---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/25/2000
10:24 AM ---------------------------

"Faiz, Soussan" <faizs@texaco.com> on 04/25/2000 09:29:34 AM
To: "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>
cc:
Subject: RE: Houston visit

Dear Vince,

Firstly, I really appreciate your time and our meeting last week.  Learning
about Enron's use of leading-edge practices was quite enlightening and I
truly benefited from our visit.

Secondly, I've summarized my key "take-aways" as stated below.  Before
conveying it to my management, however, I really appreciate it if you can
pls review my conclusions and ensure that they are not miss-stated.

Again, thanks so much for your time and wisdom.  I was also honored that you
gave me a copy of the "Managing Energy Price Risk" book and shall reference
it with interest.  THANK YOU.

I really look forward to seeing you again next time I'm in Houston.

Best regards,
Soussan
(914) 253-4187

PS.  The latest Fortune article on ENE is a great read and substantiates the
company's innovative and creative approach to business.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
------
As you may know, I was invited to visit with Enron (ENE) last week.  I met
with Vince Kaminski, the VP and head of research in the risk management
group of ENE.  Vince who used to be with Salomon Brothers and AT&T is the
"brain" of ENE w.r.t. their analytical tools for pricing of commodities,
hedging, optimization of financial and physical transactions, as well as the
value-at-risk systems.  In addition, Vince has received the 1999 James H.
McGraw Award for Energy Risk Management (Energy Risk Manager of the Year)
and is well published.  He is the key contributor to a best-selling
publication by Risk Books entitled: Managing Energy Price Risk.

Our meeting was mainly focused on gaining additional insights re
leading-edge practices within ENE.  My key findings are summarized below:

1. ENE does not use corporate price premises.  They use market price info
only and adhere to mark-to-market accounting.
2. ENE uses the "Heath, Jarrow, and Morton" methods for modeling price
dynamics (I've asked BIC for a copy of the associated paper).  They have
their own "home-grown" software, however, they periodically review selected
external developments for internal inclusion and advancement.
3. Vince's group comprises of Mathematicians, Physicists, and Operations
Researchers who are responsible for the development and advancement of ENE's
risk management tools.  These models are religiously used by the traders,
risk managers, and BUs across ENE.
4. Investment proposals are screened, risked, and "ROVed" by a separate
corporate group (similar to our Special Studies and with business and real
options skills) who work in conjunction with the BUs.  All evaluations and
transactions are marked-to-market.
5. ENE does not use efficient-frontier portfolio concepts.  They "VC fund"
any opportunity that has a credible value proposition and can stand on its
own.  They believe that with the current plentiful liquidity in the market,
project-financing in not an issue for a "good" opportunity.  However, they
closely monitor the development of each opportunity, within their deep
portfolio, at the corporate level and know how to "fail fast".
6. The employee reward system is based on P&Ls as well as the creation of
new business.
7. Most employees have stock options.

I really enjoyed my visit and hope to meet with Vince again the next time
I'm in Houston.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/14/2001
08:46 AM ---------------------------

VKaminski@aol.com on 03/13/2001 11:58:28 PM
To: vkamins@enron.com
cc: VKaminski@aol.com
Subject: Rice

 - rice0315.ppt


---------------------- Forwarded by Jonathan Hoff/HOU/ECT on 10/11/2000 12:52
PM ---------------------------

	From:  Jinsung Myung @ ENRON                           10/11/2000 12:31 PM

To: Don Miller/HOU/ECT@ECT, Jonathan Hoff/HOU/ECT@ect
cc:
Subject: Wheatland .exe file

FINAL
---------------------- Forwarded by Jinsung Myung/Corp/Enron on 10/11/2000
12:29 PM ---------------------------

Pam Rosen
10/11/2000 12:26 PM
To: Jinsung Myung/Corp/Enron@Enron, Miguel Vasquez/HOU/ECT@ECT
cc:

Subject: Wheatland .exe file

 - WheatlandLATEST.exe


Southern Company Energy Marketing Canada Ltd. is NOT authorized to trade US
power.

Leslie


One of Market Risk's primary responsibilities is to review Enron's trading
activities and provide feedback to management, and management's expectation
is that this is feedback and analysis is provided at the beginning of the
Houston trading day.  Global Risk Management Operations in Houston is now
providing Market Risk with a Enron Consolidated Preliminary DPR prior to 8
a.m. Houston time, for use in Market Risk's morning meeting where we review
all of Enron's trading activities from the prior day.  The only information
missing from this is the UK, and I understand we do not receive the London
DPR until 10:30a.m, 4:30pm your time.
I'm sure you're working toward obtaining a final DPR earlier in the day, but
meanwhile, we'd like to obtain a preliminary DPR that Global Ops can
consolidate for Houston management's use first thing in the morning, as
decisions need to be made each day based on Enron's consolidated exposure,
etc..   We understand they're preliminary, but we work off preliminary #s
from Houston, and I expect with the 6 hour time difference, your preliminary
#s will be much firmer than ours.  We can start with just P/L and VaR, so
it's not that many #s we need.  I'm hoping when we get the RisktRAC feeds
complete we'll be able to see positions earlier as well.

Please let us know when we can begin receiving this information.

Thank you,

Cassandra Schultz
VP, Market Risk Management
work 713 853 0429
cell 713 858 2618
home 936 321 2185


Whatever happened with this?  Also--we need to caution the non-lawyers to be
careful what they put in E-mails about this incident.

Robert Quick
03/13/2000 09:37 AM
To: Richard B Sanders/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Alan
Aronowitz/HOU/ECT@ECT
cc: Michael R Brown/LON/ECT@ECT
Subject: Re: Redcar

there has been an HSE incident at Redcar in relation to a stockpile of Enron
coal. We are still awaiting details and I will report as and when more
information is available. I have discussed this with Michael, and it seems
that almost certainly we will need to involve outside counsel. The firm that
springs to mind having both coal and litigation experience is Linklaters. If
anyone has any thoughts on this perhaps they wd let me know. tks

Robert
---------------------- Forwarded by Robert Quick/LON/ECT on 13/03/2000 15:35
---------------------------

John Moran
13/03/2000 15:30
To: Robert Quick/LON/ECT@ECT
cc: George McClellan/HOU/ECT@ECT, Tom Kearney/LON/ECT@ECT, Stuart
Staley/LON/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT, Michael R Brown/LON/ECT@ECT,
Scott Longmore/LON/ECT@ECT

Subject: Re: Redcar

I agree with your comments that we cannot get out of our resposibilities and
as such were obliged to provide the information.  Not to do so could have
looked suspicious especially  when it is highly unlikely that their will be
anything in the analysis document to show our coal to be more problematic
than anyone else's.  As I said this morning, all fumes from coal fires are
toxic and prolonged exposure will cause headaches, sickness etc..  This is
not a function of the coal quality but of the combustion of the coal causing
toxic gases. Consequently Mark Patten is concerned that Corus are not open to
criticism for inadequate safety procedures and is trying to protect their own
position.  Certainly the heating in the stockpile is to an extent due to the
delay in moving the pile.

Robert Quick
13/03/2000 14:56
To: George McClellan/HOU/ECT@ECT
cc: John Moran/LON/ECT@ECT, Tom Kearney/LON/ECT@ECT, Stuart
Staley/LON/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT, Michael R Brown/LON/ECT@ECT,
Scott Longmore/LON/ECT@ECT

Subject: Re: Redcar

George, tks for this. I understand from Scott that the certificate was sent
anyway this morning. The delivery terms under the confirm provide for site
delivery so that the coal belongs to Enron. To that extent we cannot evade
our responsibility. However, if the problems with the stockpile have arisen
as a result of Mission not taking the coal, then we have an argument to say
that the issue has been caused by EME not Enron. Let's find out more, and we
may need to put Mission on notice. tks

Robert

To: Scott Longmore/LON/ECT@ECT@ENRON
cc: <mail@jwmoran.freeserve.co.uk>, Tom Kearney/LON/ECT@ECT, Stuart
Staley/LON/ECT@ECT, <gmcclel@enron.com>@ENRON, Robert Quick/LON/ECT@ECT, Alan
Aronowitz/HOU/ECT@ECT

Subject: Re: Redcar

Scott - please get with Robert Quick on this first.  This does not sound like
something we want to get involved with.

From: Scott Longmore@ECT on 03/13/2000 09:54 AM GMT
To: <mail@jwmoran.freeserve.co.uk>
cc: Tom Kearney/LON/ECT@ECT, Stuart Staley/LON/ECT@ECT,
<gmcclel@enron.com>@ENRON
Subject: Re: Redcar

will dig out and send it over.

	Enron Capital & Trade Resources Corp.

	From:  "John Moran" <mail@jwmoran.freeserve.co.uk>
13/03/2000 09:49

Please respond to <mail@jwmoran.freeserve.co.uk>
To: <Scott.longmore@enron.com>
cc: <tom.kearney@enron.com>, <stuart.staley@enron.com>, <gmcclel@enron.com>

Subject: Redcar

Mark Patten has just phoned me back regarding the hot coal.

One of their shovel drivers apparently felt ill on Friday and it is believed
it was due to fumes being emitted from the pile. He needs a copy of the Cape
Oceania coal quality analysis for health and safety reasons. Could you
please send one up to him. I explained to him that coal contains just about
every element you can think of and the fumes from the pile are toxic, as
from any coal fire, but he feels he needs the information to protect
himself.


Has CGAS, Gatherco, and CNR only (all taht are available)

WRP


(See attached file: Tenaska IV Est Imbalance0402.xls)

TXU LSP is requesting that you not bring in additional gas over what you
are currently burning.  The imbalance on the Ponderosa Pine contract is
growing extremely large.
 - Tenaska IV Est Imbalance0402.xls


Please see the attached Work Request.

This is an urgent work request.

Thanks,
Hollis

---------------------- Forwarded by Hollis Kimbrough/EWC/Enron on 04/08/2002
03:44 PM ---------------------------

Dan Lindquist
04/08/2002 02:23 PM
To: Hollis Kimbrough/EWC/Enron@ENRON, Kevin Cousineau/EWC/Enron@ENRON
cc: Val Artman/EWC/Enron@Enron

Subject: FAR MR/SS

Gentlemen,

Please review and comment.

