Bandwidth Market: Trade For DS3 Capacity Nets High Price
Dow Jones Energy Service, 07/24/01
USA: Northeast utilities on track to form RTO - PJM chief.
Reuters English News Service, 07/24/01
EnergyBusinessWatch Releases Two-Part Interview With FERC Chairman Curt Hebert
PR Newswire, 07/24/01
Natural Gas Project Decision Due Soon-Venezuelan Official
Dow Jones Energy Service, 07/24/01

USA: Black Hills signs deal for 273-MW Nevada power plant.
Reuters English News Service, 07/24/01

German Energy Blue Chips E.On, RWE Return To Form
Dow Jones International News, 07/24/01
Black Hills To Buy Nev. Power Complex From Enron
Dow Jones News Service, 07/24/01

INDIA: U.S. looks "beyond sanctions" at ties with India.
Reuters English News Service, 07/24/01

Allegheny Energy to split up Hagerstown utility to create company for power
generation; Permission for IPO sought; Remaining company to distribute energy
to retail customers
The Baltimore Sun, 07/24/01

FERC Should Oversee All Utilities, Lawmaker Says (Update1)
Bloomberg, 07/24/01

Energy Generators Fall With Gas, Electricity Prices (Update1)
Bloomberg, 07/24/01

Black Hills to Purchase Generation Complex From Enron (Update1)
Bloomberg, 07/24/01

Dan Walters: Blame game over California's energy crisis will continue for
years
Sacramento Bee, 07/24/01

Bandwidth Market: Trade For DS3 Capacity Nets High Price

07/24/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- A direct trade done Tuesday for DS3 bandwidth between
Seattle and Vancouver, B.C., brought one of the highest prices ever recorded
in the market.
The deal, priced at two cents a DS0 mile a month, will start as soon as the
circuit can be provisioned, said a trader.
Direct trades are done by the counterparties themselves without an
intermediary like a broker.
Another direct deal was done for DS3 bandwidth between Seattle and Los
Angeles for a three-month contract that also will start as soon as the
circuit is provisioned. The price was $0.0075/DS0 mile/month.
One other trade was done Tuesday for DS3 bandwidth in calendar year 2002
between New York and Dallas through Enron Corp. pooling points at $0.0015/DS0
mile/month.
Pooling points are network interconnection sites where title to bandwidth is
transferred. They are also used to monitor quality of service.
-By Michael Riekeand Erwin Seba, Dow Jones Newswires, 713-547-9207,
713-547-9214; michael.rieke@wsj.com, erwin.seba@dowjones.

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

USA: Northeast utilities on track to form RTO - PJM chief.

07/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

WASHINGTON, July 24 (Reuters) - With the help of a federal mediator,
Northeast electricity transmission grid operators are on track to combine
their assets under a common roof, Phillip Harris, chairman of the PJM
Interconnection, told reporters on Tuesday.
"I think that's do-able," Harris said, referring to the Federal Energy
Regulatory Commission's July 11 rule ordering the New York Independent System
Operator, PJM, PJM West and New England Independent System Operator to form a
single regional transmission organization (RTO).
All the entities convened Monday in a closed-door hearing before FERC
Administrative Law Judge Peter Young to begin 45 days of negotiations to
hammer out the formation of the single Northeast RTO.
"We can't solve all of the issues, but we can come up with a plan" during
that time, Harris said.
RTOs are not likely to be discussed at the FERC commissioners' meeting on
Wednesday, Harris said. No RTO issues are on the agenda for the final FERC
meeting before commissioners take a month-long break, an agency spokeswoman
said.
The focus of the Wednesday meeting will be refunds for California and other
Western states that claim power wholesalers overcharged them during the past
year.
RTOs have become a priority for FERC, which is looking for ways to make the
nation's patchwork transmission grid more seamless to overcome bottlenecks in
moving power between regions.
FERC recently proposed combining transmission operators into four RTOs to be
formed in the Northeast, Southeast, Midwest and West.
"Whether the magic number is four or 10 is somewhat problematic," Harris
said.
FERC has praised the PJM system - which serves much of Pennsylvania, New
Jersey and Maryland - as a model for nationwide RTO building. The agency has
also turned down New York ISO and Northeast ISO requests to maintain their
status as free-standing independent system operators.
PJM has what it takes to make a nationwide model, Harris said.
"The technology is there to make it happen," he said.
PJM Interconnection uses a complex computer model and locational marginal
pricing to calculate prices based on supply, demand and congestion at each
node on the grid. PJM could apply its model to a larger RTO, Harris said,
because "it's hard to find something bigger than what we're doing."
PJM operates about 8,000 miles of transmission lines in Pennsylvania, New
Jersey and Maryland, Washington D.C., and part of Delaware. It also
coordinates the flow of about 60,000 megawatts of generation across those
wires.
Last week, residential electricity provider NewPower Holdings Inc. complained
to FERC about the installed capacity charges in the PJM system. The company
said the PJM charges were "unjust and unreasonable" and discriminated against
new market players.
NewPower told FERC it was unfair that companies owning generation plants in
the region do not have to pay the installed capacity charge, but NewPower and
others that don't own generating plants must pay high capacity rates.

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

EnergyBusinessWatch Releases Two-Part Interview With FERC Chairman Curt Hebert

07/24/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

WASHINGTON, July 24 /PRNewswire/ -- FERC Chairman Curt Hebert, in one of his
most wide-ranging interviews since he was named to head the agency six months
ago, told EnergyBusinessWatch in a two part series while California may still
see some blackouts in August the state now appears to have passed a danger
point.
"We're not too worried about credit here, but we were certainly getting the
blame when the prices were high," Hebert said.
"The fact that prices are down and they have been down since the very hour
the mitigation plan went into effect shows the forward thinking, the ability
to get things under control of this commission and the hard working staff."
Hebert sat down with EBW Executive Editor Howard Buskirk July 20 to talk
about his six months as chairman, what he views as his legacy so far and his
plans for the future.
High on his list is a FERC that is now more responsive to markets.
"A couple years back at FERC, even though they were talking about markets,
they were very much in their infancy in trying to understand how they work,"
he said. "I would say that FERC now has certainly moved beyond its
adolescence and trying to act more like an adult ... Hopefully that means
that there's less regulation in the future."
Hebert also warned that the commission must make certain it does not turn off
Wall Street, since the financial community will need to be behind commission
initiatives to get the right investments.
"You can't do anything in this business without the confidence of Wall
Street," Hebert told EBW.
"If anyone thinks we can turn this industry around and we can have adequate
supply and we can have adequate deliverability without the confidence of Wall
Street they are absolutely wrong. They haven't done their homework and they
don't understand history."
Hebert also touched in the most detail yet on the controversial article in
"The New York Times" in which Hebert suggested that Enron Chairman Kenneth
Lay had approached him to in effect offer a quid-pro-quo, Enron's support if
he changed his views on electricity deregulation.
For the complete interviews and the rest of the energy industry's most
exciting new news service please see http://www.energybusinesswatch.com . For
more information, call EBW subscriber services at 202-625-8328.
MAKE YOUR OPINION COUNT - Click Here

http://tbutton.prnewswire.com/prn/11690X25362155

/CONTACT: EnergyBusinessWatch subscriber services, 202-625-8328/ 14:03 EDT
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Natural Gas Project Decision Due Soon-Venezuelan Official

07/24/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- Venezuela should announce a decision in the next few
days on developers for natural gas projects in the country, Ignacio Arcaya,
ambassador of Venezuela to the United States, told a press briefing Tuesday
morning.
The natural gas project was one of the topics Arcaya addressed during the
briefing. U.S. companies including Enron Corp. (ENE) and Exxon Mobil Corp.
(XON) are competing for pieces of the project.
Venezuela has the largest gas reserves outside of the Middle East, he said.
The country would like to tap those reserves for exports as well as for use
internally.
To do so, Venezuela needs to develop gas infrastructure as well as gas
production. The country needs to expand its gas pipeline system and build
facilities for liquefied natural gas exports.
He also hopes that another Venezuelan energy export - orimulsion - will find
buyers in the Untied States. A natural bitumen, orimulsion is a patented fuel
designed for use in electric power generation.
Florida power generators failed to get approval to use the fuel after a test
program in the late 1980s and early 1990s. Another study of the fuel,
conducted by the U.S. Environmental Protection Agency, won't be negative or
positive for orimulsion, Arcaya said.
He hopes that study will lead to orimulsion consumption in the U.S. A number
of companies are interested in joint ventures to import the fuel into the
United States.
A study out of Tampa, Fla., says that orimulsion is less polluting than coal
and could be used to generate 20% of that city's power, he said.
The ambassador said he didn't know anything about reports of an emergency
meeting of the Organization of Petroleum Exporting Countries to discuss
production cuts.
OPEC sources have reported that the cartel is discussing holding a meeting
Aug. 6 or Aug. 14 to discuss cuts in response to lower crude oil prices.
Venezuela doesn't want high oil prices because that hurts consumers, but low
oil prices hurt producers, he said.
The country now exports 60% of its crude oil production and 40% of its
refined products output, Arcaya said. The plan is to reverse those figures.
Part of that plan will include investments to increase output of refined
products from Venezuelan refineries, he said. The increased output will meet
U.S. environmental specifications for refined products.
He reiterated Venezuela's plans to increase output of refined products at
Citgo's Lake Charles, La., refinery by 100,000 barrels a day. He didn't know
when that added output would be available. Citgo is owned by Petroleos de
Venezuela SA, the Venezuelan state oil company.
There continues to be much discussion in Venezuela about cutting back
ownership of Citgo, Arcaya said. "But the figures show that Citgo is an
excellent investment," he added.
While in Houston, the ambassador will meet with official from several energy
companies including Exxon Mobil, Texaco Inc. (TX) and Chevron Corp. (CHV). He
will also meet with officials from Kellogg Brown & Root, a unit of oil
services company Halliburton Co. (HAL)
-By Michael Rieke, Dow Jones Newswires; 713-547-9207;
michael.rieke@dowjones.com

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

USA: Black Hills signs deal for 273-MW Nevada power plant.

