watched lsu and then went to r&r.  we got pretty drunk.  you guys sounded like you were partying also.  did you have fun?

 -----Original Message-----
From: 	Erin Richardson <erichardson@sarofim.com>@ENRON
Sent:	Monday, October 15, 2001 9:39 AM
To:	Lenhart, Matthew
Subject:	RE:

well, then i guess i must have called.  what did you do sat night

-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
Sent: Monday, October 15, 2001 11:29 AM
To: erichardson@sarofim.com
Subject: RE:

i saw it on the caller id the next day.

    -----Original Message-----
   From:   Erin Richardson <erichardson@sarofim.com>@ENRON
   Sent:   Monday, October 15, 2001 8:47 AM
   To:     Lenhart, Matthew
   Subject:  RE:

   i don't know, i don't remember calling you at 4.

   -----Original Message-----
   From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
   Sent: Monday, October 15, 2001 10:40 AM
   To: erichardson@sarofim.com
   Subject: RE:

   i saw that you guys called around 4am.  partying huh?  what were you
   guys
   doing until 4?

       -----Original Message-----
      From:   Erin Richardson <erichardson@sarofim.com>@ENRON
      Sent:   Monday, October 15, 2001 8:35 AM
      To:     Lenhart, Matthew
      Subject:  RE:

      i never thought you were coming over, we were just messing with you.

      -----Original Message-----
      From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
      Sent: Monday, October 15, 2001 10:06 AM
      To: erichardson@sarofim.com
      Subject: RE:

      sorry i didn't make it over sat, i passed out.  how was sat?

          -----Original Message-----
         From:   Erin Richardson <erichardson@sarofim.com>@ENRON
         Sent:   Friday, October 12, 2001 1:12 PM
         To:     Lenhart, Matthew
         Subject:  RE:

         nice, i'm sure you will.  i'll be sure not to answer my phone.

         -----Original Message-----
         From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
         Sent: Friday, October 12, 2001 3:08 PM
         To: erichardson@sarofim.com
         Subject: RE:

         yeah.  i am going to a dinner at pappas steakhouse and then going
   to
         party.
         i will call you at 2am.

             -----Original Message-----
            From:   Erin Richardson <erichardson@sarofim.com>@ENRON
            Sent:   Friday, October 12, 2001 3:01 PM
            To:     Lenhart, Matthew
            Subject:  RE:

            i know, i am out of control. are you going out?

            -----Original Message-----
            From: Matthew.Lenhart@enron.com
   [mailto:Matthew.Lenhart@enron.com]
            Sent: Friday, October 12, 2001 2:55 PM
            To: erichardson@sarofim.com
            Subject: RE:

            party girl

                -----Original Message-----
               From:   Erin Richardson <erichardson@sarofim.com>@ENRON
               Sent:   Friday, October 12, 2001 2:41 PM
               To:     Lenhart, Matthew
               Subject:  RE:

               sleeping.

               -----Original Message-----
               From: Matthew.Lenhart@enron.com
      [mailto:Matthew.Lenhart@enron.com]
               Sent: Friday, October 12, 2001 2:36 PM
               To: erichardson@sarofim.com
               Subject: RE:

               what are you doing tonight?

                   -----Original Message-----
                  From:   Erin Richardson <erichardson@sarofim.com>@ENRON
                  Sent:   Friday, October 12, 2001 12:01 PM
                  To:     Lenhart, Matthew
                  Subject:  RE:

                  that shouldn't be a problem.

                  -----Original Message-----
                  From: Matthew.Lenhart@enron.com
         [mailto:Matthew.Lenhart@enron.com]
                  Sent: Friday, October 12, 2001 11:54 AM
                  To: erichardson@sarofim.com
                  Subject: RE:

                  don't worry.  you and jen just need to be ready to party.

                      -----Original Message-----
                     From:   Erin Richardson <erichardson@sarofim.com>
   @ENRON
                     Sent:   Friday, October 12, 2001 11:28 AM
                     To:     Lenhart, Matthew
                     Subject:  RE:

                     good, glad you're excited.  don't forget to bring some
      fun
            stuff
               for
                  us.

                     -----Original Message-----
                     From: Matthew.Lenhart@enron.com
            [mailto:Matthew.Lenhart@enron.com]
                     Sent: Friday, October 12, 2001 11:23 AM
                     To: erichardson@sarofim.com
                     Subject: RE:

                     i will.  i will sleep in the middle.  sat is going to
   be
      the
            best
               day
                  of
                     my
                     life.

                         -----Original Message-----
                        From:   Erin Richardson <erichardson@sarofim.com>
      @ENRON
                        Sent:   Friday, October 12, 2001 11:14 AM
                        To:     Lenhart, Matthew
                        Subject:  RE:

                        i did not.  i got up and when i came back you were
         sleeping
                  happily
                     in
                        the
                        middle of the bed.  i almost had to go sleep on the
         couch.
            you
                  are
                        going to
                        have to be more considerate sat. when 3 people are
   in
      the
            bed.

                        -----Original Message-----
                        From: Matthew.Lenhart@enron.com
               [mailto:Matthew.Lenhart@enron.com]
                        Sent: Friday, October 12, 2001 11:03 AM
                        To: erichardson@sarofim.com
                        Subject: RE:

                        i slept on the edge.  you kept tugging on the
   covers
      and
            tried
               to
                     spoon
                        with me.  its cool though.

                            -----Original Message-----
                           From:   Erin Richardson
   <erichardson@sarofim.com>
         @ENRON
                           Sent:   Friday, October 12, 2001 10:55 AM
                           To:     Lenhart, Matthew
                           Subject:  RE:

                           whatever, you were taking up the whole entire
   bed
      last
            night
                     making
                        it
                           impossible for me to fall asleep.

                           -----Original Message-----
                           From: Matthew.Lenhart@enron.com
                  [mailto:Matthew.Lenhart@enron.com]
                           Sent: Friday, October 12, 2001 10:47 AM
                           To: erichardson@sarofim.com
                           Subject: RE:

                           stay at your place even though you are a bed hog

                               -----Original Message-----
                              From:   Erin Richardson
      <erichardson@sarofim.com>
            @ENRON
                              Sent:   Friday, October 12, 2001 10:34 AM
                              To:     Lenhart, Matthew
                              Subject:  RE:

                              what's that?

                              -----Original Message-----
                              From: Matthew.Lenhart@enron.com
                     [mailto:Matthew.Lenhart@enron.com]
                              Sent: Friday, October 12, 2001 10:24 AM
                              To: erichardson@sarofim.com
                              Subject: RE:

                              yep.  looks like i found the formula.

                                  -----Original Message-----
                                 From:   Erin Richardson
         <erichardson@sarofim.com>
               @ENRON
                                 Sent:   Friday, October 12, 2001 10:18 AM
                                 To:     Lenhart, Matthew
                                 Subject:  RE:

                                 are you having a better day today?

                                 -----Original Message-----
                                 From: Matthew.Lenhart@enron.com
                        [mailto:Matthew.Lenhart@enron.com]
                                 Sent: Thursday, October 11, 2001 5:15 PM
                                 To: erichardson@sarofim.com
                                 Subject: RE:

                                 you are so mean.  why can't you be sweet
   like
         me?

                                     -----Original Message-----
                                    From:   Erin Richardson
            <erichardson@sarofim.com>
                  @ENRON
                                    Sent:   Thursday, October 11, 2001 4:58
   PM
                                    To:     Lenhart, Matthew
                                    Subject:  RE:

                                    whatever, i know you were kidding, so
   was
      i.

                                    -----Original Message-----
                                    From: Matthew.Lenhart@enron.com
                           [mailto:Matthew.Lenhart@enron.com]
                                    Sent: Thursday, October 11, 2001 4:58
   PM
                                    To: erichardson@sarofim.com
                                    Subject: RE:

                                    just kidding.  you need to relax a
   little.

                                        -----Original Message-----
                                       From:   Erin Richardson
               <erichardson@sarofim.com>
                     @ENRON
                                       Sent:   Thursday, October 11, 2001
   4:50
      PM
                                       To:     Lenhart, Matthew
                                       Subject:  RE:

                                       you are a jerk

                                       -----Original Message-----
                                       From: Matthew.Lenhart@enron.com
                              [mailto:Matthew.Lenhart@enron.com]
                                       Sent: Thursday, October 11, 2001
   4:51
      PM
                                       To: erichardson@sarofim.com
                                       Subject: RE:

                                       i am going to the strip club.  do
   you
      want
         to
               meet
                  me
                        there?
                           i
                                 will
                                    get
                                       you a lap dance.

