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Smiling - thnks that is so true.  We missed you last night


To:? Participants (and those who could not attend)
?????? the April 20 Wharton ET Conference

Thanks for participating in the recent Strategic Partnerships
conference at Wharton, and contributing to making it such a great success.

We are enclosing with this email a presentation that we unfortunately
had to cancel due to time constraints and we wanted to make sure you
saw this because it involves some very interesting statistics
involving EMAIL and informal organizational structure.

Ruhul Quddus, an MBA student here at Wharton, with advice from several
faculty and researchers (including us) has developed a procedure
that allows firms to map their informal organization structure using
email logs from the email server (note: the content of the emails is NOT
required; just the data on who emails whom).

Ruhul's initial results are very interesting and thought provoking in that
they
show that consideration of informal organization structure can potentially
enhance the value of decision making in situations such as integrating
acquisitions and coordinating alliances.? We hope you will look through the
attached slides which outline some of his findings.

Ruhul's contact information can be found on the slides.

Best regards,

Harbir Singh & Phanish Puranam
The Wharton School
University of Pennsylvania
???????  - Mapping Social Network.ppt
--
Michael S. Tomczyk
Managing Director
Emerging Technologies Management Research Program
1400 SH-DH/6371
The Wharton School
Philadelphia, PA 19104-6371

Tel 215-573-7722
Fax 215-573-2129
website:  http://emertech.wharton.upenn.edu


I definately support  a promotion.  I have not given up on the contract,
although I have not figured out how to make it more palatable for her while
ensuring
she is committed to Enron.

Scott

Frank W Vickers@ENRON
05/15/2001 02:04 PM
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Tammi

Scott, Tammi told me that she has chosen not to sign the Employment
Contract.  I understand her issues.  Even before she informed me of her
decision I was thinking that we should support her for mid-year promotion to
Director.  I would like to get your thoughts on this.

Frank


Please send me the August invoice for CES.  Did we do any manual billings for
August?  I need those too.


Start Date: 10/24/01; HourAhead hour: 19;  No ancillary schedules awarded.  Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001102419.txt

Error retrieving HourAhead price data - process continuing...
---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/24/01
  TIE_POINT: MALIN_5_RNDMTN
  INTERCHG_ID: EPMI_CISO_DUCKS
  ENGY_TYPE: FIRM


Mike verified it at 50 mw - it's changed.

Kerri Thompson@ENRON
02/16/2001 12:04 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: tfs

do you know the status?

   Kate Symes @ ECT                02/15/2001 06:20 PM

To: Kerri Thompson/Corp/Enron@ENRON
cc:

Subject: Re: tfs

I'll have to ask Mike about this in the morning - he's in that conference for
the afternoon. It says 25 mw in his trade log.

Kerri Thompson@ENRON
02/15/2001 01:56 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: tfs

524175

broker has 50 mw


We've had a request from AA to provide them with some sort of write-up or documentation from our research group on the valuation methodology used on the contingent issuance instrument for 18 million shares that was a part of the Raptor transaction completed at the end of March.  Apparently, this request has come from AA's expert in this area (I believe that his name is Dechundra, or something like that.  I've probably destroyed the spelling on that.  You guys are probably very familiar with him.)  Anyway, is there such documentation that we can provide them easily?  If so, let me know so that we can try to get AA finished with their review of the transaction.  In talking to our contacts at AA, I believe that their expert will be wanting to talk to you after he reviews the methodology documentation.  Thanks,
Ron


Dave

Thanks

What happened to the new trader graphs.

Lavo

-----Original Message-----
From: Forster, David
Sent: Mon 1/29/2001 6:04 PM
To: Lavorato, John J.
Cc: Kimberly Hillis/HOU/ECT@ENRON
Subject: EnronOnline statistics

John,

Further to our meeting the other day, my guys have determined the following:

1) Approximately 2% of all non-Nymex natural gas transactions are completed after 2:30 pm.

2) Approximately 10% of all Nymex natural gas transactions are completed after 2:30 pm

3) As of Jan. 23, we have completed 113 gas and 112 power transactions on ICE.

4) As of Jan. 23, we have completed 139 gas and 72 Power transactions on Dynegy Direct.

Dave


Here are IEP's comments on caps.  It's from a draft circulated last Friday,
but just spoke with Smutney, and he said that the comments did not change
substantively .  Very briefly, "IEP is generally opposed to caps, but if
FERC's going to go with a soft cap, 1) there's a lot of clarification needed,
2) it needs to include "upward ratchet," a la Heber and 3) it must be linked
with other reforms (i.e., forward contracting, siting, retail markets,
etc.)."  The comments do not explicitly address the level of the cap.  They
also call for a technical conference.

Anything to add, Sue?
******************************************************************************
***************************************
B. Issues Concerning Implementation of the &Soft Cap.8

IEP has concerns about the implementation of the &soft cap8 proposal.  IEP
has not and does not support price caps because it impedes the operation of
the market and distorts price signals.  Such mechanisms should have no place
in competitive markets in the long-run.  The Staff Report notes that caps do
not work. Citation; Also MSC,   IEP is concerned, as are others, that the
soft cap proposal will fail to attract new investments in supply or foster
meaningful demand response.   It is particularly problematic in terms of
attracting new capacity that will operate as peaker units for a limited
number of hours when weather-induced demand cannot be met from less expensive
units or imports. Notwithstanding the apparent opinion of SMUD otherwise,
there are demands which materialize only for a fraction of a percentage of
the total hours of a year, and therefore some resources will only be
dispatched a short number of hours to meet that need.  These resources tend
to be fast ramping, less efficient units that are not designed or intended to
operate as &baseload8 facilities.  Hence the suggestion that they &just
operate more8 to recover their costs is misplaced.
The soft cap also appears to be especially problematic to power marketers who
make wholesale purchases for subsequent resale but who may not own the
underlying physical generation assets.  These entities have a major role in
the marketplace in terms of bringing demand and supply together and they seek
return on the risks they undertake.  These entities will perceive the &soft
cap8 as a &hard cap8 which will chill their participation in California,
particularly when regional supplies become tight and expensive.  This
unintended consequence must be avoided or the markets will be hobbled.
IEP echoes the concern articulated by the CAISO that the soft cap proposal
may divert or require additional ISO resources.    It will clearly compound
the settlement processes at the CAISO as transactions above the soft cap will
require additional tracking and segregation to allow for potential
&unwinding8 should the bids be disallowed.  It will also require some form of
new software to provide for potential calculation of the weighted averaged
prices suggested in the November Order, presumably in 10-minute increments,
to blend with the market clearing prices established in the various markets.
Moreover, if that averaged price associated with bids above the cap is
modified often, then CAISO will be required to &re-run8 settlements or
undertake subsequent settlement adjustments.  It is possible that these
efforts*which are suggested as temporary measures in the November Order*would
take away from CAISO,s efforts at developing solutions to longer-run problems
in terms of software modifications/development.  At first blush the details
regarding implementation of the soft cap proposal are not straightforward as
currently described, and any further exploration this approach will at least
require a &technical conference8 to clarify the mechanics and to ensure that
it can be done in a reasonable manner.
IEP could only support the soft cap proposal if it is part of a negotiated
package of inter-jurisdictional programs, and provided that it is subject to
an pre-established unidirectional escalation mechanism, or a similar one-way
mechanism that is tied to the development of new capacity within the WSCC.
The inter-jurisdictional elements must include:
? establishment of standards applicable to potential refunds based on
allegations of market power abuse in FERC jurisdictional markets;
? definition of durable reasonableness review standards applicable to
wholesale purchases by the load serving utilities such that they will no
longer be discouraged from entering bilateral arrangements on a forward basis;
? establishment of a &road map8 by the California Commission that delineates
a firm timeline*with milestones*for the review and resolution of retail
market issues including market-based demand responsiveness;
? establishment of a &road map8 by this Commission, in consultation with the
CAISO, that delineates a firm timeline*with milestones*for the review and
resolution of implementation issues associated with the Commission,s
subsequent order in this docket as well as other outstanding proposals such
as generation interconnection rules and congestion management;
? establishment of firm sunset date, not to exceed 2003, to bound the
duration of soft cap, and implement a unidirectional escalation mechanism,
not subject to subsequent lowering, which is based either on a
pre-established schedule or tied to increases in installed capacity within
the WSCC.

	Susan J Mara
	11/22/2000 10:21 AM

		 To: James D Steffes/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, bernadette Hawkins/Corp/Enron@Enron,
Christopher F Calger/PDX/ECT@ECT, David Parquet/SF/ECT@ECT, Debra
Davidson/PDX/ECT@ECT, Dennis Benevides/HOU/EES@EES, gfergus@brobeck.com,
Ginger Dernehl/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Jeff
Richter/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@Enron, Joseph
Alamo/NA/Enron@Enron, Jubran Whalan/HOU/EES@EES, kcurry@bracepatt.com,
lanai.wolfe@enron.com, Marcia A Linton/NA/Enron@Enron, Mary Hain/HOU/ECT@ECT,
Maureen McVicker/NA/Enron@Enron, Mona L Petrochko/NA/Enron@Enron, Neil
Bresnan/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, rcarroll@bracepatt.com,
Richard Shapiro/NA/Enron@Enron, Robert Badeer/HOU/ECT@ECT, Sarah
Novosel/Corp/Enron@Enron, Steven J Kean/NA/Enron@Enron, Tim Belden/HOU/ECT@ECT
		 Subject: Re: Enron's Response Today - Key Point to Focus On

I know that WPTF is supporting Hebert's approach and would suggest starting
with $250 or higher with big increments every six months.  WPTF is also
asking for clarification on what the cap applies to.  I don't recall what the
comments said on refund and I haven't taken a look at the WPTF final yet.
I'll let you know.  I'll check on the others today.

