Stand up, Texas, against California's bullying
Houston Chronicle, 05/24/01

Markets / Your Money Senate Shift to Ripple Across Industries Politics:
Jeffords' decision could broadly affect range of sectors, from drugs and HMOs
to tobacco and energy.
Los Angeles Times, 05/24/01

Brazil asking power users to cut back
Houston Chronicle, 05/24/01

California Official Cites Evidence of Electricity Price Manipulation
KRTBN Knight-Ridder Tribune Business News: Contra Costa Times - Walnut Creek,
California, 05/24/01

Shrugging off energy ties / GOP gubernatorial hopeful downplays his Texas
investments
The San Francisco Chronicle, 05/24/01

India Appoints Nominee To Dabhol Power Dispute Panel
Dow Jones Asian Equities Report, 05/24/01

INDIA: New Delhi aims to help Enron patch up with utility.
Reuters English News Service, 05/24/01

POLAND: ANALYSIS-Central European gas markets head for shake-up.
Reuters English News Service, 05/24/01

India: A 'hurt' Godbole quits, persuaded to stay on
Business Line (The Hindu), 05/24/01

INDIAN GOVT TO ACCEPT PROPOSALS TO SETTLE POWER DISPUTE
Asia Pulse, 05/24/01

Endesa to sell coal-powered plants operated by Electra de Viesgo (Endesa
incluye una mayoria de centrales de carbon en Viesgo antes de venderla)
Expansion, 05/24/01

Is Pawar playing power politics with Enron?
The Economic Times, 05/24/01

Godbole does a Mamata; quits, then back
The Economic Times, 05/24/01

COMPANIES & FINANCE THE AMERICAS: Dynegy on the lookout for deals
Financial Times; May 24, 2001

May 24, 2001
Houston Chronicle
Stand up, Texas, against California's bullying
By JONATHAN WILCOX
LADIES and gentlemen: May I present to you the Hon. Bill Lockyer, attorney
general of the state of California, from the May 22 Wall Street Journal:
"I would love to personally escort (Enron Corp. Chairman Kenneth) Lay to an 8
x 10 cell that he could share with a tattooed dude who says, `Hi, my name is
Spike, honey.' "
When you stop gagging, join me in celebrating Lockyer's crude, lewd and
unsubdued behavior. It has stripped away whatever veneer of respectability
California officials had by virtue of the offices they hold and exposed them
as braggarts and bullies of the first order. But they also wield enormous and
destructive power -- and they intend to use it.
The sooner Texans realize this the better.
As citizens of the state that is home to much of the nation's energy
production, the people of Texas are intimately familiar with the booms and
busts of the oil and natural gas industries. Sometimes, prices are high, new
supply is nigh and willing buyers can only sigh.
Other times, gluts occur, demand fluctuates, competition grows ruthless and
revenues seep out like the last remnants of black crude from a stripper well.
These are the principles of American capitalism, free market forces and the
give-and-take and push-pull that separate this nation's economic capacity
from all others. It is a fundamentally fair system, it has served us
remarkably well and every time we have tampered with it, it has been to our
ultimate detriment.
Witness California's partial "deregulation" of its electricity market.
The Golden State, for all its vanity, pride and preening machismo, actually
knows very little of tough times. Sure, we can handle the occasional
spectacular episode, like an earthquake or wildfire. That's part of the
thrill of living in California.
But when it comes to our economic expectations and their interrelationship
with our desired lifestyle, we only know the California way: more, more often
and with no end in sight.
And if we don't get what we want, when we want it, it's someone else's fault.
In that light, it is no surprise that we are saddled with our current
governor, Gray Davis, and our current law enforcement chief, the
aforementioned Lockyer.
Despite his frequent jittery appearances on national television, Davis is a
politically shrewd man. He may not know which public policy choices are best
for the state's future, but that's not his highest priority.
Item No. 1 on Davis' "To Do" list is to get re-elected next year. But this
has been complicated by the state's year of energy woes, Davis' ineffectual
response and the fact that California is a largely one-party state.
Of California's eight statewide elected offices, seven are held by Democrats,
including Davis and Lockyer. You don't have to be a Delphic oracle to discern
that if Davis gets tossed out, he will take more than a few of his political
brethren with him.
So, as California tiptoes toward its long, hot summer of rolling blackouts
and unprecedented electricity shortages, Davis is busy digging his personal
bomb shelter. He's preparing for the big one, calculating that while the
damage will be great, and the fallout potentially lethal, he and the other
cockroaches, like Lockyer, will survive.
How will they do this? By finding some fall guys to take the rap.
Call it the Texas two-step: First, Davis declares "war" on Texas energy
producers. Next, Lockyer says he expects to file civil charges against
suppliers, with, he hopes, criminal counts to follow.
For a demonstration of how not to deal with Lockyer and other California
aggressors, examine the rejoinder of Mark Palmer, Enron's vice president for
corporate communications. Lockyer's comment about Lay, he said, "is so
counterproductive that it doesn't merit a response."
Wrong. Weak. Ineffective. Decency in the face of demagoguery may be
dignified, but it's little more than an invitation to further abuse and, for
Enron, public villainy.
Enron had a chance to do something corporations under hostile government fire
only dream about: Embarrass, disarm and neutralize a corrupt public official
out to smear their good name.
By challenging Lockyer to either reassess or renounce his remarks, Enron
could have injected common sense and rare truth into a debate that has become
twisted and warped by the tirades of California officials. Best of all, Enron
could have extracted the kind of retraction that would have adorned Lockyer
with the scarlet "A" of contrite politicians: apology.
Lockyer and other state officials may not yet know the ceiling of scorn Enron
will tolerate from them. But they surely know the floor: Joking with
journalists of the pleasure they would take from the arranged assault of
Kennth Lay in a California prison.

Business; Financial Desk
Markets / Your Money Senate Shift to Ripple Across Industries Politics:
Jeffords' decision could broadly affect range of sectors, from drugs and HMOs
to tobacco and energy.
JOSH FRIEDMAN
TIMES STAFF WRITER

05/24/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company

The expected defection of Sen. James M. Jeffords of Vermont from the
Republican Party could markedly affect the drug, HMO, defense, credit card
and tobacco industries, money managers and investment analysts said
Wednesday.
"I don't see any upside for the [stock] market. This looks like gridlock of
the worst possible kind," John Carey, manager of the Pioneer Fund, said of
the switch, which would give the Democrats control of the Senate for the
first time since 1995 and increase their ability to slow President Bush's
legislative agenda.
"The market was beginning to feel confident that the regulatory burden on
business would ease," he added, "and there was even hope for
business-friendly legislation. But no longer."
Analysts said the clearest winners in a switch to a Democratic Senate could
be lenders Fannie Mae and Freddie Mac, whose status as government-sponsored
enterprises is expected to remain intact. Both stocks were up strongly
Wednesday despite a weak market.
Still, most analysts said it's unlikely that a change in the balance of
congressional power would lead to what Carey termed "radical anti-business
legislation." And President Bush's income tax cut, passed by both houses and
headed for a conference committee, also is expected to remain intact.
"But I wouldn't expect another tax cut next year, not anymore," said Greg
Valliere, chief political analyst in Charles Schwab's Washington Research
Group. "The Jeffords defection, if it happens, doesn't mean the Bush agenda
is in tatters. It does mean gridlock for a lot of businesses."
Here's how some major industries could be affected:
* Drug makers
A Democratic Senate could produce a public relations nightmare for the
pharmaceutical industry, already under scrutiny over the pricing of some
medications.
"They can apply more heat to the pharmaceutical industry and inflame issues,
such as [supposedly] charging too much for drugs," said Tom Miller, a policy
analyst with Cato Institute, a conservative think tank.
"There's a headline risk. You know, 'Ted Kennedy Holding Hearings on Drug
Companies,' " added Valliere. Kennedy (D-Mass.) is in line to be chairman of
the Senate Health Committee.
Analysts said such tactics aren't likely to result in legislation, given
Republican control of the House.
Still, Andy Laperriere, a political economist at International Strategy &
Investment Group in Washington, said Democratic Senate control at least would
revive the "potential threat of price controls in some form."
* HMOs
Those stocks were hard hit Wednesday, perhaps as investors envisioned
industry critic Kennedy shaping a so-called patient's bill of rights or
Medicare reform.
Still, a power shift could work in Bush's favor if Kennedy and fellow
Democrats were to block administration health-care proposals at every turn,
said Alan Skrainka, chief market strategist at brokerage Edward Jones. The
GOP could end up gaining seats in the midterm election next year, he said, by
campaigning against stonewallers.
* Defense and aerospace
Most analysts said the expected shift would probably have little impact on
the defense industry, even if the leadership changes in the key committees
such as Armed Services and Appropriations, since both sides of the aisle
agree on the need for more defense spending.
But debate over already contentious issues such as missile defense and
whether to restart production on the B-2 Stealth bomber could intensify.
"These would be bones of contention anyway but maybe more so with the
Democrats' added power in the Senate," said Paul H. Nisbet, analyst with JSA
Partners.
Some analysts said defense stocks have run up since last summer on hopes of
increased spending, perhaps leaving them vulnerable.
* Credit card issuers
The bankruptcy reform bill approved by both houses, considered a boon for
major credit card issuers like MBNA and Bank One, could be watered down or
even killed, Laperriere said.
* Energy
Some money managers suggested environmental restrictions pushed by emboldened
Democrats could hinder a variety of energy companies.
"This news is good for the caribou, that's about it," said Pioneer's Carey,
referring to the chances that a Democratic Senate could block efforts to
drill for oil in sensitive arctic areas. "They can breathe easier."
But a Senate shift might not hurt energy companies as much as some expect,
analysts said. If the Democrats use their Senate control to block elements of
the president's new energy plan, it could be a plus for wholesale power
merchants and traders such as Enron, Reliant Energy and Duke Energy, said
Merrill Lynch analyst Donato J. Eassey.
"With gridlock you're going to have uncertainty, and uncertainty causes
volatility, which is good for [traders]," Eassey said.
Bush's plan to open the Arctic National Wildlife Refuge to limited oil and
gas exploration was politically dicey even before the possible Senate change,
several analysts said.
The majority of oil field services firms might actually do better if the
Alaskan proposal failed, according to analyst Poe Fratt of A.G. Edwards. Only
a handful of such companies stand to benefit from development of the wildlife
refuge tract, he said.
If exploration is blocked there, "more companies will benefit from drilling
elsewhere," he said.
* Tobacco
Huge jury verdicts against cigarette makers in recent years "really started
when industry executives got dragged before the Senate," Laperriere said, so
tobacco companies wouldn't look forward to another round of hearings. He
called new hearings "a real possibility" if the Democrats are running the
Senate.
* Fannie and Freddie
Laperriere said the threat of policy changes that would affect regulation of
Fannie Mae and Freddie Mac would be diminished under a Democratic Senate.
He noted that instead of Phil Gramm (R-Texas) leading the Senate Banking
Committee, it would be led by Paul S. Sarbanes (D-Md.), a major supporter of
the popular lending agencies.
* Telecommunications
Some analysts said chances for deregulation--for example, allowing the Baby
Bells fully into the long-distance market--won't survive a power shift in the
Senate.
"There was hope that the Telecommunications Act, which has actually impeded
competition, might be revisited," Carey said. "If this [Jeffords situation]
is bad news for any industry, it's telecom."
But several analysts and investors said the market impact of the Jeffords
defection already has been overblown. "The biggest thing we needed from this
administration was the tax cut, and it looks like we're getting it," said
Robert Nichols, chairman of Windward Capital Management in Los Angeles.
*
Times staff writers Denise Gellene, Thomas Mulligan and Peter Pae contributed
to this report.
RELATED STORIES
Switch: Jeffords has told aides he will quit the GOP today. A1
Markets: Stocks fall as investors mix caution with confidence. C4

