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--------------------T O P S T O R I E S--------------------

Top Stories (March 16)

CALIFORNIA GOVERNOR ANNOUNCES PLAN TO REWARD CONSUMERS WHO CUT POWER USE
Saying he wants to reward ratepayers who conserve the most energy this
summer, Gov. Gray Davis on Tuesday announced that many Californians who cut
their electricity use by at least 20 percent during the hottest months will
receive a one-time, 20 percent rebate off their summer bill.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/16/krtbn/0000-0438-SA-POWER-REBATE

ENBRIDGE EXPANDS IN U.S. WITH $350M TAKEOVER OF MIDCOAST ENERGY
Canadian natural-gas delivery giant Enbridge Inc. is expanding in the United
States with a $350-million-US acquisition of Midcoast Energy Resources Inc.
of Houston. Enbridge, which will also assume $250 million in Midcoast debt,
announced Friday that the companies have agreed on a friendly merger under
which the Calgary company will pay $27 US per share in cash.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/canadian
p_eng/2001/03/16/eng-canadianp_business/eng-canadianp_business_181232_107_5071
75088394

ALLEGHENY ENERGY COMPLETES ACQUISITION OF GLOBAL ENERGY MARKETS; TRANSFORMS
COMPANY INTO LEADING NATIONAL ENERGY MERCHANT
Allegheny Energy, Inc. announced today that its generation subsidiary,
Allegheny Energy Supply Company, LLC, has completed its acquisition of Global
Energy Markets, formerly Merrill Lynch's energy commodity marketing and
trading unit.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/03/16/bw/0000-1156-md-allegheny-energy

CONNECTICUT STATE AGENCY SEEN REJECTING POWER LINE TO LONG ISLAND
A Connecticut state agency is expected to reject plans for a proposed 24-mile
power line running from Connecticut to Long Island, the head of the agency
told Dow Jones Newswires Friday.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/16/eng-djn/eng-djn_190039_210_12336080661

CANADIAN FIRM BUYS TWO NEW YORK POWER PLANTS FROM INTERNATIONAL PAPER
A Canadian company bought a pair of hydroelectric generating plants from
International Paper Co. for $285 million, it was announced Tuesday.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/16/krtbn/0000-0022-AL-POWER-PLANT

OMAN SIGNS $270M ELECTRIC PRIVITIZATION DEAL WITH PSEG UNIT
Oman's government Saturday signed a final agreement with Dhofar Power Co. for
the privatization of the electricity power system in the Salalah region in
Oman, the official Oman News Agency reported.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/17/eng-djn/eng-djn_120048_187_650891076773

----------------------------------------------------------------------
DOW JONES NEWSWIRES
----------------------------------------------------------------------
Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

Edison Intl -2: Not Paying Would Have Accelerated Debts

Edison Intl: No Bank Forbearance Yet; Deadline Passed

Edison Intl: Paid $8 Mln On SoCalEd 1st Mortgage Bonds

PG&E: No April 2 Payment To Be Made On Utility QUIPS

Ct. Agency Seen Rejecting Proposed Pwr Line To LI -Agency

PG&E/QUIPs -2: Utility Has $2.7B Cash, Holding Co $300M

Sewage Released Into Miami Bay Thurs After Boat Hits Pipe

AES Unit/Financing -2: Facility In New Hampshire >AES

Salomon/Brazil Eletropaulo -2: Lower 2001 Earnings Seen

Salomon Cuts Brazil Eletropaulo To Underperform From Buy

US Weather Svc: Flooding, Drought Seen As Spring Arrives

AES Corp Unit Gets $294.4M Financing For Power Facility

Deal Between Rival Bidders Could Solve Cantabrico Saga

CIR's Energia Plans To Bid For Eurogen; No Listing Plans

OUTLOOK: Asia Pdt Mkt Bearish; OPEC To Set Direction

CIR's Energia Sees 2001 Rev At ITL515B Vs ITl148B In '00

Petro-Canada/Oil Detected-2:Deploys Boom To Protect Marsh

Petro-Canada Sees No Impact On Drinking Water, Wildlife

FREE TRIAL: For a free trial of the Dow Jones Energy Service go to
www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

----------------------------------------------------------------------
N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-nat.htm

Enbridge Expands in U.S. with $350m Takeover of Midcoast Energy

Aesp to Hold Conference Explaining How ASP's Can Help Energy-Services
Providers

Committee Wants Comed to Pay for Power Outages

Fnm Expects No Revenues from Gas and Energy Sector Privatization in 2001

Garbage Power Coming

Hallwood Energy Corporation Announces Petrie Parkman Engagement

Gas-Powered Electric Plant to Supply W. Valley Homes

State, Local Leaders Brainstorm Ways to Sidestep Impacts of A Summer Energy
Crunch on Water Systems

Locke Urges Swift Price Caps for Energy

Puc Blocks Utility Layoffs -- Regulators Fear Harm to Customers

Bill Paul - Power Technology Outlook

White House Sticks to Power Policy

Repeats: Energy Volume And Open Interest Totals-Mar 16

Management`S Discussions: 10-K405, Active Power Inc 1 of 3

Sable Offshore Energy Incorporated Is Winner of the

Seventh Energy Ltd. Announces Successful 2000 Operating

Pacific Gas And Electric Company Defers Preferred Securities Quarterly Payment

Calpine Announces 336-Mw Colorado Energy Center

Consolidated Natural Gas Company Announces Successful Consent Solicitation

On Energy Moves to Woo Customers

Wtc Industries, Inc. Revenues Increasing Due to General Electric Appliance
Shipments

Energy Update/Los Angeles Department of Water And Power Issues Daily Energy
Update for Friday, March 16

Allegheny Energy Completes Acquisition of Global Energy Markets; Transforms
Company Into Leading National Energy Merchant
More Natural Gas Rate Hikes Due

Around New Jersey ; Wintertime Grace Period for Utility Customers Ends

Mechanical Failure Causes Power Outages

Avista Asked to Pay Users to Conserve Utility Now Rewarding Industry for
Saving Energy

Mirant Plans Power Plant in Central Wisconsin

Spl Worldgroup Appoints J. Guerry Waters to Key Strategy Role; Energy
Industry Thought Leader to Head Global Marketing & Strategy

US NWS Long Range: West US Energy Crisis May Resume in Summer ...

Enron Has An Established Retail Business Via Enron Energy Services, Reports
Analyst in Interview with The Wall Street TranscriptWilliam D. Hyler Is A
Managing Director And A Senior Analyst at Cibc World Markets Corp.

CEO Highlights Duke Energy's Strongest Market Overseas in Interview with The
Wall Street TranscriptJames M. Donnell Is President And CEO of Duke Energy
Corporation

Aes Granite Ridge Project Secures Financing; Construction of 720 Mw Gas-Fired
Power Facility in New Hampshire Continues on Schedule

Us: Two Simple-Cycle Power Plants Proposed for California

Bill Would Halt Move to Deregulate Power in Nevada

California Blackouts Seem 'Inevitable' State Officials Say Energy Chief's
Forecast May Be Overly Bleak

Full: Canada's Enbridge to Buy Midcoast Energy for $27 Shr in Cash

Editorial Pay the Piper Mayor Offers Interesting Plan to Increase Power Supply

Lakehead Pipe Line Partners Affiliate to Acquire Midcoast Energy

Energy Chief Rejects Price Caps Despite West's Concern

Southward Energy Ltd - 2000 Year End Financial And Operating Results

Proposals Toughen Utility Regs

----------------------------------------------------------------------
I N T E R N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-intr.htm

New Power Plant Project under Analysis - Argentina

Greenpeace Lobbies Austrian Power Producers To End Imports from Temelin

Russia, Iran To Continue Cooperation in Peaceful Uses of Atomic Energy

Macedonia Interested in Supplies of Russian Energy Resources

Ecuador: Government Settles Debts of Electric Power Distributors

Armenian Official Upbeat About Armenia-Greece-Iran Energy Cooperation

Top Energy Summaries - Friday, March 16, 2001 - 12:52 PM

GE Aircraft Engines Selected to Power New Cargolifter Airship

Top Energy Summaries - Friday, March 16, 2001 - 9:23 Am

Croatian Electricity Utility Fails to Collect Bills, Posts Loss

Uk: Rjb to Supply Coal to British Energy

China to Build Large Coal Mine

Mongolia Drops Hydroelectric Power Plant Project Over Environmental Concerns

Daw Mill Owner Scoops Five-Year Deal to Fuel Power Station

Revisions to Philippines Power Bill May Discourage Investors

Korea Power Exchange to Open April 2

Tohoku Electric Power to Halt LNG Imports from Indonesia

RPT: STOCKWATCH: Huaneng Power sharply higher on acquisition plan

STOCKWATCH: Huaneng Power sharply higher on acquisition plan

Industry Power Demand for Feb. Sees 1st Fall Since July 1999

----------------------------------------------------------------------
KRT DAILY ENERGY NEWS
----------------------------------------------------------------------
Access stories online at http://www.powermarketers.com/pma-krt.htm

