United Way 2001

As of 11:00 am this morning, EWS had reached $1,257,644.44 in pledges, which is 98.58% of our campaign goal of $1,276,000 and our participation rate is 75.12%.  While yesterday was the official end of the campaign, EWS and Enron, as a whole, remain short of our goals, so the online United Way pledging system will remain open through Friday, August 31.

If you have made your contribution, THANK YOU!  However, there are still over 1,000 EWS employees who have yet to log on to  https://hrglobal.enron.com
and indicate a decision.  If you are one of these employees, please take a few minutes to impact the Greater Houston area in a positive way through a contribution to the United Way.  Further, if you have problems accessing the system or don't have time, please call or e-mail Eric Thode (ext. 3-9053) with your decision and he will log it in for you.  The system will then send you a confirmatory e-mail that you can check for accuracy and keep for your records.

Below are the pledge totals and participation rates by business unit/functional group:

	GROUP			PLEDGES	% Participation
	EA			$214,106	79.56%		(121 employees unaccounted for)
	EBS			$161,760	45.20%		(376 employees unaccounted for)
	EEOS			$79,117		93.60%		(13 employees unaccounted for)
	EEL			$37,377		79.17%		(5 employees unaccounted for)
	EGM			$174,663	82.53%		(64 employees unaccounted for)
	EIM			$95,246		91.53%		(16 employees unaccounted for)
	ENW			$269,346	75.28%		(403 employees unaccounted for)
	EWS Bus. Analysis	$39,743		100.00%	(COMPLETE)
	EWS Bus. Dev.		$17,198		100.00%	(COMPLETE)
	EWS HR		$20,869		87.32%		(9 employees unaccounted for)
	EWS Legal		$68,928		97.70%		(2 employees unaccounted for)
	EWS Research		$24,913		100.00%	(COMPLETE)
	EWS Treasury		$17,981		100.00%	(COMPLETE)

From a corporate perspective, EWS is in 2nd place in % of goal reached and 3rd place in participation rate.  Here are the other groups' totals:

	GROUP			PLEDGES	% Participation		% of Goal
	ETS			$301,386	94.83%			87.11%
	Corporate		$775,390	74.30%			98.78%
	EES			$463,697	79.50%			94.06%
	Enron-wide		$2,796,721	77.39%			96.40%

BUSINESS HIGHLIGHTS

Enron Global Markets
Enron's Emissions Group is a market leader in many regional and national emission cap and trade programs including the national SO2 market and the Houston-Galveston Cap and Trade Program.  The Emission group is developing into a business that entails Enron's core skill sets.  The Emission group is developing origination, mid-marketing, and finance as well as continuing to focus on the trading side of the business.

On January 1st, 2002, the Houston-Galveston Mass Emission Cap & Trade Program begins in our backyard.  This program is designed to reduce the emissions in the Houston-Galveston area by 90% by the year 2007.   The program includes Harris county and the surrounding seven adjacent counties.  Enron has emerged early as the dominant player in this cap and trade program.  Enron has already become an active player by making the initial trades in NOx DERCs (Discrete Emission Reduction Credit) market.  Enron has almost made numerous trades in the NOx ERC market.

Trevor Woods and Michael Taylor have recently joined the Emissions Trading Group.  The group, which includes trader John Massey, looks to become a principal player in many regional and national emission cap and trade programs, including San Joaquin County and NOx SIP CALL.

Enron Engineering and Operational Services (EEOS)
ACCRO Phase III - IV
We are pleased to announce that final acceptance has been received by our client Accroven SLR (50%Enron) from PDVSA-Gas (Venezuela's National Gas Company) for the facilities built and performance tested by our Accro Project Team. Thus completing the final major milestone on what must be considered to be one of EEOS's most successful projects.

Although contracted as one $320MM project, the work had to be managed as four distinct jobs. The prime site, at Jose, consists of a grassroots 50,000 bpd NGL's Fractionation Plant plus Offsite Refrigerated Storage; the latter facilities, being contained entirely within PDVSA's existing live plant, had to be built entirely under PDVSA's Hot-work Permitting system.  In addition, the site was under constant threat of disruptive action by very vocal and active Unionized workers. Thanks to the negotiating skills of our Site Manager, Tony Burke, they were shut-down only 25% as much as three adjacent major projects .The secondary sites, at Santa Barbara and San Joaquin, contained two grassroots 400MMSCFD Propane Extraction Plants. Not only did their remoteness cause significant logistical problems for equipment delivery, but also both had significant labour relations problems peculiar to their own locations. San Joaquin suffered many days of Force Majeure delay caused by the disruptive action by several local community groups protesting lack of work.

Despite all the impediments of the local labour, logistics, and the usual customs clearance issues, the construction was essentially finished on schedule.

Commissioning and start-up brought new challenges with erratic feedstock qualities testing both the design and the expertise of our start-up crews. It is a tribute to both, that all performance tests were passed within 48 hours of receiving a reasonably stable supply and the design flow rates, and that the plants have remained online since, or available, with minimal hiccups, generating significant income for our client.

Congratulations Accro Project Team!
Bob Meckna, Tony Burke, Andy Trevino, Dennis Zitterkopf, Bill Johnson and the rest of the team at site, in Houston, and from Teesside for achieving a remarkable success for which all participants can be proud; not only has the client gotten plants that exceed performance, the team was able to bring home double the budgeted profit.

IN THE NEWS

Enron All-Employee Meeting: At the All-Employee Meeting on August 16, Ken Lay, Enron president and CEO, provided employees with a general overview of Enron's performance to date and his expectations for the remainder of the year. Lay stated that Enron has faced a number of challenges including the California situation and Dabhol, but the company is facing and overcoming them. According to Lay, the Enron business model and strategy are sound and the exceptional employees at Enron will accelerate the company to becoming the "world's leading company." The All-Employee Meeting video will be posted on the Enron home page within the next few days.

WELCOME
New Hires
EGM  - Royden Loucks, Brenda Foley, Darrell Dalton, Tim O'Neal, Dana Nelson
EIM - Carisa Arthur
ENA  - Anne Eastwood

NUGGETS & NOTES

Congratulations to Tracie and Dave Hill, senior specialist in HR!  They are the proud and busy parents of twins born on Tuesday, August 14 at 10:00 PM.  They had a boy, Joseph Thomas, who weighed  5 lbs. 5 oz. and a girl, Annalise Francis, who weighed 4 lbs. 2 oz.

EnronOnline Figures
Below are the latest figures for EnronOnline as of August 21.

?	Total Life to Date Transactions > 1,350,000
?	Life to Date Notional Value of Transactions > $ 778 billion

Enron Wholesale Services Best Practice Tips
Use Contingent Staffing Solutions for Best Pricing on Temporary Labor
Rates for temporary clerical and administrative support are up to 10% lower through Enron Contingent Staffing Solutions (CSS).  CSS is managed by Corestaff for all of Enron's temporary clerical and administrative support staffing needs.  Negotiations are in progress to include accounting, engineering, and legal services by year-end.  Agencies included in the existing contract include: Adecco, BestStaff Services, Brooke Staffing, Burnett Staffing, Corbett Personnel, King Staffing, and Talent Tree.  Currently, pricing and service is established in Houston and is being implemented in Omaha.  Negotiations for service in Portland and Seattle are in progress.

Requests for temporary staffing may be made by calling the Contingent Staffing Solutions team, located in the Three Allen Center, 12th floor, at 713-345-6899.  Requests may also be made online.  A link to the Contingent Staffing Solutions site is located at the iBuyit portal (ibuyit.enron.com)

NEWS FROM THE GLOBAL FLASH

EES Europe Clinches Long-Term Outsourcing Deal With Guinness
EES Europe has signed a 15-year agreement to own and operate energy assets at the Park Royal Guinness Brewery in London. The deal means EES will source gas and electricity to provide steam, compressed air, chilled water and other industrial commodities to one of the largest breweries in Europe. EES will also have responsibility for managing a series of energy reduction measures at the plant, designed to improve performance and reduce costs. These measures will include investment in new boiler, refrigeration, compressed air and effluent treatment plant.

Stuart Rexrode, Vice President of EES Europe, said: "Closing this deal was an outstanding effort by the entire team and is another example of the type of innovative energy partnerships we are forming in the marketplace. This transaction, coupled with the Sainsbury's deal, has caused the industry to start taking notice of EES, and I am confident more customers will be knocking on our door looking for similar structures."
Congratulations to everyone on the team for their dedication!

Enron signs first long-term dry bulk shipping freight origination deal with major Japanese player
Enron's shipping freight team has signed a 10-year time charter deal for a 178,000 tonne capesize vessel with Lepta Shipping (with a performance guarantee from Mitsui & Co Ltd, Tokyo, Japan). The agreement has a notional value of USD60 million and a mark-to-market value of USD 5 million.  The new agreement gives Enron the option to buy the vessel in Japanese yen after the third year and the time charter period itself can be extended by us by up to an additional four years, if required.  The agreement takes effect from the latter part of 2003 when the ship itself, currently being manufactured in the Imabari shipyard in Japan or any similar substitute vessel, becomes available.  "We are already in the process of onselling the first three years of our time charter above the curve," announces Pierre Aury, who heads up Enron's dry bulk freight team.  "This deal gives us a strategic long "days" position and we now expect to close further deals as a result of our drive to commoditise more time charter transactions."  The team is already exploring new time charter deals in the scarcer cape-size and handy-size vessel market.  A combined effort between the legal, tax, credit, transport support and structuring teams was instrumental in helping to book this deal just in time for Q2.  The shipping freight team is already working on a new structured deal with a major UK bank, so watch this space for future announcements...

Enron Credit Closes Deal with Enron's Shipping Desk
On 8 August, 2001 Enron's shipping desk bought a Digital Bankruptcy Swap (DBS) from Enron Credit in order to buy protection against a Japanese industrial/trading counterparty.  Under the terms of the deal the shipping desk will receive pay-out from Enron Credit when this counterparty becomes insolvent under Japanese laws and therefore hedges the counterparty risk that the desk holds when transacting with this Japanese counterparty.  When the level of the shipping desk's mark to market profit rises above a certain amount, the desk will also have the ability to buy additional DBS protection.  Similarly, if the desk's contract with the Japanese counterparty terminates earlier, the desk can sell back any unused DBS cover to Enron Credit.

"We needed to increase our credit capacity with this counterparty in order to do more deals and then realised that Enron Credit could help us," said Pierre Aury who heads up the freight team. "Another driver was that we felt we needed to set a foot in the DBS market in order to go up the learning curve and develop shipping specific DBSs for the near future." "The hedge between these two commercial groups is another milestone in Enron's internal risk management.  With each commercial group having to optimise its capital at risk, the services and tools Enron Credit has on offer are an excellent complement to our already sophisticated RAC process," commented Ted Murphy, Head of RAC in Europe.