	James D Steffes
	11/22/2000 07:30 AM

		 To: Alan Comnes/PDX/ECT@ECT, bernadette Hawkins/Corp/Enron@Enron,
gfergus@brobeck.com, Christopher F Calger/PDX/ECT@ECT, David
Parquet/SF/ECT@ECT, Debra Davidson/PDX/ECT@ECT, Dennis Benevides/HOU/EES@EES,
Ginger Dernehl/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Jeff
Richter/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@Enron, Joseph
Alamo/NA/Enron@Enron, Jubran Whalan/HOU/EES@EES, kcurry@bracepatt.com,
lanai.wolfe@enron.com, Marcia A Linton/NA/Enron@Enron, Mary Hain/HOU/ECT@ECT,
Maureen McVicker/NA/Enron@Enron, Mona L Petrochko/NA/Enron@Enron, Neil
Bresnan/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, rcarroll@bracepatt.com,
Richard Shapiro/NA/Enron@Enron, Robert Badeer/HOU/ECT@ECT, Sarah
Novosel/Corp/Enron@Enron, Steven J Kean/NA/Enron@Enron, Susan J
Mara/NA/Enron@Enron, Tim Belden/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron
		 cc:
		 Subject: Enron's Response Today - Key Point to Focus On

As I've been thinking about our response today, I would like Enron to focus
on making sure that the California (WSCC) markets are as good a possible for
business over the next 15 to 24 months.  Following that idea, I think that
the key points are (1) clarifying/raising the soft cap and (2) reducing the
burden/risk of the prospective refund period.

I know that we had discussed leading off with the debate over market power /
retroactive refunds, but I think that (a) FERC is not inclined to do much
more on this issue, (b) FERC wants to fix the market as much as it can given
the current political realities, and (c) if retroactive refunds become an
issue, we still have our full compliment of resources to later fight this
fight.

I would recommend that the pleading and Alan's testimony be modified to bring
these issues to the top of the ticket.   We should still include all of our
other arguments.

Finally, I want to make sure that Enron is taking the right position by
quietly supporting a $250/Mwh soft cap with safe harbor fixes?  Sue Mara, can
you please try and find out what EPSA, IEPCA, and WPTF are going to file?  I
want to make sure that we are in the ball park on this issue but not getting
too soft.

Jim


I have been reviewing the documentation for this trading site for a few weeks
now.  I have not had a lot of time to review it thus far but I plan on taking
a closer look at it this week.  I will keep you informed of my review.  ENA
is looking at trading on this site, what other Enron entities that are
looking at this site?  I would want our documentation to be consistent across
any Enron entities trading with Swiss Re.

----- Forwarded by Brent Hendry/NA/Enron on 09/11/2000 02:24 PM -----

	Sara Shackleton@ECT
	09/11/2000 01:35 PM

		 To: Brent Hendry/NA/Enron@Enron
		 cc:
		 Subject: Your ELRiX Registration

Brent:  Per my voice mail.  I thought it made sense for you to review.
Thanks.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 09/11/2000 01:33 PM -----

	Martin Rosell
	09/11/2000 10:19 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Your ELRiX Registration

Sara, long time no see.  I won't be over for this autumn's ECT conference but
hope to be around next year.

Please do me a favour and look through the doc attached below, which is
governed by New York law (in particular the reps under Section 2(d) and the
governing law language/jurisdiction language).  The contract gives rise to
some issues (e.g. deficient default language), which I thought I could
address myself.  The matter is somewhat urgent.  Tks.

Martin

Dear Mrs. Woolgar

We would like to confirm that your company has successfully registered as a
member of ELRiX Weather Derivatives.

Upon receipt by Swiss Re Financial Products (?SRFP?) of the documents
listed hereinafter your company?s account on ELRiX will be activated:

   Two copies of the attached Weather Derivatives Master Agreement bearing
   the signature(s) of the person(s) authorized to sign on behalf of your
   company.
   A US tax form duly filled as according to section 2 g) to i) of the
   Weather Derivatives Master Agreement. You may find these forms and the
   instructions pertaining thereto on the freely accessible website of the
   Internal Revenue Service (http://www.irs.gov/forms_pubs/forms.html or
   http://www.irs.gov/forms_pubs/fillin.html [fill-in-forms only]) by
   clicking on the appropriate file from the list provided on the bottom of
   the website.
   A customary document indicating who are the persons authorized to sign
   on behalf of your company as well as an excerpt of your company's
   signatures book or such other customary documentation acceptable to SRFP
   (such as a list of authorized persons with signatory samples) evidencing
   the authority and genuineness of the signatures of such persons
    A certificate of incumbency specifying the names and signatures of
   persons authorized to execute the Master Agreement and Confirmations on
   behalf of the counterparty, and a certified copy of resoutions of the
   Board of Directors authorizing the counterparty to enter into weather
   derivatives transactions.
   A legal opinion issued by your legal counsel stating the authority of
   your company to enter into the contemplated derivative agreement.

(See attached file: wd_Master_agreement.pdf)

We kindly ask you to send these documents to the following address:

Swiss Re Financial Products Corporation
Attention: Clare Power
55 East 52nd Street
New York, NY 10055 USA.

In the meantime, two letters will be mailed to you by regular surface mail,
one containing a user ID and main password and the other enclosing a
strike-list of single-use passwords. Upon activation of your account you
will be able to access the restricted area of the ELRiX website with your
user ID, your main password and the single-use password.

Should you have any questions please do not hesitate to call the ELRiX Help
Desk on
+ 800 35 74 92 66 or send an e-mail to Contact_ELRiX@Swissre.com.

Best regards,

ELRiX Operations
 - wd_Master_agreement.pdf


you are absolutely wrong

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 12:24 PM
To:	Maggi, Mike
Subject:	RE:

i think that you brought it up.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 12:18 PM
To:	Nelson, Michelle
Subject:	RE:

you didnt bring it up for no reason

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 12:17 PM
To:	Maggi, Mike
Subject:	RE:

no it wasn't.  i told you that robyn said you should come up when i did and we could all go out.  remember buddy,  i wasn't as drunk as you were.  by the way, did you get sick on the way home?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 12:16 PM
To:	Nelson, Michelle
Subject:	RE:

first of all ny was your idea

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 12:15 PM
To:	Maggi, Mike
Subject:

so are you going to tell me or just leave me hanging out here?


I will be out of the office on vacation the week of March 12.  My assistant,
Patti Thompson (x39106), will have contact numbers for me if you need to
reach me while I am out on vacation.  Below are the key Operations Contacts
for Enron Americas for the week of March 12:

Gas Operations    Jeff Gossett   x37306
      Bob Hall   x36956

Power Operations   Stacey White   x31870

DPR      Shona Wilson  x39123
      Chris Abel   x33102

MPR      Shona Wilson  x39123


You are so sweet.  Thank you.  WHAT are you doing working so late????!!!!!


Please see message from Kerry Stroup below.
---------------------- Forwarded by Ginger Dernehl/HOU/EES on 04/18/2000
11:39 AM ---------------------------

Kerry Stroup
04/18/2000 11:44 AM
To: Ginger Dernehl/HOU/EES@EES
cc: Janine Migden/DUB/EES@EES, Barbara A Hueter/DUB/EES@EES, Becky L
Merola/DUB/EES@EES
Subject: Ohio regulations regarding certification, market monitoring, ADR,
and electric service standards

The Ohio Commission has recently adopted several sets of administrative rules
required by the state's electric restructuring law.  Rules have been issued
specifiying certification requirements and procedures, reporting requirements
for the Commission's monitoring of the retail marketplace, alternative
dispute resolution, non-competitive electric service standards, and
competitive retail electric service standards.  A document follows,
summarizing some of the major highlights of the adopted rules.  As
promulgated, the rules regarding certification and market monitoring are not
overly burdensome.  The competitive electric service standards are a mixed
bag, e.g. imposing significant duties regarding contract disclosure and term,
while providing for telephonic and Internet enrollment.

Please direct any questions regarding the rules to me.


--------- Inline attachment follows ---------

From:  <joseph.neville@ie.pwcglobal.com>
To: Michelle_Braniff@hotmail.com, Tracey_Brannigan/NI/UK/ABAS/PwC@pwcglobal.com, Tajmajulie@aol.com, marcia@zender.fsnet.co.uk, caitipat@hotmail.com, Paudi62@hotmail.com, caroline.m.lyons@ie.pwcglobal.com
Date: Wednesday, November 7, 2001 2:31:32 GMT
Subject:

---------------------- Forwarded by Joseph Neville/IE/ABAS/PwC on
07/11/2001 14:37 ---------------------------

Barry O'Regan
01/11/2001 15:18

To:   Caitriona Allis/IE/ABAS/PwC, jennifercraven@hisnhers.com @ INTL,
      Robert X Kelly/IE/ABAS/PwC, Geraldine Lea/IE/ABAS/PwC, Joseph
      Neville/IE/ABAS/PwC, Sibhie Tooler <sibhie_t@hotmail.com> @ INTL,
      Vanessa Tracey/IE/ABAS/PwC, Siobhan Weldon/IE/ABAS/PwC, Gillian
      Carter <carterg@gofree.indigo.ie> @ INTL, Grainne Clancy
      <grainneclancy@hotmail.com> @ INTL
cc:
Subject:  FW: One of lifes many truths...

