did you get my email yesterday?  i emailed you to see if you could get me the
numbers and email addresses of the bachelor party guys.  go ahead and send
them to me if you have them.  i would love to go to miami on april 6th but i
might have a wedding in new orleans.  if i don't have to go to this wedding i
will go to your engagement party.  things are good here.  i am still dating
this girl that i was dating when i was home over xmas.  i guess we are
boyfriend/girlfriend b/c she gave me the business last night on how she
wanted to be treated and crap like that.  i like her though.  so how does
that work for your wedding?  what all is the wedding party expected to pay
for?  work is good.  i have just been working and partying.  email me back or
i will call you and max this weekend.

take care
matt

i really want to go to miami


This is on the horizon, so I thought I would let you know.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 07/24/2000 06:47
PM ---------------------------

	Enron North America Corp.

	From:  Kay Mann                           07/24/2000 10:06 AM

To: Lisa Bills/Corp/Enron@ENRON, Matthew Berry/HOU/ECT@ECT, Roseann
Engeldorf/Corp/Enron@ENRON, Herman Manis/Corp/Enron@ENRON
cc: Ozzie Pagan/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Jeffrey M
Keenan/HOU/ECT@ECT

Subject: VEPCO/FYI

I'm working with the commerial team on on PPA (and associated transactions)
for Virginia Power.  The project involves the construction of  a peaker to
supply some/most of the power, with the ability to supply from the market as
well.  The plant has an 01 service date, so things are really picking up.

Matt and Herman, this is the transaction we discussed with Heather a few
weeks ago.

Items on the immediate to do list include:

Executing a land option agreement
Closing on the land (or assign to City of Rocky Mount, and let them close)
Selling/transferring the land to the City of Rocky Mount; negotiate long term
lease
Negotiating a PILOT agreement (payment in lieu of taxes) with the City
Negotiating fuel supply agreements
Selecting/contracting with EPC contractor - can it be NEPCO?
Long lead equipment purchases (?) - could be home for LM 6000's, but other
equipment may be needed
Negotiate interconnection agreement

This deal is showing a lot of life, so I thought it might be helpful to give
you a heads up.

Kay


The pricing for the base deal is based on the GD, but it's the average of the gas daily plus .02, right? And I was told that Sitara could not handle this pricing structure, that it had to be calculated and entered as a fixed price. Is this correct?

 -----Original Message-----
From: 	Farmer, Daren J.
Sent:	Friday, August 17, 2001 3:19 PM
To:	Vela, Valerie
Subject:	RE: error repairs

Valerie,

The pricing on the base deal should also be based on GD.  I have changed the price to GDP.  Let me know if that doesn't correct that piece.  Jay is currently looking into the volume issue.

D

 -----Original Message-----
From: 	Vela, Valerie
Sent:	Friday, August 17, 2001 2:55 PM
To:	Smith, Joseph
Cc:	Farmer, Daren J.
Subject:	RE: error repairs

Jay,

For June, I need a couple of things changed in Sitara:
Deal 819592 - the commodity price needs to be 3.6318
Deal 819594 - the commodity price needs to be WAHA.HUB.GDP.D.A+.02

And for July............
It looks like we're missing some volume............
Deal 895651 - baseload deal - should have 55,000 per day allocated. AND in Sitara this deal should be priced at $3.0505.
Deal 895691 - swing deal - currently has 234,000 in the scheduled column and it should be 441,000 based on the spreadsheet I sent. Did you have some conflicting volumes? I'm resending what the volumes should be. AND the pricing for this should be at WAHA.HUB.GDP.D.A+.02.

 << File: 0107 daily swing.xls >>

I think that should do if for now. I'll wait to see how these changes come across. Please notify me when these changes have been made. Thanks!

 -----Original Message-----
From: 	Vela, Valerie
Sent:	Tuesday, August 14, 2001 3:44 PM
To:	Smith, Joseph
Subject:	RE: error repairs

Thanks!

 -----Original Message-----
From: 	Smith, Joseph
Sent:	Tuesday, August 14, 2001 3:44 PM
To:	Vela, Valerie
Subject:	RE: error repairs

The errors have also been repaired for the month of July.

 -----Original Message-----
From: 	Vela, Valerie
Sent:	Tuesday, August 14, 2001 12:58 PM
To:	Smith, Joseph
Subject:	RE: error repairs

Thank you---I'll look for this change to come across.

 -----Original Message-----
From: 	Smith, Joseph
Sent:	Tuesday, August 14, 2001 1:56 PM
To:	Vela, Valerie
Subject:	error repairs

Valerie,

In reference to a note sent to Darren Farmer:  Houston Pipleline mistake on June 18th

The volume of 50,000 for deal 819594 was a mistake.  The proper value was 30,000 just as you had mentioned.   Everything should now be fixed.  Please let me know if you need anything else.

Thanks,
Jay Smith


TP1 sold 323 day at CGLF IF + .0175 for Oct, deal 1064505, to EES.


no i haven't driven by yet.  i would like to see the mandell house again
before putting a contract in on it.

-e

"K. Bass" <daphneco64@bigplanet.com> on 02/07/2001 02:45:35 PM
Please respond to "K. Bass" <daphneco64@bigplanet.com>
To: Eric.Bass@enron.com
cc:
Subject: Re: Re:Mandell

Did you drive by Huldy?  If so, what did you think?

We can do a contract whenever you want.  Did you call B. Dunn?

Talk to you later.  Love, Mom
----- Original Message -----
From: <Eric.Bass@enron.com>
To: "K. Bass" <daphneco64@bigplanet.com>
Sent: Wednesday, February 07, 2001 11:11 AM
Subject: Re: Re:Mandell

>
> I am fine with seeing more houses before buying but was thinking that it
> might be a good idea to get the ball rolling on the Mandell house (i.e.
low
> ball contract). This does not mean that I am wanting to buy right away,
but
> more of testing the market and resolve of sellers.  Let me know when you
> are available to see more houses.  I am free whenever, except for Saturday
> after around 4 pm.
>
> L,
> E
>
>
>
>
>
> "K. Bass" <daphneco64@bigplanet.com> on 02/07/2001 10:19:51 AM
>
> Please respond to "K. Bass" <daphneco64@bigplanet.com>
>
> To:   Eric.Bass@enron.com
> cc:   "Larry W. Bass" <lwbthemarine@bigplanet.com>
> Subject:  Re: Re:Mandell
>
>
> It's been so long since we talked, I don't know what I'm supposed to be
> doing.
>
> Just finished real estate school and learned a few things - well, my
memory
> was refreshed.  Re: precertification for a loan.  A non-committal response
> from an online source does not mean that you are precertified.  And, you
> must be real careful about all conditions relating to said loan.  Dad
> thinks
> you should call Bob Dunn (call Dad for number.).  Bob is in the mortgage
> business and is a good guy to have on your side.  His office is near San
> Felipe and Voss.  You should probably get this ball rolling so you are
> ready, don't you think?
>
> I am busy today but let me know if you want to see anything Friday.  We
> could wait until the weekend to see what's open and make appts. for
> whatever
> else you want to see.  I recommend that you see a few more before making
an
> offer but that is up to you.
>
> Let me know what I can do.  LU-M
> ----- Original Message -----
> From: <Eric.Bass@enron.com>
> To: <daphneco64@bigplanet.com>
> Sent: Wednesday, February 07, 2001 9:11 AM
> Subject: Re:Mandell
>
>
> > Any news?
> >
> > -e
> >
>
>
>
>
>
>
>


This deal was a physical payback to WAPA, and it should be in at a zero
price. I've added a comment into the deal to explain this, and I asked Holden
to put comments in any weird deals he enters from now on. Thanks for catching
this - it does need to be confirmed.

Kate

Kimberly Hundl@ENRON
04/17/2001 09:05 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Deal #582470

This deal has no price entered -should we not confirm it?  or is it wrong?
Thanks!
Kim


It's about a new hire in my group and I wanted advice.  Easier to talk in
person though.  Maybe I'll see you tonight?

Cameron Sellers
Vice President, Business Development
PERFECT.COM
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
cameron@perfect.com
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)

-----Original Message-----
From:  Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Tuesday, October 24, 2000 8:31 AM
To: Cameron Sellers
Subject: Re: tonight

sorry, was traveling in LA yesterday.  what's up.


TODAY: A look at Nextel's growth prospects,
Strong Buy on Polycom, and more.  Read on.

================= Advertisement ================
Get 10 FREE issues of Investor's Business Daily. More than just a newspaper,
Investor's Business Daily is a unique research tool designed to identify
winning stocks with insightful charts and ratings you can't find anywhere
else.  This offer carries no obligation and there's nothing to cancel.

http://ibd.infostreet.com/cgi-bin/freeoffer.cgi?source=A362GGL
------------------------------------------------

Featured article this week:
Outlooks Slip for CIENA, Vodafone, Level 3
On May 23, analysts at Morgan Stanley
downgraded the shares of this optical-networking
company, which they call "the best-positioned company
in the sector," to Neutral - V from Outperform  - V.
(A "V" implies above-average volatility in the stock:
It has a 25% chance of moving 25% higher or lower in
a month, and is likely to become more volatile in the
next one to 12 months, compared with its performance
during the past three years.) The analysts see limited
upside from current levels for the shares, which closed
at $63.11 on May 24.
Click here
http://www.thetelecommanalyst.com/individual/010529sections/updown.asp

Click Here to go directly to the website.
http://www.thetelecommanalyst.com/default.asp

OR Click Here to download the PDF of Issue #62:
http://www.thetelecommanalyst.com/pdfversions/010529ttanl.pdf

OR download The Telecomm Analyst to your PDA:
http://avantgo.com/channels/detail.html?cha_id=2574

E-mail your feedback to The Telecomm Analyst
at mailto:tta@multex.com

Scroll down and click links below to
go right to a specific article:

Strong Buys:
See and Speak: Polycom Buys PictureTel
Click here
http://www.thetelecommanalyst.com/individual/010529sections/strongbuys.asp

================= Advertisement ================
It's here! The Multex Investor Toolbar
Now you can get broker research, quotes,
charts and company information from
anywhere on the Web.
http://www.athoc.com/wis/activate/activate.asp?pid=10279&mktmsg=JA1
------------------------------------------------

The Sell Report:
Nextel Communications: No Growth Left
Click here
http://www.thetelecommanalyst.com/individual/010529sections/sellreport.asp

Upgrades & Downgrades:
Outlooks Slip for CIENA, Vodafone, Level 3
Click here
http://www.thetelecommanalyst.com/individual/010529sections/updown.asp

Executives Zero In:
Chairman, President and Chief Executive Officer
Of InterVoice-Brite Discusses Making Voice
Communications The Default Interface For Data.
Click here
http://www.thetelecommanalyst.com/individual/010529sections/zeroin.asp

Telecom Insight:
Invasive Users are Driving Fast Toward Keyboards.
Click here
http://www.thetelecommanalyst.com/individual/010529sections/insight.asp

================= Advertisement ================

A special offer from Merrill Lynch Direct!
Self-directed investors can access Merrill Lynch's research and
market information and trade online from $29.95 per equity trade.
Open an account and get $100.  Click here to learn more.
http://www.mldirect.ml.com/publish/public/offer.asp?medium=MUL0002&

------------------------------------------------

The Analyst's Spotlight:
Hoak Breedlove Wesneski & Co. Analyst Talks
About GRIC Communications Bringing Roaming
Capability To ISPs.
Click here
http://www.thetelecommanalyst.com/individual/010529sections/spotlight.asp

The Dismal Science:
Telecomm Through a Crystal Ball.
Click here
http://www.thetelecommanalyst.com/individual/010529sections/dismal.asp

Top Picks:
D.C. Buzz: House Considers Higher Penalties
for Common Carrier Violations
Click here
http://www.thetelecommanalyst.com/individual/010529sections/toppicks.asp

Rants, Raves and Stress:
To Sleep or Not to Sleep
Click here
http://www.thetelecommanalyst.com/individual/010529sections/psych.asp

RESEARCH REPORT SPOTLIGHT:
ADC TELECOMMUNICATIONS (ADCT):
Revenues exceeded Dain Rauscher Wessels' estimates, earning
the company a Buy-Aggressive rating. To get more information
on the company and see what the firm thinks are ADCT's
strongest points, see the report, which is available for $10
at the URL below.
http://www.multexinvestor.com/AF003961/download.asp?docid=20708735&ticker=adct

Put in your two cents worth on the Telecom
issues that interest you on The Telecomm Analyst's
message boards.
http://www.sageonline.com/boards/user/non-frames/list.asp?forumid=20211

Like a specific article? Now you can send it
to a friend with just a click. Check out the
send to a friend feature next to each article.

