-----Original Message-----
From: 	"Russo, Brian" <Brian.Russo@ubsw.com>@ENRON   On Behalf Of "Abramson, Barry" <Barry.Abramson@ubsw.com>
Sent:	Monday, November 26, 2001 7:37 AM
To:	undisclosed-recipients:;@ENRON
Subject:	Electric Utilities:  Weekly Update

KEY POINTS
*	On the basis of the group's extremely low relative valuation, we continue to recommend the electric utility
group.  The electric group's P/E based upon 2002 estimated EPS is now only 10.8x, compared with a 2002 P/E for the S&P
500 of 24.5x.  The relative P/E ratio has dropped to just 0.44x, near its all-time low of 0.40x and well below the
25-year historic normal relative P/E range of 0.60x to 0.80x.
*	The high relative yield of 5.0% on the average electric utility stock also should provide good support against
any major downward move, in our opinion.  The relative yield on utility stocks is more than double the yields available
to small investors in cash equivalents such as money market funds.
*	The fully-regulated transmission and distribution utilities (T&D) appear to have stopped outperforming the
utilities that have a large merchant energy exposure.  The lower-risk, higher-yielding T&D stocks had been going up for
most of the past few months while the utilities with merchant energy had been falling.  Now it appears that the rotation
into the T&D stocks has ended, at least for now.
*	Last week, we added PPL Corp. (PPL-$35.80, rated Strong Buy)[2] to our Global Top 10 List of utility stocks.
The major reasons for adding PPL to the Global Top 10 List were the stock's very low relative P/E ratio, its fleet of
low-cost unregulated generating plants and its above-average earnings growth potential.  We also believe it is likely
that PPL might take actions to improve its very low stock price, such as a dividend hike and a common share buyback.  In
addition, at PPL's current low relative valuation, we believe it is an attractive takeover target.  There are four other
U.S. utility stocks on our Global Top 10 List-Dominion Resources (D-$59.96, rated Strong Buy)[2], Duke Energy
(DUK-$37.64, rated Strong Buy)[2], TXU Corp. (TXU-$45.87, rated Strong Buy)[2] and American Electric Power (AEP-$42.39,
rated Buy)[2].  The rest of our Global Top 10 List includes El Paso Energy (EPG-$49.73)[14] of the U.S., Suez-Lyonnaise
and Lattice Group of Europe, and Tokyo Electric Power and Chubu Electric of Asia.
*	The Federal Energy Regulatory Commission (FERC) issued an order last week that changes the basis upon which FERC
will allow large utilities to sell wholesale power at market-based rates.  FERC's order is designed to reduce the
possibility that a large company could exert market power in a particular region.  FERC stated that if power sellers are
found to be "pivotal to their region" and if the sellers are not participating in a FERC approved regional transmission
organization (RTO), then the sellers could lose their right to charge market-based rates.  Sellers that are "pivotal to
their region" have generating units that must run to meet the region's electric load.  FERC applied these new rules
immediately to three large utilities-American Electric Power, Entergy Corp. (ETR-$36.95, rated Hold) and Southern
Company (SO-$23.50, rated Hold)[2].  FERC stated that all three of these large utilities are not now currently members
of a FERC approved RTO.  AEP, ETR and SO have lost the authority to make sales at market-based rates except for sales
that take place in regions where the grid is controlled by a FERC-approved RTO.  The three companies have been given 15
days to respond by FERC.  Under the new rules, FERC can order refunds and can order these companies to revert back to
cost-based rates.
*	It is possible that FERC is using this directive to strongly influence the rapid formation of FERC-approved
RTOs.  Some of the larger U.S utilities have been reluctant to join large RTOs and have tried to form their own RTOs in
which they would be the dominant member.  In the long run, we expect FERC to prevail and we expect all U.S. utilities,
large and small, to form RTOs that have FERC approval.  We think that the loss of the ability to sell wholesale power at
market-based rates, even if only for a short period of time until the company achieves compliance with FERC's RTO goals,
is a strong enough incentive for large utilities to move faster to join large RTOs.
*	We lowered our EPS estimates for Edison International (EIX-$14.20, rated Buy)[2,10] after the company held a
conference call last week at which time it gave new earnings guidance for 2001 and 2002.  We lowered our 2001 EPS
estimate from $1.75 to $1.30 and reduced our 2002 EPS estimate from $2.00 to $1.60.  It appears that EIX's major
emphasis over the next 1 to 2 years will be to improve its balance sheet and regain its financial health, and therefore,
earnings growth does not appear to be a major objective.
*	We reduced our 2002 EPS estimate on Cinergy Corp. (CIN-$30.87, rated Strong Buy) from $2.95 to $2.85.  Lower
forward power prices for 2002 and the weakness in the local economy are likely to hurt 2002 earnings.
*	TXU announced two major asset divestitures in the United Kingdom last week.  TXU plans to sell its U.K. electric
distribution business and its 50% interest in 24seven to London Electricity for $1.87 billion.  TXU also announced an
agreement to sell its 2,000 MW West Burton power station to London Electricity for $523 million.  We think that both of
these moves are positive steps for TXU.  (Additional details can be found in the following section of this report.)
*	Utility stocks lagged the overall market last week.  For the four trading days last week, electric utility
stocks were virtually unchanged, with an average gain of only 0.1%, compared with an increase of 1.0% for the S&P 500.
IPP stocks had a bad week, with an average decline of 3.1%.

 <<WKLY11126.doc>>

 - WKLY11126.doc

Visit our website at http://www.ubswarburg.com

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Did Kent review the changes to (h) of the consent agreement (re jurisdiction)?

Kay

"PARKER, Isabel" <isabel.parker@freshfields.com> on 04/25/2001 07:32:47 AM
To: "Kay Mann (E-mail)" <kay.mann@enron.com>
cc: "Kent Shoemaker (E-mail)" <kent.shoemaker@ae.ge.com>, "Gregory F. Lang
(E-mail)" <gregorylang@paulhastings.com>, "Carolyn Campbell (E-mail)"
<CCampbell@KSLAW.com>

Subject: FW: Pegasus - GE Documents

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify us
immediately by reply e-mail and then delete this message from your system.
Please do not copy it or use it for any purposes, or disclose its contents to
any other person:  to do so could be a breach of confidence.  Thank you for
your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

Please see below which gives "sign off" from Kent Shoemaker on all the last
drafts of all the documents.  Kent has not, of course seen the final drafts
circulated last night but I do not believe that the changes do anything
other than conform to the credit documentation.  I apologise for sending
duplicate forms last night. I will resend all final versions shortly.
Thanks

-----Original Message-----
From: Shoemaker, Kent (GEAE) [mailto:kent.shoemaker@ae.ge.com]
Sent: Monday, April 23, 2001 11:04 AM
To: 'PARKER, Isabel'
Subject: RE: Pegasus - GE Documents

Documents look okay.

I'm confirming two things:  (1) wiring instructions, and (2) that Dan Rowley
has authority to opinion on GE (I had assumed this but thought I better
check - he's out of office until this evening).

I'll let you know both answers soon.

Kent

-----Original Message-----
From: PARKER, Isabel [mailto:isabel.parker@freshfields.com]
Sent: Monday, April 23, 2001 9:55 AM
To: Kent Shoemaker (E-mail); Kay Mann (E-mail); Carolyn Campbell
(E-mail)
Cc: Gregory F. Lang (E-mail); Rick Vicens (E-mail); John Tisdale
(E-mail); Jack Wallace (E-mail); John Anderson (E-mail); BURKE, Ted
(TDB); O'BRIEN, Lisa; VAN DUSEN, Nicholas
Subject: Pegasus - GE Documents

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify
us immediately by reply e-mail and then delete this message from your
system.  Please do not copy it or use it for any purposes, or disclose its
contents to any other person:  to do so could be a breach of confidence.
Thank you for your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

In anticipation of our closing on the morning of Wednesday 25th April,
please find attached the following:

(a) a clean and blacklined copy of the GE Consent (reflecting changes to the
credit documentation and reflecting the acceleration of the Turbine Progress
Payment Schedule);
(b) a clean and blacklined copy of the GE legal opinion (reflecting changes
to the credit documentation); and
(c) a clean and blacklined copy of the GE letter agreement (reflecting
changes to the credit documentation).

A form of receipt of funds will follow.

Please contact me with any questions on 212 277 4025.

Regards
Isabel


I remembered!  Do we have access to the website(s) of the publications which
we receive in order to do searches?  We must have a password.  Thanks.  Sara


It would be a trading/marketing power position.  My goal is to understand
power markets in detail and this would be a way to do just that.  My # is
713-853-7998.


Good afternoon Barry.

Please advise to the organizational attachment below.

 In addition,  if you have any further questions or comments, please feel
free to contact myself, or Scott Pleus.

Regards,

Inga Latson
Enron Broadband Services
Administrative Assistant II
Office#  713-853-3540

Scott Pleus
Enron Broadband Services
Office# 713-853-6577
Hm#  281-261-0499
Pgr#  713-761-4808
Mobile#  281-300-8286


Due to the addition of over 50 energy news stories to Enerfax Daily, it  nows take longer to upload to your mail.You can begin reading our text version  until it appears the bottom of the publication. Reply on comments of this  new feature.
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NORTH AMERICA'S FREE POWER AND GAS INFORMATION  SOURCE
Friday, June 8, 2001 No. 757
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GAS FUTURES
Henry Hub
12 Month Strip  4.0102   -0.0022
18 Month Strip  3.9748   -0.0009
| Month | High  |  Low  | Close | Change
| JUL   | 3.845 | 3.748 | 3.790 | -0.011 |
| AUG   |  3.922 | 3.840 | 3.877 | -0.011 |
| SEP   | 3.950 | 3.880 | 3.921 |  -0.007 |
| OCT   | 3.990 | 3.930 | 3.967 | -0.003 |
|  NOV   | 4.345 | 4.115 | 4.152 | -0.001 |
| DEC   | 4.374  | 4.290 | 4.335 | +0.002 |
| JAN   | 4.451 | 4.360 | 4.405 | +0.002
| FEB   | 4.330 | 4.250 | 4.295 | +0.002 |
| MAR   |  4.160 | 4.090 | 4.130 | +0.000 |
| APR   | 3.810 | 3.740 | 3.780 |  +0.000 |
| MAY   | 3.735 | 3.680 | 3.710 | +0.000 |
|  JUN   | 3.770 | 3.720 | 3.760 | +0.000 |

PHYSICAL GAS PRICES
| Gulf/Eastern  Region               |       |
| Agua  Dulce                        | 3.54  |
| ANR  SE                            | 3.60  |
| Carthage  TG                       | 3.57  |
| Chicago  Citygate                  | 3.73  |
| Columbia Gulf  Onshore            |  3.61  |
| Dominion TTT South(CNG S. Point) | 3.87  |
| Henry  Hub                         | 3.69  |
| Houston Ship  Channel              | 3.67  |
| Katy  Hub                          | 3.64  |
| NGPL -  Midcontinent               | 3.52  |
| NGPL  STX                          | 3.56  |
| NGPL  TX/OK                        | 3.58  |
|  Niagara                           | 3.78  |
| Sonat Tier  1                      | 3.58  |
| TCO IPP  Pool                      | 3.82  |
| Tetco  ELa                         | 3.59  |
| Tetco  M-3                         | 3.96  |
| Tetco  STX                         | 3.50  |
| TGP Zone  0                        | 3.53  |
| TGP Zone  1                        | 3.61  |
| TGT Zone  SL                       | 3.62  |
| New York  Citygate                 | 3.98  |
| Transco Station  65                | 3.71  |
| Transco Zone 6  (NY)               | 3.98  |
| Trunk  ELa                         | 3.56  |
| Western  Region                    |       |
| California  Border                 | 5.81  |
| El Paso  Permian                   | 3.45  |
| El Paso San  Juan                  | 2.50  |
| Waha  Hub                          | 3.54  |
| Canadian/Rockies  Region           |       |
| Nova/Aeco (in  C$/GJ)             |  4.42  |
| Dawn  Hub/Union                    | 3.77  |
| Northwest  Stanfield               | 2.84  |
| Wyoming  Pool                      | 2.23  |
| Opal/Kern  River                   | 2.25  |
|  PGT-Malin                         | 3.10  |
|  Sumas                             | 2.70  |

