Juanita, as discussed please find attached an email from our broker, John L. Wortham stating they received notification that Marsh USA will be handling the HPL bonds effective 06-01-01.  I am also attaching a list of bonds that are outstanding for HPL for your information and further handling.

If you have questions, please give me a call 713 853-5687.
 -----Original Message-----
From: 	Grisaffi, Mary
Sent:	Tuesday, June 05, 2001 10:50 AM
To:	Nemec, Gerald
Cc:	Ogden, Mary; Kendall, Earline
Subject:	FW: Houston Pipe Line Company
Importance:	High

Gerald, we recently placed a $50,000 bond for HPL for Franchise Tax Certification for you.

I understand from our broker, John L. Wortham that our surety, St. Paul/Seaboard Fire & Marine was informed that Marsh USA will be handling the HPL bonds effective 06-01-01 (please see attached email).

I am attaching a list of outstanding bonds that HPL has in place.   Should these bonds be canceled? Or if these bonds are still required, you may wish to consider placing with your new agent of record, Marsh USA.  They can either be replaced all at once or just prior to expiration.

Please note while most of the bonds were placed with St. Paul/Seaboard Fire & Marine there are a couple that were placed with Liberty Mutual Insurance Company.

Please let me know how you wish to handle the outstanding bonds.. Thanks.

If you have questions, please give me a call 713 853-5687.

 -----Original Message-----
From: 	"Vicie Coleman" <vcoleman@jwortham.com <mailto:vcoleman@jwortham.com>>@ENRON [mailto:IMCEANOTES-+22Vicie+20Coleman+22+20+3Cvcoleman+40jwortham+2Ecom+3E+40ENRON@ENRON.com] <mailto:[mailto:IMCEANOTES-+22Vicie+20Coleman+22+20+3Cvcoleman+40jwortham+2Ecom+3E+40ENRON@ENRON.com]>
Sent:	Tuesday, June 05, 2001 9:04 AM
To:	Grisaffi, Mary
Cc:	Phil Bair
Subject:	Houston Pipe Line Company

Mary, we have received information from Roger Bumgarner at St. Paul/Seaboard that Marsh USA has been appointed agent of record effective June 1, 2001 on the HPL bonds he writes.

As you know, there are three bonds with Liberty Mutual Insurance Company and two through Insurance Company of North America.  I presume we will  be receiving notice that Marsh has been appointed on them, also.   However, we have not yet received information to that effect.

Vicie Coleman
John L. Wortham & Son, L.L.P., Houston
P.O. Box 1388, Houston, TX  77251
Telephone No. 713/346-1432
Telefax No. 713/520-1260


Sure Tiny, give me a call.

Jerry

 -----Original Message-----
From: 	Roensch, David
Sent:	Saturday, December 29, 2001 6:43 PM
To:	Graves, Jerry; Alters, Dennis; Matthews, Ron; Schoolcraft, Darrell; Jolly, Rich
Subject:	Red Rock Outages

I have a couple of questions Jerry, however I think they would  be easier to discuss over the phone.  I will  be back in the office next week so maybe we can hook up.
---------------------- Forwarded by David Roensch/ET&S/Enron on 12/29/2001 05:40 PM ---------------------------
From:	Jerry Graves/ENRON@enronXgate on 12/20/2001 11:41 AM CST
To:	David Roensch/ET&S/Enron@ENRON, Rich Jolly/ENRON@enronxgate, Mansoor Abdmoulaie/ENRON@enronXgate, Dennis Alters/ENRON@enronXgate, Perry Frazier/ENRON@enronXgate, Maurice Gilbert/ENRON@enronXgate, Morgan Gottsponer/ENRON@enronXgate, Colleen Hood/ENRON@enronXgate, Matt Hughes/ENRON@enronXgate, Ronald Matthews/ENRON@enronXgate, Gale Ramsaran/ENRON@enronXgate, Buzz Smith/ENRON@enronXgate
cc:	Steven January/ENRON@enronXgate, Darrell Schoolcraft/ENRON@enronXgate, Gary Spraggins/ENRON@enronXgate, Jan Moore/ENRON@enronXgate, Kimberly Watson/ENRON@enronXgate

Subject:	Red Rock Outages

FYI,

Hey guys the attached report has the outages related to the Red Rock expansion. I asked Ron, if you guys could take a look at the estimated flow affect you see in the highlighted boxes. The reason is, because I moved unit 401's overhaul into March. The same time period we are doing the tie-ins for Station 1 & 3. The hope is to reduce the total throughput loss, and also reduce the down time. I talked with Jan Moore and told her there will probably be a modification of the affected flows.

Thanks

Jerry
58923


According to our records, there is an invoice in your iBuyit Payables in-box
that requires your action.

To launch iBuyit Payables, click on the link below:
http://iBuyitPayables.enron.com
Note:  Your iBuyit Payables User ID and Password are your PID and Password
(eHRonline/SAP ID and Password).

If you have already logged into iBuyit Payables and resolved the invoice,
then no action is required.

Following is important information that will help you resolve this invoice:
*  Who To Call For Help
*  iBuyit Payables Overview
*  iBuyit Payables Training Materials
*  iBuyit Payables Check List
*  iBuyit Payables Frequently Asked Questions

Who To Call For Help
*  For help using the iBuyit Payables system, contact the Integrated
Solutions Center (ISC) at (713) 345-4727.
*  For invoice payment status, contact the Accounts Payable Call Center at
(713) 853-7127 or toll free  (866) AP ENRON, or send an e-mail to
iBuyit.payables@enron.com <mailto:iBuyit.payables@enron.com>.

iBuyit Payables Overview
When?  iBuyit Payables, a web-based system that will enable you to code and
approve invoices on-line, was activated on May 1st.

Who?  Invoices that were previously submitted to Houston Accounts Payable for
processing and payment, will now be processed through iBuyit Payables
beginning May 1st.  Invoices that are entered into SAP locally (for example,
at a field location), will not be impacted by iBuyit Payables on May 1st.

How?  This is how iBuyit Payables works (for non-purchase order related
invoices):
1)  An order is placed with a vendor.  The vendor is provided with the
company name and number, the contact name, and coder's EID number.
2)  The goods and services are received and the vendor sends the invoice
(with the company name and number, the contact name, and coder's EID number )
to the new PO box.
3)  Accounts Payable scans the invoice, enters invoice header information
into SAP, and electronically routes the invoice through iBuyit Payables for
coding.
4)  The coder receives an e-mail with a link to iBuyit Payables, logs into
the system with their PID and password (SAP/eHRonline password), and codes
the invoice.
5)  The coder should either forward the invoice for approval or approve the
invoice, according to the invoice review and approval guidelines of their
business unit.
6)  Upon approval, the invoice is finalized, posted in SAP, and paid.

iBuyit Payables Training Materials
Online training materials are available for Coders, Approvers, and Buyers.
To access system presentations and quick reference cards, visit the
Integrated Solutions Center Document Library:
<http://sap.enron.com/sap_doclib/user/file_list.asp?cabinet_id=265>.
Note:  You must use the Enron standard Microsoft Internet Explorer to view
these materials.

iBuyit Payables Check List
Following Are the Steps that You Should Take to Prepare for iBuyit Payables:
1)  Code and Approve Invoices in iBuyit Payables
*  Effective immediately, no longer manually code invoices with coding
sheets.
*  Effective immediately, remind vendors to submit invoices directly to the
new PO Box.  If you receive an invoice, forward it to Accounts Payable via an
AP drop box or mail to the new PO Box:  PO Box 4734, Houston, TX 77210-4734,
ATTN:  Enron Accounts Payable.  Be sure to include the company name and
number, contact name, and the coder,s EID on the invoice, but do not include
a coding sheet.
*  Beginning May 1st, when you receive an e-mail from
iBuyit.Payables@enron.com, click on the link provided, login to the system,
and code and approve invoices online in iBuyit Payables.
*  Beginning May 8th, any invoices with coding sheets received by Accounts
Payable will be entered into iBuyit Payables and electronically routed back
to the coder. The invoice will then need to be coded and approved (again) in
iBuyit Payables to generate a payment.
*  Continue to follow the invoice review and approval guidelines of your
business unit.  Use iBuyit Payables as a tool to electronically facilitate
the current manual process.
2)  Confirm Your PID
You will use your PID and password (eHRonline and/or SAP ID and password) to
login to iBuyit Payables.  To access your PID and/or reset your password call
the ISC Call Center at (713) 345-4727 or click on the link to the ISC web
site below:
<http://spr2ess1.enron.com/scripts/wgate.dll?~service=XGWFC2&_FUNCTION=Z_WWW_R
ESET_PASSWORD>
3)  Confirm Your EID
EID (External Identification Number) allows Enron employees to share unique
identification numbers externally without creating a security risk.  Accounts
Payable will use EIDs to electronically route invoices through iBuyit
Payables for coding.  Your EID can be accessed via eHRonline:  log on to
eHRonline, choose &Personal Information,8 and select &Other.8  Your EID will
be listed.
4)  Remind Others Who Purchase of Important Vendor Information
If you code invoices, let others know what they need to communicate to
vendors to expedite invoice processing.  Instruct them to provide the vendor
with the company name and number, invoice contact name, coder EID, and the
new PO Box.  (Placing the coder,s EID on the invoice will enable Accounts
Payable to properly route the invoice for coding in the system.)

iBuyit Payables Frequently Asked Questions
To review frequently asked iBuyit questions and answers, visit the iBuyit
Portal:
<http://ibuyit.enron.com/gss/ibuyit/ibuyitfaqs.doc>

Questions?
For general information about iBuyit, send an e-mail to
<mailto:ibuyit@enron.com>.


It the dark recesses of my mind I recall that Honey has a form to fill out.
However, that doesn't keep us from distributing $.  We just need to keep
enough to pay CT to file the documents.

Congratulations, that was quite a feat.

Time for a Fish wake?

Kay

"Turner, Gerry (Allstates)" <TurnerGerry@bek.com> on 07/14/2000 08:17:31 AM
To: kmann@enron.com
cc: HAsworth@Technip.com

Subject: Angler's

OK-----I finally have the last (Bailey) signature on those going out of
business documents.  What shall I do with them?  When can we write checks
and be done with all this?

