Iris,

I wrote an endorsement for his book on real options (it was on the cover
under Jeff Skilling's
name). Let's invite him to the Thursday lunch.

Vince

From: Iris Mack/ENRON@enronXgate on 03/29/2001 05:52 PM
To: Stinson Gibner/HOU/ECT@ECT, Stinson Gibner/Enron Communications
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: FW: Possible visit to Enron by Professor Nalin Kulatilaka of  Boston
University

Hi Stinson,

     A colleague of mine - Professor Nalin Kulatilaka of Boston University -
is interested in visiting Enron to give a talk on work he is doing in the
broadband area.

     Please see the forwarded emails for further information and available
dates.

     Can you let me know if we can give him a forum at one of our Thursday
Research lunches or a Friday brown bag lunch?

Thanks,
Iris

 -----Original Message-----
From:  Nalin Kulatilaka <nalink@bu.edu>@ENRON
[mailto:IMCEANOTES-Nalin+20Kulatilaka+20+3Cnalink+40bu+2Eedu+3E+40ENRON@ENRON.
com]
Sent: Thursday, March 29, 2001 5:40 PM
To: Mack, Iris
Cc: Lin, Martin
Subject: Re: Possible visit to Enron by Professor Nalin Kulatilaka of  Boston
University

Hi Iris

I have two different hats to wear in talking to Enron.  One is as a
financial economist.  The other as the Director of the newly formed "Global
Mobility Innovation Initiative (GMII) -- this is the research project
funded by Lucent, involving BU, LBS, and INSEAD, to study various aspects
of the mobile Internet (read 3G).

On the former I am working with a couple of Ph.D. students in understanding

(a) details of how having physical supply (inventory) can be used by a
market maker.   This is a problem that has been studies in the context of
specialists inventory in the stock market but I think really interesting in
the way Enron does it in some of the newer markets like bandwidth.    I
think this is a big issue in lighting up all the dark fiber  that is in the
ground.

(b) how Enron is disciplining the internal decision making process with
market.  This is in many ways the critical aspect of  real options that
most finance people miss -- having options is one thing but exercising them
and realizing their value is another.  All of the incomplete contracting,
asymmetric information, and incentive issues are ignored in real options
valuation models.  But they are real in practice.  My impression is Enron's
real success is in putting place an organization that is able to mitigate
these problems by imposing a market disciplining.

(c) how Enron manages the various books that involve physicals, financials,
credit etc.  This is specially important when many of the real assets have
options features and therefore, include non-linear risk profiles.  The
story of gas  is pretty well understood but not many of the others markets
Enron has been moving into over the last few years.

On the GMII front, I think that some interesting opportunities arise when
you think of the spectrum in a way similar to that of dark fiber.   I am
working with several people at Lucent on this issue.  I think it would be
wonderful to engage in a conversation with Enron and Lucent folks in the room.

I can do a lunch time talk on any of these issues.  Perhaps we can discuss
some of these over a conference call. Clearly, having Vince Kaminski in the
room would be very important to me.

As for schedules, the first 3 weeks of April are horrible.  April 26/27,
May 3/4 are good for me.

Regards

Nalin

At 06:56 PM 03/22/2001, Mack, Iris wrote:
>Hi,
>
>      As we briefly discussed, I spoke with one of my colleagues (Dr.
>Martin Lin) about your visiting Enron to give a talk and to spend some
>time with us to discuss you work in telecommunications, real options,
>etc.
>
>      Martin and I are working on various broadband related problems.
>
>      We thought it might be helpful if you let us know a bit more about
>the following:
>           *  When you want to come (The research group has weekly
>catered lunch on Thursday and brown bag lunches on every other Friday).
>
>           *  A description of what you want to talk about with respect
>to telecoms, broadband, etc.
>           *  Who you would like to meet with me - Vince Kaminski (our
>boss), any other of our colleagues in research, broadband, etc.
>           ................. etc.
>
>
>
>
>      Look forward to hearing from you.
>
>Regards,
>Iris


I have done the following trades to wrap up the Enron Northwest position for the balance of February.

1.  Bought 200 MW Onpeak at the Mid-C from AEP for $20 (Expense of $1,024,000).
2.  Bought 118 MW Onpeak at the Mid-C from Avista for $20 (Expense of $604,160)
3.  Bought 132 MW Offpeak at the Mid-C from Avista for $18.75 (Expense of $495,000)
4.  Bought 200 MW Offpeak of the MC/COB spread from AEP for $0.50 (Expense of $20,000)
5.  Sold 125 MW Onpeak of the COB/MC spread to AEP for $1.0 (Revenue of $32,000)

So we need to send $1,012,000 to AEP and $1,099,160 to Avista (total of $2,111,160).


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Hi Vasant,

	How are you?  Sorry to hear that you are getting swamped with work.

	I am doing my best to spend time with the Enron Credit team to learn about their current (public firm) models.  In addition, I have begun to review various econometrics approaches that may be applicable to the private firm models (PCA, PLS, Cluster analysis, etc.).  Also, at the suggestion of Vince and Slava, I am trying to work on the overall "strategic plan" (aka the Duffie document).

	Amitava suggested that we might want to have a conference call on Tuesday with Bryan, Markus and Vince to get an update on their ever changing strategy and data needs.  Amitava said that he would ask Anita to coordinate this conference call.

	Let me know if there is anything else you would like for me to do while I am here.

Take care,
Iris


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We Agree

"Eileen Ponton" <kponton@duke-energy.com> on 03/07/2001 10:55:26 AM

To:   David Avila/LSP/ENSERCH/US@TU, Charlie Stone/Texas Utilities@TU, Melissa
      Jones/Texas Utilities@TU, HPL.SCHEDULING@ENRON.COM,
LIZ.BELLAMY@ENRON.COM
cc:
Subject:  NOMS / ACTUAL FLOW FOR 03/06/01

DATE      NOM       FLOW - MCF           FLOW - MMBTU

3/06      35,000         34,730               35,668

BTU = 1.027


The contact at Wabash Valley Power Authority for the financial deal is

Tim Bond      317-344-7030

Laura Podurgiel  for Larry Valderrama


Start Date: 4/24/01; HourAhead hour: 2;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042402.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 2 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  UNIT_ID: BADLND_7_PL1X2


Julie,

No objections. Please, include our names.

Vince

"Julie" <julie@lacima.co.uk> on 05/05/2000 04:22:29 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Energy course

Dear Vince,

Thanks for attending the energy derivatives course, and I hope you found it
valuable.

