ISDA PRESS REPORT - TUESDAY, NOVEMBER 28, 2000

* Uneven Progress
* German Derivatives Legislation: A Need For Change Now
* Rate Derivatives Is Top Performer
* Capital Concerns
* Enron To Expand Weather Derivatives Cover

Uneven Progress
Asia Risk - November 2000
By Quentin Hills

The derivatives markets across Asia continue to develop in terms of maturity
and complexity.  However, as has been the case over the past five years,
this development has been neither homogeneous or consistent. Before
considering the future landscape, it is worth reviewing the various phases
of the market during the last few years.

During the early to mid 1990s, the main activity comprised currency and
interest rate transactions in the major currencies. The market was dominated
by a handful of foreign financial institutions, while local currency
business was limited and activity was for the most part evenly distributed
throughout the region. The regulatory environment was mixed and generally
not well defined or comprehensive.  Increasingly during this period, the
transactions became more speculative (in line with global trends)and the
inevitable occurred in the first quarter of 1994. As interest rates quickly
reversed (de, rose) in February 1994, there were several well-publicised
losses both in the region and globally. There were quick and adverse
consequences on the derivatives markets.

Activity abruptly slowed, speculative transactions ceased and financial
institutions that had been active pulled back - at least temporarily.
Globally, the focus turned towards discipline and control and there was a
flurry of new derivatives guidelines and regulations. Asian regulators
responded with new guidelines, which largely followed international
practice. During this period the industry, represented by the International
Swaps and Derivatives Association and regulators from all countries,
developed strong relationships.  These relationships continue to this day
and result in increasing industry comments during the drafting of new
regulations.

As derivatives markets began to recover, players returned and new entrants
emerged, local currency markets developed strongly and end-users focused on
risk management processes.  Nevertheless, despite the lack of highly
leveraged    structures, companies throughout the region continued to fund
long-term local currency investments with shorter term foreign currency
("cheaper") liabilities, both in the cash markets and synthetic derivatives.
When the Asian Crisis struck, the impact was severe and the toll heavy.
Apart from deals being unwound, activity ceased and liquidity disappeared.

Since the crisis, derivatives markets have recovered with a marked increase
in activity (although not to pre-crisis levels), the return of market makers
and the introduction of new products, such as credit derivatives.

Going forward, the market seems poised to resume strong growth as Asia
emerges from this difficult period.

Breadth and depth of participants

A consequence of the crisis was a sharp and significant fall in counterparty
creditworthiness across the region and the withdrawal of many market makers.
This was particularly acute during the height of the crisis, but is
reversing as foreign banks once again become more active and local banks
build their derivatives capabilities. Corporate credit quality is slowly
improving and a recent trend has been the increasing use of derivatives by
financial institutions - particularly local banks and fund managers. This is
expected to continue as more active portfolio management leads to a focus on
yield enhancement and credit risk management.

Additionally, there has been an ongoing mend among end-users of markedly
improved understanding and use of derivatives in risk management. Also
noticeable is the broader application of new products. For example, local
financial institutions are using credit derivatives to manage balance sheet
risk strategically, both for liabilities and assets. This reflects the
efficiencies available through the correct use of derivatives and increasing
sophistication of end-users.

Domestic bond markets

The emergence of domestic bond markets is having a positive impact on market
development, both directly and indirectly. There is a direct impact where
bond issues are swapped into a different currency (in the case of foreign
issuers accessing a market), or interest rate (where issuers wish to alter
the interest rate basis).  Additionally, the increased availability of
instruments in the market and greater demand for product from investors is
leading to new local currency products, such as options on domestic interest
rates and securities.

Regulatory convergence

Finally, derivatives regulation in the region has generally been somewhat
mixed, with some countries adopting a prescriptive approach and others a
risk-based approach. Prior to the Asian Crisis, there was a trend towards
convergence and harmonization with respect to regulation. During the crisis,
however, new  regulatory initiatives were put on hold as countries managed
larger and more pressing issues.

The response to the economic turmoil elicited different responses concerning
currency convertibility. Naturally, where currency controls were imposed
either in part or in full, there was a direct adverse impact on the local
derivatives market. However, in those countries where the response has been
to keep markets open, or even to restructure the local financial markets,
derivatives usage has rebounded quickly. This in turn requires further
regulatory consideration, which has generally been in line with
international standards. Going forward, it is reasonable to expect a mend
towards regulatory harmonization and increasing adoption of international
regulatory standards.

The derivatives markets in Asia have undergone dramatic changes over the
last few years. The markets themselves are far from homogeneous and
significant progress has been made from a low base. There has been continual
progress as the number of users increases, more products become available
and regulations put in place to allow healthy market development.
Development has not been uniform across the region, nor has it been
consistent over time as evidenced by the setbacks brought about by the Asian
Crisis. Nevertheless, the derivatives markets in Asia will continue to
develop and mature as end-users grow in number and sophistication, while the
range of products continues to expand.

German Derivatives Legislation: A Need For Change Now
Derivatives Week - November 26, 2000

In a global economy it is essential that each country establish a
transparent and efficient regulatory system for financial products. To
ensure market stability, governments must also instill a high degree of
confidence m the legal system. In   relation to over-the-counter derivatives
transactions, these goals have not yet been fully achieved in Germany. But
with the forthcoming Fourth Financial Markets Enhancement Act
(4.Finanzmarktf~rderungsgesetz) there might be light at the end of the
tunnel. In this context, it makes sense to look at a much-needed change in
the legal regulation of the so called Borsentermingeschaft.

ENFORCEABILITY
Generally, a party to a derivatives contract under German law could attempt
to challenge the validity of the agreement by raising a statutory defense:
the gaming or betting defense (sec. 762 of the Civil Code, Burgerliches
Gesetzbuch), the margin defense (sec. 764 of the Civil Code), or the futures
defense (sec. 52 of the Exchange Act, Borsengesetz).  However, there are two
ways to possibly avoid the threat of such defenses: (i) the contract in
question could qualify as a hedging transaction, or (ii) as a so called
exchange traded futures agreement (Borsentermingeschaft).

HEDGING
Under the hedging exception, a derivatives transaction is valid,
enforceable, and not subject to the gaming, betting or margin defense either
if it constitutes a hedge for both parties or if the transaction is a hedge
for one party and if this party believes, without negligence, that the
transaction constitutes a hedge for the other party as well. The term hedge
in this context covers micro-hedging strategies. Whether this exception is
also true with respect to macro-hedging strategies is not entirely dear.
Modern legal authors tend not to use the term "hedging exception" anymore,
but more broadly refer to economically justified transactions.

BORSENTERMINGESCHAFTE
According to the Exchange Act (sec. 53 pare. 1) Borsentermingeschafte are
binding on both parties if each
party is a merchant, and is either registered or not subject to registration
because he/it is a foreign resident or a public law  entity, or a
professional (defined as a person who, at the time of the transaction or
prior thereto, traded in futures commercially or professionally, or is
permanently admitted to engage in exchange-trading).

If only one party qualifies under the relevant provision of the Exchange
Act, a futures transaction is enforceable only if one party is subject to
statutory banking or exchange supervision, be it in Germany or abroad, and
informs the other party in writing of the risks inherent in the derivatives
transactions in question
(standardized information papers which, pursuant to German Supreme Court
(Bundesterichtshof ) case law, satisfy the requirements under the Exchange
Act and were created by the industry federations of the German banks). This
technique of entering a valid agreement is commonly referred to as the
"information model" and is subject to strict and ongoing form requirements.

In addition, the transaction in question must qualify as a
Borsentermingeschaft. Unfortunately, this term has never been statutorily
defined, but is intended to cover new types of transactions and has, thus,
to be interpreted in a broad sense.  Moreover, the Exchange Act was amended
in 1989 to extend the privilege of its sec. 53 to transactions with a
similar financial purpose as exchange-traded futures transactions.
Therefore, today most types of financial, commodity, energy and credit
derivatives, whether stock exchange traded or OTC products, are generally
eligible for falling under sec. 53 of the Exchange Act. Despite the vast
amount of case law (almost exclusively in the context of warrants) on this
matter, there is still some uncertainty as to whether certain OTC
derivatives qualify as Borsenter7ningeschdffe within the meaning of this
provision.

RELIEF: THE FOURTH FINANCIAL MARKETS ENHANCEMENT ACT
It is, however, widely expected-or at least hoped - that the forthcoming
Fourth Financial Markets  Enhancement Act will include the introduction of a
statutory definition of Borsentermingeschafte.
A legislative initiative to define Borsentermingeschafte in concrete terms
would be helpful, not least because the German Supreme Court seems in its
more recent judgments to have entirely given up the attempt to bring such
transactions within its own traditional definition attempts and now lays
emphasis only on the financial purpose necessary for qualification as a
Borsentermingeschafte.

The term also requires clarification in light of recent amendments to the
Securities Trading Act (Wertpapierhandelsgesetz) and the Banking Act
(Kreditwesengesetz), implementing into German law the EC Investment Services
Directive (ISD) and the EC Capital Adequacy Directive (CAD), which
introduced the distinguishable supervisory law term "derivative," narrowly
defined, into the two acts.

The term "Borsentermingeschaft" is not used internationally - it is specific
to Germany. Its conceptual scope is controvasial3 and the continuous
development of new types of transactions requires a provision which is as
comprehensive as possible. For this reason, it makes sense to find a legal
definition which includes existing derivatives and can accommodate new
developments.

Moreover, the essential point of a derivative is the dependence of its price
upon the development of its underlying(s). Securities,  money-market
instruments, currencies, units of account, interest rates or other yields as
well as commodities, power, and precious metals may all be assets underlying
derivatives transactions as defined in, for example, the Securities Trading
Act and the Banking Act. In addition, the inclusion of other underlyings
such as credit events, weather developments, traffic flows and environmental
emissions would be desirable in order to ensure that here too validity
defenses are essentially eliminated.

A broad definition of a Borsentermingeschafte would remedy the existing lack
of public confidence in the law - especially with regard to future
developments-and thus would enhance the status of Finanzplatz Deutschland.
The German banking associations and the International Swaps and Derivatives
Association should be supported by all market participants in air attempts
to convince the German legislator to make a broad definition of
Borsentermingeschafte a reality as soon as possible.

