The PowerMarketers.com POWER REPORT
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?TOP STORIES

CALIFORNIA GOVERNOR SIGNS PLAN OFFERING INCENTIVES FOR ENERGY CONSERVATION

Gov. Gray Davis signed his long-promised electricity conservation plan into
law Wednesday, saying the $850 million package should save thousands of
megawatts and reduce the prospect of rolling blackouts this summer.

CALIFORNIA LEGISLATORS RENEW PLEA FOR POWER PRICE CAPS

Federal regulators Tuesday continued to rebuff California's pleas to cap
wholesale prices charged by electricity generators. That prompted California
lawmakers to push the state to seize contracts between generators and
marketers to reduce the huge markup that has been passed on to ratepayers.

REPORT: PACIFIC NORTHWEST POWER PRICES TOP CALIFORNIA

Drought and a lack of aggressive regulatory oversight has pushed spot market
prices for wholesale electricity in the Pacific Northwest even above those
paid in California, the Seattle Times said Friday.

AVISTA UTILITIES APPLIES FOR 'NEGAWATT' PROGRAM

Avista Utilities, a unit of Avista Corp., asked the Washington and Idaho
utility commissions Friday for approval of a program under which the utility
would pay customers to reduce electricity use, Avista said.

NYISO APPROVES 60-MEGAWATT INCREASE TO UPSTATE POWER LINE

The operator of New York's bulk electric grid said Friday it will allow the
flow of power through an upstate transmission line to increase by about 60
megawatts.

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SoCal Ed Bridge Funding Stalled; Edison In Active Talks

Avista Utilities Applies For 'Negawatt' Program

Illinois Environment Rules May Block Proposed Power Plant

MUNI WATCH: Zap! Light Still Dim On Calif Power Bonds

NYISO Approves 60-Megawatt Increase To Upstate Power Line

Utilities Seek Glory, Often Find Infamy, In New Names

New Efficiency Rules For Appliances Approved In US

US Norton Defends Expanded Endangered Species Power Bid

Flooding, Storms, High Winds Plague US Midwest, West

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Reliant Energy Committed to Cooperating with Attorney General Investigation;
Reliant Seeks to Clarify Ability to Disclose

Cal State L.A. Student Takes Part in Youth Empowerment Summit, Addresses
United Nations on Alternative Energy

Delivering Clean Air with Nation's MailU.S. Postal Service Receives Largest
Electric Vehicle Fleet from Ford

Advisory/Earth Week Activity; California Fuel Cell Partnership Takes Road
Show to Los Angeles - Will Demonstrate Fuel Cell Vehicles

United States: Key Panel Urges Adoption of Broad Energy Policy

-Georgia Power Requests 2 Percent Rate Increase for Residential Customers

-Indiana Senate Rejects Tougher Rules for Merchant Power Plants

-Former Economics Professor Still Learning As Energy Executive in Oklahoma

-Florida Electric Utility's Parent Closes Residential Power-Load Program

-Atlanta-Based Power Producer Sets Aside Funds for Losses in California Market

Avista Proposes Electric Energy Buy-Back for All Customersthe More Energy
Customers Conserve, The More Credit They Could Earn

Pennsylvania Gov. Ridge Administration to Demonstrate New Technology of
Electric Generation from Vehicles

Self-Generation My Be Option for Datacenters

Report: Pacific NW Power Prices Top Calif.

The Other Shortage: Water Woes Overshadowed by Power Crisis

Utility: Rate Boost Likely -- Roseville Electric Blames PG&E's Bankruptcy
Filing for the Probable Rise.

MP Joins Energy Saving Campaign

Power Debate Split

New York: US Must Embrace Energy Efficiency-Report

10ksb: Ohio & Southwestern Energy CO

Florida Power Cuts Off Load Program

Electric Cooperatives Eye Wind Power

State Argues Against Power Rate Caps Let Free Market Decide, Officials Say

Newhall District Quits Energy Shut-Off Deal

GA. Power Rate Plan on Agenda PSC Looking at Public Hearings May 17, Final
Decision May 24 for Proposed Increase.

Train Lawmakers' Lights on State's Power Needs

Kyoto Treaty Not Focal Point of Farsighted Energy Plan

United States: Key Panel Urges Adoption of Comprehensive Energy Policy

?INTERNATIONAL - Access stories online at:
http://www.powermarketers.com/pma-intr.htm

Four Investors Confirm Their Participation in Tender for Ukrainian Regional
Energy Companies

Construction of Tianwan Nuclear Power Plant's Main Body Starts On April 12

Power Unit #3 of Rivne Npp Connected To Energy Grid

-German Utility May Acquire Lexington, Ky., Electric Company

Mozambique: Plans to Tap Natural Gas Deposits in Sofala Bay Called Off

Energy Charter Head Urges Russia to Ratify Treaty

Power Unit #2 of Rivne Npp Connected To Energy Grid

EIB and Arab funds grant Egypt 200 million dollars for new power plant

Brazil's biggest power company goes private

The Investment Column: International Energy

French Utilities Snet and Edf Place Final Bids for EC Tychy Heat and Power
Plant

?KRT - Access stories online at: http://www.powermarketers.com/pma-krt.htm

-Florida Utility Customers Continue to Use Electricity-Guzzling Appliances

-Georgia Power Requests 2 Percent Rate Increase for Residential Customers

-Georgia Commission to Decide on Electric Utility's Request for Higher Rates

-Indiana Senate Rejects Tougher Rules for Merchant Power Plants

-German Utility May Acquire Lexington, Ky., Electric Company

-Former Economics Professor Still Learning As Energy Executive in Oklahoma

Panel to Rehear Oklahoma Natural Gas' Audit Issues

-Florida Electric Utility's Parent Closes Residential Power-Load Program

-Atlanta-Based Power Producer Sets Aside Funds for Losses in California Market

Kansas Senator Expects Energy Policy to Benefit State's Farms, Businesses

Oxnard, Calif.-Based Power Supply Company to Lay Off 400 Workers

Oklahoma Natural Gas Fights Price Inquiry by Regulators

Tennessee Valley Authority to Generate More Power at Existing Nuclear Plants

Utility Says It Spent Millions with Minority-, Women-Owned Firms in Chicago

Spring Brings Utilities Right to Disconnect Minnesota Customers

Power Price-Cap Plan Gains Support from Energy Regulators

Markets Indicate Higher Prices for Summer Power; California's Costs Mounting

California Governor Signs Plan Offering Incentives for Energy Conservation

Washington Commission Balks at Utility's Electric Rate Change Proposal

Political Shots Traded During Congressional Inquiry to California Power Crisis

California Legislators Renew Plea for Power Price Caps

The Orlando Sentinel, Fla., Home Energy Column

Rate Relief May Affect Ohio-Based Firm's Plans to Buy New Jersey Utility

California Utility's Bankruptcy Could Mean $2 Million Loss for Arizona Town

Power Sales to California Help Boost Revenues at Phoenix-Based Pinnacle West

Wisconsin Public Service Asks to Increase Electric Power Rates 16 Percent

California Lawmakers Hope to Improve State's Energy Efficiency

Pompano Beach, Fla., Panel Delays Decision on Enron's Plan for Power Plant

Enron Corp. Makes Pitch to Build Power Plant in Pompano Beach, Fla.

Nevada Officials Say Rate Caps May Have Unintended Results

Deadline Set for Deciding Energy Issue in Las Vegas, Area

Issue Splits Authority, Nevada Power CO.

Utility Owes $570 Million to Houston-Based Company

New Jersey's Board of Public Utilities Considers Adding Two Members

Great Britain Turns to Wind Energy to Supply Future Power Needs

New Jersey-Based Utility's Finances May Doom Merger with Ohio Energy Firm

Electricity Companies Firstenergy, GPU May Call Off Merger

Creditors Line Up for Bankrupt California Utility

Alternative Energy Suppliers Pull Out of Contracts with California Utilities

Ohio Consumers See Higher Bills As Electric Marketers Fight for Cut-Rate Power

?REUTERS - Access stories online at:
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No Stories Available from Friday, April 13

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Lynda Clemmons, Element Re
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Robert Jacobs, Derigen Consulting
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Bill Townsend, Friedwire
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please get a copy and forward to paul kaufman's team.
----- Forwarded by Steven J Kean/NA/Enron on 12/04/2000 08:02 AM -----

	James A Hughes@ENRON_DEVELOPMENT
	11/30/2000 06:52 PM

		 To: Steven J Kean/NA/Enron@Enron, Jeff Skilling@ENRON, Kenneth Lay@ENRON
		 cc:
		 Subject: California Power Prices

Ken/Jeff/Steve:

I thought I would let you know that tonight on the Jim Lehrer Newshour on PBS
they had a lengthy segment on California power prices.  While I took issue
with some elements of the story, on balance it was one of the more calm and
rational stories on the issue I have seen.  It might be worth obtaining a
transcript to review.

