Just wanted to say, "thanks gals" for dinner last night.  To be honest with you I had had a pretty bad day and the rest of the week hadn't been much better, but I had a really good time last night....I forget sometimes how nice it is to share so many great memories with old friends.  Not to get too sappy, but I really treasure our friendships and I'm not sure you all realize how much i depend on you guys.  I know it's rarely overt, but I've leaned on the stability and solidness of our friendships on countless occasions and just don't know what I'd do without that safety net to trust in when things are rough.

Sue


David,

For information but no action on your part at this time.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/20/2000 02:32
PM ---------------------------

	From:  Gregg Penman                           06/20/2000 02:20 PM

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

Subject: Affiliate Master Purchase and Sale Agreement

Here is some more info. regarding the Affiliate Master Purchase and Sale
Agreement that is on the list.

Attached is a draft agreement prepared by Simon Halfin at Peoples.  It is
based on the 3rd party contract that Jeff Hodge is working on with Peoples.
The agreement is intended to be a master contract that would facilitate a
blanket of structured term transactions between the utilities (Peoples Gas
Light and Coke Co. and North Shore Gas)  and MEH.  It will be filed with the
Illinois Commerce Commission for approval.  My understanding is that the
transactions will still be subject to the annual prudency process of each
utility.  I am not sure your strategy on this one, but would think that a
combination of you, Jeff Hodge, and Boyd would be most effective.  I
understand that Dynegy and Nicor filed a similar agreement as part of their
Hub Agency Agreement that Boyd has reviewed.  I am sure he can confirm that
or not.

Thanks,

Gregg


Sold 5,000 MMbtu/d of firm transport to Western Gas Resources from Permian to Topock at .095 plus fuel, generating over $101,000 for the 7 summer months of April through October.
Agreement reached between ENA and TW for capacity for February.  Transwestern, as agent for ENA, released a package of 25,000 MMbtu/day from Ignacio to Blanco to Burlington.  The new contracted max rate of .1020 is .0420 higher than the original rate and will be split 50/50 with ENA.  This will net TW an incremental $14,700, in addition to regaining the original $42,000.
New OBA, containing cash out provision, with Mojave is executed.

Michelle Lokay
Account Director
Transwestern Commercial Group
713-345-7932


Given the way the numbers came out, I guess we don't need the talking points,
but we should still try to get to the bottom of this because we will be
called on to comment to regulators and media.  Unless we have strong evidence
to the contrary, it seems to me that wholesale markets are working .... they
are open and they are competitive.  On the other hand, retail gas markets
suffer from the same problems as electric markets ... they are not open,
customers don't have effective choices and price signals don't get through,
so there is no demand response when prices rise.

On the points raised in the attachment, I'm still not sure I follow point 4.
Also what does" electric disconnect" mean?

	Jeff Dasovich
	Sent by: Jeff Dasovich
	12/12/2000 02:40 PM

		 To: Mary Hain/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron,
Richard Shapiro/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Maureen
McVicker/NA/Enron@Enron, Leslie Lawner/NA/Enron@Enron, Christi L
Nicolay/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON
		 cc:
		 Subject: Re: Draft Talking points about California Gas market

Leslie:  Looks good.  Just a couple of comments:

1. General
May want to point out that the roots of California's current gas woes are the
same ones causing the electric problem---combined effect of California's
"import-based" energy policy and the state's failure to invest in in-state
infrastructure.  California imports about 25% of its electricity, but about
80-90 percent of its gas supply.  California has failed to invest in the
in-state infrastructure necessary to support increased gas demand over the
last decade.  So we've got an interstate pipeline superhighway to the border
and a dirt road of in-state transportation once you get into California.
The last bullet seems to suggest that manipulation may be taking place.  Can
we support that suggestion, and is it one that we want to make necessarily?
If we do suggest that manipulation may in part explain current prices, do we
need to propose ways to eliminate it?  Otherwise, seems that we may be giving
FERC ammunition to take action without trying to "steer" that action in the
right direction.  Maybe I'm reading too much into the bullet.

2. Specific
Competition for gas coming to California has increased significantly.  The
midwest (via Alliance) is competing away Canadian gas.  The Southwest
(Nevada, Arizona) is competing away supply from the Southwest before it hits
the California border.

	Mary Hain@ECT
	12/12/2000 11:58 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Draft Talking points about California Gas market

---------------------- Forwarded by Mary Hain/HOU/ECT on 12/12/2000 10:07 AM
---------------------------
To: Janet R Dietrich/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Mary
Hain/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Maureen
McVicker/NA/Enron@Enron
cc:
Subject: Draft Talking points about California Gas market

We thought it would be good to basically give Chair Hoecker talking points
with any numbers that Enron provides.  We will visit on these later today
when the numbers are ready (before 3:00).  Comments?
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 12/12/2000
10:38 AM ---------------------------
From: Leslie Lawner@ENRON on 12/12/2000 11:56 AM
To: Christi L Nicolay/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Rebecca W
Cantrell/HOU/ECT@ECT, Ruth Concannon/HOU/ECT@ECT, Stephanie
Miller/Corp/Enron@ENRON, Phillip K Allen/HOU/ECT@ECT, Jane M
Tholt/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron
cc:

Subject: Talking points about California Gas market

Here is my stab at the talking points  to be sent in to FERC along with the
gas pricing info they requested for the California markets.  Let me or
Christi know if you have any disagreements, additions, whatever.  I am
supposed to be out of here at 2:15 today, so if you have stuff to add after
that, get it to Christi.  Thanks.


Want to Learn About Electric Restructuring in Texas?

Want to Know What NewPower is Offering to Texas Consumers?

Come meet Gene Lockhart, president and CEO of The NewPower Company

Wednesday, April 11
11:30 a.m. to 12:30 p.m.
EB 5C2

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

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

Please bring your own lunch.
Beverages and dessert will be provided.


NOTE:  YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

You have been selected to participate in the Year End 2000 Performance
Management process by providing meaningful feedback on specific employee(s).
Your feedback plays an important role in the process, and your participation
is critical to the success of Enron's Performance Management goals.

To complete requests for feedback, access PEP at http://pep.corp.enron.com
and select Perform Review under Performance Review Services.  You may begin
providing feedback immediately and are requested to have all feedback forms
completed by Friday, November 17, 2000.

If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:

Houston: 1.713.853.4777, Option 4
London:  44.207.783.4040, Option 4
Email: perfmgmt@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."   Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.

Review Group: ENRON
Feedback Due Date: Nov 17, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
ANDREWS, NAVEEN C               RUDI C ZIPTER                   Oct 31, 2000
BAXTER, ASHLEY                  DAVID DAVIES                    Nov 02, 2000
CARSON, RICHARD L               RICHARD B BUY                   Oct 30, 2000
CRENSHAW, SHIRLEY J             WINCENTY J KAMINSKI             Oct 26, 2000
KINDALL, KEVIN                  VASANT SHANBHOGUE               Oct 30, 2000
LAMAS VIEIRA PINTO, RODRIGO     DAVID PORT                      Oct 31, 2000
SUPATGIAT, CHONAWEE             PEYTON S GIBNER                 Oct 27, 2000
TAMARCHENKO, TANYA V            VASANT SHANBHOGUE               Oct 26, 2000
VILLARREAL, NORMA E             SHEILA H WALTON                 Oct 26, 2000
WALTON, SHEILA H                DAVID OXLEY                     Oct 27, 2000
YAMAN, SEVIL                    VASANT SHANBHOGUE               Oct 27, 2000
YUAN, DING                      RICHARD L CARSON                Oct 31, 2000


---------------------- Forwarded by Drew Fossum/ET&S/Enron on 04/03/2001
04:47 PM ---------------------------
From: Debbie Nowak/ENRON@enronXgate on 04/03/2001 04:11 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: FW: CONFIRMATION: April 20, 2001 Executive Forum - Rev.

This is to confirm your attendance for the Friday, April 20, 2001, Executive
Forum to be hosted by The Office of the Chairman.  The Forum will begin at
3:00 p.m. and ends at 4:30 p.m in the Enron Building 50M.

If you have any additional questions, please feel free to give me a call.

Thank you.

Debbie Nowak
Executive Development
713.853.3304


[IMAGE]

December, 2000
[IMAGE]

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This is the Knead to Know Newsletter, packed with information, tips and
recipes useful to home bakers like you. It's written exclusively for members
of Bread Brigade America.
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LATEST COUNT!??By the end of November, 17,500 people had signed on as Bread
Brigade America members. From all parts of the country, members gather here
at the Knead to Know news corner of breadworld.com for their exclusive
information. Members are enjoying the special privileges of membership -
including earning greenpoints just for joining.
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THE THIRD EDITION
Knead to Know
This is our holiday issue, complete with festive recipes and tips for the
holidays. The October and November Knead to Know newsletters featured some
delicious recipes as well. If you missed these issues, you can access them in
the Knead to Know archives: www.breadworld.com/bba/kneadarchive.asp. Each
month, you can count on Knead to Know for great baking ideas, seasonal tips,
and recipes for conventional oven and bread machine baking.
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RECIPE OF THE MONTH
Cranberry-Pecan Wreath
December has been designated National Stress-Free Family Holidays Month. One
way to minimize the stress of the season is to plan an old-fashioned holiday,
free of commercialization and the noise of crowded department stores. Bake
your gifts instead. Put on some holiday music and turn the baking activity
into a family get-together. If you'd like free gift stickers to go along with
your baked gifts, they're available from breadworld.com. Go to the Bread as
Gifts section and click on Wrapping Ideas
www.breadworld.com/breadgifts/wrapping.asp

[IMAGE]

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You might also want to invite your friends over one weekend for a pre-holiday
bake-in. Few things bring family and friends together in a more caring,
care-free way than the wonderful aroma of home-baked bread. Best of all, this
recipe has been kitchen-tested by Fleischmann's Yeast home economists.
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?CLICK HERE FOR THE RECIPE:

TRADITIONAL
BREAD MACHINE

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REMINDER!
Bread Brigade America members were automatically entered in our weekly
sweepstakes drawing for 25,000 greenpoints for each week in October and
November. Starting with the week of December 3-9, be sure to register weekly
for the weekly sweepstakes drawings conducted each and every week.
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NEWS FLASH!
Among the three new brochures that have recently been mailed to you as a
Bread Brigade America member was Helping Bakers BakeT. Now, pages 6 and 7 of
the brochure, a section called Frequently Asked Questions, have been
incorporated onto the www.breadworld.com web site. This is a handy reference
site when questions arise while you're baking or planning to bake. You can
access these FAQs from this issue of the newsletter or from the web site at
any time by clicking into the section Helping Bakers BakeT.
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FYI:
Here are the survey results of November's Knead to Know Question of the
Month. The question, referring to baking from scratch, using yeast, was:

How often does the average Bread Brigade America member bake?

