Sycamore Feels Heat as Rivals Tap Customer
The Wall Street Journal, 04/19/01

Enron India To Meet Dabhol Pwr Proj Lenders Apr 23
Dow Jones International News, 04/19/01

INDIA: Enron's India unit says lenders meet on April 23.
Reuters English News Service, 04/19/01

Wessex Water parent plans major surgery
The Daily Telegraph, 04/19/01

Real-time pricing cuts both ways
UPSIDE Today, 04/19/01

COMMODITIES & AGRICULTURE: Aluminium smelting faces meltdown in north-west
US: Fears are growing that the BPA's strategy of conserving energy could
drive industry from the region, writes Gillian O'Connor: Financial Times; Apr
19, 2001

Nevada regulator seeks delay of $3.1 billion utility purchase
Associated Press Newswires, 04/18/01

USA: Bandwidth trade struggles to gain footing.
Reuters English News Service, 04/18/01

Technology Journal
Sycamore Feels Heat as Rivals Tap Customer
By David Armstrong
Staff Reporter of The Wall Street Journal

04/19/2001
The Wall Street Journal
B6
(Copyright (c) 2001, Dow Jones & Company, Inc.)

SINCE OPENING its doors in 1998, fiber-optic equipment maker Sycamore
Networks Inc. has depended on one customer, Williams Communications Group,
for nearly all of its sales.
In announcing a huge, two-thirds decline in expected revenue in its current
quarter earlier this month, Sycamore said one reason for the drop-off was a
decrease in business with Williams, an event that it added wasn't unexpected
because most of the work required under a contract between the two companies
is nearly complete.
That explanation, however, omitted the fact that some competitors are winning
new business with Williams as Sycamore struggles to bring new products to the
market.
In the rapidly evolving and brutally competitive optical-networking game,
delays of this kind can be punishing.
"There is a major advantage to being the first mover in this marketplace,"
said Salomon Smith Barney analyst B. Alex Henderson. Although Sycamore may
have new offerings of its own before long, "getting in the game late doesn't
solve their share-loss position."
Sycamore, Chelmsford, Mass., sells products that transmit data and voice
using light, rather than electricity, greatly increasing the capacity of
existing fiber networks. Earlier this month, the company said shipment of a
more powerful version of its SN16000 optical switch has been delayed because
the company can't get enough of an essential part from suppliers. Sycamore
wouldn't disclose the exact part in short supply, but said it affects the
"grooming fabric" that allows carriers to break up their networks into
smaller chunks.
The delay is critical because rival Ciena Corp., of Linthicum, Md., has been
in the market for nearly a year with a competing device that is winning new
customers, including Williams.
Robert Traill, vice president of contracts, logistics and engineering
economics for Williams, confirmed that the Tulsa, Okla., data carrier now is
making commercial purchases of Ciena's CoreDirector, but wouldn't quantify
the buying. Also, Corvis Corp., of Columbia, Md., already is selling
high-capacity, long-distance transport devices to Williams that compete with
a Sycamore product scheduled for release this quarter.
Mr. Traill said the contracts with Sycamore rivals aren't the result of any
dissatisfaction with Sycamore, but part of a multivendor approach to
outfitting the company's fiber-optic networks. He also said Williams
continues to have a strong relationship with Sycamore. While Sycamore won't
say how much business it currently does with Williams, that customer alone
accounted for more than 90% of Sycamore's sales in fiscal 2000.
But Sycamore's dramatic decline in business with its top customer at the same
time its rivals are capturing new contracts concerns analysts. "I think there
is dissatisfaction with their product," said Seth Spalding, of Epoch
Partners, in San Francisco. "Their problems are deeper than a weakened"
telecommunications spending environment.
After talking to Sycamore and Ciena customers late last year, Michael K. Ma,
the portfolio manager of the PBHG Global Technology & Communications mutual
fund, dumped his entire position in Sycamore and tripled his stake in Ciena
to about four million shares. Mr. Ma's fund held 2,868,000 shares of Sycamore
last Sept. 30, making it one of the largest institutional owners at the time.
"We did some industry checks and talked to customers and got the sense that
[Ciena] was winning the rat race," Mr. Ma said.
Sycamore executives declined to be interviewed for this story. A spokesman
said Sycamore would have more to say about its strategy and financial
situation on May 15 when it releases results for its fiscal third quarter
ending April 28. The spokesman, however, said any product delays aren't
fatal. "Sycamore's position is this game is just beginning, and to declare
victory this early on is premature," he said.
Scott Clavenna, president of PointEast Research, a telecommunications
research firm, said delays with devices like the SN16000 are costly, but
agreed that there is time for a rebound. The fiber-optic network market, he
adds, "is just getting started."
Sycamore is well-fortified to withstand a downturn. As of Jan. 27, the
company reported having $1.4 billion in cash, cash equivalents and marketable
securities -- a residual benefit from the highflying days following its
initial public offering and a follow-on secondary offering made before the
technology market collapsed.
The company is led by Chairman Gururaj "Desh" Deshpande and Chief Executive
Daniel Smith, a seasoned pair who previously ran Cascade Communications
Corp., a networking-gear company they sold for $3.7 billion in 1997.
Sycamore's 1999 IPO was one of the most successful of the decade. The shares
rose 386% on the first day of trading and eventually peaked at about $190. As
of 4 p.m. in Nasdaq Stock Market trading, Sycamore climbed 71 cents, or 7.9%,
to $9.74.
Sycamore bucked the trend set by many start-ups by becoming profitable before
expected, and it beat Wall Street estimates by reporting net income of $13.8
million, or five cents a diluted share, in its fiscal second quarter ended
Jan. 27. But instead of the expected $151 million in revenue, and a
five-cent-a-share profit in the current period, Sycamore said revenue would
be only $50 million to $60 million, with a loss of 16 cents a share,
excluding restructuring costs and stock compensation. The company, which also
cut its work force by 12% earlier this month, warned of further losses in the
next several quarters.
Sycamore doesn't yet have a well-diversified customer case. Last July, it
said it had a contract valued at as much as $400 million with 360networks
Inc. of Vancouver. A spokeswoman for 360networks, which recently announced it
was cutting its capital spending this year by $500 million to a range of $3.5
billion to $4 billion, declined to specify how much the company is spending
with Sycamore but noted the $400 million figure was a maximum.
Sycamore also announced an agreement last year with Enron Broadband Services,
the Internet division of Enron Corp., for as much as $200 million over three
years. An Enron spokeswoman, however, said spending on Sycamore products
hasn't approached the figure quoted in the news release. In its most recent
quarterly report, Sycamore disclosed that its two largest customers after
Williams weren't contractually committed to purchase a minimum quantity of
products.

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

Enron India To Meet Dabhol Pwr Proj Lenders Apr 23

04/19/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- U.S. energy major Enron Corp.'s (ENE) Indian unit
Dabhol Power Co. will meet with its lenders April 23 to update them on the
2,184-megawatt electric power project in the western Indian state of
Maharashtra, Dabhol's spokesman told Dow Jones Newswires Thursday.
"I can confirm that a meeting of Dabhol Power Co. lenders is taking place in
London April 23. The meeting has been called at the initiative of Dabhol
Power to update its lenders on the current situation of the project. DPC has
nearly 40 lenders that include Indian and international financial
institutions," Enron India Ltd.'s spokesman, Jimmy Mogul, said.
DPC has a controlling 65% stake in the controversial $2.4 billion project
which supplies power to the State Electricity Board. The project is India's
biggest foreign investment.
The tussle between Dabhol Power Co., India's Maharashtra state government,
the Maharashtra State Electricity Board and the government of India is still
ongoing.
As reported, DPC Wednesday served two notices of arbitration on the
Maharashtra state government.
In a statement, Enron India said the notices were served because the
Maharashtra government had failed "to honor its obligations under the
government of Maharashtra State Support Agreement and Supplemental State
Support Agreement," signed in 1994 and 1996, respectively.
DPC said in the agreements, the Maharashtra government had pledged to
"support and encourage the further development and completion of the Dabhol
project." It added that "without justification," the Maharashtra government
has gone back on these agreements, which has "adversely and materially
impacted DPC's ability to perform under its contractual agreements."
The statement added that as part of the arbitration process, an independent
three-person panel will be set up to determine whether the Maharashtra
government has "failed to comply with its obligations."
Under a 1996 counter guarantee agreement, the federal government is obliged
to pay Enron when MSEB defaults.
Enron invoked that guarantee in February, marking the first time in India's
history that a company has invoked a federal guarantee, when the state
utility said it couldn't afford to pay DPC. The state government finally paid
$17 million in outstanding bills.

DPC and the federal government recently started a conciliation process, to be
governed by the provisions of the U.N. Commission on International Trade Law,
with the aim of resolving DPC's latest dispute with MSEB.
DPC says MSEB owes it 1.02 billion rupees ($1=INR46.8250) for power supplied
in December 2000. For its part, the MSEB said it wanted the power bill to be
offset against a INR4 billion fine it levied on DPC for what it said was the
non-supply of power for intermittent periods between October 2000 and the end
of January.
Dabhol, India's largest private power plant currently under construction, was
scheduled for commissioning in two phases. The project's first phase, a
740-megawatt power plant, has already been commissioned and phase two is due
to be completed later this year.
Critics object to Dabhol charging INR7.1 a kilowatt-hour for its power,
compared with INR1.5/KWh charged by other suppliers.
The various partners in DPC include: Enron Corp. with a 65% stake,
Maharashtra State Electricity Board with 15%, General Electric Co. (GE) with
10%, and Bechtel (X.BTL) with 10%.
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9427;
himendra.kumar@dowjones.com

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

INDIA: Enron's India unit says lenders meet on April 23.