Jim Hughes


We have received an executed Amendment Agreement dated October 9, 2001 to the ISDA Master Agreement between Enron North America Corp. ("ENA") and Royal Bank of Canada ("RBC") dated as of February 15, 1995.  This Amendment revises (1) certain definitions in the Credit Support Annex and (2) the notification information for ENA and RBC.

Copies will be distributed

Samantha M. Boyd
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803
Houston, Texas 77002
Ph:  (713) 853-9188
Fax:  (713) 646-3490


G$-

Hey, the movers look like they are going to be coming between the 15th and
18th of November.  As soon as I get a firm date, I'll let you know.  I am
going to try to be down there for the move as well.  I really don't want to
inconvenience you more than I already have.

Oh, by the way, I am single again.  That's right, Jennie I broke up on
Sunday.  Oh, the poor women of CO, they will never see me coming . . .
literally (unfortunately).

Bruce-out
----- Forwarded by Bruce Rudy/NA/Enron on 11/01/2000 09:24 AM -----

	Chris.Jantz@enron.com
	11/01/2000 09:07 AM

		 To: Bruce.Rudy@enron.com
		 cc:
		 Subject: Re: Move Date

Hey Bruce,

I have not received final word from the movers yet.  But they have told me
it will be between the 15th and 18th.  They have committed to delivering
our stuff on the 20th or the 21st.  Hope this helps.

Chris

Bruce Rudy@ENRON
10/31/2000 05:37 PM

Sent by:  Bruce Rudy@ENRON

To:   Chris Jantz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject:  Move Date

Chris,

Hey, I just wanted to see if you had arrived at a firm date for when the
movers were going to come to do the pack and move.

Thanks,

Bruce


Tana

I have it thanks

Greg

  -----Original Message-----
  From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
  Sent: Thursday, October 12, 2000 9:56 AM
  To: MALCOLM Greg -CONTROLLER
  Subject: RE: Draft ISDA-Ontario Power Generation,
Inc.

   << File: 795ctr (ontario power).doc >>

                      MALCOLM Greg -CONTROLLER

                      <greg.malcolm@ontariopowergener      To:
"'Tana.Jones@enron.com'" <Tana.Jones@enron.com>
                      ation.com>                           cc:

Subject:      RE: Draft ISDA-Ontario Power Generation, Inc.
                      10/12/2000 08:19 AM

                      Let me know if you still don't

                      get the attachment.

                      (See attached file: 795ctr

                      (ontario power).doc)

  Tanya

  I will call.  Didn't receive attachments though

  Greg

            -----Original Message-----
            From:     Tana.Jones@enron.com
[mailto:Tana.Jones@enron.com]
            Sent:     Wednesday, October 11, 2000 5:03 PM
            To:  MALCOLM Greg -CONTROLLER
            Cc:  Edward.Sacks@enron.com;
Robert.Bruce@enron.com;
  Tom.May@enron.com
            Subject:  Draft ISDA-Ontario Power Generation,
Inc.

            Dear Greg,

            As we discussed, I am attaching our proposed form
of ISDA
  Schedule and
            Credit Support Annex for your review.  If you have
any
  comments or
            questions, please do not hesitate to call me at
  713/853-3399.  We look
            forward to hearing from you.

            cc:       Tom May
                 Ed Sacks, Credit
                 Bob Bruce, Senior Counsel


<<CALPINE DAILY GAS NOMINATION 1.doc>>
RICKY A. ARCHER
Fuel Supply
700 Louisiana, Suite 2700
Houston, Texas 77002
713-830-8659 direct
713-830-8722 fax

 - CALPINE DAILY GAS NOMINATION 1.doc


I will forward this to HR.  By the way, no one gets an MBA to be an energy broker.  Tell him to focus on trading.  I might be too busy to meet with him next week.  Have him go by and spend the day with Knauth.

Grigsby

-----Original Message-----
From: Hutcheson, Curtis [mailto:Curtis.Hutcheson@COMPAQ.com]
Sent: Wednesday, October 17, 2001 8:04 AM
To: Grigsby, Mike; Joe Knauth (E-mail)
Cc: mcook1@tulane.edu
Subject: FW: MBA Resume

Mike and Joe,

Is Enron or Reliant looking for any traders?  Mike Cook used to be a
semi-pro hockey player.  I am sure he can handle his own on the trading
floor (ie - kick your ass).

He is going to be in town next week.  Are either of you up to letting
him come by and introduce himself?

Thanks,
Curtis

-----Original Message-----
From: mcook1@tulane.edu [mailto:mcook1@tulane.edu]
Sent: Tuesday, October 16, 2001 3:02 PM
To: Hutcheson, Curtis
Subject: Houston

Dear Curtis,

Your father, who is a friend of my father John from Princeton, was kind
enough
to give me your email address.  I am in my second year of business
school at
the A.B. Freeman School at Tulane in New Orleans and I graduate in May.
My
concentration is in finance and my goal is to obtain a position in the
Energy
industry, either as a trader or broker.

As you must know, this is perhaps the worst time in recent history to be

looking for a job.  Your father gave me your name as a long shot.  He
figured
that since you live in Houston, you may know someone who might be able
to help
me out.  I greatly appreciate any thoughts, advice or insights you may
be able
to give me on the job market and any opportunities in Houston.

I have attached my resume in case you do know someone who is looking to
hire.
If you have any questions for me, my phone number is (504) 289-9783.  I
will be
in Houston next Thursday through Sunday for a Alumni networking event
for our
school.  I would like to meet you in person and talk about Houston over
a
beer.  Thank you for your time and I look forward to talking to you.

Sincerely,

Mike Cook


Please notice the updated format.  Simply click on the titles for detailed
information.

Join us from 11:30 AM - 1:00 PM in Antioch Park to bring in the New Year
again!   Don't miss the special appearance by Father Time himself.
Information
for all of your New Year's Resolutions will be available for the body, mind
and soul.  Find out details about regular favorites like smoking cessation
programs, healthy diets, foreign languages, leisure learning and even
vacation planning.  Lunch is only $5 from Ziggy's Healthy Grill and will
include Grilled Chicken
Breast w/ Ziggy's Smoked Sauce, Garlic Mashed Potatoes, Mixed Steamed
Veggies, Spicy Corn Muffins, and Ziggy's Fudge Brownies.

Hope to see you there!

Don't miss your chance to be part of The Human Race 5K walk/run (Feb 4th) or
to volunteer for the event.  On Wednesday, January 24th and 31st in the Enron
Building Lobby  there will be a table set up with registration forms for the
race and a list of exciting volunteer opportunities (also see volunteer
section below) to participate in.  If you have any questions about the race
or about volunteering, please contact Jessica Nunez at ext. 31918.

The Human Race, presented by Enron, and also sponsored by The Linda and Ken
Lay Family, benefits Holocaust Museum Houston and nine other local non-profit
agencies.  Check out www.hmh.org for more information.

Remember how much fun (and easy!) it was to ride a bike as a kid?  Have you
ever considered joining Team Enron to ride your bicycle from Houston to
Austin in support of the National Multiple Sclerosis Society?

If the answer is "yes" to either of these questions, don't delay!  Make plans
to attend the "Never Ever" Workshop, hosted by the Enron Cycling Club, from
9:00 am to 10:00 am on Tuesday, January 23rd, in EB5C2.  Take advantage of
the opportunity to ask general and detailed questions about training rides,
cycling equipment, signing-up, pledging and the entire experience.

Saying to yourself "I can't ride my bike five miles much less 150..." then
seriously reconsider!  You only need to ride 300 miles total before the MS150
to get used to being on your bike.  Can't ride during the week?  No problem!
This training goal can be accomplish by simply training on Saturday mornings
during the 15 weekends between now and then.   Come to the workshop and learn
more!

Now... close your eyes... think about enjoying the view over your handlebars
of the early sun creeping higher in the horizon... the sound of your wheels
spinning easily beneath you....  breathing in the fresh air and making a
change...  a change for yourself and an opportunity to impact someone with
MS.  Here's the perfect chance to make new friends and start something new.

Last year, Team Enron raised over $500,000 and was the #1 fund-raiser in the
entire country - learn how to be part of this fabulous team and take
advantage of Enron's Matching Gifts Program!  For more information, contact
Charla Reese (x35202) or Kelly Strader (x30500).  Click here to visit the
Cycling Club's website at http://home.enron.com:84/ecc/index.htm.

Join the Enron Running Club at the American General Fine Arts 5K benefiting
The Museum of Fine Arts, Houston scheduled for Saturday, January
27th.  If you are interested in running, please contact Cindy Richardson at
713-853-4770.  If you would like to volunteer, please contact Kelly Lombardi
at
713-345-8491.  For more information run to:
http://home.enron.com:84/erc/index.html

Corporate Corps is a one-season, non renewable membership - a great
introduction to Ballet!

