Yesterday's moribund "action" steeped into Tues' trading - then at 2PM
things sold off.  It was grim unless you were an oil/ oil service or a
biotech.  Starting at 2PM the Nasdaq lost 128 points to close down 65, the
Dow Industrials lost 45 points to close off nearly 80.  On the bright side -
in the oils and drillers -  TX & HAL up over 6%, SLB & XOM up over 3%, BHI
up over 5%/  In the utilities - ENE up over 5 1/2%, PCG and REI up over 3%,
DUK up over 2% and the drugs AHP up 3 1/2%, PFE and BMY up over 1 1/2% -
lots of talk about MYGN finding a gene for prostate cancer - up over 20%....
then there was the rest of the market  - the financials - AXP, LEH, CMB, BAC
all down over 3%.... Then there was tech - some of the laggards of late
showed some strength - QCOM up 2% and MSFT and DELL* up over 4%.... however
SUNW, AMAT, MU, TXN, EMC all down over 4%, CSCO down 3%, YHOO down 1 1/2%...
no it wasn't pretty.  In the CEUT Universe - ITWO* down over 7, MANU* down
over 1 1/16... BWAY* up up over 3, USIX* down over 2.... AMZN* and EBAY*
down over 3, CTAC* up over 2 1/2 (almost 10% - technical breakout).... AMCC*
down over 15 (questions about a shortfall on an order), PMCS* down over 7,
SSTI* down over 4, ZRAN* down over 1 1/2... LU* down over 1 3/4, JDSU* down
over 2... DELL* up over 1 1/2, CPQ* up small (boxmakers were generally up),
ANCR* down over 2 1/2, BRCD* up over 1 3/8... PROX* down over 5 1/2, RIMM up
over 1 1/4 and IIIM* up 1 to almost 15 (once again this stock was under 7
recently).... MERQ* down over 7, MUSE* and NTIQ* up over 3, VRTS down 8...
DISH* down over 4, GILTF* down over 3, GMH* up over 2 (announced 3 for 1
split after close), SPOT* down over 3 3/4, PGTV+ down over 11% (guess that
GMH talk wasn't true)..... In IPOland - Founders Food and Firkins (GCFB) -
owns Granite City Food and Brewery  PPI # Friday will set the tone - till
then we might be treading water.

GE and CSCO - forming new co. to improve manufacturing via tech.

Alcatel - 3 seperate lawsuits - patent and copyright issues - vs. CSCO.

INTC's Andy Grove - breaks from industry view - wants net transactions to be
taxed.

Warner - settling problems with MP3.com.

AOL/TWX - submitting "remedies" to European Comm.  to get okay on merger.

Nortel co-market deal with Juniper

QCOM - new game-plan for China - build out local areas and get everyone on
CDMA.

Chello Broadband - parent still involved in deal-making - will probably
delay IPO.

WCOM - $3.5 million "slamming" fine - changing people's long distance
without their knowledge.

James Cramer - files counter-suit vs. Fox.

T - raising long dist. rates for basic customers.

Amadeus joining BroadVision - creating online travel site.

SupplyForce.com - $52 million 2nd round b to b.

GMH* - 3 for 1

New Virus - attacks text based phones and pagers.

WR Hambrecht - raises $83 million - American Express, Scudder, JF Shea Co.
and others.

Astral Point Comm. - optical net co. - gets $40 million.

American Broadband - regional broadband network - raising $200 million.

EOnline.com - ASP - gets $60 million led by Morgan Stanley Dean Witter.

JBL - over $500 million spot secondary by Thomas Weisel Partners.

NY Times - HON going to net - lots of work but lots of reward.

NY Times - special e-commerce section.

AtHome cooperate with Cox - interactive TV in San Diego.

Beenz.com - $52 million for domestic and overseas expansion.

TFSM - iPromotions acquisition - watch out DCLK.

MSFT - $15 million in OnSite access - commercial broadband Infrast.

Congress - "no tax" net bill has provision to let FCC regulate net long dist
calls.

eParties - event planning co. backed by eCompanies - merging not going
under.

EBAY* - FBI looking at bidding schemes.

LEH - buys big stake in Turkish ISP.

JP Morgan - fined $200,000 for not representing Nasdaq orders.

FXall.com - 7 big banks in International currency trading consortium.

WSJ Heard - MSFT - restrictions scare investors more than break-up.

WSJ Heard in Europe - Freeserve - what price? T-Online balking?

Palm - buys Actual Software - email provider.

Safeway - exclusive with groceryworks.com

Playboy Ent. - bachelor party site featured on theknot.com (major wedding
site).

Asahi Glassx, Mitubishi and Net One Systems - marketing faster optical fiber
- threat to GLW?

C.E. Unterberg Towbin: Catherine Moore marketing in Denver/ Jim Poyner
marketing in NY/ Karl Motey marketing in NY/ In house Sat. Seminar.

There it talk: Delta and American Airlines?/ DT for Q?/RD for TX?/ CSCO for
FNSR?/

The information contained herein is obtained from sources we believe to be
reliable but its accuracy and completeness, and that of the opinions based
thereon, are not guaranteed. C.E. Unterberg Towbin, or one or more of its
partners, may have a position in any of the securities discussed herein. All
rights reserved by C.E. Unterberg Towbin. May not be reproduced in whole or
in part without prior written authorization. This report is not an offer to
sell or solicitation of an offer to buy the securities mentioned herein.
*C.E. Unterberg Towbin makes a market in this security and/or has analyst
coverage.
+C.E. Unterberg Towbin makes a market in this security and has been involved
in a recent financing.
_____________________________
Bram Towbin
C.E. Unterberg Towbin
10 East 50th Street
New York NY 10022

Telephone: 212 572 8163
Fax: 212 759 4032
Btowbin@unterberg.com

----------------------------------------------------------------
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C.E. Unterberg, Towbin is subject to review by the Compliance Department.

Please note that C.E. Unterberg, Towbin does not allow the use of e-mail to
request, authorize or  effect the purchase or sale of any security, to send
fund transfer instructions, or to effect any other transactions.  Any such
request, orders or instructions that you send will not be accepted and will
not be processed.

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


I think you need to check your AGA model.  7.2 bcf/d seems awfully high.
That's saying that had gas been at $2.5, the AGA for the week would have been
151.  Look at the AGA history for last week, this week and next week.

   94 95 96 97 98 99 00 01
3rd week of Feb  -64 -46 -64 -63 -77 -97 -136 -81
4th week of Feb  -132 -118 -62 -76 -47 -128 -74 -101
1st week of Mar  -27 -132 -118 -57 -54 -69 -37 ??

Do you really think the # would have been 151 with no demand destruction?  It
wasn't even really cold.  That would have been the highest AGA # of the three
weeks by 15 bcf.
Our guys are thinking 4.5 bcf/d.  Pira is saying that Feb as a whole averages
3.5-4 bcf/d. That's just destruction and does not include new production, if
any.  Further Pira estimates that March destruction will be about half of
Feb.  Assuming that gets to equilibrium:  2 bcf/d demand destruction, 2 bcf/d
more production, 2 bcf/d more gas generation demand.  Start with a 400 b
deficit and 200 injection days gets you to flat against last years storage in
current price environment.   I think we are fairly priced fundamentally, but
with huge customer imbalance for hedging from buy side, surprises in the
market right now are to the upside in my view.  Course hard to imagine $6 for
J.   Just sell vol.

slafontaine@globalp.com on 03/02/2001 10:54:14 AM
To: John.Arnold@enron.com
cc:
Subject: Re: silverman

my next aga number is 75-sllitely more than pira and assumes 7.2 bcf/d y on y
s&d swing-the higher prices now the uglier it'll be later.
contmaplating buying some 4.00 puts for lat 2nd q or early 3q for a few
pennies.
so whaen we go above last years stx in may!!

beleive it or not pero been worse chop fest than gas-all i know is going to
steamboat co skiing next wed-sunday with mans refined prod groups next week so
taking postion down to the stuff i really like, dont have to worry too much
about.

John.Arnold@enron.com on 03/02/2001 11:44:50 AM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  Re: silverman

i think this is the biggest chopfest in nat gas history.  scale up seller,
scale down buyer.
reviewing my aga model and assumptions later today.  i'll see if i have any
new inspirations.

slafontaine@globalp.com on 03/02/2001 10:25:45 AM

To:   John.Arnold@enron.com
cc:
Subject:  Re: silverman

he will be if we cut him off for a week i bet he gets some inspiration.
have a
good weekdn. any view here? i think short term range stuff-med-longer term
you
know what i think.
  sprds/front to backs range-bear em at -2 bull em at -5 till they go
prompt.

John.Arnold@enron.com on 03/02/2001 11:22:30 AM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  Re: silverman

ok.
i would not describe him as the hardest working man in the energy business.

slafontaine@globalp.com on 03/02/2001 08:54:44 AM

To:   jarnold@enron.com
cc:
Subject:  silverman

i say we make a pact, next time silver man calls in sick on a friday after
a
typical nite out you and i cut him off for the entire next week. deal?


-----Original Message-----
From: 	"Jon Schnitzer" <jons@amerexenergy.com>@ENRON [mailto:IMCEANOTES-+22Jon+20Schnitzer+22+20+3Cjons+40amerexenergy+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, October 04, 2001 12:40 PM
To:	skushnick; susan schnitzer; Brawner, Sandra F.; Suzann Schnitzer; Schnitzer, Harry; anrew o ertel
Subject:	Fw: three wishes

----- Original Message -----
From: <DHollier@NiSource.com>
To: <jons@amerexenergy.com>
Sent: Thursday, October 04, 2001 8:31 AM
Subject: FW: three wishes

> diana hollier
> ----- Forwarded by Diana Hollier/TPC/Enterprise on 10/04/2001 08:30 AM
> -----
>
>                     Gabriela Rehlinger
>                     <Gabriela.Rehlinger@        To:
>                     altra.com>                  cc:
>                                                 Subject:     FW: three
wishes
>                     10/04/2001 08:09 AM
>
>
>
>
>
>
>
>
>
> > > Three guys, a Canadian, Osama Bin Ladin and an Israeli are out walking
> > > together one day. They come across a lantern and a Genie pops out of
> it.
> > "I
> > > will give each of you each one wish, that's three wishes total," says
> the
> > > Genie.
> > >
> > >
> > >
> > > The Canadian says, "I am a farmer, my dad was a farmer, and my son
will
> > also
> > >
> > > farm. I want the land to be forever fertile in Canada." With a blink
of
> > the
> > > Genie's eye, 'POOF' the land in Canada was forever made fertile for
> > farming.
> > >
> > >
> > >
> > >
> > > Osama Bin Ladin was amazed, so he said, "I want a wall around
> Afganistan,
> > so
> > >
> > > that no infidels and Jews can come into our precious state." Again,
> with
> a
> > > blink of the Genie's eye, 'POOF' there was a huge wall around
> Afganistan.
> > >
> > >
> > >
> > > "Uncle Sam" Goldberg, an Israeli civil engineer, asks, "I'm very
> curious.
> > > Please tell me more about this wall thats around Afganistan." The
Genie
> > > explains, "Well, it's about 15,000 feet high, 500 feet thick and
> > completely
> > > surrounds the country; nothing can get in or out---virtually
> > impenetrable."
> > >
> > >
> > > "Uncle Sam" says, "Fill it with water."
> > >
> > >
> > >
> > >
> >
> >
>
>
>


It was great talking with you.

