Soussan,

Nice to hear from you. Dinner on Wednesday, Jan 31 would be great.
Please, let me know where you are going to stay.

Vince

"Faiz, Soussan" <faizs@texaco.com> on 01/22/2001 04:29:08 PM
To: "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>
cc: vkaminski@aol.com
Subject: RE: Houston visit

Hello Vince, Happy 2001 and hope all is well.

I'll be in Houston the week of 1/29.  It will be great to have our belated
dinner preferably on Wed. 1/31.  Pls let me know whether you're available on
Wed. or, if not, another day that week.

Best,
Soussan
914 253 4187


The following file contains a graphical view of the North American Gas average deal count by Trader and Product for EOL. This information is for comparative analysis only.  Do not update links when opening this file.

If you have any questions regarding this breakout, please let me know .

Thanks,
Adam Johnson
x54877
EnronOnline


You crack me up.  I was going to email you today and tell you about the Bruce
Cockburn concert.  I am definitely interested.  Don't know what I'm doing
this weekend, nothing scheduled as of yet so let's try and do something.
Yes, I am interested in chipping in on a gift, just let me know what and how
much.  I've heard that I-10 Chronicles CD is really good, I'll have to check
it out.  Also, do you have Ray Wylie Hubbard's Crusades of the Restless
Knights?  Every cut I hear from it on KPFT is so good.  Sorry so short with
the email.  Even though they may be short I should be able to email
throughout the day.

	Enron Capital & Trade Resources Corp.

	From:  "Jennifer Bowles" <jkbowles@hotmail.com>
03/31/2000 10:25 AM

To: sscott5@enron.com
cc:
Subject: wedding gift....

... hey you, are you interested in going in on a gift for Jessica and Clay
from Dished from the Past?  We want to get them something nicer that costs a
little more... Emily and Lisa and I are going in together so far...

It was so good to see you last night although when we're in groups like that
I feel like I don't really get to hear SCOOP... did you end up going to
Woody's?

I heard on KPFT this mornig that Bruce Cockburn is coming to Aerial Theatre
May 11th and that would be an awesome concert too... we may have to go to
that one too!  He sings "Last Night of the World" and then this amazing song
that was on around 7:40 this morning that you may have heard... so good!  Oh
my goodness Susan, I forgot to tell you about this new cd I bought
Wednesday... The I-10 Chronicles... I heard about it on KPFT and it is
awesome!!! It's a compilation cd with Joe Ely, Adam Duritz, Willie Nelson
and more... you of all people would love it! :o)

Okay, now that I've filled you in on all I have for now... let me know what
you're up to this weekend...maybe we can veg together...

Happy Friday!

-Jen
______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


It will be in 38C1 beginning at 11 am CT tommorrow.

-----Original Message-----
From: Holtzman, Staci
Sent: Monday, September 10, 2001 10:41 AM
To: Nemec, Gerald
Subject: Tomorrow's deposition

Gerald - I know you've told me this before, but I didn't put it in my calendar.  What time and where is tomorrow's telephone depo? Thanks.


FYI.  Unclear exactly whose bill this is. Trying to get a handle on it.  Sue's got a hunch that her buddy Herr Peace is behind it.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 07/17/2001 01:20 PM -----

	"Scott Govenar" <sgovenar@govadv.com> 07/17/2001 01:20 PM Please respond to sgovenar 	   To: "Mike Day" <MDay@GMSSR.com>, "Jeff Dasovich" <jdasovic@enron.com>  cc:   Subject: SB 78 - MOU

Attached, please find SB 78 (Polanco) which is the Governor's new and
improved MOU.  This should be referred to Senate Energy today and heard as
soon as ??

http://info.sen.ca.gov/pub/bill/sen/sb_0051-0100/sbx2_78_bill_20010716_amend
ed_sen.pdf


For your review and inclusion.
---------------------- Forwarded by Daniel Diamond/HOU/ECT on 06/07/2000
06:02 PM ---------------------------

Alan Engberg
06/01/2000 02:29 PM
To: Daniel Diamond/HOU/ECT@ECT
cc: Yvette Parker/Corp/Enron@ENRON, Douglas S Friedman/HOU/ECT@ECT
Subject: Plastics Article

Dan, here's a couple of files to link to the "library" section of the new
Plastics & Petchems specific EOL page.

By copy to Yvette, could you please forward to Dan the latest version of the
plastics.enron.com website - this would be the one that you updated the text
on back in Mar/Apr.  Thanks.

---------------------- Forwarded by Alan Engberg/HOU/ECT on 06/01/2000 02:19
PM ---------------------------

	Enron North America Corp.

	From:  Yvette Parker @ ENRON                           05/26/2000 11:49 AM

To: Alan Engberg/HOU/ECT@ECT, Andrew Morrison/LON/ECT@ECT
cc:
Subject: Plastics Article

As requested, I have attached the Exchange article and the letter we mailed.

Yvette

---------------------- Forwarded by Yvette Parker/Corp/Enron on 05/26/2000
11:36 AM ---------------------------

Alan Engberg@ECT
05/26/2000 11:08 AM
To: Yvette Parker/Corp/Enron@ENRON
cc: Kal Shah/HOU/ECT@ECT, Andrew Morrison/LON/ECT@ECT

Subject: Plastics Article

Yvette, could you please forward to Andrew Morrison (Enron Europe,
Marketing/Public Relations) with a copy to myself, an electronic copy of the
Plastics Article and a copy of the 1st letter in our direct mail campaign.

Thank you!
Alan Engberg


_________________________________________________________________

            B R E A K F A S T   W I T H   T H E   F O O L
                      Monday, November 27, 2000

benjamin.rogers@enron.com
_________________________________________________________________

REGISTER TO BECOME A FOOL -- GET FREE STUFF!
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HEWLETT-PACKARD SETTLES GERMAN COPYRIGHT SUIT
The computer giant will pay for each past and future CD burner
sale.

By Tom Jacobs

Computer behemoth Hewlett-Packard (NYSE: HWP) settled German
copyright test case litigation Thursday. The company agreed to
pay GEMA, Germany's top licensing entity, $1.54 for each compact
disc (CD) burner sold since February 1998 and $5.16 for each
future sale. A CD burner allows illegal copying of music off the
Web and onto a personal CD. Industry experts estimate that $500
million is lost annually to CD pirating, with a total of 25
million pirated music files available online. Hewlett-Packard
closed at $35.56 Friday, up 5.57% and 10% above its 52-week low
of $32.63.

GEMA sued Hewlett-Packard in May because it's the German market
leader in CD burners. GEMA initially sought up to $12.90 per CD
burner, now often available for under $200. Hewlett-Packard
spokesperson Jeannette Weisschuh wouldn't estimate the cost to
the company, but she noted that foreign online retailers would
gain an advantage by selling cheaper CD burners -- without
having to pay the fees. "This was a trial to send an example for
the whole market," she said. "It's unfair to the consumers who
have to pay more and unfair to the manufactures because it gives
us a competitive disadvantage."

Most countries have agencies similar to GEMA (the U.S. has ASCAP
and BMI, for example), which collect license fees and pay them
to copyright owners through recording houses and music
distributors. Pre-digital-age copyright laws zapped makers of
equipment such as tape recorders and video players that could be
used to violate copyright laws, but now those laws have been
expanded into a world of CD burners, computer printers, hard
drives, and high-speed modems.

With music industry estimates of $5 billion a year lost through
bootlegging, other countries' licensing bodies are likely
watching Germany and making their own plans. Last Friday, Rex
Moore (TMF Orangeblood) covered developments in the U.S. with
online music file-sharing company Napster, now in cahoots with
-- get this -- German's media giant Bertelsmann.
http://www.fool.com/m.asp?i=212088
_________________________________________________________________

NEWS TO GO

General Electric (NYSE: GE) ended speculation this morning by
naming Jeffrey R. Immelt, currently president and CEO of GE Medical
Systems, to succeed CEO Jack Welch when he retires at the end of 2001.
Effective immediately, Immelt is GE's president and chairman-elect,
and will serve on the GE board of directors and join Mr. Welch and
Vice Chairmen Dennis D. Dammerman and Robert C. Wright as a member
of the corporate executive office.

E-tailer Amazon.com's (Nasdaq: AMZN) website was down for 30
minutes the Friday after Thanksgiving, traditionally the busiest
shopping day of the year. Amazon spokesman Bill Curry said, "It
was totally internal, it was a bug in the system that is now
exterminated. It had nothing to do with holiday traffic." The
system was back up by 9:30 am.

After denying a possible merger with Gemstar-TV Guide (Nasdaq:
GMST) last Tuesday, bookseller Barnes & Noble (NYSE: BKS)
spokesperson Mary Ellen Keating on Friday would not rule it out,
saying that talks between the two companies spanned a wide range
of options.
http://www.fool.com/m.asp?i=212089

Troubled cable and telecom giant AT&T (NYSE: T) stated it will
purchase no more equipment for cable upgrades from Antec Corp.
(Nasdaq: ANTC) or CommScope Inc. (NYSE: CTV) before next year.
The two companies' shares plummeted more than 20 % Friday on the
news. Shares of Scientific-Atlanta Inc. (NYSE: SFA), C-Cor.net
Corp. (Nasdaq: CCBL), and Harmonic (Nasdaq: HLIT), which also
sell cable TV equipment to AT&T, dropped on news they stopped
shipments. AT&T is Harmonic's biggest customer, and its shares
trade near a 52-week low due to continued losses and investor
concerns over AT&T's health.

Bloomberg reports that Morgan Stanley Dean Witter (NYSE: MWD)
has abandoned plans to buy Japan's Nippon Global Securities, and
instead will pursue its own retail offices in Japan. Many
international banks and brokerage firms have targeted Japan,
where most married households -- traditionally through the wives
-- maintained their savings in low or negative interest Post
Office accounts. Financial market liberalization -- the
so-called Big Bang -- has allowed foreign companies recently to
attack the Japanese securities market, known for requiring years
of building personal relationships to achieve business success.
_________________________________________________________________

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.