Members of Corporate Corps can enjoy all of Houston Ballet's magnificent
productions (excluding The Nutcracker) for a fraction of the customary price.
Members also receive a one-year subscription to Houston Ballet's quarterly
newsletter, a personal membership card, and a pocket calendar detailing the
Houston Ballet season.

Membership's can be purchased for only $25 each by calling William Tayar at
(713) 535-3235.

What:              Classical Encounters for Singles presents "Meet, Mingle,
Match and Music" & Pre-Concert Party
Hosted by:  Houston Symphony, Sambuca Jazz Cafe, citysearch.com and match.com
When:             Saturday, February 10, 2001
 Time:      6PM-7:30 PM
 Where:               Sambuca Jazz Cafe, 909 Texas Avenue, Downtown
 Followed by:      8 PM Houston Symphony performance at Jones Hall, 615
Louisiana

 Join us for Meet, Mingle, Match and Music, a Houston Symphony concert and
mixer for Houston area singles. The pre-concert party is at Sambuca Jazz
Cafe  followed by a Houston Symphony concert at Jones Hall.

 Yakov Kreizberg returns to Houston with a program of Russian masters.
Rachmaninoff's beloved Rhapsody is performed by pianist Jeffrey Kahane and
Shostakovich's breathtaking Symphony No. 11, The Year 1905 will sweep you off
your  feet.

 Tickets are $35 and include:  reserved concert seating, the pre-concert
party at Sambuca which features complimentary hors d'oeuvres,
 live jazz by  the  Blue Monks, door prizes and a cash bar.

 Pre-paid reservation are required, space is limited, singles only, please
call 713.238.1477 or   make your reservation on-line at
www.houstonsymphony.org
 Classical Encounters for Singles series is a party/concert package available
to Houston area singles. The party/concert package includes a pre-concert
party
 in the balcony lobby, complete with hors d'oeuvres, live Jazz by the Blue
Monks and a cash bar. Guest Speakers, wine tasting demonstrations, dessert
cooking   demonstrations and more are all part of this exciting singles
package. After the party subscribers to Classical Encounters for Singles
enjoy reserved concert seating  for a Houston Symphony concert.

For tickets contact any of the following Carnival Ticket Committee Members
through Friday, February 9th.:

? Debbie Yates  EB 1354 (713)853-5305
? Lisa Schandua  EB 4024B (713)853-0563
? Sarah Brown   EB 2412B (713)853-3417
? Margaret Doucette EB 3851A (713)345-7892
? Tara Rafter  EB 1762 (713)345-8362

$10 BOOK ) (A $20 Value)

? 24 Carnival Ride Tickets
? Two 2-for-1 Food Coupons
 (Food coupons include small drink and popcorn.)

$50 BOOK ) (A $110 Value)

? 125 Carnival Ride Tickets
? One Free Ride on the Hurricane (Family Ride)
? Twelve 2-for-1 Food Coupons
(Food coupons include any size drink, cotton candy, popcorn, french fries,
ice cream.)

LIVESTOCK SHOW TICKETS - The livestock show ticket will allow you to visit
the livestock and horse shows, carnival and all other exhibits*everything
except the rodeo.

? Age 13 & over   $6.00  Each
? Age 6 - 12  $3.00  Each
? Age 0 - 5 Free

? Carnival coupons are good during the HLSR BBQ Cookoff February 8-10 and
during the HLSR February 13 - March 4.
? A rodeo ticket (good date of ticket only) or livestock show ticket is
required for admission to the carnival.
? BUY YOUR TICKETS IN ADVANCE TO AVOID LINES AT THE LIVESTOCK SHOW AND
CARNIVAL!!!!
? No Parking on the Rodeo Grounds*Ride METRO for Free.  Click here for more
rodeo parking information.

You are not just buying a pig; you are buying a brighter future for the youth
of Texas.  When you purchase a pig from the Houston Livestock Show and Rodeo
(HLS&R), Junior Swine Auction Committee, all proceeds will go into the HLS&R
Scholarship Fund benefiting Texas youth.  Pigs are $600 each and are
approximately 225 lb. gross weight.  The pigs can either be donated to The
Houston Food Bank or delivered to a processor for your personal use.   To
participate please contact Jessie Jewell at 5-4983.  Because this is a
tax-deductible contribution, Enron will match your donation dollar for
dollar.  Click here to print out the Matching Gift form.

Individuals donating $600 or more are eligible for an invitation for two to
the Whole Hog Cookers BBQ Tent at the Championship BBQ Cook-off held February
9 and 10.  Individuals donating $600 or more can also receive an invitation
for two to the Swine Auction Breakfast and Swine Auction on February 28.
Cash contributions of any amount are gladly accepted.

When you purchase pens of chickens from the Houston Livestock Show and Rodeo
(HLS&R) all proceeds will go into the HLS&R General Scholarship Fund
benefiting Texas youth.  Pens are $50 each and contain six broiler chickens,
commercially packaged and frozen. The chickens can either be donated to The
Houston Food Bank or picked up at a later date for your own use. To
participate please contact Tom Murphy at 3-9514 or Ruby Kinsfather at 3-3869.
 Because this is a tax deductible contribution, Enron will match your
donation dollar for dollar.  Click here to print out the Matching Gift form.

Volunteer opportunities include:
Packet Stuffing
      Holocaust Museum Houston - 5401 Caroline Street
Jan. 27
2 PM - 5 PM

Pre-Race Registration
Holocaust Museum Houston - - 5401 Caroline Street
Feb. 1 - 3
9 AM - 1 PM, 1 PM - 5 PM or 5 PM - 7 PM

Data Entry
Holocaust Museum Houston - 5401 Caroline Street
Jan. 22 through Feb. 6
9 AM - 1 PM and 1 PM - 5 PM weekdays or Noon - 5 PM weekends

Race Day Registration & Check In
Park Shops Mall - 1200 McKinney
Feb. 4
11 AM - 5 PM

Race Course Timers & Water Stops
Park Shops Mall - 1200 McKinney
Feb. 4
Noon - 5 PM

Finish Line Festival
Park Shops Mall - 1200 McKinney
Feb. 4
1 PM - 5 PM

If you want to volunteer or need additional information please contact
Jessica Nunez ASAP via email with your selected duty and time.  Thank you for
supporting this event with your volunteer efforts!

Flu Shots are still available at the Enron Health Center Monday - Friday from
8:00 AM - 3:30 PM  Flu season lasts through March, so it's not too late for
immunization.  For those employee groups who find it difficult to be away
from their desks, arrangements can be made for the Health Center nurse to come
 to your floor to administer the flu shots. Contact the Health Center at ext.
3-6100 for more information.

Thursday, January 25, 9 AM- 2 PM EB-48C2.  Cost: Employees:  $5 ; Contractors
$10.  Checks only please.  Call the Health Center, ext. 3-6100 to schedule an
appointment.  Bring old eyeglasses for a donation to the Lion's Club Eye Bank.

Make plans to attend the KidVenture Summer Camp Open House from 11 a.m. - 2
p.m. February 6-7 in the Enron Plaza (near the HR Kiosk).   A maximum of 100
slots are available for the summer camp.  KidVenture representatives will be
on hand to answer your questions.

For an update on Enron's on-site childcare center, please see the attached
memo from the Office of the Chairman.

 Office of the Chairman
From: Ken Lay and Jeff Skilling on 01/12/2001 10:43 AM
Sent by: Office of the Chairman
To: All Enron Houston
cc:
Subject: Enron Onsite ChildCare Center Update

We are proud to announce that Enron will partner with Knowledge Beginnings,
one of the leaders in the childcare industry, to provide high quality,
conveniently located, customer service-oriented childcare for Enron employees
in Houston.  Knowledge Beginnings is a part of the Knowledge Universe
Company, a family of companies focused on lifelong learning.

Our childcare center will be located on Louisiana Street across from our
corporate headquarters.  The anticipated opening date is the fall of 2001.
Any full-time or part-time Enron employee who will have a child/children
between the ages of six weeks and four years by the opening date of the
center will be eligible to utilize the center.

Please review the attachment to learn more about Enron,s onsite childcare
center.  We are in the process of building a web page dedicated to this
important project and hope that it will provide you with frequent updates and
answers to any future questions you may have.  Watch your email for our
launch date!  We are excited about this new venture and look forward to the
center,s opening.

Have News to Share?
To post news or events in Enron In Action, please e-mail your information to
Greg Grissom (ext. 58741)
no later than 12:00 noon the Thursday prior to the next Monday,s mailing.