Tacoma, Wash., Residents Given Orders to Conserve Electricity

Utah Power Companies Find Energy in High Demand by California

California Universities Sue Texas-Based Utility to Keep Energy Deal

California Utilities May Face Probe Over Shifting of Funds to Parent Companies

California Analyst Says State's Efforts Will Prevent Summer Blackouts

Federal Regulators Threaten to Order Refunds by Power Generators

California Governor Announces Plan to Reward Consumers Who Cut Power Use

U.S. Senate Considers Barring Utilities from Bankruptcy Protection

York County, S.C., Electricity Cooperative Celebrates 60 Years of Operation

Salmon Protection Second to Power Production, Oregon Power Administration Says

New Jersey Vendor to Build Nuclear Fuel Storage Tank for Oregon Utility

Enron Expects Lamar, Colo., Wind Farm to Be Operational by 2002

The Orlando Sentinel, Fla., Home Energy Column

Los Angeles Looks to Buy More Power from Salt Lake City

New Jersey's Low-Income Families Brace for End of Utility Amnesty

Houston-Based Reliant Energy Seeks Another Electricity Rate Increase

Massachusetts to Give $47 Million in Grants, Loans for Clean Energy Sources

Possible Power Deregulation Hits An Outage in Florida Legislature

Springfield, Ore., Utility Looks to Acquire Diesel Generators

Oregon Utility Commission Issues Report on Domestic, International Travel

New Solar Power Generator Small Enough to Fit in Backpack

Regulators Block California Utilities' Layoff Plans

California Governor Offers Incentives to Residents Who Conserve Electricity

Tulsa, Okla.-Based Firm Says It Can Boost Natural Gas Capacity in Pipeline

Canadian Firm Buys Two New York Power Plants from International Paper

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at:
http://news.powermarketers.com/news/articles/ElectricPower.html

03-18-01 Deal breakup adds Con Edison, Northeast to merger shoot-out

03-18-01 UPDATE 3-Amtrak derailment kills one in Iowa

03-18-01 FEATURE-King coal saves U.S. railroads from downturn

03-18-01 Bush economist says CO2 caps could cause blackouts

03-18-01 UPDATE 1-UK's United Utilities mulls break up-paper

03-18-01 California's Davis defies political risk with calm

*********************************************************
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ELECTRONIC TRADING. Power is following natural gas to become an
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NUTS AND BOLTS OF RETAILING. What it takes to put an energy retailing
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RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
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is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and
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THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster
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3:30 - Fundamental Status Meeting in EB3268.

4:30 - Meeting w/Desk Heads and Andy Zipper, RE: Reuters in EB3241.


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

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

Crude     http://www.carrfut.com/research/Energy1/crude11.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas11.pdf

Dec/Red Dec WTI Spread
http://www.carrfut.com/research/Energy1/clz2-clz3.pdf
April Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
April Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Feb Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hug-hog.pdf
June Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUM-HOM.pdf
March Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUH-HOH.pdf
Feb/May Unlead Spread
http://www.carrfut.com/research/Energy1/HUG-HUK.pdf
April/Dec Crude oil Spread
http://www.carrfut.com/research/Energy1/clj-clz.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG11.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG11.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL11.pdf

Scott Mollner Recommendation
http://www.carrfut.com/research/Energy1/recom1-25-02.pdf

Mean Reversion Data on CL & Products Spreads
http://www.carrfut.com/research/Energy1/crude01-25-02.pdf


I NEED HELP !    JOHN CHILDRES WITH ALPINE IS GETTING MADE AND WANTS TO BE
PAID.  I HAVE NOTHING TO PAY HIM.  HE IS LOOKING FOR PAYMENT OF DEC. 2000,
AND JAN. 2001.  JOHN NEEDS TO PAY HIS ROYALTY OWNERS.

WOULD SOMEONE PLEASE HELP ME GET THIS MATTER RESOLVED.

Charlene Richmond
02/21/2001 05:38 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Re: Meter 5892

I spoke with Karen Lindley about volume not being allocated.  She said that
she passed it on to Fred Boas.

Daren J Farmer
02/21/2001 04:46 PM
To: Charlene Richmond/HOU/ECT@ECT
cc: Fred Boas/HOU/EES@EES, Melissa Graves/HOU/ECT@ECT, Karen
Lindley/Corp/Enron@ENRON
Subject: Re: Meter 5892

I have done deals with John at this point.  Why are we not being allocated
any volume?

D

Charlene Richmond
02/21/2001 02:59 PM
To: Fred Boas/HOU/EES@EES, Daren J Farmer/HOU/ECT@ECT, Melissa
Graves/HOU/ECT@ECT
cc: Karen Lindley/Corp/Enron@ENRON
Subject: Meter 5892

I am getting several phone calls from Alpine Resources demanding to be paid
for meter 5892 and there is nothing there to be paid.

The person name doing the requesting is John Childers and he said that he
spoke to Daren Farmer.  He is looking for 859 mmbtu's for December, 2000 and
3,251 mmbtu's for January 2001 .  This is on the Katy Gas Unit.  If anyone
would like to talk to John his phone number is 281-646-0232

Charlene
X31539


Note:  See the last paragraph on power plant plans.  Lorna

Duke Stands By California Market

In the midst of much uncertainty surrounding California's power situation,
Duke Energy North America Monday reiterated its commitment to the state's
struggling wholesale electricity market, announcing new bilateral power deals
with Pacific Gas and Electric Co. and progress with redevelopment plans at
three coastal power plant sites it is operating.

"Duke is committed to continue playing a major role to help California
address its electricity shortfall and the high prices many felt this summer,"
said Bill Hall, Duke's vice president for the western region in North
America, noting that brownfield projects in California have turned out to be
more difficult than new plants to site, based on Duke's experience over the
last three years.

In response to questions, Hall acknowledged that Duke is constantly
reassessing its position in California and a return by the state energy
officials to a cost-based regulated market would cause him a lot of concern,
but he is confident at this point that for the long-term market solutions
will be applied. He said in his meetings with state political and regulatory
leaders he is convinced they know the state can't turn back to a traditional
command-and-control regulatory structure and they recognize that "multiple
solutions" are needed, including balancing supply/demand for power.

"We believe that new generation coming on line throughout the West in the
next few years will lessen the market volatility and markets will begin to
react based on supply/demand stability," Hall said.

Both Hall's and Duke's western trading executive, Nancy DeSchane, said they
are very anxious to see what the Federal Energy Regulatory Commission
releases Wednesday with its initial draft decision on what it will do to
address California wholesale electricity prices, including whether it intends
to extend the California Independent System Operator's (Cal-ISO's) authority
to impose price caps.

Hall said Duke has signed a series of "substantial long-term wholesale
electricity contracts" with PG&E's utility that will "help stabilize the
price volatility for the distributor's retail customers." He would not
disclose the terms of the deal, including the volumes and duration, but said
the supplies are slated to be received in the state's northern zone (NP-15).
Earlier Duke offered California utilities five-year deals at $50/MWh. Duke's
Salt Lake City-based trading arm is doing the deal, rather than its
California-based generation plants, meaning the power could come from sources
inside or outside of the state.

Hall said Duke has begun work with local city officials in the San Diego
suburb of Chula Vista to accelerate the current schedule for replacing the
South Bay Power Plant, which Duke leases with an option to buy. "We hope
within the next year we'll be able to announce what we can do to expedite the
replacement of this facility," he said.

Following approvals from the state and a local water permit last week, Duke
will begin its $500 million modernization of Moss Landing Power Plant along
the north central coast "within the next 30 to 60 days," Hall said. The
upgrade will add 1,060 MW to the site's current 1,500-MW capacity and will
require a 30-40% increase in the plant's natural gas requirements, which
PG&E's gas utility assures can be handled by the existing pipeline
infrastructure.

"We've had discussions with PG&E, and we're obviously concerned that we have
sufficient infrastructure to transport gas that we purchase into the system,"
Hall said. "We're confident that their infrastructure can support Moss,"
although, he added, that statewide "we certainly have concerns about the gas
infrastructure" and Duke is working with state officials to assure there are
adequate gas supplies.

"We had some problems this summer in Southern California, and San Diego Gas
and Electric recently announced it is going to begin an intense look at what
needs to be done to upgrade its (gas pipeline) infrastructure to support the
new generation plants coming on board."

Salt Lake City-based DeSchane said Duke has a "balanced" portfolio of supply
and storage contracts, noting that she thinks her company has a "very strong
physical position in the West for gas," and the trading unit will be working
over the next couple of years "to assure that the gas position is sustained
and continues to grow."

Down the central coast about 80 miles at Morro Bay, Duke has resubmitted
revised plans for totally replacing the 1950s-era power plant in a renovation
that will build a new $600 million 1,200-MW plant. With prompt state
approvals, Hall said Duke could bring the new plant online by the summer of
2003 and demolish the existing (1,000-MW) plant by 2007, adding that PG&E
cannot deliver additional gas supplies so the added output is a product of
the anticipated improved efficiency of the new plant.


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

----- Forwarded by Debra Perlingiere/HOU/ECT on 08/08/2000 10:43 AM -----

	Scott Spiewak <sspiewak@cpmenergy.com>
	08/08/2000 10:06 AM

		 To: <dperlin@enron.com>
		 cc:
		 Subject: Metromedia Energy Master Agreement

To: Debra Perlingiere

Welcome back from your vacation.

We've got our GISB agreement in place, and gas is flowing.   However,
Metromedia Energy is still waiting on a Master Agreement so we can do some
term deals.  We've got the form of parent guaranty, and that's been
approved, so once we can fill in the dollar figure we'll have that taken
care of.

I have not yet seen a sample master agreement, so if you can email that to
me, it would speed things up a bit.