                                           -----Original Message-----
                                          From:   Erin Richardson
                  <erichardson@sarofim.com>
                        @ENRON
                                          Sent:   Thursday, October 11,
   2001
      3:38
         PM
                                          To:     Lenhart, Matthew
                                          Subject:  RE:

                                           you'll be fine

                                          -----Original Message-----
                                          From: Matthew.Lenhart@enron.com
                                 [mailto:Matthew.Lenhart@enron.com]
                                          Sent: Thursday, October 11, 2001
      3:34
         PM
                                          To: erichardson@sarofim.com
                                          Subject: RE:

                                          i resent that too

                                              -----Original Message-----
                                             From:   Erin Richardson
                     <erichardson@sarofim.com>
                           @ENRON
                                             Sent:   Thursday, October 11,
      2001
         3:30
            PM
                                             To:     Lenhart, Matthew
                                             Subject:  RE:

                                             why? it's true.  i resent the
      fact
         that
               you
                     can't
                        be
                              honest
                                    with
                                       me

                                             -----Original Message-----
                                             From:
   Matthew.Lenhart@enron.com
                                    [mailto:Matthew.Lenhart@enron.com]
                                             Sent: Thursday, October 11,
   2001
         3:29
            PM
                                             To: erichardson@sarofim.com
                                             Subject: RE:

                                             i resent that last comment

                                                 -----Original Message-----
                                                From:   Erin Richardson
                        <erichardson@sarofim.com>
                              @ENRON
                                                Sent:   Thursday, October
   11,
         2001
            3:25
               PM
                                                To:     Lenhart, Matthew
                                                Subject:  RE:

                                                exactly, see, worthless.

                                                -----Original Message-----
                                                From:
      Matthew.Lenhart@enron.com
                                       [mailto:Matthew.Lenhart@enron.com]
                                                Sent: Thursday, October 11,
      2001
            3:22
               PM
                                                To: erichardson@sarofim.com
                                                Subject: RE:

                                                i am gonna buy you a bmw

                                                    -----Original
   Message-----
                                                   From:   Erin Richardson
                           <erichardson@sarofim.com>
                                 @ENRON
                                                   Sent:   Thursday,
   October
      11,
            2001
               3:19
                  PM
                                                   To:     Lenhart, Matthew
                                                   Subject:  RE:

                                                   whatever, from now on i
      just
            won't
                  listen
                     to
                              anything
                                 you
                                       say.
                                          i
                                                will
                                                   consider everything that
      comes
            out
               of
                  your
                        mouth
                                    worthless.

                                                   -----Original
   Message-----
                                                   From:
         Matthew.Lenhart@enron.com

   [mailto:Matthew.Lenhart@enron.com]
                                                   Sent: Thursday, October
   11,
         2001
               3:07
                  PM
                                                   To:
   erichardson@sarofim.com
                                                   Subject: RE:

                                                   it is so easy b/c you
   get
      all
            worked
               up
                     and
                        you
                           are
                                 not
                                    sure
                                             whether
                                                to
                                                   believe me or not.

                                                       -----Original
      Message-----
                                                      From:   Erin
   Richardson
                              <erichardson@sarofim.com>
                                    @ENRON
                                                      Sent:   Thursday,
      October
         11,
               2001
                  2:55
                     PM
                                                      To:     Lenhart,
   Matthew
                                                      Subject:  RE:

                                                      you love trying to
   get
      on
         my
               nerves
                     don't
                           you?

                                                      -----Original
      Message-----
                                                      From:
            Matthew.Lenhart@enron.com

      [mailto:Matthew.Lenhart@enron.com]
                                                      Sent: Thursday,
   October
      11,
            2001
                  2:50
                     PM
                                                      To:
      erichardson@sarofim.com
                                                      Subject: RE:

                                                      you have such a
   temper.

                                                          -----Original
         Message-----
                                                         From:   Erin
      Richardson
                                 <erichardson@sarofim.com>
                                       @ENRON
                                                         Sent:   Thursday,
         October
            11,
                  2001
                     2:46
                        PM
                                                         To:     Lenhart,
      Matthew
                                                         Subject:  RE:

                                                         matt, it's cool.
   i
      was
            just
                     playing!

                                                         -----Original
         Message-----
                                                         From:
               Matthew.Lenhart@enron.com

         [mailto:Matthew.Lenhart@enron.com]
                                                         Sent: Thursday,
      October
         11,
               2001
                     2:40
                        PM
                                                         To:
         erichardson@sarofim.com
                                                         Subject: RE:

                                                         just chill girl.

                                                             -----Original
            Message-----
                                                            From:   Erin
         Richardson
                                    <erichardson@sarofim.com>
                                          @ENRON
                                                            Sent:
   Thursday,
            October
               11,
                     2001
                        2:34
                           PM
                                                            To:
   Lenhart,
         Matthew
                                                            Subject:  RE:

                                                            i'm not getting
         worked
            up,
               i
                  was
                        just
                              typing
                                 a
                                          playful,
                                                      meaningless
                                                            email.
                                                            stop trying to
      pick a
            fight
                  with
                     me.

                                                            -----Original
            Message-----
                                                            From:
                  Matthew.Lenhart@enron.com

            [mailto:Matthew.Lenhart@enron.com]
                                                            Sent: Thursday,
         October
            11,
                  2001
                        2:29
                           PM
                                                            To:
            erichardson@sarofim.com
                                                            Subject: RE:

                                                            it isn't that
   big
      of
         a
               deal.
                  why
                        don't
                              you
                                 just
                                       relax
                                             about
                                                   the
                                                         whole
                                                            thing.

   -----Original
               Message-----
                                                               From:   Erin
            Richardson
                                       <erichardson@sarofim.com>
                                             @ENRON
                                                               Sent:
      Thursday,
               October
                  11,
                        2001
                           2:24
                              PM
                                                               To:
      Lenhart,
            Matthew
                                                               Subject:
   RE:

                                                               no, i'm not.
      by
         the
               way, i
                     broke
                           down
                              and
                                    told
                                          jenn
                                                about
                                                   the
                                                         whole
                                                               bonnie
                                                               thing.  she
         doesn't
               think i
                     look
                           like
                              her
                                    either
                                       so
                                             now i
                                                am
                                                         feeling
                                                               much
                                                               better no
      thanks
         to
            you.

   -----Original
               Message-----
                                                               From:
                     Matthew.Lenhart@enron.com

               [mailto:Matthew.Lenhart@enron.com]
                                                               Sent:
   Thursday,
            October
               11,
                     2001
                           1:56
                              PM
                                                               To:
               erichardson@sarofim.com
                                                               Subject: RE:

                                                               no.  you are
   so
               gullable.

      -----Original
                  Message-----
                                                                  From:
   Erin
               Richardson
                                          <erichardson@sarofim.com>
                                                @ENRON
                                                                  Sent:
         Thursday,
                  October
                     11,
                           2001
                              1:39
                                 PM
                                                                  To:
         Lenhart,
               Matthew
                                                                  Subject:
      RE:

                                                                  so, are
   you
         really
                  "hitting
                        the
                              strip
                                    clubs"
                                             tonight?

      -----Original
                  Message-----
                                                                  From:
                        Matthew.Lenhart@enron.com

                  [mailto:Matthew.Lenhart@enron.com]
                                                                  Sent:
      Thursday,
               October
                  11,
                        2001
                              1:38
                                 PM
                                                                  To:
                  erichardson@sarofim.com
                                                                  Subject:
   RE:

                                                                  ok

         -----Original
                     Message-----
                                                                     From:
      Erin
                  Richardson
                                             <erichardson@sarofim.com>
                                                   @ENRON
                                                                     Sent:
            Thursday,
                     October
                        11,
                              2001
                                 1:36
                                    PM
                                                                     To:
            Lenhart,
                  Matthew

   Subject:
         RE:

                                                                     ok,
      enough.
            this
                  isn't
                        funny
                                 anymore.

         -----Original
                     Message-----
                                                                     From:
                           Matthew.Lenhart@enron.com

                     [mailto:Matthew.Lenhart@enron.com]
                                                                     Sent:
         Thursday,
                  October
                     11,
                           2001
                                 1:32
                                    PM
                                                                     To:
                     erichardson@sarofim.com

   Subject:
      RE:

                                                                     yeah.
   i
         think
            we
               are
                        hitting
                           the
                                 strip
                                          clubs.

            -----Original
                        Message-----

   From:
         Erin
                     Richardson
                                                <erichardson@sarofim.com>
                                                      @ENRON

   Sent:
               Thursday,
                        October
                           11,
                                 2001
                                    1:23
                                       PM
                                                                        To:
               Lenhart,
                     Matthew

      Subject:
            RE:

                                                                        of
      course
         i
            am.
               i
                  am
                        going
                              out
                                       straight
                                          from
                                                work.
                                                      you?

            -----Original
                        Message-----

   From:
                              Matthew.Lenhart@enron.com
                        [mailto:Matthew.Lenhart@enron.com]

   Sent:
            Thursday,
                     October
                        11,
                              2001
                                    12:35
                                       PM
                                                                        To:
                        erichardson@sarofim.com

      Subject:
         RE:

                                                                        i
   am
         ready
            to
               go
                        tonight.
                           you
                                 going
                                       out?