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

May 24, 2001
Houston Chronicle
Brazil asking power users to cut back
Officials want to pare consumption by a fifth
Copyright 2001 Houston Chronicle News Services
SAO PAULO, Brazil -- The towering offices of Banco Itau and Microsoft Corp.
in Brazil's financial heartland greeted nightfall with their trademark lights
turned off.
Store owners celebrated astronomic weekend sales of energy-saving lamps.
That's good news as the government asks the nation to chop 20 percent off
energy consumption to avoid widespread blackouts and to haul South America's
biggest country and economy out of a chronic power shortage sparked by
drought.
"We are in the hands of the public. If people manage to economize 20 percent,
the likelihood of blackouts will be very small," said Mauro Arce, Sao Paulo
State energy secretary and member of an anti-crisis task force.
The plan to stave off California-style electricity cuts has borne encouraging
results so far. The program asks consumers, companies and industry to cut
electricity use by 15 percent to 25 percent, with the threat of price
surcharges of 50 percent to 200 percent. But it will come at a cost.
Economists fear rationing and its consequences could knock Brazil's economic
growth to less than 3 percent from expectations of 4 to 4.5 percent.
Government officials only say it will slow the economy but will not predict
how much.
And it may trigger moves by the government to encourage the aggressive power
plant program that has long been needed. Power plant builders, including
companies with big presences in Houston, have delayed plans to build plants
because they fear losses from the risk from local currency devaluations.
Rationing officially begins June 1 across most of Brazil, although its
biggest cities have already dimmed street lighting, and consumers have turned
to candles.
The government estimates it needs to expand the country's generation capacity
by 50 percent, or 31,000 megawatts, by 2008 at a cost of about 33 billion
reais, or $14 billion.
Brazil's power shortage has been hidden over the years by overuse of
reservoirs. The government increased generation in years with good rain by
failing to let the reservoirs fill to capacity. Hydroelectric power is
responsible for about 85 percent of Brazil's generation capacity.
"In the last 40 years there have been plenty of droughts, but we've never
been forced to ration energy," said Lido Luis Sauer, an energy-studies
professor at the University of Sao Paulo.
Reservoirs, the professors said, were often allowed to fill only to 70
percent of capacity. Reduced rainfall has cut the reservoir levels to as low
as 30 percent.
"We're on the verge of trying to generate power with mud," Sauer said. "We've
been warning them for years that this risk exists, but they told us `don't
panic.' "
For now, the power grid here depends on the weather and the cooperation of
the public.
If water levels fall farther, the country may need to cut up to 40 percent of
consumption, Arce said. Rationing is set to last through November, when the
rainy season resumes.
With cooperation and the weather on its side, the energy task force will just
need some understanding from the public.
In an early sign of irritation, Sao Paulo Internet company ATN Internet filed
a lawsuit seeking a judicial ban on power cuts. And Supreme Court President
Marco Aurelio Mello said some of the government's measures violated the
constitution.
"Unfortunately, the filing of injunctions and lawsuits has become a national
sport," said Pedro Parente, head of the task force. "The situation today is
serious. We need this to be understood by the judiciary."
If the public cooperates, Parente said the government could relax some of its
rationing measures. The task force had banned energy contracts for new
commercial or industrial projects.
Brazil's government realizes it has to end the drought in power plant
construction and is considering a program to protect some electricity
utilities from currency risk to attract the $14 billion it needs for new
power plants.
Companies such as AES Corp., Duke Energy Corp. and El Paso Energy Corp. have
delayed or limited expected investment in natural gas-fired generation plants
on concern that government rules limit their ability to pass along increases
in dollar-denominated fuel costs to electricity consumers who are billed in
reais, the local currency.
Devaluations cut the revenues of the power plant builders, but not their
expenses.
"The government hasn't had a policy to attract investment to generation,"
said Frank McGann, an oil analyst with Merrill Lynch & Co. in New York. "An
adjustment in gas prices is a major step forward, which should have been
taken two years ago."
The failure to build plants has come despite natural gas supplies piped in
from Bolivia, Argentina and fields of Brazil's Atlantic coast and a national
"emergency plan" to encourage the building of dozens of new plants to make up
the shortfall.
A new natural gas supply contract with power producers may spur some
much-needed construction.
Under the currency guarantee proposal, which could be adopted as government
policy as early as this week, Petroleo Brasileiro SA, the state-controlled
oil company, which is the lead investor in the country's major pipelines,
would sell gas to generators under a one-year contract with a fixed price in
reais, said Energy Minister Jose Jorge de Vasconcelos Lima.
If the dollar price of gas rose during the contract, Petrobras would charge
the difference to a special account. The generator would pay off that
account, plus interest and Brazilian inflation, by including them as part of
the next one-year, fixed price contract at the same time that the government
raises consumer power rates, a spokeswoman for the Energy Ministry said.
A utility now has to pay Petrobras and other distributors the market rate,
but is limited in the amount of the increase it can pass on to consumers.
With rationing likely to raise distributors' costs -- slashing profits more
-- these companies are reluctant to invest in any new venture, including
generation.
"It has never been decided who will pay for foreign exchange losses in the
gas contracts," said Luiz Maurer, vice president for the Brazilian
association of energy trading companies, as well as head of regulatory
matters for Enron in Latin America.
Enron, for its part, is moving ahead with plans to build about 800 megawatts
of new generation capacity. The move, as well as plans by Petrobras to become
a minority investor in a series of gas-fired plants, is a direct result of
the same problem.
With other companies holding back on generation projects, Enron and other gas
distributors need a market for their natural gas. AES said recently it may
cancel $240 million in investments in three plants.
"If we don't build plants or help others build them, we will be in an even
worse situation," said Ron Vaz Moreira, chief financial officer of Petrobras.
"We won't have any market for our gas."

California Official Cites Evidence of Electricity Price Manipulation
Mike Taugher

05/24/2001
KRTBN Knight-Ridder Tribune Business News: Contra Costa Times - Walnut Creek,
California
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

An investigation into electricity prices has turned up evidence that
generators are throttling their power plants up and down to drive up prices,
according to California's top utility regulator.
Loretta Lynch, president of the state Public Utilities Commission, said
Wednesday that an investigation started last year to examine electricity
prices, and which later turned to examine unprecedented numbers of power
plant outages, has found instances where generating units were backed down
until electricity emergencies were declared and then brought back up in such
a way as to maximize profits.
"What we saw was a pattern of individual behavior," Lynch said.
Generators acknowledge that they vary the output from their power plants, but
say they do so for legitimate business reasons. Included among those reasons
is a little-known tactic to insure themselves against breakdowns that would
be limited under a federal order that is to take effect next week.
Although Lynch would not reveal more specifics, her comments, which echoed
revelations she made before a state Senate committee last week in Southern
California, come as accusations, legal threats and rhetoric are all swirling
to a boil.
Earlier this week, Attorney General Bill Lockyer, whose office is working
with the PUC in one of several ongoing electricity market investigations,
reportedly said that he wanted to escort Enron Corp. Chairman Kenneth Lay to
a prison cell "that he could share with a tattooed dude who says, `Hi, my
name is Spike, honey."'
The heated rhetoric and continuing legal threats have infuriated generators,
who continue to trot out figures showing that they are running power plants
harder than ever.
"There's nothing that gets under our skins more than somebody --some
government official -- who is ill-informed making those judgments," said Tom
Williams, a spokesman for Duke Energy, a North Carolina-based company that
owns three major power plants in California and is building a fourth.
Duke generated 50 percent more electricity from those plants last year than
it did the previous year, Williams said. And the company is on track to
generate even more this year, he added.
But Lynch and other state leaders are becoming increasingly hostile in their
remarks about the half- dozen out-of-state power companies that bought
utility-owned power plants in 1998 and 1999 as the state moved to restructure
the electricity industry.
Lynch said state regulators are at least a month away from taking legal
action, but she also said that in addition to looking at power plant outages,
the investigation was looking at patterns in the way power plants are run,
allegedly to influence prices and then capitalize on them.
"There are several ways the generators game the system," she said.
The companies acknowledge they might limit output because of environmental
restrictions and in situations where the cost of running a plant is higher
than the price they could get for electricity at a given point in time.
But there is another reason, too. It is a practice that has troubling
implications because it sets up a situation where the higher prices go, the
more incentive companies have to hold back power.
Documents filed with the Federal Energy Regulatory Commission show that some
companies ease off their units' throttles in order to insure themselves
against the possibility of a breakdown at another unit. Their logic is this:
Energy companies typically sell electricity in advance, so they have an
obligation to provide that electricity to their buyers. If they are running
at 100 percent capacity and a unit breaks down, the company has to scramble
to buy electricity at high, last-minute prices in order to meet its
contractual obligations.
Last summer, for example, a large, 750-megawatt unit at Duke's Moss Landing
power plant broke down, and Duke found itself spending $1.2 million an hour
to meet its contracts.
By holding some of their power-generating capacity in reserve, the companies
can insure themselves against a breakdown somewhere else. And the higher
prices go, the more insurance they might want to keep.
"That is a rationale they are using," said PUC energy division director Paul
Clanon.
Duke, Mirant Corp. and Pacific Gas & Electric were among the companies who
objected to a draft order from federal regulators that would put an end to
the practice of withholding power from the spot-market to cover the
possibility of a breakdown.
In papers that Mirant filed with FERC, the Atlanta-based generator said that
if its ability to withhold power in that way was restricted, then regulators
should allow the company to charge even more for its electricity.
But FERC shot that argument down, saying that although it is reasonable for a
company to not sell all of its electricity ahead of time, there is no reason
to hold back power from the hour-to-hour spot market, as Mirant wanted to do.
The federal commission said that, contrary to Mirant's claims, "the generator
faces no financial risk" if it is forced to sell all its available power on
the spot market.

