Note:  The following was sent out by CERA and has a short term forecast of
prices and alternate fuel pricing.  Note the price differential forecasts by
basin.

**********************************************************************
CERA Alert: Sent Wed, November 15, 2000
**********************************************************************

Title: Midmonth Report: Early Warning
Author: N. American Gas Team
E-Mail Category: Alert
Product Line: North American Gas ,
URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5526&m=1420 ,

Alternative URL:
http://www.cera.com/client/nag/alt/111500_18/nag_alt_111500_18_ab.html
*********************************************************

After a warm October, the first cold weather this year
has provided an early warning of what winter could bring
for the gas market. Cold weather across much of the
great plains and a cold forecast for larger heating
markets in the Midwest and Northeast have driven a surge
in gas prices of more than $1.00 per million British
thermal units (MMBtu) over the past week. This rebound
in price highlighted the continued tightness of supply
and moved the price of gas back above that of residual
fuel oil, assuring that dual-fuel loads remain off of
gas. Supplies for the winter are not adequate to allow
most dual-fuel end users to burn gas. If this cold snap
extends through the remainder of November, a heavy
early-winter draw on storage could set the stage for
unprecedented high prices through the winter.

Though storage inventories have reached near the 2,750
billion cubic feet (Bcf) level, they remain at a record
low heading into the heating season, and even a normal
winter would reduce inventories to a near record or
record absolute low by spring. This supply tightness
places the gas price playing field in the broad
territory above the resid price (near $5.00 in the Gulf
Coast) and into a range potentially testing the next,
difficult level of demand resistance. This resistance
could come from switching to distillate oil, but low
distillate inventories and high distillate prices mean
that switching would require a gas price above $7.50 per
MMBtu, and any move to switch to distillate would likely
drive prices of both commodities higher. Rather, a
combination of some switching to resid in industrial
boilers and a shutdown of a few more price-sensitive end
users may be required. None of these measures comes
easily or cheaply, however, and they can be overwhelmed
by weather-driven swings in demand. As a result, as cold
weather settles in, CERA expects heightened price
volatility at levels above the price of resid and
extreme sensitivity in the market to weather and weather
forecasts. Under normal weather conditions, CERA expects
Henry Hub prices to average $5.70 during December (see
Table 1), which by itself would represent an all time
high for December. But even this estimate could prove
low. If the current cold snap extends through early
December, prices could easily climb into the $6.50-$7.00
per MMBtu range.

Gas Storage-The Record Low Maximum
CERA estimates that storage inventories reached a
maximum of 2,746 Bcf as of the end of October, a record
low for that month by 64 Bcf (see Table 2). Even this
level was reached only through a fortunate combination
of a lack of storms in the Gulf of Mexico and consistent
warmth through most of October. The withdrawal season is
likely to have begun this week, however, and in a strong
way. The cold weather now settling in is likely to
offset warmth early this month, increasing the
withdrawal rate this November to 3.5 Bcf per day on
average, well above the 1.0 Bcf per day average rate of
the past two years. By the end of this month, the US
inventory deficit is likely to have widened again, to
350 Bcf.

CERA estimates that normal December weather would
require storage withdrawals of approximately 17.0 Bcf
per day, which is above last year's rate of 16.6 Bcf per
day. This year, however, this withdrawal rate would
apply consistent pressure in the market through December
and beyond, as it would keep inventories on a path to
reach 756 Bcf by the end of March, just below the 1996
all-time end-of-March low of 758 Bcf. So long as
inventories remain on this path the pressure does not
end even with the end of winter, as a significant
increase in injections next year would be required for
inventories to reach even 2.6 trillion cubic feet (Tcf)
by next fall. Although the supply build will begin to
help by late winter, it is unlikely to be of the
magnitude required both to offset power generation
demand growth and to allow this increase in storage
injections to occur-unless demand continues to be priced
out of the market.

Demand-Keeping Warm
After last year's warm winter, CERA expects a strong
rebound in heating demand, and this week's weather and
forecast reinforce that expectation. Weather last winter
(November through March) was the warmest of the decade,
and there will be a significant rebound in heating
demand in the residential and commercial sectors as
weather returns toward normal this heating season.

Under normal weather conditions,
* Average heating demand through the winter would be 3.5
Bcf per day higher than last year's.

* Monthly average heating demand through the winter
would be 36.7 Bcf per day, peaking at 45.6 Bcf per day
in January.

* December heating demand would increase by 4.8 Bcf per
day relative to last December.

Weather 5 percent colder than normal could further
increase December demand by 1.8 Bcf per day relative to
normal weather; likewise, a 5 percent warmer-than-normal
scenario could decrease demand by 1.7 Bcf per day
relative to normal weather.

Fuel Switching
With natural gas markets this tight, there is
significant pressure for demand to be backed out of the
market. Residential and commercial demand is inelastic
to price in the short run, which leaves industrial
demand and power demand as the only relief valve for the
market. This winter we expect

* all plants capable of burning residual fuel oil as an
alternative to gas to do so

* a loss of 700 million cubic feet (MMcf) per day of
demand for power generation relative to last winter

* industrial consumers to switch the equivalent of 500
MMcf per day off of gas

* gas prices to act as a ceiling for residual fuel oil
prices, as much as resid will act as a floor for gas

For December CERA expects an overall demand increase of
4.5 Bcf per day relative to last December and a 14.4 Bcf
per day increase in demand relative to November, with
increasing heating load offset somewhat by fuel
switching.

Supply-The Rebound
The pressure from increasing demand and lower storage
inventories is intense, but US supply is beginning to
rebound. The recent steep decline in US lower-48
capacity is expected to reverse in late 2000, given the
soaring gas-related rig count.

* The success in reversing the decline in the Gulf of
Mexico is related to the combination of

- the ramp-up of the Hickory and Tanzanite subsalt
discoveries on the shelf, adding to the recent startup
of the Muni field; these fields could add over 0.5 Bcf
per day later in 2001

- the response of the shallow water to the strong
late 1999 turnaround in drilling activity

* Other important capacity additions are occurring in
the deepwater Gulf of Mexico, with 0.5 Bcf per day in
2000 and 2001, and onshore, led by the Bossier sand play
in Freestone County, Texas, the Barnett Shale play in
Wise County, Texas, and the Powder River Basin coal seam
play.

* Further increases in drilling are likely to slow. New
deep land rigs are under construction and shallow rigs
are being refurbished with cannibalized parts from older
rigs. Producers are experiencing delays in obtaining
rigs as the supply of quality rigs depletes and drilling
companies struggle to round out drilling crews.

Regional Markets-Wild Winter in the West
Extremely cold weather in the West has brought Rockies
prices close to parity with Henry Hub prices and
triggered early season spikes at Sumas in the north and
Topock in the south. Pipeline maintenance on El Paso is
exacerbating the regional demand pressure and has
contributed to Topock differentials of over $2.00 per
MMBtu. Tight pricing relationships to the Henry Hub in
the San Juan and Rocky Mountains should hold through
February, with significant widening in differentials as
heating loads decline.

Winter has arrived in earnest across North America, but
the start-up of firm transportation service on Alliance
is delayed once again, this time until December 1.
Nonetheless, flows on the pipeline are under way; CERA
estimates that flows during October averaged 450 MMcf
per day. During November that total should climb to 750
MMcf per day, despite the later published start date.
With or without Alliance flows, a weather-driven rebound
in midwestern demand relative to November and December
last year should keep prices in Chicago at a significant
premium to Henry Hub prices. In the Northeast,
differentials remain extremely strong and exposed to
spikes throughout the winter, despite greater flows into
the region from Atlantic Canada this year (see Table 3).

CERA's outlook by region follows:
* Rockies. Very cold weather within the region has
brought Rocky Mountain prices near parity with Henry Hub
prices. A break in the cold or a cold snap in the East
will likely widen the differentials, but strong heating
demand in the region will keep differentials within
about $0.25 per MMBtu below the Henry Hub price. CERA
expects a December average differential of $0.25 per
MMBtu; however, this differential is expected to show
significant volatility based on regional weather. A warm
week in the Rockies could still push differentials
toward $0.50 per MMBtu.

* San Juan. San Juan prices will continue to hold close
to Rockies prices through the winter, with significant
pipeline capacity between the two regions. Heating loads
in the Rockies will determine the San Juan to Henry Hub
differential, with extended cold weather in the Rockies
pulling both prices close to the Henry Hub price. CERA
expects the December differential in the San Juan Basin
to average $0.20 per MMBtu.
* Permian and Mid-Continent. Unlike prices within the
rest of the West, differentials between the Henry Hub
and the Mid-Continent and Permian Basins are likely to
trade within a relatively narrow range during the
winter, as supplies from those basins are pulled either
east or west, depending on regional weather. CERA
expects a Permian to Henry Hub differential of $0.11 per
MMBtu and a Mid-Continent differential of $0.08 per
MMBtu for December.
* Chicago. Alliance flows into the Chicago market are
now running close to 750 MMcf per day. However, the
onset of the heating season has offset those increased
flows and pushed Chicago differentials up to near $0.15
per MMBtu relative to the Henry Hub, despite delays in
the completion of the Vector pipeline. CERA expects the
strong pricing at Chicago to continue, and December
differentials should average $0.25 per MMBtu.