Almost 71% of respondents bake at least once a month.
Of this group, 86% actually bake several times a month.

Of those respondents who bake less than once a month, some bake only for
special occasions and the others only during the holidays.

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QUESTION OF THE MONTH
Are Bread Brigade America members baking more this year (2000) than last
(1999)? Once again, we have to depend on you in order to arrive at an answer
to the question, which we'll publish in an upcoming issue of this newsletter.

As we noted in the last Knead to Know newsletter, the purpose of our Question
of the Month is to gather general information which will help us learn how we
can better meet the needs of Bread Brigade America members. There is no focus
on the baking habits of any one individual, nor does your answer represent a
commitment from you in any way regarding baking.

Please help us by answering the question below.

How would you compare the frequency of your baking from scratch using yeast
this year (2000) compared to the prior year (1999)?
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More often

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?If selected, please answer (A) below.
 About as often

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?If selected, please answer (A) below.
 Less often

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?If selected, please answer (B) below.

(A) Why have you baked from scratch using yeast more or about as often this
past year compared to the prior year?

I've had more time to bake from scratchI value doing itDietary/health
reasonsIt is fun/easy to doOthers appreciate itOther

(B) Why have you baked from scratch using yeast less often this past year
compared to the prior year?

I did not have the timeOther things were more importantI didn't have the
necessary ingredients or equipmentDietary/health reasonsIt's too much
work/difficult to doOther

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WEEKENDS ARE SPECIAL
Here Comes The December Weekend Calendar
The holidays are upon us! And with them, the stresses of holiday shopping are
piling onto the normal pressures of the work week and the school week.
Fleischmann's Yeast has a suggestion for coping: Use the weekends to share
the holiday spirit without the holiday stress.

With our featured holiday weekend recipes, you can bake great holiday gifts
instead of buying them. You can also turn weekends into pre-holiday and
holiday celebrations with family and friends.

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FIRST WEEKEND:
Freezer Rolls

We already told you about how baking the Fleischmann's Yeast kitchen-tested
Cranberry-Pecan Wreath is perfect for holiday gift-giving. Now here's the
first of several more delicious suggestions from Fleischmann's Yeast for
gift-giving and for making other weekends in December just as special as
pre-holiday get-togethers with family and friends.

Next to their great taste, the best thing about Freezer Rolls is their
convenience. After you've prepared the dough, you can form it into crescents,
coils or twists. Then you can freeze them for up to one week before baking,
or you can bake them without freezing them at all. The choice is yours.
Either way, the result is about two dozen delicious rolls. They're
irresistible!

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?CLICK HERE FOR THE RECIPE:
TRADITIONAL?

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SECOND WEEKEND:
Date Nut Christmas Trees

Here's an an easy, fun way to decorate the Christmas tree...throw a party!
And here's the perfect reward to serve all your dedicated tree decorators at
the party...Date Nut Christmas Trees. This delicious recipe makes two trees
that taste great and look almost as good as the one you're decorating. Each
tree serves 16 people.

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?CLICK HERE FOR THE RECIPE:
TRADITIONAL?

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THIRD WEEKEND:
Teddy Bears (from Just for Kids Section)

One precious gift you can give a child this holiday season is the gift of
creativity. Help your young baker put his or her talents to work creating
these two lovable Teddy Bears. It's a project that's sure to excite the
imagination and to tap into a child's natural desire to share the gift of his
or her creativity. What better way to share the holiday spirit !
[IMAGE]
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?CLICK HERE FOR THE RECIPE:
TRADITIONAL?

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FOURTH WEEKEND:
Cinnamon-Sugar Candy Cane Twists*

Look at the twist you can put on home baked bread for the holidays! There is
no greater tasting holiday treat than these candy-cane shaped and colored
bread twists. Serve them up to the family when everyone gets together to
decorate the house for the holidays. It's a State Fair-winner that's easy to
make.

* Our thanks to 1998 North Dakota State Fair Winner Tobi Lynne for this
recipe.

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?CLICK HERE FOR THE RECIPE:
TRADITIONAL?

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RECIPE REPORT:

When Bread Brigade America members click on recipes, we know they're
interested. Last month, Peanut Butter Bread was the recipe visited most by
members. Cinnamon Swirl Loaf was a close second, followed by Pumpkin Nut
Bread and The Bread Bowl.

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NEW YORK STATE FAIR
Syracuse, NY
Congratulations to the Winners!
Ellen Tracy and her 13-year old goddaughter, Hannah Young, won first prize
among the 10 entrants in this year's contest with a chocolate bread braid
they made to celebrate Hannah's donating her hair to a program that makes
wigs for cancer patients. Fittingly, their recipe, which symbolized the
donated hair, was called "Locks of Love". Hannah, who had never cut her hair
before, donated 12 inches of her locks to the program. Mary Ellen Botsford
and Katy Botsford took second place and Christine Prowak came in third.
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NEXT MONTH IN KNEAD TO KNOW:
TAKE TEA AND TRY ANOTHER GREAT RECIPE!
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BREAD BRIGADE AMERICA HOME PAGE
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Click here for online access:
http://postfuture.com/P/pt.asp?80=&39E654F8-BAB1-11D4-98FF-0090278D243F

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[IMAGE]


Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 04/17/2001 03:03 PM -----

	"Weller, Andrea" <AWeller@sel.com>
	04/17/2001 03:01 PM

		 To: "'arem@electric.com'" <arem@electric.com>
		 cc: "'Fairchild, Tracy'" <tracy.fairchild@edelman.com>,
"'nplotkin@tfglobby.com'" <nplotkin@tfglobby.com>
		 Subject: FW: SENATORS CALL FOR INVESTIGATION INTO EFFECTIVENESS OF FEDERAL
ENERGY REGULATION

I thought you should all be aware that this call is out there....

Andrea Weller
Market Strategist
Strategic Energy, LLC
949.230.3404
aweller@sel.com

SENATORS CALL FOR INVESTIGATION INTO EFFECTIVENESS OF FEDERAL ENERGY
REGULATION

Senators Joe Lieberman, D-Conn., and Jean Carnahan, D-Mo., have asked the
General Accounting Office (GAO) to inquire into whether the Federal Energy
Regulatory Commission (FERC) is carrying out its responsibilities to ensure
that wholesale electricity sales throughout the country are reasonable and
that interstate natural gas pipelines are fulfilling their obligations to
customers. "Under federal law, FERC has the responsibility to ensure just
and
reasonable prices for interstate wholesale transmission," the Senators said
in a letter to GAO, "but there is mounting evidence that FERC may not have
fulfilled this role in the California situation." Following is text of the
letter:

April 12, 2001

Mr. David M. Walker
Comptroller General of the United States
U.S. General Accounting Office
441 G Street, N.W.
Washington, D.C. 20548

Dear Mr. Walker:

We have been watching with dismay as the state of California suffers
sporadic
rolling blackouts with impacts on electricity supplies and prices throughout

the western United States, a situation that may get worse this summer when
the demand for electricity increases. We understand that there are many
factors that have contributed to the current situation, and few short term
options to create more electricity for this market. At the same time we are
extremely troubled that California's Independent System Operator (ISO)
recently asserted that suppliers of electricity in California have allegedly

been charging many times more than what it actually costs to generate the
electricity, an overcharge amounting to $6.8 billion according to the
operator. Some experts believe that these high prices reflect a
non-functioning market that has, in turn, exacerbated the state's
electricity
shortage.With the possibility of electricity deregulation occurring soon in
additional states such as Missouri, we are concerned whether there is
adequate federal oversight to guard against potential abuse of market power
by suppliers. Without such oversight, the nation may not progress towards
achieving what many see as the promise of deregulation: lower consumer
prices, greater reliability, increased choice, and more efficient
generation.
Deregulation legislation being considered in Missouri would transfer the
oversight authority from the Missouri Public Service Commission (PSC), which

works closely with the utilities to provide direction if there are capacity
or reliability concerns and sets appropriate customer rates, to the Federal
Energy Regulatory Commission (FERC). Under federal law, FERC has the
responsibility to ensure just and reasonable prices for interstate wholesale

transmission, but there is mounting evidence that FERC may not have
fulfilled
this role in the California situation. FERC Commissioner William Massey
recently said: "Ensuring just and reasonable prices in wholesale markets
requires that we clearly define market power, and aggressively intervene
when
the markets are not producing reasonable prices. The commission's actions to

date have been insufficient." (March 20, 2001 testimony to the House Energy
Committee's Subcommittee on Energy and Air quality).We are requesting that
the General Accounting Office (GAO) assess whether FERC is properly
exercising its role to enforce reasonable electricity rates. Specifically,
we
ask GAO to answer the following questions:

1) Has FERC fulfilled its mandate to ensure just and reasonable rates? Is
FERC adequately monitoring and appropriately regulating based on its
statutes
power supply, demand, and pricing in California? In other Western states? In

the Central Midwest and in the Northeast?