Dave
 - brochure.doc

***********************************
Prof. David Ikenberry
Jones Graduate School of Management
Rice University
713-348-5385


Information Management Weekly Milestones Report ) 02/09/01

Portal.
Portal development work continues for respective BU/FUs under Joe Wong's
direction.  This work is based on information collected from portal surveys.
Brandon Rigney's team committed to delivering the portal graphical treatment
by 2/16/01.  A new portal name is being discussed.  The decision for the
portal "look and feel" and the portal name will be made next week.  A
"progress before perfection" approach is planned for releasing the portal.

"Killer" or "sticky" applications for the new portal are being identified and
prioritized.  All task force members are required to identify five "killer"
or "sticky" applications by next week's IM Task Force meeting.

Some features of Hewlitt Packard's benchmark portal are being discussed and
targeted for development.

Tibco 2.0 version targeted as a requirement to provide personalized color
treatments for portal.  Allen Elliott to confirm licensing agreement for
Tibco 2 is in place.

Single sign-on capability will require changes to the producer portal
applications.  The single sign-on security task force has developed and
proposed a strategy to make this happen.  The portal development is working
this issue to ensure the eventual release of a single sign-on entry point for
the portal.

Philippe Bibi was provided a project update.  Philippe re-emphasized the need
to unveil a best practices portal that is simple, wanted by users, and
value-added for users.

UDM/ESE.
Inktomi and Verity appear to be the choice contenders.  Since Autonomy
requires an obtrusive amount of work on individual employees, interview
results predict users would not support this product type.  Consequently, the
task force does not expect to pilot Autonomy.

Business Analyst Paul Timberlake collected high level pricing for each
vendor.  Below is a table of that information.  Paul is working with GSS's
Peter Goebel to gain additional pricing support. Note, Paul's final report
will have extensive licensing information for each vendor.

Vendor	Initial Cost	Annual Support & Maintenance
Autonomy	$3,000,000	$540,000 / year support
Inktomi	$1,375,000	$206,250 / year support
Verity	$682,500
	($487,500  +  $162,500 + $32,500)	$130,000 / year support

IM Strategy Proposal.
Steve Kean attended the weekly IM Task Force meeting to get an update on the
IM Strategy Proposal.  Although the task force was suggesting an executive
point person be identified, Steve reminded the task force of the value of
grassroots efforts.  The task force will remain focused on identifying and
developing sticky portal applications to improve the flow of information
which ultimately should increase the flow of revenue.  Steve's message to IM
Task Force:  do what it takes to make it happen.

During the discussion with Steve, the task force reviewed HP's best practices
portal.  Steve would like to view the HP demonstration of their best
practices portal.

The Task Force team met with EES' Knowledge Management team to discuss a ONE
Enron approach to information management.  EES emphasized need for executive
management to encourage BU/FU IM/KM coordination.


Since I did the revision to the February 2001 report so late last month, I
accidentally failed to do the report for March 2001.  Attached is a report
for March 2001 which covers all assignments, terminations & expirations
entered since the last report was done on 2/15/01.  There will be a new
report done around March 22nd in preparation for Bid Week.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 01/25/2001
12:23 PM ---------------------------

"KRISTI GIRON" <KRISTI.GIRON@cfisd.net> on 01/24/2001 11:34:18 AM
To: <Darron.C.Giron@enron.com>, <Dgiron1@pdq.net>
cc:
Subject: Fwd: FW: Fwd[3]:FW: For the Sportsman in all of us...

Date: Tue, 16 Jan 2001 09:45:50 -0600
From: "TERESA CARDAMONE" <TERESA.CARDAMONE@cfisd.net>
To: "KRISTI GIRON" <KLG10425.CF005.DOM-HIG@cfisd.net>
Subject: Fwd: FW: Fwd[3]:FW: For the Sportsman in all of us...
Mime-Version: 1.0
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From: "Morehouse, Craig L (HOU)" <Craig_L_Morehouse@Dresser-Rand.com>
To: "'bulldog1943@hotmail.com'" <bulldog1943@hotmail.com>, 'Christi C'
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<W-Ed.Wilcox@usa.conoco.com>, 'Edgar Buerger'  <deburtwo@aol.com>, 'gina'
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What are your thoughts on this?  Thanks. Lynn

 -----Original Message-----
From: 	Mercaldo, Vernon
Sent:	Thursday, December 06, 2001 12:45 PM
To:	Bianchi, Rita; Dornan, Dari; Blair, Lynn; Kirk, Steve
Cc:	Kowalke, Terry; Buchanan, John; Berger, Larry; Janzen, Randy; Linhart, Joe; Williams, Jo; Joyce, Jane
Subject:	RE: OneOk Field Services November Invoice Issues

5% of MDQ daily not monthly

 -----Original Message-----
From: 	Bianchi, Rita
Sent:	Thursday, December 06, 2001 12:39 PM
To:	Mercaldo, Vernon; Dornan, Dari; Blair, Lynn; Kirk, Steve
Cc:	Kowalke, Terry; Buchanan, John; Berger, Larry; Janzen, Randy; Linhart, Joe; Williams, Jo; Joyce, Jane
Subject:	RE: OneOk Field Services November Invoice Issues

I've talked with Vernon.  I can see Dari's point.  Since I will be out of town 12/11-12/12 when final allocated volumes come out, Vernon will work with Gas Logistics to do a Split Path manual, if necessary, to override the max overrun (OVA) rate with the firm rate.  When I get back, I will create tariff exception(s) reflecting the manuals to keep our records straight.  The MID-to-MID level tiered overrun discount will require manual review each month.  If shipper flows more than 5% overrun overall on any day, discounts may have to be entered at the path level to prevent discounting more overrun than the deal permits.

Affects 2 contracts: 108437 & 108489.  Tiered OVA discounts are currently entered on from several field MIDs to MID 16A, providing a discount on the first 1750/day on 108437 and 3675/day for 108489.
In practice, TAS will discount the first 1750 or 3675/day on each individual path.  If 108489 flows 3000 overrun on each of 2 different MID 1- to MID 16A paths in a day, TAS will apply the discount to a total overrun volume of 6000.

Another Question:  Vernon - Are you wanting to discount overrun equal to up to 5% of the contract MDQ on a daily basis, or on a monthly basis?  For example, on 108489, MDQ=73,500 so 5%=3675.  Is it your intention to discount only up to 3675 overrun each day, or would you discount up to 3675*30=110,250 Overrun for the month, regardless of daily flow levels?

 -----Original Message-----
From: 	Mercaldo, Vernon
Sent:	Thursday, December 06, 2001 11:55 AM
To:	Dornan, Dari; Bianchi, Rita; Blair, Lynn; Kirk, Steve
Cc:	Kowalke, Terry; Buchanan, John; Berger, Larry; Janzen, Randy; Linhart, Joe; Williams, Jo; Joyce, Jane
Subject:	RE: OneOk Field Services November Invoice Issues

Rita,

Not to complicate things, but, they have authorized overrun on thier contract for up to 5% of the MDQ at the contract rate (demand + commodity).  So there is a rate in the system for overrun as a tiered rate in the authorized overrun classification.

 -----Original Message-----
From: 	Dornan, Dari
Sent:	Thursday, December 06, 2001 11:50 AM
To:	Bianchi, Rita; Mercaldo, Vernon; Blair, Lynn; Kirk, Steve
Cc:	Kowalke, Terry; Buchanan, John; Berger, Larry; Janzen, Randy; Linhart, Joe; Williams, Jo; Joyce, Jane
Subject:	RE: OneOk Field Services November Invoice Issues

I wouldn't want to do a discount because of "full rate equivalent" issues. I like the exception better with a note in a file or something to explain it.  But I defer to Steve on this.

 -----Original Message-----
From: 	Bianchi, Rita
Sent:	Thursday, December 06, 2001 11:47 AM
To:	Mercaldo, Vernon; Blair, Lynn; Kirk, Steve; Dornan, Dari
Cc:	Kowalke, Terry; Buchanan, John; Berger, Larry; Janzen, Randy; Linhart, Joe; Williams, Jo; Joyce, Jane
Subject:	RE: OneOk Field Services November Invoice Issues
Importance:	High

Here are my 2 suggestions for the ONEOK dilemma

1) just discount Overrun down to max firm for the days when ONEOK nominated incorrectly and put an explanation of the circumstances in the Comment box.
2) I could create a Tariff Exception on the ONEOK contract for the days in question, setting the Overrun rate equal to the firm rate.  Then it would not look like a discount.  However, there is no way to attach a comment to an exception.

Considerations:
The Transactional report will not pick up a post-dated discount (but this isn't really a discount).
The discount (but not the exception) would show up on the 592 report - but nobody reads that, anyway.
When they nominated as max rate overrun, it got scheduled.  Since they had a right to firm service, they would have been scheduled if they had nominated correctly, so they didn't really get an unfair advantage over other TI.

Steve & Dari - what do you think?
 -----Original Message-----
From: 	Mercaldo, Vernon
Sent:	Thursday, December 06, 2001 9:41 AM
To:	Blair, Lynn
Cc:	Kowalke, Terry; Buchanan, John; Berger, Larry; Janzen, Randy; Linhart, Joe; Williams, Jo; Joyce, Jane; Bianchi, Rita
Subject:	OneOk Field Services November Invoice Issues

Lynn,

Earlier this month, I noticed that OneOk Field Services incorrectly nominated 100% of their firm commodity as overrun.  I pointed this out to Joe Linhart and he got OneOk to correct it for the balance of the month.  Joe informed me that for the activity that had already been scheduled as overrun prior to that date couldn't be changed without a lot of work and it would be easier for me just to put in an overrun discount to get the invoice to come out correctly.  Since rates are directly linked to our publicly available FERC mandated reporting, I did not think that doctoring our rates would be the best solution either.

Do you have an idea on another way to correct this or of the two options we have which do you think is the best way to correct this before the commodity invoices go out on the 10th?

Thanks!
Vernon


Attached is the final information for the meeting on Monday, October 9.

 <<memo of 10-5 1 page.doc>>

Office of the President/CEO
Greater Houston Partnership
(713) 844-3646 (Ph)
(713) 844-0246 (Fax)
CEOextra@houston.org

Visit our web site at www.houston.org

 - memo of 10-5 1 page.doc


http://www.consultrci.com

************************************************************************
A new SCIENTECH PowerHitter interview with Cary Bullock, Co-Founder,
President,
and CEO of Excelergy, is now available. Find out more at:
http://www.consultrci.com
************************************************************************

===============================================================
SCIENTECH IssueAlert, November 2, 2000
FERC Proposes Major Changes to California's Wholesale Market
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

The Federal Energy Regulatory Commission (FERC) issued a draft order outlining
a major overhaul of the California wholesale market, including changes
to market rules concerning the California ISO (Cal-ISO) and Power Exchange
(PX). Conceding that the market rules and structure for wholesale sales
of electricity are "flawed" and have caused "unjust and unreasonable" rates,
FERC has proposed a number of remedies that will become effective in
approximately
60 days. The full commission is expected to vote on the draft order in
December, after a period of industry comment.

ANALYSIS: FERC based its 77-page draft order on several assumptions, and
through the order intends to offer long-term (rather than band-aid) solutions.
First, FERC wants to hold overall rates to competitive levels that benefit
consumers, while at the same time induce sufficient investment in capacity
to ensure adequate service. Second, FERC acknowledged that some matters
that have adversely impacted the California wholesale market are not under
its jurisdiction, but that of the CPUC. Thus, FERC focused on matters within
its "exclusive jurisdiction," even if some of the proposals preempt prior
state decisions, while at the same time urging the state of California
to rectify issues within its own jurisdiction. This is an important point,
as FERC maintains that, unless the CPUC addresses issues such as the
inadequate
siting of generation and transmission and demand-side response, California
customers may still be exposed to higher prices that result from low supply.
Third, FERC could find no evidence of market power abuses, although it
did concede that the market in California certainly allows the opportunity
for market abuse when energy supplies are tight.