               -----Original
                           Message-----

      From:
            Erin
                        Richardson

   <erichardson@sarofim.com>
                                                         @ENRON

      Sent:
                  Thursday,
                           October
                              11,
                                    2001
                                          12:30
                                             PM

   To:
                  Lenhart,
                        Matthew

         Subject:
               RE:

      shut
         up,
               stop
                     lying.
                        i
                              don't
                                       believe
                                          you
                                             at
                                                   all.

               -----Original
                           Message-----

      From:
                                 Matthew.Lenhart@enron.com

                           [mailto:Matthew.Lenhart@enron.com]

      Sent:
               Thursday,
                        October
                           11,
                                 2001
                                       12:29
                                          PM

   To:
                           erichardson@sarofim.com

         Subject:
            RE:

      where
            didn't
               i
                  go?

                  -----Original
                              Message-----

         From:
               Erin
                           Richardson

      <erichardson@sarofim.com>
                                                            @ENRON

         Sent:
                     Thursday,
                              October
                                 11,
                                       2001
                                             12:24
                                                PM

      To:
                     Lenhart,
                           Matthew

            Subject:
                  RE:

         where
            did
                  you
                     go?

                  -----Original
                              Message-----

         From:
                                    Matthew.Lenhart@enron.com

                              [mailto:Matthew.Lenhart@enron.com]

         Sent:
                  Thursday,
                           October
                              11,
                                    2001
                                          12:25
                                             PM

      To:
                              erichardson@sarofim.com

            Subject:
               RE:

      no
               really.
                  it
                     was
                        a
                              blast.
                                       little
                                             tired
                                                but
                                                   i
                                                      can
                                                            rally
                                                                  for

         tonight.

                     -----Original
                                 Message-----

            From:
                  Erin
                              Richardson

         <erichardson@sarofim.com>
                                                               @ENRON

            Sent:
                        Thursday,
                                 October
                                    11,
                                          2001
                                                12:21
                                                   PM

         To:
                        Lenhart,
                              Matthew

               Subject:
                     RE:

            liar

                     -----Original
                                 Message-----

            From:
                                       Matthew.Lenhart@enron.com

                                 [mailto:Matthew.Lenhart@enron.com]

            Sent:
                     Thursday,
                              October
                                 11,
                                       2001
                                             12:22
                                                PM

         To:
                                 erichardson@sarofim.com

               Subject:
                  RE:

         i
               didn't
                     even
                        go
                           home

                        -----Original
                                    Message-----

               From:
                     Erin
                                 Richardson

            <erichardson@sarofim.com>
                                                                  @ENRON

               Sent:
                           Thursday,
                                    October
                                       11,
                                             2001
                                                   12:19
                                                      PM

            To:
                           Lenhart,
                                 Matthew

                  Subject:
                        RE:

               great,
                     you
                           don't
                                 stand a
                                          chance.
                                             i
                                                   didn't
                                                         get
                                                            home
                                                                  until

   5:30

         this

                  morning

            and
               i
                     think
                        i
                           was
                                 still
                                       drunk
                                             when i
                                                   got
                                                      to
                                                            work.
                                                               how
                                                                     about

      you?

                        -----Original
                                    Message-----

               From:
                        Lenhart,
                                 Matthew

                           [mailto:Matthew.Lenhart@ENRON.com]

               Sent:
                        Thursday,
                                 October
                                    11,
                                          2001
                                                11:58
                                                   AM

            To:
                                    erichardson@sarofim.com

                  Subject:

            how
                  are
                     we
                           doing
                              on
                                 our
                                          contest?

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

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


Can you guys please take a look, and Eric, please show to Farzad....Jeff
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 07/07/2000
07:37 AM ---------------------------
   Merritt Thomas                07/06/2000 12:00 PM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: LNG Models

Jeff,

Here are some models which I received from Rotenberg's LNG group when I was
in Houston last month.  I haven't had the opportunity to really take a look
at them, but you will probably want to pass them along to your LNG people.

Thanks,
Merritt


Mark, In my discussions with Lavorato, he has asked us to provide a summary/outline of the business operations of each of the co's that we have syndicated this capacity with.

Set up your summary that includes, Co. Name, Principal, primary business, dealings history ( if any ), number of employees, contact name of deal maker.

Cannon, Patina, FMI Weld, Huber,Misaka

Don't spend too much time with this, but a little history on each co. is what John wants for his review.

Thanks, BT


ISDA?
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 03/08/2000
01:08 PM ---------------------------

	Enron North America Corp.

	From:  Jarrod Cyprow                           03/08/2000 12:46 PM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: National Gypsum

We have entered into a Collar with National Gypsum. Can you send me a
template to use?


California Power Crisis in a Nutshell: David Wilson (Update1)
Bloomberg, 01/19/01

California Averts Blackouts; Regulators Take Action (Update3)
Bloomberg, 01/19/01

Richardson Orders Natural Gas Sales Into California (Update2)
Bloomberg, 01/19/01

USA: ANALYSIS-Utilities no longer your father's Oldsmobile.
Reuters English News Service, 01/19/01

EOTT Energy Partners, L.P. Declares Quarterly Cash Distribution
PR Newswire, 01/19/01

BANDWIDTH BEAT: Number Of Routes In Price Table Explodes
Dow Jones Energy Service, 01/19/01

USA: UPDATE 1-Bush adviser opposes cap on Western power prices.
Reuters English News Service, 01/19/01

Pennsylvania PUC Blasts GPU for Comparison to California
Bloomberg, 01/19/01

Enron and Owens-Illinois Sign Long-Term $2.2 Billion Energy Management
Agreement
PR Newswire, 01/19/01

USA: Enron subsidiary, Owens-Illinois in energy deal.
Reuters English News Service, 01/19/01

California Power Crisis in a Nutshell: David Wilson (Update1)
1/19/1 17:20 (New York)

California Power Crisis in a Nutshell: David Wilson (Update1)

     (Adds dollar amount of Southern California Edison's last
default and references to bond insurers, Fitch and electricity
Board; updates federal response. Commentary. David Wilson is a
columnist for Bloomberg News. Opinions expressed are his own.)

     Princeton, New Jersey, Jan. 19 (Bloomberg) -- Californians
have suffered power blackouts. The state's two largest utilities
have defaulted on debt and failed to make power payments. State
and federal officials are working on solutions. The following
guide is designed to explain what, and who, is behind it all.

                             The Issue

     California's two largest utilities must pay more for power
than they can charge under a 1996 utility-deregulation law, which
froze rates until March 2002. They have racked up more than $11.5
billion in power-related debt. Out-of-state suppliers have balked
at selling electricity and natural gas to them because of concern
that they may not get paid.
     The price of power to California utilities more than
quadrupled during 2000 amid a surge in the cost of natural gas,
which more than half the power plants in the state burn. Natural
gas rose as much as 25-fold during December.

                           The Companies

     PG&E Corp. (ticker symbol PCG): Owner of Pacific Gas &
Electric Co., California's largest utility. Its shares have lost
55 percent during the past year, and it's one of only two stocks
in the Dow Jones Utilities Average to drop during that period.
     The unit's losses on power purchases totaled $6.6 billion at
the end of last year. On Wednesday, PG&E defaulted on $43 million
of commercial paper and the utility unit defaulted on another $33
million. The unit has a $583 million power bill due on Feb. 1, and
another $2.12 billion is due by March 2.
     Edison International (EIX): Owner of Southern California
Edison Co., the state's second-largest utility. Its stock price
has fallen 67 percent in the last 12 months, making it the worst
performer among the Dow utility stocks.
     Power-buying losses at the unit totaled $4.5 billion as of
Dec. 31. The utility defaulted Tuesday on $230 million of bonds
and failed to make $366 million of payments for power. Yesterday
it defaulted on $32 million of commercial paper. Another $378
million of power payments are due this month.
     Power suppliers: Include Calpine Corp. (CPN), Duke Energy
Corp. (DUK), Dynegy Inc. (DYN), Enron Corp. (ENE), Reliant Energy
Inc. (REI), Sempra Energy (SRE), the Southern Energy Inc. (SOE)
unit of Southern Co. (SO) and Williams Cos. (WMB).
     Natural-gas suppliers: Include Coastal Corp. (CGP), Duke
Energy, the J. Aron & Co. unit of Goldman Sachs Group Inc. (GS),
Sempra Energy and Western Resources Inc. (WR).

                          The Financiers

     Banks: Bank of America Corp. (BAC) and J.P. Morgan Chase &
Co. (JPM) arranged a total of $4.2 billion in loans. They refused
Wednesday to let PG&E and Pacific Gas & Electric borrow part of a
$1 billion credit line, leading to the commercial-paper default.
     Ace Ltd. (ACL): Bermuda-based insurance company. A unit has
about $14 million of reinsurance on the two utilities' bonds and
about $125 million in debt assumed in credit-default swaps, which
protect bondholders against defaults. ``Ace believes that any loss
would be substantially less,'' it said in a statement.
     Bond insurers: MBIA Inc. (MBI), the largest U.S. bond
insurer, guaranteed more than $1 billion of Edison's and PG&E's
bonds. Ambac Financial Group Inc. (ABK) said its exposure totals
about $150 million. Smaller amounts are at risk for Financial
Security Assurance Co. and Financial Guaranty Insurance Co.

