The $550 of debt that is in the calcualtion assumes we borrow the 550 next week.   Otherwise there is only 17 or so there.

 -----Original Message-----
From: 	Wadlington, Mark
Sent:	Thursday, November 08, 2001 8:59 AM
To:	Hayslett, Rod
Subject:	FW: twn quick value -- excluding receivable from enron

 -----Original Message-----
From: 	Wadlington, Mark
Sent:	Wednesday, November 07, 2001 7:45 PM
To:	Taylor, Mitch; Brown, Bill W.; Burkhart, Paul; Wadlington, Mark; Desai, Jayshree
Subject:	twn quick value -- excluding receivable from enron

 << File: twn.xls >>

Jay and I say $850-900mm, maybe $950 mm if we are in hard sell mode.

Regards
Mark and Jayshree


Please see attached memo from Beth Tilney and Cindy Olson.


call me when you want a live quote

 -----Original Message-----
From: 	"CAROLINE ABRAMO, ENRON CORP." <CABRAMO@bloomberg.net>@ENRON
Sent:	Friday, November 30, 2001 10:02 AM
To:	Arnold, John
Subject:	RE: AND ONE MORE....GLOBAL NEEDS TO SELL 50/MTH APR-OCT 02

OK TX


IntercontinentalExchange
                                                                                Firm Physical Natural Gas Price Bulletin
                                                                                For Natural Gas Delivered on Saturday, October   27, 2001 thru Monday, October   29, 2001
                                                                                (Trade Date of Friday, October   26, 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	          $3.0700	          $2.9800	          $3.0139	-    .1067	         667,500	American Natural Resources Pipeline Co. - SE  Transmission Pool
    Columbia Onshore	          $3.0900	          $3.0050	          $3.0530	-    .0677	         438,300	Columbia Gulf Transmission Co. - Onshore Pool
    Henry Hub	          $3.1100	          $3.0000	          $3.0478	-    .0936	       4,043,400	Henry Hub tailgate - Louisiana
    NGPL LA	          $3.0400	          $2.9400	          $2.9948	-    .1135	         716,100	Natural Gas Pipeline Co. of America, Louisiana Pool
    Tenn 500L	          $3.1750	          $3.0150	          $3.0430	-    .1074	         636,900	Tennessee Gas Pipeline Co.-Zone L, 500 Leg Pool
    Tenn 800L	          $3.0450	          $2.9800	          $3.0225	-    .1136	         302,100	Tennessee Gas Pipeline Co.-Zone L, 800 Leg Pool
    TETCO ELA	          $3.0850	          $3.0100	          $3.0494	-    .1185	         710,100	Texas Eastern - East LA
    TETCO WLA	          $3.0600	          $2.9900	          $3.0244	-    .1228	         106,500	Texas Eastern - West LA
    Transco 65	          $3.1250	          $3.0600	          $3.0950	-    .0917	         286,800	Transco - Station 65
    Trunkline ELA	          $3.0500	          $2.9800	          $3.0124	-    .1426	         193,500	Trunkline Gas Company - East Louisiana Pool
    TxGas SL	          $3.0400	          $3.0100	          $3.0272	-    .0804	         340,200	Texas Gas Transmission Corp.-Zone SL FT Pool
 MIDCONTINENT
    MichCon, citygate	          $3.2800	          $3.1500	          $3.2180	-    .1793	         465,000	Michigan Consolidated
    NGPL Midcont	          $2.9700	          $2.8400	          $2.8770	-    .1748	         533,100	Natural Gas Pipeline Co. of America, Mid-Continent Pool
    NGPL Nicor, citygate	          $3.2000	          $3.0900	          $3.1331	-    .1582	       1,325,400	Natural Gas Pipeline Co. of America, Nicor Citygate
    NGPL NIPSCO, citygate	          $3.1750	          $3.1000	          $3.1270	-    .2090	         160,500	Natural Gas Pipeline Co. of America, Nipsco Citygate
    NNG Demarcation	          $3.0300	          $2.9400	          $2.9708	-    .2654	         841,500	Northern Natural Gas, Demarcation Pool
 NORTHEAST
    Columbia TCO	          $3.5150	          $3.3350	          $3.4015	-    .0745	       1,374,300	Columbia Gas Co. - TCO Pool
    Dominion So.Point	          $3.4450	          $3.3800	          $3.4061	-    .0991	       1,158,000	Dominion - South Point
    TETCO M3	          $3.5000	          $3.4000	          $3.4278	-    .2013	         578,700	Texas Eastern - M3 Zone
    Transco Z-6 (NY)	          $3.6700	          $3.5000	          $3.5662	+    .0203	         797,700	Transcontinental Gas Pipe Line Corp. - Zone 6 (NY)
 WEST
    El Paso non-Bondad	          $2.6400	          $2.4200	          $2.5350	-    .3942	         669,000	El Paso - San Juan Basin, Blanco Pool
    Huntingdon/Sumas	          $2.6600	          $2.5500	          $2.6000	-    .3133	         417,600	Westcoast Energy & Northwest Pipeline Corp.
    Opal	          $2.5400	          $2.3900	          $2.4346	-    .4758	         210,000	Opal
    PG?Citygate	          $2.8200	          $2.6600	          $2.7522	-    .4946	         351,000	PG?- Citygate
    SoCal Border	          $2.8900	          $2.7650	          $2.8306	-    .2531	         188,400	Southern California Border Points (Ehrenberg,Topock,Needles)
 WEST TEXAS
    El Paso - Keystone	          $2.8500	          $2.6700	          $2.7158	-    .2735	         882,900	El Paso - Keystone Pool
    Waha	          $2.8900	          $2.7550	          $2.8024	-    .2190	         477,600	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.
In order to receive the proprietary information contained in this email, you acknowledge and agree that you shall not further disseminate the IntercontinentalExchange Market Data contained herein to any person or entity without the express written consent of IntercontinentalExchange.    Furthermore, you acknowledge that (1) IntercontinentalExchange has exclusive and valuable property rights in this data; (2) IntercontinentalExchange's data is being made available to you only for your own business or personal activities; and (3) you cannot communicate the data, in any form, to any other person or entity without the express written consent of IntercontinentalExchange.
This data is provided to you free of charge.  IntercontinentalExchange reserves the right to cancel this service at any time for any reason or no reason at all.
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To become an Exchange Participant or inquire about the indices, please contact sales@intcx.com .
To unsubscribe from this service, click here unsubscribe .
                                                                                ?Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved.


---------------------- Forwarded by Richard B Sanders/HOU/ECT on 05/13/99
12:18 PM ---------------------------

Richard B Sanders
02/18/99 09:45 AM
To: John Sanders MD <johnbepa@macol.net>
cc: "Danna Sanders" <mrmslane@aol.com>, "Doug Sanders"
<douglas.s.sanders@gte.net>, "Rol Sanders" <bwanarol@hotmail.com>, "Steve &
Jane Ellen Sanders" <pardevelop@aol.com>
Subject: Re: Lowry and Nancy

Great idea --- maybe we can call mom and get Norman Cornelius' number. Then,
if we time it right, we can get in on the ground floor of a new Ponzi
scheme---er---multilevel marketing ----er-----bond offering---er---debt to
eqity play---er--loan to my once financial adviser turned
homebuilder---er---  "sure thing" ---Ponzi scheme.


Are these the correct dates on Change Order #4?
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/16/2000 06:35
PM ---------------------------

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 10/16/2000 09:48:01 AM
To: "Johnson, Lee L (PS, SSEP)" <lee.johnson@ss.ps.ge.com>,
"'kay.mann@enron.com'" <kay.mann@enron.com>
cc:

Subject: RE: Revised letter of Sept 29

I believe that this is the most recent version.  Lee, check the dates to make
sure they are right.

Kent

-----Original Message-----
From: Johnson, Lee L (PS, SSEP)
Sent: Monday, October 16, 2000 10:17 AM
To: Shoemaker, Kent
Subject: FW: Revised letter of Sept 29

Kent,

Please send Kay the Amendment #4 draft (shedule change for Units 19,20,23,24).
I think you had it last.  I can't seem to find it either.

Lee
-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Friday, October 13, 2000 2:58 PM
To: lee.johnson@ss.ps.ge.com
Cc: michael.storm@ss.ps.ge.com; kent.shoemaker@ae.ge.com;
ben.f.jacoby@enron.com; chris.booth@enron.com; Kathleen.Clark@enron.com
Subject: Re: Revised letter of Sept 29

Lee,

Your changes to the letter look fine to me.

I'm attaching the latest version I have on change order #2.  Are we ready
to go with this one?

(See attached file: changeorder#2rev7.doc)

We would like to close out #3 and #4 soon.  I believe GE prepared #4.
Could you send me a copy of the latest draft of #4, as it was inadvertently
deleted from my computer. Meanwhile, I'll work to get you a draft of #3.

Thanks,

Kay

lee.johnson@ss.ps.ge.com on 10/13/2000 08:03:49 AM

To:   kay.mann@enron.com
cc:   michael.storm@ss.ps.ge.com, kent.shoemaker@ae.ge.com,
      ben.f.jacoby@enron.com, chris.booth@enron.com

Subject:  Revised letter of Sept 29

 <<SSlttrsept29rev1.doc>>  <<SSlttrsept29rev2.doc>>

Kay,

Attached is a redline version of Sept 29 letter, and clean copy for
sign/send.  The change involves reference to the contract paragraphs that
deal with corrections, enabling Enron and GE to reach agreement on timing
of
performance of corrective work, if we both agreed to a schedule other than
prior to delivery to site.  We recognize that if any of this work has an
impact on your EPC contractor's site work schedule, there maybe other
consequences/remedies, as provided in the contract.

I'll sign and fax.  Hope you all have no objections.

Thanks,

Lee

(See attached file: SSlttrsept29rev1.doc)
(See attached file: SSlttrsept29rev2.doc)

 - Change Order #4.doc


Firms Push Edison Near Bankruptcy

Energy: Power generators ask firm to spell out how they will be repaid hundreds of millions of dollars for purchases under deregulation plan.

By NANCY VOGEL and JERRY HIRSCH
TIMES STAFF WRITERS

September 29 2001

SACRAMENTO -- Five big energy companies owed hundreds of millions of dollars by Southern California Edison pushed the utility a step closer to bankruptcy Friday by asking Edison to sign an agreement spelling out how each will be repaid.

The companies demanded that Edison meet with them within two weeks to work out a repayment plan and implied that otherwise they would drag the Rosemead-based utility into Bankruptcy Court. Under federal law, any three creditors can force a company to file for bankruptcy if they are owed a combined $10,775. The five generating companies collectively are owed hundreds of millions of dollars, although the exact total is not known.

The letter was a significant step in maneuvering over Edison's fate--a dance that has gone on for months but now appears to be nearing its close. Edison has been reaching deals with some of its creditors, but has kept others waiting. Some power generators, in turn, have been threatening to push Edison into bankruptcy, although so far only Mirant Corp. and Reliant Energy have publicly embraced that idea. And Gov. Gray Davis and legislative leaders have continued to debate a plan that the governor believes could avoid a bankruptcy.

The letter, sent by William Bates III, a Palo Alto attorney representing the five power generators, expressed frustration that Edison so far has been unwilling to work out a repayment plan with large power producers. Under the Edison rescue plan that the Legislature debated and ultimately adjourned without passing earlier this month, Edison would have settled with its smaller creditors but been left with $1 billion in debt to big power sellers.

"This group of creditors is significant in both number and amount and deserves and requires to be dealt with as such," says the letter to Edison's private attorney, Thomas B. Walper of Munger, Tolles & Olson in Los Angeles.

