Not that I am aware of--it looked like he was talking off of notes, but I was sitting behind him and couldn't see very well.  That's why I thought a transcript might be a good idea....or if he did have a prepared statement that he submitted to FERC, would they post it on a web site?  Question for Sarah?

-----Original Message-----
From: Shelk, John
Sent: Tue 10/23/2001 4:17 PM
To: Landwehr, Susan M.
Cc: Hueter, Barbara A.; Robertson, Linda; Nord, Sue; Shortridge, Pat; Novosel, Sarah; Shapiro, Richard; Guerrero, Janel; Steffes, James D.
Subject: RE: RTO Week -- Summary of Standards and Practices Panel

Getting more information in this person and getting him to contact Congress is very important.  He is in the district of House Chief Deputy Whip Roy Blunt (R-MO), who is Cong. DeLay's right-hand man in the leadership.  He also serves on the Barton Subcommittee.  While Linda, Pat and I had breakfast with him next week, and he will be in Houston for next month, he and his staff stress that he is close to public power in his district, which includes Springfield, MO.  Did he have a prepared statement at the RTO Week hearing?

-----Original Message-----
From: Landwehr, Susan M.
Sent: Tuesday, October 23, 2001 5:12 PM
To: Shelk, John
Cc: Hueter, Barbara A.; Robertson, Linda; Nord, Sue; Shortridge, Pat; Novosel, Sarah; Shapiro, Richard; Guerrero, Janel; Steffes, James D.
Subject: FW: RTO Week -- Summary of Standards and Practices Panel

John--this is the recap from Thursday afternoon of RTO week.  Although Andy did not focus on it in his report, there was an individual who sat on the panel from Missouri that did a fantastic job of supporting FERC and market postitions despite the fact that he is a public power guy.  His name is Bill Burks and he is the Associate General Manager of the City Utilities of Springfield, Missouri.  In his comments he stated that his utility was "wholeheartedly supporting FERC moving forward to push for on RTO" and then went on to talk about how Missouri is going to continue to suffer from seams issues if FERC doesn't stick to their guns on just a few major RTOs.

He stated that "flexible" standardization would not work and that the FERC should put out a platform of standardized tariffs and if there was some utility or group of stakeholders that thought they were special or unique or different, then the burden of proff should be on them to petition FERC for an exemption, not the other way around.

I'm thinking that this gentlemen would be an excellent choice for a committee hearing if you have the opportunity to suggest folks to testify in the future. IF you are able to get transcripts from RTO week, it might also be worth it to review his comments and pass them on as appropriate.

-----Original Message-----
From: Rodriquez, Andy
Sent: Thu 10/18/2001 4:46 PM
To: Black, Tamara Jae; '/o=ENRON/ou=NA/cn=Recipients/cn=notesaddr/cn=a478079f-55e1f3b0-862566fa-612229'; Abler, William; Aggarwal, Anubhav; Allen, Diana; Arora, Harry; Bailey, Debra; Ballato, Russell; Ballinger, Ted; Baughman Jr., Don; Benchluch, Moises; Benjelloun, Hicham; Benson, Robert; Bentley, Corry; Blaine, Jay; Bolt, Laurel; Broderick, Paul J.; Broussard, Richard; Burnett, Lisa; Campbell, Larry F.; Capasso, Joe; Carson, Mike; Chen, Alan; Choate, Jason; Cline, Kevin; Collins, Dustin; Comeaux, Keith; Coulter, Kayne; Davis, Mark Dana; Day, Smith L.; Dean, Clint; Decook, Todd; Emesih, Gerald; Errigo, Joe; Forney, John M.; Freije, William; Garcia, Miguel L.; Gilbert, Gerald; Gilbert-smith, Doug; Giron, Gustavo; Greer, Andrew; Gualy, Jaime; Guerra, Claudia; Gulmeden, Utku; Gupta, Gautam; Ha, Amie; Hanse, Patrick; Hernandez, Juan; Imai, Rika; Ingram, David; Jenkins IV, Daniel; Kaniss, Jason; King, Jeff; Kinser, John; Larkworthy, Carrie; Laurent, Dean; Laverell, Justin; Lenartowicz, Chris; Lorenz, Matt; Lotz, Gretchen; Lowell, Thomas; Mack, Iris; Mahajan, Ashish; Makkai, Peter; Marquez, Mauricio; Maskell, David; May, Tom; McElreath, Alexander; Miller, Jeffrey; Oh, Seung-Taek; Olinde Jr., Steve; Pace, Andy; Padron, Juan; Pan, Steve; Philip, Willis; Podurgiel, Laura; Poppa, John D.; Presto, Kevin M.; Quenet, Joe; Rawal, Punit; Rogers, Benjamin; Rust, Bill; Ryan, David; Saibi, Eric; Schiavone, Paul; Schneider, Bryce; Seely, Michael; Serio, Erik; Shoemake, Lisa; Simpson, Erik; Stalford, Robert; Stepenovitch, Joe; Sturm, Fletcher J.; Symms, Mark; Tamma, Ramanarao; Thomas, Paul D.; Trejo, Reese; Valdes, Maria; Vernon, Clayton; Wang, Steve; Williams, Ryan; Willis, Cory; Zipperer, Mike; Baughman, Edward D.; Clynes, Terri; Dalton III, Oscar; Kelly, Mike E.; Sewell, Doug; Valderrama, Larry; Walton, Steve; Roan, Michael; Perrino, Dave; Maurer, Luiz; Hueter, Barbara A.; Landwehr, Susan M.; Hoatson, Tom; Novosel, Sarah; Nicolay, Christi L.; Yeung, Charles
Cc:
Subject: RE: RTO Week -- Summary of Standards and Practices Panel

RTO Week

Day 4 - October 18, 2001

Afternoon Session

Standardizing Markets, Business, and Other Practices

Panelists for this discussion were:  Sarah Barpoulis, PG&E National Energy Group; William P. Boswell, GISB; Bill Burkes (substituting for David J. Christiano), City Utilities of Springfield, Missouri; David N. Cook, NERC General Counsel; Michael Kormos PJM Interconnection; LeRoy Koppendrayer, Minnesota Public Utilities Commission; and Marty Mennes, Florida Power & Light Company.

General Observations

The Commissioners were all present the majority of the time (Massey left late in the  afternoon).  FERC Staff was active in the discussion; however, the commissioners were very active as well, asking perhaps as much as 70% of all questions.  There was a general consensus that standards were needed; much discussion focused simply on how much and by who. The Commission seemed very interested in leaning what they needed to do to move the industry forward and how far they needed to go.  Panelists urged the need to mover forward as quickly as possible, but both they and FERC seemed to recognize that some of the issues regarding standardized market design and such needed to be addressed before RTOs could really begin to move forward.  There was discussion on identifying which industry group (NERC or GISB) would take the reins in the future.  On an interesting tangential note, there was noticeable conflict between NERC and GISB, with veiled insults between the two organizations somewhat common during the discussions.

FERC Deliverables

A great deal of the discussions focused on identifying what the industry needed from the Commission.  Staffers probed all panelists to find what they felt was critical.

The first major topic was "How many RTOs?  What is their scope?"  All panelists seemed to agree that this question needed to be answered immediately by FERC, in strong definitive language.  N o one offered any specific language, but seemed to be urging FERC to issue a formal statement.

The next topic was, "What will be standard market design?"  Panelists varied on this, but most felt strong guidance from FERC is urgent.  Some urged for one mandatory design for North America, one supported a set of rigid standard designs, one supported a single design with requests for exceptions (followed by an in-depth review process), and one seemed to prefer the current situation.

