----- Forwarded by Richard B Sanders/HOU/ECT on 12/08/2000 05:35 PM -----

	Ken Lay and Jeff Skilling@ENRON
	Sent by: Enron Announcements@ENRON
	11/08/2000 04:59 PM

		 To: All Enron Worldwide
		 cc:
		 Subject: Organizational Changes

We are making a number of significant organizational changes.  These changes
are intended to accomplish four key objectives:

First, we need to realign all our wholesale businesses around the successful
business model developed over the last decade in North America and Europe.
This model relies on extensive physical and transactional networks built
around a relatively small strategic asset position.

Second, we need to significantly streamline corporate reporting
relationships.  Particularly with Joe Sutton,s departure, the ability to
directly manage the day-to-day activities of 15 independent business units
has become increasingly difficult.

Third, we need to accomplish these changes without, in any way, compromising
the ongoing profitability of all our businesses and without delaying or
hindering our effort to monetize a significant portion of our lower-yielding
asset positions.

And fourth, as always, we need to take advantage of the reorganization to
redeploy our talent into our highest value opportunities.

ENRON WHOLESALE SERVICES

Today, we are forming Enron Wholesale Services (EWS) which will consolidate
our global wholesale businesses.  The closer alignment of our wholesale
businesses will accomplish the following: (1) enhanced communication and
coordination across business units, (2) more rapid deployment of people to
higher valued opportunities, (3) more effective prioritization of
opportunities across the wholesale business, and (4) more rapid extension of
Enron,s wholesale business model and capabilities into new industries and
markets.

Enron Wholesale Services will include our current North American, European
(including Japan and Australia), Global Markets, and Industrial Markets
operations, and will be expanded to include Enron,s Net Works business unit
as well as a new unit ) Enron Global Assets.  In addition, Enron,s merchant
businesses outside of North America and Europe will be integrated into this
new structure as described below.

Mark Frevert, currently Chairman of each of our wholesale units, will assume
the role of Chairman and CEO of Enron Wholesale Services.  Greg Whalley,
currently Chairman and CEO of Enron Net Works, will join Mark in the Office
of the Chairman as President and Chief Operating Officer.

Providing further impetus for these organizational changes, several of our
international business unit leaders have elected to move into new leadership
positions:

Rebecca McDonald, currently CEO of Enron APACHI, will join EWS as President
and CEO of Enron Global Assets. Enron Global Assets will have responsibility
for managing all of Enron,s existing energy asset portfolio outside of North
America and Europe.  Joining Rebecca in the Office of the Chairman as COO
will be Jim Hughes, currently COO of Enron APACHI.  Rebecca and Jim will
report to the EWS Office of the Chairman.

Sanjay Bhatnagar, currently CEO of Enron India, has joined EBS as CEO for the
Middle East and Asia region.  Sanjay will be responsible for building our
broadband business in this region and the current EBS team in this region
will report to Sanjay.  In this role, Sanjay will report to the EBS office of
the Chairman.  In addition, Sanjay will continue to remain responsible for
Enron,s wholesale energy business in India and will transition this business
into Enron Global Assets in the near future.

Diomedes Christodoulou, currently Co-CEO of Enron South America, has joined
EBS as Chief Commercial Officer.  Diomedes will be located in London and will
focus his origination activities on global opportunities, with near term
attention to the wholesale and enterprise sectors.  Diomedes will report to
the EBS Office of the Chairman.

Jim Bannantine, currently Co-CEO of Enron South America, will be joining EES
to lead EES, commercial efforts outside North America and Europe.  In order
to ensure a smooth transition for our South American businesses and to
facilitate our asset sales activities, Jim will remain in South America for
at least the next several months and continue to serve as CEO of Enron South
America.  Throughout the transition, Jim will report to Cliff Baxter and to
the Office of the Chairman of Enron Wholesale Services.  Following the
transition, Jim will join EES.

In addition to these changes in our international asset operations
activities, we are making the following changes in our merchant wholesale
businesses and the commercial support functions:

Enron Net Works
Louise Kitchen will assume Greg,s previous responsibilities as President and
CEO of Enron Net Works, reporting into Mark and Greg.

Enron Americas
Concurrent with the transfer to Enron Global Assets of responsibility for
operating Enron,s South and Central America asset base, all trading,
marketing, and new asset development activities in these regions will report
into a new entity, Enron Americas.  Enron Americas will have responsibility
for all wholesale merchant businesses across North, Central and South
America.  Dave Delainey, President and CEO, and John Lavorato, Chief
Operating Officer will comprise the Office of the Chairman for Enron
Americas.

Enron Europe
The Enron Europe organization, which includes Enron,s businesses in Australia
and Japan, and Enron Metals, remains unchanged under the leadership of John
Sherriff, President and CEO, and Michael Brown, Chief Operating Officer.

Enron Global Markets
Enron Global Markets, under the leadership of Mike McConnell, President and
CEO, and Jeff Shankman, Chief Operating Officer, will continue to have
responsibility for Enron,s Middle East and LNG operations.  With the
exception of Ecoelectrica in Puerto Rico, all operating power plants and
associated personnel in the Caribbean and Central America will transfer to
Enron Global Assets.  Enron Global Markets will also continue to manage the
commodity businesses in crude and products, coal, weather, insurance,
equities, interest rates, foreign exchange, and agricultural products.

Enron Industrial Markets
Enron Industrial Markets, organization, under the leadership of Jeff McMahon,
President & CEO, and Ray Bowen, Chief Operating Officer, remains unchanged.

Commercial Support for EWS
The commercial support functions for EWS will remain with, and be managed by,
the individual business units.  We are creating no incremental overhead in
the creation of EWS, and in fact hope to reduce our operating costs by more
efficient utilization and sharing of resources across EWS.

To this end we have asked several people to take on an expanded role across
EWS in addition to their ongoing roles within their business units.  These
newly defined roles are as follows:

Mid and Back Office Operations ) Sally Beck will lead Mid and Back Office
Operations across EWS.  These services will become part of Enron Net Works,
with Sally reporting to Louise Kitchen and Rick Causey, Executive Vice
President and Chief Accounting Officer.  This alignment creates a coordinated
services organization with IT and e-commerce platforms to support the
wholesale businesses and to maximize opportunities to commercialize these
services.  Mid and Back Office services for all commercial activities will
continue to be organized with dedicated operations controllers responsible
for specific commodities and/or geographic locations.
Legal ) Mark Haedicke will serve in the role of General Counsel for EWS.
Regulatory and Government Affairs ) This function will remain organized on a
regional basis.  Rick Shapiro will support all EWS businesses operating in
the Americas, and Mark Schroeder, who is based in London, will support all
European and Eastern Hemisphere operations.  Rick and Mark will also continue
to support all other Enron businesses operating in their respective regions
and will continue to report to Steve Kean, Executive Vice President and Chief
of Staff.
Public Relations ) This function is also organized primarily on a regional
basis.  Eric Thode will have responsibility for North American activity,
Enron Net Works, and Enron Industrial Markets.  Jackie Gentle will continue
in her role for Enron Europe (including Japan and Australia) and John Ambler
will have responsibility for activity outside North America and Europe as
well as providing support for Enron Global Markets and Enron Global Assets.
These individuals will also continue to have a split reporting relationship
to Mark Palmer, Vice President of Communications.
Business Analysis and Reporting ) Wes Colwell will expand his role to cover
EWS reporting in addition to his current role in North America.

Attached for your review is an organization chart for Enron Wholesale
Services which summarizes the changes described here.  As this organization
continues to evolve we will keep you informed of any additional changes.

ENRON GLOBAL EXPLORATION AND PRODUCTION
AND ENRON WIND

 As part of our company-wide initiative to examine our assets and investments
around the world, we are considering a variety of options with respect to
EGEP and EWC.  As a consequence, we are putting these businesses under Cliff
Baxter,s direction.  Jeff Sherrick, CEO of EGEP, and Jim Noles, CEO of Enron
Wind, will report to Cliff.

CORPORATE STAFF

 We are consolidating the corporate staff functions: Human Resources,
Government Affairs, Public Relations/Communications and Administration.  In
that regard, Cindy Olson, Executive Vice President of Human Resources and
Community Relations, will report to Steve Kean, Executive Vice President and
Chief of Staff.

COMMITTEE STRUCTURE

 In light of the increased leadership opportunities created by Enron,s
growth, the Executive Committee will be expanded to include more of our
business unit leaders.  The primary role of this committee will continue to
be the communication of relevant information across Enron,s businesses and
the coordination of activities across those businesses.  We will also be
drawing on this group to lead company-wide initiatives such as the
performance review process and evaluation and creation of new businesses.
The Executive Committee membership is shown on the attached list.

 We are also forming a new committee ) the Enron Corporate Policy Committee.
This group will be responsible for overall corporate policy, personnel
management policy and corporate strategy.  The Enron Corporate Policy
Committee membership is also shown on the attached list.

 We are confident that these changes will align our talent and our capital to
our highest return opportunities.  Please join us in congratulating and
supporting all of these individuals in their new roles.


Lisa,

Can you please work with Legal to prepare an amendment to added the points the Exhibit?

Thanks,
Judy

 -----Original Message-----
From: 	Smith, George F.
Sent:	Wednesday, October 24, 2001 12:55 PM
To:	Thorne, Judy
Subject:	RE: torch energy

	Judy, These deals were left off the original Exhibit A. Torch asked if we would also buy this gas for Oct. John Grass and Dayem agreed. I don't know if this
	constitues and addition to Exhibit.