---------------------- Forwarded by Barry O'Regan/IE/ABAS/PwC on 01/11/2001
15:24 ---------------------------

Keith McGuinness <keithmg@microsoft.com> on 01/11/2001 15:06:39

To:   aoifenagle@hotmail.com, "Barnwell, Amanda"
      <Amanda.Barnwell@united-drug.ie>, Barry O'Regan/IE/ABAS/PwC@EMEA-IE,
      Boner <omcguirk@hotmail.com>, "Brendan Breen (Berlitz EUR)"
      <i-bbreen@microsoft.com>, Cabbage <smcdonnell@eircell.ie>, claire
      maguire <maguire_claire@hotmail.com>, "Claire O Connor (LMI)"
      <Claire.OConnor@eei.ericsson.se>, Derek Hannon
      <derekhannon@yahoo.com>, Gill <carterg@gofree.indigo.ie>, Graham
      Dunning/IE/ABAS/PwC@EMEA-IE, john baxter <j_baxter99@hotmail.com>,
      John Sweeney <johnswe@microsoft.com>, Kevin Jones <JonesK@eWare.com>,
      Marlene Kane <marlenek@microsoft.com>, PEDO <jasonhogan@eircell.ie>,
      "Sandra(HT)" <mccormas@hotmail.com>, siobhandoherty@yahoo.com,
      Stephen O'Driscoll <stepo@microsoft.com>, Toni Healy
      <tonih@microsoft.com>, Tony <kcruise@eircell.ie>, Tony Handy
      <Tony.Handy@Berlitz.ie>, Vanessa Tracey/IE/ABAS/PwC@EMEA-IE, Vernon
      Southward <vernons@microsoft.com>
cc:
Subject:  FW: One of lifes many truths...

Very Good
>>> Cathy.Pennock@dtlr.gsi.gov.uk 01/11/01 14:45:29 >>>
> >A woman and a man are involved in a car accident; it's
> >a bad  one. Both of their cars are totally demolished
> >but amazingly neither of them are hurt.
> >
> >After they crawl out of their cars, the woman says,
> >"So you're a man, that's interesting. I'm a woman.
> >Wow, just look at our cars! There's nothing left, but
> >fortunately we are unhurt. This must be a sign from
> >God that we should meet and be friends and live
> >together in peace for the rest of our days."
> >
> >Flattered, the man replied, "Oh yes, I agree with you
> >completely! This must be a sign from God!"
> >
> >The woman continued, "And look at this, here's another
> >miracle. My car is completely demolished but this
> >bottle of wine didn't break. Surely God wants us to
> >drink this wine and celebrate our good fortune."
> >
> >Then she hands the bottle to the man. The man nods his
> >head in agreement, opens it and drinks half the bottle
> >and then hands the it back to the woman.
> >
> >The woman takes the bottle, immediately puts the cap
> >back on, and hands it back to the man.
> >
> >The man asks, "Aren't you having any?" The woman
> >replies, "No. I think I'll just wait for the police."
> >
> >
> >Moral of the story:
> >Women are clever b*tches. Don't mess with them.
> >
> >OR
> >Women are vindictive. Don't mess with them.
> >
> >
> >
> >

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Notice No. 00-376
November 6, 2000

TO:
ALL NYMEX MEMBERS AND MEMBER FIRMS
ALL NYMEX CLEARING FIRMS
ALL NYMEX OPERATIONS MANAGERS

FROM: Neal Wolkoff, Executive Vice President

SUBJECT: MARGIN RATE CHANGE

Effective Date: Monday, November 6, 2000  (close of business)

Futures Contracts: California Oregon Border, Palo Verde, and Mid-Columbia
Electricity Futures

Contract Months: All months

Rate Change:
NYMEX Division Margins on California Oregon Border, Palo Verde, and
Mid-Columbia Electricity Futures Contracts

Effective Date: Monday, November 6, 2000  (close of business)

Clearing Member (Maintenance Margin): Old: $5,000      New: $3,000
Member Customer (Initial Margin): Old: $5,500     New: $3,300
Non-Member Customer (Initial Margin): Old: $6,750      New: $4,050

Should you have any questions regarding these changes, please contact Arthur
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice
supersedes all previous notices regarding outright margins for the NYMEX
California Oregon Border, Palo Verde, and Mid-Columbia Electricity Futures
Contracts.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(00-376)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 05/31/2001 09:10 AM -----

	Larry Decker@ENRON
	05/30/2001 01:26 PM

		 To: Chris Long/Corp/Enron@ENRON
		 cc: Carol St Clair/HOU/ECT@ECT
		 Subject: Re: Forward Contract Definition

Carol,

Attached are the S. 420 and HR 333 as passed, respectively, by the Senate and
the House.  As you know, the bills are prepared to go to conference, however
Senate leadership has not yet figured out how they will organize the
conference.

The language of interest to you is located in Title IX, Sec. 901(d), found on
page 292 of HR 333 and on page 307 of S. 420.

Thanks,
Larry

Chris Long
05/30/2001 12:30 PM
To: Carol St Clair/HOU/ECT@ECT, Larry Decker/NA/Enron@Enron
cc:

Subject: Re: Forward Contract Definition

Will you please forward S. 420 and H.R. 333 to Carol via e-mail.

----- Forwarded by Chris Long/Corp/Enron on 05/30/2001 12:29 PM -----

	Carol St Clair@ECT
	05/30/2001 10:04 AM

		 To: Chris Long/Corp/Enron@ENRON
		 cc:
		 Subject: Re: Forward Contract Definition

Chris:
Thanks.  I'm checking with Vicki Sharp to see if we want to do anything.
Where can  locate the latest version of the bill that would have the proposed
changes to the forward contract definition?

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Chris Long@ENRON
	05/29/2001 04:52 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Re: Forward Contract Definition

Carol - While it never too late to suggest a change, given the political
situation I would be hesitant to offer anything more than a "clarification".
While I would not spend a huge amount of time on it, I suggest you examine if
there are any changes. Depending on what happens in the Senate (now that it
is in Democratic hands), the process can be reopened and we could have an
opportunity to offer suggested changes (or it kill the bill all together).

	Carol St Clair@ECT
	05/29/2001 02:41 PM

		 To: chris.long@enron.com
		 cc: Vicki Sharp/HOU/EES@EES, Jeffrey T Hodge/HOU/ECT@ECT, Elizabeth
Sager/HOU/ECT@ECT
		 Subject: Forward Contract Definition

Chris:
Would it be too late to suggest changes to the definition of "forward
contracts" in the Bankruptcy Code in order to improve our position with
respect to the physical supply contracts that EES enters into?  I am not sure
what chnages we would want, but was wondering if there was any opportunity to
suggest a change.  Let me know what you think.  Thanks.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


-----Original Message-----
From:  JBennett <JBennett@GMSSR.com>@ENRON
[mailto:IMCEANOTES-JBennett+20+3CJBennett+40GMSSR+2Ecom+3E+40ENRON@ENRON.com]
Sent: Monday, May 14, 2001 10:48 AM
To: 'LYN@cpuc.ca.gov'; 'RB1@cpuc.ca.gov'; 'HMD@cpuc.ca.gov';
'CXW@cpuc.ca.gov'; 'GFB@cpuc.ca.gov'
Cc: 'cmw@cpuc.ca.gov'
Subject: Response of Enron Energy Services  to Information Request -- A. 0
0-11-038

Commissioners --

Attached is a letter from Counsel for Enron Energy Services addressing the
points of information raised at the oral argument on Friday, May 11, 2001,
in A. 00-11-038, et al.

   <<X24460.DOC>>

Jeanne Bennett

 - X24460.DOC


ullage (UL-ij) noun

   The amount of liquid by which a container falls short of being full.

[Middle English ulage, from Old French eullage, from eullier, to fill a cask,
(from ouil eye, hole, from Latin oculus eye).]

WordPix: http://wordsmith.org/words/ullage.gif

   "`Is the gas tank half-empty or half-full,' Grouler continued driving
   while pondering the ullage and soon he was out of gas 47 miles from the
   nearest gas station."

This week's theme: WordPix, words drawn so that they explain themselves.