POWER FUTURES
| Month |   COB   | Change  |   PV    | Change  |
| JUL   |  160.00  | +0.00  | 173.00  | -49.00  |
| AUG    | 197.00  | +0.00  | 220.00  | -32.00  |
|  SEP   | 131.00  | +0.00  | 131.00  | -16.00
| OCT   | 148.00  | +0.00  |  95.00  |   +0.00  |
| NOV   |  95.00  | +0.00  |   75.00  |  +0.00  |
| DEC   | 145.00  |  +0.00  |  75.00  |  +0.00  |
| JAN    |  95.00  | +0.00  |  70.00  |  +0.00  |
|  FEB   | 145.00  | +0.00  |  60.00  |   +0.00  |
| MAR   | 145.00  | +0.00  |   60.00  |  +0.00  |
| APR   |  62.00  |  +0.00  |  55.00  |  +0.00  |
| MAY    |  62.00  | +0.00  |  55.00  |  +0.00  |
|  JUN   |  62.00  | +0.00  |  75.00  |   +0.00  |
| Month | Entergy | Change | Cinergy | Change  |
|  JUL   |  88.25  | +0.75  |  79.25  |   +1.25  |
| AUG   |  82.25  | +0.75  |   71.25  |  +1.50  |
| SEP   |  42.75  |  +0.35  |  36.70  |  +0.45  |
| OCT    |  36.75  | +0.50  |  34.30  |  +0.25  |
|  NOV   |  36.75  | +0.50  |  34.30  |   +0.25  |
| DEC   |  36.75  | +0.50  |   34.30  |  +0.25  |
| JAN   |  39.00  |  +0.25  |  37.75  |  +0.50  |
| FEB    |  39.00  | +0.25  |  37.75  |  +0.50  |
|  MAR   |  36.00  | +0.50  |  34.75  |   +0.50  |
| APR   |  36.00  | +0.50  |   34.25  |  +0.50  |
| MAY   |  41.00  |  +0.50  |  39.00  |  +0.25  |
| JUN    |  52.00  | +0.75  |  49.50  |  +1.00

POWER FUTURES
| Month |  PJM  | Change |
|  JUL   | 77.50 | +1.00  |
| AUG   | 69.50 |  +0.50  |
| SEP   | 39.00 | +0.00  |
| OCT    | 36.10 | +0.10  |
| NOV   | 36.10 | +0.10  |
|  DEC   | 36.10 | +0.10  |
| JAN   | 41.50 |  +0.10  |
| FEB   | 41.50 | +0.10  |
| MAR    | 37.25 | +0.25  |
| APR   | 37.25 | +0.25  |
|  MAY   | 39.25 | +0.25  |
| JUN   | 49.75 |  +0.25  |

NATURAL GAS OPTIONS
|       | Closing  | Days |Implied ATM |
| Month |  Price  | Left | Volatility
|  JUL  |  3.801  |  21  |    58.11%   |
|  AUG  |  3.888  |  51   |   59.43%   |
|  SEP  |  3.928   |  84  |   60.30%   |
|  OCT  |   3.970  | 112  |   60.39%   |
|  NOV   |  4.153  | 143  |   60.07%   |
|   DEC  |  4.333  | 175  |   60.01%

PHYSICAL POWER  PRICES
|             |  High   |  Low  | Average
|            |   $/MWh  | $/MWh |  $/MWh  |
| Cinergy    |   28.00  | 26.00 |  27.15  |
|  ECAR       |  34.15  | 30.70 |   32.25  |
| ERCOT      |  36.00  |  35.00 |  35.55  |
| Entergy    |  34.00  |  34.00 |  34.00  |
| TVA         |  28.50  | 28.00 |  28.35  |
|  ComEd      |  28.00  | 27.50 |   27.90  |
| PJM West   |  29.25  | 27.75 |   28.25  |
| Main       |  33.25   | 29.00 |  31.30  |
| MAPP        |  30.00  | 26.00 |  27.70  |
| Palo Verde | 100.00   | 67.00 |  77.35  |
| Mid C      |   58.00  | 49.00 |  54.45  |
|  COB        |  50.00  | 50.00  |  50.00  |
| 4 Corners  |  50.00  | 47.00 |   48.50  |
| Mead       |  70.00   | 60.00 |  65.00  |
| NP 15      |   68.00  | 53.00 |  57.00  |
| SP  15      |  75.00  | 55.00 |  63.15
_______________________________________________

Today's Power Bulletins
 * Dynegy Plans 680 MW Natural Gas Fired  Peaking Power Plant in Carson City, Michigan
 * California PUC Delays  Vote to Pay 15% of Back Power Payments
 * PG&E CEO Smith Attempts to  Defend $17.5 Million Executive Bonus Plan Amid Growing Hostility
 * No  New US Nuclear Power Plants Likely Anytime Soon
 * Morgan Stanley Raises  US Growth Forecast
 * India's Private Power Producers Expect End Soon to  Dispute Between Enron and Local Utility After Prime Minster Says He Is  Optimistic of Solution
 * Texas Supreme Court Upholds PUC Ruling  Allowing Central Power and Light to Securitize $797 Million
 * Cleco  Corporation's CFO Howlin Resigns
 * Reliant Energy Declares Quarterly  Dividend of $0.375 per Share of Common Stock
 * FPL's Online Home Energy  Survey Designed to Help Residents Keep Bills Down
 * National Grid's US  Transmission System Earns ISO 14001 Registration
 * June 11th, 2:15 PM  Webcast of FirstEnergy CFO Presentation at Deutsche Banc Alex Brown Electric  Power Conference at: www.firstenergycorp.com/ir/presentations
 *  Emission Reduction Credits Grow in Importance as More Companies Take Actions to  Cut Greenhouse Gas Emissions
 * Western Spot Power Prices Fall for 4th  Consecutive Day Amid Less Weekend Demand

More stories with bulletins at http://www.enerfactsdaily.com
____________________________________________________

PJM Expands Grid

    PJM Interconnection plans to spend more than $420  million on the 2nd phase of a transmission infrastructure plan to increase  reliability. This will be in addition to a $300 million transmission investment  PJM initiated last summer. With a total of about 40,000 MW proposed for  construction in the region, PJM last year implemented a Regional Transmission  Expansion Plan to ensure the system continues to comply with regional  reliability standards. The 2nd phase of the RTEP calls for transmission upgrades  to accommodate 43 generation projects PJM expects to have online by the end of  2006, with a total of more than 12,500 MW of new capacity.
___________________________________________________

GET REAL about energy risk management with KWI

In today's fast moving energy markets you need to be able to manage risk in  real time.

That means knowing before you hit a risk problem, not afterwards when it  may be too late to prevent big losses spreading right through your  enterprise.

With kW3000(tm), our multi-commodity, integrated front to back office  software, you can monitor your Profit At Risk(tm), counterparty risk and  mark-to-market all in real time.

Keep alert to risk. Do it in real time. Call KWI - http://www.kwi.com

Americas: +1-281-681-3301 / Europe: +44 (0) 20-7386-2700 / Asia Pacific:  +61(0) 2-9976-6111
________________________________________________

Today's Gas Bulletins
 * EIA Warns Oil May Jump $6  $10 per  Barrel If Iraqi Exports Not Replaced
 * Williams Sells $480 Million  30-Year Bonds
 * Meteorologist at Colorado State University Revises  Outlook for Hurricane Season, Now Calls for Above Average Activity
 *  House Republicans Move to Restore Energy Spending Cuts
 * Kinder Morgan  and Calpine Report Successful Open Seasons for Sonoran Pipeline; More than 1 Bcf  per Day for Phase 1 from San Juan Basin to Needles and Topock; Another 1.5 Bcf  per Day for Phase 2 from California Border to San Francisco
 *  TransCanada Files Fair Return Application with NEB Seeking Approval of After-Tax  Weighted Average Cost of Capital of 7.5%
 * Torch Offshore Announces  Pricing of IPO at $16 per Share
 * Tengasco Completes 36th and 37th Oil  and Natural Gas Wells in Swan Creek

More stories with bulletins at http://www.enerfactsdaily.com
__________________________________________________

PGS ENERGY TRAINING

The last public seminars that PGS Energy Training will be offering until  October have been scheduled at the Downtown Houston Hyatt Regency on June 12,  13, 14 &15
For more information, call 412-279-9298 or visit http://www.pgsenergy.com/schedule.html
1)Fundamentals  of Energy & Electricity Futures, Options & Derivatives
2)Fundamentals of Electric Power Trading
3) Gas-to-Electricity Arbitrage  & How to Maximize the Profitability of Electric Generation Assets
4)  Fundamentals of Statistical Analysis for the Energy & Electric Power  Markets
5) How to Value Electric Generation Assets in a Deregulated  Market
____________________________________________________

Natural Gas Futures Slip Lower

    Natural gas futures on the NYMEX wandered lower  yesterday in uninspired trading as the market consolidated following Wednesday's  surprising high storage injection. Much of the trading was conducted by local  and short-term traders willing to trade for small gains, compromising price  discovery. El Paso and Enron were trying to coax the market up so they could  initiate sales. Traders anticipate todays activity to be similar to yesterdays  lackluster pace. The July contract fell $0.011 to $3.79 per MMBtu and August  also dipped $0.011 to $3.877 per MMBtu. On Wednesday the AGA reported storage  levels at 1,398 Bcf, virtually identical to the 5-year average, and 46 Bcf more  than a year ago. After several days of cool, rainy weather, much of the eastern  half of the nation will have more summer-like weather this weekend and early  next weeks. Demand use will increase significantly, but will not be unusually  high for early June. Hot weather in the southwestern states will begin to move  into Texas and the Plains this weekend. Look for the market to continue to slip  lower in the absence of any significant driving force. There needs to be  something to change the dynamics of the market, but in the meantime, most  everybody is on the same page, and the locals are simply trying to pick each  other's pockets. The next key level of technical support is $3.60, with $4.00  and $4.20 offering resistance. Natural gas for next day delivery across the US  dropped $0.05 - $0.15 per MMBtu, except out west where prices continued to  tumble. Canadian spot prices rebounded from yesterdays sharp decline. Natural  gas for next day delivery at the Henry hub lost $0.07 to $3.69 per  MMBtu.
__________________________________________________

North American Gas Storage  Conference
Storage 2001  - 2002:
Source of Stability or  Chaos?
June 22,  Houston

Find the answers at Ziff Energy's natural gas storage conference.  A  blockbuster roster of industry leaders from the utility, trading, pipeline and  storage sectors in each of the North American storage regions will present  timely, relevant information you can use. This conference will assist you in  making critical decisions about your natural gas storage strategy for peaking  and the remaining seasonal base fill. The game has changed - storage strategy  has been kicked up a notch from buying for seasonal fill to real-time risk  management.