Congratulations go to Andrew Feachem who originated the deal for Enron Credit and Pierre Aury.

Got a Great Idea for the EnTouch?   Do you have great news you want everyone in EWS to know about? Something interesting going on in power and gas markets? Or in industrial or global markets?  Send your ideas to Kathie Grabstald via email or call x 3-9610.

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries.  It is intended for internal use only and s

<Embedded Paintbrush Picture>


Hey, bro.  We're hitting the Front Porch for Happy Hour tonight if you're interested.  The way I figure it, you might as well drink some good beer while you're still employed.  PBR is just one credit downgrade away.

Later.

-M


These could take a few days (or more!).  They have to be circulated to the
directors of the Company for signature and timing will depend on their
availability for signature.  If Amita wants to start signing today, she can
go ahead and start signing now and I'll make her appointment effective as of
today.

	Cindy Buckley
	10/11/2000 09:22 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: EnronOnline LLC and Enron North America Corp.

Hi Tana

Thanks for quick response.

I'm happy for the unanimous consents of the directors and the
attorneys-in-fact.  Please could you let me know when these have been signed
and are effective.

Thanks for your help.

Regards


Thanks!!!!

From: Tana Jones on 03/01/2001 03:33 PM
To: Mark Taylor/HOU/ECT@ECT, Mark Greenberg/NA/Enron@ENRON, Stacy E
Dickson/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT,
Wayne Gresham/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, John
Viverito/Corp/Enron@Enron
cc: Sheri Thomas/HOU/ECT@ECT
Subject: Tradespark PC

We now have a computer set up so you can view the TradeSpark website.  It is
located in a cubicle across from the C-1 conference room (on the side
opposite of me, at EB3858D).  Since it has taken us so long to get access
into this website, it is critical that each of you review your products
descriptions of the website AS SOON AS POSSIBLE.  Can you each please confirm
to me that you have completed your review and if you have any issues with the
product descriptions please pass them on to Sheri Thomas with EnronOnline.

If for any reason you continue to have computer problems, please call Jason,
our floor computer tech, ASAP.

Thanks for your prompt attention to this!

----- Forwarded by Tana Jones/HOU/ECT on 03/01/2001 03:19 PM -----

	Jason Sherman@ENRON
	03/01/2001 03:14 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Tradespark PC

Tana,

The Tradespark PC has been installed in EB3858D. I created a local account
for all the lawyers to use to login, the userid is tradespark and the
password is tradespark. Once they login, they will doubleclick on the
tradespark icon on the desktop and will be at the tradespark login window.
The userid should already be in place, but if not, it is netnrg3 and the
password is espeed. That should get them into the tradespark system. Now,
once Tradespark has come out with a version that is W2k compatible, we will
install the application on each of their PC's for their convenience. Let me
know if you need any further information. As always, I am here to help.

                                   Thanks,
       Jason

Jason Sherman
Enron Corp Desktop Support
Office: (713) 345-7764
Email: Jason.Sherman@enron.com


COMMENTS

Route: 1
 - (Approved) NEW POWER PLANT CONTRACT. 20,000 WINTER, 24,000 SUMMER LOAD
AT $.20/MMBTU/D. TERM IS 3 YEARS WITH A 3-YR EXTENSION RIGHT. UPGRADED ANOTHER
$.03/MMBTU/D FOR GUARANTEED PRESSURE OF 700#.  PRESSURE GUARANTEE APPROVED
BY S.JANUARY.
JBGreg Porter - (Disapproved)

Route: 2
 - (Approved) NEW POWER PLANT LOAD OF 20,000 MMBTU/D WINTER AND 24,000 MMBTU/D
SUMMER.  TOTAL RATE IS $0.23/MMBTU/D.  ORIGINAL RATE WAS $0.20. ADDITIONAL
$0.03/MMBTU IS FOR GUARANTEED PRESSURE OF 700#.  S. JANUARY APPROVED PRESSURE
GUARANTEE.

FOR THROUGHPUT                                           Market Services
                                                         DATE:  Oct 19, 2001
                                                         CR# 108189 RQST#  41598
                        CONTRACT APPROVAL FORM

NATURE OF CONTRACT: TFX

PARTIES:     Northern Natural Gas Company
             LINCOLN ELECTRIC SYSTEM

SUMMARY OF PRINCIPAL POINTS:

The contract contains Non-Standard Language.

Reason for Discount: capacity release competition and competitive pipe (NGPL)

Total Discount: $4,243,770.40
Discount Amendment Attached

Account Manager: JANET BOWERS, (402) 398-7141

Approval is required of the departments marked with an asterisk (*).
Contact the account manager for additional information.  Please send approval
or comments to EB4135R, Phone:713-853-6182,  Fax: 713-646-8260   ASAP.

  *Marketing, Account Manager: _______________________________   DATE: _________

  *Marketing, Regional V.P.:   _______________________________   DATE: _________

  *Law, General Counsel:       _______________________________   DATE: _________

  *Regulatory Affairs, V.P.:   _______________________________   DATE: _________

  *Marketing, V.P.:            _______________________________   DATE: _________

  *President:                  _______________________________   DATE: _________

________________________________________________________________________
   * Required Signatures


Enron is forming a new organization - - the Enron Xcelerator - - to drive the
formation and development of new businesses at Enron.  Enron's unique ability
to start and develop new businesses has driven most of our growth over the
years.  Lou L. Pai, currently Chairman and CEO of Enron Energy Services, will
lead the Xcelerator.  Over his years at Enron, Lou has been key to the
creation and rapid growth of our wholesale gas, wholesale power and energy
service businesses.  The existing business units will continue their
development of core businesses, while the Xcelerator will be responsible for
developing new business opportunities that are natural extensions of Enron's
business model and core skills, but not currently under development elsewhere
in Enron.

Dave Delainey, currently President and CEO of Enron Americas, will become
Chairman and CEO of Enron Energy Services.  Dave brings a wealth of
experience and accomplishment from Enron Wholesale Services' businesses where
he led the growth of our Canadian business and our North American origination
activity and, most recently, had a great year in Enron Americas.

Dave is forming an Office of the Chairman in EES.  Joining Dave in the Office
of the Chairman are Dan Leff, President of EES, Global Energy Services, and
Marty Sunde, President of EES, Global Marketing and Services.  Dan and Marty
have been instrumental in the development and execution of the successful EES
business model.  Also joining the Office of the Chairman of EES is Janet
Dietrich as Chief Operating Officer.  Janet, currently is Managing Director
in Enron Americas, where she has been successful in many of Enron Wholesale's
core businesses, including gas trading, risk management and structural
origination.  Tom White will continue as Vice Chairman of EES and will focus
on the development and expansion of EES' customer relationships.  Lou, Tom,
Dan, Marty and the entire EES organization have developed a great business
model with great growth prospects.  EES has become an essential part of
Enron's market valuation and growth story.  This new leadership structure
will enable EES to continue on its path of sustained growth and increasing
profitability.

John Lavorato will succeed Dave as President and CEO of Enron Americas.  John
has been an essential part of Enron's energy trading success over the years
and is a key part of Enron Wholesale Services' continuing success story.
Joining John is Louise Kitchen, currently President and CEO of Enron
NetWorks.  Louise, who accelerated Enron's outstanding growth with the
deployment of EnronOnline, will take over as Chief Operating Officer of Enron
Americas.

Philippe Bibi, currently Chief Operating Officer of Enron NetWorks will take
over as President and CEO of Enron NetWorks.  Under Philippe's leadership,
Enron has become a technology leader and the leading e-commerce company.
Joining Philippe as Chief Operating Officer is Greg Piper, currently Managing
Director of Enron NetWorks.  Greg currently leads Enron NetWork's origination
activity and was responsible for the creation and deployment of ClickPaper,
Enron's successful online pulp and paper marketplace.

Please join us in congratulating all of these individuals on their
achievements and their new responsibilities.


FYI - I'm going to reply that we're not ordering any new software until further notice.  Let me know if you have a problem with that.
-----Original Message-----
From: Franz, Kathy
Sent: Monday, November 26, 2001 3:20 PM
To: Linnell, Elizabeth
Subject: Software Request for Jose Bestard

Elizabeth,

Jose Bestard needs the Portugese (Brazil) proofing tools/dictionary for MS Word. Word does not come w/that and it is not possible to request through an eRequest. He would like it ordered if possible.

Kathy Franz
Specialist - Desktop Support
ECN 4728C
713.345.4928 - Phone
kathy.franz@enron.com <mailto:kathy.franz@enron.com> - Email
kathyfranz@skytel.com <mailto:kathyfranz@skytel.com> - Pager


Jim

In addition to the problem with Central June that I emailed you a follow-up
note just a few minutes ago, we also need help resolving the following:

In October, there is a variance for NY6237.1  for $200,880.00 between the
NG-Price and the Intra-Central books.  Per Phillip, there should be an offset
for this and there shouldn't be a variance.

In September there are the following variances that we need help identifying:
Oil-NG-H         $150,239.97
Exotic-T             324,397.00

In August, there is a variance for EW4539.2 for $(744,999.95).  Per Phillip,
this should be offset with leg 3 and there should not be a variance.

Jeff Gossett is adamant about getting the financial liquidation variances
cleared before next month and we really need your help resolving these.

Thanks,
Cathy


Heidi-  There should be a deal ticket in Sitara for this sale to Engage, but
it looks as though 12/99 was the last month a deal was entered
(IF/HSC+1.00).  George/Craig- could you guys coordinate who should be rolling
this deal or let us know if this gas should not be flowing?  Heidi-
historically we've been charging $.60/mm for this transport.

	Enron North America Corp.

	From:  Heidi Withers                           04/19/2000 10:27 AM

To: Lauri A Allen/HOU/ECT@ECT
cc:
Subject: HPL Delivery Meter 1520

I am finding flow out there on HPL 215 for meter 1520 (Tx City Coastal
States) starting 4/1/00 (actually, no volume was scheduled but looks like it
has been allocated since March 1).  Did you want a premium rate for this?


T.J.,

I need your LA address.  I'm sure I have it some place but I can't find it.
How's everything going?  How's Rena?  Are you heading home for the
holidays or staying in LA?

Also,  if you have Lowery's address and phone # could you forward it.

Thanks,

Kevin


Bus passes for January are now available at the Parking and Transportation office on the third floor of the Enron Building, ECN 306.  These passes are offered on a monthly basis and are provided at no charge to the Enron employee. However, because these buses passes are fully subsidized they must be treated as "taxable" income. Excluding the first $65 of the bus pass, the remaining value is subject to taxation, collectively referred to as "imputed tax". See example below

Example: A $100 pass is chosen by an employee.