Voting is a key tool in our governmental process, and allows every American to make their voice heard.  We encourage you to exercise your right to vote tomorrow, November 6.


Here it is:


A couple weeks ago I received a call from Karla Hesketh of ABB- she was
checking on the status of ABB Invoice #  TS 00365 in the amount of $105,104.

The invoice was for heavy hauling of 2 Transformers for the City of Austin
Tranformerss.

The invoice was sent to   Enron, city of Austin,  14000 Smith Street   #2957E.

I had left a voice mail for you on this- but less descriptive.

I have a fax copy of the invoice that Karla sent to me today.

Who is the action person on this?


---------------------- Forwarded by Chris Germany/HOU/ECT on 04/05/2000 06:47
AM ---------------------------

jporte1@columbiaenergygroup.com on 04/05/2000 06:31:50 AM
To: " - *Chris.Germany@enron.com" <Chris.Germany@enron.com>
cc:
Subject: Re: TCO Capacity to COH

great thanks

Chris.Germany@enron.com on 04/04/2000 04:43:04 PM
Please respond to Chris.Germany@enron.com

To: Jeffrey Porter/CES/ColumbiaGas@COLUMBIAGAS
cc:
Subject: Re: TCO Capacity to COH

Secondary non-recallable, you can use $.14 year round

OR

$.05 for Apr-Oct which is probably a little high and $.15 for the winter.

The non-recallable factor is the hard thing to figure in.

jporte1@columbiaenergygroup.com on 04/04/2000 02:41:03 PM

To:   " - *Chris.Germany@enron.com" <Chris.Germany@enron.com>
cc:   " - *Perrone, Brian" <bperron@columbiaenergygroup.com>
Subject:  TCO Capacity to COH

Can you help me with capacity prices on TCO to put in our pricing models?
I
need Apr-Oct '00 and Nov-Mar for deliveries to COH. assume 10,000/d of
secondary for summer and 20,000/d for winter. Please call if you have
questions.


Thanks for your help.  I will be in touch tomorrow on details.  Hopefully
Lexi will have resumes for you.  If not, let me know, and some of us who
interviewed on campus may have them still.  --sally

----Original Message-----
   >From:      Ashley Baxter/Corp/Enron
   >To:          Sally Beck/HOU/ECT@ECT
   >Cc:          Beth Perlman/HOU/ECT@ECT
   >Bcc:
   >Subject:      OU Candidates
   >Date:     Wednesday, November 08, 2000 1:11 PM
   >
   >Sally,
   >
   >I just left a message with Chris Hanz and Steve Stock who are both Sr.
   >Directors under Beth Perlman.  Given the office visit schedules - Chris
   >and Steve will likely only be available at the following times:
   >
   >Chris to meet with Chris Hoyle  After 10:30 a.m.
   >Steve to meet with John Rodgers From 1:00 p.m. - 1:30 p.m.
   >
   >
   >I will let you know as soon as I hear from them and confirm.
   >
   >Thanks,
   >Ashley
   >33589


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/29/2000
04:58 PM ---------------------------
From: Karla Feldman on 09/27/2000 04:24 PM
To: GemanIX@aol.com@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT
Subject: Re : Re: Software license

Ms. Geman,

I apologize for the delay, but I finally have drafted an Escrow Agreement for
placing the software in escrow with your attorneys.  Please review and have
your attorneys review and let me know if it is acceptable.

I will be leaving the department I have been working in and moving to a
different Enron subsidiary on October 13.  If at all possible, could we try
to get the Software License Agreement and the Escrow Agreement wrapped up
before I leave so that someone else does not have to try to pick up where I
left off?

I think we are just about in agreement on the Software License portion.
Seems like the only outstanding question had to do with your concern
regarding providing a response time of 2 business days.  I do not have any
answers regarding that - maybe Vince Kaminski or Stinson Gibner can respond
on this issue.

I look forward to hearing from you and trying to get this finalized within
the next 2 weeks if possible.

Thank you,

Karla Feldman
Enron Corp.
(713) 646-7554


Tally shows S.F. poised to operate its own water, power agency
Mercury News
November 8, 2001

PG&E to attack public power in court
Utility prepares all-out offensive if final vote backs S.F. initiative
SF Gate News
November 8, 2001

US Power, Gas Companies Restrict Dealings With Enron
Dow Jones Interactive
November 8, 2001

Study details problems with utility deregulation
Dow Jones Interactive
November 7, 2001

Tally shows S.F. poised to operate its own water, power agency

With spring's blackouts and rate increases beginning to fade from memory, San Francisco was on the verge of becoming a public power city Wednesday amid promises of lower prices, stable supplies and an end to PG&E's monopoly.

San Francisco is set to join Los Angeles, Sacramento, Palo Alto and other California cities with publicly owned utilities and hopes to offer comparably low electricity rates once its new municipal water and power agency is in place.

But if anything is certain the day after the election, it is that nothing is certain about the future of public power in San Francisco. With 19,000 ballots uncounted, Measure F led by about 2,000 votes.

Then there are enormous political and legal hurdles to creating a public utility. Among the most daunting:

 Coping with likely legal opposition from Pacific Gas & Electric, which has vowed to fight any takeover of its assets.

 Electing a board of directors from seven San Francisco districts and agreeing on how to proceed.

 Patching together a power supply from the city's Hetch Hetchy system, new solar energy sources and electricity purchases on the open market.

The complex electricity market, the uncertainty of San Francisco's budding solar initiatives and the potential legal delays mean the city's ratepayers will not see any changes soon, said Severin Borenstein, director of the University of California's Energy Institute.

``There's a chance that, despite the vote, San Francisco won't wind up with a municipal utility,'' he said. ``I think this is a shot across the bow, but it's going to unfold over the course of years, not weeks or months. If people think suddenly we're going to see a huge change in the industry, I think they're misreading.''

PG&E officials on Wednesday refused to speculate about the future of the bankrupt utility's operations in San Francisco. But the company pointed out that a second ballot initiative -- Measure I -- to create a municipal utility district for San Francisco and neighboring Brisbane had apparently failed, and that Measure F's lead was still razor-thin.

With the apparent failure of the municipal utility district, a very close vote on Proposition F, and a very low voter turnout, ``there is no strong sentiment in favor of municipalization in San Francisco,'' said an official statement.

Public power advocates painted a more optimistic picture, saying the obstacles to getting a city power agency running were not insurmountable, and that the failure of the more legally troubled Measure I means municipal power will flow sooner than if both measures had passed.

``We lost a big battle, but we won the war for public power,'' said Ross Mirkarimi, director of the Yes on I and F campaign. ``San Francisco can begin its conversion to a water and power authority.''

The mechanics of establishing the new agency are sketched out in the ballot language.

Later this month, the San Francisco Board of Supervisors will carve out seven electoral districts, and candidates for the board of directors will be required to declare for office in December.

The election is scheduled for the first week in March and, if necessary, a runoff will be held in April. The new board will be seated in May, and its first action is expected to be commissioning a study showing how best to bring public power to San Francisco.

There are a number of possibilities, said Ed Smeloff, assistant general manager for power policy at the San Francisco Public Utilities Commission. The city's PUC, which operates the Hetch Hetchy Water and Power System, would be absorbed by the new power agency.

Options include building the city's own electricity delivery system; leasing PG&E's lines to deliver power to the city; or buying PG&E's power plants and distribution system outright, at a cost PG&E estimates at $800 million to $1 billion.

The city-run utility would be able to take advantage of tax breaks and low-interest loans to acquire the system, and repay the debt much like a mortgage. The agency would be authorized to purchase PG&E's assets through eminent domain.

``You have to look at the data to decide if you can lower rates by buying out the PG&E system,'' Smeloff said. ``That's the purpose of the study. It's possible it could be less costly to use PG&E's lines and pay them for the delivery of power.''

Even Measure F's most active supporters on Wednesday were beginning to talk about a municipal utility that stops short of a full takeover of the PG&E system.

``In this economic climate you might be able to buy power more cheaply without taking over the infrastructure of PG&E,'' Mirkarimi said. ``With an energy glut coming on the market, they may be able to obtain power other ways. The point is, we have options.''

PG&E to attack public power in court
Utility prepares all-out offensive if final vote backs S.F. initiative

Pacific Gas and Electric Co., faced with the prospect of losing its right to sell power in its hometown after Tuesday's vote, is preparing an all- out legal battle to block seizure of the utility's power lines, senior executives said yesterday.

Officially, PG&E's message following Tuesday's vote is that support for public power is only marginal at best. "There is no strong sentiment in favor of municipalization in San Francisco," the utility said in a brief statement.

Privately, PG&E executives said the utility would do anything it takes to stop public power from becoming a reality in San Francisco.

A final ballot count will not be available until today at the earliest. But it appeared yesterday that Proposition F was headed toward victory. The measure would allow an elected board to declare eminent domain and purchase PG&E's San Francisco power lines.