............................................................................
Love is like quicksilver in the hand. Leave the fingers open and it stays.
Clutch it, and it darts away. -Dorothy Parker, author (1893-1967)

Feeling information overload? Sign off a few mailing lists. If you wish
to unsubscribe from AWAD, send a blank message to wsmith@wordsmith.org with
the word unsubscribe in the subject line of your message. Of course, we'd
rather you stay with us. After all, it is only a `word' a day. (-:

Pronunciation:
http://wordsmith.org/words/ullage.wav
http://wordsmith.org/words/ullage.ram


Start Date: 4/27/01; HourAhead hour: 4;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042704.txt


Oil companies say North Slope gas pipeline too pricey
09/27/2001
Associated Press Newswires

INDIA: State-run Indian firms don't want Enron's assets.
09/27/2001
Reuters English News Service

The Hindu-Editorial: Muddying a quagmire
09/27/2001
The Hindu

Wood Signals That El Paso's FR Contracts Are High on Agenda
NGI's Daily Gas Price Index
published : September 28, 2001

Williston Basin Interstate Pipeline Company Building New Pipeline
09/27/2001
Business Wire
---------------------------------------------------------------

Oil companies say North Slope gas pipeline too pricey

09/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

ANCHORAGE (AP) - Oil companies looking into the feasibility of building a natural gas pipeline from Alaska's North Slope to the Lower 48 say the project is too pricey.
A preliminary analysis of the proposed project by Exxon Mobil, BP and Phillips Petroleum shows that the pipeline project would not provide them with what they want; a 15 percent return on their money.
The project works out to a 10 percent to 11 percent rate of return.
"We see this as a very high risk project," Robbie Schilhab of Exxon Mobil told Gov. Tony Knowles' natural gas development team meeting this week in Anchorage.
Schilhab and Phillips Petroleum's Joe Marushack presented their preliminary conclusions at a task force meeting.
Whether the pipeline runs north through the Arctic Ocean to Canada's Mackenzie River delta or south along the Alaska Highway through Canada to the Lower 48, the answer is the same: for now, the project looks too expensive for Alaska's oil companies to undertake.
For both the northern Arctic route and the southern Alaska Highway route, the costs would be huge: $15.1 billion for the offshore route and $17.2 billion for the highway route.
"I think this could be made attractive to a number of investors," said Ken Thompson, a former oil company executive who sits on the governors' natural gas team. Thompson said that tax incentives, a lower return on investment and a higher value for liquid natural gas from the pipe would make the project a worthwhile investment.
If the oil companies are not interested, natural gas transportation companies such as Williams, El Paso or Enron might be, Thompson said.
Exxon, Phillips and BP are still refining their analysis of the project. But the two executives made clear that they consider the project a long shot both for its high costs and high risks.
Schilhab said that opportunity remained to make the project an attractive investment by cutting construction costs. The companies also want to streamline the permitting process to avoid delays.
The presentation dented but did not destroy the optimism of the governor's gas council.
"I don't like seeing the number. But it's a lot different from saying no way, no how, we're shutting our doors and going home," said Pat Pourchot, state commissioner of natural resources. Pourchot said that the producers' position underlined the need for incentives like federal tax breaks similar to those being proposed by the Knowles administration.
Exxon, BP and Phillips are split on the incentives. To address the risk of low prices, Phillips wants a tax credit if prices fall below a certain level. BP and Exxon say they want a project that is viable without tax breaks.
Federal legislation is slated for consideration next week in Washington, D.C.

INDIA: State-run Indian firms don't want Enron's assets.

09/27/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, Sept 27 (Reuters) - Leading state-run firms have rejected proposals from financial institutions to acquire assets of U.S. energy firm Enron's Dabhol Power Co, officials said on Thursday.
Enron wants to sell its 65-percent stake in Dabhol Power Co which is embroiled in a payments dispute with a local utility.
Officials said some financial institutions had suggested National Thermal Power Corporation (NTPC), Oil and Natural Gas Corp and Gas Authority of India Ltd could buy the troubled Dabhol Power Co's assets.
NTPC Chairman C.P. Jain told reporters the company had written to the federal government that it was not interested in the project. "We don't think it is a commercially viable proposition for the organisation."
Officials said financial institutions had also proposed that ONGC and GAIL could buy the LNG import and regasification facilities of the Dabhol plant south of Bombay.
ONGC Chairman Subir Raha said ONGC was not interested. "Right now it is not on our table. We are not considering it," he told reporters.
Dabhol's first phase has a generating capacity of 740 MW. It has been idling since May when Maharashtra State Electricity Board (MSEB), its only customer, stopped buying power saying it was too costly and that Enron had violated a part of the contract.
Dabhol's second phase was 97 percent complete when further construction was stopped because of the dispute.
The first phase used naphtha as fuel, but the second phase, that will have a generating capacity of 1,444 MW, will use LNG as fuel.

The Hindu-Editorial: Muddying a quagmire

09/27/2001
The Hindu
Fin. Times Info Ltd-Asia Africa Intel Wire. The Hindu Copyright (C) 2001 Kasturi & Sons Ltd. All Rights Res'd

ANY FAINT HOPES about the murky Dabhol Power Project crisis being sorted out by the contracting parties - the Enron Corporation, the Maharashtra State Electricity Board (MSEB), the State Government and the Centre which provided the sovereign guarantee in favour of Dabhol Power Company - now appear to have been ruined by the Maharashtra Government's resort to "the theatre of the absurd".
The decision of the Vilasrao Deshmukh Government to have a judicial probe into the entire Enron deal abinitio is not a mere exercise in evasion of the responsibility of the State Government to strive for a process of renegotiation of the contract perceived to be loaded against the virtually bankrupt MSEB (which is unable to pay for power purchased from the Dabhol Plant-Phase I); what is involved is a brazen blackmailing strategy through which the State Government perhaps hopes to drive the Enron Corporation down to its knees to settle for an exit course at a substantial discount on its equity stake, estimated at $1.2 billion. The Centre is not blissfully unaware that its own obligation as a surety for the State Government is now seen as an empty promise with all its pervasive adverse image of the country as an undependable and vulnerable investment destination.
The reported remark of the Union Minister for Power, Mr. Suresh Prabhu, that the new twist to the Enron tangle is "unfortunate" but that it would not affect foreign investments in the future, in the power sector in India, is indeed adding insult to injury.
The script, as it is unfolding in the Enron muddle, can leave nobody in doubt that from the very beginning the contract has had a large element of political manipulation driving it. The allegation that the Enron Corporation was able to manoeuvre itself into a power purchase agreement which was decidedly exhorbitant in power tariff owing to the "padding" of capital cost and the denomination of tariffs in U.S. dollar terms (apart from the use of naptha as feedstock) is said to have been corroborated by the Madhav Godbole Renegotiation Committee set up by the State Government. Assuming that a whole chain of bureaucratic scrutiny from the Power Ministry at the Centre down to the MSEB, over a four-year period, did not unravel the odious features of the Enron contract, how does it exonerate the MSEB, the State Government and the Centre now, from non-compliance with the contract in its different stages?
Political muck-raking, which is what is now being sought to be substituted by the Vilasrao Deshmukh Government (with the tacit approval of the Congress High Command) for an honourable modusvivendi on the Enron imbroglio, can never pass muster so long as the arbitration clause in the Enron contract cannot be wished away. It would indeed be a reckless misadventure for the Vajpayee Government to let the Maharashtra Government renege on the power purchase agreement with the Dabhol company and simply watch the disintegration of India's first-ever and much-vaunted mega power plant put up on the basis of foreign investment. Given the deplorable inadequacies in the power infrastructure in the country even after ten years of liberalisation and the demonstrated incapacity to add even 5000 MW of power generation capacity a year, it would be utter folly to abandon the Dabhol project without its full capacity of around 2000 MW being leveraged for the industrial advancement of the country.
Reports indicate that the U.S.-based Enron Corporation has expressed a desire to quit from the Dabhol project. The Indian financial institutions which have a substantial exposure to the capital cost of the project cannot afford to wait in supplication for some miracle to happen for the Dabhol project to stay afloat. It is no less a challenge to them as to the Vajpayee Government to find a way out of the morass. Let the project be revived as an earnest of India's commitment to development rather than be rubbished as a monument of political corruption.

NGI's Daily Gas Price Index
published : September 28, 2001
Wood Signals That El Paso's FR Contracts Are High on Agenda
FERC denied rehearing of a June order that permits Arizona Public Service Co. to assign its full-requirements (FR) capacity contract on El Paso Natural Gas to affiliate Pinnacle West Energy to serve a new gas-fired generation facility that it is building in Arizona. On the surface, it seemed a clear victory for the companies involved. However, Chairman Pat Wood made it very clear that he has concerns about FR service on El Paso, which entitles customers to unlimited capacity at frozen rates, and that he plans to take up the issue at a later date.
"I will reluctantly go along with the order denying rehearing, but [I] look forward very aggressively to a forum in which we can address the capacity concerns" on El Paso, Wood said Wednesday during a marathon Commission meeting, the first over which he presided [CP01-90, RP00-336]. The proper forum for discussion of the FR service will be El Paso's Order 637 proceeding, he noted.
As a lawyer, "it's hard for me...to find an excuse to grant rehearing here. Because this is not the appropriate docket to do that, I will concede that after four months of being browbeat into submission...that sometimes you ought to fold up," Wood said. "But I remain concerned about the [interplay] on the pipeline that if we don't engage in some long-term planning," the situation could "lead to a bedsore for the customers out there in the Southwest."
The new chairman made clear that he was not "a fan or supporter of 10-year rate freezes or any extended rate freezes" that are made available to certain FR customers. "I understand that there's a tremendous disincentive here because of that for needed expansions to occur," Wood noted.
He openly invited parties to challenge at the Commission the limits of FR service. He noted that FR customers "seem to have an unbounded upper-end, which I would love the opportunity to [address] if we ever get a contested pleading to define exactly just how full full-requirements can be."
The "interplay" of frozen rates and unlimited access to pipeline capacity in a "growth part of the country that needs to have generation [makes for] a very complicated pipeline scenario," Wood said.
In the June order, FERC gave the go-ahead for El Paso to construct and operate two delivery points and about six miles of lateral pipeline to provide service to the proposed gas-fired electric generation facilities of Pinnacle West and Duke Energy Maricopa LLC in Maricopa County, AZ. Pinnacle's 2,120 MW Redhawk power plant will require about 410 MMcf/d of gas, while Duke's 1,000 MW Arlington Valley plant will burn 210 MMcf/d. Both plants have scheduled in-service dates of June 1, 2002.
Major producers and other El Paso shippers attacked El Paso's plan to provide FR service of 410 MMcf/d to the Redhawk plant, arguing that the service would further constrain an already capacity-tight El Paso system. Specifically, they objected to El Paso's plan to assign the FR contract (66,042 MMBtu/d) of Arizona Public Service to affiliate Pinnacle West Energy, as well as give a "huge increase" in the contract amount in order to serve the Redhawk plant. The protestors further argued that the plan would give Pinnacle West Energy a competitive rate advantage over existing contract-demand customers on the pipeline.

