---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/02/2000
08:16 AM ---------------------------

Vince J Kaminski
08/02/2000 08:09 AM
To: "Julie" <julie@lacima.co.uk> @ ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT
Subject: Re: Preface for book

Julie,

The introduction looks fine. I have made some cosmetic changes
(typos and split infinitives that slipped by). You can safely ignore most of
them.
English is not even my second language.

The corrections are in pink.

Vince

"Julie" <julie@lacima.co.uk> on 08/01/2000 07:43:10 AM
To: "VinceJKaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject: Preface for book

Vince,
?
Hope you are well.
?
We spoke a while ago about who should write the preface for the book, and
you kindly offered that you would provide this.? Is this still  possible?? We
realise that you are extremely busy, so Chris and Les went  ahead and wrote
something, which is below, and if you want to review, change or  re-write?the
preface, that would be very appreciated.? Let me know  what your thoughts are.
?
Thanks,
Julie
(we're getting close)
?
?

Preface

?

?

?

One of our main objectives in  writing Energy Derivatives: Pricing and Risk
Management has been to bring  together as many of the various approaches for
the pricing and risk management  energy derivatives as possible, to discuss
in-depth the models, and to show how  they relate to each other.? In this
way we hope to help the reader to analyse the different models, price a wide
range of energy derivatives, or to build a risk management system which uses
a  consistent modelling framework.? We  believe that for practitioners this
last point is very important and we continue  to stress in our articles and
presentations the dangers of having flawed risk  management and giving
arbitrage opportunities to your competitors by using  ad-hoc and inconsistent
models for different instruments and markets (see also OTHERS WHO PROPOSE
CONSISTENT  MODELS?).? However, it is not  our wish to concentrate on one
particular model or models, at the exclusion of  the others because we
believe that the choice should rest with the user  (although it will probably
be clear from our discussions the model(s) we  prefer).? We therefore try and
give  as clear account as possible of the advantage and disadvantages of all
the  models so that the reader can make an informed choice as to the models
which  best suit their needs.

?

In order to meet our objectives the  book is divided into 11 chapters.?  In
chapter 1 we give an overview of the fundamental principals needed to  model
and price energy derivatives which will underpin the remainder of the  book.?
In addition to introducing  the techniques that underlie the Black-Scholes
modelling framework we outline  the numerical techniques of trinomial trees
and Monte Carlo simulation for  derivative pricing, which are used throughout
the book.

?

In Chapter 2 we discuss the  analysis of spot energy prices.? As  well as
analysing empirical price movements we propose a number of processes  that
can be used to model the prices.?  We look at the well-know process of
Geometric Brownian Motion as well as  mean reversion, stochastic volatility
and jump processes, discussing each and  showing how they can be simulated
and their parameters estimated.

?

Chapter 3, written by Vince  Kaminski, Grant Masson and Ronnie Chahal of
Enron Corp., discusses volatility  estimation in energy commodity markets.?
This chapter builds on the previous one.? It examines in detail the methods,
merits and pitfalls of the volatility estimation process assuming different
pricing models introduced in chapter 2.?  Examples from crude, gas, and
electricity markets are used to illustrate  the technical and interpretative
aspects of calculating volatility.

?

Chapter 4 examines forward curves  in the energy markets.? Although  such
curves are well understood and straight-forward in the most financial
markets, the difficulty of storage in many energy markets leads to less well
defined curves.? In this chapter we  describe forward price bounds for energy
prices and the building of forward  curves from market instruments.? We
outline the three main approaches which have been applied to building
forward  curves in energy markets; the arbitrage approach, the econometric
approach, and  deriving analytical values by modelling underlying stochastic
factors.

?

Chapter 5 presents an overview of  structures found in the energy derivative
markets and discusses their uses.? Examples of products analysed in this
chapter include a variety of swaps, caps, floors and collars, as well as
energy  swaptions, compound options, Asian options, barrier options, lookback
options,  and ladder options.

?

Chapter 6 investigates single and  multi-factor models of the energy spot
price and the pricing of some standard  energy derivatives.? Closed form
solutions for forward prices, forward volatilities, and European option
prices  both on the spot and forwards are derived and presented for all the
models in  this chapter including a three factor, stochastic convenience
yield and interest  rate model.

?

Chapter 7 shows how the prices of  path dependent and American style options
can be evaluated for the models in  Chapter 6.? Simulation schemes are
developed for the evaluation of European style options and applied to a
variety  of path dependent options.? In order  to price options which
incorporate early exercise opportunities, a trinomial  tree scheme is
developed.? This tree  is built to be consistent with the observed forward
curve and can be used to  price exotic as well as standard European and
American style options.

?

Chapter 8 describes a methodology  for valuing energy options based on
modelling the whole of the market observed  forward curve.? The approach
results  in a multi-factor model that is able to realistically capture the
evolution of a  wide range of energy forward curves.?  The user defined
volatility structures can be of an extremely general  form.? Closed-form
solutions are  developed for pricing standard European options, and efficient
Monte Carlo  schemes are presented for pricing exotic options.? The chapter
closes with a discussion of  the valuation of American style options.

?

Chapter 9 focuses on the risk  management of energy derivative positions.?
In this chapter we discuss the management of price risk for institutions
that trade options or other derivatives and who are then faced with the
problem  of managing the risk through time.?  We begin with delta hedging a
portfolio containing derivatives and look  at extensions to gamma hedging )
illustrating the techniques using both spot and  forward curve models.? The
general  model presented in Chapter 8 is ideally suited to multi-factor
hedging of a  portfolio of energy derivatives and this is also discussed.

?

Chapter 10 examines the key risk  management concept of Value at Risk (VaR)
applied to portfolios containing  energy derivative products.? After
discussing the concept of the measure, we look at how the key inputs
(volatilities, covariances, correlations, etc) can be estimated.? We then
compare the fours major  methodologies for computing VaR; Delta, Delta-gamma,
historical simulation and  Monte-Carlo simulation, applying each to the same
portfolio of energy  options.? In this chapter we also  look at testing the
VaR estimates for various underlying energy market  variables.

?

Finally, in Chapter 11 we review  modelling approaches to credit risk.?  We
look in detail at two quite different approaches, CreditMetrics (J. P. Morgan
(1997)) and  CreditRisk+ (Credit Suisse Financial  Products (1997)) for which
detailed information is publicly available.? Together these provide an
extensive set  of tools with which to measure credit risk.? We present
numerical examples of  applying these techniques to energy derivatives.

?
Before  we begin we stress that the models and methods we present in this
book are tools  which should be used with the benefit of an understanding of
how both the +tool,  and the market works.? The  techniques we describe are
certainly not &magic wands8 which can be waved at  data and risk management
problems to provide instant and perfect solutions.? To quote from the
RiskMetrics Technical  Document &( no amount of sophisticated analytics will
replace experience and  professional judgement in managing risk.8.?  However,
the right tools, correctly used make the job a lot  easier!


Hi Gregg,

Per your request:

See ya,

Kay

From: Gregg Penman on 10/20/2000 03:08 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Waiver

Kay - please review this letter and let me know if you think it needs any
edits.

Gregg
----- Forwarded by Gregg Penman/Corp/Enron on 10/20/2000 03:08 PM -----

	Mary Lynne Ruffer@ECT
	10/20/2000 01:00 PM

		 To: Gregg Penman/HOU/ECT@ECT
		 cc: Tracey Irvin/HOU/ECT@ECT
		 Subject: Waiver

Per our discussion...

Thanks!


The difficulty is in knowing which entites are regulated and which are not.
For instance, ENA is an "unregulated" affiliate of a regulated utility
(PGE).  But many utilities have energy services companies affiliates which,
while not regulated utilities like San Diego Gas & Electric, are nevertheless
heavily regulated.  We have tried to figure out what we can in the time
available and have relied on readily available public inofrmation.

David Forster
10/14/99 08:48 AM
To: Mark Taylor/HOU/ECT@ECT
cc:
Subject: Online Derivatives Trading with Regulated Utilities

Mark,

Does the legal precedent which we previously discussed, apply to subsidiaries
of utilities as well as the utilities themselves?

Dave
---------------------- Forwarded by David Forster/LON/ECT on 14/10/99 14:47
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Tana Jones                           14/10/99 00:08

To: David Forster/LON/ECT@ECT
cc: Louise Kitchen/LON/ECT@ECT, Bob Shults/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT
Subject: Online Derivatives Trading with Regulated Utilities

As far as your email questions, my responses are following:

1.  The list I have provided you is the only list that exists on financial
counterparties.  There is no Excel spreadsheet to follow.
2.  Duke Energy Corporation.  At Mark's direction, I am sending his note
below regarding utilities.  Again, until we do the due diligence on a utility
counterparty we have no way of knowing what kind of local, state or federal
regulation or approvals they may be subject to.   We currently have masters
in place with only about 10 utilities/govt's.  We are in the process of
negotiating another 30.  Until those masters are executed and we have the
relevant resolutions, authority documents and/or legal opinions, I cannot
approve them for online trading.  I have made every effort to search company
websites and elicit from Credit whether a counterparty is a regulated utility
or not.  If I cannot tell by the information available to me, additional due
diligence will be needed to see if they are subject to local, state, or
federal regulation.   Mark can override any decision I have made, I can only
make decisions within the guidelines the attorneys have set for me.
3.  Montana Power Trading and Marketing Company is a subsidiary of a
regulated utility.  I am unable to determine from Credit or their website
what type of regulation they might be subject to.  The note is true that
Credit says they are getting out of the business anyway.
4.  Petrotemex.   Per my conversations with Mark and our advice from counsel,
unlike U.S. and U.K. counterparties, Mexican counterparties are not able to
enter into derivative transactions unless their articles and bylaws
specifically provide for these types of transactions.  We will not know this
until the due diligence is completed, so I am supposed to say "no" for
Mexican counterparties we do not have a master swap agreement in place with.
5.  PSEG. It is an energy services company; however, it is also not an
eligible swap participant (or "ESP").  CFTC regulation limits the derivatives
trading we may do to certain types of counterparties that meet certain
financial requirements (large, institutional type investors, companies,
banks, etc).  Corporations and partnerships have to meet certain net worth
and asset levels or we cannot trade financially with them.  Whenever I say
"not ESP" or "not eligible swap participant" it means they have not met the
financial net worth test.
6.  The American Coal Company.  See prior note.

