We are pleased to announce a new sale for Winter travel that puts
every city in our system on sale for travel through March 14, 2001!!!!
This sale requires a 7-day advance purchase and discounts range up to
35% off the already low fares we offer everyday.  Seats are limited
and may be unavailable on some days and flights that operate during
peak and holiday travel times such as the Christmas, New Year, and
President's Day holiday periods.  You must purchase
http://www.airtran.com/reservations/cgi-bin/flight_search.cgi
tickets by December 7, 2000.

Receive a BONUS 5% discount if you make your sale fare booking online
at www.airtran.com  !!!!!!!

Remember:  Travel may originate in either city and all fares are
one-way and don't require a roundtrip purchase.

Following is just a small sample of one-way sale fares:

$80     Atlanta - Boston
$52     Atlanta - Dayton
$99     Atlanta - Grand Bahama Island, Bahamas
$65     Atlanta - Gulfport/Biloxi
$39     Atlanta - Myrtle Beach
$67     Atlanta - Philadelphia
$54     Atlanta - Pittsburgh
$59     Atlanta - Toledo, Ohio
$70     Atlanta - Washington, DC (Dulles)
$86     Bloomington/Normal - Orlando
$77     Boston - Memphis
$72     Boston - Raleigh/Durham
$88     Buffalo - New Orleans
$39     Chicago (Midway) - Minneapolis/St. Paul
$39     Chicago (Midway) - Pittsburgh
$88     Canton/Akron - Miami
$82     Dallas/Ft. Worth - Atlanta
$99     Dallas/Ft. Worth - Pittsburgh
$82     Flint - Greensboro/High Point/Winston/Salem
$64     Ft. Lauderdale - Philadelphia
$65     Ft. Myers - Atlanta
$82     Houston (Hobby) - Atlanta
$99     Houston (Hobby) - Buffalo
$87     Minneapolis - Atlanta
$75     Newark - Atlanta
$99     Newark - Houston (Hobby)
$72     Newport News/Williamsburg - Orlando
$39     New York (LaGuardia) - Pittsburgh
$72     New York (LaGuardia) - Savannah/Hilton Head
$64     Philadelphia - Orlando
$59     Philadelphia - Tampa
$72     Toledo - Orlando
$99     Washington, DC (Dulles) - Houston (Hobby)
$72     Washington, DC (Dulles) - Memphis
$72     Washington, DC (Dulles) - Tampa

Remember:  Travel may originate in either city listed above and all
fares are one-way and don't require a roundtrip purchase, and receive
a BONUS 5% discount if you make your sale fare booking online at
www.airtran.com  !!!!!!!

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

And now for the best deals on earth!!!! You know that you'll always
get a great deal on airfare from AirTran Airways, but did you know
that AirTran Airways has partnered with the Hertz Corporation to give
you special low rates on Hertz car rentals? To get these great rates,
click on the Hertz icon after you have completed your AirTran Airways
booking. You will be transferred to the Hertz website and the AirTran
discount will be automatically applied. AirTran Airways and Hertz --
making travel affordable.

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

You've got a great airfare from AirTran Airways! Now complete your
travel package with a low rate from the Hilton Family of Hotels!  Just
click on the following link, and check out Hilton "Family" Value Rates
at most AirTran Airways destinations!
www.hilton.com/specials/values_main.html

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

Sale Fares other rules and restrictions: All fares are one-way. All
fares are non-refundable, and a $50 per person fee applies to any
change made after purchase plus any applicable increase in airfare.
Travel on sale fares must be purchased no later than December 7, 2000.
All travel must be complete by March 14, 2001.  Fares have a 7-day
advance purchase restriction and may be combined with regular fares to
complete an itinerary.  Travel is not valid on December 22, 23, 26,
2000 or February 16, 19, 2001.  Travel also may not be available to
and from select cities during other periods of high passenger demand.
Seats are limited and subject to availability.  Fares don't include
segment taxes of up to $2.75 for each segment.  A segment is defined
as a takeoff and landing.  Airport passenger facility charges of up to
$12 are not included.  Fares to/from Grand Bahama Island do not
include $33.80 in round-trip taxes.

**********************************************************************
As a subscriber to AirTran Airways' Net Escapes, we send you regular
updates on our Internet specials.  If you need to contact us for any
other reason, please call us at 1-800-AIR-TRAN, or in Atlanta call
770-994-8258. Please note that any reference to Net Escapes fares,
Feature City fares, or bonus discounts for booking online may ONLY be
purchased on our web site, http://www.airtran.com.

Please click: http://post.intellimedia.com:80/UM/U.ASP?A35.86.529319 and
you will be removed immediately!

Or

To unsubscribe, mailto:U-A35.86.529319@post.intellimedia.com
or if the emailaddress is not clickable, simply copy the text
to the right of the 'mailto:' command and paste it into your
email application and hit send.  You will be taken off the list
immediately. Thank you!


Jan,

Yes, if this is the procedure.

Also, you will receive tomorrow hard copies of the documents
that I have compiled.

Vince

 -----Original Message-----
From: 	Cooley, Jan
Sent:	Wednesday, November 07, 2001 5:19 PM
To:	Kaminski, Vince J
Subject:	RE: LJM Litigation

Mr. Kaminski,

Are these the folders in your LotusNotes that we should have burned to CD's for the document production?

 -----Original Message-----
From: 	Kaminski, Vince J
Sent:	Wednesday, November 07, 2001 5:08 PM
To:	Cooley, Jan
Subject:	LJM Litigation

Jan,

Please, check the following Lotus Notes folders for information
relevant to the LJM litigation:

1. UntitledMartin
2. TRSWAPS

Vince Kaminski


Thanks.  Sorry , I seem to be taking up alot of your time lately!

DG    3-9573


No, and no.

Jeff

 -----Original Message-----
From: 	Hickerson, Gary
Sent:	Wednesday, October 24, 2001 2:38 PM
To:	Shankman, Jeffrey A.
Subject:	RE:

Hey Jeff,

Have you heard about my idea to trade ags with my black box model?

Gary

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Wednesday, October 24, 2001 2:30 PM
To:	Buy, Rick; Hickerson, Gary; Price, Brent A.
Cc:	Mcconnell, Mike
Subject:

Rick,

As you know we have stopped our agricultural commodity businesses, and therefore do not need any VAR associated with these businesses.  If this VAR is allocated to EGM, I would like to reallocate it within the business unit.  If VAR is approved for specific businesses, EGM will give this VAR back to Corp.

As well, I would like to reclass all softs, grains, and meats on the DPR as "other" and remove those headings.

Thanks

Jeff


------------------------------------------------------------------------------------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

September 28, 2001 5:00pm through October 1, 2001 12:00am
------------------------------------------------------------------------------------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER:   SEE ORIGINAL REPORT

EES:  SEE ORIGINAL REPORT

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:   ALSO SEE ORIGINAL REPORT
Impact:  CORP
Time:  Fri 9/28/2001 at  5:00:00 PM CT thru Sun 9/30/2001 at  10:00:00 PM CT
	Fri 9/28/2001 at  3:00:00 PM PT thru Sun 9/30/2001 at    8:00:00 PM PT
	Fri 9/28/2001 at 11:00:00 PM London thru Mon 10/1/2001 at  4:00:00 AM
Outage:  Update WINS Entries on all Servers in Calgary
Environments Impacted:  Corp Calgary
Purpose: New  WINS Servers as per Keith Meurer
Backout:
Contact(s): 	Greg Hibbert    403-974-6700

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING: No Scheduled Outages.

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: No Scheduled Outages.

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

-----------------------------------------------------------------------------------------------------------------------------
								FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management			(713) 853-5536
SAP/ISC                                                                               (713) 345-4727
Unify On-Call 					(713) 284-3757  [Pager]
Sitara On-Call					(713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS			(713) 639-9726  [Pager]
OSS/UA4/TARP				(713) 285-3165  [Pager]
CPR						(713) 284-4175  [Pager]
EDI Support 					(713) 327-3893  [Pager]
EES Help Desk					(713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call                    (713) 327-6032 [Pager]


To the Members of the ISDA 2001 Nominating Committee:

A quick progress report on the things I was asked to do by the Committee
when we convened last month in NY:

1.  I have spoken a couple of times with Frederic Jambon of BNP Paribas
(most recently today).  Fred is interested in serving on the Board and both
he and his firm are willing to make the commitment that Board membership
would entail.

2.  I have also spoken several times with Azam Mistry of HSBC (again most
recently today).  Azam is likewise interested in serving on the Board and
both he and his firm are willing to make the commitment that Board
membership would entail as well.

3.  I have set up a lunch for NY-based members of the Committee on Dec. 6
with Kaushik Amin of Lehman Brothers.  Dennis Oakley will host the lunch at
Chase and several members of the Committee will attend.

4.  I have not heard anything further from Socitie General, but I have
e-mailed Sebastien today to see if they intend to put some up for the Board.

At this point, it would be appropriate for members of the committee who
would like to meet or speak by phone with any of these candidates to do so.
Fred Jambon is London-based.  Azam Mistry is Hong Kong-based, but will be
spending New Year's in the U.K. and could be in London just prior to, or
immediately after, Jan. 1.  Kaushik Amin is New York-based.  Please let me
know if you would like any of their phone numbers in order to set up a
face-to-face meeting or a phone conversation.

Rick


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ALSO TAKE NOTE: At the time of this mailing the return email address is a bonafide
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receiving all undeliverable emails as well as remove requests. On occasion the return
email address provided may become disrupted by the efforts of, what we define as,
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Congress shall make no law respecting an establishment of religion, or prohibiting the free
 exercise thereof, or abridging the freedom of speech or of the press; or the right of the
 people peaceably to assemble, and to petition the Government for a redress of grievances.

Amendment I, The US Constitution

____________________________________________________________
This messsage was sent using the trial version of the
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The 1st Class Mail Server 3.0 has lots of cool new features.
Best of all, it's still free! To download the latest version,
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Jon

Ignore expenses.  We just split the whole office in half to split the trading
and marketing.  You are also not authorized to see some of those expenses.
So please ignore them.


Jeff --

Just a brief note -- I know that you are busy on a lot of different fronts.

