Bob, see the quote about $83 /5-yr power

GAC

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Moody's:Won't Downgrade Calif Utils To Junk Before Jan 4

12/22/2000
Dow Jones Energy Service

(Copyright (c) 2000, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Moody's Investors Service doesn't expect to reduce the
debt ratings of California's two largest utilities below investment grade
status before state regulators meet on a rate hike on Jan. 4.
But the ratings agency said in a press release Friday that it might still cut
the ratings of PG&E Corp. (PCG) unit Pacific Gas & Electric and Edison
International (EIX) unit Southern California Edison next week to a level
short of speculative status, and set strict terms for what it would consider
a favorable ruling by regulators on Jan. 4.

"Moody's will continue to review for possible downgrade the ratings of
Southern California Edison Company and its parent, Edison International, and
the ratings of Pacific Gas and Electric Company and its parent, PG&E
Corporation, and may take additional rating action next week prior to the
January 4th meeting," Moody's said. "However, it is not anticipated at this
point that any rating action taken prior to the January 4th meeting would
result in the ratings of the utilities or their respective parents falling
below investment grade."

Southern California Edison and Pacific Gas & Electric have lost a combined $8
billion since May buying wholesale power at prices that far exceed the fixed
rates they're allowed to charge their customers.

Between one-third and one-half of that figure is offset by profits from power
plants the utilities still own, but the net losses are substantial and
mounting. Both utilities have said they soon will become unable to continue
buying power for their customers if the situation persists.

Ratings agency Standard & Poor's warned Wednesday that both utilities face
imminent default and a downgrading of their debt ratings to junk-bond status
unless California officials acted immediately to raise rates and restore the
utilities to liquidity.

On Thursday, the California Public Utilities Commission agreed rate hikes
were needed.

"We believe that retail rates in California must rise," the commission said
in a written statement. "It is our intent to maintain the utilities' access
to capital on reasonable terms."

But the commission deferred a final ruling on rates until Jan. 4, pending
hearings on the matter scheduled for next week.

Standard & Poor's wasn't immediately available to comment on the decision.

Moody's said Friday that the PUC's decision was a "necessary first step" in
restoring the utilities to financial viability. Comments by the PUC and other
officials indicated their desire to maintain the utilities' investment-grade
status, Moody's said.

But Moody's set strict terms for what must come out of the PUC's Jan. 4
meeting if the utilities are to avoid being downgraded to speculative status.

"Specifically, at that meeting, the utilities need to obtain the right to
immediately raise rates by a sizeable amount and must obtain the unquestioned
and unambiguous ability to recover past and future wholesale procurement
costs," Moody's said. "The failure by the CPUC to act in a prompt and
constructive way around these two issues could result in the utilities'
ratings being downgraded to below investment grade."

Such a downgrade would hurt the utilities' ability to fund power purchases
and day-to-day operations, Moody's said.

-By Andrew Dowell, Dow Jones Newswires; 201-938-4430;
andrew.dowell@dowjones.com

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POWER POINTS: Calif Utils Won't Fail; Competition Will
By Mark Golden

12/22/2000
Dow Jones Energy Service

(Copyright (c) 2000, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column <~>
NEW YORK -(Dow Jones)- Fans of the movie "Erin Brockovich" have been tempted
to fantasize about executives from California's two main investor-owned
utilities, PG&E Corp. (PCG) and Edison International (EIX), heading to
bankruptcy court.

Dream on.

True, this week the utilities didn't get either of the two things they need
to escape the astronomically expensive spot market for electricity in
California: a rate increase and long-term contracts with independent
generators at prices they can afford under new rates. With lending sources
virtually dry, both utilities have said they are about to run out of the cash
needed to continue buying electricity in the spot market.

But hearings on a rate increase are scheduled to resume next week followed by
the California Public Utilities Commission vote on Jan. 4, and long-term
contract negotiations are to resume Jan. 3.

Both negotiations are likely to succeed in keeping the companies afloat
because almost all parties would lose with the utilities under Chapter 11
protection and because the price to save the utilities isn't that high. The
rate increase decision was postponed Thursday because California Governor
Gray Davis and his CPUC are trying to give the corporations only what they
need to survive and not a penny more. If Davis succeeds - he is insisting on
an independent audit of the holding companies and all subsidiaries -
shareholders can expect to see their dividends cut.

Sorting out the finances of the $21 billion PG&E, which is the 73rd largest
U.S. company, and $10 billion Edison International must be daunting.

But here are the basics: First, the utilities have to get out of the spot
market. SCE charges residential and small commercial customers 12 cents a
kilowatt-hour, of which 6.6 cents - or $66 a megawatt-hour - goes for
electricity. The rest covers transmission and distribution, some other costs
and the utility's profit.

In the day-ahead and spot market, where SCE has been buying almost half the
power it needs, the utility has been paying about $350/MWh. Rates, obviously,
won't be tripled so that SCE can continue to buy power in the spot market.

But the company can purchase five-year supply contracts at about $78/MWh
currently, which it could do with a mere half-cent increase in rates. Since
the company is already making plenty of money on the coal-fired and nuclear
generators that it owns, a half-cent increase on all the electricity it sells
could be applied to all of its outside purchasing, which comes to an extra
$10 a megawatt-hour.

Edison International is in a more dire immediate cash situation because the
utility is two-thirds of the parent company, but Pacific Gas & Electric faces
a more difficult situation operationally. PG&E gets only 5.4 cents/KWh, or
$54/MWh, from customers for electricity, while wholesale prices in northern
California are more expensive than in southern California. Finally, PG&E has
to buy about two-thirds of the power it needs in the wholesale market,
compared to SCE's 50%, because it sold off more of its power plants, as
dictated by deregulation legislation, more quickly than SCE.

Still, PG&E could pick up five-year supply contracts at about $83/MWh. A
two-cent increase to its basic rate of 10 cents would give PG&E $30 more per
megawatt-hour - or $85/MWh - to spend on power purchases.

But a 20% increase may not be necessary. The governor's staff needs to find
out the details on the substantial long-term deals PG&E had the foresight to
sign back in October. Those deals were done at less than $55/MWh, and they
kick in Jan. 1.

The governor's staff may also look at the unexpectedly high profits from
SCE's and PG&E's nuclear power plants. The utilities have cut costs at the
plants, so instead of making just 6% return on capital, the utilities have
been getting a net gain of 30% on nuclear revenues, according to Bob
Finkelstein of The Utilities Reform Network. If the utilities say
deregulation decisions such as the rate freeze must be reexamined because
they are bankrupting the utilities, then, TURN says, the deregulation
decisions that have resulted in unexpected gains for the utilities should be
looked at, too.

Nevertheless, retail competition in California is dead for another five
years. The utilities get their modest rate increases with the insistence that
they lock up their needed supplies under long-term contracts. The contracts
will be approved by the CPUC, which means the utilities are guaranteed to be
paid for the costs even if wholesale power prices fall below $80/MWh in three
to four years, as expected.

The only way to ensure that the utilities get paid is to add a new
"non-bypassable" transition cost to customer bills for five years, which
means that even if a customer chooses an alternate power supplier, they will
still be sending money back to PG&E and Edison to pay for this year's
debacle.

The current non-bypassable charges, which are scheduled to end in March 2002,
are what has killed retail competition since 1997. Competitors can't offer
much in the way of savings, so almost nobody bothers to switch.

Electricity traders and regulators wonder why the utilities keep buying so
much power at the last minute through the Independent System Operator, which
will pay almost anything to keep the lights on. Right now, the ISO is paying
$700/MWh for power that readily could have been bought Thursday for $400/MWh.

This practice over the past six months has run up Edison's debt to a
projected $2.3 billion at the end of December and PG&E's to $4 billion.
(Edison overstates its real losses by 50%; PG&E, by 33%.)

So, for about $6 billion dollars, the utilities will get a rate increase and
four more years of protection from competition in their $20 billion business.

These guys are good.

Was all this intentional? Go ask Erin Brockovich.

-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

Article 3   Next Article  Previous Article   Return to Headlines

Industry Watchers Confident About Rate Increase for California Utilities

12/22/2000
Dow Jones Business News

(Copyright (c) 2000, Dow Jones & Company, Inc.)

NEW YORK -- Some observers now believe that troubled California utilities
Edison International and PG&E Corp. will get some relief at the start of the
new year after state regulators at least opened the door to electricity-rate
increases the two utilities said they need to stay in business.
Many expect the California Public Utility Commission to authorize a rate
increase at a scheduled Jan. 4 meeting. ABN Amro Inc. analyst Daniel Ford was
so optimistic he upgraded Edison shares to "buy" from "hold."

Shares of the two companies, which own the state's largest utilties, hit
52-week lows Thursday. In midday trading Friday on the New York Stock
Exchange, PG&E (PCG), which owns Pacific Gas & Electric, was up $1.06, or 6%,
to $19.31 while Edison International (EIX), parent of Southern California
Edison, was flat at $14.94.

On Thursday, the California PUC tried to reassure jittery credit markets that
they won't let the state's big utilities go broke. Still they stopped short
of ordering the kind of immediate relief utilities and their lenders want:
rate increases big enough to cover exploding wholesale power costs in the
state's deregulated energy market.

