FOR IMMEDIATE RELEASE
04/11/2001

GOVERNOR GRAY DAVIS SIGNS LANDMARK ENERGY CONSERVATION PACKAGE
APRIL 11, 2001
(Construction noise in background) Well, maybe they're building a power
plant. Think of it that way.
My friends, for the last 10 years California failed to build a single major
power plant. Because of that we're facing a power shortage. Rest assured, my
administration is moving at warp speed to correct the situation.
Since I've been Governor we have approved 12 new plants; 7 are under
construction as I speak to you, which is a record; 4 will be on line this
summer; 3 next summer. By the end of 2003 this problem will correct itself.
But between now and then we need everyone to do their part to conserve -- so
we can get through this summer without major disruptions.
The bills I'm going to sign today give incentives to consumers and businesses
to do their part and reduce the energy consumption they would otherwise use
by at least 10 percent.
The centerpiece of these proposals are $500 million in incentives for
consumers and businesses. Fifty percent rebates if you buy a new refrigerator
or air conditioner. If you're a business, we'll pay for energy efficient
lighting -- whether it's dimmers or occupancy sensor devices. We'll pay for
the cost of the item; we'll pay for the cost of the installation.
We have a series of proposals including $60 million to municipal power
authorities like the Department of Water & Power, so they can augment their
conservation programs. Because clearly, the cheapest megawatt this summer is
the megawatt we don't have to buy. We need every consumer to do their part to
help us through this difficult period.
As I said, this problem will correct itself over time -- but you cannot make
up for 12 years of inaction overnight. Between now and 2003 we need everyone
doing their part.
It is our hope that the combination of incentives in this legislation, which
applies to the urban and agricultural areas, commercial and industrial, and
residential, will save at least 2000 megawatts this summer.
The whole purpose of these bills is to achieve conservation this summer. The
money runs out if it's not spent by next March. We want a big response this
summer. And if people can't get it all done this summer, we want them
prepared to conserve electricity by next summer.
There is also in this package $240 million for low-income people to
weatherize their homes, making them more energy-efficient. So we have a range
of incentives for consumers and businesses, and I'm counting on everyone to
pull together as one state and do their part.
With 34 million people, even though we're facing a power shortage, we are not
powerless. We have the power to use less electricity, then the generators who
are marking up the price by 800 percent want us to use. By using that power
we will not only reduce our bills, but we will minimize the possibility of
blackouts.
So I thank Californians for responding to my call. Already they're saving 8
percent. I want them to get up to 10 percent so we can get through these
difficult times, but help is on the way. By the end of 2003 we'll have more
plants than we need. And to make electricity deregulation work, you must have
more power than you need.
We currently have a 20 percent deficit. By the end of 2003, early 2004 at the
latest, those lines will cross and we'll have more power than we currently
need.
I intend to get that differential up to 15 percent. Most experts, including
Alan Greenspan, say you need a 15 percent margin of capacity over demand.
That forces the price down in the spot market and that gives the state
leverage against the generators -- rather than generators leverage against
the state.
I'm very pleased the Legislature responded as quickly as it did. This is a
big day. The consumers and the business in this state now have financial
tools to help them conserve power. If you're a consumer we'll pay 50 percent
of the cost of an energy-saving device. If you're a business, because they
use 70 percent of our power, we'll pay for the whole cost and install it
ourselves. We've got one goal - which is to save at least 2000 megawatts this
summer in this part of our energy conservation program.
Our overall goal, including my 20/20 program, which gives people a 20 percent
rebate if they save 20 percent of the power they used last year is to save
between 4 and 5000 megawatts this summer. These bills I'm signing today
should get us at least 2000 megawatts.
Let me sign the bills and then call on the legislators who helped make this
possible to add their comments.
Introductions
They worked long and hard. This represents the most aggressive and the most
expensive conservation program ever launched in America. It's designed to
save megawatts this summer. Not five years from now; not seven years from
now. This summer, and worst case, next summer.
This is a crash program, all guns blazing. We are paying for conservation
devices; we're installing them ourselves. We want to make sure that every
building, every office building, every retail shop, every high-tech
community, every agriculture concern, squeezes down the megawatts they use as
much as is humanly possible - and still allows them to continue and make a
profit. We're going to do with this measure.
Let me entertain any questions you might have.
Questions/Answers
Question: Governor Davis, can you talk about the way this is going to be
promoted. How is word about this going to get out? I see there's a provision
in it, but what are people going to begin to hear about how to use these
incentives?
Governor: We have, as you know, a program run by the Consumer Affairs
Department, which advertises ways in which people can conserve energy.
They're going to reinforce the message that these incentives are here;
they're available to consumers and businesses alike. And they're the most
attractive incentives ever devised by a state in America.
We hope to encourage people to take advantage of this program. It's not going
to last forever. It disappears next March. This is a one-time opportunity to
do the right thing for yourself, and the right thing for your state.
So basically, through television, through lots of literature that goes out
from various departments... all the information will be on our web site.
We'll work through various business organizations from Chambers to --
manufacturing groups, homeowner groups. We'll take advantage of every
opportunity to get the word out.
Question: Is there now an enforcement element in case people maybe don't take
the carrot, is there a stick?
Governor: We're going to actually contact, just start going down the list
starting with the largest consumers of power in this state which tend to be
big businesses and say: We've got a device, we want to install, when can we
come in. So we're not waiting for them to call us.
This is a race against time, and we have to fight back against these
generators. And the best way to fight back is to use less of their power than
they want us to. That's the best weapon we have. Conservation is the best
weapon we have against price gouging and blackouts.
Question: Governor, regarding P.G.&E. and the bankruptcy, are you hopeful you
can somehow you can reopen negotiations with them and come along?
Governor: First of all, I think Southern California Edison proved that if you
stay at the table... If you're responsible... If you care about the customers
you're serving - good things can happen. We intend to get a similar
arrangement with Sempra. An extensive meeting is occurring as I speak to you.
I hope that can be done within two weeks; it may be sooner.
Then we intend to inform the bankruptcy judge in San Francisco of how we
we've negotiated settlements with two of the state's three utilities, in the
hopes that he will order either an identical transaction, or something very
similar to P.G.&E.
Because P.G.&E. has chosen to go into bankruptcy, keep in mind its creditors
did not force it. They chose to go into bankruptcy. That's the form through
which we have to communicate. But I think if we can get two of the three
utilities tied down to a similar arrangement, the bankruptcy referee will be
persuaded by that, and it will lend great weight to that.
Question: Governor, a lot was said about profiteers around the state today.
Do you have a comment on the L.A. Times decoding the CAL ISO Study that
showed the DWP was among the profiteers last year; it was number eight on a
list of ten?
Governor: First of all, it gives me an opportunity to thank David Freeman for
helping us secure power on a long term basis. He had no leverage. He began
the process February 1st. I can't imagine a more difficult assignment. He did
a great job.
The Department of Water & Power sold us power, which is more than I can say
for generators. Yes, they had a mark-up, but we desperately needed power.
They came through. They're part of this state. They realized their obligation
to serve the entire state. Once they've met their constituents' need, they've
shared additional power with us.
I don't know how much money we currently owe the Department of Water & Power,
but it's certainly over $100 billion. So they have provided us power when we
needed it. I don't think they've excessively priced it, particularly when you
compare them against some of the out-of-state generators. And they've been
patient with us, knowing that they would eventually get their money back. And
they will get their money back.
So I'm not going to join the chorus of critics. Without the Department of
Water & Power, we would have had more blackouts than we had.
I told them that if my plan doesn't work, my fallback plan is for the
Department of Water & Power to --- --- the rest of the state.
Question: As a follow-up to that question, does that mean you're not going to
ask FERC for a refund from DWP sales, as you have for other ---?
Governor: Well no, I have to fight for my folks. I just talked to Pat Wood,
who is the new nominee of President Bush, and laid out the situation. I
described how we're dealing with it and went over a number of the details of
the Southern California Edison transaction. I hope, and he expressed to me,
interest in making sure that there were refunds. He didn't want to pre-judge
the case, because he hasn't seen all the files.
When I told him that we spent roughly $7 billion for power as a state in
1999; $35 billion, roughly, in 2000; and the projections are something on the
order of $60 billion this year. He instinctively knew that was too much.
He told me he was going to aggressively review the filings against
generators, alleging that they charged us too much. So, without telling me
that he's going to refund money, I know we have at least a kindred spirit
when it comes to responsible pricing.
Question: But the refunds would include refunds from --- the DWP...?
Governor: Well it would be refunds against anyone that ISO feels overcharged
us. That's a decision that FERC has to make. I'm certainly not going to
undercut the ISO findings. If they feel someone overcharged us, then I'm
going to support that position before FERC.
Having said that, the lights would not have stayed on, on several days if DWP
didn't come through with power, which is more than I can say of other
generators. They just wouldn't give us power unless we paid them outrageous
prices which we refuse to do.
Question: On a separate issue, have talks started today with S.D.G.&E. on the
transmission ---?
Governor: Yes, they started at 11:30 this morning.
Question: Governor, why do you think P.G.&E. went in the direction they did,
whereas Edison made the opposite decision? Do you think... P.G.&E. has said
that the state reneged on some of the parts of the agreement, parts of the
original deal. Do you think the state had any role in that? Why the
difference? Why the contrast between the two companies?
Governor: I don't mean to continually cast dispersions at Pacific Gas &
Electric, but I genuinely believe they are in denial. And that they are
unduly greedy. To give your management and your employees a $50 million bonus
hours before you dive into bankruptcy, not pushed, dive into bankruptcy, I
think casts doubts on your motives.
I really believe they're trying to fashion a world for them that is at least
as good, if not better, than it would have been if deregulation had worked
out the way they hoped when they supported it back in 1996.
Southern California Edison realized that just can't happen. So they sat down
with us in good faith. We came up with a fair deal. As a matter of fact, some
of the Wall Street analysts, Goldman Sach being one, was little critical of
that. It seems that they thought they were too generous. I don't think they
were too generous.
This was tough, arduous negotiating. I think both sides came away with what
we need. We have long term power for 10 years, very cheap. They're basically
a regulated industry for 10 years. They give us their transmission lines.
They invest $3 billion in upgrading the delivery and transmission system.
They give us a non- regulated utility, Sunrise, for 10 years. They pay a $2
million penalty if they don't get Sunrise up and running by August 15th.
There's a whole list of things we get that I think are at least comparable
value.
You can't make someone come to the table. They have to want to find a
solution. They decided to leave the table. If they want to come back they are
welcome. My attorney presented to them a week ago yesterday, the same deal
that we offered P.G.& E., altered for P.G.&E.'s circumstances. Just filled
out the term sheet and handed it to them. So they were given, within one or
two details that were worked out over the weekend, precisely the transaction
that Southern California Edison approved. So I can't tell you why they
decided not to do it.
Question: In terms of the California Legislature approving the deal with
Edison, what is the timetable?
Governor: I'm going to take this opportunity to chat with some of my friends
after this meeting. That's up to them. Obviously, we would like to move this
process along as quickly as we can, consistent with an appropriate
examination of the conditions by the Legislature through their normal hearing
process.
I don't want to give a time frame, but obviously, we want to see these ideas
that we negotiated now come to fruition. And that does require timely
response - not by the Legislature, but also by the Public Utilities
Commission.