For article reprints, e-mail mailto:lopkine@multex.com

To advertise in this e-mail, ASK FOR TTA at mailto:advertise@multex.com

If you do not wish to receive further issues of The Telecomm
Analyst, please click on the REPLY button on your email
software, and reply to THIS e-mail message with the word
UNSUBSCRIBE in the subject line.


Elizabeth Edwards 44 20 7783 4419 (JT - Assistant)


THIS E-MAIL IS BEING SENT ON BEHALF OF GEORGE FRZIER.  (12-1-00)

THIS IS JUST A REMINDER OF NEXT WEEK'S PROGRAM.  NOTE THE ADDRESS.
 <<LK_231100_1.DOC>>

 - LK_231100_1.DOC


Question:  First of all, Ben is not on the Incumbency Certificate (we have
Duran, Presto and Tricoli) so can Ben sign the Escrow Agreement?

Second:  If it is okay for Ben to sign this document, would you like me to
change his title from Director to Attorney-In-Fact?

 -----Original Message-----
From:  "Reuter, Marisa" <MReuter@KSLAW.com>@ENRON
[mailto:IMCEANOTES-+22Reuter+2C+20Marisa+22+20+3CMReuter+40KSLAW+2Ecom+3E+40EN
RON@ENRON.com]
Sent: Wednesday, May 30, 2001 4:20 PM
To: Mann, Kay
Cc: Carnahan, Kathleen; Booth, Chris; Keffer, John
Subject: FW: ESCROW AGREEMENT

Kay:

In order to expedite the formation of the escrow account, I am attaching the
signature page to the Escrow Agreement, and ask that you obtain three
executed originals.  Once you have obtained the required signature, please
forward the 3 signature pages to Tremaine Wright at Paul Hastings along with
the executed incumbency certificate, which Kathleen has.  Since we have not
seen the final draft of Escrow Agreement, be sure to tell Tremaine to hold
the signature pages in escrow pending further written instruction from you.
Tremaine will deliver the Escrow Agreement, incumbency certificates, fee
letter, and Form W-9 to Citibank as soon as all the documents are in order.
Tremaine's contact information is listed below:

Paul, Hastings, Janofsky & Walker LLP
399 Park Avenue
New York, NY 10022-4697

Don't hesitate to contact me if you have any questions.

Regards,

Marisa

-----Original Message-----
From: Wright, Tremaine S. [mailto:TremaineWright@paulhastings.com]
Sent: Wednesday, May 30, 2001 3:53 PM
To: 'Reuter, Marisa'
Subject: ESCROW AGREEMENT

"paulhastings.com" made the following annotations on 05/30/01 16:52:58
----------------------------------------------------------------------------
--
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address.  Our new domain name is
paulhastings.com.  In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com.  Here are
two examples: janesmith@paulhastings.com and danjones@paulhastings.com.
If you have any questions, please contact us at noc@paulhastings.com.

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

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

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

Content-Transfer-Encoding: 7bit
To:
Subject:
Date: Wed, 30 May 2001 17:24:40 -0400
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: multipart/mixed ;
boundary="----_=_NextPart_002_01C0E94E.3F41C650"

 - ATT21924.txt
 - ATT21925.htm
 - 7@4S01!.DOC


Yeh, you're right.  It is her fault.  In the past, she always had plans and
couldn't (or just didn't want to) go with us.  I guess that's the price you
pay for being so popular and in demand.

Marie Heard
Senior Legal Specialist
Enron Broadband Services
Phone:  (713) 853-3907
Fax:  (713) 646-8537
Marie_Heard@Enron.net

	Tana Jones@ECT
	10/10/00 04:09 PM

		 To: Marie Heard/Enron Communications@ENRON COMMUNICATIONS@ENRON
		 cc: Genia FitzGerald/HOU/ECT@ECT
		 Subject: Re: HOTDOG !This is sooo adorable!

It's really all Genia's fault, she goes to lunch too darn early.  I guess we
need to make a date beforehand for lunch with you...!

	Marie Heard@ENRON COMMUNICATIONS
	10/10/2000 04:04 PM

		 To: Genia FitzGerald/HOU/ECT@ECT@ENRON
		 cc: Tana Jones/HOU/ECT@ECT@ENRON
		 Subject: Re: HOTDOG !This is sooo adorable!

Hey, I was an invited guest.  It wasn't my party!  Sounds like someone is
trying to weasel herself out of trouble.

Marie Heard
Senior Legal Specialist
Enron Broadband Services
Phone:  (713) 853-3907
Fax:  (713) 646-8537
Marie_Heard@Enron.net

	Genia FitzGerald@ECT
	10/10/00 03:23 PM

		 To: Marie Heard/Enron Communications@Enron Communications
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: Re: HOTDOG !This is sooo adorable!

Thanks for inviting me to share Mexican food with you.  Tana said it was YOUR
fault I wasn't invited!!!!!

Genia
----- Forwarded by Genia FitzGerald/HOU/ECT on 10/10/2000 03:21 PM -----

----- Forwarded by Genia FitzGerald/HOU/ECT on 10/10/2000 02:30 PM -----

 - Hotdog PHOTO2.jpg


Please unwind this deal also.

---------------------- Forwarded by Dutch Quigley/HOU/ECT on 03/21/2001 03:44
PM ---------------------------

Dan Junek
03/21/2001 03:41 PM
To: Dutch Quigley/HOU/ECT@ECT
cc:
Subject: NYMEX Trade

Trade number 1025306 didn't show up on my web site but it is in the
Transaction History.


Mark/Janel/Steve

Attached is the executive summary from the second California
statewide survey.  Please let me know if you need anything else.
Thanks

The following section of this message contains a file attachment
prepared for transmission using the Internet MIME message format.
If you are using Pegasus Mail, or any another MIME-compliant system,
you should be able to save it or view it from within your mailer.
If you cannot, please ask your system administrator for assistance.

   ---- File information -----------
     File:  execsummary.PDF
     Date:  4 Apr 2001, 11:07
     Size:  26747 bytes.
     Type:  Unknown

 - execsummary.PDF


I guess EVERYONE is going at a mad pace today, because we just checked with
the Amerex broker, who said he's in the process of putting that second deal
in - meanwhile his back office is trying to check out! What the...? So Amerex
should see the second deal, identical to the first, any second. Let me know
if they still don't check out.

Thanks,
Kate

Evelyn Metoyer@ENRON
12/08/2000 12:28 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Du-licate?

Amerex shows this deal once and Mike Swerzbin shows it twice ref 477089 and
477088.  Can you check with Mike and see if this is a duplicate of not.

trade date 12-8-00
Sell  Bonneville Power Administration  $700
MID COLUMBIA  1/1/01 - 1/31/01  25mw   onpeak  .0075 fee


We prepared a presentaton on Argentina and Brazil for your SP trip.  Michael Guerriero said that we should add you to our e-mail list.  John Lavorato and Jim Hughes have already been added.  I am the Director of the Sovereign Risk and Foreign Exchange Group within Enron Research under Vince Kaminski.

A few weeks ago Gary Hickerson asked me to send information to Kevin Hannon on Argentina, Brazil, India. Korea, Turkey and the UK.  We've sent excerpts from past Global Markets Monitors (GMM) published by Maureen Raymond Castaneda and Gwyn Koepke from Enron Research Department.  I thought it would be helpful to add you to the list of recepients of this weekly publication.

Please find attached the two most recent issues of the GMM.   The purpose of this product is to inform the traders as well as various business units across the corporation on important international economic events and their impact on currency and financial markets.  Special emphasis is placed on potential central bank policy changes and the impact these changes have on interest rates and currencies.  We also emphasize emerging markets countries such as Argentina, Brazil, India, Korea, and Turkey.  We select countries that have relevant news, a credit rating change or are in the midst of an economic or financial crisis.

Past issues can be located on our website address http://enaresearch.corp.enron.com/research/framework/default.asp
We also attached for your convience previous GMM articles from Jan. 2000-Aug. 10, 2001 for Brazil and Argentina.  Also attched is an internally distributed e-mail outlining the risks of default and devaluation in Argentina.  And finally the assumptions behind the Brazil curve.

If you have any question regarding Argentina or Brazil or any other countries in which Enron has assets, our group can help.  I can be reached at X3-0396 in Houston.

Regards,

Maureen Raymond-Castaneda

--------- Inline attachment follows ---------

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=GKOEPKE>
To: Mujica, Mitra </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mmujica>
Date: Monday, July 16, 2001 2:13:21 GMT
Subject:

FYI

 -----Original Message-----
From: 	Koepke, Gwyn
Sent:	Thursday, July 12, 2001 8:52 PM
To:	Hickerson, Gary; Shahi, Pushkar; Stuart III, William; Port, David; Gorte, David; Zipter, Rudi; Buy, Rick; Kaminski, Vince J
Cc:	Raymond, Maureen
Subject:	ENA Research: Argentina default and devaluation risk rises.  Brazil feels the effects of the contagion

Date: 12 July 2001

From: Maureen Raymond-Castaneda
         Gwyn Koepke

We believe that the risk of an Argentine debt default has increased and peso devaluation risk has also risen substantially in the last several days.

Due to recent economic and fiscal developments in Argentina, we believe:

Argentina lacks the fiscal and monetary maneuverability to lift itself out of a 3-year recession (exacerbated by a global slowdown) and a strong peso.  Argentina's fiscal position has weakened substantially due to economic weakness that limits government revenue receipts needed to balance the fiscal deficit and pay off the country's debt service.  A loss of investor confidence has caused spreads to widen despite Argentina's need to rollover about $8bn of short-term Letes (Argentine government debt) by the end of the year.  Yields paid at this week's Treasury auction are at levels that are not sustainable over the medium-term.  Three-month Treasury yields are 14.01% (versus 9.1% paid at auction on June 26 and 7.89% on June 12).  In addition to suffering from widening yields, Argentina was forced to shorten the tenor of debt from a mix of 6-month and 1-year bonds issued previously to only 3-month securities at this week's auction due to increased risk aversion to longer-term government paper by local investors (pension funds and banks).  The sharp increase in Letes yields, and the inability to issue longer maturities, is highly indicative of the difficulty the Argentine government will have in rolling over $8bn in short-term paper over the remainder of the year at sustainable rates, which further weakens its fiscal position due to higher interest payments.
The recession has been exacerbated by the strong peso caused by the persistently strong US dollar, which has hurt Argentina's export competitiveness especially vis-a-vis the Brazilian real that has depreciated about 25% relative to the USD since the beginning of the year.  As a result to these factors, we believe the risks of Argentine debt default and peso devaluation are mounting.
Argentina is increasingly vulnerable to a run on the banking system.  Argentines are switching from peso to dollar deposits.  Argentina's limited forex reserves constrain the central bank's ability to support the peso, if private sector deposits are withdrawn or converted into U.S. dollars.  Private sector deposits of $74bn are 33% peso-denominated, or $25bn, and 67% are foreign currency-denominated deposits, which dwarf Argentina's official forex reserves of $25bn.  Total private sector deposits fell about $5bn (from $77.5bn to $72.4bn) between February and end-April this year before stabilizing at $74bn as of July 6th.
Political uncertainty is very high and throws into serious doubt Economic Minister Cavallo's ability to win opposition support for a new fiscal austerity program announced late yesterday.  Cavallo needs to win approval for his fiscal agenda not only at the national level, but also at the provincial level, which will not be easy considering the 3-year contraction.  Failure to gain this support to cutback spending will worsen Argentina's fiscal woes, and cause a further deterioration of investor confidence.
These external and internal pressures leave the exchange rate vulnerable to speculative attack and threaten the 1-to-1 dollar peg, especially in light of the country's limited foreign exchange reserves.  Today, Argentina's 1-month NDF traded at P1.15, implying risk of a 15% devaluation, while yesterday, the 1-month NDF traded at P1.05 (implying an increased probability of devaluation since yesterday).  Also today, the 1-year NDF traded at 1.25, implying a 25% devaluation.  As a result of these above internal and external pressures, we believe the risk of peso devaluation has increased substantially.
The danger of a steep devaluation is that private sector firms that hold dollar-denominated debt and are long pesos and short dollars will suffer from sharply higher debt payments.  This could cripple an already tenuous economic situation by causing a further deterioration in government revenue through lower tax receipts.