There's been some interest from other course attendees to put together a
contact list and distribute it to one another.  I'm contacting you to see if
you or Zimin Lu have any objection to being included on the list.  We will
include only details that you approve, such as name, company name, address
and email if you wish.

We would like to send out the list early next week, so please let us know.

Thanks,
Julie

PS - how's the chapter?
 - att1.htm


EITF - Emerging Issues Task Force
1996\Issue 96-13: Accounting for Derivative Financial Instruments Indexed to,
and Potentially Settled in, a Company's Own Stock
Abstract

                                                   EITF ABSTRACTS

                            Issue No. 96-13

 Title:
                        Accounting for Derivative Financial Instruments
Indexed to, and Potentially Settled in, a Company's Own Stock

 Dates Discussed

                        November 12-13, 1987; January 19, 1995; March 23,
1995; May 18-19, 1995; July 20-21, 1995; September 20-21, 1995;
                        January 18, 1996; July 18, 1996; September 18-19,
1996; November 14, 1996; January 23, 1997

 References

                        FASB Statement No. 80, Accounting for Futures
Contracts
                        FASB Statement No. 123, Accounting for Stock-Based
Compensation
                        FASB Statement No. 128, Earnings per Share
                        FASB Discussion Memorandum, Recognition and
Measurement of Financial Instruments, November 18, 1991
                        APB Opinion No. 9, Reporting the Results of
Operations
                        APB Opinion No. 14, Accounting for Convertible Debt
and Debt Issued with Stock Purchase Warrants
                        APB Opinion No. 15, Earnings per Share
                        APB Opinion No. 21, Interest on Receivables and
Payables
                        SEC Accounting Series Release No. 268, Presentation
in Financial Statements of "Redeemable Preferred Stocks"

ISSUE

For a number of business reasons, a company may enter into contracts that are
indexed to, and sometimes settled in, its own stock. Examples of these
contracts include written put options, written call options (and warrants),
purchased put options, purchased call options, forward sale contracts, and
forward
purchase contracts. These contracts may be settled using a variety of
settlement methods, or the issuing company or counterparty may have a choice
of
settlement methods. The settlement methods are:

     Physical settlement - the party designated in the contract as the buyer
delivers the full stated amount of cash to the seller, and the seller
delivers the full
     stated number of shares to the buyer.

     Net share settlement - the party with a loss delivers to the party with
a gain shares with a current fair value equal to the gain.

     Net cash settlement - the party with a loss delivers to the party with a
gain a cash payment equal to the gain, and no shares are exchanged.

The contracts described above may be either freestanding or embedded in
another financial instrument. A freestanding contract is entered into
separate and
apart from any of the company's other financial instruments or equity
transactions, or it is entered into in conjunction with some other
transaction and is legally
detachable and separately exercisable.

This Issue applies only to freestanding derivative financial instruments (for
example, forward contracts, options, and warrants). This Issue does not apply
to
security price guarantees or other financial instruments indexed to, or
otherwise based on, the price of the issuer's stock that are issued in
connection with a
purchase business combination [Note See STATUS section.], nor does it address
the accounting for either the derivative component or the financial instrument
when the derivative component is embedded in and not detachable from the
financial instrument. This Issue does not address the accounting for
contracts that
are issued to compensation employees or to acquire goods or services from
nonemployees.

The issue is how freestanding contracts that are indexed to, and potentially
settled in, a company's own stock should be classified and measured.

EITF DISCUSSION

A. Framework for Accounting

The Task Force discussed the accounting for freestanding contracts that are
indexed to, and potentially settled in, a company's own stock and reached
several
consensuses, as described below. The consensuses in this Issue are to be
applied to all freestanding derivative financial instruments that are indexed
to, and
potentially settled in, a company's own stock; however, nonpublic companies
may continue to apply the consensus in Issue No. 88-9, "Put Warrants ," to the
instruments covered by that Issue. Hereinafter, the framework for accounting
that is established in this Issue is referred to as the "Model."

(1) Initial balance sheet classification

The initial balance sheet classification generally is based on the concept
that contracts that require net cash settlement are assets or liabilities and
contracts that
require settlement in shares are equity instruments. If the contract provides
the company with a choice of net cash settlement or settlement in shares, the
Model
assumes settlement in shares; if the contract provides the counterparty with
a choice of net cash settlement or settlement in shares, the Model assumes
net cash
settlement. However, this Model is not applicable when settlement
alternatives do not have the same economic value attached to them or when one
of the
settlement alternatives is fixed or contains caps or floors. In those
situations, the accounting for the instrument (or combination of instruments)
should be based
on the economic substance of the transaction.1

          1 For example, if a freestanding contract, issued together with
another instrument, requires that the issuer provide to the holder a fixed or
          guaranteed return such that the instruments are, insubstance, debt,
the issuer should account for both instruments as liabilities, regardless of
the
          settlement terms of the freestanding contract.

Accordingly, unless the economic substance indicates otherwise, contracts
would be initially classified as equity, or as assets or liabilities, in the
following
situations:

Equity instruments

     Contracts that require physical settlement or net share settlement

     Contracts that give the company a choice of net cash settlement or
settlement in its own shares (physical settlement or net share settlement).

Assets or liabilities

     Contracts that require net cash settlement

     Contracts that give the counterparty a choice of net cash settlement or
settlement in shares (physical settlement or net share settlement).

(2) Initial measurement, and subsequent balance sheet classification and
measurement

The Model requires that all instruments be initially measured at fair value
and subsequently accounted for based on the initial classification and the
assumed or
required settlement method in (1) above.2 Contracts that are initially
classified as equity are accounted for in permanent equity. If physical
settlement was
assumed or required and the company is obligated to deliver cash as part of
the physical settlement,3 then public companies should refer to ASR 268, which
provides guidance by analogy for those transactions, and account for the
transactions as provided below under "Equity instruments - temporary equity."

          2 For contracts that are classified as equity instruments that
provide the company with a choice between either net share settlement or
physical
          settlement that may require that the company deliver cash, net
share settlement should be assumed. For contracts that are classified as
equity
          instruments that provide the counterparty with a choice of either
net share settlement or physical settlement that may require that the company
          deliver cash, physical settlement should be assumed.

          3 For example, if the company sells put options indexed to its own
stock that enable the holder to sell shares back to the company at the strike
          price.

Equity instruments - permanent equity

     Contracts that require that the company deliver shares as part of a
physical settlement or a net share settlement should be initially measured at
fair value
     and reported in permanent equity. Subsequent changes in fair value
should not be recognized.

