In today's edition of the Daily Update, Charles Payne, principal analyst
at Wall Street Strategies, discusses bending the rules and asks investors
if they really want to know the dirty little secrets undergirding their
lifetime investments. He also discusses coming economic news that may
affect the market and his own current favorites, which ironically include
energy stocks.

Also, Dave Sterman examines the challenges facing EMC (EMC) and
the storage hardware market in general, and Morgan Stanley gives its
sanguine take on another kind of storage, Federated Department Stores
(FD), in a report that Multex Investor members like you can access for
free by signing up for the firm's free research trial.

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Below
--------

- Investment ideas
- Broker and third-party research
- Online advice and chats
- Free and sponsored reports

Investment ideas
-----------------------------------------

1. INVESTMENT IDEAS
Market on the cusp, investors on the edge
You can't stand the truth, so stay in the kitchen

By Charles Payne, principal analyst, Wall Street Strategies

There is no doubt that the topic of the week is trust. Each day saw a new
scandal and a new perpetrator. Even though Enron (ENE) continues to hog
the headlines, the Houston based energy trader (I guess that's what they
were) wasn't the only company called to the mat on ethics and
accounting (next month the country celebrates Lincoln's birthday, and
although he'd be beaming about how everyone has come together to
support the battle against evil, he wouldn't be too happy with the goings
on in the corporate world).

In the meantime, corporate earnings took a back seat to the daily
revelations of improprieties. Even the eagerly awaited testimony of Alan
Greenspan became a sideshow of sorts. After spending the last year or
so soul-searching for reasons as to why they took such an
unceremonious bath in the stock market, investors have come to find
that they were never fully aware of the goings-on behind closed doors.
There are a lot of questions to be answered, both legal and ethical, yet in
many ways we already know the answers and will never get the details.

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6505&nd=0129

2. INVESTMENT IDEAS
Can EMC (EMC) stay atop the data storage mountain?
Still the market share king, margins and analyst confidence are waning
for this former stalwart

By Dave Sterman, equity research columnist

The boom in data storage has become a bust. Prices for data storage
gear have plunged as heavy competition has led to fierce price wars.
Few have taken a deeper hit from the storage sector's comedown than
industry leader EMC (EMC).

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6507&nd=0129

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Broker and third-party reports
-----------------------------------------

1. INVESTORS' CHOICE: 3-DAY FAVORITE
Bear Stearns publishes a 'top ten list' of Internet security predictions for
2002.

After a page of general sector commentary, the firm discusses its list; #3
prediction calls for more sophisticated virus attacks, #6 prediction is that
the biometric hype fizzles, #10 predicts security vendor stocks that will
outperform. (4-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=25966746&nd=0129

2. TODAY'S SPECIAL REPORT
Friedman, Billings, Ramsey offers a historical report on the evolution of
wireless communication.

The firm discusses potential growth catalysts for the industry, the
evolution of wireless, the global sector landscape, descriptions of
wireless technologies including CDMA, analysis of major wireless
providers, and much more. (52-page report for purchase - $100)
http://www.multexinvestor.com/download.asp?docid=26090706&nd=0129

3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Legg Mason identifies its favorites for investors in the electric utility
space.

No stock or sector commentary, but the firm lists 4 high yield equity
ideas, 3 income and growth ideas, and 7 preferred stock ideas. Also, 94
other top yielding preferreds and a complete coverage list with
fundamental data. (7-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=26008756&nd=0129

4. THIRD-PARTY REVIEW
Kintisheff Research reports on yet another revenue warning from JDS
Uniphase.

Kintisheff discusses JDSU's earnings call last week and details what the
company said to investors. The firm relates its current investment opinion
on the stock. 4 pages of company commentary and 5 pages of financials.
(9-page report for purchase - $25)
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5. WHAT'S HOT?
Brown Brothers Harriman explains why it sees a sustainable
semiconductor recovery underway.

In the report, discussion of near-term sales activity, increase in DRAM
prices, and positive earnings revisions trends. Also, some general
chart-based info. on the broad market and BBH's strategic focus list of 37
stocks. (5-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=25945421&nd=0129

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Online advice and chats
-----------------------------------------

1. ASK THE ANALYST
Schaeffer's Research's Bernie Schaeffer discusses recent price action in
major market averages--extended.

Calling latest trading activity "disturbing," Schaeffer explains why his
chart analysis reveals bearish indications. What are some key levels that
investors should watch in the Dow, Nasdaq, and S&P averages?
Bernie's spot was scheduled to end yesterday, but you can still ask him
questions through tonight, Tue., Jan. 29, 5 PM ET.
http://www.multexinvestor.com/AskTheAnalystForm.asp?&nd=0129

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Ronald E. Newton with Insurance.com talks about how much auto
insurance you really need.

In reality, there is often a large gap between the insurance you're
required to carry and what you should carry.  Ask Ronald E. Newton of
Insurance.com your questions.  He will take investor questions until
Thurs., Feb. 7.
http://www.multexinvestor.com/AskTheExpertForm.asp?&nd=0129

Free and sponsored reports
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Deutsche Banc Alex Brown discusses shipment trends in the consumer
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sales for the major retailers including BBY, RSH, CC, and TWTR. 2002
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Morgan Stanley sets a $50 price target for "outperform"-rated Federated
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The firm says that FD is "ready to ride an economic rebound," and
reports on key investment strengths and risks associated with the stock.
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click here:
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no dummy its next week, maybe we can see the tree in rockefeller center, im really psyched

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 20, 2001 12:54 PM
To:	Maggi, Mike
Subject:	RE:

you are so funny!  i cna't go thursday because i have to be here to eat turkey and i have to be in dallas on saturday night to go out for my birthday.  sorry.  maybe next time.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 20, 2001 12:53 PM
To:	Nelson, Michelle
Subject:	RE:

no thanks but i did book our tickets to ny, we leave on thur night and come back sunday, happy packing


so argument more switching than outright lost demand?    where are petro
prices on a comparable equivalence?

slafontaine@globalp.com on 03/15/2001 08:17:02 AM
To: John.Arnold@enron.com
cc:
Subject: Re: utilites?

enjoy cabo-im not really surpised at lack of dmand recovery-will be slow to
recover esp with failing econ growth. the one thing concerns me about bear
side
is implied demand for us petro products is huge. doesnt seem to suggest an
econmic impact on that side. having said that absulte px for petro much much
lower relative to natgas


The meeting referenced above is schedule for Tuesday, May 22, from 3:30 p.m.
- 5:00 p.m. in EB872.

Attendees:
Vicki Sharp
Mark Haedicke
Jeff Hodge
Elizabeth Sager
Carol St. Clair
Jim Keller
Mike Smith
Deborah Culver
Michelle Maynard


I have received a bill from LeBoeuf for work done in June on the ACE
insurance matter for a bit over $36,000.  This included around 23 hours by PB
Wright ($12,000) and 38 hours by SD Avitabile ($13,000).  Does that sound
right to you?  I have to allocate this to the business units - should it all
go to East Power Trading?


---------------------- Forwarded by Drew Fossum/ET&S/Enron on 04/04/2001 01:19 PM ---------------------------

"Hirasuna, Robert" <rhirasuna@AkinGump.com> on 04/04/2001 10:18:00 AM
To:	"Drew Fossum (E-mail)" <dfossum@enron.com>
cc:

Subject:	Revised Draft

 <<4%P001!.DOC>> Use this draft instead.  I missed a couple of delted dashes on the first page.

The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above. This message may be an attorney-client communication and/or work product and as such is privileged and confidential. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that you have received this document in error and that any review, dissemination, distribution, or copying of this message is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message.

 - 4%P001!.DOC


Bob Badeer
deal 495264
Amerex shows 30400 total mw and we show 24800


----- Forwarded by Richard B Sanders/HOU/ECT on 02/15/2001 01:44 PM -----

	John Enerson
	02/14/2001 02:16 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: Richard Lydecker/Corp/Enron@Enron
		 Subject: Can Fibre Lackawanna

I have received notice from Can Fibre Lackawanna that there are in default
under the payment obligation under the Subordinated Loan Agreement.  The
Subordination provisions state that until the Senior Debt is paid off in
full, the Subordinated Lenders (thats us) can not accelerate, foreclose,
etc.  There is not 180 day period.  There is nothing.  Nonetheless, this does
highlight the need to get these documents reviewed by counsel and start to
weigh our options and strategy.  This is specially true for matters with
respect to the Construction Completion and the additional $4.5 million that
remains unfunded.  The letter of credit backing the $4.5 million obligation
expires on June 30, 2001.  At that time we have an argument that we will not
replace the letter of credit and because they are in default, we are not
going to fund.

I think we should start having outside counsel get up to speed on this now.
Can Fibre knows we do not want to fund and so it is better to be prepared.
An analysis would include.

1.  Review of the applicable conditions to fund the $4.5 million and make
sure that all steps are taking to hold them to the letter of the agreement.
In particular, since they tests are under the terminated EPC contract, we
want to make certain that no rights have been waived.  Also, we want to put
them on notice that they have to follow everything to the letter and we need
to develop any strategy or experts to contest any certifications.

2.  Review the documents to see if there is any wiggle room based on the
current default.

3.  Understand our obligations.  The loan agreement requires us to fund $4.5
million upon completion (regardless of the posting of the letter of credit).
By being in default, does that provide us a defense to funding.  Can they
cure the default and make us fund.  What does bankruptcy do to this scenario.

Let me know your thoughts and who we can talk to regarding these issues.


Larry Soderquist has forwarded to me a TVA schedule of the Shelby upgrade.
If it's not already in Deal Bench, let me know and I'll forward it down.
Scheduled completion is May, '02.

Mitch


Are you guys interested in seeing Prince on November 30 in Houston?  Tickets
go on sale this Saturday.

Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
Brian_Hoskins@enron.net


Jill,
According to Butch at TAP, this itinerary is voided, so Sean will see no charges on his credit card.
Anna

-----Original Message-----
From: Mel Davis [mailto:mel.davis@travelpark.com]
Sent: Monday, October 08, 2001 3:00 PM
To: Mehrer, Anna
Subject: Sean Crandall revised itinerary

                                          AGENT CB/MD BOOKING REF YWOXEY

                                          CRANDALL/SEAN
                                          ENRON NORTH AMERICA
                                          3WTC 0306
  ENRON CORP                              ANNA MEHRER 464-3834
                                          POUCH TO PORTLAND OFFICE
                                          ETKT RECEIPT

  DATE:  OCT 08 2001                   205505

SERVICE               DATE  FROM           TO             DEPART  ARRIVE

ALASKA AIRLINES       10OCT PORTLAND OR    SPOKANE WA     1210P   110P
AS 2492    Q          WED   PORTLAND INTL  INTERNATIONAL
           NON SMOKING
                                                          NON STOP
                            RESERVATION CONFIRMED         1:00 DURATION
                            FLIGHT OPERATED BY HORIZON AIR
            AIRCRAFT OWNER: QX  HORIZON AIR
                  AIRCRAFT: CANADAIR REGIONAL JET
                            SEAT 10D NO SMOKING CONFIRMED CRANDALL/SEAN(I

ALASKA AIRLINES       12OCT SPOKANE WA     PORTLAND OR    900A    1010A
AS 2351    Q          FRI   INTERNATIONAL  PORTLAND INTL
           NON SMOKING
                                                          NON STOP
                            RESERVATION CONFIRMED         1:10 DURATION
                            FLIGHT OPERATED BY HORIZON AIR
            AIRCRAFT OWNER: QX  HORIZON AIR
                  AIRCRAFT: DE HAVILLAND DHC-8 400 SERIES
                            SEAT 13B NO SMOKING CONFIRMED CRANDALL/SEAN(I
               THIS IS A NON-REFUNDABLE FARE THAT REQUIRES
               TRAVEL ON THESE SPECIFIC DATES AND FLIGHTS.
               ANY CHANGES WILL RESULT IN A PENALTY AND/OR
                         ADDITIONAL COLLECTION.

MISCELLANEOUS         09FEB HOUSTON TX
                      SAT   ** THANK YOU FOR USING THE TAP **

      AIR FARE 160.00       TAX 25.00           TOTAL USD         185.00
                 VALUE OF EXCH TKT NBR 027-7034361262            -185.00
                                 PENALTY FOR EXCHANGE              50.00
                                            AIR TOTAL USD          50.00

                                        INVOICE TOTAL USD          50.00

PAYMENT: O/CCVI4888603220705354/1101+/CCVI4888603220705354/1101/A083619

RESERVATION NUMBER(S)  AS/DJJMDA

CRANDALL/SEAN  S5C0413R1059              TICKET:AS/ETKT 027 7034925653

*******************************************
INTL TVLRS: CARRY SOS WALLET CARD W/ENRON ASSISTANCE INFO
CALL SOS MEDICAL EMERGENCY:IN U.S 800 523-6586
CALL SOS MEDICAL EMERGENCY:INTL 215 245-4707 (COLLECT)
*********************************************
THIS IS A NON-REFUNDABLE FARE THAT REQUIRES
TRAVEL ON THESE SPECIFIC DATES AND FLIGHTS.
ANY CHANGES WILL RESULT IN A PENALTY AND/OR
ADDITIONAL COLLECTION.
FARES CHANGE FREQUENTLY. WE WILL HAPPILY RE-EVALUATE
YOUR FARE UPON REQUEST.
*************************************************
**********************************************
.............NEW FAA REQUIREMENTS.............
CHECK IN AT LEAST 2 HOURS PRIOR TO FLIGHT DEPARTURE
FOR DOMESTIC, 3 HOURS FOR INTERNATIONAL. NO CURBSIDE CHECK IN.
BOARDING PASS REQUIRED TO GO THROUGH SECURITY. OBTAIN FROM THE
TICKET COUNTER OR FROM ETKT MACHINES IN THE TICKET COUNTER AREA.
AT THE TICKET COUNTER PRESENT YOUR ETKT PASSENGER RECEIPT OR
ETKT CONFIRMATION ITINERARY FROM THE TRAVEL AGENCY.
**********************************************
THIS IS THE PASSENGER RECEIPT FOR YOUR ELECTRONIC TICKET.
PLEASE CHECK-IN WITH PHOTO IDENTIFICATION AND WITH
EITHER (1) THIS RECEIPT OR (2) YOUR CONFIRMATION NUMBER.
YOUR ETKT CONFIRMATION NUMBER IS: DJJMDA
****************************************************
TICKET PRICE IS 183.50 ROUNDTRIP NONREFUNDABLE
ALL FARES ARE SUBJECT TO CHANGE UNTIL TICKETED/PURCHASED


I just spoke with Holli, and she reported that the confirmation has been
awaiting a signature at Grant County for the past week. She said she plans to
send it to Kim Theriot as soon as she gets it back. Let me know if that
sounds good; otherwise, I can ask her about sending you an unsigned copy.

Thanks,
Kate

	From:  Sharen Cason                           02/06/2001 11:19 AM

To: Kate Symes/PDX/ECT@ECT, Holli Krebs/HOU/ECT@ECT
cc:

Subject: Deal 420529.01

Did you receive the executed copy of this deal there in your office?  We do
not show that we have received an executed copy of this confirmation from the
counterparty.  If you do not have the executed copy of the deal, please send
me the copy you faxed to the counterparty and we will send it again and try
to get it executed.

Thanks!
---------------------- Forwarded by Sharen Cason/HOU/ECT on 02/06/2001 01:07
PM ---------------------------
   Kim S Theriot                02/06/2001 11:57 AM

To: Sharen Cason/HOU/ECT@ECT
cc:
Subject: Deal 420529.01

Sharen,
I saw that there was a note on this deal that Legal prepared the confirmation
and Holli Krebs sent it to the counterparty herself.  Can you obtain a copy
of what they sent for our files.  There is nothing in Livelink and if we
would ever need to reproduce the document we would have nothing.  Also, it
shows that it has not been singned unless Portland has a signed copy.

Kim


---------------------- Forwarded by Phillip M Love/HOU/ECT on 04/05/2001
10:06 AM ---------------------------
From: Eric Groves/ENRON@enronXgate on 04/05/2001 08:35 AM
To: egroves1111@hotmail.com@SMTP@enronXgate, John Swinney/ENRON@enronXgate,
Rajib Saha/ENRON@enronXgate, Brent A Price/ENRON@enronXgate, Gary
Taylor/ENRON@enronXgate, Mason Hamlin/HOU/ECT@ECT, Phillip M
Love/HOU/ECT@ECT, Chuck Ames/NA/Enron@Enron, Scott Earnest/ENRON@enronXgate,
Michelle Schultz/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Scott
Pack/NA/Enron@Enron, Chris Abel/HOU/ECT@ECT, Adarsh Vakharia/HOU/ECT@ECT,
O'Neal D Winfree/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, William E
Kasemervisz/ENRON@enronXgate, Lee Jackson/HOU/ECT@ECT, Adam
Gross/HOU/ECT@ECT, Chad South/NA/Enron@Enron, Tom Mcquade/HOU/ECT@ECT, Kevin
McGowan/Corp/Enron@ENRON, John Massey/HOU/ECT@ECT, Aaron
Martinsen/NA/Enron@ENRON, Jill Siekmeier/Corp/Enron@Enron, Adam
Siegel/NA/Enron@Enron, Chad Pennix/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT, Sean
Keenan/ENRON@enronXgate, Mark Friedman/HOU/ECT@ECT, Nick
Hiemstra/HOU/ECT@ECT, John House/HOU/ECT@ECT, Barbara Cain/ENRON@enronXgate,
Jefferson D Sorenson/ENRON@enronXgate, Zachary Sampson/NA/Enron@ENRON,
Elizabeth Johnston/ENRON@enronXgate, Mark Fondren/ENRON@enronXgate, Richard
Cross/ENRON@enronXgate, Gary W Lamphier/HOU/ECT@ECT
cc:
Subject: 2001 Masters Pool - Picks

Please check your picks for errors.

Good Luck!


Beth,

Just to keep you in the loop.  We have a lot of stuff to fix in Unify
espeically after we killed Sitara.  If you remember, imbalances, storage, fuel, unaccounted for gas and agency
information was all to reported and booked to the general ledger from Sitara.  We now must
put those  process controls back into Unfiy.

talk to you soon.

bob
 -----Original Message-----
From: 	Pinion, Richard
Sent:	Thursday, May 24, 2001 11:03 AM
To:	Pena, Matt; Baxter, Bryce; Wynne, Rita; McClure, Mark
Cc:	Hall, Bob M; Rao, Ramesh; Ripley, Brian; Magee, Dave
Subject:	RE: Spreadsheets

I had fininshed with them yesterday and had given a select few out for review/corrections.  Since I have not heard of any corrections, I can send them to you asap.

However, these include only those I have been working on and does not include Bryce's entries or any other additions beyond what we added in our meeting.
Items in Red need some action done by us and may not be priortized yet.  If a password is required use "unify".

RP

 -----Original Message-----
From: 	Pena, Matt
Sent:	Thursday, May 24, 2001 9:45 AM
To:	Pinion, Richard; Baxter, Bryce; Wynne, Rita; McClure, Mark
Cc:	Hall, Bob M; Rao, Ramesh; Ripley, Brian; Magee, Dave
Subject:	Spreadsheets

Any idea on when you'll have the spreadsheets up to date.  I'd like to get them in the new Lotus Notes db soon.

If you can give them to me both spreadsheets after you're done, I'll work with Dave Magee to get them in the DB.

Let me know if I need to help.


Congratulations on a healthy new baby!  Tyler is sort of a southern name - I like it!  As for me - I got a call last November to come back and market gas in the west.  I didn't think there was much going on out there but decided to go for it for personal reasons.  got here Jan. 2 and gas had completely blown out in the west.  So far, it seems like it was a good move for me.

My house in PDX sold in 4 days and I came to Houston between Christmas and New years and found a place here.  Still trying to move in as I can't get anything done during the week!  Just had new blinds put in yesterday.

Let me know if you are ever in town - keep in touch

Kim

"Connelly, Scott" <scott.connelly@mirant.com> on 03/29/2001 09:18:05 AM
To:	"'Kim.Ward@enron.com'" <Kim.Ward@enron.com>
cc:
Subject:	RE: HI

Hey you. I didn't know you were in Houston. You are over there on the gas
side?! WOW!! When did that happen?
You always did like Houston didn't you. I bet you are having a great time
doing gas. It is quite a market these days.

I didn't go to Phoenix because I just had a baby boy. Tyler is his name. He
was born March 6th. I have a couple of boys now  they will be just fine if
they take after their daddy.

Other than the new arrival things are pretty much steady in my life. Things
are going very well here at Mirant (quite the new name eh!).