I am wondering about your plans for Xcelerator.  David Berberian and I have interacted recently with the Xcelerator folks.  We brought them an idea that was conceived and developed in our group.  We call it the Collatorized Bandwidth Obligation (CBO) product, a structured financial product that should yield more than $100 million for Enron in its first application to Global Crossing.  The Xcelerator has decided to take on this opportunity and will be moving Mathis Conner and Peter Feltman, the two people from our group who developed the concept, into the Xcelerator team this week.

The Xcelerator group seems to have some good talent for evaluating ideas, but I got the sense that they are looking for folks with more implementation experience who can help them drive ideas into execution.  In fact, a couple of them wanted to know if David and I are available and interested in coming over to the Xcelerator.

Based on what I know about Xcelerator, David and I seem to have a good background and skill set for what the group is doing.  Clearly, we have generated and handed off a number of business opportunites within Enron that are currently being pursued by folks in EBS and ENW.  So, on the surface, the fit appears very good.

My question for you is whether it makes sense from your perspective for David and me to look into this opportunity.  I don't have any knowledge of what you might have planned for Xcelerator, so I don't want to pursue anything that might be distracting to the team.  Your feedback would be most appreciated.

Best regards.

-- Rex


I will be recruiting at Wellsley College for the Analyst Program on Thursday,
September 28.  I will fly back from Boston on Friday, September 29 and I
should be back in the office between 11:30 and 12:00.  My assistant, Patti
Thompson (x39106) has numbers where I can be reached.  While I am out of the
office, the following persons will serve as key contacts:

 Gas Operations  Bob Hall  x36956
     Leslie Reeves x37962
     Steve Jackson x37070

 Power Operations Jenny Latham x33982
     Leslie Reeves x37962

 DPR    Mike Moscoso x35242

 MPR    David Maxwell x36983


All

Is anyone working on a physical master with this counterparty? If so please
could you advise Tana of progress.

Many thanks.

Marcus

----- Forwarded by Marcus Nettelton/NA/Enron on 03/23/2001 07:59 AM -----

	Tana Jones@ECT
	03/22/2001 06:25 PM

		 To: Marcus Nettelton/NA/Enron@ENRON
		 cc: Walter Guidroz/Enron@EnronXGate
		 Subject: The New Power Company

Do you know the progress of getting a physical power master in place with
this counterparty?  Can you keep me apprised.  They are obviously a
quasi-affiliate and we have internal people contacting me checking on their
progress.  Thanks!


Here is the spreadsheet attached...  It includes all deals, expired or non-expired, but looks like only physical deals are booked to DUBLIN-AGG (ID 26579).

Cecilia

 -----Original Message-----
From: 	McLaughlin Jr., Errol
Sent:	Monday, November 26, 2001 5:53 PM
To:	Cheung, Cecilia
Subject:	RE: request for information

Cecilia,

Can you run it for ENRONENESERINC, please.

Thanks,

Errol

 -----Original Message-----
From: 	Cheung, Cecilia
Sent:	Monday, November 26, 2001 2:38 PM
To:	McLaughlin Jr., Errol
Subject:	RE: request for information

No rows found in both OTC or exchange traded deals.

 -----Original Message-----
From: 	McLaughlin Jr., Errol
Sent:	Monday, November 26, 2001 2:34 PM
To:	Cheung, Cecilia
Subject:	RE: request for information

ENRONENESER

 -----Original Message-----
From: 	Cheung, Cecilia
Sent:	Monday, November 26, 2001 2:24 PM
To:	McLaughlin Jr., Errol
Cc:	Lim, Francis S.
Subject:	FW: request for information

Errol,

Would you tell me which EES counterparty you are interested?(if CP_status = "I" it means it's inactive)  Also would you like to see all deals or just non-expired deals?

Counterparty_cd	Counterparty_Legal_Nm	Cp_status	ID
ENRONENESER	Enron Energy Services	I	53228
ENRONENESER10	Enron Energy Services Europe B.V	I	132198
ENRONENESER3	Enron Energy Services Italy, S.r.l	N	86138
ENRONENESER4	Enron Energy Services Spain, S.L.	N	86141
ENRONENESER5	Enron Energy Services Engineering UK Limited	A	86191
ENRONENESER6	Enron Energy Services Portugal, LDA	A	86294
ENRONENESER7	Enron Energy Services Netherlands B.V.	A	86296
ENRONENESER8	Enron Energy Services North America, Inc.	A	90053
ENRONENESER9	Enron Energy Services International Leasing, Inc.	N	90747
ENRONENESERCAN	Enron Energy Services Canada Corp.	N	85186
ENRONENESERDUB	Enron Energy Services, Inc. - Dublin	A	59032
ENRONENESERINC	Enron Energy Services, Inc.	A	57956
ENRONENESERLLC	Enron Energy Services, LLC	N	60305
ENRONENESEROPR	Enron Energy Services Operations, Inc.	A	60306
ENRONENESERVSWE	Enron Energy Services Sweden AB	A	101287

Once I hear from you I'll prepare the list and email it to you.

Thanks,
Cecilia
x53362

 -----Original Message-----
From: 	Lim, Francis S.
Sent:	Monday, November 26, 2001 1:52 PM
To:	Cheung, Cecilia
Subject:	request for information

Contact: Errol McLaughlin
       Tel: 5-8274

He is trying to find out all the deal that we have done with EES. They are
usually all booked to the book DUBLIN-AGG (book_ctrpty_id=26579). He
said that they already have those. However, he is not comfortable because
he thinks that there might be other EES deals that are not booked to the
DUBLIN-AGG book. He wants to see a list of EES deals that is not booked
to DUBLIN-AGG.
EES deals are deals that are book the the counterpary that is spelled like
ENRON ENERGY SERVICES


Remember as those Ameren Energy Inc., as agent, etc. for various companies we
got ETA amendments in for.  They are coming thru tonight as as online
counterparty but want to start trading today.  Any problems?


Craig:

Sorry I couldn't get back to you earlier.  I  asked Tana Jones to get you
access to our database that keeps track of financial master agreement
negotiations so you will always be up to date on where we stand with the
process.  If you haven't heard from her, please let me know.  Any word from
Justin on which Enron entity we will use for trading in the U.S.?

Mark

	Craig Young
	10/31/2000 10:09 AM

		 To: Mark Taylor/HOU/ECT@ECT, Justin Boyd/LON/ECT@ECT
		 cc: Craig Young/NY/ECT@ECT
		 Subject: ISDA

As a start could you advise if we have an ISDA with the following firms

Coke
Pepsi
Anheuser Busch
Gen Motors
Ford
Mercedes Benz
Steel Companies
Metal Companies
Container Companies
Hedgd Funds
Emerson Electric
Hydro Quebec
Bonneville

Do we have a clearing house for global ISDA agreements?

Craig Young
212-715-2342


Cp, please set up 15 minutes some time in July.  thanks, mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 06/07/2000
01:02 PM ---------------------------

	Enron North America Corp.

	From:  Blake Lasuzzo @ ENRON                           06/05/2000 03:23 PM

To: Mike McConnell/HOU/ECT@ECT
cc:
Subject:

Mr. McConnell,

I am an Energy Management major at OU who is interning here at Enron.  My
work experience so far has been excellent, and nothing less than what I had
hoped for.  I have had the opportunity to hear you speak a few times in
Norman and have been very impressed.  I have been impressed by the things you
said about this company and its ideals, programs and its commitment to
excellence - all of which I have seen since I started work.  The most
impressive thing to me, however, were the things you said about positive
thinking, goal setting, and the power of the subconscious mind in your talk
with the J.C. Penney Leadership Program.  These are beliefs which I have been
raised on by my father, and really believe to be true.  It was very
inspirational to hear that type of message from someone else for whom it has
obviously worked.  As I have started my internship here, I am implementing
this psychology into my life and work ethic, and thought you would might have
some helpful advice.  I know you are an extremely busy man, but I decided to
send you an email and ask if you ever had a few free minutes in which I could
speak with you about how this way of thinking has positively impacted your
career.  If you ever have a few minutes of free time this summer, I would
really appreciate the opportunity to speak with you.

Thank you for your time

Blake Lasuzzo


Does anyone have any issues or ideas on how EES can best  work with APS?

Jim

----- Forwarded by James D Steffes/NA/Enron on 03/01/2001 08:12 PM -----

	Robert Frank
	02/28/2001 04:17 PM

		 To: James D Steffes/NA/Enron@Enron
		 cc:
		 Subject: APS and Enron

Jim - EES is moving forward w/ plans to site mobile generation in AZ -
hoepfully, by summer (originally, it was locomotive engines, but now may be
turbines).  They want to have a high level contact between Enron and APS to
expedite interconnection, but don't know what, if any, business we're doing
w/ them right now and if any "issues" exist.  Does you have any suggested ENA
contacts?


I want to get a bye-week replacement for the Tampa Bay D and Hanson my
kicker.  My bids are the following:

D:
Steelers:$10
Bills:$5
Falcons:$1

Kicker:
Christie:$11
Blanchard:$5
Anderson, Gary:1

Thanks,
Greg


yep

Caroline Abramo@ENRON
12/12/2000 03:59 PM
To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron
cc:
Subject: HARVARD

J/M- I have Jason Hotra- their trader coming in tomorrow- maybe I can drag
you 2 away for a few minutes after 3.

see you tomorrow,
ca


Jim, I promised you some contact details.

Although I'm a little late with formal notification, as from the beginning of
the year I joined Societe Generale on a part-time basis.  I'm a Senior
International Adviser which means I do pretty much anything I want to turn my
hand to.  Jay Worenklein, who's the Global Head of Project Finance in New York,
is an old friend and we have always said that it would be fun to work together
if the opportunity ever arose.

In parallel with the SG role, I am continuing with the two roles for the British
Government I had previously mentioned to you: as adviser to the Deputy Prime
Minister and the Minister of Transport on the use of private finance in the
transport sector, and as non-executive Deputy Chairman of Partnerships UK, the
new merchant bank cum project developer the Government has formed to take
forward its well-known private finance programme.  So you can see that I've
finally ended up with the sort of portfolio we were discussing last fall.