Instead, the California PUC ordered audits of utility records and scheduled
hearings for next week, needed to provide a legal basis for eliminating a
rate freeze that has protected most consumers from spiraling wholesale power
costs.

Soaring power costs in supply-short California have produced a political
crisis in the state, which four years ago led the nation in deregulating its
power industry. Wholesale electricity for delivery Sunday and Monday in the
West sold for $200 to $400 a megawatt-hour Thursday, about 10 times its
year-ago level.

Edison Internaitonal's Southern California Edison unit and PG&E's Pacific Gas
and Electric Co. have said they are more than $8 billion in debt due to the
price they must pay for electricity and the inability to pass on the higher
costs to consumers due to a state-mandated freeze. Between one-third and
one-half of that figure is offset by profits from power plants the utilities
still own in the state, but the net losses are substantial and mounting.

Both utilities have said they soon will become unable to continue buying
power for their customers if the situation persists. Earlier this week
ratings agency Standard & Poor's warned that both utilities face imminent
default and a downgrading of their debt ratings to junk-bond status unless
California officials acted immediately to raise rates and restore the
utilities to liquidity.

The utilities' deteriorating credit situation has left some generators
reluctant to supply power to California without guarantees they'll be paid.
The Department of Energy has issued an emergency order requiring power
suppliers in the West to sell uncommitted electricity to California on demand
until Dec. 28.

Consumer groups, which say the utilities are overstating their financial
woes, decried the PUC decision.

According to Mr. Ford, the utility's fate now rests in the hands of the
Standard & Poor's. He expects S&P to downgrade Edison's utility debt by "a
notch or two to keep politicians honest," but stop short of giving the
companies junk bond ratings.

Another ratings concern, Moody's Investors Service, said it doesn't expect to
reduce the debt ratings of the two utilities below investment grade status
before regulators meet on Jan. 4. Moody's said it might cut the ratings next
week to a level short of speculative status, and set strict terms for what it
would consider a favorable ruling by regulators.

Copyright (c) 2000 Dow Jones & Company, Inc.

All Rights Reserved.

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Consumer Grps Oppose Calif PUC Hint Will Raise Util Rates

12/22/2000
Dow Jones Energy Service

(Copyright (c) 2000, Dow Jones & Company, Inc.)

<~> (This article was originally published Thursday) <~>
LOS ANGELES -(Dow Jones)- Two consumer advocate groups Thursday objected to a
California Public Utilities Commission order suggesting it will decide Jan. 4
to increase retail electricity rates for customers of the state's two largest
investor-owned utilities.

"We believe that retail rates in California must rise. It is our intent to
maintain the utilities' access to capital on reasonable terms," the order
says.

Spokesman Bob Finkelstein of San Francisco-based The Utility Reform Network
said such statements indicate the PUC is "kowtowing to Wall Street" rather
than protecting ratepayers.

Michael Shames, spokesman for San Diego-bas notion that rate increases are
inevitable, which isn't a position anyone in the consumer movement takes,"
Shames said.

The PUC will hold evidentiary hearings Dec. 27 and Dec. 28 on a rate
stabilization plan by Edison International (EIX) unit Southern California
Edison and PG&E Corp. (PCG) unit Pacific Gas & Electric Co.

The utilities have said they are more than $8 billion in debt due to an
inability to pass higes the PUC has something in mind to do, but they need to
claim they had a public process before doing it," Finkelstein said.

The PUC also will look into claims by the two consumer groups that the
utilities aren't as financially strapped as they say. The utilities' debt due
to "undercollections" is counterbalanced by a separate account of proceeds
from the sale of stranded assets, the consumer groups say.

-By Jessica Berthold, Dow Jones Newswires; 323-658-3872;
jessica.berthold@dowjones.RES1771

Calif Ruling On Pwr Rates Leaves Util Credit In Question

12/22/2000
Dow Jones Energy Service

(Copyright (c) 2000, Dow Jones & Company, Inc.)

(This article was originally published Thursday) <~> By Andrew Dowell <~> Of
DOW JONES NEWSWIRES <~>
NEW YORK -(Dow Jones)- California regulators opened the door Thursday to the
retail rate hikes the state's two largest utilities say they need to stay in
business.

But they failed to take decisive action needed to settle the question of
whether PG&E Corp. (PCG) unit Pacific Gas & Electric and Edison International
(EIX) unit Southern California Edison will be able to sustain the mounting
costs of buying wholesale power for their customers.

Ratings agency Standard & Poor's warned Wednesday that both utilities face
imminent default and a downgrading of their debt ratings to junk-bond status
unless California officials acted immediately to raise rates and restore the
utilities to liquidity.

On Thursday, the California Public Utilities Commission agreed rate hikes
were needed.

"We believe that retail rates in California must rise," the commission said
in a written statement. "It is our intent to maintain the utilities' access
to capital on reasonable terms."

But the commission deferred a final ruling on rates until Jan. 4, pending
hearings on the matter scheduled for next week.

The utilities welcomed the possibility of a rate hike, but expressed concerns
that the commission hadn't acted decisively enough.

"This is a significant change in the commission's approach," said PG&E Corp.
spokesman Shawn Cooper. "The real question is whether the action they are
taking today will inspire confidence in the financial community to allow us
to continue to provide power to our customers. Hopefully, the financial
community will take the commission action seriously enough to wait until Dec.
27 and 28 to make a decision on our credit rating."

Southern California Edison said in a statement that it "wished the commission
had acted more decisively."

Standard & Poor's wasn't available to comment on how the PUC's action might
affect its outlook for the utilities.

Shares in PG&E Corp. and Edison International plunged to 52-week lows
Thursday ahead of the commission's ruling, which was expected.

     Utilities' Power-Market Losses Continue To Mount

Soaring power costs in supply-short California have produced a political
crisis in the state, which four years ago led the nation in deregulating its
electric utility industry. Wholesale electricity for delivery Sunday and
Monday in the West sold for $200-$400 a megawatt-hour Thursday, about 10
times its year-ago level.

The utilities have lost a combined $8 billion since May buying wholesale
power at such prices, which far exceed the fixed rates they're allowed to
charge their customers.

Between one-third and one-half of that figure is offset by profits from power
plants the utilities still own in the state, but the net losses are
substantial and mounting. Both utilities have said they soon will become
unable to continue buying power for their customers if the situation
persists.

Southern California Edison, which said this week it won't be able to pay a
power bill that comes due Jan. 4, said in a statement Thursday that it will
soon adopt a "cash preservation" plan that could involve layoffs and cuts in
operations. Company executives were in talks with bankruptcy attorneys
Thursday to plan their next move, a Southern California Edison executive
said.

The utilities' deteriorating creditworthiness has left some generators
reluctant to supply power to California without guarantees they'll be paid.
The U.S. Department of Energy has issued an emergency order requiring power
suppliers in the West to sell uncommitted electricity to California on demand
until Dec. 28.

Consumer groups, which say the utilities are overstating their financial
woes, decried the PUC decision.

"The most disturbing part is this notion that rate increases are inevitable,"
said Michael Shames, spokesman for San Diego-based Utility Consumers Action
Network.

The utilities were seeking rate increases of up to 30%. State officials were
reluctant to accept anything beyond 10%, an amount analysts said is
insufficient.

The commission said it deferred its decision on the matter to create time for
evidentiary hearings and an independent audit to determine how much of an
increase is needed.

Consumer groups, however, were skeptical.

"It is clearly a sham procedural course that indicates the PUC has something
in mind to do, but they need to claim they had a public process before doing
it," said Bob Finkelstein, spokesman for The Utility Reform Network.

The Cambridge Energy Research Associates said Thursday that California faces
another three years of high electricity prices and possible blackouts,
because the state's piecemeal response to the power crisis has discouraged
the development of new generating capacity.

-By Andrew Dowell, Dow Jones Newswires; 201-938-4430;
andrew.dowell@dowjones.com

(Jason Leopold, Mark Golden and Jessica Berthold contributed to this article.)

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SoCal Gas Inventories Low, But Interruptions Doubtful
By Pat Maio

12/22/2000
Dow Jones News Service

(Copyright (c) 2000, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES <~> (This story was originally published late
Thursday.) <~>
LOS ANGELES -(Dow Jones)- Unlike the almost daily threats of rolling
blackouts from the electricity industry in California, the possibility of
natural gas interruptions is unlikely even though reserves are historically
low, said a company executive of Southern California Gas Co.

SoCal Gas is the gas distribution unit of San Diego-based Sempra Energy
(SRE), and serves 5 million customers.

Reserves of natural gas stored in four underground rock formations scattered
throughout Southern California are at lower levels than what SoCal Gas
normally maintains, said Anne Smith, vice president of customer service and
marketing at SoCal Gas, in a phone interview with Dow Jones Newswires.

SoCal Gas entered its winter season on Nov. 1 with 63 billion cubic feet of
gas in storage, about 30 Bcf less than its previous heating seasons, Smith
said.

The lower reserve levels are due to power plants in California siphoning out
the gas at unprecedented levels, she said.

The plants burn strictly gas, and are trying to meet the intense electrical
demand this winter after the state's certain source of power from hydro
generators in the Pacific Northwest had evaporated.

Lack of rain in the region this year is to blame for the hydro cutbacks,
Smith said.

As well, a cold snap in November, coupled with SoCal Gas's decision to buy
less gas this past summer for reserves, didn't help matters.