"We would be willing to discuss any ideas SCE has" about an agreement to repay its debt, the letter continues, "but we don't want to waste anybody's time. Thus, as a first step we want to know whether SCE is interested in negotiating. . . . Please give us a simple 'yes' or 'no' answer to that question.

"Of course, we reserve all our rights and remedies in the event that SCE does not want to meet on these terms or we cannot reach a mutually satisfactory agreement," Bates wrote.

The five companies are Reliant, Mirant, Dynegy Corp., Enron Corp. and Puget Sound Energy, which is the biggest investor-owned utility in Washington state.

Edison officials refused to comment.

The frustration on the part of the power generators appeared to mount Tuesday, when Edison announced that it had reached an agreement to pay off its $14-million debt to the city of Long Beach, which sold Edison electricity produced at a trash-fueled power plant on Terminal Island.

Edison has also reached repayment plans with many small and renewable power producers who collectively are owed $1.2 billion.

"Edison can take steps to assure that all creditor classes are treated equally," said Richard Wheatley, a spokesman for Reliant Energy in Houston, which is owed $100 million to $200 million by Edison.

A spokesman for Atlanta-based Mirant, which is also owed more than $100 million, sounded a similar note. "It is time SCE made clear when, how much and even if it is going to pay us," Patrick Dorinson said.

So far, other creditors have balked at the idea of pushing Edison into bankruptcy, believing that a judge would probably consider a bankruptcy petition premature until after the Legislature meets Oct. 9 in a special session to deal exclusively with Edison's plight.

Davis, who insists that Edison should not be allowed to file for bankruptcy, ordered the new session earlier this month after legislators adjourned without passing any legislation that would shrink Edison's debt.

Other Creditors Take Notice

Senate leader John Burton, (D-San Francisco), has said that any such bill would have to guarantee that the burden of paying off the utility's $3.9-billion debt does not fall on homeowners and small-business owners.

The letter from the five generators caught the attention of other creditors who have so far played along with SCE's strategy of winning a legislative rescue.

"From our perspective, the days of luxury for Edison are over," said John Moorlach, Orange County treasurer. The county holds $1 million of defaulted SCE bonds in its retirement plan.

Moorlach said he believes that if SCE does not quickly reach an agreement with the generators, they will push the utility into Bankruptcy Court.

"By doing this, the generators are trying to show that they are making a good-faith effort to reach a settlement first," Moorlach said.

But Jay Lawrence, spokesman for the Renewable Energy Creditors Committee, said his members believe the move by the generators shows they have backed off from an immediate involuntary bankruptcy petition filing, at least while they try to open negotiations with SCE.

"We still want to see a legislative solution, and we are against bankruptcy," Lawrence said.

Edison provides electricity to 11 million people. It racked up the $3.9-billion debt over the past year as it purchased high-priced electricity in the fledgling market California created under a 1996 deregulation plan. The state's deregulation plan included a rate freeze that barred Edison from passing the full cost of the power it bought on to customers.

By January, Edison's debt had grown so heavy that power sellers refused to deal with the utility. The state had to step in with taxpayer money to keep electricity flowing. So far, the state has spent $10.7 billion on power purchases.

Edison's counterpart in Northern California, Pacific Gas & Electric, suffered the same financial squeeze in the state's dysfunctional market. PG&E took itself into bankruptcy in April.

The generators' demand came on a day when Edison officials said they were close to winning an agreement from bankers to delay collecting on $200 million in loans until Oct. 19.

Shares of Edison International, the parent company of Southern California Edison, rose almost 5% Friday to close at $13.16 on the New York Stock Exchange.

*

Times staff writer Nancy Rivera Brooks contributed to this report.


<<CALPINE DAILY GAS NOMINATION 1.doc>>

RICKY A. ARCHER
Fuel Supply
700 Louisiana, Suite 2700
Houston, Texas 77002
713-830-8659 direct
713-830-8722 fax

 - CALPINE DAILY GAS NOMINATION 1.doc


Dear Ken,

Attached are the agenda and the discussion paper for next Tuesday's meeting.
Please note the time -- 4 to 6 p.m.  By Thursday, we will be sending you a
notebook by Federal Express with meeting materials and other background
information.

Best regards,
Jeff

 <<Discussion Document 23 May.doc>>  <<SEC Agenda May 23.doc>>

 - Discussion Document 23 May.doc
 - SEC Agenda May 23.doc


Kay:

I will review your comments on the LOI.  I wanted to check with make sure
that someone at King & Spalding is reviewing the Midway term sheet along with
the LOI, so that we can send the term sheet to TECO on Monday/Tuesday.

Let me know.

Fred

 -----Original Message-----
From:  Mann, Kay
Sent: Friday, June 01, 2001 11:45 AM
To: Jacoby, Ben; Mitro, Fred
Cc: jkeffer@kslaw.com
Subject: TECO

Ben,

I made a minor adjustment to the LOI re: exclusivity.

 << File: Midway TECO LOI june 1.doc >>

Policy states that any time we sign up to exclusivity we are supposed to get
it approved by Mark Metts, Tim Detmering and the CEO of the affected business
unit.  Seems a little silly in this case, but it can't hurt. (yes, I know we
didn't do it with the turbine stuff)

Kay


Karen

I suggested Rob  take my position on Saturday, looks like instead of replacing my spot with him, you just added him. Could you pls take me off ?

Harry

 -----Original Message-----
From: 	Buckley, Karen
Sent:	Tuesday, October 30, 2001 11:08 AM
To:	Gilbert-smith, Doug; Herndon, Rogers; Bentley, Corry; Arora, Harry; Jacoby, Ben; Meyn, Jim; Will, Lloyd; Gossett, Jeffrey C.; Gaskill, Chris; Allen, Phillip K.; Arnold, John; Grigsby, Mike; Martin, Thomas A.; Neal, Scott; Schwieger, Jim; Shively, Hunter S.; Luce, Laura; Vickers, Frank; Baughman, Edward D.; Mrha, Jean; Lagrasta, Fred; Tricoli, Carl; Forster, David; Curry, Mike; Miller, Don (Asset Mktg); Robinson, Mitch
Cc:	Lavorato, John; Kitchen, Louise
Subject:	FW: URGENT - ENA Associates & Analysts

All,

The following is the particpation list for ENA on Saturday's Associate recruiting event.      There are 70 candidates coming in to interview and there is still a requirment for another 40 interviewers.     Please encourage your direct reports to participate and advise as soon as possible.

Regards,

Karen
ENA - HR

November 3rd, 2001 - Participation from ENA.

Harry	Arora	ENA	VP	36750
Ruth	Concannon	ENA	Director	31667
David 	Forster	ENA	VP	31861
John	House	ENA	Mgr.	37558
Rahil	Jafry	ENA	Director	33206
Oliver	Jones	ENA	Mgr.	51640
Jim	Meyn	ENA	Director	53223
John	Moore	ENA	Director	35774
Rob	Stalford	ENA	Mgr.	36768
Lloyd 	Will	ENA	Director	33383

 -----Original Message-----
From: 	Buckley, Karen
Sent:	Tuesday, October 23, 2001 6:56 PM
To:	Duran, W. David; Baughman, Edward D.; Tingleaf, Drew; Kroll, Heather; Marks, David; Scheuer, Janelle; Jafry, Rahil; Sturm, Fletcher J.; Davis, Mark Dana; Benson, Robert; Carson, Mike; Gilbert-smith, Doug; Herndon, Rogers; Bentley, Corry; Arora, Harry; Jacoby, Ben; Meyn, Jim; Will, Lloyd; Gossett, Jeffrey C.; Gaskill, Chris; Allen, Phillip K.; Arnold, John; Grigsby, Mike; Martin, Thomas A.; Neal, Scott; Schwieger, Jim; Shively, Hunter S.; Luce, Laura; Vickers, Frank; Baughman, Edward D.; Mrha, Jean; Lagrasta, Fred; Tricoli, Carl
Cc:	Lavorato, John; Kitchen, Louise
Subject:	URGENT - ENA Associates & Analysts

 << File: ENA Participation.xls >>
All,

The below Analyst & Associate recruiting dates require ENA participation at Manager level at above.   In order to resource each of your departments it is important to have ENA's involvement and participation in the interviews and debrief sessions on Fantastic Friday and Super Saturday events.     These de-brief sessions will allow you the opportunity to select candidates you wish to join your groups.  The target  is to assign potential candidates to business units and departments from the outset.

As ENA has the highest percentage of A&A rotating in its business unit, the participation of ENA at interview should reflect this.     Therefore, please encourage your direct reports and managers to participate in the below events in order to secure candidates for your business area.

Associate Recruiting:		Saturday November 3						Total - 70 Candidates for Interview
Analyst Recruiting:		Friday, November 16						Total - 70 Candidates for Interivew
Associate Recruiting:		Saturday, December 1						Total - 70 Candidates for Interview

The above spreadsheet represents ENA's particpation today which I believe highlights the need for much additional support in these efforts.

Please confirm by return participation of your respective groups.

Regards,

Karen Buckley
HR - ENA


Reminder
The Enron Oral History Project Continues...

"Using History to Help Enron Become the World's Leading Company"

How can an understanding of strategic choices, regulatory change and corporate culture help Enron achieve its vision?

Speaker:
Joseph Pratt, Cullen Professor of History and Business, University of Houston
and
 Co-Director, Enron Oral History Project

Thursday, June 7
11:30 a.m. to 12:30 p.m.
EB 5C2

To Make a Reservation, Call 3-1941 and Select Option 1

Lunch will not be provided, but you are welcome to bring your own.

Please inform us ahead of time if you need special accommodations to participate in this meeting.  Call 3-9390.


<<FIN group project2.xls>>

New spreadsheet with change to facts sheet.  changed Discount Rate to 5.7%.
Lets meet a break tonight to discuss.

Kim, I will need to resend you my exhibits.  I still need to do the change
to the elasticity.  Will do during my negotiations class.

-Jackie

 - FIN group project2.xls


Avalon of Oregon Weekly NW Wine and Gourmet News
May 26, 2001

The new newsletter is here:
http://www.avalonwine.com/weeklynewsCURRENT.htm

This Week's Top Ten North West Wines- New Feature!
http://www.avalonwine.com/toptenlist.htm

Memorial Day Oregon Wine Touring- Our Suggestions
http://www.avalonwine.com/jeanswinetours.htm

New Wine Releases- Complete redo and update as of 5/26/01
http://www.oregongourmet.com/newwinereleases.html

Prerelease Sale- St Innocent 1999 Single Vineyard Pinot Noirs
Top Rated Wines, Buy Now and Guarantee you get some!
http://www.avalonwine.com/stinnocentwinery.htm#t

Wine Tales: "Good Wine, Good Company, Pushy Waiter"
By Christina Kelly
http://www.avalonwine.com/christinakellycolumns.htm

Northwest Wine Industry News Briefs- Tyee Awards,
NW Wine Sales Drop, Bear Creek Winery,
Stoller Winery formed, St Innocent.
http://www.avalonwine.com/weeklynewsbriefs.htm

Belle Pente: The Little Winery That Could!
http://www.avalonwine.com/bellepente.htm

May Wine Club Newsletter is Out:
http://www.avalonwine.com/wineclubCURRENT.htm

Andy's Wine of the Week:
Arbor Crest Chardonnay- Not the same Arbor Crest- not at all!
http://www.avalonwine.com/ArborCrest.htm

Cole Danehower's Oregon Wine Report on Oregon Chardonnay
http://www.avalonwine.com/coledannehauermay2001column.htm

Ann's Wine of the Week: Ponzi Arneis
http://www.avalonwine.com/annsweeklyfavorites.htm

Also on the newsletter page- Adelsheim second label, organic wines, news from
the store, Torii Mor new releases, Bethel Heights new 99 Single vineyard
Pinot Noirs, Patty GReen futures, and more.
http://www.avalonwine.com/weeklynewsCURRENT.htm

Jean Yates
Avalon of Oregon
201 SW 2nd Street
Corvallis OR 97333
541-752-7418
www.avalonwine.com

-------------------------------------------------------------------------
To be removed from this mailing list
click on the link below
http://www.avalonwine.com/htbin/mail.cgi?sara.shackleton@enron.com


-----Original Message-----
From: PIRA Distribution [mailto:distribution@pira.com]
Sent: Wednesday, March 13, 2002 3:45 PM
To: PIRA Natural Gas Retainer Client
Subject: PIRA's Gas Flash Weekly (03/13/2002)

Attached is PIRA's latest "Gas Flash Weekly."