Further, FERC contends that California IOUs have been bidding up to 80
percent of their load into the day-ahead market and hour-ahead spot markets,
creating substantial short-term cost exposure. Due to regulatory restrictions
from California's restructuring law (AB1890), the IOUs were not able to
pursue a balanced portfolio, including long-term and intermediate contracts.
The central mission of FERC's order is to remove the restrictions that
kept California IOUs from moving significant amounts of wholesale transactions
into forward markets. The less reliant that the IOUs become on spot markets,
so goes FERC's theory, the less chance of price volatility*which should
not only reduce costs for customers, but also increase reliability and
increase prospects for new generation.

With that established, here's what FERC's order prescribes: 1). Eliminate
the requirement that California's three IOUs (PG&E, SCE and SDG&E) must
sell into and buy from the PX. This proposal essentially permits the three
IOUs to establish bilateral contracts with energy suppliers, which was
previously restricted under AB1890. 2). Require market participants to
schedule 95 percent of their transactions in the day-ahead markets. A penalty
charge will be affixed for deviations in scheduling in excess of 5 percent
of an entity's hourly load requirements. Disbursement of penalty revenues
will be distributed to the loads that scheduled accurately. 3). The
establishment
of independent (non-stakeholder) governing boards for the California ISO
and PX. 4). The establishment of generation interconnection procedures.

FERC wants the CPUC to address the following issues: delays in siting
additions
of generation and transmission capacity; implementation of additional demand
response programs at the retail level; and elimination of impediments on
load serving entities pursuing power supplies on a forward basis.

Perhaps most contentious within the order is FERC's decision to set a $150/MWh
rate cap so that bids above this amount cannot set the market clearing
price that is paid to all bidders. This policy negates a previous proposal
from the Cal-ISO, under which it lobbied for a $100/MWh bid cap (reduced
from $250/MWh) on electricity purchases in the ISO's spot market. FERC's
order freezes the ISO bid cap at its current $250 level for the next 60
days. However, beyond that FERC is instating what is being referred to
as a "soft price cap" of $150/MWh, to remain in place until December 2002.
 It's referred to as "soft" because sellers may bid above this level and
receive their bid if they are dispatched, but anything higher than $150/MWh
will not set the price that all generators will receive. Also, any generator
setting a bid above $150/MWh must report their bid to the Commission, and
presumably fall under intense scrutiny.

The order revealed again some dissension with the FERC itself. Although
generally the four commissioners that delivered the order (Hoecker, Massey,
Breathitt, and H,bert) probably would agree that it is not perfect,
Commissioner
Hebert voiced the strongest disagreement with the order's principles. H,bert
"hesitantly concurred" with the order, although he believed the commission
went too far in its attempt to mitigate prices, something he believes FERC
is ill-equipped to do. Specifically, H,bert dissented with the decision
to place any sort of price cap on wholesale transactions, preferring instead*
as
he has advocated throughout his tenure as a FERC commissioner*"to entrust
market participants with the ability and responsibility to mitigate their
price exposure as they deem best."

Moreover, it is questionable whether or not FERC has achieved its goals
of providing long-term solutions to California's problems. Rather, it seems
that the commission is sending a mixed message. On one hand, it is allowing
the California IOUs the freedom to buy and sell power outside of the PX,
which seems like a very pro-competition policy. Yet, on the other hand,
FERC establishes a price cap (albeit a soft, not hard, one) on wholesale
transactions, which arguably will continue to restrict true competitive
market forces from materializing in California. The commission is sending
a clear signal that all bids should be under $150/MWh and will undergo
interrogation if they are not, which essentially puts political pressure
on suppliers to maintain a price cap.

However, if one of the clear goals of this proposed order is to bring down
energy prices for California customers, removing the requirement of the
IOUs to buy and sell through the PX may actually accomplish this. The proposal
changes the California structure to one in which local distribution companies
(LDCs) could possibly wield more market power than the energy suppliers,
who essentially controlled prices when going through the PX. If the LDCs
know how to work economic deals, in which they set the price for the power
they purchase, this could ultimately drive energy costs down for customers.

As noted, FERC will vote on the proposed order in December, after receiving
commentary from industry participants. FERC Chair James Hoecker already
knows the position of one major player. He received a letter from Enron
CEO Kenneth Lay just this week, in which Lay urged FERC to avoid placing
"price cap band aids over hemorrhaging wounds." Lay further predicted that
installing price caps would "plunge markets into greater uncertainty and
discourage new supplies and conservation methods," and stated that a capped
formula would encourage natural-gas suppliers to deploy their turbines
in other states or countries. In addition, several consumer advocate groups
have expressed anger that FERC did not order refunds for San Diego customers,
who bore the brunt of high energy prices this summer. In fairness to FERC,
it is questionable whether or not the commission has the legal authority
to provide a refund to San Diego customers as it did not find any evidence
of market manipulation.

Thus, there is little chance that we will see the end of the debate over
California any time soon. Rather, FERC's order, which presents itself as
a remedy to conflicts surrounding the wholesale market, has shown just
how polarized adversaries are within this debate. Yet, I believe the bottom
line of the proposed order is that it is a good first step to addressing
the fundamental problems within California's wholesale market, and marks
a significant start to what will undoubtedly be an ongoing discussion.

===============================================================
For additional background coverage of the problems related to the wholesale
market in California, please visit SCIENTECH's IssueAlert archives at:

http://www.consultrci.com/web/infostore.nsf/Products/IssueAlert
===============================================================

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Julie - thanks very much for the information - and I do wish it pertained to me.  But I believe you want bill.williams.III@enron.com rather than me (his Dad).
I'm with the ENA - Estate, Bill III is with UBS.  Please replace my address with his.

I will forward this to him.

Cheers
Bill W. (The Elder)

 -----Original Message-----
From: 	Clyatt, Julie
Sent:	Thursday, January 31, 2002 8:34 AM
To:	Allen, Thresa A.; Anderson, John; Bailey, Debra; Batrak, Genady; Baughman Jr., Don; Beck, Sally; Belmont, Michael; Bennett, Stephen W.; Bentley, Corry; Berger, Michael; Bharathi, Jaikishore; Bir, Marc; Blaylock Jr., Samuel; Boudreaux, Lori; Bowling, Chris; Brewer, Charles; Burleigh, Matt; Burnett, Lisa; Burra, Raghu; Calcagno, Suzanne; Cash, Michelle; Cashion, Jim; Champion, Andrew; Chang, Fran; Charbonnet, Clement; Chen, Alan; Cheung, Cecilia; Chitradurga, Sundar; Choate, Jason; Clark, Cynthia; Comnes, Alan; Cutsforth, Diane; Dahlke, Andrea; Dang, Ricky; Dasovich, Jeff; Dattani, Nayan; Davis, Angela; Davis, Patrick; Day, Smith L.; Dean, Craig; Dewett, Laura; Dhansinghani, Ajit; Dinh, Christine; Docwra, Anna M.; Dronet, David; D'Souza, Romeo; Dua, Jatinder; Dunton, Heather; Durham, Kim; Elbertson, Janette; Errigo, Joe; Evans, Casey; Fitzgerald, Genia; Fortney, Bill; Gadhavi, Vijay; Garcia, Miguel L.; Gilbert, Scotty; Govindasamy, Sivakumar; Gupta, Sanjeev; Haedicke, Mark E.; Hall, Steve C. (Legal); Hanse, Patrick; Harrell, Dan; Hawthorn, Andrew; Hayden, Frank; Heard, Marie; Hennessy, Sonia; Henry, Jane Hilburn; Hillier, Bob; Hodge, Jeffrey T.; Huntley, Kelley; Invedy, Tantra; Ji, George; Jones, Tana; Kandaswamy, Bala; Kannantha, Sudheer; Kasaru, Narasim; Kinkead, Mark; Kinser, John; Kitchen, Louise; Koehler, Anne C.; Krishnaswamy, Jayant; Kyle-Watson, Terris; Lallani, Moyez; Lattupally, Krishna; Laurel, Robert; Lee, Eugene; Lee, Norman; Leite, Francisco Pinto; Lewis,  Jon Paul; Lim, Francis S.; Lim, Kenneth; Lou, Zhuoming; Luu, Duong; Ma, Felicia; MacPhail, Shawn; Makkai, Peter; Mansfield, Marci; McKinney, Hal; Melethil, Anwar; Merrell, Brad; Meyer, Jim; Meyers, Albert; Mier, Michael; Miller, Jeffrey; Motuzko, Phil; Nagar, Bhupesh; Nat, Steve; Nettelton, Marcus; Newkirk, Scott; Nguyen, Ben; Nguyen, Mai; Nolte, Ron; Oh, Seung-Taek; Padron, Juan; Patel, Piyush; Patel, Virendra; Pena, Matt; Peterson, Dwayne; Portz, David; Postlethwaite, John; Poston, David; Powell, John D.; Ramesh, Ganapathy; Ramsay, Stacey; Rao, Ramesh; Reeves, Leslie; Ritacco, Michael; Robertson, Michael; Ryan, Jonathan; Salisbury, Holden; Schneider, Bryce; Schomer, Chris; Seely, Michael; Sengupta, Jayanta; Sheidun, Donna; Sindwani, Ajay; Sinha, Suvinay; Slinger, Ryan; Smith, Regan M.; Smith, Will; Solberg, Geir; Sorkina, Victoria; Steffes, James D.; Stephens, Jason; Stock, Steve; Sugrue, Jim; Sulistio, Franky; Swaim, Michael; Symms, Mark; Tang, Mable; Taylor, Mark E (Legal); Thomas, Tony; Trinh, Hien; Tung, Benedicta; Varghese, Rennu; Vinson, Donald Wayne; Virnau, Robert; Walker, Todd; Wang, George; Wang, N. Jessie; Webb, Jay; Wei, Zhiyong; White, Stacey W.; Williams, Bill; Wong, Jeremy; Yang, Sean; Yoder, Christian; Zheng, Min; Zhu, Tianri
Subject:	Final Benefits Memo
Importance:	High

In order for UBS Warburg to timely process your paycheck, I am requesting that all employee's accepting offers return any outstanding forms to my new desk location at  05852 on the 5th floor of ECS (Look for the Hamburg Flag) by noon this Friday  2/01/02.  This will prevent any benefit deductions from having to be "Double Deducted" on future checks.  Please attach a deposit slip or voided check stub to your direct deposit form.  Attached below are the forms needed for payroll/benefits, in case you did not turn these in at Orientation.  Lastly, please verify that your EHRonline home address is showing your current home address because all live checks will be mailed to your home residence.

 << File: Beneficiary.pdf >>  << File: DirDeposit.pdf >>  << File: EnrolForm.pdf >>  << File: W4_2002.pdf >>

Thanks, Tony Jarrett
Benefits
Ext. 3- 7829


Locker # 265
Combination is 12-30-48


I changed the rate on transport usage deal 227992 from $.27 to .32.  Impact
will be ($18,400)

I need your help  changing the curve formula - please.