Rate Derivatives Is Top Performer
Australian Financial Review - November 28, 2000
By Bill McConnell

An explosion in the use of interest rate derivatives, particularly forward
rate agreements and swaps has been the standout feature of Australian
financial markets this year alongside strong growth in non-government debt
securities.

However, a slump in foreign exchange transactions resulted in an overall
decline in total financial markets turnover.

The Australian Financial Markets Association, in conjunction with the
Securities Industry Research Centre of Asia-Pacific  released the results of
its annual report on trading in  Australian financial instruments yesterday.
The report detailed statistical results of Australian over-the-counter, and
exchange traded market activity.

Traded contracts in Australian financial instruments totaled $38.3 trillion
with the bulk of trading taking place on over-the-counter markets which
contributed 72 per cent of total market turnover.

The two markets to show substantial declines in trading activity were
foreign exchange and options on futures, with yearly volumes down 16.7 per
cent in FX markets and 26.1 per cent in SFE traded options. The fall in
activity in currency trading the first since 1994-95 led to an overall
decline in market turnover of 1.5 per cent.

The total turnover on the Australian Stock Exchange options and direct
equities was $466 billion, or a little over 1 percent of total market
volume. But the meager contribution provided by equity markets masked an
impressive 28 per cent increase on volumes from levels last year, and a 14
per cent increase in exchange traded options.

Market capitalisation in the Australian sharemarket also increased by 20 per
cent to $682 billion.

The report identified not only a growth in share trading, but also a
changing investor profile.

``This growth in investor participation in the market does not mean larger
volumes. It also means there is a growing number of more experienced
investors, seeking a broader range of investment products. In addition, the
growth in superannuation funds in Australia is placing greater demand on
investment                  products. The challenge for exchanges is to meet
these growing demands.''

But the top performer in Australian financial markets this year was interest
rate derivatives . Use of forward rate agreements more than doubled during
the year to $1 trillion making it the fastest growing market segment for the
year.  Non-government debt securities, repurchase agreements and swaps
experienced growth in turnover between 36 and 50 percent.

Swap turnover has increased every year since data was first collected in
1992-93.

``Turnover in swap markets has increased each year for four years, and that
has been happening irrelevant of economic circumstances,'' said Mr. Gordon
Axford, chairman of the Swaps Committee.

``This has been a function of greater use of capital markets, and an
increased borrowing requirement by the corporate sector requiring the use of
swaps to hedge exposure.''

Mr. Ken Farrow, chief executive officer of AFMA, said it had been ``an
astonishing turnaround'' by interest rate markets after FRA markets appeared
to be in decline in 1994.

``The interest rate market was more volatile this year than last and that
means there was greater underlying customer demand for interest rate
hedging,'' said Mr. Farrow.

Trading in government debt securities fell for the fourth consecutive year,
and while the traded volumes fell by only 1.1 per cent, the trend suggests a
creeping supply gap between government and corporate markets.

``Corporate issuance has really come into its own,'' said Mr. Phil Coates,
AFMA debt capital markets committee chairman.

``The market has advanced considerably. People are very much in tune with
what is on offer and we have seen the expansion of the corporate floating
rate note market.''

But Mr. Brad Scott, vice-president, head of fixed income credit research at
Salomon Smith Barney, said while the corporate bond market was of equal size
to the semi-government sector, the liquidity of the government bond market
still far outstripped the corporate market by a factor of more than three.

``As funds inflow continues to outstrip demand, deal sizes particularly in
the triple B land will need to continue to increase to attract offshore
demand and encourage broad-based turnover growth.

``Similarly, greater issue diversity and liquidity provided by global credit
markets will continue to attract more interest from funds who have money to
place and can't wait for the market to grow.''

KEY POINTS

* Australian financial markets' turnover was $38.3 trillion for the
year.
* Turnover in forward rate agreements increased by 101 percent, the
fastest growing market segment.
* Foreign exchange trading fell 16.7 per cent, the first fall since
1994.
* Trading in government debt securities fell for the fourth
consecutive year, down 1 per cent.

Capital Concerns
Risk - November 2000
By Oliver Bennett

There are plenty of people who believed it would or should - never happen.
But early next year, regulators are expected to announce a tier one capital
charge for operational risk.  Bankers who have worked closely with the Basle
Committee on Banking Supervision say it is likely to recommend three
different options for banking supervisors: basic indicators (that is, a
single proxy for the entire bank, such as trading volumes); a business line
approach using Committee-imposed capital ratio; or thirdly, internal
measurement using a bank's own loss data within a supervisory specified
framework. The implication is that further and more detailed work on the
internal measurement approach may result an the development of appropriate
models and a fourth regulatory option, based on internal modelling.

There has been intense criticism from banks about an operational risk
capital charge through industry groups such as the International Swaps and
Derivatives Association (ISDA) and the British Bankers Association (BBA).
However, the Committee's consistent position on a capital charge for "other
risks" is encouraging initiatives to develop methodologies and coiled data
related to managing operational risk. Standardisation is some way off,
although there is growing industry agreement on a core operational risk
definition, the collection and sharing of internal loss data and the
importance of qualitative criteria.

The proposal took banks by surprise the absence of a standard methodology
led to fears of an arbitrary operational risk charge, supplementary to
existing capital charges for credit and market risk, based on size and
volume. Allen Wheat, chief executive officer and chairman of Credit Suisse
First Boston, speaking at Risk's annual European congress in Paris last
April, described the proposal for an operational risk capital charge as "the
dopiest thing I've ever seen".  Other leading banks like JP Morgan also
expressed concern that an operational risk capital charge was premature when
the industry had not come to an agreement on how important the issue was, or
how to measure it.  A rule-of-thumb measurement would not accurately reflect
different levels of risk in various banks and could result in overcharging
some banks for risk and undercharging others. Similarly, operational risk
capital charges could penalise banks competing against non-banking
organisations not subject to the charge.

The principal message to regulators is that larger banks with good
operational risk measurement and management should achieve lower capital
charges. However, without a standardised methodology, proposed operational
risk capital charge criteria need to be progressive, flexible and include a
risk-based option. Joseph Sabitini, managing director in the corporate risk
management group at JP Morgan in New York, recognises that a new regulatory
framework for operational risk must accommodate banks at all levels of
sophistication in terms of risk measurement and management, but that it also
includes a risk-based option for "those with the appropriate capability".
Sabitini, who has been working closely with the Risk Management Group of the
Committee, goes on to say that to avoid the shortcomings of the previous
Accord, the capital rules must also be transparent, uniform and consistency
applied.

A recent report by Meridien Research, the Massachusetts-based technology and
advisory service, concludes that in two to three years only one-third of
financial institutions will have the technology to measure and manage their
operational risks.  The report examines how financial institutions measure
up in a four-stage progression of addressing and implementing an operational
risk management strategy. In  the first stage, firms concentrate on the
identification of key risk Indicators and data collection. Stage two
involves developing metrics and tracking for the identified risks from stage
one. Stages three and four move on to using technology for the measurement
and management of those risks within a firm. The report gods on to say that
most firms are working in stages one and two of the operational risk
management process.

With the regulatory option to focus on specific business lines such as
investment banking, retail banking or asset management, banks are
concentrating on internal definitions and management strategies. But how are
they preparing for a capital charge? For most banks this includes
loss-gathering initiatives, key indicator information, risk assessment and
in some cases calculation However, unlike market risk and credit risk, a
purely quantitative approach to measure operational risk is not the current
focus.  Chris Rachlin, head of group operational risk at Royal Bank of
Scotland (RBS), details the main initiatives his group have been focusing
on: "We have been identifying and implementing tools and techniques to help
our businesses identify, manage and monitor operational risks better. As
part of this we have been collecting data on loss
events. We have also looked at a number of quantification techniques, but
believe their effectiveness will depend on the quality and quantity of the
data available."

The current challenge is to find a way around the lack of data on big loss
experiences. Due to the rarity of these large losses, banks lack extensive
data on operational catastrophes such as Nick Leeson-style fraud or a
complete systems breakdown. According to Tony Peccia, vice-president in the
operational risk management division at CIBC World Markets in Toronto, most
banks would want to be at the internal measurement stage of the proposed
capital charge when implemented - which is dependent on internal data. This
has led to the establishment of a number of operational loss databases - in
particular,
introduction consortia of internal loss data-bases. The two principal
consortia are the Multinational Operational Risk Exchange managed by
NetRisk, and the Global Operational Loss Database (Gold), managed by the
BBA, which both provide a mechanism to share loss data in a secure
environment. The consortium members supply operational loss data, business
and risk characteristics to the managing agents.  The data is sanitised,
secured and scaled then returned to the consortium members As well as
assisting banks to manage their operational risks, the data can be used to
compare their performance against their competitors and highlight vulnerable
areas.  The More consortium has agreed to begin sharing data from November 1
2000 and receive the first batch of scrubbed, anonymous data by the end of
the year.

There are a number of concerns regarding data standards. According to
Richard Metcalfe, ISDA Assistant Director of European Policy: "There is
concern that, while the proposed Basle Committee rules incentivise data
gathering, that is not the only issued if banks record their losses in
general categories when submitting internal data but do not associate losses
with enough contextual information, it we be difficult to understand the
finer gradations of risk later on - or indeed to reclassify the database to
an agreed industry or regulatory
standard. Matt Kimber, a director with Arthur Andersen's financial practice,
welcomes initiatives to collect internal loss data to increase the breadth
of information available.  However, he goes on to say that users of the
information "will have to be mindful of the parameters as to how the
information is "gathered and prepared." Similar criticisms are also levelled
at publicly disclosed external loss databases, where issues of caring and
cleansing must be considered.

Last month, ISDA issued a discussion paper, Operational Risk Regulatory
Approach Discussion, on operational risk capital charges.  The paper
highlights concerns that a purely quantitative approach could enable
institutions with poor operational risk management processes and controls,
but with access to internal loss event data, to achieve a lower capital
charge that institutions with stronger risk management processes but no
access to internal loss event data. The paper also highlights fears over the
method of calculation of operational risk capital for an institution that
has recently experienced serious loss, but
where management has reacted and strengthened the control environment in
that area, and consequently reduced the likelihood of reoccurrence.