Thanks

Scott
--
Scott Spiewak
Vice President & Counsel
Metromedia Energy, Inc.
3 Fairway Lane
Old Tappan NJ 07675
sspiewak@metromediaenergy.com
201 784 5349
Fax 767 1928


---------------------- Forwarded by Phillip M Love/HOU/ECT on 07/21/2000
05:36 PM ---------------------------

Elizabeth L Hernandez
07/21/2000 04:34 PM
To: Phillip M Love/HOU/ECT@ECT, Shawna Johnson/Corp/Enron@ENRON
cc: Jane S Saladino/HOU/ECT@ECT
Subject: Price corrections for 6/00 Production

I was able to change the first deal in Sitara, but the other pricing request
I did not feel comfortable making any changes.  Would you please look at this
pricing issue for Client Services since they need to get it paid on Monday.

---------------------- Forwarded by Elizabeth L Hernandez/HOU/ECT on
07/21/2000 04:31 PM ---------------------------

Jane S Saladino
07/21/2000 04:10 PM
To: Elizabeth L Hernandez/HOU/ECT@ECT
cc:
Subject: Price corrections for 6/00 Production

Please correct the following deals:

Enron Canada purchase deal # 121397  Was 4.18427 should be 4.10185  This is
due to a Buy/back at Chippawa which reduces our Sithe transport by
$70,191.70   I normally book this manually (with Journal entry) but with SAP,
it needs to be in Unify and this is the only deal I can book it to.  The
Sithe transport is in Canadian dollars and this reduction is in US $.

Also I have the following deals which are scheduled different on our side
that Enron Canada and causes me about a $500 out of balance each month.  We
have netted this with other out of balances in previous months but with SAP,
I can no longer do this. Here is what happens:

ENA Books:  Purchase Deal 290657  for 30,390  MMBTU per day at
Michcon.Citygate.GD.M.I.-.005 = $4,125,442.50
            Sale Deal 290652 for     ( 5,000) MMBTU per day at
Michcon.Citygate.GD.M.I.-.0075=    678,375.00

  Total          $3,447,067.50

Enron Canada Books:

            Sale                  for 20,000 MMBTU per day at
Michcon.Citygate.GD.M.I.-.005=   $2,715,000.00
  Sale                  for  5,390 MMBTU per day at
Michcon.Citygate.GD.M.I.     =      732,501.00

  Total          $3,447,501.00

I don't know why we book a purchase and sale but it messes up the deal in
SAP.  Can we change the ENA sale deal 290652 to posting -.005 and the ENA
purchase deal # 290657 tier it for 25,000 at Posting -.005 and balance at
posting.  Let me know as soon as possible.  I need to pay this AM on Monday.

Thanks, Jane


We are definately going skiing this winter.  We have not been for over two
years.  I also want the kids to start skiing.  Send all of your sisters if
you have them.  I'll put them in my address book and won't have to keep
bugging you.  Take care.

DG

"Sean Mayers" <smmayers@earthlink.net> on 08/03/2000 10:27:00 AM
To: "Darron C Giron" <Darron.C.Giron@enron.com>
cc:
Subject: Re: November

Darron,

My dad's email is jcmayers@earthlink.net and which one of my sisters did you
want?

Everything is great here.  You guys really need to come here and enjoy the
scenery.  Maybe we can all go skiing or something.

Good hearing from you and take care.  I have to get to work.

Sean
----- Original Message -----
From: "Darron C Giron" <Darron.C.Giron@enron.com>
To: <smmayers@earthlink.net>
Sent: Thursday, August 03, 2000 7:36 AM
Subject: November

>
>
> Sean,
>
> How's CO?  I hope you are doing well.  I know I have asked you before, but
I
> seem to have accidentally deleted your dad and sister's email addresses.
I want
> to ask you dad if he will be in town when KU plays Texas later in
November.  I
> want to bring the whole family.  If you get a chance, shoot me a message
with
> his info.  My mom is vacationing in NY so I can't ask her.  Thanks.
>
> DG
>
>
>


Attached are the final documents which includes

1.  Agency and Management Agreement - Clean and Redlined copy which shows the changes per my discussion with Jay Goleb at Baker & Botts
2.  Gas Confirm for June 1 thru June 4, 2001
3.  Gas Confirm for June 5 thru June 30, 2001
4.  Gas Conform for July 1 thru October 31, 2001
5.  GTC which applies to all three confirms
6.  Agency Notice Letter - Mexicana to send to its Permian suppliers for notice of Enron's agency.

Please print out and execute documents 1 thru 5 and fax to Barry Tycholiz.  We will follow up with duplicate originals for execution.  Thanks for all your cooperation.


Start Date: 10/18/01; HourAhead hour: 3;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101803.txt

Error retrieving HourAhead price data - process continuing...


The Enron Global Markets - Office of the Chairman has scheduled an off-site
planning session for February 23-25, 2001. (Please disregard any previous
date information you may have received.)  It is very important that each
person on the distribution list of this message mark their calendar now and
make every effort to attend the off-site session.

The information for the off-site meeting is as follows:

Date/Time: Friday, February 23rd through
  Sunday, February 25th

Location: The Delano Hotel
  Miami Beach, Florida

Arrangements have been made for hotel reservations for each person.  However,
each attendee is responsible for their own flight arrangements.  Flight
suggestions and more detailed off-site information will be forwarded as soon
as it has been finalized.

In order to provide an accurate head-count to the hotel, it is important that
you confirm your attendance today (Friday) by contacting Jennifer Burns at
X-39440 or jennifer.burns@enron.com by 2:00 p.m.  If you have any questions,
please feel free to contact Jennifer or Cathy Phillips at X-36898.

We look forward to seeing you at the off-site.  Thank you.


The Museum of Fine Arts Houston


Please find the latest draft of the Wholesale pitch included below as an attachment.

I have included front portion, Americas and Europe sections.

The only data point I am lacking at this point relates to our East Power slide regarding #  of Term MW's.  I am working with Leslie Reeves on obtaining this information.  I expect the wording on the RTO's slide may change a bit once Gov. Affairs provides their final comments; however, this draft includes most of the content.

Following our discussion this morning, you may have some comments on Slide 14 (Recent Structured Transactions).  This slide was modeled after your Board presentation.  We can add/delete information as you desire.

I am working on modifying the conference call script language and will forward to you shortly.

Thanks again for your help.

Regards.

David T. Leboe
Director, Investor Relations
Enron Corp.

Office  713.853.4785
Cell  713.562.2160
Fax   713.646.3002
Pager  877.237.7732
david.leboe@enron.com


I gave it to Amy Fitzgerald last week.

 -----Original Message-----
From: 	Buckley, Karen
Sent:	Monday, February 04, 2002 6:27 PM
Subject:	Employment with UBS

 << File: EmpApp.pdf >>

I have received a note from UBS to say they have not received your employement application form.  Pls completed the attached form and return to me.   Please ensure the following:

1.	You put city and state in the school/college section
2.	You complete a 10 year history of work (if in College/not working/ etc  please state with dates).

Regards,

Karen Buckley
ECS 05845


Both Chile and Peru have been approved for all products.  Use the North
American forms of the Electronic Trading Agreement and the Password
Application for companies located in both countries.  Please note that the
EOL agreements, including the GTCs, should not be subject to local law and
the Enron entity must not have a permanent establishment or branch located in
Chile or Peru.

Please let me know if you have any questions or comments.
Brent Hendry
Ext. 37124


NESA MEMBERS,

Attached is your copy of our 2001 Calendar of Events.  You will see me email
more details out about these classes and brown bags through out the year.  I
am also attaching a registration form for anyone who knows they would like
to attend a class now.  The form is generic, so please complete it with
details regarding the class name and dates!

Have a great day!!
Lana Belnoske-Moore

 <<Calendar01.doc>>   <<Registration form.doc>>

 - Calendar01.doc
 - Registration form.doc


I don't know...when are you getting your haircut?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, January 22, 2002 2:03 PM
To:	Rybarski, Amanda
Subject:

so i have to go get my haircut, any ideas where we can meet


Mike,

After talking it over with Kevin, I have decided against trading a TVA product at this time due to a number of factors relating to VaR allocation and liquidity of that product in our start-up mode these first several months.  Consequently, I don't have an open position on my desk.  I wish the timing on this could have been better for both of us.  I'm confident you could add value to the desk under the right circumstances.  Let's continue to talk and hopefully I can add a position down the road that will make more sense for everyone at that time.  You'll be the first call on my list.

Fletch


Steve:

Dwight Larson asked Steve Angle and me to prepare a list of mitigation
measures we believe would help get FERC and SEC approval so that the merger
could close by year end.  Attached is a list that Steve Angle and I put
together.  Dwight is preparing a summary of our comments (along with others')
for your review prior to the meeting with Walt Higgins, but I thought you may
want to see the list Steve and I put together.

A couple of caveats to the list:  First, for vertical market power, we
propose that PGE release its firm transmission capacity into California when
Sierra is using the Alturas line (i.e., at times when TANC and SMUD are
prevented from importing up to 300 MW into California).  However, the cost to
PGE to release this capacity is apparently great and could have a material
adverse effect on PGE.  Therefore, we may need to consider other mitigation
measures -- such as capping the price of power sold by PGE into California
during these times.  This mitigation is not as clean as a release of capacity
-- it requires FERC to monitor PGE's sales and FERC could have some concern
that PGE could game the rules.  Nevertheless, it may be the only viable form
of mitigation we have.  We did not propose this alternative option in our
list of mitigation measures.