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

NEWS
Shrugging off energy ties / GOP gubernatorial hopeful downplays his Texas
investments
Carla Marinucci
Chronicle Political Writer

05/24/2001
The San Francisco Chronicle
FINAL
A.3
(Copyright 2001)

Wealthy GOP gubernatorial hopeful Bill Simon Jr., on a campaign stop
addressing California's power crunch yesterday, kicked off his own personal
energy crisis when he confided to an energy executive, "I'm an oil and gas
man from way back."
Simon, son of the late Nixon Treasury Secretary William E. Simon, later
insisted that he misspoke.
But in his first open campaigning in Northern California, the Los Angeles
businessman and philanthropist acknowledged both energy investments and his
role as a former board member of Houston's Hanover Compressor Co. The
publicly traded energy-related firm is a market leader in natural gas
compression and counts among its partners the Texas energy giant Enron.
Simon, who has also invested in educational technologies, Internet firms and,
most recently, South of Market real estate in San Francisco, stressed
yesterday that stocks in energy-related firms are only a small part of his
portfolio.
But ties to a Texas energy firm could negatively affect his first run for
public office in California. A Field Poll released this week showed an
increasing number of Californians holding energy firms responsible for power
shortages.
And, as President Bush prepares to visit the state next week, Texas oil and
gas firms have specifically been the target of Gov. Gray Davis, who asserts
that their hunger for profits accounts for the crisis.
Hanover Compressor, traded on the New York Stock Exchange under the symbol
HC, has 2,700 employees and had an estimated worth of $2.6 billion on April
30, according to a recent financial report.
A 1996 report in Oil and Gas Investor magazine described Hanover as a
fast-growing, profitable innovator in technologies to compress and transport
natural gas. The firm signed a $130 million deal with Enron Capital and Trade
Corporation in 1995, according to the magazine.
Yesterday, Simon insisted that he is not strongly tied to the firm, and said
that if he runs, he will release financial statements showing his holdings.
"I'm not an oil and gas man," Simon told The Chronicle. "Speaking loosely, I
said I have experience in looking at oil and gas investment opportunities.
"I was one of a group. I was on the board for a little bit," he said of his
relation to Hanover. "I still have a small piece. . . . We still have some
ownership of it . . . (but) I'm not active, never really was."
The focus on Simon's energy holdings came as the prospective candidate toured
Lawrence Livermore National Laboratory.
Simon also heard presentations -- and pitches for venture capital - - from
two energy executives: Rick Jeter, who heads X.L. Operating, a Fort Worth,
Texas, oil and gas producer; and Steve Doyle, chief executive of Clean Energy
Systems. As Simon met with them after their presentations, his greeting to
Doyle, overheard by reporters, was, "I'm an oil and gas man from way back."
"Hanover Compression was one company that we started 10 years ago now," he
explained to reporters. "It promotes the efficient use of gas. It helps it
come out of the ground. It helps it be transported. It's good technology.
"We have to continue to focus on these kinds of energy efficiencies," he
said. "This is our way out, ultimately, of the energy crisis."
Asked the extent of his financial interest in that and other energy-related
firms, Simon could not provide specifics. "I'd have to get you those
numbers," he said.
But he said, "We've looked at a broad variety of opportunities in virtually
every industry in the country. Oil and gas is one. . . . I'm not specific to
this industry. I'm an eclectic investor."
On energy issues, Simon said he would be "willing to look at" expanding oil
drilling in California, though he said he was opposed to offshore drilling.
He said he could support "temporary" price caps on the wholesale costs of
energy, but insisted any details would require more study. "You have to know
how urgent the problem is with respect to the supply and balance," he said.
Asked if Davis has been fair in criticizing Texas firms, Simon said, "I think
he ought to quit pointing fingers and start focusing on solutions."
But he said he did not yet have a detailed energy plan, adding, "We're
putting it together right now."
Simon, 50, said he expects to make his announcement about a gubernatorial run
the first week in June.
He told potential volunteers yesterday he would be a "major investor" in his
campaign, but would also raise funds for the estimated $40 million to $60
million needed in a gubernatorial race.
Simon said he is exploring his first political run because "I'm always
interested in being of service. I think here's a place I could be of some
help."
But "the reason I'd like to seek the office of governor, as opposed to
controller or even run for the Assembly, is that's where we have to focus our
attention," he said. "If you have a weak top of the ticket, you have less of
a chance at being elected further down on the ticket. Normally, I'm just
working my way up, paying my dues, but in this situation, I don't know we
have that option."

PHOTO (2); Caption: (1) Bill Simon Jr. listened to a presentation at Lawrence
Livermore National Laboratory while former U.S. Energy Secretary John
Herrington sat behind him., (2) On a campaign swing through Northern
California, Bill Simon Jr. got a lesson in forensic science at Lawrence
Livermore National Laboratory. / Photos by Michael Macor/ The Chronicle

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

India Appoints Nominee To Dabhol Power Dispute Panel

05/24/2001
Dow Jones Asian Equities Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY -(Dow Jones)- The Indian government Thursday announced measures,
including the appointment of a retired senior official as its nominee on the
negotiating panel that is sitting with Enron India Pvt. Ltd., to resolve the
Dabhol power supply dispute.
Retired Telecom Secretary A.V. Gokak has been appointed as the government's
nominee on the negotiating panel - set up by the state government of
Maharashtra - that's made up of state and federal government officials and
officers of Maharashtra State Electricity Board, or MSEB.
The long-standing dispute is over power tariffs on electricity generated from
a plant of the Dabhol Power Co., the Indian unit of U.S.-based Enron Corp.
(ENE). The plant that will generate 1,444 megawatts of power when the second
phase is completed later this year is India's biggest foreign investment to
date at $3 billion.
In a further move Thursday, New Delhi has set up a committee of senior
officers from various ministries to examine any proposals that might emerge
from the negotiating panel.
The panel was set up after last month's delivery to Maharashtra government of
the Godbole Report, a 198-page document prepared by a five-member team headed
by former federal home secretary, Madhav Godbole.
A key recommendation of the report included the renegotiation of a power
purchase agreement between the Dabhol Power Co. and the MSEB.
The negotiating panel was due to meet Wednesday for a second round of talks
with senior executives of the DPC but was cancelled after Godbole resigned
over criticism levelled by leader of the National Congress Party Sharad Pawar
that implied the panel had negative attitudes. Godbole subsequently withdrew
his resignation.
A further meeting has been scheduled Tuesday.
Meanwhile, federal Minister of Power Suresh Prabhu confirmed Thursday that
the Indian government is ready to consider any worthwhile idea emerging from
the negotiating panel.
- By Steve Percy, Dow Jones Newswires, 91 22 2884211; steve.percy@dowjones.com

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

INDIA: New Delhi aims to help Enron patch up with utility.

05/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, May 24 (Reuters) - India's federal government will help Enron Corp
and Maharashtra state resolve their wrangle over the U.S. energy giant's
troubled $2.9-billion power project, an official statement said on Thursday.
Dabhol Power Co, 65 percent owned by Enron, and the Maharashtra State
Electricity Board (MSEB) have been embroiled in a dispute over payments for
six months.
The dispute provoked the Houston-based Enron Corp to issue a preliminary
notice last week to terminate its contract to sell power to the utility.
"The government of India will assist in the implementation of any agreed
proposals, which have the support of the concerned parties," the statement
said.
The federal government has nominated a representative in the state's panel
negotiating with Enron.
Another committee of senior officials has been set up in New Delhi to assess
the outcome of the negotiations, the statement said.
"The (junior) power minister, Suresh Prabhu, has confirmed that the
government of India is ready to consider any worthwhile idea emerging out of
the negotiating committee for the settlement of the dispute."
The statement said the federal government wanted the state to resolve the
dispute.
"The government of India is of the view that a quick settlement of the
dispute is essential for the power sector of Maharashtra."
The 2,184-MW power project was regarded as a test case of India's plans to
encourage private investment in the power sector.
The first phase of 740 MW of the project is up and running, while the second
phase of 1,444 MW is slated to be completed next month.

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

POLAND: ANALYSIS-Central European gas markets head for shake-up.
By Marta Karpinska

05/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

WARSAW, May 24 (Reuters) - Central Europe's gas market is heading for a
shake-up as Poland nears the go-ahead for a disputed transit pipeline and the
neighbouring Slovak and Czech republics launch key sector sell-offs, analysts
say.
The Polish government plans to examine an industry-backed proposal for a gas
link connecting Belarus and Slovakia-based transit systems which would carry
fresh Russian supplies to western Europe.
"The recommended route is not the worst possible, and I do not rule out that
the cabinet will approve it, although we may need some small adjustments,"
Economy Minister Janusz Steinhoff told reporters on Wednesday.
Russian Prime Minister Mikhail Kasyanov, who arrives later on Thursday in
Warsaw for a three-day visit, is due to meet Economy Ministry officials and
is expected to try to talk up the Russia-favoured pipeline project.
The decision - which could terminate an alternative plan by Russia's giant
Gazprom to lay a more pricey pipeline along the bed of the Baltic Sea - may
affect a key gas sell-off pending in neighbouring Slovakia, analysts said.
"Gazprom is very interested in the region, particularly in the Slovak transit
system, but its decision will partly depend on whether the new transit will
run across Poland," said Evgeny Solovyov, sector analyst at SG Securities in
London.
SLOVAK TRUMP CARD
Analysts say the sale of the Slovak SPP gas group, including a powerful and
highly lucrative gas transit system, is sure to attract heavy investor
interest and become the largest ever sale in the country.
"The national businesses in central Europe are all like individual pieces of
one puzzle, and Slovakia's SPP is the most important piece of that picture,"
said Bidzina Bejuashvili, oil and gas analyst at Raiffeisen Zentralbank in
London.
Last year SPP shipped almost 90 billion cubic metres (bcm) of Russian natural
gas to western Europe, making Slovakia the top cross-region gas transit
route.
The state wants to sell 49 percent of SPP - also a gas distribution and
transportation monopoly - all of which will likely go to a strategic
investor. A rough price tag put by analysts on the entire SPP varies from $2
billion to $8 billion.
So far, Gazprom and a consortium of Ruhrgas, Gaz de France PR and Italy's
Snam - a gas distribution arm of Eni - have expressed interest in acquiring
the stake.
Germany's RWE Gas and Wintershall have also said recently they would jointly
bid for the gas group.
The German consortium said it would bid too for SPP's neighbour, Czech gas
import monopoly Transgas, which the government wants to sell with eight gas
distributors, in a sale which attracted 14 preliminary bids earlier this
week.
"Czech and Slovak national markets are simply too small, and whoever pursues
the respective gas assets is likely to be looking for their transit pipelines
connecting Russian supplies and western consumers," said Bejuashvili.
POLISH LINK
Analysts say that Gazprom, Snam, Gaz de France, as well as Ruhrgas and
Wintershall - all involved in a consortium to build the Polish transit link -
will likely be the frontrunners in the regional gas asset acquisitions.
The consortium is now carrying out a feasibility study on a powerful transit
pipeline route running mostly along Poland's eastern border, but avoiding
most of its eastern national parks, due to link Belarussian and Slovak
pipelines.
Poland had initially opposed the transit project fearing the new volumes
would be complemented with Russian gas from the pipelines of its strategic
ally, Ukraine. But it has surrendered to pressure from both its commercial
partners and the European Union - which it is negotiating to join.
The government had hoped the new pipeline, likely to replace a previously
planned second stretch of the existing east-west Yamal pipeline running
across Poland, would be used to supply some Russian gas imports to its
industrial southwest.
The Yamal pipeline, which now has a capacity of 18 billion cubic metres (bcm)
per year, needs $350 million for three compressor stations to boost its
capacity to a planned 32 bcm.
POLISH POTENTIAL
Analysts said that Poland's 39-million-consumer market and relatively low gas
usage - only 8.5 percent of total primary fuel consumption - make the
domestic gas market growth potential much higher than that of its neighbours.
"It is quite reasonable to assume that Polish gas consumption will grow at a
faster pace than its economic growth in coming years," said Solovyov.
Poland's gas monopoly PGNiG expects last year's consumption of 10.9 bcm to
grow by five percent per year over the next three years to reach almost 13
bcm by 2003.
The government's long-range forecast - which a lot of analysts say is too
high - sees annual gas consumption up to 18.4 billion cubic metres by 2010.
In a highly disputed plan the Polish government wants to sign a long-term
agreement with Norway later this year which would enable it to diversify from
its currently mainly Russian gas supplies, and boost import volumes by 5 bcm
as of 2007.
"There is absolutely no guarantee the consumption will grow as expected, and
signing a new long-term contract may result in PGNiG being highly
overcontracted," the head of Enron Polska, Jaroslaw Astramowicz, told a
recent industry seminar in Warsaw.
Poland already has a 25-year deal with Russia under which it must buy up to
14 bcm annually, and analysts warn that a new long-term deal may seriously
dent the financial standing of Polish gas distribution firms ahead of their
planned sell-off.
Poland does not plan to start selling its four gas distributors until next
year, but analysts say that September general elections, strongly tipped to
be won by the opposition social democrats, may delay those plans further.