Smith isn't worried about the lower levels of gas in the company's storage
areas, which can hold up to 105 Bcf.

The cold weather in November forced SoCal Gas to pull out of storage about 13
Bcf in November, leaving a total of 50 Bcf, Smith said.

The stored gas is purchased as a hedge to protect the company from
fluctuations in natural gas prices -- which this month have soared to as high
as $60 per million British thermal units on the spot market.

For the most part, SoCal Gas imports its gas from out-of-state regions in
Texas and New Mexico via pipelines owned by El Paso Natural Gas Co. (EPG) and
Enron Corp.'s (ENE) Transwestern pipeline.

El Paso and Transwestern are keeping up with demand, and report that their
pipelines are filled to the near the brim.

Over the past few weeks, Smith said it is pushing out through its system of
pipes about 3.45 Bcf to 3.5 Bcf of gas daily, to its customers.

"The way we see demand breakdown the last couple of weeks is generators using
about 1 Bcf a day, our core customers (4.8 million) about 1.5 Bcf and our
non-core" about 1 Bcf, she said. The non-core customers -- which number about
1,500 in total -- are industrial manufacturers who consume more than 250,000
therms of gas annually, Smith said.

In comparison, a home averages about 600 therms.

Smith's eyebrows have been raised by the rapid consumption of natural gas by
power plants, which use the commodity to run turbines for electrical
generation.

Historically electric power plants have consumed about 300 million to 400
million cubic feet a day of gas in SoCal Gas' service territory, she said.

"This is why we are seeing pipelines fuller than usual. There is continuing
demand by the electric generators," she said. "This is basically an increase
in demand for gas that has contributed to the national picture of why prices
(for gas) have gone up this year. Demand has outpaced production capacity,"
Smith explained.

A growing economy starved for electricity to run its Internet systems or
manufacturing businesses, have contributed to the reasons why gas prices have
soared this month, she said.

Power plant owners have passed along these higher gas costs to the utilities
where they sell their electricity.

This is partially why PG&E Corp.'s Pacific Gas & Electric Co. and Edison
International's (EIX) Southern California Edison face financial insolvency
today.

They are having to borrow billions of dollars to pay for this higher-priced
electricity as part of the state's complex deregulation plan.

The power plants are owned by out-of-state companies like AES Corp. (AES),
Calpine Corp. (CPN) and Duke Energy Corp. (DUK).

The threat of rolling blackouts has several causes.

Some power plants run around the clock -- gobbling up the natural gas at a
rapid pace. But others have temporarily been shut down because environmental
laws prohibit them from emitting certain levels of pollutants annually.

SoCal Gas has managed to keep its gas costs relatively low by buying gas for
its core customers on long-term contracts at fixed prices.

This helps to insulate the company from price spikes on gas delivered to its
system at the California and Arizona and Nevada borders.

By buying gas this way, SoCal Gas was able to set a fixed charge of $6.53 per
MMBTU for its 4.8 million core customers in the month of December. A new
price is set to be established next week for January.

"We hope it holds steady in January," said Smith. "We are doing everything we
can."

-By Pat Maio, Dow Jones Newswires; 323-658-3776;

patrick.maio@dowjones.com

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S&P:Diverse Holdings Insulate Generators From Calif Risk

12/22/2000
Dow Jones Energy Service

(Copyright (c) 2000, Dow Jones & Company, Inc.)

(This article was originally published Thursday) <~>
NEW YORK -(Dow Jones)- Independent generators selling power into California
face "extremely serious counterparty credit concerns," but the threat to
their financial positions from a default by one of the state's utilities is
mitigated by their positions in other power markets, Standard & Poor's said
Thursday.

The ratings agency affirmed its double-B-plus corporate credit and senior
unsecured debt ratings for one of those generators, Calpine Corp. (CPN), and
indicated that the positions of a number of other generators were similarly
stable.

Standard & Poor's, without commenting on ratings, said those generators
include Dynegy Inc. (DYN), The Williams Cos. (WMB), Reliant Energy Inc.
(REI), Southern Energy Inc. (SOE) and NRG Energy Inc. (NRG).

"Each company has a diverse asset portfolio that mitigates exposure to any
single market, such as California," S&P said. "Standard & Poor's has
concluded that the developers with merchant exposure to the California market
have sufficient financial liquidity to sustain long-term disruptions to their
markets."

S&P also said the generators have generally incorporated conservative pricing
assumptions well below California's current market prices.

The generators' main counterparties in California - PG&E Corp. (PCG) unit
Pacific Gas & Electric and Edison International (EIX) unit Southern
California Edison - have lost a combined $8 billion buying wholesale power at
prices far higher than they are allowed to charge their customers.

Between one-third and one-half of those losses are offset by the utilities'
own profits from generating power in the state, but they are still
substantial and mounting. Both utilities have said they face a serious
liquidity crisis.

S&P said Thursday that both companies face imminent default unless California
officials immediately come up with a way to correct the imbalance between
their buying and selling price for power, and said it would likely downgrade
the utilities' debt ratings to junk-bond status even if they avoid
bankruptcy.

The California Public Utilities Commission met Thursday and opened the door
to rate hikes, but deferred a final decision to its Jan. 4 meeting.

S&P wasn't available to comment on its outlook for PG&E and SCE or the
generators following the PUC's decision.

About 1,284 net megawatts of Calpine's total 4,900 net megawatts of
generation is exposed to California counterparty risk, S&P said. Nonetheless,
only about $400 million of Calpine's approximate $2 billion revenues for 2000
have seen exposure to California's energy markets, the ratings agency said.
Calpine's receivables total only about $75 million, S&P said.

"The affirmation comes during a period of extremely serious counterparty
credit concerns for generators selling into the California power markets,"
S&P said of its decision regarding Calpine.

-By Andrew Dowell, Dow Jones Newswires; 201-938-4430;
andrew.dowell@dowjones.com

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Chapter 11 Filing May Give Calif Utils Breathing Room

Of DOW JONES NEWSWIRES

12/22/2000
Dow Jones Energy Service

(Copyright (c) 2000, Dow Jones & Company, Inc.)

(This article was originally published Thursday) <~>
By Jason Leopold

LOS ANGELES (Dow Jones)--If two of California's largest utilities file for
Chapter 11 bankruptcy protection, a move they said this week was possible, it
may give the companies some breathing room to allow for a much needed
internal reorganization, according to one California bankruptcy attorney.

"What Chapter 11 ultimately does is it allows a company to reorganize," said
Larry Peitzman, an attorney with the Southern California-based law firm of
Peitzman, Glassman and Whegg. "The whole purpose is to come up with a plan to
allow the company to service and pay back creditors and shareholders as much
as possible."

While in bankruptcy, a judge can order the state to raise the utilities
retail electricity rates if that would help the company generate revenue to
pay its creditors, Peitzman said.

Peitzman, who has worked on many large company bankruptcy cases in
California, said if PG&E Corp. unit (PCG) Pacific Gas & Electric Co. and
Edison International unit (EIX) Southern California Edison file for
bankruptcy, the companies will be given an injunction by a court that will
prevent creditors from seizing the utilities assets, collecting money or
filing a lawsuit against the companies.

"Another reason to file for bankruptcy protection is the companies wouldn't
be forced to pay pre-bankruptcy debts if they have run up enormous bills,"
Peitzman said.

Executives at both PG&E and SoCal Edison said they may be forced to file for
bankruptcy protection because of a combined $8 billion debt in excess
wholesale power costs and the inability under state law to pass those costs
on to rate payers. However, between one-half and one-third of that money has
been paid into accounts held by the utilities to collect profits from the
generators they still own.

The utilities were hoping for an immediate rate hike Thursday by the state's
Public Utilities Commission, but commissioners said it would first hold
evidentiary hearings and conduct an internal audit of the companies. A rate
increase is still at least two weeks off, the commission said at its meeting.

   Utilities Can Conduct Business While In Bankruptcy

Peitzman said that while in bankruptcy, the companies could operate as a
"debtor in possession," which means the companies have the authority to
conduct business as usual without the consent of bankruptcy court. But if the
companies were to try and secure a loan, the loan would have to be approved
by a judge.

Although most Chapter 11 bankruptcy cases "can't survive," Peitzman said, the
state's two largest utilities - with millions of customers - may be an
exception.

"Inevitably they are going to continue to owe money because of the constant
shortfall they pay in (electricity costs) and what they charge their
customers," the attorney said. "But the bigger the company, the more likely
the company will survive. It will be devastating to lose such large
corporations."

If the companies fail to survive a Chapter 11 filing, the utilities' assets
would be liquidated to pay off their creditors, Peitzman said.

In a Chapter 11 filing, PG&E and SoCal Edison would put their creditors in
different classes and determine how much under the dollar each one would get
paid, Peitzman said.

"It can be as much as possible or less than 100 cents on the dollar," he
said.

In addition, any contracts that either companies held before a potential
bankruptcy filing would have to be honored regardless if the company can
fulfill its financial obligations to its counterpart, Peitzman said.

"That's one of the other benefits," he said. "It's called executory
contracts, which generally means both parties have material operations that
have yet to be performed. It may be long-term contracts and the company would
be able to enforce the other part to continue doing business. The other party
can't refuse to do business because of a stay."