04/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, April 19 (Reuters) - U.S. energy giant Enron Corp's Indian unit has
called a meeting of its lenders on April 23 to discuss the ongoing payment
row with India's Maharashtra state government, a company spokesman said on
Thursday.
The meeting will be in London and will be attended by international as well
as local lenders of the Dabhol Power Company (DPC), he added.
The move comes amidst escalating tensions between Enron and Maharashtra over
the inability of the state's utility to pay its monthly bills.
The Maharashtra State Electricity Board (MSEB) has been defaulting on
payments since last October for electricity purchased from Dabhol's 740 MW
power plant on the state's west coast. The amount outstanding totals 2.26
billion rupees ($48.24 million).
In an effort to compel payment, Dabhol has twice invoked a federal government
guarantee to cover payment defaults by the state utility.
Last week, Dabhol also issued a notice of political force majeure to
Maharashtra. Force majeure is an event beyond the control of a contractual
party that could not have been prevented.
The dispute has already caused Enron to freeze most of its investment plans
in India and has also affected foreign investment in India's power sector.
"This meeting has been called to update the lenders about the situation," the
DPC spokesman said.
The Business Standard newspaper reported that Maharashtra no longer intends
to buy power produced by the second phase of the Dabhol project, which is
nearing completion. The $1.86 billion addition will nearly triple the plant's
output capacity to 2,184 MW.
"As far as Maharashtra is concerned, phase two is as good as scrapped," the
financial daily quoted the state chief minister Vilasrao Deshmukh as telling
reporters in Bombay on Wednesday.
The state government signed a contract in the mid-1990's to buy the plant's
entire power output. But a rise in the cost of naphtha, the fuel currently
used to power the plant, and a decline in the value of the Indian rupee
against the dollar, has inflated the cost of the power produced by the Dabhol
plant beyond the price expected at the time the contract.
That has made the power produced by the Enron plant twice the cost of power
produced by other suppliers in the state, fuelling popular and political
pressure to scrap the contract. ($1=46.84 Indian rupees).

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

Wessex Water parent plans major surgery
Sophie Barker

04/19/2001
The Daily Telegraph
Copyright (C) 2001 The Daily Telegraph; Source: World Reporter (TM)

WESSEX Water parent company Azurix has decided to break itself up, six months
after the troubled American water group was taken private.
The company, which is wholly owned by energy group Enron, has appointed
investment bank JP Morgan to handle the break-up. Azurix is keen to sell its
North and South American water interests and its German engineering business,
Lurgi, first.
Wessex Water, widely considered as the jewel in Azurix's crown, would be put
on the block at a later stage, probably in a year's time.
Azurix hopes to attract foreign bidders for Wessex, which could act as a
launch pad for limited consolidation in the west and south west of England,
where three small water-only companies operate.
However, several leading foreign utility groups such as Germany's RWE and
French group Suez Lyonnaise des Eaux already own large water companies and
are barred from making any further major acquisitions under competition
rules.
Enron took Azurix private at $7 ( pounds 4.92) a share last October - just
over one third of the water company's $19 float price in 1998.
Apart from the Bath-based Wessex Water, Azurix owns small water businesses in
the United States and concessions in Latin America, including a $489m
franchise to supply water services to Buenos Aires. It was widely considered
to have overpaid for the Buenos Aires contract in 1999, which has since been
hit by trouble, including a pollution incident.
Azurix declined to comment.

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

Real-time pricing cuts both ways
Ryan Tate

04/19/2001
UPSIDE Today
Copyright (c) 2001 Upside Media Inc. All Rights Reserved.

Want to receive Executive Briefing in your email inbox? Subscribe to our free
daily newsletter.
Get-rich rip: Walk the tightrope of real-time pricing -- if you dare.
It's working for eBay (EBAY). The Internet auctioneer is making a bundle
bringing together buyers and sellers in a vast -- and vastly profitable --
secondhand market. Now it's driving growth in another niche: simple
discounting.
Anonymously sourced news reports Wednesday had the company expanding its
Half.com division to consumer electronics and sporting goods from books,
music, movies and video games. Half.com sells goods for at least half their
original retail price and, unlike Priceline (PCLN), does not let buyers bid
on goods. Still, it allows a kind of macro-haggling, allowing manufacturers
to respond when customers at large ignore their products.
Having a harder time playing low-margin broker is Enron (ENE), a leading
builder of bandwidth-trading systems. Bandwidth markets are a boon to buyers
right now, when a capacity glut has pushed down prices, and the trading
networks have accelerated that process.
But sellers and brokers like Enron are hard-hit and Enron fired 20 percent of
its broadband staff earlier this month. Not only is demand and trading volume
down, but overhead is growing, too, as telecom companies slide and credit
quality becomes an issue.
MORNING NEWS, OVER EASY
Did Salomon Smith Barney give bad advice?
The New York Times reported that advisers from Salomon Smith Barney gave bad
advice to Microsoft (MSFT) employees about what to do with their stock
options, resulting in lost money and hefty tax bills. Among the more
egregious allegations is that the brokerage, which is Microsoft's "preferred
broker," advised workers to pay tax bills by turning their options into stock
and then borrowing against the shares -- a high-risk practice generally
employed by speculators and one that generates large interest payments for
brokerages.
Covisint names Street vet CEO
Online auto-parts exchange Covisint named Wall Street veteran Kevin English
as its CEO. English had worked as managing director at Credit Suisse First
Boston and CEO at TheStreet.com (TSCM). The site was founded by GM (GM), Ford
(F) and DaimlerChrysler (DCX), who until now had each contributed a co-CEO to
the venture. Some in the auto industry were shocked that Covisint did not
choose someone with more manufacturing experience.
VeriSign to accept non-English symbols in domain names
Master Internet registrar VeriSign (VRSN) said it would begin registering
domain names with symbols used in languages in the Middle East, Southeast
Asia and the Indian subcontinent. The .com, .net and .org top-level domains
will be able to carry domains with hundreds of symbols from nearly two-dozen
language scripts.
EXTRA SHOTS
Pink slips
Hewlett-Packard (HWP) tripled its job cut plan to include 4,700 employees, or
5 percent of its workforce, as international sales weakened and as the
company worked to slim management.
SportsLine (SPLN), the Web sports network, said it would fire 90 employees,
or about 19 percent of its workforce, as it reported a widening first-quarter
loss.
Tellabs (TLAB), which makes switching equipment for phone networks, said it
planned to cut 500 workers and leave vacant 1,100 open positions as spending
on network equipment dwindles.
Daily deals
LoudEnergy , an online music company, will give an undisclosed sum for
Riffage , a diversified digital music play.
The European Union agreed to drop charges against Microsoft (MSFT) after the
software company agreed to alter technology pacts with two European cable TV
companies to give the companies more freedom to choose settop box technology.
Gateswatch
Bill Gates made about $2.8 billion in the big rally as Microsoft shares rose
6 percent. The Upside.com 150, an unweighted, all-tech index, was up 8.5
percent. The chief software architect was worth $47.2 billion at the end of
trading, based on his company stock holdings.

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

		COMMODITIES & AGRICULTURE: Aluminium smelting faces meltdown in north-west
US: Fears are growing that the BPA's strategy of conserving energy could
drive industry from the region, writes Gillian O'Connor: Financial Times; Apr
19, 2001
By GILLIAN O'CONNOR