                        The Rating Services

     Standard & Poor's: Said Dec. 13 that it might cut ``A''
ratings on the parent companies and ``A+'' ratings on the units.
Downgraded them to ``BBB-,'' its lowest investment-grade rating,
on Jan. 4. Lowered them to ``CC'' on Tuesday except for Southern
California Edison, cut to ``D'' because of its default. S&P may
also reduce ratings even more.
     Moody's Investors Service: Said Dec. 11 that it may lower
``A3'' ratings on PG&E and Edison, along with ``A2'' ratings on
their utility units. Downgraded them all to ``Baa3,'' its lowest
investment-grade rating, on Jan. 5. Lowered ratings on the parent
companies to ``Caa3'' and their units to ``Caa2'' earlier this
week. All may be cut further.
     Fitch IBCA: Said Nov. 7 that it might cut ``A'' and ``A+''
ratings on senior unsecured debt of Edison and its utility unit.
and its ``A'' rating on Pacific Gas & Electric's first mortgage
bonds. Downgraded Edison and its unit to ``A-'' on Dec. 11, to
``CCC'' on Jan. 4, and to ``CC'' on Tuesday. Cut the mortgage
bonds to ``A-'' on Dec. 11 and to ``B-'' on Jan. 4.

                           The Agencies

     California Department of Water Resources: Administers the
state's water systems. Started buying power on behalf of the two
utilities in January. Can spend as much as $400 million on power
under a bill passed yesterday.
     California Independent System Operator: Owns the system that
delivers three-quarters of the state's electricity. Imposes power
emergencies as needed.
     California Power Exchange: Buys power for utilities.
Suspended the two utilities' trading privileges after Southern
California Edison failed to make a $215 million payment and PG&E
failed to meet a new requirement that it post collateral.
     California Electricity Oversight Board: Five-member state
panel that governs both the Independent System Operator and the
Power Exchange.
     California Public Utilities Commission: Regulates utilities.
Granted rate increases averaging 10 percent to the two utilities
on Jan. 4. The increases are effective for 90 days. PG&E and
Edison wanted 26 percent and 30 percent, respectively.
     Federal Energy Regulatory Commission: U.S. agency that
oversees utilities. Issued rules Dec. 15 that freed California
utilities from a requirement to buy power through the exchange.
Has rejected proposals for caps on the power prices they pay.

                          The Background

     Power supplies are so tight that California can have an
emergency even if only a few plants go off line for repairs or
malfunction. Even ocean swells can result in production cuts, as
they can clog plants' coolant intakes with sea kelp.
     About two-thirds of California's power plants are more than
30 years old. The last major plant was built more than a decade
ago, before the state toughened its emissions standards. Demand,
especially from companies making products such as computers and
semiconductors, has grown along with the state's economy.

                          The Emergencies

     Stage One: Power reserves for hydroelectric plants fall to
within 5 percent of demand, and reserves for all other types of
plants fall to within 7 percent of demand.
     Stage Two: Power reserves from all types of plants fall to
within 5 percent of demand.
     Stage Three: Power reserves fall to within 1.5 percent of
demand. Can lead to rolling blackouts in parts of the state. The
first alert of this type happened on Dec. 7; the first blackouts
happened Wednesday.

                        The State Response

     Davis declared a state of emergency Wednesday, freeing the
Department of Water Resources to spend money in its budget and the
state's general fund to buy power on the utilities' behalf.
California's legislature then approved $400 million in outlays.
     Legislators are working on a bill, proposed by Davis, that
would let the state buy as much as $3.5 billion of power a year
under multiyear contracts and sell it to utilities at cost. The
plan sets a price of $55 a megawatt hour, below the utilities'
average selling price of $72 after the rate increase. Davis has
held talks with power generators about the length and price of
contracts; he hasn't reached any agreements yet.
     Additionally, legislators have discussed allowing Pacific Gas
& Electric and Southern California Edison to refinance the power-
purchase debt by selling bonds.

                       The Federal Response

     Energy Secretary Bill Richardson issued an order Dec. 14 that
required power suppliers to sell electricity in California. The
order was extended Jan. 11 and Wednesday, and is scheduled to
expire next Tuesday. Richardson, who leaves office tomorrow with
President Bill Clinton, signed a similar order for natural-gas
suppliers that Davis had requested.

                            The Outcome

     Very much in doubt. Duke Energy, Dynegy, Reliant Energy and
Southern Energy were prepared to force the two utilities to file
for bankruptcy before the emergency spending bill was set into
motion, Davis said.

--David Wilson in the Princeton newsroom (609) 279-4085 or
dwilson@bloomberg.net/jmg

California Averts Blackouts; Regulators Take Action (Update3)
1/19/1 16:29 (New York)

California Averts Blackouts; Regulators Take Action (Update3)

     (Adds details on gasoline supplies starting in fourth
paragraph. For a special report on the California energy crisis,
see {EXTRA <GO>})

     Sacramento, California, Jan. 19 (Bloomberg) -- California
averted a third straight morning of intermittent power blackouts
as state and federal officials moved to ensure a steady supply of
power to consumers and businesses.
     Facing less power demand as the weekend approaches, state
authorities said they haven't ordered further outages today. The
California Independent System Operator, which runs three-quarters
of the state's power grid, kept its highest power alert in place.
     State regulators blocked California's two largest utilities
from taking action on their own to cut services to customers. The
measure by the California Public Utilities Commission came after
state lawmakers yesterday approved $400 million to buy power for
the cash-strapped utilities.
     U.S. Energy Secretary Bill Richardson, who steps down
tomorrow, said today he will sign an emergency order requiring
natural-gas producers to sell in California.
     The utilities, PG&E Corp.'s Pacific Gas & Electric and Edison
International's Southern California Edison, are on the verge of
bankruptcy. A 1996 deregulation law caps rates they can charge
consumers, and they have to pay more to power generators because
of rising demand and short supplies.

                          How Many Days?

     The legislation passed yesterday doesn't address PG&E and
Edison's mounting debts, which total more than $11.5 billion. The
money may not last as long the 12 days that state legislators had
hoped, either, analysts said.
     ``With prices going the way they are in the wholesale market,
$400 million or $500 million is not going to last much more than
seven days, let alone 12,'' said Paul Patterson, a utility analyst
with Credit Suisse First Boston.
     PG&E's shares rose 44 cents to $10.19 and Edison's declined 6
cents to $8.94. The stocks are the two worst performers in the Dow
Jones Utilities Average during the past year.
     Fuel supplies are also an issue. Valero Energy Corp., which
produces 10 percent of the state's gasoline, said the state may
soon face shortages of gasoline because Kinder Morgan Inc.'s
California pipeline -- one of the West Coast's largest -- was
disrupted by blackouts.
     Jay McKeeman, executive vice president of the California
Independent Oil Marketers Association, said he wrote Davis
yesterday to warn that refineries could be forced to shut unless
they can be assured their usual flow of fuel.

                     `Interruptible' Customers

     The pipeline, which distributes almost 1 million barrels of
gasoline, jet fuel and diesel a day, has been shut for 12 hours to
18 hours a day since Wednesday, said Larry Pierce, a Kinder Morgan
spokesman. The pipeline ran last night and was idled again this
morning, he said.
     Kinder Morgan's pipeline is an ``interruptible'' customer,
making it among the first to lose power amid shortages. Even if
scattered blackouts are avoided today, customers like it still
face the possibility of power cuts.
     The state's utilities are paying as much as 20 times more for
electricity than they did a year ago as they face the effects of
deregulation, which led them to sell generating plants. High
demand, a shortage of available plants and unusually low output
from hydroelectric dams are compounding the problem.
     Pacific Gas & Electric has said six companies, accounting for
36 percent of daily natural-gas supply, may stop deliveries by
Tuesday. The utility said it has only been able to buy 60 percent
of the gas it needs for each day next month, possibly forcing it
to cut supplies to power plants that use the gas to produce
electricity.

                        `Least Bad Option'

     President-elect George W. Bush opposes one possible remedy
for the utilities: limits on the wholesale prices that they pay
for electricity.
     ``The president-elect does not think price controls are an
answer to our nation's energy problems,'' Ari Fleischer, Bush's
spokesman, said during a reporters' conference call. ``He sees
very little evidence that price controls work. That is a very
unlikely solution in his opinion.''
     The Federal Energy Regulatory Commission, which oversees
utilities, has turned down proposals for price caps. California
Governor Gray Davis and other state officials support caps. U.S.
Senator Dianne Feinstein plans to introduce a bill Monday that
would allow the U.S. Secretary of Energy to impose them. Both
Davis and Feinstein are Democrats.
     State legislators rushed their spending measure into law
after Davis declared a state of emergency Wednesday. The state's
four largest power providers had threatened to push Pacific Gas &
Electric and Southern California Edison into bankruptcy if the
bill wasn't passed.
     ``This bill is the least bad option to get us through the
next few days,'' said Assemblyman Fred Keeley, the state's No. 2
Democrat. ``It will hopefully give us time to put a comprehensive
solution in place.''

