NYMEX Membership Services
February 21, 2001
Notice # MS-11

SWITCH OF LESSOR

Please be advised that effective with the close of business, February 21,
2001, the following member(s) will switch their lessor within the Exchange:

Justin Walsh (JUC-3229)

Members and Member Firms have (10) days from the date of this notice to
advise the Corporate Secretary,s Office of any claims in accordance with Rule
2.51.

Inquiries regarding the above should be addressed to the Member Services
Department at 212-299-2379.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(MS-11)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


After talking further with MISO folks about the new attachment M, it appears that the MISO will _effectively_ be requiring physical losses, although they don't come out and say that. Financial losses are essentially at the option of the TO, so we "may" be able to do Financial losses if the TOs want to offer the service.

In more detail, this is how the process will work:

TCs will use the MISO's loss calculator to identify impacted TOs
If ALL TOs have provided financial loss pricing information, then it will be possible to buy losses
If not, the TC will be required to self supply

TOs can change their loss pricing (or desire to offer financial losses) every 12 hours.  Effectively, this means it will be difficult at best to manage risk associated with having the FIN rug pulled out from under us at scheduling time.  I will continue to work on this issue with Mike  and push for a financial solution that provides for our needs.

Andy Rodriquez
Regulatory Affairs - Enron Corp.
andy.rodriquez@enron.com
713-345-3771


The Approval Amount for the Inga DASH has been revised from $98 million to
$105.25 million to accomodate the potential requirement of having to replace
existing credit support facilities provided by the seller, A. Ahlstrom, or
the target, Ahlstrom Development Corporation ("ADC").  Although not explicit,
this requirment may arise as A.Ahlstrom/ADC attempt to obtain
"change-in-ownership" consents from partners, lenders and lessors to complete
Enron's acquisition of ADC.  As we believe that the liklihood of this
requirement occuring is greatest with regard to 1) and 2) below, the DASH
reflects the aggregate of these amounts.  The requirement with regard to 3)
below lies with an ADC subsidiary and should not "reasonably" merit
replacement by Enron.

This change was reflected in the DASH mailed to the Finance Committee of the
BoD on 12/05/00.

The potential credit support facilities are detailed as follows:

1)  Panther Creek -- A. Ahlstrom Comfort Letter:  A. Ahlstrom provided a
"comfort letter" for the benefit of the lenders at the Panther Creek
project.  Upon acquisition by Enron, the beneficiaries of this comfort letter
may require that it be replaced by an ENE guaranty.  The comfort letter
requires A. Ahlstrom to provide up to $1.5 MM in additional equity to the
project in the event that the project cannot meet its debt service.

Based on the origination team's analysis, the likelihood of an equity call
related to the comfort letter appears to be minimal given:
the project  is projected to achieve an average 1.92x debt service coverage
ratio in the pro forma model
the partnership maintains business interruption insurance
the project can subordinate $2MM in O&M incentive payments annually to meet
its debt service targets

2)  Panther Creek -- Equity Support Agreements:  ADC, as well the other major
partner, Constellation, have provided guarantees in favor of the Panther
Creek project lenders, each with a maximum exposure of $5.75 MM  Equity
support under this agreement may be called on if the Panther Creek project
does not meet its debt service requirements.  We believe that these
obligations should be maintained by ADC and not up-streamed to Enron as Enron
obligations, however, the consenting parties may disagree.

In the event that Enron is required to provide this support in exchange for
consent, the origination team believes it is unlikely that the project
lenders will call on the equity support agreements due to the coverage ratio,
insurance and payment subordination items discussed above under item 1) above.

3)  Gilberton -- Capital Support Agreement:  Orion Power Company (a
subsidiary of ADC) has committed to providing a maximum of $1.25 MM in equity
support to the Gilberton Power Project, in the event that debt service cannot
be met.  We have not provided for this in the DASH as we believe that these
obligation should be maintained by Orion and not upstreamed to either ADC or
Enron as either an ADC or Enron obligation.

The origination team believes that if Enron is called upon to provide this
credit support, the impact of such would be minimal because:
the agreement expires once project debt is repaid in Dec 2002
the project maintains a cash debt service reserve of $16 MM (and only $32 MM
of debt reamains outstanding)
pro forma debt service coverage ratios average 1.53x against a target of 1.15x

Given there is minimal expectation the facilities will be drawn upon, RAC
does not foresee a material impact on the overall project economics.  To the
extent guarantees or letters of credit are issued, an appropriate cost for
these guarantees should be deducted from the value of the transaction.

Please let me know if you have any questions with regard to this change.

Regards,


Hello, Bill!   Stan will attend in person.

Cindy

Billy Dorsey@ENRON_DEVELOPMENT
05/02/2001 12:03 PM
To:	Cliff Baxter/HOU/ECT, Jeremy Blachman/HOU/EES@EES, Philippe A Bibi/HOU/ECT, Raymond Bowen/HOU/ECT, Michael R Brown@ECT, Rick Buy/HOU/ECT, Richard Causey@ENRON, Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Cox@Enron Communications, David W Delainey/HOU/EES@EES, James Derrick/Corp/Enron, Steve Elliott@ENRON COMMUNICATIONS, Jim Fallon/Enron Communications@Enron Communications, Andrew S Fastow/HOU/ECT, Mark Frevert/NA/Enron, Ben Glisan@ECT, Kevin Hannon@ENRON COMMUNICATIONS, Rod Hayslett/FGT/Enron, Stanley Horton@ENRON, James A Hughes/ENRON_DEVELOPMENT, Steven J Kean/NA/Enron@Enron, Louise Kitchen@ECT, Mark Koenig@ENRON, Kenneth Lay@ENRON, John J Lavorato/Enron@EnronXGate, Dan Leff/HOU/EES@EES, Danny McCarty@Enron, Mike McConnell/HOU/ECT@ECT, Rebecca McDonald/ENRON_DEVELOPMENT, Jeffrey McMahon/HOU/ECT, Mark Metts/NA/Enron, Mark S Muller/HOU/EES@EES, Cindy Olson@ENRON, Karen S Owens@ees@EES, Ken Rice@ENRON COMMUNICATIONS, Matthew Scrimshaw@ECT, Jeffrey A Shankman/Enron@EnronXGate, Jeffrey Sherrick/Corp/Enron, John Sherriff@ECT, Jeff Skilling@ENRON, Marty Sunde/HOU/EES@EES, Greg Whalley@ECT, Thomas E White/HOU/EES@EES, Greg Piper/Corp/Enron, Janet R Dietrich/HOU/EES@EES
cc:	G G Garcia/NA/Enron, Susan Skarness/HOU/ECT, Karen K Heathman/HOU/ECT, Sharron Westbrook@ENRON, Kay Chapman/HOU/EES@EES, Stephanie Harris/Corp/Enron, Bridget Maronge/HOU/ECT, Nicki Daw/NA/Enron, Inez C Dauterive@ECT, Carol Ann Brown@ECT, Cindy Stark@ENRON, Maureen McVicker/NA/Enron@Enron, Joannie Williamson@ENRON, Rosalee Fleming@ENRON, Tori L Wells@ECT, Cathy Phillips@ECT, Loretta Brelsford/ENRON_DEVELOPMENT, Sue Ford/HOU/ECT, Dolores Fisher/NA/Enron, Karen Owens/HOU/EES@EES, Dorothy Dalton@ENRON COMMUNICATIONS, Mercedes E Estrada@Enron Communications, Christina Grow/Corp/Enron, Lauren Urquhart@ECT, Sherri Sera/Corp/Enron@ENRON, Liz M Taylor@ECT, Judy G Smith/HOU/EES@EES, Kathy McMahon/NA/Enron@Enron, Suzanne Danz@ENRON, Peggy McCurley/HOU/ECT, Marsha Schiller/HOU/ECT, Samantha Lopez-Dias/EU/Enron@Enron, Jana L Paxton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Connie Blackwood/ENRON_DEVELOPMENT, Tammie Schoppe@ECT, Kimberly Hillis/HOU/ECT, Jennifer Burns/HOU/ECT, Sharon Dick/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Kerry Ferrari@ECT, Carol Moffett/HOU/EES@EES, Jennifer T Adams/HOU/EES@EES, Leah Rijo@ECT, Lucy Marshall/Enron Communications@Enron Communications, Kathy Campos/GPGFIN/Enron, Julie Armstrong@Enron, Binky Davidson/HOU/EES@EES, Mrudula Gadade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kelly Johnson@Enron, Rebecca Carter@ENRON, Tina Spiller/Corp/Enron, Vivianna Bolen/Corp/Enron, Linda Hawkins/Corp/Enron, Vanessa Bob/Corp/Enron, Esmeralda Hinojosa/HOU/EES@EES

Subject:	re: Executive Committee Meeting

Executive Committee Weekly Meeting
Date:		Monday, May 7th
Time:		11:00 a.m. (CDT)
Location:	50th Floor Boardroom
Video:		Connections will be established with remote locations upon request.
Conf call:	AT&T lines have been reserved.  Please contact Sherri Sera (713/853-5984)
		or Bill Dorsey (713/646-6505) for the weekly dial-in number and passcode.

Please indicate below whether or not you plan to attend this meeting and through what medium.

	Yes, I will attend in person	_______

	By video conference from	_______

	By conference call		_______

	No, I will not attend		_______

*  *  *

Please return this e-mail to me with your response by 12:00 p.m., Friday, May 4th

Thank you,
Bill Dorsey.


Are you going to hang out with me and Camille tonight?


-----Original Message-----
From: 	Carlson, Tobin
Sent:	Monday, August 27, 2001 11:29 AM
To:	Scott, Susan M.; Freeman, Ben; Stadler, Gary; Moscoso, Michael E.; Abel, Chris; Falcone, Daniel; LeBroc, Christian; Stephan, Nicholas J; Hagelmann, Bjorn; Perez, Eugenio; Mandis, Jim; Cutsforth, Curtis; Merten, Eric; Nguyen, Jennifer; Rance, Susan; Dalia, Minal; Aguilera-Peon, Maria Teresa; Trevino, Susan; Gerry, Robert; Picone, David; Blaskowski, Carrie; Brown, Kimberly; Roquemore, Tobey; Nguyen, Traci; Massey, Rachel; Swanson, Blake; Ashby, Kevin
Subject:

Folks:

Many thanks for the last two years of Enron experience. Friday morning will be my final day here in Houston and I wanted to drop a contact address if there is anything you need or should you find yourself in England in the next 1-3 years. Best wishes to all of you.

Email address: tobin1977@hotmail.com
Mailing address:
University of Warwick
Lakeside Residence
Tobin Carlson
Coventry, CV47AL

Regards,
Tobin


I want only firm delivered LD offers for this position.   Please make this clear in our proposal and make sure the volume shape is exactly the same as our JEA obligation.

Thanks.

 -----Original Message-----
From: 	Braddock, Billy
Sent:	Thursday, September 06, 2001 11:09 AM
To:	Presto, Kevin M.
Subject:	Supply for JEA position

Kevin,

I've received interest from several potential sellers to fill the JEA position.  I sent the monthly on- and off-peak needs, requesting offers from the following:  Morgan Stanley, Orlando, Seminole, Calpine, Cargill, FPC, FPL, and FMPA.  I'll keep you informed as I receive responses.  Everyone expressed an extreme interest as they are all long power for the remaining term of this position.

