sweating

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 2:42 PM
To:	Maggi, Mike
Subject:	RE:

no, i'm frozen again.  i need a heater.  what are you doing?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:41 PM
To:	Nelson, Michelle
Subject:	RE:

are you thawed

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 2:38 PM
To:	Maggi, Mike
Subject:	RE:

i had to go thaw.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 2:33 PM
To:	Nelson, Michelle
Subject:

where did you go


Please see attached memo and "New Curve Setup Form" template.

Also, please forward to all Book Administrators.

Thanks,
Mike


Process for Identifying
Commercially Significant Constraints (CSCs)

1. The ERCOT Engineering Subcommittee (ESC) Steady
State Task Force (SSTF) will complete preparing
the Summer 2001 On Peak base case around December
1, 2000.

2. Using that base case, ERCOT System Planning
will conduct an analysis of the base case
identifying transmission constraints and possible
congestion zones.  The performance criteria used
in evaluating the system will be the ERCOT
Planning Criteria.  These results will be provided
for stakeholder/market entity review and input in
January.

3. Based upon this input, ERCOT will develop a
recommendation and present to the TAC the
identified transmission constraints and related
CSC zones in early February.

4. Once CSC's are identified, shift factors will
be calculated on each transmission constraint
relating to each CSC.  These will be provided to a
stakeholder working group for development of
average shift factors for use in applying
congestion management to the market transactions.

-------------------------------------------------

ERCOT System Planning is preparing calculations
and data to support the identification of
Commercially Significant Constraints (CSC).  This
work will be posted on the Internet very soon for
stakeholder review and input.  A meeting to
discuss these calculations with stakeholders will
be held:

Wednesday, January 31
9:30 AM to 3:30 PM
Red Lion Hotel in Austin (I35 & 290)

The goal of this meeting is to identify which
transmission system contingencies and limiting
elements are commercially significant.  After
CSC's are determined at this meeting, ERCOT will
develop a recommendation and present it to TAC at
their February 7 meeting.

We have also set up an email account to receive
comments.  Its email address is
csccomments@ercot.com  It will be available
throughout this process to receive comments and
input.

Your cooperation in this matter is appreciated.

Kenneth A. Donohoo, PE
Manager of System Planning, Technical Operations
ERCOT
2705 West Lake Dr.
Taylor, TX 76574-2136
(512)248-3003, FAX(512)248-3082


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October 19, 2001

Private Investors Align to Upgrade California's Path 15;
Project Causes New State / Federal Conflicts

By Will McNamara
Director, Electric Industry Analysis

  <http://secure.scientech.com/rci/wsimages/will100border_copy.jpg>

[News item from Reuters] The federal government has reached a deal with a coalition of energy companies to build a transmission line in central California under a $300-million project to relieve a chronic bottleneck in moving electricity supplies between the northern and southern parts of the state. Construction on the so-called Path 15 project, which was announced by Energy Secretary Spencer Abraham, will begin in the spring of 2003 and could be completed by as early as summer 2004.

Analysis: The California energy crisis, which clearly subsided over the summer of 2001 due to new generation that came online in the state, mild weather patterns and conservation efforts, is generally considered the result of a severe supply / demand imbalance. While this may be true, what often gets overlooked is that deficient transmission capacity in the state-the lines that actually transport power from point A to point B-also played a primary role in creating the tremendous instability of California's energy market. This problem still persists today, and as California heads into the winter season concerns about power reliability once again are surfacing. The Department of Energy (DOE) has stepped in to correct the problem by overseeing a massive upgrade to California's main transmission line. While this is a positive step, the upgrade creates a new level of state / federal disputes for California and also puts ownership of the new transmission line into the hands of private companies, which creates a whole new set of potential conflicts.

Amid a long list of uncertain ramifications of the Path 15 upgrade, there are some things that we know for sure. First, Path 15, which is owned by Pacific Gas & Electric Co., is a 90-mile high-voltage section of transmission capacity that essentially carries power between Northern and Southern California. During the peak of the energy crisis in California, Path 15 became rather clogged and suffered from bottlenecks (points at which transmission could not transport high volumes of power). This pre-empted any transport of power from Southern California (and Arizona and Mexico) to the north, which resulted in rolling blackouts in San Francisco and other Northern California cities. As noted, these bottleneck problems remain and are particularly acute during times of peak power demand, which is obviously a concern as winter approaches.

The deficiency of the California transmission systems is arguably the last piece of the puzzle that remains toward bringing stability back to the state's energy market. Ironically, power supply is no longer seen as an imminent problem. New reports from the California ISO indicate that the state should have operating reserves of between 2,000 and 2,200 MW this winter, which has been deemed sufficient to stave off problems that plagued the previous winter season. However, the report on the state's transmission system is not as positive. If the Northwest continues to experience a drought, then Northern California will still need to import more power from the south. Heavy dependence on the strained Path 15 could once again cause reliability problems for California.

Thus, deficiencies along Path 15 can be seen as a symptom of larger problems that continue to plague California, and problems that have been the focus of both state and federal intervention for months, if not years. In fact, there is a history here that is worth noting, especially as it relates to federal / state jurisdiction. When President Bush released his national energy plan in April of this year, he directed the DOE to explore efforts that would relieve congestion along Path 15. Following through with this order, Energy Secretary Abraham issued a request for proposals that elicited responses from 13 companies interested in participating in the expansion of Path 15. The current contract, which will add a new line to the existing Path 15, is the result of that previous directive.

At present, it appears that PG&E Corp. (NYSE: PCG), the parent of Pacific Gas & Electric Co., and six other companies have signed on to financially support the upgrade. The six other companies that will spearhead the project are the Transmission Agency of Northern California, Trans-Elect, Inc., Kinder Morgan Power Co., PG&E National Energy Group, Williams Energy Marketing and Trading, and the Western Area Power Administration (WAPA), a federal agency within the DOE that sells electricity from water projects in 15 western states and operates 17,000 miles of transmission lines.

Presently, Path 15 connects the Bay Area in Northern California to two of the state's largest generation facilities-Pacific Gas & Electric Co.'s Diablo Canyon nuclear facility and Duke Energy's Morro Bay natural-gas power plant. The upgrade will reportedly include a new 500-kilovolt line that would boost transmission by about 1,500 MW from these two plants. Further, when the upgrade is finished in 2004, Path 15 should be able to carry a total of 5,400 MW of power.

Of course, the first question that I asked was: Who is going to pay for the upgrade? The way it appears at this writing is that the WAPA will retain 10-percent ownership of the new line for its role as project manager and for acquiring the rights from property owners to hold the power line. The remaining 90 percent will be owned by the private companies that are devoting different amounts of capital to fund the upgrade. The exact percentages of investment (and ownership) have yet to be defined, but should be revealed in a subsequent plan outlined in the next 90 days. You may ask why these companies would want to participate in a transmission upgrade in California. The answer is that the companies will be able to recoup their investments through fees charged to use the new transmission line. This could result in a hefty payoff for the companies investing in the project, who presumably anticipate that California will remain a high-demand state through which huge amounts of power will need to be transported.

As I mentioned, there are some potential conflicts that might arise with this upgrade plan. First, there is the issue of potential state / federal regulatory conflicts. Presently, state governments have jurisdiction over power line siting. Thus, the California Public Utilities Commission (CPUC) had already been pursuing its own upgrade plan for Path 15 prior to Secretary Abraham's call for private-company bids. Specifically, the CPUC had directed Pacific Gas & Electric Co., which it regulates, to upgrade the bottleneck spots along Path 15. As seems to be a growing occurrence, we may find that there is a state / federal jurisdictional dispute regarding which regulatory body has the authority to direct and manage transmission upgrades in California. Gov. Gray Davis and the CPUC certainly seem to believe that it is the state's prerogative, and have issued strong criticisms over the DOE's venture into this territory. However, in his energy plan, President Bush seemed to support a change in policy that would allow federal officials to obtain transmission rights of way as a way to increase national transmission capacity. If there is indeed a dispute between the CPUC and the DOE, it is not known if federal policy would supersede state policy in this area. In any event, representatives from Trans-Elect, one of the participating companies, have said that balancing the various interests among federal and state (and public and private) interests will be one of the key challenges for the upgrade project. Note that Trans-Elect was the company that had unsuccessfully attempted to purchase the transmission assets of Southern California Edison earlier this year.

Also viewed by some as a potential conflict with the DOE's upgrade plan for Path 15 are the difficulties that could arise with private ownership of a major piece of California's transmission grid. The DOE-sponsored upgrade, unlike the one that the CPUC has directed, reportedly would not be subject to review or approval by either the California ISO or the CPUC. Further, because the companies participating in the upgrade will own a portion of the new line, these companies will be able to charge "tolls" to the power marketers that use the lines to transport power. This is most likely a point of contention for California officials, especially Gov. Gray Davis, who has sought state ownership of existing transmission lines and is not too keen on private-company ownership of generation facilities in the state. The positive side of this issue is that, according to the DOE, the bids from private contracts enable the upgrade of Path 15 to proceed without any increase to "either the taxpayers or ratepayers of California or the United States of America."