FYI - I've entered estimated vols into Sitara based on the following info
from Mobil:

Jan 28 - their takes will be down by 15,000/d from current takes, due to one
of their crude units coming down
Jan 29 - their takes will be down by an adiitional 5,000/d on top of that,
due to their coker coming down

For Feb00, they estimated the following vols:

Feb 1 - 5 115,000/d
Feb 6 - 11 120,000/d
Feb 12 - 14 105,000/d
Feb 15 - 18 110,000/d
Feb 19 - 21 105,000/d
Feb 22 - 23 115,000/d
Feb 24 - 26 105,000/d
Feb 27 - 29 115,000/d

Based on assuming:
- Centana delivery point @ zero for all of Feb,
- high pressure delivery @ meter 1576 @ 15,000/d for all of Feb,
- EOG transport of 10,000/d @ meter 1040 for all of Feb,

.... I then entered the remaining daily vols for meter 1040.

Lee


Rex: I just wanted to thank you once more for doing our tax return. We
realize that this is a very busy time of the year so thanks for your time. I
reviewed the return and everything looked great. Have a great time fishing.
Brad


Never mind.  So anyway, I am totally worked right now.  I went to the Blazer
game with my friend Kate and we ended up going out afterward.  i ended up
staying out until 2am and I had to be in to work at 5:30.  So basically my
day is totally sucking.  How are you doing?


I am forwarding the resume of Wendell Licon who works for Enron
in the HR department (executive compensation). He used to be an
FX trader. I am thinking about moving him to research when his current boss
is ready to release him.

I think, however, that you
should take a look at him as well and see if he fits your needs.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/11/2000
04:29 PM ---------------------------

Wendell Licon@ENRON
07/11/2000 04:04 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Resume

Vince,

Per your request, I've attached a copy of my resume.  Please let me know if
you have any questions.

Regards,

Wendell


Dear STudents,

Some of you have sent me emails this week and your messages and email
addresses were chopped off or incomplete. So if I haven't responded to
your emails yet, please re-send them, making sure that you send an address
to which I can reply to you.

Thanks,

Monica Singh
Evening MBA Librarian


Dan,

The file as requested.................

Eric Gillaspie
713-345-7667
Enron Building 3886


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
----- Forwarded by Carol St Clair/HOU/ECT on 05/22/2000 08:57 AM -----

	SLowe@milbank.com
	05/19/2000 06:19 PM

		 To: dhemsey@dlj.com, pwoodbur@dlj.com, rpiskadl@dlj.com, jball@dlj.com,
dscott@dlj.com, jeldredge@velaw.com, smacgibbon@velaw.com,
mschimberg@velaw.com, tchandler@velaw.com, mabboudy@enron.com,
mevans@enron.com, carol.st.clair@enron.com, donette.dewar@enron.com,
eosterberg@velaw.com, baiken@enron.com, mrh@mm-brig.mottmac.com,
jll@mm-brig.mottmac.com, crj@mm-brig.mottmac.com
		 cc: TSiebens@milbank.com, PFletcher@milbank.com, TDavis@milbank.com,
BKayle@milbank.com, LKeene@milbank.com, FKneip@milbank.com,
FPuleo@milbank.com, ERayner@milbank.com, MWilson2@milbank.com,
AWalker@milbank.com, DLamb@milbank.com, SRivers@milbank.com
		 Subject: Margaux - Sent on behalf of James Eveling

Please find attached clean and black-lined versions of the Swap Confirmation,
Swap Assignment Agreement and Calculation Agency Agreement.

Please note that in the Swap Confirmation, items relating to the Sarlux
Indexation Adjustment, forms of Calculation Agent Certificate and Independent
Engineers Certificate and Schedule 4 (Projected Adjustments) still require
completion.? We would therefore welcome the suggestions of the working group
in order to finalise these outstanding items.? We currently plan to circulate
revised drafts of the Swap documents on Monday to the Equity,? which will
incorporate comments we receive from the group by Monday am (London time).

You will note that the $ amount for the Trakya Forced Outage Adjustment has
been changed to $911,000 (from $910,000).? This reflects the most up to date
figures sent to us from Jeff Ball at DLJ.

Kind regards

James Eveling?

 <<SwapConf.doc>>  <<Swapblk.doc>>  <<SAA.doc>>  <<SAABlk.doc>>  <<CAA.doc>>
<<CAAblk.doc>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - SwapConf.doc
 - Swapblk.doc
 - SAA.doc
 - SAABlk.doc
 - CAA.doc
 - CAAblk.doc


David,

This one is very similar to the one you just did.  In fact, the data is almost identical.  We download power plant outage data from the California ISO website (manual until you guys get some free time to set up an automated scrape).  Anyway, the data gets into an Access database of mine in a table with key fields:  Date and Res Name.  The other fields include Type (planned or unplanned), Owner, Location, plant capacity, and of course, the quantity of the outage.  So, we need basically the large table as the one you did which lists each plant and the outage for "today" and let's say 1 week in the past.  We cannot go in the future because the data gets posted daily for that day only.  Then the other table will just summarize the total "Planned" and "Unplanned" by region.   A copy of the database is attached.  Let me know when you have a chance to start working on it.  Thanks.

Mat


Attached is a draft of the Agenda we discussed.  Irwin - I show Joskow on
here but he has already declined (his wife is having surgery right before our
meeting date).  We may want to consider someone like Seabron Adamson
(Frontier Economics) or perhaps someone else.


----- Forwarded by Steven J Kean/NA/Enron on 02/22/2001 03:46 PM -----

	Tara Rafter
	02/20/2001 06:08 PM

		 To: Daniel Allegretti/NA/Enron@Enron, Joe Allen/NA/Enron@Enron, Scott
Bolton/Enron Communications@Enron Communications, Stacey
Bolton/NA/Enron@Enron, Roy Boston/HOU/EES@EES, Hap Boyd/EWC/Enron@Enron, Rob
Bradley/Corp/Enron@ENRON, Jeff Brown/NA/Enron@Enron, Margaret
Carson/Corp/Enron@ENRON, Wiley Cauthen/GCO/Enron@ENRON, Tom
Chapman/HOU/ECT@ECT, Carolyn Cooney/Corp/Enron@ENRON, Shelley
Corman/Enron@EnronXGate, Jeff Dasovich/NA/Enron@Enron, Tom
Delaney/Corp/Enron@ENRON, Linda Fitzgerrell/GCO/Enron@ENRON, Howard
Fromer/NA/Enron@Enron, Janel Guerrero/Corp/Enron@Enron, Mary
Hain/HOU/ECT@ECT, John Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe
Hartsoe/Corp/Enron@ENRON, Nancy Hetrick/NA/Enron@Enron, Jean
Ryall/NA/Enron@ENRON, Aleck Dadson/TOR/ECT@ECT, Robert Hemstock/CAL/ECT@ECT,
Alberto Levy/SA/Enron@Enron, Ron McNamara/NA/Enron@Enron, Mike
Roan/ENRON@enronXgate, Thane Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Steve Walton/HOU/ECT@ECT, Ricardo Charvel/NA/Enron@Enron, Kikumi
Kishigami/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Stella
Chan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Vinio Floris/Corp/Enron@Enron, Xi
Xi/Enron Communications@Enron Communications, Tracy Cooper/Enron
Communications@Enron Communications, Dan Staines/HOU/ECT@ECT, Kathleen
Sullivan/NA/Enron@ENRON, Kerry Stroup/NA/Enron@Enron, Alan
Comnes/PDX/ECT@ECT, Marcie Milner/Corp/Enron@ENRON, Donna
Fulton/Corp/Enron@ENRON, Allison Navin/Corp/Enron@ENRON, Lora
Sullivan/Corp/Enron@ENRON, Stephen D Burns/Corp/Enron@ENRON, Tom
Briggs/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gloria
Ogenyi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Patrick Keene/NA/Enron@Enron,
Robert Frank/NA/Enron@Enron, Joe Hillings/Corp/Enron@ENRON, Tom
Hoatson/NA/Enron@Enron, Stan Horton/Houston/Eott@Eott, Barbara A
Hueter/NA/Enron@Enron, Richard Ingersoll/HOU/ECT@ECT, Paul
Kaufman/PDX/ECT@ECT, Steven J Kean/NA/Enron@Enron, Jeffrey
Keeler/Corp/Enron@ENRON, Robin Kittel/NA/Enron@Enron, Susan M
Landwehr/NA/Enron@Enron, Leslie Lawner/NA/Enron@Enron, Donald
Lassere/NA/Enron@Enron, Lara Leibman/NA/Enron@Enron, Rochelle
Lessner/ENRON@enronxgate, Chris Long/Corp/Enron@ENRON, Dave
Mangskau/Corp/Enron@ENRON, Kathleen E Magruder/HOU/EES@EES, Susan J
Mara/NA/Enron@ENRON, Sandra McCubbin/NA/Enron@Enron, Becky L
Merola/TNPC/EES@EES, Janine Migden/NA/Enron@Enron, FRED
MILLER/ENRON@enronxgate, Mary Kay Miller/ET&S/Enron@ENRON, Steve
Montovano/NA/Enron@Enron, Bill Moore/NA/Enron@Enron, Sue Nord/NA/Enron@Enron,
Christi L Nicolay/HOU/ECT@ECT, Lou L Pai/HOU/EES@EES, Sarah
Novosel/Corp/Enron@ENRON, Christie Patrick/HOU/ECT@ECT, Mona L
Petrochko/NA/Enron@Enron, Scott Reblitz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Marchris Robinson/NA/Enron@Enron, Thomas S Reichelderfer/DUB/EES@EES, Fred
Rimington/NPNG/Enron@ENRON, Frank Rishe/NA/Enron@Enron, Cynthia
Sandherr/Corp/Enron@ENRON, Gavin Russo/Corp/Enron@ENRON, Dave
Schafer/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Tom
Shelton/HOU/ECT@ECT, Richard Shepherd/NPNG/Enron@ENRON, Jeff
Skilling/Corp/Enron@ENRON, Lon Stanton/ET&S/Enron@ENRON, James D
Steffes/NA/Enron@Enron, Michael Terraso/OTS/Enron@ENRON, Henry
Van/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Terence H
Thorn/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kathleen Wagner/NA/Enron@Enron,
Susan Worthen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Charles Yeung/HOU/ECT@ECT,
Robert Wilson/ENRON@enronXgate, Lisa Yoho/NA/Enron@Enron
		 cc: James Sandt/LON/ECT@ECT
		 Subject: 2000 Lobbying Expenses

Please provide your assistance in completing the attached questionnaire
relating to 2000 lobbying activities.  I would like to receive all completed
questionnaires on or before March 9, 2001.  If you have any questions, please
feel free to contact me at 713-345-8362.  Thanks so much for your help.

Tara Rafter
Director
Enron Corp. Tax Planning


The following reports have been waiting for your approval for more than 4 days.  Please review.

Owner: Richard P Bergsieker
Report Name: Amex & COP October 2001
Days In Mgr. Queue: 10


Please note time change.   The EES Power Weekly Meeting will be held today from 12:30-1:30 (CDT).  The location will remain the same (EB3308).

Thank you

 -----Original Message-----
From: 	Brooks, Loretta
Sent:	Thursday, October 18, 2001 9:38 AM
To:
Cc:
Subject:	FW: EES Power Weekly Mtg.