Session 1 Supply Shortage or Storage Inefficiencies: Last Winter's  Saga
El Paso Corporation - Byron Wright, VP
Energy Information  Administration, DOE - Jim Thompson, Industry Analyst
Keyspan Energy - David  Manning, Senior VP, Corporation Affairs
Axia Energy - David Modesett,  VP

Session 2 The Changing Storage Paradigm:
Dynamic Storage Service  vs Seasonal Fill
AEC Storage & Hub Services Inc. - Rick Daniel,  President
Williams Energy Marketing & Trading - Blake Herndon, Director,  Risk Management
NiSource Inc. - T.J. Aruffo, VP Energy Supply  Services
Enron North America - Paul Bieniawski, Director
Duke Energy Gas  Transmission - David Nightingale, VP MHP

Session 3 Pricing it Right and Reducing Risk:
Can We Expect  Stability or Chaos in Winter 2001 - 2001?
Aquila Energy - Mark Cook, VP The  Exchange Center Conoco Gas and Power Marketing - Brad King, VP Storage
Sempra  Energy Trading - Dan Guertin, Meteorologist

For more information or to register visithttp://www.ziffenergyconferences.com ,  call 1-800-853-6252,
or email us at gasconference@ziffenergy.com
________________________________________________

DOE Seeks Input on Research Programs

    The DOE plans a series of town hall-style meetings next  week across the nation to hear from the public, elected officials and energy  experts on federal research programs that promote energy efficiency and more use  of renewable fuels. The input at these meetings will help the DOE identify  opportunities for future research and investment while assessing our past  effectiveness. The meetings are part of a comprehensive review of the  department's multibillion dollar research programs as called for in the Bush  administration's new national energy plan. Environmental and consumers groups  have opposed the administration's proposed budget cuts in the research programs.  The first two public meetings will take place on June 12th in Atlanta and  Chicago, followed by June 19th meetings in Boston and Seattle, June 21st in  Denver and Philadelphia and a June 26th meeting in Washington. Each meeting will  last from 9 AM to 9 PM local time.
________________________________________________

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TO SEE YOUR ABSOLUTELY LAST  FREE ISSUE OF RESTRUCTURING TODAY, UNLESS  YOY SUBSCRIBE.
A partial copy  is on the bottom of the newsletter or  view the complete newsletter visit http://www.enernetdaily.com/restruc.pdf
Call  504-893-9225 TODAY or email  enerfax1@aol.com  to order at the discounted  prices of $437 per year for individual, $974 for 5 readers, or $4,000 for your  entire corporation.
_________________________________________________

Natural Gas NYMEX Volume
01JLY    30,426
01AUG    5,961
01SEP     3,353
01OCT    5,620
01NOV     4,739
01DEC    3,997
02JAN     1,881
02FEB    1,732
02MAR     2,502
02APR    1,308
02MAY       160
02JUN       255
02JLY        42
02AUG        70
02SEP        69
02OCT       106
02NOV       116
02DEC        37
03JAN       237
03FEB       238
03MAR        32
03APR       384
03MAY        33
03JUN
______________________________________________

DOE Seeks Input on Research Programs

    The DOE plans a series of town hall-style meetings next  week across the nation to hear from the public, elected officials and energy  experts on federal research programs that promote energy efficiency and more use  of renewable fuels. The input at these meetings will help the DOE identify  opportunities for future research and investment while assessing our past  effectiveness. The meetings are part of a comprehensive review of the  department's multibillion dollar research programs as called for in the Bush  administration's new national energy plan. Environmental and consumers groups  have opposed the administration's proposed budget cuts in the research programs.  The first two public meetings will take place on June 12th in Atlanta and  Chicago, followed by June 19th meetings in Boston and Seattle, June 21st in  Denver and Philadelphia and a June 26th meeting in Washington. Each meeting will  last from 9 AM to 9 PM local time.
_______________________________________________

ENERGY.
@ENERGY, FEA's Complete Suite of Energy Products,
BUILT FOR  THE FUTURE.

*Manage all your energy risks.
*Build and Price deals.
*Value  physical assets (generation, storage, etc.)
*Report and reduce your energy  risks

FEA
FINANCIAL ENGINEERING ASSOCIATEShttp://www.fea.com
main phone number:  1  510-548-6200
email address: info@fea.com
_________________________________________________

EIA FORECAST

EIA forecast for the 2nd and 3rd quarters of 2001, with last month's  estimates and actual year-ago figures:

                         Q2-2001                            Q3-2001
                 June   May     2000               June   May    2000
                 Est    Est     Actual             Est    Est    Actual
DEMAND       5.04   5.08    5.00              4.90   4.85   4.72         SUPPLY      4.77   4.99    5.02(R)          5.13    5.03   4.94(R)
STORAGE     1.80    1.61    1.71              2.66   2.59   2.47
WELLHEAD PRICE    4.35   4.57    3.06              3.95   4.73   3.87
($ per MCF)
________________________________________________

"New Horizons Solutions for the 21st Century"

An Energy Efficiency Workshop and Exposition
Kansas City,  Missouri
June 3 - June 6, 2001

For more information go to http://www.energy2001.eee.doe.gov
_________________________________________________

Senate Democrats to Investigate High Energy Prices

    The new Democratic chairman of the  Senate  Governmental Affairs Committee says he will examine FERCs refusal to cap  wholesale power prices in western states. Following the recent shift in control  of the Senate to Democrats, Senator Lieberman of Connecticut has charged that  the FERC has failed to do its job, and will hold a June 20th hearing on the  matter. President Bush and FERC chairman Hebert are against electricity price  caps, arguing they would discourage firms from building new power plants and do  nothing to encourage conservation. California represents 15% of the economy and  any major downturn there would have rippling effects across the nation,  Lieberman warned. He will also hold a June 13th hearing on the impact of  deregulation of the electricity and natural gas industries. A subcommittee of  the governmental affairs panel is planning a separate investigation into the oil  industry's record profits and high retail gasoline prices.
_________________________________________________

SUNGARD

Solutions for Success in Energy Trading

Epsilon and Panorama Energy
Risk and complexity are inevitable  components of every trading transaction within today's volatile energy  market.  Having the right tools to manage and control those risks has  become a determining success factor.  SunGard provides those tools with  Epsilon and Panorama Energy - comprehensive solutions designed to create  measurable competitive advantages for energy trading organizations and utility  companies worldwide.

To receive more information or a free demonstration, we invite you to  contact us at 713-266-7771 or visit our web site at http://risk.sungard.com/energy .
________________________________________________

Calpine Arizona Power Plant Connected

    The western power market received a welcome addition  yesterday as Calpines new 540 MW power plant in Arizona began commercial  operations. The natural gas fired South Point power plant has been connected to  the grid and for markets in Arizona, Nevada, and California. Calpine The  facility is at the Fort Mojave Indian Reservation in Mohave County, and is  Calpines first major power plant to start commercial service in the West. It is  developing nine power plants in California that are under construction or in  various stages of permitting, and two new plants under construction in Oregon  and Washington. Together, these new power plants will produce more than 3,400  MW.
______________________________________________

Progas Storage Services, Inc

was recently organized to offer specialized natural gas storage services to  marketers and end users servicing the upper Midwest and Northeast market regions  along the major transmission systems in Indiana, Illinois, Kentucky, and  Michigan. PGSMI has 10 bcf of potential working capacity which will offer  service along TXG, ANR, Midwestern, and is currently evaluating for purchase  another 21 bcf of potential working capacity which can be serviced by these and  other systems in the region. PGSMI also explores for natural gas in the Gulf  Coast region through a wholly owned subsidiary. Progas intends to go public  through a route of private industry offerings, and an IPO or registration. For  more information on services or the company mail to: gastorage@aol.com  or for AOL mail to gastorage@aol.com ; web site currently under  construction at: http://www.progas.net/wip .

The company's executive and administrative office is located in Abilene,  Texas with storage operations in Owensboro, KY and exploration operations in  Corpus Christi, TX.

Progas Storage Services, Inc
8610 S. Hwy 277
Abilene, TX  79606

Ph 915 698 3699
Fx 915 698  2859
_____________________________________________

Canadian Producers Investigate Coal Gas

    Canadian producers are counting on obtaining big natural  gas volumes from shallow coal seams. Alberta Energy, Nexen, PanCanadian  Petroleum and Penn West Petroleum are spending millions of dollars to  investigate whether natural gas trapped in coal beds less than 3,300 feet deep  can be produced economically.  The US derives 7% of its natural gas  production from coal seam gas. Western Canada is estimated to have between 135  Tcf and 260 Tcf of recoverable coal gas. Natural gas fields containing at least  17 Tcf have been discovered in Canada's Far North, but bringing them to market  will cost billions to build new pipelines and other facilities. Advocates say  many coal deposits sit near existing processing plants and transmission lines,  meaning coal gas fields will be cheaper to connect and produce than Arctic  reserves. The Alberta Research Council has spent several years researching ways  to enhance coal gas production and is looking for C$12 million to proceed with a  pilot project.
______________________________________________

TRENTON/BLACKRIVER "BOOM" IN WEST VIRGINIA

Land and Mineral Development LLC., Vienna, West Virginia, owns 85,000 acres  of mineral rights in Southeastern West Virginia. The first Trenton/Blackriver  production found in the state, was in a well drilled in 1962 by Tidewater Oil  Company adjoining our property. We need an industry
partner. Geophysicist  report and other information available.  The 85000 acres would also make a  great gas storage field.

We also have another small storage field for sale near the new Trenton  Wells.

Email - Driller@wirefire.com
Qualified  Industry Principals only please.
This is not an offer to sell anything to  anyone.

Land and Mineral Development LLC.,
P.O. Box 5370
Vienna, West  Virginia, 26105
(304)  295-3333
_______________________________________________

El Paso Market Power Abuse Investigation Continues

    FERC's investigation into alleged market power abuse by  El Paso is still proceeding a month after it began. Both El Paso and the  California PUC have painted contradicting versions of events, and the hearing  looks no closer to conclusion than when it began. El Paso is attempting to  discredit a study prepared by The Brattle Group, a Massachusetts consultant  hired by Edison to find evidence that El Paso Merchant wielded market power. It  dutifully concluded that soaring California prices were not caused by regular  market forces and pointed to a conspiracy to widen border-basin price spreads.  As part of El Paso's effort to tarnish the study, a professor of political  economy at Harvard's Kennedy School of Government testified that Brattle's tale  doesnt add up. In order to prove market power, he said 3 conditions must be met:  * The system for getting gas to California must not be full; * El Paso Merchant  must have unutilized, but available, delivery rights; and * Other shippers must  have fully utilized their delivery rights. The final condition, he says proves  that market power is impossible to establish.
_______________________________________________

CAMINUS
ENERGY SOFTWARE
SHOWCASE 2001
HOUSTON, TEXAS

You're Invited
To a four hour exposition of software and services that  will set the new standard for the energy trading, scheduling, and risk  management. Join us and compare your existing system with our latest product  offerings.

Thursday, June 14, 2001. 3p.m. to 7p.m.
Houston Petroleum Club
800  Bell Avenue, 43rd Floor

For more information or to register on-line, visit http://www.caminus.com . You may invite up to  two qualified colleagues to join you.