As a side note, in addition to Path 15 the CPUC is also proceeding with a new transmission line in Southern California, known as the Valley-Rainbow Interconnect transmission line. Although the timetable has been delayed until 2005, San Diego Gas & Electric is proceeding with a 500,000-volt transmission line that would connect Southern California Edison's Valley Substation near Romoland, Calif., with a future substation to be located in the Rainbow, Calif. area, just south of the Riverside-San Diego county line. The new transmission line would provide a second interconnection between SDG&E's and SCE's transmission systems. The first interconnection is at the San Onofre Substation near San Clemente, Calif. The project is designed to deliver approximately 1,000 MW.

Moreover, the expansion of Path 15 is a necessary step to help California lower its risk for further reliability problems. Due to generation development, the imminent threat of the California energy crisis has diminished, but the state is still wrestling with an equally important mix of risk factors. The state government still has its hand in power purchases, which represents a huge part of the state's energy market. The state has accrued $12.5 billion in debt to buy power for the state's utilities, the recovery for which remains an unresolved issue. While Gov. Davis has preferred to increase the state's role in California's energy infrastructure, this new DOE-sponsored project on Path 15 puts ownership of transmission assets into the hands of private companies.

An archive list of previous IssueAlerts is available at
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Robert, I changed the volumes on the CES buy/sale deals 204462 and 204471.  I
just entered a volume for the last day of the month.  You don't need to do
this right away, when you get a chance go into Unify for Feb and show an
actual volume of 0 for the 25th - 28th and a volume of 991014 for the 28th.
Then retrack and balance.

Jeff, I will include these deals on my manual billing worksheet to you.  You
should be able to apply the payments to these deals.


Kim -
Attached is a workbook with tabs reflecting the August 2001 Palo Alto calculation, Enron calculation and the manual invoice we sent to Palo Alto.  I will fax you the Enron Unify invoice and supply verification.  We met with Anne Bike to go over the deals and the Palo Alto calculation prior to forwarding the manual invoice.  We are now in the process of trying to get the deal correct in Sitara and Unity.  Please review and let me know when you are ready to discuss and how you want to go forward.

Janine Cashin
713-345-8472


The flyer didn't come through - do you have a copy?

Janice R Moore
01/17/2000 11:19 AM
To: Alan Aronowitz/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
cc:
Subject: E-Commerce Boot Camp

Do you think we could get enough value out of this to warrant $2300?
---------------------- Forwarded by Janice R Moore/HOU/ECT on 17.01.2000
11:18 ---------------------------

"Eric Sedlak" <eric.sedlak@dgj.com> on 15.01.2000 00:21:38
Please respond to "Eric Sedlak" <eric.sedlak@dgj.com>
To:
cc:  (bcc: Janice R Moore/HOU/ECT)
Subject: E-Commerce Boot Camp

Enclosed is a flyer regarding E-Commerce Boot Camp in SF.  To preserve the
confidentiality of the identities of our clients, we have addressed this
e-mail to bcc's.

Please contact me or Caroline Mead in our San Francisco office should you
require any further information or wish to send a representative.

Eric W. Sedlak
Deacons Graham & James
6 Battery Road #22-00
Singapore 049909
Tel: 65-224-7787
Fax: 65-224-7328
E-Mail: eric.sedlak@dgj.com
Website: www.dgj.com

This message is confidential and may be legally privileged.  If you have
received this e-mail in error, please delete the message from your computer
and notify the sender by return.
 - att1.htm


I spoke with Jimmy Glotfelty on Friday.  The message they are stressing is that FERC is injecting much needed certainty.  I think we should add that to our message as well.

 -----Original Message-----
From: 	Shortridge, Pat
Sent:	Sunday, September 30, 2001 2:52 PM
To:	Philipp, Meredith; Palmer, Mark A. (PR); Robertson, Linda; Shelk, John; Shapiro, Richard; Kean, Steven J.; Steffes, James D.; Nord, Sue; Guerrero, Janel; Novosel, Sarah
Subject:	RTO week message

How we frame "RTO week" could have a big impact on what, if anything, happens legislatively between now and the end of the session.  While we all realize that what Pat Wood laid out last week was of enormous import, I don't think we can afford to allow that to become the conventional wisdom.

In fact, that will be the message of our opponents: "Pat Wood turned the world upside down last week.  He went off in a radical direction that he doesn't even possess the authority to go in.  You have to do something before his December 15th deadline."

I believe we have to consistently send the message that "he went in a direction that's perfectly consistent with previous commission orders fitting with previously set timeframes.  It's the action you'd expect a new chairman to take in order to get his arms around a big and possibly contentious issue."

We should point out that he took a very middle-of-the-road approach.  We can contrast what Pat Wood laid out versus a more radical approach that he didn't take.

The more often we can aggressively drive media coverage and send signals in the press, especially in DC,  that this is orderly business as usual with no need for outside intervention, the more likely we are to avoid legislative action.

On top of the day to day activity to drive this message, I think we should look at some media briefings, probably a combination of conference calls and one-on-one interviews.  Sooner would be better than later given the truncated legislative schedule.


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The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude20.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas20.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil20.pdf

Unleaded chart to follow.

Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG20.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG20.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL20.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


Gary, Peter,

This is a copy of my London presentation. I expect to
make some minor changes to this presentation for March 13.

Vince

Vince Kaminski

"Jackson, Gary L." <gljackson2@tva.gov> on 02/27/2000 03:07:13 PM
To: Vince J Kaminski/HOU/ECT@ECT, "'Peter Tufano'" <ptufano@hbs.edu>
cc: "DeMars, Suzanne" <sdemars@tva.gov>
Subject: RE: March Real Options Conference

 <<REAL OPTIONS VALUATION IN THE NEW ECONOMY>>

This is a draft of what I was thinking of presenting.  I was not planning to
go over any specific options or OPAs (these are covered by confidentiality
clauses and I have to be careful from a competitive standpoint) but to give
the audience a few of the "real world" applications and challenges.  I
welcome any thoughts or comments.

Gary

> ----------
> From:  Peter Tufano[SMTP:ptufano@hbs.edu]
> Sent:  Friday, February 18, 2000 4:56 PM
> To:  vkamins@ect.enron.com; gljackson2@tva.gov
> Subject:  RE: March Real Options Conference
>
> Dear Vince and Gary,
>
> We are all speaking at the March Real Options Session in NY.   My work in
> real options in the energy field has come, to a large part, from my
> casewriting in your two organizations, so I feel that we should probably
> allocate more time toward your presentations and less to mine.   While we
> have a two hour block among the three of us, I think we can freely
> re-arrange things to produce the best result.  Would you two like to
> schedule a brief conference call to coordinate our talks?    I am free
> virtually all of next Wednesday 2/23, perhaps we could talk at 10 am (EST)
> or 2 pm (EST)?   I am happy to arrange the call, if you send me your phone
> numbers.  Thanks.
>
> Peter Tufano
>
>
> ---------------------------
> Prof. Peter Tufano
> Harvard Business School
> Morgan Hall 377
> Soldiers Field
> Boston, Massachusetts 02163
> phone: (617) 495-6855
> fax:   (617) 496-6592
> email: ptufano@hbs.edu
> http://www.people.hbs.edu/ptufano
>

 - REAL OPTIONS VALUATION IN THE NEW ECONOMY.ppt


We currently have an accumulated imbalance due TW from PNM of approximately 375,000 mmbtu.  We do not
need to let this keep growing.  Talked with Chuck Thompson (PNM) and we both have agreed that TW is not
to over deliver to PNM until we can verify the measurements.  We need to keep the total order in balance.
We will work on this next week.

Thanks Ds


I think I got my address book fixed and the Harris pro blem is solved
forever.  Thanks!  DF


Attached is an updated file summarizing the action plan for completing Energy
OP's showstopper reports.  If you are responsible for an action item, please
keep me updated on your progress so that I can reflect it in the report
properly.  Thanks in advance for your help.

Let me know if you have any questions.

Thanks,

Rainier


Please mark your calendars to hold a place for the following meeting:

		Date:			Thursday, March 8, 2001

		Time:			10:00 am - 11:00 am

		Place:		EB-3314

		Topic:		Ft. Pierce Meeting

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

Thanks,
Christy
Ext. 3-336


Attached are the Management Summary and Hot List that will be provided to
Mike and Jeff on Monday (via email).  Please contact me if you have any
comments/questions.