Re-confirmation that the EES Power Weekly Meeting will be held today (only) @ 12 noon (CDT).

Thank you

 -----Original Message-----
From: 	Brooks, Loretta
Sent:	Thursday, October 04, 2001 3:04 PM
To:	Black, Don; Presto, Kevin M.; Herndon, Rogers; Belden, Tim; Richter, Jeff; Dayao, Anthony; Pagan, Ozzie
Subject:	EES Power Weekly Mtg.

Please note for Thursday, October 18 (ONLY) the EES Power Weekly Meeting will be held from 12:00-1:00 pm(CDT)  instead of 4:00 pm. The location will remain the same (EB3308).
For those of you located in Portland we will call you at 10:00 am (PST).

On Thursday, October 25 the meeting will resume its regular scheduled time.

Thank you
Loretta Brooks


Please see note from Margaret Carson below and respond to her with questions.

gngr
713-853-7751
----- Forwarded by Ginger Dernehl/NA/Enron on 12/14/2000 08:12 AM -----

	Margaret Carson
	12/14/2000 07:34 AM

		 To: Ginger Dernehl/NA/Enron@Enron
		 cc:
		 Subject: California on the Brink --

Can you  kindly  distribute  this report to your  Govt  Affairs distribution
list.  If  anyone  would like to get a user name and password  to  search
the Cambridge  Energy reports just let me know.  Thanks, Margaret Carson
---------------------- Forwarded by Margaret Carson/Corp/Enron on 12/14/2000
07:31 AM ---------------------------

"Webmaster@cera.com" <webmaster on 12/13/2000 07:18:25 PM
To:
cc:

Subject: California on the Brink -- CERA Alert

CERA Alert: Dcember 13, 2000

Title: California on the Brink
CERA Knowledge Areas: Western Energy, N. American Power, N. American Gas

CALIFORNIA ON THE BRINK
The California Stalemate
California moved closer to the brink of an outage today as concerns over
credit-worthiness of buyers brought the possibility that generators would
avoid selling to the California market. While numerous factors have
contributed to the high cost of power incurred by California's utilities, the
root cause of the current crisis is a lack of new generation. The current
credit crisis and its threat to supplies could spark state action to address
the situation. The collective efforts of all market participants should be
focused on increasing generation capacity as quickly as possible.

Western power prices have skyrocketed well beyond the record levels set this
summer. Perhaps because frozen rates insulate the majority of California
consumers and companies from tangible effects of the market crisis,
regulators have been able to postpone meaningful market reforms and
significant rate increases. The California Public Utilities Commission denied
the requests of Pacific Gas & Electric and Southern California Edison to end
their rate freezes, forcing these utilities at least temporarily to finance
the costs of higher wholesale energy. This has created an unsustainable
accumulation of costs and a loss of faith in the California market.

The current credit crisis and the potential for blackouts may become the
galvanizing events that provide state regulators with a public mandate to
address the underlying structural problems in the industry. However, there is
no guarantee that these regulatory actions will expedite an effective
solution for customers and the industry as a whole. Wholesale and retail
markets that emerge from regulatory intervention are likely to remain
muddled. In the necessarily political process that will follow, it is
possible that-as has largely been the case so far-the steps taken will fail
to move the California power market toward a more enduring solution and will
instead continue to mask the underlying structural flaws.

In the six months since California's supply shortfall began plaguing Western
markets, regulators have done little to address the underlying problem.
Rather than addressing the cause of the supply shortage-establishing a market
environment that encourages timely additions of new generating capacity and
demand side responses-efforts are instead directed at trying to lay blame for
the crisis and lessen the immediate financial impact on customers. Indeed,
several actions taken thus far have served more to compound the problem by
discouraging new power plant additions. These include price caps, repeated
changes to market rules, attempts to seize generator profits, and a
challenging siting and permitting process.

Medicine Worse than the Illness
Several years of electricity demand growth and low prices in California were
accompanied by very few additions to the supply base. Regulators did not pay
adequate attention to the looming supply shortfall. The void of consensus
over the cause of the current crisis has instead been replaced by a series of
bandaid remedies that address the symptoms, but not the cause, of
California's electric market woes.*

* Challenging siting and permitting. Despite state action to better
coordinate the siting and permitting process for new power plants, power
plant developers still face high hurdles. Local community opposition alone
has struck down some key proposed facilities.

* Price caps discourage investment. State and federal proposals to cap prices
limit the attractiveness of the California wholesale power market, especially
for developers who have the option of channeling scarce capital and equipment
to more stable or more attractive markets outside the state.

* Repeated rule changes. Frequent rule changes in the ISO markets (including
the price caps) confound attempts by developers to estimate profits from new
plant development.

* Calls for refunds. Despite reports by the Power Exchange, the ISO, and the
FERC that no pattern of abuse could be found from their examination of the
California markets, state officials continue to accuse power providers of
gaming the market. Calls by state officials for refunds of generator profits
are a threat to new plant development.

* Facility inspections. Recent inspections of power plants by state officials
to verify that operators are honestly reporting the operational status of
their generating units accentuates the atmosphere of mistrust.

CERA's recent analysis suggests that merchant plant developers in the West
are not guaranteed? to make a profit. Prospects of new plant profitability
are affected by the timing and quantity of new plants, decommissioning of
older units, demand growth, and numerous other difficult-to-forecast factors.
California's regulatory actions only further cloud the assessment of
financial viability and degrade the political environment for developers
considering entering the state.

Despite efforts by the California ISO to stimulate new capacity additions in
the state with a special, limited-term capacity payment, CERA estimates that
demand growth will continue to outstrip supply additions in the West in 2001.
In addition, the existing siting and permitting process will prevent a
sufficient quantity of capacity from entering the market until 2003 at the
earliest. Therefore, three years remain before a sufficient quantity of
capacity enters service to significantly dampen prices and decrease the risk
of an outage.

The Road to Recovery
There are a number of actions that can be taken to help relieve the capacity
shortfall:

* Encourage new build. Supply must be part of the answer. This requires a
series of steps that can help facilitate new supply build. While in principal
some have been taken, such as new fast track approval, the success of these
actions can only be measured by the build itself. For now, there is still not
enough new supply coming on until 2003 to relieve supply tightness.?

* Stabilize investment climate. Utilities must have assurance that they will
ultimately be allowed to recover market costs for power. This provides the
credit worthiness needed by sellers to produce energy and to stimulate new
build.

* Move toward more balanced utility supply portfolios. One of the reasons the
pressure on customers has been so intense in California has been the absence
(and even discouragement) of diverse supply portfolios among the utilities in
the state-particularly for residential and small commercial customers. With
the market at a peak, however, now is in one sense a sub-optimal time to move
toward term contracting. Yet these contracts provide the foundation for a
series of actions-including new supply build and demand side investments. If
they end up above market, they will at least have achieved the desired effect
of knocking down prices, a fact which by itself should provide sufficient
justification for recovering the cost of these commitments.

* Encourage market mechanisms that elicit a demand response. Although
originally a feature of California's market design, most consumers are
insulated from price spikes through capped or frozen retail rates. Exposing
customers to at least some of the market price signals would encourage a
demand response.

* Encourage market mechanisms that dampen the "Boom Bust" characteristic of
the market. Whether in the form of a capacity payment, a reserve requirement,
or a minimum term portfolio requirement, the California power market needs to
move to a structure that encourages investment in new capacity when the
market is in balance rather than waiting for a shortage and price shock to
elicit new investment. Such a structure can help dampen (but not eliminate)
future price volatility.

* Avoid continuously tinkering with the market. While the market does need to
be restructured as described above, it also needs to be stable and reliable
to encourage the development of new supply as well as a robust long-term
contractual market for power in California. Continually tinkering with the
market structure-such as the three times the price cap has been shifted since
July-only serves to undermine confidence in the market. California needs to
do its best to develop a long-term solution and then let the market run its
course.

* Allow for greater environmental flexibility. The state should explore a
more balanced solution to emissions restrictions in the face of a supply
shortfall that has been exacerbated by generators that cannot operate due to
emissions restrictions.

* Free PURPA power plants to generate. Relief should be granted to PURPA
power plants that are operational, but are restricted by contract from
operating to generate only power.

**end**

This CERA Alert will be available in PDF format within 24 hours.

**********************************************************************
This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.

Terms of Use: http://www.cera.com/tos.html
Questions/Comments: webmaster@cera.com
Copyright 2000. Cambridge Energy Research Associates


Ravi,

I shall leave the decision to Stinson and you.

Vince

Ravi Thuraisingham@ENRON COMMUNICATIONS on 02/23/2000 11:39:01 AM
To: Stinson Gibner/HOU/ECT@ECT, Vince Kaminski
cc:
Subject: Stanford OR - Summer Interns

Hi this is one of the junior PhD students that we've visited in Stanford.
Are we interested in bringing him to Enron Research and or EBS research.
I'll have to think about his role in EBS.

Ravi.
----- Forwarded by Ravi Thuraisingham/Enron Communications on 02/23/00 11:32
AM -----

	shikhar@stanford.edu
	02/20/00 07:24 PM

		 To: Ravi.Thuraisingham.Enron_Communications@enron.com
		 cc: Ravi.Thuraisingham@enron.com, (bcc: Ravi Thuraisingham/Enron
Communications)
		 Subject: Stanford OR - Summer Interns

Hi Ravi:

Please find attached my resume for the summer internship program. I
apologize for the delay. We actually lost your contact info. Please let me
know if you will need any additional information and/or a cover letter
besides the resume and I can send it right away.

Thanks

Regards,
Shikhar
------------------------
Shikhar Ranjan
PhD Student
Management Science & Engineering
Stanford University CA
(650) 497 5762

 - Resume00-ENE.doc


This  letter is the last  part of the contract:


I thought we were supposed to use XMS new system?


Mr. Zaman called Larry yesterday to discuss the most recent offer.

Larry had the opportunity to discuss with Mr. Zaman the sense of urgency on
TW's part and the desire to meet with the decision making body - the NNERTF.
Apparently Mr. Zaman was of the impression that TW would not be pressed to
take legal action until the ROW expired.

Mr. Zaman was encouraged by the TW approach of an incentive but offered no
insights on the acceptability of the offer.  He did promised to review it
with the task force in the near future and indicated that Johnny could expect
a response in the near future regarding the letter and the request for a
meeting.


Yes the list you have is the current list.  If it changes w/ additions, I
will be sure and forward you a new copy.

I will set up a call for Friday and will get back with you and the others
regarding the call in number, etc.

From: Jeff Dasovich on 05/14/2001 07:00 PM
Sent by: Jeff Dasovich
To: Maureen McVicker/NA/Enron@Enron
cc: skean@enron.com

Subject:

Maureen:

Few things.  I was on the call with Steve today and he asked me to do a
couple of things.

1) Send a summary of today's call to the email list that you've put
together.  I've got the list from the note you forwarded to me with the
call-in info for today's call.  Is that the complete list?  If not, could you
foward me the most recent one, which I'll use to distribute the summary?

2) Could you set up another call for this Friday (May 18th) for 60 minutes at
10 CDT/8 AM PDT, and distribute to the same bunch of folks that were on
today's call?  Thanks a million.

