Energy supply setback: Big generator can't be forced to sell emergency power
to the state, a U.S. court rules.
By Denny Walsh and Carrie Peyton
BEE STAFF WRITERS
(Published April 6, 2001)
In a development that does not bode well for California's energy supply, a
federal appellate court Thursday halted enforcement of a lower court order
that a big electricity generator must sell emergency power to the state
without guarantee of payment.
State energy officials said the ruling wouldn't have any immediate effect but
could precipitate a power emergency if the generator decided to take a plant
off-line for maintenance.
On March 21, citing "rolling blackouts (that have) darkened the California
landscape," U.S. District Judge Frank C. Damrell Jr. imposed an injunction
against Reliant Energy Services Inc., one of the nation's major generators.
Houston-based Reliant controls approximately 3,800 megawatts, or about 20
percent, of the gas-fired generation capacity in the state, and Damrell found
that loss of that production "poses an imminent threat."
But Thursday, a three-judge panel of the 9th U.S. Circuit Court of Appeals
granted an emergency stay of the injunction, saying Reliant has shown "a high
likelihood of success on the merits" of its appeal.
While not spelling it out, the panel apparently bases its finding on the
question of the courts' jurisdiction over the energy market. The panel
directed that a hearing on the appeal be scheduled for the second week in
July.
The decision leaves California's electric grid more fragile, at least
temporarily, according to the state Independent System Operator, which
maintains and controls power transmissions.
It gives the agency no immediate recourse if Reliant chooses to shut down any
of its plants for maintenance, said ISO Vice President Jim Detmers.
"It's not going to change anything overnight, and it's not going to change
anything over the weekend," said Detmers. "But if Reliant decided on a
unilateral action to take their units off for maintenance ... we definitely
could have a system emergency."
Reliant officials, when told of the ruling, took a conciliatory tone but
declined to specify their next move.
"Reliant ... has pledged to keep the lights on in California," said company
lobbyist Marty Wilson, and "is still of a mind to want to cooperate."
Without further comment, the appeals court judges cited a 1980 U.S. District
Court decision. In that case, 14 cities sued Florida Power and Light Co.,
alleging that it was violating a number of laws in its sales of power and
production of electricity.
The judge found, however, that the Federal Power Act reserves oversight of
interstate utilities exclusively to the Federal Energy Regulatory Commission.
He ruled that only the commission may bring an action involving energy sales
into federal court -- unless it is a request to review a commission order,
and that goes directly to an appellate court.
The lawsuit before Damrell was brought by the ISO to force Reliant and two
other generators to respond to ISO's emergency orders for power, even though
the agency is buying on behalf of two retailers that are broke and hopelessly
in debt.
Because Pacific Gas and Electric Co. and Southern California Edison can't pay
their bills -- about $14 billion -- some wholesalers want to cut off sales to
the utilities.
The other three defendants in the ISO's suit -- Dynegy Power Corp. of Houston
and Tulsa-based AES Corp. and its marketer, Williams Energy Marketing &
Trading Co. -- have entered into written agreements with ISO to continue
supplying emergency power until the FERC decides whether they are required to
sell to companies that are not creditworthy.
But Charles Robinson, ISO general counsel, points out that the generators can
rescind those agreements with 48 hours' notice.
"My hope is this is a temporary setback," said Robinson. He added, however,
that the practical effect is "at least for now, we don't have a tool to
compel them to do what we believe they're obligated to do" -- respond to
emergency demands for power.
Reliant has insisted since the suit was filed Feb. 6 that Damrell has no
jurisdiction over the rate schedules that govern dealings between generators
and the ISO, and that the Federal Power Act mandates that the FERC must
settle any disputes about terms of those tariffs.
In issuing the injunction, Damrell acknowledged that the FERC has special
expertise concerning agreements between generators and ISO.
"Absent the extreme exigencies of the California power crisis, the court
agrees that a stay pending further action by the FERC would be proper," he
said. "But those are not the facts here. Electricity is in critically short
supply. The health and safety of the people of California are potentially at
risk."
Immediately upon receiving the 9th Circuit's order Thursday, attorneys for
the ISO asked Damrell to set an accelerated schedule for its motion to amend
the suit. The agency apparently has crafted a new complaint stressing its
view that the matter is an ordinary contract dispute over which the judge has
jurisdiction.
Damrell scheduled a hearing on the motion for Thursday.
In a further development that could complicate the state's dire need for
energy, an alternative supplier won a court fight Thursday to bypass the big
utilities and sell its power on the open market.
Timber giant Sierra Pacific Industries, which operates four biomass plants
that produce power for PG&E, obtained a temporary restraining order in
Sacramento Superior Court that says Sierra Pacific is not required to sell
its power to PG&E.
The ruling means PG&E and Southern Edison could lose power as alternative
energy generators, fed up with months of nonpayment, sue to be able to sell
their comparatively cheap product elsewhere, including outside the state.


Here are the updates for May.  You will notice I have not added the extra
deals for Equistar Chemical because it didn't effect the whole month, plus I
only found the split out for the sale upto 4/00 not the purchase.

Julie


Sally,

FYI.  Some of the slides are helpful.

Josh


Just a 'heads up' - there is now no doubt that there will need to be some
major revisions to the index language.  I am meeting with some of the folks
from the confirm desks this afternoon to get them started on a further
review.  Can you please arrange to have the following people given access to
the Product Manager:

Jeff Sorenson
Dale Neuner
Bob Bowen
Lynn Shivers
Kevin Sweeney


Attached is the precedent agreement with changes redlined.  I scanned their hardcopy.  I added that same outs that were included in the Momentum agreements, but I left the dates blank.  Please review and let me know if you have any questions.


have I asked you about this?  please print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/07/2000
12:34 PM ---------------------------