----- Forwarded by Steven J Kean/NA/Enron on 02/28/2001 02:03 PM -----

	Scott Govenar <sgovenar@govadv.com>
	02/27/2001 07:58 PM

		 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, Bev
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara
<smara@enron.com>, Joseph Alamo <JAlamo@enron.com>, Paul Kaufman
<paul.kaufman@enron.com>, Michael McDonald <Michael.McDonald@enron.com>,
David Parquet <David.Parquet@enron.com>, Rick Johnson
<rick.johnson@enron.com>, Marcie Milner <mmilner@enron.com>, Sandra McCubbin
<Sandra.McCubbin@enron.com>, Tim Belden <Tim.Belden@enron.com>, Rick Shapiro
<rshapiro@enron.com>, Jim Steffes <james.d.steffes@enron.com>, Alan Comnes
<acomnes@enron.com>, Chris Calger <ccalger@enron.com>, Mary Hain
<mary.hain@enron.com>, Joe Hartsoe <Joe.Hartsoe@enron.com>, Donna Fulton
<Donna.Fulton@enron.com>, Steven Kean <Steven.J.Kean@enron.com>, Karen Denne
<kdenne@enron.com>, Beverly Aden <beverly.aden@enron.com>, Bill Votaw
<bill.votaw@enron.com>, Carol Moffett <carol.moffett@enron.com>, Debora
Whitehead <debora.whitehead@enron.com>, Dennis Benevides
<dennis.benevides@enron.com>, Don Black <don.black@enron.com>, Dorothy
Youngblood <dorothy.youngblood@enron.com>, "dblack@enron.com"
<dblack@enron.com>, "emelvin@enron.com" <emelvin@enron.com>,
"ehughes2@enron.com" <ehughes2@enron.com>, "gweiss@enron.com"
<gweiss@enron.com>, "gsavage@enron.com" <gsavage@enron.com>,
"Harry.Kingerski@enron.com" <Harry.Kingerski@enron.com>, "kgustafs@enron.com"
<kgustafs@enron.com>, Mike D Smith <msmith1@enron.com>, "sgahn@enron.com"
<sgahn@enron.com>, "vsharp@enron.com" <vsharp@enron.com>, "wcurry@enron.com"
<wcurry@enron.com>, "William.S.Bradford@enron.com"
<William.S.Bradford@enron.com>, Leslie Lawner <Leslie.Lawner@enron.com>, John
Neslage <john.neslage@enron.com>, Ken Smith <ken@kdscommunications.com>
		 cc:
		 Subject: Buy Down

We met with the legislator who is in charge of the Summer 2001
subcommittee today to discuss Enron's buy down proposal.  Dave Freeman
had discussed the idea with her previously, however, his version
required that the contract be for a pre-arranged price, based on the
notice you were given presumably by the ISO, i.e. 24 hours = x, 12 hours
= y, etc.  Consequently, her concern with our proposal was the
uncertainty of allowing customers to choose whether or not they want to
shut down based on price versus requiring them to shut down to meet
demand, i.e. a modified interruptable.

She requested that we provide her with information about existing buy
down programs and their successes.


The 11/1 e-mail (excerpt below) also notes that no event of default otherwise would occur, a fact specific inquiry; e.g., debt to cap ratio upon consummation of the merger:

Typical merger provisions provide that either (i) ENE survive or if not, (ii)
the survivor be organized under U.S. (or state thereof) law,
assume all obligations of ENE under the subject contract, and
no event of default under the subject agreement would exist or result (whether an event of default would exist requires facts on a specific deal so covenants and other contract terms can be tested).

To the extent that other groups reported to me differences from the typical provisions set forth above, I forwarded them onto to you.

Regards, NJD

 -----Original Message-----
From: 	John Ale/HOU/AZURIX@AZURIX@ENRON   On Behalf Of John Ale/HOU/AZURIX@ENRON
Sent:	Sunday, November 18, 2001 2:44 PM
To:	Dobin, Nora
Cc:	Aronowitz, Alan; Fossum, Drew; Sager, Elizabeth; McMahon, Jeffrey; Lavorato, John; Mintz, Jordan; Henry, Joseph; Murray, Julia; Schuler, Lance (Legal); Haedicke, Mark E.; Evans, Mark (London Legal); Muller, Mark S.; Taylor, Mark E (Legal); Joyce, Mary; Taylor, Mitch; Del vecchio, Peter; Rogers, Rex; Shapiro, Richard; Walls Jr., Rob; Eickenroht, Robert; Sharp, Vicki; Colwell, Wes
Subject:	Re: FW: ENE/ENA Change of Ownership Diligence Inquiry

In rereading your email from 11/1/01, whether Enron is the survivor of the merger makes no difference, as long as, if it's not the survivor, the survivor assumes the obligations.  Nothing seems to be triggered in the provisions described, as long as (1) the survivor has equal or better or investment-grade credit, which we assume will be the case, (2) the deal is done with approval of the Enron board, which has occurred, and (3) Enron survives or the survivor assumes, which would be case if we switch to a structure in which Enron does not survive.

Does any of the recipients disagree?


Can one of you forward to Ed, or whoever you feel appropriate?
---------------------- Forwarded by Steven J Kean/NA/Enron on 06/13/2001
08:14 AM ---------------------------
From: Andrew S Fastow/ENRON@enronXgate on 06/10/2001 08:01 PM
To: Jeff Skilling/ENRON@enronXgate
cc: Steven J Kean/NA/Enron@Enron

Subject: Op Ed satire

Nothing to do except things like this when you're trapped inside by a flood.


Sally:
Long time no see.

Wanted to congratulate you on your recent promotion.  Way to go.

Richard Weeks
ENRON BROADBAND SERVICES
PURCHASING PROCESSING MANAGER
OFFICE:713-853-6995
   CELL:713-516-2581
EMAIL:RICHARD_WEEKS@ENRON.NET


give a gray a big hug for me.  best, jeff


Scott:  I only have comments from Ryan and Donette.  Mark Spradling left me a
message about five minutes ago and said that he would have comments tomorrow
morning (and to copy Shelley Barber on any drafts).  Once I receive comments,
I'll prepare another draft and circulate.  Sara

	Scott Sefton
	10/04/2000 05:47 PM

		 To: Ryan Siurek/Corp/Enron@ENRON
		 cc: Sara Shackleton/HOU/ECT@ECT, Rodney Faldyn/Corp/Enron@Enron, Bob
Butts/GPGFIN/Enron@ENRON
		 Subject: re: Raptor II Swap

Sara,

Since you're out the rest of the week from noon tomorrow, we'd really
appreciate it if you could prepare a revised confirm tomorrow morning so we
can deliver it to LJM for their review. Then, we can hopefully sign the
confirm on Monday. Thanks!

Scott

Ryan Siurek@ENRON
10/04/2000 05:38 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Rodney Faldyn/Corp/Enron@Enron, Bob Butts/GPGFIN/Enron@ENRON, Scott
Sefton/HOU/ECT@ECT
Subject: re: Raptor II Swap

Here are comments from transaction support group on the LDC swap.  I have
marked my changes against a clean version of the latest swap.

Regards,

Ryan


I just approved the 13th and 14th.

DG

From: Richard Tomaski@ENRON on 02/15/2001 09:50 AM
To: Anita Luong/HOU/ECT@ECT
cc: Darron C Giron/HOU/ECT@ECT, Kevin P Radous/Corp/Enron@Enron
Subject: Re: Prelim Enovate DPR for 2/14/2001

Did you ever send out the DPR for Feb 13th?


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Dear Don,  Crude hit a 27-month low of $17.15 on news that OPEC will not cut output without a simultaneous, significant production cut by non-OPEC producers.  Alaron Trading's Phil Flynn tells ENL crude prices could fall below the $10.00 mark in the near future. Unleaded hit 4840 and heating oil reached 5080 - levels not seen since June of 1999.  ENL's Stephanie Stanton will have the latest on all the commodities on Friday.   We'll have more on Friday surrounding the impasse between OPEC and independent producers as Fahnestock & Company Senior Energy Analyst Fadel Gheit joins us from the AMEX in New York.  Gheit will stop by at 9:00 a.m. ET.   Video Library Update: OPEC Secretary General Ali Rodriguez spoke with International Correspondent Wolfgang Vale on Thursday about OPEC's conditional output cut.  If you happened to miss the interview, jump into the Video Library to view the conversation in full.   In Washington on Thursday, Senator Frank Murkowski (R-AK) threatened to tie up the Senate unless legislation to open Alaska's Arctic National Wildlife Refuge to drilling was brought up for vote.  The Washington bureau will take a look at what this move could mean to the debate over energy in Congress.   Emission legislation rears its head again on the Hill as Senator  James Jeffords (I-VT) continues his push for multi-pollutant legislation.  We'll see where Sen. Jeffords' bill stands and hear what President of the Business Council For Sustainable Energy Michael Marvin has to say about it during the 11:00 a.m. ET newscast.   Finally from the Washington bureau, we'll have the latest on the  Bush administration's efforts to beef up homeland security. We'll show you some of the newest innovations from the Department of Energy's national laboratories to aid in the war against terrorists.    Houston Correspondent Kim Benestante reports, one of the most successful businesses for trading chemicals over the web is  Chem-Match.  From the Houston bureau on Friday, she'll talk with  Chem-Match President Larry McAfee about a new alliance the company has with the Chicago Mercantile Exchange.   Anadarko continues to make headway in production, even in the wake of falling natural gas prices.  Houston Bureau Chief Myra Jolivet talks to Anadarko Vice President of Domestic Operations Rex Alman about production on Friday.   On Friday, the California Air Resources Board discusses new emissions standards for distributed generation technologies in California.  We'll bring you an update on the meeting from the West Coast bureau tomorrow.   Program Note: Don't miss Friday's edition of EnergyPulse with  Dr. Dennis O'Brien.   Site Update: Check out the Energy Jobs button and the Audio Only feature on ENL.    Keep in mind things are subject to change at a moment's notice. Occasionally guests have to cancel or change time slots.  We'll continue to do our best to keep you updated on future interviews and events.    Be sure to watch our newscasts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour.

	 	Jay Rickerts, EnergyNewsLive.com Anchor  View today's Energy Wrap Video Windows Media Player: 56K  |  100K  |  300K  Real Player: 56K  |  100K  |  300K  (Requires Windows Media Player or Real Player )   Experience all that Williams Energy News Live has to offer!   If you are receiving this letter for the first time and wish to continue, subscribe now    To stop receiving this letter, unsubscribe now    If you are having trouble receiving this e-mail, please let us know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Comments? Suggestions? Let us  know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Copyright 2001 Williams Energy News Live, LLC. All  Rights Reserved.


I know (Greg) but you gotta do what you gotta do.
About the "Moms" day thing - I am thinking more like maybe not - They each have enough of the bath shit - and I dont really know what to do - What Ideas do you have.  Neither of them are foo foo ish people.   I hope you and Ben enjoy the Park today - that sounds wonderful


You may need to hit the "Refresh Booklist" button on the QueryPage tab in you hedgestrips. A lot of the hedgestrip refer to a East1 book in the QueryPage tab.


Please plan to attend a  reception and dinner for those Analysts and
Associates due to rotate in the near future who have made significant
contributions to Enron North America  The function will be hosted by the
Office of the Chairman at Cafe Annie located at 1728 Post Oak Blvd. on August
2,  2000.  The reception will start at 7:00pm with dinner to follow at
7:45pm.  Please RSVP to Ted Bland at ext. 3-5275 no later than close of
business Monday, July 31.  This will be an informal gathering to discuss the
progress of ENA and an open forum to interact with the management team on a
one on one basis.

See you on Wednesday.

Mark, Dave and John


Christi,
 As I have been thinking about this problem, my opposition to a standard
model is declining, partly out of frustration with the slow progress being
made.  I think, however, that we ought to think about the potential
consequences of recommending a standard model.  If we simply endorse PJM,
then we may inadvertently get its warts as well -- no secondary transmission
market, ICAP market, etc.  I think we are considering the same thing approach
as was reported by Charles Yeung's in his note on Tuesday's Inter-RTO
Coordination (Seams) Conference:

"Harvey Reed, Constellation Power, suggested that FERC impose a standard
tariff for all RTOs to work from that did not restrict RTOs from filing
different proposals, but would limit their ability to diverge from a single
market model."