Best,
Jeff


I will do Friday's

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Tuesday, December 18, 2001 9:30 AM
To:	Love, Phillip M.; Winfree, O'Neal D.; Palmer, B. Scott; McLaughlin Jr., Errol
Cc:	Gossett, Jeffrey C.
Subject:	RE: Bankruptcy post-id's

Yes, send them to John Powell and cc Debbie Brackett

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Tuesday, December 18, 2001 9:27 AM
To:	Keiser, Kam; Winfree, O'Neal D.; Palmer, B. Scott; McLaughlin Jr., Errol
Cc:	Gossett, Jeffrey C.
Subject:	RE: Bankruptcy post-id's

I will do it Wed and Thursday.  Kam and I will be out Friday, can someone else do it then?  We are supposed to email the post-id's to Debbie Bracket correct?
PL

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Tuesday, December 18, 2001 9:13 AM
To:	Love, Phillip M.; Winfree, O'Neal D.; Palmer, B. Scott; McLaughlin Jr., Errol
Cc:	Gossett, Jeffrey C.
Subject:	Bankruptcy post-id's

I started calculating the bankruptcy book last night for the credit group.  This needs to be done nightly.  I may be out a few days so if I am can someone else take this over from me please?  We can also use these to check daily for counterparties that have been moved incorrectly.

The file is in O:\erms\1intra\west\Bankruptcy post-ids.xls

Thanks

KK


Peter,

I learned yesterday for the first time about Project Canary, which involves
the purchase of an asset that employs 400 employees and also has a unionized
workforce.  I understand that we are in the second round, and that there is a
deadline of 12/15.

Peter, we have discussed on numerous occasions the need for you to get me
involved early whenever there are transactions involving personnel issues.
You haven't involved me in this deal -- I learned about the fact that there
are employees and unions from my clients in HR.  That makes me and the legal
department look bad and also does not allow me to provide the best service
for Enron.

Please provide me with information about this deal asap.  And, I repeat my
request to get me involved earlier on future deals.

Thank you.

Michelle


Please note that this weeks Regulatory call has been postponed.

Scott Marra
Administrator for Policy & Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org


Woops, technologically challenged.

The time is 8:30 am.

Regards,
ry

Brent Hendry
07/15/99 02:27 PM
To: Randy Young/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Andrea Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara
Shackleton@ENRON_DEVELOPMENT

Subject: Re: Travel

I responded to your notice, but I want to confirm the time for breakfast.
The notice said 11:30, what time were you planning on meeting?

Randy Young
15/07/99 03:57 PM
To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea
Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sara Shackleton@ENRON_DEVELOPMENT
Subject: Re: Travel

I am in at least in the morning on Tuesday. Would you like to have breakfast
at Brent's hotel and then meet further after that?

Regards,
Randy

Brent Hendry
07/14/99 07:37 PM
To: Randy Young/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Andrea Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara
Shackleton@ENRON_DEVELOPMENT

Subject: Travel

I am planning on coming to Sao Paulo next Tuesday if that works for you.  I
will arrive Monday night and leave Wednesday morning.  Andrea Bertone and I
determined today that it would be best if I came next week rather than the
week after.  She and I will be meeting to go over the information each of us
has regarding physical and financial trading in Brazil and she wants to set
up some meetings with some of the commercial group to discuss some of the
alternative deal structures for a few transactions that are being
considered.  Please let me know if I need to block out some time, other than
for the chief counsel meeting, for you, Andrea and I to meet to discuss
trading issues in Brazil.  As soon as I know what your schedule is Andrea can
set up the other meetings.  I look forward to seeing you next week.


what is up?? ..... we need to have a beer sometime!

MC


---------------------- Forwarded by Mary Hain/HOU/ECT on 01/31/2001 02:02 PM
---------------------------

Mary Hain
01/30/2001 02:38 PM
To: scott.miller@ferc.fed.us
cc:
Subject: ISO problems

At your request, here's a write-up of our problems with the ISO.

Issue 1 - Concerning the intertie going North out of California into the
Northwest (NW) at the California Oregon Border (COB), since about the 24th of
January, the ISO has started telling market participants that the available
transmission capacity, which is usually 2300 MW, is zero.  Last Friday, this
caused prices to increase at the Mid-Columbia (NW trading hub) by about
$50-75, costing the NW wholesale market an estimated $2-5 million per day.
This transmission capacity is within the ISO's control and, because capacity
is available, the ISO's actions seem to violate Order No. 888.  I also wonder
what would happen if another control area decided they were going to take
similar action.  This hurts Enron financially because we own FTRs and if
there is no congestion, we don't get paid anything.  This is like "economic"
force majeure.  The reason the ISO is listing zero ATC is that they're in a
Stage 3 Emergency and they're not offering sufficient price/credit terms to
get the power they need.  California obviously thinks its power needs are
more important than the NW's.

Issue 2 - We have transmission we are purchasing from some California munis
using transmission facilities that are not part of the Cal ISO.  The ISO
advised today that they are thinking about cutting exports from California.
We are concerned that the ISO will cut our transaction even though it uses
transmission assets and rights that are not under the ISO's control.  If our
deal were cut, it could cost us $20,000 to $100,000 per hour (we have a 125
MW deal and spreads now are $125 and they would likely blow out more if
exports were cut).   We hesitate to call the ISO and ask if they are going to
cut us because we are afraid we might suggest something that they haven't
thought of.

I'd be happy to answer any questions.  I'm at (503) 464-8862.


Just wanted to compliment Tom Moran, Bill Bradford and Debbie Brackett for
all their efforts to help our commercial initiatives. As busy as they always
are they are a pleasure to deal with and usually supportive of our
transactions if the deal deserves their attention.


can't make it

	From:  Yvette G Connevey @ ENRON                           03/10/2000 02:38 PM

To: Eric Bass/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT, Sean
Kiehne/AA/Corp/Enron@Enron
cc: Jennifer Stevenson/AA/Corp/Enron@Enron, Sharon Roest/AA/Corp/Enron@Enron,
Brenda F Herod/HOU/ECT@ECT
Subject: February Earnings Meeting

This meeting has been moved to Monday, March 13th from 10 - 11 am in
Conference Room 3014.
---------------------- Forwarded by Yvette G Connevey/Corp/Enron on
03/10/2000 02:29 PM ---------------------------

	Enron North America Corp.

	From:  Yvette G Connevey                           03/06/2000 09:41 AM

To: Eric Bass/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT, Sean
Kiehne/AA/Corp/Enron@Enron
cc: Jennifer Stevenson/AA/Corp/Enron@Enron, Sharon Roest/AA/Corp/Enron@Enron,
Brenda F Herod/HOU/ECT@ECT

Subject: February Earnings Meeting

Please plan to attend a meeting this Friday, March 10th from 1:30 -2:30 in
Conference Room 3084 regarding February Earnings.

If you have any questions or conflicts, please call.

Thank you!
Yvette
x3.5953


Once more

---------------------- Forwarded by Rob G Gay/NA/Enron on 01/22/2001 03:04 PM
---------------------------

Rob G Gay
01/22/2001 03:26 PM
To: Blanca Bollom/NA/Enron@Enron
cc: Peter E Weidler/NA/Enron@Enron, Tracee Bersani/HOU/ECT@ECT

Subject: Lender Presentation

Can you print 10 color copies? Thanks


----- Forwarded by Gerald Nemec/HOU/ECT on 05/25/2001 11:11 AM -----

	"Gillaspie, Matthew" <MGillaspie02@pjc.com>
	05/25/2001 08:13 AM

		 To: "'Gerald Nemec'" <gnemec@enron.com>
		 cc:
		 Subject: Des Moines, Iowa -- HOT HOLLYWOOD ACTION

GN -

I don't know Cuzin' Eric's new e-mail, so you'll have to pass this on to him
. . .
this weekend Buckcherry is one of the bands playing for a local radio
station's Memorial Day bash.  I guess you guys came to Des Moines on the
wrong weekend . . .

Matthew R Gillaspie
Public Finance Associate
U S Bancorp Piper Jaffray
700 Walnut Street, Ste 1300
Des Moines, Iowa  50309
(515) 247-2353
(800) 333-6008
mgillaspie02@pjc.com

______________________________________________________________________

http://www.piperjaffray.com

Investment products purchased from or through U.S. Bancorp Piper Jaffray:

    ---------------------------------------------------------
    * Not FDIC-insured * No bank guarantee * May lose value *
    ---------------------------------------------------------

http://www.piperjaffray.com/disclosure.asp - See For Additional Disclosure
Information
______________________________________________________________________


[IMAGE]

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Harlan E. Murphy
Enron Wholesale Services - Legal
1400 Smith Street, EB 3811
Houston, Texas 77002
Tel: 713.345.2679
Fax: 713.646.3490
E-mail: Harlan.Murphy@Enron.com

 -----Original Message-----
From: 	"David C Rosen" <drosen@cgsh.com>@ENRON
Sent:	Monday, November 19, 2001 3:26 PM
To:	Murphy, Harlan
Cc:	shaun.pacious@americas.bnpparibas.com; john.powers@americas.bnpparibas.com; Lech.Kalembka@cwt.com; Seth GROSSHANDLER
Subject:	Enron-BNPP Master Netting, Setoff and Security Agreement

Dear Harlan:

The comments below are in addition to, and should be read with, the hand
mark-up we faxed to you on Friday.   Notwithstanding that these comments
remain subject to the resolution of the business issues, we hope to close
out as many outstanding items as possible to expedite the final execution
of the agreement.  Please feel free to call me at (212) 572-5398 if you
have any questions.

Yours truly,

David Rosen
Not yet admitted to the bar

Temporary Location Information:
Cleary Gottlieb Steen & Hamilton
153 E. 53rd Street (Citigroup Center)
38th Floor
New York, NY 10022

Phone: (212) 572-5398
Voicemail: (212) 572-5202 x2532
Mobile: (646) 479-3283
Fax: (212) 572-5399
Email: drosen@cgsh.com; dcrosen@home.com

1.   Replace Paragraph 1 with:

     This Master Netting, Setoff, and Security Agreement (this "Agreement")
     is made and entered into effective as of November [   ], 2001 by and
     among BNP Paribas (including all branches and agencies thereof,
     "BNPP"), BNP Paribas Commodity Futures Inc. ("PFI") and BNP Paribas
     Commodity Futures Limited ("BNPPCML"), and Enron Corp. ("Enron"),
     Enron North America Corp. ("ENA"), Enron Power Marketing, Inc.
     ("EPMI"), Enron Risk Management and Trading International Corp.
     ("ERMTIC"), Enron Capital & Trade Resources International Corp.
     ("ECTRIC"), Enron Credit Limited ("ECL"), Enron Metals Limited ("EML")
     and Enron Capital & Trade Resources Limited ("ECTD").

2.   Change definition of BNPP Party to "means each of BNPP, PFI and
BNPPCML."

3.   Change definition of Enron Party to " means each of Enron, ENA, EPMI,
ECTRIC, ERMTIC, ECL, EML and ECTD."

4.   In the definition of Transaction, insert before the word "between"
"(i)" and add at the end the following:

     or (ii) held at a contract market, exchange, board of trade or
     clearing organization by any Party on behalf of a member of the other
     Group pursuant to an Underlying Master Agreement.

5.   In Section 2(b), in (i), replace the phrase "all Transactions under
one or more Underlying Master Agreements" with "each Transaction".