---------------------- Forwarded by Tana Jones/HOU/ECT on 10/13/99 04:21 PM
---------------------------

	From:  Bob Shults                           10/12/99 10:15 AM

To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Online Derivatives Trading with Regulated Utilities

Does this mean that we have 10 utilities that are approved to trade?  What
are we doing with the other 30-40?
---------------------- Forwarded by Bob Shults/HOU/ECT on 10/12/99 10:14 AM
---------------------------
To: Louise Kitchen/LON/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, William S
Bradford/HOU/ECT@ECT, David Port/LON/ECT@ECT, Bob Shults/HOU/ECT@ECT, David
Forster/LON/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: Online Derivatives Trading with Regulated Utilities

We have not decided "to prevent any regulated utility from completing any
financial transactions" online.  If we have already satisfactorily concluded
the necessary due diligence with respect to a particular utility, they will
be approved.  It is only with respect to those utilities which have not yet
been researched that we are withholding approval.  The due diligence required
involves asking the utility for certain information concerning their
organization and regulatory situation, hiring local counsel in the relevant
state and having research done into the laws and regulations in place there
and into any public utility commission orders respecting the particular
utility in question, and on occasion requesting an opinion letter from the
utility's counsel.  We usually begin that process only when a trader believes
there is a likelihood of a sufficient volume of trading with the utility to
justify the time and expense.  FYI, the due diligence process has in the past
revealed circumstances which prevented the utility from trading derivatives
or required actions to authorize such trading which had not been taken.

A recent count showed about 10 executed master agreements and another 30 to
40 in one stage or another of the due diligence/negotiation process.

Louise Kitchen
10/06/99 02:46 PM
To: Mark E Taylor/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
cc: Debbie R Brackett/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, David
Port/LON/ECT@ECT, Bob Shults/HOU/ECT@ECT, David Forster/LON/ECT@ECT
Subject: Customer Data

On Friday we will be receiving the remaining customer list from credit, due
to the timescales I am asking for turnaround on the customer matrix and
master agreement review by the end of play Tuesday 12th October.

Any problems with this please notify me immediately as we are now running up
against very tight deadlines in terms of getting all of the information in
the system for the launch schedule.

Thanks

Louise

Mark,
On another note we are requesting a review of the blanket decision which has
been made to prevent any regulated utility from completing any financial
transactions, if we are not prepared to do the due diligence on which ones
can transact and which ones can not - is this our responsibility or theirs?
ie their decision whether to trade or not.
Louise


Refunds are always so much fun.  I suppose we would need to give some back to
BUG if this happens.
---------------------- Forwarded by Chris Germany/HOU/ECT on 10/08/2000 11:21
AM ---------------------------

"Immer, Ingrid" <Ingrid.Immer@Williams.com> on 09/25/2000 10:42:54 AM
To: "Brown, Daryl" <Daryl.Brown@Williams.com>, "Fiser, Michael"
<Michael.Fiser@Williams.com>, "'jfoard@coral-energy.com'"
<jfoard@coral-energy.com>, "'scalcagno@keyspanenergy.com'"
<scalcagno@keyspanenergy.com>, "'eanderson@keyspanenergy.com'"
<eanderson@keyspanenergy.com>, "'david.caffery@pseg.com'"
<david.caffery@pseg.com>, "'rod.mullin@nypa.gov'" <rod.mullin@nypa.gov>,
"'jtownse@enron.com'" <jtownse@enron.com>, "'cgerman@enron.com'"
<cgerman@enron.com>, "'john.hodge@enron.com'" <john.hodge@enron.com>
cc:
Subject: FW: Transco Files Motion For Modification of Settlement

Just wanted to make sure all of you saw this notice that we posted on the
bulletin board last week.? This may mean significant $$$ for some of you.? In
brief, we are filing a request to make an early partial refund.? The refund
is related to the rate of return settlement in our last rate filing.?
According to the rate case proceedings, the refund is not due until a final
non-appealable order is issued, but we are requesting permission to do a
partial refund sooner (around Oct 31).? As the bulletin states, if your
company wishes to wait to receive its full refund after the final,
non-appealable order, please notify me or another Transco rep.

Happy Halloween.?? ii

-----Original Message-----
From:?? CustomerNotices, WGPHOU
Sent:?? Friday, September 22, 2000 4:08 PM
To:???? Alatorre, Hector; Alvarado, Orlando; Ambler, Margie; Anderson, Toi;
Avioli, James; Blodgett, Kerry; Bowman, Terri; Buhrke, Cathy; Casey, Melissa;
Catlett, Laurie; Conley, Allan; Cordray, Stan; Cortez, Diama; Cox, Ann;
Doyle, Ronald; Eaton, John; Egner, Paul; Fitch, Terry; Flores, Gloria;
Gallerano, John; Gensler, Quentin; Hargrove, Nancy; Heiser, Suzanne; Helburg,
Charles; Higginbotham, Keith; Hungate, Cynthia; Immer, Ingrid; Kelley, James;
Kelley, Nancy; King, Mable; Kleiner, Margaret; Laird, Mary; Laughlin, Helen;
Laurel, Liz; Lindloff, Monty; Lobdell, Julie; Loggins, Kenneth; Lowrey,
Roseanne; McCauley, Laurie; Mingen, Michele; Mott, Louella; Muenster, Kay;
Nguyen, Michelle; Payne, Leon; Prevott, Rose; Prodoehl, Paul; Ramos, J Linda;
Ramos, Mary; Roberts, Jan; Robertson, Constance; Rush, Russell; Sansom,
William; Scott, Mark; Shaull, Barbara; Silvas, Elizabeth; Smith, Elsie;
Stevens, Paula; Swanson, Debbe; Taormina, Victoria; Taylor, Charles; Taylor,
Janice; Thornton, Suzanne; Wahlstrom, Scottie; Walleck, Lynn; Watson-Combre,
Cassandra

Subject:??????? Transco Files Motion For Modification of Settlement

September 22, 2000

To:? Transcontinental Gas Pipe Line Corporation Customers and
Shippers

Re: Transco Files a Motion for Modification of Settlement to
??? Permit Interim Partial Refunds
??? Docket Nos. RP97-71-000 and RP97-312-000

In response to certain customers' requests, Transco submits a
Motion for Modification of Settlement to Permit Interim Partial
Refunds in the above-captioned proceedings. By this motion,
Transco requests that the Commission modify Article V of the
January 20, 1998 Stipulation and Agreement to permit Transco to
make an interim partial refund of amount to Non-Contesting
Parties, if any, related to the Capital Structure/Rate of Return
Issues on or about October 31, 2000. The refund is being made to
parties in advance of the date that such refunds are due as set
forth in the Stipulation and Agreement, in part to help mitigate
the effects of current high natural gas prices on their
customers. For further detailed information of the Motion filed
at the Federal Energy Regulatory Commission, please refer to
Transco's filing today in the above mentioned dockets.

Specifically, Transco proposes to make interim partial refunds on
or about October 31,2000 to Non-Contesting Parties related to the
Capital Structure/Rate of Return Issues. Transco will refund to
those customers with interest from the date of payment to the
date of refund, the amount, if any, collected from May 1, 1997
through February 29,2000 in excess of the amount that would have
been collected under the Settlement Rates as adjusted by the
Commission's findings in its March 17, 2000 order in Docket No.
RP97-71-000 on the Capital Structure/Rate of Return Issues,
subject to the "refund floor". These interim partial refunds will
be made on a lump sum basis, and will not be accompanied by any
supporting documentation. However, supporting documentation for
the principal and the interest calculation will be available upon
request.

If a Non-Contesting Party does not wish to receive an interim
partial refund, and wishes instead to await issuance of a final
Commission order no longer subject to rehearing on the Capital
Structure/Rate of Return issues prior to receiving any refunds
related to those issues, Transco requests that such Non-
Contesting Party notify its customer service representative, on
or before October 25, 2000, of its election not to participate in
the interim partial refunds.

Stella Yu
Manager of Rate and Tariff Implementation
(713) 215-3381


This is the final version, including the changes Jeff just requested.

Ursula


THANK YOU

 -----Original Message-----
From: 	Sweitzer, Tara
Sent:	Thursday, October 11, 2001 11:23 AM
To:	May, Larry; Thibaut, Dan; Riordan, Sean; Cheung, Cecilia; Rivera, Oscar
Cc:	Moorer, Torrey
Subject:	Straddle Problem

Dan,

I wanted to let you know that we are working on the problem that we are having with the straddle deals being booked into Tagg. I also wanted to bring to your attention that these deals tested correctly in Tagg Stage, so we are trying to sort out what is happening in Production.  I am working with Tagg IT to resolve the issue.  I will keep you posted.  Thanks TARA


sorry about that, i noticed that someone changed it yesterday, and i didn't
let you know.  so, have a good day anyway!
Kim

   Kate Symes @ ECT                01/31/2001 08:18 PM

To: Kimberly Hundl/Corp/Enron@ENRON
cc:

Subject: Re: City of Shasta Lake Deal #509089

I'm not sure if someone else got to this before I did, but I see the same end
date at the top and bottom of this deal - 6/30/01. Let me know if this needs
to be changed, or if it's not showing up correctly for you.

Thanks,
Kate

Kimberly Hundl@ENRON
01/31/2001 07:33 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: City of Shasta Lake Deal #509089

Hi Kate,
Please have a look at the term on this deal.  There is a discrepancy between
the end date at the top of the screen in Deal Entry and the one listed in the
strips at the bottom.  Is the correct end date 6/30 or 6/1?
Thanks!
Kim


I know how e-mail is suppose to work, but its been so crazy here that I
haven't even been able to do that.  We were here last night till 10:00 and it
looks to be the same tonight and potentially for the rest of the year.  This
project is going to kill me.  I glad to see that you are active on the net.
I'll keep in touch a little better. Love
Ben


-----Original Message-----
From: Heizenrader, Tim
Sent: Tuesday, July 10, 2001 12:59 PM
To: Lavorato, John; Allen, Phillip K.; Zufferli, John
Cc: Belden, Tim; Swerzbin, Mike; Richey, Cooper
Subject: West Power Strategy Briefing

Charts for today's meeting are attached:


CC list suppressed...