Contact details are as follows:

Mobile              44 7802 655 605

At Partnerships UK  44 20 7273 8341 (direct)
               44 20 7273 8357 (my personal secretary - Carole James- who can
usually be relied upon to know where I am)
               44 20 7273 8383 (switch)
               44 20 7273 8367     (fax)
               e-mail:  adrian.montague@partnershipsuk.org.uk

At Societe Generale 44 20 7676 6821 (direct)
               44 20 7676 6881 (Nicola White - who tends to now where I am when
I'm at SG, or is a good point of call if Carole is not there)
               44 30 7676 6000 (switch)
               44 20 7667 2487 (fax)
               e-mail: as above

Since I move between offices a fair amount, if you send an e-mail, it's best to
send to both addressed at once.

All the best

Adrian

********************************************************************************************
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be distributed without our consent. If you are not the intended recipient, please
notify us immediately and do not disclose, distribute, or retain this email or any
part of it. Unless expressly stated, opinions in this email are those of the
individual sender, and not of Societe Generale. We believe but do not warrant
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Eugene,

Bob and I had a discussion about your question you raised yesterday.

For an option writer, he has the obligation to deliver, so he hedges it with
the underlying by adjesting delta positions.  The hedging cost, theoretically,
should be equal to the fair value of the option premium.

On the other hand, for the option holder, he has no obligation, by delta
heging,
he would pay double for the option, with no upside.  So he should not hedge
it at all.

If the option holder wants to protect the time value of the option, he should
sell
the option to the market or some equivalent options to create a theta-neutral
portfolio.
This may require trading in both the orginal and the equivalent option
underlyings.

Our question to you, if the call options you mentioned are embedded in the
EES
contracts, say fixed price sale contracts, What makes it possible to just
separate those options
and sell them to the market to retain the full values of the options ?  We
conjecture that these
 options are meant to hedge the original contract. By selling those options
you eliminate the upside of the
 original contract.

Give one of us a call if you want to discuss this further.

Zimin


BUSINESS HIGHLIGHTS

Coal Trading
The liquidity in trading of the Standard European Coal Agreement has
increased significantly over the last 6 weeks.  Many counterparties that
previously opted to stay on the sidelines finally chose to join the game.
Since the contract's inception at the beginning of the year, Enron has traded
a total of 5.3 million tons against the SECA contract, of which 3.8 million
tons has been traded via EnronOnline since July 2000.  We are 5.3 million
tons of a total traded market of 5.8 million tons.

Principal Investments
Tridium Inc., the leading provider of Internet-based automation
infrastructure solutions, announced the close of a $20 million round of
capital funding. The funds will be used to increase Tridium,s sales and
technical support offices in North America, expand its operations into Europe
and Asia, and enhance its technology and products. kRoad Ventures, L.P. and
Enron North America each contributed $10 million in venture capital.

Corporate Development
Allegheny Energy Supply Company, LLC, a wholly owned subsidiary of Allegheny
Energy, Inc., announced the signing of a definitive agreement under which
Allegheny Energy Supply will purchase three Enron natural gas-fired merchant
generating facilities. The acquisition is expected to close in the 2nd
quarter of 2001.

PERFORMANCE REVIEW

The deadline to provide feedback is Friday, November 17.  If you have been
selected to provide feedback on one of your fellow employees, please take the
time to fill out an evaluation online at www.pep.enron.com.

IN THE NEWS

"Enron Corp., already North America's biggest, buyer and seller of natural
gas and electric power is dead serious about its efforts to capture a big
slice of the $400 billion global trade in pulp, paper and lumber."
-Reuters News Service

2000 CHAIRMAN,S AWARD NOMINEES
Please join us in congratulating the ENA/EIM/EGM/ employees who have been
recognized as Chairman,s award nominees.

Congratulations to:

 Irma Alvarez  Alan Aronowitz  Rick Bergseiker  Carol Coats  Joya Davis
Rufino Durante
 Sue Foust  Julie Gomez  Barbara Gray  Jackie Griffith  John Harrison  Gerri
Irvine
 Kathy Benedict  Michael Kelley  Mike McConnell  Dave Nommensen Ina Norman
Juan Padron
 Veronica Parra  Michael Roberts  Rhonda Robinson Kevin Sweeney  Helen
Taylor  Stacey White

Extra kudos to BARBARA GRAY, who is a finalist for the 2000 Chairman,s
Award.  Barbara and ten other individuals are flying to San Antonio from
around the world to be honored at Enron,s annual Management Conference.  One
of these finalists will be recognized as the 2000 Chairman,s Award winner.

WELCOME
New Hires ENA/EIM/EGM
ENA ) Anil Chandy, Alejandra Chavez
EGM ) Marty Cates, JoAnne Underwood, Brad Miller

Transfers to ENA/EIM/EGM
ENA ) Mark Wadlington, Jennifer Blay-Smith, Georgian Landau, Kathryn Bussell,
John Coleman, Steven Gillespie, Clarissa Garcia, Ina Rangel, Farouk Lalji,
Eva Rainer, Chuchu Wang, Smith Day
EGM ) Gloria Solis, Carmella Jones, Nancy Haralson

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed outside of Enron.


Dad,

Hey!! I love you!!

Erin has sent you something special that is sure to make your day!

Click on the link below, or copy-and-paste the link into your browser:
http://www.passitaround.com/passit.pd?i=243603136&m=4850&rr=y&source=passit999

Have a great day!


STOCKWATCH Enron higher after Merrill Lynch's cautious upgrade to 'buy'
AFX News, 10/09/01
USA: RESEARCH ALERT-Merrill Lynch upgrades Enron.
Reuters English News Service, 10/09/01
Upgrades & Downgrades: Changes For CVS, Enron
CNNfn: Market Coverage - Morning, 10/09/01
ARGENTINA: Azurix withdraws from Buenos Aires water contract.
Reuters English News Service, 10/09/01
Power providers cry foul over fees / State is accused of improper billing
The San Francisco Chronicle, 10/09/01
Trammell Crow Company Names Rebecca McDonald to Board of Directors
Business Wire, 10/09/01
Enron Corp. Raised to Long-Term `Buy' at Merrill
2001-10-09 06:00 (New York)
Northwest to Buy Portland General
CBS MarketWatch.com, 10/8/2001

STOCKWATCH Enron higher after Merrill Lynch's cautious upgrade to 'buy'

10/09/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Shares of Enron Corp were higher in morning trade after Merrill Lynch issued a cautiously optimistic note upgrading the stock to 'buy' from 'accumulate' following Enron's sale of certain US and Indian assets, dealers said. At 11.35 am, Enron gained 36 cents, or 1.08 pct, to 33.81 usd.
The Dow Jones Utility Average (DUX) declined 4.26 points to 316.05.
On the broader indices, DJIA lost 16.26 points to 9,051.68, the S&P
500 fell 3.50 to 1,058.90, while the Nasdaq composite dropped 23.21
points lower to 1,583.53.

In a note issued early this morning, Merrill Lynch analyst Donato Eassey said, the agreement to sell Portland General and its India oil and gas interest, has positioned the company to focus on its more profitable core businesses, while substantially reducing its debt load by the end of 2002.
The sale of Portland General is expected to add 1.88 bln usd of cash to the company coffers at the close of the transaction fourth-quarter of 2002. The deal will also bring 1.1 bln usd of debt relief.
Meanwhile, the sale of Indian oil and gas assets should bring in 388 mln usd.
Eassey expects more asset sales by the company in the near future.
The divestiture of the troubled Dabhol power facility in India along with smaller international gas assets could provide the company with additional liquidity, he said.
"Enron could ultimately (in the next 3 years) raise another 1.8 bln usd or so from Dabhol and other non-core international assets."
The Dabhol plant is 65 pct owned by Enron, making it the biggest investment in India by a non-Indian company.
The company's partner, Maharashtra State Electricity Board (MSEB), owns 15 pct. MSEB owes Enron 48 mln usd for past power bills, but claims the power is too expensive and says it cannot absorb it all. The plant has lied idle since.
Many questions, however, remain unanswered, said Eassey, noting that despite the upgrade he is remaining cautious.
"While Enron has a menu of assets to draw upon to raise capital, reduce debt and improve its earnings prospects in the process, the primary question centres on timing," he said.
"Will the asset sales line up with an expected balance sheet clean up (with prospective gains offsetting losses)?
"Can Enron sell its interest in Dabhol anytime soon, given the current war environment?
"What impact will the weakening economies of South America such as Brazil and Argentina, not too mention the negative economic sentiment here in the US, have on Enron's and other internationally diverse companies' earnings outlook?"
These issues, along with the earnings drag from about 967 mln usd invested in its broadband unit and the viability of its 3.5 bln usd of goodwill, will likely continue to weigh on the stock near-term, explained Eassey.
Reflecting the above uncertainties, Eassey said he is "cautiously lightening" his 3-year growth outlook from the 20 pct range to 16-17 pct a year. Earnings per share estimates for 2001 stand at 2.10 usd, while the 2003 forecast is 2.45 usd.
Accordingly, Eassey's 'long-term' price objective now stands at 44 usd, or 31 pct above its current price with an upgrade on the shares to buy from accumulate.
blms/lj For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

USA: RESEARCH ALERT-Merrill Lynch upgrades Enron.

10/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 9 (Reuters) - Merrill Lynch said on Tuesday analyst Donato Eassey has upgraded Enron Corp. to "long-term buy" from "accumulate," explaining some of the big power marketers' clouds have cleared with the agreements to sell Portland General Electric and its India oil and gas interests.
Stating Enron is well on its way to resharpening its focus on its more profitable core businesses while substantially reducing its debt load by the end of 2002, the analyst said: "We still expect more in the way of asset sales such as the Dabhol power facility along with smaller international gas assets."
While Enron has a host of assets to draw upon to raise capital, reduce debt, and improve its earnings prospects in the process, the primary question centers on timing, Eassey said. "What impact will the weakening economies of South America such as Brazil and Argentina, not too mention the negative economic sentiment here in the United States, have on Enron's and other internationally diverse companies' earnings outlook?"
He said these issues, along with the earnings drag from about $967 million invested in its broadband unit and viability of its $3.5 billion of goodwill, will likely continue to weigh on the stock in the near term. "Reflecting the above uncertainties, we are cautiously lightening our three-year growth outlook from the 20 percent range to 16 percent to 17 percent per annum."
In Tuesday morning trading, Enron shares were up 30 cents to $33.75 after early buying carried Monday's $1.72 advance as high as $34.07.