BB


Hi there,

I believe Chris should be back today, so I wanted to follow up on this.

I don't have any recollection of where we left the escrow agreement with NW.
Please get with MKahn or Jerry DeBerry to see if we can get consensus on the
current form of escrow agreement.  Once we have that, Enron (Chris) will make
contact with Citibank.

Thanks,

Kay


BRAGGART!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Marie Heard
Senior Legal Specialist
Enron Broadband Services
Phone:  (713) 853-3907
Fax:  (713) 646-8537
Marie_Heard@Enron.net

	Tana Jones@ECT
	09/06/00 04:55 PM

		 To: Marie Heard/Enron Communications@Enron Communications
		 cc:
		 Subject: 445!


Lucy,

What is the latest?  Write me a note about what is going on and what issues
you need my help to deal with when you send the rentroll.

Phillip


Rick --

Some thoughts and actions from Govt Affairs.

1. On pg 2 of the Presentation, you state an equation:

Commodity Transactions + Bundled Transactions + Upsell = Total Savings.

Isn't it better to define the result as "Total Value Created" rather than
Total Savings.  Then you can split the value between "EES Profit" and
"Customer Savings"?

EES is creating value by (a) commodity management and (b) DSM.  They are then
responsible for finding the balance in negotiations with the customer between
themselves (profit) and the customer (savings).  This definition more closely
works with the numerical findings on page 9.

The discussion on page 11 is also confusing.   What are "EES Projected
Savings"?  Don't you mean EES Projected Earnings?

Just a thought.  Not critical to my section.

2. Page 8 identifies $14.7 MM as the "Worst Case Stress Test" for the 39.6
Twh of Regulated Commodity.  Govt Affairs is doing an analysis on this to
make sure that we are comfortable with the results.  There are two problems:
(1) a 5% parallel shift in Regulated Commodity curves is probably not the
"Worst Case" and (2) the data from EES is difficult to obtain.

We think that a better measure would be to find the potential loss if
regulated rates continue to grow at their historic growth factor = 1985 -
1995 was .7% a year.   The problem is that it is difficult to compute because
the EES systems don't give us a nice and easy structure to evaluate.  John
Nesalge is working on this number.

3. Page 9 identifies the Regulatory Risk Capital as $9.5MM for the Top 5
Commodity deals.  We are checking on this.  It has been hard to compute.
Same problems as #2.   I would say that $9.5MM is at least the overall
Regulatory Risk Capital.  John Neslage is working on this number.

4. Page 8 uses the terms "Wholesale" and "Regulated".  Page 4 uses the terms
"Wholesale" and "Retail".  I assume that you are thinking about the same set
of costs / services?  If I am correct, I would change the term on page 4 to
"Regulated Price Reduction" or otherwise explain the difference / similarity.

5. We are working on identifying the value at risk for the PG&E position
(California CTC roll-off).  There is also a growing Regulatory Risk on
Illinois CTC roll-off = EES is assuming that the CTC ends in Illinois one
year earlier than the current law allows.  We may also try to calculate this
figure.  My understanding is that these numbers will not be incorporated into
the presentation but will be provided to Rick Buy as FYI.  Is that correct?
John Neslage is working on these numbers.

6. Conclusion page 13.

Point #4 dealing with Regulatory Risk.

Can we change the presentation to state the following:

FINDINGS

EES' Regulated Rate forecasts do not document legal, political, and
regulatory assumptions.  Enron Government Affairs has not uniformly validated
key Regulated Rate forecast assumptions.  Very limited ability to hedge
Regulated Rate risk.

EXPOSURE

We are working on trying to quantify.  Should say "Rate Growth at Historic
85-95 Levels = $XX MM".

RECOMMENDATIONS

EES should document all legal, political, and regulatory assumptions embedded
within Regulated Rate forecasts.  Enron Government Affairs should provide
regular input into forecasting process to ensure Regulated Rate forecasts
incorporate all relevant information.  Enron Government Affairs should
perform monthly curve review process on critical rate forecasts.

Finally, I hope that John Neslage will have these figures by end of business
Tuesday.  Does this work?  Please call either John or Harry to coordinate.  I
am leaving for South America today.

JDS

---------------------- Forwarded by James D Steffes/HOU/EES on 04/09/2000
10:41 AM ---------------------------
From: Rick L Carson@ECT on 04/06/2000 05:57 PM
To: Rick Buy/HOU/ECT@ECT
cc: Don Rollins/HOU/ECT@ECT, James L Copeland/HOU/ECT@ECT, Stephanie
McGinnis/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT,
David Gorte/HOU/ECT@ECT, Karen L Barbour/HOU/ECT@ECT, Mark Ruane/HOU/ECT@ECT,
Jeffrey A Soo/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Molly
Harris/HOU/ECT@ECT, James D Steffes/HOU/EES@EES
Subject: EES Presentation

Rick:  Attached is our latest version of the EES presentation.  All of the
numbers are pretty complete:  we may have a sensitivity on California CTC
roll-off from Gov't Affairs but other than that we're just double checking
all the numbers.  EES shows a much greater projected savings (net to EES)
than we do on the Suiza deal so we are reconciling that issue.  The only
other major change from what you had seen previously is to move the Owens
deal to commodity.  Karen Barbour pointed out that there is no guaranteed
savings on the Owens deal; only a shared savings (if savings occur).

By copy of this letter, I am asking all our team members to review the latest
version of the presentation and be prepared to meet with you when you return.

See you soon!                Rick C.


Sally,

here's the names

Steve

---------------------- Forwarded by Stephen Stock/HOU/ECT on 10/17/2000 04:56
PM ---------------------------
From: Jeremy Wong on 10/17/2000 04:33 PM
To: Stephen Stock/HOU/ECT@ECT
cc: Zhiyong Wei/HOU/ECT@ECT
Subject: Re: Cover

Steve:

Cecilia Cheung is on the 31and
Margie Nguyen is on the 32
floor support desks.

Jeremy
x3-0573

	From:  Stephen Stock                           10/17/2000 04:23 PM

To: Zhiyong Wei/HOU/ECT@ECT, Jeremy Wong/HOU/ECT@ECT
cc:
Subject: Cover

Zhiyong / Jeremy,

I need to give Sally Beck a name(s) for the extended cover tonight.

Could I have this name before our meeting at 5pm please?

regards

Steve


When: Friday, October 26, 2001 9:30 AM-10:30 AM (GMT-06:00) Central Time (US & Canada).
Where: ECS04723

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


Please find the attached EES Volumetric NYMEX and Basis positions for
7/31/2000.   I expect our position to be about 300 contracts shorter on Nymex.

Thanks,

Monica Hwang


Jeremy,

I want to move all deals currently in the INTRA-EMWMEH book into the
FT-IM-ENOV book.  Attached is a forwards detail by risk of the deals in
question.  Let me know if you have any further questions.  I need this done
this week if possible.  Thanks.

DG    3-9573


I've just spoken with Christian Yoder, who said he's got the confirmation
letters for these deals on his desk. He's also planning to call you to
discuss this further - these deals and several others entered as part of an
EES acquisition will all be confirmed differently than usual. I'm not
completely clear on the subject, so I'm going to defer to Christian's legal
expertise.

But if you have any other questions, please let me know. I can certainly sit
down with Christian and maybe we can all conference call on the subject.

Thanks,
Kate

	From:  Sharen Cason                           01/02/2001 08:38 AM

To: Kate Symes/PDX/ECT@ECT
cc: Kimberly Hundl/Corp/Enron@Enron

Subject: Avista deals

There are two deals for Avista the are marked not to be confirmed.  Can you
check into these, and if they are not to be confirmed, put a little note as
to why or who said not to confirm them, so 6 months from now when someone
says "Why didn't you confirm this deal!"  I'll have something to jog my
memory.  (Because I will have slept between now and then!)

Deal Numbers #487050 and 487054

Thanks!


Yes, for the time being until we get someone in Alan's group.  Mark

	Jordan Mintz/ENRON@enronXgate
	02/22/2001 09:18 AM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: FW: (BN  ) AIG Declines to Pay Flashpoint Bonds, Triggers 18-Not

Mark: Who should I contact regarding legal coverage for this project?
Insurance--Lou Stoler?
Jordan

 -----Original Message-----
From:  Glisan, Ben
Sent: Thursday, February 22, 2001 7:23 AM
To: Fastow, Andrew S.; Kopper, Michael; Deffner, Joseph; Schnapper, Barry;
Brown, Bill W.; Chivers, Paul; Howard, Kevin; Lipshutz, Cheryl; Thirsk,
Jeremy; Mintz, Jordan; DeSpain, Tim
Subject: FW: (BN  ) AIG Declines to Pay Flashpoint Bonds, Triggers 18-Not

All:

Be careful of paying for insurance wraps.  Lots of noise in the system about
insurance companies not paying.  I met with Chase last week and their credit
guys expressed extreme skepticism over the efficacy of insurance wraps.

Tim: Talk to the market to ensure that our A1/P1 facility is still viewed as
an A1/P1 risk.

Joe & Jordan: Scrub down the credit reserve policy, we need to make certain
that we are in absolute compliance with the documents.  If not we need to
clean up the documentation ASAP (it seems highly unlikely that we would not
be making significant claims under that policy this year).

Ben
----- Forwarded by Ben Glisan/HOU/ECT on 02/22/2001 07:21 AM -----

	Barry Schnapper@ENRON 02/13/2001 03:12 PM 	   To: Ben Glisan/HOU/ECT@ECT
cc:   Subject: FW: (BN  ) AIG Declines to Pay Flashpoint Bonds, Triggers
18-Not

fyi
----- Forwarded by Barry Schnapper/Corp/Enron on 02/13/2001 03:12 PM -----

	Sarah Wesner/ENRON@enronXgate 02/13/2001 02:20 PM 	   To:
dblack1@enron.com@SMTP@enronXgate, Brad Blesie/Corp/Enron@ENRON  cc: Charles
Delacey/HOU/ECT@ECT, Barry Schnapper/Corp/Enron@Enron  Subject: FW: (BN  )
AIG Declines to Pay Flashpoint Bonds, Triggers 18-Not

Following is the article menioned in yesterday's meeting.

AIG Declines to Pay Flashpoint Bonds, Triggers 18-Notch S&P Cut
2/8/1 13:3 (New York)

AIG Declines to Pay Flashpoint Bonds, Triggers 18-Notch S&P Cut

     London, Feb. 8 (Bloomberg) -- A pair of ``AAA''-rated bonds
issued by Flashpoint Ltd. suffered an 18-notch downgrade by
Standard & Poor's after a unit of American International Group
Inc. said it won't pay on insurance that guarantees the bonds.
     The $149.1 million of bonds, named Hollywood Funding No. 5.
and No. 6, were sold by the U.K. company to finance films and
television shows. S&P assigned its top rating to the securities
because they're guaranteed by Lexington Insurance Co., a
subsidiary of AIG, the world's largest insurer.
     Investors who bought the zero-coupon bonds were to be repaid
by the revenue from a basket of films. When the films didn't make
enough to cover those payments, the insurance policy was designed
to kick in. Lexington, though, said it won't cover the shortfall
because the film company broke its contract. Now, S&P regards the
bonds as ``vulnerable to nonpayment,'' and rates them ``CCC-.''
     ``There has never been a downgrade of that magnitude in
Europe,'' said Kurt Sampson, head of structured finance ratings
at S&P. ``We are voicing our concern about the implications for
the capital markets. The degree of our concern is evident by the
fact we are going public with this.''
     S&P, which downgraded the Hollywood bonds on Friday, said
Lexington's actions have prompted it to review other securities
insured by Lexington in case the insurer seeks to ``raise
defenses to the payment'' due on other bonds.
     Joe Norton, AIG's spokesman, said the company won't comment
on the bonds. Graham Johnson at Flagship Group, which handles
press communications for Flashpoint, said the company regards the
bonds as ``not a matter that it's appropriate for them to comment
on.'' Credit Suisse First Boston, which managed the private sale
of Flashpoint's six Hollywood Funding bonds, also declined to
comment.

