---------------------- Forwarded by Richard Shapiro/NA/Enron on 06/08/2001
10:05 PM ---------------------------

Peter Styles@ECT
06/01/2001 04:58 AM
To: Brendan Devlin/EU/Enron@Enron
cc: Richard Shapiro/NA/Enron@Enron

Subject: EFET draft security of supply paper

Take a look at attachment below for guidance in any discussion with Ristori
next Wednesday re Bush energy policy statement and comparative aspects of EC
green paper on sec. of supply. To remind you of what Loyola said on CNN
yesterday:
 - Agrees with need to re-evaluate role of nuclear plus future investment in
it .
 - Disagrees with weight given to supply side and indigenous sources,
compared with demand side and fuel diversity (also from external sources?)
 - Disagrees with exclusion of climate change considerations.

---------------------- Forwarded by Peter Styles/LON/ECT on 06/01/2001 10:25
AM ---------------------------

brian.samuel@txu-europe.com@txu-europe.com on 04/23/2001 02:31:45 PM
To: "EFET Secretariat" <secretariat@efet.org>
cc: peter.styles@enron.com

Subject: EWG - security of supply paper

Jan, please find a revised draft of the SoS paper following discussions with
Peter. I would be grateful if you could circulate it to the members of the
electricity working group for comment by 30th April. Likewise could you also
forward it to Ian Wood.
(See attached file: efetsos.doc)

Thanks Brian

~~~~~~~~~~~~~~~~~~~~~    DISCLAIMER    ~~~~~~~~~~~~~~~~~~~~~

This E-mail is private and confidential and may be covered by
legal professional privilege. It is therefore only intended for
the addressee(s). If you are not one of those persons you must
not read, copy, store, disclose, use or distribute its contents.
Please also contact the sender immediately and delete the original.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 - efetsos.doc

---------------------- Forwarded by Richard Shapiro/NA/Enron on 06/08/2001
10:05 PM ---------------------------
From: Bruno Gaillard/Enron@EUEnronXGate on 06/01/2001 07:07 PM GDT
To: Richard Shapiro/NA/Enron@Enron
cc:

Subject:  Background Information France Electricity

Background

The Continental European electricity market is developing from an integrated
monopoly business to a competitive market. A segment of electricity users now
have the right to choose their supplier from a range of marketers. The
emergence of new marketers and generators has created the demand for price
risk management solutions and has encouraged the development of a traded
wholesale market. Following the adoption of the EU Electricity Directive in
December 1996, member states were obliged to transpose the directive into
national legislation opening electricity markets to competition by February
1999.

The directive sets out a three-tiered approach to the liberalisation of
electricity supply markets. Stage one entered into effect on 19 February
1997, and calls for the opening of 22% of national markets, based on the
average community share of electricity consumed by end customers using more
than 40 GWh per year. The degree of opening will increase over six years by
lowering the community consumption threshold to 20 GWh in 2000 (27% market
opening) and to 9 GWh in 2003 (32-33% market opening). Distributor access is
a matter for each member state. The implementation of a new directive,
expected in 2002, will improve the conditions for a liberalized market.

At present, the level of compliance with the directive varies between member
states. The EU countries farthest along the process of liberalisation are
Germany, Austria, Spain and the Netherlands. Switzerland, although it is not
an EU member state, is integral to market developments. France, although
having chosen to comply with the minimum requirements of the directive, has
proven to open up their market more than expected.

Current Market

EDF is the dominant electricity producer in France, the largest power
producer in the world with 475TWh generated in 2000,  and the largest
exporter in Europe (net exports reached 71 TWh in 2000).  Power generation in
France is mainly nuclear (70%), but also hydro (20%), while conventional
thermal generation represents 10%. EDF is a vertically integrated company
with services and products in generation (92%), supply (?%), transmission and
distribution (95%). Finally, this historical supplier is a State Entity; the
French State owns EDF,s capital.  A few Independent Power Producers (IPP) are
also active in the market, such as Snet (6.4TWh, coal-fired), and CNR (16TWh,
hydro). Other smaller IPPs are commercially active but most must sell their
production to EDF under a regulated tariff.

More than 100 distribution companies are active through a concession regime
in their local distribution area. Few, however, are of a significant size
(less than a dozen have sales of over 400 GWhs), or have eligible customers
in their concession areas.

The French System Operator (RTE) was created on 1 July 2000 and is a
sub-division of EDF, although it is unbundled in terms of management and
accounting. A postage stamp tariff has been implemented under the
transitional regime, which varies according to the voltage used and is based
on a matrix (Summer/Winter, Peak/Off-Peak). Users have to contract for their
maximum transmission capacity. Imbalances are settled under a published
tariff, which introduces high charges for imbalances beyond a 10% tolerance
level and 5MW.

A three-year framework contract (e.g., by way of a Master Agreement with a
minimum term of three years) is required for eligible customers, but
eligibles are free to deal for shorter maturity transactions within such a
three-year contractual framework.

Although the criteria for eligibility is per site, and eligible customers
have to contract transmission for each site, RTE has created balancing
responsibility contracts (contrats de Responsable d'Equilibre) which compels
the aggregation of imbalance charges for different eligible sites within an
equilibrium perimeter defined with RTE. Imbalances are settled under a
published tariff which charges a heavy penalty for any imbalance beyond a 10%
tolerance level or 5MW.

Even though we are currently under a transitional regime in France, the
ability to trade power already exists. Optimisation can be found through
real-time arbitrage offered by the flexibility of the industrial process, the
availability of market prices and optional structures. The establishment of
balancing responsibility contracts has created the basic conditions for an
effective power trading market in France, and this through the exchange of
blocks from one perimeter to another. Blocs are only exchangeable on
day-ahead bases but intra-day procedures are expected to be implemented. All
transactions are currently based on bilateral physical contracts.

The establishment of this framework has contributed to an increasing number
of players for trading, imports, exports and transit; we are confident that
the French power market will develop rapidly.     Enron Capital & Trade
Resources Limited ("ECTRL") is a balancing responsible actor in France and
closed the first physical power transaction in France early 2000, and was the
very first new entrant to trade power (buy/sell) in France late 2000.

Future Developments

France's size and geographical position will make it a natural hub for
trading on the Continent. It is Europe's second largest electricity market,
with net consumption (including industrial on-site consumption) totalling
over 400 TWh in 1999. The increase of physical trading, envisaged capacity
release by EDF, and creation of future market mechanism will contribute to
the further development of the market.

Both a balancing market and a spot exchange market are expected to be
implemented by end 2001. Players in the balancing market will propose put and
call options, exercised by RTE according to its own portfolio of contacts
(producer, consumer) and providing it with physical balancing capacity. The
balancing market will also show referenced market prices for balancing
services.

Some of the spot market volume is expected to be operated by ParisBourse.
However, due to the dominant position of EDF, the limited number of active
IPPs, existing restrictions for trading for authorised producers in France,
and the lack of transparency with regard to current rules for allocation of
cross-border capacity and attribution of congestion costs, we believe that
the conditions for the creation of an effective spot power market in France
are not yet fully met.

Recently, the European Commission has asked EDF to auction 6,000MW of virtual
capacity through VPP auctions starting in September 2001, representing about
30% of the market for French eligible industrials This will further
contribute to increase liquidity.

Regulatory Environment

The goal of Directive 96/92/EC concerning the internal market in electricity
is to obtain a cheaper but secure electricity supply by introducing and
gradually expanding competition while maintaining industry competitiveness in
the face of price decreases. France has transposed the directive, however
certain imperfection with regards to non-discriminatory access and the level
of liberalisation still exist.

The French Electricity law was passed on 10 February 2000, a year later  than
required by the EU, establishing a transitional regime for third party access
(TPA). Several application decrees still have to be passed, including
transportation tariffs on the electric grid to eligible customers. The
current threshold for eligibility is 16GWh (net of auto-consumption) per year
and per site, and represents about 600 eligible clients and 1,200 sites.
Eligibility for distribution companies is currently limited to the eligible
consumption of customers located in their concession areas. The French power
market is effectively open to some competition, and about 60 eligible
industrials have so far switched totally or partly from the historical
supplier. The eligibility threshold will be reduced to 9GWh per site by
direct application of the EU Directive by Feb. 2003, as the French government
declined a quicker opening of the power market.

The two main authorities, which oversee the industry, are the CRE (Commission
de Regulation de l'Electricit,) is the official regulatory body and the
ministry of industry. The CRE is responsible to insure that RTE provides for
non-discriminatory access on to the grid and will be issuing transportation
tariffs.  The Ministry is responsible for providing generation licenses for
IPPs and for determining eligibility issues.

RTE is implementing new capacity allocation procedures on the UK, Italy and
Spain interconnectors. On the remaining borders, capacity is currently
allocated on a first-come-first served basis rule, and congestion fees are
levied at the margin, which favours long-term contracts and historical
players. In addition, there is currently some lack of transparency with
regards to RTE real-time data on the capacity available/used for exports and
imports. However an intra-day market is now effective for transits, imports
and exports.  The first come first serve allocation rule on border capacity
is likely to be changed by end 2001. In addition, the CRE is likely to
request RTE to release additional data in the months to come.

New IPPs have to be authorised through auctions or through direct decision of
the Ministry of Industry, the main route for authorisation. Authorised IPPs
in France are limited by Decree to buying for resale to eligible customers a
maximum of buy for resale to eligible customers a volume equivalent to 20% of
the installed capacity, including long term contracts. Although the
interpretation of this law is unclear, a recent statement by M. Tuot,
Director General of the CRE, implies that these restrictions only apply to
French authorised producers and thus not to foreign-based energy companies or
other non-producing entities. Thus, these restrictions do not apply to ECTRL,
as we are not registered in France.  In addition, French IPPs are free to
sell and export their production.

Eligible customers, who are physically connected to the Grid, have to
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as
ECTRL, are not required to have such a transmission contract, as they do not
consume the power they purchase. Only a balancing responsibility contract
coupled with grid access contracts (import, export, and/or transit) are
required by RTE.

A new Decree is expected to be passed by Summer 2001, setting up new
conditions for transmission, transits and exports under a permanent regime.
Imports, which are allocated on a pro-rata basis, are free of transmission
charges.

A network code is currently under discussion between market players and
RTE.

Market Conventions

A range of wholesale electricity products are currently traded in France.
Peak and baseload day-ahead, week-ahead, monthly, quaterly, and yearly
products are traded.  Peak products follow the German convention (12 hour
peaks on weekdays, 08h00-20h00).  Contract sizes are typically 25MW or 50MW.

Gate closure for scheduling imports, exports and transits is 14h00 Paris
time.  Gate closure for scheduling "echanges de blocs" is 16h00 Paris time.

Other: The Gas Market

A transitional regime was implemented on 10 August 2000 by direct application
of the EU Directive, thus establishing regulated TPA for sites whose
consumption is over 25 million cubic meters p.a. The eligibility threshold
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters
in 2008. No gas law has been passed yet (forecasted for mid 2002), and it is
expected that the transitional regime for gas in France will last until end
2002. A zonal/distance-related tariff was published on 13 July 2000 by
GdF-Transportation. A permanent entry/exit tariff structure is likely to be
developed for 2003. Charges for imbalances are expensive and access to
storage is restricted. GdF-Trading, however, has published conditions for
balancing services.
There is only one trading Hub for France located at the French/Belgian border
(Blaregnies/TaisniSres). Due to the distance-related nature of the
transportation tariff, competitive TPA is limited to eligible sites which are
located not too far (less than about 250Km) from the French/Belgian border.
The main imports into France are for high cal gas, and GdF has published the
conditions for high cal/low cal gas swaps.
As there is not yet a gas law in France (a +Projet de Loi, was approved on
17th May 2000) transposing the EU gas directive into domestic legislation,
the Regulatory Commission has not been appointed to date, and the official
regulatory body remains the Ministry of Industry.
