM

		 To: James D Steffes/NA/Enron, Susan J Mara/NA/Enron, Steve
Walton/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@Enron, Jeff Dasovich/NA/Enron,
Harry Kingerski/NA/Enron, Paul Kaufman/PDX/ECT
		 cc: Marcia A Linton/NA/Enron, Joseph Alamo/NA/Enron@Enron, Bernadette
Hawkins/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT
		 Subject: Coordination with PGE regarding Enron's positions in Califonia

Mary Hain has asked that I set a conference call to discuss the topice
reference above.

I would like to schedule the meeting for Thursday, March 15th.

Please advise ASAP your availability Thursday.

If I have left anyone off this list that you feel should participate, please
forward this e-mail.

Thank you.

Lysa Akin
Ass't to Mary Hain
503/464-7927


----- Original Message -----
From: "Green, Michael" <michael.green@bridgeline.net>
To: "randall.curry@bhlp.com" <'randall.curry@bhlp.com'>;
"hugh.h.connett@bhlp.com" <'hugh.h.connett@bhlp.com'>; "ragan.bond@bhlp.com"
<'ragan.bond@bhlp.com'>; "McIlvoy, Karen D."
<Karen.D.McIlvoy@bridgeline.net>; "Knoblauh, Jay"
<Jay.Knoblauh@bridgeline.net>; "Green, Michael"
<michael.green@bridgeline.net>; "Wilkinson, Doug"
<Doug.Wilkinson@bridgeline.net>; <tiffany.smith@bhlp.com>;
<jeff.stephens@bhlp.com>; <jstep103@aol.com>; "Wilson, Shona"
<Shona.Wilson@ENRON.com>; <maedajr@texaco.com>; <faulkjb@texaco.com>;
"Trevino, Susan" <Susan.D.Trevino@ENRON.com>; "Mihalik, Trevor"
<Trevor.Mihalik@bridgeline.net>; "Hagelmann, Bjorn"
<Bjorn.Hagelmann@ENRON.com>; "McConnell, Mike" <Mike.McConnell@ENRON.com>;
"Sharp, Greg" <Greg.Sharp@ENRON.com>; "Abel, Chris" <Chris.Abel@ENRON.com>;
<jparks1@houston.rr.com>; "Knoblauh, Jay" <Jay.Knoblauh@bridgeline.net>;
"Jenkins, Beth" <Beth.Jenkins@ENRON.com>; "Thompkins, Jason"
<Jason.Thompkins@ENRON.com>
Sent: Monday, May 06, 2002 6:03 PM
Subject: Bridgeline Gas Marketing 5/6/2002

<<BGM 0506 ngpl.xls>>  <<DPR 0506.xls>>

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


-----Original Message-----
From: 	Lisa Reichel <lreichel@calpine.com>@ENRON [mailto:IMCEANOTES-Lisa+20Reichel+20+3Clreichel+40calpine+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, July 23, 2001 7:11 AM
To:	'dschool@enron.com'
Cc:	West Real Time Group
Subject:	SP - 23rd

 <<Southpoint Gas Model.xls>>
Lisa Reichel
Mgr., Corporate Risk Management
Calpine Corporation
700 Louisiana Street, Suite 2700
Houston, Texas  77002
713-830-8841 Direct
713-830-8749 Fax

 - Southpoint Gas Model.xls


Thank you!!!

Errol McLaughlin@ENRON
04/02/2001 10:15 PM
To: Mechelle Stevens/HOU/ECT@ECT
cc:
Subject: Re: Intercontinental Exchange

These deals are Q94045.1@.2

Thanks,

Errol, X5-8274

	From:  Mechelle Stevens @ ECT                           03/26/2001 08:35 AM

To: Errol McLaughlin/Corp/Enron@ENRON
cc: Jeffrey C Gossett/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT

Subject: Intercontinental Exchange

Errol,

Please advise as to the status of these trades.

Thanks,
Mechelle
---------------------- Forwarded by Mechelle Stevens/HOU/ECT on 03/26/2001
08:23 AM ---------------------------

	Enron North America Corp.

	From:  Mechelle Stevens                           03/20/2001 11:03 AM

To: Errol McLaughlin/Corp/Enron@ENRON
cc: Jeffrey C Gossett/HOU/ECT@ECT
Subject: Intercontinental Exchange

Errol,

There are two trades that were done with Mirant Americas through
Intercontinental Exchange.  TAGG does not reflect these trades.  I faxed the
broker statements to Sherry D. and she stated that she forwarded them to
you.  Trade dates were on Nov. 13th and Nov. 14.  I also asked Joe Hunter to
check into this and he stated that he had spoken to you some time last week
or the week before and stated that you would be getting back with me on the
TAGG deal numbers.

When I querried TAGG this morning selecting Intercontinental Exchange as the
broker, no deals were found.

Can you please let me know the deal numbers as these trades need to be
settled as soon as possible.

Thanks,
Mechelle
x37278


I have 3 new employees and they are working on the first unit.  My 3 existing
employees are working on their second and third.  So far so good.  I think it
is good that we have put the responsibility on them to learn the material.  I
have not heard of any negative response.  I'll keep you posted.

DG

Jeffrey C Gossett
02/20/2001 10:23 AM
To: Kam Keiser/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Phillip M
Love/HOU/ECT@ECT
cc:
Subject: Training Program

Any feedback??
---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 02/20/2001
10:22 AM ---------------------------

	Enron North America Corp.

	From:  Hector McLoughlin @ ENRON                           02/20/2001 10:17 AM

To: Jeffrey C Gossett/HOU/ECT@ECT, Francisco deJesus/NA/Enron@ENRON
cc:
Subject: Training Program

Jeff,
I was curious to find out how everyone was doing with the training
program.    Frank will be following up at your next meeting.   How are the
managers and the new hires coming along with the completion of monthly
modules?
Any feedback from them?
Thanks,
hgm


Attached please find the EPMI Power Credit Watch List as of 01/29/01.  Please
direct any questions and/or comments to the Credit Hotline (713-853-1803).

Thank you,
Veronica Gonzalez