 In addition to the standard model, there needs to be a deadline for either
filing the tariff or for filing the standard tariff.  Without a "feet to the
fire" feature, nothing the grand stall will continue.  In arguing for a
standard model, the PJM system could be the core of a proposal but we should
specific modifications to address our concerns.  On the transmission rights
issue, for instance, a simple "don't allocate" solution won't work.  The lack
of the secondary market for NY TCCs or PJM FTRs goes both to the lack of
information and to the way the rights are defined.  If as Harvey Reed
suggests, RTOs can submit alternative approaches, at least there will be
pressure to get moving.  I have not discussed this idea with West Power.

 It then occurred to me that FERC  is unlikely to impose a standard tariff
without a rulemaking proceeding.  Whether they could act by fiat or not is a
moot point, since  I doubt that they would do so without creating a record.
There are two possible down sides to a rule making.  (1)  The outcome of a
rulemaking is something of a crap shoot.  The incumbents have a pretty good
record in the past, of coming out of rulemakings with plenty of goodies such
as the native load exemption in Order No. 888.  There is a also a distinct
risk that PJM's ICAP or transmission right allocation process is given
blessed status, which will make revision of them later to be a huge uphill
battle.  (2)  The other consequence of a rulemaking its effect on current
RTO discussions.  The best outcome is that the uncertainty of the rulemaking
creates an urgency  to get a proposal filed before a new FERC rule cuts off
options from a new the standard for review.  The uncertainty prior to the
issuance of Order No. 888 in fact had that effect in the West.  On the other
hand it can mean that nothing happens until the new rule is issued.  This
also happened prior to Order No. 888, with a number of companies sitting on
their hands, using the time delay to protect existing positions, while
whipping up State regulators' fears of jurisdictional shift as necessary to
boost their own position.

 These are only own views.  I have not had a chance to speak with West Power
this week, but I will approach Tim when I am in Portland again next week.

Steve

	Christi L Nicolay
	06/19/2001 04:21 PM

		 To: Steve Walton/HOU/ECT@ECT
		 cc: James D Steffes/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Sarah
Novosel/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron
		 Subject: Re: INTERIM MODEL TALKING POINTS

Can we focus the PJM language as an interim fix toward the East (while maybe
the threat of PJM in the West will make the West RTOs act quickly and adopt
everything that Steve W. has been advocating).  Also, I agree with the ISO
being required to provide much greater information on where the congestion
occurs.  While the allocation of FTRs is a problem and the idiosyncratic
nature is also a problem, it is because the traders do not have access to all
the information.  They have told me that if they had access to all the
information about congestion from the past several years, they could
essentially build a model for anticipated congestion that could trade "above"
the underlying FTRs as financial instruments.

Steve Walton
06/18/2001 03:30 PM
To: James D Steffes/NA/Enron@ENRON
cc: Christi L Nicolay/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Sarah
Novosel/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron

Subject: Re: INTERIM MODEL TALKING POINTS

Jim,

 I have added my comments to your draft.  My concern with the "Adopt PJM"
approach is that it will become a fiat accompli with regard to congestion
management. and the nature of future transmission rights.  Once adopted as
the standard, nothing else will be accepted and any move to a decentralized
approach is highly unlikely.  Unlike the British, we have a hard time
changing horses because of our multi-jurisdictional Federal system of
government.

 The PJM's lack of a secondary FTR market is more that just an allocation
problem.  If that were true, they New York would have a secondary market --
none exists there either.  The unpredictability of prices is probably the
biggest problem since no one knows how to value FTRs or TCCs.  I think the
nature of instrument is also not particularly helpful.

 During our discussion of Seabron Adamson's last draft, I maintained that a
centralized unit commitment process didn't fit the Pacific Northwest (PNW)
with its pattern of trading to achieve coordination between hydroelectric and
thermoelectric generation.  You asked me to provide more detail hydro-thermal
operation.  I am including a paper that covers the nature of PNW operations
and contracting with observations about the nature of unit commitment.  Given
other work and travel, it has taken some time to complete the paper and its
examples.  I hope this will help to explain why I am hesitant to endorse a
centralize unit commitment implementation.

Steve

	James D Steffes@ENRON
	06/18/2001 01:48 PM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Christi L
Nicolay/HOU/ECT@ECT, Sarah Novosel/Corp/Enron@ENRON, Steve Walton/HOU/ECT
		 cc:
		 Subject: INTERIM MODEL TALKING POINTS

Here is the draft of an Interim step for Enron to give to Lay.  Please give
me your comments.  This is CONFIDENTIAL and should not be shared outside the
company.

Jim


Kevin Ruscitti was promoted to manager last review period.


Mark:

Could you give Jane some guidance on this question?

Thanks, Alan
----- Forwarded by Alan Aronowitz/HOU/ECT on 06/12/2001 01:47 PM -----

	Jane McBride@ENRON 06/12/2001 06:17 AM 	   To: Alan  Aronowitz  cc: John Suttle/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT  Subject: ISDA w/ToaRe - Third Party Debt Figure

Hi Alan,

We are negotiating an ISDA agreement with Toa Reinsurance Company and they have asked (amongst other things) that we agree that the third party debt figure for the purpose of Events of Default - of US$100 million - be reduced to US$10 million on the basis that 100 million is too large to be practical.

I asked John Suttle today whether there is another figure between the two that might be acceptable to Enron and he has said that the Enron Board has decided that only the Legal Dept is authorized to agree changes to this figure - he thinks it may have to be Mark Haedicke but is not sure.

Do you know whether there is any way we can get this figure down if it turns out to be a deal breaker?  If so, who should I liase with to get the necessary approval?

Thanks.

Jane


Dear Investor:

Thank you for using The Annual Reports Service in the past year.
(http://yahoo.ar.wilink.com/?mkt_code=ARS0700W)

As a past user of our free investor service, I wanted you to know that we
have added many new companies to the service.  In addition, many companies
now provide their on-line annual report for immediate viewing in addition to
their printed report.

To order free annual reports, simply click on the link below.

http://yahoo.ar.wilink.com/?mkt_code=ARS0700W

As a reminder, all annual report orders are processed and mailed via first
class mail, or equivalent, within one working day.

Thank you for using The Annual Report Service, I hope you will find it
useful when doing your investment research.

John P. Bedor
Head of Investor Marketing
World Investor Link, Inc.

http://www.worldinvestorlink.com

3794


Dad has a subscription to Progressive Farmer, would you like me to have that
sent to you?


Dear Ken,

I hope you 'visit' with the Governor was as fruitful as mine.  we are
very favorably supported in our development of a Regional Energy
Efficiency Initiative ... an approach to defining and delivering
sustainable energy efficiency. (not conservation!)

There is an opportunity to discuss a way in which Enron could perhaps
become involved in a very significant set of new developments within the
sphere of influence in which I operate.  If you wish to 'look into' this
.. let me know.  I believe such an endeavor during this difficult time
might well stand you in good stead .. and its a way to enter the end use
services business.

I look forward to getting to Aspen  for the AI conference.

John

 - EX. COMM. REPORT DEC 2000.doc


PLEASE SEE ATTACHED MEMO W/ATTACHMENTS.


Gerald,

As a follow up to your discussion on Friday with Jill Zivley regarding the Aspect/Helmrich & Payne, et al dedicated lease contract #96055540, Jill asked me to coordinate with you to get the amendment to this contract prepared. Per my discussion with Jill, the following items need to be addressed in the amendment.

Add the new well
Change the working interest
Include a statement to address our timing for changing working interest to the month succeeding the month that we are notified
Extend the contract an additional year from the end of the contract term

I will bring you copies of the contract (including the assignment from Enron North America to ENA Upstream) as well as the working interest sheet as soon as I have them. Jill would like to have this contract completed this week since the well is expected to begin flowing any day.

If you have any questions or need anything else on this request, please let me know.

Thanks,
Judy


Tana:  I don't know who Brad Diebner is.  However, Greg called me.  What Greg
really needs is the ENA "form" of ISDA Schedule (with the utility election).
He will also need a "generic" Paragraph 13.  The boilerplate can be mailed.
Before you send, I need to chat with Mark and I'll let you know more later
today.  Thanks.  Sara

	Tana Jones
	08/21/2000 09:14 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: ENA ISDA with PEC

I left a message for both Molly and Brad Diebner and neither has returned my
calls.

	Sara Shackleton
	08/21/2000 08:24 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: ENA ISDA with PEC

Tana:  Have you responded to either Greg or Molly?  Please call.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 08/21/2000 08:23 AM -----

	Molly Harris
	08/18/2000 02:12 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: Re: ENA ISDA with PEC

I understand Greg Penman has inquired for the same.  I would be happy to
coordinate amongst us and informed Greg accordingly.

Thank you
Molly

Molly Harris
08/18/2000 01:58 PM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: ENA ISDA with PEC

Tana

Is it possible to get electronic file for the Enron North America and Peoples
Energy Corporation ISDA?  Is it in Word?  I am trying to get our new JV,
Midwest Energy Hub, to utilize our format for the template for MEH.

Thanks
Molly

a.huprikar@pecorp.com on 08/17/2000 03:48:36 PM
To: molly.harris@enron.com
cc:
Subject: ENA ISDA with PEC

Molly,

Could you send me an electronic version of the ISDA that was signed between
ENA and PEC. I understand from our attorney that we did not work with an
electronic version, only a hard copy. In order to create an ISDA template
for MEH, I need the electronic version.

Thanks

Aparna

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


This prepay amount is on Phil's cash flow worksheet.  I'm requesting $26,000.00 to be wired to Reliant tomorrow and currently estimating $36,000.00 to be wired next Thursday.


Attached is the October 2000 nomination for our takes under the Gas Sales and
Purchase Contract between TXU Fuels (previously TUFCO) and HPL Resources Co.,
(TXU Fuels Contr. #3949), as well as our September 2000 nomination for takes
under the Gas Sales and Purchase Contract between TXU Fuels and SDS.  Please
advise should you have any questions concerning the attached.