Thanks

Daniel J. Lindquist
---------------------- Forwarded by Dan Lindquist/EWC/Enron on 04/08/2002
02:33 PM ---------------------------

Phil Waddell
04/08/2002 02:06 PM
To: Val Artman/EWC/Enron@Enron
cc: Dan Lindquist/EWC/Enron@Enron, Joe Thorpe/EWC/Enron@Enron, John
Nemila/EWC/Enron@ENRON, Kevin Cousineau/EWC/Enron@ENRON, Mike
Messier/EWC/Enron@ENRON, Dave Schulgen/EWC/Enron@ENRON

Subject: FAR MR/SS

Please include the attached March production data from Mill Run with the FAR.

---------------------- Forwarded by Phil Waddell/EWC/Enron on 04/08/2002
02:10 PM ---------------------------

Phil Waddell
04/08/2002 01:55 PM
To: Val Artman/EWC/Enron@Enron
cc: Dan Lindquist/EWC/Enron@Enron, Joe Thorpe/EWC/Enron@Enron, John
Nemila/EWC/Enron@ENRON, Kevin Cousineau/EWC/Enron@ENRON, Mike
Messier/EWC/Enron@ENRON, Dave Schulgen/EWC/Enron@ENRON

Subject: FAR MR/SS

Please find the attached FAR.

Best regards,

Philo


Bryant,

Attached is the revised Master draft for OG&E.  As previously discussed,
"Arbitration" provisions found on page "1-3" have been altered to allow for
arbitration by mutual agreement.

Should you have any questions, please give  Jeff  or I a call.

dp

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Start Date: 1/8/02; HourAhead hour: 21;  HourAhead schedule download failed. Manual intervention required.


Please set up a call w/ Donn Pickett Tues or Wed

 -----Original Message-----
From: 	Sanders, Richard B.
Sent:	Sunday, October 14, 2001 5:07 PM
To:	Tweed, Sheila
Subject:	RE: Reliant

Not unless you can cure laziness. I will call him this week.

 -----Original Message-----
From: 	Tweed, Sheila
Sent:	Tuesday, October 09, 2001 10:47 AM
To:	Sanders, Richard B.
Subject:	FW: Reliant

Anything I can do to expedite this?

 -----Original Message-----
From: 	"Wendell, Harlan" <HWendell@mdbe.com <mailto:HWendell@mdbe.com>>@ENRON
Sent:	Friday, October 05, 2001 10:57 AM
To:	Tweed, Sheila
Cc:	Jones, Karen E.
Subject:	Reliant

E-MAIL NOTICE

This e-mail message is for the sole use of the intended recipient(s) and
may contain confidential and/or privileged information. Any review, use,
disclosure or distribution by persons or entities other than the
intended recipient(s) is prohibited. If you are not the intended
recipient, please contact the sender by reply and destroy all copies of
the original message. Thank you.

To reply to our E-mail Administrator directly, send an email to
Postmaster@mdbe.com <mailto:Postmaster@mdbe.com> or call (415) 393-2000 and delete this email.

McCUTCHEN, DOYLE, BROWN & ENERSEN, LLP

<http://www.mccutchen.com>

Hi Sheila,

My partner Donn Pickett has been trying to get Richard Sanders to sign off on the attached conflicts letter concerning our representation of Reliant in the litigation in California in which Enron is also involved.  I understand the letter confirms prior conversations between Richard and Donn.  Karen suggested that, because you see Richard frequently, maybe we could enlist your help in getting the paperwork processed.  We would greatly appreciate that.

I hope all is going well for you and your family.  Let me know if you have any questions.

        Harlan
 <<letter to Richard Sanders.doc>>

 - letter to Richard Sanders.doc << File: letter to Richard Sanders.doc >>


NOTE - GIVEN THE PROPOSED LAUNCH DATE OF 24 JANUARY 2000 FOR THIS PRODUCT,
THIS NOTE IS INTENDED TO SERVE BOTH AS A SUMMARY OF THE RESULTS OF OUR LEGAL
DUE DILIGENCE AND AS A RISK MEMO

As you know, we have carried out legal due diligence in the eight countries
where it was intended the credit product  would initially be traded via
EnronOnLine - namely, the UK, the US, Canada, Finland, Germany, Norway,
Sweden and Switzerland.  Under the terms of the credit product, on the
occurrence of  a bankruptcy with respect to a specified third party (the
Reference Entity) the Seller of the product (which could be either Enron or
its online counterparty) will pay a fixed, pre-agreed cash sum in an agreed
currency to the Buyer. (It should be borne in mind that this product differs
in a number of ways from the more conventional credit derivatives traded in
the international markets. This means that a change in the nature or terms of
our product or the introduction of alternative credit products will likely
change the analysis below.)

Set out below is an overview of where we have come out on the more
significant legal issues.  I am also attaching a two page "Executive Summary
of Legal Advice" prepared by outside counsel which highlights the significant
legal issues/risks in each country and which should be read in conjunction
with this note mail. As you will see, the Executive Summary does not focus on
issues we raised which are "all clear" from a legal perspective, so as to
keep the summary to a sensible length  (but there was plenty of good news
too!).  Where a legal issue has been identified, I have either set out below
what action is to be taken, or not addressed it further on the basis that, on
the advice of foreign counsel, the risk is not very substantial or unlikely
to materialise. Therefore, where no comment is made below in relation to a
risk highlighted in the attached summary, please assume that the legal risk
is one which, in our view, it is reasonable to take.

A.  Countries in which the credit product can be traded in January 2000

 Finland, Norway, Sweden, Switzerland, UK, US

B.  Countries in which launch of the product via EnronOnline will need to be
delayed

 Canada, Germany (reasons set out below)

C.  General Issues (applicable in all countries)

The credit product is fundamentally different from the usual energy and
related products we trade and so gives rise to new or increased legal risks
of a general nature:

(i)  Capacity - We will not be able to assume generally that our
counterparties will have the legal power and authority necessary to trade the
product and so will need to check each counterparty's constitutional
documents before allowing them to trade the product online.  This applies to
almost all entities (eg corporates, municipalities, insurance companies) in
all countries.  Some entities may lack the power to trade under the general
law (in which case we will not be able to deal with them at all) or under
their constitutional documents (in which case they will need to amend their
constitutional documents if they wish to trade).

The check need only be made once at the beginning of the credit trading
relationship and so can be added to our procedures.  It is not a particularly
onerous job and will increase the cost of this business only incrementally.

(ii)  Confidentiality - We will need to put in place procedures to ensure
that we are not misusing confidential information about our business
counterparties on whom we are offering credit protection.  Misuse can occur
both in pricing the product and trading it.  The procedures will not include
formal Chinese Walls separating the credit traders from our other traders or
the credit department (a point we have managed to agree with both UK and US
counsel following very detailed discussions).  The procedures will include
(a) the use of a Restricted List in both the US and Europe (similar to the
procedure currently used in Houston); and (b) practical steps to ensure that
confidential information derived from other areas of our business and which
we are not entitled to use (eg because it is the subject of a confidentiality
agreement) is not imparted to the credit traders.  In addition, where Enron
has an especially close relationship with a prospective reference entity, or
otherwise has confidential information relating to such an entity, we will
need its written consent before offering protection on that entity.  Without
such consent, there will be an unjustifiably high risk of being sued by that
entity for breach of confidence.

D.  Country Specific Issues

(i)  Canada - There is a substantial risk that the product will constitute
insurance business, constituting an offence and rendering contracts in the
product unenforceable against our counterparties.  We should try to resolve
this issue with the Canadian authorities before launching the product in
Canada.  Timeframe for clearance is highly uncertain since it is not clear
which Canadian authority would take jurisdiction of the matter.

(ii)  Germany -  Again the issue is insurance.  The risk is higher than in
Canada and so Germany should be excluded initially.

(iii)  Norway - There is a material risk that the credit product could be
regarded as gaming in Norway, in which case trades would be void and
unenforceable.  The normal way to mitigate this risk in Norway is by using a
"substantial professional effort" to satisfy ourselves that a trade is being
entered into for valid commercial purposes (normally hedging) by our
counterparty. Clearly, it will not be possible to take such steps on a trade
by trade basis in the context of EnronOnline.  At a minimum, we should
therefore ensure at the outset of the online trading relationship in this
product with each Norwegian counterparty that there is a commercial logic
behind its trading this product type.

(iv)  Switzerland -  If the credit product is the main purpose of our trading
relationship with a counterparty, we should check with the Swiss supervisory
authority whether the product constitutes insurance (the position being
unclear).  If a trade is insurance, it can be terminated by the counterparty
(which is obviously of greater concern if Enron is the Buyer) and an offence
will be committed since Enron is not authorised as a Swiss insurer.  However,
I understand that the initial group of counterparties will be existing
business relationships, in which case we can parallel path this issue.

(v)  US (New York Law)

(a) CFTC regulation - by structuring the product either as a swap or an
option (and meeting certain other conditions) we can rely on exemptions under
the US Commodities Exchange Act.

(b)  US securities laws - there is a small chance that the credit product
constitutes a "security" under US securities laws (please see attached
Executive Summary).  However, SEC regulations allow the public offering of
securities to "accredited investors" which will allow us to deal with
investors having at least US$5 million in assets.  Since most of our
counterparties will be fairly large, sophisticated players, this test should
not impede the business.

(c)  Insider trading - US counsel have advised that the risk of insider
trading occurring as a result of the product being characterised as security
(see (b) above) is relatively remote.

------------------------------------------------------------------------------
--------------------
Please feel free to call me on x36566 if you would like to discuss this
project further.

Best regards

Paul


---------------------- Forwarded by Maria Sandoval/HOU/ECT on 11/21/2000
01:24 PM ---------------------------

11/21/2000 01:19 PM
Brenda Flores-Cuellar@ENRON
Brenda Flores-Cuellar@ENRON
Brenda Flores-Cuellar@ENRON
11/21/2000 01:19 PM
11/21/2000 01:19 PM
To: Felecia Russell/Corp/Enron@ENRON, "Teresa V. Contreras"
<tvcontreras@yahoo.com>, Melissa Jones/NA/Enron@ENRON, "Ryan M. Matthews"
<RMatthews@cima-energy.com>, alma.navarro@enron.com, Maria
Sandoval/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT@ENRON
cc:
Subject: The Tablecloth

Happy Thanksgiving to all.