From:  Cassandra Schultz @ ENRON
               11/02/2000 07:44 PM

Sent by: Araceli Romero@ENRON
To: Richard Lewis/LON/ECT@ECT, Peter Crilly/LON/ECT@ECT, Steven
McCarthy/LON/ECT@ECT, David Redmond/LON/ECT@ECT, Andrew Fairley/LON/ECT@ECT,
Matthew Nicholas/LON/ECT@ECT, David Gallagher/LON/ECT@ECT, Didier
Magne/LON/ECT@ECT, Carsten Sterz/LON/ECT@ECT, Suryan Wirya
Simunovic/LON/ECT@ECT, Simon Hastings/LON/ECT@ECT, Louis Redshaw/LON/ECT@ECT,
Amir Ghodsian/LON/ECT@ECT, Tom Glover/LON/ECT@ECT, Derek
Edmiston/LON/ECT@ECT, Thor Lien/OSL/ECT@ECT, Fredrik Flykt-Rosen/OSL/ECT@ECT,
Stefan Fastesson/OSL/ECT@ECT, Espen Seidel/OSL/ECT@ECT, Mats
Larsson/OSL/ECT@ECT, Linda Andersson/OSL/ECT@ECT, Tove Anita Furuly
Stensbol/OSL/ECT@ECT, Anne Coll/OSL/ECT@ECT, Gregor Baumerich/LON/ECT@ECT,
Peter Heydecker/LON/ECT@ECT, Florian Neubauer/LON/ECT@ECT, Ulf
Ek/LON/ECT@ECT, Meindert Witteveen/LON/ECT@ECT, Adrian Mancebo/LON/ECT@ECT,
Michael Hellermann/LON/ECT@ECT, Sonia McCorquodale/LON/ECT@ECT, Marc
Janichen/LON/ECT@ECT, Martin Bloch/LON/ECT@ECT, Benedikt Messner/LON/ECT@ECT,
Gunter Tuhy/LON/ECT@ECT, Markus Urban/LON/ECT@ECT, Paul Mead/LON/ECT@ECT,
Reuben Maltby/LON/ECT@ECT, Jonathan Pietila/LON/ECT@ECT, Cassim
Mangerah/LON/ECT@ECT, Stephen J Lowe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Connell
Burke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Howard
Levy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jonathan
Whitehead/AP/Enron@Enron, Bryan Seyfried/LON/ECT@ECT, Jeff
Kinneman/HOU/ECT@ECT, Martin McDermott/LON/ECT@ECT, Seung-Taek
Oh/NA/Enron@ENRON, Jean-Sebastien Fontaine/Corp/Enron@Enron, Markus
Fiala/LON/ECT@ECT, Nicholas J Stephan/LON/ECT@ECT, Simon Brooks/LON/ECT@ECT,
Robert Diprose/LON/ECT@ECT, Paul Pizzolato/HOU/ECT@ECT, Reza
Rezaeian/Corp/Enron@ENRON, Konstantin Malinovski/LON/ECT@ECT, Michael J
Hutchinson/EU/Enron@Enron, Ed Dablin/EU/Enron@Enron, Bradley L
Marchant/EU/Enron@Enron, Tony Piper/EU/Enron@Enron, Russell
Plackett/EU/Enron@Enron, Predrag Barlov/EU/Enron@Enron, Thomas
Boettcher/EU/Enron@Enron, Fritz Ten Doornkaat/EU/Enron@Enron, Sam
Hainsworth/EU/Enron@Enron, Rainer Herforth/EU/Enron@Enron, Irma
Hunt/EU/Enron@Enron, Lothar Kierspel/EU/Enron@Enron, David
Lilley/EU/Enron@Enron, Nigel Stern/EU/Enron@Enron, Simon
Tibbitts/EU/Enron@Enron, Steve Upot/EU/Enron@Enron, Joe
Robertson/NYC/MGUSA@MGUSA, Patricia Benington/NYC/MGUSA@MGUSA, Tom
Gramlich/NYC/MGUSA@MGUSA, Bill Silverstein/NYC/MGUSA@MGUSA, Spiro
Spirakis/NYC/MGUSA@MGUSA, Sandra Torres/NYC/MGUSA@MGUSA, Ulf Von Borck/MG
Recycling/MGLTD@MGLTD, Achim Lindhorst/MG Recycling/MGLTD@MGLTD, Jeffrey A
Shankman/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT,
Greg Whalley/HOU/ECT@ECT, George McClellan/HOU/ECT@ECT, Bob
Crane/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Jim Fallon/Enron
Communications@Enron Communications, Marty Sunde/HOU/EES@EES, John L
Nowlan/HOU/ECT@ECT, Joe Gold/LON/ECT@ECT, Joseph P Hirl/AP/ENRON@ENRON, Bryan
Seyfried/LON/ECT@ECT, John Arnold/HOU/ECT@ECT, Peter F Keavey/HOU/ECT@ECT,
Brian Hoskins/Enron Communications@Enron Communications, Mike
Maggi/Corp/Enron@Enron, Chris Germany/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT,
Judy Townsend/HOU/ECT@ECT, Eugene Pereira/LON/ECT@ECT, Brad
McKay/HOU/ECT@ECT, Kate Fraser/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Tammi
DePaolis/Corp/Enron@ENRON, Scott Neal/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT,
Jared Kaiser/HOU/ECT@ECT, Scott Hendrickson/HOU/ECT@ECT, Sarah
Mulholland/HOU/ECT@ECT, Sandra F Brawner/HOU/ECT@ECT, Patrice L
Mims/HOU/ECT@ECT, Tom Donohoe/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT,
Andrew H Lewis/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Geoff
Storey/HOU/ECT@ECT, Kevin Ruscitti/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT,
Joe Parks/Corp/Enron@ENRON, Jim Schwieger/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, Carey M Metz/HOU/ECT@ECT, Elsa Villarreal/HOU/ECT@ECT,
Steven P South/HOU/ECT@ECT, Frank Ermis/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Matthew
Lenhart/HOU/ECT@ECT, John Craig Taylor/HOU/ECT@ECT, Robin
Milner/Enron@Gateway, Chris Dorland/HOU/ECT@ECT, Michael Cowan/CAL/ECT@ECT,
Chris Lambie/CAL/ECT@ECT, Chad Clark/CAL/ECT@ECT, John Disturnal/CAL/ECT@ECT,
Lawrence Clayton/Corp/Enron@Enron, Joe Errigo/Corp/Enron@Enron, Wayne
Herndon/Corp/Enron@ENRON, Larry Jester/Corp/Enron@ENRON, John
Kinser/HOU/ECT@ECT, Keller Mayeaux/Corp/Enron@Enron, Doug
Miller/Corp/Enron@Enron, Cyril Price/HOU/ECT@ECT, Chad
Starnes/Corp/Enron@Enron, Joe Stepenovitch/Corp/Enron@Enron, Greg
Trefz/Corp/Enron@ENRON, Jay Wills/Corp/Enron@ENRON, Robert
Benson/Corp/Enron@ENRON, John Berger/HOU/EES@EES, Paul J
Broderick/HOU/ECT@ECT, Matt Lorenz/HOU/ECT@ECT, Kyle Schultz/HOU/ECT@ECT,
John D Suarez/HOU/ECT@ECT, Jeffrey Miller/NA/Enron@Enron, Doug
Gilbert-Smith/Corp/Enron@ENRON, Larry Valderrama/HOU/ECT@ECT, George
Hopley/HOU/ECT@ect, Dana Davis/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, John
Zufferli/CAL/ECT@ECT, Tom Dutta/HOU/ECT@ECT, Patrick Hanse/HOU/ECT@ECT, Bill
Rust/HOU/ECT@ECT, Laura Podurgiel/HOU/ECT@ECT, Nicole La/Enron
Communications@Enron Communications, John M Forney/HOU/ECT@ECT, Jesse
Bryson/HOU/ECT@ECT, Mark Guzman/PDX/ECT@ECT, Jeremy Morris/PDX/ECT@ECT,
Holden Salisbury/PDX/ECT@ECT, Ryan Slinger/PDX/ECT@ECT, Collin
Whitehead/PDX/ECT@ECT, Bill Williams III/PDX/ECT@ECT, Mike
Swerzbin/HOU/ECT@ECT, Diana Scholtes/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT,
Michael M Driscoll/PDX/ECT@ECT, Cara Semperger/PDX/ECT@ECT, Mike
Purcell/PDX/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Jeff Richter/HOU/ECT@ECT,
Phillip Platter/HOU/ECT@ECT, Carla Hoffman/PDX/ECT@ECT, Chris
Mallory/PDX/ECT@ECT, Matt Motley/PDX/ECT@ECT, Mark Fischer/PDX/ECT@ECT, Tom
Alonso/PDX/ECT@ECT, Lisa Gang/PDX/ECT@ECT, Stacy Runswick/PDX/ECT@ECT, Lester
Rawson/PDX/ECT@ECT, Jean Mrha/NA/Enron@Enron, Jay Hawthorn/Enron
Communications@Enron Communications, Erik Simpson/Enron Communications@Enron
Communications, Grant Zimmerman/Enron Communications@Enron Communications,
Richard Schneider/Enron Communications@Enron Communications, Bryan
Garrett/Enron Communications@Enron Communications, Paul Racicot/Enron
Communications@Enron Communications, Dennis Benevides/HOU/EES@EES, Charles
Decker/HOU/EES@EES, Neil Bresnan/HOU/EES@EES, Richard Ring/HOU/EES@EES,
Jubran Whalan/HOU/EES@EES, John Zurita/HOU/EES@EES, Suneet
Sharma/HOU/EES@EES, Timothy J Hamilton/HOU/EES@EES, Barend
VanderHorst/HOU/EES@EES, Todd W Lambert/HOU/EES@EES, Monica
Roberts/HOU/EES@EES, James R Barker/HOU/EES@EES, Timothy S
Murphy/HOU/EES@EES, James Shirley/HOU/EES@EES, Matthew B Fleming/HOU/EES@EES,
Morgan Babin/HOU/EES@EES, Paul Tate/HOU/EES@EES, Marde L
Driscoll/HOU/EES@EES, Laura R Arnold/HOU/EES@EES, Jay Blaine/HOU/EES@EES,
Zarin Imam/HOU/EES@EES, Jesus Guerra/HOU/EES@EES, Jeff Coates/HOU/EES@EES,
Christina Bangle/HOU/EES@EES, Rhonda Smith/HOU/EES@EES, Amanda
Boettcher/HOU/EES@EES, Sherry Pendegraft/HOU/EES@EES, Alain Diza/HOU/EES@EES,
Sharon Hausinger/HOU/EES@EES, Andrew S Fastow/HOU/ECT@ECT, Tim
DeSpain/HOU/ECT@ECT, Clint Freeland/Corp/Enron@Enron, Naveen
Andrews/Corp/Enron@ENRON, Matthew Adams/Corp/Enron@ENRON, Sunil
Dalal/Corp/Enron@ENRON, LaCrecia Davenport/Corp/Enron@Enron, Frank
Economou/NA/Enron@Enron, Xochitl Figueroa/NA/Enron@Enron, Frank
Hayden/Corp/Enron@Enron, Andy Knight/Corp/Enron@ENRON, Christian
LeBroc/Corp/Enron@ENRON, Nick Paraschos/Corp/Enron@ENRON, David Port/Market
Risk/Corp/Enron@ENRON, Manfred Roenz/Corp/Enron@Enron, Vladimir
Gorny/HOU/ECT@ECT, Rebecca Phillips/HOU/ECT@ECT, Jason Sokolov/HOU/ECT@ECT,
John Suttle/HOU/ECT@ECT, Veronica Valdez/HOU/ECT@ECT, Rudi
Zipter/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT@ECT, Minal Dalia/HOU/EES@EES, Ted
Murphy/HOU/ECT@ECT, Monica Reasoner/HOU/ECT@ECT, Ding Yuan/Corp/Enron@Enron,
Lloyd Fleming/LON/ECT@ECT, Oliver Gaylard/LON/ECT@ECT, Rodrigo
Lamas/LON/ECT@ECT, Suzanne Bain/LON/ECT@ECT, Jitendra Patel/Market Risk
Management/LON/ECT@ECT, Homan Amiry/LON/ECT@ECT
cc:
Subject: 2nd Request - RESPONSE NEEDED THIS WEEK PLEASE - Risk Mgmt.
Compliance Certificate

Please print and sign the attached Enron Corp. Risk Management Policy
Certificate of Compliance and fax directly to Veronica Valdez, fax # 713 646
2194. Due to certain regulatory audits of our trading businesses, we would
like to receive these by the end of this week.

Attached is a copy of the Certificate of Compliance, and the Enron Corp. Risk
Management Policy.

If you have any questions, please call me at (713) 853-0429, or Veronica
Valdez at (713) 853-1881.

Regards,
Cassandra Schultz
Market Risk Management


who is this
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/10/2001
03:04 PM ---------------------------

ARSystem <ARSystem@mailman.enron.com> on 01/10/2001 01:47:30 PM
To: "jeffrey.a.shankman@enron.com" <jeffrey.a.shankman@enron.com>
cc:
Subject: Request Submitted: Access Request for jim.cole@enron.com

You have received this email because the requester specified you as their VP.
Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000011525&Page=
Approval to review and act upon this request.

Request ID          : 000000000011525
Request Create Date : 12/28/00 5:38:21 PM
Requested For       : jim.cole@enron.com
Resource Name       : VPN
Resource Type       : Applications


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

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

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

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

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

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

Kay

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

Subject: New York Hotel

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

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

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

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

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

Thanks,

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


PUC Member Brownell Named to FERC

A.P. INDEXES: TOP STORIES | NEWS | SPORTS | BUSINESS | TECHNOLOGY |
ENTERTAINMENT

By THE ASSOCIATED PRESS

Filed at 5:52 p.m. ET
WASHINGTON (AP) -- President Bush nominated Pennsylvania Public Utility
Commissioner Nora Mead Brownell to the Federal Energy Regulatory Commission on
Tuesday.
Brownell, a member of the state panel since 1997, would serve on the federal
commission through 2006 if confirmed by the Senate.
The five-member Federal Energy Regulatory Commission regulates wholesale power
markets and interstate natural gas pipelines.
During her time on the state commission, Brownell helped oversee
Pennsylvania's electricity deregulation, which has been praised as a national
model.
She has supported research into renewable sources of energy and was
instrumental in having the commission create a $21 million fund to be used for
investment in clean energy projects including wind, solar and biogas ventures.
The 53-year-old native of Erie, Pa., previously served as executive director
of the Regional Performing Arts Center in Philadelphia and was a senior vice
president of Meridian Bancorp Inc. She attended Syracuse University.