* Northeast markets. Assuming normal weather, we expect
to see December basis for New York relative to Henry Hub
at $1.03 per MMBtu. New England will likely see prices
$0.05-$0.15 higher, depending on the pipeline. Much of
this increased basis differential is caused by fuel
costs. For example, with a 9 percent retention rate from
the Gulf Coast into New England, last December would
have seen retention costs of approximately $0.22; at
$5.70, that same retention equates to $0.50. Despite
additional volumes of gas deliverable into the Northeast
from the Atlantic Canadian fields, there have been no
additional regional pipeline facilities to deliver this
gas to the local markets, and an additional 166,000
MMBtu per day of potential demand will compete for the
capacity. Because of this tightness, should this month's
weather be colder than normal, we could see severe
spikes in basis similar to those seen in January 2000.
These spikes could even exceed the highs seen in
January, depending on the severity of any cold snaps and
the extent to which new electric loads are realized.

Canadian Markets-Winter Begins
The colder-than-normal weather has increased demand in
western Canada but is only now being felt in the East.
Storage peaked in the West in early October at
approximately 225 Bcf below last year's level and 6 Bcf
below the five-year average. Even with modest
withdrawals since that time, storage inventories are
still estimated to be adequate to meet winter needs.
Easter Canadian storage has continued to grow, pushing
levels to over 245 Bcf, 11 Bcf above last year and well
above the five-year average. With the eastward movement
of the colder weather, withdrawals are likely to begin.
This higher level of eastern storage will be useful with
the expected reduction of flows on TransCanada.

The good news resulting from the cold is a more normal
"freeze-up," which bodes well for a longer winter
drilling season. Gas well completions are expected to
reach 8,500 for 2000 and will likely be even higher next
year.

Further Delays for Alliance?
The "commercial" in-service date for Alliance has been
delayed until December 1, the result of a combination of
problems with clearing the line, delays in the
completion of the Aux Sable liquids extraction plant,
the delay of Vector, and a lack of supply. The pipeline
has been flowing gas, however, with volumes building up
since September. It is estimated that flows for November
will average 750 MMcf per day. TransCanada has taken the
full brunt of the Alliance flows so far, with Northern
Border and PGT remaining strong. December should see
Alliance flows build to between 900 and 1,000 MMcf per
day, with modest reductions in flows on Northern Border
and PGT. Storage withdrawals will likely keep
TransCanada reductions close to 350 MMcf per day, year-
over-year, until Vector begins service to eastern
Canada.

High Prices: Strong Pull West
The high demand in the Pacific Northwest has also
provided strength for AECO. The AECO-Henry differential
has dropped to the high $0.30s and low $0.40s as a
result of this increased pull. For December, the
differential is expected to average $0.50 per MMBtu, for
a resulting AECO average of C$6.97 per gigajoule
(US$5.10 per MMBtu).

**end**

Follow URL for PDF version of this message with associated Tables.

*********************************************************
CERA's Autumn 2000 Roundtable event dates and agendas are now available at
http://www.cera.com/event
*********************************************************

**********************************************************************
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Copyright 2000. Cambridge Energy Research Associates


SK - I printed this out.  mm

Maureen in case he did not received before.

Maureen McVicker@ENRON

12/22/2000 03:47 PM

To: Bill Donovan/EPSC/HOU/ECT@ECT, Christie Patrick/HOU/ECT@ECT, Cynthia
Sandherr/Corp/Enron@ENRON, Elizabeth Labanowski/EPSC/HOU/ECT@ECT, Jackie
Gentle/LON/ECT@ECT, James D Steffes/NA/Enron@Enron, Jane
Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe Allen/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@ENRON, Joe Hillings/Corp/Enron@ENRON, John
Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lindolfo Ernesto
Paixao/SA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Mark
Schroeder/LON/ECT@ECT, Michael Terraso/OTS/Enron@ENRON, Mike
Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mike G Smith/NA/Enron@Enron,
Nicholas O'Day/AP/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Peter
Styles/LON/ECT@ECT, Tom Briggs/NA/Enron@Enron
cc: Richard Shapiro/NA/Enron@Enron, Cindy Olson/Corp/Enron@ENRON

Subject: 2000 ACCOMPLISHMENTS

Steve Kean would like each of you to send him a list of your accomplishments
for 2000.

If you have already provided the list to Steve, please disregard this email.

DUE DATE:  Close of business, Thurs., Jan. 4


Ryan Williams
East Power Trading
Enron North America
(713) 853-4793


Roman and Karen,

Dyaniese put together this great Excel analysis for you which I have reviewed.  It shows a comparison by billing period of the old invoice without renewable billing with the correct invoice amount with renewable billing.  The net difference for calenday year through August (most up to date info) is $14,410.90.

Please review the analysis.  If you have questions, please give me a call.  (And, Dyaniese, great work.)

Thanks,

Bill


- winmail.dat


Sally

Further to our discussion on Friday I summarise my view of Joe Gold's issues
with the MO control process

Joe expressed some frustration with the current status as follows: -

The DPR has historically been 'filled with noise' around adjustments for
edits on trades, provision restatements etc which negates it's effectiveness
for him as a control/supervisory report
The risk team appear to have been reacting to p&l 'noise'  - particularly
around transmission adjustments rather than proactively finding booking
solutions - or instructing IT to flex Enpower
Settlements have gained a perception in the market place for 'errors' such
that originators are informing Joe that business is being 'lost' due to our
perceived inability to support transactions - ( must be careful here as no
specifics on errors have been provided )
The risk team ( post Neil Tarling's transfer to EBS ) is relatively junior
and does not possess many 'years' of experience of Power support
James New as Power,Gas and Credit Controller has ( necessarily ) too broad a
role for him to focus on these detailed issues

In mitigation

The recent continental book split ( which is only now being 'settled' in to
the daily process) and the clean up of historic provisions/reserves prior to
Neil Tarling's transfer has exaggerated the base issue around certainty of
daily p&l
Designing an approximate booking process for transmission has not been a top
priority for the risk team in the recent past ( this was either wrong or the
prioritisation call  was not  effectively communicated to Joe ) - and it is
felt that there are no IT resources to code  these solutions to Enpower (
also London struggles to influence Houston IT resource prioritisation )
The settlements infrastructure has been supporting a business volume growth
it is not designed for and supporting acitivity on this platform requires
'skilled' staff ( we are down on resources for Continental Power ) -
continuing growth in volumes are expected along with junior settlement staff
being asked to join Commercial groups
We are  experiencing  generational  change as a result of Barry's move to EBS
- resourcing is James and my top priority

I believe what Joe is asking for, is what we are trying to provide - namely :

upgrade in resourcing in the risk group where we are insisting that the lead
individual has full responsibility, end to end, for the business including
the assessment of operational risk and effectiveness of the business process,
focus on identifying and implementing the necessary quick hit solutions that
eliminates 'manual workarounds' and consequently 'noise' in the process
more proactive communication with Commercial - especially to manage
expectations
a definitive plan for how the strategic upgrade in applications architecture
for MO will benefit/change his business support

However, we are behind in finding the 'right' replacement for Neil ( one with
experience and breadth of view potential ), we have found a continental power
settlemetns manager but he does not arrive until July 3 rd, we have been
struggling with book split when that should have been completed a month ago
and it is taking time to get all the ducks lined up re our plans for
Enlighten/DTL/EnVoice/Autoconfirms/DCAF - hence his frustration about lost
business opportunities NOW!!

Hence I would love to find someone who could deliver the above ( ie be Neil
Tarling's replacement ) or could assist us in
providing and communicating the judgement calls on transmission and other
adjustments - so improving perception of C.P. DPR
prioritising and influencing Enpower development agenda ( along with others )
project manage issues around 'unstable' documentation and settlement process
vis a vis client sensitivity
provide leadership in changing expectations/perceptions

I'm sorry for the length of the note but it may help you in determining a
'best fit' person

Please call if any of the above is unclear.

Mike


Do you have an address for them?

	Daniel Diamond/ENRON@enronXgate
	04/17/2001 11:35 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Bob Shults/ENRON@enronXgate
		 Subject: TFS LOI

Tana,
Please send an LOI regarding Broker Client to Alan Kurzer of TFS Energy LLC
(akurzer@tfsbrokers.com).  The terms are as follows:

Term:  1 year
Commodities: North American Gas and US Power
Price:  $200,000/each or $300,000 for both
Thanks,

Dan


Sure, thanks.  Jeff

   Hector Campos                12/13/2000 03:13 PM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Wharton Club

Jeff,

Happy Holidays!

I met with the Wharton Club of Houston yesterday. The president is
Jon E. Zagrodsky, assistant principal at McKinsey. They are trying
to get the club "restarted" again. They are planning on having some
social events next year, as well as some speaker events. The club
is partially supported by the school. I will be providing them with
the email addresses of all wharton undergraduates here at Enron,
as well as in other companies. Would you like to be in their distribution
list? The club is for undergrads as well as for grads.

Let me know what you think.

-Hector


I have been told this counterparty has scheduled some maintenance for March
22nd through March 23rd or 24th.

 HPL  is selling them 2.0/day ; Sitara #: 92794.  The 2.0/d is the only
activity at the meter.