Nucleus Software . ZaiNet Software
ZaiNet Gasmaster 2 . ZaiNet  WeatherDelta
___________________________________________________

Fuel Cell Expo on Capitol Hill

      Leaders of the fuel cell industry will be  exhibiting at the 2001 Congressional Fuel Cell Expo to be held Tuesday, June  26th in the Cannon Caucus Room of the Cannon House Office Building on Capitol  Hill in Washington, DC. Energy Secretary Abraham will provide welcoming remarks.  The Expo will provide an opportunity for members of Congress, Congressional  staff, federal agency officials, and news media representatives to learn about  these technology advancements directly from the leaders in the industry. The  Expo will be open from 11 AM. to 3 PM. The event is free, open to the public,  and no pre-registration is required. It is being sponsored by the US Fuel Cell  Council, the trade association dedicated to fostering the commercial  introduction of fuel cell technology. Exhibitors will include: Ballard Power  Systems; California Air Resources Board; California Fuel Cell Partnership;  DCH/Enable Fuel Cell; Delphi Automotive Systems; De Nora North America; DuPont  Fuel Cells; FuelCell Energy; Fuel Cells 2000; H-Power; International Fuel Cells;  Mechanical Technology; Methanol Institute; Nuvera Fuel Cells; Plug Power;  Porvair Fuel Cell Technology; Quantum Technologies; Renewable Fuels Association;  Siemens Westinghouse; Syntroleum Corporation; Texaco Energy Systems, DOE; US  Fuel Cell Council; and ZeTek Power Corporation.
____________________________________________________

EnerfactsDaily Job Center at http://www.enerfactsdaily.com

New Job Postings Include:
 * Sales-Business Development
 *  Operations Specialist
 * Account Director -Marketing/Transportation
_____________________________________________________

Need a past issue of Enerfax Daily or Enerfax GOLD. Past issues are  available on Sagewave at http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax
______________________________________________________

FINANCIAL SUMMARY
The TSE 300 dropped 2.90 points to 8191.49
The CRB  Index slipped 0.63 points to 209.13
The US Dollar decreased 0.22 points to  119.11
The Dow gained 20.50 points to 11090.74
The S&P 500 climbed  6.93 points to 1276.96
The Nasdaq was down 46.27 points to  2264.00
____________________________________________________  Click here for Enerfax Energy Prices and News!

Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service .


Mary/Carol

As requested, I am providing the list of counterparties with whom we are working on netting arrangements and the status.

ConAgra-	            Detailed negotiations underway.  No major issues.  Attempting to execute by the end of the week. (Master Crude Oil P&S Agreement with CSA)
Conoco- 		Executed by both parties (only payment netting)
Crown Central-		Executed by Enron. Will be sent to Crown for completion of execution. (only 			payment netting requested in their draft)
Morgan Stanley- 	Executed by both parties. (only close-out netting)
Sunoco-		Executed by Enron. Will be sent to Sunoco for completion of execution. (only 			payment netting requested in their draft)
Valero-			Executed by Enron. Will be sent to Valero. (only payment netting requested in 			their draft)
Williams-		Under progress to implement payment netting for crude trading.  I have discussed 			this with Jeff Hodge and he is comfortable with proceeding on this basis, but will 			proceed with Master Netting Agreement.

Please let me know if you have any comments or questions.

John

EB 3853
Office Tel. # (713) 523-0840
Fax # (713) 646-4842


The 1100 series.  Frequently I use 1100-3, the Bilateral form.

	Genia FitzGerald
	02/27/2001 09:34 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Janet H Moore/HOU/ECT@ECT
		 Subject: Re: Confidentiality Agreement

Tana,

Can you tell me which numbers the CA's are in the atty.fms?

Thanks,
Genia

	Tana Jones
	02/26/2001 03:54 PM

		 To: Genia FitzGerald/HOU/ECT@ECT
		 cc: Janet H Moore/HOU/ECT@ECT
		 Subject: Re: Confidentiality Agreement

As a general matter, you need to use the forms of Confidentiality Agreements
contained in the atty.fms bank, not the Swap Group's forms.  We have
developed a few of our own forms for special purposes, one, which is in the
swap forms database/current forms, protects the counterparty only, and is
used when Credit wants to get copies of financal statements from a
counterparty and protects the financial information being provided by the
counterparty.

I have developed forms for use by the EnronOnline team, but those should not
be used for any Enron company except EnronOnline and Enron Net Works.

For any other types of matters/projects, we would also use the forms
contained in the atty.fms bank.

	Genia FitzGerald
	02/26/2001 03:44 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Janet H Moore/HOU/ECT@ECT
		 Subject: Confidentiality Agreement

Tana,

Could you please supply me with a copy of your current Confidentiality
Agreement?  Since we "copied" your group on the Enron Corp. Guarantee
Agreement, I thought we could do the same with the CA.

Thanks,
Genia


---------------------- Forwarded by Jeff Duff/EWC/Enron on 06/27/2002 05:33
PM ---------------------------

dfmatson@attbi.com on 06/27/2002 05:31:33 PM
To: jeffrey.duff@ps.ge.com
cc:

Subject: Re: Desert Sky curtailment lists

Jeff,
Thanks for taking care of this.  Still have any hair?
I got mine cut yesterday, so there isn't much to pull on...

This data will come in handy, and I'll get the March-May curtailment
list via pro-rating method to him tonight.

As for Mark's email, he has the same sort of address as yours, but I
keep getting notes from Postmaster@enron.com about not being able to
deliver the message...go figure.
Cheers, Dave

--
David F. Matson
Consulting Meteorologist
1650 Saint Lawrence Way
Pleasant Hill, CA  94523
925-933-7505 (voice & fax)
dfmatson@attbi.com


I spoke with CIPCO today on our proposal submitted on 4/28/00 and they are
initially interested in what we put together (i.e. 2 GE-7EA's) with right to
substitute technology as long as overall project economics are not impacted.

They will be meeting with their consultants tomorrow (5/5/00) to come up with
a list of questions to help develop a short list.

Assuming we make it to a short list, then we will be asked to come to Iowa to
meet with their generation planning team.

All of this should play out over the next 3-4 weeks.

(Also, please note that we are looking at this as a way to substitute 3
LM-6000's for the two EA's and keep the heat rate spread.  A plant at CIPCO
also is an OPPD workout.  We have a site under option in Iowa that is into
Mid-Am 345Kv and Alliant/CIPCO.

Oscar


Here's the email that I mentioned in my voicemail.  Take care, Mark

 -----Original Message-----
From:  james.doty@bakerbotts.com@ENRON
[mailto:IMCEANOTES-james+2Edoty+40bakerbotts+2Ecom+40ENRON@ENRON.com]
Sent: Thursday, March 15, 2001 9:08 AM
To: mmetts@enron.com
Subject: SEC Chairmanship and James R. Doty

  Mark:  If this is not what you had in mind, let me know. I have tried to
give you some detail to back up my claim that I can provided much-needed
stature and leadership to the SEC. I am also addressing what I think may be
some of the objections of constituencies in the corporate and financial
community who have, I believe,  told the Administration not to appoint a
lawyer and former member of the Staff of the SEC. (Of course, Arthur Levitt
was not a lawyer, and was a former head of the Amex, and has rammed through
one of the mose activist regulatory programs in SEC history! So what I am
offering, in part, is balance and respect for process).

1. The President has the opportunity, by appointing Jim Doty, to get the SEC
headed in a direction the corporate and financial community wants and to do
so with broad (indeed, enthusiastic) support from the agency itself, the
corporate and securities bar, the accounting profession and other
constituencies (including the NASDAQ, the NYSE, members of the Congressional
oversight committees and their staff on both sides of the aisle).

 Doty knows securities markets and practices through his work for securities
firms and is well aware of the issues of market structure that will face the
new Chairman--in this he favors continuing to encourage competition and
technological innovation in the markets, and is committed to keeping our
capital markets the best in the world.

 He understands the problems the accounting profession and the
standard-setting bodies are facing--including international accounting
standard issues--and is well equipped to be sure the private standard
setting regime we have relied on works well and with sensitivity to current
realities.  He will not be a "grenade thrower" on the complex
pooling/purchase issues now confronting the SEC and the FASB. (Here it will
be particularly important that the next Chariman give the FASB proposals on
impairment of goodwill in purchase transactions a fair hearing, and not
attempt to "strong arm" the private standard setters into a requiring
accelerated depreciation of goodwill: this is especially critical given the
fragile state of the technology sector.)

 Doty has spent his career advising boards of directors and senior
management on the practical problems businessmen face in dealing with the
SEC. He will bring to the job hands-on experience working with the business
community(corporate and financial), in solving the problems they face in
raising capital and complying with securities regulatory regimes--State,
Federal and cross-border.

 2. Doty has a national reputation as a corporate- and securities- law
expert, has published and is in demand as a speaker.  As a practicing
lawyer, however, Doty would bring some extraordinary qualifications to the
job of running the SEC, which are as folows:

          a. His record as General Counsel of the SEC from 1990-92
demonstrates an understanding of how to work effectively in governmnet.
Doty has the respect of the Staff and will bring credibility within the
building to accomplish needed reform.  During his tenure as the SEC's
General Counsel, with a Democratic majority in Congress, he had a major role
in reform initiatives to reduce costs of raising capital and streamline the
financial regulatory structure under President George H.W.Bush. These
included the Small Business Initiative, which reduced costs for small- and
first-time registrants, and structured finance initiatives to provide more
efficient access to capital markets for seasoned issuers.

          b. Doty is committed to using the exemptive authority under the
Securities Act of 1933 to promote more efficiency and lower costs in the
capital-formation process.  He knows where additional exemptive action or
repeal is needed--as in the Public Utility Holding Company Act, for
example--and he will be a knowledgeable and effective ally of the
Administration, including Cabinet officers, and the Republicans on the Hill,
in promoting further reform and efficiency.

         c. Doty will get the agency behind the President's proposal to
create individual retirement investment accounts for all members of the
workforce.  He is committed to helping the Administration get this done when
they decide to push for it, and knows how the issues of safety can be
practically addressed and the technical objections of critics overcome.

          d. Doty is a consensus-builder, a good listener and an effective
communicator. He is a Texan, a Rhodes Scholar and graduate of Rice
University. He has been active in the communities in which he has lived
(Senior Warden of Christ Church Cathedral in Houston, Vestryman of St.
John's Lafayette Square in D.C.). He is a good family man--his wife of 29
years presently serves in the First Lady's Correspondence Office. As a
BakerBotts Senior Partner, Doty can afford to do this for the sake of the
job well done and is not attempting to "polish his resume" for another job.

         e. Most important, Doty has worked tirelessly for this President,
knows the President and his style, and is loyal to the President.  He wants
the President to succeed and will work hard to make sure the policies and
practices of the SEC reflect well on the President and his Administration.