> > > THE TABLECLOTH
> > >
> > > The brand new  pastor  and  his  wife,
> > > newly   assigned   to   their    first
> > > ministry,  to  reopen  a   church   in
> > > suburban Brooklyn,  arrived  in  early
> > > October excited about their
> > > opportunities.  When  they  saw  their
> > > church,  it was very run down and
> > > needed much work. They set a goal  to
> > > have everything done in
> > > time to have their  first  service  on
> > > Christmas Eve.
> > >
> > > They  worked  hard,  repairing   pews,
> > > plastering walls, painting,  etc.  and
> > > on Dec 18 were ahead of schedule and
> > > just  about  finished.  On  Dec  19  a
> > > terrible tempest - a driving rainstorm
> > > hit the  area  and  lasted  for  two
> > > days.
> > >
> > > On the 21st, the pastor went  over  to
> > > the church. His heart sank when he saw
> > > that the roof had  leaked,  causing  a
> > > large area of plaster about 20 feet by
> > > 8 feet to fall off the front  wall  of
> > > the sanctuary just behind the  pulpit,
> > > beginning about head high. The  pastor
> > > cleaned up the mess on the floor,  and
> > > not  knowing  what  else  to  do   but
> > > postpone the  Christmas  Eve  service,
> > > headed home. On  the  way  he  noticed
> > > that a local  business  was  having  a
> > > flea market type sale for charity so
> > > he stopped in.
> > >
> > > One of  the  items  was  a  beautiful,
> > > handmade,  ivory  colored,   crocheted
> > > tablecloth with exquisite  work,  fine
> > > colors and a Cross  embroidered  right
> > > in the center. It was just  the  right
> > > size to cover up the hole in the front
> > > wall. He bought it and headed back  to
> > > the church.
> > >
> > > By this time it had started to snow.
> > > An older woman running from the
> > > opposite direction was trying to catch
> > > the bus. She missed it. The pastor
> > > invited her to wait in the warm church
> > > for the next bus 45 minutes later.
> > >
> > > She sat in a pew and paid no attention
> > > to the pastor while he got  a  ladder,
> > > hangers,   etc.,   to   put   up   the
> > > tablecloth as  a  wall  tapestry.  The
> > > pastor  could   hardly   believe   how
> > > beautiful it looked and it covered  up
> > > the entire problem area.
> > >
> > > Then he noticed the woman walking down
> > > the center aisle. Her face was like  a
> > > sheet. "Pastor," she asked, "where did
> > > you get that tablecloth?"  The  pastor
> > > explained.  The  woman  asked  him  to
> > > check the lower right corner to see if
> > > the initials, EBG were crocheted  into
> > > it there. They were.  These  were  the
> > > initials of the  woman,  and  she  had
> > > made this tablecloth 35 years  before,
> > > in Austria.
> > >
> > > The woman could hardly believe  it  as
> > > the pastor told how he had just gotten
> > > the Tablecloth.  The  woman  explained
> > > that  before  the  war  she  and   her
> > > husband  were  well-to-do  people   in
> > > Austria. When the Nazis came, she was
> > >
> > > forced to leave. Her husband was going
> > > to follow her the next week.  She  was
> > > captured, sent to prison and never saw
> > > her husband or her home again.
> > >
> > > The pastor  wanted  to  give  her  the
> > > tablecloth; but she made the pastor
> > > keep it for  the  church.  The  pastor
> > > insisted on driving her home, that was
> > > the least he could do.  She  lived  on
> > > the other side of  Staten  Island  and
> > > was only in Brooklyn for the day for a
> > > housecleaning job.
> > >
> > > What a wonderful service they  had  on
> > > Christmas Eve. The church was
> > > almost full. The music and the  spirit
> > > were great. At the end of the service,
> > > the  pastor  and  his   wife   greeted
> > > everyone at the  door  and  many  said
> > > that they would return. One older man,
> > > whom the pastor  recognized  from  the
> > > neighborhood, continued to sit in  one
> > > of the pews and stare, and the  pastor
> > > wondered why he  wasn't  leaving.  The
> > > man  asked  him  where  he   got   the
> > > tablecloth on the front  wall  because
> > > it was identical to one that his wife
> > > had made years ago when they lived  in
> > > Austria before the war and how could
> > > there  be  two  tablecloths  so   much
> > > alike?
> > >
> > > He told the pastor how the Nazis came,
> > > how he forced his wife to flee
> > > for her safety, and he was supposed to
> > > follow her, but he  was  arrested  and
> > > put in a prison. He never saw his wife
> > > or his home again all the 35 years  in
> > > between.
> > >
> > > The pastor asked him if he would allow
> > > him to take him  for  a  little  ride.
> > > They drove to Staten Island and to the
> > > same house where the
> > > pastor had taken the woman three  days
> > > earlier. He helped the man  climb  the
> > > three flights of stairs to the woman's
> > > apartment, knocked on the door and he
> > > saw the greatest Christmas reunion he
> > > could ever imagine.
> > >
> > >
> > > True Story - submitted by  Pastor  Rob Reid
> > >
> > > Who  says  God  does   not   work   in
> > > mysterious ways. I asked the  Lord  to
> > > bless you as I prayed for  you  today.
> > > To guide you and protect you as you go
> > > along your way....
> > >
> > > His  love  is  always  with  you,  His
> > > promises are true, And  when  we  give
> > > Him all our cares you know He will see
> > > us through.
> > >
> > > So when the road you're  traveling  on
> > > seems difficult at best, Just remember
> > > I'm here praying, and God will do  the rest.
> > >
> > > Pass this on to those you want God  to
> > > bless, and don't forget to send it
> > > back to the one who asked God to bless
> > > you first.


How are you this morning?
Are you listening to the investor conference call?
Are you going to the employee meeting?

You need to let me know when you have regular scheduled meetings so i'm not calling at those times.
When does nymex open and close?

I could tell you were in a meeting when i called this morning. It also sounded like you are sick. Are you???

Not too much going on up here, just the usual pissed off customers yelling at me!

Hope all is well.

Mike


I endorse Jerry's view.

Steve T.

frederic.janbon@bnpparibas.com on 13/10/2001 03:03:14

To:   Jerry.delmissier@barclayscapital.com
cc:   RPICKEL@isda.org, BOARD@isda.org, MCUNNINGHAM@isda.org,
      esebton@isda-eur.org, rmetcalfe@isda-eur.org

Subject:  Re: RE: Bank of England Application

i fully agree with Jerry.
fj

12/10/2001 17:45
Internet
Jerry.delmissier@barclayscapital.com - 12/10/2001 17:45

To:   RPICKEL, BOARD

cc:   MCUNNINGHAM, esebton, rmetcalfe

bcc:

Subject:  RE: Bank of England Application

bob,
i am a supporter.  in our dealings we see the bank as a growing user of
derivatives and feel comfortable with the separation from the FSA.  the new
role the bank plays is more akin to what some of the other central banks in
europe do rather than the fed or boj.

-----Original Message-----
From: Robert Pickel [mailto:RPICKEL@isda.org]
Sent: 12 October 2001 16:59
To: ISDA BOARD
Cc: Mary Cunningham; Emmanuelle Sebton; Richard Metcalfe
Subject: Bank of England Application

Shortly before the teleconference Board meeting two weeks ago we received
an
application from the Bank of England for subscriber membership. When we
have
considered central banks or government agencies for membership in the past,
consideration has focused on the nature of the applicant's derivatives
activities, its regulatory role and the type of information they are likely
to obtain from ISDA. Because of their derivatives activities, we have
generally admitted these applicants (e.g., the Kingdoms of Belgium, Denmark
and Sweden, the Reserve Banks of South Africa and New Zealand). We have
even
admitted the Bank for International Settlements as a member. In general, we
let them know that they may not be able to receive the full range of ISDA
materials (e.g., draft comment letters or position papers) and that there
may be a need to exclude them from certain committees or discussions.

In previous Board discussions, a higher degree of concern has been
expressed
if, theoretically, the Federal Reserve, the Bank of Japan, the Bank of
England or similarly influential central banks were to apply for
membership.
These central banks typically have a greater degree of involvement in the
regulatory debates (particularly on capital) and are better positioned to
influence the process.

Since some of those previous debates, the regulatory role of the Bank of
England has diminished and the role of the Financial Services Authority has
correspondingly increased. The Bank of England still plays the traditional
central bank roles of controller of the money supply, dealing in the market
and lender of last resort, but the supervisory role has shifted to the FSA.

In light of these developments, but recognizing the concerns previously
expressed on central bank membership, I would appreciate your views on the
application of the Bank of England. We have also had overtures from the
Hong
Kong Monetary Authority regarding membership although we have not received
an application.

Please share your views with the other members of the Board.

Bob

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Start Date: 4/28/01; HourAhead hour: 11;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042811.txt


With Ken Lay's resignation, you undoubtedly have questions about Enron's management structure and what lies ahead for the company.  The purpose of this communication is to begin to answer those questions and lay out the direction we plan to follow as we regroup and rebuild.

First, the Creditors Committee has proposed that the Board of Directors retain an interim CEO to focus on the restructuring process.  This is a positive sign that the Committee believes Enron will provide greater value as a viable ongoing business.

The Enron Board of Directors has approved Stephen Cooper as interim CEO and chief restructuring officer.  Steve is the managing partner of Zolfo Cooper, a corporate recovery and crisis management firm with more than 30 years experience leading companies through operational and financial reorganizations.

Steve and his firm will work with members of Enron's current management to develop and implement a comprehensive plan to restructure the company and emerge from bankruptcy.

As you know, Enron has entered into an agreement with UBS Warburg for the sale of NetCo, Enron's wholesale gas and power trading organization.  In preparation for the transition of NetCo to UBS, Greg Whalley has resigned as president and COO of Enron to assume a position with UBS Warburg.  We want to thank Greg and the NetCo employees joining UBS for their contributions to Enron and wish them great success going forward.

In addition to engaging Steve, Enron has formed an Office of the Chief Executive.  I will join Steve in that office as president and chief operating officer, and Ray Bowen will join us as executive vice president and chief financial officer.

We will provide additional information regarding the roles and responsibilities of Enron's entire management team once those become more fully defined.

Thank you for continuing to support Enron by performing your job everyday.  The ongoing uncertainty about our future, coupled with the constant media scrutiny, makes this situation difficult for all of us. While no one can control the media, we can and will define our leadership and devise our strategy for moving ahead.  And in doing so, we will build a more certain future for our company and our employees.

Link to the press release: http://www.enron.com/corp/pressroom/releases/2002/ene/012902Release.html


Sorry.  Was covering a meeting up the street.  Got your message.  I'm back.  You know there are rumors flying around about you in London?

Best,
Jeff


I talked with Ted today, he said the 15th of April is the day he was
thinking of celebrating Marc's birthday...22nd being the day before Easter
brunch would be too much...

so baby sitters for the 15th...maybe you guys can share...


Jennifer is my asst, and will be out tomorrow, as will I.  I will have her
check first thing monday a.m. with mark's asst.