 Please advise.


hey you! someone sent me this e-mail, and i thought of you. it's kind of long, but read it anyways ok-bye.
maybe god wanted us to meet the wrong people before meeting the right one so that when we finally meet the right person, we will know how to be grateful for that gift.
maybe when the door of happiness closes, another opens, but often times we look so long at the closed door that we don't see the one which has been opened for us.
maybe the best kind of friend is the kind you can sit on a porch and swing with, never say a word, and then walk away feeling like it was the best conversation you've ever had.
maybe it's true that we don't know what we have got until we lose it, but it is also true that  we don't know what we have been missing until it arrives.
giving someone all your love is never an assurance that they will love you back. don't expect love in return; just wait for it to grow in their hearts; but if it does not, be content it grew in yours.
it takes only a minute to get a crush on someone, an hour to like someone, and a day to love someone, but it takes a lifetime to forget someone.
don't go for looks; they can deceive. don't go for wealth; even that fades away. go for someone who makes you smile because it takes only a smile to make a dark day seem bright. find the one that makes your heart smile.
there are moments in life when you miss someone so much that you just want to pick them from your dreams and hug them for real.
dream what you want to dream; go where you want to go; be what you want to be, because you only have one life and one chance to do all the things you want to do.
may you have enough happiness to make you sweet, enough trials to make you strong, enough sorrow to keep you human, enough hope to make you happy.
always put yourself in other's shoes. if you feel that it hurts you, it probably hurts the other person, too.
the happiest of people don't necessarily have the best of everything; they just make the most of everything that comes along their way.
happiness lies for those who cry, those who hurt, those who have searched, and those who have tried, for only that can appreciate the importance of people who have touched their lives.
love begins with a smile, grows with a kiss and ends with a tear.
the brightest future will always be based on a forgotten past, you can't go on well in life until you let go of your past failures and heartaches.
when you were born, you were crying and everyone around you was smiling. live you life so that when you die, you are the one who is smiling and everyone around you is crying.


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June Nasdaq futures weaker today. Prices are trading sideways but are
still within striking distance of the April high of 1995. Sideways
trading the past week has negated a fledgling four-week-old uptrend
on the daily bar chart. Bulls still have some heavy lifting to do and
their next upside objective is resistance at the key 2,000 area.
First support is seen at the 1,732 area.

June S&P 500 futures closed firmer today. Prices have leveled off the
past week, after rallying solidly off the early-April low.
Technically, bulls still need to push prices above the 1285
resistance area. My bias is still that any recovery in the stock
market and the stock indexes won't be dramatic, but a slower grind
higher, with fits and starts. First resistance is seen at 1285.00.
First support is seen at 1206.00.

LIVESTOCK: June live cattle closed $0.28 higher at 70.25 today.
Prices scored a consolidative "inside" day on the daily bar chart
today. On Wednesday, prices gapped sharply lower and hit a fresh
eight-month low. Reports that cash cattle traded $1.00 lower this
week sent the futures market tumbling. The June futures are still
overextended on the downside, technically, on a short-term basis. The
bears are in full control of the market. Prices are trading way below
an accelerating two-month-old downtrend line on the daily bar chart.
Next support, basis June, is seen at $69.82--Wednesday's low. First
resistance comes in at the $70.50 level.

August feeder cattle closed up 53 cents today at $80.00. Prices also
posted a corrective rebound after the sharp losses Wednesday. Recent
history continues to play out, as the market bounced up from the
losses of the past two days. But if prices break down below the
bottom of the recent trading range, which is right at Wednesday's low
of $87.40, then the door is opened to a lower trend down to the
January low just above the $86.00 level. Next resistance is seen at
$88.30. First support is seen at $87.40.

June lean hogs closed firmer today. The bears still have the momentum
on their side at present. Next support lies at $67.00--today's low.
First resistance is located at the 69.00 level.

GRAINS: July corn futures closed 6 3/4 cents lower at $1.98 1/4
today. A bearish USDA report indicating large carryover stocks of
corn pushed prices lower today. Prices closed near the session low,
after gapping sharply lower on the daily bar chart. Prices were under
pressure earlier this week after weekly crop progress reports showed
good corn-planting progress in the U.S. The past 25 years of chart
history shows nearby corn futures prices do not stay below $2.00 very
long. However, the shorter-term technicals are very bearish at
present, and would-be bottom pickers don't want to stand in front of
a freight train. Next support is now seen at $1.95. Next resistance
is seen at today's high of $2.03.

July soybeans closed 4 1/2 cents lower at $4.35 today. Prices closed
near the session low amid a bearish USDA report released this
morning. The bearish report did put pressure on the market, but not
the strong pressure corn saw. Traders have factored much of the
bearish news into the soybean market. Odds are lessening that a minor
bull flag could be forming on the daily bar chart. Bears still have
the solid advantage. Fundamentally, there is not much in the way of
good news for bulls right now. I would not be surprised to see the
commodity funds make another downside push in beans in the near term.
It's going to take a significant weather scare this spring or summer
to force prices solidly higher. First resistance is seen at the $4.45
area and then $4.50. First support is seen at $4.30.

July soybean meal closed off $1.80 at $154.50 today. Prices did not
put in that bad of a performance today, given the bearish USDA
report. Prices this week are consolidating after they pushed to a
fresh eight-week high last Friday. Recent price action is still
encouraging to the bulls and is one sign the lows are in place in the
meal market. Next resistance comes in at the $158.50 area. First
support is seen at $154.00.

July bean oil closed 6 points lower at 14.77 cents today. Prices
scored a fresh contract low today of 14.75 cents. Oil is technically
weaker than beans or meal right now. But I would be surprised if
there is much downside left in oil. Next resistance comes in at 15.00
cents. Next support is seen at 14.50 cents.

July Chicago wheat closed 2 3/4 cents higher at $2.68 1/2 today. A
bullish USDA report boosted wheat higher, but prices did back off
from the highs and close near the session low, due mostly to the
weakness in corn and soybeans. Prices just Wednesday touched the
contract low of $2.65. If prices can post a strong bounce in the next
couple sessions, a double-bottom reversal pattern could be forming on
the daily bar chart. Bears are in command. Serious technical damage
has occurred the past few sessions. First support lies at the
contract low of $2.65. Next resistance is seen at $2.73--today's
high.

K.C. July HRW wheat closed up 5 cents at $3.27 1/4 today. A bullish
USDA wheat production figure today boosted HRW. Prices gapped higher
on the daily bar chart, but backed well off the highs by the close.
It will be important for bulls to show some follow-through strength
on Friday. Serious chart damage has been inflicted the past few
sessions and bears still rule. For bulls to get back in the ballgame,
they need to push prices north and fill the downside gap on the daily
bar chart (created last week) by pushing prices to the $3.34 area.
That's a tall order right now. Next resistance is seen at the $3.31
level-- today's high. Next support is seen at $3.21 1/2.

SOFTS: July N.Y. sugar closed 6 points higher at 9.06 cents today. We
now could see a minor bullish pennant forming in sugar, on the daily
bar chart. This many times occurs as prices consolidate steep gains.
A three-month high was scored in July sugar late last week. The bulls
have good momentum and a steep and accelerating six-week-old uptrend
line is still in place on the daily bar chart. Next resistance now
comes in at 9.25 cents. First support is now seen at 8.80 cents.

July N.Y. coffee closed 65 points higher at 68.55 cents today. Prices
closed near the session high. The bulls have gained momentum of late.
This recent upmove is the most significant showing by the bulls since
mid-January. The fact that prices have not sold off sharply the past
few sessions is encouraging for the bulls, too--given recent price
history. Still, the bears could be setting a trap, like they did in
early January. If bulls can push prices above 70 cents and then see
follow-through strength, bears will begin to think this uptrend is
sustainable. First resistance comes in at 70 cents. First support is
seen 65.00 cents.

July N.Y. cocoa closed $28 higher today, at $1,050. Prices today
matched the six-week high scored yesterday, and finished close to the
session high. Tuesday's strong gap-higher trade on the daily bar
chart put the bulls back on a level playing field with the bears. If
prices can push higher Friday, bulls will have the edge. Prices this
week pushed above and negated a 2.5-month-old downtrend line on the
daily bar chart. Next resistance comes in at $1,060. First support is
now seen at $1,025.

July cotton closed 60 points lower at 44.83 cents today. Prices
scored a new contract low in the wake of a bearish USDA report.
However, most traders did expect the bearish figures in the
report--namely high carryover stocks. Cotton is presently in a strong
bear market. Right now, any rebounds are likely to be just selling
opportunities for the bears. But, my bias is still that we are not
that far from a bottoming process. Next support lies at 44.00 cents.
First resistance is seen around 47.00 cents. Would-be bottom-pickers
should beware.

July orange juice futures closed 80 points higher today, at 79.50
cents. Prices closed near the session high again today after
Wednesday pushing higher and filling an important downside gap area
on the daily bar chart. Today's USDA report was termed mostly neutral
by the trade. Bulls are gaining confidence after the past two days'
action. Next resistance is now seen at 80.00 cents. Next support
comes in at 78.00 cents.

METALS: June COMEX gold closed off $0.90 today, at $269.50. Prices
corrected a bit today after Wednesday's strong gains that pushed
prices to a two-month high. This market is in a nice uptrend since
scoring its early-April low. This week's type of price action is what
bulls needed to gain confidence to trek farther north on the chart.
Next resistance is located at $273. First support is seen at $268.00.

July silver closed down $0.065 today, at $4.35 an ounce. Prices sold
off sharply today after rallying sharply Wednesday. This should not
surprise many. Silver prices are still not that far above the
contract low. Prices are chopping at lower levels, and this suggests
a "basing" action that many markets need to change the trend from
down, to sideways, to eventually up. Next support is seen at $4.30.
First resistance is seen at $4.425. Bears still have the advantage.

July N.Y. copper closed 40 points lower today, at 75.95 cents. Prices
today matched the contract low scored in early April. The stock
market and the U.S. economy will have to be healthy before the bulls
can really get something going in copper. Next resistance is seen at
77.00 cents. Next support is seen at 75.00 cents.

ENERGIES: July crude closed $0.12 higher at $29.06 today. Prices
closed well off the high of $29.43. Bulls and bears are still at a
stand-off, but bull will gain the edge on a move above $29.50. Expect
more choppy trading. Next support is seen at 28.00. Next resistance
lies at $29.50.