     Contracts that give the company a choice of (a) net cash settlement or
settlement in shares (including net share settlement, or physical settlement
that
     requires that the company deliver shares) or (b) either net share
settlement or physical settlement that requires that the company deliver cash
should be
     initially measured at fair value and reported in permanent equity.
Subsequent changes in fair value should not be recognized. If such contracts
are
     ultimately settled in a manner that requires that the company deliver
cash, the amount of cash paid or received should be reported as a reduction
of, or
     an addition to, contributed capital.

Equity instruments - temporary equity4

          4 Classification and measurement in temporary equity is required
for public companies. ASR 268 provides guidance by analogy for transactions
          classified as temporary equity.

     Contracts that (a) require that the company deliver cash as part of a
physical settlement, (b) give the company a choice of either net cash
settlement or
     physical settlement that requires that the company deliver cash, or (c)
give the counterparty a choice of either net share settlement or physical
settlement
     that requires that the company deliver cash should be initially measured
at fair value and reported in permanent equity, and an amount equal to the
cash
     redemption amount under the physical settlement should be transferred to
temporary equity.

Assets or liabilities

     Contracts that are initially classified as assets or liabilities should
be measured at fair value, with changes in fair value reported in earnings
and disclosed
     in the financial statements. If contracts initially classified as assets
or liabilities are ultimately settled in shares, any gains or losses on those
contracts
     should continue to be included in earnings.

B. Hedging

The SEC Observer stated that the SEC staff has consistently held the position
that hedge accounting is not permitted for transactions involving the
contracts
within the scope of this Issue because those transactions have not met all
the criteria of Statement 80. The SEC staff also believes that hedge
accounting for
transactions involving those contracts is inconsistent with paragraph 28 of
Opinion 9.

Because of the SEC staff's position, the Task Force decided to end its
discussion of whether the contracts described above can qualify for hedge
accounting.

C. Application of the Model to Specific Instruments

The following reflects several Task Force consensuses with respect to the
application of the Model, described in Section A of this Issue, to certain
freestanding
derivative financial instruments that are indexed to, and potentially settled
in, a company's own stock.

(1) Written put options5 and forward purchase contracts

          5 Includes shareholder rights (SHARP rights) issued by the company
to shareholders that give the shareholders the right to put a specified number
          of common shares to the company for cash.

Description

The company (the buyer) agrees to buy from the seller shares at a specified
price at some future date. The contract may be settled by physical
settlement, net
share settlement, or net cash settlement, or the issuing company or the
counterparty may have a choice of settlement methods.6

          6 Application of the Model to purchased call options is discussed
in C(3).

Consensus

The Model would be applied as follows:
                                                One Settlement Method

                                                                 Physical (a)

        Net Share

                            Net Cash

 (1) Initial Classification:

 Equity

                                                                      x

            x

 Asset Liability

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

            x

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                      x

 Fair value, asset/liability - adjusted for changes in fair value (c)

                               x

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

                                                   Company Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification:

 Equity

                                                                      x

            x

                               x

 Asset Liability

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                     x(e)

           x(e)

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                      x

                               x(f)

 Fair value, asset/liability - adjusted for changes in fair value (c)

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

                                                  Counterparty Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification:

 Equity

                                                                      x

 Asset Liability

            x

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

            x

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                     x(f)

 Fair value, asset/liability - adjusted for changes in fair value (c)

           x(d)

                              x(d)

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

(2) Forward sale contracts, written call options or warrants, and purchased
put options

Description

The issuing company (the seller) agrees to sell shares of its stock to the
buyer of the contract at a specified price at some future date. The contract
may be
settled by physical settlement, net share settlement, or net cash settlement,
or the issuing company or counterparty may have a choice of settlement
methods.

Consensus

The Model would be applied as follows:
                                                One Settlement Method

                                                                 Physical (a)

        Net Share

                            Net Cash

 (1) Initial Classification

 Equity

                                                                      x

            x

 Asset/Liability

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

            x

 Fair value, asset/liability - adjusted changes in fair value (b)

                               x

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.
                                                   Company Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

 (1) Initial Classification

 Equity

                                                                      x

            x

                               x

 Asset/Liability

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

           x(c)

                              x(c)

 Fair value, asset/liability - adjusted changes in fair value (b)

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.
                                                  Counterparty Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification

 Equity

                                                                      x

 Asset/Liability

            x

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

 Fair value, asset/liability - adjusted changes in fair value (b)

           x(d)

                              x(d)

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(3) Purchased call options

Description

The company (the buyer) purchases call options that provide it with the
right, but not the obligation, to buy from the seller, shares of the
company's stock at a
specified price. If the options are exercised, the contract may be settled by
physical settlement, net share settlement, or net cash settlement, or the
issuing
company or the counterparty may have a choice of settlement methods.

Consensus

The company should follow the table included in (2) above in accounting for
the call options.

(4) Detachable stock purchase warrants

Description

An enterprise issues senior subordinated notes with a detachable warrant that
gives the holder both the right to purchase 6,250 shares of the enterprise's
stock
for $75 per share and the right (that is, a put) to require that the
enterprise repurchase all or any portion of the warrant for at least $2,010
per share at a date
several months after the maturity of the notes in about 7 years.

Consensus

The proceeds should be allocated between the debt liability and the warrant
and the resulting discount should be amortized in accordance with Opinion 21.
The warrants should be considered, in substance, debt and accounted for as a
liability because the settlement alternatives for the warrants do not have the
same economic value attached to them and they provide the holder with a
guaranteed return in cash that is significantly in excess of the value of the
share
settlement alternative on the issuance date.

(5) Put warrants

Description

Put warrants are instruments with characteristics of both warrants and put
options. The holder of the instrument is entitled to exercise (a) the warrant
feature to
acquire the common stock of the issuer at a specified price, (b) the put
option feature to put the instrument back to the issuer for a cash payment,
or in some
cases, (c) both the warrant feature to acquire the common stock and the put
option feature to put that stock back to the issuer for a cash payment. Put
warrants are frequently issued concurrently with debt securities of the
issuer, are detachable from the debt, and may be exercisable only under
specified
conditions. The put feature of the instrument may expire under varying
circumstances, for example, with the passage of time or if the issuer has a
public stock
offering. Under Opinion 14, a portion of the proceeds from the issuance of
debt with detachable warrants must be allocated to those warrants.

Consensus

Because the contract gives the counterparty the choice of cash settlement or
settlement in shares, public companies should report the proceeds from the
issuance of put warrants as liabilities and subsequently measure the put
warrants at fair value with changes in fair value reported in earnings.
Nonpublic
companies may continue to classify and measure the put warrants in accordance
with the consensus in Issue 88-9.