6.   In Section 2(b), at the end of (ii) and (v) before the semi-colon,
insert the following:

     , under any other agreement or under applicable law or equity, whether
     in respect of the Transactions thereunder, or otherwise

7.   In Section 2(b), at the end of (iii), after "applicable law", insert
"or equity"

8.   In Section 4, in the third sentence, after the words "from whom such
payment is due" insert the following:

     to such Party or Parties as the Non-defaulting Group determines are
     entitled to such payment

9.   In Section 7(b), in each of the forth and the twelfth lines between
the words "hereby" and "grants", insert "except as provided in the next
sentence" and in each of the ninth and the sixteenth lines replace the text
beginning "Obligations, " until the end of each sentence with:

     Obligations.  Without limiting the rights referred to in Section 5,
     the security interest granted in the immediately preceding sentence
     shall not apply to the Final Settlement Amount.

10.   At the beginning of Sections 7(c) and 7(e), insert the words "Subject
to Section 3,".

11.   In Section 15(b), following the words "on the basis of a payment
owed", insert the words "(including margin)".

12.   With respect to Section 17, our client has indicated that it would
not be useful or efficient to have the issue of arbitration (which is
clearly not central to the risk reducing purposes of the arrangements)
mixed up with the proposed agreement, which has arisen from the
circumstances of Enron that have developed over the last few months.  BNP
Paribas' primary reason for not wanting to include an arbitration clause
(even with the suggested language changes) is that, although the concept of
arbitration is being considered generally, BNP Paribas has, of yet, not
made any definitive decisions as to the implicit or necessary value of
arbitration clauses and such a decision would require significant internal
review and discussion.  Over the next few months, further consideration can
be given as to including arbitration in this agreement.

13.  Please note that BNP Paribas contemplates at least one long-form
confirmation as an Underlying Master Agreement.

 This message is being sent from a law firm and may contain information
which is confidential or privileged.  If you are not the intended
recipient, please advise the sender immediately by reply e-mail and delete
this message and any attachments without retaining a copy.


Chuck - I am now working on the West desk.  In the future you can send these
requests to Scott.

DG
---------------------- Forwarded by Darron C Giron/HOU/ECT on 10/11/2000
09:29 AM ---------------------------

	From:  Charles Jacobs @ ENRON                           10/11/2000 09:24 AM

To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Eastman Chemical Demand Charge

Darron - I just got the demand charge for Eastman Chemical for September.
It's $11,137.05.  Can you input that on that deal #157584 and let me know
when you're done.

Thanks,
...Chuck


The environmental clearances are still in effect as long as we stay on our
right of way and in our measuring station yard.  For any construction work at
the PG&E station, we will need written aprpoval from PG&E.  I  will notify
the state and county of California when we do the construction work.  Earl, I
will need to know the amount  of natural gas which will be released during
the blowdown of the 1850 feet of pipe, our separator and meter tubes.  Pg&E
will be responsible for the notification of gas release for their separator
and piping....

David Roensch
08/07/99 10:44 PM

To: Michel Nelson/ET&S/Enron, Rich Jolly/ET&S/Enron@Enron, Louis
Soldano/ET&S/Enron@Enron, Larry Campbell/ET&S/Enron@Enron, Jeffery
Fawcett/ET&S/Enron@Enron, Earl Chanley/ET&S/Enron@Enron
cc:

Subject: PG&E

The following is the update I received from the Kingman Team on todays
pigging activities:

Tiny,
 We kicked two pigs today with 55 gals of diesel in front of each pig.  On
the first run we got only enough liquid to get a sample.  The pig came out
with a big chunk out of it.  Don't know what is causing this because we have
received a couple of pigs that were damaged.  This is only the second pig
that has come in that we cannot use again.
 When the second pig came in, we received 41 gals of liquid.  We had to haul
it out a pail at a time.  We pulled about half from the seperator and half
from the drain tap in front of the seperator.
 These two runs took us nine hours to run, that is why we only did two.  We
plan on putting in 100 gals of diesel tomarrow since they are going to ship
some more diesel for us on Monday.  If flow rate permitting we plan on
kicking two more pigs tomarrow with 100 gals each.

Brent  & Russ

Per this evenings discussions with Gas Control, it looks like we will have 60
mmcfd scheduled to PG&E for tomorrows (Sundays) gas day.  Gas Control will
make every effort to coordinate flows with PG&E and insure we have higher
flowing volumes during the pigging hours if at all possible.  Again the new
pigs are due to be on site by Tuesday.   I forwarded an e:mail message to
Kingman informing them to insure they split a sample with PG&E on the 15 MP
sample point.

I've set up a conf. call for this Friday the 13th at 10:00 am Houston time.
We should have additional sampling infromation by this time not only from the
Weekly Report but on the pigging activites as well.  (877-795-3687   pin
323297)

My comments on information communicated to Boschee are shown below.

---------------------- Forwarded by David Roensch/ET&S/Enron on 08/07/99
09:56 PM ---------------------------

Michel Nelson
08/07/99 10:37 AM
To: Louis Soldano/ET&S/Enron@Enron, Larry Campbell/ET&S/Enron@Enron, Rich
Jolly/ET&S/Enron@Enron, David Roensch/ET&S/Enron@Enron, Jeffery
Fawcett/ET&S/Enron@Enron, Earl Chanley/ET&S/Enron@Enron
cc:

Subject: PG&E

Hope you had a better flight home than me - late one hour departing, flew to
Omaha and circled because of lightning and thunderstorms until we had to go
to Kansas City for fuel, then back to Omaha to sneak in between lightning
bolts - the drive home was a combination of being blinded by lightning,
unable to see because of driving rain, or praying the car could make it
through the flooded streets! Anyway, home by 1:15 AM, so not too bad.

Here's what I believe to be our current plan, which will be communicated to
PG&E through letter to Rod Boschee.

1.  Continue to inject diesel at a 55 gal rate and pig daily through 8/15
We will be running from 2 to 4 pigs daily (depending on flow rates) and
injecting 100 gallon per pig run.  Today (Saturday) was the exception because
of flow rates and the volume of diesel on hand (400 gn's).  Two pigs were run
at 55 gallons of diesel per pig.  This 400 gallons under the previous pigging
schedule would have lasted for 1 1/2 weeks at the single pig per day & at 55
gallons per pig.  A load of diesel will be on location Monday.

2.  Collect liquids from all pig runs for analysis and trending (daily or as
often as pigs are received)

3.  Collect liquids from TW's filter / separator for analysis and trending
(daily)
This is above and beyond the weekly accumulation and split sampling at this
point.  The Weekly Split sampling will still continue.

4.  After 8/15, continue pigging daily w/o injection of any liquids to dry
pipe through 9/7

5. Repeat steps 2 and 3 above

6. Schedule Vector to be on site September 7 to decontaminate a.) 1850' of
pipe from TW's measurement to PG&E's filter/separator and b.)  PG&E's
filter/separator.
Larry/Earl - We're still OK on clearances for ROW and excavation etc...
should we need to make a cut into the 1850' of pipe aren't we?  I'm assuming
the clearances we received for the siphon project would carry forward????

7. Post 5 day outage for scheduled pipeline maintenance on EBB as soon as
Vector confirms date.

8. Trending and analysis will determine if any pigging or further decon work
will be done on TW's upstream pipe.

Please review, add, subtract, correct, etc. prior to Monday. Thanks for
continuing help - this is going to be a very tough win, if a win is possible.
Mike


Vince:
Thanks for surfacing.Happy New Year!
 Linda

DECEMBER 2000  Financial Engineering Associates, Berkeley, CA

Gentlepeople,

As the end of the year rapidly approaches, it seems timely to thank you for
your business this year.  Thank you for helping to make this the best year
ever for FEA!

And, wed also like to wish you Happy Holidays and a healthy and prosperous
New Year.

Earlier this year, FEA initiated 3Virtual Coffee Break4, an emailed
newsletter for FEA Alliance Partners.  It has proven to be a popular and
useful media to share information.  This is our first effort at an emailed
newsletter to FEA clients, 3Afternoon Tea with Tracie).   We hope you will
take a few minutes to skim it for pertinent information  and then move it to
your FEA file folder for future reference.

***ANNOUNCING FEA PRODUCT UPDATES!***

FEA has been extraordinarily busy running extensive testing on new releases.
The following should be available to all clients, who are current on
maintenance, in just a couple weeks.  We will send an email notification of
the availability of the release, and CDs will be shipped.  If you prefer,
email support@fea.com to request download instructions.

@ENERGY. 2.0 will feature the release of the Forward Curve Builder and the
Swing (take or pay) Options valuation module. The Forward Curve Builder, as
its name suggests, calibrated the forward price curve for power
(electricity) and other commodity markets.  Some additional new features in
the 2.0 release include a Jump Diffusion Model for European-style options,
an option on a strip of options and an option on a strip of spread options.

VaRworks 4.0 includes sophisticated Stress Testing, support for individual
equities, and new easier to use templates.  Eagerly awaited by FEA clients,
the addition of Stress Testing capabilities has been a top priority for
FEA's engineering team.  Fund managers will be happy to hear that individual
(sectorial) equities are now supported in VaRworks. 4.0.

If you do not own a license for @ENERGY or VaRworks, and want to evaluate
them, email sales@fea.com and request a 30 day demo.  Product demos are free
to existing FEA clients.  Curious about a product, but dont have time to
install a demo, read the instructions and experiment?  Visit
www.fea.com/demos.htm and select alternative one.  We can now demo FEA
software on your computer screen, via the internet.

***LIST of CURRENT VERSIONS of FEA PRODUCTS NOW POSTED ON-LINE!
You may refer to www.fea.com/support.htm for details of the most current FEA
product releases.
***FEA NEWSWIRE: FEA AND ITS CHIEF SCIENTISTMARK GARMAN have been awarded a
4th US Patent! Patent 6,122,623 recognizes the "Watershed Method"as FEA's
second US Patent defining cutting-edge methodologies for VaR. The importance
of the recent invention is that it will allow market risk to be more
accurately allocated into accounting periods. Mark'sprior patent in the VaR
arena pertained to the calculation of "marginal VaR" or "Component VaR,"
which allowed risk managers to "slice and dice," or dissect enterprise-wide
VaR into its constituent components. (See the PressRelease at
www.fea.com/pdf/watershed_pr.pdf).
*** FIRST BETA SITE FOR VARWORKS SE***   www.fea.com/press_rm.htm
Look for a Press Release announcing  the first beta site for FEAs VaRworks.
SE (Server Edition).  VaRworks SEs dynamic risk analysis and reporting
environment will enable the delivery of  customized risk profiles to dozens
of exchange participants.  (See the product description at
http://www.fea.com/p_varse.htm.)

*** DID YOU HEAR?????
RiskMetrics, as of 1/15/2001, will be charging for their previously free
data sets.   Only outdated data sets will be available at no charge.

FEAs MakeVC product allows you to build your own customized data sets
utilizing historical time series data that you may already have available to
you.  You may request a FREE 30 day demo of MakeVC from
www.fea.com/demos.htm.  Product demos are free to existing FEA clients.

***PLAN AHEAD
The next VaR seminar will be late Spring 2001.  See
www.fea.com/seminars.htm for information as it becomes available, or browse
the October 2000 seminar brochure.  You may also contact  sales@fea.com to
reserve your space.