July heating oil closed 5 points higher today, at .7715. Bulls still
have the slight edge. Look for more choppy trading in the near
future. Next support is seen at 75.00 cents. Next resistance is seen
at 79.00 cents.

July unleaded gasoline closed 29 points lower at 1.0040 today. Prices
scored a new contract high just Monday. Bulls are still in command as
peak driving season nears. Top-pickers beware! Next resistance is
seen at $1.03. First support is seen at $.9780.

July natural gas closed 13.7 cents higher at $4.41 today. After,
prices hit a fresh five-and-one-half-month Wednesday, we saw a
corrective bounce today. Next support is seen at $4.20 and first
resistance is at $4.50. This market is still short-term oversold,
technically.

FINANCIALS, CURRENCIES: The June Euro currency closed 32 points lower
at .8812 today. Prices scored a bearish "outside day" down today and
pushed to a fresh four-week low. Bears have the edge. The European
Central Bank (ECB) cut interest rates today, which initially boosted
the Euro, but those gains were short-lived. My bias is still that
there is not much downside left in the Euro. Look for more choppy
action in the near term. Next support is now seen at .8750. Next
resistance is seen at .8900.

The June Japanese yen closed 33 points lower at .8190 today. Bears
are in control. Bulls are hoping for some "basing" activity at lower
levels, and that may be occurring, although it's too early to tell.
Next support now lies at the .8100 level. First resistance is seen at
the .8326 level.

The June Swiss franc closed 3 points lower at .5744. Bears are in
command as prices scored a bearish "outside day" down on the daily
bar chart today. Prices pushed to a fresh four-week low today. Still,
my bias is that prices won't deteriorate much more. Next support is
seen at the .5700 level. First resistance comes in at the .5800
level.

The June Australian dollar futures closed unchanged at .5234 today.
Prices pushed to another fresh two-month high today. The bulls have
the advantage as a six-week-old uptrend line is in place on the daily
bar chart. First resistance is now seen at .5300. First support is
now seen at .5200.

The June Canadian dollar closed 20 points lower today, at .6478.
Monday's key reversal does not indicate prices are headed back toward
the lows seen a few weeks ago. What it does suggest is a downside
correction to the recent gains may occur over the near term. Bulls
still have the slight edge, on a short-term basis. This currency had
been near recent historic lows and I do not think there is much more
downside. Next resistance is seen at the .6548 level. First support
is seen at the .6450 level.

The June British pound closed 18 points higher at 1.4218. Trading
continues choppy at lower levels. This currency was not that far
above recent historic lows and I do not think there is much more
downside in the sterling. One could argue that price action the past
few weeks has been a "basing" before prices eventually turn north. A
move above the 1.4500 level would be considered a bullish "upside
breakout" from the recent congestion area. A move below 1.4100 would
be considered a bearish downside breakout. Next support is now seen
at the 1.4160 level. Next resistance comes in at the 1.4300 level.

The June U.S. dollar index closed 30 points higher at 116.52 today.
Prices scored a bullish "outside day" up on the daily bar chart, and
pushed to a fresh four-week high. Bulls have the momentum in the near
term. Next resistance lies at the 117.00 level. First support is seen
at the 115.50 area. My bias is still that a near-term top is in place
in the dollar index, but if prices push above the 117.00 area in the
near term, odds increase that a new high will be scored.

June U.S. T-bonds closed 1 6/32 lower today at 101 1/32. Bulls today
lost most of the momentum they had gained last week. A surprise
interest rate cut by the European Central Bank pressured the U.S.
debt market. See more on the bond market in this evening's
newsletter. Next support is seen at 100 even--par. First resistance
is seen at 102 16/32 level.

The June U.S. T-note closed off 27.0 (32nds) today at 104.12.5. Bears
have the slight edge and prices scored a bearish "outside day" down
on the daily bar chart today. First support is seen at the 104.00.0
level. First resistance is seen at 105.10.5--today's high.

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T O P   N E W S
_____________________________________________________________________

STOCKS

Japan Stocks Review: Nikkei falls 0.48% ahead of Friday's fixing
   http://news.ino.com/summary/?id=25286
US Equities Review: Nasdaq slips; Retailers, cyclicals support DJIA
   http://news.ino.com/summary/?id=25285
UK Stocks Review: Rate cuts boost fails to push FTSE over 6,000
   http://news.ino.com/summary/?id=25292

FOREX

US FX Review: Euro buckles after surprise ECB interest rate cut
   http://news.ino.com/summary/?id=25288
Asia FX Review: Trading stuck in a tight range in Asia
   http://news.ino.com/summary/?id=25293
Europe FX Review: Euro slides on surprise ECB rate cut
   http://news.ino.com/summary/?id=25287

CREDIT

US Credit Review: Bond dn 1 5/32, weekly jobs data spark sales
   http://news.ino.com/summary/?id=25284
Europe Credit Review: Curve steepens sharply on surprise ECB cut
   http://news.ino.com/summary/?id=25289
Japan Credit Review: Jun posts small gains in range-bound trades
   http://news.ino.com/summary/?id=25291

COMMODITIES

US Futures Summary: USDA data sink corn, cotton; natural gas up
   http://news.ino.com/summary/?id=25290

EXCHANGES

CFTC And SEC Propose Joint Rules For Security Futures
   http://news.ino.com/press/?release=23937
Pacific Exchange To Trade Options on Agere Systems Inc.
   http://news.ino.com/press/?release=23936
Minneapolis Wheat Options Open Interest Tops 10,000
   http://news.ino.com/press/?release=23567
Single-Day Volume Record For Kansas Wheat Options
   http://news.ino.com/press/?release=23566

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

BDN1   Oriented Strand Board Jul 2001             220.00      8.00  +3.77
NGM1   Henry Hub Natural Gas Jun 2001              4.348     0.153  +3.64
CCK1   Cocoa May 2001                               1096        30  +2.81
ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256   2 22/32  +2.66
XHM1   Lean Hogs Jun 2001                          68.55      1.73  +2.59
LHM1   Lean Hogs Jun 2001                         68.400     1.475  +2.20
ERY0   FTSE Eurotop 100 Cash                      3333.7      69.2  +2.12
PBG2   Frozen Pork Bellies Feb 2002               70.200     1.300  +1.85
KWK1   Wheat May 2001                                320         5  +1.59
HOK2   Heating Oil May 2002                       0.7056    0.0105  +1.49

LOSERS

XCN1   Corn Jul 2001                             198 1/4    -6 3/4  -3.29
CN1    Corn Jul 2001                             198 1/4    -6 3/4  -3.29
NGQ3   Henry Hub Natural Gas Aug 2003              4.067    -0.120  -2.95
ON1    Oats Jul 2001                             108 3/4    -3 1/4  -2.90
PAM1   Palladium Jun 2001                         660.60    -14.00  -2.08
SK2    Soybeans May 2002                         447 1/2    -8 1/2  -1.86
NDM1   NASDAQ 100 Index Jun 2001                 1841.00    -34.50  -1.84
SMH2   Soybean Meal Mar 2002                       146.5      -2.7  -1.81
SIU1   Silver Sep 2001                             4.375    -0.076  -1.71
XSX1   Soybeans Nov 2001                         422 1/4    -7 1/4  -1.69
____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

INGN   Introgen Therapeutics                        7.16      2.56  +55.65
FHRX   FIRST HORIZON PHARMAC'L                     24.66      5.44  +28.19
SRV    SERVICE CORP INTL                            5.86      1.23  +26.39
ROYL   ROYALE ENERGY                               15.06      3.13  +26.30
CVST   Covista Communications                       5.90      1.21  +22.83
NICK   NICHOLAS FINANCIAL INC                       7.00      1.11  +17.76
BIOI   BIOSOURCE INTL                              10.45      1.54  +17.26
PLCE   CHILDREN'S PLACE RETAIL STORES              28.58      4.18  +17.13
FPIC   FPIC INSURANCE GRP                          11.45      1.68  +17.11
MEDM   MEDAMICUS INC                                7.55      1.04  +15.52

LOSERS

CTLM   CENTILLIUM COMMUNICATIONS(IPO)              23.59     -8.00  -25.33
MAXC   MAXCO INC                                    7.50     -1.43  -19.07
VGIN   VISIBLE GENETICS                            15.05     -2.91  -16.62
AMCV   AMER CLASSIC VOYAGES                         5.45     -1.07  -16.34
RTIX   REGENERATION TECHNOLOGIES                   11.29     -2.17  -16.30
MCRI   MONARCH CASINO & RESORT                      5.45     -0.85  -15.45
USLBW  U.S. LABORATORIES WRRT                       5.95     -0.94  -15.44
APCS   ALAMOSA PCS HLDGS                           12.30     -2.18  -15.18
QLTI   QLT INC                                     23.81     -4.05  -14.54
AETH   AETHER SYSTEMS                              13.48     -2.26  -14.37

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FYI

 -----Original Message-----
From: 	eserver@enron.com@ENRON [mailto:IMCEANOTES-eserver+40enron+2Ecom+40ENRON@ENRON.com]
Sent:	Friday, April 13, 2001 9:00 AM
To:	jderric@enron.com
Subject:	<<Concur Expense Document>> - London

The Payment status has changed on the following report:

Status last changed by:  System
Expense Report Name: London
Report Total: $9,779.95
Amount Due Employee: $9,779.95
Amount Approved: $9,779.92
Amount Paid: $0.00
Approval Status: Approved
Payment Status: In Progress

To review this expense report, click on the following link for Concur Expense.
http://xms.enron.com


This picture is supposedly from a camera found in the wreckage of the WTC,
developed by the FBI for evidence and released on the net today.
The guy still has no name and is missing.