MsgId:
msg-32713-2000-11-27_9-12-03-3312386_2_Plain_MessageAddress.msg-09:16:17(11-27
-2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


Can we sit down at 3:00?

andrew

To: Gerald Nemec/HOU/ECT@ECT, Andrew Miles/NA/Enron@Enron
cc:
Subject: ECS / EES agreements

I would like to discuss the draft agreements and need some perspective for
how they fit into the overall big picture (e.g., the gas agreement doesn't
explicitly discuss the 2 month lag or nomination issues which may be ok if
this is covered elsewhere).

When would be a good time?  I have a 1:30 - 2/2:30 meeting but am free
otherwise.


missing 2 deals

trader?
buying constellation
117.50
25 mw
dec
mid c
on peak

trader
buying constellation
84.00
25 mw
Q1
np-15
on peak


Thanks for your help Veronica,  Leslie does not have the new version.  Can we
call these guys and get a fax copy?

With regards to our gty,  I have prepared the amended version and it is on
its way to Corp. for execution.

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


thanks....Jeff

Thomas D Gros@ENRON
11/09/2000 03:10 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re: Wharton Entrepreneurship Conference

Thanks again for the invitation last night.  I had a great time.....

I  have called Michelle Marvin to let her know that I will be happy to speak
at the Wharton conference.

Barbara and I would enjoy having  you and Lisa over for dinner sometime in
the next few weeks.  Please let us know what would be convenient for you.

All the best,

Tom


Enron announced today that its common stock will now be traded as an Over-the-Counter (OTC) equity security under the symbol "ENRNQ."  This follows a decision by the New York Stock Exchange (NYSE) to file an application to delist Enron's common stock, which means that Enron's common stock and related securities are suspended from trading on the NYSE.  Enron is considering whether to appeal the NYSE's decision.

The NYSE has standard criteria for listing stocks, which can be found on their website at www.nyse.com.  Enron recently fell below the following listing criteria: average closing price of a security less than $1.00 over a consecutive 30 trading-day period.  Quotation service for Enron's stock will now be provided by the National Quotation Bureau, LLC "Pink Sheets."


Jane:
Here are some more questions.  I will talk to Ron Coker, who is responsible
for the LV questions, to see where he is with those.  Thanks for the fast
reply.  We will get this resolved today for you. Thanks!
Ben


This time I just pulled out the notebook with the drafts of confidentiality
agreements you left one of them to do, and they didn't bother to file them in
the binder, they just stuck them in so when I pulled the file out, the
documents fell out.


missing deals:

buy el paso
cal 04
cob
50.25
25 mw
could be deal 458641???

buy ees
Q2
cob
52.95
50mw
off peak

selling constellation
Q2
cob
53.00
50 mw
off peak

also deal 458634, expiry time is wrong, should be pm


Transwestern's average deliveries to California were 1084 MMBtu/d (99%), with San Juan lateral throughput at 867 MMBtu/d and Rio Puerco at 0 MMBtu/d.  Total East deliveries averaged 466 MMBtu/d.

El Paso's average deliveries to California were 2313 MMBtu/d (79%) :
- PG&ETop, capacity of 1140 MMBtu/d, deliveries of 826 MMBtu/d (72%)
- SoCalEhr, capacity 1254 MMBtu/d, deliveries of 1031 MMBtu/d (82%)
- SoCalTop, capacity 540 MMBtu/d, deliveries of 456 MMBtu/d (84%)

Friday's posted Gas Daily prices:
	SoCal gas, large pkgs	  9.92
	PG&E, large pkgs	  4.535
	TW San Juan		  3.11
	TW Permian		  3.59

Friday's Enron Online bases:
		Jul		Jul-Oct		Nov-Mar
Perm-CA	5.85		4.94		2.38
SJ - CA	6.54		5.54	  	2.59
SJ-Waha	  .68		  .60		  .21
Perm-Waha	  .01	 	  .00	              .00


The product long descriptions below will fall under the new product types US
Residual Fuel Oil 1% Fin Spd and US Residual Fuel Oil 3% Fin Spd.  Credit
(Tom Moran) has approved copying the profiles for the new product types from
the following:

 US Oil LSFO Fin Swap

Please respond by 10 a.m. on Wednesday, March 14.

Thank you.  Lisa
---------------------- Forwarded by Lisa Lees/HOU/ECT on 03/13/2001 02:21 PM
---------------------------

Chris Walker
03/13/2001 10:46 AM
To: Jeff Blumenthal/HOU/ECT, Susan Musch/ENRON_DEVELOPMENT, Mark
Taylor/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT, Tom Moran/HOU/ECT, Veronica
Hill/NA/Enron, Larry Joe Hunter/HOU/ECT@ECT
cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron,
Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON, Melba
Lozano/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT
Subject: Product Type Approval for 2 product types!! (US Residual Fuel Oil 1%
Fin Spd / US Residual Fuel Oil 3% Fin Spd)

Your review and approval of the following 2 product types in the EOL
Datamanager is needed (for directions on approval , please see steps for
approval at the bottom of this e-mail)

Trader:  Sarah Mulholland

US Residual Fuel Oil 1% Fin Spd
US Residual Fuel Oil 3% Fin Spd

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


Enron Fights To Find Near-Term Sellers,But Still Trading
Dow Jones Energy Service, 11/27/01
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
Reuters English News Service, 11/27/01
RPT Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
Dow Jones News Service, 11/27/01
Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
STOCKWATCH Enron slightly higher on hopes for new deal price
AFX News, 11/27/01
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
Dow Jones News Service, 11/27/01
Dynegy Confirms Talks On Enron Deal Structure - Source
Dow Jones News Service, 11/27/01
USA: Enron shares down despite talk of new Dynegy deal.
Reuters English News Service, 11/27/01
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
Bloomberg, 11/27/01

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
Bloomberg, 11/27/01

Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01

A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01

Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
Bloomberg, 11/27/01

ENRON SHARES RECOVER FROM A.M. SLUMP
CBS.MarketWatch.com, 11/27/01

Enron In Free Fall
Forbes.com

Enron Fights To Find Near-Term Sellers,But Still Trading
By Mark Golden
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) continued to struggle Tuesday to find willing sellers of near-term gas and power in North America, but the one-time market maker was still able to trade on a limited basis, according to market sources.
"It's not getting any better," said one major energy broker.
Many energy trading companies aren't selling to Enron and are only buying from it near-term. These include Aquila Inc. (ILA), Mirant (MIR), Royal Dutch/Shell Group (RD) subsidiary Coral Energy, Sempra Energy (SRE), and Morgan Stanley Dean Witter's energy trading subsidiary, said the broker. The broker estimated Enron's over-the-counter trading volume to be about 25% of what it was a month ago. Companies are willing to buy from Enron in the spot gas and power markets, because taking delivery on commodity and paying for it a month later poses no credit risk for the buyer.
Some other companies, like Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and BP PLC. (BP), continue to trade with Enron fairly freely, the broker said. Dynegy has reached an agreement to acquire Enron, though the terms of that deal are being renegotiated. The trading subsidiaries of troubled California utility-holding companies PG&E Corp. (PCG) and Edison International (EIX) also are trading with Enron.
The third and largest group of companies are trading with Enron on a very limited basis to reduce exposure by taking off-setting trades against deals done long ago. These include El Paso Corp. (EPG), Reliant Resources (RRI), Tractebel SA's (B.TRB) U.S. trading unit and regulated utilities, the broker said.
Several energy traders said that both power and gas were being sold at prices lower than Enron was offering.
"They've been cut off from so many people," said one electricity trader.
Enron Says Just Slight Reduction In Transactions

An Enron spokesman said he has seen a slight reduction in transactions but not to 25% of the one-month-ago level.
The notional value of Enron's 30-day rolling average of transactions is $2.8 billion, said Enron spokesman Eric Thode. Thode declined to give volume data for Tuesday or Monday, although the company was giving daily information two weeks ago.
"We're not doing daily information. We're only speaking in terms of 30-day rolling averages. ... It's not fair to speak in terms of daily because of daily volatility," Thode said.
Traders and brokers said they hope Dynegy will offer some kind of guarantee to Enron's trading to restore confidence. But, after Enron's ability to transact took a severe turn for the worse Nov. 20, Dynegy said that the companies must continue to operate independently until their merger is approved and completed.
Energy companies began shying away from Enron over the past month, as concerns about its finances precipitated a 75% drop in its stock price and left its bonds trading at levels typically associated with junk-rated debt.
But Enron saw its ability to trade seriously damaged last week following the late release of its quarterly financial report with the U.S. Securities Exchange Commission. For the first time since Enron's troubles began a month ago, energy companies stopped selling to Enron in the spot markets for fear that Enron might not be able to pay its bills as soon as next month based on the quarterly filing.
Moody's Investors Service and Standard & Poor's all rate Enron one notch above speculative grade. Moody's has Enron's ratings on review for a downgrade, and S&P has Enron on negative credit watch. Fitch calls Enron's credit rating "evolving." Enron's ability to do business in the energy markets depends on its maintaining investment-grade ratings.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com
(John Edmiston in Houston and Jon Kamp in Chicago also contributed to this article.)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
By C. Bryson Hull