Bankruptcy can last as long as a judge allows it, Peitzman said, pointing to
the Eastern Airlines bankruptcy case in the early 1980s which lasted for
years.

Neither company has indicated whether it will actually file for bankruptcy,
but SoCal Edison said in a filing with the Federal Energy Regulatory
Commission Tuesday that it may not be able to pay its January power bill if
its retail rates are not immediately raised.

-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

Article 10   Next Article  Previous Article   Return to Headlines

National Desk; Section A
Trying to Shore Up Utilities, California Plans Rate Increase
By LAURA M. HOLSON

12/22/2000
The New York Times

Page Page 16, Column 1
c. 2000 New York Times Company

LOS ANGELES, Dec. 21 -- The California Public Utilities Commission said today
that a rate increase for consumers was likely and that over the next weeks it
would inspect the books of the two major utilities to decide how much was
reasonable.
The move is an effort in part to show Wall Street that California is
committed to ensuring the health of the state's utilities.

On Wednesday, the agency that rates the credit-worthiness of both the Pacific
Gas and Electric Company and Southern California Edison said that if
meaningful action was not taken by Friday, the two utilities were headed for
bankruptcy. The agency is expected to comment on the commission's action
soon.

Gov. Gray Davis has been meeting this week with utility executives and
consumer advocates to come to an agreement on the size of a rate increase.
Mr. Davis, a Democrat, is also seeking the advice of financial experts,
including Alan Greenspan, chairman of the Federal Reserve Board, whom he is
expected to meet with next week.

Some people close to those discussions suggested that 10 percent would be a
palatable rate increase, but the utilities are asking for more. The
commission will hold hearings next week, and just how much consumers will
have to pay should be decided by Jan. 4.

Four years ago, California agreed to deregulate its utilities with the hope
that competition would lower rates for households and businesses. But this
year, prices for wholesale electricity and natural gas have skyrocketed,
forcing utilities to incur costs of more than $8 billion that they cannot
pass to consumers because rates are frozen until 2002.

In recent weeks, the utilities have tried to make a case that, without rate
increases, service to consumers is threatened. John Bryson, chief executive
of Edison International, the parent company of Southern California Edison,
has taken the unusual step of warning consumers in television and newspaper
advertisements in Southern California and in Sacramento that blackouts are
inevitable unless order is imposed.

In response to the announcement by the commission today, Southern California
Edison said it expected additional cost cutting and measures to preserve cash
soon.

But not all the commissioners believed that today's announcement would be
enough to placate financial analysts and investors, many of whom buy utility
stocks because they are perceived to be less risky than, for example,
Internet stocks. Analysts have recently downgraded the stocks of both Pacific
Gas and Electric and California Edison, which are trading near 52-week lows,
over fears about California's energy woes.

''When I look at the newspapers and peruse the Internet I get the decided
impression that Wall Street has spoken,'' said Richard Bilas, a commissioner.
''I don't know if this decision goes far enough.''

Article 11   Next Article  Previous Article   Return to Headlines

Fitch Comments On California Electric Utilities

12/22/2000
Business Wire

(Copyright (c) 2000, Business Wire)

CHICAGO--(BUSINESS WIRE)--Dec. 22, 2000--Fitch views the California Public
Utilities Commission's (CPUC) interim decision to initiate proceedings to
consider raising retail rates as just one of the steps necessary to salvage
credit quality for the state's two largest utilities, Southern California
Edison (SCE) and Pacific Gas and Electric Company (Pac Gas). The CPUC is
expected to reach a decision on rate increases and recovery mechanisms during
the first week of January, at which time Fitch will assess the appropriate
ratings for these companies. The outstanding issue is whether rate increases
will sufficiently offset high wholesale power prices being paid by the
companies.
The companies' securities ratings are likely to weaken, unless 1) full
recovery is provided for the large monies paid by the utilities above
existing retail rates and 2) price stability is ensured for the regional
market. The utilities are unable to tap new credit until the rate decision is
executed. They do have, however, sufficient cash and existing credit to
support them through the decision period of the first week in January. If a
suitable rate structure is passed by the CPUC at that time, the utilities'
banks would be more likely to consider additional funding.

Liquidity will remain strained, however, to the extent that regional power
prices remain high. While Energy Secretary Richardson has ordered certain
power producers to sell into the California market, wholesale prices remain
high and are above retail rates. No additional federal action has been taken.

The CPUC's decision in early January is not expected to completely resolve
the utilities' future. Given the large costs incurred and numerous
constituent groups affected, Fitch envisions a longer-term scenario of
consecutive rate increases associated with a fundamental overhaul of
California's power market. In conjunction with the governor's active
involvement, the California legislature is evaluating potential actions to
restructure the state's power situation. Legislative action remains possible
over the next three months, and could impact debt ratings.

The Rating Watch Negative designation remains in place for Pac Gas, SCE and
its parent, Edison International. The current ratings are:

Southern California Edison:

-- First Mortgage Bonds,`A';

-- Senior Unsecured Debt,`A-`;

-- Preferred Stock,`BBB+';

-- Commercial Paper,`F2'.

Edison International:

-- Senior Unsecured Debt,`A-`;

-- Preferred Stock,`BBB+';

-- Commercial Paper,`F2'.

Pacific Gas and Electric Company:

-- First Mortgage Bonds,`A-`;

-- Preferred Stock,`BBB+'.

EIX's ratings are also on Rating Watch Negative as approximately half of its
consolidated cash flow is provided by SCE. Fitch does not rate the securities
of Pac Gas' parent holding company, PG&E.

The ratings of San Diego Gas & Electric Company (SDG&E) are not pressured to
the extent of the utilities described above. Unlike the other utilities,
SDG&E is operating under a legislatively-imposed rate ceiling for residential
and small commercial loads. Its legislation also permits a balancing account
to accumulate uncollected power procurement costs. Less liquidity pressure
also exists at SDG&E due to its strong financial fundamentals (senior
unsecured debt rated 'AA-'). Fitch has a Rating Outlook Negative designation
on SDG&E's ratings due to potential increases in leverage while power
procurement costs are high. Sempra's ratings (senior unsecured debt rated
'A') have a stable outlook due to the strong and consistent cash flow derived
from its regulated natural gas distribution subsidiary, Southern California
Gas.

Based in Rosemead, California, SCE is a wholly owned subsidiary of Edison
International. Pacific Gas and Electric Company is headquartered in San
Francisco, California. SDG&E and its parent, Sempra Energy (SRE), are based
in San Diego, California.

CONTACT: Fitch Lori R. Woodland, 312/606-2309 (Chicago) Robert Hornick,
212/908-0523 (New York)
14:31 EST DECEMBER 22, 2000

Article 12   Next Article  Previous Article   Return to Headlines

SCE Reacts to CPUC Interim Decision

12/21/2000
PR Newswire

(Copyright (c) 2000, PR Newswire)

ROSEMEAD, Calif., Dec. 21 /PRNewswire/ -- Southern California Edison reacted
to today's California Public Utilities Commission's (CPUC) interim decision
by stating that it wished the commission had acted more decisively but would
work with the commission to take definitive action to address the current
crisis by Jan. 4, 2001.
The company said it was encouraged by the language in the CPUC's interim
decision that committed the commission to: <~> " ... take expedited actions
to fulfill our statutory obligations to <~> ensure that the utilities can
provide service at just and reasonable <~> rates. In our view, that mandate
means that we must avoid continuing <~> conditions that may jeopardize the
utilities' creditworthiness and their <~> ability to continue to procure
energy on behalf of customers. Therefore, <~> we believe that retail rates in
California must begin to rise. It is our <~> intent to maintain the
utilities' access to capital on reasonable terms. <~> We recognize that this
will require that we act expeditiously to address <~> the new FERC-imposed
reality of unlimited wholesale prices."

Nevertheless, SCE underscored that any solution to the current crisis
requires prompt, meaningful and final action by the commission ending the
rate freeze, providing for the recovery of procurement costs, and increasing
rates to a level that will restore the creditworthiness of California's
investor- owned utilities.

SCE added that it anticipated announcing additional cost-reduction and
cash-preservation measures in the near term that would be necessary to
protect the company's financial integrity while maintaining customer service.

An Edison International company, Southern California Edison is one of the
nation's largest electric utilities, serving a population of more than 11
million via 4.3 million customer accounts in a 50,000-square-mile service
area within central, coastal and Southern California.

/CONTACT: Southern California Edison, Corporate Communications, 626-302-2255/
19:24 EST

Article 13   Next Article  Previous Article   Return to Headlines

Ambac Financial Group has Insured Exposure to Southern California Edison and
Pacific Gas & Electric

12/21/2000
Business Wire

(Copyright (c) 2000, Business Wire)

NEW YORK--(BUSINESS WIRE)--Dec. 21, 2000--Ambac Financial Group, Inc. (Ambac)
announced today that it has $75.1 million in insured net par exposure
outstanding to Southern California Edison.
The bonds are secured by a first mortgage or lien on substantially all of the
property and franchises now owned by Southern California Edison. Ambac has
$72.6 million in insured net par exposure outstanding to Pacific Gas &
Electric. These bonds are also secured by a first mortgage lien. Both
Southern California Edison and Pacific Gas & Electric have been warned by
Standard & Poor's that their ratings might drop below investment grade.