Thanks,
Jeff
x39859
---------------------- Forwarded by Jeff Smith/HOU/ECT on 09/22/2000 04:00 PM
---------------------------

	From:  Patricia Anderson                           09/22/2000 03:13 PM

To: Jeff Smith/HOU/ECT@ECT
cc: Thomas Myers/HOU/ECT@ECT
Subject: Mgmt Summary & Hot List 9/21

For distribution

Patricia


I have done a crappy job of being a witness and a friend.  You are correct,
and rightly so about the way I have patronized you.  It has not been a
conscious effort, but I understand your perspective and as I look at me, I
am forced to admit you are correct.  Christian hypocrites are a dime a
dozen, and I am ashamed that I have fallen far short of what He has called
me to be.

I am very thankful for your business over that last 3 years.  I know that my
success here has been largely because of your help and business and I and my
family thank you for it.

I have taken your name off the Daily Word distribution list as you have
requested.  My best to you and your family and your success in business.  It
is my hope that I can be a better friend, witness and more to you again.

Thanks for

Todd Gross
Amerex Location/Basis and Nymex Options
(281) 340-0875


I was out sick yesterday.  Let me know if this has not been taken care of.  Thanks.

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Thursday, January 31, 2002 8:29 AM
To:	Cheung, Cecilia
Cc:	Keiser, Kam; Gossett, Jeffrey C.; Giron, Darron C.; Lim, Francis S.
Subject:	RE: new script for moving books

Can you do the same thing with a different book id?  Instead of book counterparty FT-CAND-TERMIN, move any deals with the FT-TERMIN-GD book to the bankruptcy book from NG-Price.  Financial deals only.  Thanks.  Let me know if you need any further clarification, should be the exact same script as yesterday, just substitute FT_TERMIN-GD for the two books you were looking for yesterday.
PL

 -----Original Message-----
From: 	Cheung, Cecilia
Sent:	Wednesday, January 30, 2002 4:28 PM
To:	Love, Phillip M.
Cc:	Keiser, Kam; Gossett, Jeffrey C.; Giron, Darron C.; Lim, Francis S.
Subject:	RE: new script for moving books

Deal moves has been completed and retranslated.

Cecilia

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Wednesday, January 30, 2002 3:54 PM
To:	Cheung, Cecilia
Subject:	RE: new script for moving books

1. move to the appropriate book based on the logic - Canadian deal needs to go to CAD
2. should only have to change deals from NG-Price to bankruptcy (deals are not in any other book)
3. The Canadian logic deals will probably be in GJ and the US logic should be in NG
4. Financial only
5. Cutoff date 1/1/2002

 -----Original Message-----
From: 	Cheung, Cecilia
Sent:	Wednesday, January 30, 2002 3:48 PM
To:	Love, Phillip M.
Cc:	Keiser, Kam; Gossett, Jeffrey C.; Giron, Darron C.; Lim, Francis S.
Subject:	FW: new script for moving books

These are interbook deals and I need to confirm the following:

1. Which Bankruptcy book you want to move the deals to? BANKRUPTCY (166660) or BANKRUPTCY-CAD (166762)?
2. Change the counterparty of the deals associated with FT-CAND-TERMIN (166764) or FT-CAND-GONE-PR (166767) from NG-PRICE(11360), ENA-FT-WT-SOCAL(108201), ENA-WT-CAL(105544) to Bankruptcy (166660 or 166762)?
3. Should we should NGGJ as the commodity instead of NG?
4. Financial deals only
5. Cutoff date 1-jan-2002

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Wednesday, January 30, 2002 3:03 PM
To:	Cheung, Cecilia
Subject:	FW: new script for moving books

Those two counterparties could be currently  in NG-Price, ENA-WT-Socal, or ENA-WT-Cal, not just NG-Price.

Thanks

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Wednesday, January 30, 2002 3:01 PM
To:	Cheung, Cecilia
Cc:	Giron, Darron C.; Gossett, Jeffrey C.; Keiser, Kam
Subject:	new script for moving books

Please move the following book to book trades with Canada from NG-Price to Bankruptcy:
FT-Cand-Termin
Ft-Cand-Gone-PR

Pleae let me know when this is done, we are waiting to calc today on this.  Thanks.
PL


Hello -

I have included an update on GENIE but I am starting with a list of action
items needed by you and mentioned in more detail below:
Changes or approval on the letter to the Office of the Chairman of EWS, EES
and ETS from Steve.
Steve, please brief Ken so we can get both events on his schedule.  He still
has other commitments that need to be moved.
Changes or approval on the panelist/invitees list ASAP.

Mailing and Acceptances
The mailings to the steering committee and commentators went out last Wed.
and Thurs. We are rapidly receiving emails and phone responses.  I will send
a weekly update of the results. Within the next week, I may request that top
Enron officials make a personal invitation to key attendees that are
unresponsive.

October event Attendees/Panelists
Please look over the excel spreadsheet of proposed attendees ASAP (in your
binder from our last meeting). We must start getting the invitations out
soon. Feel free to add names you do not see on the list. We will be taking
the same approach with the business units once they are notified of this
event.

Memos
Rick will be sending out a memo about GENIE to his direct reports today. I
will be briefing them in more detail on his call on Thursday, making sure
that they are aware of those we asking to participate as part of the Steering
Committee and commentators. They will also be given the opportunity to
suggest general attendees.

I have attached a memo that Steve can send to the Office of the Chair of EWS,
EES and ETS.

Binders
I created a briefing binder for both Sherrie and Joannie in Jeff's office and
will be doing so for Ken once he is aware of the initiative. Once the BU's
units are on board, I can do the same for the Office of the Chairman in those
groups.  I will keep them all updated on a weekly basis.

     Let me know any thoughts, comments or questions. Thanks, MSA


NYMX now at 5.155 by 5.165, YOU MADE ME STRONG - out at 5.265


We will need to establish a deadline.  Will Friday March 10th work?
---------------------- Forwarded by Kim Melodick/HOU/ECT on 03/07/2000 05:14
PM ---------------------------

Kim Melodick
02/18/2000 05:34 PM
To: Bob Shults/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Leslie
Reeves/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Kristin Albrecht/HOU/ECT@ECT,
Brenda F Herod/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT, Michael E Moscoso/HOU/ECT@ECT, Stephen P
Schwarz/HOU/ECT@ECT, Mary Solmonson/HOU/ECT@ECT, Scott Pleus/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Norma Villarreal/HOU/ECT@ECT, Yvonne
Laing/HOU/ECT@ECT
Subject: EOPS salary survey questionnaire

Attached you will find the salary survey questionnaire for your review.  You
will need to fill out the questionnaire for each exempt job group in your
department.  Please be as specific as possible to ensure we are capturing all
the skills needed to accurately price the job.  If you have filled out the
questionnaire in the past, you may want to update the information.  I will be
happy to address any questions you have regarding the form.


Chris--Attached is an updated daily requirements file with lower deliveries
for
3/23, 3/24 and 3/25 into DP&L off Texas Gas.   The reduction for 3/23 is 160
dth below the volume that we requested yesterday prior to the 11am deadline.

Doug Kinney
Ph:  703-561-6339
Fax:  703-561-7317

 - 03-23-00 daily volsAM_rev.xls


Craig:

Jay Williams sent a credit worksheet for Petro-Hunt, L.L.C. on 6/24.  There was a question regarding this entity, which Jay had answered by Petro-Hunt on 6/27.  I have drafted the master and once it has been reviewed by a lawyer, I will send it on to Liz Luthans.

Marie
 -----Original Message-----
From: 	Bailey, Susan
Sent:	Friday, June 29, 2001 8:33 AM
To:	Breslau, Craig
Cc:	Williams, Jason R (Credit); Heard, Marie
Subject:	RE: Petro Hunt and Pursue Energy

Craig,

We are awaiting a credit worksheet on Pursue.

However, you may contact Marie Heard @ x33907, to inquire as to the status of her preparation of the Petro-Hunt ISDA draft.

 -----Original Message-----
From: 	Breslau, Craig
Sent:	Thursday, June 28, 2001 12:34 PM
To:	Williams, Jason R (Credit); Panus, Stephanie; Bailey, Susan
Subject:	Petro Hunt and Pursue Energy

 << Message: Liz Luthans >>
Liz Luthans with Petro-Hunt said that she still has not seen the ISDA for the above referenced companies.  It has been about a month or more since we started the process. She is out of the office July 3 thru 16 and has requested that she receive both masters before she leaves on vacation so that she can review and pass on to her legal.  I'm assuming that we have everything that we need from them, since we have not requested any information for them.

Could we please finish these two up and send them on to her.

Thank you very much for your help.

Craig Breslau


Kevin,

I spoke with Ned Higgins and he would like to have a 5, 7, and 10 year price for both the FT and IT that was discussed.  Please feel free to contact me with any questions.

Regards,

John


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CES just purchased 8580 dth for 25th and 26th for Union Camp - deal 154286.