January 19, 2001
Heard on the Street

Amid California Power Crisis, Investors Bet on Utilities
Bonds

By GREGORY ZUCKERMAN and JATHON SAPSFORD
Staff Reporters of THE WALL STREET JOURNAL

As lights go out in California, on Wall Street light bulbs
are popping over the heads of investors hoping to profit
from the electricity crisis.

Amid the rolling blackouts, investors with a taste for
risk are betting on the bonds of the two struggling
utilities, units of PG&E Corp. and Edison International,
even as they move precariously close to filing for
bankruptcy-law protection. The investors are gambling that
the companies have enough assets -- and political
importance -- that a solution will be found that will
include gains for intrepid bondholders.

But some experts advise investors to be careful wading
into the energy current, saying it could be a while before
the bonds pay off. And they are emphatic that the
companies' stocks should be avoided like a downed
electrical pole.

Over the past few weeks, the debt of Pacific Gas &
Electric and Southern California Edison has been
downgraded to "junk" status by leading rating agencies,
and both utilities have missed debt payments -- usually a
huge red flag for investors. Meanwhile, holders of the
utilities' commercial paper, which is the shortest-term
debt, are doing everything they can do to dump their
holdings, though it is getting hard to find takers.

But the unsecured, longer-term debt of both companies has
remained in demand, trading at around 50 cents on the
dollar -- at least 10 cents higher than such debt usually
trades at when a company veers so close to a bankruptcy
filing. Prices of bonds that are secured by the utilities'
plants have actually edged higher in recent weeks, moving
from 65 cents on the dollar to about 80 cents -- though
the move has come on limited volume.

Behind such movements are aggressive investors such as
money manager Martin Whitman, of M.J. Whitman. "We're
trying to buy the secured [bonds] like it's going out of
style, and some of our smartest clients are buying the
unsecured debt," says Mr. Whitman, who runs Third Avenue
Value Fund, a mutual fund, as well as hedge funds. Mr.
Whitman, whose firm also acts as a broker-dealer for
distressed debt, hopes to buy as much as $200 million of
the bonds in coming weeks. His only frustration is that
the prices aren't coming down.

The number-crunching by investors works along these lines:
At current prices for unsecured bonds, investors could
score gains of 20% to 25% annually if principal and
interest payments are made within the next two to three
years, the average bankruptcy-court stay. For secured
bonds paid off within that period, the gain would be
almost 15% annually. With quicker payoffs, the return
jumps, of course. The two utilities have more than $20
billion in debt outstanding, of which just a small
fraction is insured.

Why do the bulls -- including distressed-debt specialists
as well as funds such as Mr. Whitman's -- see so much
value in the utility mess? Unlike the run-of-the-mill
troubled company, the utilities are so big, and so
important to the California economy, that some form of
resolution will likely be found to help them get back on
their feet, perhaps by allowing the companies to boost
electric rates. Even if a bankruptcy proceeding results,
the utilities control sufficient assets to give
bondholders a good chance of full recovery of their
principal and even eventual payment of any missed interest
payments, bulls say.

"They're too big and important not to get a solution,"
says Todd Thompson, a portfolio manager at Conseco Capital
Management. "If a theater company or retailer goes away,
no one cares, but here there has to be a resolution."

Bond specialists also point to their past home runs
betting on debt of troubled utility companies -- such as
Public Service of New Hampshire, which was under
bankruptcy-court protection in 1988 to 1991 and never
missed a bond payment.

"If there's a liquidation, or if they figure this out,
you're going to get paid back" principal payments and
accrued interest, Mr. Whitman says. Adds Marc Lasry,
managing director of Amroc Investments, a leading investor
and trader in distressed debt: "There's been quite a lot
of buying [because] at the end of the day you'll get paid.
The question is how long it will take."

But some caution that the bonds could see weakness in
weeks ahead, because some debtholders who want to sell are
waiting on the sidelines, hoping to dump their positions,
once a resolution becomes more evident. Others caution
that the California situation is unlike past utility
fiascos where savvy investors made out quite well. The
problem in California is a newly deregulated pricing
system that has fallen apart, not the overzealous
expansion plans that created various earlier problems.

A bankruptcy-court filing would raise further uncertainty,
perhaps causing more debt to come up for sale. Creditors
fear consumer advocates could lobby against an
electric-rate increase that many say is necessary to solve
the crisis and cover payments to creditors; these
advocates may demand that creditors suffer at least some
loss in the value of their holdings. Moreover, resolution
of the matter could take much longer than the two to three
years that some investors are banking on.

Even as Mr. Whitman and others place their new bets, many
investors who months or even years ago bought the
utilities' debt, figuring it was rock solid, are licking
their wounds. "We stayed away from tobacco. We stayed away
from Japanese banks," says Orange Country Treasurer John
Moorlach, who invested $40 million in Edison's commercial
paper before the credit-ratings agencies downgraded the
utilities' debt. With the two California utilities now
rated below other investments that Mr. Moorlach wouldn't
touch, he says, "It's frustrating."

Mr. Moorlach, as fate would have it, was the man appointed
in 1995 to help lift Orange County out of its own
financial crisis, one brought on by bad investments. He
improved Orange County's finances by prudent
investments -- including securities issued by utilities.
"This is survivable," he says of his current quandary,
"but it's just awkward."

Others say the commercial-paper market is one area where
investors could suffer further losses, at least in the
near term. One reason: There are few potential buyers for
tainted commercial paper, because these short-term
securities issued by corporations generally appeal only to
ultraconservative investors. Both utilities' commercial
paper is being quoted for about 50 cents on the dollar.
With little being traded, "it's very hard to get rid of it
right now," says Sean Egan, managing director at
Egan-Jones Ratings Co., who says those reluctant to bid
include Wall Street securities firms.

Things might get worse. While the commercial-paper holders
might eventually get at least some of their money back,
some fear those payments won't come soon enough to prevent
some money-market mutual funds from seeing the value of
their shares "break the buck," or drop below the
$1-per-share level, causing losses for supposedly sound
investments. Such an event, however, would be rare in the
money-market world.

As for the utilities' stock, if there is a reorganization
of the companies, it could wipe out at least some
shareholder value, while bondholders could gain control of
the remaining equity. "You're taking huge risks" on the
stock, says Mr. Whitman.

PG&E shares have dropped sharply over the past few months,
falling from a high of about $30 in late summer. At 4 p.m.
Thursday in New York Stock Exchange composite trading they
were up 13 cents to $9.75. Edison, meanwhile, was up 13
cents to $9 on the Big Board, down from more than $25 in
the summer. Yet, as steep as the declines have been, the
shares of both utilities still trade higher than is
typical for stocks of companies facing the possibility of
bankruptcy.

"The stock price is irrational," Amroc's Mr. Lasry says.

Write to Gregory Zuckerman at gregory.zuckerman@wsj.com
and Jathon Sapsford at jathon.sapsford@wsj.com


Got it

-----Original Message-----
From: Buy, Rick
Sent: Thursday, August 16, 2001 6:26 PM
To: Port, David
Subject: RE: Policy and other items

OK- here is my view. I believe the Bod approved a policy that had discretionary var in it even if the one presented did not. We need to modify the policy to include dis. var and have it be $50MM. I believe we can take extreme liberty here given the situation. We can clean everything up after next meeting. Poetic license from the poets. Please confirm to me you got this message as electrons flow a little more slowly up here (as does everything else). Rick

-----Original Message-----
From: Port, David
Sent: Thu 8/16/2001 1:23 PM
To: Buy, Rick
Cc:
Subject: Policy and other items

Rick

1       Limits. Here's how I interpreted the BOD approvals:

The BOD approved an aggregate of $150MM, with $50MM of discretionary VaR, plus the new policy which doesn't recognise the concept of discretionary VaR. So here's what I did:

Effectively I allocated all the $50MM of discretionary such that Pug's "Big Buckets" are now as follows:

US Gas                          $100MM
US Elec                         $100MM
Europe Gas & Elec                       $35MM
Global Products                 $20MM
Financials                              $15MM
Emerging Businesses             $20MM

If you have a calculator handy you'll see that this aggregates to $149.164MM (assuming zero correlation).

At Business Unit level the individual commodity limits are unchanged, and I have put limits over the Business Units themselves as follows:

Enron Americas                          $82MM
EWS OOC (aka George Martingale) $3MM
EEL                                     $34MM
EGM                                     $23MM
EIM                                     $8MM
EBS                                     $4MM
PGE                                     $4MM
ETS                                     $1MM

Again I used root-sum-of-squares, and remember the original commodity limits (by VaR, net open and mat gap) are still in place (e.g. gas = $61MM as before). So that keeps it screwed down pretty tight and preserves the discretion between the "Big Buckets" and the Business Units.

I spoke to Rebecca C who could only remember the decision outlined above, but offered to call Pug and let him know. I said I would come back on that. I think we should do that ourselves, possibly with Lay in the loop (?).

Cleared it with Whalley today (he laughed), mentioned the dwindling membership of the Risk Management Committee and said "In my current role I think I should be asking for limits, not approving them"

...and then...

2       The gas desk lost $98MM yesterday

A combination of a very bullish AGA number (3 Bcf injection - not a typo - three Bcf !) plus some hurricane activity in the gulf sent prices up by between 25 and 30c all across the strip. The long and the short of it was we are long Nov - Jan but short (big-time) out beyond that - the rest is arithmetic.

So we have two flavors of P&L notification, one at the business unit level (Americas) $89MM loss against VaR limit of $82MM; the other as a commodity, losing $126MM (the desk aren't the only ones with a gas position, as usual) against the Big Bucket number of $100MM. Total trading was a loss of $106MM against a VaR limit of $150MM so no calls to Pug required (thank goodness).

That's it for now, hope you're having fun and remember: pan-fry the big ones and throw back the little ones.

DP


heard a rumor that EIX may file for bankruptcy on wednesday.