11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 27 (Reuters) - Energy trader Dynegy Inc. confirmed on Tuesday it was in talks with floundering rival Enron Corp. over their proposed merger, as sources familiar with the negotiations indicated the final buyout price may be slashed some 40 percent.
"I can confirm that we are in discussions with the parties involved in the transaction related to the deal," Dynegy spokesman John Sousa told Reuters. He declined to give further details.
Dynegy had planned to buy its Houston rival for $9 billion in stock and is currently in a "due diligence" examination of Enron's complex financial books that began before the Thanksgiving holiday last Thursday.
The buyout offer, finalized Nov. 9, would have had Dynegy paying about $10.41 for each share of Enron, but Enron's shares have since cratered to near $4, stoking investor fears the merger will not go through as planned - if at all.
The stock exchange ratio under discussion could fall from the originally proposed valuation of 0.2685 of each Dynegy share for each Enron share to around 0.15 instead, sources familiar with the matter told Reuters. Enron is willing to accept the lower valuation, given the pressure on its stock price, the sources said.
Enron's shares bounced on Dynegy's confirmation of the restructuring talks, trading up 22 cents at $4.23 in late afternoon action on the New York Stock Exchange. The shares had dipped as low as $3.84 in late-morning dealings and as high $4.49. Dynegy's shares gained 4.7 percent or $1.83 to move to $41.08 on the NYSE.
Also on the table were negotiations to extend maturation of Enron's debt past the close of the merger, expected in the third quarter of 2002. The sources said an announcement was possible on a new infusion of at least $500 million in cash, which Enron has said it was seeking.
There also seemed to be an accord over who gets first crack at the Northern Natural Gas Pipeline, which would be Dynegy's consolation prize if the deal fell apart, a source said. Published reports have said that investment banks J.P. Morgan and Salomon Smith Barney had already accepted the pipeline as collateral in other loans, and may dispute Dynegy's ownership if the deal breaks up.
"The pipeline is far more valuable than what has already been collateralized. There's a solid earnings stream from that thing," said one source familiar with the discussions.
ONE TRADING UNIT SHUT DOWN
Two sources confirmed to Reuters that Enron's equity trading unit has been told it is being closed and that the roughly 60 employees there are being laid off. Enron was not immediately available for comment.
Those layoffs, part of broader job cuts expected as part of the Dynegy buyout, point to an acute problem for Enron - the loss of volume in its premier trading franchise. Enron's trading partners have been cutting back transactions with North America's largest energy trader because of credit concerns.
"This business is hugely dependent on volumes and volume growth. It is the principal reason that Dynegy is making the deal. If it's worth a lot less then Enron is worth less. It's vital to stop the bleeding in its core trading and marketing business," said Commerzbank analyst Andre Meade.
But as Enron's stock continued to lose value, down over 50 percent since Dynegy's initial bid, it seemed likely the purchase price would fall as well. Enron has seen its market capitalization drop to around $3 billion, from $60 billion at the start of 2001. (additional reporting by Jeff Goldfarb, Janet McGurty and Jonathan Stempel in New York).

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
RPT Dynegy confirms in talks on structure of Enron merger deal

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
(Repeating to clarify lead)
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp on the terms of their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron declined to comment.
Citing people familiar with the matter, the Wall Street Journal reported today that Enron is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Even if Dynegy Inc. (DYN) revises the terms of its acquisition of Enron Corp. (ENE), some takeover traders say the stock remains too risky.
Earlier Tuesday, a Dynegy spokesman confirmed the company was in talks to restructure the Enron acquisition. Separately, a person familiar with the negotiations said the talks are centered on creating a package that includes a lower exchange ratio for Enron shareholders, a provision for additional funding for Enron, and the refinancing of Enron's existing debt.
Even with the boost Enron shares have received from the reports, they continue to trade at a sharp discount to the original deal's value. Enron shares recently traded at $4.30, up 29 cents, or 7.2%, while Dynegy shares changed hands at $41.50, up $2.25, or 5.8%.
Under the original terms of the deal, Enron shareholders will receive 0.2685 of a Dynegy for each share outstanding, or $9.47 billion. At current trading levels, Enron shares are at a 61% discount to the offer price.
According to The Wall Street Journal, Dynegy and Enron are contemplating an exchange ratio of less than 0.15 of a Dynegy share, or about $5.29 billion.
The rejiggered deal is an attempt to restore confidence in Enron's ability to carry on its core energy marketing and trading business as the deal moves toward completion, the person said.
As the market waits for more details from the two companies, some say it will take more than a revised offer to provide takeover traders, also known as arbitrageurs, with enough confidence to play the deal in the typical fashion.
Often arbitrageurs bet on pending mergers by selling short shares of the acquiring company and buying shares of the target. In this way, the traders hope to profit as the target's share price moves toward the buyer's offer.
But according to some traders, there is too much risk, even for those accustomed to uncertainty, to play the Dynegy-Enron deal in this way.
Several traders said they were still wary that the deal could collapse and potentially push Enron into bankruptcy.
Enron's fortunes took a sharp turn for the worst after investors began to realize the company liberally used accounting loopholes to move its debts into off-balance-sheet financing vehicles, including partnerships run by its former chief financial officer, Andrew Fastow.
"There's nothing like accounting to scare people," said one trader, who said there is still a perception in the market that there is more bad news yet to come from Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy confirms in talks on structure of Enron merger deal

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp to renegotiate the terms of a deal with Dynegy Inc in an attempt to save their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron, meanwhile, declined to comment on the report.
Citing people familiar with the matter, the Wall Street Journal reported that Enron Corp is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron slightly higher on hopes for new deal price

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were slightly higher in midsession trade on reports that the company is trying to renegotiate the terms of a deal with Dynegy Inc, by cutting the price of the all-stock transaction to 5 bln usd, or 40 pct, from 9 bln usd, dealers said.
At 12.19 pm, amid broad declines in the market, Enron shares were trading up 5 cents at 4.04 usd. Dynegy was up 1.26 usd, or 3.26 pct, at 40.51.
The DJIA was down 111.48 points at 9,871.28. The S&P 500 was down 10.40 points at 1,147.02. The Nasdaq composite was down 20.25 points at 1,920.98.
Earlier, the Wall Street Journal said Enron was in advanced talks with Dynegy in an attempt to salvage their two week-old acquisition deal. The companies are discussing a new price for the all-paper deal, following the sharp fall in Enron's share price of the past few weeks.
Enron had hoped to finalise the deal and make an announcement yesterday that would calm investors -- the shares are trading at a small fraction of their record high last year of 87.50 usd.
As of today, however, the revised deal still has not been formalised.
The current agreement with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
"Enron is a black hole, and I don't know how deep the bottom is," said Fadel Gheit an analyst at Fahnestock & Co.
Only four weeks ago, Enron's stock was trading at the 8 usd mark, Gheit said, noting that if the Dynegy had done their homework the stock would not have continued to collapse.
"The market sees this and somebody has to figure out the potential exposure, it could be several billion dollars," said Gheit.
If the deal is to go through then the two companies must arrive at a new stock-exchange ratio, said Gheit. Under the current acquisition agreement, Dynegy would exchange 0.2685 share for each Enron share tendered.
According to the Wall Street Journal, the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock, which would value Enron at less than 6 usd a share, or about 5 bln usd.
blms/cl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
By Carol S. Remond

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- News that Enron Corp. (ENE) and would-be suitor and savior Dynegy Inc. (DYN) are working to renegotiate their merger agreement has done little to assuage market jitters about Enron's fate.
And so far, even professional arbitrageurs, who normally thrive on placing bets on whether a merger is going to go through, continue for the most part to stay clear of Enron's stock and bonds because of the uncertainty surrounding the once mighty energy trader.
Still, reports that the equity swap ratio offered by Dynegy could be revised down to below 0.15 from 0.2685, has some hedge funds, often willing to take more risks, looking to place trades on the deal.
"We're trying to figure out a good play," said a trader at a New York hedge fund.
So far, bets under consideration seem to be those that would include a combination of stock and debt trading, somehow hedging a short position on Enron's shares with a long position in some of its bonds.
"People that are playing the debt are definitely playing the stock against it," a hedge fund manager at another fund said. This manager added, "We're still trying to evaluate different risk/reward scenario on the debt and equity sides."
Investors that sell stock short borrow shares in the hopes of replacing them later by purchasing them at a lower price.
Arbitrageurs typically sell short shares of the acquirer, while taking long positions in the stock of the target company. But there is nothing typical about Enron's financial woes and the rescue efforts launched by Dynegy and large banks like J.P. Morgan Chase & Co. and Citigroup Inc.
Traders reported increased activity in the still mostly illiquid Enron debt market. "Some bids are coming in, especially on the lower priced bonds," said a trader at a large New York investment bank that makes a market in Enron's bonds.
Enron bonds, which had fallen in value in recent weeks, gained five to seven points early Tuesday as investors continue to await confirmation from Enron and Dynegy that their merger deal remains on track, albeit at a lower price. Enron's 6.4% bonds due 2004 were recently trading at about 55 cents on the dollar, up from 48 cents Monday.
Under the original terms of the deal, Enron holders would have gotten 0.2685 of Dynegy shares for each of their Enron shares. Quoting people close to the discussions, The Wall Street Journal reported Tuesday that the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock. That lower exchange was also mentioned in a Dow Jones Newswires story last Friday. At current prices a 0.15 exchange ratio would value Enron at less than $6 a share.
Essentially this new value, if true, means that it has now become easier for hedge funds and other risk takers to play the merger odds.
When a hedge fund shorting Enron stock at $4 a share risked losing more than $6 if the merger went through at the 0.2685 ratio, it now stands to lose only $2 a share (based on the $6 value of Enron stock under the new 0.15 ratio). At the same time it has become much easier to hedge that loss potential by going long on Enron bonds. If the merger doesn't happen, Enron is seen by many as heading for bankruptcy with an ultimate share value of 0. That means that hedge funds shorting Enron at $4 stand to benefit by that amount.
Hedge fund managers and traders said that current thinking puts the value of Enron bonds at about 20 cents on the dollar if the merger fails and about 80 cents on the dollar if it goes through. Meanwhile, the value of Enron stock is capped at about $6 a share if the merger goes through with a new conversion ratio of 0.15.
"A lot of the guys are still very skeptical," said a bond trader at a New York bank. "But this is really making the hedge trade easier and we've seen more customers short the stock and buy the bonds."
Still, this type of bets isn't for the faint of heart, and most investors are likely to wait for more news before taking a position.
"We're nibbling a little bit at the bonds right now. But the situation is so volatile that it's difficult to be aggressive," the manager of a large New York hedge fund said.
Carol S. Remond; 201-938-2074; Dow Jones Newswires
carol.remond@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Confirms Talks On Enron Deal Structure - Source
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Dynegy Inc. (DYN) confirmed the company is in talks with a number of parties regarding the structure of its transaction with Enron Corp. (ENE).
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of the deal," said John Sousa. "I can't elaborate any further at this time."
An Enron official wasn't immediately to comment.

