Power Politics: In Era of Deregulation, Enron Woos Regulators More Avidly
Than Ever --- CEO Lay Leaves an Imprint On Bush Energy Plan, Seeks Friends at
FERC --- An Interstate for Electricity
The Wall Street Journal, 05/18/01

THE ENERGY CRISIS Above All, a Spark for Big Industry
Los Angeles Times, 05/18/01

Chubu's Ota on Bush Energy Policy, Enron Proposal: Comment
Bloomberg, 05/18/01

Suburbs boom as corporate invasion continues
The Times of India, 05/18/01

Japan's Power Utilities Oppose Enron's Liberalization Proposal
Bloomberg, 05/18/01

(bon pour tous) US energy companies closely tied to Bush administration:
reports by Maxim Kniazkov
Agence France-Presse, 05/18/01

UAE: Enron to pull out of Dolphin project
Middle East Economic Digest, 05/18/01

USA: Bush power plan draws praise, dismay and coal.
Reuters English News Service, 05/17/01

Power Politics: In Era of Deregulation, Enron Woos Regulators More Avidly
Than Ever --- CEO Lay Leaves an Imprint On Bush Energy Plan, Seeks Friends at
FERC --- An Interstate for Electricity
By Bob Davis and Rebecca Smith
Staff Reporters of The Wall Street Journal

05/18/2001
The Wall Street Journal
A1
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -- Every energy executive in America would have liked a half-hour
with Vice President Dick Cheney as he fashioned the Bush administration's
national energy program. Enron Corp. Chairman Kenneth Lay got it.
Mr. Lay used the time to set out an eight-point agenda intended, among other
things, to head off price controls on wholesale electricity, provide Enron
and other energy traders with unfettered access to the nation's
electricity-transmission system and remove regulatory obstacles to building
new generating plants and power lines. The energy plan President Bush
unveiled yesterday reflected many of those same priorities.
In an interview last week, the vice president said he also met with other
energy executives, but Mr. Lay was the only one he named. Mr. Cheney says he
sought Mr. Lay's advice because "Enron has a different take than most energy
companies."
Indeed, Enron Corp. is a modern paradox. It has transformed itself over the
past 15 years from a stodgy gas-pipeline operator into the nation's largest
trader of gas and electricity and a formidable player in newer markets such
as telecommunications services and emissions-reduction credits. Today, it's
the quintessential model of a company dedicated to free markets.
Yet as much as any company in the U.S., it has cultivated close ties with
government. Since the late 1980s, the Houston-based company, which was
President George W. Bush's biggest corporate campaign donor, has beefed up
its lobbying staff, boosted its political contributions and sought out
friends in the world of politics. Now, with Mr. Bush in the White House, it
is in a unique position to see whether those efforts will pay off.
Enron's lobbying blitz reflects one of the ironies of the era of
deregulation. Just as government created immense telephone, electric and gas
monopolies early in the last century, Enron and other players feel they need
the government's help in opening up those monopolies and gaining access to
once-closed markets.
In particular, Enron wants the Federal Energy Regulatory Commission to ensure
that energy is deregulated on terms favorable to the company. Rather than
having the nation's transmission lines controlled by the utilities, it wants
those lines to provide open access for new entrants such as Enron eager to
buy and sell power.
Mr. Lay is on a first-name basis with a half-dozen members of the Bush
cabinet and knows many senior White House staffers from their days in the
Texas governor's mansion with Mr. Bush. Before joining the administration,
both White House economist Lawrence Lindsey and U.S. Trade Representative
Robert Zoellick were on Enron's advisory board, which pays members an annual
stipend of $50,000.
Under Mr. Lay, Enron has donated nearly $2 million to Mr. Bush during his
political career. Since the start of the 2000 campaign, Enron and its
employees have contributed $1.3 million to the Bush presidential drive, the
Republican Party and the presidential inauguration, says the Center for
Responsive Politics. Enron also accounted for $461,000 in contributions
during Mr. Bush's two runs for governor, according to the Center for Public
Integrity.
Mr. Lay, who holds a doctorate in economics, says all he wants from
government is a fair shake. Enron supports candidates "you believe in," he
says. "You believe in their value system, you believe in their philosophy and
you believe they'll do the right things as leaders."
But it's clear that Mr. Lay wants more than that from government. For now, he
is focusing on FERC, where he worked in the early 1970s when the agency was
known as the Federal Power Commission. He hopes to make FERC his ally in
beating back the power of utilities. Long dismissed as a regulatory backwater
overseeing wholesale transactions by electric and gas utilities, the
commission has emerged as the chief navigator of the nation's transition to a
fully deregulated energy marketplace.
Even before Mr. Bush took office, FERC had begun to rein in the market power
of utilities. In December, FERC told the nation's utilities that it wanted
them to voluntarily surrender their high-voltage lines -- those that can
dispatch electricity across state lines -- to independent grid operators,
such as those already in place in California and the Northeast, which would
provide open access to the lines. Although it told the utilities to submit
plans for doing so, many of them have been reluctant to relinquish control of
their lines to such independent organizations.
Mr. Lay wants FERC to go further, forcing the utilities to cede direct
control of their lines. He also is seeking rules that would end what he calls
energy "balkanization" and create "seamless" interstate electricity markets.
"Enron is the biggest gas and electric company entirely dependent on the
competitive side of the business," says Andre Meade, an analyst for
Commerzbank. "To the extent deregulation slows down, their business slows
down."
Right now it's a lucrative strategy. Enron typically targets tightly
controlled markets just as they are opening up, using its financial clout and
risk-management savvy to gain a dominant market position. In doing so, it
frequently portrays itself as an insurgent taking on entrenched interests.
In electricity, for instance, Enron buys the output of generating plants,
sometimes days, weeks or years before the power is actually produced. Using
sophisticated weather data, it determines the most lucrative market for the
power, finds a buyer and then arranges delivery via transmission lines owned
by others. It hedges its positions with other contracts. Its wholesale
trading volume climbed 55% for natural gas and more than doubled for
electricity in the first quarter alone. Such growth pushed Enron's wholesale
energy-trading income, before taxes and interest, up more than threefold to
$785 million during the first quarter.
Between 1996 and 2000, Enron's yearly net income nearly doubled to $979
million and its revenue increased almost eightfold to $100.8 billion. Over
the same period, Enron's stock price, adjusted for splits, rose more than
fourfold.
At the start of the Bush administration, FERC's future was very much up for
grabs. Two of the five seats on the commission were vacant, and Enron quickly
sought to fill them with activist Republicans. President Bush named a friend
of his and Enron's to one of those seats: Texas utility-regulator Pat Wood.
Mr. Wood had worked closely with Enron during a six-year effort to open
Texas' retail electricity market. Mr. Wood also had shown the kind of
backbone Enron wanted in a separate fight over telephone deregulation when he
insisted on closely monitoring phone utilities to make sure they opened their
networks to competitors.
For the second slot, Enron backed Nora Mead Brownell, a Pennsylvania utility
regulator. She had come to Enron's aid in 1997 when she voted to block an
electricity-market restructuring plan backed by Philadelphia's utility and by
GOP Gov. Tom Ridge. Enron argued that the plan would have locked it out of
the Philadelphia market.
Enron worked to raise Ms. Brownell's visibility by lobbying the House
Commerce Committee to include her as an expert witness on energy issues and
as a member of an informal advisory group, say Enron and congressional aides.
Mr. Lay provided heavyweight support. He says Enron included Ms. Brownell's
name on its "priority list" of a half-dozen prospective FERC nominees. And
when her candidacy ran into opposition from Pennsylvania officials with
bitter memories of her 1997 decision, Mr. Lay says he phoned Karl Rove, the
White House's top political strategist, to tell him that "she was a strong
force in getting the right outcome" in Pennsylvania."
A White House spokeswoman says that a number of individuals and industry
groups weighed in in favor of Ms. Brownell, but she declined to name any. Ms.
Brownell says she was unaware of any concerted Enron campaign on her behalf.
She didn't ask the White House who had supported her because, she says, "I
didn't want to be beholden."
Meanwhile, Enron was using its Democratic contacts to strengthen its ties
with Linda Breathitt, a Kentucky Democrat on the commission. Earlier this
spring, the company hired two of former Vice President Al Gore's closest
friends as lobbyists: Nashville lawyer Charles Bones and Mr. Gore's
campaign-finance director, Johnny Hayes. Both had come to know Ms. Breathitt
through Democratic politics.
Ms. Breathitt says she wasn't very familiar with Enron's interests, but that
she accepted when Mr. Hayes invited her to dinner at a Washington restaurant
in April to meet Richard Shapiro, Enron's managing director for government
affairs. "Everyone likes to get to know the FERC commissioners," Ms.
Breathitt says, adding that she always pays for her own meals.
Enron has long played this kind of insider's game. Mr. Lay has been friendly
with both Democratic and Republican administrations over the past 25 years,
sharing time on the links with Presidents Bill Clinton and Gerald Ford. He's
been a particularly close friend of the Bush family. In the late 1980s, he
ran then-Vice President George H.W. Bush's fund-raising drives in Texas.
After the younger Bush became governor, he appointed Mr. Lay to run the
influential Governor's Business Council. Mr. Lay also made Enron's fleet of
corporate jets available to the new governor and won his help in lobbying
officials considering Enron projects.
In March 1997, Mr. Lay wrote Gov. Bush to ask that he lobby the Texas
congressional delegation to support export-finance credits critical to Enron,
according to letters released by the Texas State Archivist's office. In April
1997, when Enron was negotiating a $2 billion natural-gas joint venture in
Uzbekistan, Mr. Lay wrote to thank the governor for meeting with the
Uzbekistani ambassador to the U.S. Six months later, another Lay thank-you
note concerned a phone call Mr. Bush made to Pennsylvania Gov. Ridge to
support Enron's plan to enter the Philadelphia electricity market. "I am
certain it will have a positive impact," Mr. Lay wrote.
Mr. Lay says he hasn't sought Mr. Bush's aid directly since Mr. Bush won the
presidency. Last month, he talked with the president briefly at a Houston
benefit for the Barbara Bush Foundation for Family Literacy, on which Mr. Lay
serves as co-chairman. "It's not a matter of us going off hunting or fishing
or sitting around and having drinks," he says.
Not all Mr. Lay's initiatives have been successful. When Mr. Bush reneged in
March on a campaign pledge to fight global warming by requiring reductions in
carbon-dioxide levels produced by burning hydrocarbons, Mr. Lay says he
telephoned Mr. Cheney to complain. "The scientific evidence, although
certainly not conclusive, is pretty compelling that there could be a
climate-change problem," he says he told the vice president. "The
administration should still look very seriously at it."
Around the same time, Mr. Lay also called Mr. Rove, the White House political
adviser, to urge him to talk to Fred Krupp, the head of the moderate
Environmental Defense Fund. Messrs. Krupp and Rove spoke briefly but found
little common ground. Later, Enron, which has plans to add emission credits
to the commodities it trades, joined a coalition urging mandatory reductions
in carbon-dioxide levels.
But Enron saved its main lobbying push for Mr. Cheney's energy task force. In
April, Mr. Lay met with the panel's staff director, Andrew Lundquist, and
later, with Mr. Cheney, whom Mr. Lay had come to know well when the vice
president was chief of Halliburton Co., a Dallas construction company. "We
built Enron Field together," says Mr. Lay, referring to Houston's new
ballpark.
In both meetings, say Enron and White House officials, Mr. Lay presented a
broad agenda for opening up the nation's electrical system and used the
gas-transmission system as a point of comparison. In both cases, he argues,
pipelines and transmission lines should be like the federal highway system
that offers easy access to all.
The Cheney report uses similar language, describing the electrical grid as
"the highway for interstate commerce in electricity." As Enron sought, the
report directs the energy secretary to determine by the end of the year
whether it makes sense to establish a national grid, and to identify
bottlenecks in the transmission system as well as how to remove them. An
effort to make the grid national would enhance FERC's power, as Enron has
urged.
The report is mum on some Enron concerns, such as requiring utilities to join
regional transmission organizations, an idea strongly opposed by the utility
industry. A White House aide says the task force didn't want to get involved
in such battles between industries.
As solid as its support in the White House has turned out to be, Enron is
worried about the backlash against electricity deregulation in Western states
and possibly in New York, should electricity rates surge this summer. Nevada
repealed its deregulation law last month, spooked by the way skyrocketing
wholesale-electricity prices in neighboring California were undermining the
Golden State's economy. California and Oregon are contemplating
state-government purchases of major utility assets.
Enron's biggest fear is that the political pressure will lead the states, or
perhaps Congress, to control prices, which could undermine Enron's business.
In response, Enron has formed a coalition with eight other energy marketers
in New York, who each have pledged $50,000 to pay for a media and lobbying
campaign. It also has hired former Montana Gov. Marc Racicot and dispatched
him to court Western politicians. Two weeks ago, Mr. Racicot had breakfast
with an old colleague, Oregon's Democratic Gov. John Kitzhaber. After the two
chatted about fly-fishing, says Mr. Kitzhaber, "Marc did say he was working
to re-energize the discussion about energy and had some ideas for a framework
the governors might want to consider."
Though Mr. Kitzhaber says he knew that Mr. Racicot had joined the Washington,
D.C., lobbying firm Bracewell & Patterson, Mr. Racicot didn't disclose that
he was on retainer to Enron -- and the star of Enron's Western states
"advocacy team." For his part, Mr. Racicot says he was working "not at Enron
's direction but with their knowledge" to advance positions that he, too,
feels are important.
---
Jeffrey White contributed to this article.