                           More Defaults

     The legislature is also drafting a separate bill that would
allow the state to buy power under multiyear contracts and limit
the price it pays at $55 a megawatt hour. Customers currently pay
about $72 on average.
     While many generators are balking at that proposal, Davis
said he believed producers will eventually accept prices close to
$55, especially if the state agrees to sealed bids for contracts.
     Southern California Edison defaulted on $32 million of
commercial paper yesterday. It expects to default on $223 million
more of the money-market securities by Jan. 31, according to a
Securities and Exchange Commission filing.
     The utility also forfeited millions of dollars in power
contracts to the California Power Exchange yesterday after it
failed to make a $215 million payment. The foreclosure was a first
for the exchange, which buys power from generators on behalf of
utilities.
     Earlier this week, Edison suspended $596 million in payment
to bondholders and utilities. In addition, PG&E defaulted on $76
million in commercial paper.

--Peter Robison in Seattle (206) 406-1656 or robison@bloomerg.net
and David Ward in Sacramento with reporting by Daniel Taub in San
Francisco, Dennis Walters in Ojai, California, David Evans in Los
Angeles, Christopher Martin in Chicago, Jonathan Berr, Stacie
Babula and Jim Polson in Princeton, Liz Goldenberg in New York,
and Liz Skinner in Washington through the Princeton newsroom (609)
279-4000 / dw

Richardson Orders Natural Gas Sales Into California (Update2)
1/19/1 17:40 (New York)

Richardson Orders Natural Gas Sales Into California (Update2)

     (Adds Richardson comment in fourth paragraph, details of
order in fifth through eighth.)

     Washington, Jan. 19 (Bloomberg) -- U.S. Energy Secretary Bill
Richardson ordered natural-gas suppliers to keep selling to
California to keep homes warm and hospitals running after two days
of rolling blackouts.
     California Governor Gray Davis asked for the emergency order
because suppliers are threatening to stop shipments to PG&E
Corp.'s Pacific Gas & Electric, fearing the state's largest
utility will default on payments.
     Utilities owned by PG&E and Edison International have said
they face bankruptcy because state laws won't let them pass on the
soaring power costs to customers. Pacific Gas & Electric said a
cut in gas supplies would affect homes, hospitals, businesses, oil
refineries and power plants.
     ``I am very concerned that such supply disruptions could
endanger the health and welfare of PG&E's residential and
commercial gas customers and could exacerbate the already
precarious condition of California's electric grid,'' Richardson
said in a statement issued on his last day in office.

                         Setting Terms

     The emergency order, requiring any of PG&E's natural gas
suppliers to keep selling to the utility according to contracts in
place the past 30 days, will keep gas flowing as California,
utilities and generators ``work to find a solution to the current
electricity and financial crisis,'' Richardson said.
     If a supplier and PG&E don't agree on the terms of the
contracts, the energy secretary will set the terms, the department
said in a statement.
     The federal order runs through Tuesday. It will be up to the
next energy secretary whether to extend it. Richardson said he has
spoken with Spencer Abraham, who President-elect George W. Bush
has nominated to head the department, about the crisis.
     President Bill Clinton earlier today signed a memorandum
finding that a natural-gas supply emergency exists in central and
northern California. The document directs Richardson to ensure
that gas is available for high-priority uses, such as home heating
and power generation.
     Last month, Richardson ordered power generators to sell
electricity to California after suppliers in the Northwest halted
sales. That order also expires Tuesday.
     PG&E shares rose 44 cents to $10.19. Edison fell 6 cents to
$8.94. They've both fallen about 63 percent since Nov. 1.

                         Gas Supplies

     Pacific Gas & Electric said six natural-gas suppliers,
accounting for 36 percent of its daily supply, told the utility
they have stopped delivering gas or may stop deliveries by
Tuesday. Other suppliers, accounting for 30 percent of daily
supplies, are considering stopping deliveries, the utility said.
     One of PG&E's gas suppliers, Western Gas Resources Inc.,
stopped deliveries on Jan. 12. The company ended a contract to
sell 5 million cubic feet of natural gas a day after the utility
``stopped paying us according to the terms of the contract,'' said
Ron Wirth, Western Gas spokesman.
     Wirth said company officials haven't seen Richardson's order
yet so couldn't comment on it.
     El Paso Energy Corp., which sells natural gas to PG&E through
its merchant energy unit, said it has been honoring its existing
contracts with the California utility.
     ``We are still backing the existing contracts to those
companies, as of this moment,'' said spokeswoman Kim Wallace.
``This is a minute-to-minute situation.''
     The order will impact El Paso Energy because it sells natural
gas into California, she said. ``The question is who will pay?''

--Liz Skinner in Washington, (202) 624-1831 or
lskinner@bloomberg.net and Daniel Taub in San Francisco, with
reporting by Jim Kennett in Houston and Bradley Keoun in New York,
through the Princeton newsroom, (609) 279-4000/pjm/shf

USA: ANALYSIS-Utilities no longer your father's Oldsmobile.
By Paul Thomasch and Jonathan Stempel

01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Jan 19 (Reuters) - Fund manager Don Cox left a meeting with Exxon
Mobil executives last September shaking his head, knowing he would stay as
far away as possible from California utilities.
During the meeting in downtown Chicago, four executives from Exxon Mobil
Corp., the world's No. 1 energy company, told Cox to expect natural gas
prices to fall to just $1 per million British thermal units (mmbtu).
His conclusion? Even the industry's top brass couldn't see the coming power
crisis, one that would hit California's utilities particularly hard.
"I walked away from that meeting telling my clients to load themselves to the
hilt with natural gas stock and don't get involved with the California
utilities," said Cox, chairman and chief strategist at the Harris Investment
Management Fund, which manages $16 billion.
It was the right call.
Natural gas hit $10 per mmbtu three months later, the last in a chain of
events that sent power prices through the roof and sent California's
deregulated electricity market to the brink of collapse.
Now, Pacific Gas and Electric Co., a unit of San Francisco-based PG&E Corp.
and Southern California Edison, a unit of Rosemead, Calif.-based Edison
International, are flirting with bankruptcy, stock-and bondholders have seen
billions of dollars melt away, and Wall Street has been forced to reassess
utilities as an investment.
"This is going to once and for all eliminate the idea that utilities are a
homogenous industry," said Cox. "This is a group that cries out for a whole
new sort of analysis."
SAFE NO MORE
For decades, utilities have been seen as a safe haven for stockholders.
Returns weren't the stuff of dreams, but there was little risk of losing your
shirt.
Electricity deregulation, sometimes successful and in California clearly not,
has changed that notion. Layers upon layers of power companies have been
created, from such power marketers as Enron Corp. and generators as Dynegy
Inc., to distribution utilities such as New York City's Consolidated Edison
Inc..
"The industry has been in a revolution for a couple of years," said Tim
Ghriskey, a portfolio manager for the $2.2 billion Dreyfus Fund. "It's a much
more dynamic industry. It's not just buy one, buy all, because they are all
different."
Utilities stocks were highly rewarding to investors last year, with the
Standard & Poor's utilities index surging more than 50 percent.
California's power crisis has changed that landscape, though. Share prices of
PG&E and Edison have slid more than 60 percent since early November, and
dragged down others with them. About 15 percent of the value of the S&P
utilities index has been wiped out so far this year.
"Unlike the old utilities, nowadays you can make a lot or lose a lot in a
hurry," said Ghriskey.
UTILITIES LOSE GLEAM
It's not just shareholders who have learned the hard lesson that utilities
aren't what they once were. Bondholders, too, have been left to wince as top
credit rating agencies slashed their formerly investment-grade holdings deep
into junk.
Still, secured and unsecured bondholders may be in better shape than
stockholders, ranking ahead of them in the pecking order when it comes time
to decide what gets distributed in a bankruptcy, if there is one - or two.
"The sharing of the pain is the one uncertainty from an investor's
standpoint," said James Spiotto, a partner and default specialist at Chapman
and Cutler, a Chicago law firm.
"The solution of a utility bankruptcy is not unlimited pain to the customer
because there's a limit to what the customer can bear."
Investors see bids for SoCal Edison's and Pacific G&E's first mortgage bonds
at around 80 to 82 cents on the dollar, and for their unsecured bonds at 45
to 50 cents on the dollar. That compares to the pennies bid for bonds of many
asset-poor start-up telecommunications companies.
Bill Gross, who oversees $250 billion for Pacific Investment Management Co.
in Newport Beach, Calif. and is widely considered the most powerful U.S. bond
fund manager, reckons utilities look more and more like some of those
telecoms.
"Obviously investors are now awakening to the fact that utilities are not the
safe, conservative vehicles that they knew 10 or 20 years ago," he said.
"It's not your father's Oldsmobile."
Selling now, however, may not be a good solution because the crisis is fluid,
some depressed prices could recover, and the market for electric power won't
disappear the way some telecoms and dot-coms do.
"Generally, the solution for a distressed utility is strung out, and can
involve a conversion of debt to equity," said Spiotto. "The real concern is
to save the system."
First mortgage bondholders, he said, usually do well in a bankruptcy, and
could get their principal back, because they have "the system" as collateral.
No one, he said, will allow California's lights to dim for good.
CLOUDED BY UNCERTAINTY
What occurred in California is something of a perfect storm, a situation
brought together by a poorly constructed deregulation plan, environmental
hurdles, cold weather and a shortage of natural gas production in the United
States.
PG&E and Edison may indeed go under, investors said, or the nation's richest
state could construct a way to bail them out.
Either way, stockholders are decidedly unwilling to risk too much of their
money on PG&E or Edison at the moment.
"It's too uncertain right now; the situation makes us too nervous," said
Ghriskey, who doesn't own either utility's shares. "At some point there could
be a huge buying opportunity, but first we have to get some visibility on an
outcome."
The crisis also casts doubt over companies such as Reliant Energy Inc., Duke
Energy Corp., and Southern Energy Inc., which face hundreds of millions of
dollars of credit exposure because they sell power to the utilities.
What's more, it throws a cloud over how deregulation will progress elsewhere
in the country.
"I think we're locked into several years of energy problems," said Cox of
Harris Investment Management.
Like his counterparts in the bond market, he sees a parallel with those "new
economy" companies. "From now on, talking about utilities as a group will be
as problematic as talking about tech stocks as a group," he said.
But will the value of their securities recover?
"Hope springs eternal," said Spiotto, the Chicago lawyer.