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

Business
Upgrades & Downgrades: Changes For CVS, Enron
Rhonda Schaffler

10/09/2001
CNNfn: Market Coverage - Morning
(c) Copyright Federal Document Clearing House. All Rights Reserved.

RHONDA SCHAFFLER, CNNfn ANCHOR, MARKET CALL: Time now for "Upgrades & Downgrades": Lehman Brothers is cutting CVS (URL: http://www.cvs.com/) to a buy from a strong buy. Lehman says the weak economy combined with increased retail competition and high expenses could hurt CVS in the near-term.
ABN Amro downgrades Micron (URL: http://www.micron.com/) to a hold from an add, to match its underweight recommendation of the semiconductor sector. The brokerage firms sees some problems for the D-Ram business.
Goldman Sachs is cutting Sempra Energy (URL: http://www.sempra.com) to market outperform from its U.S. recommended list and cutting its price target by $7, to $29. Goldman says it sees limited upside potential for the stock.
And finally, Merrill Lynch is raising Enron (URL: http://.www.enron.com/) to a buy from an accumulate. Merrill says Enron is off to a great start in getting its financial health in order.
Let`s see how these stocks are trading so far; You can see the group is mostly lower, except for Enron. It is up.
"Market Call" will be right back after this break.

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

ARGENTINA: Azurix withdraws from Buenos Aires water contract.

10/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

BUENOS AIRES, Argentina, Oct 9 (Reuters) - Water company Azurix, a unit of energy company Enron Corp. , said on Tuesday it had withdrawn from its contract to distribute drinking water in Buenos Aires province after ongoing disputes with the provincial government.
"Azurix Buenos Aires SA ... officially notified the government of its withdrawl from the concession contract due to serious breaches on the part of the province of Buenos Aires," the company said in a statement without providing further details.
In recent months, Azurix has accused the province - Argentina's largest and most indebted - of not complying with certain conditions in the concession, a 30-year deal for which the company paid $439 million in late 1999.
Azurix provides water services to 2.5 million people in 71 cities in the province, which says it has met all conditions of the contract,.

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

NEWS
Power providers cry foul over fees / State is accused of improper billing
Bernadette Tansey
Chronicle Staff Writer

10/09/2001
The San Francisco Chronicle
FINAL
A.13
(Copyright 2001)

Electricity suppliers long accused of manipulating California's energy market are turning the tables on the state, saying its independent grid manager is forcing them to make up the cost of bad energy deals signed by Gov. Gray Davis' administration.
The power traders accuse the Independent System Operator -- which is legally required to act as an impartial market manager -- of improperly helping state power buyers spread out the cost of high- priced electricity contracts.
Energy firms as well as municipal utility systems have complained about mysterious charges on their accounts with the grid agency, said Jan Smutney-Jones of the Independent Energy Producers Association, which represents such industry giants as Enron, Dynegy, Williams and Reliant.
The charges showed up around the time the state Department of Water Resources was forced to start selling excess electricity it had purchased at an average of $69 per megawatt hour for as little as $1 per megawatt hour.
"The ISO seems to be following specific instructions the Department of Water Resources is giving them," Smutney-Jones said.
An industry source said NRG Energy Inc. and other suppliers were preparing a formal complaint to the Federal Energy Regulatory Commission, which could order the state to issue refunds to generators if it finds they have been improperly charged.
The commission has ordered an unprecedented operational audit of the grid management agency.
State officials bought power under long-term contracts when it appeared California could suffer serious power shortages over the summer. Instead, the state had more than enough power, and electricity available on the spot market suddenly cost half as much as the energy California had bought.
Gary Ackerman of the Western Power Trading Forum, an industry group, said the grid operator was using a combination of power scheduling and billing practices to "bury" some of the cost of power purchased by the state in the accounts of other generators.
"The state is the biggest buyer and seller of electricity, and they control the governing board of the ISO," Ackerman said.
The governor's spokesman, Steve Maviglio, called the power firms' accusations "absolutely false" and said the generators were trying to whip up sentiment in Washington to interfere with the state's affairs.
"The generators know they'll get a much better deal at FERC headquarters in Washington than they will in Sacramento," Maviglio said. "It shouldn't be a surprise that they make these accusations here to get federal involvement."
Oscar Hidalgo, a spokesman for the Department of Water Resources, said generators could hardly cast themselves as victims in California's energy crisis.
"I don't feel sorry for them one bit," Hidalgo said. "They had one heck of a year."
Gregg Fishman, spokesman for the ISO said the agency was preparing a response to the accusations.
Energy trade organizations said they suspected the ISO of using several mechanisms to charge suppliers for state contract costs.
The extra expense is sometimes tacked on to suppliers' bills for ISO operating costs, which all electricity sellers in California share, Ackerman said.
Some firms say they have tried to buy cheap spot market electricity for resale, only to find later that the grid manager has charged them for more expensive state power. Others say the grid operator orders them to activate stand-by power units on too-short notice. When they can't comply, they say, the ISO brings high-priced state power on line and bills them for the extra cost.
The accusations are part of a struggle for control of California's grid. In January, Davis disbanded the ISO's 26-member governing board, which was chaired by Smutney-Jones, after some critics said it was too cozy with industry. Davis appointed his own five-member board.
In February, then-FERC Chairman Curt Hebert said the new board had become "a political arm of the governor." The commission is trying to get California to turn over its grid to a multistate transmission organization.
Davis has warned Washington to "keep its hands off" the ISO.

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

Trammell Crow Company Names Rebecca McDonald to Board of Directors

10/09/2001
Business Wire
(Copyright (c) 2001, Business Wire)

DALLAS--(BUSINESS WIRE)--Oct. 9, 2001--Trammell Crow Company (NYSE: TCC) today announced the appointment of Rebecca A. McDonald to its Board of Directors.
McDonald's appointment is effective October 1, 2001, and her initial term expires at the Company's annual meeting of stockholders in 2002.
McDonald is currently President of the Houston Museum of Natural Science, one of the nation's premier museums. She formerly served as Chairman and Chief Executive Officer of Enron Global Assets and was responsible for all of Enron's global energy asset portfolio, including numerous power plants, pipelines, gas and electricity distribution centers throughout Asia, Africa, the Caribbean Basin and South America.
Prior to joining Enron, McDonald served as President and Chief Executive Officer of Amoco Energy Development Company, where she was responsible for developing equity interests in international exploration and production operations. She also led the company's participation in and expansion of international commercial transactions, privatizations and capitalizations. Additionally, McDonald was responsible for establishing Amoco's North American trading operations.
Prior to joining Amoco, McDonald served as president of Tenneco Energy Services and held various management positions with Panhandle Trading Company, Panhandle Eastern pipeline, and Trunkline Gas.
J. McDonald Williams, Chairman of the Board for Trammell Crow Company, said "With her background in leading large scale organizations in international business, Rebecca brings a perspective and set of business experiences that will be invaluable as we continue to build our international real estate services capabilities."
McDonald currently serves on the Advisory Committee of the Export-Import Bank of the United States and was a founding member of the Mercosur Council. She also serves as an outside director for Granite Construction Company in California and Eagle Global Logistics in Houston, Texas.
McDonald joins board members J. McDonald Williams, Chairman, Trammell Crow Company; Robert E. Sulentic, President & CEO, Trammell Crow Company; H. Pryor Blackwell, President, Development and Investment Group, Trammell Crow Company; William F. Concannon, President, Global Services Group, Trammell Crow Company; James R. Erwin, retired, former Vice Chairman, Bank of America; Henry J. Faison, Executive Vice President, Trammell Crow Company; Curtis F. Feeny, Managing Director, Voyager Capital; Jeffrey M. Heller, Vice Chairman, EDS; and Rowland T. Moriarty, President & CEO, Cubex Corporation.

Founded in 1948, Trammell Crow Company is one of the largest diversified commercial real estate services companies in the United States. In offices throughout the United States and Canada, Trammell Crow Company is organized to deliver management services, transaction services and development and project management services to both investors in and users of commercial real estate. The company's Global Services Group delivers all management, transaction and project management services domestically and internationally. Development and investment activities are conducted through the Development and Investment Group. The company has international service delivery in Europe and Asia through its strategic alliance with Savills plc, a leading property services company based in the United Kingdom, and the jointly owned outsourcing company Trammell Crow Savills Limited. In addition, the company has offices in Chile, Argentina, Brazil and Mexico. Trammell Crow Company is traded on the New York Stock Exchange under the ticker symbol "TCC" and is located on the World Wide Web at www.trammellcrow.com

CONTACT: Trammell Crow Company Barbara Bower, 214/863-3020
08:43 EDT OCTOBER 9, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron Corp. Raised to Long-Term `Buy' at Merrill
2001-10-09 06:00 (New York)

     Princeton, New Jersey, Oct. 9 (Bloomberg Data) -- Enron Corp. (ENE US)
was raised to long-term ``buy'' from long-term ``accumulate'' by analyst
Donato J. Eassey at Merrill Lynch.  The near-term rating was maintained
``neutral.''