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

National Desk
THE ENERGY CRISIS Above All, a Spark for Big Industry
STUART SILVERSTEIN; ELIZABETH SHOGREN; NANCY RIVERA BROOKS
TIMES STAFF WRITERS

05/18/2001
Los Angeles Times
Home Edition
A-1
Copyright 2001 / The Times Mirror Company

Promoted as a way to safeguard the nation's future, the energy plan unveiled
Thursday by the Bush administration would heavily reward many of the
stalwarts of the old economy.
If Congress enacts President Bush's proposal, the major winners would include
big oil and gas companies, coal producers and giant construction companies,
as well as labor unions, energy experts said.
Critics complained that the plan offers no more than modest incentives for
firms specializing in renewable energy or energy-saving technologies. The
story is the same for other interests, such as mass transit, that might have
the potential to substantially change the way Americans live and work.
But those left the most empty-handed probably are consumers and business
owners who held out hopes for a quick fix for high electricity, gasoline and
natural gas prices. Environmentalists and even property rights advocates also
say they came away as losers.
The plan's more than 100 recommendations are intended to encourage more
domestic power production and the building of new oil refineries. It
envisions more than 1,300 new power plants, including nuclear facilities, as
well as more than 38,000 miles of pipelines and 263,000 miles of distribution
lines. The plan calls for opening Alaska's Arctic National Wildlife Refuge to
exploration for oil and natural gas, and some increased spending on research
into cleaner-burning technologies.
As a result, the plan could stimulate hundreds of billions of dollars of
investment in energy infrastructure, said Chris Ellinghaus, an energy analyst
at Williams Capital Group, a New York-based investment banking firm.
Ellinghaus sees that money going to not just the large energy companies, such
as Exxon Mobil Corp., and electricity producers--including Calpine, Reliant,
Dynegy, Duke and Mirant--but also companies that make components for
refineries, power plants, pipelines and transmission wires.
"The trickle-down is going to be tremendous," Ellinghaus said.
Most of the new business, however, is likely to go to the traditional energy
industries--oil, gas, utilities and coal--that helped Bush raise more money
than any other candidate in history, according to an analysis by the
nonpartisan Center for Responsive Politics.
Bush received $2.9 million from the energy and natural resources sector of
the economy, which was among his leading contributors. By contrast,
Democratic presidential candidate Al Gore received $328,000.
Texas' Enron Corp. gave Bush $113,800, more than any other energy company.
The nuclear power industry, which received a boost in the Bush energy plan,
contributed $290,209 for his presidential bid.
American Petroleum Institute President Red Cavaney acknowledged that members
of his energy-industry trade group would be helped by the Bush plan. However,
he said, such a plan, by increasing production, would help bring down energy
prices--which in turn would benefit consumers and industries that use large
amounts of energy.
"At the end of the day, our members are helped when you have a healthy,
strong economy and their customers are doing well," Cavaney said.
Labor Unions See No Losers in End
Bush administration opponents in organized labor offered only tepid criticism
of the energy plan. Bill Samuel, legislative director for the national
AFL-CIO labor federation, expressed concern that the Bush plan pays too
little attention to the "immediate crisis faced by consumers" in California
and elsewhere.
But, he said, under any comprehensive energy plan to emerge from Washington,
whether it is something resembling the Bush plan or a Democratic alternative,
"I don't see any losers. . . . It would create jobs and much-needed energy."
The Teamsters, for example, would benefit from proposed pipeline construction
in Alaska. Likewise, the United Mine Workers could win from increased coal
production, and an array of construction unions would profit from the
building of new power plants and transmission systems.
Californian consumers and businesses complained about the lack of relief from
high electricity prices. Yet among the first to benefit from the plan would
be power plant engineering companies, an industry dominated by such
California-based companies as the Southland's Fluor Corp., Parsons Corp. and
Jacobs Engineering, along with San Francisco's Bechtel Corp.
Mark Stevens, head of strategic planning at Aliso Viejo-based Fluor, said he
huddled with staff members Thursday to figure out where the Bush plan could
mean increased business for the company. "In an initial glance, we came up
with three areas: Alaska, coal-fired co-generation plants and conservation,"
he said. In Alaska, the company is already at work on "front-end engineering"
for the planned natural gas pipeline that will bring gas from Prudhoe Bay to
Alberta, Canada.
Despite the warm rhetoric from the White House, the renewable energy
industries generally consider themselves big losers in the plan. While
extending the production tax credit to wind and biomass technologies, the
administration refused to do the same for geothermal or solar power.
"When you look at the net pluses and minuses, we've gotten recognition and
some nice rhetoric, but the substance is still severely lacking," said Karl
Gawell, executive director of the Geothermal Energy Assn., an industry trade
group. He said most of the ideas the task force looked at--from promoting the
use of renewable energies by government facilities to adopting a production
tax cut for solar and geothermal--"were left on the cutting room floor."
The Energy Department's research and development budget for renewables was
cut 50% in Bush's budget request, and the industry was disappointed that the
plan did not include a commitment to restore or increase federal investment
to help level the playing field between renewables and other energy sources.
"I think that is unfortunate because the area facing the most severe energy
problems is the far West. California, Oregon, Washington, Nevada and Idaho
are all facing severe problems right now," Gawell said. "These are states
unlikely to build nuclear power plants. . . . These states don't have coal.
But these states have a wealth of renewable resources."
'Missing Chapter on Climate Change'
From the standpoint of environmentalists, the key issue was the plan's
silence on carbon dioxide emissions and global warming. The United States has
made international commitments to reduce its emissions of carbon dioxide,
one-third of which come from power plants.
"We're still looking for the missing chapter on climate change," said Jeremy
Symons of the National Wildlife Federation. Rather than producing a plan to
shrink emissions, the president is "putting out a plan that locks in a
pathway of ever-increasing greenhouse emissions."
A Cabinet-level commission is reviewing the Bush administration policy on
global warming, but environmentalists said the energy report signals that no
serious effort will be made to cut emissions of carbon dioxide and other
greenhouse gases.
The auto industry might get a boost from the plan's provision for tax credits
for purchasing hybrid-powered cars and trucks, but not soon. The benefits
will go to relatively few consumers at the start.
*
Silverstein and Rivera Brooks reported from Los Angeles and Shogren from
Washington. Times staff writers James Flanigan, Jerry Hirsch and John O'Dell
contributed to this story.