Contact Client Services regarding delivery of your PIRA reports, address changes, or technical support at (212) 686-6808, email: support@pira.com <mailto:support@pira.com>.

If you have any questions regarding the contents of a PIRA Natural Gas report, please contact: Greg Shuttlesworth (email: greg@pira.com <mailto:greg@pira.com>), Richard Redash (email: rich@pira.com <mailto:rich@pira.com>), Nobu Tarui (email: nobuo@pira.com <mailto:nobuo@pira.com>) or Jane Hsu (email: jane@pira.com <mailto:jane@pira.com>), at (212) 686-6808.

You can access all your PIRA reports or search through a report archive by logging in to PIRA Online at www.pira.com <http://www.pira.com/>.

NOTE: Circulation of PIRA reports outside a Client's licensed distribution area is strictly prohibited. Clients that are unsure of their licensed distribution or require an extension of their current license should contact their PIRA sales representative, or email: sales@pira.com <mailto:sales@pira.com>.

PIRA Energy Group


Abijeet,

Here are the ones I did for you to check against your values.  Thanks.

Mat


11th grade ticktocker meeting details:

 Location:   Home of Kristen and Nancy Dipaulo (check my spelling on this
one!)
 Time:   2:00 to 4:00
 Program: SAT Preparation (Klein High School Counselor)
   Senior Presentation Responsibilities (Nancy Galante)
   Planning for Holiday Adopt-A-Family

Thanks, Beverly!!  --Sally

Beverly Gibson <bgibson50606@yahoo.com> on 10/12/2000 08:57:26 AM
To: Linda Smithey <ges@houston.rr.com>, Teri McDaniel <DAnz7MNM@aol.com>,
Lois Nichols <muniman50@aol.com>, Diane Howell <isource2@msn.com>, Sheila
Jortner <jortner@ev1.net>, Sally Beck <sally.beck@enron.com>, Terri Agold
<jima@jatent.com>
cc:
Subject: NCL Ticktocker Meetings

Grade Level Advisors:

If you will give me the information about Sunday's
Ticktocker Meetings, I can send out a reminder notice
to those people for which I have e-mail addresses.

Beverly Gibson

__________________________________________________
Do You Yahoo!?
Get Yahoo! Mail - Free email you can access from anywhere!
http://mail.yahoo.com/


Donna and RIchard,

More information for your tracking database and report archives.

John


Jeff --

Currently, having signed the confidentiality agreement in Phase II of the
GRC, I am receiving, about every two weeks, a CD with an updated ,
confidential version of their integrated rate model. I now have a collection
of about 20 of theses things.  The decision was made last February to have
me (as opposed to anyone at Enron) sign the confidentiality agreement and
receive the model while we decided what we were going to do in the
proceeding.  Now that we decided that we are not going to do anything, I was
considering contacting the appropriate PG&E attorney and getting my name
removed from the list to receive model updates and returning the ones I have
gotten to date. I wanted to make sure this was okay with you before I
proceeded.

Jeanne


IntercontinentalExchange
Firm Power Price Bulletin

For Power Delivered on Monday, November 05, 2001
(Trade Date of Friday, November 02, 2001)

Click here to access index history <http://www.intcx.com/SubscriberServlet/subscriberservlet.class?operation=powerIndexForm&hub=All>.

* volume represents sell-side only *

Hub	 High	 Low	 Wtd Avg Index	 Change ($)	 Vol (Mwh)
Cinergy	$25.75	$23.50	$25.03	+ 4.85	106,400
Comed	$24.00	$21.50	$22.88	+ 3.50	6,400
Entergy	$26.50	$25.05	$25.89	+ .26	10,400
Nepool	$39.75	$38.00	$39.01	+ 4.80	12,800
Palo Verde	$33.90	$32.75	$33.33	+ 2.72	4,000
PJM-West	$25.00	$24.45	$24.65	+ 1.60	66,400
SP-15	$34.25	$32.50	$33.21	+ .65	2,400
TVA	$26.75	$25.00	$25.86	+ 4.60	12,800

Includes all trades done from 6 AM to 11 AM Central Prevailing Time on the trade date specified for financially firm power delivered during the on-peak hours (6 AM - 10 PM CPT for Eastern hubs / 6 AM - 10 PM Pacific Prevailing Time for Western hubs) on the delivery date(s) specified.

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.

In order to receive the proprietary information contained in this email, you acknowledge and agree that you shall not further disseminate the IntercontinentalExchange Market Data contained herein to any person or entity without the express written consent of IntercontinentalExchange.   Furthermore, you acknowledge that (1) IntercontinentalExchange has exclusive and valuable property rights in this data; (2) IntercontinentalExchange's data is being made available to you only for your own business or personal activities; and (3) you cannot communicate the data, in any form, to any other person or entity without the express written consent of IntercontinentalExchange.

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To unsubscribe from this service, click here unsubscribe <http://www.intcx.com/subscribe.html>.

?Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved.


Sally,
James asked that I send you this schedule of the headcount and cost
reductions (savings) that will result with the sale of HPL.  If you have any
questions, or would like to schedule a time to go over the information,
please let me know.
Thanks,
Brian
x57677


Ben-

It was good to see you- I'll give you a buzz next time I'm in Houston.

Let me know if you have any questions about UT, BSchool, app process, etc...

I gave your email to Loncto-

Here's to a lot of golf next year if you decide to come to Austin!

D


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/02/2001
03:07 PM ---------------------------

	From:  Jason Sokolov                           05/02/2001 01:18 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Stuart Hamel's paper

---------------------- Forwarded by Jason Sokolov/HOU/ECT on 05/02/2001 01:18
PM ---------------------------

"Stuart Hamel" <srhamel@duke-energy.com> on 05/02/2001 12:03:26 PM
To: jason.sokolov@enron.com
cc:
Subject: paper

(See attached file: paper3.doc)

 - paper3.doc


Attached, please find ABX 67 (Cardoza) which would make it a felony to
sell power for unjust or unreasonable rates.

http://info.sen.ca.gov/pub/bill/asm/ab_0051-0100/abx1_67_bill_20010424_amended
_asm.pdf


let's discuss what info might be helpful.
---------------------- Forwarded by Scott Neal/HOU/ECT on 10/23/2000 02:19 PM
---------------------------

Janet R Dietrich
10/20/2000 04:11 PM
To: Ben Jacoby/HOU/ECT@ECT, Edward D Baughman/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron
cc: David W Delainey/HOU/ECT@ECT
Subject: Activities in Florida

Hey guys, I spoke with Carol and told her we would have an overview for ENA
by next Friday. Could each of you e-mail me a brief summary of your business
in Florida- just give me a general idea of our level of involvement in your
market, general themes we might want to get across, hurdles, etc. Ben/Jim,
this may be a very good opportunity to have Kevin lay out our views/plans for
deregulation and power development, and what we would like to see the
Governor push in the state. Since Enron is in Texas (and the obvious
connection with the Bush brothers), if it's appropriate to use Texas
deregulation as an example/comparable with Florida, it might be interesting.
If I could get your responses by next Wednesday am, they would be great.
Thanks.
---------------------- Forwarded by Janet R Dietrich/HOU/ECT on 10/20/2000
03:52 PM ---------------------------

Carol Ann Brown@ENRON COMMUNICATIONS
10/20/2000 03:35 PM
To: James I Ducote/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT
cc:
Subject: Activities in Florida

Janet and Jim,

Kevin Hannon is attending a dinner and a breakfast meeting (November 8th and
9th) with Governor Jeb Bush in Florida.  At this meeting the Governor has
requested that the attendees give a three to five minute overview of their
company and its interests in Florida.  Kevin asked me to contact you two to
see if you if could please give him a brief update via email on ENA's
activities in Florida.

Thank you,

Carol Brown
Office of the Chairman
Enron Broadband Services, Inc.
713.853.7974
713.853.9469 - fax
carol_brown@enron.net


It is with mixed emotions that I announce my plans to retire from Enron
effective 1 February 2001.  On the one hand, I will look forward to the
adventures that retirement offers; but on the other, I will miss working with
those of you whom I have come to know over the years.  I thoroughly enjoyed
my ten years with Enron, and it has been a privilege to lead EECC.  I wish
all of you and Enron the very best and continued success.


Daren, BP invoiced HPL at $4.955 for the deal below, and Sitara shows $4.95.  Can you please verify the pricing?  Thanks.


Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


Market Participants:

Please assure that this Notification is forwarded to your respective
Operating Departments ---

Notification of Operating Procedure Update

*	The following new or revised ISO Operating Procedures have been
implemented and are posted for reference on the ISO Website.

ISO Operating Procedure posted:  T-121 Sacramento Area Voltage Stability
Version: 3.2
Effective Date: 12/31/2001
Procedure Purpose: This Operating Procedure describes the steps required to
prevent voltage degradation and/or collapse in the Sacramento Area.
Technical studies indicate that low voltage can occur for transmission line
or Generating Unit Outages in the area during summer peak periods. This
Operating Procedure is generally applicable between the months of June
through September.
Changes / Reasons: Modified EMS References

*	Please find them at
http://www1.caiso.com/thegrid/operations/opsdoc/index.html under the
appropriate Operating Procedure section heading.

Please e-mail any comments or questions to the 'Procedure Control Desk'
mailbox [mailto:procctrldesk@caiso.com] and we will respond as soon as
possible.

Thank you!

California ISO Procedure Control Desk

Client Relations Communications.0921
CRCommunications@caiso.com


where can i call you?  needed to get cameron's guitar fixed so i can use it
during the competition in colorado.  had to get it fixed at peacock, but need
to pick up today (and prentice's) banjo, which is getting fixed.  where can i
call you?

jeff


Rick Shapiro will be hosting a conference call today regarding the above
subject.  Please see details below:

Date:  Monday, July 9, 2001

Time:  5:00 PM (CDT)
  3:00 PM (PDT)

Number: 1-800-998-2462
  passcode 5380600

Please confirm via e:mail your participation on this call.

Thanks and please don't hesitate to call me if you have any questions.

gngr
713-853-7751


Monday is bad for me.  The rest of the week looks good.

Kay

Brian Redmond@ECT
04/11/2001 11:05 AM
To: Ben Jacoby/HOU/ECT@ECT, Ron Tapscott/HOU/ECT@ECT, Kay
Mann/Corp/Enron@Enron, Robert P Virgo/HOU/ECT@ECT, Chris Booth/NA/Enron@Enron
cc:

Subject: Turbine Claim

Team:

I have tentatively set up a meeting next Monday at 1:00 with Jim Bouillion
and Chris Studdert's to discuss the situation with the turbines.  Let me know
if you are available.