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/21/2000 07:27
AM ---------------------------
   Enron Americas - Office of the Chairman
From: David Delainey and John Lavorato on 12/21/2000 02:02 AM
Sent by: Enron Announcements
To: ENA Employees
cc: Joe Kishkill/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron, Brett R
Wiggs/SA/Enron@Enron, Remi Collonges/SA/Enron@Enron, Jeffrey A
Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jeffrey
McMahon/HOU/ECT@ECT, Raymond Bowen/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT,
Philippe A Bibi/HOU/ECT@ECT, Rebecca
McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James A
Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Frevert/NA/Enron@Enron, Greg
Whalley/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Ben F
Glisan/HOU/ECT@ECT, Mark Koenig/Corp/Enron@ENRON, Rick Buy/HOU/ECT@ECT, John
Sherriff/LON/ECT@ECT, Jeff Skilling/Corp/Enron@ENRON, Kenneth
Lay/Corp/Enron@ENRON, Cliff Baxter/HOU/ECT@ECT, Michael R Brown/LON/ECT@ECT,
Mark Palmer/Corp/Enron@ENRON
Subject: Re-Alignment

Thanks to all of you, Enron North America has had an outstanding year in
2000.  Some of the more notable accomplishments include:
a) 100% plus increase in EBIT from 1999 actuals to 2000 forecast;
b) significant rationalization of the balance sheet including the sale of the
(i) Wind River/Powder River gathering assets, (ii) East Coast Power
generating assets, (iii) HPL and (iv) five of the six Eastern Peakers;
c) ENA is the leading energy merchant by a factor of two;
d) physical electricity volume grew by 34% YTD 1999 to YTD 2000 forecast;
e) natural gas volumes grew by 82% YTD 1999 to YTD 2000 forecast;
f) 500% growth in daily transactions from November 1999 to November 2000 due
to the highly successful Enron OnLine distribution channel; and
g) ENA reaching its 25% ROCE target.

These are truly outstanding accomplishments and our expectations for growth
and opportunity in Enron North America for 2001 are consistent with that
success.  In order to reach these goals, we felt it necessary to re-align a
number of our organizations. A number of these changes are completed.  The
goals of such re-alignment include:
a) increase overall productivity with the goal to ensure that every employee
is in a position to contribute regardless of skill set;
b) increase overall market coverage, deal flow and information generation
with the goal to increase bid/offer income, increase the velocity of deal
flow, improve customer coverage and promote quality information transfer to
our trading organization;
c) increase deal quality and earnings quality with the goal to (i) allocate
our resources towards the best transactions and (ii) significantly increase
our &mid-market8 originated transactions in our portfolio;
d) promote real time decision making and a closer tie between our trading and
origination (mid-market and structured) organizations in order to better
align those functions to reduce the amount of un-productive internal focus;
e) increase the overall velocity of the capital being utilized consistent
with our goal of a 25% plus return on capital employed; and
f) identify and recognize a host of new leaders in the organization that are
critical to meeting our goals next year.

With these objectives in mind, patterned after the successful business models
in Calgary and Portland, effective immediately the following changes are
being implemented:
a) East Power ) a single East Power Team incorporating trading, mid-market
and origination will be formed under the co-leadership of Kevin Presto and
Janet Dietrich who will report to the Enron Americas - Office of the Chairman
(EA OOC).  This team will have one income statement, one book and a joint
accountability. However, a clear delineation of responsibilities inside these
teams will continue to exist in which the trading organization will manage
the risk, income statement and product development aspects of the
partnership. The originators will have the primary responsibility to generate
origination income, provide coverage, deal flow, lead strategy formulation,
provide information and generate strategic positions.  Overall, the team will
be rewarded based upon increasing the value of the book, meeting
coverage/deal flow targets and meeting its strategic/growth goals in the
Eastern power markets. The team will be responsible for covering the IOU,s,
muni,s/co-ops, industrials and IPP,s and will utilize all ENA,s product
capabilities including the power commodity, assets and capital. The team will
further be broken down into several key strategic regions and business units
including:
  (i) ERCOT ) managed by Doug Gilbert Smith and Bruce Sukaly;
  (ii) NE ) managed by Dana Davis and Jeff Ader;
  (iii) Midwest ) managed by Fletch Sturm and Ed Baughman;
  (iv) SE ) managed by Rogers Herndon and Ozzie Pagan;
  (v) East Power Development ) managed by Ben Jacoby;
  (vi) East Power Structuring  - managed by Bernie Aucoin; and
  (vii) East Power Fundamentals and the &Genco8 ) managed by Lloyd Will

b) West Power ) there will be no changes to the Portland office which is
managed by Tim Belden and Chris Calger .  Both Tim and Chris will continue to
report to the EA OOC.
c) Canada and Mexico ) there will be no changes to the Canadian or Mexican
offices which are managed by Rob Milnthorp and Max Yzaguirre respectively.
Both Rob and Max will continue to report to the EA OOC.
d) U.S. Natural Gas ) there are several changes anticipated in this business
consistent with the goals and objectives described above. The changes
primarily affect the East, Central, West and Texas gas regions. Each region
will consist of a single gas team incorporating trading, mid-market and
origination. Each team will have one income statement, one book and a joint
accountability. However, a clear delineation of responsibilities inside these
teams will continue to exist in which the trading organization will manage
the risk, income statement and product development aspects of the
partnership. The originators will have the primary responsibility to generate
origination income, provide coverage, deal flow, lead strategy formulation,
provide information and generate strategic positions. Overall, the team will
be rewarded based upon increasing the value of the book, meeting
coverage/deal flow targets and meeting its strategic/growth goals in the
Eastern, Western, Central and Texas gas markets.  The team will be
responsible for covering the LDC,s, muni,s/co-ops, industrials, IOU,s, IPP,s
and the producers.  There will be an increasing focus on the upstream side of
the business including the producers, transporters and storage providers in
addition to market area opportunities. The team will utilize all of ENA,s
product capabilities including the gas commodity, assets and capital. Each of
these groups will report directly to the EA OOC;
East Gas ) a single East Gas Team incorporating trading, mid-market and
origination will be formed under the co-leadership of Scott Neal and Frank
Vickers who will be returning from Portland to join this team.
West Gas  ) in a similar manner, a West Gas Team will be formed co-managed by
Phillip Allen and Barry Tycholiz, who will be joining us in Houston from the
Canadian team. The Denver office under Mark Whitt will be integrated under
this team.
Central Gas )  in a similar manner, a Central Gas Team will be formed
co-managed by Hunter Shively and Laura Luce. The Chicago office will be
integrated into this team.
Texas Gas ) the Texas Gas Team will be managed by Tom Martin. This team will
continue to manage the gas trading business around HPL until the pending sale
is concluded in Q2 2001.  After the sale of HPL, this team will build a Texas
gas business without ownership of the HPL assets.
Financial ) this group will continue to be managed by John Arnold with no
significant changes.
Derivatives ) this group, lead by Fred Lagrasta, will offer derivative and
financial mid-market products and services to the natural gas market
specifically targeting CFO,s and treasury departments.  Fred will continue to
maintain certain existing mid-market accounts with a number of producer and
industrial accounts where relationships are well formed. Otherwise,
mid-market coverage will gravitate to the regions. The New York office gas
marketing efforts will continue to be managed by Fred.
Upstream Products ) this group, lead by Jean Mrha, will develop several
distinct product offerings for the upstream segment of the gas market.  This
group will develop and market the product in conjunction with the regions.
This is consistent with our desire to have a broader product offering and
greater market penetration in the upstream segment.  These products include
producer outsourcing, similar to our successful Petro-Canada and Suncor
relationships in Canada, physical storage re-engineering, compressor
services, wellhead liquidity products and offshore asset and capital
products.  In addition, Jean will manage our Bridgeline joint venture with
Texaco.
Gas Structuring ) this group will be lead by Ed McMichael, reporting to Frank
Vickers, will provide structuring and deal support to all the gas teams.
Gas Fundamentals ) this group will be lead by Chris Gaskill, reporting to
Hunter Shively, will provide fundamentals to all the gas teams.

Julie Gomez will continue to support the gas floor through several identified
projects including long-term supply/demand analysis and, natural gas
transportation capacity trading opportunities.

There is an expectation of some customer overlap between the gas and power
groups; for example, the combination utilities and the IPP,s.  The teams will
coordinate with regard to the combination utilities like Con. Edison or
PG&E.  With regard to the IPP,s, to the extent that the product offering
involves an underlying power position, the power teams will manage. We have
asked Janet Dietrich to coordinate such overlaps between the two
organizations in Houston.

e) Technical/Restructuring - In the effort to consolidate and centralize our
technical resources (engineering, development, operations, pipeline) to
ensure that this skill base is available to all ENA groups and utilized
productively across the organization, Brian Redmond will form and manage the
Technical Services Group.  This group will manage ENA,s technical risks and
will provide, on a cost basis, technical services for the entire ENA
organization. This group will manage the interface with EE&CC and OEC.  In
addition, the Restructuring Group, currently managed by Dick Lydecker, will
report to Brian Redmond.  This group is currently monetizing a large portion
of the merchant investment portfolio given our current strategies.  This
group will have continuing responsibility to manage troubled commodity and
capital transactions that need considerable time and attention to manage risk
and monetize.

In addition to these responsibilities, Brian will manage the pending sale and
transition of the HPL asset over the next couple quarters as regulatory and
securities approvals are obtained in order to complete the sale.  Brian will
report to the EA OOC.

f) Principal Investing  )  with the departure of Jeff Donahue to new
opportunities in EBS, ENA,s venture capital function will be managed by
Michael L. Miller.  This group makes small investments in distributed
generation, power quality and technology companies that can benefit from
Enron,s distribution channels and expertise.  Michael will report to the EA
OOC.

g) Corporate Development ) Tim Detmering will assume the corporate
development responsibilities for ENA as Jeff transitions to his new role and
will report to the EA OOC.

h) Generation Investments ) there will be no changes to this group managed by
Dave Duran. Dave will continue to report to the EA OOC.

i) Energy Capital Resources ) there will be no changes to this group
currently lead by C. John Thompson and Scott Josey.  John and Scott will
continue to report to the EA OOC.

As a final note in the interest of keeping things simple, Enron Americas will
have two operating divisions  - Enron North America and Enron South America.
As a result, we will continue to conduct business under these two operating
companies; therefore, eliminating the need to change legal entities et al.
If you are currently a commercial employee of ENA or ESA you will continue to
conduct business in that company.

We look forward to another exciting year in the North American energy
market.  This is certainly a company unrivaled in the marketplace with the
most talented employees.  The opportunities are endless.  We wish you and
your family a very happy and safe holiday season.


Here is the information regarding the presentation done by AGENCY.COM.