The paper, produced with the active support of over 20 ISDA member firms and
facilitated by PriceWaterhouseCoopers, sets out a series of structured and
transparent qualitative assessment criteria - with particular reference to
quantitative criteria - to complement the operational risk data requirements
currency proposed by regulators. The paper argues blat there is strong
support in the industry for a regulatory capital assessment model that
allows institutions managing operational risk to effectively access a more
precise means of Calculating an operational risk capital charge -
institutions should benefit from more sophisticated controls and the
regulatory regime should establish incentives to improve risk management and
controls.  This is consistent with proposed quantative techniques once
internal loss data is
incorporated into the operational risk capital charge calculation, as any
institution with an effective control environment would normally expect to
have a lower loss experience, and thus a lower capital charge.

According to Arthur Andersen's Kimber, there is another option - insurance.
"Insurance and risk transfer will become an important and sophisticated
component in an operational risk manager's tool-box over the next few years.
"There are definitely challenges for insurance providers in offering
operational risk cover, but there has been some recent headway in the last
year or two" In fact, regulators have made it clear that, in principle,
mechanisms such as insurance might be an acceptable way for banks to
mitigate risk and reduce their capital charges. Depending on the stance of
regulators, the Committee might insist that policies that mitigate the
capital charge pay out immediately after any operational disaster, or that
these polices only cover certain classes of operational risk. It may also
stipulate a specified credit rating of the insurance company, or the
percentage of risk that the primary insurer can sell into the wider
insurance market.

Possibly the most well-known operational risk insurance product is Swiss
Re's Financial Institutions Operational Risk Insurance (Fiord). With
Fidelity Investments as the first client for the re-insurance firm's
product, it is designed for the top 400 financial institutions in the world.
FIORI would have covered most of the devastating losses that have hit the
headlines over the last few years - 68% of them according to the insurer's
own analysis.  Lars Schmidt-Ott, head of global banking practice at Swiss Re
New Markets, sees insurance as a good alternative to capital charges.
"Holding Capital on the balance sheet is not good for shareholder value - if
you can keep it off the balance sheet at an efficient price you only pay the
downside premium."

But according to RBS's Rachlin, there are a number of problems with the
insurance option - principally the speed of payment and potential lack of
capacity for meaningful levels of rover from financially secure insurers.
Although some products on the market will provide immediate liquidity to a
bank following a disaster, there may be certain arguments after the event.
Policies with catastrophe levels of cover would also need to be scheduled or
layered, and it is not always possible to secure acceptance for finely
worded polices from differed underwriters.  Rachlin also highlights
reputational issues: "While insurance may cover the short-term financial
impact for some events the longer term reputation impact can be of greater
concern."  Although Schmidt-Ott does not agree that there are any
reputational issues using insurance products, he recognises that it may be
some time before gaining relief from operational risk charges becomes a real
incentive to take out insurance.  "Insurance will play a role as an
instrument for managing operational risk, but not in its current form....we
are waiting for the regulators."

Insurance aside, the Basle Committee's capital charge announcement for
operational risk is not eagerly awaited.  If the regulators make their
announcements in the first quarter of 2001 they probably would not become
effective until at least 2002.  Depending on the flexibility of the
proposals, research into internal modelling approaches to operational risk
is likely to intensify.  Victor Dowd, an associate involved with operational
risk capital charge discussion at the UK's Financial Services Authority
agrees that further and more detailed work on the internal measurement
approach may result in the development of appropriate models.  However, for
the present, he says," modelling is not an option" for the regulators to
consider.

Enron To Expand Weather Derivatives Cover
Derivatives Week - November 27, 2000

Enron Europe is set to start quoting weather derivatives on an additional 15
cities in Europe in the next two weeks. Thor Lien, v.p. and head of weather
risk management-Europe in Oslo, said Enron is adding the cities in the U.K.,
the Netherlands, Germany and France. Enron has since the beginning of the
year been offering weather coverage via its website (www.enrononline.com)
and voice brokers on London, Paris, Oslo and Stockholm, as well as some U.S
and Asian cities.

Lien predicts the European weather derivatives market will double in size to
approximately EURO-8 billion (USD5.1-6.8 billion) (total outstanding
notional) within a year. Fund managers and risk managers are growing more
interested in the product as liquidity and transparency increase. Although
customers will also be able to trade weather derivatives through Enron's
voice brokers, the company is putting the contracts on its web site to
entice players worldwide and increase liquidity, Lien said.

End of ISDA Press Report for Tuesday, November 28, 2000.

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.  THIS PRESS REPORT IS
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NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT

Scott Marra
Administrator for Policy and Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Facsimile: (212) 332-1212


put it in the paper dog


Steve Kean, of Enron, will be attending on May 22nd.

"Susan Green" <s1green@carbon.cudenver.edu> on 05/14/2001 04:24:04 PM
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<richard_truly@NREL.gov>, <jtuttle@daystartech.com>, <rudall@aol.com>,
<hvg@carbon.cudenver.edu>, <rwilliam@gwec.com>, <dennis@rentk.com>,
<donnamcmillan@future-energy.com>, <cclark2@state.wy.us>, <VMares@ch2m.com>
cc:

Subject: Logistics for May 22-23 Western Energy Forum

Dear All:

We are pleased that you will attend the May 22-23 Forum on Securing the
Energy Future of the Western United States in Denver.  Please confirm this
by sending a quick note in reply to this e-mail that you can attend.

If you are coming in from out of town and you would like a hotel room at the
Denver City Center Marriott for May 21st and/or May 22nd, please note that
in your response, as well.  Rooms are available at $89/night.  We will
compile a room list from here, however, and you will not need to make a
reservation directly.  We will send you a confirmation number, once you have
sent us your hotel needs.

Some brief logistics regarding the Forum:

?   Registration will begin at 7:15 a.m. on Tuesday, May 22nd on the fourth
floor of the Chamber of Commerce building, 1445 Market Street.  The Forum
will start promptly at 8 a.m.  A continental breakfast will be available
beginning at 7:15 a.m.  For those of you coming from the Marriott, either
walk or take the free 16th Street mall shuttle west to Market Street, turn
left or south on Market Street, walk two blocks to the red brick building
with the blue star on it.   Parking lots are readily available in the
vicinity of the Chamber building at a cost of $6-$8/day.
?   The Forum will recess by 5:00 p.m. on the 22nd, but we will reconvene at
6:30 p.m.at the Marriott for a cocktail reception prior to dinner at 7:15
p.m.   We would like everyone to come to the dinner.  It is part of the
program.  Chris Hessler and Chris Miller of the U.S. Senate,s Environment
and Public Works Committee will speak on Congressional and Administration
policy.
?   Dress for the Forum is &Denver-style,8 i.e., casual.  The same is true for
dinner.
?   On May 23rd, a continental breakfast will be served beginning at 7 a.m.
with that morning,s program beginning promptly at 7:30 a.m.   The meeting
will move to the second floor of the Chamber building in the Junior
Achievement Room, just left off the elevator, in the Chamber building.
?   We hope that everyone will remain at the table for the day and a half
Forum.  This is important given the critical nature of the Forum,s agenda.

Please don,t hesitate to contact me with any questions, comments or
concerns.   My colleagues and I look forward to seeing you on May 22nd.

Sue Green
Administrative Assistant
Institute for Public Policy
University of Colorado at Denver
1445 Market Street, Suite 350
Denver, CO  80202
Tel - 303-820-5602
Fax - 303-534-8774


kim

    my home email address is jodie_barbe@msn.com

-----Original Message-----
From: Bates, Kimberly
Sent: Tuesday, December 04, 2001 7:55 AM
To: Vickers, Frank; 'bates124@airmail.net'; Ames, Chuck; Brawner, Sandra F.; Germany, Chris; Hodge, John; Keavey, Peter F.; Mckay, Brad; Mckay, Jonathan; Neal, Scott; Pereira, Susan W.; Pimenov, Vladi; Ring, Andrea; Savvas, Leonidas; Townsend, Judy; Versen, Victoria; Barbe, Robin; Concannon, Ruth; Goodell, Scott; Jones, David; Kaiser, Jared; Loving, Scott; Muhl, Gil; Smith, Maureen; Smith, Shauywn; Taylor, Craig; Willis, Jim; Zivley, Jill T.
Cc: Lamadrid, Victor; Homco, Meredith; Superty, Robert; Loocke, Kelly; Allwein, Robert; Collins, Joann
Subject: RE: Home e-mail


Jerry,

I requested some questar flow historicals from you per the following email.  I am still in need of the referenced data, and would appreciate an indication of when it will be provided.  If you have any questions, feel free to contact me at the number below.  Thank you.

Mathew Smith

 -----Original Message-----
From: 	Smith, Matt
Sent:	Thursday, April 19, 2001 3:32 PM
To:	'jerryg@questar.com'
Subject:	Pipeline Historicals

Gerry,

Per our conversation, I am requesting historical scheduled (final cycle) quantities for Questar Pipeline meter points.  Questar previously provided flows up to June of 2000.  We are now requesting from June 1, 2000 to March 1, 2001.  I would prefer the information be emailed to me.  Otherwise the postal address is:  Rm#3299E, 1400 Smith St., Houston, TX 77002.  Please feel free to contact me with any questions at 713-853-0472.  Thank you.

Mathew Smith


Sandeep,
?
Below, I have summarized Henwood's work on the  India database to date.
?
The "Inter_Regional Links.ppt" file shows the  topology and links between
bubbles in the our model and  "Expand_India_Data_011000.xls" details the
existing station information that we  have compiled to date.?Total resources
closely match reported resources as  shown in "L&R_0110.xls". Reported India
total in 1997 is 86,000 MW and that  in the Henwood database is 84,000 MW
through 1997.
?

Region

	EMSS database

		Reported [1]

			Difference

 - Inter_Regional Links.ppt
 - Expand_India_Data_011000.xls
 - L&R_0110.xls


I bid $3 on Troy Drayton
PL


The following reports have been waiting for your approval for more than 4 days.  Please review.

Owner: Jane M Tholt
Report Name: El Paso Technical Conference
Days In Mgr. Queue: 13


Files are bigger than the limit, so I am trying one by one.

Harry,  I don't have access to M:\power2\options.  I'll request the setup, and here are the spreadsheets for vol book.


I am not sure if we have a claim to "PX Credits".  Our claim is to the negative residual of Bundled less the PX Credit = Negative CTC.