Developments in Argentina impact Brazil through 3 main channels:

Currency Volatility: Contagion from Argentina has lead to a substantially weaker Brazilian real.  Triggered by a general sell off of Argentine stocks, bonds and currency, the real has depreciated 24% since the beginning of the year to close today at R2.55.  To stem the real's recent decline, central bank President Fraga hiked interest rates 150 bp and simultaneously intervened in the forex market June 22, which stemmed the real's depreciation for about one week (see GMM, 29 June).  Recent currency volatility could result in further central bank intervention by drawing on Brazil's forex reserves.  Fraga has indicated the central bank will intervene to support the real's value.  A weak real will also translate into higher inflation expectations in Brazil.
Emerging market credit spreads: Argentina represents about 25% of total emerging market debt traded.  Current investor concern about Argentina has consequently widened emerging market debt spreads.  Wider spreads put upward pressure on overnight rates in Brazil, reducing liquidity and increasing costs of debt service in Brazil.
Trade mechanism: Further downward pressure on economic output in Brazil (already aggravated by the drought-induced energy crisis) brought on by weaker export market growth to Argentina.  Also, the weaker Argentine peso would reduce Brazil's export competitiveness within the Mercosur trade bloc.

This week's GMM will contain more details on the contagion effects on Brazil as well as Argentina's disappointing Treasury bill auction, the trend in private sector deposits, Cavallo's new fiscal measures to cut spending, Argentina's heightened political risk associated with the need for fiscal austerity amid concerns over provincial political support and S&P's debt downgrade to "B-", which is one notch below Moody's rating of "B2".

The link to the GMM website is: http://enaresearch.corp.enron.com/research/framework/default.asp, pull down Sovereign and FX Risk, Global Markets Monitor.

Recent issues of GMM with coverage on Argentina and Brazil:

GMM, 29 June ---------- Brazil's COPOM intervenes in the forex market to stem real's decline and bolsters reserves to defend currency in future
GMM, 22 June ---------- Argentina introduces new exchange rate system for traded sector. Impact on the peso discussed.
GMM, 15 June ---------- Brazil's energy crisis and its impact on the growth outlook
GMM, 8 June ------------ Argentina completes its successful debt swap
GMM, 8 June ------------ Brazil energy rationing mandate and its impact on output of key Brazilian commodities


The Stanford Business School, in collaboration with the management-consulting
firm McKinsey & Company, is conducting a large study of global corporations,
their management practices, and organization.  Enron is participating in the
project in order to learn how our own practices and activities compare to
those of other leading global firms and to see which bring true benefits in
the global marketplace.  One of the unique features of the project is that it
seeks to assess the knowledge and communication networks within a company by
asking employees throughout the company to comment on their actual practices
and experience.  The goal is to obtain real and accurate information by
surveying the people most directly involved in the company's operations.

I would like to ask you to help us in getting the most out of our
participation in the GLOBE Initiative by completing the GLOBE Network
Survey.  The survey is brief and should take no longer than 15 or 20
minutes.  Your responses will be treated as strictly confidential, and will
be used solely by the Stanford/McKinsey researchers to evaluate how specific
practices and structures impact global communication and knowledge flows.  If
you would like individual feedback on how your own networks compare to those
of others in the study, please check the appropriate box at the end of the
survey.

Please save this email for future reference and, again, thank you for
contributing to this important learning opportunity.

To complete the GLOBE Network Survey, please click on the link below and
simply follow the survey instructions.  You will need to enter the Enron
Company Code, which is:

C673EV

To begin the survey, click on the link below:
http://63.211.208.100/GLOBENetwork/survey.asp

You may also copy this link and paste it into your favorite browser.

Thank you.


Start Date: 4/29/01; HourAhead hour: 13;  HourAhead schedule download failed.
Manual intervention required.


Debi,

Your plan sounds good to me.  You all have done a good job of researching
this data, and I believe we are in a strong position.

My one question is whether it is worth it to tell them we are not accepting
resumes from them.  What is the harm in accepting them?  Are we obligated to
interview the candidate?  Given this situation, it is possible that telling
them not to send resumes will fan the flames for no good reason, especially
since their "proven track record" is only for one placement.  It does not
appear as if they are flooding us with resumes.  Let me know if my assumption
is not correct.

Also, I am not sure your apology is necessary.  It certainly is
well-intentioned, but I wouldn't want it to be construed as some sort of
admission of wrongdoing.  So, unless you feel compelled, . . . .

Thanks.

Michelle

Debi Vanwey
08/10/2000 02:03 PM
To: Michelle Cash/HOU/ECT@ECT, Robert Jones/Corp/Enron@ENRON
cc: Jennifer Cronin/Corp/Enron@ENRON
Subject: Contracting Solutions

Our research is complete with John Nguyen and Mark Delaro.    There is only
one John Nguyen that works for Enron, and he is at EBS.   This is not the
same John Nguyen that was sent from Contracting Solutions.  I talked with the
Enron John personally and compared past employment to the CS John.    The
John Nguyen that was sent by CS was sent on 5/4 to Keith Dziadek for an
opening he had.   We got no response from Keith, which for him is considered
a no.    We have no record of Mark Delaro ever being sent in by CS.    He was
directly recruited by Ergos, presented by them, and hired through them.
Jennifer talked with Mark  and he states that he has never talked to a
recruiting firm named Contracting Solutions.   If CS did indeed present his
resume to Enron, then they should be able to produce the email with date/time
stamp.    Neither Jen nor I have asked them for this yet.   I feel Robert and
I should meet with them tomorrow to bring closure to the situation.   Robert
had mentioned that we should be able to get back with them this week, and I
think we should make good on the promise.

Here are my recommendations - please give me your thoughts.

1)  I owe the Account Manager an apology for being rude on the phone.
2)  Clarify with them that we do not owe them a fee on Mark Delaro or John
Nguyen, based on above facts.
3)  Clarify with them that we are not doing business with them at this time.
The recruiters have just given me their final preferred vendor list, and CS
is not on it since no one is interested in working with them.   We should let
them know that yes, they do have an MSA which is an agreement for contract
placement, but this does not require us to accept resumes from them.    We
accept resumes only from those agencies that we ask to assist us with
recruiting.    We should offer to take another look at them in 90 days, give
them a second chance, and have the guidelines for the trial period well
defined.  They should contact me directly at that time.
4)  We should address the relationship between Jennifer and Kathryn, the
difficulties being that Jennifer made a decision not to work with them,
Kathryn tried to force her business on Jennifer after the decision had been
made, and Kathyrn brought her personal problems into the conversation in
order to press the point.   They should be aware of the basis of Jennifer's
decision not to employ them as a vendor:   1)  inadequate resume flow  2)
poor working relationship with account manager.
5)  We have no proof that Jennifer has spread bad press about CS to any other
company including Continential, Shell Services, and Dynegy, and after
addressing this issue with her do not believe that this occurred.   Nor did
she did send Mark Delaro's resume to Ergos.  We have no reason to believe
that she has ever acted out of integrity while working for Enron, nor that
she will in the future.
6) Cheryl Charles (Maddison) presented her resume to Robert and Ryan, and
Ryan forwarded to me in the past 2 weeks, and has not claimed association
with CS.   We have no recruiter openings at this time, and she has been
informed of this by Ryan and myself.

Debi


----- Forwarded by Jeff Dasovich/NA/Enron on 05/29/2001 04:29 PM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	05/29/2001 05:33 PM