I followed up yesterday on this issue and was advised that the sign off is
circulating with in the St. Paul organization, due to the size of the
payoff.  The adjuster indicated that this process was routine.  He
anticipates having a letter/settlement agreement out to us by Friday.  Walt
if this comes to you by chance would you let me know immediately.


Audrey is doing great.  Dad is doing good. Mom is fair.  She's still struggleing with the new Mom stuff.  Not quite the picture book story she had hoped for.  Can't just hop up and do what she wants anymore.  She's a big advocate for birth control now!!

 -----Original Message-----
From: 	"James S. Homco" <jhomco@minutemaid.com>@ENRON
Sent:	Thursday, May 23, 2002 8:40 AM
To:	Germany, Chris
Subject:	RE: Interesting !!!

Forget about unimportant work stuff...how are Ingrid and Audrey ???
And is Dad treating them well ??


All

I have received a few notes about this since this one but I will try to
respond to all questions here. Please see below responses in RED:

	Enron Capital & Trade Resources Corp.

	From:  Jane Allen                           08/03/2000 17:54

To: Tara Rozen/LON/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Kim
Melodick/HOU/ECT@ECT

Subject: Transitional Assignments

Please note this is confidential at this point!

To document what we discussed by phone, I met with Sally Beck and Brent Price
today.  Fernley Dyson has a vacancy that he is attempting to fill, but it may
be 3 to 6 months before the position is up and running.  To accomplish the
need in the meantime, Sally and Brent have agreed to share the duties as
follows:

Brent - April 1 to June 15
Sally - June 16 to August 15

They are traveling to the UK the week of 3/20 and would like to schedule some
time with you on either Monday afternoon or Wednesday.  Please let us know
what is good for you.
I have free time on the morning of the 20th. I will book out a room from
11-12am in HR. Please let me know if this is a problem.

Issues:

Housing - They will each be bringing their families with them (Brent - spouse
and 2 small children - the baby will need a crib; Sally - husband and 3
children - ages 15, 11 and 2).  I understand that the houses which have been
vacated due to returning expats have all been filled, so can you have someone
arrange for corporate housing that will accommodate them? I think the best
way to go here is for us to use serviced apartments as it will be very
difficult to find a lease for such a short period for this type of
accommodation. My assistant, Lisa, has put a call in to a service who can
help us find serviced accommodation in South Kensington/Chelsea area or in
Dolphin Square where we have people now who are very satisfied. Is there a
reason you are partial to South Kensington/Chelsea? What if we find
accommodation in another nice area of London within a short commute to the
office? When I have some options, I will let you know, probably on Monday.

Immigration - Due to the fact that they will be traveling back and forth and
have made trips already, I feel it would be best to apply for work permits
versus using the visa waiver.  I have sent them the forms and requested that
Brent complete his and file immediately to increase chances of getting his
sometime shortly after he arrives in the UK.  I have informed him that he
should arrive without his family if the permit has not been received by April
1. Brent's work permit will be submitted today and we may receive if before
April 1st, but it is unlikely. The way it works for this is as follows: Brent
will receive the work permit from us and if he is here, he will have to leave
the UK and enter with the work permit for it to be validated. If his family
are in Houston, they will need to receive entry clearance in the US prior to
arriving in the UK. This takes approx 7 working days and they will require
either Brent's original passport and work permit or a certified copy of each
along with other things such as marriage and birth certificates. If Brent
decides to bring his family with him to London prior to receiving the work
permit, they must say they are coming on a vacation for a short period of
time and have a return ticket to back it up. Once the permit is received, the
family can either travel back to Houston and submit the entry clearance visas
there or they can all travel to Amsterdam where they are currenlty issuing
entry clearance without a problem. There is always a small element of risk in
going to Amsterdam, however, as do not have to issue the stamps there, they
just do it because they are nice! Work permits are arriving approx 4 weeks
from date of submission. We can discuss all of this on the 20th.

Tax - Please confirm whether PAYE will need to be paid for them during the
short term assignment and then reclaimed through a treaty benefit. PAYE is
due after 60 days; however, if Brent and Sally are really only going to be
here for approx 75 days, I am not going to inform the Revenue that they are
here. If this extends beyond the set time, we can look at options but the
only responsiblility that Brent and Sally will have is to ensure they
complete the tax organiser in order for us to get the tax back. Also, as we
would have to apply the treaty here, we need to ensure the salary costs stay
in Houston. Jane, have you discussed this point?

Benefits - I have suggested that they remain on US domestic payroll and
benefits and, if medical claims arise that exceed what they would have spent
in the US, they may claim the excess on the expense report. Agreed.

Per diem - We need to discuss the appropriate amount based on family size.
Jane, please call me to discuss. I have left you a message, thanks

Let me know of any other issues we need to address.  As always, I appreciate
your help.

Jane


Vince,

Here is some data on our cash burn rate.

Rakesh
 -----Original Message-----
From: 	Brown, Rob
Sent:	Tuesday, November 06, 2001 3:19 PM
To:	Bharati, Rakesh; Johnson, Heather A.
Subject:	Cash Data

Attached you will find the cash data that I have been using to derive my graphs.

In terms of the method I used to derive the average of $10 million/day, I used the net cash inflows for September and the net cash outflows for October and calculated an average based upon 41 business days.  The average came out to be $6.22 million/day and I then grossed it up a bit to be $10 million even.

Thanks,
Rob

Rob Brown
Manager, Enron Corp.
Financial Accounting & Reporting
Off. 713.853.9702
Cell 713.303.4497
rob.brown@enron.com


Jeff:
Great!!!! Looks like the 22nd and 23rd will work, turns out I'll be in Chicago
starting the 26th through the 31st. What is the name of the B&B? I'll call for
reservations. So....who do you want to come along?
Madeleine

Jeff Dasovich wrote:

> Lots of questions to answer.  Let's go!  Let me know what you'd like to do.
> ---------------------- Forwarded by Jeff Dasovich/SFO/EES on 06/14/2000
11:41 AM
> ---------------------------
>
> Lari Shea <larishea@horse-vacation.com> on 06/14/2000 07:32:02 AM
>
> To:   "Jeff Dasovich" <jdasovic@enron.com>
> cc:
> Subject:  Re: Howdy, Neighbor
>
> Hi Jeff,
>
> It will be great to see you guys again.
>
>   ------------------------------------------------------------------------
>
>   I have a trek July 10-16 with 28 riders
> ....so that week is definitely out!  We are really becoming extremely busy,
so
> I'm glad you are planning early, as some weekends we totally book up.  (I
> presume we're talking about a weekend.....)  So, is July 22, 23 or July 29,
30
> better for you?  How many will be coming, and for how many days?  I have
bought
> 9 new horses this past month....want to try some of them out, or stick with
the
> tried and true?    Russia is now a gelding, but I bought two Arabian
> stallions....we'll see which (if any) of them remain so....
>
> We no longer routinely provide lunches on all day rides, by the way, but
can do
> so for an additional $15 per lunch, with prior warning.
>
> Jeff Green's telephone number is 707-964-7346.  He's a busy guy, also.
Isn't
> country living supposed to be relaxing?
>
> Re. the NY Times article (and all the reprints in newspapers all over the
> country).....be careful what you wish for!
>
> But getting a message from you reminds me of what I love most about this
> business.....the opportunity to meet and schmooze with folks like you and
yours!
>
> Ciao,
>
> Lari
>
> Lari Shea                           http://www.horse-vacation.com
> Ricochet Ridge Ranch           707-964-7669 ranch phone
> 24201 North Highway One 707-964-9669 office ph/fax
> Fort Bragg, CA 95437           707-964-9669 fax
>         Riding Vacations on the Mendocino Coast
>              with lodging at unique B&B Inns
>                  International Riding Vacations
>  Akhal Teke and Russian Orlov/cross horses for sale
>                       At stud:  RRR Russia

--

Madeleine Todd Executive Recruiting
1329 Taylor Street, Suite 114
San Francisco, CA  94108-1047
phone: 415-441-7010
fax: 415-441-7173
email: madeleinet@earthlink.net