The commission in general seemed to be very interested in understanding what the industry needed to move forward.  They continually visited this topic throughout their discussions, asking questions like, "Do we need to issue a Mega-Order that addresses all these issues?" and, "How much detail do you need us to provide?"   General feel from the panelsists seemed to be they wanted strong leadership in this areas.  Kormos and Burkes went so far as to say FERC should "Mandate as much as they felt comfortable - and then go a little further."  Others seemed to be a little worried about this idea, but in general did not oppose the concept, citing only general warnings and the need for cautious investigation.

One item of interest: Wood referred to the filing made by the Electronic Scheduling Collaborative and specifically asked if the items identified in the "RTO Design and RTO Implementation" section would address many of the questions and uncertainty facing the industry with regard to RTO design.  Kormos indicated that clear and specific answers to these questions specifying a course of action would go a long way toward guiding the industry.  The section to which Wood referred was one that I wrote, and asked the following questions:

?         Congestion Management - When Operational Security Violations occur, how is the system to be stabilized in a fair and equitable manner that is nonetheless efficient?  Will LMP based systems be standard, or will there be others that must be accommodated?

?         Transmission Service  - Are transmission services required to schedule ("covered" schedules only), or are they risk management tools protecting from congestion charges (both "covered" and "uncovered" schedules are allowed)?

?         Loop Flows  - Are contract-path based or flow-based transmission services appropriate?  If contract-path based, how are parallel path issues to be addressed?

?         Grandfathered Transmission Service - Should contracts existing prior to RTO development be transferred, or is there an equitable way to retire those contracts?  Are there other solutions?

?         Energy Imbalance Markets - How are imbalance markets to function? Will they serve as real-time energy markets (support unbalanced schedules), be limited to supplying needs of imbalance service (require balanced schedules), or will they be required at all?

?         Ancillary Services - Will ancillary service markets be developed in standard ways?  Will entities be required to actually schedule ancillary services (required to schedule), or will they be treated primarily as financial instruments (protecting against real-time POLR charges)?

?         Losses - Can we utilize the imbalance markets to support losses?  Can we create specific loss standards that facilitate the scheduling process, or must we support methods that are currently in tariffs, but technically unwieldy?

?         Non-Jurisdictionals - How are non-jurisdictionals to be integrated into the new world?  Should systems be designed with the assumption that non-jurisdictional will be part of an RTO?  Or should they be designed to treat each NJE as a separate entity?

Hopefully, FERC will use this section as a template to answer these critical questions in an assertive manner, and give some solid direction in which to move. Kormos emphasized the need for concrete answers to these questions, pointing out that vague answers (i.e., "do congestion management") will take a year or two to resolve, but specific answers (i.e., "LMP with financial hedging instruments") will take only months.  The Commission asked Mike about moving forward, and he told them that effectively, it was impossible to move forward with implementation without getting these issues addressed.

Now for a  funny point - One of the commissioners (I think Breathitt) referred to some concerns expressed in the Northwest that their high concentration of hydro power makes LMP inefficient for the Northwest.  Kormos flat out said, "My profession is understanding how power systems work, and I don't believe that that statement is true."  He then backpedaled a bit and said that it would need more study, but he stood by his statement that the assertion by the Northwest interests was false.

NERC and GISB

A great deal of discussion focused around the need for a single standard-setting organization.  Massey went so far as to ask, "Are we looking at a beauty contest between NERC and GISB?"  Cook and Boswell then went into several short polite jabs at each other's organizations.  Other participants continually reiterated the need for ONE, INDEPENDENT organization.  Interestingly, Boswell was very emphatic about the established trust and respect in GISB, while Cook preferred to only talk about the "new" structure of NERC and did not focus on its history.

Brownell offered some not-too-subtle passive support of GISB by pointedly asking both Cook and Boswell if they lobbied political positions (i.e., were they not only an organization but also a stakeholder?).  GISB was easily able to say they were not, but NERC of course had to admit to their romancing of Congress and the Bush administration for reliability legislation. Point, Brownell.

Mennes acted as somewhat of a supporter for NERC, playing Dave Cook's yes-man.  He probably did them a little bit of harm by pointing to NERC's supposed "successes," such as TLR and E-Tag.  If staffers have tenure, they will likely remember that these "successes" have not been so successful, resulting in several filings and interventions.  We may also wish to file comments in specific objection to these claims, to refresh their memory and to show the pretty picture Marty painted was in fact a fiction.

There was a little discussion about splitting reliability and market issues, but general consensus was that I could not be done.  There was also some talk of folding NERC under GISB/EISB.

The arguments began winding down after a some time, and Boswell strongly urged the Commission to speak to industry executives and advocacy group leadership to see whether NERC or GISB should lead the industry forward.  NERC somewhat less enthusiastically supported this position.  In general, I would say it was a close fight but GISB came out more on top.

Let me know if you have any questions.

Andy Rodriquez
Regulatory Affairs - Enron Corp.
andy.rodriquez@enron.com
713-345-3771


Dear Steve,

Thank you for your call on Friday.  I appreciated the opportunity to speak to
you openly.  It has been a bumpy ride here in DC since the summer, but the
turbulence has subsided and our new pilot has brought us to terra firma.

I can't say enough good things about the leadership Linda brings to this
office.  Compassionate and wise, she's able to sort through mountains of
information and prioritize.  She's effective at bringing people together and
our new open office space facilitates better communication.  She hosted a
happy hour after work on Friday for the entire team and invited some of
Bracewell's people for good measure.

It is wise strategy to bring John Hardy and his team into Federal Government
Affairs.  John's intimate knowledge of our key international projects and his
astute political skills make him a valuable asset to the team.  He works well
with Tom Briggs and I believe together they can pull the international issues
together.

These and other changes are good news for the DC office.  In addition, as
Chief of Staff I commend you for the much needed changes in our accounting
system (XMS), the upgrade to our software, and our wonderful new computers.
A sincere thank you!!

As always, your behind the scenes people -- Maureen, Ginger, Elizabeth
Linnell and her team -- are supportive and respond quickly to requests.  I
can't say enough about these highly intelligent, dedicated individuals who
certainly make my life easier in Washington.

Steve, please feel free to call upon me anytime.  I value your support, as
ever.

PS --  Linda has obtained West Wing White House tour passes for the Philippe
Bibi family and has so informed him.

Best regards.

Lora


Jim Derrick is out of town and unable to attend.  Thanks, S

 -----Original Message-----
From:  Brelsford, Loretta
Sent: Thursday, March 22, 2001 7:33 PM
To: Daniels, Eddy
Cc: Haedicke, Mark; Derrick Jr., James; McDonald, Rebecca; Hughes, James A.;
Blackwood, Connie; Harris, Stephanie J; Elbertson, Janette
Subject: Transborder "pre" board meeting phone call - Friday, March 23

Eddy,

I tried to check schedules but not everyone is on Outlook where I can see
their "open time".  Rebecca did tell me that 3pm is the best time  for her so
I recommend you plan for a 3pm phone call tomorrow.  From looking back at my
notes it appears that the participants from Houston should include:

Rebecca McDonald
Jim Hughes
Mark Haedicke
Jim Derrick

I'm copying everyone on this note to give a "heads up" regarding the phone
call for 3pm CST on Friday afternoon.  Eddy will provide dial-in information.

If this does not work for those in Brazil, feel free to call me at home -
281-392-9596 or cell 713-304-6073.

Loretta


Please find attached the latest, and what should be the final for the immediate period of time, copy of the marketing list. Please filter the PA column by your name to double-check against the list you are currently working off of.
There are some smaller subsids of larger companies previously assigned now listed. I pulled these subs in from the credit pre-approval list. I will be passing out draft contracts folders for these counterparties tomorrow to the people responsible for the respective parent companies.
There are some companies on your lists that do not have draft packets. These companies have NOT been pre-approved by credit, but credit is working on them now. Continue to call these customers regarding password applications, but do not promise that the ISDA documents, etc. are immediately forthcoming until we receive those worksheets from credit.
Please continue to pass on both the pa information and the draft packets as you receive the correct contact info. If you have any questions at all, please call me at 5-3614 or come by my desk at 06541 in the rotunda.