Regards,
Brian


Russell, I think it will be Kenneth.Lay@Enron.com.  Do we capitalize all the
words, but com?  I noticed that mine is Rosalee.Fleming@Enron.com.  I had
sent something to my home e-mail address.  This may not be a good test as I
am sending it from my home computer, from his mail-box, but not from his
computer.  Oh, well, we'll see!!

Rosie


Price: $ .10
Target Price: $0.75
52 week high = $3.40
Float: 1.5 Million

SPORTSNUTS - Signs Agreement With Utah Summer Games!

(Market News Publishing via COMTEX) -- SportsNuts announced
that it has signed an agreement with the Utah Summer Games,
Utah's most prestigious amateur sports event, to provide online
registration and online merchandise sales.

The games, which will be held in Cedar City, Utah from
June 14-25, 2001, draw tens of thousands of athletes,
sponsors, and sports enthusiasts from around the state.

We consider SPCI a STR0NG BUY!

for details go to:
http://quote.yahoo.com/q?s=spci.ob&d=t

DISCLAIMER: newpennies cautions that small and micro-cap stocks
are high-risk investments and that some or all investment dollars
can be lost. We suggest you consult a professional investment advisor
before purchasing any stock. All opinions expressed in this newsletter
are the opinions of newpennies. All information concerning
the company is received directly from company press releases.
We recommend you use the information found here as an initial
starting point for conducting your own research and conduct your own
due diligence on the featured company in order to determine your own
personal opinion of the company before investing. newpennies assumes
all information to be truthful and reliable; however, we cannot and do not
warrant or guarantee the accuracy of this information. All statements
contained herein are deemed to be factual as of the date of this report
and as such are subject to change without notice. newpennies is not an
Investment Advisor, Financial Planning Service or a Stock Brokerage
Firm and in accordance with such newpennies is not offering investment
advice or promoting any investment strategies. newpenniesis not offering
securities for sale or solicitation of any offer to buy or sell securities.
newpennies holds forty thousand shares of this company profile. newpennies,
its affiliates, associates, relatives and anyone associated with newpennies
in any manner reserves the right to either buy or sell shares in the profiled
company's stock, either before the date of the profile, during the date of the
profile or at any time after the date of the profile. We have an inherent conflict
of interest by sending the newsletter at the same time we may own stock in
the same company. newpennies sincerely beleives that the company profiled
is a strong buy however we reserve the right to sell shares at anytime, even
during the time period in which we are profiling a company. newpennies may
profile companies trading in fast moving, volatile markets, and any reader
of this newsletter should observe the trading behavior of any profiled
company prior to investing.

unsubscribe at nomail01@excite.com
you WILL be removed. We apologize for any inconvenience.

STOCK EXPECTED TO SOAR!!   SPCI $0.10

OUR NEXT STOCK PICK IS

OTCBB: SPCI


look, damn it, they have all the personality in the world and they are not that big.  i don't think you know what a cockerspaniel is.

 -----Original Message-----
From: 	Erin Richardson <erichardson@sarofim.com>@ENRON [mailto:IMCEANOTES-Erin+20Richardson+20+3Cerichardson+40sarofim+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, October 02, 2001 4:08 PM
To:	Lenhart, Matthew
Subject:	RE:

well, i am not getting a cockerspaniel, they are too big, and all of the
ones i have been around are boring.  no personality.

-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
Sent: Tuesday, October 02, 2001 3:56 PM
To: erichardson@sarofim.com
Subject: RE:

yeah i had one.   her name was mandy and she was the sweetest dog and my
dad has one currently and the dog isnt retarded.  all dogs are dumb.  they
are called dumb friends b/c they don't speak.

    -----Original Message-----
   From:   Erin Richardson <erichardson@sarofim.com>@ENRON

[mailto:IMCEANOTES-Erin+20Richardson+20+3Cerichardson+40sarofim+2Ecom+3E+40E
NRON@ENRON.com]

   Sent:   Tuesday, October 02, 2001 3:46 PM
   To:     Lenhart, Matthew
   Subject:  RE:

   that was mean.  did you really used to have one?  my friend melissa has
   one
   and it is the dumbest dog i have ever seen.

   -----Original Message-----
   From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
   Sent: Tuesday, October 02, 2001 3:46 PM
   To: erichardson@sarofim.com
   Subject: RE:

   your retarded.  i used to have one.  they are great dogs.

       -----Original Message-----
      From:   Erin Richardson <erichardson@sarofim.com>@ENRON

[mailto:IMCEANOTES-Erin+20Richardson+20+3Cerichardson+40sarofim+2Ecom+3E+40E
   NRON@ENRON.com]

      Sent:   Tuesday, October 02, 2001 3:41 PM
      To:     Lenhart, Matthew
      Subject:  RE:

      cockerspaniels are retarded.  why do you think i should get one of
      those?

      -----Original Message-----
      From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
      Sent: Tuesday, October 02, 2001 3:36 PM
      To: erichardson@sarofim.com
      Subject: RE:

      i think they are all bark and no bite.  i think they could get their
      asses
      kicked by cats.  they look like they were doberman pinchers who were
      shrunk.  you should get a cockerspaniel.

          -----Original Message-----
         From:   Erin Richardson <erichardson@sarofim.com>@ENRON

[mailto:IMCEANOTES-Erin+20Richardson+20+3Cerichardson+40sarofim+2Ecom+3E+40E
      NRON@ENRON.com]

         Sent:   Tuesday, October 02, 2001 3:25 PM
         To:     Lenhart, Matthew
         Subject:  RE:

         no, i am not kidding and no i don't want it b/c of the taco bell
   dog.
      i
         want it b/c it is really small and cute.  i knew someone in
   college
      who
         had
         one and i loved it.  why do you think they are mean?

         -----Original Message-----
         From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
         Sent: Tuesday, October 02, 2001 3:20 PM
         To: erichardson@sarofim.com
         Subject: RE:

         are you kidding?  why would you want a chihuahua?  those dogs
   aren't
         even
         friendly.  do you think they are cool b/c of the taco bell dog?

             -----Original Message-----
            From:   Erin Richardson <erichardson@sarofim.com>@ENRON

[mailto:IMCEANOTES-Erin+20Richardson+20+3Cerichardson+40sarofim+2Ecom+3E+40E
         NRON@ENRON.com]

            Sent:   Tuesday, October 02, 2001 2:29 PM
            To:     Lenhart, Matthew
            Subject:  RE:

            what's a furry dog?  i have to get a small dog b/c my apt. is
      small.
         i
            want
            a chihuahua.   they aren't furry and they have personality.

            -----Original Message-----
            From: Matthew.Lenhart@enron.com
   [mailto:Matthew.Lenhart@enron.com]
            Sent: Tuesday, October 02, 2001 2:23 PM
            To: erichardson@sarofim.com
            Subject: RE:

            it depends what type you get.  if you get one of those little
      furry
         dogs
            that you can carry with you everywhere, then i can't like that
      dog.
         if
            you
            get one with personality like a bulldog it can stay at my
   place.
         those
            little furry dogs act like cats.

                -----Original Message-----
               From:   Erin Richardson <erichardson@sarofim.com>@ENRON

[mailto:IMCEANOTES-Erin+20Richardson+20+3Cerichardson+40sarofim+2Ecom+3E+40E
            NRON@ENRON.com]

               Sent:   Tuesday, October 02, 2001 2:13 PM
               To:     Lenhart, Matthew
               Subject:  RE:

               no!  you are so mean.  why would you ever want to kick a
      precious
            little
               puppy?

               -----Original Message-----
               From: Matthew.Lenhart@enron.com
      [mailto:Matthew.Lenhart@enron.com]
               Sent: Tuesday, October 02, 2001 2:12 PM
               To: erichardson@sarofim.com
               Subject: RE:

               only if i have a bad day.  if i have a bad day will you let
   me
         come
            over
               and kick it?

                   -----Original Message-----
                  From:   Erin Richardson <erichardson@sarofim.com>@ENRON

[mailto:IMCEANOTES-Erin+20Richardson+20+3Cerichardson+40sarofim+2Ecom+3E+40E
               NRON@ENRON.com]

                  Sent:   Tuesday, October 02, 2001 2:06 PM
                  To:     Lenhart, Matthew
                  Subject:  RE:

                  i don't know, i can't decide if i should get one or not.
      my
         mom
               called
                  some places for me today but she didn't find much.  are
   you
         going
            to
               be
                  mean
                  to it?

                  -----Original Message-----
                  From: Lenhart, Matthew [mailto:Matthew.Lenhart@ENRON.com]
                  Sent: Tuesday, October 02, 2001 2:04 PM
                  To: erichardson@sarofim.com
                  Subject:

                  when are you getting your dog dog?

   **********************************************************************
                  This e-mail is the property of Enron Corp. and/or its
      relevant
               affiliate
                  and
                  may contain confidential and privileged material for the
      sole
         use
            of
               the
                  intended recipient (s). Any review, use, distribution or
            disclosure
               by
                  others is strictly prohibited. If you are not the
   intended
            recipient
               (or
                  authorized to receive for the recipient), please contact
   the
            sender
               or
                  reply
                  to Enron Corp. at
   enron.messaging.administration@enron.com
      and
            delete
                  all
                  copies of the message. This e-mail (and any attachments
      hereto)
            are
               not
                  intended to be an offer (or an acceptance) and do not
   create
      or
               evidence
                  a
                  binding and enforceable contract between Enron Corp. (or
   any
      of
            its
                  affiliates) and the intended recipient or any other
   party,
      and
         may
               not
                  be
                  relied on by anyone as the basis of a contract by
   estoppel
      or
               otherwise.
                  Thank you.

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


Please pass this onto the individuals in your groups:

Tomorrow's simulation and Friday's desk to desk trading will provide an excellent opportunity for us to double check the online deals in tagg and sitara.  Please pay special attention to these deals and let me know of any bridging issues.  Even though we have been testing and having various people check the deals in the underlying systems, I am afraid of any logic that may be hardcoded in the bridge.

Notify me immediately of any deals that are bridging incorrectly and I will try to resolve as soon as possible.  I will also be watching the bridge to research any failed deals.

Thanks for your help.  Let's hope for a smooth transition!

Dawn
3-9353


CGoering@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

The NYISO is reserving hours beginning 9:00 - 20:00, 22:00, and 23:00 in
the August 31, 2001 Real-Time Market as well as the following hours per ECA
20010608B to verify prices:

HQ:  6:00, 7:00, 10:00-13:00, and 21:00
NE:  6:00, 7:00, and 21:00
OH:  6:00, 7:00, and 21:00
PJM: 6:00, 7:00, and 21:00

Prices in the September 1, 2001 Day-Ahead Market are correct.

This e-mail information is a copy of the official posting which can be
found at the following address of our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm


Rick, we received your recommendation.  Please let us know if Mr. Lay, Mr. Whalley and your Human Resource Representative concurs and then we will type up the resolution to appoint Mr. Port as a Vice President of Enron Corp.