D. Earnings per Share

The Task Force reached the following consensus on how written put options
affect the earnings-per-share calculation:

If the written put options are "in the money" during the period being
reported on, the potential dilutive effect on earnings per share should be
computed using
the reverse treasury stock method. Under that method, the incremental number
of shares is computed as (a) the number of shares that would need to be issued
for cash at the then current market price to obtain cash to satisfy the put
obligation less (b) the number of shares received from satisfying the puts.

The Task Force discussed whether it should comprehensively address issues
relating to earnings per share in this Issue. The Task Force agreed that the
FASB
should address the issues relating to earnings per share as part of its
project on earnings per share. [Note: See STATUS section.]

STATUS

In February 1997, the FASB issued Statement 128, which supersedes Opinion 15.
Statement 128 is effective for financial statements for both interim and
annual periods ending after December 15, 1997, and earlier application is not
permitted.

Statement 128 affirms the consensus reached by the Task Force on how written
put options affect the earnings per share calculation. That is, in computing
diluted EPS, Statement 128 requires use of the reverse treasury stock method
to account for the dilutive effect of written put options and similar
contracts that
are "in the money" during the reporting period. Statement 128 states that
purchased options should not be reflected in the computation of diluted EPS
because
to do so would be antidilutive. At the July 23 and November 18-19, 1998
meetings, an FASB staff representative made an announcement (Topic No. D-72,
"Effects of Contracts That May Be Settled in Stock or Cash on the Computation
of Diluted Earnings per Share ") that for those contracts that provide the
company with a choice of settlement methods, the company shall assume that
the contract will be settled in shares. That presumption may be overcome if
past
experience or a stated policy provides a reasonable basis to believe that it
is probable that the contract will be paid partially or wholly in cash. For
contracts in
which the counterparty controls the means of settlement, past experience or a
stated policy is not determinative. Accordingly, in those situations, the more
dilutive of cash or share settlement should be used.

At the July 23-24, 1997 meeting, the Task Force addressed the accounting for
contingent consideration issued to effect a purchase business combination in
Issue No. 97-8. "Accounting for Contingent Consideration Issued in a Purchase
Business Combination ." The Task force observed that Issue 96-13 should
be applied to freestanding contracts that are indexed to, and potentially
settled in, a company's own stock if those instruments meet the criteria in
Issue 97-8
for recording as part of the cost of the business acquired in a purchase
business combination.

A related issue has been discussed in Issue No. 98-12, "The Application of
Issue No. 96-13 to Forward Equity Sales Transactions ." That Issue deals with
the accounting and earnings per share treatment of situations in which a
freestanding derivative instrument (a forward contract) that is indexed to,
and
potentially settled in, a company's own stock is issued concurrent with the
issuance of shares of the company's stock. This Issue is limited to
situations in which
the party to whom the common stock was sold is also the counterparty to the
forward contract.

Another related issue has been discussed in Issue No. 99-1, "Accounting for
Debt Convertible into the Stock of a Consolidated Subsidiary ." That Issue
deals with the accounting in the consolidated financial statements for debt
issued by a consolidated subsidiary or a parent company that is convertible
into the
stock of a consolidated subsidiary. As part of the discussion of Issue 99-1,
Task Force members agreed to consider further whether to clarify this Issue by
indicating that equity shares of any entity under the control of the
consolidated entity are considered "a company's own stock."

A related issue was discussed at the May 19-20, 1999 meeting in Issue No.
99-3, "Application of Issue No. 96-13 to Derivative Instruments with Multiple
Settlement Alternatives ." That Issue deals with how certain derivative
contracts indexed to, and potentially settled in, a company's own stock that
contain
multiple settlement alternatives should be accounted for.

The Task Force discussed another related issue in Issue No. 99-7, "Accounting
for an Accelerated Share Repurchase Program ." That Issue addressed the
accounting for, and pooling-of-interests implications of, purchasing treasury
stock and simultaneously entering into a forward contract indexed to the
company's own shares.

At the March 16, 2000 meeting, the Task Force discussed a related issue in
Issue No. 00-6, "Accounting for Freestanding Derivative Financial Instruments
Indexed to, and Potentially Settled in, the Stock of a Consolidated
Subsidiary ." That Issue addresses how freestanding derivative instruments
entered into
by a parent company that are indexed to, and potentially settled in, the
stock of a consolidated subsidiary should be classified and measured in the
consolidated financial statements.

Another related issue was discussed at the March 16, 2000 meeting in Issue
No. 00-7, "Application of Issue No. 96-13 to Equity Derivative Instruments
That
Contain Certain Provisions That Require Net Cash Settlement If Certain Events
outside the Control of the Issuer Occur ." That Issue deals with how certain
derivative contracts indexed to, and potentially settled in, a company's own
stock that require a cash payment by the issuer upon the occurrence of future
events outside the control of the issuer should be accounted for.

No further EITF discussion is planned.


Joel has been negotiating with Open Text along with Ryan Orsak - as Enron has
been providing numerous resource hours testing their 'beta' product that
integrates Livelink with IRIMs for records management processes.  Our
experience has been that we are finding way too many problems and that the
product does not function as 'advertised'.  Therefore, Joel sought a credit
to reimburse Enron for the value of the testing we have performed for them.
The $30,000 software credit will likely be used to purchase the web front end
to the Livelink product.

Congratulations, Joel!

 -----Original Message-----
From:  Henenberg, Joel
Sent: Friday, February 16, 2001 4:06 PM
To: Solmonson, Mary
Subject: Hoooooooray!

Mary, I am happy to say Open Text has agreed to a $60,000 credit for Enron.
Enron will receive this credit via $30,000 in software and $30,000 credit in
Professional Services.

Regards

Joel


Tana:

The following CPs are not authorized to trade US power:

FirstEnergy Fuel Marketing Company - not a current CP/not FERC approved
Infinite Energy, Inc. - restricted by credit
Arcor S.A.I.C.  - restricted by credit
Central Costanera S.A.  - restricted by credit
Central Puerto S.A.  - restricted by credit
Central T,rmica San Nicolas S.A.  - restricted by credit
Perez Companc S.A.  - restricted by credit
YPF S.A.  - restricted by credit

*******************

Saskatchewan Power Corp. is authorized to trade US power but only pursuant to
on-line GTCs.
Ameren Energy, inc. is authorized to trade US power as per existing Ameren
Service Co. profile

Leslie


Not sure how this got through the "process".  Please feel free to call on me if this isn't getting fixed right.  Also, should we just have PGE pull the application and re-file with different terms.