"The secured nature of our exposure, coupled with the essentiality of the
services the companies provide, cause us to be confident that the likelihood
of any permanent material loss is remote," said Robert J. Genader, Vice
Chairman. "On the other side of the coin, this difficult situation serves as
a strong reminder as to the value of bond insurance," he continued.

Ambac Financial Group, Inc., headquartered in New York City, is a holding
company whose affiliates provide financial guarantees and financial services
to clients in both the public and private sectors around the world. Ambac
Assurance Corporation is the principal operating subsidiary of Ambac
Financial Group, Inc. Ambac Assurance, a leading guarantor of municipal and
structured finance obligations, has earned triple-A ratings, the highest
ratings available from Moody's Investors Service, Inc., Standard & Poor's
Ratings Group, Fitch and Rating and Investment Information, Inc. Ambac
Financial Group, Inc. common stock is listed on the New York Stock Exchange
(ticker symbol ABK).

CONTACT: Ambac Financial Group, Inc., New York Brian S. Moore, 212/208-3333
bmoore@ambac.com Website:www.ambac.com
16:37 EST DECEMBER 21, 2000

Article 14   Next Article  Previous Article   Return to Headlines

Ambac Financial Group, Inc. Corrects and Replaces Previous Announcement,
BW2354, NY-AMBAC-FINANCIAL

12/21/2000
Business Wire

(Copyright (c) 2000, Business Wire)

Business Editors
NOTE: The following news release replaces and corrects the

previous Ambac Financial Group, Inc. news release, which

ran earlier Thursday on Business Wire, BW2354

(NY-AMBAC-FINANCIAL)

NEW YORK--(BUSINESS WIRE)--Dec. 21, 2000--

Ambac Financial Group has Insured Exposure to Southern

California Edison and Pacific Gas & Electric

Ambac Financial Group, Inc. (Ambac) announced today that it has $75.1 million
in insured net par exposure outstanding to Southern California Edison.

The bonds are secured by a first mortgage or lien on substantially all of the
property and franchises now owned by Southern California Edison. Ambac has
$72.6 million in insured net par exposure outstanding to Pacific Gas &
Electric. These bonds are also secured by a first mortgage lien. Both
Southern California Edison and Pacific Gas & Electric have been warned by
Standard & Poor's that their ratings might drop below investment grade.

"The secured nature of our exposure, coupled with the essentiality of the
services the companies provide, cause us to be confident that the likelihood
of any permanent material loss is remote," said Robert J. Genader, Vice
Chairman. "On the other side of the coin, this difficult situation serves as
a strong reminder as to the value of bond insurance," he continued.

Ambac Financial Group, Inc., headquartered in New York City, is a holding
company whose affiliates provide financial guarantees and financial services
to clients in both the public and private sectors around the world. Ambac
Assurance Corporation is the principal operating subsidiary of Ambac
Financial Group, Inc. Ambac Assurance, a leading guarantor of municipal and
structured finance obligations, has earned triple-A ratings, the highest
ratings available from Moody's Investors Service, Inc., Standard & Poor's
Ratings Group, Fitch and Rating and Investment Information, Inc. Ambac
Financial Group, Inc. common stock is listed on the New York Stock Exchange
(ticker symbol ABK).

CONTACT: Ambac Financial Group, Inc., New York Brian S. Moore, 212/208-3333
bmoore@ambac.com Website:www.ambac.com
16:36 EST DECEMBER 21, 2000

Article 18   Previous Article   Return to Headlines

Calif. puts IOUs' request for rate hikes on hold

12/11/2000
Megawatt Daily

(c) Copyright 2000 Pasha Publications, Inc. All Rights Reserved.

Pacific Gas and Electric (PG&E) and Southern California Edison (SoCalEd) were
disappointed Thursday in their bid to gain permission for a rate increase to
go into effect Jan. 1.
State regulators denied the utilities' request that they take immediate
action to approve the rate increases, saying that the requests are
"premature."

While regulators did not outright reject the utilities petitions, they
declined to implement the remedies requested until the cases can be reviewed
further at a later date.

The president of the Public Utilities Commission (PUC), Loretta Lynch, issued
two rulings at the commission's meeting Thursday "suspend[ing] the schedule
in the Rate Stabilization Plan applications recently filed by [PG&E and
SoCalEd]."

Both utilities filed papers separately with the PUC stating that they had
fulfilled the criteria set for ending a rate freeze imposed on them under
California's electric industry restructuring statute. The law allowed for a
transition period, during which the utilities were to pay off any "stranded
costs" related to investments in generation assets.

By keeping prices frozen at 1993 levels, legislators and utility
representatives who expected wholesale power prices would fall, thought the
measure would give the companies a chance to pay off those costs by a March
31, 2002, deadline. Instead, prices shot up and the utilities were left with
the responsibility to supply power to their customers while paying the
difference between high wholesale prices and lower retail rates.

Claiming "undercollections" totaling over $5 billion between them, the
utilities say they want the price freeze lifted and retail rates increased.
Last month, SoCalEd asked for permission for a 10% increase and PG&E for a
22% increase in its rates. ADP

 Display as:  Full Article Keywords in Context Full Article Plus Indexing
Return to Headlines

Copyright , 1999 Dow Jones & Company, Inc. All rights reserved.


agreed.

 -----Original Message-----
From: 	Presto, Kevin M.
Sent:	Wednesday, January 30, 2002 1:45 PM
To:	Lavorato, John; Shively, Hunter S.
Cc:	Belden, Tim
Subject:	RE: Competitive Analysis

I think this guy should be independent from the fundies.   There may be special projects that are "highly confidential" in nature that should be directed by you, Hunter, Tim and myself.   I think Robert would be more successful in a freelance role.

Other input?

 -----Original Message-----
From: 	Lavorato, John
Sent:	Wednesday, January 30, 2002 3:26 PM
To:	Shively, Hunter S.; Presto, Kevin M.
Subject:	FW: Competitive Analysis

I think he should report to Gaskill and Will (is will doing fundies?)

 -----Original Message-----
From: 	Johnston, Robert
Sent:	Tuesday, January 29, 2002 1:44 PM
To:	Lavorato, John
Subject:	Competitive Analysis

Hi John- thanks for the generous offer which I have accepted.  A couple of outstanding questions-

1. Who am I reporting to?  I would welcome the opportunity to report to you or Greg.  I think my job was a lot easier in the past because our group had the backing of the Office of the Chair. This gave us credibility, independence, and the chance to contribute to strategic issues as well as the tactical issues of interest to the traders. However, I am obviously open to any reporting relationship you might suggest and I understand that my day-to-day duties will consist largely of interaction with the Fundy teams.

2. Are there any slots that have opened because of offers that were not accepted?  I would love to be able to take one of the folks from my group with me, particularly Kristin Walsh or my assistant Sharon Purswell.

Thanks again for the great offer and the chance to join UBS.

Robert
x39934
cell: 713-594-7995


Hi Continuing Evening MBA students,

The schedules may not have reached you clearly....

The information is there, yet transposed and I'll send out again on Monday.

Until then, if there is a number to the right of the class title, that is
your waitlist #.  If there is no #, then you are IN the class already.

I did mention waitlists in case you want to add any of these classes from
now on:

E210 Competitive Strategy
E252 Negotiations
E264 High Tech Marketing
E278 Deals
E291B-1 Speaking for Management
E295 Entrepreneurship
E296-2 Business Law

Thanks!
TJ


Suzanne:
Please mail me my paycheck when you get a chance.    I'm glad that you had a
great vacation.  We are doing well.  I've joined some tennis leagues at the
club that we belong to and they are alot of fun.  Feel free to stop by some
time this weekend if you are in the neighborhood.  We will be around most of
the weekend.  Charles is doing great and so are the rest of the family.
thank God Bill is home with me.  He is a big help as is Arthur.  Hope to see
you soon.
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Suzanne Adams
	08/31/00 02:20 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Paycheck

Hi Carol, I have your paycheck here, but nothing else.  Do you want me to
just send it alone or wait. I know you have it automatically deposited.  Did
you get the picture ok?  How did you like it?  Ric bought me one while we
were in CA (not like yours, but a limited edition).  Those puppies cost
$250!  That was a nice deal toy.

How's everything going?  We had a great time in CA, ate and drank our way
through the wine country.  That's about all my news.

You did get my thank you note for my birthday present didn't you?  Thanks
again!


Following please find the Daily EnronOnline Executive Summary.

Note: Effective as of Monday of this week, The Executive Summary transaction counts
         have been reduced to reflect the removal of sleeve trade activity.

<Embedded Picture (Metafile)>


-----Original Message-----
From: 	Glover, Sheila
Sent:	Monday, December 10, 2001 4:48 PM
To:	Shackleton, Sara
Subject:	FW: Broker balances

Sara,
Has Enron Credit filed for Bankruptcy?  [Shackleton, Sara]  not yet  If not, do we try to sell the positions? [Shackleton, Sara]   Enron Credit Limited is reviewing the positions and I am engaging our bankruptcy lawyers to see what type of structure is plausible  I do not even know who the Authorized traders are on the account.
Sheila

 -----Original Message-----
From: 	Glover, Sheila
Sent:	Monday, December 10, 2001 4:17 PM
To:	Shackleton, Sara
Subject:	Broker balances

Sara,

The attached shows our balances at GS and Bear Stearns.