Although current conditions do not facilitate full requirement supply to
customers from new entrants, it is already possible to optimise gas supply
through import of blocs for part or full supply. ECTRL was the first new
entrant to supply gas at the French border, and more recently into France.
ECTRL's cumulative volume of gas trades so far totals 550 million cubic
meters.

The above represents only Enron's and its affiliates views' and, accordingly,
neither Enron nor any of its affiliates is providing any advice to you in the
above information.  You are not entitled to rely on any of the above
information and you are advised to take such other independent advice, as you
may deem necessary in respect of the matters referred to above.

 -----Original Message-----
From:  Brod, Simon
Sent: 25 May 2001 17:31
To: Gaillard, Bruno
Cc: de Gaulle, Pierre; Brun, Raphael; Davies, Philip; Duvauchelle, Antoine;
Sankey, Ross
Subject: RE: Background Information France/Final Draft

My suggested paragraph on market conventions:

A range of wholesale electricity products are currently traded in France.
Peak and baseload day-ahead, week-ahead, monthly, quaterly, and yearly
products are traded.  Peak products follow the German convention (12 hour
peaks on weekdays, 08h00-20h00).  Contract sizes are typically 25MW or 50MW.

Gate closure for scheduling imports, exports and transits is 14h00 Paris
time.  Gate closure for scheduling "echanges de blocs" is 16h00 Paris time.

Simon

From: Bruno Gaillard/Enron@EUEnronXGate on 25/05/2001 15:36
To: Pierre de Gaulle/LON/ECT@ECT, Raphael Brun/LON/ECT@ECT, Simon
Brod/LON/ECT@ECT, Philip Davies/Enron@EUEnronXGate, Antoine
Duvauchelle/Enron@EUEnronXGate
cc: Ross Sankey/LON/ECT@ECT

Subject: RE: Background Information France/Final Draft

Below please find a revised version of the document. One element that is
still missing and that should be completed by the traders is the
"conventions" by possibly adding gate closure information, peak vs. off-peak,
and other relevant information.

Bruno

Updated May 2001.

Background

The Continental European electricity market is developing from an integrated
monopoly business to a competitive market. A segment of electricity users now
have the right to choose their supplier from a range of marketers. The
emergence of new marketers and generators has created the demand for price
risk management solutions and has encouraged the development of a traded
wholesale market. Following the adoption of the EU Electricity Directive in
December 1996, member states were obliged to transpose the directive into
national legislation opening electricity markets to competition by February
1999.

The directive sets out a three-tiered approach to the liberalisation of
electricity supply markets. Stage one entered into effect on 19 February
1997, and calls for the opening of 22% of national markets, based on the
average community share of electricity consumed by end customers using more
than 40 GWh per year. The degree of opening will increase over six years by
lowering the community consumption threshold to 20 GWh in 2000 (27% market
opening) and to 9 GWh in 2003 (32-33% market opening). Distributor access is
a matter for each member state. The implementation of a new directive,
expected in 2002, will improve the conditions for a liberalized market.

At present, the level of compliance with the directive varies between member
states. The EU countries farthest along the process of liberalisation are
Germany, Austria, Spain and the Netherlands. Switzerland, although it is not
an EU member state, is integral to market developments. France, although
having chosen to comply with the minimum requirements of the directive, has
proven to open up their market more than expected.

Current Market

EDF is the dominant electricity producer in France, the largest power
producer in the world with 475TWh generated in 2000,  and the largest
exporter in Europe (net exports reached 71 TWh in 2000).  Power generation in
France is mainly nuclear (70%), but also hydro (20%), while conventional
thermal generation represents 10%. EDF is a vertically integrated company
with services and products in generation (92%), supply (?%), transmission and
distribution (95%). Finally, this historical supplier is a State Entity; the
French State owns EDF,s capital.  A few Independent Power Producers (IPP) are
also active in the market, such as Snet (6.4TWh, coal-fired), and CNR (16TWh,
hydro). Other smaller IPPs are commercially active but most must sell their
production to EDF under a regulated tariff.

More than 100 distribution companies are active through a concession regime
in their local distribution area. Few, however, are of a significant size
(less than a dozen have sales of over 400 GWhs), or have eligible customers
in their concession areas.

The French System Operator (RTE) was created on 1 July 2000 and is a
sub-division of EDF, although it is unbundled in terms of management and
accounting. A postage stamp tariff has been implemented under the
transitional regime, which varies according to the voltage used and is based
on a matrix (Summer/Winter, Peak/Off-Peak). Users have to contract for their
maximum transmission capacity. Imbalances are settled under a published
tariff, which introduces high charges for imbalances beyond a 10% tolerance
level and 5MW.

A three-year framework contract (e.g., by way of a Master Agreement with a
minimum term of three years) is required for eligible customers, but
eligibles are free to deal for shorter maturity transactions within such a
three-year contractual framework.

Although the criteria for eligibility is per site, and eligible customers
have to contract transmission for each site, RTE has created balancing
responsibility contracts (contrats de Responsable d'Equilibre) which compels
the aggregation of imbalance charges for different eligible sites within an
equilibrium perimeter defined with RTE. Imbalances are settled under a
published tariff which charges a heavy penalty for any imbalance beyond a 10%
tolerance level or 5MW.

Even though we are currently under a transitional regime in France, the
ability to trade power already exists. Optimisation can be found through
real-time arbitrage offered by the flexibility of the industrial process, the
availability of market prices and optional structures. The establishment of
balancing responsibility contracts has created the basic conditions for an
effective power trading market in France, and this through the exchange of
blocks from one perimeter to another. Blocs are only exchangeable on
day-ahead bases but intra-day procedures are expected to be implemented. All
transactions are currently based on bilateral physical contracts.

The establishment of this framework has contributed to an increasing number
of players for trading, imports, exports and transit; we are confident that
the French power market will develop rapidly.     Enron Capital & Trade
Resources Limited ("ECTRL") is a balancing responsible actor in France and
closed the first physical power transaction in France early 2000, and was the
very first new entrant to trade power (buy/sell) in France late 2000.

Future Developments
 << OLE Object: Picture (Metafile) >>
France's size and geographical position will make it a natural hub for
trading on the Continent. It is Europe's second largest electricity market,
with net consumption (including industrial on-site consumption) totalling
over 400 TWh in 1999. The increase of physical trading, envisaged capacity
release by EDF, and creation of future market mechanism will contribute to
the further development of the market.

Both a balancing market and a spot exchange market are expected to be
implemented by end 2001. Players in the balancing market will propose put and
call options, exercised by RTE according to its own portfolio of contacts
(producer, consumer) and providing it with physical balancing capacity. The
balancing market will also show referenced market prices for balancing
services.

Some of the spot market volume is expected to be operated by ParisBourse.
However, due to the dominant position of EDF, the limited number of active
IPPs, existing restrictions for trading for authorised producers in France,
and the lack of transparency with regard to current rules for allocation of
cross-border capacity and attribution of congestion costs, we believe that
the conditions for the creation of an effective spot power market in France
are not yet fully met.

Recently, the European Commission has asked EDF to auction 6,000MW of virtual
capacity through VPP auctions starting in September 2001, representing about
30% of the market for French eligible industrials This will further
contribute to increase liquidity.

Regulatory Environment
 << OLE Object: Picture (Metafile) >>
The goal of Directive 96/92/EC concerning the internal market in electricity
is to obtain a cheaper but secure electricity supply by introducing and
gradually expanding competition while maintaining industry competitiveness in
the face of price decreases. France has transposed the directive, however
certain imperfection with regards to non-discriminatory access and the level
of liberalisation still exist.

The French Electricity law was passed on 10 February 2000, a year later  than
required by the EU, establishing a transitional regime for third party access
(TPA). Several application decrees still have to be passed, including
transportation tariffs on the electric grid to eligible customers. The
current threshold for eligibility is 16GWh (net of auto-consumption) per year
and per site, and represents about 600 eligible clients and 1,200 sites.
Eligibility for distribution companies is currently limited to the eligible
consumption of customers located in their concession areas. The French power
market is effectively open to some competition, and about 60 eligible
industrials have so far switched totally or partly from the historical
supplier. The eligibility threshold will be reduced to 9GWh per site by
direct application of the EU Directive by Feb. 2003, as the French government
declined a quicker opening of the power market.

The two main authorities, which oversee the industry, are the CRE (Commission
de Regulation de l'Electricit,) is the official regulatory body and the
ministry of industry. The CRE is responsible to insure that RTE provides for
non-discriminatory access on to the grid and will be issuing transportation
tariffs.  The Ministry is responsible for providing generation licenses for
IPPs and for determining eligibility issues.

RTE is implementing new capacity allocation procedures on the UK, Italy and
Spain interconnectors. On the remaining borders, capacity is currently
allocated on a first-come-first served basis rule, and congestion fees are
levied at the margin, which favours long-term contracts and historical
players. In addition, there is currently some lack of transparency with
regards to RTE real-time data on the capacity available/used for exports and
imports. However an intra-day market is now effective for transits, imports
and exports.  The first come first serve allocation rule on border capacity
is likely to be changed by end 2001. In addition, the CRE is likely to
request RTE to release additional data in the months to come.

New IPPs have to be authorised through auctions or through direct decision of
the Ministry of Industry, the main route for authorisation. Authorised IPPs
in France are limited by Decree to buying for resale to eligible customers a
maximum of buy for resale to eligible customers a volume equivalent to 20% of
the installed capacity, including long term contracts. Although the
interpretation of this law is unclear, a recent statement by M. Tuot,
Director General of the CRE, implies that these restrictions only apply to
French authorised producers and thus not to foreign-based energy companies or
other non-producing entities. Thus, these restrictions do not apply to ECTRL,
as we are not registered in France.  In addition, French IPPs are free to
sell and export their production.

Eligible customers, who are physically connected to the Grid, have to
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as
ECTRL, are not required to have such a transmission contract, as they do not
consume the power they purchase. Only a balancing responsibility contract
coupled with grid access contracts (import, export, and/or transit) are
required by RTE.

A new Decree is expected to be passed by Summer 2001, setting up new
conditions for transmission, transits and exports under a permanent regime.
Imports, which are allocated on a pro-rata basis, are free of transmission
charges.

A network code is currently under discussion between market players and
RTE.

Market Conventions

Traders: Need to Add: gate closer information and on-peak off peak hours plus
whatever relevant conventions.

Other: The Gas Market

A transitional regime was implemented on 10 August 2000 by direct application
of the EU Directive, thus establishing regulated TPA for sites whose
consumption is over 25 million cubic meters p.a. The eligibility threshold
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters
in 2008. No gas law has been passed yet (forecasted for mid 2002), and it is
expected that the transitional regime for gas in France will last until end
2002. A zonal/distance-related tariff was published on 13 July 2000 by
GdF-Transportation. A permanent entry/exit tariff structure is likely to be
developed for 2003. Charges for imbalances are expensive and access to
storage is restricted. GdF-Trading, however, has published conditions for
balancing services.
There is only one trading Hub for France located at the French/Belgian border
(Blaregnies/TaisniSres). Due to the distance-related nature of the
transportation tariff, competitive TPA is limited to eligible sites which are
located not too far (less than about 250Km) from the French/Belgian border.
The main imports into France are for high cal gas, and GdF has published the
conditions for high cal/low cal gas swaps.
As there is not yet a gas law in France (a +Projet de Loi, was approved on
17th May 2000) transposing the EU gas directive into domestic legislation,
the Regulatory Commission has not been appointed to date, and the official
regulatory body remains the Ministry of Industry.
Although current conditions do not facilitate full requirement supply to
customers from new entrants, it is already possible to optimise gas supply
through import of blocs for part or full supply. ECTRL was the first new
entrant to supply gas at the French border, and more recently into France.