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

India: A 'hurt' Godbole quits, persuaded to stay on

05/24/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, May 23. DR MADHAV Godbole, Chairman of the Enron renegotiation panel,
resigned this morning but the Maharashtra Government persuaded him to stay
back and continue the renegotiation process with Enron. Dr Godbole withdrew
his resignation in the evening. The second meeting of the panel which was
scheduled for today with Enron representatives did not take place because of
the Chairman's resignation.
When contacted, Dr Godbole said: "I am withdrawing my resignation in the
light of the Chief Minister's letter to me in which the Cabinet has
unanimously asked me to take back my resignation. They have placed complete
faith in me and the committee. The Cabinet has asked me to carry on with the
complex and onerous task of negotiating with Dabhol Power Company."
Dr Godbole also said he had received calls from different political parties
and various other organisations asking him to reconsider the decision to
quit. He considered it a vote of their confidence in the committee and its
working.
Dr Godbole had quit in reaction to "derogatory remarks" made by the
Nationalist Congress Party (NCP) leader, Mr Sharad Pawar.
Last night, Mr Pawar had reportedly made a statement saying he was
"apprehensive of the outcome of discussions with Enron as those leading the
talks from the Government's side are working with a negative approach".
Dr Godbole submitted his resignation to the Chief Minister saying he was
"hurt" by Mr Pawar's statement. The NCP is one of the leading partners in
Maharashtra's Government.
"We will try and clear this misunderstanding. He (Godbole) has been appointed
by the State Government. And the Government has no doubt about the
committee's working. We want him to continue on the panel," Mr Chhagan
Bhujbal, Deputy Chief Minister and NCP leader, said.
- Our Bureau

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

INDIAN GOVT TO ACCEPT PROPOSALS TO SETTLE POWER DISPUTE

05/24/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, May 24 Asia Pulse - The federal government will accept
recommendations of the renegotiating committee headed by the Madhav Godbole
for the settlement of the dispute between Dabhol Power Company (DPC) and the
Maharashtra State Electricity Board (MSEB).
A government statement quoted Power Minister Suresh Prabhu as saying, "The
Government of India is ready to consider any worthwile idea emerging out of
the renegotiating committee for the settlement of the dispute."
The proposal, Prabhu said, has to be acceptable to the parties to the dispute
- MSEB and Enron-promoted DPC - adding that a quick settlement of the
differences was essential for the power sector of Maharashtra.
DPC had last week slapped a preliminary termination notice (PTN) on MSEB
following the dispute over payment of power bills.
While former telecom secretary, A V Gokak, has been appointed as the federal
government's nominee on the Godbole Committee constituted by the Maharashtra
Government, a committee of senior officers of the concerned ministries has
been set up to quickly examine the proposals emerging out of the negotiating
committee, the statement said.
The committee officers comprise officials of Ministries of Finance, Power and
Petroleum.
(PTI) 24-05 2000

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

Endesa to sell coal-powered plants operated by Electra de Viesgo (Endesa
incluye una mayoria de centrales de carbon en Viesgo antes de venderla)

05/24/2001
Expansion
Copyright(C) 2001 Abstracted from Expansion in Spanish, Source: World
Reporter (TM)

Endesa, the Spanish electricity company, has decided which assets to sell and
it will auction its Electra de Viesgo subsidiary, which has 560,000 clients
in the Cantabria region. This company has 2,610MW of generation assets and 36
per cent of its plants are coal powered. Electra de Viesgo is estimated to be
worth over 2bn euros (Pta332bn). Endesa is carrying out the sale in order to
raise funds which will finance operations in other European countries and it
has invited European and US energy companies to the auction. These include
Hidrocantabrico, of Spain; Eon and RWE, of Germany, and Enron and AES, of the
US. The winner will gain 3 per cent of the Spanish electricity distribution
market and 5 per cent of the generation market.
Hidrocantabrico is regarded as the favourite to acquire Electra de Viesgo.
Its market, Cantabria, borders Asturias and the cost of integrating the two
companies will enable it to make a higher offer than its rivals. However,
Hidrocantabrico's complicated shareholder situation (EDP, EnBW, CajAstur and
Ferroatlantica have to agree on the company's management), may be a
hindrance. In order to carry out the sale, Endesa will transfer a series of
power plants located throughout Spain to its subsidiary. These plants will
represent a quarter of the generation assets to be sold by Endesa. The
decision to sell follows Endesa's failed merger attempt with Iberdrola and
will enable the company to invest without increasing its debts. According to
market sources, Endesa may resume plans to merge with Iberdrola following the
sale.

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

Is Pawar playing power politics with Enron?
Girish Kuber

05/24/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MAHARASHTRA'S former chief minister Sharad Pawar's statement criticising
Madhav Godbole, the head of the renegotiation team, and the timing chosen by
him to air his views, has focused attention on his role in the Enron
controversy.
Pawar, who had first inked the Enron deal as the chief minister of
Maharashtra in 1992, was at the center of controversy when the Opposition
accused him of "favouring" the US energy giant.
The issue of Rs 64 crore being spent by Enron on "educating" Indians had
become a political issue in the 1995 state Assembly elections which Pawar
lost.
In more recent times, Pawar has repeatedly intervened at crucial junctures.
On the eve of Wednesday's session of the Godbole panel, Pawar criticised
Godbole of having " a negative attitude" about Enron. Though Pawar did not
name Godbole, the message was loud and clear.
His statement comes at a time when the Maharashtra State Electricity is
planning to issue a pre termination notice to Enron after the Godbole panel's
scheduled meet on Wednesday.
The board officials had discussed the issue with the state's advocate-general
and were believed to have received a go-ahead from chief minister Vilasrao
Deshmukh.
Last October, when the state government had decided not to pay Enron's bills,
Pawar convinced the state government to release Enron payments. It was after
his intervention that the state government decided to appoint a committee to
review the project.
Surprisingly, last month, when Deshmukh had a meeting with Yashwant Sinha and
Suresh Prabhu at Delhi, Pawar was seen accompanying the chief minister though
his name did not figure on the official list of invitees.
However, subsequently, the committee could not be formed since the faction
loyal to Pawar in the state government was clearly against Godbole's
appointment.
State energy minister and Pawar's trusted aide, Padmasinh Patil, had publicly
expressed his ire against Godbole. It was only after the Janata Dal, Peasents
and Workers Party, CPI (M) and other anti-Enron groups threatened to withdraw
support of the government, the Godbole Committee came into being. But not
bofore a month was lost in a wrangling. Even after the committee's formation,
Patil continued his tirade against Godbole.
It was only chief minister Deshmukh's support that the Godbole Committee
could survive the opposition from within. Political observers believe that it
was the Congress' strategy to support the Godbole Committee that at the end
could expose the wrongdoings of the earlier governments.
As expected, the Godbole Committee, in its first report, exposed what it
called the "lack of governance at every stage" in finalising the Enron deal.
Godbole even suggested a judicial probe to pin those guilty for this "faulty
deal".
It was against this backdrop that Pawar's views on Godbole created a flutter
on Wednesday. Although Godbole withdrew his resignation, it has certainly
widened the rift between the NCP and Congress.

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

Godbole does a Mamata; quits, then back
Our Bureau

05/24/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

IT'S not a comparison that springs naturally to mind. But Madhav Godbole, the
former home secretary in charge of renegotiations with Enron, on Wednesday
managed a passable imitation of Mamata Banerjee by resigning in the morning
and withdrawing his resignation later in the day.
In a day marked by considerable drama that briefly threatened the
renegotiation process with Enron, Godbole decided not to press for his
resignation after chief minister Vilasrao Deshmukh personally expressed "full
faith and confidence" in his ability to "handle the complex and onerous task
of renegotiation".
Earlier in the day, Godbole, who took offence to former chief minister Sharad
Pawar's "derogatory" remarks, decided to walk out of the panel.
Pawar had last on Tuesday night said he was doubtful about the outcome of the
ongoing renegotiations between the state and DPC as those heading the state
government's panel did have a positive approach to resolve the issue.
Godbole's swift decision to quit the panel sent shock waves at the Mantralaya
-- headquarters of the state government -- as it seemed to threaten the
existence of the government.
The Janata Dal, Peasants and Workers Party and other splinter groups went to
the extent of saying they would pull out of the nine-party coalition if
Godbole's resignation was accepted.
Following these development, the state government had to cancel the crucial
second round of renegotiations with DPC slated for Wednesday. Enron and the
Centre's representative were to attend the meet.
"I have resigned due to the derogatory remarks made against me by Sharad
Pawar last night," Godbole said on Wednesday morning.
Godbole said instead of strengthening the negotiator's hands, such statements
"loosen the concerned authority's grip over the fragile situation".
However, chief minister Vilasrao Deshumukh appealed to him to reconsider his
decision. "Godbole's in-depth knowledge and experience makes him
indispensable for handling vexed issues such as renegotiation with the US
energy giant," Deshmukh said.
Deshmukh, after the Cabinet meet, sent a letter to Godbole expressing full
confidence in him. "Godbole should not respond to statements from those
outside the government," said Deshmukh.
Meanwhile, Pawar, too, tried to control the damage. "It was my personal
opinion that was not aimed at any particular person. Godbole should not have
resigned. He should complete his task."
Interestingly, Chagan Bhujbal, the state's deputy chief minister, was put on
a re-fighting mission and asked to express faith in Godbole on behalf of the
NCP, led by Pawar.
Later in the evening Godbole decided not to press for the resignation. "I
have received a letter from the chief minister expressing full confidence in
my abilities. It also states the views expressed by Sharad Pawar were his
personal views. He has said the state government had appointed me and they
had no complaints against me. I, therefore, see no reason to press for my
resignation," Godbole said.
Meanwhile, the next meeting of the renegotiating panel has been convened on
May 29.