Thank you,
Jennifer McQuade


A couple of other ideas of things we might ask for (in addition to pulling this without comment from anywhere it is posted and committing to decline any representation against us in these matters):

1.  How many (who?) have responded to this?  Shouldn't we have the opportunity to clear the conflict?
2.  Commit to not give advice on any similar matter without inquiring as to the party on the other side (i.e. no "no-names" advice on these issues).

Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
1400 Smith Street - EB3892
Houston, Texas 77008
(713)853-7459
(713)646-3490 (fax)


Dear Ms. Bothe,

I have forwarded my message to one of my associates who
specializes in weather derivatives.

Vince Kaminski

Britta Bothe <brittab@infocastinc.com> on 10/17/2000 12:38:33 PM
To: vkamins@enron.com
cc:
Subject: Invitation to speak at Infocast's Managing Summer Price Volatilit y
Conference in Houston

Dear Ms. Kaminsky:
As I just mentioned on your voicemail, Infocast is going to host a  Managing
Summer Price Volatility course, January 30 - February 1, 2001 in Houston.
The course will focus on the various tools at hand to manage summer price
and load volatility.  Our target audience for this event will primarily be
risk managers and managers in bulk power sales & purchase (our secondary
target audience is energy traders).

Attached you will find a draft program agenda for your review.  Please let
me know if you or someone else at Enron is interested in presenting at this
event.  In particular, we are looking for someone to talk about weather
derivatives.

I appreciate you taking the time to review the conference schedule and I
hope that I will have an opportunity to talk to you. Unfortunately, I am
running behind schedule in finalizing this program.  I will call tomorrow to
see what your feedback is.  If you have any questions or suggestions, please
do not hesitate to contact me at (818) 888-4445 ext. 30.

Sincerely,

Britta Bothe
Infocast
Conference Manager
(818) 888-4445 ext. 30
      <<Agenda 5.doc>>

 - Agenda 5.doc


Here are the confirms that Joe prepared.
----- Forwarded by Stacy E Dickson/HOU/ECT on 04/03/2001 05:23 PM -----

	Larry Joe Hunter
	03/29/2001 04:45 PM

		 To: Stacy E Dickson/HOU/ECT@ECT
		 cc:
		 Subject: Re: Confirm

Stacy,

See attached.  We do have an executed ISDA with NUI Energy Brokers, Inc.
Also, there is Draft language in the header and footer that you may want to
take out.

Thanks,
Joe


is wade going too

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 1:17 PM
To:	Maggi, Mike
Subject:	RE:

yes, he tore his bicep.  it's not a big deal, but surgery's make me nervous

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 1:17 PM
To:	Nelson, Michelle
Subject:	RE:

is he ok

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 1:16 PM
To:	Maggi, Mike
Subject:	RE:

nothing else to do and my dad is having surgery next week so i want to see him

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 1:16 PM
To:	Nelson, Michelle
Subject:	RE:

again

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 1:14 PM
To:	Maggi, Mike
Subject:	RE:

i'm going to dallas tonight

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 1:13 PM
To:	Nelson, Michelle
Subject:	RE:

doing anything this weekend

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 1:12 PM
To:	Maggi, Mike
Subject:	RE:

nothing i was bored

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, January 04, 2002 1:12 PM
To:	Nelson, Michelle
Subject:	RE:

just walked in from lunch, whats up

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Friday, January 04, 2002 11:34 AM
To:	Maggi, Mike
Subject:

are you here yet?


you just need it all the time don't you.  don't you like me for me?  or am i just a boy toy to you?

 -----Original Message-----
From: 	Erin Richardson <erichardson@sarofim.com>@ENRON
Sent:	Thursday, November 08, 2001 9:19 AM
To:	Lenhart, Matthew
Subject:	RE:

you're no fun.

-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
Sent: Thursday, November 08, 2001 9:17 AM
To: erichardson@sarofim.com
Subject: RE:

i have stronger will than you think. house of pies here i come.

    -----Original Message-----
   From:   Erin Richardson <erichardson@sarofim.com>@ENRON
   Sent:   Thursday, November 08, 2001 9:08 AM
   To:     Lenhart, Matthew
   Subject:  RE:

   i am sure i could have persuaded you to give me some action.  why is
   enron
   blowing up?

   -----Original Message-----
   From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
   Sent: Thursday, November 08, 2001 8:53 AM
   To: erichardson@sarofim.com
   Subject: RE:

   i didn't want you to go.  i was just going to sleep anyway.  i was too
   tired to give you any action.  enron is blowing up.

       -----Original Message-----
      From:   Erin Richardson <erichardson@sarofim.com>@ENRON
      Sent:   Thursday, November 08, 2001 8:43 AM
      To:     Lenhart, Matthew
      Subject:  RE:

      stop trying to make me feel bad, it's not working,  i left b/c you
      wanted me
      to leave.

      -----Original Message-----
      From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
      Sent: Thursday, November 08, 2001 8:27 AM
      To: erichardson@sarofim.com
      Subject: RE:

      can't believe you left last night.

          -----Original Message-----
         From:   Erin Richardson <erichardson@sarofim.com>@ENRON
         Sent:   Wednesday, November 07, 2001 4:50 PM
         To:     Lenhart, Matthew
         Subject:  RE:

         nice sarcasm.  that's fine, i don't want to see you either, i just
      need
         to
         make a cd.

         -----Original Message-----
         From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
         Sent: Wednesday, November 07, 2001 4:42 PM
         To: erichardson@sarofim.com
         Subject: RE:

         i can't wait

             -----Original Message-----
            From:   Erin Richardson <erichardson@sarofim.com>@ENRON
            Sent:   Wednesday, November 07, 2001 4:29 PM
            To:     Lenhart, Matthew
            Subject:  RE:

            i'll just come over betw. 7:30 and 8 then.  remember, you're
      supposed
         to
            be
            getting excited.

            -----Original Message-----
            From: Matthew.Lenhart@enron.com
   [mailto:Matthew.Lenhart@enron.com]
            Sent: Wednesday, November 07, 2001 3:55 PM
            To: erichardson@sarofim.com
            Subject: RE:

            7:30 or 8.  i don't care when.

                -----Original Message-----
               From:   Erin Richardson <erichardson@sarofim.com>@ENRON
               Sent:   Wednesday, November 07, 2001 3:14 PM
               To:     Lenhart, Matthew
               Subject:  RE:

               you never told me when to come over.  so what time?

               -----Original Message-----
               From: Matthew.Lenhart@enron.com
      [mailto:Matthew.Lenhart@enron.com]
               Sent: Wednesday, November 07, 2001 12:33 PM
               To: erichardson@sarofim.com
               Subject: RE:

               ok sweet baby

                   -----Original Message-----
                  From:   Erin Richardson <erichardson@sarofim.com>@ENRON
                  Sent:   Wednesday, November 07, 2001 12:29 PM
                  To:     Lenhart, Matthew
                  Subject:  RE:

                  yeah, just charge whatever you need to.  i'll give you
   one
      of
         my
               credit
                  cards for you to use whenever you want to also.  i'll
   have
      to
            think
                  about
                  what i want you to do.  i'll let you know.

                  -----Original Message-----
                  From: Matthew.Lenhart@enron.com
         [mailto:Matthew.Lenhart@enron.com]
                  Sent: Wednesday, November 07, 2001 12:27 PM
                  To: erichardson@sarofim.com
                  Subject: RE:

                  can i just charge the spa to your account?  so now that i
   am
         your
            boy
                  toy
                  what do you want me to do?