2) Has FERC devoted sufficient resources to carry out its oversight
obligations in a timely and effective manner? And does FERC have the
necessary resources to carry out its future oversight role?

3) Does FERC need additional authority to carry out its mission of ensuring
just and reasonable prices given that widespread partial deregulation is now

occurring in so many states?

4) As we understand the situation from some experts, the number of
transactions in electricity that occur in the deregulated wholesale market
place is voluminous. This situation may increase the difficulties of
guarding
against market abuse. Is there a role for another agency or independent
organization to exercise an oversight role with respect to these
transactions? If so, what would be an appropriate oversight role?

5) We have been advised by some experts that greater transparency of prices
relating to the buying and selling of electricity in a deregulated market
would help guard against market abuses. We understand the need to keep
prices
confidential for a period of time to ensure against collusion. After this
appropriate period of time has passed, would greater transparency be
beneficial?

We are also concerned about recent allegations by the California Public
Utility Commission (CPUC) that market power has been abused in the
transmission of natural gas, which has in turn contributed to the spiraling
cost of electricity generation in the state. The CPUC maintains that the
price of natural gas transmitted by the El Paso pipeline has been
manipulated
so that prices in California over the last year have been up to five times
the national average. Because an increasing number of states, including
California, rely heavily on natural gas fired power plants, any manipulation

of that commodity can have severe consequences. Additionally, because such a

large percent of our future nationwide generation capacity will use natural
gas, we are concerned that these types of alleged market abuses will have
even more profound effects. Therefore, we ask GAO to answer the following
questions:

1) Has FERC fully met its responsibilities to adequately regulate interstate

pipelines? If not, what areas require improvement?

2) Is there a continuing role for FERC to play in ensuring equal access to
the limited amount of space in our current natural gas pipelines? Should
this
role be enhanced or clarified, and if so, how?

3) Is there the possibility of this same type of alleged abuse in other
parts
of the country, aside from California, where the natural gas pipeline
capacity is similarly limited? Please provide any details.We appreciate all
the good work that GAO does and we look forward to hearing from you soon.

Sincerely,J

oseph I. Lieberman
Jean Carnahan


fyi

legal due dilligence
---------------------- Forwarded by Bob Shults/HOU/ECT on 03/12/2001 08:44 AM ---------------------------

John Applegate <japplegate@houstonstreet.com> on 03/09/2001 05:11:06 PM
To:	Derek Gamble <dgamble@houstonstreet.com>, "Bob Shults (E-mail)"	 <bob.shults@enron.com>
cc:
Subject:	Trading Agreements

Bob:

It was nice talking to you today.  I wanted to pass along Derek's contact
information and vice versa.  Derek will be sending you our trading agreement
shortly, per your request.  Please note that the version we are using does
not differ materially from the version Enron reviewed during 4Q 2000.  Derek
Gamble is thoroughly familiar with our trading agreements and will be able
to answer any questions you may have for HoustonStreet.  Please do not
hesitate to contact me directly though, if I can be of any assistance.  As I
mentioned during our call, Enron is my top priority.

Best Regards,
John

Derek Gamble
Director of Strategic Partnerships / In-house Counsel
HoustonStreet Exchange, Inc.
dgamble@houstonstreet.com
603-766-8739

Bob Shults
Director, Marketing
EnronOnline
1400 Smith Street
Houston, TX 77002-7361
bob.shults@enron.com
(713) 853-0397 business
(713) 825-6372 mobile

John Applegate
Vice President
Business Development
(603) 766-8706
 <<John Applegate.vcf>>

 - John Applegate.vcf


---------------------- Forwarded by Scott Sefton/HOU/ECT on 08/25/2000 09:46
AM ---------------------------

Scott Sefton
08/22/2000 03:49 PM
To: acurry@velaw.com
cc:
Subject: Raptor

Please see the attached memo.


You shouldn't have told Ben.

	From:  Kathleen Carnahan                           03/29/2001 04:57 PM

To: Kay Mann/Corp/Enron@Enron, Barbara N Gray/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT, Carlos
Sole/NA/Enron@Enron, Ben Jacoby/HOU/ECT@ECT, Lorie Leigh/HOU/ECT@ECT
cc:

Subject: My schedule

I will be out of the office tomorrow and Monday.  I can be reached at home
(281) 363-1477 on Monday.

Kathleen


IN THE MONEY: Another Sign Investors Don't Trust Enron
Dow Jones News Service, 11/26/01
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
Dow Jones News Service, 11/26/01
Enron, Banks Formalize $690M Debt Extension To Dec. 14
Dow Jones News Service, 11/26/01
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
Dow Jones Capital Markets Report, 11/26/01
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M
Dow Jones News Service, 11/26/01
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal
AFX News, 11/26/01
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
Reuters English News Service, 11/26/01
USA: Enron lawsuit seen as wake-up call for pensions.
Reuters English News Service, 11/26/01
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.
Reuters English News Service, 11/26/01
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report
AFX News, 11/26/01
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
Dow Jones News Service, 11/26/01
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.
Reuters English News Service, 11/26/01
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
Bloomberg, 11/26/01

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
Bloomberg, 11/26/01

ENRON SHARES SLIDES TO ALL-TIME LOW
CBS.MarketWatch.com, 11/26/01

IN THE MONEY: Another Sign Investors Don't Trust Enron
By Michael Rapoport

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- If you needed any further proof that investors no longer trust Enron Corp. (ENE), here's another piece of evidence - one that goes to the heart of the recent plunge in the company's stock.
Enron doesn't simply trade for less than its book value; it fell below that milestone weeks ago. No, now it trades for less than ONE-THIRD of its book value.
That's a rare level for a company of Enron's size and prominence. And it may mean, among other things, that investors have decided that they simply can't place any further faith in the veracity of Enron's earnings and balance-sheet figures, much-revised as they've been - something that has unnerving implications for any attempt to value the company fairly.
First, let's be clear about what this means. Enron stock is currently about $4 a share; the company's reported book value is about $12.90 a share. In other words, Enron stock sells for less than one-third of what shareholders would get if the company were to liquidate - were to turn all its assets into cash, pay off all its liabilities on its balance sheet and give what's left over to shareholders.
This is an uncommonly dismal level for any company, even a troubled one. For comparison's sake, Dynegy Inc. (DYN), which has agreed to buy Enron, trades at about three times book value, as does El Paso Corp. (EPG), a competitor of both companies. In fact, Enron has the second-lowest price-to-book ratio of any company in the Standard & Poor's 500-stock index - only Conseco Inc. (CNC), another troubled company, is lower, by an eyelash.
Part of the problem is undoubtedly the continuing fear among investors that Dynegy's agreement to buy Enron will fall apart, and the belief that Enron will have to file for bankruptcy if it does, in which case Enron shareholders would be hard-pressed to realize any value. The Dynegy deal now amounts to about $10.60 per Enron share, itself well under Enron's book value; the huge premium that level offers over Enron's current stock price is an indication of the big risk investors see that the deal won't be consummated in its current form.
But given Enron's current woes, it's certainly also possible that Enron is trading at such a big discount to book value because investors don't feel they can trust the earnings and balance-sheet numbers coming out of Enron. Those numbers, after all, are the raw material that form the basis for valuing Enron, or any other company, by computing figures like price-to-book and price-to-earnings ratios.
And the Enron debacle has been all about the quality of those numbers, with Enron shifting assets off its balance sheet to outside limited partnerships from which some of its executives benefitted. In terms of those numbers, the ground has shifted underneath investors three separate times now - when the company slashed its reported shareholder equity by $1.2 billion to unwind its transactions with one of those partnerships, when it restated nearly five years' worth of earnings downward by a total of $586 million, and when it revealed that it could take further charges and was facing an imminent deadline to post collateral on a $690 million note. (That deadline has now been extended until Dec. 14.)
When you've gotten punched in the face three times, it's not unreasonable to fear there'll be a fourth blow, no matter how much the puncher assures you there won't be. Given Enron's insanely complicated structure, and the way bad financial news has dribbled out of the company over the past several weeks, who can guarantee there aren't more such shocks yet to come?
That's what investors appear to be fearing, and that may be part of the reason Enron stock has fallen so precipitously. Thanks to Enron's repeated demonstrations that its numbers can't be relied on, investors no longer have a firm, trustworthy basis on which to value the stock. And so, not surprisingly, the value is getting ratcheted down to the most conservative, bare-minimum level.
An Enron spokesman couldn't be reached for comment.
It's ironic, in a way. For a long time, it was hard to properly value Enron because its structure and finances were so complex and hard to decipher. Now it's hard to properly value Enron because the company's attempts to clarify its finances have made it clear that it's hard to expect investors to trust in their accuracy.
-By Michael Rapoport, Dow Jones Newswires; 201-938-5976; michael.rapoport@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- As the market continues to speculate about the status of Dynegy Inc.'s (DYN) takeover of Enron Corp. (ENE), Dynegy's board isn't offering its opinion.
"Any comments coming out of Dynegy are coming from the company's executives," said Jerry Johnson, a Dynegy board member who also is an executive vice president at Safeguard Scientifics Inc. (SFE).
Johnson declined to comment on any matters related the pending acquisition of its larger rival, and wouldn't say whether the board has been meeting to discuss the transaction.
Three other board members, through their representatives, declined to comment as well. Other non-executive directors on the 14-member board either weren't immediately available to comment or couldn't be reached.
As for Dynegy's management, spokesman John Sousa said the company's opinion on the deal remains the same since its last comments on Wednesday.
At that time, Dynegy Chairman and Chief Executive Chuck Watson said Dynegy was continuing its due diligence and was looking to accelerate regulatory approval of the deal.
According to Sousa, Dynegy worked through the holiday weekend gathering information as part of its due diligence efforts.
Meanwhile, Enron continued its discussions to raise between $500 million to $1 billion of additional financing, said Enron spokeswoman Karen Denne. The company also is working to restructure its debt by mid-December, she said.
But investors appear to be voting with their feet. Enron shares were recently down 18.3%, or 86 cents, to $3.85, while Dynegy shares slipped 2.7%, or $1.06, to $39.34. As a result, the already huge discount to the deal's offer price has grown even bigger as the market continues to signal the deal won't get completed on its original terms.
Under the terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share for each share outstanding, or about $8.98 billion, based on Dynegy's recent stock price.
At Enron's recent level, the stock is trading at a 64% discount to the Dynegy offer.
Neither Sousa or Denne would comment on the stock movement.
Dynegy has already provided Enron with a $1.5 billion cash infusion that is secured by Enron's pipeline assets. While that investment has helped Enron's near-term liquidity position, it remains unclear how long the company can remain solvent without any added investments.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron, Banks Formalize $690M Debt Extension To Dec. 14
By Carol S. Remond and Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of Dow Jones Newswires