 -----Original Message-----
From: 	Thorne, Judy
Sent:	Wednesday, October 24, 2001 12:51 PM
To:	Smith, George F.
Subject:	FW: torch energy

George,

The audit on these two deals show that you entered the deals. Are these deals part of the overall Torch deal that was negotiated Oct - Mar '02?  I did not see the meter numbers on the original list of gas we were buying.

Judy

 -----Original Message-----
From: 	Hesse, Lisa
Sent:	Tuesday, October 23, 2001 5:41 PM
To:	Thorne, Judy
Subject:	FW: torch energy

sorry, judy
could you check these 2 also with Torch:  1084694 and 1091467

 -----Original Message-----
From: 	Hesse, Lisa
Sent:	Tuesday, October 23, 2001 5:34 PM
To:	Thorne, Judy
Cc:	Hesse, Lisa
Subject:	torch energy

Judy,

I have taken care of the 56 torch deals (in dcaf)  + sent the executed copy to the file room.  This is the one associated with wellhead GTC's.

?  There are two other Torch Deals 1085947 and 1085978 for Oct 01 and I don't believe that these are associated with the above referenced deal, but could you check?  If they are not, should I confirm as normal?

Lisa K. Hesse
Physical Gas Confirmations
 (713) 345-4766  EB 2116B
 << File: Hesse, Lisa.vcf >>


Bob and Karen Bonilla (Brandon in son)
452 Meadowood Road
Jackson, NJ 08527

Carl Bonilla (lives with my Grandma Lena)
620 Randall Way
Aberdeen, NJ 07747

John and Brandy Bonilla (children Nathalie and Gian)
44 Bethany Rd
Holmdel, NJ 07733

Rach

Rachel Bonilla-Kragel
Andersen Consulting
North American C&HT
Denver - Octel 359/6017 - Direct Dial (720) 359-6017
rachel.bonilla-kragel@ac.com

Accenture is the new name for Andersen Consulting as of January 1, 2001.
Our web address is http://www.accenture.com

            Phillip.M.Love@enron.c
            om                            To:     Rachel
Bonilla-Kragel@Accenture
                                          cc:
            12/12/2000 01:30 PM           Subject:     Re: addreses

That is what I had for your address, just checking.  We had a blast with
your uncles as well.  We were wqanting Bobby, Carl and John's adresses.  I
guess we also need there wifes names, even though we did not meet them at
the wedding.  I don't know what we will do when your parents leave houston.
I guess we will have to make more frequent trips to Denver.  Since I have a
small family and Ashley is so far from her family, it is nice to have
special friends that you consider family.   Plus, you know how special you
have always been and will be to me.

Sounds like work is going great, glad to hear it.  Sad to hear you are
working my kind of hours now.  Work is the same for me, learning a lot, but
counting the days till my rotation to a new group.

Talk to you soon.
PL


Swing out with the Sparacino & Company Dancers, rousing performance of  SWING
KIDS! at the Miller Outdoor Theatre in Hermann Park.  Enron Night will be
Friday,  April 20 at 8:30pm and the performance is free of charge to the
public.   Although reservations are not required, you may secure a VIP seat
by calling 713.520.9070 or e-mailing dancer@neosoft.com.  The evening is
compliments of Sparacino & Company Dancers.

The Enron Volleyball Association will be sponsoring it's annual Spring Fever
Volleyball Tournament to be held at Third Coast Volleyball Club.  For the
first time, we will have a separate bracket for teams of four.  Food and
drinks will be provided and cash prizes will be awarded to the top three
teams from each bracket.  For more information, contact Traci Nguyen
(713.853.9032).

The Lone Star Boxer Rescue Golf Tournament will be held at Cypresswood Golf
Course on Wednesday, April 11 beginning with a Shotgun Start at 1pm.  All
proceeds for the tournament benefit the Lone Star Boxer Rescue group which is
an all volunteer organization who works to provide veterinary treatment and
find new, permanent homes for unwanted and abandoned Boxer dogs.

http://home.enron.com:84/messaging/registration.doc

http://home.enron.com:84/messaging/sponsorship.doc

Thanks to everyone who participated in our Birdies for Charity fundraiser in
the Enron Lobby last Tuesday, April 3rd.  Because of your generosity, we were
able to raise $500 for Junior Achievement.  This amount will be matched by
Enron, making our total donation $1,000.

The winners of the drawing were George Gilbert-the golf travel bag; Jim
Fussell-the Tiger Woods collector golf balls; and Charlie Vetters-the golf
shirt and hat.

Recycle Your Cell Phone!!!
Did you forget to bring in your discarded cell phones last week?  If so,
please send them to Gavin Dillingham at 3AC1526b by April 30th.  By bringing
your old phones, bag phones, batteries, adapters, charging units and other
cell phone related items, you will support Enron's effort to benefit the
Houston Chapter of CARE.

CARE is on the world's largest international relief and development
organizations with funds going directly to develop sustainable agricultural
and economic systems including medical and educational programs in Latin
America, Asia, Africa, Europe and the Caribbean.  All collected cell phones
will be recycled back into use or disposed of in an environmentally
responsible manner and you will receive an acknowledgement letter from CARE
for this donation.

The Manvel Lions Club is hosting its 5th annual Crawfish Cook Off benefiting
the Manvel Public Library.   The school library in Manvel was closed several
months ago due to &environmentally unsafe8 conditions.  A temporary library
(with rights to operate for 1 year) was opened on March 24, 2001 to provide
this public service until a new permanent location can be established.

Date:  Saturday, April 28, 2001
Time:  12:00 to 5:00 p.m.
Place:  Sacred Heart Church
6502 County Rd 48 (off Highway 6)
Manvel, Texas
Activities: In addition to the Crawfish Cook Off, there will be a Raffle,
Auction,
Music, Games, Food and much, much more.

Raffle Items: Huskee 16.5 428 Cut Lawn Mower
  Poulan 208 Gas Chain Saw
  Huskee 4HP 228 Cut Big Wheel Push Mower
  Ryobi Gas Grass Trimmer
  Electric Leaf Blower

Raffle Tickets available for: 1 for $2.00
    3 for $5.00

Come join us for a day of music, games, food and a lot of fun that helps
benefit the kids of the community.  Donations are also needed for the
auction.  For raffle tickets, donation items or more information, please
contact Susan Lopez at 713-853-7947 or 281-331-8207.

WalkAmerica, taking place April 29, is the March of Dimes biggest
fund-raiser. Money raised from the WalkAmerica supports pioneering research
and innovative programs that save babies born prematurely or with birth
defects. Since its beginning in 1970, WalkAmerica has raised more than $1
billion to help give babies a fighting chance.

Every dollar raised will be matched by Enron.

You can read more about the March of Dimes at www.modimes.org.

For more information, please contact Kimberly Nelson (ext. 33580) or Gina
Taylor (ext. 37681).

Support TEAM ENRON and Jeff Skilling by participating in the MS150 from
Houston to Austin on April 21st and April 22nd.  All-purpose volunteers are
needed to handle various logistical duties including serving meals to the
Team, playing music, directing riders to the Enron Tent, setting-up and
tearing-down, making massage appointments... to name just a few!
Can't commit to the whole weekend?  Participate where you can!  Main sites
include Bellville (Saturday lunch), LaGrange (overnight stop), Bastrop
(Sunday lunch) and Austin (the FINISH LINE!).  While everyone will be
responsible for their own transportation & lodging, our volunteers are
welcome to camp out with the Team in the Enron Tent in LaGrange.  You may
also investigate the possibility of staying at lodging establishments in the
area.
All volunteers will receive a free Enron Cycling Club tee-shirt, free meals
and a priceless experience.  Feel free to bring along your friends and family
to volunteer, too!  Take this opportunity to be a hero for our riders who
take on this cycling adventure to benefit the National Multiple Sclerosis
Society supporting the Houston, Dallas, San Antonio, Austin, and Corpus
Christi areas.  Please contact Heather Choate via e-mail or at x33278 for
more information!

VOLUNTEERS NEEDED FOR 15TH  ANNUAL HOUSTON HOOP-IT-UP MAY 5-6!

The best way to get yourself jump-started for a full year of Hoops.  Become a
part of this jammin,hoops scene with over 1,200 teams & 4,800 players.  Join
us at Greenspoint Mall for a basketball-crazed atmosphere.  Games and special
events being played simultaneously on 110 courts so the basketballs will be
flying HOOP-IT-UP is where you play for FUN.  EVENT BENEFITS THE &ESCAPE
FAMILY RESOURCE CENTER8

SATURDAY )  MAY 5TH 8:00 ) 6:00 PM
SUNDAY )  MAY 6TH 8:00 ) 5:00 PM

For more information please call &Hoop-It-Up Hotline8: 713-521-4535 or
E-Mail: Hoopitup@Texas.Net

Join the Integrated Solutions Team & PSI Homesavers on April 21 & April 28!
Enron is proud to support PSI Homesavers with three crews for their annual
spring volunteer project.  More crews can be added so sign up to participate
or include your team!  Responsibilities include being part of a work crew to
complete needed exterior home repairs for low income, predominately elderly
homeowners in Houston neighborhoods.  Contact Donnis Traylor at. ext. 55667
for more information!