Give me an update on your life - being in Houston and all now.

Talk to you soon

Cheers

-----Original Message-----
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com]
Sent: Thursday, March 29, 2001 10:06 AM
To: Scott.Connelly@southernenergy.com
Subject: RE: HI

Scotty,

Didn't see you in Phoenix last week - I actually was in PHX for meetings
and crashed the power party!  How are things?  Houston is good and gas is
great right now.  Let me know how you are -

Kim


Please print the attachment at end of e:mail in color for me.  Thanks.
--Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 02/05/2001 03:09 PM
---------------------------

From:  Sheri Thomas
  02/04/2001 12:30 PM

To: Sally Beck/HOU/ECT@ECT
cc: Dale Neuner/HOU/ECT@ECT
Subject: Sabre Auction Summary

Thought you might want to see what we are preparing for the DealBench team.
This was our first third party auction.  Although we had some major technical
issues (the site went down for over an hour between auctions), Sabre saved
over $500,000 which hopefully made up for the down time.  My team did an
excellent job calling the auction participants and reacting very quickly as
the site was brought back up.

Let me know if you have any questions.
Sheri
---------------------- Forwarded by Sheri Thomas/HOU/ECT on 02/04/2001 12:27
PM ---------------------------
Dale Neuner   02/02/2001 01:56 PM

To: Sheri Thomas/HOU/ECT@ECT
cc:
Subject: Sabre Auction Summary

---------------------- Forwarded by Dale Neuner/HOU/ECT on 02/02/2001 01:53
PM ---------------------------

Andrea Crump@ENRON
02/02/2001 10:55 AM
To: Ross Mesquita/NA/Enron@ENRON
cc: Suresh Raghavan/Corp/Enron@Enron, Dale Neuner
Subject: Sabre Auction Summary

Hello,

The Sabre, Inc. auction summary report is attached. The report is also
located in the Auction Deal online. Please let me know if you have any
comments or feedback.

Thank you,
Andrea
x54420


Did I miss anything?
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/12/2001 05:40
PM ---------------------------
From: Megan Angelos/ENRON@enronXgate on 02/12/2001 05:33 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: EECC/ENA meeting - Pre-Meeting

Kay,

This meeting was held today at 1:30 pm. You can speak to either Lisa or
Catherine for details.  Please note the meeting on 2/15/01 from 11:30am )1:00
pm.

Thanks!
Megan

 -----Original Message-----
From:  Mann, Kay
Sent: Monday, February 12, 2001 11:24 AM
To: Angelos, Megan
Subject: Re: EECC/ENA meeting - Pre-Meeting

Did anything get set up?  I'm booked at 200, but otherwise available.

Kay

From: Megan Angelos/ENRON@enronXgate on 02/08/2001 12:54 PM
Please respond to CN=Megan Angelos/O=ENRON@enronXgate
To: Ozzie Pagan/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Sheila
Tweed/HOU/ECT@ECT, Roseann Engeldorf/Corp/Enron@ENRON, Mike
Coleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christopher F
Calger/PDX/ECT@ECT, Jake Thomas/HOU/ECT@ECT
cc:

Subject: EECC/ENA meeting - Pre-Meeting

Please let me know your availability for Monday, February 12, 2001 for an
hour to discuss both the attached document and new changes with EEC/NEPCO.

Also, please note on your calendars, a meeting on Thursday, February 15, 2001
from 11:00 a.m. to 1:30 p.m. in 3AC4C1. Lunch will be provided.

Please get back to me with your availability as soon as possible.

Thank you,

Megan Angelos
3-0420

 << File: DevProc2UnMarked.doc >>


My apologies for not kicking things off earlier, but the regulator here has
conspired to make the last few weeks a bit mad.  Consequently, it's taken me
a while to set down some thoughts on how we might get the best out of the
market structure group.  Attached below is an initial stab at some "terms of
reference" to describe the scope and objectives of the group.  I thought this
might help us to come to a common understanding of what we are trying to
achieve.   I'm conscious that the one area that is a bit lacking is
"Deliverables", ie, what will we come up with as the output from this
process?  This needn't be a formal "report" - indeed I suspect that
establishing a regular process of information exchange and discussion is
likely to provide more durable benefits.

I'd very much welcome your views on our scope and objective over the next few
days.  I'd also welcome a brief update on which issues you are all working as
a way introducing our interest in the topic of market structure.  This should
also help to kick-start the process of exchanging ideas.  My own contribution
is below.

I've also attached a couple of documents that I think may be useful.  One I
prepared for the Federal Energy Commission in Russia as a statement of "What
is a foreign investor looking for in a liberalised market?"  It was written
for an audience for whom a competitive electricity market is an alien
concept.  For example, we were attempting to change the FEC's mindset that
power marketers were an unnecessary layer of costs - because their "tariff"
added to other participants tariffs would increase prices.  As a result it is
very high level and conceptual.  However, it has some value as a basic
delineation of where the key market structure issues lie.  The other
documents relate to the proposals for New Trading Arrangements in England and
Wales  (further information on these reforms can be obtained from the
regulator's website at http://www.ofgas.gov.uk/).  While far from perfect,
these reforms provide a good example of wholesale trading arrangement reform
for use elsewhere (for good or bad).

I'll be on vacation next week, but on my return I'd like to set up a video
conference/conference call to discuss how we can take things further.  Any
suggestions for agenda items for that would be most welcome.

Regards

Paul

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

UK Electricity

The regulators - Ofgem and the DTI are is undertaking a massive programme of
reforming the electricity market in England and Wales.  These reforms have
followed the UK government's moratorium on new gas plant in late 1997 and are
designed to remove perceived "distortions" in the market.  The reforms centre
on:

New Electricity Trading Arrangements (NETA) to replace the Pool from October
this year.  We have had a significant input into the this process.  While
generally supportive of the proposals, we have opposed several undue
restrictions on managing risk.
Plant divestment by major mid-merit generators to increase competition in the
price-setting part of the market.  We were instrumental in this process,
following our analysis late in 1997 of the costs of generator market power to
electricity consumers.  Divestment has since significantly increased the
liquidity and competition in the wholesale market.  Despite this the
regulator is seeking greater powers to intervene in the wholesale market to
prevent market "manipulation".  We think this represents an unacceptable
extension of regulatory power and are therefore likely to oppose the
regulator at the Competition Commission enquiry into this.
New transmission access and pricing arrangements.  While these reforms may
have limited merit, in general we think they're a waste of time and our
existing asset positions are significantly exposed.  The regulator has just
started consulting on this and this is one area that I suspect your
experiences in the US and elsewhere might be useful to me.


De nada.

From: Carlos Sole@ENRON_DEVELOPMENT on 11/10/2000 09:25 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Opportunities at ENA

Thanks for your help.


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 12/28/2000
09:50 AM ---------------------------

Hunter S Shively
12/28/2000 07:15 AM
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject:

Larry,

I was able to scan my 98 & 99 tax returns into Adobe.  Here they are plus the
excel file is a net worth statement.  If you have any trouble downloading or
printing these files let me know and I can fax them to you.   Let's talk
later today.

Phillip

P.S.  Please remember to get Jim Murnan the info. he needs.


Please add Carl Tricoli and Paul Racico to your distribution list.  Thanks, Chief.
 -----Original Message-----
From: 	Carson, Mike
Sent:	Tuesday, January 15, 2002 7:46 AM
To:	Sewell, Doug; Bentley, Corry; Aucoin, Evelyn; Choate, Jason; Schneider, Chip; Hanse, Patrick; Miller, Don (Asset Mktg); Suarez, John; Williams, Gwendolyn; Lew, Elsie; Confer, Mark
Subject:	Lets get this ball rolling....

 << File: KOCH01152002.xls >>


---------------------- Forwarded by Kay Mann/Corp/Enron on 10/20/2000 02:10
PM ---------------------------

Dale Rasmussen@ECT
10/20/2000 01:50 PM
To: Don Hammond/PDX/ECT@ECT, Catherine Clark/HOU/ECT@ECT
cc: Jody Blackburn/PDX/ECT@ECT, Kay Mann/Corp/Enron@Enron, Sheila
Tweed/HOU/ECT@ECT

Subject: Change Order #1 to ABB transformer contract

My draft of Change Order #1 for the Las Vegas Cogen II transformers is
attached.  Please let me know of any comments.


We do not seem to be answering the questions and the format makes it pretty difficult to understand where we are answering each question.  Is this a style we use with FERC?  If so, fine.  But if not, here's my attempt, I have changed quite a few answers too.

Question1:	In providing an answer to our questions regarding risk assessment or management, would you please provide an explanation to the following?  We understand that EOL requires that a counter party, before accessing EOL to do business with Enron North America, must undergo a credit worthiness evaluation.   When a counter party executes or clicks on a price, EOL does an instant credit check before confirming the transaction.
However, Enron may not only buy from a counter party, it may sell.  What sort of creditworthiness standards must Enron provide to a counter party utilizing EOL to purchase from Enron?
Are there industry standard creditworthiness agreements regarding counter party credit risk that Enron uses?  If yes, may we have copies?  If Enron utilizes its own agreements, please provide us with a copy.

All counterparties are assessed by our credit department prior to any transaction being entered into by Enron whether the transaction is being conducted over the phone or through EnronOnline.  Enron, as the principal to all purchases and sales on EnronOnline and when completing transactions on the telephone or in writing, requires counterparties to be creditworthy.  In addition, Enron's risk management process is required to be approved by the Enron Board of Directors, according to Securities Exchange Act regulations as a publicly held company.  Enron's risk policies are provided in Enron's publicly available [[10-Q??]]_______ audited financial statements filed on a quarterly and annual basis with the SEC.  Enron maintains a separate risk management group that has oversight over all transactions done by all Enron trading units and that ensures compliance with the risk management policies.  This group has a separate reporting line directly to the office of the Chairman of Enron Corp. and has the authority to instruct the suspension of transactions in order to ensure that trading limits are not exceeded.  In addition, every counterparty of Enron has to clear a credit check before they can transact through EnronOnline.  The Credit Risk Management group approves a counterparty for a specific credit limit and tenor limit which are embedded within the EnronOnline database.    Every transaction is passed through an electronic credit check to assure that the credit limits and tenor limits are not violated prior to Enron accepting the counterparty's bid or offer via EnronOnline, such credit checks are done automatically and there is no human intervention.  As with all Enron transactions, the credit limit checks utilize a potential exposure calculation to take into account future price volatility.  The Credit Risk Management group monitors transaction flow on all Enron transactions including EnronOnline continually.   EnronOnline does provide CRM with electronic alerts when customers approach credit limits or breach credit limits.  No further transactions are executed unless CRM is sufficiently satisfied that the credit position has been mitigated such that credit limit is still available.