The fate of a related public-power measure, Proposition I, remained uncertain.

PG&E executives said utility officials from throughout the Bay Area had been summoned to the company's San Francisco headquarters yesterday for a high- level war council on the election outcome.

Although a long-term strategy for fighting the public-power initiative remained elusive, the meeting's participants agreed that PG&E's attorneys must go on the attack, the executives said, requesting anonymity.

The company reportedly spent more than $1 million in an attempt to defeat the measures, and if either passes, the utility is ready to shell out millions more to tie things up in court.

"If you look at past history, we've always been aggressive about protecting our property," one executive said.

"Bring it on," countered Ross Mirkarimi, campaign manager for the public- power measures.

"The absolute arrogance of a bankrupt corporation threatening to dismiss the intent of voters will be met in court and successfully beaten back," he said.

Any legal defense of propositions F and I would be made by the city attorney's office. A spokesperson for outgoing City Attorney Louise Renne declined to comment on the matter yesterday.

But a well-placed source in Renne's office scoffed at the suggestion that PG&E, even with its deep pockets, would be able to bully San Francisco in court.

"This is a 200-lawyer office, which is larger than most law firms in the city," the source said. "If PG&E chooses to, they can try and paper us to death. But that will not affect the outcome."

The source said it appeared most likely that PG&E would attempt to challenge the public-power initiatives on constitutional grounds in federal court. Such a challenge could last at least two years, the source said.

"PG&E will not handle this with in-house lawyers," the source at the city attorney's office added. "They'll hire an outside firm and pay up to $400 an hour for legal help. Meanwhile, the city will use salaried deputy city attorneys. This will be much cheaper for us."

PG&E, which filed for bankruptcy protection in April after running up more than $9 billion in debt under a rate freeze, stressed in its statement late yesterday that numerous hurdles still must be be overcome before a public utility could be created in San Francisco.

"It is important to recognize that there are still many other steps the city government and San Francisco voters must approve before any municipalization outcome could occur," the company said. "An agency has to be formed, commissioners elected and a feasibility study conducted to determine if the city can run the system and justify a takeover."

John Nelson, a spokesman for the utility, declined to comment further.

PG&E has been fighting off public-power initiatives in San Francisco since the 1960s. One utility official said that unlike similar battles elsewhere, there was a "pride factor" involved for what is seen as the company's home turf.

"This is where our headquarters is, and our employees take a lot of pride in what they do," the official said.

In fact, no major California city has succeeded in establishing a public utility for nearly 50 years, since Sacramento took charge of its local power system.

Only about a quarter of all Californians receive electricity from a public entity. And if PG&E has its way, that number will not grow.

The utility amassed a war chest of $120,000 last year to crush a grassroots effort seeking a public utility in Davis. PG&E hired a small army of lobbyists and consultants, and ultimately prevailed by killing off the ballot measure.

"This kind of thing comes up every couple of years somewhere in our service area," a utility executive said. "In all cases, we've fought fairly aggressively."

US Power, Gas Companies Restrict Dealings With Enron

NEW YORK -(Dow Jones)- Trading companies in Enron Corp.'s (ENE) key North American power and gas markets are restricting their dealings with the ailing Houston-based giant, people at those companies said Wednesday.

Concerns have mounted because Enron, which accounts for about a quarter of the trade in the country's power and gas markets and which makes a market for those commodities on its Internet-based system EnronOnline, has seen its share price fall by about 75% and its credit ratings downgraded since mid-October due to uncertainties about its extremely complex financial structure.

"We've restricted our business with them," said Mike Smith, chief financial officer for Mirant Corp. (MIR) unit Mirant Americas Group, a Top 10 trader of power and gas in the U.S.

Smith wouldn't be more specific, but his comments echoed those of others in the business.

"Our exposure to Enron is insignificant compared with the previous exposure," said Al Butkus, spokesman for Aquila Inc. (ILA), a Top 5 U.S. power and gas trader.

Tractebel Energy Marketing, the North American subsidiary of the Belgian company Tractebel S.A., has limited the term of transactions with Enron to three years or less, a person at the company said. And a power broker said some medium sized western utilities have stopped trading with Enron even for near-term delivery.

Enron didn't return calls seeking comment.

The Wall Street Journal reported Wednesday that Enron was in talks for a capital infusion and possible acquisition by competitor Dynegy Inc. (DYN). Also, Enron said Thursday it was restating its financial statements from 1997 through the second quarter of 2001, saying its financial and audit reports are unreliable for all those periods. The company fired its treasurer and general counsel.

     Key Markets

Enron's ability to transact in its core markets - North American wholesale gas and power - is essential if the company maintain the earnings and cash flow needed to emerge from its current credit crisis, Wall Street analysts and ratings agencies have said.
   Standard & Poor's and Moody's Investors Service downgraded Enron's credit
to within two steps of junk-bond status last week and have it on watch for
further downgrade.    Enron still has its supporters. Exelon Corp. (EXC) is
monitoring its own risk management, but hasn't changed its relationship with
Enron, said Chief Financial Officer Ruth Ann M. Gillis.
"We haven't changed our relationship," Gillis said.

Enron is a very important factor in the vitality of the wholesale energy markets, she said. They're still the "largest, best" of the companies out there, she said.

Likewise, a trading floor manager at one energy company said Enron called earlier in the week and asked that the company increase its trading on EnronOnline. The company's EOL volumes had fallen, but it honored Enron's request out of respect for Enron's still market-making power.

PPL Corp. (PPL) moved to mitigate its exposure to Enron following the downgrades, a person in the marketing organization at PPL EnergyPlus said.

"Enron would not be a first choice to do long-term transactions," the person said. "For shorter terms, deals, they wouldn't be considered equally with everyone else. There's just too much risk there."

Since Enron's troubles began several weeks ago, energy trading partners had stood by the company in ways that stock and bond traders hadn't. Until this week, "business as usual" was an almost constant refrain. Energy companies' immediate exposure to Enron was limited to a maximum of seven weeks of receivables, and Enron was paying its bills.

But for some of those companies, business as usual also meant not changing value-at-risk formulas, even though the formulas were generating ever lower allowable volumes of business with Enron as the company's credit quality deteriorated, one risk manager said Wednesday.

Lower value-at-risk limits got most trading companies to flatten their portfolios by taking positions to offset currently profitable long-term positions with Enron.

PPL, for example, is still following its credit policy and as a result has limited its dealings with Enron, which has seen its credit quality fall, the person at PPL EnergyPlus said.

"We've taken a look at our book," the person said. "Based on the events of this and last week, we've taken some action to mitigate the risk based on their ratings downgrade."

Trading companies constantly evaluate their counterparties' credit and adjust their dealings accordingly, but rarely have been required to address problems on the scale of Enron's recent difficulties.

"It certainly ranks just behind California ," the person at PPL said.

     Enron Claims Trading Normal

An Enron spokesman, reached later, said the company continues to see a normal range of transactions, including long-term deals.

"We've not seen closing out of positions," spokesman Eric Thode said.

Susan Abbott, a managing director in corporate finance at Moody's, said the ratings agency wasn't aware of significant changes in trading companies' dealings with Enron. The agency continues to watch for new restrictions, in particular margin calls, which could quickly strain Enron's liquidity. A drop in new business with Enron isn't as much of a concern, she said.

"If you're restricting new business with the company, what you're doing is moving the company out of the market in an orderly way," Abbott said.

PPL is shying away from doing deals with Enron and is limiting the dollar amount and terms of the deals it will do with the company, but hasn't yet imposed margin calls or required additional collateral, the person in the marketing organization said.

"Neither the credit thresholds nor our exposure threshold have been breached," the person said.

PPL said it's limiting exposure to Enron for shorter-term deals too, the person said.

"Their liquidity just isn't there anymore," the person said.

No large company can afford to pull the plug on Enron, given the company's centrality to the power and gas markets.

"Enron is such a large player and they're so important in terms of maintaining the liquidity of the markets," said Sandy Fruhman, spokeswoman for Reliant Energy Inc. (REI). "We see this as a situation that has potential downsides for the entire industry."

Enron's North American wholesale trading unit brought in $1.9 billion in income before interest and taxes in the first nine months of the year, up from $1.1 billion in the same period last year.

Reliant continues to do business, but Fruhman wouldn't say specifically whether it had restricted its dealings.

"We're monitoring the situation carefully and making sure we follow prudent business practices," she said. "But we're trying to work with them, because it's in the best interest of the entire industry to overcome their current problems."

Study details problems with utility deregulation

Whether or not Oklahoma embraces power deregulation, electricity prices probably will rise. The question is how much.

That was one conclusion in a report presented to the Oklahoma Corporation Commission Tuesday. The commission ordered the study, conducted by the Oak Ridge National Laboratory of Tennessee, to examine the state's deregulation issues.