Jeff

	"Guarino, Carlo (C)" <cguarino@dow.com>
	02/22/2001 03:48 PM

		 To: "'Jeffrey.A.Shankman@enron.com'" <Jeffrey.A.Shankman@enron.com>
		 cc:
		 Subject: RE: Buildscape Strategic Opportunity

Jeff, I tried to contact Jennifer Burn regarding Mark Fievert's availability
for April 27th and May 11th and I understand that she is out of the office .
I am meeting with Pedro Reinhard on monday around the planning for your trip
to midland and it would be good to know if Mark is joining you on the trip.
Thanks.

Best Regards,

Carlo
Carlo Guarino
Global Development Director
Dow Growth Center

Office  (517) 636-0860 / Mobile (313)655-7553
Fax      (517) 636-1453
Internet address: CGuarino@dow.com

-----Original Message-----
From: Guarino, Carlo (C)
Sent: Wednesday, February 21, 2001 4:34 PM
To: 'Jeffrey.A.Shankman@enron.com'
Subject: RE: Buildscape Strategic Opportunity

Jeff, I think this is a good potential. We are going to setup for you to
meet with Arnold Allemang - VP of Operations to discuss this option.

Best Regards,

Carlo
Carlo Guarino
Global Development Director
Dow Growth Center

Office  (517) 636-0860 / Mobile (313)655-7553
Fax      (517) 636-1453
Internet address: CGuarino@dow.com

-----Original Message-----
From: Jeffrey.A.Shankman@enron.com [mailto:Jeffrey.A.Shankman@enron.com]
Sent: Wednesday, February 21, 2001 4:26 PM
To: cguarino@dow.com
Subject: RE: Buildscape Strategic Opportunity

Something else you may consider as a topic for our April/May meeting:  have
you guys looked at outsourcing your entire energy needs (gas and power in
particular).  We have been very successful in helping customers save quite
a bit of money on their energy expense, and as you see in today's power and
gas markets, that can be extremely valuable...

Best,

Jeff

                    "Guarino,

                    Carlo (C)"           To:
"'Jeffrey.A.Shankman@enron.com'"
                    <cguarino@dow        <Jeffrey.A.Shankman@enron.com>

                    .com>                cc:

                                         Subject:     RE: Buildscape
Strategic Opportunity
                    02/21/2001

                    03:13 PM

Jeff, thanks for your help on the introduction and follow up. I'll let you
know how we go and if we do come to Houston shortly I'll let you know when.
Talk to you soon.

Best Regards,

Carlo
Carlo Guarino
Global Development Director
Dow Growth Center

Office  (517) 636-0860 / Mobile (313)655-7553
Fax      (517) 636-1453
Internet address: CGuarino@dow.com

-----Original Message-----
From: Jeffrey.A.Shankman@enron.com [mailto:Jeffrey.A.Shankman@enron.com]
Sent: Wednesday, February 21, 2001 3:09 PM
To: cguarino@dow.com
Subject: Re: Buildscape Strategic Opportunity

I have forwarded your info to both Philippe Bibi, CEO of Enron
Networks--the group responsible for our Enron Online site, and to Ray
Bowen, COO of Enron Industrial Markets--the group responsible for
paper/pulp.

Best Regards,

Jeff


----- Forwarded by Sheila Tweed/HOU/ECT on 10/09/2000 04:22 PM -----

	"Wendell, Harlan" <HWendell@mdbe.com>
	10/09/2000 03:32 PM

		 To: "Sheila R. Tweed (E-mail)" <Sheila.Tweed@enron.com>, "Sam Wehn (E-mail)"
<Samuel.Wehn@enron.com>, "+Karen Jones (E-mail)" <Karen.E.Jones@enron.com>
		 cc:
		 Subject: Final Oxy Certificate

Here's a copy of what was delivered on Friday.  Who should get the original?
 <<ena oxy certificate -- final.PDF>>

E-MAIL NOTICE

This e-mail message is for the sole use of the intended recipient(s) and may
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 - ena oxy certificate -- final.PDF


Tanya:

Let me know your thoughts on the changes they have proposed.  I am a little concerned by what they have deleted, but know we really would like to get this done.

Thanks,

Jeff

 -----Original Message-----
From: 	"Joseph Forbes" <jjforbes@duke-energy.com>@ENRON
Sent:	Thursday, November 15, 2001 5:11 PM
To:	Hodge, Jeffrey T.
Subject:	Re: FW: lc format

Jeff, here are my comments to the LC.  If this is acceptable we will go
ahead and execute the Agreement.  Thank you for your help in getting this
in place.  Joe

(See attached file: ENA-DETM LC.doc)
 - ENA-DETM LC.doc


Thanks.

 -----Original Message-----
From: 	Donoho, Lindy
Sent:	Tuesday, February 12, 2002 10:50 AM
To:	Ratner, Michael
Subject:	TW Map for slide #6

 << File: TW System Map.ppt >>


i'm all over it.

Joe A Casas
03/28/2000 08:56 AM
To: Chris Germany/HOU/ECT@ECT
cc: Tricia Bowen/HOU/ECT@ECT
Subject: Dayton sales for april

Mr.  Germany,  will be inputting the Dayton sales for TGT into sitara for
Abril?

graci


Charles Schwab & Co., Inc.

Internet Daily for Thursday, May 31, 2001
by Frank Barnako CBS MarketWatch.com

-----------------------------------------------------------------
Prime Olympics seats up for auction

The Salt Lake Organizing Committee is selling tickets to the 2002
Winter Olympics through an online auction that's raising far more
than the face value of the seats. The committee said it raised
$113,702, seven times the face value of the tickets, from its
first group of eBay auctions. One pair of front-row seats for
men's figure skating sold for $11,100. The face value for the two
was $750. Three sets of women's skating tickets, also with a face
value of $750 per pair, went for $10,100 each.

"Our original plan was likely to take a break after the first 100
tickets and to continue in the fall,"  SLOC Chief Operating
Officer Fraser Bullock told the Associated Press. "Given the
response we've received, we will continue to add events and will
continue this auction for the foreseeable future ... to the
extent we have front-row, best seats in the house still
available."

-----------------------------------------------------------------
Consumers Union to study Web credibility

The publisher of Consumer Reports magazine said Walt Disney Co.'s
ABCNews.com veteran Beau Brendler will head up an effort to set
up credibility standards for the Web. The Consumers Union's Web
Credibility Project will evaluate the information on Web sites
and report what it finds.

"This project has enormously ambitious goals," Brendler said in a
statement, "and now more than ever, with Web ventures shutting
down every week, consumers need to know that the sites they are
relying on for news, vital information and business transactions
aren't hiding anything and are doing their jobs in an honest,
credible way."

Consumers Union said the project grew out of  a 1998 conference
at which print and new media journalists agreed there was a need
to create effective standards to measure editorial quality and
the separation between editorial and advertising content on the
Web.

-----------------------------------------------------------------
Office Depot buys Officesupplies.com

Office Depot said Thursday it bought online retailer
Officesupplies.com. Bruce Nelson, Office Depot's CEO, said in a
statement, "This business combination allows us to increase our
market position and leverage our existing infrastructure. We have
high praise for the officesupplies.com management team and are
pleased that they have agreed to join us during the transition
period." Nelson said the company is also considering other
acquisitions. Office Depot said Officesupplies.com's Web site
will remain up for 90 days and current customers will be offered
the chance to move their accounts to Office Depot's Web site.
Financial terms of the transaction were not disclosed.

Editor's Note: Neil Chase, a managing editor for CBS
MarketWatch.com, is filling in for Frank Barnako.

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$0 bid for skip hicks


fyi
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 03/01/2000
06:56 AM ---------------------------

"SmartPortfolio.Com" <admin_update@smartportfolio.com> on 02/29/2000 07:25:58
PM
Please respond to "SmartPortfolio.Com" <admin_update@smartportfolio.com>
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: SmartPortfolio.Com Update: Markets Soar on Blue Chip and Tech Rally

The following is a FREE service brought to you by
SmartPortfolio.Com, located on the Web at
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AOL users click here

Update February 29, 2000

Tuesday's Market Update: Markets Soar on Blue Chip and Tech Rally

 1. Tuesday's Market Action
 2. Internet and Tech Stocks
 3. Notable Earnings Announcements
 4. Notable Upgrades and Downgrades
 5. Stock Splits
 6. IPO Commentary
 7. IPOs Trading Tuesday
 8. IPO Calendar

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The update is posted at approximately 6:00 PM EST every day.

1.  Tuesday's Market Action

                               $ Change   % Change      Close
Dow Industrials                  +89.66     +0.89%   10128.31
S&P 500                          +18.37     +1.36%    1366.42
Nasdaq                          +118.84     +2.60%    4696.69
Internet Stock Index             +32.33     +3.37%     991.92

Blue chips powered forward and sent the Dow higher on Tuesday,
while Internet and tech stocks thrust the Nasdaq to another
record high as investors put away their fears about market
volatility and potential interest rate hikes by the Fed.

Several sectors that had been suffering from beaten-down stocks
rallied back today, including the financial services sector, as
several brokerage firms outperformed.  Lehman Brothers
(NYSE:LEH) closed up 4 3/4 (+7.00%) to 72 9/16, Goldman Sachs
(NYSE:GS) gained 4 (+4.55%) to 92, National Discount Brokers
Group (NYSE:NDB) soared 45.77% (up 14 3/16) to 45 3/16, Merrill
Lynch (NYSE:MER) rose 5 3/8 (+5.54%) to 102 5/16, JP Morgan
(NYSE:JPM) closed up 2 5/8 (+2.41%) to 111 3/8, and Charles
Schwab (NYSE:SCH) jumped 12.23% (up 4 9/16) to 41 7/8.

Oil service stocks also had a strong day on Wall Street as gas
is trading at its highest levels since the Gulf War and as crude
oil prices continue to skyrocket.  Halliburton (NYSE:HAL) gained
3 5/16 (+9.50%) to 38 3/16, Schlumberger (NYSE:SLB) rose 4 1/2
(+6.50%) to 73 3/4, Transocean Offshore (NYSE:RIG) closed up 3
1/16 (+8.52%) to 39, Cooper Cameron (NYSE:CAM) gained 2 5/16
(+4.36%) to 55 5/16, and Smith International (NYSE:SII) rose 2
3/4 (+4.58%) to 62 3/4.