----Original Message-----
   >From:      "Benjamin Bergfelt" <ben.bergfelt@painewebber.com>
   >To:          "'gregwhalley@yahoo.com'"
<gregwhalley@yahoo.com>,"'greg.whalley@Enron.com'" <greg.whalley@enron.com>
   >Cc:
   >Bcc:
   >Subj:      power companies
   >Sent:     Monday, December 11, 2000 5:47 PM
   >
   >Greg, Fitch is reducing credit ratings on the CA utilities, EIX and PCG,
Moody's is considering it. The news wire said PG&E(PCG) is going to be at 6
Billion by the end of December in the whole. More should be available in the
AM. Ben


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/18/2000
03:22 PM ---------------------------

Anita DuPont@ENRON
10/18/2000 03:10 PM
To: Vince J Kaminski/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT
cc: Shirley Crenshaw/HOU/ECT@ECT
Subject: EES Risk Management Presentations for October 25.

Please have your presentations to me by 10 AM Friday, October 20, 2000.   It
takes a couple of days to get the materials back from the Copy Center. The
presentations have to be put in new binders this time and it takes most of a
day to put everything together in the binders.  Therefore, I  have to have
the materials to the Copy Center by Friday afternoon in order to get them
back by Monday afternoon or Tuesday morning.  I will need most of Tuesday to
get everything assembled in the binders.  Thus the necessity of having your
completed presentations by Friday morning.

Vince:  Basket Options
  Binary (Digital) Options

Krishna:  Barrier Options
  Other Complex Structures

Thanks for your help on this.

Regards,

Anita


Looks good . Please send asap(and take all their phone calls)


Attached are the initial drafts of a closing checklist and the related
closing documents to pay off and unwind Project Alchemy and place the asset
into the Project Hawaii structure.  This transaction is structured as a trust
to trust transfer, which is contemplated in the Amended and Restated Hawaii
125-O Facility Agreement.  The anticipated closing date for this transaction
is May 31, 2000.  The only significant missing information in the documents
is the maturity date and the related auction dates.  Please advise as to the
maturity date and I will calculate the auction dates.

The documents attached are clean versions in Word.  Immediately following
this e-mail, I will send a follow-up e-mail with clean versions of each
document in Word Perfect.  Following that, I will send two e-mails attaching
copies of the documents marked against the Project Blackbird Unwind and
related Hawaii 125-O Danno A documents, in both Word and Word Perfect.

Please review the attached documents and call me with any comments or
questions.  My direct line is 214-659-4461 and my direct fax is
214-659-4784.  Please let me know if any additional people should be a
recipient of future e-mails for this transaction.  Also, please forward this
e-mail to anyone that you are aware of who needs to review the documents and
has not received this e-mail.

Mary S. Rembert
Andrews & Kurth L.L.P.
1717 Main Street
Suite 3700
Dallas, Texas  75201
(214) 659-4437
FAX:  (214) 659-4401

 - 242286.doc
 - 240786.doc
 - 240795.doc
 - 240796.doc
 - 240821.doc
 - 240822.doc
 - 240960.doc
 - 240961.doc
 - 240962.doc
 - 240963.doc
 - 240964.doc
 - 240996.doc
 - 240998.doc
 - 241004.doc
 - 241010.doc
 - 241012.doc
 - 241013.doc
 - 241014.doc
 - 241028.doc
 - 241193.doc
 - 241207.doc
 - 241211.doc
 - 241218.doc
 - 241220.doc
 - 242274.doc
 - 240783.doc


Dick, you need to agree with Max on the scope to be provided by the OE - I
expect high quality service for the money we are paying.  The deal on Friday
is completely dependent on a pre-arranged scope and a minimum quality of
service.  I expect high quality EE&CC  people to be proactively managing cost
and exposure and to be there for the whole process - no pulls to other
business lines.  If Max or Virgo are not happy I am not happy.

I make money you make money.

Thanks for your cooperation.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 08/21/2000
10:16 AM ---------------------------

	Enron de Mexico

	From:  Max Yzaguirre @ ENRON                           08/21/2000 09:40 AM

To: David W Delainey/HOU/ECT@ECT
cc:
Subject: Memo on Vitro Project

Dave:

FYI, I got this from Dick.  Just want to confirm that it's consistent with
your recollection.

Best regards - Max

---------------------- Forwarded by Max Yzaguirre/NA/Enron on 08/21/2000
09:40 AM ---------------------------

	Dick Westfahl @ ENRON_DEVELOPMENT
	08/21/2000 09:02 AM

To: Max Yzaguirre/NA/Enron@ENRON
cc:
Subject: Memo on Vitro Project

Max:

See attached memo on the above referenced project.

Dick


plz call me when you get a minute.  thx, jeff


I am currently working on the two slides given to me by Margaret.

Katrina Burton
ext. 5-4498


Please mark your calendar for a mandatory staff meeting with Kevin Presto tomorrow, Oct. 24th from 4- 5pm in room 30c1.

Thanks

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


RBACPlans Final HoustonVisit in 2001

Bob Brooks is planning one more trip to Houstonthis year, either during the week of December 10 or December 17.  If you would like to schedule time with Bob for GPCM training or demonstration, please contact him this week at rebrooks@rbac.com or 323-663-4831.

GPCM Version 9.0.8.3 Now Available

An enhanced version of the GPCM User Interface is now available to GPCM licensees.  This version has three improvements over version 9.0.8.2:
Improved Check Routine:  now finds instances where Min_Flowis greater than Max_Flowin any input table
Storage_Statustable no longer needed:  all storage related information is now contained in Storage_Data, Storage_Plan, and Storage_Link.  There is no longer a necessity to maintain compatibility between Storage_Statusand Storage_Plan
Send E-Mail on run completion:  a new option:  when GPCM has finished a run (even as part of a batch), an e-mail is sent to the e-mail address you specify

Enhancements in 9.0.8, 9.0.8.1 and 9.0.8.2 released earlier included:
Build New Pipeline Models and Model Changes More Easily
Greater Flexibility in Creating New Supply and Demand Scenarios
Major Upgrade to Flow Constraints Report
Enhancements in Supply and Demand Summary reports
Enhancements in Supplier Delivery and Customer Receipts Summary reports
Storage Utilization Report modified to work with input capacities expressed in mmcfper day

Bob Brooks
GPCM Natural Gas Market Forecasting Systemhttp://gpcm.rbac.com


Start Date: 1/3/02; HourAhead hour: 6;  No ancillary schedules awarded.  Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010306.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 6 / Preferred:  15.18 / Final:  15.15)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 1/3/02
  SC_ID: ENRJ


Did you want this cpy on the list for Legal/Credit meeting?  ERMS hasn't been
expanded as an Enron company to be added to list for discussion at meeting,
and we have some old ERMS era masters people are working on that aren't
getting discussed, and some ERMS era masters that should be unchecked so we
do not discuss them at meeting.


We will have a networked pc in the room - so choose if you want handouts or a powerpoint.

Kim will forward details of the room today.

Thanks

Louise

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Friday, December 21, 2001 4:03 PM
To:	Kitchen, Louise; Colwell, Wes; Hodges, Georgeanne; Webb, Jay; MEYERS, Thomas; Hillier, Bob; McAuliffe, Bob; Rub, Jenny; Hall Jr., Robert L.; Donovan, Bill; Brackett, Debbie R.; Oxley, David; Bradford, William S.
Cc:	Muller, Mark S.; Golden, Jeff; Lavorato, John; Schoppe, Tammie; Hillis, Kimberly
Subject:	RE: Integration Meeting

The meeting has been confirmed.

They told me that they want to essentially gain an understanding of what our plan is to get up and running as quickly as possible which does I think differ slightly from integration.

Have I missed any critical group?

9 am 		Introduction
9:15 am		Infrastructure 						Rub
9:45am		IT - Development & Ops				Webb
10:15 am 		Mid Office Start-up Overview				Hall
10:45		Credit Start-up Overview				Brackett
11:15 noon		Accounting, cash etc Integration Overview		Colwell/Georges/Meyers

11am 		Tour of the building/infrastructure			Donovan

Thanks

Louise
 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Friday, December 21, 2001 1:06 PM
To:	Colwell, Wes; Hodges, Georgeanne; Webb, Jay; MEYERS, Thomas; Hillier, Bob; McAuliffe, Bob; Rub, Jenny; Hall Jr., Robert L.; Donovan, Bill
Cc:	Muller, Mark S.; Golden, Jeff; Lavorato, John; Schoppe, Tammie; Hillis, Kimberly
Subject:	Integration Meeting

One of our potential buyers will be here at 9am on Thursday.  The scope of the meeting is to run through the integration schedule.  This is a very broad agenda and will probably be very interactive.	 I tried to put Ops first but it really doesn't make sense.

This really is a really rough agenda for you guys to decide upon but I wanted to set out the areas they wish to cover.

9 am 		Introduction
9:15 am		Infrastructure						Rub
10 am		IT - Development & Ops				Webb
11 am 		Mid Office Intergation Overview			Hall
12 noon		Accounting, cash etc Integration Overview		Colwell/Georges/Meyers

11am 		Tour of the building/infrastructure			Donovan

Wes - they want to cover bank accounts and cash in detail.

Some time during the morning they want a tour of the facilities - I am arranging with Bill Donovan.

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308


Hey,
Surprised to hear from you.  jeff is in charge of nat gas operations and reports to sally beck who is in charge of all back office ops.  as of this morn, he is still here.   i've heard some wacky enron rumors before but this one is pretty good.  where'd you hear this?

 -----Original Message-----
From: 	"Robertson, Heather" <HRobertson@cloughcapital.com>@ENRON [mailto:IMCEANOTES-+22Robertson+2C+20Heather+22+20+3CHRobertson+40cloughcapital+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, August 01, 2001 1:57 PM
To:	Arnold, John
Subject:	Hello!

> How are ya?!
>
> Question:  ever hear of a guy named Jeff Gossett (sp?) at Enron?  Supposed
> to be high up, but quit two weeks ago?  Maybe even reported to Skilling?
> Lemme know what you know...
>
> We should catch up, eh?  =)
>
>
> Heather Lockhart Robertson
> Clough Capital Partners, LP
> 260 Franklin Street
> Boston, MA  02110
> P: 617-204-3409
> F: 617-204-3434
>


Attached please find the updated state matrix.  If you have any questions, or
notice something that needs to be changed, please let me know.

Thanks!