                         Cash Shortfall

     Hollywood Funding No. 5, a $48.4 million dollar bond, was
due to be repaid on Jan. 5, according to people familiar with the
security. Bondholders haven't been paid, and agreed to wait for
two months before triggering a default because Lexington is
investigating whether the issuer broke its contract with the
insurer, S&P said.
     ``The policies were to provide for sufficient funds to pay
the notes in full, should revenues in the trustee's other
accounts be insufficient,'' S&P said. ``S&P believed that the
original policies'' would pay out under any circumstances, ``and
that any such matters were not supposed to constitute a defense
to payment on the policies.''
     S&P's defines ``AAA'' ratings as those applying to issuers
with an ``extremely strong'' ability to meet their obligations.
     The rating company also said that Lexington won't be meeting
shortfalls on Hollywood Funding No. 6, a $100.7 million bond
maturing on June 18, because the issuer broke its contract by not
making as many films at it agreed to.

--Alice James in the London newsroom (44) 207 330 7195, or
ajames@bloomberg.net, with reporting by Sean Farrell /mg

Story illustration: {HOLFUN 0 6/18/01 <Corp> DES <GO>} for the
terms of one of the bonds.

NI CRA    NI BON    NI EBN    NI ABS    NI INS    NI RED
NI COR    NI FILM   NI TV     NI ENT    NI LAW    NI ENH
NI EUB    NI PVT    NI WIN

AIG US <Equity> CN
-0- (BN ) Feb/08/2001 18:03 GMT


Please allow Sally Beck (MD-Energy Ops @ Net Works) to have access to Mary Solmonson's e-mails from 3/1/01 to present.    Sally wants to be able to address any e-mails which reference services or information from her business unit.

Hector G. McLoughlin, PHR
Human Resources
Enron Net Works
Office: 713-853-6703


Glencore Ltd is not authorized to trade US power.

Leslie


Over the past several months, we have reviewed in detail our trading
contracts and the companies through which we conduct our trading business in
California.  In order to reduce Enron's non-market risks ( e.g. legal, credit
and regulatory) in the volatile commodity markets in California or any "
future California", we propose the following changes:

1.    Mandatory Uniform Set-Off Provisions in All Trading Contracts for All
Commodities -- set-off language varies commodity by commodity in trading
contracts.  Set-off is one of the most critical tools available to Enron in a
major default situation and it is critical to have set-off language and to
have it be uniform commodity to commodity so that Enron can get the best
advantage from set-off and not just the least common denominator.

2.     Master Netting Agreements For Appropriate Counterparties With Multiple
Masters With Significant Opposite Exposures -- where it is necessary to have
multiple masters with a counterparty, a "bridge" should be put in place
between the masters whenever there is significant opposite exposures under
the two or more masters.

3.     Merge EPMI into ENA -- power trades are done through EPMI.  Merging
EPMI into ENA and conducting power trades through ENA is much more efficient
from both a credit and legal point of view.

4.     No Automatic Termination for a Bankruptcy Event -- in the PGE/SCE
situation, it should be the non-defaulting party's (Enron in this case)
option to terminate rather than an automatic termination on "inability to pay
debts as they become due".

Let me know if you have any other proposed changes to our trading contracts
or entities through which we conduct our trading.  I believe these changes
will (i) improve efficiency, (ii) reduce risks, (iii) develop the opportunity
to do more business with certain counterparties and (iv) substantially
improve Enron's position in the next California type market.  The long range
goal is to conduct as much as possible of the trading business through a
single entity and a single or limited number of standardized agreements.


As a follow up to the written warning on August 14, 2001 to Heidi Dubose regarding her poor job performance I would like to submit the following commentary:

Heidi's phone coverage is still very inadequate.  I have had two discussions with her in the last 2 weeks regarding this.  She consistently does not take messages properly.  Most of the time all she tells us is the person's first name and that they are holding.  When she does get the last name it is incorrect at least half of the time.  She rarely gets the company name, and when she does it is incorrect or mispelled.

The kitchen areas continue to be unkept and dirty.  She has started to put the dishes in the dishwasher but she rarely unloads them.  If she does it is after they have been in there for days.

We continue to run out of office supplies and she does not consistently monitor the office needs.

In summary, Heidi's performance has improved some since August 14 but that improvement is not seen on a consistent basis.  She has not elevated her performance to the level which is required to manage the office.


Hello Marks,

IT passed this term sheet to me for review, but I believe that one of you is
much more qualified to take a stab at it than I am.

Essentially, we are agreeing to beta-test this software.  No money is going
to exchange hands, but we may incur travel costs and time in our role in this.

Let me know whether one of you can provide review.

Michelle

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

Michelle Cash
Enron North America Corp.
1400 Smith Street, EB 3823
Houston, Texas  77002
(713) 853-6401
michelle.cash@enron.com

This message may contain confidential information that is protected by the
attorney-client and/or work product privileges.
----- Forwarded by Michelle Cash/HOU/ECT on 04/09/2001 05:34 PM -----

	Bob Ward/ENRON@enronXgate
	04/09/2001 04:11 PM

		 To: Michelle Cash/HOU/ECT@ECT
		 cc:
		 Subject: Microsoft MOU

Hi, Michelle.  Jim Ogg asked me to send you the attached MOU from Microsoft.
The MOU states that it isn,t a legally enforceable agreement but we thought
we should get your opinion before we sign it.  Please review it at your
earliest convenience and let me know your thoughts.  Thanks.

Bob Ward
Manager, IT - Development
ext. 54409


Thanks for the Pappa's gift certicate.  For a woman who can't remember the
last time that she cooked dinner, this will come in very handy!  Thanks, too,
for the beautiful flower arrangement that has graced my desk for the past two
days.  I will take that home with me tonight and I will enjoy it during my
upcoming days off.

I hope that the Christmas holiday brings each of you the joy of the season --
and some rest, relaxation and time with family and friends.  Thanks for your
enthusiasm in your role at Enron and for your continuing and tireless
effort.  It is through working with each one of you that I find my job to be
fun.  1999 was a year of outstanding accomplishments for Energy Operations -
a direct result of your contributions.  I look forward to meeting new
challenges in 2000 through continuing to work together.


Debi,

I will defer to your expertise on whether we should actively accept resumes
from CS at this time.  I think the way to couch it is that we do not want to
receive them at this time, but that they are free to check with us in a
couple of months to see whether that has changed.  That way, we aren't making
it an absolute ban.

Thanks for the information.

Michelle

Debi Vanwey
08/11/2000 09:27 AM
To: Michelle Cash/HOU/ECT@ECT
cc: Robert Jones/Corp/Enron@ENRON
Subject: Re: Contracting Solutions

Thanks for your feedback.   If we accept resumes from an agency it means
establishing a full working relationship with them which is time consuming
for the recruiter.  We have to constantly QA them and answer their phone
calls, and it is more work than it seems from the outside.   They almost need
to be coached all the time unless they are really good, which is rare.    CS
is one of the fairly high maintenance agencies.   This is why we are going to
a preferred vendor list.    We have lots of agencies that want to work with
us, and choosing those that we can count on to get us good candidates
quickly, and take the least amount of our time saves a lot of time for the
recruiters.   After Jennifer told Kathyrn she wasn't going to work with her,
Kathyrn did flood her inbox with unsolicited resumes.   That would certainly
make me not want to work with them.   I can force the issue and ask one of
the recruiters to work with them if you feel we need to, however I feel that
until Kathryn cools off a little, this would not be productive.    As for the
apology, I will always apologize if I am clearly in the wrong, however, I
think that definitely in this case it would be construed as an admission of
wrongdoing on Enron's part.   I'm fine with letting go of it.   This has been
a good learning experience for me.    There have been a couple of phone calls
this week where I was consciously more polite with agency/sales phone calls
than I would have been prior to last week.    Jennifer had some fear up
yesterday about addressing an issue with an agency because of the CS issue,
which is understandable, and we're working through it together.  I want her
to be able to stay in her power with these people, and we just need to learn
new ways to do that.   It's a tough job dealing with agencies day after day -
really wears you down.    We're going to write some scripts for talking with
them in the future, and the recruiters will route all the new ones through me
so they all get the same story.    We're also putting some new processes in
place so that we are consistent in our relationships with agencies.
Hopefully this will help eliminate some of these issues in the future.
Thanks for all your help......

Debi

Michelle Cash
08/10/2000 11:13 PM
To: Debi Vanwey/HOU/ECT@ECT
cc: Robert Jones/Corp/Enron@ENRON, Jennifer Cronin/Corp/Enron@ENRON
Subject: Re: Contracting Solutions

Debi,

Your plan sounds good to me.  You all have done a good job of researching
this data, and I believe we are in a strong position.

My one question is whether it is worth it to tell them we are not accepting
resumes from them.  What is the harm in accepting them?  Are we obligated to
interview the candidate?  Given this situation, it is possible that telling
them not to send resumes will fan the flames for no good reason, especially
since their "proven track record" is only for one placement.  It does not
appear as if they are flooding us with resumes.  Let me know if my assumption
is not correct.

Also, I am not sure your apology is necessary.  It certainly is
well-intentioned, but I wouldn't want it to be construed as some sort of
admission of wrongdoing.  So, unless you feel compelled, . . . .

Thanks.

Michelle

Debi Vanwey
08/10/2000 02:03 PM
To: Michelle Cash/HOU/ECT@ECT, Robert Jones/Corp/Enron@ENRON
cc: Jennifer Cronin/Corp/Enron@ENRON
Subject: Contracting Solutions

Our research is complete with John Nguyen and Mark Delaro.    There is only
one John Nguyen that works for Enron, and he is at EBS.   This is not the
same John Nguyen that was sent from Contracting Solutions.  I talked with the
Enron John personally and compared past employment to the CS John.    The
John Nguyen that was sent by CS was sent on 5/4 to Keith Dziadek for an
opening he had.   We got no response from Keith, which for him is considered
a no.    We have no record of Mark Delaro ever being sent in by CS.    He was
directly recruited by Ergos, presented by them, and hired through them.
Jennifer talked with Mark  and he states that he has never talked to a
recruiting firm named Contracting Solutions.   If CS did indeed present his
resume to Enron, then they should be able to produce the email with date/time
stamp.    Neither Jen nor I have asked them for this yet.   I feel Robert and
I should meet with them tomorrow to bring closure to the situation.   Robert
had mentioned that we should be able to get back with them this week, and I
think we should make good on the promise.

Here are my recommendations - please give me your thoughts.