Merger-mania continued in the media and entertainment sectors as
Clear Channel Communications (NYSE:CCU), the U.S. radio and
billboard giant, and SFX Entertainment (NYSE:SFX), a provider of
live entertainment shows, jointly announced that Clear Channel
will acquire SFX in a deal valued at approximately $2.7 billion.
By expanding Clear Channel's presence in areas such as concerts,
sporting events and theatrical productions in more than half of
the top 50 U.S. markets, the acquisition is expected to result
in greater value for Clear Channel's 1,000 radio stations
worldwide.  Shares of Clear Channel fell 8 1/4 (-10.97%) to 66
15/16, shares of SFX edged up 9/16 (+1.48%) to 38 9/16, while
shares of other media and entertainment players had a great day
on Wall Street, with Seagram (NYSE:VO) gaining 5/8 (+1.11%) to
56 3/4, Viacom (NYSE:VIA) closing up 5 9/16 (+11.10%) to 55
11/16, and CBS (NYSE:CBS) jumping 11.85% (up 6 5/16) to 59 9/16.

Two Dow giants entered into a ground-breaking agreement on
Tuesday, as Boeing (NYSE:BA) and General Electric (NYSE:GE)
jointly announced that they will begin the production of two
state-of-the-art lines of long-range jet aircrafts, including
the world's longest-range airplane that would be capable of
flying nonstop from New York to as far as Malaysia.  The
companies designed the new twin-engine jets in an effort to
compete more effectively with a new airplane from Europe's
Airbus Industrie.  The first deliveries of the new jets are
scheduled for September 2003.  Shares of Boeing dropped 3/16 (-
0.51%) to 36 13/16, while shares of General Electric gained 3
9/16 (+2.75%) to 133.

In other Dow action:

<> International Business Machines (NYSE:IBM) and Hewlett-
Packard (NYSE:HWP) were selected by Delta Air Lines (NYSE:DAL)
to supply personal computers under the airline's program to
provide subsidized computers to its workers.  Shares of IBM fell
2 5/16 (-2.21%) to 102 3/16, while shares of Hewlett-Packard
closed up 6 15/16 (+5.38%) to 135 13/16.

<> Philip Morris (NYSE:MO) shares edged up 1/16 (+0.31%) to 20
1/8 following the company's announcement that it would give up
its fight to challenge the Food and Drug Administration's
proposals geared towards regulating the tobacco industry.

<> Walt Disney (NYSE:DIS) shares closed up 3/4 (+2.29%) to 33
1/2 on the heels of Monday's announcement by the entertainment
company that its cable television group had struck agreements
with three cable television system operators to carry the
company's new all soap opera network SoapNet.

2. Internet and Tech Stocks

For a FREE trial to SmartPortfolio.Com's in-depth analysis of

selected Internet stocks, please visit:
http://www.smartportfolio.com/freetrial
AOL users
click here

The Nasdaq's surge resulted in several record highs during the
day's trading for a broad range of Internet and tech stocks,
including Brocade Communications (Nasdaq:BRCD), which gained 6
1/16 (+2.14%) to 289 1/8, Applied Mirco Circuits (Nasdaq:AMCC),
which rose 19 5/8 (+7.68%) to 275 1/16, PMC-Sierra
(Nasdaq:PMCS), which closed up 14 5/16 (+8.01%) to 193 1/16, COR
Therapeutics (Nasdaq:CORR), which finished up 8 1/8 (+9.97%) to
89 5/8, Texas Instruments (NYSE:TXN), which gained 11 1/16
(+7.10%) to 166 15/16, and Motorola (NYSE:MOT), which rose 11
13/16 (+7.45%) to 170 5/16.

Chip stocks were a driving force behind the Nasdaq's strong
performance, as analysts and investors anticipate a huge demand
for computer memory chips to run wireless products such as hand-
held organizers and cellular telephones.  Altera (Nasdaq:ALTR)
closed up 8 1/4 (+11.54%) to 79 3/4, Lam Research (Nasdaq:LRCX)
jumped 13.08% (up 18 1/16) to 156 1/8, Xilinx (Nasdaq:XLNX)
gained 13.52% (up 9 1/2) to 79 3/4, KLA Tencor (Nasdaq:KLAC)
rose 8 1/8 (+11.64%) to 77 15/16, and Rambus (Nasdaq:RMBS)
soared 25.16% (up 60 5/8) to 301 5/8.

Leading Tuesday's telecom news was the announcement by TeleCorp
PCS (Nasdaq:TLCP), AT&T Corp.'s (NYSE:T) largest wireless
telephone partner, that it will acquire Tritel Inc.
(Nasdaq:TTEL), AT&T's #2 wireless affiliate, in a transaction
valued at $5 billion.  The deal would result in a combined
company having a contiguous wireless network running from the
Great Lakes to the Gulf of Mexico.  Pursuant to the agreement,
AT&T will obtain TeleCorp's existing wireless operations in the
Boston area in exchange for $100 million in cash, as well as
wireless licenses and rights to acquire licenses in Iowa and
Wisconsin.  Shares of TeleCorp fell 8 1/16 (-14.93%) to 45
15/16, shares of Tritel catapulted 32.29% (up 7 3/4) to 31 3/4
and shares of AT&T gained 4 7/16 (+9.86%) to 49 7/16.

In other telecom action, Amdocs Ltd. (NYSE:DOX), a leading
provider of integrated customer care and billing systems for
wireless telecom operators and service providers, announced on
Tuesday that it would acquire billing and customer care software
maker Solect Technology Group in a deal valued at about $1
billion.  The move by Amdocs is expected to strengthen the
company's presence in the market for billing and customer care
software for the Internet.  Shares of Amdocx jumped 13.26% (up 8
11/16) to 74 3/16.

America Online (NYSE:AOL) and Time Warner (NYSE:TWX) jointly
announced on Tuesday that the companies will open up their cable
television systems to other Internet service providers upon the
completion of their blockbuster merger.  The move was seen by
analysts as a potential catalyst for the rest of the industry to
follow suit.  Specifically, the pledge to give customers greater
choices could put tremendous pressure on long-distance phone and
cable television operators, including telecom giant AT&T, to
further open their systems to rival Web-access providers.
Shares of AOL, the #1 Internet service provider, fell 1 11/16 (-
2.78%) to 58 15/16, while shares of Time Warner, the world's
biggest media company, dropped 1 3/16 (-1.37%) to 85 1/2.

Other big movers in the Internet and technology sectors
included:

<> 3Com (Nasdaq:COMS), which jumped 23.95% (up 18 15/16) to 98
on tremendous demand for the spin-off of the company's Palm
unit.  3Com increased the price range for Palm's IPO to $30-$32
per share from $14-$16 per share.  The public offering of 23
million shares could now generate as much as $736 million.

<> SpeedUs.com (Nasdaq:SPDE), which skyrocketed 136.69% (up 11
7/8) to 20 9/16, riding on the wave of popularity among
investors of wireless handheld device manufacturers and services
providers.

<> Redback Networks (Nasdaq:RBAK), which jumped 21 1/4 (+7.66%)
to 298 1/2 following yesterday's positive remarks from Lehman
Brothers.

Leading Internet and tech stocks performed as follows:

Company                        $ Change   % Change      Close
Amazon (Nasdaq:AMZN)             +3 1/8     +4.75%     68 7/8
America Online (NYSE:AOL)        -1 5/8     -2.68%         59
Commerce One (Nasdaq:CMRC)       -2 1/2     -1.18%    208 7/8
Cisco (Nasdaq:CSCO)              +1 5/8     +1.24%   132 3/16
CMGI (Nasdaq:CMGI)             +13 3/16    +11.33%   129 9/16
Dell (Nasdaq:DELL)                -3/16     -0.46%   40 13/16
Ebay (Nasdaq:EBAY)             -1 11/16     -1.16%    143 3/8
ExciteAtHome (Nasdaq:ATHM)       +15/16     +2.81%    34 5/16
Exodus (Nasdaq:EXDS)             +8 5/8     +6.45%    142 3/8
Intel (Nasdaq:INTC)                +5/8     +0.56%        113
Juniper (Nasdaq:JNPR)           +45 1/4    +19.75%   274 5/16
Lucent (NYSE:LU)               +1 39/64     +2.77%   59 39/64
Microsoft (Nasdaq:MSFT)         -2 3/16     -2.39%     89 3/8
Oracle (Nasdaq:ORCL)             +5 5/8     +8.20%     74 1/4
Schwab (NYSE:SCH)                +4 5/8    +12.40%   41 15/16
Sun Micro (Nasdaq:SUNW)          +1 3/8     +1.46%     95 1/4
Qualcomm (Nasdaq:QCOM)           -13/16     -0.57%   142 7/16
Qwest (NYSE:Q)                     +1/4     +0.54%     46 1/4
Yahoo (Nasdaq:YHOO)              -2 1/4     -1.39%  159 11/16

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3. Notable Earnings Announcements

For a calendar of recent and upcoming earnings announcements,
please visit: http://www.smartportfolio.com/earnings.asp
AOL users
click here

Target Corp. (NYSE:TGT) announced on Tuesday that its quarterly
profits rose 15% as a result of strong sales at the company's
upscale discount Target stores.  Earnings came in at $1.12 a
share, beating the 97 cents a share from the year-ago period and
quarter and exceeding First Call consensus estimates of $1.10 a
share.  Shares of the giant retailer edged up 1/8 (+0.21%) to
59.

Smithfield Foods (NYSE:SFD), the #1 U.S. pork producer, reported
on Tuesday that its fiscal third quarter profits were hit hard
by flooding in North Carolina and lower profit margins on fresh
pork.  The company's income came in at 36 cents per share, down
from $1.31 per share in the year-earlier period and below Wall
Street analysts' forecasts of 57 cents per share.  Shares of
Smithfield Foods closed down 1/4 (-1.59%) to 15 1/2.

BJ's Wholesale Club (NYSE:BJ) announced on Tuesday that its
quarterly profits jumped 26.5% and came in at 63 cents a share,
which beat First Call consensus estimates of 62 cents per share.
Shares of the retail powerhouse rose 2 3/8 (+8.30%) to 31.

4. Notable Upgrades and Downgrades

For full coverage of today's upgrades, downgrades and coverage
initiations, please click on the appropriate links below:

-- Upgrades - http://www.smartportfolio.com/upgrades.asp
AOL users
click here

Aetna (NYSE:AET) was upgraded by Prudential from hold to
accumulate. Shares were up 1 5/8 to 41 1/8.

Allergan (NYSE:AGN) was upgraded by PaineWebber from attractive
to buy and by Warburg Dillon Read from hold to buy.  Warburg set
a $64 target price on the stock.  Shares were off 1/8 to 50
5/16.