NEW YORK -(Dow Jones)- Enron Corp. (ENE) and a group of banks last week formalized an agreement to extend the due date on a $690 million syndicated loan by three weeks to Dec. 14.
The loan relates to one of Enron's consolidated limited partnerships that owns minority interests in power and energy projects around the world. Enron said last week that Standard & Poor's downgrade of its credit rating to "BBB-" had triggered an obligation to repay the loan by Nov. 27.
People familiar with the matter said last week that lead banks J.P. Morgan Chase & Co. and Citigroup Inc. and Enron will use the extension to negotiate a further postponement of the debt to the middle of 2002 when other Enron bank loans come due. About $1.75 billion of Enron's $3.5 billion in syndicated bank loans come due in May 2002 and will likely need to be restructured.
About $250 million of the assets securing the $690 million loan are in the process of being sold and will be used to pay down the loan, reducing the outstanding portion of the loan that will need to be restructured, those people familiar with the matter said.
Enron's shares and bonds continue to suffer from mounting uncertainties about the company's finances and whether those could force one-time rival Dynegy Inc. (DYN) to reconsider its offer to buy Enron, an offer that many see as Enron's only chance to avoid bankruptcy. Enron stock was recently down 18% to $3.84. Meanwhile, Enron bonds are also lower, with the 6.4% bonds due 2004 recently trading at a distressed level of 48 cents on the dollar.
Carol S. Remond; 201-938-2074; Dow Jones Newswires; carol.remond@dowjones.com
and Christina Cheddar; Dow Jones Newswires; 201-938-5166

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
By Christine Richard
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones Capital Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Citigroup Inc. (C) is expected to extend a hand to Enron Corp. (ENE) by renegotiating a $690 million payment due Nov. 27.
But investors shouldn't be concerned that the financial services giant is too exposed to the embattled energy trading company. Citigroup already may have laid off the loan and other exposure via a series of credit default swap transactions. That means more institutional investors left holding the bag if Enron isn't ultimately rescued from financial collapse by a takeover proposed by Dynegy Inc. (DYN).
Over the last few years, Citigroup has entered into at least six transactions that effectively would allow the bank to lay off the equivalent of $2.384 billion in Enron exposure.
Citigroup was instrumental in setting up Enron Credit Linked Notes Trust, Enron Credit Linked Notes Trust II and Yosemite Securities Trust I, which together raised $1.750 billion; Enron Sterling Credit Linked Notes Trust and Yosemite Securities Co., which raised a combined GBP325 million; and Enron Euro Credit Linked Notes Trust, which issued EUR200 million.
Citigroup, which acts as the default swap counterparty to the trusts, receives the return on the portfolio of single-A-plus-or-better-rated securities, purchased with the proceeds of the offerings, in exchange for providing the payout on the Enron exposure, according to Mary Ryan, director of synthetic securities ratings at Standard & Poor's.
As long as Enron remains out of bankruptcy, Citigroup continues to make payments on the notes, Ryan said.
If Enron defaults, Citigroup would cease making payments to the trust. The single-A-plus-or-higher-rated securities in the trusts would go to Citigroup in exchange for the same nominal amount of now in-default Enron debt obligations. And with speculation mounting that Dynegy will reduce, or maybe even scrap, its offer to buy Enron, the chances of a such a default-driven transfer would appear to be rising.
These notes essentially are synthetic Enron debts, meaning they act like Enron bonds in many respects, but lack key components that make holders true creditors of Enron.
For instance, the holders of these notes, because they don't possess actual Enron obligations - and won't unless the company defaults - are not involved in negotiations to restructure or rollover debt. It has been reported that Enron is engaged in active negotiations over the terms of its debts with creditors.
The synthetic notes all carry a rating equivalent to Enron's rating of triple-B-minus from Standard & Poor's and Baa3 from Moody's Investors Service.
The rating on the securities has been downgraded in recent weeks to reflect the downgrades in Enron's ratings.
Citigroup officials did not respond to requests for further details on the transactions. -By Christine Richard, Dow Jones Newswires; 201-938-2189;
christine.richard@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) was sued Monday in the latest of at least three purported employee class action suits the company faces over lost 401(k) retirement savings due to the recent collapse of the price of Enron stock.
In a press release Monday, Eli Gottesdiener, a Washington, D.C. attorney who filed the latest suit on behalf of employees, said it seeks $850 million in plan losses, in part because the company sold Enron stock to its employees knowing the price was artificially inflated.
An Enron spokeswoman declined to comment.
Unlike two similar, recently filed suits against Enron, the latest also contends that Enron offered the stock without the required prospectus.
If proven, the sale without a prospectus "give workers the automatic right to rescind their purchases and receive their money back with interest," Gottesdiener said in a statement.
Enron "locked down" the retirement plan from Oct. 17 to Nov. 19, to make administrative changes, which prevented employees from selling Enron shares as the share price collapsed amid growing disclosures of financial problems.
Earlier this month, Houston-based Dynegy Inc. (DYN) offered to buy its far larger competitor in an all-stock deal that values Enron shares at $10.85 a piece, or about $9.2 billion.
Enron later disclosed that its future earnings would be substantially less than expected and shares fell sharply.
Enron currently trades at $4.05 a share, down from their 52-week high of $84.88 a share in December 2000.
The first suit was filed Nov. 13 on behalf of plaintiffs by Campbell Harrison & Wright LLP in Houston. A second was filed last week by Seattle-based Hagens Berman LLP.
-John Seward; Dow Jones Newswires; 201-938-5400

(Corrected 04:34 PM)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were down 14 pct in midsession trading as concerns continued to mount over the energy giant's acquisition by Dynegy Inc, with investors focusing more and more on the deal's breaking clause, dealers said.
At 12.45 pm, Enron shares were trading down 65 cents at 4.06 usd, a decline of 14.0 pct. Dynegy was down 1.60 usd at 38.80, amid broad declines in energy shares as crude prices sank.
The DJIA was up 57.70 points at 9,892.86. The S&P 500 was up 6.24 points at 1,143.27. The Nasdaq composite was up 11.94 points at 1,886.99.
Dealers said that with Enron shares having slid well below the Dynegy offer price of 9.85 usd a share, the ChevronTexaco affiliate may well reconsider its offer, or walk away from the deal all together.
"People are making the bet that perhaps Dynegy may cancel the deal, and that's there a lot more risk in playing the arbitrage," said Jefferies & Co market strategist Art Hogan.
The deal with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off, he said.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
Enron shares have plunged further since the filing, in which Enron revealed a number of new financial problems including a possible obligation to repay a 690 mln usd note due Nov 27.
Enron subsequently received an extension on the repayment until mid-December.
Since the beginning of the year, Enron shares have lost over 90 pct of their value after it was revealed that the company would post hefty third-quarter charges linked to risky investments by the firm's former chief financial officer.
"At this point, with so much smoke around the fire, I think the shares are rightly valued," said Jefferies' Hogan.
ng/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
By Janet McGurty