		The Bonneville Power Administration, the US federal agency responsible for
providing low-cost power to customers in the north-western US, appears to be
in danger of killing the US aluminium smelting industry it helped to create
more than 60 years ago.
		Last week, Steve Wright, the BPA's acting administrator, presented the
region's smelters - which account for one-quarter of total North American
smelting capacity - with an unpalatable choice.
		Either they agreed not to take power from the BPA for two years from October,
when their new contracts start, or they faced trebled or quadrupled power
prices under the new contracts.
		Since the smelters would not be able to operate economically at such prices,
either suggestion in effect means that the smelters will be out of business
for two and a half years.
		Mr Wright said the BPA did not intend to drive the smelters from their
traditional base in the region - but analysts fear that this may be the
result.
		The continuing power crisis on the US west coast has meant that over the past
year, roughly 90 per cent of the 1.6m tonnes a year smelting capacity in the
north-west has been closed down, on a "temporary" basis.
		The rising cost of power on the free market - which has surged from Dollars
25 a megawatt hour to Dollars 300 - forced them to close some potlines.
Moreover, the fact that the aluminium groups could make more money by
reselling their low-cost BPA power than by using it to produce metal tempted
them to close most of the remainder.
		As the power crisis has tightened, the terms proposed by the BPA for the
smelters' new five-year contracts have got steadily worse.
		Last autumn, the BPA said it would cut the quantity of power available to
1,500MW - about half the smelters' total requirements - and increase the
price by around a third.
		Then in January it said the price increase would be around 60 per cent
overall, and possibly as much as 95 per cent in the first year of the new
contracts.
		Now the agency is talking of price increases of about 200-300 per cent, which
suggests rates of between Dollars 70 and Dollars 90/MWh.
		CRU, the independent analysts, has calculated that most smelters could not
operate economically at above Dollars 40/MWh.
		The North-west's power problems were triggered by last year's crisis in
California, as shortages and ensuing high wholesale prices in the south
sucked in power from other states.
		But they have been exacerbated by the unusually low levels of winter rain and
snow in the region, which has left reservoir levels unusually low.
		The BPA generates around 3,000MW less power than the 11,000MW its customers
want to buy. It can either plug the gap by buying in free-market power - thus
raising the cost of its own - or persuade its customers to cut their demands.
		Its strategy is to put the utilities, which supply individuals and small
businesses, first.
		The agency last week asked the utilities to cut usage by 5-10 per cent. The
aluminium companies are being asked to go off-line for two years, saving the
whole of the 1,500MW provisionally allotted to them. In effect, they are
being told that power prices will be available, as long as they don't try to
buy any.
		The situation after October will be substantially worse for the smelters than
it has been so far, because they will not be able to profit by re-selling BPA
power. From October the BPA's proposed compensation amounts to little more
than giving the aluminium companies enough money to pay their laid off
workers.
		In the long term, the BPA's strategy is to wean the smelters off BPA power
altogether and encourage them to build alternative power sources.
		Golden Northwest, which has two smelters in the area, recently agreed a
Dollars 1.6m deal with the BPA under which the agency would build and operate
a new gas-fired turbine plant.
		McCook Metals has acquired a smelter from Alcoa and shut it down while it
makes it more energy-efficient and develops a new turbine energy plant with
Enron.
		Assuming that enough additional energy capacity is built, West Coast power
prices could ease in a couple of years. But analysts say that does not
necessarily mean that aluminium companies will reopen all their idle
capacity.
		In the short term, the reduction in US aluminium output - it is now about 30
per cent lower than at the start of 2000 - will merely balance the expected
cuts in demand, and prevent the market swinging into surplus.
		But "in 2002 and 2003 the market could be extremely tight", says Jim Lennon
of Macquarie Equities.
		Copyright: The Financial Times Limited

Nevada regulator seeks delay of $3.1 billion utility purchase

04/18/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

Copyright 2001. The Associated Press. All Rights Reserved.

LAS VEGAS (AP) - Nevada's top utilities regulator is asking the Securities
and Exchange Commission to delay the proposed $3.1 billion sale of an Oregon
utility to Nevada's Sierra Pacific Resources.
Don Soderberg, chairman of the state Public Utilities Commission, said
Tuesday he asked the federal agency to postpone action because of pending
Nevada state legislation that would affect the deal.
Sierra Pacific agreed in late 1999 to purchase Portland, Ore.-based General
Electric from Enron Corp., but has struggled to satisfy financial
requirements that the SEC might impose. Sierra Pacific has until May 5 to
complete the deal.
Meanwhile, the Nevada state Assembly passed and the Senate amended
legislation that would require PUC approval of all acquisitions after Jan. 1.
The Legislature also is moving to halt the sale of all Nevada power
generating plants and to scrap energy deregulation.
Sierra Pacific Resources is the parent company of Sierra Pacific Power Co. in
Reno and Nevada Power Co. in Las Vegas. Sierra Pacific had planned to use its
sale of its generating stations to help finance the acquisition of General
Electric in Oregon.
Faye Andersen, company spokeswoman, said the utility opposes legislation that
would require PUC approval of acquisitions.

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

USA: Bandwidth trade struggles to gain footing.
By David Howard Sinkman

04/18/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, April 18 (Reuters) - Hailed as a new frontier for financial
markets, bandwidth trading is struggling to get a footing as capacity piles
up, prices fall and expectations float back to earth.
A supply glut, especially on long distance routes between large cities, is
dragging down prices and investment on new capacity has slowed considerably
as demand flags. But trading will pick up in two to three years as the market
matures, say analysts.
"There is nothing going on out there. The business is viable, but we are
ahead of the curve," said Merrill Lynch analyst Donato Eassey.
Bandwidth is the transmission capacity of an electronic line used to send
data from one point to another, as on the Internet. The trading of bandwidth
helps facilitates deals and hedges against risk.
While the bandwidth market was all the rage the previous three years, this
year has seen a fallout in the industry.
Enron Corp., billed as the biggest bandwidth trader, said April 6 it would
cut 20 percent of the jobs at its broadband unit because of slow demand for
streaming media products to personal computers.
"There will be some shake-out in demand, growth and pricing, but long-term
demand and growth will be there," said Seth Libby, analyst at consulting firm
The Yankee Group.
MARKET FAILURES
Market inefficiencies, such as unresolved issues like credit and market
enforcement, have retarded trading.
What is needed, according to San Francisco-based online exchange RateXchange
Corp. , is a standardized contract that would provide the framework for
commodity-like trading.
Without such agreement, buyers and sellers of bandwidth need to agree on new
terms for each transaction, said Michael Rose, RateXchange's director of
business development.
"We do not yet have a fully functioning market," said Rose.
However, analysts liken today's trading market to the power market, which
took more 10 years to get off the ground.
"Today's market problems are just growing pains," said Rod Kuckro, managing
editor of the Bandwidth Market Report, which is published by McGraw Hill Co.
Kuckro sees growth picking up over the next three years.
FALLOUT
Market inefficiencies are not the only problem bandwidth trading faces. A
supply glut has dragged down prices.
Exact numbers are hard to come by in the bandwidth trading market. But
industry experts say only about 10 percent, or even less, of existing fiber
optic capacity for bandwidth is lit, or in use in the United States.
"Obviously there is some capacity problems out there. And there will be
funding problems going forward," said Credit Lyonnais Securities analyst
Gordon Howald.
It is now cheaper to buy or lease lines than to take the risk of digging in
the ground and laying new lines.
As a result companies are not investing as much in construction. For example,
Enron slashed its capital spending on its fiber optic network to about $250
million this year from an earlier estimated budget of $750 million.
Demand for capacity has also fallen short of expectations.
"The traditional bandwidth business plan read 'just build it and they will
come,' but this did not pan out," said Libby.
Consequently, today's market has more sellers than buyers. And as new players
enter the market, like Global Crossing Ltd. and energy companies Dominion
Resources and Dynegy Inc. , competition has heated up.
But this might just be what the doctor ordered.
As prices keep falling, carriers, who were reluctant to embrace bandwidth
trading, are taking a long-look because of the increased efficiencies offered
by trading.
"Somewhat perversely, this fallout might hasten trading as companies are
forced to compete more fiercely with new players," said Kuckro.
LAST MILE HURDLE
Think of driving from New York to Washington. The highway is mostly free of
congestion, but traffic jams abound in the cities.
The same holds true for bandwidth connections. Bottlenecks in the last mile
have kept prices high, despite a glut in long-haul capacity and unused
dark-fibers
Bandwidth trading, which does not always provide a loop-to-loop service,
suffers as a result.
"Nobody want to buy long-haul capacity and then haggle and worry about the
local loop," warns Seth Libby, who said he is unaware of any bandwidth trades
that included the final link.
However, analyst see the last mile problem as just another hurdle bandwidth
trading will get around to deal with.
"Somebody is going to step up to plate," said Libby.
While analysts expect the majority of bandwidth deals to remain
carrier-to-carrier, the trading market is expected to blossom as the kinks in
the system get ironed out.
"Everyone is dressed for a party, but there is no party to go to yet," said
Donato Eassey. "But once we get the paths and the customers down the party
starts."

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


I have prettied the rehearing of the rehearing up a little bit (California gas reporting requirements) and would like to file them tomorrow, if you could all get back to me or Becky. thanks.  Becky, can you put in the citation to the OMB notice? thanks.


Tory,

Many thanks,
Kelly WIlliams

(See attached file: enron resume.doc)

Thank you for all your hard work.  I hope that this e-mail will arrive to
you beter than the last.

Courtney Campbell
05/11/2001 06:39 PM

To:   kenneth.lay@enron.com
cc:

Subject:  David Campbell's Resume

Mr. Lay,

I want to thank you for taking time out of your busy schedule to help me
with my job venture.  I really admire Enron as a company would like to
learn and become a part of your team.

I look forward to assisting you and Enron where ever you need help.

(See attached file: enron resume.doc)

Thank you for all your help,
David Campbell

 - enron resume.doc
 - enron resume.doc


A quick  update on the status of Sandeep Kohli.

He is working currently in my group. He is available on a very short notice to help you with
any quantitative modeling  that can be required in making decisions regarding
our DPC strategy. In case you need his help, he can also rely on the support
of other members of my group with skills in different areas.

Vince Kaminski


John:  Please keep this confidential, but as you can see, this is not at all
what I'm looking for.  I need what we discussed yesterday.