***The FEA FREQUENT FLYERS***

December/January, Madrid, Spain, Carlos
January 15 + Calgary and Toronto, Canada, Tracie
February 13-14, New York, GARP 2001, Laurent and Christine
February 13-15, Germany, E*Trade Chris and Ursula
February 19, London, Tracie

Contact sales@fea.com to arrange a meeting.

THE FINE PRINT: We are interested in your feedback, and ideas for future
topics.   Please send an email if you do not want to receive future FEA
Newsletters. mailto:elena@fea.com


Hey,
Sorry to hear about mike's Dad.  I hope he is handling it ok.  I'm guessing
your weekend wasn't very fun.
We had a great time at the black swan, maybe you can come next time!  Let me
know when you want to come by.(if ever, ha!)

later

Danielle Samson <DanielleS@JonesGranger.com> on 01/10/2000 09:12:15 AM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Hey you,
Sorry I didn't get a chance to come by this weekend, mike lutanno's dad
passed away, so I was pretty busy keeping him company.  Other than that, not
too much going on, and you?  I saw your roommate last night at church.
Write back when you get a chance.

Dee


POWER MARKETS 2002:
Risk and Reward (April 17-18, 2002  Las Vegas, NV)

Sponsored by The Power Marketing Association
Download Brochure at: http://www.pmaconference.com/markets2002.pdf

Attend the Power Marketing Association's Seventh
Annual Spring Conference:  Power Markets 2002: Risk
and Reward, April 17-18, 2002, at the Excalibur Hotel in
Las Vegas, Nevada.

We will see record numbers of new powerplants coming
on line this year. New, much larger RTOs promise
dramatic increases in liquidity. The Enron fallout will
continue to force balance sheet improvements-- perhaps
more mergers and acquisitions. Price volatility will
continue, and risk management techniques will continue
to be honed.

Come hear the experts who will help you survive and
thrive in 2002!

Topics

Transmission and RTOs: Representatives from
PJM, Cal ISO and Midwest ISO on their respective
regions.

Credit: Susan Abbott of Moody's on evolving
credit standards in our industry

Insurance: Scott Ettien from NCM, Lynda
Clemmons from
Element Re and Pat Toner Goudarzi from ACE, on Credit
Insurance, Weather-risk Insurance and Innovative
Insurance Products, respectively

Exchanges: Monte SImpson of InterContinental
Exchange and Brad Leach of NYMEX on the growth in the
use of exchanges.

Markets: Chris Pollatos of Mirant, Dave Freeman
of Panda and Mike Young of Aquila on the state of
various aspects of the power markets.

And More! Cabell Poindexter of Wyndham Mills on
job prospects! John OBrien of Skipping Stone on the
outlook for Transmission! Henwood on outlook for
powerplant construction! Adrian Palmer of Caminus Corp
on European Markets!

Fundamentals of Power Marketing.  On April 16,
Scott Spiewak will be repeating his "Fundamentals of
Power Marketing" preconference seminar. Essential for
the new industry participant, it is also a valuable
overview for the industry professional.

Download Brochure at: http://www.pmaconference.com/markets2002.pdf

The Power Marketing Association
PowerMarketers.com
------------------------------------------------
email: info@pmaconference.com
voice: 201 784 5389
web: http://www.PowerMarketers.com
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Peter:

Attached please find the final form of asset securitization NDA.  Note that I
made a few changes to Section 5 to incorporate a bit of the second
alternative into the first alternative you chose.  Please let me know if you
have further comments or questions.  Otherwise, please let Tana Jones know if
you need assistance finalizing an NDA for distribution to a Counterparty.
Even if you intend to finalize yourself, give Tana a call or send her an
e-mail to let her know that name of the counterparty so that we can check our
records to confirm that we don't have any conflicting confidentiality
agreements in place with the Counterparty.  Also, copy both Tana and I on any
NDA you distribute.

Thanks,

Leslie


Carol -

Thanks for the update on the review.

As to the language inserted, the words "access" and "entry" relate back to
the provisions under (ii) and (iii) of paragraph 5(b) since these are the two
subparts that discuss access.  The words "action taken or not taken" relate
back to the provisions under (iv) as this is where "actions taken or not
taken" relate to the Broker.  The additional phrase should be couched in
these terms since this is what Broker has for responsibilities.

As to the addition of the words "unlawful acts" this is not acceptable to
Enron.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com

	"Carol Wilhelm" <wilhelmc@PENNIE.COM>
	02/26/2001 11:22 AM

		 To: Mark.Greenberg@enron.com
		 cc:
		 Subject: Re: Natsource BETA

Mark, I've looked at the revisions to 5(b) and have one comment and one item
I inadvertently left out in our conversation on Friday.

First, I like the idea of the defined term "Costs", but I had envisioned that
that term would take the place of, rather than be used in addition to, the
language "associated with access, entry, or action taken or not taken by
Broker".  I believe that the "associated with..." language makes the
exception appear to apply only to section (iv).

Second, we would like to insert the words "unlawful acts," before the word
"negligence" in the new language.

Therefore, we propose that the added clause read as follows:

"unless such Costs arise from the failure of Enron to maintain commercially
reasonable security controls for the website or otherwise from the unlawful
acts, negligence or intentional misconduct of Enron and its directors,
officers, employees, agents or contractors."

Please let me know what you think.

Also, what changes will be in the side letter?

Thanks.

>>> <Mark.Greenberg@enron.com> 02/23 4:32 PM >>>
Carol -

Pursuant to our discussion, attached is an updated draft of the BETA with
Enron.  I have marked all of the changes we have discussed, including those
discussed earlier today, and provided these edits on the final base BETA
being used for the website.

As I indicated, the final BETA has been modified from the one originally
forwarded to you and Natsource for review.  Though we briefly reviewed the
global changes, I have provided below a copy of the marked version of the
final, website version.  This is marked against only changes made to the
original Enron version and does not incorporate any Natsource related
changes.  As you will recall, any changes that will ultimately be made to
the BETA will be reflected in a side letter and Natsource will still be
required to "accept" the form BETA on the Website.

Please take a look at the attached when you have a chance and let me know
if anything further needs to be accomplished.

Thanks.

(See attached file: beta-natsource(draft-2-23-01)).doc)

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com

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-----Original Message-----
From: 	Venkataswami, Vishwanatha
Sent:	Thursday, November 15, 2001 3:38 PM
To:	Semperger, Cara
Subject:	RE: DONALD ROBINSON DOES NOT HAVE PATH CONFIRMATION

Please log on to this web site
http://eapps.enron.com/login.asp

Thanks,
Vish
x 53209

 -----Original Message-----
From: 	Semperger, Cara
Sent:	Thursday, November 15, 2001 05:31 PM
To:	Venkataswami, Vishwanatha; Crooks, William
Cc:	Robinson, Donald
Subject:	DONALD ROBINSON DOES NOT HAVE PATH CONFIRMATION

His attempts to get path confirmation he gets this error

ACCESS VIOLATION AT ADDRESS 005096E9 IN MODULE "PATH CONFIRM.EXE" READ OF ADDRESS 00000000.

He needs access asap.

Thanks,

Cara


Chat with Sean, I don't know if the room is big enough for everyone.

---------------------- Forwarded by Chris Germany/HOU/ECT on 10/06/2000 12:58
PM ---------------------------

Sean Boyle@ENRON
10/04/2000 10:06 AM
To: Chris Germany/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,
Dick Jenkins/HOU/ECT@ECT, Steve Gillespie/Corp/Enron@ENRON, Victor
Lamadrid/HOU/ECT@ECT, Joann Collins/Corp/Enron@ENRON
cc:
Subject: PL1 Operations - VNG Asset Management

The meeting with Cynthia Ellis of Dominion has been pushed to 10/6/00 @ 3:00
PM.

Cythia Ellis of Dominion Transmission will be visiting Enron 10/5/00 at 3:00
PM to discuss the operations of the PL1 and "Joint Use" pipeline systems with
respect to the imminent VNG deal.  I have scheduled conference room 3269 for
1 hour.

Thanks,
Sean


FYI.  John I think you are gone.  But Terry, thought you might be interested.
	I am planning on attending.  Thanks. Lynn

 -----Original Message-----
From: 	McCarran, Penny
Sent:	Wednesday, September 26, 2001 11:20 AM
To:	Darveaux, Mary; Winckowski, Michele; Dornan, Dari; Zadow, Raetta; Stage, Michael G.; Stage, Michael G.; Herber, Stephen; Weller, Steve; Burleson, Bob; Blair, Lynn; Faucheaux, Eric; Trevino, Linda; Brostad, Karen; Bollinger, Joni
Cc:	Wehring, Linda
Subject:	Small Volume Delivery Points in the Field

I would like at host a meeting to discuss new small volume delivery points in the field.  The Business Development group has at least three requests from different entities for new delivery points.  The issues to be discussed at the meeting include type of measurement to be installed at the point, applicability of DDVCs. balancing, OBAs and a host of other issues.  These small volume points take an extraordinary amount of time for many departments and produce a very small amount of revenue for ETS.  Anything that can be done to simplify the process would be a cost benefit to ETS.

The meeting details are as follows:

	Day			Wednesday
	Date			October 10, 2001
	Time 			3:00 P.M.
	Location		Houston EB 42C2   (relocation of the video conference facilities)
				Omaha 696

I look forward to receiving your input at the meeting.  Please free to forward this meeting notice to anyone you think would like to be involved in this process that I have missed.  Thanks

				Penny McCarran


Dan & Debra -

Attached is a worksheet for a new Master Firm Purchase/Sale with Cross
Timbers Oil Company.  We currently have a Master Physical with this
counterparty, but I want to revise this agreement to reflect the attached
terms.

Please prepare and send out to Mr. Louis Baldwin at Cross Timbers at your
earliest convenience.

Thanks,

Jay


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 07/31/2000
06:03 PM ---------------------------

"Turner, Bret" <bret.turner@csfb.com> on 07/06/2000 10:20:06 AM
To: "Aaron Hurlbert (E-mail)" <Hurl007@aol.com>, "Alex Schott (E-mail)"
<aschott1976@cs.com>, "Bert Turner (E-mail)" <bturner@ssoe.com>, "Brandon
Cambre (E-mail)" <bcambr@lsumc.edu>, "Celeste Turner (E-mail)"
<CMCMTURNER@aol.com>, "Chad. Landry (E-mail)" <chad.landry@enron.com>,
"Dannylsu (E-mail)" <dannylsu@hotmail.com>, "Elizabeth Uddo (E-mail)"
<Haci226@aol.com>, "Helen Turner (E-mail)" <helengturner@aol.com>, "Joaquin
Targhetta (E-mail)" <joaquin.targhetta@es.arthurandersen.com>, "Jpelti
(E-mail)" <jpelti@lsumc.edu>, "Kellie Matherne (E-mail)"
<kelliemath@aol.com>, "kelly landry (E-mail)" <klandry@wallace.com>, "Kevin
Stolzenthaler (E-mail)" <kstolze@yahoo.com>, "Matthew. Lenhart (E-mail)"
<matthew.lenhart@enron.com>, "Maziarz (E-mail)" <maziarz@bellsouth.net>,
"Mike Plauche (E-mail)" <llabn@aol.com>, "Shawn Darrah (E-mail)"
<sdarrah@entergy.com>, "Nick Danna (E-mail)" <Nicholas.Danna@ey.com>, "Tim
Dietz (E-mail)" <TDietz@allstate.com>, "Timothy_Blanchard (E-mail)"
<timothy_blanchard@enron.com>, "Tyler Trahant (E-mail)"
<ttrahant@rdminker.com>, "Val Generes (E-mail)" <val.generes@ac.com>, "'Zoe
Cerbauskas'" <zcerbauskas@morganmckinley.com>
cc:

Subject: FW: Check your status out !