Also, Becky you should let Amr know and keep track - he can try and quantify.

Jim

 -----Original Message-----
From: 	Lawner, Leslie
Sent:	Friday, August 10, 2001 11:24 AM
To:	Cantrell, Rebecca W.; Steffes, James D.
Subject:	RE: PGE Gas Pipe Filing - NEXT STEPS

Becky, I put a call into Jay and will help them to work with FERC to modify their application.  I agree that it wouldn't fly anyway.  I just wonder how they filed it in the first place???

 -----Original Message-----
From: 	Cantrell, Rebecca W.
Sent:	Friday, August 10, 2001 9:58 AM
To:	Steffes, James D.
Subject:	RE: PGE Gas Pipe Filing - NEXT STEPS

Jim, is this the kind of thing I should be bringing to Amr's attention since  I identified the potential problem initially?  I wouldn't know how to go about quantifying it, but I guess it could be done.  I'm pretty sure FERC will throw out their initial application if it's not modified.

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Friday, August 10, 2001 10:30 AM
To:	Nicolay, Christi L.; Lawner, Leslie; Cantrell, Rebecca W.
Subject:	PGE Gas Pipe Filing - NEXT STEPS

Leslie -

Can you coordinate with Jay Dudley at 503-464-8860 on how to change the filing (if at all) on PGE's pipeline issue?  PGE is willing to modify the filing to try and take out the language on Native Load.  They are suggesting that maybe they should sign a contract for the full amount of the capacity (about 170,000 mmcf/d) rather than assume its right.

The goal should be to have a final decision on next steps before next Friday, Aug 17.

Please call me with any questions.

Thanks,

Jim


Fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/28/2001 02:40
PM ---------------------------
From: Scott Dieball@ENRON_DEVELOPMENT on 03/09/2001 09:10 AM
To: Sheila Tweed/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: Assignment in World Hunger Document

----- Forwarded by Scott Dieball/ENRON_DEVELOPMENT on 03/09/2001 09:01 AM
-----

	Scott Dieball
	02/06/2001 04:33 PM

		 To: Roseann Engeldorf/Corp/Enron@ENRON, Kay Mann/Corp/Enron@Enron, Sheila
Tweed/HOU/ECT@ECT@ENRON
		 cc: Lisa Bills/Enron@EnronXGate@ENRON
		 Subject: Re: Assignment in World Hunger Document

Thanks Rose for update re assignment language.

Kay/Sheila - Is the language below the same language presently in the form
contract?  If the language is the same, then I gather from Rose that she is
OK with it but thinks you may not be happy with it.  If instead the language
is different, then we should run the form contract language past Rose for
comments.  If the latter applies, please send the language to Rose (and copy
me) as I am not sure if I have the latest version.

Scott

	Roseann Engeldorf@ENRON
	02/06/2001 03:55 PM

		 To: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt
		 cc: Sheila Tweed/HOU/ECT@ECT, Lisa Bills/Enron@EnronXGate, Kay
Mann/Corp/Enron@Enron
		 Subject: Assignment in World Hunger Document

Our "world hunger" assignment discussions at year end were preempted by our
"TurboPark" and "Electrobolt" assignment discussions in connection with
moving the LMs and other GE contracts into the various off-balance sheet
vehicles at year end.

I have attached a copy of the assignment provisions we agreed to with GE for
those vehicles; they are fairly restrictive and I do not think the power
lawyers or originators would be particularly happy with them.   They gave us
the flexibility we needed for the financing, but I don't know that they are
something Enron Corp. wants to live with in our template document.

Rose

22.2 Assignment by Purchaser or Agent.
Neither Party shall assign any or all of their duties or rights under this
Contract without prior written consent from the other Party; such consent not
to be unreasonably withheld.  If the Purchaser wishes to obtain the Seller,s
consent to the assignment of Purchaser,s duties or rights under this
Contract, it shall request such consent in a writing which includes or
incorporates:

(a) the legal name and address and the form and place of incorporation or
organization of the proposed assignee;

(b) the current published annual report of the proposed assignee, or if no
such report is published three years of audited financial statements and a
description of the proposed assignee,s business; and

(c) a descriptive list of power generation projects completed by the assignee
during the preceding year.

Seller shall respond to any request for consent within thirty (30) days
following its receipt of such request.
Notwithstanding the foregoing:
(w) any lender participating in or providing financing or financing
structures, including, without limitation, structures related to leasing
arrangements and project financing in respect of any Unit, may transfer or
assign its rights associated with such Unit upon liquidation or foreclosure
of such Unit in satisfaction of Purchaser,s obligations under such financing
structure;
(x) either Party may without further consent by the other Party delegate or
assign its duties or rights to any Affiliate or subsidiary;
(y) Purchaser may without further consent of the Seller delegate or assign
its duties or rights to any Affiliate of Enron Corp.; or
(z) if Purchaser holds or controls other material assets associated with the
Facility into which any Unit will be installed (the &Transferred Facility8)
and if Purchaser transfers of all or substantially all of its rights in and
to such assets, Purchaser may without further consent delegate or assign its
duties or rights associated with such Unit to the transferee of such other
assets (the &Transferee8), provided that one of the following conditions has
and continues to be fulfilled:

(i) prior to payment of the Purchase Amount, that Transferee (A) has provided
financial guarantees reasonably satisfactory to the Seller and valid until
such time as the Purchase Amount shall be paid in full, or (B) has
demonstrated that it has credit rated by Standard & Poor,s at BBB- or better,
and has agreed that if it fails to maintain such rating until the Purchase
Amount shall have been paid in full that it will provide financial guarantees
as described in subsection (A) above.
(ii) that Transferee shall provide representations reasonably satisfactory to
Seller that a credit facility covering the Transferred Facility has been
agreed and is operative.
Purchaser or Agent shall have the right to assign or pledge, from time to
time, all or any portion of their respective right, title and interest in, to
and under the Agreement as collateral for financing of this Facility without
Seller,s consent.