Northwest to Buy Portland General
CBS MarketWatch.com
10/8/2001 7:44:00 PM
PORTLAND, Ore., Oct 08, 2001 (AP Online via COMTEX) -- Northwest Natural Gas Co. is buying another Oregon utility from Enron Corp. for $1.8 billion, combining the state's largest natural gas and electric utilities in a merger that may save ratepayers money but could also bring some job losses.
Richard G. "Dick" Reiten, chairman and CEO of Northwest Natural, said Monday the gas company is buying Portland General Electric Co. after the Houston-based energy giant gave up on its expansion into the Pacific Northwest.
"We're extremely pleased that the acquisition will return PGE to local ownership," Reiten said at a news conference.
Bob Jenks, executive director of the Citizens Utility Board, said he was concerned the combination could encourage Northwest Natural to bypass state regulators by using its business clout to lobby the Legislature and governor's office when rate increases are needed.
"If that's going to happen, and PGE rate cases are fought out in the Legislature and the governor's office, then I don't think that's going to be in the interest of PGE customers," Jenks said.
Northwest Natural was founded in 1859, the year Oregon became a state, using gas extracted from coal to light downtown street lamps.
PGE was founded in 1889 with a hydroelectric generator at Willamette Falls that anchored the nation's first long-distance electric transmission line when it was connected to the city, 14 miles to the north. The plant still operates, generating 16 megawatts of electricity.
Reiten said the Northwest Natural board of directors has rejected buyout offers itself in recent years in hopes that an opportunity like the PGE deal would come along.
"It was a conscious choice to remain independent and build assets rather than sell out of state," Reiten said. "That patience has paid off."
He said the deal will create a $5 billion utility that can cut costs by combining repair crews, equipment, service centers and billing in their overlapping service area.
Portland General has about 733,000 customers in northwestern Oregon and Northwest Natural has about 530,000 customers in roughly the same area, including some in southwestern Washington state. Their headquarters are just a few blocks apart on the same downtown street.
Federal and state regulatory approval, along with shareholder approval, is expected to take about a year.
Some job cuts were expected, but Reiten said he hoped most would come through attrition and retirement, rather than layoffs.
He said regulators have looked favorably on recent mergers of gas and electric utilities because they generally have saved money for ratepayers. Combined utilities already serve about two thirds of the nation, he added.
Enron purchased PGE in 1997 for about $3.2 billion, including assumption of debt, hoping to tap into energy trading along the entire West Coast, from California to Washington state. But the Texas company found the pace of deregulation in Oregon too slow at a time when the California energy crisis was unfolding.
Enron has a history of buying and selling smaller companies as it searches for the best position in the constantly shifting energy market, said Mike Heim, an A.G. Edwards & Sons analyst who follows the Texas company.
"It's really more a strategic move," Heim said.
Enron will receive $1.55 billion cash and $350 million in securities for PGE.
Enron stock closed at $33.45 on Monday, up $1.72 per share. Northwest Natural was at $22.99, down 42 cents a share.
---


IntercontinentalExchange
Firm Physical Natural Gas Price Bulletin
For Natural Gas Delivered on Wednesday, November 21, 2001
(Trade Date of Tuesday, November 20, 2001)
Click here to access index history.
* volume represents sell-side only *
 Region     Hub 	 High 	 Low 	 Wtd Avg Index 	 Change ($) 	 Vol (mmBtu) 	 Hub Name
  LOUISIANA
     ANR SE 	 $2.7900 	 $2.1000 	 $2.6126 	 +.5901 	 222,600 	 American Natural Resources Pipeline Co. - SE Transmission Pool
     Columbia Onshore 	 $2.7450 	 $2.1500 	 $2.5128 	 +.3097 	 305,200 	 Columbia Gulf Transmission Co. - Onshore Pool
     Henry Hub 	 $2.8200 	 $2.2200 	 $2.6180 	 +.5406 	 1,538,500 	 Henry Hub tailgate - Louisiana
     NGPL LA 	 $2.7400 	 $2.0550 	 $2.5180 	 +.5460 	 287,900 	 Natural Gas Pipeline Co. of America, Louisiana Pool
     Tenn 500L 	 $2.7400 	 $2.2800 	 $2.5295 	 +.4989 	 275,100 	 Tennessee Gas Pipeline Co.-Zone L, 500 Leg Pool
     Tenn 800L 	 $2.7300 	 $2.2450 	 $2.4840 	 +.4767 	 248,800 	 Tennessee Gas Pipeline Co.-Zone L, 800 Leg Pool
     TETCO ELA 	 $2.7900 	 $2.2500 	 $2.5993 	 +.4619 	 164,900 	 Texas Eastern - East LA
     TETCO WLA 	 $2.7700 	 $2.3300 	 $2.5976 	 +.6778 	 208,300 	 Texas Eastern - West LA
     Transco 65 	 $2.8200 	 $2.3000 	 $2.6756 	 +.5535 	 176,100 	 Transco - Station 65
     Trunkline ELA 	 $2.7600 	 $2.0000 	 $2.5481 	 +.5686 	 82,500 	 Trunkline Gas Company - East Louisiana Pool
     TxGas SL 	 $2.8400 	 $2.2800 	 $2.6244 	 +.5326 	 245,000 	 Texas Gas Transmission Corp.-Zone SL FT Pool
  MIDCONTINENT
     MichCon, citygate 	 $2.9000 	 $2.2500 	 $2.8052 	 +.6308 	 219,800 	 Michigan Consolidated
     NGPL Midcont 	 $2.5900 	 $2.2300 	 $2.4805 	 +.6875 	 221,700 	 Natural Gas Pipeline Co. of America, Mid-Continent Pool
     NGPL Nicor, citygate 	 $2.7975 	 $2.1300 	 $2.6082 	 +.5992 	 1,231,800 	 Natural Gas Pipeline Co. of America, Nicor Citygate
     NGPL NIPSCO, citygate 	 $2.8000 	 $2.5400 	 $2.7380 	 +.7435 	 107,500 	 Natural Gas Pipeline Co. of America, Nipsco Citygate
     NNG Demarcation 	 $2.7000 	 $2.1250 	 $2.4831 	 +.4382 	 214,200 	 Northern Natural Gas, Demarcation Pool
  NORTHEAST
     Columbia TCO 	 $2.9100 	 $2.2900 	 $2.7287 	 +.5870 	 533,300 	 Columbia Gas Co. - TCO Pool
     Dominion So.Point 	 $3.1000 	 $2.7800 	 $2.8973 	 +.5502 	 235,300 	 Dominion - South Point
     TETCO M3 	 $3.3100 	 $2.8000 	 $3.0520 	 +.5224 	 218,400 	 Texas Eastern - M3 Zone
     Transco Z-6 (NY) 	 $3.4100 	 $2.9000 	 $3.2445 	 +.6188 	 100,000 	 Transcontinental Gas Pipe Line Corp. - Zone 6 (NY)
  WEST
     El Paso non-Bondad 	 $2.4500 	 $2.1600 	 $2.3522 	 +.6445 	 183,900 	 El Paso - San Juan Basin, Blanco Pool
     Huntingdon/Sumas 	 $2.4500 	 $2.3200 	 $2.3958 	 +.5708 	 126,000 	 Westcoast Energy & Northwest Pipeline Corp.
     Opal 	 $2.4100 	 $1.9600 	 $2.2514 	 +.6931 	 109,800 	 Opal
     PG&E Citygate 	 $2.6500 	 $2.3800 	 $2.5525 	 +.5769 	 227,500 	 PG&E - Citygate
     SoCal Border 	 $2.7200 	 $2.4000 	 $2.5593 	 +.6743 	 208,000 	 Southern California Border Points (Ehrenberg,Topock,Needles)
  WEST TEXAS
     El Paso - Keystone 	 $2.5300 	 $2.3700 	 $2.4526 	 +.7034 	 606,000 	 El Paso - Keystone Pool
     Waha 	 $2.5700 	 $2.3800 	 $2.5118 	 +.6383 	 245,300 	 Waha Hub - West Texas

Includes all firm physical fixed price trades done from 7 AM to 11:30 AM Central Prevailing Time on the trade date specified for natural gas delivered on the specified date(s).
IntercontinentalExchange is the world's most liquid trading platform for over-the-counter energy and metals.  Active markets include North American power and natural gas, global crude and refined oil products, and precious metals.  Traded instruments include forwards, swaps, and options.
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not yet

-----Original Message-----
From: Presto, Kevin M.
Sent: Friday, February 01, 2002 7:56 PM
To: Kitchen, Louise
Subject: RE: Hart-Scott Approval

Did UBS waive the employee CP?

-----Original Message-----
From: Kitchen, Louise
Sent: Fri 2/1/2002 7:53 PM
To: Presto, Kevin M.
Cc:
Subject: RE: Hart-Scott Approval

Friday unfortunately  - I asked for earlier.

Lavo asked the same question

-----Original Message-----
From: Presto, Kevin M.
Sent: Friday, February 01, 2002 7:48 PM
To: Kitchen, Louise
Subject: RE: Hart-Scott Approval

When will we close?

-----Original Message-----
From: Kitchen, Louise
Sent: Fri 2/1/2002 6:51 PM
To: Colwell, Wes; Hodges, Georgeanne; Milnthorp, Rob; Zufferli, John; Hedstrom, Peggy; Bradford, William S.; Will, Lloyd; Beck, Sally; Presto, Kevin M.; Forster, David; Gaskill, Chris; Superty, Robert; Lagrasta, Fred; Tycholiz, Barry; Redmond, Brian; Vickers, Frank; Gossett, Jeffrey C.; Grigsby, Mike; Allen, Phillip K.; Neal, Scott; Martin, Thomas A.; Shively, Hunter S.; Rub, Jenny; Webb, Jay; Haedicke, Mark E.; Calger, Christopher F.; Curry, Mike; Belden, Tim; White, Stacey W.; Steffes, James D.; Oxley, David; Lavorato, John; Whalley, Greg
Cc:
Subject: FW: Hart-Scott Approval

 -----Original Message-----
From:   Louis.Eber@ubsw.com@ENRON
Sent:   Friday, February 01, 2002 5:53 PM
To:     Mary.Barker@ubsw.com; Beth.Barrett@ubsw.com; Michael.Bolin@ubsw.com; Mark.Bridges@ubsw.com; Markus.Buergler@ubsw.com; Natacha.Carrel@ubs.com; Forster, David; Oxley, David; Port, David; colette.dow@ubsw.com; Per.Dyrvik@ubsw.com; Lisa.Feld@ubs.com; Joel.Forbes@ubsw.com; dan.foy@ubsw.com; alexander.fusco@ubsw.com; William.Glass@ubs.com; Thomas-A.Graf@ubsw.com; Peter.Haines@ubsw.com; Webb, Jay; Rub, Jenny; Sid.Karpoff@ubsw.com; Steve.Kinross@ubsw.com; flenti@ubspw.com; Mark.LeRoux@ubsw.com; louise@enron.com; mark.e.haedicke@enron.com; Audrey.Martin@ubsw.com; Christian.Maytain@ubsw.com; Matt.Meinel@ubsw.com; Ursula.Mills@ubsw.com; martin.nadel@ubsw.com; Davies, Neil; Pat.ODonnell@ubsw.com; Keohane, Peter; Ernest.Pittarelli@ubsw.com; breilly@ubspw.com; Cheryl.Roberts@ubsw.com; claudia.robinson@ubsw.com; Charles.Ross-Stewart@ubsw.com; Beck, Sally; Michael.Stockman@ubsw.com; Rocco.Veltri@ubsw.com; Mark.Wallace@ubsw.com; Colwell, Wes; Bradford, William S.