Thanks,
CCS

(See attached file: MinHPLN00.xls)       (See attached file: SDSNOM.xls)

 - MinHPLN00.xls
 - SDSNOM.xls


---------------------- Forwarded by Robert Benson/Corp/Enron on 05/11/2001 12:32 PM ---------------------------

Chris Dorland@ECT
05/11/2001 12:14 PM
To:	Robert Benson/Corp/Enron@ENRON
cc:

Subject:	Why One Firm Thinks Enron Is Running Out of Gas

---------------------- Forwarded by Chris Dorland/HOU/ECT on 05/11/2001 12:14 PM ---------------------------

	Dan Dorland 05/11/2001 07:50 AM

To:	Paul Devries/TOR/ECT@ECT, Jan Wilson/TOR/ECT@ECT, Jeff Borg/TOR/ECT@ECT, Dave Ellis/TOR/ECT@ECT, Garrett Tripp/TOR/ECT@ECT, Stephane Brodeur/CAL/ECT@ECT, Chris Dorland/HOU/ECT@ECT, kdorland@flint-energy.com
cc:
Subject:	Why One Firm Thinks Enron Is Running Out of Gas

http://www.thestreet.com/_yahoo/comment/detox/1422781.html

   Why One Firm Thinks Enron Is Running Out of Gas By Peter Eavis   Senior Columnist Originally posted at 5:23 PM ET 5/9/01 on RealMoney.com            A small research boutique with a reputation for rigorous analysis is telling clients to quickly dump Enron (ENE :NYSE - news ), believing that the energy trading giant's 2001 earnings will fall well short of Wall Street's forecasts.  Cambridge, Mass.-based Off Wall Street, led by analyst Mark Roberts, thinks Enron's 2001 earnings will fall 6 cents short of the consensus estimate of $1.79. The firm also believes Enron stock should trade around $30, nearly 50% below Wednesday's $59.20.  The firm's 26-page report, published May 6, highlights Enron's declining profitability and increasing leverage and suggests that the company should trade on the same sort of multiple as a trading firm like Goldman Sachs (GS :NYSE - news ), which has a 2001 price-to-earnings ratio about half of Enron's 33 times. OWS also alleges that Enron's earnings quality is poor and that key parts of its financial statements are confusing and opaque.  Houston-based Enron didn't comment by publication time on elements of the report that Detox  sent the company. An energy analyst who is bullish on Enron's outlook says the OWS report contains fundamental misunderstandings about the energy market and Enron's business model, but he says the report does include some ground-breaking and valid insights. (The analyst's firm doesn't give stock recommendations.)  Economies of Scale Why care what Off Wall Street writes, compared with, say, analysts at Merrill Lynch (MER :NYSE - news )? For one, OWS has an excellent track record. Particularly sweet was 2000, when the tech stocks it had bashed came crashing down. It has also shown itself to be well ahead of the curve, recommending that clients sell e-tailer priceline.com (PCLN :Nasdaq - news ) in June 1999, when faith in Internet stocks was at its blindest and their prices at their most insane.      Pulling Back Enron retreats after long rally   Enron, with its domination of a burgeoning energy market, annual revenue of over $100 billion and impressive earnings growth, can hardly be ranked alongside the likes of priceline. But OWS thinks Enron is set for a precipitous drop nonetheless. Why?  OWS's main beef is that key profitability measures are in decline. Margins on Enron's pretax operating earnings (which the company's earnings releases call IBIT, or income before interest, taxes and other items) are falling. Total IBIT of $795 million in the first quarter amounted to only 1.59% of the $50 billion in revenue for the period, compared with a 2.08% margin in the fourth quarter and 4.75% in the year-earlier period. Revenue in the first quarter was nearly quadrupled from the year-earlier period, yet IBIT rose only 27%. This shrinkage is due to lower-margin trading income making up an increasingly large share of Enron's revenue base.  OWS thus calculates that for the remainder of 2001 Enron needs to generate an extra $2.1 billion in revenue for each additional penny it makes over its 2000 EPS of $1.47 to reach analysts' expectation of $1.79.  The energy analyst counters that OWS apparently hasn't grasped how Enron can continue to increase earnings even when margins shrink. It does so simply by increasing volumes as the energy market balloons in size. In other words, margins may decline, but since revenues are so much higher, earnings still go up. Illustrating this, first-quarter 2001 EPS of 49 cents was 23% ahead of the year-ago figure, even though the IBIT margin shrank by 3.2 percentage points. The analyst thinks Enron will make $1.82 per share in 2001.  Growing On You In addition, the huge growth in the energy market that has so helped Enron is likely to continue for several years, according to the analyst. He notes that roughly 75% of the electricity available in the U.S. still isn't traded in a market. "Eventually it will be part of a competitive environment, but it'll take five to 10 years," says the analyst. And he believes the extreme volatility in energy-related commodities that has also benefited Enron will exist for longer than OWS projects.  Still, OWS's point on profitability is bolstered by other profit measures. Return on capital (net income as a percentage of equity plus debt) was 6.6% in 2000, down on 1999's 6.9% and well below the 2000 returns on capital at Duke (DUK :NYSE - news ) (11.8%), Dynegy (DYN :NYSE - news ) (12.1%) and even Goldman (8.9%).  Even Enron bulls will admit that its financials are hard to follow. For example, it doesn't give a gross margin number for its wholesale services, or trading, business, which accounts for 96% of revenue. But one area of the company's financial statements registered with the Securities and Exchange Commission that consistently bugs analysts is the part that describes Enron's related party transactions, which are the deals it does with entities that have some sort of link to the firm. In fact, one of the related entities that Enron has traded with is headed by Enron's CFO, Andrew Fastow. The energy analyst comments: "Why are they doing this? It's just inappropriate."  The reason for maintaining these hard-to-follow related party deals has been a source of speculation. But OWS analysis shows how a sales of optical fiber to a related party may have been used to goose earnings in the second quarter of 2000. Estimated profits from the so-called dark fiber (optical cable without the gear to send data over it) transaction allowed Enron to beat analysts' second-earnings earnings estimate by 2 cents a share, rather than missing by 2 cents.  How soon before Wall Street follows Off Wall Street on Enron?


Kevin - I just realized I hadn't thanked you for your help in getting the hourly scalars done for power that I required for the proper valuation of my Real Option products.  They are all done. Thanks!

By the way, you had mentioned in your email that they may have some applications for EWS.  Is anyone using them up there?

Thanks again and happy trading!

Beth


The reason I called you today is to tell you that I noticed your EOL
performance.  Not bad for a cunuck.


SK - I put this on your calendar in case you will be attending on Stacey's
behalf.  mm

Steve:

Per the notice below, the performance review meeting for the AA program is
December 13 (the time is not listed).  In addition to listing my supervisor,
I am supposed to provide HR with the person in our business unit who is doing
the pre-ranking information for the PRC.  I assume you are doing the
pre-ranking.  I need to submit this information by 5:00 p.m. tomorrow.
Please let me know if you will be able to attend the December 13th meeting on
my behalf, and if you or someone else is doing the pre-ranking.

Many thanks,
Stacey
---------------------- Forwarded by Stacey Bolton/HOU/EES on 11/15/99 01:46
PM ---------------------------

Naomi Johnston@ECT
11/15/99 01:20 PM
To: Kara Knop/Enron Communications@Enron Communications, Karissa
Johnson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Karla Compean/HOU/ECT@ECT, Kate
Lucas/HOU/ECT@ECT, Katie Stowers/HOU/ECT@ECT, Keba Gordon/HOU/AZURIX@AZURIX,
Kelly McCoy/HOU/ECT@ECT, Ken Tate/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Kenneth Chow/HOU/ECT@ECT, Kenneth Shulklapper/HOU/ECT@ECT, Kent
McNellie/HOU/ECT@ECT, Kenza Bennouna/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Kevin Greiner/HOU/EES@EES, Kevin Ruscitti/HOU/ECT@ECT, Kevin
Zheng/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Key Kasravi/HOU/ECT@ECT, Kim
Womack/Enron Communications@Enron Communications, Kirk
Neuner/Contractor/Enron Communications@Enron Communications, Kristen
Hand/HOU/EES@EES, Kristina Lund/HOU/ECT@ECT, Kyle Francis/HOU/EES@EES, Kyle
Kettler/HOU/ECT@ECT, LaRence Snowden/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Larry F Campbell/HOU/EES@EES, Laura
Howenstine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Laura Wente/HOU/ECT@ECT,
Leandro Ibasco/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lee Jackson/HOU/ECT@ECT,
Leon Branom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Leonard Tham/HOU/ECT@ECT,
Leonardo Pacheco/HOU/EES@EES, Leroy L Ho/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Lewis Worthy/HOU/ECT@ECT, Li Xiao/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Linda
M Chenoweth/HOU/ECT@ECT, Lino Mastrangelo/HOU/EES@EES, Liqun
Pan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lisa C Rosenberg/HOU/ECT@ECT, Livia
Benavides/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lori Hope/HOU/ECT@ect, Luis
Mena/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Luis
Mendez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lynette Malone/HOU/ECT@ECT,
Maggie Li/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mallik Avs/HOU/EES@EES, Marc
Eichmann/Corp/Enron@ENRON, Marc Poulson/HOU/ECT@ECT, Marc
Sabine/NA/Enron@ENRON, Marcus Edmonds/HOU/EES@EES, Margaret
Allen/Corp/Enron@ENRON, Margaret Rhee/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Margarita Vicens/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mari
Capestany/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mario
Alonso/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marissa C Womble/HOU/ECT@ECT,
Mark Castiglione/HOU/EES@EES, Mark Dypiangco/HOU/EES@EES, Mark
Gandy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Reese/HOU/EES@EES, Markus
Urban/PDX/ECT@ECT, Marsha Francis/HOU/EES@EES, Martin
Gonzalez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Martin Lin/HOU/ECT@ECT, Martin
Sacchi/Corp/Enron@Enron, Martin Sonesson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Mary J John/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mary Jane
Glasscock/HOU/AZURIX@AZURIX, Mateo Vegalara/HOU/ECT@ECT, Mathew
Gimble/HOU/ECT@ECT, Matthew Duffy/NA/Enron@Enron, Matthew
Jachimiak/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Meera
Natarajan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Melaine
Fernandes/Corp/Enron@ENRON, Micha Makowsky/HOU/ECT@ECT, Michael
Flanigan/HOU/EES@EES, Michael Garberding/HOU/ECT@ECT, Michael
Harris/Associate/HOU/EES@EES, Michael M Driscoll/PDX/ECT@ECT, Michael
Ratner/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael Sergeev/HOU/ECT@ECT,
Michael Simmons/HOU/ECT@ECT, Michael Stockton/HOU/ECT@ECT, Michele Nezi
Marvin/Enron Communications@Enron Communications, Michelle
Wenz/HOU/AZURIX@AZURIX, Miguel Vasquez/HOU/ECT@ECT, Mike Shannon/Enron
Communications@Enron Communications, Milind Pasad/HOU/ECT@ECT, Milson
Filho/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mingcheng
Lian/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Missy Stevens/Corp/Enron@ENRON, Mo
Bawa/HOU/ECT@ECT, Molly Hellerman/HOU/AZURIX@AZURIX, Mona Parikh/HOU/EES@EES,
Monica Edwards/HOU/ECT@ECT, Monica Rodriguez/HOU/ECT@ECT, Na
Zhu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nadege
Volcy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Najah Ade/Corp/Enron@Enron,
Natasha Danilochkina/LON/ECT@ECT, Nathan
Will/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ned Higgins/HOU/ECT@ECT, Neerav
Nanavaty/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nehal Vakil/HOU/EES@EES, Neil
Sainsbury-Carter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nelson
Wu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nicholas J Stephan/HOU/ECT@ECT,
Nicole Alvino/HOU/ECT@ECT, Nicole La/HOU/ECT@ECT, Nicole
Palczer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nikhil
Shah/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nisha Desai/HOU/AZURIX@AZURIX,
Palmer Letzerich/Enron Communications@Enron Communications, Partho
Ghosh/HOU/ECT@ECT, Patricia Slaughter/HOU/ECT@ECT, Patricia
Tlapek/HOU/ECT@ECT, Patrick Leahy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Patrick Markey/HOU/ECT@ECT, Patrick Meyers/HOU/AZURIX@AZURIX, Patrick
Tucker/HOU/ECT@ECT, Paul Burkhart/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Gregory/HOU/ECT@ECT, Paul J Broderick/HOU/ECT@ECT, Paulo Issler/HOU/ECT@ECT,
Pedro Blanco/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter
Hayes/HOU/AZURIX@AZURIX, Peter
Heintzelman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Portia Kersten/HOU/ECT@ECT,
Priya Jaisinghani/HOU/EES@EES, Purvi Patel/HOU/ECT@ECT, Raimund
Grube/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rajesh Chettiar/HOU/ECT@ECT,
Raphael Brun/LON/ECT@ECT, Raymond Hart/HOU/AZURIX@AZURIX, Rebecca
Phillips/HOU/ECT@ECT, Rene Bisono/HOU/EES@EES, Reuben Maltby/LON/ECT@ECT,
Reza Rezaeian/Corp/Enron@ENRON, Richard A Lassander/HOU/AZURIX@AZURIX,
Richard Hsu/HOU/ECT@ECT, Richard Schneider/HOU/AZURIX@AZURIX, Rob
Black/HOU/EES@EES, Robert Fuller/HOU/ECT@ECT, Robert Hitch/HOU/ECT@ect,
Roberto Martinez/HOU/ECT@ECT, Robyn Roberts/HOU/ECT@ECT, Rock
Mwongozi/ET&S/Enron@Enron, Roger Persson/HOU/ECT@ECT, Roman
Zadorozhny/HOU/ECT@ECT, Ross Mesquita/HOU/EES@EES, Ross Prevatt/HOU/ECT@ECT,
Rousseau Anai/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Russell T
Kelley/HOU/ECT@ECT, Ryan Deane/HOU/ECT@ECT, Ryan Synnott/HOU/ECT@ECT, Saeed
Raja/HOU/ECT@ECT, Samantha Bryce/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Samar
Khleif/HOU/ECT@ECT, Sameer Vasudev/Corp/Enron@Enron, Sarah A
Davis/HOU/ECT@ECT, Sarah Goodpastor/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Sarah Mulholland/HOU/ECT@ECT, Sarah-Joy Hunter/HOU/EES@EES, Scott W
Beilharz/HOU/EES@EES, Sean Black/HOU/ECT@ECT, Sean Keenan/HOU/ECT@ECT, Selena
Reyes/HOU/ECT@ECT, Seth Hurwitz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Shanna
Husser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sharad
Malhotra/HOU/AZURIX@AZURIX, Sheetal Bajoria/HOU/AZURIX@AZURIX, Shelia
Benke/HOU/EES@EES, Shelly Friesenhahn/Corp/Enron@ENRON, Silvia
Veitia/HOU/AZURIX@AZURIX, Song Wei/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Stacey Bolton/HOU/EES@EES, Stanton Ray/HOU/ECT@ECT, Steinunn
Thordardottir/HOU/AZURIX@AZURIX, Stephanie Segura/HOU/ECT@ECT, Stephen
Gray/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen
Stenhouse/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen Swain/HOU/ECT@ECT,
Stephen Thome/HOU/ECT@ECT, Steve Hirsh/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Steven Kleege/HOU/ECT@ECT, Steven Leung/HOU/EES@EES, Steven Vu/HOU/ECT@ECT,
Stewart Peter/LON/ECT@ECT, Stuart Schardin/HOU/ECT@ECT, Suresh
Vasan/HOU/ECT@ECT, Susan Edison/LON/AZURIX@AZURIX, Susan R Lewis/HOU/ECT@ECT,
Suzanne Farrow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Suzanne
Vann/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sven Becker/FRA/ECT@ECT, Ted
Huang/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ted Noble/HOU/ECT@ECT, Terri
Denning/HOU/AZURIX@AZURIX, Terry W Donovan/HOU/ECT@ECT, Thomas
Bremond/LON/ECT@ECT, Thomas Georgis/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Thomas Pullen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tiffany Mayo/HOU/ECT@ECT,
Tiffany Wright/HOU/ECT@ECT, TJ Rylander/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Todd B Hattenbach/DEN/ECT@Enron, Todd Neugebauer/HOU/ECT@ECT, Todd Van
Roten/HOU/ECT@ECT, Tom Chapman/HOU/ECT@ECT, Tom Dutta/HOU/ECT@ECT, Tom
Huntington/Enron Communications@Enron Communications, Tom Prisk/HOU/EES@EES,
Tony Brown/HOU/ECT@ECT, Tracee Bersani/HOU/ECT@ECT, Travis
Andrews/HOU/EES@EES, Trevor Randolph/Corp/Enron@ENRON, Trevor
Woods/HOU/ECT@ECT, Tyrell Harrison/HOU/ECT@ECT, Valter
Stoiani/Corp/Enron@ENRON, Vicky Ha/HOU/ECT@ECT, Victor Browner/SF/ECT@ECT,
Vikram Kulkarni/HOU/EES@EES, Virawan Yawapongsiri/HOU/EES@EES, Vishal
Apte/HOU/ECT@ECT, Vito Iaia/HOU/ECT@ECT, Ward
Cerny/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Webb Jennings/HOU/ECT@ECT, Will
Chen/HOU/ECT@ECT, Will Nolen/Enron Communications@Enron Communications, Bill
Heidecker/HOU/EES@EES, William Keeney/HOU/ECT@ECT, Wilson
Kriegel/Corp/Enron@ENRON, Winston Cheng/SF/ECT@ECT, Xi
Xi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Yelena
Lungin/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Yevgeny Frolov/HOU/AZURIX@AZURIX,
Yvan Chaxel/HOU/EES@EES, Zac McCarroll/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Zaib Iqtidar/HOU/ECT@ECT, Zal Masani/HOU/ECT@ECT
cc:
Subject: Associate/Analyst/Merchant Services Analyst Performance Review
Committee (PRC) Meeting !!!