Gerry Turner


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/21/2001
03:57 PM ---------------------------

"George Richards" <cbpres@austin.rr.com> on 02/21/2001 01:10:33 PM
Please respond to <cbpres@austin.rr.com>
To: "Keith Holst" <kholst@enron.com>, "Phillip Allen" <pallen@enron.com>
cc: "Larry Lewter" <LLEWTER@austin.rr.com>
Subject: Weekly Status Meeting

Phillip and Keith, this cold of mine is getting the better of me.  Would it
be possible to reschedule our meeting for tomorrow?  If so, please reply to
this e-mail with a time.  I am open all day, but just need to get some rest
this afternoon.

George W. Richards
Creekside Builders, LLC


We want to hear from you!  The eThink Team is asking each Enron employee to
submit one "Dream eSpeaker" suggestion for consideration to host an eSpeak
session.

Is there someone outside of Enron that you feel would have a valid audience
inside Enron?  Or, is there someone at Enron you think we have overlooked
thus far?

E-mail your eSpeak wish to ethink@enron.com.


industrial demand the scary thing.  no question there are some steel mills
and auto factories and plastics plants that were on last november that arent
coming up now and its not due to gas prices.  the economy sucks and it will
affect ind demand.

slafontaine@globalp.com on 02/28/2001 08:03:43 AM
To: John.Arnold@enron.com
cc:
Subject: Re: mkts

at least a myn dollars-need to talk to pira on that. excellant point. need to
do
some margin analyses . having said all that look at corporate earnings from
last
year to this year regardless of natgas costs as a feed industrials will be
running slower and consumers just now feeling the pinch as rate increases have
only just recently gotten approved and passed to the likes of us and people
less
fortunate than us.

John.Arnold@enron.com on 02/27/2001 11:05:40 PM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  Re: mkts

but that's my point.  the demand destruction roared its ugly head beginning
of Jan.  The price level was $9.  Of course there is a lag.  Let's make up
a lag time...say one month.   On Dec 1 cash was trading $6.70.  Probably a
similar lag on the way down.  Cash is $5.20 today.  How much lost demand
will there be in a month if we're still $5.2?   million dollar question if
you can answer that.

slafontaine@globalp.com on 02/27/2001 08:12:32 PM

To:   John.Arnold@enron.com
cc:
Subject:  Re: mkts

off the cuff i wud say tho same goes for 5.00 gas-currently 6-7 bcf/day
swing y
on y too much, to buy this level you need to take the view that industrial
america and residential and end users will be able to get back on their
feet and
recocover a lion share of the 4-4.5 bcf/d demand destruction(this assumes
as
current. very little if any dist fuel switching. i think the answer is
no-not
unless the economy was jump starter quickly-2nd q is gone,so maybe th 4q.
 remember the demand destruction and industrial shit really just started
only 6
weeks ago-me thinks it will take longer than that to get back into full
swing.
we all trade the y on y gap...all things remaining equal(ie term px for the
summer), starting april we'll have a surplus the other way by july barring
a
greenhouse in the ohio valley
    good to hear your view pt as always-even if it is wrong!!! ha

John.Arnold@enron.com on 02/27/2001 08:23:22 PM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  Re: mkts

Good to hear from you.
After a great F, had an okay G.  Held a lot of term length on the
risk/reward play.  Figured if we got no weather, all the customer and
generator buying would be my stop.  It was.  Amazing that for the drop in
price in H, the strips have really gone nowhere.  just a big chop fest.
i here your arguments, but think they are way exagerated.  Agree with 1.5-2
bcf/d more supply. Call it 2 with LNG.  Imports from Canada should be
negligible.  Now let's assume price for the summer is $4.  No switching,
full liquids extraction, methanol and fertilizer running.  Electric
generation demand, considering problems in west and very low hydro, around
1.5 bcf/d greater this year with normal weather.  Means you have to price 2
bcf/d out of market.  Don't think $4 does that.  What level did we start
really losing demand last year?  It was higher than 4.   concerned about
recession in industrial sector thats occuring right now.
Think gas is fairly valued here.  Dont think we're going to 7.  But I think
fear of market considering what happened this past year will keep forward
curve very well supported through spring.  we're already into storage
economics so the front goes where the forward curve wants to go.

slafontaine@globalp.com on 02/26/2001 04:48:06 PM

To:   jarnold@enron.com
cc:
Subject:  mkts

its been a while-hope all is well. not a great few weeks for me in ngas-not
awful just nothing really working for me and as you know got in front of
march/apr a cupla times, no disasters.
   well im bearish-i hate to be so after a 4 buck drop but as i said a
month ago
to you-and now pira coming around. 5.00 gas is a disaster for the natgas
demand.
now production up strongly y on y...you guys agree on the production side?
  i know youve been bullish the summer-think im stll in the minority-but
here
you go, we have y on y supplly up 2/bcf+ demnad loss 3.5bcf/d, 5.5 bcf/day
y on
y swing . then i submit as we started to see due huge rate increases R/C
demandd
energy conservation will be even more dramatic this summer which will
effect
utilty demand/power demand ulitmately.  if pira rite we lost 1.56 in jan
for
this factor i say it cud be bigger this summer as ute loads increase, power
pxes
rise and consumers become poorer. there will be more demand flexibilty in
the
summer part in the midcon and north as AC is more of a luxury item than
heat. i
say 5-6% lower use in residentail/utilty power consumption due rationing is
another .7/1bcf/d loss.
  put all this together we wud build an addional 1284 apr thru oct on top
of
last years 1715  build basis last year temps and todays prices. takes us to
3.6
tcf or so. what am i missing my man-summer has to go to 4 bucks or lower to
restore demand??? thots.

as far as that other thing, the p&c its still alive, shud know more soon
and ill
keep you posted.


As you may be aware, Enron Corp. is a member of the Official Unsecured
Creditors' Committee appointed in the Pacific Gas and Electric Company
bankruptcy case. Michael Tribolet with the Risk Assessment and Control Group
is Enron's designated representative on the committee and he is being
assisted by Lisa Mellencamp in the Enron North America Corp. legal group.
Please be advised that they will be restricted from disclosing certain of the
information that they receive.

Attached are Ethical Wall Procedures regarding confidential information that
Enron may receive as a member of the committee. It is important that you read
the procedures promptly, print the Employee Certification attached and sign
and return the Employee Certification to the Compliance Department as
directed.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 03/21/2001
09:24 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 03/21/2001 09:12 AM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Patricia Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Julie
Brewer/NA/Enron@Enron, Lesli Campbell/ENRON@enronXgate, Celeste
Cisneros/NA/Enron@Enron, Sharon Crawford/CAL/ECT@ECT, Richard
Deming/NA/Enron@Enron, Russell Diamond/ENRON@enronXgate, Cindy
Feldman/CAL/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Veronica
Gonzalez/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report--3/21/01


pls print.  t hanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 03/19/2001
08:31 AM ---------------------------

Stanley Horton
03/13/2001 01:25 PM
Sent by: Cindy Stark
To: Bill Cordes/NPNG/Enron, Shelley Corman/ET&S/Enron, Steve
Hotte/Corp/Enron, Rod Hayslett/FGT/Enron, Phil Lowry/OTS/Enron@ENRON, Danny
McCarty/ET&S/Enron@Enron, Rockford Meyer/FGT/Enron, Michael Moran/ET&S/Enron,
Drew Fossum/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, James
Prentice/GPGFIN/Enron, Gary P Smith/OTS/Enron@ENRON, Mike McGowan/ET&S/Enron,
Margaret Carson/Corp/Enron@ENRON, Lorna Brennan/ET&S/Enron, Rick
Dietz/ET&S/Enron@ENRON
cc: Virginia O'Neill/NPNG/Enron, Ruth Mann/ET&S/Enron, Rita
Houser/GPGFIN/Enron, Kathy Campos/GPGFIN/Enron, Amelia Alder/OTS/Enron@ENRON,
Julie Armstrong/Corp/Enron@ENRON, Anne Jolibois/FGT/Enron, Emily
Sellers/ET&S/Enron, Martha Benner/ET&S/Enron, Ricki Winters/ET&S/Enron@Enron,
Janice Hogan/GPGFIN/Enron, Carolyn Perry/OTS/Enron

Subject: ETS HALF DAY STAFF MEETING AGENDA - MARCH 21, 2001

Please reference the attached agenda.  If you have any questions or concerns,
do not hesitate to call me.

Please be sure to advise me if you are UNABLE to attend!

Thanks,
Cindy
X36197


The meeting with Peco will be at 1:00pm in 3125b.  Thanks
Ben


Start Date: 4/23/01; HourAhead hour: 18;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042318.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 18 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/23/01
  UNIT_ID: BADLND_7_PL1X2

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 18 / Preferred:   5.85 / Final:   5.30)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE2
  MKT_TYPE: 2
  TRANS_DATE: 4/23/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 18 / Preferred:   6.96 / Final:   8.06)
  TRANS_TYPE: FINAL
  LOAD_ID: SCE1
  MKT_TYPE: 2
  TRANS_DATE: 4/23/01
  SC_ID: EPMI


Late last night, BKH requested ENA to guaranty the indemnification
obligations of TLS Investors, a wholly-owned subsidiary of ECT and the Member
Manager of Southwest Power LLC.  The guaranty will be capped at the adjusted
purchase price, presently expected to be in the range of $205 million to $220
million, and will remain in place for 18 months from the Closing Date.

RAC's view is that exposure under such a guaranty would not be materially
different from exposure under a direct indemnity provided by ENA if ENA were
the actual legal entity selling Southwest Power LLC.  RAC supports the
issuance of such guaranty to facilitate completion of the divestiture.

Regards,

Chip Schneider
VP-Commercial Underwriting
713-853-1789
3AC 1418


---------------------- Forwarded by Rob G Gay/NA/Enron on 02/02/2001 06:19 AM
---------------------------

"Bill Deets" <bdeets@wcitx.com> on 02/02/2001 09:56:59 AM
Please respond to "Bill Deets" <bdeets@wcitx.com>
To: "Diana Gallagher" <cchi@ix.netcom.com>
cc: "ROB GAY" <ROB.G.GAY@ENRON.COM>

Subject:

?
 - 1403 OCEANSIDE DMQ FOR ELECTRIC EXTRAS REVISED 1-26-01.xls
 - BILLS MEMO on gay residence revision #2 -01-26-01.doc


Here's what I hear about who's scheduling what:

The UDCs are scheduling their own g & t
CDWR is scheduling for all UDCs (including SDG&E) in the bilateral market for
day ahead and day of
CDWR is scheduling for all the UDCs (including SDG&E) in the ISO real time
market


Tana -

Please see the below document.  It appears to be the version of the APB Europe BETA that we were looking for.  Please compare it to the APB Energy US agreement and let me know if they are consistent.

Thanks.