M.D. Anderson will be at Enron April 23-25 and April 27 to administer
mammograms.  Call 713-745-4000 to schedule an appointment.  Cost is $25 for
employees, spouses, retirees and EDS; $85 for contractors.  Please consider
donating an extra $1 to The Rose (an organization that provides free
mammograms to low-income women).

Double click on the icon below to learn more about the new Enron Kids'
Center.

http://home.enron.com:84/messaging/e_kids_announce01.pdf

Have News to Share?
To post news or events in Enron In Action, please e-mail your information to
EIA@enron.com
no later than 12:00 noon the Thursday prior to the next Monday,s mailing.


Tell me if you are in on the draft at 10:30.  To draft you need to go to the
website and click on draft - go to the draft room.
---------------------- Forwarded by Eric Bass/HOU/ECT on 10/31/2000 08:23 AM
---------------------------

	Enron North America Corp.

	From:  Eric Bass                           10/31/2000 08:21 AM

To: David Baumbach/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Harry Bucalo/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT,
Michael Walters/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT
cc:
Subject: Fantast Basketball DRAFT TODAY @ 10:30

Just as clarification - we start 6 players and have weekly scoring in haed to
head matchups.  You can chage your lineup before each day's worth of action.
Your sixth man can be any position.  The draft order will be determind at
10:30.
---------------------- Forwarded by Eric Bass/HOU/ECT on 10/31/2000 08:19 AM
---------------------------

	Enron North America Corp.

	From:  Eric Bass                           10/31/2000 08:01 AM

To: David Baumbach/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Harry Bucalo/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT,
Michael Walters/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT
cc:
Subject: Fantast Basketball DRAFT TODAY @ 10:30

Since the NBA season begins tonight, we need to have the fantasy basketball
draft today @ 10:30 AM. Tell me if this is ok.  If you do not remember the
rules, go to the link below and scroll down to the bottom of the page to the
rules link.

The Academy will roll once again!

And by the way plove, it is last day for everyone.  You can take 1 minute out
of every half hour today to make a pick.  Everyone else has agreed.  Besides
it won't be as much fun without my whipping boy again.

basketball.commissioner.com/efba

I never heard anything back from Walker's Westies so The Rounders are taking
his spot.

-Eric


-----Original Message-----
From: 	Zheng, Min
Sent:	Monday, January 14, 2002 8:16 AM
To:	White, Stacey W.
Cc:	Lee, Norman
Subject:	FW: Database change and Excel applications
Importance:	High

Dear Stacey,

We also have made all changes for Portland, Alberta and Emission Excel applications and their Terminal Servers/PCs' setting just as East  on 1/12/2002.

Thanks!

Min Zheng

 -----Original Message-----
From: 	Zheng, Min
Sent:	Saturday, January 12, 2002 3:08 PM
To:	Postlethwaite, John; Dunton, Heather; Chang, Fran; Law, Samantha
Cc:	Lee, Norman
Subject:	Database change and Excel applications
Importance:	High

Dear all,

Current Oracle power production database has been moved. All Excel applications that directely involeve with power database for "New ESTATE Alias" have been modified. Also, all of your TS setting have been updated.

All those Excel applications infotrmation are in attached.

Thanks!

Min Zheng


$52 bid for D. Autry


Hi Darren -

I am responding for Mike.  If you still need to see him (and Shankman) please
contact me so that I may schedule some time on his calendar next week.

Thanks.

Cathy P.
X-36898

Darren Maloney@ENRON
09/11/2000 08:15 AM
To: Mike McConnell/HOU/ECT@ECT
cc: Cathy Phillips/HOU/ECT@ECT, Ted Noble/HOU/ECT@ECT, Elsa
Piekielniak/Corp/Enron@Enron
Subject: Cargill Update

Mike,

I am in London and will return on Wednesday to the office.  I am curious
if you will have any time this week to fill us in on your discussions with
Cargill.

My schedule is generally free with the exception of Wednesday
afternoon conference call with ConAgra.  For simplicity's sake,  I
will be more than happy to coordinate with the rest of the ag team.

--Darren


Does anyone object to having poker night on the 13th? The 20th is very close to Christmas. Please respond ASAP. Thanks.

This map is NOT to scale!

<Embedded Paintbrush Picture>


Donald:
Thanks for your e-mail and phone mail message. It would be very helpful to us
if we could talk to someone at Gardere Wynne although I understand how
difficult that may be given your situation.  Could you please give it some
more thought and if you could come up with someone let me know.  In the
meantime, I will call your other references.
Carol


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Publisher


Is Kathy the right contact?  Or should it be Brian?

Let's talk about changing the Canadian reporting relationships - especially risk.  I think that I will propose that to Lavorato today.  But let's talk first.  --Sally

 -----Original Message-----
From: 	Port, David
Sent:	Tuesday, November 27, 2001 11:56 AM
To:	Beck, Sally
Cc:	Lavorato, John
Subject:	FW:

FYI - this is out there as a possible reason why Americas VaR did not come down to within limits as we expected.
In the absence of a fix it looks as though we have another VaR violation.

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, November 27, 2001 11:36 AM
To:	Port, David
Subject:	FW:

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, November 27, 2001 8:12 AM
To:	Reeves, Kathy
Cc:	Gossett, Jeffrey C.; Davenport, Lacrecia; Khanna, Bharat; Victorio, Tom
Subject:

Kathy,
It looks like the Canadian positions didn't hit VAR last night.  Can you re-check?
Also, I understand Zufferli bot a ton of NG and I thought he was short? (Why is system showing he is long?)

Frank

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	J_ZUFFERLI	NG	8241559.1328
11/26/2001	J_ZUFFERLI	NG	8568832.813

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	CANADA-PWR-BU	NG	8298324.949
11/26/2001	CANADA-PWR-BU	NG	8691997.5495

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	CANADA_PWR_GAS	NG	8298324.949
11/26/2001	CANADA_PWR_GAS	NG	8691997.5495


When I try to search offers I get the following error message:

The DBAccess Componet is NOT Installed. Please contact the system
administrator.


Attached please find two documents for Friday's review meeting with Kelly.
Thanks, Stacy


I spoke with Phil Harris today.

My key messages -

1. Commercial interest does not appear high on partnering / investing with
PJM Technologies right now.  Doesn't mean that this is forever, but probably
will want to gauge the markets reaction to your activities before .

2. We've drafted a Stipulation for Enron and PJM that gets most of Enron on
board that I'm happy to send to your lawyers, but I want to be realistic
about its chances of success -

a)  appointment of a Settlement Judge (not Technical Staff) to oversee the
consolidation process with quarterly updates and right to comment from all
parties;
b) PJM will agree to modify its system including 1) FTR system, 2) eliminate
ICAP obligation, and 3) discussion about central market making functions (day
ahead markets).
c) a more specific obligation to move forward with the ability for Enron file
at FERC on Nov.1.02 to repeal this status with PJM pre-approval on our filing
(I went beyond the agreeing not to oppose such a filing).

He agreed with me that PJM wouldn't be able to sign.  We talked a little
about a middle ground, but he and I did not see any real options.

Given the time commitments for his lawyers, he is going to file something
that would (a) agree to a Settlement Judge, (b) ask FERC not to predetermine
any outcomes, especially a merger, and (c) don't hold his RTO hostage to our
demands.

I think that given the Alliance RTO and GridSouth RTO language, he'll get his
Order.

We agreed to keep talking.  I told him that we are trying to enter into
discussions with the PA PUC about moving their market further ahead and I'd
keep him in the loop.

He told me that he would be on C-SPAN this Wed am to discuss competition.  He
really is a big believer in this market.

Finally, and most interestingly, he did not oppose the idea of minimizing the
central market making functions of PJM.  He does not have a philosophy that
the Sys Op must manage all of the markets (I specifically asked about Day
Ahead).  He does see  a need for a workable solution that can shore up public
confidence right now.  He would like to migrate to a more market driven
environment in a reasonable timeframe.  He fully agrees that the market is
better than a Sys Op in determining what happens - his limitations are
technology and systems.  Ultimately the Sys Op should do nothing more than
manage the network within the last 10 minute interval.


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Sorry, I forgot to answer your last question.  I think its fine to send the
documents out to Hanover.  Even if some of the blanks are not filled in, we
can get their lawyers looking at the structure.  DF

	From:  Michel Nelson                           02/11/2000 11:31 AM

To: Drew Fossum/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON
cc: Charlie Graham/ET&S/Enron@ENRON

Subject: Hanover / TW Compression Monetization

Drew - Do I need some kind of confidentiality agreement? An attorney present
to discuss at first meeting?

MKM - One questions Jim Gill had was how do we get around FERC requirements -
someone from Regulatory available to discuss at first meeting or.....?

Although we believe the operating agreement and other details are in order, I
hadn't just planned to send them as is to Hanover. Some counseling may be in
order here, as I'm moving into new territory for me......

---------------------- Forwarded by Michel Nelson/ET&S/Enron on 02/11/2000
11:27 AM ---------------------------

	From:  Michel Nelson                           02/11/2000 11:11 AM

To: Charlie Graham/ET&S/Enron@ENRON
cc: Mary Kay Miller/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON

Subject: Hanover / TW Compression Monetization

Charlie -

Talked to Jim Gill with Hanover

jgill@hanover-co.com

Hanover Co
12001 N Houston Rosslyn
Houston
TX
77086

phone 281 405 5174

Per your previous conversation:
1. send equipment list - engine /comp models plus aux equipment

2. face to face meeting - Houston Feb 23 or 24 ( monetization team? )

* discuss equipment - operations (swing or continuous)
* jurisdictional / FERC issues

3. 3+- day station tour with Hanover VP of Ops

*site review
* very basic due diligence

4. re-group to:

*discuss issues
*financials
*agreement

Comments / questions......