ECTRL's cumulative volume of gas trades so far totals 550 million cubic
meters.

The above represents only Enron's and its affiliates views' and, accordingly,
neither Enron nor any of its affiliates is providing any advice to you in the
above information.  You are not entitled to rely on any of the above
information and you are advised to take such other independent advice, as you
may deem necessary in respect of the matters referred to above.

 -----Original Message-----
From:  de Gaulle, Pierre
Sent: 25 May 2001 12:22
To: Brun, Raphael; Brod, Simon; Gaillard, Bruno; Davies, Philip
Cc: Sankey, Ross
Subject: RE: Background Information France/Final Draft

This is the final draft as approved by EOL legal and Mark Elliott.

Any ultimate comments?

Pierre
---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 25/05/2001
12:24 ---------------------------
From: Justin Boyd/Enron@EUEnronXGate on 25/05/2001 12:16
To: Mark Elliott/Enron@EUEnronXGate, Pierre de Gaulle/LON/ECT@ECT, Ian
Brungs/Enron@EUEnronXGate
cc:

Subject: RE: Background Information France/Final Draft

i have no further comments from an EOL perspective

justin
 -----Original Message-----
From:  Elliott, Mark
Sent: 25 May 2001 12:05
To: de Gaulle, Pierre; Boyd, Justin; Brungs, Ian
Subject: FW: Background Information France/Final Draft

Pierre,

Re the main text - see my comments in blue below.  I have passed this on to
Justin as you will see as Justin is charge of Legal for EOL and will also
have to approve it.  With regards to the slides, could you give me a hard
copy - I can't seem to open them on my system.

Kind regards

Mark

 -----Original Message-----
From:  de Gaulle, Pierre
Sent: 22 May 2001 12:26
To: Mark Elliott/LON/ECT@ENRON; Oliver, Jennifer
Subject: RE: Background Information France/Final Draft

Mark,

Please find herewith the background info for EOL France. It seems that you
would have to approve it (Any other approval needed?). Please note that this
draft has been seen and amended by Raphael, Simon, Philip and Bruno.

Thanks

Pierre

---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 22/05/2001
12:22 ---------------------------
From: Jennifer Oliver/Enron@EUEnronXGate on 22/05/2001 11:10
To: Pierre de Gaulle/LON/ECT@ECT
cc:

Subject: RE: Background Information France/Final Draft

Pierre,

Has French Power Legal approved the final draft below? If not, please could
they review before I submit this to the EnronOnline approval process. Also,
please let me know any other approvals you have receieved so far. This will
help determine who still needs to review.

Thanks,
Jennifer

 -----Original Message-----
From:  de Gaulle, Pierre
Sent: 21 May 2001 18:04
To: Oliver, Jennifer; Goddard, Paul
Subject: Re: Background Information France/Final Draft

Please find the final draft of EOL Backgoung information for France. Please
also find two slides about France, which can be included in the Continental
Gas Trading presentation.

I would like to appear in the background as the main commercial contact
point, as follows:

Pierre de Gaulle
Director France
Tel: + 44 207 783 7742
Fax: + 44 207 783 8255
Mobile: + 44 777 19 01 565
Email: Pierre.de.Gaulle@enron.com

 Thanks

Pierre

 << File: SlidesFrance.ppt >>

---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 21/05/2001
18:00 ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
Bruno Gaillard@ENRON
21/05/2001 17:51
To: Pierre de Gaulle/LON/ECT@ECT
cc: Raphael Brun/LON/ECT@ECT, Simon Brod/LON/ECT@ECT, Philip
Davies/LON/ECT@ECT

Subject: Re: Background Information France/EOL/Draft 2   << OLE Object:
StdOleLink >>

See red and strikethrough comments below

---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 20/05/2001
16:09 ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
Pierre de Gaulle
14/05/2001 19:56
Sent by: Pierre De Gaulle
To: Jennifer Oliver/EU/Enron@Enron, Paul Goddard/EU/Enron@Enron
cc: Philip Davies/LON/ECT@ECT, Bruno Gaillard/EU/Enron@Enron, Raphael
Brun/LON/ECT@ECT, Simon Brod/LON/ECT@ECT

Subject: Background Information France

Please find a draft of the marketing background information about the French
power (and gas) markets for EOL.

Your comments are appreciated.

Thanks

Pierre

Updated May 2001.

1)Background

France is the second largest country in Europe with 58 million inhabitants.
EdF, who was the monopolistic producer, is the largest power producer in the
world with 475TWh generated in 2000, thanks to nuclear production. The
historical supplier, who is at the same time the largest exporter of power in
Europe (net exports reached 71TWh in 2000), is a direct emanation from the
French State, who owns EdF capital. Power generation in France is mainly
nuclear (70%), but also hydro (20%), while conventional thermal generation
represents 10%. EdF owns 92% of power generation, and 95% of distribution.

A few Independent Power Producers (IPP) are also active in the market, such
as Snet (6.4TWh, coal-fired), and CNR (16TWh, hydro). Other small IPPs sell
their production to EdF under a regulated tariff. There has been significant
development of cogeneration projects since 1997. There is now 3,500MW of
installed capacity, thanks to the legal obligation for EdF to purchase power
generated from cogeneration units at a preferable (is "preferable" the
correct word??)   tariff. In the view of the transposition of  the EU
Electricity Directive into French law, this purchase obligation ceased to
apply for new large projects (over 12MW) from 1st Jan. 1999.
More than 100 distribution companies are active through a concession regime
in their local distribution area. Few, however, are of a significant size
(less than a dozen have sales of over 400 GWhs), or have eligible customers
in their concession area.

2) Regulatory Environment

The French Electricity law was passed on 10 February 2000, implementing
regulated third party access (TPA) in France under a transitional regime. The
law was approved one year late, failing to meet the required EU deadline.
Dozens  ["Dozens"  - I would replace this with "Several")  of application
decrees still have to be passed, including tariffs to eligible industrials.
The French power market is open to competition, however. About 60 eligible
industrials have so far switched totally or partly from the historical
supplier. Current threshold for eligibility is 16GWh (net of
auto-consumption) per year and per site, representing about 600 eligible
clients and 1,200 sites. The eligibility threshold will be reduced to 9GWh
per site by direct application of the EU Directive in Feb. 2003, as the
French government declined a quicker opening of the power market.

Eligibility of distribution companies is limited to the eligible consumption
of customers located in their concession area.
A three-year framework contract ( e.g., by way of a Master Agreement with a
minimum term of three years) is required for eligible customers, but
eligibles are free to deal for shorter maturity transactions within such a
three year contractual framework.

New IPPs have to be authorised through auctions or through direct decision
from the Ministry of Industry, which is the main route for authorisation.
Authorised IPPs in France are limited by Decree to trading buy for resale to
eligible customers a volume equivalent to 20% of the installed capacity,
including long term contracts. Trading is currently defined as the conditions
of power purchase for resale to eligible customers. These Trading
restrictions, however, do not apply to ECTRL, as we are not registered in
France. IPPs are free to sell and export power.

The French System Operator (RTE) was created on 1 July 2000 and is a
sub-division of EdF, although it is unbundled in terms of management and
accounting. A postage stamp tariff was implemented under the transitional
regime, which varies according to the voltage used,and which is based on a
matrix (Summer/Winter, Peak/OffPeak). Users have to contract transmission up
to the maximum capacity that they will use. RTE purchases excess capacity
available through transmission contracts at fixed prices, which represents
about half of the market price. Imbalances are settled under a published
tariff, which introduces high charges for imbalances beyond a 10% tolerance
level and 5MW. Although the criteria for eligibility is per site, and
eligible customers have to contract transmission for each site, RTE has
created programme responsible contracts (contrats de Responsable
d'Equilibre), which allow the aggregation of imbalance charges for different
eligible sites within an equilibrium perimeter defined with RTE.

Eligible customers, who are physically connected to the Grid, have to
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as
ECTRL, are not required to have such a transmission contract, as they do not
consume the power they purchase. Only a programme responsible contract
coupled with grid access contracts (import, export, and/or transit) are
required by RTE.

A new Decree is expected to be passed by Summer 2001, setting up new
conditions for transmission, transits and exports under a permanent regime.
It is likely that this new tariff will implement a 1/3 injection-2/3 delivery
calculation factor. Imports, which are allocated on a pro-rata basis, are
free of transmission charges.

Programme responsible contracts have established the basis of trading in
France through the exchange of blocs from one perimeter to another.  Enron
Capital & Trade Resources Limited ("ECTRL")  is programme responsible in
France. Cross border capacity is currently allocated on a first-come-first
served basis rule by RTE, and congestion fees are levied at the margin, which
favours long term contracts and does not give equal treatment to all players.
In addition, there is currently some lack of transparency with regards to RTE
real-time data on the capacity available/used for exports and imports. This
allocation rule is likely to change by end 2001. In addition, the CRE is
likely to request RTE to release additional data in the months to come.

The CRE (Commission de Regulation de l'Electricite) is the offical regulatory
body, which mainly covers TPA and tariff issues, while IPP licenses and
eligibility issues are covered by the Ministry of Industry.

3) Business Opportunity

Although we are currently under a transitional regime in France, the ability
to trade power already exists. Optimisation can be found through real-time
arbitrage between the flexibility of the industrial process, market prices
and optional structures. The establishment of programme responsible contracts
has created the basic conditions for an effective power trading market in
France. ECTRL closed the first physical power transaction in France early
2000, and was the very first new entrant to trade power (buy/sell) in France
late 2000.

An intraday market is now effective for transits, imports and exports, and is
expected to soon be extended to exchange of blocs in France.
Liquidity has been dramatically increasing (although the market remains
dominated by the historical player) thanks to RTE capacity auctions for
(auction has not been implemented on Spanish side yet) [QUERY: do we need
this bit in brackets??  What does it add??  Can't we just delete it??  Or is
it a note and someone has to write some better text here??  It just does not
read correctly in English owing to its place in the sentence at present] UK,
Italy and Spain interconnectors, RTE tenders for HV Grid losses, industrials
switching, and new players coming into the market. In addition, the European
Commission has determined that EdF will auction 6,000MW of virtual capacity
through VPP and PPA auctions in September 2001, representing about 30% of the
market for French eligible industrials This will further contribute to
increase liquidity.
A network code is currently under discussion between market players and
RTE.

4) Future Development

It is forecasted that both balancing market and spot exchange market will be
implemented by end 2001. Players in the balancing market will propose put and
call options, which will be exercised by RTE according to its own portfolio
of contacts (producer,consumer), thus providing RTE with physical balancing
capacity. The balancing market will also show referenced market prices for
balancing services.

The Some of the spot market volume is expected to be run by ParisBourse.
However, due to the dominant position of EdF, the limited number of active
IPPs, existing restrictions for trading for authorised producers in France,
and the lack of transparency with regard to current rules for allocation of
cross-border capacity and attribution of congestion costs, we believe that
the conditions for the creation of an effective spot power market in France
are not yet fully met. ECTRL has actively been lobbying in order to have fair
and transparent rules implemented for every player in the market and has
actively contributed for a spot market to take place.

However, thanks to an increasing number of players in France for trading,
imports, exports and transit, we are confident that the French power market
will develop rapidly.

5) The Gas Market Situation

A transitional regime was implemented on 10 August 2000 by direct application
of the EU Directive, thus establishing regulated TPA for sites whose
consumption is over 25 million cubic meters p.a. The eligibility threshold
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters
in 2008. No gas law has been passed yet (forecasted mid 2002), and its is
expected that the transitional regime for gas in France will last until end
2002. A zonal/distance-related tariff was disclosed published on 13 July 2000
by GdF-Transportation. A permanent entry/exit tariff structure is likely to
be developed for 2003.  Charges  for imbalances are expensive, and access to
storage is restricted. GdF-Trading, however, has published conditions for
balancing services.