1)  I owe the Account Manager an apology for being rude on the phone.
2)  Clarify with them that we do not owe them a fee on Mark Delaro or John
Nguyen, based on above facts.
3)  Clarify with them that we are not doing business with them at this time.
The recruiters have just given me their final preferred vendor list, and CS
is not on it since no one is interested in working with them.   We should let
them know that yes, they do have an MSA which is an agreement for contract
placement, but this does not require us to accept resumes from them.    We
accept resumes only from those agencies that we ask to assist us with
recruiting.    We should offer to take another look at them in 90 days, give
them a second chance, and have the guidelines for the trial period well
defined.  They should contact me directly at that time.
4)  We should address the relationship between Jennifer and Kathryn, the
difficulties being that Jennifer made a decision not to work with them,
Kathryn tried to force her business on Jennifer after the decision had been
made, and Kathyrn brought her personal problems into the conversation in
order to press the point.   They should be aware of the basis of Jennifer's
decision not to employ them as a vendor:   1)  inadequate resume flow  2)
poor working relationship with account manager.
5)  We have no proof that Jennifer has spread bad press about CS to any other
company including Continential, Shell Services, and Dynegy, and after
addressing this issue with her do not believe that this occurred.   Nor did
she did send Mark Delaro's resume to Ergos.  We have no reason to believe
that she has ever acted out of integrity while working for Enron, nor that
she will in the future.
6) Cheryl Charles (Maddison) presented her resume to Robert and Ryan, and
Ryan forwarded to me in the past 2 weeks, and has not claimed association
with CS.   We have no recruiter openings at this time, and she has been
informed of this by Ryan and myself.

Debi


i need rest.  i am dead.


Davis' rhetoric is really bad.
----- Forwarded by Susan J Mara/NA/Enron on 11/02/2000 02:39 PM -----

	Susan J Mara
	11/02/2000 02:37 PM

		 To: James D Steffes/NA/Enron, Mary Hain/HOU/ECT, Tim Belden/HOU/ECT, Robert
Badeer/HOU/ECT, Jeff Dasovich/NA/Enron, Mona L Petrochko/NA/Enron, mcubbin,
Joe Hartsoe/Corp/Enron
		 cc:
		 Subject: FW: Davis Press Release on FERB Report

From Independent Energy Producers
----- Forwarded by Susan J Mara/NA/Enron on 11/02/2000 02:35 PM -----

	"Katie Kaplan" <kaplan@iepa.com>
	11/02/2000 02:18 PM
	Please respond to kaplan

		 To: "Dave Parquet" <dparque@ect.enron.com>, "Eileen Koch"
<eileenk@calpine.com>, "Frank DeRosa" <frank.derosa@gen.pge.com>, "Jim
Willey" <elliottsa@earthlink.net>, "Kent Fickett" <kfickett@usgen.com>,
"Randy Hickok" <rjhickok@duke-energy.com>, "Rob Lamkin"
<rllamkin@seiworldwide.com>, "Scott Noll" <snoll@thermoecotek.com>, "Eric
Eisenman" <eric.eisenman@neg.pge.com>, "Bill Carlson" <wcarlson@wm.com>,
"Bill Woods" <billw@calpine.com>, "Cody Carter" <cody.carter@williams.com>,
"Curt Hatton" <curt.hatton@gen.pge.com>, "Dean Gosselin"
<dean_gosselin@fpl.com>, "Doug Levitt" <SDL@calwind.com>, "Frank Misseldine"
<fmisseldine@caithnessenergy.com>, "Hap Boyd" <rboyd@enron.com>, "Jeff
Dasovich" <jdasovic@enron.com>, "Joe Greco" <joe.greco@uaecorp.com>, "Ken
Hoffman" <khoffman@caithnessenergy.com>, "Marty McFadden"
<marty_mcfadden@ogden-energy.com>, "Nam Nguyen" <nam.nguyen@powersrc.com>,
"Paula Soos" <paula_soos@ogden-energy.com>, "Pete Levitt" <Pete@calwind.com>,
"Robert Frees" <freesrj@apci.com>, "Steve Iliff" <siliff@riobravo-gm.com>,
"Steve Ponder" <steve_ponder@fpl.com>, "Ted Cortopassi"
<TCortopassi@ogden-energy.com>, "Tom Heller" <hellertj@apci.com>, "Tony
Wetzel" <twetzel@thermoecotek.com>, "Ward Scobee"
<wscobee@caithnessenergy.com>, "Steven Kelly" <steven@iepa.com>, "Kristin
Vellandi" <kvellandi@pstrategies.com>, "Tom Ross" <tross@mcnallytemple.com>,
"Kassandra Gough" <kgough@calpine.com>, "B Brown Andy"
<andybrwn@earthlink.net>, "Bill Carlson"
<william_carlson@wastemanagement.com>, "Bob Ellery" <bellery@spi-ind.com>,
"Bob Escalante" <rescalante@riobravo-gm.com>, "C Williams Thomas"
<tcwillia@duke-energy.com>, "Carolyn A Baker" <cabaker@duke-energy.com>,
"Colleen Holm" <colleen.holm@neg.pge.com>, "Curtis Kebler"
<curtis_l_kebler@reliantenergy.com>, "Dennis Price" <priced@epenergy.com>,
"DJ Smith" <djsmith@smithandkempton.com>, "Douglas Kerner"
<dkk@eslawfirm.com>, "Duane Nelsen" <dnelsen@gwfpower.com>, "Ed Tomeo"
<ed.tomeo@uaecorp.com>, "Frazier Baylock" <Frayblay@aol.com>, "Greg Blue"
<gtbl@dynegy.com>, "Jack Pigott" <jackp@calpine.com>, "Jan Smutny-Jones
(E-mail)" <smutny@iepa.com>, "Joe Ronan" <joer@calpine.com>, "John Stout"
<John_H_Stout@reliantenergy.com>, "Jonathan Weisgall" <jweisgall@aol.com>,
"Julee Malinowski-Ball" <jmball@ns.net>, "Julia Wright"
<jwright@smithandkempton.com>, "Karen Edson" <kedson@ns.net>, "Lynn Lednicky"
<lale@dynegy.com>, "Mark Smith" <Mark_J_Smith@fpl.com>, "Marty Wilson"
<mwilson@pstrategies.com>, "McNally Ray" <rmcnally@mcnallytemple.com>,
"Norton Kelli" <knorton@mcnallytemple.com>, "Roger Pelote"
<roger.pelote@williams.com>, "Ron Tom" <Rtom@govadv.com>, "Russo Tony"
<trusso@mcnallytemple.com>, "Stephanie-Newell"
<stephanie-newell@reliantenergy.com>, "Sue Mara" <smara@enron.com>, "W. Hyde
Richard" <RWHYDE@duke-energy.com>, <abb@eslawfirm.com>, "Bob Weisenmiller"
<rbw@mrwassoc.com>
		 cc:
		 Subject: FW: Davis Press Release on FERB Report

GOVERNOR DAVIS COMMENTS ON FEDERAL ENERGY REGULATORY COMMISSION'S REPORT

The following is a transcript of Governor Gray Davis' remarks on the Federal
Energy Regulatory Commission's (FERC) report:

"My goal is to keep the lights on and to keep the price of electricity
affordable. That is more of a challenge than you might imagine in this
complicated deregulated world we find ourselves in. I believe we are making
a good start.

"Last year I was able to sign legislation that basically stabilized rates in
San Diego, and I supported hundreds of millions of dollars for renewable
power resources, like the photovotaic program you see behind us, to support
financially and also encourage voluntary support for conservation programs
up and down the state to reduce California's use of electricity by 10% when
we had a Stage Two alert and to encourage demand management programs by a
number of industries, including the technology and grocery industry that
reduce the demand on any given day.

"Having said all that, this market is dysfunctional. It is a very difficult
environment for deregulation to work. And I repeat again, deregulation can
work but only if all parties act responsibly and if the market is
competitive, which it is not.

"I was pleased to see that Secretary Richardson agrees with me that this
market is dysfunctional and I am also somewhat pleased by the initial
reports of the action that FERC took today. It is a mixed blessing. They do
recognize that we are operating in a dysfunctional market and they do agree
that the rates are not just or reasonable. However, they did not, as I
encouraged, order rebates to the consumers and businesses in San Diego who
were literally gouged and for the profiteering and market manipulation that
San Diego had to suffer through.

"FERC also decided to abolish the stakeholder boards at the ISO-independent
service operator, and the power exchange. FERC agrees with me that they are
self-serving and either contributed to or participated directly in market
manipulation. However, it is unclear what will replace those boards. The
good news is that they agree with our premise that the market is
dysfunctional, rates are unreasonable and unjust. The bad news is there is
no immediate remedy for ratepayers here in California.

"I believe the marketplace generally makes good decisions but I am not going
to be a prisoner of ideology. I do not want some knee jerk reactions to
drive our economy or our consumers to their knees. I have seen time and
again the most right wing conservatives in San Diego that say, 'please give
us money to bail us out from the increased prices that have descended upon
us.' So as I have long understood, economics drives politics and at the
moment we are shipping about $6 billion more out of this state for
electricity than we paid about 12 months ago. That has got to stop.

Question inaudible.

"It appears that the FERC said they are going to restructure it and this
again suggestes the complexity that we have to deal with. Once the state
deregulated distribution from power generation in 1996, the PUC basically
surrendered most of its control over the purchase and acquisition of
electricity for California and that control reverted to the Federal Energy
Regulatory Commission. As I read the initial reports from the FERC decision
today, they are saying the ISO and the power exchange are dominated by stake
holder members and they think that is ill advised, as do I. There will be
new boards established and we will tell you how they are established. So it
is unclear whether we have the authority to, independent of the FERC to
establish our own ISO and power exchange. My initial reading of the press
reports suggest that we may not. That is something that has to be cleared up
over the next several days.

Question inaudible.

"We have had a series of meetings over the past two months with all kinds of
stakeholders from turn to utilities to generators, other consumer groups
from San Diego and we are trying to forge a consensus which will indicate
the path that we will take. I am not at the point where I can tell you what
that consensus is. But we are making progress.

Question inaudible.

"That we are going to fight for consumers, that they should not bear the
full brunt of this experiment in deregulation. At best it was premature and
the market place was not prepared. The marketplace is dysfunctional, it is
not competitive. There is a far greater demand for electricity than we can
generate in this state. I want them to know that we are working night and
day to find a solution that will ensure that they are not the guinea pigs
for this ill-conceived scheme.

"I am pleased that FERC has recognized that the marketplace is
dysfunctional, recognized that rates are unjust and unreasonable. I am not
pleased that they have not offered any solutions. It looks like we are going
to have to wait until November 9th at the hearing in front of FERC at which
their full plan will be unveiled and there will be a chance to comment,
critique and modify and then thirty days after that the plan will be adopted
in full or in part. This is a very important meeting in which our
administration will be fully represented and I hope to be able to inform the
consumers of this state more fully at the conclusion of that meeting if not
before.

"I believe refunds are due and necessary. FERC and the Secretary of Energy
have concurred with my assessment that these rates are not just and
reasonable and I believe that FERC has the power to order refunds. It is
unclear whether they believe they have the power to do it or not. Congress
could settle

the question by simply passing legislation to ensure that. Over the long
haul, by that I mean 5 to 10 to 15 years, I believe deregulation can work
but only if we have a competitive marketplace and if all parties act
responsibly. As I told everyone involved in this process, some people may
win the battle but lose the war if they insist on gouging every consumer and
citizen of this state. The people of California will stand up; they will
rise up and take matters into their own hands. The problem with deregulation
lowering rates, is that we have not seen them and frankly none are on the
immediate horizon.