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 26 (Reuters) - Shares of troubled energy giant Enron Corp. continued to lose ground on Monday amid fears that the proposed acquisition of the company by smaller rival Dynegy Inc. will fall through.
Enron stock was down 61 cents, or 12.9 percent, at $4.13 in active midmorning trade on the New York Stock Exchange. Dynegy has agreed to pay $10.55 per share for Enron.
"The market is acting like the deal is not going through or not going through at the original terms," said Michael Heim, an industry analyst at A.G. Edwards & Sons.
Heim said that among three possible scenarios - the deal goes through as planned, it is canceled, or it is restructured - the first is the least likely.
"Escape clauses" built into the Dynegy-Enron deal give the buyer the option to back out if there is serious deterioration in Enron's business or assets.
"Dynegy has a good claim that the 'material adverse condition' clause has already been triggered, either by the $690 million loan being accelerated, earnings (being) down or the ongoing trading business weakness," he said.
Last week Enron said it could be forced to pay a $690 million debt this week because of a credit downgrade, but the payment deadline has been delayed until mid-December.
Enron's recent admission that lower volumes at its trading business - the crown jewel that Dynegy most covets - could cause low fourth-quarter earnings raises the possibility that the trading business is losing its profitability. Continued lower volumes there would remove a key attraction for Dynegy.
"Every day that goes by where Enron trading volumes become less, it decreases the value of the assets Dynegy was trying to buy in the first place," Heim said. "Besides trading and marketing, what value does Enron have?"
The majority of Enron's physical assets are spoken for, with partnerships and creditors getting first dibs and Dynegy getting the first right to exercise its option to acquire Enron's Northern Natural Gas pipeline.
Dynegy, which is 26.5 percent-owned by energy giant ChevronTexaco , is to swap 0.2685 share of its own stock for each share of Enron. Shares of Dynegy were down $1.27, or 3.1 percent, at $39.13 in midmorning NYSE trade.
Enron agreed to a Dynegy buyout after it was overwhelmed by a series of problems, including a U.S. regulatory probe of off-balance-sheet dealings by its officers, a $1.2 billion cut in shareholder equity, and cuts in its credit ratings.
Enron subsequently restated its earnings, but investor unease snowballed and its share began tumbling. The shares were above $90 in August 2000.
Heim said he was not sure that EnronOnline, Enron's online trading platform, is the premier property it once was.
"Two years ago it had some value, but now others have been able to duplicate it. It's not the computer systems - it's the traders and network that Enron had. If those go away, the value lessens.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron lawsuit seen as wake-up call for pensions.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 26 (Reuters) - A Washington, D.C., lawyer said Monday he hopes heavy losses suffered by Enron Corp. employees will spur Congress to limit employee investments in their employers' stock through 401 (k) retirement plans.
"How many workers have to lose both their jobs and their retirement savings before Congress steps in and puts a stop to this by placing a cap on the amount of company stock that can be in a 401 (k) plan?" lawyer Eli Gottesdiener asked.
Gottesdiener released a statement Monday saying he had filed a lawsuit on behalf of employees of the beleaguered energy giant who have lost an estimated $850 million on Enron stock held in their 401 (k) retirement accounts.
The suit is the third one filed against Enron that alleges the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices. All three suits seek class-action status.
Enron's shares have fallen from a high of $90 in August 2000 to less than $5 today, their decline accelerating since Oct 16 amid a series of disclosures about its deteriorating finances.
Like many other companies, Enron makes matching contributions to its employees' 401 (k) retirement accounts in its own stock. It also requires them to hold the stock they receive in matching contributions until they turn 50.
Enron employees were also prevented from selling Enron stock held in retirement accounts for several weeks from mid-October due to a change in the retirement plan's administrator.
Gottesdiener said investment advisors recommend investing no more than 15 percent of a portfolio in a single stock, but that participants in 401 (k) plans offering employer stock as a choice typically hold 33 percent of their portfolio in that stock.
"Congress sensibly placed a 10 percent limit on company stock in traditional defined benefit plans back in 1974, but at the behest of the corporate lobby, it placed no such cap on defined contribution plans," he said.
The absence of such a cap in defined-contribution 401 (k) plans was "completely indefensible," he said.
Gottesdiener's suit alleges that Enron violated federal securities law by offering and selling Enron stock to employees without issuing a prospectus. If proven, this would give workers the right to reverse their purchases, he said.
Gottesdiener is also involved in class action pensions litigation against New York Life Insurance Co. and SBC Communications Inc..

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
By Jonathan Stempel
NEW YORK, Nov 26 (Reuters) - U.S. corporate bonds outperformed
Treasuries on Monday as traders edged back to their desks
following the Thanksgiving Day weekend, in the midst of a broad
revival for corporate bonds of all stripes.
In secondary trading, spreads, the yield difference between
the bonds and comparable maturity U.S. Treasuries, tightened about
0.01 percentage point.
"I would expect a continuation of the tightening, especially
with Treasury interest rates going up," said one trader. "Absolute
corporate yields are starting to look pretty attractive."
Corporate bonds, especially junk bonds, have outperformed
Treasuries this month as investors developed a new tolerance for
risk. Though absolute returns for investment-grade corporate bonds
are negative, they are even worse in the Treasury market, where
investors appear more convinced that the current U.S. economic
downturn won't be deep or long.
"The successes in Afghanistan and some milder-than-anticipated
economic data have combined to increase investor appetite for
risk," wrote fixed-income research service CreditSights Inc. in a
report dated Monday. "While the severity and swiftness of the bond
market's correction was a surprise, it hasn't changed our basic
view of U.S. corporate bonds and we continue to recommend
overweight positions."
This week's forward calendar remains quiet.
In early trading, 10-year Treasuries rose 10/32, as their
yields fell to 4.971 percent.
ENRON
Market participants are closely watching Houston-based Enron
Corp. as the largest U.S. energy trader tries to merge
with smaller cross-town rival Dynegy Inc. , keep its
investment-grade credit ratings, and manage a load of $9.15
billion of debt and other obligations, much of which is unsecured
and coming due within 13 months.
Of this debt amount, $690 million could come due by
mid-December, and $3.9 billion immediately if Enron falls to junk
status. The key to resolution of this matter, some observers
believe, is Enron's banks.
"The goal of the banks now is to re-cut their exposure to gain
as much structural seniority or asset liens as possible, take out
fees, raise rates, take down total exposure, and generally improve
their risk-profile under multiple scenarios," said CreditSights.
"The very bankers who are supplying liquidity through new
secured bank lines and who are rumored to be considering equity
investments are the ones on the hook (and unsecured) for $3
billion in bank loans," wrote Carol Levenson, an analyst for
GimmeCredit, another fixed-income research service. "If Dynegy
backs out (in the interest of self-preservation), these vital bank
renegotiations might save Enron but leave unsecured bondholders as
the patsies."
Enron's existing 6.4 percent notes maturing in 2006 and 6.75
percent notes maturing in 2009 were bid on Friday at 57 cents on
the dollar, down from around par on October 12, before Enron first
reported third quarter results, which it later revised downward.
Enron shares have fallen 94 percent this year to their lowest
level since early 1989.
DATA
Investment-grade and junk bond spreads narrowed 0.1 and 0.27
percentage point last week, respectively, to 1.68 and 7.84
percentage points, according to Merrill Lynch & Co. Junk bond
spreads have narrowed 1.45 percentage points this month.
For the month, junk bonds have returned 2.996 percent, while
investment-grade corporate bonds have lost 2.355 percent and
Treasuries 3.488 percent, Merrill Lynch said. For the year, the
respective bonds are up 4.777, 9.634 and 6.565 percent.
For a complete list of upcoming or recently priced bond deals,
please click on .

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
SAO PAULO (AFX) - Petroleo Brasileiro SA and its pension fund Petros are close to winning regulatory approval to purchase Enron Corp's stakes in gas distributors CEG and CEG Rio, daily Valor Economico reported.
Valor said Petrobras last week reached an agreement with the Regulatory Agency for Public Service Concessions of Rio de Janeiro local authorities, under which it agreed to undertake a series of investments in exchange for approval to acquire Enron's 13.38 pct stake in CEG and its 33.75 pct stake in CEG Rio.
It said the deal now passes to Rio de Janeiro governor Anthony Garotinho for approval.
as For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
By Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of DOW JONES NEWSWIRES (This story was published originally Friday)

NEW YORK -(Dow Jones)- Here's one 2001 outlook that couldn't have been more wrong.
Around this time last year, pundits and fund managers were touting "the perfect storm" of market forces that were coming together to make the energy trading business one to watch in 2001.
Then came the California power crisis, and allegations of price-gouging and fears of credit defaults began to cloud the outlook for the group. That was followed by renewed volatility in power prices, and this time the prices were headed down, not up.
And then came a crushing blow against trading firms - the unraveling of the industry's largest player, Enron Corp. (ENE).
Simply put, the perfect storm stalled, and a business once buoyed by high gas prices, strong demand and tight supply now lies in tatters.
The stocks of companies whom some say should be valued more like growth stocks than utilities are instead mired at around nine-times earnings - about where traditional utilities trade.
And the chance for recovery in 2002?
Basu Mullick, portfolio manager of the Neuberger Berman Partners fund, is willing to bet there is. He thinks energy traders deserve at least the same price-to-earnings multiple as the broader market's median, which is currently between 16- to 17-times future earnings, he said. It's just a matter of time before the stocks get there.
"They were just recovering from Gray Davis," Mullick said, referring to the governor of California, who had accused "out-of-state" energy traders of artificially inflating the price of power in the state, and triggering the state's energy crisis. "Now, they are recovering from Enron."
The fund manager also blames lower commodity prices, warm weather and poor demand for the recent weak performance in the group.
"Energy convergence companies are putting up terrific growth rates," he said. "I don't think they should get the same valuation as a garden-variety utility."
Still, others think the stock market is continuing to make distinctions between the energy traders by taking a harder look at the companies' strategies and financial disclosures.
Enron's precarious financial situation underscores the importance of accounting issues. Although many of Enron's financial problems aren't solely the fault of mark-to-market accounting issues, there has been growing attention paid to this form of financial reporting because of the earnings volatility it can create.
Answers Elude Investors