Second, we need assurance from PGE that the buyback contracts they are
negotiating in the sale of their generators will not give Sierra market power
(a concern raised by FERC in the July 26 order).

Call me if you have any questions.  Good luck with the meeting tomorrow.

Sarah

---------------------- Forwarded by Sarah Novosel/Corp/Enron on 08/16/2000
05:44 PM ---------------------------

"Angle, Stephen" <sangle@velaw.com> on 08/16/2000 01:12:21 PM
To: "'dwight.larson@enron.com'" <dwight.larson@enron.com>
cc: "'Sarah Novosel'" <snovose@enron.com>, "Fullenweider, Keith"
<KFullenweider@velaw.com>, "Wenner, Adam" <awenner@velaw.com>

Subject: Commitments Needed to Expedite PGE/Sierra Merger Approval

Here is the wish list prepared by Sarah and me that responds to your request
for input for your meeting tomorrow.

 <<99522_1.doc>>

 - 99522_1.doc


One of my GARP connections at El Paso has put forth a white paper for
discussion. He is hoping it will be adopted across the industry.  He will be
presenting it June 5th, at the next GARP meeting in Houston, to be hosted by
El Paso at El Paso.  He is collecting feedback before the upcoming meeting.
Please review, and comment to either myself of Lloyd at the address below.

Thanks,
Frank

His email address is:
Lloyd.Bloom@ElPaso.com


please print this out so that I can understand it
----- Forwarded by Richard B Sanders/HOU/ECT on 05/25/2001 08:04 AM -----

	Vivian Nguyen/ENRON@enronXgate
	05/24/2001 10:12 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: Linda R Guinn/HOU/ECT@ECT
		 Subject: April O&M Report

Richard/Linda,

Please let me know if you have any questions.

Vivian
5-3995


Attached are my comments on Fred's draft of earlier this evening.


Start Date: 1/11/02; HourAhead hour: 11;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011111.txt


See Riordon note below.
----- Forwarded by Jeff Dasovich/NA/Enron on 05/11/2001 09:52 AM -----

	Steven J Kean
	05/11/2001 08:35 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Sandra McCubbin/NA/Enron@Enron, Paul Kaufman/Enron@EnronXGate, James D
Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON
		 Subject:

Ken Lay spoke with several California CEOs this morning and urged them to get
personally involved in pushing for a comprehensive set of reforms.  Three
expressed willingness to help.

Scott McNealy (Sun):  contact person - Piper Cole (piper.cole@sun.com);
scott.mcnealy@engeng.sun.com.  Mcnealy wants, by close of business today, a
"cheat sheet" of the talking points to use with politicians (the "8 or 10
elements of the solution") with the expected comeback he may hear from the
political leaders and our response to that comeback.  He says he hasn't spent
time working on issues in Sacremento so we may also want to include a list of
suggested contacts.
Kevin Sharer (Amgen): contact person - Sarah Jensen, VP of Engineering and
Operations (805.447.6785); ksharer@amgen.com.  Sharer wants the same
information as McNealy and he and McNealy both indicated their willingness to
call a meeting of other California CEOs.  Sharer will also be having
breakfast with Hertzberg one week from today.
Robert Day (Trust Co of the West):  said that he is very close to the mayor
of Los Angeles.  He urged Ken to call the mayor (mentioning Day).  Ken would
like some talking points for that call.

Jeff - please put these items together.


Texans News
June 21, 2001

ATTENTION TEXANS FANS:

TORO, the Houston Texans' official mascot, is available for appearances at
all events -- corporate functions, charity functions or private parties. To
book TORO for your next event, just call (713) 336-7866 or e-mail TORO in the
Kids Zone at http://www.HoustonTexans.com.??

Go Texans!
---
You are currently subscribed to texansnews as: GWHALLE@ENRON.COM
To unsubscribe send a blank email to
leave-texansnews-179392T@newsletter.houstontexans.com


OJ for President!

	"John Miriam Kartozian" <jamkartozian@jps.net>
	11/29/2000 07:45 PM

		 To: <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: Re: Hornswoggled & Bamboozled

I thought they were the prosecution team at the OJ trial.


A seemingly unresolved issue is our right to prepay before the end of the
term of the swaps.  I believe this is something we want commercially, but
what is not clear to me is how we envision this working commercially.  In
other words, although any swap can be bought out, I do not believe the ISDA
documentation contemplates agreed terms for buy-out.  Rather, the party
seeking to get out early asks for the counterparty's offer and hits the offer
or not.  If RBC or Swapco was not willing to make an we are willing to
transact at, we might not be able to get out.  Perhaps Sara could advise if
my interpretation of the ISDA is right and, if so, Brian and Soma can confirm
how they see prepayment working without a specified prepayment right.

PK


Go ahead make fun!  But when I kick your ass in the NYC Marathon then who
will be making fun.  Spealing of Houston Enron Field opens up tomorrow
against the Yankees for a little pre-season game.  It is an incredible
ballpark.  When will you be back in the area?  See ya
Ben


Lunch will be provided.


Linda & Sharon,

My primary job responsibility is to online trading, and right now EnronOnline
is quite a beast of a customer.  Because of that I please ask that you direct
any future questions you may have with respect to confirmations to our two
paralegals who handle the day to day trading, Susan Bailey at x34737 and
Stephanie Panus at x53249.

With respect to the two current Canadian confirmations, Sara Shackleton, an
attorney in our Group, is working with Credit to resolve the questions on the
Slater Steel and Casco credit worksheets.


Dave:
I was thinking about our conversation yesterday.   If El Paso, absent this
power deal, were to give us physical gas for 8 years discounted at their WACC
in exchange for an upfront cash payment from ENE, is that transaction a
mark-to-market gain for us?  If not, what's the difference in paying them
with an asset rather than cash.  If it is a mark-to-market gain, isn't this a
way to generate false P&L?
John


Good  morning,

Enron's finance people are asking about the status of the turbine contract
for Pastoria.  Since Sheila is on vacation I thought I would check with you.
Is it in final form, and if so, has it been executed?  It would be a big help
to get an electronic version sent to me.

Thanks,

Kay


Meeting with PG&E went OK... they are unable to commit to a letter that I had sent them on swapping out some capacity, but still very much want to trade with us and would like trade access to EOL.  PROGRESS I guess....

Flights were good.. got home around 1:45 am houston time, so it was a long day...

IF you think we can get the plant names they they are have the toll on.. .that would be great.

BT

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Wednesday, October 31, 2001 12:40 PM
To:	Tycholiz, Barry
Subject:	RE: DWR Power Assets

It was good to see you.  No thanks needed.  I'm pretty sure that I can get you the info on the plants--it's in the contracts and I'm fairly certain that we have that analysis.  How'd the meeting with PG&E go?  You get back to Houston OK?

Best,
Jeff

 -----Original Message-----
From: 	Tycholiz, Barry
Sent:	Wednesday, October 31, 2001 12:38 PM
To:	Dasovich, Jeff
Subject:	DWR Power Assets

Jeff, thanks again for attending the discussions with DWR.

Do you have any recon.... on exactly which plants DWR has the right to bring the fuel on. As Mark indicated, it was about 1/3 of their exposure, and most of that was in the south service area, but I am very interested in the actual facilities and whom used to bring fuel to them or run the units.'

There is a zero sum game on fuel... but the landscape changes depending on who buys it and how they buy it!

Any thoughts.

BT


Mark:

Attached to David's e-mail below please find a list of protected terms in
Australia.

I'll also send you the US Olympic Committee List.

Leslie
----- Forwarded by Leslie Hansen/HOU/ECT on 08/28/2000 02:29 PM -----

	Leslie Hansen
	08/14/2000 11:10 AM

		 To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: Re: EOL Sports Game

David:

1.  If Australian residents are not permitted to play the game and we make
clear disclaimers of such and restrict dissemination of marketing materials
to exclude Australian residents, can we avoid liability under Australian law?

2.  If we try to structure the game so that it complies with Australian law,
it appears that we will still be required to seek a permit to offer a game
such as this (notwithstanding the Olympics issue) in Australia.  Can you talk
to your commercial guys to determine how many Australian EOL CPs we currently
have and whether it is worth the expenditure of the resources necessary to
obtain a permit to make this game available to those CPs.

Leslie

	David Minns@ENRON_DEVELOPMENT
	08/13/2000 11:03 PM

		 To: Leslie Hansen@ECT
		 cc: Alan Aronowitz/HOU/ECT@ECT, anne.hung@bakernet.com,
jbruvall@cal.stikeman.com, John Viverito/Corp/Enron@Enron, Justin
Timothy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, paul.davis@bakernet.com, Dave
Samuels/HOU/ECT@ECT, scott.farrell@msj.com.au
		 Subject: Re: EOL Sports Game

Leslie we need to talk about this asap.