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

EOTT Energy Partners, L.P. Declares Quarterly Cash Distribution

01/19/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

HOUSTON, Jan. 19 /PRNewswire/ -- EOTT Energy Partners, L.P. (NYSE: EOT) (the
Partnership) announced today a distribution of $0.475 per common unit for the
fourth quarter of 2000, or $1.90 on an annualized basis. The fourth quarter
distribution is payable Feb. 14, 2001, to unitholders of record as of Jan.
31, 2001.
EOTT Energy Partners, L.P. is a major independent marketer and transporter of
crude oil in North America. EOTT transports most of the lease crude oil it
purchases via pipeline which includes 8,300 miles of active intrastate and
interstate pipeline and gathering systems and a fleet of 260 owned or leased
trucks. EOTT Energy Corp., a wholly-owned subsidiary of Enron Corp. (NYSE:
ENE), is the general partner of EOTT Energy Partners, L.P. with headquarters
in Houston. The Partnership's Common Units are traded on the New York Stock
Exchange under the ticker symbol "EOT". Media Relations Contact:
Kimberly Nelson
(713) 853-3580
Investor Relations Contact:
Scott Vonderheide
(713) 853-4863

/CONTACT: media, Kimberly Nelson, 713-853-3580, or investor relations, Scott
Vonderheide, 713-853-4863, both of EOTT Energy Partners, L.P. / 15:44 EST

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

BANDWIDTH BEAT: Number Of Routes In Price Table Explodes
By Michael Rieke

01/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A DOW JONES NEWSWIRES COLUMN

HOUSTON -(Dow Jones)- The number of city-pairs listed in the daily Dow Jones
bandwidth price table exploded this week to 10 from two.
The table was started in September, listing only prices for DS3 bandwidth
between New York and Los Angeles. That's the route that had the most traffic
and therefore would be the first to bring some liquidity to the nascent
bandwidth market.
The table originally listed only prices for DS3 bandwidth along that route.
Later prices were added for OC3 capacity between New York and Los Angeles,
followed by prices for DS3 and OC3 bandwidth between New York and Washington,
D.C.
Earlier this month, DS3 capacity between New York and Washington had the
distinction of being the first listing dropped from the price table.
One component in the value of a deal is mileage, so the fewer the miles, the
less money in the deal. Because New York is so close to Washington, D.C.,
traders decided there wasn't enough money involved to continue trying to do
deals for DS3 bandwidth along that route. They'll only quote prices for OC3
capacity along that route.
They also decided there wasn't enough money involved in one-month deals for
OC3 capacity along that route. So now they're only making a market for
three-month deals on that route.
This week a broker told Dow Jones Newswires that a market was being quoted
for a new route: Los Angeles to San Francisco, mostly for DS3 bandwidth but
also for two one-year contracts for OC3 capacity.
The broker wouldn't say which company was the market maker for that route.
For a simple definition, a market maker is a company that will give a bid and
an offer in a market. Then it has to be willing to buy at the bid price and
sell at the offer price.
The first guess was, of course, Enron Corp. (ENE) because they've been very
aggressive in making markets in bandwidth. Just take a look at the bandwidth
bids and offers on Enron Online, if you have access.
But Enron isn't the market maker for the Los Angeles-to-San Francisco route.
They prefer the nearby Los Angeles-San Jose route and are making a market for
it in DS3 and OC3.
And it isn't El Paso Energy (EPG) either. They were the second company
venture into bandwidth as a market maker. Aquila Broadband Becomes Third
Bandwidth Market Maker

A little research revealed that Aquila Broadband Services, a unit of
Utilicorp United Inc. (UCU), is the market maker for the Los Angeles-San
Francisco route. They're the third market maker in bandwidth.
The other new routes being quoted are New York-Miami (DS3 and OC3);
Seattle-Salt Lake City (OC3); Seattle-Los Angeles (OC3); Seattle-Portland,
Ore. (OC3); Los Angeles-Las Vegas (DS3 and OC3); and Los Angeles-Dallas
(DS3).
A quick check of the bids and offers for the new markets reveals that the
quotes are wide. When making a new market, a company doesn't want to risk
making a mistake by bidding too high or offering too low. If you bid too
high, sellers will jump all over your bid. If you offer too low, buyers will
jump all over your offer
In the new markets, there's generally $0.0015-$0.0020 per DS0 mile per month
between the bid and the offer.
In the most mature market, New York-Los Angeles for DS3, the bids and offers
for some contracts are separated by only $.0001/DS0 mile/month, sometimes
even less.
In fact, another decimal place had to be added to the quotes in the price
table. Some quotes for DS3 bandwidth between New York and Los Angeles have
become so tight that the bid and offer sometimes were separated by only
$.00005/DS0 mile/month.
Traders are willing to talk about the new markets because they are hoping
they will attract more attention followed by more buyers and sellers. As
those markets become more liquid, the traders predict, the bids and offers
will move closer together.
Some carriers aren't going to like seeing quotes for more bandwidth routes.
More quotes mean more price transparency. More price transparency means more
questions from customers.
Some carriers already argue that the prices quoted in the bandwidth market
aren't "real" prices, that they are too low. If that's true, traders say, the
carriers should be buying.
At least some telecom analysts agree. Steven Kamman, an analyst for CIBC
World Markets, has already said that in this column.
The smartest course for high-cost carriers, like WorldCom (WCOM), is to stop
investing in their own networks and start buying wholesale capacity from
low-cost carriers, Kamman says.
If and when they do, the bandwidth price table should grow even bigger.
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@wsj.com

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

USA: UPDATE 1-Bush adviser opposes cap on Western power prices.

01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

WASHINGTON, Jan 19 (Reuters) - A proposal to cap prices for wholesale
electricity in the West in hopes of easing California's power crisis "would
start spreading the shortage around" to other states, an adviser to the
incoming Bush administration said on Friday.
"That is not even a short-term solution," said Ken Lay, head of Enron Corp.
and an energy advisor to incoming President George W. Bush, a former Texas
oilman who takes the oath of office on Saturday.
Enron is the largest power marketer in the United States, and a cap would
limit the prices it and other wholesalers could charge to utilities.
Lay told reporters the federal government should limit itself to an advisory
role, letting California leaders resolve a "pretty much self-inflicted
problem." Wholesale power prices were deregulated under the landmark 1996 law
but retail rates were not.
A proposal by California officials to cap wholesale power prices in the West
as a way to help their state would merely "start spreading spreading the
shortage around to other states," Lay said.
California endured two days of rolling blackouts this week as two large
utilities struggled under huge debts incurred buying electricity at higher
wholesale prices than they can recoup under the retail rates they are allowed
to charge.
Outgoing U.S. Energy Secretary Bill Richardson said he would issue an
emergency order later on Friday to require out-of-state natural gas suppliers
to sell fuel to a cash-short California utility so it can continue to
generate electricity.
In the short term, Lay said, the state government will have to "buy the power
to fill the short positions of the utilities." The longer term solution will
probably include longer-running contracts to take advantage of electric
prices that are expected to fall later this year.
"The biggest problem in California is consumers are not going to see the
price signals. If they don't see the price signals, they are not changing
behavior so the problem is going to get worse," Lay said.
"Painful as it is, they need to see the price signals and start modifying
behavior to reduce demand until we get new supplies."
California Gov. Gray Davis was expected to sign a bill allowing the state to
spend $400 million to buy power on behalf of utilities. The two California
utilities, PG&E Corp's Pacific Gas & Electric Co. and Edison
International'sSouthern California Edison, have run up about $12 billion of
debt and are teetering on the edge of bankruptcy. Their bankruptcy would rank
among the nation's biggest, hitting creditors ranging from retirees invested
in traditional safe havens to institutional corporations, analysts said.
The Clinton administration has tried to help California by issuing week-long
orders that force out-of-state power generators to sell extra electricity to
the two largest California utilities.
Asked how long creditors could continue to show forbearance toward utilities
with mounting debt, Lay said Enron had moved to mitigate its exposure.
"The generators ought to speak for themselves. They're the ones that have
continued to operate plants and try to keep the lights on until the problem
is worked out," Lay said."But I'm sure it cannot be long. They have to look
out for their shareholders too."