Mike

---------------------- Forwarded by Michel Nelson/ET&S/Enron on 02/11/2000
10:58 AM ---------------------------

	From:  Charlie Graham                           02/10/2000 04:43 PM

To: Michel Nelson/ET&S/Enron@ENRON
cc:

Subject: Hanover!

Mike,

Talked to Jim Gill at 4:30 pm.  They are very interested.  He proposed the
following steps:

1)  Send him an equipment list.  I think the Description and Location
Schedule 1.1 from the P&S Agreement would more than suffice.

2)  He would like to visit the stations with the Hanover V.P. of Operations
and one other person.  (He indicated 3 total.)  A quasi due diligence look at
the condition of the facilities.  He would like access to records etc. during
his visit.

3)  We could set down and talk "financials" after that.

He did not seemed surprised that I did not have good station plot plans to
supplement the equipment list.  I will get a package together tomorrow.
[Forgot to get his address. dah!]

I conjectured that you would want to discuss this with him further tomorrow.
He said he would be in all day.

Charlie


Make sure you don't miss the last one....

Feudalism
You have two cows.
Your lord takes some of the milk.

----------

Fascism
You have two cows.
The government takes both, hires you to take care of them and sells you the milk.

----------

Pure Communism
You have two cows.
Your neighbors help take care of them and you all share the milk.

----------

Applied Communism
You have two cows.
You must take care of them, but the government takes all the milk.

----------

Totalitarianism
You have two cows.
The government takes them both and denies they ever existed.
Milk is banned.

----------

Pure Democracy
You have two cows.
You and your neighbors decide who gets the milk.

----------

Representative Democracy
You have two cows.
Your neighbors pick someone to tell you who gets the milk.

----------

Mexican Democracy
You have two cows.
The government takes both and drafts you into the army.

----------

European Democracy
You have two cows.
The EU commission decides which regulations for feeding and milking apply.
If there aren't any, they invent some.
They pay you not to milk the cows.
They take both cows, shoot one, milk the other and pour the milk down the drain.
They then require you to fill out forms accounting for the missing cows.

American Democracy
The government promises to give you two cows, if you vote for it.
After the election, the president is impeached for speculating in cow futures.
The press dubs the affair "cowgate," but supports the president.
The cows sue you for breach of contract.
Your legal bills exceed your annual income.
You settle out of court and declare bankruptcy.

----------

Capitalism
You have two cows.
You sell one and buy a bull.
Your herd multiplies, and the economy grows.
You sell them and retire on the income.

----------

Enron Venture Capitalism
You have two cows.
You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/ equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows.  The milk rights of the six cows are transferred via an intermediary to a Cayman Island company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company.  The annual report says the company owns eight cows, with an option on one more.


Contract Lawyering Panel Discussion

WHEN:  April 12, 2001
  6:30 - 7:45 p.m.

WHO:  Katherine Foldes
  Deborah Guyol
  Darsee Staley
  Philip Griffin

WHERE:  Ater Wynne LLP
  222 SW Columbia St.
  Suite 1800
  Portland, OR  97201

WHAT:  This event is free and open to all new lawyers.  FREE   pizza and
refreshments will be served.

Contact Peggy Miller at the Oregon State Bar at (503) 620-0222 or
1-800-452-8260, ext. 384 to register or email pmiller@osbar.org


Thanks.  See you tomorrow.

	"Vavrek, Carolyn (US - San Francisco)" <cvavrek@deloitte.com>
	04/04/2001 03:43 PM

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: RE: Assignment for Thursday

i think there is no prep 4 thurs
those other asgnts were dropped
hope u had fun in mexico
thanks 4 the files
- cv

Carolyn M. Vavrek
Manager - Human Capital Advisory Services
Deloitte & Touche
50 Fremont Street
San Francisco, CA  94105

phone: 415-783-5137
fax: 415-783-8760
e-mail: cvavrek@deloitte.com

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Wednesday, April 04, 2001 10:27 AM
To: Jeff.Dasovich@enron.com
Cc: Anil Sama; Vavrek, Carolyn (US - San Francisco);
Jeff.Dasovich@enron.com; Jeff_Dasovich@enron.com; Mark Guinney
Subject: Assignment for Thursday

Greetings:

Are we supposed to do the reading and the Oracle and Legal Services cases
for Thursday?  Syllabus says yes, but I gather from Tasker's Izio not that
we'll be in the computer center all class doing modeling.  (I'd email her,
but she doesn't get my emails apparently.)  Anyone have a clue?

Best,
Jeff

This message (including any attachments) contains confidential information
intended for a specific individual and purpose, and is protected by law.  If
you are not the intended recipient, you should delete this message and are
hereby notified that any disclosure, copying, or distribution of this
message, or the taking of any action based on it, is strictly prohibited.


I definitely want to renew, but as you know I never get home before the
leasing office closes.  I've got paintball Saturday morning but I know that
won't take all day so maybe I can go by in the afternoon to sign any
necessary papers.  My guess is you'll need to sign some papers as well.

To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Apt. Lease

Sue,

We had a message from the apt. office about renewing our lease. If we renew
we can get our carpet cleaned for free, I THINK?  Let me know if you need me
to do anything.  They have been sending you the renewal notices and leaving
you the messages, so I am not sure if you need to instigate it.

let me know

lisa


Julie,

Attached is ENA's proposal addressing the commercial terms to supply gas to the Rio Bravo IV power plant.  We are looking forward to discussing this in more detail during our conference call this afternoon.

Please provide your fax number and I will send/fax a signed proposal to your attention, ASAP.

Ruth Concannon
713-853-1667
ruth.concannon@enron.com


Chris,

I appreciate you forwarding this information to the appropriate people.  Now
I really owe you lunch.  let me know when you are available.

Thanks Again, Tom Clark

office 713-371-6766
home 713-864-0193
e-mail tom.clark@et.pge.com

 <<Tom Clark ResumeIII.doc>>

PG&E Energy Trading and any other company referenced herein which uses the
PG&E name or logo are not the same company as Pacific Gas and Electric
Company, the California utility.  These companies are not regulated by the
California Public Utilities Commission, and customers do not have to buy
products from these companies in order to continue to receive quality
regulated services from the utility.
 - Tom Clark ResumeIII.doc


Greetings:
As folks heard, Ken Lay met with some California CEOs last Friday back East.
As a result of that meeting, McNealy, CEO for Sun, asked for some background
and more detail on what Ken Lay proposed as a solution for California during
his meetings in California over the past couple of weeks.  McNealy and others
have expressed a willingness to make phone calls to policymakers, etc. to try
to advance the ball.

I pulled this together very hastily on Friday and take responsibility for all
errors, omissions, ramblings, etc.  Wanted to distribute, however, to make
sure that all had the info that is getting distributed.  Know folks are busy,
but this will likely get distributed to other CEOs this week, so any
comments, suggestions, etc. about how to improve are welcome and appreciated.

Best,
Jeff


October 20, 2000

     Teco Tap       0 / Enron ; 75.000 / HPL Gas Daily

October 21, 2000

     Teco Tap       0 / Enron ; 84.375 / HPL Gas Daily

October 22, 2000

     Teco Tap       0 / Enron ; 115.625 / HPL Gas Daily


j-flexx,

what you been up to dog?

alan

----- Original Message -----
From: Wolfe, Jason <Jason.Wolfe@ENRON.com>
To: Grigsby, Mike <Mike.Grigsby@ENRON.com>; Lenhart, Matthew
<Matthew.Lenhart@ENRON.com>; Reitmeyer, Jay <Jay.Reitmeyer@ENRON.com>;
Evans, Ted <Ted.Evans@ENRON.com>; Lisk, Daniel <Daniel.Lisk@ENRON.com>;
<eellwanger@triumphboats.com>; Lane Capron (E-mail 2)
<lane.capron@ci.boston.ma.us>; Alan Julson (E-mail) <aljulson@netzero.net>
Sent: Monday, October 15, 2001 8:18 AM
Subject: FW: OOPS

>  -----Original Message-----
> From: "Cherry, Beth" <Beth.Cherry@enform.com>@ENRON
> Sent: Monday, October 15, 2001 7:02 AM
> To: Lindner, Fred; Landry, Ashley; Robinson, Misty
> Cc: Wolfe, Jason
> Subject: FW: OOPS
>
>
> Beth Cherry
> ___________
> Sr. Creative Consultant
> EnFORM Technology
> 713.350.1860
>
> -----Original Message-----
> From
> >Subject: Fwd: FW: Fw: OOPS
> >Date: Fri, 12 Oct 2001 15:51:41 -0500
> >
> _________________________________________________________________
> Get your FREE download of MSN Explorer at
> http://explorer.msn.com/intl.asp <<mailto:veronicacherry@hotmail.com>>
>
>
>  - ATT01044.htm
>  - priceless.jpg
 <<priceless.jpg>>  <<http://explorer.msn.com/intl.asp>>

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


They have restored the link on eHRonline to view your eectronic pay stubs. Please see below for instructions on how to access the system.