Margo Reyna
Regulatory Analyst
Enron Corp., Government Affairs
Phone:  713-853-9191


Is this the last list we are going to get?  Jeff Gossett wants to know if we are done so that we can assure Don Miller that all of the CP's have been taken care of.  Thanks.
PL

 -----Original Message-----
From: 	Balfour-Flanagan, Cyndie
Sent:	Wednesday, January 23, 2002 9:47 AM
To:	Love, Phillip M.
Subject:	RE: Deals to be moved to Bankruptcy Books (From Russell's Exposure Report)

According to the letters rec'd from Legal, applicable contract status - - - - yes.

Thank you!

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Wednesday, January 23, 2002 9:03 AM
To:	Balfour-Flanagan, Cyndie
Subject:	RE: Deals to be moved to Bankruptcy Books (From Russell's Exposure Report)

I just want to be crystal clear on the file you sent.  We need to move all of these deals to the Bankruptcy book?  Thanks for your help.
PL

 -----Original Message-----
From: 	Balfour-Flanagan, Cyndie
Sent:	Tuesday, January 22, 2002 8:01 PM
To:	Gossett, Jeffrey C.; Palmer, B. Scott; Giron, Darron C.; Love, Phillip M.
Cc:	Hall, Bob M; Theriot, Kim S.; Hodge, Jeffrey T.; Richardson, Stacey
Subject:	Deals to be moved to Bankruptcy Books (From Russell's Exposure Report)

The attached deal list are the deals behind those contracts, for those deals that are currently not included in the bankruptcy books. Please note that there are still several deals that I am trying to reconcile back to Sitara numbers. Assuming that I can do so, I will send supplemental information tomorrow afternoon.

Please feel free to contact me if you have any additional questions or concerns.

Thank you,
Cyndie
ext. 3-1443

 << File: 'Live' deal listing_TO BE MOVED TO BANKRUPTCY BOOK.xls >>


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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/03/2001
10:32 AM ---------------------------

David Ikenberry <daveike@rice.edu> on 04/19/2001 12:41:10 PM
To: Andrew.S.Fastow@enron.com
cc:
Subject: The National Forum on Corporate Finance

Mr. Fastow,

I'm writing all of our participants and confirming plans for the upcoming
corporate finance meetings on May 4-5 here.  As a reminder, you are slated
to sit on the executive option/equity dilution panel on Saturday
morning.  Dave Yermack from NYU, the number one expert on this issue, is
presenting at that session.  (Again, serving as a panelist should require
little preparation on your behalf.)

Also, you and your wife are welcome to attend the dinner on Friday evening,
May 4.  It will be held in the Baker Institute across from the business
school.  Tom Copeland is our speaker - (I think he plans to focus his
remarks on real options).  Vince Kaminski  has told me he will be at the
dinner, however his wife is out of town and will not be.

Please call me direct if I can be of any help or assistance.   I look
forward to seeing you soon.  I've attached a copy of the program along with
a name rooster of those planning to attend.

Dave Ikenberry

***********************************
Prof. David Ikenberry
Jones Graduate School of Management
Rice University
713-348-5385


>From: Osuchaman@aol.com
>To: lsutaylor@hotmail.com
>Subject: hey
>Date: Sun, 16 Sep 2001 18:40:04 EDT
>
>Mike-
>Hey, it's Andrew just dropping you a line.  My home # is: 713-871-9590 and
>my
>cell # is: 713-443-0243.
>Give me a call sometime this week, maybe we can go get a beer or
>something...
>Andrew
>PS - I meant to ask you about some other people I know from around the
>area...did you know a girl named Anna Kilinski???  There were a bunch of
>New
>Orleans girls that ran with Nikki

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


Enron Fuels International, Inc., company #494-EFII, has withdrawn its authorization in the following state(s) on the date(s) given:

			Colorado	September 4, 2001
			Florida		September 4, 2001
			Illinois		September 5, 2001
			Indiana		September 4, 2001
			Iowa		August 31, 2001
			Kansas		November 5, 2001
			Nebraska	September 5, 2001

Please circulate this information to all interested parties within your group.

PLEASE NOTE:
Nony Flores - copy of evidence being sent by interoffice mail
Vicsandra Trujillo - copy of evidence being sent by interoffice mail
Sylvia Hu - original certificate(s) delivered by messenger

Lillian R. Bailey
Administrator
Corp. Services
EB4863
Ext. 33577
Telephone 713/853-3577
Fax 713/646-8007
lillian.bailey@enron.com


Vince, sorry, the files from that directory get deleted periodically. I
attached this file here.
Rabi did some analysis related to implementation of correlated non-normally
(RTDM-distributed)
variables. Let's discuss later?

Tanya.

Vince J Kaminski
12/22/2000 05:58 PM
To: Tanya Tamarchenko/HOU/ECT@ECT
cc:
Subject: Re: Suggestion: implementing VAR based on non-normal log-returns
simulations

Tanya,

I could not locate the file.

Vince

Tanya Tamarchenko
12/07/2000 01:17 PM
To: Vince J Kaminski/HOU/ECT@ECT, Rabi De/NA/Enron@ENRON, Jaesoo
Lew/NA/Enron@ENRON
cc:
Subject: Re: Suggestion: implementing VAR based on non-normal log-returns
simulations

Everybody,
we were talking for a while about using non-normal distributions in the
Monte-Carlo simulations in our VAR model.
I put together some suggestion regarding this. The text is under
O:\_Dropbox\Tanya\non_normal_logs.doc

Look through this 3 page document, and let me know what you think, please.

Tanya


Dave, I don't know if you received this original message or not.... we will cancel today's meeting.
If you need to reach me, call in...

Thanks. BT


Attached is the referenced counterparty list.  There is no change to either
counterparty since my earlier response to you.


On Beaumont Methanol, I made a mistake for the noms at the start of the month
....

For Feb 6 to 29 on ticket 93199, I entered 18,500/d .... and it should have
been 18,000/d

Please change the ticket ...

THANKS

Lee


I haven't heard anything. Could it be that Bill was overstating his position?

	Sandra McCubbin@ENRON
	06/04/2001 03:51 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: lockyer

I have heard nothing more  about a grand jury..have you learned anything more?


Group,

On April 27th and 28th there will be a training class offered in Portland,
Oregon with two spots available.  The course is Electric System Operation for
the Non-engineer.  The course highlights include:
Generation
Transmission and Overhead
Distribution Systems
Underground Distribution
Switchgear
Voltage Control
Matching Generation

The course will purportedly provide a comprehensive understanding of system
operations including fossil fuel, hydro and nuclear generation, transmission
and distribution.  The course should provide not only technical information
but also economics of operation, system and equipment protection and safety.
I will be taking the class along with two members of the real-time group.  If
this is a useful class (as it appears to be) we will have the opportunity to
attend it again later this year.  If you are interested in attending this
class on these dates please let me know as soon as possible.

Thanks,

Bill


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Mark,  Attached is the supplement to the Gas Letter for your review.  Do you
have Patti's email.  We need to forward this for her review as well.


Jeff:
I finally received the replacement pages for the Centana Stg Contract.  The Storage Contract and Firm & Interruptible Transport Contracts should be delivered to you sometime today.  Please review and initial if everything is OK.  Can I just sign after your approval or do I need to obtain someone else's approval?  Please let me know.

	Thanks,
	Jim Schwieger


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From: "Morris, Harvey Y." <hym@cpuc.ca.gov>
To: "'Curtis Wagner'" <curtis.wagner@ferc.fed.us>, dshaffer@akllp.com,
kminesinger@akllp.com, rrich@bracepatt.com, moloughl@brattle.com,
jhmcgrew@brudergentile.com, jmmarcoux@brudergentile.com,        "Morris,
Harvey Y." <hym@cpuc.ca.gov>,        "Bromson, Jonathan"  <jab@cpuc.ca.gov>,
daniel.collins@elpaso.com,        greg.jones@elpaso.com,
judy.heineman@elpaso.com, mark.cook@elpaso.com,
jlgreene@energyadvocates.com,        Edith Gilmore
<edith.gilmore@ferc.fed.us>,        Marcia Hooks
<marcia.hooks@ferc.fed.us>,        Martha Altamar
<martha.altamar@ferc.fed.us>,        Ruby Meek <ruby.meek@ferc.fed.us>,
jmoriarty@fw-law.com,        kbedwards@gkrse-law.com, jfagan@hewm.com,
PMohler@hewm.com,        DLBeresford@HHLAW.com, GSterling@HHLAW.com,
bjost@huberlaw.com,        dhuard@manatt.com, jgregg@mbolaw.com,
lochsenhirt@mbolaw.com,        dmcwash@mshpc.com, frl3@pge.com,
sandrar@prestongates.com,        GBaker@Sempra.com, wlansinger@Sempra.com,
DROBINSO@skadden.com,        GRICHMAN@skadden.com, JSherman@skadden.com,
WSCHERMA@skadden.com,        ryspeed-bost@verner.com, "'imoreno@BCJLaw.com'"
<imoreno@BCJLaw.com>
Cc: "Pocta, Robert M." <rmp@cpuc.ca.gov>
Subject: RE: CPUC Rebuttal Testimony on Affiliate Abuse Issues. FERC Docke t
No. RP00-241-000
Date: Mon, 23 Jul 2001 12:54:06 -0700
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: multipart/mixed;
boundary="----_=_NextPart_000_01C113B1.3B4CE9C0"

Attached hereto is the CPUC's rebuttal testimony (without exhibits) in the
CPUC's complaint case, FERC Docket No. RP00-241-000. I have sent copies of
this testimony (with accompanying exhibits) via overnight courier to active
parties and via regular mail to all parties on the FERC's service list. This
testimony does not contain any protected  materials.

Harvey Y. Morris

Attached hereto is the CPUC's rebuttal  testimony (without exhibits) in the
CPUC's complaint case, FERC Docket No.  RP00-241-000. I have sent copies of
this testimony (with accompanying  exhibits) via overnight courier to active
parties and via regular mail to all  parties?on the FERC's service list. This
testimony does not contain any  protected??materials.
?
Harvey Y. Morris?
?
 - CPUC01-#102588-v1-rebuttal_testimony_of_Pocta_7_20_01_.doc


This one is elusive.  Vish is looking into it, but, so far, no luck in finding the bug.