Who ever has the highest score is the coolest -- YA!!!!!

> -----Original Message-----
> From: Agostini, Marco
> Sent: 05 June 2000 10:28
> To: Turner, Bret
> Subject: FW: Check your status out !
>
>
>
> -----Original Message-----
> From: Deacon, Sean
> Sent: 05 June 2000 08:12
> To: Agostini, Marco; Peacock, George; Haroutunian, Paul; Threadgold,
> Keith; James, Ben; Dark, David; Byrne, Tim; Jeacock, Matthew; McCrudden,
> Jamie
> Subject: Check your status out !
>
>
>
>
>  <<Corruptt.exe>>
>
> Dan Amor
> CREDIT  | FIRST
> SUISSE  | BOSTON
> EMERGING  MARKETS
> *  +171 888
> Fax  +171 888 3860
> * :  MailTo:daniel.amor@csfb.com
>
>

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.
Unless otherwise stated, any pricing information given in this message is
indicative only, is subject to change and does not constitute an offer to
deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.

 - Corruptt.exe


You should go to this.
----- Forwarded by Richard B Sanders/HOU/ECT on 01/09/2001 07:15 AM -----

	Steve Van Hooser
	Sent by: Pat Radford
	01/08/2001 03:58 PM

		 To: Steve Van Hooser/HOU/ECT@ECT
		 cc: Alan Aronowitz/HOU/ECT@ECT, Andrew Edison/NA/Enron@Enron, Angela
Davis/NA/Enron@Enron, Ann Elizabeth White/HOU/ECT@ECT, Anne C
Koehler/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT,
Becky Spencer/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT, Brenda
Whitehead/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Carol St
Clair/HOU/ECT@ECT, Carolyn George/Corp/Enron@ENRON, Chaundra
Woods/HOU/ECT@ECT, Cheryl Nelson/NA/Enron@Enron, Connie
Castillo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Coralina
Rivera/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dan J Hyvl/HOU/ECT@ECT, Dan
Lyons/HOU/ECT@ECT, Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Portz/HOU/ECT@ECT, Deb Korkmas/HOU/ECT@ECT, Debra Perlingiere/HOU/ECT@ECT,
Diane Goode/NA/Enron@Enron, Dina Snow/Corp/Enron@Enron, Ed B Hearn
III/HOU/ECT@ECT, Eddy Daniels/NA/Enron@Enron, Elizabeth Sager/HOU/ECT@ECT,
Eric Gillaspie/HOU/ECT@ECT, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gail
Brownfeld/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Genia FitzGerald/HOU/ECT@ECT,
Gerald Nemec/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James Grace/Corp/Enron@ENRON,
Janet H Moore/HOU/ECT@ECT, Janette Elbertson/HOU/ECT@ECT, Janice R
Moore/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ECT,
John Viverito/Corp/Enron@Enron, Joya Williams/HOU/ECT@ECT, Julia
Murray/HOU/ECT@ECT, Kathleen Carnahan/NA/Enron@Enron, Kay
Mann/Corp/Enron@Enron, Kay Young/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT,
Kimberlee A Bennick/HOU/ECT@ECT, Lance Schuler-Legal/HOU/ECT@ECT, Larry
Pardue/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Laurie Mayer/HOU/ECT@ECT, Legal
Temp 1/HOU/ECT@ECT, Legal Temp 2/HOU/ECT@ECT, Linda J Simmons/HOU/ECT@ECT,
Linda R Guinn/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Lou
Stoler/HOU/ECT@ECT, Marcus Nettelton/NA/Enron@ENRON, Margaret
Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark E Haedicke/HOU/ECT@ECT,
Mark Greenberg/NA/Enron@ENRON, Mark Taylor/HOU/ECT@ECT, Martha
Braddy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mary Cook/HOU/ECT@ECT, Mary J
Heinitz/HOU/ECT@ECT, Mary Ogden/HOU/ECT@ECT, Matt Maxwell/Corp/Enron@ENRON,
Merrill W Haas/HOU/ECT@ECT, Michael A Robison/HOU/ECT@ECT, Michelle
Blaine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michelle Cash/HOU/ECT@ECT, Nancy
Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ned E
Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nony Flores/HOU/ECT@ECT, Peggy
Banczak/HOU/ECT@ECT, Peter del Vecchio/HOU/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Robert Bruce/NA/Enron@Enron, Robert H
George/NA/Enron@Enron, Robert Walker/HOU/ECT@ECT, Roger Balog/HOU/ECT@ECT,
Samantha Boyd/NA/Enron@Enron, Sandi M Braband/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Sarah MacDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt,
Shari Stack/HOU/ECT@ECT, Shawna Flynn/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT,
Sheri L Cromwell/HOU/ECT@ECT, Shonnie Daniel/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Stephanie Panus/NA/Enron@Enron, Steve Van
Hooser/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT,
Suzanne Adams/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Teresa G Bushman/HOU/ECT@ECT, Travis
McCullough/HOU/ECT@ECT, Twanda Sweet/HOU/ECT@ECT, Wayne Gresham/HOU/ECT@ECT
		 Subject: Please RSVP

If you have not responded to the invitation below, please do so by Noon on
Tuesday, January 9, 2001 so that we have enough time to order lunch.  Thank
you.

	Steve Van Hooser
	Sent by: Pat Radford
	01/05/2001 09:51 AM

		 To: Alan Aronowitz/HOU/ECT, Roger Balog/HOU/ECT, Peggy Banczak/HOU/ECT,
Sandi M Braband/HOU/ECT, Teresa G Bushman/HOU/ECT, Bob Carter/HOU/ECT,
Michelle Cash/HOU/ECT, Barton Clark/HOU/ECT, Harry M Collins/HOU/ECT, Mary
Cook/HOU/ECT, Shonnie Daniel/HOU/ECT, Peter del Vecchio/HOU/ECT, Stacy E
Dickson/HOU/ECT, Shawna Flynn/HOU/ECT, Barbara N Gray/HOU/ECT, Wayne
Gresham/HOU/ECT, Mark E Haedicke/HOU/ECT, Jeffrey T Hodge/HOU/ECT, Dan J
Hyvl/HOU/ECT, Anne C Koehler/HOU/ECT, Dan Lyons/HOU/ECT, Travis
McCullough/HOU/ECT, Lisa Mellencamp/HOU/ECT, Janet H Moore/HOU/ECT, Janice R
Moore/HOU/ECT, Julia Murray/HOU/ECT, Gerald Nemec/HOU/ECT, David
Portz/HOU/ECT, Michael A Robison/HOU/ECT, Elizabeth Sager/HOU/ECT, Richard B
Sanders/HOU/ECT, Lance Schuler-Legal/HOU/ECT, Sara Shackleton/HOU/ECT, Shari
Stack/HOU/ECT, Carol St Clair/HOU/ECT, Lou Stoler/HOU/ECT, Mark
Taylor/HOU/ECT, Sheila Tweed/HOU/ECT, Steve Van Hooser/HOU/ECT, Ann Elizabeth
White/HOU/ECT, Stuart Zisman/HOU/ECT, Robert Bruce/NA/Enron, Eddy
Daniels/NA/Enron, Angela Davis/NA/Enron, Robert H George/NA/Enron, James
Grace/Corp/Enron, Mark Greenberg/NA/Enron, Brent Hendry/NA/Enron, Kay
Mann/Corp/Enron, Cheryl Nelson/NA/Enron, Marcus Nettelton/NA/Enron, John
Viverito/Corp/Enron, Andrew Edison/NA/Enron, Susan Bailey/HOU/ECT, Kimberlee
A Bennick/HOU/ECT, Genia FitzGerald/HOU/ECT, Nony Flores/HOU/ECT, Linda R
Guinn/HOU/ECT, Ed B Hearn III/HOU/ECT, Mary J Heinitz/HOU/ECT, Tana
Jones/HOU/ECT, Deb Korkmas/HOU/ECT, Laurie Mayer/HOU/ECT, Mary Ogden/HOU/ECT,
Debra Perlingiere/HOU/ECT, Robert Walker/HOU/ECT, Kay Young/HOU/ECT, Merrill
W Haas/HOU/ECT, Eric Gillaspie/HOU/ECT, Samantha Boyd/NA/Enron, Kathleen
Carnahan/NA/Enron, Diane Goode/NA/Enron, Matt Maxwell/Corp/Enron, Stephanie
Panus/NA/Enron, Gail Brownfeld/ENRON_DEVELOPMENT, Michelle
Blaine/ENRON_DEVELOPMENT, Daniel R Rogers/ENRON_DEVELOPMENT, Ned E
Crady/ENRON_DEVELOPMENT, Nancy Corbet/ENRON_DEVELOPMENT, Coralina
Rivera/ENRON_DEVELOPMENT, Martha Braddy/ENRON_DEVELOPMENT, Sarah
MacDonald/ENRON_DEVELOPMENT, Larry Pardue/ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT, Francisco Pinto Leite/ENRON_DEVELOPMENT
		 cc: Connie Castillo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Margaret
Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joya Williams/HOU/ECT@ECT,
Chaundra Woods/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Brenda
Whitehead/HOU/ECT@ECT, Sheri L Cromwell/HOU/ECT@ECT, Twanda
Sweet/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ect, Becky Spencer/HOU/ECT@ECT,
Janette Elbertson/HOU/ECT@ECT, Suzanne Adams/HOU/ECT@ECT, Linda J
Simmons/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT, Legal Temp 1/HOU/ECT@ECT,
Dina Snow/Corp/Enron@Enron, Carolyn George/Corp/Enron@ENRON, Legal Temp
2/HOU/ECT@ECT
		 Subject: Invitation to All EWS Attorneys and Paralegals

Everything About Enron's Insurance Programs

That You Were Afraid To Ask

(or Didn't  Know to Ask)

Presented by
David Marshall
Enron Corporate Risk Management

Thursday, January 11, 2001
11:30 - 1:00

The Houston Room
601 Jefferson
(We've reserved the Enron Shuttle to transport the "non-walkers")

Lunch will be served.  Please RSVP to Pat Radford at 39282.

One of the goals of Jeff Hodge and Barbara Gray is to increase the level of
departmental information sharing activities.  Since we are faced on a daily
basis with insurance matters in contract drafting and client advising, the
East/Upstream Origination and Trading Group felt it would be productive to
have Enron's Corporate Risk Management Group give a presentation on current
Enron Insurance Programs, policies and contractual risk allocation
preferences.  It then occured to us that this subject might be of interest to
all of the lawyers on the 38th floor.   Please join us next Thursday.

Sorry for the inconvenient location.  We'll make it worth your while with the
quality of the food and the presentation.