Thanks,
Jeff

	Lynnette Barnes
	03/23/2001 12:19 PM

		 To: John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeff
Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Ca demand vs Texas

Ventura County Star February 27, 2001 Tuesday

Copyright 2001 Ventura County Star ?
Ventura County Star

February 27, 2001 Tuesday

SECTION: News; Pg. A01

LENGTH: 579 words

HEADLINE: State not a major power glutton
CHARGES FALL FLAT: Statistics show California to be cautious user of energy
supplies

BYLINE: Andrew Bridges; The Associated Press

BODY:
LOS ANGELES -- California's continuing power crisis has led neighboring
states to accuse the Golden State of hogging electricity, saying its appetite
for energy threatens to plunge the entire West into darkness.

But the numbers paint a different picture, one of a California that does use
a vast amount of electricity but consumes less on a per-capita basis than all
other states except Rhode Island.

Mild weather and having proportionately fewer energy-gobbling industries than
some other states are part of the reason. However, experts say credit also
must go to stringent conservation guidelines.

"It's true we're big, and it's true we didn't build a lot of power plants
because of restructuring. But we're not energy hogs at all," said Arthur
Rosenfeld, who sits on the five-member California Energy Commission. "We're
almost as good as Western Europe, and Western Europe is about twice as energy
efficient as the United States."

Among the 50 states, only Texas consumes more energy -- its total use of
electricity, natural gas and oil -- than California.

However, California ranks 47th in per-capita energy use -- well below No. 4
Texas, No. 20 Washington and No. 27 Oregon, according to statistics from the
Energy Information Administration, part of the U.S. Department of Energy.

When looking specifically at per-capita electricity consumption, California
ranks 49th. The state's residents use 60 percent as much electricity as the
average American.

For air conditioning alone, a typical California household uses one-third the
amount of electricity as a household in Texas or Florida, according to the
U.S. Department of Energy's 1997 Residential Energy Consumption Survey.

Experts say both weather and conservation measures play large roles in that
figure.

"It's a different climate, so even if you do have warm summers, they're not
humid (in California), so you don't have the big, huge air conditioning load
you see in Florida or Texas," said Robert Latta, the survey's manager at the
Energy Information Administration.

California also uses electricity, as well as natural gas, oil and coal, more
wisely than most states thanks to aggressive conservation efforts started
during the oil shocks of the early 1970s, federal and state data show.

Key to those efforts are stringent standards for new homes and commercial
buildings that dictate such guidelines as the types of windows and lighting
that can be used to the amount of insulation. Roughly 60 percent of the
electricity used in California goes to heat, cool and light those structures.

"If (California) is not the leading state, they are at least tied for it" in
efficiency standards, said Ed Wisniewski, deputy director of the Boston-based
Consortium for Energy Efficiency. "Historically, they have been very
progressive, and many of the programs we advocate nationally were started in
California."

The California Energy Commission, which shapes state energy policy and
planning, estimates California's average demand for electricity at any given
time at about 50,000 megawatts. That figure would be much greater if not for
conservation efforts, Rosenfeld said. "If we used as much electricity as
Texas, we'd be a 100,000-megawatt state," he said.

Texas has more heavy industry, less stringent conservation mandates and a
harsher climate. On the residential side, Texans use 50 percent more energy
per household than Californians, much of that for heating and cooling.

LOAD-DATE: February 27, 2001


[IMAGE]

[IMAGE]
[IMAGE] [IMAGE]
[IMAGE]

    [IMAGE] [IMAGE]  [IMAGE]  [IMAGE]  [IMAGE]     [IMAGE]     Search  Amazon.com for:

 We  hope you enjoyed receiving this message. However, if you'd rather  not receive future e-mails of this sort from Amazon.com, please  visit the Help page  Updating  Subscriptions and Communication Preferences  and click the Customer  Communication Preferences link.   Please  note that this e-mail was sent to the following address:  jane.m.tholt@enron.com

[IMAGE]


Portland General Electric (PGE) has a request for proposals (RFP) that EPMI
wants to submit an offer on.  PGE is essentially seeking a fixed price for
50-200 MW 'round the clock for five years starting in '02 at Portland's
system, the Mid-C, or COB South to North.  Offers are due by March 28 and PGE
has until April 5, 2001 to accept .

I have told Mike that any deal with PGE has to be approved by FERC under the
terms of EPMI's market based rate tariff.  I have also told him that EPMI
could either make the offer subject to FERC approval or take the regulatory
risk that FERC would in some way change the benefits of any contract in PGE's
favor.  I would recommend the former.  Ron - would you tell me how much you
would charge to draft a FERC filing, for my review,  in the event PGE accepts
our offer?  Jim - I intend to submit an RCR for this FERC filing.  Is that
okay?


Hi Katie,   Looks like you got the address right.  I too enjoyed talking with
you last night.  I know you were disappointed to be distracted from your
research project for a while.

Its been a busy week so far.  The end of the yearly quarter always is.  Last
minute deals have to be closed to book the income.  At this time of year the
commercial dealmakers get that wild eyed looked which says "I have got to get
this project done or I am out of here".  March 31 can't arrive soon enough.

Got any big plans for the weekend?  Hanging out at the Dixie Chicken or is
that only where rookies hang out?

Take care and I'll talk to you later.

Gerald

Katie McMahon <katie99@tamu.edu> on 03/22/2000 12:32:59 PM
To: Gerald Nemec <gerald.nemec@enron.com>
cc:
Subject: Hi!

Hey Gerald,
 Just checking to see if I got your address right.  I enjoyed talking
with you last night.  Have a great week! :)

Katie


I think I have put this in the hands of someone who can get things
done....Tanya Rohauer.

Bill

From: Sara Shackleton on 10/25/2000 04:53 PM
To: William S Bradford/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
cc: Clint Freeland/Corp/Enron@Enron
Subject: Enron Corp.'s "preferred" masters

Further to my earlier message, Deutsche Bank is third on the list.  Thanks.
Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 10/25/2000 04:51 PM -----

	Sara Shackleton
	10/25/2000 02:15 PM

		 To: William S Bradford/HOU/ECT, Tanya Rohauer/HOU/ECT
		 cc: Clint Freeland/Corp/Enron@Enron
		 Subject: Enron Corp.'s "preferred" masters

Bill and Tanya:

Clint would like to finalize Lehman and CSFB, in that order.  We are in the
midst of transferrring a swap from Merrill to Lehman.  Thanks for your help.
Sara


Path 15 S-N flows are near the limit.  BEEP has been put into split region
mode as of 0400 hours.  BEEP will dispatch in two zones and will produce two
Ex-Post prices.  Sent by Market Operations, inquiries please call the Real
Time Desk.

The system conditions described in this communication are dynamic and
subject to change.  While the ISO has attempted to reflect the most current,
accurate information available in preparing this notice, system conditions
may change suddenly with little or no notice.


I'm sorry I have not responded sooner.  Any new developement on this?  To my
knowledge, ENA has not done any imbalance trades.  Do you have a contact at
Statoil?  I can call and try to get more info.  It could be some CES thing we
were not aware of.

Laurie Ellis@ENRON
11/01/2000 02:55 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Imbalance trades on CNG

Chris, do you have any information on an imbalance trade with Statoil on CNG
Niagara Mohawk for January and April 2000?  Statoil has been very patient
awaiting payment on this, but I cannot seem to find anything.  Gloria
Barkowsky suggested that I talk to you.  Thanks for your help.

Laurie Ellis


Start Date: 1/25/02; HourAhead hour: 7;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012507.txt


Joe:
How should we respond to Koch's letters concerning our confirmation language
regarding Transco Zone 6?  Have our traders talked to theirs?
Carol


Mary says the traders in Portland want to get involved and want to resurrect
discussions about a reverse auction mechanism for forward contracts to smooth
out the price spikes.  I think we ought to press on this issue and  see if
Kari can help us elevate the profile of this solution and start getting
specific.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	11/30/2000 11:19 AM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Sandra McCubbin/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, James D Steffes/NA/Enron@Enron, Karen
Denne/Corp/Enron@ENRON
		 cc:
		 Subject: Re: Options the Governor's Considering

FYI:  Set up a meeting with Kari Dohn for next Wednesday.

	Steven J Kean
	11/27/2000 09:22 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@Enron, Karen Denne/Corp/Enron@Enron, Mary
Hain/HOU/ECT@ECT, Mona L Petrochko/NA/Enron@Enron, mpalmer@enron.com, Paul
Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Sarah Novosel/Corp/Enron@Enron, skean@enron.com,
Susan J Mara/NA/Enron@Enron, Tim Belden/HOU/ECT@ECT, David Parquet/SF/ECT@ECT
		 Subject: Re: Options the Governor's Considering

Jeff Dasovich and I, along with several IEP members, met with Gov Davis'
staff today, including his Chief of Staff, his Staff Director and two policy
advisors on energy issues.  They made the following points:

The Governor is personally spending a great deal of time on electricity
issues (and is forcing them to spend their time on it as well).
The Governor recognizes that part of the problem is a supply shortage, but
they put special emphasis on the view that in addition to supply shortfalls,
a big part of the problem is a "dysfunctional market" -- a thinly veiled
reference to price manipulation by people sitting in the room.
The Governor's view is that all participants (regulators, utilities,
customers and generators) must "behave responsibly".
Everyone must "share the pain".
The legislative battles are likely to start as soon as the legislature
returns next week, and the Governor will be putting forth several legislative
proposals in the next couple of weeks.
While staff went out of its way to say that the list of proposals (in the
attached e-mail) were unofficial and for discussion purposes only, it was
fairly clear that they defined much of what the governor plans to propose.