If you have any questions, please let me know!

Thanks,
Grace
x8321

 -----Original Message-----
From: 	Kearney, Julie
Sent:	Monday, December 03, 2001 11:50 AM
To:	Rodriguez, Grace
Subject:	Viewing Electronic Pay Stubs

Below is the information that was sent out earlier this month about the electronic viewing and printing of your direct deposit advice.

 -----Original Message-----
From: 	Enron.Announcements@enron.com@ENRON COMMUNICATIONS   On Behalf Of Enron.Payroll@enron.com
Sent:	Wednesday, November 07, 2001 2:28 PM
To:	Enron.Payroll.group@enron.com
Subject:	Viewing Electronic Pay Stubs

Effective with the November 15 payday, electronic viewing and printing of
your direct deposit advice will be available on eHRonline.  This new
feature allows you to view your pay information at a time convenient for
you.  Later this year, you will be able to view this information from your
home on your ClickAtHome computer.

The following is information to help you view this document beginning on
November 15.  To access and print your pay advice from eHRonline:

     1.   Log-on to eHRonline with your "P" number and password.
     For more details on how to log-on to eHRonline, see
     step-by-step instructions at
     http://isc.enron.com/site/doclibrary/user/
     2.   Navigate to the pay advice using the following navigation
     menus:
?    Pay Information
?    Paycheck Inquiry
     3.   Select the appropriate payroll period.
     4.   Click on the Continue button.
     5.   Click on the payroll period link under the Period heading;
     a new window opens.
     6.   Select the Open this file from its current location option.
     7.   Click on the OK button; this starts Adobe Acrobat Reader.
     8.   View your pay advice.
     9.   Click on the Print icon from the main toolbar.
   10.    Verify/change the displayed printer.
   11.    Click on the OK button to print the pay advice at the
     designated printer.  For more details on how to view & print
     your pay advice from eHRonline, see step-by-step
     instructions at http://isc.enron.com/site/doclibrary/user/

The advice information will remain on this site throughout the year
allowing you to view or print the information at your convenience.  You can
view a sample of the online pay stub by following this link to
http://hrweb.enron.com/, click on Payroll Services and then on Payroll
Forms.

If you'd like more details, there will be an Information Booth on November
13 through 15 from 11 am to 2 pm in the lobby of Enron North.  Come by and
visit with Payroll Representatives who will demonstrate how the process
works.


Jeff,

Below is a list of items I'd like to discuss with you when we both have
time(?).  I just wanted to brief you first.

I'm thinking about having a meeting with the basis traders every morning from
8:15 - 8:30 after each trader has gathered information from their desk
meetings.  This would be the optimal time to strategize as a group since
changes in regional fundamentals and respective basis implications would be
fresh in everyone's mind.  Would it be okay to delay EOL market-making in
basis until 8:30?  I think it would be worth it.
I think it would be a good idea to meet with leaders from other groups
(origination (who?), structuring (who?), Julie Gomez, and Fred Lagrasta) on a
regular basis to obtain new information on anything that might affect ENA's
basis positions.  Could you point me in the right direction as far as whom to
involve and maybe notify them of my intentions?
Should we set up a new book (under my management) which would hold certain
strategic positions such as spread trades and/or more complex structured
positions?  I think it would be easier to manage that way by not being
"cluttered up" in different books (i.e.  the P/L from these trades would be
my focus instead of managed by other traders.)
Do you think the traders could eventually report directly to me?  It seems
like more intense leadership might provide an extra push to the group.

Talk to you soon,

Fletch


---------------------- Forwarded by Scott Neal/HOU/ECT on 11/14/2000 04:31 PM
---------------------------

<butch@watsonmoving.com> on 11/13/2000 08:29:17 PM
To: <DBennyDad@aol.com>, <DBennyDad@aol.com>, <BBURGE@FLASH.NET>,
<KbutchW@aol.com>, <jdaghorn@aol.com>, <Catho928@aol.com>,
<Mrreemus@aol.com>, <murphyg@mercersales.com>, <EGwydir@aol.com>,
<robin99tim@yahoo.com>, <kingb@nuevoenergy.com>, <peggy01@ev1.net>,
<kay_mitchell@hotmail.com>, <sneal@enron.com>, <tdpatton00@yahoo.com>
cc:
Subject: Banner Painting

Dear Wildcat Moms:

We will be painting banners for each of the boys at my house
beginning at 9:00am Wednesday, Nov. 15 - come if you can....

Karen Butcher


Please let me know why my VAR is $2.2 million.  My position is 108.3 short,
so I need to know why the VAR is so large .  Hunter would like an answer as
soon as psossible.

Thanks


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I need an update on this today and everyday, until this is resolved.   Then I need to meet with the responsible parties, so that we can devise a solution, so that this does not ever re-occur.   I consider this extremely serious and unacceptable, if what I am understanding is correct.  That is, that none of the files since June have posted to the Business Units Financials?

I have emails that show that I asked that this was be resolved and current by the end of September.   SO, I have to ask the question, WHY?  Where did the communication break-down occur?

Morris A. Brassfield
Enron Transportation Services
Senior Director
Operations Support Services
Three Allen Center 3285
333 Clay Street
Houston, Texas 77002

713-646-7006  Business Phone
713-503-1409  Cell Phone

 -----Original Message-----
From: 	Brassfield, Morris
Sent:	Monday, October 22, 2001 9:41 AM
To:	Centilli, Carolyn; Smith, Jennifer M.
Cc:	Knepshield, Judy; Johnson, Mary Ann; Gillespie, John
Subject:	RE: Purchasing Card Files

I need an estimate of the magnitude of this "Lack of Action" to the Business Units.

Morris A. Brassfield
Enron Transportation Services
Senior Director
Operations Support Services
Three Allen Center 3285
333 Clay Street
Houston, Texas 77002

713-646-7006  Business Phone
713-503-1409  Cell Phone

 -----Original Message-----
From: 	Centilli, Carolyn
Sent:	Monday, October 22, 2001 9:22 AM
To:	Brassfield, Morris; Smith, Jennifer M.
Cc:	Knepshield, Judy; Johnson, Mary Ann; Gillespie, John
Subject:	RE: Purchasing Card Files

That is correct none of the allocation files have been posted to the financials.

Carolyn

 -----Original Message-----
From: 	Brassfield, Morris
Sent:	Monday, October 22, 2001 9:04 AM
To:	Smith, Jennifer M.; Centilli, Carolyn
Cc:	Knepshield, Judy; Johnson, Mary Ann; Gillespie, John
Subject:	RE: Purchasing Card Files

So are we saying that the Allocation Files since June have not posted to the Business Units in SAP Financials?

Morris A. Brassfield
Enron Transportation Services
Senior Director
Operations Support Services
Three Allen Center 3285
333 Clay Street
Houston, Texas 77002

713-646-7006  Business Phone
713-503-1409  Cell Phone

 -----Original Message-----
From: 	Smith, Jennifer M.
Sent:	Monday, October 22, 2001 9:01 AM
To:	Centilli, Carolyn
Cc:	Knepshield, Judy; Brassfield, Morris; Johnson, Mary Ann; Gillespie, John
Subject:	RE: Purchasing Card Files

Carolyn,

June July and August were parked as of last Friday and could not be posted due to the number of line items. I instructed her to copy the file and shorten the number of lines so they could be posted. I am waiting to hear back from her this morning to see if they have been posted.

She is entering the remainder of Sept that had coding problems today.

 -----Original Message-----
From: 	Centilli, Carolyn
Sent:	Monday, October 22, 2001 8:59 AM
To:	Smith, Jennifer M.
Cc:	Knepshield, Judy; Brassfield, Morris; Johnson, Mary Ann; Gillespie, John
Subject:	RE: Purchasing Card Files

Jennifer, are you saying that all of the allocation files for June, July, August, and September have been posted and we can now run our monthly reports for October and see these charges hitting our cost centers, etc?  Which posting is Kim working on?

Thanks

Carolyn

 -----Original Message-----
From: 	Smith, Jennifer M.
Sent:	Monday, October 22, 2001 8:28 AM
To:	Brassfield, Morris; Centilli, Carolyn
Cc:	Knepshield, Judy
Subject:	RE: Purchasing Card Files

Morris,

This will bring us up to current.

Judy, I have left a message for Kim to update me on the postings for WEX. I will e-mail everyone when I hear back.

Jennifer

 -----Original Message-----
From: 	Brassfield, Morris
Sent:	Monday, October 22, 2001 6:42 AM
To:	Smith, Jennifer M.; Centilli, Carolyn
Cc:	Knepshield, Judy
Subject:	RE: Purchasing Card Files

Will this bring us up to current for the year?

Morris A. Brassfield
Enron Transportation Services
Senior Director
Operations Support Services
Three Allen Center 3285
333 Clay Street
Houston, Texas 77002

713-646-7006  Business Phone
713-503-1409  Cell Phone

 -----Original Message-----
From: 	Smith, Jennifer M.
Sent:	Thursday, October 18, 2001 8:54 AM
To:	Centilli, Carolyn
Cc:	Knepshield, Judy; Brassfield, Morris
Subject:	RE: Purchasing Card Files

Carolyn,

Kim is entering the Sept charges this week.  Also, the Oct. will be done by the end of the month.

Due to the length of time it took to obtain the f-02 access, it has taken longer to input the entries. Also, it takes approximately 3 days to have all entries made for one  month.