		 To: "'Andy Brown (E-mail)'" <ABB@eslawfirm.com>, "'B Brown Andy (E-mail)'"
<andybrwn@earthlink.net>, "'Baker Carolyn (E-mail)'"
<cabaker@duke-energy.com>, "'Bob Escalante (E-mail)'"
<rescalante@riobravo-gm.com>, "'Bob Weisenmiller (E-mail)'"
<rbw@mrwassoc.com>, "'Curtis Kebler (E-mail)'"
<curtis_l_kebler@reliantenergy.com>, "Dean. Nistetter (E-mail)"
<Dean.Nistetter@dynegy.com>, "'Douglas Kerner (E-mail)'" <DKK@eslawfirm.com>,
"'Greg Blue (E-mail)'" <gtbl@dynegy.com>, "'Jan Smutny-Jones (E-mail)'"
<smutny@iepa.com>, "'Jeff Dasovich (E-mail)'" <Jeff.Dasovich@enron.com>,
"'Joe Ronan (E-mail)'" <joer@calpine.com>, "'John Larrea (E-mail)'"
<john.g.larrea@williams.com>, "'Julee Malinowski-Ball (E-mail)'"
<jmball@ns.net>, "'Kassandra Gough (E-mail)'" <kgough@calpine.com>, "'kent
Palmerton (E-mail)'" <kent.palmerton@williams.com>, "'Lynn Lednicky
(E-mail)'" <lale@dynegy.com>, "Marie Moretti (E-mail 2)"
<mmoretti@mccabeandcompany.net>, "'Marty Wilson (E-mail)'"
<mwilson@pstrategies.com>, "'McNally Ray (E-mail)'"
<rmcnally@mcnallytemple.com>, "''Nam Nguyen' (E-mail)'"
<nam.nguyen@powersrc.com>, "'Norton Kelli (E-mail)'"
<knorton@mcnallytemple.com>, "'Paula Hall-Collins (E-mail)'"
<paula.hall-collins@williams.com>, "'Pigott Jack (E-mail)'"
<jackp@calpine.com>, "'Richard Hyde (E-mail)'" <rwhyde@duke-energy.com>,
"'Roger Pelote (E-mail)'" <roger.pelote@williams.com>, "'Stephanie-Newell
(E-mail)'" <stephanie-newell@reliantenergy.com>, "'Sue Mara (E-mail)'"
<smara@enron.com>, "'Tom Ross (E-mail)'" <tross@mcnallytemple.com>, "Tom
Williams (E-mail)" <tcwillia@duke-energy.com>, "'Alex Sugaoka (E-mail)'"
<alex.sugaoka@uaecorp.com>, "'Bill Carlson (E-mail)'"
<william_carlson@wastemanagement.com>, "'Bill Woods (E-mail)'"
<billw@calpine.com>, "'Bob Ellery (E-mail)'" <bellery@spi-ind.com>, "'Bob
Gates (E-mail)'" <bob.gates@enron.com>, "'Cody Carter (E-mail)'"
<cody.carter@williams.com>, "'Curt Hatton (E-mail)'"
<Curt.Hatton@gen.pge.com>, "'David Parquet'" <david.parquet@enron.com>,
"'Dean Gosselin (E-mail)'" <dean_gosselin@fpl.com>, "'Doug Fernley (E-mail)'"
<fernley.doug@epenergy.com>, "'Duane Nelsen (E-mail)'"
<dnelsen@gwfpower.com>, "'Ed Tomeo (E-mail)'" <ed.tomeo@uaecorp.com>,
"'Eileen Koch (E-mail)'" <eileenk@calpine.com>, "'Eric Eisenman (E-mail)'"
<eric.eisenman@gen.pge.com>, "'Frank DeRosa (E-mail)'"
<frank.derosa@gen.pge.com>, "Frazier Blaylock (E-mail)"
<frazier_blaylock@ogden-energy.com>, "'Hap Boyd (E-mail)'"
<Hap_Boyd@enron.com>, "'Hawks Jack (E-mail)'" <jack.hawks@gen.pge.com>, "'Jim
Willey (E-mail)'" <elliottsa@earthlink.net>, "'Joe Greco (E-mail)'"
<jgreco@caithnessenergy.com>, "'Jonathan Weisgall (E-mail)'"
<jweisgall@aol.com>, "'Kate Castillo (E-mail)'" <CCastillo@riobravo-gm.com>,
"'Kelly Lloyd (E-mail)'" <kellyl@enxco.com>, "'Ken Hoffman (E-mail)'"
<khoffman@caithnessenergy.com>, "'Kent Fickett (E-mail)'"
<kfickett@usgen.com>, "'Lynn Lednicky (E-mail)'"
<lynn.a.lednicky@dynegy.com>, "'Marty McFadden (E-mail)'"
<marty_mcfadden@ogden-energy.com>, "'Paula Soos'"
<paula_soos@ogden-energy.com>, "'Randy Hickok (E-mail)'"
<rjhickok@duke-energy.com>, "Rick S. Koebbe (E-mail)"
<rskoebbe@powerworksinc.com>, "'Rob Lamkin (E-mail)'"
<rllamkin@seiworldwide.com>, "'Ross Ain (E-mail)'" <ain@worldnet.att.net>,
"'Steve Iliff'" <siliff@riobravo-gm.com>, "'Steve Ponder (E-mail)'"
<steve_ponder@fpl.com>, "'Tony Wetzel (E-mail)'" <twetzel@thermoecotek.com>,
"'William Hall (E-mail)'" <wfhall2@duke-energy.com>,
trusso@mcnallytemple.com, sadlersa@earthlink.net, mstultz@epsa.org,
rtemple@mcnallytemple.com, tracy.fairchild@edelman.com,
megan.beiser@edelman.com, deborah.fiorito@dynegy.com, lchurch@epsa.org, Katie
Kaplan <kaplan@iepa.com>, tcwillia@duke-energy.com, rwhyde@duke-energy.com,
tmcmorrow@manatt.com, Suzy.L.Rodriguez@dynegy.com, ppitts@wiredworld1.com,
mnobili@cal-lobby.com, sscsus@aol.com, kvellandi@pstrategies.com
		 cc:
		 Subject: Bush/Davis Meeting in the news

Bush: No Price Caps on Electricity

By Ron Fournier
AP White House Correspondent
Tuesday, May 29, 2001; 4:17 p.m. EDT
LOS ANGELES dd Asked to impose federal caps on soaring electricity bills,
President Bush called for an end to finger pointing and blame for
California's energy crisis Tuesday. California Gov. Gray Davis persisted, "We
are entitled to relief."

On a three-day mission to improve his West Coast political prospects, the
president played down his private meeting with Davis in favor of an unusually
busy public schedule highlighting his efforts to conserve electricity at
federal installations, ease summer energy costs to the poor and boost the
state's long-term resources.

Davis, a Democrat with hopes of challenging Bush for the presidency in 2004,
demanded that Washington force down electricity prices that have cost
California nearly $8 billion since January.

"We are entitled to relief," the governor said in a public discussion with
victims of the energy crunch, staged in the same hotel where Bush was
staying. "It doesn't matter if someone thinks we should have relief, the law
says we should have relief."

Polls show voters in the nation's most populous state don't think either
politician is doing enough to ease their power woes.

A spokesman for Davis dismissed Bush's call for a new tone on the energy
debate.

"We're asking the president to step up to the plate to use the power that
only he has, and that's to provide some short-term price relief," spokesman
Steve Maviglio said.

Bush and Davis sparred in separate public events before their long-awaited
meeting, scheduled for late Tuesday.

The session was tightly choreographed, and neither side expected a resolution
of their differences. Too much was at stake: After weeks of mixed signals,
Bush needs to show Californians he sympathizes with their power problems.
Davis, his approval rating plummeting, is searching for a scapegoat d and a
way out of the energy crunch.

Shortages and high prices could spread elsewhere and cause political problems
for Bush. Energy Secretary Spencer Abraham was in Yonkers, N.Y., on Tuesday,
warning that transmission bottlenecks are not restricted to California.

Bush has criticized California, and by implication Davis himself, for not
building more power plants or moving quicker to respond to fallout from
faulty state deregulation laws. He sought Tuesday to remain above the fray,
even as White House advisers continued to criticize Davis privately and
predict that the governor's confrontational approach would backfire.

"Energy debates sometimes throw off some sparks, but this is no time for
harsh rhetoric. It's certainly no time for name calling. It's time for
leadership. It's time for results. It's time to put politics aside and focus
on the best interests of the people," Bush said during a visit to Camp
Pendleton, a Marine base that has cut its energy usage.

He did not mention price caps, but advisers said Bush had not budged from his
belief that artificial limits won't lower consumers' bill and will lead to
supply problems down the road.

In the sundappled courtyard of the 1st Marine Division headquarters d
nicknamed "the White House" for the color of its low-slung wood facade d Bush
delivered a speech offering small measures of federal help to California.

The initiatives include:

d$150 million to help low-income Americans pay energy bills this summer. He
will ask Congress to approve the additional spending for this fiscal year,
which ends in October.

dHis announcement that military facilities in California have exceeded their
goal of trimming usage by 10 percent during peak hours.

dA Department of Energy project to stimulate the building of more electrical
lines running north and south through the state.

Bush also said his $1.35 trillion tax-cut plan will offer "some help" to
people struggling to pay soaring energy bills.

Davis, who was elected in 1998 in a landslide, has watched his job approval
rating drop about 20 percentage points since January as he struggled to come
to grips with the state's energy shortages and rolling blackouts.

Bush's job approval rating is still relatively high, though 56 percent of
Californians in a recent poll said they disapprove of his handling of the
electricity crisis.

The president has avoided the state since losing its 54 electoral votes to
Democratic rival Al Gore by 12 percentage points. He visited 29 states to
promote his tax and budget plans before finally coming to California.

Senior Republicans, including some Bush advisers, privately concede that
Bush's prospects are dim for winning California in 2004. They are working on
electoral map models that don't include the state in his chase for 270
electoral votes.

Bush had to eek out a recount in Florida to win the presidency without
California last year.

Sooner on the horizon are the 2002 congressional elections, where California
could tip the balance. Republicans say Bush has to improve his standing here
to help the GOP maintain control of the House and regain the Senate.

, Copyright 2001 The Associated Press

Bush's visit to California draws protest over energy

Updated: May 29, 2001 - 11:43 a.m.

CAMP PENDLETON -- Political and consumer activists chanted anti-Bush slogans
and derided the president's energy policy Tuesday, accusing the
administration of tolerating price-gouging.
About 100 protesters waved signs and shouted in support of rate caps at the
gate of the Camp Pendleton Marine base, where Bush spoke to military
personnel on his first stop of a two-day California visit.
Protesters from the state Democratic Party, the Green Party and
environmental, consumer and socialist organizations called on Bush to support
capping energy prices that have soared in California.
High demand, high wholesale energy costs, transmission glitches and a tight
supply worsened by scarce hydroelectric power in the Northwest and
maintenance at aging California power plants are all factors in California's
electricity crisis.
"We've got to stop the gouging and work towards a cleaner, more sane energy
policy," said June Brashares of Global Exchange, an environmental and labor
organization.
Her father Bob Brashares, a 74-year-old retired minister from Escondido,
criticized Bush for "complete inactivity" on the state's energy crisis.
He said Bush apparently believes Californians should use their tax rebates to
pay for rising energy costs. "It's a joke," he said.
Several women wearing pig noses held signs saying: "Oilmen for Bush."
In a speech to Marines on the base, Bush said: "It's certainly no time for
name-calling. It's time for leadership. It's time to put politics aside and
focus on the best interests of the people. This administration is focused on
results. We are going to work together -- the federal government, the state
government, the military and all the citizens."
Bush has blamed California officials for the state's power woes and said
price controls won't solve shortages.
He was to speak with Gov. Gray Davis during a 20-minute session later
Tuesday.
Bush flew into the Marine base, 40 miles north of San Diego, without
confronting the protesters. Military personnel and civilian workers largely
ignored the group as they drove past the gate.
At one point, the protesters attempted to walk onto the base. About a dozen
California Highway Patrol officers in riot helmets moved to block their path.
Several protesters expressed frustration that the president did not hear
their complaints.
"He should be here. He should address the crowd," said Patricia Verwiel, a
fourth-grade teacher from Riverside.
Cynthia Rich, a retired teacher from San Diego, agreed. "I think it's really
cowardly for him to go on the base where he has a captive audience."
She called it "scandalous" that Bush planned to meet with Davis for only 20
minutes.
"That's a real insult to California," she said.
Glen Brown, a 39-year-old neuroscientist, drove from San Francisco to protest
Bush's appearance and rally support for development of wind and solar energy
projects.
"We're tired of corporate greed," said Brown, wearing a bushy purple clown
wig and brightly colored jacket. "Essential services like energy shouldn't be
at the whim of the free market."
-- Associated Press

Tuesday May 29 8:03 AM ET
Bush: No Price Caps on Electricity

By SCOTT LINDLAW, Associated Press Writer

LOS ANGELES (AP) - President Bush traveled across the country to deliver news
Gov. Gray Davis doesn't want to hear: He won't force down soaring electricity
prices that have cost California nearly $8 billion since January.

The Republican president and the embattled Democratic governor arranged a
20-meeting Tuesday to talk about California's energy crisis, but there was no
indication they would break their stalemate.

Bush opposes price limits on wholesale electricity that utilities buy,
arguing they do nothing to address supply-and-demand issues at the heart of
the crisis.

Davis contends federal energy regulators are ignoring their mandate to ensure
``just and fair'' electricity prices.

With no sign of a break in the deadlock, each side maneuvered for maximum
advantage from Bush's first full day in California as president.

Davis, in an interview Tuesday on ABC's ``Good Morning America,'' defended
his record on licensing more power plants.

``We've licensed 15 plants. Ten are under construction, four will be online
this summer, four next summer, and by the end of 2003 we will have built our
way out of this problem. But between now and then, we are getting gouged
unbelievably,'' Davis said.

The Bush administration timed positive energy announcements to coincide with
the president's visit.

At the Marine Corps base at Camp Pendleton, Bush was announcing the expansion
of a program that provides federal money to help low-income residents pay for
power.

Bush was proposing $150 million, in addition to $300 million already budgeted
for a component of the Low Income Home Energy Assistance Program, to provide
special help to cash-strapped residents of California and certain Midwest
areas such as Chicago, a senior administration aide said.

Bush was also reminding state residents of his order that military facilities
in the state cut peak-hour usage by 10 percent.

To alleviate an electricity bottleneck on a crucial south-north transmission
path, the Department of Energy announced that the Western Area Power
Authority will try to raise money from a variety of private and public
entities to finance a crucial additional lines.