EnronOnline uses the same credit policy as other transactions Enron enters into, whether we are buying or selling.  The transactions entered into on EnronOnline are all governed by either a Master Agreement or the General Terms and Conditions (which are a shorter form of contract and differ for each commodity, these are all available on the web-site).  A Master Agreement is negotiated with the Counterparty offline and includes negotiated bilateral credit terms and these terms govern any transactions entered into on EnronOnline.  The General Terms and Conditions which will apply to EnronOnline transactions if there is no Master Agreement in place between Enron and the counterparty include industry standard credit requirements which the counterparty chooses to accept or not online, should the counterparty not want to accept to language in the contract (for credit or other reasons), the Helpdesk for EnronOnline will facilitate contact between the Enron Credit group or Enron Legal group with the counterparty allowing the Counterparty to negotiate terms which may be more appropriate to them.

Question 2:    I understood Dave Forster to state that EOL does not collect data regarding where a customer's mouse is moving on the system.  However, does EOL require customers to have cookies enabled?   If yes, does EOL collect, use or manage data regarding cookies?

It is correct that Enron does not collect data regarding where a customer's mouse is moving on the system.  It is also correct to note that we have no capability of knowing where the customer's mouse is.

EnronOnline does not require customers to have cookies enabled.

Question 3:	Also, why doesn't EOL publish a "ticker" of completed trades showing prices and quantities?  Does EOL have any plans to start publishing such data?  If yes, when?

There are now several options for viewing historical pricing/transaction data from EnronOnline.  Reuters recently began showing quotes from EnronOnline (http://about.reuters.com/enrononlinequotes/), which also provides customers with the ability to reference historical prices from the date at which they acquire access.  In addition, EnronOnline provides a number of online charts for products, which graphically depict historical transaction prices.  Customers can also run reports to see their own transactions and download the results into an Excel spreadsheet on EnronOnline  The system also allows for administrative users, thereby allowing the back offices of counterparties to monitor the trading activity and deal with it appropriately in line with their own systems.

Enron does not publish transactions completed via EnronOnline however Enron will provide information on such transactions in order to ensure market activity is being correctly reflected in the approriate market indices. For example, Enron does provide EnronOnline transaction data to the Natural Gas Exchange in Calgary in order to ensure that indices produced by Canadian Enerdata accuately reflect the activity in the market place (this will commence on July 1, 2001).  At the end of each day, EnronOnline makes available to all customers through EnronOnline the weighted average price of that day's transactions.  The data associated with US Natural Gas is sent in this format to Gas Daily for inclusion in their automated exchange index.

Question 4: 	In addition, how does the data collection from EOL/Enron Networks flow to the risk management groups?  How is the information used?

EnronOnline transactions are sent to different risk management groups depending on the type of commodity transacted.  For example, the group that handles U.S. gas settlements is not the same group as the one handling Australian Power.  The transactions are transmitted to the appropriate back office utilizing a "bridge":  a process that is capable of communicating transaction information into the variety of systems that Enron operates. The potential for manual input error is thereby removed providing Enron and the customer with more efficient recording of the transaction. The back office systems at Enron use transaction information as an input into various functions, such as invoicing, preparation of financial statements, risk management and credit.  These back office systems are used to track transactions from all sources, including EnronOnline, the telephone, other trading systems, etc.  Information is maintained on these systems according to accounting and regulatory rules, regardless of the source of the transaction.

The Enron commercial employee, who is offering to buy or to sell through EnronOnline, does so through a price management software application, this notifies him immediately that a transaction is completed.  The counterparty, the Enron commercial employee and the risk management groups are all notified by the system at the same time.

The data from an EnronOnline transaction is used in exactly the same way as information is used from any transaction completed by Enron. When a transaction is completed, EnronOnline serves purely as a deal capture system that captures the data necessary to feed to our risk management system.  Enron Online does not feed settlement systems or credit systems.  It does, however, automate our deal capture system, which improves the data feeds to our settlement and credit systems.

Question 5:	Also, we assume that data regarding each trade is maintained by EOL.  If yes, in what form and for how long?

EnronOnline transactions are captured in the EnronOnline database.  The transactions are 'bridged' (duplicated) onto the various systems (databases) managing the underlying commodity (the risk system associated with the commodity).  We currently intend to store the data for a period of six years post a transaction completing (for example, deliveries finishing) and this is policy across all databases.

In general, EnronOnline is an electronic trading platform that offers free, real-time pricing information for approximately 1,800 products for 13 commodities, including electricity and natural gas.  EnronOnline utilizes e-commerce and Internet technology to conduct trading business that previously took place on the telephone and by fax.   EnronOnline is a proprietary, or "one-to-many" trading platform. On a "one-to-many" platform, one entity, such as Enron, is the principal to every trade (unlike a "broker" type platform).

EnronOnline allows buyers and sellers to act on prices that can change by the second.  Buyers or sellers can also see real-time price spreads of both the sell price and the buy price.  For example, on the telephone, a buyer previously would call to ask about gas prices for each of the next six months, but by the time the trader finished reciting the prices, some prices could have changed.  EnronOnline allows counterparties to see the 'bid and offer prices" all the time to make more informed decisions.

The energy products offered on EnronOnline are subject to federal oversight as follows:   The Commodity Futures Trading Commission ("CFTC") has enforcement authority over physical transactions on EnronOnline to police for potential manipulation.  The Federal Energy Regulatory Commission has regulatory authority over physical natural gas and electricity sales for resale.

The CFTC has anti-fraud and anti-manipulation enforcement jurisdiction over financially settled derivatives (swaps and options).  Moreover, pursuant to the Commodity Exchange Act ("CEA"), Enron can only trade derivatives with counterparties that qualify as sophisticated according to such rules.  Such transactions are permitted as long as both parties are Eligible Contract Participants ("ECPs")(generally, corporations, partnerships and other entities that meet net worth or asset tests).

EnronOnline is a proprietary, bilateral trading platform on which Enron is a principal to every trade.  As such, EnronOnline is not a "trading facility" as defined under the CFMA.  As a proprietary platform, EnronOnline uses Internet technology to provide another method of communication between Enron and its customers.

From:	Lisa Yoho@ENRON on 06/22/2001 12:14 PM
To:	Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Greg Whalley/Enron@EnronXGate, John J Lavorato/Enron@EnronXGate, Louise Kitchen/HOU/ECT@ECT, David Forster/Enron@EnronXGate, William S Bradford/Enron@EnronXGate, James D Steffes/NA/Enron@Enron, Elizabeth Sager/Enron@EnronXGate, Jeffrey T Hodge/Enron@EnronXGate, Mark E Haedicke/Enron@EnronXGate, Mark Taylor/Enron@EnronXGate, Tom Briggs/NA/Enron@Enron, Chris Long/Corp/Enron@ENRON, Bob Butts/Enron@EnronXGate
cc:

Subject:	Draft Responses to FERC Staff

Attached are draft responses to FERC staff's questions relating to EOL raised during and after their visit to Enron.   Please provide comments to Lisa Yoho (x53837) or Christi Nicolay (x37007) by COB on Monday, June 25th.

Thanks!

Christi and Lisa


What do you thnk about amazon gift certificates of $30.00 to the group?

Let's put the "Tick" on selling mojave index for feb-oct 2001.  heavy orig if
he can find a nice market.

Let's put Ina on the west desk trip for Feb.  We should book it now to send a
nice message to the group after our last cancellation.

Grigsby


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My pick is New England.


We have no idea!  We rely on you to tell us what the positions are!


---------------------- Forwarded by Eve Puckett/Corp/Enron on 01/24/2001
08:23 AM ---------------------------

	Enron North America Corp.

	From:  Larry Joe Hunter @ ECT                           01/24/2001 08:17 AM

To: Eve Puckett/Corp/Enron@ENRON
cc: Brenna Neves/NA/Enron@ENRON

Subject: Cinergy Mktg & Trading

Eve,

For the referenced counterparty, it is ok to Executed deals with a stamped
signature line of Jocelyn Watson.  Also, Cinergy will write a number of days
next to our Effective and Termination Dates.  This is ok as long as they do
not cross out anything on our Confirms or adjust any of our dates.

Thanks,
Joe


Gerald,

I had Maria build a multiplier that would ensure our minimum gas requirements
for each of the months.  We may not need it for the first draft of the
contract, but I wanted you to take a look at it and let me know what you
think.

Thanks,

Andrew
---------------------- Forwarded by Andrew Miles/NA/Enron on 02/26/2001 04:35
PM ---------------------------
From: Maria Tefel on 02/26/2001 04:17 PM
To: Andrew Miles/NA/Enron@Enron
cc:
Subject: Stagecoach

Hey Andrew:

Here is the spreadsheet with the heat rate multiplier.  If you want to test
it in the model, please let me know.  Thanks. Maria


Greg,

Thanks for the email.  I hope all is well with you and your family.  I
appreciate you including me in the notice.  This really makes you realize
what is truly important.

Mike

GKarnes@aol.com on 08/07/2000 01:42:24 PM
To: mholland@jmhlaw.com, mike.mcconnell@enron.com, theralphs@mindspring.com
cc:
Subject: Sad News To Report

Just wanted to let you guys know, that while on a family vacation last week
in Red River, New Mexico, the youngest sister on John & David Denner was
killed while driving one of those 4-wheel motor bikes. I guess John had to
hold on to her lifeless body for about an hour until help could reach the
spot on the mountain where she had the accident. I spoke to John on Saturday,
and at that point he seemed to be handling it well. The funeral is tomorrow.