Thanks, Kim.

 -----Original Message-----
From: 	Rapp, Bill
Sent:	Thursday, February 07, 2002 1:04 PM
To:	Kilmer III, Robert; Lokey, Teb; Brown, Elizabeth; Kowalke, Terry; Watson, Kimberly; Harris, Steven; Donoho, Lindy
Subject:	CPUC Data Request

FYI: As you know, the CPUC had requested that TW provide copies of the responses to the earlier El Paso data request. We provided those copies to the CPUC yesterday.


Here is the revised review (password - oberon).  I have meetings scheduled for the afternoon and am not sure I will be able to get out of them at any particular time.  Does it make sense to give her the review without me being there and meet later or not?

 -----Original Message-----
From: 	Mayes, Fran
Sent:	Monday, October 29, 2001 10:07 AM
To:	Taylor, Mark E (Legal); Cash, Michelle
Subject:	FW: any updates?

	FYI

 -----Original Message-----
From: 	Mayes, Fran
Sent:	Monday, October 29, 2001 10:06 AM
To:	Nelson, Cheryl
Subject:	RE: any updates?

	Yes, I spoke with Mark on last Thursday and the revisions are complete.  He will let me know today when the
	three of us can meet to discuss.

	Fran

 -----Original Message-----
From: 	Nelson, Cheryl
Sent:	Monday, October 29, 2001 10:03 AM
To:	Mayes, Fran
Subject:	any updates?

Hey Fran, I am just following up from our meeting the week before last.  Were we able to make any progress since then getting any revisions?


Anyone up for Keneally's after work today?


Dr. Kenneth L. Lay
Chairman & CEO
Enron Corp.

Dear Dr. Lay:

In the wake of recent events, I want to confirm that CERA is proceeding
with CERAWeek 2002, to be held in Houston, Texas on February 11-15,
2002.   This year's theme  "The New Face of Risk: Energy Strategies for
the Changed World" will offer timely insight on the new economic and
geopolitical realities - and their implications for the energy future.
The events of the past weeks have had a profound impact on all segments
of the energy industry. We look forward to our February gathering as an
opportunity for leaders of the energy community to exchange ideas.  For
complete details of the event, please visit our website at:
http://www.cera.com/ceraweek2002

To help us plan for such a large-scale event, we ask you to consider
registering early this year.  To acknowledge your early commitment and
support for CERAWeek, we are offering significant incentives for early
registration, as follows:

* Flexible Enrollment Options - Beginning this year, the standard CERA
advisory service agreements include a two-day conference pass - clients
can choose between Oil & Gas events (Tuesday and Wednesday) or Gas &
Power events (Wednesday afternoon through Friday luncheon). For an
additional fee, clients using pre-paid seats may choose a four-day
CERAWeek pass.

* Early Registration Incentive - Clients registering prior to November
30 will be automatically upgraded from the standard two-day pass to a
four-day pass to allow you to maximize the value of and insights derived
from CERAWeek.

* Online Registration - CERA.com members will be able to register online
at http://www.cera.com/ceraweek2002/register/ . Non-members can complete
an online application for registration at the same site.

CERAWeek 2002 will feature several innovations designed to enhance your
experience and interaction:

* Security Enhancements - Including tightened registration and
credentialing, and other measures in advance and on-site.  We are
committed to preserving the relaxed and informal interaction that is a
hallmark of CERAWeek, and appreciate your understanding for any
inconvenience caused by these necessary precautions.

* Expert Briefings - Focused, highly interactive sessions including
presentation and discussion with CERA experts and industry peers.

* Strategic Tracks - Finance, Environment, Technology and Markets -
Offering an integrated agenda across the week, underscoring the key
linkages and common themes across energy segments and regions.

* Enhanced CERAWeek Online - Expanded multimedia coverage offering
highlights and interviews, conference panels, live simulcasts, and
coverage of keynote, plenary, and expert briefing presentations allow
participants to gain lasting value; and to share the learning and
sessions across your organization. This enhanced coverage will be
available on an enterprise-wide basis for an additional fee; early
enrollees (prior to December 15) will receive a 20% discount. More
information on this new feature can be found on our website at:
http://www.cera.com/ceraweek2002/cw02_premium.pdf .

CERAWeek 2002 is our most tangible expression of commitment to the
global energy community. Your participation is very meaningful. I wish
to thank you for your continued confidence in CERA. I hope that you will
register now to attend what we believe will be CERA's most important
event.

For more information on the program and registration options please
visit http://www.cera.com/ceraweek2002 or call Steve McCarthy at +1 617
441 1308 or email smccarthy@cera.com with any further questions or
considerations.

Best regards,

Daniel Yergin
CERA Chairman

*****************************************************************
Our relationship with you is very important to us.  Should you prefer
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Hi KC,

It would be a big help if you could take the NorthWestern guaranty sig pages
to Marissa after D Duran has signed them.

Thanks,

Kay


This is not good news. As you know, this financing was very important in
helping to solve the liquidity problem. John did tell me that they had good
meetings with the Embassy this week. My experience with OPIC tells me that
with a change in administration in Washington and the concerns John mentions
in his memo, we should not count on the financing. Thanks, Joe
---------------------- Forwarded by Joseph W Sutton/ENRON_DEVELOPMENT on
09/14/2000 04:30 PM ---------------------------

	Enron International

	From:  John Hardy                           09/14/2000 02:40 PM

To: Joseph W Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Update on Azurix - Buenos Aires water project

Joe
 As an update to my earlier email on the Azurix water project, Azurix has
suspended OPIC's consideration of the project until either we are able to get
a more positive cable out of the US Embassy in Argentina or George moves on -
probably in late January.
 But the OPIC pullback together with the publicity about Rebecca's departure
has caused serious concern on the part of IDB which is now pulling back.  The
IDB has made it clear that they are concerned about Enron's intentions
regarding Azurix.  I have talked to Azurix about seeking some statement of
support from Enron so that we can address this issue head on.  You may well
be getting some communication from John Garrison on this issue.  If we can
get back on track Azurix may be able to get IDB Board approval this fall.
 Hope you are well.  thanks John


Hi Sally,

I knocked up a new spreadsheet thats should show our total headcount revision picture from an ENW perspective. I've filled it with the numbers I know so far.

Regards

Mark Pickering
Chief Technology Officer

Enron Net Works, LLC

  _____


Hello Susan--

Great idea to initiate the email correspondence--I have a huge exam tomorrow,
and then I won't have internet access until December 22nd or so, so I just
wanted to let you know that an email with more detailed information will be
coming your way soon.  After my test tomorrow, I'm leaving for the
holidays--I'm going to meet Carter's family (the boyfriend you've apparently
heard about), and then we're going skiing with a bunch of friends from med
school until the 21st, so I'll email more when I get back!!  It was great to
hear from you!!

Love,
Elizabeth

>===== Original Message From Susan.M.Scott@enron.com =====
>As it appears I will be living and breathing the 32nd floor of the Enron
>building well through the first of the year, I've decided to break down and
>try to maintain my friendships via email.  You all know me well enough to
>know that this a huge step on my part ( I am not the world's best emailer).
>Anyway, I feel like I'm out of touch with what's going on in your
>collective lives and am thus missing out on some pretty wonderful, exciting
>and special things.  So when and if any of you get a chance shoot me back a
>quick note and let me know what's new in your life.
>
>Love you guys,
>Susan
>
>Jennifer - Hope work is going well.  I know this time of year has got to be
>crazy for anyone in your line of work, but I'm sure you're handling it
>well.  We really need to go grab coffee, dinner, a movie or something soon.
>I'm in need of a good chat.
>
>Jessica - I know you're in the midst of finals right now and probably about
>to pull your hair out.  Just focus on the fact that they'll be over soon
>and you'll be off to London to see Ashley and Lee ( I am so jealous).
>Please tell Clay I say hello and wish him good luck as well on y'alls
>exams.
>
>Lisa - Hey sweetie!  I am so sorry I couldn't make it to your shower in SA,
>but Jen said it went really well.  We need to get together soon I've missed
>seeing you and especially hearing about the wedding and all the fun goings
>ons in your life.  Tell Brad I say "Hi" and I'll be glued to the TV set
>just like him on the on the 29th rooting on the Horns.
>
>Emily - I really want to hear how your Thanksgiving went with Thomas and
>the "Fam".  Knowing Thomas it went great and your entire family (especially
>your Mom) is absolutely in love with him.  Keep me posted on your plans for
>the future ( I'm curious where you're going to end up geographically).
>Also, I thought you'd find it interesting that I may have an opportunity to
>work in your old hometown - Chicago.  Any thoughts?
>
>Elizabeth - I have really been out of touch with you and I am very mad at
>myself for letting that happen.  Please write back soon and let me know how
>school, your family and this new man in your life ( okay, I'm not
>completely out of touch) are all doing.  My guess is you're going through
>exams as well right now so I'll wish you the best of luck and infinite
>success.


Fertilizers brochure - final text file 2001

[Cover]

FERTILIZERS

It's time to manage your price risk.
Logo
[Spread 1]
Managing Price Risk
For producers and consumers of ammonia and fertilizers, price volatility is an all-too-familiar cost of doing business. To compete effectively in your industry, you need a way to control the risk created by price volatility. Enron can help with financial price management tools that can smooth earnings, facilitate cash flow management, and bring greater certainty to financing, investment and acquisition decisions.

Helping Ammonia and Fertilizer Producers Improve their Business
Few industries are more competitive or volatile than ammonia or fertilizers. From the very unstable pricing found in the markets for raw materials to the ebb and flow of market demand for finished products, producers can face enormous challenges in maintaining profit margins and cash flows.
Now there's help. For many years, Enron has been helping producers like you neutralize the risk of price volatility both upstream and downstream, using financial price management tools we pioneered more than a decade ago for the energy industry. Because Enron is a major trader of many commodities around the world, we're intimately familiar with the risks you face and are uniquely positioned to help you mitigate them.
Enron can also make it easier for you to trade the commodities you buy and sell, using EnronOnline, our Internet-based, global transaction system for commodities that allows you to view real-time prices and transact instantly online. EnronOnline posts bid and offer prices for over 1,500 global commodity products as well as complimentary weather, news and market information. In addition, it allows you to view full contractual terms and available volumes for products.
[Spread 2]
Finally, we can leverage, in your market, our position as the largest wholesaler of natural gas and electricity in North America. For example, we can structure cross-commodity transactions that link your electricity or natural gas bills to the price of the goods you produce. In this type of transaction, you would pay more for energy when your product prices are high when you can best afford it, and less when your product prices are low and your cash flows are constrained.