``The Bush administration is taking a leadership role in addressing a
long-neglected problem in California's electricity transmission system,''
said Energy Secretary Spencer Abraham. ``California's electricity problems
developed over a period of years and cannot be solved overnight. However, we
can move now on actions that will help avert the same types of problems from
recurring year after year.''

Davis had a letter for Bush from top economists who maintain price caps are
justified and necessary.

Aides to the governor expressed amazement that Bush would travel all the way
to California with no major announcement in hand, and predicted Davis would
respond with ``polite rage.''

Mindful of the national stage he commanded, Davis planned a news conference
to air his grievances. And he convened a panel of families he said have been
victimized by the energy crisis in the same hotel where Bush was staying.

Davis wants Bush to pressure the Federal Energy Regulatory Commission to
impose stiff price caps.

Tuesday, limited caps ordered last month by FERC go into effect in
California, but only when electricity reserves fall below 7.5 percent in the
state - a step Davis called inadequate.

Protesters planned demonstrations in Los Angeles and at Camp Pendleton, in
San Diego County.

Bush also arranged a speech on energy and trade to the Los Angeles World
Affairs Council and planned to president over a closed-door energy
round-table discussion.


Bob,

With regard to cross commodity netting, I think we need to address the
concept of not netting across commodities.  While many commodities do not
settle on the same day, and do not present a problem, we need to rethink the
issue when the settlement day is the same.  I have concerns in two areas:
the first is from a credit perspective, that we are sending out funds the
same day we expect to receive them.  Obviously, there is  a risk that we pay
and the counterpart does not.  Can we quantify when this happens, the
counterparts and the dollars involved?  We may just need to put some
guidelines in place as to when this is acceptable and when a credit approval
is required.  My second concern is a legal one:  are we compromising our
position on termination netting if we have not been practicing settlement
netting?  Mark Taylor is the best person to address this issue.  This is more
likely to be a problem I would imagine for those transactions where we do not
separate the termination and settlement netting concepts within the contract
(see below).  Once I get legal feedback from Mark, let's sit down and discuss.

Thanks,
Tanya

---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 03/06/2000 01:12
PM ---------------------------

Tanya Rohauer
03/06/2000 01:11 PM
To: Ed Quinn/HOU/ECT@ECT
cc: Shari Stack/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: Re: Frito-Lay

Please bear in mind that this suggestion is contingent upon legal approval.
I do not want our settlement netting position to compromise our termination
netting position.
---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 03/06/2000 01:08
PM ---------------------------

Tanya Rohauer
03/06/2000 01:02 PM
To: Ed Quinn/HOU/ECT@ECT
cc: Shari Stack/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: Re: Frito-Lay

One of the remaining open items in the ISDA being negotiated is netting.  I
have spoken with Bob Klein and he has indicated that his group can
accommodate not netting across commodity lines. Due to Pepsico's (credit
support provider) strong credit profile, I am comfortable agreeing to Frito
Lay's request.  However, netting across commodities for termination is not
negotiable.  I would suggest we present Frito Lay with the compromise that we
will agree to settlement netting within commodity lines only, but retain
termination cross commodity netting.  Please call me if you have questions.

Thanks,
Tanya


We currently have an opening as an administrative assistant in the Government and Regulatory Affairs department reporting to Paul Kaufman and Alan Comnes.  If you are interested in this position, please let Amy FitzPatrick know by close of business on Friday, September 21. 2001.

The ideal candidate will support members of the Government and Regulatory Affairs team and perform the following complex administrative duties:

Answer and screen phone calls, handle client requests, greet external clients, and build business relationships
Compose memos, reports and other correspondence from a brief outline, "sketchy" draft or verbal instruction
Code invoices, process complex expense reports, and manage employee timekeeping through SAP
Make travel/meeting arrangements based on minimal instruction and periodically make independent decisions on details such as travel schedules, mode of transportation, and accommodation.
Monitor and control filing systems ensuring accuracy and efficient retrieval of data.

The successful candidate will be detail oriented, have good organizational skills and possess the ability to work in a fast-paced environment with multiple concurrent assignments.  At least 5 years of secretarial/administrative experience and above average communication and interpersonal skills is required.  Excellent typing, proofreading, spelling and grammatical skills, and strong PC skills with Work, Excel, and PowerPoint are a must.  The ability to identify work priorities and function with very little supervision is essential.


Over the past several months, we have reviewed in detail our trading
contracts and the companies through which we conduct our trading business in
California.  In order to reduce Enron's non-market risks ( e.g. legal, credit
and regulatory) in the volatile commodity markets in California or any "
future California", we propose the following changes:

1.    Mandatory Uniform Set-Off Provisions in All Trading Contracts for All
Commodities -- set-off language varies commodity by commodity in trading
contracts.  Set-off is one of the most critical tools available to Enron in a
major default situation and it is critical to have set-off language and to
have it be uniform commodity to commodity so that Enron can get the best
advantage from set-off and not just the least common denominator.

2.     Master Netting Agreements For Appropriate Counterparties With Multiple
Masters With Significant Opposite Exposures -- where it is necessary to have
multiple masters with a counterparty, a "bridge" should be put in place
between the masters whenever there is significant opposite exposures under
the two or more masters.

3.     Merge EPMI into ENA -- power trades are done through EPMI.  Merging
EPMI into ENA and conducting power trades through ENA is much more efficient
from both a credit and legal point of view.

4.     No Automatic Termination for a Bankruptcy Event -- in the PGE/SCE
situation, it should be the non-defaulting party's (Enron in this case)
option to terminate rather than an automatic termination on "inability to pay
debts as they become due".

Let me know if you have any other proposed changes to our trading contracts
or entities through which we conduct our trading.  I believe these changes
will (i) improve efficiency, (ii) reduce risks, (iii) develop the opportunity
to do more business with certain counterparties and (iv) substantially
improve Enron's position in the next California type market.  The long range
goal is to conduct as much as possible of the trading business through a
single entity and a single or limited number of standardized agreements.


FYI
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/27/2000 08:09
AM ---------------------------

Karen E Jones@ECT
10/26/2000 05:30 PM
To: Kay Mann/Corp/Enron@ENRON
cc: Sheila Tweed/HOU/ECT@ECT, Alan Larsen/PDX/ECT@ECT, Dale
Rasmussen/HOU/ECT@ECT

Subject: Re: WestLB

My adds to you list are (1) the "2-Train" contract for Pastoria (7FAs, HRSGs
& other ancillary equipment) and (2) the "1-Train" contract for Pastoria
(agreement in principle with final, full-blown contract nearing completion).
--  Regards,
Karen

To: Kathleen Clark/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Barton
Clark/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, David K
Bargainer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brian D
Barto/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cheryl
Costa/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peggy Banczak/HOU/ECT@ECT, Karen E
Jones/HOU/ECT@ECT, Dale Rasmussen/HOU/ECT@ECT, Alan Larsen/PDX/ECT@ECT,
davidlu@nepco.com
cc: Sheila Tweed/HOU/ECT@ECT, Roseann Engeldorf/Corp/Enron@ENRON
Subject: WestLB

To all,

As you know, Enron is refinancing the equipment we bought through WestLB.
I've been asked to compile a list of all the equipment purchased through
WestLB, and the change orders related to same.  All I know about is the LM
deal with GE (with 1 executed change order, approximately 4 or 5 pending) and
the ABB transformer deal (with one CO pending).  Please let me know if you
are aware of any others.

Thanks,

Kay


I'm in all week - just give me a call.

	Lisa Yoho@ENRON
	02/27/2001 02:09 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Newsome

Mark -- do you have a few minutes to talk to me about Newsome's visit to
Enron?    Thanks, Lisa


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 04/16/2001
09:38 AM ---------------------------

"SoRelle, Andrea L" <ASoRelle@h-s.com> on 04/13/2001 11:05:07 AM
To: "'matthew.lenhart@enron.com'" <matthew.lenhart@enron.com>
cc:

Subject: FW: granny

i like this one...

>  <<Grannyl.mpg>>
>
>
> ---------------------- Forwarded by Amy Clemons/Corp/Enron on 12/07/2000
> 11:40 AM ---------------------------
>
>
> TinaCannon@aol.com on 12/07/2000 11:20:41 AM
>
> To:   mrbeddin@utmb.edu
> cc:   LydiaSamBen@aol.com, briggsrebecca@hotmail.com,
>       hillarycannon@yahoo.com, scannon@esc6.net, amy.clemons@enron.com,
>       RTCroyle@cs.com, matt@iwayloan.com, misstiny24@hotmail.com,
>       Kate.Delaney@lyondell.com, Nonaniblik@aol.com, Joziggy@hotmail.com,
>       LBell1921@aol.com, ACANNON51136779@aol.com, KHERBahome@aol.com,
>       akristinik@hotmail.com, vlott@flash.net, aggiemomma@juno.com,
>       chickahdee@hotmail.com, picklesnichols@hotmail.com,
>       bmurphy101@yahoo.com, Malaise.Murphy@collegehire.com,
>       Dan_Peters@aimfunds.com, Aly1176@aol.com, rachel.stiver@chi.ddb.com,
>       shannon_stofer@hotmail.com, Eliztekell@aol.com,
>       Alan_Vestergaard@hotmail.com, wheeler_holly@hotmail.com,
>       wendy_wright@dell.com
>
> Subject:  granny
>
>
> please take the time to download this.
> (See attached file: Grannyl.mpg)
>
>

 - Grannyl.mpg


Could you see if the retail people could use this worksheet format? We may
not be able to do this for everything but I believe we could use this format
for Tennessee, CNG, Tennessee, Tetco and Texas Gas (excluding AGL).  What do
you think?
---------------------- Forwarded by Chris Germany/HOU/ECT on 12/29/99 10:30
AM ---------------------------

	From:  Victoria Versen                           12/29/99 08:07 AM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: January 1, 2, 3 AGT breakdowns.

---------------------- Forwarded by Victoria Versen/HOU/ECT on 12/29/99 08:06
AM ---------------------------

mstiles@columbiaenergygroup.com on 12/28/99 02:03:19 PM
To: Meredith Mitchell/HOU/ECT@ECT, Victoria Versen/HOU/ECT@ECT
cc: "        -         *Villagomez, Phil" <pvillag@columbiaenergygroup.com>
Subject: January 1, 2, 3 AGT breakdowns.

Here is a more updated volume breakdown.   We swing down on weekends (and
sometimes during the week if the customers shut down).   These volumes are
good
except for Boston Gas and S. Ct.   We are waiting for the ldc demand curves
and
Algorithms.   Those two ldc volumes represent our estimates.

Please let me know when you have a contract number.   Thanks.

 - agt012000.xls


How about meeting in advance of tomorrow's 130 phone call to discuss the
approach we want to take with GE?

I'm suggesting 400 this afternoon.  Please let me know how this works for you.