Regards,
Will

 -----Original Message-----
From: 	Semperger, Cara
Sent:	Wednesday, November 07, 2001 8:36 AM
To:	Bentley, Corry; Luu, Duong; Poston, David; Smith, Will; Venkataswami, Vishwanatha
Subject:	Look At this

HI Will, I ran my sheet yesterday, and noticed when I re-opened it today that the NEXT Export is showing twice.

 << File: screen_shot_pv_heavy_nov_8.ppt >>


I don't know.  Can we get someone in IT to respond?

	Mary Clark
	09/26/2000 05:42 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Re: Question For All-Employee Meeting

Steve, I believe the answer is that we don't mandate a specific format for
dates for all locations but rather use what is done locally -- just like this
employee's recollection.  Do you agree?

Mary
---------------------- Forwarded by Mary Clark/Corp/Enron on 09/26/2000 05:37
PM ---------------------------

Richard Causey
07/14/2000 07:14 AM
To: Mary Clark/Corp/Enron@ENRON
cc:

Subject: Re: Question For All-Employee Meeting

Mary, Rick is on vacation and I am monitoring his email.  This question has
come up before and we sent it to Philippe Bibi.  It is a computer question.

Mary Clark
07/13/2000 11:27 AM
To: Richard Causey/Corp/Enron@ENRON
cc:

Subject: Question For All-Employee Meeting

Rick, can you prepare a response to this question for Ken, Jeff and Joe?  If
you're not the right contact for this, do you know who is?  I need a response
by Aug. 3.  Thanks.

Mary
---------------------- Forwarded by Mary Clark/Corp/Enron on 07/13/2000 11:21
AM ---------------------------

David M Fabian@ECT
07/13/2000 11:14 AM
To: Mary Clark/Corp/Enron@ENRON
cc:

Subject: Question For All-Employee Meeting

Dear Ms. Clark,

Here is my question:

Would you allow our staff and customers to vote on Enron adopting the
International Standards Organization Specification for formatting dates (i.e.
"YYYY-MM-DD")?

Please let me know if you would like me to send you a list of the many
advantages in using the ISO standards.

I asked Ken Lay this question a few years ago, but he thought we should use
local customs; however, as we are becoming more international and more
internet-based, the ISO standard is becoming more advantageous.

Thank you,
Dave Fabian


Donna Baker


This is the subject on which you and I have exchanged calls/e-mails.  It will
likely come as a great shock to David, so I want your thoughts/input on how
to handle.  For example, getting this type of news by phone would be tough.
Do I need to go to Singapore, or does HR have someone in Singapore who can
deliver the message directly/face-to-face.  The reasons for termination are
as follows:

1  out of his depth on technical side of EBS;

2  Has been found to be deficient in some meetings in which he has
participated with commercial team, e.g., has begun to explain, or interrupted
explanations of others, and then been unable to complete explanation
(probably due to weaknesses in item 1, above), but, in any event, makes for
less than wholly satisfacotry meeting from commercial perspective (per Bill
White, EBS Asia bandwidth trader);

3  Has been found sorely wanting in terms of being a good team player, taking
credit for work of others, being patronising, and too easily asking for
assistance from others (including me) when he could do his own research
(especially after I have given him a pretty clear steer on where to do the
research);

4  Has not really ever understood the Enron business model (market making;
assets not for assets sake, but to serve the trading platform).

The positive:  good work ethic, good written communications.  I found him
pleasant, but I do not discount that when dealing with peers/subordinates, he
did suffer the behavioural deficiencies noted in point 3 above.

My thoughts are that we provide him sufficient advance notice, and pay, so
that he is not left in a far away and expensive place, without income (though
he is a retired foreign service officer, so he will ot be suffering
hardship).  I need your guidance on this.  He is almost certainly over 40
(though I do not make his age my business), so I will also look to you to
make sure that this is appropriately handled for someone in a "protected
class", as I would appreciate the employment laws.  I think we need to commit
to move him back to the USA at our cost, though if he gets new employment in
singapore, or an employer who is willing to pay for his move, we should not
be on the hook (though if our paying to move him back to the USA helps him
get a job, then that should not be an issue or impediment).

I hope that this is enough to get you started, and that I have been clear.  I
look forward to hearing from you on Monday.   thanks  mcs


I LOVE YOU

 -----Original Message-----
From: 	Quigley, Kay
Sent:	Tuesday, October 30, 2001 11:13 AM
To:	Quigley, Dutch
Subject:	RE: good morning

Actually I have thought about and I would prefer to just rent.
I look forward to purchasing a house in future or something substantially bigger.
From an investment perspective- I think we will have other opportunities in future.
we can talk tonite too if you want
ily
kay

From:	Dutch Quigley/ENRON@enronXgate on 10/30/2001 10:51 AM
To:	Kay Quigley/HOU/EES@EES
cc:
Subject:	RE: good morning

it is heading south alright , all of the options are out of the money so it really does not matter
ok on the rest , we need to talk about the living arrangement and see what we think as too
do we want to buy or jsut rent , can we talk tonight ??

 -----Original Message-----
From: 	Quigley, Kay
Sent:	Tuesday, October 30, 2001 9:38 AM
To:	Quigley, Dutch
Subject:	good morning

how low can it go??yikes our stock
Spoke to Linda's assistant today and told her we wanted
to know what rent was running for the other similar townhouses
and also what a purchase price would be- she does not know and said that she gave
Linda my message from last time as well as this time but that she is
not taking any calls....
this is the best I can do...
ily
kq


Here are five articles pertaining to Enron and the offer we made in San
Diego. I am looking for others.

Karen Denne remarks in the San Diego Union Tribune that Enron has offered
fixed price contracts and that Enron customers have not been effected by this
price spike. July 25, 2000

The article below states that Enron has put an offer for energy at 5.5
cents/KWh on the table, and others are
expected to provide a variety of possible deals. July 16, 2000 San Diego
Union Tribune (SDUT)

Enron has already made one offer, but the
price is too high and the terms are too long. July 11, 2000 SDUT

The local utility, a unit of Sempra Energy, denied reports yesterday that it
would soon reach an agreement with Enron Corp. on a deal that would lock
in power rates for years for a large segment of its customer base... The
initial offer from Enron was to provide power for four years at 5.5
cents per kilowatt, according to Peace, who emphasized he hoped SDG&E would
receive competing bids from other companies.
Hoge said Enron's track record and the nature of long-term power contracts
made her skeptical that such a deal could save San Diego money.
"With fixed contracts, you always end up paying more than you should on the
other end," she said. "And Enron always has a way to make these contracts
work for them." July 11, 2000 SDUT

Concerning Enron ..."This is no better than a boiler fraud on the people,"
said Harvey
Rosenfield, who unsuccessfully pressed a ballot initiative to overturn
deregulation. "They jack up rates over 200 percent -- then they offer you a
deal at a 50 percent hike.

"I don't think the solution to this problem is to put the people of San
Diego at the mercy of Enron."

Enron is offering to sell San Diego power for four years at 5.5 cents per
kilowatt hour,
according to Peace. The price would be about 50 percent less than current
costs, but more than 50 percent above rates paid as recently as this
spring.


Vince,
Jeff Planck is part of Tracy Pan's team.

Jason
---------------------- Forwarded by Jason Sokolov/HOU/ECT on 04/30/2001 05:03
PM ---------------------------

"Planck, Jeffrey G." <jplan90@entergy.com> on 04/27/2001 03:20:36 PM
To: "'jason.sokolov@enron.com'" <jason.sokolov@enron.com>
cc:
Subject: FW: Binomial

>  -----Original Message-----
> From:  Planck, Jeffrey G.
> Sent: Friday, April 27, 2001 2:16 PM
> To: 'jason.sokolov@enron.com'
> Subject: Binomial
>
> Jason,
>
> This is part of our project. We would use it to estimate american premiums
> and then add that premium to valuations that give european values.
>
> I hope it goes through.
>
> Jeff
> (I'm on Tracy and Nan's team)
>
>
> .....Didn't work
>
> I'll try zipped version.
>
>  <<Big Binomial.zip>>

 - Big Binomial.zip


---------------------- Forwarded by Shanna Husser/HOU/EES on 12/07/2000 07:38
AM ---------------------------

LHusser@aol.com on 12/06/2000 11:05:08 PM
To: shusser@enron.com
cc:
Subject: Fwd: The Texas Version of Survivor

Return-path: <Arutha504@aol.com>
From: Arutha504@aol.com
Full-name: Arutha504
Message-ID: <3a.dc8f548.27606fc3@aol.com>
Date: Wed, 6 Dec 2000 23:44:51 EST
Subject: The Texas Version of Survivor
To: Terri1801@aol.com, FINNTTF@aol.com, CGolmon@aol.com, LISABGRUBBS@aol.com,
CHOOSIER41@aol.com, LHusser@aol.com, Cktlaz1@aol.com,
kleyser@RedRiverBank.net, amasden@hotmail.com, Insane824@aol.com,
vmiller48@hotmail.com, LAM0951@aol.com, MollyeMon@aol.com, ONeal415@aol.com,
tarver01@bellsouth.net, SWilli8831@aol.com
MIME-Version: 1.0
Content-Type: multipart/alternative;
boundary="part2_57.e798a6e.27606fc3_boundary"
Content-Disposition: Inline
X-Mailer: Unknown sub 171

Texas Survivor Network Television is developing a "Texas Version" of
"Survivor," the popular TV show.

Contestants must travel from Amarillo through Fort Worth, Dallas, Houston,
College Station, San Antonio, through San Marcos and Lubbock, and back to
Amarillo driving a Volvo with a bumper sticker that reads: "I'm for Gore, I'm
Gay, and I'm Here to Take Your Guns."

The first to complete the round trip is the winner.

This email was cleaned by emailStripper, available for free from
http://www.printcharger.com/emailStripper.htm


PP's Party:? Thank you all so much for wanting us to be a part of the big
bash.? We can come over Friday night, but need to be back in Napa by 5 pm on
Saturday for the Mondavi gala.? So we will be there most of the day on
Saturday.? I presume we'll get directions and times, etc.? Do you want us to
bring a case of Coastal??? Did you invite Liz Sellers?

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"


Normally I resist these but if you haven't seen this one it was just too
good to pass up.