It is irrelevant whether we are charging to play game. The distribution of
prizes through chance triggers the requirement for a licence. Generally this
would not be a problem but as Mallesons observed the licensing of gambling on
the internet is major political issue and we should not expect a permit to be
granted at an administrative level. Hence delays should be expected.
There is zero chance of us getting approval to use   Sydney Olympic names and
images. They have already been sold off. The use of the Olympic name etc. is
reserved to partners who have tipped in millions. I did a quick check of the
net and found that there is already a sweepstakes being run on behalf of
these partners. It appears that the sweepstakes includes global partners such
as IBM and hence  there might be restrictions in other jurisdictions on
running a game in competition to it.
The legislation is broadly drafted to pick up any use of "Olympic" and
related terms.  The Act is additional to normal trademark legislation and is
designed to stop unauthorised orgainisations associating themselves with
Olympics so as to protect the value of sponsorships  Attached is an extract
from the legislation listing some (but not all) of the terms that can't be
used.

   http://www.olympics.com/eng/sponsors/goodsports.html

Leslie Hansen@ECT
12-08-2000 01:54
To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, scottfarrell@msj.com.au
cc: Alan Aronowitz/HOU/ECT@ECT, anne.hung@bakernet.com,
jbruvall@cal.stikeman.com, John Viverito/Corp/Enron@Enron, Justin
Timothy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, paul.davis@bakernet.com, Dave
Samuels/HOU/ECT@ECT

Subject: Re: EOL Sports Game

David and Scott:

I certainly appreciate your very prompt feedback on this issue.  I need to
clarify one important misconception included in Scott's memorandum:  The game
will be open to all customers on EnronOnline, not just Enron employees.
Enron employees will be permitted to participate although there may be
restrictions placed on their ability to win prizes.  In light of this fact
and the information contained in your memorandum, I have several follow up
questions:

1.  The game is open without entry fee or charge.  Does this make a
difference under the lottery legislation outlined in the memo or do you
believe we will still need to seek a permit?  If it will be necessary to
obtain a permit, we would like to proceed as quickly as possible in trying to
obtain one.

2.  With regard to the use of the "Sydney 2000" "Olympics" etc. names and
symbols,  we would like to proceed as quickly as possible to obtain a license
to use the names.  It is vital that we obtain the right to use these symbols
in the promotion and hosting of this game.

3.  Notwithstanding the issues surrounding use of the trademarked names and
symbols referring to the Olympics, are there any other restrictions
prohibiting the promotion of a game related to the Olympics?

Regards,

Leslie

	David Minns@ENRON_DEVELOPMENT
	08/10/2000 05:29 PM

		 To: Leslie Hansen/HOU/ECT@ECT
		 cc: jbruvall@cal.stikeman.com@ECT, anne.hung@bakernet.com@ECT,
paul.davis@bakernet.com@ECT, John Viverito/Corp/Enron@Enron@ECT, Alan
Aronowitz/HOU/ECT@ECT, Justin Timothy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Re: EOL Sports Game

Attached is a brief advice I asked outside counsel to prepare. They confirm
my understanding that a permit would almost certainly be required. They also
raised another obvious concern. There is legislation designed to protect
businesses who are not Olympic sponsors cashing on the Olympics. Particularly
in New South Wales this legislation is being rigorously enforced to the
extent possible by the regulators.

David Minns
10-08-2000 11:05
To: Leslie Hansen/HOU/ECT@ECT
cc: jbruvall@cal.stikeman.com@ECT, anne.hung@bakernet.com@ECT,
paul.davis@bakernet.com@ECT, John Viverito/Corp/Enron@Enron@ECT, Alan
Aronowitz/HOU/ECT@ECT, Justin Timothy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: EOL Sports Game

 Whilst it appears to be an excellent marketing strategy the caution
displayed in researching the law in various jurisdictions is justified. On
what you have told me there are two potential issues. My initial view is that
sweepstake may be considered a lottery under New South Wales (the State where
Enron is based) gaming laws. If  this correct then we will need a license. I
should be able to confirm this later today. We will also need to check the
other Australian States where we have counterparties. There also significant
public debate on internet gambling in Australia. Recently the Federal
Government indicated that it would move to regulate the area.

The second relates to passing  items of value to employees of  companies with
whom we do business.  To be frank I am uncomfortable with any arrangement
that could result in this occurring unless we had the informed consent of the
employer. Apart from the negative fallout that may result, we are we also
need to be mindful that in Australia a number of our counterparties are
Government owned utilities. This does raise questions as the possible
application of the Foreign and Corrupt Practices Act. On the facts available
I could not preclude a circumstance arising that could be viewed as not in
compliance with that Act.

Leslie some further facts will assist.

How will the offer be made - will it just be on the website or will
promotional material also be sent?
Which Enron entity will be making the offer?
Who can "play"? Will it only be the master user or can anyone with a password
play?
To whom would the prize be given? Would  it go to the individual or would the
prize be given to the company with no possibility of it being intercepted by
the individual?

Japan will also have some issues relating to gaming which I am sure Anne at
B&M will be able to advise on. Do we need to check on the situation in
Singapore?

Sorry to throw up all these problems but this proposal does have some real
issues - atleast on the facts given in your email.

Leslie Hansen@ECT
10-08-2000 05:04
To: jbruvall@cal.stikeman.com, anne.hung@bakernet.com,
paul.davis@bakernet.com, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: John Viverito/Corp/Enron@Enron, Alan Aronowitz/HOU/ECT@ECT

Subject: EOL Sports Game

As we have discussed either directly or indirectly, EnronOnline is interested
in offering an on-line sweepstakes game to its customers.   The game will be
based upon the Olympic games and is similar in concept to a fantasy football
league.   A participant selects several countries as its "team" and
accumulates points based upon the medals earned by its countries' in the
Olympic games.  Unlike fantasy football, however, there is no entry fee to
win and no other form of payment is required from participants.  Prizes
(e.g., big screen tv, camcorder) will be awarded based upon highest points
accumulated.

I have asked each of you to research any prohibitions on such a game in the
following jurisdictions:

Jim:  Canada
Anne:  Japan
David:  Australia

I need to know if these jurisdictions impose any restrictions on such a
game.  Can we make the game available to all EnronOnline customers in each of
these jurisdictions?  What, if any, procedures and/or requirements must we
meet in order to offer the game?  If we cannot permit certain jurisdictional
residents to participate, can we still post the game if we include adequate
disclaimers?

The game will be launched during the first week of September, so your prompt
response will be most appreciated.

Thank you in advance for your assistance in this matter.

Regards,

Leslie Hansen
(713) 853-6121


call me after you look at this. It seems to me that the transport is flowing FROM Cali TO Texas, which makes no sense at all. I am still checking on it.

Pat

 -----Original Message-----
From: 	Hopkins, Stephanie
Sent:	Wednesday, March 20, 2002 12:22 PM
To:	Ryder, Patrick
Subject:	TRANSPORT VALUES

Stephanie Hopkins
Enron Net Works
Risk Management
(713) 853-5211


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!).


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NFL Reports, Player Updates
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Latest NFL Player News

James Thrash <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1859&>, WR PHI - Frank Updated 12/27/01
Thrash is listed as questionable with an ankle injury, but he is expected to play against the Giants.

Patrick Jeffers <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1515&>, WR CAR - Free Agent Updated 12/27/01
Jeffers may see some increased playing time this week because of Muhsin Muhammad's persistent toe problems. Isaac Byrd, however, still should start in Muhammad's place.

Sebastian Janikowski <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=187389&>, K OAK - Matty Updated 12/27/01
Janikowski (groin) has been kicking in practice. He is expected to play this week.

Terrence Wilkins <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=146366&>, WR IND - Free Agent Updated 12/27/01
Wilkins (hamstring) has returned to practice. He may be able to play this week.

Stephen Alexander <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=12181&>, TE WAS - Free Agent Updated 12/27/01
Alexander (leg) was placed on injured reserve, officially ending his season. Walter Rasby will continue to start in his place, but Zeron Flemister has emerged as the team's best receiving tight end with Alexander out.

Matt Hasselbeck <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=12429&>, QB SEA - Bass/Hull Updated 12/27/01
The Seattle Times says Hasselbeck's season might be over. Mike Holmgren said he would only use him in an emergency this week, and the Seahawks coach may elect to have Hasselbeck use the season's final two games to rest his injured shoulder. Trent Dilfer will start at San Diego this week.

Amos Zereoue <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=133462&> , RB PIT - Free Agent Updated 12/27/01
Zereoue missed practice on Wednesday with a shoulder injury. He is listed as probable for this week.

Todd Bouman <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1871&>, QB MIN - Free Agent Updated 12/27/01
Bouman practiced without pads on Wednesday. If he cannot practice fully on Thursday, Spergon Wynn will get the start this week.

Keenan McCardell <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1235&>, WR JAC - Neal/McKay Updated 12/27/01
McCardell is listed as probable with a thigh injury. He should be able to start this week.

Chris Chambers <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=235203&>, WR MIA - Free Agent Updated 12/27/01
Chambers is listed as questionable with an ankle injury. He practiced on Wednesday and should be able to play this week.

James McKnight <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1288&>, WR MIA - Free Agent Updated 12/27/01
McKnight is listed as questionable with an ankle injury. He practiced and is hopeful of playing this week.

Travis Minor <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=235123&>, RB MIA - Giggles Updated 12/27/01
The Miami Herald reports Minor will get more work on offense this week. Lamar Smith will remain the starter, but the Dolphins are hoping Minor can inject some life into the offense.

James Stewart <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1116&>, RB DET - Hunter Updated 12/27/01
The Detroit Free Press says Stewart is not expected to play this week because of a sprained ankle. Lamont Warren and Cory Schlesinger will assume most of the workload in his place.

Mike McMahon <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=235119&>, QB DET - Free Agent Updated 12/27/01
The Detroit Free Press says McMahon is not expected to practice or play this week. Ty Detmer will start in his place.