                      -----Original Message-----
                     From:   Erin Richardson <erichardson@sarofim.com>
   @ENRON
                     Sent:   Wednesday, November 07, 2001 12:21 PM
                     To:     Lenhart, Matthew
                     Subject:  RE:

                     alright, just called and you're all set up at the
      houstonian
         so
               you
                  can
                     go
                     out there whenever you want to.   just let me know if
         there's
                  anything
                     else
                     i can get for you.

                     -----Original Message-----
                     From: Matthew.Lenhart@enron.com
            [mailto:Matthew.Lenhart@enron.com]
                     Sent: Wednesday, November 07, 2001 11:57 AM
                     To: erichardson@sarofim.com
                     Subject: RE:

                     yeah.  just go ahead and do that.  how about the
      houstonian?
               youre
                  the
                     best.

                         -----Original Message-----
                        From:   Erin Richardson <erichardson@sarofim.com>
      @ENRON
                        Sent:   Wednesday, November 07, 2001 11:43 AM
                        To:     Lenhart, Matthew
                        Subject:  RE:

                        no problem.  instead of a golf allowance though, i
      think
            i'll
               just
                     get
                        you a
                        membership somewhere.  wouldn't that be better?
   just
      let
         me
               know
                  so
                     i
                        can
                        arrange it.

                        -----Original Message-----
                        From: Matthew.Lenhart@enron.com
               [mailto:Matthew.Lenhart@enron.com]
                        Sent: Wednesday, November 07, 2001 11:25 AM
                        To: erichardson@sarofim.com
                        Subject: RE:

                        sweet.  i need a golf allowance then.   i can drink
      beer
            every
                  night
                     and
                        golf all day while you work.  that would be so
   sweet
      of
         you.
            i
                  cant
                        wait
                        to do that.

                            -----Original Message-----
                           From:   Erin Richardson
   <erichardson@sarofim.com>
         @ENRON
                           Sent:   Wednesday, November 07, 2001 11:05 AM
                           To:     Lenhart, Matthew
                           Subject:  RE:

                           you don't need to work at denny's.  you know, i
      make a
            lot
               of
                     money,
                           more
                           than i can spend, so there's really no reason
   why
      you
            can't
                  just
                     live
                           off of
                           my salary for a while.  shouldn't be a problem,
   i
         usually
               just
                     give
                        half
                           of
                           it away to charity anyway.

                           -----Original Message-----
                           From: Lenhart, Matthew
         [mailto:Matthew.Lenhart@ENRON.com]
                           Sent: Wednesday, November 07, 2001 10:55 AM
                           To: erichardson@sarofim.com
                           Subject:

                           looks like i am going to work at denny's. stock
   is
         down
               about
                     another
                           2.50.

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                     delete
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                           affiliates) and the intended recipient or any
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               and
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                        not
                           be
                           relied on by anyone as the basis of a contract
   by
            estoppel
               or
                        otherwise.
                           Thank you.

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


Just keep pushing forward.  We'll figure this out as we go.

Lavo


Before any decision is made, I think we really need to weigh in with EES on
the ramifications (both PR and legislative) of turning back 16,000
residential customers.  I strongly believe that the public hit we will take
will be far greater than our actual out-of-pocket losses.  We will be
crucified by the public, media, consumer groups, legislators, governor,
attorney general, etc.,  and this action will reaffirm our reputation of
packing up and leaving when it's not in our interest.  The impact of this
action would be exacerbated since it is on the heels of UC/CSU.

I would also argue that this hurts our national dereg efforts.  If we're
advocating that competition and choice benefits consumers and then we turn
around and pull out of a market and abandon customers when we're not
"profiting," we'll kill any chances we have of ever serving retail customers
in California -- or in any other state.  We look foolish advocating for
direct access when we're not willing to serve our existing -- let alone
future customers

What about a preemptive strike that engages these 16,000 customers to weigh
in on direct access -- i.e. a letter that says "Enron may be forced to cancel
its contract -- call/write/send the enclosed postcard to your legislator and
tell them you want to keep your right to choose your energy service provider."

Our credibility is on the line.  Before we take this action, we need to be
cognizant of all the long-range strategic implications, and we need to
seriously weigh the negative impact this will have on our corporate
reputation, on our legislative abilities and on our commercial success going
forward.

kd

James D Steffes
04/12/2001 09:05 PM
To: Jeff Dasovich/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Sandra
McCubbin/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Janel
Guerrero/Corp/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON, Susan J Mara/NA/Enron, Peggy Mahoney/HOU/EES@EES,
Harry Kingerski/NA/Enron@Enron
cc: Dan Leff/HOU/EES@EES

Subject: CONFIDENTIAL - Residential in CA

In the meeting today, no decision was made about what to do with Enron's
16,000 residential customers.   Each of the contracts gives a basic 30 day
out right to Enron.

That being said, I think that we have a short window to push for DA before
any public action impacts us in Sacramento.

I realize that the ultimate action (which I think is inevitable) makes it
harder for our advocacy on DA, but real $ are flowing out of the company.

EES will give us notice when a decision is reached.

Thanks,

Jim


Here is the purchase order that we discussed yesterday.  Please direct your
comments on the insurance and indemnity sections to Kay Mann.  If you have
any questions, please contact me at extension #37639.  Thanks.

---------------------- Forwarded by Scott Healy/HOU/ECT on 11/10/2000 11:13
AM ---------------------------

Kay Mann@ENRON
11/10/2000 10:48 AM
To: Scott Healy/HOU/ECT@ECT
cc:
Subject: FW: FuelCell / Enron

I wasn't sure from your email if you wanted to review it now, or wait until
Jackie and I sort through some things.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/10/2000 10:47
AM ---------------------------

"Scheib, Jacqueline Pennino" <jscheib@rc.com> on 11/10/2000 08:54:15 AM
To: "Jerry Leitman (E-mail)" <jleitman@fce.com>, "Ross M. Levine (E-mail)"
<rlevine@fce.com>, "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Sellay, William" <WSELLAY@RC.com>

Subject: FW: FuelCell / Enron

Our server is back up - sorry for the delay in your receipt of these
comments which were initially sent out last night.  A message from our
system administrator indicates that Kay already received the message below
but Ross and Jerry did not.  Just to be safe I am resending to all of you.

>  -----Original Message-----
> From:  Scheib, Jacqueline Pennino
> Sent: Thursday, November 09, 2000 10:14 PM
> To: 'kay.mann@enron.com'; Jerry Leitman (E-mail); Ross M. Levine
> (E-mail)
> Cc: Sellay, William
> Subject: FuelCell / Enron
>
> As discussed, attached is a clean and blacklined version of the FuelCell /
> Enron Agreement reflecting the parties' agreements over the past two days.
> The marked up comments list will follow shortly by PDF file.  Please note
> that some of the members of my client's team will be seeing this at the
> same time as you and therefore may have additional comments.
>
>    <<FuelCell Enron (CLEAN) Purchase Agreement.doc>>  <<FuelCell Enron
> (RED) Purchase Agreement.rtf>>
>
>
> --------------------------------------------------
> Jacqueline Pennino Scheib, Esq.
> Robinson & Cole LLP
> 280 Trumbull Street
> Hartford, CT  06103
> (p) 860-275-8285
> (f) 860-275-8299
> jscheib@rc.com
>

 - FuelCell Enron (CLEAN) Purchase Agreement.doc
 - FuelCell Enron (RED) Purchase Agreement.rtf


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/16/2000 03:52
PM ---------------------------

Herman Manis
08/16/2000 03:36 PM
To: Kay Mann/Corp/Enron@Enron
cc: Lisa Bills/Corp/Enron@ENRON, David Leboe/HOU/ECT@ECT

Subject: Re: VEPCO

The current structure (including VEPCO in Cornhusker under our Fair Value
Model) does not contemplate credit support.  There currently is not credit
support of the actual project co (Ponderosa Pine) under the Cornhusker
structure.  ENA typically does not provide credit support of project co's
under the fair value model because of certain bright line tests under the
fair value model for an asset purchase to qualify for fair value.