There are a couple of items that I wanted to update you on with respect to our outsourcing arrangements and staffing.  First, the outsourcing arrangement with Petro-Canada has been extended for an additional five-year term.  The commercial guys are very happy about this and have given a lot of credit to Energy Operations and Accounting for the successful renewal of this agreement.

Secondly, we have an existing outsourcing agreement with Startech Energy for volumes totaling 8 - 10 MMcf/d.  These properties have been purchased by a company called ARC.  The existing MSA for Startech properties is being terminated and a new agreement covering all of ARC's production is in the final stages of negotiation.  Starting in May/June, the volumes under this new arrangement will be between 50 - 60 MMcf/d.  This increased volume and associated receipt points creates the need to add one person to the Logistics group.  This position was not budgeted for, however,  I have received approval from Rob Milnthorp to add this position.  Please let me know if you have any concerns about this net staff addition.

Thanks
Peggy


FYI  -  I'll talk to you in a little while because we"ll redline EWEB's
document.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 11/06/2000 01:22 PM -----

	Edward Sacks@ENRON
	11/06/2000 01:20 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Tracy Ngo/PDX/ECT@ECT
		 cc:
		 Subject: EWEB

Please see the revised credit worksheet.  I have amended the collateral
thresholds for both parties.  Comments or questions, please call.

Ed Sacks


It make take a bit longer.  The computer people will no longer do this for
us, I am going to have to do this myself, and I don't know how.  I've got to
figure this out.

	Angela Davis@ENRON
	02/15/2001 12:43 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Swap database

How long will it take for them to grant me access?

Angela D. Davis
Enron North America Corp.
1400 Smith, Suite 3842
Houston, Texas 77002
Tele. (713) 345-8347
Fax:  (713) 646-3393
e-mail:  angela.davis@enron.com


Plans for the reporting of the consolidated DPR are:

For trading date Friday, December 28th - No DPR
For trading date Monday, December 31st - Our goal is to publish this in preliminary form by the end of the day Monday, 1/1/02.

Please call me if you have questions or comments about this reporting schedule.

I wish you all a happy New Year.

Regards

Shona Wilson
Director, Global Risk Operations
X39123


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
04:47 PM ---------------------------

Shirley Crenshaw
12/22/2000 12:14 PM
To: Pat Arnold/Remote/Eott@Eott, bobb.supertravel@wspan.com,
audrau@yahoo.com, Memaw1995@aol.com, Kathy.Crenshaw@inteq.com @ Enron, Kayla
Crenshaw/Enron Communications@Enron Communications, Carol_Fuentes@EOTT.com,
Renee Ingram/HOU/ECT@ECT, IMYoars@aol.com, jmcintyre13@hotmail.com, Vince J
Kaminski/HOU/ECT@ECT, emlea@usa.net, Kevin G Moore/HOU/ECT@ECT, William
Smith/Corp/Enron@ENRON, Kelly Summers/HOU/ECT@ECT, Rinetia
Turner/OTS/Enron@Enron, Laura Valencia/Corp/Enron@Enron, hmel5345@aol.com
cc:
Subject: MERRY CHRISTMAS

This is so neat!

 - Crimbo.exe


Will check on them!

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


does it sound like fun?

	Enron North America Corp.

	From:  Shanna Husser @ EES                           12/04/2000 12:19 PM

To: Eric Bass/HOU/ECT@ECT, scrilla364@aol.com, bonuraj@phelps.com
cc:
Subject: College Bowl Pool

Do any of ya'll want to play?  Sounds kind of like fun.
---------------------- Forwarded by Shanna Husser/HOU/EES on 12/04/2000 12:18
PM ---------------------------

Cris Crixell
12/04/2000 12:12 PM
To: Shanna Husser/HOU/EES@EES
cc:
Subject: College Bowl Pool

---------------------- Forwarded by Cris Crixell/HOU/EES on 12/04/2000 12:12
PM ---------------------------

Cris Crixell
12/04/2000 10:47 AM
To: g.trostel@cadcentre.com, rick.hernandez@halliburton.com,
bstapelfeldt@bankbnb.com, ztcjawa@mail.arco.com, ztcpika@mail.arco.com,
ztcskd@mail.arco.com, marty_schmidt@hotmail.com, mlmott@swbell.net, Gary
Nelson/HOU/ECT@ECT, Preston McGlory/NA/Enron@Enron, Clifton
Franklin/NA/Enron@Enron, Patricia A Lee/HOU/EES@EES, Rafael
Avila/HOU/EES@EES, Holly Mertins/HOU/EES@EES, jbutx@aol.com
cc:
Subject: College Bowl Pool

Ladies & Gentlemen,

The BCS may have screwed up the match ups but that won't stop the annual
College Bowl Pool from taking place.  The attached spreadsheet contains the
rules and a pick sheet.  For the veterans the rules are the same as last
year.  The entry fee is $25.  Money and picks are due Monday December 18th.
Feel free to forward this to anyone that may be interested in participating.

Cris


I really liked the commercials about specifics (i.e.  weather, EOL,
bandwidth).  The metal man was definitely at a different philosophical level
than where my brain operates.  Still not quite sure what was going on there.
Ode was a bit too idealistic.   The campaign in general was very different
than previous.   But I guess you know that and that's the point.   Again, I
think the commercials that showed why we are the most innovative were very
impressive.  Just telling people we are innovative made less of an impact.

Sorry I ruined your run.  At least you weren't molested by the River Oaks car
thief.

From: Margaret Allen@ENRON on 09/27/2000 08:24 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Commercials

So, what did you think?!  Don't lie or stretch the truth either -- you won't
hurt my feelings, I promise.

By the way, by the time I arrived home it was completely dark so I went for a
three mile run this morning.  Not fun, but I'm definitely awake right now!
BUT, it's all your fault I couldn't go last night....he!he!

Trade well, MSA


---------------------- Forwarded by Chris Germany/HOU/ECT on 01/31/2001 08:27
AM ---------------------------

"CustomerNotices, WGPHOU" <WGPHOU.CustomerNotices@Williams.com> on 01/29/2001
03:10:06 PM
To:
cc:
Subject: Transco - FT And IT Rates Effective February 1, 2001

Media Inquiries: Chris Stockton
                 (713) 215-2010
Other Inquiries: Rate Dept. 1-800-248-0404, Option #7January 29, 2001

To:  Transcontinental Gas Pipe Line Corporation Customers and
Shippers

Re:  FT and IT Rates effective February 1, 2001

On January 24, 2001, the Commission issued an order in Docket
Nos. RP97-71-020 and RP97-71-021 which, among other things,
approved the pro forma tariff sheets included with the filing.
The Commission's order also directed Transco to file actual
tariff sheets to be effective February 1, 2001.  Transco intends
to file the revised tariff sheets with the Commission on February
1, 2001.  If accepted as proposed, outlined below for your
convenience are Transco=s Rate Schedule FT and IT rates effective
February 1, 2001.

Summary of Rate Schedule FT Demand Maximum Rates
(Excluding Surcharges)

Demand Rates ($/Dt)
                              Del. Zone

          Zone 1   Zone 2   Zone 3   Zone 4   Zone 5   Zone 6
Rec. Zone

Zone 1    2.1284   2.7625   3.6820   7.0221   9.4933   10.8315
Zone 2    2.7625   2.2262   3.1457   6.4858   8.9570   10.2952
Zone 3    3.6820   3.1457   2.5116   5.8517   8.3229    9.6611
Zone 4    7.0221   6.4858   5.8517   4.9322   7.4034    8.7416
Zone 5    9.4933   8.9570   8.3229   7.4034   4.0633    5.4015
Zone 6   10.8315  10.2952   9.6611   8.7416   5.4015    2.9303

Zone 4A (Mobile Bay) Demand Rate   $2.4072

Commodity Rates (cents/Dt)
                              Del. Zone

          Zone 1   Zone 2   Zone 3   Zone 4   Zone 5   Zone 6
Rec. Zone

Zone 1    0.24     0.50     0.75     1.86     2.74     3.20
Zone 2    0.50     0.30     0.55     1.66     2.54     3.00
Zone 3    0.75     0.55     0.29     1.40     2.28     2.74
Zone 4    1.86     1.66     1.40     1.15     2.03     2.49
Zone 5    2.74     2.54     2.28     2.03     0.92     1.38
Zone 6    3.20     3.00     2.74     2.49     1.38     0.50

Zone 4A (Mobile Bay) Commodity Rate   0.34

Summary of Rate Schedule IT Commodity Maximum Rates
(Excluding Surcharges)

Commodity Rates (cents/Dt)
Del. Zone

          Zone 1   Zone 2   Zone 3   Zone 4   Zone 5   Zone 6
Rec. Zone

Zone 1    06.37    08.72    12.00    24.10    33.10    37.96
Zone 2    08.72    06.76    10.04    22.14    31.14    36.00
Zone 3    12.00    10.04    07.69    19.79    28.79    33.65
Zone 4    24.10    22.14    19.79    16.51    25.51    30.37
Zone 5    33.10    31.14    28.79    25.51    13.41    18.27
Zone 6    37.96    36.00    33.65    30.37    18.27    09.27

Zone 4A (Mobile Bay) Commodity Rate   7.39

For additional information please contact your Customer Service
Representative or Rate Department Representative.