Brian Griese <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=12409&>, QB DEN - Matty Updated 12/27/01
Griese told the Denver Post he is ready to take on the Broncos, although Mike Shanahan questioned how effective he would be in his return. "How do you know with a concussion?" Shanahan said. "There should be no side effects. Hopefully there's not. But we have learned a lot through the years about concussions and how serious the! y ! can be, and hopefully that's something in the past and they won't reoccur."

Aaron Shea <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=187642&>, TE CLE - Free Agent Updated 12/27/01
Shea is expected to miss the season's final two games with a shoulder injury. O.J. Santiago should remain in the starting lineup in Shea's place.

Akili Smith <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=133415&>, QB CIN - Free Agent Updated 12/27/01
Smith underwent surgery on his left hamstring. He is expected to be ready for training camp next season and will compete for the starting job.

Wesley Walls <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1321&>, TE CAR - Free Agent Updated 12/27/01
Walls is listed as questionable with a knee injury. He was expected to be evaluated again on Thursday.

Muhsin Muhammad <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1203&>, WR CAR - Martin Updated 12/27/01
Muhammad (turf toe) is not expected to play this week, and may miss the rest of the season. Isaac Byrd will likely start in his place again.

Travis Henry <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=235216&>, RB BUF - Martin Updated 12/27/01
Henry will sit out again this week with a sprained knee. Shawn Bryson will start for the second consecutive week.

Steve McNair <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1069&>, QB TEN - Free Agent Updated 12/27/01
McNair missed practice Wednesday because of back pain. "I'm going to try to do some things tomorrow and hope it loosens up and not have as much pain as I had today," McNair said. "I'm not going to go out and try to force the issue. If it's still sore and still tight where I can't have all my mechanics right, I'm not going to force the issue." The Titans listed him as questionable yet again Wednesday, but McNair likely will play

Jerome Bettis <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1152&>, RB PIT - Giggles Updated 12/27/01
Bettis sat out Wednesday's practice, and indicated he might not play in the regular season's final two games. "You want to take care of the injury first and if that means not playing, that means not playing," Bettis told the Pittsburgh Post-Gazette. "But you want to make sure you're healed up. The team playing as well as it has played allows me the opportunity to get healthy. I'm using it very, very wisely."

Martin Gramatica <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=133297&>, K TB - Free Agent Updated 12/27/01
Gramatica sat out practice Wednesday, but is expected to test his injured leg on Thursday. Doug Brien and Brad Daluiso worked out Wednesday for the Buccaneers, who might sign one if Martin Gramatica can't kick against the Baltimore Ravens this week.

Matt Hasselbeck <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=12429&>, QB SEA - Bass/Hull Updated 12/26/01
Trent Dilfer will start this week in place of Hasselbeck, whose separated left shoulder is too sore for him to play. Coach Mike Holmgren said Wednesday that Hasselbeck aggravated the injury, which he's had since the third week of the season, against the New York Giants last Sunday. "There's a chance I might have him and he could play in an emergency-type situation, but he's pretty sore," Holmgren said.

James Stewart <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1116&>, RB DET - Hunter Updated 12/26/01
Stewart is day to day with a sprained ankle. His status for this week's game is unclear.

Jeff Graham <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1264&>, WR SD - Free Agent Updated 12/26/01
Graham may miss his second consecutive game this week because of the death of his father. With Tim Dwight (lung) still ailing, Trevor Gaylor may have to start again.

Skip Hicks <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=12436&> , RB TEN - Free Agent Updated 12/26/01
Hicks is expected to miss this week's game with a hamstring injury, and may miss the rest of the season. Eddie George should assume a regular workload once again.

Emmitt Smith <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1094&>, RB DAL - Bass/Hull Updated 12/26/01
Smith is day to day with a hip injury. He is expected to play this week.

Peter Warrick <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=187401&>, WR CIN - Giggles Updated 12/26/01
Warrick, who was benched late in last week's game, is expected to start. He has been a disappointment this year and Fantasy players should not use him at this point of the postseason.

Todd Bouman <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=3837&key=1871&>, QB MIN - Free Agent Updated 12/26/01
Bouman (thumb) may attempt to practice late in the week. His status remains unclear for this week's game, and Spergon Wynn is available to start if needed.

More Updates <http://football299.fantasy.sportsline.com/mp/elink?script=pro-player-updates&league=bige01&owner=14696.2&random=3837&start=30&>
NFL Reports, Transactions
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12/26
Arizona Cardinals <http://football299.fantasy.sportsline.com/mp/elink?script=pro-summary&league=bige01&owner=14696.2&random=3837&pro_team=1&>
Placed guard Pete Kendall on injured reserve; signed tight end-long snapper Nathaqn Hodel from the practice squad.

Detroit Lions <http://football299.fantasy.sportsline.com/mp/elink?script=pro-summary&league=bige01&owner=14696.2&random=3837&pro_team=10&>
Signed linebacker Eugene McCaslin to the practice squad.

Kansas City Chiefs <http://football299.fantasy.sportsline.com/mp/elink?script=pro-summary&league=bige01&owner=14696.2&random=3837&pro_team=14&>
Agreed to terms on a three-year contract with wide receiver Reggie Jones <http://football299.fantasy.sportsline.com/mp/players?league=bige01&owner=14696.2&key=1517>; signed cornerback Ahmad Hawkins to the practice squad.

Miami Dolphins <http://football299.fantasy.sportsline.com/mp/elink?script=pro-summary&league=bige01&owner=14696.2&random=3837&pro_team=15&>
Signed linebacker Corey Moore <http://football299.fantasy.sportsline.com/mp/players?league=bige01&owner=14696.2&key=135446> to a two-year contract; placed linebacker Derrick Rodgers on injured reserve.

12/24
Denver Broncos <http://football299.fantasy.sportsline.com/mp/elink?script=pro-summary&league=bige01&owner=14696.2&random=3837&pro_team=9&>
Waived wide receiver Keith Poole <http://football299.fantasy.sportsline.com/mp/players?league=bige01&owner=14696.2&key=1779>; signed cornerback Delvin Hughley and guard Michael Moore.

12/23
Kansas City Chiefs <http://football299.fantasy.sportsline.com/mp/elink?script=pro-summary&league=bige01&owner=14696.2&random=3837&pro_team=14&>
Signed safety Shaunard Harris from the practice squad.

12/21
NFL
Fined Minnesota Vikings <http://football299.fantasy.sportsline.com/mp/players?league=bige01&owner=14696.2&key=16> receiver Randy Moss <http://football299.fantasy.sportsline.com/mp/players?league=bige01&owner=14696.2&key=12576> $10,000 for a repeated taunting offense in a December 16 game against Detroit; fined Kansas City Chiefs <http://football299.fantasy.sportsline.com/mp/players?league=bige01&owner=14696.2&key=14> linebacker Donnie Edwards $12,500 for an unnecessary roughness penalty in a December 16 game against Denver.

Transactions, View
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FB10SP


I just received comments to the license agreement from AEP.  I will review these with Barbara Gray and let you know how close we are to getting this agreement done.  -  Tommy

 -----Original Message-----
From: 	dabanks@aep.com@ENRON
Sent:	Tuesday, October 23, 2001 5:34 PM
To:	tyanows@enron.com
Subject:	Enron License

Tommy,

Here's our comments.  We're ready to sign (all $ approvals are in place).
Could you forward me an electronic version of the User Guide and subsequent
Release Notes.  They will be part of Exhibit A.

Thanks,

DB
----- Forwarded by David A Banks/OR4/AEPIN on 10/23/2001 06:29 PM -----

                    Joseph T
                    McKernan             To:     David A Banks/OR4/AEPIN@AEPIN
                                         cc:
                    10/23/2001           Subject:     Enron License
                    05:38 PM

(See attached file: 82214_Attchmnt1.DOC)(See attached file: 82214_v7.DOC)

 - 82214_Attchmnt1.DOC
 - 82214_v7.DOC


Jeff --

The buzz from your Players segment on the trading floor will  create a big  buzz
among our audience when it airs  Sunday, May 20th on CNN at 5:30 CST. It was
great meeting you. Thanks for your  fresh outlook on leadership  and for your
candor on your plans to make Enron the world's largest company. Judging by the
energy around headquarters, "Houston's not going to have a problem"
accomplishing just that.

We're working with Vance on internal promotion, so that all Enron employees can
tune in, and we'll also send copies of the interview  in the next week .

As I mentioned, I have done over 70 of these interviews...around the
world......and your combination of charisma and smarts and brevity is at the top
of the list.

Enjoyed meeting you, and hope to see you at the Olympics in Salt Lake!

Regards,
Don Currin

Complete showtimes include:

CNN
Sunday, May 20th
5:30 CST
(a.m. and p.m.)

CNNfn
Monday, 5/21 - Friday, 5/25
8:00 p.m. & 11:30 p.m. EST

CNN international
Europe:
Saturday, 5/19: 1130 CET
Sunday, 5/20: 1930 CET

Asia:
Saturday, 5/19: 1030 HK
Sunday, 5/20: 1630 HK

Latin America:
Saturday, 5/19: 930 BA
Sunday, 5/20: 1030 BA

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Thanks for handling.  Let me know if it begins to interfere unduly with your
new responsibilities.