Question inaudible.

"Let me just say two things. I think there is plenty of blame to go around
but there is no question that the generators who happen to be out-of-state
companies are charging us 600 to 700% more for the very same electricity
that we purchased last year. You cannot add value to an electron. An
electron is an electron. They are simply taking advantage of an ill-advised
scheme envisioned in the 1996 act to charge what the market will bear. I am
standing up and saying no more. We are not going to take this lying down. We
are fighting back. The difficulty is that we do not have the power that we
used to have. The state surrendered a lot of that power when Governor Wilson
signed the deregulation bill. Actually carried by Jim Brulte and co authored
by Steve Peace, they were the two driving forces as they will be happy, well
maybe not so happy, to acknowledge. It may have seemed like a good idea in
1996 but I did not participate in that debate and I don't have a comment on
whether it was a good idea then. But clearly in the year 2000 it is not a
good idea. Again our problem is we can describe the problem and we have some
limited authority over the power the utilities have not yet sold off to the
generators which is about 35-40% of their facilities that they used to own
and we do not have control over the facilities they have sold off to the out
of state generators that purchased them. FERC has control over them and it
is unclear whether we even have control to establish our own ISO and our own
power exchange and if we did I would have them reconstituted. There is no
question about that. They are too self serving too inbred and too incestuous
and do not represent consumer interests. Plus you cannot hold anyone
accountable there is no one public official on any one of those boards. You
cannot hold anyone accountable and they determine largely what the price of
electricity is and how any shortages are allocated throughout the state. So
these are serious responsibilities given to these stakeholder boards and no
public official participates on those boards.

Question inaudible.

"You are more right than wrong. As the chief executive of this state I am
going to advocate what I believe is in the best interests of our consumers
and businesses. Electricity is the lifeblood of our economy. Without water
and electricity, consumers and businesses are just simply out of luck.
Whether or not this deregulatory scheme in 1996 made sense then is a
question not worth debating today. But it does not make sense today.
Unfortunately that plan adopted by our legislature and governor Wilson in
1996 surrendered control over generating facilities that the PUC used to
monitor and supervise. So it is unclear how much power is left to the state.
FERC seems to be suggesting

today, not much. Obviously as governor of this state I want to assert as
much authority as I possibly can because I know I will be held accountable
and obviously I would like the authority to go along with the responsibility
that is laid at my doorstep.

"I have one goal in mind: to do our level best to make sure that our lights
stay on and our economy has the benefit of the electricity it needs and the
prices are reasonable. What path we take to that matters less to me than
that we get to that result. Because that is the result that is necessary to
allow consumers to go about their lives and business to function and make a
profit and hire more people and to sustain our economic growth which in turn
provides the resources that allow us to finance the schools and protect the
environment and provide healthcare. Without electricity there is no economic
growth, without economic growth we do not have the resources to do justice
to our public obligations. Thank you for coming out here today.

# # #

Julee Malinowski-Ball
Legislative Analyst/Associate
CalETC/Edson+Modisette
916-552-707
Fax- 552-7075
CalETC@ix.netcom.com or jmball@ns.net


New feature added to Research page for severe weather....

 -----Original Message-----
From: 	Bennett, Steve
Sent:	Thursday, October 11, 2001 9:24 AM
To:	Roberts, Mike A.
Subject:	houston severe weather information

Can now be found on the research web page:

http://fundamentals.corp.enron.com/commodityWebs/ENA/Research/Weather/portal/mainWeather.asp

Click Under:

"SPECIAL WEATHER ALERT"

steve


thanks john

John Griffith@ENRON
12/19/2000 06:54 PM
To: Vikas Dwivedi/NA/Enron@Enron, Ross Prevatt/HOU/ECT@ECT, Eric
Wardle/HOU/ECT@ECT, Joan Quick/HOU/ECT@ECT
cc: Eric Moon/HOU/ECT@ECT, Tim Proffitt/HOU/ECT@ECT, Fred
Lagrasta/HOU/ECT@ECT, Ed McMichael/HOU/ECT@ECT
Subject: Brazos VPP's

Joan and Eric:  Based on our (Eric Moon and I) discussion with Fred Lagrasta,
the financial hedge related to the Brazos VPP's should be handled through
Fred's group.  We need to make sure that the volume that is given to Fred (or
Vikas or Ross) is only 97% of the VPP firm volumes.   Please let myself or
Eric Moon know just as soon as you go to Fred's group for a quote so that we
may be prepared for the physical side of the deal.

Fred, Vikas and Ross:  If you go to John Arnold and the basis trader for the
quote, we need to let them know that this relates to the Brazos VPP's and
that his quote is going to be known by Bank of America.  If executed, Bank of
America will know that Enron is long and the exact volume and term.  They
will be taking 3% of the deal at our quote (for accounting reasons, 3% of the
hedge on these transactions has to be executed with a counterparty other than
Enron, that counterparty is Bank of America).  Vikas and Ross, would you guys
also call when these go through just a check.

Please call with any questions or concerns.  Thanks

John Griffith


<<draft2.doc>>
Mark and Mark,

Thanks for meeting with us today. We found it very helpful. Stacy confirms
that the attached draft agenda (the same as the one we left there) is the
latest version.

I hope you both arrive home safely and soon.  I'm now confirmeed on a flight
SUnday at noon.

I trust my message from Tracy re our meeting refers to the meeting of this
morning.

Regards, Ruth

 <<draft2.doc>>

 - draft2.doc


thanks a lot for the letter. appreciate your help.
thanks,
larrissa.

Vince J Kaminski
04/25/2000 09:19 AM
To: Larrissa Sharma/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Letter

Larrissa,

Please, take a look at the letter.
My assistant is on vacation, she will be back tomorrow.

Please, check the spelling of your first name. It was inconsistent in the
original letter from the lawyer.

Vince


I apologize----worked on it Sunday evening thinking that I could finish up
yesterday in the office (fat chance).  Here's what I've done thus far, and
I'll continue to edit today, if that would be helpful.

Best,
Jeff

	Margaret Carson
	04/03/2001 08:33 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: WHY HIGH GAS PRICES? CALIF. CHAOS?

Hi Jeff Your comments  most appreciated...if you are very short of time  just
comment on what you think  is missing -- wrong --    or   unbelievable   !!!
thanks  so  much... Margaret


The DPR for 11/30/01 is now complete and has been published to the ERV.

For the last few days, the production of the DPR has been put on hold due to the increased activity around terminations.  Positions and VAR for the DPR will start to be produced for trading day 12/10/01 and we are planning to produce a full DPR (inclusive of P&L) on a weekly basis.

Please call if you have any questions.

Best regards

Shona Wilson
Director, Global Risk Operations
X39123


I think that it makes perfect sense now that Sydney rolls into London.  Sally
and I have discussed this in the past and she will concur.  Hope all is well!

SRM

HEIDI MASON@ENRON_DEVELOPMENT
11/16/2000 07:37 PM
To: Scott Mills/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT
Subject: Re: Reporting Line for Sydney Risk Officer

I dont know how 'international' the year end review will be. I will contact
Mike Jordan directly and find out specifically who the line should be. I have
discussed it with Mike when I was in London and his only concern was that the
move to London was in line with Sally's understanding and that you and she
was comfortable with it.

 Thanks for your help on this.

With thanks

Heidi

	Scott Mills@ECT
	17/11/2000 11:29 AM

		 To: Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Sally Beck/HOU/ECT@ECT
		 Subject: Re: Reporting Line for Sydney Risk Officer

Since a majority of the activity is power related, I would imagine that
Justin should roll into the overall power group in London.  They may have
other ideas!
The mid-year reviews were localized to Sydney only, will this be different at
year end?

SRM

HEIDI MASON@ENRON_DEVELOPMENT
11/16/2000 04:50 PM
To: Scott Mills@ECT
cc: sally.beck@enron.com
Subject: Reporting Line for Sydney Risk Officer

Scott

With all our reporting changing to London Office and now it appears some
restructure of risk and the broadening of Sally's role, what are we going to
do for the second report for our new risk manager, Justin Den Hertog - he has
taken over from Alan.

He reports to me locally, but functionally he would traditionally have
reported to you on behalf of Sally's area. I assume this has now moved with
the rest of us and would therefore be either James New or Mike Jordan in
London? Can you please advise me via return email as we are working on our
PEP stuff, reviews etc.

With thanks

Heidi


Chris,

Please call the folks we talked about this afternoon so that we can respond back to Chip.

Ruth

-----Original Message-----
From: Schneider, Chip
Sent: Monday, June 10, 2002 4:56 PM
To: Concannon, Ruth
Subject: Bridgeline

Ruth, I want to check to see if you have any thoughts w/r/t my memo this morning.  I would also be interested in knowing what our market alternatives are and the potential discount to NYMEX is associated with those alternatives.

Thanks.
Chip Schneider

--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


will do.  i will let you guys know monday what we've got.


John,

Naveen's resume.

Vince


---------------------- Forwarded by Chris Germany/HOU/ECT on 05/07/2001 12:59
PM ---------------------------

Chris Germany
09/14/2000 03:59 PM
To: Alicia Perkins/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Kimat
Singla/HOU/ECT@ECT
cc: Joann Collins/Corp/Enron@ENRON
Subject: Inventory Storage Transfer

AND, I want to hold back $79,000 of revenue on deal #401601.

The customer price is $5.7025 which is based on the following

Sales Price  $5.4850
Transport to Stoi $.1526  (I included $.0147 too much by accident)
Storge Injection  $.0249
Capacity Demand $.0400

Total Price  $5.7025

We will overinject in October by about 362,000 dth to max out storage by Oct
31.  Since we will not estimate the transport expense until Oct, I want to
hold back roughly 362,000 dth x $.2175 = $79,000.00  (close enough).

Thanks

---------------------- Forwarded by Chris Germany/HOU/ECT on 09/14/2000 03:47
PM ---------------------------

Chris Germany
09/14/2000 03:23 PM
To: Alicia Perkins/HOU/ECT@ECT
cc: Joann Collins/Corp/Enron@ENRON, Dick Jenkins/HOU/ECT@ECT, Kimat
Singla/HOU/ECT@ECT
Subject: Inventory Storage Transfer

Effective 9/15/00 ENA sold NIPSCO 500,000dth storage see deal #401601.
Adjusted the deal # 268093 & #268090 on the CGAS storage worksheet.
Please make the necessary changes in TAGG

Tks
Chris


Here are my responses:

1. Development fee is a commercial question.  This will need to be vetted
with Herman if we go with it.  Personally, I'd skip it and push to sign next
week.

2.  I have a call in to Dale.

3.  No LLC.  Kathleen will handle.  The closer the creation is to the signing
of the letter, the better, taking into account the time required to get the
docs back and set up.  Someone needs to name it.  We should also look at a
minimal list of officers.

4.  I don't have the attachment in front of me, so I will have to look it
up.  I'll get back to you.  The concept is that ENA is only responsible for
changes in the amounts owed to GE as of the closing date.  I thought the
language was awkward, and tried to make it more clear, but obviously failed!
As soon as I get the break out contract from Dale we can check on the
definitional questions. It SHOULD be the same as in the CA breakout contract
with GE, but I won't make that assumption.  Drop dead date on put/call Dec.
2002.

5. This needs to be discussed with Ben.

6.  This should be set up as a  new matter, since these aren't the Blue Dog
turbines. You can send the bill to Sheila with a copy to me.