Subsidy for Bus Pass		$100.00
Exclusion amount			$  65.00

Taxable Income amount		$  35.00


I have sent a gisb draft for review and will  call re master.

Thanks!!!

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


You realize of course that my smart-ass reference to the "rules" (female
guide to dating) was in fact my subtle way of mocking a large subset of your
gender (or as some would say the weaker sex) --- present company excluded of
course.

For a good laugh check out:  www.therulesbook.com.

Susan M Scott
07/20/2000 11:42 AM
To: Ted Noble/HOU/ECT@ECT
cc:
Subject: Re:

Ted,

My day is going quite well, actually.  I managed to sleep in past 6:30 a.m.
this morning and did not work-out so I'm feeling pretty good.  I'm not sure
if I'll be able to respect you in the light of your "rule-breaking", but I'm
going to try to look past that.  I'm heading to lunch right now - yes, I am
actually leaving the building - so the day just keeps getting better and
better.  As for last night, I had a really good time too and am glad you were
able to look past my bad manners and agree to go out Friday.  Talk to you
soon.

Susan

-- By the way, I'm very relieved to hear about the buckle.

Ted Noble
07/20/2000 11:19 AM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject:

Shorty,

I hope your day is going well and your trader and thus you are having a good
day.  I just realized that I broke the "rules" last night.  I should say no
to a Friday night out when asked out on Wednesday night but I'll let it go
this time because we are going country and you are breaking out the t-shirt
and jeans.  When I think about it, that exception applies to every
situation.  I had fun last night and I think you will be relieved to know
that I can't get my huge belt buckle on order and shipped in time for
tomorrow so you are in the clear.

Ted


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Please note that this  message was sent to the following e-mail address:
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For those of you that were not on this weekend I would like to inform you of a new possibility for sales. Transalta buys at both SP 15 and Mead 230 in both cases they plan to export to Lugo/Victorville. Since they ask to buy this power transmission contingent we can wheel through the ISO from PV to Lugo (ISO ID LUGO_5_VICTVL). They will pay a premium to get the power at lugo and they will buy the power transmission contingent. Have fun with it.
Leaf


Kaye:  Please remind Mike and me if I end up serving on a jury next week.  SS

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 01/11/2001 01:27 PM -----

	Mike E Kelly@ENRON
	01/11/2001 12:03 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Edward Sacks/Corp/Enron@Enron, Edward D
Baughman/HOU/ECT@ECT, Doug Sewell/HOU/ECT@ECT
		 cc: Oscar Dalton/HOU/ECT@ECT, Terri Clynes/HOU/ECT@ECT
		 Subject: ISDA Process Review

Folks,

We are confirmed for our meeting next Wednesday the 17th in room 3125b at 3
pm.  To reiterate, the purpose of the meeting will be to clarify the
procedures for implementing ISDA agreements with counterparties interested in
financial derivative transactions.  The goal is for everyone to understand
the process as it relates to different types of counterparties and to
streamline the internal process wherever possible.

See you next week.

-Mike
ex 3-3947


----- Forwarded by Mark Palmer/Corp/Enron on 02/08/2001 05:27 PM -----

	Margaret.Allen@enron.com
	02/08/2001 05:19 PM

		 To: mark.palmer@enron.com
		 cc:
		 Subject: Media info

Mark, let me know if this is what you were looking for:

   $2Million on 1st Quarter buy-- $1.5M on National Cable and $.5M on spot
   Working with EMS, we received a 100% increase in value on the national
   buy and 66% increase in value on the spot buy
   National Cable buy includes CNN, CNNfn, CNBC, ESPN, Fox News, Discovery
   Cannel and The History Channel
   Our spot buys cover NY, DC and Houston on CBS and ABC


Hi Chris,

Happy New Year.  Hope all is going well with you.  We miss you!

I heard a rumor that the UI deal had an asset management aspect to it.  The
guys around here are kicking around some different asset management ideas, so
I'm trying to get my hands on any docs which might give some insight into
some  different approaches.  Do you have anything you can email me?

Thanks,

Kay


Attached are my comments (clean and redline) to the foregoing EOL Amendment.  Sara

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


White water rafting in Colorado.


Tana:
This should be pretty straight forward.  The only remaining issue was they
needed to put in an effective date for the assignment amendment that they
wanted us to sign.  The papers should be in my office.  Call me at home if
you have any problems.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Tana Jones
	08/01/00 01:14 PM

		 To: Brent Hendry/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT,
Mary Cook/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Robert
Bruce/NA/Enron@Enron
		 cc:
		 Subject: assignment of deals from Merchant Energy Group of the Americas to
Morgan Stanley

Is someone from our group working on this?
----- Forwarded by Tana Jones/HOU/ECT on 08/01/2000 01:14 PM -----

	Tracy Ngo
	08/01/2000 07:48 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: assignment of deals from Merchant Energy Group of the Americas to
Morgan Stanley

Tana,

Before Carol St. Clair left for maternity leave, she was working on the
assignment of some financial and gas deals with Christopher Smith (who
previously worked in our group).  Since Christopher is no longer here and
with Carol being out, I'm scrambling to find out who in the financial team is
working on this.

I've left Mark Taylor a message since Carol's voice mail forwards all
questions to Mark.

Could you let me know if you have any info?

Thx,
Tracyh


Diane and Jeff -- I am going to be on vacation, so please coordinate the
volumes, and California percentages with Sarah Novosel  202-466-9160.  Thanks.

Diane H Cook
12/12/2000 03:10 PM
To: Jeffrey T Hodge/HOU/ECT@ECT
cc: Christi L Nicolay/HOU/ECT@ECT

Subject: final again

I promise this is the final file:


Here are a few additional points:

I spoke with Ken Saathoff at ERCOT last week (he is the director of technical operations) and he agreed that an OOMC instruction is essentially a "be ready" instruction and an additional OOME or another type of unit specific instruction is necessary for the plant to deploy. He is John Adams boss, so there is a disconnect between the two levels.  In addition to Kent, I spoke to Mark Walker the senior corporate counsel regarding payment, or lack thereof and he suggested that the only method would be to dispute the settlement statement and use that process.  Going forward however, that is not an effective mechanism due to the delay in payment and the necessity to prove your cost structure.

In speaking with Forney a few minutes ago it sounds like he may have convinced John Adams, but I would be happy to call Kent Saathoff if you feel that would help.

 -----Original Message-----
From: 	Portz, David
Sent:	Wednesday, November 14, 2001 6:12 PM
To:	Nicolay, Christi L.
Cc:	Gilbert-smith, Doug; Baughman, Edward D.; Miller, Jeffrey; Forney, John M.
Subject:	Ercot Questions OOMC & OOME

Forwarded as discussed.  Doug Gilbert Smith has asked that your group draft a complaint to the PUCT regarding this misinterpretation of the Protocols by the ERCOT ISO, which effectively requires a generator called on for the OOMC ancillary service to run its plant, and sidesteps the obligation to pay an OOME price component when the plant's output is utilized by ERCOT.  The OOMC compensation is currently negligible (and recovery of actual costs under Protocols Sec. 6.8.2.1(6) may take a long time), and the OOME compensation has various problems as well: (1) the more ERCOT calls on a plant for OOME, the the lesser the OOME price paid (Protocols Sec. 6.8.2.2 -- Heat Rate value decreases), and (2) plants directed to provide, say, 135MWs of OOMC/OOME, are not allowed to generate above 135 MWs in an interval (thus running the plant economically at a lower heat rate) to sell the excess in the marketplace. The Frontera plant, a customer of EPMI acting as QSE, is located such that ERCOT is and will be consistently telling the plant via its QSE to provide OOMC -- to produce energy going north on a line in South Texas. Doug says we should advocate to the PUC that plants in such a position should be Reliability Must Run ("RMR") and be paid at an adequate premium for their support of the system' reliability.

I noted to you as well that this is likely to be a dispute with ERCOT over the interpretation of the Protocols, conducted under Protocols Section 20, and we would appreciate any reg. group efforts toward preparation for iinitiating such dispute.  Frontera has indicated they will not provide OOMC tomorrow even if ERCOT tells us, their QSE that it should be dispatched. Thus we are caught in the middle.  The legitimate bases for not complying with an ERCOT dispatch instruction are stated in Protocols Section 5.4.4(2): "threat to safety, risk of bodily harm or damage to the equipment, or otherwise is not in compliance with these Protocols".  Though the Protocols Sections 1-22 seem to recognize as to other capacity- oriented ancillary service products that it is 'generating capacity available but not energy delivered to the grid', I have not seen this made clear as to OOMC.  The Operating Guides' definition of OOMC, page 21 seems to recognize this however, and Section 2B of the ERCOT Market Guide, p. 8 (Feb 22, 2001) recognizes the distinction between capacity and generated energy clearly in support of the position stated by John Forney below.

Sorry for the long e-mail -- I was trying to provide a statting point for your group.
  -----Original Message-----
From: 	Forney, John M.
Sent:	Wednesday, November 14, 2001 12:27 PM
To:	Portz, David; Gilbert-smith, Doug
Subject:	Ercot Questions

David,
I need some help with an Ercot protocol interpretation:

Frontera has been issued  OOMC requests by the ISO on numerous occasions, starting September 14th.    This Out of Merit request is issued if no mkt bids exist to solve congestion, whether local or zonal.
The OOMC, as I understand it,  reserves capacity for Ercot and the premium is predetermined based on a formula mentioned in the protocols.   The formula is based on the replacement reserve clearing price,  which currently is zero.   This is because the replacement reserve market is non-existent.  An announcement on how the OOMC capacity payments will be calculated is due out this week,  per Mark Patterson.

The second component of this option is OOME.    This is a request for actual energy related to the OOMC option.   The strike price is calculated from a preset heat rate multiplied by the HSC daily price, as mentioned in the protocols.  So the OOMC/OOME ws designed to work like the ancillary services with a capacity award and an energy component.  I think that this is the spirit of the OOM's, as mentioned in Section 6 of the Protocols.

Here is the problem:
the head of Ercot Market Operations,  John Adams,  interprets the protocols to mean that OOMC requries the plant to be generating.     When Ercot dispatchers had issued an OOMC,  they quickly followed up to ask us why we were not generating into the grid.
We explained to them, on numerous occasions,  that we dont believe OOMC means run.   If they wanted us to run,  then they would need to issue an OOME for the actual energy component.    I asked my employees to clarify with Ercot whether we were being asked to run,  yes or no.    When instructed to run by Ercot,  we had to assume that we were settled based upon the OOME calc, as we were previously under OOMC orders.