Earlier Tuesday, a report in The Wall Street Journal quoted people familiar with the matter who said Enron and Dynegy were in advanced discussions to cut the price of the all-stock transaction by more than 40% to about $5 billion. Sousa, the Dynegy spokesman, didn't comment on the newspaper report.
Dynegy shares recently traded at $40, up 75 cents, or 1.9%, while Enron shares changed hands at $3.94, down 7 cents, or 1.7%.
Under the original terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share, or $10.78, for each share outstanding, or about $9.14 billion, based on Dynegy's recent stock price.
According to the Journal report, the new terms could be below 0.15 of a Dynegy share.
The deal is critical for Enron, which also simultaneously carrying out talks to receive between $500 million to $1 billion in additional funding to support its operations, while carrying on negotiations to restructure its debt, which totals about $13 billion.
While Dynegy has already provided Enron with a cash infusion, it is uncertain how long Enron's current funds will allow it to remain solvent.
Meanwhile, a third employee lawsuit has been filed against Enron over lost 401(k) retirement savings due to the recent collapse of Enron's stock, which has declined more than 90% in the trailing 12 months. The suit claims Enron "locked down" the plan, which prevented employees from being able to sell the shares, and seeks $850 million for plan losses.
Although the other recently filed employee suits didn't disclose the amount of compensation the plaintiffs are seeking, it is possible the suits seek a similar level of damages, a CreditSights report said.
If this is true, the CreditSights report said, it is possible the clause that allows Dynegy to walk away from the deal if the liabilities from "pending"' or "threatened" litigation may exceed $3.5 billion may be invoked.
In addition, to the employee lawsuits, more than a dozen shareholder suits have been filed against Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

The discussions between Enron and Dynegy aren't merely focused on revising the consideration Dynegy will pay. They are also aimed at providing Enron with additional funding and at restructuring its debt, said a person familiar with the negotiations.
The moves are aimed at restoring confidence in Enron and relieving "the perceived liquidity crisis," the source said.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares down despite talk of new Dynegy deal.

11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 27 (Reuters) - Shares of financially troubled energy trading giant Enron Corp. slipped back into the red on Tuesday after gaining in opening trade following news of a new rescue deal from Dynegy Inc. .
Enron shares were down 2 cents at $3.99 after rising 19 cents, or 4.7 percent, to $4.20 in early dealings on the New York Stock Exchange.
Analysts questioned the viability of the original proposal for Dynegy to acquire Enron in a deal worth about $9 billion.
The Wall Street Journal reported that the companies were discussing reducing the price of the all-stock deal by more than 40 percent, to about $5 billion.

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

Enron Credit Rating to Remain Unchanged for Today, Moody's Says
2001-11-27 16:12 (New York)

Enron Credit Rating to Remain Unchanged for Today, Moody's Says

     New York, Nov. 27 (Bloomberg) -- Enron Corp.'s credit rating
will remain at ``Baa3,'' the lowest investment grade, by Moody's
Investors Service, which said it won't take any ratings action
today on the largest energy trading company.

     David Stimpson, Moody's managing director for ratings
communication, said although there was speculation in the market
that Moody's would make a ratings change, the company won't take
any action on Enron today. Stimpson declined further comment.

     Moody's had been expected to make a statement on Enron's
credit as bankers sought to raise as much as $2 billion for the
energy trader in private equity.

     Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
2001-11-27 15:16 (New York)

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle

     New York, Nov. 27 (Bloomberg) -- Enron Corp.'s bankers,
seeking to raise as much as $2 billion for the energy trader, have
been turned down by investors including Prince Alwaleed Bin Talal,
the Carlyle Group Inc. and Blackstone Group LP.

     ``I was approached by several people to invest in the
company, but we declined,'' said Alwaleed, a billionaire investor
from Saudi Arabia. The fall in Enron's shares, which have declined
95 percent this year, didn't necessarily make it a good
investment, he said.

     Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.

     The prospect that Enron will fail to line up financing,
jeopardizing its plan to be acquired by Dynegy, has weighed on its
stock and bonds. The company's securities gained today as talks
between Enron and Dynegy to renegotiate terms of the transaction
convinced some investors the takeover was more likely to take
place.

     Enron 6.4 percent bonds that mature in 2006, which closed
yesterday at 48 cents on the dollar, rebounded to trade at about
55 cents on the dollar. At that price, the bonds yield 22.5
percent. Enron shares rose 21 cents, or 5 percent, to $4.22. The
stock finished yesterday at $4.01, its lowest level in 14 years.

                        Declining to Invest

     J.P. Morgan and Citigroup Inc., Enron's largest lenders, plan
to provide $250 million to Enron each as part of a $2 billion
package. The bankers have been seeking additional investments,
which would be made in the form of convertible stock, for more
than two weeks.

     Questor Management Co., a $1 billion private-equity fund that
invests in troubled companies, and buyout funds such as Carlyle
Group and Blackstone have balked at investing, said people
familiar with the situation. Blackstone and Questor declined to
comment. Christopher Ullman, a spokesman for Carlyle, said: ``We
are not in discussions with Enron about financing.''

   ``More equity would leave Enron with a stronger balance sheet,
which should reassure their trading partners,'' said Kathleen
Vuchetich, who helps manage $1.4 billion in assets at the Strong
American Utilities Fund. Vuchetich has 4.2 percent of her
portfolio invested in Dynegy shares.

     Enron and Dynegy discussed revising the terms of their merger
over the weekend, said Steve Stengel, spokesman for Dynegy. Dynegy
is now talking about paying less than 0.15 share for each of
Enron's, valuing the company's equity at about $5 billion, or less
than $6 per share, the Wall Street Journal reported, citing people
close to the discussions.

                               Terms

     ``The concern is that the Dynegy deal breaks down,'' said
Paul Tice, co-head of U.S. high-grade credit research who covers
the energy market for Deutsche Bank.

     Current terms call for an exchange ratio of 0.2685 share of
Dynegy stock for each Enron share. Given recent disclosures about
Enron's debt and the drop in the stock price, a fairer ratio would
be 0.15 share of Dynegy, said Ronald Barone, a UBS Warburg analyst
who rates Dynegy a ``strong buy.''

    Under current terms, the deal makes sense for Dynegy only if
Enron earns 85 cents or more next year, said Gordon Howald, an
analyst at Credit Lyonnais who rates Dynegy a ``buy.'' UBS
Warburg's Barone has reduced his estimate of Enron's 2002 earnings
to 75 cents a share from $1.65.

     Enron needs an infusion in part because it has $9 billion of
payments due before the end of 2002 and less than $2 billion in
cash and credit lines. The decline in reserves has also raised the
prospect that Moody's Investors Service may cut Enron's credit
rating. A lower rating would trigger $3.9 billion in debt
repayments for two affiliated partnerships.

                           Cash Question

     ``The main question is: `What is the cash position right
now?''' said Tice at Deutsche Bank. ``Is the falloff in the cash
position of the company stabilizing or not?''

     Moody's hasn't issued a report on Enron since the company
filed a quarterly report with the Securities and Exchange
Commission last week announcing it had a $690 million note due
this week. On Wednesday, Enron got a three-week reprieve from
lenders on the $690 million note and closed on a $450 million
credit line. Dynegy Chief Executive Officer Chuck Watson said he
was ``encouraged'' by the developments.

Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
2001-11-27 11:56 (New York)

     Boston, Nov. 27 (Bloomberg) -- Edward Paik, an analyst at
Liberty Funds Group, comments on Dynegy Inc.'s proposed
$23 billion acquisition of Enron Corp., the largest energy trader.

     Paik has Enron shares among the $3.6 billion in assets he
helps manage at Liberty.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday.

     ``The stock market is clearly 100 percent certain the Dynegy
deal won't go through as negotiated,'' Paik said. ``We're just
waiting.''

     ``If they announce they've renegotiated the deal, it will be
implicit that due diligence has been done, and that Dynegy won't
walk away for anything that's happened up until now. If they were
to impose more conditions, what good is that? Dynegy needs to
resuscitate Enron back to health.''

A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
2001-11-27 11:00 (New York)

     St. Louis, Missouri, Nov. 27 (Bloomberg) -- A.G. Edwards &
Sons Inc. analyst Michael Heim comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Heim rates Enron ``sell'' and Dynegy ``hold'' and
doesn't own shares of either company.

     The market is waiting for confirmation and details of a
renegotiated bid, Heim said.

     ``We'd need to know why they'd agreed to a new price,'' Heim
said. ``It also needs to be combined with some sort of shoring up
of Enron's trading business, which needs to be stabilized for the
deal to have real value.''

Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
2001-11-27 10:42 (New York)

     New York, Nov. 27 (Bloomberg) -- Commerzbank Securities
analyst Andre Meade comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Meade rates both companies ``hold'' and owns no shares.

     ``If they are renegotiating, it confirms our fears that
Enron's crown jewel, its marketing and trading business, is
deteriorating,''

      Investors are waiting for a sign on the state of the
business, Meade said.

      Enron's trading business was worth more than $10 billion
before partners began shunning it on credit concerns, Meade said.
A lower price struck by Dynegy may reveal how much business has
fallen, and whether Dynegy believes Enron can regain it, Meade
said.

     A New York Times report that banks may extend payments on
some loans until after Dynegy purchases Enron ``raises concern
that Dynegy will be hurt by taking on the vast liabilities of
Enron,'' Meade said.