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

		COMPANIES & FINANCE THE AMERICAS: Dynegy on the lookout for deals
Financial Times; May 24, 2001
By JULIE EARLE

		Dynegy, the US gas and electricity supplier, has told analysts it will make
large imminent acquisitions or mergers in the US and overseas.
		The company told analysts at a conference in Texas on Tuesday that it was
keen to make mergers and acquisitions in the near future.
		The deals could include generation assets, gas pipeline and storage
infrastructure, entire utilities and communication assets. Dynegy's customers
are in North America, the UK and elsewhere in Europe.
		Dynegy, which is Houston-based, was tight-lipped yesterday about any possible
deals, saying only that it was "always looking for opportunities to enhance
shareholder value".
		The company told analysts it had an active oil, liquids, gas and power group
fully integrated with its US operations, and was "poised to exploit
opportunities".
		It said it would like to own more European assets, but added that prices
remained high, despite an oversupplied market.
		Jay Yannello, an analyst for UBS Warburg in New York, said Dynegy could
leverage aggressively any assets within its network infrastructure.
		"We would not rule out substantial transactions," he said.
		Dynegy told analysts it was looking for 10 per cent of the US power market
and an ongoing 15 per cent share of the US gas market.
		Dynegy and its competitors, including Enron and El Paso, have been recording
big profits in the past two quarters, and and have come under fire from
regulators over the California power crisis.
		Copyright: The Financial Times Limited


Kathy, here are the towns in question:

		Westbrook - Westbrook Power and Light
		Leadyard - Interstate Power
		Ivanhoe - UCU Zone EF
		Milbank - NWPS

	Thanks. Lynn


FYI.  These are the items I left Ken a voicemail about.
---------------------- Forwarded by Steven J Kean/HOU/EES on 12/15/99 05:29
PM ---------------------------

Carolyn Cooney@ENRON
12/15/99 12:11 PM

To: Steven J Kean/HOU/EES@EES, Joe Hillings/Corp/Enron@ENRON, Cynthia
Sandherr/Corp/Enron@ENRON
cc: Maureen McVicker/HOU/EES@EES, Elizabeth Linnell/HOU/EES@EES
Subject: Governor Ridge might call Ken Lay today

I just received a call from Bob O'Dell (215-569-5312) following up on the
request from Mayor Edward Rendell regarding the upcoming Millennium
Philadelphia's Light and Laser Show and Philadelphia 2000.  The Mayor has
asked Enron for a $750,000 commitment.  As outlined in my December 6th memo
-- the breakdown of the commitment was for Enron to contribute $500,000 for
the Millennium Philadelphia's Light and Laser Show on December 31, 1999.  The
$250,000 would be credited to Philadelphia 2000 Convention package.  The
Mayor and Mr. Lay have spoken several weeks ago but no commitment was made at
the time.  Will we be sponsoring the event?

Also, Bob gave us the heads up --- that Governor Tom Ridge (R-PA) will be
calling Ken Lay this afternoon to ask Mr. Lay to be the chair/co-chair of the
Republican Governors Association dinner that will be held in Washington, DC
in February 2000.

Please let me know if you need additional information.

Thank you.


Last summer we hosted a lunch for summer interns right at the end of their assignments with us.  We had other UT alums attend the lunch.  Feedback from the summer interns was favorable.  Their key comment, though, was that it would have been great to have had that get together earlier in the summer so that the interns could have networked with other Enron UT alums throughout the summer.  Can we plan something for the UT interns earlier this summer?  It would probably work well to include the summer associates as well.  I will be glad to help in any way.  Just let me know.

	Enron North America Corp.  From:  Lexi Elliott @ ENRON                           04/03/2001 05:10 PM

To:	Richard Causey/Corp/Enron@ENRON, Mark E Lindsey/GPGFIN/Enron@ENRON, Sally Beck/HOU/ECT@ECT, Craig Breslau/HOU/ECT@ECT, Cedric Burgher/Enron@EnronXGate, Rick L Carson/Enron@EnronXGate, Brent A Price/Enron@EnronXGate, Hunter S Shively/HOU/ECT@ECT, Stan Dowell/HOU/EES@EES, Jay Boudreaux/Enron@EnronXGate, Marshall Eubank/Enron@EnronXGate, Mary Lynne Ruffer/HOU/EES@EES, Michael Vigeant/HOU/EES@EES, Mark Confer/HOU/ECT@ECT, Michael Howe/HOU/EES@EES, John Craig Taylor/HOU/ECT@ECT, Jim Cole/ENRON@enronXgate, Sarah Goodpastor/Enron Communications@Enron Communications, Brandon Neff/HOU/EES@EES, Christopher Coffman/Corp/Enron@Enron, Ilan Caplan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christopher Chenoweth/Enron@EnronXGate, Marcus Edmonds/Enron@EnronXGate, Zeina El-Azzi/Enron Communications@Enron Communications, Victor Guggenheim/HOU/ECT@ECT, Mike Deville/HOU/ECT@ECT, Darlene Regan/HOU/EES@EES, Kreg Hall/HOU/ECT@ECT, Mason Hamlin/HOU/ECT@ECT, Shilpa Mane/LON/ECT@ECT, Zal Masani/Enron Communications@Enron Communications, Zachary McCarroll/Enron Communications@Enron Communications, Luis Mena/NA/Enron@Enron, Christine Milliner/Enron@EnronXGate, Chetan Paipanandiker/HOU/ECT@ECT, Catherine Pernot/Enron@EnronXGate, Lauren Schlesinger/Enron@EnronXGate, Susan M Scott/HOU/ECT@ECT, Rahul Seksaria/Enron@EnronXGate, Michael Simmons/Enron Communications@Enron Communications, Millie Gautam/HOU/EES@EES, Sachin Gandhi/NA/Enron@Enron, Bilal Bajwa/NA/Enron@Enron, Amanda Schultz/NA/Enron@Enron, Rachana Iyengar/HOU/EES@EES, Travis Hansen/HOU/EES@EES, Felipe Ospina/NA/Enron@ENRON, Irina Nekrasova/HOU/EES@EES, Jeremy Lo/HOU/EES@EES
cc:	Jacqueline Coleman/NA/Enron@ENRON
Subject:	Intern Acceptances and Declines

Dear Longhorn Team:

The following UT candidates have accepted their offers for internships:

Vinay Adenwala
Cathy Wang
Vivek Shah
Kruti Patel
Daniel Payne
Wesley Thoman
Michelle Yee
Rachel Ravanzo
Ainsley Gaddis

One offer is still outstanding:  Courtney Gibbs
Three offers were declined:  Pranav Gandi, Jessica Payne, and Ameet Rane

Thank you for all your help in making our spring recruiting such a success!

lexi
3-4585


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 10/26/2000
08:26 AM ---------------------------

Daily-Blessings <dailyblessings.10@lists.postmastergeneral.com> on 10/25/2000
11:17:05 PM
To: judy.hernandez@enron.com
cc:
Subject: Daily-Blessings 10/26/00

Daily blessing

http://www.daily-blessings.com/bless209.htm

Fish Tale

http://www.daily-blessings.com/humor41.htm

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* To remove yourself from this mailing list, point your browser to:
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Sara,

Looks like the ISDA with the Japanese entity is in your court.  Please advise
if you want to review the sample document I had prepared last week.  If not,
I will draft a letter to Mr. Wani, so he or some one with his firm can review.

Thanks


No attachment

 -----Original Message-----
From: 	Hodge, Jeffrey T.
Sent:	Tuesday, February 05, 2002 12:31 PM
To:	Forster, David
Cc:	Kitchen, Louise
Subject:	Gas Master

David:

	Attached is the Gas Master we discussed.  As you can see, Exhibit C has been removed.

Jeff


Attached, please find the amended version of SBX 6.  We have the amended
version of SBX 33 in hard copy only.  Please let us know if you would
like it faxed to you.  The amended version of SBX 5 won't be available
until tomorrow.

http://info.sen.ca.gov/pub/bill/sen/sb_0001-0050/sbx1_6_bill_20010213_amended_
sen.pdf


-----Original Message-----
From: National Health Information
[mailto:R-8-724539-3371579-2-1232-US2-79556634@xmr3.com]
Sent: Monday, October 29, 2001 9:46 PM
To: Donoho, Lindy
Subject: Deregulation

I thought that you might be interested in our new monthly newsletter, ENERGY COMPETITION STRATEGY REPORT. It contains detailed strategies on how to tackle the complex challenges of deregulation. Topics covered include customer education; retail marketing; telecom and other value creation strategies; investor relations; marketing programs that land big commercial accounts; CIS and related information technology
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There is a meeting this Wednesday with CMS about outsourcing.  We have been
shortlisted.

Who should attend the interview with the potential client?

GP

 -----Original Message-----
From:  Beck, Sally
Sent: Monday, March 26, 2001 11:26 AM
To: Piper, Greg
Subject: Commitments this Week

FYI

I will be out of the office on Wednesday, March 28.  I will be in Austin
interviewing 1st year MBA students for the Enron Scholarships.  This will be
the third year that Enron will give two to three $10,000 scholarships to top
MBA students for use in their second year in business school.  It's great PR
for Enron on campus (largest MBA scholarships given) and it has helped in our
recruiting efforts as well.  We hired one of the first scholarship winners
and he now works as an Associate in Generation Investments in Enron
Americas.  Gene Humphrey was the senior member of the four-person interview
team.  Now that is me.  This is just a day trip, and I will check messages
during breaks and will be back in Houston late Wednesday afternoon.

 I will also be in New York on Friday, March 30.  Steve Kean asked that I be
the Enron participant at a Women in Business panel discussion at Columbia
School of Business.   I think that the list of female MD's with their MBA is
a short one.


---------------------- Forwarded by Sherri Sera/Corp/Enron on 10/27/2000
02:38 PM ---------------------------

Liz M Taylor@ECT
10/27/2000 02:37 PM
To: Sherri Sera/Corp/Enron@ENRON
cc:

Subject: ENW Org Chart

Sherri,

Will these two pages help you?  Louise Kitchen and Philippe Bibi are Greg's
direct reports.  All the commercial folks roll up to Louise and Technical
folks (slide 2) report up to Bibi.  EOL (Andy Zipper & Team) report to Louise
Kitchen.


I apologize for my delay in getting back to you in connection with the ANEEL
matter and concerning moving litigation matters in-house.  I am in India and
despite our best efforts to get in touch, John and I haven't yet been able to
connect.  I have a couple of questions about the Bermudes memorandum since I
confess I did not understand some of it.  I will try to call you Friday (it's
actually already Friday here) to discuss this. I learned from Bob Williams
that Mr. Bermudes is already on Jim Derrick's list of approved lawyers so we
just need approval for him to file this particular matter.  I look forward to
talking with you on Friday.


Sorry, I forgot the attachments.