From a bank financing and economic perspective, ENA has a total return swap
with Delta Power, the 100% owner of Ponderosa Pine (Ponderosa Pine is
bankruptcy remote).

There possibly could be credit support from ENA for the project co if we were
compensated a fair value fee for the support, but this issue has never been
tested with AALLP (would need third party fairness opinion).  In the end,
there could only be a form of financial support, not a performance
guarantee.

To: Herman Manis/Corp/Enron@ENRON, Lisa Bills/Corp/Enron@ENRON
cc: Ozzie Pagan/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Jeffrey
Keenan/HOU/ECT@ECT
Subject: VEPCO

Virginia Power has raised a question about wanting some type of guaranty or
other form of performance security should an Enron LLC sign the contract.
What can we propose (or exclude) under the contemplated structure?

Thanks,

Kay


Hey,

Try lgillet@enron.com for Lisa's email address.  Glad to hear you're in the
new pad...in the interest of saving $$$ I will probably take you up on the
futon offer.

Well, it's Monday and I'm assuming Ted's back in town (not that I've heard a
peep out of him).  I'm very much at a cross-roads with the situation.  On the
one hand, I want to be unaffected and aloof and on the other hand I don't
want to make this that easy for him.  I think I deserve more that just being
swept under the rug.  So, my debate becomes - Do I just let this thing go all
together OR do I try and get some resolution?

I would love to get a call from you hear at work.  The best time for me is
probably before 11:30 or after 12:30 Houston time.

Talk to you soon,
Susan

	Enron Capital & Trade Resources Corp.

	From:  "Emily Hillegeist" <ehillegeist@hotmail.com>
09/18/2000 07:56 AM

To: sscott5@enron.com
cc:
Subject: help

hey- sent out group email this morn and lisa's address came back unsendable.
  i wrote 'LisaGillette@enron.com'
correct me....
e
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.


Hey there,

I'm going to try very hard to make it to Dick's farewell party.

Who did the invitations?  It is so clever.

Kay


Are you no longer involved?
----- Forwarded by Richard B Sanders/HOU/ECT on 10/17/2000 08:11 AM -----

	Nony Flores
	10/16/2000 06:40 PM

		 To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, larry_lawyer@enron.net, Mark E
Haedicke/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Michael A
Robison/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Kevin Sweeney/HOU/ECT@ECT,
Scott Earnest/HOU/ECT@ECT, Michael Hicks/EPSC/HOU/ECT@ECT, William
Kendrick/OTS/Enron@ENRON, Bill Osborne/OTS/Enron@Enron, Eileen
Kisluk/Corp/Enron@ENRON, David Marshall/HOU/ECT@ECT, James P
Studdert/HOU/ECT@ECT, Mark Koenig/Corp/Enron@ENRON, Michael J
Gasper/HOU/ECT@ECT, John H Harrison/HOU/ECT@ECT, Michael Philips/HOU/ECT@ECT,
Michelle Bruce/HOU/ECT@ECT, Eric Thode/Corp/Enron@ENRON, Jennifer
Walker/NA/Enron@Enron, Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Marcus Nettelton/NA/Enron@ENRON, John Viverito/Corp/Enron@Enron
		 cc: Alan Aronowitz/HOU/ECT@ECT, Janette Elbertson/HOU/ECT@ECT, Becky
Tlucek/HOU/ECT@ECT, Chantelle Villanueva/HOU/ECT@ECT, Joya Davis/HOU/ECT@ECT,
Twanda Sweet/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ect, Linda J
Simmons/HOU/ECT@ECT, Helen Marie Taylor/HOU/ECT@ECT, Sue Foust/HOU/ECT@ECT,
Jackie Travis/HOU/ECT@ECT, Renee Anderson/NA/Enron@Enron, Nelly
Carpenter/NA/Enron@ENRON
		 Subject: Reminder: Annual Oil Spill Crisis Management Training

The Oil Spill training will take place on Thursday, October 19, 2000 from
8:30 a.m. to 3:30 p.m. at EB49C1. We look forward to seeing you there.
Please confirm your attendance by reply email and let us know if  any other
person in your group should be included in this program, or if someone else
from your group will be attending in your place.  As mentioned before, a full
copy of the Plan will be distributed during training.

Thanks again for your participation in this very important effort.

Regards,

Nony Flores
Senior Legal Specialist
(713) 853-7541


If we can set up new ones for NETCO, I do not see why we need the old ones.

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Thursday, January 10, 2002 2:33 PM
To:	Winfree, O'Neal D.; Giron, Darron C.; Love, Phillip M.; Palmer, B. Scott; McLaughlin Jr., Errol
Subject:	TRV

Do you want to keep any of the old TRV files for Netco for any reason.  We can create new ones once it is set up.

KK


Thank you for your interest in pursuing membership  with our association.? To
answer your question about Website Access: ALL  categories of membership are
given access to the Members Only area.? As you  mention in your latest voice
mail message, since we?keep missing each  other, I thought I would send you
some information with this  e-mail.
?
Please review the attached brief description of  EMTA and the?services we
provide.? You may also?wish to forward  your mailing address?to me, so that I
can send you?our entire  Membership Kit, which includes some additional
information, including our latest  Quarterly bulletin and Annual Report.
?
In the meantime, if you have any further questions,  please do not hesitate
to contact me either via e-mail or phone  (212-908-5015).
?
?
Suzette Ortiz
 - Memdues1.doc
 - Memform1.doc
 - Emta1.doc


GT,   I will be coming to this game w/o Lisa.  I plan on driving in Friday
night and probably getting there about 9:00 pm.  If its okay I'll crash at
your place.  Let me know how your schedule looks.

Since Lisa isn't coming I'll have an extra ticket with me on the 35.
Interested?


I haven't heard a word about this deal lately.  This is why I never throw
anything away.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/14/2000 09:07
AM ---------------------------

Tammy L Mulrooney@ECT
08/11/2000 04:59 PM
To: Ray Hoppe/Corp/Enron@ENRON, Greg Hermans/Corp/Enron@Enron, Kay
Mann/Corp/Enron@Enron
cc:

Subject: Form of Commodity Repurchase Agreement

Please find a commodity repurchase agreement that we recieved in for Wheeling
Pitt's slab consignment.  Please review it and we need to discuss further.

Tammy
---------------------- Forwarded by Tammy L Mulrooney/HOU/ECT on 08/11/2000
04:57 PM ---------------------------

LacySR@wpsc.com (Steven R. Lacy) on 08/11/2000 06:48:55 AM
To: Tammy.L.Mulrooney@enron.com
cc:
Subject: Form of Commodity Repurchase Agreement

     Tammy,

     Attached is a draft form of Commodity Repurchase Agreement. Tom and I
     will send you the other information later this morning.

     Steve
 - commodit.doc


This is the data that we will use to build our Socal growth estimates.   Take
a look at the file and then we can discuss how to combine this with current
pipeline capacity and future expansions.