Mark

 -----Original Message-----
From: 	"Joe F. Wright" <joe.wright@truequote.com>@ENRON [mailto:IMCEANOTES-+22Joe+20F+2E+20Wright+22+20+3Cjoe+2Ewright+40truequote+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, October 01, 2001 10:53 AM
To:	Greenberg, Mark
Cc:	"Chris Edmonds"@mailman.enron.com
Subject:	FW:

Mark,

Bob asked that I forward this to you.  Please contact me if you have any
questions.

Joe Wright

Joe F. Wright
General Counsel
truequote.com
9931 Corporate Campus Drive
Suite 2400
Louisville, Kentucky 40223
502-212-4909
502-212-4907 fax
502-593-3031 mobile
joe.wright@truequote.com

-----Original Message-----
From: Joe F. Wright [mailto:joe.wright@truequote.com]
Sent: Wednesday, June 20, 2001 12:06 PM
To: 'mark.greenberg@enron.com'
Subject: FW:

-----Original Message-----
From: Joe F. Wright [mailto:joe.wright@truequote.com]
Sent: Wednesday, June 13, 2001 11:20 AM
To: 'Shults, Bob'
Cc: 'chris.edmonds@truequote.com'
Subject: RE:

Bob,

Here is the revised BETA for Europe.  The changes reflect the revised
language that Mark originally provided to the original BETA with APB Energy,
Inc.  My understanding is that there has been no agreement yet on what the
fee should be; so, I have made no comment or change to that language at this
point, while you and Chris discuss this issue.

My understanding is that there should be only one letter of credit for all
APB entities.  Also keep in mind that before too long the letter of credit,
and the APB Energy, Inc. BETA and Fee Agreement, will need to be in the name
of APB Energy Intl. LLC, which will be the successor to the operations of
APB Energy, Inc. as a result of a business acquisitin we soon hope to
complete.

If you have questions please do not hesitate to contact me.

Sincerely,

Joe Wright

Joe F. Wright
General Counsel
truequote.com
9931 Corporate Campus Drive
Suite 2400
Louisville, Kentucky 40223
502-212-4909
502-212-4907 fax
502-593-3031 mobile
joe.wright@truequote.com

-----Original Message-----
From: Shults, Bob [mailto:Bob.Shults@ENRON.com]
Sent: Wednesday, June 13, 2001 9:57 AM
To: Joe Wright (E-mail)
Cc: Greenberg, Mark; Chris Edmonds (E-mail)
Subject:

Joe,

Chris and I discussed next steps for the Broker Client agreements for
Europe.  We concluded that it would be best to proceed with finalizing
documents in anticipation of your acquisition in Europe.  Chris
indicated that you had amended the draft that Mark sent.  Could you
please send us the document for review?

Thanks

Bob Shults
EnronOnline LLC
Houston, Texas 77002-7361
713 853-0397
713 825-6372 cell
713 646-2126
bob.shults@enron.com

 - EOLBrokerAccessAgreementEUROPE05312001jfwrevred.doc


Kathryn:

The customers appearing on Kim's list have been assigned to various lawyers in the swap group.  There are 22 parties on the list and 16 of these parties have ISDA Master Agreements with ENA.  We will focus on the ISDA customers first.  We will use the template developed by Brent for Entergy-Koch as a basis for the 16 parties.  The template will be customized for each of the 16 parties.  Brent has a preliminary template underway and it should be further refined by October 19.  Using that  template, our goal is to produce six (6) new amendments each week.  We should finish the ISDA customers in about three weeks (first drafts).  The remaining customers have no master agreement in place or an ECT Master Agreement.  Those six (6) customers include:

	Sempra Energy Trading Corp. (old master)
	Morgan Stanley Capital Group Inc. (old master)
	Dynegy Marketing and Trade (old master)
	Ameren Energy (none)
	American Electric Service Power Corporation (none)
	PacificCorp Power Marketing Inc. (under negotiation with ECC)

The physical power group can coordinate the amendments with the members of the swap group listed above by forwarding drafts to us.

Please let me know if you have further questions.  Thanks.  Sara

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490

 -----Original Message-----
From: 	Cordes, Kathryn
Sent:	Wednesday, October 03, 2001 4:52 PM
To:	Theriot, Kim S.; Shackleton, Sara
Cc:	Taylor, Mark E (Legal); Greenberg, Mark; Hansen, Leslie; Smith, Jennifer Marie
Subject:	RE: ConfirmLogic Target Customer List-Legal Entity Name

Sara:

I have followed up with Brent and he is working on the Entergy-Koch amendment for CommodityLogic.  He cannot commit to a completion date at this time since he has some other priorities.  I've asked for Friday and he has indicated that may be aggressive.  The sales team is presenting Entergy-Koch the CommodityLogic legal agreements today (ESA, Password application, Subscription Agreement).  In light of this, can you provide a status of where the other 18 customer amendments are (excluding Sempra and Entergy-Koch) ?  The Sales process is moving along and we will need to have these amendments ready to present to the customer soon.  Could you go through the list and provide an estimate date of when a draft of the amendment would be available by client.  We need to provide a status to management on Monday 10/8.

Per our conversation today, if there is a way to focus on the creation of a template that addresses the confirmation exchange via electronic systems (e.g. ConfirmLogic) that can be shared earlier with the clients.  The additional language that is deemed necessary can be added to this form as needed per counterparty.  This will allow us to achieve getting something to the client so they can start the process from their side while we continue to shore up what language needs to be added.  We still need to be thinking of how to keep this process simple to allow quick turnaround yet satisfy the legal requirements for confirmations.  I ask that you and Leslie continue to help define a better process for us and I will continue to work with Kim and the sales team to implement this process.

Thanks for your help
Kathryn
 -----Original Message-----
From: 	Theriot, Kim S.
Sent:	Tuesday, September 18, 2001 12:30 PM
To:	Shackleton, Sara
Cc:	Cordes, Kathryn; Taylor, Mark E (Legal); Greenberg, Mark; Hansen, Leslie
Subject:	ConfirmLogic Target Customer List-Legal Entity Name
Importance:	High

Sara,
See attached spreadsheet which shows the legal entity names by counterparty for each commodity.  Name differences between the commodities are highlighted in Blue.

Kim Theriot

 << File: Top20 Legal Entity Names.xls >>

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, September 17, 2001 9:56 AM
To:	Theriot, Kim S.
Cc:	Greenberg, Mark; Cordes, Kathryn; Taylor, Mark E (Legal); Hansen, Leslie
Subject:	ConfirmLogic Target Customer List

Kim:

I am reviewing the list of 20 target customers dated 9/14/01 in an effort to set up a document drafting timetable.

For financial trading purposes, I need an accurate list of trading counterparties reflecting the complete name of each legal entity.  Also, if a company is split into more than one legal entity (such as power and gas) for financial trading purposes, I need the names of both entities.

Thanks.

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


Hello Team 1,

I spoke with Larry Gagliardi on the Crude/Refinery Products desk this morning
and he agreed to talk with you after 12:30 today or after 2:30 any other
weekday.  He is very familiar with the other platforms and should be a great
resource.  Larry suggested that you surf EOL to find names of power and/or
natural gas traders, and call them up.  Please let me know if you have
difficulty finding/contacting folks this way and I will see if I can help.

Larry's office number is 713-853-0543, and his email is
Larry.Gagliardi@enron.com.

good luck
ken


Enron Says It Won't Issue Release on 4th-Qtr Results
Bloomberg, 01/02/2002

Senate Democrats Launch Probe of Enron Collapse With Subpoenas
Bloomberg, 01/02/2002

USA: UPDATE 1-Congressional panel turns up heat under Enron.
Reuters English News Service, 01/02/2002

Enron's Lay to testify to Congress in Feb after backing out of prior hearings
AFX News, 01/02/2002

Enron: CFO Shouldn't Testify At Change-Of Venue Hearing
Dow Jones Energy Service, 01/02/2002

Enron protests request that executive testify at change-of-venue hearing
Associated Press Newswires, 01/02/2002

IN THE MONEY: Enron DIP Financing Likely To Shrink
Dow Jones News Service, 01/02/2002

US Govt Affairs/Enron-2:Enron, Andersen To Get Subpoenas
Bloomberg, 01/02/2002

Andersen Announces Results of Audit Quality Peer Review
PR Newswire, 01/02/2002

Enron, Economy, Market Woes Weigh On Banks' 4Q >C BK JPM
Dow Jones News Service, 01/02/2002

Two state pension funds plan to sue over Enron loses
Associated Press Newswires, 01/02/2002

Azurix Extends Waterworks Concession 3mths.
Business News Americas, 01/02/2002

____________________________________________________

Enron Says It Won't Issue Release on 4th-Qtr Results
2002-01-02 16:10 (New York)
Bloomberg

     Houston, Jan. 2 (Bloomberg) -- Enron Corp., the energy trader which filed for bankruptcy last month, won't announce its fourth-quarter results until March, spokeswoman Karen Denne said.
     The company, once the top energy trader, will include the results in a mandatory quarterly filing with the U.S. Securities & Exchange Commission, known as a 10-Q.
     ``That's what's required,'' Denne said. ``Earnings and the balance sheet will be out at the same time this year.''
     Shares of Houston-based Enron rose 3 cents to 63 cents. They fell 99 percent last year. Enron filed for Chapter 11 bankruptcy protection on Dec. 2.

--Margot Habiby in the Dallas newsroom (214) 954-9452 or mhabiby@bloomberg.net/taw

Senate Democrats Launch Probe of Enron Collapse With Subpoenas
2002-01-02 15:09 (New York)
Bloomberg

     Washington, Jan. 2 (Bloomberg) -- The Senate Government Affairs Committee launched a probe of Enron Corp.'s collapse by issuing subpoenas for documents from the company's officers, directors and accountants.
     Senator Joe Lieberman, a Connecticut Democrat who chairs the committee, said the subpoenas kick off ``a search for the truth, not a witch hunt,'' into questions such as whether analysts misled investors by touting Enron after they should have known it was in trouble.
     ``The suddenness with which this company fell is shocking,'' Lieberman said at news conference. ``Even the savviest investors on Wall Street were blindsided'' by an event that Lieberman said shook ``public confidence in the stock market.''
     The first hearing is scheduled for Jan. 24, the second day the Senate will be in session. The hearing will focus on Enron's use of energy derivatives and the lack of regulatory authority over its trading operations, Lieberman said.
     The subpoenas for documents are being sent to the officers and directors of the company since 1999, as well as Enron's auditors, Arthur Andersen LLP.
     Several other congressional committees are investigating Enron's bankruptcy, the largest in U.S. history, which sent its shares from $84.06 a year ago to 64 cents in afternoon trading. The Senate probe has political implications because it will be run by Democrats, and Enron Chairman Kenneth Lay is a friend of and fundraiser for Republican President George W. Bush.