Have you heard from Amy?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


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Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
BAKER, ALDEN L                  BRANDEE K SANBORN               Nov 01, 2000
BRASHER, BARNEY L               RODERICK J HAYSLETT             Nov 01, 2000
BRASSFIELD, MORRIS              JOHN R KELLER                   Nov 01, 2000
CAGNEY, PATRICK J               GREGORY W STUBBLEFIELD          Oct 31, 2000
CAMPOS, KATHY Y                 RODERICK J HAYSLETT             Nov 01, 2000
CENTILLI, JAMES H               RODERICK J HAYSLETT             Nov 01, 2000
CHANDLER, ROBERT F              RODERICK J HAYSLETT             Nov 01, 2000
CHERRY, PAUL R                  RODERICK J HAYSLETT             Nov 01, 2000
COBB JR, JOHN H                 JAMES M SAUNDERS                Nov 02, 2000
CONCKLIN, ELAINE F              RODERICK J HAYSLETT             Oct 31, 2000
CORDES, WILLIAM R               STANLEY C HORTON                Oct 30, 2000
DAILY, PAMELA G                 JAMES M SAUNDERS                Nov 02, 2000
DALLMAN, LARRY J                ROBERT H BUTTS                  Nov 03, 2000
DOBIN, NORA J                   JORDAN H MINTZ                  Nov 01, 2000
FAIRLEY, DAVID L                EDWARD D BAUGHMAN               Nov 06, 2000
FENSTAD, LARRY D                RODERICK J HAYSLETT             Nov 01, 2000
FOSSUM, DREW J                  MICHAEL P MORAN                 Nov 02, 2000
GEACCONE, TRACY L               RODERICK J HAYSLETT             Nov 01, 2000
GOODPASTURE, JOHN N             DANNY J MCCARTY                 Oct 27, 2000
HOTTE, STEVE                    STANLEY C HORTON                Oct 30, 2000
JENNINGS, GRETCHEN              JOHN D SCHAFER                  Nov 06, 2000
KEISER, JOHN L                  JAMES M SAUNDERS                Oct 30, 2000
KOKAS, ROSE K                   MELISSA A BECKER                Nov 01, 2000
MCCARTY, DANNY J                STANLEY C HORTON                Oct 30, 2000
MCGOWAN, MICHAEL W              DANNY J MCCARTY                 Nov 01, 2000
MEYER, ROCKFORD G               STANLEY C HORTON                Oct 27, 2000
MILLER, KENT E                  DAVID M NEUBAUER                Nov 06, 2000
MILLINER, CHRISTINE A           RODERICK J HAYSLETT             Oct 30, 2000
MORAN, MICHAEL P                STANLEY C HORTON                Oct 30, 2000
PETERS, JERRY L                 RODERICK J HAYSLETT             Oct 30, 2000
RATNER, MICHAEL L               RODERICK J HAYSLETT             Oct 27, 2000
ROPER, KERWIN K                 JAMES PRENTICE                  Oct 26, 2000
ROSENBERG, DAVID E              JAMES M SAUNDERS                Nov 01, 2000
RUB, JEANETTE M                 PHILIPPE A BIBI                 Nov 02, 2000
SAUNDERS, JAMES M               RODERICK J HAYSLETT             Oct 30, 2000
SCHROEDER, ANDREA M             JAMES M SAUNDERS                Nov 01, 2000
STERN, ELLIS                    RODERICK J HAYSLETT             Oct 27, 2000
SULLIVAN, MICHAEL D             STEVE HOTTE                     Oct 27, 2000
TU, DENIS C                     JAMES M SAUNDERS                Oct 27, 2000
VILLELA, JOE I                  RODERICK J HAYSLETT             Nov 01, 2000
VONDERHEIDE, SCOTT              PAULA H RIEKER                  Nov 01, 2000


[IMAGE]
[IMAGE] [IMAGE] [IMAGE]
[IMAGE] [IMAGE][IMAGE]
 [IMAGE] [IMAGE] [IMAGE]
[IMAGE]

If you do not wish to receive future newsletters, please send us an e-mail at style@response.etracks.com  with
"REMOVE jsteffe@enron.com" in the subject line. [IMAGE]


Foothills Pipe Lines crews still plan two additional site excavations Nov.
2-5 on the TransCanada-British Columbia Line (see Daily GPI, Oct. 20), but
Western Gate receipt capability from NOVA during that period has been revised
upward froom 2,201 MMcf/d to 2,272 MMcf/d.


<<5-10-01.pdf>>  <<Energy Emergency Timeline.pdf>>

If you have any questions, please call me.

RSC

Richard Costigan, III
Chief of Staff
Office of the Assembly Republican Leader
California State Assembly
Phone:(916) 319-2005

 - 5-10-01.pdf
 - Energy Emergency Timeline.pdf


Thank you for supporting Stephanie Panus in attending Basics of Risk
Management on August 17 - 18, 2000.

$600 has been charged to your Company and RC.  If you have any questions,
please call the Development Center Team at 713-853-0357.


All:

Attached is our memo on Day 10 of the trial.

Kimberly A. Curry
Bracewell & Patterson, L.L.P
2000 K Street, N.W.
Suite 500
(202) 828-7623 (phone)
(202) 857-2107 (fax)
kcurry@bracepatt.com

 - #143116 v1 - MEMO DAY 10.doc


Harlan Murphy started last week.  Nice guy from Dynegy.

From: Suzanne Adams@ECT on 06/06/2001 03:48 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: New York Hotel

I'm curious?

	Kay Mann@ENRON
	06/06/2001 03:47 PM

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

Why would you ask a question out of the blue?

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

Subject: Re: New York Hotel

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

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

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

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

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

Subject: Re: New York Hotel

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

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

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

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

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

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

Kay

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

Subject: New York Hotel

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

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

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

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

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

Thanks,

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


Vince,

Here is a rough schedule as we had discussed.  We can work the details once I
get there.

Thanks again for all your efforts.  Look forward to my stint in Houston.

Regards,
Sandeep.


The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=11/21/2001>, published as of 11/21/2001 is now available for viewing on the website.


I've given Rita a few comments to discuss with Elizabeth, but as always she has done a great job of pulling this info together.  One item I want to make sure we all watch for , is that we have not reported any fuel sales as part of transport deliveries regardless of location.    Good job Elizabeth and others    MK

 -----Original Message-----
From: 	Bianchi, Rita
Sent:	Tuesday, September 25, 2001 11:35 AM
To:	Hass, Glen; Darveaux, Mary; Miller, Mary Kay; Pavlou, Maria
Subject:	FW: August 2001 FERC California Report - Preliminary Ready for Review (Items 1, 2, 3)
Importance:	High

Just received from Elizabeth.
Item #4 is the same data as #3 but for May, 1999 and May, 2000.

 -----Original Message-----
From: 	Brown, Elizabeth
Sent:	Tuesday, September 25, 2001 11:04 AM
To:	Bianchi, Rita
Subject:	FW: August 2001 FERC California Report - Preliminary Ready for Review (Items 1, 2, 3)
Importance:	High

Rita,

See the file below for your review.  Please note the outstanding items also.  Did you have a chance to get a list of past data requests from Naomi?

Let me know if you have any questions.

Thanks,
Elizabeth

 -----Original Message-----
From: 	Brown, Elizabeth
Sent:	Monday, September 24, 2001 11:18 PM
To:	Corman, Shelley; Blair, Lynn; Dietz, Rick; Kowalke, Terry; Schoolcraft, Darrell; Donoho, Lindy; Lohman, TK; January, Steven; Holmes, Bradley
Subject:	August 2001 FERC California Report - Preliminary Ready for Review (Items 1, 2, 3)
Importance:	High

Here are the preliminary reports ready for your review.  Fields highlighted in pink require updates by others:

Item 1 - TK to input daily rates into CBS for remaining contracts
Item 3 - Darrell and Terry to review the PFS tab and make appropriate footnote cross-references between the PDS and PFS records
Item 4 - Don Powell's query for Item 3 seems to retrieving accurate data, so I will give him the go ahead to process Item 4

Lindy/TK - Please verify the rates I have entered into CBS for those contracts identified in Item 1.

Please let me know ASAP if there are any questions/concerns with regard to the reports.  My plan is to send the file out to Rita Bianchi by mid-day Tuesday for Omaha to review.

 << File: FERC docket RM01-9_Aug2001.xls >>

Thanks,
Elizabeth
x3-6928


Start Date: 4/25/01; HourAhead hour: 4;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042504.txt

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 4 / Preferred: -725.00 / Final: -724.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/25/01
  TRADING_SC: DETM
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 4 / Preferred:   1.96 / Final:   1.93)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 4/25/01
  SC_ID: EPMI


dynegy trades around their assets.  they aren't big risk takers like enron.  looks like the deal is now done.  now we just need to wait and see what happens.

 -----Original Message-----
From: 	Hal Lenhart <Hal.Lenhart@apollogrp.edu>@ENRON
Sent:	Friday, November 09, 2001 8:51 AM
To:	Lenhart, Matthew
Subject:	RE:

Sorry to hear that. I read where the treasurer and a corporate attorney were
canned. I still feel the trading unit is somewhat elite in the business and
that whoever takes you over will realize that. What is Dynegy like. Good
capital with Texaco/Chevron behind them.

-----Original Message-----
From: Lenhart, Matthew [mailto:Matthew.Lenhart@ENRON.com]
Sent: Friday, November 09, 2001 7:04 AM
To: hfl@fp.edu
Subject:

sorry i didn't call you back last night.  i didn't get home until late.
looks bad over here.  everything was business as usual until yesterday.
i think our books were so cooked that it is beyond repair.  i will call
you later.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
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Chicago - joliet markets?Chicago - joliet markets?


I took a look at the forest products consulting proposal by the group from Texas A&M.  It appears that they are proposing to develop a vector autoregression (VAR) model among the various Enron forest products to better understand pricing relationships.  I am assuming that they would set up a VAR model that would include pricing for commodities (i.e., pulp (multiple), liner board, lumber, strand board, newsprint) as well as key supply and demand variables.  They do put a cap on the number of time series to be investigated at 25.  Given the number of Enron P&P commodities and recognizing that each may have a unique set of supply and demand variables, I can easily see the evaluation exceeding the cap.  However, the supply and demand terms of a key underlying commodity (say pulp or lumber) may serve as a proxy for supply and demand in the other markets (although I doubt it).

The proposal does emphasize the importance of stationary time series and the cointegration approach using an error correction model (ECM) or vector error correction model (see Bessler's CV publications).  These remarks offer reassurance that we have probably been taking the right approach in our other modeling work (e.g., diesel fuel-heating oil cointegration, JCC-Brent crude cointegration, etc.).  We haven't yet implemented VAR in our price modeling work, but will likely use this approach for the suite of plastics (e.g., polypropylene, propylene, ethylene, HDPE, etc.) as well as for price indexes within the tech sector (e.g., semiconductor equity index, pc equity index, etc.)