Williston Basin Interstate Pipeline Company Building New Pipeline

09/27/2001
Business Wire
(Copyright (c) 2001, Business Wire)
BISMARCK, N.D.--(BUSINESS WIRE)--Sept. 27, 2001--Calling it the "largest pipeline construction project in company history," executives from Williston Basin Interstate Pipeline Company announced today their intent to file for federal regulatory approval to construct 245 miles of 16-inch natural gas pipeline spanning sections of Wyoming, Montana and North Dakota.
The pipeline, expected to begin approximately 14 miles north of Gillette, Wyoming, and end south of Killdeer, North Dakota, initially would be capable of transporting from 80 to 120 million cubic feet of gas per day. "Additional pipeline transportation capacity could be added incrementally as natural gas production grows in the coalbed and other conventional fields in Wyoming and Montana, ultimately increasing the pipeline transportation volumes on this pipeline to as much as 200 million cubic feet per day," said Tony Finneman, executive vice president and general manager of Williston Basin.
"In essence, we're looking to construct a `just-in-time' pipeline for the amount of natural gas being produced in the Powder River Basin, and we'll add capacity in step with increases in production," said Finneman, who announced the project today during the Fifth Annual Wyoming Natural Gas Fair in Jackson Hole, Wyoming. Initially, the pipeline is expected to feature three large compressor stations - one on the south end of the route in Wyoming, another in eastern Montana and the third in North Dakota. Additional transportation capacity through the pipeline can be made available by adding more compression facilities.
The pipeline would transport natural gas from developing coalbed and conventional natural gas production in central Wyoming and south central Montana to interconnecting pipelines that will transport it to large midwestern markets. "The pipeline would also enhance access to our large natural gas storage facilities in eastern Montana," Finneman said. Availability of storage should be an advantage to large-volume consumers, such as utility companies and large industrial facilities, because they can buy natural gas when prices are low and store it for future use.
Finneman said Williston Basin will be filing the project with the Federal Energy Regulatory Commission (FERC) in October. The selection of the pipeline's route is nearly complete and initial surveying work has begun. With FERC approval, construction could begin as early as the third quarter of 2002, with transportation service slated to begin in late 2002.
Williston Basin Interstate Pipeline Company provides natural gas transportation and underground storage through a pipeline system in Montana, North Dakota, South Dakota and Wyoming. Williston Basin is an indirect subsidiary of MDU Resources Group, Inc., a multidimensional natural resource enterprise traded on the New York Stock Exchange as "MDU." For more information about Williston Basin, visit the company's Web site at www.wbip.com.


Tonight's game has been cancelled


Bob Badeer
deal 475411
Amerex shows location as NP-15 we show SP-15


Gerald and Steve:

Could you look at these and let me know what is going on?

Thanks,

Jeff
----- Forwarded by Jeffrey T Hodge/HOU/ECT on 01/29/2001 04:30 PM -----

	Tana Jones
	01/26/2001 09:11 AM

		 To: Jeffrey T Hodge/HOU/ECT@ECT
		 cc:
		 Subject: I believe these are yours

----- Forwarded by Tana Jones/HOU/ECT on 01/26/2001 09:11 AM -----

	Kevin Meredith@ENRON
	01/26/2001 08:29 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Robert B
Cass/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT, Carl Carter/NA/Enron@Enron, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT
		 Subject:

Your review and approval of the following two product type in the EOL
Datamanager is needed (for directions on approval , please see steps for
approval at the bottom of this e-mail).

US PLCapTranswestern Frm  USD/MMBtu

FIRM TRANSPORTATION
A transaction with Transwestern Pipeline Company (&Transwestern8) under which
Transwestern will transport, on a firm basis, a maximum daily volume (stated
in MMBtu per day) equal to the volume identified on the Website.  Customer
agrees that this Transaction will be governed by the terms contained within
the online General Terms and Conditions (GTC).

The term of the Transaction shall correspond to the date(s) set forth in the
Product description on the Website.

This Transaction provides firm pipeline transportation capacity from the
primary receipt point of [Michelle to supply point name and POI #] to the
primary delivery point of [Michelle to supply].  The posted rate, stated in
USD/MMBtu on the Website, is a daily one-part rate, inclusive of all
applicable reservation, commodity and surcharge rates. The total charge for
the month will equal the posted rate multiplied by the maximum daily volume
times the number of days in the term of the transaction.  The daily rate does
not include fuel, which will apply and be billed separately.

The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
 The unit of measure against which the price is quoted shall be millions of
British thermal units and the quantity shown shall be in millions of Btus per
day.

US PLCapTranswestern Int  USD/MMBtu

INTERRUPTIBLE TRANSPORTATION
A transaction with Transwestern Pipeline Company (&Transwestern8) under which
Transwestern will transport, on an interruptible basis, a maximum daily
volume (stated in MMBtu per day) equal to the volume identified on the
Website.  Customer agrees that this Transaction will be governed by the terms
contained within the online General Terms and Conditions (GTC).

The term of the Transaction shall correspond to the date(s) set forth in the
Product description on the Website.

This Transaction provides interruptible pipeline transportation capacity from
the primary receipt point of [Michelle to supply point name and POI #] to the
primary delivery point of [Michelle to supply].  The posted rate, stated in
USD/MMBtu on the Website, is a daily one-part rate, inclusive of all
commodity rates and surcharges.  The total charge for the month will equal
the posted rate multiplied by the quantity of gas scheduled during the
month.  The daily rate does not include fuel, which will apply and be billed
separately.

The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
 The unit of measure against which the price is quoted shall be millions of
British thermal units and the quantity shown shall be in millions of Btus per
day.

==============================================================================
=====

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


Greetings Ms Kahl:

Few things:

1)	No, I'm not looking for employment in the face of Enron's current financial "challenges."
2)	Could you forward Michael's email address to me?
3)	Are you aware of what Edison's going to be proposing at the PUC on Nov. 7th w.r.t. how it 	intends to recoup its "undercollection" under its settlement with the PUC.  In short, all  	DA customers, irrespective of whether they were taking from Edison at the time that Edison 	accrued the "undercollection," would be "responsible" for paying.  Which means DA customers 	would pay twice for power--once to their ESP and now, again, to Edison.  Is this something 	that your clients care about?  We care quite a bit.

One of the big issues is whether there ought to be hearings on all of this, or whether Karl Wood ought to just be able to push rates around based on briefs only.  We feel pretty strongly that hearings are required.  One of our big concerns is that this will be the tip of the iceberg, i.e., Edison will continue on after this in an attempt to force all kinds of costs on customers.  You have a view on whether hearings are required?  More importantly do your clients have an interest in all of this, and will you be there on the 7th?

Inquiring minds want to know.

Hope you're well.  Please don't travel over any bridges.

Best,
Jeff


Jeremy,
I can calc postids for FT-NW but cannot print.  Please help.  Thanks.
DG    3-9573


USA: Enron shares in stay in doldrums after downgrade.
Reuters English News Service, 10/29/01
USA: US companies' credit quality to worsen-Moody's.
Reuters English News Service, 10/29/01

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
Bloomberg, 10/29/01

USA: Enron shares drop despite further triage attempts.
Reuters English News Service, 10/29/01

USA: Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
USA: UPDATE 1-Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
POWER POINTS:Enron May Have To Rethink Asset-Light Focus
Dow Jones Energy Service, 10/29/01
OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's
AFX News, 10/29/01
USA: Moody's cuts Enron to 2 notches above "junk".
Reuters English News Service, 10/29/01
UK: Europe energy firms wary of Enron on credit worries.
Reuters English News Service, 10/29/01
BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
Dow Jones Energy Service, 10/29/01