Jim

 -----Original Message-----
From: 	"BENNETT YOUNG" <BYOUNG@LLGM.COM>@ENRON [mailto:IMCEANOTES-+22BENNETT+20YOUNG+22+20+3CBYOUNG+40LLGM+2ECOM+3E+40ENRON@ENRON.com]
Sent:	Thursday, August 30, 2001 8:17 PM
To:	Huddleson, Diann; Sager, Elizabeth; Steffes, James D.; Mellencamp, Lisa; Tribolet, Michael; Williams, Robert C.; Hall, Steve C. (Legal); vsharp@enron.com; Curry, Wanda
Cc:	CARL EKLUND; John Klauberg
Subject:	Attached Files

I enclosed blacklined versions of the riders for the proofs of claim for EES, EEMC and EPMI.  I also enclose the riders for the ECC and ENA claims, which have not changed from the versions circulated last night.

Please let me know your comments as soon as possible.

Ben Young

Bennett G. Young
One Embarcadero Center, Suite 400
San Francisco, California 94111
(415) 951-1167
byoung@llgm.com

==============================================================================
This e-mail, including attachments, contains information that is confidential and may be protected by the attorney/client or other privileges.  This e-mail, including attachments, constitutes non-public information intended to be conveyed only to the designated recipient(s).  If you are not an intended recipient, please delete this e-mail, including attachments, and notify me.  The unauthorized use, dissemination, distribution or reproduction of this e-mail, including attachments, is prohibited and may be unlawful.

==============================================================================
 - ridertoE.DOC << File: ridertoE.DOC >>
 - ridertoE.DOC << File: ridertoE.DOC >>
 - ridertoE.DOC << File: ridertoE.DOC >>
 - ridertoE.DOC << File: ridertoE.DOC >>
 - ridertoE.DOC << File: ridertoE.DOC >>


Jim a BIG external factor that is directed to the item (2) ISO Systems &
Procedures:

At the NERC Electronic Scheduling Task Force meeting today, there was
considerable discussion on how this Task Force (which was formed before the
OASIS ANOPR was posted) would coordinate on an industry-wide basis, a NERC
response to the OASIS Phase II ANOPR.

Here are some important points a FERC Staff member (Marv Rosenberg) made at
the meeting.  These should be kept in mind in developing the Enron proposal
and the process of getting buy-in in each of the Regions/RTOs.

-  FERC prefers a single industry consensus filing.
-  The ANOPR is intended to tie RTO Order 2000 together with new OASIS II
requirements
-  Does not preclude individual RTOs or entities from submitting proposals.
However a diversity of filings will indicate   non-consensus and FERC will
make its own decisions which will likely not be industry friendly.

FERC is asking the industry for communication and Business Practices
standards for issuing in a NOPR.

FERC is looking for:
- more functionality and to be more user-friendly
- electronic scheduling
- electronic reservations
- reduce duplication of information entry for customers
- not intended to dictate the Control Area to Control Area communications
 I asked Marv to clarify this - He explained that although not required, FERC
welcomes propsals to address the control area   source/sink issues as part of
an OASIS II solution (ie Entergy Source/Sink Order)

OASIS II should:
- continue use of Web browsers
-  use templates for file transfers (uploads and downloads)
- all displays do not have to look the same - but encourages a common look
and feel
- within a RTO, business practicese may differ, but between RTOs the
practices must be standardized

We need to keep close to the NERC efforts since FERC has historically tended
to favor NERC proposals because they tout an air of industry consensus.

The clarificaton to the ANOPR given by Marv should make buy-in an important
element of our proposal.
If FERC adopts the NERC filing, we will likely be stuck with the exisiting
contract path seams problems and LMP fragmentation in the East because NERC
is not proposing any tariff changes.  Also we will not get the control area
source/sink issue resolved since it will be impossible to resolve at NERC in
7 months.

Of course, another option would be to incorporate our efforts with this Task
Force.

James D Steffes@EES
08/02/2000 05:52 PM
To: Jeff Brown/HOU/EES@EES, Janine Migden/DUB/EES@EES, Charles
Yeung/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Ron McNamara/HOU/EES@EES,
Steve Montovano/DUB/EES@EES, Dan Staines/HOU/ECT@ECT, Robin
Kittel/HOU/EES@EES, Sarah Novosel/Corp/Enron@ENRON, Kerry Stroup/DUB/EES@EES,
Christi L Nicolay/HOU/ECT@ECT, Steve Walton/HOU/ECT@ECT, Tom
Delaney/Corp/Enron@ENRON, Howard Fromer/HOU/EES@EES, Daniel
Allegretti/HOU/EES@EES
cc: Richard Shapiro/HOU/EES@EES, Steven J Kean/HOU/EES@EES
Subject: Transmission / Wholesale Market Regional Plans

1. I appreciate everyone who participated in the call today.  I think that
the discussion proved that we can find consensus on a reasonable approach for
transmission pricing and energy markets.

2. To make more clear about the Regional Plans, I think that we need to
consider the following.

A. BACKGROUND

Timelines of Current Process
Current Players & Current Positions
Allies
Key Issues now facing the process

B. MOVING FORWARD

Top Issues upcoming
External Factors (e.g., will Entergy join SPP)
Resource Needs
Relationship to Commercial Objectives / Business Plans

C. OTHER ISSUES / CONCLUSION

I hope this helps set an outline for the Regional Plans.  The key idea is
that I want to make sure everyone has a calendar of where we are going and
what issues need to be addressed.  Don't be shy about adding other topics and
issues.  We need to have this to communicate within our group and to the
commercial people.  I don't expect this to be easy, but I think that it will
be helpful.

3. I think that we need to put more detail around the entire structure.  This
would entail developing four things (1) a tariff, (2) ISO Systems &
Procedures, (3) Day Ahead PX Energy Market, (4) Transmission Flowgate PX
Market.  These are the four building blocks to a New Marketplace.

My hope is for Enron to put these things out in a detailed framework using
"off the shelf" material.  I know that Tom Delaney has already started
working on a tariff.  I think we could adapt the Cal PX model into point 3.
We could probably use the APX Flowgate System for point 4.  On the ISO, maybe
we could go to ESCA and have a Detailed Scope / Work Plan and fees on setting
up an ISO (including costs of operation over time).  It would make sense to
me to do this very formally (including setting energy market zones and
defining the commercially significant Flowgates).  I would use the MISO as
the market to focus on, but am willing to listen to other thoughts.

Please let me know what everyone thinks.

Jim


Paul:

Cheryl Nelson (X54693) is our new lawyer handling brokerage agreements.  She
has the Trading Edge file and can review the outstanding issues wtih you.
Please give her a call in the morning.  Thanks.

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


Group,

For the third day in a row (4th time this week) I have received an email or
call from Kathy at EPE asking the model to be resent because of simple
errors.  Typos in the model should be caught and corrected while checking out
with counterparties and running the CARP.  The ancillary service (spin) deals
need to sum into the ancillary section at the bottom...not with the regular
deal entry summary.  We need to use the reconciliation sheet when appropriate
(which has not been used since Feb--and this will haunt us when Houston tries
to check out March and April).  We do a good job trading for EPE and managing
their system but I am not impressed with our attention to detail for this
customer on deal entry.  I continue to see the same mistakes which suggests
that procedure questions exist.  Please ask myself or a senior member of the
group if you have any questions.  I look for us to improve going forward.

Thanks,

Bill
503-887-3449


Not clear if you all received this directly.
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Nancy,

Attached is a document in draft form addressing some of the issues discuss in
our recent meeting.

(See attached file: Draft contract changes july24.doc)

 - Draft contract changes july24.doc


Attached is a report showing year 2000 experienceENRON statistics for EES.
Also outlined are EES deals that Kim Frumkin has shared with us will close or
have closed in 2000.   Along with those deals, I have reported the experience
ENRON V.I.P. resources that participated in these EES deal specific visits.
The second attachment contains two charts showing experienceENRON visitor
volume segmented by each Enron business unit and by the type of visitors we
work with.

We believe that Enron resources are vital to delivering a successful
Enron/EES experience and we want to share with our experienceENRON V.I.P.
resources how their participation contributes to EES reaching its goals.
For performance feedback purposes and to help those resources better
understand the magnitude of the deals they are contributing to, we would like
to request from EES origination, an estimated value for the attached closed
deals.   So that we meet the performance feedback deadline, please let us
know by Monday, 11/20 if this information can be shared for feedback purposes
only.

On behalf of Enron Corp. we look forward to partnering with EES in 2001 and
helping EES reach their 2001 goals.

Thank you.
Carrie


-----Original Message-----
From:  Calcagno, Suzanne
Sent: Thursday, April 19, 2001 1:12 PM
To:
Subject: March of Dimes

Hello All--

Shelley Corman has asked me to forward the attached letter to you regarding
Enron's fundraising efforts on behalf of the March of Dimes.

Please take a moment to review--any contribution you can make would be
greatly appreciated and will be matched 100% by Enron.

Please ket me know if you have any questions or need any additional
information

Thanks!

Please make checks payable to the March of Dimes and send to me at Location
EB3275F.

==============================================================================
============================================
Dear ENA Team Member:

I am proud to serve as a sponsor of Enron,s March of Dimes 2001 Walk Team.
March of Dimes is a national nonprofit organization whose mission is to
improve the health of babies preventing birth defects and infant mortality.
Childhood health is a cause near and dear to my heart.

Obviously, it is a cause that is near and dear to Enron employees as well.
Last year our Enron team raised over $46,000.   This year our team has set a
goal to raise $75,000.  With your help, I believe we can achieve this
aggressive goal.

I understand that you are called upon to donate your time and money to many
worthy causes and clearly I am not a seasoned fundraiser.  What I can tell
you is that I am proud of our employees that have rallied a grassroots effort
to support March of Dimes here at Enron.  I am committed to continuing their
work.  I ask that you consider making a donation in any amount.

Please use the attached envelope to make your donation to the March of Dimes
and forward you check back to me by Friday, April 27th.  Your contribution is
totally tax deductible and Enron will match your gift dollar for dollar (I
will take care of the matching paperwork).

Thanks, in advance, for your donation and support of the March of Dimes.  You
can read more about the March of Dimes at www.modimes.org.

Sincerely,

Suzanne Calcagno
Manager--Regulatory Affairs
Gas Logistics


Oscar

Attached is the latest draft with my comments and additional drafting. We
need to be certain that Kevin Presto is clear as to the Products and the
risks that we will be taking going forward.