Investors are asking hard questions, and not always getting the answers they want.
Using mark-to-market methods, a company calculates the fair market value of a commodity position - whether it's a contract, an option, a swap, etc. - at the time, even if the value of the position is realized over a longer period. The problem with this method is the actual cash a company realizes from the position might not be the same value the company calculated in its original assessment. Also, sometimes it isn't easy to calculate the fair value of the commodity position. This is particularly true in instances where the market for the commodity isn't liquid.
Over time, companies with the highest level of disclosure regarding their mark-to-market gains will most likely trade at higher multiples to counterparts that provide little or no disclosure, said ABN AMRO Inc. analyst Paul Patterson.
Encouragingly, it appears companies may already be responding to the call for added disclosure. According to a survey Patterson conducted, more companies with energy trading units were willing to disclose the details of their mark-to-market accounting practices during third-quarter conference calls compared with those in the second quarter.
Patterson said he prefers earnings that are cash-based.
"All things being equal, we believe reported earnings that more closely reflect the timely realization of cash have a higher quality associated with them than earnings that do not," he said.
He expects investors to become smarter and learn to distinguish between earnings growth through accrual accounting and growth fueled by mark-to-market accounting.
At the end of the day, it is not a matter of simply producing profits, but being able to say where those earnings came from, said one investor, who manages a pension fund.
Some investors also may be placing a greater emphasis on the cash flow the energy merchants produce.
Tim O'Brien, portfolio manager of the Gabelli Utilities Fund, said energy merchants that own the physical power assets to back up their trading positions should trade at a premium to an independent power producers and traditional utility companies. Still, the stocks should be valued at less than the growth rate of the company because of their heavy exposures to commodity prices.
Energy merchants include companies such as Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and Dominion Resources Inc. (D).
According to O'Brien, the group never deserved to have the price-to-earnings multiples above 20- to 30-times earnings, which were once paid for the stocks.
"We all got sucked up by the up-leg of the cycle and forgot just how cyclical these companies are," O'Brien said, adding that the average multiple should be in the high single-digits to the high-teens.
As for independent power producers - which are companies without regulated operations that own power plants to generate electricity to sell and trade in the wholesale market - the group may wind up being valued on the basis of the replacement costs of the assets in their portfolio, according to O'Brien.
"One analogy is that they are basically like commercial real-estate plays," O'Brien said.
That could mean stocks such as Calpine Corp. (CPN), which is already in the lower-half of its trading range, may have further to fall.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Recasts with denial, comments from financial institution in paragraphs 5-6)
BOMBAY, Nov 26 (Reuters) - The Aditya Vikram Birla Group, a leading Indian conglomerate, on Monday denied newspaper reports it was looking to buy U.S. energy giant Enron Corp's 65-percent stake in the beleaguered Dabhol Power Company.
"There has been no expression of interest in Dabhol. We are not interested," a top AV Birla group official told Reuters.
Two leading Indian business dailies earlier said the group, whose interests range from textiles to cement and carbon black, is eyeing Dabhol to expand its interests in the domestic power sector.
The Economic Times and the Financial Express said the group was exploring the possibility of submitting an expression of interest to Indian financial institutions to buy Enron's stake in the company.
An official of state-run Industrial Development Bank of India, the leading financier of the $2.9 billion project in the western state of Maharashtra, said he has not heard from the Birla group.
"We have not received any official communication from them," the official, who did not wish to be identified, told Reuters.
The spokesman for Dabhol was not available for comment.
FIGHTING FOR SURVIVAL
Enron Corp, which is fighting for survival in the United States amidst investor doubts over its corporate governance practices, owns 65 percent of Dabhol. General Electric Co and Bechtel own 10 percent each, while the Maharashtra State Electricity Board (MSEB) owns 15 percent.
Dabhol and MSEB have been fighting over payment defaults and high tariffs for over a year. The dispute has affected India's efforts to attract foreign investment in the power sector and caused Enron and its U.S. partners to announce plans to exit the project.
Tata Power Company Ltd, India's largest private sector utility firm, and BSES Ltd, another utility company and a member of India's largest conglomerate, the Reliance Group, are already in talks to buy Enron's stake.
The AV Birla Group has adopted the route of mergers and acquisitions in recent years to consolidate its position in key industries.
Last week, one of its group companies, Grasim Industries Ltd, bought a 10-percent stake in India's largest cement maker, Larsen & Toubro Ltd
Earlier this year, Indian Rayon & Industries Ltd, another group company, entered the information technology sector by buying out France's Groupe Bull SA's 50.35 percent stake in PSI Data Systems
But the group's track record in the power sector has been less than impressive.
Two joint ventures with Britain's Powergen Plc to produce over 1,000 megawatts of electricity in two Indian states have not made much headway since they were announced in the mid-1990s.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
2001-11-26 16:45 (New York)

Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)

     (Adds analyst comment in 4th paragraph.)

     New York, Nov. 26 (Bloomberg) -- Enron Corp.'s stock price
declined to a 14-year low and its bonds plunged 10 points on
concern the company won't secure $1 billion in fresh capital,
threatening its plan to be acquired by Dynegy Inc.

     ``The clock is definitely ticking,'' said Jon Kyle
Cartwright, a debt analyst at Raymond James and Associates. ``The
question is the survivability of Enron.''

     J.P. Morgan Chase & Co. and Citigroup Inc. executives met
today to line up investors for as much as $2 billion of bonds
convertible into stock. The company needs the money to operate
until Dynegy completes its $23 billion purchase. Dynegy unveiled
its plan to make the acquisition on Nov. 9.

     Enron shares and bonds, which opened lower, tumbled after 1
p.m. when no announcement for fresh financing was made. Enron's
6.4 percent notes that mature in 2006 plunged to 48 cents on the
dollar, down from 55 cents on Friday. The bonds now yield 26
percent. Enron shares declined 15 percent, or 70 cents, to $4.01.

     Concern that rival Dynegy may change or cancel its bid for
Enron has pushed Enron's stock down 55 percent in the past week.
Enron's shares had plummeted 86 percent since mid-October after
the company reported a $618 million third-quarter loss and said
expansion into water, telecommunications and retail-energy sales
cost it $1.01 billion.

     ``You haven't heard anything from Dynegy today, and that is a
bit scary,'' said Andy Palmer, who doesn't hold Enron bonds in the
$2 billion he helps manage at ASB Capital Management Inc. in
Washington.

     Part of the third-quarter charge was connected with limited
partnerships run by the chief financial officer. He was ousted,
and the U.S. Securities and Exchange Commission started an
investigation into Enron's accounting. The company earlier this
month restated its earnings for the past four years.

                        Talks on $1 Billion

     Under the buyout, Enron investors would receive 0.2685 Dynegy
share for each share held. That valued Enron at $10.41 a share, 21
percent more than Enron's share price that day.

     On Friday, the buyout valued Enron at $10.85 a share, more
than double Enron's closing price of $4.71. The widening of the
difference between the value of the offer and Enron's stock price
indicates investors doubt the buyout will go through.

     Shares of Enron traded as low as $3.76 today, rebounding to
close at $4.01. The stock was the most active in U.S. trading
Wednesday and Friday. Dynegy dropped $1.15, or 2.85 percent, to
$39.25. The stock has fallen 30 percent this year. Both companies
are based in Houston.

     Egan-Jones Ratings Co. lowered its rating on Enron's credit
today to ``BB-'' from ``BB.'' ``Dynegy needs to show its support,
or Enron will slide,'' the firm said in a report.

     Moody's Investors Service hasn't issued a report on Enron
since the company filed its 10-Q quarterly report with the SEC a
week ago. The ratings agency's analysts haven't returned calls for
comment.

     Moody's cut Enron's long-term credit rating on Nov. 9, though
it maintained an investment grade.

                          `More Problems'

     ``Time is not Enron's friend,'' said Stewart Morel, co-head
of investment grade debt research at UBS Warburg LLC. ``There is
increased concern in the market that there may be more problems
that are yet to be disclosed.''

     On Wednesday, Enron got a three-week reprieve from lenders on
a $690 million note due this week, giving the company more time to
restructure its finances. Dynegy Chief Executive Officer Chuck
Watson said he was ``encouraged'' by the commitment to extend the
note payment, as well as the closing of a $450 million credit
facility, and that Dynegy remained committed to the merger.

     Terms of the $690 million note were outlined for the first
time in the Enron filing a week ago. Enron also said that it has
less than $2 billion in cash and credit lines left. If the
company's cash reserves run too low, Enron's credit rating may be
cut below investment grade. That would trigger $3.9 billion in
debt repayments for two affiliated partnerships.

     Enron said in the filing that fourth-quarter profit might be
hurt by a drop in its trading business. Companies such as Aquila
Inc. and Mirant Corp. have reduced their activity with Enron
because of credit concerns.

     ``Should the Dynegy deal fall through, we don't view it
likely that Enron would be able to remain as a stand-alone
company,'' Youngberg of Edward Jones said. ``Without Dynegy, the
credit rating will fall, causing their trading business to dry up
further.''

     Enron, the biggest energy trader, once handled about a
quarter of U.S. gas and power transactions.

     Enron's bankers met with leveraged buyout firms and two
industrial companies to seek an investment, the New York Times
reported last week. J.P. Morgan Chase & Co. and Citigroup Inc.
agreed to terms that give each of them a $250 million equity stake
as part of a transaction to be completed today.

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
2001-11-26 15:16 (New York)

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating

     New York, Nov. 26 (Bloomberg) -- Dynegy Inc. bonds have
fallen as much as 9 percent this month on investor concern the
energy trader's proposed $23 billion purchase of rival Enron Corp.
will erode its credit rating.

     Dynegy's 6.88 percent coupon notes due in 2011 are trading at
$932 per $1,000 face value, down from $1,024 last month, according
to Merrill Lynch & Co. data. Yield on the debt has risen to 7.9
percent from 6.5 percent as investors demand more return to
compensate for the increased risks of the securities.