I sent at least three e-mails to my Ercot rep,  Mark Patterson regarding this issue.   I finally caught him by phone and he relayed that he thought Ercot's  intrepretation was correct.    For all of the times that we ran,  at their request,  we werent going to be paid based on the OOME heat rate calc,  rather we were going to receive the balancing energy price ( a penalty for Resource Imbalance).   For example,  in the early morning hours we would receive as little as $1 for electricity that cost $27 to generate.   Mark also mentioned that when they said run,  they expected us to sell to someone else,  or just generate into the imbalance.    Mark told me "dont worry,  you can file to receive your generation expenses in the event that you lost money."

Here is my view:
OOMC does not mean run.  It means have the capacity available in the event Ercot calls,  much like replacement,  responsive reserve and non-spinning.
Ercot's interpretation is being decided by the Manager of Mkt Operations,  a group supposedly unconcerned with price.
If OOMC means to run,  then why would the protocols contemplate, or need OOME?  They would never have to pay OOME if we were already running into the imbalance.
OOMC is an option and the exercise is OOME.   This is basically the disagreement.    This could very well be a $500,000 issue for Frontera.
Why would anyone generate for $27 and dump to the imbalance mkt at $5 in hopes of filing for a "breakeven."   Ridiculous.

I spoke with Bill Kettlewell with Customer Relations and he had "no comment" on whether OOMC means to generate.  Mark Patterson now also has "no comment."
Bill and Mark said that we needed to file a dispute in order to receive closure on the OOM capacity payment.   I suspect that we will follow this same path when we file for OOME reimbursement vs.  the imbalance price we will receive.

I had instructed my employeess to refuse to turn on the plant   (in response to an OOMC) until we receive an OOME instruction.   This has compelled  Ercot to deploy an OOME request to us, because they need  to have us online to control local congestion.   Would this not be an omission that their view was incorrect?  Section 5.4.4 says that a QSE may fail to comply with an Ercot directive if it causes a safety concern, or ,  Ercot is not in compliance with the Protocols.  The latter is in effect.
Ercot is now telling us that they cannot instruct us, or give us an OOME deployment,  unless we are already runnnig.    I think that this is a software issue, not a protocol issue.
We worked out an interim compromise with Ercot until this issue can be settled.  Once we have been OOMC'd,  we will start to gen.   Once we reach full load,  we will request an OOME.   If they dont comply,  we will shut down the unit.    Ercot said that " it was entirely reasonable that we would  request to be compensated in the form of an OOME."
The Ercot dispatchers are complaining that OOME requires them to send an instruction every 15 minutes.   Is this why we are not getting the OOME instruction on a regular basis?

Finally,  I stressed to Ercot that I wasnt trying to manipulate prices, via OOME or force Ercot into a corner.    It just is not the right economic environment to generate for $27 and sell for $5.    Further,  operations personell at Ercot have frelayed their displeasure with me for "forcing them to OOME our plant."

Can I get an opinion on whether OOMC means to run?   If you agree with me,  what is our next step?  I need to move aggressively on this issue.

Thanks,

JForney
37160


No can do.  Thanks anyway.

Lisa Mellencamp@ECT
02/16/2001 12:27 PM
To: Shirley A Hudler/HOU/ECT@ECT, Cindy Hudler/HOU/ECT@ECT, Kelly H
Boots/HOU/ECT@ECT, Cheryl Lipshutz/HOU/EES@EES, Cynthia Harkness/Enron
Communications@Enron Communications, Kathy M Lynn/Corp/Enron@Enron, Anne C
Koehler/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT, Teresa G
Bushman/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Sheila
Tweed/HOU/ECT@ECT, Julia Murray/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT,
Angela Davis/NA/Enron@Enron, Shari Stack/HOU/ECT@ECT, Carol St. Claire, Janet
H Moore/HOU/ECT@ECT
cc:

Subject: i have 4 tickets to diana ross at rodeo tonight that probably can't
use. any takers?

Lisa J. Mellencamp
Enron North America Corp. - Legal
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com


I think Jeff should be the point person on putting the response together on
this (and future air and climate change position inquiries).  Jeff - please
make sure you get the comments of all involved.

Jeffrey Keeler
04/17/2001 05:02 PM
To: Michael Terraso/OTS/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Kelly
Kimberly/Enron Communications@Enron Communications, Lauren
Iannarone/NY/ECT@ECT, Catherine McKalip-Thompson/Enron Communications@Enron
Communications, Lisa Jacobson/ENRON@enronXgate, Mark Palmer/Corp/Enron@ENRON
cc:

Subject: Re: Greenpeace letters to Enron Europe concerning our position on
Kyoto

All:  I would like to discuss how we might respond to this letter from
Greenpeace, if at all.  The letter is attached way at the bottom of this
e-mail, and was received in several Enron European offices as a copy of what
was sent to Jeff Skilling and other CEOs of major companies.  I have not
confirmed our receipt of such a letter from any of you, but am assuming it
was delivered.

I think we could respond in a very positive, constructive manner to
Greenpeace, based on the statements we've already documented and the
strategies we are developing.  Lisa Jacobson and I are currently working on
developing some tighter climate change and clean air "messages" that we can
use in multiple areas ASAP -- upcoming Ken Lay speeches and interactions with
the Administration, revising the Statement for the 2001 Corporate
Responsibility Report, Enron Business articles and other internal uses,
responses to environmental group inquiries and shareholder meeting Q&A, and
use in everyday speeches and advocacy work.

The Greenpeace questions are tricky, and set up no-win answers for the most
part.  I doubt they will get any direct answers to questions like:  "Does
your company support President Bush in his opposition to the protocol?"   In
my opinion, we can respond to Greenpeace without directly responding to these
types of questions.  Addressing Kyoto directly is a slippery slope -- its
best to stick with the solution-oriented approach we've always taken.

For this reason, I was a bit concerned to see in the e-mail chain below a
characterization of Mark Palmer's statement on Kyoto (given to Jackie Gentile
in London) -- "Enron has always taken the view that the Kyoto protocol was
not a workable solution to dealing with CO2 emissions.  However it is not the
principles behind Kyoto that we take issue with, rather it is the vehicle
that has been devised to deliver the results."  I believe it is dangerous to
make such statements for a number of reasons -- Greenpeace would absolutely
beat us over the head with it, Friends of the Earth could step up its
shareholder initiatives, etc.    Also, this sets you up for a number of
follow up questions that I don't think we have answers to, like:  What about
Kyoto is not workable?  What would make it workable and would we help make it
workable?  If not Kyoto, what is Enron's preferred "vehicle?"  I'd really
rather stay with a constructive, solution-oriented approach and avoid
reference to Kyoto altogether.

I will talk with Kate Bauer in Enron Europe about this, but I think we need
to decide on a global, corporate-wide response to Greenpeace.   I would be
happy to set up a quick conference call on the subject, or just field
comments by e-mail -- whatever works best.

Thoughts?

Jeffrey Keeler
Director, Environmental Strategies
Enron
Washington DC office - (202) 466-9157
Cell Phone (203) 464-1541

	Lauren Iannarone@ECT
	04/17/2001 11:20 AM

		 To: Jeffrey.Keeler@enron.com
		 cc:
		 Subject: Re: Greenpeace letters to Enron Europe concerning our position on
Kyoto

FYI:  I  defer to you on this but assume we are in a good position to respond
to Greenpeace.  I assume you will discuss with Kate and Peter - let me know -
thanks

---------------------- Forwarded by Lauren Iannarone/NY/ECT on 04/17/2001
11:37 AM ---------------------------

Peter.Styles@enron.com on 04/17/2001 09:42:40 AM
To: Kate.Bauer@enron.com
cc: lauren.goldblatt@enron.com, kelly_kimberly@enron.net,
Fiona.Grant@enron.com, Jackie.Gentle@enron.com, Stacey.Bolton@enron.com,
Nailia.Dindarova@enron.com

Subject: Re: Greenpeace letters to Enron Europe concerning our position on
Kyoto

Thanks Kate. Please keep Nailia Dindarova in my Brussels office and me
copied on responses since I will be co-ordinating any pronouncements on
this topic in Europe in policymakers' circles. For them neither the
negativity nor the vagueness of the words you quote below (on which Mark
and Jackie already know my views!) will be adequate.

Kate Bauer@ENRON
17/04/2001 15:36

To:   lauren.goldblatt@enron.com
cc:   kelly_kimberly@enron.net, Fiona Grant/LON/ECT@ECT, Jackie
      Gentle/LON/ECT@ECT, Peter Styles/LON/ECT@ECT

Subject:  Re: Greenpeace letters to Enron in the Netherlands and Spain re
      our position on Kyoto

Lauren

Further to my telephone message today, I would be grateful for your view on
the approach we should be taking to the issue of Greenpeace sending letters
to our European offices re: Kyoto. Several of our offices (Spain, Belgium,
Netherlands) have received a local language version of the letter
originally sent to Jeff Skilling, and other CEOs, on 5 April 2001. The
email chain below gives an indication of what is in circulation.

Greenpeace is expecting a response within the next week. Jackie Gentle has
made me the point of contact in the PR department for this issue. We have
discussed this issue briefly and we would support issuing an initial
statement to acknowledge receipt of the letters, perhaps followed by a
standardised, corporate- approved letter, but would like to ensure our
approach is supported, and consistent with any actions, by Corporate. As
some of the countries in which we operate have tangible "green" focused
projects e.g. we have acquired a wind project in The Netherlands, it may be
appropriate to allow such countries to personalise their response in local
language.

If we follow up an initial acknowledgement with a fuller response to
Greenpeace's questions, I suggest we consider the following issues raised
recently by Jackie Gentle:

"In response to several requests for clarification, I have spoken with Mark
Palmer who has provided the following information on Enron's stance
regarding Kyoto:

Enron has always taken the view that the Kyoto protocol was not a workable
solution to dealing with CO2 emissions.  However it is not the principles
behind Kyoto that we take issue with, rather it is the vehicle that has
been devised to deliver the results.

We firmly believe that there is work to be done in reducing greenhouse
gases and Enron has put in place a number of programs that have measurably
reduced carbon dioxide as well as SO2 and Oxides of Nitrogen (Nox)

By way of example ....
   emissions trading programs have been put in place where these can be
   implemented
   Enron is one of the largest developers of natural gas-fired power plants
   which produce about 50 percent less carbon dioxide than coal or
   oil-fired plants
   demand-side management programs through EES to reduce energy usage
   the Catalytica program
   focus on renewable-related projects

At the current time there is no formal statement from Enron Corp on the
Kyoto issue."

Before we proceed, I would be grateful if you could contact me to share
your views on this.