There is only one trading Hub for France located at the French/Belgian border
(Blaregnies/TaisniSres). Due to the distance-related nature of the
transportation tariff, competitive TPA is limited to eligible sites which are
located not too far (less than about 250Km) from the French/Belgian border.
The main imports into France are for high cal gas, and GdF has published the
conditions for high cal/low cal gas swaps.
As there is not yet a  [new??] gas law in France ( a Projet de Loi was
approved on 17th May 2000) transposing the EU Gas Directive into domestic
legislation, the Regulatory Commission has not been appointed to-date , and
the official regulatory body remains the Ministry of Industry.
Although current conditions do not facilitate full requirement supply to
customers from new entrants, it is already possible to optimise gas supply
through import of blocs for part or full supply. ECTRL was the first new
entrant to supply gas at the French border, and more recently into France.
ECTRL's cumulative volume of gas trades so far totals 550 million cubic
meters.

The above represents only Enron's and its affiliates views' and, accordingly,
neither Enron nor any of its affiliates is providing any advice to you in the
above information.  You are not entitled to rely on any of the above
information and you are advised to take such other independent advice as you
may deem necessary in respect of the matters referred to above.

---------------------- Forwarded by Richard Shapiro/NA/Enron on 06/08/2001
10:05 PM ---------------------------
From: Bruno Gaillard on 06/01/2001 07:04 PM GDT
To: Richard Shapiro/NA/Enron@Enron
cc:

Subject: Gas situation in France

----- Forwarded by Bruno Gaillard/EU/Enron on 01/06/2001 19:03 -----

	Bruno Gaillard
	24/05/2001 18:12

		 To: Philip Davies/Enron@EUEnronXGate
		 cc: Didier Magne/Enron@EUEnronXGate
		 Subject: Gas situation in France
Philip

Attached the relevant sections of a paper produced by EFET (largely by us) on
TPA in the French gas market and Enron comments to the EU on TPA issues. Note
that these papers were produced in December of 2000 and mid-Feb 2001
respectively. Notable changes since then include.

A relatively competitively priced conversion service (H-Cal to L-Cal gas) at
TaiseniSres has been but in place
The balancing regime has been improved and penalties are now indexed to
Zeebrugge (x 1.5 or x -0.5)
Access conditions to LNG have been published
Flexibility services are offered by GdF- Supply. The terms and conditions up
to now had been onerous. Recent talks between Didier and a customer suggest
that they have been wildly improved but this still needs to analysed by us.
Transit tariffs have been published but is also restricted to a  year-long.
The regulator is seriously considering changing the tariff structure from a
distance related structure to a entry/exit type structure.
The first hearing on the law (directive transposition) at the parliament has
been delayed from spring 2001 to summer 2002. Regulated tariffs will not
likely be put in place until 2003.

Let me know if you need more information.

Bruno

---------------------- Forwarded by Richard Shapiro/NA/Enron on 06/08/2001
10:06 PM ---------------------------
From: Bruno Gaillard/Enron@EUEnronXGate on 06/01/2001 07:14 PM GDT
To: Richard Shapiro/NA/Enron@Enron
cc:

Subject: EdF capacity auctions

Information on capacity release program (VPP) in France

Letter below to the consultants of EDF

Decision on Merger imposing capacity release

Trustee mandate that we proposed to the EU

Initial VPP proposal by EDF

 -----Original Message-----
From:  Sankey, Ross
Sent: 01 June 2001 09:51
To: de Gaulle, Pierre
Cc: Gaillard, Bruno; Philip Davies/LON/ECT@ENRON; Brun, Raphael; Brod, Simon;
Styles, Peter; Dindarova, Nailia; Shaw, Eric; Elliott, Mark
Subject: RE: EdF capacity auctions

All,

I would suggest we need to do the following :-

? Register for the auction and receipt of the IM asap.  Bruno could you
please discuss with Mark and put together our registration document.  I
assume that ECTRL meets the criteria of a trader "registered" in an EU member
state?  Does not appear to be any need to deal with credit support or other
regulatory "qualifiers" such as balancing agreements as yet.  Mark - agree?
Bruno - could you please take care of sending this registration letter (agree
with Pierre who should act as principal contact).
? Establish once and for all the role of Trustee and CRE in the process of
approving capacity release phasing, auction process for each phase and
product specifications AND understand how the "consultation" process will
work once we have the IM.  Hence need to discuss with MTF, then Trustee and
CRE asap ie in June if possible.  Preferably before we meet again with
PWC/Roth....

In addition to Pierre's comments, the PIM also states that strike prices at
least are subject to Trustee review but a number of areas need to be
questioned.

? Capacity Release Phasing.  PIM confirms the 5 year period of the remdey but
also says a review can be requested after 3 years.  Bruno - you need to
review the remedy doc, but I do not see how a 2 year phasing of capacity
release complies with the remedy (at least in spirit).  We would suggest
there is no impediment to offering the FULL remedy in a single phase.  If
theere is insufficient demand they can always have a fall back position to
release unsold capacity on a 6 monthly or annual basis through the 5 year
period.  The current proposal is no more than EdF trying to minimise capacity
release and/or extract max value (can't blame them for trying but it is not
what we want or what remedy requires).  EdF's only real argument is that
phasing will allow more new suppliers to enter at a later date as eligiblity
threshold drops in France.  However, since eligible demand already exceeds
total capacity release this would limit development of competition to
existing eligibles.  As a minimum the release programme for all capacity
should be clearly defined up front; not at the whim of EdF.  Peter - thoughts
on this and how, in context of remedy, we can argue for accelerated single
phase auction (with possible reauctioning of unsold capacity over 5 years)?
? Auction Process : qualifying criteria likely to be more defined in IM; but
no obvious problems here.  I am less sure about nature of auction process.
We obviously need to think it through more, but why not just have a simple
process based on single sealed bids (or an electronic bid process).  The use
of price "clock" controlled by the auctioneer may allow a reserve price to be
set which is clearly not the intent of the remedy - this should be set at
zero for all product groups not subjectively "to ensure excess demand" but
only for certain groups!
? Product Specs : need to understand what if anything can be changed here.
Strikes seem to be subject to Trustee approval, but we need to understand
what else can be influenced eg within day flex.  Since we have already
covered this in previous submissions to MTF, EdF etc this should be easy to
identify as we go forward.

Any comments?

Ross

 -----Original Message-----
From:  de Gaulle, Pierre
Sent: 01 June 2001 09:00
To: Sankey, Ross
Cc: Gaillard, Bruno; Philip Davies/LON/ECT@ENRON; Brun, Raphael; Brod, Simon;
Styles, Peter; Dindarova, Nailia
Subject: RE: EdF capacity auctions & other EU news

Point 1.5: This info is of a preliminary nature and is subject to change. In
addition, it is mentioned in point 6 that registered companies for the
auction will have the opportunity to ask questions and raise issues during
conferences, which will be then considered by EdF.

Specifications of the auction will be finalised by end August. This seems to
leave some room for a complete feedback from registered companies. Let's
discuss the content of the PIM.

I suggest to arrange anothe meeting with PWC/Rothschild in the next few weeks
(week 11-16 June).

What about a potential meeting with the Trustee about the PIM?

Pierre

From: Ross Sankey/Enron@EUEnronXGate on 31/05/2001 19:31
To: Bruno Gaillard/Enron@EUEnronXGate, Philip Davies/LON/ECT@ENRON, Pierre de
Gaulle/LON/ECT@ECT, Raphael Brun/LON/ECT@ECT, Simon Brod/LON/ECT@ECT
cc: Peter Styles/LON/ECT@ECT, Nailia Dindarova/LON/ECT@ECT

Subject: RE: EdF capacity auctions & other EU news

Bruno,

Quel surprise.  Should make your follow up with the MTF interesting as to the
role of the Trustee.

One point to note for both MTF and Albers at COMP - the lack of within day
flexibility is hardly in keeping with the intention of supporting development
of retail supply to end users with fluctuating demand.  Suppliers will thus
be at the mercy of EdF in the balancing market.

In addition, how on earth can they be allowed to take 2 years to complete the
process?  How does that fit with merger remedy?

Somewhat ironic that they have the document in English!

Lets discuss what if anyhting we can do after you have spoken with MTF.

Regards,

Ross

 -----Original Message-----
From:  Gaillard, Bruno
Sent: 31 May 2001 19:03
To: Philip Davies/LON/ECT@ENRON; Sankey, Ross; de Gaulle, Pierre; Brun,
Raphael; Brod, Simon
Cc: Styles, Peter; Dindarova, Nailia
Subject: RE: EdF capacity auctions & other EU news

Obviously a done deal - interestingly the Trustee is not mentioned. EDF has
the capacity offering on its web page
http://www.edf.fr/htm/en/enchere/enchere and has a detailed document in
English but not in French yet. They also has EFET under industry links as
well as the CRE, DIGEC.

Attached is EDF's presentation of the product. After a quick look, it seems
that flexibility is not a option (nomination at noon, and price has not
changed)

 << File: VPP MIP.pdf >>
Bruno

31/05/01 UK: EDF ISSUES DETAILS OF ITS FIRST CAPACITY AUCTION.
LONDON, May 31 (Reuters) - French utility Electricite de France (EdF)
announced on Thursday details of its first auction to sell electricity
production capacity to competitors. EdF was required by the EU Commission in
February to give access to some of its generation capacity as a condition for
EU approval of its purchase of a 25 percent stake in German utility EnBW.
In the next two years, EdF will auction a total of 6,000 megawatts which
include 1,000 MW of peak capacity sold at a price of 26 euros per megawatt
hour (MWh) and 4,000 MW of baseload at a price of eight euros/MWh.
In addition, 1,000 MW of cogeneration production capacity will be made
available. Production from cogeneration plants is bought by EdF from smaller
producers under long-term contracts.
"With such contracts, electricity suppliers and traders will be able to have
electricity without the technical and operational risks of running a power
plant," said EdF in a statement.
The price for cogeneration capacity will be made public a few weeks before
the auction as it depends on gas price movements, EdF said.
The auction will take place in several tranches, the first one starting in
September, when 200 MW of peak capacity will be auctioned, 800 MW of baseload
and 190 MW of cogeneration.
The whole 6,000 MW should be sold by October 2003.
EdF, which has a 94 percent share of the French generation market, has a
total installed capacity of 103,500 MW.

 -----Original Message-----
From:  Dindarova, Nailia
Sent: 31 May 2001 17:20
To: Gaillard, Bruno; Philip Davies/LON/ECT@ENRON
Subject: EdF capacity auctions & other EU news

FYI see attached
---------------------- Forwarded by Nailia Dindarova/LON/ECT on 31/05/2001
17:07 ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
"Sandra James" <Sandra_James@electricity.org.uk> on 31/05/2001 17:11:51
To: <david.love@british-energy.com>, <rob.plaskitt@british-energy.com>,
<shercock@compuserve.com>, <jgreen3@edisonmission.com>, "Gwyn Dolben"
<Gwyn_Dolben@electricity.org.uk>, <KHanks@enron.com>,
<Nailia.Dindarova@enron.com>, <Peter.Styles@enron.com>,
<mwedg90@entergy.com>, <alison.cole@innogy.com>, <DAVID.TOLLEY@innogy.com>,
<peter.heffer@magnox.co.uk>, <ALAN.CLARK@natpower.com>,
<David.Burnett@nie.co.uk>, <Gordon.Dunlop@nie.co.uk>, <Chris.Price@pgen.com>,
<david.densley@scottish-southern.co.uk>, <shamblyn@seeboard.com>,
<Brian.Samuel@txu-europe.com>, <Phil.Hardy@txu-europe.com>,
<andy.papageorgi@uk.ngrid.com>, <christine.brown@uk.ngrid.com>,
<judith.ward@uk.ngrid.com>, <louise.petchell@uk.ngrid.com>,
<michael.metcalfe@uk.ngrid.com>, <James.Sheward@uuplc.co.uk>,
<Arthur.Probert@yeg.co.uk>, <gail.antrobus@yeg.co.uk>,
<Gail.Silcock@yeg.co.uk>, <joanne.bridge@yeg.co.uk>
cc:

Subject: EdF capacity auctions & other EU news

Dear All

Please see attached news items from this afternoon, including details of
EdF's sale of capacity.