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

Pennsylvania PUC Blasts GPU for Comparison to California
1/19/1 17:1 (New York)

    HARRISBURG, Pa., Jan. 19 /PRNewswire/ -- The chairman of the state Public
Utility Commission (PUC) this afternoon criticized GPU Energy for deliberately
alarming consumers and elected officials by suggesting the energy crisis
crippling California could easily affect Pennsylvania.
    "I am outraged that GPU would even hint that a similar energy crisis could
happen to Pennsylvania," said PUC Chairman John M. Quain.  "This appears to be
a thinly veiled attempt to influence a decision pending before the PUC.
    "I assure consumers and legislators that what is happening in California
will not happen in our state," he said.  "GPU has an economic problem, not a
supply problem."
    GPU in November petitioned the PUC for the right to collect from customers
in future years more than $82 million in projected losses from purchasing
electricity.  Under GPU's 1998 restructuring settlement, generation rates for
customers are capped through 2010 for Met-Ed customers and 2009 for Penelec
customers.  The two companies are subsidiaries of GPU.
    The PUC sharply criticized the utility for blaming their losses on
wholesale market conditions when in fact the losses result from GPU's own
business decisions.
    "The decision to divest their generation was made in their boardroom,"
said Kevin Cadden, PUC spokesman.  "The decision not to enter into long-term
power contracts with suppliers was made in their boardroom.  These decisions
were not made by the PUC."
    In recent weeks Quain has stressed that three critical factors separate
Pennsylvania from California.  They include:

    -- Pennsylvania produces more power than it consumes and therefore does
       not face an energy shortage like that in California.  The state is a
       net exporter of electricity and the second largest producer of
       electricity in the U.S.
    -- Pennsylvania did not require utilities to sell their generation plants
       as a part of restructuring as California did.  Nearly all of
       Pennsylvania's electric utilities own their own generating plants.
       GPU chose to sell all of their power plants.
    -- Pennsylvania does not prevent utilities from entering into long-term
       power contracts with suppliers.  In California, utilities are forced
       to buy electricity on the spot market, buying power at current market
       rates.  GPU chose not to enter into a sufficient number of these
       contracts.

    Cadden said GPU's request would follow standard PUC regulations.  "The
request for relief will be decided on the basis of the record and law
developed in the pending proceeding, and will not be swayed by unfounded
comparisons to California," he said.
    Pennsylvania's Electric Choice Program is widely recognized as the most
successful and best run in the country, having saved customers nearly
$2.8 billion to date in guaranteed rate cuts and savings.  More than 550,000
customers have selected an alternative electric supplier under the program.
    For more information about the PUC, visit their website at
http://puc.paonline.com.

SOURCE  Pennsylvania Public Utility Commission
    -0-                             01/19/2001
    /CONTACT:  Kevin Cadden, Communications Manager of the Pennsylvania Public
Utility Commission, 717-787-5722 or fa

Enron and Owens-Illinois Sign Long-Term $2.2 Billion Energy Management
Agreement

01/19/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

HOUSTON, Jan. 19 /PRNewswire/ -- Enron Energy Services, a subsidiary of Enron
Corp. (NYSE: ENE), and Owens-Illinois, Inc. (O-I), a leading producer of
glass and plastics packaging, announced today a ten-year energy management
agreement. The agreement covers 53 Owens-Illinois manufacturing facilities in
20 states and will cover projected energy purchases in excess of $2 billion.
Through this initial agreement, Enron will work with Owens-Illinois to manage
the supply of electricity and natural gas to O-I facilities and will continue
to look for ways to reduce O-I's aggregate demand.
"Securing affordable, reliable energy is a key element of our strategy to be
the low-cost producer in every market we serve," said Richard A. Jun, vice
president of corporate purchasing for Owens-Illinois. "This contract with
Enron effectively adds its leadership in energy purchasing management to our
ongoing commitment to cost management, an arrangement that should provide
savings and reduce our exposure to short-term energy price fluctuations."
"Our partnership with Owens-Illinois is a showcase of the depth of Enron's
continuing expansion into the industrial market," said Lou Pai, chairman and
CEO of Enron Energy Services. "Over the length of this contract, Owens-
Illinois will see the considerable competitive advantage of their existing
cost-control strategies significantly enhanced by the addition of our
expertise in energy efficiency and risk management."
Owens-Illinois is the largest manufacturer of glass containers in the United
States, North America, South America, Australia, New Zealand, and China and
one of the largest in Europe. Approximately one of every two glass containers
made worldwide is manufactured by Owens-Illinois, its international
affiliates, or its licensees. O-I also is a worldwide manufacturer of
plastics packaging with operations in North America, South America,
Australia, Europe and Asia. Plastics packaging products manufactured by O-I
include containers, closures and prescription containers.
Enron Energy Services has built a business to transform the energy
marketplace by providing integrated energy and facility management solutions.
Enron currently manages energy at over 28,500 customer sites. Contracts
signed within the last two years represent a reduction of approximately 8
billion kilowatt hours of electricity consumption and 18 million Btus of
natural gas consumption between 2000 and 2012.
Enron is one of the world's leading electricity, natural gas and
communications companies. The company, with revenues of $40 billion in 1999
and $60 billion for the first nine months of 2000, markets electricity and
natural gas, delivers physical commodities and financial and risk management
services to customers around the world, and is developing an intelligent
network platform to facilitate online business. Fortune magazine has named
Enron "America's Most Innovative Company" for five consecutive years, the top
company for "Quality of Management" and the second best company for "Employee
Talent." Enron's Internet address is www.enron.com. The stock is traded under
the ticker symbol "ENE".
Contact: Peggy Mahoney of Enron Energy Services, 713-345-7034.

/CONTACT: Peggy Mahoney of Enron Energy Services, 713-345-7034/ 17:17 EST

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

USA: Enron subsidiary, Owens-Illinois in energy deal.

01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, Jan 19 (Reuters) - Enron Energy Services, a subsidiary of Enron
Corp. , said Friday it agreed to a 10-year energy management agreement with
glass container maker Owens-Illinois Inc. .
The deal, which cover 53 Owens-Illinois manufacturing facilities in 20
states, will cover projected energy purchases of more than $2 billion, the
company said.
"This contract with Enron effectively adds its leadership in energy
purchasing management to our ongoing commitment to cost management, an
arrangement that should provide savings and reduce our exposure to short-term
energy price fluctuations," Richard Jun, Owens-Illinois' vice president of
corporate purchasing, said in a statement.
Enron shares finished off 1-3/16 at $70-7/8 on the New York Stock Exchange
Friday, between a 52-week high of $90-9/16 and a 52-week low of $52-5/8.
Owens-Illinois' shares, meanwhile, closed unchanged at $6-7/8, also on the
Big Board. The company's stock has a a 52-week high of $21-11/16 and a
52-week low of $2-1/2.
Gregory Cresci, New York Newsroom (212) 859-1700.

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


FYR

 -----Original Message-----
From: 	Williams, Robert C.
Sent:	Tuesday, November 06, 2001 3:22 PM
To:	Derrick Jr., James; 'jconnor@wilmer.com'
Subject:	Kristina Mordaunt

I propose that we send the following to Kristina from Jim:

  "Re:  LJM1 Issues

Kristina,

Thank you for providing information about LJM1 to Wilmer Cutler.

Until we have more clarity about the issues with respect to LJM1, we believe it is advisable that you do not work on any transaction involving a sale of assets to LGM1, LGM2, or any related entities.

Please call me if you have any questions about the foregoing."

Please let me know if you agree and I will prepare this for Jim's signature.

Thank you.

Bob


Just a reminder.  Also, Ava, please help watch my phone during this time frame.  Thanks. Lynn

 -----Original Message-----
From: 	Blair, Lynn
Sent:	Wednesday, October 31, 2001 10:09 AM
To:	Kowalke, Terry; Schoolcraft, Darrell; Giambrone, Laura; Hernandez, Bert; McEvoy, Christine; Miller, Beverly; Miller, Chris L; Minter, Tracy; Mulligan, Amy; Ward, Linda
Cc:	Blair, Lynn; Garcia, Ava
Subject:	PG&E visit to TW Office

	I received a call from Laura LaPera with PG&E scheduling.  She and two other schedulers
	will be in our office Wednesday moring, November 7th from 8:00 a.m. to 9:00 a.m. to
	meet all of you.