07/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

RAPID CITY, S.D., July 24 (Reuters) - Black Hills Energy Capital Inc., the
independent power unit of Black Hills Corp. , said Tuesday it signed a deal
to buy a 273-megawatt power plant near Las Vegas, Nevada, from an Enron Corp.
unit.
The agreement, whose financial terms were not released, is expected to close
in the third quarter of 2001, Rapid City, South Dakota-based Black Hills
Energy said in a statement.
Enron North America, a wholly-owned subsidiary of Houston-based Enron, is
adding 222 megawatts (MW) of natural gas-fired capacity to a 51-MW plant.
Total output from the power plant will be enough to light about 273,000
homes.
The planned 222 MW of new capacity is expected to be phased in commercial
operation in the third quarter of 2002, Black Hills said.
Nearly all of the power from the 51-MW plant is under contract through 2024.
The 222 MW have been sold under a 15-year contract, which requires the buyer
to provide fuel for the power plant.
Black Hills said the deal, along with other power plants it has in operation
and under construction, would get the company to its goal of 1,000 megawatts
of independent power by 2003.

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

German Energy Blue Chips E.On, RWE Return To Form
By Stephan Kueffner
Of DOW JONES NEWSWIRES

07/24/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

FRANKFURT -(Dow Jones)- It used to be the only reason to buy shares in
utility companies was bad news in the tech market.
However, a series of key deals and an improving bottom line in core
operations have helped Germany's two blue-chip utility giants, E.On AG (EON)
and RWE AG (G.RWE), make investors take note - though analysts are divided
about which is the best investment.
Both companies have made quick strides since Germany's electricity market was
deregulated in 1998 to focus on core operations and improve investor
relations.
The key deals in core markets include RWE's takeover of Thames Water last
year, giving it a strong position in the high-margin water business, and
E.On's takeover bid for Powergen Plc (PWG) earlier this year and last week's
asset swap with British Petroleum (BP) that will give it close to 30% of
Ruhrgas AG (G.RUH).
They've also defended their home markets and their key power businesses are
improving - as demonstrated by rising electricity prices.
But it's taken the market time to take note. Investors were worried by
tumbling electricity prices and lured to shares in tech companies.
"Despite their age, for the market, (E.On and RWE) are new faces," said a
utility analyst in Madrid.
So who's ahead? Through its takeover of Thames Water, RWE leads E.On in
expanding into the water business, "a business offering higher margins that's
set to be a key industry of the 21st Century," he added.
It has also proven it can cut the fat out of operations. When it released
preliminary earnings figures in early July, RWE said its cost-cutting program
brought EUR1 billion of savings over the past 12 months. It wants to reduce
costs by an additional EUR1.55 billion per year through 2004.
Though it released earnings data promptly after the end of its fiscal year,
some were disappointed that except for sales, RWE failed to release operating
and net profit figures beyond giving percentages to the general market,
though it provided more detailed information to analysts at subsequent
meetings.
"We think RWE shows greater signs than E.On...of wanting to take the
necessary steps to reveal the value of (shares) to the stock market," a
Schroder Salomon Smith Barney report from July 11 said.
E.On, however, will have a stronger position in the U.S. - where market
consolidation lags well behind Europe - if it gets regulatory clearance for
its takeover of Powergen Plc (PWG), analysts said.
Above all, its deal to secure almost 30% of Germany's main gas importer and
distributor Ruhrgas AG (G.RUH) by swapping Veba Oel for BP's 25.5% Ruhrgas
stake could have major strategic implications for E.On as a player in
European gas, they added.
Full control of Ruhrgas would make E.On "the number two player in gas in
Europe and the number one by far in Germany," said Matthias Heck at Sal.
Oppenheim.
In the short term, there will be no benefit to E.On's bottom line through
getting a third of Ruhrgas, but some analysts said full control of Ruhrgas
might not be far away - telecommunications group Vodafone Plc (VOD) and steel
giant ThyssenKrupp AG (G.TKP) could be willing to sell their holdings.
"Once that occurs, Shell and Exxon Mobil (XOM) are also likely to want to get
out as (holding) a minority positions in E.On will be of little interest," an
analyst in Frankfurt said.
However, he added Germany's Federal Cartel Office would want the gas market
to be deregulated more rigorously before it allows that to happen.
"Besides the regulatory opposition, there are signs that other market
entrants such as Enron Corp. (ENE) will make lower (gas) prices possible," a
London-based analyst said.
It will also be interesting to see how closely RWE and BASF AG (BF) gas unit
Wingas GmbH cooperate in acquiring eastern European gas companies slated for
privatization.
"That could be the start of something greater," said the Madrid utility
analyst.
Non-Core Holdings Could Be Problem
Looking past their core assets, he also said the market still worries about
their diversification into non-core operations - a factor weighing on share
prices until the market gets a better idea of what they're really worth.
Both groups still have vast corporate holdings to dispose of once Germany's
scrapping of windfall taxes on asset sales comes into effect in January.
For E.On, the larger of the two, this means selling blue-chip Degussa AG
(G.DGX), the world's largest specialty chemicals group, while RWE is looking
to sell mid-cap units Hochtief AG (G.HOT), a construction group, and printing
machine maker Heidelberger Druckmaschinen AG (G.HDB).
Despite the value of their assets, analysts said both Degussa and Hochtief
"will need major restructuring before the holdings can hope to sell them,"
the Madrid analyst said. "For some people, the size of the assets is a
blessing, for others, a worry," he added.
-By Stephan Kueffner, Dow Jones Newswires; +49 69 29 72 55 00;
stephan.kueffner@dowjones.com

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

Black Hills To Buy Nev. Power Complex From Enron

07/24/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

RAPID CITY, S.D. -(Dow Jones)- Black Hills Corp.'s (BKH) Black Hills Energy
Capital Inc. signed a definitive agreement to purchase a 273 MW natural
gas-fired power plant in North Las Vegas, Nev. from Enron North America, unit
of Enron Corp. (ENE) for an undisclosed amount.
In a press release Tuesday, Black Hills said it expects the deal to close in
the third quarter of 2001.
An expansion of the present 51 MW co-generation plant is now underway.
Construction of a new combined cycle generation facility adjacent to the
existing plant will add about 222 MW of capacity to the existing plant site.
The new generation is expected to be fully operational by the third quarter
of 2002.
As part of the transaction, Black Hills also secured long-term contracts for
the output of the facility.
Nearly all of the capacity and energy produced by the existing 51 MW plant is
under contract through 2024, with the remainder being merchant power.
The power of the planned 222 MW combined-cycle plant is sold under a 15-year
contract. The contract requires the purchaser to provide fuel to the power
plant when the plant is dispatched.
New York Stock Exchange-listed shares of Black Hills recently traded at
$40.38, down $2.32 or 5.4%.
-Thomas Gryta; Dow Jones Newswires; 201-938-5400

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

INDIA: U.S. looks "beyond sanctions" at ties with India.

07/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, July 24 (Reuters) - The United States reassured India on Tuesday
that efforts were under way to scrap the economic sanctions it imposed in
1998, but took a swipe at the country's "far from optimal" investment
climate.
Assistant Secretary of State on South Asian affairs Christina Rocca blended
goodwill with criticism in her speech to business leaders in New Delhi on the
future of a bilateral relationship which has blossomed despite India's
nuclear tests of 1998.
She took India to task for protectionist trade policies, its investment
climate and its failure to provide an effective system for the protection of
intellectual property.
But she had good news on the sanctions which Washington imposed on New Delhi
after its nuclear tests, saying India had "a role and a responsibility to
play in helping secure stable, peaceful conditions in South Asia and beyond".
"In this connection, as I hardly need to tell you, a review on our sanctions
policy is now under way."
"And we will need to work closely with Congress to see how the current
situation might be changed. Getting beyond sanctions would do much to deepen
the bilateral relationship."
A chorus of officials in the Bush administration have said in recent weeks
that sanctions should be dropped - at least in the case of India if not
Pakistan, which was also hit by sanctions after it responded to India with
nuclear tests of its own.
At her confirmation hearing in May, Rocca told the Senate that sanctions had,
in her opinion, "outlived their usefulness".
The sanctions prevent the sale to India and Pakistan of U.S. nuclear energy
equipment, rocket motor technology, supercomputers and military equipment.
They also restrict certain companies from doing business in the United
States.
CANDID ASSESSMENT
Rocca said the Bush administration was committed to strengthening and
intensifying relations with India, and noted that the past few years had seen
"the beginning of a transformation" in ties with the world's largest
democracy.
"Now is the time to complete that transformation," she said.
Rocca said non-proliferation remained an important goal of U.S. policy, but
Washington wanted to broaden its engagement with India on defence to include
potential areas of cooperation.
The Clinton administration held several rounds of talks with New Delhi to
reconcile its proliferation concerns with India's plans to build a "minimum
nuclear deterrent".
But the two sides, once on opposite sides of the Cold War, have moved closer
since then and President George W. Bush won warm backing from New Delhi for
his controversial nuclear vision.
Rocca said the recent summit between India and Pakistan, which ended without
even a joint statement because of differences over the Kashmir territorial
dispute, was "a good first step".
"...the serious and constructive atmosphere of these talks tell me that both
sides are committed to resolving their differences, even if this turns out to
be a lengthy process".
Turning to India's decade-old drive for economic reform, Rocca had some
polite criticism.
"During the past 10 years, India has achieved considerable progress in
liberalising its trade policy," she said.
"But, in our candid assessment, the level of protectionism remains too high.
This suits some vested interests, I suppose, but clearly impedes overall
economic efficiency."
She said the problems clouding India's "entire investment climate" could be
summed up with a five-letter word, "Enron".
U.S. energy giant Enron Corp has threatened to walk out of its $2.9-billion
Indian Dhabol project due to a row with the authirities over payment defaults
and high tariffs.
"...I have to emphasise that it will be difficult for international investors
to view India favourably until it is resolved, and in a reasonable manner,"
Rocca said.