The meeting was not very encouraging nor did it provide much in the way of
new information.  The IEP group was on message, making the usual arguments
about the need for forward contracting, expedited generation and transmission
siting, a real retail market to promote demand side responses, etc.  The
staff is clearly focussed on forward contracting as part of the solution but
remains committed to the idea that generators have to cough up some money and
remain subject to rate caps, possible restrictions on sales outside the state
(at least at peak times), etc.  One approach they appear to be toying with is
a "share the pain" proposal which would have utilities absorbing some of the
deferred costs and consumers absorbing some of the deferred costs in the form
of higher rates.  That leaves generators ... who they might want to either
agree to some refunds or provide power at lower going-forward prices.

The staff says that they remain open to proposed solutions, but the Davis
administration appears unwilling to spend any political capital to fix the
problem.

I think we are in for a lengthy legislative and PUC fight.  We should, as
always, provide consistent and reasonable solutions.  I think we should
prepare a document for distribution to staff, legislators (and anyone else)
that takes the factual background and proposed solutions we have put forward
(eg in Belden's presentation and the Seabron Adamson whitepaper) and wraps
them in a more political context.  In other words, we have already
articulated the right answers; we now need to put a political rationale
around our proposals -- a set of arguments which responds directly to the
political opposition those answers are likely to encounter.  Jeff will follow
up with one of the staff members in particular (Kari Dohn) and I would
suggest that Jeff and Sandi work together on putting the necessary political
rhetoric around the solutions we have proposed.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	11/22/2000 04:00 PM

		 To: skean@enron.com, Richard Shapiro/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Sandra McCubbin/NA/Enron@Enron, Mona L
Petrochko/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Sarah
Novosel/Corp/Enron@ENRON, mpalmer@enron.com, Karen Denne/Corp/Enron@ENRON,
Alan Comnes/PDX/ECT@ECT
		 cc:
		 Subject: Options the Governor's Considering

Steve:  FYI.  Don't worry about the conference call, but thought it might be
useful to review the proposals prior to Monday's meeting.

See you Monday.

Happy Thanksgiving to all.

Best,
Jeff

******************************************************************************
**************************************

Several IEP companies have been invited to a meeting with the Governor,s
staff next Monday, November 27th.
The following are some options, which the Governor,s office is considering.
IEP is doing some preliminary research on some of these topics.  IEP would
like to arrange a teleconference call around noon on Monday, November 27th to
discuss the Governor,s meeting.  Please advise us as to whether your have
been invited, and who you are sending.
California,s electricity supply situation has two inter-related problems )
(1) high wholesale electricity costs, and (2) marginally adequate supply of
generation ) both have combined to create a dysfunctional wholesale
electricity market.  The goals should be:
 To assure reliable electricity to California consumers for the lowest
reasonable cost.
o Consider requiring that all in-state generation be sold in state.
o Consider re-asserting state authority over the operation, maintenance and
safety practices of all in-state generating facilities, for public health and
safety purposes.
o Consider developing a state power authority to build generation and
own/operate transmission.
o Consider requiring utilities both to retain existing and to build new
generation.
o Consider providing utilities with authority to stabilize retail prices to
be paid by consumers through development of an energy portfolio that reduces
exposure to spot markets, including contracting forward for much more of
their unmet power needs.
o Consider extending consumer rate freeze.
o Consider centralizing power plant dispatch like the other ISOs in the rest
of the country.
o Consider eliminating the ISO and assigning its functions to either a state
or private entity that can acquire the transmission facilities, and control
the electricity transmission grid (MUNIs have proposed this).
o Consider sponsoring/supporting legislation to change the ISO and PX boards
to increase accountability.
o Expand energy conservation programs focused both on immediate peak demand
reduction and on longer term, broader-based programs.
o Aggressively work to site new generation and transmission facilities, to
streamline permitting, and to develop renewable resources.
o Call for/sponsor federal FERC reform legislation that would:
o Impose a regional price cap that varies by time of day and year;
o Set requirements for FERC to use its retroactive refund authority;
o Improve FERC enforcement over price gouging practices;
o Affirm the role of states to protect their customers from unjust prices.
o Pressure the FERC to do its job to (1) bring about responsible seller
behavior in wholesale electric markets through price controls and other
market interventions as necessary, and (2) provide refunds to affected
consumers.
----- Forwarded by Jeff Dasovich/NA/Enron on 11/22/2000 03:44 PM -----

	Susan J Mara
	11/22/2000 03:05 PM

		 To: "CHUDSON" <carol@iepa.com>
		 cc: "Andy Brown \(E-mail\)" <abb@eslawfirm.com>, chudson@iepa.com, "Curtis
Kebler \(E-mail\)" <curtis_l_kebler@reliantenergy.com>, "Delaney Hunter
\(E-mail\)" <dhunter@smithandkempton.com>, "Greg Blue \(E-mail\)"
<gtbl@dynegy.com>, "Jack Pigott \(E-mail\)" <jackp@calpine.com>, "Jeff
Dasovich \(E-mail\)" <jdasovic@enron.com>, "Joe Ronan \(E-mail\)"
<joer@calpine.com>, "John Stout \(E-mail\)" <John_H_Stout@reliantenergy.com>,
jparker@HMOT.com, "Katie Kaplan \(E-mail\)" <kaplan@iepa.com>,
kelly@hnks.com, "Kelly Norton \(E-mail\)" <knorton@mcnallytemple.com>, "Lynn
Lednicky \(E-mail\)" <lale@dynegy.com>, marie_moretti@msn.com,
mrmonagan@aol.com, "Bob Weisenmiller \(E-mail\)" <rbw@mrwassoc.com>, "Bob
Escalante \(E-mail\)" <rescalante@riobravo-gm.com>, "Rob Lamkin \(E-mail\)"
<rllamkin@seiworldwide.com>, "Jan Smutny-Jones \(E-mail\)" <smutny@iepa.com>,
"Steven Kelly \(E-mail\)" <steven@iepa.com>, "Susan J Mara \(E-mail\)"
<Susan_J_Mara@enron.com>, "McNally Temple Assn. Inc. \(Business
Fax\)"@mail.cwo.com
		 Subject: Re:

Jeff Dasovich and Steve Kean are attending.  Someone can be on a call -- me
if no one else -- if Jeff and Steve are travelling at the time. Hey, does the
Governor have to fly coach?

	"CHUDSON" <carol@iepa.com>
	11/22/2000 12:47 PM

		 To: "Katie Kaplan \(E-mail\)" <kaplan@iepa.com>, "Jeff Dasovich \(E-mail\)"
<jdasovic@enron.com>, "Kelly Norton \(E-mail\)" <knorton@mcnallytemple.com>,
"John Stout \(E-mail\)" <John_H_Stout@reliantenergy.com>, "Curtis Kebler
\(E-mail\)" <curtis_l_kebler@reliantenergy.com>, "Rob Lamkin \(E-mail\)"
<rllamkin@seiworldwide.com>, "Bob Weisenmiller \(E-mail\)"
<rbw@mrwassoc.com>, "Susan J Mara \(E-mail\)" <Susan_J_Mara@enron.com>, "Andy
Brown \(E-mail\)" <abb@eslawfirm.com>, "Bob Escalante \(E-mail\)"
<rescalante@riobravo-gm.com>, "Greg Blue \(E-mail\)" <gtbl@dynegy.com>, "Jack
Pigott \(E-mail\)" <jackp@calpine.com>, "Jan Smutny-Jones \(E-mail\)"
<smutny@iepa.com>, "Joe Ronan \(E-mail\)" <joer@calpine.com>, "Lynn Lednicky
\(E-mail\)" <lale@dynegy.com>, "McNally Temple Assn. Inc. \(Business
Fax\)"@mail.cwo.com, "Steven Kelly \(E-mail\)" <steven@iepa.com>, "Susan J
Mara \(E-mail\)" <Susan_J_Mara@enron.com>, <mrmonagan@aol.com>,
<marie_moretti@msn.com>, "Delaney Hunter \(E-mail\)"
<dhunter@smithandkempton.com>, <kelly@hnks.com>, <jparker@HMOT.com>,
<chudson@iepa.com>
		 cc:
		 Subject:

Jan Smutny-Jones, Exec Dir
Independent Energy Producers Assn.
1112 I Street, Suite 380
Sacramento, CA 95814
PH: 916-448-9499
FX: 916-448-0182
iepa@iepa.com

 - Govs meeting Conf Call.doc


----- Forwarded by Steven J Kean/NA/Enron on 03/18/2001 08:03 PM -----

	Binky Davidson@EES
	03/15/2001 05:35 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: NewPower Withdrawal Notes

Mark Muller sends the attached for your information and comments.


In planning one of the many fun activities for our upcoming holiday party, we
thought a tarot card reader would be something that would be entertaining.
However, it has recently been brought to our attention that having a tarot
reader would be offensive to some.  For those people, we would like to say
that in the
planning of the holiday party there was never any intention of having a
distasteful activity, but rather we were trying to be diverse in appealing to
all the different
personalities of Net Works.