                         Lay to Be Called

     Lay and former Chief Executive Officer Jeffrey Skilling will eventually be called to testify, Lieberman said. Lay thus far has declined to appear before other committees.
     ``I will not consider the investigation complete without hearing from Mr. Lay and Mr. Skilling,'' Lieberman said.
     Lieberman, who ran for vice president in the 2000 election as Al Gore's running mate, said he would look into Lay's connections to the Bush administration and the formulation of its energy policy.
     ``Some executives of Enron had close relationships with people in the Bush administration,'' Lieberman said.
     Senator Fred Thompson of Tennessee, the top Republican on the committee, has been consulted about how to run the investigation in a nonpartisan fashion, Lieberman said.

                         SEC Investigating

     The Securities and Exchange is investigating whether Enron Corp. illegally hid the size of its debt from shareholders before collapsing in November. Also conducting probes are the House and Senate energy panels; two subcommittees of the House Financial Services Committee; and the Senate Commerce Committee's consumer
affairs subcommittee.
     Representative Henry Waxman, a California Democrat, has asked Vice President Dick Cheney to provide information ``about secret contacts'' that Cheney's energy task force had with Enron officials.
     The Government Affairs Committee is the top investigative panel in the Senate and was used by Republicans to probe former President Bill Clinton's Whitewater involvement and 1996 presidential campaign fundraising.

--William Roberts in Washington (202) 624-1897 or e-mail wroberts@bloomberg.net/ shg

USA: UPDATE 1-Congressional panel turns up heat under Enron.
By Kevin Drawbaugh

01/02/2002
Reuters English News Service
(C) Reuters Limited 2002.

WASHINGTON, Jan 2 (Reuters) - Fallen energy giant Enron Corp. faced further scrutiny on Capitol Hill on Wednesday with another committee announcing a probe of the company's collapse, possibly looking at connections between Enron and the White House.
The Senate Governmental Affairs Committee's permanent subcommittee on investigations said it will subpoena documents next week and scheduled a hearing into the matter for Jan. 24.
"Enron's unexpected collapse raises some troubling questions that the governmental affairs committee will be asking," said Sen. Joseph Lieberman, the Connecticut Democrat who chairs the full committee.
A Wall Street darling just a few months ago, Enron on Dec. 2 made the largest bankruptcy court filing in U.S. history after a rescue takeover by rival Dynegy Inc. fell apart amid investor concerns about Enron's murky finances.
Houston, Texas-based Enron is now under investigation in Washington by the market-regulating Securities and Exchange Commission, the departments of Justice and Labor and at least five congressional committees.
In response to questioning at a briefing, Lieberman said he would not rule out the committee looking into ties between Enron and the administration of President George W. Bush.
"It's a matter of public record that executives of Enron had close relationships with people who are now in the Bush administration. They also had close relations with some Democrats," Lieberman said.
Several of Enron's top executives were major backers of Bush's election campaign, as well as those of other Washington politicians.
Enron Chairman Kenneth Lay "and others played an active role in the formulation of energy policy by the Bush administration," Lieberman said.
"We've got to ask whether the advice rendered was at all self-serving," he said. "There are some interconnections here with the Bush administration but that is not the focus of this investigation."
Sen. Carl Levin, the Michigan Democrat who chairs the permanent subcommittee, said the investigation would focus on the role of Enron's directors in the collapse, the accounting firm Andersen in its audit of Enron's financial statements, and the company's use of complex financial partnerships.
Once ranked No. 7 on the Fortune 500 list of top companies, Enron's stock was trading up 4 cents, or 6.7 percent, at 64 cents a share on the New York Stock Exchange in early afternoon trading on Wednesday, off from an August 2000 high of $90.56.
Thousands of Enron employees lost their jobs and much of their savings. A 401(k) retirement plan that made many of them heavily dependent on company stock came under fire at a congressional hearing last month when employees said they were unable to sell their holdings when the stock price plunged.
"I'm particularly concerned with reports that top executives at Enron were selling their shares of company stock at very high profits while lower-level employees were forbidden from selling theirs," said Sen. Susan Collins, a Maine Republican and ranking minority member of the permanent subcommittee.
The Wall Street Journal, citing internal company documents, reported on Wednesday that top Enron officials knew about financial partnerships involved in the company's downfall and were aware of possible conflicts of interest.
"Something was very rotten in the state of Enron," Levin said, adding that his subcommittee would look into what appeared to be "layer upon layer of conflicts of interest."
Lieberman said no decision had been made on whether to subpoena Lay or other Enron executives. Asked whether SEC Chairman Harvey Pitt would be called before the committee, he said, "We will be calling Mr. Pitt."

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

Enron's Lay to testify to Congress in Feb after backing out of prior hearings

01/02/2002
AFX News
(c) 2002 by AFP-Extel News Ltd

WASHINGTON (AFX) - Enron Corp chairman and chief executive officer Kenneth Lay has informed Senate lawmakers that he will appear before Congress in February to testify on the energy group's collapse after he failed to attend two similar hearings in December, Congressional aides told AFX News.
Lay has been invited to Congress to answer lawmakers questions on the events surrounding Enron's collapse -- the largest corporate bankruptcy in US history -- before the Senate Commerce Committee which is due to hold a hearing into the affair on Feb 4.
"Enron's chairman has indicated that he will be testifying," said a spokesman for Democratic Senator Byron Dorgan, who is scheduled to chair the hearing after Congress returns from its winter break in late January.
At two previous hearings in December, Lay declined to appear before Congress to testify at the last minute, prompting several lawmakers to caution him in his absence that Congress has the power to subpoena witnesses if it desires.
Congress is trying to discover if Enron withheld any material information from its auditors.
Lawmakers also want Enron to answer questions about the freezing of its employees' pension funds, and they are also seeking to find out why Lay divested millions of dollars of Enron stock earlier this year prior to investors losing billions of dollars in the failed company.
jjc/lj

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

Enron: CFO Shouldn't Testify At Change-Of Venue Hearing

01/02/2002
Dow Jones Energy Service
(Copyright (c) 2002, Dow Jones & Company, Inc.)

NEW YORK (AP)--A lawyer for Enron Corp. (ENE) argued in bankruptcy court Wednesday that the Houston-based energy company's chief financial officer, Jeffrey McMahon, shouldn't have to answer questions at a hearing next week to decide whether to move the trial from New York to Houston.
"It's not a subject on which he's competent to testify," said Howard Comet of the law firm Weil, Gotshal and Manges LLP.
Judge Arthur J. Gonzalez delayed any ruling until Friday, giving Comet time to try and convince lawyers representing Dynegy Inc. (DYN), as well as others seeking to move the trial, that no Enron executives should have to testify at the hearing scheduled Monday.
Dynegy, an Enron rival, backed out of a deal to buy the company after once-mighty Enron said it was in worse financial straits than it had originally disclosed.
A lawyer for Dynegy, H. Rey Stroube, said he wants at least one Enron executive to explain why the company believed it was important for the case to be heard in New York instead of Houston and whether money could be saved if the case were administered in Texas.
Comet told the judge that he would try to answer that question, and others, by Friday afternoon, when the parties reconvene in a conference call to discuss the matter, although he said it would be a "practical impossibility" to do so.
Analysts say that Dynegy and other parties suing Enron believe they would get a more favorable hearing in Houston, whose economy has suffered greatly as a result of Enron's demise.
If Stroube were still unsatisfied Friday and the judge sided with him, Comet said he would be willing on Monday to call into court the chief counsel of Enron North America, Mark Haedicke, to explain why the parent company filed for bankruptcy in New York.

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

Enron protests request that executive testify at change-of-venue hearing
By BRAD FOSS
AP Business Writer

01/02/2002
Associated Press Newswires
Copyright 2002. The Associated Press. All Rights Reserved.

NEW YORK (AP) - A lawyer for Enron Corp. argued in bankruptcy court Wednesday that the Houston-based energy company's chief financial officer, Jeffrey McMahon, should not have to answer questions at a hearing next week to decide whether to move the trial from New York to Houston.
"It's not a subject on which he's competent to testify," said Howard Comet of the law firm Weil, Gotshal and Manges LLP.
Judge Arthur J. Gonzalez delayed any ruling until Friday, giving Comet time to try and convince lawyers representing Dynegy Inc., as well as others seeking to move the trial, that no Enron executives should have to testify at the hearing scheduled for Monday.
Dynegy, an Enron rival, backed out of a deal to buy the company after once-mighty Enron said it was in worse financial straits than it had originally disclosed.
A lawyer for Dynegy, H. Rey Stroube, said he wants at least one Enron executive to explain why the company believed it was important for the case to be heard in New York versus Houston and whether money could be saved if the case were administered in Texas. "What factors were considered?" he asked.
Comet told the judge that he would try to answer that question, and others, by Friday afternoon, when the parties reconvene in a conference call to discuss the matter, although he said it would be a "practical impossibility" to do so.
Analysts say that Dynegy and other parties suing Enron believe they would get a more favorable hearing in Houston, whose economy has suffered greatly as a result of Enron's demise.
If Stroube were still unsatisfied on Friday and the judge sided with him, Comet said he would be willing on Monday to call into court the chief counsel of Enron North America, Mark Haedicke, to explain why the parent company filed for bankruptcy in New York.