 -----Original Message-----
From: 	Buy, Rick
Sent:	Monday, December 17, 2001 7:56 AM
To:	Moore, Georgene
Subject:	RE: MANAGEMENT COMMITTEE - OFFICER ELECTIONS

I recommend David Port for position of Vice President. Rick Buy

 -----Original Message-----
From: 	Moore, Georgene
Sent:	Thursday, December 13, 2001 1:03 PM
To:	Bowen Jr., Raymond; Buy, Rick; Causey, Richard; Delainey, David W.; Derrick Jr., James; Dietrich, Janet; Fallon, Jim; Frevert, Mark; Haedicke, Mark E.; Horton, Stanley; Hughes, James A.; Kean, Steven J.; Koenig, Mark; Lay, Kenneth; McMahon, Jeffrey; Whalley, Greg; 'ISHERRIFF@BTINTERNET.COM'
Cc:	Blackwood, Connie; Chapman, Kay; Daw, Nicki; Ferrari, Kerry; Fleming, Rosalee; Ford, Sue; Harris, Stephanie J ; Heathman, Karen K.; Elbertson, Janette; Williamson, Joannie; Marshall, Lucy; McVicker, Maureen; Schiller, Marsha; Stark, Cindy; Taylor, Liz; Wells, Tori L.; Westbrook, Sharron; Mendez, Yorleni
Subject:	MANAGEMENT COMMITTEE - OFFICER ELECTIONS

IF THERE ARE ANY MANAGEMENT RECOMMENDATIONS  FOR NEW OFFICERS OF ENRON CORP. OR ITS DIVISIONS PLEASE ADVISE BEFORE WEDNESDAY, DECEMBER 19TH IN PREPARATION FOR THE BOARD OF DIRECTORS MEETING. THANK YOU.


I suspect this didn't get to you as I originally used your MSN address.  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 08/14/2000
08:59 AM ---------------------------

	From:  Drew Fossum                           08/13/2000 01:25 PM

To: Maria Pavlou/ET&S/Enron@ENRON
cc: Mary Kay Miller/ET&S/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Mary
Darveaux/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Lindy
Donoho/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Sheila
Nacey/ET&S/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON, darveaux@tconl.com,
jeffery fawcett@msn.com, fkelly@gbmdc.com, Sstojic@gbmdc.com

Subject: Re: TW's 637 Filing

Attached is my redline of your Sat. draft.  In addition to the revisions in
the doc, I have a few questions and concerns:
1.  On the segmenting section, I think it is a fine legal argument, but it
lacks something.  What is our "or else" position?  Does the Global Settlement
give us any FERC-out rights or colorable argument that the entire deal should
be unwound if FERC screws up the segmenting issue?  I'm not suggesting that
we should trigger a FERC out if we have one, but if we arguably do, we should
consider threatening to use it.  I'm afraid we come across as whiny and
FERC's position will likely be "so what, what are you going to do about it?"
If we have no arguable "FERC-out" and the only  "or else" we have is that
we'll take them to Court and force them to adhere to the original deal, I'm
for leaving the draft as-is.  We can make our appeal threat more direct on
rehearing if they hose us in the initial order.
2.  On the arbitrage argument, I've taken out any reference to an example and
softened the verbiage a bit.  I want to leave in the references to the
arbitrage issue, however, because FERC understands the problem and believes
it is widespread.  We don't need to prove exactly how big a problem it is on
our system (although it would have been very effective if we had clear facts).
3.  Do any of the OBA changes arguably conflict with the Global Settlement?
If so, we'd  better be prepared to eat our words from the segmenting
section.  Covering ourselves in the sanctity of that Settlement in section 1
and then fiddling around with it in section 2 won't play well.  It is my
understanding that the OBA system on TW was not part of the turnback
resolution deal so I hope this won't be a problem.
4.  On FN 20, I'd suggest we use Vig's data and chart for May of 2000.  The
arb opportunity is huge and clear.  We reference in the FN that we use all
six of the Gas Daily price points, and I think Vig used just 3.  What's the
right answer?

Good work everyone--please give it one more careful look on Monday AM and it
should be good to go.  DF

Maria Pavlou
08/12/2000 08:33 AM
To: Mary Kay Miller/ET&S/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Mary
Darveaux/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Jeffery
Fawcett/ET&S/Enron@ENRON, Lindy Donoho/ET&S/Enron@ENRON, Julia
White/ET&S/Enron@ENRON, Sheila Nacey/ET&S/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON, darveaux@tconl.com, jeffery fawcett@msn.com,
fkelly@gbmdc.com
cc:

Subject: TW's 637 Filing

I have tried to incorporate comments from our meeting last Thursday as well
as written comments provided to me.  There are still some areas that we need
to decide on.  For example, we need to determine if arbitrage argument works
and finalize related Exhibits.  Also, re:  daily imbalance pricing at points
that have EFM, are we keeping the 25,000 Dth??  Also, I'm not sure whether we
confirmed that we have only called one Alert Day since 1994.  Finally, we
need to double check the tariff language on autobalancing per note on page 29
of draft.  Please review and provide me with comments early on Monday.
Thanks.  Maria


I believe this message was intended for Susan M Scott of ENA.  I'm with ETS
Legal.

	From:  Hector McLoughlin                           12/07/2000 10:47 AM

To: Kam Keiser/HOU/ECT@ECT, Susan Scott/ET&S/Enron@ENRON, Victor
Guggenheim/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON
cc: Francisco deJesus/NA/Enron@ENRON

Subject: Behavioral Profile of Risk Management Personnel

I want to recap our understanding of the key cultural/behavioral attributes
that you said were important to interview for.      If you want to add to
this please don't hesitate to do so.   We will form a questionnaire tailored
to your group's needs.

The right candidate will desire an environment that will challenge them with
new situations on a constant day to day basis.   This person would become
bored and restless with routine.   This person would also enjoy learning at a
relatively fast and voluminous rate.
The candidate will rarely lose a train of thought despite interruptions and
can return to the point at which a discussion or idea was disrupted.   There
are techniques as well as questions that can address this.
The person must indicate a high degree of dependability, endurance,
follow-through, and persistence.   They must be equipped with an ability to
cope with adversity and be willing to do what it takes to get it done.
They must not be adverse to working beyond the 45hr week.    It is difficult
for the candidate to create a story that combines examples of all of these
traits unless it truly happened.   If they have these traits, they have used
them in the past.
Relatively thick skinned.   How do they accept criticism and/or reprimands?
A desire to be in control of situations is also a desirable trait.  These
applicants must want to make decisions and control outcomes almost all of the
time.   Not to be confused with micro-managers or control freaks
(yeah-buts).
Lastly, they must have an entrepreneurial focus.    They need to be the
people that make it happen, with possibilities but without guarantees  of
personal gain, a desire to take ultimate responsibility, and influence others
to get it done and make them feel good about it.   The how, what, when,
where, and why of being in a leadership role.

We will start formulating the questions and the order in which they should be
asked today.   Do you have any candidates in the near future?   We would be
glad to help you with interviewing tips.
hgm


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/08/2000
08:38 AM ---------------------------

taylorci@pjm.com on 08/31/2000 03:29:14 PM
Please respond to taylorci@pjm.com
To: pjm-customer-info@risc1.pjm.com
cc:  (bcc: Vince J Kaminski/HOU/ECT)
Subject: FW: Press Release - Testimony of PJM President to the Pennsylvani a
PUC

Message sent from the pjm-customer-info mailing list at
pjm-customer-info@majordomo.pjm.com:

> The following press release was issued today:
>
> PJM EXECUTIVE DESCRIBES SUCCESS
> OF POWER GRID IN MID-ATLANTIC REGION
>
> (HARRISBURG, Pa. Aug. 31, 2000) - Phillip Harris, Chairman and CEO of PJM
> Interconnection, LLC, North America's largest centrally-dispatched
electrical
> system, testified before the Pennsylvania Public Utility Commission this
week
> on the reliability and affordability of electricity in the state.
>
> PJM, which became the first fully operational Independent System Operator in
> the U.S. on January 1, 1998 is responsible for the reliability of the bulk
> power transmission system and to facilitate an open, competitive wholesale
> electric market.
>
> PJM is responsible for coordinating the transmission of more than 58,000
> Megawatts of electricity over 8,000 miles of power lines it uses to get
power
> from 540 generating stations to more than 24 million customers.
>
> The Interconnection serves 8 percent of the country's population, which is
> spread throughout the Pennsylvania, New Jersey, Maryland, Delaware and
> northern Virginia region. PJM is the third largest entity of its kind in the
> world, behind Tokyo Electric and France's grid-the whole country.
>
> PJM's duties also entail administration of the energy market, which now
takes
> place over the Internet. The commodities-like exchange is facilitated by
PJM's
> custom-built eBusiness tools. Technological and process innovation have
> enabled PJM to manage more than $4 billion in the energy market in the past
> three years, achieve a 96 percent customer approval rating and has secured
the
> reliability of grid through peak demand days.
>
>  In his testimony, Harris outlined the underlying principles of why PJM has
> been successful in the new energy marketplace:
>
>
> -more-
> 2/3
>
> Transition Process
>
> Moving from a government regulated entity to a deregulated market model is a
> complicated process. PJM took an incremental and methodical approach to
> deregulation by taking measured steps and evaluating the results of the
> transition after each step to ensure reliability of the existing services.
> What is now a five-market system, began with a single market and was phased
in
> over two years.
>
> Governance Model
>
> To ensure fairness in the market, PJM chartered a two-tier governance model
> that includes a fully independent board that is supported by advice from a
> Members Committee.
> The model provides a forum for member debate and a process to develop
> collaborative solutions. PJM's more than 200 members as well as stakeholders
> can have a voice and confidence that change to business rules will occur
> fairly, collaboratively, and efficiently.
>
> Power Exchange Function
> The success of the PJM Power Pool and the continued combination of the
> reliability and market functions within the new PJM ISO were the most
> efficient and cost effective transition to the future.
>
> The connection of both functions within one organization, that is
financially
> independent of both transmission and generation facilities, system
> modifications and market innovations required to assure reliability can move
> forward quickly and efficiently, without artificial barriers to
> implementation.
>
> Long-Term Reliability
>
> The reliability of the grid and the market is dependent upon the free flow
of
> information to PJM members and stakeholders.
> Using tools like the eData application, PJM members can view Real Time
Energy
> Market prices on public Internet pages every five minutes for approximately
> 2,000 hubs, zones, and significant locations throughout the PJM region. The
> information-rich environment has initially drawn the interest of 30,000
> additional Megawatts of capacity to join the PJM region, which translates
into
> greater reliability.
>
> -more-
> 3/3
>
> Transmission Expansion Process
>
> PJM is increasing the services it provides to the growing economy and the
> population. Competition, growth and reliability of the market and grid is
> further aided by a well-planned, FERC-approved expansion process that
> anticipates an additional 15,000 Megawatts added to the PJM region over the
> next five years.
> An additional 20,000 Megawatts are planned to be added in the future,
ensuring
> an abundant pool of power to meet increasing demand.
>
> Collaborative Process
>
> The innovative two-tier governance for PJM and management of the grid and
> market includes all stakeholders, regulators and traders and provides a
forum
> other groups to be part collective collaborative membership process.
>
> Needs of the Customer
>
> PJM is attentive to making the system responsive to the changing needs of
the
> customer. New internet-based tools and five different markets provide PJM
> members with flexibility to create a portfolio of transactions to best suit
> their dynamic needs.
>
> The eSuite of tools (eFTR, eDocuments, eSchedules, eCapacity, eData) and PJM
> Open Access Same-Time Information System (OASIS) empower members and
> stakeholders with the information they need to make informed decisions about
> their power needs and policies.
>
> These tools provide the public with valuable information such as market
> pricing, daily load, transmission system information and much more. The
> openness of the information exchange ensures fair conduct of the market.
>
> Continuous Improvement
>
> Innovation is the key to successfully managing the diverse interests of
PJM's
> rapidly increasing membership. Additional Internet tools are in development
to
> support its evolving role as an Independent System Operator.
>
> More information on PJM and the energy market can be found at PJM's website:
> www.pjm.com
>
>
> ###
>
>
>
> Sincerely,
>
> Cynthia Taylor
> Manager, Customer Relations and Training
> PJM Interconnection, L.L.C.
>

Please DO NOT REPLY to this message. If you have a question for PJM Customer
Relations and Training, please send an e-mail to custsvc@pjm.com.