ENRON SHARES RECOVER FROM A.M. SLUMP
By Lisa Sanders
CBS.MarketWatch.com

4:10 PM ET Nov 27, 2001

HOUSTON (CBS.MW) -- Shares of Enron recovered from the morning's sub-$4
a share level Tuesday amid reports that the embattled energy merchant is
working with Dynegy to renegotiate its takeover offer.

Enron (ENE), which once hit $84.88 during the last holiday season,
added 13 cents to close at $4.14 on volume of 68.4 million shares. The
stock was the most actively traded on the New York Stock Exchange
Tuesday.

Dynegy shares added $1.64 to close at $40.89.

The New York Times reported that Houston-based Dynegy (DYN) and Enron
are renegotiating Dynegy's bid, once valued at $9 billion in stock.
According to the report, Dynegy is worried that Enron's core business --
energy trading -- is deteriorating. See full story.

Getting it done

_______________________________________________________________________

Glen Hilton, portfolio manager of the Montgomery New Power Fund, said
it's a "crapshoot" as to whether the deal gets done.

"I think that regardless of the outcome Dynegy is still in a good
position for the long-term," he said. His fund liquidated its Enron
holdings completely in mid to late-October. "Enron was the leader (in
energy trading), and it's clearly suffering so Dynegy is in a good shot
to take up the mantle."

Hilton pointed to Enron's 10-Q, filed last Monday with the Securities
and Exchange Commission, and the falling share price as potential
triggers of the deal's material adverse affect clause. Those two things
could very well make Dynegy walk away from the merger. If that happens,
Hilton said, an Enron bankruptcy is a very real possibility.

"Very few companies understand what Enron does and Dynegy is one of the
few that could make something out of it," Hilton said. "If Dynegy can
restore confidence in Enron's trading business and get Northern Natural
Gas, it looks like it might be worth the headache."

Dynegy has the rights to Enron's Northern Natural Gas, a pipeline
system, whether the merger goes through or not.

Enron wasn't immediately available for comment. Dynegy, through a
company spokesman, confirmed that it was in discussions with "the
parties involved in the transaction" related to the structure of the
deal.

Top Of The News
Enron In Free Fall
Dan Ackman <javascript:newWindow('Ackman')>, Forbes.com <http://www.forbes.com/news>, 11.27.01, 9:00 AM ET

NEW YORK - If not for Sept. 11, Enron would be a major scandal; as it stands, it's a minor scandal. The Houston-based energy company, whose Chairman Kenneth Lay is a personal friend of and top fundraiser for President George W. Bush <http://www.forbes.com/2001/10/12/gwbush.html> and Vice President Dick Cheney, is in free fall. The bailout by rival Dynegy made public three weeks ago appears to be unraveling.

Dynegy's (nyse: DYN <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=DYN> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=DYN> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=DYN>) buyout of Enron (nyse: ENE <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=ENE> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=ENE> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=ENE>) was originally valued at $9 billion. But just as the deal was announced, Enron said its prior financial reporting was inaccurate and that it had overstated earnings by $586 million over the past four years.

While the companies have not said the merger is off, investors don't believe it will happen, at least not at the stated price; they have bid Enron shares down to the point where the company has a market value of less than $3 billion. The shares closed yesterday at $4.01, down from $78 a year ago.

The situation is in flux, as it has been for months. During that time, several top Enron executives have been forced to resign. Jeffrey Skilling, Enron's former chief executive officer, left in August for "personal reasons."

Company officials said they hope to announce, perhaps as early as today, a series of changes: a lower price for the takeover; a cash infusion of $500 million; new, extended loan terms by Enron's bankers; and somehow, an agreement that prevents Dynegy from walking away in the face of litigation over Enron's devastated employee-retirement plan. Lawsuits by shareholders are sure to follow, considering Enron's restatement and the pay it lavished on executives, including Lay who received $135 million from salary, bonus and the exercise of stock options in 2000 alone.

For now, Dynegy says it still wants to do a deal for its crosstown rival with 2000 revenue of $101 billion.

Even more alarming than the deterioration in the share price is the crisis of confidence in Enron's reliability as a trading partner in worldwide energy markets. Last year, Enron was the dominant player in natural gas and electricity trading--a fast-paced, complex business quite removed from the company's history as a gas- and oil-pipeline builder and operator. The fear now is that other companies will refuse to trade with Enron out of trepidation that it will file for bankruptcy and not pay its bills.

The company had $10.5 billion in debt as of its last annual report, and that number has likely grown by 20%. Already, credit agencies have cut their ratings on Enron debt.

Dynegy and its partner, ChevronTexaco (nyse: CVX <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=CVX> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=CVX> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=CVX>), may pump billions of dollars into Enron's operations if the purchase goes through. But the deal will certainly undergo regulatory scrutiny and will take months to close. Investors and energy traders are increasingly doubtful that Enron can hang on by itself.

Enron bills itself as one of the world's leading energy, commodities and services companies. It says it "markets electricity and natural gas, delivers energy and other physical commodities, and provides financial and risk management services to customers around the world." While all this may be true, its popularity with investors was based largely on its fast-growing revenue--much like the Internet companies whose collapse it mirrors.

Few shareholders had any understanding of what Enron did to generate that revenue, and indeed Enron's own auditors at Arthur Andersen were confused. Most of the revenue was generated from trading, but the company's shares sold as if it was still an industrial company and not a financial firm.

Enron was famous for being famous. Before the start of the 2000 baseball season, it purchased the rights to have its name on Houston's new ballpark. By 2002, Enron Field may need a new name.

The name Enron itself sounds like it has something to do with energy, but it means nothing. At the time the company was formed from the merger of InterNorth of Omaha and Houston Natural Gas, the idea was to call the company Enteron. But the namers then looked in the dictionary and found out that Enteron means "intestines;" they decided to drop the "te" in the middle and go with Enron. Soon Enron may be part of Dynegy, a much smaller company in terms of revenue. If the deal falls apart, it may want to go back to Enteron.


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Please  note that this message was sent to the following e-mail address:
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I just got off the phone with Paige. she is going to the game with Mikey and
the boys.
I will confirm with Charlotte we will pick Michael up after the game,
correct. NM

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Tuesday, May 22, 2001 4:19 PM
To: nmann@erac.com
Subject: Charlotte

I'm on a conference call.  Could you call Charlotte ASAP and review the
plan for tonight.  Paige is in her car if you need her input.

ckm


Thanks Steve!  df

	From:  Steve Klimesh                           03/08/2001 07:01 AM

To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Organization Announcement

Drew
Congratulations and best wishes.

Steve
---------------------- Forwarded by Steve Klimesh/ET&S/Enron on 03/08/2001
05:07 AM ---------------------------

	From:  Stan Horton, Chairman & CEO                           03/07/2001 10:57
PM

Sent by: ETS General Announcement
To: Enron Transportation Services Operations
cc:

Subject: Organization Announcement

Michael Moran, currently Managing Director and General Counsel for ETS, has
decided to retire after a distinguished 27-year career with Enron.;; Mike has
been a conscience and a statesman of our organization and it is hard for me
to imagine the ETS organization without Mike.;
;
Fortunately, Drew Fossum, currently Vice President and General Counsel for
Northern Natural Gas and Transwestern, has accepted my offer to become Vice
President and General Counsel of ETS effective April 1, 2001.; Drew will
relocate to Houston and report to me in his new role.
;
To assist with transition issues and special projects, Mike has agreed to
stay on board for several months as Managing Director and Special Counsel to
the Chairman and will continue to report to me.;;
;
Please join me in congratulating Drew on his new assignment and thanking Mike
for his many contributions to ETS and Enron.;


Hi Mark,
 As promised. FYI
 See you tomorrow morning.

Best Regards,

HHK

---------------------- Forwarded by Harvey Kaura/EWC/Enron on 03/20/2002
08:35 PM ---------------------------

Keith Warner
03/19/2002 04:48 PM
To: Harvey Kaura/EWC/Enron@ENRON
cc:

Subject: SCADA Inconsistencies @ Mill Run

---------------------- Forwarded by Keith Warner/EWC/Enron on 03/19/2002
05:14 PM ---------------------------

Phil Waddell
03/19/2002 02:32 PM
To: Keith Warner/EWC/Enron@ENRON, Marion Horna/EWC/Enron@ENRON
cc: Joe Thorpe/EWC/Enron@Enron, Kevin Cousineau/EWC/Enron@ENRON, Dave
Schulgen/EWC/Enron@ENRON, Dan Lindquist/EWC/Enron@Enron, Jeff
Maurer/EWC/Enron@ENRON, Mike Messier/EWC/Enron@ENRON

Subject: SCADA Inconsistencies @ Mill Run

Hi Keith,
Please review the following request from Mr. Verkleeren.

Inconsistencies with the grid downtime numbers at Mill Run.
Frequent PMT circuit breakers trip events.
 The Mill Run site had an event on 03/17, prior to the inclement weather,
where pad's 1,3,5,6,7&8 had the PMT circuit breakers open @ approximately
0900  but did not have any component failures and did not trip the SEL.

Per our conversation and the follow-up E'mail on 3/18, Zilkha is looking for
a report on the steps taken to minimize the low gearbox oil pressure faults.

Best regards,

Philo

---------------------- Forwarded by Phil Waddell/EWC/Enron on 03/19/2002
01:06 PM ---------------------------

"Gary Verkleeren" <GVerkleeren@zilkha.com> on 03/19/2002 11:48:15 AM
To: <phil.waddell@enron.com>
cc: "Rick Winsor" <rwinsor@zilkha.com>, "Mark Haller" <mhaller@zilkha.com>

Subject: SCADA Inconsistencies @ Mill Run

Philo,

After exporting and reviewing Mill Run SCADA data (Monthly Production file)
for the running month, I observed several inconsistencies between turbines
that do not make sense.  Specifically, for the grid downtime realized over
the weekend (a result of the ice storm) which you had the pleasure of sharing
with me, there was a total of approximately 14 hours of grid downtime.  The
downtime began at 1930 on 3-17-02 and essentially ran until 0930 on 3-18-02.
During this time I closed the breaker restoring grid power to the site at
2345 only to have the site trip again within the next 15 minutes. (This can
clearly be seen by viewing the attached text file and looking at the line
voltages, VA, VB, VC).