1) Bear Stearns owes us $3.9 million to ECT Investments, Inc.
	Ena is owed 159,022
	Enron Credit Inc has positive liquidating equity at BS of $14,013,523 which includes cash and positions.

2) Goldman Sachs ENA account grouping includes a positive cash balance of 1,493,288 which belongs to Enron Credit Inc.  As discussed, GS will not touch any monies relating to ENA.

3)  Enron Credit Inc. has a positive cash balance of 132,680 at MSDW.  It is segregated from any other entity's balances.

Adding up all three pieces of Enron Credit is $15.6 million, which includes positions and cash balances and presumes that the market value used by the prime broker is correct for some of these illiquid positions.

Please call so we can discuss.

Thanks.
Sheila
3-3210

 << File: prime broker wind down balances.xls >>


The Unix server that Unify Production runs on (Proton) went down this
morning.  The Unix team is working on it.  I will let you know as soon as
Unify is available.

d.n.


Attached are my comments to the the above guaranty.  Call me if you have
questions.

Clement

	Russell Diamond@ECT
	12/13/2000 01:51 PM

		 To: Clement Abrams/Corp/Enron@ENRON
		 cc: Tom Moran/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT
		 Subject: Coastal Merchant Energy--Outgoing Gty

Clement,

As a follow up to Veronica's e-mal to you a few days ago regarding the review
of this guaranty, can you please let me know the status of your review.
Please make note, the redline version attached below (enronredline112900.doc)
was originally drafted by Dan and yourself as an attachment to an Enfolio
Master agreement.  We are anxious to exchange guaranty's to cover exposure in
this volatile price market.

Thank you,
Russell

---------------------- Forwarded by Russell Diamond/HOU/ECT on 12/13/2000
01:46 PM ---------------------------

From:  Veronica Espinoza @ ENRON
               12/13/2000 01:43 PM

To: Russell Diamond/HOU/ECT@ECT
cc:
Subject: Coastal Merchant Energy--Outgoing Gty

---------------------- Forwarded by Veronica Espinoza/Corp/Enron on
12/13/2000 01:43 PM ---------------------------

From:  Veronica Espinoza
       12/07/2000 04:17 PM

To: Clement Abrams/Corp/Enron@ENRON
cc:

Subject: Coastal Merchant Energy--Outgoing Gty

Clement,

Attached below are Coastal's (formerly Engage Energy US) comments to our
outgoing gty format.  The ISDA was recently amended due to Guarantor changes
on their end, so now gty's are also being negotiated.  Please review their
comments and forward either me or Russell your comments to forward on to
Coastal.

Thanks again Clement,

Veronica

---------------------- Forwarded by Veronica Espinoza/Corp/Enron on
12/07/2000 03:56 PM ---------------------------

Kiran.Parthasarathy@CMenergy.com on 12/07/2000 03:48:57 PM
To: veronica.espinoza@enron.com
cc:

Subject: FW: Enron - Revised redline

Veronica,
?
As  discussed, I am forwarding my recent email to Russell Diamond on the
proposed  Enron Guaranty for our physical business.? The draft of the
proposed  Guaranty from Coastal Corporation was approved, but Russell wanted
me to send a  copy of that as well.? So, both the documents are  attached.
?
Please?let me know the status earliest  convenient.
?
Thanks!
Kiran Parthasarathy
Coastal Merchant Energy,  L.P.
5 Greenway Plaza
Suite 1200
Houston, TX 77046
713-877-7944 (Voice)
713-297-1605  (Facsimile)
?
-----Original Message-----
From: Parthasarathy, Kiran
Sent: Friday, December 01, 2000 11:40 AM
To:  'russell.diamond@enron.com'
Subject: Enron - Revised  redline
Importance: High

?Russell,
?
Please find attached  a revised redline Guaranty which incorporates changes
to Enron's standard  format.? In addition, we request??the following
important  changes:
?
(1)???The proposed Guaranty?shouldcover all Obligations and not be  Contract
specific.? Therefore the language in the second paragraph  beginning with the
word 'WHEREAS' needs to be suitably amended by your Attorney  to reflect that
all Obligations??of the  Obligors?are covered and?the
Guaranty??obligations?are not tied to specific  contracts.
?
(2)? Under  Section 2, titled 'MAXIMUM LIMIT',?the Maximum Limit?should notbe
capped for each entity at a  specific amount.Conversely, the limit on
the?Guaranty?shouldbe a  'Unified Maximum'.??Please request your attorney to
make suitable  language changes for this change as well.
?
Please send me a  revised redline earliest convenient for our review.
?
As requested  by you, I am resending the draft for the proposed Coastal
Corporation Guaranty  that Dai Nguyen had?originally sent and on which you
had indicated  acceptance(It is the second attachment from the  left).?
?
?Thanks??
?Kiran  Parthasarathy
Coastal Merchant Energy, L.P.
5 Greenway Plaza
Suite 1200
Houston, TX 77046
713-877-7944 (Voice)
713-297-1605 (Facsimile)
?
 - enronredline112900.doc
 - ENRON.WPD


Patricia:  Just checking to see if you received this message from last week
and how the arrangements were proceeding.  Please feel free to give me a call
at 713-853-5620.  Thanks.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 02/23/2000
08:51 AM ---------------------------

Sara Shackleton
02/17/2000 01:25 PM
To: pla@marval.com.ar
cc: Lynn Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Trip to Argentina

Patricia:  Thanks very much for your quick response.  I would very much like
to solicit your help in arranging some meetings when Lynn Aven (tax) and I
visit BA in two weeks.  We definitely want to meet with one or more members
of the ADA who are responsible for drafting and implementing the new
agreement.  And your suggestion to meet with your colleague who has been
lobbying for derivatives tax legislation is one we readily accept.  Could you
possible try to schedule these for convenient times on Tuesday and Wednesday,
February 29 and March 1, respectively?  I will be out of the office tomorrow
but in next week.  Enron is closed on Monday,  February 21 for President's
Day.  Let me know if you would like to speak directly of if I can assist in
any way.  Looking forward to our visit.  Sara


We have a Counterparty on the 1/5/01 List, Accenture LLP that we need to
approve immediately.  Can you let me know ASAP whether you have any problems
with this counterparty.


I had a chance to speak with Christian LeBroc this morning with regard to
curve building for petrochemicals.  As it turns out, Christian left RAC in
April and joined the Petrochem Desk as a trader.  Previous efforts at
construction of a forward curve by the group have focused on intuition or
SWAGs.  Unfortunately, the group had a rough P&L year with at least some of
the blame directed toward the forward curve or lack thereof.  When asked
about the fundamentals group, Christian indicated that they'd only been
around about 3-4 months and are not yet well-suited to curve building.  John
Nowlan is indeed the head of the group.

From a timing perspective, I told Christian that it would probably take at
least 6-8 weeks to develop a curve, especially considering the need to
understand the key market drivers/fundamentals.  As was suggested yesterday
during our meeting, a strong relationship between petrochemicals and a NYMEX
component (e.g., crude oil) would provide a great beginning point--we could
then potentially strengthen/augment  this relationship with other key factors
(e.g., supply and demand terms) borne out of our market research.

Nelson


Rabi,

You and Tanya  should go ahead with the course you have already registered
for.
I have just mentioned it  FYI.

I don't see too many problems  with the  course Stinson
may help to arrange. The alternative course can be scheduled on premises,
late in the day
and distributed over longer  time period.

Vince

Rabi De@ENRON
01/26/2001 02:15 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: DuraSoft -- Java Class

Vince,
Tanya and I are registered for the offsite (Productivity Point) Java Class
(Feb12-16).   Before I go ahead and try to cancel the reservation, I need
some guidance from you (and/or Tanya) in light of the following issues:

1.  Do you really want 15 people from the same group be unavailable at the
same time?

2.  Enron gets 30% discount from  the list price ($2125) of the Productivity
Point Java class.  Hence cost difference is $500 per person and not $1100 as
originally thought.

3.  Contents of the in-house class can be be tailored to match the skill
level of a more homegenous group.

Plese advise.  Thanks,

Rabi


Current Notes User:

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mass mailings)?No
    If yes, please list here:

Please list all Notes databases applications that you currently use:None

In our efforts to plan the exact date/time of your migration, we also will
need to know:

What are your normal work hours?  From: 8:00am     To:  6:30pm

Will you be out of the office in the near future for vacation, leave, etc?
       If so, when?        From06/09/01 (MM/DD/YY):      To06/15/01
(MM/DD/YY):


Start Date: 10/27/01; HourAhead hour: 5;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001102705.txt

Error retrieving HourAhead price data - process continuing...