Regards

Sandra

*****************************************************************
This e-mail is confidential. It is intended only for the person named.
Unless you are that person, or authorised to receive this e-mail, you
must not copy or use it or disclose it to anyone else.  If you have
received this e-mail in error, please contact the sender.  Thank you
for your cooperation.
Electricity Association Services Limited, 30 Millbank, London  SW1P 4RD
(Reg. in England No: 2366837).
*****************************************************************
 - eunews 31may pm.doc << File: eunews 31may pm.doc >>


---------------------- Forwarded by Phillip M Love/HOU/ECT on 05/14/2001
09:17 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 05/14/2001 09:05 AM
To: Diane Anderson/NA/Enron@Enron, Derek Bailey/ENRON@enronXgate, David
Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT, Patricia Boulanger/CAL/ECT@ECT,
Bob Bowen/HOU/ECT@ECT, Julie Brewer/NA/Enron@Enron, Lesli
Campbell/ENRON@enronXgate, Celeste Cisneros/ENRON@enronXgate, Sharon
Crawford/CAL/ECT@ECT, Richard Deming/NA/Enron@Enron, Russell
Diamond/ENRON@enronXgate, Cindy Feldman/CAL/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Jeffrey C Gossett/ENRON@enronXgate, Larry Joe
Hunter/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/ENRON@enronXgate, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Sarah
Pernul/CAL/ECT@ECT, Leslie Reeves/HOU/ECT@ECT, Tanya
Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT, Linda
Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Tiffany Williams/NA/Enron@Enron
cc:
Subject: Credit Report--5/14/01


Rod

Thank you for the introduction.

For my part I am responsible for finance & Regulation at Wessex

Our work over the next month is to set out the heads of terms of contracts
between the regulated asset company and the new unregulated service company.

Attached is a note we have prepared setting out payment principles.  You
will see initial thoughts on issues such as who has what risk.

In considering this it may be useful to note some important points about the
UK Water industry, viz
1    The Licence holder (asset company) retains ultimate responsibility -
and criminal liability - for service delivery
2    The UK industry is very political and hence loose contracts are
necessary to deal with unexpected events.
3    The regulatory reporting requirements are very detailed & will require
annual information on the costs of both the Licence holder & (probably) the
service company

On the timing of your vist I am trying to arrange a tour of Wessex & its
assets for Thursday and or Friday next week.  You can also discuss some of
the issues on the contracts with the in house team.  unfortunatly I have
meeting with the regulator on the Thursday & am tied up much of Friday - but
it is probably better for you to spend time with people doing the  real work
rather than me.

Monday can be used for our meeting with the lawyers.  This will probably be
later in the day and go on into the evening.

I will get you a more detailed itinerary soon.

with best regards

Keith

cc John

-----Original Message-----
From: rhaysle@enron.com <rhaysle@enron.com>
To: kharris@azurix.com <kharris@azurix.com>; lgawith@azurix.com
<lgawith@azurix.com>; kwillett@azurix.com <kwillett@azurix.com>
Cc: cskellett@azurix.com <cskellett@azurix.com>; jale@azurix.com
<jale@azurix.com>
Date: 28 June 2000 23:58
Subject: Introduction

>Name:      Rod Hayslett
>Phone:         713-853-6178
>Location:      Houston (Enron Building  - EB4054)
>FAX:           713-646-3708
>EMAIL:         rhaysle@enron.com (or whatever you see as the address to
>this message)
>Background:    20 + years trying to figure out how to make something a lot
>more than a regulated return out of a regulated              business.
>10+ years in the US Navy, reaching the rank of Captain.     Experience in
>Finance, Accounting,               Information Systems and Administrative
>Areas.     Currently have Commercial responsibilty over some
>telecommunications startup services companies relating to Rights of Way and
>fiber optic line rights and              coordinating responsibilities over
>the Pipeline Market Services Area.
>
>Current Job:   CFO of Enron's Gas Pipeline Group. (which means here,
>whatever the boss wants tackled next)
>Home Phone:    281-292-2467
>
>

**********************************************************************
This email and any files transmitted with it 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 Wessex Water IT Support Centre on:

44-1225-732088 or email support@wessexwater.co.uk

This footnote also confirms that this email message has been swept by
MIMEsweeper for the presence of computer viruses.

www.mimesweeper.com
**********************************************************************

 - STRUCTURE OF CONTRACTS (4).doc


Jeez this gets old

 -----Original Message-----
From: 	Poston, David
Sent:	Thursday, June 28, 2001 3:38 PM
To:	Nat, Steve; Belden, Tim; Richter, Jeff; O'Neil, Murray P.; Mallory, Chris; Williams, Bill; Platter, Phillip
Subject:	FSP Milestone Complete

Good Afternoon,

I am pleased to announce that we have finally completed the 10 day parallel test milestone for FSP.  We were also seeing solid performance for our key metrics during the parallel (template writing 1:30 - 2:30, finals processing 5-7 minutes).  Lastly, based on my understanding of our go-live bet, my total debt owed to Tim Belden = $13.00.  Tim, I gave the money to Debra.

What Next?

User Training
I will be working with the DA & Real time guys to make sure everyone is up-to-speed with the new system.  We are also in the process of developing some user documentation cheat sheets to help in the transition.

Production Parallel
We have already begun using FSP in parallel in production by writing templates in FSP & comparing them to CAPS.  We will continue doing this until we are getting consistent results between the two systems.  This production parallel has necessitated some changes to the existing Enpower_to_CAPS report that we have already started modifying.

How long?

Once bit, twice shy.  No money on this one, but I don't think it should take over a week to train the users.  The production parallel may take a little longer.  I am really relying on the users to wrap this one up.  Kysa Alport has already volunteered for this duty and I spent a good part of today training her.

Thanks,  David Poston


Barbara, here is my draft of a rehearing request.  As I mentioned, our
outside counsel is going to try to add a few sentences; I haven't heard back
from them, but will send you the revised draft when I do.  I'd be happy to
copy Jay Golub too; please send me his e-mail address.  In the meantime, let
me know if you have any comments.  We plan to file on Monday, Oct. 16.

Thanks,

Susan
713-853-0596


Attached is a redlined draft of the IM.  If we're not done, we're very
close.

If you want to do away with the redlines, while in Word, go to Tools/Track
Changes.  You can either accept all changes or, if you simply want to print,
go Highlight Changes and uncheck the third box - Highlight Changes in Printed
Document.

Provide me any comments ASAP.  I'm in Houston today and can be reached at
(Ph) 713.345.8992, (M) 713.398.6412 and (F) 713.646.8055.  Tuesday I will be
in San Francisco (Ph) 415.782.7827 and (F) 415.782.7854.

Should you have any questions, please call.


Mr. Lavorato,

Hello.  Below are estimates on the vacation we discussed last week.  I
know that Jamaica was not a set destination but I really feel something
like the FDR Resort might be a good options for a family vacation.  One
of the biggest pluses is the nanny you are assigned upon arrival I think
most people find it really makes the vacation stress fee.  I will be
honest with you there are other resorts in the Caribbean that are nicer
but they are not family resorts.  Programs and things are offered for
children usually starting at 4 years (sometimes 3) of age nanny services
are not really provide and just babysitting that must be prearranged.  If
features like the nanny service are not as important to you then I will
make other suggestions.   I am not including rates on the Boscobel Beach
Resort because they just closed to do renovation that will last until
December 2001.  If you have any questions, need additional information,
or would like to set up reservations please do not hesitate to call or
E-mail.

Regards,
Crystal Schwartz

***ESTIMATES BELOW ARE SUBJECT TO AVAILABILITY AND PRICE CHANGE UNTIL
CONFIRMED WITH PAYMENTS NEEDED.***

ROUND-TRIP AIRFARE ON AMERICAN AIRLINES -
**CONNECTIONS IN MIAMI**
$625.00 PER ADULT
$437.00 CHILD FARE
**RATE IS SUBJECT TO AVAILABILITY AND PRICE CHANGE UNTIL CONFIRMED WITH
PAYMENTS NEEDED.  I HAVE BASED THE RATES ABOVE ON DEPARTURE FEBRUARY 21,
2001 - FEBRUARY 28, 2001 PLEASE WHAT YOU WOULD PREFER AND I WILL CHECK
FOR SEATING.

ROUND-TRIP AIRFARE ON CONTINENTAL AIRLINES -
***CONNECTIONS IN TAMPA**
$625.00 PER ADULT
$365.00 CHILD FARE
**SAME NOTES AND DATES AS ABOVE**

FDR RESORT -
PLEASE TAKE A LOOK AT THIS WEB SITE IF YOU HAVE TIME WWW.WHERE2STAY.COM
THEY HAVE PICTURE AND COMMENTS FROM CLIENTS WHO HAVE STAYED THERE IN THE
PAST YEAR.

ONE BEDROOM SUITE WITH NANNY - $4100.00 FOR 7 NIGHTS
TWO BEDROOM SUITE WITH NANNY - $5150.00 FOR 7 NIGHTS

=====
Vitol Travel Services
1100 Louisiana Suite 3230
Houston, Texas 77002
Phone - 713-759-1444
Fax - 713-759-9006

__________________________________________________
Do You Yahoo!?
Yahoo! Shopping - Thousands of Stores. Millions of Products.
http://shopping.yahoo.com/


This looks like too much trouble.

	From:  Kathleen Carnahan                           01/22/2001 12:03 PM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: Resignations of CAED I & II Man. Dir. & Officers

Kay,

The following are the officers of CAED I & II:

David W. Delainey President
Janet R. Dietrich  Managing Director
Mark E. Haedicke  Managing Director and General Counsel
Robert J. Hermann  Managing Director and General Tax Counsel
Julia Heintz Murray Managing Director, General Counsel, Finance and Secretary
Ben F. Glisan  Vice President, Finance and Treasurer
Michael J. Miller  Vice President
Stephen H. Douglas  Vice President and Tax Counsel
Elaine V. Overturf  Deputy Corporate Secretary
Teresa R. Callahan  Assistant Secretary
Kate B. Cole   Assistant Secretary
Denise A. Ernest  Assistant Secretary

Kay Mann
01/22/2001 10:12 AM
To: Kathleen Carnahan/NA/Enron@Enron
cc:

Subject: Resignations of CAED I & II Man. Dir. & Officers

Could you let me know how many there are, so I'll know how we want to handle
this.

---------------------- Forwarded by Kay Mann/Corp/Enron on 01/22/2001 10:10
AM ---------------------------

"George Kutzschbach" <gkutzschbach@fulbright.com> on 01/19/2001 06:14:02 PM
To: kay.mann@enron.com
cc: DPedigo@INTERGEN.com, CCampbell@KSLAW.com

Subject: Resignations of CAED I & II Man. Dir. & Officers

Kay,

Please have the appropriate managing directors and officers of CAED I
and CAED II execute the attached resignations and return the executed
resignations to Doug Pedigo.  If any other persons were manging
directors or officers of CAED I or CAED II prior to closing, please have
them execute similar resignations and furnish them to Doug.  Thanks.