Stewart,

It is my strong belief that Kiodex will be most successful in marketing to Fortune 500 corporations. These companies have extremely large portfolios of derivative products to hedge various financial risks but do not view running a risk management system internally as core. I am interested in your thoughts, and how, if you agree, we can influence the company in this direction.

Andy Zipper
Enron Networks


-----Original Message-----
From: 	Lu, Zimin
Sent:	Friday, May 11, 2001 10:52 AM
To:	Lee, Bob
Cc:	Kaminski, Vince J.; Gibner, Stinson
Subject:	literature research on "Bid-Offer Spread"

Bob,
I used Econ search engin, searched 67 journals about "bid-offer spread" formation, and found
latest research on this subject.  Some abstracts are attached, it seems a lot of studies are already
done. Those titles are very relevent to us.

The address for the search engin is http://www.elsevier.nl/cgi-bin/cas/search/search.cgi?jrnlid=finec.  Could you find out how to become a member so that we can get these papers on line.

Zimin

-------- Search Results ------

Journal of Economic Dynamics and Control
Volume 21, Issue 8-9, 18-June-1997

J. Economic Dynamics And Control Vol. 21 (8-9) pp. 1471-1491
Copyright (c) 1997 Elsevier Science B.V. All rights reserved.
Order flow and the bid-ask spread: An Empirical Probability Model Of Screen-Based Trading
a Tim Bollerslev
b Ian Domowitz
c Jianxin Wang
a , Department of Economics, Rouss Hall, University of Virginia, Charlottesville, VA 22901, USA
, NBER, Cambridge, MA 02138, USA
b , Department of Economics, Northwestern University, Evanston, IL 60208, USA
c , School of Banking and Finance, University of New South Wales, Kensington, NSW 2033, Australia
Abstract
A probabilistic framework for the analysis of screen-based trading activity is presented. Probability functions are derived for the stationary distributions of the best bid and offer, conditional on the order flows. By identifying the unobservable order and acceptance flows, our estimation method permits the prediction of the stationary distributions of other market statistics. A test is proposed that allows a comparison of predicted and sample bid-ask spread distributions taking parameter estimation error into account. The methodology is applied to the screen-based interbank foreign exchange market, using continuously recorded quotes on the Deutschemark/US dollar exchange rate.
Keyword(s): Screen-based trading; Limit order book; Order flow; Bid-ask spreads; Statistical model evaluation; Foreign exchange quotations

Journal of Banking & Finance
Volume 18, Issue 1, 01-January-1994

J. Banking And Finance Vol. 18 (1) pp. 199-206
Copyright (c) 1997 Elsevier Science B.V. All rights reserved.
Variance increases following large stock distributions: the role of changing bid--ask spreads and true variances
a David R. Peterson
a Pamela P. Peterson
a , Florida State University, Tallahassee, FL, USA
Received 1 June 1992; Revised 1 December 1992
Abstract
In this study we examine two factors affecting variance increases following stock distributions: changing bid--ask spreads and the true variability of the underlying value of the firm. Employing data from the CRSP NASDAQ and NMS files, we find a relatively minor role for changing spreads. Increases in true variances are the major component of variance increases with changes in return autocorrelations playing an important role.
Keyword(s): Stock distributions ; Return variances ; Bid--ask spreads ; Return autocorrelations

Journal of Financial Markets
Volume 1, Issue 1, 30-April-1998

J. Financial Markets Vol. 1 (1) pp. 89-119
Copyright (c) 1998 Elsevier Science B.V. All rights reserved.
Bid--ask spreads with indirect competition among specialists
a Thomas Gehrig
b Matthew Jackson
a , Institut zur Erforschung der wirtschaftlichen, Entwicklung, Universit?t Freiburg, D-79085 Freiburg, Germany
b , Humanities and Social Sciences 228-77, California Institute of Technology, Pasadena, CA 91125, USA
Abstract
We examine the prices quoted by specialists (or dealers) who have monopoly power to set prices (bids and asks) for a given asset, but who face indirect competition from other specialists who trade in related assets. In the context of a simple model where investors have mean-variance preferences, we characterize the equilibrium bids and asks quoted by K specialists in N assets, where some specialists may control more than one asset. We compare the equilibrium spreads as the number (and factor structure) of the assets each specialist controls is varied. It is shown that for some constellations of initial portfolio holdings and asset covariance it is socially preferred to have competing specialists, while for others it is socially preferred to have their actions coordinated (or to have one specialist control several assets). In a simple factor model, we show how the optimal specialist control structure depends on whether the assets trade as substitutes or complements. In some situations it is beneficial to have specialist power concentrated within industries, in other situations, across industries, and in yet other situations, not to be concentrated at all. ? 1998 Elsevier Science B.V. All rights reserved.
JEL Classification: D43; G12

Journal of Financial Markets
Volume 2, Issue 2, 20-May-1999

J. Financial Markets Vol. 2 (2) pp. 179-191
Copyright (c) 1999 Elsevier Science B.V. All rights reserved.
Explaining the intra-day variation in the bid--ask spread in competitive dealership markets -- A research note
a Eric J. Levin
a b Robert E. Wright
a , Department of Economics University of Stirling, Stirling, Scotland FK9 4LA, UK
b , Centre for Economic Policy Research, 25-28 Old Burlington Street, London, England W1X 1LB, UK
Abstract
There are many possible explanations for variation in the inside bid--ask spread during the trading day, including informed trading, price inelastic market demand, price discovery, statistical artefact and market concentration. Each of these explanations is examined for consistency with respect to both the inside and average bid--ask spread, observed both inside and outside the mandatory quote period in the London Stock Exchange. ? 1999 Elsevier Science B.V. All rights reserved.
JEL Classification: G1
Keyword(s): Bid--ask spread; Competitive dealership markets

Journal of International Financial Markets, Institutions & Money
Volume 9, Issue 2, 01-April-1999

J. Int. Financial Markets Vol. 9 (2) pp. 115-128
Copyright (c) 1999 Elsevier Science B.V. All rights reserved.
Asymmetric information and the bid-ask spread: an empirical comparison between automated order execution and open outcry auction
a Jianxin Wang
a , School of Banking and Finance, University of New South Wales, , Sydney 2052, Australia
Received 1 April 1998; Accepted 1 September 1998
Abstract
This study examines the components of the bid-ask spread on the Sydney Futures Exchange. The Exchange uses open outcry auction for daytime trading, and switches to a screen-based automated order execution system at 16:30 h for overnight trading. After controlling for proxies of order flow characteristics, the study finds that screen-based traders are more sensitive to market volatility than floor-based traders in setting the bid-ask spread. Spreads from floor trading have a smaller adverse information component but a larger order processing cost component relative to screen trading. The results suggest that floor traders can better assess the presence of adverse information than screen traders.
? All rights reserved.
Keyword(s): Trading mechanism; Bid-ask spread; Information asymmetry

Journal of Financial Economics
Volume 53, Issue 2, 01-August-1999

Journal Of Financial Economics Vol. 53 (2) pp. 255-287
Copyright (c) 1999 Elsevier Science B.V. All rights reserved.
Limit orders and the bid--ask spread
Kee H. Chung
Bonnie F. Van Ness
Robert A. Van Ness
University of Memphis, Memphis, TN 38152, , , USA
Marshall University, Huntington, WV 25755, , , USA
Received 29 December 1997; Accepted 23 September 1998
Abstract
We examine the role of limit-order traders and specialists in the market-making process. We find that a large portion of posted bid--ask quotes originates from the limit-order book without direct participation by specialists, and that competition between traders and specialists has a significant impact on the bid--ask spread. Specialists' spreads are widest at the open, narrow until late morning, and then level off. The U-shaped intraday pattern of spreads largely reflects the intraday variation in spreads established by limit-order traders. Lastly, the intraday variation in limit-order spreads is significantly related to the intraday variation in limit-order placements and executions.
JEL Classification: G14
Keyword(s): Limit order; Bid--ask spread; Specialists

Journal of Economic Dynamics and Control
Volume 19, Issue 4, 01-January-1995

J. Economic Dynamics And Control Vol. 19 (4) pp. 683-710
Copyright (c) 1997 Elsevier Science B.V. All rights reserved.
Dealer market structure, outside competition, and the bid--ask spread
a Paul A Laux
a , Department of Banking and Finance, Case Western Reserve University, Cleveland, OH 44106-7235, USA
Received 1 November 1993; Accepted 1 April 1994
Abstract
We investigate the linkages between the number of dealers making markets in a security, the extent of outside (or nondealer) competition, and the market bid--ask spread for NASDAQ NMS stocks. The investigation is guided by a model that emphasizes dealers' interactions as their inventories change, and predicts that the extent of outside competition limits the bid--ask spread and the number of dealers. We hypothesize that the extent of outside market making capital in a stock is related to that stock's institutional holdings. Evidence shows that the extent of institutional holdings relative to trading volume proxies for outside competition. For stocks with little outside competition, the spread is large even though the number of dealers is also larger than for comparable stocks. The component of the spread related to outside market making capital is economically significant (about (1)/(2) to 1 percent of price). The composition of volume as to trade size and trade frequency, which is related to the level of institutional holdings, also influences the spread.
Keyword(s): Bid--ask spread; Nasdaq; Institutional investors; Market microstructure
JEL Classification: G12


You may not see this deal come through the normal process.

Please set up deal 245855.  Thanks

Brenda, this is for Tetco contract 892590 - the last contract on the email
you sent me.


Help support the families of the New York Police Department and Fire Department and the families of Cantor Fitzgerald.

In light of the recent tragedy, the EnronOnline team is showing support by participating in a Bowl-A-Thon  on  Friday, September 28th.  Funds raised will benefit either the New York Police and Fire Fighter's Widows' and Children's Fund or for the Cantor Fitzgerald Relief Fund- http://www.cantorusa.com/index.php (eSpeed and TradeSpark).

If you'd like to sponsor a bowler, please see the names on the attached spreadsheet and call one of them to sponsor them.  Please make checks payable directly to the charity.  This way, they can get Community Relations to match them.  If you have any questions, please call Kelly Heuertz at x 54624.

Thanks

Mark Taylor


Kay-

Per my previous email, at your earliest convenience, please issue a change
order to Stewart & Stevenson for additional TD of I hours at Austin.  Listed
below is my suggested wording:

Subject to Section 8.0 of Exhibit H-1of the Agreement, the Seller shall
provide the Purchaser additional Technical Direction of Installation (TD of
I) manhours and days of Per diem (for all four Units) as follows:

Straight Time (8 hrs/day):    640 manhours (total) @ $135.00/hour (US)
Overtime (excess of 8 hrs/Day Sundays, Holidays): 600 manhours (total) @
$165.00/hour (US)
Per diem:      104 days (total) @ $196.00/day (US)

Please feel free to "fine tune" my wording as required.  By the way, the
number of hours and days listed above are a total for all four units, not per
unit.  Even though the contract currently lists TD of I hours on a per Unit
basis, I thought using a grand total would be less confusing for the change
order because that's how we've been tracking hours. If this change order
needs to list manhours and days of per diem on a per Unit basis as well, then
go ahead and divide my totals by four to come up with a per Unit basis.

If you have any questions, please give me a call.  I will be in Austin
through Thursday of this week, but can be reached on my cell phone at (713)
412-6873.  I will be back in the office on Friday.

Thanks,
Eric Booth