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

BUSINESS
Allegheny Energy to split up Hagerstown utility to create company for power
generation; Permission for IPO sought; Remaining company to distribute energy
to retail customers
Dan Thanh Dang
SUN STAFF

07/24/2001
The Baltimore Sun
FINAL
1C
(Copyright 2001 @ The Baltimore Sun Company)

In a move that follows an industry trend, Allegheny Energy Inc. said
yesterday that it will split itself into two companies next year - an
unregulated power generating business that will sell electricity on the
wholesale market, and a regulated distribution business that will sell energy
to retail customers.
The Hagerstown utility filed yesterday with the Securities and Exchange
Commission seeking approval for an initial public offering of up to 18
percent in the new, as yet to be named holding company.
The holding company will own 100 percent of Allegheny Energy's unregulated
generating unit, Allegheny Energy Supply Co. LLC.
Allegheny Energy also announced that it expects next year to distribute to
its shareholders the remaining equity ownership in the new holding company in
a tax-free distribution.
The transaction will leave Allegheny Energy as a retail distributor of
electricity and natural gas to about 3 million people in parts of Maryland,
Ohio, Pennsylvania, Virginia and West Virginia.
The initial public offering will need regulatory approvals, two of them from
the Securities and Exchange Commission.
The Hagerstown utility had $4 billion in revenue last year and employs 5,900
nationwide, 533 of them in Maryland. Allegheny Energy Supply's new holding
company also likely will have its headquarters in Hagerstown.
Company officials said a decision has yet to be made on the headquarters site
of the distribution business, which will retain the Allegheny Energy name.
"We're positioning both companies to compete in the new energy marketplace,"
said Alan J. Noia, chairman, president and chief executive of Allegheny. "If
you've been following the company, this is the next logical step."
Shares of Allegheny fell $2.11 on the New York Stock Exchange yesterday to
close at $42.65.
The spinoff announcement comes on the heels of a similar plan announced in
October by a Baltimore competitor, Constellation Energy Group Inc.
But, instead of separating in one step like Constellation, Allegheny Energy
hopes to first raise money by selling up to 18 percent of the common stock in
the new holding company in an IPO expected in the fourth quarter.
Allegheny said it will use the proceeds to pay down debt and invest in its
building projects.
The company is also considering a $1 billion leveraged lease of one of its
power stations to finance the growth and development of its generation
portfolio, officials said.
Noia said the two companies will have different dividend policies, and more
details will be established at the time of the stock offering.
Noia also said that the merchant energy company is expected to grow about 20
percent a year, while the delivery company will grow about 4 percent to 5
percent.
It is unclear whether Allegheny's spinoff will have to pass reviews by five
state regulatory agencies. Gregory V. Carmean, executive director of the
Maryland Public Service Commission, said: "You can expect us to follow the
same path of examining their regulated utility's financial strength after the
split as we have done with Constellation's separation plan."
Yesterday, utility analysts praised the company for its timing despite the
public relations and regulatory pounding some energy producers have received
recently as a result of the California energy crisis. Energy stocks have also
suffered recently because of greater supply and lower demand because of
cooler weather.
"The unregulated power producers have done quite well in recent years with
the exception of this year, because of California," said Craig Shere, a
Standard & Poor's analyst. "These stocks have been so beaten up over the
issue of price caps and rebates, but there's very little substance behind it
all.
"It's not the greatest market right now, so if Allegheny had to do an IPO
right now, I'd wait. But the market for this sector should not be bad for the
fourth quarter.
"At the end of the day, these companies will continue to post very strong
earnings. Allegheny's done quite well because everyone's been expecting this
to happen. This is, and will continue to be, a growth industry," Shere said.
In the past couple of years, Allegheny has carefully completed each step
toward making a spinoff possible.
Allegheny began preparing for deregulation by transferring power plants from
its regulated utility, Allegheny Power, to the unregulated generating
business in 1996, starting with its plants in Pennsylvania.
Allegheny Power still owns power plants in West Virginia, which has only
partially deregulated the electric industry, but Noia said those remaining
2,000 megawatts will be transferred to Allegheny Energy Supply before the
separation takes place.
In order to meet the electricity needs of customers in each state, Noia said
the regulated utility has a number of long-term contracts with its
unregulated supply affiliate to buy back power, the last of which ends in
2008.
As part of the plan to split, Allegheny also launched an aggressive $1
billion plan to purchase and build power plants across the country.
Allegheny Energy Supply is building power plants in Arizona, Indiana and
Pennsylvania. The company also acquired 83 megawatts of coal-fired generation
in Pennsylvania and three power plants in the Midwest from Enron Corp. in
May.
By 2005, Allegheny Energy Supply is expected to own or control about 14,500
megawatts of energy, which is enough to provide electricity to about 14.5
million homes.
To trade in electricity, natural gas and other fuels, Allegheny paid $490
million in March for Merrill Lynch & Co.'s Global Energy Markets, an energy
trading unit that was renamed Allegheny Energy Global Markets.

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

FERC Should Oversee All Utilities, Lawmaker Says (Update1)
2001-07-24 17:05 (New York)

FERC Should Oversee All Utilities, Lawmaker Says (Update1)

     (Adds that energy department, FERC officials will testify
before the committee in 16th paragraph.)

     Washington, July 24 (Bloomberg) -- The U.S. government agency
that regulates interstate electricity prices should get expanded
authority to oversee all public and cooperative power utilities,
the chairman of the Senate's energy panel said.
     The Federal Energy Regulatory Commission approves wholesale
interstate electricity rates for investor-owned utilities and
power sellers, such as Enron Corp. The proposal from Senator Jeff
Bingaman would add to the FERC's jurisdiction federal utilities
such as Tennessee Valley Authority, rural electricity cooperatives
and public power utilities.
     Extending FERC's power will help deregulate electricity
markets so that new generating companies can compete against
utilities, Bingaman said.
     ``To leave a legislative solution for another day would be to
ensure the problems faced now in California and the West will be
replicated across the country,'' the New Mexico Democrat said.
     Bingaman's panel next week will begin debating legislation to
address conservation, natural gas drilling and other energy
issues. It may include electricity deregulation, he said.
     The proposal may help make it easier for private companies
compete against public utilities that traditionally have had
monopolies in many regional markets, one analyst said.
     ``There may be merit to this,'' said Pietro Nivola, a senior
fellow at the Brookings Institution, a Washington-based policy
group. The plan may ``ensure that markets are operating freely.''

                           Rate Setting

     Any move to boost FERC's power to enforce ``just and
reasonable'' wholesale rates, though, would be unwise, he said.
     ``They should cease worrying about if the prices are fair and
make the market more competitive,'' Nivola said.
     Last month, the FERC set limits on the wholesale prices for
energy in California after lawmakers, including Bingaman,
criticized the agency for not intervening earlier to help the
state as it faced power shortages and rising prices.
     Critics of the price limits such as Senator Frank Murkowski
of Alaska, the senior Republican on the energy committee, have
said they will discourage companies from building generators in
California because of fears that the caps will cut into profits.
     California in 1996 deregulated its wholesale electricity
market and allowed prices to fluctuate based on supply and demand.
Rising electricity use, a lack of new power plants and low
rainfall that hurt hydroelectric facilities drove up prices last
year, leaving California's two largest utilities insolvent with
almost $14 billion in debt. The state began buying power on their
behalf in January and has spent almost $8 billion.
     Under the Bingaman proposal, utilities would set rates,
overseen by FERC to make sure they are comparable to the rates
utilities charge themselves. The agency also would get authority
over rates charged for power within states, not just interstate
transmissions.
     The plan would let FERC force utilities to team up in
regional organizations to better manage their power grids.
Currently, some transmission system management is handled state-by-
state.
     FERC also would aid in approving sites for transmission lines
with input from regional governments, under Bingaman's proposal.
States now control the location of the lines.
     Francis Blake, the deputy energy secretary, will testify
before the committee tomorrow on the Bingaman plan. The five FERC
commissioners, including Chairman Curt Hebert, will discuss the
plan before the panel on Thursday.

Energy Generators Fall With Gas, Electricity Prices (Update1)
2001-07-24 16:36 (New York)

Energy Generators Fall With Gas, Electricity Prices (Update1)

     (Updates with closing share prices in second and third
paragraphs and analyst comment in eighth paragraph.)

     New York, July 24 (Bloomberg) -- Shares of El Paso Corp.,
Williams Cos., NRG Energy Inc. and other energy producers and
natural-gas suppliers tumbled because of falling gas and
electricity prices, analysts said.
     Speculation the U.S. Federal Energy Regulatory Commission is
ready to toughen rules on business between pipeline companies and
trading affiliates also drove shares lower, analysts said.
     Shares of El Paso, owner of the largest U.S. interstate
pipeline network, fell $4.26, or 8.2 percent, to $47.64. Earlier,
they touched $47.20, a 52-week low. Enron Corp., the biggest
energy trader, fell $3.42, or 7.3 percent, to $43.24. It touched a
52-week low of $42.
     Williams Cos., a pipeline company and trader, fell $2.07, or
6.4 percent, to $30.28. Calpine Corp. fell $4.25, or 11 percent,
to $33.90. NRG fell $2.35, or 11 percent, to $19.15. Earlier, it
touched a 52-week low of $18.40.
     Salomon Smith Barney Inc. analyst Ray Niles cut his ratings
on several energy generators because lower power and gas prices
probably will hurt third-quarter earnings.
     The average price of electricity in California so far this
month had fallen 41 percent from a year ago, partly because new
generators have opened. Gas on the New York Mercantile Exchange
fell today to $2.97 per million British thermal units. That's down
from around $10 per million British thermal units in late
December.
     FERC has been investigating whether El Paso held back
pipeline capacity in California to drive gas price higher. FERC
might issue new rules on affiliate business this week, Dow Jones
Newswires has reported.
     ``There's concern about what FERC might come out with
tomorrow,'' Merrill Lynch analyst Donato Eassey said. ``(It is) a
combination of a lot of issues.''
     He cited the pipeline affiliates' code-of-conduct rules and
the dispute over refunds to California by power generators.
     Tamara Young-Allen, a FERC spokeswoman, couldn't confirm
whether the commission would discuss new rules at its meeting
tomorrow. Tomorrow's agenda includes standards of conduct for
transmission providers. Allen declined to say whether the rule
would deal directly with company affiliates.