The grid downtime calculated and reported on the Monthly file for turbines #
2, # 4 and # 7 is not even close to being correct.  Please review the
attached excel spreadsheet generated from exported SCADA data as
verification.  All of the other turbines are somewhat close to calculating
the downtime correctly but there are still certain mysteries with those as
well.  As you are aware, nearly all of the main circuit breakers tripped at
Mill Run at approximately 0930 on 3-17-02, this likely partially explains why
there is some variability between grid downtimes being recorded.  I say this
because a total loss in power to the turbine is realized in this event and
SCADA probably cannot differentiate between a main circuit breaker trip and a
grid loss.

I am requesting an explanation for the inconsistencies noted between grid
downtime allocations per turbine as calculated by Visupro/SCADA.  As a
reminder, I am also looking for a report summarizing the measures taken to
correct the low gearbox oil pressure faults, and feedback on why main circuit
breakers are operating at both Mill Run and Somerset.  The main circuit
breakers were intended to be an added safety/protection feature and I was
lead to believe that they would not operate on a regular basis.  The main
circuit breakers are tripping frequently, this suggests a possible safety
concern and warrants immediate attention.

I look forward to your response

Best Regards,

Gary

 <<MR SCADA 3-1-02 thru 3-18-02.xls>>
 <<MR SCADA 3-1-02 thru 3-18-02.xls>>

Gary Verkleeren
Zilkha Renewable Energy
68 Braddock Drive
Ohiopyle, PA  15470

Office:  724 434-1542
Mobile: 724 554-0924
Fax:  724 434-1543

 <<MR SEL DATA 3-17-02 to 3-18-02.txt>>
 - MR SCADA 3-1-02 thru 3-18-02.xls
 - MR SCADA 3-1-02 thru 3-18-02.xls
 - MR SEL DATA 3-17-02 to 3-18-02.txt


Cooper-

Can you let me know how to connect to the power database where we pull CAISO
scheduled gen & load.  I want to pull the actual loads along with the
scheduled.  Get back to me when you get a chance.

Matt Lenhart
853-7176


This request has been pending your approval for  60 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000057285&Page=Approval to review and act upon this request.

Request ID          : 000000000057285
Request Create Date : 8/30/01 5:59:30 PM
Requested For       : erik.simpson@enron.com
Resource Name       : Market Data Kobra NatGas
Resource Type       : Applications


Good with me

Kayne


i would probably be in the restroom at halftime a little
longer than usual
              if yall know what i mean

-----Original Message-----
From: Newman, Michael [mailto:MNewman@reliant.com]
Sent: Tuesday, November 20, 2001 8:57 AM
To: JPM913@aol.com; batoggero@yahoo.com;
kenneth.d.schall@us.arthurandersen.com; george.palermo@sbc.com;
dduffy@blueskyintegration.com; dduffy@hotmail.com; m-m123@prodigy.net;
mark@sshdesign.com; mark@ddevelopment.com; Joey Sciortino;
greadyhunter@hotmail.com; Don.Baughman@enron.com; DLansford@mccmail.com;
twilliams@ev1.net
Subject: RE: Your son's first game...

IS THAT A BEER IN FRONT OF THE KID?  BEAUTIFUL.

-----Original Message-----
From: JPM913@aol.com [mailto:JPM913@aol.com]
Sent: Tuesday, November 20, 2001 8:45 AM
To: batoggero@yahoo.com; Newman, Michael;
kenneth.d.schall@us.arthurandersen.com; george.palermo@sbc.com;
dduffy@blueskyintegration.com; dduffy@hotmail.com; m-m123@prodigy.net;
mark@sshdesign.com; mark@ddevelopment.com; jsciortino@eesnet.com;
greadyhunter@hotmail.com; Don.Baughman@enron.com; DLansford@mccmail.com;
twilliams@ev1.net
Subject: Re: Your son's first game...

I didnt know Cleveland can get that quality of fans.  The kid loves it.
Go Browns!

JPM


As you may know, prior to the start of the last day of the FERC meetings in
Washington DC on Monday, the CalPX submitted to the setttlement judge an in
camera list of the issues that the Committee has been discussing with the
CalPX.  The list did not describe the pending proposals as to how the issues
were to be resolved; it only listed the issues according to the CalPX.

Based upon the list submitted to the settlement judge, I wanted him to know
that the Committee is discussing the issues with the CalPX.  I had a meeting
with the judge and his staff, with the CalPX and its FERC counsel present,
to let the judge know that settlement discussions were underway, but I did
not know whether the Committee would ultimately approve the proposals that
were pending at that point (the July 8 proposal that was sent to the
Committee).  He asked for a copy of the proposal, which I handed his staff,
and he suggested that I describe the proposal to all the sellers in the room
after the California and IOU representative leave.  I told him that I could
not describe the proposal as anything other than a proposal that Powerex
supported and that there were others on the Committee that both supported
and did not support the proposal as it stood at that point.  He told me to
make the presentation and to tell the group that it was not a Committee
proposal at that point because there were both Committee members that
supported and did not support the proposal at that time.  I did indicate,
however, that I was working hard to develop a consenus on the Committee to
support the proposal.

At the judge's request, I made a presentation to all the sellers that were
in the room after the State and IOU representatives left at about 4 pm.  I
did not indicate the names of any Committee members that supported or did
not support the proposal, although I did tell the group that Powerex
supported the proposal.  The lawyer for Mirant told the group that Mirant
was not in support of the proposal at that time.

Lynn Miller from the CalPX and her FERC lawyer were in the room, which was a
good thing as it turned out.  A number of sellers asked whether there was
some way to avoid sending any money to the CalISO without some assurances
that it will be distributed to the appropriate sellers in that market.
Although the CalPX had previously been reluctant to include in the proposal
any language regarding how the CalISO makes distributions, based on the
discussion in the room, CalPX has agreed to escrow amounts payable to the
CalISO, subject to Committee oversight, to ensure that the CalISO directs
that the funds be distributed to the parties entitled to the funds and does
not just turn them over the CDWR or someone else, like the Governor.

Similarly, based on the discussion in the room, the CalPX has agreed to
modify the proposal to provide that any funds that come in the future can
first be used to "true up" the prior distributions back to the beginning
based on the differences in the amounts previously distributed and the
amounts that would be distributed based on a net receivable approach.

There were a few other changes that seemed to make sense, which I have
incorporated into the revised draft attached hereto.  I also attach a
redlined copy to show the changes from the July 8 draft that was circulated
last week.  It appears that the Committee now has more time to discuss and
consider the proposal, although the judge's staff indicated to me that the
FERC would like to receive a proposal that is endorsed by the Committee as
soon as possible because the FERC is anxious to resolve the remaining CalPX
issues.

During my presentation to the seller group at FERC on Monday, a number of
sellers asked for a copy of the proposal.  I was handed about 100 business
cards asking me to send out copies.  At this point, I would prefer to send
out copies only after the Committee has developed a consensus to support the
proposal.  Therefore, I am not sending out copies at this time.  I ask that
all Committee members also not send out copies at this time.

Thank you all for responding to calls on short notice last week.

If you have any questions, please let me know.

 - FERC Proposal  Weg rev Jul 11 01.DOC
 - FERC Proposal  Weg Redline Jul 11 vs Jul 8 01.DOC


No one would notice if I forgot my bras!!!!  Thanks for the well wishes.
I'll take lots of pictures so you can see them.

I can't wait for this week to be over...only one and a half days!!

Robin


Why would you ask a question out of the blue?

From: Suzanne Adams@ECT on 06/06/2001 03:45 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: New York Hotel

Now, would I ask a question if I already knew the answer??????????

	Kay Mann@ENRON
	06/06/2001 03:37 PM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: Re: New York Hotel

When you ask a question you usually have heard a rumor.  What did you hear?

From: Suzanne Adams@ECT on 06/06/2001 03:35 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: New York Hotel

The New York Hilton sounds good and the location is good.  We are paying for
this, so we don't want to spend a fortune.  I also emailed Nellie in
Klauberg's office to see if she had any recommendations/connections.  You
know I do make sure his bills get paid!!!!!!!

Are you going to be doing business on your vacation days because if you are,
I'm not going to charge you.  I just don't think that's right.  Have you guys
had any new additions to your group?

	Kay Mann@ENRON
	06/06/2001 03:30 PM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc: sheila.tweed@enron.com@ECT, dan.lyons@enron.com@ECT
		 Subject: Re: New York Hotel

Never stayed there.  My current favorite is the Omni, which is in one of may
favorite locations. It has a little deli like shop across the street, where I
can buy reasonably priced bagels, cokes, etc.  Last year I also stayed at the
Marriott Marquis (BIG, right on Times Square) and the Mark (too snooty).  I
stayed two other places I didn't like, but the names escape me.

I've seen some other smaller hotels which look nice, and if I check a map I
might remember the names.

Kay

From: Suzanne Adams@ECT on 06/06/2001 12:37 PM
To: sheila.tweed@enron.com, dan.lyons@enron.com, kay.mann@enron.com
cc:

Subject: New York Hotel

What do you guys know about the Mayflower.  We are looking for a hotel in New
York at Christmas.
----- Forwarded by Suzanne Adams/HOU/ECT on 06/06/2001 12:36 PM -----

	"Doherty, Ric" <Ric.Doherty@COMPAQ.com>
	06/06/2001 12:33 PM

		 To: "Suzanne Adams Doherty (E-mail)" <Suzanne.Adams@enron.com>
		 cc:
		 Subject: New York Hotel

Do any of your people know anything about this place....it is where Pam and
Scott stayed and really liked it...recommended by Brysch

http://www.mayflowerhotel.com/welcome.htm

Thanks,

Ric Doherty
(281) 514-7624 - office
(800) 920-8171 - pager
ric.doherty@compaq.com
ricdoherty@att.net


-----Original Message-----
From: 	Arnold, John
Sent:	Friday, October 05, 2001 7:25 AM
To:	Keavey, Peter F.
Subject:	FW: Enron Europe Organization Announcement- VOLUNTARY LAYOFFS

 -----Original Message-----
From: 	Fraser, Jennifer
Sent:	Friday, October 05, 2001 4:18 AM
To:	Arnold, John
Subject:	FW: Enron Europe Organization Announcement- VOLUNTARY LAYOFFS

Enron has had a very good year to date and we at Enron Europe have played our part in this.   However, if we are to maintain growth levels, we need to focus very closely on our cost base and create more efficiencies in the current round of Enron Corp. budget reviews.