Mike
---------------------- Forwarded by Mike Grigsby/HOU/ECT on 11/05/2000 09:11
PM ---------------------------

	From:  Phillip K Allen                           11/03/2000 01:57 PM

To: Mike Grigsby/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Frank Ermis/HOU/ECT@ECT
cc:
Subject: New Generation as of Oct 24th

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 11/03/2000
01:40 PM ---------------------------

Kristian J Lande

11/03/2000 08:36 AM

To: Christopher F Calger/PDX/ECT@ECT, Jake Thomas/HOU/ECT@ECT, Frank W
Vickers/HOU/ECT@ECT, Elliot Mainzer/PDX/ECT@ECT, Michael McDonald/SF/ECT@ECT,
David Parquet/SF/ECT@ECT, Laird Dyer/SF/ECT@ECT, Jim Buerkle/PDX/ECT@ECT, Jim
Gilbert/PDX/ECT@ECT, Terry W Donovan/HOU/ECT@ECT, Jeff G
Slaughter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ed Clark/PDX/ECT@ECT
cc: Tim Belden/HOU/ECT@ECT, Mike Swerzbin/HOU/ECT@ECT, Matt
Motley/PDX/ECT@ECT, Greg Wolfe/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT,
Chris H Foster/HOU/ECT@ECT, Kim Ward/HOU/ECT@ECT, Paul Choi/SF/ECT@ECT, John
Malowney/HOU/ECT@ECT, Stewart Rosman/HOU/ECT@ECT
Subject: New Generation as of Oct 24th

As noted in my  last e-mail, the Ray Nixon expansion project in Colorado had
the incorrect start date.  My last report showed an online date of May 2001;
the actual anticipated online date is May 2003.

The following list ranks the quality and quantity of information that I have
access to in the WSCC:

 1) CA - siting office, plant contacts
 2) PNW - siting offices, plant contacts
 3) DSW - plant contacts, 1 siting office for Maricopa County Arizona.
 4) Colorado - Integrated Resource Plan

If anyone has additional information regarding new generation in the Desert
Southwest or Colorado, such as plant phone numbers or contacts, I would
greatly appreciate receiving this contact information.


ISDA PRESS REPORT - MAY 18, 2001

* Proposed Rule Would Ease Transition Of SEC-Registered Firms to CFTC
Oversight - BNA
* Brokers will respond once they smell money - Business Standard
* Tax dues mar brokers foray into derivatives - Business Standard
* New attack on proposal to allow advertising by hedge funds -
Financial Times

Proposed Rule Would Ease Transition Of SEC-Registered Firms to CFTC
Oversight
BNA - May 18, 2001

The Commodity Futures Trading Commission (CFTC) proposed new rules May 14
that would relax the registration requirements of Securities and Exchange
Commission-registered broker-dealers wishing to cross over and trade
security futures products.

In a May 17 Federal Register notice, the futures regulatory agency said it
wants to amend its rules so that such broker dealers can seek CFTC
registration by notice filing (66 Fed. Reg. 27,476, 5/17/01). Currently, all
potential futures commission merchants (FCMs) and introducing brokers, as
traders of commodities and futures are categorized, must file at least two
registration forms with the CFTC.

CEA Revised

When Congress revised the Commodity Exchange Act (CEA) in December, it
allowed single stock futures and futures on certain narrow-based stock
indices for the first time in nearly 20 years. Such instruments--"security
futures"--are expected to be offered by firms that do not typically conduct
transactions in futures products, creating a regulatory dilemma.

The proposed new rule would allow any broker-dealer that limits its futures
activity to security futures products and that is in good standing with the
SEC to become registered with the CFTC "with the submission of notice." In
this case, notice would likely be filed with the National Futures
Association, the CFTC said.

The commission also proposed a rule that would allow such registrants to
avoid the requirement that all FCMs be members of a registered futures
association.

Though it is operating under a voluntary moratorium on new rules requested
by the White House, the CFTC has received permission from the Office of
Management and Budget to propose rules that arose out of Congress's sweeping
reform package, known as the Commodity Futures Modernization Act, which
passed in December. The moratorium, which was extended to all government
entities under interim leadership back in January, is expected to be in
place until someone is named to chair the commission permanently.

Brokers will respond once they smell money
Business Standard - May 18, 2001
By Janaki Krishnan and Tamal Bandopadhyay

Once a staunch supporter of badla, Securities and Exchange Board of India
(Sebi) board member J R Varma has in the recent past been a strong proponent
of replacing the product with derivatives . Two days after the capital
market watchdog rang the death knell for badla and ushered in derivatives
trading in a big way, a relaxed Varma justified his stand to Janaki Krishnan
and Tamal Bandopadhyay. "Carry-forward has lost its historic relevance. If
instead of a complex product that does many things hedging, speculation,
finance, we have products that do different things, but do them better, I
think it is preferable to make the transition." Extracts:

Q. Will the migration from carry forward to the derivatives market be easy?
Will it be painless?

A: No. I would be untruthful to myself if I say that that the transition
will be painless. There will surely be pain as a system migrates from the
familiarity of badla to the complexities of derivatives trading. But at the
end of the day, you have to see whether it is a pain worth taking. To my
mind, this is certainly the case. The Indian equities market has to move up
to better products even if it means some short-term adjustment pains.

Q: Do you think volumes will dry up?

A: Certainly not. It will be fairly liquid and vibrant. There may be a drop
in volumes at the initial stage, but in six to eight months, I expect the
markets to revive to their normal levels of activity.

Q. The Sebi had introduced index futures in June last year. What has been
the experience so far?

A: Ever since index futures were introduced in June last year, there has
been a slow but steady growth. The trading volumes are growing every month.
Last July was better than June and so it continued. In February 2001, the
average daily trading was worth around Rs 50 crore. So it is very clear that
the product (index futures) fills in some perceived need in the market for
such a product. Otherwise, such products die a very quick death. The
increasing volumes also tell us that it is attracting new adherents by the
day, which means those who started early have stayed on and their
experiences are helping new players to come into the market. In that sense,
I am satisfied. But mind you, this is growth on a low base. We still have a
long way to go. It has been the global experience that the derivatives
markets take off slowly. Typically, you have to give it one-and-a-half to
two years to reach critical mass. If the Indian markets do not show signs of
growth in the next six to seven months, after taking into account the one
year in which index futures has been around, then we have a problem.... In
our case the experience is not terribly bad but certainly not as good as one
would have expected.

Q. What is the level of preparedness of the market participants?

A: The stock exchanges are by and large prepared. They have already been
trading in index futures, and hopefully, their software and systems are in
place. Coming to brokers, I think they have to make an effort to set their
back offices and trading strategies in order. But I am very optimistic that
the brokers will respond to the new regime enthusiastically, once they smell
money in terms of trading opportunities. Well, it is a challenge since the
margining system is much more complex, and the methodology of computing
margins is not a straight calculation. In fact, the challenge is in getting
the margins right.

Q: Do you think the ordinary investor will embrace the new system or will he
be marginalised?

A: I pin my highest hopes on the Indian investor who has shown a great
capacity to learn. Everyone is on the learning curve, but once the average
investor realises the benefits of the new system, he is sure to take the
plunge.

Q: The big question remains: earlier you were a badla supporter, why have
you changed your stance?

A: (Laughs) Well yes, I was a strong badla supporter when badla was banned
in 1992. In fact, I was among the few who protested the badla ban then. My
point was simple: how can you take away whatever rudimentary instruments
investors have to hedge themselves against risk? And, if you have a
theoretical problem with badla, you must have a better system to replace it
with. In 1992-93, we didn't have an alternative.

I had written a paper (in 1993-93) where I argued that badla was meeting a
whole lot of requirements in the system. For instance, if you remember that
was the time when all shares were in paper form. So if a guy had sent shares
for transfer which often took two months or more then he couldn't sell in
the interim period. Badla gave him the opportunity to exit by selling first
and postponing delivery till such time as he got the shares to deliver.
Badla was a hedging mechanism that doubled up as a tool for speculation. It
was the only way to have short sales in the system, which is the ultimate
bulwark against the bullish price manipulation of shares. And, it was the
only means of getting finance into the equity markets. So there were three
or four very obvious functions that badla was doing. If you look at the
scenario now, demat has removed the issue of delays in getting shares
transferred...so on, the stock lending scheme has replaced badla as the
preferred option to get shares to make deliveries in case of short sales.
Badla has lost its relevance now.