Jason:  fyi.  Also, Randy Curry did call me yesterday but wasn't available
when I returned the call.
Also, let's get Sakura Dellsher executed (and we should create a file since
we're noting the ADM agreement which we did for Bridgeline).  Could we please
talk this afternoon about outstanding agreements?  ss
----- Forwarded by Sara Shackleton/HOU/ECT on 06/07/2000 09:49 AM -----

	Brant Reves
	06/07/2000 09:10 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Bridgeline Gas Marketing, LLC

hello Sara,

I think this should be a high priority once they take on an ISDA attorney.
Per your recommendation, I contacted Randy Curry, President of Bridgeline and
passed along your thoughts about Jason.  I gave him your phone number and he
sounded enthusiastic about wanting to talk with him.  God knows they need an
attorney.

Right now, I think we can take this off the priority list.

Thanks
Brant

From: Sara Shackleton on 06/06/2000 11:16 AM
To: Brant Reves/HOU/ECT@ECT
cc:
Subject: Bridgeline Gas Marketing, LLC

Brant:  Is this really high priority (for our legal/credit discussions)?  We
haven't heard from these guys since April 13.  Sara


calendar
---------------------- Forwarded by Steven J Kean/NA/Enron on 09/13/2000
08:07 AM ---------------------------

Rob Bradley
09/12/2000 11:01 AM
To: Kenneth Lay/Corp/Enron@ENRON
cc: Alhamd Alkhayat/NA/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON, Stinson
Gibner/HOU/ECT@ECT, Gil Muhl/Corp/Enron@ENRON (bcc: Steven J Kean/NA/Enron)

Subject: Thursday Meeting on Winter Gas Prices

Ken:

I have invited the following individuals to join us at the 3 pm Thursday
meeting to review the draft of your Columbus speech on the natural gas
situation.

Hamd Alhkayat--Hamd has replaced Andrew Miles in the rotation and will be
helping me with your presentations as well as being the lead with Jeff's
speeches.

Shelley Corman--Shelley has been developing messages for the current and
anticipated gas situation and pipeline safety for the gas pipeline group.
(The safety issue could come up in your Q&A.)

Stinson Gibner--Stinson is with the research group that has generated some of
the more complex slides in your draft dealing with volatility and historic
futures pricing.

Gil Muhl--Gil markets gas products to customers and is speaking at an AGA
conference on the gas supply and price situation the day before your talk.
His group is focusing on new products to help end-users with winter
volatility.  I have asked Gil to send you his presentation as well for the
meeting.

Back to your presentation (the draft slides of which I am delivering to you
today), Dan Yergin thought it would be appropriate for you to give an
overview of the situation as the "teacher" or "professor."  Some questions
that you could address would include:

Where has the industry come from, and what lessons have we learned?

How is the business different today?

What public policy conclusions are implicit in this history?

I think our comparative advantage over the specialists who will be presenting
before and after your keynote is that you have "been there" in the evolution
of the natural gas market, and Enron is at the forefront of helping customers
deal with price and supply uncertainty.  There is also a good opportunity to
stress the need for new industry "best practices" (more hedging) and the
right public policies to deal with this issue (from "do no harm" to expanding
incentives in the market).

- Rob


Once Ed has set a time/place for the meeting on Monday morning to review hedging strategies, could you please let David Draper know.

Thanks

SRM


Can you print this for me?

Thanks
---------------------- Forwarded by Hunter S Shively/HOU/ECT on 11/06/2000
12:17 PM ---------------------------

From:  Cassandra Schultz @ ENRON
               11/02/2000 07:44 PM

Sent by: Araceli Romero@ENRON
To: Richard Lewis/LON/ECT@ECT, Peter Crilly/LON/ECT@ECT, Steven
McCarthy/LON/ECT@ECT, David Redmond/LON/ECT@ECT, Andrew Fairley/LON/ECT@ECT,
Matthew Nicholas/LON/ECT@ECT, David Gallagher/LON/ECT@ECT, Didier
Magne/LON/ECT@ECT, Carsten Sterz/LON/ECT@ECT, Suryan Wirya
Simunovic/LON/ECT@ECT, Simon Hastings/LON/ECT@ECT, Louis Redshaw/LON/ECT@ECT,
Amir Ghodsian/LON/ECT@ECT, Tom Glover/LON/ECT@ECT, Derek
Edmiston/LON/ECT@ECT, Thor Lien/OSL/ECT@ECT, Fredrik Flykt-Rosen/OSL/ECT@ECT,
Stefan Fastesson/OSL/ECT@ECT, Espen Seidel/OSL/ECT@ECT, Mats
Larsson/OSL/ECT@ECT, Linda Andersson/OSL/ECT@ECT, Tove Anita Furuly
Stensbol/OSL/ECT@ECT, Anne Coll/OSL/ECT@ECT, Gregor Baumerich/LON/ECT@ECT,
Peter Heydecker/LON/ECT@ECT, Florian Neubauer/LON/ECT@ECT, Ulf
Ek/LON/ECT@ECT, Meindert Witteveen/LON/ECT@ECT, Adrian Mancebo/LON/ECT@ECT,
Michael Hellermann/LON/ECT@ECT, Sonia McCorquodale/LON/ECT@ECT, Marc
Janichen/LON/ECT@ECT, Martin Bloch/LON/ECT@ECT, Benedikt Messner/LON/ECT@ECT,
Gunter Tuhy/LON/ECT@ECT, Markus Urban/LON/ECT@ECT, Paul Mead/LON/ECT@ECT,
Reuben Maltby/LON/ECT@ECT, Jonathan Pietila/LON/ECT@ECT, Cassim
Mangerah/LON/ECT@ECT, Stephen J Lowe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Connell
Burke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Howard
Levy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jonathan
Whitehead/AP/Enron@Enron, Bryan Seyfried/LON/ECT@ECT, Jeff
Kinneman/HOU/ECT@ECT, Martin McDermott/LON/ECT@ECT, Seung-Taek
Oh/NA/Enron@ENRON, Jean-Sebastien Fontaine/Corp/Enron@Enron, Markus
Fiala/LON/ECT@ECT, Nicholas J Stephan/LON/ECT@ECT, Simon Brooks/LON/ECT@ECT,
Robert Diprose/LON/ECT@ECT, Paul Pizzolato/HOU/ECT@ECT, Reza
Rezaeian/Corp/Enron@ENRON, Konstantin Malinovski/LON/ECT@ECT, Michael J
Hutchinson/EU/Enron@Enron, Ed Dablin/EU/Enron@Enron, Bradley L
Marchant/EU/Enron@Enron, Tony Piper/EU/Enron@Enron, Russell
Plackett/EU/Enron@Enron, Predrag Barlov/EU/Enron@Enron, Thomas
Boettcher/EU/Enron@Enron, Fritz Ten Doornkaat/EU/Enron@Enron, Sam
Hainsworth/EU/Enron@Enron, Rainer Herforth/EU/Enron@Enron, Irma
Hunt/EU/Enron@Enron, Lothar Kierspel/EU/Enron@Enron, David
Lilley/EU/Enron@Enron, Nigel Stern/EU/Enron@Enron, Simon
Tibbitts/EU/Enron@Enron, Steve Upot/EU/Enron@Enron, Joe
Robertson/NYC/MGUSA@MGUSA, Patricia Benington/NYC/MGUSA@MGUSA, Tom
Gramlich/NYC/MGUSA@MGUSA, Bill Silverstein/NYC/MGUSA@MGUSA, Spiro
Spirakis/NYC/MGUSA@MGUSA, Sandra Torres/NYC/MGUSA@MGUSA, Ulf Von Borck/MG
Recycling/MGLTD@MGLTD, Achim Lindhorst/MG Recycling/MGLTD@MGLTD, Jeffrey A
Shankman/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT,
Greg Whalley/HOU/ECT@ECT, George McClellan/HOU/ECT@ECT, Bob
Crane/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Jim Fallon/Enron
Communications@Enron Communications, Marty Sunde/HOU/EES@EES, John L
Nowlan/HOU/ECT@ECT, Joe Gold/LON/ECT@ECT, Joseph P Hirl/AP/ENRON@ENRON, Bryan
Seyfried/LON/ECT@ECT, John Arnold/HOU/ECT@ECT, Peter F Keavey/HOU/ECT@ECT,
Brian Hoskins/Enron Communications@Enron Communications, Mike
Maggi/Corp/Enron@Enron, Chris Germany/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT,
Judy Townsend/HOU/ECT@ECT, Eugene Pereira/LON/ECT@ECT, Brad
McKay/HOU/ECT@ECT, Kate Fraser/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Tammi
DePaolis/Corp/Enron@ENRON, Scott Neal/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT,
Jared Kaiser/HOU/ECT@ECT, Scott Hendrickson/HOU/ECT@ECT, Sarah
Mulholland/HOU/ECT@ECT, Sandra F Brawner/HOU/ECT@ECT, Patrice L
Mims/HOU/ECT@ECT, Tom Donohoe/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT,
Andrew H Lewis/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Geoff
Storey/HOU/ECT@ECT, Kevin Ruscitti/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT,
Joe Parks/Corp/Enron@ENRON, Jim Schwieger/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, Carey M Metz/HOU/ECT@ECT, Elsa Villarreal/HOU/ECT@ECT,
Steven P South/HOU/ECT@ECT, Frank Ermis/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Matthew
Lenhart/HOU/ECT@ECT, John Craig Taylor/HOU/ECT@ECT, Robin
Milner/Enron@Gateway, Chris Dorland/HOU/ECT@ECT, Michael Cowan/CAL/ECT@ECT,
Chris Lambie/CAL/ECT@ECT, Chad Clark/CAL/ECT@ECT, John Disturnal/CAL/ECT@ECT,
Lawrence Clayton/Corp/Enron@Enron, Joe Errigo/Corp/Enron@Enron, Wayne
Herndon/Corp/Enron@ENRON, Larry Jester/Corp/Enron@ENRON, John
Kinser/HOU/ECT@ECT, Keller Mayeaux/Corp/Enron@Enron, Doug
Miller/Corp/Enron@Enron, Cyril Price/HOU/ECT@ECT, Chad
Starnes/Corp/Enron@Enron, Joe Stepenovitch/Corp/Enron@Enron, Greg
Trefz/Corp/Enron@ENRON, Jay Wills/Corp/Enron@ENRON, Robert
Benson/Corp/Enron@ENRON, John Berger/HOU/EES@EES, Paul J
Broderick/HOU/ECT@ECT, Matt Lorenz/HOU/ECT@ECT, Kyle Schultz/HOU/ECT@ECT,
John D Suarez/HOU/ECT@ECT, Jeffrey Miller/NA/Enron@Enron, Doug
Gilbert-Smith/Corp/Enron@ENRON, Larry Valderrama/HOU/ECT@ECT, George
Hopley/HOU/ECT@ect, Dana Davis/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, John
Zufferli/CAL/ECT@ECT, Tom Dutta/HOU/ECT@ECT, Patrick Hanse/HOU/ECT@ECT, Bill
Rust/HOU/ECT@ECT, Laura Podurgiel/HOU/ECT@ECT, Nicole La/Enron
Communications@Enron Communications, John M Forney/HOU/ECT@ECT, Jesse
Bryson/HOU/ECT@ECT, Mark Guzman/PDX/ECT@ECT, Jeremy Morris/PDX/ECT@ECT,
Holden Salisbury/PDX/ECT@ECT, Ryan Slinger/PDX/ECT@ECT, Collin
Whitehead/PDX/ECT@ECT, Bill Williams III/PDX/ECT@ECT, Mike
Swerzbin/HOU/ECT@ECT, Diana Scholtes/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT,
Michael M Driscoll/PDX/ECT@ECT, Cara Semperger/PDX/ECT@ECT, Mike
Purcell/PDX/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Jeff Richter/HOU/ECT@ECT,
Phillip Platter/HOU/ECT@ECT, Carla Hoffman/PDX/ECT@ECT, Chris
Mallory/PDX/ECT@ECT, Matt Motley/PDX/ECT@ECT, Mark Fischer/PDX/ECT@ECT, Tom
Alonso/PDX/ECT@ECT, Lisa Gang/PDX/ECT@ECT, Stacy Runswick/PDX/ECT@ECT, Lester
Rawson/PDX/ECT@ECT, Jean Mrha/NA/Enron@Enron, Jay Hawthorn/Enron
Communications@Enron Communications, Erik Simpson/Enron Communications@Enron
Communications, Grant Zimmerman/Enron Communications@Enron Communications,
Richard Schneider/Enron Communications@Enron Communications, Bryan
Garrett/Enron Communications@Enron Communications, Paul Racicot/Enron
Communications@Enron Communications, Dennis Benevides/HOU/EES@EES, Charles
Decker/HOU/EES@EES, Neil Bresnan/HOU/EES@EES, Richard Ring/HOU/EES@EES,
Jubran Whalan/HOU/EES@EES, John Zurita/HOU/EES@EES, Suneet
Sharma/HOU/EES@EES, Timothy J Hamilton/HOU/EES@EES, Barend
VanderHorst/HOU/EES@EES, Todd W Lambert/HOU/EES@EES, Monica
Roberts/HOU/EES@EES, James R Barker/HOU/EES@EES, Timothy S
Murphy/HOU/EES@EES, James Shirley/HOU/EES@EES, Matthew B Fleming/HOU/EES@EES,
Morgan Babin/HOU/EES@EES, Paul Tate/HOU/EES@EES, Marde L
Driscoll/HOU/EES@EES, Laura R Arnold/HOU/EES@EES, Jay Blaine/HOU/EES@EES,
Zarin Imam/HOU/EES@EES, Jesus Guerra/HOU/EES@EES, Jeff Coates/HOU/EES@EES,
Christina Bangle/HOU/EES@EES, Rhonda Smith/HOU/EES@EES, Amanda
Boettcher/HOU/EES@EES, Sherry Pendegraft/HOU/EES@EES, Alain Diza/HOU/EES@EES,
Sharon Hausinger/HOU/EES@EES, Andrew S Fastow/HOU/ECT@ECT, Tim
DeSpain/HOU/ECT@ECT, Clint Freeland/Corp/Enron@Enron, Naveen
Andrews/Corp/Enron@ENRON, Matthew Adams/Corp/Enron@ENRON, Sunil
Dalal/Corp/Enron@ENRON, LaCrecia Davenport/Corp/Enron@Enron, Frank
Economou/NA/Enron@Enron, Xochitl Figueroa/NA/Enron@Enron, Frank
Hayden/Corp/Enron@Enron, Andy Knight/Corp/Enron@ENRON, Christian
LeBroc/Corp/Enron@ENRON, Nick Paraschos/Corp/Enron@ENRON, David Port/Market
Risk/Corp/Enron@ENRON, Manfred Roenz/Corp/Enron@Enron, Vladimir
Gorny/HOU/ECT@ECT, Rebecca Phillips/HOU/ECT@ECT, Jason Sokolov/HOU/ECT@ECT,
John Suttle/HOU/ECT@ECT, Veronica Valdez/HOU/ECT@ECT, Rudi
Zipter/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT@ECT, Minal Dalia/HOU/EES@EES, Ted
Murphy/HOU/ECT@ECT, Monica Reasoner/HOU/ECT@ECT, Ding Yuan/Corp/Enron@Enron,
Lloyd Fleming/LON/ECT@ECT, Oliver Gaylard/LON/ECT@ECT, Rodrigo
Lamas/LON/ECT@ECT, Suzanne Bain/LON/ECT@ECT, Jitendra Patel/Market Risk
Management/LON/ECT@ECT, Homan Amiry/LON/ECT@ECT
cc:
Subject: 2nd Request - RESPONSE NEEDED THIS WEEK PLEASE - Risk Mgmt.
Compliance Certificate