To unsubscribe from this list, send an e-mail to majordomo@majordomo.pjm.com
containing only the following line in the body of the e-mail:

unsubscribe pjm-customer-info


Start Date: 4/16/01; HourAhead hour: 10;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041610.txt

---- SC Trades Schedule ----
+++ Hour 10 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/16/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


EPRM DEC JAN


Put on my calendar.   Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 05/26/2000 01:26 PM -----

	Raymond Bowen
	Sent by: Marsha Schiller
	05/26/2000 08:54 AM

		 To: David W Delainey/HOU/ECT@ECT, David Gorte/HOU/ECT@ECT, Mark E
Haedicke/HOU/ECT@ECT, Christopher A Helfrich/HOU/ECT@ECT, Dan
Lyons/HOU/ECT@ECT, Randy Petersen/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT
		 cc: Kay Chapman/HOU/ECT@ECT, Pam Metoyer/HOU/ECT@ECT, Janette
Elbertson/HOU/ECT@ECT, Sarah Reyna/Corp/Enron@ENRON, Suzanne Adams/HOU/ECT@ECT
		 Subject: Kafus Meeting Confirmation

  Subject: Kafus

  Date:  Thursday, June 1, 2000

  Time:  2:00 - 3:00 p.m.

  Location: EB3321

Please advise Marsha at x-33356 if you cannot attend.

Thanks.


FYI.  Might be useful to have the bill forwarded to the larger group, in
addition to Gavin.
Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 04/24/2001 04:26 PM -----

	Susan J Mara
	04/24/2001 04:04 PM

		 To: Gavin Russo/Enron@EnronXGate, James D Steffes/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@Enron, Karen Denne/Corp/Enron@ENRON, Janel
Guerrero/Corp/Enron@Enron
		 cc:
		 Subject: Re: California Energy issues -- windfall profits tax - CalTax

Sandi's answer

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 04/24/2001 02:03 PM -----

	Sandra McCubbin
	04/24/2001 12:42 PM

		 To: Susan J Mara/NA/Enron@ENRON
		 cc:
		 Subject: Re: California Energy issues -- windfall profits tax - CalTax

that is what they are claiming, we are researching it now but the latest
version of the bill is even worse..just sent it to Gavin


Please transfer the storage balance of 420 dth from contract 530750 to VNG
contract 300008.

Thanks


Good Tuesday Morning - Comments From The Local Guys!

The Federal Reserve has just cut interest rates by 50 basis points. This was
pretty much expected. In the statement, the Fed. members indicated that the
"terrorist attacks have significantly heightened uncertainty in an economy
that was already weak. Business and household spending as a consequence are
being further damped. Nonetheless, the long-term prospects for productivity
growth and the economy remain favorable and should become evident once the
unusual forces restraining demand abate".

The 30 -year bond yield is 5.32%.
The 10-year is trading at 4.51%.
The 5-year is trading at 3.74%.
Spot crude oil is trading at $22.75 p/b.
Natural Gas - Henry Hub -  is trading at $2.26 p/mcf

IMPACT CALLS

REITs 		David Harris
War and Recession
q Although we remain bullish on REITs, the onset of war and recession has
caused us to adopt a
more defensive posture within the group. As a consequence, we have cut our
mid-year 02 price
target for the RMS to 430-440 from 450-460 allowing for about a 10% return
from here. REITs
proved their mettle by declining by only 1.4% between 9/10-9/28 compared to
a 4.7% drop in the
S&P 500.
q We have cut 02 FFO estimates across the board and now forecast a gain of
4.8% compared to 7.9% three
weeks ago. Save for a few NYC office co's, the economic environment has
deteriorated.
q To reflect our new view we have downgraded industrials AMB from a 1-Strong
Buy to a 2-Buy and CNT
from a 2-Buy to 3-Mkt. Pfm. We downgraded office co's BXP and SLG from a 1-
Strong Buy to a 2- Buy
and downgraded GGP and ASN from a 1- Strong Buy to a 2-Buy.
q We upgraded EQR and KIM from a 2- Buy to a 1- Strong Buy and SPG and CLI
from a 3-Mkt. Pfm. to a 2-
Buy.
q Our rating changes reflect both our more defensive posture where solidity
of cash flow will be paramount in
the minds of investors and changes in market prices that have taken place
over the past 3 weeks.

Adept Technology 		David Shulman
Revising Down Our Rating To 2-Buy / 123 (USD)
q We are downgrading SL Green to a 2-Buy from a 1-Strong Buy. Our target
remains $33. We are
maintaining our '01 FFO/sh. est. of $3.00 and revising our '02 est. to $3.22
from $3.28 for assumed
lower inv't income.
q Downgrade is largely based on valuation. SLG is up 43% since 2/00 and
12.5% YTD. Tightness of NYC
mrkt priced in.
q While SLG should benefit in next few months from displaced downtown
tenants & tighter vacancies, impact
of national recession on major NYC industries will eventually dominate.
q We are revising down our '02 FFO/sh. est to $3.22 from $3.28 largely for
lower assumptions for SLG's HY
inv't income.
q SLG remains a dominant player in NYC market. Significant embedded growth
should keep driving
earnings. Investing $700m. of acq. capacity will be a key test.

Archstone Communities Tr 		David Shulman
Revising Down Our Rating To 2-Buy 2 - Buy / 25.39 (USD)
q We are lowering our rating to 2-Buy from 1-Strong Buy. We are reducing our
FFO/sh. ests. for '02
by $0.13 to $2.33. We are reducing our price target to $28.
q As an owner/operator of a national portfolio of apartments we believe ASN
represents a safe investment
offering a 6.3% dividend yield and fairly certain earnings growth. The
proposed merger with Charles E.
Smith (SRW $50.90, 2-Buy) will add integration risks and predominantly
high-rise, urban assets which
could be less certain performers.
q ASN's weighting towards development and technology/capital market
orientated locations may be sources
of future weakness than strength.

Equity Residential Pptys Tr		 David Shulman
Revising Up Our Rating To 1 Strong Buy 1 - Strong Buy / 58.00 (USD)
q We are raising our rating to 1 Strong Buy from 2 Buy. We our lowering our
FFO/sh. ests for '01 by
$0.05 to $5.29 and for '02 by $0.15 to $5.57. We are increasing our price
target to $64.
q As an owner/operator of a national portfolio of predominantly Class B
apartments, EQR represents what
we believe is a safe investment offering a 5.9% dividend yield and fairly
certain earnings growth prospects.
The company's strong operating performance record and solid balance sheet
are supportive features.
q We believe that EQR is a potential candidate for inclusion in the S&P
Index which should boost share
recognition/liquidity.
q There is to be a 2 for 1 share split next week.

General Growth Properties 		David Shulman
Downgrading to a 2-Buy 2 - Buy / 35.05 (USD)
q We are downgrading GGP to a 2-Buy from a 1-Strong Buy. We are reducing our
target price to $38
from $42. We are lowering our '01 & '02 FFO/sh. est. to $4.90 and $5.25 from
$4.95 and $5.40.
q GGP fundamentals softening amid weaker sales, temp. tenant income,
percentage rent and anticipated
specialty store closings. We assume 200 bps of occupancy losses and 100 bps
slower revenue growth in
'02. Ala Moana sensitive to tourism falloff.
q Mix of fixed-floating amounts on $1.1bil. YE CMBS refinancing will impact
'02 numbers (fixed
$6.5%,floating 4.5%).
q GGP remains a dominant national regional mall REIT with solid operating,
development, and acq. track
record. Recent 22% dividend increase should attract yield players.

Kimco Realty 		David Shulman
Upgrading to a 1-Strong Buy 1 - Strong Buy / 48.19 (USD)
q We are upgrading KIM to a 1-Stong Buy from a 2-Buy. We are raising our
price target to $54 from
$48. We are maintaining our '01 '02 FFO/sh. est. of $4.48 and revising our
'02 est. to $4.85 from
$4.88.
q KIM is an attractive defensive play as nation's largest grocery and
neighborhood center REIT, with solid
credit rating and leading track record in opportunistic transactions with
troubled retailers.
q Income REIT should benefit from increased spreads, buying at 9-10% and
financing at 7%. In '02, KIM's
acq. volume should benefit from more sellers than buyers.

Mack-Cali Realty 		David Shulman
Upgrading to a 2-Buy 2 - Buy / 30.85 (USD)
q We are upgrading CLI to a 2-Buy from a 3-Mrk't Perform. We are raising our
price target to $34 from
$30. We are raising our '01 and '02 FFO/sh. est. to $3.67 and $3.96 from
$3.65 and $3.89.
q We believe CLI is poised to benefit from scramble for suburban NYC space
from displaced downtown
tenants. Flight to suburbs may prove a long-term secular shift.
q Plaza 5 at Harborside, CLI's 900,000 sf dvl'p in 2H02 now well timed &
should open 80%+ occupied. We
also assume same store rev. and occ. pickup of 100 bps, 10.5% of port. rolls
in '02.
q Asset dispositions ahead of schedule. Sale of $200m. Denver port. by YE
coupled with recent DC sale
should accelerate buyback.

Simon Property Group	 David Shulman
Upgrading to a 2-Buy 3 - Market Perform / 27.13 (USD)
q We are upgrading SPG to a 2-Buy from a 3-Mrk't Perform. We are maintaining
our price target of
$30. We are lowering our '01 and '02 FFO/sh. est. to $3.51 and $3.65 from
$3.55 and $3.75.
q Rationale for upgrade- SPG poised to weather economic storm as a result of
national diversification,
limited development program, strong balance sheet, 8% divided yield &
possible S&P 500 inclusion.
q Mall fundamentals softening amid weaker sales, temp. tenant income,
percentage rent & anticipated
specialty store closings. We assume 200 bps of occupancy losses and 100 bps
slower revenue growth in
'02. Merchantwired breakeven gets pushed out even further.

AMB Property Corp 		David Shulman
Downgrading to a 2-Buy 2 - Buy / 24.34 (USD)
q We are downgrading AMB to a 2-Buy from a 1-Strong Buy. We are lowering our
price target to $26
from $28. We are lowering our '01 and '02 FFO/sh. est. to $2.49 and $2.58
from $2.51 and $2.72.
q Our new '02 est. reflects expected occupancy loss of 200 bps & lower same
store revenues of 100 bps.
Leaseup of dvlp pipeline should lower yields about 100 bps to 10.5%. San
Francisco still 20% of NOI,
Moffit Field port. subject to tenant losses.
q Rent growth of HTD assets will likely slow significantly given lower
passenger and air cargo volumes.
q Industrial sector has still not priced in recession-exposure from shorter
lease duration and tenant
bankruptcies. Outsourcing model to be tested.