In addition, as we discussed with Consumers this morning, from a scheduling
perspective, we need to be comfortable that the time limits will be as per
Eastern Prevailing Time and not Central Prevailing Time. If we are, then we
need to change the Into Cinergy definition in EEI to address this.

As part of managing this process, as you know my wife is expecting our first
child and with the due date having been passed I am on "baby alert" which
could mean me leaving at any minute. I have therefore started to copy
Elizabeth Sager on the negotiations and she, or another member of the team
will be in a position to start running with this, in the event that it is not
signed before I leave.

Regards,

Marcus


Ken:

Attached is a draft of my proposed new organization announcement/org chart for your review and comments.    I am planning to send out Enron Worldwide Monday afternoon, Sept. 24.

Thanks,
Stan

Cindy Stark
Executive Assistant to Stan Horton
Tel:   713/853-6197
Fax:  713/345-7047
Cindy.Stark@enron.com


Do you need more from me on how we would structure the Jean deal if we did it? Seems unlikely based on below we will be able to.

David
 -----Original Message-----
From: 	Redmond, Brian
Sent:	Thursday, August 02, 2001 9:39 PM
To:	Kitchen, Louise
Cc:	Oxley, David
Subject:	Bridgeline

Louise:

I spoke to Texaco today and put forth the following alternatives:  (1) remove Randy and put Jean in his place (I did offer to consider paying Randy out of his contract), (2) transfer all Texaco/Enron employees to Bridgeline without the ability for them to get paid out and walk away when the Texaco/Chevron merger occurs.

Texaco strongly....no violently....opposes installing Jean as President, as they feel that everyone would quit - and no doubt many would.  My counter was that many of these people may quit anyway once the Texaco merger occurs, so we are in the same spot but with a President that is committed to the company.  My personal feeling is that we would also loose a number of the Enron folks, but we could recover, and may be better off.

I'm not sure we have a legal case to force Randy out, especially given Texaco's violent opposition.  However,  the threat of Jean as President seems to have a good deal of motivational power.  Jack Abadie committed to propose the following to Texaco in his meeting in NYC next week:

1.	All employees become Bridgeline employees now.
2.	Texaco employees get paid by Texaco their severance as follows:  (half when the merger occurs, the remainder after 12 - 24 months.
3.	If Texaco employees leave they loose the unpaid severance.

I am going to develop our legal position to see what leverage we have (or don't have).  I do have the "open cost issues" as a bargaining chip, but would like to drive this to a crisis point before playing that card.

I have a bet with Texaco that I can have the Bridgeline benefits plan in place by the end of the month.  Jeannie Slone is committed to this goal.
Also, I have not yet relayed the Texaco conversation with Jean and would like to hold off to see how this plays out.

Regards,
Brian


----- Forwarded by Tana Jones/HOU/ECT on 06/20/2000 05:13 PM -----

	Frank L Davis
	06/20/2000 05:11 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: NA PA & ETA

Tana,

Attached below is the latest version of the North American Password
Application and Electronic Trading Agreement.

Let me know if you have any questions.

Thanks!

Frank


Following please find the Weekly Management Report and the Daily Executive
Summary.

EnronOnline Executive Summary for 11/03/00
Transaction Summary
External Transactions Today	3,417
Average Daily External Transactions (30 day Trailing Avg)	3,032
Total Life to Date Transactions	406,456

EnronOnline Daily % of Entity's Total Transactions for 11/03/00	Trans	Percent
Enron North America	2,955	74%
Enron Europe Limited	141	35%
Global Products	123	28%
Enron Metals	198	17%

EnronOnline Percentage of Total Corporate Transactions
(30 day Trailing Avg)	46%

Gross Notional Value of EnronOnline Transactions	Total
Today	2,286,718,430
MTD	7,571,756,420
LTD	220,956,468,615
Average Daily Notional Value (30 Day Trailing Avg)	2,110,647,135

Notional Revenue from Physical Flows to Date	15,406,832,568

Counterparties, Users, and Products Offered
Counterparties having transacted to date	547
New Counterparties transacting for the first time today	3
Number of Products Offered Today	1,181
Total Number of External Users Logged on Today	2,688
Average # of External Users logged on (30 day Trailing Avg)	2,679

Also attached is the Weekly Public Domain Report, containing information
which is intended for use in presentations or reports which will be seen by
individuals outside Enron.


Hate to be the party pooper but, based on the events today and this entire week, a shot contest is the last thing on my mind.

 -----Original Message-----
From: 	Landry, Chad
Sent:	Friday, September 14, 2001 2:54 PM
To:	Bass, Eric; Hull, Bryan; Husser, Shanna; Blanchard, Timothy; Ryder, Patrick; Baumbach, David; Bucalo, Harry; Gillette, Lisa; Scott, Susan M.
Subject:	RE: Happy Hour

My money is on Bass to beat Susan in the shot contest.

CKL

 -----Original Message-----
From: 	Bass, Eric
Sent:	Friday, September 14, 2001 2:52 PM
To:	Hull, Bryan; Landry, Chad; Husser, Shanna; Blanchard, Timothy; Ryder, Patrick; Baumbach, David; Bucalo, Harry; Gillette, Lisa; Scott, Susan M.
Subject:	RE: Happy Hour

sounds like little woodrow's is the choice.

hull and i will be there at 3 so just come up whenever- just look for the two passed-out drunks at the bar

 -----Original Message-----
From: 	Hull, Bryan
Sent:	Friday, September 14, 2001 2:10 PM
To:	Landry, Chad; Bass, Eric; Husser, Shanna; Blanchard, Timothy; Ryder, Patrick; Baumbach, David; Bucalo, Harry; Gillette, Lisa; Scott, Susan M.
Subject:	RE: Happy Hour

Little Woodrow's downtown sounds good.  Any objections or other suggestions?

 -----Original Message-----
From: 	Landry, Chad
Sent:	Friday, September 14, 2001 1:20 PM
To:	Bass, Eric; Husser, Shanna; Blanchard, Timothy; Hull, Bryan; Ryder, Patrick; Baumbach, David; Bucalo, Harry; Gillette, Lisa; Scott, Susan M.
Subject:	RE: Happy Hour

I am and I hear that little woodrow's is having some kind of a party.

ckl

 -----Original Message-----
From: 	Bass, Eric
Sent:	Friday, September 14, 2001 12:47 PM
To:	Husser, Shanna; Blanchard, Timothy; Hull, Bryan; Landry, Chad; Ryder, Patrick; Baumbach, David; Bucalo, Harry; Gillette, Lisa; Scott, Susan M.
Subject:	Happy Hour

Is anybody up for some drinks after work?


This deal has an NP15 delivery point with firm energy.  Let me know.

Thanks!


Your the king... I will wait for your voicemail.  BT


Per our discussion, eff 4/1/2000 the nom to Eastrans will be 60,000 MMBtu/d,
with 50,000 going to PG &E, 2,200 into
HPL's cartwheel at Carthage, and 7,800 from Fuels Cotton Valley to HPL.

Eff 4/4, we hope to deliver 15,000 into HPL at the Lone Star/HPL interconnect
in
Rusk County.
We will formally nominate for the 4th on Monday morning.  The price we will
sell
this additional
gas to you for is HSC - $.07.


(See attached file: Petro052401.pdf)

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L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie.
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This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.

Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.

The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.
_____________________________________________________________________________________________________________________________________

 - Petro052401.pdf


Nancy, I suggest we take the Four Seasons option.  Jim

Nancy Brazzil <NBrazzil@mail.law.utexas.edu> on 12/12/2000 02:30:33 PM
To: james.derrick@enron.com
cc:

Subject: spring meeting

it doesn't look like there is a strong preference of where we hold the
meeting.  i was thinking that if we did have the meeting at the four
seasons, we could go with carrin's idea of having a party that evening --
possibly margaritas on sixth street?  just an idea.


We are making a number of significant organizational changes.  These changes
are intended to accomplish four key objectives:

First, we need to realign all our wholesale businesses around the successful
business model developed over the last decade in North America and Europe.
This model relies on extensive physical and transactional networks built
around a relatively small strategic asset position.

Second, we need to significantly streamline corporate reporting
relationships.  Particularly with Joe Sutton,s departure, the ability to
directly manage the day-to-day activities of 15 independent business units
has become increasingly difficult.

Third, we need to accomplish these changes without, in any way, compromising
the ongoing profitability of all our businesses and without delaying or
hindering our effort to monetize a significant portion of our lower-yielding
asset positions.

And fourth, as always, we need to take advantage of the reorganization to
redeploy our talent into our highest value opportunities.

ENRON WHOLESALE SERVICES

Today, we are forming Enron Wholesale Services (EWS) which will consolidate
our global wholesale businesses.  The closer alignment of our wholesale
businesses will accomplish the following: (1) enhanced communication and
coordination across business units, (2) more rapid deployment of people to
higher valued opportunities, (3) more effective prioritization of
opportunities across the wholesale business, and (4) more rapid extension of
Enron,s wholesale business model and capabilities into new industries and
markets.

Enron Wholesale Services will include our current North American, European
(including Japan and Australia), Global Markets, and Industrial Markets
operations, and will be expanded to include Enron,s Net Works business unit
as well as a new unit ) Enron Global Assets.  In addition, Enron,s merchant
businesses outside of North America and Europe will be integrated into this
new structure as described below.

Mark Frevert, currently Chairman of each of our wholesale units, will assume
the role of Chairman and CEO of Enron Wholesale Services.  Greg Whalley,
currently Chairman and CEO of Enron Net Works, will join Mark in the Office
of the Chairman as President and Chief Operating Officer.

Providing further impetus for these organizational changes, several of our
international business unit leaders have elected to move into new leadership
positions:

Rebecca McDonald, currently CEO of Enron APACHI, will join EWS as President
and CEO of Enron Global Assets. Enron Global Assets will have responsibility
for managing all of Enron,s existing energy asset portfolio outside of North
America and Europe.  Joining Rebecca in the Office of the Chairman as COO
will be Jim Hughes, currently COO of Enron APACHI.  Rebecca and Jim will
report to the EWS Office of the Chairman.