Many thanks.
Best regards
Kate

Kate Bauer
Manager Public Relations and Communications
ext: 32495

---------------------- Forwarded by Kate Bauer/EU/Enron on 17/04/2001 14:14
---------------------------

Nailia Dindarova@ECT
17/04/2001 13:28

To:   Peter Styles/LON/ECT@ECT
cc:   Eva Hoeffelman/LON/ECT@ECT, Jackie Gentle/LON/ECT@ECT, Julie
      Green/LON/ECT@ECT, Mark Palmer/Corp/Enron@ENRON, Fiona
      Grant/LON/ECT@ECT, Andrew Morrison/LON/ECT@ECT, Hans-mart
      Groen/Enron@EUEnronXgate, Ross Sankey/LON/ECT@ECT, Kate
      Bauer/EU/Enron@Enron, Paul Hennemeyer/LON/ECT@ECT, Teun Van
      Biert/LON/ECT@ECT

Subject:  Re: Greenpeace letters to Enron in the Netherlands and Spain re
      our position on Kyoto  (Document link: Kate Bauer)

We have now recieved a letter from Greenpeace Belgium here in the Brussels
office (please see attached).

(See attached file: Greenpeace Belgium_Letter April 13 2001.tif)

Peter Styles
17/04/2001 11:59

To:   Stacey Bolton/Corp/Enron@Enron, Rob Bradley/Corp/Enron@ENRON, Richard
      Shapiro/NA/Enron@Enron
cc:   Nailia Dindarova/LON/ECT@ECT, Alfredo Huertas/LON/ECT@ECT, Teun Van
      Biert/LON/ECT@ECT

Subject:  Greenpeace letters to Enron in the Netherlands and Spain re our
      position on Kyoto

As I was saying in my e-mail a few minutes ago......................

---------------------- Forwarded by Peter Styles/LON/ECT on 17/04/2001
12:01 ---------------------------

Eva Hoeffelman
17/04/2001 12:52

To:   Jackie Gentle/LON/ECT@ECT, Axel_Pothof@nl.bm.com
cc:   Julie Green/LON/ECT@ECT, Peter Styles/LON/ECT@ECT, Mark
      Palmer/Corp/Enron@ENRON, Fiona Grant/LON/ECT@ECT, Andrew
      Morrison/LON/ECT@ECT, Hans-mart Groen/Enron@EUEnronXgate, Ross
      Sankey/LON/ECT@ECT, Kate Bauer/EU/Enron@Enron, Paul
      Hennemeyer/LON/ECT@ECT, Teun Van Biert/LON/ECT@ECT

Subject:  Greenpeace letter to Enron in the Netherlands re our position on
      Kyoto

Please find below the Greenpeace letter our Dutch office received today (as
has our Spanish office).  Their deadline for our answers to their questions
is before 26 April.  I am asking our PR agency in the NL to translate the
letter asap.

In the mean time, I will wait for direction on our official corporate
response on this issue and then discuss suitability or possible adaptation
for the Dutch market or for this letter in particular.

I have advised Hans-Mart to make sure all employees in the Dutch office do
not reply to any calls or queries re the above ubject and to refer them to
me.

Thanks
Eva
---------------------- Forwarded by Eva Hoeffelman/LON/ECT on 04/17/2001
11:36 AM ---------------------------

London Fax System2
04/17/2001 11:26 AM

To:   Eva Hoeffelman/LON/ECT@ECT
cc:

Subject:  New fax received (Likely sender: +31 0 206541966).

You have received a new fax from +31 0 206541966

The image contains 1 page(s).

 - Greenpeace Belgium_Letter April 13 2001.tif


This is to confirm Greg Whalley's meeting on CA matters tomorrow, May 3 @
10:00 a.m. in EB3324.  Should you have any questions, please advise.

Many Thanks,

Liz Taylor


Ken Lay speaking, and James J. Hoecker


U.S. Panel Proposes Big Market Change To Curb California's Electricity Prices
The Wall Street Journal, 11/02/00

U.S. Proposes Changes in Electricity Marketing in California
The New York Times, 11/02/00

The Cutting Edge U.S. Urges Major Fixes for State's Power Market Energy:
Federal panel says electricity crisis is product of flaws in deregulation,
but it stops short of ordering reductions in sky-high prices.
Los Angeles Times, 11/02/00

U.S. Panel Proposes Big Market Change
To Curb California's Electricity Prices
By Rebecca Smith
?
11/02/2000
The Wall Street Journal
Page A3
(Copyright (c) 2000, Dow Jones & Company, Inc.)
The Federal Energy Regulatory Commission proposed sweeping changes in
California's deregulated electricity market in a bid to push down high
electricity prices.
The proposed order, which will be open to industry and public comment before
being implemented, comes as Californians are suffering record high power
prices. The proposals go further than many industry watchers had expected but
stop short of ordering that profits be seized from generators and refunded to
consumers, as the state's utilities and many public officials had demanded.
The move also marks the first time the federal government has intervened to
make major changes in a state market since the era of electricity
deregulation began four years ago.
"California's market had become a threat to the health and financial
well-being of the average citizen," said FERC Chairman James Hoecker. "We had
to do something after the tsunami hit."
The draft order proposes to cap wholesale electricity prices for two years at
$150 per megawatt hour but to allow electricity-plant owners to receive
higher prices, on a case-by-case basis, if they can demonstrate they deserve
it. The cap in New York and New England, other deregulated markets, is $1,000
per megawatt hour. The cap has been set higher there because competition in
those markets has held down retail prices.
The four-member commission, in authorizing the new "soft cap" for wholesale
prices charged in California, dismissed a variable-price scheme adopted last
week by the California Independent System Operator, the organization
responsible for keeping enough electricity on hand to meet actual demand.
That scheme, which now won't be implemented, would have capped prices at
between $65 and $250 per megawatt hour, depending on demand.
An important element in FERC 's new pricing plan is that it makes it less
likely that a single generator will be able to effectively set the price that
everyone receives, as has previously been the case. Under the old regime,
even a small generator could ramp up prices for the entire spot market if it
could position itself as the last unit called into service to meet demand.
The commission came down hard in its interpretation of the high prices seen
in the California market last summer. It said the wholesale prices paid to
generators failed to satisfy the federal test that electricity rates be "just
and reasonable." But Mr. Hoecker, FERC 's chairman, also said the commission
had no authority to order profits seized from power generators and traders so
that refunds could be made to those who paid the high prices. "We exercise
such authority as Congress gives us," he said. "It's as simple as that."
Mr. Hoecker acknowledged that FERC 's decision not to seek refunds would
undoubtedly disappoint California regulators, utilities and consumer
advocates. "They expected a lynching and . . . the disgorgement of ill-gotten
gains," he said.
FERC 's decision to not take action on refunds, at least for now, leaves the
state of California with a major mess on its hands. Since June, wholesale
power costs have exceeded the amount utilities were able to charge their
customers by more than $5 billion. For now, utilities are footing the bill
since customer rates are frozen and it is impossible to pass those costs
along. But the utilities are lobbying state regulators for permission to dump
the cost on consumers, offering to soften the blow somewhat by stretching out
the collection period over four or five years. State regulators and
legislators, without help from FERC to retrieve profits from generators and
traders, now have an unpalatable choice: leave the burden on utilities or
back-bill consumers who never asked for deregulation in the first place.
While the FERC proposal does nothing to remedy the problem of past
shortfalls, the commissioners said they were doing their utmost to push down
prices in the future. FERC said it wants to eliminate a requirement that
California's investor-owned utilities buy and sell all their power through
state-sanctioned energy auctions -- regardless of the prices in those
markets. That is the law now. This simple change would enable utilities that
have sold most of their plants and buy power in the open market to hedge
their price risk by signing contracts with a variety of suppliers.
The commission also effectively issued a vote of no confidence to the
governance structure used by the state's market-making organizations, the
ISO, which operates the transmission system and runs a "balancing market" to
keep energy supplies in sync with fluctuating demand, and the California
Power Exchange, which runs a day-ahead market and a forward auction.
Both organizations have large,unwieldy stakeholder boards consisting of
representatives of different interest groups such as generators, utilities,
large consumers and others and have been accused of putting the parochial
interests of members ahead of the state's 35 million consumers. "They've
become a debating society among interest groups," says Curt Hebert, one of
the commissioners.
FERC said it wants the boards of the ISO and the power exchange dissolved,
most likely within 60 days. In their place, it wants smaller, disinterested
boards such as those that exist in the East, where New York, New England and
the mid-Atlantic states all have ISOs. It didn't, however, order the boards
merged as some members had speculated might occur.
Terry Winter, chief executive of the ISO, said he was an "avid supporter" of
the stakeholder boards that looked like a worthy experiment in democracy
"until all the heavy financial and political pressures caved in on them" last
summer. This year alone, the ISO board changed price ceilings three times as
different coalitions garnered the necessary votes, each time sending shock
waves through the markets.
In general, observers reacted positively to the FERC proposals, which will be
the subject of a public hearing on Nov. 9. Generators were relieved there
won't be refunds and were happy that the new "soft cap" system would allow
price variation among generators with different costs. Steve Bergstrom,
president of Dynegy Inc., which owns power plants in California, said he is
pleased " FERC has shown it isn't going to stop deregulation."
Utilities were pleased at the effort at cost containment and purchasing
flexibility. But Mike Florio, an attorney for a San Francisco consumer group
who sits on both the ISO and Power Exchange boards, said he finds it
impossible to reconcile FERC 's conclusion that prices weren't fair with its
reluctance to seize profits. "I thought `just and reasonable' rates were a
requirement of the law, not just some guiding principle," he said.