Q: But do derivatives fill in all the market requirements?

A: Please understand that there are lots of specific products that have been
introduced in the system over the last decade that fulfill each of these
requirements individually. So instead of a complex system, which served all
purposes in a sub-optimal manner, now we have an array of specialised
products that deliver specific services and do it better. In derivatives ,
we have a world class hedging tool now available to Indian investors.

Q: You said that globally, the derivatives markets take two years to develop
fully. How much time do you give yourself for the Indian derivatives market
to reach critical mass?

A: I would give it six to nine months. By early 2002, I expect average daily
volumes of Rs 100 crore.

Q: What will be the role of banks in the new system?

A: Of course, banks will continue to be the fulcrum of the new system, too.
We will need to have clearing banks that settle the cash part of the
transactions. Plus, there will be a whole new vista of opportunities for
banks in the derivatives markets. For instance, banks can do "calendar
spreads" as yet another method of parking their surplus funds and earning
returns.

Calendar spreads are nothing but simple contracts where banks buy an option
for a near period (say June) and sell it for a longer period, (say
September). It is like a forward-to-forward contract in the foreign exchange
markets, and banks can get positive returns. In the long run, this can be a
huge market like the overnight call money market where banks can park their
short-term funds.

Q. Do you think financing will be an issue in the markets when badla
financiers are thrown out of the new system?

A: It is not true that badla financiers will be removed from the system. It
is just their methods of operations will change. They can arbitrage between
the cash market and derivatives markets and even within the derivatives
market. By deploying their funds between different parts of the market, they
will not only impart depth to the markets, but will also make a decent
return on their funds.

Q: The way you put it, is the system going to be a level playing field for
foreign institutional investor, mutual funds and large players? In the badla
system, these players, for instance, were prohibited from short selling.

A: I think it is a level playing field for everyone though I have received
some queries whether FIIs will also be allowed to short sell. We are
negotiating with RBI.

Q: What is the issue with FIIs?

A: There is no issue. It is just that the RBI had mandated that FIIs can
only buy derivative contracts to hedge against an underlying position. So if
an FII had a purchase position in the spot market, it could short sell in
futures, but not a naked short sale. Maybe there is a policy issue
somewhere, but we are in dialogue with the central bank and hope to resolve
the issue.

Tax dues mar brokers foray into derivatives
Business Standard - May 18, 2001
By Aniek Paul

The Securities and Exchange Board of India (Sebi) has decided that the
brokers seeking fresh registration for the derivatives segment, will have to
first clear their turnover tax dues to the market regulator.

Brokers are upset with the decision, and feel that this would deter the
growth of the derivatives market as the tax would mean an additional burden
on them, and substantially reduce the interest in the segment, which needs
to grow fast.

According to rough estimates, the aggregate dues of the broking firms to
Sebi as outstanding tax on turnover is about Rs 800 crore. The amount due
from individual brokers varies from few lakh to several crores.

The brokers had moved court disputing the Sebi's claim, but they lost their
case in the Supreme Court in February this year, after a protracted legal
battle.

In addition to the dues to be cleared, brokers would have to pay the
standard registration fee - which even for a trading member is about Rs 20
lakh - and for the software.

Sebi has also mandated that all broking firms seeking registration for the
derivative segment must have at least two experts in derivatives trading
with a NCFM (NSE Certification for Financial Markets) certificate.

Sebi full time board member Jayanth R Varma said: "It is untenable that the
brokers will be offered registration for a new segment without clearing
their dues. Besides, when the apex court has upheld Sebi's claims, the
brokers cannot get away without paying it."

Speaking on the various nuances of the derivatives segment, Varma said, in
the beginning the derivatives segment would be `cash-settled', implying that
the difference between the strike price and reigning market price would be
paid to the gainer, and securities would not be delivered.

"We will follow the American model in individual stock options, and the
European model in index options," Varma said. In the American model, one can
exercise the option at any point during the entire life of the option, while
in the European model, the right to exercise the option is restricted within
a specific time frame.

Varma also said, it would take the market regulator a couple of meetings to
fine-tune the risk management system for the segment. Varma added, in the
next board meetings, Sebi would discuss whether smaller exchanges like
Calcutta Stock Exchange would be allowed to start their own derivatives
segment.

New attack on proposal to allow advertising by hedge funds
Financial Times - May 18, 2001
By JOHN AUTHERS

The Investment Company Institute, the trade association for the US mutual
fund industry, started its annual meeting in Washington yesterday with a
renewed attack on proposals to allow hedge funds to advertise.

Matthew Fink, the institute's president, said hedge fund advertising could
create "serious and unnecessary risks" to public confidence in the industry.
Hedge funds should accept greater regulation if they wanted to open
themselves to the general public, he said.

"If parallel industries are permitted to develop - one regulated, one
unregulated - the only direction we are destined to move in is a race to the
bottom, as competitive forces pressure all firms to minimise regulatory
costs."

The Managed Funds Association, which represents hedge funds, wants
relaxation of the rules against advertising but says it does not want to
compete for retail investors.

The institute also took the opportunity to respond to the widespread belief
that mutual fund flows make the market more volatile. This followed an
outflow of Dollars 20.6bn from equity mutual funds in March, the highest
monthly outflow on record. This appears to have been followed by a heavy
inflow in April.

Terry Glenn, chairman of Merrill Lynch funds and chairman of the Institute,
denied there was any sign of panic from mutual fund investors during the
early months of this year.

"'Panic' is not a word one would associate with our investors. Shareholders
are not insensitive to stock price movements but their response to market
movements tends to be spread over time."

Mr Glenn added that fund investors have never responded to sharp market
falls by redeeming shares en masse, in any period since the war. "There is
no evidence that this long-established pattern of behaviour will change," he
said.

**End of ISDA Press Report for May 18, 2001.**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
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I don't understand the netting that you are referring to.  Does it mean that they will pay negative ctc's up to some just and reasonable amount and anything above the j&r level will be paid out when all of the other people are paid.  How do they define the "ESP's share of the undercollection?"

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, October 23, 2001 3:02 PM
To:	Shapiro, Richard; Steffes, James D.; Mellencamp, Lisa; Tribolet, Michael; Sanders, Richard B.; Kean, Steven J.; Sharp, Vicki; Smith, Mike; Williams, Robert C.; Curry, Wanda; Swain, Steve; Huddleson, Diann; Calger, Christopher F.; Belden, Tim; Dietrich, Janet
Subject:	Conversation with Edison re: Getting Negative CTC Paid

I talked to John Fielder (SVP Edison) about setting up a meeting for Barry Tycholiz with Edison's CFO about hedging Edison's QF price risk. Fielder wanted to talk about the negative CTC issue. Here's what he said:

They plan to "settle" with the ESPs and pay them when they pay everyone else, which he re-iterated would be sometime in Q1'02.
Edison is holding firm to the notion that the negative CTC contributed to the utility's undercollection and that the ESP's share of the undercollection has to be netted against the payables attributable to the negative CTC and owed the ESP.
He said that they will propose to net it out in one of two ways:  1) lump sum netting (i.e., if they owe $50MM and the share of the undercollection is $30 MM, then they pay the ESP $20 MM; or 2) future reductions in PX Credit (i.e., they pay the ESP $50 MM, and then reduce the PX going forward until the $30 MM is paid down).  The numbers are illustrative only.
In addition, he said that they have the view that a decision is going to have to be made about 1) whether DA customers pay for stranded costs tied to the DWR L-T contracts, and 2) whether DA customers pay going forward for stranded costs tied to the QF contracts.  (Edison is clearly lobbying the PUC to get DA customers to pay for these costs.)
I recommended strongly that he de-link issues 1 and 2 above from the issue of paying us ASAP what they owe us for negative CTC.  He agreed.
He said that the PUC judge's recently issued pre-hearing conference order requires that Edison "meet and confer" with ESPs prior to the Nov. 7th hearing, and that Edison intends to set something up with ESPs prior to that hearing.
Fielder is also the point person on "getting ESPs paid" and intends to initiate settlement discussions with ESPs week after next.
It was very clear from the conversation that Edison is going to do everything possible (at the expense of creditors) to maximize headroom under the settlement it struck with the PUC a few weeks ago.  Edison's stalemate with the QFs is evidence of it.  We shouldn't assume anything different with the Negative CTC issue.