Meet on 11/7

Call back to talk about ERCs


Chobs:
Sorry it took so long to respond, but its been crazy around here.  Both KMI and KMP are still good buys, its just the overall market environment thats bringing these down.  Also, the commodities prices in gas and crude and fuel oil have come off quite a bit, which makes the general investors worry about the future earnings potential of the companies.  They are locked into contracts at a very good price, so whether the price of the commodity goes up or down they still make their cash flow targets.  Remember, the CEO of the company has a stack of over 25% of the company, so he is very tied to the overall stock price.  Enough said, invest your money into KMI and KMP, especially KMP since it has that yield of around 7%.  Talk to you soon.
Ben

 -----Original Message-----
From: 	<christopher.choby@us.pwcglobal.com>@ENRON [mailto:IMCEANOTES-+3Cchristopher+2Echoby+40us+2Epwcglobal+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, September 24, 2001 2:43 PM
To:	Rogers, Benjamin
Subject:	Kinder Morgan

Yo Bro,

My brother-in-law (the wantabe day trader) has a good amount of Kinder
Morgan.  The price is down pretty low.  Is it just because of the economy?
Is this their cyclical low period?  Are they feeling some of the heat from
the Enron stock drop?  Let me know because if it is a bargain low. I want
to buy more too.  Let me know what you think.

Ciao
----------------------------------------------------------------
The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material.  Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited.   If you received
this in error, please contact the sender and delete the material from any
computer.


Please be advised that a conference call in the above-referenced matter has
been scheduled for today (December 1, 2000) at 2:00 p.m. (cst).  The dial in
number is 1-800-998-2462.  Passcode 4817557.


Anne,

After NX1 going forward, I would like to load my final positions in the
LIQBasis tab in NCD.  The positions will include basis, physindex and gd
index positions.  We can then run settlement index scenarios to see what my
risk will be to index postings.  This will be a huge benefit.

Gracias,
Mike


Attached please find all graphs and corresponding notes from this morning's meeting.

Please give me a call with any questions.

Regards,
Melissa Jones
Enron North America
(713) 853-7960
(713) 503-7537 - mobile


FYI.... Jane Wilson is our government affairs person in Mumbai.
----- Forwarded by Steven J Kean/NA/Enron on 12/17/2000 08:38 PM -----

	Jeffrey Sherrick
	12/15/2000 06:28 PM

		 To: Cliff Baxter/HOU/ECT@ECT, James Derrick/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Rebecca McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Mike Stewart/Corp/Enron@ENRON, Larry Morse/Corp/Enron@Enron
		 cc: Jack Harmuth/Corp/Enron@ENRON, Dominic Carolan/NA/Enron@ENRON, John
Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jane Wilson/Enron@Gateway, Wade
Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen Wallace/Corp/Enron@ENRON
		 Subject: EGEP/EOGIL Customs Duty Inquiry on Offshore Production

We were served summons by the Customs Office in Surat asking for meetings
with our platform managers and on Dec.12th we sent two representatives
(operations mgr & legal) to answer their questions.  Over a two day period
they inquired about production and logistical issues and asked a number of
questions regarding product delivery points, pricing formulas, etc.   In
summary, they are trying to build a case that the gas and maybe even the
crude we sell in India is subject to a 10-12% customs duty since it is
produced outside of the 12 mile territorial limit.  They are trying to make
the case that we are importing the gas and oil into India.  Obviously this is
not the case and there is no merit for such consideration, but we don't want
to let this idea get entered as a show/cause filing against Enron and our
partners.  There would be remedies such as court or arbitration, but the
timing to resolve this is probably 1-2 years.  Furthermore, this issue would
most likely impact current efforts we have on-going.  Therefore, we are
taking the issue very seriously and plan to meet in Mumbai next Thursday to
chart an appropriate course of action.  Once we meet, we will get back to
Cliff and Jim Derrick regarding our recommendation on Thursday morning
December 21st Houston time.  Cliff and Jim, if you are planning to be out of
the office, please drop me an e-mail where you can be reached.

Meeting in Mumbai next Thursday will be Chris Walker of Linklaters, local
Indian counsel (Saberwal ?), myself, Mike Stewart, Dominic Carolan (EGEP
legal), and certain representatives from EOGIL.  We would also like to have
Jane Wilson(EIPL Gov't & Regulatory affairs for India) present if she is
available.  Jane it is not mandatory that you are present, but if you can't
attend could you send me an e-mail where I could reach you if necessary.  The
meeting will be at EOGIL's office and Fatima Samuel will confirm the time and
place once Chris Walker's schedule is known.  It is my understanding that
Chris Walker will be in India on Tuesday and Wednesday working with Wade's
group on other matters.

This issue came up originally in 1997 right after we started producing gas at
Tapti.  At that time we had 3 legal opinions prepared and the legal team
tells me the positions were very strong in our favor on a variety of fronts.
After a few meetings and a couple of letters the issue went away and never
resurfaced again until now.  We suspect that this issue has been an open item
since that time and for a variety of reasons (ongoing activities ?) someone
feels it needs to be checked off the list.  Hence, the revived interest at
this time.

The reason we are giving this such a high level of attention is probably
obvious, but the reason we want to act upon our plan immediately once we get
together next Thursday may seem less necessary.  However, today our office
received 3 more summons for 3 different people to report to Surat next
Tuesday, Wednesday and Thursday.  This time they have asked for our
production manager, logistics manager and lead accountant.  We have requested
an extension due to the short notice and holiday season and expect to have it
granted, but we will not know if it is postponed before Monday.   (If we have
to go we will have legal counsel attend with the individuals named)  This
level of back to back activity for a government office at this time year is a
concern.  Going into the meeting with the legal guys on Thursday, we are
thinking that we need to have a highly respected person(such as Saberwal)
deliver  our message (to multiple groups, i.e., Surat customs, Ministry of
Finance, Mopng) as to the lack of validity for this potential claim and what
we would do if they proceed.   By Thursday I think we will have all of the
necessary "color" on this issue and with the team mentioned above we will be
able to develop the right plan of action.  However, due to the level of
interest and activity of the Surat Customs group, we anticipate that our
recommendation will be to move quickly, hence, my desire to contact Cliff and
Jim next Thursday for approval to proceed.

I have included Wade and Rebecca(EIPL) as well as Steve and John(PR) for
information purposes at this time.
This first stage plan we will be seeking approval for next Thursday will be
to meet with certain people in an attempt to keep this from becoming an
issue.  This should be a fairly quiet issue (for Indian standards) next week
and even the subsequent meetings that I'm anticipating would take place in
the following two weeks ought to be very low keyed items.  However, in India
you never know and considering some of the existing press of recent we should
get prepared and make sure we are co-ordinated.   John, following our
Thursday decision we should probably talk about our plan so if you'll leave
me a note where you can be reached, I'd appreciate it.

In summary, the odds are we will be able to manage this and it won't become a
big issue.  However, we need to take this very seriously and deal with it
proactively and quickly before someone files something without understanding
the consequences of the action.  I am leaving for India on Sunday and when
possible I will pick up my mail.  I will also be checking voicemail if you
need to leave a message.   I will be the Mumbai office on Tuesday, Thursday
and Friday and in Delhi on Wednesday.

Jeff


FYI.
Thanks.
Gary

 Sweetwater.PDF
 <<Sweetwater.PDF>>

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 - Sweetwater.PDF


Attached, please find the latest information from the direct access
coalition.

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Message-ID: <F1011D165600D411AC5400D0B720EE10A621F8@SFOXMB1>
From: "Fairchild, Tracy" <tracy.fairchild@edelman.com>
To: dhunter@smithandkempton.com, brbarkovich@earthlink.net,
wbooth@booth-law.com, drothrock@cmta.net, jackson_gualco@gualcogroup.com,
kmills@cfbf.com, kmccrea@sablaw.com, mday@gmssr.com,  nplotkin@tfglobby.com,
spahnn@hnks.com, wlarson@calstate.edu,  vincent.stewart@ucop.edu,
gharrison@calstate.edu, sgovenar@govadv.com,  hgovenar@govadv.com,
smccubbi@enron.com, lhastings@cagrocers.com,  theo@ppallc.com,
cra@calretailers.com, mmoretti@calhealth.org,  wbrown@lhom.com,
randy_britt@robinsonsmay.com, "DiMare, Dominic"
<Dominic.DiMare@calchamber.com>, vjw@ceert.org, rcavanagh@nrdc.org,
rochmanm@spurr-remac.org, rrichter@calhealth.org, ken_pietrelli@ocli.com,
dennis.flatt@kp.org, richard.seguin@kp.org, arm@phaser.com,
djsmith@smithandkempton.com, "Fairchild, Tracy"
<tracy.fairchild@edelman.com>, "Allen, Stevan"  <stevan.allen@edelman.com>,
"Beiser, Megan" <Megan.Beiser@edelman.com>,  "Manuel, Erica"
<Erica.Manuel@edelman.com>, "Warner, Jami"  <jami.warner@edelman.com>
Subject: Direct Access Coalition Media Plan
Date: Tue, 27 Feb 2001 22:46:28 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
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Hello to the Direct Access Coalition:

Below you will find a summary of the press strategy that Edelman Public
Relations intends to employ over the coming weeks in collaboration with the
Alliance for Retail Energy Markets and the broader Direct Access Coalition.
I will also outline the information that I need from Direct Access Coalition
members who are willing to be involved in media outreach and interviews.
And finally, I have attached supporting documents that you can use as
background material to prep for your responses to any media inquiries that
you may receive.

This Week

1.   We are drafting a "pitch letter" to send out by the end of this week
via blast e-mail and fax to the following media lists: 1)capitol press corps
reporters; 2) mainstream media reporters working the energy crisis; and 3)
trade media.  We may also outreach to our editorial board list as well.  Our
pitch will be focused on what it will really mean for small business and C&I
customers to lose the option of retail choice at a time when they are
suffering the financial hardships of skyrocketing energy bills. We will
address the effect on California's future business climate if direct access
is not preserved through legislation that corrects the problems that AB1x
caused for retail choice.  And finally, we will address the point that no
matter what direction California ultimately takes, direct access must be a
part of the solution.  Reporters have seen the recent polls which illustrate
California businesses' concerns with the path the state is on so this is a
prime opportunity to build on those recent media stories.

2.    We recommend a conference call with AReM and the Direct Access
Coalition on Friday to address the questions and suggestions on the press
strategy outlined here.

3.     Determine which people in the Direct Access Coalition are willing to
take media calls on behalf of the coalition.

Next Week

1.   Follow up with key reporters who received the pitch letter.

2.   Evaluate the language of SB 27x and determine whether there will be an
opportunity to hold a news conference with Sen. Bowen in the near future.
Monitor movement at the PUC and determine whether a press conference may be
effective in this arena, or whether we may need to use the option of sending
a media alert before the March 7 hearing, followed by a news release after
the hearing.

3.   Place op-eds (opinion pieces) with key newspapers.

4.   Contact radio news shows and TV public affairs shows (i.e. California
Capitol Week and the California Report) to secure
media interviews.