> > Subject: Woman Power
> >
> > Take all American women who are within five years of
> > menopause - train us for a few weeks, outfit us with
> > automatic weapons, grenades, gas masks, moisturizer
> > with SPF15, Prozac, hormones, chocolate, and canned
> > tuna - > > drop us (parachuted, preferably) across the landscape
> > of Afghanistan, and let us do what comes naturally.
> >
> > Think about it. Our anger quotient alone, even when
> > doing standard stuff like grocery shopping and paying
> > bills, is formidable enough to make even armed men in
> > turbans tremble.
> >
> > We've had our children, we would gladly suffer or die
> > to protect them and their future. We'd like to get
> > away from our husbands, if they haven't left already.
> > And for those of us who are single, the prospect of
> > finding a good man with whom to share life is about as likely as
> > being struck by lightning.  We have nothing to lose.
> > We've survived the water diet, the protein diet, the
> > carbohydrate diet, and the grapefruit diet in gyms and
> > saunas across America and never lost a pound. We can
> > easily survive months in the hostile terrain of
> > Afghanistan with no food at all!
> >
> > We've spent years tracking down our husbands or lovers
> > in bars, hardware stores, or sporting events...finding
> > bin Laden in some cave will be no problem.
> >
> > Uniting all the warring tribes of Afghanistan in a new
> > government? Oh, please ... we've planned the seating
> > arrangements for in-laws and extended families at
> > Thanksgiving dinners for years ... we understand
> > tribal warfare.
> >
> > Between us, we've divorced enough husbands to know
> > every trick there is for how they hide, launder, or
> > cover up bank accounts and money sources. We know how
> > to find that money and we know how to seize it ...
> > with or without the government's help!
> >
> > Let us go and fight. The Taliban hates women. Imagine
> > their terror as we crawl like ants with hot-flashes
> > over their godforsaken terrain. I'm going to write my
> > Congresswoman. You should, too!
> >
> >
> >


Hank Emery
Financial Advisor
Private Client Group
Emery Financial Group
UBS/PaineWebber Incorporated
109 N. Post Oak LN, Suite 150
Houston, TX 77024
713-957-7060

-----Original Message-----
From: postmaster@psla03.sra.pwj.com [SMTP:postmaster@psla03.sra.pwj.com]
Sent: Monday, March 12, 2001 10:13 AM
To: henry.emery@painewebber.com
Subject: Delivery failure

Your message has encountered delivery problems to the following recipients:
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tgros@enron.com
terence.h.thorn@enron.com
tamills@enron.com
sue.foust@enron.com
skean@enron.com
stanley_horton@enron.com
Scott.Affelt@enron.com
sally.keepers@enron.com
saad.merhej@enron.com
rosalee.fleming@enron.com
robert.vote@enron.com
robert.cook@enron.com
robert.hermann@enron.com
rob.walls@enron.com
bob.butts@enron.com
robert.crockett@enron.com
r.kilmer@enron.com
rwaddel@enron.com
richard.shapiro@enron.com
rick.buy@enron.com
rlammer@enron.com
rcausey@enron.com
rrogers@enron.com
pravin.jain@enron.com
paula.rieker@enron.com
patricio.puente@enron.com
mjoyce@enron.com
mlay@enron.com
mlindse@enron.com
mark.e.haedicke@enron.com
lcasari@enron.com
gwhalle@enron.com
kevin_hannon@enron.com
wade.cline@enron.com
joe.kishkill@enron.com
jmintz@enron.com
jechols@enron.com
joan.quick@enron.com
jerry.peters@enron.com
joverdy@enron.com
jskilli@enron.com
jsherri@enron.com
jay@enron.com
jane.m.tholt@enron.com
jducote@enron.com
jschwie@enron.com
james.c.alexander@enron.com
jack.boatman@enron.com
hbuchana@enron.com
greg.brazaitis@enron.com
gposey@enron.com
gene.e.humphrey@enron.com
frank.stabler@enron.com
dan.swanson@enron.com
dcox@enron.com
jschwie1@enron.com
dan.mccarty@enron.com
dan.l.junk@enron.com
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chester.ferguson@enron.com
charles.cheek@enron.com
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bglisan@enron.com

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From: "Henry Emery" <henry.emery@painewebber.com>
To: "Amanda K Martin (E-mail)" <amartin@azurix.com>
, "Andrea L Mainelli (E-mail)" <amainel@azurix.com>
, "Beau Herrold (E-mail)" <beau@layfam.com>
, "Ben F Glisan Jr. (E-mail)" <bglisan@enron.com>
, "Bernard Barcio (E-mail)" <bernie.barcio@enron.net>
, "Bill Martin (E-mail)" <bill_martin@dell.com>
,"Brian Wood (E-mail)" <brian_wood@dell.com>
, "C J Thompson (E-mail)" <c.john.thompson@enron.com>
, "Charles A Cheek (E-mail)" <charles.cheek@enron.com>
, "Charlie Parker (E-mail)" <charles_parker@dell.com>
, "Chester Ferguson (E-mail)" <chester.ferguson@enron.com>
, "Christopher Imler (E-mail)" <cimler@austin.rr.com>
,"Daniel Castagnola (E-mail)" <daniel.castagnola@enron.com>
, "Daniel Junk (E-mail)" <dan.l.junk@enron.com>
, "Danny McCarty (E-mail)" <dan.mccarty@enron.com>
, "Daryl Robertson (E-mail)" <daryl_robertson@dell.com>
, "Dave & Joan Collins (E-mail)" <jschwie1@enron.com>
, "Dave Cox (E-mail)" <dcox@enron.com>
,"David Altounion (E-mail)" <david_altounian@dell.com>
, "David Berberian Jr. (E-mail)" <david_berberian@enron.net>
, "DIOMEDES CHRISTODOULOU (E-mail)" <dchristo2@attglobal.net>
, "Dustin Leifheit (E-mail)" <dustin_leifheit@dell.com>
, "Elmer D Swanson (E-mail)" <dan.swanson@enron.com>
, "Eric T Seitz (E-mail)" <ted_seitz@enron.net>
,"Frank Stabile (E-mail)" <frank_stabile@dell.com>
, "Frank Stabler (E-mail)" <frank.stabler@enron.com>
, "Gary Luce (E-mail 2)" <gary_w_luce@reliantenergy.com>
, "Gary Luce (E-mail)" <garywluce@aol.com>
, "Gene E Humphrey (E-mail)" <gene.e.humphrey@enron.com>
, "George & Marilyn Posey (E-mail)" <gposey@enron.com>
,"George Huntington (E-mail)" <george_huntington@dell.com>

, "Gershon Nowitz (E-mail 2)" <wenowitz@aol.com>
, "Gershon Nowitz (E-mail)" <gershonnowitz@msn.com>
, "Glen Whitington (E-mail)" <GLENN.WHITTINGTON@PAINEWEBBER.COM>
, "Gregory F Brazaitis (E-mail)" <greg.brazaitis@enron.com>
, "Harold & Jeri Buchanan (E-mail)" <hbuchana@enron.com>
,"Heather Simmons (E-mail)" <heather_simmons@dell.com>
, "Jack & Janet Boatman (E-mail)" <jack.boatman@enron.com>
, "James B Lewis (E-mail)" <debbie_lewis@mhhs.org>
, "James Bannantine (E-mail)" <jbannan@ei.enron.com>
, "James C Alexander (E-mail)" <james.c.alexander@enron.com>
, "James Dehlsen (E-mail)" <jdehlsen@aquantis.com>
,"James E Schwieger (E-mail)" <jschwie@enron.com>
, "James Herron (E-mail)" <james_herron@dell.com>
, "James I Ducote (E-mail)" <jducote@enron.com>
, "Jane Tholt (E-mail)" <jane.m.tholt@enron.com>
, "Jay Land Fitzgerald (E-mail)" <jay@enron.com>
, "Jeff Foster (E-mail)" <jeff_foster@enron.net>
,"Jeffrey B Sherrick (E-mail)" <jsherri@enron.com>
, "Jeffrey K Skilling (E-mail)" <jskilli@enron.com>
, "Jere Overdyke Jr. (E-mail)" <joverdy@enron.com>
, "Jerrell Herron (E-mail)" <jerrell_herron@dell.com>
, "Jerry Gandre (E-mail)" <jerry_gandre@dell.com>
, "Jerry L Peters (E-mail)" <jerry.peters@enron.com>
,"Joan Quick (E-mail)" <joan.quick@enron.com>
, "Joe Dauskurdas (E-mail)" <joe_dauskurdas@dell.com>
, "John Echols (E-mail)" <jechols@enron.com>
, "Jordan Mintz (E-mail)" <jmintz@enron.com>
, "Joseph G Kishkill (E-mail)" <joe.kishkill@enron.com>
, "Joseph Sutton (E-mail)" <jsuttonventures@myarc.com>
,"Ken Smith (E-mail)" <ken_m_smith@dell.com>
, "Kenneth & Teresa Rice (E-mail)" <ken_rice@enron.net>
, "Kenneth W Roy (E-mail)" <kwroy@kingwoodcable.com>
, "Kenneth Wade Cline (E-mail)" <wade.cline@enron.com>
, "Kevin P Hannon (E-mail)" <kevin_hannon@enron.com>
, "Lawrence A Ciscon (E-mail)" <larry_ciscon@enron.net>
,"Lawrence Brown (E-mail)" <larry_brown@dell.com>
, "Lawrence G Whalley (E-mail)" <gwhalle@enron.com>
, "Lawrence Izzo (E-mail)" <larryizzo1@aol.com>
, "Louis J Casari (E-mail)" <lcasari@enron.com>
, "Mark E Haedicke (E-mail)" <mark.e.haedicke@enron.com>
, "Mark E Lindsey (E-mail)" <mlindse@enron.com>
,"Mark K Lay (E-mail)" <mlay@enron.com>
, "Mark Pape (E-mail)" <mark_pape@dell.com>
, "Mark S Palmer (E-mail)" <mark_s_palmer@enron.net>
, "Mary K Joyce (E-mail)" <mjoyce@enron.com>
, "Michael Lehrter (E-mail)" <mike_lehrter@dell.com>
, "Mike & Ellen Ryan (E-mail)" <mike_ryan@dell.com>
,"Neil Hand (E-mail)" <neil_hand@dell.com>
, "Pat Puente (E-mail)" <patricio.puente@enron.com>
, "Pate Brendle (E-mail)" <pate_brendle@dell.com>
, "Paul A Racicot (E-mail)" <paul_racicot@enron.net>
, "Paula H Rieker (E-mail)" <paula.rieker@enron.com>
, "PHIL HUBBLE (E-mail)" <PHIL_HUBBLE@DELL.COM>
,"Pravin Jain (E-mail)" <pravin.jain@enron.com>
, "Rex R Rogers (E-mail)" <rrogers@enron.com>
, "Rex Shelby (E-mail)" <rex_shelby@enron.net>
, "Richard A Causey (E-mail)" <rcausey@enron.com>
, "Richard A Lammers (E-mail)" <rlammer@enron.com>
, "Richard B Buy (E-mail)" <rick.buy@enron.com>
,"Richard S Shapiro (E-mail)" <richard.shapiro@enron.com>
, "Richard Wells (E-mail)" <richard_wells@dell.com>
, "Richard Westfahl (E-mail)" <JnDW@aol.com>
, "Rick Waddell (E-mail)" <rwaddel@enron.com>
, "Rob Kilmer (E-mail)" <r.kilmer@enron.com>
, "Robert Ashenbrenner (E-mail)" <bob_ashenbrenner@dell.com>
,"Robert Crockett (E-mail)" <robert.crockett@enron.com>
, "Robert H Butts (E-mail)" <bob.butts@enron.com>
, "Robert H Walls (E-mail)" <rob.walls@enron.com>
, "Robert Hermann (E-mail)" <robert.hermann@enron.com>
, "Robert Shannon Cook (E-mail)" <robert.cook@enron.com>
, "Robert Vote (E-mail)" <robert.vote@enron.com>
,"Rod Gray (E-mail)" <rodney.gray@petrocosm.com>
, "Roger Harden (E-mail)" <roger_harden@dell.com>
, "Ron Olfers (E-mail)" <rolfers@austin.rr.com>
, "Rosalee T Fleming (E-mail)" <rosalee.fleming@enron.com>
, "Saad J Merhej (E-mail)" <saad.merhej@enron.com>
, "Sally Keepers (E-mail)" <sally.keepers@enron.com>
,"Scott Affelt (E-mail)" <Scott.Affelt@enron.com>
, "Stan Horton (E-mail)" <stanley_horton@enron.com>
, "Steve Kean (E-mail)" <skean@enron.com>
, "Sue Foust (E-mail)" <sue.foust@enron.com>
, "Susan Wells (E-mail)" <sue.m.wells@state.or.us>
, "T. A. Mills (E-mail)" <tamills@enron.com>
,"Terence Thorn (E-mail)" <terence.h.thorn@enron.com>
, "Thomas & Barbara Gros (E-mail)" <tgros@enron.com>
, "Thomas Briggs (E-mail)" <tom.briggs@enron.com>
, "Thomas E White Jr. (E-mail)" <twhite@enron.com>
, "Timothy Battaglia (E-mail)" <tbattaglia@enron.com>
, "Tod A Lindholm (E-mail)" <tlindho@enron.com>
,"Tom & Linda Shelton (E-mail)" <tshelto@enron.com>
, "Tom Armstrong (E-mail)" <tom_armstrong@dell.com>
, "Tony Bonadero (E-mail)" <anthony_bonadero@dell.com>
, "WES COLWELL (E-mail)" <wes.colwell@enron.com>
Subject: Reminder-MIke Ryan Conference Call
Date: Mon, 12 Mar 2001 09:59:20 -0500
MIME-Version: 1.0
Content-Type: text/plain; charset="us-ascii"
Content-Transfer-Encoding: quoted-printable