Anheuser-Busch (NYSE:BUD) was upgraded by Morgan Stanley Dean
Witter from outperform to strong buy but analyst Andrew Conway
lowered his price target on the shares from $90 to $78.  Shares
jumped 2 7/8 to 64 1/8.

Circuit City Stores (NYSE:CC) was upgraded by Goldman Sachs'
analyst Matthew Fassler from market outperform to its
Recommended List.  Shares were up 4 9/16 to 40 3/8.

McGraw-Hill (NYSE:MHP) was upgraded by CS First Boston from hold
to strong buy.  Shares were up 4 3/8 to 50 7/8.

-- Downgrades - http://www.smartportfolio.com/downgrades.asp
AOL users
click here

Hershey Foods (NYSE:HSY) was downgraded by Lehman Brothers from
buy to outperform.  Shares were off 3/16 to 43 15/16.

Paychex (Nasdaq:PAYX) was downgraded by Robert W. Baird from
short-term market outperform to short-term market perform.
Shares were off 3/16 to 50 1/16.

Robertson Stephens downgraded several rental car companies
today. Hertz (NYSE:HRZ) was downgraded from buy to long-term
attractive; shares were up 3/8 to 35 13/16. Avis Rent A Car
(NYSE:AVI) was downgraded from buy to long-term attractive;
shares were lower by 1 3/16 to 14 9/16.  Dollar Thrifty
Automotive (NYSE:DTG) was downgraded from buy to long-term
attractive; shares were off by 1 1/4 to 13 1/8.

US Bancorp (Nasdaq:UBAN) was downgraded by CIBC World Markets
from buy to hold. Shares were up 3/16 to 9 13/16.

-- Coverage Initiations
http://www.smartportfolio.com/initiated.asp  AOL users
click here

Abbott Laboratories (NYSE:ABT) was started by CS First Boston
with a buy rating.  Shares were off 3/8 to 32 3/4.

Adobe Systems (Nasdaq:ABDE) was initiated by PaineWebber with a
buy rating.  Shares were up 4 3/16 to 102.

Alerta Corp. (NasdaqNM:ALTR) was started by Chase H&Q with a buy
and was added to the investment bank's Focus List.  Alerta was
up 8 1/4 to 79 3/4.

AVANEX Corp. (Nasdaq:AVNX) had coverage initiated by several
investment banks today. Lehman Brothers started coverage with a
buy rating; Dain Rauscher Wessels initiated coverage with a
strong buy rating; Robertson Stephens started coverage with a
buy; and USB Piper Jaffray initiated coverage with a strong buy
rating.  Shares were up 3/8 to 208 3/8.

Boston Scientific Corp. (NYSE:BSX) was started by CS First
Boston as a hold.  Shares were up 1/4 to 18 1/4.

Digital Island (Nasdaq:ISLD) was started by Goldman Sachs with a
market perform rating and by Dain Rauscher Wessels with a strong
buy rating. Goldman's analyst, Michael Parekh, forecasts a loss
of $5.15 in 2000 and $5.82 in 2001. Shares were up 5 1/8 to 116
1/8.

EON Communications (Nasdaq:EONC) was started by W.R. Hambrecht
with a market outperform rating.  Shares were off 1 3/8 to 22
5/8.

Johnson & Johnson (NYSE:JNJ) was started by CS First Boston with
a strong buy rating.  Shares were off 3/4 to 71 3/4.

Juniper Networks (Nasdaq:JNPR) had coverage initiated by Wit
SoundView with a strong buy rating.  Shares soared 45 1/4 to 274
5/16.

Medtronic (NYSE:MDT) was initiated by CS First Boston with a buy
rating.  Shares were up 7/16 to 48 7/16.

Microchip Technology (Nasdaq:MCHP) was started by Chase H&Q with
a buy rating.  Shares were up 9 1/8 to 62 7/16.

5. Stock Splits

To obtain the latest information on stock splits, please visit:
http://www.smartportfolio.com/splits
AOL users click
here

This chart shows the companies that will split their shares
during the next 4 business days.  The "Pay" column shows the
payable date.  The "Ex" column refers to the ex-date, the date
on which the stock begins to trade at its split-adjusted price.
The ratio refers to the number of split shares stockholders will
receive (a 2:1 ratio means that stockholders will receive one
additional share for each share they already hold).

Pay     Ex                                   Ann.    Split
Date    Date    Company                Sym.  Date    Ratio
Feb 29  Mar 1   Anadigics              ANAD  Jan 28  3-2
Feb 29  Mar 1   Global Technologies    GTLL  Jan 06  3-2
Feb 29  Mar 1   TMP Worldwide          TMPW  Jan 11  2-1
Feb 29  Mar 1   WebTrends              WEBT  Jan 24  2-1
Mar 1   Mar 2   DSP Group              DSPG  Jan 24  2-1
Mar 1   Mar 2   Jones Pharma           JMED  Feb 03  3-2
Mar 1   Mar 2   Kirlin Holding Corp.   KILK  Feb 07  2-1
Mar 1   Mar 2   Modem Media            MMPT  Jan 05  2-1
Mar 1   Mar 2   Onyx Software          ONXS  Jan 31  2-1
Mar 2   Mar 3   Group 1 Software       GSOF  Feb 07  3-2
Mar 2   Mar 3   Jack Henry & Assoc.    JKHY  Jan 31  2-1
Mar 2   Mar 3   Winstar Communications WCII  Feb 03  3-2
Mar 3   Mar 6   Veritas Software       VRTS  Jan 27  3-2
Mar 3   Mar 6   Xcelera.com            XLA   Jan 24  2-1

6. IPO Commentary - http://www.smartportfolio.com/ipo
AOL users click
here.

It was an explosive day in the IPO market today, with 3 much-
anticipated IPOs beginning to trade on a strong day in the
overall equity markets.  Leading the way was Net.genesis
(Nasdaq:NTGX), a provider of e-customer intelligence solutions,
whose shares surged 215.63%.  Another winner was Avenue A
(Nasdaq:AVEA), an online advertising firm, which bolted 200.00%
in its debut.  Finally, NIKU (Nasdaq:NIKU), a provider of
Internet solutions for the sourcing, management and delivery of
professional services soared 187.50% in its IPO after its
pricing range was raised from $10-$12 to $20-$22, which is
usually an indication that the underwriters expect strong demand
for the offering.

Continuing on today's momentum, there is a host of companies set
to go public during the rest of the week, including the much-
hyped IPO of Palm Inc. (Nasdaq:PALM), the provider of handheld
computing devices and spin off of 3Com (Nasdaq:COMS).

All four of these companies - Net.genesis, Avenue A, NIKU, and
Palm - were highlighted in one of the last 2 issues of the
Smart!IPO Repot, which presents in-depth analyses every week of
hot IPOs before they began trading.  To subscribe to a FREE 2-
week trial of the Smart!IPO Report, lease visit:
http://www.smartportfolio.com/freetrials

7.  IPOs Trading Tuesday

Avenue A, Inc. (Nasdaq:AVEA) - Provider of Internet advertising
services.
Price: 24  Open: 76   High: 89
Close: 72  Change: +48 (+200.00%)

Niku Corporation (Nasdaq:NIKU) - Provider of Internet solutions
for the sourcing, management and delivery of professional
services.
Price: 24  Open: 63 1/2  High: 75 1/2
Close: 69  Change:  +45 (+187.50%)

net.Genesis Corp. (Nasdaq:NTGX) - Provider of e-customer
intelligence solutions that enable companies to understand and
improve their online businesses.

Price: 18  Open: 53  High: 59
Close: 56 13/16  Change: +38 13/16 (+215.63%)

8. IPO Calendar - http://www.smartportfolio.com/ipo
AOL users click
here.

*Indicates an Internet related issue.

*3/1 - Urban Cool Network Inc (AMEX:UBN) - Operate
urbancoolnet.com, an online network targeted to the urban
consumer that provides a forum for communications, information
and electronic commerce.

*3/1 - Onvia.com Inc (NASDAQ:ONVI) - A business-to-business
emarketplace for small business buyers and sellers.

*3/2 - Register.com Inc (NASDAQ:RCOM) - Provider of Internet
domain name registration services worldwide.

3/2 - Palm Inc (NASDAQ:PALM) - A global provider of handheld
computing devices.

*3/2 - MatrixOne Inc (NASDAQ:MONE) - Provider of Internet
business collaboration software.

*3/3 - Netpliance Inc (NASDAQ:NPLI) -
Shares: 7,000,000  Amount: $105,000,000  Price Range: $13-$15
Lead Underwriter: Donaldson Lufkin & Jenrette Inc
Pioneering a new model for delivering a simplified and more
relevant Internet experience through consumer Internet
appliances.

*3/3 - AsiaInfo Holdings Inc (NASDAQ:ASIA) - Provider of
Internet-related, information technology professional services
and software products in China.

3/3 - ImageWare Systems Inc (TBA) - Develops, sells and supports
a suite of modular software products that is used by law
enforcement and public safety agencies to manage criminal
history records.

*3/3 - UTStarcom Inc (NASDAQ:UTSI) - Provides communications
equipment for service providers that operate wireless and
wireline networks.

*3/3 - Versata Inc (NASDAQ:VATA) - Provider of comprehensive
suite of software and services that enables customers to rapidly
deploy e-business applications. (Predecessors: Vision Software
Tools Inc, Image Innovation Solutions Inc.

*3/3 - EChapman.com Inc (NASDAQ:ECMN) - Seek to become a leading
interactive online community through EChapman.com, offering both
financial services and a variety of lifestyle, educational and
cultural content selected to appeal particularly to African-
Americans, Asian-Americans, Hispanic- Americans and women market
segments.

*3/3 - Switchboard Inc (NASDAQ:SWBD) - An Internet-based local
merchant network interconnecting consumers, merchants and
national advertisers.

*3/3 - Prime Response Inc (NASDAQ:PRME) - A provider of
integrated eMarketing software solutions that enable businesses
to create, manage and execute highly targeted internet and
traditional marketing campaigns.

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RECENTLY PROFILED IPOs SOAR IN PUBLIC DEBUTS!

The Smart!IPO Report focuses on promising companies poised for
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wild west sucks.  the only good thing was that there was $1 beers.  i hated
country music and there were a ton of necks there.  how was that movie?


Karolina and Rod:

This swap has ended up on my desk!  Imagine that.

This transaction ought to be booked between RMT and ETOL.  The existing ISDA
Master Agreement from December 31, 1998 is between Enron Capital & Trade
Resources Corp. and ETOL.  We need to create an RMT/ETOL ISDA Master
Agreement for this 3-year rate swap.

Is ETOL prohibited from entering into swaps with other parties, such as RMT
(under the terms of the lending documents)?