PHOTO: The most likely vehicle for Senate action on President Bush's plan is
a bill controlled by Sen. Frank H. Murkowski (R-Alaska), center, who favors
drilling in the Arctic National Wildlife Refuge.; ; PHOTOGRAPHER: Associated
Press

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

Chubu's Ota on Bush Energy Policy, Enron Proposal: Comment
2001-05-18 07:13 (New York)

     Tokyo, May 18 (Bloomberg) -- Hiroji Ota, chairman of Japan's
Federation of Electric Power Companies and president of Chubu
Electric Power Co., comments on U.S. President George W. Bush's
national energy policy and Enron Corp.'s proposal to separate
transmission network from power generation in Japan.
     Bush's energy policy, proposed yesterday, promoted nuclear
energy by easing regulatory barriers to construction of new plants
and the expansion of existing ones.

On U.S. energy policy:
     ``Because the U.S. has plenty of resources, there were few
voices (in the past) to support nuclear power. An energy-stricken
country, Japan already knew we have no choice but to use nuclear
power. There were many events that triggered the U.S. to change
its energy policy (such as) the California crisis, higher fuel
prices and so on.''

On Enron Corp.'s proposal to separate generation, transmission and
distribution of electricity in Japan and to create an indecent
regulator for the energy market:
     ``The proposal is not a good idea. They say deregulation is
only a means to an end -- to bring competition. But if you break
up electricity business, no one will take any responsibility for
supplying energy to consumers.
     ``Look at the California crisis. Generators, including Enron,
made a fortune but without having any supply responsibility. I
don't want that to happen in Japan.
     ``Even though Enron has proposed an `unbundling' plan by
setting up a holding company over the regional power companies, it
doesn't work that way. It may work when you discuss the company's
management and all that, but when you handle daily operations, you
can't wait for problems or issues to go up to the management
before they can be sorted out.''

On whether to sell a stake in Electric Power Development Co.
     Electric Power Development, a power wholesaler two-thirds
owned by the Ministry of Finance with the remainder held by nine
power companies, plans to sell shares on the Tokyo Stock Exchanges
as early as 2003.
     ``I'm not looking for short-term returns. If something is
related to the public utility business, we have to take care of
our customers, shareholders, employees and the residents of our
region.''

Suburbs boom as corporate invasion continues
Staff Reporter

05/18/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

MUMBAI: Stabilisation in the residential sector, firm prices in the
commercial scene and a booming entertainment sector, are all set to give a
new dimension to the real estate scenario in Mumbai.
These are some of the observations in a recent research report by Insignia
Brooke, one of the world's best-known real estate advisors.
Residential prices are quite firm in Bandra (W), Andheri (W) and Versova due
to companies moving to the suburbs. This is the result of the corporate
transition towards the western suburbs area. As a repercussion of that,
prices in South Mumbai are stable.
Demand for residential accommodation in Andheri and Bandra have picked up in
the last quarter. However, there is a serious shortage of premium quality
accommodation. As a result, rental values have shot up by around 25 to 30 per
cent for select buildings in these areas. The ruling effective lease rental
in the Bandra area is around Rs 30 to 35 per square foot per month.
The report states that the demand would continue to increase, owing to the
housing loan tax sops announced in the 2001 budget and the possible reduction
in housing loan rates. On the supply side also, developers like the Rahejas,
Ajmeras and Hiranandanis are already on the drive in developing areas like
Malad Link Road, Andheri (W) & Kandivali and Powai, respectively.
Commercial prices have also firmed up since corporates desire to relocate to
the western suburban areas or the Prabhadevi-Worli region. Recently, a major
deal was struck between Enron and Kamala Mills, whereby the former leased 1
lakh square feet of office space at Kamala Mills compound, Lower Parel, for
an effective rent of Rs 70 per square feet, per month.
An 'A' grade building in Andheri-Kurla like the Technopolis Park currently
commands an effective rent of Rs 100 to 150 per square feet of useable area
per month, whereas B grade buildings in Akruti Software Park and Acme Plaza
rent out at Rs 35 to 40 and Rs 40 to 50 per square feet, per month,
respectively. The new twin CBDs of Bandra-Kurla and Andheri-Kurla are slowly
diminishing in terms of real estate prices.
Brooke researchers feel that the impact of the America's IT slowdown on the
real estate demand in India is yet to clearly emerge. Global Telesystems has
acquired around one lakh square feet at the Millennium Business Park (Mhape),
in Thane district. In a move aimed at promoting start-up infotech ventures in
the state, the Maharashtra government has announced the formation of
Samruddhi Venture Park. The project aims to provide complete assistance to
start-up ventures under one roof.

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

Japan's Power Utilities Oppose Enron's Liberalization Proposal
2001-05-18 06:53 (New York)

Japan's Power Utilities Oppose Enron's Liberalization Proposal

     Tokyo, May 18 (Bloomberg) -- Japan should reject a proposal
by Enron Corp. to foster competition by splitting electricity
generation and transmission because it may lead to California-
style power failures, the chairman of Japan's Federation of
Electric Power Companies said.
     Enron, the world's largest energy trader, said allowing
Japan's utilities to continue generating, transmitting and
distributing electricity would discourage rivals from entering
Japan's 15 trillion yen ($122 billion) electricity market.
     The Japanese government has said it wants to liberalize the
power market, the second-largest behind the U.S. Power supply is
currently dominated by 10 regional utilities and Japanese
manufacturers pay the world's highest electricity charges.
     ``If electricity business are broken up, no one will take
final responsibility to supply energy to consumers,'' said Hiroji
Ota, who is also president of Chubu Electric Power Co., the
nation's No. 3 utility. ``Power generators in California made a
fortune, with no responsibility for supply. I don't want to see
that happen in Japan.''
     California has spent about $7 billion this year buying
electricity on behalf of its utilities after a shortage of supply
from generators caused wholesale prices to soar, prompting power
failures and pushing the state's two largest utilities to the
brink of insolvency.
     Liberalization in Japan would help manufactures save an
annual 4 trillion yen and help them to better compete with global
rivals, said Nicholas J. O'Day, Enron Japan Corp.'s vice president
of public affairs.
     In 1996, the government began liberalizing the market by
opening wholesale trading to competition. In March last year it
allowed large business customers such as factories and hospitals,
representing about one-third of the Japanese power market, to buy
from independent power producers.
     Enron plans to build a natural gas-fired power plant in Japan
to become the first overseas generator in the market.
     The change in regulation has forced the 10 large regional
power companies, which have dominated the highly restricted
Japanese power market with some of the world's highest electricity
charges, to cut charges.