Subject:        RE:  Hart-Scott Approval

We have just been informed that the FTC has granted early termination
of the Hart-Scott-Rodino waiting period for the purchase of Enron's gas
and power business.

Visit our website at <http://www.ubswarburg.com>

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approved

-----Original Message-----
From: itiliti GRI Notification [mailto:GRINotice@itiliti.com]
Sent: Tuesday, October 23, 2001 1:43 PM
To: Geaccone, Tracy
Subject: GRI Msg: Time Sheet Submitted for JEANETTE Y . DOLL.

A time sheet for JEANETTE Y . DOLL has been submitted for your approval.

Candidate Name: JEANETTE Y . DOLL
Client Name: Enron-eHouston
Time Sheet Status: Submitted
Time Entry Start Date: 10/15/2001
Time Entry End Date: 10/21/2001
Submitted By: JEANETTE Y . DOLL
Approved/Rejected By:

Click link to access timesheet:  https://gri.itiliti.com/TimeApproval/ViewAprvTSAmdt.asp?ResUsrId=27631&ClntOrgId=661&auth=apvl&PrsnId=20599&PrsnTpCd=2&Strt_Dt=10/15/2001

Message T100 (NQ:390440 ) :   1585


George,

I would like to have a brief (30 minute) meeting about the noise in the
political system about synfuel and reaffirm Jordon's viewpoint on Section 29
credits.  This is big issue and without this reaffirmation I believe we will
have approval issues with RAC and others.  I want Jeff and/or I in the
meeting.

Thanks,
mike


---------------------- Forwarded by Chris Dorland/CAL/ECT on 08/03/2000 03:10
PM ---------------------------

Kathy Reeves
08/03/2000 02:19 PM
To: Chris Dorland/CAL/ECT@ECT
cc:
Subject: Re: IM Position reports

---------------------- Forwarded by Kathy Reeves/CAL/ECT on 08/03/2000 02:18
PM ---------------------------

BinBin She@ENRON
08/03/2000 03:14 PM
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Re: IM Position reports

Kathy,

I have not forgot about that.  Currently I am working on another
project(development of a program which will allow automating the process of
copying multiple postids and update the related info (such as dates and
expert clause in port_calc) so that user won't have to do that manually on a
daily basis).

I'll get back to the report issues after I am done with that.

Binbin

Kathy Reeves@ECT
08/03/2000 02:21 PM
To: BinBin She/Corp/Enron@ENRON
cc: Chris Dorland/CAL/ECT@ECT

Subject: Re: IM Position reports

How is this coming along.  I really need to make progress of getting these
reports into production and I can't do that if I can't test it.
Kathy

BinBin She@ENRON
07/24/2000 01:46 PM
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Re: IM Position reports

Kathy,

I ran a postid(834931) here and also got blank reports. I am examing this
problem right now. I'll let you know as soon as what's causing this.

binbin

Kathy Reeves@ECT
07/19/2000 03:39 PM
To: BinBin She/Corp/Enron@ENRON
cc:

Subject: Re: IM Position reports

BinBin,
I am having trouble running new calc's in the test environment.  I want to
run the implicit position report for our entire book and see how it compares
to our excel models (post id 834931/836743/839620... anyone will to).  The
reports I print in Stage are always blank.  I can run calc's using the
implcit command but I can not print reports on the new postid.

The top page request in an old request but the expicit report request is a
new one.  I need to be able to look at the positions this way as well as the
implicit way.

Kathy

BinBin She@ENRON
07/17/2000 03:58 PM
To: Kathy Reeves/CAL/ECT@ECT
cc: Jeremy Wong/HOU/ECT@ECT
Subject: Re: IM Position reports

Kathy,

The port_calc  version you have now when run from the port_calc screen in the
egsstage environment doesn't include the changes for the "Implicit reports"
related functionalities. This is because the current setup is for a testing
version which is being used by the Houston currently.

To solve this problem, we have just put a run script :
/home/kreeve/port_calc/run_implcit in your directory: /home/kreeve/port_cal.

For the testing, cd to /home/kreeve/port_cal,  then run the script:
run_implcit  postid (you need to set up a postid for the test run).

To get the reports, you can still use the port_calc screen brought up in the
egsstage environment (you can bring it up by typing: runmt on the command
line)

postid 747584 is still available in the production environment, to run the
test version of port_calc in egsstage, you need to have a data set in the
egsstage database.

By the way, Are the issues you attatched in the reports(explici report and
top page report) new requests ?

binbin

Kathy Reeves@ECT
07/17/2000 03:04 PM
To: BinBin She/Corp/Enron@ENRON
cc:

Subject: IM Position reports

Please see the attached issues regarding the reports.

Also, under esggsate I can not seem to bring up only old calc's (including
747584), in order to copy/amend them.  I need to test other types of deals so
I need to be able to bring things up postid's in portcalc.  Any ideas what
might be wrong?  Note that I can print reports from the reportscreen.

Kathy

BinBin She@ENRON
07/17/2000 02:28 PM
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Status of egsstage database

Kathy,

I just checked with our DBA. The egsstage database has been refreshed and is
available now. Please let me know how your test run goes.

regards,

binbin


This FRIDAY, DECEMBER 8, 2000 (5:00 p.m. CST) is the deadline for deferral
program enrollment.  Following the deadline, no new elections or changes to
existing elections will be accepted.
To learn more about your deferral program opportunities and to enroll for
2001 deferrals, access eHRonline at http://ehronline.enron.com.  (Call the
ISC Help Desk at 713-345-4727 if you need your ID or password to access the
system.)

1. Review the program descriptions (attached to the Election Form) before you
make your elections.
2. If you decide to defer compensation, complete the Election Form before
Friday, December 8,  2000, 5:00 p.m. CST (the enrollment deadline).
3. Print your 2001 Election Form and Confirmation Statement right from the
web site and you,re   finished!

DEFERRAL ENROLLMENT 2001--ADDED VALUE FOR YOUR FUTURE


Mark:
FYI.  Could you please confirm what my reduced salary would be assuming I
work 30 hours per week?  This memo doesn't say anything about salary.
Thanks.  Also,  in order to put in 30 hours I was thinking that my office
hours would be from 8:30 to 4:30 M-Th, although I'm sure that there will be
plenty of times when it goes beyond that, but at least this is a benchmark.
Are you okay with this?

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 12/20/00 05:44 PM -----

	Mark E Haedicke
	12/20/00 03:49 PM

		 To: Mark Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Part Time Benefits

fyi
----- Forwarded by Mark E Haedicke/HOU/ECT on 12/20/2000 03:48 PM -----

	Sheila Walton
	12/20/2000 02:35 PM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: Part Time Benefits

Here is the sheet for reduced hours employees.


Dan, sorry about taking so long it getting back to you about this, but I had
a couple of crises I had to address,  Im still realing from the impact.  I
have attached for your review the agreement which we are in the process of
finalizing with the Wild Turkey Federation.  Take a look at the document and
let me know what you think.  After your review we can make the necessary
changes and modifications.  I have been advised by our legal department that
each of the three major pipelines owned and operated by Enron will need a
separate contract, with the RMEF, so what we decide for Transwestern, will
undoubtably work for the others.  Thanks for your patience in this.


If any other newpaper publishes a summary of the same report will you please send it to me.

Just kidding. Going to MLS listings right now to look for good investment properties. I think Red Deer might be and even better buy.

 -----Original Message-----
From: 	Dorland, Dan
Sent:	Wednesday, December 12, 2001 9:43 AM
To:	Dorland, Chris
Subject:	RE: Strong decade foreseen for real estate

and Clayton Research.

 -----Original Message-----
From: 	Dorland, Chris
Sent:	Wednesday, December 12, 2001 11:42 AM
To:	Dorland, Dan
Subject:	RE: Strong decade foreseen for real estate

remax wrote the report

 -----Original Message-----
From: 	Dorland, Dan
Sent:	Wednesday, December 12, 2001 8:38 AM
To:	Borg, Jeff; 'kdorland@flint-energy.com'; Dorland, Chris
Subject:	Strong decade foreseen for real estate

December 12, 2001
Strong decade foreseen for real estate
'Demand for all types of housing is set to surge': Aging Baby Boomers, their children and immigrants to drive residential prices
Paul Vieira
Financial Post
The tail end of the Baby Boom generation, along with children of aging boomers and new immigrants to Canada, will keep the residential real estate market strong over the next 10 years, driving the average value of a house up 13%, a new study suggests.
"Demand for all types of housing is set to surge ahead over the coming decade, leading to robust activity, rising prices and a stable investment climate," says the study, jointly written by ReMax Ontario-Atlantic Canada, ReMax Western Canada and Clayton Research.
And Calgary will have the hottest real estate market, with housing prices set to climb 20% to 25% in the next decade, the study says.
Overall, the number of households will increase by 1.5 million over the next 10 years, leading to rising prices for existing homes and steady demand for newly built homes.
Peter Norman, vice-president of Clayton Research, a Toronto-based real estate consulting firm, said the increase will be fuelled by three factors: younger Baby Boomers, between the ages of 35 to 45, who are looking to buy their first home or upgrade from their current residence; the children of the older Boomers, generally 45 to 55, who will be entering the real estate market for the first time; and immigrants.
"Housing prices will remain quite firm over the next 10 years and move up in real terms" Mr. Norman said in an interview.
The combination of high rents and low rental vacancies, particularly in cities such as Toronto and Vancouver, will also help drive the housing market, as will the fact that there has been little or no construction of new rental units.
And mortgage rates are so low that buying is often as financially palatable as renting, Mr. Norman added.
The study concluded that the economy, although in a slump, is in much better shape than it was at the eve of the 1990s recession. Productivity and real income growth have recovered, unemployment is at lower levels than a decade ago, and the country's industrial structure has shifted away from a commodity and manufacturing base, the study said.
"A healthy, long-term economy will boost housing markets by keeping real incomes growing, real interest rates low, and providing confidence in the future performance of real estate assets."
Pamela Alexander, chief executive of ReMax Ontario-Atlantic Canada, said Calgary would be the hottest market in the country thanks to increasing oilpatch activity, migration from other parts of the country and its youthful population.
"Calgary is going through its renaissance period," Ms. Alexander said, adding that its average home price of $180,000 is still 30% to 35% cheaper than Vancouver or Toronto.
Toronto, with its average house price of $250,000, should see growth of 10% to 15%, Ms. Alexander said, because its population is heavily weighted toward 25 to 40 year olds -- who will buy their first home or upgrade -- and because of the scarcity of rental units.
Meanwhile, Ottawa, despite the high-tech downturn, remained one of the hottest housing markets with prices up 10% from a year ago. That market is expected to grow as the federal government increases spending and creates new departments, older civil servants retire and new people are brought in, and the high-tech sector rebounds.