FYI.  Thanks. Lynn

 -----Original Message-----
From: 	Garcia, Ava
Sent:	Thursday, October 04, 2001 5:17 PM
To:	Watson, Kimberly; Blair, Lynn; Anderson, Gary E.; Dietz, Rick; Corman, Shelley; Scott, Donna; Donoho, Lindy; Holmes, Bradley; January, Steven; Lindberg, Lorraine; Lohman, TK; Lokay, Michelle; Schoolcraft, Darrell; Buchanan, John; Kowalke, Terry; McCarty, Danny; Armstrong, Julie; Adele Zuroff; Amy Gold; Becky Wells; Beth Dahncke; Bill Lyons; Bob Mattice; Bob Woody; Brad Brigham; Candace Karpakis; Carla Johnson; Cathy Bulf; Charles Hough; Cheri Weyman; Chris Kim; Chuck Thompson; Cindy Doeschot; Cindy White; Corky Briscoe; Corny Boersma; Craig Carley; Craig Lipke; Dabid Taylor; Darla Hogan; Darren Brown; David Lanning; Dawnell Pace; Debbie Fortman; Dennis Boucher; Diana Dechilly; Diane Dluhos; Doug Allen; Ed Meaders; Elsa Johnson; Elsa Johnston; Evans, Ted; Gary Raines; Gina Schwartz; Grace Elkassed; Henry Robledo; J.H. Cathey; Jaime Ford; James Tabacco; Jan Joniker; Janette Arreguin; Jason Kelm; Jay Glaubitz; Jeff Goforth; Jeramy Gaskins; Jill Roberson; Jim Vallillo; Jim Wade; Jody Oberman; Joe Cammarano; John cogan; John Lopez; Jorge Rojas; Josh Chapa; Julia Clevenger; Julie Burton; Julie Reames; Karen Dopson; Karen Swett; Kathy Royal; Kenny Holdridge; Kevin Foley; Kirk Ketcherside; Kristi Birdsall; Lad Lorenz; Larry Black; Larry Kelly; Leane Catron; Linda Miller; Lindsay McMurray; Mark Fenton; Mark Harmon; Mark Kraus; Maryanne Schneider; MaryKay Olson; Mat Martindale; Mike Davis; Mike Keen; Mike Odonnell; Miller, Stephanie; Natalie Curtis; Nick Thomas; Pam Steigerwald; Pat Davidson; Patrick Abercrombie; Sullivan, Patti; Pauline Wah; Penny Barry; Phil Richarson; Rex Bigler; Rich Hall; Richard Moore; Rick Monccleg; Rick Wadle; Rob Cooper; Ron Youell; Russ Boone; Sally Prentice; Sandy Hawk; Sara Davis; Scott Harrison; Scott Walker; Sean Breen; Sharon Park; Sheryl Moronas; Sissy Jenkins; Stacey Pogue; Stepanie Katz; Susan Coppock; Susan Jones; Suzie Horton; Teresa Murray; Terri Dickers; Terry Reyna; Theresa Cline; Thompson; Tim Wickersham; Tom Carlson; Tom Simpson; Tommy Thompson; Van Johnson; Veronica Esparza; Waymon Pon; Wayne Hawkins; Will Van Der Boom; Williams; Giambrone, Laura; Hernandez, Bert; McEvoy, Christine; Miller, Chris L; Minter, Tracy; Mulligan, Amy; Ward, Linda
Subject:	Agenda: Transwestern Pipeline Company 2001 Customer Update


Routing is complete and I am taking your wire to A.P. now.  You should have a
copy in your chair.

Thanks.

Dana


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Just a note since you were not at the Deputy dinner and unable to get
your tickets. Please email me or phone me at 268-6525 to confirm if
you're taking tickets for the party (and how many). Limit is 10 - 15.

Thanks

Bill Ketcheson


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SmartMoney.com Daily News.
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Inc. and Hearst Communications, Inc.


In order to better align our resources with the business units we support,
we are designating the following individuals as operating company leads with
primary responsibility for designing and implementing government and
regulatory affairs support for the operating companies and to serve as
primary contacts for the operating companies:

  EBS: Scott Bolton & Donald Lassere

  EES: Harry Kingerski

  ENA: Jim Steffes

 In addition to supporting the operating company organizations, these
individuals will report to Rick Shapiro.  Jim Steffes will retain his
responsibilities for regulatory risk assessment and will continue to report
to Steve Kean in that capacity.

 There are already numerous working relationships and points of contact
between government affairs and the operating companies.  The designation of
Scott, Donald, Harry and Jim as leads does not change that.  Rather, we are
looking to these individuals to coordinate these activities and serve as a
"go to" resource on issues which impact the respective operating companies.


One minor edit

Karen Denne
05/01/2001 07:07 PM
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Cliff
Baxter/Enron@EnronXGate, Steven J Kean/NA/Enron@Enron
cc: Mark Palmer/Corp/Enron@ENRON

Subject: Baxter Press Release

Attached is a draft press release announcing Cliff's resignation.  This is
scheduled to be issued tomorrow, following the distribution of the internal
memo.  Please let me know if you have any comments or changes.

Thank you.
Karen


ok, fuckface.

 -----Original Message-----
From: 	Jai Hawker <JHawker@petersco.com>@ENRON
Sent:	Tuesday, January 29, 2002 1:52 PM
To:	Richey, Cooper
Subject:	RE:

Dude....stuff it up your sensitive ass.

-----Original Message-----
From: Cooper.Richey@enron.com [mailto:Cooper.Richey@enron.com]
Sent: Tuesday, January 29, 2002 12:30 PM
To: JHawker@petersco.com
Subject: RE:

brenda was a test.  stratego failed.  this email is yet more evidence.

the fact that stratego was not aggressively machinating does not impress me
in the least.

the fact that you are still representing makes me sad.

asking for props?  please, dude, the depths of your selfishness have yet to
be established.

don't treat me like a fool or one of your bitches.  take a moment and peer
inside - that tinge of guilt?  that's what i'm talking about.

in any case, i don't plan on claiming anyone again.

    -----Original Message-----
   From:   Jai Hawker <JHawker@petersco.com>@ENRON
   Sent:   Tuesday, January 29, 2002 11:43 AM
   To:     Richey, Cooper
   Subject:  RE:

   Dude,

   Do you know how hard it was for Stratego to lay off this email and not
   start
   machinating on it.  A few props every now and then would be appreciated.

   -----Original Message-----
   From: Cooper.Richey@enron.com [mailto:Cooper.Richey@enron.com]
   Sent: Tuesday, January 29, 2002 11:40 AM
   To: JHawker@petersco.com
   Subject: RE:

   that's even worse, stratego

       -----Original Message-----
      From:   Jai Hawker <JHawker@petersco.com>@ENRON
      Sent:   Tuesday, January 29, 2002 10:40 AM
      To:     Richey, Cooper
      Subject:  RE:

      I didn't get her email address, fag.

      -----Original Message-----
      From: Cooper.Richey@enron.com [mailto:Cooper.Richey@enron.com]
      Sent: Tuesday, January 29, 2002 10:34 AM
      To: JHawker@petersco.com
      Subject: RE:

      nice work getting her email address, bitch

          -----Original Message-----
         From:   Jai Hawker <JHawker@petersco.com>@ENRON
         Sent:   Tuesday, January 29, 2002 10:24 AM
         To:     Richey, Cooper
         Subject:  FW:

         I was cleaning out my inbox and forgot that Brenda had sent me
   these.
         She's
         hot.  The game she's talking about here was the game that I was at
   in
         the
         box.  Didn't see here there.

         -----Original Message-----
         From: brenda smith [mailto:brenda_smith@hotmail.com]
         Sent: Wednesday, January 16, 2002 7:26 PM
         To: jhawker@petersco.com
         Subject: Fwd:

         Hey Jai,
         Now that I look back at these pictures I kind of look like a
   loser.
         But, oh

         well.  I'm going to the game on Sat.  I won tickets through Molson
         Canadian!!  I'm pretty pumped!  It's the game against Anaheim.
   Isn't
         that
         the one that you were talking about?
         Well, have a great day!
         Brenda

         >From: "Jordan Drobot" <jordandrobot@hotmail.com>
         >To: brenda_smith@hotmail.com
         >Date: Thu, 13 Dec 2001 23:01:18 -0700
         >

         _________________________________________________________________
         Join the world's largest e-mail service with MSN Hotmail.
         http://www.hotmail.com

          - ATT04510.htm << File: ATT04510.htm >>
          - P1010128.jpg << File: P1010128.jpg >>
          - P1010131.jpg << File: P1010131.jpg >>
          - P1010132.jpg << File: P1010132.jpg >>
          - P1010134.jpg << File: P1010134.jpg >>
          - P1010136.jpg << File: P1010136.jpg >>

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

   **********************************************************************


Dan, Brent, Shari -

We have been asked to review the provisions of Truequote - a third party
trading platform - on which Enron may possibly trade.  I have requested
access for each of you to the site (www.truequote.com) and hope to have this
for each of you a bit later today.  In order to get you started, I have
provided the general product descriptions below.

The use of this system is in conjunction with another deal we are currently
working on with Truequote which will enable counterparties to hit Enron
posted prices and transact with Enron through the Truequote site.

Timing on this matter is rather tight as we need to finalize all agreements
and be ready to begin using the Truequote site on Monday, March 12.
Therefore, please initiate a review of the descriptions pertinent to your
area as soon as possible so that I can coordinate any comments you may have
with my general comments to the access agreement.  Travis is also working on
a piece of this deal and will be interested in your comments.