5.    Revise the SB 27x fact sheet (attached) to reflect the realities of
the amended language in SB 27x.

 What We Need From You

1.  If you are willing to speak with the media, or you have
customers/clients with a positive direct access story to tell, please
respond to this email as soon as you can with your name and contact
information.

2.  If you have draft op-eds written that need to be placed with newspapers
on behalf of your association and the broader coalition, we are willing to
do this for the you.

3.  If you have colleagues and/or staff that are already working with the
media it would be helpful to have this information so that we can
collaborate as necessary.

The Documents Below

>  All documents are works in progress, so if you have suggestions on
> potential changes, please feel free to share them with us.
>

Thank you.

>  <<AREM Fact Sheet 2212001 ver 2272001.doc>>
>  <<Q&A @ ESP Reversions 22701.doc>>  <<AReM FAQ FINAL3.doc>>  <<AREM Fact
> FINAL3.doc>>
>
> Tracy Fairchild
> Account Supervisor
> Edelman Public Relations Worldwide
> (916) 442-2331
> tracy.fairchild@edelman.com
>

 - AREM Fact Sheet 2212001 ver 2272001.doc
 - Q&A @ ESP Reversions 22701.doc
 - AReM FAQ FINAL3.doc
 - AREM Fact FINAL3.doc


Kaye Ellis advised me of the following this a.m.

Sara is working in England the rest of this week and Monday & Tuesday of next
week.  She is due back in the office Wed., July 19.  She will be checking her
voice mail.


Attached is the January 2001 nomination for our takes under the Gas Sales and
Purchase Contract between TXU Fuel (previously TUFCO) and SDS.  Please advise
should you have any questions concerning the attached.

Thanks,
CCS

(See attached file: SDSNOM.xls)

 - SDSNOM.xls


OK w me
thanks
----- Forwarded by Elizabeth Sager/HOU/ECT on 10/24/2000 12:24 PM -----

	Leslie Hansen
	10/24/2000 12:13 PM

		 To: Elizabeth Sager/HOU/ECT@ECT
		 cc:
		 Subject: Flat Screen

Elizabeth:

I'd like a flat screen monitor if they are still making those available.
Note that I have a lap top, so if there are any issues involved in using the
flat screen with the lap top, I'd like to know before we make the switch.

Leslie


The report named: East P/L Totals <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=1&report_name=East+P/L+Totals&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=11/27/2001>, published as of 11/27/2001 is now available for viewing on the website.


Does Matt have time to do all the LNG work?  My guess is that he may have the
time.  Mark

	Alan Aronowitz
	03/02/2001 02:28 PM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: Singapore Office LNG Support Activities

FYI. This will greatly impact Matt's workload and availability for potential
EBS activities. I would like to visit with you about this.

Regards, Alan
----- Forwarded by Alan Aronowitz/HOU/ECT on 03/02/2001 02:26 PM -----

	Daniel R Rogers@ENRON_DEVELOPMENT
	03/02/2001 12:27 PM

		 To: Alan Aronowitz/HOU/ECT@ECT
		 cc:
		 Subject: Singapore Office LNG Support Activities

Alan,

As we discussed the other day, I'm forwarding my "work list" of projects
either currently or soon to be underway that will be led by V V Rao's team
out of Singapore (with support from Dubai and Houston):

1. Australia -- Northwest Shelf LNG "Wedge Quantities" bid.  Proposal for
mid-term, firm (but declining over time) LNG supply for merchant trading
activities prepared and being sent to NWS next week.  Preparation and
negotiations of SPA, transportation and marketing contracts to follow.

2. Australia -- Northwest Shelf LNG Master Spot LNG Trading Agreement --
draft prepared and being sent to counterparty next week.  Negotiations to
follow.

3. Indonesia -- PERTAMINA Master Spot LNG Trading Agreement -- draft prepared
and being sent to counterparty next week.  Negotiations to follow.

4. Japan -- Osaka Gas Co. Master Spot LNG Trading Agreement -- draft prepared
and sent to counterparty.  Expect responsive comments next week.
Negotiations to follow.

5. Malaysia/Spain -- LNG fuel supply for Enron's Arcos IPP in Spain --
initial term sheet under development.  Expect this one to heat up in the next
few months.

6. Malaysia -- Malaysia LNG Master Spot LNG Trading Agreement -- draft
prepared and will be sent to counterparty later in the month.  Negotiations
to follow.

7. Malaysia -- "Bintulu Hub" e-commerce venture with Malaysia LNG, Malaysia
Int'l. Trading Co., Enron LNG Marketing and Enron Networks -- under
development.  Legal needs will depend somewhat on final deal format.  Goal is
to be set up for LNG commodity and LNG transportation capacity e-trading
(possibly on a Deal Bench auction site platform) by year-end.  May expand to
cover crude oil commodity and transportation capacity trading as well
following recent meetings in London.

8. Japan -- LNG Receiving Terminal & gas and power marketing joint
development project with Enron LNG Marketing LLC, BHP and EnCom.  Initial
draft of joint development MOU prepared.  Negotiations to follow.

9. Korea -- KOGAS Winter Cargo Supply & Transportation Opportunities -- under
develoopment.  Various MOU drafts have been exchanged, but deal structure and
timing keep moving around.  Legal needs will ultimately depend somewhat on
final deal format.

10. Master LNG Vessel Transportation Capacity Access/Trading Agreements --
under early development, but should accelerate to match pace of no. 7 above.
Document will then be used to propose access to numerous other LNG vessel
owners/charterers who may wish to participate with Enron in making a market
for spare transportation capacity.  Initial draft underway in Houston, but
may be handed off to Singapore at some point.

As you can see, there's presently quite a lot of activity being undertaken
from Singapore.  Much of this has arisen since the beginning of this year.
Nancy and I have been involved in preparing initial drafts, providing
comments, etc. from Houston (and occasional fly-in appearances)  and V V
presently has on-the-ground legal support from an excellent Linklaters Team
based in Singapore.  Matt Lee has now circled with V V's team and is
undergoing both intensive commercial LNG training and intensive LNG trading
contract training.  I suspect that on average this year, we could easily use
70-100% of  Matt Lee's time (depending on how the above activities progress).

Kind regards,
Dan


I called and asked for an information packet on the Enron insurance plan (it
is through MetLife) last week.  I will let you know as soon as it comes.

Thanks for the update on Tim & Sharon.  I guess the down-side of a 2 year old
is that she may already have a fairly well formed personality, but the
up-side is they will know she is healthy and she is still young enough to
learn a new language easily.

Feel free to let me know when the bank statement comes - I seem to remember
that we came up with a scheme to deal with that last year.  I'll bet we can
do it again!  And until then we can just bask in the light of this amazing
run in the ENE stock price - wow!


I have a dentist appt. today and I will be leaving at 4pm. Rufino said he'd
be here to help.

Thanks
Dana


512927 has also been changed to .005 broker fee.

Kate

Stephanie Piwetz   02/05/2001 06:37 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: bro fees with Bloomberg

please check fees on the following trades,  thanks

---------------------- Forwarded by Stephanie Piwetz/HOU/ECT on 02/05/2001
08:43 AM ---------------------------
Stephanie Piwetz   02/02/2001 05:32 PM

To: Kate Symes/PDX/ECT@ECT
cc:
Subject: bro fees with Bloomberg

Kate, please verify with traders
tom
deal 512827.01
enron sells merrill
260.00   Q2    2001
25 mws

bloomberg has fee .005   we have zero

bob badeer
deal 512927.01
Enron sells merrill
Q2 2001
250.00

bloomberg has .005 fee, we have zero

if fee
please add

thanks


Barbara Gray asked me to forward the below information to you concerning a
Enron Corp, guaranty agreement which was not on the original list of
agreements.

Guaranty Agreement dated August 31, 2000 between Enron Corp., as Guarantor,
and Guadalupe Power Partners, LP relating to the sale by Enron North America
Corp. to Guadalupe Power Partners, LP of natural gas under the terms of a
Base Contract for Short-Term Sale and Purchase of Natural Gas dated as of
June 11, 1999, as amended August 25, 1999.  The maximum amount of the
guaranty is $25,000,000.

Please call me at 713-853-6895 if you have any questions.


Sara - small typo - the Schedule should read "Amended and Restated as of
March 2, 2001


On behalf of free-market loving people around the world, thank you.  I'll
forward later this morning or early afternoon what I've pulled together (or
more accurately, simply re-arranged, using the great info you forward last
week).

Best,
Jeff


Well, I told Michael that Bronco could ride in the wagon, so I guess he needs
a wagon big enough for Bronco!

ckm

"Neil Mann" <nmann@erac.com> on 02/21/2001 11:32:52 AM
Please respond to <nmann@erac.com>
To: <Kay.Mann@enron.com>
cc:

Subject: RE:

No problem. Have fun. Hopefully Michael and I will be working on his covered
wagon...why am I not surprised about Bronco...maybe we can figure a way to
work him into the wagon...NM

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Wednesday, February 21, 2001 10:39 AM
To: nmann@erac.com
Subject:

Hi there,

I'm thinking of working out after work - hopefully kind of early.  Ok with
you?  I should still be home before 730.

Michael took Bronco to school.  I'm sure he will have him at the CC.

Kay


Where's Jeanie?
--------------------------
Sent from my BlackBerry Wireless Handheld


Nymex...2.70
Opal BOM...2.15
Steve has bot 95,000 and sold 95,000 basis for you....WOOOOOOOOOOD

Spray day!!!!!


Darren,
We are not able to find out July deal for TGLO in the system.
Can you look to see if you have a deal number for this month?
Thank you
Joy


Thanks. You're the bomb!

 -----Original Message-----
From: 	Geaccone, Tracy
Sent:	Tuesday, November 06, 2001 9:20 AM
To:	Harris, Steven
Subject:	RE:

The Pain Care Center, 713-623-2478 ext.203.  My friend's name is Marsha Hughes. She owns it.  I told her the other day that you would be calling her.  You will have to ask where they are located.  I have to run, I am busy submitting questions to
 e-speak.

I love you.

 -----Original Message-----
From: 	Harris, Steven
Sent:	Tuesday, November 06, 2001 9:10 AM
To:	Geaccone, Tracy
Subject:

Do you have the name and number of the place you told me about for the physical therapy and massage? I love you. It has been so great to spend time with you.