(bon pour tous) US energy companies closely tied to Bush administration:
reports by Maxim Kniazkov

05/18/2001
Agence France-Presse
(Copyright 2001)

ATTENTION - ADDS detail, background
WASHINGTON, May 18 (AFP) - US energy companies, which are expecting a
windfall from President George W. Bush's energy plan, lavishly financed
Republican political campaigns last year and maintain close ties to several
key members of the Bush cabinet, according to data released by watchdog
groups.
Oil and gas companies gave Republican politicians 25.5 million dollars,
almost four times as much as they gave Democrats, according to figures
obtained by the Center for Responsive Politics.
The nuclear power industry, which is expected to get a boost as a result of
Bush's new energy policy, was not idle either.
It gave more than 13.8 million dollars to federal candidates and committees
in the 2000 election cycle, said the center, pointing out that supporters of
the new Republican president received 290,209 dollars from the industry to
campaign on his behalf.
Overall, the nuclear industry favored Republicans, giving them more than
two-thirds of its individual, political action committee and "soft money"
contributions, according to the center.
"Soft money" are unregulated donations to political parties designed to
promote causes rather than individual candidates. But they are often used to
indirectly back up platforms put forward by candidates.
"The president and members of Congress have been very successful at drilling
for political contributions from the energy sector," remarked sarcastically
Scott Harshbarger, president of Common Cause, another watchdog group.
Electric utilities gave the Republican and Democratic parties 10.1 million
dollars in "soft money" contributions during last year's election campaign,
according to Common Cause.
Energy giant Enron alone shelled out more than 1.4 million dollars, the group
said.
The new energy policy announced by the president Thursday calls for building
between 1,300 and 1,900 new power plants, thousands of miles of new pipelines
and new oil refineries over the next 20 years.
Tax incentives are envisioned for energy companies that will implement the
president's plan.
"Big time donors get major league payback, non-donors get higher energy bills
and a dirtier environment," commented Harshbarger.
It is widely known that before launching into politics Bush cut his teeth in
the oil business. Vice President Richard Cheney was chief executive at
Halliburton, the world's largest oil field services company, before he joined
the Bush campaign last year.
Less publicized have been energy industry ties to several other key members
of the Bush cabinet, according to the Center for Responsive Politics.
Commerce Secretary Don Evans spent 25 years at Tom Brown Inc, a Denver,
Colorado-based oil and gas company ,and also sat on the board of TMBR/Sharp
Drilling, an oil and gas drilling operation, said the center.
Interior Secretary Gale Norton represented Delta Petroleum when she worked
for Brownstein Hyatt and Farber, a Denver law firm.
Meanwhile, Energy Secretary Spencer Abraham received more than 700,000
dollars for his failed Senate re-election bid in 2000 from contributors like
General Motors, Ford and Lear Corp, which are closely connected to the energy
sector, according to the center.
mk/fgf

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

UAE: Enron to pull out of Dolphin project

05/18/2001
Middle East Economic Digest
Copyright (C) 2001 Middle East Economic Digest; Source: World Reporter (TM)

The US' Enron Corporation is to relinquish its stake in Dolphin Energy (DEL),
the joint venture company formed to develop the Dolphin gas project. DEL is a
Jersey-registered company, 51 per cent owned by the Abu Dhabi-based UAE
Offsets Group (UOG). The remaining 49 per cent is split equally between
France's TotalFinaElf and Enron.
In March 2000, the three partners signed a project development agreement
(PDA), which stated that TotalFinaElf would be responsible for the upstream
element, which would involve developing a block in Qatar's North field, and
Enron would be the midstream partner, responsible for building a gas pipeline
to Abu Dhabi, Dubai and Oman, gas marketing and project management (MEED
10:3:00).
Industry sources say that Enron's plan to give up its stake in DEL is part of
a new business model developed by the company. The sources suggest that there
is another factor affecting Enron's decision to pull out of DEL. "The profit
margin for Enron would be low. At present, the Dolphin project is being
developed primarily as an upstream initiative," says one.
The fate of Enron's stake in DEL remains unclear. UOG has not been
forthcoming with explanations, but an official statement is expected by the
end of May. Some sources suggest UOG will take over the stake of Enron in
DEL, but the possibility remains that another company might be invited into
the joint venture. "There is talk of new partners," says a TotalFinaElf
official. "But whatever happens, we are staying." Enron officials declined to
comment.

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

USA: Bush power plan draws praise, dismay and coal.
By Deborah Zabarenko

05/17/2001
Reuters English News Service
(C) Reuters Limited 2001.

WASHINGTON, May 17 (Reuters) - Power suppliers praised the Bush energy plan
on Thursday, as California's governor slammed the proposal for letting
"price-gouging" continue and environmentalists showed their displeasure by
dumping coal outside Vice President Dick Cheney's home.
In Europe, Jan Pronk, head of the United Nations forum on climate change,
dubbed it a "disastrous development." Around around the world, markets were
largely unchanged by the Bush plan, as it dealt primarily with long-term
policy.
The U.S. national energy policy, formally unveiled by President George W.
Bush in St. Paul, Minnesota, called for heavier reliance on oil, coal and
nuclear power and $10 billion in tax credits for conservation.
California Gov. Gray Davis, who has repeatedly blasted the Bush
administration for failing to aid his state during a season of blackouts and
soaring power bills, lashed out at the plan for "turning a blind eye to the
bleeding and hemorrhaging that is taking place in this state."
"By not doing anything, you're allowing the price-gouging energy companies,
many of whom reside in Texas, to get away with murder," Davis said in an
apparent dig at Bush, the former Republican Texas governor and a former oil
executive.
The plan sparked a partisan firestorm on Capitol Hill, where Republicans
vowed to help implement Bush's plan and Democrats criticized it as a giveaway
to special interests with little relief in sight for consumers.
House of Representatives Republican Whip Tom DeLay of Texas blamed the
"energy crunch" on eight years of inaction by President Bill Clinton's
administration, and hailed Bush for moving to "unify our nation around a
comprehensive energy strategy that protects our consumers and strengthens our
national security."
House Democratic leader Richard Gephardt of Missouri shot back: "We think the
president's plan makes the wrong choices for America and for the American
people."
EXXON, BP RESERVE JUDGMENT ON PLAN
Among those in the energy business, the plan drew broad approval, even though
some worried about a tilt toward the supply side.
"I applaud the administration for taking these steps to encourage more energy
development in this country," said Robert Allison Jr., chairman and CEO of
Anadarko Petroleum Corp., one of the largest independent exploration and
production companies in the United States.
Two of the world's the largest oil companies - Exxon Mobil Corp. and BP Plc -
said they would reserve judgment until they studied the plan more closely.
But Kenneth Woodcock, senior vice president of AES Corp., one of the world's
biggest power suppliers, criticized the proposal: "This plan gets the
government pushing too far on the supply side versus conservation and the
environment, which isn't really the best path toward a balanced electricity
and energy market."
Many in the U.S. environmental community claimed the plan would harm public
health by dirtying the air or destroying designated wilderness areas, and
said long-term measures would be costly and offer no short-term relief to
consumers facing power shortages and record-high gasoline prices this summer.
"The president's plan won't produce affordable energy for Americans now, or
10 years from now," said Philip Clapp, president of the National
Environmental Trust.
"What the president's plan will do is drive up air pollution in our cities
and turn the last 5 percent of our public lands that we've protected for
future generations over to the oil and coal companies."
Greenpeace activists dumped five tons of coal and five fake drums of oil and
nuclear waste outside the official residence of Vice President Cheney, the
former top executive of oilfield services giant Halliburton, who headed a
task force that developed the plan.
The drums were labeled with the logos of Exxon/Mobil, Chevron, Texaco, BP and
Enron.
Sierra Club protesters trailed Bush as he swung through Minnesota and Iowa,
holding news conferences at coal-fired power plants to offset what they
termed misleading appearances by Bush at environmentally friendly facilities
used to promote the White House recommendations.

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


Here is the version with my modifications over Mike's version. Please feel
free
to make modifications/corrections.

Osman


KH,

We created deal 229758 a while back to correct this.  You will need to get
Vol Mgmt to reallocate volumes from #157288 to this deal to close it out.