If you have any questions, let us know.

Best,
Jeff


Greg,

Two things I did not manage to mention to you at the meeting on Monday.

1. Joe Carson. I was very positively impressed by Joe Carson.
     Enron  badly needs a senior economist of his stature and
     experience. He has many contacts in the industry and can represent
     Enron well. He is very pragmatic and, also, I expect a cool head on old
     shoulders.

     One negative is that he wants to work out of New York. The tradeoff is
between
     maintaining  his contacts and working closer with the desks.

2. Tony Mends. I think you, or Louise, should explore the possibility of
using the skills of Tony Mends.
    Tony and I are good friends so I may be biased. I think that he is a very
smart
    and efficient person and can contribute a lot to the organization that
relies
    on processing huge volumes of information.

Vince


TASK ASSIGNMENT

Task Priority:		1
Task Due On:		2/24/2000
Task Start Date:	2/24/2000


Per our discussion yesterday, attached is a copy of the Indemnity and LOL
contract language redlined to reflect those GE comments which we could
probably accept.  Kay please review and see if I missed anything or whether
we need to discuss further.  Otherwise, please forward this markup to Rob
Taylor for inclusion in the next draft of the Purchase Agreement.

Regards,

Scott


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The report named: Violation/Notification Memo <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=60&report_name=Violation/Notification+Memo&category_cd=2&category_name=ENRON%20CONSOLIDATED&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=09/26/2001>, published as of 09/26/2001 is now available for viewing on the website.

(Revision: 2)

Publisher's Notes:

FINAL


----- Forwarded by Richard B Sanders/HOU/ECT on 08/05/2000 03:49 PM -----

	Richard B Sanders
	08/05/2000 03:48 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Re: Document Retention Policy

I am sorry that it took so long to get back to you.  My paralegal, Linda
Guinn, is the best person to answer these issues. Her ext is 36104. By the
way, we are not revising our policies.

	Richard B Sanders
	07/07/2000 11:41 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Document Retention Policy

----- Forwarded by Richard B Sanders/HOU/ECT on 07/07/2000 11:40 AM -----

	Marianne Castano@EES
	05/05/2000 05:46 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Document Retention Policy

Richard:  We have learned from Bob Williams that you are in the process of
updating ENA's document retention policy.  What will the policy be with
regard to retaining drafts of agreements after a particular transaction has
closed?  It is our understanding that ENA's current policy is to discard all
drafts post-closing.   We are in the process of formalizing our own document
retention policy, and want to ensure that our practices line up with ENA's.
Please advise.  Marianne (EES Legal)


Please sign me up for a space in the met garage.

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Hi guys.

I'm working on the February newsletter and would like to include a tiny biography about our new officers.

About you, and about your ties to the neighborhood, or anything else you would like to include, and which space permits.

For instance, what you do for a living, who you live with, kids, what street you live on, when you moved here, why you choose this 'hood, pets, hobbies, etc.  Doin't worry - we won't be too revealing...There will probably be only a sentence or two per person.  But we think it will make people feel more like they are acquainted with the officers if we can print a little bit about them.

Please erase the EMCA address in the "To:" box, and send your response directly to me at

theJulles@msn.com

AND

theJulles@hotmail.com

or call and leave it on my machine (713) 528-5614

or drop it in my mailslot at 2117 Stanford at Drew.

Thanks

Julie Young


http://www.adcritic.com/content/john-west-red-salmon-bear-fight.html

This is hilarious.
xox,
Al


Jessie Knight, the CEO of the S.D. Chamber of Commerce recommends:

Stay at the hotel right here where the Chamber is located.  It is one
of the best and a 5 minute taxi away for you.  It is called the Whyndham (on
Broadway).

Allison Navin@ENRON
09/05/2000 03:53 PM

To: Sandra McCubbin/SFO/EES@EES, Jeff Dasovich/SFO/EES@EES
cc:
Subject: San Diego

Steve Kean will be in San Diego for the electricity hearing on the 11th.  Can
either of you suggest a hotel in close proximity to the hearing site?  It
will be held at the County Adminstration Center Building, 1600 Pacific
Highway in San Diego.  Thanks.


----- Forwarded by Tana Jones/HOU/ECT on 04/11/2001 09:19 AM -----

	Bob Crane/ENRON@enronXgate
	04/11/2001 09:13 AM

		 To: Tanya Rohauer/ENRON@enronXgate
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: RE: Daishowa

There are several outstanding currency trades.  We are planning to take
assignment of all of them

 -----Original Message-----
From:  Rohauer, Tanya
Sent: Tuesday, April 10, 2001 4:21 PM
To: Crane Jr., Bob
Subject: FW: Daishowa

I am guessing we would take assignment of the deal if we purchased the
company who had this contract.  Do you know about it?

 -----Original Message-----
From:  Jones, Tana
Sent: Tuesday, April 10, 2001 3:13 PM
To: Bradford, William S.; Brackett, Debbie; Rohauer, Tanya; Reves, Brant;
Ngo, Tracy; Campbell, Lesli; Espinoza, Veronica; Radous, Paul; Lebrocq,
Wendi; Diamond, Russell; Moran, Tom; Sacks, Edward; Mendoza, Nidia; Conwell,
Wendy; Vanek, Darren; Johnson, Rudwell
Subject: Daishowa

I got a call from National Bank of Canada and they said that we purchased the
referenced company and what did we intend to do with the trade between NBC
and Daishowa?  Anyone know anything about this?


Thanks for the list.  One clarification:  What do you mean by the sentence starting "How challenged are we really . . ."

 -----Original Message-----
From: 	Sherriff, John
Sent:	Tuesday, August 21, 2001 1:34 AM
To:	Kean, Steven J.
Subject:	Management Committee Meeting

Steve

Here are a few thoughts on the management committee meeting at the Woodlands:

I would stay away from a general reporting on what is happening if at all possible - and focus
on a few things we really need to work on as well as a few things we should remind ourselves
are going quite well.  If we only focus on the problems I fear the group will walk away a bit
demoralized.

Second - I think we should move to many things getting driven by subcommittees of the
Management committee.  And then the recommendations sometimes being approved
by the Management committee.

Here are a few subjects that we should touch on and initiate debate but not try and
solve - get them started and turn over to a subcommittee:
PRC process
Diversity
Giving the right signal to our business about the value and cost of capital
What new businesses do we have going?
Is now the right time for Xcelerator?
More detailed external financial reporting
How do we describe ourselves to the outside world and inside world?  What messages
  do we want to modify?
What are the characteristics where our business model works and doesn't work?
How well is our RAC process really working?
We are a business where our biggest cost is people and that cost has blown out
  during the last few years - do we need to think about our biggest cost any
  differently than we did five years ago?
How challenged are we really in getting substantial credit for Enron now that it
our credit spreads.
Enron's normal new business mindset has been to overwhelm an opportunity - EBS, EES,
power.  When this works it really pays off but in today's financial markets is a more conservative
approach warranted?

Anyway those are just a few ideas.  One of the things we might do tomorrow is solicit
ideas from the entire committee (in writing) and work on those items of most interest.

John