--Mark Johnson in the Princeton newsroom, (609) 279-4017 or
mjohnson7@bloomberg.net, and Mark Jaffe in Washington with
reporting by Margot Habiby in Dallas, through the Princeton
newsroom, (609) 279-4000/pjm

Black Hills to Purchase Generation Complex From Enron (Update1)
2001-07-24 16:20 (New York)

Black Hills to Purchase Generation Complex From Enron (Update1)

     (Updates with closing stock activity in fourth paragraph.)

     Rapid City, South Dakota, July 24 (Bloomberg) -- Black Hills
Corp., a utility owner that primarily operates in the western
U.S., agreed to buy Enron Corp.'s power-generation complex in
North Las Vegas, Nevada, for an undisclosed price.
     The purchase will eventually add 273 megawatts of power to
Black Hills Energy Capital, Black Hills' independent power unit,
the company said in a statement. The acquisition should be
completed during the third quarter, the company said.
     Black Hill plans to add a plant adjacent to the current 51-
megawatt Enron North America site. The new combined-cycle
generation site, which would have an output of 222 megawatts, is
expected to begin operating in the third quarter of 2002 and boost
Black Hills Energy's total output to 1,000 megawatts.
     Shares of Rapid City, South Dakota-based Black Hills fell
$2.56, or 6 percent, to $40.14. Houston-based Enron, the largest
energy trader, fell $3.42, or 7 percent, to $43.24.

Dan Walters: Blame game over California's energy crisis will continue for
years

Sacramento Bee
(Published July 24, 2001)
The wrestling match between politicians and Enron Corp. moved into a more
intense arena over the weekend when a state Senate investigating committee
sought contempt penalties because the huge energy company has refused to turn
over internal documents.
Although Houston-based Enron owns no major power plants in California, it has
adopted the toughest stance of all energy companies against the multiple
investigations of why wholesale energy prices spiked so high. And it has
become, in turn, a whipping boy for California politicians.
At one point last spring, state Attorney General Bill Lockyer said he wanted
criminal charges against Enron and its chairman, Kenneth Lay. "I would love
to personally escort Lay to an 8-by-10 cell that he could share with a
tattooed dude who says, 'Hi, my name is Spike, honey,' " Lockyer said. With
less colorful language, Gov. Gray Davis has often castigated Texas-based
companies as price gougers -- even though Texas firms have been fairly minor
suppliers to California.
Some of it is just buzzword politics. Lockyer and Davis know that
Californians dislike anything associated with Texas, and Lay has been one of
President Bush's major political supporters. Enron, meanwhile, cites the
rhetoric as evidence that Lockyer, Davis and legislative investigators are
interested less in finding the truth than in seeking scapegoats. Enron also
filed a lawsuit challenging the legality of the Senate's subpoenas of trading
data.
Most other energy companies have complied with the demands, creating
Sacramento repositories of the data under elaborate confidentiality
agreements worked out with the special Senate committee headed by Sen. Joseph
Dunn, D-Santa Ana. But Enron has refused, and on Saturday, Dunn submitted a
report asking the Senate for "an appropriate coercive sanction."
Does Enron have something to hide? Or does it sincerely believe that what's
happening in California is political scapegoating? Are the companies' fears
about the confidentiality of the data sought by the Senate justified? Would
data be selectively leaked to show the firms in the worst light? Would data
be used by competitors? Or could the information find its way into the hands
of class-action attorneys?
Dunn, a prominent trial attorney himself, insists that confidentiality will
be protected and that the information being sought is only for legislative
purposes. But Enron and the other companies have some reason to be wary of
turning over confidential information to politicians. Similar information was
leaked -- without penalty -- in last year's investigation of former state
Insurance Commissioner Chuck Quackenbush. And there are indications that
private lawyers are working closely with investigators.
Mike Aguirre, the San Diego attorney seeking a "smoking gun" to prove
collusion among energy companies, supplied Dunn's committee with a few
dissident Duke Energy workers who alleged, in highly publicized hearings,
that the firm had manipulated production at its San Diego plant to create
artificial shortages and drive up spot market power prices. Duke then refuted
the charges by releasing some excerpts from the records of the Independent
System Operator, the controller of California's power grid, indicating that
ISO had ordered the plant operational changes.
Aguirre subsequently asked the governor's office to pressure the ISO -- now
under Davis' direct control -- to release all of the Duke-related documents
that would show, he says, that the firm actually manipulated the situation.
Duke and other companies insist that the ISO-held documents are proprietary.
Aguirre pleaded with one Davis adviser in an e-mail that "we need your help
in properly getting this information out." But Aguirre, in an interview, said
he had not yet obtained cooperation from Davis aides.
The political and legal struggle to affix blame for California's energy woes
will continue for months, perhaps years. The crisis will cost ratepayers at
least $50 billion, and they'll want to know why as they make out their
utility bill checks.


Great.  Thanks to you all for your careful work and patience.  DF

Maria Pavlou
06/06/2000 11:21 AM
To: Julia White/ET&S/Enron@ENRON, Tony Pryor/ET&S/Enron@ENRON, Steve
Harris/HOU/ECT@ECT, Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: webtext

This language is ok with Frank and Steve.  Thanks, Maria
---------------------- Forwarded by Maria Pavlou/ET&S/Enron on 06/06/2000
11:18 AM ---------------------------

Maria Pavlou
06/06/2000 11:02 AM
To: Drew Fossum/ET&S/Enron@ENRON, Tony Pryor/ET&S/Enron@ENRON, Frazier
King/FGT/Enron@ENRON, fkelly@gbmdc.com, sstojic@gbmdc.com, Shelley
Corman/ET&S/Enron@ENRON
cc:

Subject: webtext

New language:  The one-part rate bid shall be inclusive of all applicable
reservation charges, commodity charges, and the ACA surcharge, and exclusive
of fuel.  There are no other surcharges.  The shipper with the accepted bid
will be billed the product of the rate-bid and the total contract quantity
for the term of the agreement.


Shjirley,

Please enroll me and Lance and Martin.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/05/2001
08:39 AM ---------------------------
   Public Relations
From: Public Relations@ENRON on 04/05/2001 12:54 AM
Sent by: Public Relations@ENRON
To: All Enron Downtown
cc:
Subject: Electrifying Lunch Break

Want to Learn About Electric Restructuring in Texas?

Want to Know What NewPower is Offering to Texas Consumers?

Come meet Gene Lockhart, president and CEO of The NewPower Company

Wednesday, April 11
11:30 a.m. to 12:30 p.m.
EB 5C2

To Make a Reservation, Call 3-1941 and Select Option 1

Please inform us ahead of time if you need special accommodations to
participate in this meeting. Call 3-9390.

Please bring your own lunch.
Beverages and dessert will be provided.


Rob, can you give me a view on where you stand for fourth quarter from an
orig point of view ie) deals and value.

Regards
Delainey


I've included a total return to shareholder slide at the beginning the
presentation.  Comparing Enron to the S&P 500, it shows returns for one, five
and 10 years (taken from the Investor Conference slides).  The one below
covers a broader comparison, which helps to make our case, right?

Margaret Carson
02/15/2001 10:17 AM
To: Mary Clark/Corp/Enron@ENRON, Rob Bradley/Corp/Enron@ENRON, John
Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Steven J Kean/NA/Enron@Enron, James D Steffes/NA/Enron@Enron

Subject: ENE RETURN TO SHAREHOLDERS

Mary  Hope  this  is helpful..    regards   Margaret


I am still trying to get the countries of incorp. on the Japan List for you.
Tom Moran is out today so I have to get them from Tracy Ngo.


You are awesome.

Linda Robertson
04/13/2001 03:58 PM
Sent by: Lora Sullivan
To: Rosalee Fleming/Corp/Enron@ENRON, Tori L Wells/HOU/ECT@ECT, Steven J
Kean/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Richard
Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Sarah
Novosel/Corp/Enron@ENRON, Carolyn Cooney/Corp/Enron@ENRON, Lora
Sullivan/Corp/Enron@ENRON, Tom Briggs/NA/Enron@Enron, Carin
Nersesian/NA/Enron@Enron
cc:

Subject: Cheney Meeting Briefing Book

Attached is the Briefing Book for the 10:00 AM (EDT) Cheney meeting on
Tuesday, April 17, 2001.

We will be making additions to this book over the weekend, and a final
document will be ready for Ken Lay and Steve Kean on Monday evening.

By fax we are sending the attachment documents which were not available to us
electronically.


IBM has requested feedback from EES concerning the subject ISO meeting
described below.  Are any of you or your staff attending the meeting?  If
not, do you know of anyone else within Enron who is attending?  Please advise.

Thanks

Jeff

-----Original Message-----
From: Gaillard,Bruno
Sent: Wednesday, August 30, 2000 11:56 AM
To: Nieland, Jeff
Cc: Mara,Susan; Dasovich,Jeff; Petrochko,Mona
Subject: Re: FW: CA ISO Mtg

Jeff,

I will not be attending the meeting. I suspect someone in our office will
attend the meeting. I will ask Jeff Dasovich, Sue Mara, and Mona Petrochko
whether or not they will attend and make sure they get in touch with you.

From: Jeff Nieland/HOU/EES@Exchange on 08/30/2000 09:02 AM CDT
To: Bruno Gaillard/SFO/EES@EES
cc:
Subject: FW: CA ISO Mtg

Bruno,

Hope all is well.  I again would appreciate your insight.  Do you know if we
are participating in this meeting?  If so, who is attending?  Please point me
in the right direction.

Thanks

Jeff

-----Original Message-----
From: petegreg@us.ibm.com@ENRON@EES
Sent: Tuesday, August 29, 2000 1:24 PM
To: Jeff_Nieland@enron.com
Cc: jsparlin@enron.com; Troy_Henry@enron.com
Subject: CA ISO Mtg

Jeff, will Enron be attending this meeting?  IBM would be interested in
receiving a report from this event.  We would also like to discuss
potential impacts/options for our CA sites.  Thanks.

The ISO will be hosting a Participating Load Stakeholder
meeting on September 20, 2000 at the ISO.  The meeting is a broad
stakeholder meeting to help refine our load participation programs for
2001.
Much of the day will be committed to presentations and discussions on
lessons learned from 2000 and proposals for 2001, including technical
standards, contractual issues, and load management.