The BEA Users Conference is being held in San Francisco, CA 2/21-2/24.
The conference has over 2,000 registered users representing many types of
companies.
About the Session and Presentation
On Wednesday, February 23 at 11:00 an hour long session was to open to any
registered conference attendee.
Around 200 (very rough guess) people attended the session.
The session was moderated by Scott Dietzen, CTO BEA Server Division and was
described as
'Web E-Commerce Solutions: Using Best of Breed Technologies'.
The session included 4 panel members from Calico Commerce (an ISV), Idea
Integration
(an integrator), Cygent (an ISV) and AGENCY.COM.
Each of the 4 panel members gave a 12 minute presentation then the session
was turned over
for general questions and answers.
Joe Tatem of AGENCY.COM went last and spoke about the web development
marketplace: where
it was and where it needed to head.
Like the other panel members he described his company and gave a little sales
pitch for
BEA Weblogic.
Tatem then presented a case study as an example of some of their work.
This example was of AGENCY.COM's work for Enron on EnronOnline.
His case study consisted of 2 slides.
The first slide had screen images of EnronOnline: one was the EnronOnline
home page and the
second was the quotes page populated with some products.
The quotes page was 'overlayed' on the home page and obscured the EnronOnline
banner on the
bottom so that only the 'ne' at the end showed.
The Enron logo (the counter-clockwise 45-degree logo was clearly visible.
He talked about it being a Trading Extranet site but said he could not name
the customer.
He described that real time prices for products were being displayed to
customers.
He then showed the next slide which gave a high level overview of the
application
architecture for EnronOnline.
This slide contains details about real time server (RTServer) and its
associated
application server (including the RMI communication mechanism).
He made a comment about how they were particularly proud of the real time
piece and how it
was designed and how it worked.
This slide also contained a reference to the fact EnronOnline uses Oracle 8i.
He also mentioned Jesica as the content management piece and indicated that
they were
looking at other 3rd party products to replace that in their future projects.
This slide also contains a reference to StackManager and he indicated that it
was developed
by the unamed client and not by AGENCY.COM.
He also talked about ShockWave plugin being used in the browser to receive
the
real time quotes.
Only one question was asked from the audience during his showing of the
technical
architecture slide.
This question (paraphrased) was: When you use RMI between the web server and
the
app server how many connections do you use.
He replied (paraphrased): one per thread.
The questioner then asked something else that I assumed was a technical
detail about how
WebLogic RMI worked.
Tatem replied incorrectly and a BEA employee responded with the right answer.
About the Handouts of the Presentation
BEA tried to make available hard copies of all presentation slides in each
session.
They setup a series of shelves that were numbered for each session.
The documents were available starting Monday during the registration process
and
throughout the conference.
On Monday evening I went to pick up hard copies of the sessions for which I
was interested.
About a third of the handouts for the sessions were not available.
I did not notice whether the one for above mentioned presentation was
available. (I did
not expect it to one of the more interested ones.)
During some of the sessions BEA handed out copies to those present.
I did not see any handed out during the above mentioned session.
After the session was over I called Jay Webb and told him of the above
details.
After telling Jay I saw Scott Dietzen from BEA in the hallway. (I had met him
twice before.)
I told Dietzen that the presentation that AGENCY.COM did in his panel was
about Enron.
(We had already discussed the project with Dietzen when he visited our
Houston office.)
I told him that AGENCY.COM was not supposed to reveal any information
concerning the
project.
At this time I did not know that hard copies of the presentation were
available. I told
Dietzen that if they did become available that the portion about EnronOnline
should not
be distributed.
Dietzen said he was not aware of the problem with discussing the project. He
apologized
and said he would not distribute any handouts if he received them.
Sometime later on Wednesday I went to the rack of presentation handouts and
there was
one available for the above mentioned session.
I do not know how long they were available (and I don't think Dietzen did
either).
There were only 2 or 3 copies left and I took all of them. (BEA usually put
out many
copies in the rack so I don't know how many were actually picked up.)
The hard copies are PowerPoint printouts that include room for notes so the
slides are
very small making it difficult to read.
When the slides were shown on the screen during the session they were very
clear.

Also, during some of the sessions (not the one where AGENCY.COM presented) I
attended
there was some question about the availability of the handouts and someone
from BEA would
answer something about the web.
I assumed that at some point in the near future they might be making copies
of the
presentations available on the BEA web site.
I will try to confirm this tomorrow (Thursday).
I checked the web site a few minutes ago and the presentations are not there.

I will followup with any more details if I remember something else or if
there are any
further developments.

Thanks,
Kevin Montagne
Voice: 713-853-1903
Cell:  281-703-5779
Pager: 800-893-4390


Sony DVP-NC600

This is the model number for the DVD player --

it has the following outputs

Digital Optical Output (1)
Digital Coaxial Output (1)
Composite Video Outputs (2)
S-Video Outputs (1)
Component Video Outputs (1)


---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/08/99 09:23
AM ---------------------------

	From:  Per Sekse                           09/08/99 09:25 AM

To: Sara Shackleton/HOU/ECT@ECT
cc: Jeffrey Bortniker/NY/ECT@ECT
Subject: Tiger ISDA Docs

Spoke with Joe Manogue this morning. He has been speaking to their external
council (S&S) daily trying to get a lined draft of the document with all
changes. He was supposed to get it last Friday, is now promised it this
morning. He plans to review and fax it out to you this afternoon, following
up with a hard copy by Fedex overnight. He's doing all he can to speed the
process along. I'll call you when I hear more from him. Per


thanks.  and i apologize profusely for having excluded you from the list.  it
was, as you can imagine (having worked together on these fire drills together
in the past), it was not pretty---process wise.

	Jennifer Thome/ENRON@enronXgate
	07/11/2001 04:12 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: RE: CERA/UCLA Anderson report

Great job on the Dunn letter, by the way!
 -----Original Message-----
From:  Dasovich, Jeff
Sent: Wednesday, July 11, 2001 4:10 PM
To: Thome, Jennifer
Subject: Re: CERA/UCLA Anderson report

thanks.


Has Ken Lay received a breifing binder yet? Can I get a copy soon?

Thanks John


Dear Don,  I'm Washington Bureau Chief Peter Cook filling in for Jay Rickerts.   Just a reminder - On Friday, Houston Correspondent Kim Benestante is live in Cairo, Egypt covering the OPEC meeting.  Join us tomorrow as Kim brings us the latest on possible oil production cuts beginning in January.      We'll also have more reaction from here in Washington to the OPEC meeting.  American Petroleum Institute Chief Economist John Felmy, Ph.D., will share his thoughts on the cartel's moves and what they might mean for the U.S.  Also during the 12:00 p.m. ET newscast, The Petroleum Finance Company Senior Market Analyst George Beranek will give us his assessment of the market if OPEC follows through with a production cut.   The Federal Energy Regulatory Commission has had a very busy year - from the California crisis to the crisis at Enron, the Commission has had a full docket.  On Friday during the 10:00 a.m. ET newscast, we'll hear what former FERC Chairman James Hoecker thinks about the past year at the FERC and what issues may surface during the New Year.   As the year draws to a close, the Houston bureau will take a look back at one of the biggest energy stories - the collapse of the energy giant, Enron.  Houston Bureau Chief Myra Jolivet says on Friday, the Houston bureau will review the timetable of Enron's demise, the effects of its bankruptcy filing, layoffs and the company's downgraded credit rating.    As Texas deregulation nears, competition in the market is heating up among retail energy providers.  The Houston bureau says the Texas Public Utility Commission set the price to beat for areas in the state, and competing retail energy providers are beating those prices.  We'll have all the details from the Houston bureau on Friday.   West Coast Correspondent Kym McNicholas says on Friday, California Senator Debra Bowen talks about what to expect from the legislature in the first few weeks of 2002.  Kym says possible topics of discussion include the issuance of the state's $12.5 billion in energy bonds, the California Power Authority and plans to get Southern California Edison and PG?out of debt.   Also on Friday from the West Coast bureau, California Energy Commissioner Michael Moore talks about the gas supplies in California.  Join us for these reports and more from Sacramento tomorrow.    Closing Prices for Thursday, Dec. 27, 2001    Crude: $20.90/bbl -$0.37   Unleaded: $0.5927/gallon -$0.0086   Heating Oil: $0.5815/gallon -$0.0131   Gas: $2.555/mmBtu -$0.356   Broadcasting Note: On New Year's Eve, we're broadcasting through 1:00 p.m. ET.  We're dark on New Year's Day.   Keep in mind things are subject to change at a moment's notice. Occasionally guests have to reschedule or change time slots.  We'll continue to do our best to keep you updated on future interviews and events.     Be sure to watch our newscasts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour.

	 	Peter Cook, EnergyNewsLive.com Washington Bureau Chief  View today's Energy Wrap Video Windows Media Player: 56K  | 100K  | 300K  Real Player: 56K  | 100K  | 300K  (Requires Windows Media Player or Real Player )   Experience all that Williams Energy News Live has to offer!   If you are receiving this letter for the first time and wish to continue, subscribe now    To stop receiving this letter, unsubscribe now    If you are having trouble receiving this e-mail, please let us know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Comments? Suggestions? Let us  know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Copyright 2001 Williams Energy News Live, LLC. All  Rights Reserved.


"Kirkpatrick, Joe" <joe.kirkpatrick@nrgenergy.com> writes to the
NYISO_TECH_EXCHANGE Discussion List:

Chuck

I have a question or two with regard to the following "Operational
Announcements" (Below). These are a few examples of many that are requests
for generation being requested out-of-merit by the NYISO for NYISO security.

In my limited understanding of the way SCD works I had thought that the only
reason the ISO or a Transmission Owner would request generation out-of-merit
is to resolve for a constraint or system condition that SCD could not (set
me straight if I am off-base).
Requesting generation out-of-merit to resolve for system security is an
effective method of quickly resolving for an out-of-scope SCD system problem
and by definition will not set clearing price.

1. What are the rules and procedures in place to request generation
out-of-merit both for local (Transmission Owner) and ISO request.
2. What other control actions have to be exhausted prior to initiating a
request for generation to be called on out-of-merit.
3. Are the generation bids available to the requestor(s) prior to making the
request. (Is economics a consideration?)
4. When load is available to be dispatched, will it be considered as a
control action instead of generation?
5. Is generation called on out-of-merit to resolve for DNI constraints.
6. In particular for Gilboa it was my understanding that prior to requesting
additional generation from Gilboa that an emergency was to take place. Is
there another agreement in place between the NYISO and NYPA. Below is an
excerpt from the ICAP manual.

4.4.2 Energy Limited Resources

Energy Limited Resources that are ICAP suppliers must be able to provide the
Energy equivalent of their claimed ICAP for four (4) hours each day. Energy
Limited Resources must bid or schedule in the Day-Ahead Market for
twenty-four (24) hours each day in such a way as to enable the NYISO to
schedule them for the period in which they are capable of providing the
energy.
An Energy Limited Resource must also provide the NYISO with information
concerning the hours during which it will be recharging or replacing
depleted
resources. Once the resource has provided four hours of Energy equivalent
ICAP, the NYISO will not call on an Energy Limited Resource during its
recharge
hours, except in the case of an emergency.

As an aside to this did NYPA declare the hours that it was not running on
May 8, 9 as recharge hours and conversely the hours that it was dispatched
by the NYISO. Was an emergency declared (as defined by NPCC).

I am seeking to get further detail in the operational announcements for both
local and NYISO requests for generation out-of-merit. If there are further
enhancements required for SCD in order to reduce the number of requests for
generation out-of-merit; what are they and when will they be implemented?