George

 - 5bx_j01_.DOC


Start Date: 3/6/01; HourAhead hour: 23;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030623.txt


FYI.  I've notified Bob and Mike about Carl Wood's proclivities.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 03/07/2001 05:23 PM -----

	Robert C Williams/ENRON@enronXgate
	03/07/2001 05:11 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Mike D Smith/HOU/EES@EES
		 Subject: RE: PUC Approves DWR Language in Decision; Removes Language Staying
Commission Action on Direct Access

Jeff, Wood is our Commissioner on the Negative CTC Complaint.  Is he hostile
to Direct Access?  I fear I already know the answer.

 -----Original Message-----
From:  Dasovich, Jeff
Sent: Wednesday, March 07, 2001 5:08 PM
To: Comnes, Alan; Schwarz, Angela; Aden, Beverly; Votaw, Bill; Barreda,
Brenda; Moffett, Carol; Corbin, Cathy; Foster, Chris; Liscano, Christina;
Sutter, Craig; Leff, Dan; Whitehead, Debora; Benevides, Dennis; Black, Don;
Dorothy Youngblood/HOU/ECT@ECT; Huth, Douglas; Sacks, Edward; Melvin, Eric;
Dupre, Erika; Hughes, Evan; Deltoro, Fran; Muench, Gayle; Dernehl, Ginger;
Savage, Gordon; Buchanan, Harold; Kingerski, Harry; Waser, Iris; Steffes,
James; Lewis, James; Wright, James; Messina, Jeff; Blachman, Jeremy; Hewitt,
Jess; Hartsoe, Joe; Denne, Karen; Bass, Kathy; Dodgen, Kathy; Gustafson, Ken;
Hughes, Kevin; Lopez, Leasa; Botello, Leticia; Muller, Mark; Suggs, Marsha;
Sunde, Marty; Eggleston, Meredith; Etringer, Michael; Mann, Michael;
Cisneros, Michelle; mpalmer@enron.com; Bresnan, Neil; Hong, Neil; Kaufman,
Paul; Warren, Paula; Zdunkewicz, Richard; Leibert, Richard; Shapiro, Richard;
Hennessy, Rita; Yang, Roger; Tijerina, Rosalinda; McCubbin, Sandra; Novosel,
Sarah; Gahn, Scott; Stoness, Scott; Dick, Sharon; skean@enron.com; Leslie,
Tanya; Lair, Tasha; Ted Murphy/HOU/ECT@ECT; Greenlee, Terri; Belden, Tim;
Spruiell, Tony; Sharp, Vicki; Gorny, Vladimir; Curry, Wanda; Bradford,
William S.; Corbally, Kathryn; Whalan, Jubran; triley@enron.com; Sanders,
Richard; Williams, Robert C.; Wolfe, Greg; Wright, James; VanUlden, Dirk;
Walker, Steve; Rudolph, Jennifer; Wenzel, Martin; Condon, Douglas;
wgang@enron.com; Scott Govenar; Hedy Govenar; jklauber@llgm.com; Smith, Mike;
Neslage, John; Guerrero, Janel; Letke, Eric
Subject: PUC Approves DWR Language in Decision; Removes Language Staying
Commission Action on Direct Access

The Commission just voted out one half of the "Bilas Alternate."

The decision that got voted out included Bilas' DWR-based language stating
that the PUC 1) would not second-guess DWR purchases and 2) would pass
through DWR costs to customers.
However, in a move led by Commissioner Carl Wood, the decision removed the
Bilas language on Direct Access.  The decision therefore did NOT include the
Bilas language staying any Commission action on implementing the Direct
Access prohibition.  Carl Wood called including Direct Access "the height of
arrogance."
The decision was voted out 3-2, with the 2 remaining Republicans dissenting.
That said, the Commission has no proposal before it implementing the
prohibition, and there was no talk at the meeting of implementing the
prohibition any time soon.

Best,
Jeff


FYI.  I believe we need your help with preparing the first two breakout
contracts - one for the City of Austin project, and one for the ESA project.
I heard yesterday that they want the ESA contract by November 22, and the COA
shortly thereafter.

I expect to talk to Kent today about where we are on the form, and how to
move forward to closure.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/17/2000 08:22
AM ---------------------------

	From:  Ben F Jacoby @ ECT                           11/16/2000 06:01 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON, Catherine Clark/HOU/ECT@ECT
cc:

Subject: Re: LM6000 Contract Payment Allocations

E voila!

Kay Mann@ENRON
11/16/2000 02:47 PM
To: Ben F Jacoby/HOU/ECT@ECT
cc:
Subject: Re: LM6000 Contract Payment Allocations

Ben,

Has the payment allocation chart been updated, and if so, could I get a copy?

Thanks,

Kay


Please see the attached articles:  (sorry for the delay, I've had some other
projects requiring my attention)


Please attend a meeting at 2:00 pm today in room 6980 to review proposed retention payments.

If you will be dialing in, please call 1-800-711-8000, passcode 33256.

If you are unable to attend, please contact Jeanie Slone or Amy FitzPatrick.


FYI for our meeting Tuesday, 11/27 at 2:00 with Dave.

-----Original Message-----
From: david.a.foti@accenture.com [mailto:david.a.foti@accenture.com]
Sent: Thursday, November 15, 2001 2:54 PM
To: Donoho, Lindy
Subject: Information for our Meeting

Lindy -

While it is fresh on my mind -- it would be great if you could capture the
following information before our meeting:

 - the amount of Unamoritized Accrued Earnings related to Gallup (remember
- Andersen wouldn't let us take it as MTM) [Centilli should have access to
this information]
- the amount of the rebates you have been receiving from ECS for Gallup
related to the demand charge miss [Centilli should have access to this
information]
- copies of all the ECS agreements (Bisti, Bloomfield, Gallup, WT1,
Hubbard)
- Hubbard run hours and payments ECS - last 3 years [you can ask John Sturn
for this]
- Projected amount of TW fuel over collection 2002
- A list of the other ETS electric compressors [John Sturn]
- Total non-compressor related electric charges ETS paid in 2000 and 2001 -
someone in Wasaff's group should have this / or someone in Omaha.

See you then.

Dave

David A. Foti
Accenture
2929 Allen Parkway,  Suite 2000
Houston, Texas 77019
713/837-1997

This message is for the designated recipient only and may contain
privileged, proprietary, or otherwise private information.  If you have
received it in error, please notify the sender immediately and delete the
original.  Any other use of the email by you is prohibited.


Today Paul and myself met with Ted Kerr and Martin James both partners at
Mallesons concerning the attached Request For  Proposal from ISDA. It relates
to  the possible development of an online site where electronic versions of
ISDA documentation could be accessed. There would be some other functionality
that would include a document negotiation,  processing/execution and storage
facility.

I understand the RFP was issued following an approach by Mallesons to ISDA
earlier this year. Apparently  whilst the ISDA Board was enthusiastic about
the idea and a demonstration website Mallesons had produced they thought it
appropriate to invite other proposals.

Mallesons is preparing an initial response to the RFP (due on 8  Sept) and
wanted to know if Enron was interested in collaborating. Our reputation in
the finance idustry, experience with online contracting and strong presence
in e-commerce  they see as a good fit with their skills.     Paul sees some
real potential and will be (or perhaps is already) talking to Networks. The
commercial interest primarliy relates to the "deal room" concept that would
require significant data storage data/transportation.

I wanted to acquaint you as soon as possible with this approach to check
whether Enron is involved in any other responses to the ISDA RFP. I note Mark
H. was a recipient of the RFP email and would be aware of this initiative.
Also as  the opportunities for Legal to bring in an e-commerce business
opportunity are rare it  would be a pity if we did not make every effort to
promote this one within Enron. Accordingly any observations you would have
would be greatly appreciated.

---------------------- Forwarded by David Minns/ENRON_DEVELOPMENT on
16-08-2000 03:28 ---------------------------

"James, Martin" <Martin.James@msj.com.au> on 16-08-2000 11:59:30
To: "David Minns (E-mail)" <david.minns@enron.com>
cc:

Subject: FW: Request for Proposal - ISDA Electronic Documentation Negotiat
ion Facility

Mallesons Stephen Jaques
Confidential communication

David

Attached is the RFP as discussed.  I look forward to hearing from you.