Charlotte Hutson
Manager - Rate Department
(713)215-4060

--------------------------ADDITIONAL X12 INFORMATION------------------------
Trans. Svc. Provider: 007933021 - TRANSCONTINENTAL GAS PIPE LINE CORPORATION
   Notice Identifier: L0101291
     Critical Notice: No
      Type of Notice: 6-Other
   Required Response: 5-No Response Required
   Resp By Date/Time: N/A
Notice Eff Date/Time: 01/29/01 15:05:40
Notice End Date/Time: N/A
              Status: 1-Initiate
 Prior Notice Ident.: N/A

 - C.DTF


Bruce,

Attached is an electronic copy of Enron's response to your Colton RFP.  Please call with questions.

Dave Fuller
Enron North America
503-464-3732


I'll call you.....

"Lisa A. Schiffman" <lschiffm@JonesDay.com> on 10/06/2000 12:59:11 PM
To: Jeffrey.A.Shankman@enron.com
cc:
Subject: FYI - No plans for tomorrow night

_______________________________________________________________

This message and any attachments are intended for the individual or entity
named above.  If you are not the intended recipient, please do not read,
copy, use or disclose this communication to others; also please notify the
sender by replying to this message, and then delete it from your system.
Thank you.
_______________________________________________________________

in case your plans change and you go to Louisville on Sun. . . .


Mike,

I think it makes sense to send somebody from Enron to make a presentation,
given our relationship with the Wharton School. I  think it can be somebody
below Steve's level - the occasion does not justify allocating
time of a senior executive.

Vince

 -----Original Message-----
From: 	Terraso, Michael
Sent:	Monday, August 27, 2001 7:57 AM
To:	Kaminski, Vince J
Subject:	FW: Speaker from Enron

Vince, What is your opinion regarding the value of making a presentation?  Mike

 -----Original Message-----
From: 	Kean, Steven J.
Sent:	Friday, August 24, 2001 12:45 PM
To:	Terraso, Michael
Cc:	Kaminski, Vince J
Subject:	RE: Speaker from Enron

Please discuss with Vince.  I don't know how to engage relative importance

 -----Original Message-----
From: 	Terraso, Michael
Sent:	Friday, August 24, 2001 11:25 AM
To:	Kean, Steven J.
Subject:	RE: Speaker from Enron

Steve, if you think it would be of value to have someone speak  on at the Wharton School Energy Club, I can develop a presentation addressing the topic Global Warming and the Energy Industry.  Mike

 -----Original Message-----
From: 	Kean, Steven J.
Sent:	Friday, August 24, 2001 7:22 AM
To:	Terraso, Michael
Subject:	FW: Speaker from Enron

Look at the topic below.  Should we send somebody?
 -----Original Message-----
From: 	Kaminski, Vince J
Sent:	Thursday, August 23, 2001 5:43 PM
To:	Kean, Steven J.
Cc:	Patrick, Christie
Subject:	FW: Speaker from Enron

Steve,

I have received an inquiry from a professor at the Wharton School who
would like to invite a senior executive from Enron to speak at their
Energy Club. I gave him your name, so you can expect a call from him or one
of his associates.

Sorry if I put another burden on your shoulders.

Vince

 -----Original Message-----
From: 	"Kleindorfer, Paul" <kleindorfer@wharton.upenn.edu>@ENRON [mailto:IMCEANOTES-+22Kleindorfer+2C+20Paul+22+20+3Ckleindorfer+40wharton+2Eupenn+2Eedu+3E+40ENRON@ENRON.com]
Sent:	Thursday, August 23, 2001 11:58 AM
To:	'vkamins@enron.com'
Subject:	FW: Speaker from Enron

Vince:

We are moving along on the weather derivatives project.  Had a good meeting with Joe Hrgovic and others on the project and we are now interviewing a number of distribution utilities.

On another note, our Energy Club is fairly active at Wharton and would be very interested in featuring Terence Thorn if he is still with Enron (or your senior Government Affairs person if Mr. Thorn has left Enron).  Could you kindly let me know how to contact Mr. Thorn (or his replacement) so I can speak with him/her briefly.  My alterior motive in asking you to do this is that you might copy him on your email to me so that he knows we are doing some work together.

Thanks in advance.

Paul

-----Original Message-----
From: Richard, Amy [mailto:amyricha@wharton.upenn.edu]
Sent: Wednesday, August 22, 2001 4:18 PM
To: 'kleindorfer@wharton.upenn.edu'
Subject: Speaker from Enron

Paul,

The speaker from Enron that I told you yesterday that I was interested in bringing in for the Energy Club Speaker Series is Terence H. Thorn, senior vice president, Environmental and International Government Affairs. A colleague of mine heard him speak in Kyoto in 1997 and said he gave a superb talk. As of 2000 he was still in this position, though I could not verify that he is now.

The proposed topic is Global Warming Policy and the Energy Industry.
---How will the Bonn agreement affect global strategy? What will be the near-term and long-term consequences of the agreement?
---How does US non-participation affect US market strategies versus strategies in participating countries?
---What is Enron's current position on global greenhouse gas policy? How is Enron managing and hedging this position?
---How will developing country energy markets participate in greenhouse gas mitigation?

The Energy Club Speaker Series takes place every other Monday from 4:30 to 6:30. There are a number of dates open during Fall semester.

I appreciate very much your help in trying to arrange this. Please let me know if there is any other information you need.

Thank you,
Amy

-----Original Message-----
From: Robbins, Michael C
To: Richard, Amy
Sent: 8/22/2001 1:14 PM
Subject: RE: enron

Hi Amy,
Did a little search on Enron's website and happened upon the guy's name.
Terence H. Thorn, senior vice president, Environmental and International
Government Affairs. Not sure if he is still with the company but see
what your professor thinks. I will try to get my hands on his paper from
the March 1997 meeting as well.

Michael

-----Original Message-----
From: Richard, Amy
To: Robbins, Michael C
Sent: 8/21/2001 6:28 PM
Subject: enron

Hi Michael

Remember we talked about the Kyoto conference and you said you heard the
Govt Affairs guy at Enron give an amazing speech about global warming? I
ran the idea to get a speaker on global warming by the 2nd yr in charge
of the Energy Club (http://dolphin.upenn.edu/~energy), and he thought
that would be great. And furthermore, the prof who I do research
for(Paul Kleindorfer)said he is very well connected with the big guys at
Enron and would love to jointly sponsor the talk. SO, do you remember
the guy's name? Was it Robert Reilly possibly? I don't know if he would
still be there but we can try.

Thanks-
Amy Richard


Here's the link.

http://www.opinionjournal.com/columnists/pdupont/?id=95000613


---------------------- Forwarded by Robert Benson/Corp/Enron on 05/11/2001
12:32 PM ---------------------------

Chris Dorland@ECT
05/11/2001 12:14 PM
To: Robert Benson/Corp/Enron@ENRON
cc:

Subject: Why One Firm Thinks Enron Is Running Out of Gas

---------------------- Forwarded by Chris Dorland/HOU/ECT on 05/11/2001 12:14
PM ---------------------------

	Dan Dorland
	05/11/2001 07:50 AM

To: Paul Devries/TOR/ECT@ECT, Jan Wilson/TOR/ECT@ECT, Jeff Borg/TOR/ECT@ECT,
Dave Ellis/TOR/ECT@ECT, Garrett Tripp/TOR/ECT@ECT, Stephane
Brodeur/CAL/ECT@ECT, Chris Dorland/HOU/ECT@ECT, kdorland@flint-energy.com
cc:
Subject: Why One Firm Thinks Enron Is Running Out of Gas

http://www.thestreet.com/_yahoo/comment/detox/1422781.html

Why One Firm Thinks Enron Is Running Out of Gas
By Peter Eavis
Senior Columnist
Originally posted at 5:23 PM ET 5/9/01 on RealMoney.com

A small research boutique with a reputation for rigorous analysis is telling
clients to quickly dump Enron (ENE:NYSE - news), believing that the energy
trading giant's 2001 earnings will fall well short of Wall Street's
forecasts.
Cambridge, Mass.-based Off Wall Street, led by analyst Mark Roberts, thinks
Enron's 2001 earnings will fall 6 cents short of the consensus estimate of
$1.79. The firm also believes Enron stock should trade around $30, nearly 50%
below Wednesday's $59.20.
The firm's 26-page report, published May 6, highlights Enron's declining
profitability and increasing leverage and suggests that the company should
trade on the same sort of multiple as a trading firm like Goldman Sachs (GS
:NYSE - news), which has a 2001 price-to-earnings ratio about half of Enron's
33 times. OWS also alleges that Enron's earnings quality is poor and that key
parts of its financial statements are confusing and opaque.
Houston-based Enron didn't comment by publication time on elements of the
report that Detox sent the company. An energy analyst who is bullish on
Enron's outlook says the OWS report contains fundamental misunderstandings
about the energy market and Enron's business model, but he says the report
does include some ground-breaking and valid insights. (The analyst's firm
doesn't give stock recommendations.)
Economies of Scale
Why care what Off Wall Street writes, compared with, say, analysts at Merrill
Lynch (MER:NYSE - news)? For one, OWS has an excellent track record.
Particularly sweet was 2000, when the tech stocks it had bashed came crashing
down. It has also shown itself to be well ahead of the curve, recommending
that clients sell e-tailer priceline.com (PCLN:Nasdaq - news) in June 1999,
when faith in Internet stocks was at its blindest and their prices at their
most insane.