Operational Announcements

27-Nov-2000 8:50:05 ISO REQUESTS POLETTI____ OUT OF MERIT FOR ISO SECURITY.
AT 08:48 11/27/00
27-Nov-2000 10:13:34 ISO REQUESTS RAVENSWOOD___3 OUT OF MERIT FOR ISO
SECURITY. AT 10:11 11/27/00

25-Nov-2000 17:03:06 ISO REQUESTS GILBOA___2 AND NIAGARA OUT OF MERIT FOR
ISO SECURITY. AT 16:45 11/25/00
25-Nov-2000 17:07:32 ISO REQUESTS GILBOA___2 AND NIAGARA NO LONGER OUT OF
MERIT. AT 17:05 11/25/00

24-Nov-2000 16:54:29 ISO REQUESTS GILBOA___4 OUT OF MERIT FOR ISO SECURITY.
AT 16:50 11/24/00
24-Nov-2000 17:23:53 ISO REQUESTS GILBOA___4 NO LONGER OUT OF MERIT. AT
17:00 11/24/00

23-Nov-2000 16:21:12 ISO REQUESTS RAVENSWOOD___2 OUT OF MERIT FOR ISO
SECURITY. AT 14:28 11/23/00
23-Nov-2000 21:24:05 TP-CE REQUESTS RAVENSWOOD___2 NO LONGER OUT OF MERIT.
AT 21:21 11/23/00

Joe Kirkpatrick
NRG Power Marketing


As you will note, Robin has made some use of the Lockyer statements.
----- Forwarded by Richard B Sanders/HOU/ECT on 05/25/2001 07:27 AM -----

	"Jeffrey C. Alexander" <Jalexander@Gibbs-Bruns.com> 05/23/2001 06:09 PM 	   To: "'Richard.B.Sanders@Enron.com'" <Richard.B.Sanders@Enron.com>  cc:   Subject: Draft Supplement for MDL Panel

 <<26FY01!.WPD>>

 - 26FY01!.WPD


Hello.  The west gas desk would like to send a mailout to our EOL customers
regarding the new opportunity to trade "odd lots" on every physical product.
EOL has been instrumental in providing liquidity to previously illiquid
physical delivery points in the west for standard volumes of 5000 mmbtu/d and
greater, but we would like to notify our customers that EOL will now
accommodate odd size lots, in 1 mmbtu increments.  This will allow us to
trade the "non-standard" volumes with all of the market.

Do we have a creative team that might be able to assist us in our efforts?
We were thinking about a one page mailout with a clear message.  We would
like it to be very upbeat and funny.

Thank you for your assistance.  I can be reached at x37031.

Sincerely,

Mike Grigsby
Director, West Gas trading
---------------------- Forwarded by Mike Grigsby/HOU/ECT on 10/08/2000 07:26
PM ---------------------------

10/02/2000 11:59 AM
Adriane Moratto@ENRON
Adriane Moratto@ENRON
Adriane Moratto@ENRON
10/02/2000 11:59 AM
10/02/2000 11:59 AM
To: Mike Grigsby/HOU/ECT@ECT
cc: Kal Shah/HOU/ECT@ECT
Subject: customer mailout

Per our conversation last week.  Sorry for the delay.  We can help you with
your mailout.  Please see the following and contact Kal Shah with additional
questions in regards to this project.  Let me know if I can do anything else
for you.

adriane
---------------------- Forwarded by Adriane Moratto/NA/Enron on 10/02/2000
11:57 AM ---------------------------
From: Kal Shah@ECT on 10/02/2000 11:45 AM
To: Adriane Moratto/NA/Enron@ENRON
cc:

Subject: Re: question

Will be happy to help this group.  They'll need to agree to the following:

1.  They pay for the cost (to be determined depending on the quality of the
mailing)
2.  They provide a mailing list with following separate columns:
First name
Last Name
Company Name
Address
City
State
Zip
3.  Give us a draft of the text for the mailing
4.  Give us 5 working days to get it out.  (we will try to do it faster, but
it depends on several factors)

Kal


Yes - I got all your e-mails. Very cute. Are you ever going to say anything,
or will I just continue to receive enigmatic and virtually anonymous messages
forever?

Kate

" " <casey415@earthlink.net> on 02/20/2001 03:03:45 PM
Please respond to casey415@earthlink.net
To: kate.symes@enron.com
cc:

Subject: can you see anything ????

---
--- casey415@earthlink.net
--- EarthLink: It's your Internet.

 - Dsc00010.jpg


Post Date: December 08, 2000Category: SHORT-TERM FIRM CAPACITYSubcategory:
NWP OFFERSSubject: 01-181 NWP Short Term FIrm Availability

Notice Text:All Shippers Notification:? 01-181??? Dated : December 8, 2000

NORTHWEST PIPELINE'SNOTICE OF AVAILABLE ANDPOTENTIALLY AVAILABLE
FIRMTRANSPORTATION CAPACITY1)

??????????????????????????????????????????????? Total??? AvailablePkg?
Receipt Point2)????????? Delivery Point2)?????????????????? Dth/d??????????
Date3)??

A??? Sumas????? ??????? Puget(Canyon)?????????????????? 16,000??????????
02/01/01 9)

B??? Sumas????? ??????? Puget(Canyon)??????????????????? 7,000??????????
01/01/01 9)

C??? Sumas????? ??????? Puget(Canyon)??????????????????? 5,000??????????
01/01/01 10)

D??? Sumas????? ??????? Kern River/Muddy Crk.?? 9,772??????????? 02/01/01 10)

E??? Sumas(1160)??????? Kemmerer??????? ??????? 2,750??????????? 01/01/01
9)???? Ignacio Plant(1590)

F??? Sumas(2,390)?????? Monticello(330) 6,016?? 01/01/01 9)????
Ignacio(3,626)???? Rio Algom(300)??????? ??????? ??????? Moab#2(1,861)???????
??????? ??????? Moab(2,283)??????? ??????? ??????? Arches National
Park(17)??????? ??????? ??????? Vernal(653)??????? ??????? ??????? Dutch
John(125)??????? ??????? ??????? Redwash(447)

**********************************************************************Jackson
Prairie Receipt Point CapacityAvailable for TF-1 or TF-2 Service as specified
below

G??? Jackson Prairie??? SIPI????? ????? ????????? 47,341???????? NOW 5)8)????
(55,715)??????????????????????????? Lynden???????????????????????? 592?????
?????????????????????????????????????????????? Lawrence?????????????????????
81?????? ??????????????????????????????????????????????
ACME???????????????????????????? 68??????
?????????????????????????????????????????????? Mt. Vernon????????????????
115????? ?????????????????????????????????????????????? Sedro/Woolley???????
3,988??? ?????????????????????????????????????????????? LDS
Church??????????????? 133????? ??????????????????????????????????????????????
Granite Falls??????????? 1,536???
?????????????????????????????????????????????? Machias???????????????????
1,840??? ??????????????????????????????????????????????
Snohomish?????????????????? 21??????

H??? Jackson Prairie??????????? Echo Lake????????????????????? 33?????????
NOW 5)8)???? (7,530)????????????????????????????? Duval/Cottage Lake???
183???? ?????????????????????????????????????????????
Redmond?????????????????? 3,293??
????????????????????????????????????????????? May Valley???????????????????
300???? ????????????????????????????????????????????? Lake
Francis???????????? 2,808?? ?????????????????????????????????????????????
Covington???????????????????? 263????
????????????????????????????????????????????? Black Diamond????????????
450???? ?????????????????????????????????????????????
Enumclaw???????????????????? 200????

I??? Jackson Prairie???????????? Sedro/Woolley????????????????? 8,300???
05/01/01 5)10)

J??? Jackson Prairie??????????? South Lake????????????????????? 35,500?? NOW
6) ?? K??? Jackson Prairie??????????? Idaho State Pen.?????????????? 1,735???
NOW 6)

L??? Jackson Prairie??????????? Kern River/Muddy Crk.? 98,069?? NOW 6)

M??? Jackson Prairie?????????? Shute Creek???????????????????? 7,688??? NOW 6)

N??? Jackson Prairie??????????? Pocatello?????????????????????????? 1,198???
NOW 6)

O??? Starr Road??????????????????? Inland Paper????????????????????????
830??? NOW 8)

P??? Stanfield?????????????????????? Stanfield????????????????????????????
3,681??? 01/01/01 9)

Q??? Stanfield?????????????????????? Stanfield??????????????????????????
14,490?? 04/01/02 10)

R??? Shute Creek??????????????? Ignacio-Bondad (EPNG)? 25,000?? NOW

S??? Shute Creek??????????????? Ignacio-Bondad (EPNG)? 25,000?? 01/01/01 9)

T??? Shute Creek??????????????? Ignacio-Bondad (EPNG)? 10,000?? 01/01/01 10)?
U??? Shute Creek??????????????? Ignacio-Bondad (EPNG)? 15,000?? 11/01/01 9)

V??? Opal Plant?????????????????? Western Mkt Center??????? 90,000?? 04/01/01
9)

W??? Painter??????????????????????? Muddy Creek (KERN)????????? 8,351??? NOW
8)

X??? Painter???????????????????????? Muddy Creek (KERN)??????? 35,000??
01/01/01 9)

Y??? Western Mkt Center Crossover 16-Questar???? 50,415?? 01/01/01 7) 9)

Z??? Western Mkt Center Clay Basin???????????????????????????? 4,585??? NOW
7) 8)

AA?? Crossover 16?????????? Green River-CIG???????????????? 23,152?? NOW 7) 8)

BB?? Crossover 16??????????? Clay Basin?????????????????????????? 10,000??
NOW 7) 9)

CC?? Crossover 16?????????? Clay Basin?????????????????????????? 17,263???
NOW 7)

DD?? Green Rvr/McKinn-CIG Clay Basin????????????????????? 23,152??? NOW 7) 8)

EE?? Clay Basin????????????????? Chevron Rangely(6093)????? 7,488????
03/01/01 9)??????????????????????????????????????????? Vernal (1395)

FF?? Clay Basin?????????????????? Redwash/Questar????????????? 19,240??
03/01/01 7) 9)

GG?? Clay Basin????????????????? Rifle???????????????????????????????????????
7,770??? NOW 7) 8)

HH?? Clay Basin??????????????????
Rifle??????????????????????????????????????? 1,850??? 01/01/01 7) 10)

II?? Clay Basin???????????????????? American Soda Ash???????????? 1,140???
NOW 7) 8)

JJ?? Jensen (Ut Gas Svc)? Green River-CIG???????????????????? 316????? NOW

KK?? Redwash/Chevron??? Green River-CIG????????????????? 1,850??? NOW 8)

LL?? Redwash/QPC???????????? Rifle??????????????????????????????????????
1,050??? NOW 7) 8)???? MM?? Greasewood????????????? Clay
Basin?????????????????????????? 2,765??? NOW 8)

NN?? Piceance Quick Cycle Green River-CIG???????????????? 1,005??? NOW

OO?? Barrett????????????????????????? Kern River???????????????????????????
4,097??? 03/01/01 9)?PP?? Barrett?????????????????????????? Green
River-CIG???????????????? 6,460??? NOW 8)

QQ?? North Douglas???????????? Green River-CIG???????????????? 3,178??? NOW

RR?? Sand Springs?????????????? Ignacio-Bondad (EPNG)??? 23,148??
01/01/01-?????????????????????????????????????????????????????????????????????
???????????????????????????????????? 03/31/01 4)

SS?? Sand Springs??????????????? Ignacio-Bondad (EPNG)?? 23,148?? 11/01/01
4,10)

TT?? West Douglas?????????????? Clay Basin?????????????????????????? 2,354???
NOW 8)

UU?? Calf Canyon(410)????????? Kern River???????????????????????????? 703????
01/01/01 9)??????? Foundation Crk.(293)

VV?? Lisbon??????????????????????????? Green River-CIG??????? 2,600??? NOW

WW?? Grand Valley??????????????? Green River-CIG??????? 1,137??? NOW

XX?? Grand Gas????????????????????? Green River-CIG??????? 1,000??? NOW

YY?? Ignacio Plant????????????????? Green River-CIG??????? 5,000??? 01/01/01
9)

ZZ?? Ignacio Plant????????????????? Green River-CIG??????? 1,424??? NOW 8)

AAA? Ignacio Plant?????????????? Green River-CIG??????? 11,177?? NOW

BBB?? Ignacio Plant?????????????? Grand Junction???????? 4,000??? 01/01/01 9)

CCC?? Ignacio Plant????????????? Grand Junction???????? 4,310??? NOW 8)

DDD?? Ignacio Plant????????????? Ignacio -Bondad (EPNG) 50,000?? NOW 8)

EEE?? Blanco Hub-TW?????????? Green River-CIG??????? 25,000?? 01/01/01 9)

FFF?? Blanco Hub-TW?????????? Green River-CIG??????? 15,000?? 01/01/01 10)

GGG?? Blanco Hub-TW??????? Green River-CIG??????? 35,563?? NOW

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

1) This notification supercedes all previous Notices of Available and???
Potentially Available Capacity and is subject to change at any time.