Does this help?  I have approved this product.
----- Forwarded by Stacy E Dickson/HOU/ECT on 06/05/2001 11:22 AM -----

	Chris Walker/ENRON@enronXgate
	06/04/2001 01:38 PM

		 To: Stacy E Dickson/HOU/ECT@ECT
		 cc:
		 Subject: FW: Product type approval needed (US Gas Phy Fwd Secondary Firm)

Stacy,

Could you reply and copy Mark Taylor with your approval of Kevin Ruscitti's
new Secondary Firm product type.  Mark will then make the appropriate
approval in Data Manager.

Thanks,

CW
3-7533

 -----Original Message-----
From:  Walker, Chris
Sent: Friday, June 01, 2001 3:42 PM
To: Blumenthal, Jeff; Musch, Susan; Hayden, Frank; Taylor, Mark; Dickson,
Stacy; Moran, Tom; Love, Phillip M.; Hunter, Larry Joe
Cc: Lees, Lisa; Sweitzer, Tara; Jones, Tana; Lambert, Karen; Lombardi, Kelly;
Sever, Stephanie; Kenne, Dawn C.; Moorer, Torrey; Cass, Robert B.; Meredith,
Kevin; Lozano, Melba; Alatorre, Carlos
Subject: Product type approval needed (US Gas Phy Fwd Secondary Firm)

Please approve the following product type in Data Manager after 11 A.M.

US Gas Phy Fwd Secondary Firm

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


Stephanie,  Attached is the form for the Hunt to Misako assignment.


Here is the latest and greatest ER for Red Rock Expansion.  I am
overnighting a hard copy to Bret's attention. Let me know if anyone has any
questions.

Terry.

**********************************************************************
The information contained in this communication is confidential and
privileged proprietary information intended only for the individual
or entity to whom it is addressed.  Any unauthorized use, distribution,
copying or disclosure of this communication is prohibited.
If you have received this communication in error, please contact the
sender immediately.

It is our policy that e-mails are intended for and should be used for
business purposes only.

This footnote also confirms that this email message has been swept by
MIMEsweeper for the presence of computer viruses.

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www.ensr.com
postmaster@ensr.com
**********************************************************************

 - Red Rock Expansion ER.doc


You are hereby notified that the meeting of the Board of Directors of Enron Federal Credit Union will be held on Tuesday, January 22, 2002 at 5:00 P.M. the Fannin Room at the  Doubletree Allen Center, has been reserved for your use.
We would appreciate your support in making our meetings as efficient and as productive as they can be.
If you will not be attending; or
If you will not be able to arrive at the start of the meeting at 5:00 p.m.; or
If you would like to join the meeting by conference call,
Please RSVP to Jennifer Jordan by, returning an email or by phone.
Please note: If you would like to invite a guest to the board meeting, please notify Jack McAdoo at x3-6249 prior to the meeting for the schedule considerations.
Thank you,
Jennifer D. Jordan
(713) 853-7554


Ditto.  Busy morning


I am following up to see where we stand on the risk books for December.  My understanding is that we will have at least 3 categories:  legally terminated, not performing but not terminated, and still performing.

The deals that are still performing should have liquidations, etc. "as normal" - the remainder will be "frozen" until an amount is settled with the counterparty.

I am inheriting the MTM group and am trying to get as much done before we split with the people going to NETCO, so if you can give me the status and ETA if the books are not done I would greatly appreciate it.

thanks
Lisa

Lisa Koerselman
x-53128


Hi Sara

I'm not sure what you mean by signature block but if you mean who are the
directors that can sign they are:

1 Michael Brown;
2 Fernley Dyson;
3 Mark Evans.

Regards


Guys, in response to the offsite, Beth Perleman is now a dedicated ENA
resource on the IT side of the business.  She will be joining the ENA
Management Team of which you are all a part.  She will participate in the
Friday Management Meeting to address IT issues and opportunities. On Friday
May 18th, Beth will go over her management team and her available resources.
At every Friday meeting, she will present the current project queue (with
associated cost/capital budget and sponser) and the Management Team will set
priorities and necessary incremental resources.

Regards
Delainey


Can you send them the info please
----- Forwarded by Richard B Sanders/HOU/ECT on 03/02/2001 11:44 AM -----

	Robert C Williams/ENRON@enronXgate
	03/02/2001 11:36 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: FW: Quinn

What is Quin Emanuel's address?

 -----Original Message-----
From:  Smith, Mike
Sent: Friday, March 02, 2001 11:17 AM
To: Williams, Robert C.
Subject: Quinn

If you can have Stephanie send me the info for the Quin firm, I will send
them the UCCSU info so we can get them up to speed early next week.


Enron/HPL Actuals

     Friday, Oct. 6, 2000
                    Teco Tap       60.000/Enron,   15.625/HPL IFERC
                    HPL LS Katy I.C.          15.000/HPL IFERC

     Saturday, Oct. 7, 2000
                    Teco Tap       60.000/Enron,   85.000/HPL IFERC
                    HPL LS Katy I.C.           3.750/HPL IFERC

     Sunday, Oct, 8, 2000
                    Teco Tap       60.000/Enron,    90.000/HPL IFERC
                    HPL LS Katy I.C.             0.000


When: Monday, September 17, 2001 9:30 AM-10:00 AM (GMT-06:00) Central Time (US & Canada).

*~*~*~*~*~*~*~*~*~*


Shirley,

Please, put it on my schedule.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/02/2001 10:23 AM ---------------------------
From:	Jennifer Fraser/ENRON@enronXgate on 04/20/2001 09:10 AM
To:	Cathy Phillips/HOU/ECT@ECT, Mark Frevert/ENRON@enronXgate, Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/ENRON@enronXgate, Doug Arnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Alan Aronowitz/HOU/ECT@ECT, Pierre Aury/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT, Rick Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen H Douglas/ENRON@enronXgate, Shanna Funkhouser/ENRON@enronXgate, Eric Gonzales/LON/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Larry Lawyer/ENRON@enronXgate, Chris Mahoney/LON/ECT@ECT, George Mcclellan/ENRON@enronXgate, Thomas Myers/ENRON@enronXgate, John L Nowlan/HOU/ECT@ECT, Beth Perlman/ENRON@enronXgate, Brent A Price/ENRON@enronXgate, Daniel Reck/ENRON@enronXgate, Cindy Skinner/ENRON@enronXgate, Stuart Staley/LON/ECT@ECT, Mark Tawney/ENRON@enronXgate, Scott Tholan/ENRON@enronXgate, Lisa Yoho/NA/Enron@Enron, Neil Davies/ENRON@enronXgate, Per Sekse/NY/ECT@ECT, Stephen H Douglas/ENRON@enronXgate, Scott Vonderheide/Corp/Enron@ENRON, Jonathan Whitehead/AP/Enron@Enron, Michael K Patrick/ENRON@enronXgate, Chris Gaskill/ENRON@enronXgate, John Arnold/HOU/ECT@ECT
cc:	Nicki Daw/ENRON@enronXgate, Jennifer Burns/ENRON@enronXgate, DeMonica Lipscomb/ENRON@enronXgate, Yvonne Francois/ENRON@enronXgate, Angie Collins/ENRON@enronXgate, Donna Baker/ENRON@enronXgate, Helen Marie Taylor/HOU/ECT@ECT, Chantelle Villanueva/ENRON@enronXgate, Betty J Coneway/ENRON@enronXgate, Patti Thompson/HOU/ECT@ECT, Cherylene Westbrook/ENRON@enronXgate, Candace Parker/LON/ECT@ECT, Sharon Purswell/ENRON@enronXgate, Gloria Solis/ENRON@enronXgate, Brenda J Johnston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan McCarthy/LON/ECT@ECT, Paula Forsyth/ENRON@enronXgate, Shirley Crenshaw/HOU/ECT@ECT, Kathleen D Hardeman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stuart Cichosz/ENRON@enronXgate, Judy Zoch/NA/Enron@ENRON, Sunita Katyal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cherry Mont/NY/ECT@ECT, Lydia Reeves/HOU/ECT@ECT, Kristy Armstrong/ENRON@enronXgate, Nita Garcia/NA/Enron@Enron, Christina Brandli/ENRON@enronXgate, Yolanda Martinez/Corp/Enron@ENRON, Michele Beffer/ENRON@enronXgate, Shimira Jackson/ENRON@enronXgate
Subject:	PIRA Global Oil and Natural Outlooks- Save these dates.

PIRA is coming in May to do their semi-annual energy outlook.

Greg Shuttlesworth- North American Natural Gas --- May 14th 3-5 pm (30 C1)
?	New Production Outlook
?	Price Direction
?	Demand Fundamentals

Dr. Gary Ross - World Oil Outlook --- May 16th 7-8:30 am --32C2
?	OIl/ Demand/ supply Outlook
?	Regional balances
?	OPEC Rhetoric

Jen Fraser
34759


Attached is a list of parties the Cal ISO has identified in an earlier report
that had "overcharged" the market from May - Nov 2000 (the filing was
mistakenly put into the FERC docket room).

EES is listed as party B8 with $27.9 MM as Excessive Rents.

The biggest overcharger was BC Powerex with $176.2 MM.

We are still analyzing the implications of this list and will get out any
other information.

Jim

----- Forwarded by James D Steffes/NA/Enron on 03/27/2001 12:18 PM -----

	"Nancy Pickover" <npickover@bracepatt.com>
	03/27/2001 11:29 AM

		 To: <alan.comnes@enron.com>, <christian.yoder@enron.com>,
<jsteffe@enron.com>, <richard.b.sanders@enron.com>, <shall@enron.com>,
<smara@enron.com>
		 cc:
		 Subject: CAISO supplemental filing

Attached is a fax I received of a filing the ISO made yesterday afternoon to
supplement its comments in Docket No. EL00-95-012 regarding market monitoring
and mitigation.  The filing links the names of the suppliers and importers
discussed in Dr. Sheffrin's analysis to the code numbers used in yesterday's
filing.  The ISO had requested confidential treatment.  The fax is in TIFF
format and you can disregard the first page as it is a cover sheet to me.
Please let me know if you have any questions or need anything else.