Helping Ammonia and Fertilizer Consumers Improve their Business

The ammonia and fertilizer markets that you depend upon are among the most volatile in the world. Yet your investors and lenders are demanding ever-greater stability in the growth of your company's revenues, earnings and cash-flow. For solutions to this apparent paradox, turn to Enron. As a leading provider of price management services across various industries, we can help you buy the commodities you need more efficiently, hedge the risks associated with their pricing, and, ultimately, lower your cost of capital.
Take a few moments to review the alternatives listed here, then spend a few more moments with Enron. We'll review your risk exposure with you and suggest risk-reducing strategies for taking control of your commodity price exposure.
[Spread 3]

SWAPS

Swaps are the most widely used price risk management tool for a variety of reasons, the most common being, no upfront transaction cost.
Swaps give companies the ability to effectively switch from one price structure to another - from floating price to fixed or vice versa. They are used most often to fix, or lock in, prices and margins between prices. In exchange for price protection, the ability to capitalize on some beneficial price movements is sacrificed.
The typical swap transaction involves the exchange of a fixed price for a variable price tied to an acceptable market index. Settlement is financial - i.e., cash changes hands; physical product does not. Each month during the life of the transaction, the difference between the two prices is calculated and payment is made to the appropriate party.
[Spread 4]

Swap: Producer example

AmmoniaKing, a producer of ammonia, is interested in managing the margin between natural gas feedstock and ammonia during the next six months. The company is concerned that market conditions could deteriorate more than expected and squeeze margins to the point of jeopardizing the annual profit plan. To eliminate this threat, AmmoniaKing enters into a swap with Enron that locks in the spread between natural gas and ammonia at $100/ton on 300,000 tons of ammonia, or 75 percent of monthly production. This margin virtually ensures that the ammonia unit will meet its financial target.
[chart 1]

DURING THE LIFE OF THE SWAP:

?        AmmoniaKing continues to purchase natural gas from suppliers and sell ammonia to customers of its choice, at floating market prices.
?        On a monthly basis, AmmoniaKing and Enron exchange payments equal to the difference between the fixed spread of $100/ton and the prevailing floating price spread.
?        For example, if the floating spread is $95/ton in a given month, AmmoniaKing will receive $5/ton in a given month on 300,000 tons. However, if the floating spread is $105/ton AmmoniaKing will owe $5/ton to Enron.
?        AmmoniaKing has stabilized a portion of its operating margin with the swap, giving the company the ability to achieve a key performance target.

[Spread 5]

Swap: End-user example

FertPro, a manufacturer of a variety of fertilizer products, is preparing its annual price catalog for many of its ammonia-based products. The company's customer base demands the ability to buy the products at the listed catalog price regardless of ammonia feedstock prices. This makes it impossible for FertPro to pass on feedstock price increases no matter what the magnitude. On the other hand, customers don't necessarily expect lower prices if ammonia feedstock prices should fall; they simply want a listed price they can count on. To service its customers while protecting its margins, FertPro enters into a one-year price swap. The swap effectively fixes the price of ammonia at $100/ton on a monthly volume of 10,000 tons, or 75 percent of anticipated monthly catalog sales.
[chart 2]

DURING THE LIFE OF THE SWAP:

?        FertPro continues to purchase ammonia from suppliers of its choice at floating market prices.
?        On a monthly basis, FertPro and Enron exchange payments equal to the difference between the swap fixed price of $100/ton and the floating price for ammonia.
?        For example, if the floating price for ammonia is $105 in a given month, FertPro will receive $5/ton on 10,000 tons. However, if the floating price is $95/ton FertPro will owe $5/ton to Enron.
?        The net effect of combining the swap cash flows with actual purchases of ammonia feedstock is a fixed price of $100/ton.
?        The swap enables FertPro to publish and stand behind its listed prices with full confidence that the margin on those sales is largely protected from fluctuating feedstock prices.

[Spread 6]

CAPS & FLOORS

Like Swaps, Caps and Floors provide price protection, but they have the added advantage of providing benefit from favorable price movements. They are commonly thought of as price "insurance," i.e., for a premium you are entitled to full price protection when prices move through a specified level. A price Cap protects against rising prices without sacrificing the advantage of falling prices. Floors are the opposite of Caps; they guard against falling prices while preserving upside price potential.
With a Cap or Floor, the full cost of the protection is predefined - it is equal to the premium paid for the Cap or Floor. There are no potential future costs related to price movements.
[Spread 7]

Cap: End-User example

CropFood, a manufacturer of urea, wants to develop business with a prospect that has difficulty passing on price increases, but is expected to pass on decreases without delay.
To distinguish itself from competitors, CropFood ensures the prospect that for the next 12 months, CropFood will never ask for a price increase above its very competitive product prices, no matter how high ammonia feedstock prices go. And to sweeten the deal, CropFood agrees to promptly pass on all feedstock price decreases as soon as they are announced, no questions asked.
The prospect likes CropFood's straightforward pricing policy and agrees to purchase 1,000 tons of urea per month. In order to honor its pricing promise without putting the company's margins at risk to rising prices, CropFood purchases a one-year price cap on ammonia at $120/ton for 12,000 tons per month. The cost of the cap is $2/ton.
[chart 3]

DURING THE LIFE OF THE CAP AGREEMENT:

?        CropFood continues to buy ammonia from its regular suppliers at market prices.
?        Enron receives a $2/ton premium from CropFood for the $120/ton price cap.
?        If the market price for ammonia goes above $120/ton in a given month, Enron will pay the difference to CropFood. If prices are less than $120/ton, CropFood enjoys the lower market prices for its feedstock.
?        The effective cost of ammonia paid by CropFood is the floating market price up to a maximum of $120/ton plus the $2/ton premium paid for the cap.
?        CropFood has, for a known cost of $2/ton captured new business by meeting the customer's price needs without putting the company at risk to ammonia prices in the process.

[Spread 8]

Floor: Producer example

AmmoniaKing, a producer of ammonia, anticipates a plant turnaround starting in three months time and lasting for two months. The company intends to build extra ammonia inventory of 50,000 tons over the next three months to meet sales obligations during the two-month period the plant is taken off-line. There is concern that prices could soften over the two-month turnaround period, squeezing the margin on the excess inventory to be sold during that time.
To protect against a sharp price reduction during the turnaround period, AmmoniaKing buys a two-month ammonia price floor today that becomes effective in three months time. The floor price is set at $145 and costs $3/ton. The total premium payable by AmmoniaKing is $150,000 (50,000 tons multiplied by $3/ton).
[chart 4]

EACH MONTH DURING THE LIFE OF THE PRICE FLOOR:

?        AmmoniaKing sells excess ammonia inventory to its customers at prevailing market (floating) prices.
?        Enron receives a $3/ton premium from AmmoniaKing for the $145/ton price floor.
?        If the floating price for ammonia is greater than the $145/ton floor price, there is no action under the floor contract. The effective price received by AmmoniaKing for its ammonia is the floating market price less the $3/ton premium.
?        If the floating price goes below the $145/ton floor price to $140/ton, for example, AmmoniaKing will receive the $5/ton difference from Enron. In this instance, AmmoniaKing effective price for ammonia is $142/ton - the $145/ton floor price less the $3/ton premium.
?        In summary, the price floor has established a minimum price of $145/ton with full upside potential at a known cost of $3/ton.

[Spread 9]
Your sales, profits and cash flows are too important to be left to today's volatile market. Call us today to shield your income statement from price volatility. Working together, we can develop a alternative price protection plans so that you can choose one that makes sense for you and brings value to your organization. To begin exploring your options with Enron, call Doug Friedman, Director of Petrochemicals Risk Management Group, Marc Distefano, or Rob Krotee, at 713-853-5592.

[disclaimer]
?2001 Enron Corp. Enron and the Enron logo are registered trademarks and Endless possibilities and EnronOnline are trademarks of Enron Corp. or one of its subsidiaries.
[back cover]
Logo
Endless possibilities.TM

1400 Smith St.
Houston, TX 77002-7361
713-853-5592


Dutch,
As of this morning, Jeremy has noticed that the daily change and Vega is kind
of a bit too much with the vol skew
and identified that there was an error in my code for passing the prior day
MidPr, which caused errors in
the Prior day value and daily change numbers. Now the code is fixed.
I run a few new post_id, and the changes look much smooth.
For March 27 run:
NGPROpt book 1084746 copied into 1086213(with skew)
calls 1085788 and 1086211(with skew)
puts 1085015 and 1086212(with skew)
done with Jeremy's excutible of port_calc on stage.

 -----Original Message-----
From:  Wei, Dave
Sent: Wednesday, March 28, 2001 10:13 AM
To: Quigley, Dutch; Jeremy Wong/HOU/ECT@ENRON
Cc: Griffith, John; McLaughlin, Errol; May, Larry
Subject: RE: Skew Project

For March 27 run:
NGPROpt book 1084746 copied into 1085734(with skew)
calls 1085788 and 1085790(with skew)
puts 1085015 and 1085016(with skew)
done with Jeremy's excutible of port_calc on stage.

 -----Original Message-----
From:  Quigley, Dutch
Sent: Friday, March 23, 2001 12:55 PM
To: Wei, Dave; Jeremy Wong/HOU/ECT@ENRON
Cc: Griffith, John; McLaughlin, Errol; May, Larry
Subject: Skew Project

Dave,

To follow up on our conversation about the Pipe Option Book, Errol will
provide post id's for Friday's COB
to calc the pipe options book with the skew table. As I asked on the phone
please provide two calcs, one calc
for the pipe options deals with and with out skew and another calc with the
NYMEX options deals with and without skew.

In addition to this, please recalc  1078960 & 1078963 for the ngpropt book.
These calcs are for puts and for calls for COB 3-23.