Avalon Bay Communities		 David Shulman
Lowering Our FFO/sh. Ests. 1 - Strong Buy / 47.30 (USD)
q We are reducing our FFO/sh. est. for '02 by $0.18 to $4.22. We reiterate
our rating of 1-Strong Buy
and our price target of $52.
q This owner/operator of a national portfolio of Class A apartments should
be a safe investment offering the
prospect of positive earnings growth and a dividend yield of 5.4%, likely to
be increased by 10%.
q AVB's weighting towards development and technology/capital market
orientated locations may be sources
of future weakness rather than strength.
q AVB has one of the strongest balance sheets in the sector affording
flexibility and the boost to earnings
from the swapping of high coupon pref. shares with lower cost debt.
Boston Properties David Shulman
Downgrading to a 2-Buy 2 - Buy / 37.70 (USD)
q We are downgrading BXP to a 2-Buy from a 1-Strong Buy. We are lowering our
price target to $42
from $48. We are lowering our '01 and '02 FFO/sh. est. to $3.57 and $4.05
from $3.59 and $4.15.
q Our new numbers reflect expected '02 occupancy loss of 200 bps & lower
same store revenues of 50 bps.
Only 5.6% of port. rolls in '02. Development returns remain in place as we
already stripped out Broad Run
& 611 Gateway.
q Value of high profile CBD office properties (Embarcaderro, Pru. Center)
has been impaired in wake of 9/11
attack. Time Square II leaseup a plus.
q Embedded option value of BXP's development capability worth less in
recessionary environment. San
Francisco has yet to find a bottom, while sub. Boston and Northern VA should
remain challenging.

CenterPoint Properties		 David Shulman
Reducing Our Rating To 3-Market Perform 3 - Market Perform / 46.90 (USD)
q We are reducing our rating to 3-Market Perform from 2-Buy. We are lowering
our FFO/sh. ests. for
'01 by $0.05 to $3.75 and for '02 by $0.20 to $4.05. We are reducing our
price target to $49.
q We believe that industrial property markets could prove to be vulnerable
to weakness in an economic
recession lasting 2-3 qtrs. with bankruptcies and reduced rents.
q Notwithstanding CNT's undoubted positives of management depth and market
focus, we believe future
earnings could be at risk from a weak industrial market, the HALO vacancy
($0.35/sh. pa) and a slowing of
progress at Joliet (17m sf) and other developments.
q We believe investors may question the magnitude of CNT's premium rating in
a prolonged recessionary
environment.

Equity Office Properties		David Shulman
Lowering Our FFO/sh. Ests/Pr. Target 1 - Strong Buy / 32.45 (USD)
q We are lowering our FFO/sh. ests. for '01 by $0.02 to $3.17 and for '02 by
$0.20 to $3.32. We are
lowering our price target to $35. We reiterate our rating of 1-Strong Buy.
q The present economic downturn will highlight the benefits of owning
quality office properties let to credit
tenants on long leases. EOP should be capable of delivering earnings growth
and have the ability to
increase its dividend.
q The potential inclusion of EOP into the S&P 500 Index will enhance share
recognition/liquidity.
q Achieving our price target together with receipt of a 6.2% dividend yield
would provide an attractive total
return of 14%.

Portfolio Strategy 		Jeffrey Applegate
Further Denting the New Paradigm
q We have once again reduced our S&P 500 EPS forecast from $46.50 to $45 for
2001 and from $53 to
$51 for 2002.
q During the second half of the 1990s, we had been one of the strongest
proponents of the New Paradigm.
q Our core contention was that the combination of globalization, a good U.S.
public policy mix, and a robust
capital for labor substitution process would boost productivity, improve
profitability and make for richer
stock market valuation.
q Since September 11, globalization and productivity have been dented, as
national income and to some
extent, global, is redirected to security-enhancing measures and away from
productivity.
q So we have once again reduced our S&P 500 EPS forecast from $46.50 to $45
for this year and from $53
to $51 for 2002.
q Since we already reduced valuation last week by adopting a higher
equity-risk premium, our forward one-year
S&P 500 price target is unchanged at 1200.

Allegheny Energy 		Daniel Ford
2001: A Tough Year to Improve On 2 - Buy / 37.60 (USD)
q We are lowering our 2002 EPS outlook $0.12/share to $4.03 which reflects
current forward power
assumptions. We maintain our 2-Buy rating and our target is $42 which
reflects a group average
10.6x multiple of our 2002E.
q AYE is on track to hit our $3.80 2001E, a 34% uptick from 2000. However,
weaker power prices and
business conditions make for a tougher outlook.
q The biggest 2002 positive is the Global Energy Markets acquisition which
should add $0.21/share. Our
$4.50 2003E is driven by new development activities and a full year of the
Nevada tolling arrangement.
q Weaker power prices are the biggest negative and drop the 1,710 MW Enron
acquisition to around
breakeven in 2002 from $0.25/share plus in 2001.

Allstate Corp 		J. Paul Newsome
Mmgt Meetings Lead Us to Affirm Rating 1 - Strong Buy / 36.15 (USD)
q We are reiterating our 1-Strong Buy recommendation on Allstate following
meetings with
management in Chicago.
q We are more confident than before that Allstate is taking aggressive
efforts to fix its homeowners
insurance business. The majority of Allstate's second quarter earnings
shortfall and the resulting
downward earnings forecast revisions can be attributed to Allstate's
decision to take a less aggressive
stance in the recent months towards seeking rate increases for expected
catastrophe losses.

Ericsson		 Timothy Luke
Highlights from Meeting-Cautious Outlook 3 - Market Perform / 3.41 (USD)
q On Friday, our wireless team met w/Ericsson mgmt incl. CFO Sten Fornell.
In general, tone of mtg
was somewhat downbeat based on broader challenges in macro economic env.
Maintain current
low end ests & 3 Mkt Perform.
q In general, conditions in wireless infra. remain challenging. Mgmt noted
that recent events in U.S. have
added further uncertainty to an already fragile env. Visibility on order
patterns remains ltd.
q Overall global spending likely to remain sluggish in 02. Mgmt noted
spending in China could be flat to
down. We believe spending could be -10% YoY.
q W/lower spending, continued R&D investmts in W-CDMA & broader ind
overcapacity at factories, infra
margins could remain under pressure.

Gaming & Lodging		 Joyce Minor
No Surprise, Preannouncements Abound
q Yesterday, MGG & STN pre-announced, indicating that 3Q01 results would be
lower than expected.
This is not surprising given the impact of the 9/11/01 terrorist attacks,
which most impacted LV.
Like peers MBG & HET who both issued releases last week indicating that 3Q01
results would be
weaker, MGG & STN did not specify the earnings impact. As LV rebounds and
barring any
significant impact from U.S. retaliation, gaming stocks continue to look
attractive in our view. At
this point, HET's diversification and PENN are still among our favorites.
q We are developing a sensitivity analysis and will re-evaluate our
estimates for 3Q01 and beyond for our
gaming universe shortly, following our thoughts from the Global Gaming Expo
Monday through
Wednesday.
q IGT also issued a press release this morning, indicating that trends have
improved since 9/11/01, and that
IGT is comfortable with FY2001E EPS consensus of $2.79, $0.01 below our
$2.80 EPS estimate.
However, the impact on product sales (36% of EBITDA) will not be clear until
4-6 weeks after the Global
Gaming Expo, when orders are placed. We expect the cancellation and
constraint in gaming operators'
capital expenditure budgets to impact IGT's forward product sales although
the 2.5 million shares
repurchased since 9/11/01 should offset FY2002E results somewhat.

Gaming & Lodging		 Joyce Minor
Aug RevPAR-4.6%, Means Less after 9/11
q ? On Friday, Smith Travel Research released August lodging industry data
indicating that industry-wide
RevPAR declined -4.6% for the month. An improvement from the -6.0% RevPAR
decline of
July, August results are less meaningful given the recent terrorist attacks
that took place on 9/11.
q Industry-wide supply growth fell again in August to 2.3%, vs. the 2.9%
supply growth reported during 12/00
through 04/01. Given the impact of the 9/11 attacks on the lodging industry,
we would expect supply
growth trends to fall even lower than the 2% or so we had originally
anticipated during the next year. As
demand gradually returns (and it will be gradual), this slowing supply
growth trend continues to be a longer
term positive for the lodging industry.
q The upper upscale segment reported a RevPAR decline of -10.6% during
August. Given this and the
average -48% RevPAR declines during the two weeks following the attacks
means we would expect most
of the lodging companies we follow to report 3Q01 RevPAR declines of -20% or
so.

Oil & Gas: Exploration & Production	 Thomas R. Driscoll
Revising 2H'01 EPS/CFPS Estimates
q We are revising our EPS/CFPS est for 3Q & 4Q'01 to incorporate actual oil
& gas prices for Q3 & to
reflect a further revision in our oil & gas price estimates for Q4'01. The
combined impact of these
changes is a reduction of approximately 3-6% in our full year 2001 EPS/CFPS
estimates.

Oil & Gas: Exploration & Production 	Thomas R. Driscoll
Est. injection of 80 bcf for week 9/29
q We estimate that this week's storage report - to be announced this
Wednesday at 2pm - will be an
injection of about 80 bcf (10 bcf higher than our previous estimate of 70
bcf) compared to an
injection of 78 bcf a year ago.

Specialty Pharmaceuticals	 Richard Silver
Potential Upside for WPI & MYL on BuSpar
q Watson & Mylan Labs may be significant near-term beneficiaries from a
continued delay in generic
competition for BuSpar. We estimate at least an incremental $0.10 potential
quarterly EPS impact
for each company beginning in the December quarter. However, we see little
impact for Bristol and
for the multiple generic competitors awaiting approval from the FDA.
q Last week was to have marked the expiration of a 180-day market
exclusivity period for generic versions of
Bristol Myers Squibb's BuSpar. However, we have learned that through actions
taken by Bristol (that were
completely overlooked by generic companies until now), additional generic
competition may be delayed
indefinitely, while the FDA internally debates the issue and seeks to avoid
litigation from Bristol and
generics.

Wal-Mart Stores		 Jeffrey Feiner
Comments Ahead of Webcast; 1 Strong Buy 1 - Strong Buy / 47.00 (USD)
q WMT will be hosting its annual analyst update on 10/2 via webcast. We
believe this update, which
is being held in lieu of its traditional 2 day event in Arkansas, will be a
catalyst for the shares.
q We are reiterating our 1 rating on WMT to reflect 7 key potential
catalysts: 1) its ability to finance price
rollbacks to accelerate market share gains; 2) aggressive expansion of its
food business through the
Supercenter format - with over 1,000 units; 3) the full-scale rollout of its
Neighborhood Market concept -which
is now profitable; 4) continued improvement in its international division;
5) the successful extension
of the Wal-Mart brand into financial services and other products; 6) a
stronger and deeper management
team; and 7) a favorable valuation.

Walgreen Co 		Meredith Adler
Well positioned to weather weak economy 2 - Buy / xx (USD)
q We see no deterioration in WAG's competitive position within the industry,
but we believe the
weaker economy will pressure gross margins for at least the first half of
the year. With WAG
trading at a calendarized 31.8x our new 2002 estimate, we believe this is a
good entry point for
investors looking for a strong company with superior management and
technology, and growing
market share in a stable industry. We are maintaining our 2-Buy rating and
our $40 Price target.
q We are initiating our 1Q02 EPS estimate of $0.18. We are also lowering our
FY02 estimate by $0.02, to
$1.00, given our outlook for a lower-margin front-end sales mix that does
not offset the steady, secular
pressure on margins from strong growth in pharmacy.

Wolverine World Wide	 Robert Drbul
Positioned Well in Uncertain Time 1 - Strong Buy / 14.50 (USD)
q Wolverine reported 3Q01 diluted EPS of $0.34 compared with diluted EPS of
$0.28 in 3Q00, $0.02
better than our estimate.
q Sales growth for the Merrell brand exceeded the company's planned 35%
growth rate in the quarter as
new product introductions for fall are performing well at retail.
q Gross margin increased by 297 basis points to 36.42% reflecting benefits
of the sourcing realignment,
higher initial pricing margins as well as increased sales of higher margin
lifestyle product.
q Given that re-order business is highest in 4Q (approximately 50% of
revenue), we believe this segment will
come under pressure given the difficult retail climate and continued
conservative planning by retailers.