     Dynegy's credit is rated ``Baa3'' at Moody's Investors
Service, the lowest rung of investment grade, and ``BBB+'' at
Standard & Poor's, two levels higher. Each ratings company said it
may cut Dynegy's credit rating if it buys Enron, which comes with
about $15 billion in debt and a regulatory inquiry into financial
partnerships set up to keep debt off its books.

     ``If you put Dynegy and Enron together it will have a
detrimental effect on Dynegy's credit rating,'' said Tim Nelson,
senior credit analyst at U.S. Bancorp Piper Jaffray Cos. in
Minneapolis, which holds Dynegy bonds.

     Dynegy's 7.45 percent coupon notes due in 2006 are trading at
$1,019 per $1,000 face value, down from $1,085 last month,
according to Merrill. The notes yield almost 7 percent, up from
5.4 percent.

     Enron's credit is rated ``Baa3'' at Moody's and ``BBB-'' at
S&P, the lowest level of investment grade. Both ratings companies
are reviewing the credit for a possible downgrade and say Dynegy's
buyout plan is what's keeping the grades above junk.

     ``I don't think right now anybody knows exactly what Enron
is,'' said Mark Simenstad, who holds Dynegy bonds in the $5
billion he helps manage at Lutheran Brotherhood.

     ``Dynegy has proven to be pretty well-managed over the years
so you have to give them the benefit of the doubt here,''
Simenstad said. ``The hope is that if there's something they don't
understand they'll walk away.''

     Dynegy has $3.9 billion of bonds outstanding, most of which
come due between 2002 and 2011, according to Bloomberg data.

     Shares of Houston-based Dynegy, which topped $47 two weeks
ago after Chief Executive Chuck Watson said the Enron purchase
would boost earnings by at least 35 percent next year, fell $1.30
to $39.10 in mid-afternoon trading today. Enron's shares, down 92
percent this year, fell as much as 80 cents, or 17 percent, to
$3.91, a the lowest since 1987.

ENRON SHARES SLIDES TO ALL-TIME LOW

By CBS.MarketWatch.com

4:53 PM ET Nov 26, 2001

HOUSTON (CBS.MW) -- Enron shares fell as much as 20 percent Monday,
crashing through the $4 level for part to set an all-time low and cast
additional doubt on the energy merchant's plan to be acquired by rival
Dynegy.

Enron (ENE) set a new all-time low of $3.76 Monday afternoon before
closing at $4.01, off 70 cents. More than 60 million shares changed
hands, making it the most active issue on the New York Stock Exchange.

The stock has lost about half its value since Dynegy announced an
agreement to buy Enron on Nov. 9 and more than 85 percent of its value
in the past month.

Meanwhile, shares of Dynegy (DYN) lost $1.15, or 2.8 percent, to stand
at $39.25.

The collapse in Enron's share price has made it more likely that Dynegy
and Enron will have to renegotiate the terms of their original deal, in
which 0.2685 of a Dynegy share would be exchanged for each outstanding
Enron share.

However, the Financial Times reported that Dynegy remains confident of
its ability to complete a deal for Enron, which has been seeking $500
million in private equity capital to shore up its finances.

"We continue to hear reports the Enron's energy marketing and trading
business, once the crown jewel of the company, has eroded badly with
counterparties only willing to do shorter-term deals," A.G. Edwards
& Sons analysts Charles Fishman and Douglas Fischer wrote in a
research note Friday.

Enron investors do not believe that the merger is likely to occur under
the current terms, the analysts said.

Chance of Dynegy backing out

_______________________________________________________________________

On Monday, Michael Heim, also of A.G. Edwards, attributed Enron's
latest stock drop to "growing belief that the likelihood of the (merger)
deal is not so likely."

He pointed out that the outlook for Enron is "not very favorable" but
in the meantime, it's doing everything it can to stay "afloat" while
working on closing the deal.

Last week, Enron said it got a bank extension on a $690 million note to
mid-December. The note was originally set to come due in 2003, but was
bumped up to Nov. 26 due to a rating downgrade at Standard & Poor's.
<http://cbs.marketwatch.com/news/story.asp?guid=%7B81418CA4%2D11A5%2D4C7C%2DA602%2DCF3DA4BCAA7B%7D>

The payment by itself is manageable because Enron has about $2 billion
in cash on its hands, Heim said, but "the event moves Enron's merger one
step closer to the point in which Dynegy is able to exercise the
merger's material adverse condition clauses and back out of, or
restructure, the merger deal."

Heim has a "sell" rating on the stock.


I agree with Peace that it is wrong for the "discredited" ISO and PX boards
to select their replacements.  But little else.

Jim

----- Forwarded by James D Steffes/NA/Enron on 11/07/2000 05:30 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	11/07/2000 01:59 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: David Parquet/SF/ECT@ECT, James D Steffes/NA/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT,
Peggy Mahoney/HOU/EES@EES, Richard Shapiro/NA/Enron@ENRON, Sandra
McCubbin/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Susan J
Mara/SFO/EES@EES, Tim Belden/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT
		 Subject: Peace Letter

November 1, 2000
>
>
>
>Chairman James Hoecker
>Federal Energy Regulatory Commission
>888 First Street, N.E.
>Washington, DC 20426
>
>Dear Chairman Hoecker:
>
>I want to compliment you and your fellow Commissioners and staff on
>the substance of your initial proposed order concerning the California
>market.  I am writing to share my initial reaction and expect to
>provide more detailed comments in the near future.
>
>While the proposed order is not as clear and unambiguous as I would
>like it to be, your call for sweeping changes in the FERC-approved
>tariffs which were filed in December of 1995 is an important
>contribution to at least partially mitigating the exercise of market
>power as well as helping to establish the legal basis for what will
>surely prove to be a vigorous court fight.
>
>Your unambiguous declaration that the rates being charged in the
>wholesale market are, and have been, "unjust and unreasonable", would
>have restored credibility to the wholesale market. But your action is
>more than adequate for the California Public Utilities Commission to
>deny the applicability of the filed rate doctrine to the wholesale
>prices produced by a FERC-approved tariff, which FERC has now ruled
>failed to produce "just and reasonable" rates.
>
>For California consumers, it means that there is now a legal
>justification for these unjust wholesale costs to not be passed on to
>the retail ratepayers.  In turn, the State and consumers should
>support utilities in litigating for relief against those parties who
>profited from "unjust and unreasonable" wholesale rates which, of
>course, will likely require action against FERC itself.
>
>As I have indicated in prior correspondence, we disagree with your
>counsel's opinion that you are constrained from acting retroactively.
>If the tariffs produced "unjust and unreasonable rates" and were,
>therefore, illegal in October, they were similarly illegal in prior
>months in which the effect of market power was even more evident.
>
>However, we appreciate both your stated desire to act retroactively
>and your request to Congress to clarify this authority. While we would
>certainly prefer that Congress act on your request, we are also
>confident that the Federal Court will confirm our legal analysis.  In
>the interim, your invitation to California to suggest equitable
>remedies for earlier periods, is most welcome.  As a threshold matter,
>a statement by you of your intention to host a settlement conference
>in San Diego would be most useful in moving such a remedy forward.
>
>I support your present proposals to restructure the previously
>FERC-approved tariffs to address the ability of parties to exercise
>market power as far as they go.  However, I do have concerns that
>enhancing the ability of California utilities to make forward
>purchases will not mitigate market power.  Since forward contracts
>will be based upon sellers expectations regarding real- time markets
>and since real-time market prices will still be distorted by the
>exercise of market power, forward contract prices will themselves be
>distorted.
>
>Finally, I will take particular satisfaction in the conversion of the
>discredited ISO and PX stakeholder boards into non-stakeholder boards.
> I do question, however, the wisdom of allowing these dysfunctional
>boards to have a last hurrah and choose their non-stakeholder
>successors.
>
>Mr. Chairman and Commissioners, these are difficult and complex issues
>subject to the push and pull of gigantic economic interests. There
>will be much regulatory work as well as litigation to follow.
>However, your action -- coupled with appropriate action by the
>California PUC -- will help assure that, as these gigantic interests
>fight over economic theory and their balance sheets,  consumers will
>not foot the bill.
>
>Thank you.
>
>
>Sincerely,
>
>
>Steve Peace
>
>Cc:   Commissioner Linda K. Breathitt
>   Commissioner Curt Hebert Jr.
>   Commissioner William L. Massey


Although a final order is not yet available, we were able to glean the basic content of the Commission's latest refund order from the discussion had at the Commission meeting this morning.   It appears that the Commission has not strayed far from Judge Wagner's recommendations, which came out of the settlement conference ordered by FERC.  Highlights include:

In California, refunds/offsets apply only to spot transactions in CAISO and CalPX, and only as of October 2.

Both public and non-public utilities are subject to refund.

It appears that the refund methodology will be similar to that of the June 19 Order, as refined by Judge Wagner.

Daily spot gas prices will be utilized in the methodology.

A 10% creditworthiness premium will be added.

An evidentiary hearing will be ordered to collect the data needed for the methodology;  it is our understanding that the CAISO will have 15 days to provide certain information and the Judge must certify the record in 45 days.

A separate preliminary evidentiary hearing will be ordered to consider Pacific Northwest refunds.  It was briefly described as consisting of an information gathering proceeding of 15 days, followed by an evidentiary proceeding of 30 days.  The Judge would then have an additional 7 days to report to the Commission.  An issue will be the definition of "spot" transaction for the Pac NW, since counsel to the Commission noted that it could differ from the spot definition for California.