If you have any questions please contact me at 3-9257 with any questions

Dutch


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Two weeks ago, EPSA had a FERC Outreach meeting with FERC's Office of Markets
Rates and Tariffs staff to discuss issues of importance to EPSA members.  Jim
Steffes attended the meeting on behalf of Enron.  During the meeting, one of
the issues raised was the lack of comparable transmission service between
network and point to point service.  Several staffers (including Don Gelinas)
expressed interest in ways that FERC could address this comparability
problem.   After the meeting, Julie Simon met with Andrea Wolfman (head of
Market Oversight) and Andrea also expressed an interest in the issue.

Julie scheduled a meeting with Andrea and Ginny Strasser for today for EPSA
members.  I attended the meeting, along with representatives from Williams,
Duke, Dynegy, Mirant, and Reliant.   We told Andrea and Ginny that now that
FERC has issued its order on California, it's time to focus on the rest of
the country, and we have real problems, one being lack of comparable
transmission service -- namely, that utilities have network service and we
have point to point service.

While a lot of the conversation was based on generators' problems in
interconnecting to the grid (due to the problems with using point to point
rather than network service), we also discussed that this is a problem for
all transmission customers, not just generators.  Andrea asked if providing
some kind of new "Network Plus" type of service would also require
elimination of the native load exception.  We explained that while the native
load exception must be eliminated,  there is still a need for a Network Plus
type service because network is a superior service to point to point, and
utilities will still have access to this superior service, even when the
native load exception is eliminated.  The point of this meeting was not to
ask FERC to deal with the native load issue in this meeting -- Julie felt
that because Don Gelinas expressed interest in solving the network problem,
that we should respond to his interest, rather than trying to get our entire
agenda passed all at once.

Andrea seemed receptive to our ideas and suggested that we need to educate
FERC staff.  She also noted that if the Commissioners make this a priority of
theirs, that FERC staff will be much more willing to learn the issue and find
a way to solve the problem.

EPSA is going to work on a position paper on this new type of service.  At
the Function 8 (seams issues) Technical Conference yesterday, both Pat Wood
and Nora Brownell were interested in the comparability issue and ways to
address it.   So, we need to get the Commissioners on board with the idea
(Massey is already there, which he indicated in his concurrence in the
Entergy Source and Sink order) and begin to educate FERC staff.

Please let me know if you have any comments or ideas.  I will circulate the
EPSA draft position paper once I receive it.

Sarah


(See attached file: hpl0622.xls)

 - hpl0622.xls


---------------------- Forwarded by Ami Chokshi/Corp/Enron on 04/12/2000
02:03 PM ---------------------------

troy_a_benoit@reliantenergy.com on 04/12/2000 01:30:55 PM
To: "Ami Chokshi" <Ami_Chokshi@enron.com>
cc:

Subject: COPANOS CHANGES

(See attached file: HPL-Apr.xls)
 - HPL-Apr.xls


It's not in the worksheet.

Brenda H Fletcher
03/21/2000 08:08 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: CNG

Did you remove this contract from BUG spreadsheet?

Chris Germany
03/20/2000 05:49 PM
To: Gloria G Barkowsky/HOU/ECT@ECT
cc: Brenda H Fletcher/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT
Subject: Re: CNG

Done!  What's next?

Gloria G Barkowsky
03/20/2000 04:20 PM
To: Chris Germany/HOU/ECT@ECT
cc: Brenda H Fletcher/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT
Subject: Re: CNG

We have not had a demand charge on this since prior to 07/99.  Can
you take the demand charge off of the deal?

Chris Germany
03/20/2000 03:55 PM
To: Brenda H Fletcher/HOU/ECT@ECT
cc: Gloria G Barkowsky/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT, Mary
Theresa Franklin/HOU/ECT@ECT
Subject: Re: CNG

This deal terminates effective 3/31/2000.  FYI - all BUG terminate effective
3/31/200.

Brenda H Fletcher
03/20/2000 03:05 PM
To: Chris Germany/HOU/ECT@ECT
cc: Gloria G Barkowsky/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT
Subject: CNG

Chris do you know when this deal # should terminate?
Thanks,
BF
---------------------- Forwarded by Brenda H Fletcher/HOU/ECT on 03/20/2000
03:02 PM ---------------------------

Gloria G Barkowsky
03/20/2000 02:55 PM
To: Molly LaFuze/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Mary Theresa
Franklin/HOU/ECT@ECT
cc:
Subject: CNG

CNG deal #81247 has a demand fee until 03/31/00, and it should not.
Can you please correct this.  Please let me know.  Thanks, Gloria 3-7118


See me about this.
-----Original Message-----
From: Smith, William A. [mailto:William.A.Smith@ElPaso.com]
Sent: Wednesday, December 19, 2001 5:33 PM
To: Kean, Steven J.
Subject:

Steve,
Thanks for your help.  I've passed along your information to Byron.  Clark
says hello and we all wish you an especially merry Christmas.  Regards,
Bill Smith

******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************


Please mark your calendars.  Emory Ireland and Martin Weinstein of Foley &
Lardner will be conducting a presentation regarding the nuts and bolts of
Letters of Credit on Wednesday, May 23, 2001 from 8:45 a.m. to 10:00 a.m. in
EB5C2.  Please RSVP to Carolyn George at ext. 33439 or
carolyn.george@enron.com if you plan to attend.

Thank you,

Julia Heintz Murray
Enron Wholesale Services
Enron Industrial Markets LLC
1400 Smith Street, EB3838
Houston, TX  77002
(713) 853-4794
Fax:  (713) 646-3393
julia.murray@enron.com


See attached for ideas to scrub with Ryan and Andrea.

All publics are in draft awaiting the resolution of this issue, except Active
Power.  There is a memo to be released today discussing the entire Active
Power scenario which should help us figure out how to draft same per Mike
Galvan.  Further, I have asked Galvan to double check the Carrizo warrant
numbers that were provided because I am not sure they make sense based upon
the certificates for the warrants.  He is checking on that matter.


Given the current tremendous energy market volatility and as we stretch
resources to make our commercial goals for 2000, we think it would be
appropriate to postpone the ENA 2000 Offsite to early next year.  I trust
this meets with your approval and thanks for all the hard work.

Regards
Dave and John


Steve,

Appreciate the call this morning. It is good to learn from an expert that
shares the same type of market-driven approach to policy in energy as we do
in broadband deployment. We are not energy experts, but will do our best to
get up to speed and take more active role in long-term solution.

I will keep all of these documents confidential, but would like to use some
of the data points  to create an action plan from high-tech that we can
share with others such as HP, Intel, Novell, Solectron, National
Semiconductor and others that have engaged in this issue. Let's discuss
tomorrow afternoon. As I mentioned, we (Silicon Valley cos.) have meetings
in the morning and evening on 2/15 with Gov. Davis and will be discussing
energy crisis.

Thanks,

Laura

Laura Ipsen
Director
Worldwide Government Affairs
http://www.cisco.com/gov
T:(408) 526-6650
F:(408) 853-1598

At 02:29 PM 2/13/2001 -0600, Steven.J.Kean@enron.com wrote:
>I am attaching several items that I hope you will find useful when you
>brief Chambers:
>
>
>      A background document (which is a bit dated, but still useful). This
>      is an internal document, so I would appreciate it if you would keep it
>      confidential (though you are free to use the content in your own
>      messages or documents).(See attached file:
>      californiacrisisbackground.doc)
>      A basic outline of solutions.(See attached file: Solutions.doc)
>      A summary of the Governor's recent executive orders. (It's another
>      internal analysis.) I think these orders show a better understanding
>      of the problems and solutions than we have seen before.  As we
>      discussed on the phone, our biggest problem is inertia ... we don't
>      have much time, many solutions have long lead times, and the political
>      wheels grind slowly.(See attached file: California Executive
>      Orders.doc)
>
>Jeff Dasovich: please forward any specifics on the demand buy down proposal
>and anything else that you think might be helpful background for Laura.


it's been changed

Evelyn Metoyer@ENRON
04/03/2001 09:06 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Corrections for energy type

Hi Kate can you please ch the energy type to Firm instead of CAISO Energy on
deal 532921.

Thanks!


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

Top Stories (March 26)

HOUSE PANEL WRAPS UP HEARINGS ON CALIFORNIA ENERGY CRISIS, TO CONSIDER AID
A key House panel wrapped up a series of hearings on the California
electricity crisis Thursday and now will decide whether to come to the
state's aid with legislation.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/26/krtbn/0000-0156-SA-ENERGY-CRISIS

ALTERNATIVE ENERGY BILL PROGRESSES THROUGH CALIFORNIA LEGISLATURE
A quickly melded proposal that would assure payments for alternative energy
suppliers whose money woes contributed to power blackouts this week stalled
Thursday in a divided Legislature.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/03/26/krtbn/0000-0155-SA-ENERGY-BILL

CINERGY BUYS TENNESSEE, MISSISSIPPI POWER PLANTS FROM ENRON
A Cinergy Corp. affiliate has completed the purchase of two merchant power
plants from Enron Corp., giving the Cincinnati-based utility 1,000 megawatts
of new supply in the U.S. Southeast.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/26/eng-djn/eng-djn_180040_74_8149668332189

MEXICAN, TEXAS CONCERNS TEAM UP TO PURSUE POWER PROJECTS
Mexican construction concern Grupo Hermes said Monday it has agreed to form a
joint venture with San Antonio, Texas-based H.B. Zachry to participate in
electricity projects in Mexico.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/26/eng-djn/eng-djn_220040_180_889574261382

SCOTTISH POWER UNIT FILES FOR $42.7M RISE IN OREGON RATE
U.K. electricity firm Scottish Power PLC said Monday that its U.S. subsidiary
PacifiCorp has filed a request with the Oregon Public Utility Commission to
increase rates for a period of approximately three months starting May 2,
2001.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/26/eng-djn/eng-djn_070040_7_773104198277