	Ava, would you please put a map together showing PG&E how to get from the Galleria
	area to the Enron Building.

	If you have any questions, please let me know.  Thanks. Lynn


Vasant,

I gave my slot to Zimin.

We are organizing a group with RAC to send a few people
to this conference at a discount to full cost.

Vince

From: Vasant Shanbhogue/ENRON@enronXgate on 04/24/2001 01:36 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Energy Power 2001 Conference

Hi Vince,

 did not we get a free guest registration for this conference since you were
speaking?  I ask because I just got an expense approval request from Lance
for about $2300, which is the registration cost of the conference.  I just
wanted to check with you first before I approve.

Thanks,
Vasant


Sara:
I will call you probabbly mid-morning tomorrow.  Charles' schedule is still
unpredictable, but I'm sure we will hook up one way or another.

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

	Sara Shackleton
	07/24/00 02:46 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Re: Stephanie Panus just accepted!  She starts on August 7.

What's the best time to call you to discuss your memo?  Also, unless I hear
from you otherwise, I will plan on conferencing you into our legal/credit
meeting tomorrow at 2:00 pm.  I have your number as (281) 890-7122.

	Carol St Clair
	07/22/2000 09:12 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Stephanie Panus just accepted!  She starts on August 7.

Sara:
Great news!  I will give her a call on Monday!  Hope all is going well.
Again, I'm happy to participate in the legal/credit meeting on Tuesday by
phone.  Alos, do we need to go through my memo?  Just call or e-mail me.

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

	Sara Shackleton
	07/21/00 11:56 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Stephanie Panus just accepted!  She starts on August 7.


Following up on Elizabeth Sager's conversation with you Corry as to terminated wholesale power contracts and related matters, and based also on EPMI's obligation to preserve assets for the bankruptcy estate, EAST Wholesale Power's scheduling of energy receipts and deliveries in Cinergy, ComEd, PJM, Entergy and NEPOOL and any other eastern markets should be halted following the close of business today, excepting those scheduling activities in NEPOOL required in order to perform the contracts in effect between EPMI and UI, NSTAR, Central Maine, and Vermont, respectively.

If explanation is requested by our upstream counterparties, please respond that we are unable to receive due to the actions of our downstream parties (e.g., they're not taking, so we are unable to take).  If explanation is requested by downstream counterparties, please respond that we are unable to supply due to the actions of our upstream parties (e.g., they're not delivering, so we're not able to deliver).  Please contact me or Elizabeth Sager if there are questions relating to this change in our scheduling activities.

Please continue to take notes/ preserve a record of your scheduling communications.


here'[s the second installment.  Thanks DF

---------------------- Forwarded by Drew Fossum/ET&S/Enron on 05/08/2000
09:33 AM ---------------------------

Shelley Corman
05/05/2000 04:17 PM
To: Mary Kay Miller/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Jack
Boatman/FGT/Enron@ENRON, Rachel Cady/FGT/Enron@ENRON, Dave
Neubauer/ET&S/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON
cc:

Subject: Draft May 9 Project Why Presentation

FYI.  Attached is a copy of the Project Why status presentation that will be
made next week at Stan's May 9 staff meeting.  The purpose of the
presentation was to present a list of brainstorming ideas from an Apr. 16
offsite session to GPG management & get some preliminary feedback on the
kinds of ideas they would like to see proceed.  It was never meant to be a
definitive plan for implementing those ideas.  I always envisioned the
individual commercial groups picking up on which ideas they liked and wanted
to implement & developing their own detailed plans for implementing.
---------------------- Forwarded by Shelley Corman/ET&S/Enron on 05/05/2000
04:10 PM ---------------------------

Shelley Corman
05/05/2000 04:10 PM
To: Scott Coburn/NPNG/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Steven January/ET&S/Enron@ENRON, Lynn
Blair/ET&S/Enron@ENRON, Sheila Nacey/ET&S/Enron@ENRON, Bob M
Hall/FGT/Enron@ENRON, Donna Scott/FGT/Enron@ENRON, Dana
Jones/ET&S/Enron@ENRON, Rick Dietz/ET&S/Enron@ENRON, Tina
Dunnaway/FGT/Enron@ENRON, Richard Shepherd/NPNG/Enron@ENRON, Dan
Fancler/ET&S/Enron@ENRON, Steve Gilbert/ET&S/Enron@ENRON, John
Freeman/NPNG/Enron@ENRON, Shahnaz Lakho/FGT/Enron@ENRON, Donna
Scott/FGT/Enron@ENRON, Ray Neppl/NPNG/Enron@ENRON, Bob
Martinez/ET&S/Enron@ENRON, Kimberly Watson/ET&S/Enron@ENRON, Jo
Williams/ET&S/Enron@ENRON, Tamara Hopkins/ET&S/Enron@ENRON, Caroline
Barnes/FGT/Enron@ENRON, Tony Pryor/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON
cc: Ricki Winters/ET&S/Enron@Enron, Ruth Mann/ET&S/Enron@ENRON

Subject: Draft May 9 Project Why Presentation

Attached is a current draft of the Project Why Presentation.

The first set of slides includes the overview, an explanation that the
presentation focueses in on only a few of the ideas, the electronic
contracting presentation, the team 2 real time invoice vision, and team 3's
auction thoughts.

Next in the package would be team 3's knowledge call center concept

Last but not least would be the Team 4 Internet/Intranet concept


yea, how about 3:30?

Sarah Wesner@ENRON
10/16/2000 10:21 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Margin Lines

Are you around today?  I need to talk to you about some things.  Sarah


Start Date: 1/27/02; HourAhead hour: 15;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012715.txt


David,

Is it possible for MDEA to purchase power from EPMI as an agent for the
Cities?  This will obviate the need for any type of security.

Thanks,

Kay


Guys,

This is different than my previous conversation with Thane....In my previous conversation, Thane indicated that we could do a 2 month contract (for example) and not have to pay the "LDs" for 60 days.  Point 2 indicates we WILL have to pay $20K ($10K monthly minimum * 2) if we cancel prior to 60 days' notice.

 -----Original Message-----
From: 	Thane Twiggs <ttwiggs@apx.com>@ENRON
Sent:	Thursday, January 31, 2002 5:41 PM
To:	Miller, Jeffrey
Subject:	Additional Information and Answers

Jeff here is some additional information.

1)  Inside the APX QSE we offer a "short" facility/ or "long" facility that
allows you want to take a position up to 50 MW a zone.  This is our way of
allowing our clients two work within the balance schedule requirement in
ERCOT.

2)   For the no-term, there is a 60 day termination policy that cannot be
waived.  The short of it is that if you want service for only thirty days,
you would need to pay the monthly minimum for two month ($20,000) plus
whatever volumetric that you incurred while you were using the service.

3)  For the standard service there are 10 logins.  Additional logins are
$150 per login.

4)  For the ASP service, where your are your own QSE and we provide the
application and support, the minimum term is one year.  I have attached a
pricing sheet for the service.  Note that it compares the pricing for the
QSE service, one-year term ASP service without operations and one-year term
with operations.

 <<ASP pricing_Enron.doc>>

Thane Thomas Twiggs
Director, Market Development
3800 Buffalo Speedway, Suite 150
Houston, Texas 77098
ttwiggs@apx.com
713-850-9517 Voice
713-850-9529 Facsimile
713-408-4463 Mobile
Visit us at www.APX.com

 - ASP pricing_Enron.doc


just the messanger

 -----Original Message-----
From: 	Mazowita, Mike
Sent:	Tuesday, March 19, 2002 2:16 PM
To:	Parks, Joe
Subject:	RE:

I'll call him but the answer is ..the same place he usually sends the invoice!

 -----Original Message-----
From: 	Parks, Joe
Sent:	Tuesday, March 19, 2002 2:01 PM
To:	Mazowita, Mike
Subject:

Hey, got a call from Jeff Smiron. Apparently he has an invoice he needs to send. Do you want to call him and give him a fax so he can send it.

Thanks


Group,
Here is some more inforation regarding taking care of Canada this weekend.
Bill

 -----Original Message-----
From: 	Taylor, Michael J.
Sent:	Thursday, September 20, 2001 2:38 PM
To:	Williams III, Bill
Subject:	Coverage of Alberta Realtime desk

Bill,

Attached is a memo outlining dispatch instructions for when your guys are covering our desk this weekend.  I thought with all your new guys they might need a little help.  We have it set up so there will only be a minimal amount of work.

Also, if there are any problems, you can reach me on my cell, as I will be on-call on Friday and Sunday.  The number is (403) 620-5083.

Have a good weekend,

Mike Taylor


<<01.DOC>> Pursuant to your request, attached please find the current
version of the exhibits.  I have made few, if any, changes to this.  I
was waiting to see what ENA and others had done before inserting any of
my comments/changes.
 - 01.DOC