USA: Enron shares in stay in doldrums after downgrade.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron Corp.'s share price hovered above seven-year lows touched in earlier trade Monday after Moody's Investor Service cut the credit status of its senior unsecured debt of North America's largest energy trader to two ratings above junk status.
Enron, the largest electricity and natural gas trader in North America, also on Monday said it was in talks with banks to expand its credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron shares were down $1.40, or 9.03 percent, to $14.10 on the New York Stock Exchange, after earlier in the session trading below $14 for the first time since December 1994.
Moody's also warned that it could cut the debt rating again, now downgraded to Baa2, as well as its rating for the Enron's commercial paper.
Enron's credit-worthiness will have a direct affect on its day-to-day trading operations and its trading partners' perception of making good on trades. With a credit rating hovering above junk status, the cost of doing business will soar as trading partners look for increased collateral to back trades.
Last week Enron shares lost almost $14 billion in market value as a series of piecemeal disclosures about the company's involvement in complex partnerships began to trickle out.
Investors have fled Enron's stock in droves following disclosures that the company did off-the-balance sheet transactions with two limited partnerships run by former chief financial officer Andrew Fastow in deals the U.S. Securities and Exchange Commission is now looking into for possible conflict of interest.
Enron compensated its partners in this off-balance sheet structure with the promise of Enron shares, if the value of private investments in several of its units fell below a certain level.
Many industry observers see Enron's request for additional credit, after the company tapped its banks for $3.3 billion last week, as a sign a weakness.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carol Levenson, an analyst with independent research firm gimmecredit.com.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: US companies' credit quality to worsen-Moody's.
By Jonathan Stempel

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - U.S. corporate credit quality is likely to grow much worse before it gets better, a leading credit rating agency said in a report issued on Monday.
Moody's Investors Service said that in the third quarter, it put on review for downgrade its credit ratings for 122 U.S. companies. At the same time, it put on review for upgrade its ratings for just 22 companies.
That 5.5-to-1 ratio is far greater than the 1.3-to-1 ratio in the second quarter.
In dollar terms, the situation looks more dire. Moody's warned it may downgrade $543 billion of debt, dwarfing the $66 billion Moody's said it may upgrade by 8.2-to-1.
"Particularly in light of September 11, the fourth quarter will be particularly weak for credit rating changes," said John Puchalla, Moody's senior economist. "A wide excess of rating reviews for downgrade over upgrades in the third quarter suggests credit deterioration will persist at least into early next year."
Rating reviews are significant because, unlike actual rating changes, they are not a "lagging" indicator, and suggest the future direction of corporate credit. Moody's normally wraps up its reviews within three months.
U.S. corporate credit quality is falling for many reasons. These include the weakening U.S. economy, an inability of marginal companies to raise cash, debt-financed merger activity and fallout from the Sept. 11 attacks on such industries as airlines, insurance, and travel.
For example, Moody's in July warned it may cut Comcast Corp.'s ratings after the Philadelphia-based company bid $44.5 billion for AT&T Corp.'s cable TV operations.
Then last month, Moody's warned it may cut Chicago-based Boeing Co.'s ratings because of the attacks' potential impact on demand for commercial airplanes.
In the third quarter, Moody's warned it may cut its ratings of 54 speculative-grade, or "junk"-rated, companies, and raise the ratings of just 11. For investment-grade companies, the gap was even more yawning: 68-to-11.
And in the fourth quarter? Through Friday, Moody's warned it may downgrade 47 companies and raise a mere four. On Monday, it downgraded embattled energy trading giant Enron Corp., and put all of its ratings on review for another downgrade.
Puchalla, however, said the decline could slow next year, in part because interest rates are low and companies are managing their balance sheets more conservatively.
"Lower borrowing costs and slowing debt growth should reduce debt servicing costs, and fiscal stimulus from the federal government should boost business revenues," he said. "That is a positive for credit quality."
The third quarter was the 14th in a row when corporate rating downgrades outpaced upgrades. The record is 19 quarters, set between 1988 and 1993.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
2001-10-29 12:16 (New York)

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)

     (Updates with analyst comment in fifth paragraph.)

     Houston, Oct. 29 (Bloomberg) -- Enron Corp., which can't get
low-interest, short-term loans, faces skeptical lenders who will
demand increasingly harsher terms as the largest energy trader
tries to get cash in the bank, credit analysts said.

     ``Anyone providing new funding is going to be nervous,'' said
Sean Egan, managing director at Egan-Jones Ratings Co. ``It's
likely that lenders are going to demand collateral.''

     Enron is trying to get $1 billion to $2 billion in loans from
Citigroup Inc., J.P. Morgan Chase & Co. and other banks to calm
investors after a 52 percent drop in the company's stock since
Oct. 17, the Wall Street Journal reported. The company needs cash
every day to settle commodities transactions and to keep trading
partners.

     The company on Thursday tapped $3.3 billion in bank credit
lines last week to pay off about $2 billion in commercial paper,
or short-term corporate loans. A week ago, the Enron said the U.S.
Securities and Exchange Commission had began an inquiry into
related-party transactions. They cost the company $35 million and
$1.2 billion in lost shareholder equity.

     ``Banks are in the driver's seat, and Enron is a little
desperate,'' said Peter Petas, a debt analyst at CreditSights Inc.
``I think their interest rates for loans would go up.''

                       Sells Assets for Cash

     Companies in Enron's situation often agree to other bank
terms in order to secure loans, Petas said. Those can include
agreeing to use proceeds from selling assets to pay debt and
putting up assets as collateral.

     Enron is attempting to sell assets to raise cash. Two related
partnerships, Osprey and Marlin, depend on selling power plants
and similar assets to repay $3.3 billion borrowed to buy the
plants. Enron may have to pay any difference between the debt and
sales proceeds.

     The company plans to complete the $2.9 billion sale of
Portland General Electric, an Oregon utility, to Northwest Natural
Gas Co. next year.

     Shares of Houston-based Enron fell $1.30, or 8.4 percent, to
$14.10 in midday trading. Earlier, they touched $13.55, down 12
percent. The company's credit rating was cut by Moody's Investors
Service after it wrote down the value of its assets.

     The stock had tumbled 80 percent in the past 12 months.

--Russell Hubbard in the Princeton newsroom, 609-750-4651

USA: Enron shares drop despite further triage attempts.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron shares slipped to a new six-year low in early trade as North America's largest natural gas and electricity trader said it was talking to banks about tapping additional credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron's shares were trading down 90 cents, or 5.8 percent, to $14.60 in early morning trade on the New York Stock Exchange. Shares crashed through $15, a low not seen since February 1995.
Last week, Enron shed almost $14 billion in market value as its stock price tumbled more than half since last week, when a series of piecemeal disclosures about its involvement in complex partnerships began to trickle out.
However, many industry observers see Enron's request for an additional credit after tapping its banks for $3.3 billion last week after as a sign a weakness not of strength.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carole Levenson, research analyst with independent research firm gimmecredit.com.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a move to shore up investor confidence.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on a new credit line.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
Enron shares sank 50 cents, or 3.2 percent, to $15 in early morning trade on the New York Stock Exchange. ((David Howard Sinkman, New York Newsdesk 646-223-6094)).

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: UPDATE 1-Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a new move to shore up investor confidence after it tapped about $3 billion in credit last week, and to stop a plunge in the company's stock that set new six-year lows.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on the new credit line.
Enron shares crashed through a psychological barrier of $15 a share, shedding $1.66, or 10.65 percent, to $13.85 in early morning trade on the New York Stock Exchange. The stock has lost more than half of its value in the past two weeks, losing more than $14 billion in market capitalization.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer in Houston.
Enron shares have tumbled since the company reported its first-quarterly loss in more than four years on Oct. 16. The company also wrote down $1.2 billion in equity, including transactions with partnerships formerly run by its chief financial officer who was forced to step down from Enron last week.
The sell-off was sparked by investor concern about the transparency of the transactions, which the Securities and Exchange Commission is examining. Enron last week replaced CFO Andrew Fastow as part of efforts to restore investor confidence.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
"Clearly, both the stock and bond market view Enron as being in dire straits," said independent research firm Gimme Credit analyst Carol Levenson.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead it's an act of desperation."

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

POWER POINTS:Enron May Have To Rethink Asset-Light Focus
By Mark Golden

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- On the face of things, it's hard to understand the stock market's headspinning reaction to Enron Corp.'s (ENE) revelation of some bad news in recent weeks.
Why the talk of a "death spiral" for North America's premier energy trading company? The stock price of Cisco Systems Inc. (CSCO), for example, saw an almost identical drop over a similar 12-month period. Nobody questioned the viability of Cisco.
The difference is that over the past few years, Enron has redefined itself as a company that runs on financial and intellectual muscle - not hard assets - and that focus is getting the company into trouble now that its credibility is in question.
If you're buying network components, you can probably stand some ambiguity in the finances of your supplier. After all, you're buying something you can touch. But if you're buying power or gas, what you're really buying is a commitment to deliver. If your supplier doesn't come through when the market gets tough, you're left totally exposed. In Enron's energy trading business, then, credibility at every level is critical.
For now, Enron looks to be more than viable. But the company's asset-light strategy might not be. Gross profits from trading have shrunk to 1.65% in the third quarter from 5.26% in the first quarter of 1998. Meanwhile, asset-heavy energy companies like Mirant Corp. (MIR) and Calpine Corp. (CPN) successfully use trading to optimize the performance of power plants and other infrastructure.
Two weeks ago, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. That didn't send investors running, however. In fact, its stock price rose a bit on the news.
What hurt was the disclosure that Enron had reduced its net assets, or "shareholders' equity," by $1.2 billion as a consequence of unwinding positions in partnerships headed by former Chief Financial Officer Andrew Fastow. That, along with warnings of possible downgrades by credit ratings agencies and an inquiry by the Securities & Exchange Commission produced a $15.6 billion drop in Enron's market value.
On Monday, Moody's Investors Service followed through by downgrading its rating on Enron's senior, unsecured long-term debt to Baa2 from Baa1, leaving it two steps above junk-bond levels. The agency kept Enron's ratings on watch for further downgrade.
Long-Running Concerns