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

Mexican, Texas Concerns Team Up To Pursue Power Projects

Cinergy Buys Tenn., Miss. Power Plants From Enron>CIN ENE

NZ PRESS: Contact Energy Acting Chief To Stay In Post

Nuon To Hold Press Conference On Purchase Of US Water Co

Acid Rain a Problem Despite 1990 Clean Air Act - Report

AES Venezuela EDC Unit Postpones Divs On Poor '00 Results

Phelps Dodge To Implement Power Cost Stabilization Plan

Phelps Dodge/Cost, Job Cuts -2: Curtailments In Colo Ops

Scottish Power Unit Files For $42.7M Rise In Oregon Rate

FRENCH PRESS: EDF Sends Letter Of Interest For Czech CEZ

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

California Utilities Commission Proposes 40% Power Rate Jump

TVA Is Ready for Red Hills Power Plant Will Help Appease Agency's Record Needs

Power Company Mvm Sets March 31 Deadline for Distributors To Pay Arrears in
Billing Dispute

Provident Energy Trust to Acquire Maxx Petroleum Ltd.; Provident Energy Trust
to Increase Cash Distribution from $3.00 to $3.60 Annually

Forum Scheduled on Energy Crisis

Calif. Regulators to Approve Increase in Retail Power Rates (Wrap)

Hydrogenics Get $2 Million in Government Funding for Fuel Cell System

Ftcr: Deregulation Disaster; 160 Percent Increase in Utility Bills Projected,
83 Cents of Every Dollar Goes to Profiteers

Governor Proclaims April Texas Electric Choice Month

Top Energy Summaries - Monday, March 26, 2001 - 5:23 PM

Energy Update/Los Angeles Department of Water And Power Issues Daily Energy
Update for Monday, March 26, 2001

Electricity Customers in Texas Switch to The New Power Company

Abraham Sees More Calif. Power Shortages

Process & Power 2001 International Conference Emphasizes Technical Content
And Practical Value115 Sessions Include ``Features at Work'' Series for Users
of Intergraph Process & Building Solutions Software

Repeats: Energy Volume And Open Interest Totals-Mar 26

Five Utilities Establish New Retail Energy Services Company

CalPERS Has Big Energy Tie

Top Energy Summaries - Monday, March 26, 2001 - 12:18 PM

Alstom hopes to increase U.S. market share on back of power shortage

Board Downplays Power Line Worries

Ocean Energy to Acquire Texas And Louisiana Assets

New High Capacity Storage Technology Set to Relieve California Energy Woes.

Exxon Mobil Corporation Joins California Fuel Cell Partnership

Idaho Power Seeks Hefty Hikes Rates Could Jump 34 to 62.8 Percent

Senate: Help Energy Buyers Lawmakers Vote to Give Puc Bond Authority

American Power Conversion Broadens Its Rack Accessory Offering with A New
Compact, All-in-One Monitor for Data Center Applications

Alpine Resources Retains Madison Energy Advisors for Texas And Louisiana
Divestment

Over 5,000 Electricity Customers in Texas Switch to The New Power Company in
Just Three Weeks

Top Energy Summaries - Monday, March 26, 2001 - 9:18 Am

Jea Deploys Imedeon's Mobile Workforce Management ApplicationApplication
Suite Enables Utility to Reduce Field Service Chain Support Costs

Uspowersolutions(R) Selected by Washington Gas Energy Services, Inc. to
Provide Powersolution(R) Services
 Throughout Mid-Atlantic Region

Itron, Inc. Books Over $70 Million in New Orders in Q1; Largest Order -- A
$39.5 Million Mobile Amr Order in Electric Systems

Cancoil Integrated Services Inc. Announces Signing of Memorandum of
Understanding with Halliburton Energy Services

Phelps Dodge to Implement Power Cost Stabilization Plan

Fuel Cells to Help Alleviate Current Energy Crisis As Output Will Multiply by
Factor of 250 in Next Decade, According to Abi

Duke Energy Stands by Its California Prices; Will Offset Credit Premiums
Charged When Past-Due Payments Are Received

Top Energy Summaries - Monday, March 26, 2001 - 7:43 Am

VCs Focus Power on Energy Start-Ups Cost-cutting Advances Considered a Good
Bet

Dynegy Inc - Introduces Coal And Emission Products to Dynegydirect

Energy Alternatives

With Natural-Gas Supplies Running Low, Prices Are Likely to Rise in Utah

Duke Energy Corp - Stands by California Prices; Will Offset Credit Premiums
Charged - When Past-Due Payments Are Received

Ballard Power Systems Inc - to Supply Fuel Cells to Daimlerchrysler for 30
Fuel Cell Buses

Ivanhoe Mines Ltd: Duke Energy Corp - Ivanhoe Mines Agreement with Duke
Energy International Will Switch - Tasmanian Pellet Plant to Cleaner Burning
Natural Gas

Silverado Gold Mines Ltd - Turning Coal Into a Low Cost, Clean Burning 'Green
Fuel'

NCE Energy Trust - Offer to Purchase Shares of Forte

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

Aigrettes Return to Coal City in East China

Hydro Plants to Pay US$332mn Water Royalties - Brazil

Seven Companies Present Solar Offers - Ecuador

General Electric Loosens Its Belt

The World's Largest Plasma Wind Tunnel

Energy Researchers Focus on Methane Hydrate

Top Energy Summaries - Monday, March 26, 2001 - 2:31 PM

China's Coal Reserves Account for 11.1% of World Total

Pakistan's Uch, Habibullah Power Plants Start Operations

Adb Procurement - Bangladesh, Power System Upgrade

Restructuring of Coal Industry to Be Accelerated in China

Nuclear power output in Europe rises

Colombia: Electricity Generation Groups in the Dock

Atomic Power Project Beset by Delays

Visteon to Host Industry Consortium Toward Advancements in Automotive
Electrical Systems in Palmela, Portugal March 26-27

Fletcher Building Limited - Upon Separation from The Fletcher Challenge Group
- Selects Citibank for NYSE Listed Adr ProgramFletcher Challenge Energy Sold
to Shell And Apache Corporation

Energy Firm Harnesses US Wind Deal

International Firm to Build Power Plant, Sugar Refinery in Yemen Free Zone

Ballard to Supply Fuel Cells to Daimlerchrysler for 30 Fuel Cell Buses

Italy not to import gas from EU countries not opening up energy market - Letta

Siemens to Form Joint Business Initiatives with YazakiJoint Ventures to
Develop, Manufacture, And Sell Advanced Vehicle Electrical Systems

Push for N-Power Complicates the Disposal Fight in Utah

Pakistan Paper Reports Expected Arrival of Chinese Minister for Energy 26
March

Old Mutual PLC Energy Fund Investment Launches UK Power Exchange

Energy Firm Wins US Wind Deal

Sweden to Build Offshore Wind Energy Complex

Russia to Import Coal from Mongolia

STOCKWATCH: Johnson Electric sharply higher on follow-through buying

Whitehall Says Yes to Gigantic Power Plant

Japan extends energy loan to crisis-hit Mongolia

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

House Panel Wraps Up Hearings on California Energy Crisis, to Consider Aid

Alternative Energy Bill Progresses Through California Legislature

Operators of California Power Grid Testify of System Abuses

New York Power Company to Consider Downsizing Generator Plan

California Lawmakers Look to Shore Up General Funds As Utility Woes Continue

Former Foes Agree to Southern California Water Transfer

Orchard Park, N.Y., Energy Firm Racks Up Bigger Quarterly Losses

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

Calif. regulators seek payments to power plants

American Electric seeks buyers for Seeboard - FT

UPDATE 1-Calif. regulator plan would boost electric rates 40 pct

FACTBOX-Key facts on German nuclear waste shipments

Mexico debt to grow if power reform not passed-official

Emergency Western power plan sent to White House

UPDATE 1-PG&E, Edison Intl shares surge on power rate rise

UPDATE 2-PG&E may take $4.1 bln charge; shares soar on proposal

Brazil in deep water as power sector lacks water

NU unit sets stranded cost deal in calm ABS mart

UPDATE 1-Calif. regulator proposes raising retail power rates

Canadian natgas mostly lower with warmer Alberta temps

UPDATE 1-Venezuela's Electricidad suspends qtrly dividend

UPDATE 2-Phelps Dodge cuts U.S. copper, moly production

TEXT-S&P comments on Enron Corp

UPDATE 1-NU unit launches $1.44 bln stranded cost deal

UPDATE 1-Enron sees 5 pct chance of Portland General sale

Duke says would take less for California power sales

Venezuela's EDC shareholders okay separation plan

NU unit launches $1.44 bln stranded cost ABS deal

Vermont Yankee hires JP Morgan to auction nuclear reactor

UPDATE 1-PG&E says may take $4.1 bln charge for power costs

PG&E says may take $4.1 bln charge for power costs

TEXT-Moody'S rates RWE AG and RWE Finance BV

TEXT-Moody's rates HQI Transelec Chile S.A.

RPT-El Paso, Coastal take charge on natgas hedging activities

TEXT-S&P rates Avista Corp $300 mln offering BBB

E.ON eyed for news on Powergen bid

German HEW sees Veag takeover battle resolved soon

France starts nuclear waste transport to Germany

*********************************************************
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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
operation together-- the cash and credit requirements, back office,
information technology, staffing, marketing, sales and organizational
considerations. Andrew Serri, Vice President, AmerenEnergy Marketing.

RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
far been an underwhelming success, but a great deal has been learned, and it
is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and
commodities in the deregulating energy industry cannot be met with current
CIS and CRM technology. Energy Retailers must embrace the next evolution of
energy customer management (ECM) solutions. Paul Grey, Chief Technology
Officer, Peace Software.

THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster
execution, reduced transaction costs, increased number and frequency of
transactions and increased specialization are just some of the changes to
energy markets wrought by the web, and it's just beginning. Implecations of
the internet for energy markets. E. Russell "Rusty" Braziel, Chairman and
Director, Altra Energy Technologies.

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Peter, I have considered your issue in point three below and, further to our
discussion, I believe that the issue is addressed in Paragraph 8(d) of the
credit support annex.  That paragraph indicates that, upon termination, where
no amounts are payable by Pledgor (the party that has posted collateral) to
Secured Party (the party holding the posted collateral), the Secured Party
will transfer all posted collateral (plus interest if the posted collateral
is cash) to the Pledgor.  Therefore, although in your third example Bow
Valley would be required to post a letter of credit for the $15 million, upon
termination ECC would owe the $240 million to Bow Valley and Paragraph 8(d)
would kick in, such that ECC would be required to return the letter of credit
to Bow Valley and pay the $240 million.  The mechanism set forth in Paragraph
8(d) clearly makes sense in a multi-transaction situation but doesn't really
make sense in this situation, since, in your third example, ECC could call
for a letter of credit from Bow Valley knowing full well that it will never
be able to actually use it, thereby simply making Bow Valley incur the cost
of posting the letter of credit.  However, I think this is a point that we
should leave for the bank to raise, if they are concerned about it.
Practically speaking, I would think that, given these facts, ECC would simply
not call for the letter of credit from Bow Valley in your third example, as
it provides no real protection.