          Some vendors have approached the ISO with systems that would
aggregate loads, give them an opportunity to curtail based on day ahead
energy prices, and provide the curtailment instructions and verifications.
This type of program may be ultimately sold to ESPs or IOUs. In order to
accelerate the testing of such systems the ISO may sponsor a pilot program
to test the system/approach with selected vendors.  The pilot program will
test the concepts, the interfaces, and assist in bringing together vendors,
ESPs, SCs, and the IOUs as we move forward toward improving demand
responsiveness in our markets.  We have reserved about 1 -2 hours in the
afternoon, to allow 3-4 vendors to present their approaches to the
stakeholder group.

          In addition, we welcome you to visit a vendor fair that the
ISO is hosting on September 21, 2000.  The ISO has      experienced
considerable interest from the market place in such a vendor fair that
would
include entities providing Data Processing Gateway technology for both
Generators and Loads in the Participating Ancillary Services Load Program.
This effort is being encouraged to develop multiple solutions pertaining to
installations of direct telemetry for Generators and Load providing
Ancillary Services to the ISO markets.

          The agendas are attached for both events, including
directions and lodging information.
          Please RSVP by September 13, 2000 to Sue Happ at
shapp@caiso.com.
          Thank you.

 <<AGENDA 9_20_00_timelines3_.doc>>  <<AGENDA 9_21_00_timelines3_.doc>>
<<Lodging and Directions.pdf>>

Keoni Almeida
California Independent System Operator
phone: 916/608-7053
pager:  916/814-7352
alpha page:  9169812000.1151268@pagenet.net
e-mail:  <mailto:kalmeida@caiso.com>

Greg Peterson, P.E.

Global Energy Sourcing
Global General Procurement
P:  (919)  543-4002    T/L  441
F:  (919)  543-1119     T/L  441
petegreg@us.ibm.com


Good Morning - As you're aware, we will be producing a  souvenir booklet on
HPL for the anniversary party and I want to include another  entry under 2000
that indicates the start of a new era since HPL has a data room  open.? I
would appreciate your thoughts on how to word that.? Thanks,  Elaine
 - HPL History.doc


-----Original Message-----
From: 	McCarroll, Zachary
Sent:	Tuesday, November 20, 2001 1:53 PM
To:	Grigsby, Mike
Subject:	FW: Bloomberg (just in case you haven't read this one)

 -----Original Message-----
From: 	McClain, Jennifer
Sent:	Tuesday, November 20, 2001 1:46 PM
To:	McCarroll, Zachary
Subject:	FW: Bloomberg (just in case you haven't read this one)

 -----Original Message-----
From: 	Ganjoo, Shalesh
Sent:	Tuesday, November 20, 2001 12:22 PM
To:	McClain, Jennifer; Masani, Zal; Freeman, Ben
Subject:	Bloomberg (just in case you haven't read this one)

11/20 11:46
Enron Falls Amid Concern Debt Threatens Dynegy Bid (Update2)
By Stacie Babula
Houston, Nov. 20 (Bloomberg) -- Enron Corp. shares and bonds dropped after the energy trader disclosed debts of $9.15 billion due by 2003, suggesting a takeover by Dynegy Inc. may not happen soon enough to save the company from bankruptcy.
Shares of Enron fell $1.17, or 13 percent, to $7.89 in late morning trading. Enron's 6.4 percent notes due in July 2006 were bid at 77 cents on $1 of face value and offered at 81 cents, down more than 3 percent from yesterday, traders said.
Enron, whose shares plunged 90 percent this year as accounting errors led to earnings restatements, a federal investigation and a management shakeup, said it has less than $2 billion in cash or credit lines. Dynegy plans to complete its buyout by October, and Enron may have to ask its lenders to restructure payment schedules to survive.
``This filing shows that Enron is in a precarious financial situation,'' said Commerzbank Securities analyst Andre Meade, who rates Enron shares `hold' and doesn't own them. ``They have to stay afloat for the Dynegy deal to go through, and that now looks difficult.''
Dynegy agreed Nov. 9 to buy Enron in a transaction now valued at $25 billion in stock and assumed debt. The difference between Dynegy's offer for Enron and the price of Enron shares widened to more than 45 percent from 29 percent yesterday, Bloomberg data show.
``It's become more clear that the chances of this deal going through aren't 90 percent, but much closer to fifty-fifty,'' said Edward Paik, who helps manage the Liberty Utilities Fund, with 1.6 million Enron shares. ``There's just so much information that is unknowable'' about Enron's financial position, he said.
SEC Filing
Last week, Enron Chief Operating Officer Greg Whalley said the company has $8 billion invested in ``non-core'' businesses, including broadband and the Dabhol power plant in India. Whalley said Enron will sell those business to pay down debt. Enron expects to get ``billions'' from the sales, Whalley said, without being more specific.
Enron wouldn't comment on whether it could sell assets fast enough to keep current on its debts. Asset sales valued at about $800 million are expected close by the end of this year, the company said yesterday in its third-quarter filing with the Securities & Exchange Commission.
Most of the $9.15 billion in debt is due before the end of the third quarter, when the Dynegy buyout is scheduled to close, according to the SEC filing.
Dynegy and ChevronTexaco Corp., which owns 26 percent of Dynegy, may have to help Enron win refinancing agreements with its lenders, said Kathleen Vuchetich, who helps manage the $1.4 billion Strong American Utilities Fund, which is 5 percent Dynegy shares.
``I never dreamt (the $9.15 billion in debt due) would be that large, coming due all at once,'' Vuchetich said. ``It calls into question their decision to schedule it that way in the first place.''
Enron yesterday reduced third-quarter results by 3 cents a share, bringing the period's loss to 87 cents, or $664 million, according to the SEC filing. On Nov. 8, Enron lowered earnings back to 1997 by $586 million to reflect losses by affiliated partnerships that were wrongly kept off the books. That included a third-quarter reduction of $17 million.
A drop in Enron's senior unsecured debt rating to ``BBB-'' by Standard & Poor's on Nov. 12 may force Enron to pay off a $690 million note by Nov. 27 if it doesn't find collateral to guarantee the debt taken on by an affiliated partnership, the company said in the filing.
Without repayment or collateral, investors in a partnership that owns Brazilian natural-gas assets can begin to liquidate the partnership's assets, Enron said. The company said it's working with lenders to come up with an acceptable agreement on the debt.
Enron used affiliated partnerships to raise money quickly and take debt off its books. Its shares plunged this year as investors questioned whether the partnerships also were being used to hide losses from failed investments.
Chief Executive Officer Kenneth Lay said last month that buying back 62 million shares from two such partnerships cost Enron shareholders $1.2 billion in lost equity.
Fourth Quarter
Making good on debt owed by its Whitewing affiliated partnership may cut Enron's fourth-quarter earnings, Enron said. Enron is obligated to back Whitewing by issuing junior convertible preferred stock. Because Enron's stock has plunged, it may have to write down its assets by $700 million, the filing said.
ChevronTexaco, the second-largest U.S. oil company, is providing $2.5 billion in cash as part of the Enron buyout. It provided the first $1.5 billion a week ago.
Shares of ChevronTexaco, based in San Francisco, rose $2.51 to $84.42 in midmorning trading. Dynegy fell 50 cents to $43.05. Dynegy and Enron are both based in Houston.
Enron's Lay admitted last week that failed investments and a loss of investor confidence forced the sale to Dynegy. Before the buyout was announced, Enron stock had fallen 90 percent this year.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Customer Accounts Monthly Mtg. Conference room 4102

Date:		4/26/2001
Time:		1:30 PM - 3:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


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July 17, 2001

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I am hoping (bearing in mind internet issues) to move house over the next
week and then spend some time ski-ing.

I will be available on my mobile throughout:

Mobile 01144 378 757656
Home 713 467 5506
Ski-ing (from 19th) 1 970 728 6800 (The Peaks Resort)

Dave Forster is in charge 3 - 1861 or mobile 011447867550598

Louise


Thanks for signing up for the Syrah tasting next Tuesday night. We are
already over the attendance limit which is 50 because of the limited wine
available for this tasting. Diane is looking for a larger room to accommodate
more people.

So now I really do have to use Crystal Ball! I was just kidding originally.
Those who have signed up already will have a higher probability of making the
list: the sign-up cut-off is Friday. Those who do not make the initial list
are welcome to try to come on Tuesday night because people ALWAYS forget
about these things on the day of the event, AND you will have 1st priority
for the Evening Wine Break next semester.

I will send out a list on Monday. I apologize for having to limit the
attendance. L

--
Lesley Keffer
St. Supery Winery
lesley@stsupery.com
tel: 1707 963 4507  ext. 22


Just a reminder...to talk to Tim Belden....


SOL is in affect for  ALL MARKET AREA ZONES for Tuesday, January 29th.


fyi

   ................................................

ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com

2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077

This transmission is intended only for the use
of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
the intended recipient, or the employee or agent
responsible for delivering the message to the
intended recipient, you are hereby notified that
any dissemination, distribution or copying of
this communication is strictly prohibited.

If you have received this communication
in error, please notify us immediately
via e-mail at postmaster@agsk.com or
by telephone at 310-277-1226. Thank you.

...............................................
 - Enclosed.txt


The attached details a recent transaction made to L-P.  Let me know if anyone has questions.   Mike Driscoll has already entered the transaction.  Thanks, John


Here is another presentation, like the other one I sent to you last week.  We
only need 6 copies of this one in color in a spiral binder.  Please give me a
call if you have any questions.  Thanks
Ben
3-7998


In September North American paper demand continued to fall. This is not positive news for the paper and pulp industry.  The following is what PPPC released:
North American printing/writing paper inventories dropped by about 6% from August to the end of September, but shipments, production, and demand stayed depressed from year-ago levels.
Total North American printing/writing production was down 11.0% in September compared with a year ago, to 2.091 million tonnes, PPPC reported. Total shipments were off 9.9% to 2.224 million tonnes. Total inventories decreased 133,000 tonnes from August to September to 2.145 million tonnes and were 313,000 tonnes or 12.7% lower than in September last year. The industry overall operating rate (shipments to capacity) in September was 84%, down from 88% in August and down from 96% a year ago.
Uncoated free-sheet accounted for most of the inventory drop, according to September statistics released yesterday by the Pulp and Paper Products Council in Montreal. North American demand was down 10.2% in September to 1.038 million tonnes
Coated free-sheet (woodfree) demand was down 11.2% in September while coated groundwood (mechanical) papers demand was off 7.5%, PPPC reported.