A 50% hit to shareholder value still seems like an overreaction to a 10% reduction in shareholders' equity. The stock price reflects the expectation of additional losses to be reported and Enron's loss of credibility. Enron executives in a conference call Tuesday insisted that the worst was behind them, but few on the call believed that.
For some analysts, Enron's revelations only fed long-running concerns about the company's lack of financial disclosure.
Cary Wasden, managing partner of Reed Wasden Research, has had a "sell" recommendation on Enron since March. Unlike the analysts at big Wall Street firms, Wasden isn't in the business of selling stock. His firm isn't involved in brokerage and isn't a hedge fund. Wasden gets paid for his research, and the company doesn't invest in the securities it covers.
A main Wasden concern with Enron is that the company has regularly included the proceeds from one-time sale of physical assets in operating income. His belief is that Enron has dramatically inflated its earnings for the past couple of years - a concern to which an Enron spokeswoman couldn't immediately respond.
"Don't believe by any means this is the end of the story," Wasden said.
Wall Street sell-side analysts have largely kept Enron as a "buy" or "strong buy" as the stock fell from $90 to $20. But even they are expressing concerns about the quality of Enron's reporting.
For now, the plunge in the price of Enron's shares and bonds, which last week started trading like junk-rated debt, hasn't hurt its credit standing with energy trading partners.
"We haven't changed our thinking regarding Enron or our policies and practices. We're watching it, and so is everybody else, but they are a solid company," Reliant Energy Inc. (REI) spokesman Richard Wheatley said in a typical reaction. "This is unfortunately a feeding frenzy regarding some dealings that I'm sure Enron will be able to come out of at some point."
Keeping Talent A Challenge

Enron is a big company - far too big to ignore. But continued deterioration in the price of its shares and bonds could lead counterparties to restrict their traders' transactions with Enron. If the company's investment-grade bonds continue to trade near levels traditionally considered distressed, risk managers won't be able to ignore it, whatever else Moody's does.
Assuming that doesn't happen, Enron still faces a tough road ahead. Like all companies, Enron is the combination of capital and talent. For financial companies, talent is the more important ingredient, and Enron has been suffering damage to its talent for some time.
New Chief Executive Jeff Skilling left in August, and a handful of his key lieutenants left earlier in the year. The losses can be expected to continue. Much of the top management cashed out when the company's stock price was high and moved on. Now middle management on down is angry and anxious to move on, if they haven't already.
Over the years, Enron has compensated its very talented labor with stock options to make up for base pay considered low by the industry. Those options are now nearly worthless. If Enron's debt-service costs rise, the company could struggle to attract the talent needed to generate income in its core business of trading energy in North America.
Some analysts would like to see more turnover at the very top. When Skilling left, nobody believed Skilling or Chairman Kenneth Lay's assurances that it was for "personal reasons." When CFO Fastow was forced out of his position last week, Lay said, "In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO."
That's putting words in Wall Street analysts' mouths. Who thought scapegoating Fastow was really the answer?
"I don't know anybody who said that," Wasden said. "What did the CFO do, what did Skilling do, that Ken Lay wasn't part of?"
Real change will have to come from without, Wasden said.
"Enron has been a cult, more than a company," he said. "Recruiting from within does nothing to change the company, it just changes the disciples. Enron needs to pull some top talent from outside."
Nevertheless, Wasden thinks Enron's stock has reached its natural floor and, if the company starts disclosing how it really makes money, it can recover over time.
"There are a lot of earnings that can be wrung out of really strong operating assets, like pipelines and power plants," he said.
That means paying more attention to the assets that Enron has spent the past few years denigrating. Given the bind Enron is in, Lay won't have much choice. Enron will survive, but it won't be the same company at all.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's

10/29/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

(Moody's corrected its stance on Enron ratings to a downgrade)
NEW YORK (AFX) - Moody's Investors Service said it has lowered the senior unsecured long-term debt ratings of Enron Corp from Baa1 to Baa2 following a deterioration in Enron's financial flexibility since the company announced significant writedowns as well as equity charges in previously undisclosed partnership investments.
The long-term debt ratings remain on review for further downgrade, Moody's said.
Moody's also placed the company's Prime-2 rating for commercial paper on review for downgrade.
Moody's initially placed Enron's long-term debt ratings on review on Oct 16. The write-downs and equity charges led to a substantial loss in investor confidence that has led to a more than halving of Enron's share price and difficulties in rolling over commercial paper, according to Moody's.
In response to these events, Moody's said Enron has shored up its near-term liquidity position by drawing down on all of its committed revolving credit facilities and buying back its outstanding commercial paper, leaving the company with a net cash position of approximately 1.2 bln usd.
Moody's said it plans to focus on management's success in lining up further liquidity support and on their ability to retain credit availability from their major counterparties.
aw/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: Moody's cuts Enron to 2 notches above "junk".

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Moody's Investors Service on Monday cut embattled energy trading giant Enron Corp.'s senior unsecured debt rating to two notches above junk status, and warned it may cut that rating again, as well as its rating for Enron's commercial paper.
The rating agency cut Houston-based Enron's senior unsecured debt to "Baa2" from "Baa1," and said it may cut Enron's "Prime-2" commercial paper rating, which affects short-term debt. Its rating actions affect $13 billion.
Moody's said Enron is suffering from deteriorating financial flexibility since it announced big write-downs and equity charges from previously undisclosed partnership investments this month. This triggered "difficulties in rolling over commercial paper," Moody's said.
Enron, which has about $63.4 billion in energy assets, said on Monday it is talking with banks to get more credit, after last week drawing down $3 billion from a bank credit line to buy back its outstanding commercial paper.
Its shares traded Monday on the New York Stock Exchange at $13.75, down $1.75, or 11.3 percent. They have fallen 62 percent since Oct. 12, from $35.81.
Rating agency, Standard & Poor's, on Thursday revised its outlook for Enron's ratings to "negative" from "stable."

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

UK: Europe energy firms wary of Enron on credit worries.
By Stuart Penson

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 29 (Reuters) - Energy companies in Europe are shying away from trading with troubled U.S. energy group Enron amid concerns about the company's credit status, industry sources said on Monday.
Several large energy groups have frozen their dealings with Enron - one of Europe's biggest gas and power traders - as they hold urgent talks with the U.S. group about setting up new credit arrangements, the sources said.
"I think Enron's approach is to get the major counterparties back on board as quickly as possible and then hope the smaller ones will follow," said the head of risk management at one UK utility that halted its trade with Enron last week.
"They are talking with us about bank letters of credit," he said. "The people that are still trading with them are doing so on a very restrictive basis."
A spokesman for Enron's European headquarters in London headquarters declined to comment.
Reluctance to trade with Enron in Europe comes as the company tries to rebuild investor confidence after its stock hit five-year lows.
Triggering the slide was news last week the U.S. Securities and Exchange Commission is investigating huge losses relating to a private equity operation run by its former chief financial officer.
Houston-based Enron trades a large amount of its volume in the U.S. and Europe through its Internet EnronOnline system.
Last Friday the company said trade on EnronOnline was above average levels with more than 8,400 transactions at a notional value of approximately $4 billion.
Traders said Enron's plight could hit liquidity in European gas and power markets, where liberalisation has unleashed rapid growth in energy trading in the last couple of years.
One industry source cited a brokers list showing eight companies in the UK electricity market had put on hold their trading Enron, which is among the biggest five traders in the market.
In mainland Europe, where Enron has been a major driver of liquidity, potential counterparties are treading with care.
"We are avoiding them as counterparties - either by not trading with them or by using a 'sleeve' (a third party trader)," said a senior trader at one of Germany's big utilities, who declined to be named.
French traders said wariness about dealing with Enron had dampened liquidity although Enron was still in the market on Monday morning.
"Enron is a major player so counter parties are looking to see if there is a problem," said one French trader.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
By Michael Rieke