Thanks,

Kay


print this and i need a folder titled ARA Coal Summary
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/02/2000
12:09 PM ---------------------------

Jez Peters
09/30/2000 09:41 AM
To: Stuart Staley/LON/ECT@ECT, George McClellan/HOU/ECT@ECT, Mike
McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Peter
Bradley/LON/ECT@ECT, Samuel Grossman/LON/ECT@ECT, Pierre Aury/LON/ECT@ECT,
Chris Connelly/LON/ECT@ECT, Riaz Rizvi/LON/ECT@ECT, Manfred
Ungethum/LON/ECT@ECT, Sven Becker/FRA/ECT@ECT, John Moran/LON/ECT@ECT,
Cornelia Luptowitsch/LON/ECT@ECT, Scott Longmore/LON/ECT@ECT, Tiffany
Cochran/LON/ECT@ECT, Elizabeth McCarthy/LON/ECT@ECT, Tom Kearney/LON/ECT@ECT,
Stephen Pirozzi/LON/ECT@ECT, Dimitri Taylor/LON/ECT@ECT, Kenny
Nicoll/LON/ECT@ECT, Lisa Kent/LON/ECT@ECT, Candace Parker/LON/ECT@ECT, Harry
Papadopoulos/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Bowman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Paul Mead/LON/ECT@ECT, Karolina Potter/LON/ECT@ECT, Meindert
Witteveen/LON/ECT@ECT, Louis Redshaw/LON/ECT@ECT, Niamh Clarke/LON/ECT@ECT
Subject: ARA Coal Mkt Summary

MKT SUMMARY

  Dust is settling after latest supply side incident to hit the market -
namely the Drummond Force Majeure. What remains now is cif mkt
   which is in backwardisation for Q4 and Q1 01 versus the rest of 2001 but
where stocks in Rotterdam are at near record highs at around
   2.5 million mt for the end of September. Indeed, utilities and traders
alike have taken advantage of the weak spot mkt we experienced
   during August and early September to buy up distressed parcels in ARA and
play the cash / carry game. This has certainly paid
   dividends as any slack which was in the pipeline has certainly been
swallowed due to a number of incidents which has restricted
   production/shipments from various geographies. While the whole curve has
shifted north as a result of early buying interest for 2001
   the backwardisation in the frt curves coupled with above has seen Q4 and
Q1 prices increase by some $4 over past 6 weeks to
   absolute values at $39 cif ARA - this represents a prm of between
$0.75-$1.00 over Jan/Dec 01 run. Believe the front end will continue
   to remain tight due to supply squeeze we are feeling and high frt rates
but going forward into next year we may see some price pressure
   from levels we are today as a consequence of lower frt rates, increase in
prod'n, synfuel into Europe and weaker continental power prices
   from the high levels they are today. Control of FOB origin prices through
continued consolidation in the production side of the industry
   could put ruin to this and hence we look for opportunities to spread our
long FOB origin posn into as many geographies as possible.

SPOT TRADES

Bot one pnmx of Caypa Steam coal from Masefield for December shipment FOB
Santa Marta at $US 31 basis 11800btu.
Sold 70mmt of chinese material to EVN delivered stockpile for October and
November delivery at what is the equivalent of $41
fob barge Rotterdam basis 6000 kcal/kg
Switched 20mmt Australian Steam Coal Fob barge Rotterdam with Electrabel for
20mmt of Colombian Steamcoal at agreed
differential.
Bot physical put option from TXU (still to be finalised) for Cape quantity
for Q1 delivery with a $40 strike price basis Rotterdam
and $40.40 basis Hunterston at $0.75 cent premium with exercise date of 30th
November.
Sold 2 x 15mmt SECA contracts to Glencore for December delivery at $40 Fob
barge and $40.50 fob barge respectively.

SELLING SIDE

Mission continue to look for La Loma material for December delivery - now
looking at 2 pnmx 1 into east coast and 1 into hunterston.
Bewag have tender out for 500mmt for 2001
Rheinbraun/Duisbourg combined looking for close to 250mmt Colombian material
on delivered basis.
Working with Electrabel to offer them 50mmt a month for 2001
Veag looking for 300mmt cif Rostock for Nov 00/June 01.
EDFT after tonnage for Q4 and a cape a month Q101.
Endesa - 4 capes for 2001.
Fenosa - looking for 250mmt of low vol U.S material split across 2001.
HdelC entertaining swap of Russian material for U.S coal during 2001
Billiton looking for small parcel of Colombian material in ARA.

BUYING SIDE

Emerald - still looking to buy high Sulphur material from U.S to execute
Preussen deal. 3 firm pnmx plus 3 options.
Masefield - offered further pnmx cargo of 11800 material for Q1 delivery at
$32 FOB Santa Marta.
BBC Trading - 10-15mmt Russian material ex-stockpile Sczcecin to supply our
bewag commitments.
Putting final touches to purchasing South African Material FOB RBCT for 200.
Likely to be a cape quantity for Q2 delivery.
AES - UK coal for Q4 and Q1 2001.
BHP - 1 June 2001 Cape.

EOL

We are just shy of reaching 500,000mt mark for total volume of tonnage traded
via EOL with the activity that went on this week. There
continues to be excellent interest from all sectors of the industry and we
really need to focus on converting the increasing number
of guest user ID's we are giving out into actual transactions on the system -
many are still afraid of the technology, many are still ignorant
of how they can utilise the system as a risk management tool and many simply
don't have the authority - hence we continue to focus
on preaching the word to all and sundry!! Highlight this week was having
Glencore trade on two occasions and not surprisingly they were
propping the mkt up on the buy side. We are moving ahead with posting options
on the SECA contract on EOL.

GAMEPLAN

Current mkt environment has generated healthy buying interest for 2001 and
with the expectation that we will still see frt rates ease off for 2001
from the high levels today ($9.50 RBCT - ARA Cape) combined with a somewhat
weaker tone in continental power prices for 01 we are fairly
keen to hit some of this business at current price levels. We have benefited
from the current price hike maintaining an overall long position
but with the lions share of that long being placed in Drummond we must focus
on securing physical commitments from Drummond for first half 01
shipments in order to participate in any of this business with peace of mind.
Hence we continue to look for opportunities to tie up tonnage from
other geographies such as South Africa, Australia, U.S and Russia that will
allow us the flexibility which adds so much value to our book.

Have extended dlist this week - if you donot wish to receive then please let
me know and likewise if you would like people
added.

Best Regards
Jez


---------------------- Forwarded by Steven J Kean/NA/Enron on 04/11/2001
07:21 AM ---------------------------
From: Michael Tribolet/ENRON@enronXgate on 04/11/2001 07:11 AM
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Rick
Buy/ENRON@enronXgate, William S Bradford/ENRON@enronXgate, Richard
Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Karen
Denne/Corp/Enron@ENRON, Lisa Mellencamp/HOU/ECT@ECT, Vicki Sharp/HOU/EES@EES,
Travis McCullough/HOU/ECT@ECT
cc: jklauber@llgm.com@SMTP@enronXgate, ceklund@llgm.com@SMTP@enronXgate,
byoung@llgm.com@SMTP@enronXgate, jlhuemoe@llgm.com@SMTP@enronXgate

Subject: Composition of unsecured creditors committee

Please see appointment list attached below:

KES Kingsburg L.P. (QF?)
City of Palo Alto (pension holdings?)
Enron Corp & Affiliates
State of Tennessee (pension holdings?)
Dynegy Power Marketing, Inc.
The Davey Tree Co. (vendor)
GWF Power Systems (QF)
U.S. Bank (Trustee on PCB's)
Merrill Lynch (CP holder?)
The Bank of New York (Bond Trustee)
Bank of America (Agent on revolver)

 -----Original Message-----
From:  "Johnson, Stephen" <Stephen.Johnson2@usdoj.gov>@ENRON
[mailto:IMCEANOTES-+22Johnson+2C+20Stephen+22+20+3CStephen+2EJohnson2+40usdoj+
2Egov+3E+40ENRON@ENRON.com]
Sent: Tuesday, April 10, 2001 7:52 PM
To: Johnson, Stephen; 'jmhpower@aol.com';
'grant_kolling@city.palo-alto.ca.us'; Tribolet, Michael;
'tmilne@mail.state.tn.us'; 'john.c.herbert@dynegy.com';
'david.adante@davey.com'; 'pmar@mofo.com'; 'keith.marshall@usbank.com';
'mlurie@exchange.ml.com'; 'gbush@bankofny.com';
'clara.strand@bankofamerica.com'
Subject: RE:

I'm pretty sure the form was left off....

 -----Original Message-----
From:  Johnson, Stephen
Sent: Tuesday, April 10, 2001 5:49 PM
To: 'jmhpower@aol.com'; 'grant_kolling@city.palo-alto.ca.us';
'michael.tribolet@enron.com'; 'tmilne@mail.state.tn.us';
'john.c.herbert@dynegy.com'; 'david.adante@davey.com'; 'pmar@mofo.com';
'keith.marshall@usbank.com'; 'mlurie@exchange.ml.com'; 'gbush@bankofny.com';
'clara.strand@bankofamerica.com'
Subject:

Stephen L. Johnson
Attorney
United States Department of Justice
Office of the U.S. Trustee
250 Montgomery Street, Suite 1000
San Francisco, CA 94104

415-705-3333 tel.
415-705-3379 fax
stephen.johnson2@usdoj.gov

 - Appointment of Committee.pdf


To:  OII Agreement Settling Parties

 Attached for your review and comment is a draft advice filing in
which PG&E proposes to reduce the in-kind shrinkage allowances for on-system
transmission and distribution service to the level proposed in PG&E's 2000
Biennial Cost Allocation Proceeding (BCAP).  PG&E's current adopted
shrinkage allowances require customers to deliver more in-kind shrinkage gas
than is actually needed on PG&E's pipeline system.  Reducing shrinkage
allowances to the proposed levels in PG&E's 2000 BCAP will more accurately
reflect currently projected customer usage.  PG&E is requesting your review
and support of this adjustment to shrinkage allowances.  October 1, 2000, is
the target implementation date.

 PG&E is continuing to study ways to better manage shrinkage on its
system. For this purpose, PG&E is examining the mechanisms used by other
pipelines.  If the Company determines that further proposals should be
implemented, such as a true-up mechanism to adjust for the over- and
under-collection of shrinkage that has occurred since the beginning of the
Gas Accord, or which may occur in the future, it may file for such proposals
through a separate mechanism.  As with this filing, PG&E will seek your
input prior to making any official advice filing.

 Please provide any comments on the attached no later than Friday,
July 7, 2000, to Ms. Cynthia Crane by e-mail at CMC5@PGE.com or in writing
to PG&E, Mail Code N15A, P.O. Box 770000, San Francisco, CA  94177.  If
comments are favorable, PG&E will file this advice filing the third week of
July with a proposed implementation date of October 1, 2000.  Please contact
Ms. Cynthia Crane at (415) 973-5809 if you have any questions.

 Sincerely,

 Dan Thomas
 Manager, California Gas Transmission

 <<ALShrinkage_LTR>>

 - ALShrinkage_LTR.doc


Per Marc Cohen, follows are his new particulars:

Kaye Scholer LLP
1999 Avenue of the Stars, Suite 1700
Los Angeles, CA 90067
(310) 788-1223
(310) 788-1200 (fax)
marccohen@kayescholer.com

**************************
* Confidentiality Notice *
**************************

This message is intended solely for the use of the addressee(s) and is intended to be privileged and confidential within the attorney client privilege.  If you have received this message in error, please immediately notify the sender and delete all copies of this email message along with all attachments.  Thank you.


Thanks very much.  Really appreciate your help.

 -----Original Message-----
From: 	Alamo, Joseph
Sent:	Wednesday, October 10, 2001 6:42 PM
To:	Dasovich, Jeff
Cc:	Ryall, Jean
Subject:	RE: Ms Doll's Number

Jeff & Jean,
here's the contact info I obtained for Laura Doll:
California Consumer Power and Conservation Financing Authority
Sherri Herlinger
Executive Assistant
901 P Street
Sacramento, California 95814
Phone: (916) 651 9750
Fax: (916) 651 9595

Joseph Alamo
Sr. Administrative Assistant
Global Government Affairs
ph. (415) 782-7841
fax (415) 782-7854
e-mail: joseph.alamo@enron.com

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Wednesday, October 10, 2001 3:47 PM
To:	Ryall, Jean
Cc:	Alamo, Joseph
Subject:	Ms Doll's Number

Jean:  We're on the job, trying to get the number.  It's a little tricky, though (you know how newly-created bureaucracies can be).  We'll get back to you soon as we have something.