Nancy
Date: Tue, 27 Mar 2001 08:28:52 -0600
From: FAX <DC.FAX.RIGHTFAXUSER@bracepatt.com>
To: <npickover@bracepatt.com>
Subject: Fax from '2028981182' (4 pages)
Mime-Version: 1.0
Content-Type: multipart/mixed; boundary="=_5D06AA01.00610505"

Time: 3/26/01 6:52:11 PM
Received from remote ID: 2028981182
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 - M0005820.TIF


The plan was to hit the issue twice -- once in the short format of Ebiz and
at greater length in the longer format of the October issue of Enron
Business.  Please let Paul know.
---------------------- Forwarded by Steven J Kean/HOU/EES on 08/14/2000 08:46
AM ---------------------------

Elizabeth Linnell
08/11/2000 11:54 AM
To: Elizabeth Labanowski/EPSC/HOU/ECT@ECT
cc: Karen Denne/Corp/Enron@ENRON@ECT, Mark Palmer/Corp/Enron@ENRON@ECT,
Steven J Kean/HOU/EES@EES
Subject: Re: Politics and Enron

Just as a matter of interest, I looked up this guy and he's in London, not in
the US.

From: Elizabeth Labanowski@ECT on 08/11/2000 11:50 AM
To: Karen Denne/Corp/Enron@ENRON
cc: Mark Palmer/Corp/Enron@ENRON, Steven J Kean/HOU/EES@EES@ENRON, Elizabeth
Linnell/HOU/EES@EES
Subject: Re: Politics and Enron

I understand that there is a longer, more involved piece coming out - don't
know where exactly.  We need to respond to this guy with that info.

	Karen Denne@ENRON
	08/11/2000 11:32 AM

		 To: Steven J Kean/HOU/EES@EES, Elizabeth Labanowski/EPSC/HOU/ECT@ECT, Mark
Palmer/Corp/Enron@ENRON
		 cc:
		 Subject: Politics and Enron

FYI -- seems that employees want more info....
---------------------- Forwarded by Karen Denne/Corp/Enron on 08/11/2000
11:31 AM ---------------------------

Sarah Palmer@ECT
08/11/2000 11:26 AM
To: Karen Denne/Corp/Enron@ENRON, Jeannie Mandelker/HOU/ECT@ECT, Mary
Clark/Corp/Enron@ENRON, Erin A Rice/LON/ECT@ECT
cc:

Subject: Politics and Enron

Not so good PAC feedback...
---------------------- Forwarded by Sarah Palmer/HOU/ECT on 08/11/2000 11:24
AM ---------------------------

Paul Sharp@ECT
08/11/2000 03:35 AM
To: ebiz@enron.com
cc:

Subject: politics and Enron

"Everything You've Wanted to Know About Enron and the Presidential Campaign
But Were Afraid to Ask" ?????

Far from everything!

Your "Where the money is spent" section tells us nothing about specific
contributions to the Election 2000 campaigns, nor Soft money corporate
donations to things such as party conferences.

Scared of alienating employees?


Hi Jeff:

Survived my trip back and a week alone with the kiddies while Nina was out
at her conference in Corsica.  Just got notified that the first film I sent
off to shutterfly is available.  There are some really great photos from the
wedding day.  I'm sending you the link (by separate email)  if you're
interested and will make copies of the likely photos for you and rebecca
once I've gotten all the rolls processed.  If you see any in particular that
you like, let me know and I'll get copies made of those too.  (There's a
really good one of the two of you with Shukran!)

I really enjoyed hanging out with both of you and am looking forward to
seeing you one of these days in SF.  I don't have rebecca's email.  Please
sent her my love.

All the best!

--Misha Weidman
Chili-Up!
misha.w@mindspring.com


Hello!    Stan asked that I advise you of Sunday's (May 27) golf details at
Raveneaux Country Club, as follows:

Stan Horton
Chris Gann
Steve Westlund
Julie Westlund

Tee time is 8:15AM on the Old Course off #1.  Don't hesitate to call me if
you have any questions or concerns.

Thanks,
Cindy (Stan's assistant)
713/853-6197

"DFS International, Inc." <dfsintl@swbell.net> on 05/23/2001 11:09:14 AM
To: stanley.horton@enron.com
cc: cegann@dow.com

Subject: Sunday Golf at Rav

After negotiations with my better half,  I will be ready to play Sunday.
My wife Julie is also willing to play on Sunday and we are trying to arrange
for a baby sitter.  Either way,  I will be there.  Please let me know the
time when it comes available.  Thank you.

Best regards.
Steve Westlund


Attached is the form.


well...here we are.  i'm still not buying.

 -----Original Message-----
From: 	David Shank [mailto:david.shank@penobscot.net]
Sent:	Tuesday, November 06, 2001 11:55 AM
To:	Smith, Matt
Subject:	RE: What is going on?

Word....when will it be a good buy? 8 ??

 -----Original Message-----
From: 	Smith, Matt [mailto:Matt.Smith@ENRON.com]
Sent:	Tuesday, November 06, 2001 12:03 PM
To:	David Shank
Subject:	RE: What is going on?

told you so...

 -----Original Message-----
From: 	David Shank [mailto:david.shank@penobscot.net]
Sent:	Thursday, November 01, 2001 8:12 AM
To:	Smith, Matt
Subject:	What is going on?

Damn ENE is looking cheap.  Almost picked up a few shares at 12.5.  What do you think?  buy or wait?

______________________________________________

David Shank
Financial Analyst
Penobscot Corporation
545 Cedar Lane
Teaneck, NJ  07666
Tel. (201) 836-0099
Fax (201) 836-3862
Email david.shank@penobscot.net


Steve Kean and I believe quite strongly, within a four peer group structure,  that we need to allocate somewhere between 30 and 50 percent of Gov't./ public  Affairs out of commercial support into specialized technical- there is a clear divide between individuals in the Gov't/public  Affairs groups  who are managing significant risk for the company and having a significant and  direct impact on commercial activities/ net income( these individuals should be moved to specialized technical)....and others who are performing a less strategic function( who should remain in the commercial support category). With that said, it is probably not necessary to undertake this effort for  mid-year PRC purposes since we are probably moving to a three peer stucture where that split could be achieved (for year-end purposes where the compensation impact would be felt). If we stay with the four group stucture, I intend to push hard for the remapping of Gov't Affairs by year-end.
    On a completely seperate issue, I continue to be  very concerned about the impact of the "preferred" distribution  relative to the bottom category for " commercial support" groups(I'm not implying this is'nt an issue for commercial groups- I just don't have the same ability to assess the impact there)....the concern, simply stated,  is that  it may be entirely  counterproductive to force individuals who are not performance problems  into a category that has significant implications for their careers here at Enron, particularly after going thru the past year where many of the non-performers in my group and others  were moved out of the company- the replacement costs for moving good performers out of the company for the sake of a "preferred" distribution are quite high...and that is even before you begin  to assess the incalcuable damage to morale that will invariably occour.
       Thanks.

	Enron Energy Services  From:  David W Delainey @ EES                           05/10/2001 10:26 AM

Sent by:	Kay Chapman@EES
To:	David W Delainey/HOU/EES, Philippe A Bibi/HOU/ECT, Tim Belden/HOU/ECT, Raymond Bowen/HOU/ECT, Michael R Brown/LON/ECT@ECT, Rick Buy/Enron@EnronXGate, Wes Colwell/Enron@EnronXGate, David Cox/Enron Communications@Enron Communications, Janet R Dietrich/HOU/EES@EES, W David Duran/HOU/ECT@ECT, Jim Fallon/Enron Communications@Enron Communications, Ben Glisan/HOU/ECT@ECT, Joe Gold/LON/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, James A Hughes/ENRON_DEVELOPMENT, Louise Kitchen/HOU/ECT@ECT, Michael Kopper/HOU/ECT@ECT, John J Lavorato/Corp/Enron, Dan Leff/HOU/EES@EES, Jeffrey McMahon/Enron@EnronXGate, Rob Milnthorp/CAL/ECT@ECT, Matthew Scrimshaw/LON/ECT@ECT, Jeffrey A Shankman/HOU/ECT, Richard Shapiro/NA/Enron@Enron, Marty Sunde/HOU/EES@EES
cc:	Kenneth Lay/Corp/Enron@ENRON, Cliff Baxter/HOU/ECT, James Derrick/Corp/Enron, Ken Rice/Enron Communications@Enron Communications, Steven J Kean/NA/Enron@Enron, Greg Whalley/HOU/ECT@ECT, Stanley Horton/Corp/Enron@Enron, Jeff Skilling/Corp/Enron@ENRON, Richard Causey/Corp/Enron@ENRON, Kevin Hannon/Enron Communications@Enron Communications, Andrew S Fastow/HOU/ECT, Mark Frevert/NA/Enron, Lou L Pai/HOU/EES@EES, David Oxley/HOU/ECT, Drew C Lynch/LON/ECT@ECT, Robert W Jones/Enron@EnronXGate, Mary Joyce/Enron@EnronXGate, Marla Barnard/Enron Communications@Enron Communications, Kalen Pieper/HOU/EES@EES, Gary P Smith/OTS/Enron@ENRON, Cindy Skinner/HOU/ECT, Andrea Yowman/Corp/Enron@ENRON, Cindy Olson/Corp/Enron@ENRON, Gina Corteselli/Corp/Enron, Elspeth Inglis/Corp/Enron

Subject:	PEER GROUP MAPPING

Following my note last week please find attached the consolidated peer group mapping for all business units. This mapping is intended to illustrate from a functional view point where each activity was placed at Year End 2000 VP PRC.

We were considering moving to a 3 Peer Group Structure however it as agreed at the last PRC Committee Meeting  to stay with the current structure since the data had been cleaned and everyone felt generally comfortable where most activities had been placed with the exception of just  2 or 3. It was agreed that we should concentrate on resolving these rather than undertaking an organization wide remapping excercise to consolidate to 3 Peer Groups. All functions/activities within the business units should now be reflected on the acttached.

The actions points from this excercise are:

1	to review and agree the attached mapping

2    consider and comment on highlighted groups that we have discussed in previous PRC meetings and ask for your comments or objections to moving them 	as indicated on the attachment.

3	invite your comments or questions on any other function that you consider questionable or requiring further explanation.

      Please return your comments to David Oxley by Friday May 25.

      To have this discussion now will save lengthy discussions in the final VP/MD PRC Meetings.  Definitions of the peer groups are also attached for your ease of
      reference.


Russell,

These are all of our book names:

GD-NEW
GD-NEWJR
FT-WEST
FT-NORTHWEST
MGMT-WEST
WEST-NW
WEST-SW
WEST-PERM
WEST-SJ

For Basis, add  -BAS to the end of the book name.  For Gas Daily, add  -GDL
to the end of the book name.  Call me if you have any questions.

DG    3-9573