Sanjay Bhatnagar, currently CEO of Enron India, has joined EBS as CEO for the
Middle East and Asia region.  Sanjay will be responsible for building our
broadband business in this region and the current EBS team in this region
will report to Sanjay.  In this role, Sanjay will report to the EBS office of
the Chairman.  In addition, Sanjay will continue to remain responsible for
Enron,s wholesale energy business in India and will transition this business
into Enron Global Assets in the near future.

Diomedes Christodoulou, currently Co-CEO of Enron South America, has joined
EBS as Chief Commercial Officer.  Diomedes will be located in London and will
focus his origination activities on global opportunities, with near term
attention to the wholesale and enterprise sectors.  Diomedes will report to
the EBS Office of the Chairman.

Jim Bannantine, currently Co-CEO of Enron South America, will be joining EES
to lead EES, commercial efforts outside North America and Europe.  In order
to ensure a smooth transition for our South American businesses and to
facilitate our asset sales activities, Jim will remain in South America for
at least the next several months and continue to serve as CEO of Enron South
America.  Throughout the transition, Jim will report to Cliff Baxter and to
the Office of the Chairman of Enron Wholesale Services.  Following the
transition, Jim will join EES.

In addition to these changes in our international asset operations
activities, we are making the following changes in our merchant wholesale
businesses and the commercial support functions:

Enron Net Works
Louise Kitchen will assume Greg,s previous responsibilities as President and
CEO of Enron Net Works, reporting into Mark and Greg.

Enron Americas
Concurrent with the transfer to Enron Global Assets of responsibility for
operating Enron,s South and Central America asset base, all trading,
marketing, and new asset development activities in these regions will report
into a new entity, Enron Americas.  Enron Americas will have responsibility
for all wholesale merchant businesses across North, Central and South
America.  Dave Delainey, President and CEO, and John Lavorato, Chief
Operating Officer will comprise the Office of the Chairman for Enron
Americas.

Enron Europe
The Enron Europe organization, which includes Enron,s businesses in Australia
and Japan, and Enron Metals, remains unchanged under the leadership of John
Sherriff, President and CEO, and Michael Brown, Chief Operating Officer.

Enron Global Markets
Enron Global Markets, under the leadership of Mike McConnell, President and
CEO, and Jeff Shankman, Chief Operating Officer, will continue to have
responsibility for Enron,s Middle East and LNG operations.  With the
exception of Ecoelectrica in Puerto Rico, all operating power plants and
associated personnel in the Caribbean and Central America will transfer to
Enron Global Assets.  Enron Global Markets will also continue to manage the
commodity businesses in crude and products, coal, weather, insurance,
equities, interest rates, foreign exchange, and agricultural products.

Enron Industrial Markets
Enron Industrial Markets, organization, under the leadership of Jeff McMahon,
President & CEO, and Ray Bowen, Chief Operating Officer, remains unchanged.

Commercial Support for EWS
The commercial support functions for EWS will remain with, and be managed by,
the individual business units.  We are creating no incremental overhead in
the creation of EWS, and in fact hope to reduce our operating costs by more
efficient utilization and sharing of resources across EWS.

To this end we have asked several people to take on an expanded role across
EWS in addition to their ongoing roles within their business units.  These
newly defined roles are as follows:

Mid and Back Office Operations ) Sally Beck will lead Mid and Back Office
Operations across EWS.  These services will become part of Enron Net Works,
with Sally reporting to Louise Kitchen and Rick Causey, Executive Vice
President and Chief Accounting Officer.  This alignment creates a coordinated
services organization with IT and e-commerce platforms to support the
wholesale businesses and to maximize opportunities to commercialize these
services.  Mid and Back Office services for all commercial activities will
continue to be organized with dedicated operations controllers responsible
for specific commodities and/or geographic locations.
Legal ) Mark Haedicke will serve in the role of General Counsel for EWS.
Regulatory and Government Affairs ) This function will remain organized on a
regional basis.  Rick Shapiro will support all EWS businesses operating in
the Americas, and Mark Schroeder, who is based in London, will support all
European and Eastern Hemisphere operations.  Rick and Mark will also continue
to support all other Enron businesses operating in their respective regions
and will continue to report to Steve Kean, Executive Vice President and Chief
of Staff.
Public Relations ) This function is also organized primarily on a regional
basis.  Eric Thode will have responsibility for North American activity,
Enron Net Works, and Enron Industrial Markets.  Jackie Gentle will continue
in her role for Enron Europe (including Japan and Australia) and John Ambler
will have responsibility for activity outside North America and Europe as
well as providing support for Enron Global Markets and Enron Global Assets.
These individuals will also continue to have a split reporting relationship
to Mark Palmer, Vice President of Communications.
Business Analysis and Reporting ) Wes Colwell will expand his role to cover
EWS reporting in addition to his current role in North America.

Attached for your review is an organization chart for Enron Wholesale
Services which summarizes the changes described here.  As this organization
continues to evolve we will keep you informed of any additional changes.

ENRON GLOBAL EXPLORATION AND PRODUCTION
AND ENRON WIND

 As part of our company-wide initiative to examine our assets and investments
around the world, we are considering a variety of options with respect to
EGEP and EWC.  As a consequence, we are putting these businesses under Cliff
Baxter,s direction.  Jeff Sherrick, CEO of EGEP, and Jim Noles, CEO of Enron
Wind, will report to Cliff.

CORPORATE STAFF

 We are consolidating the corporate staff functions: Human Resources,
Government Affairs, Public Relations/Communications and Administration.  In
that regard, Cindy Olson, Executive Vice President of Human Resources and
Community Relations, will report to Steve Kean, Executive Vice President and
Chief of Staff.

COMMITTEE STRUCTURE

 In light of the increased leadership opportunities created by Enron,s
growth, the Executive Committee will be expanded to include more of our
business unit leaders.  The primary role of this committee will continue to
be the communication of relevant information across Enron,s businesses and
the coordination of activities across those businesses.  We will also be
drawing on this group to lead company-wide initiatives such as the
performance review process and evaluation and creation of new businesses.
The Executive Committee membership is shown on the attached list.

 We are also forming a new committee ) the Enron Corporate Policy Committee.
This group will be responsible for overall corporate policy, personnel
management policy and corporate strategy.  The Enron Corporate Policy
Committee membership is also shown on the attached list.

 We are confident that these changes will align our talent and our capital to
our highest return opportunities.  Please join us in congratulating and
supporting all of these individuals in their new roles.


Absolutely.  Morning is better for me, as I have a meeting at 230 this
afternoon.

I spent some time with Rose and Humberto yesterday, discussing the logistics
and options in connection with this and City of Austin.

Kay

	From:  Ben F Jacoby @ ECT                           08/10/2000 06:49 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: Turbine purchase - Move out of WestLB

Kay:

Can we meet tomorrow to discuss the plan for the deal including; assignment
of turbines, intercompany agreement, logistics on WestLB, new S&S contract
covering the LMs?

Please let me know.

Regards,

Ben
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 08/10/2000 06:44 PM
---------------------------

Roseann Engeldorf@ENRON
08/10/2000 05:13 PM
To: Brett R Wiggs/SA/Enron@Enron, Ben Jacoby/HOU/ECT@ECT
cc:
Subject: Re: Turbine purchase - Move out of WestLB

FYI -

I should have cc'd you two on this, also.

RME
---------------------- Forwarded by Roseann Engeldorf/Corp/Enron on
08/10/2000 05:12 PM ---------------------------

Roseann Engeldorf
08/10/2000 05:11 PM
To: Lisa Alfaro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Lisa Bills/Corp/Enron@ENRON, Humberto Cubillos-Uejbe/HOU/ECT@ECT, Kay
Mann/Corp/Enron@Enron, Kevin Joyce/Corp/Enron@Enron

Subject: Re: Turbine purchase - Move out of WestLB

Lisa - regarding the movement of the turbines out of the WestLB structure
into a South American power project:

I just got out of a meeting with the SA team doing the Elektrobolt (sp?)
project development work. That is the "Rio Gen Merchant" project that the 8
LM6000s are destined for.  Kay Mann (ENA lawyer who worked on the LM6000
contract with GE), myself, Humberto Cubillos (ENA finance person who works
with Lisa Bills on the WestLB structure), Kevin Joyce (ESA finance) and
Herman Manis (ENA structuring accountant) will  need to coordinate any
movement of turbines out of the WestLB structure.

I can get you electronic copies of both the MHI and S&S (LM6000) contracts,
but would appreciate your coordinating with Kay, myself or Humberto before
advising the developers as to any of the details of the move out of the S&S
structure.  Kevin Joyce or myself should be contacted before advising the
developers on the MHI structure.

Thanks,

Rose


Jay,
Please see below and let us know who will be handing this from the gas side.

Thanks

 -----Original Message-----
From:  Shackleton, Sara
Sent: Wednesday, June 06, 2001 3:37 PM
To: Conwell, Wendy
Subject: Re: Merchant Energy Group of the Americas

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 06/06/2001 03:37 PM -----

	Susan Bailey 06/05/2001 05:40 PM 	   To: Sara Shackleton/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT  cc:   Subject: Re: Merchant Energy Group of the Americas

Sara or Mary,

Carol asked that I have one of you handle the following request for the
captioned counterparty with respect to the financial consents.

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Carol is handling the consent for EPMI, and set forth below are her
instructions to Rhonda Denton with EPMI

Rhonda:
Enclosed is a clean and marked version of the MEGA Assignment.  Is the plan
to confirm these trades under the existing Master with Morgan until a new EEI
Master is executed?  What is the cutoff date for this assignment?

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++++++

Set forth below is original message I received from the Counterparty
requesting such consents.   I originally thought Carol would handle, but she
said one of you should handle the financial piece for ENA.   So attached
hereto is that orignal message and the proposed consents:

	Susan Bailey 05/14/2001 03:12 PM 	   To: Carol St Clair/HOU/ECT@ECT  cc:
Subject: From MEGA, Consent to Assignment....

Carol,

Please review message below from Kristina Drew @ Merchant Energy.  I thought
you would be the appropriate lawyer to work on this as it involves EPMI as
well as a derivative piece with ENA.

FYI:  the assignment is not of immediate need, being that FERC approval must
secured.

If you do not think this to be the case, please advise as to who should work
on this matter.

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com
----- Forwarded by Susan Bailey/HOU/ECT on 05/14/2001 03:06 PM -----

	"Drew, Kristina" <DrewK@merchantenergy.com> 05/14/2001 03:05 PM 	   To:
"'susan.bailey@enron.com'" <susan.bailey@enron.com>  cc: "Abba Gana,
Mustapha" <AbbaGanaM@merchantenergy.com>  Subject: From MEGA, Consent to
Assignment....