I guess the only other point to be made is that, if the index were to go to a
price of less than $0.25 per GJ, such that the amount owed to Bow Valley
under Swap 1 was reduced from $300 million to less than $15 million, ECC
holding the letter of credit would make sense.

Greg

	Enron Capital & Trade Resources
	Canada Corp.

	From:  Peter Keohane                           09/20/2000 10:42 AM

To: Greg Johnston/CAL/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, William S
Bradford/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
cc: Brian Kerrigan/HOU/ECT@ECT, Soma Ghosh/HOU/ECT@ECT, Derek
Davies/CAL/ECT@ECT, Sharon Crawford/CAL/ECT@ECT
Subject: Alberta PPA Financing

I want to get a handle on how termination payments are handled vis a vis the
collateral obligations, particularly where the Index moves down relative to
the forward price and its effect on Swap 1.

@ $5.00 (assuming $5.00 example forward price) there is no issue.  There is
no collateral obligation and Swap #1 settles at $300MM and Swap #3 settles at
$0.

@ $6.00 (assuming $5.00 example forward price) there is $15MM collateral
obligation of ECC to Swapco on Swap #1 and $15MM collateral obligation of RBC
to ECC on Swap #3 each with $45MM collateral threshold, as Swap #1 settles at
$360MM due from ECC to Swapco and Swap #3 settles at $60MM due from RBC to
ECC.  This seems to make sense.  Swapco has a claim against ECC for $360MM
with Enron Corp. Guarantee and $15MM of collateral.  ECC has a claim against
RBC for $60MM with $15MM of collateral.

@ $4.00 (assuming $5.00 example forward price) there is $15MM collateral
obligation of Swapco to ECC on Swap #1 and $15MM collateral obligation of ECC
to RBC on Swap #3 each with $45MM collateral threshold, as Swap #1 settles at
$240MM due from ECC to Swapco and Swap #3 settles at $60MM due from ECC to
RBC.  This is where I get lost.  Swapco has a claim against ECC for $240MM
with Enron Corp. Guarantee but has given $15MM of collateral when it owes
nothing.  How is the collateral applied when it owes nothing.  RBC has a
claim against ECC for $60MM with Enron Corp. Guarantee and $15MM of
collateral.  This part seems to make sense.

Somebody smarter than me needs to explain.


Paul,
Where are we on this?  Can I do anything to assist?
Thanks. Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 03/29/2000 03:37
PM ---------------------------

	Enron Capital Management

	From:  Paul Garcia                           03/10/2000 05:30 PM

To: Sheila Glover/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT
cc:
Subject: Fixed Income Account Profile

FYI
---------------------- Forwarded by Paul Garcia/HOU/ECT on 03/10/2000 05:29
PM ---------------------------

GREG.CAMPBELL@chase.com on 03/10/2000 04:01:40 PM
To: Sam.M.Schwartzman@chase.com
cc: Paul.Garcia@enron.com
Subject: Fixed Income Account Profile

Sam,

Per our conversation, see below Enron's request.  After investigating, please
call me so we can discuss.

Thanks
---------------------- Forwarded by Greg Campbell/CHASE on 03/10/2000 03:59 PM
---------------------------
                                    DAVID M.
                              HODGESCAPITALMARKETS
                              03/06/2000 03:31 PM
                  (Embedded image moved to file: pic17086.pcx)

Chase Securities of Texas  713-216-1442    Fax Number: 713-216-2884

To:   Greg Campbell/CHASE@CHASE
cc:
Subject:  Fixed Income Account Profile

Greg, I hope this will help to get this account set up.  Let me know if you
need
anything.
---------------------- Forwarded by David M. HodgesCapitalMarkets/CHASE on
03/06/2000 02:46 PM ---------------------------

"Sheila Glover" <Sheila.Glover@enron.com> on 03/06/2000 01:57:49 PM

 To:      David M. HodgesCapitalMarkets/CHASE@CHASE

 cc:      "Paul Garcia" <Paul.Garcia@enron.com>, "Gary
          Hickerson" <Gary.Hickerson@enron.com>, "Harry
          Arora" <Harry.Arora@enron.com>

 Subject: Fixed Income Account Profile

David,
As per Paul and my conversation with you this morning, below you will please
find a brief summary of the type of account we want to establish.
Paul will forward this e-mail to Greg Campbell at Chase, as well.
Please give us a call at your convenience.
Sheila
713-853-3210

RE:  Fixed Income Clearance Account

Profile:
     Three principal currencies: USD, CAD and GBP (would anticipate Euro, as
well)
     Products: Bonds (governments and agencies)
     Normal Activity:
          Repo Settlement clearance account between counterparties
          Estimate 5-10 transactions a month
          Average size 10-25 Million, could go to $100 million
          DVP delivery
          May have fails or small delivery differences
          May have a custodial position for 2-3 days
          Hold cash in account of residual P&L or wire back if significant

Questions:
     Advance notice for settlement instructions required? Domestic? Foreign?
     Intraday draft facility or we cover
     Systems and daily information access

 - pic17086.pcx


The EES/EWS Process Meeting scheduled for Thursday, 10/18 has been canceled.


My add drops haven't been approved, so here's my  official lineup:
?
QB???? Beurlein
RB???? Wheatley
RB???? Smith
WR??? Robinson
WR??? Morton
WR??? Ward
K??????  Detroit
D?????? New Orleans?
?
I can't log on to the CBS Sportsline server, and  I'm on my way out to play
golf, so if any of the above wide receivers are on  bye, Gonzalez is the
starter instead of them (but I think all those receivers  are playing).
?
Bench:
QB??? Plummer???  bye
RB???  James??????? bye
RB??? Chauncey
WR??? Gonzalez
WR??? Sanders???  bye
WR???  Mathis??????? may be injured
?


Hi Molly:

I guess it is time to try and schedule Frank's interview.  We would like to
bring him in sometime around the first of February (when Krishna returns).

Please contact him and see what a good time for him would be.

Attached is his resume and Interview Request form.

 - enron_resume.doc

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 01/16/2001
09:42 AM ---------------------------

	Enron North America Corp.

	From:  Molly Magee                           12/20/2000 05:35 PM

To: Shirley Crenshaw/HOU/ECT@ECT
cc:
Subject: Re: Qian (Frank) Feng Interview with the Research Group

You, too, Shirley.   We'll be back in touch.

Molly

Shirley Crenshaw
12/20/2000 02:07 PM
To: Cheryl Arguijo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Molly
Magee/HOU/ECT@ECT
cc:
Subject: Qian (Frank) Feng Interview with the Research Group

Hello Molly and Cheryl:

Attached is Frank's resume.  We still have quite a bit of time as we want to
schedule this for after Krishna returns on the 25th of January.

This position would be for the Research Group directly, and would include
all of Vince's direct reports.

Thanks and MERRY CHRISTMAS AND HAPPY NEW YEAR!!


I reviewed the Cal ISO filings below (in Sue's note) to determine general
consistency with FERC orders on interconnection procedures.  Potential issues
are identified below and you all can decide if Enron should protest/intervene
(the West Developers may want to review this too).   Since I am not familiar
with the Cal ISO procedures, I cannot determine whether protest is necessary
(for example, PJM, NY, and NEPOOL have certain interconnection policies that
would not be acceptable outside the pool, but that work ok for the pool).
The TOs have also filed Amend. 39 interconnection procedures, but I have not
looked at those to see if they mirror these.  Maybe one of the paralegals
could check that.  In addition, one of you should review the filing letter
and procedures to make sure that the statements made by Cal ISO are correct.