Thanks to each of you.  If you should need anything further, please do not
hesitate to call me.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com
----- Forwarded by Mark Greenberg/NA/Enron on 03/01/2001 09:08 AM -----

	Bob Shults@ECT
	03/01/2001 08:53 AM

		 To: Robert B Cass/HOU/ECT@ECT, Mark Greenberg
		 cc:
		 Subject: truequote.com legal product descriptions

---------------------- Forwarded by Bob Shults/HOU/ECT on 03/01/2001 08:54 AM
---------------------------

"Trevor Atkins" <trevor.atkins@truequote.com> on 02/28/2001 02:55:16 PM
To: <bob.shults@enron.com>
cc:
Subject: truequote.com legal product descriptions

Please find attached a copy of the legal product descriptions that you
requested.  If you have any questions, please feel to contact me at
800-327-1499.  The passwords and userids will be ready for you shortly.

Thank you,

Trevor L. Atkins

Trevor L. Atkins
Project Manager
True Quote, LLC
work:  (502) 212-4900 or (800) 327-1499
direct:  (502) 212-4912
fax:  (502) 212-4907
email:  trevor.atkins@truequote.com

 - Product Descriptions - TQ 9.doc


Worry not.  Hope all is well.  Went to the tapas place ("Cesar") next to Chez
Panisse.  Have you been there?  Very nice and pretty fun, too.

Best,
Jeff


FYI

-----Original Message-----
From: Mike.Fowler@enron.com [mailto:Mike.Fowler@enron.com]
Sent: Wednesday, November 22, 2000 12:03 PM
To: jmorte@tradingedge.com
Cc: Paul.Pizzolato@enron.com; Peters, Jason
Subject: Erroneous Trade Policy

Jay,

Has Trading Edge modified its policy that trades which one party claims
are
erroneous will be cancelled or modified only if the "advantaged"
counterparty agrees ?   Rather than relying on counterparties to be
reasonable, we would prefer that Trading Edge retain the ability to
cancel
or modify a trade it deems "clearly erroneous".   Other online trading
platforms have adopted the NASDAQ clearly erroneous policies.

While we clearly intend to continue discussions with Trading Edge, our
level of trading activity could be impacted if this policy is not
changed.

Thanks.

Mike
713-853-9990


Andy Edison will get this to you.
 -----Original Message-----
From: 	Young, Kay
Sent:	Wednesday, July 11, 2001 8:59 AM
To:	Tweed, Sheila; Hodge, Jeffrey T.; Schuler, Lance; Taylor, Mark E (Legal); Sager, Elizabeth; Gray, Barbara N.; Sanders, Cheryl; Sanders, Richard B.
Cc:	Farrell, Keegan; Haldeman, Sandy; Sweet, Twanda
Subject:	Monthly Report for Jim Derrick
Importance:	High

Monthly Report Updates Due

It is time to update the Monthly Report for Mark Haedicke to send to Jim Derrick.  Please use a hard copy of the attached June report to mark changes for transactions as of today.

Remember that the report is to reflect
	significant transactions that are most likely to close

Remember to add outside counsel (the firm name) where appropriate.

Give your hard copy changes to Kay Young by 5 p.m. Friday, July 13.

Thanks!

 << File: 6.15.01.doc >>

Kay Young
Legal Specialist
Enron North America Corp.
Ph:   713-853-6794
Fax: 713-646-3393


Steve, thanks for the helpful materials. However, if the experience in
overseas deregulating electricity markets where price increases and spikes
have occurred is any precedent, we will need to have some more down-to-earth
responses to a some of the potentially inflammatory issues facing the
politicians:
    1. When the prices spike, who reaps the windfall? Who sells that most
expensive 1% of the kwh? Is it a careful planner or a lucky speculator or
market manipulator? Someone is making a bunch of money off the screwed up
system. Who is it, and why is that OK?
    2. We do not allow people to inflate water prices to consumers in times
of drought, or food prices in times of hurricanes or floods. Even gasoline
price increases in periods of high demand are within 20%-30% of the base, not
2,5,10 or 100 times the average like spot electric prices. The issue isn't
whether the system is broken or not or how bad partial regulation is or how
much demand has increased versus supply. Thes will be seen as "ivory tower"
discussions. The populist political issue is, until the problem is fixed, why
should some shrewd big electric company or middleman be allowed to profit off
the misfortune of consumers who did not cause the problem? Why should anyone
be allowed to profiteer by selling at multiples above their generation cost?
    3. The hedges, fixed price contracts and other de facto insurance against
volatility that Enron or others offer could be seen as a symptom of the
problem rather than the solution.  Enron could be seen as at best a band aid
and at worst an opportunist made possible only by a broken system - - -sort
of like the guys who ran the old style protection rackets, or Colombian
"security consultants" who "guard " pipelines from the threats their guerilla
afiliates create, or  political risk insurance that you shouldn't really need
if the host country wasn't so screwed up. Don't worry about high crime in
your neighborhood -  - - just hire an off-duty policeman.   Who needed these
new electricity risk management products in the old days before deregulation?

    We have to be able to answer these types of questions at the level of the
ordinary citizen, not merely have the correct long-term competitive market
solution, or the forces of ignorance and re-regulation will gain momentum.
Are we sure we shouldn't back a temporary peak hour price cap  until the
regulatory problems we're all familiar with are worked out, to avoid a much
worse long term rollback?. - - -DLH

Steven J Kean@EES
08/14/2000 05:42 PM
Sent by: Maureen McVicker@EES
To: Executive Committee
cc: Gavin Dillingham/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joseph P
Hirl/AP/ENRON@ENRON, Jeannie Mandelker/HOU/ECT@ECT, Nicholas
O'Day/AP/Enron@Enron, Mark Schroeder/LON/ECT@ECT, Richard
Shapiro/HOU/EES@EES, James D Steffes/HOU/EES@EES

Subject: Talking Points re "reregulation" in California

As I promised this morning at the executive committee meeting, below are some
talking points for your use.

Overall message:  the market is working, regulation is not.

In California, peak demand rose by 10% over the last 4 years while new
capacity grew by only 2%.  But, as you would expect, the market responded by
proposing 8,000MW of new generation - - more than enough to offset the peak
demand growth.  The regulatory process, at both the state and local level,
has failed to site this new generation.  The problem is regulation, not
deregulation.

When San Diego customers began experiencing the effects of higher prices,
Enron responded with a fixed price which would have shielded San Diego
customers from price volatility and provided prices below their current
summer levels (Enron's price was about $55/MWH).  After publication of
Enron's offer, nine other companies made offers.  Again, the market responded
where regulation failed.  San Diego has not accepted any of these offers
because of regulatory/legislative restrictions on its ability to buy outside
of the PX (i.e. the spot market).

In markets where siting is easier, suppliers have moved to build additional
generation.  Enron built 3 plants in response to the 1998 price spikes.
Those plants were planned, sited and built in less that 12 months - - in time
for the summer of 1999.  Where regulatory hurdles are lower, the market
responds.

The solution to current pricing and reliability issues is more competition
not reregulation.  Policy makers should:

Open the transmission grid so that power can get from where it is to where it
is needed.

Expedite interconnection of new generation.

Expedite siting of new facilities.

Give customers a choice, so that they have better access to demand side
solutions.

Also attached is a more detailed discussion of California, prepared by Jeff
Dasovich of our San Francisco office.


PLEASE NOTE, I HAVE BEEN REQUESTED TO CHANGE THE MEETING DAY AND BEST SEEMS TO BE THURSDAY, SO I HAVE SENT 2 EMAILS, ONE FOR THE 2ND THURSDAYS OF THE MONTHS AND OTHER FOR THE 4TH THURSDAYS OF THE MONTHS TO PUT MEETINGS ON THE ATTYS' CALENDARS

PLEASE MAKE SURE THE WEDNESDAY MEETINGS (OF THE SAME WEEKS OF MONTHS) HAVE BEEN CANCELLED.

THANK YOU

Joanne Rozycki
Senior Administrative Assistant
Enron North America Corp.
1400 Smith Street, EB3880D
Houston, TX  77002
Phone:  (713) 853-5968     Fax:      (713) 646-3490
Email:   joanne.rozycki@enron.com


Please review the attached document of pre-interview questions I have drafted
and let me know what you think. I'd like to send this out first thing Monday
morning to give the candidates a week to respond (interviews will take place
on Tuesday, March 6 from 8am to 2pm.)  Following each question you will find
my reason (in bold and italics) for asking that specific question - it has
been included in the attached document only for your information.

We are almost there!

Thanks,
Lisa


David Jones in East Gas Origination completed a transportation management transaction with Yankee Gas last night.  This negotiation has been ongoing but the values and the structure have, until yesterday been extremely volatile.  David was able to bring the client to the table yesterday and complete the deal.  It is only a Nov 01 - Mar 02 term but should book orig of $400,000 +.  This was not on the hotlist due to the uncertainty that had been surrounding its completion.  Yankee has worked this transaction with Engage for the past several years, it is good to get one of these coming our way.

FYI

Frank

Yankee Gas is Conneticut's largest LDC and serves 200,000 customers in 68 states.


This document accompanies two e-mails I forwarded from Carla - the last EOL
Deal Summaries completed for the months of August, September, and October
2000. I hope these are what you're looking for.

Kate


Please, take a look at this person - an addition to the  Analyst/Associate
pool.
He is looking for the first rotation.

Vince


Heads up for next public Commission meeting (3/13). The El Paso docket you are interested in is on the agenda. RP00-336.

http://www.ferc.gov/public/isd/sunshine.htm