Please print and sign the attached Enron Corp. Risk Management Policy
Certificate of Compliance and fax directly to Veronica Valdez, fax # 713 646
2194. Due to certain regulatory audits of our trading businesses, we would
like to receive these by the end of this week.

Attached is a copy of the Certificate of Compliance, and the Enron Corp. Risk
Management Policy.

If you have any questions, please call me at (713) 853-0429, or Veronica
Valdez at (713) 853-1881.

Regards,
Cassandra Schultz
Market Risk Management


what job did you end up taking ?


Hello!

I will meet you in the middle. . .work until noon on Friday, and then get out
of here.  It is hard to justify our team taking the entire day off since our
responsbilities are not completely dependent on daily trading activities or
nomination activities.  That, of course, IS TRUE for Logistics and Risk.

To be consistent, I will give the OA team the same info.  Volume Mgmt. and
Settlements will be jealous.

Thanks,
Carrie


Parties to the Gas OII PG&E Settlement:

Last week, the CPUC approved the Comprehensive PG&E Settlement Agreement,
resolving all issues concerning PG&E in the Gas Strategy Investigation.  The
next step is getting the tariffs approved.  A revised draft of proposed
tariffs is attached.  In addition, attached please find a list of issues
raised at the draft tariff workshop PG&E hosted on April 10, 2000 (as well
as a few issues that were provided more recently), along with PG&E's
proposed resolution of those issues.

Issue Resolution Matrix:
 <<APRIL 10  ISSUES RESMATRIX 5-25-2000.doc>>

Core Storage Unbundling and Billing Credits:
 <<CTAgreement 5-25-2000.doc>>  <<CTAAttach-D 5-25-2000.doc>>
<<CTAAttach-I-5-25-2000.doc>>  <<CTAAttach-J-5-25-2000.doc>>  <<Attachment K
5-25-00.doc>>  <<creditapp 5-25-2000.doc>>  <<G-CRED5-25-2000.doc>>  <<G-CFS
5-25-2000.doc>>  <<G-CT 5-25-2000.doc>>  <<RULE 23 5-25-2000.doc>>

Meter Add On and Ownership:
 <<MeterAddOnTariff 5-25-2000.doc>>  <<MeterOwnershipTariff 5-25-2000.doc>>

Preliminary Statements:
 <<PrelimGLBCA 5-25-2000.doc>>  <<PrelimGPSAG-5-24-2000.doc>>
<<PrelimGPSC-5-25-2000.doc>>

Balancing and related rules:
 <<RULE14 5-25-2000.doc>>  <<Rule21-2 5-25-2000.doc>>  <<RULE25
5-25-2000.doc>>  <<SBAmendment 5-25-2000.doc>>
> This version of Schedule G-BAL has been re-organized and will look
> different than the version PG&E provided to the parties on March 28, 2000.
> In this version, the Balancing rules include two distinct sections as
> noted in the left hand margin: Monthly Balancing and Self-Balancing.  All
> the language from the current tariff is contained here as well as language
> from the March 28th version. Some additional language has been added for
> clarification and as a response to issues discussed in the April 10, 2000
> meeting.
>
>  <<G-BAL 5-25-2000.doc>>
We solicit any suggestions you may have on these drafts, preferably in
writing, to be sent on or before Friday, June 9, 2000, to the attention of
Stu Tartaglia (SET2@PGE.com), Steve Moorleghen (SBM2@PGE.com), and Randy
Litteneker (RJL9@PGE.com).  In addition, we will hold a half-day tariff
workshop to discuss these draft tariffs on Tuesday, June 13th.  Details of
the time and room number for that workshop will follow.

We must file the tariffs with the CPUC by July 17, 2000.  A detailed
schedule for completion of these tariffs is attached.  We look forward to
working with you to complete these tariff changes.

> Ron Stoner     Randy Litteneker
> (415) 973-3606    (415) 973-2179
>
>
 <<OII Tariff Schedule for Parties_.doc>>

 - APRIL 10  ISSUES RESMATRIX 5-25-2000.doc
 - CTAgreement 5-25-2000.doc
 - CTAAttach-D 5-25-2000.doc
 - CTAAttach-I-5-25-2000.doc
 - CTAAttach-J-5-25-2000.doc
 - Attachment K 5-25-00.doc
 - creditapp 5-25-2000.doc
 - G-CRED5-25-2000.doc
 - G-CFS 5-25-2000.doc
 - G-CT 5-25-2000.doc
 - RULE 23 5-25-2000.doc
 - MeterAddOnTariff 5-25-2000.doc
 - MeterOwnershipTariff 5-25-2000.doc
 - PrelimGLBCA 5-25-2000.doc
 - PrelimGPSAG-5-24-2000.doc
 - PrelimGPSC-5-25-2000.doc
 - RULE14 5-25-2000.doc
 - Rule21-2 5-25-2000.doc
 - RULE25 5-25-2000.doc
 - SBAmendment 5-25-2000.doc
 - G-BAL 5-25-2000.doc
 - OII Tariff Schedule for Parties_.doc


The term is March through Oct.
For March, you use K# 910076
For Apr-Oct, you use K# 910077

The demand is .03,  the ACA is .0022 and the commodity and fuel is
different depending on what zone you use.

If you use STX to M3, the commodity is .0623,  ETX or ELA  to M3, the
commodity is .0570, and the commodity WLA to M3, the commodity is .0586.
 let me know what else you need????

                    Chris.Germany
                    @enron.com           To:     lamoss@duke-energy.com
                                         cc:
                    03/12/01             bcc:
                    03:11 PM             Subject:     Tetco

Judy also bought 10,000 dt of long haul from you.

Whats the term and the demand on that?

thanks


Drogi Panie Andrzeju,

Probuje skontaktowac sie z Jarkiem Astramowiczem, by znalezc sposob
dofinansowania Waszej imprezy.
Jedyna mozliwosc, by to zrobic jest poprzez Enron Poland. Mnie byloby
bardzo trudno usprawiedliwic to z mojego budzetu.

W. Kaminski

"Andrzej Wodnicki" <awodni@sgh.waw.pl> on 02/16/2000 02:50:05 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: AIESEC Polska - EuroLDS 2000

Szanowny Panie Kaminski!

Nazywam sie Andrzej Wodnicki i jestem czlonkiem Stowarzysznia Studentow
AIESEC przy Szkole Glownej Handlowej (dawnej SGPiS).