Kim, I know you have been interested in the development of a long term
Natural Gas Model for use in the ETS Revenue Management effort.  I agree that
the ability to model various supply / demand scenarios for North America
should prove useful in ETS business development efforts, and in particular,
in predicting the impact of the new, large Alaskan gas supplies on the N.A.
pipeline grid.

As you know, Vince Kaminski feels that a software product developed by Dale
Nesbitt (MarketPoint, Inc.) of Los Altos Hills, CA. may be a good choice, and
one readily available in a relatively short time.  MarketPoint has proposed
that they work with us in our offices for a week of intensive training and
testing, so we can make a more informed decision before ordering the
software.  They have proposed a charge of $12,000, plus expenses, for the
one-week session, with that cost applied to the first year's subscription
price (approx. $55-60 M/yr) should we decide to go forward.  The other
details (timing, ENE resources required, necessary IT interface, etc) still
need to be worked out, but I believe there is generally a consensus to
proceed with the test.

With my recent relocation to the Clean Fuels group, I will no longer be
responsible for the Alaskan pipeline development.  However, Danny McCarty is
pulling together a team consisting of people from NNG, NBP and elsewhere in
ETS to push the project forward.  I believe Eric Gadd will be playing a key
role as well.  The decision on the long term gas model should appropriately
be made by the new project team.

I have attached a draft of the proposed MarketPoint License agreement.  It
has not yet been fully reviewed by legal (or by Shelley C. for the
"affiliate" issues).

Let me know if I can provide any other background or assistance.

JNG


Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
Bloomberg, 10/19/01

USA: UPDATE 1-Enron stock sustains further heavy losses.
Reuters English News Service, 10/19/01
Enron Corp. Cut to `Hold' at A.G. Edwards
Bloomberg, 10/19/01

BANDWIDTH BEAT: Enron Broadband Unit Takes A Beating
Dow Jones Energy Service, 10/19/01
Dynegy Chief: Bandwidth Growth Won't Wait For Trading
Dow Jones Energy Service, 10/19/01
UK: Jobs in base metals down but definitely not out.
Reuters English News Service, 10/19/01
New Power Hldg Sees Meeting 3Q Loss Estimate
Dow Jones News Service, 10/19/01

Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
2001-10-19 16:24 (New York)

Enron Shares Fall on Concern Over CFO's Partnerships (Update4)

     (Updates with Chief Financial Officer Fastow didn't
immediately return a call for comment in fifth paragraph.)

     Houston, Oct. 19 (Bloomberg) -- Enron Corp.'s shares have
fallen 26 percent in the past three days on concern the biggest
energy trader's dealings with partnerships run by its chief
financial officer contributed to investment losses.

     Enron's stock dropped 10 percent today. Enron's board cost
the company at least $35 million by allowing Chief Financial
Officer Andrew Fastow to manage LJM Cayman and LJM2 Co-Investment,
partnerships that bought Enron assets, a shareholder alleged
Wednesday in a lawsuit.

     The lawsuit came the day after Enron reported $1.01 billion
in third-quarter losses from failed investments. The Wall Street
Journal reported $35 million of the losses were connected with the
two limited partnerships. Enron also reduced shareholders' equity
by $1.2 billion when it bought back 55 million shares from the
partnerships, the paper reported yesterday.

     ``It looks sleazy,'' said Roger Hamilton, a manager at John
Hancock's Value funds, which own 600,000 shares. ``If you are
someone who invests in a company's management, it's almost time to
punt with Enron.''

     Enron spokeswoman Karen Denne didn't return calls or written
requests seeking comment. Fastow didn't immediately return a
telephone call for comment.

     Fastow and a handful of associates made more than $7 million
last year in management fees and about $4 million in capital
increases on an investment of about $3 million in one of the
partnerships, the Journal reported today.

                        Buying Enron Assets

     Fastow is involved in 17 other similar companies and
partnerships that appear to have ties to Houston-based Enron,
based on filings with the Texas secretary of state.

     The foreign business corporations and limited liability
companies have directors, officers or managers whose address is
listed as 1400 Smith Street in Houston, Enron's corporate address,
according to Texas records.

     Fastow is listed as a director, officer or managing member in
each one. At least one of the companies bought and sold Enron
assets, including foreign power plants.

     Whitewing Management, which lists Fastow as its managing
member, received $807 million from the sale of Enron debt last
year.

    Under the terms of the debt sale, Whitewing is allowed to use
the proceeds to buy power plants from Enron or make other
``permitted investments.'' Whitewing has bought 14 Enron plants or
companies since 1999 and sold four.

     Enron's Denne has not responded to written requests about
Fastow's role at Whitewing or whether he used his knowledge of the
value of Enron assets to benefit outside investors or company
executives at Enron's expense.

     Shares of Enron fell $2.95 to $26.05. They have fallen
69 percent this year.

--Russell Hubbard in the Princeton newsroom, 609-750-4651 or
rhubbard2@bloomberg.net, and Jim Kennett in Houston,
(713) 353-4871 or jkennett@bloomberg.net/pjm/alp/pjm

USA: UPDATE 1-Enron stock sustains further heavy losses.

10/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

(New first paragraph, adds additional analyst comment)
By Andrew Kelly
HOUSTON, Oct 19 (Reuters) - Enron Corp. stock sustained further heavy losses on Friday as investor confidence in the former Wall Street favorite was rocked by reports about the company's relationship with a limited partnership that was run until recently by Enron's chief financial officer.
The energy giant's stock closed down $2.95 or 10.2 percent at $26.05 per share, making a cumulative loss of 27 percent for a week in which Enron reported a third-quarter loss of $638 million, its first quarterly loss in over four years.
Analysts said confidence was shaken by several articles in the Wall Street Journal this week alleging possible conflicts of interest on the part of Chief Financial Officer Andrew Fastow, who until recently ran a limited partnership that bought assets worth hundreds of millions of dollars from Enron.
"I don't think this thing passes the smell test," said one analyst who spoke on condition of anonymity. "I think the CFO should be out of there right now. In the interest of the stockholders, that CFO should be gone," he said.
Enron has rejected the suggestion that there was anything improper about the arrangements, but Fastow severed his ties with the LJM2 partnership earlier this year to allay concerns raised by investors and analysts about his dual responsibilities.
POOR JUDGMENT?
Analysts said that at the very least, the arrangement showed poor judgment by senior managers at Enron, which recently pledged to be more open with investors and analysts following a series of high-profile stumbles that culminated with the shock resignation of new chief executive officer Jeff Skilling in August.
"For a company that had a lot of question marks around it already, these questions about financial dealings are really worrisome for investors," said Commerzbank Securities analyst Andre Meade. "It points to poor decision-making on behalf of the board and top management at Enron," he said.
Enron, North America's biggest buyer and seller of natural gas and electricity, was one of Wall Street's high flyers last year, when its stock posted a gain of 87 percent.
The stock's ascent was driven by enthusiasm for the company's plans to build a broadband telecommunications business and the success of its EnronOnline Internet energy trading platform.
This year Enron's shares have fallen 69 percent as sentiment toward broadband and the Internet soured, Skilling resigned after only six months as CEO, and the company's Dabhol power plant project in India became mired in a payments dispute.
Moody's Investors Service said earlier this week that it had placed all of Enron's long-term debt obligations on review for a possible downgrade after Enron took $1.01 billion in write-downs and charges that substantially reduced valuations for several non-core businesses, including broadband and water services.
Some of Enron's financing arrangements require the company to maintain investment grade credit ratings.
Analysts said Enron's credibility has been severely damaged and the recent reports about the LJM2 partnership had raised concerns that more unpleasant surprises may lie ahead.
"What don't we know that went on at that company? Where's the credibility?" asked one frustrated analyst. "We don't know if it's limited to this," he said.

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

Enron Corp. Cut to `Hold' at A.G. Edwards
2001-10-19 16:27 (New York)

     Princeton, New Jersey, Oct. 19 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``hold'' from ``buy'' by analyst Michael C Heim at A.G.
Edwards & Sons Inc.

BANDWIDTH BEAT: Enron Broadband Unit Takes A Beating
By Michael Rieke

10/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Early last year, Enron Corp.'s (ENE) hype and skyrocketing share price enticed a number of other energy companies into the telecommunications business.
Now investors are wondering whether Enron is leading the charge out of telecom.
The company announced Oct. 16 that its broadband unit lost $80 million before interest and taxes in the third quarter on revenue of $4 million. In the third quarter of last year, the unit lost $20 million on revenue of $162 million.
Enron also recorded a $180 million non-recurring charge for restructuring its broadband unit in the third quarter of this year. That amount included severance costs for cutting 400-500 jobs, loss on sale of inventory and the reduced value of Enron's content services.
At an analysts meeting Oct. 16, Enron Chairman and Chief Executive Ken Lay said the broadband business is "not that robust" right now. Industry revenue is low and there's substantial overcapacity in the bandwidth market, "more than even we anticipated," Lay said.
The company still has a problem finding creditworthy counterparties for bandwidth trading. Consolidation in the telecom sector has also eliminated potential trading partners.
"A year ago it looked like an excellent business to get into," he said. "Others thought so, too."
Looking back, Enron could have gotten into the broadband business with less capital, Lay said. It spent "too much too soon."
An Ominous Comparison