The study raises the key question of whether price increases can be minimized with fair treatment for both consumers and power-generating companies. It also notes that the Oklahoma and regional power grids are inadequate to handle new power plants coming on line .

"It's sort of like walking a tightrope," said Stanton W. Hadley, an Oak Ridge researcher who presented the study before the commissioners. "Once you do it wrong, it's hard to go back."

The commission took no action Tuesday. Commission Chairman Denise Bode called the meeting "a brainstorming session." The commission wants to sidestep the nightmare of electricity deregulation in California . The Oklahoma Legislature postponed a decision this spring on deregulation.

The study, which is Phase II of Oak Ridge research on Oklahoma deregulation issues, lays out four possible scenarios for Oklahoma's electric future between now and 2010. The scenarios include continued utility regulation along with three types of free-market deregulation.

Under total deregulation, the study said, existing coal and hydroelectric plants would profit handsomely. Consumer prices would probably fall, at least for awhile. However, the numerous gas-fired "merchant power plants" being planned or built in Oklahoma probably would lose money. Some would fail.

Under a semi-deregulation scenario - in which power producers would be allowed to charge more to help pay for their plants - all power plants would make money, the study reports. But coal and hydroelectric plant profits would skyrocket even further, and average prices to customers could be 5 percent to 25 percent higher than under regulated rates.

For that reason, Hadley endorsed a fourth scenario in which coal and hydroelectric plants would continue under some form of regulation, allowing the different types of power plants to profit more equitably.

Under that scenario, prices of electricity generated at coal plants could be set through long-term contracts or continued regulation. They would sell at their cost plus a markup that was set by regulators.

Such an approach, he said, would likely lead to a "win-win" situation, with power plants thriving and consumers seeing only modest price increases.

The study also reported that power supply in Oklahoma will far outstrip demand during the 2001-2010 period. The state's power capacity of 13,300 megawatts will zoom to 25,700 by 2010, with at least 3,500 megawatts of reserve power.

The problem: That much power would overwhelm Oklahoma's power grid. Power lines were built to serve local customers, not to export huge quantities of electricity .

"Right now those lines can carry some of the proposed capacity, but not all," Hadley said.

Bode said the report's scenarios are based on today's power transmission capacity. The critical question, she said, is how much transmission capacity to build, and how to make it possible for new power plants to hook into that grid.

"You've got to build your infrastructure first," Bode said. "We could have a real serious mess in 2010 if we don't get more transmission built."

About 20 gas-fired power plants are either planned or are being built in gas-rich Oklahoma. Power merchants need to be able to ship electricity - a value-added product of the state's natural gas supply - out of state, Bode said.

By the same token, she said, the state needs to be able to retain enough reserve electric power to attract industry, fuel economic growth and keep power prices reasonable.

Douglas Burton of Oklahoma City-based Acarus Group, representing major Oklahoma industrial power consumers, urged Bode and Commissioner Bob Anthony to consider a regional power grid concept, sharing the cost of transmission expansion with surrounding states.

Burton called for "no transmission welfare." She insisted that if Oklahoma tried to build a regional grid by itself, it wouldn't lead to a competitive market.

Hadley advised a go-slow approach to the wealth of issues and unknowns surrounding deregulation.

"Better to take more time," he said, "and do it right."


This is the sponsor undertakings which we commonly refer to as the Central
Bank Indemnity.
---------------------- Forwarded by Rob G Gay/NA/Enron on 12/20/2000 09:51 AM
---------------------------

"RACITI, Melissa" <melissa.raciti@freshfields.com> on 11/08/2000 11:07:55 AM
To: acestero@velaw.com, "Adriana Mathias Baptista (E-mail)"
<amb@tfts.tozzini.com.br>, af@tozzini.com.br, alejandra.arze@citicorp.com,
ameyer@mmso.com.br, "Ana beatriz kesselring"
<ana.beatriz.kesselring@bakernet.com>, "Ana Silvia Dias"
<ana.silvia.dias@bakernet.com>, "Anabela de Oliveira"
<Anabela.DeOliveira@chadbourne.com>, anakarinasouza@mmso.com.br, "Analia
Miqueri (BFM&L) (E-mail)" <am@bfmyl.com.ar>, "Anamaria Rosenthal"
<anamaria.rosenthal@bakernet.com>, "Andrea Gavino (E-mail)"
<Andrea.Gavino@enron.com>, andrea.arze@citicorp.com, "Andreia Almeida"
<andreia.almeida@enron.com>, "Andrew Pierrie (E-mail)"
<ayp@dentonwildesapte.com>, "Barbara Boehm" <bboeh@opic.gov>,
barry.k.pettifor@uk.pwcglobal.com, bbilger@velaw.com, "Beatriz Mello"
<beatriz.mello@bakernet.com>, "Blanca Bollom" <blanca.bollom@enron.com>,
"Bradley Barta" <bradley.barta@stoneweb.com>, brian.gilbertson@stoneweb.com,
"BURKE, Ted (TDB)" <ted.burke@freshfields.com>, caio@mmso.com.br, "Carolina
Galvao" <carolinagalvao@tozzini.com.br>, "Chaim Wachsberger (E-mail)"
<chaim.wachsberger@chadbourne.com>, chris.m.j.dutton@si.shell.com, "Christian
Huizer (E-mail)" <Christiaan.Huizer@enron.com>, "Claudia Bonelli"
<ceb@tozzini.com.br>, claus-michael.koch@kfw.de, "Cliff Rankin"
<crankin@velaw.com>, cuiabaclosing@tozzini.com.br, dalaniz@velaw.com,
"Daniela Serpa" <daniela.serpa@citicorp.com>, "David Schumacher (E-mail)"
<david.schumacher@chadbourne.com>, "Deia Holzmann"
<deia.holzmann@citicorp.com>, "DELPINO, Fiorella"
<fiorella.delpino@freshfields.com>, "ELORZA, Juliana"
<juliana.elorza@freshfields.com>, "Fatima Carr" <fatima.a.carr@bakernet.com>,
"Fernando Aguirre (E-mail)" <faguirre@caoba.entelnet.bo>, "Fernando Rojas
(E-mail)" <fernando@rojas-lawfirm.com>, fferraz@mmso.com.br, "Frank Kluesener
(KfW) (E-mail)" <Frank.Kluesener@kfw.de>, g.g.garcia@enron.com, "gabriela
marques" <gabrielamarques@felsberg.com.br>, gordon.combs@stoneweb.com, "Gra?a
Pedretti" <gracapedretti@felsberg.com.br>, "haloliver@aol.com"
<holiver83@aol.com>, "Heloisa Andrade (E-mail)" <hsfa@tozzini.com.br>,
hercules.celescuekci@bakernet.com, hns@maples.candw.ky, "Ivan Bole (BFM&L)
(E-mail)" <ib@bfmyl.com.ar>, "Javier Errecondo (BFM&L) (E-mail)"
<je@bfmyl.com.ar>, jeff.moore@stoneweb.com, jenp@tozzini.com.br,
jlowenthal@mmso.com.br, "Joana Ryan" <joana.ryan@enron.com>, "Joao Francisco
Regos" <joaofrancisco.regos@bakernet.com>, "John Barquin"
<jbarquin@velaw.com>, "John Novak" <jnovak@enron.com>,
jorge.garoufalias@citicorp.com, "Jose Bestard" <jose.bestard@enron.com>,
"Jos, Roberto Martins" <j.roberto.martins@bakernet.com>, "Juan Carlos Moreno
(E-mail)" <jcmoreno@indacochea.com.bo>, "Karla Wurth (E-mail)"
<kwurth@indacochea.com.bo>, "Karl-Heinz Wellmann (KfW) (E-mail)"
<Karl-Heinz.Wellmann@kfw.de>, kevin.fitzpatrick@stoneweb.com, "Kruskaia
Sierra-Escalante (E-mail)" <kse@chadbourne.com>, "Laine Powell"
<Laine.A.Powell@enron.com>, loftsg@brazil.kben.com, "Louis Piscitelli"
<louis.piscitelli@citicorp.com>, "Maria del Carmen Ballivian (E-mail)"
<mariac@rojas-lawfirm.com>, "Mary Mervenne (E-mail)" <mmerv@opic.gov>,
mbeckworth@velaw.com, mike_g._Bignell@sedgwick.com, "Nancy Rivera (E-mail)"
<nrive@opic.gov>, "O'BRIEN, Lisa" <lisa.o'brien@freshfields.com>, "Pablo
Rojas (E-mail)" <pablo@rojas-lawfirm.com>, pandrade@freshfields.com, "Pedro
Seraphim" <pgs@tozzini.com.br>, qys@ceibo.entelnet.bo, "RACITI, Melissa"
<melissa.raciti@freshfields.com>, "Renata Araujo" <raraujo@velaw.com>,
"Ricardo Indacochea (E-mail)" <rindacochea@indacochea.com.bo>, "Ricardo
Nogueira" <ricardonogueira@felsberg.com.br>, "Ricardo Sanches"
<ricardosanches@felsberg.com.br>, richard.a.lammers@enron.com,
rndr@amcham.com.br, rnovais@mmso.com.br, "Rob Gay" <rob.g.gay@enron.com>,
"Robert Shapiro (E-mail)" <robert.shapiro@chadbourne.com>, "Roberto La Laina
(E-mail)" <rlalaina@tozzini.com.br>, "Rodd Werstil"
<Rodd.Werstil@chadbourne.com>, "Rodrigo Sales (E-mail)"
<Rodrigo.Sales@BakerNet.com>, russell.ridgway@stoneweb.com,
ruth.a.crawford@si.shell.com, sbaratta@sewkis.com, scraw@opic.gov, "SHAKOOR,
Fiona"
<IMCEAEX-_O=FRESHFIELDS_OU=USA-NEW+20YORK_CN=RECIPIENTS_CN=FSHAKOOR@freshfield
s.com>, starry@velaw.com, "Stefan Unna (C&P) (E-mail)"
<stefan.unna@chadbourne.com>, "Stephen Coats" <scoats@velaw.com>,
stephen.gray@enron.com, "Steve Muller" <smiller@velaw.com>,
susan.garven@stoneweb.com, susanna.stern@citicorp.com,
terri.powers@stoneweb.com, "Thomas Felsberg"
<thomasfelsberg@felsberg.com.br>, "Thomas Mahaffey (E-mail)"
<tmaha@opic.gov>, turton@brazil.kben.com
cc:

Subject: Central Bank Agreement

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify us
immediately by reply e-mail and then delete this message from your system.
Please do not copy it or use it for any purposes, or disclose its contents to
any other person:  to do so could be a breach of confidence.  Thank you for
your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.
==================================================

Attached are clean and blacklined copies of the revised execution copy of
the Central Bank Agreement.

Best regards.

 - COMPARE001.DOC
 - NY003678709.DOC


*~*~*~*~*~*~*~*~*~*~*~*~* Daily Riddle ~*~*~*~*~*~*~*~*~*~*~*~*~*

Today's Riddle is -

How would you rearrange the letters in the words new door to make
one word? Note: There is only one correct answer.

As always, you will find the answer below today's sponsor.

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O-n-e  w-o-r-d

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Professor Titman:
 I would like to thank you for taking the time to recommend me to the MBA
Program.  In the end, the results were not favorable.  I understand that it
is a competitive process, but I felt that with my work experiences,
recommendations, extrcurricular activities, etc., that this would help my
chances and possibly compensate my disability.  After talking with you and
Professors Ronn, Brown and Jemison, I was sure that UT was the right place to
continue learning about energy-finance.
  I am still sure that UT is the place for getting an excellent
graduate-level education, so I want you to know that I am going to do what
ever it takes to get in next year.  I plan on taking a couple of graduate
level finance courses at the University of Houston this Summer and Fall to
demonstrate to the Admissions office that I can compete at this level. I also
plan on trying to retake the GMAT test.  Due to my disability, this will be a
monumental task, but I am determined to prove to the Admissions committment
that I can do the work at The Texas University Graduate School of Business.
 Also, I would like to continue our dialague regarding creating an
Energy-Finance Private Equity Fund at UT.  I know that with my industry-wide
and investment banking contacts that I can help raise capital for the fund.
I am very interested in energy-finance and think that your idea is a very
good.
 Thanks again for taking the time to listen and talk with me.  It has been a
pleasure to meet with you and I hope we can continue to talk about energy and
finance in the future.  Also, if you think of anything else I can do to
strengthen my overall application file for next year, please let me know.
Take care and hope to hear from you soon.

Sincerely,

Ben Rogers


Janine,

Attached is a new spreadsheet detailing what Palo Alto's July invoice should include.  However, I would like to get together with you again to go over the information that you have and have some of the volumes in the system corrected.  Please give me a call when you are ready to work on this invoice and we can get together then.  I am available for the rest of the week.

Thanks,

Kim


I think that the "general policies" route is the right (and only) one -
particularly for the vast number of reference entities envisaged.  From a
legal sign off perspective, we should be able to give the immediate all
clear, provided
in the case of a ref entity, that it is not an existing customer/counterparty
of Enron (if it is we'll need to check confidentiality agreements etc).
We'll need to work out the quickest way of establishing this (but it is not
per se a legal task)
in the case of a ref entity, that we have carried out the necessary the legal
due diligence in its country of establishment/location
in the case of a counterparty, that we have carried out the necessary legal
due diligence in its country of establishment/location

Of course our legal due diligence may require us to take additional steps in
the case of some countries/counterparties, but we will address these steps as
generically as possible.

Hope this gives a sense of where we're coming from.  Please call me to
discuss further if need be.

Paul

Tomas Valnek
22/05/2000 10:44
To: Bryan Seyfried/LON/ECT@ECT
cc: William S Bradford/HOU/ECT@ECT, Denis O'Connell/LON/ECT@ECT, Paul
Simons/LON/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT,
Rod Nelson/HOU/ECT@ECT, Edmund Cooper/LON/ECT@ECT, Tana Jones/HOU/ECT@ECT,
ECT London Credit Trading

Subject: Re: Credit Trading - Approval Form

I agree that the current Word document approval form will not be very
practical once we scale up. Going forward, we could be looking at some kind
of database solution as implemented for EnronOnline.

TV

Bryan Seyfried
20/05/2000 13:09
To: Tomas Valnek/LON/ECT@ECT
cc: William S Bradford/HOU/ECT@ECT, Denis O'Connell/LON/ECT@ECT, Paul
Simons/LON/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT,
Rod Nelson/HOU/ECT@ECT, Edmund Cooper/LON/ECT@ECT, Tana Jones/HOU/ECT@ECT,
ECT London Credit Trading

Subject: Re: Credit Trading - Approval Form

Although this makes a lot of sense, how are going to implement it?  We plan
to scale massively and I cannot imagine that this will be efficient enough to
facilitate the time frames and number of reference credits that we are
anticipating.  I think that we need to have a general policy that we can look
to instead of approving them on a one off basis.

Let's discuss

Tomas Valnek
19/05/2000 11:42
To: ECT London Credit Trading, Denis O'Connell/LON/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Paul Simons/LON/ECT@ECT, Edmund
Cooper/LON/ECT@ECT, William S Bradford/HOU/ECT@ECT, Debbie R
Brackett/HOU/ECT@ECT, Rod Nelson/HOU/ECT@ECT
cc:

Subject: Credit Trading - Approval Form

Attached is an Approval Form that will have to be completed to request if we
want to trade with a new counterparty or on a new reference credit. I have
incorporated comments from Origination, Credit and Legal. But should you have
any further comments please let me know ASAP, as I plan to introduce this
form by the middle of next week. (Note that there will be two forms, one for
bankruptcy swaps and one for other credit derivatives.)

Regards

Tomas


Jeff:

Please see attached. I have a key contact that knows your Vice-Chairman, Tom
White who I understand was just nominated to become Army Secretary. I don't
think this is of his level but let me know how I should proceed. If you feel
it's right to be talkng to him, let me know as I have been offered an
introduction to him by my friend, Michael Krause, Chief Logistician, US Army.

Best regards,
Joe Alcantara

 - DearJeffreyII.doc


This gives a little flavor of how we factor into the backbone capacity market.

 Category:   Backbone, DWDM, Enron Communications

 Description Building A Better Backbone - And Business Plan
 :

 Detail:

By Carol Wilson, Inter@ctive Week
September 6, 1999 6:23 AM PT

The numbers are staggering: Six major new national fiber-optic networks will
come on line during
the next two years at a cost of $18 billion. Those new networks are in
addition
to those already
built and operated by the Big Three of long-distance: AT&T, MCI WorldCom and
Sprint.

Thousands of miles of fiber-optic cable are being installed in ducts to which
new fiber can be
easily added by companies such as Enron Communications, Frontier
Communications,
IXC
Communications, Level 3 Communications, Qwest Communications International and
Williams
Communications.

And that's just a piece of the story.

While competition in the backbone network business is booming, new
technologies
coming into
the market will make it much easier to increase bandwidth available on any
fiber-optic network
tenfold or more. Dense Wavelength Division Multiplexing (DWDM) systems now
exist
to put data
traffic onto 160 different wavelengths on a single fiber-optic cable.
Technology
exists today to
enable each of those wavelengths to transport 10 gigabits per second of data.
Within two years,
that will reach 40 gigabits per wavelength per second.