Susan,

Please find attached for your review, a Consent to Assignment Agreement
between us, Enron North America Corporation and Morgan Stanley Capital Group
Inc.  We would like to have the document ready to execute at about the same
time we execute the Physical Power Consent to Assignment Agreement with
Enron Power Marketing, Inc., and we are waiting for FERC approval on the
Physical Power Sales as well.  I just wanted to present the agreement to you
now, so that if it is necessary, we have time to discuss any concerns.  I
look forward to talking with you to work toward the execution of the
Agreement.

 <<ENA (Basis Swap) Assignment Consent Agreement 042501.doc>>
<<ENA (Nat Gas) Assignment Consent Agreement 042501.doc>>

Thanks,

Kristina M. Drew
Contract Adminstrator
Merchant Energy Group of the Americas, Inc.
410.295.1708

 - ENA (Basis Swap) Assignment Consent Agreement 042501.doc
 - ENA (Nat Gas) Assignment Consent Agreement 042501.doc


I was just speaking to Ed Sacks, and he asked if we could add a new Credit
person to our distribution lists, Wendy Conwell, who will be working with Ed
on the power counterparties.  Her ext. is 30699.


do we have a gty in place for 30M ?  if so, please send me a copy.

thanks!

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


Thank you for your diligence in resolving this important issue for
us!!!!!!!!!!!!!!!!!!

Marie Heard
Senior Legal Specialist
Enron Broadband Services
Phone:  (713) 853-3907
Fax:  (713) 646-8537
Marie_Heard@Enron.net

	Tana Jones@ECT
	06/21/00 01:48 PM

		 To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara
Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT,
Carol St Clair/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Alan
Aronowitz/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Shawna Flynn/HOU/ECT@ECT,
Leslie Hansen/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, Marie Heard/Enron
Communications@Enron Communications
		 cc: Lesli Campbell/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Connie
Sutton/HOU/ECT@ECT
		 Subject: Original Guarantees

Per the email below, please note that if you haven't been sending your
original guarantees to Credit, it appears this should be done so in the
future.  Please forward this email on to other members of your group that
might be responsible for filing original guarantees.
----- Forwarded by Tana Jones/HOU/ECT on 06/21/2000 10:03 AM -----

	Lesli Campbell
	06/21/2000 09:58 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Original Guarantees

Tana,

 I have talked with everyone involved, Anthony Campos, Mark Thorne, etc., and
everyone is in agreement that original guarantees should now come to credit.
If you could please, just make sure that they come to my attention so that
they can be briefed and entered into our Credit Agg System.  If you have any
questions please give me a call.

Thanks

Lesli
3/5983
---------------------- Forwarded by Lesli Campbell/HOU/ECT on 06/21/2000
09:57 AM ---------------------------

From:  Tanya Rohauer
   06/21/2000 08:38 AM

To: Lesli Campbell/HOU/ECT@ECT
cc:
Subject: Original Guarantees

This is what we discussed a few weeks ago
---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 06/21/2000 08:36
AM ---------------------------
From: Tana Jones on 06/21/2000 08:33 AM
To: William S Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT
cc:
Subject: Original Guarantees

Just a followup note:

We are still unclear as to whether we should continue to send original
incoming and outgoing guarantees to Global Contracts (which is what we have
been doing for about 4 years, since the Corp. Secretary kicked us out of
using their vault on 48 for originals because we had too many documents).  I
think it would be  good practice if Legal and Credit sent the originals to
the same place, so we will be able to find them when we want them.  So my
question to y'all is, do you think we should send them to Global Contracts,
to you, or directly the the 48th floor vault (if they let us!).


It was up .13 today - you cant expect it to happen all at once.

 -----Original Message-----
From: 	"Murray, Bill" <BillM@HammondsHomes.com>@ENRON
Sent:	Tuesday, November 27, 2001 2:58 PM
To:	Williams, Jason (Trading)
Subject:	RE: Rockets Game

If Enron's stock doesn't go up, you may get left out this time, too.

-----Original Message-----
From: Jason.Williams@enron.com [mailto:Jason.Williams@enron.com]
Sent: Tuesday, November 27, 2001 2:51 PM
To: Murray, Bill
Subject: RE: Rockets Game

Ill be there. Since I got left out last time.

    -----Original Message-----
   From:   "Murray, Bill" <BillM@HammondsHomes.com>@ENRON
   Sent:   Tuesday, November 27, 2001 2:28 PM
   To:     Williams, Jason (Trading); Michael Green (E-mail); Wayne
Green
             (E-mail)
   Cc:     Tara Green (E-mail)
   Subject:  Rockets Game

   Great News, Guys!  Ron gave us his floor seats for the Phoenix game
on
   Wednesday, December 26 (7:30 PM).  Please let me know if you can make
   the game.

   See ya,
   - Bub

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure
by others is strictly prohibited. If you are not the intended recipient
(or authorized to receive for the recipient), please contact the sender
or reply to Enron Corp. at enron.messaging.administration@enron.com and
delete all copies of the message. This e-mail (and any attachments
hereto) are not intended to be an offer (or an acceptance) and do not
create or evidence a binding and enforceable contract between Enron
Corp. (or any of its affiliates) and the intended recipient or any other
party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
**********************************************************************


Leslie:
I received your voice mail.  Can someone fax to me at home a copy of the
latest Talisman ETA amendment that Dave F. looked at?  Also, would it be
possible to indicate on what you sent to me the parts that Dave F. didn't
like?  It would make it easier for me to respond and less time consuming
since I don't have much free time during the day but I'm happy to help out.
As Mark knows, this was a highly negotiated series of amendments over a long
period of time.  My hope is that we can work through Dave's concerns without
having to retrade what we had agreed to on the legal side.  My fax number
here is 281-890-8862.
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Test message, I wrote up a whole e-mail and lost it,  my e-mail is acting up, so before I re-type this, I want to see if you get this!


MEMORANDUM

TO: Regulatory Affairs Committee
       Power Marketers Working Group

FROM: Joe Hartsoe, Regulatory Affairs Committee Chair
            Bob Reilley, Power Marketers Working Group Chair
            Julie Simon, Vice President of Policy
            Erin Perrigo, Manager of Policy

DATE: March 26, 2001

RE: EPSA Draft Comments on NYISO Market Mitigation
      Measures
      ? Filings Due on Friday, March 30th

The New York Independent System Operator, Inc. (NYISO) has filed requests to
extend both its Temporary Extraordinary Procedures (TEP) for Correcting
Market Design Flaws and Addressing Transitional Abnormalities (Docket No.
ER01-1489-000, comments due March 30, 2001), and its current bid caps for
certain NYISO markets (Docket No. ER01-1517-000, comments due April 2, 2001)
for an additional 18 months.  The ISO also filed a Notice of Withdrawal of
its October 20, 2000 filing in ER01-181-000, and introduced its intent to
implement a circuit breaker mechanism under its current Market Mitigation
Plan, as approved by FERC (comments due March 30, 2001).

Attached are EPSA's draft comments in response to all three cases.  The draft
focuses on the use of price correction mechanisms and the unintended, yet
harmful, consequences on the market such as limiting market entry, slowing
the development of risk mitigation tools, and undermining demand-side
response.  EPSA's comments also argue that the NYISO should make an official
filing to the Commission introducing its circuit breaker proposal under o205
or 206 of the Federal Power Act.

Please review the attached draft and forward any comments or suggestions to
Erin Perrigo at EPSA at 202-628-8200 or eperrigo@epsa.org as soon as
possible.  Comments must be filed by March 30th.   We will discuss the draft
comments on our conference call this Wednesday , March 28th, at 2:00 p.m.
(EST). To access the call, dial 1-800-937-6563.  Ask for the Julie Simon/EPSA
Call.

Attachment

 - NYISO Consolidated Market Mitigation Filing.doc


missing deal for sean c

selling mirant
feb
25 mw
240.00
palo

thanks!


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/13/2001
09:31 PM ---------------------------

Vince J Kaminski
04/13/2001 02:52 PM
To: kaminski@aol.com
cc:
Subject: Btu Weekly

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/13/2001
08:53 AM ---------------------------

"Btu" <subs@btu.net> on 04/12/2001 04:34:20 PM
To: "Btu Weekly" <>
cc:
Subject: Btu Weekly

Attached is the latest issue of Btu Weekly.

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wg041601.pdf


We are pleased to present you with a 2001 Special Stock Option Grant Award.  As a participant in this grant you have the opportunity to share in the ownership of Enron and the potential profit from increases in the value of Enron's common stock.

The 2001 Special Stock Option Grant was made to let you know how valuable you are and to recognize your contributions in making Enron the great company it is today.   Although there are no guarantees as to Enron's future stock performance, we believe that an Enron stock option has tremendous future growth potential.  The value you ultimately receive from your options will depend on the price of Enron stock at the time you exercise your options.

You can access your 2001 Special Stock Option Grant Agreement and the Stock Plan document governing the grant via your eHRonline account on the intranet website at http://ehronline.enron.com.  Unlike stock options granted in the past a copy of your grant agreement will not be mailed to your home address.

Additionally, the following information regarding the 2001 Special Stock Option Grant can be found on the HR website http://hrweb.enron.com.

?	2001 Special Stock Option Grant Highlights
?	2001 Special Stock Option Grant Frequently Asked Questions (FAQs)
?	A "How to Exercise Options" document that contains contact information and PaineWebber forms applicable to your stock options

Please take time to review this material.  It is important to us and to you.  If you have any questions, please contact your Human Resources representative.