We are awaiting the final order and will update this report as soon as it issues.

RA


Please see attached referenced meeting scheduled Tuesday, July 11, 4:00 to
5:00 p.m. in EB2537.  Please plan to attend.

Thank you,
Cheryl
---------------------- Forwarded by Cheryl Oliver/Corp/Enron on 07/10/2000
08:47 AM ---------------------------

	From:  Brenda F Herod @ ECT                           07/10/2000 08:42 AM

To: Cheryl Oliver/Corp/Enron@ENRON
cc: Daren J Farmer/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT, Pat
Clynes/Corp/Enron@ENRON

Subject: Re: Meeting on Hourly Trading

Mike Eiben is on vacation, and my weekly staff meeting is from 3:30 until
5:00 pm.  I will be there as soon as I can.  Additionally, there are
additional attendees that should be included:  Pat Clynes, Daren Farmer and
Steve Venturatos.  Thanks.

Cheryl Oliver@ENRON
07/10/2000 08:25 AM
To: Dave Nommensen/HOU/ECT@ECT, Romeo D'Souza/HOU/ECT@ECT, Michael
Eiben/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Larrissa Sharma/HOU/ECT@ECT,
Cindy Wisemiller/HOU/ECT@ECT, Kenneth M Harmon/HOU/ECT@ECT, Edward D
Gottlob/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Donna Greif/HOU/ECT@ECT,
Brenda F Herod/HOU/ECT@ECT, Jeff Johnson/Corp/Enron@Enron
cc:
Subject: Meeting on Hourly Trading

You should have received a copy of the referenced meeting.  The meeting will
be held in EB2537.

Thank you,

Cheryl, x-5-8116
---------------------- Forwarded by Cheryl Oliver/Corp/Enron on 07/10/2000
08:17 AM ---------------------------

	Calendar Entry

Brief description:
Date:
Time:

Meeting on Hourly Trading, EB2537, (Cheryl 5-8116)
07/11/2000
04:00 PM - 05:00 PM

Detailed description:

Invitations have been sent to: Dave Nommensen/HOU/ECT@ECT, Romeo
D'Souza/HOU/ECT@ECT, Michael Eiben/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT,
Larrissa Sharma/HOU/ECT@ECT, Cindy Wisemiller/HOU/ECT@ECT, Kenneth M
Harmon/HOU/ECT@ECT, Edward D Gottlob/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT,
Donna Greif/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT, Jeff
Johnson/Corp/Enron@Enron
_________________________________________________________________________
Chairperson: Tommy J Yanowski/HOU/ECT
Sent by: Cheryl Oliver/Corp/Enron
This meeting repeats   starting on    (if the date occurs on a weekend the
meeting ).


J. Mark Dressler
6452 S. Cedarwood Rd.
Mentor, OH 44060-4325
lonetoad13@ameritech.net

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

J. Mark Dressler


Well, this season we lost Mick and O'Neal and picked up Daren and Plove. I guess I'll be on the court more to utilize my quickness since we lost a couple of guards.  We have a buy next week to open the season.


Please call to discuss. Thanks.
---------------------- Forwarded by Richard Shapiro/NA/Enron on 12/19/2000
07:01 PM ---------------------------

"JOHN G KLAUBERG" <JKLAUBER@LLGM.COM> on 12/07/2000 01:44:52 PM
To: Richard.Shapiro@enron.com
cc:

Subject: Utility M&A Seminar

Rick:  it was great to catch up with you the other day in NY.  It seems like
it was a very long time ago that we worked together on the PECO deal, doesn't
it?

I look forward to doing the panel with you at the Utility M&A Symposium in NY
on Monday, January 29, 2001.  Our panel is set for around 4:00 that
afternoon.  I'll get off a brochure to you, but the panel will discuss price
volatility and what strategies there may be for dealing with it.  I thought
it would be great if you could address the California situation and your
thoughts on why it occurred and what the causes are and perhaps what remedial
measures should be undertaken.  Your thoughts on price caps and the "hard"
and "soft" nature of the various approaches would also be on interest.  I
think people would also have a keen interest in the differences between CA
and other markets, such as PA and perhaps the soon to open Texas market.
I'll follow up with more info as the time gets closer, but you probably may
want to think of a talk in the 25 minute range or so.  I will let the EXNET
(the seminar sponsor) know of your participation.

As you may also know, LeBoeuf sponsors a dinner that evening at LeCirque for
our energy industry clients.  It is usually a good time and many of your
compatriots, including Steve Kean, have attended in the past.  If you can
possibly make it, that would be great.  My guess is that there also may be
some people in attendance that you may wish to catch up with on various
industry things that you may be working on.

Thanks again, Rick, and I'll be in touch soon.  John


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 09/06/2000
10:55 AM ---------------------------

Maria Sandoval
09/06/2000 10:25 AM
To: Andrea R Guillen/HOU/ECT@ECT, Phenicia Olivier/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Melissa Rodriguez/HOU/ECT@ECT, Cassandra S
Dutton/HOU/ECT@ECT, Lorraine Becker/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT,
Chantelle Villanueva/HOU/ECT@ECT, patty.soria@halliburton.com,
elizabeth.gutierrez@eott.com, Judy Hernandez/HOU/ECT@ECT, Elizabeth
Soto/HOU/ECT@ECT, amolina@unifirst.com, Pamela Sonnier/HOU/ECT@ECT, Brenda
Barreda/HOU/EES@EES, Yolanda Pena/Corp/Enron@Enron, Claudia
Clark/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT, Amber Limas/HOU/ECT@ECT, Alex
Saldana/HOU/ECT@ECT, margiec@networkinterstate.com,
yolanda.sandoval@halliburton.com, Alisha Guerrero/HOU/ECT@ECT,
jfgarcia2000@aol.com, monica.richardson@ni.com
cc:
Subject: Fwd: [Fwd: Fwd: Please help the girl, you can make a difference]

---------------------- Forwarded by Maria Sandoval/HOU/ECT on 09/06/2000
10:24 AM ---------------------------

Yolanda Pena@ENRON
09/06/2000 10:22 AM
To: Raquel Lopez/Corp/Enron@ENRON, Andrea R Guillen/HOU/ECT@ECT, Maria
Sandoval/HOU/ECT@ECT, Elizabeth Soto/HOU/ECT@ECT, Pamela Sonnier/HOU/ECT@ECT
cc:
Subject: Fwd: [Fwd: Fwd: Please help the girl, you can make a difference]

---------------------- Forwarded by Yolanda Pena/Corp/Enron on 09/06/2000
10:20 AM ---------------------------

Kathleen Speer@ECT
09/06/2000 10:02 AM
To: lorenbentley@yahoo.com, mgsvette93@aol.com, Sthreec1@aol.com,
bklein11@excite.com, lewellenc@yahoo.com, clintreck@aol.com,
Leonard.richardson@txelli.ang.af.mil, CORTEZGIN@aol.com, "R C (SKIP) SPEER"
<skipfoto@compuserve.com>, Cynthia Shoup/HOU/ECT@ECT, Cassandra S
Dutton/HOU/ECT@ECT, Sandra R McNichols/HOU/ECT@ECT, Gerri
Gosnell/HOU/ECT@ECT, Theresa R Kotrla/HOU/ECT@ECT, Maria
Sandoval/HOU/ECT@ECT, Yolanda Pena/Corp/Enron@Enron, Kim
Brocken/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Johnny
Ross/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Fwd: [Fwd: Fwd: Please help the girl, you can make a difference]

---------------------- Forwarded by Kathleen Speer/HOU/ECT on 09/06/2000
09:56 AM ---------------------------

>
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>  > I am 12 years old and have epilepsy. I am
>  > undergoing treatment for my disease at the
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>  > year.
>  > Through a donation with McDonalds and Pizza Hut
>  > these companies have agreed to donate $1 for every
>  > time this email is
>  > forwarded onto another person. This means if 50,000
>  > people forward
>  > on this email I will receive $50,000 in free medical
>  > treatment.
>  > Please,every single email can make a difference in
>  > my life. I beg you to
>  > help me  by simply joining others before you in
>  > simply sending this email
>  > on to
>  > another.
>  > Thanks you for your support.
>  > GOD BLESS YOU ALL!!!
>  >=20
>  >
>  ________________________________________________________________________
>  > Get Your Private, Free E-mail from MSN Hotmail at
>  > http://www.hotmail.com
>  >=20
>
>
>  __________________________________________________
>  Do You Yahoo!?
>  Yahoo! Mail =96 Free email you can access from anywhere!
>  http://mail.yahoo.com/
>
>
>
>
>  ----------------------- Headers --------------------------------
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Subject: Fwd: [Fwd: Fwd: Please help the girl, you can make a difference]
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From: rosita gonzalez <rositagonzo@yahoo.com>
Subject: Re: Fwd: Please help the girl, you can make a difference
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> HELLO: My name is Justin Mallory.
> I am 12 years old and have epilepsy. I am
> undergoing treatment for my disease at the
> University
> of Pennsylvania Teaching Hospital.
> Without this reatment, the doctors tell me that I
> will not live another
> year.
> Through a donation with McDonalds and Pizza Hut
> these companies have agreed to donate $1 for every
> time this email is
> forwarded onto another person. This means if 50,000
> people forward
> on this email I will receive $50,000 in free medical
> treatment.
> Please,every single email can make a difference in
> my life. I beg you to
> help me  by simply joining others before you in
> simply sending this email
> on to
> another.
> Thanks you for your support.
> GOD BLESS YOU ALL!!!
>
>
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