I'll open the doc and take a look at it asap.

Kay

From: Carlos Sole on 03/05/2001 05:59 PM
To: ccampbell@kslaw.com, kay.mann@enron.com, jkeffer@kslaw.com
cc:

Subject: Issues List for LLC Documents with Panda Energy and Delta

Apologies to Carolyn for the repeated misspellings below.

----- Forwarded by Carlos Sole/NA/Enron on 03/05/2001 05:59 PM -----

	Carlos Sole
	03/05/2001 05:55 PM

		 To: kay.mann@enron.com
		 cc: ccampbell@kslaw.com, jkeffer@kslaw.com
		 Subject: Issues List for LLC Documents with Panda Energy and Delta

Kay, as I told you, Carolyn put out a set of intial draft documents and we
debriefed Jake and Stephen.  Based on our meeting, Carolyn was going to make
certain revisions based on the answers to the questions below and certain
other items we raised during our meeting.  Nevertheless, your input is
required on the following:

1.  We have discussed eliminating the payment of a development fee, which if
Delta /  Panda were to breach its obligations prior to the funding of the
Escrow would be non-refundable and serve as a form of liquidated damages.
Commercially the inclination is to avoid that fee, we need to confirm that
approach.

2.  We need to interface with Dale Rasmussen on the status of the break out
contract and how quickly it can be incorporated into the form of Facility
Agreement that would be part of our transaction.

3.  Have we established an LLC that will be sold for this project.

4.  Please see Caroline's questions 6, 7 and 13 below.

5.  Please see faxes that I left on your chair on the broker issue and
whether we need to respond in writing.  Sheila Tweed's position was not to.

6.  John asked whether K&S should open a separate subfile or include the time
charged within the Blue Dog file?

Thanks and we'll talk tomorrow.

----- Forwarded by Carlos Sole/NA/Enron on 03/05/2001 05:46 PM -----

	Jake Thomas@ECT
	03/05/2001 02:34 PM

		 To: Stephen Thome/HOU/ECT@ECT
		 cc: Carlos Sole/NA/Enron@Enron
		 Subject: Re: Initial Draft of LLC Documents with Panda Energy

See Comments in Red Below

Stephen Thome
03/05/2001 12:23 PM
To: Jake Thomas/HOU/ECT@ECT
cc: Carlos Sole/NA/Enron@Enron
Subject: Re: Initial Draft of LLC Documents with Panda Energy

Jake,

Do you want to make suggestions with regard to #3, #7, #13

Please advise of the following additional information in order that we may
complete
the enclosed documents:

1.  Full name of Panda Energy; Panda Energy International, Inc. Don't we have
two sets of doc's going out ?  The other would be for Delta Power Company LLC
2.  Type of entity of Panda Energy (this affects the representations in
Section 3.2.1 et seq. of the LLC Agreement);  Privately held company
3.  Name of the new LLC formed by ENA;  Salmon Street Energy? Spawn Energy
LLC ? (I'm totally indifferent
4.  Date of organization of the new LLC;
5.  Purchase Price payable by Panda;  $65,800,000.00 ($68,000,000.00) What
would ENA's 20% interest be valued at?
6.  Section 5(a) - there is a substantive question as to what ENA is
responsible for in connection with the Turbine Contract (I included in
brackets the alternative that was originally in the prototype document and
also the alternative as modified by Kay Mann);
7.  Outside date after which either party could terminate if transaction is
not closed;  7 April 2001?
8.   Date of confidentiality agreement;
9.  Identity of any broker used by Panda or ENA; Tom Young (I don't know if
he represents a brokerage firm).NOT!!!10.  Address for notice to Panda;

4100 Spring Valley, Suite 1001
Dallas, Texas 75244

11.  Confirmation that Purchase Amount is defined in the Turbine Contract;
12.  Confirmation that Commercial Operation is defined in the Turbine
Contract; and
13.  Date of automatic right to put or call the LLC interest.


Attached is summary of the Delegations of Authority Final Rule, RM00-4, Order
No. 613.
The rule is effective January 31, 2000.  As a result of the FERC First
Initiative, positions that
were formerly delegated, no longer exist.  This rule defines respective new
roles of the
Office of Markets, Tariffs and Rates and the Office of Energy Projects.


please save as document in BPA legis file
-- Forwarded Message --

>
>
> Mary -- As we discussed.
>
> Craig
>
>Craig Gannett
>Davis Wright Tremaine
>2600 Century Square
>Building
>1501 4th Ave.
>Seattle, WA 98101
>Ph: (206) 628-7654
>Fax: (206) 628-7699
>E-mail:
>craiggannett@dwt.com
>
>
>> -----Original Message-----
>> From: Gannett, Craig
>> Sent: Monday, July 24,
>2000 4:50 PM
>> To: 'Moeller, Phil';
>'Stier, Jeff'
>> Subject: Colluquy II
>>
>>
>>  Phil and Jeff -- As we
>discussed.
>>
>>  Craig
>>
>>  ****************
>>
>>
>> FEDERAL POWER
>MARKETING
>> ADMINISTRATIONS AND
>REGIONAL TRANSMISSION
>ORGANIZATIONS
>>
>>  Mr. CRAIG.  Mr.
>President, I would like to
>engage in a colloquy with
>> the Chairman of the
>Energy and Water
>Development Appropriations
>> Subcommittee and the
>senior Senator from
>Washington to clarify the
>intent
>> of legislative language in
>Section 319 of H.R.4733.
>>
>>  Mr. DOMINICI.  Mr.
>President, I would be pleased
>to discuss this
>> provision with my friend,
>the Senator from Idaho.
>>
>>  Mr. GORTON.  As would
>I, Mr. President.
>>
>>  Mr. CRAIG.  Mr.
>President, one of the Power
>Marketing
>> Administrations, BPA, is
>working with other
>transmission-owning electric
>> utilities to file with the
>Federal Energy Regulatory
>Commission in October
>> a document evidencing an
>intent to form a regional
>transmission
>> organization in the
>Northwest.  It is my
>understanding that this
>language
>> would give BPA the
>authority to engage in the
>activities necessary to
>> making that filing.  Is that
>correct?
>>
>>  Mr. DOMINICI.  Mr.
>President, the gentleman
>from Idaho is correct.
>>
>>  Mr. GORTON.  I concur,
>Mr. President.
>>
>>  Mr. CRAIG.  It is also my
>understanding that the
>Department of
>> Energy is currently of the
>opinion that no further
>legislation would be
>> needed in order for BPA to
>actually participate in a
>Northwest regional
>> transmission organization.
>However, issues may arise
>as a result of the
>> October filing, or
>otherwise, that would
>necessitate further
>legislation
>> before BPA participates in
>the Northwest regional
>transmission
>> organization.  If such
>legislation is necessary,
>would the Chairman and
>> the Senator from
>Washington be willing to
>work with me to enact it
>> expeditiously, so as to not
>delay the actual operation
>of the Northwest
>> regional transmission
>organization?
>>
>>  Mr. DOMINICI.  I would
>be pleased to work with the
>Senator from
>> Idaho, the Senator from
>Washington, and other
>members of the Northwest
>> delegation to assure
>expeditious enactment of
>any such necessary
>> legislation.
>>
>>  Mr. GORTON.  I, too, am
>committed to prompt
>enactment of such
>> legislation, if needed.  I
>think it is crucial that
>Congress facilitate,
>> rather than impede or
>delay, the formation of a
>regional transmission
>> organization for the
>Northwest.
>>
>>  Mr. CRAIG.  I thank the
>Senators.
>>
>>
>>
>>
>> Craig Gannett
>> Davis Wright Tremaine
>> 2600 Century Square
>Building
>> 1501 4th Ave.
>> Seattle, WA 98101
>> Ph: (206) 628-7654
>> Fax: (206) 628-7699
>> E-mail:
>craiggannett@dwt.com
>>
>>


Rick:  Sorry, I should have sent this to you several days ago.  Is the level
of detail correct on these goals as you look to assimilate these with
others?  I have stated the goals, but not the action plan to achieve the
goals.  I am working on those in some detail right now.   --Sally

Goals for 2000
Global Risk Management Operations

I.  Build/Enhance Operational and Controls Infrastructure to Support:

A.  Merchant Activities

Japan
Southern Cone
Continental Europe
Other regions as identified

B.  Emerging Businesses/Products

Enron Broadband Services
Credit Trading
Other products as identified

C.  Joint Ventures

II.  Strengthen Mid and Back Office Talent and Controls for Global Risk
Management Operations

A.  Establish common operational standards,with effective exception reporting

B.   Strengthen and support the controls mindset in key operational personnel

C.  Develop a plan to identify, develop and provide rotational opportunities
to key operations employees

D.  Continue to coordinate with IT to develop mid and back office systems
that allow for timely and accurate compilation of data across  systems for
risk and business reporting


Everyone,
Please ignore the invitation from the Houston office to complete forms and attend benefits orientation, etc.   We will organize something similar in Canada once we have progressed further along in the process and will communicate with you at that time.  Thanks!


if the good catch you are talking about was the profitability assumptions
being doubled, i didn't catch it.  Pavel did.


----- Forwarded by Miyung Buster/ENRON_DEVELOPMENT on 10/09/2000 10:23 AM
-----

	djcustomclips@djinteractive.com
	10/05/2000 08:12 PM
	Please respond to nobody

		 To: 86464@WCTOPICS.djnr.com
		 cc:
		 Subject: Utilities, Electric: Deregulation: Byers fines will boost renewable
energy

Byers fines will boost renewable energy
TERRY MACALISTER AND PAUL BROWN
?
10/05/2000
The Guardian
Copyright (C) 2000 The Guardian; Source: World Reporter (TM)

Electricity companies will face hefty fines for failing to meet environmental
targets under proposals to be outlined today by the industry secretary,
Stephen Byers.

He will delight the green lobby by ruling out waste incineration from his
definition of "renewables" and by putting the emphasis on new forms of energy
such as wind power.

An early consultation docu ment suggested a "buyout" fee of 2p per
kilowatt-hour for those who failed to buy 5% of their supplies from renewable
sources by 2003 and 10% by 2010. Well-placed sources say Mr Byers has
privately accepted the need to charge a "buyout" fee of 3p per kilowatt hour,
which will anger the electricity companies but please the renewable industry.

"We anticipate this will kickstart our sector, lead to over pounds 5bn worth
of capital investment and create thousands of jobs," said one executive from
a renewable energy company.

Big companies such as National Wind Power, a division of Innogy (formerly
National Power) and PowerGen Renewables will be among the beneficiaries.

Stephen Tindale, chief policy adviser to Greenpeace UK, said dropping
incineration would put the government "back on the right trajectory after a
series of disappointments". But the green lobby admits that further financial
help might be needed and say electricity companies will pass on some of their
extra costs to consumers.

The Department of Environment has had a target of 10% of electricity from
renewables by 2010 for more than two years as part of the government's
manifesto pledge to reduce carbon dioxide emissions by 20% by the same date.
But deregulation has forced the price of electricity down, helping gas-fired
power stations but penalising the less competitive renewable sector.