When duly assigned in accordance with this Section (including, following any
collateral assignment, upon foreclosure by any collateral assignee), (i) this
Agreement or the rights and/or obligations so assigned shall be binding upon
and shall inure to the benefit of the assignee (and all rights and/or
obligations so assigned, including, without limitation, any and all warranty
rights, shall be assigned to the assignee as if such assignee were an
original party hereto), (ii) the assignor shall be irrevocably relieved of
and forever discharged from all liability under this Agreement so long as the
assignee executes an assumption of such liabilities, and (iii) the Seller
shall look only to such assignee for the performance of the obligations so
assigned.  Any assignment by Purchaser other than as permitted herein shall
be void and without force or effect.
The parties hereto further agree and acknowledge that the foregoing
provisions relating to this assignment will only control the assignment of
Purchaser,s rights under this Agreement prior to the date upon which the
Equipment achieves Takeover.  Following such date, Purchaser shall be
permitted, without Seller,s consent, to: (i) assign its rights under this
Agreement, (ii) convey any ownership interest that it may have in the
Facility and/or (iii) convey any equity interest that it may have in the
entity which owns the Facility.


Over the past few weeks we have held several "Breakfast Club" meetings to update members of the Program and business units leaders on the results of the recent Program Survey, to discuss several initiatives we have underway, and to provide an opportunity for Q&A.

I want to invite any of you who may not have been able to attend one of these four meetings, to a final meeting on Tuesday, October 30.  The meeting will be held in EB 5C2, and will run from 7:30 to 8:30 am.  A continental breakfast will be provided.

Because space in this room is limited, please rsvp to my assistant Maxine Levingston by 12:00 noon on Monday, October 29.  Maxine can be reached by email at Maxine.E.Levingston@ENRON.com <mailto:Maxine.E.Levingston@ENRON.com> <<mailto:Maxine.E.Levingston@ENRON.com>>.

Best regards,
Billy Lemmons
Vice President, Associate / Analyst Program


I received this message

 -----Original Message-----
From: 	Enron Messaging Security,
Sent:	Tuesday, December 11, 2001 11:16 AM
To:	Campbell, Larry
Subject:	test

This is a test.

Thanks,
Janette Oquendo
Enron Global Messaging


THIS IS A GENERATED EMAIL - DO NOT REPLY!

IF YOU NEED FURTHER ASSISTANCE, CONTACT THE ISC HELP DESK AT:  713-345-4727

The password for your account:P00503778 has been reset to:14621725


The following are consolidated DPR reporting & officialization requirements for the US Thanksgiving holiday which is Thursday, November 22 and Friday, November 23.  All US markets are closed Thursday, and NYMEX is closed Fri, but rate and currency markets are open Friday.

Wednesday's trading -
Consolidated DPR - will be prepared on Monday, the 26th
Officializations - no change to normal procedure

Thursday & Friday's trading -
Consolidated DPR - since most markets are closed, there will be no consolidated DPR for these days. However, if there is trading; positions, VAR and P&L have to be reviewed against limits, separately from the activity of Wednesday's and Monday's trading.
Officializations - This holiday marks a change to prior procedures due to an increased need for more complete info in RMS.  Ramesh (RAC IT) is going to run a job to copy Wednesday's numbers for Thursday and Friday for all groups for which he has not received books.  I had spoken to a few of you about performing this copy/roll manually.  This is now not required.

This memo should not affect EEL or IR/FX trading.

Please call if you have questions.

Best regards,

Shona Wilson
Director, Global Risk Operations
X39123


Assignment 'Homework Set 5' for Class: 'E283-1: Real Estate Finance' is now available through the Izio system.

Note: To stop receiving these notifications, please uncheck the box labeled 'I want to be notified by email when course information is updated' in the 'Properties' section under the HOME menu bar.

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Here's a form:


please

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 10:07 AM
To:	Maggi, Mike
Subject:	RE:

nope i'm not going!  too late

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 10:07 AM
To:	Nelson, Michelle
Subject:	RE:

ok ill be nice

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 10:06 AM
To:	Maggi, Mike
Subject:

i think that i am skipping having a drink with you.  have fun at your dinner tonight!


Vince,
I enjoyed your presentation at the SIAM workshop last Friday. I have
a much greater appreciation for the difficult problems you all solve.
If at all possible, I would like to get a copy of your talk and
any references to review papers in the general area of market modeling
and potentially control. Have a great weekend.

Best Regards,

Dean Kassmann

---
Dean Kassmann, Ph.D.

Aspen Technology, Inc.			Phn: (281) 504-3406
Advanced Control Systems Group	Fax: (281) 584-4329
1293 Eldridge Parkway			dean.kassmann@aspentech.com
Houston, TX 77077				http://www.aspentech.com


Wheat of course - blame it on all those years in Austin.

To:   IMCEANOTES-jennifer+2Esanders/40us/2Eandersen/2Ecom/40ENRON@enron.com
cc:     (bcc: Jennifer D. Sanders)
Date: 08/07/2001 06:19 PM
From: Gerald.Nemec@enron.com
Subject:  RE: Hello!

Hmm? Blond or brunette.  Really a blond trapped in a brunette's body.  Now
my turn.

Would you rather eat white or wheat bread?

    -----Original Message-----
   From:   jennifer.d.sanders@us.andersen.com@ENRON

[mailto:IMCEANOTES-jennifer+2Ed+2Esanders+40us+2Eandersen+2Ecom+40ENRON@ENRON.com]

   Sent:   Tuesday, August 07, 2001 3:19 PM
   To:     Nemec, Gerald
   Subject:  RE: Hello!

   Yea, someone should have warned you about the drinks being poured at the
   ol' GK.  They tend to be pretty stiff.

   ...and ..."Swerve on?"  I have only a select group of friends who use
   such
   terminology - you must be one of those cool-guy types!

   A night out on Thursday sounds really good right now - maybe I will see
   you.  Downing Street is one of my favorite low-key spots - a bit of a
   meat
   market at times, but low key nonetheless.  Not to be rude, but to be
   thorough rather, would you describe yourself as blond or more of a
   brunette?

   Jen

   To:
   IMCEANOTES-jennifer+2Esanders/40us/2Eandersen/2Ecom/40ENRON@enron.com
   cc:     (bcc: Jennifer D. Sanders)
   Date: 08/07/2001 03:09 PM
   From: Gerald.Nemec@enron.com
   Subject:  RE: Hello!

   Yea, we definitely had our swerve on that night.  I will have to have a
   talk with that bartender next time, because I was over-served.  Probably
   not a good idea to start at GK at 6  and stay til 2 in the morning.

   Thanks for your gracious response.  Let me tell you, I had much debate
   over
   whether email was the appropriate communication medium or the phone.  I
   was
   swung in favor of email to save myself the potential awkwardness of the
   following phone conversation scenario:

        Jennifer:  "Hello"
        Gerald:  "Hi, Jennifer, this is Gerald.  We met at the Gallant
   Knight
   on Friday"
        Jennifer:  "Who?"