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... Ashlea, I think I may be losing it!  I completely forgot that I am
leaving for Austin tomorrow afternoon and will not be able to go out!  I am
so sorry!  We have got to all get together soon... ridiculous!  I hope
everyone has fun and thank you for suggesting Downing Street... I have never
been there and definitely want to try it sometime soon!

Have a great weekend!

Love,

Jen
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You should have it.  I sent it yesterday.  Michelle

Twanda, could you confirm?  Thanks.  MHC

	Carol Coats
	11/15/2000 05:18 PM

To: Michelle Cash/HOU/ECT@ECT
cc: Sheila Knudsen/Corp/Enron@ENRON
Subject: Bill Buhl's Consulting Agreement

Michelle, Sheila asked that I check with you to inquire about the status of
Bill's agreement.
She was just wondering where we stand with it.  We appreciate your help in
answering
this question for us.

Thanks so very much,
Carol
3-6613


Thought you all would like to see this.....

----- Forwarded by Scott Bolton/Enron Communications on 12/03/99 09:26 AM
-----

	Tom Gros
	Sent by: Michol Boyd
	12/03/99 08:50 AM
	Please respond to Tom Gros

		 To: EC Employees -- All
		 cc:
		 Subject: Will you change the world today? (ECI press release)

Will you change the world today?

On May 20 this year, we announced our intention to develop a liquid market to
trade bandwidth globally, allowing transactions to close in seconds, not
months.  That statement involved several challenges.  Technically, none of
the hardware or software was in place to allow such unprecedented
efficiency.  Culturally, the industry viewed the &network8 as the fiber that
they owned and &prices8 as something that they controlled or numbers on an
approved tariff sheet.  Respected consulting firms charged their clients for
lists of reasons the market would never develop.  The industry,s leading
market research group published an article about our proposal entitled Great
Idea, Wrong Company.  One of our major competitors*an experienced trading
firm*proclaimed that they knew markets, and that telecom capacity would never
be a commodity market, as if that were something bad.

We love it when people say it can,t be done.

Today, Enron transacted the first commodity bandwidth trade.  This is Day One
of a potential trillion-dollar-a-year market.  Global Crossing was the
counterparty to this first trade, and we expect to close a few more deals
with other companies before the end of the year.

This is an outstanding accomplishment for a team and a firm that just seems
to keep producing unbelievable innovations.

Can you think of any other firm that could have pulled this off?  I can,t.
The range of talent required for such an accomplishment is mind boggling*
hardware engineering, software engineering, provisioning, property, legal,
regulatory, trading, sales, credit, tax, accounting, risk controls--the list
goes on and on.

We did it first because we were the only ones who could do it at all.  As a
result, we will be able to offer our clients unique services that our
competitors have not even dreamed of yet.  We will attract first a whole new
generation of talent from top schools looking to work with the industry
leader, not some dinosaur firm pointing to the way things have always been
done.  We will learn first the lessons needed to have a flexible, global
network with &infinite route miles8 without burdening our balance sheet.  We
will implement first an efficient means to manage the perishable bandwidth
that we own and operate, limiting the &spoilage8 of our physical assets.

Will you change the world today?  ECI,s response:  Been there.  Done that.

Congratulations and thanks to the team for a job well done.  Again.


This is a must attend if you will be conducting a job search during fall 01
and spring 02.
If you are within 1yr. of graduating and want to participate in the
?On-Campus-Recruiting program you will need to know this information.
EveMBA Job placement and salary information for evening students will be
available via BearTracks this training session will show you how to log-on
and access the EveMBA salary information.

Tues. 4/24 & Wed. 4/25 BearTracks training at 7:30 P.M. Career Center
Conference room S420.

BearTracks is the gateway to gaining information on: Company presentations,
gathering hiring manager contact data for a proactive jobsearch, posting your
resume and bidding on interviews with companies conducting
On-Campus-Recruiting (this option can only be exercised when you are within
12 mos. of graduating), exploring internship opportunities, recording job
placement data while in the EveMBA program and placement data upon
graduation, plus you will be able to access aggregate salary placement data
unique to EveMBA students.? Make sure and attend this training, it will give
you a head start for all of the fall career related activities.

WHERE:? Career Center Conference room S420

John Morel
Associate Director of Career Services
for Evening MBA and MBA Alumni
Ph# 510-642-7731
Fax # 510-642-9387
morel@haas.berkeley.edu


Attached is the updated list.


call me when you get a chance.  they have the wrong ext. for you on voice
activation thing.


---------------------- Forwarded by Raquel Nunes-Thomas/USLGN/USLUM/ABB on
01/14/2002 01:10 PM ---------------------------
|------------->
|(Embedded    |
|image moved  |
|to file:     |
|pic20389.pcx)|
|             |
|------------->
  >------------------------------------------------------------------------|
  |Thomas F Sawyer/USLGN/USLUM/ABB                                         |
  |01/14/2002 12:47 PM (Phone: +1 713 821-4100, Dept.: PIPING DESIGN)      |
  >------------------------------------------------------------------------|

To:   DEBBIE SAWYER <DSAWYER @ alliance-engineering.com>

      lana@plumhoff.com
      Debra Cannon/USLGN/USLUM/ABB@ABB_USLUM
      John Chalmers/USLGN/USLUM/ABB@ABB_USLUM
      Randy Hernandez/USLGN/USLUM/ABB@ABB_USLUM
      Roy Jeans/USLGN/USLUM/ABB@ABB_USLUM
      Raquel Nunes-Thomas/USLGN/USLUM/ABB
      Martin Ogg/USLGN/USLUM/ABB@ABB_USLUM
      Steve Sawyer <sales@dynatrolUSA.com> @ ABB_US01@ABB_NOTES
      adam.shivers@rsli.com
      lilshiv03@aol.com
      Matt_Shivers@canadalifeus.com
      Donald Skidmore/USLGN/USLUM/ABB@ABB_USLUM
      ashatbt@yahoo.com
      Melvin Talley/USLGN/USLUM/ABB@ABB_USLUM
      Tony Vigil/USLGN/USLUM/ABB@ABB_USLUM
      Ed Waltman/USLGN/USLUM/ABB@ABB_USLUM
      Jim Williams/USLGN/USLUM/ABB@ABB_USLUM
Subject:  go figure

Security Level:?         Internal

 A Japanese company and an American company decided to have a canoe
race  on the Missouri river. Both teams practiced long and hard to reach

there  peak performance before the race. On the big day the Japanese won

by a  mile.

Afterwards, the American team became very discouraged and morally
depressed. The American management decided that the reason for the
crushing defeat had to be found. A "Measurement   Team," made up of
senior  management was formed. They would investigate and recommend
appropriate action.

  Their conclusion was that the Japanese had 8 people rowing and 1
person steering, while the Americans had 1 person rowing and 8 people
steering. So American management hired a consulting company and paid
them
incredible amounts of money. They advised that too many people were
steering
the boat and not enough people were rowing.

   To prevent losing to the Japanese again next year, the rowing team's
management structure was totally reorganized to 4 steering supervisors,
3 area steering superintendents and 1 assistant superintendent steering
manager. They also implemented a new performance system that would give
the  1 person rowing the boat greater incentive to work harder. It was
called the "Rowing Team Quality First Program," with meetings, dinners
and free pens for the rower:  "We must give the rower empowerment and
enrichments through this quality program."

  The next year the Japanese won by 2 miles.

   Humiliated, the American management laid off the rower for poor
performance, halted development of a new canoe, sold the paddles, and
canceled all capital investments for new equipment.  Then they gave a
High Performance Award to the steering managers and distributed the
money saved as bonuses to the senior executives.

 - pic20389.pcx


Start Date: 2/2/02; HourAhead hour: 2;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020202.txt


Kate,

 for ref 490710 ( Mike Swerzbin) Prebon just sent over a confirm and the
broker is showing Enron as the seller and Sempra as the buyer.

for ref 490640 (Mike Swerzbin) Prebon just sent over a confirm and the broker
is showing Enron as the buyer and Sempra as the seller

Can you check with Mike and verify this because I confirmed this differently
with Prebon.

Thanks!!

   Kate Symes @ ECT                01/05/2001 04:20 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re:

They are good deals, but we don't have deal numbers because Mike is out of
the office right now and said he wanted to check with the broker personally
before verifying the price. He's aware that the deals will have to go in late
and be backdated, and that they will not be in his calculation for the day.
Please let me know if there's anything else I can do.

Kate

Evelyn Metoyer@ENRON
01/05/2001 02:23 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject:

Are these good deals for Mike?

---------------------- Forwarded by Evelyn Metoyer/Corp/Enron on 01/05/2001
04:18 PM ---------------------------

Evelyn Metoyer
01/05/2001 03:45 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject:

Can you check Mike Swerzbin for the following deals through Prebon:

Enron sells Sempra 50 mw of Sept.'01  Mid-C at $360.00
Enron buys Sempra 50 mw of July '01 Mid-C at $270.00

Thanks!!


banks here in nippon are purty doggone stable - how 'bout letting me have at
them greenbacks?

i have no idea, as y'all might expect.  let your conscience be your guide -
and by the way, when may we expect le next installment?

rollo

ps  can doug get into college?

_________________________________________________________________________
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Share information about yourself, create your own public profile at
http://profiles.msn.com.


Some of these are cute!
---------------------- Forwarded by Andrea Ring/HOU/ECT on 02/13/2001 12:23
PM ---------------------------

	From:  Karen D McIlvoy                           02/09/2001 10:25 AM

To: Barry.Belcher@PSS.boeing.com
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: Quick clips to laugh at!!

Subject: Quick clips to laugh at!!