Don,t Miss Out on Your Opportunity To Be Represented at the Year-End
Associate/Analyst/Merchant Services Analyst Performance Review Committee
(PRC) Meeting December 13, 1999

The Enron Corporate Staff Human Resources Department will be holding a
year-end PRC meeting December 13th for all members of the Associate/Analyst
and Merchant Services Analyst Programs. In order to be represented at this
meeting, each program participant must fulfill the following requirements:

1. You must ensure that your supervisor attends your scheduled business unit
PRC or performance review in order to obtain a   pre-ranking for you. (Please
forward this e-mail to your supervisor).

2. You must inquire as to who in your business unit will be able to attend to
represent and provide pre-ranking information for the Year-End PRC meeting
scheduled for December 13, 1999.

3. You must provide the Human Resources Department with the following
information regarding your rotation by Tuesday,   November 16th:

 Company Name
Department Name
Supervisor (as of 10/01/1999)
Year-End PRC Representative

Please forward this information to Naomi Johnston (njohnst@enron.com) by 5:00
p.m., Tuesday, November 16.  If you have any questions regarding the process
please call Todd Peikert at (713) 853-5243.

Thank You for taking the time to ensure that all Associate/Analyst and
Merchant Services Analyst Program participants are properly represented at
the Year-End PRC Meeting.

Enron Corporate Staff Human Resources


Caroline Barnes has indicated that you have a presentation put together that briefly covers the purpose and function of  Gas Logistics, and how this department  interacts with other departments. I was wondering if you would be interested in making the presentation to GMS personnel to better understand how Measurement impacts your department. Please let me know if you have an interest and when you might be available and  I'll arrange for the conference room to be available.
Thanks-
Gary


Yeah, I can help you out as long as it is not to late in the evening.  Let me
know what your schedule is.  Do we need to use my car or do you have a truck?


In This order issued Wednesday, FERC rejects the PX An=mendment No 22 and ISO
Amendment No 36 in part and makes very strong statements about the need to
have creditworthy parties for bilateral deals.  Only allows utilities to
schedule their own resources to meet their own loads, or otherwise to have
"support" from a creditworthy party.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 02/14/2001 11:35 PM -----

	Gary Ackerman <foothill@lmi.net>
	02/14/2001 04:08 PM
	Please respond to foothill

		 To: Bill Ross <billr@calpine.com>, Bob Anderson <Robert_Anderson@apses.com>,
Carolyn Baker <cabaker@duke-energy.com>, CHARLES A MIESSNER
<camiessn@newwestenergy.com>, Corby Gardin <jcgardin@newwestenergy.com>, curt
hatton <curt.hatton@neg.pge.com>, Curtis Kebler
<Curtis_L_Kebler@reliantenergy.com>, Denice Cazalet Purdum <dpurdum@apx.com>,
Greg Blue <gtbl@dynegy.com>, Jack Pigott <jackp@calpine.com>, Janie Mollon
<jsmollon@newwestenergy.com>, "Klemstine, Barbara A(F56661)"
<barbara_klemstine@apses.com>, Nam Nguyen <Nam.Nguyen@powersrc.com>, Randy
Hickok <rjhickok@duke-energy.com>, Rob Lamkin <rllamkin@seiworldwide.com>,
Rob Nichol <rsnichol@newwestenergy.com>, robert berry <berry@apx.com>, Roger
Pelote <roger.pelote@williams.com>, Sue Mara <smara@enron.com>, Jeff Crowe
<jcrowe@apx.com>, George Vaughn <gavaughn@duke-energy.com>, Al Parsons
<alp@ncpa.com>, Bob Low <Bob_Low@transalta.com>, Bob Reilley
<rreilley@coral-energy.com>, Brian Jobson <bjobson@smud.org>, Dave Nuttall
<dn@ui.com>, Duane Nelsen <dnelsen@gwfpower.com>, Edmond Chang
<echang@wapa.gov>, Elaine Walsh <Elaine@citizenspower.com>, Ken Lackey
<Kenneth_Lackey@EdisonMission.com>, Linda Hamilton
<lhamilton@avistaenergy.com>, Mark Tallman <mark.tallman@pacificorp.com>,
"Richard H. Counihan" <counihan@greenmountain.com>, Sheryl Lambertson
<sslambertson@pplmt.com>, Steve Ponder <steve_ponder@fpl.com>, Tom Breckon
<tom@ncpa.com>, "Wolfe, Don - PGSO-5" <dvwolfe@bpa.gov>, John Marchand
<jpmarchand@aep.com>, Mark Ward <mward@ladwp.com>, "Morrato, Joe"
<Joe.Morrato@xemkt.com>, Dan Douglass <douglass@arterhadden.com>
		 cc:
		 Subject: FERC Affirms Generators' Claims

Came out today.  Hurry. Read, read, read.
gba

 - er01-889-000.pdf


I'm concerned about the 2nd bullet.  We've been taking the position that we don't want this "payment of PX credit" issue in this proceeding -- the "free-for-all" proceeding. Have we changed our position?  If not, I am concerned that Edison will either state directly or give the impression that it's part of the Barnett proceeding.

 -----Original Message-----
From: 	Mellencamp, Lisa
Sent:	Friday, November 02, 2001 11:09 AM
To:	Dasovich, Jeff; Williams, Robert C.; 'mday@gmssr.com'; 'jbennet@gmssr.com'
Cc:	Steffes, James D.; Tribolet, Michael; Curry, Wanda; Mara, Susan
Subject:	RE: Call Regarding Prehearing Conference on Our Negative CTC complaint

ok

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Friday, November 02, 2001 1:06 PM
To:	Dasovich, Jeff; Williams, Robert C.; 'mday@gmssr.com'; Mellencamp, Lisa; 'jbennet@gmssr.com'
Cc:	Steffes, James D.; Tribolet, Michael; Curry, Wanda; Mara, Susan
Subject:	RE: Call Regarding Prehearing Conference on Our Negative CTC complaint

OK.  Haven't heard back from Bob, but we may be able to avoid the call.  Mike Day got in touch with Edison's attorney this morning and here's the end result.

Edison has agreed to tell the judge on the 7th that, with respect to the complaints we've filed, they agree to take them off calendar until and unless parties ask to put them back on calendar.
Edison will  take the view that the proceedings underway at the commission (and presumably attempts to "settle" with parties) will resolve the issues in the complaint.
The assumption from out end is that the status quo remains intact.  That is, we will continue to pay the Commission, not Edison, for T&D charges during the "time out" on our complaints.
Mike and Jeanne will make sure that this critical piece, i.e., that we continue to place payments in escrow, will remain intact as part of the "time out."  If it turns out there are any doubts about this aspect, we'll likely need regroup and reconsider our options.

If anyone has any questions or concerns please speak up, and/or if folks would still like to have a very brief call to discuss, we can do that and ensure that Bob is kept in the loop and can weigh in when he returns.

Comments/thoughts?