David C. Morris
Sr. VP Lehman Brothers
713-652-7112/800-227-4537
dcmorris@lehman.com

Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the
past three years a public offering of securities for this company. B-An
employee of Lehman Brothers Inc. is a director of this company. C-Lehman
Brothers Inc. makes a market in the securities of this company. G-The
Lehman Brothers analyst who covers this company also has position in its
securities.
Key to Investment Rankings: This is a guide to expected total return (price
performance plus dividend) relative to the total return of the stock's local
market over the next 12 months. 1 = Buy (expected to outperform the market
by 15 or more percentage points); 2=Outperform (expected to outperform
the market by 5-15 percentage points); 3=Neutral (expected to perform in
line with the market, plus or minus 5 percentage points); 4=Underperform
(expected to underperform the market by 5-15 percentage points); 5=Sell
(expected to underperform the market by 15 or more percentage points);
V=Venture (return over multiyear time frame consistent with venture capital;
should only be held in a well-diversified portfolio).
This document is for information purposes only. We do not represent that
this information is complete or accurate. All opinions are subject to
change.
The securities mentioned may not be eligible for sale in some states or
countries. This document has been prepared by Lehman Brothers Inc., Member
SIPC, on behalf of Lehman Brothers International (Europe), which is
regulated by the SFA. ?Lehman Brothers, Inc.

------------------------------------------------------------------------------
This message is intended only for the personal and confidential use of the designated recipient(s) named above.  If you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.  This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Lehman Brothers.  Email transmission cannot be guaranteed to be secure or error-free.  Therefore, we do not represent that this information is complete or accurate and it should not be relied upon as such.  All information is subject to change without notice.


2001 Moonlight Bicycle Ramble - Oct 28th, 2AM
This is a very important ride and supports our own Houston Area Bicyclist Alliance which is an organization that is working to make Houston a better place for cycling. For more info please see their website at: <http://www.bikehouston.org>
Registration form: <http://www.bikehouston.org/ramble/ramblebro2001v2.pdf>
If you have problems opening the registration file it is most probably due to not having Adobe Acrobat Reader installed on your computer - please choose one of the two steps that I outlined below:

1. Go to <http://www.adobe.com/acrobat> and download Adobe Acrobat Reader - its free.
Here is the exact Link: <http://www.adobe.com/products/acrobat/readstep2.html>

2. There is a plain text registration form available on the Web Page at the following Link:
<http://www.bikehouston.org/ramble/ramble2001reg.html>

Thank you,
Pete Link, CCNP (aka Spoke)
Senior Specialist, Enron Network & Internet Security
plink@enron.com
713-345-8102 Office

Amelia Alder
Enron Transportation Services
P.O. Box 1188
Suite 3AC3120
Houston, TX 77251-1188
Tel: 713-646-6569
Fax: 713-345-5755
amelia.alder@enron.com


---------------------- Forwarded by Gerald Nemec/HOU/ECT on 10/19/99 05:42 PM
---------------------------
From: Brian Hendon@ENRON COMMUNICATIONS on 10/19/99 02:38 PM
To: Gerald Nemec/HOU/ECT@ECT
cc:
Subject: Norm at Cheers!

----- Forwarded by Brian Hendon/Enron Communications on 10/19/99 02:36 PM
-----

	"Baker, Kathryn" <kbaker@bharbert.com>
	10/14/99 09:47 AM

		 To: "Owens, Laneyl" <LOwens@bharbert.com>, "Sharp, Sherri"
<SSharp@bharbert.com>, "Barry Hendon (E-mail)" <BHendon@HerzogHart.com>,
"Beth Owen (E-mail)" <bethandcori@mindspring.com>, Brian Hendon/Enron
Communications@Enron Communications, "Candice Hendon (E-mail)"
<candice.l.hendon@ac.com>, "Dan Baker (E-mail)" <dbaker@brescoinc.com>,
"Raquel & Brett Lusby (E-mail)" <lusby@fn.net>, "Ray & Diann Hendon (E-mail)"
<hendonr@cs.com>, "Rob Hendon (E-mail)" <velvetx@msn.com>, "Rochelle Gray
(E-mail)" <mgray89@bellsouth.net>, "Sandra Carter (E-mail)"
<scartecb@co.san-diego.ca.us>, "Thompson Fab (E-mail)" <tfco@sprynet.com>
		 cc:
		 Subject: Norm at Cheers!

> -----Original Message-----
> From: McGairty, Tonya
> Sent: Thursday, October 14, 1999 6:45 AM
> To: Baker, Kathryn; 'Amy & Mark'; 'Angie B.'; 'Audra'; 'Cameron V.';
> 'Charles'; 'Melanie'; 'Michele M.'; 'Mike Mc.'
> Subject: FW: (Fwd) (Fwd) Fw: Norm at Cheers!
>
> !
>
> >Norm's greetings
> >Did you ever wish you could remember Norm's greetings on "Cheers"?
> >
> >
> >SAM:  "What's shaking Norm?"
> >NORM: "All four cheeks & a couple of chins."
> >
> >SAM:  "What's new Normie?"
> >NORM: "Terrorists, Sam.  They've taken over my stomach & they're
> demanding
> >beer."
> >
> >
> >SAM:  "What'd you like Normie?"
> >NORM: "A reason to live.  Give me another beer."
> >
> >SAM:  "What'll you have Normie?"
> >NORM: "Well, I'm in a gambling mood Sammy.  I'll take a glass of whatever
> >comes out of that tap."
> >SAM:  "Looks like beer, Norm."
> >NORM: "Call me Mister Lucky."
> >
> >SAM:  "Hey Norm, how's the world been treating you?"
> >NORM: "Like a baby treats a diaper."
> >
> >WOODY: "What's the story Mr. Peterson?"
> >NORM: "The Bobbsey twins go to the brewery.  Let's cut to the happy
> ending."
> >
> >WOODY: "Hey Mr. Peterson, there's a cold one waiting for you."
> >NORM: "I know, if she calls, I'm not here."
> >
> >SAM:  "Beer, Norm?"
> >NORM: "Have I gotten that predictable?  Good."
> >
> >SAM:  "Whatcha up to Norm?"
> >NORM: "My ideal weight if I were eleven feet tall."
> >
> >WOODY: "How's it going Mr. Peterson?"
> >NORM: "Poor."
> >WOODY: "I'm sorry to hear that."
> >NORM: "No, I mean pour."
> >
> >SAM:  "How's life treating you Norm?"
> >NORM: "Like it caught me sleeping with its wife."
> >
> >SAM:  "What's going down, Normie?"
> >NORM: "My butt cheeks on that bar stool."
> >
> >WOODY: "Pour you a beer, Mr. Peterson?"
> >NORM: "Alright, but stop me at one....make that one-thirty."
> >
> >WOODY: "How's it going Mr. Peterson?"
> >NORM: "It's a dog eat dog world, Woody & I'm wearing Milk Bone
> underwear."
> >
> >SAM:  "What's the story Norm?"
> >NORM: "Boy meets beer.  Boy drinks beer.  Boy meets another beer."
> >
> >WOODY: "What's going on Mr. Peterson?"
> >NORM: "The question is what's going in Mr. Peterson? A beer please,
> Woody."
> >
> >WOODY: "Can I pour you a beer Mr. Peterson?"
> >NORM: "A little early isn't it, Woody?"
> >WOODY: "For a beer?"
> >NORM: "No, for stupid questions."
>
>
>
>
>


I don't see a fit

	Lexi Elliott
	02/28/2001 02:39 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Maureen McVicker/NA/Enron@Enron, Chris Harman/Enron Communications@Enron
Communications
		 Subject: Will Hixon - UT Candidate

Steve:

Per my voicemail message to you, I have forwarded Will's resume for your
consideration.

Thank you!

lexi

---------------------- Forwarded by Lexi Elliott/NA/Enron on 02/28/2001 02:35
PM ---------------------------
From: Chris Harman@ENRON COMMUNICATIONS on 02/13/2001 10:15 PM
To: Lexi Elliott/NA/Enron@ENRON
cc:

Subject: Will Hixon - UT Candidate

Lexi-

Thanks for your message.  Let me know what we can do with Will.  I know Rick,
so If you can have a conversation with him, let me know.

Thanks for your assistance in placing Will.  Call with any questions.

Regards,

Christopher T. Harman
Global Bandwidth Risk Management
Enron Broadband Services, Inc.
EB4429C
713-853-3064 direct
877-311-1909 pager
713-306-7245 mobile
chris_harman@enron.net
----- Forwarded by Chris Harman/Enron Communications on 02/13/01 10:13 PM
-----

	wlhv@hotmail.com
	01/16/01 11:42 AM

		 To: Chris Harman/Enron Communications@Enron Communications
		 cc:
		 Subject: interview (01-22-01)

Chris,
   Attached to this message is a copy of my resume.  A few thoughts on what
I would be interested in this summer:
1)Political
2)International

These are two areas which I have pursued in the past and might like to
continue with in the future.  Thanks for all your help.

Will Hixon
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


Yes - as I understand it, Stephanie and Tana will be out that week but
Samantha and Susan will be here.

	Taffy Milligan
	10/25/2000 10:47 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Re: REVISED-YEAR END CALENDAR

HAVE YOU APPROVED THIS REQUEST?
----- Forwarded by Taffy Milligan/HOU/ECT on 10/25/2000 10:46 AM -----

	Stephanie Panus@ENRON
	10/25/2000 08:22 AM

		 To: Taffy Milligan/HOU/ECT@ECT
		 cc:
		 Subject: Re: REVISED-YEAR END CALENDAR

Taffy -
I will be out Nov. 21, 22 and 23.

Stephanie

Taffy Milligan@ECT
10/24/2000 03:00 PM
To: Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Robert
Bruce/NA/Enron@Enron, Mary Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron,
Tana Jones/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Stephanie
Panus/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, Carol St
Clair/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
cc: Suzanne Adams/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Taffy
Milligan/HOU/ECT@ECT, Becky Tlucek/HOU/ECT@ECT, Carolyn
George/Corp/Enron@ENRON

Subject: REVISED-YEAR END CALENDAR

WHOOPS!

Please advise, at your earliest convenience, of tentative or confirmed plans
for vacation during the holiday season, Nov & Dec.

taffy


Register now for EEI's Workshop Series on Electricity Markets:  How Do They
Work?  The first workshop is April 26th.  So don't delay.

Our unique set of workshops, over four one-day sessions,  present the basics
of electricity market design in a clear, non-technical format.  The workshops
are designed specifically for industry policymakers who could benefit from a
clearer understanding of market design issues.

The four workshops are:
?    April 26 - Basic Economics of Electricity Markets That I Need to Know
?    May 18 - The Basics of Electricity Market Design and How to Implement It
?    May 24 - Transmission Pricing and Management
?    June 14 - Market Monitoring and Market Power

You can attend each workshop in person in Washington DC or in your office via
live Webcast!  You will receive a CD ROM set of the workshop presentations,
complete with digital video and slide presentations, after the series.

To register or get more information on workshop content, log on to:
www.eei.org/edg/meet.htm or call Judy Mastin at 202/508-5402.  E-mail Judy at
jmastin@eei.org

(For your convenience, a pdf file of workshop information is also attached.)

Alice Travis
Manager, Project Consulting Group