Mark Schroeder@ECT
04/12/2001 04:23 AM
To: Mike Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Jo Ann Hill/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron

Subject: Re: Details - follow up (back)

Thanks.  I am seeing a few things through to conclusion, and I expect this
situation to be one, unless Steve prefers to handle it differently.  I think
it is a matter of either him or me, and I think this is one item I can keep
off of his plate.  thanks  mcs

Mike Dahlke@ENRON_DEVELOPMENT
11/04/2001 14:41
To: Mark Schroeder/LON/ECT@ECT
cc:

Subject: Re: Details - follow up (back)

Mark,

Congratulations on your new assignment.  It has been a long time since I have
dealt with Coal but the business desperately needed new ideas and approaches
when I knew it.  Good luck!

Yes, I did meet with JoAnn last Friday.  As required by the agreement she
gave me, I have retained counsel and the proposal is being reviewed by my
attorney.  In light of the announced change, I am wondering if questions and
comments should still be addressed to you?  Please advise.

Mike D.


Hey team.  I think I have everyone but feel free to forward this message on to others that may need it.  Brenda Fletcher was asking me

Enron has the following deals with AEC at Niagara and Leidy.

Deal #		Vol	Buy/Sale	Location	End Term	Book
592845		9189	Buy		Tenn Niagara	10/31/2008	New England
223854		9189	Sale		Tenn Niagara	10/31/2008	New England

415547		9000	Buy		Nful Niagara	10/31/2002	East TP1
415547		6000	Buy		Nful Leidy	10/31/2002	East TP1
1131708	6000	Sale		Nful Leidy	10/31/2008	East TP1

When this deal was done 2 years ago, AEC agreed to give Enron the NFUL transport (I don't know who at Enron agreed to this).  Enron pays NFUL max demand for the space.  I believe the contract price on deal 415547 is a NFUL Leidy price, and part of it should be adjusted for demand, commodity, and fuel.  Also the net delivered volume at Leidy is 9005 dth ( = 9189 at Niagara).

Kam, I'm not sure which firm book this is in.  Over the last few months, I would calculate the transfer price from the firm book to TP1 (or TP3).  As TP1, I take any NFUL length at a CNG equivalent price.  I also created deal 1147662 at 0 price to balance out Niagara.

Also, I believe we need to bill AEC for the demand charges for the last 2 years of this deal.  That's around $1,340,000.  I'm sure AEC is not expecting that.  Does anyone here talk to AEC?

 -----Original Message-----
From: 	Richardson, Stacey
Sent:	Monday, October 15, 2001 4:30 PM
To:	Germany, Chris
Subject:	RE: National Fuel Demand

Chris, the contract is the same one I sent you last month.  I have included the confirm for deal 415547.  Please let me know if you need anything else.

Thanks,
SBR x30569

 -----Original Message-----
From: 	Germany, Chris
Sent:	Monday, October 15, 2001 2:30 PM
To:	Richardson, Stacey
Subject:	RE: National Fuel Demand

Could you send me the confirm for deal 415547, also contract no. 96017703.  This deal is effective 11/1/2001 - 10/31/2002?

Thanks

 -----Original Message-----
From: 	Richardson, Stacey
Sent:	Wednesday, September 05, 2001 4:37 PM
To:	Germany, Chris
Cc:	Bryan, Linda S.
Subject:	FW: National Fuel Demand

Chris, attached please find a copy of our contract 96017703 with AEC Marketing (USA), Inc.  and also the confirm for deal 241639 (NE6231).

 << File: 96017703.pdf >>  << File: NE6231Confirm.doc >>
Please let me know if you have any further questions.

Thanks,
SBR x30569

 -----Original Message-----
From: 	Bryan, Linda S.
Sent:	Wednesday, September 05, 2001 4:15 PM
To:	Richardson, Stacey
Subject:	FW: National Fuel Demand

Stacey,

I am forwarding this to you from Chris Germany to handle. I checked the deal in Sitara and the contract that is attached is contract no. 96017703. It looks like there is paper however I am having problems with Live Link. You might need to check with Ellen for the confirmation.

Chris has asked a copy of the contract or confirmation on this deal. If we have both I would probably furnish him with both.

Thanks,
Linda S. Bryan
Ext. 3-3538

 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, September 05, 2001 3:28 PM
To:	Bryan, Linda S.
Subject:	FW: National Fuel Demand

Elizabeth is out of the office for a while.  Who could get me a copy of the contract/confirm for deal 241639?

thanks

 -----Original Message-----
From: 	Fletcher, Brenda H.
Sent:	Thursday, August 30, 2001 3:07 PM
To:	Germany, Chris
Subject:	FW: National Fuel Demand

What's the status on this?
 -----Original Message-----
From: 	Germany, Chris
Sent:	Friday, August 17, 2001 10:25 AM
To:	Fletcher, Brenda H.; Hernandez, Elizabeth L.
Subject:	National Fuel Demand

Brenda, I am going to put the National Fuel demand charge on deal 241639.  I will enter it as a negative demand charge.

Elizabeth, would you get me a copy of the contract or confirm for deal 241639 please?

Thanks


Rick,

Some comments from Nick are attached below.

Nick's first comment reflects a general concern I had about the paper which
was it's treatment of imbalance settlement.  I would see this as one of the
essential elements of market design.  I've always felt that the
physical/financial distinction was slightly artificial because even with
"physical" contracts, power systems must have a means for cash settlement of
imbalances (in the absence of universal controls which limit actual takes to
contract volumes).  However, the paper does not really pick this up and in
section 3.1 implies that cash settlement might only be "feasible" in some
market structures.  I would have added imbalance settlement to section 2.1
which describes the fundamentals required for any market.  It would also help
to draw a brighter distinction between spot markets and imbalance settlement.

At the same time I would have dropped the mention of "binding market rules"
from 2.1.  I'd see this as a subset of the need for an ISO to take over the
operation of the system in real time rather than as a separate fundamental
principle.  It's also not made clear in what sense these commitments are
binding.  Are they binding in a financial sense (in which case they are
covered by imbalance settlement) or somehow physically (either this is
unfeasible since units trip etc or it requires some form of balancing penalty
which is ruled out later in the paper).

I felt that the paper also compounded issues such as LMP's/transmission
rights with other non-locational elements of market design, this makes it
difficult to follow in places.  It would be clearer to have the locational
elements addressed separately as an adjunct to the basic principles.

Centralised unit commitment is put up as an element of the model proposed.
As Nick hints at below, we wouldn't see this as an essential element of
market design.  Under NETA, individual participants commit their own units
with the SO only taking over full control at 3.5 hours out.  Even with
centralised commitment, I'm not convinced that simple bidding would be
superior to multi-part bids.  Much here depends on timescales, eg, a
day-ahead market with simple bids is more exposed to allocative inefficienc
than a continuous hourly market with simple bids.  Simple bidding was often
proposed for the Pool, but I think a single daily big would have increased
prices if two-shifting generators had not been able to reflect their start-up
and no-load costs separately.  (These elements were also gamed, although this
game eroded as competition increased.)

Specific UK sensitivities which you may want to finesse in the paper:

? we've consistently opposed locational pricing because of our Teesside
positions.  Publicly we've argued that the proposals do not provide good
economic signals over sufficiently long time-periods to enhance allocative
efficiency and that the transactions costs outweigh any possible efficiency
gains (constraints only cost about o20m pa here).  Despite arguing our
commercial position, I'm quite happy with this approach and am genuinely
sceptical about the benefits of locational pricing in the UK.  This position
would of course change in much larger, sparse and less-interconnected
networks such as exist in parts of the US.
? Our fall back position is that any locational pricing scheme in the UK must
preserve pre-existing implied rights for generators, ie, grandfathering.  I
recognise that this can be a barrier to competition in some networks with
imcumbent market power, but I don't think that this is as big an issue in the
UK (where competition already exists) as it is on the Contintent and in the
US.

Hope these help, let me know if you want to discuss further.

Paul

 -----Original Message-----
From:  Elms, Nick
Sent: 22 May 2001 14:29
To: Dawson, Paul
Subject: Frontier Economics' Whitepaper

Paul,

Here's some comments on Frontier's whitepaper. Do you want to discuss them?

Section 3.1
The distinction between cash and physical settlement of forward contracts is
blurred. Under NETA contract settlement is achieved by contract notification
to Elexon. Even then a party doesn't need to deliver on the contract - it
could cash out at the imbalance price. However, in practice NETA is more
similar to physical settlement since imbalance price volatility means Parties
try to avoid imbalances.

Section 4.1.1
Decentralised commitment doesn't require parties to trade physical
transmission contracts.  LMPs would also allow decentralised commitment.  It
is difficult to imagine an efficient dispatch resulting from flowgate trading
unless there are few transmission constraints and hence few flowgates.
Simplified flowgates is the same as zonal LMPs.

Interim model (section 5)
1) It will be difficult to impose a single RTO design on the multitude of
jurisdictions in the US - because of the private stakes in the industry.
2) The proposed day-ahead market need not be run by the ISO.  It's not a unit
commitment since it may not result in a feasible unit commitment, and even if
it did Parties may deviate through imbalance trading.  Rather, day-ahead
trading could be left to the market to develop.  Generators would self commit
based on their own forecasts of spot prices for the following day and parties
could hedge their positions through day ahead contracts trading.  These
day-ahead energy contract markets would be based at hubs - leaving parties
with basis risk between the hub and their location.  Parties require some
means of heging the basis risk - financial transmission rights is a
possibility.