Please bring me up to date.  Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


CALENDAR ENTRY:	APPOINTMENT

Description:
	Team Leader Mtg. Conference room EB4102

Date:		12/19/2000
Time:		2:30 PM - 3:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Tom/Jim/Jim:

Please find the attached first draft of a presentation for Dave/John to
deliver to them on Thursday (as requested).  I would plan to attach the
detailed Transition Plan being currently developed by Troy/Jim based on our
meeting today.

Initial Comments?

Brian


TAGG upgrade has been completed and we can now access the application.  When
you first launch TAGG it will take a couple of minutes to do a workstation
installation, once the installation is complete you will see the familiar
screen where you enter your password.

Thanks.
Nony

----- Forwarded by Nony Flores/HOU/ECT on 09/06/2000 11:00 AM -----

	Nony Flores
	09/05/2000 12:11 PM

		 To: Genia FitzGerald/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Debra
Perlingiere/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Susan
Bailey/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT, Stephanie Panus/NA/Enron@Enron
		 cc: Becky Tlucek/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ECT
		 Subject: TAGG Update

As of this morning, we have lost access to TAGG applications.  All Windows
2000 users will not be able to access TAGG until the upgrade is completed.
The team anticipates completion of the upgrade by the end of the week.

Thanks.
Nony


The report named: VaR and Off-Peak Position Report By Trader <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=23&report_name=VaR+and+Off-Peak+Position+Report+By+Trader&category_cd=5&category_name=EAST&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=10/19/2001>, published as of 10/19/2001 is now available for viewing on the website.


Cc list suppressed...
Public opinion is the pendulum that swings law...dsg

August 4, 2000

Deregulation Leaves Electricity Market Ripe for
Manipulation by Power Firms

By REBECCA SMITH and JOHN J. FIALKA
Staff Reporters of THE WALL STREET JOURNAL

It's a market ripe for manipulation: surging demand for
an indispensable commodity, weak oversight and a
chaotic new set of rules amid a transition from heavy
regulation to open competition. This is the state of
the U.S. electricity business in the summer of 2000.
And sure enough, there's growing evidence that some
power companies are finding lucrative ways to exploit
the system -- at consumers' expense.

The tactics include manipulating wholesale electricity
auctions, taking juice from transmission systems when
suppliers aren't supposed to and denying weaker
competitors access to transmission lines. None of this
is illegal, and much of it might be considered basic
competition. But as an electricity shortage plunges
sweltering California into an energy crisis and fears
of even worse shortages rattle the Northeast, the
practices of power suppliers face more scrutiny than
ever. (See related article.)

Steamy Conditions

A hot summer day last year shows one kind of
manipulation. On July 28, 1999, wholesale electricity
prices in the Middle Atlantic states hit $935 per
megawatt hour. That was seven times what it costs to
generate power at the most expensive plant in the
region. An analysis of trading data from that day shows
that PECO Energy Corp. and PPL Corp., the old
Philadelphia Electric Co. and Pennsylvania Power &
Light, made the most of steamy conditions.

In the region's power market, deregulated in 1997, a
new corporation called PJM Interconnection LLC runs the
transmission system once operated piecemeal by eight
utilities. It also operates a daily electricity auction
that sorts the hourly bids of 540 generating plants.
The cheapest plants are called on first, but when the
weather is hot and demand is acute, higher offers are
taken as well. To attract as many bidders as possible,
the highest bid, each hour, sets the price for the
entire market for that hour.

Grid and Bear It

Rise in average wholesale electricity prices at key
transmission-interconnection points for the month of
May from 1997 to 2000.
TRANSMISSION-INTERCONNECTION POINT
           % CHANGE 1997-2000
Texas                                        +293%
Louisiana-Mississippi-Arkansas              +216
Tennessee Valley Authority                  +165
California-Oregon border                    +162
New York-West                             +138
Chicago area                                  +130
New England                                 +117
New York-East                               +101
Upper Midwest                               +99
Florida                                       +89
Mid-Atlantic region                           +80*
   *Includes only years 1999-2000

Source: Federal Energy Regulatory Commission, RDI Power

What PECO and PPL did was offer much of their output at
low prices so that the majority of their plants would
be called into service. But knowing demand was so high,
they offered power from their tiniest plants at vastly
higher bids, in a way that often set the peak price for
a number of hours. Consumers that day ended up paying
millions of extra dollars for power.

Cases like this show that during the transition to
deregulation, "there's a good argument the system has
broken down," says William Massey, a commissioner at
the Federal Energy Regulatory Agency. FERC, which
polices the nation's bulk power markets, began the
deregulation movement in 1996.

It wasn't supposed to be this way. In the old days,
utilities generated electricity and delivered it to
customers in exclusive territories. To protect
consumers from gouging, rates were regulated. But while
supply had to be able to meet peak demand at all times,
demand varied widely within regions, between regions
and from one season to another. The result was
tremendous reliability but also inefficiency and waste.

Deregulation, now under way in half the country and
functioning nationally at the wholesale level, allows
new players -- some affiliated with utilities, some
not -- to build power plants and sell electricity.
Prices are supposed to be set by competitive markets.
Risks are borne by investors, not ratepayers.

At the same time, utilities are surrendering control of
long-haul transmission lines to new nonprofit
operators, like the one in the Middle Atlantic region,
which are supposed to ensure fair access to the grid --
the multistate system of high voltage lines.

Under this new regime, energy prices should have
dropped as companies raced to compete with one another.
But the massive U.S. energy infrastructure wasn't
designed to serve as the backbone of a free market. On
hot summer days, when there's little or no surplus
electricity in the nation's most populous regions,
generators can charge prices far in excess of their
production costs and be confident they'll get tapped
for service by grid operators who must keep the lights
on at any cost. Utility holding companies that still
control transmission lines have an added advantage:
They can effectively lock out cheaper competitors.
California Cuts Price Cap for Electricity Once Again
(Aug. 2)Price Cap Is Set for Electricity That Is Sold
in New England (July 27)PPL, KeySpan Say Earnings
Surpassed Wall Street Targets (July 27)Energy Trading,
Internet Operations Help Enron's Net Income Jump 30%
(July 25)PG&E Posts 36% Rise in Net to $248 Million
(July 21)
The new regional grid operators, called independent
system operators, or ISOs, eventually will be in charge
of preventing manipulation. But as nongovernmental
organizations, they won't have basic investigative
tools, like subpoena powers or the ability to impose
significant penalties. FERC, which does have those
powers, rarely uses them, preferring to let the market
discipline itself.

A Strange Drop

Sometimes it's difficult to know what constitutes an
abuse of the market. In July 1999, engineers noticed
that a substantial amount of power was being taken from
the grid for which there was no explanation. They
contacted the North American Electric Reliability
Council, the industry group charged by Congress with
overseeing the grid since the late 1960s. After a
lengthy investigation, NERC determined that Cinergy
Corp., a utility holding company, had surreptitiously
taken enough power over a three-day period, about 9,600
megawatt hours, to light a small city for a month.

Cincinnati-based Cinergy had underestimated power
demands. Rather than buy electricity on the open market
at ferociously high prices or cut power to Cincinnati,
it quietly borrowed power from the system when demand
was peaking and later replaced it in the cool of the
night when demand wasn't so high.

James E. Rogers, Cinergy's chief executive, received a
letter from A.R. Garfield, the chairman of NERC's
regional power-coordination center, accusing his
company of showing "blatant disregard" for the rules
and of using the grid "as a supplemental resource
without regard to the reliability or integrity of the
system."

But Cinergy paid no fine. That's because it runs its
own transmission "control area" and is trusted to
enforce NERC's voluntary rules, even when it is the
violator. Smaller utilities in Cinergy's area, by
contrast, face contractual penalties of as much as
$35,000 per megawatt for unilaterally borrowing from
the grid, a practice known as "leaning on the ties."

Dancing on the Edge?

Mr. Garfield is still steamed about Cinergy's actions,
which he said removed part of the system's essential
reserve needed to avoid cascading blackouts, or a chain
of uncontrollable outages that could darken whole
sectors of the country. "How fair is it that someone
can dance on the edge like that and get away with it?"
he asks.

Mr. Rogers points to old rules that permit utilities to
temporarily borrow small amounts of power during
emergencies. "We were very careful to make sure, when
we leaned on the ties ... we didn't bring the whole
system down," he says. Nevertheless, he concedes, "in a
competitive world, those rules need to be changed." The
region's regulators have since gone to FERC for
authority to charge "borrowers" for the market value of
the electricity they take off the grid.

Leaning on the ties is only one way fair competition is
being frustrated on the country's transmission system,
a vast web of connections that resembles the nation's
highway system before the construction of the
interstates. While there are plenty of routes to get
electricity from outlying power plants directly to big
cities, there are relatively few routes connecting
regions. That makes it possible for some big companies
to shut out competitors.

A Snag in Transmission

St. Louis-based Aquila Energy hit that snag when it
tried to use a transmission corridor owned by New
Orleans-based Entergy Corp. to move electricity to a
buyer in East Texas. Entergy granted the request,
initially, but then it canceled, saying it didn't have
sufficient space on its lines.

Aquila didn't buy it. After analyzing
transmission-capacity data, the company argued to FERC
that Entergy did have enough space on its lines and so
was in effect breaking a rule that required it to
provide transmission-line access when possible. Without
access to Entergy's lines, Aquila was forced to
compensate the buyer and lost nearly $300,000 on the
deal. From whom did the Texas customer end up buying
the power? A unit of Entergy -- and for a higher price
than it would have paid Aquila.

FERC said Entergy had been within its rights to
restrict access in this case, because it had
transmission problems. But FERC found that Entergy, on
other occasions, had hoarded transmission capacity that
should have been made available to the market. Entergy
declines to comment.

Such scenarios are costly for consumers, and they are
among the reasons the electricity industry is enjoying
flush times. In the second quarter just ended,
companies ranging from AES Corp. in Arlington, Va., to
Enron Corp. in Houston reported huge profit increases,
some as much as 50%. To be sure, a lot of those profits
are coming from extraordinary demand growth and a
pickup in energy trading. But Sean Murphy, president of
Southern Energy New England, a unit of Southern Cos.,
Atlanta, Ga., worries that the industry has gotten too
greedy and risks retribution. "Pigs get fat, but hogs
get slaughtered," he says.