Jennifer

 -----Original Message-----
From: 	Centilli, Carolyn
Sent:	Thursday, October 18, 2001 8:09 AM
To:	Smith, Jennifer M.
Cc:	Knepshield, Judy; Brassfield, Morris
Subject:	Purchasing Card Files

Jennifer, I spoke with the manager of the Midland team this morning and she is still unable to find any information in her reports about vehicle charges.  She pulled information for September and October for two different locations and these allocations are still not showing up.  Please give me a call so we can discuss the purchasing card allocation file.

thanks

Carolyn

713-345-8496


Jim:

Pursuant to our recent conversation, I have attached below a DRAFT of ENA's
standard (1) municipal ISDA Schedule and (2) Paragraph 13 to the ISDA Credit
Support Annex.  These two documents are intended to supplement the
boilerplate for the ISDA Master Agreement and the ISDA Credit Support Annex.
The forms are generic, that is, they have not been tailored for use by a
specific municipal counterparty; they would necessarily be the subject of
specific negotiations.

Energy New England's agency relationship with the various municipalities
appears to cover physical trading.  Notwithstanding the agency agreement, the
financial trading world requires much more specificity, including but not
limited to, evidence of authority to execute a master financial agreement and
transactions thereunder.  Additional information, including a legal opinion,
is also required.

I assume from our prior conversation that you already have in your possession
copies of the ISDA boilerplate.  Please advise otherwise.

You should feel free to contact Ed Sacks with questions regarding collateral
support documentation.  As I mentioned, the attached Paragraph 13 has not
been customized.

Please feel free to call if you have any questions.

Sara


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 09/01/00 04:06 PM -----

	"MURIEL McFARLING" <MCFAM@andrews-kurth.com>
	08/31/00 11:56 AM

		 To: "David Barbour" <BARBD@andrews-kurth.com>, "DEBORAH LOWE"
<LOWED@andrews-kurth.com>, "MURIEL McFARLING" <MCFAM@andrews-kurth.com>,
"Michael Thimmig" <THIMM@andrews-kurth.com>, <alan.quaintance@enron.com>,
<brenda.l.funk@enron.com>, <Carol.St.Clair@enron.com>,
<charles.delacey@enron.com>, <Clement.abrams@enron.com>,
<David.roland@enron.com>, <Joel.ephross@enron.com>,
<tina.livingston@enron.com>, <Trevor.Randolph@enron.com>,
<trushar.patel@enron.com>, <mniebruegge@mayerbrown.com>,
<tellwood@mayerbrown.com>, <eawilburn@prickett.com>, <Tamullen@prickett.com>,
<kenton@rlf.com>, <mark.wolf@us.cibc.com>, <mercedes.arango@us.cibc.com>,
<schottla@us.cibc.com>, <aroberts@wilmingtontrust.com>
		 cc:
		 Subject: Enron/McGarret C

In connection with the McGarret C transaction, attached are final drafts of
the following documents in Word and WordPerfect format marked against the
drafts circulated last night.

Put Option Agreement (254334);
Amended and Restated LLC Agreement (McGarret III) (254352);
Sale and Auction Agreement (254372);

If you have any questions or comments, please call Muriel McFarling at (713)
220-4242 as soon as possible.  Thank you.

 - 254372.wpd
 - 254334.wpd
 - 254352.doc
 - 254352.wpd
 - 254372.doc
 - 254334.doc


---------------------- Forwarded by Greg Whalley/HOU/ECT on 06/04/2001 12:19
PM ---------------------------
From: Kevin Garland/ENRON@enronXgate on 06/03/2001 11:08 PM
To: Greg Whalley/HOU/ECT@ECT
cc: Liz M Taylor/HOU/ECT@ECT
Subject: FW: Draft of Organizational Announcement

This has been reviewed by HR and Gene Humphrey.  Please respond with any
comments.  It is intended to go out on Tuesday at noon.  I will have the
reorg group meeting Tuesday morning.

KG

Announcing the Formation of One Corporate Equity Investing Unit

To better develop and manage equity investment opportunities related to our
core businesses, Enron has formed one corporate equity investment unit.  This
new unit, Enron Principal Investments, will combine the existing investment
units of ENA, EBS and Enron Investment Partners.  Additionally, the Enron
Wholesale Restructuring Group will also become part of Enron Principal
Investments.  The strategy of Enron Principal Investments will be to work
with the all the business units of Enron to identify, execute, and manage
equity investments, which leverage the Enron's unique and proprietary
knowledge.   These investments may be in the form of venture capital, LBO's,
traditional private equity and distressed debt positions.

Kevin Garland will serve as Managing Director of Enron Principal Investments,
overseeing all of its activities.  Gene Humphrey, Michael Miller, Richard
Lydecker, and their groups, will join Kevin and his group to form this new
investments unit.

This new investment unit will report to Greg Whalley, in his capacity as an
Enron Policy Committee member.  Please join me in congratulating and
supporting Kevin, Gene, Michael, Richard and the other members of this group
in this effort.

Jeff Skilling


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/15/2000
04:37 PM ---------------------------

Maureen Raymond
09/14/2000 04:54 PM
To: Jim Cole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jirayut
Rungsrithong/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James A
Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Enron's Country Curves

Jim,

In response to the 3 questions below:

Who prepares Enron's country curves? - The Foreign Exchange and Country Risk
group within Enron North America's Research Group is responsible for
producing the forecasts of inflation and foreign exchange.

What is the criteria in determining the curves? Please explain. - The FX and
Country Risk team analyses a host of data and information to forecast foreign
exchange curves and predict inflation.   Primarily, we depend on the work of
the Institute of International Finance (IIF), we also talk with their staff
Senior Ph.D. Economists.  We review the current macroeconomic policy mix
including monetary, fiscal and exchange rate policies and their
sustainability.   We also analyze the balance of payments to make sure their
are no pressures on the current account, capital account  or foreign exchange
reserves.   In addition, we look at economic output in light of all the above
mentioned factors and incorporate our global outlook of global growth and
international commodity prices.  Then we determine our expectations for
changes to these conditions based on many domestic and international
factors.  We also evaluate the progress of  IMF program and the countries
ability and willingness to meet the IMF criteria, and whether or not they are
in compliance with the Fund.    In addition, we analyze the political
risk/stability of the country, timing of elections and or major
constitutional or policy changes which would have a major impact on the
economy.  We also perform a ratio analysis of a country's ability to repay
its debt in the context of debt-to-GDP ratios, debt service, import coverage,
FDI-to-current account, etc.   We analyze the stability of the country's
banking system, level non-performing loans-to-total, bankruptcy laws, and
progress on restructuring bad debts.   All these factors influence the
outlook on local price changes and movement of the exchange rate.

How often do the curves get updated? - Curves are updated upon request from
the Enron business units or RAC.  The business units need to have the curves
updated before Risk Assessment and Control evaluates the projects.

Maureen Raymond-Castaneda

Jim Cole@ENRON_DEVELOPMENT
09/13/2000 12:14 PM
To: Maureen Raymond@ECT
cc:
Subject: Enron's Country Curves

Maureen,
Could you please answer the three brief questions below ASAP?

Thanks,
Jim
---------------------- Forwarded by Jim Cole/ENRON_DEVELOPMENT on 09/13/2000
12:18 PM ---------------------------

Ramon Rodriguez
09/13/2000 12:16 PM
To: Jim Cole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Lian Ji/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Enron's Country Curves

Jim,

Please call Maureen or your contact TONIGHT to get the appropriate response.

R

---------------------- Forwarded by Ramon Rodriguez/ENRON_DEVELOPMENT on
09/13/2000 11:36 AM ---------------------------

Jirayut Rungsrithong
09/13/2000 04:15 AM
To: Ramon Rodriguez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Enron's Country Curves

Ramon:

We received questions from the lenders re: Enron's country curves:

Who prepares Enron's country curves?
What is the criteria in determining the curves? Please explain.
How often do the curves get updated?

Could you please answer these questions?

Regards,
Jay


I would like to RSVP my wife Laura and myself.

Thank you


what happened to griese?


You try and do something nice, keep people informed and involved and it just
gets thrown back in your face.

That's okay though because, "I'm good enough, I'm smart enough and dog-gonnit
people like me."


Jeff, I am in the process of getting the Articles of Inc. for Enron
Telecommunications, Inc. and the Cert. of Status as Foreign Corporation from
CA Sec. of State.  This is a Delaware corp. and the offices were closed
because of the snow storms.  I will keep you posted.  Robin Hill

Jeff Dasovich @ EES on 01/24/2000 02:08:06 PM

To: Scott_Bolton@enron.net @ ENRON, Robin Hill/Enron Communications@Enron
Communications, Steve McCarrel@ENRON_DEVELOPMENT

cc:

Subject: Next Steps for California Filing

Greetings All:
When we spoke with Bowen, et al last week, we determined that there were some
deliverables that Enron needed to pull together before we could get the
application in order for filing.  According to my notes, those include:

Articles of Incorporation--Steve
Cert. of Status as Foreign Corporation from CA Sec. State--Steve
Pro Forma Balance Sheet--Scott/Steve/Todd Henney (sp?)
Customer Base Estimates--Scott
Bank Letter Confirming 100K in liquid assets--Scott/Steve
Modifications to the price list, etc., in the draft AFTS
tariff--Scott/Steve/Rebecca Lynch
Biographies of Key Management--Scott

We also talked about trying to have another call either on Tuesday or
Wednesday.