D

Katherine Herrera@ENRON
09/19/2000 04:52 PM
To: Daren J Farmer/HOU/ECT@ECT
cc: Kristen J Hanson/HOU/ECT@ECT
Subject: Duke Exchange Deal, March 2000

Purchase
Deal #157288

It appears that the price on PGEV should be Index less $.06 not Index less
$.05 for the redelivery.
Let me know which is correct per the exchange agreement.

Thanks-
K


Please take a look at this response.  I'm reviewing Mike's draft answers from
last week and would like to forward to Britt and Barrett all the input we
have by noon or so.  Thanks. DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 12/13/99 10:12
AM ---------------------------

Ann Smith
12/13/99 10:05 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Answer #9


(See attached file: HPLN0321.xls)

 - HPLN0321.xls


PROCESSING

27420	WTG		Eff 2/02 Only		2,700/d	Panhdle to Winkler	Processing

27819	PG&E		2/1/02-10/31/02	20,000/d	Blmfld to Calif	Need CAF

TENDERED

24198	Richardson	Eff 1/23/02		35,714/d	Add Blk #16		Tendered 1/22

25374	Oneok		Ext to 2/28/02	12,500/d	Panhdle to Beaver	EXECUTED

26758	Duke		Eff 1/30/02		40,000/d	Swap RP Vol		EXECUTED

27377	Agave		Ext to 3/31/02	10,000/d	Pecos to W. Ward	Tendered 1/24

27803	BP		1/1/03-12/31/04	25,000/d	Blmfld to Needles	Tendered 1/28

27913	Sempra		2/1/02-2/28/02	15,000/d	Blmfld to Topock	Tendered 1/24


Mark -

See Leslie's approval below, and please approve this in DataManager.

---------------------- Forwarded by Dale Neuner/HOU/ECT on 07/20/2000 09:48
AM ---------------------------

Leslie Hansen
07/20/2000 09:48 AM
To: Dale Neuner/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: Re: US Power PJM Demand Product Type (Offered by the Weather Desk

Dale:

The product description looks fine to me.

Leslie

	Dale Neuner
	07/19/2000 06:58 PM

		 To: Mark Taylor/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Bjorn
Hagelmann/HOU/ECT@ECT, Rudi Zipter/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT,
Stephen H Douglas/HOU/ECT@ECT, Timothy M Norton/HOU/ECT@ECT, Tom
Moran/HOU/ECT@ECT
		 cc: David Forster/Corp/Enron@Enron, Torrey Moorer/HOU/ECT@ECT, Jennifer
deBoisblanc Denny/HOU/ECT@ECT
		 Subject: US Power PJM Demand Product Type (Offered by the Weather Desk

This is a follow-up to my e-mail sent earlier. The Product Type has been
built in test and awaits your approval. Please offer that approval as quickly
as posible, as John Lavoratto is eager to see this offered on EOL.

Dale
3-9746


NETWORK WORLD NEWSLETTER: JASON MESERVE on
SECURITY AND BUG PATCH ALERT
01/24/02
Today's focus: Panda: Two Linux fixes and a PHP patch

Dear Wincenty Kaminski,

In this issue:

* Patches and alerts for Debian enscript, chuid and Linux-
  Mandrake jmcce
* Viruses, including CA's weekly Top 5 list
* ScanDo pokes, prods, secures Web apps, plus other interesting
  reading

_______________________________________________________________
TECHNOLOGY INSIDER: STREAMING MEDIA

Streaming media is taking off as a corporate communications and
training tool. We take you behind the scenes of the technology,
showing you best practices, case studies and a feature on the
individual streaming media champions leading the charge. Check
it out at http://nww1.com/go/ad237.html

_______________________________________________________________
Today's focus: Two Linux fixes and a PHP patch

By Jason Meserve

Today's bug patches and security alerts:

* Debian patches enscript

Enscript, a tool for converting ASCII files into other formats,
has been found to use insecure temporary files in its
operation. Debian users can download a fix and get more
information from:
http://www.debian.org/security/2002/dsa-105

* Chuid program patched

Two bugs in chuid, a small program designed to solve a problem
created by PHP's safe_mode - which makes it so that non-Web
server-owned PHP scripts can't accept file uploads - could
allow a user to change uid of files outside the designated
upload directory and change files owned by root or the Web
server. An updated version of chuid can be downloaded from:
http://srparish.net/scripts/chuid-1.3.tar.gz

* Linux-Mandrake updates jmcce

There is a problem with the way jmcce, a tool for displaying
Chinese text on the console, creates temporary files. A
malicious user could exploit this to overwrite arbitrary files
on the affected system. For more, go to:
http://www.linux-mandrake.com/en/security/2002/MDKSA-2002-008.php

Today's roundup of virus alerts:

* WM97/Dig-C - No, this is not about Boston's notorious Big
Dig. This is a harmless Word macro virus that uses a temporary
file to replicate and may display a message in Cyrillic
characters. (Sophos)

* Top 5 viruses for the week of Jan. 14 to 20, as reported by
CA:

1. Win32.Badtrans.29020
2. Win32.Magistr.29188
3. Win32.Magistr.24876
4. Win32.SirCam.137216
5. Win32.Hybris.B

>From the interesting reading department:

* ScanDo pokes, prods, secures Web apps

Web application security firm KaVaDo Tuesday beefed up its line
of products when it announced a new vulnerability-assessment
tool for Web applications called ScanDo. ScanDo approaches and
probes Web applications the same way an attacker would and in
doing so, discovers vulnerabilities in the applications,
reports on them and allows companies to patch the holes,
according to Tal Gilat, CEO of KaVaDo.
http://www.nwfusion.com/news/2002/0122scando.html
IDG News Service, 01/22/02

* Subscription snafu angers Norton users

It's a rare company that turns away customers, but Symantec's
subscription renewal service for Norton AntiVirus appears to be
doing just that to some users - albeit unintentionally.
http://www.nwfusion.com/net.worker/news/2002/0124norton.html
PC World, 01/24/02

* Schwartau: Cyber ethics in the workplace

While moderating a game of "Cyber ethical Surfivor" at a large,
financial conference recently, I posed the following conundrum:
"You receive an anonymous e-mail which includes all the
technical and business details of a key competitor's project.
Your company is way behind. If you use the information, you
will likely beat your competitor and you will be a hero. If you
don't use the information, your company will lose a great deal
of money and you will likely be the scapegoat. If you use the
information, no one - except you - will ever know. What do you
do?"
http://www.nwfusion.com/columnists/2002/0121schwartau.html
Network World, 01/21/02

* Gibbs: Let's do IT with a dongle

If I build something physical, say a chair, and you steal it, I
have lost the benefit of my labor. Now I think no one in their
right mind would suggest such an action is ethical or
defensible.
http://www.nwfusion.com/columnists/2002/0121gibbs.html
Network World, 01/21/02

* Archives online

What's better than free archives? Well, if you got paid for
reading them that would be better. But alas, free will have to
suffice:
http://www.nwfusion.com/newsletters/bug/index.html

_______________________________________________________________
To contact Jason Meserve:

Jason Meserve is the Multimedia Editor of Network World
Fusion and writes about streaming media, search engines and
IP Multicast. Jason can be reached at mailto:jmeserve@nww.com.
_______________________________________________________________
NW Fusion's Buy IT provides the resources you need to make
better buying decisions.  Post your IT needs anonymously and
FREE!  Search our directory of qualified providers, review
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http://nwfusion.newmediary.com/nww120601nwltrb
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to make it happen. We bring you news and reviews, sound advice
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to manage a remote and mobile workforce.

Visit http://www.nwfusion.com/net.worker/index.html
_______________________________________________________________
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Copyright Network World, Inc., 2002

------------------------
This message was sent to:  vkamins@enron.com


Christina here is our master agreement.  Give me a call if you have any
questions.

dp

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


I've attached a draft of the LJM statement to the Wall Street Journal.  Please give me your comments as soon as possible.  I propose releasing the statement to the reporters tomorrow afternoon.

Mark Palmer
ext. 34738


I think that it is a great idea to compare recommendations for promotions.
Our meeting will take place on December 8th, so we can be ready to discuss
promotion recommendations as early as Monday, December 11.  When would be a
good time for you?

The invitation to attend our December 8th meeting still stands.  I know that
it is along way to come for a single meeting (although it will most likely be
a fully day), but if there are other things that you could accomplish while
here, it could be worth it.  --Sally

Mike Jordan
11/28/2000 08:48 AM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Re: Cross calibration for Operations people globally

Sally

This is great but you are right in that we probably do not have time to cross
calibrate for the full global population of Risk Ops - perhaps next year.
Also, from discussions with Fernley the higher grades will form part of Rick
Causey's PRC ranking process - so we are left with lower risk post that (
Fernley said he would forward his note to Rick to yourself ).