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

IN THE MONEY: Enron DIP Financing Likely To Shrink
By Carol S. Remond

01/02/2002
Dow Jones News Service
(Copyright (c) 2002, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- Enron Corp. (ENE)'s $1.5 billion rescue package may be scaled back amid lingering apathy among bankers recruited to take part in the loan.
Enron's better-than-anticipated cash position, now that the company has stopped servicing its debt, coupled with the lack of appetite of banks tapped to help syndicate Enron's debtor-in-possession, or DIP, financing is likely to result in a smaller loan, people familiar with the matter said.
The interim financing was first negotiated by Enron's two lead lenders, J.P. Morgan Chase & Co. (JPM) and Citigroup (C) in early December shortly after the energy trader filed by Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York.
Final approval of the DIP was first scheduled for Jan. 7, but has since been postponed to the end of the month.
DIP financing is crucial to allow bankrupt companies to continue operating. Enron's original loan package was approved by judge Arthur J. Gonzalez on Dec. 3. A first $250 million installment was made available to Enron but has yet to be tapped by the company.
People familiar with the matter said Enron provided its two lead lenders with a business plan this past weekend. That should, upon review and approval by J.P. Morgan Chase and Citigroup, open the door for the release of another $250 million.
But it's now unclear whether all or any of the remaining $1 billion will be made available to Enron.
Under the original DIP package, the $1 billion is contingent on a number of conditions, including full syndication of the loan and the filing for bankruptcy of Enron's Transwestern Pipeline to secure the return of $550 million to J.P. Morgan Chase and Citigroup. (The $550 million is part of a separate $1 billion financing deal put together by the two banks in mid-November as they rushed to try to keep Enron out of bankruptcy.)
J.P. Morgan Chase and Citigroup floated a syndication term sheet to other large banks in mid-December but found that most were reluctant to take on more exposure to Enron. The DIP loan carries a 350 basis points (3.5 percentage points) over the London Interbank Offered Rate (LIBOR), interest rate.
Banks traditionally agree to provide DIP financing as a way to assure they'll be able to recoup some of their existing exposure to a company that has filed for bankruptcy. Those loans are seen as safe because, under bankruptcy law, they're most senior and are repaid ahead of anything.
In the case of Enron, however, worries about how much of the company's outstanding loans can be recouped and the relatively large exposure of some financial firms, have many rethinking more Enron financing.
It's unclear whether the Transwestern Pipeline, one of Enron's prized assets, will file for bankruptcy if the DIP is cut back.
If not, J.P. Morgan and Citigroup will likely have to keep the $550 million revolver loan they made to Enron in November on their books, instead of getting that cash back. That means the banks will likely end up owning at least part, if not all, of the TransWestern Pipeline which is used to collateralize the loan.
-By Carol S. Remond; Dow Jones Newswires; 201 938 2074;
carol.remond@dowjones.com

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

=DJ US Govt Affairs/Enron-2:Enron, Andersen To Get Subpoenas
2002-01-02 15:26 (New York)
Bloomberg

  At a Capitol Hill press conference Wednesday, Lieberman and Levin promised a
sweeping probe of the company's internal decision making and potential
conflicts of interest, and why auditors and Wall Street analysts failed to warn
investors of the company's problems.
  Ultimately, the committee aims to determine what changes in federal
regulations and oversight are needed to prevent a recurrence of Enron's
financial implosion.
  "The suddenness of this company's fall was shocking. Even the savviest
experts on Wall Street were blindsided," Lieberman said.
  After emerging in the 1990s as a Wall Street darling, the company's stock
price was trading at more than $80 a share a year ago.
  But Enron's equity value collapsed after it became known how the company
overstated its earnings by nearly a half billion dollars since 1997. The
company reduced its equity value by $1.2 billion in the fall, and Enron filed
for bankruptcy protection Dec. 2 with shares selling for less than a dollar.
  The collapse cost investors billions of dollars and wiped out the retirement
savings of thousands of Enron employees while top executives collectively sold
stock worth about $1 billion.
  The committee will hold its first hearing Jan. 24, one day after Congress
convenes, Lieberman said. The investigation will seek to uncover "the flaws in
our system that allowed so many people to be victimized by Enron's collapse,"
he said.
  Lieberman said the committee's probe is intended to identify what steps
government agencies should take to prevent another financial collapse like
Enron's.
  The investigation will be "a search for the truth, not a witch hunt," he
pledged.
  Nevertheless, Lieberman acknowledged concerns about Enron's political
influence with the Bush administration, particularly Enron Chairman Ken Lay's
role in helping frame the White House's energy-policy blueprint issued last
May.
  The committee is engaged in "a search for the truth" that "will go where the
investigation takes us," he said.
  Still, Lieberman noted Enron's "close relations with some Democrats" and
emphasized that political influence wielded by Enron won't be a focus of the
probe.
  Levin said his subcommittee would issue subpoenas Wednesday to Enron's board
of directors and top company executives seeking documents related to decisions
involving the establishment of offshore partnerships the company formed, with
the involvement of key company executives.
  Those special-purpose entities engaged in stock and energy derivatives
trading at the core of Enron's financial problems.
  Next week, the subcommittee will issue subpoenas to Arthur Andersen, Enron's
outside auditor, Levin said.
  The subcommittee will delve into "what appears to be layer upon layer of
conflicts of interest" involving the transfer of Enron debt to the
partnerships, Levin said.
  "Something was very rotten in the state of Enron," Levin said. Either laws
and regulations were violated, or those laws and regulations were inadequate to
prevent Enron's problems from occurring in the first place, he said.
  "A lot of people were either duped or didn't care," Levin said of the
involvement of company officials, Wall Street analysts and auditors.
  "Something this massive should never happen again and it shouldn't have
happened in the first place," the subcommittee chairman said.
  While implicitly critical of the failure of government agencies to prevent
Enron's debacle, Lieberman noted that government "can't protect from every
angle, particularly with a company that was prepared to violate the law, as
this company appeared willing to do."
  The Governmental Affairs Committee investigation marks the fourth
congressional panel to initiate a probe of Enron's collapse. The Senate
Commerce Committee is delving into the matter, as are the Energy and Commerce
and Financial Services committees in the House.
  Lieberman defended his committee's interest in the matter and pledged to
cooperate with other congressional committees in its investigation. The
Governmental Affairs Committee was "uniquely created to investigate something
like this," Lieberman said.
  Levin called Enron's financial collapse "a multifaceted problem." With so
many aspects to explore, there is "more than enough" room for another panel to
weigh in, he said.
  An Enron spokeswoman Wednesday declined to comment regarding the committee's
probe. The company deferred to its outside legal counsel, Robert Bennett, for a
response to Lieberman's assertion that Enron was willing to break the law.
Bennett, who represented former President William Clinton in the Paula Jones
case, was not immediately available.

  -By Bryan Lee, Dow Jones Newswires; 202-862-6647; Bryan.Lee@dowjones.com

Andersen Announces Results of Audit Quality Peer Review

01/02/2002
PR Newswire
(Copyright (c) 2002, PR Newswire)

CHICAGO, Jan. 2 /PRNewswire/ -- Andersen today announced that its system of accounting and auditing quality has been deemed to provide reasonable assurance of compliance with professional standards, following the most extensive peer review in the firm's history. Deloitte & Touche's report, which includes an unmodified opinion for the review year ended August 31, 2001, has been accepted by the Peer Review Committee of the American Institute of Certified Public Accountants' (AICPA) SEC Practice and is available at the AICPA, http://www.aicpa.org/members/div/secps/index.htm .
Every three years since 1978, major accounting firms, under the oversight of the Public Oversight Board (POB), have been engaged to conduct reviews of the accounting and auditing practices of member firms in the AICPA SEC Practice Section (SECPS). The scope of this year's peer review of Andersen was expanded after financial reporting issues emerged at Enron Corp. Andersen requested, and Deloitte & Touche had separately concluded, that expanded procedures were appropriate. Deloitte & Touche independently determined the scope of the expanded peer review procedures.
In total, the peer and Andersen's internal practice review covered 240 Andersen audit engagements in over 30 Andersen offices and the Andersen national office. The engagements reviewed by Deloitte & Touche reviewers and Andersen practice review teams involved some 45 percent of Andersen's U.S. audit partners. The engagements selected for review represented a cross-section of Andersen's accounting and auditing practice with emphasis on higher-risk engagements. It included examining working paper files and reports and interviewing engagement personnel.
Deloitte & Touche's opinion was "unmodified," without qualification. However, three issues not deemed significant enough to affect the opinion were raised in an attached comment letter. Such comments are not unusual in peer review reports. The comments related to: documentation of certain auditing procedures on some engagements; communications with audit committees in some instances; and management representation letters that needed more tailoring in some instances.
In its response to Deloitte & Touche's comments, Andersen said it had taken, or would take, the steps recommended to improve its accounting and auditing practices.
About Andersen
Andersen is a global leader in professional services. It provides integrated solutions that draw on diverse and deep competencies in assurance, tax, consulting, corporate finance, and in some countries, legal services. Andersen employs 85,000 people in 84 countries. Andersen is frequently rated among the best places to work by leading publications around the world. It is also consistently ranked first in client satisfaction in independent surveys. Andersen has enjoyed uninterrupted growth since its founding in 1913. Its 2001 revenues totaled US$9.3 billion. Andersen refers to the brand identity adopted by member firms of the Andersen global client service network. Learn more at www.andersen.com .
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X34851027

/CONTACT: David Tabolt, +1-312-931-9000, david.w.tabolt@us.andersen.com , or Patrick Dorton, +1-703-962-2152, patrick.m.dorton@us.andersen.com , both of Andersen/ 15:57 EST
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron, Economy, Market Woes Weigh On Banks' 4Q >C BK JPM
By Tara Siegel Bernard

01/02/2002
Dow Jones News Service
(Copyright (c) 2002, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- There are a handful of words that will consistently dot the fourth-quarter earnings statements of the nation's largest banks - the economy, Enron and Argentina.
Those are the culprits behind the quarter's feeble profits, reflecting the continued drag of the soft economy on financial firms, exacerbated after the Sept. 11 terrorist attacks on the World Trade Center that shuttered financial markets for four days.
A string of banks - including J.P. Morgan Chase & Co. (JPM), Bank of New York Co. (BK), FleetBoston Financial Corp. (FBF) and some smaller institutions - have already prepped investors with announcements that their quarterly results would be light. The banks cited the rising number of loan defaults, weak capital markets, poor returns on venture capital investments and costs tied to restructuring operations.
"This outlook incorporates the weak economic backdrop together with the natural tendency for fourth-quarter earnings to include 'clean-up' items," analyst George Bicher of Deutsche Banc Alex. Brown. wrote in a research note.
Some of the cleanup involves sweeping bad loans off their books. Enron Corp. (ENE), the beleaguered Houston energy concern, filed for bankruptcy protection on Dec. 2, in a move that shields the company from creditors as it seeks to reorganize. Enron's problems have branched out across Wall Street and the banking industry like tentacles, and some of its largest lenders - including J.P. Morgan Chase, Citigroup and Bank of America Corp. (BAC) - will feel the sting.
Adding to the credit quality pressure is Argentina's financial and political crisis, not to mention rising loan losses across the board.
"With the consumer continuing to hold up relatively well thus far, the focus is clearly on commercial credit," said analyst Mike Mayo of Prudential Securities Inc.
While market-sensitive revenue is likely to rise from the third quarter, it's still weak overall. Merger-and- acquisition activity was still meager, and losses are expected from venture capital portfolios as managers write down investments, analysts noted.
Equity underwriting improved and debt underwriting should log healthy results, although it's not expected to hit the record levels of earlier in the year.