After a discussion and careful consideration, we have decided to cancel the
tarot card reader.  We truly wish for everyone who attends to enjoy Net
Work's first holiday party.

See you at the party!


I can't believe a girl wouldn't call you back after a date...

	Russell Diamond
	08/28/2000 03:30 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: HQ Energy Services

Oh yeah, I always forget about the whole 'political' aspect, but it is an
important one............, and as far as a girl always hedging her
bets...........interesting I'll have to keep that one in mind next time I
don't get a call back from a date.

From: Tana Jones on 08/28/2000 03:21 PM
To: Russell Diamond/HOU/ECT@ECT
cc:
Subject: Re: HQ Energy Services

Don't you remember at Sara's party, we were talking to Bill, and telling him
how you were our favorite Credit person, and he said, "but I thought I was
your favorite Credit person...", and since he is your boss, it seems quite
political (for both you and me!) that he is always #1, anyway...a girl's
always got to hedge her bets...!!

	Russell Diamond
	08/28/2000 03:12 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: HQ Energy Services

(after Bill) ???????

From: Tana Jones on 08/28/2000 03:07 PM
To: Russell Diamond/HOU/ECT@ECT
cc:
Subject: Re: HQ Energy Services

There's a reason why you earned the title of "Favorite Credit Person (after
Bill)"...!

	Russell Diamond
	08/28/2000 02:46 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: HQ Energy Services

Tana,

Please see attached Credit W/S for HQ.

Thanks
Russell


There were some schedule changes to april and may due to some training
classes on the last weeekend in April.  If anyone has conflicts let me know
or trade where possible.

ryan


FYI
---------------------- Forwarded by Jeff Duff/EWC/Enron on 06/27/2002 10:51
AM ---------------------------

dfmatson@attbi.com on 06/27/2002 10:51:28 AM
To: kurt.anderson@ps.ge.com
cc: wcmarshall@aep.com, jeffrey.duff@ps.ge.com

Subject: Re:

Kurt and Jeff:
I have used the data lists, as given, and things went fairly smoothly,
with one exception.
I found several occurances of more than 107 turbines curtailed!  Check
the attached worksheet for one example.  I was able to sort out
duplicates and you can see what I came up with.  Since I have to use a
wind speed calculation when more than 21 turbines are curtailed, I don't
want to just assume that all 107 turbines were curtailed when there may
have been less.
I need someone to go over the numbers again, so we can have more
confidence.
Awaiting your reply,
David

--
David F. Matson
Consulting Meteorologist
1650 Saint Lawrence Way
Pleasant Hill, CA  94523
925-933-7505 (voice & fax)
dfmatson@attbi.com

 - file0001.xls


Russell, will you please update me on the status of the Alliance Pipeline
Corporate Guarantee?  We need to have this guarantee as soon as possible, as
we would like to begin flow on September 13, 2000.

Thank you


---------------------- Forwarded by Kay Mann/Corp/Enron on 11/20/2000 09:03
AM ---------------------------

Mark Evans@ECT
11/19/2000 03:12 AM
To: Kay Mann/Corp/Enron@ENRON
cc: Lloyd Wantschek/LON/ECT@ECT, John Chappell/LON/ECT@ECT

Subject: Re: GE "Standard" Contract/off balance sheet

Kay,

our contact with GE tends to be indirect through turnkey contractors on power
plants: the turnkey contractor usually contracts with GE instead of Enron as
owner. So this would probably not be high on our list of priorities, although
we would be interested to see what you come up with.

You might want input to your process from our engineering team, lead by John
Chappell, so I have copied this to John.

       Mark

Kay Mann@ENRON
13/11/2000 20:27
To: Lloyd Wantschek/LON/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT
cc:

Subject: GE "Standard" Contract/off balance sheet

Greetings,

I'm working with Sheila Tweed and others at ENA and EECC in developing a more
standardized contract with GE for equipment purchases.  The goal is to
develop a more efficient contracting process, and to avoid negotiating the
same  points repeatedly, with varying results among business units.  Sheila
has suggested that I drop you a line to see if this is something you might
find interesting and/or helpful.

You now have my email address, and my phone number is 713 345 7566.  Please
let me know your thoughts about participating in the process.

Thank you,

Kay


Shelley:
I think these dates sound fine.  I will plan on March 24.
Have a great Spring Break!
Barbara


Rick - Linda is tied up with Rick and Mark.  She asked that John and I get with you today so we can get final approval for the transparency language.  Leon with the Committee called us this morning seeking our thoughts.  Give us a ring when you have a chance and then we can follow up with Loiuse.

Thanks - Chris

Attached reflects our efforts to further tighten the language on transparency.


?
[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
																							[IMAGE]

																													[IMAGE]

																	Enerfax Daily

															[IMAGE]

																					[IMAGE]
																														[IMAGE]

																														[IMAGE]

																																						[IMAGE]
																															[IMAGE]

																											Looking  for a past article or issue. Click here to use Sagewave's  Search.

																										Enerfax  Daily? -? Page  ? -? November 9, 2000

																																		[IMAGE]

																															[IMAGE]

																																	Enerfax  Daily? -?  Page 4? -?  November 9, 2000 -? ?  Past  Issues Available
on Sagewave

																																			[IMAGE]
																																							[IMAGE]
																																	[IMAGE]
																																				[IMAGE]
																																				[IMAGE]

																												(Continued from Page 4)

																												financial  strength and keep up with the 3%annual growth in Wisconsin's
electricity demand. The plan, pending regulatory approval, aims to  build at
least one 500 MW combined cycle natural gas-fired unit and  at least two 600
MW coal-fired units over the next decade, for a  total of 1,700 MW. More
units may be built after 2010, eventually  raising new generation capacity in
the state to around 3,000 MW.  Wisconsin Public Service also hopes to add to
the state's power grid  by building the Arrowhead-Weston line, a 250-mile 345
kilovolt  transmission line from Minnesota to central Wisconsin. The line
would directly link Wisconsin to power supplies in Canada and North  Dakota,
easing transmission bottlenecks to the west and south.  Wisconsin imports up
to 20% of its power.

																																[IMAGE]

																						Natural? Gas? Storage?  Report

																								[IMAGE]
																								[IMAGE]

																								? ? ? ? ? ? Week?  ? ? ? ? ? ? ? ? ?  ? ? ? ? ? ? ? ?  Prev?
																								? ? ? ? ?  ?Ending? ? Prev? ? ? ?  ? ? ? ? ? ?Prev? ?  Year? ?
																								| Region | 11/03/00| Week | Diff | % Full | Year |  % Full
																								|  Prod? ?|? ?687? ?|? 667  |? 21? |? 72%? ?|? 852 |?  89%? ?
																								| East? ?|? 1678?  ?| 1660 |? 17? |? 91%? ?| 1721  |? 94%? ?
																								| West? ?|? ?383?  ?|? 385 |? -2? |? 76%?  ?|? 434 |? 86%? ?
																								|? ? ? ?  |? ? ? ? ?|? ? ?  |? ? ? |? ? ? ? |?  ? ? |? ? ? ?
																								| Total? |? 2748?  ?| 2712 |? 36? |? 83%? ?| 3007  |? 91%? ?

																								[IMAGE]

																								[IMAGE]

																																					[IMAGE]

																																						Enerfax  Daily? -?  Page 7? -?  November 9, 2000

																																				[IMAGE]

																																					Enerfax  Daily? -?  Page 8? -?  November 9, 2000

																																			[IMAGE]

																														Demand Exceeds BPA Supply BPA

																														? ? Customer demand under new 10-year wholesale  power contracts with the BPA
is so strong that the agency must  purchase power on the open market to
augment its supply. To recover  the cost of these purchases, it proposes to
tack a 15% charge onto  wholesale rates effective next October. Even with an
additional  charge, BPA's wholesale rates are still well below wholesale
market  prices currently forecast for the next five years on the West Coast.
BPA signed new wholesale contracts last week with more than 130  Northwest
utilities and industries for 10-years. Those agreements  pushed its total
firm energy load? up to 11,000 MW. That is  almost 3000 MW more than the
federal Columbia River Power System can  generate on a firm basis.

																																			[IMAGE]

																															Financial Summary

																																						[IMAGE]

																									")} TC
																			[IMAGE]

 - blnk.gif
 - img17.gif
 - img18.gif
 - img19.gif
 - img20.gif
 - img21.gif
 - img22.gif
 - img23.gif
 - img24.gif
 - img25.gif
 - img26.gif
 - img27.gif
 - img28.gif
 - img29.gif
 - img30.gif
 - img31.gif
 - img32.gif
 - img33.gif
 - img10.gif
 - img34.gif
 - id=1381847
 - img35.gif


(See attached file: 3 & 6 Month Bill Announcements.pdf)

      Carr Futures
      150 S. Wacker Dr., Suite 1500
      Chicago, IL 60606  USA
      Tel:  312-368-6149
      Fax:  312-368-2281
      soblander@carrfut.com
      http://www.carrfut.com
 - 3 & 6 Month Bill Announcements.pdf


Guys,

In response to our strategic daily meeting, here is a list of items that we discussed and we need to be prepared to review.  Please think about these and we need to fill in your views.