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

National Desk; Section A
U.S. Proposes Changes in Electricity Marketing in California
By NEELA BANERJEE
?
11/02/2000
The New York Times
Page 21, Column 1
c. 2000 New York Times Company
Citing the ''seriously flawed'' nature of the California electricity market,
which was plagued with price spikes and brownouts this summer, the Federal
Energy Regulatory Commission proposed changes yesterday in the sale and
pricing of electricity intended to overhaul deregulation in the state.
The commission's review was set off by widespread outrage after consumers in
San Diego saw their electricity bills triple this summer.
Once viewed as a pioneer in developing an efficient electricity market,
California is now thought to embody the many problems that can arise from
deregulation. States that are taking a go-slow approach to deregulation are
sure to follow closely the changes proposed for California.
Commission and industry analysts warned that the proposed measures, which
would affect 85 percent to 90 percent of the California market, were but a
first step to undoing the complicated knot of factors that led to high
prices. They said the measures were not a guarantee that prices would be
lower next summer.
''Some people want, to use a psychobabble word, closure on all this,'' said
Robert Michaels, a deregulation expert and professor of economics at
California State University at Fullerton. ''But the California institutions
are so complex that no one measure by F.E.R.C. will resolve it. The process
will go on for a long time.''
The commission oversees the progress of deregulation across the country
although states determine the specific conditions. The commission will accept
commentary on the proposals and issue a binding order in December, a
spokeswoman said.
California electricity prices rocketed last summer largely because consumer
demand for power outstripped supply. As a result, the commission warned,
California officials will have to find ways to build more power plants and
transmission lines.
The commission's recommendations center on the sale of power through
institutions set up as part of California's deregulation process. Many
investor-owned utilities no longer generate power, but buy it on the
wholesale market. Currently, utilities can buy and sell power only through
the California Power Exchange, a state-run electricity marketplace. The
commission has proposed eliminating that requirement so utilities can shop
around for long-term electricity contracts, a move most analysts welcomed.
''This gives us more flexibility to obtain affordable power for customers,''
said Shawn Cooper, a spokesman for the PG&E Corporation, the major utility in
Northern California. ''Right now, we're limited on the energy product we can
buy.''
Turning to the exchange, Mr. Cooper said, ''is like going to a car lot and
being able to buy only one or two models.''
But experts said the other proposals might be easily thwarted by
power-generating companies seeking top dollar. The commission proposed, for
example, to lower the price cap for a megawatt hour to $150 from $250. Power
suppliers that bid over $150 would be paid their price but would be required
to explain the reasons for their bid. Such a system, some experts say, would
prove a sizable loophole.
James Bushnell, a research associate with the Energy Institute of the
University of California, said, ''I think a clever engineer at any power
company could come up with a whole bunch of reasons for whatever they want
their costs to be.''
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business; Financial Desk
The Cutting Edge U.S. Urges Major Fixes for State's Power Market Energy:
Federal panel says electricity crisis is product of flaws in deregulation,
but it stops short of ordering reductions in sky-high prices.
NANCY RIVERA BROOKS NANCY VOGEL; CHRIS KRAUL
?
11/02/2000
Los Angeles Times
Home Edition
Page C-1
Copyright 2000 / The Times Mirror Company
California's electricity crisis is the product of flaws in the deregulated
market and a long-term shortage of power in the state, federal regulators
said Wednesday, proposing sweeping changes to fix the $23-billion electricity
trade.
But the Federal Energy Regulatory Commission stopped short of ordering
retroactive reductions of the sky-high electricity prices paid since June,
saying it lacked the legal authority.
The commission, which found no evidence of individual companies driving up
electricity prices, left the door open for some sort of refund should it
uncover specific instances of such market abuses. That leaves undetermined
whether major utilities can pass on more than $5 billion in electricity costs
to consumers across the state.
The technical changes proposed to fix California's flawed market include
giving utilities freedom to buy power from sources other than the
state-mandated exchange and imposing loose price caps on power purchases.
Still, California faces years of high prices and threatened blackouts, the
commission said, unless legislators and regulators tackle problems beyond the
federal body's scope, particularly the faster building of power plants and
transmission lines.
"Ideally, some people would want us to round up the bad guys who manipulated
this market without restraint or conscience and order disgorgement of all
their ill-gotten gains. It's not as simple as that," Chairman James J.
Hoecker said at a special meeting of the four-member commission. "If
information that the market was or is being manipulated unlawfully comes to
us through complaint or as product of our own investigation--we will act on
that information, I guarantee you."
The commission's menu of proposed changes to the California market, which it
hopes to enact by the end of the year after public comment, drew scalding
criticism from consumer groups, tepid praise from utilities and power
generators, and a mixture of hot and cold responses from politicians.
Nonetheless, observers expect the proposals will be approved in their current
form.
Some lauded the commission's proposed order for what it didn't do, mainly
impose cost-based electric rates that would have represented a
"re-regulation" of the industry. Generators breathed a sigh of relief that
the commission--at least for the time being--did not judge the power
merchants as having wielded illegal "market power," and therefore subject to
refunds to the utilities and consumers they sold power to.
And even consumer advocates, angry as they are, were comforted by the
commission's finding that electricity rates at times this summer were "unjust
and unreasonable," legal language that could open the way for the California
Public Utilities Commission or the California Legislature to go after any
profits they consider excessive.
Gov. Gray Davis, during a news conference with U.S. Energy Secretary Bill
Richardson to unveil initiatives to improve electricity supply and
reliability, called the federal commission's proposal "a mixed blessing."
"They do recognize that we're operating in a dysfunctional market and they do
agree that rates are not just and reasonable," Davis said. "However, they did
not, as I encouraged, order rebates to the consumers and businesses in San
Diego who were literally gouged for the profiteering and market manipulation
San Diego had to suffer through."
Among the market changes proposed by the Federal Energy Regulatory
Commission:
* A temporary reworking for the next two years of the way prices are set for
electricity in the California Power Exchange, the primary market for
electricity. Currently, the highest bid for each hour sets the price for all
the bids during that hour. The commission would change that policy so that
bids higher than $150 a megawatt hour could not set the "market clearing
price" paid by all participants.
* Freeing the big utilities--Southern California Edison, Pacific Gas &
Electric and San Diego Gas & Electric--from the requirement that they
purchase most of their electricity from the Power Exchange. This would give
the utilities greater freedom to shop for the best deals on electricity.
* Requiring all market participants to schedule 95% of their transactions the
day before rather than--as happened repeatedly this summer--waiting until the
day the power is needed, buying at the last minute in an emergency market
operated by the California Independent System Operator. This nonprofit was
formed to schedule and transmit electricity, but found itself this summer in
the unexpected position of running a major market for electricity as
generators sought the best price for their electrons.
* Overhauling the boards of governors of the California Power Exchange and
the California Independent System Operator, which currently are composed of
"stakeholders" representing all parties to deregulation, including
generators, utilities and consumer advocates. Instead, the two nonprofit
corporations would have smaller, independent boards selected by the current
boards.
(Customers of the Los Angeles Department of Water and Power, which is not
participating in market deregulation and has escaped the state's power woes,
are not affected by these proposals.)
The commission based its proposals on a staff investigation that blamed high
electricity prices on a supply-demand imbalance and market design problems
that give electricity sellers the opportunity to drive up prices when
supplies are tight. But the commission found no evidence of specific attempts
by individual companies to drive up the price of electricity, partly because
there was not enough time to conduct such a thorough, formal investigation.
Curt Hebert Jr., the only Republican on the commission, offered the most
criticism of the proposed order.
"If it were up to me, today's order would be much, much different," Hebert
said. "However, on balance, it appears to be a step in the right direction."
Hebert said he could support the order only because it does not represent the
final order and may be changed after the three-week public comment period. He
said he would prefer that the order eliminate all price controls.
California's two biggest utilities--Southern California Edison and Pacific
Gas & Electric--commended the commission for its proposed fixes, calling them
"a sound beginning."
In particular, PG&E called the proposed reform of bidding "a creative attempt
to fix the market and moderate prices, while still allowing competition to
evolve."
Power players praised FERC 's decision to allow utilities to go outside the
PX to procure energy--a practice that a couple of years ago was deemed too
risky because it might give the big utilities the temptation and impunity to
self-deal: buying from their own affiliates.
Although utilities have had limited power to make long-term energy contracts
outside the PX, utilities have been reluctant to enter into them. That's
because state regulators reserve the right to review such deals and to force
companies and their shareholders to eat added costs if market rates decline
below the contracts.
Together, PG&E and Edison estimate that they have spent at least $5 billion
more on electricity this summer than they could pass on to customers who are
protected by a rate freeze imposed in 1996 as part of the deregulation law.
The Public Utilities Commission is weighing the utilities' requests to
eventually pass on those costs to customers.
But consumer groups were outraged by the lack of rebates to customers of San
Diego Gas & Electric, and, by extension, to the customers of SCE and PG&E,
who currently are protected by a rate freeze but could face sharply higher
bills if the utilities are allowed to pass along their uncollected
electricity costs.
"They are trying to give medicine for an incurable disease, and that's
electricity deregulation," said Doug Heller of the Foundation for Taxpayer
and Consumer Rights. " FERC has found that rates were excessive, yet they
failed to take action. That's like a judge that says we have all the evidence
in the world that this guy committed murder, but it's all inadmissible."
Mike Florio, a lawyer with the San Francisco-based consumer group called the
Utility Reform Network and a member of the Cal-ISO board, said the commission
took a step backward by nullifying Cal-ISO's recent decision to set a sliding
rate cap of as low as $100 per megawatt hour. The commission ordered that the
price cap in the Cal-ISO market remain at $250 a megawatt hour until the new
FERC pricing mechanism is finalized.
"I wasn't one of those that thought FERC was going to ride in on a white
horse and rescue us, but this appears to have made things worse," Florio
said.
San Diego County Supervisor Bill Horn said that county attorneys would review
the FERC order to assess the county's options for pursuing rebates.
"We're proceeding on our own," he said. On Tuesday, supervisors voted to
study creating a municipal utility district.

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


Got everything off of Izio.  I'll start messing with it and report back
tomorrow.  If others want to do the same, have at it, and we can compare
notes.

Best,
Jeff

	"Vavrek, Carolyn (US - San Francisco)" <cvavrek@deloitte.com>
	02/16/2001 10:21 PM

		 To: Mark Guinney <Mark_Guinney@watsonwyatt.com>, Anil Sama
<asama@yahoo.com>, Guinney@haas.berkeley.edu, Jeff_Dasovich@enron.com
		 cc:
		 Subject: FIA assignment: Monday pm?

How about talking Monday pm?

There were a ridiculous amount of handouts again on Thursday, some of which
directly related to next week's assignments.  I thought the quiz was
straight forward enough.

Mark - my mom and I were going to go to the Pottery Barn Kids in Corte
Madera on Saturday, so perhaps we could stop by your house to drop off
copies of the handouts on our way in or out.  Send me directions again to
your house if you would.

I'm not sure how we can get copies to you Jeff.  I could drop them off to
your place in SF if that works.  Let me know.

Thanks,
CV

Carolyn M. Vavrek
Manager - Human Capital Advisory Services
Deloitte & Touche
50 Fremont Street
San Francisco, CA  94105

phone: 415-783-5137
fax: 415-783-8760
e-mail: cvavrek@deloitte.com

-----Original Message-----
From: Mark Guinney [mailto:Mark_Guinney@watsonwyatt.com]
Sent: Friday, February 16, 2001 8:58 AM
To: Anil Sama; cvavrek@deloitte.com; Guinney@haas.berkeley.edu;
Jeff_Dasovich@enron.com
Subject: Re[2]: FIA assignment

Was the case materials handed out in class?  If so, any care to fax it to
me.
Fax #415-733-4190.