Tremendous Volatility

New federal data show that average wholesale power
prices have more than doubled at 14 of 17 key pricing
points across the country in the past three years. By
May of this year, prices had risen across a broad
range -- by 89% in Florida, for example, and by 294% in
Texas. But even these increases mask the tremendous
volatility that has struck all the major wholesale
markets during the past year. In the case of the
Midwest, where prices in July 1999 hit $9,000 per
megawatt hour, it was as if a $1.89 gallon of gas
suddenly sold for $567.

Prices like these have prompted growing calls for
investigations into whether electric companies are
gouging their customers. Some consumer groups, lukewarm
to deregulation in the first place, now are agitating
for re-regulation. Residential electricity bills have
doubled in San Diego, which is notable because it's the
first city in the nation to be served by a utility
that's buying all of its energy on the competitive
market.

Politicians are sounding the alarm in the Pacific
Northwest. There, wholesale prices peaked at a record
$1,300 per megawatt hour during the last week in June.
Energy-intensive industries like mines and aluminum
smelters are cutting back on production and temporarily
laying off workers. "We may be seeing too much
opportunism in the market," says Montana Gov. Marc
Racicot. Demands by Mr. Racicot and his counterpart in
Washington, Gary Locke, were instrumental in prompting
FERC to open a national investigation in late July into
possible market abuses.

A Six-Month Lag

One big premise on which deregulation rests is that a
free flow of information will let markets police
themselves and operate efficiently. But a key tool for
market monitoring, the data on utility Web sites used
to book transmission orders, is often unreliable.
There's a six-month lag on the release of bidding data,
which are coded to mask the identities of bidders.

What's more, the four FERC-controlled ISOs operating in
California, the Middle Atlantic states, New England and
New York don't have the authority to compel market
participants to give them internal documents, like
bilateral contracts, and other information they don't
want to hand over. Without such documents, "there's a
lot more looking than finding," says Bill Museler,
chief executive of the New York ISO.

Even if the ISOs do find something problematic, there
isn't much they can do about it. The tariffs, contracts
and bylaws under which they operate generally prohibit
them from releasing company-specific data and so
exposing wrongdoers. And with the exception of
California, the ISOs' own board meetings are closed to
the public. "The reality is, confidentiality rules
protect the guilty," says Frank Wolak, a professor of
economics at Stanford University and chairman of the
California ISO's Market Surveillance Committee. "And
there are no codes of conduct to instill a sense of
fair play."

That can be a huge problem on hot days. In California,
an independent exchange runs a daily forward auction in
which it tries to match the next day's anticipated
demand to bids by generators. But this summer,
generators often have offered less power than they know
will be needed, so that they can submit higher bids
later when the ISO is forced to pay stiffer prices for
emergency power. On occasion, ISO engineers have had
just 40 minutes to frantically phone around and nail
down suppliers, knowing that if they fail they could be
forced to begin rolling blackouts. The bidding
strategy, while legal, "undermines reliability and
forces the ISO to do some real gymnastics," says Kellan
Fluckiger, chief operations officer for the California
ISO.

Generators say they aren't to blame for the mad
scramble. Utilities, buying power for their customers,
often order less power than they really need for fear
that a big order will drive up the overall market price
to prohibitive levels.

The only real recourse available to the ISOs is to
rewrite the rules governing their local markets. But
FERC is reluctant to let them meddle too often because
generators are investing billions of dollars based on
existing market rules. There's another reason, too,
says Ron Rattey, a veteran FERC economist who in June
wrote a 10-page internal memo criticizing the agency
for not doing more to ferret out unfair conduct. "Every
single ISO has identified strategic abuses," he says.
"And every time the ISOs make adjustments to the rules,
the market participants find new ways around them."

Write to Rebecca Smith at rebecca.smith@wsj.com and
John J. Fialka at john.fialka@wsj.com


Raimund,  Attached is a form of amendment for both the Athens and Hartwell Precedent Agreement.  The amendment modifies the termination date as we discussed.  Two pieces of info that I left blank are the new date to be inserted and the date of execution of the original precedent agreements.  I do not have a copy of the dated executed PAs.  I do have a copy of the guaranties.  I will forward a copy to you.  Let me know if you have any questions.


just sold 500 q/u at .05      that was the pop i'm looking for


Marie:  I would like to schedule a meeting with you and others to review the
agreement process, your contacts, account information, record retention
(physical files and Lotus Notes), reporting procedures, any forms which you
have developed and helpful tips.  I know that you are working on a memo which
will address this information and it would be extremely helpful if we could
learn from your experience. I would also like to discuss Ted Murphy's
expectations.  I think this will take about an hour.  Please give me a
suggested time during the week.  Thanks.  Sara


Note:  The market reaction is interesting.  One can surmise that quite a bit
of the gas that was contracted for on Vector is
firm utility gas.  The run up in Chicago may be temporary until alternate
arrangements are completed.

Vector Delay Confirms Market's Suspicions

Future shippers on the new Chicago-to-Dawn Vector Pipeline had their fears
confirmed Tuesday when pipeline officials announced that the start-up date
for the project, which was scheduled for Nov. 1 to coincide with the start-up
of the long-awaited Alliance Pipeline, would be delayed until Dec. 1.

Vector officials blamed the delay on the excessive rainfall that has hampered
construction of the pipeline, which --- when completed --- would provide
initial takeaway for about 700 MMcf/d of the 1.3 Bcf/d of western Canadian
gas that will be shipped to the Chicago market by Alliance. Alliance is due
to begin operations on Oct. 31.

The announcement yesterday left many in the market asking the million-dollar
question: "where will that [Alliance] gas go?" in the meantime. Alliance
officials noted the line has connections with existing pipelines and LDCs
serving the Chicago hub that could pick up the slack between Oct. 31 and Dec.
1.

Alliance's Jack Crawford downplayed the impact of the Vector start-up delay
on Alliance. "We don't think [there will be] much effect at all. We have been
working closely with Vector. Our connection with them, if it's not ready, is
very close. We also have five other connections with other [existing]
pipelines and LDCs" in Chicago. Many shippers "understand [that with ] a
startup the magnitude of ours [Alliance] and Vector's, there are likely to be
some bumps at beginning."

Immediate market reaction to the news was somewhat unexpected. The Chicago
basis for November widened from a plus 9.5-10 to plus 11-12 Tuesday following
Vector's announcement. That is contradictory to what you would think would
occur, said a Chicago trader for a large marketing company. "I was offering
index-plus gas today betting on the chance that will come off by the time
bidweek rolls around," he said. The effect on the market wasn't as profound
as some would have thought, agreed another trader. "In fact, Chicago prices
actually strengthened on the news. You would think that with the excess gas
on the market starting Nov 1, the basis would have come off. The only thing I
can think is that people are betting on cold weather showing up in the
Chicago market on Nov. 1 as well."

Meanwhile Dawn prices, which one would have expected to strengthen following
the news, did so, as November basis widened from low 30s to plus 36 yesterday
following the announcement, a Michigan trader said.

The Vector Pipeline would transport much of the Alliance gas from the market
hub in Chicago to the hub at Dawn, ON, as well as provide access to markets
and storage in the upper Midwest. The line eventually will carry 1 Bcf/d, but
its initial start-up delivery capacity will be 700 MMcf/d. The pipeline is
slated to serve key markets in Ontario, Quebec, and the U.S. Midwest and
Northeast.

~Vector shippers were notified of the delay along with the rest of the market
Tuesday, although many already had suspected the pipeline wouldn't be able to
adhere to its scheduled start-up date. At an LDC forum in Chicago a few weeks
ago, a spokesman for Vector insisted the pipeline was on schedule, but then
sources said he showed pictures of parts of the pipeline underwater. "Folks
who were there knew what that meant."

Presently, more than 90% of the Vector line has been installed and progress
on the Springville compressor station is on schedule, according to the
company. The Dec. 1 start-up date includes adequate time for any further
weather impacts and for the extensive commissioning and testing programs
necessary, it said, adding Vector is scheduled to begin filling the system in
late October to complete the commissioning of facilities.

Sponsors of Vector include Calgary-based Enbridge Inc. with a 45% interest;
Westcoast Energy Inc. of Vancouver, BC, with a 30% interest; and
Detroit-based MCN Energy Group Inc. with a 25% interest.


First Half 2000 Accomplishments for Corporate Communications Team

Media
Major feature stories in Fortune, Forbes (cover), BusinessWeek, Financial
Times, Bloomberg Magazine, Context, Red Herring, Business 2.0, Worth, The
Standard, Wired, The Motley Fool, CBS MarketWatch, The New York Times, and
others.

Blunted potentially negative stories surrounding Orange County, Cal PX,
campaign contributions.

Initiated "new media" program with great results.  (Cover story working in
ComputerWorld)

Enron's media relations team is one of the most respected in media circles.

Advertising
Roll out of "Ask Why" campaign.

Creation of Armchair Brand Management program, to be introduced mid August.

Direction of new creative (EOL and Weather Derivatives) for campaign

Murray Gell-Man webcast

Internal Communications
Made internal communications less about newsletters and more about knowledge.

Launched e-Biz.  Two editions under our belt.  More stories, more info, once
each week versus once every two months.

Massive development of E-Speak platform. Volume has been tripling on a
monthly basis.   It is viewed, internally and externally, as the premier
internal communications medium.  Ken Lay won "Executive Communicator of the
Year" from IABC based on success of E-Speak.  Now working on popular outside
speakers, a new site called eMeeting, and other great stuff.

Hold Music!

Video in the elevators, and other jobs in support of Vision and Values
campaign.

Other
Best Annual Report We Ever Did.  (Institutional Investor thought so, too.)

MG plc Acquisition

Personnel moves in EEL and EBS.


----- Forwarded by Mark Taylor/HOU/ECT on 01/03/2001 05:59 PM -----

	Rex Shelby@ENRON COMMUNICATIONS
	01/02/2001 04:13 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Mark S Palmer/Enron Communications@Enron Communications
		 Subject: Oracle NDA

Hi Mark --

Attached is Oracle's standard NDA.  We can work with it if you like it or use
our own.

The Oracle folks are dropping by Enron here in Houston on Friday of this week
(the 5th).  If we are able to put an NDA in place by then, we will go into
more detail with Oracle at the meeting.  If we do not have a new NDA in
place, we will keep the meeting high level.  Thanks for your help.  Best
regards.

-- Rex

----- Forwarded by Rex Shelby/Enron Communications on 01/02/01 04:08 PM -----

	michael.boese@oracle.com
	01/02/01 04:02 PM

		 To: Rex Shelby/Enron Communications@Enron Communications,
FRANK.ANDERSON@oracle.com
		 cc:
		 Subject: Oracle NDA

 - M&ACDAwithterm1.doc
 - michael.boese.vcf