Two questions:
What's the status of pulling together our internal deliverables?
Does it make more sense to get the deliverables pulled together first, before
we have another call?

Best,
Jeff


I am in the process of getting these deals valued.  I know what we have
booked in Tagg as of now, but need to reconcile it to what People's has
booked.  I got something from Steve last time I was up, but it does not have
deal terms.  Could you ask Steve for a list that has the terms of each deal?
I don't even know his last name.  Thanks.

DG


Talked to Chris McComb yesterday assuming Chet was a no way deal. Sniffed
out what Chris has in mind and politely told him that I concerns about it
and he needed to go talk to his dad and bro about what they wanted to do.
Chris proposed that his individual design company buy the spot for business
use and maybe his friends could shoot a buck under it too and pay him a
little back. May work I said, but opening weekend would need to be members
only, he suggested that his friends could alternate coming on opening
weekend: which I interpreted as Chris fencing spot 8a and 8b for his friends
Toby and Bobby to pay 1k a piece. I told him that was likely unacceptable,
to discuss with family and get back to me...

I then called chet to beg one last time and he was receptive. BMC looks to
be doing better he says. He was going to talk to Molly about it and would
like to look at how co. does over the next quarter.
Please call and encourage him to commit.

Thanks ,e.

_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx


Kim:  Mark Russell asked what lawyer will handle the gas master physical.
Have you spoken with a physical lawyer yet?

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
----- Forwarded by Sara Shackleton/HOU/ECT on 04/20/2001 04:35 PM -----

	Kim Ward
	04/20/2001 04:01 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: RE: FW: Master purchase/sale agreement

Sara,

Attached is Salt River Projects ISDA attachments.  I know that we have
previously sent them our attachments (in 1999).  Mark Russell of SRP will be
contacting you to negotiate this agreement.  I hope it is ok that I have him
your name.  Please let me know if there is anything that I can do to help and
keep me posted on developments.

Thanks!

Kim
---------------------- Forwarded by Kim Ward/HOU/ECT on 04/20/2001 03:59 PM
---------------------------

marussel@srpnet.com on 04/05/2001 05:28:19 PM
To: <Kim.Ward@enron.com>
cc: <marussel@srpnet.com>
Subject: RE: FW: Master purchase/sale agreement

I have attached our standard CSA and Schedule.  Thanks.

-----Original Message-----
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com]
Sent: Thursday, April 05, 2001 9:13 AM
To: marussel@srpnet.com
Subject: Re: FW: Master purchase/sale agreement

Mark,

The best person to talk to about the ISDA is me.  I discussed an ISDA with
Tim Roberts when I was in the Salt River offices on March 23rd.  A draft
ISDA was sent to Bill Abraham on November 17, 1999.  I requested for a new
legal review on 3/28/01.  Let me know if you need a new draft and I can
send you or Tim a copy.  My number is 713-853-0685.

Thanks for your inquiry -

Kim Ward

marussel@srpnet.com on 04/05/2001 08:20:15 AM

To:   <Kim.Ward@enron.com>
cc:   <marussel@srpnet.com>
Subject:  FW: Master purchase/sale agreement

I have been trying to get an ISDA going with Enron for several months. Who
is the best contact to call?

-----Original Message-----
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com]
Sent: Friday, March 30, 2001 2:59 PM
To: kaprice@srpnet.com
Subject: Master purchase/sale agreement

Kent,

Attached is a draft copy of our Master Purchase/Sale Agreement for physical
natural gas transactions.  As I mentioned before, we can enter into
transactions for less that one year out.  However, for those outside of a
year and for longer terms, we need to have a master in place.  Hopefully,
we can get this one in place so that we will be prepared when/if we get
ready to transact.

Let me know if you have any questions.  I will have our legal guys standing
by to help, too.

Thanks,

Kim Ward

(See attached file: Master_NG_draft_contract.doc)

(See attached file: Master_NG_draft_contract.doc)

 - 01101.sample credit annex isda.doc
 - 011101.sample isda schedule.doc


Teresa G. Bushman
Enron North America Corp.
1400 Smith Street, EB 3835A
Houston, TX  77002
(713) 853-7895
fax (713) 646-3393
teresa.g.bushman@enron.com

----- Forwarded by Teresa G Bushman/HOU/ECT on 12/22/2000 04:53 PM -----

	"Rosser, Dianna" <drosser@velaw.com>
	12/19/2000 05:56 PM

		 To: "'mwilson@milbank.com'" <mwilson@milbank.com>, "'rwight@milbank.com'"
<rwight@milbank.com>, jeffrey.w.dellapina@chase.com,
melissa.c.vogel@chase.com, philip.levy@chase.com
		 cc: "Shouse, August" <AShouse@velaw.com>, "'teresa.g.bushman@enron.com'"
<teresa.g.bushman@enron.com>, "'joseph.deffner@enron.com'"
<joseph.deffner@enron.com>
		 Subject: blacklined documents and closing checklist comments

Attached please find blacklined versions of the 5 documents that have
changed, based on the 12/15 comments that Melanie Wilson sent as well as the
subsequent conversation between Melanie, August Shouse and myself.  In
addition, the Guaranty has been further revised to reflect the June 2000
Guaranty as opposed to the June 1999 Guaranty.
 Milbank has raised the question as to whether the surety bonds are
assignable, and we understand from Enron that they are not assignable.  This
information has already been relayed by Joe Deffner to Jeffrey Dellapina.

 Milbank has also sent us a closing list.  What we have sent Milbank
includes:
  1.2- Margin Agreement
  1.3- Margin Price Confirmation Letter
  1.4- Enron Guaranty
  1.7- Consent and Agreement (Enron Corp)
  1.8- Consent and Agreement (ENAC)
  2.1- Forward Sale Agreement
  2.2- Confirmation Letter of Natural Gas Inventory Forward
Sale

 Additionally, we have sent Milbank a Letter Agreement regarding
duplicate delivery of information, which does not appear on the closing
list.
 We are not planning on drafting 1.1- Assignment Agreement, as is
currently reflected on the list.  We assume that Milbank is going to draft
this document.  We are also not doing 1.5- Surety Bond; the surety companies
will be doing those.  In addition, 3.1 and 4.1- Good Standing Certificates,
3.2 and 4.2- Secretary's Certificates have traditionally been handled by
Enron Corp.  Lastly, we are not planning on getting 5.1- Good Standing
certificates for Mahonia.

 We would also propose that Milbank reorganize the closing checklist
so that the gas sale transaction documents between Enron and Mahonia are in
one group.For example, 1.2, 1.3, 1.4, 1.5, 1.7, 1.8, 2.1, 2.2 plus the
Letter Agreement regarding duplicate delivery of information should be in
one group regarding the forward sale contract, and all other documents
should be in one or more other groups.

 Please feel free to contact August Shouse or me with any questions
or comments.

 Warm regards,

 Dianna J. Rosser
 Vinson & Elkins L.L.P.
 Business and International Section
 3300 First City Tower
 1001 Fannin Street
 Houston, Texas 77002-6760
 tel: (713) 758-3688
 fax: (713) 615-5899
 email: drosser@velaw.com
>
>
>
>
>  <<Houston_414601_1.DOC>>  <<Houston_414342_1.DOC>>
> <<Houston_414358_1.DOC>>  <<Houston_414377_1.DOC>>
> <<Houston_414393_1.DOC>>
          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You

 - Houston_414601_1.DOC
 - Houston_414342_1.DOC
 - Houston_414358_1.DOC
 - Houston_414377_1.DOC
 - Houston_414393_1.DOC


CALENDAR ENTRY:	INVITATION

Description:
	EB3109  Services meeting re: coal plants

Date:		4/23/2001
Time:		3:00 PM - 4:00 PM (Central Standard Time)

Chairperson:	Stacey W White

Detailed Description:


-----Original Message-----
From: 	Jamie_K_Schnorf@fpl.com@ENRON   On Behalf Of Jamie_K_Schnorf@fpl.com
Sent:	Thursday, February 21, 2002 10:48 AM
To:	Art_R_Morris@fpl.com; Spraggins, Gary; Linhart, Joe; Michael_Jessop@fpl.com; Janzen, Randy; Ronald_Scheirer@fpl.com; TransOKnoms@enogex.com
Cc:	Forbish, Sherry; Greaney, Chris
Subject:	Lamar Nominations (Feb 22)

Attached is the NNG Lamar burn schedule for February 22, 2002.  At this
time we plan on  45,000.

Thanks

Jamie Schnorf - FPL
561-625-7032

(See attached file: 0202 NNG Lamar Nomination.xls)
 - 0202 NNG Lamar Nomination.xls


Start Date: 4/21/01; HourAhead hour: 3;  No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042103.txt

---- Generation Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/21/01
  UNIT_ID: HARBGN_7_UNITS

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 3 / Preferred:   0.42 / Final:   0.39)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE1
  MKT_TYPE: 2
  TRANS_DATE: 4/21/01
  SC_ID: EPMI


Chris,

We need to see what we need to do to get access to this meeting.  I'm going to forward Kathy Sheppard this message and ask her to coordinate getting it on our schedule.

MO

 -----Original Message-----
From: 	John, Mary
Sent:	Friday, August 10, 2001 11:40 AM
To:	O'Neil, Murray P.
Cc:	Juden, Michelle
Subject:	Power Task Force - Update

Michelle,

Murray would like to attend future power meetings.  He works with Brenda Herod in the Operations Group.