My remaining concern is that any promotions, particularly in the risk group,
which are not matched across Houston/London or indeed between EGM London and
EEL London may create people risk. Can I suggest we compare promotions from
senior specialist ( up to manager ) upwards ?

Hope everything is going well

Mike

	Enron Capital & Trade Resources Corp.

	From:  Sally Beck                           27/11/2000 20:08

To: Mike Jordan/LON/ECT@ECT
cc:

Subject: Re: Cross calibration for Operations people globally

I have attached a listing of planned PRC meetings for Operations that will be
held in Houston.  There will be a number of pre-review meetings that will be
held over the next two weeks in preparation for an Energy Operations PRC
meeting to be held on Friday, December 8th.  The pre-meetings are necessary
due to the sheer size of the groups.  (In addition to the meetings detailed
in this schedule, Brent's team in EGM is having pre-meetings as well.)

The December 8th meeting will include all operations personnel from ENA, EGM
and EIM.  We will review the results from the pre-review meetings for Senior
Specialists and below.  I have asked that the results from the pre-review
meetings mirror the "preferred distribution", which as you probably know
suggests that 15% of the population will not receive a bonus and should
therefore be in the bottom two categories.  Assuming that appropriate work
has been done at the pre-review meetings, this review on the 8th should not
be too lengthy.  We will take considerably more time as we review the
managers, who will have been pre-ranked as well.  This will give us a good
jumping off point for the cross calibration discussions.  We will then review
and rank the directors and senior directors.  We will also be discussing
suggested promotions during this meeting as well.  Finally, assuming that I
still have David Oxley and Wes Colwell captive and attentive, I will discuss
my suggested rankings for the three VP's who report to me.  (We will of
course pare down the list of attendees as we move up the ladder on levels
that we are reviewing -- initial make up of the December 8th PRC is me and my
direct reports within ENA, Brent and his direct reports within EGM and Brenda
Herod from EIM.)  I have also extended an invitation to Louise Kitchen to
attend the December 8th meeting.  I do not know yet if she will attend.

Do you have some suggestions for cross-calibrating on a global basis this
year?  I think that next year we can put some plans in place early in the
year to help facilitate this.  Would you like to attend the meeting here in
Houston on December 8th?  Is there a planned meeting in London that would
make sense for me to attend?  Let me know your thoughts.

    -Sally

Mike Jordan
11/24/2000 04:28 AM
To: Sally Beck/HOU/ECT@ECT
cc: Fernley Dyson/LON/ECT@ECT
Subject: Cross calibration for Operations people globally

Sally

I have been speaking to Cindy Horn ( works for Scott here in London ) about
checking ratings / promotions across the two groups in London ( EGM and EEL )
which raised concerns that this might duplicate some work done on cross
calibration done by yourself. Can I ask what are the plans?


Here are some more questions.  These guys are only bidding on Lincoln, so all
of these should be just Lincoln questions.  Thanks again for your help with
these.
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 10/24/2000
11:17 AM ---------------------------

"Michael P Cazaubon" <michael.cazaubon@exeloncorp.com> on 10/24/2000 11:06:42
AM
To: benjamin.rogers@enron.com
cc: "David L Stewart" <david.stewart@exeloncorp.com>
Subject: More Lincoln Questions

Ben,

Thanks for the response on the first set of questions on Lincoln.  Attached
are some additional ones that we would appreciate your help on

Thanks!
Mike Cazaubon

(See attached file: Exelon Lincoln Q&A 10-24-00.doc)

************************************************************************
This e-mail and any of its attachments may contain Exelon Corporation
proprietary information, which is privileged, confidential, or subject
to copyright belonging to the Exelon Corporation family of Companies.  This
e-mail is intended solely for the use of the individual or entity to
which it is addressed.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution,
copying, or action taken in relation to the contents of and attachments
to this e-mail is strictly prohibited and may be unlawful.  If you have
received this e-mail in error, please notify the sender immediately and
permanently delete the original and any copy of this e-mail and any
printout. Thank You.
************************************************************************

 - Exelon Lincoln Q&A 10-24-00.doc


Andy:

Attached are my blacklined comments to the prior draft.  Please let me know
if this works.  Thanks.  Sara


----- Forwarded by Jeff Dasovich/NA/Enron on 03/02/2001 07:46 PM -----

	James D Steffes
	03/01/2001 01:18 PM

		 To: Alan Comnes/PDX/ECT@ECT, Chris H Foster/HOU/ECT@ECT, Christian
Yoder/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT, Dan Leff/HOU/EES@EES,
David W Delainey/HOU/EES@EES, Dennis Benevides/HOU/EES@EES, Don
Black/HOU/EES@EES, Elizabeth Sager/HOU/ECT@ECT, Elizabeth Tilney/HOU/EES@EES,
Eric Thode/Corp/Enron@ENRON, Gordon Savage/HOU/EES@EES, Greg
Wolfe/HOU/ECT@ECT, Harry Kingerski/NA/Enron@Enron, Jubran Whalan/HOU/EES@EES,
Jeff Dasovich/NA/Enron@Enron, Jeffrey T Hodge/HOU/ECT@ECT, Joe
Hartsoe/Corp/Enron@ENRON, John J Lavorato/Corp/Enron@Enron, John
Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kathryn
Corbally/Corp/Enron@ENRON, Keith Holst/HOU/ECT@ect, Kristin
Walsh/Enron@EnronXGate, Leslie Lawner/NA/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, Louise Kitchen/HOU/ECT@ECT, Marcia A
Linton/NA/Enron@Enron, Mary Schoen/NA/Enron@Enron, mday@gmssr.com, Mark
Palmer/Corp/Enron@ENRON, Marty Sunde/HOU/EES@EES, Mary Hain/HOU/ECT@ECT,
Michael Tribolet/Corp/Enron@Enron, Mike D Smith/HOU/EES@EES, Mike
Grigsby/HOU/ECT@ECT, Neil Bresnan/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT,
Phillip K Allen/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Rebecca W
Cantrell/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, Rob Bradley/Corp/Enron@ENRON, Robert C
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert Frank/NA/Enron@Enron,
Robert Frank/NA/Enron@Enron, Robert Johnston/HOU/ECT@ECT, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sandra
McCubbin/NA/Enron@Enron, Scott Stoness/HOU/EES@EES, Shelley
Corman/Enron@EnronXGate, Steve C Hall/PDX/ECT@ECT, Steve Walton/HOU/ECT@ECT,
Steven J Kean/NA/Enron@Enron, Susan J Mara/NA/Enron, Tara
Piazze/NA/Enron@ENRON, Tim Belden/HOU/ECT@ECT, Tom Briggs/NA/Enron@Enron,
Travis McCullough/HOU/ECT@ECT, Vance Meyer/NA/Enron@ENRON, Vicki
Sharp/HOU/EES@EES, Wendy Conwell/NA/Enron@Enron, William S
Bradford/HOU/ECT@ECT
		 cc:
		 Subject: FW: PCG, EIX: Governor Davis Updates Wall Street

FYI.  Info on Gov Davis meeting with Wall Street.

Jim

----- Forwarded by James D Steffes/NA/Enron on 03/01/2001 01:17 PM -----

	Michael Tribolet/ENRON@enronXgate
	03/01/2001 11:30 AM

		 To: Rick Buy/ENRON@enronXgate, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Vicki Sharp/HOU/EES@EES,
Don Black/HOU/EES@EES, Travis McCullough/HOU/ECT@ECT,
jklauber@llgm.com@SMTP@enronXgate
		 cc:
		 Subject: FW: PCG, EIX: Governor Davis Updates Wall Street

This is one of the better overviews of all the issues from CSFB.

.

 - ppp030101.pdf


FYI

---------------------- Forwarded by Susan D Trevino/HOU/ECT on 01/27/2000
05:09 PM ---------------------------

Bob Withers <rww@KCSEnergy.com> on 01/27/2000 05:05:00 PM
To: Susan D Trevino/HOU/ECT@ECT
cc: Stretch Brennan <djb@KCSEnergy.com>, Knox Westmoreland
<rkw@KCSEnergy.com>, Kevin McLarney <kmm@KCSEnergy.com>, "Taylor, Vance
(E-mail)" <vtaylor2@enron.com>
Subject: Josey Ranch Est. -- Feb. 2000

 This is the estimated Josey Ranch nomination for the month of
February 2000.  The HPL nomination volume to be effective 2/1/2000 is:

    13,000 MMBtu/day for KCS Resources
    13,000 MMBtu/day Total (assumed Btu factor of 1.081
@ 14.65 dry)

If you need additional information, KCS' field contact is Stretch Brennan in
Victoria: 512 / 576 - 1005.