2) Other receipt and delivery points utilizing the described?? transportation
corridor may be available.

3)? Potential Availability date for the Capacity.

4)? Contracts shall include the following subordinate scheduling??? provision
if the requested term extends into a critical operational??? period:

To the extent Shipper's nominated volumes are not scheduled solelydue to
Shipper's subordinate scheduling priorities set forth below,the monthly base
reservation charge will be discounted to $0.00 perDth for that quantity only.

Section 14.1(c)(i) of Northwest's tariff is modified to conditionShipper's
primary corridor rights through any mainline constraintfrom the Sand Springs
receipt point to the Ignacio Bondad (orLaPlata-TW) delivery point(s) to have
a scheduling priority whichwill be subordinate to the scheduling priority for
any firm shipperwith primary corridor rights that encompass and extend beyond
theSand Springs to Ignacio Bondad (or LaPlata-TW) corridor.

5) Available for TF-1 or TF-2 transportation service.? TF-2 servicewill not
be discounted below Northwest's current Tariff filed ratefor TF-2 service.?
Additionally, TF2 service must be linked torequester's designated storage
contract or storage ownershipright. TF-2 service shall include the following
subordinatescheduling priority language:

Section 14.1(d)(i) of Northwest's tariff is modified to conditionShipper's
primary corridor rights from the Jackson Prairie receiptpoint to the
_____________ delivery point to have a schedulingpriority at any northflow
constraint point in that corridor that issubordinate to the scheduling
priority for any firm service withunconditioned primary corridor rights
through such constraint point.

6) Available for TF-2 transportation service only. TF-2 service willnot be
discounted below Northwest's current Tariff filed rate for??? TF-2service.?
Additionally, TF2 service must be linked to requester's designatedstorage
contract or storage ownership right.? TF-2 service shall include thefollowing
subordinate???????? scheduling priority language:

Section 14.1(d)(i) of Northwest's tariff is modified to conditionShipper's
primary corridor rights from the Jackson Prairie receiptpoint to the
_____________ delivery point to have a schedulingpriority at any southflow
constraint point in that corridor that issubordinate to the scheduling
priority for any firm service withunconditioned primary corridor rights
through such constraint point.

7) Capacity is not to exceed a one month primary term with
evergreenlanguage.? Any offers with terms greater than one month will need to
beevaluated for possible seasonal flow conditions that may restrict the
available capacity beyond a one month term.

8) This capacity is currently under contract with an evergreen clause.This
capacity can be made available by providing one business day
writtentermination notification to the current holder of the capacity.

9) This capacity is currently under contract with an evergreen clause.This
capacity can be made available by providing ten business days
writtentermination notification to the current holder of the capacity.

10) This capacity is currently under contract and does not contain an
evergreen clause.

11) This capacity is "mitigated" capacity and will not contain an ?evergreen
clause.

12) This capacity is available only for the term offered.? No evergreen
clause available.

PROCEDURE FOR REQUESTING AVAILABLE ANDPOTENTIALLY AVAILABLETRANSPORTATION
CAPACITY

To request Potentially Available Transportation Capacity available on the
firstday of December 2000, Shipper must submit a Prearranged Offer in the
form of theLetter Agreement provided below.? This Letter Agreement must be
receivedby Northwest no later than 2:00 pm Central Time on November 14,
2000.? Northwestwill accept or reject the Prearranged Offer by no later than
the end of of thegas day on November 14, 2000. If the Prearranged Offer is
acceptable, Northwestwill provide a 10-day termination notice to the current
holder of the Capacity,post the Prearranged Offer for bid, and Award the
capacity no later than twobusiness days after the Bid Close Date.? Unless
otherwise specified in thisposting, bids will be evaluated and awarded
pursuant to the procedure set forthin Northwest's tariff.

To request the Potentially Available Transportation Capacity with the?
onebusiness day termination provisions as indicated by footnote "8)",?
Shipper mustsubmit a Prearranged Offer in the form of the Letter Agreement
provided below.Upon receipt of this Letter Agreement Northwest will either
accept or reject thePrearranged Offer within 24-hours. If the Prearranged
Offer is acceptable,Northwest will provide the one business day termination
notice to the currentholder of the Capacity, post the Prearranged Offer for
bid, and Award thecapacity no later than two business days after the Bid
Close Date.? Unlessotherwise specified in this posting, bids will be
evaluated and awarded pursuantto the procedure set forth in Northwest's
tariff.

To request Available Transportation Capacity, Shipper must immediately submit
aPrearranged Offer in the form of the Letter Agreement provided below.?
Northwestwill accept or reject the Prearranged Offer within two (2) business
days ofreceipt of the prearranged offer.? If the Prearranged Offer is
acceptable,Northwest will post the Prearranged Offer for bid, and Award the
capacity nolater than two business days after the Bid Close Date.? Unless
otherwisespecified in this posting, bids will be evaluated and awarded
pursuant to theprocedure set forth in Northwest's tariff. Northwest has the
right to re-postAvailable capacity for bid with or without prearranged offers.

??????? _________________(Date)

____________________________ (Company Name)____________________________
(Company Address)____________________________ (City, State, Zip)

VIA FACSIMILE - (801) 584-7076

Northwest Pipeline Corporationc/o Williams Gas Pipelines - WestAttn: Candace
C.? Karpakis295 Chipeta WaySalt Lake City, UT 84158

Re:???? Prearranged Offer for Available or Potentially Available
TransportationCapacity on Williams' Northwest Pipeline Transmission System

Dear Candace:

_______________________ ("Shipper") submits the following bid for available
orpotentially available transportation capacity ("Capacity") designated as
package_____ on Northwest Pipeline Corporation's ("Northwest") "Notice of
Available orPotentially Available Firm Transportation Capacity" dated
December 6, 2000.? Shipper recognizes and agrees that the Capacity will be
subject to the SpecialConditions set forth in this posting.? Shipper's
request? is?? or?? is not ?(circle one) contingent upon confirmation that its
offered discount rate rovides use of receipt/delivery points outside the
receipt/delivery point orridor specified in the package.? If maximum rate is
offered, this provision oes not apply.? Shipper understands that its
prearranged offer is subject to the pecial Conditions described below.

Shipper understands that Northwest will post the prearranged details of
thisoffer for such Capacity for bidding and Shipper will have the right to
match thehighest bid value upon close of the bid process.? Northwest will not
disclosethe identity of the prearranged bidder in such posting.

Service Type:?????????? TF-1 Large Customer

Contract Demand(Dth/d): ____________________

Receipt Point(s)(if other than those posted for the designated package
ofcapacity)????????????????????????? ____________________Delivery Point(s)(if
other than those posted for the designated package
ofcapacity)??????????????????????????????? ____________________Daily
Reservation Rate: $_______/Dth? (applicable surcharges, volumetric charge&
fuel are additive)

Term:______________________________to___________________________________

Evergreen Requested (circle one):?????? Yes?? or???? No

Identity of any affiliate of Northwest involved in Shipper's transaction:
Indicate "None" or "Name the Affiliate":?
_________________________________________________

Northwest's acceptance of Shipper's prearranged offer for the Capacity
willconstitute a binding agreement between Northwest and Shipper.? Shipper
shall beawarded the Capacity at the terms agreed upon in this Letter
Agreement if nobids are received with a greater economic value for such
Capacity during the bidprocess. If Shipper elects to match a bid with a
greater economic value, itshall be awarded the Capacity according to the
terms of the matched bid. Shipperagrees to electronically execute a service
agreement on Northwest's ElectronicBulletin Board which confirms the terms of
the final accepted transaction.

If you have questions or comments regarding the above referenced
information,please contact __________________________ at
______________________(Phone Number) ______________________(Fax Number).

Sincerely,

______________________________????????????????
(Name)______________________________???????????????? (Title)

(Accepted? /? Rejected) by Northwest:

Date: _______________?? Name: ________________________________

SPECIAL CONDITIONS(For Prearranged Offer Agreement)

If the prearranged offer for the Capacity is accepted at a discount rate
whichprovides for the use of receipt/delivery points outside the
specifiedreceipt/delivery point corridor for the Capacity, the accepted
prearrangedoffered discount rate shall apply no matter which receipt and
delivery pointsare utilized by Shipper, or any temporary replacement Shipper,
under capacityrelease transactions, including segmented releases.? If the
accepted prearrangedoffered discount rate for the Capacity does not provide
for use of eceipt/delivery points outside the specified receipt/delivery
point corridor forthe Capacity, the accepted prearranged offered discount
rate shall apply toShipper, or any temporary replacement Shipper, only to the
extent that bothShipper and any temporary replacement Shipper utilize receipt
points withintheir respective primary firm receipt/delivery point to primary
firm deliverypoint corridors, otherwise, Shipper will be liable for
Northwest's maximumtariff rates.

If you are interested in discussing any of the Available or
PotentiallyAvailable Capacity, please call Candace Karpakis at (801) 584-6996
(work) or at(801) 971-5983 (cellular).

Word:? F:\NWP Capacity Postings\2000 All Shipper Notices\01-181 12-06-2000??


Brent and Sara:
Here is where we ended up yesterday after discussing the LC situation with Debbie:

1.	Debbie and her group will initially review each LC that has been posted to Enron to determine if it is "transaction specific" or if it covers all trades with the counterparty.  If it is transaction specific and the counterparty has performed, then no further action is required.  If the counterparty has not performed then Debbie will work with us to see if a draw can be made.

2.	If the LC covers all trades, Debbie will send copies of the LC and the transactions docs to me and we will determine what rights, if any, we have to draw.  Each month, we will focus on those LC's that are due to expire that month.

Call me if you have any questions.  We will distribute the work to the trading lawyers as the need arises.

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-3393 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com


(1)  Susan sent PSE&G a sample ISDA on 5/5/99

   (2)  I spoke with attorney on 5/13/99 and am awaiting further credit info
from the CP before turning around a draft.

By copy of this e-mail, I am asking Susan to follow up and report back to
you.  Sara


Paul called DLJ yesterday.  No calc. sheet as of yet.  I don't have a
template for an equity swap, but I can attach an internal format we've used
for some swaps with the Merchant assets group.


Attached are the notes from this weekend.  Everything went fine with the migration except that some of the processes were slow.

Thanks,
Chris and Amy


Thank you for your timely response to FERC's data request.  To date, I have
received responses to questions 2-8.  The only oustanding items are responses
to question #1 and a portion of #4 (unit identifier).  It is understood that
the responses for #1 will be availalbe after September 15 and the additional
information for #4 will be available this week.  We will look over your
responses and call you if clarification or additional information is
necessary.  We will treat as you requested #2, 3, 4, 6, and 8 as Confidential.

You were correct is responding only to the WSCC.  We did not purovidea
separate data requests to Enron Wind.  In not doing so, what information are
we missing from our data requests?  Please e-mail me a response to this
questions.  For any other concerns please continue to use e-mail or contact
me at 202-208-2493.

Thanks!