Mary
---------------------- Forwarded by Mary John/HOU/EES on 08/10/2001 11:37 AM ---------------------------

	Enron Energy Services  From:  Michelle Juden                           08/07/2001 01:43 PM Phone No: 713-853-3192

To:	Mark Kiddle/HOU/EES@EES <mailto:Kiddle/HOU/EES@EES>, John D Burrows/HOU/EES@EES <mailto:Burrows/HOU/EES@EES>, Humberto Cubillos-Uejbe/HOU/EES@EES <mailto:Cubillos-Uejbe/HOU/EES@EES>, Molly Harris/Enron@EnronXGate <mailto:Harris/Enron@EnronXGate>, Eric Letke/HOU/EES@EES <mailto:Letke/HOU/EES@EES>, Jennifer Hillegonds/HOU/EES@EES <mailto:Hillegonds/HOU/EES@EES>, Greg Nikkel/HOU/EES@EES <mailto:Nikkel/HOU/EES@EES>, Mary John/HOU/EES@EES <mailto:John/HOU/EES@EES>, Richard Miller/HOU/EES@EES <mailto:Miller/HOU/EES@EES>, Erling Brakke/HOU/EES@EES <mailto:Brakke/HOU/EES@EES>, Karen Cutler/HOU/EES@EES <mailto:Cutler/HOU/EES@EES>, Jeff Cobb/HOU/EES@EES <mailto:Cobb/HOU/EES@EES>, Roger Persson/HOU/EES@EES <mailto:Persson/HOU/EES@EES>, Shelly Stubbs/Enron@EnronXGate <mailto:Stubbs/Enron@EnronXGate>, Dwight Fruge/HOU/EES@EES <mailto:Fruge/HOU/EES@EES>, Mary Lynne Ruffer/HOU/EES@EES <mailto:Ruffer/HOU/EES@EES>, Lyman Wilkes/HOU/EES@EES <mailto:Wilkes/HOU/EES@EES>, Steve Kerman/HOU/EES@EES <mailto:Kerman/HOU/EES@EES>, Nicole Schwartz/HOU/EES@EES <mailto:Schwartz/HOU/EES@EES>, Jennifer Rudolph/HOU/EES@EES <mailto:Rudolph/HOU/EES@EES>, Jennifer Smith/ENRON@enronXgate <mailto:Smith/ENRON@enronXgate>, Jay Bhatty/HOU/EES@EES <mailto:Bhatty/HOU/EES@EES>, Teresa Seibel/Enron@EnronXGate <mailto:Seibel/Enron@EnronXGate>, Cassandra Alston/HOU/EES@EES <mailto:Alston/HOU/EES@EES>, Mary Jo Johnson/HOU/EES@EES <mailto:Johnson/HOU/EES@EES>, Mark Courtney/HOU/EES@EES <mailto:Courtney/HOU/EES@EES>, Connie Estrems/HOU/EES@EES <mailto:Estrems/HOU/EES@EES>, Phil Layton/HOU/EES@EES <mailto:Layton/HOU/EES@EES>, Deborah D Merril/HOU/EES@EES <mailto:Merril/HOU/EES@EES>
cc:	Robert Bailey/HOU/EES@EES <mailto:Bailey/HOU/EES@EES>, Mallik Avs/HOU/EES@EES <mailto:Avs/HOU/EES@EES>, Beth Apollo/Enron@EnronXGate <mailto:Apollo/Enron@EnronXGate>
Subject:	Power Task Force - Update

I want to update you all as to what I have been doing.  I have had individual meetings with Product Development, Legal, the Transisiton Tool team, Origination (with more meetings needed), Credit, Power Risk Book, and a brief meeting with Site Profile (with more to come).  Attached is the status update on the Outstanding Issues that we identified in our last meeting.  There are still some things that need to be worked out - still some automation that needs to take place, real-time pricing decision, etc.  I would like to get together again briefly as a group on Thursday to discuss.  I will send out an invitation as soon as I have a time and a room.

Please let me know if you have any questions or issues to add.

Thanks!
Michelle Juden


take-out, wine, and movie?


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 03/05/2001
01:46 PM ---------------------------

	Invitation
Chairperson: Colin Tonks

Start: 03/14/2001 03:00 PM
End: 03/14/2001 04:00 PM
Room: EB32C2

Description: Demonstration of Seibel

This meeting repeats   starting on    (if the date occurs on a weekend the
meeting ).
Meeting Dates:

Cynthia Pearse/ENRON@enronXgate
Hunter S Shively/HOU/ECT@ECT
Chris Gaskill/Corp/Enron@Enron
Frank W Vickers/NA/Enron@Enron
Ryan Orsak/ENRON@enronXgate
Barry Tycholiz/NA/Enron@ENRON
Airam Arteaga/HOU/ECT@ECT

Detailed description:
When: Wednesday, March 14, 2001 3:00 PM-4:00 PM (GMT-06:00) Central Time (US
& Canada).
Where: EB32C2

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

Customer relations manager currently implemented by Industrial Markets.


Looks fine.

	Enron Capital & Trade Resources Corp.

	From:  "Meringolo, Peter" <PMeringolo@brobeck.com>
11/16/2000 11:58 AM

To: "'Richard.B.Sanders@enron.com'" <Richard.B.Sanders@enron.com>
cc: "'msmith1@enron.com'" <msmith1@enron.com>, "'David_Aamodt@pgn.com'"
<David_Aamodt@pgn.com>, "'Mary.Hain@enron.com'" <Mary.Hain@enron.com>,
"'jkeller@enron.com'" <jkeller@enron.com>, "'mday@gmssr.com'"
<mday@gmssr.com>, "Fergus, Gary S." <GFergus@brobeck.com>
Subject: Draft Response to CPUC subpoena on behalf of EPMI

Richard,

Attached for your review is a draft of EPMI's objections and responses to
the CPUC subpoena.  Please let me know if you have any questions or
comments.

 <<38#5_02!.DOC>>
Peter P. Meringolo
Brobeck, Phleger & Harrison LLP
Spear Tower
One Market
San Francisco, CA 94105
Main:  (415) 442-0900
Direct:  (415) 442-1285
Fax:  (415) 442-1010

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 - 38#5_02!.DOC


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/11/2001
06:03 PM ---------------------------

"Paul Bristow" <pbristow@riskwaters.com> on 01/11/2001 02:45:28 PM
Please respond to <pbristow@riskwaters.com>
To: <vkamins@enron.com>
cc:
Subject: Energy & Power Risk Management 2001, Houston

Dear Vince,

It is my great pleasure to confirm your participation at Energy & Power Risk
Management 2001 on May 14th. Please take a moment to look at the current
line-up on the attached draft program. I have held a position on the panel
discussion if you wish to take part. The current talk titles are based upon
our telephone conversations and I am happy to discuss any potential changes.
I would like to confirm the following details by Thursday, January 18th:

Final talk title
Bullet points (5-6)
Full name, job title, company title
Postal address

I am sure that you will agree that this year, Energy & Power Risk Management
,s annual event provides a wide range of highly topical sessions. I look
forward to receiving your full presentation details and meeting you in May.

Yours sincerely,

Paul Bristow
Conferences Manager, US
Risk Waters Group
270 Lafayette Street
Suite 7
New York 10012
212 925 6990 ext 225
pbristow@riskwaters.com

 - revspktemp2.doc


Seems to me we could put these under the category of potential losses.  After
all, the Utilities are in violation of the PUC ruling re rebates and there
certainly is a legitimate expectation that the Utilities will make good on
debts---even if it is over time.  We could also limit all of this to UCal
stuff, too.

>>> <Jeff.Dasovich@enron.com> 03/21/01 08:43AM >>>

Mike:  Here are my comments.  Apologies for the fact that they are quick
and dirty.

All Enron's public statements that I have read, including, I think,
statements made to financial analysts, state that our exposure in
California is not "material."  Dennis' declaration says that the
situation in California has been a "financial disaster," that "Enron has
lost over $300 million," and that "Enron stands to lose millions more."
The losses are described as "huge."  Perhaps this is information that
has since been communicated to the market, but I'm not aware of it.  And
if it hasn't, it could represent a significant conflict with previous
statements.  Seems prudent to run this by IR and perhaps others before
releasing.
Regarding the statements about our hedging strategy.  It would seem
prudent to run this through the organization for comment and discussion
prior to making public.
Very minor technical point--I don't think that AB 1890 was passed
"unanimously."  I think that there was 1 nay vote.
The statement is made that "the utilities were required to sell off most
of their generating capacity."  The utilities were only required to sell
off 1/2 of their fossil-fired plants (which I think at the time may have
amounted to about .2-.25 of their total gen assets).  They chose
voluntarily to sell of the remainder of their fossil-fired plants.
It is stated that stranded costs are "investments in imprudent power
generation facilities."  These investments were in fact found in the
past to be prudent by the PUC.  Would therefore not seem accurate to
call them imprudent now.
Is it now "virtually impossible to manage commodity risk" in California?
Just wondering if judge might view the statement as overstating the
situation somewhat.
From a PR perspective, I'm wondering if we want to characterize
re-sourcing UC/CSU in the following manner, "It was actually a
relatively easy decision to make."  Makes Enron sound perhaps
excessively hard-nosed.

Best,
Jeff


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