Citigroup Consumer Unit Helps Results

Citigroup, the nation's largest bank, is expected to earn 73 cents a share, up from 63 cents in the third quarter (including a merger charge, it earned 61 cents), and 65 cents in the comparable quarter a year earlier, according to a Thomson Financial/First Call survey. The consumer business, which includes Citigroup's credit-card and consumer finance operations, is expected to post strong results. Though costs to cover bad loans will likely rise modestly, they will be offset by higher fees and improved net interest margin yields - or the difference between the bank's cost of funds and what it charges on loans - as funding costs dropped with falling interest rates.
The Enron factor will likely dent results a bit: The unsecured portion - or the amount of the loan not backed by collateral - of Citi's estimated $900 million exposure to Enron is estimated at between $300 million and $400 million, analysts said. On the Argentine front, where Citigroup is one of the two largest foreign banks along with FleetBoston, the company could incur a loss of one to two cents a share, analysts said.
J.P. Morgan Chase said that as a result of Enron's failure, it would take a charge of $220 million in the fourth quarter on top of a $235 million reduction in trading revenue. In December, the New York financial services company released more specifics on its exposure to Enron which totals $2.6 billion, up from the $900 million figure J.P. Morgan initially disclosed. About $2 billion of the total is secured. Argentine loan losses may also chip into results. Venture capital is another likely sore spot, as the firm will probably have to write down the value on some investments. Other market-related businesses, including trading, are expected to be weak.
J.P. Morgan, the nation's second-largest bank with $712 billion in assets, is expected to earn 36 cents a share, compared with 51 cents in the third quarter (including merger and restructuring costs, it earned 22 cents), and flat with the fourth quarter a year earlier.
Bank of America, the nation's third-largest bank with $625 billion in assets, said in November it would meet analysts' fourth-quarter expectations of $1.25 a share. That's slightly below third-quarter earnings of $1.28 (including costs tied to sales of two businesses it earned 51 cents), but ahead of the 85 cents a share in the comparable quarter a year ago.
Credit quality will also take center stage at Bank of New York. The company said earlier this month that it would take a $275 million charge, largely to cover costs to dispose of its exposure to 24 emerging telecommunications companies and an energy-trading company (Enron). The bank has a total of $758 million in loan commitments to the companies and $488 million in loans outstanding. However, the bank said it will record an initial insurance recovery of $175 million from the terrorist attacks - it had several buildings within blocks of the WTC, including its headquarters. The recovery payments will partially offset those credit costs, and so the bank said it expects the items to reduce fourth-quarter earnings by six cents a share.
At the time of the announcement, analysts' expected fourth-quarter earnings of 50 cents. The bank expects to meet that number, excluding the charge of 6 cents a share. That compares with 52 cents in the third quarter (including charges of 19 cents a share tied to the Sept. 11 attacks, it earned 33 cents) and 50 cents in the comparable quarter last year. The consensus earnings estimate for the latest quarter is now 47 cents a share.
-By Tara Siegel Bernard, Dow Jones Newswires; 201-938-5288; tara.siegel@dowjones.com

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

Two state pension funds plan to sue over Enron loses

01/02/2002
Associated Press Newswires
Copyright 2002. The Associated Press. All Rights Reserved.

INDIANAPOLIS (AP) - Indiana's two largest public pension funds plan to join a federal class-action lawsuit against Enron over millions of dollars the funds lost when the energy giant's stock collapsed.
The Public Employees Retirement Fund and the Teachers Retirement Fund report they collectively lost about $24.2 million from the drop in Enron's stock value. Managers hope to recover that money for the pension funds that have a value of about $18 billion.
"We will certainly be involved as a plaintiff in this action," William Butler, executive director of the employee fund, told The Indianapolis Star. "As long as there is any prospect for recovery, I think it is incumbent on us to protect our members' money."
Several states - including Ohio, Georgia, Washington and Florida - have sought to direct the nationwide lawsuit, which claims that Enron illegally misstated its financial health.
Compared with other states, Indiana's funds were not hit hard. The teacher fund lost about $2.25 million of its $6 billion, and the employee fund lost roughly $22 million of its $12 billion.
Fund managers said the losses would have no effect on present or future payouts.
"Twenty-two million dollars is not insignificant by anyone's measure," Butler said. "But when you look at it in the context of the whole fund, it's thankfully not a very big number."
About 150,000 workers, mostly state and local government employees, pay into the employee fund, with about 49,000 retirees or their families are drawing from the fund.
The teacher fund includes about 80,000 working teachers and 35,000 retirees.
William Christopher, director of the teacher fund, said he expected his board would move to sue the company.
"It's our responsibility to do that," he said. "Even though we just weren't exposed (to Enron) a great deal."
Indiana's constitution prohibited the government employees fund from investing in stocks until an amendment was approved in 1997.
Proponents maintained that investing in the market would increase fund growth over time.
Most of Indiana's investment in Houston-based Enron was in stock groupings that mimicked the S&P 500, managers said.
Enron, which until recently was the country's seventh biggest company in revenue, filed the largest ever U.S. bankruptcy case Dec. 2 after rival Dynegy Inc. backed out of an $8.4 billion takeover offer.
Enron's stock price fell from more than $85 a share a year ago to about 26 cents.
New York state, which also is suing Enron, said it lost $58 million of its $112 billion pension fund in the plunge. Ohio's two largest funds, one for public employees and another for teachers, lost a combined $114.5 million.

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

Azurix Extends Waterworks Concession 3mths.

01/02/2002
Business News Americas
Copyright 1996 - 2002 Business News Americas (BNamericas.com)

Azurix Corp.AZX
Azurix BA, the waterworks concessionaire for Argentina's Buenos Aires province, will continue to provide services for the next three months rather than stepping down this month as announced in October, a provincial official told BNamericas.
The Enron-controlled company and the province will use the three-month period to work on a smooth transition and iron out financial differences, said the official, from Buenos Aires' works and public services ministry.
Authorities are mulling two possible courses to take when Azurix finally leaves: launching an auction to select a new private operator or turning waterworks services over to the province.
Azurix, which has been plagued with quality and service related problems, began its 30-year concession to serve 2.5 million residents of 49 districts in 1999, but called short its tenure due to the province's alleged "serious breaches" of concession terms.
http://www.bnamericas.com
Copyright 1996 - 2001 Business News Americas (BNamericas.com).

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

Sarah Palmer
Internal Communications Manager
Enron Public Relations
(713) 853-9843


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===============================================================
SCIENTECH IssueAlert, December 13, 2000
Constellation to Buy Nine Mile Point Nuclear Plants; Match for Entergy
in New York
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

Constellation Nuclear, a wholly owned subsidiary of Constellation Energy,
and the owners of the two Nine Mile Point nuclear power plants announced
that Constellation Nuclear will buy 100 percent of Unit 1 and 82 percent
of Unit 2. Constellation will own a total of 1,550 MW of Nine Mile Point's
1,757 MW of total generating capacity. The total purchase price, including
fuel, is $815 million. The Federal Energy Regulatory Commission, the Nuclear
Regulatory Commission (NRC) and the New York Public Utilities Commission
still need to give regulatory approval to the purchase, but Constellation
Nuclear has said it expects the deal to be completed by mid-2001.

ANALYSIS: This is a very strategic move for Constellation Nuclear for several
reasons. First, the purchase of the plants expands Constellation's generation
assets, which has been one of the key strategies of the company over the
last year. Secondly, the location of the plants is a critical factor.
Constellation
has narrowed its competitive strategy to the Northeast region, and New
York in particular is shaping up to be arguably the most important playing
field for nuclear assets. Third, owning the Nine Mile Point plants will
elevate Constellation's stature, moving it ever close to become on par
with its nearest competitor in the New York market, Entergy Corp.

Before I expand on the reasons why I think this is a such a pivotal move
for Constellation Nuclear, let me establish some of the important factors
of the deal. Nine Mile Point is a two-unit boiling water reactor site.
Nine Mile 1 began producing electricity in 1969; Nine Mile 2 began producing
electricity in 1988. The two units are both located in Scriba, N.Y., which
is about 40 miles north of Syracuse. The Nine Mile Point units have had
rather spotty histories, but over the last two years have shown signs of
becoming strong performers. Niagara Mohawk operates both units.

Constellation Nuclear is purchasing the plants from a group of several
different utility owners. Niagara Mohawk happens to be the sole owner of
Unit 1. Unit 2 is owned by a group of co-owners: Niagara Mohawk (41 percent),
New York State Electric & Gas (18 percent), Rochester Gas & Electric
Corporation
(14 percent), and Central Hudson Gas & Electric Corporation (9 percent).
It is important to note that Constellation Nuclear is only able to purchase
82 percent of Unit 2 because the Long Island Power Authority, an additional
co-owner that controls 18 percent of Unit 2, has opted not to sell its
share of the plant at this time.

The sale came about in part as a result of the New York Public Service
Commission urging nuclear plant owners in the state to determine the market
value of their plants through an open, competitive process. This is part
of an overall effort to separate generation, transmission and distribution
activities within the state.

With that established, I will continue to support my case that the acquisition
of the Nine Mile Point plants effectively supports Constellation Energy's
growth strategy. In early 2000, Constellation began a restructuring of
its corporate identity, dividing its operations into two separate segments:
one focused on its merchant energy business (including Constellation Nuclear)
and the other focused on regional retail energy services. The merchant
energy business was ranked fifth in the nation for sales of electric power
in the third quarter of 2000, and the company is committed to expanding
this growth. The goal for the merchant energy business, according to
Constellation
Energy CEO Christian Poindexter, is to establish a portfolio of over 30,000
MW of electric generation facilities by 2005. Toward that end, Constellation
Energy acknowledged earlier this year that it would be taking advantage
of "bargain prices for nuclear plants," which resulted in large part from
other utilities focusing on transmission operations and thus choosing,
or being mandated, to divest their generation plants.

Another important point is that the Constellation Nuclear Services group,
a unit within Constellation Nuclear, was established when Baltimore Gas
& Electric, another Constellation Energy subsidiary, created a new area
for its life-cycle license renewal activities. Thus, most likely Constellation
will be applying to renew the licenses for the two Nine Mile Point units,
and has a core group of people with expertise in this area. License renewals
in general have been moving rather smoothly through the NRC, so there should
not be any difficulty for Constellation with regard to this process. The
only challenge might be that the two Nine Mile Point units are very different
in age and could be viewed as two separate plants by the NRC.