Regards
Martin

Martin James
Partner
Mallesons Stephen Jaques Sydney
Direct line (61 2) 9296 2198
Fax (61 2) 9296 3943

-----Original Message-----
From: Corrinne Greasley [mailto:CGREASLEY@isda.org]
Sent: Friday, 28 July 2000 6:31:AM
To: 'richard.a.brown@ch.abb.com'; Douglas Bongartz-Renaud;
'debbiegdm@absa.co.za'; 'john.rainbolt@acnpower.com';
'wschouten@aegon.nl'; 'johnson@agf.fr'; Ernest Patrikis;
'jacques.michielsens@axa-bank.be'; 'ericr@capital-re.com';
't.longuemar@afdb.org'; 'ria@amb.co.za'; 'allinv@dol.ru';
'ddd@alpha.gr'; 'pbrody@ambac.com'; 'carol.schwartz@aexp.com';
'Michiko_Yamasaki@ahm.honda.com'; 'hkunz@amre.com';
'david.hudson@arabbanking.com'; 'rlaiseca@argentaria.es';
'heasleyt@anz.com'; 'jdanaro@aofm.gov.au'; 'avia@bgbank.dk';
'shaharin@bsncom.com.my'; 'Martin.Boehler@bw-bank.de'; Luciano Steve;
'bartolomei@bancaimi.it'; '25557@bancaroma.it';
'luis.minguez@grupobbv.com'; 'mcmonteiro@bes.pt'; Jose Manuel
Hernandez-Beneyto; 'carla.wyckmans@bbl.be';
'andrzej-ladko@market.bh.com.pl'; 'h.duineveld@labouchere.nl';
'mark-lenczowski@em.fcnbd.com'; 'tomiron@bloomberg.com';
'paul.bridge@bis.org'; Jonathan Moulds; 'ffurlan@bank-banque-canada.ca';
'daiying@bank-of-china.com'; 'diana.wisner@bmo.com';
'sue.morris@scotiabank.com'; 'andrew_barnett@bankofscotland.co.uk';
'hisae_yamasaki@btm.co.jp'; 'hadi.saidi@ib.bankgesellschaft.de';
'robert.detry@degroof.be'; Jerry del Missier; 'smann@brr.com';
'ulrich.parche@hypovereinsbank.de'; 'Florian.Drexler@blb.de';
'wdemonchaux@bear.com'; 'clement.albert@bdc.ca'; Robert Mark;
'francesco.dicastri@cabotosec.co.uk'; 'bracette@lacaisse.com';
'skourganoff@cdc-marches.fr'; 'dcaminit@cmhc-schl.gc.ca';
'linda_lane@cargill.com'; 'jcaldr@csob.cz'; Dennis Oakley;
'anne.gotteberg@markets.kreditkassen.no'; 'gary.black@wfg.com'; Ravit
Mandell; 'kwan@cimb.com.my'; 'peter_buerger@commerzbank.com';
'areynaud@coral-energy.com'; 'rbehr@corpbank.co.za';
'martin.de_waziers@ca-indosuez.com'; 'ygarreau@ccf.fr'; Maurits
Schouten; 'yvonnefoo@dbs.com.sg'; 'renate_mack@dgbank.de';
'marku.bormann@dgzbank.de'; 'kazuhito.tomimura@daiwasbcm.co.jp';
'QFF01375@nifty.ne.jp'; 'mnr@dendanskebank.dk';
'anne-benco.folland@dnb.no'; 'katharina.dunkel@depfa.de'; Damian
Kissane; 'heidi.wynants@dexia.be'; 'jscordato@dlj.com'; 'fruiz@dow.com';
Henning Bruttel; 'jche@dynegy.com'; 'ntzakou@eurobank.gr';
'roberto_colacchia@enifin.it'; 'mai.ibsen@eksportfinans.no';
'jonesg@epenergy.com'; 'elisabeth-anne.bertin@edf.fr'; Mark Haedicke;
'susanne.Boewing@erstebank.at'; 'arthur.ramalatsoa@eskom.co.za';
'fedderm@ebrd.com'; 'rmccaw@ecgd.gov.uk'; 'pbradley@edc-see.ca';
'noreen_m_tama@email.mobil.com';
'internationaldivision@vanlanschot.com'; 'aangle@fhlbatl.com';
'wmiller@fhlbc.com'; 'ms@fhlb.com'; 'GeeB@fhlbsf.com';
'kevin_mackenzie@freddiemac.com'; 'pilar_f_o'leary@fanniemae.com';
'barry.taylorbrill@capmark.funb.com'; 'andy.stuart@rmb.co.za';
'brian-c-snell@fleet.com'; 'mharri46@ford.com';
'hilde.vanverre@fortisbank.com'; 'asaksen@rfc.com';
'glenn.goggins@gecapital.com'; 'jnorris@genre.com'; Thomas Montag;
'burke.david@fin.gc.ca'; 'rcuclm@gic.com.sg'; 'jmosle@hbk.com';
'alan.r.bord@hsbcgroup.com'; 'swen_bernitz@trinkaus.de';
'tommarshall@halifax.co.uk'; 'wertpapiere@hamburglb.de';
'ccerria@hess.com'; 'guillemette.louise@hydro.qc.ca'; 'legal@ibj.co.uk';
Teruo Tanaka; 'goliveros@worldbank.org'; 'patrice.scatena@intel.com';
'gjessee@ifc.org'; 'ptrollip@investec.co.za'; 'benesjos@ipb.cz';
'mccabep@irishpermanent.ie'; Diane Genova; 'olivier.deryckere@kb.be';
'daniel.bryant@keyport.com'; 'stefan.theys@minfin.be';
'peter.pawlik@lbbw.de'; 'wilfried.schuette@helaba.de';
'Dieter.Koepke@SaarLB.de'; 'reinhard.sievers@lb-kiel.de';
'helmut.stermann@l-bank.de'; 'muecke@rentenbank.de';
'graham.evans@lazard.co.uk'; 'venokur@lehman.com';
'antti.vanne@leonia.fi'; 'aharding@macquarie.com.au';
'fred_shen@manulife.com'; 'JDaume@maplepartners.com';
'tony.pearl@mcd.com'; 'folkert.vanzinderenbakker@meespierson.co';
'merja.viitala@merita.fi'; Keith Bailey;
'mayumi_takahashi@mitsubishi-trust.co.jp'; 'MacraeE@mbcl.co.uk';
'savvas@moorecap.com'; George James; 'neil.fitzpatrick@mosnar.com';
'juha.heinonen@munifin.fi'; 'frenk_van_der.vliet@dnib.com';
'catherine.nicand@nxbp.fr'; Steve Targett; 'francois.bourassa@bnc.ca';
'pchristo@nbg.gr'; 'rozsavolgyinek@mnb.hu'; 'nbpdp@nbp.pl';
'jan.matej@apfundt-3.se'; 'TheunisF@nedcor.com';
'scottma@tcorp.nsw.gov.au'; 'elizabeth.ashton@treasury.govt.nz';
'miyuki.koguchi@nssmb.com'; 'miyazaki_kazuhito@mail.nikko.co.jp';
'takaono@air.linkclub.or.jp'; 'knagasawa@nomurany.com';
'juha.kotajoki@nib.fi'; 'est@nykredit.dk'; 'apivnick@ofina.on.ca';
'tanbwandy@ocbc.com.sg'; 'pregent@pimco.com';
'steven.teitelman@pseg.com'; 'cussenm@pacfor.com';
'julia.wilks@paribas.com'; 'greg.horan@gems4.gov.bc.ca';
'h.noeldetilly@finances.gouv.qc.ca'; 'roger.drayton@egg.com';
'gary.neubeck@prudential.com'; 'ggarrett@qtc.com.au';
'rita.pearson-schwandt@energie.rwe.de'; 'ejung@refco.com';
'drusso@reliantenergy.com'; 'anna.vonknorring@valtiokonttori.fi';
'susan.heard@rbcds.com'; 'pieter.vanderharst@snsam5.nl';
'teruaki_ishibashi@sakura.co.jp'; 'tueno@sgc.com'; 'chris@sanwafp.com';
'wplayle@sanwaint.com'; 'john.benfield@saudibank.com';
'etucker@shidler.com'; 'naoya.tabuchi@ltcb.co.jp';
'Patrick.Smigoc@SFS.SIEMENS.DE'; 'sean.b@gordian.co.uk'; Sebastien
Cahen; 'AMetter@sfmny.com'; 'etienne.Fivaz@resbank.co.za';
'bartlettg@stgeorge.com.au'; 'Jeremy.Walsh@standardchartered.com';
'chris_macrae@standardlife.com'; 'i.jantzen@abp.nl';
'mike.sheehan@slma.com'; 'finch@sbcm.com'; 'paul.white@suntrust.com';
'biap02@handelsbanken.se'; 'svante.lundberg@foreningssparbanken.se';
'christine.johansson@sbab.se'; 'louise.kendall@total.com';
'moz@watermarkgroup.com'; 'alex.bolis@telecomitalia.it';
'moolmac@telkom.co.za'; 'steve_olson@tigerfund.com';
'masami.tanaka@tokiomarine.co.jp'; 'marie-therese.sotunde@t-mi.com';
'moores@tdcibg.com'; 'pvrana@tractebelusa.com';
'peter.verbiest@tractebel.be'; 'janine_watson@transcanada.com';
'e.macallan@tcv.vic.gov.au'; 'sinana@garanti.com.tr';
'mary.hill@ulsterbank.com'; 'colonna@gruppocredit.it';
'Ong.LiatHoon@UOBgroup.com'; 'tove.cederborg@legal.vattenfall.se';
'james.leggatt@wmc.com'; Tim Fredrickson; 'info@wgz-bank.de';
'dominic.palfreyman@westlb.co.uk'; 'cchapman@watc.wa.gov.au';
'tmcclarty@westpac.com.au'; 'Kenichi_Yoshida037943@po.yasuda.co.jp';
'clparrish@ybs.co.uk'; 'beat.gabathuler@zkb.ch'; 'lerner@zurcapm.com';
'ed.murray@allenovery.com'; 'david_ward@amsinc.com';
'tatsu.katayama@andersonmori.com'; 'david.mills@arcordia.com';
'h.ronald.weissman@us.arthurandersen.com'; 'kgarrett@arthurcox.ie';
'kfarrow@afma.com.au'; 'iona.levine@bakernet.com'; 'fabian@bgp.at';
'smithee@bingham.com'; 'RPeckar@CWT.com'; 'ayp@cmck.com';
'nick.perry@caminus.com'; 'leslie@cmra.com'; 'gsebas@cedelgroup.com';
'dmcdonal@cme.com'; 'habib.motani@cliffordchance.com'; Daniel
Cunningham; 'christopher.surr@credittrade.com'; 'john@creditex.com';
'levin@dpw.com'; 'inissen@dbbw.nl'; 'blim@debevoise.com';
'shawn@blackbird.net'; 'lklein@deweyballantine.com';
'aclifford@cc.ernsty.co.uk'; 'klaus.wuelfing@db.com'; 'gu1@ffwlaw.com';
'bach@fincad.com'; 'toralf.dittmann@framesoft.com';
'srudin@freshfields.com'; 'nigel.avey@gni.co.uk'; 'bkilb@gdclaw.com';
'Alban.Caillemer-du-Ferrage@gide.fr'; 'agregory@globeop.com';
'hwr@casibsurf.com'; 'din.albagli@herbertsmith.com';
'levinec@hugheshubbard.com'; 'susan.hinko@icorbroker.com';
'jim.ashton@risk.sungard.com'; 'peter.vitale@ifs.ie';
'bonni@ipicorp.com'; 'sellers@kmv.com'; 'sdiamond@kpmg.com';
'karper@hol.gr'; 'ahahn@kmz.com'; 'kristin.heruth@kiodex.com';
'laura.cox@uk.pwcglobal.com'; 'carlos.alvarez@lw.com';
'sherrylin@leeandli.com'; 'm.oertle@lenzstaehelin-zh.com';
'sfirth@linklaters.com'; 'login@login-sa.com';
'John.Wisbey@lombardrisk.com'; 'iain_brown@sns.ca'; 'barry@lvi.com';
'laurence.garside@lovells.com'; 'bryanf@mkirisk.com'; Kerr, Edward;
'thp@msa.se'; 'judith.lawless@mccann-fitzgerald.ie';
'gostoich@mcbinch.com'; 'fpuleo@milbank.com';
'jeffrey.maron@moneyline.com'; 'mayb@moodys.com'; 'rodg6874@mlb.com';
'rankw@ams.nautadutilk.nl'; 'peter.r.isler@nkf.ch';
'joe_lee@mail.nittan-exco.co.jp'; 'somerb@nortonrose.com';
'cboivin@ogilvyrenault.com'; 'ssmith@osler.com'; 'bourcier@matif.f.r';
Don Moorehead; 'juan.pujadas@us.pwcglobal.com';
'itobin@raftinternational.com'; 'simon.clark@reuters.com';
'isabel.rodriguez@sjberwin.com'; 'alan.spalding@swift.com';
'craig.stein@srz.com'; 'dwechter@sentryfin.com'; 'hwest@shearman.com';
'jbox@sidley.com'; 'ned.swan@simmons-simmons.com';
'josborn@skadden.com'; 'linc@slaughterandmay.com';
'joosen.bart@kpmg.nl'; 'mcarman@tor.stikeman.com';
'cjameson@thacherproffitt.com'; 'judy.lee@capco.com';
'paul.moore@torytory.ca'; 'ebarlow@totem-risk.com';
'Mark.Evans@Traverssmith.co.uk'; 'vsingh@tullib.com';
'uub_indialaw@hotmail.com'; 'ughi.e.nuzinate@interbusiness.it';
'edr@uria.com'; 'fcochran@velaw.com'; 'eder@weisstessbach.com';
'bbecker@wilmer.com'; 'info@ederivative.com'
Cc: Robert Pickel
Subject: Request for Proposal - ISDA Electronic Documentation
Negotiation Facility

ISDA International Swaps and Derivatives Association, Inc.
600 Fifth Avenue, 27th Floor
Rockefeller Center
New York, New York 10020-2302
Telephone: (212) 332-1200 Facsimile: (212) 332-1212

         July
27, 2000

MEMORANDUM TO ISDA PRIMARY CONTACTS

ISDA has undertaken an initiative to produce its documentation in electronic
form.  In connection with that effort ISDA has considered other ways in
which the preparation, negotiation and execution of ISDA documents might be
facilitated.

ISDA is close to completing the process of converting all of its documents
to electronic form. Further details about that development will be provided
shortly and will be highlighted at our upcoming member updates in September.

The Association is now seeking proposals for a document preparation,
negotiation and execution facility.  Attached please find the request for
proposal that outlines the and specifications and requirements for proposals
for a documentation negotiation facility.

ISDA is sending this request for proposal to the Primary Contact at each of
its member firms in the event that their firm is interested in developing
this facility or knows of a third party that might be interested in
providing this service.  Please feel free to forward the request for
proposal to any firms that may be interested in submitting a proposal.

I can be reached by telephone on 212 332 2554 or by email at
rpickel@isda.org should you have any questions.