He compared Enron's move into telecom with its move into the water business with its Azurix unit. That comparison probably won't be good news to those who still have broadband jobs at Enron.
Azurix caused Enron to take a bigger writedown - $287 million - than broadband in the third quarter. The water business has been a bigger and longer-lasting headache than broadband.
Maybe Enron's surviving broadband employees will feel better knowing that Lay told analysts the company is exploring alternatives to preserve its play in telecom at a reasonable price so it will be ready when the business recovers.
It's trying to reduce general and administrative costs in broadband to $40 million a quarter and is on track to reach that goal next year, he said. It could cut those costs even more in order to sustain the business.
Meanwhile, the company is trying to determine which parts of the telecom business it wants to be in, he said.
Enron President and Chief Operating Officer Greg Whalley told analysts the company needs to determine how much network and hardware it needs.
At one time, they had thought that they wanted to use physical network assets as a springboard, Whalley said. Now they "wouldn't want to forever be in the network business."
Both executives mentioned the possibility of joint ventures in telecom. Lay said other companies are asking Enron to do them. Whalley said the company has talked about exchanging fiber and other assets.
The one part of the telecom business Enron still seems committed to is broadband intermediation. "Intermediation" is a term the company uses in most of its commodity businesses, said an Enron spokeswoman. It's a combination of trading and deal origination - wholesale and enterprise customers.
More Bad News Expected

Rebecca Followill, a research analyst for Howard, Weil, Labouisse, Friedrichs Inc., she had expected a larger writedown in broadband for the third quarter.
"If you look at how much the stocks of their peers in broadband have fallen, you've got to figure that their assets' values have fallen similarly," Followill told Bandwidth Beat. "I was expecting more like an 80% writedown in broadband."
Another analyst, who didn't want to be identified, said he also expects more broadband writedowns from Enron. "To the extent that they can take more writedowns, I think it would make eminently good sense to do it."
He predicted "a $200 million haircut" in the first quarter of next year because of a goodwill valuation issue.
And that might not be the end of it. Enron had a net of $948 million of broadband property, plant and equipment at the end of last year, he said. They had another $600 million of risk management asset receivables, inventories and working capital items.
Followill doesn't see much future in broadband for Enron.
"I think the business will shrink to the point where it won't be shown as a key sector in their reporting," she said.
Enron might keep a small broadband group in case the market rebounds, she said. Her investor clients don't expect broadband to contribute to Enron's earnings within the next three years.
She thinks Enron is looking for an exit strategy.
The other analyst said Enron is trying to preserve some value in broadband. "It doesn't look like there's any right now, to be honest," he said. "They'll carry the trading operation to some degree."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

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

Dynegy Chief: Bandwidth Growth Won't Wait For Trading
By Erwin Seba
Of DOW JONES NEWSWIRES

10/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- Dynegy Inc. (DYN) Chairman and Chief Executive Chuck Watson understands why some think he is mistaken in believing the bandwidth sector has reached its bottom and is recovering.
But those critics don't understand his bandwidth business, Watson told Dow Jones Newswires in an exclusive interview. They don't understand how the business world has changed since the Sept. 11 terrorist attacks, he said.
In announcing third-quarter results for Dynegy Monday, Watson said the bottom in bandwidth demand was reached on Sept. 11 and that the market would begin recovery in the fourth quarter of this year.
Businesses are reassessing where to store data and how to distribute operations to avoid losing everything in a sudden catastrophic event, be it of natural or human origin. That's what's driving the recovery, he said.
Also, businesses will avoid travel, he said, relying instead on video conferencing.
Enron Corp. (ENE) Chairman Kenneth Lay said Tuesday that he hasn't seen any signs of recovery in telecom. The bandwidth market is suffering, in part, because there are few creditworthy companies to trade with, he said.
"They're trying to find trading partners for broadband," Watson said. "That's going to be tough to do." Dynegy isn't concentrating on bandwidth trading because there isn't "a realistic model" for it yet, he said. "I said two years ago it was at least two years away. I still think it's probably at least two years away, before we actually call it a trading commodity."
The metro-area infrastructure that Dynegy and other companies are building will create connections between networks, which are needed in order to trade bandwidth as a commodity, Watson said.
It's unfortunate that Enron's model for bandwidth as a traded commodity is the dominant image for the entire market, Watson said. Dynegy's model includes telecom contracts, negotiated directly with customers for long-term supply of bandwidth.
Dynegy's bandwidth trading desk is staffed by four people. For the past several months, they have been buying bandwidth for Dynegy's customers. The goal has been to build a customer base. "We're looking at being an intermediary, and really looking at the same customers that we feed energy today."
Since Dynegy lit its 16,000 route-mile network two weeks ago, the trading desk has been trying to fill the company's network instead of buying bandwidth from others. "I'm trying to find enterprises that have communication requirements," Watson said.
He pointed to ChevronTexaco Corp. (CHX) as a target for those services. "They have offices that never talked to each before," he said. "Now they've got to talk to each other. I would say that the credit quality of Chevron and Texaco is pretty reasonable."
ChevronTexaco owns about 26% of Dynegy, said a Dynegy spokesman. Dynegy and ChevronTexaco already have a large energy trading relationship which includes natural gas and gas liquids.
The average burn rate of Dynegy Global Communications, the corporation's telecommunications unit, is $20 million to $25 million a quarter, Watson said. In the third quarter, it lost $15 million, down from $20 million in the second quarter.
Dynegy predicts that Global Communications will break even or record a small loss before interest and taxes in the fourth quarter.
"If we can get to (income of) $10 million per month - that's what we need really," he said. "If we can get there by the end of next year, I'll be very happy. I think by '03, this market will have righted itself."
Watson believes telecommunications has the potential to transform Dynegy.
"Dynegy is an energy company," he said. "Our energy merchant company is doing very well and business is growing like a weed...(Telecommunications) is not our core business by any stretch right now. But I'd love to be able to tell you it's going to be. I'd love to be able to tell you it is someday."
-By Erwin Seba, Dow Jones Newswires; 713-547-9214; erwin.seba@dowjones.com

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

UK: Jobs in base metals down but definitely not out.
By Amanda Cooper

10/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 18 (Reuters) - Dismal industrial demand and the fickleness of hedge funds seduced by more volatile markets have slashed London Metal Exchange members' profits over the past year and set off a gathering wave of job cuts.
The decline and fall of base metal prices in the past year and a half has prompted a series of high-profile companies to withdraw from the market, casting a pall over next week's yearly LME Week industry gathering in London.
Jobs have gone from front office to back in trading houses and banks, raising questions about the prospects for those now seeking work.
"Good people can always be placed. As long as there is a job to fill and the company has a budget to hire," Sarah Gilley of London-based recruitment group Exchange Consulting said.
"Where the situation starts to get difficult is where everyone is cutting budgets, people are not being replaced when they leave and there have been an awful lot of redundancies."
Last week, ScotiaMocatta, a subsidiary of the Bank of Nova Scotia and a key ring dealing member, unveiled its decision to give up open outcry trading on the LME floor, prompting around 25 job losses among traders, phone jockeys and clerks.
Then blue-blooded banker N.M. Rothschild & Sons closed its London and New York base metals units. It left its core precious metals business intact, but 20 base metals staff were laid off in the process.
In the same week, the LME's largest floor trader, Enron Metals, said it planned to cut 10 to 20 percent of its metals staff as part of an exercise to cut 250 to 500 jobs in the Enron Group .
SECURITY
With three big market players and several major banks with commodities divisions slashing jobs at the same time, competition in the labour market will intensify and those in work are becoming wary about job security.
"What we're finding at the moment is that there is still demand for traders with a track record, which is possibly increasing because people are nervous about their jobs and so they're keen to stay put," Gilley said.
"So whereas someone who might be a big money-spinner with a track record would have previously stayed in their job for two to three years, they are now staying for three to five years.
"They probably feel that they're reasonably safe where they are, they're well recognised and not going to stick their necks out," she said.
BONUS FEARS
October has never traditionally been a strong month for the the jobs market in base metals as players are often distracted by LME week functions and conferences
Also, traders tend to be looking towards their annual performance-linked bonuses, which are usually announced at the end of the year.
"Those who are in work at the moment are sticking. Often at this time of year, people are hanging on for their bonuses. But I don't think any of them are anticipating good bonuses. They're probably just happy to have a job," Sian Griffiths of Exchange Consulting said.
LME volumes traded have been fallen over the past 18 months as the powerful hedge funds that once took a shine to the metals swarmed into areas such as hi-tech and telecomms stocks.
Metals traders who handled the large volume of fund activity have begun to focus again on moree traditional clients, and this may yet prove a boon for the jobs market.
Companies are seeking to fill a shortage of staff schooled in the traditional practices of trading physical metal.
"A lot of companies who had sidelined the traditional physical business are now re-aligning their focus and need poeple who understand the physical market and know how to set up a hedge and manage it, " Gilley said.
"The other area where demand has markedly increased in comparison to a few years ago is marketing," she added.
As for morale in the industry, individuals' confidence in their future is seemingly undimmed.
"Just because I've lost my job doesn't mean I'm going to sell my Porsche," one trader said.

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

New Power Hldg Sees Meeting 3Q Loss Estimate

10/19/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

PURCHASE, N.Y. -(Dow Jones)- New Power Holding Inc. (NPW) expects to meet its prior third quarter loss estimates; and said it has revised an agreement with Enron Corp. (ENE), lowering the collateral New Power must post under a master netting agreement.
In a press release Friday, New Power said the amendment to the Enron pact and cost-cutting efforts will allow the company to continue to conduct business until it secures ongoing asset-backed financing.
The company reiterated its earlier expectations of a third quarter loss of $65 million to $70 million, or $1.12 to $1.20 a share.
Analysts put the company's third quarter loss at $1.16 a share, according to Thomson Financial/First Call.
Third quarter revenue will be "slightly lower" than the $60 million to $65 million forecast in August, New Power said.

In the year-ago third quarter New Power lost $1.23 a share on revenue of $18.19 million.
The amendment to the master netting agreement with Enron North America Corp., Enron Energy Services Inc. and Enron Power Marketing Inc. affects the master cross-product netting, setoff, and security agreement, and expands through Jan. 4 the types of collateral that New Power is permitted to post to the Enron units.
Under the amended pact, the first $70 million of posted collateral must be in the form of cash, while amounts in excess of $70 million may consist of not more than $40 million of eligible receivables and inventory of New Power, valued at discounts specified in the amendment, and subject to a $25 million limit for October 2001.
Shares of New Power traded recently on the New York Stock Exchange at $1.67, up 1 cent, or 0.6%, on early composite volume of 7,900 shares. Average daily volume is 223,800 shares.
-Bill Platt; Dow Jones Newswires; 201-938-5400

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