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Thanks to Enron Corp. (ENE), the broadband sector again looks like a place to make money.
But it won't be traders who will cash in on this new potential. It will be class-action attorneys. They're already lining up to sue Enron in at least five shareholder suits.
As of Oct. 25, two of lawsuits had been filed against Enron in federal court and three more in Texas state court. Most of them name as defendants Ken Lay, Enron's longtime chairman, former Chief Executive Jeff Skilling and Andrew Fastow, Enron's chief financial officer until he was put on leave of absence Oct. 25.
Still another suit, which isn't a class action suit, was filed naming as defendants members of Enron's board of directors.
All the lawsuits concentrate on private investment partnerships Enron set up, many of them managed by Fastow. Most of the suits contend that it was a conflict of interest to have the Fastow partnerships doing complicated hedging transactions with Enron.
The transactions named in the lawsuits involved billions of dollars of underperforming assets in broadband, water and other Enron investments.
Fastow operated on both sides of some of those transactions. As Enron's chief financial officer, he was being paid to manage the corporation's finances. As general partner of two LJM partnerships, he managed the counterparties to billions of dollars of trades with Enron. He shared in profits of those partnerships.
When investors began demanding information about the transactions, Enron's share price began to slide. With the heat on, Enron recently unwound the trades with the partnerships and booked $544 million related to losses from early termination of the deals, among other things.
That's when the class action attorneys went to work. So far, at least 14 law firms are representing the plaintiffs. Enron didn't respond to calls asking about the lawsuits.
Among the law firms representing plaintiffs is Milberg Weiss Bershad Hynes & Lerach, which put out a news release announcing its lawsuit. The release points out that the firm has been responsible for recovering more than $30 billion from class action lawsuits.
The lawsuits bring up questions about the bandwidth trading market. Some of the deals with the LJM partnerships run by Fastow "purportedly involved hedging transactions in the broadband market," according to Abrams and Franks v. Enron et al.
That could tie into questions that have lingered in the bandwidth market for months. Market skeptics have said Enron and other energy companies are the only ones trading bandwidth.
Enron has reported that it has been trading with a growing number of counterparties, a total of 120 in the second quarter of this year, according to Enron.
Now market watchers will want to know if any of Enron's trades were done with the LJM partnerships managed by Fastow.
They will also want to know how many bandwidth trades were done with Chewco Investments. That Houston company, according to a report in The Wall Street Journal, was managed by Michael Kopper and was set up in 1997 when Kopper was a managing director with Enron's Global Equity Markets Group. He left Enron earlier this year to work for partnerships run by Fastow.
Do the plaintiffs' attorneys know whether Enron was trading bandwidth with any of those investment partnerships?
"I think if is too early to tell," Thomas Bilek of Hoeffner & Bilek told Bandwidth Beat. "As you know, (information) is coming out in drabs and dribbles from Enron."
It could be several months before plaintiffs' attorneys get a chance to ask Enron officials those questions, Bilek said.
It's also too early to tell what potential damages plaintiffs could win, said Steven Schulman, an attorney with Milberg Weiss. "At this point, you can only talk about it in terms of (shareholder) losses, and the losses are in the billions."
Total losses will depend on the price each shareholder plaintiff paid for the stock and the price at which each shareholder later sold the stock.
Enron's share price topped out between $90 and $91 in the summer of last year. It set a 52-week low Oct. 26 at $15.04. That spread leaves plenty of room for losses.
Schulman told Bandwidth Beat that the record for losses in shareholder cases is $11 billion in a case involving Cendant Corp. (CD). Damages are usually a substantial portion of losses, Schulman said.
"Whether (the Enron case) is bigger or less, I couldn't opine," he said. "This is a big case, by any means."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


Louise,

At your earliest convenience, I need to update you on both Cinergy and Allegheny.  Please let me know when you have a free moment to talk.

Thanks,

Don
3-0492


The following file contains a graphical view of the North American Gas average deal count by Trader and Product for EOL. This information is for comparative analysis only.  Do not update links when opening this file.

If you have any questions regarding this breakout, please let me know .

Adam Johnson
EnronOnline
x54877


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 04/19/2000
02:01 PM ---------------------------

"SOCORRO HERNANDEZ" <SUHERNAN@LLGM.COM> on 03/29/2000 09:25:37 AM
To: <judy.hernandez@enron.com>, <IRENEpepe@hotmail.com>, "Barbara Monte"
<BMONTE@LLGM.COM>, "CATHERINE BROWN" <CLBROWN@LLGM.COM>, "CLAUDIA MARTINEZ"
<CMARTINE@LLGM.COM>, "DAWN SLATER BORN" <DBORN@LLGM.COM>, "DORIS RODRIGUEZ"
<DRODRIGU@LLGM.COM>, "JESSICA VEGA" <JVEGA@LLGM.COM>, "KAREN MADDREY"
<KMADDREY@LLGM.COM>, "KATHY MARIE MOORE" <KMOORE@LLGM.COM>, "KATHRYN ANN
ROBERTS" <KROBERTS@LLGM.COM>, "MARIA SOLIZ" <MSOLIZ@LLGM.COM>, "MARIA
THOMPSON" <MTHOMPSO@LLGM.COM>, "SANDRA ARRIAGA" <SARRIAGA@LLGM.COM>, "VALERIE
WALLACE" <VWALLACE@LLGM.COM>, <bburrell@tmh.tmc.edu>
cc:
Subject: Fwd: A Child's Question

Once upon a time there was a child ready to be born.   The child asked God,
"They tell me you are sending me to earth tomorrow, but I am so small and
helpless, how will I be able to live there?"   God replied, "Among my many
angels, the one I have chose for you will be waiting for you and take care of
you."

The child further inquired, "Here in heaven all I have to do is sing and
smile to be happy, what happens when I go to earth?"   God said, "Your angel
will sing for you and smile for you every day. You will feel your angel's
love and be very happy."

Again the child asked, "I don't know the language, how will I understand when
people talk to me?"   God said, "Your angel will tell you the most beautiful
and sweet words you will ever hear and with much patience and care, teach you
how to speak."

"And what am I going to do when I want to talk to you?"   God said, "Your
angel will place your hands together and teach you how to pray."

"I've heard there are bad men on Earth, who will protect me?"  God said,
"Your angel will defend you, and even risk its life for you."

"I will not see you anymore, and I will be sad."    God said "Your angel will
talk to you about me and teach you the way to come back to me.  I will always
be next to you."

At that moment there was much peace in heaven, but voices from Earth could be
heard, and the child hurriedly asked, "God, it's time for me to leave now,
will you please tell me my angel's name?"    God replied, "Her name is not
important, you will simply call her Mom."


Pat,

Thanks for your comments on the agreement.  As an FYI, the stock awards
already have been made, so we had to soften the language in the agreement to
address that situation.

I appreciate your other thoughts.

Mary, could you or someone in your group help me in putting together an
example as suggested by Pat?

Thanks.

Michelle


Hi, Jeff:

I checked Joseph Brophy's file and that was the cell/work number listed on
his application.  In any case, I have his home number, 650-299-1992.  Let
me know if you still run into problems!

Julie

At 09:47 AM 4/11/01 -0700, Diane Dimeff wrote:
>Hi Jeff,
>
>Julie Ito can check for you.  Sorry for the inconvenience.
>
>Cheers,
>
>Diane
>
>At 08:47 PM 4/10/01 -0500, you wrote:
>>Greetings Diane:
>>
>>Could you check the work phone for Joseph Brophy.  I've got 408.390.5291 on
>>my list of admitees to call and I'm getting the "not a valid number"
>>recording.  Thanks a bunch.
>>
>>Best,
>>Jeff


Mary Cook requested certain updates be made to ENA's Guaranty documents.  Attached are REDLINED versions of the Guaranty documents.

	1.  Enron Corp. Guaranty & Counterparty Guaranty

	2.  Enron Corp. Guaranty (multiproduct)

	3.  Counterparty Guaranty (multiproduct)

Clean versions of these Guaranty documents are a available for use and can be accessed as follows:

		O:\Legal\ATTY.FMS\SWAP FORMS\Current

Regards,
Susan S. Bailey
Senior Legal Specialist
Enron Wholesale Services
Legal Department
1400 Smith Street, Suite 3803A
Houston, Texas 77002
phone: (713) 853-4737
fax: (713) 646-3490
email: susan.bailey@ enron.com


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---------------------- Forwarded by Kay Mann/Corp/Enron on 02/12/2001 03:38
PM ---------------------------

Ben F Jacoby@ECT
02/12/2001 02:38 PM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc: Fred Mitro/HOU/ECT@ECT, Rusty Stevens/Corp/Enron@ENRON, Scott
Healy/SF/ECT@ECT, Ben Jacoby/HOU/ECT@ECT, Carlos
Sole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ENRON

Subject: Re: PSEG Request

Kay:

Please see my earlier response. We should use the AES Calvert doc form.

Kay Mann@ENRON
02/12/2001 01:57 PM
To: Fred Mitro/HOU/ECT@ECT
cc: Rusty Stevens/Corp/Enron@ENRON, Scott Healy/SF/ECT@ECT, Ben
Jacoby/HOU/ECT@ECT, Carlos Sole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: PSEG Request

Fred,

Sounds "do able".  Please contemplate what would be acceptable as "outs" for
them and for us.  A,lso, will you be getting RAC involved soon since we are
contemplating a binding agreement in the near future?

My best guess is that the LOI will be prepared in house, but I will discuss
this with Carlos, and we will advise K & S of their role.

Thanks,

Kay

Fred Mitro@ECT
02/12/2001 01:48 PM
To: Kay Mann/Corp/Enron@Enron
cc: Rusty Stevens/Corp/Enron@ENRON, Scott Healy/SF/ECT@ECT, Ben
Jacoby/HOU/ECT@ECT

Subject: PSEG Request

Kay:

I talked with PSEG this morning.  PSEG would like to negotiate and sign a
binding LOI regarding the Kendall project site in Illinois prior to
negotiating and executing the Definitive SPA.  The specifics of this LOI are:

 PSEG would pay an up-front $300,000 payment to ENA
 This payment would be non-refundable unless PSEG discovered a "fatal flaw"
in the project (we will have to carefully define this concept)
 The binding LOI would establish a date by which the SPA would be executed or
PSEG would forfeit the up-front payment
 The $2.7 MM balance of the Purchase Price would be due upon closing (signing
the SPA and transferring the member interests).

I believe that PSEG is getting nervous that we may close on the Kendall LLC
with another Buyer before they get their act together.

Call me to discuss the timing of drafting such an LOI.  I would like to
strike on PSEG while they are anxious and motivated.  My goal is to send the
LOI to PSEG by Wednesday of this week.  I can work directly with Carolyn if
that is the most efficient approach.

Fred