Folder Name: Utilities, Electric: Deregulation
Relevance Score on Scale of 100: 95

______________________________________________________________________
To review or revise your folder, visit Dow Jones CustomClips or contact Dow
Jones Customer  Service by e-mail at custom.news@bis.dowjones.com or by phone
at 800-369-7466. (Outside the U.S. and  Canada, call 609-452-1511 or contact
your local sales representative.)
______________________________________________________________________
Copyright (c) 2000 Dow Jones &Company, Inc. All Rights Reserved


Cannot wait...

 -----Original Message-----
From: 	Purcell, Mike
Sent:	Monday, June 18, 2001 11:37 AM
To:	Semperger, Cara; Scholtes, Diana; Fischer, Mark; Alonso, Tom; Williams III, Bill; Stokley, Chris; Purcell, Mike; Mallory, Chris; Richter, Jeff; Symes, Kate
Cc:	O'Neil, Murray P.; Belden, Tim
Subject:	Bi-weekly Enpower meeting

Dear Traders,

We will have our regular bi-weekly Enpower meeting this Wednesday at 1 PM in the CASCADE conference room (unless otherwise notified of a conference room or time change).  Please make plans to be in attendance.

Agenda items:

Update on DPR impact for each trading group

Discussion on establishing dollar threshold levels for each group

Discussion on new ideas for timely dispute resolution

The meeting should last 15 - 20 minutes. If you will not be there, please let me know in advance who will be in attendance for your group.

Thanks and see you there!

Virginia and Mike


---------------------- Forwarded by Kay Mann/Corp/Enron on 01/05/2001 11:46
AM ---------------------------

Kay Mann
01/05/2001 11:40 AM
To: lee.johnson@ps.ss.ge.com, kent.shoemaker@ae.ge.com
cc:

Subject: CA Energy Development documents

Lee,

You should be receiving a package shortly containing the following:

1. Changed pages for CA Energy Development I and CA Energy Development II
facility agreements.  These are the same pages that were faxed to you and
Kent a few days ago.  I also included a couple of original pages (73, 74, I
think) which were missing from one of the originals.  This need to be
initialled and executed.
2. Acknowledgement letters for each of CAED I and CAED II which need your
Here's the form:

3. Assignment and assumption agreement to move the equipment from TurboPark
to the CAED I.  There will be one for CAED II as well.  This document is
being reviewed by the bank, so I'm not convinced it is in final form.  You
will note that there is an acknowledgement section for GE.  I cut and pasted
from the consent to assignment from the TurboPark documents, but shortened
the whole thing considerably.  Here's that document:

4.  Signature pages (signed by Enron) from the ESA deal, both the facility
agreement and the override letter.  Obviously, we need your signature.

I will forward the final CA facility agreements to you once again, along with
the blacklines against what you initialled.

Thanks,

Kay


The following reports have been waiting for your approval for more than 4 days.  Please review.

Owner: Luiz T Maurer
Report Name: LM 111301
Days In Mgr. Queue: 12

Owner: Susan J Mara
Report Name: SJM11152001
Days In Mgr. Queue: 9


I will check with our outside counsel concering whether a new petition has
been filed. I am fairly certain there is no new filing. However, the
Plaintiff's  discovery is clearly leading to claims or allegations that Kevin
McConville, an ECT/ENA officer, through his board position and involvement at
NSM Management Co. acted improperly. I wouldn't close your file yet.

	James P Studdert
	08/18/2000 10:58 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: James P Studdert/HOU/ECT@ECT
		 Subject: Farallon Capital Partners, L.P., et al. V. ECT Securities Limited
Partnership, et al.

Richard, Bonnie White advises me that you are handling this matter with
outside counsel.  As you are aware, the underwriters denied coverage on this
matter back in December 1999.  They have now inquired if any Amended
Complaint has been filed that names a Director and/or Officer of Enron and if
no Enron or an Enron subsidiary securities are involved.  If nothing has
changed, they will go on and close their file.  Please advise if there is
anything new to report.


can you email the three budgets , zws, cap, main
i lost them

 -----Original Message-----
From: 	Wei, Zhiyong
Sent:	Tuesday, October 09, 2001 5:36 PM
To:	Gossett, Jeffrey C.
Cc:	Storey, Geoff
Subject:	RE: Consolidated Gas System Document

Jeff and Geoff,

For the detailed requirements I need to talk to both of you. Let's have a meeting to talk about the correct valuation for all physical deals including storage and transport. I will schedule it. I was going to schedule the meeting for the detailed requirements after the State Of Work is signed.

Thanks

Zhiyong

 -----Original Message-----
From: 	Gossett, Jeffrey C.
Sent:	Tuesday, October 09, 2001 2:11 PM
To:	Wei, Zhiyong
Cc:	Storey, Geoff
Subject:	RE: Consolidated Gas System Document

Additions from G. Storey -

1. Confirmations
2. Correct valuation of storage
3. physical option valuation

JG
 -----Original Message-----
From: 	Gossett, Jeffrey C.
Sent:	Tuesday, October 09, 2001 8:37 AM
To:	Wei, Zhiyong
Cc:	Storey, Geoff
Subject:	RE: Consolidated Gas System Document

Zhiyong -

I have looked over the consolidated gas system inception document.  Here are a few questions/observations:

1.  Value all physical deals.  Not just current month.  This will require logistics to enter all forward transport rather than just current month.  (This is not an issue,  just needs to be addressed as we go)

2.  Term transport in new physical system would require spread option model to be in place.

3.  Storey -  Would all term transportation be a spread option and we would set the correlations to one if there was no optionality?

4.  CPR is currently used as a back up if Sitara goes down.  What would we do if the new system goes down?

5.  What is the functionality to downstream systems going to look like?  (Risktrac - V@R, credit)

6.  Will calculations be performed from the same new system as Global Markets?

7.  What will happen if:  There is a fixed price physical deal where the risk components are split?

Example: Price : NG-PRICE		Basis: FT-WEST		Index: INTRA-WEST

 -----Original Message-----
From: 	Wei, Zhiyong
Sent:	Monday, October 08, 2001 5:15 PM
To:	Gossett, Jeffrey C.
Subject:	Consolidated Gas System Document

Jeff,

Please see the attached file for the document of Consolidated Gas System project. I appreciated any comments.

Thanks

Zhiyong

 << File: CGS-Statement of Work.doc >>


what field are we on tonight?


Phone with questions.  Co-ordinate with Carmel Burke (Fin Ops) if you still
wish to phone in for the meeting.
---------------------- Forwarded by Steve W Young/LON/ECT on 11/12/2000 18:48
---------------------------

Carmel Burke
06/12/2000 15:18
To: Steve W Young/LON/ECT@ECT
cc: Stephen Wood/LON/ECT@ECT, Duncan Webster/LON/ECT@ECT

Subject: RAC final pack

Hi Steve,

I am attaching the final version of your 2001 plan so that you get a chance
to review it before our meeting on Monday.

The new pack reflects any changes that were discussed at our last meeting,
namely  a reduction in training courses to 2 per person and an increase in
economy versus business flights .

I have also revisited the 2000 forecast and adjusted where necessary to
reflect most recent running rates. I have  changed the 2000 headcount figures
to reflect November actuals and have assumed no new starters in December so
if this is inaccurate I will need to amend here.

You will need to view the "direct" and "rsc" sheets to see the information.

Let me know if you have any problems.

Many Thanks

Carmel


fyi
---------------------- Forwarded by Phillip Platter/HOU/ECT on 01/11/2001
03:05 PM ---------------------------
From: Phillip Platter on 01/11/2001 08:28 AM
To: David Poston/PDX/ECT@ECT
cc: Carla Hoffman/PDX/ECT@ECT
Subject: Scheduling Wheelabrator

fyi
---------------------- Forwarded by Phillip Platter/HOU/ECT on 01/11/2001
10:34 AM ---------------------------
From: Kourtney Nelson on 01/10/2001 05:29 PM
To: Jeff Richter/HOU/ECT@ECT, Phillip Platter/HOU/ECT@ECT, Chris
Mallory/PDX/ECT@ECT, Carla Hoffman/PDX/ECT@ECT, Jeremy Morris/PDX/ECT@ECT
cc: Portland Shift, Volume_Management_Portland
Subject: Scheduling Wheelabrator

When you are scheduling the two Wheelabrator units, please use the following
counterparties in CAPS:

MARTEL_2_AMFOR:  Wheelabrat
WSENGY_1_Unit 4:  WheelSHAST

We account for these separately and thus they need to be scheduled as two
separate entities.

In Enpower there are two counterparties set up as well:

MARTEL_2_AMFOR:  WHEELABRMA
WSENGY_1_Unit 4:  WHEELABRSH

Thanks and let me know if you have any questions,

Kourtney


Murli,

Great to hear from you.  I'm glad you accepted the offer - I'm sure you'll
enjoy you're experience at Enron.  Good luck during your final semester.

Kevin


Ken Lay made a speech this morning concerning the domestic natural gas
market.  We're putting the speech (actually the slides from which Ken gave
the speech) on the web, accompanied by this press release.
----- Forwarded by Mark Palmer/Corp/Enron on 09/20/2000 01:17 PM -----

	Cindy Derecskey
	09/20/2000 01:17 PM

		 To: Mark Palmer/Corp/Enron@ENRON
		 cc:
		 Subject: Lay Release


If you are looking to feed and challenge your faith, visit
Crosswalk.com's Spiritual Life Channel at:
http://spiritual.crosswalk.com
-----------
T O D A Y    G O D    I S    F I R S T
                  Marketplace Meditations
                       by Os Hillman

Sacrificing at What Cost

..."I will not sacrifice to the Lord my God burnt offerings that
cost me nnothing."
- (2 Samuel 24:24)

One day I was having lunch with a man who had a certain amount of
notoriety in his life. After a time of getting to know each
other, he said, "How can I help you?" Those words surprised me
coming from a man who obviously already had many requirements on
his time. My first thought was that I was impressed with the
individual. My next thought was to wonder whether it was a
genuine offer or just an effort to impress me with his humility
and Christian piety. I have since discovered he was sincere.

This encounter reminded me that each of us must be willing to
give to others without a motive to get anything in return. It is
simply an act of serving others. Jesus said that we must consider
others more important than ourselves. When is the last time you
did something for another without a motive of getting anything in
return?

When King David came to offer a sacrifice and pray for the
removal of a plague on Israel, he was given the opportunity to
make the sacrifice without the cost of purchasing the sacrificial
animals.

But the king replied to Araunah, "No, I insist on paying you for
it. I will not sacrifice to the Lord my God burnt offerings that
cost me nothing." So David bought the threshing floor and the
oxen and paid fifty shekels of silver for them. David built an
altar to the Lord there and sacrificed burnt offerings and
fellowship offerings. Then the Lord answered prayer in behalf of
the land, and the plague on Israel was stopped (2 Samuel
24:24-25).

David, understanding the principle of giving, said he could not
offer anything to God that did not cost him something. Otherwise,
it was not a sacrificial gift.

When is the last time you sacrificed for another that it cost you
something with no expectation of getting anything in return? We
can all give something to others, such as our time, our money, or
our expertise. This is real Christianity that models the Spirit
of Christ. The next time you meet with someone, why not consider
how you might be a blessing to that person. Why not ask, "How can
I help you?"