For EGM:

?	List the top uses of cash by business

?	List of cash generation items in each business

?	List of cash required unwind businesses and/or positions

?	Immediate action steps

?	What items would we get rid of if there weren't any balance sheet issues?

?	Is there $ in our trading books?

?	Is there extra $ in our receivables?

?	What assets or contracts that we could sell and how fast?  Are there fire sale issues and lost value vs. taking more time?

?	What should our businesses look like in a capital constrained or cash flow metric world (look 9 months ahead)?

?	List out key contracts per business unit.

?	List of what stays and what goes in each business

?	Money is stranded in our PRM and we have no access to the markets.  How could we get some of the value for our PRM?

Thanks,
Mike


Mulong,

We shall send you natural gas Henry Hub prices right away.
Please look at the last winter and the winter of
95/96.

We shall prepare for you the electricity price
information (Cinergy, Cobb and Palo Verde) but
you have to approach FT (the publishers of
Megawatts Daily, a newsletter that produces the price
index we recommend using)  and request the permision
to use the data. We are not allowed to distribute
this information.

Please, explain that this is for academic  research and that
we can produce the time series for you,
conditional on the permission from the publishers
of Megawatts Daily.

Vince Kaminski

mulong wang <mlwang@uts.cc.utexas.edu> on 04/15/2001 03:43:26 AM
To: vkamins@ect.enron.com
cc: Richard MacMinn <macminnr@uts.cc.utexas.edu>
Subject: Weather and energy price Data

Dear Dr. Kaminski:

I am a PhD Candidate under the supervision of Drs. Richard MacMinn and
Patrick Brockett. I am now working on my dissertation which is focused on
the weather derivatives and credit derivatives.

Could you kindly please offer me some real weather data information about
the price peak or plummet because of the weather conditions?

The past winter of 2000 was very cold nationwide, and there may be a
significant price jump for natural gas or electricity. Could you
please offer me some energy price data during that time period?

Your kind assistance will be highly appreciated and have a great day!

Mulong


If you are looking to feed and challenge your faith, visit
Crosswalk.com's Spiritual Life Channel at:
http://spiritual.crosswalk.com
-----------
N E I L   A N D E R S O N   D A I L Y   D E V O T I O N A L
             from Freedom in Christ Ministries

January 23

DEALING WITH THE DARK WORLD

The Spirit explicitly says that in later times some will fall
away from the faith, paying attention to deceitful spirits and
doctrines of demons (1 Timothy 4:1).

A few years ago I was speaking in a Southern California church on
the subject of the New Age Movement. My text was 1 Timothy 4:1.
After my message, I was surrounded at the front of the sanctuary
by people wanting to hear more about freedom from spiritual
conflicts caused by demonic influences.

Sitting about halfway back in the sanctuary was a 22-year-old
woman who had been weeping uncontrollably since the service
ended. As I approached the young woman, I could hear her sobbing,
"He understands! He understands!"

later Nancy described to me her horrible childhood, which
included an abusive father and a grandmother who identified
herself as a black witch. "When I was three years old, I received
my guardians--spirit guides," she continued. "They were my
companions, telling me how to live and what to say. I never
questioned if having spirit guides was anything but normal until
my mother took me to Sunday school."

"Would you like to get rid of your spirit guides?" I asked.

There was a long pause. "Will they really leave, or will I go
home and be thrashed by them again?"

"You will be free," I assured her. An hour later Nancy was free.

Nancy's experience is not an obscure, erratic blip in the
contemporary Christian community. In face, in more than 20 years
of ministry as a pastor, counselor, seminary professor and
conference speaker, I have met and ministered to more Christians
in bondage to the dark side of the spiritual world than you may
believe. Christians are woefully unprepared to deal with the dark
world of Satan's kingdom or to minister to those who are in
bondage to it.

Yes, as Timothy warned, "deceitful spirits and doctrines of
demons" are real. But as you daily embrace Christ and His truth,
you will be able to recognize Satan's lies and choose the truth.

Thank You, Jesus, for being the way, the truth, and the life. I
know You are my weapon for overcoming the evil one.

-----------
This daily devotional is published and distributed by
Crosswalk.com.  It is written by Neil Anderson at
< http://www.ficm.org >.

You can purchase "Daily in Christ" and other titles by Neil Anderson at
christianbook.com (Christian Book Distributors - CBD).
< http://shopping.crosswalk.com/bye/devo_na >

Additional devotionals are available from Crosswalk.com:
< http://devotionals.crosswalk.com >.
-----------
To read the Current Feature Story from ReligionToday,
go to http://religiontoday.crosswalk.com/CurrentFeatureStory/

For today's complete News Summary from ReligionToday,
go to http://religiontoday.crosswalk.com/CurrentNewsSummary/

-----------
For Copyright Terms go to http://www.crosswalk.com/info/copyright

____________________SUBSCRIPTION INFO_______________________

* You subscribed to Neil Anderson as:
         < jeff.king@enron.com >
* To unsubscribe from this newsletter immediately, click here:
         < http://link.crosswalk.com/UM/U.ASP?A3.14.261895 >
  If that link is not clickable, simply copy and paste it into
  your browser window.
* To change your address:  unsubscribe your old address
  and then subscribe your new address.
* To subscribe, send an email to:
  < SUBSCRIBE-neilanderson@lists.crosswalk.com > or go to
  < http://www.crosswalk.com/lists > for a complete list of
  our newsletters.
* Copyright ? 2001 Crosswalk.com, Inc. and its Content
  Providers. All rights reserved.

____________________________________________________________


----- Forwarded by Steven J Kean/NA/Enron on 02/01/2001 12:20 PM -----

	Nicole Lauzier@EES
	01/31/2001 05:11 PM

		 To: Marty Sunde/HOU/EES@EES, Scott Gahn/HOU/EES@EES, Dan Leff/HOU/EES@EES,
Elizabeth Tilney/HOU/EES@EES, Greg Sharp/HOU/EES@EES, Mike D
Smith/HOU/EES@EES, Jeff Messina/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES,
Steven J Kean/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron
		 cc:
		 Subject: California Energy Crisis PowerPoint

The attached is from Mike Smith


I was approached by an attorney (in Texas) whose firm represents the CA
Legislature in  studying energy-related issues and was asked why Enron (or
any other retail marketer) is not advocating benefits of dereg on behalf of
the end-user.  I assume that means certain discussions (which, I don't know)
that thier attorneys are present have only included a  view of dereg. from
the government, utility and power marketers.  I may be able to get more
detail if you are interested.


Please book my london flight.
---------------------- Forwarded by Richard B Sanders/HOU/ECT on 06/04/99
08:21 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  General Announcement @ ENRON                           06/03/99 06:42
PM

To: All Enron Employees
cc:
Subject: Travel Announcement

The recently announced "new" deep discounts on the upfront purchase price of
airline tickets with our preferred air carriers booked through the Travel
Agency in the Park have been well received!

Increased airline ticket bookings with our preferred carriers was expected in
the Enron Houston offices.  The response from the Enron business units
outside the Houston area has been remarkable.  As a result, call volume to
TAP has increased by 30%.

As a result of this 30% increase in call volume, TAP continues to add
qualified, experienced agents to their staff to meet the increased needs of
Enron travelers.

If your "Enron Business Unit/Location" was not previously using TAP for your
airline bookings, please contact Tracy Ramsey, Enron Corporate Travel
Manager, 713/853-6457 to assist you with your transition process to TAP.

This transition process will include items such as setting-up Traveler
Profiles in the TAP system to expedite the booking process and establishing
your travel patterns so that TAP can respond to your specific travel needs
and requirements.

The Travel Agency in the Park has established a web site,
http://www.travelpark.com, that is available to you for browsing flight
schedules and booking flights.

Thank you for our support of the Enron Travel Program that continues to
provide exceptional cost savings to Enron Corp.

Please contact Tracy Ramsey, 713/853-6457 if you have questions or comments.


Mike, please see the attached.  The first document has Transwestern's
revisions highlighted.  If this meets with your approval, please execute two
originals and send them to me.  Please call me if you have any questions.

Susan Scott
Transwestern Pipeline Company
1400 Smith St., Room 4788
Houston, TX 77007
(713) 853-0596


EFF_DT PORTFOLIO_ID DOWN95
12/18/00 MANAGEMENT-CRD 0
12/18/00 MANAGEMENT-GAS 3,078,639.
12/18/00 MANAGEMENT-PWR 343,266.
12/18/00 AGG-MANAGEMENT 3,253,982.


Sara,

Looks like the ISDA with the Japanese entity is in your court.  Please advise
if you want to review the sample document I had prepared last week.  If not,
I will draft a letter to Mr. Wani, so he or some one with his firm can review.

Thanks


No memo out yet on the Doorstep process.  I am still in the throws of
completing the 13 reviews that I have to give - should be finished by 5:00.
I will send the memo on Doorstep process to you, Fernley and Michael Brown
before I leave for the day.

I will be in the Calgary office Wednesday and Thursday with Peggy Hedstrom
and her team.  Back in the Houston office on Friday.

Hope that James' visit is going well.  Thanks for getting appointments
organized for him.