Competitive framework (section 6)
1) Demand side response reduces generators' market power.  Forward
contracting mitigates the effect of market power on both generators and
consumers, particularly the impact of short term market power. This may be an
argument for using HHIs to measure market power.
2) A move towards regulatory intervention every time the supply/demand
imbalance became tight would add to regulatory risk.  And it may deter new
entrants if such intervention prevents prices from rising.
3) With full retail competition there is no need to regulate suppliers'
forward contracting since suppliers can only pass on their competitive costs
to customers.  Non-eligible customers create a problem.  What price should
these customers pay?  It is difficult to regulate a supplier's contracts and
to somehow split its contract costs between eligible and non-eligible
customers.  This is why a spot price pass-through is suggested.  Financial
institutions would be free to provide hedging contracts to consumers. Those
institutions would in turn have financial contracts with generators.  An
alternative is incentive regulation of suppliers of non-eligible customers.
To avoid the california problem the regulator would need to limit the
supplier's downside and upside risk.

Nick


Agree that we should decline to participate.  I also got a call from IEP
regarding the press conference and strongly encouraged them to signicantly
diversify the group to include customers, consumer groups, and the like.

Haven't heard about the meeting on the first with the governor's staff.
Interesting that the administration is choosing to meet with folks on the day
that the report is released.  For the same reasons that we wouldn't want to
be grouped with generators at a press conference, we may not want to be
grouped with generators when the staff disseminates the report's words of
wisdom.

	David Parquet@ECT
	11/21/2000 06:50 PM

		 To: Jeff Dasovich/NA/Enron@Enron, Mona L Petrochko/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, James D
Steffes/NA/Enron@Enron
		 cc:
		 Subject: Press Conference

Two things:

1. I called Smutney last week re this press conference and declined.  I said
that the idea is fine and we support it, but Enron does not want to
participate in a press conference with other generators on this topic.

2. I just talked to Rob Lamkin of Southern who indicated that ten companies
have gotten letters from Gov Davis addressed to "Dear CEO of Energy
Company."  Letter was to invite these companies to attend a meeting on
Monday, December 1 in LA.  Agenda and issues to follow, but Rob thought it
had to do with the Gov's plan for CA due 12/1.  Meeting will not be with
Davis, but with his staff.  Southern is deciding who to send.  Reliant will
send John Stout and Curtis Keebler.  Williams got a letter, but no info re
their rep.  Rob was calling to see if we got a letter and, if we did, out
thoughts re meeting before the Gov's meeting to discuss.  I said we could
have gotten a letter, but I did not know.

----- Forwarded by David Parquet/SF/ECT on 11/21/2000 04:38 PM -----

	"Katie Kaplan" <kaplan@iepa.com>
	11/21/2000 04:07 PM
	Please respond to kaplan

		 To: <Jeff.Dasovich@enron.com>, <knorton@mcnallytemple.com>, "'John Stout for
Reliant'" <john_h_stout@reliantenergy.com>, "'Curtis Keebler at Reliant'"
<curtis_l_kebler@reliantenergy.com>, "'Julie @ Edson'" <jmball@ns.net>,
"'Paula Hall-Collins'" <paula.hall-collins@williams.com>, "'Marty Wilson'"
<mwilson@pstrategies.com>, "'Rob Lamkin'" <rllamkin@seiworldwide.com>, "Karen
Edson" <kedson@ns.net>, "Bob Weisenmiller" <rbw@mrwassoc.com>, "Sue Mara"
<smara@enron.com>, "Andy Brown" <abb@eslawfirm.com>, "B Brown Andy"
<andybrwn@earthlink.net>, "Bob Escalante" <rescalante@riobravo-gm.com>, "Greg
Blue" <gtbl@dynegy.com>, "Jack Pigott" <jackp@calpine.com>, "Jan
Smutny-Jones" <smutny@iepa.com>, "Joe Ronan" <joer@calpine.com>, "Karen
Denne" <kdenne@enron.com>, "Karen Edson" <kedson@ns.net>, "Kassandra Gough"
<kgough@calpine.com>, "Kristin Vellandi" <kvellandi@pstrategies.com>, "Lynn
Lednicky" <lale@dynegy.com>, "McNally Ray" <rmcnally@mcnallytemple.com>,
"Paula Hall-Collins" <paula.hall-collins@williams.com>, "Richard Hyde"
<rwhyde@duke-energy.com>, "Rob L. Lamkin" <rllamkin@seiworldwide.com>,
"Stephanie-Newell" <stephanie-newell@reliantenergy.com>, "Tom Ross"
<tross@mcnallytemple.com>, "William Hall" <wfhall2@duke-energy.com>, "Trond
Aschehoug" <taschehoug@thermoecotek.com>, "Tony Wetzel"
<twetzel@thermoecotek.com>, "Susan J Mara" <Susan_J_Mara@enron.com>, "Steve
Ponder" <steve_ponder@fpl.com>, "Steve Iliff" <siliff@riobravo-gm.com>,
"Scott Noll" <snoll@thermoecotek.com>, "Roger Pelote"
<roger.pelote@williams.com>, "Rob Lamkin" <rllamkin@seiworldwide.com>, "Randy
Hickok" <rjhickok@duke-energy.com>, "Paula Soos"
<paula_soos@ogden-energy.com>, "Marty McFadden"
<marty_mcfadden@ogden-energy.com>, "Lynn Lednicky" <lale@dynegy.com>, "Kent
Fickett" <kfickett@usgen.com>, "Ken Hoffman" <khoffman@caithnessenergy.com>,
"Jonathan Weisgall" <jweisgall@aol.com>, "Joe Ronan" <joer@calpine.com>, "Joe
Greco" <joe.greco@uaecorp.com>, "Jim Willey" <elliottsa@earthlink.net>, "Jeff
Dasovich" <jdasovic@enron.com>, "Jack Pigott" <jackp@calpine.com>, "Hap Boyd"
<rboyd@enron.com>, "Greg Blue" <gtbl@dynegy.com>, "Frank DeRosa"
<frank.derosa@gen.pge.com>, "Eileen Koch" <eileenk@calpine.com>, "Ed Tomeo"
<ed.tomeo@uaecorp.com>, "Duane Nelsen" <dnelsen@gwfpower.com>, "Dean
Gosselin" <dean_gosselin@fpl.com>, "Dave Parquet" <dparque@ect.enron.com>,
"Curtis Kebler" <curtis_l_kebler@reliantenergy.com>, "Curt Hatton"
<curt.hatton@gen.pge.com>, "Cody Carter" <cody.carter@williams.com>, "Carolyn
Baker" <cabaker@duke-energy.com>, "Bob Escalante"
<rescalante@riobravo-gm.com>, "Bill Woods" <billw@calpine.com>, "Bill
Carlson" <wcarlson@wm.com>, "Eric Eisenman" <eric.eisenman@neg.pge.com>
		 cc: "Jan Smutny-Jones" <smutny@iepa.com>, "Steven Kelly" <steven@iepa.com>,
"Susan McCabe" <sfmccabe@mindspring.com>, "Scott Govenar"
<sgovenar@govadv.com>, "Ron Tom" <thackbarth@govadv.com>, "Robert Ross"
<robbiz@cwo.com>, "Phil Isenberg" <Isenberg@HMOT.com>, "Mike Monagan"
<mrmonagan@aol.com>, "Maureen OHaren" <Oharen@HMOT.com>, "Marie Moretti"
<marie_moretti@msn.com>, "Kassandra Gough" <kgough@calpine.com>, "Hedy
Govenar" <hgovenar@acom2.com>, "Delany Hunter" <dhunter@smithandkempton.com>,
"Bev Hansen" <bhansen@lhom.com>, "Anne Kelly" <kelly@hnks.com>, "Jenn
Paulsen" <paulsen@HMOT.com>, "Jamie Parker" <jparker@HMOT.com>
		 Subject: Press Conference

Greetings:

IEP will be holding a press conference on Tuesday November 28 at 10:30 a.m.
in the Governors Press room to discuss the importance of long-term fixed
(that term is easier to understand than bilateral) contracts.

IEP will be stressing the importance of the contracts as part of the
solution for next summer. Several IEP members have offered (and have
continued to offer) long-term fixed contracts at terms under the current
retail rate freeze.  We will indicate that the utilities have been hesitant
to enter into these contracts due to the uncertain nature of the CPUC.  We
will point out that several different independent entities have agreed that
long-term contracts are one of the key solutions and that the PUC should act
immediately to set a benchmark and in so doing eliminate the reasonableness
review that is the main barrier for IOU's not entering into large long-term
fixed contracts.

IEP is also currently working to include other market participants in the
Press Conference.

We would like as many IEP participants as possible at the conference to show
that there are several companies who continue to be serious about long-term
fixed price contracts. We have already received a couple of responses and if
you are interested please let me know ASAP-no later than noon Wednesday- as
we are sending out an advisory on Monday.

Thank you for your attention to this matter.

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/10/2000
04:39 PM ---------------------------

"Btu" <subs@Btu.net> on 11/10/2000 04:16:12 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

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

 - wp111300.pdf


Lisa,  Attached is a spreadsheet which divides the property.  Please review
and note the following:

1.  No values for the 401K's are in the sheet.   Blank at this time.
2.  The blue values can be changed and the sheet should adjust accordingly.
3.  Please review the calculations behind the cells to understand how I am
calculating the values on the sheet.

If you want to sit down and go over this together at your convenience, I
would be happy to do so.
If you find something upsetting, please call and let's discuss before you
talk to anyone else.

Gerald