Best,
Jeff


I am Robert Aicher's secretary.  I am updating his rolodex regarding the
Loan and Security Agreement among ABN Bank, ABN and ENA.   The fax I have
is slightly blurred, so I apologize; please confirm the following:

Sara Shackleton   sshackl@enron.com
Senior Counsel
Enron North America Corp.
1400 Smith Street
Houston, TX 77002-7661

Gen:  713-853-6161
Dir:     713-853-6620
Fax:    713-646-8490    (??)

PO Box 1188
Houston, TX  77251-1188


He was under Ed Baughman until approx. 1 month ago.   He is now the Entergy/SOCO scheduler.

 -----Original Message-----
From: 	Melodick, Kim
Sent:	Thursday, June 14, 2001 1:10 PM
To:	Presto, Kevin M.
Subject:	Bill Rust

I spoke to Dave Duran regarding Bill Rust. It seems as if Bill for some reason is showing up under Duran on the Org Chart however, it appears does work for your group.  I would recommend that we discuss him in our PRC meeting. Who would you suggest as the supervisor?


Mark -

I have a legal question for you.  I was told recently that Carol St Clair was
going to help support the West Trading desk on physical transactions.  Since
she came from the financial legal group I was wondering if she would be able
to help with financial transactions as well.  I feel there are synergies to
having the same Enron lawyer represent us for both the EEI and ISDA.  A
recent example of this could be the SMUD relationship.  Carol recently
completed an amendment to the existing ISDA and now is looking at sending
them a EEI.  The SMUD credit and legal personnel are the same so the process
should be quite smooth.  I was interested in your thoughts on this.  You can
reach me by phone (503-464-3810) or email.  Thanks.

Stewart


Both 457489 and 459812 were logged in Mike's trade book with "no broker fee"
written in the margin. I checked with Mike Driscoll, who helped Swerzbin
enter the deals, who verified that these are sleeves of other deals and do
not require broker fees.

Let me know if Natsource still disputes this.

Thanks,
Kate

Kerri Thompson@ENRON
11/28/2000 12:52 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: natsource fees

did you even find out about deals 457489 and 459812?

thanks

   Kate Symes @ ECT                11/22/2000 11:51 AM

To: Kerri Thompson/Corp/Enron@ENRON
cc:

Subject: Re: natsource fees

I've checked with Matt Motley and changed 458712 and 458718 to reflect broker
fees of .0075.

I've left a message for Mike Swerzbin to double-check. He has 457489 entered
in his log book with no broker fee, but 459812 says nothing either way; so
I'd like to get ahold of him before I change anything.

Thanks,
Kate

Kerri Thompson@ENRON
11/22/2000 09:19 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: natsource fees

458712 .0075
458718  .0075
457489  .0075
459812  .0075

the broker shows the fees on these trades, we have 0.  can you check this out?

thanks


---------------------- Forwarded by Randall L Gay/HOU/ECT on 02/29/2000 10:45
AM ---------------------------

	Enron Technology

	From:  Kenneth Gurley @ ENRON                           02/29/2000 10:10 AM

To: Randall L Gay/HOU/ECT@ECT
cc: David Wile/HOU/ECT@ECT
Subject: Terminal Server

Randy,

Here are the instructions for the TS update.  I just ran it here on my pc and
everything works fine.

1. go to http:\\remoteservices.enron.com
2. click here
3. save program to c:\
4. double click on citrixclient.exe after it has been downloaded.

This will add a Terminal Server icon to the desktop.  Double click on this to
launch the new version of TS.

Thanks,
KG


I think I am going to leave soon

Amanda K. Huble
Gas Fundamentals
Phone: (713) 853-4384
Pager: (877) 482-0772
Fax: (713) 646-8453


i would but i am going to ruggles with that girl.  let s hit it hard on sat
after golf.


Hey - have you read "Options, Futures, and Other Geeky Things that Finance
Nerds Obsess About"?

	From:  Todd Perry                           04/24/2001 02:21 PM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: Summer Reading List

Kate,

The best books I've read recently are 1) "A Random Walk Down Wall Street" by
Burton Malkiel and 2) Options, Futures, and other Derivatives" by John Hull.
Put those in your pipe.

TA


Overlays per the attachment.  Shortnames will be updated on Fri, Mar 30.  See
the bottom tab, Apr 2001, for details.

Thanks,

Cheryl x33103


Gregg,
The changes look fine.  I found one more typo.  Please see the attached
document.

Stacy

	Gregg Penman@ENRON
	05/03/2001 01:28 PM

		 To: Stacy E Dickson/HOU/ECT@ECT
		 cc: Rudwell Johnson/Enron@EnronXGate
		 Subject: Re: Allegheny Energy Amendment

Stacy -
After speaking with Rudwell about the credit amendment to the Master, I have
made revisions to the attached document to reflect our conversation.
Basically, Allegheny Energy Supply Company, LLC is an independently rated
entity.  As such, we will not be receiving a Parent Guarantee on their
behalf.  I think I have removed the references to the parent guarantee, but
can you please review the attached to make sure I did not miss anything.

Rudwell - If I mistated anything, please let us know.

Thanks -

Gregg

	Stacy E Dickson@ECT
	05/02/2001 11:56 AM

		 To: Gregg Penman/Corp/Enron@Enron@ECT, Rudwell Johnson/Enron@EnronXGate
		 cc:
		 Subject: Allegheny Energy Amendment

Attached please find the amendment to the enovate/Allegheny Energy Master
Firm Agreement covering the credit provisions.  Please review and give me
your comments.

Stacy


Yesterday afternoon we filed an intervention on behalf of Enron in regard to
SLNG's current FERC application to amend the original FERC certificate at
Elba Island.  The application is to changeout the existing vaporizers at the
terminal and to install blending facilities to deal with higher heat value
LNG coming in to the terminal.

Our intervention gave general support to the filing but reserved the right to
comment at a later time after further analysis of the impact of introducing
high heat value LNG into the downstream pipelines had been completed.

The intervention has been fully reviewed by Shelley Corman and we believe, as
a result, the tone of the document is not adversarial.  Further to this, we
discussed the intervention with SLNG's FERC staff, and after incorporating a
few minor changes they requested, confirmed with them that they had no strong
objections to the filing.

A copy of the document filed at FERC is attached below.

If you have any questions please give me a call (x56249).

Thank you


FYI
---------------------- Forwarded by Lance Cunningham/NA/Enron on 04/24/2001
12:50 PM ---------------------------
From: Geriann Warner on 04/24/2001 11:26 AM
To: Jean Ryall/NA/Enron@Enron, Joe Allen/NA/Enron@Enron, Patrick
Keene/NA/Enron@Enron, Stacey Bolton/NA/Enron@Enron, Leslie
Lawner/NA/Enron@Enron, Ron McNamara/NA/Enron@Enron, Gloria
Ogenyi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lance Cunningham/NA/Enron@Enron,
Thane Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nancy
Hetrick/NA/Enron@Enron, clandry@enron.com, pochsner@enron.com,
bevin.hunter@enron.com
cc:

Subject: Fwd: Dow Jones Newswires - Article on TX Stranded Cost Issue

FYI

Geriann Warner
Government Affairs - The Americas
1400 Smith Street, EB 4740C
Houston, TX  77002
Tel: 713-853-5036
Fax: 713-853-7297
E-Mail: geriann.warner@enron.com
----- Forwarded by Geriann Warner/NA/Enron on 04/24/2001 11:26 AM -----

	"Bill L. Bryant" <BILL@katzlaw.com>
	04/24/2001 10:23 AM

		 To: <Marchris.Robinson@enron.com>
		 cc:
		 Subject: Fwd: Dow Jones Newswires - Article on TX Stranded Cost Issue

Katz, Kutter Haigler, Alderman, Bryant & Yon et al
106 East College Avenue, Suite 1200
Tallahassee, FL  32301
(850) 224-9634
www.katzlaw.com
_______________________________________

This transmission is intended to be delivered only to the named addressee(s)
and may contain information that is confidential, proprietary, attorney
work-product or attorney-client privileged.  If this information is received
by anyone other than the named addressee(s), the recipient should immediately
notify the sender by E-MAIL and by telephone (850) 224-9634 and obtain
instructions as to the disposal of the transmitted material.  In no event
shall this material be read, used, copied, reproduced, stored or retained by
anyone other than the named addressee(s), except with the express consent of
the sender or the named addressee(s).  Thank you.

----- Message from "Stiles, Billy" <billy.stiles@myflorida.com> on Tue, 24
Apr 2001 10:50:53 -0400 -----
To:	"Carole Joy Barice (E-mail)" <fbfolaw@aol.com>, "David B. Struhs (E-mail)"
<david.struhs@dep.state.fl.us>, "E. Leon Jacobs (E-mail)"
<ljacobs@psc.state.fl.us>, "Helen A. Ferre' (E-mail)" <haferre@aol.com>, "J.
Dudley Goodlette (E-mail)" <goodlette.dudley@leg.state.fl.us>, "Jack Shreve
(E-mail)" <harder.kay@leg.state.fl.us>, "John J. Anderson (E-mail)"
<johnja26@aol.com>, "Joseph K. Tannehill (E-mail)" <jktsr@merrick-inc.com>,
"Joshua High (E-mail)" <joshuahigh@entechpartners.com>, "Kaaren
Johnson-Street (E-mail)" <kjstreet@prodigy.net>, "Kenneth W. Littlefield
(E-mail)" <littlefield.ken@leg.state.fl.us>, "Lou Frey Jr. (E-mail)"
<lou.frey@lowndes-law.com>, "Miguel De Grandy (E-mail)"
<degrandy@bellsouth.net>, "Sandra B. Mortham (E-mail)" <smortham@aol.com>,
"Sandy J. Woods (E-mail)" <sandy.woods@publix.com>, "Sanford (Sandy) V. Berg
Ph. D. (E-mail)" <berg@dale.cba.ufl.edu>, "Stephen J. Mitchell (E-mail)"
<Smitchell@ssd.com>, "Tom Lee (E-mail)" <lee.tom.web@leg.state.fl.us>,
"Walter Revell (E-mail)" <r528altara@aol.com>
Subject:	Dow Jones Newswires - Article on TX Stranded Cost Issue
Dow Jones Newswires
Texas PUC To Rule On Thorny Stranded-Cost Issue

Dow Jones Newswires

HOUSTON -- The Texas Public Utility Commission
is set to unleash a hornet's nest of protest
from three investor-owned utilities this week
if it orders the electric firms to return
billions of dollars to rate payers.

At issue is money the utilities have collected
to offset expenses they contend will be left
"stranded" when electric retail competition
begins in Texas next year.

If the two-member PUC agrees with the proposed
rulings, it could be the first reversal of
stranded-cost recovery policy in the country.

The PUC is holding a two-day meeting, Tuesday
and Wednesday, to complete its work on several
contentious issues that must be resolved soon.

Texas is caught between early expectations that
wholesale power prices would fall under
deregulation and recent recognition that
wholesale prices may not fall due to higher
fuel costs.

Over-recovery of "stranded costs" - past
utility investment in generating units,
primarily nuclear power plants, that may not be
competitive in a deregulated electric market -
emerged with the dramatic rise in natural gas
prices over the past year.

Higher priced gas-fired generation makes
nuclear power more competitive in Texas' open
market, thereby reducing the stranded costs
utilities expected, say critics.

Texas PUC chairman Pat Wood and several Texas
legislators are worried that ongoing efforts by
TXU (TXU) unit TXU Electric & Gas, Reliant
Energy's (REI) Reliant HL&P and American
Electric Power's (AEP) Central Power & Light to
collect money to mitigate their stranded costs
will result in excess recovery which could hurt
new entrants and stifle early market
competition.

The PUC wants to use revised stranded-cost
estimates to decide if ongoing mitigation
efforts should be reversed.

When the Texas bill electric restructuring bill
was passed in 1999, the trio of utilities
expected total stranded costs to reach $7
billion.