I didn't sell any, right?
---------------------- Forwarded by Steven J Kean/NA/Enron on 04/12/2001
06:33 PM ---------------------------
From: Rebecca Carter on 03/21/2001 03:38 PM
Sent by: Kelly Johnson
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Ken
Harrison/ENRON@enronxgate, Cliff Baxter/Enron@EnronXGate, Mark
Frevert/Enron@EnronXGate, Stanley Horton/Corp/Enron@Enron, Ken Rice/Enron
Communications@Enron Communications, Karen S Owens@ees@EES, Rick
Buy/Enron@EnronXGate, Richard Causey/Corp/Enron@ENRON, James
Derrick/Enron@EnronXGate, Andrew S Fastow/Enron@EnronXGate, Steven J
Kean/NA/Enron@Enron, Mark Koenig/Corp/Enron@ENRON, Mark
Metts/Enron@EnronXGate, Cindy Olson/Corp/Enron@ENRON
cc: Rosalee Fleming/Corp/Enron@ENRON, Sherri Sera/Corp/Enron@ENRON, Dolly
Henrici/ENRON@enronxgate, Susan Skarness/Enron@EnronXGate, Nicki
Daw/Enron@EnronXGate, Cindy Stark/Corp/Enron@ENRON, Dorothy Dalton/Enron
Communications@Enron Communications, Karen Owens/HOU/EES@EES, Karen K
Heathman/Enron@EnronXGate, Sharron Westbrook/Corp/Enron@ENRON, Stephanie
Harris/Enron@EnronXGate, Bridget Maronge/Enron@EnronXGate, Maureen
McVicker/NA/Enron@Enron, Joannie Williamson/Corp/Enron@ENRON, Dolores
Fisher/Enron@EnronXGate, Kathy McMahon/NA/Enron@Enron

Subject: Form 4 Reminder for March

CONFIDENTIALITY NOTICE

The information contained in this email may be confidential and/or
privileged. This email is intended to be reviewed by the individual or
organization named above. If you are not the intended recipient, you are
hereby notified that any review, dissemination or copying of this email or
its attachments, if any, or the information contained herein is prohibited.
If you have received this email in error, please immediately notify the
sender by return email and delete this email from your system. Thank you.


I'm hearing rumblings about the need to perform various preliminary tasks
(survey work, etc.).  I've given the admonition to avoid incurring hard costs
until the financing/accounting treatment has come together.  That lead to the
question of what is a hard cost.  I know construction/equipment obligations
are problems, studies generally ok.  This leads me to the conclusion that a
geotechnical survey would be ok.  Am I safe here?

Thanks,

Kay


Scott,

Just so I understand correctly,  for the dollars in green, we are to pay Coral this amount as demand charges?

KK

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Tuesday, January 08, 2002 8:19 AM
To:	Christiansen, Suzanne
Cc:	Keiser, Kam
Subject:	RE: Coral - 5/01 Deficiency Charges

Suzanne,

You may want to coordinate with Kam.  She may already be handling this from a Settlements perspective.

thanks.

 -----Original Message-----
From: 	Christiansen, Suzanne
Sent:	Tuesday, January 08, 2002 8:17 AM
To:	Dozier, Scott
Subject:	RE: Coral - 5/01 Deficiency Charges

Scott, i did forget about you, its like pulling teeth to get something brought in from archieves.  i should receive the info either today or tomorrow, once i get that information, i should have it done quickly.  ill keep you posted.

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Monday, January 07, 2002 8:51 AM
To:	Christiansen, Suzanne
Cc:	Jacobs, Charles; Keiser, Kam
Subject:	RE: Coral - 5/01 Deficiency Charges

Suzanne,

I was wondering if you had a chance to research the below note.  Furthermore, please note the updated file attached.  There are no changes volumetrically from the last file, but there are some price differences.  Basically, Coral has taken these deficiency charges in their final settlement with Nov-01 prod.  So, the need is to verify the correctness of their claim to these charges.  Please advise on what you might know about this from a scheduling point of view when possible.

Kam,

We talked briefly about this before the holidays.  The price problem we discusses has been cleared up by Coral.  However, I assume that you need to be in the loop to also verify the overall deficiency charges and ultimately approve the creation of demand charges on the appropriate deals.  Please let me know where you stand on this or what might be my next steps in cleaning this up.

Thanks,
Scott Dozier
Client Services - Settlements
Enron Net Works LLC
office: 713.345.7213
fax: 713.646.8420
email: scott.dozier@enron.com

 << File: CoralEne05Def.xls >>

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Wednesday, December 19, 2001 10:01 AM
To:	Christiansen, Suzanne
Cc:	Jacobs, Charles; Valderrama, Lisa
Subject:	Coral - 5/01 Deficiency Charges

Suzanne,

Here is the spreadsheet that we discussed earlier today.  The worksheet of concern is titled "Sched".  Each deal is listed by group.  That is to say that they are not listed by day, but the days in question are mentioned for each group.  Furthermore, the volumes on the left of each group are from Coral's data, whereas the right side contains ENA data or my calculations.  Please prioritize these as you can with the expectation that I might be able to work on this upon my return from vacation on Jan 2.

 << File: CoralEne05Def.xls >>

Thank you,

Scott Dozier
Client Services - Settlements
Enron Net Works LLC
office: 713.345.7213
fax: 713.646.8420
email: scott.dozier@enron.com


Will you please call Ty (whatever her name is)?  The reason being that their termination notice relates to the ISDA (I believe) which we do not have.  Thanks.

 -----Original Message-----
From: 	Panus, Stephanie
Sent:	Friday, January 18, 2002 8:06 AM
To:	Shackleton, Sara
Subject:	RE: MARTA

No, we have not.

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Thursday, January 17, 2002 5:17 PM
To:	Panus, Stephanie
Subject:	MARTA

Did we ever receive the executed ISDA from MARTA?

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


I need some assistance getting these deals corrected in the system for the
weekend, so that I can get my errors clear.  I have tried to change the
counterparty, but I am not able.  Jackie is out again today, so, I will be
behind the proverbial 8-ball and would greatly appreciate your help clearing
these things up.

Deal ticket 468688 P-MGI is in system as HPLC purch.  The correct entity is
ENA IM Texas, ENA made the orig. Sale
Deal ticket 468110 D2D to deliver to Central desk at Humble is on ENA, These
tickets have always been HPLC and not ENA.

Please let me know if there is anything that I can do to speed the process.
I need to have all of my errors clean today.

Thank you,

Mary


Please see attached presentations as requested.

Regards.
Justin

Mark Schroeder
06/07/2000 17:49
To: Justin Boyd/LON/ECT@ECT, Amita Gosalia/LON/ECT@ECT
cc: Steven J Kean/HOU/EES@EES, Joe Hillings/Corp/Enron@ENRON, Chris
Long/Corp/Enron@ENRON, Richard Shapiro/HOU/EES@EES

Subject: EnronOnline due diligence

Justin/Amita - I just got off a conference call with some of my colleagues in
the States who deal with public  policy issues for Enron in the US and
abroad.  We talked about some emerging issues in e-commerce.  I told them
about your excellent presentation on Monday on some of the issues that arise
in due diligence for new EnronOnline products, and even though it is not
directly on point with some of their issues, I think they all felt it would
be enlightening to at least have the benefit of a copy of your presentation.
May I ask one of you to send a copy by e-mail of your presentation materials
to the other addressees on this e-mail?  thanks  mcs


Thanks much, Stephanie.  --  Karen

Stephanie Miller@ENRON
03/05/2001 12:44 PM
To: Karen E Jones/HOU/ECT@ECT
cc: Gerald Nemec/HOU/ECT@ECT, Ron Coker/Corp/Enron@Enron
Subject: Re: Pastoria/Kern River

I am having copies made of the base PA and all amendments we have
executed/received.

We do not have the firm transportation agreement. That is a Kern FT tariff
agreement that has yet to be produced. However, it should match the existing
pro forma in Kern's FERC tariff.  All remaining expansion shippers will need
to execute a firm transportation agreement at a later date.

Karen - I will fax documents to you ASAP.

Regards,

Stephanie

Karen E Jones@ECT
03/05/2001 02:17 PM
To: Gerald Nemec/HOU/ECT@ECT
cc: Stephanie Miller/Corp/Enron@ENRON, Ron Coker/Corp/Enron@Enron

Subject: Pastoria/Kern River

Hi Gerald.  Ron Coker is talking with Stephanie about how to get Kern River's
approval of substitute security to be put up by Calpine in order to get ENA
released.  Could you send to me and to Ron the current version of the
transportation agreement itself (which I understand has been negotiated with
Kern but wouldn't be executed until later).  Also, is my understanding
correct that the firm commitment that ENA would put in place n the 15th would
be accomplished by another amendment to the Precedent Agreement?  Does a
draft of this additional amendment exist?

If you need to reach me, my direct number is (503)464-8692, and fax is
(503)464-8058.  Thanks.


Lexis CSKJ59R
Westlaw 169-1551KZWG

I will make you a CCMAIL folder called password and put this in it - OK?


Let's not get it installed until we move. Thanks. BT

 -----Original Message-----
From: 	Presas, Jessica
Sent:	Monday, November 12, 2001 1:10 PM
To:	Tycholiz, Barry
Subject:	blackberry

The blackberry costs 302.68?
249.50 (hardware)
26.18 (recurring monthly Blackberry service fee)
25.00 (activation fee)
2.00 (warranty fee)

They should install it sometime next week.


Can you help ??

Sunday, June 10

Patient Betty L. 165 lbs and 170 lbs

Asheville, NC to Huntsville, AL ... afma to provide pilot
Huntsville, AL  to Natchez, MS ... afse to provide pilot
Natchez, MS to Houston _________________

Sunday, June 10

Patient Belle K. 124 lbs

Ft. Lauderdale, FL to Gainesville, Fl ... afse to provide pilot
Gainesville to Pensacola ... afse to provide pilot
Pensacola to Baton Rouge ... afse to provide pilot
Baton Rouge to Dallas ________________

Sunday, June 10

Patient Raymond C. 239 lbs and 170 lbs

Pensacola to Baton Rouge ... afse to provide pilot
Baton Rouge to Houston ________________

thank you
Beth
972 458 0700
afsc@angelflightsc.org


Today, l am working into SFE-Office to give the instructions to mr: Thach C Phan, that working into CAA, jointly mr: Jody pierce

l would like to say that mr: Joca is'nt left to developing my Tasks. With Bad Words to my family too. Today.

Mr: This is the person that you left to be my chief.

l woulk like that someone done something . l can't working under this orders.

jorge de souza


Hello from Chicago.  I'm in Enron's offices, so I can pick up email.

Once I figure out what is going on with the ENA Legal reorganization, I
should be able to figure out who to ask about hiring needs.  Then we should
talk about how to get John into the program.

Maybe EECC has too many lawyers now.  How ironic, considering how busy we
were this time last year. Things change!

Talk to you soon,

Kay