We are analysing much more closely exactly which businesses we derive our earnings from and concentrating our resources on those areas.  We will be taking decisions to put some projects on the "back burner"and reduce the scope of others.

This will inevitably mean that we need to reduce our headcount both in commercial and commercial support groups as we seek to identify the best mix of skills to keep us on our earnings growth track.  To this end we will be seeking to cut our headcount in Europe by between five and ten percent, but we will aim as far as possible to achieve this through a program of voluntary severance.  Details of this program will be made available by Monday 8th October.  We hope to complete this exercise and communicate the outcome as quickly as possible in October so that everyone knows where they stand.

Please feel free to contact either of us, but also talk to your supervisor about any specific concerns you may have and remember that you can also make use of the LifeWorks confidential counselling service that is available on 0800 169 1920.

We firmly believe that if we work hard together now to achieve these short term goals, we will create a stronger, more flexible team at Enron which will be better placed than ever to grow our business in Europe.

John Sherriff and Michael Brown


Team --

My initial response is that this is not  a key issue for Enron (given
everything else).  I'd rather simply know how the process is to work going
forward, than make a big case either way.

Jim

JBennett <JBennett@GMSSR.com> on 05/07/2001 11:15:58 AM
To: "Harry Kingerski (E-mail)" <Harry.Kingerski@enron.com>, "Jeff Dasovich
(E-mail)" <jdasovic@enron.com>, "Jim Steffes (E-mail)"
<James_D_Steffes@enron.com>, "Lelie Lawner (E-mail)"
<Leslie.Lawner@enron.com>, "Lelie Lawner (E-mail)" <Leslie.Lawner@enron.com>,
"Robert Neustaedter (E-mail)" <Robert.Neustaedter@enron.com>, "Scott Stoness
(E-mail)" <sstoness@enron.com>, "Tamara Johnson (E-mail)" <tjohnso8@enron.com>
cc:

Subject: Comments on ACR re SCE's MOU

About ten days ago, I sent the attached E-mail containing an Assigned
Cmmr.'s Ruling pertaining to the SCE MOU. The  ACR set forth a "model" for
determining revenue requirements for SCE's retained generation. On Friday,
SCE, as directed, filed comments on the Ruling.  Comments from other parties
are due this Friday, the 11th.

Of primary importance is that SCE used its comments to promote the
methodology for recovery of retained generation costs it had set forth in
Advice 1534-E-A (forwarded  to you last week).  This method provides for an
annual rate true-up mechanism and trigger mechanism.  Such mechanisms allow
for rate increases (or decreases) with the filing of an advice letter.

If we are opposed to such trigger / true-up mechanisms  we need to submit
comments on Friday and/or  a protest of the Advice Filing (also due on the
11th).

Jeanne Bennett

> -----Original Message-----
> From: JBennett
> Sent: Friday, April 27, 2001 4:25 PM
> To: Harry Kingerski (E-mail); Jeff Dasovich (E-mail); Robert Neustaedter
> (E-mail); Scott Stoness (E-mail); Sue Mara (E-mail); Tamara Johnson
> (E-mail)
> Cc: MDay
> Subject: FW: Com Lynch & ALJ DeUlloa's Ruling mailed 4/27/01
> (A.00-11-038 et a l.)
>
> Attached is an Assigned Cmmr.' ruling issued this afternoon pertaining to
> SCE's Memorandum of Understanding with the Governor.
> The ruling is soliciting comments on the appropriate manner of regulating
> utility retained generation. The Ruling sets forth a specific model and
> asks parties to comment thereon.  Comments are due May 11, 2001.
>
>
>
>
>  <<CPUC01-#96386-v1-A0011038_ET_AL_LYN_JRD_RULING_.doc>>

 - CPUC01-#96386-v1-A0011038_ET_AL_LYN_JRD_RULING_.doc


As indicated in the message Thursday from Cathy Phillips, please send the
following message to all groups within Enron Wholesale Services this
evening.  Also, as requested, please use the Enron Global Markets - Office of
the Chairman letterhead and send the proof before final distribution.  Please
send the final proof as quickly as possible.  If you have any questions,
please contact Jennifer Burns at X-39440.  Thanks.

To:  All of Enron Wholesale Services
From:  Enron Global Markets - Office of the Chairman
Subject:  Organizational Announcement

Enron Global Markets (EGM) has made numerous organizational changes as its
businesses continue to grow and expand around the world.  We are pleased to
announce the following changes within EGM.

Financial Trading
The Convertible Arbitrage desk has moved from EnronCredit.com to the
Financial Trading group under Gary Hickerson.  Mike Bradley will manage the
desk.

Billy Lemmons has joined Gary Hickerson's group from EIM.  He is exploring
the agriculture value chain and origination opportunities.

Transportation and Shipping
Dan Reck will be transitioning out of the coal group and will be exploring
our rail and trucking initiatives.  These markets together represent
approximately $105 billion notionally, and we believe there are many
synergies between our energy, coal, and freight trading businesses.

Enron is currently trading dry-freight through EOL and is a leading market
maker in this new product. The shipping business is growing very quickly.  We
have asked Pierre Aury and Scott Montcrief to co-lead our worldwide vessel
trading businesses.  Scott will be responsible for all liquids vessel
businesses and Pierre will manage all dry vessel businesses.  The LNG vessel
business currently managed by Wayne Perry will remain in the LNG group, but
will also report to and coordinate with Pierre and Scott.

Weather
Our worldwide weather operations will continue to report to Mark Tawney in
Houston.  This business, which includes trading weather products in 10
countries and 40 states in the U.S., is also rapidly expanding.  Mark will
have all V@R allocation responsibility between Sydney, Tokyo, Oslo, and
Houston.  In addition we will be forming a weather-marketing desk in London.

Crude and Products
Bill White will be coming over from EBS and will have responsibility for all
U.S. financial crude trading.  Don Schroeder will continue to have oversight
and lead our physical crude business.  Mario De La Ossa has joined EGM from
Equiva and will manage our product options book.

Doug Leach will be expanding his fuel management and origination role.  He
will report directly to John Nowlan.

Finance and Structuring
Andrew Makk has joined the finance team from the Middle East group.  Most
recently he has been working on the Gaza project.

Jim Lewis has also joined this team. His last assignment was leading the
structuring group for CALME.

Both Andrew and Jim will report to Larry Lawyer.

Corporate Development
Mark Wadlington has joined the EGM team and will be managing this activity
and co-ordinating with all Enron Corp. He reports to Tim Detmering with
accountability to the office of the chairman of EGM.

Operations and Accounting
Todd Hall has expanded his role as Business Controller and will have
responsibility for coal and weather.

Mike Perun has joined Enron from the banking industry and is responsible for
Controls & Standards.  He will focus on EGM,s operational and accounting
processes on a global basis.  He reports to Brent Price.

The Ecoelectrica power plant in Puerto Rico will move reporting
responsibility into the Enron Global Assets group.  Greg Curran, who is
responsible for all the activities in Puerto Rico, will report to that group
on all Ecoelectrica business and to Enron Global Markets on the remaining
businesses.

Please join us in congratulating everyone in their new roles.


Thanks for a great weekend.  Don's family was a lot of fun and what an incredible guest list for lunch!  I wish I could have been better company.

Love,

Mark


Allyson,

Will the certification of necessity be specific to ENA?  I ask this because I
suspect that at some point we will want a special purpose company to be
involved.  This provides us with the option of selling the equity of the
entity developing the project.

Your advise is appreciated.

Kay


Gary & Seth,

 Thumbs up on the FOW article. Many thanks for working through it with me...
Joe

---------------------- Forwarded by Joseph Hrgovcic/HOU/ECT on 10/26/2000
11:27 AM ---------------------------

Jane Sandiford <JSandiford@fow.com> on 10/25/2000 06:26:32 AM
To: Joseph.Hrgovcic@enron.com
cc:
Subject: weather article - photos?

Dear Joseph,

Thank you so much for sending me such an interesting article on the Internet
and weather derivatives. I really enjoyed reading it!

I just have one final question - do you have a photograph of yourself (or
the other authors) that you could send me? Tif, gif or jpeg files are fine
so long as they are 300 dpi.

Thanks again and I hope to hear from you soon.

Best regards,

Jane

Jane Sandiford
Deputy Editor
FOW Magazine
Tel: 0207 827 6493
Fax: 0207 827 6413
Email: jsandiford@fow.com

** Disclaimer **

The contents of this E-Mail is sent to the addressee only and may contain
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Persons other than the addressee should not read, disclose, copy or otherwise
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This E-Mail and its attachments ( if any ) have been scanned by Trend Micro
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The Metal Bulletin e-mail system scans all e-mails and deletes personal
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matter without notifying the sender. Therefore, the transmission of personal
messages, both incoming and outgoing, cannot be guaranteed.


Hello, Bill!   Stan will attend in person.