Updating the economic model to reflect higher
natural gas prices eliminated the stranded
costs and led to talk of "negative" stranded
costs of nearly $5 billion.

The utilities say they don't believe they are
recovering excess dollars and argue that the
PUC can't alter the mitigation process until
2004 when the Texas restructuring law calls for
a final accounting procedure using actual
market data, not the economic model they call
flawed.

They argue that if PUC estimates are wrong,
power prices will jump in Texas in 2004.

They staunchly oppose the idea that customers
should benefit from negative stranded costs.

By the end of the year, TXU will have collected
roughly $1.2 billion; Reliant about $1.5
billion CP&L about $36.5 million.

The stranded-costs rulings are part of an
"unbundling" process each Texas investor-owned
utility is undergoing to establish transmission
and distribution rates. In addition, the PUC
will set certain non-bypassable wires charges
which will come into play as the state moves to
a competitive retail electric market beginning
in January.

TXU has said it will challenge any PUC ruling
to change the mitigation process before 2004.

In addition to the PUC effort, a bill is under
consideration in the Texas House of
Representatives that addresses over-recovery
and "negative stranded costs" not just for TXU,
Reliant and CP&L, but for other Texas utilities
as well.


You are working too hard.


FYI

I will keep you posted on the progress....

---------------------- Forwarded by Philippe A Bibi/HOU/ECT on 01/16/2001
08:26 AM ---------------------------

Mark Pickering
01/15/2001 03:26 AM
To: John Sherriff/LON/ECT@ECT
cc: Philippe A Bibi/HOU/ECT@ECT, Michael R Brown/LON/ECT@ECT
Subject: Network

Hi John,

I assume you spoke with Nigel following your voicemail on Friday and he has
brought you up to date.

We are doing everything we can to make fix this problem, and we are trying to
ensure everyone is in the loop.

The problem looks to be a software bug somewhere in the Cisco operating
environment. This has been escalated to Cicso's highest priority and we have
had up to 6 Cisco engineers working on the problem. We have also flown in one
on the Houston Netwrok team to assist. The problem we have is that the two
core 6500 routers, which are at the hub of the network will run along
perfectly at about 7% utilization, then, for an as yet undetermined reason
they suddenly jump to 99% and start thrashing, dropping network connectivity.

The catch 22 we have is that when the system goes down, the Cicso guys need
time to capture diagnostic information, but of course we just need to get it
up again straight away.

The team have systematically gone though each hardware component and each
software component to ensure all are working, all are at the latest cisco
recomended release level and all are required. Those not needed are removed
to ensure the 'simplest' environment possible.

The bottom line is that we still haven't solved the problem, but are doing
everything in our power to resolve it ASAP.

Regards
MRP

fyi, we have been working on a network redesign since before these problems
start which will distribute the network across more Core routers, (in effect
seperate networks). This design is the same as that proposed for the new
Houston building. Whatever design is in place, however, we can never rule out
a problem due to faulty software such as this.


Vince and Vasant:

Here is a brief summary of my meeting with Chris Germany, Capacity Trader at
the East Desk, related to gas transmission:

Typically, pipelines lease capacity billed on a monthly basis. An example
might be the pipeline between South Texas and Brooklyn, where you might pay
$12.00 per month per 10,000 decatherms of capacity ($0.40 per day), a fixed
payment. Variable charges are 6% for fuel costs ("shrinkage") and 6.5% for
overhead expenses.  A gas trader might call South Texas and be quoted a
delivery price tomorrow of NYMEX - $0.10 ("basis"), and might call Brooklyn
and be quoted a delivered price of NYMEX + $0.25 .  The trader's spread is
$0.35, and variable costs of transmission are $0.125, so the trader would
offer the leaseholder of capacity up to $0.225 for firm capacity tomorrow.
As for the distinction betweem firm and interruptible, the leaseholders have
an excellent knowledge of the firm-equivalent of interruptible capacity.
Also, many pipelines don't discount firm capacity from the tariff maximum
("it's not worth their time to haggle") (There is a further issue of
"secondary markets" not important to the model yet).  For South Texas and
Brooklyn, there are several different routes the gas can physically take
(pipelines of Enron, Texas Eastern, etc).  And, once the trade is in the
system traders can cover the (Enron) positions on each end of the pipeline,
in so doing freeing up the capacity for other contracts.

Clayton


The latest, greatest...
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/11/2000 02:17
PM ---------------------------

	From:  Rebecca Walker                           12/11/2000 09:58 AM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: GE ContractPayment Summary

Kay

Here is the GE spreadsheet.

Regards,
Rebecca


Shenton Cell: 925/963-3385
Office: 925-398-1014
Address: 6683 Owens Drive
Pleasantion, CA 94588

Alt Cell: (Collegue's Cell  - Terry) : 941/928-9766


I received a call from Jill Zively about our supply at mtr 5999.  Late Friday
night (6/9), a portion of this gas will be delivered into Midcon instead of
HPL.  The nomination into HPL for the 10th through the rest of the month will
be 11,300/d.  Jill knew this would be happening, so they priced the deal at
Gas Daily.  I changed deal #278748 to reflect this change for Saturday
forward.  Since this is priced at Gas Daily, there will be no mark-to-market
impact.  We need to review the flows next week to see how much the volume
changed and adjust if necessary.

D


Due to technical problems,. Cycle Usage files were delayed in posting to the
Retail Access Web Site.  Later this morning a file will be posted,
containing cycle usage information for 10/16, and 10/17.  Please contact me
with any questions.

Thanks for your patience,

Michael Murphy
Consolidated Edison Company of New York
Retail Choice Operations
(212) 780 6723


I have been reviewing procedures that would need to be put in place to cover
counterparties from other jurisdictions trading Australian power. There is
one related contractual issue I have not been able resolve. As it is not an
issue at peculiar to Australia I would appreciate your input. My apologies in
advance if I am covering well trodden ground.

It is settled that a counterparty will enter into one Password Agreement and
one ETA. There will be a principal Enron contracting party for the PA and
ETA, which I will refer to as the  "Enron Principal" . However the definition
of "Enron"in both documents also includes other Enron affiliates. In this way
the Enron Principal enters into the PA and the ETA as an agent for any
affiliate that may at some stage enter into an EnronOnline Transaction with
that counterparty. This means the relevant Enron affiliate could enforce the
terms of the PA and ETA . This is in addition to the rights of the Enron
Principal to enforce the ETA and PA. But what happens if the Enron affiliate
is not in existence (i.e. has not been incorporated)  at the time the PA is
signed and the ETA is  accepted by the counterparty? It is settled law in
Australia and I believe in England that you cannot be a party to a contract
if you don't exist.

What does this mean? Well in most instances not much. If it was a question
of enforcement of the contractual terms of the ETA or the PA the Enron
Principal could seek the relevant remedy such as an injunction or specific
performance. But procedural problems in litigation could arise if a newly
incorporated Enron company suffered damage through a breach by a counterparty
of the ETA. For example a breach of the indemnity in clause 4. The Enron
Principal could not sue for damages as it would have suffered none.

Whilst not a major issue it may be prudent to ensure EnronOnline procedures
recognise the particular circumstances that arise when introducing a newly
incorporated Enron entities as contracting parties through EnronOnline.


my polling location is the knights of columbus hall.

what exactly is a knight of columbus?


Thank you for choosing Time Warner Road Runner as your high speed online
provider.  Your request has been received and it is currently being processed.
A customer service professional will be in contact with you within 48 hours.
While you wait, here are answers to some of the most commonly asked questions.

Q. If I am already a Road Runner customer what will happen to my account?

A. Your account will be transitioned to the new Enron billing system.  This
process is transparent to the end user.  The difference will be seen in your
monthly bill.  Keep in mind that there may still be prorated amount due on the
previous billing method.  Also, an account that is currently delinquent cannot
be transferred until the previous balance is paid in full.

Q. I?m not currently a Road Runner customer.  What is the process?

A. Your address will be checked to verify Road Runner serviceability.  If
serviceable, a customer service professional will contact you to set up an
appointment for a new install.  There are typically two time slot options a
customer may choose, 8am ? 12 noon or 1pm ? 5pm.

Q. Are there any installation charges?

A. All Enron customers will be charged a fee of $39.95 for a standard install
(network interface card not included).  Keep in mind that if you are getting
your computer through the Click at Home project, a network interface card is
already included.  A standard install is one that only required the installer
to
run the cable to an outside wall.  There are extra fees for a network
interface
card and running the cable between an inside wall.


FYI

-----Original Message-----
From: Stevens, Kirk
Sent: Monday, September 17, 2001 2:00 PM
To: Hayslett, Rod
Cc: Piro, Jim
Subject: Re: FW: MESSAGE FROM MARK LINDSEY - 4TH Q 2001

Rod, per your request, see attached.

>>> Hayslett, Rod 09/12/01 03:14PM >>>
Please take a look and get back to me by the first thing next week. Please
copy Tracy on your response to this.... Let's be honest so that Stan and Rick
can get the right feel about the issues remaining relative to the years
earnings.

-----Original Message-----
From: Schwarzbach, Stephen
Sent:Wednesday, September 12, 2001 5:10 PM
To:Colwell, Wes; Stubblefield, Wade; Price, Brent A.; Sommers, Jeffrey E.;
Hayslett, Rod; Dyson, Fernley; Castleman, Kent; Roper, Kerry
Cc:Lindsey, Mark E.
Subject:MESSAGE FROM MARK LINDSEY - 4TH Q 2001

As discussed in Rick Causey's staff meeting yesterday, please begin to review
4th quarter earnings for your business unit(s) and compile a list of any major
hurdles, challenges, etc. (i.e. bonus accrual, "clean-up" items).

Furthermore, please assess any additional items that would be candidates for
clean up, given the opportunity to expedite their resolution.

Meetings will be set up within the next week to discuss these items with you.

Thank you,
Mark Lindsey


Art,

We are pricing the calls up for you and will have them in the morning.  As for the comments on the contract, you can send them to me and I will put them in our lawyers hands.  Thanks so much for getting that document throught the system.  I will talk to you tomarrow.

Thanks,

Kim

 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON
Sent:	Monday, October 29, 2001 3:13 PM
To:	Ward, Kim S (Houston)
Subject:	Q3 Call Option

Hi Kim, hope you're doing well.  Just received comments from our
Lawyers for your Master Enfolio. Should I be speaking with you or
someone else?
Also, could you give me a quote of what a daily call for Q3 will be
at the money for 5,000 mmBtu/day.
Thanks,
I really appreciate it.
Art Avalos


Mark,

ETS pipeline employees received the message below.  Please verify whether you
intended the message to apply to  ETS employees if they have a commodity
futures account (perhaps in a brokerage account).  The first paragraph
indicates that the issue relates to ENA employees, but the later paragraph
directs anyone with a financial interest in a commodity futures account to
reply.

	  From:  Mark Taylor (Vice President and General Counsel)
      06/05/2001 06:43 PM

Sent by: Enron Announcements
To: NYMEX Hedge Exemption List
cc:

Subject: PLEASE READ

To:        Department:   ENA Legal

From:  Mark Taylor     Date: May 11, 2001
  Vice President and General Counsel

Subject: Enron North America Corp. NYMEX Hedge Exemption Applications

We are in the process of preparing applications for position limit exemptions
for ENA,s NYMEX energy commodities futures trading.  These applications
require that ENA represent whether its officers, employees, owners, or agents
have a power of attorney, control or have a financial interest in any related
commodity future(s) account either individually or acting with another person
pursuant to express or implied agreement.

Please direct any responses to my paralegal, Tana Jones, via intercompany
email or call her at (713) 853-3399 by the end of business on June 15, 2001
if you have any power of attorney, control or have a financial interest in
any commodity futures account (other than an ENA or other trading affiliate
account).

IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO RESPOND TO
THIS REQUEST.