Just wanted to remind you of the Mike Ryan Conference Call scheduled for =
Wednesday at 10:00am central time. Enjoy the call and please call me at =
713-957-7060 if you have any questions.

Telephone#: (800)-450-9667
Confirmation Code: 559005#
Date: 03/14/2001
Time: 10:00am Central Time (11:00am EST, 8:00am PST)
Length: 30 minutes
Title: Mike Ryan Municipal Bond Market Overview

Hank Emery
Financial Advisor
Private Client Group
Emery Financial Group
UBS/PaineWebber Incorporated
109 N. Post Oak LN, Suite 150
Houston, TX 77024
713-957-7060

Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions.  Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.

Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions.  Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.


On day 5 in MOPS (HPL/ENA) there is a delivery nom of 10.0 pathed to the ENA
201 K.  On day 16 in MOPS (HPL/ENA) there is not a deal (which is strange
because day 16 in POPS references Adonis).  The deal on the 5th was a swing
deal.

Daren J Farmer
08/23/2000 12:59 PM
To: Jackie Young/HOU/ECT@ECT
cc:
Subject: Meter 984132 for 1/16/99

Jackie,

What does MOPS show for the days in question?  It would be incorrect to add
any days to the Adonis ticket mentioned below.  It sounds as if the meter was
allocated incorrectly in POPS and/or a deal was not pathed correctly in
MOPS.  Let me know what you find in MOPS.

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 08/23/2000
12:54 PM ---------------------------

	Enron North America Corp.

	From:  Gary W Lamphier                           08/22/2000 02:51 PM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Meter 984132 for 1/16/99

---------------------- Forwarded by Gary W Lamphier/HOU/ECT on 08/22/2000
02:51 PM ---------------------------

	From:  Sherlyn Schumack                           08/22/2000 02:07 PM

To: Jackie Young/HOU/ECT@ECT, Karen Lindley/Corp/Enron@ENRON
cc: Gary W Lamphier/HOU/ECT@ECT
Subject: Meter 984132 for 1/16/99

Here is the issue for 1/16/99 at meter 984132.

20,000 mmbtu were confirmed for Adonis in POPS.   10,000 mmbtu on day 5 and
day 16.   Day 16 is not valid for deal 51862 (track id 6155), which is where
10,000 was confirmed.   The  actual sale to Adonis was 10,000 which was
invoiced and paid by Adonis.  We are trying to clear the feedback error
report.   My question is why was 10,000 confirmed on 1/16/99 if the date is
not valid for the deal?

When Karen allocates the actual 10,000 it is prorating 5,000 for each day
that is confirmed (the 5th and 16th).

Should the whole 10,000 be allocated to the 5th or should 5,000 be allocated
to each day?   If 5,000 should be allocated to each day, the 16th needs to be
added to the deal.


I understand from Shona that you and she have discussed our plans for
Doorstep Reviews in 2001.  I am asking via this note for my assistant to set
up a meeting for the two of us to spend some time reviewing the timeline,
methodology, Andersen's involvement and the involvement of your team.  I will
be on vacation the week of December 18.  I will be working the week between
Christmas and New Year's, so if you are in the office we can plan on getting
together that week.


---------------------- Forwarded by Daren J Farmer/HOU/ECT on 12/30/99 01:45
PM ---------------------------

Kenneth W Walther
12/30/99 07:32 AM
To: Daren J Farmer/HOU/ECT@ECT, Mary M Smith/HOU/ECT@ECT
cc:
Subject: Plan update

Darren please get Pat a copy of this plan and review where it says Mary Smith
with her . Thanks............
---------------------- Forwarded by Kenneth W Walther/HOU/ECT on 12/30/99
07:30 AM ---------------------------

Mary Solmonson
12/15/99 06:55 PM
To: Kenneth W Walther/HOU/ECT@ECT
cc: Susie Llinas/HOU/ECT@ECT
Subject: Plan update

One more update to change references to Susie LLinas to DBA on call.


The Regulatory Roundtable meeting scheduled for Wednesday, December 20 has
been canceled.

Thanks


As you can see from the attached calendar, Salomon Smith Barney will be
underwriting a tax free bond offering this week in your state.  If you or
one of your associates would like additional information about this issue,
please feel free to contact me.  Until next time, take care.

All the best,

Ted

Theodore A. Schwab
Senior Vice President- Investments
Senior Portfolio Manager
Salomon Smith Barney Inc.
Member SIPC
1850 K. St. NW, Suite 900
Washington D.C. 20006
202-862-2896 (Phone)
800-424-3209 (Toll Free)
202-857-5460 (Fax)
theodore.a.schwab@rssmb.com
www.smithbarney.com(HomePage)
www.ssbfcs.com/schwab(Bio)

If you no longer wish to receive communications from me, please let me know
via email, fax or phone.

-------------------------------------------------------------
Reminder:  E-mail sent through the Internet is not secure.
Do not use e-mail to send us confidential information
such as credit card numbers, changes of address, PIN
numbers, passwords, or other important information.
Do not e-mail orders to buy or sell securities, transfer
funds, or send time sensitive instructions. We will not
accept such orders or instructions.  This e-mail is not
an official trade confirmation for transactions executed
for your account.  Your e-mail message is not private in
that it is subject to review by the Firm, its officers,
agents and employees.
--------------------------------------------------------------


OK.  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 11/19/2000
07:19 PM ---------------------------

DENISE LAGESSE
11/16/2000 04:04 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Susan Scott/ET&S/Enron@ENRON

Subject: Susan's expense report 11/16/00

Please approve the attached expense report and cc: me on your approval.
Thanks!


Enron Energy Services Canada Co. Ltd.  (Company #63W - ESCC), a Canadian corporation continued in the Province of Alberta, Canada, changed its name to Enron Energy Services Canada Corp. effective 11 July 2001.  Evidence of the name change is on file in the 48th floor corporate records vault.

Please notify interested parties within your group.

Thank you.

Sylvia Hu:  Evidence already forwarded.

Larry Pardue
Supervisor, Corporate Services
     and Assistant Secretary
Enron Corp.
1400 Smith Street, Suite 4804
Houston, TX 77002
Tel  +713 345 5376
Fax  +713 646 8007
email:  larry.pardue@enron.com


Thanks a million, buddy.  Very useful.


Sounds Good!  Thanks for the e-mail!
Ben


______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com
 - comics.htm


Chris--This is a duplicate of what I sent you earlier today.

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

 - 03-30-00 Daily VolsAM.xls


Please review to see if I have made all of the changes you discussed with
them.


FEA's asking for a uniform percentage increase on top of existing rate
allocation structure.