   As I said Friday night was kind of hazy for me.  I'll probably be
   meeting
   some friends for happy hour on Thursday night at Downing Street.  If you
   and your friends are out, why don't you try and stop by.

   Gerald.

       -----Original Message-----
      From:   jennifer.d.sanders@us.andersen.com@ENRON

[mailto:IMCEANOTES-jennifer+2Ed+2Esanders+40us+2Eandersen+2Ecom+40ENRON@ENRON.com]

      Sent:   Tuesday, August 07, 2001 10:58 AM
      To:     Nemec, Gerald
      Subject:  Re: Hello!

      Of course I remember you.  GK is really a great spot on Fridays -
   Looked
      like you guys were having a good time!
      I found you quite nice as well, but I am currently dating someone.
   No
      worries.  While I've never been a big fan of unconventional dating
      practices (i.e. hooking up over the internet), i do fancy your
   approach
      of
      straightforward and clever ingenuity!!  And if you ever want to just
      have
      lunch or a drink anyway, let me know.

      Jen

      P.S.   Tell Mike "no worries"  as well!

      To:   Jennifer D. Sanders@ANDERSEN WO
      cc:
      Date: 08/06/2001 03:54 PM
      From: Gerald.Nemec@enron.com
      Subject:  Hello!

      Hi Jennifer,  I don't know if you remember, but we met at Gallant
   Knight
      on Friday night.  I was with Mike Robison and the Enron group.  I had
      never been there before, but that place is alot of fun.  Definition
   of
      "Swanky".  You are probably wondering, "Why is this guy emailing me!"
      We'll, I will be straightforward and say that I found you very
   charming.
      I wanted to see if you would be interested in meeting me for lunch or
   a
      drink afterwork!  I apologize in advance if you are dating or
   involved
      with someone, but I thought I would take that chance.

      P.S.  Mike gave me your email address, but don't hold it against him.
      ;-)

      Gerald

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

   **********************************************************************

      *******************Internet Email Confidentiality
      Footer*******************

      Privileged/Confidential Information may be contained in this message.
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      you are not the addressee indicated in this message (or responsible
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      this
      message to anyone. In such case, you should destroy this message and
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      notify the sender by reply email. Please advise immediately if you or
      your
      employer do not consent to Internet email for messages of this kind.
      Opinions, conclusions and other information in this message that do
   not
      relate to the official business of my firm shall be understood as
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   *******************Internet Email Confidentiality
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   Privileged/Confidential Information may be contained in this message.
   If
   you are not the addressee indicated in this message (or responsible for
   delivery of the message to such person), you may not copy or deliver
   this
   message to anyone. In such case, you should destroy this message and
   kindly
   notify the sender by reply email. Please advise immediately if you or
   your
   employer do not consent to Internet email for messages of this kind.
   Opinions, conclusions and other information in this message that do not
   relate to the official business of my firm shall be understood as
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Privileged/Confidential Information may be contained in this message.  If
you are not the addressee indicated in this message (or responsible for
delivery of the message to such person), you may not copy or deliver this
message to anyone. In such case, you should destroy this message and kindly
notify the sender by reply email. Please advise immediately if you or your
employer do not consent to Internet email for messages of this kind.
Opinions, conclusions and other information in this message that do not
relate to the official business of my firm shall be understood as neither
given nor endorsed by it.


Hi there, Kathy McMahon mentioned that you might be able to help us with the questions on the attachment.  They are from a student working on a project.

Please let me know.

Melinda McCarty
University Affairs
x31641

-----Original Message-----
From: MyPoohBear79@aol.com [mailto:MyPoohBear79@aol.com]
Sent: Wednesday, October 17, 2001 4:39 PM
To: Derecskey, Cindy
Subject: Questions

Attention: Ms. Derecsky

Also if you have any informational videos doe my presentation it would be
greatly appreciated.  Thank you for your kind assistance with this matter.

Thank you
Nicole Stumpf

My address is:
University of Tampa
UT Box# 1518
401 W. Kennedy Blvd
Tampa, FL 33606
(813) 250-7572


Joe

We have had several conference calls since last Saturday. Perhaps you should
talk to Orlando and join us from now on. This subject is in state of flux.

As you know, those measures triggered a hostile reaction from D/Cs and from
Gs.

Aneel (Jose Mario and Jose Alves) called me on Saturday asking for help. We
discussed this subject internally over the weekend.

On Monday, Joao defended ANEEL in the COEX meeting. However, we were the only
ones. Other players were very angry. They perceived the action as pure
intervention (despite necessary and timely for most). ANEEL was informed
about the COEX reaction and thanked us for our position.

We examined the Resolutions in great detail. Unfortunately, it seems that
ANEEL went far beyond its institutional responsibilities. The substance is
OK. The format is legally weak.

Our strategy (we will try to sell to Abradee, CBIIE, COEX and ABRACEEL) is to
remove the spotlight from the legal arguments and propose to our industry
peers to focus on the design of a new Market agreement (to create a sense of
buy-in). We know that the changes will be only cosmetic. The basic principles
of the resolution should be maintained.

As per Enron's suggestion, I spoke to ANEEL again (Jose Mario and Jose Alves)
showing them how difficult the situation is. In our view, thard he only way
to validate the measures is to write a new agreement (Fred and Debora are
working on that). I was open in saying that the Resolution are weak from a
legal standpoint. They agreed with us. Publicly they say otherwise. They said
they are willing to negotiate. We also expressed our view to ANEEL that part
of the reaction is parochial: some COEX members will lose their jobs. ANEEL
agrees. That is why they are inviting all CEOs and Chairmen of the Board to a
meeting tomorrow, where ANEEL will explain what is happening and ask for
support from top management.

Why has ANEEL approached us? Perhaps two reasons: 1) They know we defend
markets 2) We wrote Informativo Regulat?rio # 3, attached (which basically
purports the replacement of COEX by a professional Board - I discussed those
issues with Rick Shapiro before the IR was issued to understand Enron's view
on power pool governance)

Your comments/involvement would be very important. It is a pretty delicate
and messy situation.

My personal view.