I look forward to seeing you in Dallas next week.  I am glad that you,
Richard and Steve will be able to participate.  Are you still planning to
come back to Houston after the meeting in Dallas?  I fly from Dallas to
Austin on Tuesday night, so that I can do a full day of interviews at UT for
summer interns on Wednesday.  I will be back in the office on Thursday and
Friday that week.  Let me know if we can help in setting up any
appointments.  We can do lunch on Thursday or Friday, if your schedule
allows.  I can also set some time aside to perhaps download from our Dallas
meeting and to follow up on some other issues.  I would offer dinner on
Thursday night, but that is my birthday and I think (hope) that my family
will have dinner plans for me that evening.  Is there someone else in Houston
that you would like to have dinner with while you are here?   --Sally


i got the message.  i didn't think you guys would make it.  i am going to new
orleans to meet my brother and just go out.  we are just going to party in
the french quarter.  my parents own a place down there so we have a free
place to stay.  one of my friends is also having an engagement party that
saturday that i have to go to.  if you guys want to party in new orleans give
me a call b/c we will be down there from that fri through that monday.  i
haven't gone out in the quarter in such a long time.  talk to you soon.

matt


Please add Greg Whiting to this distribution.  Thanks.


The RCR call scheduled for Monday, June 25 will take place at 4:00pm CDT.
Please make note of this on your schedules.

Thanks!

gngr
713-853-7751


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/04/2000
06:12 PM ---------------------------

	Enron North America Corp.

	From:  Press Release @ ENRON                           02/02/2000 06:21 PM

To: All Enron Worldwide
cc:
Subject: ROAD-SHOW.COM Q4i.COM CHOOSE ENRON TO DELIVER FINANCIAL WEB CONTENT

HOUSTON ) Enron Broadband Services (EBS), a wholly owned subsidiary of Enron
Corp. and a leader in the delivery of high-bandwidth application services,
announced today content delivery contracts with Road-Show.Com, an online
resource for individual investors, and Q4i.com, a financial services provider
offering an online broker resource called BrokerIQ.  The two financial
services companies will use Enron,s ePoweredv Market Cast and the Enron
Intelligent Networkv (EIN) to enhance the quality and speed of content
delivery to their investors.  Enron,s solution provides TV-quality streaming
video with delivery speeds up to 50 times faster than the public Internet.
&These agreements reflect the financial services industry,s need for better
and faster delivery of online content,8 said Joe Hirko, co-CEO of Enron
Broadband Services.  &The Enron Intelligent Network allows visionary
companies like Road-Show.Com and Q4i.com to serve their customers with video
to the desktop that has unparalleled speed, clarity and quality.8
Road-Show.Com is a fully integrated producer of online streaming media.  The
company,s Xvenuev platform offers clients a turn-key solution for
personalized live or on-demand webcast communications.  Road-Show.Com broadly
streams the presentations that companies typically give on road shows prior
to an initial public offering to audiences that include individual and
professional investors.
&The Enron Intelligent Network and Market Cast technology will allow
Road-Show.Com to offer our customers something they have never had access to
before ) real-time company presentations and one of the fastest, richest
viewing experiences possible.  This will enhance their ability to make fully
educated investment decisions,8 said Trey Fecteau, president of
Road-Show.Com.
Q4i.com provides &one-stop8 advanced technology solutions for financial
services companies and their clients.  With its flagship product, BrokerIQv,
professional brokers and their firms have a complete broker management system
at their fingertips.  Q4i.com will utilize EBS to distribute financial video
clips to clients via its BrokerCityv product.  In addition, Enron will
deliver Q4i.com,s live and on-demand streaming video clips of golf resorts,
golf courses, golf real estate, equipment and golf travel for Internet users
around the world through GolfTVv, Q4i.com,s online video network.
&Our clients now have streaming video features available on their desktops
via Enron,s network,8 said J. Frederic Storaska, chairman and co-CEO of
Q4i.com.  &They not only will enjoy on-demand streaming video of financial
and golf information, but they,ll have the opportunity to take advantage of
special vacation and equipment offers reserved exclusively for our
broker-dealers.8
Enron,s ePowered Market Cast Solution
ePowered Market Cast, an application of the Enron Intelligent Network, is an
end-to-end streaming media solution for banks, brokerages and other financial
services firms.  Using ePowered Market Cast, companies can enhance investor
relations, conduct virtual road shows and stream analyst presentations from
their websites.  In addition, ePowered Market Cast is a powerful intranet
solution for providing real-time financial news, data feeds, training and
presentations to an internal audience.  The application streams video at an
average bit-rate speed of 200 kilobits per second (kbps).
The Enron Intelligent Network is based on distributed server architecture, a
pure Internet Protocol (IP) platform and embedded software intelligence that
sets it apart from other networks.  The EIN,s enhanced performance is due to
its ability to deliver streaming media content &one hop8 away from the user
at the closest EIN edge server.  The result is a TV-quality viewing
experience for the user.  In contrast, the public Internet,s ability to
deliver the broadband content businesses need is often hampered by packet
loss, interference and other disruptions that slow down transmission speed
and compromise the end user,s experience.
About Enron Broadband Services
Enron Broadband Services, formerly Enron Communications, Inc., is a leading
provider of high quality, broadband Internet content and applications.  The
company,s business model combines the power of the Enron Intelligent Network,
Enron,s Broadband Operating System, bandwidth trading and intermediation
services, and high-bandwidth applications, to fundamentally improve the
experience and functionality of the Internet. Enron introduces its Broadband
Operating System to allow application developers to dynamically provision
bandwidth on demand for the end-to-end quality of service necessary to
deliver broadband content.  Enron is also creating a market for bandwidth
that will allow network providers to scale to meet the demands that
increasingly complex applications require.  A wholly owned subsidiary of
Enron Corp. (NYSE: ENE), Enron Broadband Services can be found on the Web at
www.enron.net.
 About Enron
Enron is one of the world,s leading electricity, natural gas and
communications companies.  The company, which owns approximately $34 billion
in energy and communications assets, produces electricity and natural gas,
develops, constructs and operates energy facilities worldwide, delivers
physical commodities and financial and risk management services to customers
around the world, and is developing an intelligent network platform to
facilitate online business.  Enron,s Internet address is www.enron.com.  The
stock is traded under the ticker symbol, &ENE.8


Please open the attached file to read the complete text of the following
items:

03:10PM EST  7-NOV-01 USBANCORP PIPER (U.S. BANCORP PIPER JAFFRAY) CPQ
DELL
U.S. BANCORP PIPER JAFFRAY INTRADAY COMMENTS (PM) - 11/07/01

03:21PM EST  7-NOV-01 BUCKINGHAM RESEARCH GROUP  (STEVENS, JAY P.)
BUCKINGHAM: HWP -- ALWAYS BE PREPARED FOR THE UNEXPECTED

06:10AM EST  7-NOV-01 DEUTSCHE BANC ALEX. BROWN INC. (G. ELLING/C.
LAUGHLIN/S)
INITIATING COVERAGE: THE LONG AND WINDING ROAD

06:09AM EST  7-NOV-01 DEUTSCHE BANC ALEX. BROWN INC. (G. ELLING/C.
LAUGHLIN/S)
CPQ: INITIATED WITH A BUY RATING-BUY

08:31AM EST  7-NOV-01 DEUTSCHE BANC ALEX. BROWN INC. (G. ELLING/C.
LAUGHLIN/S)
DELL: INITIATED WITH A BUY RATING-BUY

 <<11.08.01 Analyst Reports.doc>>

The analyst reports provided are reports prepared by independent
analysts who monitor and track Compaq's performance.  These reports are
not prepared by or at the direction of Compaq and as a result, Compaq is
not endorsing or verifying the information contained in these reports or
endorsing any of these analysts.   These reports are being provided
solely for business reasons and as a result, do not distribute these
reports to other individuals outside of Compaq.  If other individuals
are interested in receiving the reports provided herein, please contact
Leslie Moore in Compaq's Investor Relations Department at
leslie.moore@compaq.com.

Leslie K. Moore
Compaq Computer Corporation
Investor Relations - Financial Analyst
Phone:  281-927-8287
Fax: 281-514-2656

 - 11.08.01 Analyst Reports.doc


- Gartner B2B Auction Market.pdf


My mailing address.

5151 Edloe St. #14306
Houston, Texas
77005

713-588-5131

 -----Original Message-----
From: 	"Engelhardt, Matthew" <maengelhardt@collinsbarrow.com>@ENRON [mailto:IMCEANOTES-+22Engelhardt+2C+20Matthew+22+20+3Cmaengelhardt+40collinsbarrow+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, June 19, 2001 9:26 AM
To:	Dorland, Chris
Subject:	Wedding invitation

Chris buddy!  How's it going?  I was chatting with Dan this morning and
I was able to track down your mailing address, so I can send you a
wedding invitation.  You're still M.C. right?  Just kidding, but it'll
be good to see you.  I hear everything's going good down there, speaking
for the rest of your buddies up north though, I'll be looking forward to
when that career path steers you back a little closer to home.  The
wedding is on August 18th(saturday), Mike & Nate are planning some golf,
camping and a little drinking as well on the August long weekend too if
you were planning on being back then as well, although that sounds like
a lot of travel.  Anyways, I suppose II'll see you at Sue and Dionne's
wedding?  Should be a good time.  Take it easy, Chris.

Matt Engelhardt