Pulling Back
Enron retreats after long rally

Enron, with its domination of a burgeoning energy market, annual revenue of
over $100 billion and impressive earnings growth, can hardly be ranked
alongside the likes of priceline. But OWS thinks Enron is set for a
precipitous drop nonetheless. Why?
OWS's main beef is that key profitability measures are in decline. Margins on
Enron's pretax operating earnings (which the company's earnings releases call
IBIT, or income before interest, taxes and other items) are falling. Total
IBIT of $795 million in the first quarter amounted to only 1.59% of the $50
billion in revenue for the period, compared with a 2.08% margin in the fourth
quarter and 4.75% in the year-earlier period. Revenue in the first quarter
was nearly quadrupled from the year-earlier period, yet IBIT rose only 27%.
This shrinkage is due to lower-margin trading income making up an
increasingly large share of Enron's revenue base.
OWS thus calculates that for the remainder of 2001 Enron needs to generate an
extra $2.1 billion in revenue for each additional penny it makes over its
2000 EPS of $1.47 to reach analysts' expectation of $1.79.
The energy analyst counters that OWS apparently hasn't grasped how Enron can
continue to increase earnings even when margins shrink. It does so simply by
increasing volumes as the energy market balloons in size. In other words,
margins may decline, but since revenues are so much higher, earnings still go
up. Illustrating this, first-quarter 2001 EPS of 49 cents was 23% ahead of
the year-ago figure, even though the IBIT margin shrank by 3.2 percentage
points. The analyst thinks Enron will make $1.82 per share in 2001.
Growing On You
In addition, the huge growth in the energy market that has so helped Enron is
likely to continue for several years, according to the analyst. He notes that
roughly 75% of the electricity available in the U.S. still isn't traded in a
market. "Eventually it will be part of a competitive environment, but it'll
take five to 10 years," says the analyst. And he believes the extreme
volatility in energy-related commodities that has also benefited Enron will
exist for longer than OWS projects.
Still, OWS's point on profitability is bolstered by other profit measures.
Return on capital (net income as a percentage of equity plus debt) was 6.6%
in 2000, down on 1999's 6.9% and well below the 2000 returns on capital at
Duke (DUK:NYSE - news) (11.8%), Dynegy (DYN:NYSE - news) (12.1%) and even
Goldman (8.9%).
Even Enron bulls will admit that its financials are hard to follow. For
example, it doesn't give a gross margin number for its wholesale services, or
trading, business, which accounts for 96% of revenue. But one area of the
company's financial statements registered with the Securities and Exchange
Commission that consistently bugs analysts is the part that describes Enron's
related party transactions, which are the deals it does with entities that
have some sort of link to the firm. In fact, one of the related entities that
Enron has traded with is headed by Enron's CFO, Andrew Fastow. The energy
analyst comments: "Why are they doing this? It's just inappropriate."
The reason for maintaining these hard-to-follow related party deals has been
a source of speculation. But OWS analysis shows how a sales of optical fiber
to a related party may have been used to goose earnings in the second quarter
of 2000. Estimated profits from the so-called dark fiber (optical cable
without the gear to send data over it) transaction allowed Enron to beat
analysts' second-earnings earnings estimate by 2 cents a share, rather than
missing by 2 cents.
How soon before Wall Street follows Off Wall Street on Enron?


Jeff has a meeting right after the building tour, so unfortunately he won't
be able to attend.

Thanks,
Joannie

stanmarek@marekbros.com on 05/09/2001 11:21:54 AM
To: Jeff.Skilling@enron.com
cc:

Subject: Re: Follow-Up - Brent Larsen

Joannie,

I'm back in town and have everything set for Friday AM at 9.  I am also
going to Hobby Performing Arts immediately afterwards with Paul Hobby and
we'd love to have Jeff join us for a short tour of that job as well.

Thanks,

-Stan


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 03/13/2000
01:30 PM ---------------------------

	From:  Phillip K Allen                           03/13/2000 11:31 AM

To: William Kelly/HOU/ECT@ECT, Steve Jackson/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT
cc:
Subject: Priority List

Will,

Here is a list of the top items we need to work on to improve the position
and p&l reporting for the west desk.
My underlying goal is to create position managers and p&l reports that
represent all the risk held by the desk
and estimate p&l with great accuracy.

Let's try and schedule a meeting for this Wednesday to go over the items
above.

Phillip


_________________________________________________________________

WEEKEND SYSTEMS AVAILABILITY

FOR

1/4/2002 5:00:00 PM through 1/7/2002 12:00:00 AM
_________________________________________________________________
SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS:

Impact: Corp
Time: Sat 1/5/2002 2:00:00 PM CT thru Sat 1/5/2002 3:00:00 PM CT
Sat 1/5/2002 12:00:00 PM PT thru Sat 1/5/2002 1:00:00 PM PT
Sat 1/5/2002 8:00:00 PM London thru Sat 1/5/2002 9:00:00 PM London
Outage: SysAdmiral Fault Tolerance Split for Netco/Estate
Environments Impacted: The outage the sysAdmiral Application will be brief and should not directly affect any applications.
Purpose: We are Splitting the sysAdmiral Fault Tolerance Databases and Master Services on NAHOU-BPMS01P and NAHOU-BPMSFT01P. NAHOU-BPMS01P Database/Master will be used for Estate Scheduling needs and NAHOU-BPMSFT01P will be used for Netco Scheduling Needs. After the environments are split their will be no more replication between the two servers or Fault Tolerance.
Backout: ReEnable Fault Tolernace.
Contact(s): Brennan, Ryan 713-853-4545
Lindsay, Brian 713-853-6225

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI:  No Scheduled Outages

EES: No Scheduled Outages

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:  No Scheduled Outages

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING: No Scheduled Outages.

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: No Scheduled Outages.

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

----------------------------------------------------------------------------------------------------------------------------
								FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management			(713) 853-5536
SAP/ISC                                                                               (713) 345-4727
Unify On-Call 					(713) 284-3757  [Pager]
Sitara On-Call					(713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS			(713) 639-9726  [Pager]
OSS/UA4/TARP				(713) 285-3165  [Pager]
CPR						(713) 284-4175  [Pager]
EDI Support 					(713) 327-3893  [Pager]
EES Help Desk					(713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call                    (713) 327-6032 [Pager]


What bears?


Dear Mr.Kaminski, Mr. Krishnarao and Mr. Sezgen,

I was very pleased to have an wonderful telephone interview with you.
It's exciting and challenging. I like it.
I talked to my financial engineering program classmate, Bob Lee who
was just hired by Enron recently. He told me he is very impressed by
your company and very excited to work there.
I believe I'm a strong candidate for this position. I'd like to share
more my background and experience with you.
I look forward to meeting you. Thank you.

P.S. Thank Shirley for her coordinate work. When I come to Houston,
I may need her help again.

Sincerely,

Jeff He


you don't have one here.

 -----Original Message-----
From: 	Barbe, Robin
Sent:	Wednesday, February 13, 2002 8:07 AM
To:	Germany, Chris
Subject:	RE: Boston Gas Capacity

	what's my role?

 -----Original Message-----
From: 	Germany, Chris
Sent:	Tuesday, February 12, 2002 4:06 PM
To:	Boyt, Eric
Cc:	Concannon, Ruth; McMichael Jr., Ed; Pollan, Sylvia S.; Barbe, Robin; Garza, Maria
Subject:	Boston Gas Capacity

Hey team.

I would like to release the Iroq and Tenn capacity for March activity to Boston Gas by the end of the week if possible.  Please let me know by Thur morning if I should wait until next week.

Thanks


The right person is Sami Arap in Sao Paulo.