Bob Withers <*))>><
KCS Energy, 5555 San Felipe, Suite 1200
Houston, TX  77056
voice mail/page 713-964-9434


I am working on a Ski trip proposal for HPLC & ENA and would like for
everyone to think
about possible customers.    If the trip is approved, the trip will probably
occur on
  1.   Wednesday, Feb 28 - Saturday March 3rd
   or
  2.  Wednesday March 7th - Saturday, March 11th

Please let me know the number of customers each of you feel confident will
attend.  I am expecting to
be able to accommodate up to a total of 18-20 people (2 houses), including
Enron folks. I can commit to at least  5 and
up to 10 customers, if we happen to need that many.

Possible Enron Reps
 1.  Tom Martin
 2.   Lee Papayoti
 3.  Gary Lamphier
 4.  Greg Brazaitis
 5.  Brian Redmond
 6. Laurie Allen
 7. Janet Wallis
 8. James Mc Kay
 9. Have I missed anyone?

Let me know what your thinking ASAP, I would like to submit this for approval
on Friday the 15th.

Janet


Donna:

My comments are included below.  These are just suggestions and you can take
them or leave them as you will.

Mark

From: Donna Greif on 11/05/99 02:35 PM
To: Mark Taylor/HOU/ECT@ECT
cc: Amita Gosalia/LON/ECT@ECT, Bob Shults/HOU/ECT@ECT, David
Forster/LON/ECT@ECT
Subject: EOL Access Denied - Form Letter

Mark,
Please review and approved the following document.  We will use this document
to send to those counterparty who have applied for EOL access, yet are not
qualified based on EOL guidelines.

Thanks,
dg

November 5, 1999

rFirst_Name_ rLast_Name_
rCompany_name_
rAddress_line_1_
rAddress_line_2_
rCity_, rState_or_Province_  rPost_Code_Zip_Code_
rCountry_

Dear rSalutation_ rLast_Name_:

Thank you for your application to trade via EnronOnline.  We are sorry, but
EnronOnline is specifically designed for those who can companies which
transact in wholesale energy commodities on behalf of for their own account
company; therefore, we are unable to provide you with access to the site at
this time.

If you have any questions, feel free to contact us at the numbers listed on
the letterhead or E-mail us at help@enrononline.com.

Once again, thank you for your application to register to trade via
EnronOnline.

Sincerely,

Robert Shults
Product Control Group
EnronOnline


Now that American B-52's are reorganizing Afghanistan's landscape, US
> > intelligence has discovered that the Taliban have renamed some of their
> > towns to confuse us.These new names include:
> >
> > 1. Wherz-Myroof
> > 2. Mykamel-Izded
> > 3. Oshit-Disisabad
> > 4. Waddi-El-Izgowinon
> > 5. Pleez-Ztopdishit
> > 6. Kizz-Yerass-Goodbi
> > 7. Ikantstan-Disnomore
> > 8. Wha-Tafuk-Wazi-Tinkin
> > 9. Myturbin-Izburnin
> > 10. Imma-Dedshmuck


Lets see, stock is trading at $7.29.  I believe you will see lots of folks looking for employment elsewhere.

 -----Original Message-----
From: 	Bates, Kimberly
Sent:	Wednesday, November 07, 2001 12:01 PM
To:	Germany, Chris
Subject:	for ingrid

Kimberly Bates
East Gas/Origination
713-853-5193
713-646-8453 Fax


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May 7, 2001

California Update: Duke Energy Proposes Settlement Deal

By Will McNamara
Director, Electric Industry Analysis

[IMAGE][IMAGE]Duke Energy (NYSE: DUK) approached Calif. Gov. Gray Davis with
a secret deal, now made public, that offered monetary concessions if the
state drops lawsuits and investigations into the company's alleged price
gouging. Duke made the offer in a secret 17-page letter sent in April to Gov.
Davis' office, which the governor confirmed on May 2. Davis' spokesman called
the letter Duke's "wish list," which included having the state call off
investigations of the North Carolina-based generator. Although Gov. Davis has
acknowledged receipt of the proposal, he has not officially accepted or
rejected the offer.

Analysis: Duke's desire to make a settlement with the state of California
stems from an ongoing investigation by FERC that began back in March. At that
time, FERC put 13 California power sellers, including Duke, on notice that
they must either make refunds for certain power sales or provide further
justification for their prices. Duke is considered to be one of four
companies (along with Dynegy, Reliant and Williams) that faces the biggest
potential refunds to the state of California. In fact, Duke reportedly faces
potential refunds of up to $20 million for the power that it has sold to
California since the start of this year.

We can fast forward from FERC's investigation to Duke's "good faith"
settlement offer that now sits before Gov. Gray Davis. The plan sets out
specific action steps for new generation, conservation programs, electric and
gas infrastructure improvements, regional transmission frameworks, and
environmental goals. In addition, Duke has offered an undisclosed settlement
agreement, for which the California government would agree to cease all
ongoing investigations of price manipulation by the company. Duke's
"appropriate payment" is based on fair estimate of the company's alleged
overcharges for power that it sold to the state.

Yet, beyond the spin control surrounding this offer, Duke's proposal amounts
to a mutual back-scratching agreement, with Duke clearly obtaining the
largest benefit. Duke wants the state to drop all pending lawsuits that
allege price gouging and tone down the negative public comments against Duke
made by the governor and others. In return, Duke will refund to the state
some of the money that it allegedly owes and will further assist in helping
the state with its power supply needs. However, under the offer Duke will
admit no wrongdoing. Rather, the company's proposal is being presented as an
altruistic effort to assist in the resolution of California's flawed market.
Neither Duke nor Gov. Davis has disclosed the monetary amount of Duke's
settlement offer, but it is fairly safe to assume that it is only a fraction
of the $20 million that the state wants.

Other specifics within Duke's proposal that are important to note include the
company's "commitment to work with the state to get 680 MW of additional
peaking capacity ready for summer 2002." In addition, Duke has offered to
enter into long-term contracts with the state on "reasonable terms" and also
"attempt to secure other reasonably priced electricity for the state."
Perhaps eliciting the greatest response within the industry is Duke's pledge
to "share the financial pain" of California's troubled market with other
market participants.

Presently, Duke supplies about 5 percent of California's power needs, the
majority of which is based on long-term contracts. This is a significant
point because Duke has argued that its participation in the California market
is not as entrenched in the volatile spot market, in contrast to many of the
other power suppliers under FERC's investigation. The company also owns the
Moss Landing plant, located south of San Jose, Calif., which it is upgrading
with a $500 million investment. Duke has established that the plant should be
able to provide approximately 30 percent of California's new generation in
2002.

While Duke downplays the role that California has played in its profits, the
company's total wholesale profits soared 374 percent to $744 million for
year-end 2000. For the year, Duke's California power plants generated 70
percent more electricity than they did in 1999. In addition, in 2000 the
plants provided 17 million megawatt hours of electricity to the state's power
grid versus 9.5 million the previous year.

Further, in January and February 2001, Duke charged more for power through
"credit premiums," which were levied because of the risk of non-payment
associated with California's financially struggling utilities. Duke claims
that it is still owed about $100 million by the Department of Water
Resources, California's power purchaser.

Duke is not the only company forging settlement contracts with California. On
May 2, Tulsa-based Williams Co. (also one of the top four companies
reportedly owing the most to California) announced that it has agreed to pay
$8 million to the California ISO to end FERC's investigation into whether the
company's plants were kept offline to drive up prices. For several months,
FERC has been investigating Williams regarding the company's alleged shutdown
of two power generation units owned by AES, which reportedly allowed Williams
to sell power from other units at higher prices. The stipulation and consent
agreement reached between Williams and FERC identified no improprieties. In
other words, Williams has made the payment but has admitted to no wrongdoing
or price manipulation. A Williams spokesperson has said that the $8 million
will be deducted from the $252 million that Williams is still owed for power
sales to the California ISO and the California PX.

Much like Duke, Williams has reported stellar profits over the last year. For
year-end 2000, the company reported unaudited income from continuing
operations of $873.2 million, or $1.95 per share on a diluted basis, versus
$178 million, or 40 cents per share on a restated basis, for 1999. In
addition, the company reported 1Q 2001 unaudited results that were more than
double that of 1Q 2000-$378 million, or 78 cents per share, compared with a
restated $139 million, or 31 cents per share.

Moreover, the offers that Williams and Duke are forging with the state of
California are probably only a small portion of what both companies have made
from power sales to the state. However, one benefit of the deals is that they
would keep the parties out of years of expensive litigation. Yet, at least as
of this writing, Gov. Davis remains less than enthused about Duke's offer and
has not eased off from his accusation that Duke (along with the other power
generators) has "bilked millions of dollars from California consumers." In
fact, although the governor has said that he is willing to continue
negotiations with the various power generators, he has also vowed "not to
call off the dogs" in the state and federal investigation of any price
gouging. Toward that end, the state's lieutenant governor has initiated a
class-action suit on behalf of California consumers against Duke and other
power generators accused of price fixing. This legal claim follows similar
suits initiated by the city of San Francisco and lawyers in San Diego. All of
the suits basically claim the same thing, that Duke and four other power
generators engaged in unlawful trading practices-such as shutting down
plants-to drive up market prices in California.