"In effect, the backbone of the Internet is being rebuilt. The next step:
Recover all those costs of
construction,'' says analyst Peter Bernstein at Infonautics Consulting. "And
that step may be more
difficult than building the networks themselves.''

The combination of major new network construction and new technology for
adding
network
capacity has led industry analysts and executives to predict a bandwidth glut
that is likely to drive
down prices in backbone transport of data much as the price of long-distance
telephony has
plummeted in the past few years. Frontier Communications admitted as much
earlier this year
when its second-quarter earnings weren't up to expectations.

Rather than a free fall in prices, however, expect the market to quickly find
new ways to use
bandwidth, both in terms of network-based applications and bigger backbone
networks to
support the rapidly growing field of faster access via Digital Subscriber Line
(DSL) and cable
modems. The challenge for network operators is to create new business models
that capitalize on
something other than cheaper bandwidth.

"I think the danger isn't so much of a glut as a lack of planning for the
backbone network that
could cause some major problems," says Claudia Bacco, an analyst at TeleChoice
who studies the
development of DSL. "Once DSL starts selling as a volume service, it will very
quickly increase
the demand for bandwidth in the backbone. Service providers need to have
planned
ahead."

It's not surprising, then, to see a growing number of alliances between the
new
backbone builders
and the competitive local exchange carriers (CLECs) that have been building
DSL
networks in
major markets across the U.S.

Qwest invested in both Covad Communications and Rhythms NetConnect-ions, for
instance, and
a third data CLEC, NorthPoint Communications, includes Enron, Frontier and
Level
3 among its
strategic partners.

That doesn't mean, however, that all of the companies investing billions in
burying fiber-optic cable
stand to reap rich rewards, cautions Bernstein at Infonautics.

"The problem isn't a glut of bandwidth, but a glut of service providers," he
says. "If everyone has
the same business model and is going after the same customers, that's a
problem.
In addition, there
are timing issues . . . If you build it, they will come - but not necessarily
when you need them to."

At least nine players have built or are building national fiber-optic backbone
networks. These look
very similar, says Fred Harris, director of network planning and design at
Sprint. "There are
generally three East-West routes and three or four North-South routes that
everyone builds," he
says. "New York to San Francisco, Atlanta to Los Angeles, Seattle to Boston -
everybody has
fiber either in or near those corridors."

In earlier network deployments, the fiber was buried, never to be exhumed. But
today's fiber
cables go into ducts, allowing fibers to be pulled out or slid in later.
Capacity can be added
without any backhoes.

Today's newer fiber-optic cable, from companies such as Corning and Lucent
Technologies, is
designed to support higher transmission speeds without the light dispersion
problems that limited
speeds or distances on other fiber-optic cables.

DWDM technology and optical amplifiers, which boost the power of a laser's
signal over a given
wavelength, enable bandwidth to be added and allow signals to travel farther
without the need for
as many repeaters to boost signals along the way. Eliminating repeaters in a
long-distance network
wrings out installation, maintenance and power costs.

As Harris points out, if every company building a national backbone has 30
fibers along each
major route, and each fiber can carry 80 different wavelengths of light,
that's
more than 20,000
different signals. Today, most of those signals would be powered by
Synchronous
Optical
Network (SONET) gear, which operates at 2.5 gigabits per second, but a growing
number have
moved up to gear that operates at 10 Gbps.

Both Lucent and Nortel Networks have announced equipment that supports 160
wavelengths on
a single cable, and other vendors will have similar equipment within the next
two years.

Also coming into the market by 2002 will be new SONET gear that quadruples the
current
transmission rates from 10 Gbps to 40 Gbps. MCI WorldCom is testing these
systems, known as
OC-768 transmission systems, and expects to have one commercially available by
early 2001,
says Rama Nune, senior manager of optical and data network technology
development.

Nune stresses, however, that what's more important than having all the
bandwidth
is knowing
"how to intelligently provision services over it and manage it."

New Models

Not surprisingly, most of the newer network operators have quickly moved to
talking about
services, not bandwidth.

There are exceptions to this: Enron is building a network that transmits
Internet Protocol
(IP)-based traffic directly over a fiber-optic network, with no intervening
transport systems or
protocols. But its network is built to provide backbone bandwidth for Internet
service providers
and content providers, says Stan Hanks, vice president of research and
technology at the
company.

At Level 3, falling backbone service prices would be good news, says spokesman
David Powers.
"We want to drive prices down by reducing the underlying cost of the network,"
he says. "We
think we can do it because we are building a green-field network that doesn't
have the cost of
legacy technology like circuit switches." Most other network operators are
looking to add services
to their mix, including Web hosting, to create a differentiated service. MCI
WorldCom through its
UUnet subsidiary, Frontier, Qwest and others have announced Web hosting
services.

Greater bandwidth and lower prices also will enable new video services to be
delivered over the
Internet, says Vab Goel, vice president of IP engineering and technology at
Qwest.

"One of the things Qwest is doing is building its own access rings in 25 major
markets," Goel says.
"We think this network will drive cost down and increase performance for
value-added
applications which can be delivered over an IP network. Today, most video is
compressed. With
faster access speeds, you can watch TV shows over the Internet. This becomes
interesting when
you talk about having access to any TV show broadcast anywhere around the
globe."

In addition to enabling new services, however, the sudden availability of
bandwidth will
dramatically change the way services are priced and sold.

"It's the next great challenge of the Internet - deciding how you are going to
bill customers and
what they will be willing to pay for," analyst Bernstein says. "I'm not sure
anyone knows yet."

Part of that challenge is matching a service that customers value with the
need
to recover the high
costs of expanding a network.

"George Gilder likes to say that bandwidth will be free - well, putting in
20,000 channels of
OC-48 [2.5-Gbps transmision] isn't free; it costs billions," Sprint's Harris
says. "And the same
thing goes when you build up the local copper network to do DSL or cable
modems."

Already, however, DSL prices are dropping to $30 to $40 per month for a
consumer
service that
offers up to 1.5 megabits per second. Businesses still typically pay $125 to
$400 per month for
higher-speed services that offer the same bandwidth in both upload and
download
modes. That
compares very favorably to the $2,000 per month most companies paid for a T1
line until the past
two years.

But with customers assuming bandwidth will be cheap, how will nine backbone
network providers
recover their billions in investment?

"I don't have a crystal ball," says Nune at MCI. "With the access speeds going
up - whether it be
ADSL [Asymmetric DSL] or gigabit Ethernet - we anticipate many rich
applications
to drive the
bandwidth of our customers."

Providing those applications - or at least building into the network the right
hooks for new services
- is the best hope for building a new revenue base, Harris agrees.

There will still be room for charging higher rates as well for levels of
reliability and transmission
speeds, says Qwest's Goel, but those charges will likely be packaged as part
of
the application
cost.

In a world where everyone has access to the same technology, it will be the
business issues that
ultimately decide who succeeds at building - and sustaining - the backbone of
the next Internet.


Thanks.  Mark


Can you guys meet Tuesday mid-morning to discuss placement of the j9 issue into the rolls?!

Thanks!
Casey

-----Original Message-----
From: Zheng, Min
Sent: Wednesday, January 16, 2002 12:19 AM
To: Evans, Casey; Evans, Casey
Subject: A plan to complete the "J9" issue

Casey,

A plan to complete the "J9" issue has been reached.

Basically, the solution is based on the following key point:
The number that is used to correct "J9" is from "Swap Liq.xls".

Swap Liq.xls procedures and functions are:
1: manually Via PortCol to ftp two files to local PC
2 gets a comparison result between a pare of swap liq under the same region/book based on the two files

The design for this project is:
1: to save time, AUTOMATICALLY/DIRECTLY AND  WITHOUT Via PortCol  to ftp all files to a M Folder. The files are belonged to a giving portfolio and date
2. compare Swap Liq for all pair files (for every pair,  the comparison result  just is exact as current "Swap Liq.xls")
3. if a difference is found from a pair files,  then value in "J9" in the desk tab and the region roll file will be changhed to "J9 minus the number" and the number also will be put in the column based on the date
4. the partially or all of above procedures may with or separate from DprAutomation if there is necessary

I need confirm with you about EXACTLY PROCEDURE about HOW TO GET THE NUMBER FROM "Swap Liq.xls" to  correct "J9". One of the macros will basically functions the way you give to me.

Also what is the title for new column in roll file for Swap Liq.

The short term goal for this project is to try to make J9 work at the correct way under acceptable time period (in 20 minutes for a portfolio) before Netco starts trading. Long term goal will be speed and better interface or even reach a solution to take care this once for all from AdHoc database table.

Please let me know when you have chance to guide me through/or e-mail the procedure about how to get the number to correct J9.

Please let me know if there is any concern.

Thank you very much!

Min Zheng