    Robert G. Pickel
    General Counsel

 <<RFP for e-docs.doc>>

 - RFP for e-docs.doc


-----Original Message-----
From: 	"Baumes, Harry" <harry.baumes@dri-wefa.com>@ENRON [mailto:IMCEANOTES-+22Baumes+2C+20Harry+22+20+3Charry+2Ebaumes+40dri-wefa+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Friday, May 11, 2001 4:50 PM
To:	Fraser, Jennifer
Cc:	Andrews, Jeff; Reed, Andrea V.; mraymon@enron.com; Koepke, Gwyn; Kaminski, Vince J; Farney, Kemm; McNabb, Peter; Ulmer, Mark; Raymond, Michelle
Subject:	Agriculture Materials

Ms. Fraser -

Let me briefly introduce myself. My name is Harry Baumes and I head the
Agriculture Services area at DRI-WEFA. I have been working with Peter McNabb
regarding ENRON's interest in our agriculture and fertilizer capabilities.
He has asked me to forward samples of some of our short-term oriented
agriculture publications to you.

Peter has forwarded material to you and your colleagues already. The
materials attached are in PDF format. These products include:

US Agriculture Executive Summary
Corn Commodity Update
Cotton Commodity Update
Rice Commodity Update
Soybean Commodity Update
Wheat Commodity Update
Fertilizer Market Assessment

In addition I am also including a recent "Agriculture Commentary". This is a
product that we release on an as needed basis. When there is a major USDA
publication release or a major event that impacts agricultural markets, we
typically release an assessment of the event or publication. For example, on
March 30, the USDa released it Planting Perspective report, we provided our
clients with an Commentary. The outbreak of Foot & Mouth Disease in the UK
earlier this year was an event that led us to release a Commentary. The
Commentary is DRI-WEFA's quick response newsworth items.

Also, to help support clients. We make available to our clients, Planting
and and Harvest Progress Reports. this information is available to
individuals and/or organizations through USDA. The value DRI-WEFA provides
is that we include graphics that enable a comparison of the current year's
progress with the 10 year average and the PROGRESS high and low over the
past 10 years. This detail is available at the national and for each
reporting state.

If you have any questions after reviewing the attached material, please feel
free to contact either Peter or me.

I look forward to the opportunity to work with you and your colleagues at
ENRON.

Have a  nice weekend.

Harry Baumes
Sr Vice President
Industry & Agriculture
(610) 490-2521
 <<013001exsum.pdf>>  <<020801FMArev.pdf>>  <<corn0101.pdf>>
<<cot0101.pdf>>  <<rce0101.pdf>>  <<soy0101.pdf>>  <<SRcommentary.pdf>>
<<wht0101.pdf>>

 - 013001exsum.pdf
 - 020801FMArev.pdf
 - corn0101.pdf
 - cot0101.pdf
 - rce0101.pdf
 - soy0101.pdf
 - SRcommentary.pdf
 - wht0101.pdf


Robert,
 Where is the description of our right-of-way which we want to put in this
document before we send it out.  I think we need to change the first
paragraph, but I need to see the description to verify.  Is it intended that
we are dealing with only one owner, or is this developer using a different
ownership for each development.  Maybe it is all one development?  Otherwise
the form looks okay.  Should we consider adding language regarding duration
of easement grant, i.e. abandonment after 5 years of non-use.

	Robert Rose@ENRON
	05/30/2001 03:21 PM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc: Barbara N Gray/HOU/ECT@ECT, John Towles/NA/Enron@ENRON
		 Subject: Shadow Creek Ranch Easement

Dan,

I have previously discussed this proposed easement with Barbara
and Ann Elizabeth.  In a nutshell, a large developer wishes us to
define a series of mainly undefined easements in Fort Bend
and Brazoria Counties.  My response to them was to release the
earlier easements and in their place sign a single new easement with
language most favorable to HPL.

Attached is a draft of my proposed easement.  Please review
and make any changes you deem necessary or desirable.

Thanks!!!

r


Reactions

The latest edition of the financial magazine for the global insurance market
is now live at http://www.reactionsnet.com

?

?

You can contact us for help at mailto:web-help@euromoneyplc.com or +44 (0)20
7779 8006.? The November Issue of the world's leading insurance and
reinsurance magazine is packed full of news, views and figures; simply hit
the links at the bottom of each item to see the full article.

The November Features

Race-based underwriting: Haunted by a racist past
The discovery of continued race-based underwriting in the US will cost life
insurers involved millions of dollars and do untold damage to their
reputations - as well as severely embarrassing state regulators

http://www.reactionsnet.com/viewStory.asp?id=869

Integrated Risk Management: We can work it out
The new actuaries reckon they can measure abstruse business risks - and then
integrate them with known risks.? But is there madness in their method?

http://www.reactionsnet.com/viewStory.asp?id=870

MGA business: The need for continuity
http://www.reactionsnet.com/viewStory.asp?id=871

Capital adequacy: That capital question
http://www.reactionsnet.com/viewStory.asp?id=872

A.M. Best's top 100 buyers and sellers in the US: A time of change
http://www.reactionsnet.com/viewStory.asp?id=873
Buyers - the 20 biggest risers and fallers?

http://www.reactionsnet.com/viewStory.asp?id=875
Sellers - the 20 biggest risers and fallers

http://www.reactionsnet.com/viewStory.asp?id=874

The fall of Reliance: Errant insurer's battle for survival
http://www.reactionsnet.com/viewStory.asp?id=884

In the spotlight: Harry Rhulen
http://www.reactionsnet.com/viewStory.asp?id=910

For more information about the sponsors of www.Reactionsnet.com, please visit
their official websites at:
Renaissance Re holdings Ltd - http://www.renre.com/
IPC Re Ltd - http://www.ipcre.bm/
Gerling Global Financial Products - http://www.ggfp.com/

e-INSURING YOUR BUSINESS
The Park Lane Hotel, London January 26, 2001
A One-Day Management Symposium Discussing Insurance, the Internet and Your
Business.
Join MIS Training and Reactions for a day of discussions, insight and
knowledge transfer
E - insurance and why you need it to protect your business
The legal realities and responsibilities you need to know about
Managing the risks and devising successful risk policies
LIVE Demonstration

For further information please contact Daniel Carney or Alex Johnson at MIS
Training on 020 7779 7217/8097.

* PLUS! *? Industry Publications - Read the Executive Summaries and Order
Online!

RBI & Reactions Insurance Management Reports:

Diversification of European Insurance and Financial Services
Trends in Global Commercial Insurance - The Impact of ART
Risk Management - new challenges and new solutions
Opportunities in Latin American Insurance
The Outlook for European Teleinsurance
Outlook for Insurance in Germany
UK eInvestments

https://ecommerce.waterside.net/reactions/bookslist_RBI.asp

Reinsurance 4th Edition - Industry-Standard Textbook
https://ecommerce.waterside.net/reactions/Reins_Fourth.asp

@Risk - Internet and E-commerce Insurance and Reinsurance Legal Issues
https://ecommerce.waterside.net/reactions/Risk.asp

E-nsurance - Insurance and the Internet Revolution
https://ecommerce.waterside.net/reactions/ensurance.asp

http://www.reactionsnet.com

To advertise or link your company website to this industry circular please
contact Nick Lipinski

tel: + 44 (0)20 7779 8199 or e-mail mailto:nlipinski@euromoneyplc.com

If you have any problems logging onto or using? www.reactionsnet.com please
call our dedicated help desk

+44 (0) 20 7779 8006 or email mailto:web-help@euromoneyplc.com


Are you busy?  If not I'm going to come visit for a little while.


Hi Folks,
          I am planning on organizing a volleyball/
      BBQ party at one of the parks in Sunnyvale
      on Saturday September 30. I will setup
      the volleyball and get the BBQ going. Each
      of us can bring in food and drinks.

      We could start around noon and play till
       4pm or 5pm ...

      Please reply *only* to me if you are interested.

       mailto:viswanat@haas.berkeley.edu

      - thanks,
      - som

__________________________________________________
Do You Yahoo!?
Send instant messages & get email alerts with Yahoo! Messenger.
http://im.yahoo.com/


Sally,

Just received confirmation of Mike's start date and vacation.

Regards

Fernley
---------------------- Forwarded by Fernley Dyson/LON/ECT on 15/03/2000 13:40
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  JUsher@walker-hamill.co.uk (JUsher)
15/03/2000 09:20

To: afitzpa@ect.enron.com, fernley.dyson@enron.com
cc:

Subject: Mike Jordan

Date:  03/15/2000  09:22 am  (Wednesday)
From:  Julian Usher
To:  afitzpa@ect.enron.com,  fernley.dyson@enron.com
Subject:  Mike Jordan

Mike will drop off the paper work later today. He will start on Monday 17th
April
. He has a family holiday booked in may and will be off from Monday 8th May
and w
ill be back in the office on Tuesday 23rd May.

Kind regards
JULIAN

++++++++++++
This email transmission is intended for the addressee only.  It may contain
infor
mation which is legally privileged or is otherwise confidential.  The use or
disc
losure of the information contained herein by anyone other than the addressee
is
prohibited.  In the event of error in transmission please contact the sender
on +
+ (44)171 839 4444.


How does this look to you?
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/17/2001 09:19
AM ---------------------------

"DeBerry, Jeremiah A." <JeremiahDeberry@paulhastings.com> on 04/16/2001
06:20:40 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>, "'jkeffer@kslaw.com'"
<jkeffer@kslaw.com>, "'mreuter@kslaw.com'" <mreuter@kslaw.com>
cc: "Kahn, Marguerite R." <MargueriteKahn@paulhastings.com>, "Wright,
Tremaine S." <TremaineWright@paulhastings.com>,
"'michael.young@northwestern.com'" <michael.young@northwestern.com>

Subject: Extension Letter

"paulhastings.com" made the following annotations on 04/16/01 19:20:46
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address.  Our new domain name is
paulhastings.com.  In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com.  Here are
two examples: janesmith@paulhastings.com and danjones@paulhastings.com.
If you have any questions, please contact us at noc@paulhastings.com.

==============================================================================
"The information transmitted is intended only for the person or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received this in error, please contact the sender and delete the
material from all computers."

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

Attached is the  letter we discussed regarding the extension of the
"exclusivity  period."??If the letter is acceptable, Mike Young will execute
a  copy of the letter and forward it to Enron for its signature.? Please
contact me as soon as possible with your comments.

************************************************
Jeremiah A. DeBerry, Esq.
Paul Hastings Janofsky & Walker  LLP
399 Park Avenue
New York, New York 10022
Phone: (212) 318-6458
Fax:???? (212)  319-4090
?
 - 752F01!.DOC


Kevin,

Thanks for the update on Pacer.  Just like Southern Trails, I'd like to see bible on Pacer.  Basically, I'm interested in getting our thoughts together in a @DASH@-like format - - - this is a good outline for thinking through complex deals.  Headline topics are-

Transaction description
Rationale
Valuation
Risks
Risk mitigants

At this stage, I don't need an exhaustive analysis - - - we just need enough information to progress further discussions with BP.  As ever, we will need inputs from legal, finance, tax, accounting, ops, and regulatory.  On the presumption that we want to move forward with further discussions, please have Chuck fix an appointment with BP asap.  Julie has my calendar but I will be available 16-23 May

From:	Kevin Hyatt/ENRON@enronxgate on 05/10/2001 05:05 PM CDT
To:	Eric Gadd/ET&S/Enron@Enron
cc:

Subject:	Pacer Pipeline

 I traded voicemail with LD today.  He has forwarded all his file info to Chuck Wilkinson, who I know from our old NGL days.  Chuck is working with Roger Westfall (sp?).  We talked at length about Pacer as well as the BP line in Calif (the earthquake damaged one).  Chuck is sending me the files and we have scheduled an internal conference call for next Wed.

kh