Duke, of course, maintains its innocence and says that the new lawsuit merely
makes the same old claim that the company has repeatedly denied.
Nevertheless, Duke has made a monetary offer to the state of California,
which could be driven merely by the desire to avoid lengthy legal proceedings
or by a concern that some wrongdoing on the company's part could eventually
be determined. The stakes have also been raised with some California
attorneys suggesting that any generators found to have engaged in price
gouging should face civil and criminal penalties, which could include
incarceration for any executive at the company who knowingly allowed the
price manipulation to take place. Consequently, despite Duke's offer and any
other proposals that subsequently come from power generators, it appears that
litigation over the price gouging matter is unavoidable.

An archive list of previous IssueAlerts is available at
www.scientech.com

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Copyright 2001. SCIENTECH, Inc. All rights  reserved.


OK.

Don Miller@ECT
12/13/2000 04:30 PM
To: Kay Mann/Corp/Enron@Enron
cc: Stuart Zisman/HOU/ECT@ECT, Mitch Robinson/Corp/Enron@Enron

Subject: Re: FW: Letter agreement

Kay -

Sending this from Don's e-mail.

My apologies, but I just realized that #5 should have the following inserted
after the word Gleason in both the first and third lines:

" , Brownsville, "

This is to make #5 consistent with #7.

Thanks,

Mitch
---------------------- Forwarded by Don Miller/HOU/ECT on 12/13/2000 04:28 PM
---------------------------

	From:  Mitch Robinson @ ENRON                           12/13/2000 03:50 PM

To: Don Miller/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT, Ross Newlin/HOU/EES@EES
cc:
Subject: Re: FW: Letter agreement

fyi.

Mitch
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 12/13/2000
03:49 PM ---------------------------

Kay Mann
12/13/2000 08:52 AM
To: Mitch Robinson/Corp/Enron@Enron
cc:

Subject: Re: FW: Letter agreement

Good.  I'm ready to get at least one thing off the "to do" list.

Kay

	Enron North America Corp.

	From:  Mitch Robinson                           12/13/2000 08:07 AM

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

Subject: FW: Letter agreement

Stamp of approval.  Mike J. Miller is the right guy from ENA to sign.  Please
let me know if you have any trouble getting a signature from any of the
parties.

Thanks,

Mitch
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 12/13/2000
08:06 AM ---------------------------

DeKrey Lynn <Lynn.DeKrey@swpc.siemens.com> on 12/12/2000 04:58:08 PM
To: "Mitch Robinson (E-mail)" <Mitch.Robinson@enron.com>
cc: Monahan Bill <Bill.Monahan@swpc.siemens.com>

Subject: FW: Letter agreement

Mitch
This is acceptable, please submit

Lynn DeKrey

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Sunday, December 10, 2000 5:05 PM
To: lynn.dekrey@swpc.siemens.com
Subject: Letter agreement

---------------------- Forwarded by Kay Mann/Corp/Enron on 12/10/2000 04:08
PM ---------------------------

Kay Mann
12/10/2000 04:03 PM

To:   Mitch Robinson/Corp/Enron@Enron, lynn@dekrey@swpc.siemens.com, Ross
      Newlin/HOU/EES@EES
cc:

Subject:  Letter agreement

Gentlemen,

I've revised paragraph 5 to reflect our discussion.  Also, I made a change
to paragraph 7 to include technical bulletins per Mitch's request which we
did not discuss on our call.

(See attached file: WestinghouseProposal to Resolve Issues on Enron - Dec10
SWPC.doc)

Please let me know if you have any questions or comments.

Kay

713 345 7566

 - WestinghouseProposal to Resolve Issues on Enron - Dec10 SWPC.doc


linda is going to get you proposal sheets and your questionnaire to initial
and return to her please asap.

isa J. Mellencamp
Enron North America Corp.
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393


Tana,
I guess we need to change the Enron legal entity from Enron Corp?
In our current model the transacting entity will be Enron North America
(which is a Delaware corporation?)
Can you then arrange a suitable signature (Haedicke?)
Can we get this done by the end of Friday?

Thanks,
Richard

---------------------- Forwarded by Richard Sage/LON/ECT on 15/02/2001 16:54
---------------------------

John Haggerty@ENRON
15/02/2001 15:14
To: Richard Sage/LON/ECT@ECT
cc: Craig Chaney/HOU/ECT@ECT, Bruce Harris/NA/Enron@Enron, David P
Dupre/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, Bryan Seyfried/LON/ECT@ECT

Subject: Confidentiality Agreement

Richard, Craig told me you could review and sign this confidentiality
agreement, naturally it might need a little editing.
---------------------- Forwarded by John Haggerty/Corp/Enron on 02/15/2001
10:12 AM ---------------------------

"FOLK, JESSE C III" <JCFolk@scana.com> on 02/15/2001 02:30:48 PM
To: "'john.haggerty@enron.com'" <john.haggerty@enron.com>,
"'denis.o'connell@enron.com'" <denis.o'connell@enron.com>
cc:

Subject: Confidentiality Agreement

John and Denis--

Here is the proposed confidentiality agreement.  I wasn't sure about the
exact name for you, so I just put in the generic "Enron".  Let me know if
this is okay.

Call me if you have any questions, and I'm looking forward to reaching an
agreement with you.

Thanks.

Jay Folk
Trading Operations Manager
SCANA Energy Marketing, Inc.
803-217-1433 (Phone)
888-309-2859 (Mobile)
803-217-1455 (Fax)
jcfolk@scana.com (E-mail)

 - SEMI-Enron conf agreement.doc


ATTORNEY WORK PRODUCT: NOT DISCOVERABLE

 Pursuant to a letter faxed to TVA today, January 27th, we notified TVA that
EPMI was terminating the MOPA effective February 11, 2000 (earliest date
permitted under the MOPA).  At the same time, we filed an amended petition
with the court in Tennessee where EPMI's current claim against TVA (interface
issue) is pending seeking a declaratory judgment that EPMI had the right to
terminate the MOPA.  In order to include this additional claim in the already
filed petition, we will need the approval of the court.

   Copies of the letter will be distributed later .

 Elizabeth Sager
 36349


Jackson sells his soul to the devil!

-----Original Message-----
From: Sue Fletcher [mailto:sfletch@nwlink.com]
Sent: Thursday, November 01, 2001 8:36 AM
To: Belden, Tim; Motley, Matt
Subject: Devil Bunny

Thanks for the Dog Bat Matt.  He is still chewing on it today -- sign of a
great gift.


http://www.baltimoresun.com/content/cover/story?section=cover&pagename=story&s
toryid=1150540202173


Jay, what are we doing with questar positions?  Are you managing this index
point? I have an April position and Mark Whitt is working on a term deal.

Thanks,
Mike


- SP 15 pages.xls


I need to do a draft for a paper confirmation that is an Omnibus Swaption.
The only template that I have is the one I attached. Is it O.K. to use? Can I
use the current ISDA one and tweek it to be an Omnibus (ie: Determination
Periods, no reference to ISDA)?

Thanks,

Jarrod


Angela Solomon 212-682-9300  cell 917-604-8197
Eric Cope 650-725-0541
Jackie Salinos 713-627-5414


We are expecting  Willamette Industries back tomorrow.  Please be in touch
with them and Les, and maximize the profit for these guys (last month we made
$78,000).
Thanks,
Bill

Lester Rawson
04/20/2001 02:36 PM
To: Bill Williams III/PDX/ECT@ECT
cc:

Subject: Willamette

Real Time Traders,

Willamette Ind. expects to be back tomorrow 4/21. Doug Reiner will call in
the morning. Willamette expects to have 10 - 15 Mw available each hour.

Call me if there are any questions.

Les


Dale has a couple items to change on the MOU and then it is ready to go.  We
should be able to get it to NPC today.

Jim Gilbert
02/08/2001 07:30 AM
To: Don Hammond/PDX/ECT@ECT
cc: Mary Hain/HOU/ECT@ECT, Ed Clark, Dale Rasmussen/HOU/ECT@ECT, Jody
Blackburn/PDX/ECT@ECT
Subject: NPC Interconnection Agmt. and MOU

Don:

Where are you with providing comments back to NPC on the Interconnection
agreement, did this get issued?  Also, where do we stand on the MOU with NPC?

Its important relative to our schedule that these items keep moving.

Please advise,
Jim