For the record, we have been working with EIM fundamentals on the development of a newsprint price curve.  Cointegration was considered for newsprint price, lumber prompt month futures, and pulp prompt month futures; however, the correlation analyses suggested that the difference relationships were very weak.  We instead focused on developing price as a function of newsprint supply and demand terms (e.g., North American and Canadian production, producer inventory, US newsprint demand, total newspaper dailies inventory, consumer days of supply, etc.).

In short, I don't have a problem with the TAMU approach or the scope of work.  If EIM fundamentals does carry through with this relationship, it might be beneficial to offer some research input along the way, especially since we are somewhat familiar with the technical approach and the needs of the Enron business units.

Nelson


Notice No. 00-370
November 17, 2000

TO: ALL NYMEX AND COMEX DIVISION MEMBERS

FROM: Neal L. Wolkoff, Executive Vice President

DATE:  November 17, 2000

RE: Notice of CFTC Approval of Amendments to NYMEX Rule 6.21C and Related
Implementation of Electricity EFS Program
____________________________________________________________________

Please be advised that the CFTC has approved amendments to NYMEX Rule 6. 21C
("EXCHANGE OF FUTURES FOR, OR IN CONNECTION WITH, SWAP TRANSACTIONS FOR
FUTURES CONTRACTS TRADED ONLY ON VIA NYMEX ACCESS").  The amendments, which
are shown below, permit the exchange of futures for swaps ("EFS") for NYMEX
Division electricity futures contracts.  The EFS program for electricity
futures will go into effect on Monday, November 27, 2000.

 One change from the terms of the rule should be noted.  Rule 6.21C provides
for report of EFS transactions to be given to the Exchange "via NYMEX
ACCESS."  However, this functionality still needs to be added to NYMEX
ACCESS.  Therefore, the Exchange,s current procedures instead provide for
reporting EFS transactions to Exchange Floor Dept. staff located in the Late
Submissions Area on the NYMEX trading floor in the same manner as the
reporting of EFP transactions. Such reports of EFS transactions would be
subsequently disseminated to NYMEX ACCESS System Users through a bulletin
message sent via NYMEX ACCESS.

 As a reminder, it is necessary for market participants to comply with the
CFTC,s EFP-related reporting and recordkeeping regulations as if these
regulations applied to EFS transactions.  Specifically, the Exchange will
require:

1) Each Exchange member, futures commission merchant ("FCM"), and introducing
broker ("IB") to comply with the requirements of Commission Regulation
1.35(a) as if this regulation applied to EFS transactions and will further
require each Exchange member, FCM, and IB to provide the required records to
the Exchange for inspection upon request;

2) Each customer to comply with the requirements of Commission
Regulation1.35(a-2)(2) as if this regulation applied to EFS transactions and
will further require each customer to provide the required records to the
Exchange for inspection upon request;

3) Each Exchange clearing member, FCM, and foreign broker to comply with the
requirements of Commission Regulations 17.00(a)(1) and (2) as if these
regulations applied to EFS transactions, and NYMEX will further require each
Exchange clearing member, FCM, and foreign broker to file the required
records with the Exchange;

4) Each trader who holds or controls a reportable futures position to comply
with the requirements of Commission Regulation 18.05 as if this regulation
applied to EFS transactions, and NYMEX will further require each trader to
provide the required records to the Exchange for inspection upon request; and

5) Upon the request of the Commission, each FCM, IB, foreign broker, and
trader to comply with the requirements of Commission Regulations
24.03(e)(1)(iii) and (e)(2)(iv), and NYMEX will further require each FCM, IB,
foreign broker, and trader to file the required records at the place and
within the time frame specified by the Exchange.

  If you have any questions concerning the operation of this program, please
contact Rick Taibi, Assistant Director, NYMEX ACCESS Operations, NYMEX ACCESS
Department, at (212) 299-2677, or George Henderson, Vice President, Floor
Department, at (212) 299-2071.

APPROVED AMENDMENTS TO NYMEX RULE 6.21C

(Brackets indicate additions.)

Rule 6.21C.  EXCHANGE OF FUTURES FOR, OR IN CONNECTION WITH, SWAP
TRANSACTIONS FOR FUTURES CONTRACTS TRADED ONLY ON VIA NYMEX ACCESS

 (A) (1) An exchange of futures for, or in connection with, a swap (EFS)
consists of two discrete, but related, transactions; a swap transaction and a
futures transaction.  At the time such transaction is effected, the buyer and
seller of the futures must be, respectively, the seller and the buyer of the
swap.  The swap component shall involve the commodity underlying the futures
contract (or a derivative, by-product or related product of such commodity).
The quantity covered by the swap must be approximately equivalent to the
quantity covered by the futures contracts.  The swap component of an EFS
transaction must comply with the requirements of Commission Regulation Part
35 (Exemption of Swap Agreements).  The initial term of the pilot program
shall be three years from the effective date of this Rule 6.21C.

(2)The pilot program is available only to commercial market participants. For
purposes of this rule, a "commercial market participant" shall include a
person or entity that transacts business in the normal channels of commerce
in the cash commodity or related commodity underlying the EFS posted on the
Exchange and also shall include an entity that regularly maintains a book of
and acts as a dealer in swap transactions.

(B) The report of an EFS transaction involving a futures contract that is not
listed for trading on the Exchange trading floor and instead is listed for
trading only on NYMEX ACCESS shall be given to the Exchange via NYMEX ACCESS
during the hours of trading on NYMEX ACCESS for that futures contract.

(C) A report of such EFS transaction shall be submitted to the Exchange by
each Clearing Member representing the buyer and/or seller.  Such report shall
identify the EFS as made under this Rule and shall contain the following
information: a statement that the swap component of the EFS complied with the
requirements of Part 35 at the time the EFS was entered into between the
buyer and seller, a statement that the EFS has resulted or will result in a
change of payments or other such change, the kind and quantity of the
futures, the price at which the futures transaction is to be cleared, the
names of the Clearing Member(s) and customers and such other information as
the Exchange may require.  Such report (form) shall be submitted to the
Compliance Department by 12:00 p.m. New York time, no later than two (2)
Exchange business days after the day of posting the EFS via NYMEX ACCESS.

(D) Each buyer and seller must satisfy the Exchange, at its request, that the
transaction is a legitimate EFS transaction.  Upon the request of the
Exchange, all documentary evidence relating to the EFS, including a master
swap agreement and any supplements thereto, shall be obtained by the Clearing
Members from the buyer or seller and made available by the Clearing Members
for examination by the Exchange.

(E) A report of each EFS transaction shall be given and notice thereof shall
be posted on NYMEX ACCESS in the manner provided by the Exchange on the day
that the transaction thereto was made, or if such agreement was made after
the close of trading, then on the next business day.  EFS transactions shall
be cleared through the Exchange in accordance with normal procedures, shall
be clearly identified and marked in the same manner as EFP transactions, and
shall be recorded by the Exchange and by the Clearing Members involved.

(F) All omnibus accounts and foreign brokers shall submit a signed EFS
reporting agreement in the form prescribed by the Exchange to the Exchange's
Compliance Department.  Such Agreement shall provide that any omnibus account
or foreign broker identified by a Clearing Member (or another omnibus account
or foreign broker) as the buyer or seller of an EFS pursuant to Rule
6.21C(C), shall supply the name of its customer and such other information as
the Exchange may require.  Such information shall be submitted to the
Exchange_s Compliance Department by 12:00 p.m. New York time no later than
two (2) Exchange business days after the day of posting the EFS on the Floor
of the Exchange.  Failure by an omnibus account or foreign broker to submit
either the agreement or the particular EFS information to the Exchange may
result in a hearing by the Business Conduct Committee to limit, condition or
deny access of such omnibus account or foreign broker to the market.

(G) The Board  may, by resolution, authorize the posting of EFS transactions
in any or all of the
futures contracts specified below.

Futures Contract   EFS Reporting Deadline for Expiring Contract

Middle East Sour Crude Oil   An EFS is permitted in the expiring futures
contract  of the Middle East Sour Crude Oil futures contract at any time
before 12:00 p.m. New York time on the last business day of the contract
month, provided, however, that an EFS which establishes a futures position
for both the buyer and the seller shall not be permitted after the
termination of trading.

[ Electricity Futures   An EFS is permitted in an expiring electricity
futures contract at any time before 10:00 a.m. New York time on the first
business day following termination of trading in the applicable futures
contract month provided, however, that an EFS which establishes a futures
position for both the buyer and the seller shall not be permitted after the
termination of trading for that contract month.]

__________________________________________________
Please click on the link below to indicate you have received this
email.

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We are pleased to announce the following organizational changes:

Enron Global Assets and Services

In order to increase senior management focus on our international businesses, we are creating a new business unit, Enron Global Assets and Services (EGAS).  EGAS will be led by Kevin Hannon, Chief Executive Officer, and Jim Hughes, Chief Operating Officer.  Kevin will report to the Enron Corp. Office of the Chairman.  With the exception of the Wessex Water Company (which will remain in the Enron Transportation Services organization) and Enron India (discussed below), EGAS will include all of the assets and activities of the former Enron Global Assets group and the Azurix organization.  EGAS will include Enron's assets and merchant activities in South America.  In order to ensure continuity in the management of our South American merchant business, John Lavorato will remain responsible for those merchant activities.  John will report to Kevin Hannon with respect to the South American merchant business, and will continue to report to the Enron Wholesale Services Office of the Chairman for all other activities in his role as Chief Executive Officer of Enron Americas.