Thought you guys might get a kick out of these :>)

 - I146_1.GIF
 - I133_1.GIF
 - I131_1.GIF
 - I129_1.GIF
 - I126_1.GIF
 - I125_1.GIF
 - I120_1.GIF
 - ad2.jpg
 - ad.jpg
 - Jesus.jpg
 - I151_1.GIF


FYR

 -----Original Message-----
From: 	Denne, Karen
Sent:	Tuesday, November 13, 2001 1:29 PM
To:	Derrick Jr., James
Cc:	Harris, Stephanie J ; Meyer, Vance; Philipp, Meredith; Palmer, Mark A. (PR); Kean, Steven J.; Denne, Karen
Subject:	DRAFT MEDIA STATEMENT RE: KLL COMPENSATION
Importance:	High
Sensitivity:	Confidential

Jim -- We have been getting a large number of media calls about the 14A filing, which discusses Ken Lay's change of control provision in his contract.  We would like to use the following with media -- and internal meetings with employees:

	Change of control provisions are very common at the CEO level.  Ken has had a change of control provision in his employment contract since 1989.  It enables him to trigger an involuntary termination in the event of a change of control, which includes a merger or consolidation with another corporation and Enron is not the surviving corporation.  This would have gone into effect in the event of a hostile takeover or the announced merger with Dynegy.

Please let me know ASAP if we are able to use this statement.

Thank you.
Karen
x39757


I just got back from lunch, when you get a chance, please stop by and we can talk about you coming to risk.  I sit at the end of the row at the row behind the flag that says gas risk management.  Thanks.
PL

 -----Original Message-----
From: 	McCarroll, Zachary
Sent:	Thursday, January 03, 2002 12:50 PM
To:	Love, Phillip M.
Subject:	FW:

Phillip,

As Ina probably told you, I am without a phone at this time, but I left you a message earlier.  Send me an email when you get back to your desk so that we can talk about whatever it is that you need to discuss.

Thanks,
Zac

 -----Original Message-----
From: 	Rangel, Ina
Sent:	Thursday, January 03, 2002 11:18 AM
To:	McCarroll, Zachary
Subject:

X 37376 Phillip Love...please call


---------------------- Forwarded by David W Delainey/HOU/ECT on 08/01/2000
06:10 PM ---------------------------

	From:  Sheila Knudsen @ ENRON                           08/01/2000 05:33 PM

To: David W Delainey/HOU/ECT@ECT, David Oxley/HOU/ECT@ECT
cc: Cindy Skinner/HOU/ECT@ECT, Sheila Walton/HOU/ECT@ECT, Kim
Melodick/HOU/ECT@ECT, Fran L Mayes/HOU/ECT@ECT
Subject: Status Report - ENA NI/Issues - Manager/Director Level

Attached is a report reflecting the status of ENA Manager/Director level
employees who were rated either Needs Improvement or Issues at the mid-year
process.

We will update this report on a weekly basis.

Let me know if you have any questions regarding this - X36628.


Brant:

I haven't heard of anyone pushing this internally but there are serious
issues here because of the "agency" relationship that Energy New England has
with various municipals.  You want the municipals on the dotted line and not
the agent.

How do you want to handle?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 02/09/2001 02:01 PM -----

	Susan Bailey
	02/09/2001 08:17 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: RESPONSE TO ENRON DRAFT ISDA

Sara,

Set forth below and attached are Mr. Delani's comments to our ISDA draft for
Energy New England.  Please advise if I may be of further assistance.

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com
----- Forwarded by Susan Bailey/HOU/ECT on 02/09/2001 08:20 AM -----

	Jimdelani@aol.com
	02/08/2001 05:48 PM

		 To: Susan.Bailey@enron.com
		 cc:
		 Subject: RESPONSE TO ENRON DRAFT ISDA

Susan;

Leo Swift, our chief financial officer, requested
that I review the Draft ISDA you transmitted to
him and send you our comments.

I have prepared them in letter form [ attached ].
Please review at you convenience and let me know
if you would like additional information or clarification.

I work flex hours and can be reached at the office
in Foxborough or at 781-272-7262 Fax 781-272-7197.

Thanks
Jim Delani
Energy New England

 - Enron_Feb_ISDA_ltr.doc


I'm fine with not having Children's Church Palm Sunday -- recognizing that we won't have CC for 3 weeks then.  I'll adjust the curriculum notes accordingly and we'll pick up with Children's Church on April 14.

-----Original Message-----
From: BLT12139@aol.com [mailto:BLT12139@aol.com]
Sent: Monday, March 18, 2002 4:39 PM
To: Corman, Shelley
Subject: Fwd: Children's Church schedule

Shelley:
Read Patty's comments, and I will call you in the next day or two to discuss.
Thanks,
Barbara


FYI

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 01/04/2001 05:30 PM -----

	Gustavo Junqueira
	01/04/2001 02:32 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: CMPC - ISDA Agreement

Sara,
I have talked to Alejandro in Chile regarding where to send the ISDA
agreement. He would rather receive it by email but if it is not possible,
please fax it to him at 011 56 2 671 0621. Please let me know as soon as you
send it.
Thanks,
Gustavo


I would like us to take Christi up on her offer of assistance with the CP&L
Interconnection Agreement.  Have we received their draft yet?

Thanks,

Steve
----- Forwarded by Steve Van Hooser/HOU/ECT on 01/09/2001 10:14 AM -----

	Christi L Nicolay
	01/09/2001 08:48 AM

		 To: Steve Van Hooser/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Joe
Hartsoe/Corp/Enron@ENRON, James D Steffes/NA/Enron@Enron
		 cc: Sarah Novosel/Corp/Enron@ENRON
		 Subject: North Carolina Power Holdings LLC MBR and EWG Applications

These were filed yesterday by B&P for the NC plants.  I can also assist Steve
with the CP&L interconnection agreement if necessary.  Thanks.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 01/09/2001
08:44 AM ---------------------------

"Cindy Engelbrecht" <cengelbrecht@bracepatt.com> on 01/08/2001 05:05:23 PM
To: <CNicola@enron.com>, <snovose@enron.com>
cc:

Subject: North Carolina Power Holdings LLC MBR and EWG Applications

As filed.

 - NORTHCAR.WPD
 - NORTHCAR.WPD


FYI -

 -----Original Message-----
From:  Jafry, Rahil
Sent: Monday, March 26, 2001 11:14 AM
To: Beck, Sally; Hall, Bob
Cc: Abbanat, Stephen
Subject: FW: CMS Opportunity

FYI - Lets talk about this today.

 -----Original Message-----
From:  gregory.felton@cgiusa.com@ENRON
[mailto:IMCEANOTES-gregory+2Efelton+40cgiusa+2Ecom+40ENRON@ENRON.com]
Sent: Monday, March 26, 2001 10:30 AM
To: Jafry, Rahil
Subject: CMS Opportunity

Jafry,

Here is the actual presentation requirements as per the RFP.  We can deviate
from the form, but must address their stated requirements.  I think we
should structure the Enron portion as follows:

I.    ENW Overview
II.   Products and Services
III.  Engagement Approach

Let me know what you think.  We need to pull this together today.

I've also attached the material Steve sent me previously.

Thanks,

Greg

Office: (713) 868-5537 x1148
Mobile: (281) 787-9760
eMail: gregory.felton@cgiusa.com

 - CMS Panhandle Pipe Line - RFP1.doc


This order issued Friday. Click to hyperlink. Note:  Summary is attached
below and comments are due within thirty days of this order.

http://cips.ferc.fed.us/Q/CIPS/RULES/RM/RM01-9.000.TXT

 -----Original Message-----
From:  Butler, Janet
Sent: Friday, May 18, 2001 5:12 PM
To: Allegretti, Daniel; Bagot, Nancy; Benner, Martha; Bily, Donna; Blair,
Lynn; Boatman, Jack; Bradley, Rob; Branney, Theresa; Brennan, Lorna; Briggs,
Tom; Butler, Janet; Comnes, Alan; Cordes, Bill; Corman, Shelley; Culwell,
Christi; Daniel, Shonnie; Darveaux, Mary; Dietz, Rick; Dornan, Dari;
Dushinske, John; Farrell, Sharon; Fossum, Drew; Fulton, Donna; Goodpasture,
John; Hammond, Pearce; Harris, Steven; Hartsoe, Joe; Hass, Glen; Hayes,
Robert; Hayslett, Rod; Heckerman, Bambi; Hess, Theresa; Hill, Robert;
Holtzman, Staci; Hopkins, Tamara; Horton, Stanley; Huber, Lee; Janousek,
Martha; January, Steven; Kean, Steven; Kilmer III, Robert; King Jr., Frazier;
Kirk, Steve; Kissner, Tim; Lantefield, Laura; Lawrence, Linda; Lichtenwalter,
Blair; Linnell, Elizabeth; Lokey, Teb; Lowry, Phil; Mara, Susan; Martens,
Donna; McCoppin, Dorothy; McGowan, Mike W.; Miller, Mary Kay; Nacey, Sheila;
Nelson, Kimberly; Neppl, Ray; Neubauer, Dave; Neustaedter, Robert; Nicolay,
Christi; Novosel, Sarah; Paladino, Ranelle; Palmer, Maureen; Paschal, Zelda;
Patterson, Geneva; Pavlou, Maria; Petersen, Keith; Place, Janet; Pribble,
Dan; Pryor, Tony; Raker, Colleen; Rice, Randy; Ringblom, Kathy; Robertson,
Linda; Saunders, James; Sawyer, Lisa; Scott, Donna; Shafer, John; Shapiro,
Richard; Smith, Mike; Soldano, Louis; Stanton, Lon; Steffes, James; Sullivan,
Kathleen; Talcott, Jim; Taylor, Gina; Tu, Denis; Van Norden, Michael; Veatch,
Stephen; Vignaroli, Donald; Warner, Jody; Watson, Kimberly; Wilkie, Kim;
Wilson, Jane; Wilson, Rob; Winckowski, Michele; Yoho, Lisa
Subject: RM01-9 Order Proposing Reporting Requirement on Natural Gas Sales To
California Market and Requesting Comments
Importance: High

I have just received an order proposing new reporting requirements on natural
gas sales to California markets. Issued today, FERC is proposing a collection
of information (Appendix consisting of a series of questions to be answered
by sellers to the California markets, interstate pipelines and LDCs) that
will assist in understand the disparity that has occurred and continues to
exist.The information to be reported would include data relating to the
volumes and prices of sales to California including transporation rates,
daily operational capacity of pipelines to and in the California markets, and
the actual volumes flowing to and in California and gas sales and
trasnportation requirements of LDCs.