(Filing letter) The Cal ISO states that these procedures are filed in
response to FERC's orders and that the Cal ISO and Market Participants are
examining policies that will ensure that the ISO Controlled Grid is expanded
to support competitive markets.  It also states that it would have liked to
propose complementary changes to its long-term planning and expansion
process, but other priorities have prevented it from doing so.
Discusses the two previously methodologies regarding interconnection
procedures -- "No Grandfathering of Transmission Rights" and "Advance
Congestion Cost Mitigation" (which was apparently rejected last year.
(Filing Letter at 10) -- Cal ISO does not propose a method of sharing upgrade
costs, but states that the procedures do not preclude such a provision.  This
is one we have used in other Inter. Agreements:  If required by law or if the
Parties mutually agree to allow one or more third parties to use the
Interconnection Facilities or any part thereof (whether by transfer of the
Interconnection Facilities to an RTO or otherwise) and such use decreases the
capacity of the Interconnection Facilities available to TO or the Facility or
otherwise causes any detriment to TO or the Facility or benefits any party
(including TO) other than Generator, or if TO is compensated for the costs of
the Interconnection Facilities (in whole or in part) for any reason,
Generator will be entitled to compensation from TO based upon the pro rata
use of the Interconnection Facilities by TO, all third party users, and
Generator, for the greater of (i) whatever costs Generator incurred in
connection with the Interconnection Facilities, plus interest at the Interest
Rate from the date of Generator's payment of the costs in connection with the
Interconnection Facilities and (ii) the value that TO receives for the
Interconnection Facilities.  Notwithstanding the foregoing sentence, the
Parties may use any other mutually agreed upon methodology to determine such
compensation.
3.3 If one or more third parties are to use the Interconnection Facilities in
accordance with Section ___, Generator's obligation to reimburse TO for the
operation and maintenance costs incurred by TO in connection with the
Interconnection Facilities shall be based on the pro rata use of the
Interconnection Facilities by TO, all third parties users, and Generator, or
on some other mutually agreed upon methodology; provided, however, that,
under no circumstances shall Generator's share of TO's operation and
maintenance costs be greater than its pro rata use of the Interconnection
Facilities.
(Procedures) The timelines for submitting applications and responding to
system impact studies (SIS) and facilities study (FS) are fine, per previous
FERC orders (in fact, Cal ISO asks for 60 days to complete the Facilities
Study -- PGE just filed requesting 90 days).
5.7.3.1.1.(c)  I would add "on a non-discriminatory basis" after "unless
otherwise agreed by the ISO, and the Interconnecting PTO"
5.7.4.2 allows the generator to perform its own SIS and FS, subject to review
by the Cal ISO and TO (this is a good provision that has not been adopted by
many utilities).
5.7.4.2.1 -- The SIS will identify adverse impact on "Encumbrances"
(undefined).  Someone needs to check this provision since I am not familiar
with this Cal ISO rule.
5.7.4.2.2 -- A New Facility Operator is entitled to amend its Completed
Application once without losing its queue spot.  Other utilities allow
amendments as long as the change is not "material", which has only been
defined by the utility and approved by FERC in several cases.  This Cal ISO
proposed provision could be problematic to other generators in the queue if
it is not limited to "material", (unless Enron is making the one time
change!)  In any event, check with West Developers on this provision.
5.7.4.3 -- This provision requiring a New Facility Operator to execute (or
have filed unsigned at FERC) an Interconnection Agreement within 10 days (if
no upgrades) or within 30 days (if upgrades) can be a problem.  Cal ISO does
not file a pro forma Interconnection Agreement in these procedures.  If Cal
ISO tenders a poor interconnection agreement draft (which happens all the
time with other utilities), then there is no way that Enron would typically
want to execute it within those time limits.  For example, Duke did not file
an pro forma interconnection agreement, but does allow 90 days for
negotiation.  In my experience, the negotiation of the interconnection
agreement can take a long time.  It would be advisable for the Cal ISO to
file a pro forma at FERC, then you can protest, if necessary, and at least
there will be a fairly decent interconnection agreement to use.
5.7.4.4.1(a)  -- The Queuing Milestones appear to be fairly rigid and quick:
require the New Facility Operator to comply with the ISO tariff and the TO
tariff and within 6 months of its Completed Application Date, satisfy all
applicable Data Adequacy Requirements of state and local siting and other
regulatory authorities.  I don't know that 6 months is achievable.  FERC has
approved milestones in other cases, but most contain language requiring
reasonable movement toward the milestones.  For example in Duke ER01-794
Section 41.5: (Transmission Provider may reasonably extend any such milestone
dates in the event of delays not caused by the Generation Interconnection
Customer, such as unforeseen regulatory or construction delays that could not
be remedied by Gen. Int. Customer through the exercise of due diligence, and
may also reasonably extend milestone dates to which the Gen. Int. Customer
has not agreed and which the Gen. Int. Customer has challenged at the
Commission pending a Commission determination as to the reasonableness of
such dates.)  In addition, the Cal ISO only allows one extension of 30 days
-- probably not enough.
5.7.4.4.1 (b) -- requires a New Facility License within 15 months after
satisfying the Data Adequacy Requirements.
5.7.5 -- does not provide for transmission credits for "network upgrades"
(upgrades other than the costs of interconnection).  The Cal ISO recognized
this exclusion in its filing letter at 11, but thinks that such issues are
appropriately addressed as part of the process to revise the ISO's long-term
grid planning process.  Enron has argued and won at FERC for transmission
credits in other utility cases, but I don't know what is appropriate under
Cal ISO system, so please check this carefully.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 04/11/2001
08:02 AM ---------------------------

Susan J Mara@ENRON
04/05/2001 03:18 PM
To: Christi L Nicolay/HOU/ECT@ECT
cc:

Subject: RE: FERC FIlings

I complained to the ISO Webmaster and Voila!  I guess I was looking in the
wrong spot

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 04/05/2001 01:14 PM -----

	WebMaster <WebMaster@caiso.com>
	04/05/2001 01:11 PM

		 To: "Mara, Sue" <smara@enron.com>
		 cc:
		 Subject: RE: FERC FIlings

Its under Public Info, FERC Filings and Rulings, Tariff Amendments.
Here's the direct link

http://www2.caiso.com/docs/2001/04/02/200104021630021868.html

-----Original Message-----
From: smara@enron.com [mailto:smara@enron.com]
Sent: Thursday, April 05, 2001 1:05 PM
To: webmaster@caiso.com
Cc: webmaster@caiso.com
Subject: FERC FIlings

I am looking for the ISO's FERC filing that was made on April 2 --  of
Amendment No. 39 on the New Facility Interconnection procedures.


I think you're absolutely right.  I wonder what happens if the SEC lodges
complaints and the FPPC determines there was a conflict of interest in terms
of the long term contracts?

Thank you for the head's up on the lawsuit.

By the way, did Enron just hire McNally?  If so, what are they doing?

Scott

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Tuesday, July 31, 2001 10:29 AM
To: sgovenar@govadv.com
Subject: Re: SBX 31

Thanks.  Looks like one thing good has happened for them today.  I don't
think Maviglio will be able to stay.  Your thoughts?  I'm glad he made some
money off of Enron stock.  (What a jerk.)

Also, we did file the amended complaint yesterday and the motion to quash
will be filed today.

Best,
Jeff

"Scott
Govenar"             To:     "Jeff Dasovich"
<jdasovic@enron.com>
<sgovenar@gov        cc:
adv.com>             Subject:     SBX 31

07/31/2001
12:28 PM
Please
respond to
sgovenar

Jeff,

Following up on yesterday's conversation, SBX1 31 did contain some
expedited
review provisions for CPUC and DWR decisions and was chaptered into law on
May 10.  The first special session ended on or about May 15 which means the
expedited provisions take effect on or about August 15.  The intent of the
budget language was to have that take effect even sooner.

Scott

**********************************************************************
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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
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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.
**********************************************************************


fyi...as discussed.
sg

 -----Original Message-----
From: 	Glover, Sheila
Sent:	Tuesday, December 11, 2001 1:20 PM
To:	'rich.sussman@gs.com'
Cc:	Hemsley, Simon
Subject:	Goldman Sachs Cash Balances

Rich,
I would like Goldman Sachs to release the following funds based upon balances as of December 10, 2001.  We will wire out the Hedge and Credit balances.  I would like to transfer the Convert balances to the Convert book.

I will prepare wire requests and send to you.

Thanks. Sheila

Cash Balances for December 10, 2001 for ENA- TOP and
Results sorted by Group, Account Number, Currency and Account Type.

ENA- TOP

Currency	Account Name	Account Number	Account Type	TD Balance	SD Balance

U S DOLLAR	Hedge	206447	3	                    1,552.33 	                   1,552.33
 	Hedge	3366888	6	                 984,062.06 	                984,062.06
				                 985,614.39 	                985,614.39

 	Convert	3367171	6	                  (41,329.96)	                 (41,329.96)
 	Convert	225783	1	                        (45.00)	                       (45.00)
				                  (41,374.96)	                 (41,374.96)

 	Credit	207005	3	                    5,115.90 	                   5,115.90
 	Credit	225784	1	                              -   	                             -
 	Credit	225784	6	                 291,817.71 	                291,817.71
 	Credit	3367170	6	              1,196,354.20 	             1,196,354.20
				              1,493,287.81 	             1,493,287.81

				              2,437,527.24 	             2,437,527.24


This memo will confirm the above referenced meeting will be held in Room
EB2868 tomorrow morning, 12/14/2000 at 9:00 a.m. Houston Time and 3:00 p.m.
London Time.  Next Thursday, December 21, it will be held in Room 50M03.

Claire/Lauren

For everyone calling in from the London office, please advise them to dial
the following number:  713-345-3324.  Also, since I was unable to find James
Nu on the email address, will you make sure he is aware of the room change?

Thank you in advance.

Dorothy


It is not surprising. I think it is best for her not to work here, as she obviously wasn't happy. Michelle
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Rod:

Attached are requested items.

1) Copy of my goals for 2000 with latest status through December

2) List of accomplishments for the year 2000 through December.

Self evaluation completed on the PEP system.

Ellis


[IMAGE]
?

You're invited to:
Holiday Soiree in the 6th Ward

Hosted by:
Kya and Neil Sainsbury-Carter

To view the full invitation, click here!

[IMAGE]

Use Evite to host your next get-together. It's easy, fun and 100% free

??????	 HAVING TROUBLE?

	If the "To view the full invitation, click here!" link above didn't take you
to your Invite, try double-clicking the link below (or copy and paste it into
your web browser's location bar and hit 'Enter'):
	http://www.evite.com/r?iid=YMIDJQQKTEIEKBVQRKAE&li=ic

	Still having trouble? Email support@evite.com
		??????
[IMAGE]

[IMAGE]


Donna

What is the ANSI Compliance Team?

Thanks
Hunter


---------------------- Forwarded by Mary Hain/HOU/ECT on 11/06/2000 03:01 PM
---------------------------
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: Re: LA DWP

Mary,
For two months now,   the Real Time traders at LADWP say that they either:

Cannot buy or sale anything due to political concerns

Or

Cannot sell for less than $225 due to political reasons.

They have not provided any detail behind this decision.    Other market
participants,  such as SRP,  Pacificorp and APS  are aware of their policy.
We have heard that the price could be less if you are a utility buyer,
however,   we have nothing to substantiate this information.

JMF


Stacy:

Unfortunately Mark Haedicke will not be able to participate in this video conference.  He said he thought you would understand due to the current circumstances.  Please go ahead and have the video conference even though Mark Haedicke cannot participate.

Please accept our apologies.  Thank you.

Janette Elbertson

 -----Original Message-----
From: 	Stacy Carey <SCAREY@ISDA.ORG>@ENRON
Sent:	Friday, October 26, 2001 1:16 PM
To:	Haedicke, Mark E.
Cc:	Taylor, Mark E (Legal); Ruth Ainslie; Elbertson, Janette
Subject:	Draft Agenda - November 2 Energy Meeting

Mark -- I have attached a draft agenda for Nov. 2.  Would like to try to
catch you prior to the meeting to discuss how you want to proceed on Friday.
Would you let me know if you have 15-20 minutes sometime next week?  Many
thanks!  -- Stacy

 <<Agenda - Nov 2.doc>>

Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY  10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
scarey@isda.org

 - Agenda - Nov 2.doc << File: Agenda - Nov 2.doc >>