Cindy

Billy Dorsey@ENRON_DEVELOPMENT
05/02/2001 12:03 PM
To:	Cliff Baxter/HOU/ECT, Jeremy Blachman/HOU/EES@EES, Philippe A Bibi/HOU/ECT, Raymond Bowen/HOU/ECT, Michael R Brown@ECT, Rick Buy/HOU/ECT, Richard Causey@ENRON, Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Cox@Enron Communications, David W Delainey/HOU/EES@EES, James Derrick/Corp/Enron, Steve Elliott@ENRON COMMUNICATIONS, Jim Fallon/Enron Communications@Enron Communications, Andrew S Fastow/HOU/ECT, Mark Frevert/NA/Enron, Ben Glisan@ECT, Kevin Hannon@ENRON COMMUNICATIONS, Rod Hayslett/FGT/Enron, Stanley Horton@ENRON, James A Hughes/ENRON_DEVELOPMENT, Steven J Kean/NA/Enron@Enron, Louise Kitchen@ECT, Mark Koenig@ENRON, Kenneth Lay@ENRON, John J Lavorato/Enron@EnronXGate, Dan Leff/HOU/EES@EES, Danny McCarty@Enron, Mike McConnell/HOU/ECT@ECT, Rebecca McDonald/ENRON_DEVELOPMENT, Jeffrey McMahon/HOU/ECT, Mark Metts/NA/Enron, Mark S Muller/HOU/EES@EES, Cindy Olson@ENRON, Karen S Owens@ees@EES, Ken Rice@ENRON COMMUNICATIONS, Matthew Scrimshaw@ECT, Jeffrey A Shankman/Enron@EnronXGate, Jeffrey Sherrick/Corp/Enron, John Sherriff@ECT, Jeff Skilling@ENRON, Marty Sunde/HOU/EES@EES, Greg Whalley@ECT, Thomas E White/HOU/EES@EES, Greg Piper/Corp/Enron, Janet R Dietrich/HOU/EES@EES
cc:	G G Garcia/NA/Enron, Susan Skarness/HOU/ECT, Karen K Heathman/HOU/ECT, Sharron Westbrook@ENRON, Kay Chapman/HOU/EES@EES, Stephanie Harris/Corp/Enron, Bridget Maronge/HOU/ECT, Nicki Daw/NA/Enron, Inez C Dauterive@ECT, Carol Ann Brown@ECT, Cindy Stark@ENRON, Maureen McVicker/NA/Enron@Enron, Joannie Williamson@ENRON, Rosalee Fleming@ENRON, Tori L Wells@ECT, Cathy Phillips@ECT, Loretta Brelsford/ENRON_DEVELOPMENT, Sue Ford/HOU/ECT, Dolores Fisher/NA/Enron, Karen Owens/HOU/EES@EES, Dorothy Dalton@ENRON COMMUNICATIONS, Mercedes E Estrada@Enron Communications, Christina Grow/Corp/Enron, Lauren Urquhart@ECT, Sherri Sera/Corp/Enron@ENRON, Liz M Taylor@ECT, Judy G Smith/HOU/EES@EES, Kathy McMahon/NA/Enron@Enron, Suzanne Danz@ENRON, Peggy McCurley/HOU/ECT, Marsha Schiller/HOU/ECT, Samantha Lopez-Dias/EU/Enron@Enron, Jana L Paxton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Connie Blackwood/ENRON_DEVELOPMENT, Tammie Schoppe@ECT, Kimberly Hillis/HOU/ECT, Jennifer Burns/HOU/ECT, Sharon Dick/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Kerry Ferrari@ECT, Carol Moffett/HOU/EES@EES, Jennifer T Adams/HOU/EES@EES, Leah Rijo@ECT, Lucy Marshall/Enron Communications@Enron Communications, Kathy Campos/GPGFIN/Enron, Julie Armstrong@Enron, Binky Davidson/HOU/EES@EES, Mrudula Gadade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kelly Johnson@Enron, Rebecca Carter@ENRON, Tina Spiller/Corp/Enron, Vivianna Bolen/Corp/Enron, Linda Hawkins/Corp/Enron, Vanessa Bob/Corp/Enron, Esmeralda Hinojosa/HOU/EES@EES

Subject:	re: Executive Committee Meeting

Executive Committee Weekly Meeting
Date:		Monday, May 7th
Time:		11:00 a.m. (CDT)
Location:	50th Floor Boardroom
Video:		Connections will be established with remote locations upon request.
Conf call:	AT&T lines have been reserved.  Please contact Sherri Sera (713/853-5984)
		or Bill Dorsey (713/646-6505) for the weekly dial-in number and passcode.

Please indicate below whether or not you plan to attend this meeting and through what medium.

	Yes, I will attend in person	_______

	By video conference from	_______

	By conference call		_______

	No, I will not attend		_______

*  *  *

Please return this e-mail to me with your response by 12:00 p.m., Friday, May 4th

Thank you,
Bill Dorsey.


I have not spoken with Steve Abbnat as of yet  -- I will wait to follow your
lead on this one, unless he contacts me.

Greg is definitely sending out a clear message for us on this one!!
B
 -----Original Message-----
From:  Piper, Greg
Sent: Monday, March 19, 2001 8:35 AM
To: Abbanat, Stephen
Cc: Shelby, Rex; Jafry, Rahil; Beck, Sally; Apollo, Beth
Subject: RE: CGI Proposal Update

You need to work for Sally Beck on this.  She is responsible for this and is
a Managing Director responsible for all mid and back office, outsourcing or
otherwise.  She must approve anything that goes out becuase it will effect
her directly.

Phillipe is also very reluctant to "sell" any systems, especially if we have
to support applications installed behind their firewall.  We are probably
fine with most ASP models.  You need to meet with Sally as team on this ASAP.

After meeting with Sally, let me know what everyone agreed on.  I am in all
day.

Thanks.

GP

 -----Original Message-----
From:  Abbanat, Stephen
Sent: Friday, March 16, 2001 4:35 PM
To: Shelby, Rex; Piper, Greg
Subject: RE: CGI Proposal Update

Greg and Rex,

Thanks for the input.  I will try to contact Beth Apollo.

Here are a few points I think will help.

? I also read the partnering agreement carefully and sent the revised copy to
Travis McCullough this morning
? At this time I believe our risk is quite low, as we are not officially part
of the bid yet
? I will work very hard to keep everyone informed

The following points protect Enron from significant risk:

  1)  We were quite careful about what we sent to CSG (reviewed by Beth,
David, Rahul and myself)
  2)  We did not quote any price for software or services
  3) The original RFP asked for a custom solution, which CGI is proposing. We
do not participate in this work.
  4) The option to take a different approach (e.g. leverage existing software
from a partner) is being proposed by CSG as an alternative approach, but is
not priced.  The option would be explored during a "make versus buy" analysis
within CSG's methodology (during the initial requirements and design phase).
This gives us time to clarify our plans.

I hope these points might mitigate any concerns over the rapid time frame of
the proposal.  As the proposal is due on Monday, I am not sure if there is
time to engage a large number of reviewers, but I will ask CSG to copy Rahul
and hopefully he can get appropriate input.

- Steve

 -----Original Message-----
From:  Shelby, Rex
Sent: Friday, March 16, 2001 1:55 PM
To: Abbanat, Stephen
Subject: FW: CGI Proposal Update

 -----Original Message-----
From:  Piper, Greg
Sent: Friday, March 16, 2001 1:54 PM
To: Shelby, Rex
Subject: RE: CGI Proposal Update

Who is the lawyer on this?

Can I see a copy of our proposal?

Sally Beck will have to see this first thing Monday morning and should be
included on all e-mail traffic related to this.

Beth Apollo should be in the middle of this as well Beth Perlman and Rahil.

GP

 -----Original Message-----
From:  Shelby, Rex
Sent: Friday, March 16, 2001 1:12 PM
To: Piper, Greg
Cc: Abbanat, Stephen
Subject: FW: CGI Proposal Update

Greg --

FYI.  Steve Abbanat has been working with Beth and Rahil to drive our
participation in the CGI proposal.  Here's Steve's most recent update:

 -----Original Message-----
From:  Abbanat, Stephen
Sent: Friday, March 16, 2001 1:06 PM
To: Jafry, Rahil; Berberian, David; Palmer, Mark S.; Perlman, Beth
Cc: Shelby, Rex
Subject: CGI Proposal Update

A brief update:

I spoke with the proposal leads at CGI (Greg Felton and Company) this
morning, and all appears to be on schedule.

? Greg communicated our joint approach to the client and they are very
interested
? Greg received Enron's materials and they are more than sufficient for our
current proposal needs
? I received a draft of CGI's proposed teaming agreement.  I made made edits
according to my knowledge of Enron's legal policies.  I will forward the
document to legal if CGI accepts the changes
? Greg will complete CGI's initial proposal and forward the draft to Enron,
for review, this weekend and on Monday
? The proposal is due Monday PM to CMS
? Presentations to CMS by potential vendors will occur on March 26th-28th.
We should think about who attends and at what point we might want to use our
internal contacts to approach the client.  For now we are waiting, based on
CGI's advice.
? Since the client is in the requirements phase, we should think about how we
might want to support that process, given our approach to delivering systems
solutions

Thanks for everyone's support.
Steve


These are the amounts to be inserted in the confirmation for the Put Option.
Please call with any questions.
The comments to the Schedule that I forwarded to you are from the Enron Corp.
lawyer, Clement Abrams  that must approve the documents.  Since it is not an
ENA document, Mark said he would defer to Clement Abrams on the waiver issue
and jurisdiction issue.

Anne C. Koehler
Sr. Counsel, ENA
EB 3832
713-853-3448
----- Forwarded by Anne C Koehler/HOU/ECT on 08/30/2000 01:13 PM -----

	Brian Schwertner@ENRON
	08/30/2000 10:20 AM

		 To: Anne C Koehler/HOU/ECT@ECT
		 cc: Stacy Hardy/Corp/Enron@ENRON
		 Subject: Merlin Principal Balances at 8/31/00

Anne,

Here is the listing of the principal balances for the Merlin Assets as
expected for August 31, 2000.

Let me know if you need any more help.

Brian Schwertner
3-7576