Prosze o poswiecenie paru chwil na przeczytanie tego maila.
(Kontakt do Pana otrzymalem od kolegi, ktory organizowal prezentacje firmy
ENRON na SGH, a posrednio od Pana Jarka Astramowicza, przedstawiciela ENRON
na Polske.)

W imieniu AIESEC Polska chcialbym zwrocic sie do Pana z wielka prosba pomocy
przy wydarzeniu, ktore w tym roku organizujemy.
AIESEC Polska, a w szczegolnosci AIESEC przy Szkole Glownej Handlowej ma
zaszczyt organizowac w tym roku European Leadership Development Seminar. Jest
to seminarium na temat przywodztwa skierowne do obecnych i przyszlych
czlonkow Rad Wykonawczych Komitetow Lokalnych  AIESEC w calej Europie.
Po raz pierwszy AIESEC Polska ma mozliwosc organizacji takiego wydarzenia i
stanowi ono dla nas olbrzymie wyzwanie.

Przygotowywalismy sie do niego od kilku lat i obecnie jestesmy juz w koncowej
fazie organizacji EuroLDS 2000.
Projekt rozpoczyna sie 7 marca 2000 roku Oficjalnym Otwarciem przez Pana
Prezydenta Aleksandra Kwasniewskiego w Sali Kongresowej. Pozniej odbeda sie
Dyskusje Panelowe (udzial wielu znakomitych gosci - m.in Jan Krzysztof
Bielecki, Jacek Saryusz Wolski, Andrzej Olechowski)  oraz wyklady i
prezentacje regionow Polski w Auli Spadochronowej Szkoly Glownej Handlowej, a
nastepnie delegaci udadza sie do hotelu Mrongovia na szkolenia, casy i
wyklady na temat przywodztwa. (Szczegolowy program EuroLDS 2000 przesylam w
zalaczniku.)

Jak do tej pory staralismy sie mozliwie najwiecej dokonac wlasnymi silami,
jednak obecnie na 3 tygodnie przed tym wydarzeniem stoimy przed pewnym
problemem i stad tez pojawil sie pomysl skontaktowania Pana, jako osoby,
ktora moglaby nam wydatnie pomoc.

Chcielibysmy poprosic Pana o wsparcie finansowe.
Wspolpracujemy juz z wieloma firmami i instytucjami (m.in. Deloitte & Touche,
Arthur Andersen, Fundusz Phare, Fundacja Konrada Adenauera oraz wieloma
innymi), jednak na obecnym etapie organizacji projektu wciaz brakuje nam
12000 $.
Poczatkowo chcielismy nawiazac kontakt z Pania Eileen Price z Londynu, jednak
wydaje nam sie, ze Pan jako zalozyciel AIESEC w Polsce powienien po pierwsze
o takim wydarzeniu wiedziec, a po drugie mamy nadzieje, ze moze nam Pan pomoc.

Bardzo prosze o odpowiedz,

Z powazaniem

Andrzej Wodnicki
Prezydent EuroLDS 2000
AIESEC Szkola Glowna Handlowa

 - att1.htm
 - EuroLDS_prezentacja.ppt


---------------------- Forwarded by Andrea Ring/HOU/ECT on 03/20/2001 02:16
PM ---------------------------

	From:  Karen D McIlvoy                           03/20/2001 01:42 PM

To: ragan.bond@bhlp.com
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: (no subject)

A woman went to a pet shop and immediately spotted a large beautiful =
parrot. There was a sign on the cage that said $50.00. "Why so little," =
she asked the pet store owner.=20

The owner looked at her and said, "Look, I should tell you first that =
this bird used to live in a house of prostitution, and sometimes it says =
some pretty vulgar stuff."=20

The woman thought about this, but decided she had to have the bird =
anyway. She took it home and hung the bird's cage up in her living room =
and waited for it to say something. The bird looked around the room, =
then at her, and said, "New house, new madam."=20

The woman was a bit shocked at the implication, but then thought "that's =
not so bad."  When her two teenage daughters returned from school the =
bird saw them and said, "New house, new madam, new girls."=20

The girls and the woman were a bit offended but then began to laugh =
about the situation. Moments later, the woman's husband, Keith, came =
home from work.=20

The bird looked at him and said, "Hi Keith."


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-----Original Message-----
From: 	Van houten, Maria
Sent:	Friday, November 02, 2001 1:11 PM
To:	Smith, Matt
Subject:	Hydro data

Hi Matt,
I checked out the hydro data.  The Corps of Engineers changed the location of the files on their server, which is why our data is behind.  I've pointed our scraper to the new site, and the data is currently being imported into our database.
- Maria


CERA Alert: December 13, 2000

Title: California on the Brink
CERA Knowledge Areas: Western Energy, N. American Power, N. American Gas

CALIFORNIA ON THE BRINK
The California Stalemate
California moved closer to the brink of an outage today as concerns over
credit-worthiness of buyers brought the possibility that generators would
avoid selling to the California market. While numerous factors have
contributed to the high cost of power incurred by California's utilities, the
root cause of the current crisis is a lack of new generation. The current
credit crisis and its threat to supplies could spark state action to address
the situation. The collective efforts of all market participants should be
focused on increasing generation capacity as quickly as possible.

Western power prices have skyrocketed well beyond the record levels set this
summer. Perhaps because frozen rates insulate the majority of California
consumers and companies from tangible effects of the market crisis,
regulators have been able to postpone meaningful market reforms and
significant rate increases. The California Public Utilities Commission denied
the requests of Pacific Gas & Electric and Southern California Edison to end
their rate freezes, forcing these utilities at least temporarily to finance
the costs of higher wholesale energy. This has created an unsustainable
accumulation of costs and a loss of faith in the California market.

The current credit crisis and the potential for blackouts may become the
galvanizing events that provide state regulators with a public mandate to
address the underlying structural problems in the industry. However, there is
no guarantee that these regulatory actions will expedite an effective
solution for customers and the industry as a whole. Wholesale and retail
markets that emerge from regulatory intervention are likely to remain
muddled. In the necessarily political process that will follow, it is
possible that-as has largely been the case so far-the steps taken will fail
to move the California power market toward a more enduring solution and will
instead continue to mask the underlying structural flaws.

In the six months since California's supply shortfall began plaguing Western
markets, regulators have done little to address the underlying problem.
Rather than addressing the cause of the supply shortage-establishing a market
environment that encourages timely additions of new generating capacity and
demand side responses-efforts are instead directed at trying to lay blame for
the crisis and lessen the immediate financial impact on customers. Indeed,
several actions taken thus far have served more to compound the problem by
discouraging new power plant additions. These include price caps, repeated
changes to market rules, attempts to seize generator profits, and a
challenging siting and permitting process.

Medicine Worse than the Illness
Several years of electricity demand growth and low prices in California were
accompanied by very few additions to the supply base. Regulators did not pay
adequate attention to the looming supply shortfall. The void of consensus
over the cause of the current crisis has instead been replaced by a series of
bandaid remedies that address the symptoms, but not the cause, of
California's electric market woes.*

* Challenging siting and permitting. Despite state action to better
coordinate the siting and permitting process for new power plants, power
plant developers still face high hurdles. Local community opposition alone
has struck down some key proposed facilities.

* Price caps discourage investment. State and federal proposals to cap prices
limit the attractiveness of the California wholesale power market, especially
for developers who have the option of channeling scarce capital and equipment
to more stable or more attractive markets outside the state.

* Repeated rule changes. Frequent rule changes in the ISO markets (including
the price caps) confound attempts by developers to estimate profits from new
plant development.

* Calls for refunds. Despite reports by the Power Exchange, the ISO, and the
FERC that no pattern of abuse could be found from their examination of the
California markets, state officials continue to accuse power providers of
gaming the market. Calls by state officials for refunds of generator profits
are a threat to new plant development.

* Facility inspections. Recent inspections of power plants by state officials
to verify that operators are honestly reporting the operational status of
their generating units accentuates the atmosphere of mistrust.

CERA's recent analysis suggests that merchant plant developers in the West
are not guaranteed? to make a profit. Prospects of new plant profitability
are affected by the timing and quantity of new plants, decommissioning of
older units, demand growth, and numerous other difficult-to-forecast factors.
California's regulatory actions only further cloud the assessment of
financial viability and degrade the political environment for developers
considering entering the state.

Despite efforts by the California ISO to stimulate new capacity additions in
the state with a special, limited-term capacity payment, CERA estimates that
demand growth will continue to outstrip supply additions in the West in 2001.
In addition, the existing siting and permitting process will prevent a
sufficient quantity of capacity from entering the market until 2003 at the
earliest. Therefore, three years remain before a sufficient quantity of
capacity enters service to significantly dampen prices and decrease the risk
of an outage.

The Road to Recovery
There are a number of actions that can be taken to help relieve the capacity
shortfall:

* Encourage new build. Supply must be part of the answer. This requires a
series of steps that can help facilitate new supply build. While in principal
some have been taken, such as new fast track approval, the success of these
actions can only be measured by the build itself. For now, there is still not
enough new supply coming on until 2003 to relieve supply tightness.?

* Stabilize investment climate. Utilities must have assurance that they will
ultimately be allowed to recover market costs for power. This provides the
credit worthiness needed by sellers to produce energy and to stimulate new
build.

* Move toward more balanced utility supply portfolios. One of the reasons the
pressure on customers has been so intense in California has been the absence
(and even discouragement) of diverse supply portfolios among the utilities in
the state-particularly for residential and small commercial customers. With
the market at a peak, however, now is in one sense a sub-optimal time to move
toward term contracting. Yet these contracts provide the foundation for a
series of actions-including new supply build and demand side investments. If
they end up above market, they will at least have achieved the desired effect
of knocking down prices, a fact which by itself should provide sufficient
justification for recovering the cost of these commitments.

* Encourage market mechanisms that elicit a demand response. Although
originally a feature of California's market design, most consumers are
insulated from price spikes through capped or frozen retail rates. Exposing
customers to at least some of the market price signals would encourage a
demand response.

* Encourage market mechanisms that dampen the "Boom Bust" characteristic of
the market. Whether in the form of a capacity payment, a reserve requirement,
or a minimum term portfolio requirement, the California power market needs to
move to a structure that encourages investment in new capacity when the
market is in balance rather than waiting for a shortage and price shock to
elicit new investment. Such a structure can help dampen (but not eliminate)
future price volatility.

* Avoid continuously tinkering with the market. While the market does need to
be restructured as described above, it also needs to be stable and reliable
to encourage the development of new supply as well as a robust long-term
contractual market for power in California. Continually tinkering with the
market structure-such as the three times the price cap has been shifted since
July-only serves to undermine confidence in the market. California needs to
do its best to develop a long-term solution and then let the market run its
course.

* Allow for greater environmental flexibility. The state should explore a
more balanced solution to emissions restrictions in the face of a supply
shortfall that has been exacerbated by generators that cannot operate due to
emissions restrictions.

* Free PURPA power plants to generate. Relief should be granted to PURPA
power plants that are operational, but are restricted by contract from
operating to generate only power.

**end**

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