Presently, Constellation's generation assets are based in a mixture of
coal and nuclear. The nuclear plant purchases that Constellation is making
expand upon its Calvert Cliffs asset, an 850-MW two-unit nuclear plant
in Southern Maryland. As natural gas prices are projected to rise for the
foreseeable future, buyers on the wholesale market may turn to coal and
nuclear as substitutes for their power purchases. Thus, Constellation could
be in a prime position if the desire for nuclear-generated power continues
to rise, as the company anticipates. While Constellation will most likely
retain its coal-fired generation assets, the company is clearly moving
closer toward a nuclear-based portfolio. Constellation has justified its
move in this direction by saying that its experience has found that nuclear
fuel is cheaper than coal and gas generators and that "the economics [of
nuclear] are quite robust, once they are calculated out."

A key element of the acquisition that may get overlooked in the press releases
is that Constellation Nuclear has secured a 10-year contract to provide
electricity to the sellers at negotiated competitive prices. Specific terms
of the deal are that Constellation has agreed to sell 90 percent of its
share of the Nine Mile Point plants' output back to the sellers at an average
price of nearly $35/MWh until 2010. This alone should provide a solid rate
of return for Constellation's merchant energy business.

In addition, as I indicated, the New York location is key factor in this
deal. Aside from its large population, the state of New York is home to
a number of nuclear plants that have come up for sale recently. For these
two reasons alone, New York stands out as the center within Constellation's
focus on the Northeastern United States. Yet, Constellation's competitors
also have the same plan, and have all fought to gain assets in the region.

Just within the last few months, Entergy Corp.*which also has based its
strategy to a large extent on nuclear*has been aggressively making its
own acquisitions of nuclear plants in New York State. In fact, Entergy
was competing against Constellation Nuclear as one of the other bidders
for the Nine Mile Point plants. I know this because I spoke to Carl Crawford,
an Entergy spokesperson, back in August and he confirmed that Entergy was
actively attempting to purchase the two plants. However, despite the loss
of the two Nine Mile Point plants, Entergy retains a very strong nuclear
presence in New York. In late November, Entergy closed the sale on the
New York Power Authority's two nuclear power plants, Indian Point Unit
3 in Westchester County and the James A. Fitzpatrick plant in Oswego County.
In fact, the purchase of the two plants from NYPA marked the largest
acquisition
to date in Entergy's nuclear strategy, and also represented the highest
purchase price ($967 million) ever of a nuclear asset. Earlier in the same
month, Entergy completed a purchase of the Indian Point 2 plant from Con
Edison. Altogether, Entergy now controls over 3,000 MW of nuclear generation
in the state of New York.

Consequently, since clearly Constellation Nuclear wants to become one of
the top nuclear power producers in the industry, it will need to match
Entergy (along with other competitors such as Exelon and Duke) with regard
to its nuclear portfolio. There is only a limited number of nuclear plants
that will become available for purchase, and thus any acquisition of an
operational nuclear plant is a significant accomplishment for those in
this particular market.

As a sidenote, I established that Niagara Mohawk was one of the primary
sellers of the Nine Mile Point plants (100 percent of Unit 1 and 41 percent
of Unit 2). It is important to remember that Niagara Mohawk is being acquired
by National Grid, a U.K. company that is considered one of the world's
largest independent transmission companies. The acquisition of Niagara
Mohawk is supporting National Grid's strategy of becoming a major presence
in the transmission and distribution sectors of the U.S. energy industry.
Generation is not a high priority for National Grid, and the sale of Niagara
Mohawk's nuclear assets resulted from this strategy.

Moreover, once again we see a case that represents the divergent approaches
that different companies have toward deregulation in the United States.
Whereas generation does not factor in to Niagara Mohawk's current strategy,
it is a key component for Constellation Energy. There are certainly risks
associated with both approaches, but the bottom line on this deal, from
my perspective, is that Constellation has acquired some valuable assets
in a strong market. It's pretty obvious that Constellation intends to be
a contender in the nuclear arena, especially in New York, and owning the
two Nine Mile Point units should effectuate that goal.
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reply to this message and type "delete" in the subject line.


Mark, I've reviewed the latest version of our ISDA forms, and I'd like an
opportunity to learn by doing if you think that's O.K.  Do you think I could
get involved in an upcoming Master Agreement, subject, of course, to your
supervision (or someone else's)?  Let me know what you think.  Thanks -- Bob


Jackie,

Since the inlet to 3 River Plant is shut in on 10/19/99 (the last day of
flow):
at what meter is the McMullen gas being diverted to?
at what meter is HPL buying the residue gas? (this is the gas from Teco,
Vastar, Vintage, Tejones, and Swift)

I still see active deals at meter 3405 in Path Manager for Teco, Vastar,
Vintage, Tejones, and Swift
I also see gas scheduled in POPS at meter 3404 and  3405.

Please advice.   We need to resolve this as soon as possible so Settlement
can send out payments.

Thanks


Here 'tis.  I don't think it compared the charts, but it found lots of other
things to compare.

Kay


let me no when you hear from SK re: accompany lay, so i can re-arrange
schedule if necessary.  thx,jeff (want to see if you really wear pager :))


make sure to deduct $20 from the check b/c you got second place in the pts
pool this week.

From:  Harry Bucalo
  09/13/2000 02:08 PM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: Pick-Ups

Eric:

Please drop Joey Gallaway and Torrance Small and replace them with James
Mcknight and Thrash.

I should have your money to you by Friday.

Thanks

Harry B.


Doug,

I am not available until 2:30pm.  Is it possilble to push back the start?

Doug Arnell@ENRON_DEVELOPMENT
10/10/2000 10:15 AM
To: Scott Neal@ECT, Stephanie Miller@ENRON, Colleen Sullivan@ECT, Eric
Groves@ECT, Ned E Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman@ECT, Julie A Gomez@ECT
Subject: Bahamas LNG Terminal

This is to confirm a meeting on Thursday, Oct. 12, from 2-3 pm regarding the
Bahamas/South Florida LNG Project.  The meeting will take place in Mike
McConnell's office (EB3328).

Scott Neal will join the meeting at 2:30 pm.

Thanks


Hey there, I got a call from Marta in your HR about some type of "Financial Portfolio Managment" deal.  The VP is TIm Kramer.  It sounded like some type of Risk and Control, analytical position as opposed to trading.  So I told here I was not interested for now.  Anyway just wondering if you knew anything about this group, if it's something I should look at.  Thanks buddy.

 -----Original Message-----
From: 	"Eric Saibi" <esaibi@houston.rr.com>@ENRON
Sent:	Wednesday, January 23, 2002 7:31 AM
To:	Saibi, Eric
Subject:	Fw: Question for seller -- Item #1061456076

----- Original Message -----
From: "Michael Barham" <MEBarham@duke-energy.com>
To: <esaibi@houston.rr.com>
Sent: Thursday, January 17, 2002 4:17 PM
Subject: Re: Question for seller -- Item #1061456076

>
> We should go out for a drink.
>
> My # is 713-989-0742 work and 713-877-1722 at home.
>
> Give em hell.
>
> -M
>
>
>
>
>
>                     "Eric Saibi"
>                     <esaibi@houst        To:
<mebarham@duke-energy.com>
>                     on.rr.com>           cc:
>                                          Subject:     Re: Question for
seller -- Item
>                     01/17/2002           #1061456076
>                     03:59 PM
>
>
>
>
>
>
> More like $15, I needed to do something to keep myself occupied these
days.
> Glad your back in town we should get a drink sometime.  Oh, I got alittle
> heat at work about that article too.  Oh well, it was good advertising.
> Take it easy.  Eric
>
> ----- Original Message -----
> From: <mebarham@duke-energy.com>
> To: <esaibi@houston.rr.com>
> Sent: Thursday, January 17, 2002 1:22 PM
> Subject: Question for seller -- Item #1061456076
>
>
> > eric, i hope you trade ercot power as well as you hock this enron crap.
> didn't i see this in the enron store 2 days ago for 25 bucks or something?
> >
> > how are ya?  looks like your auctions are going well and you're being
> quoted in te chronicle so things have to be going somewhat well.
> >
> > i left constellation and went to duke.  head power options trader.
happy
> to be back.  drop an e-mail sometime.  mebarham@duke-energy.com
> > --------------------
> >
> >
> > Question from:           mebarham
> > Title of item:           ENRON Sterling Silver Tiffany Key Ring NEW NR
> > Seller:                  esaibi
> > Starts:                  Jan-10-02 13:55:38 PST
> > Ends:                    Jan-17-02 13:55:38 PST
> > Price:                   Currently $202.50
> > To view the item, go to:
> http://cgi.ebay.com/aw-cgi/eBayISAPI.dll?ViewItem&item=1061456076
> >
> >
> >
> > Visit eBay, The World's Online Marketplace TM at http://www.ebay.com
>
>
>
>
>


The appointment with the pediatrician is at 1100.  I catch up with you later
today.

Kay


Mark

In your FAQ, could you please put something about the tax consequences for
Japanese counterparties

Also, sorry to rush you but we really need something by Friday Tokyo time so
that we can put in in for translation.

Regards
Rousseau


Start Date: 4/11/01; HourAhead hour: 15;  No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041115.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 15 / Preferred:   2.28 / Final:   2.27)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 4/11/01
  SC_ID: EPMI


Following our announcement of an additional of $1 billion credit line, Standard & Poor's (S&P) today downgraded Enron's long-term credit rating one notch from BBB+ to BBB and short-term rating from A2 to A3.  We expected this, because it is not unusual to be downgraded after using assets to secure credit.  This is still above investment grade.

The ratings of our pipelines Northern Natural Gas and Transwestern have also been lowered from A- to BBB.  In S&P's words, "Their ratings [are now] in line with those of the parent company to reflect S&P's view that Enron's pipeline assets have become more strategic to the company."

S&P also said, "[We continue] to believe that Enron's liquidity position is adequate to see the company through the current period of uncertainty, and that the company is working to provide itself with an even greater liquidity cushion through additional bank lines and pending asset sales."

As I've said before, building on our liquidity position through additional credit lines maintains our counterparties' confidence and strengthens our core businesses.

It's important for you to know that our gas and power numbers - which account for more than 95 percent of our trading activity - indicate that our customer base is not withdrawing, closing out positions, or reducing transaction levels as a result of credit concerns.  In fact, EnronOnline trading volumes are currently experiencing above-normal activity.