Enron India

Enron's significant interests in India are commanding increased attention from Enron's senior management.  We are pleased to announce that Rebecca McDonald will focus exclusively on Enron's business in India, as Chief Executive Officer of Enron India, reporting to the Enron Corp. Office of the Chairman.

Enron Broadband Services

With Kevin's departure from Enron Broadband Services (EBS), we are also making a number of changes in the EBS organization.  Jim Fallon will now be President and Chief Operating Officer of EBS.  Paul Racicot, Marcello Romano and Fred Cohagan will maintain their EBS risk management activities within their respective regions.  Dave Cox will continue as Chief Commercial Officer of EBS and will also join Ken Rice and Jim Fallon in the EBS Office of the Chairman.  Finally, Rick Fehl will continue as Vice President of Network Engineering and Chief Network Officer but will now report to the EBS Office of the Chairman.

Enron Principal Investments

In order to better develop and manage equity investment opportunities related to Enron's core businesses, we are combining the existing investment groups in ENA, EBS, Enron Investment Partners and the Enron Special Asset Group into a single unit, Enron Principal Investments.  Enron Principal Investments will work with all Enron business units to identify, execute, and manage equity investments that leverage Enron's unique and proprietary knowledge.  These investments may be in the form of venture capital, leveraged buy-outs, traditional private equity and distressed debt positions.  This new business unit will be headed by Kevin Garland, Managing Director, and will report to an investment committee consisting of Dave Delainey, Ken Rice, and Greg Whalley.

Enron Corporate Development

In order to improve coordination of Enron's corporate development activities, we are consolidating these activities under Andy Fastow, Executive Vice President and Chief Financial Officer.  Jeff Donahue, Managing Director of Corporate Development for EBS will now head Corporate Development across Enron.  Corporate Development leaders in the business units will have a dual reporting relationship to their business units and to Jeff.

One of Enron's most compelling challenges is the sale of certain assets or businesses that are no longer core operations.  Mark Metts, Executive Vice President of Enron Corp., will head up a new Special Projects group to specifically focus on the completion of some of these more challenging transactions.

Please join us in congratulating all of these individuals on their new responsibilities.


I can't find anything for Kaztex with that date.  There are some Firm GTCs, but not with that date.  Keep looking?

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Thursday, December 27, 2001 10:04 AM
To:	Elledge, Susan
Subject:	RE: Cutter Oil

Thanks.  Could you also look for a Enfolio Master Firm with Kaztex Energy Management Inc. and ENA dated August 1, 2001.

 -----Original Message-----
From: 	Elledge, Susan
Sent:	Thursday, December 27, 2001 9:59 AM
To:	Nemec, Gerald
Subject:	Cutter Oil

Here you go!

 << File: Cutter Oil GPA.pdf >>
 << File: Cutter Oil Consent.pdf >>


Lloyd,

I think that we can arrange a few video conference meetings instead.
I don't see a  justification for extending the stay over the weekend if we
have an alternative solution.

Vince

	Enron Capital & Trade Resources Corp. - Europe

	From:  Lloyd Fleming                           07/06/2000 12:37 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc: Maureen Raymond/HOU/ECT@ECT
Subject:

Vince

I met Maureen yesterday and had a useful discussion on her role within
Enron.  I think it would be very helpful to promote the Research group
function of the company, particularly given Maureen's background,  if she
could be introduced to some of the main traders down at MG.  Unfortunately
she won't have time to meet with MG unless we can schedule some meetings on
Monday.

Would you be happy for her to extend her stay here till Monday to allow the
meetings to take place?

Regards


Richard, This was a pretty meaty day.? You should read this summary.? Steve

 <<depsum10.31>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
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If you have received this message in error, please immediately notify
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 - depsum10.31


Naveed/John--as you know, I did meet here in Minneapolis today with Julie Jorgensen and Tom Micheletti of Exclesior Energy Inc. regarding their proposal for the Mesaba Energy Project. I basically went over the questions that I had expressed to you guys on Friday.  Ultimately, they will need a tremendous amount of political capital to get all the pieces of the deal included in legislation. Please keep in mind that the Senate in Minnesota is controlled by the Democrats and the House is controlled by the Republicans.  The Governor is independent, and the primary agencies in his administration that would be involved in approving/promoting this deal would the the Pollution Control Agency (PCA) the Dept of COmmerce, the Enviromental Quality Board (EQB) and to some degree, the Public Utilities Commission (PUC).

The generation piece of their project is probably quite doable from a regulatory and legislative standpoint.  The site that they have identified (and I understand they may have 2 other possible sites) is in a district of the state that is currently economically disavantaged.  The Iron Range legislative delegation is strong at the Capitol, and the Majority leader of the Senate is from the  Iron Range (Roger Moe).  Because of the amount of jobs that would be created and the fact that the project would be considered a "clean" fuel would go a long way to allowing regulatory approvals and incentive monies such as the funding proposed by the IRRRB and other state agencies.  Although we didn't specifically discuss tax incentives, there could very possibly be some assistance provided as well. There would most likely be an appetite for including language in a legislative package to either exempt or "fast track" the generation siting process that is currently cumbersome in the state.

The much larger issue is the transmission build out.  My understanding is that Excelsior's current strategy is to try to include in legislation a designation of the right of way for the transmission to be built from the Iron Range into the load centers--Minneapolis and St. Paul. In essence, they hope to have legislation that would circumvent the current siting statute and rules for transmission.  Their reasoning is that all of the Democrats would vote for this proposal and they would just need to pick up a handful of Republicans. There are several concerns about this reasoning--the enviromental community, the local cities/counties that the line would run thru,, the neighborhood groups--just to name a few. While I agree that most Democrats would vote party line because of jobs (and I think that even more jobs are lost in the next 18 months due to economic downturns in the taconite/steel and paper/pulp markets), some of them will get picked off by the constituency groups.  Excelsior would need to get "buy off" from these groups, which will be expensive (hence, the wind proposal) in order to obtain their support at the legislature. This would be difficult.  A fall back position if Excelsior was not able to circumvent the current siting and permitting process would be to have the legislation "fast track" the process.

The other significant issue is the PPA.  My understanding is the Excelsior invisions legislation that would "force" the utility (most likely Xcel/NSP because they are the only IOU that has needs identified) to buy the power under a PPA and that the rate or at least the parameters that the rate must fall within would be actually included in legislative language.  This is going to raise all kinds of protests from various groups, not the least of which would be the industrial buyers in the state who are active in PUC regulatory proceedings--they will argue that they will bear the brunt of higher rates that would be incurred by such a contract rather then Xcel sourcing thru a competitive bid.  From a simplistic standpoint, it would seem that a better route would be to get the munis and coops in the state to bid on the output and avoid the significant obstacles that PPA language in the legislation would encounter.

Exclesior has not yet gotten strong sign off from either party or the Governors office.  They have met with the Senate leadership, and have gotten a preliminary blessing.  They have had meetings with Governor Ventura's office and his Administrative agencies, and my sense is that they will get some backing from the PCA and the Dept of Commerce.  They may run into trouble with the PUC and the EQB.  Ultimately, though, if they convince Ventura, the agencies will fall into line.  They have not
yet pitched the idea to the Republicans.  They have hired a republican lobbyist who is knowledgeable in energy fights.

So....my assessment at this time would be as follows:

	1.  the development team has some credibility--Jorgenson has a reputation as a good developer. Michaletti is well known at the capitol--he has some strong ties to the range delegation, but he also has some legislators that don't like him at all (especially those on the enviromental side and some women).  They would need to supplement their efforts with one or more outside lobbyists.

	2.  they still have alot of work to do to see if the project is politically palatable to a wide range of constituencies.  The democrats and unions are the only natural constituencies for them.  The legislative session runs from January to May.  My bet would be that it would take 2 sessions to get a deal of this size done, unless that have STRONG support from the democrats and republicans going into January.

	3.  wild card could be the munis and coops as well as the economy.  If the munis and coops buy into the concept and want the transmission line built in order to serve their needs, they have political grass roots in each and every county of the state (Minnesota has approx 120 munis and 40 coops).  If the economy takes an even bigger nose dive, Democrats will be forced to support whether there are environmental consequences to the tranmission lines or not.

I will try to call you in the morning to discuss.  Hope this is helpful and I am happy to discuss with other members of your team and obviously willing to help in implementing strategy if you decide to move forward with a stronger look at the project.


Here is the latest contact list.  I added a couple of names to the list.
Please makes comments based off today's new CA's and send back to me -
thanks.
Ben


----- Forwarded by Tana Jones/HOU/ECT on 03/22/2001 09:16 AM -----

	Chris Walker
	03/22/2001 09:12 AM

		 To: Jeff Blumenthal/HOU/ECT, Susan Musch/ENRON_DEVELOPMENT, Harry M
Collins/HOU/ECT@ECT, Tom Moran/HOU/ECT, Bjorn Hagelmann/HOU/ECT, Charlie
Hoang/HOU/ECT, Shari Mao/HOU/ECT@ECT
		 cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron,
Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON, Robert B
Cass/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT
		 Subject: Product Type descriptions for Clickpaper products on EOL

Please review the attached file containing the product type descriptions for
all PHYSICAL Clickpaper products that will be offered on EOL.  A request for
your approval of the product types in Datamanager will be sent as soon as
they are created.

Thank you,

CW
3-7533


The deadline for reservations for the October ACG luncheon is fast
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****************************************************
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DATE/TIME:    Tuesday, October 9, 2001; 11:30 am - 1:15 pm

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