Thanks

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax

____________________Reply Separator____________________
Subject:    Re: FIA assignment
Author: asama@yahoo.com (Anil Sama)
Date:       02/16/2001 1:55 PM

Jeff, Mark:

Wondering where you were yesterday. Hope you didn't
forget about the in-class quiz!

The next HW and writeup due next week seems like
a heavy one.
Do most of you have Monday off? I'll take a look at the
case/HW Sa/Su, and prefer a meeting / conf call anytime
Monday. Perhaps PM in the city if folks are working
that day? Sunday PM (after 7) works for me too.

-Anil

--- "Vavrek, Carolyn (US - San Francisco)"
<cvavrek@deloitte.com> wrote:
> Congrats crew - we got a 9 on case #2.
> When is everyone available between now and Wed pm to talk
> about case #3 and
> the other homework?
> - cv
>
> Carolyn M. Vavrek
> Manager - Human Capital Advisory Services
> Deloitte & Touche
> 50 Fremont Street
> San Francisco, CA  94105
>
> phone: 415-783-5137
> fax: 415-783-8760
> e-mail: cvavrek@deloitte.com
>
> - This message (including any attachments) contains
> confidential information
> intended for a specific individual and purpose, and is
> protected by law.  -
> If you are not the intended recipient, you should delete
> this message and
> are hereby notified that any disclosure, copying, or
> distribution of this
> message, or the taking of any action based on it, is
> strictly prohibited.
>

__________________________________________________
Do You Yahoo!?
Get personalized email addresses from Yahoo! Mail - only $35
a year!  http://personal.mail.yahoo.com/
- This message (including any attachments) contains confidential information
intended for a specific individual and purpose, and is protected by law.  -
If you are not the intended recipient, you should delete this message and
are hereby notified that any disclosure, copying, or distribution of this
message, or the taking of any action based on it, is strictly prohibited.


These are good fixes.  I still think it's important for our security people
to be able to recognize all of our senior executives and make sure their
guests get where they are going quickly.

To: Steven J Kean/HOU/EES@EES
cc: Susan Skarness/HOU/ECT@ECT
Subject:

Follow-up

Steve -

Following up on our conversation Friday, we have advised Cliff Baxter's
Assistant that effective immediately Cliff and his quests can pass through
Security on the Plaza, without showing his access card or requiring his
quests to sign in or identify themselves.  All he needs to do is approach the
front Reception Desks and asking for entry.  The receptionists will recognise
Cliff by sight and ensure that he and his quests pass through - without delay
- by lifting the adjacent rope.

We are asking Cliff to use his badge at the card readers, as per standard
procedure, when he is entering the building by himself.

We are also refining procedures and upgrading our IT systems/data base @ the
Reception Desk, to make it easier on a visitor of any employee.  For example
if you call down to the Plaza Reception Desk and advise that a visitor is
expected, the receptionist will have a pass prepared so as to eliminate the
sign in process.  The guest simply has to exchange their business card for
the visitor pass.  Or if an employee shows their access card at the Reception
Desk and asks that their guest gain entry, that guest can get a badge without
signing in.  Again, we ask that the guest exchange their business card for a
visitor pass.

We are  working on installing a new data base @ the Desk that will pull up a
digitised photo of the employee (duplicate of what's on their badge) on the
screen.  This will allow employees to get a temporary access badge without
showing other ID and will speed process.

Finally, we are testing a small proximity access card which is designed to be
a duplicate back-up for executives.  It is sized to fit on a key chain and
works with our standard card readers.

- Bill


in

From:  Bryan Hull
02/20/2001 09:33 AM

To: Eric Bass/HOU/ECT@ECT, Michael Walters/HOU/ECT@ECT, O'Neal D
Winfree/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Denver
Plachy/NA/Enron@Enron, reagan.mathews@enron.com, Timothy Blanchard/HOU/EES@EES
cc:
Subject: 7:00 Showdown

Our game against Airtime is at 7:00 tomorrow, this will be a special NBC
Prime Time telecast.  Let me know if you can make it.


Holly Keiser
Enron Wholesale Services
Legal Department
Phone: 713-345-7893
Fax: 713-646-3490
Location: EB 3887
Holly.Keiser@enron.com


He told me that he has what he needs.

--Stinson

Vince J Kaminski
12/14/2000 09:53 AM
To: Stinson Gibner/HOU/ECT@ECT
cc:
Subject: Approval is Overdue: Access Request for stewart.range@enron.com

Stinson,

Did we resolve this case?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/14/2000
09:54 AM ---------------------------

ARSystem@mailman.enron.com on 12/13/2000 07:00:54 PM
To: vince.j.kaminski@enron.com
cc:
Subject: Approval is Overdue: Access Request for stewart.range@enron.com

This request has been pending approval for  18 days and you are the
alternate.  Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000007876&Page=
Approval to review and act upon this request.

Request ID          : 000000000007876
Approver            : stinson.gibner@enron.com
Request Create Date : 11/20/00 2:36:29 PM
Requested For       : stewart.range@enron.com
Resource Name       : \\enehou\houston\common\Research - [Read/Write]
Resource Type       : Directory


I just wanted to let you know that the INTRA-TEXAS-GDL booked pulled in a
July fixed price gas daily position last night.  Maybe you could apply the
same logic that is used to pull this position to the Gas Daily books that are
not currently pulling in the fixed price gas daily positions.  The books that
had fixed price position for 6/26 that did not pull in are listed below.

BOOK ID  POST ID  JULY FIXED PRICE POSITION(in contracts)

GD-MARKET-GDL 819207   92.9

GD-CENTRAL-GDL 819212   263.3

GD-TEXAS-GDL 819657   (15.5)

If there is any more information that will help you develop the correct logic
please let me know.

Thanks,
Robin
x57478


Torrey,

For those traders that also do deals in canadian dollars, we had to create additional books for those deals.  These will not have any EOL products associated with them, they will be phone trades.

Thanks

KK


Steve Anderton called today and has cleared the arbitration with his firm's
conflict committee.  He's sending an email tomorrow describing the specific
results of his conflict check.  I'll forward it to you both for review.  From
my discussions with Steve, I think he'd do a great job as our arbitrator.
Are we all in agreement on using Steve or are there some other competing
candidates?  Do you guys want to talk to him or meet with him first?  Britt,
do we need a retention agreement with Steve if we decide to use him?   A
self-serving retention agreement may be a good idea if we think OneOk might
challenge our arbitrator based on alleged bias.  Also, if we are good to go
with Steve, I'd like to send him a package of the key documents and then meet
with him to discuss the case sometime in the next week or two.  Britt, any
concerns with my doing that as long as I don't send him anything privileged?
(I'm assuming for the sake of safety that the attorney client privilege
doesn't apply to our communications with our arbitrator unless instructed
otherwise).  He is down in Houston two days a week so we could do it there.
DF


Just fill out form and send $2000 in.  Contribution is for year 2001.  I've
been real busy.

Margaret Jones <mjones@gc.edu> on 02/05/2001 09:20:53 AM
To: v.charles.weldon@enron.com
cc:
Subject: Bidwell

Charlie,  I received my check from Bidwell for $2,023. and some change.
I have an IRA form for my 2001 contribution from Fidelity.  Is there
anything I need to do besides fill out the form and mail a check?

I talked to Mama yesterday - she said your house was looking good.  I
signed Travis up for the Pony League baseball - it will be a lot
different from Little League and I think he is a little nervous but so
is everyone else that is moving up.  Elizabeth is doing the reading for
mass at school on Thursday - it is the first grade class turn again and
she did the responsorial psalm last time.  Her two main teachers told
the religion teacher that Elizabeth would have to read again because the
reading was long and complicated and Elizabeth was the only one that
would be capable of doing it.  I was really proud - not bad for a
daughter that was supposed to be retarded- I always feel like telling
the doctor's that they don't know everything.  Anyway, I hope you'll are
doing great and let me know about my contribution.  Love, Margaret


Thank you everyone for my gift card to Foley's.  I will definelty have fun
using that.  You are all a great bunch to work for.

Thanks again!

Ina


pls print up.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 07/10/2000
09:14 AM ---------------------------

"Jeffrey C. Alexander" <Jalexander@Gibbs-Bruns.com> on 07/10/2000 08:35:11 AM
To: "Barrett H. Reasoner" <Breasoner@Gibbs-Bruns.com>, "Caren S. Sweetland"
<csweetland@Gibbs-Bruns.com>
cc: "'dfossum@enron.com'" <dfossum@enron.com>, "'bdavis@enron.com'"
<bdavis@enron.com>

Subject: Revised Motion for SJ

Here is a revised version of the Motion for Partial Summary Judgment.  I
think this one is close to final, depending on comments.  Let me have any
comments you have.  Thanks.

 <<1XDW01!.WPD>>

 - 1XDW01!.WPD


Julie,

Please request the following wire transfer to be made as soon as possible
(next week):

Union Planters Bank
2800 NW 7th Street
Miami, Florida  33125

Routing/ABA Number:  084000084
Account Number:  6229600556

AMOUNT:  $7,500.00

The name on the account is:  Quantum Results, Inc.  (we have previously paid
Quantum some $ so we should not have to set them up as a new vendor)

Specs on Quantum are:

Quantum Results, Inc..
1250 S.W. 27th Avenue, Suite 404
Miami, Florida 33135

Attention:  Albert Lorenzo

Thanks, and let me know if you have any questions.

Kathleen Carnahan
Enron North  America Corp.
1400 Smith Street, EB 3146d
Houston, TX 77002
Phone - (713) 345-3386
Fax - (713) 646-3037


Word from Senator Burton's office today is that the deadlock on SB 28x has
been broken.  There is agreement that the measure, which makes several
changes to the siting process including IEP-sponsored proposals, will be
sent back to the Assembly to be stripped of the controversial unemployment
insurance provisions.  If all goes according to plan (and I known I've said
this before), the Assembly will pass the bill out again and send it back to
Senate for concurrence which is also expected to pass it out.

The attached is a summary of the bill as it stands today.  Nothing other
than the unemployment insurance provisions will be touched.

I'll keep you posted.

Julee Malinowski-Ball
Senior Associate
Edson + Modisette
916-552-7070
FAX-552-7075
jmball@ns.net

 - sb28x.final analysis.doc


This is so sad.  But then again, God works in very mysterious ways.  If
things are going to fall apart soon anyway....

Jim and his family have been in my prayers.  This must be very hard.


We have received the executed EEI Master Power Purchase and Sale Agreement dated 7/19/2001 from the referenced CP.  Copies will be given to legal and credit.