1) This was a necessary evil. MAE would not function otherwise. Our merchant
plants would be in jeopardy.
2) I would dare to say that this is a "window of opportunity" to get MAE
working (and therefore our long term strategy)
3) However, the way ANEEL did was disastrous. They should have acted long
before. (imposing gradual penalties). Now they suddenly "fired" 26 CEOs of
the largest utilities in Brazil
4) We should support ANEEL. However, it has to be in a very diplomatic way.
Orlando will take care of Abradee. Joao - COEX. S,rgio CBIEE. We have to walk
over a fine line. If we push to hard, they will reject Enron (together with
ANEEL's Resolution)
5) We should be the champions in drafting a new Market Agreement

LM

Joe Kishkill
04/25/2001 01:07 PM
To: Luiz Maurer/SA/Enron@Enron
cc: Joao Carlos Albuquerque/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron,
Sergio Assad/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brett R Wiggs/SA/Enron@Enron

Subject: Re: MAE/COEX - ANEEL Resolutions

when are we talking?

Luiz Maurer
04/24/2001 09:42 AM
To: Joao Carlos Albuquerque/SA/Enron@Enron
cc: Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Sergio
Assad/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brett R Wiggs/SA/Enron@Enron

Subject: Re: MAE/COEX - ANEEL Resolutions

Perfect

LM

Joao Carlos Albuquerque
04/24/2001 09:30 AM
To: Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Sergio
Assad/SA/Enron@Enron, Luiz Maurer/SA/Enron@Enron, Fred
Sampaio/SA/Enron@Enron, Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Brett R Wiggs/SA/Enron@Enron

Subject: MAE/COEX - ANEEL Resolutions

At the COEX meeting yesterday, it was clear from the lawyers presentation
that there are grounds to legally challenge ANEEL's resolutions. Some
romantic guys were kind of going in that direction.
My position  was to take the subject to a Market Assembly for the
shareholders to deliberate.
Also everybody knows, and some acknowledged,  that MAE governance was not
working. Our line of action at the Assembly would be to support the general
direction of the measures, and at the same time, preserve MAE autonomy,
opening a negotiable line with ANEEL.
The main point of discussion will be if we should discuss without going to
court or after challenging ANEEL in court.
The Assembly was called for next Thursday, April 26th.
Fred is going to talk to Luiz Maurer for us to have a deep exam of the
resolutions and see what points we can propose to ANEEL to improve. Also, in
that negotiable line, we should discuss/propose some names to the new COEX.
We need to discuss this subject tomorrow.

Jo?o Carlos


You may want to come to this meeting.  When we met with Bob Hall the other
dayon OA, I mentioned that you and I should probably be included in the
monthly meeting so that we would have an idea of any problems that were
occurring each month.  If you have something else going on, don't worry about
being there.  I'll relay the info to you.

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 08/30/2000
12:51 PM ---------------------------

	Enron Capital Management

	From:  David Baumbach                           08/30/2000 07:47 AM

To: Delma Salazar/NA/Enron@Enron, Ami Chokshi/Corp/Enron@ENRON, Daren J
Farmer/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT
cc: Steve Jackson/HOU/ECT@ECT
Subject: OA Meeting

We will have our monthly OA review tomorrow at 10 am with Steve Jackson.  I
will let you know the conference room soon.

Dave


||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||

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Tuesday, December 12 2000

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This is a reminder that your QBR has been scheduled for  Monday October 23,
2000.

   Date:  Monday
     October 23, 2000

   Time:  9:00 - 11:00am

   Location 3321

   Topic:  QBR

If you have any questions, please feel free to call me.

Thanks,

Kay


Vince,

Thanks for your consideration. Please let me know details for the phone
interview at your earliest convenience.
Happy thanksgiving.

Qing

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <qchen1@tulane.edu>
Sent: Tuesday, November 21, 2000 8:45 AM
Subject: Re: MBA Career Opportunity

>
> Christine,
>
> We shall arrange a phone interview with you.
>
> Vince
>
>
>


The request has been completed with all resources requested either completed or rejected. You can view the details of the  request by clicking http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000080561&Page=MyReq.


Could one of you send me a foward curve for sp, np & pv.  I need it for our
bid week meeting tomorrow afternoon.  Thanks for your help.


David:
Enclosed is a draft of the GPU Energy ETA amendment letter.  Leslie Hansen is
working with them on the "affiliate" issue so there may be more to add to
it.  Please let me know if you are okay with these amendments.
carol


--------- Inline attachment follows ---------

From: Swerzbin, Mike </O=ENRON/OU=NA/CN=RECIPIENTS/CN=MSWERZB>
To: enron_update@concureworkplace.com
Date: Monday, February 4, 2002 5:13:27 PM
Subject:

Report ID no. 2B266B6655BD4CEFA874

I don't think there are any receipts outstanding .. Could you please tell me which ones you're missing???  This last report had a receipt for everything.

-----Original Message-----
From: enron_update@concureworkplace.com
[mailto:enron_update@concureworkplace.com]
Sent: Thursday, January 31, 2002 9:36 PM
To: Swerzbin, Mike
Subject: Expense Report Receipts Not Received

Employee Name: Michael Swerzbin
Report Name:   Swerzbin, Mike  1/17/02
Report Date:   1/17/2002
Purpose:       Trip to Houston, TX, Meeting w/ UBS Warburg Management
Report ID:     2B266B6655BD4CEFA874
Submitted On:  1/17/2002
Report Total:  2112.45

You are only allowed 2 reports with receipts outstanding.  Your expense reports will not be paid until you meet this requirement.

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


I think this belongs to you !
---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 09/08/2000 02:36
PM ---------------------------
From: Tana Jones on 09/08/2000 02:29 PM
To: Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: Enron MW L.L.C./RMT

I just got a call from Kevin Meredith on the Confirm Desk and it appears that
the referenced internal entities have done a trade yesterday and have done
other trades in the past and we need to get a master in place.  Can you send
us up some credit.  Much thanks.


Today we announced the appointment of Jeff McMahon as Enron's chief financial officer.  In my continued discussions with the financial community yesterday and today, it became clear that this move was required to restore investor confidence.  Jeff has unparalleled qualifications and a deep and thorough understanding of Enron.  He is already on the job and hard at work on the issues before us.  Andy Fastow will be on a leave of absence from the company.

Jeff had been serving as chairman and CEO of Enron Industrial Markets. He joined Enron in 1994 and spent three years in the London office as chief financial officer for Enron's European operations.  Upon returning to the U.S., Jeff was executive vice president of finance and treasurer for Enron Corp.  In 2000, he was named president and chief operating officer of Enron Net Works.

I know all of you are concerned about the continuing decline in our share price.  I am too, and we are working very hard to turn it around.  Appointing Jeff as CFO is one important step in that process.  But most of the solution involves just continuing to do our jobs with excellence.  The fundamentals of our business are strong, and I think the market will begin to see that as we continue to perform.

Please join me in giving Jeff your full support, and thank you for all of your continued hard work.


do you know where i can find the list of bankrupt companies