FERC intends to analyze the information and determine what percentage of the
volumes sold into California is domestically produced gas sold by marketers
affiliated with pipelnies and LDCs in sales for resales. (These are only
sales FERC can regulate). This will also give FERC the average gas costs
being incurred by purchasers moving to California.

FERC states certain entities, while not regulated by FERC, will need to
provide the information requested under the authority vested in NGA section
14 to collect information regardless of whether they are "natural gas
pipelines."

FERC is proposing that this report be submitted quarterly and submitted
within thirty days at quarter end. There will be an electronic format
developed for submission. Responses will be required to be verified under
oath. Parties may request confidential treatment of their responses.

This is being requested under emergency processing of the Office of
Management and Budget auspices. Comments are to be submitted within thirty
days of this order.

I will send the order electronically on Monday. It is not on FERC's systems
yet.


Jeff,  just confirming that you will be initiating the call tonight?

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax


Sharon,

We Schedule C'd the $50M difference.  Let me know if you need further info or
backup.  Thanks.

DG   3-9573


Please advise your team members who:

1.  Have accepted an offer/contract from UBS or
2.  Intend to sign an offer/contract from UBS

to please attend a meeting at the Houstonian on Wednesday, 1/23/02 from 10:00 am to 1:00 pm for a welcome and overview presented by UBS senior management.  Breakfast treats will be served starting at 9:00 am.

The meeting will begin at 10:00 am sharp - please encourage your teams to attend.

If you have any questions, please see Amy or Jeanie.

Thanks.


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 03/28/2000
10:19 AM ---------------------------
MICHELLE
NEVILLE
03/27/2000 03:09 PM

To: Regina Blackshear/Corp/Enron@ENRON, Angela Barnett/HOU/ECT@ECT, Judy
Hernandez/HOU/ECT@ECT, Tina Lamb/Corp/Enron@ENRON, Gwendolyn
Williams/HR/Corp/Enron@ENRON
cc:
Subject: Prayer Wheel

---------------------- Forwarded by Michelle Neville/HOU/ECT on 03/27/2000
03:07 PM ---------------------------

Gwendolyn Williams@ENRON
03/27/2000 02:20 PM
To: Christa Aguilar/HR/Corp/Enron@Enron, LaDonna Avery/HOU/ECT@ECT, Tharsilla
Broussard/HR/Corp/Enron@Enron, cduplechaine@wickliff-hall.com,
jglenn@enron.com, Sonja Galloway/Corp/Enron@Enron, mhall@wickliff-hall.com,
danielle.harper@wcom.com, Randi Howard/HR/Corp/Enron@Enron, Tina
Lamb/Corp/Enron@ENRON, artistontherise@msn.com, lenora19@msn.com, Kamesha
Nelms/HOU/ECT@ECT, Michelle Neville/HOU/ECT@ECT, NVMBrown@msn.com, Jorge
Olivares/Corp/Enron@ENRON, Veronica Parra/HOU/ECT@ECT, Juanita
Pauldon/HR/Corp/Enron@Enron, lphelps@wickliff-hall.com, Cynthia
Ramirez/HOU/ECT@ECT, rrasberry@gardere.com, Jewel Revis/OTS/Enron@ENRON,
jjreynolds@jenkens.com, sunshi0218@aol.com, gwhite@hess.com
cc:
Subject: Prayer Wheel

PRAYER WHEEL

When you receive this, say a prayer for the person that sent it to
you.... That's all you have to do....There is nothing attached....This
is powerful.... Just send this to four people and watch God answer
prayer to work in your life.

Do not break this, please.... Prayer is one of the best free gifts we
receive.... There is no cost but a lot of rewards.... Let's continue
praying for one another. Thanks for praying.


---------------------- Forwarded by Eric Bass/HOU/ECT on 11/20/2000 04:46 PM
---------------------------

<ticket@swbellcottonbowl.org> on 11/20/2000 04:39:35 PM
To: ticket@swbellcottonbowl.org, ebass@enron.com
cc:
Subject: Ticket Order Confirmation

[IMAGE]
											THANK YOU? Eric Bass

												This       is your order confirmation, please print this page for your
records.       For questions concerning your order, please call
1-888-SWB-BOWL or       email at ticket@swbellcottonbowl.org

												Order Number: 1030

		Qty.
							Selections
									Unit Price
														Item Totals

			2				Gate 2 - Upper Level - SEC		$60.00					$120.00

														[IMAGE]
					* NO EXCHANGES OR REFUNDS
									Subtotal
														$120.00
									Handling
														$7.00
									Total
														$127.00


I think this is the internet trading ag (CSFB).  Please prepare a file and
let me know if this is the std form.  SS
----- Forwarded by Sara Shackleton/HOU/ECT on 07/20/2000 03:44 PM -----

	Darren Delage
	07/12/2000 10:44 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Gary Hickerson/HOU/ECT@ECT
		 Subject: PrimeTrade Agreement - Enron

Sara,
Attached please find prime trade agreement per yesterdays conversation.
Thank you for your time.

---------------------- Forwarded by Darren Delage/HOU/ECT on 07/12/2000 10:27
AM ---------------------------

"Goss, Kathleen" <kathleen.goss@csfb.com> on 07/11/2000 02:48:37 PM
To: "'darren.delage@enron.com'" <darren.delage@enron.com>
cc:
Subject: PrimeTrade Agreement - Enron

Dear Darren:

Attached please find the PrimeTrade Access Agreement which is being sent to
you at the request of Charlie Zahringer. After you have reviewed the
document, sign two (2) copies and return to me. Once the CSFB Managing
Director has signed them we will return a copy for your records.

Should you have any questions do not hesitate to call me at (212) 325-2228
or Charlie at (212)325-3337 or Charles.Zahringer@CSFB.com

 <<PrimeTradeAccessAgreement.doc>>

Kate

Kathleen M. Dybala
> CREDIT | FIRST
> SUISSE  | BOSTON
>
Tel:  212 325 2228

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.
Unless otherwise stated, any pricing information given in this message is
indicative only, is subject to change and does not constitute an offer to
deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.

 - PrimeTradeAccessAgreement.doc


Attached is a draft of the turnkey construction contract for your review.

Ron,  As we discussed, Exhibit A - Scope of Work will need to be included.
Please note the following points:

1.  Liquidated Damages - Need to assess a value for these damages.
2.  Force Majeure - This would currently provide EE&CC with relief from the
In-Service Date requirements and consequently, the LDs.  Is this acceptable?
3.  Permitting - Need to specify in Exhibit F, those permits that ENA would
secure, and make EE&CC responsible for any others.
4.  Utility Coordination - Currently this is very generally.  Are there
specific responsibilities that should be stated in this Agreement wrt the
Utility?

Please review with these in mind.  I will be out tommorrow and Friday.  Let's
plan on meeting Monday to discuss the draft.


Hollis -

Thanks for the input.  I appreciate you moving forward with Germany and I
most definitely recognize the issue concerning leverage.  Germany sometimes
does not recognize the importance of us obtaining said data.  I am quite
positive that Becky had an update since Sep01, but since she is out, I have
don't have access to her source data, and not sure where she stores the
information.  Thus, I presume the latest numbers sent from Germany should
contain the numbers in the gap.

If you could send an electronic copy of the contractual availability, that
would be appreciated.

Thanks,
Ilan


For Tammi's Delivered sale to Scana on Transco (Sitara 730136), use contract 3.9229 and 3.9230 for June.
Receipt is Zone 4 to delivery in Zone 4
Thanks,
Scott


Per,

What's the deal he's talking about?  I also do not think we could put ENA and
Enron Metals Ltd. trades under the same master.  When you have a mingute give
me a ring.

Tana
----- Forwarded by Tana Jones/HOU/ECT on 09/29/2000 07:24 AM -----

	Craig Young
	09/29/2000 07:16 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Per
Sekse/NY/ECT@ECT, tj.pimpinelli@mglondon.com, Justin Boyd/LON/ECT@ECT
		 cc: Craig Young/NY/ECT@ECT
		 Subject: Swap Document

Name Catequil
MD  Paul Touradji (X Tiger)

We were advised that a swap document is in the works through Per Sekse Enron
New York. We would like this document to cover all products and Enron Metals
Ltd. ---not just North America.

My guess--- we trade with most of Per Sekse funds and this issue should be
clarified

Craig


---------------------- Forwarded by Kate Symes/PDX/ECT on 04/11/2001 09:56 AM
---------------------------

Anna Symes <annasymes@yahoo.com> on 04/11/2001 09:54:14 AM
To: "Kate.Symes@enron.com" <Kate.Symes@enron.com>
cc:

Subject: I thought you might be interested...

  To: Kate.Symes@enron.com
From: Anna Symes

I thought you might be interested in this job.  It's just one of the
more than 250,000 great jobs on Headhunter.net:

  http://www.headhunter.net/share/det.asp?d=J26K66D0YJBB4DWPWJ

Comments:


As requested.

 -----Original Message-----
From: 	Killen, Faith
Sent:	Friday, November 30, 2001 8:53 AM
To:	Colwell, Wes
Subject:	Lavo Request
Importance:	High


Here is the schedule as well as the confirms.  Please let me know if you have
any questions.
Ben


Please set up the following CGAS contracts.  Please note; ENA is agent for CES

Pipeline CGAS
Contract 64031
Firmness IT
Service Type Storage Service
Rate  ISS
Term Type Term
Eff Date  1/1/2000 - 1/31/2000  Evergreen

Pipeline CGAS
Contract 64041
Firmness IT
Service Type Storage Service
Rate  ISS
Term Type Term
Eff Date  1/1/2000 - 1/31/2000  Evergreen


PGE meeting -- identify alternatives
Tom Hagen @ CSW Shockley would be avail on thurs or Fri or Lay