Mark Haedicke

	Pedro Martinez <PMARTINEZ@isda.org>
	06/04/2001 06:04 PM

		 To: Mark Haedicke <Mark.E.Haedicke@enron.com>
		 cc:
		 Subject: Brazilian Initiative

Dear Mark,

Per our conversation during the AGM, I would like to inform you that ISDA is
now committed to focus its efforts in Brazil. We are currently in the
process of organizing a small working group to further push our initiative
in that market. I would greatly appreciate it if you could refer me with
someone from your institution that would like to participate in this effort.

I look forward to having a representative from Enron participate in the
Brazilian working group.

If you have any questions regarding this matter please do not hesitate to
contact me

Best regards,

Pedro Martinez - Delgado
International Swaps and Derivatives Association, Inc.
600 Fifth Avenue, 27th Floor
Rockefeller Center
New York, NY 10020-2302
Direct: (212) 332-1207
Fax: (212) 332-1212
Email: pmartinez@isda.org


Telecommunications Reports presents . . . . . TR's State NewsWire
February 2, 2001 2 P.M. Edition

STATES
MINNESOTA -- Gov. Ventura's bill to rewrite telecom law introduced
NEW YORK -- WorldCom won't receive 'recip comp' at tandem rate from
Verizon
OREGON -- Legislators propose Uniform Electronic Transactions Act
MISSISSIPPI -- PSC supports bills to restrict telemarketers
ILLINOIS -- Group is 'outraged' at Ameritech-backed telecom bill
NORTH DAKOTA -- Bill to speed up Qwest market-entry bid heads to Senate
floor
TENNESSEE -- Wireless phone charges would be limited under bill
VIRGINIA -- SCC to proceed with hearing on WorldCom prison phone rates
GEORGIA -- Bill would restrict use of wireless phones while driving
UTAH -- PSC seeks comments on service-quality rules

REGIONAL
SBC, Compaq partner to offer computers with DSL modems

FUTURE OF REGULATION
MINNESOTA
Gov. Ventura's bill to rewrite telecom law introduced

Rep. Ken Wolf (R., District 41B) has introduced HF 510 to enact Gov.
Jesse Ventura's (Independence Party, Minnesota) telecom plan.  The House
Regulated Industries Committee is scheduled to hold an informational
meeting on the bill Feb. 5.  The committee probably won't take any
action on the measure until March, a legislative staff member told TR.

The legislation would freeze all common carrier line charges (CCLC) and
cap the CCLC at 5 cents per minute of use on the bill's effective date.
The CCLC cap would be reduced gradually by 20% each year over five
years.  Rates for the switching element would be capped at two cents per
minute of use, and rates for transport would be frozen at current
levels.

HF 510 would direct the Public Utilities Commission to conduct by Dec.
31, 2002, a one-time major retail rate restructuring to establish
deaveraged retail rates.  After the restructuring was completed, there
would be a two-year freeze on all retail rates for essential telecom
services.

A universal service fund (USF) would begin Jan. 1, 2003, the same time
retail deaveraging would commence.  The bill would authorize $186.9
million to create the fund.  The base for the fund would be expanded
through a 5% excise tax on intrastate and interstate telecom services,
cable TV services, and satellite video programming services.

The measure would give the PUC authority to regulate cable TV franchise
operators.  Franchises would be granted and enforced at the state level,
but franchise fees would continue to be paid directly to local
governments.

Alternative form of regulation (AFOR) plans would be eliminated under
the bill.  The plans have failed to encourage dominant carriers to
invest in infrastructure, according to the Ventura administration.  Once
a complaint was filed by 5% or 500 consumers, whichever was less, within
an exchange, the Department of Commerce and the attorney general would
be authorized to investigate the rate and, if necessary, pursue relief
for the customer.  Rate complaints would be limited to essential or
noncompetitive services.

HF 510 would require the PUC to model its retail and wholesale service
quality rules after those in the current Qwest Corp. AFOR plan.  The PUC
would be given authority to impose severe penalties on companies who
failed to comply with commission orders pertaining to infrastructure
deployment.

The measure also would create an advanced service capital investment
revolving loan fund to finance the improvement, expansion, construction,
acquisition, and operation of telecom services.  The first year of
revenues from the proposed universal service excise tax would establish
the fund.

The bill's text is available at
http://www.revisor.leg.state.mn.us/cgi-bin/bldbill.pl?bill=H0510.0&session=ls8
2.

INTERCOMPANY COMPENSATION
NEW YORK
WorldCom won't receive 'recip comp' at tandem rate from Verizon

The Public Service Commission has ruled that WorldCom, Inc., has failed
to demonstrate that it deserves reciprocal compensation from Verizon New
York, Inc., at Verizon's tandem rate.

In 1999 the commission issued an order addressing whether traffic,
including Internet service provider (ISP)-bound traffic is "convergent,"
with lower termination costs, and whether it therefore should be
compensated at a lower rate.  (8/30/99 a.m.)  The solution was to create
a rebuttable presumption that a substantial portion of a carrier's
traffic is convergent if its incoming-to-outgoing traffic ratio exceeds
three-to-one for the most recent three-month period.

If a competitive local exchange carrier (CLEC) exceeds the set ratio,
the PSC determined, it should be compensated at the lower Verizon
end-office rates, not the higher tandem rate.  To rebut this
presumption, a CLEC must show that its network and service are such that
the higher tandem rate is appropriate despite exceeding the ratio.

On July 24, 2000, WorldCom filed a petition asserting that its network
and services qualify it for the higher rate.  WorldCom asserted that the
networks of its New York operating companies--MCI Metroaccess
Transmission Service LLC, Brooks Communications of New York, Inc, and
MCI WorldCom Communications, Inc.--when taken as a whole, more than
qualify for tandem reciprocal compensation.

WorldCom said its combined network doesn't exceed the three-to-one
incoming-to-outgoing traffic ratio.  Even if it does exceed the ratio,
WorldCom asserted, the network meets the requirements to rebut the
presumption because it has "tandem-like functionality in both the
transmission and receipt of traffic,"

The PSC, however, agreed with Verizon's position that WorldCom can't
aggregate all of its operations to rebut the presumption that it should
receive the lower end-office rates.  The PSC said that because WorldCom
didn't "identify the facilities or operating territory of the individual
companies, or indicate whether the operating entities are integrated,"
the PSC had no basis to decide whether the companies individually offer
efficient tandem-like interconnection "despite their overwhelmingly
convergent traffic ratios."  (Case no. 99-C-0529, Proceeding on Motion
of the commission to reexamine reciprocal compensation)

INTERNET
OREGON
Legislators propose Uniform Electronic Transactions Act

Reps. Susan Morgan (R., District 46), Tim Knopp (R., District 54), and
Jeff Merkley (D., District 16) have introduced a bill to create the
Uniform Electronic Transactions Act.  HB 2112 would prohibit parties
from denying a record, signature, or contract legal effect or
enforceability solely because it was in electronic form.

HB 2112 stipulates that parties could refuse to conduct transactions
electronically.  No person would be able to waive the right to refuse to
conduct electronic transactions.

The director of the department of administrative services would have to
determine whether, and to what extent, a government agency could create
and retain electronic records.  The director also would have to
determine whether, and to what extent, a government agency could send
and accept electronic records and signatures.

HB 2112 awaits consideration by the House Judiciary Committee's
subcommittee on civil law.

CUSTOMER-AFFECTING
MISSISSIPPI
PSC supports bills to restrict telemarketers

The Public Service Commission has said it supports two bills to prohibit
telemarketers from calling consumers who joined a "no-call" list.  SB
2362, sponsored by Sen. Thomas E. Robertson (R., District 51), and HB
1414, introduced by Rep. Les Barnett (R., District 116), would require
the PSC to maintain the no-call list.

According to the PSC, nearly 400 consumers in the past two months have
asked the commission to help curb telemarketing.  SB 2362 and HB 1414
"would assist the consumers to greatly reduce or eliminate unwanted
telemarketing calls," PSC Chairman Nielsen Cochran said.  He urged
consumers who support the measures to ask their legislators to vote in
favor of the bills.

While critics argue that the bills are antibusiness, Cochran said a
no-call list actually could help telemarketers by screening out
consumers who wouldn't be receptive to the calls.  Similar legislation
is already in place in 14 states, including Alabama, Arkansas, Florida,
Georgia, Kentucky, and Tennessee.  Telemarketing appears to have become
more successful in these states as a result, according to Cochran.

SB 2362 has passed the Senate Public Utilities Committee and is expected
to reach the Senate floor by Feb. 8, a legislative staff member told
TR.  (1/18/01 p.m.)  HB 1414 has been referred to the House Public
Utilities Committee.