Best,
Jeff

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Friday, November 02, 2001 11:30 AM
To:	Williams, Robert C.; 'mday@gmssr.com'; Mellencamp, Lisa
Subject:	Call Regarding Prehearing Conference on Our Negative CTC complaint

Bob's secretary called to tell me that Bob's at a doctor's appt and will be back in the office around noon Houston time.  We'll shoot for around noon CST to have the call.  I'll conference folks in from my phone.

Best,
Jeff


I re-compiled Exotica.xll, so that the xcol function is a put on collar.

De-add in your Exotica. Add this special one. And use xcol for put.

Then delete the Exotica_xcol_putoncollar.xll

We will build in this functionality in near future.

Zimin

Paulo,

Can you add a flag to xcol function so that we can choose a put or call from
the
spreadsheet ?

Thanks.

Zimin


Tracy

Here are new slides to replace the first two in the presentation that Eric sent you this morning.  Please replace the old ones with these and call me if you have any questions.

Stephen Dowd
Enron Transportation Services
713-345-7219 (office)
713-858-8867 (mobile)


Stacey,

Would you please send us trader's position sheet that you mention in our meeting few days ago
Currently, we work on building a prototype for traders.

Regards,
dluu


Latest on where we stand with day after interval meter data.

 -----Original Message-----
From: 	Rutledge, John
Sent:	Thursday, August 16, 2001 6:38 AM
To:	Stokley, Chris
Cc:	Alvarez, Charles
Subject:	Re: FW: CES2423 Project Proposal

Chris--

I guess you must be in Portland--I left a voice mail for you yesterday.

Anyway, I don't know exactly who here at Enron is responsible for representing our priorities for these matters to CSC. I talked to Geoff Goodfellow in Dublin and he suggested Bob Gresh or Brenda Herod. These are names I've seen in the recent barrage of emails, but I have not met either of them and don't know their exact involvement in all of this. I have also asked Geoff to confirm that, assuming this process was elevated to the highest priority, we could be getting the data around 7:30 a.m.

The database you mentioned is definitely not "ready to go." The meter data we're getting from the MV-90 system is just that: a list of meter numbers and readings.  I am assuming (perhaps incorrectly) that just having a database of meters without their associated sites, account, clients, etc. isn't going to be useful to anyone. I am working on putting something very basic together to show Michael Frazier sometime early next week. I will also get back to you on the file-processing time once I've run a few tests.

Let's get together and iron out some of the specifics of what *you* need from this data. I'm free all day tomorrow.

--John

From:	Chris Stokley/ENRON@enronXgate <mailto:Stokley/ENRON@enronXgate> on 08/15/2001 06:47 PM
To:	John Rutledge/HOU/EES@EES <mailto:Rutledge/HOU/EES@EES>
cc:
Subject:	FW: CES2423 Project Proposal

John,
	I have not heard back from you on the items listed below, where do you stand on these questions

							Chris

 -----Original Message-----
From: 	Stokley, Chris
Sent:	Tuesday, August 14, 2001 6:27 AM
To:	Rutledge, John
Subject:	RE: CES2423 Project Proposal

John,

	Could you tell me who I would speak to in order to find out the priorities that are pushing this process back to 11:00am? Also, how much time does it take you to get this file into the database once you receive the file from CSC? This is making the assumption that the database is configured and ready to go. What are you currently seeing in the way of missing data coming in from these files on a daily basis.

								Chris
								503-807-8959

 -----Original Message-----
From: 	Rutledge, John
Sent:	Wednesday, August 08, 2001 11:18 AM
To:	Winter, Maurice; Stokley, Chris; Frazier, Michael
Cc:	Alvarez, Charles
Subject:	CES2423 Project Proposal

Have attached the project proposal as returned by CSC. I am also summarizing a discussion I had with Geoff Goodfellow of CSC:

Since CSC is using a third-party, packaged application to produce this file, they are limited in their ability to deliver exactly what we want (in the context of the 51 hour, $4,883.62 estimate).

We requested that missing data (e.g., phone line down) be backfilled in a later day's file, but this is not possible because the process to produce this file only queries on meter data for a specific date, not all data received on a specific date. For example, if they ran it today, for 7 August, we would receive all meter data for that date, but they would have actually received more than that on the 7th, perhaps data dated 6 Aug for meters that failed to dial in on that day. Getting this data will require further development (read: mo' money).

Also, the file is 26MB, of which more that 25% is blank spaces on the end of each line. Again, since this is an external application, I have been told that it is not possible to eliminate this extra space. (Not a killer, since we won't actually be putting it in the database, but it just adds to processing/network overhead.)

I have also been told that file delivery will occur between 11 a.m. and 12 p.m. daily. This is because of current priorities, but even at the earliest, we won't be able to get it before 7:30 a.m. (Data is collected from 12 a.m. to 6 a.m., the report run takes 1 hour 30 minutes, a file is produced at 7:30.)

--John

---------------------- Forwarded by John Rutledge/HOU/EES on 08/08/2001 10:57 AM ---------------------------

jthoma56@csc.com <mailto:jthoma56@csc.com> on 08/07/2001 04:11:43 PM
To:	rgresch@enron.com <mailto:rgresch@enron.com>
cc:	jjackson@enron.com <mailto:jjackson@enron.com>, john.rutledge@enron.com <mailto:john.rutledge@enron.com>, kenny.ha@enron.com <mailto:kenny.ha@enron.com>
Subject:	CES2423 Project Proposal

Bob -
Attached is the Project Proposal and Purchase Order document for the MV-90
Data Download (CES2423) Work Request.  Please review the documents at your
earliest convenience.  If the offer is acceptable to EESO, please forward
your acceptance to my attention via electronic mail attached to this
submission.
If you have any questions or require additional information, please contact
me at 614-737-1345.

Best Regards -
Jim
(See attached file: CES2423.MV90 Project Proposa 080701.doc)
 - CES2423.MV90 Project Proposa 080701.doc << File: CES2423.MV90 Project Proposa 080701.doc >>


Penny and Lynn,
I would like to set a meeting for us to discuss a problem that has developed with Amarillo Natural Gas deliveries at POI 62119 - CRI Seaboard and POI 78158 - Circle Land & Cattle.  Due to the rules that govern the Bushton Universe, Amarillo Natural Gas is not able to find gas to purchase at the receipt points that are labeled for these deliveries.

Randy Janzen


FYI.  Thanks. Lynn

-----Original Message-----
From: Dietz, Rick
Sent: Friday, September 14, 2001 10:53 AM
To: Blair, Lynn; January, Steven; Nacey, Sheila; Holmes, Bradley; Scott,
Donna; Bryant, Mike; Winters, Ricki; Carrillo, Alma; Green, Alma;
Garcia, Ava; Brown, Sharon; Bastida, Nancy; Berger, Larry; Brostad,
Karen; Brown, Elizabeth; Buehler, Craig; Carrillo, Alma; Carter, Zuela;
Coon, Galen; Cormier, Martha; Dasilva, Esther; Davis, Larry; Dietz,
Rick; Eldridge, Dale; Floyd, Jodie; Green, Alma; Hanagriff, Richard;
Hebert, Thomas; Johnson, Alice; Lee, Dennis; Steele, Patricia; Trevino,
Linda; Vasquez, Josue; Wagoner, Michael; Williams, John W.; Zadow,
Raetta
Cc: Vasquez, Josue
Subject: Josh Vasquez Pager
Importance: High

As our department will be spread out over three different floors, Josh will be used as a "runner" between locations to deliver important mail, faxes and other documents.

We assigned him a pager so that it will be easier to locate him and request his assistance.  His pager number is 713-200-6435.

Rick


Mike - thanks I got it eventually.

The only thing I would add at this stage would be under "Daily Management P&L
and position reporting..."

"Key positional and valuation data delivered to corporate risk aggregation
system ("RisktRAC") by a pre - determined time"

The form and content of that data I outlined in my last tome.

This will allow us to (amongst other things) get the positions aggregated and
perform some level of assessment, and allow you folks to kill the spreadsheet
you currently use to calculate VAR, because RisktRAC has the VAR engine.

DP

Mike Jordan
15/06/2000 13:44
To: John Sherriff/LON/ECT@ECT, Steve W Young/LON/ECT@ECT, Fernley
Dyson/LON/ECT@ECT, Brent A Price/HOU/ECT@ECT
cc: Ted Murphy/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT

Subject: Doorstep meeting - additional action steps

the missing attachment !!!!!!

Please note that these are the controls primarily associated with the Middle
Office.
---------------------- Forwarded by Mike Jordan/LON/ECT on 15/06/2000 13:40
---------------------------

Mike Jordan
15/06/2000 13:34
To: John Sherriff/LON/ECT@ECT, Steve W Young/LON/ECT@ECT, Fernley
Dyson/LON/ECT@ECT, Brent A Price/HOU/ECT@ECT
cc: Ted Murphy/HOU/ECT@ECT

Subject: Doorstep meeting - additional action steps

From our meeting yesterday I noted the following additional action steps (
not recorded within report )

Immediate

Define a summary of fundamental controls on one page  - that can be reviewed
on a cross functional basis ( Commercial, Commercial Support and RAC - the
execute, control and review functions ) - timetable
draft summary schedule - done

Separately get business controllers and RAC management to rate each business
by control point ( Red, Amber or Green ) by next Thursday and arrange joint
meetings with Commercial on businesses that have a poor assessment or
significantly different assessments - Action Mike Jordan and Steve Young

Others as soon as possible
Follow up on status of investment required for Weather business in Oslo -
Action Mike Jordan
Investigate reporting of trades not captured on trade date within DPR on a
daily basis  - Action Mike Jordan
Establish accountability for existing process for creating authorised trader
list  - Action Steve Young
Change process for publishing authorisation list  - placing it on commercial
bulleting board - and reference location within DPR - Action Mike Jordan
Generate an update of status re Master ISDA - Action Steve Young and
investigate possibility of flagging this status within GCP  - Action Mike
Jordan
Determine current EOL straight through process rate ( STP ) across bridges to
risk management systems  - Action Mike Jordan
Define summary information on Coal/P&P etc businesses for inclusion in DPR
for supervisory review by John

Regards

mike


Hi Sweetie,
?
How are you?? I got up about an hour  ago.? I went to bed pretty late last
night-probably because I slept a lot  yesterday and because I was cleaning.?
My room looks a whole lot  better.? I'll probably be cleaning for a couple of
days.? I just hope  that Bren cleans up her stuff so I don't have to.
?
I don't know when Em is supposed to be here,  she'd said she would call.?
Anyway, Ray is coming to my graduation.?  That's nice, huh?? Now it's gonna
be a total of 13 people here!? He  going to be in Austin tomorrow.? He's
going to stay here all weekend.?  I don't know where I'm going to put
everyone!
?
I have rehearsal at 7:15 tonight, so call me  before 6:45, okay?
?
I'll be checking my email all day......so say  hello!
?
Love you,
Jenn


Sure.  I'd love to share my experiences.  Have him give me a call.

By the way, the chapter you sent has been VERY helpful to me in coming to
understand Enron's early history.  "I'm getting it" even if slowly.

John

At 07:57 AM 1/31/01 -0600, you wrote:
>John.
>
>I want to ask you for a favor. Can you help
>this fellow (who is negotiating a contract with John Wiley
>by giving him some advice?
>
>Vince
>---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/31/2001
>07:58 AM ---------------------------
>
>
>Steve Bigalow@ENRON
>01/31/2001 07:37 AM
>
>To:   Vince J Kaminski/HOU/ECT@ECT
>cc:
>Subject:  picks and publishers
>
>Good morning,
>
>First, a reminder that you want to see follow through strength on the picks
>before going into them Secondly do you know anybody that has published a
>book? I need some help in how to negotiate points in the contract.
>
>Thanks,   Steve
>
>
>
John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html