FYI.  This regards the meeting we set up between ENA and DWR to try to
resolve the block forward issue with the PX, and the credit issue generally
with DWR.
----- Forwarded by Jeff Dasovich/NA/Enron on 02/09/2001 10:30 AM -----

	Christian Yoder@ECT
	02/08/2001 07:09 PM

		 To: Elizabeth Sager/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Steve C
Hall/PDX/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Christopher F
Calger/PDX/ECT@ECT, Tracy Ngo/PDX/ECT@ECT, Chris H Foster/HOU/ECT@ECT,
pgboylston@stoel.com, jklauber@llgm.com, gfergus@brobeck.com, Jeff
Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Tomorrow

Here is what is going on with CDWR tomorrow as best I can put it together now.

Richard Sanders, Gary Fergus and I, with Elizabeth Sager available by phone,
are going to meet in Sacramento with the General Counsel of CDWR, two other
attornies and their outside counsel by phone.  The meeting is scheduled for
approx. 2:00 p.m. through 5:00 p.m.

We are going to be trying to get CDWR to negotiate and sign the EEI agreement
we sent to them as part of our RFB package.  We are also going to have our
block forward positions documented in a Confirmation Letter under the EEI
agreement and will ask them to negotiate and sign this letter too.  Finally,
we will give them a document which we will suggest they use to go to the
banks which are holding the LC's related to the block forward trades, which
document will facilitate the transfer of the LC's to CDWR's bank.

The following people have been working together on various aspects of these
negotiations, and may I suggest that the these people try to coordinate their
efforts tomorrow morning as follows to help us when we get to the negotiation
table:

Shari Stack is going to prepare the Confirmation Letter showing our block
forward trades.  Monica Lande will confirm the positions and Steve Hall is
going to help Shari make sure the Confirm is ready to fax to me in Sacramento
around noon.  Elizabeth is going to help us get appropriate language in the
Confirm to address the situation that would arise if the transfer of the
block forward trades ever falls apart.

John Klauberg, working with Pat Boylston,  is going to provide us with a
Regulatory Out Clause for our EEI  agreement.  John, please e'mail the clause
to Pat, Elizabeth and Steve Hall.  Steve, please coordinate any comments on
the clause and get it ready to fax to me by noon.

Please communicate to me tomorrow morning through Steve Hall,  503-464-7795,
or my pager at 800-449-7147.  Thanks. ----cgy


Mr. Lay,

I wrote you a few days ago concerned about the news articles describing the amount of money passing to top management during Enron's crisis.

This morning I received an e-mail that states you are going to forgo the payment under the Change of Control Provision which amounted to between $60 to $80 million depending on which article you read. I want to commend you on this decision which most likely would not have been made by a lesser man. Your credibility and your personal integrity have both gone up a notch in my estimation.

Thank you,

Robert S. Smith  -  3ac3268
ETS - Engineering Records
1400 Smith St.
Houston, TX 11251
E-mail - robert.s.smith@enron.com <mailto:robert.s.smith@enron.com>


OK for me.

	Stephanie Sever
	03/27/2001 03:40 PM

		 To: Tana Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly
Lombardi/NA/Enron@Enron, Tom Moran/Enron@EnronXGate
		 cc: Robert B Cass/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON, Melba
Lozano/HOU/ECT@ECT, Chris Walker/HOU/ECT@ECT, Lisa Lees/HOU/ECT@ECT
		 Subject: RUSH - EOL PRODUCT TYPE APPROVAL for 7 PHY product types
(Clickpaper to EOL migration)

Tana/Karen/Kelly:

Credit (Tom Moran) has approved copying the profiles for the following new
product types; US East SPF Lumber Phy, US Newsprint Phy, US OSB Phy, US
Recycled OCC #11 Phy, US SYP Lumber Phy, US West SPF Lumber Phy and US
Recycled ONP #8 Phy from the following:

Pulp Phy Fwd

Please respond by 5 p.m. today, Tuesday, March 27.

Thank you.
Stephanie
---------------------- Forwarded by Stephanie Sever/HOU/ECT on 03/27/2001
03:22 PM ---------------------------

Chris Walker
03/22/2001 05:32 PM
To: Jeff Blumenthal/HOU/ECT, Susan Musch/ENRON_DEVELOPMENT, Bjorn
Hagelmann/HOU/ECT, Mark Taylor/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Tom
Moran/HOU/ECT, Shari Mao/HOU/ECT@ECT, Charlie Hoang/HOU/ECT, Laurie
Lee/NA/Enron
cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron,
Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT, Kevin
Meredith/Corp/Enron@ENRON, Melba Lozano/HOU/ECT@ECT
Subject: EOL PRODUCT TYPE APPROVAL for 7 PHY product types (Clickpaper to EOL
migration)

Please approve the following 7 product types in Datamanager at your earliest
convenience.  The product type descriptions and GTC are attached.

US East SPF Lumber Phy
US Newsprint Phy
US OSB Phy
US Recycled OCC #11 Phy
US SYP Lumber Phy
US West SPF Lumber Phy
US Recycled ONP #8 Phy   changed since last email

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"


Done. The new deal is 1003036. Thanks.

Kimat
 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, August 22, 2001 4:24 PM
To:	Singla, Kimat
Cc:	Hendrickson, Scott
Subject:	TP1 deal

Effective 9/1/01, please move deal 624140 (Citygate sale to EES in Tenn Z5) from New England to TP1 please.


Just a quick note of appreciation for your help in arranging for Enron to
donate $5,000 to the captioned event.  TIRR is a great organization working
for a great cause, and we really appreciate Enron's support!

Evans


This has info on benefits you should read. Love, me

 -----Original Message-----
From: 	General Announcement/Corp/Enron@ENRON   On Behalf Of Enron Human Resources@ENRON
Sent:	Tuesday, December 11, 2001 5:41 PM
To:	Enron Employees Domestic@ENRON
Subject:	Updated Q&As for Enron Employees

Updated questions and answers for Enron employees have just been posted to http://home.enron.com/updates/qa.html
We recognize that as active employees you have special concerns and questions related to Enron's bankruptcy filing.  We regret that we are not able to answer all of your questions as quickly as you deserve, but we are working to provide accurate responses to your most important questions about employee benefits, expense payments and so on.  We appreciate your patience as we continue to try to provide timely and reliable information to you.


If you are still in Houston tomorrow and get the urge to initial the ISDA, please call Samantha Boyd at 39188 and she will be happy to either show you where they are or send them to you (wherever you may be).

Thanks!

Marie


Attached are presentations from the Enron Advisory Council meeting.

 - 10th_April_Enron.ppt


can we get a copy of gary's comments from cnbc?
----- Forwarded by Steven J Kean/NA/Enron on 12/04/2000 08:59 AM -----

	Maureen McVicker
	12/04/2000 08:48 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Re: See Jeff Skilling's CNBC interview on IPTV

FYI -

----- Forwarded by Maureen McVicker/NA/Enron on 12/04/2000 08:48 AM -----

	Gary Hamel <ghamel@strategos.com>
	12/02/2000 06:27 AM
	Please respond to ghamel

		 To: Maureen.McVicker@enron.com
		 cc:
		 Subject: Re: See Jeff Skilling's CNBC interview on IPTV

You might be interested to know that I gave Enron a big plug last week when I
served as guest host on the evening
European news roundup broadcast from CNBC's London studios.

Gary.

Maureen.McVicker@enron.com wrote:

> >From Maureen McVicker (Steve Kean's Assistant)
>
> If you have any questions, please call me at 713-853-1808.
>
> ----- Forwarded by Maureen McVicker/NA/Enron on 12/01/2000 04:32 PM -----
>
>                     Public
>                     Relations            To:     All Enron Worldwide
>                     Sent by:             cc:
>                     Public               Subject:     See Jeff Skilling's
CNBC interview
>                     Relations            on IPTV
>
>
>                     12/01/2000
>                     03:19 PM
>
>
>
> (Embedded image moved to file: pic26924.pcx)        Public Relations
>
> Did you miss Jeff on CNBC "Street Signs" yesterday?  Not to worry.  Your
> ever benevolent communications team has arranged for Jeff's interview to be
> played on an IPTV webcast.  Just point your browser to
> http://iptv.enron.com, click the link for special events, and then choose
> "Skilling CNBC."  The interview will be available every ten minutes through
> Wednesday, Dec. 6.
>
>   ------------------------------------------------------------------------
>                    Name: pic26924.pcx
>    pic26924.pcx    Type: Corel PHOTO-PAINT 6.0 Image
(application/x-unknown-content-type-CorelPhotoPaint.Image.6)
>                Encoding: base64


Aaron:

I spoke with both Matt Flett (Morgan counsel) and Denis O'Connell about the
ISDA already negotiated by EnronCredit.com Limited.  Each was supposed to
send me the draft docs for me to review and comment on for ENA.  I have not
received anything yet but will comment immediately upon receipt.  I'll keep
you up to date.  Sara


This is approved and auto-scheduled. And don't worry about all the end of the
month changes - they're very simple to make.

Thanks,
Kate

Lester Rawson
04/18/2001 10:46 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: Annuites

kate,

I have another annuity for you to approve and autoschedule. This one is for
LV Cogen. for March 31 He 1 #585141. Sorry about all the changes it's the end
of the month and we're paying everybody.

Les


Approved

 -----Original Message-----
From: 	Bodnar, Michael
Sent:	Monday, January 07, 2002 10:41 AM
To:	Bodnar, Michael; Buehler, Craig; Cherry, Paul; Dasilva, Esther; Donoho, Lindy; Frazier, Perry; Lee, Dennis; Lindberg, Lorraine; Lokay, Michelle; Sheffield, Sandy; White, Angela
Subject:	FW: Credit Approval Request - Tenaska Marketing Ventures

Inadvertently, the wrong rate was submitted with the request for credit approval. The correct rate has been and continues at $0.04 /Dth. I apologize for any problems this mistake may have caused.
Mike
 -----Original Message-----
From: 	Bodnar, Michael
Sent:	Monday, January 07, 2002 10:22 AM
To:	Bodnar, Michael; Buehler, Craig; Cherry, Paul; Dasilva, Esther; Donoho, Lindy; Frazier, Perry; Lee, Dennis; Lindberg, Lorraine; Lokay, Michelle; Sheffield, Sandy; White, Angela
Subject:	Credit Approval Request - Tenaska Marketing Ventures

Credit Requested

Shipper : 		Tenaska Marketing Ventures
Contract # :		27792
Service Type :	Amended FT
MDQ:			21,000 Dth/d
Rate:			$0.10
Term:			January 8, 2002 through January 8, 2002

Thanks.................
Mike Bodnar


Kim,

Can you contact Mikie Rath regarding my 401K plan. I haven't received
anything from Northern Trust and would like to get set up. I would like begin
contributing as soon as possible.

Thanx,

Chris

(PS The way it was explained to me the $10 500 / annum contribution limit is
only for personal contributions and does not include company matching, is
this correct?)