STATE & LOCAL GOVERNMENT
ILLINOIS
Group is 'outraged' at Ameritech-backed telecom bill

The Illinois Coalition for Competitive Telecommunications (ICCT) today
said it's "outraged" at a bill introduced yesterday to rewrite the
telecom article of the state's Public Utilities Act.  (2/2/01 a.m.)
Connect Illinois, a group that counts Ameritech-Illinois as a member,
backs the legislation.  ICCT's membership includes AT&T Corp., the Cable
Television and Communications Association of Illinois, and Focal
Communications Corp.

ICCT noted that one of the "more interesting" parts of HB 492/SB 134 is
that it retains regulation over the most basic residential service for
two years but immediately deregulates additional services to residential
customers.  "This means that for the next two years there will still be
caps on rates for one basic phone line per household, but Ameritech will
be free to make unlimited rate hikes on common services such as a second
line, call waiting, and voice mail," ICCT said.

Gary Mack, executive director of ICCT, said, "The fact that Ameritech
had the audacity to propose this bill after months and month of
skyrocketing customer complaints is just further proof that the General
Assembly needs to take strong action when it rewrites the state's
telecommunications law this year."

LONG DISTANCE
NORTH DAKOTA
Bill to speed up Qwest market-entry bid heads to Senate floor

The Senate Committee on Business, Industry, and Labor has passed and
sent to the Senate floor a measure to urge the Public Service Commission
and the FCC to move forward "as quickly as possible" on Qwest Corp.'s
bid to enter the in-region interLATA (local access and transport area)
service market.  (1/17/01 p.m.)  The measure likely will be heard on the
Senate floor sometime next week, a legislative staff member told TR.

According to SCR 4008, granting Qwest market-entry authority under
section 271 of the federal Telecommunications Act of 1996 would prevent
the state from lagging behind other states in the local and long
distance markets.

WIRELESS
TENNESSEE
Wireless phone charges would be limited under bill

Sen. James F. Kyle (D., District 28) has introduced a bill to make it an
unfair or deceptive act for wireless phone providers to charge for calls
in increments of more than one-tenth of a minute.  SB 586 also would
prohibit telecom providers from charging for calls received on a
wireless phone.  The bill's text is available at
http://www.legislature.state.tn.us/bills/currentga/BILL/SB0586.pdf.

Rep. Craig Fitzhugh (D., District 82) has filed an identical bill, HB
801, in the House.  Its text is available at
http://www.legislature.state.tn.us/bills/currentga/BILL/HB0801.pdf.

PRICING
VIRGINIA
SCC to proceed with hearing on WorldCom prison phone rates

The State Corporation Commission has decided to proceed with a Feb. 14
hearing to examine the rates charged by two Virginia subsidiaries of
WorldCom, Inc., for service provided to the state's inmate telephone
system.

The commission had asked for comment on whether to proceed with the
hearing after learning that one of the petitioners, Robert E. Lee Jones
Jr., filed a complaint concerning the matter in the federal district
court in Roanoke, Va.  Jones' federal suit named the commission as a
defendant, in addition to the defendants already named in the SCC
proceeding.

The SCC's investigation began last year when two Department of
Corrections inmates complained that the rates WorldCom charges for
collect calls placed by inmates are too high.  The inmates also allege
that the rates are "inconsistent" with a tariff filed by the company in
January 1999.

The commission also rejected renewed requests by the WorldCom companies
to dismiss the case on jurisdictional grounds and a request by Jones for
summary judgment.  (Case no. PUC990157, Robert E. Lee Jones Jr. v. MCI
WorldCom Network Services of Virginia, Inc., and MCI WorldCom
Communications of Virginia, Inc.)

WIRELESS
GEORGIA
Bill would restrict use of wireless phones while driving

Rep. Barbara J. Mobley (D., District 69) has introduced HB 335 to
prohibit driving while using a wireless phone unless the device was
equipped for hands-free use and allowed the driver to hear surrounding
noise out of one ear.

HB 335 has been referred to the House Committee on Motor Vehicles.  Its
text is available at
http://www.legis.state.ga.us/Legis/2001_02/sum/hb335.htm.

CUSTOMER-AFFECTING
UTAH
PSC seeks comments on service-quality rules

The Public Service Commission has asked for comments by March 19 on
proposed retail service-quality rules, most of which would apply only to
Qwest Corp.  This is the commission's second round of formal comments on
the rules, which may take effect March 20.  (1/25/01 p.m.)

The proposed rules seek to codify service-quality conditions included in
the commission's order approving the Qwest Communications International,
Inc.-U S WEST Communications, Inc., merger.  The proposed rules would
require Qwest to complete 90% of all new, transfer, and change orders
within three business days or on the customer's requested due date.
Beginning in July, the company would have to complete 95%.

The issues addressed in the draft rules also include held orders,
repairing out-of-service lines, missed commitments, reporting
requirements, billing, and disconnection.  (Docket no. 00-R340-01, In
the Matter of a Proceeding to Adopt Rules Governing Service-Quality
Standards to End Users for All Tariffed Public Telecommunications
Services Pursuant to UCA 54-8b-3.3 (6)(a))

ADVANCED SERVICES
ARKANSAS, CALIFORNIA, CONNECTICUT, ILLINOIS, INDIANA, KANSAS, MICHIGAN,
MISSOURI, NEVADA, OHIO, OKLAHOMA, TEXAS, WISCONSIN
SBC, Compaq partner to offer computers with DSL modems

SBC Communications, Inc., has reached a deal with Compaq Computer Corp.
to offer customers a discount on one of three computers that include a
digital subscriber line (DSL) modem.  The discounts range from $250 for
a low-end computer to $500 for a high-end computer.

The company also ended a promotion it began last February, which
effectively raised the price for DSL by $10.  Customers now will have to
pay $49.95 a month.  However, SBC ended its practice of requiring
customers to enter into a one-year contract.  If a customer decides to
sign a one-year contact, the $99 DSL modem will be provided for free.

Federal law prohibits duplication in any form, including electronic,
without permission of the publisher.

TR's State NewsWire Copyright 1998, 1999, 2000 Telecommunications
Reports International, Inc. (ISSN 1082-9350) is transmitted each
business day at 8 a.m. and 2 p.m., except holidays.
Telecommunications Reports International, Inc.
1333 H St. NW, Suite 100-E
Washington, DC 20005-4707

Associate Editor for Online Publications: Jennifer Erschen, E-mail:
jerschen@tr.com
Senior Legislative & Regulatory Analyst: Gayle Kansagor, E-mail:
gkansagor@tr.com
Senior Research Analyst: Steve Arlowe, E-mail: sarlowe@tr.com
Senior Analyst: Barney McManigal, E-mail: bmcmanigal@tr.com
Account Services: Eileen Callahan (202) 312-6116, (202) 842-3023 (fax)
E-mail: ecallahan@tr.com


Start Date: 4/24/01; HourAhead hour: 1;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042401.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 1 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  UNIT_ID: BADLND_7_PL1X2


Julia sent me a copy of your memo following up on one of the questions asked
at the session earlier this week.  I would like to ask a follow-up question:

Do we lose the benefit of the special treatment under the bankruptcy code
when we enter into cross-product (i.e. physical and financial products)
netting and joint credit support arrangements.  If we agree with a
counterparty to net all of our trading exposures under multiple agreements
(swap agreements and gas, power, steel, coal, etc. trading agreements) to
determine how much credit support should be posted and then only ask for a
single LC that supports the whole shebang, do we lose this protection since
arguably we are no longer just "under a swap agreement?"


see question #3

 -----Original Message-----
From: 	Hayslett, Rod
Sent:	Thursday, October 25, 2001 4:31 PM
To:	Kilmer III, Robert; Miller, Mary Kay; Neppl, Ray; Geaccone, Tracy
Cc:	Mayeux, Gay
Subject:	FW: ETS  - Investor Questions
Importance:	High

Mary Kay, Ray and Rob:  Can you 3 help her out on 1 & 2?
Tracy:   Please handle 3.

 -----Original Message-----
From: 	Mayeux, Gay
Sent:	Thursday, October 25, 2001 2:15 PM
To:	Hayslett, Rod
Subject:	ETS  - Investor Questions
Importance:	High

We have some investors who are interested in knowing more about the pipes.  Can you please tell me who can anwser/confirm the following:

1.  Per the latest rate cases the nominal ROE's and related capital structures are as follows:

	ROE				12.89%	12.18%	13.49%
	Equity Ratio(equity to debt)	60%	60%	42%

2. Is rate base calculated on equity or assets?

3. What was the percentage of capacity for each of the pipes for the first nine months of this year?

It would be very helpful if you or someone could respond this afternoon.

Thanks!

_________________________
Gay Mayeux
Vice President, Investor Relations
Enron Corp.
1400 Smith Street, EB 4931a
Houston, Texas 77002

Phone:  713-853-9905
Cell:      713-416-8821
Fax:      713-646-3002
email:    gay.mayeux@enron.com