Published and distributed by Crosswalk.com, this daily devotional is
written by Os Hillman (os@marketplaceleaders.org).  Os is president of
Marketplace Leaders, an Atlanta based ministry teaching Biblical
principles for career and business success.  He offers a FREE newsletter
and other resources at:
http://www.marketplaceleaders.org

Order "TGIF: Today God I s  First" - 365 daily meditations to motivate
and inspire for $17 for TGIF subscribers. Click here to order:

http://www.marketplaceleaders.org/displayroom/skudetail.nhtml?uid=10055

To support Os Hillman  & Marketplace Leaders , click:
 https://nhf.org/applications/donate.htm?FDN=Marketplace%2BLeaders

Mail: 3520 Habersham Club Drive, Cumming, Georgia 30041 USA.

____________________SUBSCRIPTION INFO_______________________

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____________________________________________________________


I've reviewed the IGS market development agreement pursuant to your request.
It expires 2/29/00.  The agreement requires the parties to meet 90 days prior
to that date for the purpose of discussing an extension but does not obligate
us to agree to any such extension.

As you know, I have a conflict tomorrow at 10, but would be happy to provide
any other information you need for the meeting.


----- Forwarded by Steven J Kean/NA/Enron on 11/08/2000 11:14 AM -----

	Sanjay Bhatnagar@ENRON_DEVELOPMENT
	11/08/2000 12:41 PM

		 To: Steven J Kean/NA/Enron@ENRON
		 cc:
		 Subject: Re: Draft of organization announcement

Steve:

I am discussing this draft below with Jeff Skilling. The present draft was
not agreed with me. I will get back wih you after my discussion with him.

Sanjay Bhatnagar, currently CEO of Enron India, has joined EBS as CEO for the
Middle East and Asia region. Sanjay will be responsible for building our
broadband business in this region and the current EBS team in the region will
report to Sanjay.  In this role, Sanjay will report to the EBS office of the
Chairman.  In addition, Sanjay will continue to remain responsible for Enron,
s wholesale energy business in India and will work at transitioning this
business into Enron Global Assets by March 31st, 2100 and integrating the
India Communication business into EBS.

Sanjay


There are discussions ongoing today.  Karen Jones and Sheila are working it,
and I haven't seen a recent draft.  It should be ready by Friday.

Kay


Thanks for the update, Vince.   I have been trying to discuss this with you
for several days, but I know that you have been very busy.   Jaesoo told me
that he wanted a base of $90K rather than the $85K which you had authorized
me to offer him, and I told him that I would have to discuss it with you and
get back to him.   I am glad that he has seen his way a little more clearly,
and I will call him tomorrow to finalize the offer.

Vince J Kaminski
11/07/2000 05:29 PM
To: Molly Magee/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Thanks

FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/07/2000
05:36 PM ---------------------------

jlew <jlew@kent.edu>@kent.edu> on 11/07/2000 07:19:20 AM
To: Vince.J.Kaminski@enron.com
cc: jlew@kent.edu
Subject: Thanks

Dear Dr. Kaminski

First of all, I would like to thank you for the offer from the Enron.
I really appreciate it.

Molly and I talked about the salary the other day, but to be honest with you,
I'm pleased with the possibility that I can work there where I want to work
and the salary is the next.
If this matter bothers you, please ignore it. I can accept the original offer.

I'm looking forward to seeing you soon.

Sincerely,

Jaesoo


Colleagues:

I am re-forwarding Gloria's memo on Illinois for your information.

Brgrds

AI
 -----Original Message-----
From: 	Ogenyi, Gloria
Sent:	Thursday, November 08, 2001 12:28 PM
To:	Bradford, William S.; Kingerski, Harry; Hughes, Evan; Fite, Rebecca; Frederking, William; Tribolet, Michael; Gorte, David; Gahn, Scott; Wood, James M.; Dietrich, Janet; Ibrahim, Amr; Steffes, James D.; Shapiro, Richard; Nicolay, Christi L.; Herndon, Rogers; Sharp, Greg; Merola, Jeff; Bertasi, Ron; Hetrick, Nancy; Dietrich, Sarah
Cc:	Buerger, Rubena; Barnes, Lynnette
Subject:	IMPORTANT: Illinois - Creditworthiness Issues

Unlike TX, creditworthiness standards for Alternative Retail Electric Suppliers (ARES) in IL is not uniform accross utility lines. The creditworthiness standards vary by utility, and also depends on the billing option chosen by the ARES. However, the single billing option (SBO) has creditworthiness standards that have general application because SBO certification is an ICC responsibility with uniform qualification criteria. All the applicable credit requirements set out below are cumulative.

Enron's Credit Rating of BBB(S&P), and Baa2(Moody's)
General Creditworthiness: Under Section 451.50 Subchapter C of the IL Admin. Code, as part of the qualification as an ARES all applicants must fulfill a general license bond requirement. In IL, EES is licensed to serve nonresidential retail customers with maximum electrical demand of 1MW or more. To secure this license, EES was required to post bond in the sum of $30,000. The bond is valid for one year, and conditioned on the full and faithful performance of all duties and obligations of EES as an ARES. If the license bond is cancelled, modified, expires or is drawn upon, EES must execute and maintain an additional or replacement bond, such that the cumulative value of all outstanding bonds never falls below the required amount. The EES license bond expired on June 2001. EES must issue another bond or provide an extension certificate up to June 2002, and annually thereafter.

Registration Under SubPart B:
EES is registered as an ARES under Subpart B of Section 451.100 - expedited certification for ARES that seek to serve only non-residential customers with maximum demand of  1MW or more. Subpart B has additional financial qualifications
	1. To maintain certification under Subpart B, EES needs to maintain at least one of the following long-term credit ratings of BBB- (S&P), Baa3 (Moody's), BBB- (Duff 	& Phelps), or BBB- (Fitch); or

	2.  Maintain a borrowing agreement with an affiliate that has the above ratings. The amount of credit available to EES under the borrowing agreement shall
	not be less than $500,000 or 5% of EES' revenue for last fiscal year; or

	3. Show that the EES obligations arising from electric energy and fuel purchases are covered by an unconditional guaranty, bond, or LC, in an amount not less than  	$500,000 or 5% of EES's revenue for the last fiscal year; or

	4. Certify that it will reimburse its IL retail customers for additional costs they incur to acquire electricity upon EES' contractual failure. This certification shall be 	covered by an unconditional guaranty, bond, or LC in the sum of 1080 times the maximum MW EES estimates to schedule in the next 12 months, multiplied by the 	average of the 45 highest daily market prices of energy traded in the previous year; or

	5. EES maintains a  line of credit or revolving credit agreement in the amount of $500,000 or 5% of its revenue for last fiscal year, from an "A" rated financial 	insitution; or

	6. EES earns 12 points on the financial ratios - pre-tax interest coverage, funds from operations interest coverage, funds from operations to total debt, and total debt 	to total capital.

Enron's Credit Rating and downgrades: To satisfy the Subpart B requirements, EES provided an unconditional guaranty from Enron Corp. Given our current credit rating of BBB(S&P) and Baa2 (Moody's), that guaranty is still valid. However, if Enron Corp is downgraded below the required credit level, EES will have to provide any of the above alternative forms of creditworthiness.

IMPACT: The above creditworthiness requirements relate to EES's ability to do business in IL. Failure to maintain the foregoing standards will result in the loss of our IL license. This will trigger contractual default for all our customers, both financial and physical. Please note that, EES is out of compliance on the license bond and needs to post a new bond ASAP.

Single Bill Option:
Pursuant to Section 451.500, Subpart F, any ARES that chooses the Single Bill Option (SBO), must demonstrate ability to establish and maintain sufficient financial resources to satisfy the obligation to remit to the utilities, monies that it collects under the SBO tariff. To satisfy these additional creditworthiness standards, EES must either:
	1. Post and maintain bond in the amount of 15% of its estimated obligation to the utility under the SBO

	2. Provide an irrevocable LC issued by a financial insitution with an "A" rating

	3. Maintain at least the following long term credit ratings, a BBB- (S&P), Baa3 (Moody's), BBB-(duff &Phelps, BBB- (Fitch)

	4. Provide an unconditional guaranty from an affiliate with the above ratings.
Enron's Current Rating: EES is currently working to obtain ICC certification under the SBO tariff. This means that EES must maintain the minimum long term credit ratings set out in 3, or provide a guaranty from an affiliate with those ratings. EES is not rated. However, given Enron Corp's current credit rating of BBB and Baa2, a parental guaranty will suffice to meet the qualification under the SBO tariff.

Further Downgrades: If Enron Corp is down graded below the required minimum ratings, EES will need to provide a bond or LC, or forego the SBO option.

IMPACT: EES will continue to do business in IL as an ARES. Thus EES will maintain its ability to service its customers both financial and physical. However, there could be substantial impact on EES customer service and operation, particularly our ability to meet customer expectations and timely collect outstanding receivables.

Instrument Fund Charges: (akin to stranded costs)
Under the Illinois tariffs, EES can choose annually, one of two remittance timelines for IFC charges. (1) To remit IFC charges within 7 days of receipt of customer payment, or more frequently as required; or (2) within 15 days of utility invoicing, whether or not customer has paid. If EES chooses the 2nd option, it has to provide a security deposit equal to one month's estimated IFC charges for all EES' customers. Deposit amount will be determined based on monthly KW customer usage, and the IFC charge per KWH. If the expected IFC charge for EES' customers is $5,000,000 or more, this deposit amount will be revised monthly.

If EES chooses the 2nd option - remittance of bills within 15 days of utility invoicing, we will be required to provide the deposit.

IMPACT: This deposit requirement for the IFC charges relate to Illinois Power customers and not to ComEd. For ComEd, IFC charges nets out to zero, and customers do not pay those charges. EES is currently doing business as a billing agent in IP's service territory, and is required to execute the Billing Agent Agreement which will implement the deposit requirement. If EES chooses the first remittance option, it will avoid the deposit requirement. However, this may have operational implications.


FYI
----- Forwarded by Sara Shackleton/HOU/ECT on 07/24/2000 11:20 AM -----

	Jaime Williams@ENRON
	06/13/2000 08:18 PM

		 To: Jeff Blumenthal/HOU/ECT@ECT
		 cc: Mario Parra Cardoso/Corp/Enron@Enron, Susan Helton/HOU/ECT@ECT, Alberto
Carreno/NA/Enron@ENRON, Rod Nelson/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT,
Sara Shackleton/HOU/ECT@ECT
		 Subject: EOL list

Jeff, I am sending you the specific information of the indexes and products
that we believe our customers would be trading on EOL.....Please take a look
at the file attached, and the page with Index Definitions, for the
information you are looking for. The trades will be performed based on
indexes taht already exist in OEL, so no new Mexican Indices will be
included.   Please note however, that the mexican gas is priced in Mexico on
the basis of the Tetco/Valero basket. So, most probably, that same basket
will be included in the system to accomodate to our customer's needs.
Please note that Carol St Clair will be helping us on the legal aspects of
including Mexico into the EOL system.
Thanks and regards.

---------------------- Forwarded by Jaime Williams/NA/Enron on 06/13/2000
05:37 PM ---------------------------

Alejandro Montemayor
06/13/2000 03:32 PM
To: Jaime Williams/NA/Enron@ENRON
cc:

Subject: EOL list

Jaime
Aqui te mando el archivo de la lista de clientes EOL, en el mismo archivo ya
esta la descripci?n de cada uno de los productos. Son tres los productos que
no estan en EOL: el promedio Tetco y PG&E; el poliestireno y el PET.

Por otro lado para el polietileno esta la descripci?n para el LLDPE.

Si se requiere alg?n cambio solo avisame.
Saludos

Alex