We will continue to update you as new developments arise.  Thank you.


Planning has met with ENA on Tuesday and responded to the questions from ENA.
Let's four of us have a meeting in my office sometime next week and follow-up on this project. What day/ time would be good for you?
Thanks,
Mansoor


We are launching a number of committees to perform key functions across
Enron.  Enron,s breadth of activities and nonhierarchal organization make it
increasingly necessary to broaden the participation of Enron,s next
generation of leadership in the important decisions affecting the company.
Broadening participation will result in increased access to information as
decisions are made and will allow committee members to extend their working
relationships and influence throughout the company.

The committee charters and memberships are set forth below.  Not everyone
listed has been contacted in advance.  We urge you to serve if at all
possible, but, if you cannot, please contact the committee chair.

VP PRC

The VP PRC will continue to be responsible for evaluating the performance of
Enron,s Vice Presidents, determining promotions to Vice President, and
recommending promotions to Managing Director.  Additionally, the VP PRC will
review and propose changes to the PRC process, the performance evaluation
criteria and the promotion criteria.

The VP PRC will be chaired by Dave Delainey and its membership is as follows:

Tim Belden	Ben Glisan	Danny McCarty
Michael Brown	Joe Gold	Jeff McMahon
Rick Buy	Mark Haedicke	Rob Milnthorp
Wes Colwell	Jim Hughes	Matthew Scrimshaw
David Cox	Louise Kitchen	Jeff Shankman
Janet Dietrich	Michael Kopper	Richard Shapiro
Dave Duran	John Lavorato	Marty Sunde
Jim Fallon	Dan Leff

Analyst/Associate PRC

The analyst/associate PRC will be divided into 3 groups.  Enron Europe will
have the same committee evaluate analysts and associates.  This group will be
chaired by John Sherriff and its membership is as follows:

Pierre Aury	Kevin Heffron	Andreas Radmacher
Rob Bayley	Joe Hirl	Stuart Rexrode
Paul Chivers	Chris Mahoney	Marcello Romano
Markus Fiala	Christopher McKey	Bjarne Schieldrop
David Gallagher	Roy Poyntz	Ron Slimp
Bruce Garner	Paul Quilkey	Rob Stewart

The associate PRC for the Americas will be chaired by Stan Horton and its
membership is as follows:

Sally Beck 	Troy Henry	Kevin Presto
Jeremy Blachman	Sean Holmes 	Brad Richter
Don Black	Sean Long 	Stewart Seeligson
Dan Castagnola 	Rodney Malcolm	Hunter Shively
Joe Deffner	Scott Neal 	Jim Steffes
Kevin Garland	John Nowlan 	Andy Zipper
David Gorte	Ozzie Pagan

The analyst PRC for the Americas will be chaired by Steve Kean and its
membership is as follows:

Federico Cerisoli 	Mark Jackson 	Everett Plante
Jennifer Fraser 	Ben Jacoby 	Paul Racicot
Derrick Davies	Steve Jernigan 	Angela Schwarz
Scott Gahn 	Jay Lewis 	Ed Smida
Rod Hayslett	Cheryl Lipshutz 	Jon Thomsen
Rogers Herndon 	Michael Mann	Emilio Vicens
Brenda Herod 	Ed McMichael 	Frank Vickers
Kevin Howard 	Steve Meyers

Analyst/Associate Program

The most essential determinant of Enron,s continued growth is our ability to
attract and develop new talent.  The analyst/associate program has been the
biggest contributor to our success in this area.  Charlene Jackson, currently
leading our analyst/associate program, has taken a commercial position in
EES, account management organization.  We thank Charlene for her hard work
and many contributions to the program.  Going forward, this program will be
administered by a committee chaired by John Sherriff, CEO of Enron Europe.
The members of this committee are listed below.  Billy Lemmons, currently
Vice President of Enron Global Markets, will lead the day-to-day operations
of the program. Billy joined Enron in 1992, and has served in a variety of
commercial capacities across the company and has been an active participant
in the Associate /Analyst program.  Please join us in congratulating Billy on
his new responsibilities.

Phillip Allen	Andy Fastow	Eric Shaw
Robina Barker-Bennett	Kevin Garland	Hunter Shively
Rick Causey	Ken Rice	Stu Staley
Joe Deffner

Culture

We are combining the vision and values, diversity and corporate
responsibility committees into a single corporate culture committee chaired
by Ken Lay.  Cindy Olson, Beth Tilney and Kelly Kimberly will serve as
executive directors of this committee.  This committee will focus on
leadership and work-life issues (making it easier to attract and retain the
best talent), in addition to continuing the work of the vision and values,
diversity and corporate responsibility task forces.  The members of this
committee are as follows:

Greg Adams	Louise Kitchen	Mark Palmer
Shelley Corman	Michael Kopper	Paula Rieker
Janet Dietrich	Richard Lewis	Jeff Shankman
Jeff Donahue	Sean Long	Mitch Taylor
Gene Humphrey	Dan McCarty	Mike Terraso
Robert Jones	Jean Mrha

The Corporate Policy Committee will conduct the MD PRC and review the
recommendations of the other committees, giving substantial deference to the
decisions of those other committees.  We will be forming other committees to
deal with other significant functions, tasks and issues facing the company.


Clayton:

Here are some preliminary answers to your questions (and I have copied GPG
and Government Affairs folks as well to share this information):

1)  I am currently assessing the situation regarding pipeline safety
legislation.  This week has been very quiet on Capitol Hill as all of the
members are back in the states on August recess running for re-election and
it is a big vacation week for staff...but here's what I am hearing:

As you may or may not know, we have been been very active this year trying to
temper pipeline safety legislation that was fairly reactionary in the wake of
last summer's liquid pipeline accident in Bellingham, WA.

SENATE:  In June, Senators John McCain (R-AZ) and Slade Gorton (R-WA) led the
charge to pass a pipeline safety bill (S. 2438) out of the Senate Commerce
Committee, and that bill is awaiting floor action in the Senate.   Because of
the hasty way in which S. 2438 was drafted and passed, there was a
realization by both Republicans and Democrats in the Senate that the bill
could not make it to the floor for a vote until some serious changes were
made -- mostly things that were deal breakers for industry.  Enron and El
Paso were leading the charge and we had a number of Senators backing our
efforts to negotiate changes, including Majority Leader Trent Lott (R-MS),
Kay Bailey Hutchison (R-TX), John Breaux (D-LA), and Sam Brownback (R-KS).
From what I've learned since the accident, these Senators are not changing
their strategy and are still asking for the same improvements.  Fortunately,
most of the changes we were looking to make were fairly technical and not the
types of things that would be seriously compromised by the accident.
Industy was already in the position of having to accept a number of things
they never would have if not for he Bellingham incident...the El Paso
incident just reinforces those.   The biggest potential effect I see from the
El Paso accident is an increased effort to pass something before the Congress
adjourns in early October.  The New Mexico Senators are already calling for a
floor vote on the McCain/Gorton legislation, and I there will certainly be
greater pressure on leaders to wrap up negotiations, get agreement from all
sides on a bill, and move it unanimously through a vote on the Senate floor.

HOUSE:   The House is moving a bit more slowly, but again, I'd expect the El
Paso situation to expedite things somewhat.  There were several bills
introduced in the House that were not moving anywhere, including an identical
copy of the McCain legislation introduced by Rep. Bob Franks (R-NJ).  Franks
is now anxious to move legislation, as he is running for Senate and would
love to take credit for helping out on an issue of national visibility.
Before the accident, House Tranportation Committee leaders on both the
Democrat and Republican side were working on a "consensus" bill that they
could introduce in early September and move quickly through the Committee and
to the House floor.   I'm told that negotiations on that legislation are
moving forward and a draft bill will be produced shortly.  Unlike our
experience in the Senate, we have had significant input into the bill in
advance, and expect something that we can live with -- and something more
reasonable than the McCain bill.   With that said, there may be an effort to
expand the bill in a few areas because of the El Paso accident, so we'll have
to see what kind of hand we're dealt in the next few weeks.

Overall, I'd expect pipeline safety legislation to be given higher priority
when Congress returns after Labor Day.  In the absence of this accident, I
would have given it slim odds of passing in the few short weeks until
adjournment, with appropriations bills taking up most of Congress' precious
time.   Now there will be greater pressure to come to consensus and move
bills through by an expedited process, so that everyone running for election
in November can show that they've done something about this terrible
tragedy.   With that said, there's still not that much time to get
legislation through, so I'd say that there's still a chance it may not get
done this year.   If I had to attach a number to it, I'd say that the El Paso
accident improves the chances of legislation going all the way to probably
50-60%.

2)  Gas supply to California:   I'll have to do some more checking in this
area and get back to you.   All I've heard so far is that the safety
questions that remain may slow the speed of restarting flow on the line,
notwithstanding that El Paso thinks it can have things running again fairly
quickly.   I'm sure the power crunch in California will put some
counter-pressure on, but I just don't have good intelligence on this yet.

With all this said, I'm on vacation this week and parts of next week
finishing up some leave I've taken for the birth of our new baby daughter, so
I may not have an additional report for you until early to mid next week.

If you have questions, please respond by e-mail, or leave a message on my
voice mail at 202-466-9157.

Regards,

Jeff Keeler

	From:  Cynthia Sandherr                           08/23/2000 09:48 AM

Sent by: Allison Navin
To: Clayton Seigle/HOU/ECT@ECT
cc: Jeffrey Keeler/Corp/Enron@ENRON, Cynthia Sandherr/Corp/Enron@ENRON

Subject: Re: pipeline aftermath

Jeff Keeler in our office handles pipeline safety issues and I am copying him
on this e-mail so that he may reply to you directly.  Also, Cynthia is out of
the office through the end of the week but will be reachable tomorrow and
Friday.  Thanks.

Allison

Clayton Seigle@ECT
08/22/2000 06:29 PM

To: Cynthia Sandherr/Corp/Enron@ENRON
cc:

Subject: pipeline aftermath

Hi Cynthia:

The commercial officers here are very concerned with the El Paso pipeline
explosion in New Mexico.  We would love to get some input from your group on
the following questions if possible:

1.  What is the status of pipeline safety legislation on the Hill, and what
is the outlook for action between now and the end of the year?

2.  What are people from California saying about the added pressure on gas
supplies, and what are people from New Mexico saying about restarting the
flow of gas while safety questions remain?

These questions come straight from the top, and any information you could
provide would be very helpful.  Please write me back or call and let me know
if/when you think we might be able to get some initial answers.

Thanks very much!

Clay